Document:

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                                                                   Exhibit 10.12

                              AMENDED AND RESTATED
                          REGISTRATION RIGHTS AGREEMENT

     This AMENDED AND REGISTRATION RIGHTS AGREEMENT, dated as of September 2,
2003 (this "Agreement"), is by and among CommVault Systems, Inc., a corporation
organized under the laws of the State of Delaware, (the "Company"), and the
undersigned.

     WHEREAS, pursuant to that certain Series CC Purchase Agreement, dated as
February 14, 2002 (the "Purchase Agreement"), by and among the Company and the
investors a party thereto (the "Investors"), the Investors purchased shares of
Series CC Preferred Stock, par value $0.01 per share, of the Company (the
"Preferred Stock"), all of which may be convened into the Company's common
stock, par value $0.01 per share (the "Common Stock"), pursuant to the terms of
the Preferred Stock;

     WHEREAS, on the date hereof, the Company authorized for issuance an
additional 4,800,000 shares of Preferred Stock and will issue certain of such
Preferred Stock pursuant to a Purchase Agreement, dated as of the date hereof
(the "New Purchase Agreement"), between the Company and the investors party
thereto;

     WHEREAS, the Company agreed to register for sale, or desires to provide for
registration for sale of, (i) the Common Stock to be received upon conversion of
Preferred Stock, (ii) Common Stock that may received under an exercise by the
Investors of preemptive rights under Section 5(g) of the Purchase Agreement or
preemptive rights granted under Section 5(e) of the New Purchase Agreement or in
conversion of other securities received in an exercise of such rights; and (iii)
any other shares of the Common Stock issued as (or issuable upon conversion or
exercise of any warrant, right or other security which is issued as) a dividend
or other distribution with respect to or in exchange for or replacement of the
Preferred Stock (collectively, the "Registrable Stock");

     NOW, THEREFORE, in consideration of the foregoing and the covenants of the
parties set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, subject to the terms
and conditions set forth herein, the parties hereby agree as follows;

     Section 1. Certain Definitions. In this Agreement the following terms shall
have the following respective meanings;

          "Commission" shall mean the Securities and Exchange Commission or any
other federal agency at the time administering the Securities Act.

          "Exchange Act" shall mean the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Commission thereunder, all as the
same shall be in effect at the relevant time.

          "Holders" shall mean (i) the Investors, (ii) each Person holding
Registrable Stock as a result of a transfer or assignment to that Person of
Registrable Stock other than pursuant to

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an effective registration statement or Rule 144 under the Securities Act and
(iii) Persons holding Registrable Stock as of the date hereof and any permitted
transferees hereunder. A Person shall cease to be a Holder when such Person no
longer holds any Registrable Stock.

          "Indemnified Party" shall have the meaning ascribed to it in Section
7(c) of this Agreement.

          "Indemnifying Party" shall have the meaning ascribed to it in Section
7(c) of this Agreement.

          "Investors" shall have the meaning ascribed to it in the recitals, and
shall include all parties to this Agreement other than the Company.

          "Initiating Holders" shall mean any Holder or Holders who in the
aggregate hold not less than 50% of the outstanding Registrable Stock at the
time the demand is made; provided that all Registrable Stock held by such Holder
or Holders and included for purposes of determining whether 50% of the
outstanding Registrable Stock is held at such time shall have been outstanding
for at least one year at such time.

          "Person" shall mean an individual, corporation, partnership, limited
liability company, estate, trust, association, private foundation, joint stock
company or other entity.

          "Piggyback Notice" shall have the meaning ascribed to it in Section
3(a) of this Agreement.

          "Piggyback Registration" shall have the meaning ascribed to it in
Section 3(a) of this Agreement.

          "Preferred Stock" shall have the meaning ascribed to it in the
recitals to this Agreement and shall include the shares of Preferred Stock
authorized by the Company on the date hereof.

          "Putnam" shall mean the funds and accounts managed by affiliates of
Putnam Investments, LLC, as listed on the signature pages hereto.

          The terms "Register," "Registered" and "Registration" refer to a
registration effected by preparing and filing a registration statement in
compliance with the Securities Act providing for the sale by the Holders of
Registrable Stock in accordance with the method or methods of distribution
designated by the Holders, and the declaration or ordering of the effectiveness
of such registration statement by the Commission.

          "Registrable Stock" shall have the meaning ascribed to it in the
recitals to this Agreement, except that as to any particular Registrable Stock,
such securities shall cease to be Registrable Stock when (a) a registration
statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been disposed
of in accordance with such registration statement, or (b) such securities shall
have been sold in accordance with Rule 144 (or any successor provision) under
the Securities Act.

                                        2           SERIES CC REG. RIGHTS AGREE.

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          "Registration Request" shall have the meaning ascribed to it in
Section 2(a) of this Agreement.

          "Rule 144" shall mean Rule 144 promulgated by the Commission under the
Securities Act.

          "Securities Act" shall mean the Securities Act of 1933, as amended,
and the rules and regulations of the Commission thereunder, all as the same
shall be in effect at the relevant time.

          "Series AA Registration Rights Agreement" shall mean the Amended and
Restated Registration Rights Agreement, dated as of the date hereof, relating to
the Company's Series AA Preferred Stock. $0.01 par value per share.

          "Series AA Holders" shall have the meaning ascribed to it in Section
2(b) of this Agreement.

          "Suspension Right" shall have the meaning ascribed to it in Section
2(a) of this Agreement.

          "S-3 Suspension Right" shall have the meaning ascribed to it in
Section 4(a) of this Agreement.

     Section 2. Demand Registration.

          (a) Upon receipt of a written request (a "Registration Request"),
delivered no earlier than the earlier of (i) January 31, 2004 and (ii) 180 days
from the effective date of the registration statement relating to an
underwritten initial public offering of the Common Stock, from Initiating
Holders with respect to Registrable Stock representing at least 25% of such
Initiating Holders, Registrable Stock (or any lesser percentage having a
reasonably anticipated aggregate offering price to the public of more than
$2,000,000), the Company shall (i) promptly give notice of the Registration
Request to all other Holders (other than Putnam, in which case: the Company will
not give such prior notice and as a substitute for such notice will give Putnam
notice of the Registration promptly after 4:00 p.m. (New York City time) on the
business day immediately preceding the day upon which the registration statement
will be filed with the SEC (the "Filing Date") and Putnam will have until 3:00
p.m. on the Filing Date to give the Company notice (which notice may be by
telephone or e-mail) of the number of shares that it desires to include in the
registration statement, subject to Section 2(b) below; provided, that, if the
Company fails to file such registration statement by 9:00 a.m. (New York City
time) on the day immediately following the proposed Filing Date, it will issue a
press release conforming with Rule 135 under the Securities Act describing in
detail such proposed Registration by 9:00 a.m. (New York City time) on the day
following the proposed Filing Date) and (ii) prepare and file with the
Commission promptly, but in any event within (x) 90 days after its receipt of
such Registration Request if the Company had not conducted an underwritten
public offering of the Common Stock before such time and (y) 45 days after its
receipt of such Registration Request if the Company had conducted an
underwritten public offering of the Common Stock before such time, a
registration statement for the purpose of effecting a Registration of the sale
of all Registrable Stock requested to be Registered by the requesting Holders
and any non-requesting

                                        3           SERIES CC REG. RIGHTS AGREE.

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Holder who requests to have his Registrable Stock included in such registration
statement within ten days after receipt of notice by such Holder of the
Registration Request or, in the case of Putnam, by 1:00 p.m. on the Filing Date.
The Company shall use reasonable best efforts to effect such Registration as
soon as practicable (including, without limitation, the execution of an
undertaking to file post-effective amendments and appropriate qualification
under applicable state securities laws); and shall keep such Registration
continuously effective until the earlier of (i) the second anniversary of the
date that shares of Registrable Stock are first sold pursuant to such
Registration, (ii) the date on which all shares of Registrable Stock have been
sold pursuant to such registration statement or Rule 144 and (iii) the date on
which, in the reasonable opinion of counsel to the Company, all of the
Registrable Stock may be sold in accordance with Rule 144(k); provided, however,
that the Company shall not be obligated to take any action to effect any such
Registration, qualification or compliance pursuant to this Section 2 (i) in any
particular jurisdiction in which the Company would become subject to taxation or
would be required to execute a general consent to service of process in
effecting such Registration, qualification or compliance unless the Company is
already subject to taxation or service in such jurisdiction or (ii) during the
period starting with the date 45 days prior to the Company's good faith estimate
of the date of filing of, and ending on a date 180 days after the effective date
of, a Company-initiated registration.

     Notwithstanding the foregoing, the Company shall have the right (the
"Suspension Right") to defer such filing (or suspend sales under any filed
registration statement or defer the updating of any filed registration statement
and suspend sales thereunder) at any time or from time to time, for a period of
not more than 45 days during any period of 365 days, if the Company shall
furnish to the Holders a certificate signed by an executive officer of the
Company stating that, in the good faith judgment of the Company, it would be
detrimental to the Company and its shareholders to file such registration
statement or amendment thereto at such time (or continue sales under a filed
registration statement) and therefore the Company has elected to defer the
filing of such registration statement (or suspend sales under a filed
registration statement).

          (b) If a Demand Registration is an underwritten Demand Registration
with other holders requesting to include their securities pursuant to other
piggyback rights and the managing underwriters advise the Company in writing
that, in their opinion, the number of securities requested to be included in
such registration exceeds the number which can be sold in an orderly manner in
such offering within a price range acceptable to the holders initially
requesting such registration, the Company will include in such registration (i)
first, the Registrable Stock requested to be included therein by the Holders and
the securities requested to be included therein by the holders that have
piggyback registration rights pursuant to the Series AA Registration Rights
Agreement (the "Series AA Holders"), pro rata among such Holders, and Series AA
Holders on the basis of the number of shares of Registrable Stock or securities
requested for inclusion in such registration by each such Holder or Series AA
Holder and (ii) second, any securities requested to be included therein by any
other holders with piggyback rights, subject to reduction as provided in the
agreements granting registration rights to such holders.

