Document:

EX-10.1

EXHIBIT 10.1

EMPLOYMENT CONTRACT

In the City of San Juan, Puerto Rico, December 31, 2015.

APPEAR

AS THE FIRST PARTY: Triple-S Management Corporation, a corporation organized and doing
business under the laws of the Commonwealth of Puerto Rico, represented herein by Luis A. Clavell
Rodríguez, of legal age, married, resident of Guaynabo, Puerto Rico, and Chairman of the Board of
Directors, with authority from the Board to execute this Contract.

AS THE SECOND PARTY: Roberto García Rodríguez, of legal age, married, executive and resident
of Guaynabo, Puerto Rico.

The appearing parties have the legal capacity to execute this Contract and to such effect,
they freely and voluntarily

STATE

FIRST: That in order to abbreviate and facilitate the understanding and analysis of this
Contract, the terms below will have the meaning set forth in the following definitions:

	 	a.	 	“ASTB” – shall mean the Annual Short Term Bonus, as specified in Article 7(b)
of this Contract.

	 	b.	 	“Base Salary” – shall mean that provided in Article 7(a) of this Contract.

	 	c.	 	“Board” – shall mean the Board of Directors of Triple-S Management Corporation.

	 	d.	 	“Cause” – shall mean that the CEO shall have incurred in any of the acts or
conduct described in Article 14 of this Contract.

	 	e.	 	“CEO” – shall mean the Chief Executive Officer of Triple-S Management
Corporation, Roberto García Rodríguez.

	 	f.	 	“Change of Control” – shall have the meaning ascribed to such term in Article
21(c) of this Contract.

	 	g.	 	“Compensation Policy” – shall mean the Executive Compensation Philosophy
approved by the Board of Directors of TSM on February 20, 2007, as may be amended from
time to time.

	 	h.	 	“Confidential Information” – shall have the meaning ascribed to such term in
Article 15 of this Contract.

	 	i.	 	“Contract” – shall mean this Employment Contract.

	 	j.	 	“Fringe Benefits” – shall mean those fringe benefits provided pursuant to the
standards and policies of TSM generally applicable to its executives, as may be
modified from time to time by the Board of Directors, which are referred to in Article
10 of this Contract and identified in Exhibit A to this Contract as “Fringe Benefits.”

	 	k.	 	“Good Reason” – shall have the meaning ascribed to such term in Article 21(d)
of this Contract.

	 	l.	 	“LTI” – shall have the meaning ascribed to such term in Article 7(c) of this
Contract.

	 	m.	 	“LTIP” – shall mean the Triple-S Management Corporation 2007 Incentive Plan or
any successor plan that the Board may adopt for the granting of long term incentives to
TSM executives.

	 	n.	 	“Other Benefits” – shall mean those benefits, other than the Fringe Benefits,
provided by the standards and policies of TSM generally applicable to its executives,
as may be modified from time to time.

	 	•	 	. “Other Incentive Compensation” – shall have the meaning ascribed to such term
in Article 7(d) of this Contract.

	 	 	 
	p.

q.

	 	“Subsidiary Corporations” – shall mean the subsidiary corporations of TSM.

“TSM” – shall mean Triple-S Management Corporation.

	 	r.	 	“Total Compensation” – shall have the meaning ascribed to such term in Article
21(b) of this Contract.

	 	s.	 	“Without Cause” – shall mean a termination of employment of the CEO for a cause
other that regarded as “Cause” under Article 14 of this Contract.

SECOND: That TSM is a holding company of entities engaged in the business of insurance,
businesses related to insurance and other types of businesses and other activities, with its
principal office located in the Commonwealth of Puerto Rico.

THIRD: That the CEO is a professional with vast experience in business management who has a
Master’s degree in business administration and a Juris Doctor degree. The CEO has knowledge of the
insurance business and since 2008, has served in several capacities in TSM, including as Legal
Counsel and COO.

