Document:

EMPLOYMENT AGREEMENT
	 

	 
		

	 

	 
		THIS EMPLOYMENT AGREEMENT, entered into this 15th day of
		February, 2007, by and between AXS-One Inc., a Delaware corporation
		(the “Company”), and Elias Typaldos (hereinafter called the
		“Employee”).
	 

	 
		

	 

	 
		WITNESSETH:
	 

	 
		

	 

	 
		WHEREAS, the Company desires that the Employee serve as the
		Executive Vice President, Technology of the Company and the Employee
		is willing to serve the Company in such capacity.
	 

	 
		

	 

	 
		NOW, THEREFORE, in consideration of the mutual covenants
		contained herein, and other good and valuable consideration, the
		parties hereto agree as follows:
	 

	 
		

	 

	 
		Section 1. 
	 

	 
		Employment
	 

	 
		

	 

	 
		As of the date hereof, the Company will employ the Employee and
		the Employee will perform services for the Company and its
		subsidiaries on the terms and conditions set forth in this Agreement
		and for the period specified in Section 3 hereof (“Term of
		Employment”).
	 

	 
		

	 

	 
		Section 2.
	 

	 
		Duties
	 

	 
		

	 

	 
		The Employee, during the Term of Employment, will serve the
		Company as its Executive Vice President, Technology.  The
		Employee will have such duties and responsibilities as are assigned
		to him by the Chief Executive Officer of the Company commensurate
		with his position as Executive Vice President, Technology of the
		Company.  The Employee will perform his duties hereunder
		faithfully and to the best of his abilities and in furtherance of the
		business of the Company and its subsidiaries, and will devote his
		full business time, energy, attention and skill to the business of
		the Company and its subsidiaries and to the promotion of its
		interests, except as otherwise agreed by the Company.  The
		Employee warrants and represents that he is free to enter into this
		Agreement and is not restricted by any prior or existing agreement
		and the Company may rely on such representation in entering into this
		Agreement.
	 

	 
		

	 

	 
		Section 3.
	 

	 
		Term of Employment
	 

	 
		

	 

	 
		The Employee’s employment hereunder shall be “at
		will” and is terminable at any time by either party, subject to
		the provisions of Sections 9 and 10 hereof.
	 

	 
		

	 

	 
		Section 4.
	 

	 
		Salary
	 

	 
		

	 

	 
		The Employee will receive, as compensation for his duties and
		obligations to the Company pursuant to this Agreement, a base salary
		at the annual rate of Three Hundred Thousand Dollars ($300,000),
		payable in substantially equal installments in accordance with the
	 

	 
		
 

	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		Company’s payroll practice.  It is agreed between the
		parties that the Company will review the base annual salary annually
		and in light of such review may (but will not be obligated to), in
		the discretion of the Compensation Committee of the Board of
		Directors of the Company, increase such annual base salary taking
		into account any change in the Employee’s responsibilities,
		increases in the cost of living, performance by the Employee, and
		other pertinent factors.
	 

	 
		

	 

	 
		Section 5.
	 

	 
		Bonus
	 

	 
		

	 

	 
		During the Term of Employment, the Employee will be eligible
		for an annual bonus in the form of cash or Company common stock as
		determined at the sole discretion of the Compensation Committee of
		the Board of Directors.
	 

	 
		

	 

	 
		Section 6.
	 

	 
		Employee Benefits
	 

	 
		

	 

	 
		(a)
	 

	 
		During the Term of Employment, the Company shall pay the
		Employee a non-accountable automobile allowance of One Thousand
		Dollars ($1,000) per month, subject to increase in the discretion of
		the Compensation Committee of the Board of Directors of the Company.
	 

	 
		

	 

	 
		(b)
	 

	 
		Subject to any applicable probationary or similar periods,
		during the Term of Employment, the Employee will be entitled to
		participate in all employee benefit programs of the Company, as such
		programs may be in effect from time to time.  Subject to any
		applicable probationary or similar periods, during the Term of
		Employment, the Employee will also be entitled to participate in all
		retirement programs of the Company for which current employees are
		eligible, as such programs may be in effect from time to time
		(including the Company’s 401(k) plan).
	 

	 
		

	 

	 
		Section 7.
	 

	 
		Business Expenses
	 

	 
		

	 

	 
		All reasonable travel and other out-of-pocket expenses
		incidental to the rendering of services by the Employee hereunder
		will be paid by the Company and if expenses are paid in the first
		instance by the Employee, the Company will reimburse him therefor
		upon presentation of proper invoices; subject in each case to
		compliance with the Company’s reimbursement policies and
		procedures.
	 

	 
		

	 

	 
		Section 8.
	 

	 
		Vacations and Sick Leave
	 

	 
		

	 

	 
		The Employee will be entitled to holidays, reasonable vacation
		and reasonable sick leave each year, in accordance with policies of
		the Company, as determined by the Board of Directors, provided,
		however, that the Employee will be entitled to a minimum of four (4)
		weeks vacation per year.
	 

	 
		

	 

	 
		Section 9.
	 

	 
		Termination
	 

	 
		

	 

	 
		(a)
	 

	 
		Termination by the Company for Serious Cause.  In
		the event of Serious Cause (as defined below), the Company may, not
		later than one hundred and twenty (120) days
	 

	 
		
 

	 

	 
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		following the later of such event or the Company becoming aware
		of such event, terminate the Employee’s employment and the Term
		of Employment upon written notice of such termination stating the
		Serious Cause upon which the Company relies for its termination.
		 The Employee’s employment and the Term of Employment will
		be terminated effective as of the date specified in such notice,
		which will in no event be earlier than the effective date of such
		notice as provided in Section 18.
	 

	 
		

	 

	 
		“Serious Cause” means any of the following reasons
		that remains uncured (if curable) for 10 days after the
		Employee’s receipt of written notice thereof: (i) gross
		misconduct or gross neglect of duties related to the Company; (ii)
		the Employee’s fraud, embezzlement, or misappropriation of any
		property or proprietary information of the Company by Employee; (iii)
		the Employee’s conviction of, or plea of nolo contendere to, a
		felony or other crime involving moral turpitude (other than as a
		result of a traffic violation); or (iv) a material breach by the
		Employee of any provision of this Agreement or any other material
		breach of any agreement entered into with the Company.
	 

