Document:

Exhibit 10.42

 

September
30, 2004

 

Monica
J. Burke

Executive
Vice President and Chief Financial Officer

Willis
Lease Finance Corporation

2320
Marinship Way

Sausalito,
CA 94965

 

Dear Ms. Burke:

 

Reference is made to:

 

(1)          the Amended and Restated Indenture, dated as of
December 13, 2002 and as amended on October 10, 2003 (the “Indenture”)
between Willis Engine Funding LLC as Issuer (“WEF”) and The Bank of New
York as Indenture Trustee;

 

(2)          the Amended and Restated Subclass A-1 Note Purchase
Agreement, dated as of December 13, 2002 and as amended on October 10, 2003
(the “Subclass A-1 Note Purchase Agreement”) among WEF, Willis Lease
Finance Corporation (“WLFC”), Sheffield Receivables Corporation (“Sheffield”)
and Barclays Bank PLC (“Barclays”);

 

(3)          the Amended and Restated Subclass B-1 Note Purchase
Agreement, dated as of December 13, 2002 and as amended on October 10, 2003
(the “Subclass B-1 Note Purchase Agreement”)  among WEF, WLFC, Fortis Bank (Nederland) N.V.
and Barclays;

 

(4)          the Subclass A-2 Note Purchase Agreement dated as of
December 13, 2002 (as amended on October 10, 2003 and as may subsequently be
amended, supplemented or otherwise modified from time to time; the “Subclass
A-2 Note Purchase Agreement”), among WEF, WLFC, Sheffield and Barclays; and

 

(5)          the Subclass B-2 Note Purchase Agreement dated as of
December 13, 2002 (as amended on October 10, 2003 and as may subsequently be
amended, supplemented or otherwise modified from time to time; the “Subclass
B-2 Note Purchase Agreement”), among WEF, WLFC, Sheffield and Barclays.

 

In response to your request,
this letter agreement (the “Renewal Letter”) is delivered by the Class A
Purchasers and the Class B Purchasers pursuant to which such Purchasers agree
to extend the Commitment Termination Date in accordance with Section 2.03(b) of
each of the agreements referenced in items (2), (3), (4), and (5) above
(collectively, the “Agreements”). 
Each of the parties hereto agrees to the following extensions:

 

•                  Indenture:  the Conversion Date shall be
extended to March 9, 2005;

 

•                  Subclass A-1 Note Purchase Agreement:  the Commitment Termination Date shall be
extended to March 9, 2005; and

 

•                  Subclass B-1 Note Purchase Agreement:  the Commitment Termination Date shall be
extended to March 9, 2005.

 

•                  Subclass A-2 Note Purchase Agreement:  the Commitment Termination Date shall be
extended to March 9, 2005; and

 

•                  Subclass B-2 Note Purchase Agreement:  the Commitment Termination Date shall be
extended to March 9, 2005.

 

Representations and
Warranties

 

The Issuer represents and
warrants to the Purchaser’s Agent and the Note Purchasers that:

 

(a)          Each of the representations and warranties of the Issuer contained in
the Related Documents to which it is a party (i) were true and correct when
made and (ii) after giving effect to this Renewal Letter, continue to be true
and correct in all material respects on the date hereof (except to the extent
that such representations and warranties relate expressly to an earlier date).

 

(b)         This Renewal Letter and the Agreements, as amended hereby, constitute
the legal, valid and binding obligations of the Issuer, enforceable against the
Issuer in accordance with their respective terms, except as enforceability is
limited by bankruptcy, insolvency, reorganization, moratorium or other laws
relating to or affecting generally the enforcement of creditors’ rights and
except to the extent that availability of the remedy of specific performance or
injunctive relief is subject to the discretion of the court before which any
proceeding therefor may be brought.

 

(c)          After giving effect to this Renewal Letter, no Early Amortization Event
has occurred and is continuing.

