Document:

exv10w23

Exhibit 10.23

Confidential Resignation and Consulting Agreement

And General Release of Claims

     1. Arthur Knapp (“Executive”) has been employed by OCZ Technology Group, Inc. (the “Company”)
as its Chief Financial Officer since on or about April 4, 2006 pursuant to the parties’ Executive
Employment Agreement of that date (the “Employment Agreement”). Executive and the Company have
determined that they will terminate their employment relationship, and it is their mutual desire to
ensure that there is a smooth and orderly transition of Executive’s duties, to have Executive
provide consulting services to the Company for a limited period of time, and to provide Executive
with the separation benefits described in the Employment Agreement as well as additional separation
benefits. Accordingly, Executive and the Company agree as set forth below. This Agreement will
become effective on the eighth day after it is signed by Executive (the “Effective Date”), provided
that Executive has not revoked this Agreement (by email notice to ksmith@ocztechnology.com)
prior to that date.

     2. Executive hereby resigns from his employment with the Company effective as of March 13,
2009 (the “Resignation Date”). Executive hereby resigns from any positions that he holds as a
director and/or officer of the Company or any of its subsidiaries effective as of the Resignation
Date.

     3. During the period between the date of this Agreement and the Resignation Date (the
“Transition Period”), Executive will continue to perform his duties for the Company in a
professional and timely manner to the full satisfaction of the Company. Executive shall also work
with the Company to ensure an orderly and complete transition of his duties by the Resignation
Date. During the Transition Period, the Company will continue to provide Executive with his
current base salary and employee fringe benefits, and Executive’s unvested stock options shall
continue to vest during the Transition Period. Following the Resignation Date, Executive may
exercise his right to purchase any or all of his vested stock options in accordance with the terms
of the applicable stock option plans/agreements. Upon the Resignation Date, Executive will be paid
all of his accrued, unused paid time off that he earned during his employment with the Company.

     4. For a period of three months following the Resignation Date (the “Consulting Period”),
which period may be extended up to an additional month upon the parties’ mutual written agreement,
Executive will provide consulting services to the Company as an independent contractor for up to 30
hours per week. Such consulting services will include, but not be limited to, continued assistance
in the transition of Executive’s former duties to the Company’s new Chief Financial Officer, as
well as any special assignments or projects that may be assigned to Executive by the Company.
Executive will perform his consulting services in a professional and timely manner to the full
satisfaction of the Company. Executive will not be an agent, employee, partner, or joint venturer
of the Company during the Consulting Period, and Executive will have no authority whatsoever to
bind the Company by contract or otherwise during the Consulting Period. Executive will not be
entitled to receive any employee fringe benefits or participate in any employee benefit plans
(including, but not limited to, the Company stock option plan) during the Consulting Period.
During the Consulting Period, Executive will be responsible for providing, at his own expense and
in his own name, disability, liability, workers’ compensation and other business insurance as is
necessary, appropriate and/or required by law.

     5. Subject to Executive’s strict compliance with all the terms of this Agreement, and to his
extension of the release of claims in Paragraphs 6 and 7 without revocation as described below, the
Company will provide Executive with the following:

          (a) continued payment of Executive’s base salary starting with the Company payroll of March
31, 2009 and ending on the Company payroll paid June 30, 2009 at his final base salary rate in
accordance with the Company’s normal payroll procedures, less applicable withholding (if any); and

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          (b) in the event that Executive timely elects to obtain continued group health insurance
coverage under COBRA following the Resignation Date, the Company will pay the premiums for such
coverage through the earlier of (i) July 31, 2009 or (ii) the first date on which Executive becomes
eligible to obtain other group health insurance coverage; thereafter, Executive may elect to
purchase continued group health insurance coverage under COBRA at his own expense.

In addition, upon the satisfactory completion of his consulting duties for the Company, and his
extension of the release of claims in Paragraphs 6 and 7 without revocation, the Company will
provide Executive with a consulting fee of $17,083 (the “Fee”). Subject to his satisfaction of the
conditions described herein, the Fee will be paid to Executive on July 8, 2009. In view of
Executive’s independent contractor status, the Fee will not be subject to any tax withholding, and
it will be reported to the taxing authorities on Forms 1099-Misc. or other appropriate tax
reporting forms. Executive agrees that he will be solely responsible for and will file, on a
timely basis, all tax returns and payments required to be filed with or made to any federal, state,
or local taxing authority in connection with his consulting services and receipt of fees for such
services under this Agreement.

Executive acknowledges and agrees that he shall not be entitled to any payments or benefits from
the Company other than those expressly set forth in Paragraphs 3 and 5.

