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Exhibit 10.627    
    

 
 

SUPPLEMENTAL PENSION AGREEMENT    
    

        AGREEMENT made and entered into as of July 20, 2004 by and between CHIRON CORPORATION, a Delaware
corporation, and WILLIAM G. GREEN ("Green") in order to memorialize the deferred compensation/supplemental retirement arrangement referenced in the Chiron offer letter to Green dated
September 26, 1990 and formally document the terms and conditions governing the supplemental pension benefits accrued and accruable by Green over his period of service with Chiron, and to
effect certain revisions to those terms and conditions. 

1.    Provision of Benefit.    In consideration of services to be performed by Green, Chiron shall, in addition to other
compensation agreed to from time to time, provide to Green a pension benefit in an amount determined under Section 5, to be paid in a form determined under Section 6 commencing at a time
determined under Section 4. The benefit under this Agreement shall be fully vested and nonforfeitable at all times. 

2.    Nature of Benefit. 

        a.    Unsecured Obligation.    Except as provided in subsection b, the benefit to be provided under this Agreement is
an unfunded, unsecured obligation of Chiron. Green, his Spouse, and their beneficiaries, heirs, successors, and assigns shall have no secured interest in, or secured claim against, any property or
assets of Chiron, and no assets of Chiron shall be held under any trust for the benefit of Green, his Spouse, or their Beneficiaries, heirs, successors or assigns or be considered in any way as
collateral security for the fulfillment of the obligations of Chiron under this Agreement. 

        b.    Establishment of Trust.    Notwithstanding subsection a, upon written request of Green, Chiron shall establish
an irrevocable trust which shall provide, subject to the claims of general creditors of Chiron in the event Chiron becomes insolvent, that (i) the assets thereof shall be held for the exclusive
purpose of providing benefits under this Plan, (ii) Chiron shall, in its discretion, contribute from time to time to such trust the amount actuarially determined as necessary to fund the
expected benefits hereunder. Any trust established under this subsection shall be substantially in the form set forth in Rev. Proc. 92-64 and/or then current IRS guidance supplementing or
replacing Rev. Proc. 92-64. The trustee under such trust shall be an institution unaffiliated with Chiron and Green, and assets of the trust shall be invested by such trustee in accordance
with guidelines agreed upon by Green and Chiron and incorporated in such trust agreement. 

3.    Definitions. 

        a.    Actuarial Equivalent:    An amount of benefit in the appropriate form (determined in accordance with
Section 6) which is equivalent to the dollar amount determined under Section 5b on the basis of an assumed interest rate and a mortality table. Such interest rate shall be the applicable
rate in effect under Section 417(e) of the Code determined as of the time benefits commence, and such mortality table shall be the applicable mortality table in effect under
Section 417(e) of the Code determined as of the time benefits commence. 

        b.    Chiron:    Chiron Corporation, a Delaware corporation, and any successor to all or a major portion of the assets
or business of Chiron Corporation. 

        c.    Code:    The Internal Revenue Code of 1986 as amended from time to time. 

        d.    ERISA:    The Employment Retirement Income Security Act of 1974 as amended from time to time. 

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        e.    401(k) Plan:    The Chiron Corporation 401(k) Plan as in effect from time to time. 

        f.    Spouse:    Green's lawful spouse (or surviving spouse) on the date payment of benefits commences under
Section 4. 

4.    Commencement of Benefit. 

        a.    Time of Commencement.    

        (i)    The
benefit under this Agreement shall commence as of the later of (I) the first day of the month in which Green attains age 60 or (II) the first day of
the month in which Green's employment with Chiron terminates. Notwithstanding the preceding sentence, if the benefit has not yet commenced on the date of Green's death, it shall commence as of the
first day of the month in which such death occurs. 

