Document:

mime-ex1022_735.htm

 

 

Exhibit 10.22 

DATED 22 December 2009 

MIMECAST LIMITED 

and 

NEIL MURRAY 

 

SERVICE AGREEMENT 

 

 

		
	
5 New Street Square | London EC4A 3TW

Tel +44 (0)20 7300 7000

Fax +44 (0)20 7300 7100

DX 41 London

www.taylorwessing.com
	

Berlin | Brussels | Cambridge | Dubai | Diisseldorf | Franklurt | Hamburg | London | Munich | Paris | Beijing | Shanghai | Alicante 

 

INDVE\0012\Documents\Employment\Neil Murray - Service Agreement IPR Final\8417523.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 1 of 18]

 
	
 

 

 

Index 

 

	
Clause No.
	
 
	
Page No.

	
 
	
 
	
 

	
1. Definitions and Interpretations
	
 
	
3

	
2. Commencement of Employment
	
 
	
3

	
3. Duties
	
 
	
4

	
4. Place of Employment
	
 
	
4

	
5. Remuneration and Benefits
	
 
	
5

	
6. Expenses and Receipts
	
 
	
5

	
7. Pension
	
 
	
5

	
8. Holidays
	
 
	
5

	
9. Sickness Absence
	
 
	
6

	
10. Outside Interests
	
 
	
6

	
11. Intellectual property
	
 
	
6

	
12. Confidentiality
	
 
	
7

	
13. Termination
	
 
	
8

	
14. Suspension
	
 
	
10

	
15. Grievance, Disciplinary and Dismissal Procedure
	
 
	
10

	
16. Duties upon Termination
	
 
	
10

	
17. Restrictions
	
 
	
10

	
18. Data Protection
	
 
	
12

	
19. Notices
	
 
	
13

	
20. Deductions
	
 
	
13

	
21. Third Party Rights
	
 
	
13

	
22. Miscellaneous
	
 
	
13

	
23. Law and Jurisdiction
	
 
	
14

 

 

 

	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 2 of 18]

 
	
 

 

 

THIS AGGREEMENT is made on 22 December 2009

 

BETWEEN 

	
(1)
	
MIMECAST LIMITED whose registered office is at 2-8 Balfe Street, London, N1 9EG (company registration number 04698693) (the “Company”); and 

	
(2)
	
NEIL MURRAY (the “Executive”). 

AGREED TERMS 

	
1.
	
Definitions and Interpretations 

	
1.1
	
In this agreement including any schedule the following expressions shall have the following meanings: 

“Board” means the board of directors of the Company from time to time or any committee of the Board duly appointed by it; 

“Business Day” means any day other than a Saturday, Sunday or any other day that is a public holiday in the place from which the notice in question was sent; 

“Effective Date” means 14 March 2003; 

“Employment” means the employment of the Executive by the Company; 

“Group” means the Company and its Group Members; 

“Group Member” means the Company and any “group undertaking” (as defined in section 1161 of the Companies Act 2006) of the Company; and 

“Termination Date” means the date on which the Executive’s employment under this agreement terminates. 

	
1.2
	
In this agreement and any schedule: 

	
 
	
(a)
	
reference to any statute or statutory provision includes a reference to that statute or statutory provision as amended, extended or re-enacted and to any regulation, order, instrument or subordinate legislation under the relevant statute or statutory provision; 

	
 
	
(b)
	
reference to the singular includes a reference to the plural and vice versa; 

	
 
	
(c)
	
reference to any clause or schedule is to a clause or schedule (as the case may be) of or to this agreement; 

	
 
	
(d)
	
reference to any gender includes a reference to all other genders; and 

	
 
	
(e)
	
references to persons include bodies corporate, unincorporated associations and partnerships and any reference to any party who is an individual is also deemed to include their respective legal personal representative(s). 

 

	
2.
	
Commencement of Employment 

	
2.1
	
The Company shall employ the Executive and the Executive agrees to act as a Chief Technical Officer on and subject to the terms and conditions specified in this agreement. 

	
2.2
	
The Employment shall begin on the Effective Date and shall continue until terminated in accordance with the terms of this agreement. 

	
2.3
	
The Executive’s period of continuous employment for the purposes of the Employment Rights Act 1996 began on the Effective Date. 

	
2.4
	
The Executive warrants that by entering into this agreement he will not be in breach of any express or implied terms of any contract with or any other obligations to any third party. 

	
2.5
	
The Executive warrants that he has the unrestricted right to work in the United Kingdom without any additional immigration approvals and that he has provided the Company with all necessary assistance to enable the Company to comply with its duties under the Immigration Asylum and Nationality Act 2006. The Executive undertakes to notify the Company immediately if any such right ceases, or is reasonably expected to cease during the Employment and to immediately provide the Company with written details of changes to his personal circumstances that might affect his immigration permission. 

	
2.6
	
In order for the Company to comply with its duties to prevent illegal working, if the Executive is a sponsored migrant under the Points Based System, the Executive is required to notify the Company in writing within five working days of any change in the Executive’s personal contact details (home address, home telephone number and mobile telephone number). 

 

	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 3 of 18]

 
	
 

 

 

	
2.7
	
The Executive undertakes to provide on request, and if necessary at least once in every 12 month period, the Executive’s original passport and other satisfactory documentary evidence of his right to work in the UK. The Executive acknowledges that his continuing employment with the Company is conditional on compliance with this obligation and the duties in clauses 2.5 and 2.6, and that failure to comply to the Company’s satisfaction may result in disciplinary action under the Company’s Disciplinary Procedure. 

	
3.
	
Duties 

The Executive: 

	
 
	
(a)
	
shall faithfully and diligently perform such duties and exercise such powers as may be assigned to or vested in the Executive from time to time by or under the authority of the Board in such manner as shall be specified by or under the authority of the Board and shall use his best endeavours to promote, protect and develop the interests of the Company and any Group Member as directed by the Board; 

	
 
	
(b)
	
shall report to the Chief Executive Officer as and when reasonably required or to such other person as the Board may direct; 

 

	
 
	
(c)
	
shall devote the whole of his time attention and abilities to the performance of his duties during the Company’s normal business hours of 9.30 am to 5.30 pm Monday to Friday inclusive and at such other times as may reasonably be necessary in the interests of the Company (unless prevented by illness or other incapacity and except as may from time to time be permitted or required by the Board); 

	
 
	
(d)
	
acknowledges that he holds a senior executive position with certain autonomous decision taking powers and therefore is not subject to regulation 4(1) of the Working Time Regulations 1998 but without prejudice to that the Executive accepts that by signing this agreement he has agreed that, insofar as it would apply to the Employment, regulation 4(1) of the Working Time Regulations 1998 shall not apply unless the Executive withdraws such agreement by giving to the Company not less than three months prior notice in writing; 

	
 
	
(e)
	
undertakes not to harm the reputation of the Company or any Group Member; 

	
 
	
(f)
	
shall report to the Board his own wrongdoing and any wrongdoing or proposed wrongdoing of any employee or director of the Company or any Group Member immediately on becoming aware of it; 

	
 
	
(g)
	
shall report to the Board: 

	
 
	
(i)
	
the plans of any other senior employee to leave the Company or any Group Member (whether alone or in concert with any other employee); 

	
 
	
(ii)
	
the plans of any other senior employee (whether alone or in concert with any other employee) to join a competitor or to establish a business in competition with the Company or any Group Member; 

	
 
	
(iii)
	
the misuse by any employee of any Confidential Information belonging to the Company or any Group Member; 

	
 
	
(h)
	
shall ensure that he meets the requirements of any regulatory body or any other entity whose consent or approval is required to enable him to undertake any of his duties; and 

	
 
	
(i)
	
shall when requested to do so, fully and promptly give the Board such explanations, information and assistance as it may require relating to the transactions and affairs of the Company and any Group Member of which the Executive shall have knowledge or of which the Executive ought to have knowledge. 

	
4.
	
Place of Employment 

	
4.1
	
The Executive’s place of employment shall be at the offices of the Company at 2-8 Balfe Street, London, N1 9EG or at such other place within the United Kingdom as the Company may reasonably require. 

	
4.2
	
The Executive shall travel to such parts of the world as the Board may direct or authorise. If the Company requires the Executive to work outside the United Kingdom for a period of more than one month it will provide him with written details of any terms and conditions which may apply to that work and to his return to the United Kingdom. 

 

 

	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 4 of 18]

 
	
 

 

 

	
5.
	
Remuneration and Benefits 

	
5.1
	
Salary 

	
 
	
(a)
	
The Executive shall be paid a basic salary of £125,000 per annum for the proper performance of his duties, which shall be subject to deduction of tax and National Insurance contributions. This salary will accrue from day to day and will be payable by equal monthly instalments in arrears on the last Friday of each month and will include any director’s and other fees and emoluments receivable by him as a director of the Company or of any Group Member. 

	
 
	
(b)
	
The basic salary will be reviewed, but need not be increased, by the Board on and with effect from 1 April 2010 and thereafter not less than once in each calendar year. There will be no review of the salary after either party has given notice of termination. 

	
 
	
(c)
	
The Executive will also be entitled to participate in the Company’s discretionary bonus plan from time to time in force. The bonus payable to the Executive under the current plan will be £75,000 per annum and will be subject to prior deductions as required by law. Payment of a bonus in any one year does not guarantee nor create an expectation of any future bonus payments. 

	
 
	
(d)
	
The Executive will not be entitled to receive any additional remuneration for work performed outside normal business hours for the Company. 

