Document:

exhibit105farestrictivec

                                                                                     CONFIDENTIALITY, INTELLECTUAL PROPERTY AND RESTRICTIVE                COVENANT PROTECTIVE AGREEMENT                                   dated                              15 JULY 2019                     STATE STREET ASIA LIMITED                                    and                      FRANCISCO ARISTEGUIETA                                                                                                                                                                                                                                                                                                                          

 

                                                                                                      Confidentiality, Intellectual Property and Restrictive Covenant Protective Agreement      This Confidentiality, Intellectual Property and Restrictive Covenant Protective Agreement  (“Agreement”) is dated 15 July 2019   Between   State Street Asia Limited (the “Company” or “State Street”), whose registered office is at L68,  Two International Finance Centre, 8 Finance Street, Central, Hong Kong;    and   Francisco Aristiguieta  of [address] (the “Employee” or “You”);   This Agreement now witnesses as follows:   1.     Undertakings   You agree to the undertakings and terms set out below.  For the avoidance of doubt, this Agreement  is not a contract of employment as defined by the Employment Ordinance or otherwise.    2.     Confidentiality   2.1    You  acknowledge  that  you  have  access  to  Confidential  Information  which  is  not  generally         known or made available to the general public and that such Confidential Information is the         property  of  the  Company,  its Associated  Companies, or  its  or  their  licensors,  suppliers  or         customers.   Subject  to clause 12,  below,  you  agree  specifically  as  follows,  in  each  case         whether during your Employment or following the termination thereof:-          (a)     You  will always  preserve as confidential all  Confidential Information, and  will  never                use it for your own benefit or for the benefit of others; this includes that you will not                use the knowledge of activities or positions in clients’ securities portfolio accounts or                cash accounts for your own personal gain or for the gain of others.          (b)    You  will  not  disclose,  divulge,  or  communicate  Confidential  Information  to  any                unauthorized person, business or corporation during or after the termination of your                Employment  with  the  Company  and  its Associated  Companies.   You  will  use  your                best  efforts  and  exercise  due  diligence  to  protect,  to  not  disclose  and  to  keep  as                confidential all Confidential Information.          (c)    You  will  not  initiate  or  facilitate  any  unauthorized  attempts  to  intercept  data  in                transmission  or  attempt  entry  into  data  systems  or  files.   You  will  not  intentionally                affect the integrity  of any  data or systems of the Company or  any of  its Associated                Companies   through  the  introduction  of  unauthorized  code  or  data,  or  through                unauthorized deletion or addition.  You will abide by all applicable information security                policies and procedures of the Company and its Associated Companies.          (d)    Upon the earlier of request or termination of Employment, you agree to return to the                Company or the relevant Associated Companies, or if so directed by the Company or                the relevant Associated Companies, to destroy any and all copies of materials in your                possession containing Confidential Information.   2.2     The terms of this clause 2 do not apply to any information which is previously known to you         without  an  obligation  of  confidence  or  without  breach  of  this clause  2,  is  publicly  disclosed         (other than by a violation by you of the terms of this clause 2) either prior to or subsequent to         your  receipt  of  such  information,  or  is  rightfully  received  by  you  from  a  third  party  without                                                                                                 2                                                                                                   

 

                                                                                                        obligation of confidence and other than in relation to your Employment with the Company or         any of its Associated Companies.   2.3    State  Street  recognizes  that  certain disclosures  of  confidential  information  to  appropriate         government  authorities  or  other  designated  persons  are  protected  by  “whistle-blower”  and         other laws.  Nothing in this clause 2 is intended to or should be understood or construed to         prohibit or otherwise discourage such disclosures.  State Street will not tolerate any discipline         or other retaliation against employees who properly make such legally-protected disclosures.   3.     Intellectual Property   3.1    You acknowledge  and agree  that all Intellectual  Property made, originated  or developed by         you (whether alone or jointly with others) at any time during the course of your employment         with  the  Company  (whether  or  not  made,  originated  or  developed  during  normal  working         hours) or in carrying out the Company’s instructions, shall belong to and vest in the Company         to  the  fullest  extent  permitted  by  law  (“Employment  IP”).  For  the  avoidance  of  doubt,         Employment  IP  does  not  include Intellectual  Property  made,  originated or  developed  which         are  wholly  unconnected  with your employment  with  the  Company. You acknowledge and         agree that the Company and its Associated Companies can disclose and exploit all rights in         and to the Employment IP and to modify them, as they consider appropriate.   3.2    To  the  extent  that  any  of  the  Employment  IP  does  not  vest  in  the  Company, you  hereby         assign all  rights,  title  and  interest  in  and  to  the  Employment  IP  to  the  Company. This         assignment  (if  any)  is  valid  worldwide,  irrevocable,  perpetual,  transferable,  and  for  any         exploitation forms or means, including those unknown at the present date. The compensation         for this assignment (if any) is included in your salary and other remuneration, and you agree         not to make any claims against the Company or any Associated Company in respect of this         assignment.   3.3    You  must  promptly  disclose  to  the  Company  and  to  no  one  else  the  full  details  of  all         Employment  IP  made,  originated  or  developed  by you whether  alone  or  jointly  with  others,         including all records, documents, papers, drawings and models relating to such Employment         IP.   3.4    All records, documents, papers (including copies and summaries thereof), drawings, models         and  other  copyright  protected  works  made  or  acquired  by you in  the  course  of your         employment shall, together with all the worldwide copyright and design rights in all such works,         be and at all times remain the absolute property of the Company. You shall return the same to         the Company upon termination of employment.   3.5    You hereby irrevocably and unconditionally waive in favour of the Company all rights granted         by the Copyright Ordinance in connection with his/her authorship of any copyright works in the         course of his/her employment with the Company, including without limitation any moral rights         and any right to claim an additional payment with respect to use or exploitation of those works.         In particular, you agree that you will not be entitled to any award under Section 14(2) of the         Copyright  Ordinance  even  if  the  copyright  work  is  exploited  in  such  a  way  that  could  not         reasonably have been contemplated by the Employee and the Company at the time of making         the work.    3.6    You agree that:          (a)    your salary and other remuneration are full compensation for your services and all                present and future uses of copyright works made by you in the course of your                employment; and                                                                                                  3                                                                                                   