	 
		

	 

	 
		(b)
	 

	 
		Termination by Employee for Good Reason.  The
		Employee may terminate his employment and the Term of Employment in
		the event of Good Reason (as defined below) upon thirty (30)
		days’ prior written notice of such termination stating the Good
		Reason upon which the Employee relies for his termination.  The
		Employee’s employment and the Term of Employment will be
		terminated effective as of the date specified in such notice, which
		in no event will be earlier than the effective date of such notice as
		provided in Section 18.
	 

	 
		

	 

	 
		“Good Reason” means (i) a reduction in the
		Employee’s salary or benefits other than an across-the-board
		reduction affecting all members of senior management, (ii) a material
		reduction of the Employee’s duties and significant
		responsibilities hereunder (not including reasonable changes in
		title, responsibilities or in corporate structure), (iii) a material
		breach of this Agreement by the Company (which shall include any
		failure to make payments due hereunder), or (iv) the Company requires
		the Employee to change the location of the Employee’s principal
		office, so that Employee will be based at a location more than forty
		miles from the location of Employee’s principal office (i.e.,
		the Company’s current executive offices located at 301 Route 17
		North, Rutherford, New Jersey 07070).
	 

	 
		

	 

	 
		(c)
	 

	 
		Effect of Termination for Serious Cause or Without Good
		Reason.  In the event of termination of the Employee’s
		employment and the Term of Employment by the Company for Serious
		Cause or by the Employee without Good Reason, the Employee will
		forfeit all bonus amounts for the then current full fiscal year, and
		the Company will be liable to the Employee only for (i) any accrued
		but unpaid base salary, automobile allowance and vacation, (ii) any
		fully earned but unpaid bonus (subject, if applicable, to the terms
		of any deferred compensation arrangements), and (iii) reimbursement
		of business expenses incurred prior to the date of termination.
	 

	 
		

	 

	 
		
 

	 

	 
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		(d)
	 

	 
		Death, Retirement, Disability.  In the event of the
		death, Retirement or Disability of the Employee, the Employee’s
		employment and Term of Employment will be terminated as of the date
		of such death, Retirement or Disability and the Company will pay the
		Employee, or the Employee’s estate or legal representative, as
		appropriate, (i) any accrued but unpaid base salary, automobile
		allowance and vacation, (ii) any fully earned but unpaid bonus
		(subject, if applicable, to the terms of any deferred compensation
		arrangements), and (iii) reimbursement of business expenses incurred
		prior to the date of termination.
	 

	 
		

	 

	 
		“Disability” means the Employee’s inability, for
		reasons of health, to carry out the functions of his position for a
		total of one hundred eighty (180) days during any twelve (12) month
		period.  “Retirement” will mean retirement from
		employment upon or after attaining age sixty-five (65) or such
		earlier age agreed to by the Company.
	 

	 
		

	 

	 
		(e)
	 

	 
		Effect of Termination Without Serious Cause or With Good
		Reason.  If (i) the Company terminates the Term of
		Employment and the Employee’s employment herein without Serious
		Cause (including by cancellation or non-renewal of this Agreement),
		or (ii) the Employee terminates the Term of Employment and his
		employment hereunder for Good Reason, the Company will continue to
		pay the Employee his then-current base salary in accordance with the
		Company’s normal pay practices for a period of twenty-four (24)
		months from the date of such termination and will pay such amounts
		under COBRA as are required to maintain existing health insurance
		coverage for the shorter of eighteen (18) months or until such time
		as the Employee becomes eligible for similar health insurance
		coverage with a new employer.  In addition, the Employee will be
		entitled to prompt payment of (A) any accrued but unpaid salary,
		automobile allowance and vacation, (B) any earned but unpaid bonus
		(subject, if applicable, to the terms of any deferred compensation
		arrangements), and (C) reimbursement of business expenses incurred
		prior to the date of termination.
	 

	 
		

	 

	 
		(f)
	 

	 
		No Other Obligations; No Mitigation.  In the event
		of the termination of the Employee’s employment and the Term of
		Employment, (i) the Company will have no obligations to the Employee
		other than those set forth in Sections 9 and 10 herein and (ii) the
		Employee shall be under no obligation to seek other employment and
		there shall be no offset against any amounts due the Employee under
		this Agreement on account of any remuneration attributable to any
		subsequent employment that the Employee may obtain.  Any amounts
		due under Sections 9 or 10 are in the nature of severance payments
		and are not in the nature of a penalty.  Such amounts are
		inclusive, and in lieu of, any amounts payable under any other salary
		continuation or severance arrangement of the Company and to the
		extent paid or provided under any other such arrangement, shall be
		offset from the amount due hereunder.
	 

	 
		

	 

	 
		(g)
	 

	 
		Release.  The Employee (or his estate) shall not be
		entitled to receive any severance amounts set forth in Sections 9 or
		10 herein unless the Employee executes a customary form of mutual
		general release presented by the Company and negotiated in good faith
		of all claims whether known or unknown that the Employee may then
		have against the Company and its affiliates.
	 

	 
		

	 

	 
		
 

	 

	 
		4
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		(h)
	 

	 
		Compliance.  The parties acknowledge that the
		timing of payments provided in Sections 9 and 10 herein may be
		amended to comply with the terms of Section 409A of the Internal
		Revenue Code, as amended.
	 

	 
		

	 

	 
		Section 10.
	 

