Document:

Exhibit 10.2

 

CHANGE OF CONTROL AGREEMENT

 

THIS CHANGE OF CONTROL AGREEMENT (this “Agreement”) is entered into effective as of March 15, 2011,  by and between CCA Industries, Inc., a Delaware corporation (together with its subsidiaries, the “Company”), and David Edell (the “Consultant”).

 

BACKGROUND:

 

A.            The Board of Directors of the Company (the “Board”) has determined that the interests of the Company would be advanced by providing the Consultant with certain benefits in connection with a Change of Control (as hereafter defined).

 

B.            The Board believes that such benefits enable the Company to continue to retain the services of the Consultant, assure continuity and cooperation of management and encourage the Consultant to diligently perform his duties, thereby enhancing shareholder value.

 

C.            The Consultant and the Company are party to an Amended and Restated Employment Agreement, effective as of December 1, 1993, and subsequently amended on March 17, 1994, February 1999, June 1, 2001 and October 16, 2002 (the “Consulting Agreement”), pursuant to the terms of which, as of the date of this Agreement, the Consultant is obligated to perform consulting services for the Company and the Consultant provides such services.

 

AGREEMENTS:

 

NOW, THEREFORE, for good and valuable consideration, including the mutual covenants set forth herein, the parties hereto agree as follows:

 

1.             Definitions.  The following terms shall have the following meanings for purposes of this Agreement:

 

“Board”  means the board of directors of the Company.

 

“Change of Control” means the occurrence of any of the following:

 

(i)            any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), but excluding any “group” (as such term is used in Section 13(d)(3) of the Exchange Act) of which the Consultant is a member) is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities of the Company representing 30% or more of either (A) the combined voting power of the Company’s then outstanding securities or (B) the then outstanding Common Stock of the Company (in either such case other than as a result of an acquisition of securities directly from the Company); provided, however, that, in no event shall a Change of Control be deemed to have occurred upon a public offering of the Common Stock registered under the Securities Act of 1933, as amended;

 

 

(ii)           any consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of the entity issuing cash or securities in the consolidation or merger (or of its ultimate parent entity, if any) (excluding from shares beneficially owned by stockholders of the Company for such computation all shares of Common Stock beneficially owned by any person that is the beneficial owner of 5.0% or more of the outstanding shares of any constituent in such consolidation or merger other than the Company);

 

(iii)          there shall occur (A) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by “persons” (as defined above) in substantially the same proportion as their ownership of the Company, as applicable, immediately prior to such sale or (B) the approval by stockholders of the Company of any plan or proposal for the liquidation or dissolution of the Company, as applicable;

 

(iv)          the members of  the Board at the beginning of any consecutive 24-calendar-month period (the “Incumbent Directors”) cease for any reason other than due to death to constitute at least a majority of the members of the Board; provided that any director whose election, or nomination for election as a director was approved by a vote of at least a majority of the members of the Board then still in office who were members of the Board at the beginning of such 24-calendar-month period shall be deemed to be an Incumbent Director; or

 

(v)           the holders of the Company’s Class A common stock do not have the right to elect a majority of the Board.

 

“Code”  means the Internal Revenue Code of 1986, as amended.

 

“Confidential Information”  means all information, whether oral or written, previously or hereafter developed, acquired or used by the Company or its subsidiaries and relating to the business of the Company and its subsidiaries that is not generally known to others in the Company’s area of business, including without limitation trade secrets, methods or practices developed by the Company or any of its subsidiaries, financial results or plans, customer or client lists, personnel information, information relating to negotiations with clients or prospective clients, proprietary methods or copyrighted materials (including without limitation, brochures, layouts, letters, art work, copy, photographs or illustrations). It is expressly understood that the foregoing list shall be illustrative only and is not intended to be an exclusive or exhaustive list of “Confidential Information.”

 

“Termination Pay”  means a payment made by the Company to the Consultant pursuant to Section 2(a) hereof.

 

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2.             Benefits.

 

(a)           Termination Pay Benefits.  In connection with the occurrence of a Change of Control, the Consultant shall be entitled to the following payments and other benefits:

 

(i)            The Consultant shall be permitted to cease performing consulting services to the Company pursuant to the Consulting Agreement, effective upon the occurrence of the Change of Control.

 

(ii)           The Company shall pay to the Consultant a single-sum cash payment in an amount equal to the sum of (A) the Consultant’s accrued and unpaid consulting fees under the Consulting Agreement as of the date of occurrence of the Change of Control, plus (B) the sum of all future payments of fees contemplated by the Consulting Agreement from the date of occurrence of the Change of Control through the end of the term of the Consulting Agreement, plus (C) reimbursement for all unreimbursed expenses reasonably and necessarily incurred by the Consultant (in accordance with Company policy) in connection with the business of the Company prior to the occurrence of the Change of Control.  This amount shall be paid on or before the occurrence of the Change of Control in accordance with the provisions of Section 2(b) of this Agreement.

 

(iii)          The Company shall pay to the Consultant a single-sum cash payment in an amount equal to the Consultant’s unvested account balance under the Company’s 401(k) plan, if any.  This amount shall be paid within 60 days after the date of occurrence of the Change of Control.

