Document:

Employment Agreement

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 (Chris Terrill)

 This EMPLOYMENT AGREEMENT, dated September 28, 2009 (this “Agreement”), is between NutriSystem,
Inc., a Delaware corporation, with a principal place of business located at 300 Welsh Road, Building 1, Suite 100, Horsham, Pennsylvania 19044 (the “Company”), and Chris Terrill (the “Employee”). 
 WHEREAS, the Company and the Employee previously entered into an employment agreement, dated December 29, 2006, as amended
December 29, 2008 (the “Original Employment Agreement”), and commenced employment with the Company on January 19, 2007 (the “Original Commencement Date”); 
 WHEREAS, the Company has promoted the Employee to the position of Executive Vice President and Chief Marketing Officer effective as of
June 26, 2009 (the “Promotion Date”) and desires to amend and restate the Original Employment Agreement to evidence the terms of the Employee’s promotion; and 
 NOW, THEREFORE, the Company and the Employee, each intending to be legally bound hereby, agree that the Original Employment Agreement shall
be amended and restated as follows: 
  

	1.	Employment 

 The Employee
shall be the Executive Vice President and Chief Marketing Officer and shall perform duties consistent with this position as are assigned by the Chief Executive Officer or the Board of Directors of the Company (the “Board”). The
Employee shall report directly to the Chief Executive Officer. 
  

	2.	Performance 

 The Employee
shall devote substantially all of his business time and efforts to the performance of his duties under this Agreement during normal business hours. 
  

	3.	Term 

 The initial term of
employment under this Agreement (the “Initial Term”) shall extend from the date of this Agreement (the “Effective Date”) until the third anniversary of the Effective Date. This Agreement renews automatically for one
year renewal terms (a “Renewal Term”) unless either the Employee or the Company gives the other party written notice of non-renewal at least three months before the end of the Initial Term or any Renewal Term then in effect. The
Agreement renews automatically for a one year Renewal Term upon a “Change of Control” (as defined below), beginning on the date of the Change of Control. The Initial Term plus any Renewal Term then in effect are the term of this Agreement
(the “Employment Term”). The Employment Term may be terminated early as provided in Sections 8 through 12 of this Agreement. 
  

	4.	Salary 

 The
Employee’s annual salary (the “Salary”) is payable in installments when the Company customarily pays its officers (but no less often than twice per month). The Salary is at the initial rate of $285,000 (the
“Initial Salary”), which shall be paid retroactive from the Promotion Date. The Board or the Compensation Committee of the Board (the “Compensation Committee”) shall review the Salary at least once a year. The
Salary shall never be less than the Initial Salary. 

	5.	Stock 

 The Employee
received restricted stock grants of 11,182 shares on the Original Commencement Date, 32,545 shares on July 9, 2008 and 10,000 shares on May 1, 2009 (the “Existing Stock Grants”) in accordance with the vesting and other
terms and conditions set forth in Stock Award Agreements corresponding to the Existing Stock Grants. 
 The Compensation
Committee has approved a restricted stock grant to the Employee on the Effective Date in an amount equal to 60,000 shares (the “September 2009 Stock Grant,” and together with the Existing Stock Grants, the “Stock
Grants”). The September 2009 Stock Grant shall be in accordance with the terms and conditions set forth in the Stock Award Agreement attached as Appendix A. The September 2009 Stock Grant shall vest over four years from the Promotion
Date, with a tranche of 25% vesting on each of the first four anniversaries of the Promotion Date, as set forth in Appendix A; provided that the Employee is employed by the Company on each such vesting date. 
  

	6.	Bonus 

 During the
Employment Term, the Employee shall be entitled to participate in any bonus program established for officers of the Company generally. The Employee shall be entitled to participate in an annual bonus program to be established by the Board or the
Compensation Committee (the “Annual Bonus”). During the Employment Term, the Employee shall be eligible to receive an Annual Bonus of 100% of the Employee’s Salary; provided that the right to receive any Annual Bonus is
conditioned on the attainment of designated performance goals and the continued employment of the Employee with the Company through the date that Annual Bonus is paid. The Annual Bonus shall be paid at such time as bonuses are paid to the other
officers of the Company, but no later than March 15th of the year that follows the fiscal year to which the Annual Bonus relates. 
  

	7.	Confidential Information, Non-Competition and Non-Solicitation 

 In consideration for the Company entering into this Agreement, the Employee agrees on the Effective Date to execute and be covered by the terms of the Company’s Nondisclosure and Noncompete Agreement
for Management Employees, which shall be in the form of Appendix B hereto. 
  

	8.	Death 

 If the Employee
dies during the Employment Term, then the Employment Term shall terminate, and thereafter the Company shall not have any further liability or obligation to the Employee, the Employee’s executors, administrators, heirs, assigns or any other
person claiming under or through the Employee, except (a) that the Employee’s estate shall receive any unpaid Salary that has accrued through the date of termination; (b) the Employee’s estate shall receive a lump sum cash
payment in an amount equal to the Employee’s prorated Annual Bonus (calculated as equal to 100% of Salary) for the fiscal year of the Employee’s death, which pro ration will be determined from the first day of the fiscal year in which the
Employee dies through the date of death; and (c) the next tranche of shares that would have vested under the Stock Grants in the next 12 months following such termination of employment if the Employee had continued to be employed, shall become
vested on the date of such termination. Cash payments under this Section 8 shall be made by the Company within 60 days after the Employee’s death. 
  

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	9.	Total Disability 

 If the
Employee becomes “totally disabled,” then the Company may terminate the employment of the Employee to the extent permitted by applicable law, and then the Employment Term shall terminate, and thereafter the Company shall have no further
liability or obligation to the Employee hereunder, except (a) the Employee shall receive any unpaid Salary that has accrued through the date of termination; (b) the Employee shall receive a lump sum cash payment equal to one month of
Salary; (c) the Employee shall receive a lump sum cash payment in an amount equal to the Employee’s prorated Annual Bonus (calculated as equal to 100% of Salary) for the fiscal year of the Employee’s termination under this Section,
which pro ration will be determined from the first day of the fiscal year in which the Employee’s termination occurs through the date of termination; (d) the next tranche of shares that would have vested under the Stock Grants in the next
12 months following such termination of employment if the Employee had continued to be employed, shall become vested on the date of such termination; and (e) whatever benefits that the Employee may be entitled to receive under any then existing
disability benefit plans of the Company. Cash payments under this Section 9 shall be made by the Company within 60 days after the Employee’s termination of employment. 
 The term “totally disabled” means the Employee is considered totally disabled (a) under the Company’s group
disability plan in effect at that time, if any, or (b) in the absence of any such plan, under applicable Social Security regulations. 
  

