Document:

Exhibit 10.1

 

AMENDMENT NO. 1 TO REVOLVING CREDIT AGREEMENT

	
  THIS AMENDMENT NO. 1 TO REVOLVING CREDIT AGREEMENT, dated as of

  	
                        

  	
  ,
  2008,amends the

  

Revolving
Credit Agreement dated as of August 2, 2007 (the “Credit Agreement”),
between CoBiz Financial, Inc., a Colorado corporation (the “Borrower”),
and U.S. Bank National Association (the “Lender”).

 

RECITAL

 

The
Borrower and the Lender desire to amend the Credit Agreement as provided below.

 

AGREEMENTS

 

In
consideration of the promises and agreements contained in the Credit Agreement,
as amended hereby, the Borrower and the Lender agree as follows:

 

1.             Definitions and References.  Capitalized terms not otherwise defined
herein have the meanings ascribed to them in the Credit Agreement.  Upon the execution and delivery of this
Amendment No. 1 to Revolving Credit Agreement (“Amendment No. 1”) by
the Borrower and the Lender, each reference to the Credit Agreement contained
in the Credit Agreement, the Note or any other document relating thereto means
the Credit Agreement as amended by this Amendment No. 1.

 

2.             Amendment to Credit Agreement.  Section 5.4(c) of the Credit
Agreement is amended to read as follows:

 

                (c)           Return on Average Assets.  Borrower’s consolidated net income shall be
at least (i) eighty-five hundredths of one percent (0.85%) of its average
assets, determined as of the last day of its fiscal quarters ending in 2007 and
(ii) sixty-five hundredths of one percent (0.65%) of its average assets,
determined as of the last day of its fiscal quarters ending March 31, 2008
and June 30, 2008, in each case calculated for the four fiscal quarter
period ending on the determination date; provided, however, that for purposes
of calculating return on average assets, customary and reasonable, non-recurring
expenses and charges incurred by Borrower in connection with a permitted
acquisition or public offering under Sections 5.1 and 5.6 hereof shall be
excluded.

 

3.             Representations and Warranties;
No Default.

 

(a)           The execution and delivery of this Amendment
No. 1 has been duly authorized by all necessary corporate action on the
part of the Borrower and does not violate or result in a default under the
Borrower’s Articles of Incorporation or By-Laws, 

 

 

any applicable law or governmental regulation or any material agreement
to which the Borrower is a party or by which it is bound.

 

(b)           The representations and warranties of
the Borrower in the Credit Agreement, as amended hereby, are true and correct
in all material respects and, after giving effect to the amendments contained
herein, no Event of Default or Unmatured Event of Default exists.

 

4.             Costs and Expenses.  The Borrower agrees to pay to Lender all
costs and expenses (including reasonable attorneys’ fees) paid or incurred by
Lender in connection with the negotiation, execution and delivery of this
Amendment No. 1.

 

5.             Full Force and Effect.  The Credit Agreement, as amended by this
Amendment No. 1, remains in full force and effect.

 

	
   

  	
  COBIZ
  FINANCIAL, INC.

  
	
   

  	
   

  
	
   

  	
  BY

  	
   

  
	
   

  	
   

  	
  Its

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S.
  BANK NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
  BY

  	
   

  
	
   

  	
   

  	
  Its

  	
   

  

 

 

2Exhibit 10.1

 

GURUNET ISRAEL, LTD.

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

 

This
amended and restated employment agreement (the “Agreement”) is effective as of March 1,
2008 (the “Effective Date”), by
and between GuruNet  Israel, Ltd., an Israeli company with its principal place
of business at the Jerusalem Technology Park, the Tower, Jerusalem 91481 (the “Company”) and Caleb Chill, I.D. No. 013886841, of 33 Hapardes Street, Kiryat
Ono, 55525, Israel  (the “Employee”).

 

Recitals

 

Whereas,
the Company desires to continue to employ the Employee in the position of Vice
President General Counsel & Corporate Secretary.

 

Now,
therefore, it is hereby agreed by and between the parties as follows:

 

1.     Preamble; Exhibits

 

The preamble to this Agreement and any
Exhibits thereto are an integral part of this Agreement.

