Document:

Change of Control Agreement

 Exhibit 10.53 
  
 DANKA BUSINESS SYSTEMS PLC 
  
 Change of Control Agreement for Michael Wedge 

 DANKA BUSINESS SYSTEMS PLC 
  
 Change of Control Agreement for Michael Wedge 
  

					
	 	  	 	  	Page

	 1.
	  	Definitions	  	1
			
	 2.
	  	Term of Agreement	  	4
			
	 3.
	  	Reimbursement of Business Expenses	  	4
			
	 4.
	  	Entitlement to Severance Benefit	  	4
			
	 5.
	  	Confidentiality and Related Covenants	  	7
			
	 6.
	  	Amendment or Termination	  	9
			
	 7.
	  	Resolution of Disputes	  	9
			
	 8.
	  	Miscellaneous Provisions	  	9

  
  

 CHANGE OF CONTROL AGREEMENT 
  
 AGREEMENT, made and entered into as of the 30th day of September, 2004 by and among Danka Business Systems PLC (“Danka Business
Systems”), Danka Office Imaging Company (“Danka”) (Danka Business Systems and Danka sometimes referred to herein together with their respective successors and assigns as the “Company”) and Michael Wedge, an individual (the
“Executive”). 
  
 W I T N E S S E T H: 

 
 WHEREAS, Executive is an employee of the Company serving in an executive
capacity; 
  
 WHEREAS, the Board of Directors of each corporation
included in the Company (the “Board”) believes it is necessary and desirable that the Company be able to rely upon Executive to continue serving in his or her position in the event of a pending or actual Change of Control (as defined) of
the Company; 
  
 NOW, THEREFORE, in consideration of the premises
and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which is mutually acknowledged, the Company and Executive (individually a “Party” and together the “Parties”)
agree as follows: 
  
 1. Definitions. 
  
 (a) “Base Salary” shall mean Executive’s annual base salary
in effect at the time of the Change of Control or at the time of termination of employment, whichever is greater. 
  
 (b) “Cause” shall mean and be limited to: 
  

	 	(i)	Executive’s commission of any crime that (i) constitutes a felony in the jurisdiction involved or (ii) involves loss or damage to or destruction of property of the Company or
(iii) results in the incarceration of Executive following his conviction for such crime; 

  
 or 
  

	 	(ii)	Executive’s willful and material violation of any lawful directions of the Company’s Chief Executive or Board after the Company has provided written notice to Executive
and said violation continues after Executive shall have reasonable opportunity to cure said violation. 

  
 For purposes of this Agreement, an act or failure to act on Executive’s part shall be considered “willful” if it was done or omitted to be done by
Executive not in good faith, and shall not include any act or failure to act resulting from any incapacity of Executive. 
  
 (c) A “Change of Control” shall be deemed to have occurred when: 
  

	 	(i)	securities of Danka Business Systems representing more than 30 percent of the combined voting power of the then outstanding voting securities of Danka Business Systems are acquired
pursuant to a general offer for the issued share capital of the Company which is an offer regulated under the U.K. Take-Over Code or any other tender offer or an exchange offer by any person or group of persons acting in 

 concert (within the meaning of Section 14(d) of the Securities Exchange Act of 1934) other than the
Company, a direct or indirect subsidiary or parent of the Company, an employee benefit plan or similar trust established by the Company; 
  

	 	(ii)	a merger or consolidation is consummated in which Danka Business Systems is a constituent corporation and which results in less than 50 percent of the outstanding voting securities
of the surviving or resulting entity being owned by the then existing stockholders of Danka Business Systems; 

  

	 	(iii)	a sale is consummated by the Company of substantially all of the Company’s assets (or substantially all of the assets of Danka) to a person or entity which is not a
wholly-owned subsidiary of Danka Business Systems or any of its affiliates; or 

  

	 	(iv)	during any period of two consecutive years, individuals who, at the beginning of such period, constituted the Board of Directors of Danka Business Systems (the “Board”)
cease, for any reason, to constitute at least a majority thereof, unless the election or nomination for election for each new director was approved by the vote of at least two-thirds of the directors then still in office who were directors at the
beginning of such two-year period. 

  
 For purposes of this
Agreement, no Change of Control shall be deemed to have occurred with respect to Executive if the Change of Control results from actions or events in which Executive is a participant in a capacity other than solely as an officer, employee or
director of the Company. 
  
 (d) “Code” means the
Internal Revenue Code of 1986, as amended. 
  
 (e)
“Disability” shall mean a physical or mental illness which, in the judgment of the Company after consultation with the licensed physician attending Executive, impairs Executive’s ability to substantially perform his duties as an
employee and as a result of which Executive shall have been unable to perform his duties for the Company on a full-time basis for a period of 180 consecutive days. 
  
 (f) “Effective Date” shall mean the date of this Agreement, as set forth above. 
  
 (g) “Excise Taxes” shall have the meaning set forth in Section 4
below. 
  

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 (h) “Good Reason” shall mean the occurrence of one or more of the following events without
Executive’s prior written consent (except as a result of a prior termination): 
  

	 	(i)	any material change in Executive’s status, title, authorities or responsibilities (including reporting responsibilities) which represents a demotion from Executive’s
status, title, position or responsibilities (including reporting responsibilities) prior to the Change of Control; the assignment to Executive of any duties or work responsibilities which are materially inconsistent with Executive’s status,
title, position or work responsibilities prior to the Change of Control, or which are materially inconsistent with the status, title, position or work responsibilities of a similarly situated senior officer; or any removal of Executive from, or
failure to appoint, elect, reappoint or reelect Executive to, any of such positions, except in the event of Executive’s death or Disability; 

  

	 	(ii)	any decrease in Executive’s annual Base Salary or target annual incentive award opportunity; 

  

	 	(iii)	the reassignment of Executive to a location more than thirty (30) miles from Executive’s then-current work location; 

  

	 	(iv)	the failure by the Company to continue in effect any incentive, bonus or other compensation plan in which Executive participates, unless an equitable arrangement (embodied in an
ongoing substitute or alternative plan) has been made with respect to the failure to continue such plan, or the failure by the Company to continue Executive’s participation therein, or any action by the Company which would directly or
indirectly materially reduce his participation therein or reward opportunities thereunder; provided, however, that Executive continues to meet substantially all eligibility requirements thereof; 

