Document:

Offer letter by and between the Company and David Chamberlain

 Exhibit 10.20 
  
 

 
  
 Versata, Inc. 300 Lakeside Drive, Suite
1300, Oakland, CA 94612-3537 ph 510.628.1000 fx 510.238.4101 
  
 June 7, 2005 
  
 Mr. David Chamberlain 
  

	 	Re:	Interim CEO Employment Agreement 

  
 Dear David: 
  
 We have all enjoyed our recent discussions with you about your joining Versata, Inc. I am excited that you share our enthusiasm about the success and growth opportunities we see in delivering industry-leading
development and deployment products built on a firm strategic base. The following offer of employment will be contingent on successful completion of Versata’s pre-employment processes. 
  
 We are very pleased to offer you the interim position of President and Chief Executive
Officer, reporting directly to the Board of Directors (the “Board”). You will be located in our Oakland office. Your start date will be June 15, 2005. The exclusive terms of your employment with Versata Inc. are set forth below.

  

	 	•	 	This interim position of President and Chief Executive Officer will have a term of five months, commencing on June 15, 2005 and ending on November 15, 2005 (the “Interim
Term”). Prior to the end of the Interim Term, the Board will reconsider your employment and if applicable, provide you with a new employment agreement, within one month after the end of the Interim Term. During the Interim Term, the Board will
not terminate your employment for any reason other than for Cause (as defined below) and requests that if you terminate this employment relationship, you provide the Board thirty days prior written notice. If the Board decides not to renew your
employment or you terminate employment prior to the end of the Interim Term, you will not be entitled to any additional compensation or salary post termination, or any other payment from Versata, Inc. 

  

	 	•	 	You will be paid a total annual salary of $250,000 USD, prorated for the Interim Term in the monthly amount of $20,833.33, paid on a semi-monthly basis, less all applicable federal,
state and local tax withholding obligations. 

  

	 	•	 	You shall be designated as an officer of the company for purposes of Section 16 of the Securities Exchange Act of 1934, as amended; 

  

	 	•	 	As an officer of the company, you are eligible to earn two milestone performance bonuses of $50,000 each to be paid in the following quarter after completion of the milestone. The
criterion for the milestone performance bonuses requires the achievement of specific management objectives (MBOs) set by the Board and agreed upon by you within six weeks after signing this offer letter. 

  

	 	•	 	Your responsibilities will be those outlined during your interview process, as specified by the Board, and will be formally drawn up and presented to you soon after your start date.

  

	 	•	 	You will be eligible to participate in Versata’s qualified retirement and welfare benefit programs under the terms set forth in the documents governing the plan. (A summary of
these plans is enclosed.) 

  

	 	•	 	You agree to abide by the policies and procedures outlined in the Human Resources Guidelines. You will receive this information at your orientation. 

  

	 	•	 	For purposes of this offer letter, Cause means (i) your willful failure to perform the assigned duties and responsibilities reasonably assigned to you that are not corrected within
a fifteen (15) day correction period, after there has been delivered to you a written demand for performance from the Board which describes the basis for the belief of the Board that you have not substantially performed your duties; (ii) any act of
personal dishonesty taken by you in connection with your responsibilities as an employee of Versata, Inc. with the intention or reasonable expectation that such may result in your substantial personal enrichment; (iii) your conviction of, or plea of
nolo contendere to, a felony which the Board reasonably believes has had or will have a material detrimental effect on Versata, Inc.’s reputation or business, or (iv) you materially breach the Proprietary Information and Inventions Agreement
which breach is (if capable of cure) not cured within fifteen (15) days after Versata, Inc. gives you written notice of the breach. 

  
 This offer of employment is contingent upon your ability to produce documents sufficient to demonstrate identity and authorization to work in the United States as
required by the Immigration Reform and Control Act. On your first day of employment, please bring the necessary original documents, as outlined on the enclosed 1-9 Form, to verify your identification. In addition, Versata requires that the
Proprietary Information and Inventions Agreement be signed and returned with your signed offer letter. 
  