     6. In consideration of the payments and benefits described in Paragraph 5, Executive and his
successors release the Company, its parents, divisions, and subsidiaries, and each of their
respective current and former shareholders, investors, directors, officers, employees, agents,
attorneys, insurers, legal successors and assigns of and from any and all claims, actions and
causes of action, whether now known or unknown, which Executive now has, or at any other time had,
or shall or may have against those released parties based upon or arising out of any matter, cause,
fact, thing, act or omission whatsoever occurring or existing at any time up to and including the
date on which Executive signs this Agreement, including, but not limited to, any claims of breach
of contract, wrongful termination, retaliation, fraud, defamation, infliction of emotional distress
or national origin, race, age, sex, sexual orientation, disability or other discrimination or
harassment under the Civil Rights Act of 1964, the Age Discrimination In Employment Act of 1967,
the Americans with Disabilities Act, the Fair Employment and Housing Act or any other applicable
law. As further consideration for the payments and benefits described in Paragraph 5, Executive
shall extend this release of claims through and including the end of the Consulting Period by
re-executing this Agreement on the space provided at the end of the Agreement on or after the last
day of the Consulting Period. Notwithstanding the above release of claims, it is expressly
understood that this release does not apply to, and shall not be construed as, a waiver or release
of any claims or rights that cannot lawfully be released by private agreement, including any
applicable statutory indemnity rights under the California Labor Code.

     7. Executive acknowledges that he has read section 1542 of the Civil Code of the State of
California, which states in full:

A general release does not extend to claims which the creditor does not know
or suspect to exist in his or her favor at the time of executing the
release, which if known by him or her must have materially affected his or
her settlement with the debtor.

Executive waives any rights that he has or may have under section 1542 (or any similar provision of
the laws of any other jurisdiction) to the full extent that he may lawfully waive such rights
pertaining to this general release of claims, and affirms that he is releasing all known and
unknown claims that he has or may have against the parties listed above.

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     8. Executive acknowledges and agrees that he shall at all times, including during the
Consulting Period, continue to be bound by and comply with the terms of any proprietary rights,
assignment of inventions and/or confidentiality agreements between the Company and Executive. At
or before the end of the Consulting Period, Executive will return to the Company, in good working
condition, all Company property and equipment that is in Executive’s possession or control,
including, but not limited to, any files, records, computers, computer equipment, cell phones,
credit cards, keys, programs, manuals, business plans, financial records, and all electronic or
paper documents (and any copies thereof) that Executive prepared or received in the course of his
employment and his consulting assignment with the Company. Notwithstanding the foregoing,
Executive need not return the Company cell phone used by Executive and the Company hereby assins
all its rights title and interest to Executive in such cell phone.

     9. Executive agrees that he shall not directly or indirectly disclose any of the terms of this
Agreement to anyone other than his immediate family or counsel, except as such disclosure may be
required for accounting or tax reporting purposes or as otherwise may be required by law.
Executive further agrees that he will not, at any time in the future, make any critical or
disparaging statements about the Company, or any of its products or its employees, except to the
extent that such statements are made truthfully in response to a subpoena or other compulsory legal
process.

     10. Executive agrees that for a period of one year following the end of the Consulting Period,
he will not, on behalf of himself or any other person or entity, directly or indirectly solicit any
employee of the Company to terminate his/her employment with the Company.

     11. If any provision of this Agreement is deemed invalid, illegal, or unenforceable, that
provision will be modified so as to make it valid, legal, and enforceable, or if it cannot be so
modified, it will be stricken from this Agreement, and the validity, legality, and enforceability
of the remainder of the Agreement shall not in any way be affected. In the event of any legal
action relating to or arising out of this Agreement, the prevailing party shall be entitled to
recover from the losing party its attorneys’ fees and costs incurred in that action.

     12. The Company intends that income provided to the Executive pursuant to this Agreement will
not be subject to taxation under Section 409A of the Internal Revenue Code (“Section 409A”). The
provisions of this Agreement shall be interpreted and construed in favor of satisfying any
applicable requirements of Section 409A of the Code. However, the Company does not guarantee any
particular tax effect for income provided to the Executive pursuant to this Agreement. In any
event, except for the Company’s responsibility to withhold applicable income and employment taxes
from compensation paid or provided to the Executive, the Company shall not be responsible for the
payment of any applicable taxes incurred by the Executive on compensation paid or provided to the
Executive pursuant to this Agreement. In the event that any compensation to be paid or provided to
Executive pursuant to this Agreement may be subject to the excise tax described in Section 409A,
the Company may delay such payment for the minimum period required in order to avoid the imposition
of such excise tax.

     13. This Agreement constitutes the entire agreement between the parties with respect to the
subject matter hereof and supersedes all prior negotiations and agreements between the parties,
whether written or oral, with the exception of any stock option or other equity agreements between
the parties and any agreements described in Paragraph 8. The parties agree that the Employment
Agreement is hereby terminated and of no further force or effect as of the date hereof and no
further payments shall be due Executive thereunder; provided, however, that Sections 8-14 of the
Employment Agreement shall remain in full force and effect. This Agreement may not be modified or
amended except by a document signed by an authorized officer of the Company and Executive.