 

2.     Job Description

 

The
Employee shall be responsible for the legal department. He shall report
directly to the Chief Executive Officer or to whichever person the Company
shall indicate from time to time in its discretion. The description of
responsibilities set forth herein shall serve as a general statement of the
duties, responsibilities and authority of the Employee. Additional duties,
responsibilities and authority may be assigned to the Employee from time to
time in the Company’s sole discretion. The terms of the Employee’s employment
shall also be governed, insofar as relevant, by the Company’s Employment Policy
Handbook, the provisions of which, as amended from time to time, are hereby
incorporated into this Agreement by reference as well as by Company-wide memoranda
distributed from time to time and by any applicable law.

 

3.     Work Hours

 

The Employee shall be employed by the Company
on a full-time basis, namely for not less than forty-five (45) hours per week
(inclusive of mealtime). It is agreed that the Employee is being employed in a
position that requires a special degree of skill and devotion, requiring a
special relationship of trust between the Company and the Employee, and may
require work outside of and/or beyond the Company’s normal business hours,
which hours cannot be overseen by the Company. It is therefore agreed that the
remuneration referred to in Section 5, below, shall cover any additional
time devoted by the Employee in excess of normal working hours, and no compensation
for overtime as defined and set forth in the Hours of Work and Rest Law - 1951
shall be payable.

 

4.     Term of Agreement

 

This Agreement shall take effect upon the
Effective Date and remain in effect indefinitely, unless it is earlier
terminated as hereinafter provided.

 

5.     Monthly Salary and Benefits

 

5.1. The Employee’s monthly salary shall be
as follows:

 

 

5.1.1.       The
Employee shall receive a monthly gross salary of Forty-Five Thousand New
Israeli Shekels (45,000 NIS) (the “Salary”). 
The Employee’s salary shall be paid monthly in arrears.

 

5.1.2.       The
Employee shall not be entitled to receive from the Company any salary or
payment of any kind other than the Salary and other payments specifically set
forth in this Agreement.

 

5.2.    Other
Terms of Employment

 

5.2.1.       Expenses: The Employee shall be entitled, in
accordance with the Company’s standard policy in effect from time to time, to
be reimbursed for expenses incurred in connection with Company business and for
other expenses in Israel and abroad when supported by appropriate vouchers,
receipts or other proof of the Employee’s expenditures.

 

5.2.2.       Continuing
Education Fund: The Employee
shall be entitled to participate in the Company’s continuing education fund (Keren Hishtalmut). The Company shall
contribute an amount equal to seven and a half percent (7.5%) of the Employee’s
Salary and shall deduct two and a half percent (2.5%) of the Employee’s Salary
and transfer it as the Employee’s contribution. The Employee consents to the deduction
of this amount as his/her contribution to the continuing education fund. The
Company’s contributions will continue only up to the permissible tax-exempt
salary ceiling according to the income tax regulations in effect from time to
time.

 

5.2.3.       Reserve
Duty: The Employee shall be
entitled to receive his/her full Salary and other payments while performing
reserve duty, provided that any amount received by the Employee from the I.D.F.
or any other source (excluding D’mei
Calcala) is transferred to the
Company or, in the alternative, an amount equal to that received from the
I.D.F. or any other source is deducted from the Salary payable to the Employee.

 

5.2.4.       Annual
Leave: The Employee shall be
entitled to eighteen (18) working days of paid annual leave each year, adding
one (1) day for each year on January 1st following the initial date
of employment, and on every January 1st that follows, up to a total
maximum of twenty-two (22) days annually. The Employee shall not be allowed to
accrue more than twenty (20) days worth of annual leave except in unusual
circumstances and with the permission of the Company.

 

5.2.5.       Recreation
Pay (D’mei Havra’a) and Travel
Pay (D’mei Nesiyot): The Company shall pay the Employee for
recreation (d’mei havra’a) an
amount of NIS 200 per month; and for monthly travel expenses (d’mei nesiyot)
the amount of NIS 300 (unless Employee shall be enrolled in the Company’s
Automobile Leasing program pursuant to Section 5.2.8 below in which case d’mei
nesiyot would not be paid by the Company), all in accordance with the law and
the normal practice of the Company in effect from time to time.