 

(iv)          The Consultant and his eligible dependents shall be entitled for a period of two (2) years following the date of occurrence of the Change of Control to continued coverage, on the same basis as active senior executive employees, under the Company’s group health, dental, long-term disability and life insurance plans as in effect from time to time (but not any other welfare benefit plans or any retirement plans); provided that coverage under any particular benefit plan shall expire with respect to the period after the Consultant becomes covered under another employer’s plan providing for a similar type of benefit. In the event the Company is unable to provide such coverage on account of any limitations under the terms of any applicable contract with an insurance carrier or third party administrator, the Company shall pay the Consultant an amount equal to the cost to the Company of providing such coverage within 60 days after the date of occurrence of the Change of Control.  To the extent that Company’s group health or dental benefits are self-insured, then in addition to any other limitation provided here, the period of coverage provided by this Section 2(d) under the self-insured health or dental plan shall not exceed the period of time during which the Consultant would be entitled to receive continuation coverage under a group health plan under Section 4980B of the Code (COBRA) if the Consultant had elected such coverage and paid such premiums.  To the extent that the immediately preceding sentence applies, the Company shall pay the Consultant an amount equal to the cost of such COBRA coverage for a period equal to the excess of (i) 24 months minus (ii) the number of months of COBRA coverage initially available to the Consultant, as determined in good faith by the Company, with such payment to be made within 60 days after the date of occurrence of the Change of Control.

 

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(v)           All of the Consultant’s unvested awards under the Company’s equity-based compensation plans shall automatically and immediately vest in full upon the occurrence of a Change of Control.

 

(b)           Method and Timing of Payment of Termination Pay.  The Company shall deliver payment of the Termination Pay to the Consultant by wire transfer to an account specified in writing by the Consultant to the Company on or before the occurrence of the Change of Control.  Time is of the essence in delivery of such payment.

 

(c)           Release by Consultant After Payment.  Termination Pay shall be subject to a condition subsequent pursuant to which, within 60 (sixty) days after the occurrence of the Change of Control, the Consultant shall release the Company, to the maximum extent permitted by law, from any and all claims the Consultant may have against the Company that relate to or arise out of the consultancy or termination of consultancy of the Consultant, except such claims arising under this Agreement, any employee benefit plan, or any other written plan or agreement.

 

(d)           Establishment of Funding Vehicle.  The Company may establish a trust or such other account as it deems necessary or appropriate to fund any benefit obligation under the Consulting Agreement or this Agreement.  Any such trust or account shall comply with the material requirements of the model trust as set forth in IRS Rev. Proc. 92-64.

 

3.             Excise Taxes.

 

(a)           Gross-Up Payment. Anything in this Agreement to the contrary notwithstanding and except as set forth below, if it is determined that any payment or distribution (a “Payment”) by the Company to or for the benefit of the Consultant (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 3) including, without limitation, vesting of options, would be subject to the excise tax imposed by Section 4999 of the Code, or if any interest or penalties are incurred by the Consultant with respect to such excise tax (such excise tax, together with any such interest and penalties, being hereinafter collectively referred to as the “Excise Tax”), then the Consultant shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount sufficient to pay 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.

 

(b)           Calculation of Gross-Up Payment. Subject to the provisions of paragraph (c) of this Section 3, all determinations required to be made under this Section 3, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be used in arriving at such determination, shall be made by a certified public accounting firm selected by the Company and reasonably acceptable to the Consultant (the “Accounting Firm”), which shall be retained to provide detailed supporting calculations both to the Company and the Consultant.  If the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change of Control, the Consultant shall have the right to appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm

 

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hereunder) which determination shall be made within 60 days after the date of occurrence of the Change of Control.  All fees and expenses of the Accounting Firm shall be paid solely by the Company. Any Gross-Up Payment, as determined pursuant to this Section 3, shall be paid by the Company to the Consultant within five (5) days after the receipt of the Accounting Firm’s determination provided that in no event shall such payment be made later than March 15 of the calendar year following the calendar year in which the Change of Control occurs.  Any determination by the Accounting Firm shall be binding upon the Company and the Consultant.  As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which should have been made will not have been made by the Company (“Underpayment”), consistent with the calculations required to be made hereunder.  If the Company exhausts its remedies pursuant to paragraph (c) of this Section 3 and the Consultant thereafter is required to pay an Excise Tax in an amount that exceeds the Gross-Up Payment received by the Consultant the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid (and in no event later than the time specified in Section 4(e)) by the Company to or for the benefit of the Consultant.

 

(c)           Contested Taxes. The Consultant shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would result in an Underpayment.  Such notification shall be given as soon as practicable but no later than ten (10) business days after the Consultant is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid or appealed.  The Consultant shall not pay such claim prior to the expiration of the 30-day period following the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due).  If the Company notifies the Consultant in writing prior to the expiration of such period that it desires to contest such claim, the Consultant shall:

 

(i)            give the Company any information reasonably requested by the Company relating to such claim;

 

(ii)           take such action in connection with contesting such claims as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company;

 

(iii)          cooperate with the Company in good faith in order to effectively contest such claim; and

 

(iv)          permit the Company to participate in any proceedings relating to such claim;

 

provided, however, that the Company shall bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold the Consultant harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing

 

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provisions of this paragraph (c), the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forego any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect of such claim and may, at its sole option, either direct the Consultant to pay the tax claimed and sue for a refund or to contest the claim in any permissible manner, and the Consultant agrees to prosecute such contest to a determination before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the Company directs the Consultant to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Consultant, on an interest-free basis, and shall indemnify and hold the Consultant harmless, on an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of limitations relating to payment of taxes for the calendar year of the Consultant with respect to which such contested amount is claimed to be due is limited solely to such contested amount.  Furthermore, the Company’s control of the contest shall be limited to issues with respect to the amount of the Gross-Up Payment, and the Consultant shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.

 

(d)           Refunds.  If, after the receipt by the Consultant of an amount advanced by the Company pursuant to this Section 3, the Consultant becomes entitled to receive any refund with respect to such claim, the Consultant shall pay to the Company within 30 days after receipt thereof the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto).