          (c) The Company shall not be required to effect more than two
Registrations pursuant to this Section 2.

                                        4           SERIES CC REG. RIGHTS AGREE.

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     Section 3. Piggyback Registrations.

          (a) On and after the closing of an underwritten initial public
offering of the Common Stock, as long as the Holders hold any Registrable Stock,
if the Company proposes to register any of its common equity securities or any
securities convertible into its common equity securities under the Securities
Act whether or not for its own account (other than pursuant to (i) a
registration on Form S-4 or any successor form, or (ii) an offering of
securities in connection with an employee benefit, share dividend, share
ownership or dividend reinvestment plan) and the registration form to be used
may be used for the registration of Registrable Stock, the Company shall give
prompt written notice to all Holders (other than Putnam, in which case: the
Company will not give such prior notice and as a substitute for such notice will
give Putnam notice of the Registration promptly after 4:00 p.m. (New York City
time) on the business day immediately preceding the "Filing Date" and Putnam
will have until 3:00 p.m. on the Filing Date to give the Company notice (which
notice may be by telephone or e-mail) of the number of shares that it desires to
include in the registration statement, subject to Section 3(b) and Section 3(c)
below; provided, that, if the Company fails to file such registration statement
by 9:00 a.m. (New York City time) on the day immediately following the proposed
Filing Date, it will issue a press release conforming with Rule 135 under the
Securities Act describing in detail such proposed Registration by 9:00 a.m. (New
York City time) on the day following the proposed Filing Date) of its intention
to effect such a registration (each a "Piggyback Notice") and, subject to
subparagraph 3(c) below, the Company shall include in such registration all
Registrable Stock with respect to which the Company has received written
requests for inclusion therein within ten days after the date of receipt of the
Piggyback Notice, or in the case of Putnam, by 1:00 p.m. on the Filing Date (a
"Piggyback Registration"), unless, in the case of an underwritten Piggyback
Registration, pursuant to Section 3(b) the managing underwriters advise the
Company in writing that in their opinion, the inclusion of Registrable Stock
would adversely interfere with such offering. Nothing herein shall affect the
right of the Company to withdraw any such registration in its sole discretion.

          (b) If a Piggyback Registration is a primary underwritten registration
initiated by the Company and the managing underwriters advise the Company in
writing that, in their opinion, the number of securities requested to be
included in such registration exceeds the number which can be sold in an orderly
manner within a price range acceptable to the Company, the Company will include
in such registration (i) first, the securities the Company proposes to sell,
(ii) second, the securities requested to be included therein, if any, by the
Holders and the Series AA Holders, pro rata among such Holders and Series AA
Holders on the basis of the number of shares requested for inclusion by each
such Holder or Series AA Holder, and (iii) third, any securities requested to be
included in such Registration by any other holders that have piggyback rights,
subject to reduction as provided in the agreements granting registration rights
to such holders.

          (c) If a Piggyback Registration is a secondary registration requested
by other holders of the Company's securities and, if the Piggyback Registration
is an underwritten Piggyback Registration and the managing underwriters advise
the Company in writing that, in their opinion, the number of securities
requested to be included in such registration exceeds the number which can be
sold in an orderly manner in such offering within a price range acceptable to
the holders initially requesting such registration, the Company will include in
such registration

                                        5           SERIES CC REG. RIGHTS AGREE.

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(i) first, the securities requested to be included therein by the holders
requesting such registration, the Holders and the Series AA Holders, pro rata
among such holders requesting such registration, Holders and Series AA Holders
on the basis of the number of shares of Common Stock of the Company requested
for inclusion in such registration by each such holder requesting such
registration, Holder or Series AA Holder and (ii) second, any securities
requested to be included therein by any other holders with piggyback rights,
subject to reduction as provided in the agreements granting registration rights
to such holders.

          (d) In the case of an underwritten Piggyback Registration, the Company
will have the right to select the investment banker(s) and manager(s) to
administer the offering. If requested by the underwriters for any underwritten
offerings by Holders, under a registration requested pursuant to Section 2(a),
the Company will enter into a customary underwriting agreement with such
underwriters for such offering, to contain such representations and warranties
by the Company and such other terms which are customarily contained in
agreements of this type (including indemnification provisions). The Holders
shall be a party to such underwriting agreement and may, at their option,
require that any or all of the conditions precedent to the obligations of such
underwriters under such underwriting agreement be conditions precedent to the
obligations of Holders. The Holders shall not be required to make any
representations or warranties to or agreement with the Company or the
underwriters other than representations, warranties or agreements regarding the
Holders and the Holders' intended method of distribution and any other
representations or warranties required by law.

     Section 4. S-3 Registration

          (a) After its initial public offering of Common Stock, the Company
shall use its reasonable best efforts to qualify for registration on Form S-3 or
any comparable or successor form or forms. After the Company has qualified for
use of Form S-3, in addition to the rights contained in Sections 2 and 3, the
Holders of Registrable Securities shall have the right to request registrations
on Form S-3 (such requests shall be in writing and shall state the number of
shares of Registrable Securities to be disposed of and the intended methods of
disposition of such shares by such Holder or Holders). The Company shall use
reasonable best efforts to effect such Registration as soon as practicable
(including, without limitation, the execution of an undertaking to file
post-effective amendments and appropriate qualification under applicable state
securities laws); and shall keep such Registration continuously effective until
the earlier of (i) the date on which all shares of Registrable Stock have been
sold pursuant to such registration statement or Rule 144 and (ii) the date on
which, in the reasonable opinion of counsel to the Company, all of the
Registrable Stock may be sold in accordance with Rule 144(k), provided, however,
that the Company shall not be obligated to effect any such registration (i) if
the Holders, together with the holders of any other securities of the Company
entitled to inclusion in such registration, propose to sell Registrable
Securities and such other securities (if any) on Form S-3 at an aggregate price
to the public of less than $1,000,000, (ii) in the circumstances described in
the proviso to the first paragraph of Section 2(a), (iii) if, in connection with
a Demand Registration under Section 2, the Company shall furnish the
certification described in the second paragraph of Section 2(a) (but subject to
the limitations set forth therein) or (iv) if, in a given twelve-month period,
the Company has effected one such registration in such period.

                                        6           SERIES CC REG. RIGHTS AGREE.

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          Notwithstanding the foregoing, the Company shall have the right (the
"S-3 Suspension Right") (i) to defer such filing or suspend sales under any
filed registration statement for up to 45 days during any period of 365 days or
(ii) defer the updating of any filed registration statement and suspend sales
thereunder at any time or from time to time, for a period of not more than 45
days during any period of 365 days, if the Company shall furnish to the Holders
a certificate signed by an executive officer or any trustee of the Company
stating that, in the good faith judgment of the Company, it would be detrimental
to the Company and its shareholders to file such registration statement or
amendment thereto at such time (or continue sales under a filed registration
statement) and therefore the Company has elected to defer the filing of such
registration statement (or suspend sales under a filed registration statement).

          (b) The Holders' rights under this Section 4 shall terminate upon the
earlier to occur of (i) the fifth anniversary of the date of the closing of an
underwritten initial public offering of the Common Stock and (ii) the date on
which all of the Registrable Stock may be sold in accordance with Rule 144(k).

     Sections 5. Registration Procedures.

          (a) The Company shall promptly notify the Holders participating in a
registration (the same day in the case of Putnam) of the occurrence of the
following events:

               (i) when any registration statement relating to the Registrable
     Stock or post-effective amendment thereto filed with the Commission has
     become effective;

               (ii) the issuance by the Commission of any stop order suspending
     the effectiveness of any registration statement relating to the Registrable
     Stock;

               (iii) the suspension of an effective registration statement by
     the Company in accordance with the last paragraph of Section 2(a) or
     Section 4(a) hereof;

               (iv) the Company's receipt of any notification of the suspension
     of the qualification of any Registrable Stock covered by a registration
     statement for sale in any jurisdiction; and

               (v) the existence of any event, fact or circumstance that results
     in a registration statement or prospectus relating to Registrable Stock or
     any document incorporated therein by reference containing an untrue
     statement of material fact or omitting to state a material fact required to
     be stated therein or necessary to make the statements therein not
     misleading during the distribution of securities.

     The Company agrees to use reasonable best efforts to obtain the withdrawal
of any order suspending the effectiveness of any such registration statement or
any state qualification as promptly as possible. The Holders agree that upon
receipt of any notice from the Company of the occurrence of any event of the
type described in Sections 5(a)(ii), (iii), (iv) or (v) to immediately
discontinue their disposition of Registrable Stock pursuant to any registration
statement relating to such securities until the Holders receive written notice
from the Company that such disposition may be made.

                                        7           SERIES CC REG. RIGHTS AGREE.

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          (b) The Company shall provide to the Holders, at no cost to the
Holders, such number of copies of the registration statement and any amendment
thereto used to effect the Registration of the Registrable Stock, each
prospectus contained in such registration statement or post-effective amendment
and any amendment or supplement thereto and such other documents as the
requesting Holders may reasonably request in order to facilitate the disposition
of the Registrable Stock covered by such registration statement. The Company
consents to the use of each such prospectus and any supplement thereto by the
Holders in connection with the offering and sale of the Registrable Stock
covered by such registration statement or any amendment thereto. If the Common
Stock is listed on a national securities exchange at any time during the period
in which the Company is obligated to keep the registration statement effective
pursuant to Sections 2, 3 or 4, to the extent applicable, the Company shall also
file a sufficient number of copies of the prospectus and any post-effective
amendment or supplement thereto with such exchange so as to enable the Holders
to have the benefits of the prospectus delivery provisions of Rule 153 under the
Securities Act.

