Document:

Restricted Stock Purchase Agreement

 EXHIBIT 10.3 
 PHOENIX TECHNOLOGIES LTD 
 RESTRICTED STOCK PURCHASE AGREEMENT  
 NOTICE OF GRANT 
 Phoenix
Technologies Ltd, a Delaware corporation (the “Company”), hereby grants to the employee named below (the “Employee”) the right to acquire Restricted Stock (the “Grant”). The terms and conditions of the Grant are set
forth in this Notice of Grant, and in the attached Restricted Stock Purchase Agreement (the “Agreement”). 
  

			
	Name of Employee:	  	Woodson Hobbs
		
	Date of Grant:	  	September 27, 2006
		
	Consideration:	  	Promise of Future Services
		
	Price of a Share:	  	Par Value ($0.001)
		
	Total Number of Shares Granted:	  	100,000

 Additional Terms/Acknowledgements: The undersigned Employee acknowledges receipt of, and
understands and agrees to, this Notice of Grant, and the Agreement. Employee further acknowledges that as of the Date of Grant, this Notice of Grant, the Agreement, the offer letter between the Employee and the Company dated September 6, 2006
(the “Offer Letter”) and the Severance and Change of Control Agreement between the Optionee and the Company dated September 6, 2006 (the Severance and Change in Control Agreement”) set forth the entire understanding between
Employee and the Company regarding the Grant and supersede all prior oral and written agreements on that subject. 
 Withholding
Obligations: The undersigned Employee acknowledges that the Grant may give rise to federal, state, local and foreign tax withholding obligations. As discussed in more detail in Section 13 of the Agreement, the undersigned shall make
acceptable arrangements to pay any withholding or other taxes that may be due as a result of the vesting of the Grant. 
  

							
	PHOENIX TECHNOLOGIES LTD.	    	EMPLOYEE
		
	 /s/ Scott C. Taylor
	    	 /s/ Woodson Hobbs

	Scott C. Taylor	    	Signature
	Senior Vice President, General Counsel and	    		 	
	Secretary	    		 	
				
	Date:	 	  
	    	Date:	 	  

  

			
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 PHOENIX TECHNOLOGIES LTD 
 RESTRICTED STOCK PURCHASE AGREEMENT 
 1. Grant of Restricted Stock. Pursuant to
the Notice of Grant, this Restricted Stock Purchase Agreement (the “Agreement”), the Offer Letter (as defined in the Notice of Grant) and the Severance and Change of Control Agreement (as defined in the Notice of Grant), Phoenix
Technologies Ltd., a Delaware corporation (the “Company”), has granted Employee an award of Restricted Stock for the number of shares of the common stock of the Company (the “Common Stock”) indicated in the Notice of Grant (the
“Grant”). The Grant is not intended to constitute a “nonqualified deferred compensation plan” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and will be interpreted accordingly.

 2. Vesting. Subject to all the terms and conditions of this Agreement, including but not limited to Section 4(c) of this Agreement, the
Restricted Stock under the Grant vests as to 50% of the total number of Restricted Stock covered by the Grant (as shown on the Notice of Grant) on the two-year anniversary of the commencement of Employee’s employment with the Company.
Thereafter, the remaining unvested Restricted Stock covered by the Grant shall vest in four (4) substantially equal installments (rounded to the nearest whole number) every six (6) months starting on the first business day of the sixth
month following the two-year anniversary of the commencement of Employee’s employment with the Company, so that the Restricted Stock covered by the Grant is fully vested on the fourth anniversary of the commencement of Employee’s
employment with the Company. No Restricted Stock will vest after the Employee ceases to provide service to the Company; subject to certain vesting acceleration in connection with certain terminations of employment as described in the Severance and
Change in Control Agreement. The Restricted Stock subject to this Grant may vest on an accelerated basis pursuant to the Severance and Change in Control Agreement. 
 3. Administration of Agreement. This Agreement shall be administered by the Company’s Board of Directors (“Board”) or a committee thereof (“Committee”) that satisfies the requirements of Applicable Law
(individually or collectively, the “Administrator”). To the extent desirable to treat the transactions contemplated under this Agreement as exempt under Rule 16b-3 under the Securities Exchange Act of 1934 (the “Exchange Act”),
the Committee shall consist of at least two “non-employee directors” as defined under Rule 16b-3. Subject to the provisions of this Agreement, the Administrator shall have the authority in its discretion: 
 (a) to construe and interpret the terms of this Agreement; 
 (b) to modify or amend the Grant (subject to Section 5 of the Agreement); 
 (c) to authorize any person
to execute on behalf of the Company any instrument required to effect the Grant; and 
 (d) to make all other determinations deemed necessary
or advisable for administering the Agreement. 
  

			
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 The Administrator’s decisions, determinations and interpretations shall be final and binding on the
Employee. 
 4. Adjustment upon Changes in Capitalization, Dissolution or Liquidation, or Change of Control.  
 (a) Changes in Capitalization. Subject to any required action by the stockholders of the Company, the number of shares of Restricted Stock covered
by the Grant shall be proportionately adjusted for any increase or decrease in the number of issued shares of Common Stock resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Stock, or any
other increase or decrease in the number of issued shares of Common Stock effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been
“effected without receipt of consideration.” Such adjustment shall be made by the Board, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares
of stock of any class, or securities convertible into shares of stock of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number of shares of Restricted Stock subject to this Grant. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the Company, the Administrator may provide for the full
acceleration of the vesting of the Restricted Stock granted under this Agreement. 
 (c) Change of Control. Notwithstanding
Section 2 above, in the event of a Change of Control, as defined in the Employee’s Severance and Change of Control Agreement dated September 6, 2006 (the “Change of Control Agreement”), the terms of such Change of Control
Agreement shall apply to the Grant of this Restricted Stock. 
 (d) Corporate Transaction. In the event of (i) the consummation
of a merger of the Company with or into another corporation, or (ii) the consummation of the sale of all or substantially all of the assets or all or substantially all of the outstanding securities of the Company ((i) or (ii) is referred
to herein as a “Corporate Transaction”), the forfeiture, reacquisition or repurchase rights for the shares of Restricted Stock covered by this Grant shall be assigned by the Company to the successor corporation (or any parent of
subsidiary). In the event that the successor corporation refuses to receive an assignment of or continue such rights, the shares of Restricted Stock covered by this Grant shall become fully vested. If as a result of a Corporate Transaction, the
shares of Restricted Stock become fully vested, the Administrator, with the consent of the Employee, may (but is not obligated to) provide for a cash payment in exchange for such shares of Restricted Stock. 
  

