Document:

Exhibit 10.68

 Exhibit 10.68 
 CONFIDENTIAL 
 February 1, 2012 

Mr. Hugo Dorph 
 [Address] 

[City, State, Zip Code] 
  

			
	Re:	 	Separation Agreement and Release

 Dear Hugo: 
 This is to confirm our agreement with respect to the end of your employment relationship with Deltek, Inc. (together with Deltek Denmark (as defined below) and its other subsidiaries,
“Deltek” or the “Company”). This Separation Agreement and Release Letter (“Separation and Release”) explains in detail both your rights and obligations and those of Deltek in connection with the end
of your employment relationship with the Company. 
 Employment Separation 

Deltek Danmark A/S (formerly Maconomy A/S, and referred to in this Separation Agreement as “Deltek Denmark”) and you
entered into a service agreement, dated April 26, 2005, pursuant to which you were employed by Deltek Denmark (together with the Addendum (as defined below), the “Service Agreement”). A copy of the Service Agreement is attached
as Attachment 1. 
 On February 24, 2010, Deltek Denmark and you entered into an addendum to the Service
Agreement (the “Addendum”). A copy of the Addendum is attached as Attachment 2. 
 In
addition, Deltek, Inc. and you entered into an Executive Secondment Letter, dated December 17, 2010, which confirmed the terms of your secondment to Deltek, Inc. for the period beginning on December 1, 2010 and ending on December 31,
2012 (the “Secondment Letter”). A copy of the Secondment Letter is attached as Attachment 3. 

You and Deltek (including Deltek Denmark) mutually agree that the Service Agreement is terminated effective as of the date of this
Separation and Release. By signing this Separation and Release, each party agrees, subject to the other party’s agreements in, and compliance with, this Separation and Release, to waive any and all rights or entitlements to the benefits set
forth in the Service Agreement, including, without limitation, any and all rights or entitlements regarding notice and requirements in connection with the termination of employment under the Service Agreement, except for the provisions of
Section 1.6 of the Service Agreement relating to the non-solicitation of customers, which shall remain in effect for a period of one year from May 1, 2012. 

 Separation Agreement and Release 

February 1, 2012 
  

 You and Deltek also mutually agree that your secondment will continue through
June 15, 2012 (the “Secondment End Date”) and shall not be terminated solely as a result of the termination of the Service Agreement as described in the paragraph above. Until the Secondment End Date, you will continue to
be a Deltek employee; however, you are on “garden leave,” so you have no work responsibilities except to the extent that we contact you with a specific request to assist Deltek on a particular matter. You will continue to be compensated as
provided under the terms of the Secondment Letter through the Secondment End Date. Your EICP cash bonus for the first quarter of 2012 shall be calculated based on the Company’s actual performance for the first quarter of 2012 and assuming that
your personal performance is at 100%. In addition, you shall be paid all of the expatriate allowances described in the Secondment Letter through the Secondment End Date, including, but not limited to, allowances related to housing, utilities,
transportation, mobile phone expenses, tax preparation, and dependent education. You also will be reimbursed for any accrued and untaken vacation pay as of the Secondment End Date, less applicable withholding taxes required by law. Further, you will
be entitled to the repatriation costs specified in Section IV(C) of the Secondment Letter, which costs may be incurred prior to or following the Secondment End Date. 
 As described in the Secondment Letter, Deltek will reimburse you for any reasonable expenses related to tax preparation fees for your personal income tax returns to be filed in the United States and
Denmark for the years 2011 and 2012. 
 You and Deltek further mutually agree that your employment with Deltek will end
effective on the Secondment End Date. Thereafter, you will no longer be an employee of Deltek and you may obtain employment with another employer at any time following the Secondment End Date, provided that such employment does not violate the terms
of the Employee Agreement (as defined below). You and Deltek also mutually agree that upon execution of this Separation and Release, Deltek will promptly take the necessary corporate steps to remove you as an officer, a member of a board of
directors or a member of any other management board of the Company and its subsidiaries. 
 In consideration of your timely
execution and compliance with the terms of the Separation and Release, the Waiver and Release of Claims attached as Attachment 4 to this Agreement (the “Waiver and Release”), and the Confidential Information,
Intellectual Property, and Non-Competition Agreement attached as Attachment 5 to this Separation and Release (the “Employee Agreement”), you will receive the following: 

 

	 	(a)	a lump sum payment in the amount of $592,000, such amount to be paid on the Secondment End Date; 

 

	 	(b)	a lump sum payment in an amount equal to the greater of (i) the fair market value of 20,000 shares of the Company’s common stock on the date of this
Separation and Release or (ii) the fair market value of 20,000 shares of the Company’s common stock on April 30, 2012, such amount to be paid on the Secondment End Date; and 

  
 2 

 Separation Agreement and Release 

February 1, 2012 
  

	 	(c)	the Company Release (described below). 