 

(e)           Payment Dates.  Subject to any earlier time limits set forth in Section 3, all payments and reimbursements to which the Consultant is entitled under this Section 3 shall be paid to or on behalf of the Consultant not later than 30 days (or in the case of payment to a third party, 90 days) following the date (i) on which the Consultant (or the Company, on the Consultant’s behalf) remits the related taxes or (ii) in the event of an audit or litigation with respect to such tax liability under Section 3(c), (A) on which the taxes that are the subject of the audit or litigation are remitted to the applicable taxing authority, or (B) where no taxes are required to be remitted as a result of such audit or litigation, in which there is a final resolution of such audit or litigation (whether by reason of completion of the audit, entry of a final and nonappealable judgment, final settlement, or otherwise)).

 

4.             Certain Covenants by the Consultant.

 

(a)           Covenant Not to Compete or Solicit.  In consideration of the payments made to the Consultant pursuant to this Agreement, the Consultant hereby agrees that, during the term of his consultancy with the Company and for a period of two years thereafter, he will not, directly or indirectly, individually or on behalf of any person or entity other than the Company:

 

(i)            Become associated with any company (other than the Company) engaged primarily in the health and beauty aids business;

 

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(ii)           Approach, consult, solicit business from, or contact or otherwise communicate, directly or indirectly, in any way with any customer of the Company in an attempt to (A) divert business from, or interfere with any business relationship of the Company, or (B) convince any customer to change or alter any of such customer’s existing or prospective contractual terms and conditions with the Company; or

 

(iii)          Solicit, induce, recruit or encourage, either directly or indirectly, any employee of the Company to leave his or her employment with the Company, or employ or offer to employ any employee of the Company.

 

(b)           Protection of Confidential Information. The Consultant agrees that he will not at any time during or following his consultancy with the Company, without the Company’s prior written consent, divulge any Confidential Information to any other person or entity or use any Confidential Information for his own benefit.  Upon termination of the Consultant’s consultancy, the Consultant will return to the Company all physical Confidential Information in the Consultant’s possession.

 

(e)           Extent of Restrictions.  The Consultant acknowledges that the restrictions contained in this Section 4 correctly set forth the understanding of the parties at the time this Agreement is entered into, are reasonable and necessary to protect the legitimate interests of the Company, and that any violation will cause substantial injury to the Company.  In the event of any such violation, the Company shall be entitled, in addition to any other remedy, to preliminary or permanent injunctive relief.  If any court having jurisdiction shall find that any part of the restrictions set forth in this Agreement are unreasonable in any respect, it is the intent of the parties that the restrictions set forth herein shall not be terminated, but that this Agreement shall remain in full force and effect to the extent (as to time periods and other relevant factors) that the court shall find reasonable.

 

5.             Tax Withholding. All payments to the Consultant under this Agreement will be subject to the withholding of all applicable taxes.

 

6.             Severability. In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect.

 

7.             Successors. This Agreement shall be binding upon and inure to the benefit of the Company and any successor of the Company.  The Company will require any successor to all or substantially all of the business 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 succession had taken place.

 

8.             Entire Agreement.  This Agreement shall constitute the entire agreement between the parties hereto with respect to the subject matter hereof. This Agreement may not be modified in any manner except by a written instrument signed by both the Company and the Consultant.

 

9.             Application of Section 409A.  The obligations under the terms of the Consulting Agreement are fees for services rendered and are not designed nor intended to constitute a

 

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“deferral of  compensation” as defined under Treas. Reg. 1.409A-1(b).   To the extent that such fees for services are deemed to constitute a deferral of compensation under Code Section 409A, such amounts are provided pursuant to an agreement entered into prior to January 1, 2005.  If the execution of this Agreement is deemed a modification of the Consulting Agreement for purposes of Section 409A, then any such payments hereunder shall be deemed to be made on account of a “separation from service” (as determined under Tres. Reg. Section 1.409A-1(h)) following a change in control event as set forth in Treas. Reg. 1.409A-3(i)(5)(vi).

 

10.          Notices.  Any notice required under this Agreement shall be in writing and shall be delivered in person or by certified mail return receipt requested to each of the parties as follows:

 

	
To the Consultant:
    
	
 
    
	
David Edell
    
	
 
    
	
 
    
	
Tel.:
    
	
Fax:
    
	
 
    
	
and
    
	
 
    
	
 
    
	
 
    
	
Tel.:
    
	
Fax:
    
	
 
    
	
To the Company:
    
	
 
    
	
CCA Industries, Inc.
    
	
200 Murray Hill Parkway
    
	
East Rutherford, NJ 07073
    
	
Attention: Chief Financial Officer
    
	
Tel.: 201-935-3232
    
	
Fax:
    

 

11.          Governing Law. The provisions of this Agreement shall be construed in accordance of the laws of the State of Delaware, except to the extent preempted by ERISA or other federal laws, as applicable, without reference to the conflicts of laws provisions thereof.

 

[Signatures appear on following page]

 

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IN WITNESS WHEREOF, the Consultant and the Company have executed this Agreement as of the date and year first above written.

 

 

	
 
    	
CCA   INDUSTRIES, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
/s/ Robert Lage
    
	
 
    	
Name: 
    	
Robert Lage
    
	
 
    	
Title:
    	
Director
    
	
 
    	
 
    	
Chairman, Compensation Committee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ Stephen A. Heit
    
	
 
    	
Name: 
    	
Stephen A. Heit
    
	
 
    	
Title:
    	
Executive Vice President & Chief Financial   Officer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
CONSULTANT
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
/s/ David Edell
    
	
 
    	
David Edell
    

 

[Signature Page to David Edell Change of Control Agreement]Exhibit 10.01

 

JOINT TRANSITION AND SEPARATION AGREEMENT

 

Between

 

Versant Corporation,

a California corporation

with offices at 255 Shoreline Drive, Suite #450, Redwood City, California 94065 USA

(“Versant”), and

 

Versant GmbH,

a German corporation that is a subsidiary of Versant,

with offices at 
 Halenreie 42, 22359, Hamburg, Germany

(“Versant Germany”),

 

on the one hand,

 

and

 

Jochen Witte

Buchenstieg 13b

22359 Hamburg, Germany

(“Employee”),

 

on the other hand.