	10.	Termination for Cause 

 The Company may terminate the Employee for “cause” immediately upon notice from the Company. If the Employee is terminated for “cause,” then the Employment Term shall terminate and thereafter the Company shall not have
any further liability or obligation to the Employee, except that the Employee shall receive any unpaid Salary that has accrued through the date of termination. 
 The term “cause” means: (a) the Employee is convicted of a felony (excluding all vehicular and traffic offenses), or (b) in the reasonable determination of the Board, the
Employee has done any one of the following: (1) committed an act of fraud, embezzlement, or theft in connection with the Employee’s duties in the course of his employment with the Company, (2) caused intentional, wrongful damage to
the property of the Company, (3) materially breached (other than by reason of illness, injury or incapacity) the Employee’s obligations under this Agreement or under any written confidentiality, non-competition, or non-solicitation
agreement between the Employee and the Company that the Employee shall not have remedied within 30 days after receiving written notice from the Board specifying the details of the breach, or (4) engaged in gross misconduct or gross negligence
in the course of the Employee’s employment with the Company. 
  

	11.	Termination by the Employee 

 The Employee may terminate this Agreement by giving the Company written notice of termination one month in advance of the termination date. The Company may waive this notice period and set an earlier termination date. If the Employee
terminates this Agreement, then on the termination date, the Employment Term shall terminate and thereafter the Company shall have no further liability or obligation to the Employee under this Agreement, except that the Employee shall receive any
unpaid Salary that has accrued through the termination date. After the termination date, the Employee shall be required to adhere to the covenants against non-competition and non-solicitation described in Section 7 of this Agreement.

  

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 The Employee also may terminate this Agreement for Good Reason, provided that the Employee
gives the Company written notice of the Good Reason condition within 90 days from the initial existence of the Good Reason condition, and if the Company has not cured the Good Reason condition within 30 days following such notice from the Employee,
then the Employee’s employment will be terminated effective as of the 30th day following the expiration of the Company’s cure period, unless the Company designates an earlier termination date, and upon such a termination, the Employee will
be treated in accordance with Section 12, as if the Employee’s employment had been terminated by the Company without cause. As used herein, “Good Reason” means: (i) a material diminution in the Employee’s base
compensation, which for this purpose base compensation shall mean the Salary and the target Annual Bonus opportunity, which is 100% of Salary; (ii) a material diminution of the Employee’s authority, duties or responsibilities as an
Executive Vice President and Chief Marketing Officer; (iii) a material diminution in the authority, duties or responsibilities of the Employee’s supervisor, including a requirement that the Employee report to an officer or employee of the
Company instead of reporting directly to the Chief Executive Officer; (iv) a material change in the geographic location at which the Employee performs services for the Company, which for this purpose shall mean the Company relocating its
executive offices more than 60 miles from Horsham, Pennsylvania; and (v) any other action or inaction that constitutes a material breach of this Agreement by the Company. 
  

	12.	Termination without Cause or Non-Renewal by the Company 

 The Company may terminate the Employee without “cause” by giving the Employee written notice of termination one month in advance of the termination date. The Employee may waive this notice
period and set an earlier termination date. If (i) the Employee is terminated without “cause,” or (ii) the Employee is terminated as a result of the non-renewal of this Agreement by the Company at the end of the Initial Term or
any Renewal Term in accordance with Section 3, or (iii) the Employee terminates his employment for Good Reason in accordance with Section 11, then the Employment Term shall terminate and thereafter the Employee shall be entitled only
to the following under this Agreement: 
 (1) within 30 days following the Employee’s termination date, the
Company will pay to the Employee a lump sum severance payment in the amount equal to the sum of: 
 (a) 12 months
of the Salary then in effect; and 
 (b) a pro rated amount of the Annual Bonus (calculated at 100% of Salary)
from the first day of the fiscal year in which the termination occurred through the date of termination; and 
 (2) the Employee’s group healthcare and dental coverage will be continued for 12 months, at the Employee’s normal contribution rates; and 
 (3) the Employee’s covenants against non-competition (as described in Section 7 of this Agreement) shall be reduced
to a 12 month period from the termination date, from the period contained in the Agreement referred to in Section 7 above; and 
 (4) the next tranche of shares that would have vested under the Stock Grants in the next 12 months following such termination of employment if the Employee had continued to be employed, shall become
vested on the date of such termination; and 
 (5) the Employee and the Company will enter into, and the Employee
must not revoke, a mutual general release, which shall be a condition to the receipt of the termination benefits under this Section. 
  

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	13.	Change of Control 

 In the
event a Change of Control occurs during the Employment Term, on the date of the Change of Control, the Employee shall become 100% vested in the Stock Grants. 
 For purposes of this Agreement, the term “Change of Control” shall mean the consummation of any of the following events: 
 (i) any sale, lease, exchange, or other transfer of all or substantially all of the assets of the Company to any other person
or entity other than a wholly-owned subsidiary of the Company (in one transaction or a series of related transactions); 
 (ii) dissolution or liquidation of the Company; 
 (iii) when any person or entity, including a
“group” as contemplated by Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, acquires or gains ownership or control (including, without limitation, power to vote) of more than 50% of the outstanding shares of the
Company’s voting securities (based upon voting power), or 
 (iv) any reorganization, merger, consolidation,
or similar transaction or series of transactions that results in the record holders of the voting stock of the Company immediately prior to such transaction or series of transactions holding immediately following such transaction or series of
transactions less than 50% of the outstanding shares of any of the voting securities (based upon voting power) of any one of the following: (1) the Company, (2) any entity which owns (directly or indirectly) the stock of the Company,
(3) any entity with which the Company has merged, or (4) any entity that owns an entity with which the Company has merged. 
  

	14.	Governing Law/Jurisdiction 

 This Agreement is governed by Pennsylvania law. Any disputes, actions, claims or causes of action arising out of or in connection with the terms of this Agreement or the employment relationship between the Company and the Employee shall be
subject to the exclusive jurisdiction of the United States District Court for the Eastern District of Pennsylvania or the Pennsylvania state courts located in Montgomery County. 
  