Company Released Claims 

Upon the effectiveness of this Separation and Release, the Company releases you (the “Company Release”) and forever
discharges you of and from any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or
nature, in law, equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise, and whether now known, unknown, suspected or unsuspected, which the Company now has, owns or holds, or has at any time prior to the date of this
Separation and Release had, owned or held, against you arising out of or in connection with your service as an employee, officer and/or director of the Company, its subsidiaries and predecessors, excepting only: 

 

	 	(a)	claims relating to the commission of fraud during the term of your employment; 

 

	 	(b)	claims relating to the misappropriation of confidential information of the Company during the term of your employment; and 

 

	 	(c)	rights or claims arising under this Separation and Release or the Employee Agreement. 

 Employee Released Claims 
 In consideration of the foregoing, you and
Deltek, by signing below, further agree to the Waiver and Release, and you agree to execute the Waiver and Release as of the date of this Separation and Release. 
 Enforcement of this Separation and Release 
 Any proceeding arising out of
or relating to this Separation and Release shall be brought in the courts of the Commonwealth of Virginia, Fairfax County, or, if it has or can acquire jurisdiction, in the United States District Court for the Eastern District of Virginia, and each
of the parties irrevocably submits to the exclusive jurisdiction of each such court in any such proceeding, waives any objection it may now or hereafter have to venue or to convenience of forum, agrees that all claims in respect of the proceeding
shall be heard and determined only in any such court and agrees not to bring any proceeding arising out of or relating to this Separation and Release in any other court. The parties agree that either or both of them may file a copy of this paragraph
with any court as written evidence of the knowing, voluntary and bargained for agreement between the parties irrevocably to waive any objections to venue or to convenience of forum. Process in any proceeding referred to in this paragraph may be
served on any party anywhere in the world. 

  
 3 

 Separation Agreement and Release 

February 1, 2012 
  

 EACH PARTY WAIVES ANY RIGHT TO A TRIAL JURY, TO THE EXTENT LAWFUL, AND AGREES THAT
EITHER OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE ITS RIGHT TO TRIAL BY JURY IN ANY PROCEEDING OR LITIGATION WHATSOEVER
BETWEEN THEM RELATING TO THIS SEPARATION AND RELEASE OR ANY MATTER CONTEMPLATED BY THIS SEPARATION AND RELEASE. 
 The preceding
paragraph notwithstanding, the parties also agree that if any suit, affirmative defense, or counterclaim is brought to enforce the provisions of this Separation and Release, with the exception of a claim brought by you as to the validity of this
Separation and Release under the Age Discrimination in Employment Act as amended by the Older Workers Benefit Protection Act, the prevailing party shall be entitled to its costs, expenses, and attorneys’ fees as well as any and all other
remedies specifically authorized under the law. 
 Miscellaneous 
 You agree to promptly return any Deltek property in your possession to me. 

Deltek will provide you with a benefits packet containing information on your COBRA rights and conversion to a direct pay plan following
the Secondment End Date. Please call Holly Kortright, Senior Vice President, Human Resources, if you have any questions about COBRA conversion. Additionally, please keep Human Resources informed of any address changes in case Deltek needs to mail
correspondence to your attention. 
 You acknowledge and agree that any unvested restricted stock granted or awarded to you by
Deltek will cease vesting on the Secondment End Date and will be forfeited. Any vested restricted stock may be sold at any time after the Secondment End Date, and there are no time restrictions on the sale of such stock. 