	 
		Change of Control
	 

	 
		

	 

	 
		(a)
	 

	 
		Effect of Termination.  If (i) the employment of
		the Employee is terminated by the Company (or successor thereto)
		without Serious Cause or (ii) the Employee terminates employment with
		the Company (or successor thereto) for Good Reason, within the period
		commencing on the date that a Change of Control is formally proposed
		to the Company’s Board of Directors and ending on the second
		anniversary of the date on which such Change of Control occurs, then
		the Employee will receive the salary amount to which he would have
		been entitled under Section 9(e) hereof and the Company will pay such
		amounts under COBRA as are required to maintain existing health
		insurance coverage for the shorter of eighteen (18) months or until
		such time as the Employee becomes eligible for similar health
		insurance coverage with a new employer.  In addition, the
		Employee will be entitled to prompt payment of (A) any accrued but
		unpaid salary, automobile allowance and vacation, (B) any earned but
		unpaid bonus (subject, if applicable, to the terms of any deferred
		compensation arrangements) and (C) reimbursement of business expenses
		incurred prior to the date of termination.  Payment of amounts
		described in this Section 10(a) (other than amounts with respect to
		COBRA) shall be made in a lump sum within three (3) business days of
		the date of termination.
	 

	 
		

	 

	 
		If any portion of the payments which the Employee has the right
		to receive from the Company, or any affiliated entity or successor,
		hereunder would constitute “excess parachute payments” (as
		defined in Section 280G of the Internal Revenue Code) subject to the
		excise tax imposed by Section 4999 of the Internal Revenue Code, such
		excess parachute payments shall be reduced to the largest amount that
		will result in no portion of such excess parachute payments being
		subject to the excise tax imposed by Section 4999 of the Internal
		Revenue Code.
	 

	 
		

	 

	 
		The Employee will not be entitled to any benefits or other
		entitlements under this section unless a Change of Control actually
		occurs.  Any amounts payable pursuant to this Section 10 shall
		not duplicate amounts payable under Section 9 and vice versa.
	 

	 
		

	 

	 
		(b)
	 

	 
		Change of Control.  A “Change of Control”
		of the Company will be deemed to have occurred: (i) upon any person
		or group (within the meaning of applicable securities laws) acquiring
		or having beneficial ownership of more than 50% of the voting power
		(including voting power exercisable on a contingent or deferred basis
		as well as immediately exercisable voting power) of the Company
		(excluding only any person or group having greater than 30%
		beneficial ownership as of the date of this Agreement), whether as a
		result of a tender offer or otherwise; or (ii) upon the consummation
		of a merger or consolidation in which the Company is a constituent
		corporation and in which the Company’s stockholders immediately
		prior thereto will beneficially own, immediately thereafter,
		securities of the Company or any surviving or new corporation
		resulting therefrom having less than a majority of the voting power
		of the Company or any such surviving or new corporation; or (iii)
		upon the consummation of a sale, lease, exchange or other transfer or
		disposition by the Company of all or substantially all of its assets
		to any person or group or related persons.
	 

	 
		
 

	 

	 
		5
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		

	 

	 
		Section 11.
	 

	 
		Agreement Not to Compete or Solicit
	 

	 
		

	 

	 
		(a)
	 

	 
		Covenant Not to Compete.  The Employee hereby
		covenants and agrees that at no time during the Term of Employment
		nor for a period of twenty-four (24) months immediately following the
		termination of the Employee’s employment will he for himself or
		on behalf of any other person, partnership, company or corporation,
		directly or indirectly, acquire any financial or beneficial interest
		in (except as provided in the next sentence), provide consulting or
		other services to, be employed by, or own, manage, operate or control
		any entity engaged in the archival data management software business
		similar to the business engaged in by the Company or its subsidiaries
		at the time of such termination of employment.  Notwithstanding
		the preceding sentence, the Employee will not be prohibited from
		owning less than one percent (1%) of any publicly traded corporation,
		whether or not such corporation is in competition with the Company.
	 

	 
		

	 

	 
		(b)
	 

	 
		Non-Solicitation.  The Employee hereby covenants
		and agrees that, at all times during the Term of Employment and for a
		period of twenty-four (24) months immediately following the
		termination thereof, the Employee will not directly or indirectly
		(through an entity controlling, controlled by, or under common
		control with the Employee) employ or seek to employ any person or
		entity employed at that time by the Company or any of its
		subsidiaries, or otherwise encourage or entice such person or entity
		to leave such employment.
	 

	 
		

	 

	 
		(c)
	 

	 
		Company Breach.  Should the Company materially
		breach its payment obligations to the Employee under this Agreement,
		the Employee’s obligations under this Section 11 shall thereupon
		terminate.  The foregoing remedy available to the Employee will
		not be deemed to limit or prevent the exercise by the Employee of any
		or all further rights and remedies which may be available to the
		Employee hereunder or at law or in equity.
	 

	 
		

	 

	 
		Section 12.
	 

	 
		Confidential Information
	 

	 
		

	 

	 
		The Employee agrees to keep secret and retain in the strictest
		confidence all confidential matters which relate to the Company or
		any affiliate of the Company, including, without limitation, customer
		lists, client lists, trade secrets, pricing policies and other
		business affairs of the Company and any affiliate of the Company
		learned by him from the Company or any such affiliate or otherwise
		before or after the date of this Agreement, and not to disclose any
		such confidential matter to anyone outside the Company, or any of its
		affiliates, whether during or after his period of service with the
		Company, except as may be required in the course of a legal or
		governmental proceeding.  Upon request by the Company, the
		Employee agrees to deliver promptly to the Company upon termination
		of his services for the Company, or at any time thereafter as the
		Company may request, all Company or affiliate memoranda, notes,
		records, reports, manuals, drawings, designs, computer files in any
		media and other documents (and all copies thereof) relating to the
		Company’s or any affiliate’s business and all property of
		the Company or any affiliate associated therewith, which he may then
		possess or have under his control.
	 

	 
		

	 

	 
		Section 13.
	 