	
 
	
(e)
	
One calendar day’s basic salary is 1/365th of the Executive’s annual basic salary. 

	
5.2
	
Details of any benefits that may be introduced by the Company shall be available from the Company secretary. To the extent that any introduced benefits are taxable, the Executive will be responsible for all of those liabilities. 

	
6.
	
Expenses and Receipts 

	
6.1
	
Subject to clause 6.2, the Executive shall be reimbursed all reasonable hotel, travelling, entertainment and other expenses properly incurred by him in the course of the Employment in accordance with the Company’s regulations from time to time. 

	
6.2
	
Reimbursement of expenses incurred by the Executive will only be made on production of valid receipts for such expenses acceptable to the Company. 

	
6.3
	
The Executive must not without the prior written authorisation of the Board directly or indirectly seek, receive or obtain, in respect of the performance of his duties or of any goods or services sold or purchased or other business transacted (whether or not by the Executive) by or on behalf of the Company or any Group Member, any personal benefits, discount, rebate, commission, bribe, kickback or other inducement (“Inducement”) (whether in cash or in kind) which is not expressly authorised by the Company in advance. In the event that the Executive or any person on the Executive’s behalf directly or indirectly receives any such Inducement, the Executive must immediately account to the Company for the amount so received. 

	
7.
	
Pension 

	
7.1
	
The Executive is not eligible for membership of any occupational pension scheme. 

 

	
7.2
	
A contracting-out certificate is not in force in respect of the Executive’s employment. 

	
8.
	
Holidays 

	
8.1
	
The Executive shall in addition to normal public holidays in England and Wales be entitled to 25 working days’ paid holiday during each year commencing on 1 January and pro rata for any shorter period. 

	
8.2
	
The holiday year is from 1 April to 31 March. Up to five days’ holiday entitlement may be carried forward to the following holiday year. Carried forward entitlement must by used by 30 September of the following holiday year, after which it will be forfeited. There shall be no entitlement to pay in respect of accrued but not taken holiday except under clause 8.4. 

	
8.3
	
The times at which annual holidays may be taken are at the discretion of the Company, and not more than two weeks may be taken at any one time without the prior written consent of the Company, which shall not be unreasonably withheld. 

	
8.4
	
On termination of the Employment the Executive shall be entitled to receive a payment representing holiday accrued and as yet untaken on a pro rata basis for the number of completed calendar months he has worked during the current holiday year. For these purposes any paid holiday that has been taken by the Executive (including any paid holiday on public holidays) shall be deemed first to be statutory paid holiday. If the Executive has taken holidays in excess of his accrued entitlement he will be required to refund to the Company a sum representing such unearned holiday. Payments under this clause 8.4 shall be calculated at a rate of 1/260th of annual basic salary payable to the Executive pursuant to clause 5.1 from time to time per day of holiday. 

 

		
	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 5 of 18]

 
	
 

 

 

	
9.
	
Sickness Absence 

	
9.1
	
If the Executive is absent from work due to sickness or injury, he may be entitled to statutory sick pay. Any other payment will be at the discretion of the Company. 

	
9.2
	
In the event of the Executive being absent from work on the grounds of sickness or injury for a continuous period exceeding 10 working days’, the Executive agrees to consent to medical examinations (at the Company’s expense) by a medical practitioner nominated by the Company should the Company so require in relation to such absence. The Executive agrees that any report produced in connection with any such examination may be disclosed to the Company and the Company may discuss the contents of the report with the relevant medical practitioner and otherwise, as appropriate, subject to written confidentiality being agreed by all parties. 

	
9.3
	
Without prejudice to clause 13, if, in the opinion of the Board, the Executive is or has been or may be unable to perform his duties properly by reason of sickness or injury for a period or periods exceeding an aggregate of three months in any 12 month period the Company shall be entitled to terminate the Employment by giving four months’ notice notwithstanding that any entitlement of the Executive to any insurance or assurance benefit, including under the Company’s permanent health insurance scheme, may be lost or diminished. 

	
9.4
	
If the Executive’s absence is caused by the actionable negligence of a third party in respect of which damages are recoverable, then all sums paid by the Company shall constitute loans to the Executive, who shall: 

 

	
 
	
(a)
	
forthwith notify the Company of all the relevant circumstances and of any claim, compromise, settlement or judgment made or awarded as a result of such negligence; 

	
 
	
(b)
	
if the Company so requires, refund to the Company such sum as the Company may determine, not exceeding the lesser of; 

	
 
	
(i)
	
the amount of damages recovered by the Executive under any compromise, settlement or judgment; and 

	
 
	
(ii)
	
the sums advanced to the Executive by the Company in respect of the period of incapacity. 

	
10.
	
Outside Interests 

During the Employment (including without limitation during any period for which clause 13.2 is operated) the Executive shall not (save with the prior written consent of the Board): 

	
 
	
(a)
	
directly or indirectly be engaged, concerned or interested in any capacity in any business, trade or occupation (including without limitation the setting up of any business, trade or occupation) other than that of the Company except as a holder of not more than five per cent of the issued shares or securities of any companies which are listed or dealt in on any recognised stock exchange or market. For this purpose “occupation” shall include any public, private, or charitable work which the Board considers may hinder or interfere with the performance of the Executive’s duties; or 

	
 
	
(b)
	
introduce to any person, firm or company other than any Group Member, or transact for the account of himself or any other person, firm or company other than any Group Member, business of any kind with which the Company is able to deal. 

	
11.
	
Intellectual property 

	
11.1
	
The Executive will promptly disclose and deliver to the Company for the exclusive use and benefit of the Company or any other Group Member full details of any Inventions upon the making, devising or discovering of the same during the Employment, irrespective of whether they were so made, devised or discovered during normal working hours or using the facilities of the Company or any other Group Member. The Executive will, irrespective of the termination of the Employment, give all information and data in his possession as to the exact mode of working, producing and using the same and will also at the expense of the Company give all such explanations, demonstrations and instructions to the Company as the Board may deem appropriate to enable the full and effectual working, production or use of the same. 

	
11.2
	
The Executive will, without additional payment to him (except to the extent provided in Section 40, Patents Act 1977 or any similar provision of applicable law), whether or not during the continuance of the Employment, at the expense of the Company, promptly execute and do all acts, matters, documents and things necessary to enable the Company or its nominee to apply for and obtain any or all applicable Intellectual Property Rights in any or all countries relating to any Inventions or other materials produced by the Executive during the Employment. 

 

 

		
	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 6 of 18]

 
	
 

 

 

	
11.3
	
The Executive: 

	
 
	
(a)
	
will do anything necessary to confirm vesting of title to any or all applicable Intellectual Property Rights (except only to the extent that such Intellectual Property Rights fail to vest in the Company) in any or all countries relating to any Inventions or other materials produced by the Executive during the Employment in the Company or its nominee absolutely; 

	
 
	
(b)
	
with full title guarantee hereby assigns (insofar as title to them does not automatically vest in the Company as a consequence of the Employment) to the Company by way of future assignment all copyrights arising in any original material (including without limitation source code and object code for software) produced by the Executive during the Employment, whether during the normal hours of work of the Company or otherwise or at the premises or using the facilities of the Company or otherwise, being the exclusive right to do and to authorise others to do any and all acts restricted by the Copyright Designs and Patents Act 1988 in relation to such material in the United Kingdom together with copyright in all other countries of the world (and/or any similar rights in countries where such rights exist) for the whole term of such copyright including any extensions or renewals thereof and including the right to sue for damages and other remedies in respect of any infringements of the copyrights in such material or conversion of infringing copies of the material prior to the date of this Agreement to hold unto the Company absolutely; and 

	
 
	
(c)
	
waives all moral rights arising from any such original material so far as the Executive may lawfully do so in favour of the Company and for the avoidance of doubt this waiver shall extend to the licensees and successors in title to the copyright in the said material. 

	
11.4
	
Without prejudice to the generality of Clauses 11.2 and 11.3, the Executive hereby irrevocably and by way of security appoints the Company as his attorney in his stead to do all such things and execute all such documents as may be necessary for or incidental to grant to the Company the full benefit of this Clause. 

	
11.5
	
The Executive will do nothing (whether by omission or commission) during the Employment or at any times thereafter to affect or imperil the validity of any Intellectual Property Rights obtained, applied for or to be applied for by the Company or its nominee. In particular without limitation the Executive shall not disclose the subject matter of any Inventions which may be patentable before the Company has had the opportunity to apply for any patent or patents. The Executive will at the direction and expense of the Company promptly render all assistance within his power to obtain and maintain such Intellectual Property Rights or any application for any extension of them. 

	
11.6
	
Nothing in this Agreement obliges the Company or any Group Member to seek patent or other protection for any Invention or to exploit any Invention. 

	
11.7
	
The Executive agrees to enter into and be bound by an IPR Assignment in the form set out in Appendix 1. 

	
11.8
	
For the purpose of this clause the following words have the following meanings:- 

	
 
	
(a)
	
“Intellectual Property Rights” means copyrights, patents, utility models, trade marks, service marks, design rights (whether registered or unregistered), database rights, semiconductor topography rights, proprietary information rights and all other similar proprietary rights and applications for such rights as may exist anywhere in the world and any applications, extensions and renewals in relation to any of these rights; 

 

	
 
	
(b)
	
“Inventions” means all inventions, improvements, modifications, processes, formulae, models, prototypes and sketches, drawings, plans or specifications for them or other matters which the Executive alone or with one or more others may make, devise or discover during the Employment and which pertain or are actually or potentially useful to the commercial or industrial activities from time to time of the Company or any Group Member or the processes or machinery of the Company or any Group Member for providing the services or making the products of the Company or any Group Member or which pertain to result from or are suggested by any work which the Executive or any employee has done or may do during the Employment for the Company or any Group Member; 

	
12.
	
