Document:

Prepared by MERRILL CORPORATION

Exhibit 10.26

 

LOAN MODIFICATION AGREEMENT

 

This Loan Modification Agreement

is entered into as of November 1, 2001, by and between Broadvision Inc.

("Borrower") and Silicon Valley Bank ("Bank").

 

1.             DESCRIPTION OF EXISTING INDEBTEDNESS:  Among other indebtedness which may be owing

by Borrower to Bank, Borrower is indebted to Bank pursuant to, among other

documents, a Loan and Security Agreement, dated July 2, 1997, as may be amended

from time to time, (the "Loan Agreement").  The Loan Agreement provided for, among other things, a Committed

Line in the original principal amount of Three Million Dollars

($3,000,000).  The Loan Agreement has

been modified pursuant to a First Amendment to Loan and Security Agreement dated

February 5, 1998, pursuant to which, among other things, a Revolving Committed

Line in the original principal amount of Two Million Two Hundred Fifty Thousand

Dollars ($2,250,000) was incorporated. 

Furthermore, the Loan Agreement has been modified pursuant to a Second

Loan Modification Agreement dated May 3, 2000, pursuant to which, among other

things, the original principal amount of the Revolving Committed Line increased

to Ten Million Dollars ($10,000,000). Defined terms used but not otherwise

defined herein shall have the same meanings as in the Loan Agreement.

 

Hereinafter, all indebtedness

owing by Borrower to Bank shall be referred to as the "Indebtedness."

 

2.             DESCRIPTION OF COLLATERAL AND GUARANTIES.  Repayment of the Indebtedness is secured by

the Collateral as described in the Loan Agreement and that certain Intellectual

Property Security Agreement, dated July 2, 1997. 

 

Hereinafter, the above-described

security documents and guaranties, together with all other documents securing

repayment of the Indebtedness shall be referred to as the "Security

Documents".  Hereinafter, the

Security Documents, together with all other documents evidencing or securing

the Indebtedness shall be referred to as the "Existing Loan

Documents".

 

3.             DESCRIPTION OF CHANGE IN TERMS.

 

A.            Modification(s) to Loan Agreement.

A

1.             The

following term under Section 1.1 entitled “Definitions” is hereby amended to

read as follows:

 

“Revolving Maturity Date” is March 3, 2002.

 

4.             CONSISTENT CHANGES.  The Existing Loan Documents are hereby amended wherever necessary

to reflect the changes described above.

 

5.             PAYMENT OF LOAN FEE.  Borrower shall pay to Bank a fee in the amount of Seven Thousand

Five Hundred Dollars ($7,500) (the “Loan Fee), plus all out-of-pocket expenses.

 

6.             CONCERNING

REVISED ARTICLE 9 OF THE UNIFORM COMMERCIAL CODE.  The Borrower affirms and reaffirms that notwithstanding the terms

of the Security Documents to the contrary, (i) that the definition of “Code”,

“UCC” or “Uniform Commercial Code” as set forth in the Security Documents shall

be deemed to mean and refer to “the Uniform Commercial Code as adopted by the

State of Delaware, as may be amended and in effect from time to time and (ii)

the Collateral is all assets of the Borrower. 

In connection therewith, the Collateral shall include, without limitation,

the following categories of assets as defined in the Code: goods (including

inventory, equipment and any accessions thereto), instruments (including

promissory notes), documents, accounts (including health-care-insurance

receivables, and license fees), chattel paper (whether tangible or electronic),

deposit accounts, letter-of-credit rights (whether or not the letter of credit

is evidenced by a writing), commercial tort claims, securities and all other

investment property, general intangibles (including payment intangibles and

software), supporting obligations and any and all proceeds of any thereof,

wherever located, whether now owned or hereafter acquired.

 

7.             NO DEFENSES OF BORROWER.  Borrower (and each guarantor and pledgor

signing below) agrees that, as of the date hereof, it has no defenses against

the obligations to pay any amounts under the Indebtedness.

 

8.             CONTINUING VALIDITY.  Borrower (and each guarantor and pledgor signing below)

understands and agrees that in modifying the existing Indebtedness, Bank is

relying upon Borrower's representations, warranties, and agreements, as set

forth in the Existing Loan Documents. 

Except as expressly modified pursuant to this Loan Modification

Agreement, the terms of the Existing Loan Documents remain unchanged and in

full force and effect.  Bank's agreement

to modifications to the existing Indebtedness pursuant to this Loan

Modification Agreement in no way shall obligate Bank to make any future

modifications to the Indebtedness. 

