Document:

Separation Agreement between The PBSJ Corp and John B. Zumwalt, III

 Exhibit 10.1 
 EXECUTION COPY 
 SEPARATION AGREEMENT AND RELEASE

 This Separation Agreement and Release (referred to hereinafter as “Agreement”), effective
March 1, 2010, is entered into by and between The PBSJ Corporation, a Florida corporation (the “Company” and collectively with its subsidiaries and other affiliates “PBSJ”), and John B. Zumwalt, III,
individually and on behalf of his heirs, executors, administrators, legal representatives, and assigns (referred to hereinafter as “Zumwalt”). 
 WHEREAS, Zumwalt has been employed by the Company as its Chief Executive Officer; and, 
 WHEREAS, Zumwalt has elected to voluntarily resign his employment with the Company and the Company has accepted Zumwalt’s voluntary resignation; and, 
 WHEREAS, the parties desire to formalize the future obligations of any party and to fully and completely resolve any and all claims, known and unknown, which the parties had, have or may have between
them, in accordance with the provisions of this Agreement; 
 THEREFORE, in consideration of the promises and mutual covenants
herein contained, the sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1.
Termination of Employment. Zumwalt confirms his decision to voluntarily resign his employment with the Company, effective March 1, 2010 (the “Termination Date”). Zumwalt understands and acknowledges that his
resignation will also serve as his resignation from any committees, boards, and any other office or positions that he holds with PBSJ. 
 2. Transition and Severance Benefits. In recognition for his services to PBSJ and as consideration for Zumwalt’s agreement to the terms of this Agreement, the Company agrees to provide
Zumwalt with the following benefits: 
 (a) Transition Payment. The Company shall pay to Zumwalt a
transition payment equal to Nine Hundred Thousand Dollars ($900,000), less all applicable tax withholdings (the “Transition Payment”), payable in twenty-four (24) equal consecutive monthly installments, commensurate with
the standard payroll practices of the Company, commencing on April 1, 2010. In the event of a sale of all or substantially all of the assets of the Company, or a merger, reorganization or similar transaction, after which the employee
shareholders of the Company do not retain more than 50% of the combined voting power of the then outstanding voting securities of the acquiring or surviving entity (each a “Change in Control”), any remaining monthly
installments of the Transition Payment, less all applicable tax withholdings, shall be paid to Zumwalt as a lump sum payment within 30 days after the Change in Control. 
 (b) Severance Payment. The Company shall pay to Zumwalt a severance payment equal to Three Hundred Thirty Thousand
Dollars ($330,000), less all applicable tax withholdings, payable in a lump sum payment on the eighth day following the date on which Zumwalt executes this Agreement. 

 (c) Continuation of Health Benefits. All benefits that Zumwalt and
his family were entitled to under PBSJ’s life, health, medical, dental, and disability insurance plans shall terminate as of the Termination Date. However, Zumwalt and his eligible family members shall continue to be eligible to receive health
benefits under PBSJ’s plan for a period of up to 18 months immediately following the Termination Date, if and to the extent that Zumwalt elects such continuation of health benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act
(COBRA) and pays for such COBRA coverage at the same cost as is provided to other separating employees. 
 (d)
Stock Vesting and Redemption. 
 (i) As of the Termination Date, Zumwalt holds 1,526 restricted shares of
the Company’s common stock (the “Restricted Stock”). As of the Termination Date, all 1,526 shares of the Restricted Stock shall become fully vested. Zumwalt shall pay to the Company any federal, state or local income
taxes required to be withheld with respect to the vesting of the 1,526 shares of the Restricted Stock by surrendering 461.32 shares of the Restricted Stock to the Company, which have a value equal to the required federal, state or local income taxes
required to be withheld. 
 (ii) As of the Termination Date, the 1,526 shares of the Restricted Stock represent
the only shares of the Company’s common stock that Zumwalt owns or holds directly. The Company shall redeem all 1,064.68 shares of the Restricted Stock that remain after 461.32 shares of the Restricted Stock are withheld to pay taxes pursuant
to Section 2(d)(i), for $39.31 per share, in a lump sum payment during the next open trading window in accordance with the Company’s redemption policies. 
 (iii) As of the Termination Date, Zumwalt beneficially owns 48,030.527 shares of the Company’s common stock in his
Company Stock Account under the PBSJ Employee Profit Sharing and Stock Ownership Plan (the “401(k) ESOP”), of which 43,236.104 relate to Zumwalt’s elective deferrals and 4,794.423 relate to employer contributions
allocated to Zumwalt’s account under the 401(k) ESOP. The shares held in Zumwalt’s Company Stock Account under the 401(k) ESOP shall be redeemed during the next open trading window in accordance with the terms of the 401(k) ESOP at the
price per share at which other shares of the Company’s common stock in the 401(k) ESOP are sold during that open trading window. 
 (e) Paid Time Off. The Company shall pay to Zumwalt an amount equal to $16,003.41, as compensation for all accrued but unused paid time off, less all applicable tax withholdings, in a lump sum
payment on the eighth day following the date on which Zumwalt executes this Agreement. 
 (f) Deferred
Compensation. As of March 1, 2010, the value of the accumulated benefits payable to Zumwalt under The PBSJ Corporation Key Employee Capital Accumulation Plan, effective September 30, 2008 (the “KECAP”) was equal to
$946,824.15. The Company shall pay to Zumwalt the value of the accumulated benefits, adjusted for investment earnings or losses and any expenses allocated to his account under the KECAP through the end of the sixth month following the month in which
the Termination Date occurs, payable to Zumwalt under the KECAP, less applicable tax withholdings, pursuant to the terms and conditions of the KECAP and the elections made by Zumwalt with respect to the time and form of payment of the accumulated
benefits payable to Zumwalt under the KECAP. 
  