  

	 	(v)	the failure by the Company to continue in effect any employee benefit plan (including any medical, hospitalization, life insurance, disability or other group benefit plan in which
Executive participates), or any material fringe benefit or perquisite enjoyed by Executive unless an equitable arrangement (embodied in an ongoing substitute or alternative plan) has been made with respect to the failure to continue such plan, or
the failure by the Company to continue Executive’s participation therein, or any action by the Company which would directly or indirectly materially reduce Executive’s participation therein or reward opportunities thereunder, or the
failure by the Company to provide Executive with the benefits to which Executive is entitled as an employee of the Company; provided, however, that Executive continues to meet substantially all eligibility requirements thereof,

  

	 	(vi)	any purported termination of Executive’s employment for Cause which is not effected by the Company’s delivering written notice to Executive of the termination for Cause
which notice describes the specific acts or omissions alleged to constitute Cause; or 

  

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	 	(vii)	the failure of the Company to obtain a satisfactory agreement from any successor or assignee of the Company to fully assume and agree to perform this Agreement.

  
 (i) “Retirement” shall mean
Executive’s termination of employment with the Company at or after attaining age 65. 
  
 (j) “Severance Payments” shall have the meaning set forth in Section 4 below. 
  
 (k) “Term” shall have the meaning set forth in Section 2 below. 
  
 2. Term of Agreement. 
  
 The term of this Agreement shall commence on the Effective Date and, subject to any amendment or termination of the Agreement by the Parties permitted by
Section 6 below, shall remain in effect until such time as Executive’s employment may be terminated in circumstances which do not entitle the Executive to Severance Payments under this Agreement (the “ Term”). If a Change of Control
shall have occurred during the Term, including during the one-year notice period provided for in Section 6 following the delivery by the Company of notice of its intent to terminate the Agreement, notwithstanding any other provision of this Section
2, the Term shall not expire earlier than two years after the effective date of such Change of Control. 
  
 3. Reimbursement of Business Expenses. 
  
 Executive is authorized to incur reasonable expenses in carrying out Executive’s duties and responsibilities on the Company’s behalf, and the
Company shall promptly reimburse Executive for all business expenses incurred in connection therewith, subject to documentation in accordance with the Company’s policy. 
  
 4. Entitlement to Severance Benefit. 
  
 (a) Severance Benefit. In the event Executive’s employment with the Company is terminated without Cause, other
than due to death, Disability or Retirement, or in the event Executive terminates his/her employment for Good Reason, in either case within two years following a Change of Control, or in the event that prior to the consummation of a pending Change
of Control Executive’s employment is involuntarily terminated without Cause (other than due to death or Disability) as a condition to the consummation of the proposed transaction, whether at the request of the acquiring firm or otherwise,
Executive shall be entitled to receive: 
  

	 	(i)	Base Salary through the date of termination of Executive’s employment, which shall be paid in a cash lump sum not later than 30 days following Executive’s termination of
employment; 

  

	 	(ii)	 an amount equal to twelve (12) full months of Executive’s Base Salary, at the rate in effect on the date of termination of Executive’s employment (or in
the event a reduction in Base Salary is a basis for a termination by Executive for Good Reason, then the Base Salary in 

  

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effect immediately prior to such reduction), payable in a cash lump sum not later than 30 days following Executive’s termination of employment;

  

	 	(iii)	a pro rata annual bonus for the fiscal year which includes the date of termination, calculated by multiplying the annual bonus Executive would have earned for the fiscal year of
termination, if the Company’s financial performance targets for the fiscal year were deemed to be satisfied at a level equal to the financial performance achieved through the date of termination, or, if greater, any performance bonus Executive
is guaranteed to receive for the fiscal year under the terms of his employment agreement, by a percentage equal to the ratio of the number of days worked by Executive during the fiscal year of the termination to the total number of work days during
such fiscal year, payable in a cash lump sum not later than 30 days following Executive’s termination of employment; 

  

	 	(iv)	an amount equal to one times the annual bonus Executive would earn for the fiscal year of termination if the Company’s financial performance targets were deemed to be satisfied
at the level equal to the financial performance achieved through the date of termination, or, if greater, any performance bonus Executive is guaranteed to receive for the fiscal year under the terms of his employment agreement, payable in a cash
lump sum not later than 15 days following Executive’s termination of employment; 

  

	 	(v)	immediate vesting of all outstanding stock options and the right to exercise such stock options at any time during an extended exercise period of not less than 36 months following
Executive’s termination of employment, or the remainder of the exercise period, if less, in each case, to the extent permitted by the terms of the Company’s stock option schemes; 

  

	 	(vi)	settlement of all deferred compensation arrangements in accordance with any then applicable deferred compensation plan or election form; 

  

	 	(vii)	continued medical, hospitalization, life and other insurance benefits being provided to Executive and Executive’s family at the date of termination, for a period of up to
twelve (12) months after the date of termination; provided that the Company shall have no obligation to continue to provide Executive with these benefits for any periods after the date Executive obtains comparable benefits (with no significant
pre-existing condition exclusions) as a result of Executive’s employment in a new position; and 

  

	 	(viii)	other or additional benefits then due or earned in accordance with applicable plans and programs of the Company. 