You further agree to refrain from making any disparaging or derogatory remarks regarding Deltek, its products, its services or its
employees. Deltek agrees to refrain from making any disparaging or derogatory remarks about you. 
 This Separation and Release
constitutes the entire agreement between you and Deltek with respect to any matters referred to in this Separation and Release. This Separation and Release supersedes any and all of the other agreements between you and Deltek. No other
consideration, agreements, representations, oral statements, understandings or course of conduct that is not expressly set forth in this Separation and Release shall be implied or is binding. By signing below, you acknowledge that you understand and
agree that this Separation and Release shall not be deemed or construed at any time or for any purposes as an admission of any liability or wrongdoing by either you or Deltek. You also agree that if any provision of this Separation and Release is
deemed invalid, the remaining provisions will still be given full force and effect. You agree that, notwithstanding the choice of law provisions in the Service Agreement and Secondment Letter, the terms and conditions of this Separation and Release
will be interpreted and construed in accordance with the laws of the Commonwealth of Virginia, without giving effect to the conflict of law principles of the Commonwealth of Virginia. 

  
 4 

 Separation Agreement and Release 

February 1, 2012 
  

 Prior to the execution of this Separation and Release, you have apprised yourself of
sufficient relevant information in order that you might intelligently exercise your own judgment. Deltek has informed you in writing to consult an attorney before signing this Separation and Release, if you wish. You have informed Deltek that you
have, in fact, consulted with an attorney before signing this Separation and Release. Deltek has also given you at least 21 days in which to consider this Separation and Release, if you wish. You also understand that for a period of seven
(7) days after you sign this Separation and Release, you may revoke this Separation and Release, and that the Separation and Release shall not become effective until seven (7) days from the date of your signature. 

You acknowledge that you have read this Separation and Release and understand all of its terms. You further acknowledge and agree that
this Separation and Release is executed voluntarily and with full knowledge of its legal significance. 
 You expressly agree
that this Separation and Release becomes effective upon your timely signing of this Separation and Release. You further expressly agree to re-execute this Separation and Release and the Waiver and Release on the Secondment End Date, and you
acknowledge that Deltek’s obligations under this Separation and Release shall be contingent on your re-execution of this Separation and Release and the Waiver and Release. 

Finally, you agree that you will not disclose voluntarily or allow anyone else to disclose the existence, reason for or contents of this
Separation and Release without Deltek’s prior written consent. Notwithstanding this provision, you are authorized to disclose this Separation and Release to your spouse, attorneys and tax advisors on a “need to know” basis, on the
condition that they agree to hold the terms of the Separation and Release in strictest confidence. You are further authorized to make appropriate disclosures as required by law, provided that you notify Deltek in writing of such legal obligations to
disclose at least five (5) business days in advance of disclosure. You further acknowledge that Deltek may disclose the existence, reason for or contents of this Separation and Release (i) on a confidential basis to its directors,
officers, employees, advisors and agents who need to know such information for purposes of advising, directing or managing Deltek or (ii) if it is required to do so by law, including, but not limited to, the Federal securities laws. 

Sincerely yours, 
 Deltek, Inc. 

 

									
	By:	 	 /s/ David Schwiesow
	 		 	Dated:	 	February 1, 2012
		 	 David Schwiesow
 Senior Vice
President and General Counsel
	 		 		 	

  
 5 

 Separation Agreement and Release 

February 1, 2012 
  

 Acceptance of Termination of the Service 
 Agreement: 
 Deltek Danmark A/S 

 

									
	By:	 	 /s/ David Schwiesow
	 		 	Dated:	 	February 1, 2012
		 	 David Schwiesow

Chairman
	 		 		 	

 Acceptance of Separation and Release 
 I HAVE CAREFULLY READ AND FULLY UNDERSTAND AND VOLUNTARILY AGREE TO ALL THE TERMS OF THE SEPARATION AND RELEASE IN EXCHANGE FOR THE BENEFITS AND CONSIDERATIONS PROVIDED IN THE SEPARATION AND RELEASE.

  

									
	 /s/ Hugo Dorph
	 		 		 	
	Hugo Dorph	 		 	Dated:	 	2/1/2012

  
 6Exhibit 10.69

 Translation 
 Exhibit 10.69 
 [Letterhead of Maconomy] 

 

					
		  	MACONOMY A/S	  	
		  	Vordingborggade 18-22	  	
		  	2100 Copenhagen	  	
		  	Denmark	  	
		  	CVR no. 13703973	  	
		  	(the “Company”)	  	
			
	and	  	Claus Thorsgaard	  	
		  	Fabritius Allé 6	  	
		  	2960 Klampenborg	  	
		  	Denmark	  	
		  	(the “Executive Officer”)	  	

 have today entered into this 
 SERVICE AGREEMENT 
  

	1.	Powers and duties of the Executive Officer 

  

	1.1	Commencement 

  

	1.1.1	Effective as from 6 November 2008, the Executive Officer will join the management board of the Company with the title of Chief Operating Officer, COO.