FOURTH: That the parties hereto, intending to be legally bound hereby, in consideration of
the premises and mutual covenants contained herein and for other good and valuable consideration,
the receipt of which is hereby acknowledged, agree to enter into this Contract subject to the
following Terms and Conditions:

GENERAL PROVISIONS

1. Excellence in Performance. By this Contract, the CEO agrees to devote full time
attention and energies to the business of TSM and the protection of the best interests of
TSM and its Subsidiary Corporations.

2. Official Title. The CEO will hold the title of President and Chief Executive Officer of
Triple-S Management Corporation.

3. Hierarchy. The CEO, in carrying out his duties under this Contract, shall report directly
to the Board.

4. Standards and Fiduciary Duty. The CEO will be obligated to (i) faithfully and fully
comply with each of the guidelines, rules, regulations and administrative policies
established by TSM and (ii) develop and implement the strategies, plans and business methods
and the operational controls that are necessary for the successful administration, direction
and protection of the best interests of TSM. The CEO will be loyal to TSM and its Subsidiary
Corporations at all times and will recognize the fiduciary duty entailed by the acceptance
of the employment.

SPECIFIC PROVISIONS

5. Principal Functions. The functions that the CEO will perform under this Contract are
those necessary and proper of the chief executive officer of a corporation of the size,
complexity and nature of TSM and will be invariably for the protection of TSM and its best
interests.

6. Incidental Functions. The CEO must also perform all those duties, functions, tasks and
incidental assignments which the Board assigns to him from time to time.

7. Base Salary; Incentive Compensation. The CEO will be compensated for his services under
this Contract as follows:

	 	a.	 	Base Salary. An annual salary as set forth in Exhibit
A of this Contract, as it may be modified from time to time pursuant to Article
9 of this Contract.

	 	b.	 	Annual Short Term Bonus (ASTB). An annual short term
bonus to be computed each year pursuant to the Compensation Policy. The
determination of the ASTB will remain at the sound discretion of the Board upon
interpreting and applying said policy.

	 	c.	 	Long Term Incentive (LTI). A long term incentive to be
determined each year upon terms and conditions approved by the Board pursuant
to the Compensation Policy and LTIP. The determination of the LTI will remain
at the sound discretion of the Board.

	 	d.	 	Other Incentive Compensation. The Board may, but is
not obligated to, provide other types of short or long term incentive
compensation to the CEO. If any other incentive compensation is approved by
the Board, said compensation shall be provided in accordance with the terms and
conditions established by the Board.

8. Deferred Compensation. The CEO shall have the option, from time to time, to defer the
payment of any of the compensation set forth in Article 7 above, as he wishes, provided such
process complies with the applicable provisions of law and in accordance with a deferred
compensation plan approved by the Board.

9. Annual Review of Compensation. The compensation of the CEO will be reviewed yearly
pursuant to the Compensation Policy, provided that the Base Salary shall never be less than
the amount agreed to in Exhibit A to this Contract.

10. Fringe Benefits; Other Benefits; Reimbursement of Expenses. The CEO will have the right
to the Fringe Benefits and the Other Benefits. Additionally, TSM will reimburse and/or pay
to the CEO the following items upon submission of documentation reasonably satisfactory to
TSM of such expenses:

	 	a.	 	business, travel and miscellaneous expenses that are reasonably
incurred in the performance of his official functions;

	 	b.	 	the membership fees of a private club; and

	 	c.	 	any other related expenses which the Board deems necessary for
the exercise of his functions.

11. Withholdings. TSM will withhold all amounts from the compensation of the CEO pursuant to
law, such as social security and income tax.

12. Effectiveness and Expiration of the Contract. This Contract shall be effective as of
January 1, 2016 and shall end on December 31, 2018, subject to earlier termination as
provided in this Contract.

The parties may renew the Contract by written agreement which will be executed on or
before its expiration date. The parties are not obligated to renew the Contract. If either
party wishes to renew the Contract, it will notify the other party in writing at least
ninety (90) days prior to the expiration of the Contract. If either party gives notice of
its intention to renew but the other does not wish to renew the Contract, or if both parties
notify their intention to renew but do not reach an agreement as to the terms of the renewed
contract, the employment of the CEO will terminate and the Contract will expire on December
31, 2018, except for Articles 15, 17 and 18, which shall survive such expiration. Upon
the occurrence of any of the events described above in this paragraph, TSM will pay the CEO
the equivalent of one year’s Base Salary in monthly installments and will extend the Fringe
Benefits for one year, but only if the CEO was not the party notifying his interest not to
renew the Contract.

