Document:

Unassociated Document

    EXHIBIT
      10.2

     

    

      EXECUTIVE
        EMPLOYMENT AGREEMENT

      

      THIS
        EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”),
        is
        entered into this 3rd
        day of
        February, 2006, by and between Nayna Networks, Inc., a Nevada corporation
        (the
“Company”),
        and
        Naveen S. Bisht (the “Executive”),
        and
        shall be retroactively effective as of January 2, 2006 (the “Effective
        Date”).
        

      

      W
        I T N E
        S S E T H:

      

      WHEREAS,
        the Company and the Executive desire to memorialize the terms of their agreement
        regarding the Executive’s employment with the Company, as set forth below;
        and

      

      WHEREAS,
        the Company wishes to continue to employ the Executive, and the Executive
        desires to continue in the employ of the Company, upon the terms and conditions
        of this Agreement.

      

      NOW,
        THEREFORE, in consideration of the foregoing, of the mutual promises herein,
        and
        of other good and valuable consideration, including the employment of the
        Executive by the Company and the compensation to be received by the Executive
        from the Company from time to time, and specifically the compensation to
        be
        received by the Executive pursuant to Section 4 hereof, the receipt and
        sufficiency of which are hereby acknowl-edged, the parties hereto, intending
        legally to be bound, hereby agree as follows:

      

      1.    Employment.
        The
        Company hereby employs the Executive and the Executive hereby accepts employment
        as President and Chief Executive Officer of the Company upon the terms and
        conditions of this Agreement.

      

      2.    Duties.
        The
        Executive shall faithfully perform all duties of the Company related to the
        position or positions held by the Executive, including but not limited to
        all
        duties set forth in this Agreement and/or in the Bylaws of the Company related
        to the position or positions held by the Executive and all additional duties
        that are prescribed from time to time by the Board of Directors of the Company
        (the “Board”).
        The
        Executive shall devote the Executive’s full time and attention to the
        performance of the Executive’s duties and responsibilities on behalf of the
        Company and in furtherance of its best interests. The Executive shall comply
        with all Company policies, standards, rules and regulations (the “Company Policies”)
        and
        all applicable government laws, rules and regulations that are now or hereafter
        in effect. The Executive acknowledges receipt of copies of all written Company
        Policies that are in effect as of the date of this Agreement.

      

      3.    Term.
        Unless
        earlier terminated as provided herein, the initial term of this Agreement
        shall
        commence on the Effective Date and shall
        continue until the one-year anniversary of the Effective Date. Thereafter,
        this
        Agreement shall automatically renew on a year-to-year basis on the same terms
        and conditions set forth herein unless earlier terminated or amended as provided
        herein. The initial term of this Agreement and all renewals thereof are referred
        to herein as the “Term.”

       

      
        
          
          

        

        
          -1-

          
            

          

        

        
          
          

        

      

      

      4.    Compensation.
        During
        the Term, as compensation for the services rendered by the Executive under
        this
        Agreement, the Executive shall be entitled to receive the following (all
        payments are subject to applicable withholdings):

      

      (a)    Base
        Salary.
        The
        Executive shall receive an annual salary of $175,000 payable in accordance
        with
        the then-current payroll policies of the Company or as otherwise agreed to
        by
        the parties. The Executive’s salary may be increased from time to time by the
        Compensation Committee of the Board.

      

      (b)    Bonuses.
        The
        Executive shall be eligible to participate in all bonus or profit sharing
        plans
        adopted by the Board. The amount awarded to the Executive under any profit
        sharing or bonus plan shall be in the discretion of the Board or any committee
        administering such plan, based on its assessment of the Executive’s and the
        Company’s performance during the relevant period.

      

      (c)    Benefits.
        The
        Executive shall be entitled to receive those benefits provided from time
        to time
        to other executive employees of the Company, in
        accordance with the terms and conditions of the applicable plan documents;
        provided that, the Executive meets the eligibility requirements thereof.
        All
        such benefits are subject to amendment or termination from time to time by
        the
        Company without the consent of the Executive or any other employ-ee of the
        Company.

