Document:

exv10w47

	 	 	 	 	 

EXHIBIT NO. 10.47

REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (“Agreement”), dated November 7, 2011, is made by and
between UFOOD RESTAURANT GROUP, INC. a Nevada corporation (“Company”), and SOUTHRIDGE PARTNERS II,
LP, a Delaware limited partnership (the “Investor”).

RECITALS

     WHEREAS, upon the terms and subject to the conditions of the Equity Purchase Agreement
(“Purchase Agreement”), between the Investor and the Company, the Company has agreed to issue and
sell to the Investor shares (the “Put Shares”) of its common stock, par value $0.001 per share (the
“Common Stock”) from time to time for the lesser of (a) an aggregate investment price of up to
Three Million Dollars ($3,000,000), or (b) 13,500,000 shares of Common Stock (the “Registrable
Securities”); and

     WHEREAS, to induce the Investor to execute and deliver the Purchase Agreement, the Company has
agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the
rules and regulations thereunder, or any similar successor statute (collectively, “Securities
Act”), and applicable state securities laws with respect to the Registrable Securities;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Investor hereby agree as follows:

1. Definitions.

     (a) As used in this Agreement, the following terms shall have the following meaning:

     (i) “Subscription Date” means the date of this Agreement.

     (ii) “Investor” has the meaning set forth in the preamble to this Agreement.

     (iii) “Register,” “registered” and “registration” refer to a registration effected by
preparing and filing a Registration Statement or Statements in compliance with the Securities Act
and pursuant to Rule 415 under the Securities Act or any successor rule providing for offering
securities on a delayed or continuous basis (“Rule 415”), and the declaration or ordering of
effectiveness of such Registration Statement by the United States Securities and Exchange
Commission (the “SEC”).

     (iv) “Registrable Securities” will have the same meaning as set forth in the Purchase
Agreement.

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     (v) “Registration Statement” means the Company’s registration statement on Form S-1, or any
similar registration statement of the Company filed with SEC under the Securities Act with respect
to the Registrable Securities.

     (vi) “EDGAR” means the SEC’s Electronic Data Gathering, Analysis and Retrieval System.

     (b) Capitalized terms used herein and not otherwise defined herein shall have the respective
meanings set forth in the Purchase Agreement.

2. [RESERVED]

3. Obligation of the Company. In connection with the registration of the Registrable Securities,
the Company shall do each of the following:

          (a) Prepare promptly and file with the SEC within thirty (30) days after the date hereof, a
Registration Statement with respect to not less than 13,500,000 of Registrable Securities, and
thereafter use all commercially reasonable efforts to cause such Registration Statement relating to
the Registrable Securities to become effective within five (5) business days after notice from the
Securities and Exchange Commission that such Registration Statement may be declared effective, and
keep the Registration Statement effective at all times until the earliest of (i) the date that is
three months after the completion of the last Closing Date under the Purchase Agreement, (ii) the
date when the Investor may sell all Registrable Securities under Rule 144 without volume
limitations, or (iii) the date the Investor no longer owns any of the Registrable Securities
(collectively, the “Registration Period”), which Registration Statement (including any amendments
or supplements, thereto and prospectuses contained therein) shall not contain any untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not
misleading;

          (b) Prepare and file with the SEC such amendments (including post-effective amendments) and
supplements to the Registration Statement and the prospectus used in connection with the
Registration Statement as may be necessary to keep the Registration Statement effective at all
times during the Registration Period, and to comply with the provisions of the Securities Act with
respect to the disposition of all Registrable Securities of the Company covered by the Registration
Statement until the expiration of the Registration Period.

          (c) With respect to the Registrable Securities, permit counsel designated by Investor to
review the Registration Statement and all amendments and supplements thereto a reasonable period of
time (but not less than two (2) business days) prior to their filing with the SEC, and not file any
document in a form to which such counsel reasonably objects.

          (d) As promptly as practicable after becoming aware of the following facts, the Company shall
notify Investor and Investor’s legal counsel identified to the Company and (if

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requested by any such person) confirm such notice in writing no later than one (1) business day
thereafter (i): (A) when a prospectus or any prospectus supplement or post-effective amendment to
the Registration Statement is filed; (B) with respect to the Registration Statement or any
post-effective amendment, when the same has become effective; (ii) of the issuance by the SEC of
any stop order suspending the effectiveness of the Registration Statement covering any or all of
the Registrable Securities or the initiation of any proceedings for that purpose; and (iii) of the
receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in any jurisdiction, or
the initiation or threatening of any proceeding for such purpose.

          (e) Unless available to the Investor without charge through EDGAR, the SEC’s website or the
Company’s website, furnish to Investor, promptly after the same is prepared and publicly
distributed, filed with the SEC, or received by the Company, one (1) copy of the Registration
Statement, each preliminary prospectus and the prospectus, and each amendment or supplement
thereto;

          (f) Use all commercially reasonable efforts to (i) register and/or qualify the Registrable
Securities covered by the Registration Statement under such other securities or blue sky laws of
such jurisdictions as the Investor may reasonably request and in which significant volumes of
shares of Common Stock are traded, (ii) prepare and file in those jurisdictions such amendments
(including post-effective amendments) and supplements to such registrations and qualifications as
may be necessary to maintain the effectiveness thereof at all times during the Registration Period,
(iii) take such other actions as may be necessary to maintain such registrations and qualification
in effect at all times during the Registration Period, and (iv) take all other actions reasonably
necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions:
provided, however, that the Company shall not be required in connection therewith
or as a condition thereto to (A) qualify to do business in any jurisdiction where it would not
otherwise be required to qualify but for this Section 3(f), (B) subject itself to general taxation
in any such jurisdiction, (C) file a general consent to service of process in any such
jurisdiction, (D) provide any undertakings that cause more than nominal expense or burden to the
Company or (E) make any change in its charter or by-laws or any then existing contracts, which in
each case the Board of Directors of the Company determines to be contrary to the best interests of
the Company and its stockholders;

          (g) As promptly as practicable after becoming aware of such event, notify the Investor of the
happening of any event of which the Company has knowledge, as a result of which the prospectus
included in the Registration Statement, as then in effect, includes any untrue statement of a
material fact or omits to state a material fact required to be stated therein or necessary to make
the statements therein, in the light of the circumstances under which they were made, not
misleading (“Registration Default”), and promptly prepare a supplement or amendment to the
Registration Statement or other appropriate filing with the SEC to correct such untrue statement or
omission, and take any other commercially reasonable steps to cure the Registration Default, and,
unless available to the Investor without charge through EDGAR, the

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SEC’s website or the Company’s website, deliver a number of copies of such supplement or amendment
to the Investor as the Investor may reasonably request.