 

5.2.6.       Sickness
and Disability Insurance:
The Employee shall be entitled to the number of days for sick leave permitted
by law. Compensation for sick days utilized shall be paid according to his/her
Salary only upon the presentation of medical documentation as required by the
Company. The Employee shall be covered by disability insurance that provides
monthly compensation. The cost of such insurance 

 

 

shall be borne by the
Company, up to 2.5% of the Salary. Notwithstanding the foregoing, the Employee
shall not be entitled to receive compensation for sick leave if such
compensation is covered by the Employee’s disability insurance referred to
above. However, should the amounts received by the Employee pursuant to such
disability insurance be less than the amount that is properly payable as
compensation for the Employee’s available sick leave, according to the Salary,
the Company shall pay the difference. It is understood and agreed that unused
sick leave cannot be redeemed by the Employee. For the avoidance of doubt, it
is understood and agreed that the payments made by the Company in consideration
of sick leave covers all obligations of the Company pursuant to the Sick Leave
Law – 1976.

 

5.2.7.       Employee
Incentive Plan: The Employee
shall be eligible for participation in the equity incentive plans (the “Stock Option Plan”) promulgated from time
to time by the Company’s parent company Answers Corporation (“Parent”). 
The decision whether to grant the Employee any award under the Stock
Option Plan shall be made solely by the Board of Directors of the Parent, in
their complete and unfettered discretion, and such grant, if made, shall be
subject to the terms and conditions of the Stock Option Plan and the actual
grant authorized by the Board of Directors of the Parent. Nothing herein shall
be construed to entitle the Employee to receive a grant pursuant to the Stock
Option Plan or, if such grant is made, to a grant of a particular amount.

 

5.2.8.       The
Employee shall be eligible to participate in the Company’s Automobile Leasing
program. If Employee chooses to participate in such program, any taxes imposed
by any governmental authority with respect to said benefit will be borne by
Employee, and Employee agrees to abide by the instructions provided for in Exhibit A.

 

5.3.    Pension
Benefits and Severance Payments

 

5.3.1.       The
Company will pay into a Provident Fund (Kupat
Gemel) (in the meaning of Section 47 of the Income Tax
Ordinance) in the form of Manager’s Insurance or another form according to the
Employee’s choice and the Company’s agreement, an amount equal to thirteen and
one third percent (13 1/3 %) from the monthly Salary paid to the Employee, and
the Employee will pay, on his/her own account, an amount equal to five percent
(5%) from that Salary. The Employee agrees that the Company shall be entitled
to deduct the Employee’s contribution (5%) from the Employee’s Salary. For the
avoidance of doubt, it is clarified that under no circumstance shall the
Company’s contribution exceed thirteen and one third percent (13 1/3 %) of the
Salary in any one month.

 

5.3.2.       Five
percent (5%) of the thirteen and one third percent (13 1/3 %) that the Company
contributes as set forth above and the five percent (5%) the Employee contributes,
together with linkage and interest on the contributions, will be treated as
pension benefits for the Employee or his/her survivors. The remaining eight and
one third percent (8 1/3 %) of the Company’s contribution, together with
linkage and interest on that portion, will be utilized to pay severance
benefits in accordance with legal requirements to the Employee or his/her
descendants in the event of the termination of his/her employment with the
Company, except in those circumstances discussed below.

 

 

5.3.3.       In
the event that the Employee chooses Manager’s Insurance, the policy shall belong
to the Company as long as it employs the Employee and it makes the required
payments on the policy. The payments made into the Kupat Gemel pursuant to Section 5.3.1,
above, shall fulfill the Company’s obligation for severance payment pursuant to
the Severance Compensation Law – 1963. Upon the termination of the Employee’s
employment, for whatever reason other than Cause, as defined in Section 6,
below, and upon his/her final departure from the Company, the Employee or
his/her descendants shall be entitled to receive the ownership of all rights
which have accrued on his/her behalf in the Kupat Gemel or the ownership of the
Manager’s Insurance policy, as appropriate and subject to the provisions of Section 6,
below. In the event that the Employee is terminated for Cause, he/she or
his/her descendants shall not be entitled to receive ownership of that portion
of the Kupat Gemel or Manager’s Insurance policy attributable to legal
severance benefits.