      

      5.    Termination.
        This
        Agreement and the Executive’s employment by the Company shall or may be
        terminated, as the case may be, as follows:

      

      (a)    Termination
        upon Expiration of the Term.
        This
        Agreement and the Executive’s employment by the Company shall terminate upon the
        expiration of the Term.

      

      (b)    Termination
        by the Executive.
        The
        Executive may terminate this Agreement and his employment by the Company
        at any
        time and for any reason, with or without notice.

      

      (c)    Termination
        by the Company.
        The
        Company may terminate this Agreement and the Executive’s employment by the
        Company:

      

      (i)    at
        any
        time and for any reason (other than “for cause” (as defined herein));
        and

       

      (ii)    for
        cause. As used herein, “for
        cause”
shall
        mean:

      

      (1)    Any
        material breach of the terms of this Agreement by the Executive, or the failure
        of the Executive to diligently and properly perform the Executive’s duties for
        the Company or the Executive’s failure to achieve the objectives specified by
        the Board;

       

      
        
          
          

        

        
          -2-

          
            

          

        

        
          
          

        

      

      

      (2)    The
        Executive’s misappropriation or unauthorized use of the Company’s tangible or
        intangible property, or breach of the Proprietary Information Agreement (as
        defined herein);

      

      (3)    The
        Executive’s use of illegal drugs or any illegal substance, or the Executive’s
        use of alcohol in any manner that materially interferes with the performance
        of
        the Executive’s duties under this Agreement;

      

      (4)    Any
        dishonest or illegal action (including, without limitation, embezzlement)
        or any
        other action whether or not dishonest or illegal by the Executive which is
        materially detrimental to the interest and well-being of the Company, including,
        without limitation, harm to its reputation;

      

      (5)    The
        Executive’s failure to fully disclose any material conflict of interest the
        Executive may have with the Company in a transaction between the Company
        and any
        third party which is materially detrimental to the interest and well-being
        of
        the Company;

      

      (6)    Any
        adverse action or omission by the Executive which would be required to be
        disclosed pursuant to public securities laws or which would limit the ability
        of
        the Company or any entity affiliated with the Company to sell securities
        under
        any Federal or state law or which would disqualify the Company or any affiliated
        entity from any exemption otherwise available to it; or

       

      (7)    The
        Executive’s violation of the Company’s Policies, including without limitation,
        the Company’s Policies prohibiting harassment, unlawful discrimination,
        retaliation or workplace violence.

      

      (d)    Obligations
        of the Company Upon Termination.

      

      (i)    Upon
        the
        termination of this Agreement: (a) pursuant to the expiration of the Term;
        (b)
        by the Executive pursuant to paragraph 5; or (c) by the Company pursuant
        to
        paragraph 5(c)(ii), the Company shall have no further obligations hereunder
        other than the payment of all compensation and other benefits payable to
        the
        Executive through the date of such termination.

      

      (ii)    Upon
        termination of this Agreement by the Company pursuant to paragraph 5(c)(i)
        and
        provided the Executive executes a Release and Settlement Agreement in a form
        acceptable to the Company: (1) the Company shall pay the Executive an amount
        equal to six (6) months base salary (less all applicable deductions) payable
        in
        accordance with the then-current payroll policies of the Company or as otherwise
        agreed to by the parties; and (2) the vesting of shares subject to any
        outstanding options to purchase Company securities then held by the Executive,
        shall be accelerated in an amount equal to that which would have occurred
        had
        the Executive remained employed by the Company for an additional period of
        six
        (6) months.