 

 

Conditions to Effectiveness

 

This extension shall become
effective on the date when the following conditions precedent have been
satisfied (such date the “Renewal Effective Date”):

 

(a)          The Purchaser’s Agent, each Note Purchaser, the Servicer and the Issuer
shall have delivered to the Purchaser’s Agent an executed counterpart of this
letter agreement.

 

(b)         The representations and warranties set forth above shall be true and
correct in all material respects on the date hereof and on the Renewal
Effective Date.

 

Further Condition

 

Notwithstanding the Renewal
Effective Date, this extension shall terminate on October 5, 2004 unless the
Renewal Fee of $540,000 (or other amount as mutually agreed by the Deal Agent
and the Issuer), payable in connection with this Renewal Letter, shall have
been received by the Deal Agent by October 5, 2004.

 

Capitalized terms not
defined herein or in the Agreements shall have the meanings assigned to them in
the Indenture.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  SHEFFIELD RECEIVABLES
  CORPORATION

  
	
   

  	
  as
  Subclass A-1 Note Purchaser and Subclass A-2 Note Purchaser

  
	
   

  	
   

  
	
   

  	
  By:
  Barclays Bank PLC, as attorney-in-fact

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BARCLAYS BANK PLC, NEW
  YORK BRANCH

  
	
   

  	
  as
  Subclass B-1 Note Purchaser and Subclass B-2 Note Purchaser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FORTIS BANK (NEDERLAND)
  N.V.

  
	
   

  	
  as
  Subclass B-1 Note Purchaser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Acknowledged
  by:

  	
   

  
	
   

  	
   

  
	
  WILLIS ENGINE FUNDING LLC

  	
   

  
	
  as Issuer

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:Exhibit 10.46

 

	
  

  	
  

  

  EMPLOYMENT

  AGREEMENT

  

 

Artemis International Solutions Corporation

4041 MacArthur Blvd, Suite 260

NewportBeach, CA 92660, USA

Phone: +1.949.660.7100

Fax: +1.949.660.7020

 

EMPLOYMENT AGREEMENT (the “Agreement”), dated as of January 23rd, 2004
(the “Effective Date”) by and between Artemis International Solutions
Corporation, a Delaware corporation (the “Company,” “Artemis” or the “Employer”)
and Patrick TERNIER(the “Employee”).

 

WHEREAS, the Company desires to employ the Employee as the President
and Chief Executive Officer of the Company; and

 

WHEREAS, the Employee desires to accept such
employment by the Company, on the terms and subject to the conditions
hereinafter set forth.

 

NOW, THEREFORE, in consideration of the covenants contained herein and
other good and valuable consideration (including but not limited to the
Employee continuing to provide services to the Company pursuant to the
Agreement), the receipt and sufficiency of which are hereby acknowledged, the
Company and the Employee hereby agree as follows:

 

Section 1.   Duties.

 

Employer agrees to employ Employee, and Employee agrees to be so
employed, as President and Chief Executive Officer, reporting directly to the
Board of Directors of the Company (the “Board”), commencing on the Effective
Date and continuing unless and until terminated as set forth herein.  Employee shall be responsible for performing
the customary duties as are appropriate to Employee’s position.  Employee agrees to perform Employee’s duties
to the best of his abilities and to devote all of his professional time,
attention and energy to the business of Employer; provided, however,
that Employee may (i) engage in activities in connection with charitable or
civic activities; and (ii) serve as an executor, trustee or in other similar
fiduciary capacity, if in each case, such activities do not interfere with
Employee’s services hereunder.

 

Section 2.   Compensation.

 

(a)   Salary. 
During each year of the Agreement, Employer shall pay to Employee a
targeted base salary at the rate of $285,000.00 per annum, less all applicable
withholdings and taxes, to be paid consistent with the schedule attached
hereto and incorporated herein by reference as “Exhibit 1” (“Base Salary”).  The Base Salary shall be reviewed at least annually
during the term of this Agreement by the Compensation Committee of the Board,
and may be increased in the sole discretion of Employer.