			
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 5. Amendment and Termination of Agreement. The Board may at any time amend, alter, suspend or terminate the
Agreement, provided that no amendment, alteration, suspension or termination of the Agreement shall impair the rights of the Employee, unless mutually agreed otherwise between the Employee and the Administrator, which agreement must be in writing
and signed by the Employee and the Company. 
 6. Forfeiture/Right of Repurchase. The Restricted Stock the Employee acquires under the Grant may
subject to (i) forfeiture, (ii) a right of repurchase in favor of the Company, or (iii) both. The Restricted Stock the Employees acquires under the Grant will become nonforfeitable as the shares vest pursuant to Section 2 above
and the applicable provisions of the Severance Agreement. Moreover, the Company’s right to repurchase the Restricted Stock the Employee acquires pursuant to the Grant will lapse and expire at the same rate as the Restricted Stock vests. For
purposes of facilitating the enforcement of the provisions of this Section, the Company may issue stop-transfer instructions on the Restricted Stock to the Company’s transfer agent, or otherwise hold the Restricted Stock in escrow, until the
Restricted Stock has vested and the Employee has satisfied any applicable tax withholding obligations. The Shares shall be delivered to Employee within two (2) business days after vesting and payment of all tax withholding obligations. Any new,
substituted or additional securities or other property which is issued or distributed with respect to the Restricted Stock that has not vested shall be subject to the same terms and conditions as are applicable to the Restricted Stock under this
Agreement. 
 7. Leave of Absence. For purposes of this Agreement, the Employee is a common-law employee, and the Employee’s service does not
terminate when the Employee goes on a bona fide leave of absence that was approved by the Company (or its parent or subsidiary) in writing, if the terms of the leave provide for continued service crediting, or when continued service crediting is
required by “Applicable Law” (as such term is defined in the Company’s 1999 Stock Plan). The Employee’s service terminates in any event when the approved leave ends, unless the Employee immediately returns to active work. The
Company determines which leaves count for this purpose, and when the Employee’s service terminates for all purposes under this Agreement. 
 8.
Service Provider Rights. The Employee acknowledges and agrees that the vesting of the Restricted Stock pursuant to the vesting schedule in this Agreement is earned by continuing as an employee at the will of the Company (and not through the
act of being hired or the award of the Grant), except as otherwise provided for the vesting acceleration pursuant to the Severance Agreement. The Employee further acknowledges and agrees that neither this Agreement nor the transactions contemplated
hereunder constitute an express or implied promise of continued employment for any period, and shall not interfere with the Employee’s or the Company’s right to terminate the Employee’s employment at any time or for any reason.

 9. Transferability and Sale Restrictions. Employee agrees not to sell any Restricted Stock prior to its vesting or dispose of the shares acquired
under the Grant at a time when Applicable Laws, or Company policies prohibit disposition. The rights and obligations of the Company under the Grant shall be transferable to any one or more persons or entities, and all covenants and agreements
hereunder shall inure to the benefit of, and be enforceable by the Company’s successors and assigns. The Employee’s rights and obligations under the Grant with respect to the unvested Restricted Stock may only be assigned with the prior
written consent of the Company, which reasonable consent will not be withheld. The Grant with respect to the 
  

			
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 unvested Restricted Stock may not be transferred in any manner otherwise than by will or by the laws of descent or
distribution during the lifetime of the Employee, unless otherwise approved by the Company’s Board of Directors. The terms of this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Employee.

 10. Voting and Other Rights. Subject to the terms of this Agreement, the Employee shall have all the rights and privileges of a shareholder of the
Company while the Restricted Stock are subject to stop-transfer restrictions, or otherwise held in escrow, including the right to vote and the right to receive dividends (if any). 
 11. Withholding Obligations. The Company’s obligation to issue or deliver shares shall be subject to satisfaction of applicable federal, state, local and foreign tax withholding requirements. No later than
the date as of which an amount first becomes includible in the Employee’s gross income for federal income tax purposes (the “Tax Date”) with respect to the Restricted Stock, the Employee shall pay to the Company, or make arrangements
satisfactory to the Company regarding the payment of, any federal, state, local or foreign taxes of any kind required by law to be withheld with respect to such amount. At the Employee’s electin, withholding obligations may be settled with
Common Stock that is part of the Grant that gives rise to the withholding requirement. The obligations of the Company under the Grant shall be conditional on such payment or arrangements, and the Company shall, to the extent permitted by Applicable
Law, have the right to deduct any such taxes from any payment otherwise due to the Employee. 
 The Employee may satisfy any withholding tax
requirements by one or any combination of the following means: (i) tendering a cash payment or (ii) authorizing the Company to withhold shares otherwise issuable to the Employee under the Grant (the “Share Withholding Election”).
(See Exhibit B, “Notice of Withholding Election”) 
 A Share Withholding Election is subject to the following requirements:
(i) the election must be in writing and delivered to the Company prior to the Tax Date; and (ii) the election shall be irrevocable by the Employee; provided, however, that the Employee may change the method for satisfying subsequent
withholding obligations by making a subsequent irrevocable withholding election. 
 12. Restricted Legends. All certificates, if any, representing the
shares issued under the Grant shall, where applicable, have endorsed thereon the following legend: 
 THE SHARES REPRESENTED BY THIS
CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF A RESTRICTED STOCK PURCHASE AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER, OR SUCH HOLDER’S PREDECESSOR IN INTEREST, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE
COMPANY. 
 13. Release of Personal Data. The Employee authorizes and directs the Company to collect, use and transfer in electronic or other form,
any personal information (the “Data”) regarding the 
  

