Document:

Employment Agreements

 EXHIBIT 10.4 
  
 — MATERIAL CONTRACTS – 
  
 EMPLOYMENT AGREEMENTS 

 EMPLOYMENT AGREEMENT 
  
 This Employment Agreement (this “Agreement”) is entered into this 16th day of July, 2004, to be effective January 1, 2004, by and between, Shiwana, Inc., a Delaware corporation (the “Company”) with offices at 1320 Tower
Road, Schaumburg, IL 60173, and Bary Bertiger, an individual (“Executive” or “Employee”) residing at 23 Clarington Way, North Burrington, IL 60010. 
  
 W I T N E S S E T H : 
  
 WHEREAS, the Company desires to employ the Executive, and the Executive desires to be in the
employ on the terms hereinafter specified. 
  
 AGREEMENT

  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive, intending to be legally bound hereby, agree as set forth below. 
  
 1. Employment and Duties. During the term of this Agreement, Executive will
perform all services and acts necessary in the capacity of Co-Chief Executive Officer, Director and Secretary of the Company, including, without limitation, to manage and conduct the affairs, activities and business of the Company. Executive shall
devote Executive’s business time, attention, energies and abilities reasonably necessary for the performance of his duties and shall endeavor in good faith to perform such duties in an efficient, faithful and business like manner. The
Executive’s place of business shall be the Company’s offices to be located within a thirty (30) mile radius of Chicago, Illinois or such other location as mutually agreed by the parties to this agreement. 
  
 (a) It is understood and agreed that the Executive may serve from
time-to-time with non-profit organizations or on the boards of directors or advisory boards of other entities, including, but not limited to, other software companies and venture firms as well as non-profit organizations, provided the Executive
discloses such service to the Company and, provided further, in the event of a Competitive Business Entity (as defined in Section 3(a)), a majority of the Board of Directors approves such service. 
  
 2. Term. The term of this Agreement shall be from the date hereof until
terminated as set forth in Section 7 hereof. Employee understands that the employment relationship between the Employee and the Company is “at will” and that the Company may terminate such relationship with or without cause, for any reason
or no reason, at any time, subject to the terms contained in this Agreement. 
  
 3. Confidential Information and Covenant Not to Compete. 
  
 (a) Non-Disclosure. Executive hereby agrees that, during the term of this Agreement and thereafter, he will: 
  
 (i) maintain the confidentiality of all Confidential Information (as defined below) and not mechanically copy or otherwise reproduce, publish, sell, use,
make any commercial use of, exploit, disclose, divulge, demonstrate or make possible the reverse engineering and/or reverse compilation of any Confidential Information of the Company or any of its subsidiaries (if any), or any part or parts thereof,
directly or indirectly, to any person or entity (other than the Company or any of its subsidiaries or designees), except (A) at the request and authorization of the Company, (B) to the extent necessary to comply 

  

 
with the law or the valid final order of a court or governmental agency of competent jurisdiction, in which event Executive shall notify the Company as
promptly as practicable (and, if possible, prior to making any disclosure) and shall seek confidential treatment of such information and (C) in order to properly carry out Executive’s duties to the Company hereunder in the normal course of
business; and 
  
 (ii) assign, and hereby does assign, to the
Company any and all rights which the Employee might otherwise claim in and to any Confidential Information and to all granted or applications for letters patent or copyrights therefor in all countries where the business of the Company is carried on
or conducted by the Company or any entity directly or indirectly controlling, controlled by or under common control with, the Company (collectively, the “Company” as the case may be), and shall promptly deliver to the Company such written
instruments and cooperate and do such other acts as may be necessary in the opinion of the Company to preserve the Company’s rights in and to the Confidential Information against forfeiture, abandonment or loss and to obtain and maintain
letters patent or copyrights and to vest the entire right and title thereto exclusively in the Company. 
  
 Executive further agrees and acknowledges that such Confidential Information, as between the Company and Executive, shall be deemed and at all times
remain and constitute the exclusive property of the Company, whether or not patentable or copyrightable, that the Company has reserved and does hereby reserve all rights in and to the same for all purposes and to take all necessary and appropriate
precautions to avoid the unauthorized disclosure of any Confidential Information. 
  
 In the event Executive’s employment with the Company terminates for any reason, Executive shall, upon request by the Company, promptly return to the Company all property of the Company and its subsidiaries in his
possession or under his direct or indirect control, including, without limitation, all Confidential Information and all equipment, notebooks and materials, reports, notes, contracts, memoranda, documents and data of the Company or any of its
subsidiaries or constituting or relating to the Confidential Information (and any and all copies thereof) whether typed, printed, written or on any source of computer media unless the parties agree otherwise or such Executive has an independent
professional responsibility to maintain such information in confidence. 
  
 (b) Confidential Information. For purposes of this Agreement, the term “Confidential Information” shall mean and any and all information or data, whether written or oral and if written,
howsoever produced or reproduced or not denoted or marked confidential, which is the proprietary information of the Company or any of its subsidiaries (whether or not a trade secret), including, without limitation: 
  
 (i) all research, designs, developments, computer programs, algorithms,
models, software or programming, summaries, reports, drawings, charts, specifications, descriptions, routines, processes, inventions, discoveries, trade secrets, methods, improvements, adaptations, and similar proprietary concepts and related
documentation; 
  
 (ii) the terms of any agreement or contract
between the Company and Executive; 
  
 (iii) any proprietary
information concerning or belonging to the Company’s customers, clients, and vendors, or with respect to existing or contemplated projects or programs of the Company and its customers, clients, and vendors; 
  

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 (iv) any methods of operation, programming plans, marketing plans, techniques, technical plans, strategic
plans, distribution plans, transmission plans, production plans, finances, budgets, salary information, sources of supply and materials and costs, discount and pricing practices, contractual arrangements and negotiations; and 
  
 (v) any other information of similar or dissimilar nature that the Company
designates as Confidential Information (whether or not owned or developed by the Company, except that if such Confidential Information is not owned or developed by the Company, such designation shall be in writing) and/or that is proprietary to or
within the unique knowledge of the Company (whether or not discovered, originated or developed in whole or in part by the Executive), 
  
 and which is used or developed by the Company or any of its subsidiaries at any time prior to or during the period of Executive’s employment by the
Company, as well as any financial information regarding the Company or any of its subsidiaries which was disclosed to or learned by Executive during such period; provided, however, Confidential Information does not include any such
information that becomes freely and generally available so long as the availability of the information does not occur as a result of a breach of Executive’s duties under this Section 3(b). 
  
 (c) Non-Competition. Executive hereby agrees that: 

 
 (i) During the term of this Agreement and (A) in the case where the
Executive’s employment has been terminated with Cause (as defined in Section 7(a)) or where the Executive voluntarily terminated the Executive’s employment with the Company, for twelve (12) months thereafter (the “Restricted
Period”), or (B) in the case where the Executive’s employment has been terminated without Cause by the Company or where the Executive’s employment is terminated due to a Constructive Termination Event (as defined in Section 7(c)), for
the Severance Period (as defined in Section 7(e)), the Executive will not, directly or indirectly, on Executive’s own behalf or on the behalf of any Competitive Business Entity: 
  
 (1) authorize Executive’s name to be used by any Competitive Business Entity; 
  
 (2) recruit, solicit, or induce the employment of any individual who is
then currently or was, within the last nine (9) months of Executive’s employment with the Company an employee of the Company; 
  
 (3) solicit, divert, induce or take away, or attempt to do the same (A) (including, without limitation) any licensee, client, customer, or account of a
Company product or service; (B) any person or entity for whom the Company provided or was to provide, within the last twelve (12) months of Executive’s employment, maintenance or other services for a fee, pursuant to a formal agreement or
otherwise; (C) any person or entity to whom, within the last nine (9) months of Executive’s employment, the Company had made a detailed presentation or solicitation of a fully qualified prospect wholly or partially in writing; and (D) any joint
venturer or subcontractor of the Company (collectively, a “Customer”) to cancel any order previously placed with the Company; and, in each instance (A), (B), (C), and (D), the Executive directly or indirectly engaged contacted, solicited
or served the Customer while employed by the Company within the last twelve (12) months of such Executive’s employment; 
  

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 (4) solicit from any then Customer of the Company any business which is competitive to the
Company’s business as it is conducted then, or within twelve (12) months after the Executive’s employment terminates; 
  
 (5) render any service, for or without any compensation, in connection with the design, development, manufacture, marketing or sale of any product
competitive with any service or product then, or within twelve (12) months, offered by the Company; or 
  
 (6) participate in, directly or indirectly, (whether as advisor, principal, agent, partner, officer, director, employee, stockholder, associate or
consultant of any Competitive Business Entity) provided that any interest of Executive through investment in up to an aggregate of five percent (5%) in any class of any person whose securities are required to be registered under the Securities
Exchange Act of 1934, as amended, shall not be considered participation hereunder. 
  
 For the purpose of this Section 3(c), the term “Competitive Business Entity” shall mean any person, partnership, corporation or other business entity which, during the Restricted Period or the Severance
Period, as the case may be, (A) is in competition or (B) as a result of, or following the Executive’s employment, plans to or develops an intention to design, develop, license, market, or sell in or goes into competition, and in each instance
(A) and (B) with any business carried on (or planned to be carried on during the Restricted Period or Severance Period, as applicable) by the Company during the term of this Agreement in any county of any state in the United States or any other
location worldwide in which business is then carried on or conducted by the Company. 
  
 (ii) Notwithstanding the foregoing restrictions of Section 3(c)(i), the Executive may obtain employment with any Company client and/or licensee, provided such employment (A) is not related to competing with the
Company on behalf of such client and / or licensee for the purpose of providing products or services to third parties competitive with the Company or (B) is in a consulting capacity or in the nature of in-house development of software, such software
not be marketed for use by third parties or resale by third parties to other parties. Notwithstanding the termination of this Agreement, Executive, during the Restricted Period or the Severance Period, as applicable, shall provide written notice to
the Company upon the Executive’s employment with any party. 
  
 (iii) In the event the Company ceases all operations, the restrictions contained within Section 3(c)(i) shall be terminated and of no further force or effect, and the Executive may engage in such competitive activities without limitation,
subject, however, to the restrictions set forth in Section 3(b) and Section 3(f). Notwithstanding the previous sentence, in the event that the Company ceases all operations, the provisions of Section 3(b) shall be automatically terminated and of no
further force or effect, provided that such cessation of operations is not due to a merger or consolidation with a third party, a sale or acquisition of the Company by a third party, or sale of all or substantially all of the Company’s
assets to a third party; provided further that such third party shall not be an affiliate of any present or past shareholder of the Company. 
  
 (iv) Notwithstanding the foregoing restrictions of Section 3(c)(i), the Executive may serve on the Board of Directors of a Competitive Business Entity,
provided a majority of the Board of Directors, not including the vote of Employee, approves such service. Service on the board of directors of a Competitive Business Entity does not terminate any of the Executive’s other obligations, including,
but not limited to, the obligations created under Section 3(a) and Section 3(b). 
  

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 (d) Injunctive Relief. The services to be rendered by Executive hereunder are of a special,
unusual, extraordinary and intellectual character which gives them a peculiar value and a breach by Executive may cause the Company irreparable injury and damage. Executive agrees that the remedy at law for any breach by the Executive of any of the
covenants and agreements set forth in this Section 3 will be inadequate and that in the event of any such breach, the Company, in addition to the other remedies that may be available to it at law, may obtain injunctive relief prohibiting the
Executive from the breach of such covenants and agreements. Resort to such equitable relief, however, shall not be construed to be a waiver of any rights or remedies which the Company may otherwise have. 
  
 (e) Severability. The parties hereto agree that the scope,
duration and area for which the covenant not to compete set forth in Section 3(c) above is to be effective are reasonable. In the event that any court determines that such scope, duration, or area are unreasonable and that such covenant is to that
extent unenforceable, the parties hereto agree that the covenant shall remain in full force and effect for the broadest scope, greatest time period and largest area that would not render it unenforceable. The parties intend that this covenant shall
be deemed to be a series of separate covenants, one for each and every county within the United States of America and one for each country where this covenant is intended to be effective. In the event that any court determines that the requirement
that Executive assign a certain class or classes of Confidential Information to the Company is unreasonable and that such covenant is to that extent unenforceable, the parties hereto expressly agree that the covenant shall be interpreted to not
apply to any Confidential Information which falls into such a class or classes. 
  
 (f) Ownership of Ideas. In addition to any other restrictions hereunder, Executive shall not furnish at any time during the term of this Agreement to any other entity, person or persons any proposal or
idea previously submitted to the Company or any of its subsidiaries by Executive or developed by Executive during the term hereof, whether or not such proposal or idea was adopted by or in no way utilized by the Company or any subsidiary, except
after compliance with the Company’s policy on conflicts of interest. Executive hereby grants and assigns to the Company all rights (including, without limitation, any copyright or patent) in the results and proceeds of all of Executive’s
services hereunder performed within the scope of Executive’s employment. All such services shall be subject in all respects to the reasonable supervision, control and direction of the Board of Directors. Any work in connection with such
services shall be considered “work made for hire” under the Copyright Law of the United States and the Company shall acquire all rights in such work as if the Company were the author of the results and proceeds of such work. 
  
 (g) Further Assurances. Executive will, during the term,
execute and deliver any further agreements or certifications as the Company may from time to time reasonably request in connection with Section 3(f) hereof, provided that such agreements and certifications are consistent with Executive rights
and privileges hereunder. 
  
 4. Compensation. 
  
 (a) During the term of this Agreement, Executive shall be paid a base salary
(subject to all necessary statutory or authorized deductions), payable in accordance with the Company’s normal payroll practice. During the first year of the term of this Agreement, Executive’s base salary shall be Twenty Five Thousand
and 00/100 dollars ($25,000.00). The annual base salary payable to Executive shall be reviewed at least annually; provided, however, that Executive’s base salary shall not be reduced below per annum as described above during the term
of this Agreement. 
  

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 (b) The Executive may receive bonus compensation based upon the extent to which the Executive and the
Company achieve performance objectives determined by the parties from time to time. Such compensation shall be in the form cash or such other mutually agreed upon compensation, e.g., stock or stock options, and shall be paid or issued not more than
forty-five (45) days following the last day of the applicable period and, in the case of an annual bonus, the Company’s fiscal year. In addition, the Executive shall be vested in and entitled to receive the full bonus provided he is employed on
the last day of the applicable period or fiscal year (as the case may be), notwithstanding his termination of employment following the last day of the applicable period or fiscal year despite separation from service prior to payment of the bonus.

  
 5. Other Executive Benefits. During the term of this Agreement,
the Company shall provide to Executive such benefits provided to the employees of the Company, generally, and benefits commensurate with Executive’s position with the Company, including, without limitation, each of the following benefits as
well as such other benefits as shall be determined from time-to-time by the Board of Directors of the Company: 
  
 (a) Medical, Life and Disability Insurance. The Company agrees to provide coverage to Executive and his family under such medical, dental,
group life and other disability and life insurance plans and other employment benefit plans as may be maintained from time to time in the discretion of the Company’s management or Board of Directors for the benefit of employees of the Company
generally and for officers or senior management employees of the Company in accordance with the terms of such plans on a basis no less favorable than that accorded the senior executive officers of the Company. Notwithstanding the previous sentence,
until such time as the Company has obtained medical coverage for Executive and Executive’s family, the Company agrees to reimburse Executive for the cost of obtaining his own medical coverage. 
  
 (b) Vacation. Executive shall be entitled to a minimum of
twenty (20) days, (accrued monthly) of paid vacation in each year during the term of this Agreement in addition to such other vacation, holiday and paid leave time (i.e., paid holidays, personal days and sick leave benefits) as
the Company shall provide generally to its senior executive officers, in accordance with its policies, subject, however, to a five (5) day maximum carry over of any accrued, but unused vacation to the next year. 
  
 (c) Business Expenses. The Company will pay or reimburse
Executive for any reasonable out-of-pocket expenses, including, but not limited to, first class airfare and such other travel expenses, and expenses associated with access and use of telecommunications lines to insure the availability by electronic
communication of Executive as well as to facilitate the conduct of business from the Executive’s home office, e.g., telephone line(s), internet access, and cellular telephone and usage, incurred by the Executive in the course of providing his
services hereunder. The Company shall also reimburse Employee for the reasonable cost of annual financial planning and tax preparation. Such reimbursement shall be made by the Company within thirty (30) days after receipt of a statement therefor
from Executive setting forth in reasonable detail the expenses for which reimbursement is requested, accompanied by reasonable documentation evidencing such expenses. 
  