Confidentiality 

	
12.1
	
The Executive acknowledges that during the Employment (and possibly also prior to its commencement) the Executive will have access to and be entrusted with information in respect of the technology, business and financing of the Company and that of its clients, customers, suppliers, agents and business associates and likewise in relation to Group Members that amounts to a trade secret, is confidential or is commercially sensitive (the “Confidential Information”). Confidential Information includes by way of example only 

	
 
	
(a)
	
know-how, technical designs, drawings, diagrams or specifications relating to the systems, products or services of the Company or any of its clients, customers, suppliers, agents, business associates or Group Members; 

 

		
	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 7 of 18]

 
	
 

 

 

	
 
	
(b)
	
details of current activities and current and future business strategies and tactics including (without limitation) those relating to property consultancy, services, management, advertising, sales and marketing, the acquisition or disposal of a company or business or part thereof or any proposed expansion or contraction of activities; 

	
 
	
(c)
	
the research and development of new compounds, systems, products or services; 

	
 
	
(d)
	
external consultants, contractors and suppliers and their services, designs, production and delivery capabilities; 

	
 
	
(e)
	
clients and details of their particular requirements and businesses and the terms of business with them; 

	
 
	
(f)
	
details of employees and officers of the Company or any Group Member and of the remuneration and other benefits paid to them; 

	
 
	
(g)
	
costings, profit margins, discounts, rebates, pricing, payment and credit policies and other financial information and procedures and systems for the foregoing whether of the Company or of any client, customer, supplier, agent or business associate of the Company; and 

	
 
	
(h)
	
any document or intangible material clearly marked ‘confidential’, information which the Executive is told is confidential or any other information of a private, confidential or secret nature concerning the Company or any Group Member and any information which has been given to the Company or any Group Member in confidence by clients, customers, suppliers, agents, business associates or other persons. 

 

	
12.2
	
The Executive shall keep secret and shall not use or disclose to any person any of the Confidential Information other than for the proper performance of the Executive’s duties or as directed by the Company or through any failure to exercise due care and diligence, cause any unauthorised disclosure of Confidential Information to any person. 

	
12.3
	
Without prejudice to clause 17; clause 12.1 and the restrictions contained in clause 12.2 shall also apply after termination of the Employment for whatever reason. 

	
12.4
	
Clause 12.1 and the restrictions contained in clause 12.2 shall not apply to any Confidential Information to the extent that the Executive: 

	
 
	
(a)
	
can demonstrate was: 

	
 
	
(i)
	
known to the Executive prior to the commencement of the Employment; or 

	
 
	
(ii)
	
is in the public domain, 

other than as a result of a breach of clauses 12.1 and 12.2 or breach of an analogous provision by any person, including other employees of the Company; or 

	
 
	
(b)
	
is required to disclose by any court or regulatory body of competent jurisdiction. 

	
12.5
	
All notes, memoranda, samples and other documents and materials (in whatever form) containing Confidential Information or otherwise relating to the business of the Company or any Group Member (whether created or acquired by the Executive or otherwise) shall be: 

	
 
	
(a)
	
the property of the Company or the relevant Group Member; and 

	
 
	
(b)
	
surrendered by the Executive to the Company or the relevant Group Member (or irretrievably deleted by the Executive where incapable of surrender) at the termination of the Employment or at the request of the Company or the relevant Group Member at any time during the course of the Employment. 

	
12.6
	
Nothing in this agreement shall prevent the Executive following termination of the Employment from using information which becomes part of his professional skill and knowledge and which does not include any Confidential Information of the Company. 

	
13.
	
Termination 

	
13.1
	
Notice of Termination 

	
 
	
(a)
	
Either party may terminate the Employment by giving to the other four months’ notice in writing. 

	
 
	
(b)
	
The Executive’s retirement age is 65 and, subject to any legal obligation on the Company to consider extending the Employment past that age. the Employment will terminate on the date the Executive reaches that age. 

 

 

		
	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 8 of 18]

 
	
 

 

 

	
13.2
	
If written notice is given by the Executive or by the Company to terminate the Employment or in circumstances where the Executive has purported to resign without giving due notice the Company may, subject to clause 13.3: 

	
 
	
(a)
	
require the Executive to perform such duties as the Board may direct; 

	
 
	
(b)
	
require the Executive to perform no duties; 

	
 
	
(c)
	
require the Executive not to have any communication with any Counterparty or Prospective Counterparty of the Company (as defined in clause 17.1) or any Group Member in relation to the business of the Company or any Group Member: 

	
 
	
(d)
	
require the Executive not to contact or have any communication with any employee, officer, director, agent or consultant of the Company or of any Group Member in relation to the business of the Company or any Group Member; and 

	
 
	
(e)
	
require the Executive not to remain or become involved in any respect with the business of the Company or any Group Member except as required by such Group Member or Company, 

and in each case the Company will continue to pay the Executive salary and provide all other benefits arising under this agreement during the period of notice except that notwithstanding any other terms of this agreement bonus or other performance related benefits shall not accrue. During such period of notice, the Executive shall remain an employee of the Company and bound by the terms of his contract of employment. The periods for which the restrictions in clause 17 apply shall be reduced by any period that the Executive has been excluded pursuant to this clause 13.2. 

	
13.3
	
The Company may in its sole and absolute discretion terminate the Executive’s employment forthwith at any time (whether or not notice to terminate has already been given) by paying the Executive a lump sum equal to his basic salary, bonus and benefits (as at the Termination Date) in accordance with clause 5.1 in lieu of any required notice or balance of such notice, together with any accrued but untaken holiday pay entitlement pursuant to clause 8. 

	
13.4
	
Where the Company terminates this agreement otherwise than in accordance with the provisions of clause 13.2 or 13.3 (subject always to the provisions of clause 13.6) the Executive shall not be entitled to enforce any claim as a contractual debt or as liquidated damages and his sole remedy will be a claim in damages and any such damages to which the Executive may be entitled shall be calculated in accordance with ordinary common law principles including those relating to mitigation of loss. 

	
13.5
	
The Executive hereby irrevocably authorises the Company to appoint such person in his place and on his behalf to do all such things and execute all such documents which he is obliged to execute and do under this agreement (including without limitation those documents which may be necessary for, or incidental to, his resignation from office and transfer of shares). 

	
13.6
	
Notwithstanding clauses 13.1 and 9.3, the Company shall be entitled to terminate the Employment summarily by written notice and without any payment in lieu of notice (but without prejudice to the rights and remedies of the Company for any breach of this agreement and to the Executive’s continuing obligations under this agreement): 

 

	
 
	
(a)
	
if the Executive commits any serious or wilful or (after warning) persistent breach or breaches of any express or implied term of his employment or refuses or neglects to comply with any reasonable direction of the Company; 

	
 
	
(b)
	
if the Board has reason to believe that the Executive has committed any criminal offence or been guilty of any dishonesty or serious misconduct in each case whether during the performance of his duties or otherwise which in the opinion of the Board renders the Executive unfit to continue as an executive of the Company; 

	
 
	
(c)
	
if the Board has reason to believe the Executive has done anything which would be likely adversely to prejudice the reputation or interests of the Company or any Group Member for which the Executive has performed duties during the Employment; 

	
 
	
(d)
	
if the Executive shall petition for a bankruptcy order or have a bankruptcy order made against him or take the benefit of any legislation for the relief of insolvent debtors or make any composition with his creditors or shall become prohibited by law from being a director or taking part in the management of the Company whether under the Company Directors Disqualification Act 1986 or any statutory modification or re-enactment thereof for the time being in force or otherwise; 

	
 
	
(e)
	
if the Executive has, in the opinion of the Board, failed to perform his duties to a standard satisfactory to the Board, after having received a written warning from the Company relating to the same; or 

 

		
	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 9 of 18]

 
	
 

 

 

	
 
	
(f)
	
if the Executive fails or ceases to meet the requirements of, or is guilty of a serious breach of the rules of, any regulatory body or any other entity whose consent or approval is required to enable the Executive to undertake all or any of his duties or if the warranties by the Executive at clause 2 are found to be misleading or incorrect. 

	
14.
	
Suspension 

If the Company has reason to suspect that any one or more of the events set out in clause 13.6 has occurred or if the Company has reason to suspect the Executive has acted or omitted to act in a manner which amounts to misconduct, the Company may suspend the Executive on such terms as to payment of salary and other benefits or otherwise as the Company may think fit pending further investigations PROVIDED THAT in the event of any such suspension being made the Executive shall have the right to terminate his employment forthwith by notice in writing to the Company. 

	
15.
	
Grievance, Disciplinary and Dismissal Procedure 

	
15.1
	
If the Executive has any grievance relating to the Employment he should raise the matter with the Chairman of the Company in writing and he should state the basis for the grievance. The Executive will be invited to a meeting to discuss the matter. After the meeting, the Chairman will respond to the Employee as soon as practicable. If the matter is not then settled the Executive may submit an appeal in writing to the Board. An appeal meeting will be convened and the Executive will be invited to attend. The Executive will be given a written response as soon as practicable thereafter. The appeal decision will be final. This policy does not form part of the Executive’s contract of employment. 

 

	
15.2
	
A copy of the disciplinary rules and procedures of the Company can be obtained from the Company secretary. They do not form part of the Executive’s contract of employment. 