  

	1.1.2	No later than on the date on which the Executive Officer takes up his new position, the Executive Officer must notify the board of directors in writing of his holdings
of shares in the Company. 

 Similarly, the Executive Officer must notify the board of directors of subsequent
purchases and sales of such shares. 
 The Executive Officer may not perform or engage in speculative transactions concerning
shares in the Company or shares in companies within the group. 
  

	1.1.3	The Executive Officer must record shares held by him in the Company and in companies within the group in his own name in the Company’s register of shareholders.

  

	1.1.4	The Executive Officer will be registered as such with the Danish Commerce and Companies Agency (Erhvervs- og Selskabsstyrelsen). 

	1.2	Area of responsibility 

  

	1.2.1	With liability vis-à-vis the CEO and the board of directors, the Executive Officer is in charge of the day-to-day management of the Company’s operations.

  

	1.2.2	The board of directors will lay down the rules applicable from time to time to the Company’s activities, and the Executive Officer is liable towards the board of
directors to ensure that the Company’s activities are carried out in accordance with such rules and otherwise in accordance with the articles of association of the Company and applicable legislation. The Executive Officer must submit all
matters of an unusual nature or of significant importance to the board of directors. 

 The Executive Officer will
employ and dismiss the Company’s employees, always provided, however, that any such employment or dismissal is subject to the prior consent of the CEO. 
 Together with the other executive officers of the Company from time to time and with liability towards the board of directors, the Executive Officer is as chief operating officer of the Company in charge
of the ultimate day-to-day management of the Company’s operations. 
 The individual members of the management board are
responsible for the activities of the Company, always provided, however, that each executive officer has individual special responsibility for the particular area for which he or she is responsible according to agreement with the board of directors.

 The responsibilities of the individual executive officers may be determined by the board of directors in instructions to the
management board. 
 The board of directors will lay down the rules applicable from time to time to the Company’s activities
and, just as the other executive officers, the Executive Officer is responsible towards the board of directors for ensuring that the Company’s activities are carried out in accordance with the articles of association of the Company and
applicable legislation. All matters of an unusual nature or of significant importance must be submitted to the board of directors. 
  

	1.3	Other employment during the term of this Agreement 

  

	1.3.1	For as long as he takes up the position as Executive Officer of the Company, the Executive Officer is not entitled to be an active or sleeping partner of any other
undertaking or hold any other employment or office or assume other duties, whether paid or unpaid, without the prior written consent of the board of directors in each individual case. However, the Executive Officer is entitled to hold up to three
directorships, for example in trade associations. In each case, the relevant directorship is subject to the prior written approval by the board of directors of the Company. 

	1.3.2	The Executive Officer is entitled to make investments in assets which are usually the subject of such investments and which do not result in a controlling interest.

 As for the investment in and holding of shares in the Company, reference is made to the Company’s
“Internal Rules on Trading”, “Internal Rules on Disclosure of Information” and “Internal Rules on handling of Insider Information” attached hereto. 

 

	1.3.3	If so instructed by the board of directors, the Executive Officer must join the board of directors of the Company’s subsidiaries. 

If the Executive Officer joins the boards of directors of the foreign subsidiaries of the Parent Company, D&O insurance will be taken
out or the Parent Company will indemnify the Executive Officer against any liability in damages, provided that the Executive Officer has not acted intentionally or negligently caused damage. 

 

	1.3.4	The Executive Officer’s salary pursuant to clause 2.1 below will be reduced by an amount equivalent to the remuneration received by the Executive Officer for the
duties assumed, cf. clause 1.3.3 above, according to agreement with the board of directors, unless otherwise agreed in each individual case. 

  

	1.4	Confidentiality, return of material and disqualification 

  

	1.4.1	The Executive Officer must observe strict confidentiality with respect to all information related to the performance of his work as Executive Officer, except where, in
the nature of things, such information is required to be disclosed to third parties. The Executive Officer’s duty of confidentiality will continue to apply after the effective date of termination. 

As for disclosure and protection of inside information on the Company, reference is made to the Company’s “Internal Rules of
Trading”, “Internal Rules on Disclosure of Information” and “Internal Rules on handling of Insider Information”, which are all attached hereto. 
  