          (h) [INTENTIONALLY OMITTED];

          (i) Use its commercially reasonable efforts, if eligible, either to (i) cause all the
Registrable Securities covered by the Registration Statement to be listed on a national securities
exchange and on each additional national securities exchange on which securities of the same class
or series issued by the Company are then listed, if any, if the listing of such Registrable
Securities is then permitted under the rules of such exchange, or (ii) secure designation of all
the Registrable Securities covered by the Registration Statement as a National Association of
Securities Dealers Automated Quotations System (“Nasdaq”) security within the meaning of Rule
11Aa2-1 of the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
the quotation of the Registrable Securities on the Nasdaq Capital Market; or if, despite the
Company’s commercially reasonable efforts to satisfy the preceding clause (i) or (ii), the Company
is unsuccessful in doing so, to use its commercially reasonable efforts to secure authorization of
the Financial Industry Regulatory Authority (“FINRA”) and quotation for such Registrable Securities
on the over-the-counter bulletin board and, without limiting the generality of the foregoing;

          (j) Provide a transfer agent for the Registrable Securities not later than the Subscription
Date under the Purchase Agreement;

          (k) Cooperate with the Investor to facilitate the timely preparation and delivery of
certificates for the Registrable Securities to be offered pursuant to the Registration Statement
and enable such certificates for the Registrable Securities to be in such denominations or amounts
as the case may be, as the Investor may reasonably request and registration in such names as the
Investor may request; and, within five (5) business days after a Registration Statement which
includes Registrable Securities is ordered effective by the SEC, the Company shall deliver, and
shall cause legal counsel selected by the Company to deliver, to the transfer agent for the
Registrable Securities (with copies to the Investor) an appropriate instruction and opinion of such
counsel, if so required by the Company’s transfer agent; and

          (l) Take all other commercially reasonable actions necessary to expedite and facilitate
distribution to the Investor of the Registrable Securities pursuant to the Registration Statement.

     4. Obligations of the Investor. In connection with the registration of the Registrable
Securities, the Investor shall have the following obligations;

          (a) It shall be a condition precedent to the obligations of the Company to complete the
registration pursuant to this Agreement with respect to the Registrable Securities of the Investor
that the Investor shall timely furnish to the Company such information regarding itself, the
Registrable Securities held by it, and the intended method of disposition of the

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Registrable Securities held by it, as shall be reasonably required to effect the registration of
such Registrable Securities and shall timely execute such documents in connection with such
registration as the Company may reasonably request.

          (b) The Investor by such Investor’s acceptance of the Registrable Securities agrees to
cooperate with the Company as reasonably requested by the Company in connection with the
preparation and filing of the Registration Statement hereunder; and

          (c) The Investor agrees that, upon receipt of any notice from the Company of the happening of
any event of the kind described in Section 3(d)(ii) or (iii) or 3(g) above, the Investor will
immediately discontinue disposition of Registrable Securities pursuant to the Registration
Statement covering such Registrable Securities until the Investor receives the copies of the
supplemented or amended prospectus contemplated by Section 3(d)(ii) or (iii) or 3(g) and, if so
directed by the Company, the Investor shall deliver to the Company (at the expense of the Company)
or destroy (and deliver to the Company a certificate of destruction) all copies in the Investor’s
possession, of the prospectus covering such Registrable Securities current at the time of receipt
of such notice.

     5. Expenses of Registration. All reasonable expenses incurred in connection with
registrations, filings or qualifications pursuant to Section 3, including, without
limitation, all registration, listing, and qualifications fees, printers and accounting fees, the
fees and disbursements of counsel for the Company shall be borne by the Company.

     6. Indemnification. After Registrable Securities are included in a Registration Statement
under this Agreement:

          (a) To the extent permitted by law, the Company will indemnify and hold harmless, the
Investor, the directors, if any, of such Investor, the officers, if any, of such Investor, each
person, if any, who controls the Investor within the meaning of the Securities Act or the Exchange
Act (each, an “Indemnified Person”), against any losses, claims, damages, liabilities or expenses
(joint or several) incurred (collectively, “Claims”) to which any of them may become subject under
the Securities Act, the Exchange Act or otherwise, insofar as such Claims (or actions or
proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon:
(i) any untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement or any post-effective amendment thereof or the omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading, (ii) any untrue statement or alleged untrue statement of a material fact
contained in any preliminary prospectus or contained in the final prospectus (as amended or
supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the
omission or alleged omission to state therein any material fact necessary to make the statements
made therein, in the light of the circumstances under which the statements therein were made, not
misleading or (iii) any violation or alleged violation by the Company of

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the Securities Act, the Exchange Act, any state securities law or any rule or regulation under the
Securities Act, the Exchange Act or any state securities law (the matters in the foregoing clauses
(i) through (iii) being collectively referred to as “Violations”). Subject to Section 6(b) hereof,
the Company shall reimburse the Investor, promptly as such expenses are incurred and are due and
payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection
with investigating or defending any such Claim. Notwithstanding anything to the contrary contained
herein, the indemnification agreement contained in this Section 6(a) shall not (i) apply to any
Claims arising out of or based upon a Violation which occurs in reliance upon and in conformity
with information furnished in writing to the Company by or on behalf of any Indemnified Person
expressly for use in connection with the preparation of the Registration Statement or any such
amendment thereof or supplement thereto, if such prospectus was timely made available by the
Company pursuant to Section 3(b) hereof; (ii) with respect to any preliminary prospectus, inure to
the benefit of any such person from whom the person asserting any such Claim purchased the
Registrable Securities that are the subject thereof (or to the benefit of any person controlling
such person) if the untrue statement or omission of material fact contained in the preliminary
prospectus was corrected in the prospectus, as then amended or supplemented, if such prospectus was
timely made available by the Company pursuant to Section 3(b) hereof; (iii) be available to the
extent such Claim is based on a failure of the Investor to deliver or cause to be delivered the
prospectus made available by the Company; or (iv) apply to amounts paid in settlement of any Claim
if such settlement is effected without the prior written consent of the Company, which consent
shall not be unreasonably withheld. The Investor will indemnify the Company, its officers,
directors and agents (including legal counsel) against any claims arising out of or based upon a
Violation which occurs in reliance upon and in conformity with information furnished in writing to
the Company, by or on behalf of the Investor, expressly for use in connection with the preparation
of the Registration Statement, subject to such limitations and conditions set forth in the previous
sentence.

          (b) Promptly after receipt by an Indemnified Person under this Section 6 of notice of the
commencement of any action (including any governmental action), such Indemnified Person shall, if a
Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver
to the indemnifying party a written notice of the commencement thereof and the indemnifying party
shall have the right to participate in, and, to the extent the indemnifying party so desires,
jointly with any other indemnifying party similarly noticed, to assume control of the defense
thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person, as
the case may be; provided, however, that an Indemnified Person shall have the right
to retain its own counsel with the reasonable fees and expenses to be paid by the indemnifying
party, if, in the reasonable opinion of counsel retained by the indemnifying party, the
representation by such counsel of the Indemnified Person and the indemnifying party would be
inappropriate due to actual or potential differing interests between such Indemnified Person and
any other party represented by such counsel in such proceeding. In such event, the Company shall
pay for only one separate legal counsel for the Investor selected by the Investor. The failure to
deliver written notice to the indemnifying party within a reasonable time of the commencement of
any such action shall not relieve such indemnifying party of any liability to the Indemnified
Person under this Section 6, except to the extent that the

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indemnifying party is prejudiced in its ability to defend such action. The indemnification required
by this Section 6 shall be made by periodic payments of the amount thereof during the course of the
investigation or defense, as such expense, loss, damage or liability is incurred and is due and
payable.