      

      6.    Change
        of Control.
        Upon
        the occurrence of a Change of Control (as defined herein), the vesting of
        shares
        subject to any
        outstanding options to purchase Company securities then held by the Executive,
        shall be accelerated such that any and all shares subject to such options
        shall
        be immediately exercisable in full. For purposes of this Agreement, a
“Change
        of Control”
shall
        be deemed to have occurred:

       

      
        
          
          

        

        
          -3-

          
            

          

        

        
          
          

        

      

       

      (a)    If
        any
        person (as such term is used in sections 13(d) and 14(d) of the Securities
        Exchange Act of 1934, as amended (the “Exchange
        Act”))
        (other than the Company or any trustee or fiduciary holding securities under
        an
        employee benefit plan of the Company) becomes a beneficial owner (as defined
        in
        Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
        of the
        Company representing 50% or more of the voting power of the then outstanding
        securities of the Company; provided that, a Change of Control shall not be
        deemed to occur as a result of a transaction in which the Company becomes
        a
        subsidiary of another corporation and in which the stockholders of the Company,
        immediately prior to the transaction, will beneficially own, immediately
        after
        the transaction, shares entitling such stockholders to more than 50% of all
        votes to which all stockholders of the parent corporation would be entitled
        in
        the election of directors (without consideration of the rights of any class
        of
        stock to elect directors by a separate class vote); or

       

      (b)    Upon
        the
        consummation of (i) a merger or consolidation of the Company with another
        corporation where the stockholders of the Company, immediately prior to the
        merger or consolidation, will not beneficially own, immediately after the
        merger
        or consolidation, shares entitling such stockholders to more than 50% of
        all
        votes to which all stockholders of the surviving corporation would be entitled
        in the election of directors (without consideration of the rights of any
        class
        of stock to elect directors by a separate class vote), or (ii) a sale or
        other
        disposition of all or substantially all of the assets of the
        Company. 

      

      7.    Proprietary
        Information Agreement.
        The
        terms of the Employee Inventions and Proprietary Rights Assignment Agreement
        by
        and between the Company and the Executive, dated February 15, 2000 (the
“Proprietary
        Information Agreement”),
        are
        hereby incorporated by reference and are a material part of this
        Agreement.

      

      8.    Indemnification
        by the Executive.
        The
        Executive shall
        indemnify and hold harmless the Company, its directors, officers, stockholders,
        agents, and employees against all claims, costs, expenses, liabilities, and
        lost
        profits, including amounts paid in settlement, incurred by any of them as
        a
        result of the breach by the Executive of any provision of this
        Agreement.

       

      9.    Notices.
        All
        notices, requests, consents, approvals, and other communications to, upon,
        and
        between the parties shall be in writing and shall be deemed to have been
        given,
        delivered, made, and received when: (a) personally delivered; (b) deposited
        for
        next day delivery by FedEx, or other similar overnight courier services;
        (c)
        transmitted via telefacsimile or other similar device to the attention of
        the
        Company President or Chief Executive Officer with receipt acknowledged; or
        (d)
        three (3) days after being sent or mailed by certified mail, postage prepaid
        and
        return receipt requested, addressed to the Company at 4699 Old Ironsides
        Drive,
        Suite 420, Santa Clara, California 95054, Attention: Chair, Board of Directors,
        and to the Executive c/o the Company at 4699 Old Ironsides Drive, Suite 420,
        Santa Clara, California 95054.

       

      
        
          
          

        

        
          -4-

          
            

          

        

        
          
          

        

      

      

      10.    Effect.
        This
        Agreement shall be binding on and inure to the respective benefit of the
        Company
        and its successors and assigns and the Executive and his personal
        representatives.

      

      11.    Entire
        Agreement.
        This
        Agreement constitutes the entire agreement between the parties with respect
        to
        the matters set forth herein and supercedes all prior agreements and
        understandings between the parties with respect to the same.

      

      12.    Severability.
        The
        invalidity or unenforceability of any provision of this Agreement shall not
        affect the validity or enforceability of any other provision.

