Document:

Agreement between TransMontaigne & Randall Larson

  Exhibit 10.6
 CONFIDENTIAL
 CHANGE IN CONTROL AGREEMENT
          This Agreement is between TransMontaigne Inc. (“Company”), and Randall J. Larson (the “Executive”), and shall be effective as of May 1, 2002 (the
“Effective Date”).
          WHEREAS the Board of Directors of the Company (the “Board”) has determined that it is in the best interests of the
Company and its stockholders to assure that the Company will have the continued dedication of the Executive notwithstanding the possibility, threat or occurrence of a Change of Control (as defined in this Agreement) of the Company; and
          WHEREAS, the Board has further determined that in order to diminish the distraction of the Executive attributable to the uncertainties and risks created by a pending or
threatened Change of Control and in order to encourage the Executive’s full attention and dedication to the Company both currently and in the event of any threatened or pending Change in Control, it is appropriate to provide the Executive with
compensation and benefits upon the occurrence of a Change in Control which ensure that the compensation and benefits expectations of the Executive will be met and which are competitive with those of other corporations; and
          WHEREAS in order to accomplish these objectives, the Company and the Executive accordingly desire to enter into this Agreement on the terms and conditions set forth
below;
          NOW, THEREFORE, in consideration of the promises and mutual covenants set forth herein and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:
          1.       Term of
Agreement. The term of this Agreement (the “Term”) shall commence on the Effective Date and shall continue until the third anniversary thereof; provided, however, that on such anniversary date and on each
subsequent anniversary of the Effective Date, the term of this Agreement shall automatically be extended for one additional year unless, not later than ninety (90) days prior to such anniversary date, either party shall have given notice that such
party does not wish to extend the Term; and provided, further, that if an actual or threatened Change in Control (as defined in paragraph 3 below) shall have occurred during the original or any extended Term of this Agreement, then the Term of
this Agreement shall continue for a period of twenty-four (24) calendar months beyond the calendar month in which such actual or threatened Change in Control occurs.
          2         Employment After Change in Control. If the Executive is in the
employ of the Company on the date of an actual or threatened Change in Control, the Company shall continue Executive in its employ for the period commencing on the date of the 
    

  actual Change in Control and ending on the last day of the Term of this Agreement (the “Employment Period”). During the Employment Period, the Executive shall hold such position
with the Company and exercise such authority and perform such duties as are substantially commensurate with the Executive’s position, authority and duties immediately prior to the threatened or actual Change in Control. The Executive agrees
that, during the Employment Period, the Executive shall devote his full professional time and attention to the Executive’s duties and perform such duties faithfully and efficiently.
                   Notwithstanding anything in this Agreement to the contrary, if a Change in Control occurs and if the Executive’s
employment with the Company is terminated prior to the date on which the Change in Control occurs, and if it is reasonably demonstrated by the Executive that such termination of employment (i) was at the request of a third party who has taken steps
reasonably calculated to effect a Change in Control, or (ii) otherwise arose in connection with or anticipation of a Change in Control, then for all purposes of this Agreement, the “Employment Period” shall mean the date immediately prior
to the date of such termination of employment.
          3.       Change in Control. For purposes of this Agreement, an actual “Change in Control” shall be deemed to have occurred if upon the occurrence of any of the following:
                   a.   any “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of
the Exchange Act), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
more than 40% of the then outstanding voting stock of the Company without the prior approval of at least two-thirds of the members of the Board who are unaffiliated with such person or group; or
                   b.   at any time during any period of three consecutive years (not including any period prior to the
Effective Date), individuals who at the beginning of such period constitute the Board (and any new director whose election by the Board or whose nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds
of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority thereof; or 
                   c.   the stockholders of the Company approve a merger or consolidation of the Company with any other
corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities
of the surviving entity) at least 80% of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders approve a plan of 