          (c) The Company will use reasonable best efforts to obtain all legal
opinions, auditors= consents and comfort letters and experts cooperation as may
be required, including furnishing to each selling Holder of Registrable Stock a
signed counterpart, addressed or confirmed to such Holder, of (i) an opinion of
counsel for the Company and (ii) a "cold comfort" letter signed by the
independent public accountants who have certified the Company's financial
statements included in such registration statement, covering substantially the
same matters as are customarily covered in opinions of issuer's counsel and in
accountants' letters delivered to underwriters in underwritten public offerings
of securities.

          (d) The Company shall use reasonable best efforts to cause the
Registrable Stock covered by a registration statement to be registered with or
approved by such state securities authorities as may be necessary to enable the
Holders to consummate the disposition of such stock pursuant to the plan of
distribution set forth in the registration statement; provided, however, that
the Company shall not be obligated to take any action to effect any such
Registration, qualification or compliance pursuant to this Section 5 in any
particular jurisdiction in which the Company would become subject to taxation or
would be required to execute a general consent to service of process in
effecting such Registration, qualification or compliance unless the Company is
already subject to taxation or service in such jurisdiction.

          (e) Subject to the Company's Suspension Right or an S-3 Suspension
Right, if any event, fact or circumstance requiring an amendment to a
registration statement relating to the Registrable Stock or supplement to a
prospectus relating to the Registrable Stock shall exist, immediately upon
becoming aware thereof the Company shall notify the Holders and prepare and
furnish to the Holders a post-effective amendment to the registration statement
or supplement to the prospectus or any document incorporated therein by
reference or file any other required document so that, as thereafter delivered
to the purchasers of the Registrable Stock, the prospectus will not contain an
untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein not misleading.

          (f) The Company shall use reasonable best efforts (including the
payment of any listing or quotation fees) to obtain the listing or quotation of
all Registrable Stock covered by

                                        8           SERIES CC REG. RIGHTS AGREE.

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the registration statement on each securities exchange or inter-dealer automated
quotation system on which securities of the same class or series are then
listed.

          (g) The Company and the Holders shall use reasonable best efforts to
comply with the Securities Act and the Exchange Act in connection with the offer
and sale of Registrable Stock pursuant to a registration statement, and, as soon
as reasonably practicable following the end of any fiscal year during which a
registration statement effecting a Registration of the Registrable Stock shall
have been effective, to make available to the Holders an earnings statement
satisfying the provisions of Section 11(a) of the Securities Act and Rule 158
promulgated thereunder.

          (h) The Company shall cooperate with the selling Holders to facilitate
the timely preparation and delivery of certificates representing Registrable
Stock to be sold pursuant to a Registration and not bearing any Securities Act
legend, and enable certificates for such Registrable Stock to be issued for such
numbers of stock and registered in such names as the Holders may reasonably
request at least two business days prior to any sale of Registrable Stock.

     Section 6. Expenses of Registration. All reasonable expenses other than
underwriting discounts and commissions, transfer taxes and fees and
disbursements of counsel for the Holders, shall be borne by the Company. The
underwriting discounts and commissions, transfer taxes and fees and
disbursements of counsel for any Holder shall be borne by such Holder.

     Section 7. Indemnification.

          (a) The Company shall indemnify each Holder, each Holder's officers
and directors, trustees, and each person controlling such Holder within the
meaning of Section 15 of the Securities Act, against all expenses, claims,
losses, damages and liabilities (including reimbursement of reasonable legal
fees and expenses), arising out of or based on any untrue statement (or alleged
untrue statement) of a material fact contained in any registration statement or
prospectus relating to the Registrable Stock, or any amendment or supplement
thereto, or any document incorporated therein, or based on any omission (or
alleged omission) to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, provided, however,
that the Company shall not be liable in any such case to the extent that any
such claim, loss, damage, liability or expense arises out of or is based on any
untrue statement or omission or alleged untrue statement or omission, made in
reliance upon and in conformity with information furnished in writing to the
Company by such Holder for inclusion therein.

          (b) Each Holder, if Registrable Stock held by such Holder is included
in the securities as to which such registration is being effected, shall
indemnify, severally, but not jointly, the Company, each of its trustees and
each of its officers who signs the registration statement, and each person who
controls the Company within the meaning of Section 15 of the Securities Act,
against all claims, losses, damages and liabilities (including reimbursement of
reasonable legal fees and expenses) arising out of or based on any untrue
statement (or alleged untrue statement) of a material fact contained in any such
registration statement or prospectus, or any amendment or supplement thereto, or
any document incorporated therein, or based on any

                                        9           SERIES CC REG. RIGHTS AGREE.

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omission (or alleged omission) to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, in
each case to the extent, but only to the extent, that such untrue statement (or
alleged untrue statement) or omission (or alleged omission) is made in such
registration statement or prospectus, in reliance upon and in conformity with
information furnished in writing to the Company by such Holder for inclusion
therein.

          (c) Each party entitled to indemnification under this Section 7 (the
"Indemnified Party") shall give notice to the party required to provide
indemnification (the "Indemnifying Party") promptly after such Indemnified Party
has actual knowledge of any claim as to which indemnity may be sought, but the
omission to so notify the Indemnifying Party shall not relieve it from any
liability which it may have to the Indemnified Party pursuant to the provisions
of this Section 7 except to the extent of the actual damages suffered by such
delay in notification. The Indemnifying Party shall assume the defense of such
action, including the employment of counsel to be chosen by the Indemnifying
Party to be reasonably satisfactory to the Indemnified Party, and payment of
expenses. The Indemnified Party shall have the right to employ its own counsel
in any such case, but the legal fees and expenses of such counsel shall be at
the expense of the Indemnified Party, unless the employment of such counsel
shall have been authorized in writing by the Indemnifying Party in connection
with the defense of such action, or the Indemnifying Party shall not have
employed counsel to take charge of the defense of such action or the Indemnified
Party shall have reasonably concluded that there may be defenses available to it
or them which are different from or additional to those available to the
Indemnifying Party (in which case the Indemnifying Party shall not have the
right to direct the defense of such action on behalf of the Indemnified Party),
in any of which events such fees and expenses shall be borne by the Indemnifying
Party. No Indemnifying Party, in the defense of any such claim or litigation,
shall, except with the consent of each Indemnified Party, consent to entry of
any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such
Indemnified Party of a release from all liability in respect to such claim or
litigation.

          (d) If the indemnification provided for in this Section 7 is
unavailable to a party that would have been an Indemnified Party under this
Section 7 in respect of any expenses, claims, losses, damages and liabilities
referred to herein, then each party that would have been an Indemnifying Party
hereunder shall, in lieu of indemnifying such Indemnified Party, contribute to
the amount paid or payable by such Indemnified Party as a result of such
expenses, claims, losses, damages and liabilities in such proportion as is
appropriate to reflect the relative fault of the Indemnifying Party on the one
hand and such Indemnified Party on the other in connection with the statement or
omission which resulted in such expenses, claims, losses, damages and
liabilities, as well as any other relevant equitable considerations. The
relative fault shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the
Indemnifying Party or such Indemnified Party and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. The Company and each Holder agree that it would not be
just and equitable if contribution pursuant to this Section were determined by
pro rata allocation or by any other method of allocation which does not take
account of the equitable considerations referred to above in this Section 7(d).

                                        10          SERIES CC REG. RIGHTS AGREE.

<PAGE>

          (e) No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation.

          (f) In no event shall any Holder be liable for any expenses, claims,
losses, damages or liabilities pursuant to this Section 7 in excess of the net
proceeds to such Holder of any Registrable Stock sold by such Holder pursuant to
the registration statement in question.

     Section 8. Information to be Furnished by Holders. Each Holder shall
furnish to the Company such information as the Company may reasonably request
and as shall be required in connection with the Registration and related
proceedings referred to in Section 2, Section 3 or Section 4 hereof. If any
Holder fails to provide the Company with such information within 10 days of
receipt of the Company's request, the Company's obligations under Section 2,
Section 3 or Section 4 hereof, as applicable, with respect to such Holder or the
Registrable Stock owned by such Holder shall be suspended until such Holder
provides such information.

     Section 9. Rule 144 Sales and S-3 Eligibility.

          (a) The Company shall use its reasonable best efforts to file the
reports required to be filed by the Company under the Exchange Act, so as to
enable any Holder to sell Registrable Stock pursuant to Rule 144 under the
Securities Act.

          (b) In connection with any sale, transfer or other disposition by any
Holder of any Registrable Stock pursuant to Rule 144 under the Securities Act,
the Company shall cooperate with such Holder to facilitate the timely
preparation and delivery of certificates representing Registrable Stock to be
sold and not bearing any Securities Act legend, and enable certificates for such
Registrable Stock to be for such number of shares and registered in such names
as the selling Holder may reasonably request at least two business days prior to
any sale of Registrable Stock.

          (c) The Company shall take such action, including the voluntary
registration of its Common Stock under Section 12 of the Securities Exchange Act
of 1934, as amended, as will permit Holders to use Form S-3 for the sale of
their Registrable Stock, such action to be taken as soon as practicable (but not
later than 120 days) after the end of the fiscal year in which the registration
statement for the Company's initial public offering is declared effective.

     Section 10. Assignment of Registration Rights; Future Holders.