      

      13.    Amendment
        and Waiver.
        No
        provision of this Agreement, including the provisions of this Paragraph,
        may be
        amended, modified, deleted, or waived in any manner except by a written
        agreement executed by the parties.

      

      14.    No
        Assignment.
        Neither
        this Agreement nor any interest herein may be assigned by either party without
        the consent of the other party.

      

      15.    Governing
        Law.
        This
        Agreement shall be construed and enforced in accordance with the laws of
        the
        State of California, other than its rules with respect to choice of
        law.

      

      16.    Consent
        to Jurisdiction and Venue.
        Each of
        the parties agrees that any suit, action, or proceeding arising out of this
        Agreement may be instituted against it in the District Court of Santa Clara
        County, California or in the United States District Court for the Northern
        District of California (assuming that such court has subject matter jurisdiction
        over such suit, action or proceeding). Each of the parties hereby waives
        any
        objection that it may have to the venue of any such suit, action, or proceeding,
        and each of the parties hereby irrevocably consents to the personal jurisdiction
        of any such court in any such suit, action, or proceeding.

      

      17.    Counterparts.
        This
        Agreement may be executed in more than one counterpart, each of which shall
        be
        deemed an original, and all of which shall be deemed a single
        agreement.

      

      18.    Headings.
        The
        headings herein are for convenience only and shall not affect the interpretation
        of this Agreement.

      

      

      [Remainder
        of Page Intentionally Left Blank.]

       

      
        
          
          

        

        
          -5-

          
            

          

        

        
          
          

        

      

      IN
        WITNESS WHEREOF, the parties have executed this Employment Agreement as of
        the
        day and year first above written.

      

      

      Nayna
        Networks, Inc.

       

       

      By:
        /s/ Naveen S.
        Bisht                                  

      Name:
        Naveen
        S.
        Bisht       

      Title:
        President and Chief Executive Officer

       

      /s/
        Naveen S.
        Bisht                                         

      Naveen
        S.
        Bisht

      
        	 	 	 	 
	 	 	 	 
	
                -6-Unassociated Document

    EXHIBIT
      10.3

     

    EXECUTIVE
      EMPLOYMENT AGREEMENT

     

    THIS
      EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”),
      is
      entered into this 3rd
      day of
      February, 2006, by and between Nayna Networks, Inc., a Nevada corporation (the
      “Company”),
      and
      Michael Meyer (the “Executive”),
      and
      shall be retroactively effective as of January 2, 2006 (the “Effective
      Date”).
      

    

    W
      I T N E
      S S E T H:

    

    WHEREAS,
      the Company and the Executive desire to memorialize the terms of their agreement
      regarding the Executive’s employment with the Company, as set forth below;
      and

    

    WHEREAS,
      the Company wishes to continue to employ the Executive, and the Executive
      desires to continue in the employ of the Company, upon the terms and conditions
      of this Agreement.

    

    NOW,
      THEREFORE, in consideration of the foregoing, of the mutual promises herein,
      and
      of other good and valuable consideration, including the employment of the
      Executive by the Company and the compensation to be received by the Executive
      from the Company from time to time, and specifically the compensation to be
      received by the Executive pursuant to Section 4 hereof, the receipt and
      sufficiency of which are hereby acknowl-edged, the parties hereto, intending
      legally to be bound, hereby agree as follows:

    

    1.    Employment.
      The
      Company hereby employs the Executive and the Executive hereby accepts employment
      as Chief Financial Officer of the Company upon the terms and conditions of
      this
      Agreement.

