Document:

Severance Agreement - C. Kitsos

 Exhibit 10.13 
 SEVERANCE AGREEMENT 
 THIS SEVERANCE AGREEMENT (the “Agreement”), made and
entered into as of April 15, 2010 (“the Effective Date”), by and between Bitstream Inc., a Delaware corporation, with its principal office located at 500 Nickerson Road, Marlborough, MA 01752 (hereinafter “the Company”) and
Costas Kitsos who resides at                          hereinafter referred to as “the Executive”. 

WITNESSETH: 
 WHEREAS, the Executive has had extensive experience in the business and/or technical affairs of the Company and is a valuable member of the management team of the Company; and 

WHEREAS, the Compensation Committee of the Board of Directors of Bitstream, Inc. has identified and selected the senior executives
of the Company, including the Executive, to whom this Agreement shall be extended; and 
 WHEREAS, the Board of Directors
of Bitstream Inc. has determined that it is appropriate to reinforce the continued service of the selected senior executives of the Company with respect to their assigned duties if the possibility should arise of a Change in Control (as hereinafter
defined) of the Company: 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set
forth, the parties hereto agree as follows: 
 1. EMPLOYMENT. The Executive wishes to remain in the employ of the Company
(except as may be permitted hereunder) and to continue to perform his or her regular duties as a senior executive employee of the Company. 
 2. CHANGE IN CONTROL. No severance benefits shall be payable hereunder unless there shall have been a Change in Control of the Company as set forth below, and the Executive’s employment by the
Company shall thereafter have been terminated in accordance with Section 3 hereof. For purposes of this Agreement, a “Change in Control” shall mean the occurrence of any of the following events: 

2.1 any “Person(s)” (as such term is used in Section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Bitstream Inc. representing thirty percent (30%) or more of the combined
voting power of Bitstream Inc.’s (then) outstanding securities; or 

  
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 2.2 during any period of twelve consecutive months, individuals who at the beginning of such
period constitute the Board of Directors of Bitstream Inc. cease for any reason to constitute at least a majority thereof; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for
election, was approved by a vote of at least a majority of the directors then comprising the incumbent Board shall be considered as though such individual were a member of the incumbent Board. 

2.3 the Company is a party to (i) any consolidation or merger of Bitstream Inc. in which it is not the continuing or surviving
corporation or pursuant to which its shares of common stock would be converted into cash, securities, or other property; or (ii) any sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of all or
substantially all of the assets of the Company; 
 2.4 Approval by the stockholders of Bitstream Inc. of any plan or proposal
for the liquidation or dissolution of the Company. 
 3. TERMINATION FOLLOWING A CHANGE IN CONTROL. If any of the events
described in Section 2 hereof constituting a Change in Control of the Company shall have occurred, the Executive, if terminated within twenty-four months of any such Change in Control, shall be entitled to the benefits provided in
Section 4 hereof, unless such termination is due to the Executive’s death or disability, or is by the Company for Cause, or is by the Executive for other than Good Reason. In the event that, upon the occurrence of a Change in Control, the
Executive is eligible for retirement in accordance with the terms and conditions of any applicable Company retirement plan or program in effect immediately preceding such Change in Control, the Executive’s eligibility for immediate retirement
benefits, and any request therefor, shall not preclude the Executive’s receipt of severance benefits under Section 4 hereof as a result of any termination without Cause or for Good Reason. For purposes of this Agreement, the following
definitions shall apply: 
 3.1 “Cause” shall mean (i) the willful and continued failure by the Executive to
substantially perform the Executive’s duties (other than any such failure resulting from incapacity due to physical or mental illness) after a demand for substantial performance has been delivered to the Executive by the Company, which demand
specifically identifies the manner in which it is believed that the Executive has not substantially performed the Executive’s duties; or (ii) conviction of a felony or acts of dishonesty resulting in gain or personal enrichment at the
expense of the Company; or (iii) the Executive’s willful misconduct or insubordination which is materially injurious to the Company. For purposes of this paragraph, no act or failure to act on the Executive’s part shall be considered
as willful unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the action or omission was in the best interests of the Company. 

3.2 “Disability” shall mean the illness, or mental or physical disability, of the Executive as determined by a physician
acceptable to the Company and the Executive, resulting in the Executive’s failure to perform substantially all of his or her 

  
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applicable material duties for a period of six consecutive months, and the Executive’s failure to return to the performance of such duties within 30 days after receiving written notice of
termination of employment due to such Disability. 
 3.3 “Good Reason” shall mean (i) reduction in the
Executive’s (then) current base salary as paid immediately preceding the Change in Control; (ii) diminution, reduction or other adverse change in the annual bonus opportunity or other incentive compensation opportunities available to the
Executive immediately preceding the Change in Control; (iii) the Company’s failure to pay the Executive any amounts otherwise earned, vested or due under any compensation plan or human resources policy of the Company immediately preceding
the Change in Control; (iv) diminution of the Executive’s title, position, authority or responsibility; (v) assignment to the Executive of duties incompatible with the position occupied by the Executive immediately preceding the
Change in Control; or (vi) relocation of the Executive’s position to a location more than 35 miles from the location to which the Executive was assigned immediately preceding the Change in Control. 

