Document:

Separation Agreement - Matthew DiMaria

 Exhibit 10.01 
 May 23, 2007 
 Matt DiMaria 
 
                                        

 
                                        

 Dear Matt: 
 This letter (“Agreement and Release”),
upon your signature, confirms the entire agreement between Serena Software, Inc. (“Serena”) and you regarding the terms of your separation from employment with Serena. 
 1) Your last day of employment will be June 1, 2007 (“Separation Date”). Regardless of whether you sign this Agreement and Release, Serena will do the following: 
  

	 	a.	Pay you all earned salary and accrued vacation through June 1, 2007 on or before the Separation Date. 

  

	 	b.	Continue your medical, dental, vision and employee assistance program (EAP) benefits through June 30, 2007. You will have the option to continue your medical, dental, vision
and/or EAP benefits under COBRA. COBRA continuation forms will be sent to you shortly by our third-party administrator. 

  

	 	c.	Terminate your insurance coverage for life, accidental death & dismemberment, and disability coverage and your participation in all of Serena’s other benefit plans and
programs effective upon your last day of employment. You will have the option of converting your life insurance to a private plan. Serena’s Human Resources Department will provide life insurance conversion forms and instructions to you.

  

	 	d.	All stock options granted to you under the Serena 2006 Stock Incentive Plan will cease to vest as of your Separation Date. The portion of your stock options that have not vested as
of your Separation Date will terminate and cease to be exercisable as of the Separation Date in accordance with the terms of the Serena 2006 Stock Incentive Plan and respective stock option agreements. 

  

	 	e.	Pursuant to the Management Stockholders Agreement dated March 7, 2006, Serena will exercise its right to purchase all or a portion of your Call Shares and Call Options on the
applicable Call Date for the Call Share Price or Call Option Price, as applicable. The Call Share Price or Call Option Price will be paid following six months and one day following the Separation Date. Defined terms used in this subparagraph
(e) will have the same meanings as set forth in the Management Stockholders Agreement dated March 7, 2006. 

  

 2) Although Serena is not otherwise required to do so, in consideration of the acceptance of this Agreement and Release,
and subject to your continued observation and performance of your on-going obligations to Serena and its affiliates under the terms of this Agreement and Release, (including but not limited to those obligations set forth in Sections 7 through 11
below), Serena agrees to provide you with: 
  

	 	 a)
	 Twelve (12) semi-monthly payments of $9,583.33, with each such payment to be made on or about the 15th and last day of the month pursuant to Serena’s normal payroll practices, less any customary payroll taxes, deductions (including deductions for currently
elected medical, dental, vision and/or EAP benefits) and tax withholdings, commencing on the first regularly scheduled payroll date following the later of the Separation Date or the effective date of this Agreement and Release. These payments are
intended to equal the aggregate amount of your base salary for the six month period commencing June 2, 2007 and ending November 30, 2007. 

  

	 	b)	Serena will waive the costs for COBRA continuation through May 31, 2008 for your currently elected medical, dental, vision and/or EAP benefits, subject to receipt by Serena of
properly completed and signed COBRA election forms and the continuation of applicable payroll deductions through the six month salary continuation period above. Per federal law and the terms of the applicable group health plan(s), if you have
elected continuation coverage under COBRA and then become covered under another group health plan, you are no longer eligible for COBRA continuation coverage. You agree to immediately notify Serena of the date you become covered
under another group health plan, and your COBRA continuation coverage under Serena’s group health benefit plan(s) will be terminated on such date. 