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 (g) Legal Fees. The Company shall reimburse Zumwalt Twenty Thousand
Dollars ($20,000), less all applicable tax withholdings (the “Legal Fee Reimbursement”), for his legal fees reasonably incurred in connection with the negotiation and review of this Agreement actually paid or incurred by
Zumwalt. The Company shall pay Zumwalt the Legal Fee Reimbursement on the eighth day following the date on which Zumwalt executes this Agreement. 
 (i) Insurance Coverage. The Company shall continue to provide coverage to Zumwalt under any Directors and Officers and Errors and Omissions Insurance Policies maintained by the Company for its
officers and directors with respect to Zumwalt’s services as a Director and Officer of PBSJ for occurrences on or before (but not after) the Termination Date. 
 (j) Assignment of Rights. The Company shall assign its rights with respect to any home computer, home facsimile
machine, home printer, home telephone line, cellular telephone, professional/financial newspaper and magazine subscriptions, airline club membership, automobile lease and country club membership, used by or maintained for the benefit of Zumwalt
immediately prior to the Termination Date (collectively referred to as the “Assigned Rights”) and Zumwalt shall assume any costs or other obligations associated with the Assigned Rights after the Termination Date and
indemnify the Company against any costs it incurs in connection therewith. 
 3. Consulting. 
 (a) Consulting Period. For the three (3) month period immediately following the Termination Date (the
“Consulting Period”), Zumwalt shall make himself available to consult with the Company at the Company’s request, on a reasonable, as needed basis, in connection with possible mergers and acquisitions by the Company (the
“Consulting Services”). 
 (b) Consulting Fee. In consideration for the Consulting
Services, the Company shall pay a consulting fee to Zumwalt equal to One Hundred Thirty-Five Thousand Dollars ($135,000), less all applicable tax withholdings (the “Consulting Fee”), payable in three equal consecutive monthly
installments over a three-month period, commencing on April 1, 2010. 
 (c) Reimbursements. Subject
to such rules and guidelines as the Company may from time to time adopt, the Company shall reimburse Zumwalt for all reasonable expenses previously approved in writing by the Company and actually paid or incurred by Zumwalt during the Consulting
Period in the course of his providing Consulting Services at the request of the Company. Zumwalt shall account to the Company in writing for all expenses for which reimbursement is sought and shall provide to the Company copies of all relevant
invoices, receipts or other evidence as may be requested by the Company. In no event shall expenses be reimbursed after the end of the calendar year following the year in which the expense is incurred. 
  

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 (d) Additional Consulting Services and Fees. Following the end of the
Consulting Period, in the event that the Company requests Zumwalt to provide additional consulting services to the Company, and Zumwalt agrees to perform those services, then the Company shall pay Zumwalt a per diem payment of Three Thousand Dollars
($3,000) per day for those additional consulting services. 
 4. No Further Benefits or Compensation. Zumwalt
acknowledges and agrees that, with the exception of those benefits set forth in this Agreement, he is not entitled to any other compensation or benefit of any kind or nature, from PBSJ, including, but not limited to, any other compensation or
benefits or other monies that Zumwalt may have been entitled to under (i) the Supplemental Retirement/Death Benefits Agreement, dated December 17, 1987, between the Company and Zumwalt, as amended from time to time, (ii) the
Agreement, dated as of April 1, 1993, between the Company, Post, Buckley, Schuh & Jernigan, Inc. and Zumwalt, (iii) the Supplemental Income Plan, effective January 12, 1988, (iv) the Company’s Supplemental Income
Program, and (v) the KECAP. 
 5. Non-Disparagement. Zumwalt agrees that he will not disparage, encourage or
induce others to disparage or otherwise cast PBSJ or any of their respective officers, directors or employees in a negative light. 
 6. Duty of Cooperation. For a period of two (2) years following the Termination Date, Zumwalt agrees to fully and promptly cooperate and make himself available to PBSJ and their respective officers, directors or employees
in connection with any threatened or pending investigation of, or litigation against, PBSJ, including, upon reasonable notice from PBSJ, preparing for and appearing at deposition or at trial in connection with any such matters, and helping to
respond to any inquiries that may arise concerning matters which Zumwalt was handling on behalf of PBSJ. Zumwalt agrees to cooperate fully in effecting an orderly transition with regard to the termination of the Zumwalt’s employment and the
transition of his duties to other employees of PBSJ. 
 7. Restrictive Covenants. In consideration of the
provisions, promises, terms and conditions of this Agreement, the parties agree to the following restrictive covenants: 
 (a) Confidentiality and Nondisclosure. Zumwalt agrees to treat all information received, acquired, maintained, prepared or used during the course of his employment with PBSJ on a strictly confidential basis and not to disclose, use,
give, loan, sell or otherwise dispose of, or make available to any person, firm or other entity, directly or indirectly, such information at any time in the future without the express written authorization of the Chief Executive Officer of the
Company. 
 (b) Return of Property. On or before the Termination Date, Zumwalt agrees to return all PBSJ
property in his possession (including any and all copies) including, but not limited to, credit cards, keys, computers, computer software, files, manuals, letters, notes, records, drawings, art, notebooks, reports, documents, disks, and any other
information, which he obtained, prepared, acquired, maintained or used during his employment with PBSJ. Zumwalt’s obligation pursuant to this paragraph shall apply to all PBSJ property without regard to the form of the information and without
regard to whether the property was maintained in his office, home or other location. 
  

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 (c) Noncompetition: For a period two (2) years from the
Termination Date, Zumwalt agrees not to, directly or indirectly, engage in, be employed by, or to consult with, any business in competition with PBSJ. This restriction shall apply to, but not be limited to, those entities listed in Addendum 1
attached hereto. This restriction shall extend to any and all activities by Zumwalt, whether as an employee, independent contractor, partner, joint venturer, officer, director, owner, stockholder or agent on behalf of himself or for any person,
firm, partnership, corporation or other entity. 
 (d) Nonsolicitation of Employees, For a period of two
(2) years from the Termination Date, Zumwalt agrees not to, directly or indirectly, solicit or otherwise induce or encourage any employee of PBSJ to separate his or her employment with PBSJ. During this two year period, Zumwalt agrees not to
directly or indirectly hire, on behalf of himself or any other individual or entity, any employee employed by PBSJ on the Termination Date. 
 (e) Nonsolicitation of Clients. For a period of two (2) years from the Termination Date, Zumwalt agrees not to, directly or indirectly, solicit, divert or alienate any current or prospective
client of PBSJ. 
 (f) Reformation by Court. In the event that a court of competent jurisdiction shall
determine that any provision of this Section 7 is invalid or more restrictive than permitted under the governing law of such jurisdiction, then only as to enforcement of this Section 7 within the jurisdiction of such court, such provision
shall be interpreted or reformed and enforced as if it provided for the maximum restriction permitted under such governing law, 
 8. Enforcement of Restrictive Covenants. Zumwalt acknowledges and confirms that the restrictive covenants contained in Section 7 (including without limitation the length of the term of the provisions of Section 7)
are reasonably necessary to protect the legitimate business interests of PBSJ, and are not overbroad, overlong, or unfair and are not the result of overreaching, duress or coercion of any kind. Zumwalt further acknowledges and confirms that the
compensation payable to Zumwalt under this Agreement is in consideration for the duties and obligations of Zumwalt hereunder, including the restrictive covenants contained in Section 7, and that such compensation is sufficient, fair and
reasonable. Zumwalt acknowledges and agrees that damages at law alone will be an insufficient remedy to PBSJ in the event of a violation of any of the restrictive covenants set forth in Section 7. Accordingly, the parties agree that PBSJ shall
be entitled to obtain injunctive relief to enforce the provisions of Section 7. Zumwalt acknowledges and agrees that injunctive relief shall be in addition to any other rights or remedies available to PBSJ, at law or in equity, including, but
not limited to, the recovery of actual damages. In the event of a breach of Section 7 by Zumwalt, in addition to any other equitable or legal relief available, Zumwalt agrees that the payment of any Transition Payment, Consulting Fee or Legal
Fee Reimbursement not yet paid at the time of the breach, will cease and he will be obligated to repay the entire portion of the Transition Payment, Consulting Fee, and Legal Fee Reimbursement already received. The parties agree that no waiver by
PBSJ of any breach of Section 7 by Zumwalt unless PBSJ expressly consents to the breach in a writing signed by the Chief Executive Officer of the Company. Any such waiver of any breach of Section 7 by Zumwalt shall not be construed as a
waiver of any subsequent breach by Zumwalt. Zumwalt acknowledges and agrees that the existence of any claim against PBSJ, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement of Section 7 by PBSJ.