     7. Contribution. To the extent any indemnification by an indemnifying party is prohibited or
limited by law, the indemnifying party agrees to make the maximum contribution with respect to any
amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by
law; provided, however, that (a) no contribution shall be made under circumstances
where the maker would not have been liable for indemnification under the fault standards set forth
in Section 6; (b) no seller of Registrable Securities guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any seller of Registrable Securities who was not guilty of such fraudulent misrepresentation; and
(c) contribution by any seller of Registrable Securities shall be limited in amount to the net
amount of proceeds received by such seller from the sale of such Registrable Securities.

     8. Reports under Exchange Act. With a view to making available to the Investor the benefits of
Rule 144 promulgated under the Securities Act or any other similar rule or regulation of the SEC
that may at any time permit the Investor to sell securities of the Company to the public without
registration (“Rule 144”), the Company agrees to use its commercially reasonable efforts to:

          (a) make and keep public information available, as those terms are understood and defined in
Rule 144;

          (b) file with the SEC in a timely manner all reports and other documents required of the
Company under the Securities Act for so long as the Company remains subject to such requirements,
and the filing of such reports is required for sales under Rule 144;

          (c) furnish to the Investor so long as the Investor owns Registrable Securities, promptly upon
request, (i) a written statement by the Company that it has complied with the reporting
requirements of Rule 144, the Securities Act and the Exchange Act, (ii) unless available to the
Investor without charge through EDGAR, the SEC’s website or the Company’s website, a copy of the
most recent annual or quarterly report of the Company and such other reports and documents so filed
by the Company, and (iii) such other information as may be reasonably requested to permit the
Investors to sell such securities pursuant to Rule 144 without registration; and

          (d) at the request of any Investor of Registrable Securities, give its Transfer Agent
instructions (supported by an opinion of Company counsel, if required or requested by the Transfer
Agent) to the effect that, upon the Transfer Agent’s receipt from such Investor of:

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	(i)	 	a certificate (a “Rule 144 Certificate”) certifying (A) that such
Investor has held the shares of Registrable Securities which the
Investor proposes to sell (the “Securities Being Sold”) for a period
of not less than (1) year and (B) as to such other matters as may be
appropriate in accordance with Rule 144 under the Securities Act, and
	 
	(ii)	 	an opinion of counsel acceptable to the Company (for which purposes
it is agreed that the initial Investor’s counsel shall be deemed
acceptable if such opinion is not given by Company counsel) that,
based on the Rule 144 Certificate, Securities Being Sold may be sold
pursuant to the provisions of Rule 144, even in the absence of an
effective Registration Statement,

the Transfer Agent is to effect the transfer of the Securities Being Sold and issue to the buyer(s)
or transferee(s) thereof one or more stock certificates representing the transferred Securities
Being Sold without any restrictive legend and without recording any restrictions on the
transferability of such shares on the Transfer Agent’s books and records (except to the extent any
such legend or restriction results from facts other than the identity of the Investor, as the
seller or transferor thereof, or the status, including any relevant legends or restrictions, of the
shares of the Securities Being Sold while held by the Investor). If the Transfer Agent requires any
additional documentation at the time of the transfer, the Company shall deliver or cause to be
delivered all such reasonable additional documentation as may be necessary to effectuate the
issuance of an unlegended certificate.

     9. Miscellaneous.

     (a) Registered Owners. A person or entity is deemed to be a holder of Registrable Securities
whenever such person or entity owns of record such Registrable Securities. If the Company receives
conflicting instructions, notices or elections from two or more persons or entities with respect to
the same Registrable Securities, the Company shall act upon the basis of instructions, notice or
election received from the registered owner of such Registrable Securities.

     (b) Rights Cumulative; Waivers. The rights of each of the parties under this Agreement are
cumulative. The rights of each of the parties hereunder shall not be capable of being waived or
varied other than by an express waiver or variation in writing. Any failure to exercise or any
delay in exercising any of such rights shall not operate as a waiver or variation of that or any
other such right. Any defective or partial exercise of any of such rights shall not preclude any
other or further exercise of that or any other such right. No act or course of conduct or
negotiation on the part of any party shall in any way preclude such party from exercising any such
right or constitute a suspension or any variation of any such right.

     (c) Benefit; Successors Bound. This Agreement and the terms, covenants, conditions,
provisions, obligations, undertakings, rights, and benefits hereof, shall be binding

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upon, and shall inure to the benefit of, the undersigned parties and their successors.

     (d) Entire Agreement. This Agreement contains the entire agreement between the parties with
respect to the subject matter hereof. There are no promises, agreements, conditions, undertakings,
understandings, warranties, covenants or representations, oral or written, express or implied,
between them with respect to this Agreement or the matters described in this Agreement, except as
set forth in this Agreement and in the other documentation relating to the transactions
contemplated by this Agreement. Any such negotiations, promises, or understandings shall not be
used to interpret or constitute this Agreement.

     (e) Amendment. Any provision of this Agreement may be amended and the observance thereof may
be waived (either generally or in a particular instance and either retroactively or prospectively),
only with the written consent of the Company and Investor. Any amendment or waiver affected in
accordance with this Section 9 shall be binding upon the Company.

     (f) Severability. Each part of this Agreement is intended to be severable. In the event that
any provision of this Agreement is found by any court or other authority of competent jurisdiction
to be illegal or unenforceable, such provision shall be severed or modified to the extent necessary
to render it enforceable and as so severed or modified, this Agreement shall continue in full force
and effect.

     (g) Notices. Notices required or permitted to be given hereunder shall be in writing and shall
be deemed to be sufficiently given when personally delivered (by hand, by courier, by telephone
line facsimile transmission, receipt confirmed, email or other means) or sent by certified mail,
return receipt requested, properly addressed and with proper postage pre-paid (i) if to the
Company, at its executive office and (ii) if to the Investor, at the address set forth under its
name in the Purchase Agreement, with a copy to its designated attorney, or at such other address as
each such party furnishes by notice given in accordance with this Section 9(g), and shall be
effective, when personally delivered, upon receipt and, when so sent by certified mail, five (5)
business days after deposit with the United States Postal Service.

     (h) Governing Law. This Agreement shall be governed by and interpreted in accordance with the
laws of the State of New York without regard to the principles of conflicts of law. Each of the
Company and Investor hereby submit to the exclusive jurisdiction of the United States Federal and
state courts located in New York with respect to any dispute arising under this Agreement, the
agreements entered into in connection herewith or the transactions contemplated hereby or thereby.

     (i) Consents. The person signing this Agreement on behalf of each party hereby represents and
warrants that he has the necessary power, consent and authority to execute and deliver this
Agreement on behalf of that party.

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     (j) Further Assurances. In addition to the instruments and documents to be made, executed and
delivered pursuant to this Agreement, the parties hereto agree to make, execute and deliver or
cause to be made, executed and delivered, to the requesting party such other instruments and to
take such other actions as the requesting party may reasonably require to carry out the terms of
this Agreement and the transactions contemplated hereby.

     (k) Section Headings. The Section headings in this Agreement are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement.

     (l) Construction. Unless the context otherwise requires, when used herein, the singular shall
be deemed to include the plural, the plural shall be deemed to include each of the singular, and
pronouns of one or no gender shall be deemed to include the equivalent pronoun of the other or no
gender.