 

This Joint Transition and Separation Agreement (this “Agreement”) is made and entered into effective as of March 10, 2011 (the “Effective Date”) by and between Employee, on the one hand, and Versant and Versant Germany (collectively, the “Company”), on the other hand, and sets forth the terms of Employee’s separation from employment and offers Employee continued employment through a transition period and separation compensation in exchange for Employee’s agreements and promises in this Agreement, including a general release of claims and covenant not to sue in favor of the Company.

 

1.             Transition; Termination; Consideration:  In exchange for Employee’s commitment to provide the Company with transition support as provided herein and Employee’s granting of and agreement to the general release and waiver of claims and covenant not to sue set forth in Sections 5 and 6 below, Employee’s agreement to further execute and deliver the Separation Agreement and General Release of All Claims attached as Exhibit A hereto, and Employee’s other promises and agreements made herein, the Company agrees to continue Employee’s employment on the following terms:

 

a.             Resignation from Officer Positions:  Effective as of the Effective Date (as defined above) (i) Employee hereby resigns as the Chief Executive Officer and President of Versant and from all officer and other positions with Versant and (ii) Employee hereby resigns as 

 

 

Managing Director of Versant Germany and from any other office or other positions with Versant Germany (except to the extent of Employee’s temporary transition employment with Versant Germany in a non-officer capacity during the Transition Period as provided herein).  For the avoidance of doubt, nothing in this Agreement shall be construed as requiring Employee to resign from his position on Versant’s Board of Directors and Employee confirms that Employee remains a member of Versant’s Board of Directors as of the Effective Date.

 

b.             Separation Date:  Employee and the Company hereby agree that Employee’s last date worked will be, and Employee’s employment will terminate on, June 30, 2011 (the “Separation Date”).

 

c.             Transition Period; Job Duties:  From the Effective Date to and through the Separation Date (the “Transition Period”), Employee agrees to provide Transition Services (as defined herein).  Employee shall provide the Transition Services during the Transition Period as an employee of Versant Germany on a part-time basis, providing services on no more than 2 days per week, and the Transition Services shall be coordinated with the Chief Executive Officer of Versant or, in his absence, the Board of Directors of Versant, unless otherwise agreed to by Employee and the Company in a written agreement signed by each of them.  During the Transition Period, Employee will carry out an efficient and cooperative transition of his job duties and provide such other transition services as are directed by the Company, including through Versant’s Chief Executive Officer and Versant’s Board of Directors, (“Transition Services”), and will provide the Transition Services in a satisfactory manner as determined by Versant’s Board of Directors.

 

d.             Compensation and Benefits During Transition Period:  Through March 10, 2011, Versant Germany will pay Employee at his pre-existing base salary rate of €18.000 gross per month; and commencing March 11, 2011 and for the duration of the Transition Period, Versant Germany will pay Employee at the rate of €9.000 gross per month, in each case less all statutory deductions and required withholdings, in installments at Versant Germany’s regular payroll periods.  For purposes of clarification only and not limitation, the provisions of this paragraph replace and supersede the terms of compensation set forth in Sections 2A and 5B of the Joint Employment Agreement and Managing Director Service Contract dated September 9, 2009 between Employee, Versant, and Versant Germany (the “Employment Agreement”), which was filed with the as Exhibit 10.03 in Versant’s report on Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”) on September 9, 2009 (SEC File/Film Number 091060600).   During the Transition Period and ceasing upon the Separation Date, Employee shall be eligible to receive such other benefits as provided in Section 6B of the Employment Agreement (including use of leased automobile).  Employee shall not be entitled to take vacation time after March 31, 2011 without the prior consent of the Managing Director of Versant Germany.

 

e.             Construction of Agreements:  All other terms of the Employment Agreement, to the extent they do not conflict with and are not inconsistent with, this Agreement, continue to govern the terms and conditions of Employee’s employment during the Transition Period; provided that in case of any conflict or inconsistency between this Agreement and the Employment Agreement, this Agreement shall in each case govern, control and apply.

 

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2.             Stock Repurchase:  Subject to the following terms and conditions, after Employee has executed and delivered this Agreement, within ten (10) business days after the Effective Date, Versant agrees to repurchase from Employee and Employee’s spouse a total of 62,545 outstanding shares of Versant Common Stock of which 47,425 shares are owned of record by Employee and 15,120 shares are owned of record by Employee’s spouse (collectively, the “Shares”), at the price of $13.50 per share (the “Purchase Price”), for a total purchase price of $844,357.50 (the “Total Price”) on the following terms.  The parties acknowledge that the Purchase Price is based on a discount from recent average trading prices of Versant’s Common Stock. The closing the sale and purchase of the Shares shall occur in a manner reasonably satisfactory to Versant.   Payment of the Total Price shall be tendered by Versant by check or wire transfer to a bank account designated by Employee and Employee’s spouse, against the transfer by Employee and Employee’s spouse of the Shares to Versant.

 

3.             Final Pay:  On the Separation Date, regardless of whether Employee signs the Second Release (as defined below), Versant Germany will pay Employee all earned and previously unpaid wages through the Separation Date and will reimburse Employee for reasonable and necessary business expenses, subject to appropriate documentation, due Employee by Versant Germany.