  

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 9. Released Claims. In consideration of the provisions, promises, terms and
conditions of this Agreement, Zumwalt, his personal representatives, heirs and assigns (“Releasing Parties”) hereby UNCONDITIONALLY, FULLY AND FINALLY RELEASES AND FOREVER DISCHARGES PBSJ and all their respective past
and present shareholders, directors, officers, employees, partners, agents and representatives from any and all duties, claims, rights, complaints, charges, damages, costs, expenses, attorneys’ fees, debts, demands, actions, obligations,
liabilities, and causes of action, of any and every kind, nature, and character whatsoever, whether known or unknown, whether arising out of contract, tort, statute, settlement, equity or otherwise, whether foreseen or unforeseen, whether past,
present, or future, whether fixed, liquidated, or contingent, which the Releasing Parties have, had, or may in the future claim to have based on any act or omission concerning any matter, cause, or thing arising prior to, and up to, the Termination
Date (all of the foregoing are hereinafter referred to collectively as the “Released Claims”); provided, however, that nothing contained in this Section 9 shall release PBSJ from its obligations to Zumwalt under
(i) this Agreement, (ii) Article IX of the Amended and Restated Bylaws of The PBSJ Corporation, and (iii) the Indemnification Agreement, entered into by and among the Company and Zumwalt, dated June 23, 2009. 
 (a) The Released Claims include, but are not limited to, those directly or indirectly arising out of, or in any way
pertaining to, claims arising under Title VII of the Civil Rights Act of 1964, 42 U.S.C. §§ 1981, 1983, the Fair Labor Standards Act, the Americans with Disabilities Act, the Sarbanes-Oxley Act, the Florida Civil Rights Act, the Florida
Whistleblower Act, the Family and Medical Leave Act, the Age Discrimination in Employment Act, the Older Workers Benefits Protection Act, the Fair Credit Reporting Act, the Employee Retirement Income Security Act, or any other federal, state or
local law, ordinance, regulation, custom, rule or policy; or any cause of action in common law, including but not limited to actions in contract or tort, including any intentional torts; or any claim based upon or related to any instrument,
agreement, or document entered into by or between the parties. 
 (b) The Released Claims shall be deemed to
include a full and complete release by the Releasing Parties of any and all claims against PBSJ and each of their respective officers, directors, employees, agents, insurers and attorneys, any employee benefit plans, as well as their respective,
officers, directors, employees, agents, insurers and attorneys and any claims relating to (i) the Supplemental Retirement/Death Benefits Agreement, dated December 17, 1987, between The PBSJ Corporation and Zumwalt, as amended from time to
time, (ii) the Agreement, dated as of April 1, 1993, between The PBSJ Corporation, Post, Buckley, Schuh & Jernigan, Inc. and Zumwalt, (iii) the Supplemental Income Plan, effective January 12, 1988, (iv) the
PBSJ’s Supplemental Income Program, and (v) the KECAP. 
 10. No Charges Filed. Zumwalt represents and
warrants that he has not filed any claims or causes of action against PBSJ, including but not limited to any charges of discrimination against PBSJ, with any federal, state or local agency or court. 
  

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 11. No Administrative Proceeding to be Filed. Zumwalt agrees not to
institute an administrative proceeding or lawsuit against PBSJ, and represents and warrants that, to the best of his knowledge, no other person or entity has initiated or is authorized to initiate such administrative proceedings or lawsuit on his
behalf. Furthermore, Zumwalt agrees not to encourage any other person or suggest to any other person that he or she institute any legal action or claim against PBSJ or any of their respective past and present shareholders, directors, officers, or
agents. 
 12. Representations by Zumwalt. Zumwalt agrees that if, after signing this Agreement, he
thereafter commences, joins in, or in any manner seeks relief through any suit arising out of, based upon, or relating to any of the claims released hereunder, or asserts in any manner against PBSJ any of the claims released hereunder, Zumwalt shall
pay to PBSJ, or the employee, officer, director, agent, representative, or shareholder, or their successor in interest, in addition to any other damages caused by him, all attorneys’ fees incurred by any of them in defending or in otherwise
responding to such suit or claim. 
 13. Non-Admission of Liability. Nothing in this Agreement shall be construed
as an admission of wrongdoing by any party. 
 14. Waivers. The waiver by any party hereto of a breach or
violation of any term or provision of this Agreement shall not operate nor be construed as a waiver of any subsequent breach or violation. 
 15. Taxes. Zumwalt agrees that, to the extent that any federal, state or local taxes and/or penalties of any kind may be due or payable as a result of the consideration provided to him under
the Agreement, he will be responsible for the payment of, and will pay, such taxes and/or penalties. 
 16. Entire
Agreement. This Agreement constitutes the complete understanding between Zumwalt and PBSJ. Zumwalt acknowledges and declares that no other contract, promise or inducement has been made, whether oral or written. This Agreement shall supersede
any and all other agreements, whether oral or written, made prior to the date of execution herein. 
 17. Consultation
with Attorney. Zumwalt acknowledges that he has consulted with an attorney prior to signing this Agreement. 
 18.
Right of Rescission. Zumwalt acknowledges that he has been offered the opportunity to take up to 21 days to consider this Agreement. Additionally, Zumwalt understands that he may revoke this Agreement within seven (7) days of his
signing it. To be effective, a revocation must be in writing and received by the Company’s General Counsel, Benjamin Butterfield, no later than 4:30 p.m. on the seventh calendar day following Zumwalt’s execution of the Agreement. Zumwalt
understands that if he revokes this Agreement it will not be effective or enforceable in any respect and he will not be entitled to the payments set forth in Section 2. Provided that Zumwalt has not validly revoked this Agreement within such
time period, the payments and benefits set forth in Section 2 of this Agreement will be paid and/or provided to Zumwalt in accordance with the terms of Section 2, subject to the terms of this Agreement. 
  