          (a) The rights of the Holders hereunder, including the right to have
the Company register Registrable Stock pursuant to this Agreement, shall be
automatically assignable by each Holder to any transferee of all or any portion
of the shares of Preferred Stock or the Registrable Stock if: (i) the Holder
agrees in writing with the transferee or assignee to assign such rights, and a
copy of such agreement is furnished to the Company after such assignment, (ii)
the Company is furnished with written notice of (a) the name and address of
such transferee or assignee, and (b) the securities with respect to which such
registration rights are being transferred or assigned, (iii) following such
transfer or assignment, the further disposition of such securities by the
transferee or assignee is restricted under any applicable provisions of the
Securities Act and state securities laws, (iv) the transferee or assignee agrees
in

                                       11           SERIES CC REG. RIGHTS AGREE.

<PAGE>

writing for the benefit of the Company to be bound by all of the provisions
contained herein, and (v) such transfer of the Registrable Stock shall have been
made in accordance with the applicable requirements of Section 5(f) of the
Purchase Agreement or Section 5(d) of the New Purchase Agreement.

     Section 11. Limitation on Grant of Additional Piggyback Rights. The Company
shall not, without the consent of the Holders of at least 50% of the Registrable
Stock then outstanding, grant to any holder of the Company's securities
piggyback registration rights that are superior to those contained in this
Agreement.

     Section 12. Miscellaneous.

          (a) Governing Law; Jurisdiction. This Agreement shall be governed by
and construed and enforced in accordance with the laws of the State of
Delaware.

          (b) WAIVER OF JURY TRIAL. THE COMPANY AND THE INVESTORS HEREBY WAIVE
ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING
OR LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED THEREBY.

          (c) Entire Agreement. This Agreement constitutes the entire agreement
and supersedes all other prior agreements and understandings, both written and
oral, among the parties hereto and their affiliates with respect to the matters
set forth herein.

          (d) Amendments and Waivers. With the written consent of the Company
and the record holders of 66 2/3% of the Registrable Stock then outstanding, (i)
the obligations of the Company under this Agreement and the rights of the
holders of the Registrable Stock under this Agreement may be waived (either
generally or in a particular instance, either retroactively or prospectively,
and either for a specified period of time or indefinitely) or (ii) this
Agreement may be amended, changed, discharged or terminated. Notwithstanding the
foregoing, (i) if any waiver of any right or rights granted to a Holder under
this Agreement would uniquely affect such Holder, then such waiver may be
approved or granted by such Holder without the consent or approval of any other
Holder and (ii) if any waiver or amendment of any right or rights granted to a
Holder under this Agreement would adversely affect only a given Holder, then
such amendment or waiver may not be effected without the consent or approval of
such affected Holder. Neither this Agreement nor any provisions hereof may be
amended, changed, waived, discharged or terminated orally, but only by a signed
statement in writing.

          (e) Notices. Each notice, demand, request, request for approval,
consent, approval, disapproval, designation or other communication (each of the
foregoing being referred to herein as a notice) required or desired to be given
or made under this Agreement shall be in writing (except as otherwise provided
in this Agreement), and shall be effective and deemed to have been received (i)
when delivered in person, (ii) when sent by fax with receipt acknowledged, (iii)
five days after having been mailed by certified or registered United States
mail, postage prepaid, return receipt requested, (iv) the next business day
after having been sent by a nationally recognized overnight mail or courier
service, receipt requested, (v) when sent by

                                       12           SERIES CC REG. RIGHTS AGREE.

<PAGE>

email or (vi) when delivered by telephone in person to the recipient or by
voicemail. Notices shall be addressed as follows: (a) if to an Investor, at the
Investor's address or fax number set forth below its signature hereon, or at
such other address or fax number as the Investor shall have furnished to the
Company in writing, or (b) if to any assignee or transferee of an Investor, at
such address or fax number as such assignee or transferee shall have furnished
the Company in writing, (c) if to the Company, at the address set forth below.
Any notice or other communication required to be given hereunder to a Holder in
connection with a registration may instead be given to the designated
representative of such Holder.

          If to the Company:

          CommVault Systems, Inc.
          2 Crescent Place
          Oceanport, New Jersey 07757-0900
          Facsimile: (732) 870-4514
          Attn: N. Robert Hammer

          with a copy to:

          Mayer, Brown & Platt
          190 S. LaSalle Street
          Chicago, IL 60603-3441
          Facsimile: (312) 701-7711
          Attn: Philip J. Niehoff

          If to Putnam:

          Putnam Investment Management
          One Post Office Square
          Boston, MA 02109
          Facsimile: (617) 292-1625
          Attn: Michael DeFao and Donna Allouise

          and (by telephone and email) to:

          Rick Wynn (rick_wynn@putnaminv.com; telephone (617) 760-7443)
          Michael Mufson (michael_mufson@putnaminv.com; telephone
          (617) 760-1228)

          with a copies to:

          Ropes & Gray
          One International Place
          Boston, MA 02110
          Facsimile: (617) 951-7050
          Attn: Robert L. Nutt. Esq.

                                       13           SERIES CC REG. RIGHTS AGREE.

<PAGE>

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

          (g) Severability. If any provision of this Agreement shall be held
invalid, illegal or unenforceable, the validity, legality or enforceability of
the other provisions hereof shall not be affected thereby, and there shall be
deemed substituted for the provision at issue a valid, legal and enforceable
provision as similar as possible to the provision at issue.

          (h) Headings. The headings herein are for convenience of reference
only, do not constitute part of this Agreement and shall not be deemed to limit
or otherwise affect any of the provisions hereof.

          (i) Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties and their successors and assigns. Except as
provided herein, neither the Company nor any Investor shall assign this
Agreement or any rights or obligations hereunder.

          (j) Equitable Relief. The Company and the Holders acknowledge that a
breach by it of its obligations hereunder will cause irreparable harm to the
other party by vitiating the intent and purpose of the transactions contemplated
hereby. Accordingly, the Company and the Holders acknowledge that the remedy at
law for a breach of its obligations hereunder will be inadequate and agree, in
the event of a breach or threatened breach by the Company or the Holders of the
provisions of this Agreement, that a party shall be entitled, in addition to all
other available remedies, (i) to an injunction restraining any breach and
requiring immediate issuance and transfer, without the necessity of showing
economic loss and without any bond or other security being required, and (ii) to
compel specific performance of another party under this Agreement in accordance
with the terms and conditions of this Agreement in any court of the United
States or any State thereof having jurisdiction.

          (k) Joint Participation in Drafting. Each party to this Agreement has
participated in the negotiation and drafting of this Agreement. As such, the
language used herein shall be deemed to be the language chosen by the parties
hereto to express their mutual intent, and no rule of strict construction will
be applied against any party to this Agreement.

          (1) Further Assurances. Each party shall do and perform, or cause to
be done and performed, all such further acts and things, and shall execute and
deliver all such other agreements, certificates, instruments and documents, as
the other party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

          (m) Third Party Beneficiaries. This Agreement is intended for the
benefit of the parties hereto and their respective permitted successors and
assigns, and is not for the benefit of, nor may any provision hereof be enforced
by, any other person.

          (n) Aggregation of Shares. All shares of Preferred Stock or
Registrable Stock held or acquired by affiliated entities of Holders shall be
aggregated together for the purposes of determining the availability of any
rights under this Agreement.

                                       14           SERIES CC REG. RIGHTS AGREE.

<PAGE>

          (o) Massachusetts Business Trusts. A copy of the Agreement and
Declaration of Trust of each Putnam fund or series investment company (each, a
"Fund") that is a Massachusetts business trust is on file with the Secretary of
State of The Commonwealth of Massachusetts and notice is hereby given that this
Agreement is executed on behalf of the trustees of the relevant Fund as trustees
and not individually and that the obligations of this Agreement are not binding
upon any of the trustees, officers and shareholders of the Fund individually but
are binding only upon the assets and property of such Fund.

                                       15           SERIES CC REG. RIGHTS AGREE.

<PAGE>

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

                                        COMMVAULT SYSTEMS, INC.

                                        By: /s/ N. Robert Hammer
                                            ------------------------------------
                                        Name: N. Robert Hammer
                                        Title: President and Chief Executive
                                               Officer

                                       16           SERIES CC REG. RIGHTS AGREE.

<PAGE>

                                        PUTNAM OTC AND EMERGING GROWTH FUND

                                        By Putnam Investment Management, LLC

                                        By: /s/ Charles A Ruys de Perez
                                            ------------------------------------
                                        Name: Charles A Ruys de Perez
                                        Title: Managing Director

                                        TH LEE, PUTNAM INVESTMENT TRUST -
                                        TH LEE, PUTNAM EMERGING
                                        OPPORTUNITIES PORTFOLIO

                                        By TH Lee, Putnam Capital Management,
                                           LLC

                                        By: /s/ Charles A Ruys de Perez
                                            ------------------------------------
                                        Name: Charles A Ruys de Perez
                                        Title: Managing Director

                                        PUTNAM DISCOVERY GROWTH FUND

                                        By Putnam Investment Management, LLC

                                        By: /s/ Charles A Ruys de Perez
                                            ------------------------------------
                                        Name: Charles A Ruys de Perez
                                        Title: Managing Director

                                        PUTNAM WORLD TRUST II - PUTNAM
                                        EMERGING INFORMATION SCIENCES FUND

                                        By: The Putnam Advisory Company, LLC

                                        By: /s/ Charles A Ruys de Perez
                                            ------------------------------------
                                        Name: Charles A Ruys de Perez
                                        Title: Managing Director

                                        The address for each of the foregoing
                                        is:
                                        c/o Putnam Investment Management, LLC
                                        Two Liberty Square
                                        Boston, MA 02109
                                        Facsimile:
                                                   -----------------------------

                                       17           SERIES CC REG. RIGHTS AGREE.

<PAGE>

                                        WHEATLEY PARTNERS III, L.P.