If the negotiations for a new contract extend beyond the expiration date and the CEO
continues performing his services to TSM, TSM will continue to pay the CEO in accordance
with Articles 7 and 10 of this Contract until such date as a new contract is signed or
either party notifies, in writing, its decision to discontinue the negotiations, at which
time all further CEO compensation will cease, except that TSM will pay the CEO the
equivalent of one year’s Base Salary in monthly installments and will extend the Fringe
Benefits for one year if the CEO is not the party that notifies its decision to discontinue
the negotiations. The CEO and TSM hereby accept and acknowledge that the Contract will not
be automatically renewed nor deemed to have been renewed because of the continuation of the
negotiations beyond the expiration date.

Upon the expiration of this Contract or discontinuation of the negotiations described
above, the CEO will also have the right to payment of the deferred compensation under
Article 8, all vested amounts under the LTIP and 401-K benefit plan, and the compensation
described in the second paragraph of Article 13 related to vesting of equity and other
awards under the LTIP. Any and all amounts payable and benefits provided pursuant to this
Article other than vested amounts under the LTIP and deferred compensation shall only be
payable after the CEO has executed, delivered to TSM and not revoked within any applicable
revocation period, a waiver and general release of claims against TSM and its affiliates in
a form satisfactory to TSM (a “Release”).

13. Termination Without Cause. The parties agree that TSM has full rights to unilaterally
terminate this Contract and the CEO’s employment hereunder Without Cause at any time prior
to its expiration date, provided that the terms of Articles 15, 17 and 18 shall continue in
effect. In such event of termination, the only obligations of TSM under this Contract will
be to:

	 	a.	 	pay to the CEO the Base Salary up to the normal expiration date
of this Contract, or the Base Salary of one year, whichever is greater,
withholding from said payments those amounts pursuant to law. TSM shall have
the option to make that payment in a lump sum or in monthly payments, which
will not extend beyond the period remaining of the Contract or one year,
whichever is greater;

	 	b.	 	extend to the CEO the Fringe Benefits for the remainder of the
term of this Contract or one year, whichever is longer;

	 	c.	 	pay any deferred compensation under Article 8; and

	 	d.	 	pay all amounts related to the CEO’s rights under the LTIP
(including the compensation described in the second paragraph of this Article
13 related to vesting of equity and other awards under the LTIP) and 401-K
benefit plan.

In addition, as of the date of the CEO’s termination Without Cause (i) all Options and
SARs of the CEO shall become fully and immediately exercisable and (ii) all Restricted Stock
and Restricted Stock Units shall become fully vested and non-forfeitable and forthwith be
delivered to the CEO if not previously delivered, and (iii) the percentage of any
Performance Awards that would have been earned at the end of any given Performance Period
based on actual results in accordance with the corresponding Award Agreement had the CEO’s
employment not terminated shall vest pro-rata (i.e., based on a fraction, the numerator of
which is the number of whole months elapsed from the beginning of the Performance Period to
the date of the CEO’s termination of employment, and the denominator of which is the number
of months in the Performance Period). Delivery of any such Restricted Stock Units within
fifteen (15) days following the date of the expiration of any revocation period contained in
the Release (or such other period provided by law) and payment of the value of any
Performance Award shall be made within two and one-half months after the end of calendar
year during which such award becomes vested. For purposes of this Contract, the terms
“Options,” “SARs,” “Restricted Stock,” “Restricted Stock Units,” “Performance Award,”
“Performance Period” and “Award Agreements” shall have the meanings given to them in the
LTIP.

Any and all amounts payable and benefits provided pursuant to this Article other than
vested amounts under the LTIP and deferred compensation shall only be payable after the CEO
has executed, delivered to TSM and not revoked within any applicable revocation period, the
Release.