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    complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets.
                   For the purposes of this Agreement, a “threatened Change in Control” means the determination by the Board,
in the exercise of its reasonable business judgment, that a third person has taken steps to effect an actual Change in Control and that such actual Change of Control could occur within ninety (90) days after such determination. 
          4.       Compensation During the Employment Period. During the Employment Period,
the Executive shall be compensated as follows:
                   a.   the Executive shall receive an
annual salary which is not less than his annual salary immediately prior to the Employment Period and shall be eligible to receive an increase in annual salary which is not less favorable than increases in salary for the Company’s other
executives with similar responsibilities and performance levels; 
                   b.   the Executive
shall be eligible to participate in short-term and long-term cash-based incentive compensation plans which, in the aggregate, provide bonus opportunities that are not less favorable to the Executive than the greater of (i) the opportunities
provided to the Company’s other executives with similar responsibilities and performance levels and, (ii) the opportunities provided to the Executive under all such plans in which the Executive was participating prior to the Employment
Period;
                   c.   the Executive shall be eligible to participate in stock option, performance
awards, restricted stock and other equity-based incentive compensation plans (the “Plans”) on a basis not less favorable to the Executive than the greater of the Plans available (i) to the Executive immediately prior to the Employment
Period, or (ii) to other executives of the Company with similar responsibilities and performance levels; and,
                   d.   the Executive shall be eligible to receive employee benefits (including, but not limited to,
tax-qualified and non-qualified savings plan benefits, medical insurance, disability income protection, life insurance coverage and death benefits) and perquisites which are not less favorable to the Executive than (i) the employee benefits and
perquisites provided to the Company’s other executives, or (ii) the employee benefits and perquisites to which the Executive would be entitled under the Company’s employee benefit plans and perquisites as in effect immediately prior
to the Employment Period.
          5.       Termination. For purposes of this
Agreement, “Termination” shall mean termination of the employment of the Executive during the Employment Period (i) by the Company, for any reason other than death or Cause (as defined below), or (ii) by resignation of the
Executive for Good Reason. For the purposes of this Agreement, “Good Reason” shall include, but not be limited to, any of the following events:
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                      a.   the assignment to the Executive by the
Company of duties inconsistent with, or a substantial alteration in the nature or status of, the Executive’s responsibilities immediately prior to a Change in Control;
                   b.   a reduction by the Company in the Executive’s compensation or benefits as in effect on the
date of a Change in Control;
                   c.   a relocation of the Company’s principal offices
to a location outside the Denver, Colorado metropolitan area, or the Executive’s relocation to any place other than the Denver, Colorado offices of the Company, except for reasonably required travel by the Executive on the Company’s
business;
                   d.   any material breach by the Company of any provision of this Agreement, if
such material breach has not been cured within thirty (30) days following written notice of such breach by the Executive to the Company setting forth the nature of the breach; or
                   e.   any failure by the Company to obtain the assumption and performance of this Agreement by any
successor (by merger, consolidation or otherwise) or assign by the Company in accordance with paragraph 15(d) of this Agreement.
                   The date of the Executive’s Termination under this paragraph 5 shall be the date specified by the Executive
or the Company, as the case may be, in a written notice to the other party complying with the requirements of paragraph 15(a) below. For purposes of this Agreement, “Cause” shall mean 
                            (1)   the Executive’s material breach of
the terms of this Agreement, if such material breach has not been substantially cured within thirty (30) days following written notice to the Executive from the Company of such breach setting forth with specificity the nature of the violation or, if
cure cannot reasonably be effected within such 30-day period, if the Executive does not commence such cure within such 30-day period and thereafter pursue such cure continuously and with due diligence until cure has been effected;
                            (2)   the Executive’s willful dishonesty
towards, fraud upon, felony crime against, deliberate material injury or material bad faith action with respect to, or deliberate or attempted injury to the Company; or
                            (3)   the Executive’s conviction for any
felony crime (whether in connection with the Company’s affairs or otherwise).
          6.       Severance Payments. Subject to the provisions of paragraph 9 below, in the event of a Termination described in paragraph 5 above:
                   a.   the Company shall pay the Executive’s unpaid salary, accrued vacation pay and unreimbursed
business expenses through and including the date of Termination; and
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                      b.   in addition, following Executive’s
execution of a legal release in a form satisfactory to Company in its sole discretion reasonably exercised and drafted so as to ensure a final, complete and enforceable release of all claims that Executive has or may have against Company relating to
or arising in any way from Executive’s employment with Company and/or the termination thereof, and complete and continuing confidentiality of Company’s proprietary information and trade secrets, the circumstances of Executive’s
separation from Company, and compensation received by Executive in connection with that separation, in lieu of the amount otherwise payable under paragraph 4 above, the Executive shall continue to receive,
at the Company’s expense, medical insurance, disability income protection, life insurance coverage and death benefits, and perquisites in accordance with
subparagraph 4(d) above for a period of twenty-four (24) months after the date of Termination (under COBRA or through an individual conversion policy, as appropriate), or until Executive becomes eligible for comparable benefits under benefit
plans sponsored by another employer, and shall also be entitled to a lump sum payment in cash no later than ten (10) business days after the date of Termination equal to the sum of:
                            (1)   an amount equal to two (2 times the
Executive’s annual salary rate plus two (2) times target bonus award in effect immediately prior to the date of Termination, plus
                            (2)   an amount equal to the assigned target
bonus for the Executive for the year of Termination prorated through the date of Termination.
          7.       Deferred Compensation Plans.
                   a.   For purposes of
this paragraph, “deferred compensation plans” shall mean all non-qualified deferred compensation plans presently maintained by the Company or adopted in the future by the Company. If an actual or threatened Change in Control occurs during
the original or any extended Term of this Agreement, the Company shall, within thirty (30) days after the earlier of the date of such threatened Change in Control or the date of such actual Change in Control, establish a “rabbi trust” and
transfer to such “rabbi trust” an amount of cash sufficient to provide all benefits accrued by the Executive under all deferred compensation plans. Thereafter, the Company will, at least quarterly, transfer to the “rabbi trust”
an amount of cash sufficient to provide any additional benefits accrued by the Executive under all deferred compensation plans. 
                   b   In the event of a Termination as set forth in paragraph 5 above: (a) all of the
Executive’s benefits, including, without limitation, matching contributions, under all deferred compensation plans shall be 100% vested, regardless of the Executive’s years of service with the Company and regardless of any vesting
provisions of such deferred compensation plans; (b) the Executive will be entitled to all benefits, including, without limitation, matching contributions, under all deferred compensation plans for the year in which such Termination occurs,
regardless of any provision in any 
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    such deferred compensation plan making such benefits contingent upon employment for a particular portion of the year or as of a particular day in that year or making
such benefits contingent upon accrual of a specific number of hours, days, weeks, or months of service during that year.
                   c.   The provisions of paragraph 7(b) apply only in the event of a “Termination” as defined
in paragraph 5. Under paragraph 5, the term “Termination” means termination of employment of the Executive during the “Employment Period.” Under paragraph 2, the “Employment Period” commences on the date of an actual
Change in Control. Therefore, the provisions of paragraph 7(b) do not apply in the case of a termination of employment of the Executive unless such termination of employment of the Executive occurs on or after the date of an actual Change in Control
and unless such termination of employment of the Executive also meets the other requirements of the definition of the term “Termination” set forth in paragraph 5.
          8.       Stock Based Awards. In the event of a Termination as set forth in
paragraph 5 above, the restrictions on any outstanding stock-based awards (including, without limitation, non-qualified stock options, incentive stock options and restricted stock) granted to Executive under any incentive plan or arrangement
shall lapse and such stock-based awards shall become 100% vested, and all stock options and stock appreciation rights granted to Executive shall become immediately exercisable. Notwithstanding anything to the contrary in the Executive’s stock
option agreements with the Company, all such stock options shall be exercisable for a period of twelve (12) months after the date of Termination (but in no event beyond the expiration date applicable to such stock options)
          9.       Make-Whole Payments. If any payment or benefit to which the Executive is
entitled, whether under this Agreement or otherwise, in connection with a Change in Control or the Executive’s Termination (a “Payment”) is subject to any tax under section 4999 of the Internal Revenue Code of 1986, as amended
(the “Code”), or any similar federal or state law (an “Excise Tax”), the Company shall pay to the Executive an additional amount (the “Make-Whole Amount”) which is equal to (i) the amount of the Excise Tax, plus
(ii) the aggregate amount of any interest, penalties, fines or additions to any tax that are imposed in connection with such Excise Tax, plus (iii) all income, excise and other applicable taxes imposed on the Executive under the laws of
any federal, state or local government or taxing authority by reason of the payments required under clause (i), clause (ii) and this clause (iii). Notwithstanding any other provisions of this Agreement, however, such Make-Whole Amount will
not be paid to the Executive if the Payment is less than ten (10) percent above the maximum amount that may be paid without incurring Excise Tax; and in such event, the cash severance payments provided in paragraph 6 above and/or the
outplacement services provided in paragraph 10 below, at the Executive’s election, shall be reduced to a level that results in the total Payment being equal to the maximum amount that may be paid without incurring Excise Tax.

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                      a.   For purposes of determining the
Make-Whole Amount, the Executive shall be deemed to be taxed at the highest marginal rate under all applicable local, state, federal and foreign income tax laws for the year in which the Make-Whole Amount is paid. The Make-Whole Amount payable with
respect to an Excise Tax shall be paid by the Company coincident with the Payment with respect to which such Excise Tax relates.
                   b.   All calculations under this paragraph 9 shall be made initially by the Company and the
Company shall provide prompt written notice thereof to the Executive to enable the Executive to timely file all applicable tax returns. Upon request of the Executive, the Company shall provide the Executive with sufficient tax and compensation data
to enable the Executive or his tax advisor to independently make the calculations described in subparagraph (a) above and the Company shall reimburse the Executive for reasonable fees and expenses incurred for any such verification.