                                        By: Wheatley Partners III LLC,
                                            General Partner

                                        By: /s/ Barry Rubenstein
                                            ------------------------------------
                                        Name: Barry Rubenstein
                                        Title: CEO
                                        80 Cuttermill Road, Suite 311
                                        Great Neck, NY 11021
                                        Facsimile: (617) 773-0996

                                        with copies to:

                                        Wheatley Partners
                                        825 Third Avenue
                                        32nd Floor
                                        New York, NY 10022
                                        Attn: Lawrence Wagenberg

                                        WHEATLEY ASSOCIATES III, L.P.

                                        By: Wheatley Partners III LLC,
                                            General Partner

                                        By: /s/ Barry Rubenstein
                                            ------------------------------------
                                        Name: Barry Rubenstein
                                        Title: CEO
                                        address same as above

                                        WHEATLEY FOREIGN PARTNERS III, L.P.

                                        By: Wheatley Partners III, LLC,
                                            General Partner

                                        By: /s/ Barry Rubenstein
                                            ------------------------------------
                                        Name: Barry Rubenstein
                                        Title: CEO
                                        address same as above

                                       18           SERIES CC REG. RIGHTS AGREE.

<PAGE>

                                        EMC INVESTMENT CORPORATION

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
                                               35 Parkwood Drive
                                               Hopkinton, MA 01748
                                               Attn: Office of the General
                                                     Counsel
                                               Fax: (508) 497-6915

                                       19           SERIES CC REG. RIGHTS AGREE.

<PAGE>

                                        VAN WAGONER CAPITAL PARTNERS, L.P.

                                        By: /s/ Garrett Van Wagoner
                                            ------------------------------------
                                        Name: Garrett Van Wagoner
                                        Title: General Partner
                                        435 PACIFIC AVE.
                                        SUITE 400
                                        SAN FRANCISCO CA 94133
                                        Fax: (415) 835-5050

                                        VAN WAGONER CROSSOVER FUNDS, L.P.

                                        By: /s/ Garrett Van Wagoner
                                            ------------------------------------
                                        Name: Garrett Van Wagoner
                                        Title: Managing Member - General Partner
                                        Fax: (415) 835-5050

                                        VAN WAGONER PRIVATE OPPORTUNITIES FUND,
                                        L.P.

                                        By: /s/ Garrett Van Wagoner
                                            ------------------------------------
                                        Name: Garrett Van Wagoner
                                        Title: General Partner
                                        Fax: (415) 835-5050

                                       20           SERIES CC REG. RIGHTS AGREE.

<PAGE>

                                        DRW VENTURE PARTNERS LP

                                        By: RBC Dain Rauscher Corporation,
                                            its General Partner

                                        By: /s/ Mary Zimmer
                                            ------------------------------------
                                            Mary Zimmer
                                            Director of Finance and
                                            Administration RBC CMS
                                            60 South 6th Street
                                            Minneapolis, MN 55402
                                            Fax: (612) 373-1610

                                       21           SERIES CC REG. RIGHTS AGREE.

<PAGE>

                                        UBS CAPITAL AMERICAS II, LLC

                                        By: UBS Capital Americas, LLC. as
                                            advisor

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
                                        299 Park Avenue, 34th Floor
                                        New York. NY 10171
                                        Fax: (212) 821-6333

                                       22           SERIES CC REG. RIGHTS AGREE.

<PAGE>

                                        HFI PRIVATE EQUITY LTD.

                                        By: /s/ Barry Shailer
                                            ------------------------------------
                                        Name: BARRY SHAILER
                                        Title: DIRECTOR

                                        By: /s/ Harry Wilken
                                            ------------------------------------
                                        Name: HARRY WILKEN
                                        Title: DIRECTOR
                                        Jardine House 4th Floor
                                        33-35 Reid Street
                                        Hamilton HM 12
                                        Bermuda
                                        Fax: (441) 295-3011

                                       23           SERIES CC REG. RIGHTS AGREE.

<PAGE>

                                        AMAN VENTURES

                                        By: /s/ William J. Bell
                                            ------------------------------------
                                        Name: William J. Bell
                                        Title: Managing Partner
                                        1500 Owl Creek Ranch road
                                        Aspen, CO 81611
                                        Fax: (970) 923-8855

                                       24           SERIES CC REG. RIGHTS AGREE.

<PAGE>

                                        ----------------------------------------
                                        Mark Francis
                                        765 Park Avenue
                                        New York, NY 10021
                                        Fax:
                                             -----------------------------------

                                        ----------------------------------------
                                        Bill Rusher
                                        142 Sansome Street
                                        5th Floor
                                        San Francisco, CA 94104
                                        Facsimile:
                                                   -----------------------------

                                        ----------------------------------------
                                        Frank Juska
                                        142 Sansome Street
                                        5th Floor
                                        San Francisco, CA 94104
                                        Facsimile:
                                                   -----------------------------

                                       25           SERIES CC REG. RIGHTS AGREE.

<PAGE>

                                        DLJ CAPITAL CORPORATION

                                        By: /s/ Keith B. Geeslin
                                            ------------------------------------
                                        Name: Keith B. Geeslin
                                        Title: Managing Director

                                        SPROUT CAPITAL IX, L.P.

                                        By: DLJ Capital Corporation
                                        Its: Managing General Partner

                                        By: /s/ Keith B. Geeslin
                                            ------------------------------------
                                        Name: Keith B. Geeslin
                                        Its: Managing Director

                                        SPROUT ENTREPRENEURS' FUND, L.P.

                                        By: DLJ Capital Corporation
                                        Its: Managing General Partner

                                        By: /s/ Keith B. Geeslin
                                            ------------------------------------
                                        Name: Keith B. Geeslin
                                        Its: Managing Director

                                        SPROUT IX PLAN INVESTORS, L.P.

                                        By: DLJ LBO Plans Management
                                            Corporation II
                                        Its: General Partner

                                        By: /s/ Keith B. Geeslin
                                            ------------------------------------
                                        Name: Keith B. Geeslin
                                        Its: Attorney in Fact

                                        The address for each of the foregoing
                                        is:
                                        Sprout Group
                                        11 Madison Avenue, 26th Floor
                                        New York, NY 10010
                                        Attention:
                                                   -----------------------------
                                        Facsimile:
                                                   -----------------------------

                                       26           SERIES CC REG. RIGHTS AGREE.

<PAGE>

                                        /s/ Thomas I. Unterberg
                                        ----------------------------------------
                                        THOMAS I. UNTERBERG

                                        c/o C.E. Unterberg, Towbin
                                        350 Madison Avenue
                                        New York, NY 10017
                                        Facsimile: 212-389-8808

                                        C.E. UNTERBERG, TOWBIN CAPITAL
                                        PARTNERS I, L.P.

                                        By: UTCM LLC
                                        Its: General Partner

                                        By: /s/ Mark G. Hadlock
                                            ------------------------------------
                                        Name: MARK G. HADLOCK
                                        Title: SECRETARY OF UTCM LLC

                                        350 Madison Avenue
                                        New York, NY 10017
                                        Attn: Mark G. Hadlock
                                        Facsimile: 212-389-8401

                                       27           SERIES CC REG. RIGHTS AGREE.

<PAGE>

                                        CAMELOT CAPITAL L.P.

                                        By: /s/ Scott M. Smith
                                            ------------------------------------
                                        Name: Scott M. Smith
                                        Title: Managing Partner

                                        CAMELOT CAPITAL II L.P.

                                        By: /s/ Scott M. Smith
                                            ------------------------------------
                                        Name: Scott M. Smith
                                        Title: Managing Partner

                                        CAMELOT OFFSHORE FUND LIMITED

                                        By: /s/ Scott M. Smith
                                            ------------------------------------
                                        Name: Scott M. Smith
                                        Title: Managing Director

                                        Address for each of the above:

                                        3 Pickwick Plaza
                                        Greenwich, CT 06830
                                        Attn: Scott M. Smith
                                        203-863-7400

                                       29           SERIES CC REG. RIGHTS AGREE.

<PAGE>

                                        AMERINDO INTERNET FUND PLC

                                        BY: AMERINDO INVESTMENT ADVISORS INC.
                                        ITS: MANAGER

                                        By: /s/ Gary Tanaka
                                            ------------------------------------
                                        Name: Gary Tanaka
                                        Title: Executive Vice President
                                               c/o Amerindo Investment Advisors
                                               Inc.
                                               Attn: David Mainzer
                                               399 Park Avenue, 22nd Floor
                                               New York, NY 10022
                                               Facsimile: (212) 371-6988

                                        /s/ K. Flynn Mcdonald
                                        ----------------------------------------
                                        K. FLYNN MCDONALD
                                        c/o Amerindo Investment Advisors Inc.
                                        One Embarcadero Center, Suite 2300
                                        San Francisco, CA 94111-3162
                                        Facsimile: (415) 834-3582

                                        /s/ Michael J. Sandifer
                                        ----------------------------------------
                                        MICHAEL J. SANDIFER pp Heather Lewis
                                        6016 Lee Highway
                                        Warrenton, VA 20187
                                        Facsimile: (540) 428-2791

                                        /s/ Marc Weiss
                                        ----------------------------------------
                                        MARC WEISS
                                        c/o Amerindo Investment Advisors Inc.
                                        399 Park Avenue, 22nd Floor
                                        New York, NY 10022
                                        Telephone: (212) 418-2520
                                        Facsimile: (212) 935-6975

                                      30            SERIES CC REG. RIGHTS AGREE.EX-10.01

 

Exhibit 10.01

May 3, 2006

Mr. Paul Chaney

13 McGregor Avenue

Mt. Arlington, NJ 07856

Re: Employment Agreement

Dear Paul:

     This letter is to confirm our understanding with respect to (i) your employment by OSI
Pharmaceuticals, Inc. (the “Company”), (ii) your agreement not to solicit employees or customers of
the Company, or any present or future parent, subsidiary or affiliate of the Company (each, a
“Company Affiliate” and collectively, together with the Company, the “Company”, (iii) your
agreement to protect and preserve information and property which is confidential and proprietary to
the Company, and (iv) your agreement with respect to the ownership of inventions, ideas, copyrights
and patents which may be used in the business of the Company (the terms and conditions agreed to in
this letter are hereinafter referred to as the “Agreement”). In consideration of the mutual
promises and covenants contained in this Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby mutually acknowledged, we have agreed as follows:

1. Employment.

     (a) Subject to the terms and conditions of this Agreement, the Company will employ you,
and you will be employed by the Company and/or any Company Affiliate designated by the
Company, initially as Executive Vice President of the Company and President of (OSI)
Eyetech, Inc., reporting to the Chief Executive Officer (the “CEO”) of the Company. You
will have the responsibilities, duties and authority customarily performed, undertaken and
exercised by a person in a similar executive capacity. You will also perform such other
and/or different services for the Company as may be assigned to you from time to time by the
CEO. The principal location at which you will perform such services will be the Company’s
Times Square facility located in New York, NY or such other facility mutually agreed upon by
you and the CEO, although you will

 

 

be available to perform services at any other Company facility and to travel as the needs of
business may require.

