Document:

Employment Agreement with Richard A. Smith

 Exhibit 10.4 
  
 EMPLOYMENT AGREEMENT 
 This Employment
Agreement (“Agreement”) is dated as of the Effective Date (as hereinafter defined), by and between Realogy Corporation, a Delaware corporation (the “Company”) and Richard A. Smith (the “Executive”). 
 WHEREAS, Cendant Corporation, a Delaware corporation (“Cendant”), and the Executive are parties to an Amended and Restated Employment Agreement
dated as of June 30, 2004 (the “Prior Agreement”). 
 WHEREAS, Cendant has determined to distribute the Company directly to
its stockholders pursuant to a spin-off transaction (the “Proposed Transaction”). 
 WHEREAS, the Company desires to employ the
Executive, and the Executive desires to serve the Company, in accordance with the terms and conditions of this Agreement; 
 NOW THEREFORE,
in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 SECTION I 
 EFFECTIVENESS 
 Subject to and upon the consummation of the Proposed Transaction (the “Effective Date”) (i) the Prior Agreement shall terminate and be of
no further force or effect and (ii) this Agreement shall become effective. 
 SECTION II 
 EMPLOYMENT; POSITION AND RESPONSIBILITIES 
 The Company agrees to employ the Executive, and the Executive agrees to be employed by the Company, for the Period of Employment as provided in Section III below and upon the terms and conditions provided in this Agreement. The Executive
shall serve as President of the Company from the Effective Time through December 31, 2007 (the “Initial Period”), and shall thereafter serve as Chief Executive Officer of the Company through the remainder of the Period of Employment
(the “Remaining Period”). During the Initial Period, the Executive shall report to, and be subject to the direction of, the Chief Executive Officer of 

  

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the Company (the “CEO”), and during the Remaining Period shall report to, and be subject to the direction of, the Board of Directors of the Company
(the “Board”). The Executive shall perform such duties and exercise such supervision with regard to the business of the Company as are associated with his respective positions, as well as such additional duties as may be prescribed from
time to time by the Board. The Executive shall, during the Period of Employment, devote substantially all of his time and attention during normal business hours to the performance of services for the Company. The Executive shall maintain a primary
office and conduct his business in Parsippany, New Jersey (the “Business Office”), except for normal and reasonable business travel in connection with his duties hereunder. 
 In addition, effective upon the Effective Date, the Executive shall serve as Vice Chairman, and a member, of the Board; provided, that the
Executive’s continued service as a member of the Board shall at all times remain subject to any and all nomination and election procedures in accordance with the Company’s by-laws. Following the Effective Date, any failure by the
shareholders of the Company to re-elect the Executive to membership on the Board shall not constitute a breach by the Company of this Agreement. 
 The Company agrees to provide the Executive with periodic updates regarding Company plans for his succession to the Chief Executive Officer position, and will use reasonable efforts, subject to corporate governance procedures, to notify the
Executive of any changes in succession plans by no later than June 30, 2007. 
 SECTION III 
 PERIOD OF EMPLOYMENT 
 The period of
the Executive’s employment under this Agreement (the “Period of Employment”) shall begin on the Effective Date and shall end on the third anniversary of the Effective Date (the “Term”), subject to earlier termination as
provided in this Agreement. Effective upon the expiration of the Term, Executive’s employment hereunder shall be deemed to be automatically extended, upon the same terms and conditions, for an additional period of one year (the
“Additional Term”) commencing upon the expiration of the Term unless either party shall have given written notice to the other, at least six (6) months prior to the expiration of the Term of its intention not to extend the
Period of Employment Period hereunder; provided that any such notice of non-extension delivered by the Company to Executive shall be deemed to constitute a Constructive Discharge (as defined below) of the Executive. As of the Effective Date,
Executive shall cease to be employed by Cendant. 
  

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 SECTION IV 
 COMPENSATION AND BENEFITS 
 For all services rendered by the Executive pursuant to this Agreement
during the Period of Employment, including services as an executive officer, director or committee member of the Company or any subsidiary or affiliate of the Company, the Executive shall be compensated as follows: 
 (a) Base Salary 
 The Company shall
initially pay the Executive a fixed base salary (“Base Salary”) of not less than $1,000,000, per annum, and thereafter the Executive shall be eligible to receive annual increases as the Board deems appropriate, in accordance with the
Company’s customary procedures regarding salaries of senior officers. Base Salary shall be payable according to the customary payroll practices of the Company, but in no event less frequently than once each month. 
 (b) Annual Incentive Awards 
 The
Executive shall be eligible to earn a target Annual Bonus for each fiscal year of the Company ending during the Employment Period (each, an “Annual Bonus”) equal to 200% of the Executive’s Base Salary for such fiscal year, if the
Company achieves the target performance goals established by the Compensation Committee (the “Committee”) for such fiscal year The Committee may establish such metrics whereby the Executive may earn an Annual Bonus in excess of the target
Annual Bonus or an Annual Bonus less than the target Annual Bonus. 
 Any Annual Bonus that becomes payable to the Executive pursuant to this
Section shall be paid to the Executive as soon as reasonably practicable following receipt by the Board of the audited consolidated financial statements of the Company for the relevant fiscal year, but in no event later than two and a half (2 1/2) months following the end of the applicable fiscal year in which such Annual Bonus was earned. The Executive shall
be entitled to receive any Annual Bonus that becomes payable in a lump sum cash payment, or, at his election, in any form that the Board generally makes available to the Company’s executive management team; provided that any such election is
made by the Executive in compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations promulgated thereunder. 
  

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 (c) Long-Term Incentive Awards 
 Upon the Effective Date, the Company shall grant the Executive a long-term incentive equity award with a grant date value equal to $5 million (the
“Initial Realogy Grant”). The Initial Realogy Grant shall be subject to the terms and conditions of the Company’s 2006 Equity and Incentive Plan and the applicable agreement evidencing such award, including such vesting provisions as
determined by the Committee (subject to accelerated vesting in accordance with Section VIII below). Thereafter, the Executive shall be eligible for long term incentive awards as determined by the Committee in its discretion. 
 (d) Additional Benefits 
 The
Executive shall be entitled to participate in all other compensation and employee benefit plans or programs and receive all benefits and perquisites for which salaried employees of the Company generally are eligible under any plan or program now in
effect, or later established by the Company, on the same basis as similarly situated senior executives of the Company with comparable duties and responsibilities. The Executive shall participate to the extent permissible under the terms and
provisions of such plans or programs, and in accordance with the terms of such plans and program. 
 (e) Further Consideration