 (d) Additional Benefits. Executive shall be entitled to receive any additional benefits generally made
available to the directors, officers or senior management employees of the Company, including, but not limited to, qualified pension, profit sharing and 401(k) plans, IRC Section 105(h), IRC Section 125, and IRC Section 129 plans, subject to the
participation requirements of such plans, and memberships in professional organizations. 
  

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 (e) Directors and Officers Liability Insurance. Upon approval of the Board of Directors,
the Company shall obtain directors and officers liability coverage that includes the Executive in a manner commensurate with that of the Company’s officers and directors. Such coverage shall be in an amount of $5,000,000 or such other amount
that a majority of the Board of Directors, not including the vote of Employee, determines is commercially practicable and consistent with company’s of a similar nature. 
  
 6. Withholding of Certain Taxes. All compensation referred to in Sections 5 of this Agreement is stated in terms of gross amount, it
being understood that the Company will be required to withhold from such gross amount deductions for federal, state and local income taxes (if any), F.I.C.A., unemployment compensation taxes and the like. 
  
 7. Termination with or without Cause. 
  
 (a) Termination with Cause. The Company, pursuant to the
presentation of a copy of a resolution approved by a majority of the Board of Directors, not including the vote of Employee, may terminate Executive with Cause (as defined below) at any time during the term hereof upon thirty (30) days
written notice; any such written notice will specify the reasons for termination. If the Company so terminates Executive, Executive shall be entitled to receive all compensation and other benefits through the date of termination but shall not be
entitled to any severance pay or any other additional compensation. For purposes of this Agreement, the term “Cause” means (i) conviction of a felony or a crime involving moral turpitude, (ii) repeated and persistent gross or willful
misconduct by Executive pertaining to the Executive’s employment with the Company, (iii) fraud or gross dishonesty of Executive pertaining to the Executive’s employment with the Company, (iv) the repeated failure to follow reasonable
written instructions of the Board of Directors, or (v) a material breach of this agreement, provided, in the case of (ii), (iv) and (v) that Executive shall have an opportunity to cure such material breach within thirty (30) days of
receipt of a written notice specifically setting forth the basis for the purported termination (except in the case of two or more repeated failures to follow written instructions, an opportunity to cure such material breach within five (5)
days of receipt of such written notice). 
  
 (b)
Termination without Cause. The Company may terminate the Executive at anytime without Cause with ninety (90) days written notice of such termination. If the Company so terminates Executive, Executive shall be entitled to receive all
compensation and other benefits through the date of termination, his accrued bonus, if any, and compensation and other benefits to which Executive would have been entitled to receive pursuant to Section 4 and 5 above through the “Severance
Period” (as such term is defined in Section 7(e)). 
  
 (c)
Constructive Termination. At Executive’s option, the Executive may terminate this Agreement and his employment with the Company if any of the following occur (“Constructive Termination”): (i) the relocation of
Executive’s office outside thirty (30) miles from Executive’s office with the Company as initially determined by the Company in accordance with Section 1 hereof (except for required travel consistent with present business obligations);
(ii) a material breach by the Company of this Agreement, provided that the Company failed to cure such material breach within thirty (30) days of receipt of a written notice of such material breach (except for a material breach with
respect to a material payment obligation of the Company, which the Company has failed to cure within five (5) days after written notice); or (iii) a material change, adverse to Executive, in Executive’s positions, titles, or offices as set
forth in this Agreement, status, rank, nature of responsibilities, or authority within the Company, including, without limitation, an assignment of any duties to Executive which are materially inconsistent with his status or a removal of 

  

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Executive from or any failure to elect or re-elect, or, as the case may be, nominate Executive to any such positions or offices, including as Director,
Co-Chief Executive Officer and Secretary, except in connection with the termination of Executive’s employment pursuant to Section 7(a), disability, or as a result of Executive’s death; (iv) “Change of Control” (as defined within
Exhibit A hereto); or (v) removal from either the position of Director, Co-Chief Executive Officer or Secretary, or diminution of responsibilities customarily associated with such position (each a “Constructive Termination Event”). If
Executive exercises his right under this Section 7(c), Executive shall be entitled to receive any and all compensation and other benefits to which Executive would have been entitled to receive pursuant to Sections 4 and 5 above through the
“Severance Period” (as such term is defined in Section 7(e)), including, without limitation, salary and (pro-rated) bonus payments, and to the extent any plans, programs or arrangements do not allow continued participation, a cash payment
equivalent on an after-tax basis coincident in order to insure no lapse in coverage or receipt of such benefits. 
  
 The right to terminate shall not be affected by incapacity due to death or disability; provided, however, that Executive’s Disability (as defined
below) shall not be a grounds for termination with Cause. In addition, continued employment shall not constitute consent to, or a waiver of rights, with respect to any circumstances constituting Constructive Termination. 
  
 (d) Termination by Reason of Death or Disability. In the event
that Executive dies or shall be unable to perform his duties hereunder in any material respect as a result of mental or physical incapacity as determined by the an independent physician chosen jointly by Executive and the Board of Directors, not
including Employee’s vote, for one hundred twenty (120) consecutive days (“Death or Disability”), the Company shall have the option to terminate this Agreement upon thirty (30) days’ written notice. In the event employment is
terminated pursuant to this Section 7(d), all compensation and other benefits will be paid to the Executive as if the Executive were terminated without Cause, except the Company may adjust base compensation payments to the extent the Executive
receives disability insurance provided by the Company. Effective as of the expiration of the Severance Period, as defined in Section 7(e), the Executive will be released from his obligations under Section 3(c) above, as provided in such section.
Upon Executive’s termination for Disability, if applicable law permits, continued coverage under Company’s health and dental plans at Executive’s after-tax cost, which would have been incurred by Executive if Executive were still an
employee of the Company, the Company shall pay Executive’s premium for such program until the earlier of one year following such termination or the expiration of eligibility for such continued coverage period for Executive under applicable law.

  
 (e) Severance Period. For purposes of this
Agreement, the “Severance Period” shall mean that period beginning on the effective date of termination of Executive and until the end of the twelfth (12) month following the date of termination by the Company without regard to whether
Executive does or does not obtain other employment or has other earnings or income from other sources. 
  
 8. Indemnification. 
  
 (a) The Company agrees to indemnify, defend, and hold harmless Executive to the fullest extent permitted under applicable law as provided in the Company’s Certificate of Incorporation and/or Bylaws for officers generally. 

 
 (b) The Company agrees to indemnify, defend and hold harmless Executive
from and against any and all Losses (as defined below) resulting from, related to, or arising out of, directly or indirectly, any written or oral demand, claim, suit, action cause of action, investigation or notice 

  

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alleging actual or potential liability by a former employer of Executive (collectively, “Claims”), if any, provided that Executive’s actions
related to such Claims were on behalf of the Company, within the scope of Executive’s employment, and not in breach of this Agreement with the Company, including, but not limited to, the representations and warranties, and covenants in Section
9(a). The term “Losses” shall mean any and all damages, losses, obligations, deficiencies, liabilities, penalties, fines, costs and expenses, including without limitation, interest, court costs, reasonable fees of attorneys, accountants
and other experts or other reasonable expenses of litigation or other proceedings of any Claims. 
  
 9. General Provisions. 
  
 (a) Representations and Warranties; Covenants. Executive hereby represents and warrants, and covenants to the Company that: (i) Executive has disclosed to the Company all prior agreements that Executive has entered into
with all prior employers to the Company; (ii) Executive will not knowingly, in any material respect, breach any agreements that Executive has entered into with third parties, which pertains to the Company; and (iii) Executive will not enter into any
agreement, either written or oral, in conflict with the terms and conditions of this Agreement. 
  
 The Employee acknowledges that the Company from time to time may have agreements with other persons or with the United States Government, or agencies
thereof, which impose obligations or restrictions on the Company regarding inventions made during the course of work under such agreements or regarding the confidential nature of such work. The Employee agrees to be bound by all such obligations and
restrictions that are made known to the Employee and to take all action necessary to discharge the obligations of the Company under such agreements. 
  
 The Employee represents that he has acted and agrees to act in conformity with all applicable laws, rules and regulations of all governmental authorities,
including, without limitation, the Export Administration Act. 
  
 EXECUTIVE FURTHER CONFIRMS THAT EXECUTIVE HAS CAREFULLY READ THIS AGREEMENT, FULLY UNDERSTANDS ITS CONTENTS AND TERMS, AND HAS HAD AN OPPORTUNITY TO ASK THE COMPANY ABOUT ANY QUESTIONS, CONCERNS OR ISSUES EXECUTIVE MAY HAVE IN CONNECTION
WITH THIS AGREEMENT OR ITS TERMS. EXECUTIVE ALSO CONFIRMS THAT HE HAS AN OPPORTUNITY TO CONSULT LEGAL COUNSEL AND OTHER ADVISORS OF HIS CHOICE IN CONNECTION WITH THIS AGREEMENT. 
  
 (b) Notices. Any notice to be given pursuant to this Agreement shall be in writing and shall be deemed duly
given (i) three (3) days after deposit in the mail, certified mail, return receipt requested, to the party to receive such notice at the address specified below or (ii) immediately upon actual delivery and receipt of the notice: 
  

			
	If to the Company, to:	  	Shiwana, Inc.
1320 Tower Road
Schaumburg, IL 60173
		
	If to Executive, to:	  	Bary Bertiger
23 Clarington Way
North Burrington, IL 60010

  

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 Either party may change his or its name and/or address for purposes of this Section by giving the other
written notice of the new name and/or address in the manner set forth above. 
  
 (c) Successors and Assigns. This Agreement shall bind and shall inure to the benefit of the Company and any and all of its successors and assigns. This Agreement is personal to Executive and shall not be
assignable by Executive. The Company may assign this Agreement to any entity which (i) purchases all or substantially all of the assets of the Company or (ii) is a direct or indirect successor (whether by merger, sale of stock or transfer of assets)
of the Company. Any successor will automatically succeed to the obligations of the Company under this Agreement. 
  
 (d) Waiver of Breach. The waiver by the Company or Executive of a breach of any provision of this Agreement by the other shall not operate
or be construed as a waiver of any subsequent breach by the other. 
  
 (e) Entire Agreement/Modification. This Agreement contains all of the covenants and agreements between the parties with respect to such employment in any manner whatsoever and supersedes and cancels all agreements, written or
oral, made prior the date hereof between the Executive and the Company, and that the Executive has not relied upon any representations or promises of any kind or nature whatsoever made by any employee or agent of the Company prior to the date of
this Agreement. Any modification of this Agreement will be effective only if it is in writing, signed by the party to be charged. 
  
 (f) Partial Invalidity. If any provision of this Agreement is held by a court of component jurisdiction to be invalid, void or
unenforceable, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated in any way. 
  
 (g) Governing Law. The validity of this Agreement and the interpretation and performance of all of its terms shall be governed by the
laws of the State of Illinois without regard to the conflicts of law rules of such state. Any claims or legal actions by one party against the other arising out of this employment relationship between the parties (whether or not arising under this
Agreement) shall be subject to the exclusive jurisdiction of the state courts or the federal courts in the State of Illinois, subject, however, to the dispute resolution provisions below. Each party hereby irrevocably waives any objection which it
may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of this employment relationship between the parties (whether or not arising under this Agreement) in the aforementioned courts and further irrevocably
waives any claim that such courts are not a convenient forum for any such suit, action or proceeding. 
  
 Enforcement. The Executive and the Company (the “Arbitrating Parties”) agree that the Arbitrating Parties shall be entitled to
commence a legal action for purposes of seeking interim relief, including temporary restraining orders and preliminary injunctions, in aid of arbitration pursuant to dispute resolution provisions below or to protect the rights of either Arbitrating
Party pending the establishment of the arbitral tribunal in any court of the United States located in the State of Illinois or in Illinois state court. The court may order the non-prevailing Arbitrating Party in any such legal action to pay the
reasonable compensation, costs, fees and expenses of the witnesses, experts and counsel of each Arbitrating Party. Each of the Arbitrating Parties hereto (a) consents to submit to the personal jurisdiction of any court of the United States located
in the State of Illinois or any Illinois state court, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request leave from any such court and (c) agrees that it will not bring any action seeking
interim relief or to compel arbitration pursuant to Section 21.4 in any court other than a court of the United States or state court sitting in the 

  

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State of Illinois, and that actions to enforce an interim or final arbitral award may be filed in any court having jurisdiction. 
  
 Dispute Resolution Provisions. The Arbitrating Parties hereby
agree that, in order to obtain prompt and expeditious resolution of any disputes under this Agreement, any claim, dispute or controversy of whatever nature, arising out of, in connection with, or in relation to this Agreement or the breach,
termination or validity thereof, including any claim based on contract, tort or statute or the arbitrability of any claim hereunder or any determination of compensation, costs, fees and expenses (an “Arbitrable Claim”), shall be finally
settled by binding arbitration conducted in accordance with the then-prevailing Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (the “AAA”) as modified herein (except for the right of either
party to apply to a court of competent jurisdiction for a temporary restraining order, a preliminary injunction, or other equitable relief to preserve the status quo or to prevent irreparable harm as provided above). The place of arbitration shall
be Chicago, Illinois. There shall be one arbitrator mutually agreed to by the parties who shall be a retired federal judge or magistrate with experience in disputes relating to large, commercial transactions involving software licenses. Each
Arbitrating Party hereto expressly consents to, and waives any future objection to, such forum and arbitration rules. Judgment upon any award may be entered by any state or Federal court having jurisdiction thereof. The Federal Arbitration Act, 9
U.S.C. §§ 1-16, shall govern the interpretation, validity and effect of this arbitration agreement and any arbitration proceedings, decisions or awards rendered hereunder. 
  
 Any award rendered hereunder shall include a statement regarding the reasons for the award. In rendering any award
hereunder, the arbitrators shall apply the substantive law of the State of Illinois, without regard to the conflicts of law provisions thereof. 
  
 Adherence to this dispute resolution process shall not limit the right of the Arbitrating Parties hereto, consistent with the “Enforcement”
provisions above, to seek interim relief, including temporary restraining orders and preliminary injunctions, in aid of arbitration or to protect the rights of either Arbitrating Party pending the establishment of the arbitral tribunal. 

 
 The arbitration proceedings conducted pursuant to this agreement shall be
confidential. Neither Arbitrating Party shall disclose or permit the disclosure of any information about the evidence adduced or the documents produced by the other Arbitrating Party in the arbitration proceedings or about the existence, contents or
results of the arbitration award without the prior written consent of such other Arbitrating Party, except as required in the course of a judicial, regulatory or arbitration proceeding, or filings as may be requested or required by a governmental
authority or as required for the enforcement of an arbitral award. Before making any disclosure permitted by the preceding sentence, the Arbitrating Party intending to make such disclosure shall give the other Arbitrating Party reasonable written
notice of the intended disclosure and afford the other Arbitrating Party a reasonable opportunity to protect its interests. 
  
 (h) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but together which
shall constitute one and the same document. 
  

 Page 11 of 13 

 IN WITNESS WHEREOF, intending to be legally bound hereby, the Company has caused this Agreement to be executed on its
behalf by its duly authorized officer and Executive has executed the same as of the day and year first above written. 
  

					
	Shiwana, Inc.	 	 	 	Executive
			
	/s/ Tim R. Sensenig	 	 	 	/s/ Bary Bertiger

  

 Exhibit A 
  
 “Change of Control” shall mean: (a) any “person” (as such term is used in Section 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), is or becomes in a single transaction or in a series of related transactions within a period of twelve (12) months the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company (not including any securities acquired directly from the Company) representing more than 50% of the combined voting power of the Company’s then outstanding securities; or
(b)(i) the shareholders approve a merger or consolidation of the Company with any other corporation whereby the shareholders of the Company represent less than 50% of the Company or such surviving or acquiring entity immediately after such merger or
consolidation, and (ii) the persons who were the members of the Board of Directors of the Company prior to such approval do not represent a majority of the directors of the surviving, resulting or acquiring entity or the parent thereof; (c) the
stockholders of the Company approve a plan of liquidation of the Company; or (d) within any period of 24 months, persons who were members of the Board of Directors of the Company immediately prior to such 24-month period, together with any persons
who were first elected as directors (other than as a result of any settlement of a proxy or consent solicitation contest or any action taken to avoid such a contest) during such 24-month period by or upon the recommendation of a majority of the
persons who were members of the Board of Directors of the Company immediately prior to such 24-month period and who constituted a majority of the Board of Directors of the Company at the time of such election, cease to constitute a majority of the
Board. 
  