     (b) Devotion to Duties. While you are employed hereunder, you will, to the
best of your ability, perform faithfully and diligently all duties assigned to you pursuant
to this Agreement and will devote your full business time and energies to the business and
affairs of the Company. While you are employed hereunder, you will not undertake any other
employment from any person or entity without the prior written consent of the Company.

2. Term. Except for earlier termination as provided for in Section 4 hereof, your
employment under the terms of this Agreement (the “Employment Term”) shall be for an initial
term commencing on May 1, 2006 (the “Effective Date”) and ending on the third anniversary of
the Effective Date (the “Initial Term”). Unless written notice is given of an intent not to
extend the Initial Term or any extension thereof by you or the Company at least 90 days
prior to an anniversary of the Effective Date, the Employment Term shall be deemed, as of
such 90th day, to have been extended and continue until the end of the successive
12-month period unless otherwise terminated as provided for in Section 4 hereof. In the
event the Company elects not to renew the Employment Term, you shall be entitled to the
payments and benefits set forth in Section 6(c).

3. Compensation.

     (a) Base Salary. While you are employed hereunder, the Company will pay you a
base salary at the annual rate of $365,000 (the “Base Salary”). Your Base Salary will be
reviewed on an annual basis each December (or such other time as determined by the CEO
and/or the Compensation Committee of the Board of Directors of the Company (the “Board”)).
The Base Salary will be payable in equal installments in accordance with the Company’s
payroll practices as in effect from time to time. The Company will deduct from each such
installment all amounts required to be deducted or withheld under applicable law or under
any employee benefit plan in which you participate.

     (b) Bonus. In addition to the Base Salary, for each fiscal year of the Company
ending during the Term of the Agreement, beginning with the 2005 fiscal year, you will be
eligible to receive a bonus based upon the target set for your grade level at such time,
determined and payable in accordance with the Company’s practices applicable to bonuses paid
to its executives. The Company’s bonus system is a discretionary annual performance-based
incentive bonus system, approved by the Company’s Board, and is based upon a combination of
personal and corporate performance contributing to your maximum target. Bonuses are
determined in December of each year. Your grade level as of the date hereof is 13.

     (c) Equity Compensation.

     (i) Vesting. All stock options, restricted stock and other equity-based
compensation heretofore granted to you or granted to you during the Employment Term
under the OSI Pharmaceuticals, Inc. Amended and Restated

2

 

Stock Incentive Plan or any successor plan or the Stock Incentive Plan for
Pre-Merger Employees of Eyetech Pharmaceuticals, Inc. shall vest and be fully
exercisable upon a Change of Control (as hereinafter defined).

     (ii) Future Grants. On each date that an annual grant of equity
compensation is made by the Company to its executive management group, so long as
you then remain in the employ of the Company, the Company will make a grant of
equity compensation to you (an “Annual Equity Grant”) to be determined by the
Compensation Committee of the Board based upon your grade level and performance. The
terms and conditions of the Annual Equity Grant will be as set forth in the
Agreement accompanying such Annual Equity Grant.

     (d) Vacation. You will be entitled to 22 paid vacation days in each calendar
year, and paid holidays plus personal days in accordance with the Company’s policies for its
senior executives as in effect from time to time.

     (e) Fringe Benefits. In addition to the equity compensation provided for
herein, you will be entitled to participate in employee benefit plans which the Company
provides or may establish for the benefit of its senior executives generally (for example,
term life, disability, medical, dental and other insurance, retirement, pension,
profit-sharing and similar plans) (collectively, the “Fringe Benefits”). Your eligibility
to participate in the Fringe Benefits and receive benefits thereunder will be subject to the
plan documents governing such Fringe Benefits. Nothing contained herein will require the
Company to establish or maintain any Fringe Benefits.

     (f) Retention Bonus. In connection with the Company’s acquisition of Eyetech
Pharmaceuticals, Inc. in November 2005, you are entitled to a retention bonus of $75,000 if
you remain employed by the Company on February 14, 2007.

     (g) Reimbursement of Expenses. Upon presentation of documentation of such
expenses reasonably satisfactory to the Company, the Company will reimburse you for all
ordinary and reasonable out-of-pocket business expenses that are reasonably incurred by you
in furtherance of the Company’s business in accordance with the Company’s policies with
respect thereto as in effect from time to time.

4. Termination. The Employment Term shall end upon the earliest of the following to
occur:

     (a) Your death.

     (b) Upon written notice to you of termination as a result of your Permanent Disability.
“Permanent Disability” means your inability, by reason of any physical or mental impairment,
to substantially perform your duties and responsibilities hereunder for two or more periods
of 90 days each in any 360-day period, as determined by a qualified physician with no
history of prior dealings with you or the Company, as reasonably agreed upon by you (or, if
you are unable to make such selection, by an adult member of your immediate family) and the
Company. Such physician’s written

3

 

determination of your Permanent Disability shall, upon delivery to the Company, be final and
conclusive for purposes of this Agreement.

     (c) Your termination by the Company for “cause” as evidenced by, and effective upon,
delivery by the Company to you of a Notice of Termination (as defined in Section 5 below).
“Cause” shall mean, for purposes of this Agreement, (i) an act of fraud or embezzlement
against the Company or an unauthorized disclosure of Confidential Information (as defined in
Section 8(a)(iv) hereof) of the Company, in each case which is willful and results in
material damage to the Company, (ii) any criminal violation of the Securities Act of 1933 or
the Securities Exchange Act of 1934, (iii) your conviction (or a plea of nolo contendere) of
any felony, (iv) your gross neglect of your duties or your willful and continuing refusal to
perform your duties, provided you have been given written notice of such neglect or refusal
and within 30 days have failed to cure such neglect and refusal, or (v) your material
willful misconduct with respect to the business or affairs of the Company.

     (d) Your termination of your employment for “good reason” by delivering to the Company
a Notice of Termination (as defined in Section 5 below) not less than 30 days prior to the
effective date of such termination. For purposes of this Agreement, “good reason” shall
mean the occurrence of any of the events hereinafter set forth which are not cured by the
Company within 30 days after the Company has received written notice from you specifying the
particular events or conditions which constitute “good reason”:

     (i) a material reduction in your duties, title, responsibilities, authority,
status, or reporting responsibilities unless you have previously consented in
writing to such reduction (which consent may be given or withheld in your sole
discretion);

     (ii) a material reduction in your Base Salary or the range of your target
bonus;

     (iii) the Company’s requiring you to be based more than 35 miles from the
Company’s facility in Manhattan, New York or to any location for which the average
commute from your residence exceeds 45 minutes; or

     (iv) change of control (as defined in Section 7 hereof).

     (e) Termination of your employment by the Company “without cause” by delivery by the
Company to you of a Notice of Termination (as defined in Section 5 below) not less than 30
days prior to the effective date of such termination. Your termination by the Company shall
be considered to be “without cause” if you are terminated or dismissed by the Company for
reasons other than death, Permanent Disability or for “cause”.

4

 

     (f) Your termination of your employment “without good reason” by delivery by you to the
Company of a Notice of Termination (as defined in Section 5 below). Your termination of
your employment shall be considered to be “without good reason” unless you resign for “good
reason” (as defined in Section 4(d)).

5. Notice of Termination. Any termination by the Company or by you shall be
communicated by a written “Notice of Termination” to the other party hereto. A “Notice of
Termination” shall mean a notice which indicates a termination date and the specific
termination provision in this Agreement relied upon and which sets forth in reasonable
detail the facts and circumstances claimed to provide a basis for termination under the
provision so indicated.

6. Payments Upon Termination.

     (a) Upon termination of your employment for any reason you will become
entitled to (i) any accrued and unpaid Base Salary up to the date of termination, and (ii)
any accrued and unpaid vacation pay up to the date of termination ((i) and (ii) being
collectively referred to as the “Accrued Compensation”).

     (b) Upon termination of your employment due to death or Permanent Disability, in
addition to Accrued Compensation, you (or your estate, as the case may be) will become
entitled to an amount equal to the bonus that you would have been entitled to receive for
the fiscal year in which your termination occurs had you continued to be employed until the
end of such fiscal year, multiplied by a fraction (i) the numerator of which is the number
of days in such fiscal year through the termination date and (ii) the denominator or which
is 365 (a “Pro-rata Bonus”).

     (c) Upon a termination of your employment by the Company “without cause” or by you “for
good reason” or upon a “Change of Control” (as defined in Section 7 hereof), in addition to
Accrued Compensation, you will become entitled to (i) your Base Salary for 12 months
following the date of termination, (ii) your Pro-rata Bonus, and (iii) payment for continued
coverage for 12 months following termination under any health and dental program in which
you were eligible to participate as of the time of termination of your employment.