 The Company acknowledges and agrees to provide the Executive the following benefits notwithstanding anything herein to the contrary. Upon
the Executive’s termination of employment from the Company and its subsidiaries for any reason, including, without limitation, due to or following any non-renewal of this Agreement, Resignation, or termination by the Company with or without
Cause, the Executive and each person who is his covered dependent at such time under each applicable plan sponsored by the Company, shall remain eligible to continue to participate in all of such plans (as they may be modified from time to time with
respect to all senior executive officers), or such other plans subsequently made available to senior executive officers of the Company or any successor Company (the “Post-Employment Plans”) until the end of the plan year in which the
Executive reaches, or would have reached, age seventy-five (75) (such benefits, the “Post-Employment Benefits”). The Executive is currently eligible to participate in the following plans: Executive Physical Exams, Medical Expense
Reimbursement Plan (MERP), Medical Insurance, Dental Insurance, Group Life Insurance (up to $1 million coverage on 

  

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Executive’s life), Vision Service Plan. Coverage under such Post-Employment Plans shall be subject to the Executive and/or such dependents, as
applicable, continuing to pay the applicable employee portion of any premiums, co-payments, deductibles and similar costs Solely with respect to the Executive’s dependents, such coverage shall terminate upon such earlier date if and when they
become ineligible for any such benefits under the terms of such plans and provided, that once the Executive or his dependents become eligible for Medicare or any other government-sponsored medical insurance plan, or if the Executive is
eligible to participate in any other company’s medical insurance plan as an employee after the termination of his employment, the Executive or his dependents shall utilize such government plan or other company plan, and the Company’s
insurance obligations as part of the Post-Employment Benefits hereunder shall become secondary to such government plan or other company plan. Notwithstanding the foregoing, the Company may meet any of its foregoing obligations under the
Post-Employment Plans by paying for, or providing for the payment of, such benefits directly or through alternative plans or individual policies which are no less favorable in all material respects (with respect to both coverage and cost to the
Executive) to the Post-Employment Plans, provided that the Company shall use its best efforts to assure that provision of the Post-Employments Benefits complies with Code Section 409A. 
 SECTION V 
 BUSINESS EXPENSES 
 The Company shall reimburse the Executive for all reasonable travel and other expenses incurred by the Executive in connection with the performance of
his duties and obligations under this Agreement. The Executive shall comply with such limitations and reporting requirements with respect to expenses as may be established by the Company from time to time and shall promptly provide all appropriate
and requested documentation in connection with such expenses. Further, the Executive will receive access to Company aircraft or alternative air transportation, subject to applicable Company policies. 
 SECTION VI 
 DEATH AND DISABILITY

 The Period of Employment shall end upon the Executive’s death. If the Executive becomes Disabled (as defined below) during the
Period of Employment, the Period of Employment may be terminated at the option of the Executive upon notice of resignation to the Company, or at the option of the Company upon notice of termination to the Executive. For purposes of this Agreement,
“Disability” 

  

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shall have the meaning set forth in Section 409A (“Code Section 409A”) of the Code. The Company’s obligation to make payments to the
Executive under this Agreement shall cease as of such date of termination, except for Base Salary and any Annual Bonus earned but unpaid as of the date of such termination, and, in such event (a) each of the Executive’s then outstanding
options to purchase shares of Cendant common stock (including options to purchase shares of common stock of entities resulting from the adjustment to such Cendant options in connection with the Cendant’s plan to separate into 2 or more public
companies (the “Adjusted Options”)) which were granted on or after September 3, 1998 shall become immediately and fully vested and exercisable and, in accordance with the terms and conditions applicable to such options set forth in
the Prior Agreement, shall remain exercisable until the first to occur of the fifth (5th) anniversary of the
Executive’s termination of employment and the original expiration date of such option, (b) each option to purchase shares of the Company common stock or stock appreciation rights granted on or after the Effective Date (excluding any
Adjusted Option to acquire the Company common stock) shall become immediately and fully vested and exercisable and, notwithstanding any term or provision thereof to the contrary, shall remain exercisable until the first to occur of the third
(3rd ) anniversary of the Executive’s termination of employment and the original expiration date of such
option, and (c) all other long-term equity awards (including, without limitations, restricted stock units) then outstanding shall become immediately vested.  
 SECTION VII 
 EFFECT OF TERMINATION OF EMPLOYMENT 
 (a) Without Cause Termination and Constructive Discharge. If the Executive’s employment terminates during the Period of Employment due to
either a Without Cause Termination or a Constructive Discharge (each as defined below): (i) the Company shall pay the Executive (or his surviving spouse, estate or personal representative, as applicable), in accordance with paragraph
(d) below, an amount equal to 299% multiplied by the sum of (A) the Executive’s then current Base Salary, plus (B) the Executive’s then current target Annual Bonus; (ii) each of the Executive’s then outstanding
options, including the Adjusted Options, to purchase shares of common stock which were granted on or after June 1, 2001 and prior to the Effective Date shall become immediately and fully vested and exercisable and in accordance with the terms
and conditions applicable to such options set forth in the Prior Agreement, shall remain exercisable until the first to occur of the fifth (5th) anniversary of the Executive’s termination of employment and the original expiration date of such option; (iii) each option to purchase shares of the Company common stock or stock
appreciation right granted on or after the Proposed Transaction 

  

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(excluding any Adjusted Option to acquire the Company common stock) shall become immediately and fully vested and exercisable and, notwithstanding any term
or provision thereof to the contrary, shall remain exercisable until the first to occur of the third (3rd)
anniversary of the Executive’s termination of employment and the original expiration date of such option or stock appreciation right, and (iv) all other long-term equity awards (including, without limitation, the restricted stock units)
shall become immediately vested. 
 Further, if the Executive’s employment terminates by reason of Without Cause Termination or
Constructive Discharge during the Period of Employment or a Resignation at any time during or after the expiration of the Period of Employment, each of the Executive’s then outstanding options to purchase shares of Cendant common stock,
including the Adjusted Options, which were granted on or after September 3, 1998 and prior to December 31, 2000, in accordance with the terms and conditions applicable to such options set fort in the Prior Agreement, shall remain
exercisable until the first to occur of the fifth (5th) anniversary of the Executive’s termination of
employment and the original expiration date of such option. 
 (b) Termination for Cause; Resignation. If the Executive’s
employment terminates due to a Termination for Cause or a Resignation, Base Salary and any Annual Bonus earned but unpaid as of the date of such termination shall be paid to the Executive in accordance with paragraph (d) below. Outstanding
stock options and other equity awards held by the Executive as of the date of termination shall be treated in accordance with their terms (except as provided in paragraph (a) above). Except as provided in this paragraph, the Company shall have
no further obligations to the Executive hereunder. 
 (c) For purposes of this Agreement, the following terms have the following meanings:

 i. “Termination for Cause” means (a) the Executive’s willful failure to substantially perform his duties as an employee
of the Company or any subsidiary (other than any such failure resulting from incapacity due to physical or mental illness), (b) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct against the Company or any
subsidiary, (c) the Executive’s conviction of a felony or any crime involving moral turpitude (which conviction, due to the passage of time or otherwise, is not subject to further appeal), (d) the Executive’s gross negligence in
the performance of his duties or (e) the Executive purposefully or negligently makes (or has been found to have made) a false certification to the Company pertaining to its financial statements. 
  