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 19. Severability. If any provision of this Agreement is found
invalid, or incapable of being enforced by reason of any law, rule or public policy, all other provisions shall, nevertheless, remain in full force and effect. 
 20. Assignability of Agreement. This Agreement, including the provisions of Sections 7 and 8, may be assigned, sold or otherwise conveyed by the Company to a successor or any other entity
without Zumwalt’s authorization or agreement. This Agreement shall be enforceable by any such successor or assign. Zumwalt does not have the ability to assign, sell or otherwise convey this Agreement. 
 21. Governing Law; Venue; Waiver of Jury Trial. This Agreement shall be construed and governed in accordance with the laws of
Florida. Any action commenced to enforce the terms of this Agreement shall be filed and maintained exclusively in the Circuit Court of the Thirteenth Judicial Circuit in and for Hillsborough County, Florida. The Company and Zumwalt hereby
knowingly waive their rights to request a trial by jury in any litigation in any court of law, tribunal or legal proceeding involving or arising out of or related to this Agreement. 
 22. Attorney’s Fees. In the event litigation is commenced to enforce the terms of this Agreement, the prevailing
party shall be entitled to an award of reasonable legal costs and attorneys’ fees. In the event Zumwalt pursues any claim included within the Released Claims, PBSJ, and their officers, directors or employees shall be entitled to an award of
legal costs and attorneys’ fees incurred in successfully defending the litigation. 
 23. Notices. All
notices required or permitted to be given hereunder shall be in writing and shall be personally delivered by courier, sent by registered or certified mail, return receipt requested or sent by confirmed facsimile transmission addressed as set forth
herein. Notices personally delivered, sent by facsimile or sent by overnight courier shall be deemed given on the date of delivery and notices mailed in accordance with the foregoing shall be deemed given upon the earlier of receipt by the
addressee, as evidenced by the return receipt thereof, or three (3) days after deposit in the U.S. mail. Notice shall be sent (i) if to the Company, addressed to: Benjamin Butterfield, 4030 West Boy Scout Boulevard, Suite 700, Tampa, FL
33607, and (ii) if to Zumwalt, to his address as reflected on the payroll records of PBSJ, or to such other address designated by the party by written notice in accordance with this provision. 
 24. Construction. No ambiguity in this Agreement shall be construed against any party based upon a claim that the party
drafted the ambiguous language. 
 25. Amendments. This Agreement may only be modified, altered or rescinded
pursuant to a subsequent written agreement, signed by all parties. 
 26. Headings. The headings are for the
convenience of the parties, and are not to be construed as terms or conditions of this Agreement. 
 27. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument and agreement. 
  

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 28. Section 409A. This Agreement shall be construed in an manner
consistent with the applicable requirements of, and exemptions to, Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Notwithstanding the foregoing, PBSJ does not make any representation to
Zumwalt that any benefits made pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A of the Code, and PBSJ shall have no liability or other obligation to indemnify or hold harmless Zumwalt for any tax,
additional tax, interest or penalties that Zumwalt may incur in the event that any provision of this Agreement, or any amendment or modification thereof, or any other action taken with respect thereto, is deemed to violate any of the requirements of
Section 409A of the Code. For purposes of applying the provisions of Section 409A to this Agreement, each separately identified amount to which Zumwalt is entitled under this Agreement shall be treated as a separate payment. In addition,
to the extent permissible under Section 409A of the Code, any series of installment payments under this Agreement shall be treated as a right to a series of separate payments. 
  

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 This Agreement is freely and voluntarily entered into by the parties. The parties
acknowledge that they have read this Agreement and that they understand the words, terms, conditions and legal significance of this Agreement. 
  

					
			
	3/10/10	 		 	

	Date	 		 	JOHN B. ZUMWALT, III.

  

			
	 State of Florida
	  	}
	 County of Hillsborough
	  	}

 Sworn and subscribed before me this
10th day of March, 2010, by John B. Zumwalt, III, who is
personally known to me or who has produced ____________________________ as identification. 
  

					
	(seal)	  		  	

	

	  		  	Notary Public, State of Florida

  

							
		 		 	The PBSJ Corporation
				
	3/9/10	 		 	By:	 	

	Date	 		 	Printed Name: Robert J. Paulsen
		 		 	Title:	 	Chairman/President and CEO

  

			
	 State of Florida
	  	}
	 County of Hillsborough
	  	}

 Sworn and subscribed before me this
9th day of March, 2010, by Robert J. Paulsen, who is
personally known to me or who has produced ____________________________ as identification. 
  

					
	(seal)	  		  	
	

	  		  	Notary Public, State of Florida
			
		  		  	

  

 10 

 

 

 Addendum 1 
 See Attached List 
 Referenced in Section 7(c) of the Separation Agreement and
Release 

 

 

 Addendum 1 to Separation Agreement 
  

			
	 1. URSCorp
	  	32. Kleinfelder
	 2. Jacobs
	  	33. Brown and Caldwell
	 3. AECOM Technology Corp
	  	34. Gannett Fleming
	 4. Fluor Corp
	  	35. Stanley Consultants
	 5. CH2M Hill
	  	36. Hatch Mott MacDonald
	 6. The Shaw Group
	  	37. TranSystems Corp
	 7. Bechtel
	  	38. David Evans and Associates
	 8. Tetra Tech
	  	39. Carollo Engineers
	 9. Parsons
	  	40. Leo A Daly
	 10. KBR
	  	41. RBF Consulting
	 11. AMEC
	  	42. Wilbur Smith Associates
	 12. Parsons Brinckerhoff
	  	43. Arup (Americas)
	 13. MWH Global
	  	44. Golder Associates
	 14. Black & Veatch
	  	45. Reynolds Smith and Hills
	 15. HDR
	  	46. POWER Engineers Inc.
	 16. Earth Tech
	  	47. KCI Technologies
	 17. Louis Berger Group
	  	48. Gresham, Smith and Partners
	 18. HNTB Cos
	  	49. Vanasse Hangen Brustlin
	 19. Arcadis US
	  	50. Greenman-Pedersen
	 20. HOK
	  	51. Woolpert Inc.
	 21. Gensler
	  	52. Hazen and Sawyer
	 22. CDM
	  	53. Psomas
	 23. Kimley-Horn
	  	54. Moffatt & Nichol
	 24. Burns & McDonnell
	  	55. Greenhorne & O’Mara
	 25. MACTEC
	  	56. Kennedy/Jenks
	 26. Fugro
	  	57. Halcrow
	 27. HKS
	  	58. Ellerbe Becket
	 28. Stantec
	  	59. Jordan, Jones & Goulding
	 29. Malcolm Prime
	  	60. Volkert & Associates
	 30. Michael Baker
	  	61. Huitt-Zollars
	 31. Dewberry1993 Employee Stock Purchase Plan and form of subscription agreement thereunder