 

                                                                                                        (b)    you will not make any claims against the Company or any Associated Company with                respect to those copyright works.   3.7    If you make any inventions that do not belong to the Company under the Patents Ordinance,         you agree that you will forthwith exclusively license or assign (as determined by the Company)         to the Company or one of its Associated Companies your rights in relation to such inventions         and will deliver to the Company or the appropriate Associated Company all documents and         other  materials  relating  to  them.  The  Company  will  pay  to you such  compensation  for  the         licence or assignment as the Company will determine in its absolute discretion, subject to the         Patents Ordinance.   3.8    You shall, at the request and expense of the Company both during and after the termination         of  his/her  employment,  do  all  things  necessary  or  desirable  (including  the  execution  of         documents) to obtain, perfect, maintain and enforce the rights of the Company or any of its         Associated Companies under this Clause 3.   4.     Non-Competition   4.1    During your Employment and for the six (6) months following its termination for any reason,         you  will  not  within the Restricted  Territory,  directly  or  indirectly,  whether  as  owner,  director,         partner, investor, consultant, agent, employee, co-venturer or otherwise and whether alone or         in conjunction with or on behalf of any other person--          (a)    become engaged, employed, concerned or interested in or provide technical,                commercial or professional advice to, any Person which supplies or provides (or                intends to supply or provide) Products or Services in competition with such parts of                the business of the Company or any Relevant Associated Company with which you                were materially engaged or involved or for which you were responsible during the                Relevant Period;          (b)    compete with the Company or any Relevant Associated Company, or undertake any                planning for any business competitive with the business of the Company or any                Relevant Associated Company;          (c)    engage in any manner in any activity that is directly or indirectly competitive or                potentially competitive with the business of the Company, or any Relevant Associated                Company as conducted or under consideration during the Relevant Period and further                agree not to work or provide services, in any capacity, whether as an employee,                independent contractor or otherwise, whether with or without compensation, to any                Person who is engaged in any business that is competitive with the business of the                Company or any Relevant Associated Company, as conducted or in planning during                the Relevant Period.    4.2    The  period  of  6 months  referred  to above will  be  reduced  by  one day  for  every  day  during         which, at the Company’s direction, you are on a period of garden leave.   4.3     Nothing in this clause 4 shall prevent your passive ownership of two percent (2%) or less of         the equity securities of any publicly traded company.   5.     Non-Solicitation   5.1    You agree that, during your Employment and for a period of six (6) months from the date your         Employment terminates for any reason  you  will  not,  without the prior  written consent  of the         Company:           (a)    solicit, directly or indirectly (other than through a general solicitation of employment                not specifically directed to employees of the Company or any of its Associated                                                                                                 4                                                                                                   

 

                                                                                                               Companies), the employment of, hire or employ, recruit, or in any way assist another                in soliciting or recruiting the employment of, or otherwise induce the termination of the                employment of, any person who then or within the preceding twelve (12) months was                an officer of the Company or any of its Associated Companies (excluding any such                officer whose employment was involuntarily terminated); or           (b)    engage in the Solicitation of Business from any Client on behalf of any person or                entity other than the Company or any of its Associated Companies.   5.2    For  purposes  of  this clause  5,  “officer”  shall  include any  person  holding  a  position  title  of         Assistant Vice President or SSGA Principal 4 or higher.     6.     Associated Companies   6.1    Clauses 2  to 5 (inclusive) above and  the  definitions  in  this Agreement will  also  apply  as         though  references  to  Company  were  substituted  with  references  to each Associated         Company.  Each  of  these  provisions  will,  with  respect  to  each Associated  Company,         constitute a separate and distinct covenant and the invalidity or unenforceability of any such         covenant  shall  not  affect  the  validity  or  enforceability  of  the  covenants  in  favour  of  the         Company or any other  Associated Company.  The provisions of this “Associated Company”         provision shall only apply in respect of those Associated Companies:          (i)    with whom you have given your services;           (ii)   for whom you have been responsible; or          (iii)  with whom you have otherwise been concerned,          in the 12 months immediately preceding the Termination Date. You agree to be bound by and         comply  with  the  terms  and  conditions  of  this Agreement with  respect  to  such Associated         Companies as if you entered into a separate agreement with each of them.   6.2    In relation to each Associated Company referred to in the paragraph immediately above, the         Company executes as trustee and agent for the benefit of each such Associated Company.           You agree that, if required to do so by the Company, you will enter into covenants in the same         terms  as  those  set out  in  clauses 2 to 5 (inclusive)  hereof  directly  with  all  or  any  of  such         Associated Companies, mutatis mutandis and the Company shall be entitled, and is hereby         irrevocably  and  unconditionally  authorised  by you,  to  execute  all  such  documents  as  are         required to give effect to the foregoing, on your behalf.   6.3    Both parties acknowledge that the prohibition and restrictions contained in this Agreement are:         (a)     reasonable as to period, territorial limitation and subject matter; and         (b)     are  no  more  than  that  which  is  reasonably  required  for  the  protection  of  the                Company’s  (or  relevant Associated  Company’s)  legitimate  business  interests  and  of                any Confidential Information the Employee may have learned or possessed during the                term of this Agreement.   6.4    You execute this Agreement for the benefit of the Company and each Associated Company.         You acknowledge and agree that the Company and each of the Associated Companies may         independently  enforce  this Agreement against you  including  by  obtaining  and  enforcing         injunctive relief under Clause 9.    6.5    The  rights  and  obligations  under  these  covenants  shall  remain  in  full  force  and  effect  and         survive the termination of this Agreement for any reason whatsoever.                                                                                                     5                                                                                                   

