Document:

ex10_133.htm

Exhibit 10.133

STOCK OPTION AGREEMENT

Dated: June 20, 2011

	
TO:

	
Joseph R. Angileri

Pursuant to the 2007 Long Term Incentive Plan (the “Plan”) of Compuware Corporation (the “Corporation”) and with the approval of the Compensation Committee (“Committee”) of the Corporation’s Board of Directors in accordance with the Plan, the Corporation grants you an option (the “Option”) to purchase 500,000 shares of Common Stock (the “Shares”) at $9.43 per share, upon the terms and conditions contained in this Stock Option Agreement (the “Agreement”) and in the Plan. The Option is intended to be a Nonqualified Option and is granted pursuant to Article VII of the Plan and is intended to be exempt from Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). The Plan, as amended from time to time, is made a part of this Agreement and is available upon request. Capitalized terms used in this Agreement, but not otherwise defined in this Agreement, shall have the meanings given them in the Plan.

13.            Vesting Schedule. Subject to the terms contained in this Agreement and in the Plan, you may exercise the Option in accordance with the following schedule:

	
  

	
(a)

	
On and after June 20, 2012, you may exercise the Option to purchase up to 40% of the total number of Shares.

	
  

	
(b)

	
On and after June 20, 2013, you may exercise the Option to purchase up to an additional 30% of the total number of Shares.

	
  

	
(c)

	
On and after June 20, 2014, you may exercise the Option to purchase the remainder of the total number of Shares.

14.            Expiration. This Option will expire (to the extent not previously exercised) on June 20, 2021 (the “Expiration Date”), unless terminated earlier in accordance with the Plan or Section 5 of this Agreement.

15.            Non-Transferable. The Option may not be transferred by you other than by will or by the laws of descent and distribution or as otherwise provided in the Plan and, during your lifetime, the Option is exercisable only by you.

16.            Change in Control. Subject to Section 9.2(b) of the Plan, upon a Change in Control, the Option shall immediately become fully Vested.

17.            Termination of Employment.

(d)            If your employment is terminated by you, you shall have the right for a period of 30 days after such termination, but in no event after the Expiration Date, to exercise that portion of this Option, if any, that was exercisable by you on the date of such termination. If you die during the 30-day period following your termination, your legal representative or the person or persons to whom your rights shall pass by will or by the laws of descent and distribution shall have the right for a period of 120 days following your death, but in no event after the Expiration Date, to exercise that portion of this Option, if any, that was exercisable by you on the date of your termination.

  

  

  

(e)            If your employment is terminated by the Corporation or a Subsidiary without Cause, your rights to exercise this Option shall be accelerated so that all of this Option, to the extent not exercised at the time of termination, may be exercised by you for a period of 30 days after your date of termination, but in no event after the Expiration Date. If you die during the 30-day period following your termination, your legal representative or the person or persons to whom your rights shall pass by will or by the laws of descent and distribution shall have the right for a period of 120 days following your death, but in no event after the Expiration Date, to exercise that portion of this Option, if any, that was exercisable by you on the date of your termination.

(f)             If your employment is terminated by the Corporation with Cause, this Option shall terminate and shall not be exercisable by you after such termination. Termination for “Cause” means termination for (1) continued failure to make a good faith effort to perform your duties, (2) any willful act or omission that you knew or should have known would injure the Corporation or any of its Subsidiaries, (3) fraud, (4) dishonesty, (5) commission of a felony, or violation of any law relating to your employment, (6) failure to devote substantially full time to your employment duties (except because of illness or Disability), (7) insubordination, (8) an act or omission that is contrary to the direction of your supervisor, if such direction relates to your duties to the Corporation that are reasonably performable, or (9) violation of the Code of Conduct.

(f)             If your employment terminates by reason of your death, your rights to exercise this Option shall be accelerated so that all of this Option, to the extent not exercised at the time of death, may be exercised for a period of 12 months after your death by your legal representative or by the person(s) to whom your rights shall pass by will or by the laws of descent and distribution. In no event shall this Option be exercised after the Expiration Date.