                   c.   If the Executive gives written notice to the Company of any objection to the
results of the Company’s calculations within sixty (60) days of the Executive’s receipt of written notice thereof, the dispute shall be referred for determination to tax counsel selected by the independent auditors of the Company
(“Tax Counsel”). The Company shall pay all reasonable fees and expenses of such Tax Counsel. Pending such determination by Tax Counsel, the Company shall pay the Executive the Make-Whole Amount as determined by the Company in good faith.
The Company shall pay the Executive any additional amount determined by Tax Counsel to be due under this paragraph 9 (together with interest thereon at a rate equal to 120% of the Federal short-term rate compounded dailydetermined under section 1274(d) of the Code) promptly after such determination. 
                   d.   The determination by Tax Counsel shall be conclusive and binding upon all parties unless the
Internal Revenue Service, a court of competent jurisdiction, or such other duly empowered governmental body or agency (a “Tax Authority”) determines that the Executive owes a greater or lesser amount of Excise Tax with respect to any
Payment than the amount determined by Tax Counsel.
                   e.   If a Tax Authority makes a claim
against the Executive which, if successful, would require the Company to make a payment under this paragraph 9, the Executive agrees to contest the claim, with counsel reasonably satisfactory to the Company, on request of the Company, subject
to the following conditions:
                            (1)   The Executive shall notify the Company of any such claim within ten (10) days of becoming aware thereof. In the event that the Company desires the claim to be contested, it shall promptly (but in no event more than thirty
(30) days after the notice from the Executive, or such shorter time as the Tax Authority may specify for responding to such claim) request that the Executive contest the claim. The Executive shall not make any payment of any tax which is the subject
of the claim before the Executive has given the notice, or during the thirty (30) day period thereafter, unless the Executive receives written instructions from the Company to make such 
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    payment together with an advance of funds sufficient to make the requested payment, plus any amounts payable under this paragraph 9 determined as if such advance
were an Excise Tax, in which case the Executive will act promptly in accordance with such instructions.
                            (2)   If the Company so requests, the Executive
will contest the claim by either paying the tax claimed and suing for a refund in the appropriate court, or by contesting the claim in the United States Tax Court or other appropriate court, as directed by the Company; provided, however, that any
request by the Company for the Executive to pay the tax shall be accompanied by an advance from the Company to the Executive of funds sufficient to make the requested payment, plus any amounts payable under this paragraph 9 determined as if
such advance were an Excise Tax. If directed by the Company in writing, the Executive will take all action necessary to compromise or settle the claim, but in no event will the Executive compromise or settle the claim or cease to contest the claim
without the written consent of the Company; provided, however, that the Executive may take any such action if the Executive waives in writing his right to a payment under this paragraph 9 for any amounts payable in connection with such claim.
The Executive agrees to cooperate in good faith with the Company in contesting the claim and to comply with any reasonable request from the Company concerning the contest of the claim, including the pursuit of administrative remedies, the
appropriate forum for any judicial proceedings, and the legal basis for contesting the claim. Upon request of the Company, the Executive shall take appropriate appeals of any judgment or decision that would require the Company to make a payment
under this paragraph 9. Provided that the Executive is in compliance with the provisions of this paragraph, the Company shall be liable for and indemnify the Executive against any loss in connection with, and all costs and expenses, including
attorneys’ fees, which may be incurred as a result of, contesting the claim, and shall provide to the Executive, within ten (10) days after each written request therefor by the Executive, cash advances or reimbursement for all such costs and
expenses actually incurred or reasonably expected to be incurred by the Executive as a result of contesting the claim.
                   f.   Should a Tax Authority finally determine that an additional Excise Tax is owed, then the Company
shall pay an additional Make-Whole Amount to the Executive in a manner consistent with this paragraph 9 with respect to any additional Excise Tax and any assessed interest, fines or penalties. If any Excise Tax as calculated by the Company or
Tax Counsel, as the case may be, is finally determined by a Tax Authority to exceed the amount required to be paid under applicable law, then the Executive shall repay such excess to the Company within thirty (30) days of such determination,
provided that such repayment shall be reduced by the amount of any taxes paid by the Executive on such excess which is not offset by the tax benefit attributable to the repayment.
          10.      Outplacement Services. If the Executive’s Termination occurs during the
Employment Period, the Company shall provide to the Executive, at the Executive’s election, outplacement services of an experienced firm, selected by the Company and acceptable to the Executive, located not more than thirty (30) miles from the
location of 
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    Executive’s office immediately prior to the Employment Period, provided that the cost of such services shall not exceed $30,000 and such services shall not extend
beyond six (6) months from the date of Executive’s Termination.
          11.      Deductions and
Withholding. All payments to the Executive under this Agreement will be subject to applicable deductions and withholding of state and federal taxes.
          12.      Confidentiality, Non-Solicitation and Non-Competition. The Executive agrees
that:
                   a.   Except as may be required by the lawful order of a court or agency of
competent jurisdiction, or except to the extent that the Executive has the express written authorization from the Company, the Executive agrees to keep secret and confidential for a period of two (2) years following the Executive’s termination
of employmentall non-public information concerning the Company, or any entity in which the Company has a 25% or greater ownership interest (“Company-Related Entity”) which was acquired by or
disclosed to the Executive during the course of the Executive’s employment with the Company, or any Company-Related Entity controlled by the Company, and not to disclose the same, either directly or indirectly, to any other person, firm or
business entity or to use it in any way.
                   b.   While the Executive is employed by the
Company or Company-Related Entity and for a period of one (1) year after the date of the Executive’s termination of employment for any reason, the Executive covenants and agrees that Executive will not, whether for Executive or for any other
person, business, partnership, association, firm, company or corporation, initiate contact with, solicit, divert or take away any of the customers (entities or individuals from which the Company or any Company-Related Entity receives rents or
payments for services) of the Company or any Company-Related Entity, or employees of the Company or any Company-Related Entity in existence from time to time during Executive’s employment with the Company or any Company-Related Entity and at
the time of such initiation, solicitation or diversion. 
                   c.   While the Executive is
employed by the Company or any Company-Related Entity, the Executive covenants and agrees that Executive will not, directly or indirectly, engage in, assist, perform services for, plan for, establish or open, or have any financial interest (other
than (i) ownership of 1% or less of the outstanding stock of any corporation listed on the New York or American Stock Exchange or included in the National Association of Securities Dealers Automated Quotation System, or (ii) ownership of
securities in any entity affiliated with the Company) in any person, firm, corporation, or business entity (whether as an employee, officer, director or consultant) that engages primarily in the refined petroleum product terminaling, pipeline
transportation or logistical services business.
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             13.      Dispute Resolution.
                   a.   The Executive and the Company agree that in the event of any controversy
or claim arising out of this Agreement, they shall negotiate in good faith to resolve the controversy or claim privately, amicably and confidentially. Each party may consult with counsel in connection with such negotiations.
                   b.   In the event that such controversy or claim cannot be resolved through such good faith
negotiations, the disputing party may proceed to initiate litigation within thirty (30) days from the date of commencement of such negotiations. In such event, the Company agrees to pay as incurred, to the full extent permitted by law, all legal
fees and expenses which the Executive may reasonably incur as a result of any contest (regardless of the outcome thereof, but not in the case of fees incurred with respect to a claim brought in bad faith by the Executive) initiated by the Company,
the Executive or others regarding the validity or enforceability of, or liability under, any provision of this Agreement or any guarantee of performance thereof (including as a result of any contest by the Executive with respect to the amount of any
payment pursuant to this Agreement), plus in each case, interest on any delayed payment at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code.
          14.      Mitigation and Set-Off. The Executive shall not be required to mitigate the
amount of any payment provided for in this Agreement by seeking other employment or otherwise. The Company shall not be entitled to set-off against the amounts payable to the Executive under this Agreement any amounts owed to the Company by the
Executive, or any amounts earned, or which could have been earned, by the Executive after the date of Executive’s Termination.
          15.      Miscellaneous Provisions. 
                   a.   Notice. Except as otherwise specifically
provided in this Agreement, any notices, requests, demands or other communications provided for by this Agreement shall be sufficient if in writing and if sent by telecopy or facsimile transmission or by hand delivery or registered, certified, or
overnight mail to the Executive at the last address the Executive has filed in writing with the Company or, in the case of the Company, to the attention of the Secretary of the Company, at its principal executive offices. Such notices and
communications shall be deemed to have been received on the date of confirmation of receipt, in the case of telecopy or facsimile transmission, or upon the date of delivery thereof or the fifth (5th) business day after the mailing thereof, whichever
is earlier, in the case of the remaining delivery methods.
                            Any Termination by the Company for Cause, or by the Executive
for Good Reason, shall be communicated by “Notice of Termination” to the other party hereto given in accordance with the procedures above referenced. For the purposes of this Agreement, a “Notice of Termination” means a written
notice which (i) indicates the specific Termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide 
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    a basis for the Executive’s Termination under the provision so indicated, and (iii) if the date of Termination is other than the date of receipt of such Notice of
Termination, specifies the date of Termination, which date shall not be more than thirty (30) days after the giving of such notice. The failure by the Executive or the Company to set forth in the Notice of Termination any fact or circumstance which
contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Company, as the case may be, hereunder or preclude the Executive or the Company, respectively, from asserting such fact or circumstance in enforcing
the Executive’s or the Company’s rights hereunder.
                   b.   Binding Effect; Assignment. This Agreement shall inure to the benefit of, and shall be binding upon, the parties hereto and their respective successors, assigns, heirs, and legal representatives. This Agreement may
not be assigned by the Executive, nor may the Executive assign or pledge any of his rights, including rights to payment, hereunder. 
                   c.   Governing Law. The provisions of this
Agreement shall be construed in accordance with the laws of the State of Colorado, without application of conflict of laws provisions thereunder.
                   d.   Successors to the Company. The Company
shall require any successor, whether direct or indirect, by purchase, merger, consolidation or otherwise, and whether to all or substantially all of the business and/or assets of the Company, to assume and to expressly perform the obligations of
this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any
successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law or otherwise. Such assumption shall be by an express agreement signed by both the successor Company and the Executive and
shall be reasonably satisfactory to the Executive. If the Company fails to obtain such an express assumption, that shall be a breach of this Agreement and shall entitle the Executive to the same benefits and compensation as he would be entitled to
if the Employment Period was terminated under paragraph 5. 
                   e.   Employment Status. Nothing in this Agreement shall be deemed to create an employment agreement between the Company and the Executive providing for the employment of the Executive by the Company for any fixed period
of time, other than as provided in paragraphs 1 and 2. The Executive’s employment is terminable at-will by the Company or the Executive, meaning that either party may terminate the employment relationship at any time, with or without
cause, subject to the provisions of paragraphs 1, 2, and 5. Upon termination of the Executive’s employment prior to the date of a threatened Change in Control, there shall be no further rights under this Agreement. 
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                      f.   Entire
Agreement. This Agreement contains the entire agreement between the parties hereto and supersedes all prior agreements and understandings, oral or written, between the parties hereto concerning its subject matter, with
respect to the subject matter hereof.
                   g.   Amendments and
Waivers. This Agreement may not be modified or amended except by an instrument or instruments in writing signed by the party against whom enforcement or any such modification or amendment is sought. Either party hereto
may, by an instrument in writing, waive compliance by the other party with any term or provision of this Agreement on the part of such other party hereto to be performed or complied with. The waiver by any party hereto of a breach of any term or
provision of this Agreement shall not be construed as a waiver of any subsequent breach.
                   h.   Construction. Headings in this Agreement are for convenience only and shall not control the meaning of this Agreement. Whenever applicable, masculine and neutral
pronouns shall equally apply to the feminine genders; the singular shall include the plural and the plural shall include the singular. The parties have reviewed and understand this Agreement, and each has had a full opportunity to negotiate the
Agreement’s terms and to consult with counsel of their own choosing. Therefore, the parties expressly waive all applicable common law and statutory rules of construction that any provision of this Agreement should be construed against the
Agreement’s drafter, and agree that this Agreement and all amendments thereto shall be construed as a whole, according to the fair meaning of the language used.
                   i.   Severability. In the event that any
provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect.
                   j.   Counterparts. This Agreement may be
executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same Agreement.
          IN WITNESS WHEREOF, the Executive has hereunto set his hand and, pursuant to the authorization from its Board of Directors, the Company has caused these presents to be executed in its name and on its behalf, all as of the day and year first
above written.