 

                                                                                                 7.     Further Obligations of the Employee          You agree that in the event of receiving from any person, company, business entity or other         organisation  an  offer  of  employment  or  engagement  either  during  the  continuance  of your         employment with the Company or during the continuance in force of any of the restrictions set         out in this Agreement, you will forthwith provide to such person, company, business entity or         other  organisation  making  such  an  offer  of  employment  a  full  and  accurate  copy  of  this         Agreement signed by the parties hereto.   8.     Third Party Rights   8.1    Subject to Clause 8.2, Associated Companies (“Third  Parties”) may enforce the terms and         accordingly  shall  have  the  benefit  of  those  provisions  in  this  Agreement  which  are,  or  are         stated to be, for their benefit, subject to and in accordance with the provisions of the Contracts         (Rights of Third Parties) Ordinance (Chapter 623 of the Laws of Hong Kong) (“Third Parties         Ordinance”).   8.2    The parties to this Agreement may by agreement terminate, rescind or vary the terms of this         Agreement (including this Clause 8) at any time and in any way without the prior consent of or         notice to any Third Party.   8.3    Except  as  provided  in  Clause 8.1,  the  terms  of  this  Agreement  are  not  intended  to  be         enforceable by virtue of the Third Parties Ordinance by any person who is not a party to this         Agreement.    9.     Enforcement            You acknowledge and agree that the promises contained in this Agreement are necessary to         the  protection  of  the  legitimate  business  interests  of the  Company and  its Associated         Companies, including without limitation its and their confidential information, trade secrets and         good  will,  and  are  material  and  integral  to  the  undertakings  of  the  Company  under  this         Agreement.   You  further  agree  that  one  or  more  of  the  Company  and  its Associated         Companies  will  be  irreparably  harmed  in  the  event  you  do  not  perform  such  provisions  in         accordance  with  their  specific  terms  or  otherwise  breach  the  promises  made  herein.          Accordingly,  the  Company  and  any  of  its Associated  Companies shall  each  be  entitled  to         preliminary  or  permanent  injunctive  or  other  equitable  relief  or  remedy  without  the  need  to         post  bond,  and  to  recover  its  or  their  reasonable  attorney’s  fees  and  costs  incurred  in         securing such relief, in addition to, and not in lieu of, any other relief or remedy at law to which         it or they may be entitled.  You further agree that, the periods of restriction contained in this         Agreement shall be tolled, and shall not run, during any period in which you are in violation of         the terms of this Agreement, so that the Company and its Associated Companies shall have         the full protection of the periods agreed to herein.   10.    No Waiver            No delay by the Company or any of its Associated Companies in exercising any right under         this  Agreement shall  operate  as  a  waiver  of  that  right or  of  any  other  right.   Any  waiver  or         consent as to any of the provisions herein provided by the Company or any of its Associated         Companies must be in writing, is effective only in that instance, and may not be construed as         a broader waiver of rights or as a bar to enforcement of the provision(s) at issue on any other         occasion.   11.    Relationship to Other Agreements            This Agreement supplements and does not limit, amend or replace any other obligations you         may have under applicable law or any other agreement or understanding you may have with         the Company or any of its Associated Companies or pursuant to the applicable policies of any                                                                                                6                                                                                                   

 

                                                                                                        of them, whether such additional obligations have been agreed to in the past, or are agreed to         in the future.   12.    Certain Limitations   12.1   Nothing this Agreement prohibits you from reporting possible violations of law or regulation to         any  governmental  agency  or  regulatory  authority  or  from  making  other  disclosures  that  are         protected under the whistleblower provisions of federal law or regulation.  Moreover, nothing         in this Agreement requires you to notify the Company that you have made any such report or         disclosure.  However, in connection with any such activity, you acknowledge you must take         reasonable precautions to ensure that any Confidential Information that is disclosed to such         authority is not made generally available to the public, including by informing such authority of         the confidentiality of the same.   12.2   Despite  the  foregoing,  you  also  acknowledge  that  you  are  not  permitted  to  disclose  to  any         third-party, including any governmental or regulatory authority, any information learned in the         course  of  your  Employment  that  is  protected  from  disclosure  by  any  applicable  privilege,         including  but  not  limited  to  the  attorney-client  privilege,  attorney  work  product  doctrine,  the         bank examiner’s privilege,  and/or privileges applicable to information covered  by  the United         States Bank Secrecy Act (31 U.S.C. §§ 5311-5330), including information that would reveal         the  existence  or  contemplated  filing  of  a  suspicious  activity  report.  The  Company  and  its         Associated  Companies  do  not  waive  any  applicable  privileges  or  the  right  to  continue  to         protect  its  and  their  privileged  attorney-client  information,  attorney  work  product,  and  other         privileged information.   13.    Miscellaneous   13.1   The  various  provisions  and  sub-provisions  of  this Agreement are  severable  and  if  any         provision or sub-provision is held to be unenforceable by any court of competent jurisdiction         then  such  unenforceability  shall  not  affect  the  enforceability  of  the  remaining  provisions  or         sub-provisions in this Agreement.   13.2   This Agreement may be executed in one or more counterparts, each of which will be deemed         to  be  an  original copy  of  this  Agreement  and  all  of  which,  when  taken  together,  will  be         deemed to constitute one and the same instrument.  For the purposes of this Agreement, a         signed copy of a facsimile or a scanned version shall be valid and enforceable as an original         and binding on the parties hereto.   13.3   The benefit of each agreement and obligation of you under this Agreement may be assigned         to  and  enforced  by  all  successors  and  assigns  for  the  time  being  of  the  Company  and  its         Associated  Companies (as  applicable)  and  such  agreements  and  obligations  shall  operate         and remain binding notwithstanding the termination of this Agreement.   13.4   This Agreement and any disputes relating to this Agreement, including those pertaining to or         arising out  of its interpretation,  performance, amendment or enforcement shall  be governed         by  and construed  in accordance  with  the laws  of  Hong  Kong and the  parties  submit  to the         non-exclusive jurisdiction of the Hong Kong Courts and Labour Tribunal.   14.    Definitions          For  the  purposes  of  this  Agreement,  the following  words  and  expressions  shall  have  the         meanings set out below:   14.1   “Associated Companies” means any entity controlling, controlled by or under common control         with the Company, including direct and indirect subsidiaries and includes, without limitation,         State Street Corporation and State Street Bank & Trust Co. and all of their direct and indirect         subsidiaries.                                                                                                 7                                                                                                   

