Document:

exv10w2

EXHIBIT
10.2

SEVERANCE AGREEMENT

          This Severance Agreement (the “Agreement”), entered into effective July 8, 2008, is between
American Pacific Corporation, a Delaware corporation having its principal place of business at 3883
Howard Hughes Parkway, Suite 700, Las Vegas, Nevada 89169 (the “Company”), and Dana M. Kelley, an
individual residing at the address set forth below her signature at the end of this Agreement and
currently the Company’s Vice President, Chief Financial Officer and Treasurer (“Executive”)
(collectively, “the parties”).

      1. Severance Benefits

          Unless Executive’s employment is terminated for Cause or by death or Disability (as defined
below), if the Company terminates Executive’s employment:

          (a) The Company, in an attempt to ease Executive’s transition, and upon receipt of a mutually
satisfactory release of potential claims against the Company, shall pay Executive all compensation
due and owing through the last day actually worked, and shall continue to pay to Executive, in
accordance with the Company’s then effective payroll practices, Executive’s then effective base
salary (but not any employee benefits), less applicable withholding, for a period of three (3)
years from the date the employment relationship with the Company terminates (the “Termination
Date”); provided, however, that such payments by the Company shall be offset, during the third year
following the Termination Date, by income paid to Executive by another employer other than the
Company, which income Executive shall promptly report to the Company. For the avoidance of doubt,
for purposes of this Section 1(a), base salary shall not include any perquisites or similar
benefits provided to Executive prior to the Termination Date, including, without limitation, any
automobile allowance, club membership or right to use aircraft otherwise provided by the Company
for the use by the Company’s executives.

          (b) If Executive elects to convert her Company group health coverage under COBRA, the Company
will pay Executive’s COBRA premiums until the earlier of (1) the eighteenth (18th) month
anniversary of the Termination Date or (2) Executive becomes covered by another employer’s group
health plans.

          (c) All shares of restricted stock granted to Executive, all unexercised options to purchase
Company common stock and any other equity awards of the Company, in each case that are unvested at
the time of such termination of employment of Executive, shall become, immediately prior to the
Termination Date, fully vested and, as applicable, exercisable.

          (d) The payments and benefits described in this Section 1 shall be conditioned upon
Executive’s continued compliance with the material obligations described in this Agreement. Should
Executive violate any such obligations, as determined by the Company in good faith, all further
payment obligations shall cease.

     2. Other Terminations

          (a) Termination by Company for Cause. At any time, and without prior notice, the Company may
terminate Executive’s employment for Cause (as defined below). In such case, the Company shall pay
Executive all compensation then due and owing; thereafter, all of the Company’s obligations under
this Agreement shall cease. Termination for “Cause” shall mean termination of Executive’s
employment because of Executive’s (i) involvement in fraud, misappropriation or embezzlement
related to the business or property of the Company and/or its subsidiaries or affiliates; (ii)
conviction for, or guilty or “no contest” plea to, a felony; and/or (iii) a pattern of failure to
substantially perform her duties to the Company, provided, however, that if such Cause is
reasonably curable, the Company shall not terminate Executive’s employment unless the Company first
gives notice of its intention to terminate and the grounds of such termination, and Executive has
not, within thirty (30) days following receipt of such notice, cured such Cause, to the
satisfaction of the Company.

          (b) Termination by Executive. At any time, Executive may terminate her employment with the
Company for any reason, for any or no reason, by providing the Company thirty (30) days’ advance
written notice. The Company shall have the option, in its complete discretion, to make such
termination of employment effective at any

 

 

time prior to the end of such notice period, provided that the Company pays Executive all
compensation due and owing through the last day actually worked, plus an amount equal to the then
effective base salary, less applicable withholding, Executive would have earned through the balance
of the above notice period; thereafter, all of the Company’s obligations under this Agreement shall
cease.

          (c) Termination by Death. If Executive shall die while still an employee of the Company,
Executive’s employment with the Company shall be deemed to have terminated upon the date of death
of Executive. The Company shall pay to Executive’s beneficiaries or estate, as appropriate,
compensation then due and owing as of the date of death, and shall continue to pay Executive’s
salary and benefits (to the extent consistent with the terms of the relevant benefit plan), through
the second full month after Executive’s death. As of the date of death, all unvested stock options
or other equity awards granted to Executive to the date of death shall become fully vested and, as
applicable, exercisable, and may be exercised by the appropriate representative of Executive’s
estate. Thereafter, all obligations of the Company under this Agreement shall cease. Nothing in
this Section 2(c) shall affect any entitlement of Executive’s heirs to the benefits of any life
insurance, vested funds in plans governed by provisions of state or federal laws, including but not
limited to 401(k), deferred compensation, pension, or other similar employee benefit plans.

          (d) Termination by Disability. If, in the sole opinion of the Company, Executive shall suffer
a Disability (as defined below), and, to the extent permitted by law, the Company shall terminate
Executive’s employment, the Company shall pay to Executive all compensation to which Executive is
entitled through the last day of the month in which Executive has been determined to have a
Disability, and, thereafter, there shall be no other obligations of the Company under this
Agreement. Nothing in this Section 2(d) shall affect Executive’s rights under any disability plan
in which she is a participant. For purposes of this Agreement, “Disability” shall mean (i)
Executive’s inability to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than twelve (12) months, or (ii) Executive’s
receipt, by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, of income replacement benefits for a period of not less than three (3) months
under an accident and health plan covering employees of the Company.

     3. Termination of Employment Following Corporate Transition

          (a) Corporate Transition Defined. For purposes of this Agreement, a “Corporate Transition”
shall include any of the following transactions to which the Company is a party: (A) a merger or
consolidation in which the Company is not the surviving entity and securities representing more
than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities
are transferred to a holder different from those who held such securities immediately prior to such
merger; (B) the sale, transfer or other disposition of all or substantially all of the assets of
the Company in liquidation or dissolution of the Company; (C) any reverse merger in which the
Company is the surviving entity but in which securities representing more than fifty percent (50%)
of the total combined voting power of the Company’s outstanding securities are transferred to a
holder(s) different from those who held such securities immediately prior to such merger; or (D)
any cash dividend paid by the Company that, in the aggregate with all other dividends paid in any
twelve month period, is greater than the combined earnings of the Company for the Company’s two
fiscal years prior to such dividend payment date. In addition, a Corporate Transition shall also
include a “Change in Control” as such term is defined in the Company’s 2008 Stock Incentive Plan.
None of the foregoing events, however, shall be considered a Corporate Transition under this
Agreement unless the event also qualifies as a change in the ownership or effective control of the
Company, or a change in the ownership of a substantial portion of the assets of the Company, under
Section 409A(a)(2)(A)(v) of the Internal Revenue Code of 1986, as amended, the regulations
thereunder, and any other published interpretive authority, as issued or amended from time to time.
Except as provided otherwise in this Section 3, in the event of a Corporate Transition, the
provisions of Section 1 and Section 2(b) above shall not apply.