	 
		Remedy
	 

	 
		
 

	 

	 
		6
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		

	 

	 
		(a)
	 

	 
		Should the Employee engage in or perform, either directly or
		indirectly, any of the acts prohibited by Sections 11 or 12 hereof,
		it is agreed that any and all severance payments and related benefits
		hereunder shall immediately terminate and the Company will also be
		entitled to full injunctive relief, to be issued by any competent
		court of equity, enjoining and restraining the Employee and each and
		every other person, firm, organization, association, or corporation
		concerned therein, from the continuance of such violative acts. The
		foregoing remedies available to the Company will not be deemed to
		limit or prevent the exercise by the Company of any or all further
		rights and remedies which may be available to the Company hereunder
		or at law or in equity.
	 

	 
		

	 

	 
		(b)
	 

	 
		The Employee acknowledges and agrees that the covenants
		contained in this Agreement are fair and reasonable in light of the
		consideration paid hereunder, and the invalidity or unenforceability
		of any particular provision, or part of any provision, of this
		Agreement will not affect the other provisions or parts hereof.
		 If any provision hereof is determined to be invalid or
		unenforceable and if any such provision will be so determined to be
		invalid or unenforceable by reason of the duration or geographical
		scope of the covenants contained therein, such duration or
		geographical scope, or both, will be reduced to a duration or
		geographical scope solely to the extent necessary to cure such
		invalidity.
	 

	 
		

	 

	 
		Section 14.
	 

	 
		Successors and Assigns
	 

	 
		

	 

	 
		This Agreement will be binding upon and inure to the benefit of
		the Employee, his heirs, executors, administrators and beneficiaries,
		and the Company and its successors and assigns.
	 

	 
		

	 

	 
		Section 15.
	 

	 
		Governing Law
	 

	 
		

	 

	 
		This Agreement will be governed by and construed and enforced
		in accordance with the laws of the State of New Jersey, without
		reference to rules relating to conflicts of law.
	 

	 
		

	 

	 
		Section 16.
	 

	 
		Entire Agreement
	 

	 
		

	 

	 
		This Agreement constitutes the full and complete understanding
		and agreement of the parties and supersedes all prior understandings
		and agreements as to employment of the Employee, including but not
		limited to the former Employment Agreement dated November 1991, as
		amended, and the temporary salary adjustment letter dated December
		14, 2006.  This Agreement cannot be amended, changed, modified
		or terminated without the written consent of the parties hereto.
	 

	 
		

	 

	 
		Section 17.
	 

	 
		Waiver of Breach
	 

	 
		

	 

	 
		The waiver of either party of a breach of any term of this
		Agreement will not operate nor be construed as a waiver of any
		subsequent breach thereof.
	 

	 
		

	 

	 
		Section 18.
	 

	 
		Notices
	 

	 
		

	 

	 
		
 

	 

	 
		7
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		Any notice, report, request or other communication given under
		this Agreement will be written and will be effective upon delivery
		when delivered personally, by overnight courier or by fax.
		 Unless otherwise notified by any of the parties, notices will
		be sent to the parties as follows: (i) if to the Employee, at the
		address set forth in the Company’s records, and (ii) if to the
		Company, to AXS-One Inc., 301 Route 17 North, Rutherford, NJ 07070,
		Attention: Chief Executive Officer.
	 

	 
		

	 

	 
		Section 19.
	 

	 
		Severability
	 

	 
		

	 

	 
		If any one or more of the provisions contained in this
		Agreement will be invalid, illegal or unenforceable in any respect
		under any applicable law, the validity, legality and enforceability
		of the remaining provisions contained herein will not in any way be
		affected or impaired thereby.
	 

	 
		

	 

	 
		Section 20.
	 

	 
		Counterparts
	 

	 
		

	 

	 
		This Agreement may be executed in one or more counterparts,
		each of which will be deemed to be an original but all of which
		together will constitute one and the same instrument.  Delivery
		of signatures by facsimile or electronic image shall be valid for all
		purposes hereunder.
	 

	 
		

	 

	 
		Section 21.
	 

	 
		Temporary Salary Adjustment
	 

	 
		

	 

	 
		This Agreement is subject to the temporary salary adjustment
		rider attached hereto as Exhibit A, and notwithstanding any
		other provision contained in this Agreement, the implementation of
		the provisions of such salary adjustment rider shall not be deemed
		Good Reason or a breach of this Agreement in any respect.
	 

	 
		

	 

	 
		[signature page follows]
	 

	 
		
 

	 

	 
		8
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		

	 

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

	 
		

	 

	 
		

	 

	 
		The Company:
	 

	 
		

	 

	 
		AXS-ONE INC.
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		By: /s/ William P. Lyons___________________
	 

	 
		Name: William P. Lyons
	 

	 
		Title: Chief Executive Officer
	 

	 
		

	 

	 
		Employee:
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		/s/ Elias Typaldos_________________________
	 

	 
		Elias Typaldos
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		
 

	 

	 
		9
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		

	 

	 
		Exhibit A
	 

	 
		

	 

	 
		Temporary Salary Adjustment Rider
	 

	 
		

	 

	 
		Employee agrees to a reduction in his annual base salary for
		the calendar year 2007 from $300,000 to $250,000. Salary payments
		will continue to be made on the 15th and last day of each month in
		accordance with the Company’s ordinary payroll practices.
		Effective January 1, 2008, assuming the Employee remains in the
		Company’s employ, the Employee’s annual salary will revert
		to the annual rate of $300,000, unless mutually agreed otherwise.
	 

	 
		

	 

	 
		Additionally, in the event there is a Change of Control during
		calendar year 2007, the Employee’s annual base salary will
		thereupon revert to the current rate of $300,000.  Should the
		Employee’s employment relationship with the Company terminate
		during calendar year 2007 under circumstances whereby the Employee
		would be entitled to payments set forth in Sections 9 or 10 of the
		Agreement, such payments will be calculated at the Employee’s
		annual salary rate of $300,000.
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		
 

	 

	 
		10EMPLOYMENT AGREEMENT
	 

	 
		

	 

	 
		THIS EMPLOYMENT AGREEMENT, entered into this 15th day of
		February, 2007, by and between AXS-One Inc., a Delaware corporation
		(the “Company”), and Joseph P. Dwyer (hereinafter called
		the “Employee”).
	 