	TransMontaigne Inc.	 	 	Randall J. Larson
	
/s/ DONALD H. ANDERSON	 	 	
/s/ RANDALL J. LARSON
	
			

	Donald H. Anderson, President 
Date: May 6, 2002	 	 	Date: May 6, 2002

 12Restated Transition Employment Agreement

  Exhibit 10.37
 RESTATED TRANSITION EMPLOYMENT AGREEMENT
           THIS RESTATED TRANSITION EMPLOYMENT AGREEMENT (the “Agreement”) is made by and between Michael Mulica, an Illinois resident (the “Executive”) and
Openwave Systems Inc., a Delaware corporation (the “Company”) on October 28, 2002.  Executive and the Company may be referred to collectively in this Agreement as the “Parties.”
           The Parties entered into the Transition Employment Agreement effective October 9, 2002 (“Prior Agreement”), the purpose of which is to provide Executive
with the compensation and benefits described herein for the employment transition period beginning on October 1, 2002 and ending on July 31, 2003 (the “Transition Period”) and to release the Company from any liabilities to Executive other
than any that could arise from Company’s failure to perform its obligations to Executive specifically set forth herein. The purpose of this Agreement is to correctly reflect certain agreed to dates. This Agreement supercedes the Prior
Agreement.
           Therefore, in exchange for the mutual covenants, promises and representations described below, the Parties hereby agree as
follows:
           1.          Duties and Scope of Employment
                        1.1          Effective
Date.  The Effective Date of this Agreement shall be October 1, 2002.
                        1.2          Position.  As
of the Effective Date, the Executive shall be employed by the Company as a Senior Vice-President of the Company reporting to the Company’s Chief Operating Officer (the “COO”) and shall have such duties, title and authority as shall be
determined from time to time by the COO.
           2.          Prior
Agreements.  This Agreement supersedes, terminates, and replaces all prior agreements and understandings, including, but not limited to, the Prior Agreement; that letter agreement by which Executive accepted employment with the Company on
the terms and conditions set forth therein, dated as of October 4, 1999 (“Letter Agreement”), and all amendments to the Letter Agreement; that Change of Control Severance Agreement between Executive and the Company which the Company
delivered to Executive for execution in February in 2002 and the Change of Control Agreement entered into by the Executive and the Company (then named Phone.com) dated November 1, 1999 ; the Company’s Executive Severance Benefit Policy; as well
as any other change of control and/or severance agreement and verbal agreements and discussions) between Executive and the Company and/or its affiliates regarding the terms and conditions of Executive’s employment with the Company and/or its
affiliates.  Therefore, as of October 1, 2002, this Agreement is the exclusive document setting forth the terms and conditions under which Executive shall be employed by the Company.  Notwithstanding the foregoing, this Agreement does not
supercede, terminate, or replace any of the following agreements or instruments: (a) that certain Promissory Note dated August 31, 2001, in the original principal amount of $400,000, and made by Executive and payable to the Company; (b) the
Confidential Inventions and Assignment Agreement (the “CIAA”) executed by executive in 1999 when he commenced his employment with the Company; (c) any director and officer indemnification agreement entered into between Executive and the
Company; or (d) any stock option or restricted stock agreements or agreements relating to participation in the Company’s employee stock purchase plan.
           3.          Employment Term.