 Page 13 of 13 

 EMPLOYMENT AGREEMENT 
  
 This Employment Agreement (this “Agreement”) is entered into this 16th day of July, 2004, to be effective January 1, 2004, by and between, Shiwana, Inc., a Delaware corporation (the “Company”) with offices at 1320 Tower
Road, Schaumburg, IL 60173, and Bernard Asher, an individual (“Executive” or “Employee”) residing in the State of Illinois. 
  
 W I T N E S S E T H : 
  
 WHEREAS, the Company desires to employ the Executive, and the Executive desires to be in the
employ on the terms hereinafter specified. 
  
 AGREEMENT

  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive, intending to be legally bound hereby, agree as set forth below. 
  
 1. Employment and Duties. During the term of this Agreement, Executive will
perform all services and acts necessary in the capacity of President of the Company, including, without limitation, to manage and conduct the affairs, activities and business of the Company. Executive shall devote Executive’s business time,
attention, energies and abilities reasonably necessary for the performance of his duties and shall endeavor in good faith to perform such duties in an efficient, faithful and businesslike manner. The Executive’s place of business shall be the
Company’s offices to be located within a thirty (30) mile radius of Chicago, Illinois or such other location as mutually agreed by the parties to this agreement. 
  
 (a) It is understood and agreed that the Executive may serve from time-to-time with non-profit organizations or on the
boards of directors or advisory boards of other entities, including, but not limited to, other software companies and venture firms as well as non-profit organizations, provided the Executive discloses such service to the Company and, provided
further, in the event of a Competitive Business Entity (as defined in Section 3(a)), a majority of the Board of Directors approves such service. 
  
 2. Term. The term of this Agreement shall be from the date hereof until terminated as set forth in Section 7 hereof. Employee understands that the
employment relationship between the Employee and the Company is “at will” and that the Company may terminate such relationship with or without cause, for any reason or no reason, at any time, subject to the terms contained in this
Agreement. 
  
 3. Confidential Information and Covenant Not to
Compete. 
  
 (a) Non-Disclosure. Executive
hereby agrees that, during the term of this Agreement and thereafter, he will: 
  
 (i) maintain the confidentiality of all Confidential Information (as defined below) and not mechanically copy or otherwise reproduce, publish, sell, use, make any commercial use of, exploit, disclose, divulge,
demonstrate or make possible the reverse engineering and/or reverse compilation of any Confidential Information of the Company or any of its subsidiaries (if any), or any part or parts thereof, directly or indirectly, to any person or entity (other
than the Company or any of its subsidiaries or designees), except (A) at the request and authorization of the Company, (B) to the extent necessary to comply with the law or the valid final order of a court or governmental agency of competent 

  

 
jurisdiction, in which event Executive shall notify the Company as promptly as practicable (and, if possible, prior to making any disclosure) and shall seek
confidential treatment of such information and (C) in order to properly carry out Executive’s duties to the Company hereunder in the normal course of business; and 
  
 (ii) assign, and hereby does assign, to the Company any and all rights which the Employee might otherwise claim in and to
any Confidential Information and to all granted or applications for letters patent or copyrights therefor in all countries where the business of the Company is carried on or conducted by the Company or any entity directly or indirectly controlling,
controlled by or under common control with, the Company (collectively, the “Company” as the case may be), and shall promptly deliver to the Company such written instruments and cooperate and do such other acts as may be necessary in the
opinion of the Company to preserve the Company’s rights in and to the Confidential Information against forfeiture, abandonment or loss and to obtain and maintain letters patent or copyrights and to vest the entire right and title thereto
exclusively in the Company. 
  
 Executive further agrees and
acknowledges that such Confidential Information, as between the Company and Executive, shall be deemed and at all times remain and constitute the exclusive property of the Company, whether or not patentable or copyrightable, that the Company has
reserved and does hereby reserve all rights in and to the same for all purposes and to take all necessary and appropriate precautions to avoid the unauthorized disclosure of any Confidential Information. 
  
 In the event Executive’s employment with the Company terminates for any
reason, Executive shall, upon request by the Company, promptly return to the Company all property of the Company and its subsidiaries in his possession or under his direct or indirect control, including, without limitation, all Confidential
Information and all equipment, notebooks and materials, reports, notes, contracts, memoranda, documents and data of the Company or any of its subsidiaries or constituting or relating to the Confidential Information (and any and all copies thereof)
whether typed, printed, written or on any source of computer media unless the parties agree otherwise or such Executive has an independent professional responsibility to maintain such information in confidence. 
  
 (b) Confidential Information. For purposes of this Agreement,
the term “Confidential Information” shall mean and any and all information or data, whether written or oral and if written, howsoever produced or reproduced or not denoted or marked confidential, which is the proprietary information of the
Company or any of its subsidiaries (whether or not a trade secret), including, without limitation: 
  
 (i) all research, designs, developments, computer programs, algorithms, models, software or programming, summaries, reports, drawings, charts,
specifications, descriptions, routines, processes, inventions, discoveries, trade secrets, methods, improvements, adaptations, and similar proprietary concepts and related documentation; 
  
 (ii) the terms of any agreement or contract between the Company and Executive; 
  
 (iii) any proprietary information concerning or belonging to the
Company’s customers, clients, and vendors, or with respect to existing or contemplated projects or programs of the Company and its customers, clients, and vendors; 
  

 Page 2 of 13 

 (iv) any methods of operation, programming plans, marketing plans, techniques, technical plans, strategic
plans, distribution plans, transmission plans, production plans, finances, budgets, salary information, sources of supply and materials and costs, discount and pricing practices, contractual arrangements and negotiations; and 
  
 (v) any other information of similar or dissimilar nature that the Company
designates as Confidential Information (whether or not owned or developed by the Company, except that if such Confidential Information is not owned or developed by the Company, such designation shall be in writing) and/or that is proprietary to or
within the unique knowledge of the Company (whether or not discovered, originated or developed in whole or in part by the Executive), 
  
 and which is used or developed by the Company or any of its subsidiaries at any time prior to or during the period of Executive’s employment by the
Company, as well as any financial information regarding the Company or any of its subsidiaries which was disclosed to or learned by Executive during such period; provided, however, Confidential Information does not include any such
information that becomes freely and generally available so long as the availability of the information does not occur as a result of a breach of Executive’s duties under this Section 3(b). 
  
 (c) Non-Competition. Executive hereby agrees that: 
  
 (i) During the term of this Agreement and (A) in the case where the
Executive’s employment has been terminated with Cause (as defined in Section 7(a)) or where the Executive voluntarily terminated the Executive’s employment with the Company, for twelve (12) months thereafter (the “Restricted
Period”), or (B) in the case where the Executive’s employment has been terminated without Cause by the Company or where the Executive’s employment is terminated due to a Constructive Termination Event (as defined in Section 7(c)), for
the Severance Period (as defined in Section 7(f)), the Executive will not, directly or indirectly, on Executive’s own behalf or on the behalf of any Competitive Business Entity: 
  
 (1) authorize Executive’s name to be used by any Competitive Business Entity; 
  
 (2) recruit, solicit, or induce the employment of any individual who is
then currently or was, within the last nine (9) months of Executive’s employment with the Company an employee of the Company; 
  
 (3) solicit, divert, induce or take away, or attempt to do the same (A) (including, without limitation) any licensee, client, customer, or account of a
Company product or service; (B) any person or entity for whom the Company provided or was to provide, within the last twelve (12) months of Executive’s employment, maintenance or other services for a fee, pursuant to a formal agreement or
otherwise; (C) any person or entity to whom, within the last nine (9) months of Executive’s employment, the Company had made a detailed presentation or solicitation of a fully qualified prospect wholly or partially in writing; and (D) any joint
venturer or subcontractor of the Company (collectively, a “Customer”) to cancel any order previously placed with the Company; and, in each instance (A), (B), (C), and (D), the Executive directly or indirectly engaged contacted, solicited
or served the Customer while employed by the Company within the last twelve (12) months of such Executive’s employment; 
  

 Page 3 of 13 

 (4) solicit from any then Customer of the Company any business which is competitive to the
Company’s business as it is conducted then, or within twelve (12) months after the Executive’s employment terminates; 
  
 (5) render any service, for or without any compensation, in connection with the design, development, manufacture, marketing or sale of any product
competitive with any service or product then, or within twelve (12) months, offered by the Company; or 
  
 (6) participate in, directly or indirectly, (whether as advisor, principal, agent, partner, officer, director, employee, stockholder, associate or
consultant of any Competitive Business Entity) provided that any interest of Executive through investment in up to an aggregate of five percent (5%) in any class of any person whose securities are required to be registered under the Securities
Exchange Act of 1934, as amended, shall not be considered participation hereunder. 
  
 For the purpose of this Section 3(c), the term “Competitive Business Entity” shall mean any person, partnership, corporation or other business entity which, during the Restricted Period or the Severance
Period, as the case may be, (A) is in competition or (B) as a result of, or following the Executive’s employment, plans to or develops an intention to design, develop, license, market, or sell in or goes into competition, and in each instance
(A) and (B) with any business carried on (or planned to be carried on during the Restricted Period or Severance Period, as applicable) by the Company during the term of this Agreement in any county of any state in the United States or any other
location worldwide in which business is then carried on or conducted by the Company. 
  
 (ii) Notwithstanding the foregoing restrictions of Section 3(c)(i), the Executive may obtain employment with any Company client and/or licensee, provided such employment (A) is not related to competing with the
Company on behalf of such client and / or licensee for the purpose of providing products or services to third parties competitive with the Company or (B) is in a consulting capacity or in the nature of in-house development of software, such software
not be marketed for use by third parties or resale by third parties to other parties. Notwithstanding the termination of this Agreement, Executive, during the Restricted Period or the Severance Period, as applicable, shall provide written notice to
the Company upon the Executive’s employment with any party. 
  
 (iii) In the event the Company ceases all operations, the restrictions contained within Section 3(c)(i) shall be terminated and of no further force or effect, and the Executive may engage in such competitive activities without limitation,
subject, however, to the restrictions set forth in Section 3(b) and Section 3(f). Notwithstanding the previous sentence, in the event that the Company ceases all operations, the provisions of Section 3(b) shall be automatically terminated and of no
further force or effect, provided that such cessation of operations is not due to a merger or consolidation with a third party, a sale or acquisition of the Company by a third party, or sale of all or substantially all of the
Company’s assets to a third party; provided further that such third party shall not be an affiliate of any present or past shareholder of the Company. 
  
 (iv) Notwithstanding the foregoing restrictions of Section 3(c)(i), the Executive may serve on the Board of Directors of a
Competitive Business Entity, provided a majority of the Board of Directors, not including the vote of Employee, approves such service. Service on the board of directors of a Competitive Business Entity does not terminate any of the Executive’s
other obligations, including, but not limited to, the obligations created under Section 3(a) and Section 3(b). 
  

 Page 4 of 13 

 (d) Injunctive Relief. The services to be rendered by Executive hereunder are of a special,
unusual, extraordinary and intellectual character which gives them a peculiar value and a breach by Executive may cause the Company irreparable injury and damage. Executive agrees that the remedy at law for any breach by the Executive of any of the
covenants and agreements set forth in this Section 3 will be inadequate and that in the event of any such breach, the Company, in addition to the other remedies that may be available to it at law, may obtain injunctive relief prohibiting the
Executive from the breach of such covenants and agreements. Resort to such equitable relief, however, shall not be construed to be a waiver of any rights or remedies which the Company may otherwise have. 
  
 (e) Severability. The parties hereto agree that the scope,
duration and area for which the covenant not to compete set forth in Section 3(c) above is to be effective are reasonable. In the event that any court determines that such scope, duration, or area are unreasonable and that such covenant is to that
extent unenforceable, the parties hereto agree that the covenant shall remain in full force and effect for the broadest scope, greatest time period and largest area that would not render it unenforceable. The parties intend that this covenant shall
be deemed to be a series of separate covenants, one for each and every county within the United States of America and one for each country where this covenant is intended to be effective. In the event that any court determines that the requirement
that Executive assign a certain class or classes of Confidential Information to the Company is unreasonable and that such covenant is to that extent unenforceable, the parties hereto expressly agree that the covenant shall be interpreted to not
apply to any Confidential Information which falls into such a class or classes. 
  
 (f) Ownership of Ideas. In addition to any other restrictions hereunder, Executive shall not furnish at any time during the term of this Agreement to any other entity, person or persons any proposal or
idea previously submitted to the Company or any of its subsidiaries by Executive or developed by Executive during the term hereof, whether or not such proposal or idea was adopted by or in no way utilized by the Company or any subsidiary, except
after compliance with the Company’s policy on conflicts of interest. Executive hereby grants and assigns to the Company all rights (including, without limitation, any copyright or patent) in the results and proceeds of all of Executive’s
services hereunder performed within the scope of Executive’s employment. All such services shall be subject in all respects to the reasonable supervision, control and direction of the Board of Directors. Any work in connection with such
services shall be considered “work made for hire” under the Copyright Law of the United States and the Company shall acquire all rights in such work as if the Company were the author of the results and proceeds of such work. 
  
 (g) Further Assurances. Executive will, during the term,
execute and deliver any further agreements or certifications as the Company may from time to time reasonably request in connection with Section 3(f) hereof, provided that such agreements and certifications are consistent with Executive rights
and privileges hereunder. 
  
 4. Compensation. 
  
 (a) During the term of this Agreement, Executive shall be paid a base salary
(subject to all necessary statutory or authorized deductions), payable in accordance with the Company’s normal payroll practice. During the first year of the term of this Agreement, Executive’s base salary shall be One Hundred Thousand
and 00/100 dollars ($100,000.00). The annual base salary payable to Executive shall be reviewed at least annually; provided, however, that Executive’s base salary shall not be reduced below per annum as described above during
the term of this Agreement. 
  

 Page 5 of 13 

 (b) The Executive may receive bonus compensation based upon the extent to which the Executive and the
Company achieve performance objectives determined by the parties from time to time. Such compensation shall be in the form cash or such other mutually agreed upon compensation, e.g., stock or stock options, and shall be paid or issued not more than
forty-five (45) days following the last day of the applicable period and, in the case of an annual bonus, the Company’s fiscal year. In addition, the Executive shall be vested in and entitled to receive the full bonus provided he is employed on
the last day of the applicable period or fiscal year (as the case may be), notwithstanding his termination of employment following the last day of the applicable period or fiscal year despite separation from service prior to payment of the bonus.

  
 5. Other Executive Benefits. During the term of this Agreement,
the Company shall provide to Executive such benefits provided to the employees of the Company, generally, and benefits commensurate with Executive’s position with the Company, including, without limitation, each of the following benefits as
well as such other benefits as shall be determined from time-to-time by the Board of Directors of the Company: 
  
 (a) Medical, Life and Disability Insurance. The Company agrees to provide coverage to Executive and his family under such medical, dental,
group life and other disability and life insurance plans and other employment benefit plans as may be maintained from time to time in the discretion of the Company’s management or Board of Directors for the benefit of employees of the Company
generally and for officers or senior management employees of the Company in accordance with the terms of such plans on a basis no less favorable than that accorded the senior executive officers of the Company. Notwithstanding the previous sentence,
until such time as the Company has obtained medical coverage for Executive and Executive’s family, the Company agrees to reimburse Executive for the cost of obtaining his own medical coverage. 
  
 Life Insurance. Upon approval of the Board of Directors, the Company
shall provide Executive, at the Company’s expense, with term life insurance in the amount equal to the lesser (i) of the amount which can be purchased with $5,000 per year or (ii) in the amount of $1,000,000, insuring the life of Executive for
the benefit of the person(s) designated from time to time by Executive unless a majority of the Board of Directors, not including the vote of Employee, determines that the provision of such benefit is not commercially practicable to the Company
given the Company’s financial condition; and 
  
 Disability Insurance. Upon approval of the Board of Directors, the Company shall provide Executive, at the Company’s expense, with comprehensive short and long term disability insurance in an amount which the Compensation
Committee determines is reasonably commensurate with Executive’s Base Salary hereunder, but in no event less than the lesser of two-thirds (2/3) of Executive’s Base Salary, or such other limit prescribed by the insurer, unless a majority
of the Board of Directors, not including the vote of Employee, determines that the provision of such benefit is not commercially practicable to the Company given the Company’s financial condition. 
  