 

4.             Separation Benefits:  Upon the Separation Date, the Company will offer Employee the separation benefits set forth below in this Section 4, each of which shall be conditioned upon and subject to: (i)  Employee’s execution and delivery to Versant of the Separation Agreement and General Release of Claims in favor of the Company substantially in the form attached hereto as Exhibit A (“Second Release”) and the Second Release becoming effective in accordance with the terms of Section 15 of the Second Release; (ii) Employee’s return of all Company property in Employee’s possession and control (as described and confirmed in Section 4 of the Second Release); and (iii) Employee’s agreement to comply with ongoing obligations to the Company regarding confidential information.  As used herein, the term “Second Release Effectiveness Date” means the date on which the Second Release becomes effective as provided in Section 15 of the Second Release.

 

a.             Severance:  Upon the Second Release Effectiveness Date, Versant Germany will pay Employee  the following severance:

 

i.              The gross amount of €216.000, less all deductions or withholdings that Versant or Versant Germany determine are required under applicable laws, (this amount is equal  to the amount that was Employee’s annual base salary as Managing Director of Versant Germany in effect immediately prior to the Effective Date of this Agreement).

 

ii.             The gross amount of €65,768, less all required deductions or withholdings that Versant or Versant Germany determine are required under applicable laws, which comprises and approximates a bonus in recognition of Employee’s past and ongoing services to the Company.

 

Employee acknowledges that payment of these amounts is full and sufficient compensation and consideration for Employee’s covenants and obligations under 

 

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Section 4B(5) of the Employment Agreement, which shall remain in full force and effect following the Separation Date.

 

b.             Treatment of Stock Options:

 

i.              Acknowledgment of Status. Employee and Versant acknowledge and agree that: (A)  Employee has been granted stock options to purchase Versant Common Stock (the “Versant Options”) of which Versant Options to purchase a total of 114,503 shares of Versant Common Stock remain outstanding as of the Effective Date (the “Outstanding Options”); and (B) as of the Effective Date of this Agreement (and without regard to the effect of the acceleration of vesting provisions of Section 4(b)(ii) below or any continued vesting of Outstanding Options during Employee’s employment), Employee’s Outstanding Options are vested and exercisable with respect to a total of 78,946 shares (the “Vested Shares”) and remain unvested with respect to a total of 35,557 shares (the “Unvested Shares”).

 

ii.             Accelerated Vesting of Outstanding Options:  Upon the Upon the Second Release Effectiveness Date, the vesting of Employee’s right to exercise the Versant Options to purchase shares of Versant common stock that are outstanding on the Separation Date will accelerate by twelve (12) months of vesting based on the then-effective vesting schedules of each of such Versant Options (i.e. such Versant Options will become vested and exercisable to the same extent that such Versant Options would have been vested and exercisable by their terms on the date that is (12) months after the Separation Date if Employee had been continuously employed by Versant at all times through and including first anniversary of the Separation Date), and such acceleration shall be deemed effective as of the Separation Date.

 

iii.            Extension of Option Exercise Period:  Upon the Second Release Effectiveness Date, Versant will extend the exercise period deadline by which Employee may exercise any Versant Options after the Separation Date (but only to the extent such Versant Options are vested and exercisable under the terms of such Versant Options upon the Separation Date, after taking into account the foregoing vesting acceleration provisions of Section 4(b)(ii) above) from three (3) months following the Separation Date to the earlier of (A) March 31, 2012 or (B) the expiration date of the applicable stock option grant, with such extension to be deemed effective as of the Separation Date.

 

Except as otherwise expressly provided herein, Employee’s rights concerning any Versant stock options will continue to be governed by the applicable option grant and plan documents.

 

For purposes of clarification only and not limitation, the provisions of this paragraph replace and supersede any and all obligations on the part of Versant and/or Versant Germany to offer or provide post-employment separation benefits, including severance payments and accelerated option vesting, to Employee including, without limitation, as set forth in Sections 3A(2), 3A(4) or 4B(2) of the Employment Agreement.

 

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5.             Mutual General Release and Waiver of Claims:

 

a.             To the fullest extent permitted by law, Employee hereby releases and waives any claims he may have against the Company and its owners, officers, shareholders, employees, directors, attorneys, agents, representatives, subsidiaries, affiliates, successors and assigns (collectively “Releasees”), whether known or not known, including, without limitation, any and all claims under any employment laws of any jurisdiction, or arising under or related to Employee’s ceasing to be an officer of Versant or Versant Germany or the termination of Employee’s employment with Versant or Versant Germany, including, but not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good faith and fair dealing, fraud, violation of public policy, defamation, physical injury, emotional distress, claims for additional compensation or benefits arising out of Employee’s employment or Employee’s separation of employment, claims under Title VII of the 1964 Civil Rights Act, as amended, the California Fair Employment and Housing Act and any other laws and/or regulations relating to employment or employment discrimination, including, without limitation, claims based on disability or under the Americans with Disabilities Act, but excluding any release for claims of any breach by the Company of its obligations under this Agreement. To the fullest extent permitted by law of any applicable jurisdiction, the Company hereby releases and waives any claims it may have against Employee and his successors and assigns for matters arising on or prior to the Effective Date of this Agreement, whether known or not known, including, but not limited to, claims under the laws of any jurisdiction relating to Employee’s employment with the Company, or to any services performed by Employee for the Company as an employee, consultant or otherwise, but excluding any release for claims of (a) fraud, misappropriation of trade secrets by Employee, (b) breach by Employee of (i) Employee’s confidentiality duties or obligations under the Employment Agreement, (ii) Employee’s duties and obligations under his Invention Assignment and Confidentiality Agreement which is attached to the Employment Agreement or (iii) Employee’s obligations under this Agreement or (c) under Section 16(b) of the Securities Exchange Act of 1934.

 

b.             By signing below, Employee and the Company expressly waive any benefits of Section 1542 of the Civil Code of the State of California, and under any other applicable statute or regulation of similar effect, which provides as follows:

 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

c.             Employee and the Company do not intend to release claims that Employee may not release as a matter of law, including but not limited to claims for indemnity under California Labor Code section 2802.