     (m) Execution in Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original but all of which shall constitute one and the same
agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by
email of a .pdf or telephone line facsimile transmission of a copy of this Agreement bearing the
signature of the party so delivering this Agreement. A facsimile
transmission or email of a .pdf of
this signed Agreement shall be legal and binding on all parties hereto.

[SIGNATURES ON FOLLOWING PAGE]

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[SIGNATURE PAGE]

     IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their
respective officers thereunto duly authorized as of the day and year first above written.

	 	 	 	 	 
	 	COMPANY:

UFOOD RESTAURANT GROUP, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	/s/ Charles A. Cocotas 	 
	 	 	Title:  	President / COOExhibit 10.3

Exhibit 10.3

OCLARO, INC.

Executive Severance and Retention Agreement

THIS EXECUTIVE SEVERANCE AND RETENTION AGREEMENT by and between Oclaro, Inc., a Delaware
corporation (the “Company”), and [Insert Name] (the “Executive”) is made as of [Insert Date] (the
“Effective Date”).

WHEREAS, the Company and Executive wish to provide for agreed-upon severance arrangements in
the event that the Executive ceases to be an employee of the Company under certain circumstances
prior to any change in control of the Company,

WHEREAS, the Company also recognizes that, as is the case with many publicly-held
corporations, the possibility of a change in control of the Company exists and that such
possibility, and the uncertainty and questions which it may raise among key personnel, may result
in the departure or distraction of key personnel to the detriment of the Company and its
stockholders, and

WHEREAS, the Compensation Committee of the Board of Directors of the Company (the “Board”) has
determined that appropriate steps should be taken to reinforce and encourage the continued
employment and dedication of the Company’s key personnel without distraction from the possibility
of termination under certain circumstances or a change in control of the Company and related events
and circumstances.

NOW, THEREFORE, as an inducement for and in consideration of the Executive remaining in its
employ, the Company agrees that the Executive shall receive the severance benefits set forth in
this Agreement under the terms and subject to the provisions, provided below.

1. Key Definitions.

As used herein, the following terms shall have the following respective meanings:

1.1 “Cause” means:

(a) the Executive’s willful and continued failure to substantially perform
Executive’s reasonable assigned duties as an employee of the Company (other than any
such failure resulting from incapacity due to physical or mental illness or any failure
after the Executive gives notice of termination for Good Reason), which failure is not
cured within 30 days after a written demand for substantial performance is received by
the Executive from the Board that specifically identifies the manner in which the Board
believes the Executive has not substantially performed the Executive’s duties; provided
that, for purposes of Section 3.1, for all Executives other than the Chief Executive
Officer (“CEO”), substantial performance shall be determined by the CEO and such written
demand for substantial performance shall be provided by the CEO; or

(b) the Executive’s willful engagement in illegal conduct or gross misconduct which
is materially and demonstrably injurious to the Company.

 

 

 

For purposes of this Section 1.1, no act or failure to act by the Executive shall be
considered “willful” unless it is done, or omitted to be done, in bad faith and without reasonable
belief that the Executive’s action or omission was in the best interests of the Company.

1.2 “Change in Control” means an event or occurrence set forth in any one or more
of subsections (a) through (d) below (including an event or occurrence that constitutes a
Change in Control under one of such subsections but is specifically exempted from another such
subsection):

(a) the acquisition by an individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (a “Person”) of beneficial ownership of any capital stock of the
Company if, after such acquisition, such Person beneficially owns (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) 50% or more of either (x) the
then-outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (y) the combined voting power of the then-outstanding securities of the
Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that for purposes of this subsection
(a), the following acquisitions shall not constitute a Change in Control: (i) any
acquisition directly from the Company (excluding an acquisition pursuant to the
exercise, conversion or exchange of any security exercisable for, convertible into or
exchangeable for common stock or voting securities of the Company, unless the Person
exercising, converting or exchanging such security acquired such security directly from
the Company or an underwriter or agent of the Company), (ii) any acquisition by the
Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored
or maintained by the Company or any corporation controlled by the Company, or (iv) any
acquisition by any corporation pursuant to a transaction which complies with clauses (i)
and (ii) of subsection (c) of this Section 1.2; or

(b) such time as the Continuing Directors (as defined below) do not constitute a
majority of the Board (or, if applicable, the Board of Directors of a successor
corporation to the Company), where the term “Continuing Director” means at any date a
member of the Board (i) who was a member of the Board on the date of the execution of
this Agreement or (ii) who was nominated or elected subsequent to such date by at least
a majority of the directors who were Continuing Directors at the time of such nomination
or election or whose election to the Board was recommended or endorsed by at least a
majority of the directors who were Continuing Directors at the time of such nomination
or election; provided, however, that there shall be excluded from this clause (ii) any
individual whose initial assumption of office occurred as a result of an actual or
threatened election contest with respect to the election or removal of directors or
other actual or threatened solicitation of proxies or consents, by or on behalf of a
person other than the Board; or

 

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(c) the consummation of a merger, consolidation, reorganization, recapitalization
or statutory share exchange involving the Company or a sale or other disposition of all
or substantially all of the assets of the Company in one or a series of transactions (a
“Business Combination”), unless, immediately following such Business Combination, each
of the following two conditions is satisfied: (i) all or substantially all of the
individuals and entities who were the beneficial owners of the Outstanding Company
Common Stock and Outstanding Company Voting Securities immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 50% of the
then-outstanding shares of common stock and the combined voting power of the
then-outstanding securities entitled to vote generally in the election of directors,
respectively, of the resulting or acquiring corporation in such Business Combination
(which shall include, without limitation, a corporation which as a result of such
transaction owns the Company or substantially all of the Company’s assets either
directly or through one or more subsidiaries) (such resulting or acquiring corporation
is referred to herein as the “Acquiring Corporation”) in substantially the same
proportions as their ownership, immediately prior to such Business Combination, of the
Outstanding Company Common Stock and Outstanding Company Voting Securities,
respectively; and (ii) no Person (excluding any employee benefit plan (or related trust)
maintained or sponsored by the Company or by the Acquiring Corporation) beneficially
owns, directly or indirectly, 30% or more of the then outstanding shares of common stock
of the Acquiring Corporation, or of the combined voting power of the then-outstanding
securities of such corporation entitled to vote generally in the election of directors
(except to the extent that such ownership existed prior to the Business Combination); or

(d) approval by the stockholders of the Company of a complete liquidation or
dissolution of the Company.

1.3 “Change in Control Date” means the first date during the Term (as defined in
Section 2) on which a Change in Control occurs. Anything in this Agreement to the contrary
notwithstanding, if (a) a Change in Control occurs, (b) the Executive’s employment with the
Company is terminated prior to the date on which the Change in Control occurs, and (c) it is
reasonably demonstrated by the Executive that such termination of employment (i) was at the
request of a third party who has taken steps reasonably calculated to effect a Change in
Control or (ii) otherwise arose in connection with or in anticipation of a Change in Control,
then for all purposes of this Agreement the “Change in Control Date” shall mean the date
immediately prior to the date of such termination of employment.

1.4 “Disability” means the Executive’s incapacity due to mental or physical
illness which is determined to be total and permanent by a physician selected by the Company
or its insurers and acceptable to the Executive or the Executive’s legal representative.
Notwithstanding anything to the contrary herein, for purposes of this Agreement, each
reference to the Company’s termination of the Executive’s employment without Cause shall be
deemed to exclude the Company’s termination of the Executive’s employment by reason of his or
her Disability.