			
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 Employee’s employment, the nature and amount of the Employee’s compensation and the facts and conditions of the
Employee’s participation in the Agreement (including, but not limited to, the Employee’s name, home address, telephone number, date of birth, social security number (or any other social or national identification number), salary,
nationality, job title, number of shares held and the details of all awards or any other entitlement to shares awarded, cancelled, exercised, vested, unvested or outstanding) for the purpose of implementing, administering and managing the
Employee’s participation in the Agreement. The Employee understands that the Data may be transferred to the Company (or its parent or any of its subsidiaries) or to any third parties assisting in the implementation, administration and
management of the Agreement, including any requisite transfer to a broker or other third party assisting with the administration of the Grant under the Agreement or with whom shares acquired pursuant to the Grant or cash from the sale of such shares
may be deposited. The Employee acknowledges that recipients of the Data may be located in different countries, and those countries may have data privacy laws and protections different from those in the country of the Employee’s residence.
Furthermore, the Employee acknowledges and understands that the transfer of the Data to the Company (or its parent or any of its subsidiaries) or to any third parties is necessary for the Employee’s participation in this Agreement. 

The Employee may at any time withdraw the consents herein by contacting Employee’s local human resources representative in writing. Employee
further acknowledges that withdrawal of consent(s) may affect the Employee’s ability to exercise or realize benefits from the Grant, and Employee’s ability to participate in the Agreement. 
 14. Notices. Any notice to be given or delivered to the Company relating to this Agreement shall be in writing and addressed to the Company at its
principal corporate offices. Any notice to be given or delivered to the Employee relating to this Agreement shall be in writing and addressed to the Employee at such address of which the Employee advises the Company in writing. All notices shall be
deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified. 
 15. The
Company’s obligation to deliver the Shares provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the
Company may have against the you or others, except as otherwise specifically provided for in this Agreement. All legal fees and expenses which may reasonably incur as a result of any dispute or contest between Employee and the Company with respect
to the validity or enforceability of, or liability under, any provision of this Agreement, or any guarantee of performance thereof, shall be paid, by the non-prevailing party in such dispute or contest. Notwithstanding the previous sentence, if the
Employee is terminated as described in Section 3(b) of Employee’s Severance and Change of Control Agreement, the Company shall pay Employee’s legal fees as incurred with respect to any dispute or contest arising under this Agreement
(irrespective of the outcome thereof). 
 16. Entire Agreement; Governing Law. This Agreement, the attached Exhibit A, the Offer Letter and the
Severance and Change in Control Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Employee with respect to
the subject matter hereof, and may not be modified adversely to the Employee’s interest except by means of 
  

			
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 a writing signed by the Company and Employee. In the event of a conflict between this Agreement or the Notice of Grant
and the Severance and Change in Control Agreement, the terms of the Severance and Change in Control Agreement shall prevail. This Agreement and the attached Exhibit A will be interpreted and enforced under the law of the of the State of California.

 Any legal action or other legal proceeding relating to this Agreement shall be brought or otherwise commenced in any state or federal
court located in Santa Clara County, California and both parties expressly and irrevocably consent and submit to the jurisdiction of each state and federal court located in Santa Clara County, California (and each appellate court located in the
State of California), in connection with any such legal proceeding; agree not to assert (by way of motion, as a defense or otherwise), in any such legal proceeding commenced in any state or federal court located in Santa Clara County, California,
any claim that the party is not subject personally to the jurisdiction of such court, that such legal proceeding has been brought in an inconvenient forum, that the venue of such proceeding is improper or that this Agreement or the subject matter of
this Agreement may not be enforced in or by such court. 
 * * * * 
 By Employee’s signature and the signature of the Company’s representative below, Employee and the Company agree that the Restricted Stock is
granted under and governed by the terms and conditions of this Agreement. Employee has reviewed this Agreement in its entirety. In addition, Employee has had an opportunity to obtain the advice of legal counsel and/or financial advisor prior to
executing this Agreement and fully understands all provisions of this Agreement. Employee hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to this Agreement.
Employee further agrees to notify the Company upon any change in the residence address indicated below. 
  

							
	PHOENIX TECHNOLOGIES LTD.	    	EMPLOYEE
		
	 /s/ Scot C. Taylor
	    	 /s/ Woodson Hobbs

	Scott C. Taylor	    	Signature
	 Senior Vice President, General Counsel and
 Secretary
	    		 	
				
	Date:	 	  
	    	Date:	 	  

  

			
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 CONSENT OF SPOUSE 
 The undersigned spouse of
                                        
                , the Employee, has read and hereby approves the terms and conditions of the Agreement. In consideration of the Company’s granting his or her
spouse Restricted Stock as set forth in the Agreement, the undersigned hereby agrees to be irrevocably bound by the terms and conditions of the Agreement and further agrees that any community property interest shall be similarly bound. The
undersigned hereby appoints the undersigned’s spouse as attorney-in-fact for the undersigned with respect to any amendment or exercise of rights under the Agreement. 
  