	
16.
	
Duties upon Termination 

Upon termination of the Employment for whatever reason or after notice having been served at the request of the Company the Executive shall immediately: 

	
 
	
(a)
	
hand over to the Company all documents, books, materials, records, correspondence, papers and information (on whatever media and wherever located) relating to the business of the Company or any Group Member, any magnetic discs on which information relating to the business is stored and any keys, credit cards and other property of the Company or any Group Member (including in particular any car provided to the Executive) which may be in his possession, custody, care or control and shall provide a signed statement that he has complied fully with the terms of this clause; 

	
 
	
(b)
	
irretrievably delete any confidential information relating to the business of the Company or any Group Member stored on any magnetic or optical disc or memory and all matter derived therefrom which is in his possession, custody, care or control outside the premises of the Company and shall produce such evidence of compliance with this sub-clause as the Company may require; 

	
 
	
(c)
	
comply with the provisions of clauses 13.5 and 13.6 of this agreement, and 

	
 
	
(d)
	
provide a signed statement that he has complied fully with his obligations under this clause 16. 

	
17.
	
Restrictions 

Definitions 

	
17.1
	
For the purposes of this clause the following words have the following meanings: 

	
 
	
(a)
	
“Counterparty” means any supplier, client, customer, person, firm, company or other entity whatsoever. 

	
 
	
(i)
	
who or which is an investor in the Company at the Termination Date or who or which invested in the Company at any time in the period of 12 months immediately preceding the Termination Date; 

	
 
	
(ii)
	
who or which had regular dealings with the Company in connection with or arising out of the business of the Company at the Termination Date or at any time in the period of 12 months immediately preceding the Termination Date (and shall include without limitation any person, company, or other entity with whom there was an actual arrangement for a joint venture with the Company or an arrangement for the provision of goods or services to, by, or in conjunction with the Company), 

	
 
	
(iii)
	
who or which is a client or customer of the Company at the Termination Date or who or which was a client or customer of the Company at any time in the period of 12 months immediately preceding the Termination Date; 

 

		
	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 10 of 18]

 
	
 

 

 

and in each case: 

	
 
	
(iv)
	
with whom or with which the Executive had material dealings in the course of the Employment; 

	
 
	
(v)
	
of or about whom the Executive acquired confidential information as set out in clause 11 or trade secrets or material knowledge or material information in the course of the Employment, or 

	
 
	
(vi)
	
with whom or with which any employee who was under the direct or indirect supervision of the Executive had material dealings in the course of his employment, 

at any time in the period of 12 months immediately preceding the Termination Date; 

	
 
	
(b)
	
“Prospective Counterparty” means any supplier, client, customer, person, firm, company or other entity whatsoever with whom or with which the Company shall during the 12 months immediately preceding the Termination Date have had negotiations or discussions regarding: 

	
 
	
(i)
	
possible investment in the Company; 

	
 
	
(ii)
	
having regular dealings with the Company in connection with or arising out of the business of the Company, 

and in each case: 

	
 
	
(iii)
	
with whom or which during such period the Executive shall have had material dealings in the course of the Employment; 

	
 
	
(iv)
	
of whom or which during such period the Executive shall have acquired Confidential Information or trade secrets or material knowledge or material information in the course of the Employment; or 

	
 
	
(v)
	
with whom or which during such period any employee who was under the direct or indirect supervision of the Executive had material dealings in the course of his employment, 

during the period of 12 months immediately preceding the Termination Date; 

	
 
	
(c)
	
“Restricted Area” means the United Kingdom, the United States of America, the Republic of South Africa and each country within the European Union in respect of which the Company or any Group Member has or is planning to have material business operations as at the Termination Date; 

	
 
	
(d)
	
“Restricted Business” means the business of the Group including but not limited to the design, manufacture, production or research of online technology platforms and related software and equipment but limited to the activities with which the Executive was concerned or involved in the course of his employment during the 12 month period immediately prior to the Executive ceasing to be employed or for which the Executive has been responsible during such period; 

 

	
 
	
(e)
	
“Restricted Person” means any person who is employed at the Termination Date or has at any time in the period of six months prior to the Termination Date been: 

	
 
	
(i)
	
employed by the Company; or 

	
 
	
(ii)
	
engaged as a consultant to the Company; 

and in either case in a senior executive or a senior technical or senior advisory capacity in the Restricted Business and who was known to or worked with the Executive during that period. 

	
17.2
	
The Executive shall not either personally or by an agent and either on his own account or for or in association with any other person directly or indirectly for a period of four months after the Termination Date: 

	
 
	
(a)
	
carry on or be employed, engaged or interested in any capacity in either any business which as at the Termination Date is competitive with a Restricted Business within a Restricted Area or any business, which as at the Termination Date is reasonably considered to be planning to compete or has taken any active steps to compete with a Restricted Business within a Restricted Area; 

	
 
	
(b)
	
in competition with the Company, in respect of Restricted Business, solicit business from or canvass or entice away or endeavour to solicit business from, or canvass or entice away any Counterparty or Prospective Counterparty; 

 

		
	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 11 of 18]

 
	
 

 

 

	
 
	
(c)
	
in competition with the Company, in respect of Restricted Business, have any business dealings with, any Counterparty or Prospective Counterparty: 

	
 
	
(d)
	
interfere or take such steps as may be likely to interfere with the continuance of supplies to the Company in respect of the Restricted Business (or the terms relating to such supplies) from any Counterparty or Prospective Counterparty or seek to damage the relationship between any such person and the Company; 

	
 
	
(e)
	
solicit or induce or endeavour to solicit or induce any person who, on the Termination Date, was a Restricted Person to cease working for or providing services to the Company, whether or not any such person would thereby commit a breach of contract; or 

	
 
	
(f)
	
employ or otherwise engage in Restricted Business any person who, on the Termination Date was a Restricted Person. 

	
17.3
	
Nothing in this clause 17 shall prevent the Executive from being engaged in or by. or participating in, any business or entity to the extent that any of the Executive’s activities for such business or entity shall relate solely to: 

	
 
	
(a)
	
geographical locations in which the business or entity does not compete or seek to compete with the Company In the Restricted Business; and 

	
 
	
(b)
	
matters of a type with which the Executive was not materially concerned in the 12 months immediately preceding the Termination Date. 

 

	
17.4
	
If the Executive receives an offer to be employed or engage in a business concern during the Employment, the Executive shall give the person making the offer a copy of this clause 17. 

	
17.5
	
Group Members 

	
 
	
(a)
	
The provisions of clauses 17.1 to 17.3 inclusive shall apply equally where, during the period of six (6) months prior to the Termination Date, the Executive was engaged in or responsible for the business of any Group Member (each of which Group Member is hereinafter called “Relevant Company”). 

	
 
	
(b)
	
In addition to the covenants given by him in clauses 17.1 to 17.3 above the Executive hereby covenants with the Company (which for the purposes of this paragraph shall act as trustee for each Relevant Company) in relation to each of the clauses 17.1 to 17.3 inclusive as if every reference therein to the Company was a reference to the Relevant Company and the definitions of “Counterparty”, “Prospective Counterparty”, “Restricted Business” and “Restricted Person” in clause 17.1 apply with the substitution of the “Relevant Company” for the Company. 

	
18.
	
Data Protection 

	
18.1
	
The Executive agrees that personal data (other than sensitive personal data) relating to him and to his employment with the Company may to the extent that it is reasonably necessary in connection with his employment or the business of the Group in any jurisdiction: 

	
 
	
(a)
	
be collected and held (in hard copy and computer readable form) and processed by the Company; and 

	
 
	
(b)
	
be disclosed or transferred to other employees of the Company or any other Group Member and their employees; any other persons as may be reasonably necessary; and as otherwise required or permitted by law. 

	
18.2
	
The Executive agrees that the Company may process sensitive personal data relating to him, including medical details and details of gender, race and ethnic origin. Personal data relating to gender, race and ethnic origin will be processed by the Company only for the purpose of monitoring any equal opportunities policy the Company may operate, with a view to enabling equal opportunities to be promoted and maintained. The Executive agrees that the Company may disclose or transfer such sensitive personal data to other persons if it is required or permitted by law to do so or, in the case of personal data relating to gender, race or ethnic origin, for the purpose of monitoring or enabling the monitoring of any equal opportunity policy of the Company. 

	
18.3
	
The Executive consents to the transfer and disclosure of personal data as set out above which shall apply regardless of the country to which the data is to be transferred whether within or outside the European Economic Area. Where the disclosure or transfer is to a person resident outside the European Economic Area, the Company shall take reasonable steps to ensure that the Executive’s rights and freedoms in relation to the processing of the relevant personal data are adequately protected. 

 

		
	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 12 of 18]

 
	
 

 

 

	
18.4
	
The Company may, from time to time, monitor the Executive’s use of the internet and of email communications received, created, stored, sent or forwarded by the Executive on equipment provided by the Company to the Executive for the performance of his duties where reasonably necessary to check facts relevant to the business, ensure compliance with Company policies and procedures and investigate or detect unauthorised use of the Company system. 

 

	
19.
	
Notices 

	
19.1
	
Any notice or other written communication given under or in connection with this agreement shall be delivered personally or sent by pre-paid recorded delivery or registered post or by facsimile. 

	
19.2
	
The address for service of the Company shall be its registered office marked for the attention of the managing director and in the case of the Executive shall be his address stated in this agreement or if any other permanent address has previously been notified to the Company to the address so notified. 