14. Termination with Cause. It will be understood that TSM shall have “Cause” for the
termination of this Contract and the employment of the CEO hereunder, when the CEO incurs in
any of the following:

	 	a.	 	material breach of his obligations and duties as specified in
this Contract;

	 	b.	 	conviction or allegation of nolo contendere of any felony or
the conviction or allegation of nolo contendere of a misdemeanor involving
fraud, dishonest or disreputable conduct or moral torpitude;

	 	c.	 	insubordination;

	 	d.	 	material non-compliance of this Contract or the rules,
regulations, guidelines, policies, or code of ethics of TSM;

	 	e.	 	improper or disorderly conduct; or

	 	f.	 	the existence of a conflict of interest not previously
disclosed to the Board.

Should the termination of this Contract by TSM be for Cause, or should this Contract be
terminated due to CEO’s resignation or death, the CEO will not have a right to further
compensation, payment or any benefit under this Contract as of the date of the termination.
Notwithstanding the above, the CEO will have the right to receive payment of the Base Salary
earned up to the termination date; the liquidation of Other Benefits accumulated up to such
date; the payment of the amount accumulated as deferred compensation pursuant to Article 8
of this Contract; and the payments regarding the vested rights under the LTIP (including, as
applicable, the compensation described in the second paragraph of Article 13 related to
vesting of equity and other awards under the LTIP) and 401-K benefit plan.

15. Confidentiality. The CEO recognizes that the knowledge of information concerning, or
the relations with the employees, clients and agents of TSM and its Subsidiary Corporations,
that the CEO has acquired and acquires during his employment with TSM are valuable and
exclusive assets of TSM. The CEO accepts that he will not use for his benefit or for the
benefit of third parties, nor disclose, without the written consent of TSM, any information,
data, documentation or material or substantial knowledge about TSM and/or its Subsidiary
Corporations, its business, its personnel or its plans, to any person, company, corporation,
or other entity for any reason. The CEO accepts that all memoranda, notes, records and
other documents, as well as information maintained electronically, generated or compiled by
the CEO or which has been made available to the CEO about TSM’s business, its Subsidiary
Corporations, its employees and its clients are the exclusive property of TSM and will be
returned by the CEO to TSM at the conclusion of his employment or at any other time at the
request of TSM.

The CEO accepts that the services he renders and will render to TSM and its
subsidiaries are of a special and unique nature and that consequently, he will have and has
had access to confidential information about TSM’s business, its subsidiaries and its
clients. Hence, the CEO is aware that if he materially breaches any of the provisions of
this Contract with regard to these confidentiality agreements and non-use of the
confidential information, TSM may suffer irreparable damage, and, therefore, in addition to
any other remedy which TSM may have under this Contract or the law, TSM will have the right
to request an injunction restraining the CEO from breaching or continuing to breach the
provisions of this Contract. The term “Confidential Information” means:

	 	a.	 	The information described above;

	 	b.	 	Proprietary information of TSM or its Subsidiary Corporations
or their clients;

	 	c.	 	Information marked or designated by TSM as confidential;

	 	d.	 	Information, written or unwritten, and in any manner and
regardless of not having been designated as confidential, which the CEO knows
is treated as confidential by TSM; and

	 	e.	 	Information provided to TSM by third parties that TSM is in the
obligation of maintaining confidential, specifically including client lists and
client information.

“Confidential Information” does not include any information which TSM discloses
publicly, becomes public without the CEO’s fault, is public in nature or is collected
routinely by companies like TSM.

The provisions of this Article 15 will survive and continue in effect after the
expiration or earlier termination of this Contract for any reason.

16. Documents. At the termination of this Contract, the CEO agrees to return all the
documents, objects, materials and other information obtained by him with regard to the
business of TSM and its Subsidiary Corporations, recognizing, in turn, that said documents,
objects, materials and related information constitute the exclusive property of TSM.