          (b) Acceleration of Vesting at Time of Corporate Transition. Should a Corporate Transition
take place, all unvested shares of restricted stock granted to Executive, all unvested and
unexercised options to purchase Company stock granted to Executive, and all other unvested equity
awards under the 2008 Stock Incentive Plan or

Page 2 of Exhibit 10.2

 

similar employee benefit plan, in each case at the time of the Corporate Transition, shall
become, immediately prior to such Corporate Transition, fully vested and, as applicable,
exercisable.

          (c) Severance Benefits in the Event of Termination Following Corporate Transition. In the
event of Executive’s termination, other than for Cause or by death or Disability, following a
Corporate Transition, and upon receipt of a mutually satisfactory release of potential claims
against the Company and any successor, Executive shall be entitled to the payments and benefits
described in Sections 1(a) and 1(b) above. Such payments and benefits shall be conditioned upon
Executive’s continued compliance with the material obligations described in this Agreement. Should
Executive violate any such obligations, as determined by the Company in good faith, all further
obligations shall cease.

     4. Termination Obligations

          (a) Return of Company’s Property. Executive hereby acknowledges and agrees that all personal
property, including, without limitation, all books, manuals, records, reports, notes, contracts,
lists, blueprints, and other documents, or materials, or copies thereof, and equipment, furnished
to or prepared by Executive in the course of or incident to Executive’s employment, belong to the
Company and shall be promptly returned to the Company upon termination of Executive’s employment.

          (b) Representations and Warranties Survive Termination of Employment. The representations and
warranties contained herein shall survive termination of Executive’s employment and expiration of
this Agreement.

          (c) Cooperation in Pending Work. Following termination of Executive’s employment with the
Company for any reason, Executive shall fully cooperate with the Company in all matters relating to
the winding up of pending work on behalf of the Company and the orderly transfer of work to other
employees of the Company. Executive shall also cooperate in the defense of any litigation, whether
judicial or administrative, brought by any third party against the Company that relates in any way
to Executive’s knowledge, acts or omissions or duties while employed by the Company. If Executive’s
cooperation in the defense of any such action requires more than ten (10) hours of Executive’s
time, Executive and the Company shall agree on appropriate remuneration for Executive’s time and
expenses.

          (d) Noncompetition. Executive acknowledges and agrees that during her employment with the
Company, she has had, and will have, access to Confidential Information (as defined below) and the
activities forbidden by this subsection would necessarily involve the improper use and disclosure
of this Confidential Information. To forestall this use or disclosure, Executive agrees that during
the period described in Section 1(a) or Section 3(c) when payments to Executive are being made, or
for two years after the termination of Executive for Cause or by Disability, Executive shall not,
directly or indirectly, (i) divert or attempt to divert from the Company (or any affiliate thereof)
any business of any kind in which the Company (or any affiliate thereof) is engaged; (ii) employ or
recommend for employment any person employed by the Company (or any affiliate thereof); or (iii)
engage in any business activity that is competitive with the Company (or any affiliate thereof) in
any state where the Company can demonstrate its intention to conduct business, unless Executive can
prove that any of the above actions was done without the use of Confidential Information. In
addition to the above restrictions on competitive activity, and regardless of whether any use of
Confidential Information is involved, Executive agrees that during the payment period referred to
in Section 1(a) or 3(c) Executive shall not, directly or indirectly, (i) solicit any customer of
the Company (or any affiliate thereof) known to Executive (while she was employed by the Company)
to have been a customer with respect to products or services competitive with products or services
offered by the Company; or (ii) solicit for employment any person employed by the Company (or any
affiliate thereof).

          (e) Restriction on Use of Proprietary and Confidential Information. Following termination of
employment with the Company for any reason, Executive shall neither, directly or indirectly, use
any Proprietary Information (as defined below) nor disclose any Confidential Information (as
defined below), except as expressly and specifically authorized in writing by the Company. The
disclosure or publication, whether to an individual employed by the Company or not, of any
Proprietary Information, through literature, speeches or discussion, must be approved in advance in
writing by the Company.

Page 3 of Exhibit 10.2

 

          (f) Proprietary and Confidential Information Defined. “Proprietary Information” is all
information and any idea in whatever form, tangible or intangible, pertaining in any manner to the
business of the Company and its subsidiaries and affiliates, or any of their employees, clients,
consultants, or business associates, which was produced by any employee of the Company or its
subsidiaries or affiliates, in the course of his or her employment or otherwise produced or
acquired by or on behalf of the Company or its subsidiaries or affiliates. All Proprietary
Information not generally known outside of the Company’s organization, and all Proprietary
Information so known only through improper means, shall be deemed “Confidential Information.”
Without limiting the foregoing definition, Proprietary and Confidential Information shall include,
but not be limited to: (i) formulas, teaching and development techniques, processes, trade secrets,
computer programs, electronic codes, inventions, improvements, and research projects; (ii)
information about costs, profits, markets, and sales; (iii) customer lists, records of customer
services, usages and requirements, sketches and diagrams of the Company’s or customers’ facilities,
and similar records; (iv) business, marketing, and strategic plans; and (v) employee personnel
files and compensation information. All information disclosed to Executive or to which Executive
obtains access during Executive’s employment with the Company, or to which Executive obtains access
by reason of her employment by the Company, that Executive has a reasonable basis to believe is or
may be Confidential Information, shall be presumed to be Confidential Information. Executive
should consult any Company procedures instituted to identify and protect certain types of
Confidential Information, which are considered by the Company to be safeguards in addition to the
protection provided by this Agreement. Nothing contained in those procedures or in this Agreement
is intended to limit the effect of the other.