	
19.3
	
Any notice or other written communication shall be deemed to have been served: 

	
 
	
(a)
	
if delivered personally, at the time of delivery; 

	
 
	
(b)
	
in the case of pre-paid recorded delivery or registered post, 48 hours from the time of posting; 

	
 
	
(c)
	
if sent by facsimile message, at the time of transmission (if sent during normal business hours, that is 9.30 to 17.30 local time) in the place from which it was sent or (if not sent during such normal business hours) at the beginning of the next Business Day in the place from which it was sent. 

	
19.4
	
In proving service it shall be sufficient to prove that personal delivery was made, or that such notice or other written communication was properly addressed stamped and delivered into the custody of the postal authority as a recorded delivery or registered post or in the case of a facsimile message that an activity or other report from the sender’s facsimile machine can be produced in respect of the notice or other written communication showing the recipient’s facsimile number and the number of pages transmitted. 

	
20.
	
Deductions 

For the purposes of the Employment Rights Act 1996 the Executive consents to the deduction from any sum otherwise payable to the Executive by reason of the Employment (or its termination) the value of any claim of whatever nature and in whatever capacity that the Company may have against the Executive, including but not limited to: 

	
 
	
(a)
	
overpayment of wages or expenses; 

	
 
	
(b)
	
loans or advances on wages which the Company may from time to time make to the Executive; and 

	
 
	
(c)
	
the cost of repairing any damage or loss to the Company’s property caused by the Executive. 

 

	
21.
	
Third Party Rights 

No term of this agreement is enforceable pursuant to the Contracts (Rights of Third Parties) Act 1999 by any person who is not a party to it. 

	
22.
	
Miscellaneous 

	
22.1
	
Save as expressly provided in this agreement no term or provision of this agreement shall be varied or modified by any prior or subsequent statement, conduct or act of any party. The Company and the Executive may amend this agreement only by letter or written instrument signed by both the Company and the Executive. 

	
22.2
	
The headings to the clauses and any underlining in this agreement and in any schedule are for ease of reference only and shall not form any part of this agreement for the purposes of construction or interpretation. 

	
22.3
	
Subject to any other agreements pertaining to the Executive’s rights as a shareholder of the Company remaining in force, this agreement sets out the entire agreement and understanding between the Company and the Executive and between any Group Member and the Executive and supersedes all prior agreements, understandings or arrangements whether oral or written or implied in connection with the Employment save only for any terms implied by law. The Executive acknowledges and warrants that he is not entering into this agreement in reliance on any representation not expressly set out in this agreement. 

 

		
	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 13 of 18]

 
	
 

 

 

	
22.4
	
If at any time any term or provision in this agreement shall be held to be illegal, invalid or unenforceable, in whole or in part, under any rule of law or enactment, such term or provision or part shall to that extent be deemed not to form part of this agreement, but the enforceability of the remainder of this agreement shall not be affected. 

	
23.
	
Law and Jurisdiction 

This agreement shall be governed by and construed in accordance with the law of England and Wales and each party to this agreement submits to the non-exclusive jurisdiction of the courts of England and Wales. 

 

		
	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 14 of 18]

 
	
 

 

 

Intellectual Property Assignment 

THIS DEED dated  22 December 2009                   is made between: 

PARTIES 

	
(1)
	
NEIL MURRAY (the “Assignor”); and 

	
(2)
	
MIMECAST LIMITED whose registered office is at 2-8 Balfe Street, London, N1 9EG (company registration number 04698693) (the “Assignee”). 

RECITALS 

	
(A)
	
The Assignor is the Chief Technology Officer of the Assignee. 

	
(B)
	
The Assignor has agreed to assign to the Assignee all of its intellectual property rights in the Assigned IPR on the terms set out below. 

WHEREBY IT IS AGREED as follows: 

	
l.
	
INTERPRETATION 

The definition in this clause applies in this agreement. 

“Assigned IPR” means the Founder IPR; 

“Founder IPR” means all Intellectual Property Rights that are owned by the Assignor and which were created or acquired in connection with any Group Company or the business of any Group Company; 

“Group Company” means the Assignee, any subsidiary of the Assignee, any holding company of the Assignee and any subsidiary of such holding company as at the date of this agreement; 

“Intellectual Property Rights” means patents, rights to inventions, copyright and related rights, trade marks, trade names and proprietary rights in domain names, rights in get-up, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs, rights in computer software, database rights, rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications (and rights to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or forms of protection or rights or forms of protection having an equivalent effect, which subsist or will subsist, now or in the future, in any part of the world; 

	
2.
	
ASSIGNMENT 

	
2.1
	
In consideration of the sum of £1 exclusive of value added tax (receipt of which the Assignor hereby acknowledges), the Assignor hereby assigns (insofar as such rights are owned by the Assignor and title to them has not already automatically vested in the Assignee as a consequence of the Assignor’s employment by the Assignee) to the Assignee the following rights: 

 

	
 
	
2.1.1
	
all Intellectual Property Rights in the Assigned IPR; 

	
 
	
2.1.2
	
all rights in any unregistered trade marks used by any Group Company; 

	
 
	
2.1.3
	
all rights to bring any proceedings and obtain any remedy in respect of any infringement of the Assigned IP, irrespective of when such infringement occurred or occurs; 

	
 
	
2.1.4
	
all rights to claim priority from any of the Assigned IPR; and 

	
 
	
2.1.5
	
all rights to any continuations, continuations in part, divisions, extensions, amendments, conversions, reissues, re-examinations, renewals or restorations of the Assigned IPR. 

	
3.
	
PROCEEDINGS 

The Assignor agrees and undertakes to provide to the Assignee (at its request) and at the cost and expense of the Assignee all reasonable assistance with any proceedings which may be brought by or against the Assignee against or by any third party relating to the rights assigned by this agreement. 

	
4.
	
WARRANTIES 

The Assignor warrants that, at the date of this agreement: 

	
 
	
4.1.1
	
the Assignor is the sole owner of all Intellectual Property Rights in the Assigned IPR; 

 

		
	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 15 of 18]

 
	
 

 

 

	
 
	
4.1.2
	
with the exception of any licence or assignment of rights in the Assigned IPR that the Assignor has granted to any Group Company the Assignor has not licensed or assigned or otherwise encumbered any rights in the Assigned IPR to any third party in any part of the world; and 

	
 
	
4.1.3
	
so far as the Assignor is aware: 

	
 
	
4.1.3.1
	
the Assigned IPR does not infringe the statutory or common law rights of any third party; and 

	
 
	
4.1.3.2
	
no third party is infringing the statutory or common law rights in the Assigned IPR.u 

	
5.
	
FURTHER ASSURANCE 

The Assignor shall at the cost and expense of the Assignee do or procure to be done ail such further acts and things, and execute or procure the execution of all such other documents, as the Assignee may from time to time reasonably require in order to give the Assignee the full benefit of this agreement, whether in connection with any registration of title or other similar right or otherwise. 

 

	
6.
	
WAIVER OF MORAL RIGHTS 

The Assignor, being the sole author of the Assigned IPR, waives absolutely his moral rights arising under Chapter 4 of the Copyright, Designs and Patents Act 1988 and, so far as is legally possible, any broadly equivalent rights he may have in any territory of the world. 

	
7.
	
GOVERNING LAW AND JURISDICTION 

	
7.1
	
This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales. 

	
7.2
	
The parties irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims). 

AS WITNESS the hands of the parties hereto or their duly authorised agents the day and year first above written. 

 

	
SIGNED as a DEED and DELIVERED by NEIL MURRAY in the

presence of:
	
)

)        /s/ Neil Murray                                                               

)

	
 

	
witness signature                                                          

	
 

	
witness name                                                                  

	
 

	
witness address                                                              

	
 

	
witness occupation                                                          

	
 
	
 

	
EXECUTED and DELIVERED as a DEED By MIMECAST LIMITED
	
)      /s/ Christopher Fitzgerald                                                  

) Director

)

	
 
	
)       /s/ Peter Campbell                                                             

) Director/Secretary

 

 

		
	
[10.2.2] [Neil Murray Services Agreement 120710.pdf] [Page 16 of 18]

 
	
 

 

 

DATED: June 12, 2015 

MIMECAST LIMITED 

and 

NEIL MURRAY 

 

DEED OF AMENDMENT 

 

 

	
5 New Street Square | London EC4A 3TW

Tel +44 (0)20 7300 7000 

Fax +44 (0)20 7300 7100

DX 41 London

www.taylorwessing.com
	

 

		
	
[10.2.4] [Murray - Deed of Amendment.pdf] [Page 1 of 3]
	
 

 

 

THIS AGREEMENT is made on June 12, 2015 

BETWEEN 

	
(1)
	
MIMECAST LIMITED whose registered office is at 2-8 Balfe Street, London N1 9EG (company registration number 04698693) (the “Company”); and 

	
(2)
	
NEIL MURRAY (the “Executive”). 

INTRODUCTION 

The service agreement between the Executive and the Company dated 22 December 2009 (the “Agreement”) contains the terms and conditions relevant to the Executive’s employment by the Company and it is agreed by the parties that the Agreement be amended as set out in clause 1 of this deed. 

	
1.
	
Operative Provisions 

	
1.1
	
Clause 5.1 (a) of the Agreement is amended so that the Executive shall be paid a basic salary of £170,000 per annum for the proper performance of his duties, which shall be subject to deduction of tax and National Insurance contributions. 