  

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 (b) Reduction in Compensation to Avoid Excise Tax. In the event Executive would become entitled to
any amounts payable in connection with a Change of Control (whether or not such amounts are payable pursuant to this Agreement) (the “Severance Payments”), if any of such Severance Payments would otherwise be subject to the excise tax on
excess golden parachute payments imposed by Section 4999 of the Code (or any similar federal, state or local tax that may hereafter be imposed) (the “Excise Tax”), as determined in accordance with this Section 4(b), but prior to giving
effect to any adjustment under this Section 4(b), the following provisions shall apply: 
  

	 	(i)	For purposes of determining whether any of the Severance Payments would be subject to the Excise Tax and the amount of such Excise Tax: 

  

	 	(A)	Severance Payments, including any payments or benefits other than those under this Section 4(b) received or to be received by Executive in connection with Executive’s
termination of employment (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Company, any person whose actions result in a Change of Control or any person affiliated with the Company or such person)
(which, together with the Severance Payments, constitute the “Total Payments”), shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and all “excess parachute payments” within
the meaning of Section 280G(b)(1) of the Code shall be treated as subject to the Excise Tax, unless in the opinion of a nationally-recognized public accounting firm mutually acceptable to Executive and the Company such other payments or benefits (in
whole or in part) do not constitute parachute payments, or such excess parachute payments (in whole or in part) represent reasonable compensation for services actually rendered within the meaning of Section 28OG(b)(4) of the Code in excess of the
base amount within the meaning of Section 28OG(b)(3) of the Code, or are otherwise not subject to the Excise Tax; 

  

	 	(B)	the amount of the Total Payments which shall be deemed to be treated as subject to the Excise Tax shall be equal to the lesser of (x) the total amount of the Total Payments and (y)
the amount of excess parachute payments within the meaning of Section 28OG(b)(1) of the Code (after applying Section 4(b)(i)(A) hereof); and 

  

	 	(C)	the value of any non-cash benefits or any deferred payments or benefit shall be determined by a nationally recognized public accounting firm mutually acceptable to Executive and the
Company in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. 

  

 -6- 

	 	(ii)	If a reduction in the aggregate amount of Severance Payments Executive otherwise would be entitled to receive by an amount not exceeding 20% of such Severance Payments would result
in Executive receiving a greater “Net After-Tax Amount,” as such term is defined below, then such Severance Payments shall be reduced by the amount, not exceeding 20% of such Severance Payments, as will provide to Executive the greatest
Net After-Tax Amount, such reduction to be made from such payments under this Agreement or such other of the Severance Payments not yet paid to Executive as Executive shall specify. For this purpose, the term “Net After-Tax Amount” shall
mean the net amount of the Severance Payments after deducting any federal, state and local income tax and Excise Tax which would be applicable to such Severance Payments. In the event that the Excise Tax is subsequently determined to differ from the
amount taken into account hereunder at the time of termination of employment, adjustments shall be made in accordance with this Section 4(b)(ii) in light of the revised determination. 

  

	 	(iii)	All determinations under this Section 4(b) shall be made at the expense of the Company by a nationally recognized public accounting firm mutually agreeable to Executive and the
Company, and such determination shall be binding upon Executive and the Company. 

  
 (c) No Mitigation, No Offset. In the event of any termination of employment under this Section 4, Executive shall be under no obligation to seek other employment; amounts due Executive under this Agreement
shall not be offset by any remuneration attributable to any subsequent employment that he/she may obtain. 
  
 (d) Nature of Payments, Any amounts due under this Section 4 are in the nature of severance payments considered to be reasonable by the Company and
are not in the nature of a penalty. 
  
 (e) Exclusivity of
Severance Payments. Upon termination of Executive’s employment during the Term, he/she shall not be entitled to any severance payments or severance benefits from the Company or any payments by the Company on account of any claim by
Executive of wrongful termination, including claims under any federal, state or local human and civil rights or labor laws, other than the payments and benefits provided in this Section 4. 
  
 (f) Release of Employment Claims. Executive agrees, as a condition to
receipt of the termination payments and benefits provided for in this Section 4, that he/she will execute a release agreement, a form of which is attached hereto as Exhibit A, releasing any and all claims arising out of Executive’s employment.

  
 5. Confidentiality and Related Covenants. 

 
 (a) Confidentiality. Executive shall not, at any time hereafter,
disclose to any person, firm or corporation or otherwise use any confidential information regarding the customers, suppliers, market arrangements or methods of operations of the Company, any constituent partner of 
  

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 the Company or any of their respective parents, subsidiaries or affiliates or any other information of the Company, any
constituent partner of the Company or any of their respective parents, subsidiaries or affiliates, except to the extent necessary to conduct the business of the Company, or to comply with law or the valid order of a governmental agency or court of
competent jurisdiction. Without limiting the generality of the foregoing, the Parties acknowledge and agree that all information not otherwise generally known to the public relating to each of (i) this Agreement, or (ii) the Company, any constituent
partner of the Company or any of their respective parents, subsidiaries or affiliates is confidential and proprietary and is not to be disclosed, to any persons or entities or otherwise used, except to the extent necessary to conduct the business of
the Company, or to comply with law or the valid order of a governmental agency or court of competent jurisdiction. 
  
 (b) Rights to Innovations. Any invention, improvement, design, development or discovery conceived, developed, invented or made by Executive, alone
or with others, during his employment hereunder and applicable to the business of the Company, its parents, subsidiaries or affiliates shall become the sole and exclusive property of the Company. Executive shall (i) disclose the same completely and
promptly to the Company, (ii) execute all documents requested by the Company in order to vest in the Company the entire right, title and interest, in and to the same, (iii) execute all documents required by the Company for the filing, and
prosecuting of such applications for patents, copyrights and/or trademarks, which the Company, in its sole discretion, may desire to prosecute, and (iv) provide to the Company all assistance it may reasonably require including, without limitation,
the giving of testimony in any suit, action or proceeding, in order to obtain, maintain and protect the Company’s rights therein and thereto. 
  
 (c) Non-Solicitation. Executive, except within the course of the performance of his/her duties hereunder, shall not at any time while he/she is in
the employ of the Company, any constituent partner of the Company or any of their respective parents, subsidiaries, or affiliates, and for 12 months following the termination of such employment of Executive for any reason, (i) employ any individual
who is then employed by the Company, any constituent partner of the Company or any of their respective parents, subsidiaries or affiliates, or (ii) in any way cause, influence, or participate in the employment of any individual which would be
contrary to the Company’s best interests, as determined by the Company in its sole discretion. 
  