 This offer letter, together with the various documents referenced herein, represent the complete offer by the Company. No other agreements (verbal or otherwise) or benefits which are not specifically cited shall be in
effect. If there is any element of our offer that you feel is unclear or not covered, please contact Deana Stanger in Human Resources. 
  
 www.versata.com 
  

 This offer letter will be governed by the laws of the State of California (with the exception of its conflict of law
provisions) as if it was entered into by California residents and as if it was to be performed entirely within California. Venue for all disputes hereunder shall be in Alameda County, California. 
  
 At Versata, Inc., our long-term success depends on both the results we achieve and the way we
make these results happen. We set high standards for our people, our products and our processes. Quality must set us apart. We set high standards of personal integrity and ethics in all our business ventures. We, at Versata, Inc., feel that you will
make an invaluable addition to our team and it is with great enthusiasm that I hope you accept this offer of employment. 
  
 To show your acceptance of this offer, please sign, this letter in the space indicated and return it, along with the signed Proprietary Information and Inventions
Agreement no later than June 8, 2005. 
  
 Sincerely, 

					
	 	 	 	 	 
			
	/s/    GARY MORGENTHALER        	 	 	 	  
	 Gary Morgenthaler
 Chairman of the Board
	 	 	 	 

  
 AGREED, ACKNOWLEDGED AND ACCEPTED:

					
			
	/s/    DAVID CHAMBERLAIN        	 	 	 	 June 8, 2005

	David Chamberlain	 	(Signature)	 	 Date

  
 www.versata.comThird Amendment to Loan Documents

 Exhibit 10.1 
  
 THIRD AMENDMENT TO LOAN DOCUMENTS 
  
 THIS THIRD AMENDMENT TO LOAN DOCUMENTS (this “Agreement”) is made and entered into as of the 2nd day of June, 2005, among FCC, LLC, d/b/a First Capital, a Florida limited liability company (“Lender”),
DATREK PROFESSIONAL BAGS, INC., a Florida corporation formerly known as Datrek Acquisition, Inc. (“Datrek”), MILLER GOLF COMPANY, a Florida corporation formerly known as Miller Acquisition, Inc. (“Miller”;
Datrek and Miller are referred to herein individually as a “Borrower” and collectively as the “Borrowers”), and RYAN HOLDINGS, INC., a Tennessee corporation formerly known as Datrek Professional Bags, Inc.
(“Ryan”). 
  
 WITNESSETH: 
  
 WHEREAS, Borrowers and Lender are parties to that certain Loan and Security Agreement dated as of October 15, 2004 (as amended, restated, modified or
supplemented from time to time, the “Loan Agreement”); and 
  
 WHEREAS, Datrek and Ryan are parties to that certain Agreement of Subordination and Assignment in favor of Lender dated October 15, 2004 (the “Seller Subordination Agreement”); and 
  
 WHEREAS, Borrowers and Lender desire to amend the Loan Agreement on the terms
and conditions set forth herein, and Datrek, Ryan and Lender desire to amend the Seller Subordination Agreement on the terms and conditions set forth herein. 
  
 NOW, THEREFORE, in consideration of the foregoing premises, and other good and valuable consideration, the receipt and legal sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
  
 1. All capitalized terms used herein and not otherwise expressly defined herein shall have the respective meanings given to such terms in the Loan Agreement. 
  
 2. The Loan Agreement is amended by deleting Item 1 of the Schedule to the Loan Agreement and inserting the
following in lieu thereof: 
  

	 	1.	Borrowing Base 

  
 “Borrowing Base” means, at any time, an amount equal to: 
  

	 	(a)	the lesser of: 

  

	 	(i)	$7,000,000, and 

  

	 	(ii)	the sum of: 

	 	(A)	85% of the dollar amount of Eligible Accounts; plus 

  

	 	(B)	the lesser of: 

  

	 	(1)	$3,500,000, 

  

	 	(2)	50% of the dollar value (determined at the lower of cost or market value) of Eligible Inventory, and 

  

	 	(3)	the amount available to be borrowed under clause (ii)(A) above; 

  
 minus 
  

	 	(b)	the sum of: 

  

	 	(i)	such reserves as Lender may establish from time to time in its discretion (including, without limitation, a reserve for licensing fees and royalties payable by Borrowers with
respect to Inventory), plus 

  

	 	(ii)	the amount available to be drawn under, plus the amount of any unreimbursed draws with respect to, any letters of credit or acceptances which have been issued, created or guaranteed
by Lender or any Affiliate of Lender for any Borrower’s account. 