	15.	Entire Agreement; Amendments 

 This Agreement sets forth the entire understanding among the parties hereto, and shall supersede all prior employment, severance and change of control agreements and any related agreements that the Employee has with the Company or any
subsidiary, or any predecessor company, including the Original Employment Agreement. 
 This Agreement may not be modified or
amended in any way except by a written amendment executed by the Employee and the Company. 
  

	16.	Withholding Taxes 

 Any
payments provided for in this Agreement shall be paid net of any applicable income tax withholding required by federal, state or local law. 
  

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	17.	No Assignment 

 All of the
terms and provisions of this Agreement shall be binding upon and inure to the benefit and be enforceable by the respective heirs, representatives, successors (including any successor as a result of a merger or similar reorganization) and assigns of
the parties hereto, except that the duties and responsibilities of the Employee hereunder are of a personal nature and shall not be assignable in whole or in part by the Employee. 
  

	18.	Jury Trial Waiver 

 The
parties hereby agree that they shall and do waive trial by jury in any action, proceeding or counterclaim, whether at law or at equity, brought by either of them, or in any manner whatsoever, which arises out of or is connected in any way with this
Agreement or with the employment relationship established between them. 
  

	19.	Compliance with Section 409A of the Code 

 This Agreement shall be interpreted to avoid any penalty sanctions under section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). If any payment or benefit cannot be
provided or made at the time specified herein without incurring sanctions under section 409A, then such benefit or payment shall be provided in full at the earliest time thereafter when such sanctions will not be imposed. All payments to be made
upon a termination of employment under this Agreement may only be made upon a ‘separation from service’ under section 409A of the Code. For purposes of section 409A of the Code, each payment made under this Agreement shall be treated as a
separate payment. In no event may the Employee, directly or indirectly, designate the calendar year of payment. 
 To the
maximum extent permitted under section 409A of the Code and its corresponding regulations, the cash severance benefits payable under this Agreement are intended to meet the requirements of the short-term deferral exemption under section 409A of the
Code and the ‘separation pay exception’ under Treas. Reg. §1.409A-1(b)(9)(iii). However, if such severance benefits do not qualify for such exemptions at the time of the Employee’s termination of employment and therefore
constitute deferred compensation subject to the requirements of section 409A of the Code, then if the Employee is a “specified employee” of a publicly traded corporation under section 409A of the Code on the date of the Employee’s
termination of employment, notwithstanding any other provision of this Agreement, payment of severance under this Agreement shall be delayed for a period of six months from the date of the Employee’s termination of employment if required by
section 409A of the Code. The accumulated postponed amount shall be paid in a lump sum payment within 10 days after the end of the six month period. If the Employee dies during the postponement period prior to payment of the postponed amount, the
amounts withheld on account of section 409A of the Code shall be paid to the personal representative of the Employee’s estate within 60 days after the date of the Employee’s death. The determination of whether the Employee is a
“specified employee” shall be made by the Compensation Committee (or its delegate) in accordance with section 409A of the Code and the regulations issued thereunder. 
 All reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of
section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement shall be for expenses incurred during the Employee’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the
amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement
of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another
benefit. 
  

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 IN WITNESS WHEREOF, the parties hereto, intending to be legally bound, have hereunto duly
executed this Employment Agreement as of the day and year first written above. 
  

			
	NUTRISYSTEM, INC.
		
	By:	 	 /s/ Joseph M. Redling

	Name:	 	Joseph M. Redling
	Title:	 	President and CEO
	
	EMPLOYEE:
	
	 /s/ Chris Terrill

	Name:	 	Chris Terrill

  

 7Form of Time and Performance Option Agreement

 Exhibit 10.4 
 SERENA SOFTWARE, INC. 
 AMENDED AND RESTATED 2006
STOCK INCENTIVE PLAN 
 STOCK OPTION GRANT NOTICE 
 (Time and Performance Option) 
 Serena Software, Inc.
(the “Company”), pursuant to its Amended and Restated 2006 Stock Incentive Plan (as amended from time to time, the “Plan”), hereby grants to the “Optionholder” identified below an Option to purchase the
number of shares of the Company’s Common Stock (“Shares”) set forth below. This Option is subject to all of the terms and conditions as set forth herein and in the Stock Option Agreement, the Management Stockholders Agreement,
the Plan and the Notice of Exercise, all of which are incorporated herein in their entirety. 
 Optionholder: 
 Date of Grant: 
 Total Number of Shares Subject to
Option: 
 Number of Shares Subject to Time-Based Vesting (the “Time Option”): 
 Number of Shares Subject to Performance-Based Vesting (the “Performance Option”): 
 Exercise Price (Per Share): $ 
 Total Exercise
Price: $ 
 Expiration Date: 
  

			
	I. Type of Grant:	  	Nonstatutory Stock Option
		
	II. Exercise Schedule:	  	Same as Vesting Schedule

 III. Vesting Schedule for Time Option: Subject to the Optionholder’s
Continuous Service on each applicable vesting date, 1/6th
of the Shares subject to the Time Option shall vest on the six-month anniversary of the Date of Grant and an additional 1/36th of the Shares subject to the Time Option shall vest on each monthly anniversary of the Date of Grant thereafter.

 IV. Vesting Schedule for Performance Option: Subject to the Optionholder’s Continuous Service through each applicable vesting
date: 
  

	 	•	 	 1/7th of the Shares subject to the Performance Option shall vest upon the achievement of the EBITA Target for the second half of fiscal year 2010, and 

  

	 	•	 	 2/7th of the Shares subject to the Option shall vest upon the achievement of the applicable EBITA Target for each of the fiscal years 2011, 2012 and 2013. 

 The EBITA Targets shall be as follows, subject to adjustment by the Board as described below: 
  

							
	 2H FY 2010
	 	 FY 2011
	 	 FY 2012
	 	 FY 2013

	 $47.4 Million
	 	97.3 Million	 	$107.0 Million	 	$113.2 Million

 The EBITA Targets shall be adjusted by the Board in good faith to reflect each acquisition or
disposition by the Company or any of its Subsidiaries of any business, operation, entity, division or any portion thereof or any assets outside the ordinary course of business. Any such adjustment shall be (i) based on the projections utilized
by the Board in good faith in connection with the Board’s approval of any such acquisition or disposition and reflect the projected impact of such acquisition or disposition on EBITA (including any impact resulting from purchase accounting) (it
being understood that prior to utilizing any such projections in connection with any such approval the Board shall consult with, and consider in good faith the comments of, the Company’s Chief Executive Officer and Chief Financial Officer with
respect to such projections) and (ii) final and binding on all persons so long as it was made in good faith. With respect to the table above, each fiscal year of the Company shall end on January 31, unless the Board shall otherwise adjust
the Company’s fiscal year, in which event the Board shall in good faith adjust the EBITA Targets. With respect to each fiscal year (or the second half of fiscal year 2010), the determination of EBITA shall be made by the Board (or any committee
delegated such authority by the Board) promptly after the independent auditors of the Company have delivered their audit report with respect to such fiscal year to the Board and will be based upon the financial information reflected in such audited
financial statements. 