     (d) If, at the time of your termination, (i) the Company’s stock is publicly traded on
an established securities market or otherwise and (ii) you are a key employee as defined in
Section 416(i) of the Internal Revenue Code (the “Tax Code”) without regard to paragraph (5)
thereof, the distribution of any payment under this Agreement that constitutes nonqualified
deferred compensation under Section 409A of the Tax Code and any regulations thereunder
shall not be made before the date which is six months after the date of your separation from
service (or, if earlier, the date of your death).

     (e) The Company intends to comply with Section 409A of the Tax Code, or an exemption to
Section 409A of the Tax Code, with regard to any severance payments hereunder that
constitutes nonqualified deferred compensation within the meaning of

5

 

Section 409A of the Tax Code. To the extent that the Company determines that as a result of
any provision of this Agreement you would be subject to the additional 20% tax imposed on
certain nonqualified deferred compensation plans pursuant to Section 409A of the Tax Code
and any regulations thereunder, such provision shall be deemed amended to the minimum extent
necessary to avoid application of such additional tax. The nature of any such amendment
shall be determined by the Company or the Compensation Committee of the Board.

     (f) You shall not be required to mitigate the amount of any payment provided for under
this Section 6 by seeking other employment or otherwise and no payment shall be offset or
reduced by the amount of any compensation or benefits provided to you in any subsequent
employment. The Company’s obligation to make the payments provided for in this Section 6 and
otherwise perform its obligations hereunder shall not be affected by any circumstances,
including, without limitation, set-off, counterclaim, recoupment, defense or other claim,
right or action which the Company may have against you or others.

7. Change of Control. For purposes of this Agreement, a “Change of
Control” shall mean the approval by stockholders of the Company of (a) a merger or
consolidation involving the Company if the stockholders of the Company, immediately before
such merger or consolidation, do not, as a result of such merger or consolidation, directly
or indirectly, continue to hold a majority of the voting power in the resulting entity, or
(b) an agreement for the sale or other disposition of all or substantially all of the assets
of the Company.

8. Prohibited Activities.

     (a) Certain Acknowledgements and Agreements.

     (i) We have discussed, and you recognize and acknowledge the competitive and
proprietary aspects of the business of the Company.

     (ii) You acknowledge that your employment by the Company creates a relationship
of confidence and trust between the Company and you with respect to certain
information relating to the business and affairs of the Company or applicable to the
business of any client, customer, consultant, partner, external collaborator or
service provider of the Company, which may be made known to you by the Company or by
any client, customer, consultant, partner, external collaborator or service provider
of the Company, or learned by you during the period of your affiliation with the
Company.

     (iii) You further acknowledge that, while you are employed hereunder, the
Company will furnish, disclose or make available to you Confidential Information (as
defined in Section 8 (a) (iv) below) related to the business of the Company (whether
or not the information has commercial value to the

6

 

Company’s business). You also acknowledge that such Confidential Information
has been developed and will be developed by the Company through the expenditure by
the Company of substantial time, effort and money and that all such Confidential
Information could be used by you to compete with the Company. You also acknowledge
that if you become employed or affiliated with any competitor of the Company, it is
possible that you would disclose Confidential Information to such competitor and
would use Confidential Information, knowingly or unknowingly, on behalf of such
competitor.

     (iv) For purposes of this Agreement, “Confidential Information” means
confidential and proprietary information of the Company, whether in written, oral,
electronic or other form, including, without limitation, systems, processes,
formulae, data, functional specifications, computer software, programs and displays,
know-how, improvements, discoveries, inventions, developments, designs, techniques,
marketing plans, strategies, forecasts, new and proposed products and technologies,
unpublished financial statements and financial information, business plans, budgets,
projections, licenses, prices, costs, training methods and materials, sales
prospects, and customer, supplier, manufacturer, collaborator, partner, and client
lists and any and all intellectual properties, including any scientific, technical
or trade secrets of the Company or of any third party provided to you or the Company
under a condition of confidentiality, provided that Confidential Information will
not include information that is in the public domain other than through any fault or
act by you.

     (b) Covenants. While you are employed hereunder and for a period of one year
following the termination of your employment hereunder for any reason or for no reason, you
will not, without the prior written consent of the Company:

     (i) Engage, directly or indirectly, for your benefit or the benefit of others,
in any activity or employment in the performance of which any Confidential
Information obtained during the course of your employment would, by necessity, need
to be disclosed by you in order to engage in any such activity or employment. This
covenant shall not be construed to limit in any way your obligation not to use or
disclose Confidential Information as set forth in Section 9 below.

     (ii) Either individually or on behalf of or through any third party, directly
or indirectly, solicit, divert or appropriate or attempt to solicit, divert or
appropriate, any customers of the Company or any prospective customers with respect
to which the Company has developed or made a sales presentation (or similar offering
of services) for the purpose of directly competing with the Company with respect to
the Company’s “principal marketed products” (i.e., those products which are in the
first or second detail position) or its development candidates which have material
financial significance to the Company and which are in Phase III programs; or

7

 

     (iii) Either individually or on behalf of or through any third party, directly
or indirectly, (A) solicit, entice or persuade or attempt to solicit, entice or
persuade any employees of or consultants to the Company to leave the service of the
Company for any reason, or (B) employ, cause to be employed, or solicit the
employment of, any employees of or consultants to the Company while any such person
is providing services to the Company or within six months after any such person has
ceased providing services to the Company; or

     (iv) Either individually or on behalf of or through any third party, directly
or indirectly, interfere with, or attempt to interfere with, the relations between
the Company and any manufacturer or supplier to or customer of the Company.

     (c) Reasonableness of Restrictions. You understand that the provisions set
forth in Section 8(b) are not meant to prevent you from earning a living or fostering your
career. They are intended, however, to prevent competitors of the Company from gaining an
unfair advantage from your knowledge of Confidential Information. You understand that, by
making any other employer aware of the provisions set forth in this Section 8, that employer
can take such action as to avoid your breach of this Section 8.

     (d) Survival of Acknowledgements and Agreements. Your acknowledgements and
agreements set forth in this Section 8 will survive the termination of this Agreement and
the termination of your employment hereunder for any reason or for no reason.

9. Protected Information. All Confidential Information shall be the sole
property of
the Company and its assigns. You hereby assign to the Company any right you may have or
acquire in such Confidential Information. You will at all times, both during the period
while you are employed hereunder and after the termination of this Agreement and the
termination of your employment hereunder for any reason or for no reason, maintain in
confidence and will not, without the prior written consent of the Company, use, except as
required in the course of performance of your duties for the Company or by court order,
disclose or give to others any Confidential Information. In the event you are questioned by
anyone not employed by the Company or by an employee of or a consultant to the Company not
authorized to receive Confidential Information, in regard to any Confidential Information,
or concerning any fact or circumstance relating thereto, you will promptly notify the
Company. Upon the termination of your employment hereunder for any reason or for no reason,
or if the Company otherwise requests, you will return to the Company all tangible
Confidential Information and copies thereof (regardless how such Confidential Information or
copies are maintained). The terms of this Section 9 are in addition to, and not in lieu of,
any statutory or other contractual or legal obligation that you may have relating to the
protection of the Company’s Confidential Information. The terms of this Section 9 will
survive indefinitely any termination of this Agreement and/or any termination of your
employment hereunder for any reason or for no reason.

10. Ownership of Ideas, Copyrights and Patents.

8

 

     (a) Property of the Company. All ideas, discoveries, creations, manuscripts
and properties, innovations, improvements, know-how, inventions, designs, developments,
apparatus, techniques, methods, biological processes, cell lines, laboratory notebooks and
formulae (collectively, the “Inventions”) which may be used in the current or planned
business of the Company or which in any way relates to such business, whether patentable,
copyrightable or not, which you may conceive, reduce to practice or develop while you are
employed hereunder (and, if based on or related to any Confidential Information, within two
years after termination of such employment for any reason or for no reason), alone or in
conjunction with another or others, whether during or out of regular business hours, whether
or not on the Company’s premises or with the use of its equipment, and whether at the
request or upon the suggestion of the Company or otherwise, will be the sole and exclusive
property of the Company, and that you will not publish any of the Inventions without the
prior written consent of the Company. Without limiting the foregoing, you also acknowledge
that all original works of authorship which are made by you (solely or jointly with others)
within the scope of your employment or which relate to the business of the Company and which
are protectable by copyright are “works made for hire” pursuant to the United States
Copyright Act (17 U.S.C. Section 101). You will promptly disclose to the Company all of the
foregoing and you hereby assign to the Company all of your right, title and interest in and
to all of the foregoing. You further represent that, to the best of your knowledge and
belief, none of the Inventions will violate or infringe upon any right, patent, copyright,
trademark or right of privacy, or constitute libel or slander against or violate any other
rights of any person, firm or corporation, and that you will use your best efforts to
prevent any such violation.

     (b) Cooperation. At any time during your employment hereunder or after the
termination of your employment hereunder for any reason or for no reason, you will cooperate
fully with the Company and its attorneys and agents in the preparation and filing of all
papers and other documents as may be required to perfect the Company’s rights in and to any
of such Inventions, including, without limitation, joining in any proceeding to obtain
letters patent, copyrights, trademarks or other legal rights with respect to any such
Inventions in the United States and in any and all other countries, provided that the
Company will bear the expense of such proceedings, and that any patent or other legal right
so issued to you personally will be assigned by you to the Company without charge by you.