Nothing in this Loan Modification Agreement shall constitute a

satisfaction of the Indebtedness.  It is

the intention of Bank and Borrower to retain as liable parties all makers and

endorsers of Existing Loan Documents, unless the party is expressly released by

Bank in writing.  No maker, endorser, or

guarantor will be released by virtue of this Loan Modification Agreement.  The terms of this paragraph apply not only

to this Loan Modification Agreement, but also to all subsequent loan modification

agreements.

 

9.             CONDITION.        The

effectiveness of this Loan Modification Agreement is conditioned upon payment

of the Loan Fee. 

 

This Loan Modification Agreement

is executed as of the date first written above.

 

	

  BORROWER:

  	

   

  	

  BANK:

  
	

   

  	

   

  	

   

  
	

  BROADVISION,

  INC.

  	

   

  	

  SILICON

  VALLEY BANK

  
	

   

  	

   

  	

   

  
	

  By:

  	

   

  	

   

  	

  By:

  	

   

  
	

  Name:

  	

   

  	

   

  	

  Name:

  	

   

  
	

  Title:

  	

   

  	

   

  	

  Title:Prepared by MERRILL CORPORATION

Exhibit 10.22

September 26, 2001

 

Mark Robillard

960 Wes Moore Drive

West Chester, PA  19082

 

Dear Mark:

 

On behalf of Pharsight

Corporation, I am pleased to offer you the position of Vice President for World

Wide Sales, reporting to me.  Your home

office will be in Philadelphia. We are confident that you will make an

outstanding addition to our team.  Your

leadership and creativity will enable Pharsight to realize our vision of

helping customers make confident decisions as they deal with the complex issues

of drug development.  With your

contributions, Pharsight will continue to improve every level and phase of our

customers business and scientific processes. 

 

Your base salary will be

$195,000 annually, and will be paid semi-monthly.  Your variable target income will be $156,000 for a total targeted

compensation of $351,000.   To assist in

the transition, Pharsight will provide you with a non- recoverable draw of

$52,500 against your annual target compensation, paid over the first six months

of your employment.  You will be

eligible for Pharsight’s employee benefits programs, including health, dental,

vision, life, and disability insurance, 401(k) plan and an annual accrual of 20

paid personal time-off days. You will become eligible for your health benefits

on November 1st, 2001, assuming you are an active employee. In

addition, you would be reimbursed for customary expenses associated with your

position.  Reimbursement will be

administered under the guidelines of our Pharsight Corporation Business Expense

Policy.  This will include, mileage

reimbursement for personal vehicle travel while on business, airport trips,

customer visits and special projects for the company.

 

In the event your

employment at Pharsight is terminated without cause or your responsibilities

are materially reduced within the first 18 months, Pharsight will provide you

with 6 months of severance.  The amount

of severance will be calculated based on your current base salary at the time

of the termination.  If there were a

change of control within the first 18 months of your employment, this agreement

would remain in effect with the surviving company. 

 

In addition, the Board

of Directors will grant you an option to purchase 150,000 shares of stock.  This option will vest over four years and is

subject to the terms and conditions of the Company’s 2000 Stock Option Plan.

The exercise price of the option will be the fair market value of the stock as

determined by the closing price on the Thursday of the week in which you start

work as an employee of Pharsight.

 

This offer does not

constitute a guarantee of employment for any specific period of time, and

either you or Pharsight may terminate the employment relationship at any time,

with or without cause.  This offer does

not constitute a guarantee of employment for any specific period of time, and

either you or Pharsight may terminate our employment relationship at any time,

with or without cause.

 

As a condition of your

employment with Pharsight, you will be required to sign the Company’s Proprietary

Information and Inventions Agreement, two originals of which are enclosed.  Please sign both originals and return one to

me with your acceptance of this offer.

 

For purposes of federal

immigration law, you will be required to provide the Company documentary

evidence of your identity and eligibility for employment in the United

States.  Such documentation must be

provided to us within three (3) business days of your date of hire, or our

employment relationship with you may be terminated.

 

This offer is valid

through September 28, 2001.  I am

sending two originals of this letter. 

Please sign and return one to me, to indicate your acceptance.

 

We will be pleased to

have you as a member of the Pharsight team.

 

Sincerely,

 

 

Art Reidel

President and Chief Executive

Officer

 

Enclosures

 

I accept employment with

Pharsight Corporation subject to the terms and conditions hereof.  I understand that the terms set forth in

this letter supersede all oral discussions I may have had with anyone in the

Company.

 

	

   

  	

   

  	

   

  
	

  Mark Robillard

  	

   

  	

  Date

  

 

My anticipated start

date with Pharsight Corporation will be

____________________________________________

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