 Exhibit 10.5 
 DSP GROUP, INC. 
 1993 EMPLOYEE STOCK PURCHASE PLAN

 (as amended and restated effective March 2009) 
 The following constitute the provisions of the 1993 Employee Stock Purchase Plan of DSP Group, Inc. 
 1. Purpose. The purpose of the Plan is to provide employees of the Company and its Designated Subsidiaries with an opportunity to
purchase Common Stock of the Company through accumulated payroll deductions. It is the intention of the Company to have the Plan qualify as an “Employee Stock Purchase Plan” under Section 423 of the Internal Revenue Code of 1986, as
amended. The provisions of the Plan, accordingly, shall be construed so as to extend and limit participation in a manner consistent with the requirements of that section of the Code. 
 2. Definitions. 
 (a) “Board” shall mean the Board of Directors of the Company. 
 (b) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (c) “Common Stock” shall mean the Common Stock of the Company. 
 (d) “Company” shall mean DSP Group, Inc., a Delaware corporation. 
 (e) “Compensation” shall mean all base straight time gross earnings, exclusive of payments for overtime, shift premium, incentive compensation, incentive payments, bonuses, commissions
and other compensation. 
 (f) “Designated Subsidiaries” shall mean the Subsidiaries which have
been designated by the Board from time to time in its sole discretion as eligible to participate in the Plan. 
 (g) “Employee” shall mean any individual who is an Employee of the Company for purposes of tax withholding under the Code whose customary employment with the Company or any Designated Subsidiary is at least twenty
(20) hours per week and more than five (5) months in any calendar year. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved by
the Company. Where the period of leave exceeds three (3) months and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated on the day three
(3) months and one (1) day following the expiration of such three (3) month period. 
 (h)
“Enrollment Date” shall mean the first Trading Day of each Offering Period. 
 (i)
“Exercise Date” shall mean the last Trading Day of each Purchase Period. 
  

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 (j) “Fair Market Value” shall mean, as of any date, the
value of Common Stock determined as follows: 
 (1) If the Common Stock is listed an any established stock
exchange or a national market system, including without limitation the National Market System of the National Association of Securities Dealers, Inc. Automated Quotation (“NASDAQ”) System, its Fair Market Value shall be the closing sale
price for the Common Stock (or the mean of the closing bid and asked prices, if no sales were reported), an quoted an such exchange (or the exchange with the greatest volume of trading in Common stock) or system on the date of such determination, as
reported in The Wall Street Journal or such other source as the Board deems reliable, or; 
 (2) If the Common
Stock is quoted on the NASDAQ system (but not on the National Market System thereof) or is regularly quoted by a recognized securities dealer but selling prices are not reported, its Fair market value shall be the mean of the closing bid and asked
prices for the Common Stock on the date of such determination, as reported in The Wall Street Journal or such other source an the Board dooms reliable, or; 
 (3) In the absence of an established market for the Common Stock, the Fair Market Value thereof shall be determined in good
faith by the Board. 
 (4) For purposes of the Enrollment Date under the first Offering Period under the Plan,
the Fair Market Value of the Common Stock shall be the Price to Public as set forth in the final prospectus filed with the Securities and Exchange Commission pursuant to Rule 424 under the securities Act of 1933, as amended. 
 (k) “Offering Period” shall mean the period of approximately twenty-four (24) months during which an
option granted pursuant to the Plan may be exercised, commencing on the first Trading Day on or after January 1 and July 1 of each year and terminating on the last Trading Day in the periods ending twenty-four months later, except that the
first Offering Period shall be an extended Offering Period of approximately twenty-five months, commencing with the date on which the Company’s registration statement on Form S-1 (or any successor form thereof) is declared effective by the
Securities and Exchange Commission and ending on the last Trading Day in the period ending December 31, 1995. The second Offering Period under the Plan shall commence with the first Trading Day on or after July 1, 1994. The duration of
Offering Periods may be changed pursuant to Section 4 of this Plan. 
 (l) “Plan” shall
mean this Employee Stock Purchase Plan. 
 (m) “Purchase Price” shall mean an amount equal to
85% of the Fair Market Value of a share of Common Stock on the Enrollment Date or on the Exercise Date, whichever is lower. 
 (n) “Purchase Period” shall mean the approximately six month period commencing after one Exercise Date and ending with the next Exercise Date, except that the first Purchase Period of any
Offering Period shall commence on the Enrollment Date and end with the next Exercise Date; provided, however, that the first Purchase Period of the first Offering Period under the Plan shall commence with the date on which the Company’s
registration statement on Form S-1 (or any successor form thereof) is declared effective by the Securities and Exchange Commission and end on the last Trading Day occurring in the period ending June 30, 1994. 
  

 2 

 (o) “Reserves” shall mean the number of shares of Common
Stock covered by each option under the Plan which have not yet been exercised and the number of shares of Common Stock which have been authorized for issuance under the Plan but not yet placed under option. 
 (p) “Subsidiary” shall mean a corporation, domestic or foreign, of which not less than 50% of the voting
shares are held by the Company or a Subsidiary, whether or not such corporation now exists or is hereafter organized or acquired by the Company or a subsidiary. 
 (q) “Trading Day” shall mean a day on which national stock exchanges and the National Association of
Securities Dealers Automated Quotation (NASDAQ) System are open for trading. 
 3. Eligibility. 
 (a) Any Employee (as defined in Section 2(g)), who shall be employed by the Company on a given Enrollment Date shall be
eligible to participate in the Plan. 
 (b) Any Provisions of the Plan to the contrary notwithstanding, no
Employee shall be granted an option under the Plan (i) if, immediately after the grant, such Employee (or any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own capital stock of
the Company and/or hold outstanding options to purchase such stock possessing five percent (5%) or more of the total combined voting power or value of all classes of the capital stock of the Company or of any Subsidiary, or (ii) which
permits his or her rights to purchase stock under all employee stock purchase plans of the Company and its subsidiaries to accrue at a rate which exceeds twenty-five thousand dollars ($25,000) worth of stock (determined at the fair market value of
the shares at the time such option is granted) for each calendar year in which such option is outstanding at any time. 
 4.
Offering Periods. The Plan shall be implemented by consecutive, overlapping Offering Periods with a new Offering Period commencing on the first Trading Day on or after January 1 and July 1 each year, or on such other date an the
Board shall determine, and continuing thereafter until terminated in accordance with Section 19 hereof; provided, however, that the first Offering Period under the Plan shall be an extended Offering Period of approximately twenty-five months,
commencing with the first Trading Day on or after the date on which the Company’s registration statement on Form S-1 (or any successor form thereof) is declared effective by the Securities and Exchange commission and ending on the last Trading
Day in the period ending December 31, 1995. The second Offering Period under the Plan shall commence with the first Trading Day on or after July 1, 1994. The Board shall have the power to change the duration of Offering Periods (including
the commencement and termination dates thereof) with respect to future offerings without shareholder approval if such change is announced at least fifteen (15) days prior to the scheduled beginning of the first Offering Period to be affected
thereafter. 
  