                         3.1.          Initial
Term.  Commencing on the Effective Date and, unless terminated earlier by the Company or Executive as provided in Section 3.3 of this Agreement, ending on December 31, 2002, (i) Executive’s principal focus shall be customer management,
and (ii) Executive shall devote one hundred percent (100%) of Executive’s business time and best efforts to the performance of Executive’s duties hereunder and will not engage in any other business, profession or occupation for
compensation or otherwise which would conflict with the rendition of such services either directly or indirectly. 
                        3.2.          Final
Term.  Commencing on January 1, 2003 and, unless terminated earlier by the Company or Executive as provided in Section 3.3 of this Agreement, ending on July 31, 2003, (the “Termination Date”), (i) Executive’s principal focus
shall be transactional activity, and (ii) Executive shall devote his best efforts and at least twenty-five percent (25%) of Executive’s business time (and in any event no less than ten (10) hours per week) to the performance of Executive’s
duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict with the rendition of such services either directly or indirectly. 
                        3.3          Right to
Terminate Employment.  The Company and Executive acknowledge and agree that Executive’s employment may be terminated at any time, for any reason or no reason, with or without notice, at the option of either party; provided, however,
that: (a) if Executive’s employment with the Company is terminated by the Company without Cause prior to the Termination Date, then Executive shall be entitled to receive the benefits provided for under this Agreement and at the times set forth
in this Agreement as if his employment had not been terminated prior to the Termination Date provided that Executive complies with Executive’s obligations under Sections 6.1, 6.2 and 6.3 (except to the extent obligations under Section 6.3 are
waived by the Company in a signed writing) and executes a release as described in Section 7.2; and (b) if Executive terminates his employment with the Company prior to the Termination Date, then Executive shall not be entitled to further benefits
under this Agreement except as agreed in writing by the Company’s CEO or COO.  “Cause” for termination shall mean (i) gross negligence or willful misconduct in the performance of the Employee’s duties to the Company; (ii)
breach of any material provisions of this agreement; (iii) a material and willful violation of any federal or state law which if made public would injure the business or reputation of the Company as reasonably determined by the Board of Directors of
the Company; (iv) refusal or willful failure to act in accordance with any specific lawful direction or order of the Company or stated written policy of the Company; (v) commission of any act of fraud with respect to the Company; (vi) conviction of
a felony or a crime involving moral turpitude causing material harm to the standing and reputation of the Company, in each case as reasonably determined by the Board of Directors of the Company; or (vii) termination of employment as result of death
or disability.  If Executive’s employment with the Company terminates for any reason or no reason, Executive understands and agrees that Executive shall not be entitled to any payments, benefits, damages, awards or compensation other than
as provided in this Agreement. 
           4.          Compensation and Benefits.

                       4.1         
 Salary.  During the Transition Period while Executive is employed by the Company, and subject to Section 6.6 of this Agreement, the Company shall pay Executive base pay at the annualized rate of $300,000 (“Base Pay”).
Such Base Pay shall be payable in regular installments in accordance with the Company’s usual payroll practices and reduced by applicable required or authorized withholding. 
                        4.2          Variable
Pay.  During the Transition Period while Executive is employed by the Company, and subject to Section 6.6 of this Agreement, in the event Executive fully complies with the time and activity focus stipulations of this agreement, those
activity focus areas will be described as “management by objective” goals (“MBOs”) for a given fiscal quarter of the Company (to be mutually agreed upon by the parties within 30 days of execution of this agreement, and as may be
modified by mutual written agreement from time to time), Executive shall be entitled to receive variable pay equal to 100% of the Base Pay paid to Executive during such fiscal quarter (“Variable Pay”).  The MBO’s shall be
initialed by each party and then set forth on Annex A attached to this Agreement.  Executive shall work full time for the Company until December 31, 2002, and shall work part time and shall be available at least 25% of full time for the period
from January 1 through the Termination Date. Achievement of the MBO’s is defined as the participation in activities as defined by the COO for the period or time specified it this Agreement.  Measurement of the achievement of the MBO’s
will be based only upon  participation in the areas of activity of focus defined by the COO, for the working hours defined in this Agreement. Such Variable Pay which the Company determines that Executive has earned shall be paid within
thirty-five days following the end of the relevant quarter, reduced by applicable required or authorized withholding. 
 2

                         4.3          Bonus.
  Upon the execution of this Agreement by the parties and the effectiveness of Executive’s general release of claims set forth in Section 7 of this Agreement, Executive shall receive a bonus in the amount of one hundred thousand dollars
($100,000) plus the amount of any accrued but unpaid interest as of October 1, 2002 (the “Bonus”), plus an additional amount sufficient to pay all applicable federal, state and local income and employment taxes imposed on the Bonus,
assuming that Executive is liable for such taxes on the Bonus at the highest stated marginal tax rate for each applicable tax, in order to leave Executive with an amount after the payment of all applicable taxes equal to the Bonus. 

                       4.4          Stock
Option.  Executive shall be granted an option to purchase one hundred thousand (100,000) shares of the Company’s common stock at a per share exercise price equal to the Fair Market Value (as defined below) of the common stock on the
date of grant (the “Option”).  Seventy five thousand (75,000) of the shares of the Company’s common stock which are subject to the Option shall become vested and exercisable in equal monthly installments on the last day of each
calendar month beginning with November 2002 and ending on July 2003 provided that Executive has remained continuously employed with the Company through the relevant vesting date.  The remaining 25,000 shares subject to the Option shall become
vested and exercisable all at one time on July 31, 2003 provided that Executive has remained continuously employed with the Company through July 31, 2003, and has not breached any provisions of this Agreement.    Except as specified
in this Section 4.4, the Option shall contain the standard terms and conditions applicable generally to stock options granted by the Company to its employees in the United States. 
                The fair market value of the Company’s Common Stock on a given date (the “Fair Market Value”) shall be equal to the
closing sales price of the Company’s common stock on such date (or, in the event that the common stock is not traded on such date, on the immediately preceding trading date), as reported by the National Association of Securities Dealers
Automated Quotation (Nasdaq) National Market System or, if such price is not reported, the mean of the bid and asked prices per share of the common stock as reported by Nasdaq or, in the event the common stock is listed only on a different stock
exchange, the Fair Market Value per share shall be the closing sales price on such exchange on such date (or, in the event that the common stock is not traded on such date, on the immediately preceding trading date), as reported in The Wall
Street Journal.  
                        4.5.          Employee
Benefits.  During the Transition Period, and subject to Section 6.6 of this Agreement, Executive shall be eligible to participate in the Company’s standard employee benefit plans, programs and arrangements which are generally available
to the Company’s employees in the United States according to their terms, as modified by the terms of this Agreement.
           5.          Additional Payments and Benefits on Termination Date.  On July 31, 2003 (the
“Termination Date”), and so long as Executive remains in the sole employ of the Company through the Termination Date and executes an effective release of claims as described in Section 7.2 below, Executive shall be entitled to the
following additional payments and benefits:
                        5.1          Executive shall
receive a one-time lump sum cash payment equal to two months Base Pay and an equal amount of Variable Pay.
                        5.2.          In the event that
Executive achieves the quarterly MBOs referred to in Section 4.2 above and complies with Executive’s obligations under Sections 6.1, 6.2 and 6.3, Executive shall receive a severance payment in the amount of the sum of three hundred thousand
dollars ($300,000) plus the amount of any accrued but unpaid interest as of July 31, 2003 (the “Severance Payment Amount”), plus an additional amount sufficient to pay all applicable federal, state and local income and employment taxes
imposed on the Severance Payment Amount, assuming that Executive is liable for such taxes on the Severance Payment Amount at the highest stated marginal tax rate for each applicable tax, in order to leave Executive with an amount after the payment
of all applicable taxes equal to the Severance Payment Amount.  Executive shall not be entitled to the Severance Payment Amount should the Executive terminate employment prior to the Termination Date unless the Company consents to such early
termination in writing, Executive executes a release as described in Section 7.2, and Executive complies with his obligations under Sections 6.1, 6.2 and 6.3 or the Company consents, in a writing signed by the CEO or COO, to Executive accepting a
competing position (provided that the Company’s consent shall not be unreasonably withheld).
 3