 

(b)   Incentive Compensation.  Employee shall be eligible to receive an
annual bonus based on a bonus target of $200,000.00 for fiscal year 2004 and
mutually agreed targets for future fiscal years, based upon the Company’s
achievement of economic performance criteria. 
The bonus for fiscal year 2004 will be calculated and payable based on
the targets and schedule information shown on Exhibit 2, attached hereto
and incorporated herein by reference. 
Notwithstanding the foregoing, in the event the budgeted economic
performance of the Company is materially altered due to any acquisitions or
divestitures by the Company during fiscal year 2004, the criteria for bonus
payout will be adjusted equitably by the Compensation Committee of the Board to
take into account the effect of such acquisitions and/or divestitures.

 

1

 

(c)   Options. 
The Company shall grant Employee on or as soon as practicable after the
Effective Date (the “Initial Grant”), options to purchase, in the aggregate, 250,000 shares of common stock of the Company (the “Common
Stock”).  In addition to the Initial Grant,
the Company shall grant to Employee additional options to purchase 125,000
shares of Common Stock (the “Bonus Grants” and, together with the Initial Grant
and any other options granted to Employee during the term of this Agreement,
the “Options”) on or about each of the first two anniversaries of the Effective
Date, or as soon thereafter as the satisfaction of the condition in the next
sentence has been reasonably satisfied. 
Each Bonus Grant shall only be granted to Employee if, during the
calendar year preceding the date on which such grant would otherwise be made,
the Company achieved its revenue and profit budget as approved by the
Board.  The exercise price for each
Option shall be no less than the fair market value of a share of Common Stock
on the date of grant, determined in accordance with the Company’s 2000 Stock
Option Plan (the “Option Plan”).  A
portion of the Options shall qualify for federal income tax purposes as “incentive
stock options” (the number of options that will qualify as incentive stock
options shall be the maximum number permitted under the terms of the Option
Plan), and the remainder shall not qualify for federal tax purposes as
incentive stock options. Written option agreements between the Company and the
Employee (the “Option Agreements”) shall be prepared and delivered by the
Company to the Employee, which Option Agreements shall contain all of the terms
and conditions of the Options. The Options shall vest over three years, with
1/3 of such amount vesting on each of the first three anniversaries of the date
of grant; provided, however, that with respect to the Initial Grant, 83,334
options shall vest immediately upon the Initial Grant, 83,333 options shall
vest 12 months subsequent to the Initial Grant, and 83,333 options shall vest
24 months subsequent to the Initial Grant.. Further, during the term of this
Agreement, Employer, in its sole discretion, may grant additional options to
purchase common stock of the Company to Employee. All of Employee’s Options
shall be subject to the terms and conditions of the Company’s 2000 Stock Option
Plan, as such plan may be amended from time to time, and any agreements
evidencing such Options.  If, after the
Effective Date, the Common Stock is changed by reason of a stock split, reverse
stock split, stock dividend or recapitalization, or converted into or exchanged
for other securities as a result of a merger, consolidation or reorganization
(a “Recapitalization”), the numbers of shares subject to the Initial Grant and
the Bonus Grants (in each case if not yet granted) shall be adjusted or
converted by the same factor or into the same securities as a like number of
outstanding shares of Common Stock would have been adjusted as a result of such
Recapitalization.

 

Section 3.   Benefits; Expense
Reimbursement.

 

During the term of this
Agreement, Employee shall be eligible to participate in any generally available
group insurance, accident, sickness and hospitalization insurance, and any
other similar employee benefit plans and programs maintained by Employer,
subject in each case to the generally applicable terms and conditions of the
applicable plan or program.  Employee
shall be provided a leased car or a car allowance with a per annum cost to the
Company not to exceed $18,000 (provided that Employee shall not be entitled to
any other mileage or other car expense reimbursement).  Employee further shall be entitled to
reimbursement by Employer for all direct out-of-pocket expenditures made by him
on Employer’s behalf in the performance of his services under this Agreement,
subject to any reasonable recordkeeping, reporting and other requirements
imposed from time to time by Employer.