 

                                                                                                 14.2   “Confidential  Information”  includes  but  is  not  limited  to  all  trade  secrets,  trade  knowledge,         systems, software, code,  data documentation, files, formulas, processes, programs, training         aids, printed materials, methods, books, records, client files, policies  and procedures, client         and  prospect  lists,  employee  data  and  other  information  relating  to  the  operations  of  the         Company or any of its Associated Companies  and to its or any of their customers, and any         and all discoveries, inventions or improvements thereof made or conceived by you or others         for the Company or any of its Associated Companies whether or not patented or copyrighted,         as well as cash and securities account transactions and position records of clients, regardless         of whether such information is stamped “confidential.”   14.3   “Client” means a present or former customer or client of the Company or any of its Associated         Companies with whom you have had, or with whom persons you have supervised have had,         substantive and recurring personal contact during the Relevant Period.  A former customer or         client means a customer or client for which the Company or any of its Associated Companies         stopped providing  all services within twelve months  prior to the date  your  Employment  with         the Company ends.     14.4    “Person”  means  an  individual,  a  corporation,  a  limited  liability  company,  an  association,  a         partnership, an estate, a trust and any other entity or organization (whether conducted on its         own or as part of a wider entity), other than the Company or any of its Associated Companies.   14.5   “Products or Services” means any products or services which are the same as, of the same         kind as, of a materially similar kind to, or competitive with, any products or services supplied         or provided by the Company or Relevant Group Company and with which you were materially         concerned or connected within the Relevant Period.   14.6    “Relevant Associated Company” means the Company and/or any   Associated Companies for         which  you  have  performed  services  or  in  respect  of  which  you  have  had  operational  or         managerial responsibility at any time during the Relevant Period.   14.7   “Relevant Period” means the period of 24 months immediately before the date of termination         of your Employment, or (where such provision is applied) the date of commencement of any         period of garden leave.   14.8    “Restricted Territory” means any area or territory:          (a)    in which you worked during the Relevant Period; and/or          (b)    in relation to which you were responsible for, or materially involved in, the supply of                Products or Services in the Relevant Period.    14.9   “Solicitation of  Business”  means  the  attempt through direct  or  indirect  contact  by  you  or  by         any other Person with your assistance to induce a Client to:            (a)    transfer the Client’s business from the Company or any of its Associated Companies                to any other person or entity;           (b)    cease or curtail the Client’s business with the Company or any of its Associated                Companies; or           (c)    divert a business opportunity from the Company or any of its Associated Companies                to any other person or entity, which business or business opportunity concerns or                relates to the business with which you were actively connected during your                Employment with the Company or any of its Associated Companies.     14.10   “Termination Date” means the date on which your employment terminates.                                                                                                   8                                                                                                   

 

                                                                                                                                                    Signed for and on behalf of  State Street Asia Limited                                                      /s/ Narasimhan SL  Narasimhan SL,  Managing Director, Head of GHR & CC, APAC                                                                          /s/ Francisco Aristeguieta  SIGNED SEALED                       )  AND DELIVERED as a DEED             )         by Francisco Aristeguieta           )         in the presence of :                                                         /s/ Maria Valdes  Signature of witness                                                     Maria Valdes  Name of witness                                                                                                 9mstr-ex101_415.htm

 

 

Exhibit 10.1

 

AGREEMENT

 

THIS AGREEMENT (“Agreement”) is made and entered into by and between MicroStrategy Incorporated (“MicroStrategy”) and Lisa-Beth Mayr (“Employee”).

 

WHEREAS, Employee and MicroStrategy have agreed that Employee’s employment with MicroStrategy and/or with any of its subsidiaries, affiliates or related companies (together, the “Company”) terminated on April 23, 2020 (the “Termination Date”);

 

WHEREAS, Employee and the Company desire to enter into the following Agreement to resolve all issues between them including, but not limited to, those relating to Employee’s employment with the Company, and the termination thereof; and;

 

WHEREAS, Employee wishes to receive, and the Company has offered to provide, valuable consideration in exchange for execution by Employee of this Agreement;

 

 NOW THEREFORE, in consideration of the payments and benefits listed below, and provided by the Company, Employee agrees to all of the following:

 

	
1.
	
Complete Release by Employee.  

	
 
	
(a)
	
Release.  In exchange for the consideration stated below and provided to Employee by the Company, Employee irrevocably and unconditionally releases the Released Parties listed in Subsection 1(b) from any and all claims, promises, offers, debts, causes of action or similar rights of any type or nature that Employee may have as of the date of the execution of this Agreement, including but not limited to those described in Subsection 1(c) and except as provided in Subsection 1(d). 