            6.          Restrictive Covenants; Non-Competition; Change of
Status.  
                        6.1.         
 Confidentiality; Policies and Procedures.  Executive agrees to abide by the terms and conditions of the Company’s Confidential Information and Invention Assignment Agreement previously signed by the Executive. 
Executive also agrees to continue to abide by the terms and conditions of the Company’s standard policies and procedures which apply to its employees generally. 
                        6.2.          No
Interference With Business.  Executive agrees that during his employment and thereafter, he will not disrupt, damage, impair or interfere with the business of the Company. Executive further agrees not to make any public statement or
statements to the press concerning the Company, its business objectives, its management practices, or other sensitive information without first receiving the Company’s written approval, and to take no action which would cause the Company or its
employees or agents any embarrassment or humiliation or otherwise cause or contribute to the Company’s or any such person’s being held in disrepute by the general public or the Company’s employees, clients, or customers.

                       6.3         
 Non-Compete.  As a Senior Vice President of the Company, Executive has acquired and will continue to acquire knowledge of sensitive and confidential information relating to product development road maps, marketing plans,
competitive plans and pricing strategies and trade secrets (the “Confidential Information”). Executive acknowledges that the Confidential Information which the Company has provided and will provide to Executive could play a significant
role and provide a competing business with a significant competitive advantage against the Company were Executive to directly or indirectly be engaged in any business in Competition (as hereinafter defined) with the Company or its
subsidiaries.  As a condition to being entitled to any of the benefits described in this Agreement, Executive agrees that prior to July 31, 2003, without the prior consent of the Company in a writing signed by either the Company’s Chief
Executive Officer or Chief Operating Officer, Executive will not (a) pursue any employment opportunity with any business, which is in Competition with the existing business of the Company or its subsidiaries or (b) either as principal, manager,
agent, consultant, officer, stockholder, partner, investor, lender or employee or in any other capacity, carry on, engage in, or have any financial interest in (other than an ownership position of less than 1 percent in any company whose shares are
publicly traded), any business, which is in Competition with the existing business of the Company or its subsidiaries (in either case, a “Competitive Activity”).  Notwithstanding the foregoing, after March 15, 2003, executive may
accept one or more positions on boards of directors or board advisory positions without the consent of the Company and acceptance of one or more such positions shall not be deemed a violation of this Non-compete provision provided that (a) Executive
does not violate the terms of his CIAA and (b) informs the CEO or COO of the Company prior to attending such competitors or potential competitors board meetings or otherwise providing advice to such company, person, or other entity.  Any
compensation received by Executive for such board or advisory board service shall not reduce the amounts of payments that Executive is entitled to receive under this Agreement. 
                        6.4          Definition of
Competition.  For purposes of this Section 6, a business shall be deemed to be in “Competition” with the Company or its subsidiaries if it is engaged in or has taken concrete steps toward engaging in the business of providing (A)
software that enables Internet connectivity or enables or provides data services on mobile devices (such as messaging and location) to communication service providers or enterprise customers, or (B) messaging software to communication service
providers, Internet service providers or enterprise customers, either as carried on or being developed by the Company or its subsidiaries as of the applicable date, in all cities, counties, states and countries in which the business of the Company
or its subsidiaries is then being conducted or its products are being sold.
                        6.5          Acceptance of
Employment.  If at any time during the Transition Period, Executive accepts employment with or otherwise provides services to any business that (i) is not in Competition with the existing business of the Company or (ii) Executive has
received the prior written consent of the Chief Executive Officer or Chief Operating Officer described in Section 6.3 above to apply for a position and work for or with such business, Executive’s employment with the Company shall immediately
terminate, the Transition Period shall immediately end, and Executive shall immediately cease earning any additional Base Salary or Variable Pay or any other benefits payable under Section 4; provided, however, that Executive shall still be entitled
to the Additional Payments under 5.1 and 5.2 which shall be paid by the Company on July 31, 2003 (provided further that Executive satisfies all pre-conditions for their payment described in Section 5, except for the requirement that Executive remain
employed by the Company through the Termination Date).  If at any time during the Transition Period,
 4

  Executive accepts employment with or otherwise provides services to any business that is in Competition with the existing business of the Company and Executive has not received
the prior written consent of the Chief Executive Officer or Chief Operating Officer described in Section 6.3 above to apply for a position and work for or with such business, Executive’s employment with the Company shall immediately terminate,
the Transition Period shall immediately end, Executive shall immediately cease earning any additional Base Salary or Variable Pay, Executives options and restricted stock shall immediately cease vesting, and Executive shall not be entitled to the
Additional Payments under 5.1 and 5.2 and Executive shall reimburse the Company for the bonus payment paid to him under Section 4.3.
                        6.6          Specific
Performance.  Executive and the Company agree that the covenants in Section 6 are reasonable covenants under the circumstances, and further agree that if in the opinion of any court of competent jurisdiction such restraints are not
reasonable in any respect, such court shall have the right, power and authority to excise or modify such provision or provisions of any such covenant as to the court shall appear not reasonable and to enforce the remainder of the covenant as so
amended.  Executive agrees that any breach of the covenants contained in Sections 6.1, 6.2 or 6.3 would irreparably injure the Company.  Accordingly, Executive agrees the Company’s remedies at law for a breach or threatened breach of
any of the provisions of Section 6 would be inadequate and, in recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, the Company may, without posting any bond, in addition to pursuing any other remedies
it may have in law or in equity, obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available against Executive from any court
having jurisdiction over the matter, restraining any further violation of this Agreement by Executive.  In addition, in the event that Executive does not comply with all of his obligations set forth under this Section 6, notwithstanding any
other provision in this Agreement to the contrary and notwithstanding any efforts which the Company may make to pursue other remedies available in law or in equity, the Company may also cease making any payments otherwise required by this Agreement
and all shares of restricted stock of the Company and options to purchase shares of the Company’s common stock held by Executive shall automatically cease vesting.  
           7.          Release
                        7.1.          Current
Release.  Executive, on behalf of himself and his heirs, estate, executors, administrators, successors and assigns, does hereby release, acquit and forever discharge the Company, its parents and subsidiaries, and their officers, directors,
agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys fees, damages, indemnities and obligations of every kind and nature, in
law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed (other than Executive’s rights under this Agreement and other than any claim for indemnification Executive may have as a result of any third
party action against Executive based on Executive’s employment with the Company), arising out of or in any way related to agreements, events, acts or conduct at any time prior to and including the date Executive executes this Agreement,
including, but not limited to: all such claims and demands directly or indirectly arising out of or in any way connected with Executive’s employment with the Company or the termination of that employment, including but not limited to, claims of
intentional and negligent infliction of emotional distress, any and all tort claims for personal injury, claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay,
fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or local law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, the federal Age
Discrimination in Employment Act of 1967 (“ADEA”), the federal Employee Retirement Income Security Act of 1974, the federal Rehabilitation Act of 1973, the federal Americans with Disabilities Act of 1990, the federal Fair Labor Standards
Act, the federal Family Medical Leave Act, the California Fair Employment and Housing Act, and any amendments to the foregoing laws; tort law; contract law; wrongful discharge; discrimination; fraud; defamation; emotional distress; and breach of the
implied covenant of good faith and fair dealing; provided, however, that nothing in this paragraph shall be construed in any way to release the Company from its obligation to indemnify Executive pursuant to the Company’s indemnification
obligation pursuant to agreement, its bylaws or applicable law.
                        7.2          Future
Release.  Executive agrees that in exchange for the payments and other consideration Executive receives during the Final Term under this Agreement to which he would not otherwise be entitled, Executive shall execute the Release in
substantially the form attached hereto as Exhibit A on the day
 5