 (b) Vacation. Executive shall be entitled to a minimum of
twenty (20) days, (accrued monthly) of paid vacation in each year during the term of this Agreement in addition to such other vacation, holiday and paid leave time (i.e., paid holidays, personal days and sick leave benefits) as the
Company shall provide generally to its senior executive officers, in accordance with its policies, subject, however, to a five (5) day maximum carry over of any accrued, but unused vacation to the next year. 
  
 (c) Business Expenses. The Company will pay or reimburse
Executive for any reasonable out-of-pocket expenses, including, but not limited to, monthly car allowance of five hundred 

  

 Page 6 of 13 

 
dollars ($500.00), or such other mutually agreed amount from time-to-time, first class airfare and such other travel expenses, and expenses associated with
access and use of telecommunications lines to insure the availability by electronic communication of Executive as well as to facilitate the conduct of business from the Executive’s home office, e.g., telephone line(s), internet access, and
cellular telephone and usage, incurred by the Executive in the course of providing his services hereunder. The Company shall also reimburse Employee for the reasonable cost of annual financial planning and tax preparation. Such reimbursement shall
be made by the Company within thirty (30) days after receipt of a statement therefor from Executive setting forth in reasonable detail the expenses for which reimbursement is requested, accompanied by reasonable documentation evidencing such
expenses. 
  
 (d) Additional Benefits. Executive
shall be entitled to receive any additional benefits generally made available to the directors, officers or senior management employees of the Company, including, but not limited to, qualified pension, profit sharing and 401 (k) plans, IRC Section
105(h), IRC Section 125, and IRC Section 129 plans, subject to the participation requirements of such plans, and memberships in professional organizations. 
  
 (e) Directors and Officers Liability Insurance. Upon approval of the Board of Directors, the Company shall obtain directors and officers
liability coverage that includes the Executive in a manner commensurate with that of the Company’s officers and directors. Such coverage shall be in an amount of $5,000,000 or such other amount that a majority of the Board of Directors, not
including the vote of Employee, determines is commercially practicable and consistent with company’s of a similar nature. 
  
 6. Withholding of Certain Taxes. All compensation referred to in Sections 5 of this Agreement is stated in terms of gross amount, it being understood that the
Company will be required to withhold from such gross amount deductions for federal, state and local income taxes (if any), F.I.C.A., unemployment compensation taxes and the like. 
  
 7. Termination with or without Cause. 
  
 (a) Termination with Cause. The Company, pursuant to the presentation of a copy of a resolution approved by a
majority of the Board of Directors, not including the vote of Employee, may terminate Executive with Cause (as defined below) at any time during the term hereof upon thirty (30) days written notice; any such written notice will specify
the reasons for termination. If the Company so terminates Executive, Executive shall be entitled to receive all compensation and other benefits through the date of termination but shall not be entitled to any severance pay or any other additional
compensation. For purposes of this Agreement, the term “Cause” means (i) conviction of a felony or a crime involving moral turpitude, (ii) repeated and persistent gross or willful misconduct by Executive pertaining to the Executive’s
employment with the Company, (iii) fraud or gross dishonesty of Executive pertaining to the Executive’s employment with the Company, (iv) the repeated failure to follow reasonable written instructions of the Board of Directors, or (v) a
material breach of this agreement, provided, in the case of (ii), (iv) and (v) that Executive shall have an opportunity to cure such material breach within thirty (30) days of receipt of a written notice specifically setting forth the
basis for the purported termination (except in the case of two or more repeated failures to follow written instructions, an opportunity to cure such material breach within five (5) days of receipt of such written notice).

  
 (b) Termination without Cause. The Company may
terminate the Executive at anytime without Cause with ninety (90) days written notice of such termination. If the Company so 

  

 Page 7 of 13 

 
terminates Executive, Executive shall be entitled to receive all compensation and other benefits through the date of termination, his accrued bonus, if any,
and compensation and other benefits to which Executive would have been entitled to receive pursuant to Section 4 and 5 above through the “Severance Period” (as such term is defined in Section 7(f)). 
  
 (c) Constructive Termination. At Executive’s option, the
Executive may terminate this Agreement and his employment with the Company if any of the following occur (“Constructive Termination”): (i) the relocation of Executive’s office outside thirty (30) miles from Executive’s office
with the Company as initially determined by the Company in accordance with Section 1 hereof (except for required travel consistent with present business obligations); (ii) a material breach by the Company of this Agreement, provided that the Company
failed to cure such material breach within thirty (30) days of receipt of a written notice of such material breach (except for a material breach with respect to a material payment obligation of the Company, which the Company has failed
to cure within five (5) days after written notice); or (iii) a material change, adverse to Executive, in Executive’s positions, titles, or offices as set forth in this Agreement, status, rank, nature of responsibilities, or authority within the
Company, including, without limitation, an assignment of any duties to Executive which are materially inconsistent with his status or a removal of Executive from or any failure to elect or re-elect, or, as the case may be, nominate Executive to any
such positions or offices, including as President, except in connection with the termination of Executive’s employment pursuant to Section 7(a), disability, or as a result of Executive’s death; (iv) “Change of Control” (as
defined within Exhibit A hereto); or (v) removal from either the position of President, or diminution of responsibilities customarily associated with such position (each a “Constructive Termination Event”). If Executive exercises his right
under this Section 7(c), Executive shall be entitled to receive any and all compensation and other benefits to which Executive would have been entitled to receive pursuant to Sections 4 and 5 above through the “Severance Period” (as such
term is defined in Section 7(f)), including, without limitation, salary and (pro-rated) bonus payments, and to the extent any plans, programs or arrangements do not allow continued participation, a cash payment equivalent on an after-tax basis
coincident in order to insure no lapse in coverage or receipt of such benefits. 
  
 The right to terminate shall not be affected by incapacity due to death or disability; provided, however, that Executive’s Disability (as defined below) shall not be a grounds for termination with Cause. In
addition, continued employment shall not constitute consent to, or a waiver of rights, with respect to any circumstances constituting Constructive Termination. 
  

(d) Termination by Reason of Death or Disability. In the event that Executive dies or shall be unable to perform his duties hereunder in
any material respect as a result of mental or physical incapacity as determined by the an independent physician chosen jointly by Executive and the Board of Directors, not including Employee’s vote, for one hundred twenty (120) consecutive days
(“Death or Disability”), the Company shall have the option to terminate this Agreement upon thirty (30) days’ written notice. In the event employment is terminated pursuant to this Section 7(d), all compensation and other benefits
will be paid to the Executive as if the Executive were terminated without Cause, except the Company may adjust base compensation payments to the extent the Executive receives disability insurance provided by the Company. Effective as of the
expiration of the Severance Period, as defined in Section 7(f), the Executive will be released from his obligations under Section 3(c) above, as provided in such section. Upon Executive’s termination for Disability, if applicable law permits,
continued coverage under Company’s health and dental plans at Executive’s after-tax cost, which would have been incurred by Executive if Executive were still an employee of the Company, the Company shall pay Executive’s premium for
such program until the earlier of one year following such termination or the expiration of eligibility for such continued coverage period for Executive under applicable law. 
  

 Page 8 of 13 

 (e) Additional Compensation. In the event of termination pursuant to Section 7(b), 7(c),
and 7(d), Executive shall be entitled to a lump-sum payment in the amount of $1,000,000, provided the Executive provides written termination notice to the Company within one-hundred-twenty (120) days after the Constructive Termination Event with
such termination to be effective no later than sixty (60) days after the Executive’s written notice of termination unless the Executive and the Company agree otherwise. 
  
 (f) Severance Period. For purposes of this Agreement, the “Severance Period” shall mean that period
beginning on the effective date of termination of Executive and until the end of the twelfth (12) month following the date of termination by the Company without regard to whether Executive does or does not obtain other employment or has other
earnings or income from other sources. 
  
 8. Indemnification.

  
 (a) The Company agrees to indemnify, defend, and hold
harmless Executive to the fullest extent permitted under applicable law as provided in the Company’s Certificate of Incorporation and/or Bylaws for officers generally. 
  
 (b) The Company agrees to indemnify, defend and hold harmless Executive from and against any and all Losses (as defined
below) resulting from, related to, or arising out of, directly or indirectly, any written or oral demand, claim, suit, action cause of action, investigation or notice alleging actual or potential liability by a former employer of Executive
(collectively, “Claims”), if any, provided that Executive’s actions related to such Claims were on behalf of the Company, within the scope of Executive’s employment, and not in breach of this Agreement with the Company,
including, but not limited to, the representations and warranties, and covenants in Section 9(a). The term “Losses” shall mean any and all damages, losses, obligations, deficiencies, liabilities, penalties, fines, costs and expenses,
including without limitation, interest, court costs, reasonable fees of attorneys, accountants and other experts or other reasonable expenses of litigation or other proceedings of any Claims. 
  
 9. General Provisions. 
  
 (a) Representations and Warranties; Covenants. Executive
hereby represents and warrants, and covenants to the Company that: (i) Executive has disclosed to the Company all prior agreements that Executive has entered into with all prior employers to the Company; (ii) Executive will not knowingly, in any
material respect, breach any agreements that Executive has entered into with third parties, which pertains to the Company; and (iii) Executive will not enter into any agreement, either written or oral, in conflict with the terms and conditions of
this Agreement. 
  
 The Employee acknowledges that the Company
from time to time may have agreements with other persons or with the United States Government, or agencies thereof, which impose obligations or restrictions on the Company regarding inventions made during the course of work under such agreements or
regarding the confidential nature of such work. The Employee agrees to be bound by all such obligations and restrictions that are made known to the Employee and to take all action necessary to discharge the obligations of the Company under such
agreements. 
  
 The Employee represents that he has acted and
agrees to act in conformity with all applicable laws, rules and regulations of all governmental authorities, including, without limitation, the Export Administration Act. 
  

 Page 9 of 13 

 EXECUTIVE FURTHER CONFIRMS THAT EXECUTIVE HAS CAREFULLY READ THIS AGREEMENT, FULLY UNDERSTANDS ITS
CONTENTS AND TERMS, AND HAS HAD AN OPPORTUNITY TO ASK THE COMPANY ABOUT ANY QUESTIONS, CONCERNS OR ISSUES EXECUTIVE MAY HAVE IN CONNECTION WITH THIS AGREEMENT OR ITS TERMS. EXECUTIVE ALSO CONFIRMS THAT HE HAS AN OPPORTUNITY TO CONSULT LEGAL COUNSEL
AND OTHER ADVISORS OF HIS CHOICE IN CONNECTION WITH THIS AGREEMENT. 
  
 (b) Notices. Any notice to be given pursuant to this Agreement shall be in writing and shall be deemed duly given (i) three (3) days after deposit in the mail, certified mail, return receipt requested,
to the party to receive such notice at the address specified below or (ii) immediately upon actual delivery and receipt of the notice: 
  

			
	 If to the Company, to:
	  	 Shiwana, Inc.
 1320 Tower
Road
 Schaumburg, IL 60173

		
	 If to Executive, to:
	  	 Bernard Asher
 c/o Talltrees Capital,
LLC
 1308 Lake Shore Drive North
 Barrington, IL.
60010

  
 Either party may
change his or its name and/or address for purposes of this Section by giving the other written notice of the new name and/or address in the manner set forth above. 
  
 (c) Successors and Assigns. This Agreement shall bind and shall inure to the benefit of the Company and any
and all of its successors and assigns. This Agreement is personal to Executive and shall not be assignable by Executive. The Company may assign this Agreement to any entity which (i) purchases all or substantially all of the assets of the Company or
(ii) is a direct or indirect successor (whether by merger, sale of stock or transfer of assets) of the Company. Any successor will automatically succeed to the obligations of the Company under this Agreement. 
  
 (d) Waiver of Breach. The waiver by the Company or Executive
of a breach of any provision of this Agreement by the other shall not operate or be construed as a waiver of any subsequent breach by the other. 
  
 (e) Entire Agreement/Modification. This Agreement contains all of the covenants and agreements between the parties with
respect to such employment in any manner whatsoever and supersedes and cancels all agreements, written or oral, made prior the date hereof between the Executive and the Company, and that the Executive has not relied upon any representations or
promises of any kind or nature whatsoever made by any employee or agent of the Company prior to the date of this Agreement. Any modification of this Agreement will be effective only if it is in writing, signed by the party to be charged. 

 
 (f) Partial Invalidity. If any provision of
this Agreement is held by a court of component jurisdiction to be invalid, void or unenforceable, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated in any way. 
  
 (g) Governing Law. The validity of this
Agreement and the interpretation and performance of all of its terms shall be governed by the laws of the State of Illinois without regard to the 

  

 Page 10 of 13 

 
conflicts of law rules of such state. Any claims or legal actions by one party against the other arising out of this employment relationship between the
parties (whether or not arising under this Agreement) shall be subject to the exclusive jurisdiction of the state courts or the federal courts in the State of Illinois, subject, however, to the dispute resolution provisions below. Each party hereby
irrevocably waives any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of this employment relationship between the parties (whether or not arising under this Agreement) in the
aforementioned courts and further irrevocably waives any claim that such courts are not a convenient forum for any such suit, action or proceeding. 
  
 Enforcement. The Executive and the Company (the “Arbitrating Parties”) agree that the Arbitrating Parties shall be entitled to
commence a legal action for purposes of seeking interim relief, including temporary restraining orders and preliminary injunctions, in aid of arbitration pursuant to dispute resolution provisions below or to protect the rights of either Arbitrating
Party pending the establishment of the arbitral tribunal in any court of the United States located in the State of Illinois or in Illinois state court. The court may order the non-prevailing Arbitrating Party in any such legal action to pay the
reasonable compensation, costs, fees and expenses of the witnesses, experts and counsel of each Arbitrating Party. Each of the Arbitrating Parties hereto (a) consents to submit to the personal jurisdiction of any court of the United States located
in the State of Illinois or any Illinois state court, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request leave from any such court and (c) agrees that it will not bring any action seeking
interim relief or to compel arbitration pursuant to Section 21.4 in any court other than a court of the United States or state court sitting in the State of Illinois, and that actions to enforce an interim or final arbitral award may be filed in any
court having jurisdiction. 
  
 Dispute Resolution
Provisions. The Arbitrating Parties hereby agree that, in order to obtain prompt and expeditious resolution of any disputes under this Agreement, any claim, dispute or controversy of whatever nature, arising out of, in connection with, or in
relation to this Agreement or the breach, termination or validity thereof, including any claim based on contract, tort or statute or the arbitrability of any claim hereunder or any determination of compensation, costs, fees and expenses (an
“Arbitrable Claim”), shall be finally settled by binding arbitration conducted in accordance with the then-prevailing Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (the “AAA”) as
modified herein (except for the right of either party to apply to a court of competent jurisdiction for a temporary restraining order, a preliminary injunction, or other equitable relief to preserve the status quo or to prevent irreparable harm as
provided above). The place of arbitration shall be Chicago, Illinois. There shall be one arbitrator mutually agreed to by the parties who shall be a retired federal judge or magistrate with experience in disputes relating to large, commercial
transactions involving software licenses. Each Arbitrating Party hereto expressly consents to, and waives any future objection to, such forum and arbitration rules. Judgment upon any award may be entered by any state or Federal court having
jurisdiction thereof. The Federal Arbitration Act, 9 U.S.C. §§ 1-16, shall govern the interpretation, validity and effect of this arbitration agreement and any arbitration proceedings, decisions or awards rendered hereunder. 
  
 Any award rendered hereunder shall include a statement regarding the reasons
for the award. In rendering any award hereunder, the arbitrators shall apply the substantive law of the State of Illinois, without regard to the conflicts of law provisions thereof. 
  

 Page 11 of 13 

 Adherence to this dispute resolution process shall not limit the right of the Arbitrating Parties hereto,
consistent with the “Enforcement” provisions above, to seek interim relief, including temporary restraining orders and preliminary injunctions, in aid of arbitration or to protect the rights of either Arbitrating Party pending the
establishment of the arbitral tribunal. 
  