 

5

 

6.             Mutual Covenant Not to Sue:

 

a.             To the fullest extent permitted by law, at no time subsequent to the execution of this Agreement will Employee pursue, or cause or knowingly permit the prosecution of, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency, or any other tribunal, any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which Employee may now have, have ever had, or may in the future have against Releasees, which is subject to the release of claims granted by Employee in Section 5 above.

 

b.             To the fullest extent permitted by law, at no time subsequent to the execution of this Agreement will the Company pursue, or cause or knowingly permit the prosecution of, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency, or any other tribunal, any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which the Company may now have, have ever had, or may in the future have against Employee, which is subject to the release of claims granted by the Company in Section 5 above.

 

c.             Nothing in this section shall prohibit Employee from filing a charge or complaint with a government agency such as but not limited to the Equal Employment Opportunity Commission, the National Labor Relations Board, the Department of Labor, the California Department of Fair Employment and Housing, or other applicable state agency.  However, Employee understands and agrees that, by entering into this Agreement, Employee is releasing any and all individual claims for relief.

 

d.             Nothing in this section shall prohibit or impair Employee or the Company from complying with all applicable laws, nor shall this Agreement be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act.

 

7.             Nondisparagement:  Employee agrees that, during and after his employment with the Company, he will not disparage Releasees or their products, services, directors, officers, shareholders, employees, agents, attorneys, representatives, vendors, affiliates, successors or assigns, or any person acting by, through, under or in concert with any of them, with any written or oral statement.  Nothing in this Section shall prohibit Employee from providing truthful information in response to a subpoena or other legal process.

 

8.             No Admission of Liability:  This Agreement is not and shall not be construed or contended by Employee or the Company to be an admission or evidence of any wrongdoing or liability on the part of Employee or Releasees, their representatives, heirs, executors, attorneys, agents, partners, officers, shareholders, directors, employees, subsidiaries, affiliates, divisions, successors or assigns, respectively.  This Agreement shall be afforded the maximum protection allowable under California Evidence Code Section 1152 and/or any other applicable rule, statute, provision, or regulation of similar effect.

 

9.             Complete and Voluntary Agreement:  This Agreement, together with Exhibit A and the Employment Agreement referenced herein, constitutes the entire agreement between 

 

6

 

Employee and Releasees with respect to the subject matter hereof and supersedes all prior negotiations and agreements, whether written or oral, relating to such subject matter; provided that in case of any conflict or inconsistency between this Agreement and the Employment Agreement, this Agreement shall in each case govern, control and apply.  Employee acknowledges that neither Releasees nor their agents or attorneys have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this Agreement for the purpose of inducing Employee to execute the Agreement, and Employee acknowledges that he has executed this Agreement in reliance only upon such promises, representations and warranties as are contained herein, and that he is executing this Agreement voluntarily, free of any duress or coercion.

 

10.           Severability:  The provisions of this Agreement are severable, and if any part of it is found to be invalid or unenforceable, the other parts shall remain fully valid and enforceable.  Specifically, should a court, arbitrator, or government agency conclude that a particular claim may not be released as a matter of law, it is the intention of the parties that the general release, the waiver of unknown claims and the covenant not to sue above shall otherwise remain effective to release any and all other claims.

 

11.           Modification; Counterparts; Facsimile/PDF Signatures:  It is expressly agreed that this Agreement may not be altered, amended, modified, or otherwise changed in any respect except by another written agreement that specifically refers to this Agreement, executed by authorized representatives of each of the parties to this Agreement.  This Agreement may be executed in any number of counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument.  Execution of a facsimile or PDF copy shall have the same force and effect as execution of an original.

 

12.           Effectiveness:  This Agreement is effective on date it is signed by all parties hereto.

 

[The remainder of this page has intentionally been left blank.]

 

[Signature page follows]

 

7

 

13.           Governing Law:  This Agreement shall be governed by and construed in accordance with the laws of the Republic of Germany; except that any provisions of this Agreement relating solely to Versant shall be governed by the internal laws of the State of California without regarding to laws regarding conflict of laws or choice of law.

 

	
 
    	
 
    	
EMPLOYEE
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
Dated:
    	
March 9, 2011
    	
 
    	
/s/ Jochen Witte
    
	
 
    	
 
    	
 
    	
Jochen Witte
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
VERSANT CORPORATION
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Dated:
    	
March 9, 2011
    	
 
    	
By:
    	
/s/ Jerry Wong
    
	
 
    	
 
    	
 
    	
Jerry Wong, Chief Financial Officer
    
	
 
    	
 
    	
 
    	
Versant Corporation
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
VERSANT GMBH
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Represented by its shareholder Versant Corporation, represented in   turn by its Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Dated:
    	
March 9, 2001
    	
 
    	
By:
    	
/s/ Jerry Wong
    
	
 
    	
 
    	
 
    	
Versant Corporation, by Jerry Wong (Versant’s Chief Financial   Officer)
    

 

Signature page to Joint Transition and Separation Agreement

 

8

 

EXHIBIT A

SEPARATION AGREEMENT AND RELEASE

(“SECOND RELEASE”)

 

 

SEPARATION AGREEMENT AND GENERAL RELEASE OF ALL CLAIMS

 

Between

 

Versant Corporation,

a California corporation

with offices at 255 Shoreline Drive, Suite #450, Redwood City, California 94065 USA

(“Versant”), and

 

Versant GmbH,

a German corporation that is a subsidiary of Versant,

with offices at Halenreie 42, 22359, Hamburg, Germany

(“Versant Germany”)

 

on the one hand,

 

and

 

Jochen Witte

Buchenstieg 13b

22359 Hamburg, Germany

(“Employee”),

 

on the other hand.

