Document:

Exhibit 10.1

 

AMENDMENT

TO

EMPLOYMENT AGREEMENT

 

This Amendment (“Amendment”)
to the Employment Agreement (as defined below) is made and entered into as of September 7, 2018 by Digital Turbine, Inc., a Delaware
corporation (the “Company”), and Barrett Garrison (the “Executive”). Capitalized
terms used but not defined herein shall have the respective meanings assigned to them in the Employment Agreement.

 

WHEREAS, the Company and the Executive entered
into that certain Employment Agreement, dated as of August 31, 2016 (the “Employment Agreement”), pursuant
to which the Executive currently is serving as Chief Financial Officer of the Company;

 

WHEREAS, the Board of Directors has determined
that the Company should make certain amendments to the Employment Agreement as further described herein; and

 

WHEREAS, the Company and the Executive desire
to enter into this Amendment to effectuate such amendments to the Employment Agreement;

 

NOW, THEREFORE, in consideration of the
foregoing, the mutual promises of the parties hereto and other good and valuable consideration, the receipt and sufficiency of
which hereby are acknowledged, the parties hereto hereby agree to amend the Employment Agreement, as follows:

 

1. Amendment
to Section 3 of the Employment Agreement. Section 3 of the Employment Agreement is amended and restated to read as follows:

 

“Term. Subject to the
provisions of Section 6, the term of employment pursuant to this Agreement commenced on the Start Date and shall continue on an
at-will basis, subject to termination by the Company or Executive at any time (the period of time commencing on the Start Date
through the termination of this Agreement being the “Term”)”

 

2.; Amendment
to Section 4(a) of the Employment Agreement. Section 4(a) of the Employment Agreement is amended and restated to read as
follows:

 

“Salary. For all services
rendered by the Executive under this Agreement, the Company shall pay the Executive an annual salary (the “Salary”)
at the annual rate of Three Hundred Twenty Five Thousand Dollars ($325,000). The Executive’s Salary shall be payable in periodic
installments in accordance with the Company’s usual practice for its employees, but in no event less than monthly over the
year in which the Salary is earned.”

 

     

     

    

 

3. Amendment
to Section 6(d) of the Employment Agreement. Section 6(d) of the Employment Agreement is amended and restated to read as
follows:

 

“Disability. If the
Executive shall become Disabled so as to be unable to perform the essential functions of the Executive’s then existing position
or positions under this Agreement with or without reasonable accommodation, the Board of Directors may remove the Executive from
any responsibilities and/or reassign the Executive to another position with the Employer during the period of such Disability.
Notwithstanding any such removal or reassignment, the Executive shall continue to receive the Executive’s full Salary (less
any disability pay or sick pay benefits to which the Executive may be entitled under the Employer’s policies) and benefits
under Section 4 of this Agreement (except to the extent that the Executive may be ineligible for one or more such benefits under
applicable plan terms) for a period of time equal to twelve (12) months payable at the same time as such amounts would otherwise
have been paid to the Executive had he continued in his current capacity. If the Executive is unable to perform substantial services
of any kind for the Employer during this period, such period shall be considered a paid leave of absence and the Executive shall
have the contractual right to return to employment at any time during such period. If the Executive’s Disability continues
beyond such twelve (12) month period, the Executive’s employment may be terminated by the Employer by reason of Disability
at any time thereafter. For purposes hereof, the term “Disabled” or “Disability”
shall mean a written determination that the Executive, as certified by at least two (2) duly licensed and qualified physicians,
one (1) approved by the Board of Directors of the Employer and one (1) physician approved by the Executive (the “Examining
Physicians”), or, in the event of the Executive’s total physical or mental disability, the Executive’s
legal representative, that the Executive suffers from a physical or mental impairment that renders the Executive unable to perform
the Executive’s regular personal duties under this Agreement and that such impairment can reasonably be expected to continue
for a period of three (3) consecutive months or for shorter periods aggregating ninety (90) in any twelve (12) month period; provided,
however, that the Executive’s primary care physician may not serve as one of the Examining Physicians without the consent
of the Employer and the Executive (or the Executive’s legal representation). The Executive shall cooperate with any reasonable
request of a physician to submit to a physical examination for purposes of such certification. Nothing in this Section 6(d) shall
be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical
Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.”

 

4. Amendment
to Section 6(e) of the Employment Agreement. Section 6(e) of the Employment Agreement is amended by changing the reference
therein to “Schedule C” to be “Schedule D”.