	
1.2
	
Clause 5.1 (c) of the Agreement is amended so that the bonus payable to the Executive under the current plan will be up to £85,000 per annum and will be subject to prior deductions as required by law. 

	
1.3
	
All other provisions of the Agreement remain unaffected by this deed. 

	
1.4
	
This deed is governed by and shall be construed in accordance with the laws of England and Wales. 

IN WITNESS whereof this Agreement has been executed the day and year first above written. 

		
	
[10.2.4] [Murray - Deed of Amendment.pdf] [Page 2 of 3]
	
 

 

 

 

	
 
	
 

	
EXECUTED as a deed
	
)

	
by the Company by:
	
)

	
 
	
)

	
 
	
/s/ Peter Campbell                                

	
 
	
Director

	
In the presence of:

	
 

	
Witness:  /s/ Illegible                                         

	
 

	
Name:     Illegible

	
 

	
Address: Illegible

	
 
	
 

	
EXECUTED as a deed by the Executive
	
)

	
 
	
)

	
 
	
)

	
 
	
)

	
 
	
/s/ Neil Murray                                     

	
 
	
The Executive

	
in the presence of:
	
 

	
 
	
 

	
Witness:  /s/ Illegible                                         
	
 

	
 
	
 

	
Name:      
	
 

	
 
	
 

	
Address: 
	
 

 

 

		
	
2

	
[10.2.2] [Murray - Deed of Amendment.pdf] [Page 3 of 3]mime-ex1023_737.htm

 

Exhibit 10.23 

EMPLOYMENT AGREEMENT 

This Agreement is made and entered into by and between Mimecast North America, Inc. (the “Company”), a Delaware corporation with its principal place of business at Waltham, Massachusetts, and Peter Campbell (the “Executive”) as of June 12, 2015 (the “Effective Date”). 

WHEREAS, the Executive has served as the Chief Financial Officer of the Company’s parent, Mimecast Limited, a company organized under the laws of England and Wales (the “Parent”), and of the subsidiaries of the Parent (collectively with the Parent and the Company, the “Group,” and each of them a “Group Member”) pursuant to a Service Agreement between the Parent and the Executive dated as of December 22, 2009 (the “Service Agreement”); and 

WHEREAS, the Executive and the Company wish to memorialize their agreement that the Executive shall continue to serve as the Chief Financial Officer of the Group but shall be employed by the Company. 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions and conditions set forth in this Agreement, the Executive and the Company hereby agree: 

1. Employment. Subject to the terms and conditions set forth in this Agreement, the Company hereby offers, and the Executive hereby accepts, employment. 

2. Term. Subject to earlier termination as hereinafter provided, the Executive’s employment shall commence on the Effective Date on an “at will” employment basis, and shall continue until terminated pursuant to Section 5 hereof (the “Term”). 

3. Capacity and Performance. 

(a) During the Term, the Executive shall serve as the Chief Financial Officer of the Group. The Executive shall report to the Board of Directors of the Parent (the “Board”). In addition, and without further compensation, the Executive shall serve as a director and/or officer of one or more of the Group Members if so elected or appointed from time to time. 

(b) During the Term, the Executive shall be employed by the Company on a full-time basis, shall work primarily from the Company’s offices in Massachusetts and shall perform the duties and responsibilities of his position and such other duties and responsibilities on behalf of the Group as reasonably may be designated from time to time by the Board. During the Term, the Executive shall undertake such business, travel, both domestic and international, as is necessary for the proper performance of his duties to the Group. 

(c) During the Term, the Executive shall devote his full business time and his best efforts, business judgment, skill and knowledge exclusively to the advancement of the business and interests of the Company and the Group and to the discharge of his duties and responsibilities hereunder. The Executive shall not engage in any other business activity or serve in any industry, trade, professional, governmental or academic position during the Term of this Agreement, except as may be expressly approved in advance by the Board in writing. 

 

(d) During the Term, the Executive shall: 

(i) Not take any action that would harm the reputation of any Group Member; 

(ii) Report to the Board his own material wrongdoing and any material wrongdoing or proposed material wrongdoing of any employee or director of any Group Member (whether alone or in concert with any other employee); 

(iii) Report to the Board: 

(A) the plans of any other senior employee of any Group Member to leave his or her employment; 

(B) the plans of any other senior employee of any other Group Member to compete with the business of the Group or of any Group Member; or 

(C) the misuse by any employee of any Group Member of any Confidential Information or any Intellectual Property; 

(iv) Ensure that he meets the requirements of any regulatory body or any other entity whose consent or approval is required to enable him to undertake any of his duties hereunder; and 

(v) When requested to do so, fully and promptly give the Board such explanations, information and assistance as it may require relating to the transactions and affairs of any Group Member of which the Executive shall have knowledge or of which the Executive ought to have knowledge. 

 

4. Compensation and Benefits. As compensation for all services performed by the Executive during the Term and subject to the Executive’s performance of his duties and obligations to the Company and the Group, pursuant to this Agreement or otherwise, the Company shall provide the Executive with the following compensation and benefits: 

(a) Base Salary. The Company shall pay the Executive a base salary at the rate of Two Hundred and Eighty -Five Thousand Dollars ($285,000.00) per annum, payable in accordance with the payroll practices of the Company for its executives (such base salary, as from time to time adjusted, the “Base Salary”). The Base Salary shall be reviewed not less than once in each calendar year and shall be subject to adjustment by the Board, acting in its sole discretion. 

(b) Incentive and Bonus Compensation. The Executive shall be eligible to be considered for a bonus annually during the Term. The amount of the bonus shall be fifty percent (50%) of Base Salary, based on its assessment, in its discretion, of the Executive’s performance and that of the Company against appropriate and reasonably obtainable goals established annually by the Compensation Committee of the Board after consultation with the Executive (the “Bonus”). Any Bonus paid to the Executive shall be in addition to the Base Salary. Any Bonus due to the Executive hereunder will be payable not later than two and one-half months following the close of the fiscal year for which the Bonus was earned or as soon as administratively practicable in accordance with Section 7 of the Agreement. 

 

(c) Vacations. During the Term, the Executive shall be entitled to earn vacation at the rate of twenty-five (25) days per year. The vacation year shall be from April 1 to March 31. Up to fifteen (15) days’ earned but unused vacation may be carried forward from one vacation year to the following vacation year, provided that such carried forward vacation must be used by September 30 of such following vacation year. The Executive may take vacation at the discretion of the Board, and not more than two weeks may be taken at any one time without the prior written consent of the Board, which shall not be unreasonably withheld. Upon termination of employment, the Executive shall be entitled to receive payment for the number of days of vacation earned but not used (including any days carried over from the prior vacation year). Vacation shall otherwise be governed by the policies of the Company, as in effect from time to time. 

(d) Other Benefits. During the Term hereof, the Executive shall be entitled to participate in any and all Employee Benefit Plans from time to time in effect for employees of the Company generally, except to the extent any such Employee Benefit Plan is in a category of benefit otherwise provided to the Executive (e.g., a severance pay plan). Such participation shall be subject to the terms of the applicable plan documents and generally applicable Company policies. The Company may alter, modify, add to or delete its Employee Benefit Plans at any time as it, in its sole judgment, determines to be appropriate, without recourse by the Executive. For purposes of this Agreement, “Employee Benefit Plan” shall have the meaning ascribed to such term in Section 3(3) of ERISA, as amended from time to time. 

(e) Business Expenses. The Company shall pay or reimburse the Executive for all reasonable business expenses incurred or paid by the Executive in the performance of his duties and responsibilities hereunder, subject to any maximum annual limit and other restrictions on such expenses set by the Company and to such reasonable substantiation and documentation as may be specified by the Company from time to time. Reimbursement to the Executive for expenses eligible for reimbursement shall be paid to the Executive not later than thirty (30) days following the presentation of the required substantiation and documentation. 

5. Termination of Employment and Severance Benefits. The Executive’s employment hereunder shall terminate prior to the expiration of the Term under the following circumstances: 

(a) Death. In the event of the Executive’s death during the Term hereof, the Executive’s employment hereunder shall immediately and automatically terminate. In such event, the Company shall pay to the Executive’s designated beneficiary or, if no beneficiary has been designated by the Executive in writing, to his estate, (i) any Base Salary earned but not paid during the final payroll period of the Executive’s employment through the date of termination, (ii) any pro-rata Bonus earned but not paid during the final payroll period of the Executive’s employment through the date of termination; (iii) pay for any vacation time earned but not used through the date of termination, and (iv) any business expenses incurred by the Executive but un-reimbursed on the date of termination, provided that such expenses and required substantiation and documentation are submitted within sixty (60) days of termination, that such expenses are reimbursable under Company policy and that any such expenses subject to the last sentence of Section 4(e) shall be paid not later than the deadline specified therein (all of the foregoing, “Final Compensation”). Any Base Salary, pro-rata Bonus and accrued vacation payable to the Executive shall be payable on the next regular Company payroll date following the Executive’s death. The Company shall have no further obligation to the Executive hereunder. 

 

(b) Disability. 

(i) The Company may terminate the Executive’s employment hereunder, upon one hundred twenty (120) days’ notice to the Executive, in the event that the Executive becomes disabled during his employment hereunder through any illness, injury, accident or condition of either a physical or psychological nature and, as a result, is unable to perform substantially all of his duties and responsibilities hereunder, notwithstanding the provision of any reasonable accommodation, for ninety (90) days during any period of three hundred and sixty-five (365) consecutive calendar days. Upon the termination of the Executive’s employment as a result of disability, the Company shall have no further obligation to the Executive, other than for Final Compensation, which shall be paid to the Executive in accordance with Section 5(a). 