	
	  

	 Spouse of Employee

  

			
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 EXHIBIT A  
 NOTICE OF WITHHOLDING ELECTION 
 PHOENIX TECHNOLOGIES LTD. 
  

	TO:	Phoenix Technologies Ltd. 

 FROM: 
  

	 	RE:	WITHHOLDING ELECTION 

 This Notice of
Withholding Election is made in accordance with Section 13 of the Agreement. Capitalized terms used in this Notice of Withholding Election without definition shall have the meanings given to them in the Agreement. 
 I hereby certify the following: 
 1. My correct name, taxpayer identification number and current address are set forth at the end of this Notice of Withholding Election. 
 2. I am the original recipient (or his/her beneficiary or authorized representative) of the Grant which covers
                                        
shares of the Company’s Common Stock. 
 3. This Notice of Withholding Election relates to
                                     shares of the Common
Stock that are scheduled to vest under the terms of the Grant on
                                        
         (the “Tax Date”). The number set forth above shall be deemed changed as appropriate to reflect adjustments in the Company’s capitalization as in accordance with the Agreement.

 4. I hereby elect to have the Company withhold that number of shares of Common Stock with a “Fair Market Value” (as such term is
defined in the Company’s 1999 Stock Plan) equal to the amount required to satisfy the withholding obligations arising upon the vesting of the number of shares set forth in paragraph 3 above. 
 5. This Notice of Withholding Election is made prior to the Tax Date and is otherwise properly made pursuant to Section 13 of the Agreement.

 6. I understand that this Notice of Withholding Election may not be revised, amended or revoked by me and shall remain in effect to
satisfy future withholding obligations unless I make a time election for such future withholding obligations. 
 7. The Agreement has been
made available to me by the Company, I have read and understand the Agreement and I have no reason to believe that any of the conditions therein to the making of this election have not been met. 
  

			
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	Signature	 		    	Date
		
	  
	    	  

	Print Name	    	Taxpayer Identification No.
			
	Address:	 	  
	    	
			
		 	  
	    	
			
		 	  
	    	

  

			
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 EXHIBIT 10.4 
 PHOENIX TECHNOLOGIES LTD. 
 SEVERANCE AND CHANGE OF CONTROL AGREEMENT 
 This Severance and Change of Control Agreement (the “Agreement”) is entered into by and between Woodson Hobbs
(“Executive”) and Phoenix Technologies Ltd. (the “Company”), effective as of September 6, 2006 (the “Effective Date”). 
 RECITALS 
 1. It is possible that the Company could terminate
Executive’s employment with the Company. The Board of Directors of the Company (the “Board”) recognizes that such consideration can be a distraction to Executive and can cause Executive to consider alternative employment
opportunities. The Compensation Committee of the Board (pursuant to its delegated authority) 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 and
objectivity of Executive, notwithstanding the possibility, threat or occurrence of such a termination. 
 2. The Compensation Committee of
the Board believes that it is in the best interests of the Company and its stockholders to provide Executive with an incentive to continue his employment and to motivate Executive to maximize the value of the Company for the benefit of its
stockholders. 
 3. The Compensation Committee of the Board believes that it is imperative to provide Executive with certain severance
benefits upon certain terminations of Executive’s employment with the Company. These benefits will provide Executive with enhanced financial security and incentive and encouragement to remain with the Company. 
 4. Certain capitalized terms used in the Agreement are defined in Section 6 below. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the mutual covenants
contained herein, the parties hereto agree as follows: 
 1. Term of Agreement. This Agreement will have an initial term of four
(4) years commencing on the Effective Date. 
 2. At-Will Employment. The Company and Executive acknowledge that Executive’s
employment is and will continue to be at-will, as defined under applicable law. If Executive’s employment terminates for any reason, Executive will not be entitled to any payments, benefits, damages, awards or compensation other than as
provided by this Agreement or any other agreements between Executive and the Company. 
  