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 ii. “Constructive Discharge” means (a) any material failure of the Company to fulfill its
obligations under this Agreement (including without limitation any reduction of the Base Salary, as the same may be increased during the Period of Employment, or other element of compensation), (b) the Business Office is relocated to any
location which is more than 30 miles from the city limits of Parsippany, New Jersey, (c) a person, other than Henry R. Silverman, becoming the Chief Executive Officer of the Company, (d) during the Initial Period, the Executive no longer
reports directly to Henry R. Silverman as the Chief Executive Officer of the Company, (e) during the Remaining Period the Executive is not the Chief Executive Officer and the most senior executive officer of the Company or any material
diminution to the Executive’s duties hereunder, (f) during the Remaining Period the Executive does not report directly to the board of directors of the Company, (g) the Company provides notification under Section III of this Agreement
that it is not extending the Agreement for an Additional Term, (h) the occurrence of a “Corporate Transaction” as defined below or (i) the Executive is not nominated to be a member of the Board of the Company. The Executive shall
provide the Company a written notice of his intention to resign within 60 days after the Executive knows or has reason to know of the occurrence of any such event which notice describes the circumstances being relied on for the termination with
respect to this Agreement. With respect to clauses (a) and (b) of this paragraph, the Company shall have ten (10) days after receipt of such notice to remedy the event prior to the termination for Constructive Discharge and, upon the
timely remedy of such event, such event shall no longer constitute a basis for Constructive Discharge. 
 iii. “Without Cause
Termination” or “Terminated Without Cause” means termination of the Executive’s employment by the Company other than due to death, disability, or Termination for Cause. 
 iv. “Resignation” means a termination of the Executive’s employment by the Executive, other than in connection with a Constructive
Discharge. 
 v. “Corporate Transaction” means the occurrence of the events described in clauses (i) or (ii) of
Section 2(g) of the Company’s 2006 Equity and Incentive Plan, as amended from time to time, except that, in clause (i), “50%” shall be substituted for “30%” therein, and in clause (ii), “one-half” shall be
substituted for “two-thirds” therein. 
 (d) Conditions to Payment and Acceleration. All payments due to the Executive under
this Section VII shall be made as soon as practicable, but in no 

  

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event earlier than the date permitted under Section 409A of the Code, to the extent such payment is subject to Section 409A of the Code;
provided, however, that such payments shall be subject to, and contingent upon, the execution by the Executive (or his beneficiary or estate) of a release of claims against the Company and its affiliates in such reasonable form
determined by the Company in its sole discretion. The payments due to the Executive under this Section VII shall be in lieu of any other severance benefits otherwise payable to the Executive under any severance plan of the Company or its affiliates.

 SECTION VIII 
 OTHER DUTIES OF
THE EXECUTIVE 
 DURING AND AFTER THE PERIOD OF EMPLOYMENT 
 (a) The Executive shall, with reasonable notice during or after the Period of Employment, furnish information as may be in his possession and fully
cooperate with the Company and its affiliates as may be requested in connection with any claims or legal action in which the Company or any of its affiliates is or may become a party. After the Period of Employment, the Executive shall cooperate as
reasonably requested with the Company and its affiliates in connection with any claims or legal actions in which the Company or any of its affiliates is or may become a party. The Company agrees to reimburse the Executive for any reasonable
out-of-pocket expenses incurred by Executive by reason of such cooperation, including any loss of salary, and the Company shall make reasonable efforts to minimize interruption of the Executive’s life in connection with his cooperation in such
matters as provided for in this paragraph. 
 (b) The Executive recognizes and acknowledges that all information pertaining to this Agreement
or to the affairs; business; results of operations; accounting methods, practices and procedures; members; acquisition candidates; financial condition; clients; customers or other relationships of the Company or any of its affiliates
(“Information”) is confidential and is a unique and valuable asset of the Company or any of its affiliates. Access to and knowledge of certain of the Information is essential to the performance of the Executive’s duties under this
Agreement. The Executive shall not during the Period of Employment or thereafter, except to the extent reasonably necessary in performance of his duties under this Agreement, give to any person, firm, association, corporation, or governmental agency
any Information, except as may be required by law. The Executive shall not make use of the Information for his own purposes or for the benefit of any person or organization other than the Company or any of its affiliates. The Executive shall also
use his best efforts to prevent the disclosure of this Information by others. All records, 

  

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memoranda, etc. relating to the business of the Company or its affiliates, whether made by the Executive or otherwise coming into his possession, are
confidential and shall remain the property of the Company or its affiliates. 
 (c) (i) During the Period of Employment and for a two
(2) year period thereafter (the “Restricted Period”), irrespective of the cause, manner or time of any termination, the Executive shall not use his status with the Company or any of its affiliates to obtain loans, goods or services
from another organization on terms that would not be available to him in the absence of his relationship to the Company or any of its affiliates. 
 (ii) During the Restricted Period, the Executive shall not make any statements or perform any acts intended to have the effect of advancing the interest of any existing competitors (or any entity the Executive knows to be a prospective
competitor) of the Company or any of its affiliates or in any way injuring the interests of the Company or any of its affiliates. During the Restricted Period, the Executive, without prior express written approval by the Board, shall not engage in,
or directly or indirectly (whether for compensation or otherwise) own or hold proprietary interest in, manage, operate, or control, or join or participate in the ownership, management, operation or control of, or furnish any capital to or be
connected in any manner with, any party which competes in any way or manner with the business of the Company or any of its affiliates, as such business or businesses may be conducted from time to time, either as a general or limited partner,
proprietor, common or preferred shareholder, officer, director, agent, employee, consultant, trustee, affiliate, or otherwise. The Executive acknowledges that the Company’s and its affiliates’ businesses are conducted nationally and
internationally and agrees that the provisions in the foregoing sentence shall operate throughout the United States and the world. 
 (iii)
During the Restricted Period, the Executive, without express prior written approval from the Board, shall not solicit any members or the then-current clients of the Company or any of its affiliates for any existing business of the Company or any of
its affiliates or discuss with any employee of the Company or any of its affiliates information or operation of any business intended to compete with the Company or any of its affiliates. 
 (iv) During the Restricted Period, the Executive shall not interfere with the employees or affairs of the Company or any of its affiliates or solicit or
induce any person who is an employee of the Company or any of its affiliates to terminate any relationship such person may have with the Company or any of its affiliates, nor shall the Executive during such period directly or indirectly engage,
employ or 

  