-2-

(ii) The Board may designate another employee to act in the Executive’s place during any period of the Executive’s disability or during the notice period provided in Section 5(b)(i). Notwithstanding any such designation, the Executive shall continue to receive the Base Salary in accordance with Section 4(a) and benefits in accordance with Section 4(d), to the extent permitted by the then-current terms of the applicable benefit plans, until the Executive becomes eligible for disability income benefits under any disability income plan of the Company or until the termination of his employment, whichever shall first occur. 

(iii) While receiving disability income payments under any disability income plan of the Company, the Executive shall not be entitled to receive any Base Salary under Section 4(a) hereof, but shall continue to participate in Company benefit plans in accordance with Section 4(d) and the terms of such plans, until the termination of his employment. 

(iv) If any question shall arise as to whether during any period the Executive is disabled through any illness, injury, accident or condition of either a physical or psychological nature so as to be unable to perform substantially all of his duties and responsibilities hereunder, the Executive may, and at the request of the Company shall, submit to a medical examination by a physician selected by the Company to whom the Executive or his duly appointed guardian, if any, has no reasonable objection to determine whether the Executive is so disabled and such determination shall for the purposes of this Agreement be conclusive of the issue. If such question shall arise and the Executive shall fail to submit to such medical examination, the Company’s determination of the issue shall be binding on the Executive. 

(c) By the Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause at any time upon four (4) months written notice to the Executive setting forth in reasonable detail the nature of such Cause. The following, as determined by the Board in its reasonable judgment, shall constitute Cause for termination: 

 

(i) The Executive’s significant failure to perform (other than by reason of disability), or material negligence in the performance of, his duties and responsibilities to any Group Member that, if susceptible of cure, is not cured within thirty (30) days following notice of such failure from the Board; 

(ii) Material breach by the Executive of any provision of this Agreement or any other agreement with any Group Member that, if susceptible of cure, is not cured within ten (10) days following notice of such breach from the Board; 

(iii) Other conduct by the Executive that could reasonably be expected to be harmful to the business, interests or reputation of any Group Member; 

(iv) The Executive’s commission of any criminal offense or any act of dishonesty or any serious misconduct of any nature, in each case whether during the performance of his duties or otherwise, that in the opinion of the Board renders the Executive unfit to continue as an executive of the Group; 

(v) The Executive’s being disqualified to take part in the management of any Group Member pursuant to applicable law; 

(vi) The Executive’s due to his failure to meet the requirements of, or his breach of the rules of, any regulatory body whose consent or approval is required to enable the Executive to undertake all or any of his duties; or 

(vii) The Executive’s repeated failure to perform his duties to a standard satisfactory to the Board after being provided a written warning from the Board setting forth in reasonable detail the nature of such failure that, if susceptible of cure, is not cured within ten (10) days following notice of such failure from the Board. 

The Executive’s employment shall terminate hereunder upon the expiration of four (4) months from the delivery of the notice of termination for Cause described in this Section 5(c) and the expiration of any applicable cure period without cure by the Executive. In the event of termination of the Executive pursuant to this Section 5(c), the Board may elect to waive the period of notice, or any portion thereof, and, if the Board so elects, the Company will pay the Executive his Base Salary, pro-rata Bonus and Company-paid medical and dental benefits for the period so waived as part of his Final Compensation. Upon the termination of the Executive’s employment for Cause, Final Compensation shall be paid to the Executive in accordance with Section 5(a). In addition to Final Compensation and provided that no benefits are payable to the Executive under a separate severance agreement as a result of such termination, the Company shall continue to pay the Executive the Base Salary, pro-rata Bonus and Company-paid medical and dental benefits until the expiration of six (6) months following the date of termination (the “Severance”). Any such Severance payout shall be inclusive of any payment in lieu of notice due to Executive as provided above. Any obligation of the Company to provide the Severance is conditioned, however, on the execution and delivery to the Company by the Executive of a timely and effective release of claims in the form provided by the Company by the deadline specified therein, all of which (including the lapse of any period for revoking the Release of Claims as specified in the Release of Claims) shall have occurred no later than thirty (30) calendar day following the date of termination (any such release submitted by such deadline, the “Release of Claims”). Subject to Section 7 below, any Severance to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company for its executives, with the first payment, which shall be retroactive to the day immediately following the date the Executive’s employment terminated, being due and payable on the Company’s next regular payday for executives that follows the expiration of thirty (30) calendar days from the date the Executive’s employment terminates. 

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(d) By the Company Other than for Cause or Disability. The Company may terminate the Executive’s employment hereunder other than for Cause or disability at any time upon four (4) months written notice to the Executive. Upon the termination of the Executive’s employment other than for Cause or disability, the Company shall provide the Executive with his Final Compensation, which shall be paid to the Executive in accordance with Section 5(a). In the event of termination of the Executive pursuant to this Section 5(d), the Board may elect to waive the period of notice, or any portion thereof, and, if the Board so elects, the Company will pay the Executive his Base Salary, pro-rata Bonus and Company-paid medical and dental benefits for the period so waived as part of his Final Compensation. In addition to Final Compensation and provided that no benefits are payable to the Executive under a separate severance agreement as a result of such termination, the Company shall continue to pay the Executive the Severance (as defined in Section 5(c) above). Any such Severance payout shall be inclusive of any payment in lieu of notice due to Executive as provided above. Any obligation of the Company to provide the Severance is conditioned, however, on the execution and delivery to the Company by the Executive of a timely and effective release of claims in the form provided by the Company by the deadline specified therein, all of which (including the lapse of any period for revoking the Release of Claims as specified in the Release of Claims) shall have occurred no later than thirty (30) calendar day following the date of termination (any such release submitted by such deadline, the “Release of Claims”). Subject to Section 7 below, any Severance to which the Executive is entitled hereunder shall be payable in accordance with the normal payroll practices of the Company for its executives, with the first payment, which shall be retroactive to the day immediately following the date the Executive’s employment terminated, being due and payable on the Company’s next regular payday for executives that follows the expiration of thirty (30) calendar days from the date the Executive’s employment terminates. 

(e) By the Executive. The Executive may terminate his employment hereunder at any time upon one hundred twenty (120) days’ notice to the Company, unless such termination would violate any obligation of the Executive to the Company under a separate severance agreement. In the event of termination of the Executive pursuant to this Section 5(e), the Board may elect to waive the period of notice, or any portion thereof, and, if the Board so elects, the Company will pay the Executive his Base Salary for the period so waived as part of his Final Compensation. Upon the termination of the Executive’s employment by the Executive, the Company shall have no further obligation to the Executive, other than for Final Compensation, which shall be paid to the Executive in accordance with Section 5(a). 

(f) In the event the Executive’s employment with the Company is terminated for any reason, the Executive agrees to tender his resignation from the Board of Directors and any other board or officer positions held with the Company or its affiliates, effective no later than the date of termination, or at such other mutually agreeable time. Nothing in this paragraph shall limit or otherwise change the at-will nature of the Executive’s employment by the Company. 

 

6. Effect of Termination. The provisions of this Section 6 shall apply to any termination of the Executive’s employment hereunder: 

(a) Payment by the Company of Final Compensation and any Severance that may be due under Section 5 shall constitute the entire obligation of the Company to the Executive hereunder. 

(b) Except for any right of the Executive to continue medical and dental plan participation in accordance with applicable law, benefits shall terminate pursuant to the terms of the applicable benefit plans based on the date of termination of the Executive’s employment without regard to any payment of Severance or other payment to the Executive following such date of termination. 

(c) Provisions of this Agreement shall survive any termination if so provided herein or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation the obligations of the Executive under Sections 8, 9 and 10 hereof. The obligation of the Company to make payments to or on behalf of the Executive under Section 5(d) hereof is expressly conditioned upon the Executive’s continued full performance of obligations under Sections 8, 9 and 10 hereof. The Executive recognizes that, except as expressly provided in Section 5(d), no compensation is earned after termination of employment. 

7. Timing of Payments and Section 409A Compliance. Notwithstanding any provision to the contrary in this Agreement, if Executive is deemed by the Employer at the time of Executive’s termination to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon termination set forth herein and/or under any other agreement with the Employer are deemed to be “deferred compensation”, then to the extent delayed commencement of any portion of such payments is required in order to avoid a prohibited distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation under Section 409A, such payments shall not be provided to Executive prior to the earlier of (i) the expiration of the six-month period measured from the Date of Termination or (ii) such earlier date as permitted under Section 409A without the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this paragraph shall be paid in a lump sum to Executive, and any remaining payments due shall be paid as otherwise provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred. 

8. Confidential Information. 

(a) The Executive acknowledges that the Group Members continually develop Confidential Information, that the Executive has and will continue to develop Confidential Information for the Company and other Group Members and that the Executive has and will continue to learn of Confidential Information during the course of employment. The Executive will comply with the policies and procedures of the Company and other Group Members for protecting Confidential Information and shall not 

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disclose to any Person or use, other than as required by applicable law or for the proper performance of his duties and responsibilities to the Group Members, any Confidential Information obtained by the Executive incident to his employment or other association with the Group Members. The Executive understands that this restriction shall continue to apply after his employment terminates, regardless of the reason for such termination. The confidentiality obligation under this Section 8 shall not apply to information which is generally known or readily available to the public at the time of disclosure or becomes generally known through no wrongful act on the part of the Executive or any other Person having an obligation of confidentiality to the Group Members. 