(g)            If your employment terminates by reason of your Disability, your rights to exercise this Option shall be accelerated so that all of this Option, to the extent not exercised at the time of your becoming Disabled, may be exercised by you for a period of 12 months after your date of termination. For purposes of this Agreement, you shall be deemed to be “Disabled” and to have a “Disability” if you are permanently and totally disabled as a result of a physical or mental disability (within the meaning of Section 22(e) of the Internal Revenue Code), as determined by a medical doctor satisfactory to the Committee. In no event shall this Option be exercised after the Expiration Date.

18.            Manner of Exercise. The exercise price for Shares upon exercise of the Option shall be paid in full in cash or by personal check, bank draft or money order at the time of exercise; provided, however, that in lieu of such form of payment, subject to the limitations set forth in Section 2.4 of the Plan, payment may be made by (a) delivery and transfer, in a manner acceptable to the Corporation's Secretary in his sole discretion, to the Corporation of outstanding shares of Common Stock; (b) by delivery to the Corporation’s General Counsel or his designee of a properly executed exercise notice, acceptable to the Corporation, together with irrevocable instructions to the Optionee's broker to deliver to the Corporation sufficient cash to pay the exercise price and any applicable income and employment withholding taxes, in accordance with a written agreement between the Corporation and the brokerage firm; or (c) any other method permitted in Section 2.4 of the Plan. Shares of Common Stock surrendered upon exercise shall be valued at the Stock Exchange closing price for the Common Stock on the day prior to exercise. The action by you to exercise the Option shall be deemed to be your acceptance of all terms and conditions of this Agreement and the Plan.

19.            Rights as Stockholder. As the holder of the Option you shall not be, nor have any of the rights or privileges of, a stockholder of the Corporation in respect of any Shares unless a certificate or certificates representing such Shares shall have been issued by the Corporation to you or a book entry representing such Shares has been made and such Shares have been deposited with the appropriate registered book-entry custodian. The Corporation shall not be liable to you for damages relating to any delay in issuing shares or a stock certificate to you, any loss of a certificate, or any mistakes or errors in the issuance of Shares or a certificate to you.

  

  

  

20.            Withholding. The Corporation shall have the right to withhold from your compensation or to require you to remit sufficient funds to satisfy applicable withholding for income and employment taxes upon the exercise of an Option. Subject to the limitations in Section 10.5 of the Plan, you may, in order to fulfill the withholding obligation, make payment to the Corporation in any manner permitted under Section 10.5 of the Plan. The Corporation shall be authorized to take such action as may be necessary, in the opinion of the Corporation’s counsel (including, without limitation, withholding vested Common Stock otherwise deliverable to you and/or withholding amounts from any compensation or other amounts the Corporation owes you), to satisfy the obligations for payment of any such taxes.

21.            No Guarantee of Employment. Nothing contained in this Agreement or in the Plan, nor any action taken by the Corporation or the Committee, shall confer upon you any right with respect to continuation of your employment or other service by or to the Corporation or any Subsidiary of the Corporation, nor interfere in any way with the right of the Corporation or any Subsidiary to terminate your employment or other service at any time, and if you are an employee, your employment is and shall remain employment at will, except as otherwise specifically provided by law or in an employment agreement between you and the Corporation.

22.            Personal Data. By entering into this Agreement, you consent to the disclosure, transfer and/or processing of any relevant personal data in relation to the administration of the Plan by the Corporation or any third party authorized by the Corporation to administer the Plan on its behalf, and in particular such processing as is necessary in relation to your holding and exercising the Option. The relevant personal data that will be processed includes but is not limited to name, employee number, hire date, job title and location.

23.            Plan Terms Control. In the event of a conflict between the Plan and this Agreement, the terms of the Plan shall control, it being understood that variations in this Agreement from terms set forth in the Plan shall not be considered to be in conflict if the Plan permits such variations.

24.            Notices. Any notices to be given to the Corporation under the terms of this Agreement shall be addressed to the Corporation in care of its Secretary, and any notices to you shall be addressed to you at the address stated in the Corporation’s records.

	  	
Very truly yours,

	  	  
	  	
COMPUWARE CORPORATION

	  	  
	  	
By: /s/ Peter Karmanos, Jr.

	  	
             Peter Karmanos, Jr.

