Document:

Unassociated Document

    
      Exhibit
10.47

       

      GENERAL
RELEASE OF CLAIMS AND RESTRICTIVE COVENANTS AGREEMENT

    

     

    

    THIS GENERAL RELEASE OF CLAIMS AND
RESTRICTIVE COVENANTS AGREEMENT (Agreement) is made and entered into by
Raymond J. Hage, Jr. (Employee), in consideration of the promises and mutual
covenants contained herein, and of the severance offered from Novavax, Inc.
(Employer) to Employee in the amount of $128,866.

    

    WHEREAS, Employer employs
Employee as Senior Vice President, Commercial Operations;

    

    WHEREAS, Employer and Employee
have entered into that certain Amended and Restated Employment Agreement, dated
as of August 2, 2007, as amended (the “Employment Agreement”); and

    

    WHEREAS, Employer and Employee
will terminate their employment relationship as of March 17, 2010 and pursuant
to a Memorandum from Rahul Singhvi, President and Chief Executive Officer of the
Company, dated March 17, 2010 (the “Memo”).

    

    NOW THEREFORE, in
consideration of the promises and the mutual promises set forth in the Memo and
herein, Employee agrees as follows:

     

    1.  Consideration.  I am entering
into this Agreement in consideration of the Employer’s offer of severance in the
amount of $128,866, as well as other good and valuable
consideration.  This General Release of Claims and Restrictive
Covenants and the Memo together constitute the “Agreement.”  I hereby
accept the severance offer and agree to be bound by this Agreement.

     

    2.  General
Release of Claims.  I, for myself and
my heirs, executors, administrators, assigns, agents and beneficiaries, if any,
do hereby agree to execute and be bound by this General Release of
Claims.  I waive, release, and forever discharge Employer (as defined
below) of and from any and all Claims (as defined
below) arising from the beginning of time up to and including the date of this
Agreement.  I agree not to file a lawsuit or arbitration to assert any
such Claim.  Further, I agree that should any other person,
organization or entity file a lawsuit or arbitration to assert any such Claim, I
will not seek or accept any personal relief in such action.

     

    Exclusions:  Notwithstanding
any other provision of this release, the following are not
barred by the release:  (a) Claims relating to the validity of this
Agreement; (b) Claims by either party to enforce this Agreement; (c) Claims
which legally may not be waived.  In addition, this General Release of
Claims will not operate to limit or bar my right to file an administrative
charge of discrimination with the Equal Employment Opportunity Commission (EEOC)
and to participate in an investigation by the EEOC, although the General Release
of Claims does bar my right to recover any personal relief if I or anyone on my
behalf seeks to file a subsequent lawsuit or arbitration on the same basis as
the charge of discrimination.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    The
following provisions further explain this General Release of Claims and promise
not to sue:

     

    (a)  Definition
of “Claims.”
Except as stated above, “Claims” includes without limitation all actions
or demands of any kind that I now have, or may have or claim to have in the
future.  More specifically, Claims include rights, causes of action,
damages, penalties, losses, attorneys’ fees, costs, expenses, obligations,
agreements, judgments and all other liabilities of any kind or description
whatsoever, either in law or in equity, whether known or unknown, suspected or
unsuspected.

     

    The
nature of Claims covered by this General Release of Claims and promise not to
sue includes, without limitation, all actions or demands in any way based on my
employment with Employer, the terms and conditions of such employment or my
separation from employment.  More specifically, all of the following
are among the types of Claims which are waived and barred by this General
Release of Claims to the extent allowable under applicable law:

     

    
      
        	
              	
                · 

              	
                Contract
      Claims, whether express or
implied;

              

      

    

     

    
      
        	
              	
                · 

              	
                Tort
      Claims, such as for defamation or emotional
  distress;

              

      

    

     

    
      
        	
              	
                · 

              	
                Claims
      under federal, state and municipal laws, regulations, ordinance or court
      decisions of any kind including, but not limited to, any action under the
      Maryland Wage Payment and Collection law as codified at Ann. Code. Md.
      Labor and Employment, 3-501, et
  seq.;

              

      

    

     

    
      
        	
              	
                · 

              	
                Claims
      of discrimination, harassment or retaliation, whether based on race,
      color, religion, gender, sex, age, sexual orientation, handicap and/or
      disability, national origin, whistleblowing or any other legally protected
      class;

              

      

    

     

    
      
        	
              	
                · 

              	
                Claims
      under the Age Discrimination in Employment Act, Title VII of the Civil
      Rights Act of 1964, as amended, the Americans with Disabilities Act, the
      Family and Medical Leave Act, and similar state and local statutes, laws
      and ordinances;

              

      

    

     

    
      
        	
              	
                · 

              	
                Claims
      under the Employee Retirement Income Security Act, the Occupational Safety
      and Health Act, the False Claims Act, and similar state and local
      statutes, laws and
ordinances;

              

      

    

     

    
      
        	
              	
                · 

              	
                Claims
      for wrongful discharge; and

              

      

    

     

    
      
        	
              	
                · 

              	
                Claims
      for attorneys’ fees, including litigation expenses and/or
      costs.