 For these purposes: 
 “EBITA” will equal, for any fiscal year (or, as applicable, second half of fiscal year 2010), the “Net Profit (Loss)” (as defined below) of the Company for such period,
plus, to the extent deducted in determining such Net Profit (Loss) and without duplication, (i) consolidated income tax expense of the Company, (ii) “Net Interest Expense” (as defined below), (iii) consolidated
amortization expense of the Company, (iv) any extraordinary, unusual or non-recurring non-cash expenses or losses (including, whether or not otherwise includible as a separate item in the statement of such Net Profit (Loss) for such period,
non-cash losses on sales of assets outside the ordinary course of business), (v) any extraordinary, unusual or non-recurring severance expenses, (vi) stock-based compensation expense recognized under FAS 123(R), (vii) management
fees payable to any Affiliate of Silver Lake Partners II, L.P., (viii) all expenses incurred in connection with the execution, delivery and performance of the Agreement and Plan of Merger, dated as of November 11, 2005, by and between
Spyglass Merger Corp. and the Company and the consummation of the transactions related thereto (including the financing thereof and all transaction-related consulting, advisory and other expenses incurred prior to the completion of the first quarter
of FY2007), and (ix) any fees and expenses incurred in connection with (A) the incurrence or issuance or repayment, redemption or repurchase of any indebtedness for money borrowed or (B) any equity financing, and minus to the
extent included in determining such Net Profit (Loss) for such period and without duplication (x) any extraordinary, unusual or non-recurring non-cash gains or income and (y) investment income or gains; and in all cases subject to such
other adjustments, without duplication, as are provided for in the definition of “Consolidated EBITDA” in the Credit Agreement by and among the Company and the several lenders from time to time party thereto dated as March 10, 2006,
as amended from time to time, excluding any such adjustments related to depreciation. 
 “GAAP” means generally accepted
accounting principles in the United States of America as in effect from time to time. 
 “Net Interest Expense” means, for any
period, the sum of (i) consolidated interest expense of the Company plus (ii) consolidated interest income of the Company, in each case for such period and determined in accordance with GAAP. 
 “Net Profit (Loss)” means, for any period, the consolidated net income or loss of the Company for such period determined in accordance with
GAAP, provided that Net Profit (Loss) shall exclude (i) the cumulative effect of any change in GAAP during such period and (ii) any effect from the early extinguishment of indebtedness, hedging obligations or other derivative
instruments. 
 Notwithstanding the foregoing, in the event of (i) a Change in Control in which the Company is valued
at no less than $5.00 per Share (as adjusted for stock dividends, stock splits, reverse stock splits, reorganizations, reclassifications or similar transactions, in accordance with the Plan), or (ii) an Initial Public Offering in which the
Company is valued at no less than $5.00 per Share (as adjusted for stock dividends, stock splits, reverse stock splits, reorganizations, reclassifications or similar transactions, in accordance with the Plan) (either (i) or (ii), a
“Liquidity Event”), a portion of the Shares subject to the Performance Option will automatically vest and become exercisable immediately prior to the occurrence of the Liquidity Event, determined based on the following calculation:
(a) the number of Shares subject to the Performance Option that would have vested from the Date of Grant through the date of the Liquidity Event assuming that the Performance Option had been subject to a time-based vesting schedule providing
for 1/36th of the Shares vesting on each
monthly-anniversary of the Date of Grant, less (b) the number of Shares subject to the Performance Option that actually vested on or prior to the date of the Liquidity Event based on the achievement of the EBITA Target(s). Any Shares subject to
the Performance Option that have not become vested upon the occurrence of the Liquidity Event shall remain subject to the performance-based vesting schedule described in the first sentence of this Section IV above. 
 For purposes of the preceding paragraph, the term “Initial Public Offering” shall mean an initial public offering of the Company of at
least 25% of the outstanding shares of Common Stock, or that results in gross proceeds to the Company equal to or greater than $25,000,000. For the avoidance of doubt, any subsequent public offering of the Company will be combined with the Initial
Public Offering of the Company in order to determine whether the 25% threshold contained in the preceding sentence has been surpassed. 
 V.
Payment: By cash or check (unless otherwise permitted by the Board). 
  

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 VI. Additional Terms/Acknowledgements: The undersigned Optionholder acknowledges receipt of, and
understands and agrees to, this Grant Notice, the Stock Option Agreement and the Plan. Optionholder further acknowledges that as of the Date of Grant, this Grant Notice, the Stock Option Agreement, the Management Stockholders Agreement and the Plan
(collectively, the “Option Agreements”) set forth the entire understanding between Optionholder and the Company regarding the acquisition of stock in the Company and supersede all prior oral and written agreements on that subject
with the exception of (i) options previously granted and delivered to Optionholder under the Plan (but only to the extent such options remain outstanding as of the date hereof), and (ii) the agreements, if any, listed below. 
  

									
	SERENA SOFTWARE, INC.	 		 		 	OPTIONHOLDER
					
	By:	 	  
	 		 		 	  

		 	Robert I. Pender, Jr.	 		 		 	Signature
					
	Title:	 	SVP and CFO	 		 		 	Date:                     

 Date: October 20, 2009 
 SPOUSAL CONSENT (if applicable): 
 The undersigned spouse of Optionholder
has read and hereby approves the terms and conditions of this Grant Notice and the Option Agreements. In consideration of the Company granting his or her spouse the Option, the undersigned hereby agrees to be irrevocably bound by the terms and
conditions of the Option Agreements and, if the undersigned resides in a community property state, further agrees that any community property interest shall be similarly bound. 
  