 (d) Enforcement. Executive’s services are unique and any breach or threatened breach by Executive of any provision of this Section 5 shall
cause the Company irreparable harm which cannot be remedied solely by damages. In the event of a breach or threatened breach by Executive of any of the provisions of this Section 5, the Company shall be entitled to injunctive relief restraining
Executive and any business, firm, partnership, individual, corporation or entity participating in such breach or threatened breach. Nothing herein shall be construed as prohibiting the Company from pursuing any other remedies available at law or in
equity for such breach or threatened breach, including the recovery of damages and the immediate termination of the employment of Executive hereunder. If any of the provisions of or covenants contained in this Section 5 are hereafter construed to be
invalid or unenforceable in a particular jurisdiction, the same shall not affect the remainder of the provisions or the enforceability thereof in that jurisdiction, which shall be given full effect, without regard to the invalidity or
unenforceability thereof in a particular jurisdiction because of the duration and/or scope of such provision or covenant in that jurisdiction and, in its reduced form, said provision or covenant shall be enforceable. In all other jurisdictions this
Section 5 shall at all times remain in full force and effect. The obligations under this Section 5 shall survive any termination of this Agreement. 
  

 -8- 

 6. Amendment or Termination. 
  
 Except as otherwise provided in this Section 6, this Agreement may be amended or terminated only with the express mutual
consent of the Company and Executive and no amendment to the provisions of this Agreement by mutual consent shall be effective unless such amendment is agreed to in writing and signed by Executive and an authorized officer of the Company.

  
 Notwithstanding the preceding paragraph, after the first
anniversary of the Effective Date of this Agreement, the Agreement may be amended or terminated by the Board without the consent of Executive; provided that, no such amendment or termination of the Agreement without Executive’s express
consent shall be effective unless the Company has provided Executive advance written notice of the amendment or termination not less than one full year prior to the proposed effective date of the amendment or termination; and further provided
that no such notice may be delivered at any time when a Change of Control is proposed or pending (to the knowledge of the Board) or during the first year following the Effective Date of the Agreement. If a Change of Control occurs during the period
between the time a notice of termination or amendment has been given to Executive and the effective date described in such notice, the Term of the Agreement shall automatically be extended until two years after the date on which the Change of
Control occurred, and any earlier termination date specified in the notice shall automatically be revoked and not take effect. 
  
 7. Resolution of Disputes. 
  
 Any controversy or claim arising out of or relating to this Employment Agreement, other than a claim for injunctive relief pursuant to Section 5(d), shall
be settled by arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the “Rules”) in effect at the time demand for arbitration is made by any party. One arbitrator shall be named by the
Company, a second by the Executive and the third arbitrator shall be named by the two arbitrators so chosen. In the even that the third arbitrator is not agreed upon, he or she shall be named by the American Arbitration Association. Arbitration
shall occur in St. Petersburg, Florida. The award made by all or a majority of the panel of arbitrators shall be final and binding, and judgment may be entered in any court of law having competent jurisdiction. The prevailing party shall be entitled
to an award of reasonable attorney’s fees, costs and expenses incurred in connection with the arbitration and any judicial proceedings related thereto. 
  
 8. Miscellaneous Provisions. 
  
 (a) Effect of Agreement on Other Benefits. Except as specifically provided in this Agreement, the existence of this Agreement shall not be
interpreted to preclude, prohibit or restrict Executive’s participation in any other employee benefit or other plans or programs in which he/she currently participates. 
  
 (b) Not an Employment Agreement. This Agreement is not, and nothing herein shall be deemed to create, a contract of
employment between Executive and the Company. The Company may terminate the employment of Executive at any time, subject to the terms of any employment agreement between the Company and Executive that may then be in effect. 
  

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 (c) Assignability: Binding Nature. This Agreement shall be binding upon and inure to the benefit
of the Parties and their respective successors, heirs (in the case of Executive) and permitted assigns. No rights or obligations of the Company under this Agreement may be assigned or transferred by the Company except that such rights or obligations
may be assigned or transferred in connection with the sale or transfer of all or substantially all of the assets of the Company, provided that the assignee or transferee is the successor to all or substantially all of the assets of the Company and
such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law. The Company further agrees that, in the event of a sale or transfer of assets as
described in the preceding sentence, it shall use its best efforts and take whatever action or actions it legally can in order to cause such assignee or transferee to expressly assume the liabilities, obligations and duties of the Company hereunder.
No rights or obligations of Executive under this Agreement may be assigned or transferred by Executive other than his/her rights to compensation and benefits, which may be transferred only by will or operation of law, except as provided in Section
8(i) below. 
  
 (d) Representation. The Company represents
and warrants that it is fully authorized and empowered to enter into this Agreement and that the performance of its obligations under this Agreement will not violate any agreement between it and any other person, firm or organization. 
  
 (e) Entire Agreement. This Agreement contains the entire understanding
and agreement between the Parties concerning the subject matter hereof and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between the Parties with respect thereto. 
  
 (f) No Waiver. No waiver by either Party of any breach by the other
Party of any condition or provision contained in this Agreement to be performed by such other Party shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time. Any waiver must be in writing
and signed by Executive or an authorized officer of the Company, as the case may be. 
  
 (g) Severability. In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement
shall be unaffected thereby and shall remain in full force and effect to the fullest extent permitted by law. 
  
 (h) Survivorship. The respective rights and obligations of the Parties hereunder shall survive any termination of Executive’s employment to
the extent necessary to the intended preservation of such rights and obligations. 
  
 (i) Beneficiaries. Executive shall be entitled, to the extent permitted under any applicable law, to select and change a beneficiary or beneficiaries to receive any compensation or benefit payable hereunder
following Executive’s death by giving the Company written notice thereof. In the event of Executive’s death or a judicial determination of his/her incompetence, references in this Agreement to Executive shall be deemed, where appropriate,
to refer to his/her beneficiary, estate or other legal representative. 
  

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 (j) Governing Law/Jurisdiction. This Agreement shall be governed by and construed and interpreted
in accordance with the laws of the State of Florida without reference to principles of conflict of laws. Subject to Sections 5(d) and 7, the Company and Executive hereby consent to the jurisdiction of any or all of the following courts for purposes
of resolving any dispute under this Agreement: (i) the United States District Court for Florida or (ii) any of the courts of the State of Florida. The Company and Executive further agree that any service of process or notice requirements in any such
proceeding shall be satisfied if the rules of such court relating thereto have been substantially satisfied. The Company and Executive hereby waive, to the fullest extent permitted by applicable law, any objection which it or he/she may now or
hereafter have to such jurisdiction and any defense of inconvenient forum. 
  