 

This Separation Agreement and General Release of All Claims (this “Agreement”) is entered into between Employee, on the one hand, and Versant and Versant Germany (collectively, the “Company”), on the other hand.  Collectively, Employee and the Company are referred to as the ““parties.”

 

WHEREAS, on March 10, 2011, Employee and the Company entered into a certain Joint Transition and Separation Agreement regarding Employee’s anticipated separation from employment with the Company and the transition of his job duties (the “Separation Agreement”);

 

WHEREAS, this Agreement serves as the Second Release, as provided in Section 4 of the Separation Agreement;

 

WHEREAS, Employee’s employment relationship with the Company terminated on June 30, 2011;

 

WHEREAS, Employee and the Company desire to mutually, amicably and finally resolve and compromise all issues and claims surrounding Employee’s employment by the Company and the termination thereof;

 

NOW THEREFORE, in consideration for the mutual promises and undertakings of the 

 

1

 

parties as set forth below, Employee and the Company hereby enter into this Agreement.

 

1.             Acknowledgment of Separation Date:  March 10, 2011 was the final date of Employee’s employment as President and Chief Executive Officer of Versant and the final date of Employee’s employment as Managing Director of Versant Germany.  June 30, 2011 is Employee’s last day of employment with the Company  (the “Separation Date”).

 

2.             Acknowledgment of Payment of Wages:  By Employee’s signature below, Employee acknowledges that on the Separation Date, Versant Germany provided Employee his final pay for all wages, salary, bonuses, commissions, reimbursable expenses, and any similar payments due Employee from the Company up to and including the Separation Date.  By signing below, Employee acknowledges that, the Company does not owe Employee any other amounts.

 

3.             Separation Benefits:  In exchange for, and conditioned upon, Employee’s agreement to the general release and waiver of claims and covenant not to sue set forth in Sections 6 and 7 below and Employee’s other promises herein, upon the Second Release Effectiveness Date (as defined in Section 15 below), the Company has agreed to provide Employee with the separation benefits set forth in Section 4 of the Separation Agreement.  By signing below, Employee acknowledges that Employee is receiving the separation benefits referenced in this Section in consideration for releasing and waiving Employee’s rights to claims referred to in this Agreement and that Employee would not otherwise be entitled to the separation benefits.

 

4.             Return of Company Property:  Employee hereby warrants to the Company that Employee has returned to the Company the following Company property that has been in his possession or control:  Company car, Company credit card, Company laptop, Company phone and Company keys.  Employee further warrants that he has not retained any other property or data of the Company of any type whatsoever (including hard copy or electronic documents containing Company business information) that has been in Employee’s possession or control.

 

5.             Confidential Information:  Employee hereby acknowledges that Employee is bound (and will continue to be bound) by (a) the confidentiality obligations set forth in Joint Employment Agreement and Managing Director Service Contract dated September 9, 2009 between Employee, Versant, and Versant Germany, which was filed with the as Exhibit 10.03 in Versant’s report on Form 10-Q filed with the U.S. Securities and Exchange Commission (“SEC”) on September 9, 2009 (SEC File/Film Number 091060600) (the “Employment Agreement”) and (b) the Invention Assignment and Confidentiality Agreement attached as Annex 1 thereto (the “Confidentiality Agreement”), and that as a result of Employee’s employment with the Company Employee has had access to the Company’s Proprietary Information (as defined in the Confidentiality Agreement), that Employee will hold all Proprietary Information in strictest confidence and that Employee will not make use of such Proprietary Information on behalf of anyone.  Employee further confirms that Employee has delivered to the Company all documents and data of any nature containing or pertaining to such Proprietary Information and that Employee has not taken any such documents or data or any reproduction thereof. Employee acknowledges and agrees that Employee’s obligations under the 

 

2

 

Confidentiality Agreement will survive the termination of Employee’s employment with the Company.

 

6.             Mutual General Release and Waiver of Claims:

 

a.             The payments and promises set forth in this Agreement are in full and complete satisfaction of all accrued salary, vacation pay, bonus and commission pay, profit-sharing, stock options, termination benefits or other compensation to which Employee may be entitled by virtue of his employment with the Company or his separation from the Company.  To the fullest extent permitted by law, Employee hereby releases and waives any and all other claims Employee may have against the Company and its owners, officers, shareholders, employees, directors, attorneys, agents, representatives, subsidiaries, affiliates,  successors and assigns (collectively “Releasees”), whether known or not known, including, without limitation, claims under any employment laws of any jurisdiction or arising under or related to Employee’s ceasing to be an officer of Versant or Versant Germany or the termination of Employee’s employment with Versant or Versant Germany, including, but not limited to, claims of unlawful discharge, breach of contract, breach of the covenant of good faith and fair dealing, fraud, violation of public policy, defamation, physical injury, emotional distress, claims for additional compensation or benefits arising out of Employee’s employment or his separation of employment, claims under Title VII of the 1964 Civil Rights Act, as amended, the California Fair Employment and Housing Act and any other laws and/or regulations relating to employment or employment discrimination, including, without limitation, claims based on age or under the Age Discrimination in Employment Act or Older Workers Benefit Protection Act, and/or claims based on disability or under the Americans with Disabilities Act.  To the fullest extent permitted by law of any applicable jurisdiction, the Company hereby releases and waives any claims it may have against Employee and his successors and assigns, whether known or not known, including, but not limited to, claims under the laws of any jurisdiction relating to Employee’s employment with the Company, or to any services performed by Employee for the Company as an employee, consultant or otherwise, but excluding any release for claims of (a) fraud, misappropriation of trade secrets by Employee, (b) breach by Employee of (i) Employee’s confidentiality duties or obligations under the Employment Agreement, (ii) Employee’s duties and obligations under his Invention Assignment and Confidentiality Agreement which is attached to the Employment Agreement or (iii) Employee’s obligations under this Agreement or (c) under Section 16(b) of the Securities Exchange Act of 1934.