 

Section 4.   Employment Termination.

 

(a)   Termination by Employer for Cause.  Notwithstanding anything to the contrary
herein contained, Employer may terminate immediately the employment of Employee
without notice and without pay in lieu of notice:

 

(i)   if Employee commits an act of theft, fraud
or material dishonesty or misconduct involving the property or affairs of
Employer or the carrying out of Employee’s duties;

 

(ii)   if Employee commits a material breach or
material non-observance of any of the terms or conditions of this Agreement; provided,
however, that, if such breach or non-observance is capable of cure,
Employee is given written notice identifying any such breach or non-observance
with particularity and (A) fails to remedy the same within thirty (30) days of
receipt of such notice, or (B) fails to commence such cure within such thirty
(30) day period and to continue to effect such cure thereafter provided that
any cure period lasting longer than ten (30) days shall only apply if such
breach or non-observance is capable of cure within a reasonable time of such
notice;

 

(iii)   if Employee is
convicted of a felony;

 

(iv)   if Employee refuses or fails to follow any
lawful directive related to the Employer’s business issued by Employer’s Board
of Directors; provided,  however, that, if such refusal or failure
is capable of cure, Employee is given written notice identifying  any such refusal or failure with particularity  and (A) fails to remedy the same within ten (10) days of
receipt of such notice, or (B) fails to commence such cure within such ten (10)
day period and to

 

2

 

continue
to effect such cure thereafter provided that any cure period lasting longer
than ten (10) days shall only apply if such refusal or failure is capable of
cure within a reasonable time of such notice;

 

(v)   if Employee or any member of his family
makes any personal profit arising out of or in connection with a transaction to
which Employer or any of its subsidiaries or affiliates is a party without
making disclosure to and obtaining prior written consent of Employer;

 

(vi)   if Employee habitually fails to perform or
performs his duties or responsibilities hereunder incompetently in any material
respect, or if Employee is inexcusably or repeatedly absent from work or if
Employee is absent for a prolonged period of time (other than as a result of,
or in connection with, a disability or a legally protected leave) (collectively
“Non-Performance”); provided,  however, that, if such
Non-Performance is capable of cure, Employee is given written notice
identifying any such breach or non-observance with particularity  and (A) fails to remedy the same within thirty (30) days of
receipt of such notice, or (B) fails to commence such cure within such thirty
(30) day period and to continue to effect such cure thereafter provided that
any cure period lasting longer than ten (30) days shall only apply if such
Non-Performance is capable of cure within a reasonable time of such notice; or provided,
however, that with respect to Subsections (a)(ii), (iv) and (vi), the
Employer shall only be required to provide notice and opportunity to cure on
one (1) occasion.

 

Upon the termination of Employee’s employment pursuant to this Subsection (a),
the employment of Employee hereunder shall be wholly terminated.  Upon any such termination, Employee shall
have no claim against Employer in respect of his employment for damages or
otherwise except in respect of payment of Base Salary earned, due and owing and
unused vacation time to the date of termination.  Further, following any termination for Cause,
Employee shall forfeit all of Employee’s Options.

 

(b)   Termination by Employer Without
Cause.  Notwithstanding anything herein
to the contrary, Employer may terminate Employee’s employment hereunder at any
time, for any reason or no reason, on not less than fifteen (15) days’ prior
written notice, or with fifteen (15) days’ pay in lieu of such notice.  In the event of termination either pursuant
to this Subsection (b), or if Employee resigns for Good Reason as defined
in Section 4(d)(ii) below, Employee will be entitled, (i) to Employee’s
continued Base Salary for a period of one (1) year at the rate in effect on the
date of Employee’s termination and to any bonus earned but not yet paid, and
(ii) to vest immediately any Options granted hereunder, with all such Options
to be exercisable by the Employee for their full remaining term; provided,
however, that Employee’s right to receive the salary continuation
payments and to vest and have exercisable the Options provided for in this Section 4(b)
shall be conditioned upon continued compliance with Employee’s obligations
under the provisions of this Agreement that survive such termination.