  
 3. The Subordination Agreement is amended by deleting the paragraph entitled “Special Stipulations” and inserting the following in lieu thereof: 
  
 Special stipulations: 
  
 Notwithstanding anything to the contrary contained in this Agreement, Borrower may pay, and Creditor may
take and receive, regularly scheduled payments of principal and interest on the Junior Claims so long as (a) no default or event of default exists under that certain Loan and Security Agreement of even date herewith among Borrower, Miller Golf
Company (“Miller”) and you, as amended, modified and/or restated from time to time (the “Loan Agreement”), or would otherwise be caused thereby; (b) after giving effect to such payment, unused borrowing availability under the
Loan Agreement would be at least $100,000 plus the aggregate outstanding amount of all accounts payable of Borrower and Miller which have been outstanding for more than 90 days; (c) at least five (5) business days prior to making any such payment,
Borrower shall deliver to you a certificate of an officer of Borrower, a borrowing base certificate and such supporting documentation as you may reasonably request (i) setting 

 forth the amount of and the date of such proposed payment, (ii) certifying that no default or event of
default exists under the Loan Agreement, and (iii) setting forth calculations, in detail reasonably satisfactory to you, demonstrating compliance with the foregoing clause (b) and with the financial covenants contained in the Loan Agreement after
giving effect to such proposed payment, assuming that such payment was made on the last day of the calendar month most recently ended, and (d) you have consented in writing to such payment. Borrower hereby agrees with Creditor that Borrower shall
take all commercially reasonable actions to insure that Borrower can make duly scheduled payments of the Junior Claims. 
  
 4. Each Borrower hereby restates, ratifies, and reaffirms each and every term, condition representation and warranty heretofore made by it under or in
connection with the execution and delivery of the Loan Agreement, as amended hereby, and the other Loan Documents, as fully as though such representations and warranties had been made on the date hereof and with specific reference to this Agreement
and the Loan Documents. 
  
 5. Except as set forth herein, the
Loan Agreement and the Seller Subordination Agreement shall be and remain in full force and effect as originally written, and shall constitute the legal, valid, binding and enforceable obligation of Borrowers and Ryan, as applicable, to Lender.

  
 6. In consideration of the accommodations made by Lender
hereunder, Borrowers jointly and severally agree to pay to Lender (a) an amendment fee of $10,000 on the date hereof, and (b) on demand all costs and expenses of Lender in connection with the preparation, execution, delivery and enforcement of this
Agreement and the other Loan Documents and any other transactions contemplated hereby and thereby, including, without limitation, the fees and out-of-pocket expenses of legal counsel to Lender. Such amendment fee shall be fully earned on the date
hereof and is not subject to refund or rebate. Such amendment fee constitutes a fee for services and is not interest or a charge for the use of money. 
  
 7. To induce Lender to enter into this Agreement, each Borrower hereby represents and warrants that, as of the date hereof, and after giving effect to the
terms hereof, there exists no Default under the Loan Agreement or any of the other Loan Documents. 
  
 8. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which, when so executed
and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute but one and the same instrument. 
  
 9. This Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns of the parties hereto. 
  
 10. This Agreement shall be governed by, and construed in accordance with,
the laws of the State of Georgia, other than its laws respecting choice of law. 
  
 [SIGNATURES ON NEXT PAGE] 

 IN WITNESS WHEREOF, Borrowers, Ryan and Lender have caused this Agreement to be duly executed as of the
date first above written. 
  

			
	DATREK PROFESSIONAL BAGS, INC., a Florida corporation f/k/a Datrek Acquisition, Inc.
		