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compensate, or cause or permit any person with which the Executive may be affiliated, to engage, employ or compensate, any employee of the Company or any of
its affiliates. The Executive hereby represents and warrants that the Executive has not entered into any agreement, understanding or arrangement with any employee of the Company or any of its affiliates pertaining to any business in which the
Executive has participated or plans to participate, or to the employment, engagement or compensation of any such employee. 
 (v) For the
purposes of this Agreement, proprietary interest means legal or equitable ownership, whether through stock holding or otherwise, of an equity interest in a business, firm or entity or ownership of more than 5% of any class of equity interest in a
publicly-held company and the term “affiliate” shall include without limitation all subsidiaries and licensees of the Company. 
 (d) The Executive hereby acknowledges that damages at law may be an insufficient remedy to the Company if the Executive violates the terms of this Agreement and that the Company shall be entitled, upon making the requisite showing, to
preliminary and/or permanent injunctive relief in any court of competent jurisdiction to restrain the breach of or otherwise to specifically enforce any of the covenants contained in this Section VIII without the necessity of showing any actual
damage or that monetary damages would not provide an adequate remedy. Such right to an injunction shall be in addition to, and not in limitation of, any other rights or remedies the Company may have. Without limiting the generality of the foregoing,
neither party shall oppose any motion the other party may make for any expedited discovery or hearing in connection with any alleged breach of this Section VIII. 
 (e) The period of time during which the provisions of this Section VIII shall be in effect shall be extended by the length of time during which the Executive is in breach of the terms hereof as determined by any court
of competent jurisdiction on the Company’s application for injunctive relief. 
 (f) The Executive agrees that the restrictions
contained in this Section VIII are an essential element of the compensation the Executive is granted hereunder and but for the Executive’s agreement to comply with such restrictions, the Company would not have entered into this Agreement.

  

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 SECTION IX 
 INDEMNIFICATION 
 The Company shall indemnify the Executive to the fullest extent permitted by the
laws of the state of the Company’s incorporation in effect at that time, or the certificate of incorporation and by-laws of the Company, whichever affords the greater protection to the Executive (including payment of expenses in advance of
final disposition of a proceeding). 
 SECTION X 
 CERTAIN TAXES 
 Anything in this Agreement or in any other plan, program or agreement to the contrary
notwithstanding and except as set forth below, in the event that (i) the Executive becomes entitled to any benefits or payments under Section VII hereof and (ii) it shall be determined that any payment or distribution by the Company to or
for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Section X) (a
“Payment”) would be subject to the excise tax imposed by Section 4999 of the Internal Revenue Code of 1986, as amended, or any interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax,
together with any such interest and penalties, hereinafter collectively referred to as the “Excise Tax”), then the Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after
payment by the Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon
the Gross-Up Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing provisions of this Section X, if it shall be determined that the Executive is entitled to
a Gross-Up Payment, but that the Payments do not exceed 110% of the greatest amount (the “Reduced Amount”) that could be paid to the Executive such that the receipt of Payments would not give rise to any Excise Tax, then no Gross-Up
Payment shall be made to the Executive and the Payments, in the aggregate, shall be reduced to the Reduced Amount, provided, however, that the payments or benefits to be eliminated in effecting such reduction shall be agreed upon between the Company
and the Executive. All determinations required to be made under this Section X, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination,
shall be made by Deloitte & Touche LLP or such other certified public accounting firm as may be designated by the Company. 
  

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 SECTION XI 
 MITIGATION 
 The Executive shall not be required to mitigate the amount of any payment provided for
hereunder by seeking other employment or otherwise, nor shall the amount of any such payment be reduced by any compensation earned by the Executive as the result of employment by another employer after the date the Executive’s employment
hereunder terminates. 
 SECTION XII 
 WITHHOLDING TAXES 
 The Executive acknowledges and agrees that the Company may directly or indirectly withhold from any
payments under this Agreement all federal, state, city or other taxes that shall be required pursuant to any law or governmental regulation. 
 SECTION XIII 
 EFFECT OF PRIOR AGREEMENTS 
 This Agreement shall supersede any prior agreements between Cendant, the Company, and the Executive (including but not limited to the Prior Agreement) hereof, and any such prior agreement shall be deemed terminated
without any remaining obligations of either party thereunder. 
 SECTION XIV 
 CONSOLIDATION, MERGER OR SALE OF ASSETS 
 Nothing in this Agreement shall
preclude the Company from consolidating or merging into or with, or transferring all or substantially all of its assets to, another corporation which assumes this Agreement and all obligations and undertakings of the Company hereunder. If
(i) there is a merger, consolidation or other business combination involving the Company, or (ii) all or substantially all of the voting stock of the Company is held by another public company, the term “the Company” shall mean
the successor to the Company’s business or assets referred to in (i) above or such public company referred to in (ii) above, and this Agreement shall continue in full force and effect. Notwithstanding the foregoing, the Company shall
require 
  

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 any successor thereto, by agreement in form and substance reasonably satisfactory to the Executive 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 it if no such succession had taken place. Failure of the Company to obtain such agreement prior to the effectiveness of any
such succession shall be a breach of the Agreement and shall entitle the Executive to compensation from the Company in the same amount and on the same terms as Executive would be entitled hereunder if the Company had terminated Executive’s
employment Without Cause as described herein, except that for purposes of implementing the foregoing, the date on which any such succession becomes effective shall be deemed the date of termination. 
 SECTION XV 
 MODIFICATION 
 This Agreement may not be modified or amended except in writing signed by the parties. No term or condition of this Agreement shall be deemed to have
been waived except in writing by the party charged with waiver. A waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver for the future or act on anything other than that which is specifically waived.

 SECTION XVI 
 GOVERNING LAW

 This Agreement has been executed and delivered in the State of New Jersey and its validity, interpretation, performance and
enforcement shall be governed by the internal laws of that state. 
 SECTION XVII 
 ARBITRATION 
 (a) Any controversy, dispute or claim arising out of or relating
to this Agreement or the breach hereof which cannot be settled by mutual agreement (other than with respect to the matters covered by Section VIII for which the Company may, but shall not be required to, seek injunctive relief) shall be finally
settled by binding arbitration in accordance with the Federal Arbitration Act (or if not applicable, the applicable state arbitration law) as follows: Any party who is aggrieved shall deliver a notice to the other party setting forth the specific
points in dispute. Any points remaining in dispute twenty (20) days after the giving of such notice may be submitted to arbitration in New York, New York, to the American Arbitration 

  

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Association, before a single arbitrator appointed in accordance with the arbitration rules of the American Arbitration Association, modified only as herein
expressly provided. After the aforesaid twenty (20) days, either party, upon ten (10) days notice to the other, may so submit the points in dispute to arbitration. The arbitrator may enter a default decision against any party who fails to
participate in the arbitration proceedings. 
 (b) The decision of the arbitrator on the points in dispute shall be final, unappealable and
binding, and judgment on the award may be entered in any court having jurisdiction thereof. 
 (c) Except as otherwise provided in this
Agreement, the arbitrator shall be authorized to apportion its fees and expenses and the reasonable attorneys’ fees and expenses of any such party as the arbitrator deems appropriate. In the absence of any such apportionment, the fees and
expenses of the arbitrator shall be borne equally by each party, and each party shall bear the fees and expenses of its own attorney. 
 (d)
The parties agree that this Section XVII has been included to rapidly and inexpensively resolve any disputes between them with respect to this Agreement, and that this Section XVII shall be grounds for dismissal of any court action commenced by
either party with respect to this Agreement, other than post-arbitration actions seeking to enforce an arbitration award. In the event that any court determines that this arbitration procedure is not binding, or otherwise allows any litigation
regarding a dispute, claim, or controversy covered by this Agreement to proceed, the parties hereto hereby waive any and all right to a trial by jury in or with respect to such litigation. 
 (e) The parties shall keep confidential, and shall not disclose to any person, except as may be required by law, the existence of any controversy
hereunder, the referral of any such controversy to arbitration or the status or resolution thereof. 
 SECTION XVIII 
 SURVIVAL 
 Sections VIII, IX, X, XI,
XII and XIII shall continue in full force in accordance with their respective terms notwithstanding any termination of the Period of Employment. 
  