			
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 3. Severance Benefits. 
 (a) Termination other than for Cause. If Executive terminates his employment with the Company (or any parent or subsidiary of the Company) for Good
Reason or the Company (or any parent or subsidiary of the Company employing Executive) terminates Executive’s employment with the Company (or any parent or subsidiary of the Company) for a reason other than Cause, Executive’s Disability or
Executive’s death, then, subject to Section 4, Executive will receive the following severance benefits from the Company: 
 (i)
Accrued Compensation. Executive will be entitled to receive all accrued vacation, expense reimbursements and any other benefits due to Executive through the date of termination of employment in accordance with the Company’s then existing
employee benefit plans, policies and arrangements. 
 (ii) Severance Payments. Executive will be paid continuing payments of
severance pay for a minimum of six (6) months from the date of such termination at a monthly rate equal to Executive’s monthly base salary rate, then in effect. Executive will be paid continuing payments of severance pay beyond the six
(6) month minimum if Executive’s tenure with the Company on the date of termination equals or exceeds four (4) months’ time. In such event, Executive will be paid continuing severance pay for a total period of months equal to two
(2) times the number of whole months the Executive has been employed by the Company (or any parent or subsidiary) prior to the termination of employment; provided, however, that maximum term of such severance payments under this
Section 3(a)(ii) shall be twelve (12) months and the maximum amount of severance pay under this Section 3(a)(ii) shall be one (1) times Executive’s annual base salary rate in effect on the date of termination. The period
during which the Company pays the Executive severance shall be referred to as the “Severance Period.” 
 (iii) Bonus. If
the Executive is terminated after the Company’s fiscal year ended September 30, 2007, the Executive shall be entitled to a bonus equal to the number of full months of Executive’s employment with the Company during the fiscal year in
which the termination occurs, divided by twelve (12), and multiplied by the Executive’s bonus, if any, for the previous fiscal year. 
 (iv) Continued Benefits. Executive will receive Company-paid coverage for Executive and Executive’s eligible dependents under the Company’s Benefit Plans during the Severance Period. 
 (v) Option Exercisability. The vested portion of any stock options held by Executive as of the termination date will remain exercisable until the
earlier of (i) the term of the applicable option or (ii) the date six (6) months from the termination date. 
 (vi)
Payments or Benefits Required by Law. Executive will receive such other compensation or benefits from the Company as may be required by law. 
 (b) Certain Terminations in Connection with a Change of Control. If Executive terminates his employment with the Company (or any parent or subsidiary of the Company) for Good Reason or the Company (or any parent or subsidiary of the
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 terminates Executive’s employment with the Company (or any parent or subsidiary of the Company) for a reason other
than Cause, Executive’s Disability or Executive’s death from the period beginning on the date of the signing of a definitive agreement for the Change of Control and ending twelve (12) months following a Change of Control, then
Executive shall receive the following: 
 (i) Benefits under Sections 3(a)(i)-(vi). The severance and other benefits set forth in
Sections 3(a)(i)-(vi); 
 (ii) Equity Acceleration. 
 (1) Restricted Stock and Other Equity Awards. Any shares of restricted stock granted to the Executive (other than restricted stock acquired by Executive as a result of early exercising the option granted on the
Effective Date) and any other equity awards (other than stock options described in 2 below) shall become 100% vested as of the date of such termination and, if applicable, exercisable. 
 (2) Stock Options. If the Change of Control occurs within six (6) months of the Executive’s date of hire with the Company, 1/3 of the
option granted to the Executive at the commencement of his employment (the “Option”) shall become fully vested and exercisable as of the date of such termination. If the Change of Control occurs after six (6) months but less than
twelve (12) months after the Executive’s date of hire with the Company, 2/3 of the Option granted to the Executive shall become fully vested and exercisable as of the date of such termination. If the Change of Control occurs on or after
twelve (12) months from the date of Executive’s date of hire with the Company, all of the Executive’s Option shall become fully vested and exercisable as of the date of such termination. Any other stock options granted to Executive
shall become fully vested and exercisable. 
 (3) More Favorable Provisions. If the plan document or agreement governing any equity
award would provide greater vesting rights than those provided under Section 3(b)(ii)(1) or 3(b)(ii)(2), as applicable, then the provisions of the plan, or agreement, as applicable, shall govern. In all other respects, such awards will continue
to be subject to the terms and conditions of the plans, if any, under which they were granted and any applicable agreements between the Company and Executive. 
 (iii) Minimum Payment. If, as of the date of Executive’s termination of employment, the sum of: (A) the severance payments to be made to the Executive as described in Section 3(a)(ii) pursuant to
Section 3(b)(i), (B) any unearned portion of the Executive’s prepaid bonus of $157,500 (which bonus is earned on a pro-rate basis over the Company’s 2007 fiscal year); and (C) the “acceleration value” of any equity
described in Section 3(b)(ii), is less than $500,000, the Company shall pay Executive the excess, if any, of $500,000 over the sum of (A), (B) and (C). For purposes of (C), the “acceleration value” of restricted stock is equal to
the fair market value, as of the date of the Executive’s termination of employment, of the shares of restricted stock that become fully vested as a result of Section 3(b)(ii), minus any cash consideration paid for such shares, and the
“acceleration value” of any stock options shall be equal to the excess, if any, of the fair market value of the Company’s common stock on the date of Executive’s termination from employment over the option’s exercise price,
multiplied by the number of shares underlying the stock option that become fully vested and exercisable as a result of Section 3(b)(ii). Such difference shall be paid in a lump-sum as soon as possible after the Executive’s termination from
employment. 
  

					
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 (c) Other Terminations. If Executive voluntarily terminates Executive’s employment with the
Company or any parent or subsidiary of the Company (other than for Good Reason) or if the Company (or any parent or subsidiary of the Company) terminates Executive’s employment with the Company (or any parent or subsidiary of the Company) for
Cause, then Executive will (i) receive his earned but unpaid base salary through the date of termination of employment, (ii) receive all accrued vacation, expense reimbursements and any other benefits due to Executive through the date of
termination of employment in accordance with established Company plans, policies and arrangements, and (iii) not be entitled to any other compensation or benefits (including, by way of example but not limitation, accelerated vesting of any
equity awards) from the Company except to the extent provided under agreement(s) relating to any equity awards or as may be required by law (for example, “COBRA” coverage under Section 4980B of the Internal Revenue Code of 1986, as
amended (the “Code”)); provided, that Executive shall be able to exercise any options and retain any restricted stock awards that are vested as of the date of termination of Executive’s employment. 
 (d) Exclusive Remedy. In the event of a termination of Executive’s employment with the Company (or any parent or subsidiary of the Company),
and whether separate or in connection with a Change of Control, the provisions of this Section 3 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive may otherwise be entitled, whether at law, tort
or contract, in equity, or under this Agreement. Executive will be entitled to no benefits, compensation or other payments or rights upon termination of employment other than those benefits expressly set forth in this Section 3. 
 4. Conditions to Receipt of Severance. 
 (a) Separation Agreement and Release of Claims. The receipt of any severance pursuant to Section 3 will be subject to Executive signing and not revoking a separation agreement and release of claims as attached hereto as
Exhibit A. No severance pursuant to Section 3 will be paid or provided until the separation agreement and release of claims becomes effective. 
 (b) Noncompetition; Nonsolicitation. The receipt of any severance benefits pursuant to Section 3 will be subject to Executive not violating the provisions of Section 7. In the event Executive breaches
the provisions of Section 7, all continuing payments and benefits to which Executive would have been entitled pursuant to Section 3 will immediately cease. 
 (c) Section 409A. Any cash severance to be paid pursuant to Section 3 will not be paid during the six-month period following Executive’s termination of employment, unless the Company reasonably
determines that paying such amounts immediately following Executive’s termination of employment would not result in the imposition of additional tax under Section 409A of the Code (“Section 409A”), in which case such amounts
shall be paid in accordance with normal payroll practices in effect at the time of Executive’s termination from employment. If no cash severance is paid to Executive upon termination of his employment as a result of the previous sentence, on
the first day following such six-month period, the Company will pay Executive a lump-sum amount equal to the cumulative amounts that would have otherwise been paid to Executive 
  