 The arbitration
proceedings conducted pursuant to this agreement shall be confidential. Neither Arbitrating Party shall disclose or permit the disclosure of any information about the evidence adduced or the documents produced by the other Arbitrating Party in the
arbitration proceedings or about the existence, contents or results of the arbitration award without the prior written consent of such other Arbitrating Party, except as required in the course of a judicial, regulatory or arbitration proceeding, or
filings as may be requested or required by a governmental authority or as required for the enforcement of an arbitral award. Before making any disclosure permitted by the preceding sentence, the Arbitrating Party intending to make such disclosure
shall give the other Arbitrating Party reasonable written notice of the intended disclosure and afford the other Arbitrating Party a reasonable opportunity to protect its interests. 
  
 (h) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, but together which shall constitute one and the same document. 
  
 IN
WITNESS WHEREOF, intending to be legally bound hereby, the Company has caused this Agreement to be executed on its behalf by its duly authorized officer and Executive has executed the same as of the day and year first above written. 
  

					
	 Shiwana, Inc.
	 	 	 	 Executive

			
	/s/    Tim R. Sensenig        	 	 	 	/s/    Bernard Asher        

  

 Page 12 of 13 

 Exhibit A 
  
 “Change of Control” shall mean: (a) any “person” (as such term is used in Section 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), is or becomes in a single transaction or in a series of related transactions within a period of twelve (12) months the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company (not including any securities acquired directly from the Company) representing more than 50% of the combined voting power of the Company’s then outstanding securities; or
(b)(i) the shareholders approve a merger or consolidation of the Company with any other corporation whereby the shareholders of the Company represent less than 50% of the Company or such surviving or acquiring entity immediately after such merger or
consolidation, and (ii) the persons who were the members of the Board of Directors of the Company prior to such approval do not represent a majority of the directors of the surviving, resulting or acquiring entity or the parent thereof; (c) the
stockholders of the Company approve a plan of liquidation of the Company; or (d) within any period of 24 months, persons who were members of the Board of Directors of the Company immediately prior to such 24-month period, together with any
persons who were first elected as directors (other than as a result of any settlement of a proxy or consent solicitation contest or any action taken to avoid such a contest) during such 24-month period by or upon the recommendation of a majority of
the persons who were members of the Board of Directors of the Company immediately prior to such 24-month period and who constituted a majority of the Board of Directors of the Company at the time of such election, cease to constitute a majority of
the Board. 
  

 Page 13 of 13 

 EMPLOYMENT AGREEMENT 
  
 This Employment Agreement (this “Agreement”) is entered into this 16th day of July, 2004, to be effective January 1, 2004, by and between, Shiwana, Inc., a Delaware corporation (the “Company”) with offices at 1320 Tower
Road, Schaumburg, IL 60173, and Tim Sensenig, an individual (“Executive” or “Employee”) residing at 1420 Whittington Drive, Raleigh, North Carolina. 
  
 W I T N E S S T H: 
  
 WHEREAS, the Company desires to employ the Executive, and the Executive desires to be in the
employ on the terms hereinafter specified. 
  
 AGREEMENT

  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Executive, intending to be legally bound hereby, agree as set forth below. 
  
 1. Employment and Duties. During the term of this Agreement, Executive will
perform all services and acts necessary in the capacity of Chairman of the Board and Chief Executive Officer, including, without limitation, to manage and conduct the affairs, activities and business of the Company. Executive shall devote
Executive’s business time, attention, energies and abilities reasonably necessary for the performance of his duties and shall endeavor in good faith to perform such duties in an efficient, faithful and businesslike manner. The Executive’s
place of business shall be the Company’s offices to be located within a thirty (30) mile radius of Raleigh, North Carolina or such other location as mutually agreed by the parties to this agreement. 
  
 (a) It is understood and agreed that the Executive may serve from
time-to-time with non-profit organizations or on the boards of directors or advisory boards of other entities, including, but not limited to, other software companies and venture firms as well as non-profit organizations, provided the Executive
discloses such service to the Company and, provided further, in the event of a Competitive Business Entity (as defined in Section 3(a)), a majority of the Board of Directors approves such service. 
  
 2. Term. The term of this Agreement shall be from the date hereof until
terminated as set forth in Section 7 hereof. Employee understands that the employment relationship between the Employee and the Company is “at will” and that the Company may terminate such relationship with or without cause, for any reason
or no reason, at any time, subject to the terms contained in this Agreement. 
  

	3.	Confidential Information and Covenant Not to Compete. 

  
 (a) Non-Disclosure. Executive hereby agrees that, during the term of this Agreement and thereafter, he will: 
  
 (i) maintain the confidentiality of all Confidential Information (as defined
below) and not mechanically copy or otherwise reproduce, publish, sell, use, make any commercial use of, exploit, disclose, divulge, demonstrate or make possible the reverse engineering and/or reverse compilation of any Confidential Information of
the Company or any of its subsidiaries (if any), or any part or parts thereof, directly or indirectly, to any person or entity (other than the Company or any of its subsidiaries or designees), except (A) at the request and authorization of the
Company, (B) to the extent necessary to comply 

  

 
with the law or the valid final order of a court or governmental agency of competent jurisdiction, in which event Executive shall notify the Company as
promptly as practicable (and, if possible, prior to making any disclosure) and shall seek confidential treatment of such information and (C) in order to properly carry out Executive’s duties to the Company hereunder in the normal course of
business; and 
  
 (ii) assign, and hereby does assign, to the
Company any and all rights which the Employee might otherwise claim in and to any Confidential Information and to all granted or applications for letters patent or copyrights therefor in all countries where the business of the Company is carried on
or conducted by the Company or any entity directly or indirectly controlling, controlled by or under common control with, the Company (collectively, the “Company” as the case may be), and shall promptly deliver to the Company such written
instruments and cooperate and do such other acts as may be necessary in the opinion of the Company to preserve the Company’s rights in and to the Confidential Information against forfeiture, abandonment or loss and to obtain and maintain
letters patent or copyrights and to vest the entire right and title thereto exclusively in the Company. 
  
 Executive further agrees and acknowledges that such Confidential Information, as between the Company and Executive, shall be deemed and at all times
remain and constitute the exclusive property of the Company, whether or not patentable or copyrightable, that the Company has reserved and does hereby reserve all rights in and to the same for all purposes and to take all necessary and appropriate
precautions to avoid the unauthorized disclosure of any Confidential Information. 
  
 In the event Executive’s employment with the Company terminates for any reason, Executive shall, upon request by the Company, promptly return to the Company all property of the Company and its subsidiaries in his
possession or under his direct or indirect control, including, without limitation, all Confidential Information and all equipment, notebooks and materials, reports, notes, contracts, memoranda, documents and data of the Company or any of its
subsidiaries or constituting or relating to the Confidential Information (and any and all copies thereof) whether typed, printed, written or on any source of computer media unless the parties agree otherwise or such Executive has an independent
professional responsibility to maintain such information in confidence. 
  
 (b) Confidential Information. For purposes of this Agreement, the term “Confidential Information” shall mean and any and all information or data, whether written or oral and if written,
howsoever produced or reproduced or not denoted or marked confidential, which is the proprietary information of the Company or any of its subsidiaries (whether or not a trade secret), including, without limitation: 
  
 (i) all research, designs, developments, computer programs, algorithms,
models, software or programming, summaries, reports, drawings, charts, specifications, descriptions, routines, processes, inventions, discoveries, trade secrets, methods, improvements, adaptations, and similar proprietary concepts and related
documentation; 
  
 (ii) the terms of any agreement or contract
between the Company and Executive; 
  
 (iii) any proprietary
information concerning or belonging to the Company’s customers, clients, and vendors, or with respect to existing or contemplated projects or programs of the Company and its customers, clients, and vendors; 
  

 Page 2 of 13 

 (iv) any methods of operation, programming plans, marketing plans, techniques, technical plans, strategic
plans, distribution plans, transmission plans, production plans, finances, budgets, salary information, sources of supply and materials and costs, discount and pricing practices, contractual arrangements and negotiations; and 
  
 (v) any other information of similar or dissimilar nature that the Company
designates as Confidential Information (whether or not owned or developed by the Company, except that if such Confidential Information is not owned or developed by the Company, such designation shall be in writing) and/or that is proprietary to or
within the unique knowledge of the Company (whether or not discovered, originated or developed in whole or in part by the Executive), 
  
 and which is used or developed by the Company or any of its subsidiaries at any time prior to or during the period of Executive’s employment by the
Company, as well as any financial information regarding the Company or any of its subsidiaries which was disclosed to or learned by Executive during such period; provided, however, Confidential Information does not include any such
information that becomes freely and generally available so long as the availability of the information does not occur as a result of a breach of Executive’s duties under this Section 3(b). 
  
 (c) Non-Competition. Executive hereby agrees that: 
  
 (i) During the term of this Agreement and (A) in the case where the
Executive’s employment has been terminated with Cause (as defined in Section 7(a)) or where the Executive voluntarily terminated the Executive’s employment with the Company, for twelve (12) months thereafter (the “Restricted
Period”), or (B) in the case where the Executive’s employment has been terminated without Cause by the Company or where the Executive’s employment is terminated due to a Constructive Termination Event (as defined in Section 7(c)), for
the Severance Period (as defined in Section 7(f)), the Executive will not, directly or indirectly, on Executive’s own behalf or on the behalf of any Competitive Business Entity: 
  
 (1) authorize Executive’s name to be used by any Competitive Business Entity; 
  
 (2) recruit, solicit, or induce the employment of any individual who is
then currently or was, within the last nine (9) months of Executive’s employment with the Company an employee of the Company; 
  
 (3) solicit, divert, induce or take away, or attempt to do the same (A) (including, without limitation) any licensee, client, customer, or account of a
Company product or service; (B) any person or entity for whom the Company provided or was to provide, within the last twelve (12) months of Executive’s employment, maintenance or other services for a fee, pursuant to a formal agreement or
otherwise; (C) any person or entity to whom, within the last nine (9) months of Executive’s employment, the Company had made a detailed presentation or solicitation of a fully qualified prospect wholly or partially in writing; and (D) any joint
venturer or subcontractor of the Company (collectively, a “Customer”) to cancel any order previously placed with the Company; and, in each instance (A), (B), (C), and (D), the Executive directly or indirectly engaged contacted, solicited
or served the Customer while employed by the Company within the last twelve (12) months of such Executive’s employment; 
  

 Page 3 of 13 

 (4) solicit from any then Customer of the Company any business which is competitive to the
Company’s business as it is conducted then, or within twelve (12) months after the Executive’s employment terminates; 
  
 (5) render any service, for or without any compensation, in connection with the design, development, manufacture, marketing or sale of any product
competitive with any service or product then, or within twelve (12) months, offered by the Company; or 
  
 (6) participate in, directly or indirectly, (whether as advisor, principal, agent, partner, officer, director, employee, stockholder, associate or
consultant of any Competitive Business Entity) provided that any interest of Executive through investment in up to an aggregate of five percent (5%) in any class of any person whose securities are required to be registered under the Securities
Exchange Act of 1934, as amended, shall not be considered participation hereunder. 
  
 For the purpose of this Section 3(c), the term “Competitive Business Entity” shall mean any person, partnership, corporation or other business entity which, during the Restricted Period or the Severance
Period, as the case may be, (A) is in competition or (B) as a result of, or following the Executive’s employment, plans to or develops an intention to design, develop, license, market, or sell in or goes into competition, and in each instance
(A) and (B) with any business carried on (or planned to be carried on during the Restricted Period or Severance Period, as applicable) by the Company during the term of this Agreement in any county of any state in the United States or any other
location worldwide in which business is then carried on or conducted by the Company. 
  
 (ii) Notwithstanding the foregoing restrictions of Section 3(c)(i), the Executive may obtain employment with any Company client and/or licensee, provided such employment (A) is not related to competing with the
Company on behalf of such client and / or licensee for the purpose of providing products or services to third parties competitive with the Company or (B) is in a consulting capacity or in the nature of in-house development of software, such software
not be marketed for use by third parties or resale by third parties to other parties. Notwithstanding the termination of this Agreement, Executive, during the Restricted Period or the Severance Period, as applicable, shall provide written notice to
the Company upon the Executive’s employment with any party. 
  
 (iii) In the event the Company ceases all operations, the restrictions contained within Section 3(c)(i) shall be terminated and of no further force or effect, and the Executive may engage in such competitive activities without limitation,
subject, however, to the restrictions set forth in Section 3(b) and Section 3(f). Notwithstanding the previous sentence, in the event that the Company ceases all operations, the provisions of Section 3(b) shall be automatically terminated and of no
further force or effect, provided that such cessation of operations is not due to a merger or consolidation with a third party, a sale or acquisition of the Company by a third party, or sale of all or substantially all of the Company’s
assets to a third party; provided further that such third party shall not be an affiliate of any present or past shareholder of the Company. 
  
 (iv) Notwithstanding the foregoing restrictions of Section 3(c)(i), the Executive may serve on the Board of Directors of a Competitive Business Entity,
provided a majority of the Board of Directors, not including the vote of Employee, approves such service. Service on the board of directors of a Competitive Business Entity does not terminate any of the Executive’s other obligations, including,
but not limited to, the obligations created under Section 3(a) and Section 3(b). 
  

 Page 4 of 13 

 (d) Injunctive Relief. The services to be rendered by Executive hereunder are of a special,
unusual, extraordinary and intellectual character which gives them a peculiar value and a breach by Executive may cause the Company irreparable injury and damage. Executive agrees that the remedy at law for any breach by the Executive of any of the
covenants and agreements set forth in this Section 3 will be inadequate and that in the event of any such breach, the Company, in addition to the other remedies that may be available to it at law, may obtain injunctive relief prohibiting the
Executive from the breach of such covenants and agreements. Resort to such equitable relief, however, shall not be construed to be a waiver of any rights or remedies which the Company may otherwise have. 
  
 (e) Severability. The parties hereto agree that the scope,
duration and area for which the covenant not to compete set forth in Section 3(c) above is to be effective are reasonable. In the event that any court determines that such scope, duration, or area are unreasonable and that such covenant is to that
extent unenforceable, the parties hereto agree that the covenant shall remain in full force and effect for the broadest scope, greatest time period and largest area that would not render it unenforceable. The parties intend that this covenant shall
be deemed to be a series of separate covenants, one for each and every county within the United States of America and one for each country where this covenant is intended to be effective. In the event that any court determines that the requirement
that Executive assign a certain class or classes of Confidential Information to the Company is unreasonable and that such covenant is to that extent unenforceable, the parties hereto expressly agree that the covenant shall be interpreted to not
apply to any Confidential Information which falls into such a class or classes. 
  
 (f) Ownership of Ideas. In addition to any other restrictions hereunder, Executive shall not furnish at any time during the term of this Agreement to any other entity, person or persons any proposal or
idea previously submitted to the Company or any of its subsidiaries by Executive or developed by Executive during the term hereof, whether or not such proposal or idea was adopted by or in no way utilized by the Company or any subsidiary, except
after compliance with the Company’s policy on conflicts of interest. Executive hereby grants and assigns to the Company all rights (including, without limitation, any copyright or patent) in the results and proceeds of all of Executive’s
services hereunder performed within he scope of Executive’s employment. All such services shall be subject in all respects to the reasonable supervision, control and direction of the Board of Directors. Any work in connection with such services
shall be considered “work made for hire” under the Copyright Law of the United States and the Company shall acquire all rights in such work as if the Company were the author of the results and proceeds of such work. 
  
 (g) Further Assurances. Executive will, during the term,
execute and deliver any further agreements or certifications as the Company may from time to time reasonably request in connection with Section 3(f) hereof, provided that such agreements and certifications are consistent with Executive rights
and privileges hereunder. 
  
 4. Compensation. 
  
 (a) During the term of this Agreement, Executive shall be paid a base salary
(subject to all necessary statutory or authorized deductions), payable in accordance with the Company’s normal payroll practice. During the first year of the term of this Agreement, Executive’s base salary shall be one hundred thousand
and 00/100 dollars ($100,000.,00). The annual base salary payable to Executive shall be reviewed at least annually; provided, however, that Executive’s base salary shall not be reduced below per annum as described above during
the term of this Agreement. 
  