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EXECUTIVE UNDERSTANDS THAT HE IS ADVISED TO CONSULT WITH AN ATTORNEY PRIOR TO SIGNING THIS
AGREEMENT AND THAT HE IS GIVING UP ANY LEGAL CLAIMS (AS DESCRIBED ABOVE IN PARAGRAPHS 6 AND 7) HE
HAS AGAINST THE PARTIES RELEASED ABOVE BY SIGNING THIS AGREEMENT. EXECUTIVE FURTHER UNDERSTANDS
THAT HE MAY HAVE UP TO 21 DAYS TO CONSIDER THIS AGREEMENT, THAT HE MAY REVOKE IT AT ANY TIME DURING
THE 7 DAYS AFTER HE SIGNS IT, AND THAT IT SHALL NOT BECOME EFFECTIVE UNTIL THAT 7-DAY PERIOD HAS
PASSED. EXECUTIVE ACKNOWLEDGES THAT HE IS SIGNING THIS AGREEMENT KNOWINGLY, WILLINGLY AND
VOLUNTARILY IN EXCHANGE FOR THE COMPENSATION AND BENEFITS DESCRIBED IN PARAGRAPH 5, WHICH
COMPENSATION AND BENEFITS HE WOULD NOT OTHERWISE BE ENTITLED TO RECEIVE.

	 	 	 	 	 
	Dated: March 13, 2009	 	/s/ Arthur Knapp
	 	 	 
	 	 	Arthur Knapp
	 
	 	 	 	 
	 	 	OCZ Technology Group, Inc.
	 
	 	 	 	 
	Dated: March 12, 2009

	 	By:
	 	/s/ Ryan M. Petersen
	 

	 	 	 	 
	 	 	Ryan M. Petersen
	 
	 	 	 	 
	 	 	Its: Chief Executive Officer

By re-signing this Agreement at or after the end of the Consulting Period, I hereby extend the
release of claims set forth in Paragraphs 6 and 7 above so as to include any and all such claims
that exist or arise at any time up to and including the end of the Consulting Period. I also
acknowledge and agree that I have been paid all wages (including base salary, paid time off, and
bonuses) that I earned during my employment with the Company. I understand that I may revoke this
extension of the release of claims at anytime within the seven days following my re-execution of
this Agreement, which revocation must be made in the manner described in the last sentence of
Paragraph 1.

	 	 	 	 	 
	Dated:                      ___, 2009
	 	 	 	 
	 

	 	 

Arthur Knapp
	 	 

4exv10w24

Exhibit 10.24

PROMISSORY NOTE

	 	 	 	 	 	 	 
	Loan Amount:

	 	 	$
500,000.00	 	 	 
	Interest Rate:

	 	 	7.5% per year
	 	 
	Date of Loan:

	 	 	August 19, 2009
	 	 

     For value received, OCZ TECHNOLOGY GROUP, INC., a Delaware corporation (the “Borrower”),
promises to pay to THE RYAN PETERSEN AND SARITA NUNEZ BERNAL TRUST (the “Lender”) or his assignees,
the Principal (defined below) and all accrued and unpaid interest thereon upon the terms and
conditions under this Promissory Note (the “Note”).

	1.	 	Principal Amount; Term. The principal sum of $500,000.00 (the “Principal”) under
this Note, together with all accrued and unpaid interest thereon, shall be due and payable in
accordance with a schedule of payments as set forth in Exhibit A attached hereto.

	2.	 	Interest. Interest on the outstanding principal balance under this Note shall
accrue at the rate of 7.5% per year.

	3.	 	Prepayment. Prepayment of any amount of principal and interest may be made at any
time without penalty.

	4.	 	Acceleration of Due Date. The entire unpaid principal balance of this Note,
together with all accrued and unpaid interest thereon, shall, at the election of the Lender,
become immediately due and payable upon the occurrence of any of the following, irrespective
of the payment date set forth in Section 1 of this Note:

	 	(a)	 	A failure to make any payment in full on the terms set forth in Section 1. above, and
such failure remains uncured for a period of ten (10) days following written notice by the
Lender to the Borrower.

	 	(b)	 	If at any time the Borrower shall admit in writing its inability to pay debts as they
become due, or shall make any assignment for the benefit of any creditors, or shall file a
petition seeking any reorganization, arrangement, composition, readjustment or similar
release under any present or future statute, law or regulation, or on the filing or
commencement of any petition, action, case or proceeding, voluntary or involuntary, under
any state or federal law regarding bankruptcy or insolvency.