					
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 pursuant to Section 3. Thereafter, Executive will receive his cash severance payments pursuant to Section 3 in
accordance with the Company’s normal payroll practices in effect at the time of Executive’s termination from employment. 
 5.
Limitation on Payments. 
 (a) In the event that the severance and other benefits provided for in this Agreement or otherwise payable
to Executive (i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for this Section 5, would be subject to the excise tax imposed by Section 4999 of the Code, then
Executive’s severance benefits under this Agreement shall be payable either 
 (i) in full, or 
 (b) as to such lesser amount which would result in no portion of such severance benefits being subject to excise tax under Section 4999 of the Code,
whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, results in the receipt by Executive on an after-tax basis, of the greatest amount of
severance benefits under this Agreement, notwithstanding that all or some portion of such severance benefits may be taxable under Section 4999 of the Code. 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 public accountants (the “Accountants”), whose determination shall be conclusive and binding upon the Executive and the Company for all purposes.
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 5. The Company shall
bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 5. 
 6.
Definition of Terms. The following terms referred to in this Agreement will have the following meanings: 
 (a) Benefit Plans.
“Benefit Plans” means plans, policies or arrangements that the Company sponsors (or participates in) and that immediately prior to Executive’s termination of employment provide Executive and/or Executive’s eligible
dependents with medical, dental, and/or vision benefits. Benefit Plans do not include any other type of benefit (including, but not by way of limitation, disability, life insurance or retirement benefits). A requirement that the Company provide
Executive and Executive’s eligible dependents with coverage under the Benefit Plans will not be satisfied unless the coverage is no less favorable than that provided to Executive and Executive’s eligible dependents immediately prior to
Executive’s termination of employment. Notwithstanding any contrary provision of this Section 6(a), but subject to the immediately preceding sentence, the Company may, at its option, satisfy any requirement that the Company provide
coverage under any Benefit Plan by (i) reimbursing Executive’s premiums under COBRA after Executive has properly elected continuation coverage under COBRA (in which case Executive will be solely responsible for 
  

					
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 electing such coverage for Executive and Executive’s eligible dependents), or (ii) instead providing coverage
under a separate plan or plans providing coverage that is no less favorable or by paying Executive a lump sum payment sufficient to provide Executive and Executive’s eligible dependents with equivalent coverage under a third party plan that is
reasonably available to Executive and Executive’s eligible dependents. 
 (b) Cause. “Cause” means (i) a
willful failure by Executive to substantially perform Executive’s duties as an employee, other than a failure resulting from the Executive’s complete or partial incapacity due to physical or mental illness or impairment, (ii) a
willful act by Executive that constitutes misconduct, (iii) circumstances where Executive intentionally or negligently imparts material confidential information relating to the Company or its business to competitors or to other third parties
other than in the course of carrying out Executive’s duties, (iv) a material violation by Executive of a federal or state law or regulation applicable to the business of the Company, (v) a willful violation of a material Company
employment policy or the Company’s insider trading policy, (vi) any act or omission by Executive constituting dishonesty (other than a good faith expense account dispute) or fraud, with respect to the Company or any of its affiliates,
which is injurious to the financial condition of the Company or any of its affiliates or is injurious to the business reputation of the Company or any of its affiliates, (vii) Executive’s failure to cooperate with the Company in connection
with any actions, suits, claims, disputes or grievances against the Company or any of its officers, directors, employees, stockholders, affiliates, divisions, subsidiaries, predecessor and successor corporations, and assigns, whether or not such
cooperation would be adverse to Executive’s own interest, or (viii) Executive’s conviction or plea of guilty or no contest to a felony. Executive shall not be considered to have committed an act included in the definition of
“Cause” above if Executive fails to meet performance goals established by the Company’s Board of Directors or if Executive otherwise fails to meet the performance expectations of the Company’s Board of Directors (as opposed to
any act of misconduct described above in the definition of Cause). With respect to clauses (i), (ii), (iii),(iv), (v), (vi), and (vii), the Executive shall be given thirty (30) days to cure such misconduct after notice from the Company of the
specific facts of such misconduct and the specific steps necessary to cure such misconduct. Any determination of Cause shall be made by a majority of the Board of Directors after giving the Executive the opportunity to present to the Board of
Directors with Executive’s counsel. 
 (c) Change of Control. “Change of Control” means the occurrence of any of
the following: 
 (i) the sale, lease, conveyance or other disposition of all or substantially all of the Company’s assets to any
“person” (as such term is used in Section 13(d) of the Securities Exchange Act of 1934, as amended), entity or group of persons acting in concert; 
 (ii) any person or group of persons becoming the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 50% or more of the total
voting power represented by the Company’s then outstanding voting securities; 
 (iii) a merger or consolidation of the Company with
any other corporation, other than a merger or consolidation that would result in the voting securities of the Company 
  