	  	
             Its: Executive Chairman

The above is agreed to and accepted by:

	
/s/ Joseph R. Angileri

	  

Optionee’s Signatureex10_134.htm

Exhibit 10.134

RESTRICTED STOCK UNIT AWARD AGREEMENT

	
TO:

	
Joseph R. Angileri

THIS AGREEMENT (the “Agreement”) is made effective as of June 20, 2011 (the “Grant Date”), between Compuware Corporation, a Michigan corporation (the “Corporation”), and the individual whose name is set forth above, who is an employee of the Corporation (the “Recipient”). Capitalized terms not otherwise defined herein shall have the same meanings as in the 2007 Long Term Incentive Plan (the “Plan”), and the terms of the Plan are hereby incorporated by reference and made a part of this Agreement.

In consideration of the mutual covenants set forth in this Agreement and other good and valuable consideration, receipt of which is acknowledged, the parties agree as follows:

Grant of the Restricted Stock Units. Subject to the terms and conditions of the Plan and this Agreement, the Corporation grants to the Recipient 265,111 Restricted Stock Units (hereinafter called the “Units”). The Units shall vest and become non-forfeitable in accordance with Section 2 below. In the event of any conflict between the Plan and this Agreement, the terms of the Plan shall control, it being understood that variations in this Agreement from terms set forth in the Plan shall not be considered to be in conflict if the Plan permits such variations. The grant of Units made under this Agreement is referred to as the “Units Award”.

Vesting and Forfeiture.

As long as the Recipient continues to be employed by the Corporation, the Units shall become vested and non-forfeitable as follows (each a “Vesting Date and, together, the “Vesting Dates”):

	
  

	
i)

	
40% of the Units Award on June 20, 2012, the first anniversary of the Grant Date;

	
  

	
ii)

	
30% of the Units Award on June 20, 2013, the second anniversary of the Grant Date; and

	
  

	
iii)

	
30% of the Units Award on June 20, 2014, the third anniversary of the Grant Date.

Notwithstanding the foregoing, the entire Units Award shall become immediately vested and non-forfeitable (a) in the event that the Recipient ceases to be employed due to Recipient’s death, Disability or termination by the Corporation without “Cause” or (b) upon the occurrence of a Change in Control.

Termination for “Cause” means termination for (1) continued failure to make a good faith effort to perform your duties, (2) any willful act or omission that you knew or should have known would injure the Corporation or any of its Subsidiaries, (3) fraud, (4) dishonesty, (5) commission of a felony, or violation of any law relating to your employment, (6) failure to devote substantially full time to your employment duties (except because of illness or Disability), (7) insubordination, (8) an act or omission that is contrary to the direction of your supervisor, if such direction relates to your duties to the Corporation that are reasonably performable, or (9) violation of the Code of Conduct.

  

  

  

If Recipient’s employment terminates for any reason other than Recipient’s death, Disability or by the Corporation without Cause, Recipient’s right to shares of Common Stock subject to Units that are not yet vested automatically shall terminate and be forfeited by Recipient unless the Committee, in the exercise of its authority under the Plan, modifies this Section 2 in connection with such termination to provide otherwise.

Settlement. No shares of Common Stock will be issued before the Units vest in accordance with Section 2 above. As soon as practicable, but no later than thirty (30) days, after the date on which the Units vest, the Corporation will issue to Recipient or Recipient’s legal guardian or representative (if applicable) one share of Common Stock for each vested Unit. The issuance of shares of Common Stock may be in certificated form or in book entry form, in the Corporation’s sole discretion, in either case without restrictive legend or notation (except to the extent necessary or appropriate under applicable securities laws). The Units shall not be settled in cash.

Dividend Equivalents; Rights as a Shareholder.

Each Unit awarded under this Agreement shall have a Dividend Equivalent (in accordance with Section 4.6 of the Plan) associated with it with respect to cash dividends on Common Stock that have a record date after the Grant Date and prior to the date on which the Units are settled for shares of Common Stock. Such Dividend Equivalents, if any, shall be paid by crediting the Recipient with additional whole Units as of the date of payment of such cash dividends on Common Stock. The number of additional Units (rounded down to the nearest whole number) to be so credited shall be determined by dividing (i) the amount of cash dividends that would have been paid on the dividend payment date with respect to the number of shares of Common Stock underlying the unsettled Units previously credited to the Recipient as of the dividend record date (including those Units received as part of the Units Award and as a result of prior cash dividends) if such shares had been outstanding on the dividend record date, by (ii) the Fair Market Value per share of Common Stock on the dividend payment date. Such Units shall be subject to the same terms and conditions and shall be settled in the same manner and at the same time as provided in Section 3 of this Agreement.