        (a)   (ii) Green
may elect a later commencement date for his benefit payments under this Agreement by submitting a written election to Chiron. However, such election
will be valid and effective only if (i) the election does not become effective for at least twelve (12) months following the filing date of such election, (ii) such election
defers the commencement date of any benefit to be paid during Green's lifetime for at least five (5) years and, in the case of any benefit payments to commence under clause (I) of
subsection 4(a)(i), (iii) such election is made at least twelve (12) months before the date those benefit payments would have otherwise commenced in the absence of such election. In no
event may more than one such election be made pursuant to this subsection. 

        b.    Actuarial Determination    At the time the benefit is to commence under subsection a, an enrolled actuary
mutually agreeable to Green and Chiron shall determine the Actuarial Equivalent, in the applicable form under Section 6, of the amount of benefit set forth in Section 5. 

        c.    Initiation of Payment.    Actual benefit payments retroactive to the commencement date specified in subsection
4.a shall be made within 30 days after such date or, if not made within 30 days, shall be made on the 90th day after such date. Notwithstanding the foregoing, the actual commencement
date for all or a portion of the benefit payments to which Green is entitled hereunder may be further deferred beyond the applicable 30- day or 90-day period to the extent
necessary to avoid any adverse income tax consequences to Green which might otherwise result by reason of subsequent changes to the federal income tax laws and regulations governing
non-qualified deferred compensation plans. 

5.    Amount of Benefit.  

        a.    In General.    The amount of the benefit hereunder shall be the amount of the annuity benefit, in the applicable
form under Section 6, which is the Actuarial Equivalent (as of the date benefits commence under Section 4) of the amount determined under subsection b of this Section 5. 

        b.    Computation.    The amount determined under this subsection is the sum of (1), (2), (3) and (4), where: 

        (1)   is
$41,000, increased by interest at the rate determined under Section 5(d), compounded annually from October 1, 1990 to the date of commencement of
benefits. 

        (2)   is
$64,000 (which is the amount by which $90,000 exceeded the amount paid to Green by Brobeck, Phleger & Harrison after such firm's regular September 30,
1990 distribution, other than amounts reflecting a return of capital), increased by interest at the rate determined under Section 5(d), compounded annually from October 1, 1990 to the
date of commencement of benefits. 

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        (3)   is
the sum of the annual "additional amounts" determined for each calendar year within the period commencing with the start of the 1991 calendar year and ending with the
close of the calendar year in which Green attains age 60, where the "additional amount" for each calendar year within such period equals $20,000 adjusted as follows— 

        (i)    decreased
(but not below zero) by the sum of (I), (II), (III), (IV), and (V), where— 

        (I)   is
the maximum dollar amount of deferrals Green could have elected for such year under the 401(k) Plan without either (A) causing such Plan to violate any
applicable nondiscrimination test imposed by Section 401(k) of the Code or (B) exceeding the dollar limit on exclusion of such deferrals from gross income for such year under
Section 402(g) of the Code; 

        (II)  is
the matching contribution which, under the terms of the 401(k) Plan as in effect for such year, would be contributed by Chiron on account of the amount of elective
deferrals in (I) above; 

        (III) is
Green's "annual addition" (as defined in Section 415(c)(2) of the Code) for such year under any defined contribution plan maintained by Chiron for such year
(other than salary deferrals and matching contributions under the 401(k) Plan); 

        (IV) is
Green's accrued benefit for such year under any defined benefit plan then maintained by Chiron; and 

        (V)  the
amount of elective deferrals and matching contributions credited to Green's account under Chiron's Supplemental Executive Retirement Plan for such year. 

        (4)   is
compounded interest on the sum of (1), (2) and (3) at the applicable interest rate determined under Section 5(d), compounded annually from the
last day of each year to the date of commencement of benefits. 

        c.    Time of Accrual.    Amounts under this Section 5 for a particular calendar year are deemed to accrue on
the last day of such year, except that with respect to the year in which benefits commence, such amounts are deemed to accrue on the date on which benefits commence. 

        d.    Interest.    The applicable interest rate for all compounding periods ending on or before May 31, 2004
shall be seven percent (7%) per annum. The applicable interest rate for all compounding periods beginning on or after June 1, 2004 and ending on the actual commencement date of benefits
hereunder shall be six percent (6%). However, should Green elect pursuant to subsection 4.a(ii) to defer the commencement date of his benefit beyond the date that benefit would have otherwise
commenced pursuant to subsection 4.a(i) in the absence of that election, then for all compounding periods which occur during that extended deferral period, the interest rate shall be six (6%)
percent. 

6.    Form of Benefit.  

        a.    Green and Spouse Both Surviving.    If both Green and his Spouse are alive on the date benefits commence under
Section 4 hereof, benefits shall be paid in the form of a joint and survivor annuity under which benefits shall commence at the time determined under Section 4 hereof and shall
thereafter be paid monthly until the month in which the death of Green occurs, after which month no further benefits shall be paid; provided, however, that if Green's Spouse is surviving at his death,
she shall thereupon be entitled to a monthly benefit until the month in which her death occurs which shall be equal to 50% of the monthly benefit payable during Green's lifetime. After the month in
which the death of Green's Spouse occurs, no further benefits shall be paid. 