	
	  

	 Signature of Spouse

	
	 Date:                      

  

 3 

 SERENA SOFTWARE, INC. 
 AMENDED AND RESTATED 2006 STOCK INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 
 (Time and Performance Option) 
 Pursuant to your Stock Option Grant Notice (“Grant Notice”) and this Stock Option Agreement, Serena Software, Inc. (the
“Company”) has granted you a stock option under its Amended and Restated 2006 Stock Incentive Plan (as amended from time to time, the “Plan”) to purchase the number of shares of the Company’s Common Stock
indicated in your Grant Notice at the exercise price indicated in your Grant Notice. Capitalized terms not defined in this Stock Option Agreement or in the Grant Notice but defined in the Plan shall have the same definitions as in the Plan. For the
avoidance of doubt, the terms and conditions of the Grant Notice are a part of the Stock Option Agreement, unless otherwise specified. 
 The details and terms and conditions of this Stock Option Agreement shall govern your Option, notwithstanding any less favorable terms and conditions on the same matter set forth in the Plan (subject, however, to Section 15 hereof):

 1. Vesting. 
 (a) Subject to the limitations contained herein, your Option will vest as set forth in your Grant Notice, provided that vesting will cease upon the termination of your Continuous Service.

 (b) Notwithstanding any provision of this Stock Option Agreement to the contrary, in the event of a Change in Control,
(i) the Time Option shall, to the extent not then vested and not previously cancelled, become fully vested and exercisable immediately prior to the consummation of such Change in Control and (ii) the Performance Option shall, to the extent
not then vested and not previously cancelled, become fully vested and exercisable in the event that your Continuous Service is terminated by the Company (or its successor in interest) without Cause, or as a result of your resignation for Good
Reason, during the twelve-month period following a Change in Control, upon the date of such termination or resignation, as applicable. 
 2. Number of Shares and Exercise Price. The number of shares of Common Stock subject to your Option and your exercise price per share referenced in your Grant Notice may be adjusted from time to time for various adjustments in
the Company’s equity capital structure, as provided in the Plan. 
 3. Method of Payment. 
 (a) Payment of the exercise price is due in full upon exercise of all or any part of your Option. You may elect to make payment of the
exercise price in cash or by check. Alternatively, provided that at the time of exercise there is a public market for the shares of Common Stock, your exercise may be implemented pursuant to a program developed under Regulation T as promulgated by
the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales
proceeds. Notwithstanding the terms of the previous sentence, you may not be permitted to exercise your Option pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board if such exercise would violate the
provisions of Section 402 of the Sarbanes-Oxley Act of 2002. 

 (b) You may elect to make payment of the exercise price, in whole or in part, in
shares of Common Stock having a Fair Market Value equal to the amount of the aggregate exercise price or such portion thereof, as applicable; provided, however, that you must satisfy all such requirements as may be imposed by
the Board including without limitation that you have held such shares for not less than six months (or such other period as established from time to time by the Board in order to avoid a supplemental charge to earnings for financial accounting
purposes). 
 (c) Where you elect to pay the exercise price of an Option and/or taxes relating to the exercise of an
Option by delivering shares of Common Stock, you may, subject to procedures satisfactory to the Board, satisfy such delivery requirement by presenting proof that you are the Beneficial Owner of such shares of Common Stock, in which case the Company
shall treat the Option as exercised without further payment and shall withhold such number of shares from the Shares acquired by the exercise of the Option. 
 (d) The Company may permit you to make payment of the exercise price in any other form of legal consideration that may be acceptable to the Board in its sole discretion. 
 4. Whole Shares. You may exercise your Option only for whole shares of Common Stock. 
 5. Compliance. 
 (a) Securities Law Compliance. Notwithstanding anything to the contrary contained herein, you may not exercise your Option unless the Shares of Common Stock issuable upon such exercise are
then registered under the Securities Act or, if such Shares are not then so registered, the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of your Option
must also comply with other applicable laws and regulations governing your Option, and you may not exercise your Option if the Company determines that such exercise would not be in material compliance with such laws and regulations. 
 (b) Plan Compliance. Notwithstanding anything to the contrary contained herein, you may not exercise your Option if the terms
of the Plan do not permit the exercise of Options, or if the Company exercises its rights under the Plan to suspend, delay or restrict the exercise of Options. 
 6. Term. You may not exercise your Option before the commencement of its term on the Date of Grant or after its term expires. Subject to the provisions of the Plan and this Stock Option
Agreement, you may exercise all or any part of the vested portion of the Option at any time prior to the earliest to occur of: 
 (a) the date on which your Continuous Service is terminated for Cause; 
 (b) three (3) months after you terminate your Continuous Service by resigning without Good Reason; 
  

 2 

 (c) twelve (12) months after the termination of your Continuous
Service without Cause or after you terminate your Continuous Service by resigning for Good Reason; 
 (d)
twelve (12) months after the termination of your Continuous Service due to your Disability; 
 (e)
twelve (12) months after the termination of your Continuous Service due to your death; or 
 (f) the
Expiration Date indicated in the Grant Notice. 
 Notwithstanding the foregoing, if the exercise of your Option is prevented within the
applicable time periods set forth in Sections 6(b), (c) or (d) for any reason, your Option shall not expire before the date that is thirty (30) days after the date that you are notified by the Company that the Option is again
exercisable, but in any event no later than the Expiration Date indicated in your Grant Notice. 
 7. Exercise
Procedures. 
 (a) Subject to Section 5 above and other relevant terms and conditions of the Plan and this Stock
Option Agreement, you may exercise the vested portion of your Option during its term by delivering a Notice of Exercise (in a form designated by the Company) together with the exercise price to the Company’s Chief Financial Officer, or to such
other person as the Company may designate, during regular business hours, together with such additional documents as the Company may then reasonably require. 
 (b) By exercising your Option you agree that, as a condition to any exercise of your Option, the Company may require you to enter into an arrangement providing for the payment by you to the Company
of any tax withholding obligation of the Company (including any Affiliate) arising by reason of (i) the exercise of your Option, or (ii) other applicable events. 
 (c) By exercising your Option you agree that, as a condition to any exercise of your Option, you and your spouse, if requested by the
Company, contemporaneously with the exercise of your Option and prior to the issuance of any certificate representing the Shares of Common Stock purchased upon the exercise of your Option, shall execute the Management Stockholders Agreement,
including any and all amendments to such agreement in effect at the time of such exercise. 
 (d) By exercising your
Option you agree that the Company (or a representative of the underwriter(s)) may, in connection with the first underwritten registration of the offering of any equity securities of the Company under the Securities Act (or any underwritten
registration of any securities of the Company prior to that time), require that for a specified period of time, you not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar
transaction with the same economic effect as a sale, any shares of Common Stock or other securities of the Company held by you. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company and/or the
underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop transfer instructions with respect to your shares of Common Stock
until the end of such period. The underwriters of the Company’s stock are intended third party beneficiaries of this Section 7(d) and shall have the right, power and authority to enforce the provisions hereof as though they were a party
hereto. 
  