 3 

 5. Participation. 
 (a) An eligible Employee may become a participant in the Plan by completing a subscription agreement authorizing payroll
deductions in the form of Exhibit A to this Plan and filing it with the Company’s payroll office prior to the applicable Enrollment Date, unless a later time for filing the subscription agreement is set by the Board for all eligible Employees
with respect to a given Offering Period. 
 (b) Payroll deductions for a participant shall commence on the first
payroll following the Enrollment Date and shall end on the last payroll in the Offering Period to which such authorization is applicable, unless sooner terminated by the participant as provided in Section 10 hereof. 
 6. Payroll Deductions. 
 (a) At the time a participant files his or her subscription agreement, he or she shall elect to have payroll deductions made on each pay day during the Offering Period in an amount not exceeding ten
percent (10%) of the Compensation which he or she receives on each pay day during the Offering Period, and the aggregate of such payroll deductions during the Offering Period shall not exceed ten percent (10%) of the participant’s
Compensation during said Offering Period. 
 (b) All payroll deductions made for a participant shall be credited
to his or her account under the Plan and will be credited withheld in whole percentages only. A participant may not make any additional payments into such account. 
 (c) A participant may discontinue his or her participation in the Plan as provided in Section 10 hereof, or may increase
or decrease the rate of his or her payroll deductions during the Offering Period by completing or filing with the Company a new subscription agreement authorizing a change in payroll deduction rate. The Board may, in its discretion, limit the number
of participation rate changes during any Offering Period. The change in rate shall be effective with the first full payroll period following five (5) business days after the Company’s receipt of the new subscription agreement unless the
Company elects to process a given change in participation more quickly. A participant’s subscription agreement shall remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof. 
 (d) Notwithstanding the foregoing, to the extent necessary to comply with Section 423 (b)(8) of the Code and
Section 3(b) hereof, a participant’s payroll deductions may be decreased to 0% at such time during any Purchase Period which is scheduled to end during the current calendar year (the “Current Purchase Period”) that the aggregate
of all payroll deductions which were previously used to purchase stock under the Plan in a prior Purchase Period which ended during that calendar year plus all payroll deductions accumulated with respect to the Current Purchase Period equal $21,250.
Payroll deductions shall recommence at the rate provided in such participant’s subscription agreement at the beginning of the first Purchase Period which is scheduled to end in the following calendar year, unless terminated by the participant
as provided in Section 10 hereof. 
  

 4 

 (e) At the time the option is exercised, in whole or in part, or at the time
some or all of the Company’s Common Stock issued under the Plan is disposed of, the participant must make adequate provision for the Company’s federal, state, or other tax withholding obligations, if any, which arise upon the exercise of
the option or the disposition of the Common Stock. At any time, the Company may, but will not be obligated to, withhold from the participant’s cooperation the amount necessary for the Company to most applicable withholding obligations,
including any withholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by the Employee. 
 7. Grant of Option. On the Enrollment Date of each Offering Period, each eligible Employee participating in such Offering Period
shall be granted an option to purchase on each Exercise Date during such Offering Period (at the applicable Purchase price) up to a number of shares of the Company’s Common Stock determined by dividing such Employee’s payroll deductions
accumulated prior to such Exercise Date and retained in the Participant’s account as of the Exercise Date by the applicable purchase Price; provided that in no event shall an Employee be permitted to purchase during each Purchase period more
than a number of Shares determined by dividing $25,000 by the Fair Market Value of a share of the Company’s Common Stock on the Enrollment Date; and provided further that such purchase shall be subject to the limitations set forth in
Sections 3(b) and 12 hereof. Exercise of the option shall occur as provided in Section 8 hereof, unless the participant has withdrawn pursuant to Section 10 hereof, and shall expire on the last day of the Offering Period. 

8. Exercise of Option. Unless a participant withdraws from the Plan as provided in Section 10 hereof, his or her option for
the purchase of shares will be exercised automatically on the Exercise Date, and the maximum number of full shares subject to option shall be purchased for such participant at the applicable Purchase Price with the accumulated payroll deductions in
his or her account. No fractional shares will be purchased; any payroll deductions accumulated in a participant’s account which are not sufficient to purchase a full share shall be retained in the participant’s account for the subsequent
Purchase Period or Offering Period, subject to earlier withdrawal by the participant as provided in Section 10 hereof. Any other monies left over in a participant’s account after the Exercise Date shall be returned to the participant.
During a participant’s lifetime, a participant’s option to purchase shares hereunder is exercisable only by him or her. 
 9. Delivery. As promptly as practicable after each Exercise Date on which a purchase of shares occurs, the Company shall arrange the delivery to each participant, as appropriate, of a certificate representing the shares purchased
upon exercise of his or her option. 
 10. Withdrawal; Termination of Employment. 
 (a) A participant may withdraw all but not less than all the payroll deductions credited to his or her account and not yet
used to exercise his or her option under the Plan at any time by giving written notice to the Company in the form of Exhibit B to this Plan. All of the participant’s payroll deductions credited to his or her account will be paid to such
participant promptly after receipt of notice of withdrawal and such participant’s option for the Offering Period will be automatically terminated, and no further payroll deductions for the purchase of shares will be made during the Offering
Period. If a participant withdraws from an Offering Period, payroll deductions will not resume at the beginning of the succeeding Offering Period unless the participant delivers to the Company a new subscription agreement. 
  

 5 

 (b) Upon a participant’s ceasing to be an Employee (as defined in
Section 2(g) hereof), for any reason, including by virtue of him or her having failed to remain an Employee of the Company for at least twenty (20) hours per week during an Offering Period in which the Employee is a participant, he or she
will be deemed to have elected to withdraw from the Plan and the payroll deductions credited to such participant’s account during the Offering Period but not yet used to exercise the option will be returned to such participant or, in the case
of his or her death, to the person or persons entitled thereto under Section 14 hereof, and such participant’s option will be automatically terminated. 
 11. Interest. No interest shall accrue on the payroll deductions of a participant in the Plan. 
 12. Stock. 
 (a) The maximum number of shares of the
Company’s Common Stock which shall be made available for sale under the Plan shall be 2,000,000 shares, subject to further adjustment upon changes in capitalization of the Company as provided in Section 18 hereof. If on a given Exercise
Date the number of shares with respect to which options are to be exercised exceeds the number of shares then available under the Plan, the Company shall make a pro rata allocation of the shares remaining available for purchase in as uniform a
manner as shall be practicable and as it shall determine to be equitable. 
 (b) The participant will have no
interest or voting right in shares covered by his option until such option has been exercised. 
 (c) Shares to
be delivered to a participant under the Plan will be registered in the name of the participant or in the name of the participant and his or her spouse. 
 13. Administration. 
 (a) Administrative Body. The
plan shall be administered by the Board or a committee of members of the Board appointed by the Board. The Board or its committee shall have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to
determine eligibility and to adjudicate all disputed claims filed under the Plan. Every finding, decision and determination made by the Board or its committee shall, to the full extent permitted by law, be final and binding upon all parties. Members
of the Board who are eligible Employees are permitted to participate in the Plan, provided that: 
 (1) Members
of the Board who are eligible to participate in the Plan may not vote on any matter affecting the administration of the Plan or the grant of any option pursuant to the Plan. 
 (2) If a Committee is established to administer the Plan, no member of the Board who is eligible to participate in the Plan
may be a member of the Committee. 
  