 

b.             By signing below, Employee and the Company expressly waive any benefits of Section 1542 of the Civil Code of the State of California, and under any other applicable statute or regulation of similar effect, which provides as follows:

 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

 

3

 

c.             Employee and the Company do not intend to release claims that Employee may not release as a matter of law, including but not limited to claims for indemnity under California Labor Code section 2802.

 

7.             Mutual Covenant Not to Sue:

 

a.             To the fullest extent permitted by law, at no time subsequent to the execution of this Agreement will Employee pursue, or cause or knowingly permit the prosecution of, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency, or any other tribunal, any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which Employee may now have, have ever had, or may in the future have against any or all Releasees, which is subject to the release of claims granted by Employee in Section 6 above.

 

b.             To the fullest extent permitted by law, at no time subsequent to the execution of this Agreement will the Company pursue, or cause or knowingly permit the prosecution of, in any state, federal or foreign court, or before any local, state, federal or foreign administrative agency, or any other tribunal, any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which the Company may now have, have ever had, or may in the future have against Employee, which is subject to the release of claims granted by the Company in Section 6 above

 

c.             Nothing in this section shall prohibit Employee from filing a charge or complaint with a government agency such as but not limited to the Equal Employment Opportunity Commission, the National Labor Relations Board, the Department of Labor, the California Department of Fair Employment and Housing, or other applicable state agency.  However, Employee understands and agrees that, by entering into this Agreement, Employee is releasing any and all individual claims for relief.

 

d.             Nothing in this section shall prohibit or impair Employee or the Company from complying with all applicable laws, nor shall this Agreement be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act.

 

8.             Attorneys’ Fees:  If any action is brought to enforce the terms of this Agreement, the prevailing party will be entitled to recover its reasonable attorneys’ fees, costs and expenses from the other party, in addition to any other relief to which the prevailing party may be entitled.

 

9.             No Admission of Liability:  This Agreement is not and shall not be construed or contended by Employee or the Company to be an admission or evidence of any wrongdoing or liability on the part of Releasees or Employee, their representatives, heirs, executors, attorneys, agents, partners, officers, shareholders, directors, employees, subsidiaries, affiliates, divisions, successors or assigns, respectively.  This Agreement shall be afforded the maximum protection allowable under California Evidence Code Section 1152 and/or any other applicable rule, statute, provision, or regulation of similar effect.

 

4

 

10.           Complete and Voluntary Agreement:  This Agreement, together with the Separation Agreement to which it is attached and the Employment Agreement referenced herein, constitutes the entire agreement between Employee and the Company with respect to the subject matter hereof and supersedes all prior negotiations and agreements, whether written or oral, relating to such subject matter; provided that in case of any conflict or inconsistency between this Agreement and/or the Separation Agreement, on the one hand, and the Employment Agreement on the other hand, this Agreement and the Separation Agreement shall in each case govern, control and apply.  Employee acknowledges that neither Releasees nor their agents or attorneys have made any promise, representation or warranty whatsoever, either express or implied, written or oral, which is not contained in this Agreement for the purpose of inducing Employee to execute the Agreement, and Employee acknowledges that Employee has executed this Agreement in reliance only upon such promises, representations and warranties as are contained herein, and is executing this Agreement voluntarily, free of any duress or coercion.

 

11.           Severability:  The provisions of this Agreement are severable, and if any part of it is found to be invalid or unenforceable, the other parts shall remain fully valid and enforceable.  Specifically, should a court, arbitrator, or government agency conclude that a particular claim may not be released as a matter of law, it is the intention of the parties that the general release, the waiver of unknown claims and the covenant not to sue above shall otherwise remain effective to release any and all other claims.

 

12.           Modification; Counterparts; Facsimile/PDF Signatures:  It is expressly agreed that this Agreement may not be altered, amended, modified, or otherwise changed in any respect except by another written agreement that specifically refers to this Agreement, executed by authorized representatives of each of the parties to this Agreement.  This Agreement may be executed in any number of counterparts, each of which shall constitute an original and all of which together shall constitute one and the same instrument.  Execution of a facsimile or PDF copy shall have the same force and effect as execution of an original.

 

13.           Governing Law:  This Agreement shall be governed by and construed in accordance with the laws of the Republic of Germany; except that any provisions of this Agreement relating solely to Versant shall be governed by the internal laws of the State of California without regarding to laws regarding conflict of laws or choice of law.

 

14.           Review of Separation Agreement:  Employee understands that Employee may take up to twenty-one (21) days to consider this Agreement and, by signing below, affirm that Employee was advised to consult with an attorney prior to signing this Agreement.  Employee also understands Employee may revoke this Agreement within seven (7) days of signing this document and that the separation benefits and other considerations to be provided to Employee pursuant to Section 3 will be provided only at the end of that seven (7) day revocation period.

 

[The remainder of this page has been intentionally left blank.]

 

[Signature page follows]

 

5

 

15.           Effectiveness:  This Agreement is effective on the eighth (8th) day after Employee signs it and without revocation (the “Second Release  Effectiveness Date”).

 

	
 
    	
 
    	
EMPLOYEE
    
	
 
    	
 
    	
 
    
	
Dated:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Jochen Witte
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
VERSANT CORPORATION
    
	
 
    	
 
    	
 
    	
 
    
	
Dated:
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Jerry Wong, Chief Financial Officer
    
	
 
    	
 
    	
 
    	
Versant Corporation
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
VERSANT GMBH
    
	
 
    	
 
    	
 
    	
Represented by its shareholder Versant Corporation, represented in   turn by its Chief Financial Officer
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Dated:
    	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Versant Corporation, by Jerry Wong (Versant’s Chief Financial Officer)
    

 

Signature page to Separation Agreement and Release of All Claims

 

6

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