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 SECTION XIX 
 SEPARABILITY 
 All provisions of this Agreement are intended to be severable. In the event any
provision or restriction contained herein is held to be invalid or unenforceable in any respect, in whole or in part, such finding shall in no way affect the validity or enforceability of any other provision of this Agreement. The parties hereto
further agree that any such invalid or unenforceable provision shall be deemed modified so that it shall be enforced to the greatest extent permissible under law, and to the extent that any court of competent jurisdiction determines any restriction
herein to be unreasonable in any respect, such court may limit this Agreement to render it reasonable in the light of the circumstances in which it was entered into and specifically enforce this Agreement as limited. 
 ***** 
  

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 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the Effective Date. 
  

	
	 REALOGY CORPORATION

	
	  

	 By:

	 Title:

	
	 RICHARD A. SMITH

	
	  

  

 17Separation Agreement

 EXHIBIT 10.1 
 SEPARATION AND GENERAL RELEASE AGREEMENT 
 In consideration of the terms, conditions,
releases, and covenants contained in this Separation and General Release Agreement (this “Agreement”), Ronald W. Guire (“Guire”) and Exar Corporation, on behalf of itself and each of its subsidiaries (collectively, the
“Company”), agree as follows: 
 1. Effective Date: This Agreement shall become effective on the eighth day after
Guire delivers to the Company a fully-executed version of this Agreement without modification or revocation (the “Effective Date”). 
 2. Retirement and Resignation from Board of Directors: The parties agree that Guire shall retire from employment with the Company effective June 30, 2006 (the “Retirement Date”). As of the Retirement Date, by
executing this Agreement, Guire agrees that he will no longer hold the title of, or perform services as, the Company’s Executive Vice President, Chief Financial Officer, Assistant Secretary or in any other position of employment with the
Company. Effective as of the Retirement Date, by executing this Agreement, Guire hereby resigns from his position as a member of the Company’s Board of Directors (the “Board”) and, to the extent applicable, as a member of the Board of
Directors of the Company’s subsidiaries. 
 3. Severance Benefits: Provided that Guire complies with the terms and
conditions of this Agreement and his Proprietary Information and Inventions Agreement (the “Confidentiality Agreement”) attached hereto as Exhibit A, Guire shall be entitled to receive the following severance benefits (collectively,
the “Severance Benefits”): 
 a. Severance Pay. The Company shall pay Guire severance pay in the amount of $610,000 (the
“Severance Pay”). The Severance Pay will be paid in two installments in accordance with the following schedule: (i) $400,000 (the “Initial Severance Payment”) will be paid on either June 30, 2006 if Guire executes and
delivers to the Company this Agreement on or before June 29, 2006, at 12:00 p.m., or on the Effective Date in the event that Guire executes this Agreement after June 29, 2006, at 12:00 p.m.; and (ii) $210,000 will be paid on
January 15, 2007. All payments will be less required withholdings and deductions. The Initial Severance Payment shall be wire transferred to the client trust account of McManis, Faulkner and Morgan (“MFM”) pursuant to the wire
instructions attached hereto as Exhibit B. MFM represents and warrants that the Initial Severance Payment shall be held in its client trust account and, subject to Section 10(e) of this Agreement, shall not be released to Guire until the
Effective Date. 
 b. Health and Welfare Benefits: Guire shall have the option to convert and continue his health and dental insurance
after the Retirement Date, as may be required or authorized by law under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). In the event Guire timely exercises his right to convert his health and dental insurance, Guire
will be responsible for paying the COBRA premiums and the Company shall reimburse Guire for the COBRA premiums for the period commencing on the Effective Date and ending on the earlier of: (a) the date Guire becomes eligible to receive health
insurance benefits from a new employer or (b) June 30, 2008. Guire shall be entitled to pre-pay and receive reimbursement for up to three months of COBRA premiums. Reimbursement shall be made within fifteen (15) days of Guire
submitting his invoice for paid COBRA premiums to the Company. 

 c. Stock Option Acceleration and Extended Exercise Period: As set forth more fully below in
Section 13 of this Agreement, Guire shall be entitled to (i) an acceleration of vesting of all outstanding, unvested shares of his Options (as defined below); and (ii) the option exercise period of the Options shall expire on
December 31, 2006. 
 4. Termination Of Contractual Relationship: Except as arising out of this Agreement, the
Confidentiality Agreement, the Indemnity Agreement, dated September 30, 2002 (the “Indemnity Agreement”) and the Stock Option Agreements (the “Stock Option Agreements”) for the stock option grants, dated October 27,
2005, October 4, 2004, October 4, 2004, September 4, 2004, December 5, 2002, September 5, 2002, December 5, 2001, April 23, 2001, April 3, 2000, April 3,
2000, September 9, 1999 and September 9, 1999 (collectively, the “Stock Option Grants”), the parties have no further contractual relationship and Guire will have no right to reinstatement with the Company or any subsidiary.

 5. Transition Services: For a period commencing on the day after the Retirement Date through the earlier to occur of
(a) September 30, 2006 or (b) the date the Company employs a new full-time Chief Financial Officer of the Company (the “Consulting Period”), Guire agrees that he will perform consulting services as reasonably requested from
time to time by the Company’s President and Chief Executive Officer in connection with the transition of his job responsibilities, including assisting the Company with respect to financial and other matters. The Company will use reasonable
efforts to limit Guire’s consulting services to an average of 60 hours per month during the Consulting Period. The Company and Guire agree that any such services shall be performed by Guire as an independent contractor. Unless requested by the
Company’s President and Chief Executive Officer, Guire shall not use the Company’s offices at any time and Guire shall perform such consulting services using his own facilities and equipment, and through the methods and means that Guire
deems reasonably appropriate. The Severance Pay shall serve as consideration for any consulting services requested by the Company pursuant to this Section 5. 
 6. No Other Compensation or Benefits: Except as expressly set forth herein in Sections 3 and 13 of this Agreement, Guire acknowledges that he will not receive, and is not entitled to receive, any
additional compensation, severance or benefits after the Retirement Date. On the Retirement Date, the Company shall pay Guire in full for all of his accrued wages and paid-time off that he earned through the Retirement Date. Guire agrees to submit
any business expenses that he incurred in the scope of his employment on or before July 30, 2006. The Company will reimburse Guire for all outstanding business expenses in accordance with the Company’s expense reimbursement policy.