	 
		

	 

	 
		WITNESSETH:
	 

	 
		

	 

	 
		WHEREAS, the Company desires that the Employee serve as the
		Executive Vice President, Treasurer, Secretary and Chief Financial
		Officer of the Company and the Employee is willing to serve the
		Company in such capacities.
	 

	 
		

	 

	 
		NOW, THEREFORE, in consideration of the mutual covenants
		contained herein, and other good and valuable consideration, the
		parties hereto agree as follows:
	 

	 
		

	 

	 
		Section 1. 
	 

	 
		Employment
	 

	 
		

	 

	 
		As of the date hereof, the Company will employ the Employee and
		the Employee will perform services for the Company and its
		subsidiaries on the terms and conditions set forth in this Agreement
		and for the period specified in Section 3 hereof (“Term of
		Employment”).
	 

	 
		

	 

	 
		Section 2.
	 

	 
		Duties
	 

	 
		

	 

	 
		The Employee, during the Term of Employment, will serve the
		Company as its Executive Vice President, Treasurer, Secretary and
		Chief Financial Officer.  The Employee will have such duties and
		responsibilities as are assigned to him by the Chief Executive
		Officer of the Company commensurate with his positions as Executive
		Vice President, Treasurer, Secretary and Chief Financial Officer of
		the Company.  The Employee will perform his duties hereunder
		faithfully and to the best of his abilities and in furtherance of the
		business of the Company and its subsidiaries, and will devote his
		full business time, energy, attention and skill to the business of
		the Company and its subsidiaries and to the promotion of its
		interests, except as otherwise agreed by the Company.  The
		Employee warrants and represents that he is free to enter into this
		Agreement and is not restricted by any prior or existing agreement
		and the Company may rely on such representation in entering into this
		Agreement.
	 

	 
		

	 

	 
		Section 3.
	 

	 
		Term of Employment
	 

	 
		

	 

	 
		The Employee’s employment hereunder shall be “at
		will” and is terminable at any time by either party, subject to
		the provisions of Sections 9 and 10 hereof.
	 

	 
		

	 

	 
		Section 4.
	 

	 
		Salary
	 

	 
		

	 

	 
		The Employee will receive, as compensation for his duties and
		obligations to the Company pursuant to this Agreement, a base salary
		at the annual rate of Two Hundred Fifty
	 

	 
		
 

	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		Thousand Dollars ($250,000), payable in substantially equal
		installments in accordance with the Company’s payroll practice.
		 It is agreed between the parties that the Company will review
		the base annual salary annually and in light of such review may (but
		will not be obligated to), in the discretion of the Compensation
		Committee of the Board of Directors of the Company, increase such
		annual base salary taking into account any change in the
		Employee’s responsibilities, increases in the cost of living,
		performance by the Employee, and other pertinent factors.
	 

	 
		

	 

	 
		Section 5.
	 

	 
		Bonus
	 

	 
		

	 

	 
		During the Term of Employment, the Employee will be eligible
		for an annual bonus in the form of cash or Company common stock as
		determined at the sole discretion of the Compensation Committee of
		the Board of Directors.
	 

	 
		

	 

	 
		Section 6.
	 

	 
		Employee Benefits
	 

	 
		

	 

	 
		(a)
	 

	 
		During the Term of Employment, the Company shall pay the
		Employee a non-accountable automobile allowance of Seven Hundred
		Fifty Dollars ($750) per month, subject to increase in the discretion
		of the Compensation Committee of the Board of Directors of the
		Company.
	 

	 
		

	 

	 
		(b)
	 

	 
		Subject to any applicable probationary or similar periods,
		during the Term of Employment, the Employee will be entitled to
		participate in all employee benefit programs of the Company, as such
		programs may be in effect from time to time.  Subject to any
		applicable probationary or similar periods, during the Term of
		Employment, the Employee will also be entitled to participate in all
		retirement programs of the Company for which current employees are
		eligible, as such programs may be in effect from time to time
		(including the Company’s 401(k) plan).
	 

	 
		

	 

	 
		Section 7.
	 

	 
		Business Expenses
	 

	 
		

	 

	 
		All reasonable travel and other out-of-pocket expenses
		incidental to the rendering of services by the Employee hereunder
		will be paid by the Company and if expenses are paid in the first
		instance by the Employee, the Company will reimburse him therefor
		upon presentation of proper invoices; subject in each case to
		compliance with the Company’s reimbursement policies and
		procedures.
	 

	 
		

	 

	 
		Section 8.
	 

	 
		Vacations and Sick Leave
	 

	 
		

	 

	 
		The Employee will be entitled to holidays, reasonable vacation
		and reasonable sick leave each year, in accordance with policies of
		the Company, as determined by the Board of Directors, provided,
		however, that the Employee will be entitled to a minimum of four (4)
		weeks vacation per year.
	 

	 
		

	 

	 
		Section 9.
	 

	 
		Termination
	 

	 
		

	 

	 
		
 

	 

	 
		2
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		(a)
	 

	 
		Termination by the Company for Serious Cause.  In
		the event of Serious Cause (as defined below), the Company may, not
		later than one hundred and twenty (120) days following the later of
		such event or the Company becoming aware of such event, terminate the
		Employee’s employment and the Term of Employment upon written
		notice of such termination stating the Serious Cause upon which the
		Company relies for its termination.  The Employee’s
		employment and the Term of Employment will be terminated effective as
		of the date specified in such notice, which will in no event be
		earlier than the effective date of such notice as provided in Section
		18.
	 

	 
		

	 

	 
		“Serious Cause” means any of the following reasons
		that remains uncured (if curable) for 10 days after the
		Employee’s receipt of written notice thereof: (i) gross
		misconduct or gross neglect of duties related to the Company; (ii)
		the Employee’s fraud, embezzlement, or misappropriation of any
		property or proprietary information of the Company by Employee; (iii)
		the Employee’s conviction of, or plea of nolo contendere to, a
		felony or other crime involving moral turpitude (other than as a
		result of a traffic violation); or (iv) a material breach by the
		Employee of any provision of this Agreement or any other material
		breach of any agreement entered into with the Company.
	 