 

(c)   Termination by Employer Due to Death or
Disability.  The employment of Employee
shall, at the option of Employer, terminate immediately in the event of his
death or permanent disability, in which case notice in writing from Employer
shall be sent to Employee or his legal representative.  In the event of termination under this Subsection (c),
in addition to any disability benefit coverage to which he may be entitled
under any disability insurance programs maintained by Employer in which he is a
participant, Employee will be paid an amount equal to the difference between
(i) six (6) months salary at Employee’s Base Salary rate as in effect on the
date of the termination under this Subsection (c) and (ii) the amount of
disability benefits for a six-month period payable to Employee under Employer’s
long-term disability program in which he is a participant.  Except as provided in the preceding sentence,
Employee shall be entitled to no additional compensation under this Agreement
following the date of termination under this Subsection (c), other than
Base Salary and bonus earned but not paid, and unused vacation time accrued,
through the date of termination.  For
purposes of this Agreement, a permanent disability shall mean an illness,
disease, mental or physical disability or other causes beyond Employee’s
control which makes Employee incapable of discharging his duties or obligations
hereunder, or causes Employee to fail in the performance of his duties
hereunder, for six (6) consecutive months, as determined in good faith by the
Board based on a report of a physician selected in good faith by the Board.

 

(d)   Termination by Employee’s Resignation.

 

(i) Except as
provided in subparagraph (ii) below, upon termination of Employee’s employment
due to Employee’s resignation, Employee shall have no claim against Employer in
respect of his employment for damages or otherwise except in respect of payment
of Base Salary earned, due and owing and unused vacation time to the date of
termination.

 

(ii)  For purposes of this Employment Agreement, “Good
Reason” shall mean either, (1) that Employee’s title has been changed to a
title of lesser authority or Employee’s duties or responsibilities within
Company have been

 

3

 

materially
reduced or, (2) that a “Change in Control” of the Company shall have
occurred.  Employee shall have the right
to terminate his employment for Good Reason under this Agreement upon not less
than fifteen (15) days prior written notice, which notice must be given within
thirty (30) days after the occurrence of the event giving rise to such right to
terminate, provided that for those circumstances whereby Employee’s title has
been changed to one of a lesser authority or Employee’s duties have been
materially reduced, Company shall have the right to restore Employee to his
title and position prior to such event within ten (10) days after such notice
is given.  If Employee is not restored to
his prior title and position within ten (10) days after such notice is given
or, in those circumstances whereby a Change in Control of the Company shall
have occurred, then Employee’s resignation under this subparagraph shall be
treated as a termination by the Company without cause, consistent with Section 4(b)
above, with Employee being eligible to receive the benefits as provided
therein.  “Change in Control” of the
Company shall be deemed to have occurred if: 
(1) there shall be consummated (x) any consolidation or merger of the
Company in which the Company is not the continuing or surviving corporation or
pursuant to which shares of Common Stock would be converted into cash,
securities or other property, other than a merger of the Company in which
holders of Common Stock immediately prior to the merger own a majority of the
common stock of the surviving corporation immediately after the merger, or (y)
any sale, lease, exchange or other transfer (in one transaction or a series of
related transactions) of all, or substantially all, of the assets of the
Company; (2) the stockholders of the Company approve any plan or proposal for
the liquidation or dissolution of the Company; or (3) any “person” (as such
term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), shall become the beneficial owner
(within the meaning of Rule 13d-3 under the Exchange Act) of 50% or more of the
outstanding Common Stock.

 

Section 5.   Non-Solicitation.