 7. No Admission of Liability Or Wrongdoing: This Agreement does not constitute an admission by the Company or Guire of any
violation of federal, state or local law, ordinance or regulation or of any violation of the Company’s policies or procedures or of any liability or wrongdoing whatsoever. Neither this Agreement nor anything in this Agreement shall be construed
to be or shall be admissible in any proceeding as evidence of liability or wrongdoing by the Company or Guire. This Agreement may be introduced, however, in any proceeding to enforce the Agreement. Such introduction shall be pursuant to an order
protecting its confidentiality to the extent permitted by law. 

 8. Releases: 
 a. Release by Guire. Except for those obligations created by or arising out of this Agreement, the Indemnity Agreement and the Stock Option Agreement, Guire, on his own behalf and on behalf of his descendants,
dependents, heirs, executors, administrators, assigns and successors, and each of them, hereby covenants not to sue and fully releases and discharges the Company and each of its and their subsidiaries, parent, or affiliated partnerships and
corporations, past and present, as well as each of its and their directors, officers, trustees, shareholders, members, partners, representatives, attorneys, assignees, successors, agents and employees, past and present, and each of them
(individually and collectively, “Company Releasees”), from and with respect to any and all claims, wages, agreements, obligations, demands and causes of action, known or unknown, suspected or unsuspected (collectively, “Claims”),
arising out of or in any way connected with Guire’s employment and termination of employment with the Company, Guire’s consulting relationship with the Company prior to such employment, membership and termination of membership on the board
of directors of the Company, or any other relationship with, interest in or termination of relationship with any Company Releasees, including without limiting the generality of the foregoing, any claim for wages, overtime, salary, severance pay,
director compensation, commissions, bonus or similar benefit, car allowance, sick leave, pension, retirement, vacation pay, paid time off, life insurance, health or medical insurance, including coverage under the Company’s Executive Health
Plan, or any other fringe benefit, or disability, or any Claim pursuant to any federal, state or local law, statute or cause of action including, but not limited to: the federal Civil Rights Act of 1964, as amended; the federal Americans with
Disabilities Act of 1990; the federal Age Discrimination in Employment Act of 1967, as amended (the “ADEA”); the California Fair Employment and Housing Act, as amended; the California Family Rights Act; the California Labor Code; the
Sarbanes-Oxley Act; tort law; contract law; wrongful discharge; discrimination; retaliation; harassment; fraud; defamation; emotional distress; breach of the implied covenant of good faith and fair dealing; or breach of the Executive Officer’s
Change of Control Severance and Benefit Plan. Notwithstanding any provision of this Section 8, you shall not hereby release any right you may otherwise have to (i) vested benefits, if any, under the Company’s 401(k) plan, in
accordance with the terms of that Plan, COBRA health care and dental care continuation coverage, life insurance conversion rights, unemployment compensation, workers’ compensation or disability insurance, or to (ii) indemnification by the
Company pursuant to the Company’s certificate of incorporation, by-laws, and insurance policies, and applicable law. 
 b. Release by
the Company. Except for those obligations created by or arising out of this Agreement, and except as provided below, the Company hereby covenants not to sue and releases and discharges Guire and his descendants, dependents, heirs, executors,
administrators, assigns and successors, and each of them (“Guire Releasees”) from and with respect to any and all claims, agreements, obligations, losses, damages, injuries, demands and causes of action, known or unknown, suspected or
unsuspected, arising out of or in any way connected with Guire’s employment, membership on the board of directors of the Company, or any other relationship with, interest in or termination of relationship with any Company Releasees with the
Company, or any other occurrences, actions, omissions or claims whatsoever, known or unknown, suspected or unsuspected, which the Company now owns or holds or has at any time heretofore owned or held as against Guire, provided, however, that such
release of Guire shall not extend to any claims, known or unknown, suspected or unsuspected, against Guire that arise out of facts which demonstrate that Guire engaged in reckless, fraudulent or intentional acts or omissions that (i) constitute
a breach of fiduciary duty, (ii) constitute a crime under any federal, state, or local statute, law, ordinance or regulation, or (iii) give rise to a right of recovery by 

 
the Company under any applicable policies of insurance and as to which the insurer has a right to subrogation against Guire; and provided, further, that the
foregoing release shall not be construed to release you from any of your ongoing obligations under Sections 5, 11, 12, 14, 17, 18, or 20 of this Agreement, or your continuing obligations under the Stock Option Agreement, Stock Purchase Agreement and
Confidentiality Agreement, and nothing in this Section 8 shall be deemed in any way to waive, settle or release any of the Company’s rights under those Sections or agreements. 
 9. Section 1542 Waiver: In executing this Agreement, and except as expressly stated in this Agreement, Guire and the Company each
intends for it to be effective as a general release to each and every claim, demand and cause of action hereinabove specified. In furtherance of this intention, Guire and the Company each hereby expressly waives any rights and benefits conferred by
SECTION 1542 OF THE CALIFORNIA CIVIL CODE, and expressly consent that this Agreement shall be given full force and effect according to each and all of its express terms and provisions, including those related to unknown and unsuspected claims,
demands and causes of action, if any, as well as those relating to any other claims, demands and causes of action hereinabove specified. SECTION 1542 provides: 
 “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.” 
 Guire and the Company acknowledge that they may hereafter discover claims or facts in addition to or different from
those which they now know or believe to exist against Company Releasees and Guire Releasees, respectively, with respect to the subject matter of this Agreement and which, if known or suspected at the time of executing this Agreement, may have
materially affected this settlement. Nevertheless, Guire and the Company each hereby waives any right, claim or cause of action that might arise as a result of such different or additional claims or facts. Guire and the Company each acknowledges
that they understand the significance and consequence of such release and such specific waiver of SECTION 1542. 
 10. Waiver Of Age
Discrimination Claims: Guire expressly acknowledges and agrees that, by entering into this Agreement, he is waiving any and all rights or claims that he may have arising under the Age Discrimination in Employment Act of 1967, as amended,
which have arisen on or before the date of execution of this Agreement. Guire also expressly acknowledges and agrees that: 
 a. In return for
this Agreement, Guire will receive consideration, i.e., something of value, beyond that to which he was already entitled before entering into this Agreement; 
 b. Guire is hereby advised in writing by this Agreement to consult with an attorney before signing this Agreement, and has done so; 
 c. Guire is hereby informed that he has 21 days within which to consider whether to sign and accept the terms of this Agreement and that if he wishes to execute this Agreement prior to the expiration of such 21-day
period, he will execute the Acknowledgment and Waiver attached hereto as Exhibit B; 