	 
		

	 

	 
		(b)
	 

	 
		Termination by Employee for Good Reason.  The
		Employee may terminate his employment and the Term of Employment in
		the event of Good Reason (as defined below) upon thirty (30)
		days’ prior written notice of such termination stating the Good
		Reason upon which the Employee relies for his termination.  The
		Employee’s employment and the Term of Employment will be
		terminated effective as of the date specified in such notice, which
		in no event will be earlier than the effective date of such notice as
		provided in Section 18.
	 

	 
		

	 

	 
		“Good Reason” means (i) a reduction in the
		Employee’s salary or benefits other than an across-the-board
		reduction affecting all members of senior management, (ii) a material
		reduction of the Employee’s duties and significant
		responsibilities hereunder (not including reasonable changes in title
		or in corporate structure), (iii) a material breach of this Agreement
		by the Company (which shall include any failure to make payments due
		hereunder), or (iv) the Company requires the Employee to change the
		location of the Employee’s principal office, so that Employee
		will be based at a location more than forty miles from the location
		of Employee’s principal office (i.e., the Company’s current
		executive offices located at 301 Route 17 North, Rutherford, New
		Jersey 07070).  For avoidance of doubt, it shall constitute a
		“material reduction of the Employee’s duties and
		significant responsibilities hereunder” if the Employee is no
		longer the most senior financial executive of the Company (or any
		successor thereto) reporting directly to the Chief Executive Officer.

	 

	 
		

	 

	 
		(c)
	 

	 
		Effect of Termination for Serious Cause or Without Good
		Reason.  In the event of termination of the Employee’s
		employment and the Term of Employment by the Company for Serious
		Cause or by the Employee without Good Reason, the Employee will
		forfeit all bonus amounts for the then current full fiscal year, and
		the Company will be liable to the Employee only for (i) any accrued
		but unpaid base salary, automobile allowance and vacation, (ii) any
		fully earned but unpaid bonus (subject, if applicable, to the terms
		of any deferred compensation arrangements), and (iii) reimbursement
		of business expenses incurred prior to the date of termination.
	 

	 
		
 

	 

	 
		3
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		

	 

	 
		(d)
	 

	 
		Death, Retirement, Disability.  In the event of the
		death, Retirement or Disability of the Employee, the Employee’s
		employment and Term of Employment will be terminated as of the date
		of such death, Retirement or Disability and the Company will pay the
		Employee, or the Employee’s estate or legal representative, as
		appropriate, (i) any accrued but unpaid base salary, automobile
		allowance and vacation, (ii) any fully earned but unpaid bonus
		(subject, if applicable, to the terms of any deferred compensation
		arrangements), and (iii) reimbursement of business expenses incurred
		prior to the date of termination.
	 

	 
		

	 

	 
		“Disability” means the Employee’s inability, for
		reasons of health, to carry out the functions of his position for a
		total of one hundred eighty (180) days during any twelve (12) month
		period.  “Retirement” will mean retirement from
		employment upon or after attaining age sixty-five (65) or such
		earlier age agreed to by the Company.
	 

	 
		

	 

	 
		(e)
	 

	 
		Effect of Termination Without Serious Cause or With Good
		Reason.  If (i) the Company terminates the Term of
		Employment and the Employee’s employment herein without Serious
		Cause (including by cancellation or non-renewal of this Agreement),
		or (ii) the Employee terminates the Term of Employment and his
		employment hereunder for Good Reason, the Company will continue to
		pay the Employee his then-current base salary in accordance with the
		Company’s normal pay practices for a period of nine (9) months
		from the date of such termination and will pay such amounts under
		COBRA as are required to maintain existing health insurance coverage
		for the shorter of nine (9) months or until such time as the Employee
		becomes eligible for similar health insurance coverage with a new
		employer.  In addition, the Employee will be entitled to prompt
		payment of (A) any accrued but unpaid salary, automobile allowance
		and vacation, (B) any earned but unpaid bonus (subject, if
		applicable, to the terms of any deferred compensation arrangements),
		and (C) reimbursement of business expenses incurred prior to the date
		of termination.
	 

	 
		

	 

	 
		(f)
	 

	 
		No Other Obligations; No Mitigation.  In the event
		of the termination of the Employee’s employment and the Term of
		Employment, (i) the Company will have no obligations to the Employee
		other than those set forth in Sections 9 and 10 herein and (ii) the
		Employee shall be under no obligation to seek other employment and
		there shall be no offset against any amounts due the Employee under
		this Agreement on account of any remuneration attributable to any
		subsequent employment that the Employee may obtain.  Any amounts
		due under Sections 9 or 10 are in the nature of severance payments
		and are not in the nature of a penalty.  Such amounts are
		inclusive, and in lieu of, any amounts payable under any other salary
		continuation or severance arrangement of the Company and to the
		extent paid or provided under any other such arrangement, shall be
		offset from the amount due hereunder.
	 

	 
		

	 

	 
		(g)
	 

	 
		Release.  The Employee (or his estate) shall not be
		entitled to receive any severance amounts set forth in Sections 9 or
		10 herein unless the Employee executes a customary form of mutual
		general release presented by the Company and negotiated in good faith
		of all claims whether known or unknown that the Employee may then
		have against the Company and its affiliates.
	 

	 
		

	 

	 
		
 

	 

	 
		4
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		(h)
	 

	 
		Compliance.  The parties acknowledge that the
		timing of payments provided in Sections 9 and 10 herein may be
		amended to comply with the terms of Section 409A of the Internal
		Revenue Code, as amended.
	 

	 
		

	 

	 
		Section 10.
	 