 

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1.5 “Good Reason” means the occurrence, without the Executive’s written consent,
of any of the events or circumstances set forth in clauses (a) through (d) below.

(a) a material diminution in the Executive’s authority, duties or responsibilities
as in effect immediately prior to the earliest to occur of (i) the Change in Control
Date, (ii) the date of the execution by the Company of the definitive written agreement
or instrument providing for the Change in Control or (iii) the date of the adoption by
the Board of a resolution providing for a Change in Control (with the earliest to occur
of such dates referred to herein as the “Measurement Date”);

(b) a material diminution in the Executive’s base compensation as in effect on the
Measurement Date or as the same may be increased from time to time thereafter;

(c) a change by the Company in the location at which the Executive performs
Executive’s principal duties for the Company to a new location that is both (i) outside
a radius of 35 miles from the Executive’s principal residence immediately prior to the
Measurement Date and (ii) more than 20 miles from the location at which the Executive
performed Executive’s principal duties for the Company immediately prior to the
Measurement Date; or

(d) any other action or inaction that constitutes a material breach by the Company
of this Agreement.

2. Term of Agreement. This Agreement, and all rights and obligations of the parties
hereunder, shall take effect upon the Effective Date and shall expire upon the first to occur of
(a) the expiration of the Term (as defined below) if a Change in Control has not occurred during
the Term, (b) the termination of the Executive’s employment with the Company prior to the
expiration of the Term, other than by reason of a termination by the Company without Cause or a
termination of the Executive’s employment by reason of a Disability prior to the occurrence of a
Change in Control, (c) the fulfillment by the Company of all of its obligations under Section 3 if
the Executive’s employment with the Company is terminated without Cause prior to a Change in
Control, (d) the date 12 months after the Change in Control Date, if the Executive is still
employed by the Company as of such later date, or (e) the fulfillment by the Company of all of its
obligations under Section 4 if the Executive’s employment with the Company terminates within 12
months following the Change in Control Date. “Term” shall mean the period commencing as of the
Effective Date and continuing in effect through December 31, 2014.

 

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3. Benefits Prior to a Change in Control.

3.1 Termination of Employment Without Cause or Upon Death. Subject to the terms
and conditions set forth in Section 5, in the event that the Executive’s employment is
terminated because of the death of the Executive or by the Company without Cause at any time
prior to a Change in Control (such date of termination or death, the “Section 3 Date of
Termination”), the Executive (or Executive’s heirs) shall be entitled to the following
aggregate benefits:

(a) The sum of (i) an amount equal to the average of the Executive’s bonuses earned
during the last 3 full fiscal years (or such lesser number of years in which the
Executive earned a bonus), (“Average Bonus”) divided by 2, with the resulting amount
multiplied by a fraction, the numerator of which is the number of days preceding the
Section 3 Date of Termination in the current bonus period and the denominator of which
is the total number of days in the current bonus period (the “Pro-Rata Bonus”), (ii) any
prior period bonus approved by the Board or the Compensation Committee of the Board but
not paid, (iii) the amount of any accrued base salary and/or vacation pay to the Section
3 Date of Termination, in each case to the extent not previously paid (the sum of the
amounts described in clauses (ii) and (iii) shall be herein referred to as “Accrued
Obligations”), payable in a lump sum in cash within 55 days following the Section 3 Date
of Termination; and

(b) An amount, capped at 1.5 times the Executive’s base salary then in effect,
equal to (i) Executive’s annual base salary then in effect multiplied by 0.67, plus (ii)
one (1) month of the Executive’s monthly base salary then in effect for each whole year
of the Executive’s employment by the Company, as measured from the Section 3 Date of
Termination (the “Section 3 Termination Payment Period”), which amount shall be paid as
a lump sum cash payment within 55 days following the Section 3 Date of Termination
(subject to Section 3.2 below). Existing option, restricted stock and other equity
awards will continue to be governed by the terms of their respective grants and plan
provisions.

For the avoidance of doubt, the bonus shall be determined by (a) including bonuses
earned for the prior three fiscal years, regardless of whether such bonus amounts were
paid during such fiscal year or in the following fiscal year and (b) excluding any bonus
amount paid during any of such three fiscal years that was earned for any fiscal year
prior to such three fiscal years.

3.2 Release. The payment to the Executive (or Executive’s heirs) of the amounts
and benefits payable under Sections 3.1(a)(i) and 3.1(b) shall be contingent upon both (i) the
execution by the Executive (or Executive’s heirs) of a separation agreement and release in a
form reasonably acceptable to the Company and substantially as set forth in Exhibit A to this
Agreement (the “Executive Release”) and upon the Executive Release becoming effective and
irrevocable in accordance with its terms within 55 days following the Section 3 Date of
Termination and (ii) agreement by the Executive to standard confidentiality obligations, a
non-solicitation of Company customers for six-months following the Section 3 Date of
Termination and a non-solicitation of Company employees for twelve-months following the
Section 3 Date of Termination, provided that the Executive signs such agreement by the
55th day following his or her Section 3 Date of Termination. Executive will be
given a 21 day period to review and consider the release (such period may be extended to 45
days if required under applicable law) and the Executive may revoke the release for a period
of 7 days, during which time the release shall not become effective or enforceable until the
revocation period has expired.

3.3 Sole Remedy. The payments under this Section 3 constitute the sole remedy of
the Executive as a result of the circumstances set forth in this Section 3.

 

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4. Benefits after a Change in Control.

4.1 Termination of Employment.

(a) If the Change in Control Date occurs during the Term, any termination of the
Executive’s employment by the Company or by the Executive within 12 months following the
Change in Control Date or termination due to the Executive’s death within 12 months
following the Change in Control Date, shall be communicated by a written notice to the
other party hereto (the “Notice of Termination”), given in accordance with Section 8.
Any Notice of Termination shall: (i) indicate the specific termination provision (if
any) of this Agreement relied upon by the party giving such notice, (ii) to the extent
applicable, set forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Executive’s employment under the provision so
indicated and (iii) specify the Date of Termination (as defined below). The effective
date of an employment termination (the “Date of Termination”) shall be (I) the close of
business on the date specified in the Notice of Termination (which date may not be more
than 45 days after the date of delivery of such Notice of Termination) or (II) the date
of the Executive’s death.

(b) The failure by the Executive or the Company to set forth in the Notice of
Termination any fact or circumstance which contributes to a showing of Good Reason or
Cause shall not waive any right of the Executive or the Company, respectively, hereunder
or preclude the Executive or the Company, respectively, from asserting any such fact or
circumstance in enforcing the Executive’s or the Company’s rights hereunder.

(c) Any Notice of Termination for Cause given by the Company must be given within
90 days of the occurrence of the event(s) or circumstance(s) which constitute(s) Cause.
Prior to any Notice of Termination for Cause being given (and prior to any termination
for Cause being effective), the Executive shall be entitled to a hearing before the
Board at which the Executive may, at the Executive’s election, be represented by counsel
and at which Executive shall have a reasonable opportunity to be heard. Such hearing
shall be held on not less than 15 days prior written notice to the Executive stating the
Board’s intention to terminate the Executive for Cause and stating in detail the
particular event(s) or circumstance(s) which the Board believes constitutes Cause for
termination.