	5.	 	Collection Costs Borne by Borrower. If action is instituted to collect this Note,
the Borrower agrees to pay all costs and expenses, including without limitation reasonable
attorneys’ fees, incurred in connection with such action.

	6.	 	Waiver. No delay or omission on the part of the Lender in exercising any right
under this Note shall operate as a waiver of such right or of any other right under this Note.
Any waiver

OCZ — Promissory Note (Ryan Petersen)                                        1

 

 

of any term of this Note must be made in writing and signed by the Lender. The Borrower hereby
waives presentment for payment, demand, notice of demand and of dishonor and nonpayment of this
Note, notice of intention to accelerate the maturity of this Note, protest and notice of
protest, diligence in collecting, and the bringing of suit against any other party.

	7.	 	Maximum Interest Payable. All agreements between the Borrower and the Lender,
whether now existing or subsequently arising and whether written or oral, are limited so that
in no contingency, whether by reason of acceleration of the maturity of the Note or otherwise,
shall the interest contracted for, charged, received, paid or agreed to be paid to the Lender
exceed the maximum amount permissible under applicable law. If, for any reason, interest
would otherwise be payable to the Lender in excess of the maximum lawful amount, the interest
payable to the Lender shall be reduced to the maximum amount permitted under applicable law;
and if for any reason the Lender shall ever receive anything of value deemed interest by
applicable law in excess of the maximum lawful amount, an amount equal to any excessive
interest shall be applied to the reduction of the principal under this Note and not to the
payment of interest, or if such excessive interest exceeds the unpaid balance of principal
under the Note, such excess shall be refunded to the Borrower. All interest paid or agreed to
be paid to the Lender shall, to the extent permitted by applicable law, be amortized,
prorated, allocated, and spread throughout the full period until payment in full of the
principal (including the period of any renewal or extension) so that the interest for such
full period shall not exceed the maximum amount permitted by applicable law. This paragraph
shall control all agreements between the Borrower and the Lender.

	8.	 	Conflicting Agreements. In the event of any inconsistencies between the terms of
this Note and the terms of any other document, if any, related to the loan evidenced by the
Note, the terms of this Note shall prevail.

	9.	 	Governing Law; Consent to Jurisdiction. This Note shall be governed by the laws of
the State of California and shall be construed in accordance with such laws, irrespective of
its choice of law principles. The Borrower specifically consents to the jurisdiction of the
Superior Court located in Santa Clara County, California, or if that Court is unable to
exercise jurisdiction for any reason, to the jurisdiction of the United States Northern
District Court located in Santa Clara County, California, to resolve any dispute or claim of
this Note.

[SIGNATURE PAGE FOLLOWS]

OCZ — Promissory Note (Ryan Petersen)                                        2

 

 

IN WITNESS WHEREOF, the Borrower has caused this Note to be executed as of the date first above
written.

	 	 	 	 	 
	 	OCZ Technology Group, Inc.

 	 
	 	By:  	/s/ Kerry T. Smith
 	 
	 	 	Kerry T. Smith 	 
	 	 	Chief Financial Officer 	 
	 

OCZ — Promissory Note (Ryan Petersen)                                        Signature Page

 

 

Exhibit A

SCHEDULE OF PAYMENTS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	    Date	 	Interest	 	 	Principal	 	 	Payment Amount	 
	09/19/09
	 	$	3,125.00	 	 	 	—	 	 	 	—	 
	10/19/09
	 	$	3,125.00	 	 	 	—	 	 	 	—	 
	11/19/09
	 	$	3,125.00	 	 	 	—	 	 	$	9,375.00	 
	12/19/09
	 	$	3,125.00	 	 	 	—	 	 	$	3,125.00	 
	01/19/10
	 	$	3,125.00	 	 	 	—	 	 	$	3,125.00	 
	02/19/10
	 	$	3,125.00	 	 	$	250,000.00	 	 	$	253,125.00	 
	03/19/10
	 	$	1,562.50	 	 	 	—	 	 	$	1,562.50	 
	04/19/10
	 	$	1,562.50	 	 	 	—	 	 	$	1,562.50	 
	05/19/10
	 	$	1,562.50	 	 	 	—	 	 	$	1,562.50	 
	06/19/10
	 	$	1,562.50	 	 	 	—	 	 	$	1,562.50	 
	07/19/10
	 	$	1,562.50	 	 	 	—	 	 	$	1,562.50	 
	09/01/10
	 	$	2,187.50	 	 	$	250,000.00	 	 	$	252,187.50	 
	 	 	 	 	 	 	 	 	 	 
	TOTAL
	 	$	28,750.00	 	 	$	500,000.00	 	 	$	528,750.00	 
	 	 	 	 	 	 	 	 	 	 

OCZ — Promissory Note (Ryan Petersen)                                        Exhibit A

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