 3 

 (e) As a condition of any exercise of your Option, you and your spouse, if any, agree
that prior to the effectiveness of the first underwritten registration of the Company’s equity securities under the Securities Act, you shall not transfer any or all of the shares of Common Stock purchased upon exercise of your Option unless
permitted to do so under the terms of the Plan or the Management Stockholders Agreement. 
 8. Documents Governing
Issued Common Stock. Shares of Common Stock that you acquire upon exercise of your Option are subject to the terms of the Plan, the Company’s bylaws, the Company’s certificate of incorporation, any agreement relating to such shares of
Common Stock to which you become a party, or any other similar document. You should ensure that you understand your rights and obligations as a stockholder of the Company prior to the time that you exercise your Option. 
 9. Limitations on Transfer of Options. Your Option is not transferable, except by will or by the laws of descent and
distribution, and is exercisable during your life only by you. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall
thereafter be entitled to exercise your Option. 
 10. Rights Upon Exercise. You will not have any rights to
dividends or other rights of a stockholder with respect to the Shares subject to the Option until you have given written notice of the exercise of the Option, paid in full for such Shares and, if applicable, satisfied any other conditions imposed by
the Board pursuant to the Plan. 
 11. Option Not a Service Contract. Your Option is not an employment contract,
and nothing in your Option shall be deemed to create in any way whatsoever any obligation on your part to continue in the employ or service of the Company or any of its Affiliates, or of the Company or any of its Affiliates to continue your
employment. In addition, nothing in your Option shall obligate the Company or any of its Affiliates, their respective stockholders, Boards of Directors, officers or employees to continue any relationship that you might have as a Director or
Consultant or otherwise for the Company or any of its Affiliates. 
 12. Withholding Obligations and Notice
Requirement. 
 (a) At the time you exercise your Option, in whole or in part, or at any time thereafter as requested
by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “same day sale” program developed under Regulation T as
promulgated by the Federal Reserve Board to the extent permitted by the Company and applicable law, including, but not limited to, Section 402 of the Sarbanes-Oxley Act of 2002) any sums required to satisfy the federal, state, local and foreign
tax withholding obligations of the Company or any of its Affiliates, which arise in connection with your Option. 
 (b)
You may not exercise your Option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied or appropriate arrangements (acceptable to the Company) are made therefor. 
  

 4 

 13. Notices. Any notices provided for in your Option or the Plan shall be
given in writing and shall be deemed effectively given upon receipt, or in the case of notices delivered by mail to you, five (5) days after deposit in the United States mail (or with another delivery service), certified or registered mail,
return receipt requested, postage prepaid, addressed to you at the last address you provided to the Company. 
 14.
Signature in Counterparts. This Stock Option Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 15. Option Subject to Plan Document. By entering into this Stock Option Agreement, you agree and acknowledge that you have
received and read a copy of the Plan and Management Stockholders Agreement. The Option is subject to the terms and provisions of the Plan and the Management Stockholders Agreement and such terms and provisions are hereby incorporated herein by
reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan or the Management Stockholders Agreement, the applicable terms and provisions of the Plan or Management Stockholders Agreement,
as applicable, will govern and prevail. In the event of a conflict between any term or provision of the Plan and any term or provision of the Management Stockholders Agreement, the applicable terms and provisions of the Management Stockholders
Agreement will govern and prevail. 
  

 5 

 NOTICE OF EXERCISE 
  

			
	 Serena Software, Inc.
 1900 Seaport Blvd. Second Floor
 Redwood City CA 94063
	  	Date of Exercise:                     

 Ladies and Gentlemen: 
 This constitutes notice under my stock option that I, as Optionee, elect to purchase the number of Shares for the price set forth below. 
  

					
	 Type of option (check one):
	  	Incentive	  	Nonstatutory
			
	 Stock option dated:
	  	                    	  	
			
	 Number of Shares as to which option is exercised:
	  	                    	  	
			
	 Certificates to be issued in name of:
	  	                    	  	
			
	 Total exercise price:
	  	$                     	  	
			
	 Consideration delivered herewith:
	  	$                     	  	

 By this exercise, I agree (i) to execute or provide such additional documents as
Serena Software, Inc. (the “Company”) may reasonably require pursuant to the terms of this Notice of Exercise and the Company’s 2006 Stock Incentive Plan (the “Plan”), and (ii) to provide for the payment
by me to the Company (in the manner designated by the Company) of the Company’s withholding obligation, if any, relating to the exercise of this Option. 
 I hereby make the following certifications and representations with respect to the number of shares of Common Stock of the Company listed above (the “Shares”): 
 I am aware that my investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete
loss. I am able, without impairing my financial condition, to hold the Shares for an indefinite period and to suffer a complete loss of my investment in the Shares. 
 I represent and warrant to the Company that I am acquiring and will hold the Shares for investment for my account only, and not with a view to, or for resale in connection with, any
“distribution” of the Shares within the meaning of the Securities Act of 1933 (the “Securities Act”) or the similar laws of any state or foreign jurisdiction. 
 I understand that the Shares have not been registered under the Securities Act, the Securities Exchange Act of 1934, or under the similar
laws of any state or foreign jurisdiction (collectively, “Applicable Securities Laws”) by reason of a specific exemption therefrom and that the Shares must be held indefinitely, unless they are subsequently registered under the
Applicable Securities Laws or I obtain an opinion of counsel (in form and substance satisfactory to the Company and its counsel) that registration is not required. 

 I acknowledge that the Company is under no obligation to register the Shares under
Applicable Securities Laws. 
 I am aware of the adoption of Rule 144 by the Securities and Exchange Commission under the
Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions. These conditions may include (without limitation) that certain current public information about
the issuer is available, that the resale occurs only after the holding period required by Rule 144 has been satisfied, that the sale occurs through an unsolicited “broker’s transaction” and that the amount of securities being sold
during any three-month period does not exceed specified limitations. I understand that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company has no plans to satisfy these conditions in the foreseeable future.