(d) Any Notice of Termination for Good Reason given by the Executive must be given
within 90 days of the occurrence of the event(s) or circumstance(s) that constitute(s)
Good Reason. Notwithstanding the foregoing, such occurrence shall not be deemed to
constitute Good Reason unless (i) within 30 days of the Company’s receipt of the Notice
of Termination, such event or circumstance has not been fully corrected and the
Executive has not been reasonably compensated for any losses or damages resulting
therefrom and (ii) the Executive’s Date of Termination occurs within two years following
the Company’s receipt of the Notice of Termination.

 

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4.2 Benefits to Executive.

4.2.1. Stock Acceleration.  For each equity award (including options
and other awards) granted to the Executive prior to the Effective Date, if the Change in
Control Date occurs during the Term, then, effective upon the Change in Control Date, (a)
each outstanding option to purchase shares of Common Stock of the Company held by the
Executive (or Executive’s heirs) shall become immediately exercisable in full, (b) each
outstanding restricted stock award (“RS”) or restricted stock unit (“RSU”) shall be deemed
to be fully vested and, for RSUs, the shares of Company Stock will be delivered upon vesting
and (c) notwithstanding any provision in any applicable option agreement to the contrary,
each such option shall continue to be exercisable by the Executive (to the extent such
option was exercisable on the Date of Termination) until the earlier of (i) a period of six
months following the Date of Termination and (ii) the original expiration date of such
option.

For each equity award (including options and other awards) granted to the Executive
after the Effective Date and prior to the Change in Control Date, if the Change in Control
Date occurs during the Term and the Date of Termination occurs within 12 months following
the Change in Control Date due to death, a termination without Cause or a termination for
Good Reason, then, effective upon the Date of Termination, (a) each outstanding option to
purchase shares of Common Stock of the Company held by the Executive (or Executive’s heirs)
shall become immediately exercisable in full, (b) each outstanding restricted stock award or
RSU shall be deemed to be fully vested and, for RSUs, the shares of Company Stock will be
delivered upon vesting and (c) notwithstanding any provision in any applicable option
agreement to the contrary, each such option shall continue to be exercisable by the
Executive (to the extent such option was exercisable on the Date of Termination) until the
earlier of (i) a period of twelve months following the Date of Termination and (ii) the
original expiration date of such option.

4.2.2 Compensation. If the Change in Control Date occurs during the Term and
the Executive’s employment with the Company terminates within 12 months following the Change
in Control Date, the Executive shall be entitled to the following additional benefits:

(a) Termination Upon Death, Without Cause or for Good Reason. Subject to
the terms and conditions set forth in Sections 4.4 and 5, if the Executive’s employment
with the Company is terminated (i) because of the death of the Executive or (ii) by the
Company (other than for Cause or by reason of the Executive’s Disability) or by the
Executive for Good Reason in each case within 12 months following the Change in Control
Date, then the Executive shall be entitled to a lump sum payment in cash, payable within
55 days following the Date of Termination, of the aggregate of the following amounts:

(1) the Accrued Obligations;

(2) an amount equal to 1.5 times the Executive’s annual base salary then in effect;

 

- 7 -

 

(3) Average Bonus; and

(4) a taxable lump-sum cash payment equal to the Executive’s aggregate premiums to continue
his or her existing group health coverage (medical, dental, and vision) in effect as of the Date
of Termination pursuant to 29 U.S.C. §§ 1161-1169 (“COBRA”) for a period of 12 months (which
payment shall be made if the Executive elects COBRA continuation coverage within 55 days following
the Date of Termination.).

(b) Termination upon Disability. Subject to the terms and conditions set
forth in Sections 4.4 and 5, if the Executive’s employment with the Company is
terminated by reason of the Executive’s Disability, then the Company shall pay the
Executive in a lump sum in cash within 55 days following the Date of Termination, the
Accrued Obligations and the Pro-Rata Bonus; provided, however, that the Pro Rata Bonus
shall be paid to the Executive no later than March 15th of the calendar year
immediately following the calendar year in which the Executive suffers such Disability
or the Executive shall thereafter no longer be eligible to receive such a bonus.

4.3 Taxes. Notwithstanding any provision of this Agreement to the contrary, if
any payment or benefit to be paid or provided hereunder would be an “Excess Parachute
Payment,” within the meaning of Section 280G of the Code, or any successor provision thereto,
but for the application of this sentence, then the payments and benefits to be paid or
provided hereunder shall be reduced to the minimum extent necessary (but in no event to less
than zero) so that no portion of any such payment or benefit, as so reduced, constitutes an
Excess Parachute Payment; provided, however, that the foregoing reduction shall be made only
if and to the extent that such reduction would result in an increase in the aggregate
payments and benefits to be provided (i.e. a “best results provision”) determined on an
after-tax basis (taking into account the excise tax imposed pursuant to Section 4999 of the
Internal Revenue Code, or any successor provision thereto, any tax imposed by any comparable
provision of state law, and any applicable federal, state and local income taxes). The
determination of whether any reduction in such payments or benefits to be provided hereunder
is required pursuant to the preceding sentence shall be made by the Company’s independent
accountants at the expense of the Company. The fact that Executive’s right to payments or
benefits may be reduced by reason of the limitations contained in this Section shall not of
itself limit or otherwise affect any other rights of Executive under this Agreement. In the
event that any payment or benefit intended to be provided hereunder is required to be reduced
pursuant to this Section then the payments shall be reduced or eliminated in the following
order: (W) any cash payments, (X) any taxable benefits, (Y) any nontaxable benefits, and (Z)
any vesting of equity awards, in each case in reverse order beginning with payments or
benefits that are to be paid the farthest in time from the date that triggers the
applicability of the excise tax.

 

- 8 -

 

4.4 Release. The payment to the Executive (or the Executive’s heirs) of the
amounts and benefits payable under Section 4.2.2 shall be contingent on both (i) the
execution by the Executive (or the Executive’s heirs) of the Executive Release and upon
the Executive Release becoming effective in accordance with its terms within 55 days following
the Date of Termination and (ii) agreement by the Executive to standard confidentiality, a
non-solicitation of Company customers for six-months following the Change in Control and a
non-solicitation of Company employees for twelve months following the Change in Control,
provided that the Executive signs such agreement by the 55th day following his or
her Date of Termination. Executive will be given a 21 day period to review and consider the
release (such period may be extended to 45 days if required under applicable law) and the
Executive may revoke the release for a period of 7 days, during which time the release shall
not become effective or enforceable until the revocation period has expired.

4.5 Sole Remedy. The payments under this Section 4 constitute the sole remedy
of the Executive in the circumstances set forth in this Section 4.

5. Payments Subject to Section 409A. Subject to the provisions in this Section 5, any
severance payments or benefits under this Agreement shall begin only upon the date of the
Executive’s “separation from service” (determined as set forth below) which occurs on or after the
Section 3 Date of Termination or the Date of Termination, as applicable. The following rules shall
apply with respect to distribution of the payments and benefits, if any, to be provided to the
Executive under this Agreement.