					
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 outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity or its controlling entity) more than 50% of the total voting power represented by the voting securities of the Company or such surviving entity (or its controlling entity) outstanding immediately after such
merger or consolidation; or 
 (iv) a contest for the election or removal of members of the Board that results in the removal from the Board
of at least 50% of the incumbent members of the Board. 
 (d) Disability. “Disability” means that Executive has been
unable to perform the principal functions of his duties due to a physical or mental impairment, but only if such inability has lasted or is reasonably expected to last for at least six (6) months. Whether Executive has a Disability will be
determined by the Board based on evidence provided by one or more physicians selected or approved by the Board. 
 (e) Good Reason.
“Good Reason” means (without Executive’s consent) any one of the following events occurs: (i) a material reduction in Executive’s title, authority, status, or responsibilities, unless the Executive is provided with a
comparable position (i.e., a position of equal or greater organizational level, duties, authority, compensation and status); provided, however, that after the Company is acquired and made part of a larger entity if Executive is not the chief
executive officer of the successor entity or, if such successor corporation has a parent company, the ultimate parent of the successor entity, such failure shall constitute “Good Reason”; (ii) the reduction of Executive’s
aggregate base salary and target bonus opportunity as in effect immediately prior to such reduction (other than a reduction applicable to executives generally, so long as Executive is not impacted more than the median percentage for the other
executives); (iii) a relocation of Executive’s principal place of employment by more than forty (40) miles; (iv) the consummation of a tender offer of the Company that is not recommended by the Board of Directors, but is approved
by the Company’s stockholders; (v) failure of the Executive to be nominated to the Board of Directors of the Company, or if applicable its parent, or (vi) the failure of any successor entity or, if applicable, its parent, to assume
this Agreement pursuant to Section 9 and to assume the offer letter between the Company and the Executive. With respect to subsection (i) above, after the consummation of a Change in Control, the determination of whether there was a
material reduction in Executive’s title, authority, status, or responsibilities shall be measured against Executive’s title, authority, status, or responsibilities immediately prior to the consummation of the Change in Control. 

7. Restrictive Covenants. 
 (a)
Noncompete. For a period beginning on the Effective Date and ending at the end of the Severance Period, Executive agrees to (i) not, directly or indirectly, engage in (whether as an employee, consultant, agent, proprietor, principal,
partner, stockholder, corporate officer, director or otherwise), (or any subsidiary of the Company), and (ii) not directly or indirectly solicit business from any of the Company’s customers and users on behalf of any business that directly
competes with the principal business of the Company (or any subsidiary of the Company); 
 (b) Nonsolicit. For a period beginning on
the Effective Date and ending twelve months after Executive ceases to be employed by the Company (or any parent or subsidiary of the Company), Executive, directly or indirectly, whether as employee, owner, sole proprietor, partner, 
  

					
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 director, member, consultant, agent, founder, co-venturer or otherwise, will not solicit, induce or influence any
person to leave employment with the Company (or any parent or subsidiary of the Company); 
 (c) Understanding of Covenants. Executive
represents that he (i) is familiar with the foregoing covenants not to compete and not to solicit, and (ii) is fully aware of his obligations hereunder, including, without limitation, the reasonableness of the length of time, scope and
geographic coverage of these covenants. 
 8. Litigation. Executive agrees to cooperate with the Company beginning on the Effective
Date and thereafter (including following Executive’s termination of employment for any reason), subject to the requirements of any employment or personal commitments at such time, by making himself reasonably available to testify on behalf of
the Company or any of its affiliates in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist the Company, or any affiliate, in any such action, suit, or proceeding, by providing information and
meeting and consulting with the Board or its representatives or counsel, or representatives or counsel to the Company, or any affiliate as reasonably requested. The Company agrees to reimburse Executive for all expenses actually incurred in
connection with his provision of testimony or assistance, and with respect to any testimony or assistance provided after the end of the Severance Period, to pay Executive a daily fee for any full day in which it requires his services equal to the
greater of Executive’s last base salary prior to termination of employment or the base salary provided for originally in this Agreement. 
 9. Successors. 
 (a) The 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 will 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” will include any successor to
the Company’s business and/or assets which executes and delivers the assumption agreement described in this Section 9(a) or which becomes bound by the terms of this Agreement by operation of law. 
 (b) The Executive’s Successors. The terms of this Agreement and all rights of Executive hereunder will inure to the benefit of, and be
enforceable by, Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. 
 10. Notice. 
 (a) General. Notices and all other communications contemplated by this Agreement
will be in writing and will be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. In the case of Executive, mailed notices will be addressed to
him at the home address which he most recently communicated to the Company in writing. In the case of the Company, mailed notices will be addressed to its corporate headquarters, and all notices will be directed to the attention of its General
Counsel. 
  