 

5.3.4.       In
the event that there is a difference in the Employee’s favor between the amount
to which he/she is entitled to receive pursuant to the Severance Compensation
Law – 1963 and the severance payment amount (including linkage and interest)
that is in the Kupat Gemel or Manager’s Insurance policy, the Company shall pay
that difference. For the avoidance of doubt, it is understood that in the event
that the severance payment amount (including linkage and interest) that is in
the Employee’s Kupat Gemel or Manager’s Insurance policy exceeds the amount to
which he/she is entitled to receive as severance compensation pursuant to the Severance
Compensation Law – 1963, the difference shall not be transferred to the
Employee, including to his/her pension account, but shall be the property of
the Company.

 

6.     Indemnification

 

The
Company and/or the Parent shall take whatever steps are necessary to establish
a policy of indemnifying its officers, including, but not limited to the
Employee, for all actions taken in good faith in pursuit of their duties and
obligations to the Company. Such steps shall include, but shall not necessarily
be limited to, the obtaining and maintenance of an appropriate level of
Directors and Officers Liability coverage.

 

7.     Termination of Employment

 

7.1   Either
party may terminate the Employee’s employment with the Company without cause at
any time upon three months notice. The Company shall have the right, in its
sole discretion, to require the Employee to continue working for the Company
during the notice period.  If the Company
terminates the Employee without cause pursuant to this Section, the Board of
Directors shall take the necessary steps so that the period during which the
Employee shall be permitted to exercise his options to purchase shares of
common stock of the Parent in accordance with the Parent’s employee stock
option plan(s) as in effect from time to time (the “Options”), shall be extended to the shorter
of (a) one (1) year from the effective date of his termination as
defined in the Stock Option Plan, or (b) the life of the Option.

 

7.2   The
Employee’s employment shall be terminated by his/her death or disability. (For
purposes of this Section, “disability” shall be deemed to have occurred if the
Employee is unable, due to any physical or mental disease or condition, to
perform his/her normal duties

 

 

of employment for 120
consecutive days or 180 days in any twelve month period.) In such an event,
he/she shall be entitled to continue to receive his/her monthly salary for
three (3) months following his/her last day of actual employment by the Company.
Such amount shall be in addition to any severance payment he/she is entitled to
receive according the provisions of the Severance Compensation Law - 1963. In
addition, the Board of Directors shall take the necessary steps so that the
period during which the Employee shall be permitted to exercise his options,
shall be extended to the shorter of (a) one (1) year from the
effective date of his termination as defined in the Stock Option Plan, or (b) the
life of the option. Should the Employee’s employment be terminated as a result
of his/her death, the benefits granted herein, shall be granted instead to
his/her lawful heir or heirs.

 

7.3   Notwithstanding
the foregoing, the Company may terminate the Employee immediately and without
prior notice for Cause. The term “Cause” herein shall include any of the following
events: (a) any act of fraud or dishonesty or willful misconduct; (b) a
material breach of the Employee’s obligations pursuant to Section 9 below;
(c) a material breach by the Employee of any other provision hereof,
including but not limited to, the habitual neglect or gross failure by the
Employee to adequately perform the duties of his/her position, or of any other
contractual or legal fiduciary duty to the Company; or (d) if the Employee
is convicted of a criminal offence involving fraud, embezzlement or dishonesty.

 

7.4   For the
avoidance of doubt, in the event that Employee’s employment has been terminated
in accordance with Section 7.3, above, the Employee shall not be entitled
to receive any of the severance payments or other termination benefits set
forth in this Agreement.

 

7.5   In the
event of a “Change of Control,” as defined below, the Board of Directors shall
take the necessary steps to accelerate the vesting of 50% of any options
granted to the Employee that have not vested as of the effective date of the
Change of Control. Furthermore and notwithstanding the notice provision of Section 7.1,
above, should the Employee’s employment be terminated without cause at any time
during a period of twelve (12) months subsequent to the effective date of a
Change of Control, Employee will be entitled to four months written notice and
the Board of Directors shall take the necessary steps so that any unvested
portion of the Option shall vest immediately upon the effective date of the
Employee’s termination.  A Change of
Control shall mean (a) the consummation of a merger or consolidation of
the Company with or into another entity or any other corporate reorganization,
if persons who were not stockholders of the Company immediately prior to such
merger, consolidation or other reorganization own immediately after such
merger, consolidation or other reorganization 50% or more of the voting power
of the outstanding securities of each of the (i) continuing or surviving
entity and (ii) any direct or indirect parent corporation of such continuing
or surviving entity; or (b) the sale, transfer or other disposition of all
or substantially all of the Company’s assets. A Change of Control shall not be
deemed to have occurred as a consequence of a second public offering of the
Company’s securities.