  immediately following the end of the Final Term, and such release must become effective in accordance with its terms.  The Company, in its sole discretion, may modify the
form of the required release to comply with applicable law and will determine the form of the required release.
           8.          Waiver Of Section 1542.  Executive confirms that he has read Section 1542 of the Civil Code
of the State of California, which provides as follows:
           A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW
OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.
 Executive understands that Section 1542
gives him the right not to release existing claims of which he is not now aware, unless he voluntarily chooses to waive this right. With this knowledge, Executive nevertheless voluntarily waives the rights described in Section 1542, and in any
similar provision under the law of the State of Illinois, and elects to assume all risks for claims that may now exist in his favor, known or unknown. 
           9.          Waiver Of Claims Under The ADEA.  Executive acknowledges he is waiving and releasing
any rights he may have under the Age Discrimination in Employment Act and that this waiver and release is knowing and voluntary.  He acknowledges he has been advised by this writing that (i) he should consult with an attorney prior to executing
this release, (ii) he has twenty one (21) days within which to consider this release prior to signing and is waiving this right, and (iii) he has seven (7) days from the date of his execution of this release to revoke this waiver and release. The
Executive understands and agrees that to revoke this waiver and release, he must submit a written statement of revocation to the Company within the seven-day revocation period described in this paragraph. Executive further understands and agrees
that if he revokes this release, he forfeits all benefits due him under the Agreement, and must repay to the Company benefits he may have received under the Agreement.
           10.          Change of Control Benefits. 
                          10.1         
 Occurrence of a Change of Control.  If the Executive is employed at the time of the occurrence of a Change of Control, then 50% of the unvested portion of any stock option or restricted stock granted to the Executive by the
Company and then held by the Executive shall automatically be accelerated so as to become immediately vested.  This partial acceleration of vesting shall be applied equally to each vesting installment of all then outstanding stock options and
restricted stock grants.
                          10.2         
 Definition of Change of Control.  “Change of Control” means the occurrence of any of the following events:
           (i)          The sale, exchange, lease or other disposition of all or substantially all of the assets
of the Company to a person or group of related persons (as such terms are defined or described in Section 3(a)(9) and 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that will continue the business of the
Company in the future;
           (ii)          A merger or consolidation involving
the Company in which the voting securities of the Company owned by the shareholders of the Company immediately prior to such merger or consolidation do not represent, after conversion if applicable, more than fifty percent (50%) of the total voting
power of the surviving controlling entity outstanding immediately after such merger or consolidation; provided that any person who (1) was a beneficial owner (within the meaning of Rules 13d-3 and 13d-5 promulgated under the Exchange Act) of the
voting securities of the Company immediately prior to such merger or consolidation, and (2) is a beneficial owner of more than 20% of the securities of the Company immediately after such merger or consolidation, shall be excluded form the list of
shareholders of the Company immediately prior to such merger or consolidation for purposes of the preceding calculation); or
           (iii)          The direct or indirect acquisition of beneficial ownership of at least fifty percent
(50%) of the voting securities of the Company by a person or group of related persons (as such terms are defined or described in Sections 3(a)(9) and 13(d)(3) of the Exchange Act); provided, that “person or group of related persons” shall
not include the Company, a subsidiary of the Company, or an employee benefit plan sponsored by the Company or a
 6

  subsidiary of the Company (including any trustee of such plan acting as trustee)
                          10.3         
 Extension of Exercise Period.  If the Executive is employed at the time of the occurrence of a Change of Control and  the time period following termination of employment available to Executive for exercise of all or any
portion of the outstanding stock options granted to such Executive is less than one year, then that exercise period shall be extended so that it ends one year following the Executive’s employment termination date.  
                          10.4.         
 Tax Matters.   In the event that a Change of Control occurs prior to the Termination Date and the benefits provided for under  Section 10 or otherwise under this Agreement, when combined with other benefits payable
under this Agreement or otherwise payable to Executive, (i) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) become subject to the excise
tax imposed by Section 4999 of the Code (or any corresponding provisions of state tax law), then Executive’s benefits under Section 10.1 shall still be delivered in full, and in addition Executive shall receive an additional lump sum cash
payment, taking into account all applicable federal, state, local and other income, employment and other taxes and the excise tax imposed by Section 4999 (assuming for purposes of this calculation that Executive is liable for such taxes at the
highest marginal tax rate) that results in no reduction to Executive in the amount or the value of the benefits under Section 10.1 of this Agreement as a result of the application of Sections 280G and 4999 of the Code (and any corresponding
provisions of state tax law).  Unless the Company and Executive otherwise agree in writing, any determination required under this Section 5 shall be made in writing by the Company’s independent accounting firm (the
“Accountants”).  For purposes of making the calculations required by this Section 5, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations
concerning the application of Sections 280G and 4999 of the Code.  The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this
Section 10.4.  The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 10.4.  
           11.          Successors.
                          11.1         
 Company’s Successors.  Any successor to the Company (whether direct or indirect and whether by purchase, merger, consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or
assets shall assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and to the same extent as the Company would be required to perform such obligations in the absence of a
succession.  For all purposes under this Agreement, the term “Company” shall include any successor to the Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 11.1 or
which becomes bound by the terms of this Agreement by operation of law or otherwise.
                          11.2         
 Executive’s Successors.  The terms of this Agreement and all rights ofExecutive hereunder shall inure to the benefit of, and be enforceable by, Executive’s personal or legal representatives, executors, administrators,
successors, heirs, distributes, devisees and legatees.  Since this is a personal services contract, Executive’s obligations under this Agreement shall not be assignable.
           12.          Notice.  Notices and all other communications contemplated by this Agreement shall be in
writing and shall be deemed to have been duly given either (i) when personally delivered or sent by facsimile or (ii) five (5) days after being mailed by U.S. registered or certified mail, return receipt requested and postage prepaid.  In the
case of Executive, mailed notices shall be addressed to him at the home address or facsimile number which he most recently communicated to the Company in writing.  In the case of the Company, mailed notices or notices sent by facsimile shall be
addressed to its corporate headquarters, and all notices shall be directed to the attention of its General Counsel.
 7