(b) All documents, records, tapes and other media of every kind and description relating to the business, present or otherwise, of the Group Members and any copies, in whole or in part, thereof (the “Documents”), whether or not prepared by the Executive, shall be the sole and exclusive property of the Group Members. The Executive shall safeguard all Documents and shall surrender to the Company at the time his employment terminates, or at such earlier time or times as the Board or its designee may specify, all Documents then in the Executive’s possession or control. 

(c) Upon the termination of the Executive’s employment for any reason, or upon the request of the Board, the Executive shall permanently delete any Confidential Information or Document stored on any medium under the Executive’s control and disclose any and all passwords necessary or desirable to access information of any kind stored on the information systems of the Company or any other Group Member. 

9. Assignment of Rights to Intellectual Property. The Executive shall promptly and fully disclose all Intellectual Property to the Company. The Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) the Executive’s full right, title and interest in and to all Intellectual Property. The Executive agrees to execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further assurance or confirmation) requested by the Company to assign the Intellectual Property to the Company and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. The Executive will not charge the Company for time spent in complying with these obligations. All copyrightable works that the Executive creates shall be considered “work made for hire” and shall, upon creation, be owned exclusively by the Company. 

10. Restricted Activities. 

(a) The Executive acknowledges that he is bound by certain obligations to the Parent and the other Group Members pursuant to Article 17 of the Service Agreement and that such obligations shall remain in full force and effect in accordance with their terms during his employment by the Company hereunder (the “Existing Obligations.”). 

(b) In addition to the Existing Obligations, the Executive agrees that the following restrictions on his activities during and after his employment hereunder are necessary to protect the good will, Confidential Information, trade secrets and other legitimate interests of the Group Members: 

 

(i) During the Term, the Executive will not undertake any outside activity, whether or not competitive with the business of any Group Member that could reasonably give rise to a conflict of interest or otherwise interfere with his duties and obligations to the Group Members. 

(ii) During the Term and for six (6) months after his employment terminates (the “Restricted Period”), the Executive shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with any Group Member within any geographic area in which such Group Member does business or undertake any planning for any business competitive with any Group Member. Specifically, but without limiting the foregoing, the Executive agrees not to engage in any manner in any activity that is directly or indirectly competitive or potentially competitive with the business of any Group Member as conducted or under consideration at any time during the Executive’s employment and further agrees 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 any Group Member for which the Executive has provided services, as conducted or in planning during his employment. Restricted activity includes without limitation accepting employment or a consulting position with any Person who is, or at any time within twelve (12) months prior to termination of the Executive’s employment has been, a customer of any Group Member. For the purposes of this Section 10, the business of any Group Member shall include all Products and the Executive’s undertaking shall encompass all items, products and services that may be used in substitution for Products. The foregoing, however, shall not prevent the Executive’s passive ownership of two percent (2%) or less of the equity securities of any publicly traded company. 

(iii) During the Restricted Period, the Executive will not directly or indirectly (a) solicit or encourage any customer of any Group Member to terminate or diminish its relationship with them; or (b) seek to persuade any such customer or prospective customer of any Group Member to conduct with anyone else any business or activity which such customer or prospective customer conducts or could conduct with the Company or any Group Member; provided that these restrictions shall apply (1) only with respect to those Persons who are or have been a customer of such Group Member at any time within the immediately preceding twelve (12) month period or whose business has been solicited on behalf of the Company or any Group Member by any of their officers, employees or agents within said twelve (12) month period, other than by form letter, blanket mailing or published advertisement, and (2) only if the Executive has performed work for such Person, or been introduced to, or otherwise had contact with, such Person as a result of his employment or other associations with any Group Member, or has had access to Confidential Information which would assist in the Executive’s solicitation of such Person. 

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(iv) During the Restricted Period, the Executive will not, and will not assist any other Person to, (a) hire or solicit for hiring any employee of any Group Member or seek to persuade any employee of any Group Member to discontinue employment or (b) solicit or encourage any independent contractor providing services to any Group Member to terminate or diminish its relationship with them. For the purposes of this Agreement, an “employee” of any Group Member is any person who was such at any time within the preceding twelve (12) months. 

 

11. Enforcement of Covenants. The Executive acknowledges that he has carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed upon him pursuant to Sections 8, 9 and 10 hereof. The Executive agrees without reservation that each of the restraints contained herein is necessary for the reasonable and proper protection of the good will, Confidential Information, trade secrets and other legitimate interests of the Group Members; that each and every one of those restraints is reasonable in respect to subject matter, length of time and geographic area; and that these restraints, individually or in the aggregate, will not prevent him from obtaining other suitable employment during the period in which the Executive is bound by these restraints. The Executive further agrees that he will never assert, or permit to be asserted on his behalf, in any forum, any position contrary to the foregoing. The Executive further acknowledges that, were he to breach any of the covenants contained in Sections 8, 9 or 10 hereof, the damage to each affected Group Member would be irreparable. The Executive therefore agrees that each Group Member, in addition to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or threatened breach by the Executive of any of said covenants, without having to post bond and to recover its reasonable attorneys’ fees and costs incurred in securing such relief. The Executive understands that his position and/or responsibilities within the Company may change during the course of his employment. Notwithstanding those possible changes, the Executive understands and agrees that the provisions of and, in particular, Section 8, 9 and 10 hereof, shall remain in full force and effect. The Executive agrees that the Restricted Period shall be tolled, and shall not run, during any period of time in which he is in violation of the terms thereof, in order that the Group Members shall have all of the agreed-upon temporal protection recited herein. The parties further agree that, in the event that any provision of Section 8, 9 or 10 hereof shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, such provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law. 

12. Conflicting Agreements. The Executive hereby represents and warrants that the execution of this Agreement and the performance of his obligations hereunder will not breach or be in conflict with any other agreement to which the Executive is a party or is bound and that the Executive is not now subject to any covenants against competition or similar covenants or any court order or other legal obligation that would affect the performance of his obligations hereunder. The Executive will not disclose to or use on behalf of the Company any proprietary information of a third party without such party’s consent. 

13. Definitions. Words or phrases which are initially capitalized or are within quotation marks shall have the meanings provided in this Section and as provided elsewhere herein. For purposes of this Agreement, the following definitions apply: 

(a) “Confidential Information” means any and all information of any Group Members that is not generally known by those with whom such Group Member competes or does business, or with whom such Group Member plans to compete or do business and any and all information, publicly known in whole or in part or not, which, if disclosed by any Group Members would assist in competition against them. Confidential Information includes without limitation such information relating to (i) the development, research, testing, manufacturing, marketing and financial activities of the Group Members, (ii) the Products, (iii) the costs, sources of supply, financial performance and strategic plans of the Group Members, (iv) the identity and special needs of the customers of the Group Members and (v) the people and organizations with whom the Group Members have business relationships and the nature and substance of those relationships. Confidential Information also includes any information that the any Group Member has received, or may receive hereafter, belonging to customers or others with any understanding, express or implied, that the information would not be disclosed. 

(b) “Intellectual Property” means inventions, discoveries, developments, methods, processes, compositions, works, concepts and ideas (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by the Executive (whether alone or with others, whether or not during normal business hours or on or off Company premises) during the Executive’s employment that relate to either the Products or any prospective activity of any Group Member or that make use of Confidential Information or any of the equipment or facilities of any Group Member. 

(c) “Person” means an individual, a corporation, a limited liability company, an association, a partnership, an estate, a trust and any other entity or organization, other than the Group Members. 

(d) “Products” mean all products planned, researched, developed, tested, manufactured, sold, licensed, leased or otherwise distributed or put into use by any Group Member, together with all services provided or planned by any Group Member, during the Executive’s employment. 

14. Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law. 

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15. Assignment. Neither the Company nor the Executive may make any assignment of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement without the consent of the Executive in the event that the Executive is transferred to a position with any of the Group Members or in the event that the Parent or the Company shall hereafter effect a reorganization, consolidate with, or merge into, any Person or transfer all or substantially all of its properties or assets to any Person. This Agreement shall inure to the benefit of and be binding upon the Company and the Executive, their respective successors, executors, administrators, heirs and permitted assigns. 

16. Severability. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

 

17. Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 

18. Notices. Any and all notices, requests, demands and other communications provided for by this Agreement shall be in writing and shall be effective when delivered in person, consigned to a reputable national or international courier service or deposited in the United States mail, postage prepaid, registered or certified, and addressed to the Executive at his last known address on the books of the Company or, in the case of the Company, at its principal place of business, attention of the Chair of the Board, or to such other address as either party may specify by notice to the other actually received. 

19. Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior communications, agreements and understandings, written or oral, with respect to the terms and conditions of the Executive’s employment except only the Existing Obligations, any provisions of the Service Agreement necessary or desirable to enforcement of the Existing Obligations, and the Executive’s rights and obligations with respect to the securities of the Parent, all of which shall remain in full force and effect in accordance with their terms. 

20. Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by an expressly authorized representative of the Company. 

21. Headings. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement. 

22. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. 

23. Governing Law. This Agreement is made pursuant to and shall be governed by the laws of the State of Delaware, without regard to its rules regarding conflict of laws. The parties each irrevocably waive any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement. 

 

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IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument by the Company, by its duly authorized representative, and by the Executive, as of the Effective Date first above written. 

 

	
THE EXECUTIVE:
	
 
	
THE COMPANY

	
 
	
 
	
 

	
    /s/ Peter Campbell
	
 
	
By:
	
 
	
/s/ Illegible

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
Title:
	
 
	
General Counsel

 

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