 Page 5 of 13 

 (b) The Executive may receive bonus compensation based upon the extent to which the Executive and the
Company achieve performance objectives determined by the parties from time to time. Such compensation shall be in the form cash or such other mutually agreed upon compensation, e.g., stock or stock options, and shall be paid or issued not more than
forty-five (45) days following the last day of the applicable period and, in the case of an annual bonus, the Company’s fiscal year. In addition, the Executive shall be vested in and entitled to receive the full bonus provided he is employed on
the last day of the applicable period or fiscal year (as the case may be), notwithstanding his termination of employment following the last day of the applicable period or fiscal year despite separation from service prior to payment of the bonus.

  
 5. Other Executive Benefits. During the term of this Agreement,
the Company shall provide to Executive such benefits provided to the employees of the Company, generally, and benefits commensurate with Executive’s position with the Company, including, without limitation, each of the following benefits as
well as such other benefits as shall be determined from time-to-time by the Board of Directors of the Company: 
  
 (a) Medical, Life and Disability Insurance. The Company agrees to provide coverage to Executive and his family under such medical, dental,
group life and other disability and life insurance plans and other employment benefit plans as may be maintained from time to time in the discretion of the Company’s management or Board of Directors for the benefit of employees of the Company
generally and for officers or senior management employees of the Company in accordance with the terms of such plans on a basis no less favorable than that accorded the senior executive officers of the Company. Notwithstanding the previous sentence,
until such time as the Company has obtained medical coverage for Executive and Executive’s family, the Company agrees to reimburse Executive for the cost of obtaining his own medical coverage. 
  
 Life Insurance. Upon approval of the Board of Directors, the Company
shall provide Executive, at the Company’s expense, with term life insurance in the amount equal to the lesser (i) of the amount which can be purchased with $5,000 per year or (ii) in the amount of $1,000,000, insuring the life of Executive for
the benefit of the person(s) designated from time to time by Executive unless a majority of the Board of Directors, not including the vote of Employee, determines that the provision of such benefit is not commercially practicable to the Company
given the Company’s financial condition; and 
  
 Disability Insurance. Upon approval of the Board of Directors, the Company shall provide Executive, at the Company’s expense, with comprehensive short and long term disability insurance in an amount which the Compensation
Committee determines is reasonably commensurate with Executive’s Base Salary hereunder, but in no event less than the lessor of two-thirds (2/3) of Executive’s Base Salary, or such other limit prescribed by the insurer, unless a majority
of the Board of Directors, not including the vote of Employee, determines that the provision of such benefit is not commercially practicable to the Company given the Company’s financial condition. 
  
 (b) Vacation. Executive shall be entitled to a minimum of
twenty (20) days, (accrued monthly) of paid vacation in each year during the term of this Agreement in addition to such other vacation, holiday and paid leave time (i.e., paid holidays, personal days and sick leave benefits) as the
Company shall provide generally to its senior executive officers, in accordance with its policies, subject, however, to a five (5) day maximum carry over of any accrued, but unused vacation to the next year. 
  
 (c) Business Expenses. The Company will pay or reimburse
Executive for any reasonable out-of-pocket expenses, including, but not limited to, monthly car allowance of one thousand 

  

 Page 6 of 13 

 
dollars ($1,000.00), or such other mutually agreed amount from time-to-time, first class airfare and such other travel expenses, and expenses associated with
access and use of telecommunications lines to insure the availability by electronic communication of Executive as well as to facilitate the conduct of business from the Executive’s home office, e.g., telephone line(s), internet access, and
cellular telephone and usage, incurred by the Executive in the course of providing his services hereunder. The Company shall also reimburse Employee for the reasonable cost of annual financial planning and tax preparation. Such reimbursement shall
be made by the Company within thirty (30) days after receipt of a statement therefor from Executive setting forth in reasonable detail the expenses for which reimbursement is requested, accompanied by reasonable documentation evidencing such
expenses. 
  
 (d) Additional Benefits. Executive
shall be entitled to receive any additional benefits generally made available to the directors, officers or senior management employees of the Company, including, but not limited to, qualified pension, profit sharing and 401(k) plans, IRC Section
105(h), IRC Section 125, and IRC Section 129 plans, subject to the participation requirements of such plans, and memberships in professional organizations. 
  
 (e) Directors and Officers Liability Insurance. Upon approval of the Board of Directors, the Company shall obtain directors and officers
liability coverage that includes the Executive in a manner commensurate with that of the Company’s officers and directors. Such coverage shall be in an amount of $5,000,000 or such other amount that a majority of the Board of Directors, not
including the vote of Employee, determines is commercially practicable and consistent with company’s of a similar nature. 
  
 6. Withholding of Certain Taxes. All compensation referred to in Sections 5 of this Agreement is stated in terms of gross amount, it being understood that the
Company will be required to withhold from such gross amount deductions for federal, state and local income taxes (if any), F.I.C.A., unemployment compensation taxes and the like. 
  
 7. Termination with or without Cause. 
  
 (a) Termination with Cause. The Company, pursuant to the presentation of a copy of a resolution approved by a
majority of the Board of Directors, not including the vote of Employee, may terminate Executive with Cause (as defined below) at any time during the term hereof upon thirty (30) days written notice; any such written notice will specify
the reasons for termination. If the Company so terminates Executive, Executive shall be entitled to receive all compensation and other benefits through the date of termination but shall not be entitled to any severance pay or any other additional
compensation. For purposes of this Agreement, the term “Cause” means (i) conviction of a felony or a crime involving moral turpitude, (ii) repeated and persistent gross or willful misconduct by Executive pertaining to the Executive’s
employment with the Company, (iii) fraud or gross dishonesty of Executive pertaining to the Executive’s employment with the Company, (iv) the repeated failure to follow reasonable written instructions of the Board of Directors, or (v) a
material breach of this agreement, provided, in the case of (ii), (iv) and (v) that Executive shall have an opportunity to cure such material breach within thirty (30) days of receipt of a written notice specifically setting forth the
basis for the purported termination (except in the case of two or more repeated failures to follow written instructions, an opportunity to cure such material breach within five (5) days of receipt of such written notice). 

 
 (b) Termination without Cause. The Company may terminate
the Executive at anytime without Cause with ninety (90) days written notice of such termination. If the Company so terminates Executive, Executive shall be entitled to receive all compensation and other benefits through the date of termination, his
accrued bonus, if any, and compensation and other benefits to 

  

 Page 7 of 13 

 
which Executive would have been entitled to receive pursuant to Section 4 and 5 above through the “Severance Period” (as such term is defined in
Section 7(f)). 
  
 (c) Constructive Termination. At
Executive’s option, the Executive may terminate this Agreement and his employment with the Company if any of the following occur (“Constructive Termination”): (i) the relocation of Executive’s office outside thirty (30) miles
from Executive’s office with the Company as initially determined by the Company in accordance with Section 1 hereof (except for required travel consistent with present business obligations); (ii) a material breach by the Company of this
Agreement, provided that the Company failed to cure such material breach within thirty (30) days of receipt of a written notice of such material breach (except for a material breach with respect to a material payment obligation of the
Company, which the Company has failed to cure within five (5) days after written notice); or (iii) a material change, adverse to Executive, in Executive’s positions, titles, or offices as set forth in this Agreement, status, rank, nature of
responsibilities, or authority within the Company, including, without limitation, an assignment of any duties to Executive which are materially inconsistent with his status or a removal of Executive from or any failure to elect or re-elect, or, as
the case may be, nominate Executive to any such positions or offices, including as President and Chief Executive Officer, except in connection with the termination of Executive’s employment pursuant to Section 7(a), disability, or as a result
of Executive’s death; (iv) “Change of Control” (as defined within Exhibit A hereto; or (v) removal from either the position of Chief Executive Officer or Chairman of the Board, or diminution of responsibilities customarily associated
with such positions (each a “Constructive Termination Event”). If Executive exercises his right under this Section 7(c), Executive shall be entitled to receive any and all compensation and other benefits to which Executive would have been
entitled to receive pursuant to Sections 4 and 5 above through the “Severance Period” (as such term is defined in Section 7(f)), including, without limitation, salary and (pro-rated) bonus payments, and to the extent any plans, programs or
arrangements do not allow continued participation, a cash payment equivalent on an after-tax basis coincident in order to insure no lapse in coverage or receipt of such benefits. 
  
 The right to terminate shall not be affected by incapacity due to death or disability; provided, however, that
Executive’s Disability (as defined below) shall not be a grounds for termination with Cause. In addition, continued employment shall not constitute consent to, or a waiver of rights, with respect to any circumstances constituting Constructive
Termination. 
  
 (d) Termination by Reason of Death or
Disability. In the event that Executive dies or shall be unable to perform his duties hereunder in any material respect as a result of mental or physical incapacity as determined by the an independent physician chosen jointly by Executive
and the Board of Directors, not including Employee’s vote, for one hundred twenty (120) consecutive days (“Death or Disability”), the Company shall have the option to terminate this Agreement upon thirty (30) days’ written
notice. In the event employment is terminated pursuant to this Section 7(d), all compensation and other benefits will be paid to the Executive as if the Executive were terminated without Cause, except the Company may adjust base compensation
payments to the extent the Executive receives disability insurance provided by the Company. Effective as of the expiration of the Severance Period, as defined in Section 7(f), the Executive will be released from his obligations under Section 3(c)
above, as provided in such section. Upon Executive’s termination for Disability, if applicable law permits, continued coverage under Company’s health and dental plans at Executive’s after-tax cost, which would have been incurred by
Executive if Executive were still an employee of the Company, the Company shall pay Executive’s premium for such program until the earlier of one year following such termination or the expiration of eligibility for such continued coverage
period for Executive under applicable law. 
  

 Page 8 of 13 

 (e) Additional Compensation. In the event of termination pursuant to Section 7(b), 7(c),
and 7(d), Executive shall be entitled (in addition to any other payments provided under this Agreement) to a lump-sum payment in the amount of $5,000,000, provided the Executive provides written termination notice to the Company within
one-hundred-twenty (120) days after the Constructive Termination Event with such termination to be effective no later than sixty (60) days after the Executive’s written notice of termination unless the Executive and the Company agree
otherwise. 
  
 (f) Severance Period. For
purposes of this Agreement, the “Severance Period” shall mean that period beginning on the effective date of termination of Executive and until the end of the twelfth (12) month following the date of termination by the Company without
regard to whether Executive does or does not obtain other employment or has other earnings or income from other sources. 
  
 8. Indemnification. 
  
 (a) The Company agrees to indemnify, defend, and hold harmless Executive to the fullest extent permitted under applicable law as provided in the
Company’s Certificate of Incorporation and/or Bylaws for officers generally. 
  
 (b) The Company agrees to indemnify, defend and hold harmless Executive from and against any and all Losses (as defined below) resulting from, related to, or arising out of, directly or indirectly, any written or oral
demand, claim, suit, action cause of action, investigation or notice alleging actual or potential liability by a former employer of Executive (collectively, “Claims”), if any, provided that Executive’s actions related to such Claims
were on behalf of the Company, within the scope of Employee’s employment, and not in breach of this Agreement with the Company, including, but not limited to, the representations and warranties, and covenants in Section 9(a). The term
“Losses” shall mean any and all damages, losses, obligations, deficiencies, liabilities, penalties, fines, costs and expenses, including without limitation, interest, court costs, reasonable fees of attorneys, accountants and other experts
or other reasonable expenses of litigation or other proceedings of any Claims. 
  
 9. General Provisions. 
  
 (a)
Representations and Warranties; Covenants. Executive hereby represents and warrants, and covenants to the Company that: (i) Executive has disclosed to the Company all prior agreements that Executive has entered into with all prior
employers to the Company; (ii) Executive will not knowingly, in any material respect, breach any agreements that Executive has entered into with third parties, which pertains to the Company; and (iii) Executive will not enter into any agreement,
either written or oral, in conflict with the terms and conditions of this Agreement. 
  
 The Employee acknowledges that the Company from time to time may have agreements with other persons or with the United States Government, or agencies thereof, which impose obligations or restrictions on the Company
regarding inventions made during the course of work under such agreements or regarding the confidential nature of such work. The Employee agrees to be bound by all such obligations and restrictions that are made known to the Employee and to take all
action necessary to discharge the obligations of the Company under such agreements. 
  
 The Employee represents that he has acted and agrees to act in conformity with all applicable laws, rules and regulations of all governmental authorities, including, without limitation, the Export Administration Act.

  

 Page 9 of 13 

 EXECUTIVE FURTHER CONFIRMS THAT EXECUTIVE HAS CAREFULLY READ THIS AGREEMENT, FULLY UNDERSTANDS ITS
CONTENTS AND TERMS, AND HAS HAD AN OPPORTUNITY TO ASK THE COMPANY ABOUT ANY QUESTIONS, CONCERNS OR ISSUES EXECUTIVE MAY HAVE IN CONNECTION WITH THIS AGREEMENT OR ITS TERMS. EXECUTIVE ALSO CONFIRMS THAT HE HAS AN OPPORTUNITY TO CONSULT LEGAL COUNSEL
AND OTHER ADVISORS OF HIS CHOICE IN CONNECTION WITH THIS AGREEMENT. 
  
 (b) Notices. Any notice to be given pursuant to this Agreement shall be in writing and shall be deemed duly given (i) three (3) days after deposit in the mail, certified mail, return receipt requested,
to the party to receive such notice at the address specified below or (ii) immediately upon actual delivery and receipt of the notice: 
  

			
	If to the Company, to:	  	 Shiwana, Inc.
 1320 Tower Road
 Schaumburg, IL 60173

		
	If to Executive, to:	  	 Tim Sensenig
 1420 Whittington Drive

Raleigh, NC 27614

  
 Either party may
change his or its name and/or address for purposes of this Section by giving the other written notice of the new name and/or address in the manner set forth above. 
  
 (c) Successors and Assigns. This Agreement shall bind and shall inure to the benefit of the Company and any
and all of its successors and assigns. This Agreement is personal to Executive and shall not be assignable by Executive. The Company may assign this Agreement to any entity which (i) purchases all or substantially all of the assets of the Company or
(ii) is a direct or indirect successor (whether by merger, sale of stock or transfer of assets) of the Company. Any successor will automatically succeed to the obligations of the Company under this Agreement. 
  
 (d) Waiver of Breach. The waiver by the Company or Executive
of a breach of any provision of this Agreement by the other shall not operate or be construed as a waiver of any subsequent breach by the other. 
  
 (e) Entire Agreement/Modification. This Agreement contains all of the covenants and agreements between the parties with respect to such
employment in any manner whatsoever and supersedes and cancels all agreements, written or oral, made prior the date hereof between the Executive and the Company, and that the Executive has not relied upon any representations or promises of any kind
or nature whatsoever made by any employee or agent of the Company prior to the date of this Agreement. Any modification of this Agreement will be effective only if it is in writing, signed by the party to be charged. 
  
 (f) Partial Invalidity. If any provision of this Agreement is
held by a court of component jurisdiction to be invalid, void or unenforceable, the remaining provisions shall nevertheless continue in full force without being impaired or invalidated in any way. 
  
 (g) Governing Law. The validity of this Agreement and the
interpretation and performance of all of its terms shall be governed by the laws of the State of New York without regard to the conflicts of law rules of such state. Any claims or legal actions by one party against the other arising out of this
employment relationship between the parties (whether or not arising under this 

  

 Page 10 of 13 

 
Agreement) shall be subject to the exclusive jurisdiction of the state courts or the federal courts in the State of New York, subject, however, to the
dispute resolution provisions below. Each party hereby irrevocably waives any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of this employment relationship between the parties
(whether or not arising under this Agreement) in the aforementioned courts and further irrevocably waives any claim that such courts are not a convenient forum for any such suit, action or proceeding. 
  
 Enforcement. The Executive and the Company (the
“Arbitrating Parries”) agree that the Arbitrating Parties shall be entitled to commence a legal action for purposes of seeking interim relief, including temporary restraining orders and preliminary injunctions, in aid of arbitration
pursuant to dispute resolution provisions below or to protect the rights of either Arbitrating Party pending the establishment of the arbitral tribunal in any court of the United States located in the State of New York or in New York state court.
The court may order the non-prevailing Arbitrating Party in any such legal action to pay the reasonable compensation, costs, fees and expenses of the witnesses, experts and counsel of each Arbitrating Party. Each of the Arbitrating Parties hereto
(a) consents to submit to the personal jurisdiction of any court of the United States located in the State of New York or any New York state court, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other
request leave from any such court and (c) agrees that it will not bring any action seeking interim relief or to compel arbitration pursuant to Section 21.4 in any court other than a court of the United States or state court sitting in the State of
New York, and that actions to enforce an interim or final arbitral award may be filed in any court having jurisdiction. 
  