 

5. Amendment
to Section 7(a) of the Employment Agreement. Section 7(a) of the Employment Agreement is amended by deleting from the first
sentence thereof the words “during or upon expiration of the Term.”

 

6.; Amendment
to Section 7(b) of the Employment Agreement. Section 7(b) of the Employment Agreement is amended and restated to read as
follows:

 

“Termination by the Company
Without Cause or by the Executive for Good Reason. In the event of termination of the Executive’s employment with
the Company pursuant to Section 6(b) or 6(e) above, and subject to the Executive’s execution and delivery of a release of
any and all legal claims in a form satisfactory to the Company, and expiration of any revocation period without the release being
revoked, within forty-five (45) days following the Termination Date (the “Release Period”), the Company
shall provide to the Executive, in addition to the Accrued Compensation, the following termination benefits (“Termination
Benefits”):

 

     

     

    

 

(i) continuation
of the Executive’s Salary at the rate and in accordance with the Company’s payroll practices then in effect pursuant
to Section 4(a); and

 

(ii) continuation
of any executive health and group health plan benefits to the extent authorized by and consistent with 29 U.S.C. § 1161 et
seq. (commonly known as “COBRA”), subject to payment of premiums by the Company to the extent that the Company was
covering such premiums as of the Termination Date (if permitted by law without violation of applicable discrimination rules, or,
if not, the equivalent after-tax value payable as additional severance at the same time such premiums are otherwise payable);

 

(iii) a
pro-rated portion of the Annual Cash Incentive (as provided for in Schedule B) applicable to the fiscal year in which the Termination
Date occurs (but, for clarity, not for any period after such fiscal year), based on the percentage completion of such fiscal year
(measured from April 1st of such year through the Termination Date) and the degree of attainment of the applicable Annual
Financial Goals (as defined in Schedule B) as of the Termination Date, as reasonably determined by the Compensation Committee,
and paid at the same time as a bonus would otherwise be payable under Section 4(b);

 

(iv) acceleration
of vesting of the options amended and/or granted under this Agreement on a pro-rata basis as if the vesting schedule had been monthly
rather than annual, advanced to the next month; and

 

(v) acceleration
of vesting of such number of PSUs that have been granted to Executive under Schedule A but which are then unvested, determined,
for each then outstanding granted but unvested grant, by multiplying the PSUs that Executive would receive at each applicable “Target”
level of performance, by a fraction, the numerator of which is the number of calendar months elapsed from the Grant Date of the
applicable grant of PSUs through the Termination Date, and the denominator of which is 36 months.

 

The Termination Benefits set forth in subsections 7(b)(i) and
(ii) and above shall continue effective for a period starting on the Termination Date and ending on the first anniversary of the
Termination Date (the “Termination Benefits Period”); provided, however, (i) that if the termination
pursuant to Section 6(b) or 6(e) above occurs within twelve (12) months of a Change of Control, then the Termination Benefits Period
shall be a period of eighteen (18) consecutive months starting on the Termination Date; and (ii) that in the event that the Executive
commences any employment during the Termination Benefits Period, the benefits provided under Section 7(b)(ii) shall cease effective
as of the date Executive qualifies for group health plan benefits in his new employment. The Company’s liability for Salary
continuation pursuant to Section 7(b)(i) shall not be reduced by the amount of any severance pay paid to the Executive pursuant
to any severance pay plan or stay bonus plan of the Company. Notwithstanding the foregoing, nothing in this Section 7(b) shall
be construed to affect the Executive’s right to receive COBRA continuation entirely at the Executive’s own cost to
the extent that the Executive may continue to be entitled to COBRA continuation after Company-paid premiums cease. The Executive
shall be obligated to give prompt notice of the date of commencement of any employment during the Termination Benefits Period and
shall respond promptly to any reasonable inquiries concerning any employment in which the Executive engages during the Termination
Benefits Period.

 

     

     

    

 

The Company acknowledges and agrees that under certain circumstances
involving the termination of the Executive’s employment and/or a Change of Control transaction involving the Company, the
Executive shall be entitled to accelerated vesting on his options to purchase shares of capital stock of the Company, all to the
extent provided in that certain Stock Option Agreements referred to in Section 4(e) hereof.