     5. 409A Provisions

          This Agreement is intended to comply with the provisions of Section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), and shall be construed accordingly; provided,
however, that the Company makes no representation that the amounts or benefits payable under this
Agreement will comply with Code Section 409A and makes no undertaking to prevent Code Section 409A
from applying to any amounts or benefits payable under this Agreement, or to mitigate its effects
on any amounts or benefits payable under this Agreement. The payment of any amounts or benefits
under this Agreement shall be delayed to the extent necessary to comply with Section
409A(a)(2)(B)(i) of the Code (relating to payments made to certain “specified employees” of certain
publicly-traded companies) and in such event, any such amount to which Executive would otherwise be
entitled during the six (6) month period immediately following her termination of employment will
be paid on the first business day following the expiration of such six (6) month period. For all
purposes under this Agreement, “Termination Date”, “termination of employment” and “terminate(s)”
shall mean the occurrence of a “separation from service” as that term is defined in Code Section
409A(a)(2)(A)(i) and Treas. Regs. Section 1.409A-1(h), and as amplified by any other official
guidance.

     6. Notices

          All notices or other communications required or permitted hereunder shall be made in writing
and shall be deemed to have been duly given if delivered by hand or mailed, postage prepaid, by
certified or registered mail, return receipt requested, and addressed to the Company:

American Pacific Corporation

Attention: Chief Executive Officer

3883 Howard Hughes Parkway, Suite 700

Las Vegas, Nevada 89169

and addressed to Executive at Executive’s address as set forth on the signature page to this
Agreement.

          Executive and the Company shall be obligated to notify the other party of any change in
address. Notice of a change of address shall be effective only when made in accordance with this
Section 6.

     7. Entire Agreement

Page 4 of Exhibit 10.2

 

          This Agreement is intended to be the final, complete, and exclusive statement of the terms of
Executive’s rights to severance from the Company. Except for any stock option agreements, this
Agreement supersedes all other prior and contemporaneous agreements and statements pertaining in
any manner to its subject matter and it may not be contradicted by evidence of any prior or
contemporaneous statements or agreements. To the extent that the practices, policies, or procedures
of the Company, now or in the future, apply to Executive and are inconsistent with the terms of
this Agreement, the provisions of this Agreement shall control.

     8. Amendments, Waivers

          This Agreement and the terms and conditions herein may not be modified, amended, or waived
except by an instrument in writing, signed by Executive and by the Company’s Chief Executive
Officer pursuant to authorization of the Board of Directors or the Corporate Governance Committee
thereof (or such other committee of the Board of Directors acting as the compensation committee of
the Board of Directors). No failure to exercise and no delay in exercising any right, remedy, or
power under this Agreement shall operate as a waiver thereof, nor shall any single or partial
exercise of any right, remedy, or power under this Agreement preclude any other or further exercise
thereof, or the exercise of any other right, remedy, or power provided herein or by law or in
equity.

     9. Assignment; Successors and Assigns

          Executive agrees that she will not assign, sell, transfer, delegate or otherwise dispose of,
whether voluntarily or involuntarily, or by operation of law, any rights or obligations under this
Agreement, nor shall Executive’s rights be subject to encumbrance or the claims of creditors. Any
purported assignment, transfer, or delegation shall be null and void. Nothing in this Agreement
shall prevent the consolidation of the Company with, or its merger into, any other corporation or
other legal entity, or the sale by the Company of all or substantially all of its properties or
assets, or the assignment by the Company of this Agreement and the performance of its obligations
hereunder to any successor in interest. In the event of a change in ownership or control of the
Company, the terms of this Agreement will remain in effect and shall be binding upon any successor
in interest. Notwithstanding and subject to the foregoing, this Agreement shall be binding upon
and shall inure to the benefit of the parties and their respective heirs, legal representatives,
successors, and permitted assigns, and shall not benefit any person or entity other than those
enumerated above.

     10. Severability; Enforcement

          If any provision of this Agreement, or the application thereof to any person, place, or
circumstance, shall be held by a court of competent jurisdiction to be invalid, unenforceable, or
void, the remainder of this Agreement and such provisions as applied to other persons, places, and
circumstances shall remain in full force and effect.

     11. Governing Law

          The validity, interpretation, enforceability, and performance of this Agreement shall be
governed by and construed in accordance with the law of the State of Nevada.

     12. Arbitration

          Any claim or controversy between Executive and the Company or its successor arising under or
in connection with this Agreement shall be settled by arbitration in accordance with the then
current Employment Dispute Resolution Rules of the American Arbitration Association and shall be
the exclusive remedy for all arbitrable claims. The Company and Executive agree that arbitration
shall be held in or near Clark County, Nevada, before an arbitrator licensed to practice law in the
State of Nevada. The arbitrator shall have authority to award or grant legal, equitable, and
declaratory relief. Such arbitration shall be final and binding on the parties. The Federal
Arbitration Act shall govern the interpretation and enforcement of this section pertaining to
arbitration.

          This Agreement to arbitrate shall survive termination of Executive’s employment with the
Company.

Page 5 of Exhibit 10.2

 

          In any dispute arising under or in connection with this Agreement, the prevailing party shall
be entitled to recover all costs and reasonable attorney’s fees.

          In the event Executive elects to file suit over a dispute covered by this Section 12, the
Company shall have the option to seek an order from any court of competent jurisdiction, or proceed
to defend the case filed by Executive, who agrees herein to waive trial by jury and proceed to a
trial by judge without jury.

     13. Acknowledgment of Parties

          The parties acknowledge (a) that they have consulted with or have had the opportunity to
consult with independent counsel of their own choice concerning this Agreement, and (b) that they
have read and understand the Agreement, are fully aware of its legal effect, and have entered into
it freely based on their own judgment and not on any representations or promises other than those
contained in this Agreement.

     14. Execution of Agreement

          This Agreement may be signed by the parties hereto in counterparts, each of which shall be
deemed an original and all of which, together, shall constitute one and the same agreement.