	1.4.2	On the effective date of termination of the Executive Officer – irrespective of cause – all material etc. belonging to the Company and in the Executive
Officer’s possession, including any equipment pursuant to clause 2.4 below, must upon request be returned to the Company. The Executive Officer is not entitled to exercise any lien on any material etc. belonging to the Company.

  

	1.4.3	 An executive officer is not entitled to participate in the transaction of business concerning the agreement between the Company and the relevant
executive officer or concerning actions against the relevant executive officer. This also applies to the 

	 	
transaction of business concerning agreements between the Company and a third party or actions against a third party in so far as the Executive Officer has a material interest in such agreement
or action which may conflict with the interests of the Company. In such event, the Executive Officer will be entitled to submit a memorandum on the issue to the board of directors, but may not otherwise participate in the meeting until the board of
directors has discussed the issue in question. 

  

	1.5	Inventions 

  

	1.5.1	The Company has – against no separate consideration – the exclusive right to use inventions, production methods and other technical progress made within the
Company’s field of business in the broad sense which are created by the Executive Officer in the course of his employment or for a period of six months after the effective date of termination, provided, however, that the Company asserts its
right no later than four months after the Company has learned of the invention etc. 

 As a result of the Executive
Officer’s work during his employment with the Company results may have been produced which are protected by the Danish Copyright Act (ophavsretsloven) in force from time to time. All rights, except for the rights mentioned in s. 3 of the
Copyright Act, will pass to the Company as payment for the Executive Officer’s creative efforts in that respect is included in the Executive Officer’s salary. The foregoing applies to any use of work results whether in or outside the
Company; always provided that the Company will also be entitled to use the work results in contexts outside the Company’s existing line of business. This also applies to work results generated six months after the effective date of termination
if the Company asserts its right no later than four months after the Company has learned of the work results. 
  

	1.6	Non-solicitation of customers etc. 

 For a period of one year after the effective date of termination, the Executive Officer undertakes not to have any commercial contact, whether directly or indirectly or in any form, with or contribute to
the servicing of the Company’s customers or business partners. The Executive Officer is, however, entitled to accept employment with the Company’s customers. 
 The relevant customers are the Company’s 20 largest customers/business partners and the customers/business partners who have had a commercial contact with the Executive Officer as well as
customers/business partners whom the Company by way of separate notification in writing has included under the prohibition. This non-solicitation of customers clause extends to the customers/business partners appearing from the separate list
distributed in connection with the signing of this Service Agreement. 

 In the event of any breach of the non-solicitation clause, the Executive Officer will be
liable, in addition to general liability for damages, to pay an agreed penalty of DKK 300,000 for each breach, and any such breach may be met with an injunction. 
 Payment of the agreed penalty will not release the Executive Officer from his obligations under this non-solicitation clause or his liability to pay damages according to the general law of damages in
Denmark. 
  

	2.	The financial rights of the Executive Officer during employment 

  

	2.1	Salary 

 The Company will pay the
Executive Officer an annual salary of DKK 1,800,000, payable monthly in arrears at a rate of 1/12 (one-twelfth) as from 1 November 2008. On every 1 February, the first time on 1 February 2010, the annual salary will be reviewed in
discussions with the chairman of the board of directors, and any adjustment will take effect as from 1 January of that year. 
 In the event that the Company terminates this Agreement without any material breach on the part of the Executive Officer, the Company will pay the costs of a consulting firm chosen by the Company to
assist the Executive Officer in finding new employment. 
 Furthermore, after joining the management board, the Executive Officer
will receive 75,000 warrants according to the Company’s guidelines. The warrants will have a vesting period of two years as from grant and will expire four years after grant. The warrants will be granted in connection with the Company’s
first presentation of its interim financial report after the appointment. 
  

	2.2	Bonus 

  

	2.2.1	The Executive Officer is covered by an individual bonus scheme, the criteria of which appear from a separate annual bonus plan. The bonus amounts to 30% of the annual
fixed basic salary, in this case equivalent to DKK 1,800,000, and is assessed and calculated annually. 

 In the
event of the Executive Officer’s notice of resignation, the Executive Officer will no longer be entitled to bonus for the period after the effective date of termination. 

 

	2.2.2	Bonus will be payable in connection with the first ordinary payroll run after the adoption of the financial statements by the annual general meeting of the Company.