 

Any Termination Benefits (subject to Executive’s timely
execution, delivery and nonrevocation of the required release) that otherwise would become due and payable prior to the end of
the Release Period (including Salary continuation payments and COBRA premium payments otherwise due during the Release Period)
shall be paid on Company’s first regular payroll date following the end of the Release Period.”

 

7. Amendment
to Section 8(g) of the Employment Agreement. Section 8(g) of the Employment Agreement is amended by changing the reference
therein to “Schedule D” to be “Schedule C”.

 

8. Amendment
to Section 18 of the Employment Agreement. Section 18 of the Employment Agreement is amended by changing the reference
therein to “Schedule C” to be “Schedule D”.

 

9. Addition of
New Schedule A to Employment Agreement. Schedule A to the Employment Agreement is amended and restated as follows:

 

 

“Schedule A

Annual Cash Incentive:

 

Commencing for the fiscal year ending March
31, 2019 and continuing for each fiscal year thereafter while the Executive is employed as the CFO of the Company, the Compensation
Committee of the Board will, within 30 days the Board’s approval of the annual operating plan for a given fiscal year, but
not later than the end of the first fiscal quarter of the fiscal year, determine, after consultation with the Executive, Threshold,
Target and Stretch Target revenue and earnings goals for that specific fiscal year, each representing an increasingly higher level
of achievement, which goals shall be provided in the writing to the Executive (“Annual Financial Goals”). Earnings
goals shall generally be the same primary measure of profitability used by the Company in its public guidance (such as Adjusted
EBITDA), but the Committee retains the right to use a different measure. If an extraordinary change occurs, such as a merger or
recapitalization, the Committee may, in its reasonable discretion, revise the Annual Financial Goals after discussion with the
Executive to preserve the original incentive structure and degree of achievement as existed prior to such change.

 

     

     

    

 

The amount of the Threshold, Target and
Stretch Target bonuses shall be 25%, 50% and 100% of the Executive’s Base Salary for the applicable fiscal year, and shall
only be paid in cash. For example, for the fiscal year ending March 31, 2019, the Base Salary is $325,000, so the Threshold, Target
and Stretch Target bonus would be, if the applicable goals are achieved, $81,250; $162,500: and $325,000.

 

Achievement of Annual Financial Goals shall
be determined promptly after the Company’s annual financial statements for the fiscal year for the applicable period have
been publicly issued and certified by the Company’s auditors. Any interpretative issues in reconciling earnings goals to
audited numbers shall (a) be resolved as much as possible based on the Company’s publicly filed reconciliations of the same
and (b) as to any other questions shall be determined in the reasonable discretion of the Compensation Committee after good faith
discussion with Executive.

 

The Committee retains the sole discretion
to award a pro-rated amount of any applicable bonus based on partial achievement, but the Company and the Committee has no obligation
to do so and Executive confirms he has no expectation that the Company or the Committee will do so.

 

	Annual Cash Incentive	
        Threshold
Bonus 

         

         
	
        Target Bonus 

         

         
	
        Stretch Target Bonus

          

         

	Revenue Goal (40%)	Executive receives 40% of the Threshold Bonus only if the applicable Revenue goal is achieved.	Executive receives 40% of the Target Bonus only if the applicable Revenue goal is achieved.	Executive receives 40% of the Stretch Target Bonus only if the applicable Revenue goal is achieved.
	Earnings Goal (40%)	Executive receives 40% of the Threshold Bonus only if the applicable earnings goal is achieved.	Executive receives 40% of the Target Bonus only if the applicable earnings goal is achieved.	Executive receives 40% of the Stretch Target Bonus only if the applicable earnings goal is achieved.
	Discretionary (20%)	Executives receives 20% of the highest bonus tier he has earned if, in the sole discretion of the Compensation Committee, he has achieved exceptional results for the Company in the areas of compliance and financial reporting and such other areas of focus as the Committee deems appropriate.  If Executive has not earned any bonus tier, the Committee retains the discretion to award the Discretionary bonus base on 20% of the Threshold bonus.

 

     

     

    

 

Long Term Incentive:

 

Commencing with the fiscal year ending March
31, 2019, and continuing for each fiscal year thereafter while the Executive is employed as the CFO of the Company, the Compensation
Committee of the Board will grant to the Executive, when the Company makes Company-wide annual equity grants for such fiscal year
(such date, the “Grant Date”), time-vesting and performance-vesting Restricted Stock Units pursuant to the Amended
and Restated 2011 Equity Incentive Plan of Mandalay Digital Group, Inc. (the “Plan”) in amounts determined below,
subject, for the avoidance of doubt, to any applicable annual limit set forth in Section 9.5 of the Plan. Capitalized terms used
in these provisions pertaining to the Long Term Incentive, and not otherwise defined in the Agreement, shall have the meanings
set forth in the Plan.