 

8.     Taxes and Other Payments

 

8.1.  Unless
otherwise specifically provided for in this Agreement, the Company shall not be
liable for the payment of taxes or other payments for which the Employee is responsible
as result of this Agreement or any other legal provision, and the Employee
shall be personally liable for such taxes and other payments.

 

 

8.2.  The
Employee hereby agrees that the Company shall deduct from his/her Salary (a) the
Employee’s national insurance fees, (b) income tax, (c) national health
insurance fees; and (d) other amounts required by law or the terms of this
Agreement. For the avoidance of any doubt, the Employee agrees that the Company
shall deduct the appropriate Israeli taxes from any payments made to the
Employee on the account of the Employee’s exercise of the Options and the sale
of the resulting shares of Parent stock. Such deductions shall be made in
accordance with any relevant requirements imposed under the relevant Stock
Option Plan. The Company shall provide the Employee with documentation of such
deductions.

 

9.     Employee Obligations

 

9.1.  The
Employee agrees to devote his/her entire business time, energy, abilities and
experience to the performance of his/her duties, effectively and in good faith.

 

9.2.  During
the period of his/her employment, the Employee shall not be employed, whether
or not during regular business hours, and whether or not for pay by any other
party other than the Company, without the prior written consent of the Company.

 

9.3.  The
Employee agrees to immediately inform the Company of any Company issue or
transaction in which the Employee has a direct or indirect personal interest
and/or where such issue or transaction could cause a conflict of interest for
the Employee in the fulfillment of his/her responsibilities as an employee of
the Company.

 

9.4.  The
Employee hereby gives irrevocable instructions and permission to the Company to
deduct from any amounts owed to the Employee by the Company, including amounts
payable as severance compensation, (a) any debt he/she has or will have to
the Company; and/or (b) any amount that was wrongfully or mistakenly paid
to him/her by the Company. Any such amounts to be deducted shall be calculated
in real terms as of the date of the deduction, including linkage to the cost of
living index.

 

9.5.  The
Employee declares that the terms and conditions of his/her employment are personal
and confidential and will not be disclosed by him/her.

 

9.6   The
Employee declares that he/she is free to enter into this Agreement and that he/she
has no obligations of any kind to any third party that would impair this
Agreement, either as an employee or an independent contractor. The Employee
further declares that as long as he/she remains an employee of the Company,
he/she will not incur any such obligations.

 

9.7   (a) The
Employee declares that he/she knows and is fully aware that all the software
written and/or sold and/or distributed and/or developed and/or in the process
of any of the foregoing, by the Company or its employees or by any other person
for the Company, even if not located at its offices or with distributors of the
software and/or customers and business partners of the Company, constitute
valuable property and a business secret of the Company or of the Company’s
clients and business partners. The Employee further acknowledges that in the
course of his/her employment, he/she may learn of other confidential and
proprietary information and trade secrets of the Company and/or the Company’s
customers and business partners. The Employee undertakes to keep confidential
all information about the software and other confidential and proprietary
information and trade secrets, and not to reveal such information to any person
whomsoever, neither during the period of his/her employment by the Company nor
subsequent thereto, and the 

 

 

Employee
shall use his/her best efforts to prevent the publication or disclosure of any
secret or process or information related to the Company’s or its customers’ and
business partners’ software, business, work methods, customers, suppliers,
partners or any other subject identified as confidential, which comes to
his/her knowledge during the term of his/her employment.

 

(b)           The
Employee undertakes not to make any copies whatsoever of the software, nor to
permit others so to do, nor to remove from the offices of the Company or any
other place of work to which he/she may be sent by the Company, any document,
disk, magnetic tape or other media whatsoever which contains any part of the
software or data on the software of the Company or any client, supplier,
customer or business partner of the Company.

 

(c)           Notwithstanding
the foregoing provisions, where the Employee is specifically authorized to
carry out certain work at his/her home or elsewhere, he/she may take a copy
only of that software absolutely necessary in order for him/her to be able to
perform such work after registering each piece of software so taken with the
Company. Employee shall take all reasonable steps to ensure the security of
such software while at his/her home, and upon completion of each part of the
work being carried on at his/her home, he/she shall return to the offices of
the Company all copies of the software so prepared or required for its
preparation, and shall ensure that no copies thereof remain at his/her home or
on the computers there located.