Page 6 of Exhibit 10.2

 

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

	 	 	 	 	 
	 	AMERICAN PACIFIC CORPORATION

 	 
	 	/s/ JOHN R. GIBSON
 	 
	 	Name:  	John R. Gibson 	 
	 	Title:  	Chairman & CEO 	 
	 
	 	 	 
	 	/s/ DANA M. KELLEY
 	 
	 	Name:  	Dana M. Kelley 	 
	 	Address:  	260 West Kimberly Drive

Henderson, NV 89015 	 
	 

Page 7 of Exhibit 10.2exv10w1

Exhibit 10.1

CONTRAT DE TRAVAIL

Entre les soussignés :

EMPLOYMENT CONTRACT

Between the undersigned:

	 	•	 	La société THALES E-TRANSACTIONS S.A., (« la
Société »)
	 
	 	•	 	URSSAF no 780 540 1161450010117
dont le siège social est situé
	 
	 	•	 	5 rue Latécoère — 78140 VELIZY VILLACOUBLAY
	 
	 	•	 	Représentée par Martine AUBRY
agissant en qualité de Directeur Général

	 	•	 	THALES E-TRANSACTIONS S.A., (« the
Company »)
	 
	 	•	 	URSSAF no. 780 540 1161450010117 which
registered office is located
	 
	 	•	 	5 rue Latécoère — 78140 VELIZY VILLACOUBLAY
	 
	 	•	 	Represented by Martine AUBRY
acting in the capacity as General Manager

D’une part, et

On the one part, and

	 	•	 	M Henry GAILLARD (« le Salarié » ou « le titulaire
du présent contrat »)
	 
	 	•	 	Né le 28 Juillet 1960
	 
	 	•	 	A CAHORS (46)
	 
	 	•	 	N° de sécurité sociale : 1600746042437
	 
	 	•	 	Demeurant 94 Quai Louis Blériot 75016 Paris
	 
	 	•	 	De nationalité Française

	 	•	 	Mr. Henry GAILLARD (“You” or “the signee of this
contract”)
	 
	 	•	 	Born on
	 
	 	•	 	At
	 
	 	•	 	Social Security Number
	 
	 	•	 	Residing at
	 
	 	•	 	Of French nationality
 

D’autre part,

On the other part,

Il a été convenu ce qui suit :

It has been agreed as follows:

En application de la convention de mutation concertée à
laquelle est annexé le présent contrat, vous avez accepté
la poursuite de votre relation contractuelle avec la
Société
THALES E-TRANSACTIONS S.A.

In compliance with the transfer agreement to which is
appended this contract, Mr. GAILLARD has agreed to
continue his contractual relationship with the Company.
 

Votre mutation entraînant l’évolution de certains éléments
contractuels, nous sommes amenés, pour le bon ordre de
votre dossier, à conclure le présent contrat de travail.

Given that his transfer entails amendments of certain
contractual elements, the parties will be brought, for the
good upkeep of his file, to enter into this employment
contract.

Le présent contrat ne prendra effet que sous réserve de la
réalisation du closing relatif à l’opération de vente, par
Thales à Hypercom, des sociétés composant la business line
e-Transactions.

This contract will not be effective unless the closing
relating to the sales operation by Thales to Hypercom
happens, both companies being the business line
e-Transactions.

Sous réserve de la réalisation de cette condition, le
présent contrat entrera en vigueur au lendemain du
closing.

If this condition is realized, this contract will come
into force the
day after the closing.

A défaut de réalisation du closing, votre contrat de
travail actuel se poursuivra aux conditions initiales.

Otherwise, your current employment will continue under
the initial terms and conditions.

ENGAGEMENT — FONCTION

M. GAILLARD est engagé en qualité de Senior Vice
President, Global Operations, et aura pour mission:

HIRING — FUNCTION

Mr. GAILLARD is hired as Senior Vice President, Global
Operations with the following assignment:

• Le marketing et la gestion du portefeuille produit au
niveau du groupe. En cette qualité, il devra assurer la
gestion, au niveau de l’ensemble des filiales à travers le
monde, du portefeuille

• Global Product Portfolio Management and Marketing. In
that role, he will manage the Product Portfolio of
Hypercom world wide, the global Product RoadMap of the
company and the

 

 

des produits Hypercom, celle du
calendrier et des étapes du développement des produits et
diriger l’action des Business Units Marketing en charge
des lignes de produit.

Marketing Business Units in charge of the different
product lines.

• la gestion de la recherche et du développement au niveau
du groupe. En cette qualité, il supervisera les activités
de recherche pour l’ensemble des filiales à travers le
monde, ainsi que les programmes de développement logiciels
et matériels.

• Global Research and Product Development. In that role,
he will oversee the world wide Research, Platform and
Application Development programs.

• la gestion de la chaine des fournisseurs au niveau du
groupe. En cette qualité, il devra assurer la couverture
de l’introduction des nouveaux produits, le management EMS
et des celui des partenaires commerciaux, la direction des
achats, les activités logistiques, le planning de la
demande et de la capacité de production ainsi que la
qualité, ou encore conduire des actions d’amélioration de
la qualité et des processus commerciaux.

• Global Supply Chain. This function will cover New
Product Introduction, EMS and Partner Management, Sourcing
and Purchasing, Logistics, Demand and Supply Planning as
well as Quality.

• Quality and Business Process Improvement

DUREE DU CONTRAT — ANCIENNETE

Le présent contrat est conclu pour une durée indéterminée
à compter du 2 avril 2008.

DURATION OF THE CONTRACT — LENGTH OF SERVICE

This contract is entered into for an undetermined
period starting on: April 2, 2008

Le titulaire du présent contrat conservera l’ancienneté
antérieurement acquise dans l’ensemble des sociétés du
Groupe THALES, soit à compter du 1er septembre
1985.

The signee of this contract shall retain his length of
service previously acquired in all the companies of the
THALES group, i.e. from 1st September 1985

Le Salarié s’engage à remplir ses fonctions avec
diligence et à consacrer l’intégralité de son temps de
travail, de ses compétences et de ses efforts à ses
fonctions et aux intérêts de la Société.

For the duration of this contract, you must devote your
full time, attention and abilities to your job duties
during working hours, and to act in the best interests of
the company at all times.

Le Salarié ne pourra, sans l’accord écrit de la Société,
être impliqué directement ou indirectement dans une
activité en conflit avec les intérêts de la Société ou
encore qui affecteraient l’accomplissement de son travail.

You must not, without the company’s written consent, be in
any way directly or indirectly engaged or concerned in any
other business where this is or is likely to be in
conflict with the Company’s interests or where this may
adversely affect the efficient discharge of your duties.

REMUNERATION

En contrepartie de son travail, le titulaire du présent
contrat perçoit une rémunération annuelle brute fixée sans
référence horaire à 220,000 euros versés sur 12 versements
égaux, versés le dernier jour de chaque mois par virement
bancaire. Du fait de sa qualité de cadre dirigeant, la
rémunération du titulaire du présent contrat est
indépendante du nombre d’heures de travail accompli et du
nombre de jours travaillés.