 d. Nothing in this Agreement prevents or precludes Guire from challenging or seeking a determination in
good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs from doing so, unless specifically authorized by federal law; and 
 e. Guire is hereby informed that he has seven (7) days following the date he executes the Agreement in which to revoke it, and this Agreement will
become null and void if Guire elects revocation during that time. To be valid and effective, any revocation must be in writing, accompanied by wire transfer to the Company of the Initial Severance Payment according to the wiring instructions in
Exhibit B, and the notice of revocation and Initial Severance Payment must be received by the Company during the seven-day revocation period. In the event that Guire validly exercises his right of revocation, neither the Company nor Guire will have
any obligations under this Agreement; provided, however, that if Guire fails to repay the Company the Initial Severance Payment concurrently with delivering his notice of revocation and a court or arbitrator determines that the revocation of this
Agreement was effective notwithstanding the terms of this Section 10(e), the Company will be entitled to immediate repayment of the Initial Severance Payment and the attorneys’ fees and costs incurred by the Company in taking any action to
collect such repayment and enforcing the terms of this Section 10(e). 
 11. Confidential Information, Inventions Assignment and
Non-Solicitation. The terms of the Confidentiality Agreement remain in full and force and effect. Guire acknowledges that he has continuing obligations to the Company under the Confidentiality Agreement that remain in effect beyond the
termination of his employment. A copy of the Confidentiality Agreement is attached hereto as Exhibit A and is expressly incorporated into this Agreement. 
 12. Return of Company Property and Proprietary Information: Guire acknowledges that, by no later than the Retirement Date, he shall return to the Company all Company Property and Confidential Information
that are in his possession, custody or control unless directed otherwise by the Company. For purposes of this Agreement, the term “Company Property” shall mean all personal computers, laptop computers, cellular telephones, security cards,
keys, diskettes, pda’s, and other equipment or property owned by the Company that was provided to Guire during his employment. For purposes of this Agreement, the term “Confidential Information” shall have the same meaning as used in
the Confidentiality Agreement. Guire further agrees to make a diligent search for any Company Property and Company documents in his possession or control prior to the Effective Date. In addition, (i) Guire will complete any forms necessary,
including those of any banking institution, to remove his name from any list of Company authorized signatories, and (ii) Guire shall otherwise assist the Company in taking all actions required to confirm that all Company property has been
returned and that full ownership of all Company property is vested solely in the Company. Notwithstanding the foregoing restrictions, Guire shall be entitled to maintain possession of certain documents and correspondence that Guire received or
maintained as a member of the Board of Directors (the “Board Materials”), provided, however, that Guire shall provide the Company on or before the Effective Date access to review and copy all Board Materials in his possession and Guire
agrees that he shall not use the Board Materials for any purpose other than in connection with responding truthfully to a subpoena, court or arbitral order or governmental investigation, or in order to defend himself against any claim or obligation
asserted against Guire in his capacity as a member of the board of directors of the Company, provided, further that Guire (i) provides written notice to the Company within 48 hours of receiving any such order, 

 
subpoena or request for information from any governmental agency and (ii) cooperates with the Company to the extent the Company elects to object to such
subpoena, court order, or governmental investigation. 
 13. Equity: The parties agree that Guire has options to
purchase 580,020 shares of the Company’s Common Stock (the “Options”) as follows: 
  

													
	 Grant Date
	  	 Plan/Type
	  	 # of Shares
	  	 Price
	  	 Outstanding/
Unreleased
	  	 Vested
	  	 Unvested

	 10/27/2005
	  	97EE/NQ	  	28,020	  	$12.300	  	28,020	  	18,680	  	9,340
	 10/4/2004
	  	97EE/ISO	  	26,064	  	$15.345	  	26,064	  	26,064	  	0
	 10/4/2004
	  	97EE/NQ	  	29,936	  	$15.345	  	29,936	  	29,936	  	0
	 9/4/2003
	  	00EE/NQ	  	40,000	  	$15.830	  	40,000	  	40,000	  	0
	 12/5/2002
	  	00EE/NQ	  	10,000	  	$12.320	  	10,000	  	10,000	  	0
	 9/5/2002
	  	00EE/NQ	  	56,000	  	$13.520	  	56,000	  	56,000	  	0
	 12/5/2001
	  	00EE/NQ	  	20,000	  	$22.925	  	20,000	  	20,000	  	0
	 4/23/2001
	  	00EE/NQ	  	80,000	  	$27.150	  	80,000	  	80,000	  	0
	 4/3/2000
	  	97EE/ISO	  	3,018	  	$30.563	  	3,018	  	3,018	  	0
	 4/3/2000
	  	97EE/NQ	  	196,982	  	$30.563	  	196,982	  	196,982	  	0
	 9/9/1999
	  	97EE/ISO	  	8,034	  	$12.447	  	8,034	  	8,034	  	0
	 9/9/1999
	  	97EE/NQ	  	81,966	  	$12.447	  	81,966	  	81,966	  	0

 As set forth above, of the 580,020 shares of Common Stock subject to the Options, 570,680 shares are vested and
9,340 shares are unvested (the “Unvested Shares”). As further consideration for this Agreement, the Company agrees to accelerate the vesting of all Unvested Shares and, as noted in Section 3(c) of this Agreement, extend the exercise
term of the Options to December 31, 2006. Accordingly, upon the Effective Date, Guire shall have a vested right to purchase 580,020 shares of the Company’s Common Stock in accordance with the terms of the Stock Option Agreement,
Section 13 of this Agreement, and the applicable Stock Option Grants set forth in the table above. Except as set forth in this Section 13, Guire acknowledges and agrees that he has no further right or benefits under any agreement to
receive or acquire any security or derivative security in or with respect to the Company or any Releasee. 

 14. Warranty of Noninterference With Company Operations: For the period of July 1,
2006 through June 30, 2008, Guire shall not, directly or indirectly, for his own account or for the account of any other person or entity (other than the Company): 
 a. solicit, endeavor or induce to entice away from the Company, or otherwise directly interfere with the relationship of the Company, with any person who is employed by or otherwise engaged to perform services for the
Company; or 
 b. induce, attempt to induce or knowingly encourage any Customer of the Company to divert any business or income from the
Company, or to stop or alter the manner in which they are then doing business with the Company. For purposes of this Agreement, “Customer” shall mean any individual or business firm or entity that is, or within the prior 24 months was, a
customer or client of the Company, or whose business was actively solicited by the Company within the prior twelve (12) months; or 
 c.
take any actions or make any statements that purports to bind the Company in any manner, or interferes with or harms the Company’s existing or prospective relationships with the Company’s customers, vendors, lawyers, bankers, investors,
directors, or other business relationships; or 
 d. use the Company’s offices at any time unless requested in advance by the
Company’s President and Chief Executive Officer. 
 15. Non-Disparagement: 
 a. Covenant By Guire: Guire agrees that he shall not make any disparaging remarks, or any remarks that could reasonably be construed as
disparaging, whether orally or in writing, regarding the Company or its officers, directors, trustees, employees, partners, owners, affiliates, or agents, in any manner that is intended to be harmful to them or their business, business reputation or
personal reputation, including but not limited to statements to the media, former and present employees, consultants or customers of the Company, or existing or potential investors of the Company. The Company agrees that its officers and directors
will not make any disparaging remarks, or any remarks that could reasonably be construed as disparaging, whether orally or in writing, regarding Guire that is intended to be harmful to Guire’s business or personal reputation, including but not
limited to statements to the media, former and present employees, consultants, customers of the Company , or existing or potential investors of the Company. Nothing in Section 15 is intended to prohibit the Guire, on the one hand, or the
Company or any of its employees, officers or directors, on the other hand, from testifying or responding truthfully in response to any court order, arbitral order, subpoena or government investigation, provided that the disclosing party:
(i) provides written notice to the non-disclosing party within 48 hours of receiving any such order, subpoena or request for information from any governmental agency and (ii) cooperates with the non-disclosing party to the extent the
non-disclosing party elects to object to such subpoena, court order, or governmental investigation. 
 16. Warranty of No Other
Actions: Guire hereby represents and warrants to the Company that he has not filed any lawsuit or administrative action against the Company or any other Company Releasee with any court, arbitration proceeding or governmental agency. The
Company represents and warrants to Guire that it has not filed any lawsuit or administrative action against Guire or any Guire Releasee with any court, arbitration proceeding or governmental agency. 