 

9.8   On the
termination (for whatever cause and howsoever arising) of his/her employment,
the following shall apply:

 

(a)           The
Employee shall not at any time disclose to any third party or use or seek to
use or knowingly allow any third party to use or seek to use any matter or
information coming to his/her knowledge or attention during the period of
his/her employment hereunder which he/she knows or ought reasonably to have
known to be a trade secret of the Company or otherwise of a confidential nature
pursuant to Section 9.7, above, provided that this sub-clause shall not
operate so as to prevent or restrict the Employee from using his/her own
personal knowledge or skill in any business or trade in which he/she may
(subject to the provisions hereof) be lawfully engaged following termination of
his/her employment hereunder.

 

(b)           The
Employee undertakes that in his/her future work, after completing his/her
employment with the Company, he/she will not utilize any procedures and/or
programs and/or Company materials or property and/or computer instructions
and/or parts of the software known to him/her as a result of his/her employment
that are not public knowledge, neither for his/her own use for any other person
or work or for the creation of software products for himself and/or for the
development of software products for any other person, whether or not for a fee
or profit. This undertaking shall not prevent the Employee from utilizing the
general knowledge and experience that he/she acquired during the term of
his/her employment as he/she sees fit, provided that he/she does not utilize
the knowledge he/she gained of the specific programs as set out above.

 

(c)           So
long as Employee is employed by Company and for a period of twelve (12) months
after the termination of the Employee’s employment, the Employee agrees not to
enter into competitive activity, including becoming an owner, executive
officer, employee, or director of, or consultant to, any firm or person that
competes with the Company or its affiliated companies. For purposes of this
Clause, “competitive activity” shall

 

 

mean any activity, without the written consent of the Board, consisting
of the Employee’s participation in the management of, or his/her acting as a
consultant for or employee of, any business operation of any enterprise if such
operation engages in the development, production, sale and/or marketing of any
product that competes with any product developed and/or produced by Company or
jointly developed and/or produced with an affiliated company, or in the process
of being developed and/or produced by the Company or in the process of being
developed and/or produced jointly with an affiliated company, during the
Employee’s employment or at the time of the Employee’s termination, provided,
however, that the Employee may own any securities of any corporation that
engaged in such business and is publicly owned and traded but in any amount not
to exceed at any time 5% (five percent) of any class of stock or securities of
such company, so long as he/she has no active role in the publicly owned and
traded company as director, employee, consultant, or otherwise. To remove all
doubt, nothing in this Section shall prevent the Employee from being a consultant
to or an employee of a competitor of the Company or an affiliated company
during the term of this non-competition clause provided that he/she does not
work in or with an operation of such competitor or does not otherwise violate
the terms of this Section.

 

(d)           While
employed by the Company and for twelve (12) months following the termination of
his/her employment, the Employee shall not directly or indirectly solicit, entice,
persuade, or induce any employee of the Company, or any third party then under
contract with the Company, to terminate his/her employment by or contractual
relationship with the Company, or to enter into contractual relations with a
competitor of the Company, or authorize or assist in the taking of any such
actions by any third party.

 

(e)           The
Employee agrees that the period specified in this Section (twelve (12)
months) is reasonable in view of the nature of the business in which the
Company is engaged and proposes to engage, his/her access to the confidential
and proprietary information of the Company and his/her knowledge of the Company’s
business. The restrictions upon the Employee in this Agreement shall be in
addition to and not in substitution for any obligations imposed upon him/her by
law in relation to confidential information or otherwise, and so that each of
the foregoing restrictions in Sections 8.8 and 8.9, above, shall constitute
separate agreements between the Company and the Employee and shall be in
addition to and not in substitution for any obligations imposed upon him/her by
the general law.

 

(f)            The
Company and the Employee agree and stipulate that the agreements and covenants
not to compete contained in this Agreement are fair and reasonable in their
scope and duration in light of all the facts and circumstances of the
relationship between the Employee and the Company; however, the Employee and
the Company are aware that in certain circumstances courts have refused to
enforce certain agreements not to compete. Therefore in furtherance and not in
derogation of the provisions of the preceding Sections, the parties agree that
in the event a court declines to enforce the provisions of this Section 9.8,
such provisions shall be deemed to be modified to restrict the Employee’s
competition with the Company to the maximum extent, in both time, content and
geography, which a competent court shall find enforceable; provided, however,
that in no event shall those provisions be deemed more restrictive to the
Employee than those contained therein.