 (k) Notices. Any notice given to a Party shall be in writing and shall be deemed to have been given when delivered personally or sent by certified or registered mail, postage prepaid, return receipt requested,
duly addressed to the Party concerned at the address indicated below or to such changed address as such Party may subsequently give such notice of: 
  

			
	 If to the Company:
	  	 Danka Business Systems PLC

	 	  	 Masters House

	 	  	 Attention: Secretary

	 	  	 107 Hammersmith Road

	 	  	 London W14 OQH

	 	  	 England

	 	  	 44-207-605-0150

		
	 	  	 Danka Office Imaging Company

	 	  	 Attention: General Counsel

	 	  	 11101 Roosevelt Blvd

	 	  	 St. Petersburg, FL 33716

	 	  	 (727) 622-2801

		
	         If to Executive:
	  	 Michael Wedge

	 	  	 2790 Meadowview Court

	 	  	 Tarpon Springs, FL 34688

	 	  	 (727) 937-5077

  
 (l) Headings.
The headings of the sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement. 
  

 -11- 

 (m) Counterparts. This Agreement may be executed in two or more 
  
 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the
date first written above. 
  

			
	 DANKA BUSINESS SYSTEMS PLC

	
	 /s/ Keith J. Nelsen

	 By:
	 	 Keith J. Nelsen

	 Title:
	 	 CAO/General Counsel

	
	 DANKA OFFICE IMAGING COMPANY

	
	 /s/ Keith J. Nelsen

	 By:
	 	 Keith J. Nelsen

	 Title:
	 	 CAO/General Counsel

  

 -12- 

 EXHIBIT A 
  
 RELEASE OF CLAIMS 
  
 DEFINITIONS: I, Michael Wedge, (“Employee”), intend all words used in this Release to have their plain meaning in ordinary English. Technical legal words
are not needed to describe what I mean. Specific terms I use in this Release have the following meanings: 
  
 I, Me. and My include both me and anyone who has or obtains any legal rights or claims through me. 
  
 Employer, as used herein, shall at all times mean Danka Business
Systems PLC (the “Company”), Danka Office Imaging Company (“Danka”), or any parent company, subsidiaries, affiliated companies or entities and their employees, officers, directors, successors and assigns, its attorneys,
consultants and agents, whether in their individual or official capacities. 
  
 My Claims means all of the rights I have to any relief of any kind from Employer, whether or not I now know about those rights, arising out of or in any way related to my employment with Employer, my
termination of employment, or any employee benefit plan, including, but not limited to, common law, or equitable claims, claims for violation or breach of any employment agreement or understanding; fraud or misrepresentation; and any statutory
claims including alleged violations of the, the federal Age Discrimination in Employment Act, the Americans with Disabilities Act, or any other federal, state, or local civil rights laws or ordinances, defamation; intentional or negligent infliction
of emotional distress; breach of the covenant of good faith and fair dealing; promissory estoppel; negligence, wrongful termination of employment, any other claims; provided, however, that My Claims do not include claims for payments or benefits
which are to continue for a specified period of time following my termination of employment in accordance with Section 4 of the Change of Control Agreement between the Company, Danka, and me dated as of
                 , 2003, or any employee benefit plan, or option or award thereunder, in effect at the time of termination. 
  
 Agreement to Release My Claims. I am receiving a substantial amount of money, among
other things, from Employer as consideration for my Release of My Claims. I agree to give up all My Claims against the Employer as defined above. I will not bring any lawsuits, file any charges, complaints, or notices, or make any other demands
against the Employer or any of its employees or agents based on any allegation included in My Claims. The money I am receiving is a full and fair payment for the release of all My Claims. 
  
 Additional Agreements and Understandings. Even though the Employer is paying me to release My Claims, the Employer expressly denies
that it is responsible or legally obligated for My Claims or that is has engaged in any wrongdoing. 

 I understand that I may have twenty-one (21) calendar days from the day that I receive this Release, not
counting the day upon which I receive it, to consider whether I wish to sign this Release. I further understand that the Employer recommends that I consult with an attorney before executing this Release. I agree that if I sign this Release before
the end of the twenty-one (21) day period, it is because I have decided that I have already had sufficient time to decide whether to sign the Release. 
  
 I understand that I may rescind (that is, cancel) this Release within seven (7) calendar days of signing it to reinstate federal civil rights claims (if
any). To be effective, my rescission must be in writing and delivered to the Employer, Attention General Counsel, Danka, 11101 Roosevelt Blvd., St. Petersburg, Florida, 33716, either by hand or by mail within the required period. If sent by mail,
the rescission must be: 
  
 Postmarked within the
relevant period; 
  
 Properly addressed to the
General Counsel; and 
  
 Sent by certified mail,
return receipt requested. 
  
 I have read this Release carefully
and understand all its terms. I have had the opportunity to review this Release with my own attorney. In agreeing to sign this Release, I have not relied on any statements or explanations made by the Employer or its agents other than those set forth
in the Release and Change of Control Agreement. 
  
 I understand
and agree that this Release and Change of Control Agreement to which it is attached contain all the agreements between the Employer and me. We have no other written or oral agreements. 
  

			
	 Dated: 9/30/2004

	
	 /s/ Michael Wedge

		
	 Witness:
	 	  

  

 -2-Separation Agreement dated February 17, 2005

 Exhibit 10.54 
  
 SEPARATION AGREEMENT 
  

This Agreement (“Separation Agreement”) is made and entered into this 17th day of February, 2005, between Lang Lowrey (“Employee”)
and Danka Business Systems PLC and its subsidiary companies, affiliated companies, predecessor companies or entities and their officers, directors, agents, employees, or assigns (“Employer”). 
  