 Dispute Resolution Provisions. The Arbitrating Parties hereby agree that, in order to obtain prompt and expeditious resolution of any
disputes under this Agreement, any claim, dispute or controversy of whatever nature, arising out of, in connection with, or in relation to this Agreement or the breach, termination or validity thereof, including any claim based on contract, tort or
statute or the arbitrability of any claim hereunder or any determination of compensation, costs, fees and expenses (an “Arbitrable Claim”), shall be finally settled by binding arbitration conducted in accordance with the then-prevailing
Commercial Arbitration Rules (the “Rules”) of the American Arbitration Association (the “AAA”) as modified herein (except for the right of either party to apply to a court of competent jurisdiction for a temporary restraining
order, a preliminary injunction, or other equitable relief to preserve the status quo or to prevent irreparable harm as provided above). The place of arbitration shall be New York City, New York. There shall be one arbitrator mutually agreed to by
the parties who shall be a retired federal judge or magistrate with experience in disputes relating to large, commercial transactions involving software licenses. Each Arbitrating Party hereto expressly consents to, and waives any future objection
to, such forum and arbitration rules. Judgment upon any award may be entered by any state or Federal court having jurisdiction thereof. The Federal Arbitration Act, 9 U.S.C. §§ 1-16, shall govern the interpretation, validity and effect of
this arbitration agreement and any arbitration proceedings, decisions or awards rendered hereunder. 
  
 Any award rendered hereunder shall include a statement regarding the reasons for the award. In rendering any award hereunder, the arbitrators shall apply
the substantive law of the State of New York, without regard to the conflicts of law provisions thereof. 
  
 Adherence to this dispute resolution process shall not limit the right of the Arbitrating Parties hereto, consistent with the “Enforcement”
provisions above, to seek interim relief, 

  

 Page 11 of 13 

 
including temporary restraining orders and preliminary injunctions, in aid of arbitration of to protect the rights of either Arbitrating Party pending the
establishment of the arbitral tribunal. 
  
 The arbitration
proceeding conducted pursuant to this agreement shall be confidential. Neither Arbitrating Party shall disclose or permit the disclosure of any information about the evidence adduced or the documents produced by the other Arbitrating Party in the
arbitration proceeding or about existence, contents or result of the arbitration award without the prior written consent of such other Arbitrating Party, except as required in the course of a judicial, regulatory or arbitration proceeding or filling
as may be requested or required by a governmental authority or as required for the enforcement of an arbitral award. Before making any disclosure permitted by the preceding sentence, the Arbitrating Party intending to make such disclosure shall give
the other Arbitrating Party reasonable written notice of the intended disclosure and afford the other Arbitrating Party a reasonable opportunity to protect its interests. 
  
 Executive Expense Reimbursement. The Company agrees to reimburse the Executive for reasonable travel and
lodging expenses for the Executive and Executive’s legal counsel to attend proceedings initiated by (i) the Company, (ii) the Executive or (iii) any third party and held in the state or federal courts in the State of New York, or any
arbitration proceedings held in New York City, New York, pursuant to this Agreement. 
  
 (h) Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but together which shall constitute one and the same document. 
  
 IN WITNESS WHEREOF, intending to be legally bound hereby, the Company has caused this
Agreement to be executed on its behalf by its duly authorized officer and Executive has executed the same as of the day and year first above written. 
  

					
	Shiwana, Inc.	 	 	 	Executive
			
	/s/    DAIVD CAIRNS        	 	 	 	/s/    TIM SENSENIG        
	Daivd Cairns, For the Board of Directors	 	 	 	Tim Sensenig, CEO

  

 Page 12 of 13 

 Exhibit A 
  
 “Change of Control” shall mean: (a) any “person” (as such term is used in Section 13(d) and 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), is or becomes in a single transaction or in a series of related transactions within a period of twelve (12) months the “beneficial owner” (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the Company (not including any securities acquired directly from the Company) representing more than 50% of the combined voting power of the Company’s then outstanding securities; or
(b)(i) the shareholders approve a merger or consolidation of the Company with any other corporation whereby the shareholders of the Company represent less than 50% of the Company or such surviving or acquiring entity immediately after such merger or
consolidation, and (ii) the persons who were the members of the Board of Directors of the Company prior to such approval do not represent a majority of the directors of the surviving, resulting or acquiring entity or the parent thereof; (c) the
stockholders of the Company approve a plan of liquidation of the Company; or (d) within any period of 24 months, persons who were members of the Board of Directors of the Company immediately prior to such 24-month period, together with any persons
who were first elected as directors (other than as a result of any settlement of a proxy or consent solicitation contest or any action taken to avoid such a contest) during such 24-month period by or upon the recommendation of a majority of the
persons who were members of the Board of Directors of the Company immediately prior to such 24-month period and who constituted a majority of the Board of Directors of the Company at the time of such election, cease to constitute a majority of the
Board. 
  

 Page 13 of 13Form of Change of Control Letter Agreement

 Exhibit 10.1 
  
 NOVATEL WIRELESS, INC. 
 9255 TOWNE CENTRE DRIVE, STE. 225 
 SAN DIEGO, CA 92121 
  
             , 2004 
  
 Dear                    

  
 Novatel Wireless, Inc. (the “Corporation”)
considers it essential to the best interests of its shareholders to foster the continuous employment of the Corporation’s key management personnel. In this regard, the Corporation’s Board of Directors (the “Board”)
recognizes that, as is the case with many publicly held corporations, the possibility of a change in control of the Corporation may exist and the uncertainty and questions that it may raise among management could result in the departure or
distraction of management personnel to the detriment of the Corporation and its shareholders. 
  
 The Board has decided to reinforce and encourage the continued attention and dedication of members of the Corporation’s management, including yourself, to their assigned duties without the distraction arising
from the possibility of a change in control of the Corporation. 
  
 In order to induce you to remain in its employ, the Corporation hereby agrees that after this letter agreement (this “Agreement”) has been fully executed, you shall receive the severance benefits set forth in this Agreement
in the event that your employment with the Corporation is terminated under the circumstances described below in anticipation of or subsequent to a Change in Control (as defined in Section 2 below). 
  
 1. Term of Agreement. This Agreement shall commence on the date hereof
and shall continue in effect through December 31, 2005; provided, however, that commencing on January 1, 2006 and on each January 1 thereafter, the term of this Agreement shall automatically be extended for one additional year unless, not
later than October 31 of the preceding year, the Corporation shall have given you notice that it does not wish to extend this Agreement; provided, further, that if a Change in Control occurs during the original or any extended term of this
Agreement, the term of this Agreement shall continue in effect for the two (2) year period immediately following the Change in Control. 
  
 2. Change in Control. No benefits shall be payable hereunder unless there has been a Change in Control. For purposes of this Agreement, a
“Change in Control” shall mean the occurrence of any of the following: 
  
 (i) The consummation of a merger, consolidation, business combination, or similar transaction, of the Corporation with or into another entity or any other corporate reorganization, or any similar transaction or series
of transactions, if more than 50% of the combined voting power of the continuing or surviving entity’s securities outstanding immediately after such merger, consolidation or other reorganization or transaction or series of transactions is owned
by persons who were not stockholders of the Corporation immediately prior to such merger, consolidation or other reorganization, or transaction or series of transactions; 

 (ii) The sale, transfer or other disposition of all or substantially all of the Corporation’s
business, property or assets; 
  
 (iii) A change in the
composition of the Board, as a result of which fewer than one-half of the incumbent directors are directors who either (a) had been directors of the Corporation on the date twenty-four (24) months prior to the date of the event that may constitute a
Change in Control (the “Original Directors”) or (b) were elected, or nominated for election, to the Board with the affirmative votes of at a majority of the aggregate of the Original Directors who were still in office at the time of
the election or nomination of the directors whose election or nomination was previously so approved; 
  
 (iv) Any transaction or series of transactions as a result of which any person becomes the “beneficial owner” (as defined in Rule 13d-3
under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), directly or indirectly, of securities of the Corporation representing at least 30% of the total voting power represented by the Corporation’s then
outstanding voting securities. For purposes of this Subparagraph (iv), the term “person” shall have the same meaning as when used in Sections 13(d) and 14(d) of the Exchange Act but shall exclude: (a) a trustee or other fiduciary
holding securities under an employee benefit plan of the Corporation or a subsidiary of the Corporation; (b) a corporation owned directly or indirectly by the stockholders of the Corporation in substantially the same proportions as their ownership
of the common stock of the Corporation; and (c) the Corporation; 
  
 (v) A liquidation or dissolution of the Corporation; or 
  
 (vi) The termination of employment of the Chief Executive Officer of the Corporation, in office as of the date of this Agreement, (the “CEO”), for any reason other than by the Corporation for Cause (as such term is defined
in the Employment Agreement of the CEO) or by the CEO other than for Good Reason (as such term is defined in the Employment Agreement of the CEO) or death of the CEO. 
  
 3. Termination in Anticipation of or Following Change in Control. 
  
 (i) General. If a Change in Control shall have occurred during the
term of this Agreement, you shall be entitled to the benefits provided in Section 4(ii) if your employment is terminated within the one (1) year period immediately following the date of such Change in Control (a) by the Corporation other than for
Cause or Disability (each as defined in Section 3(ii) below), or (b) by you for Good Reason (as defined in Section 3(iv) below) (a termination of your employment under the circumstances described in this sentence is sometimes hereinafter referred to
as a “Payment Termination”). Notwithstanding anything contained herein, if your employment is terminated during the period commencing on the public announcement of a transaction that if consummated will constitute a Change in
Control and ending on the date of the consummation of such Change in Control either by the Corporation other than for Cause or Disability or by you for Good Reason, and if such termination (1) was at the request of a third party effecting the Change
in Control or (2) otherwise arose in connection with or in anticipation 

 of the Change in Control, then for all purposes of this Agreement your employment shall be deemed to have been terminated
immediately after the actual occurrence of the Change in Control. Except as described in the preceding sentence, in the event that your employment with the Corporation is terminated for any reason and subsequently a Change in Control occurs, you
shall not be entitled to any benefits hereunder. In the event that you are entitled to the benefits provided in Section 4(ii), such benefits shall be paid notwithstanding the subsequent expiration of the term of this Agreement. 
  
 (ii) Death or Disability. Your employment with the Corporation shall
terminate automatically upon your death. The Corporation may terminate your employment for Disability (as defined below in this Subparagraph (ii)), but only if that Disability continues through the Date of Termination (as defined in Section 3(vii)
below). 
  
 For purposes of this Agreement,
“Disability” shall mean your absence from the full-time performance of your duties with the Corporation for a period of not less than six (6) consecutive months by reason of your physical or mental illness. 
  
 (iii) Cause. The Corporation may terminate your employment for Cause
(as defined below in this Section 3(iii)) by giving you thirty (30) days’ advance written notice of such termination. 
  
 For purposes of this Agreement, “Cause” shall mean: 
  
 (a) your failure to substantially perform your duties with the Corporation (other than any such failure resulting from your
incapacity due to physical or mental illness or any such actual or anticipated failure after your issuance of a Notice of Termination (as defined in Section 3(vi) below) for Good Reason), after a written demand for substantial performance is
delivered to you by the Board; 
  
 (b) your commission of an act
of fraud or dishonesty resulting in material economic or financial injury to the Corporation; 
  
 (c) your willful violation of a federal or state law, rule or regulation applicable to the business of the Corporation of a type and kind that is materially adverse to the Company; 
  
 (d) your willful violation of a federal or state law securities law
applicable to the Corporation; or 
  
 (e) your conviction of, or
entry by you of a guilty or no contest plea to, the commission of a felony. 
  
 For purposes of this Section 3(iii), no act, or failure to act, on your part shall be deemed “willful” unless done, or omitted to be done, by you in bad faith. Notwithstanding the foregoing, you shall not be
deemed terminated for Cause pursuant to Sections 3(iii)(a) -(d) hereof unless and until there shall have been delivered to you a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters ( 3/4) of the entire membership of the Board (after reasonable notice to you, an opportunity for you, together with

 your counsel, to be heard before the Board and a reasonable opportunity to cure), finding that in the Board’s good
faith opinion you were guilty of the conduct set forth above in this Section 3(iii) and specifying the particulars thereof in reasonable detail. 
  
 (iv) Good Reason. You may terminate your employment with the Corporation for Good Reason. For purposes of this Agreement, “Good
Reason” shall mean the occurrence, after a Change in Control, of any one or more of the following events without your prior written consent: 
  
 (a) the assignment to you of any duties which are adversely inconsistent with the position in the Corporation that you held immediately prior to the
Change in Control, a significant adverse alteration in the nature or status of your responsibilities or the conditions of your employment from those in effect immediately prior to the Change in Control, including by virtue of the Corporation ceasing
to be a publicly-held corporation, or any other action by the Corporation that results in a material diminution in your position, authority, title, duties or responsibilities; 
  
 (b) the Corporation’s reduction of your annual base salary or bonus opportunity, each as in effect on the date hereof
or as the same may be increased from time to time; 
  
 (c) the
relocation of the Corporation’s offices at which you are principally employed immediately prior to the date of the Change in Control (your “Principal Location”) to a location more than thirty (30) miles from such location, or
the Corporation’s requiring you to be based at a location more than thirty (30) miles from your Principal Location, except for required travel on the Corporation’s business to an extent substantially consistent with your present business
travel obligations; 
  
 (d) the Corporation’s failure to pay
to you any portion of your then current compensation or any portion of an installment of deferred compensation under any deferred compensation program of the Corporation, in each case within seven (7) days of the date such compensation is due;

  
 (e) the Corporation’s failure to continue in effect
compensation and employee benefits, including benefit plans which provide you with benefits which are substantially similar, on an aggregate basis, to the benefits provided to you under the Corporation’s regular compensation and benefit plans
and practices immediately prior to the Change in Control, unless an equitable arrangement (embodied in ongoing substitute or alternative plans) has been made with respect to such plans, or the Corporation’s failure to continue your
participation therein (or in such substitute or alternative plans) on a basis not materially less favorable in the aggregate, both in terms of the amount of benefits provided and the level of your participation relative to other participants, as
existed at the time of the Change in Control; 
  
 (f) the
Corporation’s failure to obtain a satisfactory agreement from any successor to assume and agree to perform this Agreement, as contemplated in Section 6 hereof; 

 (g) any purported termination of your employment that is not effected pursuant to a Notice of
Termination (as defined in Section 3(vi) below)satisfying the requirements of Section 3(vi) hereof (and, if applicable, the requirements of Section 3(iii) hereof), which purported termination shall not be effective for purposes of this Agreement;

  
 (h) the continuation or repetition, after written notice of
objection from you, of harassing or denigrating treatment of you which is inconsistent with your position with the Corporation; or 
  
 (i) any breach by the Corporation of any provision of this Agreement applicable to it which is material and adverse to you. 
  
 (v) Your right to terminate your employment pursuant to this Section 3(iv)
shall not be affected by your incapacity due to physical or mental illness. Your continued employment shall not constitute consent to, or a waiver of rights with respect to, any circumstance constituting Good Reason hereunder. 
  
 (vi) Notice of Termination. Any purported termination of your
employment by the Corporation or by you (other than termination due to your death, which shall terminate your employment automatically) shall be communicated by a written Notice of Termination to the other party hereto in accordance with Section 7.

  
 For purposes of this Agreement, “Notice of
Termination” shall mean a notice that shall indicate the specific termination provision in this Agreement (if any) relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of your employment under the provision so indicated. 
  
 (vii)
Date of Termination. For purposes of this Agreement, “Date of Termination” shall mean: 
  
 (a) if your employment is terminated due to your death, the date of your death; 
  
 (b) if your employment is terminated for Disability, thirty (30) days after Notice of Termination is given (provided that
you shall not have returned to the full time performance of your duties during such thirty (30) day period); and 
  
 (c) if your employment is terminated for any reason other than death or Disability, the date specified in the Notice of Termination (which, in the case
of a termination by the Corporation without Cause shall not be less than thirty (30) days from the date such Notice of Termination is given, and in the case of a termination by you for Good Reason shall not be less than fifteen (15) nor more than
thirty (30) days from the date such Notice of Termination is given). 
  