 

9.9.  Upon termination of his/her employment, the
Employee agrees to assist the Company with an orderly transition of his/her
responsibilities. The Employee further agrees that upon request by the Company,
and in any event upon termination of the Employee’s 

 

 

employment,
the Employee shall turn over to the Company all documents, papers or other
material in the Employee’s possession or under the Employee’s control which may
contain or be derived from confidential and proprietary information, together
with all documents, notes, or the Employee’s work products which are connected
with or derived from the Employee’s services to the Company and all copies of
software obtained from the Company shall be either returned to the Company or,
as appropriate, permanently deleted.

 

9.10 Employee hereby acknowledges receipt,
together with this Agreement, of the Parent’s (i) Code of Ethics and
Business Conduct, attached hereto as Exhibit B (the “Code”) and (ii) Procedures and
Guidelines Governing Insider Trading and Tipping, attached hereto as Exhibit C
(the “Insider Trading Policy”;
collectively, the “Policies”), and
confirms that he/she has read and understood the provisions contained in the
Policies, recognizes that the Policies apply to all Company employees and
firmly undertakes to abide by their provisions at all times.

 

10.  Intellectual Property Rights

 

10.1   The
Employee declares that he/she is aware that anything that is done by him/her in
the Company or in connection with the Company, whether it be an invention, a
discovery, or the development of an idea or a thing, all within the framework
of the Company’s business (the “Development”) shall belong to and be controlled
by the Company, unless the Company’s Board of Directors shall, in writing,
direct otherwise.

 

10.2.  The
Company shall have the right to fully utilize and exploit the Development, as
it sees fit, including changing it, registering part or all of it as a patent,
whether in Israel or abroad, selling it, transferring it to a third party, all
without being required to either receive the Employee’s consent or extend the
Employee any additional compensation for such Development above and beyond any
compensation the Employee is entitled to pursuant to this Agreement.

 

10.3.  The
Development and any subsequent intellectual property arising there-from shall remain
the sole property of the Company even after the Employee’s employment terminates
for any reason. The termination of this Agreement, whether due to its breach or
its own terms, shall not impair the Company’s exclusive rights in the Development.

 

10.4.  The
Employee may not do anything with the Development or any related materials
without the knowledge and prior consent of the Company. The Employee declares
that he/she neither has nor will have any rights in the Development or its fruits
and that all rights to the Development and its fruits shall fully reside in the
Company.

 

10.5.  In the
event that at the time of the termination of the Employee’s employment, for any
reason whatsoever, the Development has not been completed, the Employee shall
be prohibited from any continued activity in connection with the subject-matter
of the Development, alone or in concert with others, that is not explicitly
allowed in writing by the Company. The Company alone will be the sole owner of
the uncompleted Development and shall have the sole right to complete the
Development or to take any other action in connection with the Development.

 

10.6   The
Employee hereby assigns and agrees to assign to the Company or the Parent,
and/or their subsidiaries or affiliates, successors, assigns or nominees, as
appropriate, the Employee’s entire right, title and interest in any
Developments, designs, patents, inventions

 

 

and improvements, trade secrets, trademarks,
tradenames, copyrightable subject matter or proprietary information which the
Employee has made or conceived, or may make or conceive, either solely or
jointly with others, while providing services to the Company, or with the use
of the time, material or facilities of the Company or relating to any actual or
anticipated business, research, development, product, service or activity of
the Company, or suggested by or resulting from any task assigned to the
Employee or work performed by the Employee for or on behalf of the Company,
whether or not such work was performed prior to the date of this Agreement. It
is further agreed, that without further charge to the Company, but at its
expense, the Employee will execute and deliver all such further documents as
may be necessary, including original applications and applications for renewal,
extension or reissue of such patents, trademark and/or tradename registrations
or copyright registrations, in any and all countries, to vest title thereto in
the Company, its successor, assigns or nominees.