 The purpose of this Separation Agreement is to set forth the terms and
conditions under which Employee and Employer will terminate their employment relationship. The parties agree as follows: 
  

	1.	Termination. Subject to the terms and conditions set forth herein and in the attached Mutual Release (Exhibit “A”), Employee and Employer agree to terminate
Employee’s employment with Employer effective March 1, 2005 (“Termination Date”). 

  

	2.	Payment. The parties agree that Employee shall receive $325,000 and such other consideration as described herein from Employer in consideration of the promises made herein
and in consideration of Employee’s compliance with the terms of this Separation Agreement and execution and compliance with the terms of the Mutual Release of Claims in the form attached hereto as Exhibit “A” which shall be executed
by Employee and Employer to be effective on the Termination Date in the following manner: 

  

	 	(i)	Employer shall, upon Employee’s execution and delivery to Employer of this Separation Agreement and Mutual Release of Claims and upon the expiration of all applicable
revocation periods contained in this Separation Agreement and Mutual Release of Claims, make twenty-six (26) bi-weekly payments of Twelve Thousand Five Hundred and 00/100 Dollars ($12,500) less, in each case, customary payroll deductions beginning
with the first pay cycle following the Termination Date (the “Payment Period”). 

  

	 	(ii)	Employer shall pay, on a prorated basis, any earned but unpaid Management Incentive Plan (“MIP”) payments, through the Termination Date, as set forth in the applicable FY
2005 MIP plan. 

  

	 	(iii)	Employee may exercise any stock options vested as of the Termination Date pursuant to the requirements of the Company’s Share Option Plan at any time within twenty-four (24)
months of the Termination Date. 

  

	 	(iv)	During the Payment Period, upon Employee’s election of COBRA benefits, Company shall pay Employee the additional cost of COBRA benefits over and above the amount currently paid
by Employee for health benefits as an employee of Company or, if Cobra is not available, shall pay the cost of reasonably comparable health benefits during the payment period. 

  

	 	(v)	Employee agrees that, except as provided for herein, all past, present and future benefits, payments, bonuses, compensation or other terms reflected in any prior agreements
including, but not limited to, the Employment Agreement entered into on or about February 13, 2001, and the Amendment Number One thereto entered into on or about March 29, 2004 with Company are immediately revoked and rescinded.

  

	 	(vi)	Employer agrees that for a period of three (3) years from the Termination Date if Employee is audited by the IRS and incurs tax liability for realtor’s fees related to
Employee’s company provided relocation, Employer will agree to reimburse Employee for such tax liability, grossed up to cover Employee’s then effective tax rate. 

  

 Page 1 of 9 

	3.	Full Compensation. Except for any future costs or reimbursements under Sections 13 and 19 hereof, the consideration set forth in paragraph 2 above will compensate Employee
for any and all claims arising out of Employee’s employment with and termination from employment with Employer, including but not limited to claims for attorney’s fees and costs, any and all claims for any type of legal, equitable, or
statutory relief, and for Employee’s future compliance with the terms and conditions of this Separation Agreement. 

  

	4.	Records, Documents and Property. Employee represents and warrants that Employee will not take, or will have returned any of Employer’s property, including but not
limited to computer data files and records, documents and tangible items pertaining to Employer, as well as all credit cards, keys, access codes and/or other records, documents or property as of the Termination Date. 

  

	5.	Confidentiality. Employee agrees to forever treat and maintain as confidential, so long as such information has not been made publicly available through the actions of a
third party, all information relating to Employer and its business, clients, customers, and prospective clients and customers, including but not limited to Employer’s customer lists, prospect files, project files, job processes, financial
information, employee information, computer information, imaging techniques and methods, business strategies, pricing information, sales and marketing plans, and all other information which is not generally known outside the Employer, except as
disclosure is required by law. 

  
 Employee also
agrees that the terms of this Separation Agreement and attached Mutual Release, and the facts surrounding Employee’s termination from employment with Employer shall forever be treated as confidential by Employee, who shall not disclose their
terms to anyone, except that Employee may disclose the terms of this agreement to Employee’s legal counsel, spouse, accountant and tax consultant and prospective employers, where necessary, due to Employee’s obligation under this
Agreement. Employer agrees that the terms of this Separation Agreement and the attached Release, and the facts surrounding Employee’s termination from employment from Employer shall forever be treated as confidential by Employer, who shall not
disclose their terms or those facts to anyone except as is required by law, is necessary to carry out obligations under this Agreement, or is authorized by the Employee in writing. 
  

	6.	Employer’s Remedies. Employee acknowledges that the violation of any of the terms of this Separation Agreement will cause irreparable harm to Employer and agrees that,
in addition to any other relief afforded by law, Employer shall be entitled to an injunction against the violation of the Separation Agreement and Release. Both damages and an injunction shall be proper modes of relief and are not alternative
remedies. 

  

	7.	Employee agrees and stipulates that this Separation Agreement, and its provisions addressing non-competition and confidentiality, are reasonable in time, area, and line of business.
Employee stipulates and agrees that during his period of employment with Employer, he has obtained knowledge of Employer’s trade secrets, valuable confidential business information, substantial relationships with prospective and existing
customers 

  

 Page 2 of 9 

 and received extraordinary and special training. Employee stipulates and agrees that this Separation
Agreement is reasonably necessary to protect the legitimate business interests of Employer and is not overbroad nor overlong in duration. 
  

	8.	Non-Compete. Employee agrees that for a period of twenty -four (24) months from the Termination Date, in any location in which Employee acted on behalf of Employer
(“Restricted Area”), Employee will not accept employment and engage in, as an employee, consultant, independent contractor or otherwise, activities or duties with any company, individual or entity which compete, directly or indirectly,
with any of Danka’s lines of business including, but not limited to, the sales and service of copiers, multi-function devices, printers, facsimile equipment and related supplies and the providing of facilities management, consulting, software,
document output or related services. Employee shall not, in the Restricted Area, directly or indirectly, enter the employ of, or render any services to and will not, directly or indirectly, own, manage, operate, control, be employed by, perform
services for, consult with, solicit business for, participate in, or be connected with the ownership, management, operation, or control of any business which is materially similar to or competitive with the Company. Nothing contained in this Section
shall be deemed to prohibit Employee from acquiring, solely as an investment, less than one percent interest in the equity of any publicly traded corporation or limited partnership. 