 I will not sell, transfer or otherwise dispose of the Shares in violation of the Plan, the agreement under which my right to
acquire the Shares was granted, Applicable Securities Laws, or the rules promulgated thereunder, including Rule 144 under the Securities Act. 
 I acknowledge that I have received and had access to such information as I consider necessary or appropriate for deciding whether to invest in the Shares and that I had an opportunity to ask questions and
receive answers from the Company regarding the terms and conditions of the issuance of the Shares. I specifically acknowledge that I have reviewed or had the opportunity to review (i) the Plan, (ii) a summary of the Plan, and
(iii) financial information and risk factors related to the Company and an investment in the Shares, including, without limitation, the Company’s most recent annual, quarterly and current reports, which are available from the Securities
and Exchange Commission’s website at www.sec.gov. 
 I acknowledge that the Shares will be subject to certain encumbrances,
including, but not limited to, drag along rights in favor of certain stockholders of the Company, repurchase rights in favor of the Company, limitations on transfer, and other encumbrances set forth in the Plan, Stock Option Agreement, Management
Stockholders Agreement and other applicable agreements and/or described in the Company’s bylaws or certificate of incorporation in effect at such time as the Company or such other person elects to exercise its or his right. 
 I acknowledge that I am acquiring the Shares subject to all other terms of the Plan, the Stock Option Grant Notice, the Stock Option
Agreement and the Management Stockholders Agreement. 
 I further agree that if required by the Company (or a representative of
the underwriter(s)) in connection with the first underwritten registration of the offering of any equity securities of the Company under the Securities Act (or any underwritten registration of any securities of the Company prior to that time), for a
specified period of time, I will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Shares or other securities
of the Company held by me. I further agree to execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent with the foregoing or that are necessary to give further effect
thereto. In order to enforce the foregoing covenant, the Company may impose stop transfer instructions with respect to my Shares until the end of such period. 
  

 2 

 I agree, and as a condition of exercise if I am married I will obtain the agreement of my
spouse, that prior to the effectiveness of the first underwritten registration of the Company’s equity securities under the Securities Act, I will not transfer any or all of the Shares unless pursuant to an exception provided in the Plan or the
Stock Option Agreement. 
 I agree that as a condition to this exercise, the certificates evidencing the Shares shall remain in
the physical custody of the Company or its designee at all times prior to the last to occur of (i) the date on which all contractual restrictions set forth in the Plan, the Company’s Articles of Incorporation and/or bylaws, or in the
documents evidencing the Stock Option Agreement lapse, or (ii) the date on which all contractual requirements set forth in the Plan, the Company’s Articles of Incorporation and/or bylaws, or in the documents evidencing the Stock Option
Agreement are satisfied. As a condition to this exercise I agree to execute three (3) copies of the Assignment Separate From Certificate (with date and number of Shares blank) substantially in the form attached to this Notice of Exercise as
Attachment A, and two (2) copies of the Joint Escrow Instructions substantially in the form attached to this Notice of Exercise as Attachment B, and to deliver the same to the Company, along with such additional documents as the Company may
require. 
 I further acknowledge that all certificates representing any of the Shares subject to the provisions of my Option
shall have endorsed thereon appropriate legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Company’s Certificate of Incorporation, by-laws, and/or Applicable Securities Laws. 

 

 3 

 I agree to seek the consent of my spouse to the extent required by the Company to enforce
the foregoing. 
  

			
	 Very truly yours,

		
	 Signature:
	 	  

		
	 Print Name:
	 	  

 SPOUSAL CONSENT (if applicable): 
 The undersigned spouse of Optionee has read and hereby approves the terms and conditions of this Notice of Exercise. In consideration of the
Company issuing his or her spouse the Shares, the undersigned hereby agrees to be irrevocably bound by the terms and conditions of the Plan, Management Stockholders Agreement and Joint Escrow Instructions (if applicable) and, if the undersigned
resides in a community property state, further agrees that any community property interest shall be similarly bound. 
  

			
	  

	 Signature of Spouse

		
	 Date:
	 	                     

 ATTACHMENTS: 
 A. Form of Assignment Separate from Certificate 
 B. Form of Joint Escrow Instructions 

 

 4 

 ATTACHMENT A 
 FORM OF ASSIGNMENT SEPARATE FROM CERTIFICATE 

 ASSIGNMENT SEPARATE FROM CERTIFICATE 
 FOR VALUE RECEIVED and pursuant to that certain Stock Option Grant Notice
and Stock Option Agreement,                              hereby sells, assigns and transfers unto
                             (“Assignee”)
                            
(            ) shares of the Common Stock of Serena Software, Inc. (“Shares”), standing in the undersigned’s name on the books of said corporation represented
by Certificate No.              herewith and do hereby irrevocably constitute and appoint
                             as attorney-in-fact to transfer the said stock on the books of the within
named issuer with full power of substitution in the premises. This Assignment may be used only in accordance with and subject to the terms and conditions of the Stock Option Agreement and the Plan, in connection with the reacquisition or transfer of
the Shares issued to the undersigned pursuant to the Stock Option Agreement, and only to the extent that such Shares remain subject to the transferee’s rights to acquire the Shares and other restrictions applicable under the Stock Option
Agreement and the Plan. 
 Dated:                          
  

			
	 Signature:
	 	  

		
	 Print Name:
	 	  

 [INSTRUCTION: Please do not fill in any blanks other than
the signature line. The purpose of this Assignment is to enable the Company to administer its rights set forth in the Award without requiring additional signatures on your part.] 