	 
		Change of Control
	 

	 
		

	 

	 
		(a)
	 

	 
		Effect of Termination.  If (i) the employment of
		the Employee is terminated by the Company (or successor thereto)
		without Serious Cause or (ii) the Employee terminates employment with
		the Company (or successor thereto) for Good Reason, within the period
		commencing on the date that a Change of Control is formally proposed
		to the Company’s Board of Directors and ending on the second
		anniversary of the date on which such Change of Control occurs, then
		the Employee will receive two times the salary amount to which he
		would have been entitled under Section 9(e) hereof and the Company
		will pay such amounts under COBRA as are required to maintain
		existing health insurance coverage for the shorter of eighteen (18)
		months or until such time as the Employee becomes eligible for
		similar health insurance coverage with a new employer.  In
		addition, the Employee will be entitled to prompt payment of (A) any
		accrued but unpaid salary, automobile allowance and vacation, (B) any
		earned but unpaid bonus (subject, if applicable, to the terms of any
		deferred compensation arrangements) and (C) reimbursement of business
		expenses incurred prior to the date of termination.  Payment of
		amounts described in this Section 10(a) (other than amounts with
		respect to COBRA) shall be made in a lump sum within three (3)
		business days of the date of termination.
	 

	 
		

	 

	 
		If any portion of the payments which the Employee has the right
		to receive from the Company, or any affiliated entity or successor,
		hereunder would constitute “excess parachute payments” (as
		defined in Section 280G of the Internal Revenue Code) subject to the
		excise tax imposed by Section 4999 of the Internal Revenue Code, such
		excess parachute payments shall be reduced to the largest amount that
		will result in no portion of such excess parachute payments being
		subject to the excise tax imposed by Section 4999 of the Internal
		Revenue Code.
	 

	 
		

	 

	 
		The Employee will not be entitled to any benefits or other
		entitlements under this section unless a Change of Control actually
		occurs.  Any amounts payable pursuant to this Section 10 shall
		not duplicate amounts payable under Section 9 and vice versa.
	 

	 
		

	 

	 
		(b)
	 

	 
		Change of Control.  A “Change of Control”
		of the Company will be deemed to have occurred: (i) upon any person
		or group (within the meaning of applicable securities laws) acquiring
		or having beneficial ownership of more than 50% of the voting power
		(including voting power exercisable on a contingent or deferred basis
		as well as immediately exercisable voting power) of the Company
		(excluding only any person or group having greater than 30%
		beneficial ownership as of the date of this Agreement), whether as a
		result of a tender offer or otherwise; or (ii) upon the consummation
		of a merger or consolidation in which the Company is a constituent
		corporation and in which the Company’s stockholders immediately
		prior thereto will beneficially own, immediately thereafter,
		securities of the Company or any surviving or new corporation
		resulting therefrom having less than a majority of the voting power
		of the Company or any such surviving or new corporation; or (iii)
		upon the consummation of a sale, lease, exchange or other transfer or
		disposition by the Company of all or substantially all of its assets
		to any person or group or related persons.
	 

	 
		
 

	 

	 
		5
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		

	 

	 
		Section 11.
	 

	 
		Agreement Not to Compete or Solicit
	 

	 
		

	 

	 
		(a)
	 

	 
		Covenant Not to Compete.  The Employee hereby
		covenants and agrees that at no time during the Term of Employment
		nor for a period of nine (9) months (such period to be eighteen (18)
		months in the case of a termination resulting in payments pursuant to
		Section 10) immediately following the termination of the
		Employee’s employment will he for himself or on behalf of any
		other person, partnership, company or corporation, directly or
		indirectly, acquire any financial or beneficial interest in (except
		as provided in the next sentence), provide consulting or other
		services to, be employed by, or own, manage, operate or control any
		entity engaged in the archival data management software business
		similar to the business engaged in by the Company or its subsidiaries
		at the time of such termination of employment.  Notwithstanding
		the preceding sentence, the Employee will not be prohibited from
		owning less than one percent (1%) of any publicly traded corporation,
		whether or not such corporation is in competition with the Company.
	 

	 
		

	 

	 
		(b)
	 

	 
		Non-Solicitation.  The Employee hereby covenants
		and agrees that, at all times during the Term of Employment and for a
		period of nine (9) months (such period to be eighteen (18) months in
		the case of a termination resulting in payments pursuant to Section
		10) immediately following the termination thereof, the Employee will
		not directly or indirectly (through an entity controlling, controlled
		by, or under common control with the Employee) employ or seek to
		employ any person or entity employed at that time by the Company or
		any of its subsidiaries, or otherwise encourage or entice such person
		or entity to leave such employment.
	 

	 
		

	 

	 
		(c)
	 

	 
		Company Breach.  Should the Company materially
		breach its payment obligations to the Employee under this Agreement,
		the Employee’s obligations under this Section 11 shall thereupon
		terminate.  The foregoing remedy available to the Employee will
		not be deemed to limit or prevent the exercise by the Employee of any
		or all further rights and remedies which may be available to the
		Employee hereunder or at law or in equity.
	 

	 
		

	 

	 
		Section 12.
	 

	 
		Confidential Information
	 

	 
		

	 

	 
		The Employee agrees to keep secret and retain in the strictest
		confidence all confidential matters which relate to the Company or
		any affiliate of the Company, including, without limitation, customer
		lists, client lists, trade secrets, pricing policies and other
		business affairs of the Company and any affiliate of the Company
		learned by him from the Company or any such affiliate or otherwise
		before or after the date of this Agreement, and not to disclose any
		such confidential matter to anyone outside the Company, or any of its
		affiliates, whether during or after his period of service with the
		Company, except as may be required in the course of a legal or
		governmental proceeding.  Upon request by the Company, the
		Employee agrees to deliver promptly to the Company upon termination
		of his services for the Company, or at any time thereafter as the
		Company may request, all Company or affiliate memoranda, notes,
		records, reports, manuals, drawings, designs, computer files in any
		media and other documents (and all copies thereof) relating to the
		Company’s or any affiliate’s business and all property of
		the
	 

	 
		
 

	 

	 
		6
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		Company or any affiliate associated therewith, which he may
		then possess or have under his control.
	 

	 
		

	 

	 
		Section 13.
	 