	
 
	
(b)
	
Released Parties.  The “Released Parties” are the Company, all of its current and former parents, subsidiaries, affiliates, related companies, partnerships, or joint ventures (including but not limited to MicroStrategy Services Corporation, Usher Incorporated, and/or MicroStrategy Incorporated) and, with respect to each such entity, its predecessors and successors and all of its past, present, and future parents, agents, directors, officers, managers, supervisors, employees, stockholders, owners, representatives, assigns, attorneys, agents, insurers, employee benefit programs (and the trustees, administrators, fiduciaries, and insurers of such programs), and any other persons acting by, through, under, or in concert with any of the persons or entities listed in this subsection, and their successors.

	
 
	
(c)
	
Claims Released.  The claims released include but are not limited to those which in any way relate to: (a) Employee’s employment with the Company or the termination of Employee’s employment, such as claims for compensation, sales incentive compensation, special payments, sign on bonuses, performance bonuses, retention bonuses or any other cash bonuses, commissions, stock grants, option grants, lost wages, meal and rest period payments or premiums, sick or vacation pay (except for any vacation leave accrued and not used by Employee as of the Termination Date, as 

 

	
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such leave is reflected in the Company’s time-off system or other appropriate system of record), relocation benefits; (b) the design or administration of any employee benefit plan or Employee’s entitlement to benefits under any such plan; (c) any rights Employee may have to severance or similar income replacement benefits under any plan of the Company; (d) any rights Employee may have to the continued receipt of health or life insurance-type benefits, except for any rights Employee may have to benefits pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”); (e) any claims to attorneys’ fees or other indemnities; and (f) any other claims or demands Employee may have on any basis.  The claims released, for example, may have arisen under any of the following statutes or common law doctrines:

	
 
	
(i)
	
Anti-Discrimination Statutes, such as Title VII of the Civil Rights Act of 1964, § 1981 of the Civil Rights Act of 1866 and Executive Order 11246; the Equal Pay Act; the Americans With Disabilities Act and § 503 and § 504 of the Rehabilitation Act of 1973; the Genetic Information Nondiscrimination Act of 2008; and any other federal, state or local law or regulation prohibiting retaliation or discrimination on the basis of race, color, national origin, religion, gender, disability, age, marital status, sexual orientation, gender identity, genetic information or any other protected characteristic.

	
 
	
(ii)
	
Other Federal Statutes, and their state or local counterparts, such as the Worker Adjustment and Retraining Notification Act; the New Jersey Conscientious Employee Protection Act and the Employee Retirement Income Security Act of 1974 (“ERISA”).

	
 
	
(iii)
	
Other Laws, such as state or local laws or regulations restricting an employer’s right to terminate employees, enforcing express or implied employment contracts, requiring an employer to deal with employees fairly or in good faith, relating to salary, commission, compensation, or benefits, or otherwise regulating employment; laws or regulations limiting unfair competition; laws or regulations relating to the private enforcement of state labor codes; and any other federal, state or local laws, whether based on statute, regulation or common law, providing recourse for alleged wrongful discharge, physical or personal injury, emotional distress, fraud, unfair competition, negligent misrepresentation, libel, slander, defamation and similar or related claims.

	
 
	
(iv)
	
Age Discrimination in Employment Act

	
 
	
1.
	
If Employee is age forty (40) or older on the date Employee signs this Agreement, Employee also acknowledges and agrees that Employee is waiving and releasing any and all claims or rights Employee may have under the Age Discrimination in Employment Act of 1967, as amended (“ADEA”), that this waiver and release is knowing and voluntary, and that the consideration given for this waiver and release is in addition to anything of value to which Employee was already entitled as an employee of the Company.  Employee further acknowledges that Employee is advised that:  (a) Employee should consult with an attorney (at Employee’s own expense) prior to 

 

	
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executing this Agreement (Employee understands that whether Employee consults an attorney or not is Employee’s decision); (b) this Agreement does not waive or release any rights or claims Employee may have under the ADEA which may arise after Employee executes this Agreement; and (c)(i) Employee has at least twenty-one (21) days in which to consider this Agreement (although Employee may choose to execute this Agreement earlier but not before the conclusion of Employee’s last day of employment); (ii) Employee has seven (7) days following execution of this Agreement to revoke this Agreement (to be effective, any revocation must be actually received in writing by the Company by 12:00 a.m. PST on the eighth day); and (iii) this Agreement shall not be effective until the revocation period has expired.  Employee waives any right to have the consideration period restarted or extended by any subsequent changes to this Agreement.  

	
 
	
2.
	
Employee acknowledges and agrees that Employee was given a copy of this Agreement and has carefully read it and understands it, that Employee has been given the opportunity to consult with the persons identified in Section 12 regarding this Agreement and that Employee has entered into this Agreement voluntarily and with full knowledge of its final and binding effect.

	
 
	
(d)
	
Claims Not Released.  This Agreement does not release:  (a) Employee’s claims for reimbursement of business expenses owed to Employee, provided, however, that Employee represents that all expenditures have been submitted in accordance with Company policy prior to the date Employee signs this Agreement; (b) Employee’s right, if any, to claim government-provided unemployment benefits or workers compensation benefits; (c) any claims Employee may now have to vested benefits in any 401(k), pension plan, stock plan or other employee benefits; and (d) Employee’s right to enforce this Agreement.  This Agreement also does not release any other claim or abridge any legal right that as a matter of law cannot be released or abridged by private agreement between the Company and Employee.

	
 
	
(e)
	
Agreement Extends to Known and Unknown, Suspected and Unsuspected Claims.  This Agreement covers both claims that Employee knows about or suspects as well as those Employee does not know about or does not suspect, and Employee expressly waives all rights afforded by any statute which limits the effect of a release with respect to unknown and unsuspected claims.  