	2.3	Car, PC, mobile telephone and newspaper 

  

	2.3.1	Subject to specific agreement with the chairman of the board of directors, the Company will place a car at the Executive Officer’s disposal of a monthly leasing
fee of DKK 11,000 (including fuel consumption for 20,000 km annually and VAT not deductible by the Company, but excluding insurances). 

  

	2.3.2	At the Company’s request, the Executive Officer is obliged on the effective date of termination – also where the effective date of termination is prior to
expiry of the agreed notice period – to return the car to the Company against payment of a monthly compensation equalling the tax value paid monthly in arrears until expiry of the period in which the Executive Officer is entitled to payment in
lieu of notice. 

  

	2.3.3	The Company will place a mobile telephone, Internet connection and a telephone at the Executive Officer’s private address and summerhouse at the Executive
Officer’s disposal and pay all expenses associated therewith. In addition, the Company pays all expenses incidental to one newspaper of the Executive Officer’s own choice. 

 

	2.3.4	The tax consequences for the Executive Officer as a result of the Executive Officer’s private disposal of the said benefits are of no concern to the Company.

  

	2.5	Entertainment and business travels 

  

	2.5.1	The Company will reimburse the Executive Officer for travelling and entertainment expenses paid in the Company’s interest on presentation of receipts. In the event
that the Executive Officer’s spouse participates on such travels at the request of the board of directors, any expenses incurred in this connection will be refunded as well. 

 

	2.6	Pension 

  

	2.6.1	In addition to the salary fixed in clause 2.1 above and for the term of this Service Agreement, the Company will pay an annual amount of 10% of the said salary plus the
individual bonus paid on an annual basis for pension purposes. Any decision on where to place and how to use the pension contribution is at the discretion of the Executive Officer. 

 

	2.6.1	With reference to the fact that, upon employment, the Executive Officer is employable and does not receive, has not applied for or is not entitled to early retirement
pension, the Executive Officer will participate in a collective insurance against loss of working capacity. The insurance guarantees no less than 50% of the pensionable salary until the age of 65 in the event of loss of half of the working capacity.
The pensionable annual salary has been estimated at DKK 1,800,000. The Company will withhold the premium of the insurance, at present 0.82%, from the salary applicable from time to time. 

 The Executive Officer is entitled to choose additional insurance coverage in against loss of
working capacity and to participate in a pension scheme with the option of choosing group coverage in the event of private treatment, critical illness and death, respectively. 
 Information on the options in connection with a company pension scheme may be obtained by contacting the Company’s impartial pension consulting firm, Willis, at tel.: +45 3946 6600, Attn.: Insurance
broker, Steen Skaarup, or pension consultant, Michael Klee. 
  

	2.7	Holiday 

  

	2.7.1	In each whole calendar year, the Executive Officer is entitled to a holiday period of the same length as provided in the Danish Holiday Act (ferieloven) in force
from time to time, including any additions in accordance with Company policies. The Executive Officer is not covered by the provisions of the Holiday Act. 

  

	2.7.2	The Executive Officer must plan his holiday with due regard to the Company’s interests and notify the chairman of the board of directors of such holiday.

  

	2.7.3	On the effective date of termination, the Executive Officer will receive holiday pay amounting to 12.5% of his salary for any untaken holidays. Holiday pay is
calculated solely on the basis of the salary set out in clause 2.1 above but not on the basis of any bonus, including any warrants granted in the Company. 

 As for the transfer from the previous employment contract on salaried employees terms to this Service Agreement, the Executive Officer will not receive any holiday pay as a resigning employee, but holiday
accrued during the previous employment relationship of the Executive Officer as COO is to be held as paid holiday during the employment as the Executive Officer. 
  

	2.7.4	The Executive Officer is entitled to full salary during absence due to sickness. 

 

	3.	Termination 

  

	3.1	Ordinary termination 

  

	3.1.1	This Service Agreement may be terminated by the Company at 12 months’ notice and by the Executive Officer at six months’ notice to expire on the last day of a
month. 