 

In consideration of the compensation and
other benefits to be provided to Employee hereunder, Employee shall not,
directly or indirectly, for any reason whatsoever, during the term of this
Agreement and for a period of one year following the termination of this
Agreement:

 

(a)   solicit or induce, or attempt to solicit or
induce, employees of, consultants to, or independent contractors of, the
Company or its subsidiaries to terminate their employment, engagement or
affiliation with the Company or in any way interfere with the relationship
between the Company or any of its subsidiaries, on the one hand, and any such
employee of, consultant to, or independent contractor of the Company or any of
its subsidiaries, on the other hand;

 

(b)   knowingly employ or retain for the benefit
of a party other than the Company, any such employee of, consultant to, or
independent contractor of the Company or any of its subsidiaries during a
period of three months after the termination of such employee’s, consultant’s
or independent contractor’s employment, engagement or affiliation with the
Company or any of its subsidiaries unless such retainer is not competitive, and
does not interfere with, the simultaneous retention of such consultant or
independent contractor by the Company; or

 

(c)   induce customers or
vendors of the Company, or any independent knowledge workers or other
information technology professionals, or end user organizations that have a
business relationship with the Company, to alter or terminate their business
relationship with the Company or any of its subsidiaries.

 

Section 6.   Successors and Assigns.

 

This Agreement and all of the rights and obligations hereunder shall be
binding upon Employee and Employer and their respective successors and
assigns.  Employer will require any
successor (whether by purchase, merger, consolidation, operation of law or
otherwise) expressly to assume and agree to perform this Agreement in the same
manner and to the same extent that Employer would be required to perform it if
no such succession or assignment had taken place.  Effective upon such assumption,
and consummation of the underlying transaction, Employer shall have no further
obligation or liability under or with respect to this Agreement.

 

Section 7.   No Third Party Beneficiary.

 

This Agreement is not intended and shall not be construed to confer any
rights or remedies hereunder upon any Person, other than the parties hereto or
their permitted assigns. “Person” shall mean an individual, corporation,
partnership, limited liability company, limited liability partnership,
association, trust or other unincorporated organization or entity.

 

4

 

Section 8.   Notices.

 

Unless otherwise provided herein, any notice, exercise of rights or
other communication required or permitted to be given hereunder shall be in
writing and shall be given by overnight delivery service such as Federal
Express, telecopy (or like transmission) or personal delivery against receipt,
or mailed by registered or certified mail (return receipt requested), to the
party to whom it is given at such party’s address set forth below such party’s
name on the signature page or such other address as such party may hereafter
specify by notice to the other party hereto. 
Any notice or other communication shall be deemed to have been given as
of the date so personally delivered or transmitted by telecopy or like
transmission or on the next business day when sent by overnight delivery
service.

 

Section 9.   Amendment.

 

This Agreement may be amended, modified, superseded or canceled, and
the terms and covenants hereof may be waived, only by a written instrument
executed by both of the parties hereto, or in the case of a waiver, by the
party waiving compliance.  The failure of
either party at any time or times to require performance of any provision
hereof shall in no manner affect the right at a later time to enforce the same.

 

Section 10.   Binding Effect.

 

This Agreement is not assignable by Employee.  None of Employee’s rights under this
Agreement shall be subject to any encumbrances or the claims of Employee’s
creditors.  This Agreement shall be
binding upon and inure to the benefit of Employer and any successor
organization which shall succeed to Employer by merger or consolidation or
operation of law, or by acquisition of all or substantially all of the assets
of Employer (provided that a successor by way of acquisition of assets shall
have undertaken in writing to assume the obligations of Employer hereunder).

 

Section 11.   Governing Law; Dispute
Resolution.

 

This Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of Colorado, without regard to its
conflict of laws provisions.

 

The parties agree that binding arbitration shall be the sole and
exclusive means of resolving any and all disputes, claims or controversies
whatsoever arising out of or relating to this Agreement, including
arbitrability of claims under this Agreement, (collectively referred to herein
as “Disputes”).