              

      

    

     

    The
foregoing description of claims is intended to be illustrative and is not
exhaustive.

     

    (b)  Definition
of “Employer.”
“Employer” includes without limitation Novavax, Inc. and its respective
past, present and future parents, owners, affiliates, subsidiaries, divisions,
predecessors, successors, assigns, employee benefit plans and trusts, if
any.  It also includes all past, present and future managers, members,
principals, directors, officers, partners, agents, employees (except Raymond J.
Hage, Jr.), attorneys, representatives, consultants, associates, fiduciaries,
plan sponsors, administrators and trustees of each of the
foregoing.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    3.  Restrictive
Covenants  Employee acknowledges and reaffirms his obligations
under Sections 9, 10, 11and 12 of the Employment Agreement regarding business of
the Employer, Assignment of Intellectual Property, Confidentiality,
Non-Competition and Non-Solicitation.

     

    4.  Consideration
Period.  I acknowledge
that I have carefully read and I understand the provisions of this
Agreement.  I have been provided with a consideration period
consisting of at least twenty-one (21) calendar days to consider the
terms of this Agreement from the date this Agreement first was presented to me
on March 17, 2010.  I agree to notify Employer of my acceptance of
this Agreement by delivering a signed and notarized copy to Employer, addressed
to the attention of Jill Hoyt, Novavax, Inc., 9920 Belward Campus Drive,
Rockville, Maryland 20850 on or before April 7, 2010.  I agree that
any change to this offer, whether material or immaterial, will not restart the
running of the consideration period.

     

    I
understand that I may take the entire consideration period to consider this
Agreement.  I acknowledge that if I sign and return this Agreement
before the end of the consideration period that I will have knowingly and
voluntarily waived my right to consider the Agreement for the full consideration
period and that I have executed this Agreement voluntarily and with full
knowledge of its significance, meaning and binding effect.  I may
return this Agreement in less than the full consideration period only if my
decision to shorten it was knowing and voluntary and was not induced in any way
by Employer.

     

    5.  Revocation
Period.  I have seven (7)
calendar days from the date I sign this Agreement to revoke it if I choose to do
so.  If I elect to revoke, I must give written notice of such
revocation to Employer by delivering it to Jill Hoyt, Novavax, Inc., 9920
Belward Campus Drive, Rockville, Maryland 20850 in such a manner that it is
actually received within the seven (7) calendar day period.  I
understand that if I revoke this Agreement, I will not be entitled to the
benefits offered as consideration for this Agreement.

     

    6.  Advice to
Consult Legal Representative.  Employer
recommends that I consult with an attorney of my own choosing, at my own
expense, with regard to entering into this Agreement.

     

    7.  Severability.  I agree that if
any provision of this Agreement is or shall be declared invalid or unenforceable
by a court of competent jurisdiction, then such provision will be modified only
to the extent necessary to cure such invalidity, with a view to enforcing the
parties’ intention as set forth in this Agreement to the extent
permissible.  All remaining provisions of this Agreement shall not be
affected thereby and shall remain in full force and effect.

     

    8.  Choice of
Law.  This Agreement
shall be governed by the laws of the State of Maryland, without giving effect to
choice of law principles of any state, except to the extent superseded by
federal law (e.g., ERISA).

     

    9.  Employee
Certification - Validity of Agreement.  I certify that I
have carefully read this Agreement and have executed it voluntarily and with
full knowledge and understanding of its significance, meaning and binding
effect.  I further declare that I am competent to understand the
content and effect of this Agreement and that my decision to enter into this
Agreement has not been influenced in any way by fraud, duress, coercion, mistake
or misleading information.  I have not relied on any information
except what is set forth in this Agreement.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    10.  Effective
Date.  I understand that
this Agreement shall not become effective or enforceable until the expiration of
the revocation period set forth above, provided that I do not elect to revoke
it.

     

    11.  Breach of
Agreement.  If Employee breaches any of the obligations set
forth in this Agreement, in addition to all of the remedies available to
Employer, Employee will reimburse Employer all amounts paid to Employee as
severance, the amount of $128,866 except salary paid to Employee through the
last date of employment and all accrued and unused vacation
time.  Employee further agrees that upon any breach of this Agreement
by Employee, Employee will reimburse Employer for all expenses incurred in
connection with any legal action necessary to enforce this Agreement or as a
result of Employee’s breach of this Agreement, including attorney’s fees and
costs.  (As required by the regulations issued by the EEOC, the
foregoing sentence does not apply with respect to a claim under the Age
Discrimination and Employment Act.