 4. Compensation Upon Termination. 
  
 (i) If your
employment with the Corporation is terminated by reason of your death, by the Corporation for Cause or Disability, or by you other than for Good Reason, the 

 Corporation shall pay you your full base salary, when due, through the Date of Termination at the rate in effect at the
time Notice of Termination is given, plus all other amounts to which you are entitled under any compensation plan or practice of the Corporation at the time such payments are due, and the Corporation shall have no further obligations to you under
this Agreement. 
  
 (ii) If you incur a Payment Termination, then,
in lieu of any severance benefits to which you may otherwise be entitled under any severance plan or program of the Corporation, you shall be entitled to the benefits provided below: 
  
 (a) the Corporation shall, at the time specified in Section 4(iii), pay to you your full base salary, when due, through the
Date of Termination at the rate in effect at the time Notice of Termination is given, plus all other amounts to which you are entitled under any compensation plan or practice of the Corporation at the time such payments are due; 
  
 (b) the Corporation shall, at the time specified in Section 4(iii), pay as
severance pay to you a lump-sum severance payment equal to the sum of the following: 
  
 (A) three hundred percent (300%) of the greater of (x) your annual base salary as in effect immediately prior to delivery of the Notice of Termination or (y) your annual base salary as in effect immediately prior to
the Change in Control; and 
  
 (B) three hundred percent (300%)
of the greater of (x) your targeted annual bonus for the year in which the Date of Termination occurs or (y) your targeted annual bonus for the year in which the Change in Control occurs, in each case assuming that the bonus targets are satisfied;

  
 (c) the Corporation shall, at its sole expense as incurred,
provide you with financial planning services for the one (1) year period following the Date of Termination, such services to be of substantially the same type and scope as those which the Corporation was providing to you immediately prior to the
Date of Termination, or, if more favorable to you, immediately prior to the date of the Change in Control; 
  
 (d) the Corporation shall, at its sole expense as incurred, provide you with outplacement services for a period not to exceed one (1) year at an
aggregate cost to the Corporation not to exceed $10,000, the scope of which shall be selected by you in your sole discretion and the provider of which shall be selected by you from among the providers offered to you by the Corporation; 

 
 (e) for the period beginning on the Date of Termination and ending on the
earlier of (i) the date which is twenty-four (24) full months following the Date of Termination or (ii) the first day of your eligibility to participate in a comparable group health plan maintained by a subsequent employer, the Corporation shall pay
for and provide you and your dependents with the same medical benefits coverage to which you would have been entitled had you remained continuously employed by the Corporation during such period. In the event that you are ineligible under the terms
of the Corporation’s benefit plans to continue to be so covered, the Corporation shall provide you with substantially equivalent coverage through other sources or will provide you with a lump sum payment (determined on a present value basis
using 

 the interest rate provided in Section 1274(b)(2)(B) of the Internal Revenue Code of 1986, as amended (the
“Code”), on the Date of Termination) in such amount that, after all income and employment taxes on that amount, shall be equal to the cost to you of providing yourself such benefit coverage. At the termination of the benefits
coverage under the first sentence of this Section 4(ii)(e), you and your dependents shall be entitled to continuation coverage pursuant to Section 4980B of the Code, Sections 601-608 of the Employee Retirement Income Security Act of 1974, as
amended, and under any other applicable law, to the extent required by such laws, as if you had terminated employment with the Corporation on the date such benefits coverage terminates. 
  
 (f) Gross-Up Payment. 
  
 (A) anything in this Agreement to the contrary notwithstanding, if it shall be determined that any payment or distribution to you or for your benefit
(whether paid or payable or distributed or distributable) pursuant to the terms of this Agreement or otherwise (the “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise
Tax”), then you shall be entitled to receive from the Corporation an additional payment (the “Gross-Up Payment”) in an amount such that the net amount of the Payment and the Gross-Up Payment retained by you after the
calculation and deduction of all Excise Taxes (including any interest or penalties imposed with respect to such taxes) on the payment and all federal, state and local income tax, employment tax and Excise Tax (including any interest or penalties
imposed with respect to such taxes) on the Gross-Up Payment provided for in this Section 4(ii)(f)(A), and taking into account any lost or reduced tax deductions on account of the Gross-Up Payment, shall be equal to the Payment; 
  
 (B) all determinations required to be made under Section 4(ii)(f)(A),
including whether and when the Gross-Up Payment is required and the amount of such Gross-Up Payment, and the assumptions to be utilized in arriving at such determinations shall be made by the Accountants (as defined below) which shall provide you
and the Corporation with detailed supporting calculations with respect to such Gross-Up Payment within fifteen (15) business days of the receipt of notice from you or the Corporation that you have received or will receive a Payment. 
  
 For the purposes of this Section 4(ii)(f)(B), the
“Accountants” shall mean the Corporation’s independent certified public accountants serving immediately prior to the Change in Control. In the event that the Accountants are also serving as accountant or auditor for the
individual, entity or group effecting the Change in Control, you shall appoint another nationally recognized public accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accountants
hereunder). 
  
 All fees and expenses of the Accountants shall be
borne solely by the Corporation. For the purposes of determining whether any of the Payments will be subject to the Excise Tax and the amount of such Excise Tax, such Payments will be treated as “parachute payments” within the meaning of
Section 280G of the Code, and all “parachute payments” in excess of the “base amount” (as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless and except to the extent that in the
opinion of the Accountants such Payments (in whole or in part) either do not constitute “parachute payments” 

 or represent reasonable compensation for services actually rendered (within the meaning of Section 280G(b)(4) of the
Code) in excess of the “base amount,” or such “parachute payments” are otherwise not subject to such Excise Tax. For purposes of determining the amount of the Gross-Up Payment, you shall be deemed to pay Federal income taxes at
the highest applicable marginal rate of Federal income taxation for the calendar year in which the Gross-Up Payment is to be made and to pay any applicable state and local income taxes at the highest applicable marginal rate of taxation for the
calendar year in which the Gross-Up Payment is to be made, net of the maximum reduction in Federal income taxes which could be obtained from the deduction of such state or local taxes if paid in such year (determined without regard to limitations on
deductions based upon the amount of your adjusted gross income), and to have otherwise allowable deductions for Federal, state and local income tax purposes at least equal to those disallowed because of the inclusion of the Gross-Up Payment in your
adjusted gross income. To the extent practicable, any Gross-Up Payment with respect to any Payment shall be paid by the Corporation at the time you are entitled to receive the Payment and in no event will any Gross-Up Payment be paid later than five
days after the receipt by you of the Accountant’s determination. Any determination by the Accountants shall be binding upon the Corporation and you. As a result of uncertainty in the application of Section 4999 of the Code at the time of the
initial determination by the Accountants hereunder, it is possible that the Gross-Up Payment made will have been an amount less than the Corporation should have paid pursuant to this Section 4(ii)(f) (the “Underpayment”). In the
event that the Corporation exhausts its remedies pursuant to Section 4(ii)(f)(3) and you are required to make a payment of any Excise Tax, the Underpayment shall be promptly paid by the Corporation to or for your benefit; and 
  
 (C) you shall notify the Corporation in writing of any claim by the Internal
Revenue Service that, if successful, would require the payment by the Corporation of the Gross-Up Payment. Such notification shall be given as soon as practicable after you are informed in writing of such claim and shall apprise the Corporation of
the nature of such claim and the date on which such claim is requested to be paid. You shall not pay such claim prior to the expiration of the 30-day period following the date on which you give such notice to the Corporation (or such shorter period
ending on the date that any payment of taxes, interest and/or penalties with respect to such claim is due). If the Corporation notifies you in writing prior to the expiration of such period that it desires to contest such claim, you shall:

  
 (1) give the Corporation any information reasonably
requested by the Corporation relating to such claim; 
  
 (2) take
such action in connection with contesting such claim as the Corporation shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably
selected by the Corporation; 
  
 (3) cooperate with the
Corporation in good faith in order to effectively contest such claim; and 
  
 (4) permit the Corporation to participate in any proceedings relating to such claims; 

 provided, however, that the Corporation shall bear and pay directly all costs and expenses
(including additional interest and penalties) incurred in connection with such contest and shall indemnify you for and hold you harmless from, on an after-tax basis, any Excise Tax or income tax (including interest and penalties with respect
thereto) imposed as a result of such representation and payment of all related costs and expenses. Without limiting the foregoing provisions of this Section 4(ii)(f), the Corporation shall control all proceedings taken in connection with such
contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct you to pay the tax claimed
and sue for a refund or contest the claim in any permissible manner, and you agree to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the
Corporation shall determine; provided, however, that if the Corporation directs you to pay such claim and sue for a refund, the Corporation shall advance the amount of such payment to you, on an interest-free basis, and shall indemnify you
for and hold you harmless from, on an after-tax basis, any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance
(including as a result of any forgiveness by the Corporation of such advance); provided, further, that any extension of the statute of limitations relating to the payment of taxes for the taxable year of you with respect to which such
contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Corporation’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and you shall
be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority; 
  
 (g) in any situation where under applicable law the Corporation has the power to indemnify (or advance expenses to) you in respect of any judgments,
fines, settlements, loss, cost or expense (including attorneys’ fees) of any nature related to or arising out of your activities as an agent, employee, officer or director of the Corporation or in any other capacity on behalf of or at the
request of the Corporation, the Corporation shall promptly on written request, indemnify (and advance expenses to) you to the fullest extent permitted by applicable law, including but not limited to making such findings and determinations and taking
any and all such actions as the Corporation may, under applicable law, be permitted to have the discretion to take so as to effectuate such indemnification or advancement. Such agreement by the Corporation shall not be deemed to impair any other
obligation of the Corporation respecting your indemnification otherwise arising out of this or any other agreement or promise of the Corporation or under any statute; and 
  
 (h) the Corporation shall furnish you for six (6) years following the Date of Termination (without reference to whether the
term of this Agreement continues in effect) with directors’ and officers’ liability insurance insuring you against insurable events which occur or have occurred while you were a director or officer of the Corporation, such insurance to
have policy limits aggregating not less than the amount in effect immediately prior to the Change in Control, and otherwise to be in substantially the same form and to contain substantially the same terms, conditions and exceptions as the liability
issuance policies provided for officers and directors of the Corporation in force from time to time, provided, however, that such terms, conditions and exceptions shall not be, in the aggregate, materially less favorable to you than those in
effect on the date hereof; provided, further, that if the aggregate annual 

 premiums for such insurance at any time during such period exceed one hundred and fifty percent (150%) of the per annum
rate of premium currently paid by the Corporation for such insurance, then the Corporation shall provide the maximum coverage that will then be available at an annual premium equal to one hundred and fifty percent (150%) of such rate. 
  
 (i) notwithstanding anything to the contrary contained in any equity plan or
award agreement, or any other agreement to which the Corporation is a party, all outstanding stock options, restricted stock and other equity awards granted to you (whether before of after the date of this Agreement) under any of the
Corporation’s stock option plans, incentive plans or similar plans (or awards substituted therefor) or otherwise held by you immediately prior to a Payment Termination shall immediately become one hundred percent (100%) vested and exercisable
in full, and remain exercisable for a period of two (2) years following a Payment Termination and/or restrictions with respect to restricted stock shall immediately lapse, as applicable. 
  
 (iii) The payments provided for in Sections 4(ii)(a), (b), and (e), as applicable, shall be made not later than the fifth
business day following the Date of Termination; provided, however, that if the amounts of such payments cannot be finally determined on or before such day, the Corporation shall pay to you on such day an estimate, as determined in good faith
by the Corporation, of the minimum amount of such payments and shall pay the remainder of such payments (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code) as soon as the amount thereof can be determined but in no
event later than the thirtieth day after the Date of Termination. In the event that the amount of the estimated payments exceeds the amount subsequently determined to have been due, such excess shall constitute a loan by the Corporation to you,
payable on the fifth day after demand by the Corporation (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code). 
  
 (iv) You shall not be required to mitigate the amount of any payment provided for in this Section 4 by seeking other employment or otherwise, nor shall
the amount of any payment or benefit provided for in this Section 4 be reduced by any compensation earned by you as the result of employment by another employer or self-employment, by retirement benefits, by offset against any amounts (other than
loans or advances to you by the Corporation). 
  
 5.
Reserved. 
  
 6. Successors; Binding Agreement.

  
 (i) The Corporation shall require any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business, equity and/or assets of the Corporation to expressly assume and agree to perform this Agreement in the same manner and to the same
extent that the Corporation would be required to perform it if no such succession had taken place. Unless expressly provided otherwise, “Corporation” as used herein shall mean the Corporation as defined in this Agreement and any
successor to its business, equity and/or assets as aforesaid. 
  
 (ii) This Agreement shall inure to the benefit of and be enforceable by you and your personal or legal representatives, executors, administrators, successors, heirs, 

 distributees, devisees and legatees. If you should die while any amount would still be payable to you hereunder had you
continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to your devisee, legatee or other designee or, if there is no such designee, to your estate. 
  
 7. Notice. For purposes of this Agreement, notices and all other
communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States certified or registered mail, return receipt requested, postage prepaid, addressed to the
respective addresses set forth on the first page of this Agreement, provided that all notices to the Corporation shall be directed to the attention of its Secretary, or to such other address as either party may have furnished to the other in writing
in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
  
 8. Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by you and such officer as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of or compliance with, any condition or provision of this Agreement to
be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the
subject matter hereof have been made by either party which are not expressly set forth in this Agreement. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of California without
regard to its conflicts of law principles. All references to sections of the Exchange Act or the Code shall be deemed also to refer to any successor provisions to such sections. Except as provided in Section 4(ii)(f) hereunder, any payments provided
for hereunder shall be paid net of any applicable withholding required under federal, state or local law. The obligations of the Corporation under Section 4 shall survive the expiration of the term of this Agreement. The section headings contained
in this Agreement are for convenience only, and shall not affect the interpretation of this Agreement. 
  
 9. Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect. 
  
 10. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 
  
 11. Arbitration. Any controversy or claim arising out of or relating
to this Agreement shall be settled by binding arbitration in San Diego County, California, in accordance with the commercial arbitration rules of the American Arbitration Association. The demand for arbitration must be made within one year after the
controversy or claim arises; failure to do so shall constitute an absolute bar to the institution of any such proceeding and shall forever constitute a waiver respecting any such controversy or claim. Any award pursuant to such arbitration shall be
included in a written decision which shall state the legal and factual reasons upon which the award was based, including all the elements involved in the calculation of any 

 award of damages. Any such award shall be deemed final and binding and may be entered in any state or federal court of
competent jurisdiction. The arbitrator(s) shall interpret the Agreement in accordance with the laws of California. The arbitrator(s) shall be authorized to award reasonable attorneys’ fees and other arbitration–related costs to the
prevailing party. 
  
 12. Entire Agreement. This Agreement
sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written,
by any officer, employee or representative of any party hereto, and any prior agreement of the parties hereto in respect of the subject matter contained herein. Any of your rights hereunder shall be in addition to any rights you may otherwise have
under benefit plans or agreements of the Corporation (other than severance plans or agreements) to which you are a party or in which you are a participant, including, but not limited to, any Corporation sponsored employee benefit plans and stock
options plans. The provisions of this Agreement shall not in any way abrogate your rights under such other plans and agreements. 
  
 13. At-Will Employment. Nothing contained in this Agreement shall (i) confer upon you any right to continue in the employ of the Corporation, (ii)
constitute any contract or agreement of employment, or (iii) interfere in any way with the at-will nature of your employment with the Corporation, including without limitation, the right of the Corporation to terminate you at the will of the
Corporation, with or without cause, and you and the Corporation expressly agree that nothing contained in this agreement shall imply or constitute an express or implied contract to the contrary. Not withstanding anything set forth in this agreement,
you shall not be entitled to any benefits hereunder whatsoever, unless there has been a Change in Control. 
  
 [SIGNATURE PAGE FOLLOWS] 

 If this letter sets forth our agreement on the subject matter hereof, kindly sign and return to the
Corporation the enclosed copy of this letter, which shall then constitute our agreement on this subject. 
  

			
	Sincerely,
	
	NOVATEL WIRELESS, INC.
	
	  

	By:	 	  

	Its:	 	  

  

					
	Agreed and Accepted,
	this              day of August, 2004.

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