 6 

 (b) Rule 16b-3 Limitations. Notwithstanding the
provisions of Subsection (a) of this Section 13, in the event that Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any successor provision (“Rule 16b-3”)
provides specific requirements for the administrators of plans of this type, the Plan shall be only administered by such a body and in such a manner as shall comply with the applicable requirements of Rule 16b-3. Unless permitted by Rule 16b-3, no
discretion concerning decisions regarding the Plan shall be afforded to any committee or person that is not “disinterested” as that term is used in Rule 16b-3. 
 14. Designation of Beneficiary. 
 (a) A participant may file
a written designation of a beneficiary who is to receive any shares and cash, if any, from the participant’s account under the Plan in the event of such participant’s death subsequent to an Exercise Date on which the option is exercised
but prior to delivery to such participant of such shares and cash. In addition, a participant may file a written designation of a beneficiary who is to receive any cash from the participant’s account under the Plan in the event of such
participant’s death prior to exercise of the option. If a participant is married and the designated beneficiary is not the spouse, spousal consent shall be required for such designation to be effective. 
 (b) Such designation of beneficiary may be changed by the participant at any time by written notice. In the event of the
death of a participant and in the absence of a beneficiary validly designated under the Plan who is living at the time of such participant’s death, the Company shall deliver such shares and/or cash to the executor or administrator of the estate
of the participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the Company, in its discretion, may deliver such shares and/or cash to the spouse or to any one or more dependents or relatives of the
participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may designate. 
 15. Transferability. Neither payroll deductions credited to a participant’s account nor any rights with regard to the exercise of an option or to receive shares tinder the Plan may be assigned, transferred, pledged or otherwise
disposed of in any way (other than by will, the laws of descent and distribution or as provided in Section 14 hereof) by the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that
the Company may treat such act as an election to withdraw funds from an Offering Period in accordance with Section 10 hereof. 
 16. Use of Funds. All payroll deductions received or held by the Company under the Plan may be used by the Company for corporate purpose, and the Company shall not be obligated to segregate such payroll deductions. 
 17. Reports. Individual accounts will be maintained for each participant in the Plan. Statements of account will be given to
participating Employees at least annually, which statement will set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance, if any. 
  

 7 

 18. Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Merger or Asset
Sale. 
 (a) Changes in Capitalization. Subject to any required action by the shareholders of the
Company, the Reserves as well as the price per share of Common Stock covered by each option under the Plan which has not yet been exercised shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock
resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common stock, or any other increase or decrease in the number of shares of Common Stock effected without receipt of consideration by the
Company, provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Board, whose determination in that
respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason
thereof shall be made with respect to, the number or price of shares of Common Stock subject to an option. 
 (b)
Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Offering Periods will terminate immediately prior to the consummation of such proposed action, unless otherwise provided by the Board.

 (c) Merger or Asset Sale. In the event of a proposed sale of all or substantially all of the assets of
the Company, or the merger of the Company with or into another corporation, each option under the Plan shall be assumed or an equivalent option shall be substituted by such successor corporation or a parent or subsidiary of such successor
corporation, unless the Board determines, in the exercise of its sole discretion and in lieu of such assumption or substitution, to shorten the Offering Periods then in progress by setting a new Exercise Date (the “New Exercise Date”). If
the Board shortens the Offering Periods then in progress in lieu of assumption or substitution in the event of a merger or sale of assets, the Board shall notify each participant in writing, at least ten (10) business days prior to the New
Exercise Date, that the Exercise Date for his option has been changed to the New Exercise Date and that his option will be exercised automatically on the New Exercise Date, unless prior to such date he has withdrawn from the Offering Period as
provided in Section 10 hereof. For purposes of this paragraph, an option granted under the Plan shall be deemed to be assumed if, following the sale of assets or merger, the option confers the right to purchase, for each share of option stock
subject to the option immediately prior to the sale of assets or merger, the consideration (whether stock, cash or other securities or property) received in the sale of assets or merger by holders of common stock for each share of Common Stock held
on the effective date of the transaction (and if such holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding shares of common Stock); provided, however, that if such
consideration received in the sale of assets or merger was not solely common stock of the successor corporation or its parent (as defined in Section 424(e) of the Code), the Board may, with the consent of the successor corporation and the
participant, provide for the consideration to be received upon exercise of the option to be solely common stock of the successor corporation or its parent equal in fair market value to the per share consideration received by holders of common stock
and the sale of assets or merger. 
  

 8 

 19. Amendment or Termination. 
 (a) The Board of Directors of the Company may at any time and for any reason suspend, terminate or amend the Plan. Except as
provided in Section 18 and this Section 19, no such termination may affect options previously granted, provided that the Plan or any one or more Offering Periods may be terminated by the Board (or its committee) on any Exercise Date or by
the Board (or its committee) establishing a new Exercise Date with respect to any Offering Period and/or any Purchase Period then in progress if the Board (or its committee) determines that the termination of the Plan or such one or more Offering
Periods is in the best interests of the Company and its shareholders. Except as provided in Section 18 and this Section 19, no amendment may make any change in any option theretofore granted which adversely affects the rights of any
participant without the consent of the affected participants. To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other applicable law or regulation), the Company shall obtain shareholder
approval in such a manner and to such a degree as so required. 
 (b) Without shareholder consent and without
regard to whether any participant rights may be considered to have been “adversely affected,” the Board (or its committee) shall be entitled to limit the frequency and/or number of changes in the amount withheld during Offering Periods,
change the length of Purchase Periods within any Offering Period, determine the length of any future Offering Period, determine whether future Offering Periods shall be consecutive or overlapping, establish the exchange ratio applicable to amounts
withheld in a currency other than U.S. dollars, establish additional terms, conditions, rules or procedures to accommodate the rules or laws of applicable non-U.S. jurisdictions, permit payroll withholding in excess of the amount designated by a
participant in order to adjust for delays or mistakes in the Company’s processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts
applied toward the purchase of Common Stock for each participant properly correspond with amounts withheld from the participant’s Compensation, and establish such other limitations or procedures as the Board (or its committee) determines in its
sole discretion advisable and which are consistent with the Plan. 
 20. Notices. All notices or other communications by
a participant to the Company under or in connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof.