 17. Assignments: The parties warrant and represent that they have not assigned or
transferred to any person not a party to this Agreement any released matter or any part or portion thereof and each party hereto shall defend, indemnify and hold harmless the other from and against any claim (including the payment of attorneys’
fees and costs actually incurred whether or not litigation is commenced) based on or in connection with or arising out of any such assignment or transfer made, purported or claimed. This Agreement shall be binding upon and inure to the benefit of
the parties and their respective heirs, successors and permitted assigns. The Company may assign this Agreement, including any and all rights under this Agreement, without notice in its sole discretion; provided, however, that the Company shall
provide notice to Guire within 72 hours after any such assignment. This Agreement is personal to Guire and may not be assigned, in whole or in part, by Guire. 
 18. Waivers: No waiver of any provision or consent to any exception to the terms of this Agreement shall be effective unless in writing and signed by the party to be bound and, then, only to the specific
purpose, extent and instance so provided. 
 19. Governing Law: This Agreement shall be governed by and construed in accordance
with the laws of the State of California applicable to contracts made and performed in the State of California and without regard to conflicts of laws doctrines. 
 20. Arbitration:  
 a. Any controversy or claim arising out of or relating to this Agreement,
its enforcement, arbitrability or interpretation, or because of an alleged breach, default, or misrepresentation in connection with any of its provisions, or arising out of or relating in any way to Guire’s employment or association with the
Company, including, without limiting the generality of the foregoing, any alleged violation of statute, common law or public policy, shall be submitted to final and binding arbitration, to be held in Alameda County, California, before a single
arbitrator, in accordance with the then-current JAMS Arbitration Rules and Procedures for Employment Disputes as modified by the terms and conditions contained in this paragraph. The arbitrator shall be selected by mutual agreement of the parties
or, if the parties cannot agree, then by striking from a list of arbitrators supplied by JAMS. The arbitrator shall issue a written opinion revealing, however briefly, the essential findings and conclusions upon which the arbitrator’s award is
based. The Company will pay the arbitrator’s fees and arbitration expenses and any other costs associated with the arbitration or arbitration hearing that are unique to arbitration (recognizing that each side bears its own deposition, witness,
expert and attorneys’ fees and other expenses as and to the same extent as if the matter were being heard in court). If, however, any party prevails on a statutory claim which affords the prevailing party attorneys’ fees and costs, then
the arbitrator may award reasonable fees and costs to the prevailing party. The arbitrator shall resolve any dispute as to the reasonableness of any fee or cost. 
 b. Except as may be necessary to enter judgment upon the award or to the extent required by applicable law, all claims, defenses and proceedings (including, without limiting the generality of the foregoing, the
existence of a controversy and the fact that there is an arbitration proceeding) shall be treated in a confidential manner by the arbitrator, the parties and their counsel, each of their agents, and employees and all others acting on behalf of or in
concert with them. Without limiting the generality of the foregoing, no one shall divulge to any third party or person not directly involved in the arbitration the content of the pleadings, papers, orders, hearings, trials, or awards in the
arbitration, except as may be necessary to enter judgment upon an award as required by applicable law. Any controversy relating 

 
to the arbitration, including, without limiting the generality of the foregoing, to prevent or compel arbitration or to confirm, correct, vacate or otherwise
enforce an arbitration award, shall be filed under seal with the court, to the extent permitted by law. 
 21. Authority. The
Company represents and warrants that all corporate action on the part of the Company necessary for the authorization, execution, delivery and performance of this Agreement have been taken. 
 22. Severability: If any provision of this Agreement or its application is held invalid, the invalidity shall not affect other provisions
or applications of the Agreement which can be given effect without the invalid provision or application and, therefore, the provisions of this Agreement are declared to be severable. 
 23. Entire Agreement: With the exception of the Stock Option Agreement, the Indemnity Agreement, the Stock Option Grants, and the
Confidentiality Agreement, this instrument constitutes and contains the entire agreement and understanding concerning Guire’s employment and the other matters addressed. The parties intend it as a complete and exclusive statement of the terms
of their agreement. It supersedes and replaces all prior negotiations and agreements, proposed or otherwise, whether written or oral, between the parties concerning the subject matters, and expressly supersedes and eliminates any rights Guire may
have under the Executive Health Plan and the Executive Officers’ Change in Control Severance and Benefit Plan. This is a fully integrated document. This Agreement may be modified only with a written instrument executed by both parties.

 24. Voluntary Counsel: Guire agrees and acknowledges that he has read and understood this Agreement prior to signing it, has
entered into this Agreement freely and voluntarily and has received legal advice from counsel of his own choosing prior to entering into this Agreement. 
 25. Notices: All notices, requests, claims, demands and other communications hereunder shall be in writing and sufficient if delivered in person, by telecopy or sent by mail (registered or certified
mail, postage prepaid, return receipt requested) or overnight courier (prepaid) to the Company or to Guire, as applicable, as follows: 
 To the Company: 
 Attn: President and President and Chief Executive Officer 
 Exar Corporation 
 48720 Kato Road 
 Fremont, CA 94538 
 Fax: 510-668-7002 
 w/ copies to 
 Attn: Warren Lazarow 
 O’Melveny & Myers LLP 
 2765 Sand Hill Road 
 Menlo Park, California 94010 
 Fax: 650-473-2601 

 To Guire: 
 Ronald W. Guire 
 673 Patriot Place 
 Fremont, California 94539 
 Fax: (510) 498-8706 
 26. Section Headings: Section and other headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning of interpretation of this Agreement. 

 IN WITNESS WHEREOF, the parties have executed or caused to be executed this Agreement as of the date first above written.

  

					
	 /s/ Ronald W. Guire
	 	Dated: June 29, 2006.
	RONALD W. GUIRE	 	
		
	EXAR CORPORATION	 	
			
	By:	 	 /s/ Roubik Gregorian
	 	Dated: June 29, 2006.
		 	Roubik Gregorian	 	
		 	PRESIDENT AND	 	
		 	CHIEF EXECUTIVE OFFICER	 	
		 	EXAR CORPORATION

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