REMUNERATION

In consideration of his work, the signee of this contract
earns a gross annual remuneration set without an hourly
basis at 220,000 Euro paid 12 equal monthly instalments in
arrears on the last day of each month by credit transfer
into your bank account. Given that he is a managing
executive employee, the remuneration of the signee of this
contract does not take into account the number of working
hours accomplished and the number of days worked.

Au cours de chaque année fiscale pendant l’exécution de
son contrat de travail, le Salarié sera susceptible de
bénéficier d’une rémuneration variable. Cette rémunération
variable sera calculée sur la base d’un taux cible de 50%
(à 100% des objectifs atteints fixés d’un commun accord et
qui tiendront compte de la performance individuelle et des
résultats financiers de l’entreprise Hypercom
Corporation). Le Directeur Executif du groupe (CEO)
établira, après discussion avec Monsieur GAILLARD, les
objectifs de performance pour chaque année fiscale après
avoir obtenu l’accord définitif des personnes compétentes
sur le budget de Hypercom pour l’année. Hypercom
appréciera, de façon discrétionnaire, les

During your employment, you will be eligible but not
entitled to receive bonus compensation during each of the
Company’s fiscal years in an aggregate annual amount equal
to 50%, if you achieve 100% of the agreed upon objectives,
of your annual remuneration for each such year, taking
into account the tasks which were conferred to you, to
your individual performance and to the financial results
of Hypercom Corporation. Hypercom Corporation’s Chief
Executive Officer will establish, after discussing them
with you, the performance goals for each fiscal year
following the final approval of Hypercom’s budget for such
fiscal year. The determination of whether you have
achieved the performance goals and the amount, if any, and
timing of

 

 

droits du Salarié au paiement de la
rémuneration variable, ainsi que le montant et la date de
versement éventuel de celui-ci.

your bonus compensation
will be determined by the Hypercom in its reasonable
discretion

De la rémunération sont à déduire, pour les parts lui
incombant, les cotisations prévues au titre des divers
régimes applicables (Sécurité Sociale, ASSEDIC, Mutuelle,
prévoyance) du fait des dispositions légales,
conventionnelles ou propres à la Société.

The contributions provided for the different relevant
regimes (Social Security, Unemployment, Complementary
Health Insurance, Welfare) in the framework of legal,
contractual or
company-specific provisions.

Le Conseil d’administration de la société Hypercom
Corporation octroiera au titulaire du présent contrat une
option d’achat portant sur un certain nombre d’actions de
la société Hypercom Corporation (« l’Option ») dont le
montant sera déterminé par le Conseil d’administration
conformément au plan de rémunération différé mis en place
par la société. Le prix d’exercice de l’option sera égal à
la valeur du cours de l’action au moment de la clôture du
marché le jour d’attribution de l’option. L’octroi de
l’Option sera soumis à l’aval du Conseil d’administration
de la société Hypercom Corporation, qui devrait être
exprimé le 28 avril 2008. L’Option sera exerçable par
tiers égaux sur une période de trois ans.

Hypercom Corporation’s Board of Directors will grant to
you an option for the purchase of a certain amount of
shares of Hypercom’s common stock to be determined by the
Board of Directors (the “Option”) pursuant to the Hypercom
Corporation’s Long-Term Incentive Plan with a per share
exercise price equal to the closing market price of a
share of common stock on the date of grant. Any such
grant shall be provided upon final approval of the
Hypercom Corporation’s Board of Directors, such approval
is expected by April 28, 2008. The Option will vest in
equal increments over a period of 3 years.

En signant le présent contrat, son titulaire reconnaît que
s’il se trouve débiteur de la Société ou de toute autre
société filiale de la société Hypercom Corporation une
compensation légale pourra s’opérer avec les sommes
afférentes à l’Option (en particulier si la dette résulte
ou pourrait résulter d’une rupture des termes du présent
contrat par son titulaire).

By signing this present contract, you confirm that, if at
any time you owe the Company or any company in within
Hypercom Corporation money (whether under the provisions
of this present contract or otherwise, including any sums
equal to any loss which has been, or the Company genuinely
estimates will be, incurred by Hypercom Corporation
arising from a breach by you of any of the terms of this
present contract), the Company may deduct such sums owing
to it.

AVANTAGES SOCIAUX

La classification professionnelle du titulaire du présent
contrat entraîne son inscription, au régime de la Caisse
de retraite CRI, 50 route de la Reine BP 85 — 92105
BOULOGNE BILLANCOURT Cedex, et IPECA, 5 rue Paul Barruel -
75740 PARIS Cedex, auprès de laquelle notre Société a
souscrit un contrat garantissant une retraite
complémentaire ainsi qu’au régime de prévoyance souscrit
auprès de MV4 — HAUSSMANN PREVOYANCE, 64 bis rue de
Monceau — 75008 PARIS.

SOCIAL BENEFITS

The professional classification of the signee of this
contract entails his enrollment, on the CRI retirement
Fund 50 route de la Reine BP 85 — 92105 BOULOGNE
BILLANCOURT Cedex, and IPECA, 5 rue Paul Barruel — 75740
PARIS Cedex, with which our Company has subscribed a
contract guaranteeing a complementary retirement as well
as a welfare regime subscribed with MV4 — HAUSSMANN
PREVOYANCE, 64 bis rue de Monceau, 75008 PARIS.

LIEU DE TRAVAIL

Le titulaire du présent contrat exerce ses fonctions dans
la société Hypercom à Vélizy.

WORK PLACE

The signee of this contract exercises his functions within
the
Hypercom in Vélizy.

Toutefois, Hypercom Corporation se réserve la faculté de
proposer au titulaire du présent contrat une nouvelle
affectation dans un établissement et/ou une autre
entreprise du Groupe étant entendu que toute mutation hors
Région Parisienne ne pourra s’effectuer qu’avec son
accord.

However, Hypercom Corporation reserves the possibility of
offering the signee of this contract a new work place on
another site and/or another company of the Group, being
specified that all transfers outside the Paris Area cannot
be done without his agreement.

Par ses fonctions, le titulaire du présent contrat pourra
être amené de manière habituelle ou occasionnelle à
effectuer des déplacements en France ou à l’étranger dont
il sera indemnisé selon les règles en vigueur dans la
société à la date des déplacements.