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        b.    Green Surviving.    If Green is alive and unmarried on the date benefits commence under Section 4 hereof,
benefits shall be paid in the form of a single life annuity under which benefits shall commence at the time determined under Section 4 hereof and shall thereafter be paid monthly until the
month in which the death of Green occurs, after which month no further benefits shall be paid. 

        c.    Spouse Surviving.    If, on the date benefits commence under Section 4 hereof, Green is deceased but is
survived by a Spouse, benefits shall be paid in the form of a single life annuity under which benefits shall commence as of the first day of the month in which Green's death occurs and shall
thereafter be paid monthly until the month in which the death of such Spouse occurs, after which month no further benefits shall be paid. 

        d.    Neither Green or Spouse Surviving.    If, on the date benefits commence under Section 4 hereof, Green is
deceased and is not survived by a Spouse, benefits shall be paid in the form of a lump sum to such one or more beneficiaries as he may designate in a signed writing referring specifically to this
Agreement and filed with Chiron prior to his death. In the event no such beneficiary designation is filed prior to his death, then the sum shall be paid to those persons entitled to succeed to his
separate property under the laws of the State of California then in effect if Green were then a resident of such state and died intestate. 

        e.    Annual Payment Option.    At the sole election of Chiron, one or more monthly annuity payments otherwise due and
payable to Green or his spouse during a calendar year may instead be paid in one annual installment before the end of that calendar year. However, such annual installment shall also include an
interest component on each deferred monthly annuity payment at the rate of six percent (6%) per annum for the period between the date that monthly annuity payment would have otherwise become due and
payable to Green or his spouse in the absence of Chiron's payment election hereunder and the actual date of payment. 

7.    Construction of Effectiveness.  

        a.    Construction.    The headings and subheadings of this Agreement are inserted for convenience of reference only
and are not to be considered in the construction of this Agreement. Unless the context clearly indicates otherwise, words used in the singular shall include the plural, the plural may be read as the
singular, and the masculine shall include the feminine. 

        b.    Governing Law.    This Agreement shall be construed, administered, and governed in all respects in accordance
with the laws of the State of California except to the extent preempted by federal law. 

        c.    Severability.    If any provision of this Agreement shall be held by a court of competent jurisdiction to be
invalid or unenforceable, the remaining provisions shall continue to be fully effective. 

        d.    Entire Agreement; Amendment.    This Agreement embodies the entire agreement and understanding of the parties
hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements and understandings, oral or written, relative to said subject matter. No amendment,
modification, or waiver of any provision of this Agreement, nor consent to any departure herefrom, shall be effective unless in writing and signed by both parties. 

        e.    Nonassignability.    Neither Green nor any other person shall have any right to commute, sell, assign, transfer,
pledge, anticipate, mortgage or otherwise encumber, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof. No part of the amounts payable
shall, prior to the actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by Green or any other person nor be
transferable by operation of law in the event of any person's bankruptcy or insolvency. 

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        f.    Binding Effect.    The terms and provisions of this Agreement shall be binding on and inure to the benefit of
Green and Chiron and the successors and assigns of each. 

        g.    ERISA Exemptions.    The parties intend that this Agreement be exempt from Part 4 of Title I of ERISA by
virtue of Section 401(a)(1) of ERISA. 

8.    Other Provisions.  

        a.    Administration.    Any election, designation, or other communication by Green to Chiron hereunder shall be given
to the Chief Financial Officer of Chiron. 

        b.    Exercise of Rights.    After the death of Green any rights or elections hereunder shall be exercisable by his
Spouse or, if there is no Spouse, by his executor or other duly appointed personal representative. 

        c.    No Right to Employment.    Nothing in this Agreement shall give to Green the right to be retained in the employ
of Chiron nor any rights or interest in the benefits provided hereunder other than as herein specifically provided. 

        d.    Discharge of Claims.    Any payment to Green, his Spouse, any beneficiary, or the legal representative of any
person, in accordance with the terms of this Agreement, shall to the extent thereof be in full satisfaction of all claims such person may have against Chiron hereunder. Chiron may require such payee,
as a condition to such payment, to execute a receipt and release therefor in such form as shall be determined by Chiron. 

        IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 

	 	 	CHIRON CORPORATION
	

 	
 	

By:	
 	

/s/ Howard Pien
 Howard H. Pien
	

 	
 	

Title:	
 	

President and Chief Executive Officer
	

 	
 	

 	
 	

/s/ William G. Green
 WILLIAM G. GREEN

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Exhibit 10.627

SUPPLEMENTAL PENSION AGREEMENTEXHIBIT 10.2
                                                                    ------------

                              DATAWATCH CORPORATION

                    FORM OF INCENTIVE STOCK OPTION AGREEMENT

         Datawatch Corporation, a Delaware corporation (the "Company"), hereby
grants as of _________ to ________ (the "Employee"), an option to purchase a
maximum of _____ shares (the "Option Shares") of its Common Stock, $.01 par
value ("Common Stock"), at the price of $_______ per share, on the following
terms and conditions:

         1.  GRANT UNDER 1996 STOCK PLAN. This option is granted pursuant to
and is governed by the Company's 1996 Stock Plan (the "Plan") and, unless the
context otherwise requires, terms used herein shall have the same meaning as in
the Plan. Determinations made in connection with this option pursuant to the
Plan shall be governed by the Plan as it exists on this date.

         2.  GRANT AS INCENTIVE STOCK OPTION; OTHER OPTIONS. This option is
intended to qualify as an incentive stock option under Section 422 of the
Internal Revenue Code of 1986, as amended (the "Code"). This option is in
addition to any other options heretofore or hereafter granted to the Employee by
the Company or any Related Corporation (as defined in the Plan), but a duplicate
original of this instrument shall not effect the grant of another option.

         3.  VESTING OF OPTION IF EMPLOYMENT CONTINUES. If the Employee has
continued to be employed by the Company or any Related Corporation on the
following dates, the Employee may exercise this option for the number of shares
of Common Stock set opposite the applicable date:

         Prior to _________                  -0- shares

         On _________ and at the end     -   An additional ___
         of each three-month period          shares (or such number of shares at
         thereafter                          the end of the last three month
                                             period so that the total does not
                                             exceed  ______ shares.

Notwithstanding the foregoing, in accordance with and subject to the provisions
of the Plan, the Committee may, in its discretion, accelerate the date that any
installment of this Option becomes exercisable. The foregoing rights are
cumulative and (subject to Sections 4 or 5 hereof if the Employee ceases to be
employed by the Company and all Related Corporations) may be exercised on or
before the date which is ten years from the date this option is granted.
<PAGE>
                                       -2-

4.        TERMINATION OF EMPLOYMENT.

               (A) TERMINATION OTHER THAN FOR CAUSE. If the Employee ceases to
          be employed by the Company and all Related Corporations, other than by
          reason of death or disability as defined in Section 5 or termination
          for Cause as defined in Section 4(c), no further installments of this
          option shall become exercisable, and this option shall terminate (and
          may no longer be exercised) after the passage of three months from the
          Employee's last day of employment, but in no event later than the
          scheduled expiration date. In such a case, the Employee's only rights
          hereunder shall be those which are properly exercised before the
          termination of this option.

               (B) TERMINATION FOR CAUSE. If the employment of the Employee is
          terminated for Cause (as defined in Section 4(c)), this option shall
          terminate upon the Employee's receipt of written notice of such
          termination and shall thereafter not be exercisable to any extent
          whatsoever.

               (C) DEFINITION OF CAUSE. "Cause" shall mean conduct involving one
          or more of the following: (i) the substantial and continuing failure
          of the Employee, after notice thereof, to render services to the
          Company or Related Corporation in accordance with the terms or
          requirements of his or her employment; (ii) disloyalty, gross
          negligence, willful misconduct, dishonesty or breach of fiduciary duty
          to the Company or Related Corporation; (iii) the commission of an act
          of embezzlement or fraud; (iv) deliberate disregard of the rules or
          policies of the Company or Related Corporation which results in direct
          or indirect loss, damage or injury to the Company or Related
          Corporation; (v) the unauthorized disclosure of any trade secret or
          confidential information of the Company or Related Corporation; or
          (vi) the commission of an act which constitutes unfair competition
          with the Company or Related Corporation or which induces any customer
          or supplier to breach a contract with the Company or Related
          Corporation.