4. CERTAIN SEVERANCE BENEFITS UPON TERMINATION. If, after any Change in Control (as defined herein) shall have occurred, the
Executive’s employment shall be terminated within twenty-four months of the date of such Change in Control either (i) by the Company other than for death, disability or Cause, or (ii) by the Executive for Good Reason, the Executive
shall be entitled to certain severance benefits (hereinafter “the Severance Benefits”) as provided below: 
 4.1 The
Company shall pay the Executive’s full base salary through the date of termination at the rate which is the higher of the (then) current annual rate or the annual rate in effect immediately prior to the date of any Change in Control. The
Company shall also pay the Executive the amount, if any, of any unpaid earned annual bonus for the preceding fiscal year. In addition, the Company shall continue in full force and effect through the date of termination the Executive’s
participation in all stock ownership, stock purchase, stock option and restricted stock plans; all health and welfare benefit plans; and all insurance and disability plans as may be in effect at the date of the Change in Control. Notwithstanding the
terms and conditions of any Company stock plans and related agreements under which outstanding stock option and restricted stock grants shall have been made, any such outstanding and unvested stock options and restricted stock grants shall become
immediately and fully vested upon the occurrence of a Change in Control. 
 4.2 Subject to Section 4.3
hereof, the Company shall pay as Severance Benefits to the Executive on or before the fifth (5th) day following the date of termination of employment, a lump sum payment (“the lump sum payment”) equal to 1.75x times the Executive’s base salary at the rate which is the higher of
the (then) current annual rate or the annual rate in effect immediately prior to the date of any Change in Control. Such lump sum payment shall be subject to all applicable Federal, state and local income and FICA taxes including all required
withholding amounts. 

  
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 4.3 If necessary, the Severance Benefits to the Executive hereunder shall be adjusted as set
forth in this Section 4.3 If the lump sum payment under Section 4.2 hereof and all other payments or benefits (as defined in Section 280(G)(b)(A)(i) of the Internal Revenue Code of 1986, as amended (“the Code”)) which the
Executive has received or has the right to receive from the Company as a result of any Change in Control would (in the aggregate) constitute an “excess parachute payment” (as defined in the Code), the lump sum payment under
Section 4.2 hereof shall be decreased by the smallest amount that will eliminate any such excess parachute payment. In no event shall the Severance Benefits exceed the amount that is deductible by the Company in accordance with
Section 280(G) of the Code. 
 4.4 The Executive shall not be required to mitigate or offset the amount of any Severance
Benefits or other benefits provided under this Section 4 by seeking employment or otherwise, nor shall the amount of any payment provided under this Section 4 be reduced by any compensation earned by the Executive as the result of
employment by another employer after the date of termination from the Company. 
 5. TERM OF AGREEMENT. This Agreement
shall have an original term expiring on April 15, 2012, and shall thereafter be automatically renewed for successive one-year terms unless the Company has notified the Executive of its election not to renew the term of this Agreement not less
than 120 days before the expiration of the (then) current term. Notwithstanding anything in this Agreement to the contrary, this Agreement shall not terminate in the event that a Change in Control of the Company (as defined herein) shall have
occurred. 
 6. SUCCESSORS; BINDING AGREEMENT. The Company shall require any successor (whether direct or indirect by
purchase, merger, consolidation or otherwise) to all or substantially all of the business, equity and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would
be required to perform if no such succession had taken place. Failure of the Company to obtain such agreement prior to the effective date of any such succession shall be a breach of this Agreement and shall entitle the Executive to compensation from
the Company in the same amount and on the same terms as that which the Executive would be entitled to hereunder as if the Executive’s employment by the Company were immediately terminated without Cause or for Good Reason. As referred to in this
Agreement, “Company” shall mean the Bitstream Inc. as herein defined and any successor to its business, equity and/or assets that becomes bound by the terms and conditions of this Agreement by operation of law. This Agreement shall inure
to the benefit and be enforceable by the Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Executive should die while any amount would still be payable
hereunder, all such amounts shall be paid in accordance with the terms of this Agreement to the Executive’s estate. 

  
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 7. NOTICES. Any and all notices that may be given hereunder by either party to the
other shall be sufficient if in writing and sent by registered mail to the respective party at its or their last known address. 