  

	9.	Non-Solicitation of Customers. Employee agrees for a period of twenty-four (24) months following the Termination Date, Employee shall not, directly or indirectly, solicit,
induce, or attempt to induce any past or current customer of Company (a) to cease doing business in whole or in part with or through the Company; or (b) to do business with any other person, firm, partnership, corporation or other entity which
performs services similar to Company. 

  

	10.	Non-Solicitation of Employees. Employee agrees that for a period of twenty-four (24) months following the Termination Date, Employee shall not, on Employee’s own behalf,
or for any person, firm, partnership, corporation, or other entity, directly or indirectly, (a) solicit, interfere with, or endeavor to cause any Employee of the Company to leave Company’s employment; or (b) induce or attempt to induce any such
Employee to breach such Employee’s Employment Agreement with the Company. 

  

	11.	Severability. If any of the provisions of or covenants contained in this Agreement are hereafter construed to be invalid or unenforceable in a particular jurisdiction, the
same shall not affect the remainder of the provisions or the enforceability thereof in that jurisdiction, which shall be given full effect, without regard to the invalidity or unenforceability thereof in a particular jurisdiction because of the
duration and/or scope of such provision or covenant in that jurisdiction and, in its reduced form, said provision or covenant shall be enforceable. In all other jurisdictions this Section shall at all times remain in full force and effect.

  

	12.	Non-Disparagement. Employee agrees to refrain from making any negative or disparaging remarks concerning Employer, its owners, directors, officers, employees, customers,
vendors, or its products or services. Employer agrees to refrain from making any negative or disparaging remarks concerning Employee. Nothing herein shall prevent Employee from giving truthful testimony in any legal proceeding in which Employee is
required to testify. 

  

 Page 3 of 9 

	13.	Cooperation/Indemnification. Employee agrees to cooperate fully in any litigation or other dispute involving Employer to which Employee is or becomes a material witness.
Employee agrees to attend and give truthful testimony at depositions, arbitrations, trials and any other procedure or dispute resolution upon reasonable notice by Employer, following Termination Date; and Employer shall pay Employee a reasonable
hourly rate and reimburse any reasonable out-of-pocket expenses related to Employee’s time hereunder. In the event Employee becomes party to any legal, administrative or other proceeding as a result of the performance of his duties on behalf of
Employer, Employer shall, to the extent permissible in its Articles of Association, insurance policies and/or applicable regulations, indemnify, defend and hold harmless Employee against any claims arising out of such legal proceeding. Employer
shall retain all right in such instance to engage counsel on its and Employee’s behalf and to settle all claims on Employee’s behalf unless and until it is apparent there is a conflict of interest between Employer and Employee in such
legal proceeding, in which case the parties shall select alternative counsel for Employee and Employer shall bear the cost thereof. 

  

	14.	Non-Admission. Nothing in this Separation Agreement or Release is intended to be, nor will be deemed to be, an admission of liability by Employer that it has violated any
state, federal or local statute, local ordinance, administrative regulation, or principle of common law, or that it has engaged in any wrongdoing. 

  

	15.	Non-Assignment. The parties agree that this Separation Agreement and Release will not be assignable by either party unless the other party agrees in writing, except that upon
Employee’s death after the Termination Date and Employee’s or Employee’s Executor’s execution of the Release of Claims, any remaining payments shall be due and payable to Employee’s estate. Notwithstanding the foregoing,
Employer agrees that its obligations hereunder shall be binding upon any successors or assigns in the event of a change in control, sale of assets or sale of stock. 

  

	16.	Merger. Execution of the Release on or after the Termination Date supersedes all prior oral and written agreements and communications between the Employer and Employee. The
parties agree that any and all claims which they might have had against the other are fully released and discharged by this Separation Agreement and Release, and that the only claims which may hereafter be asserted against either party may be based
on an alleged breach of the terms of this Separation Agreement. 

  

	17.	Re-Employment. Employee agrees that if Employee becomes re-employed by Danka during the payment period hereunder, all payments and benefits will be discontinued as of the
date of employment. Employee shall notify the Chief Administrative Officer at Danka Office Imaging Company at 11101 Roosevelt Boulevard, St. Petersburg, FL 33716, of such new employment upon acceptance. 

  

	18.	Entire Agreement. This Separation Agreement and Release constitute the entire agreements between the parties with respect to Employee’s termination from employment with
the Employer. The parties agree that there were no inducements or representations leading to the execution of this Separation Agreement or the Release, except as stated herein. 

  

 Page 4 of 9 

	19.	Voluntary and Knowing Action. Employee acknowledges that Employee will have been represented and advised by an attorney, or will have had the full opportunity to secure such
advice, and has read and understands the terms of this Separation Agreement and Release, and acknowledges that upon execution of the Release of Claims, he is voluntarily entering in this Separation Agreement and Release to effectuate termination
from Employer. Employer agrees to reimburse Employee the reasonable cost of Employee’s attorney’s fees incurred in negotiating and concluding this Separation Agreement and Mutual Release. 

  

	20.	Review. I understand that I may have twenty-one (21) calendar days from the day that I receive this Separation Agreement, not counting the day upon which I receive it, to
consider whether I wish to sign. I further understand that Employer recommends that I consult with an attorney before executing this Separation Agreement. I agree that if I sign this Separation Agreement before the end of the twenty-one (21) day
period, it is because I have decided that I have already had sufficient time to decide whether to execute this Separation Agreement. 

  

	21.	Revocation. Employee may revoke this Agreement within seven (7) calendar days after execution of the Release of Claims to reinstate federal civil rights (if any). To be
effective, any revocation within relevant time period must be in writing and delivered to Employer addressed to Keith J. Nelsen, Chief Administrative Officer, Danka Office Imaging Company, 11101 Roosevelt Boulevard, St. Petersburg, Florida 33716,
either by hand or mail within the appropriate period. 

  
 If sent by mail, the revocation must be (1) postmarked within the relevant period; (2) properly addressed to Danka; and (3) sent by certified mail, return receipt requested. 
  