     (c) Licensing and Use of Inventions. With respect to any Inventions, and work
of any similar nature (from any source), whenever created, which you have not prepared or
originated in the performance of your employment, but which you provide to the Company or
incorporate in any Company product or system, you hereby grant to the Company a
royalty-free, fully paid-up, non-exclusive, perpetual and irrevocable license throughout the
world to use, modify, create derivative works from, disclose, publish, translate, reproduce,
deliver, perform, dispose of, and to authorize others so to do, all such Inventions. You
will not include in any Inventions you deliver to the Company or use on its behalf, without
the prior written approval of the Company, any material which is or will be patented,
copyrighted or trademarked by you or others unless you provide

9

 

the Company with the written permission of the holder of any patent, copyright or
trademark owner for the Company to use such material in a manner consistent with
then-current Company policy.

     (d) Prior Inventions. Listed on Exhibit 10(d) to this Agreement are
any and all Inventions in which you claim or intend to claim any right, title and interest
(collectively, “Prior Inventions”), including, without limitation, patent, copyright and
trademark interests, which to the best of your knowledge will be or may be delivered to the
Company in the course of your employment, or incorporated into any Company product or
system. You acknowledge that your obligation to disclose such information is ongoing while
you are employed hereunder.

11. Records. Upon termination of your employment hereunder for any reason or for no
reason and at any other time requested by the Company, you will deliver to the Company any property
of the Company which may be in your possession, including products, materials, memoranda, notes,
records, reports, or other documents or photocopies of the same.

12. Representations. You hereby represent and warrant to the Company that you
understand this Agreement, that you enter into this Agreement voluntarily and that your employment
under this Agreement will not conflict with any legal duty owed by you to any other party, or with
any agreement to which you are a party or by which you are bound, including, without limitation,
any non-competition or non-solicitation provision contained in any such agreement.

13. General.

     (a) Notices. All notices, requests, consents and other communications
hereunder which are required to be provided, or which the sender elects to provide, in
writing, will be addressed to the receiving party’s address set forth above or to such other
address as a party may designate by notice hereunder, and will be either (i) delivered by
hand, (ii) sent by overnight courier, or (iii) sent by registered or certified mail, return
receipt requested, postage prepaid. All notices, requests, consents and other
communications hereunder will be deemed to have been given either (i) if by hand, at the
time of the delivery thereof to the receiving party at the address of such party set forth
above, (ii) if sent by overnight courier, on the next business day following the day such
notice is delivered to the courier service, or (iii) if sent by registered or certified
mail, on the fifth business day following the day such mailing is made.

     (b) Entire Agreement. This Agreement, and the other agreements specifically
referred to herein, embodies the entire agreement and understanding between the parties
hereto with respect to the subject matter hereof and supersedes all prior oral or written
agreements and understandings relating to the subject matter hereof, including, without
limitation, the letter agreement dated August 21, 2005 between you and the Company. No
statement, representation, warranty, covenant or agreement of any kind not expressly set
forth in this Agreement will affect, or be used to interpret, change or restrict, the
express terms and provisions of this Agreement.

10

 

     (c) Modifications and Amendments. The terms and provisions of this Agreement
may be modified or amended only by written agreement executed by the parties hereto.

     (d) Waivers and Consents. The terms and provisions of this Agreement may be
waived, or consent for the departure therefrom granted, only by written document executed by
the party entitled to the benefits of such terms or provisions. No such waiver or consent
will be deemed to be or will constitute a waiver or consent with respect to any other terms
or provisions of this Agreement, whether or not similar. Each such waiver or consent will
be effective only in the specific instance and for the purpose for which it was given, and
will not constitute a continuing waiver or consent.

     (e) Assignment. The Company may assign its rights and obligations hereunder to
any person or entity that succeeds to all or substantially all of the Company’s business or
that aspect of the Company’s business in which you are principally involved or to any
Company Affiliate; provided, that the Company shall remain responsible for any payments and
obligations to you to the extent any assignee fails to fulfill such payments and
obligations. You may not assign your rights and obligations under this Agreement without
the prior written consent of the Company and any such attempted assignment by you without
the prior written consent of the Company will be void.

     (f) Benefit. All statements, representations, warranties, covenants and
agreements in this Agreement will be binding on the parties hereto and will inure to the
benefit of the respective successors and permitted assigns of each party hereto. Nothing in
this Agreement will be construed to create any rights or obligations except between the
Company and you, except for your obligations to the Company as set forth herein, and no
person or entity (except for a Company Affiliate as set forth herein) will be regarded as a
third-party beneficiary of this Agreement.

     (g) Governing Law. This Agreement and the rights and obligations of the
parties hereunder will be construed in accordance with and governed by the laws of the State
of New York, without giving effect to the conflict of law principles thereof.

     (h) Jurisdiction, Venue and Service of Process. Any legal action or proceeding
with respect to this Agreement that is not subject to arbitration pursuant to Section 14 (i)
below will be brought in the courts of Suffolk County, New York. By execution and delivery
of this Agreement, each of the parties hereto accepts for itself and in respect of its
property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts.

     (i) Arbitration. Any controversy, dispute or claim arising out of or in
connection with this Agreement, other than a controversy, dispute or claim arising under
Section 8, 9 or 10 hereof, will be settled by final and binding arbitration to be conducted
in New York, New York pursuant to the national rules for the resolution of employment
disputes of the American Arbitration Association then in effect. The decision or award in
any such arbitration will be final and binding upon the parties and judgment upon such
decision or award may be entered in any court of competent jurisdiction or application may
be made to any such court for judicial acceptance of such decision or award and an order of

11

 

enforcement. In the event that any procedural matter is not covered by the aforesaid
rules, the procedural law of New York will govern. Any disagreement as to whether a
particular dispute is arbitrable under this Agreement shall itself be subject to arbitration
in accordance with the procedures set forth herein. The fees of the arbitrators shall be
paid by the Company.

     (j) WAIVER OF JURY TRIAL. ANY ACTION, DEMAND, CLAIM OR COUNTERCLAIM ARISING
UNDER OR RELATING TO THIS AGREEMENT THAT IS NOT SUBJECT TO ARBITRATION PURSUANT TO SECTION
14(i) ABOVE WILL BE RESOLVED BY A JUDGE ALONE AND EACH OF YOU AND THE COMPANY WAIVE ANY
RIGHT TO A JURY TRIAL THEREOF.

     (k) Severability. The parties intend this Agreement to be enforced as written.
However, (i) if any portion or provision of this Agreement is to any extent declared
illegal or unenforceable by a duly authorized court having jurisdiction, then the remainder
of this Agreement, or the application of such portion or provision in circumstances other
than those as to which it is so declared illegal or unenforceable, will not be affected
thereby, and each portion and provision of this Agreement will be valid and enforceable to
the fullest extent permitted by law and (ii) if any provision, or part thereof, is held to
be unenforceable because of the duration of such provision, the geographic area covered
thereby, or other aspect or scope of such provision, the court making such determination
will have the power to reduce the duration, geographic area of such provision, or other
aspect or scope of such provision, and/or to delete specific words and phrases
(“blue-penciling”), and in its reduced or blue-penciled form, such provision will then be
enforceable and will be enforced.

     (l) Injunctive Relief. You hereby expressly acknowledge that any breach or
threatened breach of any of the terms and/or conditions set forth in Section 8, 9 or 10 of
this Agreement will result in substantial, continuing and irreparable injury to the Company.
Therefore, in addition to any other remedy that may be available to the Company, the
Company will be entitled to injunctive or other equitable relief by a court of appropriate
jurisdiction in the event of any breach or threatened breach of the terms of Section 8, 9 or
10 of this Agreement. The period during which the covenants contained in Section 8 will
apply will be extended by any periods during which you are found by a court to have been in
violation of such covenants.

     (m) No Waiver of Rights, Powers and Remedies. No failure or delay by a party
hereto in exercising any right, power or remedy under this Agreement, and no course of
dealing between the parties hereto, will operate as a waiver of any such right, power or
remedy of the party. No single or partial exercise of any right, power or remedy under this
Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any
such right, power or remedy, will preclude such party from any other or further exercise
thereof or the exercise of any other right, power or remedy hereunder. The election of any
remedy by a party hereto will not constitute a waiver of the right of such party to pursue
other available remedies. No notice to or demand on a party not expressly required under
this Agreement will entitle the party receiving such notice or demand to any other or
further notice or demand in similar or other circumstances or constitute a waiver of the
rights of the

12

 

party giving such notice or demand to any other or further action in any circumstances
without such notice or demand.

     (n) Counterparts. This Agreement may be executed in two or more counterparts,
and by different parties hereto on separate counterparts, each of which will be deemed an
original, but all of which together will constitute one and the same instrument.

     (o) Opportunity to Review. You hereby acknowledge that you have had adequate
opportunity to review these terms and conditions and to reflect upon and consider the terms
and conditions of this Agreement, and that you have had the opportunity to consult with
counsel of your own choosing regarding such terms. You further acknowledge that you fully
understand the terms of this Agreement and have voluntarily executed this Agreement.

     (p) Survival of the Company’s Obligations. Notwithstanding the termination of
this agreement pursuant to Section 4, the Company’s obligation to make payments and provide
benefits to you as set forth in Section 3 (f) (iv) and Section 6 will remain in effect.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

13

 

     If the foregoing accurately sets forth our agreement, please so indicate by signing and
returning to us the enclosed copy of this Agreement.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	OSI Pharmaceuticals, Inc.
	 
	 	 	 	 
	 	 	By:	/s/ Colin Goddard
	 

	 	 	 
	 	 	Name: 	Colin Goddard, Ph.D
	 	 	Title:	Chief Executive Officer

	 	 	 	 	 
	Accepted and Approved:
	 	 	 	 
	 
	 	 	 	 
	/s/ Paul Chaney

	 	May 3, 2006
	 	 
	 

	 	 	 	 
	Paul Chaney

	 	Date	 	 

14

 

EXHIBIT 10(d)

PRIOR INVENTIONS

N/A

15

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