    

    2.    Duties.
      The
      Executive shall faithfully perform all duties of the Company related to the
      position or positions held by the Executive, including but not limited to all
      duties set forth in this Agreement and/or in the Bylaws of the Company related
      to the position or positions held by the Executive and all additional duties
      that are prescribed from time to time by the President of the Company. The
      Executive shall devote the Executive’s full time and attention to the
      performance of the Executive’s duties and responsibilities on behalf of the
      Company and in furtherance of its best interests. The Executive shall comply
      with all Company policies, standards, rules and regulations (the “Company Policies”)
      and
      all applicable government laws, rules and regulations that are now or hereafter
      in effect. The Executive acknowledges receipt of copies of all written Company
      Policies that are in effect as of the date of this Agreement.

    

    3.    Term.
      Unless
      earlier terminated as provided herein, the initial term of this Agreement shall
      commence on the Effective Date and shall
      continue until the one-year anniversary of the Effective Date. Thereafter,
      this
      Agreement shall automatically renew on a year-to-year basis on the same terms
      and conditions set forth herein unless earlier terminated or amended as provided
      herein. The initial term of this Agreement and all renewals thereof are referred
      to herein as the “Term.”

     

    
      
        
        

      

      
        -1-

        
          

        

      

      
        
        

      

    

    

    4.    Compensation.
      During
      the Term, as compensation for the services rendered by the Executive under
      this
      Agreement, the Executive shall be entitled to receive the following (all
      payments are subject to applicable withholdings):

    

    (a)    Base
      Salary.
      The
      Executive shall receive an annual salary of $150,000 payable in accordance
      with
      the then-current payroll policies of the Company or as otherwise agreed to
      by
      the parties. The Executive’s salary may be increased from time to time by the
      Compensation Committee of the Board of Directors.

    

    (b)    Bonuses.
      The
      Executive shall be eligible to participate in all bonus or profit sharing plans
      adopted by the Board of Directors (the “Board”)
      or any
      committee administering such plan. The amount awarded to the Executive under
      any
      profit sharing or bonus plan shall be in the discretion of the Board or any
      committee administering such plan, based on its assessment of the Executive’s
      and the Company’s performance during the relevant period.

    

    (c)    Benefits.
      The
      Executive shall be entitled to receive those benefits provided from time to
      time
      to other executive employees of the Company, in
      accordance with the terms and conditions of the applicable plan documents;
      provided that, the Executive meets the eligibility requirements thereof. All
      such benefits are subject to amendment or termination from time to time by
      the
      Company without the consent of the Executive or any other employ-ee of the
      Company.

    

    5.    Termination.
      This
      Agreement and the Executive’s employment by the Company shall or may be
      terminated, as the case may be, as follows:

    

    (a)    Termination
      upon Expiration of the Term.
      This
      Agreement and the Executive’s employment by the Company shall terminate upon the
      expiration of the Term.

    

    (b)    Termination
      by the Executive.
      The
      Executive may terminate this Agreement and his employment by the Company at
      any
      time and for any reason, with or without notice.

    

    (c)    Termination
      by the Company.
      The
      Company may terminate this Agreement and the Executive’s employment by the
      Company:

    

    (i)    at
      any
      time and for any reason (other than “for cause” (as defined herein));
      and

     

    (ii)    for
      cause. As used herein, “for
      cause”
shall
      mean:

    

    (1)    Any
      material breach of the terms of this Agreement by the Executive, or the failure
      of the Executive to diligently and properly perform the Executive’s duties for
      the Company or the Executive’s failure to achieve the objectives specified by
      the Board;

     

    
      
        
        

      

      
        -2-

        
          

        

      

      
        
        

      

    

    

    (2)    The
      Executive’s misappropriation or unauthorized use of the Company’s tangible or
      intangible property, or breach of the Proprietary Information Agreement (as
      defined herein);

    

    (3)    The
      Executive’s use of illegal drugs or any illegal substance, or the Executive’s
      use of alcohol in any manner that materially interferes with the performance
      of
      the Executive’s duties under this Agreement;

    

    (4)    Any
      dishonest or illegal action (including, without limitation, embezzlement) or
      any
      other action whether or not dishonest or illegal by the Executive which is
      materially detrimental to the interest and well-being of the Company, including,
      without limitation, harm to its reputation;