 3) On behalf of yourself, your agents and assigns, in consideration for Serena’s obligations under this Agreement and Release, you hereby waive and release any and all claims, whether known or unknown, that you
have against Serena and its predecessors, subsidiaries, affiliates and related entities and their respective officers, directors, shareholders, agents, attorneys, employees, successors, or assigns, arising from or out of your employment with and/or
the termination of your employment with Serena. These claims include, but are not limited to, claims arising under: Title VII of the Civil Rights Act of 1964, as amended; The Employee Retirement Income Security Act of 1974, as amended; The Americans
with Disabilities Act of 1990, as amended; The Age Discrimination in Employment Act of 1967, as amended; The Workers Adjustment and Retraining Notification Act, as amended; The California Fair Employment and Housing Act, as amended; The California
Family Rights Act, as amended; any other federal, state or local discrimination, harassment, civil or human rights law or any other local, state or federal law, regulation or ordinance; any public policy, contract, tort, or common law; and any claim
for costs, fees, or other expenses including attorneys’ fees incurred in these matters. Nothing herein is intended to release any claim that is unwaivable by law or governmental regulation. 
  

 Page 2 of 5 

 4) You also acknowledge that there may exist claims or facts in addition to or different from those which are now known
or believed by you to exist and agree that it is your intention to fully settle and release such claims, whether known or unknown, that may exist as of the time you sign this Agreement and Release. You therefore waive your rights under
Section 1542 of the Civil Code of California, which states: 
 A general release does not extend to claims which the creditor does not
know or suspect to exist in his or her favor at the time of executing the release, which if known to him or her must have materially affected his or her settlement with the debtor. 
 You acknowledge that you have read this Agreement and Release, including the waiver of California Civil Code Section 1542, and understand you may later discover facts different from or in addition to those known
or now believed to be true with respect to the matters released or described in this Agreement and Release. You agree that the release and agreements contained in this Agreement and Release shall be and will remain effective in all respects
notwithstanding any later discovery of any such different or additional facts. 
 5) You affirm that you have been paid and have received all leave (paid and
unpaid), compensation, salary, wages, bonuses, commissions, and/or benefits to which you may be entitled and that no other leave (paid or unpaid), compensation, salary, wages, bonuses, commissions and any benefits are due to you, except as provided
in this Agreement and Release. You further affirm that you have no known workplace injuries or occupational diseases, other than any injuries or diseases that have been previously reported. 
 6) You agree to continue to abide by the terms of the Agreement Regarding Confidential Information and Assignment of Inventions between you and Serena
(“Confidentiality Agreement), including, without limitation, your obligations regarding Confidential Information under Article I, your obligations regarding Inventions under Article II, and your non-solicitation obligations under Article III.
The foregoing provisions are incorporated herein, and all defined terms used in this paragraph shall have the same meanings as set forth in the Confidentiality Agreement. 
 7) You agree that you will return to Serena on or before the Separation Date all Serena property within your possession, custody or control, including any computer, PDA and other office equipment, confidential and
proprietary information, keys and access badges. 
 8) You agree to refrain from any defamation, libel or slander of Serena, any of its subsidiaries or
affiliates, related entities or past or present officers, directors, investors, shareholders or employees, and any tortuous interference with the contracts, relationships, and prospective economic advantage of Serena. You agree that any breach of
this covenant would irreparably injure Serena, and Serena shall have the right to obtain an injunction against you from a court of competent jurisdiction restraining you from any further breach of this covenant. 
  

 Page 3 of 5 

 9) You agree that your right to receive severance benefits under this Agreement and Release shall be conditioned upon you
not performing any function or service, whether as a director, officer, employee, consultant, agent, advisor or otherwise, for any entity that is a Competing Business. In the event that you perform any function or service for a Competing business at
any time during the six month period commencing on the Separation Date, you agree that Serena shall have the right to immediately cease any further payments and/or provision of severance benefits to you under this Agreement and Release. As used
herein, a “Competing Business” is any entity that is in the business of developing, marketing, selling or providing services for application lifecycle management, project and portfolio management, software change management, requirements
management and business process management, including, without limitation, Compuware, Borland, MKS, Computer Associates, IBM Rational Software, Perforce Software, Quest Software, Collabnet, Telelogic and Planview. You expressly acknowledge and agree
that the terms of the foregoing restrictive covenant, including the period of time and the unlimited geographic area, are reasonable in view of (i) your receipt of significant cash payments under this Agreement and Release, (ii) the
geographic scope and nature of the business in which Serena and its affiliates are engaged, (iii) your knowledge of the business Serena and its affiliates, and (iv) your relationships with the clients of Serena and its affiliates and your
role in establishing the goodwill inherent in Serena’s relationships with such clients. You understand and agree that even though severance benefits will not continue, your obligations under Section 6 shall continue and be ongoing.