 If the Company terminates the Executive Officer without the Executive Officer being in material breach of
this Service Agreement, the Executive Officer will be entitled to 

 
demand that he be released from his duty to perform services for the Company with pay as from the date of termination, and the Company is not entitled to set off any other income earned by the
Executive Officer during the notice period. An amount corresponding to the Company’s length of notice to the Executive Officer will be paid as a lump sum at the time of the first payroll run after the termination. Notice of termination of this
Service Agreement must be in writing to expire on the last day of a month. 
 If the Executive Officer terminates this Service
Agreement in accordance with clause 3.1.1 above and the Parties agree that the Executive Officer will resign – at his own request – prior to the expiry of the notice period, the Executive Officer’s claim for remuneration etc. will
lapse in accordance with clauses 2.1 and 2.3-2.6 of this Service Agreement as from the effective date of termination. 
  

	3.1.2	If for a continuous period of more than six months, the Executive Officer is due to sickness incapacitated from performing his duties hereunder or if he is attacked by
permanent weakness that makes him unfit to perform his duties hereunder, this Service Agreement may be terminated by the Company at six months’ written notice to expire at the end of a month. It is of no importance whether termination is
notified while the Executive Officer is still absent due to sickness and whether the Executive Officer has been reported fit to perform his duties after notification of termination has been given. The Company is entitled to procure a medical
certificate from a doctor or a medical specialist designated by the Company. The expenses incidental thereto will be paid by the Company. 

  

	3.1.3	This Service Agreement expires without termination at the end of the month in which the Executive Officer attains the age of 65. 

 

	3.2	Early retirement pension 

 In the
event of the Executive Officer’s death during the term of this Service Agreement due to sickness or accidents, the Company will pay salary for the current month as well as six months of early retirement pension equivalent to the salary in
accordance with clauses 2.1, 2.2 and 2.6 above to the spouse/cohabitant and, alternatively, to children under the age of 18. Early retirement pension will, however, only be paid until such time when the employment relationship would otherwise expire
due to the Executive Officer’s resignation in accordance with clause 3.1.4 or as a consequence of termination by the Company or the Executive Officer prior to the death. 

 

	3.3	Breach 

 In the event of material
breach by the Company or the Executive Officer of its/his obligations under this Service Agreement or the relevant basic assumptions on which 

 
it is concluded, the other party may terminate this Service Agreement without notice or terminate this Service Agreement with effect as from an arbitrary date. If the termination is due to the
Executive Officer’s material breach, the Executive Officer will only be entitled to claim remuneration until the effective date of termination. The party in breach of its obligations will be liable to compensate any loss suffered by the other
party due to the breach. 
  

	4.	Dispute resolution 

  

	4.1	Arbitration 

 In the event of any
dispute between the Company and the Executive Officer concerning the employment relationship established by this Service Agreement, the parties must first seek to settle such dispute by negotiation. If the parties cannot reach an agreement, the
dispute must be settled by arbitration in accordance with the below rules, and the award will be final, binding and enforceable: 

In the event of any dispute, either party will be entitled to demand that an arbitration tribunal be set up. The party requesting
arbitration must appoint one arbitrator and by registered letter call upon the other party to appoint one arbitrator within two weeks. The letter must also include a brief description of the issue(s) requested to be settled by the arbitration
tribunal. If the other party has not appointed an arbitrator within the said deadline, the arbitrator will be appointed by the President of the Copenhagen Maritime and Commercial Court. 

The arbitrators appointed by the parties will jointly appoint an umpire. In the absence of agreement on the appointment of an umpire, the
arbitrators appointed will jointly request the President of the Copenhagen Maritime and Commercial Court to appoint an umpire after prior discussions with the arbitrators appointed by the parties, who will be the chairman of the arbitration
tribunal. 
 The dispute will be settled by the arbitration tribunal in accordance with existing law and the tribunal will lay
down its own rules of procedure to apply to the case in accordance with the general principles of the Danish Administration of Justice Act (retsplejeloven). 
 The arbitration tribunal will decide on the costs associated with the arbitration proceedings. The arbitration tribunal will fix a date by which the order must be complied with, which will usually be two
weeks after the award is made. 
 The above arbitration clause is conditional upon the Company assuming the obligation to provide
the total amount of security towards the arbitration tribunal. If the Company is in breach of its obligation to provide security towards the arbitration tribunal, the Executive Officer will be entitled to commence proceedings before the Copenhagen
City Court as the agreed venue. 

 Appendix: List of the Company’s 20 largest customers/business partners 

 

	5.	

 Signatures 

This Service Agreement is executed in 2 (two) copies, each party receiving 1 (one) copy. 

[handwriting: 18 December 2008] 
  

					
	 [signed]
	 		 	 [signed]

	(Company)	 		 	(Executive Officer)

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