 ATTACHMENT B 
 FORM OF JOINT ESCROW INSTRUCTIONS 

 JOINT ESCROW INSTRUCTIONS 
 [Date] 
 Attn: [Title] 
 [Address] 
 Dear Sir/Madam: 
 As Escrow Agent for both Serena Software, Inc. (the “Company”), and the undersigned recipient of stock of the Company
(“Recipient”), you are hereby authorized and directed to hold the documents delivered to you pursuant to the terms of the “Plan” and “Stock Option Agreement” (as referenced in the Notice of Exercise
to which this document is attached), in accordance with the following instructions: 
 1. In the event that (i) certain
stockholders of the Company exercise their drag-along rights, (ii) the Company exercises its repurchase rights, (iii) the Company exercises its rights to require that the Shares be contributed to a trust as set forth in Section 13(b)
of the Plan, or (iv) the Company or any other Person exercises other contractual rights applicable to the Shares and in effect as of the date hereof, the Company or its assignee will give to Recipient and you a written notice specifying that
the Shares of stock shall be transferred as described in the Plan, the Recipient’s Stock Option Agreement, or other applicable governing documents. Recipient and the Company hereby irrevocably authorize and direct you to close the transaction
contemplated by such notice in accordance with the terms of said notice. 
 At the closing, you are directed (a) to date
any stock assignments necessary for the transfer in question, (b) to fill in the number of Shares being transferred, and (c) to deliver same, together with the certificate evidencing the Shares of stock to be transferred, to the Company or
other proper transferee. 
 2. In the event that all applicable restrictions lapse, and when certain requirements are satisfied,
the Company or its assignee will give to Recipient and you a written notice specifying that the appropriate number of Shares shall be transferred to the Recipient along with any cash or in-kind dividends declared subsequent to the date hereof and
which relate to such Shares. Recipient and the Company hereby irrevocably authorize and direct you to close the transaction contemplated by such notice in accordance with the terms of said notice. 
 At the closing, you are directed to deliver a certificate evidencing the appropriate number of Shares, together with any cash or in-kind
dividends declared subsequent to the date hereof and which relate to such Shares, to the Recipient. 
 3. Recipient irrevocably
authorizes the Company to deposit with you any certificates evidencing Shares of stock to be held by you hereunder and any additions and substitutions to said Shares as specified in the Stock Option Grant Notice or the Stock Option Agreement.
Recipient does hereby irrevocably constitute and appoint you as Recipient’s attorney-in-fact and

 
agent for the term of this escrow to execute with respect to such securities and other property all documents of assignment and/or transfer and all stock certificates necessary or appropriate to
make all securities negotiable and to complete any transaction herein contemplated. 
 4. This escrow shall terminate upon the
date on which all contractual restrictions or requirements set forth in the Plan or in the documents evidencing the restrictions applicable to the Shares lapse or are satisfied as determined by the Company. 
 5. If at the time of termination of this escrow you should have in your possession any documents, securities, or other property belonging to
Recipient, you shall deliver all of same to any pledgee entitled thereto or, if none, to Recipient and shall be discharged of all further obligations hereunder. 
 6. Your duties hereunder may be altered, amended, modified or revoked only by a writing signed by all of the parties hereto. 
 7. You shall be obligated only for the performance of such duties as are specifically set forth herein and may rely and shall be protected in relying or refraining from acting on any instrument reasonably
believed by you to be genuine and to have been signed or presented by the proper party or parties or their assignees. You shall not be personally liable for any act you may do or omit to do hereunder as Escrow Agent or as attorney-in-fact for
Recipient while acting in good faith and any act done or omitted by you pursuant to the advice of your own attorneys shall be conclusive evidence of such good faith. 
 8. You are hereby expressly authorized to disregard any and all warnings given by any of the parties hereto or by any other person or corporation, excepting only orders or process of courts of law, and
are hereby expressly authorized to comply with and obey orders, judgments or decrees of any court. In case you obey or comply with any such order, judgment or decree of any court, you shall not be liable to any of the parties hereto or to any other
person, firm or corporation by reason of such compliance, notwithstanding any such order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or found to have been entered without jurisdiction. 
 9. You shall not be liable in any respect on account of the identity, authority or rights of the parties executing or delivering or
purporting to execute or deliver the Stock Option Grant Notice or any documents or papers deposited or called for hereunder. 
 10. You shall not be liable for the outlawing of any rights under any statute of limitations with respect to these Joint Escrow Instructions or any documents deposited with you. 
 11. You shall be entitled to employ such legal counsel, including but not limited to Simpson Thacher & Bartlett LLP, and other
experts as you may deem necessary to advise you in connection with your obligations hereunder, and you may rely upon the advice of such counsel, and may pay such counsel reasonable compensation for such advice. 
 12. Your responsibilities as Escrow Agent hereunder shall terminate if you shall cease to be [Fill in Title of Escrow Agent] of the Company
or if you shall resign by written notice to each party. In the event of any such termination, the Company may appoint any officer or assistant officer of the Company as successor Escrow Agent and Recipient hereby confirms the appointment of such
successor or successors as his attorney-in-fact and agent to the full extent of your appointment. 
  

 2 

 13. If you reasonably require other or further instruments in connection with these Joint
Escrow Instructions or obligations in respect hereto, the necessary parties hereto shall join in furnishing such instruments. 
 14. It is understood and agreed that should any dispute arise with respect to the delivery and/or ownership or right of possession of the securities, you may (but are not obligated to) retain in your possession without liability to anyone
all or any part of said securities until such dispute shall have been settled either by mutual written agreement of the parties concerned or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal has
expired and no appeal has been perfected, but you shall be under no duty whatsoever to institute or defend any such proceedings. 
 15. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail (or upon deposit with another delivery service), with postage
and fees prepaid, addressed to each of the other parties hereunto entitled at the following addresses, or at such other addresses as a party may designate by ten (10) days’ written notice to each of the other parties hereto: 
  

			
	COMPANY:	  	Serena Software, Inc.
		  	 1900 Seaport Boulevard, 2nd Floor
 Redwood City, California 94063-5587

		  	Attn: [Title]
		
	RECIPIENT:	  	                            

		  	                            

		  	                            

		  	                            

		
	ESCROW AGENT:	  	[Name]
		  	[Address]
		  	Attn: [Fill in Title]

 16. By signing these Joint Escrow Instructions you become a party hereto only for the
purpose of said Joint Escrow Instructions; you do not become a party to the Notice of Exercise. 
  

 3 

 17. This instrument shall be binding upon and inure to the benefit of the parties hereto,
and their respective successors and permitted assigns. It is understood and agreed that references to “you” or “your” herein refer to the original Escrow Agent and to any and all successor Escrow Agents. It is understood and
agreed that the Company may at any time or from time to time assign its rights under the Stock Option Agreement, the Notice of Exercise and these Joint Escrow Instructions in whole or in part. 
  

			
	 Very truly yours,

	
	SERENA SOFTWARE, INC.
		
	 By:
	 	  

	
	RECIPIENT
	
	  

	 [Participant’s Name]

  

			
	ESCROW AGENT:
		
	 BY:
	 	  

		
	 NAME:
	 	  

  

 4

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