            13.          Governing Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of Illinois.
           14.          Entire Agreement.  This Agreement contains the entire understanding of the parties with
respect to the Executive’s employment during the Transition Period.  This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto.  
           15.          Waiver.  If either party should waive any breach of any provision of this Agreement, they
shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.
           16.          Severability.  The parties intend that the covenants and agreements contained in the
provisions of this Agreement shall be deemed to be a series of separate covenants and agreements.  If, in any judicial proceeding, a court shall refuse to enforce all of the separate covenants deemed included in the provisions of this
Agreement, then such unenforceable covenants shall be deemed eliminated from the provisions of this Agreement for the purpose of such proceeding to the extent necessary to permit the remaining separate covenants to be enforced in such
proceeding.  If any one or more of the covenants contained in this Agreement is for any reason held to be excessively broad as to duration, geographical scope, activity or subject, it will be construed by limiting and reducing it, so as to be
enforceable to the extent compatible with the applicable law as it then appears.
           17.          Withholding Taxes.  The Company may withhold from any amounts payable under this Agreement
such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.
           18.          Dispute Resolution. To ensure rapid and economical resolution of any disputes which may arise
under this Agreement or otherwise out of Employee’s employment relationship with the Company, the Company and Employee each agree that any disputes or controversies, whether of law or fact of any nature whatsoever (including, but not limited
to, all claims by Executive for employment discrimination, harassment, retaliation, wrongful termination, or violations under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans With Disabilities Act,
the Family and Medical Leave Act, or the Employee Retirement Income Security Act, or under any other federal, state, foreign or local law, regulation, ordinance, executive order, constitution, or common law doctrine), with the sole exception of
those disputes which may arise from Employee’s obligations referred to in Sections 6.1, 6.2 and 6.3 of this Agreement, arising from or related to Employee’s services to the Company or the termination of such services, shall be resolved by
final and binding confidential arbitration conducted by Judicial Arbitration and Mediation Services, Inc. (“JAMS”) under the then existing JAMS Rules of Practice and Procedure; provided that the arbitrator shall: (a) have the authority to
compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (b) issue a written arbitration decision including the arbitrator’s essential findings and conclusion and a
statement of the award.  Each party shall pay half of JAMS’ arbitration fees.  In addition to any other relief, the arbitrator may award to the prevailing party recovery of its attorneys’ fees and costs.  Nothing in this
Agreement is intended to prevent either Executive or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration.  Any arbitration shall be held in the State of Illinois, and
furthermore shall be held in Chicago, Illinois to the extent reasonably practicable. .
           19.          Headings.  The headings and captions in this Agreement are included solely for convenience
of reference and shall not control the meaning or interpretation of any provisions of this Agreement.
           20.          Facsimile; Counterparts.  This Agreement may be executed and delivered by facsimile and in
separate counterparts, any one of which need not contain signatures
 8

  of more than one party, but all of which taken together will constitute one and the same Agreement and shall be equally binding as signed copies penned in ink and hand
delivered.
           IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement effective as of the day and year first above
written.

	  
 	 OPENWAVE SYSTEMS INC.
 
	  
 	  
 
	  
 	 By:
 
	  
 	  
 	 
 
	  
 	 Name:
 
	  
 	 Title:
 
	  
 	  
 
	  
 	 EXECUTIVE:
 
	  
 	  
 
	  
 	 
 
	  
 	 Michael Mulica
 
	  
 	  
 
	  
 	 October 28, 2002
 
	  
 	 
 
	  
 	 Date
 
	  
 	  
 
	  
 

 Exhibit A
 RELEASE

          This general release of claims (“Release”) is being executed pursuant to the terms set forth in that Employment Agreement and General
Release with an effective date of October 1, 2002, between me and the Company (the “Agreement”), which Agreement I have previously executed. Certain capitalized terms used in this Release are defined in the Agreement.
           I hereby confirm my obligations under the form of the Company’s Confidential Information and Invention Assignment Agreement, which I have previously
signed.  I also confirm my obligations described in Section 6 of the Agreement.
           I, on behalf of myself and my heirs, estate,
executors, administrators, successors and assigns, do hereby release, acquit and forever discharge Openwave, its parents and subsidiaries, and their officers, directors, agents, servants, employees, shareholders, successors, assigns and affiliates,
of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected,
disclosed and undisclosed (other than my rights under the Agreement and any claim for indemnification I may have as a result of any third party action against me based on my employment with the Company), arising out of or in any way related to
agreements, events, acts or conduct at any time prior to and including the date I execute this Release, including, but not limited to:  all such claims and demands directly or indirectly arising out of or in any way connected with my employment
with the Company or the termination of that employment, including but not limited to, claims of intentional and negligent infliction of emotional distress, any and all tort claims for personal injury, claims or demands related to salary, bonuses,
commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or local law or cause
of action including, but not limited to, the federal Civil Rights Act of 1964, the federal Age Discrimination in Employment Act of 1967 (“ADEA”), the federal Employee Retirement Income Security Act of 1974, the federal Rehabilitation Act
of 1973, the federal Americans with Disabilities Act of 1990, the federal Fair Labor Standards Act, the federal Family Medical Leave Act, the California Fair Employment and Housing Act, and any amendments to the foregoing laws; tort law; contract
law; wrongful discharge; discrimination; fraud; defamation; emotional distress; and breach of the implied covenant of good faith and fair dealing; provided, however, that nothing in this paragraph shall be construed in any way to release the
Company from its obligation to indemnify me pursuant to the Company’s indemnification obligation pursuant to agreement, its bylaws or applicable law.
 9

 
           I agree that the claims released pursuant to this Release include all claims against individual employees of
Openwave, whether or not such employees were acting within the scope of their employment.
           I acknowledge that I have read and understand
Section 1542 of the California Civil Code which reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must
have materially affected his settlement with the debtor.”  I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release of any claims I may
have against the Company.
           At Openwave’s request, I agree to cooperate fully in connection with any legal matter, proceeding or action
relating to Openwave.
           I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under ADEA.  I
also acknowledge that the consideration given under the Agreement for the waiver and release in the preceding paragraph hereof is in addition to anything of value to which I was already entitled.  I further acknowledge that I have been advised
by this writing, as required by the ADEA, that:  (A) my waiver and release do not apply to any rights or claims that may arise on or after the date I execute this Release; (B) I have the right to consult with an attorney prior to executing this
Release; (C) I have twenty-one (21) days to consider this Release (although I may choose to voluntarily execute this Release earlier); (D) I have seven (7) days following my execution of this Release to revoke the Release; and (E) this Release shall
not be effective until the date upon which the revocation period has expired, which shall be the eighth (8th) day after I execute this Release.

	  
 	 EXECUTIVE
 
	  
 	  
 
	  
 	 
 
	  
 	 Michael Mulica
 
	  
 	   
 
	  
 	 Date:
 
	  
 	  
 	 
 
	  
 	  
 	  
 
	 10

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