 21. Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an option unless the exercise of
such option and the issuance and delivery of such shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of
1934, as amended, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such
compliance. 
 As a condition to the exercise of an option, the Company may require the person exercising such option to
represent and warrant at the time of any such exercise that the shares

  

 9 

 
are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any
of the aforementioned applicable provisions of law. 
 22. Term of Plan. The Plan shall become effective upon the earlier
to occur of its adoption by the Board of Directors or its approval by the shareholders of the Company. It shall continue in effect until terminated under Section 19 hereof. 
 23. Additional Restrictions of Rule 16b-3. The terms and conditions of options granted hereunder to, and the purchase of shares by,
persons subject to Section 16 of the Exchange Act shall comply with the applicable provisions of Rule 16b-3. This plan shall be deemed to contain, and such options shall contain, and the shares issued upon exercise thereof shall be subject to,
such additional conditions and restrictions as may be required by Rule 16b-3 to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions. 
 24. Automatic Transfer to Low Price Offering Period. To the extent permitted by Rule 16b-3 of the Exchange Act, if the Fair Market
Value of the Common Stock on any Exercise Date in an Offering Period is lower than the Fair Market Value of the Common Stock on the Enrollment Date of such Offering Period, then all participants in such Offering Period shall be automatically
withdrawn from such Offering Period immediately after the exercise of their option on such Exercise Date and automatically re-enrolled in the immediately following Offering Period as of the first day thereof. 
 25. Plan Approval. The Plan was initially approved by the Board and the shareholders of the Company in the year 1993. Effective
January 1, 2004, the Board approved an amendment and restatement of the Plan to extend the term of the Plan, which amendment and restatement was not subject to shareholder approval. In March 28, 2006, the Board approved an amendment and
restatement of the Plan to increase the number of shares reserved for issuance under the Plan from 700,000 to 1,000,000 Shares, which amendment and restatement was subsequently approved by stockholders. In March 2008, the Board approved an amendment
and restatement of the Plan to increase the number of shares reserved for issuance under the Plan from 1,000,000 Shares to 1,500,000, which amendment and restatement was subsequently approved by stockholders. In March 2009, the Board approved an
amendment and restatement of the Plan to increase the number of shares reserved for issuance under the Plan from 1,500,000 Shares to 2,000,000, which amendment and restatement was subsequently approved by stockholders. 
  

 10 

 EXHIBIT A 
 DSP GROUP, INC. 
 1993 EMPLOYEE STOCK PURCHASE PLAN

 SUBSCRIPTION AGREEMENT 
  

					
	________	  	Original Application	  	Enrollment Date:                     
	________	  	Change in Payroll Deduction Rate	  	
	________	  	Change of Beneficiary(ies)	  	

  

	1.	                                       
                                         
         hereby elects to Participate in the DSP Group, Inc. 1993 Employee Stock Purchase Plan (the “Employee Stock Purchase Plan”) and subscribes to purchase shares of the Company’s Common
Stock in accordance with this Subscription Agreement and the Employee Stock Purchase Plan. 

  

	2.	I hereby authorize payroll deductions from each paycheck in the amount of     % of my Compensation on each payday (not to exceed 20%) during
the Offering Period in accordance with the Employee Stock Purchase Plan. (Please note that no fractional percentages are permitted.) 

  

	3.	I understand that said payroll deductions shall be accumulated for the purchase of shares of Common Stock at the applicable Purchase Price determined in accordance with
the Employee Stock Purchase Plan. I understand that if I do not withdraw from an Offering Period, any accumulated payroll deductions will be used to automatically exercise my option. 

  

	4.	I have received a copy of the complete “DSP Group, Inc. 1993 Employee Stock Purchase Plan.” I understand that my participation in the Employee Stock Purchase
Plan is in all respects subject to the term of the Plan. I understand that the grant of the option by the Company under this Subscription Agreement is subject to obtaining shareholder approval of the Employee Stock Purchase Plan.

  

	5.	Shares purchased for me under the Employee Stock Purchase Plan should be issued in the name(s) of (Employee or Employee and spouse only):
                                         
                                         
                                         
                                     .

  

	6.	 I understand that if I dispose of any shares received by me pursuant to the Plan within 2 years after the Enrollment Date (the first day of the
Offering Period during which I purchased such shares) or one year after the Exercise Date, I will be treated for federal income tax purposes as having received ordinary income at the time of such disposition in an amount equal to the excess of the
fair market value of the shares at the time such shares were purchased over the price which I paid far the shares. I hereby agree to notify the Company in writing within 30 days after the date of any disposition of my shares and I will make
adequate provision for Federal, state or other tax withholding obligations, if any, which arise upon the disposition of the Common 

  

 1 

	 	 
Stock. The Company may, but will not be obligated to, withhold from my compensation the amount necessary to meet any applicable withholding obligation including any withholding necessary
to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common Stock by me. If I dispose of such shares at any time after the expiration of the 2-year and 1-year holding periods, I understand that
I will be treated for federal income tax purposes as having received income only at the time of such disposition, and that such income will be taxed as ordinary income only to the extent of an amount equal to the lesser of (1) the excess of the
fair market value of the shares at the time of such disposition over the purchase price which I paid for the shares, or (2) 15% of the fair market value of the shares on the first day of the Offering Period. The remainder of the gain, if any,
recognized on such disposition will be taxed as capital gain. 

  

	7.	I hereby agree to be bound by the terms of the Employee Stock Purchase Plan. The effectiveness of this Subscription Agreement is dependent upon my eligibility to
participate in the Employee Stock Purchase Plan. 

  

	8.	In the event of my death, I hereby designate the following as my beneficiary(ies) to receive all payments and shares due me under the Employee Stock Purchase Plan:

  

							
	NAME:    (Please print)	  	 	  	 	  	 
		  	(First)	  	(Middle)	  	(Last)

  

					
	  	 		 	  
	Relationship	 		 	
			
	 	 		 	  
		 		 	(Address)
			
	 Employee’s Social
 Security Number:
	 		 	  
			
	Employee’s Address:	 		 	  
	 	 		 	  
	 	 		 	  

 I UNDERSTAND THAT THIS
SUBSCRIPTION AGREEMENT SHALL REMAIN IN EFFECT THROUGHOUT SUCCESSIVE OFFERING PERIODS UNLESS TERMINATED BY ME. 
  

					
	Dated:                     	 		 	  
		 		 	Signature of Employee
			
	 	 		 	  
		 		 	Spouse’s Signature (If beneficiary other than spouse)

  

 2 

 EXHIBIT B 
 DSP GROUP, INC. 
 1993 EMPLOYEE STOCK PURCHASE PLAN

 NOTICE OF WITHDRAWAL 
 The undersigned participant in the Offering Period of the DSP Group, Inc. 1993 Employee Stock Purchase Plan which began on
                            ,
             (the “Enrollment Date”) hereby notifies the company that he or she hereby withdraws from the Offering Period. He or she directs the Company to pay to the
undersigned as promptly as practicable all the payroll deductions credited to his or her account with respect to such Offering Period. The undersigned understands and agrees that his or her option for such Offering Period will be automatically
terminated. The undersigned understands further that no further payroll deductions will be made for the purchase of shares in the current Offering Period and the undersigned shall be eligible to participate in succeeding Offering Periods only by
delivering to the Company a new Subscription Agreement. 
  

			
	Name and Address of Participant:
	
	 
	
	 
	
	 
	
	Signature:
	
	 
		
	Date:	 	 

  

 1

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