 10) You acknowledge that your continuing obligations to Serena and its affiliates under this Agreement and Release are a material part of this Agreement
and Release. In the event that you breach any covenant contained in this Agreement and Release, Serena and its affiliates may immediately cease any further provision of severance benefits. 
 11) Except with regard to Sections 6, 8 and 10 above, you agree that any dispute applicable to this Agreement and Release shall be submitted to and resolved through
binding arbitration pursuant to the terms of the Binding Arbitration Agreement between you and Serena. 
 12) This Agreement and Release sets forth the
entire agreement between the parties hereto, and fully supercedes any prior agreements or understandings between the parties, except the Confidentiality Agreement, the Binding Arbitration Agreement and any benefit plans applicable to COBRA
continuation. You acknowledge that you have not relied on any representations, promises, or agreements of any kind made to you in connection with your decision to accept this Agreement and Release, except for those set forth in this Agreement and
Release. 
 13) This Agreement and Release shall be governed and conformed in accordance with the laws of the state in which you were employed at the time of
your last day of employment without regard to its conflict of laws provision. 
 14) This Agreement and Release may not be modified, altered or changed
except upon express written consent of both Serena and you wherein specific reference is made to this Agreement and Release. 
  

 Page 4 of 5 

 15) You have up to 21 days from the date of your receipt of this letter, or June 12, 2007, to accept the terms of
this Agreement and Release, although you may accept it at any time within those 21 days. You are advised to consult an attorney about whether or not to sign this Agreement and Release. 
 16) To accept this Agreement and Release, please date and sign this letter and return it to me no later than June 12, 2007. Once you do so, you will have an additional seven (7) days in which to revoke your
acceptance. To revoke, you must deliver to me a written statement of revocation no later than seven (7) days after you execute this Agreement and Release. If you do not submit your revocation to me, then the eighth day after your execution of
this Agreement and Release will be the “effective date” of this Agreement and Release. If the last day of the revocation period is a Saturday, Sunday, or legal holiday in the state in which you were employed at the time of your last day of
employment, then the revocation period shall not expire until the next following day which is not a Saturday, Sunday, or legal holiday. If you revoke this Agreement and Release, you will have no right or entitlement to any of the severance benefits
described herein and this Agreement and Release will be null and void. 
 I wish you success in your future and professional efforts. 
 Sincerely, 
  

	
	 /s/ Edward Malysz

	 Edward Malysz

	 Senior Vice President, General Counsel

	 Serena Software Inc.

 Acknowledgement and Acceptance: 
 By signing this Agreement and Release, I acknowledge that I have been advised to review this Agreement and Release with an attorney before signing it, and have had the opportunity to review this Agreement and Release
with an attorney of my choice, or have done or voluntarily chosen not to do so; that I have read the and fully understand the terms of the Agreement and Release; and that I hereby voluntarily agree to them. 
  

									
	 Dated:
	 	5/24/07	 		 	Signed:	 	 /s/ Matthew DiMaria

		 		 		 		 	Matthew DiMaria

  

 Page 5 of 5Employment Agreement - Rene Bonvanie

 Exhibit 10.02 
  

			
		 	May 31, 2007
		
		 	René Bonvanie
		 	                                      
   
		 	
                                        

		
		 	Dear René:
	

	 	
		
		 	Serena Software, Inc. (“Serena”) is pleased to extend this offer of employment to you for the position of Senior Vice President, Worldwide Marketing, Partner Programs and Saas
Strategy, reporting directly to me. The terms of your employment will include the following:
		
		 	Your base salary will be $12,500.00 gross before payroll and withholding taxes and voluntary deductions; paid twice monthly, on or about the 15th and 30th of each month.
		