    

    (5)    The
      Executive’s failure to fully disclose any material conflict of interest the
      Executive may have with the Company in a transaction between the Company and
      any
      third party which is materially detrimental to the interest and well-being
      of
      the Company;

    

    (6)    Any
      adverse action or omission by the Executive which would be required to be
      disclosed pursuant to public securities laws or which would limit the ability
      of
      the Company or any entity affiliated with the Company to sell securities under
      any Federal or state law or which would disqualify the Company or any affiliated
      entity from any exemption otherwise available to it; or

     

    (7)    The
      Executive’s violation of the Company’s Policies, including without limitation,
      the Company’s Policies prohibiting harassment, unlawful discrimination,
      retaliation or workplace violence.

    

    (d)    Obligations
      of the Company Upon Termination.

    

    (i)    Upon
      the
      termination of this Agreement: (a) pursuant to the expiration of the Term;
      (b)
      by the Executive pursuant to paragraph 5; or (c) by the Company pursuant to
      paragraph 5(c)(ii), the Company shall have no further obligations hereunder
      other than the payment of all compensation and other benefits payable to the
      Executive through the date of such termination.

    

    (ii)    Upon
      termination of this Agreement by the Company pursuant to paragraph 5(c)(i)
      and
      provided the Executive executes a Release and Settlement Agreement in a form
      acceptable to the Company: (1) the Company shall pay the Executive an amount
      equal to six (6) months base salary (less all applicable deductions) payable
      in
      accordance with the then-current payroll policies of the Company or as otherwise
      agreed to by the parties; and (2) the vesting of shares subject to any
      outstanding options to purchase Company securities then held by the Executive,
      shall be accelerated in an amount equal to that which would have occurred had
      the Executive remained employed by the Company for an additional period of
      six
      (6) months.

    

    6.    Change
      of Control.
      Upon
      the occurrence of a Change of Control (as defined herein), the vesting of shares
      subject to any
      outstanding options to purchase Company securities then held by the Executive,
      shall be accelerated such that any and all shares subject to such options shall
      be immediately exercisable in full. For purposes of this Agreement, a
“Change
      of Control”
shall
      be deemed to have occurred:

     

    
      
        
        

      

      
        -3-

        
          

        

      

      
        
        

      

    

     

    (a)    If
      any
      person (as such term is used in sections 13(d) and 14(d) of the Securities
      Exchange Act of 1934, as amended (the “Exchange
      Act”))
      (other than the Company or any trustee or fiduciary holding securities under
      an
      employee benefit plan of the Company) becomes a beneficial owner (as defined
      in
      Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
      the
      Company representing 50% or more of the voting power of the then outstanding
      securities of the Company; provided that, a Change of Control shall not be
      deemed to occur as a result of a transaction in which the Company becomes a
      subsidiary of another corporation and in which the stockholders of the Company,
      immediately prior to the transaction, will beneficially own, immediately after
      the transaction, shares entitling such stockholders to more than 50% of all
      votes to which all stockholders of the parent corporation would be entitled
      in
      the election of directors (without consideration of the rights of any class
      of
      stock to elect directors by a separate class vote); or

     

    (b)    Upon
      the
      consummation of (i) a merger or consolidation of the Company with another
      corporation where the stockholders of the Company, immediately prior to the
      merger or consolidation, will not beneficially own, immediately after the merger
      or consolidation, shares entitling such stockholders to more than 50% of all
      votes to which all stockholders of the surviving corporation would be entitled
      in the election of directors (without consideration of the rights of any class
      of stock to elect directors by a separate class vote), or (ii) a sale or other
      disposition of all or substantially all of the assets of the
      Company. 