17. TSM Personnel; Non-disparagement. The CEO agrees not to solicit nor promote that the
personnel of TSM and/or its Subsidiary Corporations end, voluntarily or involuntarily, their
employment to join him or third parties in other efforts that are not for the benefit of TSM
during the duration of this Contract and during twelve (12) months after the expiration or
earlier termination of this Contract.

Following the employment period, the CEO shall not at any time make any public
derogatory comment concerning TSM or its affiliates or anyone whom the CEO knows to be a
current or former director, officer, stockholder or employee of TSM or its subsidiaries.
Following the employment period, TSM shall not at any time make any public derogatory
comment concerning the CEO. Notwithstanding the foregoing, nothing in this Article 17 shall
prohibit any person from (i) responding publicly to incorrect, disparaging or derogatory
public statements about TSM or the CEO relating to his employment with TSM, (y) providing
truthful testimony in any judicial or administrative matter, or (z) making truthful
statements required by law, by any regulatory authority or organization, or in connection
with any public filing required by the U.S. Securities and Exchange Commission or any other
regulatory authority.

18. Recoupment Policy. The CEO agrees that all payments or benefits under different
provisions of this Contract are subject to TSM’s Incentive Compensation Recoupment Policy,
as such policy may be amended from time to time.

19. Dispute Resolution. Both parties agree to try to resolve in good faith any dispute
arising under this Contract or related to its termination using the most cost effective
resources and will try to avoid any unnecessary costs. In addition, both parties shall make
all good faith efforts to maintain all information regarding any dispute confidential.

20. Arbitration. If the parties are not able to resolve any dispute under this Agreement or
related to its termination, for any reason, including alleged violations of the laws of
Puerto Rico or of the United States which prohibit the discrimination in employment, these
will be resolved by arbitration under the provisions of the Regulations of the American
Arbitration Association, by an arbitrator selected according to said provisions. The
process will be commenced by the filing of a petition for arbitration to said agency. The
costs of the arbitrator’s fees, and other expenses inherent to the proceeding, will be paid
by TSM. Each party will cover its own legal costs and attorney’s fees. The CEO and TSM
specifically waive to process their claims in the courts of Puerto Rico or in the federal
courts of the United States, and will submit them to the arbitration proceeding agreed to
herein. The parties agree that the decision of the arbitrator will be firm, final and
unappealable.

21. Change of Control.

	 	a.	 	If during the term of this Contract there occurs a “Change of
Control” of TSM, as this term is defined in sub-paragraph “c” of this Article
21, and as a result thereof the CEO resigns for “Good Reason” (as such term is
defined below) or is terminated from his employment Without Cause, the CEO will
have the right to receive from TSM a compensation for termination in
consideration for having remained as an employee of TSM and having failed to
pursue other present or potential professional or business opportunities. Such
compensation for termination will be a sum equivalent to twice the “Total
Compensation” (as such term is defined below) of the CEO, payable on or before
the thirtieth (30th) day following the date on which the CEO concludes his
employment as a result of a Change of Control. TSM will also provide for the
continuation of the Fringe Benefits then in effect during twenty-four (24)
months. The Fringe Benefits shall not be payable in a lump sum and TSM’s
obligation to pay such Fringe Benefits will cease as soon as the CEO obtains
employment with a comparable benefit. Such compensation for termination shall
be in substitution of, and not in addition to, any compensation to which the
CEO is entitled under Articles 12, 13 or 14, but will not substitute his rights
to payment of the deferred compensation under Article 8 and all vested amounts
under the LTIP (including the compensation described in the second paragraph of
Article 13 related to vesting of equity and other awards under the LTIP) and
the 401-K benefit plan.

	 	b.	 	For purposes of this Article 21, the term “Total Compensation”
means: (i) the highest Base Salary of the CEO paid to him in any of the three
(3) years prior to the date of the Change of Control, in addition to the
average of the ASTB of the three (3) years prior to said date.

	 	c.	 	A “Change of Control” will be understood to have occurred if:

	 	(i)	 	any party acquires ownership of TWENTY-FIVE PERCENT
(25%) or more of the total votes required for the election of the directors
of TSM’s Board of Directors, or of such amount which, based on the
cumulative vote, if this were allowed by the Articles of Incorporation and
By-Laws of TSM, would permit such party to elect TWENTY-FIVE PERCENT (25%)
or more of the directors of TSM;

	 	(ii)	 	as a result of, or in connection with, a tender offer
or exchange offer of TSM stock, a consolidation, merger or other business
combination, sale of assets or any combination of the aforementioned
transactions, the persons who were directors of the Board prior to such
transaction fail to constitute a majority of the board of directors of TSM
or its successor;

	 	(iii)	 	there is a change of at least 30% of the directors of
TSM’s Board of Directors as a result of a “proxy fight”, as such term is
defined in Regulation 14A of the Securities Exchange Act of 1934, as
amended; or

	 	(iv)	 	a sale or transfer of substantially all the assets of
TSM to another corporation not affiliated to TSM occurs.

Notwithstanding the provisions of this Article 21, a Change of Control of TSM
will not be deemed to have occurred in the event that TSM suffers a corporate
reorganization which does not materially alter the composition of directors or
the percentage of votes owned by the existing stockholders.

	 	d.	 	“Good Reason” for purposes of this Article 21 shall mean:

	 	(i)	 	a change in the nature or scope of the CEO’s duties or
functions from those performed on the date immediately preceding the date
of the Change of Control;

	 	(ii)	 	a reduction in the CEO’s Base Salary from that received
on the date immediately preceding the date of the Change of Control;

	 	(iii)	 	a reduction in the CEO’s ability to participate in the
compensation plans, such as bonus, stock options, incentives or other
compensation plans, in which he participated on the date immediately
preceding the Change of Control, which reduction will be determined in
comparison to the opportunities that TSM (including its Subsidiary
Corporations) provides to executives with comparable duties or the
opportunities of participation that the CEO had under said plans on the
date immediately preceding the date of the Change of Control;

	 	(iv)	 	a change in the location of the CEO’s principal place
of employment of more than twenty-five miles from the place where the CEO
maintained his work office on the date immediately preceding the date of
the Change of Control; or

	 	(v)	 	the reasonable determination by the Board to the effect
that, as a result of the Change of Control and a change in the
circumstances thereafter affecting the employment position of the CEO, the
CEO is unable to exercise the authority, powers, functions or duties
assigned to his position in TSM on the date immediately preceding the date
of the Change of Control.

MISCELLANEOUS PROVISIONS

22. Interpretation of the Contract. This Contract is the result of the negotiations of the
parties, so that no presumption or inference may be made in favor of either of them.

23. Assignment. The CEO may not assign, in whole or in part, to a third party his
obligations or commitments under this Contract.

24. Entire Agreement. This Contract is the full and complete agreement between the
appearing parties. Any other prior agreement, contract or covenant shall not be construed as
valid or in effect.

25. Amendments. Any amendments to this Contract must be made by mutual agreement of the
parties, in a written instrument executed by the parties or their legal representatives.
Notwithstanding the foregoing, TSM has sole discretion to repeal, modify or create any
standard, policy, rule or operational or employment condition of all employees, including
compensation policies, benefits and insurance.

26. Section Headings. The headings included in this Contract have been added to facilitate
its reading and analysis. At no time shall said headings be construed to constitute the
agreement between the parties or amend the content of the terms that each one of them
precedes.

27. Separability. In the event that any term of this Contract is declared void or illegal,
the rest of its terms will continue in full force and effect.

28. Interpretation. This Contract shall be construed and enforced in accordance with the
laws of the Commonwealth of Puerto Rico.

SUCH IS THE AGREEMENT which the parties accept, acknowledge and sign in San Juan, Puerto Rico,
on the date indicated above.