	
 
	
(f)
	
No Pursuit of Released Claims.  Employee represents that Employee has not filed, submitted or caused to be filed any lawsuit, complaint or charge pertaining in any way to Employee’s employment or encompassing any claim released by this Agreement.  Employee specifically represents that Employee has not raised a claim of sexual harassment or abuse by the Company.  Employee promises never to file, prosecute, join, opt-in or participate in a lawsuit (including a collective or class action) or other complaint asserting any claims that are released by this Agreement.  Notwithstanding the foregoing, nothing in this Agreement: (i) limits or affects Employee’s right to challenge the validity of this Agreement, including, without limitation, a challenge 

 

	
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under the ADEA or OWBPA; (ii) in any way interferes with Employee’s right and responsibility to give truthful testimony under oath; or (iii) precludes Employee from participating in an investigation, filing a charge or otherwise communicating with or providing documents or other information to any federal, state, or local government office, official or agency, including but not limited to, the Equal Employment Opportunity Commission, Department of Labor, National Labor Relations Board or the Securities and Exchange Commission.  However, Employee promises never to seek or accept any compensatory damages, back pay, front pay, or reinstatement remedies for Employee personally with respect to any claims released by this Agreement.  Employee also understands that if Employee makes a confidential disclosure of a Company trade secret to a government official or attorney for the sole purpose of reporting or investigating a suspected violation of law, or in a court filing under seal, Employee shall not be held liable under any federal or state trade secret law for such a disclosure.  

	
 
	
(g)
	
Further Representations.  

	
 
	
(i)
	
Employee represents and warrants that Employee is not aware of any facts that would establish, tend to establish or in any way support an allegation that any Released Party has engaged in business conduct that Employee believes could violate: (1) any provision of federal law relating to fraud (including but not limited to the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act and/or any state or local counterpart); (2) any rule or regulation of the Securities and Exchange Commission;  (3) the federal False Claims Act and/or any state or local or municipal qui tam counterpart (which prohibit the presentation by the Company or any affiliate of false claims and statements or the creation of false records or statements in order to obtain payment of federal, state, county or municipal funds, or to avoid refunds of such government funds); and (4) any other federal, state, local or foreign law. 

	
 
	
(ii)
	
Employee represents and warrants that under the Family and Medical Leave Act of 1993, as amended, and/or any state or local counterpart (collectively, “FMLA”) that Employee (a) has received all leave required and currently does not, and in the past did not, have any claim for denial of any such leave, and (b) does not claim that the Company violated or denied Employee rights under the FMLA or retaliated against Employee in any way for exercising rights under the FMLA.

	
 
	
(iii)
	
Employee represents and warrants that under the federal Fair Labor Standards Act and/or any state or local counterpart (collectively, “FLSA”) that Employee (a) was properly classified as either exempt or nonexempt from overtime (i.e., as either ineligible or eligible to receive overtime), (b) has been fully paid for all hours Employee worked for the Company, and (c) does not claim that the Company violated or denied any wage and hour rights under the FLSA.

	
2.
	
Payments and Benefits.  In exchange for the release and other promises made by Employee herein, the Company will provide the following benefits to Employee, which the parties agree fully satisfy the Company’s obligations to Employee in Employer’s offer letter to Employee 

 

	
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dated October 1, 2019 (the “Offer Letter”), especially with respect to severance and related compensation.  The parties agree that except as set forth in this Agreement, no compensation is owed to Employee, including as set forth in the Offer Letter.  All payments are subject to applicable taxes and other withholdings.  

	
 
	
(a)
	
The Company will pay to Employee the lump sum of two hundred seventy-five thousand dollars ($275,000.00), less applicable taxes and other withholdings, which Employees agrees is equivalent to six months of Employee’s current base salary.  Subject to Employee’s compliance with Section 4, payment will be made within twenty (20) days after Employee executes and returns this Agreement and the revocation period (if applicable) has expired, but in no event after March 15th of the calendar year after the year in which Employee terminates employment.

	
 
	
(b)
	
The Company represents that it is not aware of any facts or circumstances that would require Employee to re-pay to the Company the one-time reporting bonus of one hundred thousand dollars ($100,000.00) or the advance bonus payment of three hundred thousand dollars ($300,000.00) for 2020, as both amounts are described in the Offer Letter. 

	
3.
	
Post-Termination Obligations.  Employee agrees to remain bound by any Company agreement relating to confidential information, invention, nonsolicitation, arbitration, or similar matters to which Employee is now subject. The provisions of the MicroStrategy Agreement, or any similar agreements Employee may have executed at the Company, herein referred to as the “MicroStrategy Agreement”, including but not limited to the MicroStrategy Agreement signed by Employee on October 2, 2019, are incorporated as if set forth fully herein.  

	
4.
	
Return of Property.  Employee represents that Employee personally returned, by close of business on the date that Employee executes this Agreement, all Company property in reasonable condition (tangible, intangible, paper or electronic), including but not limited to all keys, credit cards, manuals, computers, PDAs, iPhones, iPads, equipment and software, records, data, plans, customer lists, computer programs and related documentation or other materials of any nature which are in Employee’s possession or control and any and all copies thereof; and that Employee has not compromised, corrupted, misappropriated, damaged or inappropriately shared, uploaded, or downloaded Company data.

	
5.
	
No Disparagement.  

	
 
	
(a)
	
Employee agrees to refrain from making untruthful or disparaging statements in any private or public forum, including but not limited to newspapers, television, radio, or the internet, about any Released Party, Employee’s employment with the Company, or any general matter concerning any Released Party’s reputation, standing in the business community, business practices, or products; provided, however, that nothing in this Agreement will prohibit Employee from (a) complying with any valid subpoena or court order; or (b) communicating with any federal, state or local government office. 