5.1 If, as of the date of the Executive’s “separation from service” from the Company,
the Executive is not a “specified employee” (within the meaning of Section 409A), then
severance payments and benefits shall be made on the dates and terms set forth in this
Agreement.

5.2 If, as of the date of the Executive’s “separation from service” from the Company,
the Executive is a “specified employee” (within the meaning of Section 409A), then:

5.2.1. Each severance payment and benefit due under this Agreement that, in accordance with
the dates and terms set forth herein, will in all circumstances, regardless of when the separation
from service occurs, be paid within the short-term deferral period (as defined in Section 409A)
shall be treated as a short-term deferral within the meaning of Treasury Regulation Section
1.409A-1(b)(4) to the maximum extent permissible under Section 409A; and

5.2.2. Each severance payment and benefit due under this Agreement that is not described in
Section 5.2.1 above and that would, absent this subsection, be paid within the six-month period
following the Executive’s “separation from service” from the Company shall not be paid until the
date that is six months and one day after such separation from service (or, if earlier, the
Executive’s death), with any such payments and benefits that are required to be delayed being
accumulated during the six-month period and paid in a lump sum on the date that is six months and
one day following the Executive’s separation from service; provided, however, that
the preceding provisions of this sentence shall not apply to any severance payments and benefits if
and to the maximum extent that any such payment or benefit
is deemed to be paid under a separation pay plan that does not provide for a deferral of
compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to
separation pay upon an involuntary separation from service).

 

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5.3 The determination of whether and when the Executive’s separation from service from
the Company has occurred shall be made in a manner consistent with, and based on the
presumptions set forth in, Treasury Regulation Section 1.409A-1(h).

5.4 All reimbursements and in-kind benefits provided under this Agreement shall be made
or provided in accordance with the requirements of Section 409A to the extent that such
reimbursements or in-kind benefits are subject to Section 409A, including, where applicable,
the requirements that (i) any reimbursement is for expenses incurred during the Executive’s
lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of
expenses eligible for reimbursement during a calendar year may not affect the expenses
eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible
expense will be made on or before the last day of the calendar year following the year in
which the expense is incurred and (iv) the right to reimbursement is not subject to set off
or liquidation or exchange for any other benefit.

5.5 Notwithstanding anything herein to the contrary, the Company shall have no liability
to the Executive or to any other person if the payments and benefits provided in this
Agreement that are intended to be exempt from or compliant with Section 409A are not so
exempt or compliant.

6. Disputes.

6.1 Settlement of Disputes. All claims by the Executive for benefits under
Sections 3 and 4 of this Agreement shall be directed to and determined by the Board and shall
be in writing. Any denial by the Board of a claim for benefits under this Agreement shall be
delivered to the Executive in writing and shall set forth the specific reasons for the denial
and the specific provisions of this Agreement relied upon. The Board shall afford a
reasonable opportunity to the Executive for a review of the decision denying a claim.

6.2 Expenses. The Company agrees to pay as incurred, to the full extent
permitted by law, all legal, accounting and other fees and expenses which the Executive may
reasonably incur as a result of any claim or contest by the Company, the Executive or others
regarding the validity or enforceability of, or liability under, Sections 3 and 4 of this
Agreement or any guarantee of performance thereof (including as a result of any contest by
the Executive regarding the amount of any payment or benefits pursuant to this Agreement);
provided that Executive prevails in the outcome of such claim or contest.

 

- 10 -

 

6.3 Compensation During a Dispute. Subject to any limitations under Section
409A, if the Change in Control Date occurs during the Term and the Executive’s employment
with the Company terminates within 12 months following the Change in Control Date, and the
right of the Executive to receive benefits under Section 4 (or the amount or nature of the
benefits to which Executive is entitled to receive) are the subject of a dispute between the
Company and the Executive, the Company shall continue (a) to
pay Executive, the Executive’s base salary in effect as of the Measurement Date and (b)
to provide benefits to the Executive and the Executive’s family at least equal to those which
would have been provided to them, if the Executive’s employment had not been terminated, in
accordance with the applicable Benefit Plans in effect on the Measurement Date, until such
dispute is resolved either by mutual written agreement of the parties or by final
adjudication. Following the resolution of such dispute, the sum of the payments made to the
Executive under clause (a) of this Section 6.3 shall be deducted from any cash payment which
the Executive is entitled to receive pursuant to Section 4, if any; and if such sum exceeds
the amount of the cash payment which the Executive is entitled to receive pursuant to Section
4, if any, the excess of such sum over the amount of such payment shall be repaid (without
interest) by the Executive to the Company within 60 days of the resolution of such dispute.

7. Successors.

7.1 Successor to Company. The Company shall require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business or assets of the Company expressly to assume and agree to perform this
Agreement to the same extent that the Company would be required to perform it if no such
succession had taken place, provided that: (i) nothing in this Agreement shall oblige any
successor to pay any further sums to the Executive in the event that the Company has
fulfilled its obligations to make payments to the Executive and/or the Agreement expires due
to any other term set forth in Section 2 above; and (ii) the successor shall not be entitled
to ignore the occurrence of a Change in Control in order to avoid any obligations under this
Agreement. Failure of the Company to obtain an assumption of this Agreement at or prior to
the effectiveness of any succession shall be a breach of this Agreement and shall constitute
Good Reason if the Executive elects to terminate employment. As used in this Agreement,
“Company” shall mean the Company as defined above and any successor to its business or assets
as aforesaid which assumes and agrees to perform this Agreement, by operation of law or
otherwise.

7.2 Successor to Executive. This Agreement shall inure to the benefit of and be
enforceable by the Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If the Executive should die while
any amount would still be payable to the Executive or Executive’s family hereunder if the
Executive had continued to live, all such amounts, unless otherwise provided herein, shall be
paid in accordance with the terms of this Agreement to the executors, personal
representatives or administrators of the Executive’s estate.

8. Notice. All notices, instructions and other communications given hereunder or in
connection herewith shall be in writing. Any such notice, instruction or communication shall be
sent either (i) by registered or certified mail, return receipt requested, postage prepaid, or (ii)
prepaid via a reputable nationwide overnight courier service, in each case addressed to the
Company, at 2584 Junction Avenue, San Jose, CA 95134, Attn: General Counsel, and to the Executive
at the Executive’s address indicated on the signature page of this Agreement (or to such other
address as either the Company or the Executive may have furnished to the other in writing in
accordance herewith). Any such notice, instruction or communication shall be
deemed to have been delivered five business days after it is sent by registered or certified
mail, return receipt requested, postage prepaid, or one business day after it is sent via a
reputable nationwide overnight courier service. Either party may give any notice, instruction or
other communication hereunder using any other means, but no such notice, instruction or other
communication shall be deemed to have been duly delivered unless and until it actually is received
by the party for whom it is intended.

 

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9. Miscellaneous.

9.1 Employment by Subsidiary. For purposes of this Agreement, the Executive’s
employment with the Company shall not be deemed to have terminated solely as a result of the
Executive continuing to be employed by a wholly-owned subsidiary of the Company.

9.2 Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect.

9.3 Injunctive Relief. The Company and the Executive agree that any breach of
this Agreement by the Company is likely to cause the Executive substantial and irrevocable
damage and therefore, in the event of any such breach, in addition to such other remedies
which may be available, the Executive shall have the right to specific performance and
injunctive relief.