5.       DEATH; DISABILITY.

               (A) DEATH. If the Employee dies while in the employ of the
          Company or any Related Corporation, this option may be exercised, to
          the extent otherwise exercisable on the date of his or her death, by
          the Employee's estate, personal representative or beneficiary to whom
          this option has been assigned pursuant to Section 9, at any time
          within 180 days after the date of death, but not later than the
          scheduled expiration date.

               (B) DISABILITY. If the Employee ceases to be employed by the
          Company and all Related Corporations by reason of his or her
          disability (as defined in the Plan), this option may be exercised, to
          the extent otherwise exercisable on the date of the termination of his
          or her employment, at any time within 180 days after such termination,
          but not later than the scheduled expiration date.
<PAGE>
                                       -3-

               (C) EFFECT OF TERMINATION. At the expiration of the 180-day
          period provided in paragraphs (a) or (b) of this Section 5 or the
          scheduled expiration date, whichever is the earlier, this option shall
          terminate (and shall no longer be exercisable) and the only rights
          hereunder shall be those as to which the option was properly exercised
          before such termination.

6.        PARTIAL EXERCISE. This option may be exercised in part at any time
and from time to time within the above limits, except that this option may not
be exercised for a fraction of a share unless such exercise is with respect to
the final installment of stock subject to this option and cash in lieu of a
fractional share must be paid, in accordance with Paragraph 13(G) of the Plan,
to permit the Employee to exercise completely such final installment. Any
fractional share with respect to which an installment of this option cannot be
exercised because of the limitation contained in the preceding sentence shall
remain subject to this option and shall be available for later purchase by the
Employee in accordance with the terms hereof.

7.        PAYMENT OF PRICE. (a) The option price shall be paid in the following
manner:

               (i) in cash or by check;

               (ii) subject to Section 7(b) below, by delivery of shares of the
          Company's Common Stock having a fair market value (as determined by
          the Committee) equal as of the date of exercise to the option price;

               (iii) by delivery of an assignment satisfactory in form and
          substance to the Company of a sufficient amount of the proceeds from
          the sale of the Option Shares and an instruction to the broker or
          selling agent to pay that amount to the Company; or

               (iv) by any combination of the foregoing.

               (B) LIMITATIONS ON PAYMENT BY DELIVERY OF COMMON STOCK. If the
          Employee delivers Common Stock held by the Employee ("Old Stock") to
          the Company in full or partial payment of the option price, and the
          Old Stock so delivered is subject to restrictions or limitations
          imposed by agreement between the Employee and the Company, an
          equivalent number of Option Shares shall be subject to all
          restrictions and limitations applicable to the Old Stock to the extent
          that the Employee paid for the Option Shares by delivery of Old Stock,
          in addition to any restrictions or limitations imposed by this
          Agreement. Notwithstanding the foregoing, the Employee may not pay any
          part of the exercise price hereof by transferring Common Stock to the
          Company unless such Common Stock has been owned by the Employee free
          of any substantial risk of forfeiture for at least six months.
<PAGE>
                                       -4-

               (C) PERMITTED PAYMENT BY RECOURSE NOTE. In addition, if this
          paragraph is initialed below by the person signing this Agreement on
          behalf of the Company, the option price may be paid by delivery of the
          Employee's three-year personal recourse promissory note bearing
          interest payable not less than annually at the applicable Federal
          rate, as defined in Section 1274(d) of the Code.

                                                     ----------
                                                     (initials)

8.        METHOD OF EXERCISING OPTION. Subject to the terms and conditions of
this Agreement, this option may be exercised by written notice to the Company at
its principal executive office, or to such transfer agent as the Company shall
designate. Such notice shall state the election to exercise this option and the
number of Option Shares for which it is being exercised and shall be signed by
the person or persons so exercising this option. Such notice shall be
accompanied by payment of the full purchase price of such shares, and the
Company shall deliver a certificate or certificates representing such shares as
soon as practicable after the notice shall be received. Such certificate or
certificates shall be registered in the name of the person or persons so
exercising this option (or, if this option shall be exercised by the Employee
and if the Employee shall so request in the notice exercising this option, shall
be registered in the name of the Employee and another person jointly, with right
of survivorship). In the event this option shall be exercised, pursuant to
Section 5 hereof, by any person or persons other than the Employee, such notice
shall be accompanied by appropriate proof of the right of such person or persons
to exercise this option.

9.        OPTION NOT TRANSFERABLE. This option is not transferable or assignable
except by will or by the laws of descent and distribution. During the Employee's
lifetime only the Employee can exercise this option.