	 
		Remedy
	 

	 
		

	 

	 
		(a)
	 

	 
		Should the Employee engage in or perform, either directly or
		indirectly, any of the acts prohibited by Sections 11 or 12 hereof,
		it is agreed that any and all severance payments and related benefits
		hereunder shall immediately terminate and the Company will also be
		entitled to full injunctive relief, to be issued by any competent
		court of equity, enjoining and restraining the Employee and each and
		every other person, firm, organization, association, or corporation
		concerned therein, from the continuance of such violative acts. The
		foregoing remedies available to the Company will not be deemed to
		limit or prevent the exercise by the Company of any or all further
		rights and remedies which may be available to the Company hereunder
		or at law or in equity.
	 

	 
		

	 

	 
		(b)
	 

	 
		The Employee acknowledges and agrees that the covenants
		contained in this Agreement are fair and reasonable in light of the
		consideration paid hereunder, and the invalidity or unenforceability
		of any particular provision, or part of any provision, of this
		Agreement will not affect the other provisions or parts hereof.
		 If any provision hereof is determined to be invalid or
		unenforceable and if any such provision will be so determined to be
		invalid or unenforceable by reason of the duration or geographical
		scope of the covenants contained therein, such duration or
		geographical scope, or both, will be reduced to a duration or
		geographical scope solely to the extent necessary to cure such
		invalidity.
	 

	 
		

	 

	 
		Section 14.
	 

	 
		Successors and Assigns
	 

	 
		

	 

	 
		This Agreement will be binding upon and inure to the benefit of
		the Employee, his heirs, executors, administrators and beneficiaries,
		and the Company and its successors and assigns.
	 

	 
		

	 

	 
		Section 15.
	 

	 
		Governing Law
	 

	 
		

	 

	 
		This Agreement will be governed by and construed and enforced
		in accordance with the laws of the State of New Jersey, without
		reference to rules relating to conflicts of law.
	 

	 
		

	 

	 
		Section 16.
	 

	 
		Entire Agreement
	 

	 
		

	 

	 
		This Agreement constitutes the full and complete understanding
		and agreement of the parties and supersedes all prior understandings
		and agreements as to employment of the Employee, including but not
		limited to the employment letter agreement dated December 22, 2004
		and the temporary salary adjustment letter dated December 14, 2006.
		 This Agreement cannot be amended, changed, modified or
		terminated without the written consent of the parties hereto.
	 

	 
		

	 

	 
		Section 17.
	 

	 
		Waiver of Breach
	 

	 
		

	 

	 
		
 

	 

	 
		7
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		The waiver of either party of a breach of any term of this
		Agreement will not operate nor be construed as a waiver of any
		subsequent breach thereof.
	 

	 
		

	 

	 
		Section 18.
	 

	 
		Notices
	 

	 
		

	 

	 
		Any notice, report, request or other communication given under
		this Agreement will be written and will be effective upon delivery
		when delivered personally, by overnight courier or by fax.
		 Unless otherwise notified by any of the parties, notices will
		be sent to the parties as follows: (i) if to the Employee, at the
		address set forth in the Company’s records, and (ii) if to the
		Company, to AXS-One Inc., 301 Route 17 North, Rutherford, NJ 07070,
		Attention: Chief Executive Officer.
	 

	 
		

	 

	 
		Section 19.
	 

	 
		Severability
	 

	 
		

	 

	 
		If any one or more of the provisions contained in this
		Agreement will be invalid, illegal or unenforceable in any respect
		under any applicable law, the validity, legality and enforceability
		of the remaining provisions contained herein will not in any way be
		affected or impaired thereby.
	 

	 
		

	 

	 
		Section 20.
	 

	 
		Counterparts
	 

	 
		

	 

	 
		This Agreement may be executed in one or more counterparts,
		each of which will be deemed to be an original but all of which
		together will constitute one and the same instrument.  Delivery
		of signatures by facsimile or electronic image shall be valid for all
		purposes hereunder.
	 

	 
		

	 

	 
		Section 21.
	 

	 
		Temporary Salary Adjustment
	 

	 
		

	 

	 
		This Agreement is subject to the temporary salary adjustment
		rider attached hereto as Exhibit A, and notwithstanding any
		other provision contained in this Agreement, the implementation of
		the provisions of such salary adjustment rider shall not be deemed
		Good Reason or a breach of this Agreement in any respect.
	 

	 
		

	 

	 
		[signature page follows]
	 

	 
		
 

	 

	 
		8
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		

	 

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

	 
		

	 

	 
		

	 

	 
		The Company:
	 

	 
		

	 

	 
		AXS-ONE INC.
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		By: /s/ William P. Lyons__________________
	 

	 
		Name: William P. Lyons
	 

	 
		Title: Chief Executive Officer
	 

	 
		

	 

	 
		Employee:
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		/s/ Joseph P. Dwyer______________________
	 

	 
		Joseph P. Dwyer
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		
 

	 

	 
		9
	 

	 
		

	 

	 
		

	 

	 
	 
		

	 

	 
		

	 

	 
		

	 

	 
		Exhibit A
	 

	 
		

	 

	 
		Temporary Salary Adjustment Rider
	 

	 
		

	 

	 
		Employee agrees to a reduction in his annual base salary for
		the calendar year 2007 from $250,000 to $150,000. Salary payments
		will continue to be made on the 15th and last day of each month in
		accordance with the Company’s ordinary payroll practices.
		Effective January 1, 2008, assuming the Employee remains in the
		Company’s employ, the Employee’s annual salary will revert
		to the annual rate of $250,000, unless mutually agreed otherwise.
	 

	 
		

	 

	 
		Additionally, in the event there is a Change of Control during
		calendar year 2007, the Employee’s annual base salary will
		thereupon revert to the current rate of $250,000.  Should the
		Employee’s employment relationship with the Company terminate
		during calendar year 2007 under circumstances whereby the Employee
		would be entitled to payments set forth in Sections 9 or 10 of the
		Agreement, such payments will be calculated at the Employee’s
		annual salary rate of $250,000.
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		
 

	 

	 
		10

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