By his job, the signee of this contract will be brought on
a usual or occasional basis to go on business trips in
France or abroad, for which he will be indemnified,
according to the rules in force in the company at the date
of such trips.

CONGES PAYES

PAID HOLIDAYS

 

 

Le titulaire du présent contrat bénéficiera des congés
payés institués en faveur des salariés de la société,
conformément aux règles légales et conventionnelles en
vigueur.

The signee of this contract shall benefit from paid
holidays entitlement granted to the employees of the
company in accordance with the applicable laws and
collective bargaining agreements.

La période de ces congés est déterminée par accord entre
la direction et le titulaire du présent contrat compte
tenu des nécessités du service.

The holiday period is determined by an agreement between
management and the signee of this contract, according to
the needs of the department.

En cas de rupture du contrat de travail, le Salarié
bénéficiera d’une indemnité compensatrice des congés payés
acquis mais non encore pris.

Upon termination of this present contract only unused,
earned vacation will give rise to a payment in lieu of
vacation.

OBLIGATIONS PROFESSIONNELLES

Les fonctions du titulaire du présent contrat comportent
une activité de recherche et de création constitutive
d’une mission inventive.

PROFESSIONAL OBLIGATIONS

The job description of the signee of this contract

includes a research and creation activity constituting an

inventive mission.

En conséquence, toute invention que le titulaire du
présent contrat est conduit à faire ou à laquelle il a
participé à l’occasion de son contrat de travail,
appartient à la Société.

Consequently, any invention of which the signee to this
contract has led to make or to which he has participated
in the framework of his employment contract, belongs to
the Company.

Le titulaire du présent contrat s’engage à observer une
discrétion professionnelle absolue pour tout ce qui
concerne les faits ou informations dont il a connaissance
dans l’exercice ou à l’occasion de ses fonctions.

The signee of this contract undertakes to comply with an
absolute professional discretion for all which concerns
the facts or information of which he is aware in the
course of or during his job.

Il garde le secret sur les dispositions, méthodes et
procédés quelconques industriels et techniques, de
fabrication, ainsi que sur tous les renseignements d’ordre
technique, commercial ou financier qui peuvent lui être
communiqués ou dont il peut avoir connaissance de quelque
manière que ce soit.

The signee of this contract undertakes to maintain
absolute secrecy over the methods, procedures and
industrial processes, along with all technical, commercial
or financial information he may become aware of under any
circumstances.

Le titulaire du présent contrat s’engage pendant la durée
de son contrat à respecter les instructions qui peuvent
lui être données par l’entreprise et à se conformer aux
règles régissant le fonctionnement interne de celle-ci. Il
s’engage à faire connaître sans délai tous changements qui
interviendraient dans les situations qu’il a signalées
lors de la signature du présent contrat (adresse,
situation de famille, etc).

The signee of this contract undertakes, throughout his
employment period to comply with any instruction given by
the company and with its internal rules and policies. He
undertakes to inform the company of any significant change
in his personal situation since the date of the execution
of this contract (adress, family situation, etc.).

Le titulaire du présent contrat reconnaît avoir pris
connaissance du règlement intérieur.

The signee of this contract acknowledges being aware of
the provisions of the company’s internal regulations
(“règlement intérieur")

VÉHICULE DE FONCTION

En outre le titulaire du présent contrat bénéficiera d’une
voiture de fonction fournie par la société et utilisable
pour son usage personnel. Cette voiture, attachée à sa
fonction, sera considérée de ce fait comme un avantage en
nature s’ajoutant à sa rémunération.

COMPANY CAR

The signee of this contract is entitled to a company car

provided by the company that may be used for personal

purposes as well as professional ones. This company car,

provided in consideration of his position, is a benefit in

kind which will come on top of the remuneration.

La voiture ainsi mise à disposition restera la propriété
de l’entreprise. Ce véhicule devra donc lui être restitué
en cas de rupture du contrat de travail, pour quelque
motif que ce soit, dès la cessation effective de
l’activité (soit dès le début du préavis s’il n’est pas
effectué)

The company car will remain the property of the company.

The signee of this contract undertakes to return it on the

termination of the employment contract for any reason, as

soon as the employee effectively ceases to work for the

company (i.e. from the date of notification of the

termination if the employee is sent on garden leave during

the notice period).

Les éventuelles contraventions sont entièrement à la
charge du salarié, même si elles sont adressées
directement au nom de la

Any tickets or fines in relation with the use company car will be

 

 

société.

paid by the employee,
irrespective of their being sent to the company.

RUPTURE DU CONTRAT DE TRAVAIL

La rupture du contrat de travail sera soumise à un délai de
préavis de 3 mois sauf faute grave ou lourde.

TERMINATION

The termination of your employment is subject to a notice
period of 3 months except in the event of gross or willful
misconduct.

En cas de notification de la rupture du contrat de travail
par l’une ou l’autre des parties, la Société pourra
dispenser le Salarié d’effectuer tout ou partie de la durée
du préavis. En ce cas, le Salarié percevra son salaire
normalement tout au long de la période de préavis.

The Company may make a payment of your salary in lieu of
the above notice entitlement.

If either you or the Company serves notice on the other to
terminate the employment contract, the Company may require
you to take “garden leave” for all or part of the
remaining period of your employment.

Dans l’hypothèse où le Salarié serait dispensé de
l’exécution de son préavis :

If you are asked to take “garden leave” you:

	 	(1)	 	le Salarié ne devra pas se rendre sur les
lieux de son travail, autre que son domicile le
cas échéant, ou dans tout autre établissement de
la Société ou de toute société du groupe auquel
appartient la Société;

	 	(1)	 	may not attend your place of work (if other
than your personal home) or any other premises of
the Company or any associated company;

	 	(2)	 	le Salarié ne devra en aucun cas exécuter ses
fonctions pendant la période de préavis restant à
courir;

	 	(2)	 	may not be required to carry out duties during
the remaining period of your employment;

	 	(3)	 	Sauf cas exceptionnel, le Salarié ne devra
pas, sans le consentement préalable de la Société,
contacter ou tenter d’entrer en contact avec les
clients, les fournisseurs, les agents, les
conseillers, les courtiers ou les banquiers de la
Société, toute autre société du groupe ou encore
tout autre Salarié de la Société; et

	 	(3)	 	may not, except under exceptional
circumstances, without the prior written permission
of the Company contact or attempt to contact any
customer, supplier, agent, professional adviser,
broker or banker of the Company or any associated
company or any employee of the Company; and

	 	(4)	 	le Salarié ne devra pas travailler pour une
autre société ou une autre personne sans le
consentement exprès et donné par écrit de la
Société.