10.       NO OBLIGATION TO EXERCISE OPTION. The grant and acceptance of this
option imposes no obligation on the Employee to exercise it.

11.       NO OBLIGATION TO CONTINUE EMPLOYMENT. Neither the Plan, this
Agreement, nor the grant of this option imposes any obligation on the Company or
any Related Corporation to continue the Employee in employment.

12.       NO RIGHTS AS STOCKHOLDER UNTIL EXERCISE. The Employee shall have no
rights as a stockholder with respect to the Option Shares until such time as the
Employee has exercised this option by delivering a notice of exercise and has
paid in full the purchase price for the shares so exercised in accordance with
Section 8. Except as is expressly provided in the Plan with respect to certain
changes in the capitalization of the Company, no adjustment shall be made for
dividends or similar rights for which the record date is prior to such date of
exercise.

13.       CAPITAL CHANGES AND BUSINESS SUCCESSIONS. The Plan contains provisions
covering the treatment of options in a number of contingencies such as stock
splits and mergers. Provisions in the Plan for adjustment with respect to stock
subject to options and the related provisions with respect to successors to the
business of the Company are hereby made applicable hereunder and are
incorporated herein by reference.

14.       EARLY DISPOSITION. The Employee agrees to notify the Company in
writing immediately after the Employee transfers any Option Shares, if such
transfer occurs on or before the later of (a) the date two years after the date
of this Agreement or (b) the date one year after the date the Employee acquired
such Option Shares. The Employee also agrees to provide the Company with any
information concerning any such transfer required by the Company for tax
purposes.

15.       WITHHOLDING TAXES. If the Company or any Related Corporation in its
discretion determines that it is obligated to withhold any tax in connection
with the exercise of this option, or in connection with the transfer of, or the
lapse of restrictions on, any Common Stock or other property acquired pursuant
to this option, the Employee hereby agrees that the Company or any Related
Corporation may withhold from the Employee's wages or other remuneration the
appropriate amount of tax. At the discretion of the Company or Related
Corporation, the amount required to be withheld may be withheld in cash from
such wages or other remuneration or in kind from the Common Stock or other
property otherwise deliverable to the Employee on exercise of this option. The
Employee further agrees that, if the Company or any Related Corporation does not
withhold an amount from the Employee's wages or other remuneration sufficient to
satisfy the withholding obligation of the Company or Related Corporation, the
Employee will make reimbursement on demand, in cash, for the amount
underwithheld.

16.       PROVISION OF DOCUMENTATION TO EMPLOYEE. By signing this Agreement the
Employee acknowledges receipt of a copy of this Agreement and a copy of the
Plan.

17.       MISCELLANEOUS.

               (A) NOTICES. All notices hereunder shall be in writing and shall
          be deemed given when sent by certified or registered mail, postage
          prepaid, return receipt requested, to the address set forth below. The
          addresses for such notices may be changed from time to time by written
          notice given in the manner provided for herein.

               (B) ENTIRE AGREEMENT; MODIFICATION. This Agreement constitutes
          the entire agreement between the parties relative to the subject
          matter hereof, and supersedes all proposals, written or oral, and all
          other communications between the parties relating to the subject
          matter of this Agreement. This Agreement may be modified, amended or
          rescinded only by a written agreement executed by both parties.

               (C) SEVERABILITY. The invalidity, illegality or unenforceability
          of any provision of this Agreement shall in no way affect the
          validity, legality or enforceability of any other provision.

               (D) SUCCESSORS AND ASSIGNS. This Agreement shall be binding upon
          and inure to the benefit of the parties hereto and their respective
          successors and assigns, subject to the limitations set forth in
          Section 9 hereof.

               (E) GOVERNING LAW. This Agreement shall be governed by and
          interpreted in accordance with the laws of the Commonwealth of
          Massachusetts, without giving effect to the principles of the
          conflicts of laws thereof.

          IN WITNESS WHEREOF, the Company and the Employee have caused this
instrument to be executed as of the date first above written.

                                        DATAWATCH CORPORATION
                                        175 Cabot Street
                                        Suite 503
                                        Lowell, MA  01854

                                        By: ______________________________
                                            Robert W. Hagger
                                            President and CEO

                                        By: Employee

                                            ___________________________

                                            ___________________________
                                            Street Address

                                            ___________________________
                                            City    State      Zip Code

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