	
 
	
(b)
	
Company agrees to provide written instructions to Michael Saylor and Phong Le refrain from making untruthful or disparaging statements in any private or public forum, including but not limited to newspapers, television, radio, or the internet, about 

 

	
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Employee or Employee’s employment with the Company; provided, however, that nothing in this Agreement will prohibit Company from (a) complying with any valid subpoena or court order in accordance with this Agreement; or (b) communicating with any federal, state or local government office.

	
6.
	
Agreement to Cooperate with the Company.  Employee agrees to assist the Company in any formal or informal legal matters in which Employee is named as a party or has knowledge relevant to the matter, or as may be appropriate as part of the Company’s financial reporting practices.  Employee acknowledges and agrees that such assistance may include, but will not be limited to, providing background information regarding any matter on which Employee previously worked, aiding in the drafting of declarations, executing declarations, certifications, or similar documents, testifying or otherwise appearing at investigation interviews, depositions, arbitrations or court hearings and preparing for the above-described or similar activities.  The Company will use reasonable efforts to ensure that any assistance requested will be arranged so that it does not unreasonably interfere with Employee’s other employment or family commitments.  Employee understands that Employee will receive no additional pay for Employee’s assistance beyond that provided in this Agreement, with the exception of reasonable travel expenses pre-approved by the Company, and that Employee in rendering such services will not be acting as an employee of the Company.

	
7.
	
Agreement to Notify Company Prior to Providing Company Information. In the event Employee receives notice that Employee is required to provide testimony or information in any context about the Company and/or any Released Party (related to his/her work for the Company) to any third party (excluding government entities), Employee agrees to inform the General Counsel of MicroStrategy in writing within 24 hours of receiving such notice.  Employee, thereafter, agrees to cooperate with the Company in responding (if necessary) to such legal process.  Employee also agrees not to testify or provide any information in any context if the Company has informed Employee of its intent to contest the validity or enforceability of any request, subpoena or court order until such time as the Company has informed Employee in writing that it consents to Employee’s testimony or has fully exhausted its efforts to challenge any request, subpoena or court order requiring Employee’s testimony.  If Employee is required to provide testimony in any context about the Company (with the Company’s consent or after the Company completes its challenges), Employee shall testify truthfully at all times.  Nothing in this Agreement will prohibit Employee from (a) complying with any valid subpoena or court order, or (b) cooperating with any official government investigation. 

	
8.
	
Standard Reference.  Consistent with its policies, the Company will only confirm Employee’s dates of employment with the Company and Employee’s job title(s) in any references it may provide.  

	
9.
	
No Liability Admitted.  Employee understands and agrees that this Agreement and the payments and benefits described in this Agreement do not constitute an admission by the Company or any Released Party, or any of their present or former officers, directors, members, employees, consultants, representatives, independent contractors or related entities, of any liability to Employee or wrongdoing whatsoever and that this Agreement is not admissible as evidence in any proceeding other than for enforcement of its provisions.

 

	
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10.
	
Tax Consequences.  Employee understands that Employee is obligated to pay any taxes, interest or penalties which may be due should a final tax determination be rendered that any portion of the benefits and/or payments herein is taxable to Employee (or accorded different tax treatment) under any applicable provision of federal, state or local law.  Employee acknowledges that neither the Company nor any of its attorneys or representatives has made any promise, representation, or warranty, express or implied, regarding the tax consequences of any consideration paid pursuant to this Agreement.  Employee agrees that the Company is to withhold all taxes it determines it is legally required to withhold.  Employee further agrees not to make any claim against the Company or any other person based on how the Company reports amounts paid under this Agreement to tax authorities or if an adverse determination is made as to the tax treatment of any amounts payable under this Agreement.

	
11.
	
No Other Inducements.  Employee acknowledges that no promise or agreement not expressed in this Agreement has been made to Employee.

	
12.
	
Confidentiality of Agreement.  Employee agrees to keep the fact and terms of this Agreement and all benefits and payments confidential, and Employee will not publicize them or communicate them in any newspaper, electronic media or other public or private forum, or in any manner whatsoever, except the terms may be disclosed to Employee’s lawyers, accountants and immediate family or as required by law or by subpoena.  Employee will, however, caution his/her lawyers, accountants and immediate family against any public or private disclosure of the above information and such a person’s violation of this confidentiality requirement will be treated as a violation of this Agreement by Employee.

	
13.
	
General Consequences.  If Employee breaks any of Employee’s material promises in this Agreement, for example, by bringing a lawsuit based on claims that Employee has released, by making a false representation in this Agreement, or by a past or future breach of any portion of the MicroStrategy Agreement, Employee (a) shall forfeit all rights to future benefits under this Agreement; (b) must repay all benefits previously received upon the Company’s demand; and (c) must pay reasonable attorneys’ fees and all other costs incurred as a result of Employee’s breach or false representation, such as the cost of defending any suit brought with respect to a released claim by Employee.  However, ten percent (10%) of the cash severance Employee received will be exempt from this repayment provision and will constitute consideration for the release of claims set forth in Section 1.  This Section shall not be applicable to challenges to the validity of this Agreement under the ADEA or Older Workers Benefit Protection Act, nor will the Company seek any damages of any sort against Employee for Employee’s having made such a challenge.

	
14.
	
Binding Nature of Agreement.  This Agreement shall be binding on Employee’s heirs, legal representatives, administrators, executors, and assigns, and shall inure to the benefit of the Released Parties and their heirs, legal representatives, administrators, executors, and assigns.

	
15.
	
No Assignment.  Employee’s rights, duties or obligations under this Agreement may not be assigned, delegated or transferred.

	
16.
	