 

10.7    The
employee agrees that he will not improperly use or disclose any confidential
information, proprietary information, trade secrets or any other form of
intellectual property rights, if any, of any former employer or any other
person to whom he/she owes an obligation of confidentiality, and will
not bring onto the premises of the Company any unpublished documents or any
property belonging to any former employer or any other person, unless consented
to in writing by that former employer or person.  The Employee declares that he/she will
use in the performance of his/her duties, only information which is
generally known and used by persons with training and experience comparable
to his/her own, which is common knowledge in the industry or otherwise
legally in the public domain, or which is otherwise provided or developed by
the Company.

 

11.  Injunctive Relief

 

The Employee acknowledges that disclosure of any
Development and/or confidential information of the Company or breach of any of
the non-competitive covenants or agreements contained herein will give rise to
irreparable injury to the Company or clients of the Company, inadequately
compensable in damages. Accordingly, the Company or, where appropriate a client
of the Company, may seek and obtain injunctive relief against the breach or
threatened breach of the foregoing undertakings, in addition to any other legal
remedies which may be available. The Employee further acknowledges and agrees
that in the event of the termination of employment with the Company, the
Employee’s experience and capabilities are such that the Employee can obtain employment
in business activities which are of a different or non-competing nature with
his/her activities as an employee of the Company; and that the enforcement of a
remedy hereunder by way of injunction shall not prevent the Employee from
earning a reasonable livelihood. The Employee further acknowledges and agrees
that the covenants herein are necessary for the protection of the Company’s
legitimate business interests and are reasonable in scope and intent.

 

12.  General

 

12.1.   It is
agreed that the provisions of this Agreement represent the full scope of the
agreement between the parties and that neither side shall be bound by any
promises, declarations, exhibits, agreements or obligations, oral or written,
prior to its execution that are not included in this Agreement. Any changes or
amendments to this Agreement must be in writing and signed by both parties.

 

12.2.  This
Agreement shall be governed by, and construed and interpreted under, the laws
of the State of Israel. The parties agree that any legal claim lodged by one
party against the 

 

 

other arising from the terms of this
Agreement shall be adjudicated only by the appropriate court in Jerusalem,
Israel.

 

12.3.  If any
provision of this Agreement shall be declared by a court of competent jurisdiction
to be invalid, illegal or incapable of being enforced in whole or in part, the
remaining conditions and provisions or portions thereof shall nevertheless
remain in full force and effect and enforceable, and no provision shall be
deemed dependent upon any other covenant or provision unless so expressed
herein.

 

12.4.  The
rights, benefits, duties and obligations under this Agreement shall inure to,
and be binding upon, the Company, its successors and assigns, and upon the
Employee and his/her legal representatives. 
This Agreement constitutes a personal service agreement, and the
performance of the Employee’s obligations hereunder may not be transferred or
assigned by the Employee.

 

12.5   The failure
of either party to insist upon the strict performance of any of the terms, conditions
and provisions of this Agreement shall not be construed as a waiver or relinquishment
of future compliance therewith or with any other term, condition or provision hereof,
and said terms, conditions and provisions shall remain in full force and
effect.  No waiver of any term or
condition of this Agreement on the part of either party shall be effective or
any purpose whatsoever unless such waiver is in writing and signed by such
party.

 

12.6    The
headings of Sections are inserted for convenience and shall not affect any
interpretation of this Agreement.

 

13.  Notices

 

13.1.   A notice
that is sent by registered mail to a party at its address as set forth in Section 13.2,
below, shall be deemed received three (3) days after its posting, and the
receipt stamped by the post office shall represent definitive evidence of the
date of mailing. A notice that is delivered by hand shall be deemed received
upon actual receipt by the addressee as evidenced by a declaration of the
person making delivery and/or a signed receipt by the person receiving the
notice.

 

13.2.   The
addresses of the parties for the purposes of this Agreement are:

 

GuruNet
Israel Ltd.:

The Tower

Jerusalem Technology Park

Jerusalem 91481

 

Employee:

Caleb Chill

33 Hapardes St.

Kiryat Ono, 55525

 

[SIGNATURE PAGE FOLLOWS]

 

 

IN WITNESS WHEREOF  the parties have hereunto set their hands at
the place and on the date first above written.

 

 

GuruNet Israel, Ltd.

By

 

 

	
  /s/ Robert S. Rosenschein

  	
   

  	
  /s/ Caleb Chill

  
	
   

  	
   

  	
    Employee

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