	 	(4)	 	may not engage in any alternative employment
with any other company firm or person without the
express written consent of the Company.

	 	 	En cas de dispense de préavis, le Salarié continuera à
percevoir la totalité de son salaire et des avantages
auxquels il a droit en application du présent contrat.

During any period of “garden leave” you will continue to
receive your full salary and benefits.

	 	 	En cas de démission du Salarié, celui-ci sera tenu de
respecter la même période de préavis décrite ci-dessus et
d’en informer la Société par écrit.

You are required to give the Company the same period of
notice in writing to terminate your employment.

	 	 	Les parties peuvent donc l’une et l’autre rompre à tout
moment le contrat de travail en respectant les
dispositions légales et conventionnelles en vigueur.

Both parties may therefore terminate the employment
relationship at any time, in accordance with applicable
legal and conventional provisions.

CONFIDENTIALITE

Le Salarié reconnaît que la Société possède et développe
des informations confidentielles relatives à son activité,
à ses relations commerciales et ses affaires financières
(“Les

CONFIDENTIALITY

You acknowledge that the Company continually obtains and
develops valuable proprietary and confidential information
concerning its business, business relationships and
financial

 

 

Informations Confidentielles”), auxquelles le Salarié sera
amené à avoir connaissance dans le cadre de l’exécution de
ses fonctions.
“Les Informations Confidentielles”
comprennent notamment les produits et les plans marketing,
la liste des clients, les informations relatives aux
fournisseurs, les informations relatives aux Salariés,
incluant l’annuaire interne, les informations financières
et celles confidentielles par nature ou présentées comme
telles. Les Informations Confidentielles peuvent se
présenter sous différentes formes, notamment dans les
listes des clients et des fournisseurs, les informations
financières internes ou tout autre document de la Société.

affairs (the “Confidential Information”) that may become
known to you in connection with your employment.
Confidential Information includes, but is not limited to,
product and marketing plans, customer lists, supplier
information, employee information, including internal
telephone directories, financial information and
information disclosed to the Company or to you by third
parties of a proprietary or confidential nature or under
an obligation of confidence. Confidential Information may
be found in various media, including without limitation,
supplier and customer lists, internal financial data and
other documents and records of the Company.

Le Salarié reconnaît que toute Information Confidentielle
qu’elle soit ou non écrite et qu’elle soit ou non
identifiée comme confidentielle est et restera la
propriété exclusive de la Société. Le Salarié s’engage en
cas de rupture de son contrat de travail à tout moment, à
restituer immédiatement à la Société tout matériel lui
appartenant et contenant des Informations Confidentielles.

You acknowledge that all Confidential Information, whether
or not in writing and whether or not labelled or
identified as confidential or proprietary, is and shall
remain the exclusive property of the Company. Upon the
termination of your employment, or at any time upon the
Company’s request, you shall return immediately to the
Company any and all materials containing any Confidential
Information then in your possession or under your control.

Le Salarié s’interdit de publier, de divulguer ou de
mettre à la disposition de toute personne extérieure à
l’entreprise les Informations Confidentielles pendant
l’exécution de son contrat de travail ou suite à la
rupture de son contrat de travail de celui-ci. Le Salarié
s’engage à utiliser ces Informations Confidentielles
uniquement pour l’exécution de ses fonctions et
conformément à la politique de la Société en matière de
protection des Informations Confidentielles. Le Salarié
s’engage à ne pas utiliser ces Informations
Confidentielles pour son profit personnel ou celui de
toute autre personne.

You agree that you shall not, either during the term of
your employment or any time thereafter, publish, disclose
or otherwise make available to any person outside of the
Company any Confidential Information. You agree that you
shall use such Confidential Information only in the
performance of your duties for the Company and in
accordance with any Company policies
with respect to the protection of Confidential
Information. You agree not to use such Confidential
Information for your own benefit or for the benefit of any
other person or business entity.

CYBERSURVEILLANCE

La Société se réserve le droit de surveiller et / ou de
lire ou d’analyser, en fonction de ce qui lui semblera
nécessaire, toutes les données électroniques émises ou
reçues, internes ou externes, ainsi que tous les sites
internets auxquels le Salarié aura eu accès par le biais
d’un ordinateur ou de tout autre matériel appartenant à la
Société, peu important que les données ou les sites aient
un lien avec l’activité de la Société.

E-MAIL/INTERNET MONITORING

The Company reserves the right to monitor and/or view, as
it deems appropriate, all data sent or received
electronically by you, whether internally or externally,
and all internet sites accessed by you using computer
equipment or other property owned by the Company,
regardless of whether such data and/or sites relate to the
business of the Company or otherwise.

NON-CONCURRENCE

Afin de protéger les intérêts légitimes de la Société, le
Salarié s’engage, pendant une période de 12 mois à compter
de son départ de la Société, à ne pas, directement ou
indirectement, développer, concevoir, produire,
commercialiser ou vendre (ou collaborer avec d’autres
personnes ou entités afin de développer, concevoir,
produire, commercialiser ou vendre) des produits ou des
services en concurrence avec ceux développés, conçus,
produits, commercialisés ou vendus par la Société ou à
travailler pour un concurrent de la Société et notamment
pour Verifone, Ingenico, Thales, Cybernet, Axalto or Way
Systems et les sociétés de leurs groupes.

NON-COMPETITION

You agree that for a period of 12 months from the
effective termination of your employment for any reason,
you shall not, directly or indirectly, develop, design,
produce, market or sell (or assist any other person or
entity in developing, designing, producing, marketing or
selling) products or services competitive with those
developed, designed, produced, marketed or sold by the
Company or work for any competitor of the Company
including but not limited to Verifone, Ingenico, Thales,
Cybernet, Axalto or Way Systems and any holding company of
any such competitor or any subsidiary of such holding
company or of the relevant competitor.

Cette interdiction s’applique sur le territoire Français,
le territoire de l’Union Européenne.

This prohibition applies both in France and and European
Union.

 

 

Le Salarié reconnaît expressément que s’il devait être
directeur, consultant ou associé ou que s’il détenait une
participation supérieure à 1% dans une société qui
développait, concevait, produisait, commercialisait ou
vendait des produits en concurrence avec ceux de la
Société, il serait en violation des dispositions de la
présente clause.