	22.	Governing Law. This Separation Agreement and Release of Claims will be construed and interpreted in accordance with the laws of the State of Florida.

  

	23.	Counterparts. This Separation Agreement may be executed simultaneously in two or more counterparts, each of which will be deemed an original, but all of which together will
constitute one and the same instrument. 

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

					
	 	  	 	  	EMPLOYEE:
			
	 Dated: February 17, 2005
	  	 	  	 /s/ Lang Lowrey

  

 Page 5 of 9 

 STATE OF FLORIDA 
 COUNTY OF
Pinellas 
  
 The foregoing instrument was acknowledged before me this
18th day of February, 2005, by Keith J. Nelsen who is personally known to me or has produced
                             as identification. 
  

	
	 /s/ Patricia Motto-Watts

	Signature of Notary Public
	
	  

	Print, Type, or Stamp Commissioned Name of Notary Public

  

					
	Dated: February 18, 2005	 	EMPLOYER:
	 	 	DANKA BUSINESS SYSTEMS PLC
			
	 	 	By	 	 /s/ Keith J. Nelsen

	 	 	Its	 	CAO/General Counsel

  

 Page 6 of 9 

 EXHIBIT A 
  

MUTUAL RELEASE OF CLAIMS 
  
 DEFINITIONS: I, Lang Lowrey (“Employee”), intend all words used in this Release to have their plain meaning in ordinary English. Technical legal words
are not needed to describe what I mean. Specific terms I use in this Mutual Release have the following meanings: 
  

	 	A.	I, Me, and My include both me and anyone who has or obtains any legal rights or claims through me. 

  

	 	B.	Employer, as used herein, shall at all times mean Danka or any parent company, affiliated companies or entities and includes Employer’s employees, officers, directors,
successors and assigns, its attorneys, consultants and agents, whether in their individual or official capacities. 

  

	 	C.	My Claims means all of the rights I have to any relief of any kind from Employer, whether or not I now know about those rights, arising out of or in any way related to my
employment with Employer, and my Termination of employment, or any employee benefit plan, including, but not limited to, common law, or equitable claims, claims for violation or breach of any employment agreement or understanding; fraud or
misrepresentation; and any statutory claims including alleged violations of the Florida Human Rights Act, the federal Age Discrimination in Employment Act, the Americans with Disabilities Act, Title VII, Older Workers Benefit Protection Act, or any
other federal, state, or local civil rights laws or ordinances; defamation; intentional or negligent infliction of emotional distress; breach of the covenant of good faith and fair dealing; promissory estoppel; negligence; wrongful Termination of
employment, or any other claims, accruing up to the date of execution of this Mutual Release of Claims. 

  
 Agreement to Release My Claims. I am receiving a substantial amount of money, among other things, from the Employer as consideration for my release of
claims. I agree to give up all My Claims against Employer as defined above. I will not bring any lawsuits, file any charges, complaints, or notices, or make any other demands against the Employer or any of its employees or agents based on any
alleged claims. The money I am receiving is a full and fair payment for the release of all My Claims. 
  
 Employer’s Agreement to Release Claims. Employer also agrees to release any Claims it may have against me arising out of or in any way related to my employment with Employer. 
  
 Additional Agreements and Understandings. Even though Employer is paying me to
release My Claims, the employer expressly denies that it is responsible or legally obligated for My Claims or that it has engaged in any wrongdoing. 
  

 Page 7 of 9 

 I understand that I may have twenty-one (21) calendar days from the day that I receive this Mutual
Release, not counting the day upon which I receive it, to consider whether I wish to sign this Release. I further understand that Employer recommends that I consult with an attorney before executing this Mutual Release. I agree that if I sign this
Mutual Release before the end of the twenty-one (21) day period, it is because I have decided that I have already had sufficient time to decide whether to sign the Mutual Release. 
  
 I understand that I may rescind (that is, cancel) this Mutual Release within seven (7) calendar days of signing it to
reinstate federal civil rights claims. To be effective, my rescission must be in writing and delivered to the employer, Keith J. Nelsen, Chief Administrative Officer, Danka, 11101 Roosevelt Boulevard, St. Petersburg, Florida, 33716, either by hand
or by mail within the required period. If sent by mail, the rescission must be: 
  

	 	1.	Postmarked within the relevant period; 

  

	 	2.	Properly addressed to: Keith J. Nelsen, Chief Administrative Officer, Danka, 11101 Roosevelt Boulevard, St. Petersburg, Florida, 33716 and 

  

	 	3.	Sent by certified mail, return receipt requested. 

  
 I have read this Mutual Release carefully and understand all its terms. I have had the opportunity to review this Mutual Release with my own attorney. In
agreeing to sign this Mutual Release, I have not relied on any statements or explanations made by Employer or its agents. 
  
 I understand and agree that this Mutual Release and the Separation Agreement to which it is attached contain all the agreements between the Employer and
me. We have no other written or oral agreements. 
  

			
	Dated: February 17, 2005        Signed:	 	 /s/ Lang lowrey

	 	 	Employee

  

			
	Witnesses:	 	  

	 	 	  

  

	STATE	OF                      

  

	COUNTY	OF                      

  
 The foregoing instrument was acknowledged before me this
                     day of             , 2005, by
                     who is personally know to me or has produced
                     as identification. 
  

	
	  

	Signature of Notary Public
	
	  

	Print, Type, or Stamp Commissioned Name of Notary Public

  

 Page 8 of 9 

 DANKA BUSINESS SYSTEMS PLC 
  

			
	Dated: 2/18/2005            Signed: By:	 	 /s/ Keith J. Nelsen

  

			
	Witnesses:	 	 /s/ Lynn E Fraser

		
	 	 	 /s/ Diane Myers

  
 STATE OF FLORIDA 
 COUNTY OF Pinellas 
  
 The foregoing instrument was acknowledged before me this 18th day of February, 2005,
by Keith J. Nelsen who is personally known to me or has produced                      as identification. 
  

	
	 /s/ Patricia Motto-Watts

	Signature of Notary Public
	  
  

	Print, Type, or Stamp Commissioned Name of Notary Public

  

 Page 9 of 9

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