     

    IN
WITNESS WHEREOF, and with the intention of being legally bound hereby, I have
executed this Agreement on the 7th day of
April, 2010.

                                                         

    

      
        
          
            
              
                	 	/s/ Raymond J. Hage,
      Jr.                                        	 
	 	
                        Raymond
      J. Hage, Jr.

                      	 
	 	 	 	 

              

            

          

        

      

    

     

    
      
        
        

      

      
        4TECHTEAM
GLOBAL, INC.

    2006
INCENTIVE STOCK AND AWARDS PLAN

    PERFORMANCE
SHARE AWARD

    

    David A.
Kriegman

    8220
Crestwood Heights Drive

    McLean,
VA 22102

    Dear Mr.
Kriegman:

    

    You have
been granted a Performance Share award (the "Performance Share Award") for
shares of common stock of TechTeam Global, Inc. (the “Company”) under the
TechTeam Global, Inc. 2006 Incentive Stock and Awards Plan (the “Plan”) with the
following terms and conditions:

     

    
      
        	
                Performance
      Period:

              	
                September
      24, 2009 through December 31, 2010

                 

              
	
                Performance
      Criteria:

              	
                As
      used herein, the term "Transaction" shall mean the first to occur of a
      Company Transaction or a TTGSI Transaction (as those terms are hereinafter
      defined).  There are two Performance Goals:

                 

                (a)
      the first to occur of (1)(i) the closing of the sale or other disposition
      of all or substantially all of the assets of the Company or (ii) the sale
      of 51% or more of the then outstanding shares of common stock entitled to
      vote generally in the election of directors of the Company (each, a
      "Company Transaction”) or (2)(x) the closing of the sale or other
      disposition of all or substantially all of the assets of TechTeam
      Government Solutions, Inc. ("TTGSI") or (y) the sale of 51% or more of the
      then outstanding shares of common stock entitled to vote generally in the
      election of directors of TTGSI (each, a "TTGSI Transaction”) during the
      Performance Period, and

                 

                (b)
      meeting the Transaction Value set forth below.  In no event
      shall you be entitled to earn Shares under this Performance Share Award
      with respect to both a Company Transaction and a TTGSI
      Transaction.

                 

                Subject
      to the terms of this Performance Share Award, if both Performance Goals
      are met during the Performance Period, you will earn a number of Shares
      based on the Transaction Value (as hereinafter defined), and otherwise as
      follows.

                 

                If
      the Transaction is a TTGSI Transaction, then the Transaction Value that must be met in
      order to earn Shares hereunder shall be as set forth in the table
      below.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
         

        

          
            	
                    Transaction Value

                  	
                    Performance Share Grant

                  
	
                    $60,000,000
      to $70,000,000

                  	
                    1,000
      to 5,000

                  
	
                    $70,000,000
      to $80,000,000

                  	
                    5,001
      to 10,000

                  
	
                    $80,000,000
      to $90,000,000

                  	
                    10,001
      to 20,000

                  
	
                    $90,000,000
      to $100,000,000

                  	
                    20,001
      to 25,000

                  
	
                    Ø$100,000,00

                  	
                    Discretionary

                  

          

        

      

       

      
        	 	

                If
      the Transaction is a Company Transaction, the Transaction Value that must
      be achieved with respect to TTGSI in order to earn Shares hereunder shall
      be as set forth in the table above.  If there is no allocation
      of the consideration in the definitive agreement(s) for the Company
      Transaction between the consideration paid for the Company and its
      subsidiaries (other than TTGSI) and the consideration paid for TTGSI and
      its subsidiaries, then the Transaction Value shall be determined in good
      faith by the Compensation Committee.  In making such
      determination, the Compensation Committee may take into account the
      consideration set forth in the most recent written offer received from the
      acquiror in such Company Transaction for the purchase of TTGSI independent
      of the Company; or if such acquiror did not make a written offer to buy
      the Company independent of the TTGSI, the most recent written offer
      received from a potential buyer of the Company independent of
      TTGSI.

                 

                If
      the Transaction Value is an amount within a range set forth in the table
      above, the number of Shares that you will earn with respect to this
      Performance Share Award shall be determined based on a linear
      interpolation between the two applicable ranges.

                 

                For
      the avoidance of doubt, if the Transaction Value is less than $60,000,000,
      you will not earn any Shares with respect to this Performance Share
      Award.  Further, the Performance Shares set forth in the table
      above are not cumulative (i.e., if the Transaction Value is greater than
      $100,000,000, subject to meeting the other terms of this Performance Share
      Award, you will only be entitled to earn 25,000 Shares.