	 By:
	 	 /s/ Michael S. Hedge

	 Name:
	 	Michael S. Hedge
	 Title:
	 	President
	
	MILLER GOLF COMPANY, a Florida corporation f/k/a Miller Acquisition, Inc.
		
	 By:
	 	 /s/ Michael S. Hedge

	 Name:
	 	Michael S. Hedge
	 Title:
	 	President
	
	RYAN HOLDINGS, INC., a Tennessee corporation f/k/a Datrek Professional Bags, Inc.
		
	 By:
	 	 /s/ Deborah Ryan

	 Name:
	 	Deborah Ryan
	 Title:
	 	President
	
	FCC, LLC, d/b/a First Capital
		
	 By:
	 	 /s/ Evan G. Jones

	 	 	Evan G. Jones, Senior Vice President

  
  

 Each of the undersigned acknowledges the foregoing and agrees that the respective Information and Support Agreement to
which each of the undersigned is party dated as of October 15, 2004 in favor of Lender remains in full force and effect, subject to no right of offset, claim or counterclaim. 
  

	
	 /s/ Dennis Ryan

	 DENNIS RYAN

	
	 /s/ Deborah Ryan

	 DEBORAH RYAN

	
	 /s/ Michael Hedge

	 MICHAEL HEDGE

  

			
	STANFORD VENTURE CAPITAL HOLDINGS, INC.
		
	 By:
	 	 /s/ James M. Davis

	 Name:
	 	James M. Davis
	 Title:
	 	President

  
 The undersigned acknowledges the
foregoing and agrees that the Guaranty of the undersigned dated as of October 15, 2004 in favor of Lender and all documentation with respect to cash collateral of the undersigned pledged to Lender remains in full force and effect, subject to no
right of offset, claim or counterclaim. 
  
  

			
	DATREK MILLER INTERNATIONAL, INC.
		
	 By:
	 	 /s/ Michael S. Hedge

	 Name:
	 	Michael S. Hedge
	 Title:
	 	Chief Executive Officer

 NOTARY JURAT FOR EXECUTION OF 
 WRITTEN OBLIGATIONS TO PAY MONEY 
  
 On this the      day of June, 2005, before me, the undersigned, a Notary Public in and for the State of
                    , County of
                    ,
                     personally appeared, who is personally known to me or proved to me on the basis of satisfactory evidence to be the
                     of each of Datrek Professional Bags, Inc., a Florida corporation, and Miller Golf Company, a Florida corporation, who,
being by me first duly sworn, stated that: 
  

	1.	He executed the foregoing Third Amendment to Loan Documents on behalf of each such corporation pursuant to its by-laws or a resolution of its board of directors, said execution
taking place in the State of                     , County of
                    ; and 

  

	2.	He has this day delivered the foregoing Third Amendment to Loan Documents to FCC, LLC, d/b/a FIRST CAPITAL, at Cobb County, Georgia via overnight courier. 

 

			
	 Signature of Borrowers’ Officer:

		
	 By:
	 	  

	 Name:
	 	  

  
 Sworn to and subscribed before
me this      day of June, 2005: 
  

	
	  

	Notary Signature
	
	 My Commission Expires:

	
	  

	[Affix Notarial Seal]

 AFFIDAVIT REGARDING DELIVERY 
  
 On this the      day of June, 2005, before me, the undersigned, a Notary Public in and for the
State of Georgia, County of                     , Evan G. Jones personally appeared, personally known to me or proved to me on the basis of
satisfactory evidence to be a Senior Vice President of FCC, LLC, d/b/a FIRST CAPITAL, who, being by me first duly sworn, stated that he has received delivery of the foregoing Third Amendment to Loan Documents on behalf of FCC, LLC, d/b/a FIRST
CAPITAL in the State of Georgia, County of Cobb. 
  

			
	Signature of Officer of FCC, LLC, d/b/a First Capital
		
	 By:
	 	  

	 	 	 Evan G. Jones, Senior Vice President

  
 Sworn to and subscribed before
me this      day of June, 2005: 
  

	
	  

	Notary Signature
	
	 My Commission Expires:

	
	  

	[Affix Notarial Seal]

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