TRIPLE-S MANAGEMENT CORPORATION

/s/ Luis A. Clavell Rodríguez

By: Luis A. Clavell Rodríguez

Chairman of the Board of Directors

/s/ Roberto García Rodríguez

ROBERTO GARCÍA RODRÍGUEZ

1

EXHIBIT A 

TO EMPLOYMENT CONTRACT

dated December 31, 2015 between

Triple-S Management Corporation

and Roberto García Rodríguez

1) Base Salary: $750,000

2) Fringe Benefits:

	 	•	 	Family health insurance

	 	•	 	Long term disability insurance

	 	•	 	Life insurance

	 	•	 	Car allowance

	 	•	 	401-K retirement savings plan

2Exhibit

Exhibit 10.1

January 6, 2016
OFFER LETTER

Dear Norman:

It is a pleasure to offer you a position on the Carbonite team! This Offer Letter serves to confirm the details of our employment offer as follows:

	
			
	Position:
	 
	SVP, Marketing

	 
	 
	 

	Status:
	 
	Full-time, Regular, Exempt

	 
	 
	 

	Reporting to:
	 
	Chief Executive Officer

	

Compensation:
	 
	Base salary of $11,458.33 semi-monthly, which is the equivalent of $275,000 annually, paid in accordance with the Company’s normal payroll procedures.  
All forms of compensation which are referred to in this offer letter are subject to reduction to reflect applicable withholding, payroll and other required taxes and deductions. Please note that Carbonite may modify salaries and benefits from time to time as it deems necessary.

	 
	 
	 

	Bonus:
	

	You will be eligible for an incentive bonus of 45% of your base salary. The timing and amount of any bonus is subject to the discretion and approval of the Compensation Committee of the Board of Directors.  

	 
	 

	Sign-On Bonus:
	You will be eligible for a onetime $65,000 sign-on bonus payable within the first regularly scheduled payroll cycle following your 90th day of employment. The sign-on bonus will be subject to all applicable taxes and withholdings. You agree to repay the sign-on bonus on a pro-rated basis if you leave Carbonite within one year of your hire date.

	 
	 

	Benefits:
	See Appendix A

	 
	 
	 

	Equity:

	 
	$200,000 in value of Restricted Stock Units of Carbonite’s common stock vesting over four years with 25% vesting on your first anniversary of employment and the balance vesting in equal annual installments thereafter. All equity grants described in this Section are subject to approval by Carbonite’s Board of Directors and the specific terms of the equity will be governed by Carbonite’s stock incentive plan and separate equity agreement to be entered into by you and Carbonite.

	 
	 
	 

	Acceleration of Equity:
	 
	If during the first twelve months after a Change of Control (as defined in the 2011 Equity Award Plan) you are terminated without cause or if you voluntarily resign from the company due to “Constructive Termination” (as defined in your existing equity agreements), then 100% of your then-unvested equity shall vest immediately prior to the termination date.

	 
	 
	 

1

	
			
	Severance:
	 
	During your first year of employment only, if you are terminated without Cause (as defined below) or are Constructively Terminated (as defined in your existing option agreement), you will be entitled to receive a payment amount equal to (and payable pro-rated over such three month period following termination) (i) three times your then current monthly base salary and (ii) three times the monthly amount that the Company paid for your participation in the Company’s health insurance plan during the month immediately preceding your termination date, subject to any and all conditions and qualification contained in this letter. 

After your first  year of employment, if you are terminated without Cause (as defined below) or are Constructively Terminated (as defined in your existing equity agreements), you will be entitled to receive a payment amount equal to (and payable pro-rated over such three month period following termination) (i) six times your then current monthly base salary and (ii) six times the monthly amount that the Company paid for your participation in the Company’s health insurance plan during the month immediately preceding your termination date, subject to any and all conditions and qualification contained in this letter. 

“Cause” shall include but shall not be limited to any of the following (i) a material violation of any Company Policy, including but not limited to any policy contained in the Company’s Code of Business Conduct and Ethics; (ii) embezzlement form, or theft of property belonging to, the Company or any affiliate; (iii) willful failure to perform, or gross negligence in the performance of, assigned duties; or (iv) other international misconduct, whether related to employment or otherwise, which has, or has the potential to have, a material adverse effect on the business conducted by the Company or its affiliates.