    

    7.    Proprietary
      Information Agreement.
      The
      terms of the Employee Inventions and Proprietary Rights Assignment Agreement
      by
      and between the Company and the Executive, dated January 4, 2005 (the
“Proprietary
      Information Agreement”),
      are
      hereby incorporated by reference and are a material part of this
      Agreement.

    

    8.    Indemnification
      by the Executive.
      The
      Executive shall
      indemnify and hold harmless the Company, its directors, officers, stockholders,
      agents, and employees against all claims, costs, expenses, liabilities, and
      lost
      profits, including amounts paid in settlement, incurred by any of them as a
      result of the breach by the Executive of any provision of this
      Agreement.

     

    9.    Notices.
      All
      notices, requests, consents, approvals, and other communications to, upon,
      and
      between the parties shall be in writing and shall be deemed to have been given,
      delivered, made, and received when: (a) personally delivered; (b) deposited
      for
      next day delivery by FedEx, or other similar overnight courier services; (c)
      transmitted via telefacsimile or other similar device to the attention of the
      Company President or Chief Executive Officer with receipt acknowledged; or
      (d)
      three (3) days after being sent or mailed by certified mail, postage prepaid
      and
      return receipt requested, addressed to the Company at 4699 Old Ironsides Drive,
      Suite 420, Santa Clara, California 95054, Attention: Chair, Board of Directors,
      and to the Executive c/o the Company at 4699 Old Ironsides Drive, Suite 420,
      Santa Clara, California 95054.

     

    
      
        
        

      

      
        -4-

        
          

        

      

      
        
        

      

    

    

    10.    Effect.
      This
      Agreement shall be binding on and inure to the respective benefit of the Company
      and its successors and assigns and the Executive and his personal
      representatives.

    

    11.    Entire
      Agreement.
      This
      Agreement constitutes the entire agreement between the parties with respect
      to
      the matters set forth herein and supercedes all prior agreements and
      understandings between the parties with respect to the same.

    

    12.    Severability.
      The
      invalidity or unenforceability of any provision of this Agreement shall not
      affect the validity or enforceability of any other provision.

    

    13.    Amendment
      and Waiver.
      No
      provision of this Agreement, including the provisions of this Paragraph, may
      be
      amended, modified, deleted, or waived in any manner except by a written
      agreement executed by the parties.

    

    14.    No
      Assignment.
      Neither
      this Agreement nor any interest herein may be assigned by either party without
      the consent of the other party.

    

    15.    Governing
      Law.
      This
      Agreement shall be construed and enforced in accordance with the laws of the
      State of California, other than its rules with respect to choice of
      law.

    

    16.    Consent
      to Jurisdiction and Venue.
      Each of
      the parties agrees that any suit, action, or proceeding arising out of this
      Agreement may be instituted against it in the District Court of Santa Clara
      County, California or in the United States District Court for the Northern
      District of California (assuming that such court has subject matter jurisdiction
      over such suit, action or proceeding). Each of the parties hereby waives any
      objection that it may have to the venue of any such suit, action, or proceeding,
      and each of the parties hereby irrevocably consents to the personal jurisdiction
      of any such court in any such suit, action, or proceeding.

    

    17.    Counterparts.
      This
      Agreement may be executed in more than one counterpart, each of which shall
      be
      deemed an original, and all of which shall be deemed a single
      agreement.

    

    18.    Headings.
      The
      headings herein are for convenience only and shall not affect the interpretation
      of this Agreement.

    

    

    [Remainder
      of Page Intentionally Left Blank.]

     

    
      
        
        

      

      
        -5-

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the parties have executed this Employment Agreement as of
      the
      day and year first above written.

    

    

    Nayna
      Networks, Inc.

     

    By:
      /s/ Naveen S.
      Bisht                                     

    Name:
      Naveen
      S.
      Bisht

    Title:
      President and Chief Executive Officer

     

    /s/
      Michael
      Meyer                                             

    Michael
      Meyer

    
      	 	 	 	 
	 	 	 	 
	
              -6-

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