Except as set forth in Section 4(a) above, Recipient shall have no voting or other rights as a shareholder of the Corporation until certificates are issued or a book entry representing such shares has been made and such shares have been deposited with the appropriate registered book entry custodian.

Employee’s Employment by the Company. Nothing contained in this Agreement or the Plan (i) obligates the Corporation to employ Recipient in any capacity whatsoever or (ii) prohibits or restricts the Corporation from terminating the employment, if any, of Recipient at any time or for any reason whatsoever, with or without Cause, and Recipient hereby acknowledges and agrees that neither the Corporation nor any other person or entity has made any representations or promises whatsoever to Recipient concerning Recipient’s employment or continued employment by the Corporation or any Subsidiary.

Change in Capitalization. In the event of a dividend or distribution paid in shares of Common Stock or any other adjustment made upon a change in the capital structure of the Corporation as described in Article IX of the Plan that occurs prior to settlement, appropriate adjustment shall be made to the Units so that they represent the right to receive upon settlement any and all new, substituted or additional securities or other property (other than cash dividends) to which Recipient would be entitled if Recipient had owned, at the time of such change in capital structure, the shares of Common Stock issuable upon settlement of the Units.

  

  

  

Withholding. The Corporation shall have the right to withhold from Recipient’s compensation or to require Recipient to remit sufficient funds to satisfy applicable withholding for income and employment taxes upon the vesting of Units pursuant to Section 2. Subject to limitations in the Plan, Recipient may, in order to fulfill the withholding obligation, tender previously-acquired shares of Common Stock having an aggregate Fair Market Value equal to the amount owed. The Corporation shall be authorized to take such action as may be necessary, in the opinion of the Corporation’s counsel (including, without limitation, withholding Common Stock otherwise deliverable to Recipient and/or withholding amounts from any compensation or other amount owing from the Corporation to Recipient), to satisfy the obligations for payment of any such taxes. The Recipient shall have full responsibility, and the Corporation shall have no responsibility (except as may be imposed by applicable law), for satisfying any liability for any federal, state or local income or other taxes required by law to be paid with respect to such Units, including upon the receipt, vesting or settlement of the Units. The Recipient should seek his or her own tax counsel regarding the taxation of the Units.

Limitation on Obligations. Except as provided in Section 6 above, the Corporation’s obligation with respect to the Units is limited solely to the delivery to Recipient of shares of Common Stock upon settlement, and in no way shall the Corporation become obligated to pay cash or other assets in respect of such obligation. In addition, the Corporation shall not be liable to Recipient for damages relating to any delay in issuing the shares or share certificates or any loss of the certificates.

Transfer of Units Award. Neither this Units Award nor Recipient’s rights under this Agreement are assignable or transferable except by will or the laws of descent and distribution, or with the Committee’s consent in accordance with Section 10.3 of the Plan.

Securities Laws. Upon the vesting or settlement of any Units, the Corporation may require Recipient to make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement. The granting of the Units shall be subject to all applicable laws, rules and regulations and to such approvals of any governmental agencies as may be required.

Notices. Any notice or election to be given to the Corporation shall be addressed to the Corporation in care of its Secretary, and any notice to Recipient shall be addressed to him or her at the address stated in the Corporation’s records.

  

  

  

Governing Law. The laws of the State of Michigan shall govern the interpretation, validity and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the Grant Date.

	  	
RECIPIENT

	 
	  	  	  	 
	  	  	
/s/ Joseph R. Angileri

	 
	  	  	
Joseph R. Angileri

	 
	  	  	  	 
	  	
COMPUWARE CORPORATION

	 
	  	  	  	 
	  	
By: /s/ Peter Karmanos, Jr.

	 
	  	
             Peter Karmanos, Jr.

	 
	  	
             Its: Executive Chairman

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