The foregoing amounts shall be made in accordance with the Company's normal payroll practices; provided, however, that the Company shall not make any severance payments unless and until (x) you execute and deliver to the Company a general release in substantially the form attached here at Appendix B (the “Release”), (y) such Release is executed and delivered to the Company within twenty-one (21) days after your termination date and (z) all time periods for revoking the Release have lapsed.  If you are terminated during the month of December of any calendar year and are owed severance hereunder, no severance payments shall be made prior to January 1st of the next calendar year and any amount that would have otherwise been payable to you in December of the preceding calendar year will be paid to you on the first date in January on which you would otherwise be entitled to any payment.  

Following your termination date, all benefits offered by the Company, including health insurance benefits, shall cease.  From and after such date, you may elect to continue your participation in the Company’s health insurance benefits at your expense pursuant to COBRA by notifying the Company in the time specified in the COBRA notice you will be provided and paying the monthly premium yourself, subject to as otherwise stated herein. Notwithstanding the above, if you are a "specified employee" within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), then any amounts payable to you during the first six months and one day following the date of your termination that constitute nonqualified deferred compensation within the meaning of Section 409A of the Code (as determined by the Company in its sole discretion) shall not be paid to you until the date that is six months and one day following such termination to the extent necessary to avoid adverse tax consequences under Section 409A of the Code.

	 
	 

	At-Will Employment:
	Your employment with Carbonite is for no specified period of time and constitutes “at-will” employment.  As a result, you are free to resign at any time, for any reason or for no reason, with or without notice.  Similarly, Carbonite is free to conclude its employment relationship with you at any time, with or without cause, and with or without notice. 

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	Other Agreements:
	 
	All Carbonite employees are required, as a condition of your employment with Carbonite, to sign, on or before your first day of employment, the Company’s Confidentiality, Invention Assignment and Non-Competition Agreement. Please retain a signed copy for your files. We also ask that, if you have not already done so, you disclose to the Company any and all agreements relating to your prior employment that may affect your eligibility to be employed by the Company or that may limit the manner in which you may be employed.

You agree that, during the term of your employment with Carbonite, you will not engage in any other employment, occupation, consulting or other business activity directly related to the business in which Carbonite is now involved or becomes involved during the term of your employment, nor will you engage in any other activities that conflict with your obligations to Carbonite.

This Offer Letter, along with the Carbonite Confidentiality, Invention Assignment and Non-Competition Agreement, set forth the terms of your employment with Carbonite and supersede any prior representations or agreements, whether written or oral.

	Expected Start Date:
	 
	January 11, 2016

	Expiration 
and Modification 
	 
	This Offer Letter may not be modified or amended except by a written agreement, signed by an authorized signatory of Carbonite and by you. 

	Sincerely,

/s/ Alec Carstensen
Alec Carstensen
VP, HR and Talent Acquisition

        
ACCEPTANCE AND ACKNOWLEDGMENT

I accept the offer of employment from Carbonite as set forth in the Offer Letter dated January 6, 2016. I understand and acknowledge that my employment with Carbonite is at-will, for no particular term or duration and that I, or Carbonite, may terminate the employment relationship at any time, with or without cause and with or without prior notice. I acknowledge that the Company reserves the right to conduct background investigations and/or reference checks on all of its potential employees, and that my job offer, therefore, is contingent upon a clearance of such a background investigation and/or reference check, if any.  

I understand and agree that the terms and conditions set forth in the Offer Letter represent the entire agreement between Carbonite and me superseding all prior negotiations and agreements, whether written or oral.  I understand that the terms and conditions described in this Offer Letter, along with the Carbonite Confidentiality, Invention Assignment and Non-Competition Agreement are the terms and conditions of my employment.  No one other than Carbonite’s Chief Executive Officer or Chief Financial Officer is authorized to sign any employment or other agreement which modifies the terms of the Offer Letter and Carbonite's Carbonite Confidentiality, Invention Assignment and Non-Competition Agreement, and any such modification must be in writing and signed by either such executive. 

Signature:    /s/ Norman Guadagno
Name:    Norman Guadagno    
Date:    January 6, 2016

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