                 

                For
      purposes of this Performance Share Award, “Transaction Value” shall mean
      the aggregate fair market value of the consideration actually received by
      the Company and/or its direct or indirect stockholders in a Transaction
      (determined as of the closing date of a Transaction) and 65% of the fair
      market value of any Contingent Payments (as defined below).  The
      fair market value of any consideration in the form of securities or other
      property shall be determined on the same basis as which the securities or
      other property were in the Transaction.  "Contingent Payments”
      shall be defined as the consideration receivable or received by the
      Company or its former or current equity holders in the form of
      “earn-outs,” escrows, indemnity claims or other similar contingent
      payments based upon the occurrence of future
      events.  Transaction Value and the value of any Contingent
      Payments shall be determined by the Compensation Committee, in its sole
      discretion.

              

      

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        	 	

                If
      your employment terminates in the period that is six months prior to the
      consummation of a Transaction due to (a) death; (b) Disability; or (c)
      termination of your employment by the Company without “Cause” or by you
      for “Good Reason” as defined in your [Change of Control Agreement/
      Employment Agreement], then you will be eligible to receive the
      Performance Shares set forth above only if both Performance Goals are
      met.  For this purpose, “Disability” means that you are unable
      to engage in any substantial gainful activity by reason of any medically
      determinable physical or mental impairment that can be expected to result
      in death or can be expected to last for a continuous period of not less
      than twelve (12) months, as determined by the Administrator.

                 

                If
      your employment or service terminates prior to the Transaction for any
      other reason, this Performance Share Award will terminate in full on the
      date of such termination without any consideration due to you and you will
      not earn any Performance Shares.

                 

              
	
                Issuance
      of Certificates:

              	
                If
      the Performance Goals are met, immediately prior to, and contingent upon
      the consummation of the Transaction, the Company will issue in your name
      certificate(s) evidencing your Performance Shares, to the extent earned in
      accordance with the terms of this Performance Share Award.

                 

              
	
                Transferability
      of

                Shares:

              	
                By
      accepting this Award, you agree not to sell any Shares acquired under this
      Award at a time when applicable laws, Company policies or an agreement
      between the Company and its underwriters prohibit a sale.

                 

              
	
                Tax
      Withholding:

              	
                To
      the extent that the receipt of the Performance Shares results in income to
      you for Federal, state or local income tax purposes, you shall deliver to
      the Company at the time the Company is obligated to withhold taxes in
      connection with such receipt, such amount as the Company requires to meet
      its withholding obligation under applicable tax laws or regulations, and
      if you fail to do so, the Company has the right and authority to deduct or
      withhold from other compensation payable to you an amount sufficient to
      satisfy its withholding obligations.  You may satisfy the
      withholding requirement, in whole or in part, by electing to have the
      Company withhold for its own account that number of Shares otherwise
      deliverable to you having an aggregate Fair Market Value on the date the
      tax is to be determined equal to the minimum statutory total tax that the
      Company must withhold in connection with the vesting of such
      Shares.  Your election must be irrevocable, in writing, and
      submitted to the Secretary of the Company before the date the Shares are
      distributed.  The Fair Market Value of any fractional Share not
      used to satisfy the withholding obligation (as determined on the date the
      tax is determined) will be paid to you in cash.

                 

              

      

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      
        	
                Miscellaneous:

              	
                · This
      Performance Share Award may be amended only by written consent signed by
      you and the Company.

                 

                · As
      a condition of the granting of this Award, you agree, for yourself and
      your legal representatives or guardians, that this Agreement shall be
      interpreted by the Committee and that any interpretation by the Committee
      of the terms of this Agreement and any determination made by the Committee
      pursuant to this Agreement shall be final, binding and
      conclusive.

                 

                · This
      Agreement may be executed in counterparts.

                 

              

      

    

     

     

    
    

    This
Performance Share Award is granted under and governed by the terms and
conditions of the Plan.  In the event of a conflict between the terms
of the Plan and this Performance Share Awards, the terms of this Plan will
govern.  Additional provisions regarding your Award and definitions of
capitalized terms used and not defined in this Award can be found in the
Plan.

    

    BY
SIGNING BELOW AND ACCEPTING THIS PERFORMANCE SHARE AWARD, YOU AGREE TO ALL OF
THE TERMS AND CONDITIONS DESCRIBED HEREIN AND IN THE PLAN.  YOU ALSO
ACKNOWLEDGE RECEIPT OF THE PLAN AND THE

    PROSPECTUS
DESCRIBING THE PLAN.

    

    
      
        	 	 	 	 	 
	
                /s/
      Gary J. Cotshott

              	 	 	
                /s/
      David A. Kriegman

              	 
	
                Gary
      J. Cotshott       

              	 	 	
                David
      A. Kriegman

              	 
	
                 

              	 	 	
                 

              	 

      

     

     

     

    
      
        
        

      

      
        4

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