You understand that if you are a principal, employee,
consultant or partner or have an ownership interest in an
entity that develops, designs, produces, markets or sells
products or services competitive with those of the
Company, you will be in violation of this provision.

En contrepartie de l’engagement de non-concurrence pris
par le Salarié, celui-ci percevra l’indemnité figurant
dans la convention collective des ingénieurs et cadres des
industries de la Métallurgie.

In consideration for this non-competition duty, you shall
receive such indemnity as provided in the national
collective bargaining agreement of engineers and
executives of the Metallurgical Industries — Paris area
(convention collective nationale des ingénieurs et cadres
de la Métallurgie).

Cette indemnité mensuelle sera payée pendant toute la
durée de la période de non-concurrence.

This monthly indemnity will be paid during the whole
non-competition period.

La Société se réserve la faculté de dispenser le Salarié
du respect de cette clause de non-concurrence, auquel cas
celui-ci ne pourrait prétendre à une quelconque
contrepartie financière, à condition que la Société en ait
informé le Salarié par écrit dans les 15 jours à compter
de la notification de la rupture.

The Company may release you from the non-competition
undertaking and release itself from the non-competition
indemnification, subject to prior written notice being
sent to you within 15 days following notice of termination
by either party.

NON SOLLICITATION

Afin de protéger les intérêts légitimes de la Société, le
Salarié s’engage, pendant la durée de son contrat de
travail et pendant une période de un an à compter de la
rupture de son contrat de travail, à ne pas, directement
ou indirectement, tenter de démarcher, de débaucher de la
Société, offrir ou faire offrir un emploi à toute personne
qui serait encore Salariée de la Société de façon à ce que
celle-ci quitte son poste.

NON SOLICITATION

Notwithstanding any other provision of this contract, you
undertake not to solicit, attempt to solicit or approach
any employees of the Company or the other companies within
the group of companies that belong to Hypercom
Corporation, and not to use you influence on any employee
of Hypercom Corporation in an attempt to suggest that such
employee leave his/her job position or persuade such
employee to leave his/her job position.

This provision shall apply throughout the term of the
employment contract and shall continue to apply for a
period of one year following the termination of your
employment contract.

CHANGEMENT DE CONTROLE

Dans l’hypothèse où un Changement de Contrôle (tel que
défini ci-après) interviendrait dans les 24 mois de
l’embauche du Salarié au sein du groupe Hypercom, et que
de ce fait le Salarié ne soit plus appelé à exercer le
même niveau de responsabilités qu’actuellement ou à
percevoir un niveau de rémunération au moins égal à celui
en vigueur préalablement au Changement de Contrôle ou
serait licencié pour quelque raison que ce soit, à
l’exception d’une faute grave ou lourde, celui-ci aura
droit à une indemnité égale à six (6) mois du salaire
moyen brut (à l’exclusion de toute rémunération variable
ou différée de quelque nature qu’elle soit) calculé sur la
base des douze mois précédents. A cette indemnité de six
(6) mois s’ajoutera l’ensemble des indemnités légales ou
conventionnelles auxquelles le Salarié pourra prétendre au
titre de la rupture de son contrat de travail.

Pour les besoins du présent article, l’expression «
Changement de Contrôle » désignera soit (1) l’opération de
cession ou de fusion conduisant à la disparition du groupe
Hypercom, ou l’opération au terme de laquelle les actions
du groupe seront liquidées ou converties en actions ou
titres, sauf dans

CHANGE OF CONTROL

In the event a termination of your employment by the
employer (i.e. a redundancy or a dismissal, except for
gross or wilful misconduct) or a Change of Control (as
defined below) occurs within 24 months of your employment
date and in the further event that you do not continue to
be employed by the Company at a level of responsibility or
a level of remuneration at least commensurate with your
existing level of responsibility and remuneration
immediately prior to the Change of Control and you elect
in a written notice to the Company within six (6) months
of a Change of Control to treat your employment as being
terminated as a result of either such reduction with the
termination being effective as at the date of the written
notice then the Company agrees to pay you as compensation
an amount equal to six (6) months of the average gross
salary (i.e. excluding variable remuneration e.g. bonus,
commissions, etc.) that you will have received during the
12 months prior to the notification of your dismissal,
plus an amount equal to any unused, earned vacation days.
In top of this compensation equals to six (6) months, the
employee will receive all the legal or conventional
indemnity that he is entitled to receive in case of the
breach of his employment contract.

 

 

l’hypothèse où les
actionnaire du groupe Hypercom disposeront d’au moins 80 %
des actions ou des droits de vote au sein de l’entité
survivante ; soit (2) la liquidation ou la dissolution du
groupe Hypercom.

For the purpose of this clause the following
expression shall have the following meaning:

"Change of Control” means and includes each of the
following: (1) there shall be consummated any
consolidation or merger of the Group in which Hypercom is
not the surviving or continuing entity, or pursuant to
which Hypercom’s common stock would be converted into
cash, securities or other property, other than a merger of
Hypercom in which the holders of Hypercom’s common stock
immediately prior to the merger have at least 80%
ownership of beneficial interest of common stock or other
voting securities the surviving entity immediately after
the merger; or (2) Hypercom’s stockholders approve any
plan or proposal for liquidation or dissolution of
Hypercom.

CONVENTION COLLECTIVE

Le présent contrat est régi par les dispositions de la
convention collective des Ingénieurs et Cadres de la
Métallurgie applicable à l’entreprise.

COLLECTIVE BARGAINING AGREEMENT

The collective bargaining agreement applicable to your

employment contract will be that of the engineers and

executives or the Metallurgical industries.

Pour confirmer son accord, le titulaire du présent contrat
nous retournera, sous pli confidentiel, un exemplaire du
présent contrat daté et revêtu de sa signature précédée de
la mention “lu et approuvé, reçu un original du présent
contrat”.

The signee of this contract, in order to express his

consent on the terms and conditions of employment set out,

will return a signed and initialed copy of the present

contract under confidential mail.

Fait en double exemplaire,

A Vélizy, le

31 Mars 2008

/s/ Martine Aubry

Martine AUBRY

Directeur Général

Thales E-Transactions SA

Done in two copies,

Velizy on the

31 March, 2008

/s/ Henry Gaillard

Henry GAILLARD

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