Interpretation.  This Agreement will be construed as a whole according to its fair meaning, and not strictly for or against any of the parties.  Unless the context indicates otherwise, the term “or” will be deemed to include the term “and” and the singular or plural number will be 

 

	
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deemed to include the other.  Section headings used in this Agreement are intended solely for convenience of reference and will not be used in the interpretation of any of this Agreement.

	
17.
	
Dispute Resolution.  Any dispute arising between the parties, including but not limited to those concerning the formation, validity, interpretation, effect, or alleged violations of this Agreement, any federal, state or local statutory claim (including discrimination or retaliation statutes), contract claims, tort claims, and claims of any other sort (excluding claims that cannot be arbitrated as a matter of law), must be submitted to arbitration pursuant to the terms of the Agreement to Arbitrate signed by Employee. 

Initialed:  Company ___   Employee ____   (to be initialed only if Employee resides or works in the State of Georgia)

Georgia 
Law Governing.  This Agreement shall be governed by and construed under the laws of the Commonwealth of Virginia; provided, however, that the dispute resolution process in the Agreement to Arbitrate and referenced in Section 17 shall be governed by the Federal Arbitration Act unless it is found by a decisionmaker of competent jurisdiction not to be governed by the Federal Arbitration Act, in which case it will be governed by Virginia law.

	
19.
	
Entire Agreement.  This Agreement, the MicroStrategy Agreement, and the Agreement to Arbitrate comprise the entire agreement between the parties regarding the matters contained herein and has been entered into by Employee with a full understanding of its terms, with an opportunity to consult with counsel and without inducement or duress.  This Agreement may be executed in counterparts, each of which shall be considered an original, but all of which together shall constitute one and the same instrument.  This Agreement may not be changed orally, and any written change or amendment must be signed and accepted on behalf of MicroStrategy Incorporated by Phong Le, or his successor or designee.  This Agreement, the MicroStrategy Agreement, and the Agreement to Arbitrate which constitute this entire agreement, supersede any prior or contemporaneous agreement, arrangement or understanding on their subject matter.

	
20.
	
Severability.  The provisions of this Agreement are severable.  If any provision in this Agreement is found to be unenforceable, all other provisions will remain fully enforceable. 

21.State-Specific Requirements. 

	
 
	
(a)
	
Georgia.  If Employee resides or works in the State of Georgia, Employee must initial in the space provided at the end of Section 17 (titled “Dispute Resolution”) of this Agreement, and thereby agrees to be bound by the provisions of Section 17.

	
 
	
(b)
	
Minnesota.  If Employee resides or works in the State of Minnesota, Employee has fifteen (15) days following execution of this Agreement to revoke this Agreement (to be effective, any revocation must be actually received in writing by Joty Paparello by 12:00 a.m. PST on the sixteenth day by email (jpaparello@microstrategy.com) or facsimile at (703) 714-1288) or must be postmarked within the fifteen (15) day period and sent via certified mail return receipt requested to the Company) and this Agreement shall not be effective until the revocation period has expired.  If Employee 

 

	
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resides or works in the State of Minnesota, this Subsection applies regardless of age and notwithstanding any other lesser revocation period provided elsewhere in this Agreement. 

	
 
	
(c)
	
West Virginia.  If Employee resides or works in the State of West Virginia, Employee is advised to consult with an attorney prior to executing this Agreement and may contact the West Virginia Bar Association at 1-866-989-8227 to find an attorney.  Furthermore, if Employee resides or works in the State of West Virginia and Employee is under the age of forty (40) on the date Employee signs this Agreement then: (a) Employee has twenty-one (21) days to sign this Agreement (as set forth on the signature page); and (2) Employee has seven (7) days in which to revoke this Agreement (to be effective, any revocation must be actually received by  Joty Paparello by 12:00 a.m. PST on the eighth day by email (jpaparello@microstrategy.com) or facsimile at (703) 714-1288)), and it does not take effect until that seven-day period has ended.           

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SIGNATURE PAGES (1 of 2)

 

	
	
Instructions If You are Age Forty (40) Or older 

AS OF THE DATE YOU SIGN THIS AGREEMENT

 

•You may not make any changes to this Agreement and you may not sign this Agreement until after your Termination Date

 

•You must (1) sign and date this Agreement where indicated below, and (2) return the original fully executed Agreement so that it is received by Joty Paparello at MicroStrategy Incorporated, 1850 Towers Crescent Plaza, Tysons Corner, VA 22182 within five (5) business days of the date on which you signed it.  If you reside or work in the State of Georgia, you also must initial in the space provided at the end of Section 17 (titled “Dispute Resolution”) of this Agreement.  You may submit the form by facsimile at (703) 714-1288 to meet the deadline, but if you do so, you must also provide the original executed agreement by mail thereafter.

 

•You have up to twenty-one (21) days after receiving this Agreement to consider and sign it, although you may waive this time period by signing it sooner. 

 

•You have another seven (7) days after signing this Agreement in which to revoke this Agreement. Any revocation must be actually received in writing by Joty Paparello by 12:00 a.m. PST on the eighth day by email jpaparello@microstrategy.com or facsimile at (703) 714-1288).  This Agreement does not take effect until that seven-day period has ended, unless you reside or work in the State of Minnesota, in which case, the fifteen (15) day revocation period set forth in Subsection 21(b) shall apply.

 

 

 

	
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SIGNATURE PAGES (2 of 2)

 

Please read this Agreement carefully.  It contains a release of all known and unknown, suspected and unsuspected claims. 

 

Acknowledged and Agreed:

 

Lisa-Beth Mayr

 

 

/s/ Lisa-Beth Mayr   April 26, 2020

Employee’s SignatureDate  

 

 

 

for Microstrategy INCORPORATED

 

 

/s/ Phong Le    April 26, 2020

Phong LeDate  

 

 

	
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