9.4 Exclusive Severance Benefits. The making of the payments and the provision
of the benefits by the Company to the Executive under this Agreement shall constitute the
entire obligation of the Company to the Executive as a result of the termination of
Executive’s employment, and the Executive shall not be entitled to additional payments or
benefits as a result of such termination of employment under any other plan, program,
policy, practice, contract or agreement of the Company or its subsidiaries.

9.5 Mitigation. The Executive shall not be required to mitigate the amount of
any payment or benefits provided for in Sections 3.1 and 4.2.2 by seeking other employment
or otherwise. Further, the amount of any payment or benefits provided for in this Agreement
shall not be reduced by any compensation earned by the Executive as a result of employment
by another employer, by retirement benefits, by offset against any amount claimed to be owed
by the Executive to the Company or otherwise.

9.6 Not an Employment Contract. The Executive acknowledges that this Agreement
does not constitute a contract of employment or impose on the Company any obligation to
retain the Executive as an employee and that this Agreement does not prevent the Executive
from terminating employment at any time. If the Executive’s employment with the Company
terminates for any reason and subsequently a Change in Control shall occur, the Executive
shall not be entitled to any benefits hereunder except as otherwise provided pursuant to
Section 3 or 4.

 

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9.7 Governing Law. The validity, interpretation, construction and performance
of this Agreement shall be governed by the internal laws of the State of Delaware, without
regard to conflicts of law principles.

9.8 Waivers. No waiver by the Executive at any time of any breach of, or
compliance with, any provision of this Agreement to be performed by the Company shall be
deemed a waiver of that or any other provision at any subsequent time.

9.9 Counterparts. This Agreement may be executed in counterparts, each of
which shall be deemed to be an original but both of which together shall constitute one and
the same instrument.

9.10 Tax Withholding. Any payments provided for hereunder shall be paid net of
any applicable tax withholding required under federal, state or local law.

9.11 Entire Agreement. This Agreement sets forth the entire agreement of the
parties hereto in respect of the subject matter contained herein and supersedes all prior
agreements, promises, covenants, arrangements, communications, representations or
warranties, whether oral or written, by any officer, employee or representative of any party
hereto in respect of the subject matter contained herein; and any prior agreement of the
parties hereto in respect of the subject matter contained herein is hereby terminated and
cancelled.

9.12 Amendments. This Agreement may be amended or modified only by a written
instrument executed by both the Company and the Executive.

9.13 Executive’s Acknowledgements. The Executive acknowledges that Executive:
(a) has read this Agreement; (b) has been represented in the preparation, negotiation, and
execution of this Agreement by legal counsel of the Executive’s own choice or has
voluntarily declined to seek such counsel; and (c) understands the terms and consequences of
this Agreement; and (d) understands that by executing this Agreement, the Employee forever
waives and forfeits all rights under any prior agreements relating to the subject matter
herein.

 

- 13 -

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year
first set forth above.

	 	 	 	 	 	 	 
	 	 	Oclaro, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 

	 	 
	 	 	Executive	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[Insert Name]	 	 
	 
	 	 	 	 	 	 
	 	 	Address:	 	 
	 	 	[Insert Address]	 	 

 

- 14 -

 

Exhibit A

Form of Executive Release Agreement

This Release Agreement (the “Agreement”) is between Oclaro, Inc. (“Company”) and                     
(“Executive”).

Recital

 The Company and
Executive have entered into an Executive Severance and Retention
Agreement dated         
          
          
   , 20     
      (“ESRA”), providing
for the execution of this release as a
condition to receipt of benefits under the ESRA.

1. Consideration.

a. The Recital set forth above is incorporated herein by reference as if fully set forth. All
capitalized terms used in this Agreement have the same meaning as those contained in the ERSA,
except where expressly defined otherwise.

b. Executive expressly acknowledges and agrees that as of the date this Agreement is signed
and except as otherwise provided in subparagraph 1(b) above, Executive has received all
compensation Executive has earned while employed by the Company, save and except for base salary
which has accrued since Executive’s last paycheck from the Company. Executive further acknowledges
and agrees that as of the date this Agreement is signed, Executive has submitted for reimbursement
all claims which he has for reimbursement of expenses Executive has incurred in connection with the
performance of Executive’s duties for the Company, and that Executive has no dispute with the
Company pertaining to any expense reports and reimbursements submitted to or received from the
Company.

2. Release. As of the date Executive signs this Agreement, Executive waives all
claims Executive might have against the Company (or any person or entity that could be made liable
through the Company, including such persons as officers, directors, partners, members, managers,
employees, representatives, agents, assigns, investors, stockholders, insurers, purchasers,
successors, assigns, and others) arising out of or relating in any manner to Executive’s prior or
current relationship, or change of relationship, with the Company, whether or not Executive’s
claims have matured and whether or not Executive is aware of such claims. As used throughout this
Agreement, “claims” means and includes all claims for breach of contract, fraud, discrimination on
any prohibited

 

 

 

basis (including, but not limited to, race, color, ancestry, national origin,
religion, disability, age, sex, sexual orientation, gender identity, medical condition, marital
status, or veteran status), breach of the covenant of good faith and fair dealing, violation of any
statute, defamation, breach of any benefit plan provision, breach of any California Labor Code
provision, breach of any Business & Professions Code provision, breach of any securities laws or
regulations, breach of any Corporations Code provision, interference with contract, interference
with economic advantage, violation of ERISA, violation of any wage and hour laws (including any
applicable wage orders and regulations) and any other claim arising out of or relating in any
manner to the parties’ former or current relationship, or change of that
relationship. Executive specifically waives the provisions of Civil Code section 1542 which
provides:

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.

The Company and Executive agree that this release does not apply to claims which cannot be waived
as a matter of law or public policy (including, by way of example, claims for unemployment
insurance benefits, or claims arising under the Workers Compensation Act). In addition to the
foregoing, Executive expressly represents and warrants that Executive has not and will not assign
any claim released in this Agreement to any other person or entity. Executive will indemnify and
defend the Company for all liabilities (including costs, attorneys fees, damages, settlements,
compromises, judgments, penalties, interest, and any other sums) it incurs arising in whole or part
from Executive’s untrue representation and warranty.

[Remainder of Page Intentionally Blank]

 

- 2 -

 

3. Miscellaneous. This Agreement is the complete agreement between the Company and
Executive concerning the subject matters discussed herein, and supersedes all previous discussions,
understandings, and agreements between them concerning said matters, except as otherwise expressly
stated in this Agreement. This Agreement is governed by California law (except to the extent its
conflict of laws principles would apply the law of a different jurisdiction), is entered into and
performed entirely in Santa Clara County, San Jose, California. If any provision of this is found
invalid by any court having jurisdiction, the remainder of this Agreement shall be fully valid and
enforceable. Executive and the Company understand this is a binding, legal agreement. This
Agreement is binding on the parties’ respective heirs, successors, assigns, and representatives

	 	 	 	 	 	 	 	 	 
	 	 	 	 	“Executive”	 	 
	 
	 	 	 	 	 	 	 	 
	DATED:
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Signature	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	Print Name	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	“Company”	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Oclaro, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	DATED:

	 	 	 	By:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Signature	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Print Name, Title	 	 

 

- 3 -

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