 

Any and all such Disputes shall be submitted to a single arbitrator
selected from a panel provided by the American Arbitration Association
comprised of labor arbitrators who are members of the National Academy of
Arbitrators, located in Orange County, California.  Any decision and/or award resulting from
arbitration pursuant to this provision shall be final and binding.  The prevailing party in arbitration shall be
entitled to reimbursement for its expenses, including costs and reasonable
attorneys’ fees.  The parties further
agree that judgment upon any award rendered by the arbitrator may be entered in
any court having jurisdiction thereof. 
Employee agrees to provide written notice of any such demand for
arbitration to the attention of Company’s General Counsel clearly labeled “Demand
for Arbitration,” no later than sixty (60) days from the date he becomes aware
or are provided notice of the occurrence giving rise to the claim.  Employee’s failure to provide such timely
notice shall constitute a full and complete waiver of any such related
claim.  Company agrees to provide
Employee written notice of any such demand for arbitration clearly labeled “Demand
for Arbitration,” no later than sixty (60) days from the date
Company becomes aware or is provided notice of the occurrence giving rise to
the claim.  Company’s failure to provide
such timely notice shall constitute a full and complete waiver of any such
related claim.

 

Section 12.   Severability.

 

If any provision of this Agreement shall for any reason be held
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions hereof shall not be affected or impaired thereby and
such remaining provisions of this Agreement shall remain in full force and
effect.  Moreover, if any one or more of
the provisions of this Agreement shall be held to be excessively broad as to
duration, activity or subject, such provisions shall be construed by limiting
and reducing them so as to be enforceable to the maximum extent allowable by
applicable law.  To the extent permitted
by applicable law, each party hereto waives any provision of law that renders
any provision of this Agreement invalid, illegal or unenforceable in any way.

 

Section 13.   Execution in Counterparts.

 

This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original and all of which shall constitute one
and the same instrument.

 

5

 

Section 14.   Entire Agreement.

 

This Agreement sets forth the entire agreement with respect to the
subject matter hereof, and supersedes all prior agreements and any other
agreement between the parties and understandings, both written and oral,
between the parties with respect to the subject matter hereof.

 

Section 15.   Titles and Headings.

 

Titles and headings to Sections herein are for purposes of reference
only, and shall in no way limit, define or otherwise affect the meaning or
interpretation of any of the provisions of this Agreement.

 

Section 16.   Conflicts of Interest;
Representations and Warranties.

 

Employee specifically covenants, warrants and represents to Employer
that he has the full, complete and entire right and authority to enter into
this Agreement, that he has no agreement, duty, commitment or responsibility or
obligation of any kind or nature whatsoever with any corporation, partnership,
firm, company, joint venture or other Person which would conflict in any manner
whatsoever with any of his duties, obligations or responsibilities to Employer
pursuant to this Agreement or which could interfere with Employee’s performance
under this Agreement, that he is not in possession of any document or other
tangible property of any other Person of a confidential or proprietary nature
which would conflict in any manner whatsoever with any of his duties,
obligations or responsibilities to Employer pursuant to Employee’s Agreement
and Employee’s performance of his obligations to Employer during the term of
this Agreement will not breach any agreement by which Employee is bound not to
disclose any proprietary information, and that he is fully ready, willing and
able to perform each and all of his duties, obligations and responsibilities to
Employer pursuant to this Agreement.

 

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

 

 

	
  Patrick TERNIER

  	
   

  	
  ARTEMIS INTERNATIONAL

  SOLUTIONS CORPORATION

  
	
   

  	
   

  	
  Represented by:

  
	
   

  	
   

  	
  Name: Steve Yager

  
	
   

  	
   

  	
  Title: Chairman of the Board

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Patrick Ternier

  	
   

  	
  /s/ Steve Yager

  
	
  Patrick TERNIER

  	
   

  	
  ARTEMIS INTERNATIONAL SOLUTIONS

  CORPORATION

  
	
  Address:
  17 rue des Cerisiers

  78290 CROISSY-SUR-SEINE

  FRANCE

  	
   

  	
  4041 MacArthur Blvd, Suite 260

  NewportBeach, CA 92660

  USA

  Phone: +1.949.660.7100

  Fax: +1.949.660.7020

  

 

6

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