		 	You will be eligible to receive an annual cash incentive bonus based on a target bonus of 50% of your base salary based on 100% achievement of applicable performance-based metrics and
objectives. These metrics and objectives will include our annual EBITA (earnings before interest, taxes and amortization) target, weighted at  2/3rds, and your management objectives, weighted at  1/
3rd. The portion of the annual cash incentive bonus applicable to EBITA
will be guaranteed at 100% for FY 2008, provided that your employment with Serena continues on an uninterrupted basis through the fiscal year. Your target bonus will be prorated based on the number of days remaining in FY08 after the start of your
employment with Serena. The bonus will be payable on a semi-annual basis. The details of your annual cash incentive plan will be documented separately.
		
		 	Subject to approval by Serena’s Board of Directors, you will be granted an option to purchase 600,000 shares of Serena’s common stock under Serena’s 2006 Stock Incentive Plan,
of which 65% (390,000 shares) will be pursuant to the terms of Serena’s Time/Performance Option Agreement (vesting based on achievement of EBITA Targets over Fiscal Years 2008 through 2012) and 35% (210,000 shares) will be pursuant to the terms
of Serena’s Time Option Agreement (25% vesting on first anniversary of date of grant and  1/48th vesting each month thereafter). The exercise price of the option will be equal to the fair market value of Serena’s common stock on the date of grant, as
determined by Serena’s Compensation Committee.

			
		 	Serena Software, Inc.

  

			
		 	You will be eligible to participate in Serena’s change-in-control executive benefits program, which provides for 12 months of salary continuation and health coverage in the event that
your employment is terminated without cause or you resign for good reason within 12 months following a change-in-control of Serena. These benefits are subject to you entering into a separate change-in-control agreement with Serena. Acceleration of
vesting of stock options following a change-in-control is governed by the terms of the 2006 Stock Incentive Plan and stock option agreements.
		
		 	You will be eligible to participate in Serena’s Employee Benefits Plans, which include vacation, health care, life insurance and a 401(k) plan.
		
		 	You will be required to execute Serena’s Code of Conduct, Confidentiality and Assignment of Inventions Agreement and Arbitration Agreement on or before your first day of
work.
		
		 	This offer letter and the commencement of your employment with Serena are subject to and conditioned upon the successful completion of a background check.
		
		 	Employment with Serena is on an at-will basis. You are free to terminate your employment for any reason at any time with or without prior notice. Similarly, Serena can terminate the
employment relationship with or without cause or notice. This offer letter is an offer of employment and is not intended and shall not be construed as a contract proposal or contract of employment.
		
		 	This written offer constitutes all conditions and agreements made and supersedes any previous verbal commitments. The terms of this offer may only be changed by written agreement, although
the company may from time to time, in its sole discretion, adjust the compensation and benefits paid to you and its other employees.
		
		 	Please contact me to indicate your response to this offer. Upon your acceptance, return the signed original to me and retain a copy for your records. This employment offer will expire on
June 4, 2007.

  

			
	serena.com	 	 Serena Software, Inc. Corporate Offices 2755 Campus Drive, Third Floor San Mateo, California 94403-2538
 800.457.3736 T     650.522.6699 F

			
		 	Serena Software, Inc.

  

							
		 	Your experience and talents will be a strong addition to our company. We are excited about you joining our team and look forward to your contribution. Please call me with any
questions you may have.
		
		 	Regards,
		
		 	Sincerely,
			
		 	 /s/ Jeremy Burton
	  	
		 	Jeremy Burton	  	
		 	President and Chief Executive Officer	  	
		
		 	I accept this offer and expect to start my employment on June 11, 2007. No person has made any promises, representations, inducements or offers to encourage me to join the
company other than the terms set forth above. I understand this offer is confidential and not for distribution.
				
		 	 Accepted:
	  	 /s/ René Bonvanie
	  	
		 		  	René Bonvanie	  	
				
		 	 Date:
	  	June 4, 2007	  	

  

			
	serena.com	 	 Serena Software, Inc. Corporate Offices 2755 Campus Drive, Third Floor San Mateo, California 94403-2538
 800.457.3736 T     650.522.6699 F

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