					
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 (b) Notice of Termination. Any termination by the Company for Cause or by Executive for Good
Reason or as a result of a voluntary resignation will be communicated by a notice of termination to the other party hereto given in accordance with Section 10(a) of this Agreement. Such notice will indicate the specific termination provision in
this Agreement relied upon, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination under the provision so indicated, and will specify the termination date (which will be not more than thirty
(30) days after the giving of such notice). 
 11. Miscellaneous Provisions. 
 (a) No Duty to Mitigate. Executive will not be required to mitigate the amount of any payment contemplated by this Agreement, nor will any such
payment be reduced by any earnings that Executive may receive from any other source. 
 (b) Resignation as Director. Upon the
Company’s written request, Executive agrees to promptly resign as a member of the Company’s Board of Directors following any termination of his employment with the Company (or any parent or subsidiary of the Company). 
 (c) Waiver. No provision of this Agreement will be modified, waived or discharged unless the modification, waiver or discharge is agreed to in
writing and signed by Executive and by an authorized officer of the Company (other than Executive). No waiver by either party of any breach of, or of compliance with, any condition or provision of this Agreement by the other party will be considered
a waiver of any other condition or provision or of the same condition or provision at another time. 
 (d) Headings. All captions and
section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement. 
 (e) Entire
Agreement. This Agreement, the offer letter between Executive and the Company date September 6, 2006, the stock option agreement between Executive and the Company dated September 6, 2006 and the restricted stock purchase agreement
between Executive and the Company dated September 6, 2006 constitute the entire agreement of the parties hereto and supersedes in their entirety all prior representations, understandings, undertakings or agreements (whether oral or written and
whether expressed or implied) of the parties with respect to the subject matter hereof, including without limitation, any formal offer letter or employment agreement by and between the Company and Executive. No future agreements between the Company
and Executive may supersede this Agreement, unless they are in writing and specifically mention this Agreement. 
 (f) Choice of Law.
The laws of the State of California (without reference to its choice of laws provisions) will govern the validity, interpretation, construction and performance of this Agreement. Any legal action or other legal proceeding relating to this Agreement
shall be brought or otherwise commenced in any state or federal court located in Santa Clara County, California and both parties expressly and irrevocably consent and submit to the jurisdiction of each state and federal court located in Santa Clara
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 the State of California), in connection with any such legal proceeding; agree not to assert (by way of motion, as a
defense or otherwise), in any such legal proceeding commenced in any state or federal court located in Santa Clara County, California, any claim that the party is not subject personally to the jurisdiction of such court, that such legal proceeding
has been brought in an inconvenient forum, that the venue of such proceeding is improper or that this Agreement or the subject matter of this Agreement may not be enforced in or by such court. 
 (g) The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be
affected by any set-off, counterclaim, recoupment, defense or other claim, right or action which the Company may have against the you or others. Except as provided in the next sentence, all legal fees and expenses which may reasonably incur as a
result of any dispute or contest between Executive and the Company with respect to 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 dispute
or contest by Executive about the amount of any payment pursuant to this Agreement), shall be paid promptly, by the non-prevailing party in such dispute or contest. If the Executive is terminated as described in Section 3(b) of this Agreement,
the Company shall pay Executive’s legal fees promptly as incurred with respect to such dispute or contest (irrespective of the outcome thereof). 
 (h) Severability. The invalidity or unenforceability of any provision or provisions of this Agreement will not affect the validity or enforceability of any other provision hereof, which will remain in full
force and effect. 
 (i) Withholding. All payments made pursuant to this Agreement may be subject to withholding of applicable income
and employment taxes. 
 (j) Counterparts. This Agreement may be executed in counterparts, each of which will be deemed an original,
but all of which together will constitute one and the same instrument. 
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 IN WITNESS WHEREOF, each of the parties has executed this amended and restated Agreement, in the case of
the Company by its duly authorized officer, as of the day and year set forth above. 
  

					
	COMPANY	 	PHOENIX TECHNOLOGIES LTD.
			
		 	By:	 	 /s/ Scott C. Taylor

		 	Title:	 	Senior Vice President, General Counsel and Secretary
		
	EXECUTIVE	 	WOODSON HOBBS
			
		 	By:	 	 /s/ Woodson Hobbs

		 	Title:	 	President and Chief Executive Officer

  

					
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 EXHIBIT A 
 RELEASE AGREEMENT 
 I understand that my position with PHOENIX TECHNOLOGIES, LTD. (the “Company”) terminated effective
            , 200     (the “Separation Date”). The Company has agreed that if I choose to sign this Release, the Company will
extend to me certain benefits (minus the standard withholdings and deductions, if applicable) pursuant to the terms of the Severance and Change of Control Agreement (the “Agreement”) entered into as of September
    , 2006, between me and the Company, and any agreements incorporated therein by reference. I understand that I am not entitled to such severance benefits unless I sign this Release. I understand that, regardless of
whether I sign this Release, the Company will pay me all of my accrued salary and vacation through the Separation Date and any unreimbursed business expenses, to which I am entitled by law. 
 In consideration for the severance benefits I am receiving under the Agreement, I hereby release the Company and its officers, directors, agents,
attorneys, employees, shareholders, parents, subsidiaries, and affiliates from any and all claims, liabilities, demands, causes of action, attorneys’ fees, damages, or obligations of every kind and nature, whether they are now known or unknown,
arising at any time prior to the date I sign this Release. This general release includes, but is not limited to: all federal and state statutory and common law claims, claims related to my employment or the termination of my employment or related to
breach of contract, tort, wrongful termination, discrimination, wages or benefits, or claims for any form of equity or compensation. Notwithstanding the release in the preceding sentence, I am not releasing any right of indemnification I may have
for any liabilities arising from my actions within the course and scope of my employment with the Company or within the course and scope of my role as a member of the Board of Directors and/or officer of the Company. 
 I UNDERSTAND THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. In giving this release, which includes claims which may be unknown
to me at present, I hereby waive the benefit of any provision of California law, and of any other jurisdiction, which is similar to the following: “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 acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”). I also
acknowledge that the consideration given for the waiver in the above paragraph is in addition to anything of value to which I was already entitled. I have been advised by this writing, as required by the ADEA that: (a) my waiver and release do
not apply to any claims that may arise after my signing of this Release; (b) I should consult with an attorney prior to executing this Release; (c) I have twenty-one (21) days within which to consider this Release (although I may
choose to voluntarily execute this Release earlier); (d) I have seven (7) days following the execution of this release to revoke the Release; and (e) this Release will not be effective until the eighth day after this Release has been
signed both by me and by the Company. 
  

					
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 I UNDERSTAND THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 
  

			
	 By:
	 	  

		 	 Woodson Hobbs

		
	 Date:
	 	  

  

					
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