8. MODIFICATIONS AND WAIVERS; ENTIRE AGREEMENT. No agreements or representations, express or implied, with respect to the subject
matter hereof have been made by either party which are not expressly set forth in this Agreement. No provisions of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is agreed to in writing signed by
the Executive and the Chief Executive Officer of the Company. No waiver by either party hereto at any time of any breach by the other party hereto of any condition or provision of this Agreement to be performed by such other party shall be deemed a
waiver of similar or dissimilar provisions or conditions at the same or any prior or subsequent time. This Agreement shall not supercede or in any way limit the rights, duties or obligations the Executive may have under any other written agreement
with the Company including, without limitation, any employment agreement now in effect or subsequently entered into by and between the Executive and the Company. Notwithstanding the above, this Agreement shall not be construed as an employment
agreement and shall not limit the Company’s right to terminate the employment (with or without Cause) of any person employed by the Company. 
 9. GOVERNING LAW. This Agreement shall be governed by and construed and interpreted in accordance with the laws of the State of Massachusetts without reference to principles of conflict of laws.

 10. COUNTERPARTS. This Agreement may be executed in one or more counterparts each of which shall be deemed to be an
original, but all of which together shall constitute one and the same instrument. 
 11. DISPUTES. Any dispute or
controversy arising under, or of, or in connection with this Agreement may be resolved in any court of competent jurisdiction. Should the Executive prevail in any litigation or court action to obtain the Severance Benefits hereof, or to otherwise
enforce any provision of this Agreement, the Company shall timely reimburse to the Executive the entire amount of legal fees and court costs incurred in connection with such litigation or court action. Notwithstanding the provision above, either
party to this Agreement may require (and the other party shall accept without objection) that any dispute or controversy arising hereunder be submitted to the American Arbitration Association for binding arbitration in accordance with the rules and
procedures thereof. The Company shall pay for the costs and fees associated with any such binding arbitration hereunder. 

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

			
	BITSTREAM INC.:
		
	By:	 	 /s/ Anna M. Chagnon

		 	Anna M. Chagnon
		 	President and Chief Executive Officer

 
			
	
	BY THE EXECUTIVE:
		
	Signature:	 	 /s/ Costas Kitsos

	Name:	 	Costas Kitsos
	
	WITNESS:
		
	Signature:	 	 /s/ James P. Dore

	Name:	 	James P. Dore

  
 -6-Letter Agreement - J. Dore

 Exhibit 10.14 
 February 12, 2012 
 James P. Dore 
 54 Dunbarton Drive 
 Nashua, NH 03063 
 Dear Jim, 
 Marlborough Software Development Holdings Inc. (“MSDH”) is pleased to
formally offer you the position of Executive Vice President and Chief Financial Officer, reporting to Pinhas Romik, MSDH’s President and Chief Executive Officer (subject to the terms and conditions herein, the “Offer”). 

You will be paid on a bi-weekly basis, at a rate of $7,826.92 per pay period. For purposes of determining your life insurance benefits, which MSDH will
provide you; this amount is the equivalent of an annual base salary of $203,500. All employment is “at will” and not for any definite period of time. Furthermore, nothing in this letter should be construed as a contract of employment or
any type of guarantee of employment for any specified duration. 
 You will be generally eligible to participate in the MSDH Equity Incentive
Plan and receive grants of equity compensation as may be approved by the Compensation Committee of the Board of Directors of MSDH from time to time and at their discretion, though the Compensation Committee has not formulated any definitive plans
relative to this at this time. You will be eligible for our standard benefits package, as it may be determined or modified from time to time. This currently includes, upon election, contributory comprehensive medical and dental coverage, effective
on your first day of employment, as well as company-paid life insurance at one times your annual base salary. MSDH also offers a 401(k) retirement savings plan, in which you may elect to participate. MSDH also provides paid holidays and sick and
vacation days which are accrued monthly. Your vacation benefit is four weeks, accrued at a rate of 1.667 days per month. 
 A copy of the
standard Employee Confidentiality Agreement, which you will be required to sign upon commencing employment, will be provided in a new hire packet; until such time, you agree to abide by the terms and conditions of your existing Employee
Confidentiality Agreement with Bitstream Inc. (“Bitstream”) and that such agreement shall apply to your relationship with MSDH. Also enclosed will be an I-9 Form, which we are required by law to have all new employees complete. Please be
prepared to provide the necessary documents on your first day. 

  
 500 Nickerson Road |
Marlborough MA 01752 | 617-497-6222 

 MSDH hereby agrees to assume, effective as of the date of the spin-off (“Spin-Off”) of MSDH to the
shareholders of Bitstream pursuant to the Agreement and Plan of Merger, dated November 10, 2011, between Bitstream, Monotype Imaging Holdings, Inc. and Birch Acquisition Corporation (the “Merger Agreement”) all rights and obligations
of Bitstream under the Severance Agreement by and between Bitstream and James P. Dore dated as of April 15, 2010 (the “Severance Agreement”). By signing below you acknowledge and agree to such agreement and assumption by MSDH as of
such date. MSDH and you hereby agree to amend the Severance Agreement, as so assumed, as of the Spin-Off date, to extend the current term of the Severance Agreement until April 15, 2014. For the avoidance of doubt, as of the effective date of
such assumption by MSDH, all provisions of the Severance Agreement, including those related to automatic renewals, shall remain and are in full force and effect. For the avoidance of doubt, prior to the Spin-Off date the Severance Agreement shall
remain in effect and shall be applicable to Bitstream and its subsidiaries as a whole, and to you as an executive officer of Bitstream. 

Notwithstanding the foregoing, by signing below, as of the effective date of assumption of the Severance Agreement by Bitstream, you hereby waive and
release your right to payment of any Severance Benefits (as defined in the Severance Agreement) under the Severance Agreement as a result of any of the following circumstances (the “Excluded Circumstances”) (i) as a result of the
termination of your employment by Bitstream or by you in connection with joining MSDH and/or the Spin-Off and (ii) in connection with the transactions contemplated by the Merger Agreement including the Spin-Off, including, without limitation,
any claim that your employment with Bitstream has been or will be terminated or that the position and terms of your employment as described in this Offer, or any change in your rights and responsibilities as an employee of MSDH and not of Bitstream,
would otherwise permit you to resign for “Good Reason” (as defined in the Severance Agreement) or constitute an actual or constructive termination by Bitstream without cause, all of which claims are hereby released and waived as against
MSDH and Bitstream. Bitstream is an intended third party beneficiary of such waiver and release. 
 For the avoidance of doubt, other than as
set forth above, the Severance Agreement, as so assumed, remains in full force and effect and you shall be entitled to any and all Severance Benefits under the conditions set forth in the Severance Agreement upon any future Change in Control of MSDH
which is unrelated to the Merger Agreement, the Spin-Off and the transactions contemplated thereby. The parties agree that upon the effective date of the assumption of the Severance Agreement by MSDH, all references to the “Company”
therein shall be deemed to refer to MSDH and not Bitstream. 
 Additionally, effective upon the date of the Spin-Off, and in the absence of a
Change of Control transaction relative to MSDH under the Severance Agreement, in the event that your employment by MSDH is terminated by MSDH without Cause (as defined in the Severance Agreement) or you resign your employment for “Good
Reason” (as defined in the Severance Agreement) (other than the Excluded Circumstances) within thirty (30) of any event that 

  
 500 Nickerson Road |
Marlborough MA 01752 | 617-497-6222 

 
constitutes Good Reason and has not been cured by MSDH within ten (10) days of written notice thereof to MSDH, you shall be entitled to receive severance equal to the severance to which you
would be entitled under the Severance Agreement as though a Change in Control had occurred. In the event that you become entitled to severance under the Severance Agreement following a Change in Control of MSDH, this paragraph shall not apply and
you shall only receive your severance under the Severance Agreement. The severance provisions set forth in this paragraph shall expire on April 15, 2014. After such date, your severance benefits absent a Change in Control shall be in accordance
with the then effective MSDH severance policy for executive officers or such other severance benefits as shall have been granted to you by the Company in writing. While any such benefits would be determined on a discretionary basis, it is the
current intention of the MSDH to define and implement a general executive severance policy prior to April 15, 2015. 
 This letter sets
forth all of the terms of MSDH’s offer to you. If, in accepting this offer, you are relying on any other statements or representations (including accommodations) you believe have been made to you on behalf of MSDH, please record them on this
letter when you return it to me. If you record any statements or representations on this letter, you should not rely on such statement or representations unless we confirm to you in writing that they are part of our offer. 

We are confident that you will make a significant contribution to MSDH, and we look forward to welcoming you as a member of the MSDH Team. Please
acknowledge the above and your acceptance of such by signing and returning this letter to me at your earliest convenience. 
 Very truly yours,

 MARLBOROUGH SOFTWARE DEVELOPMENT HOLDINGS INC. 
  

			
	
		
	By:	 	/s/ Pinhas Romik
		 	 Name: Pinhas Romik
 Title:
President & Chief Executive Officer

  

					
		 		 	
			
	/s/ James P. Dore	 		 	February 12, 2012
	Name: James P. Dore	 		 	Date

  

  
 500 Nickerson Road |
Marlborough MA 01752 | 617-497-6222 

 Bitstream hereby consents to the assumption of the Severance Agreement by MSDH as described above.

 BITSTREAM INC. 
  

	
	
	
	/s/ Amos Kaminski
	 Name: Amos Kaminski

Title: Interim CEO and Exec. Chairman

  
 500 Nickerson Road |
Marlborough MA 01752 | 617-497-6222

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