 

Time-Vesting Restricted Stock Units

 

The time-vesting Restricted Stock Units
(RSUs) shall be for a number of Shares of Company common stock having aggregate Fair Market Value on the Grant Date as determined
by the Compensation Committee in its discretion. Such RSUs will vest on the following schedule, provided that the Executive continues
to be employed by the Company through each vesting date:

 

	 	On the first anniversary of the Grant Date	1/3 of the Shares
	 	 	 
	 	On the monthly anniversary of the Grant Date each	 
	 	month after the first anniversary of the Grant Date	
        an additional 1/36

        of the Shares

	 	through the third anniversary of the Grant Date

 

Any RSUs that have not vested prior to the
termination of the Executive’s employment with the Company shall terminate immediately upon the Executive’s termination
of employment and thereafter shall be of no further force or effect.

 

On each vesting date, the number of Shares
with respect to which the RSU then vests immediately shall be issued to the Executive. The Company is authorized to withhold applicable
taxes upon issuance of such Shares pursuant to Section 21 of the Agreement.

 

Performance-Vesting Restricted Stock
Units

 

The performance-vesting Performance Stock
Units (PSUs) shall be for a number of Shares of Company common stock having aggregate Fair Market Value on the Grant Date as determined
by the Compensation Committee in its discretion. Such PSUs will be earned and vest on the third anniversary of the Grant Date,
provided that the Executive continues to be employed by the Company through such date, with the number of Shares then earned and
vested determined as described below.

 

     

     

    

 

On or before the Grant Date of the PSUs,
the Board shall establish, after consultation with the Executive, Threshold, Target and Stretch Target Revenue and EBITDA goals
for the three fiscal year period beginning with the fiscal year immediately following the fiscal year for which the Long Term Incentive
grant is being made, which goals shall be provided in the writing to the Executive (“LTI Financial Goals”).
Vesting of PSUs granted for each fiscal year will be based fifty percent (50%) upon level of satisfaction of the 3-year Revenue
goal and fifty percent (50%) upon level of satisfaction of the 3-year EBITDA goal. If an extraordinary event occurs during the
three fiscal year period, such as a merger or recapitalization of the Company, the Board may, in its reasonable discretion, revise
the LTI Financial Goals after discussion with the Executive to preserve the original incentive structure and degree of achievement
as existed prior to such change. LTI Financial Goals may be stated as achievement of a given level of revenue and EBITDA for each
year of the three-year period, or of a given aggregate level of revenue and EBITDA over the three-year period. Level of vesting
of PSUs with respect to Revenue and EBITDA goals will be in accordance with the following schedule, with straight line interpolation
for achievement between Threshold and Target performance and between Target and Stretch Target performance:

 

	PSU Vesting	Threshold
	Target
	Stretch Target

	3 Year Revenue Target (50% of 3-year vest PSU grant)	50% of Revenue goal portion of PSUs	100% of Revenue goal portion of PSUs	200% of Revenue goal portion of PSUs
	3 Year EBITDA Target (50% of 3-year vest PSU grant)	50% of EBITDA goal portion of PSUs	100% of EBITDA goal portion of PSUs	200% of EBITDA goal portion of PSUs

 

Achievement of LTI Financial Goals shall
be determined promptly after the Company’s annual financial statements for the last fiscal year for the applicable period
have been publicly issued and certified by the Company’s auditors. Any interpretative issues in reconciling EBITDA goals
to audited numbers shall (a) be resolved as much as possible based on the Company’s publicly filed reconciliations of the
same and (b) as to any other questions shall be determined in the reasonable discretion of the Compensation Committee after good
faith discussion with Executive.

 

No PSUs shall vest with respect to any LTI
Financial Goal that is not met at the Threshold level of above. Vesting shall not exceed 200% of PSUs for performance above the
Stretch Target level.

 

Except as set forth in Section 7(b)(v) of
the Agreement, if the Executive’s employment with the Company terminates prior to the third anniversary of the Grant Date,
the PSUs shall not vest and shall terminate immediately upon the Executive’s termination of employment and thereafter shall
be of no further force or effect.

 

On the vesting date (including on the last
day of the Release Period for any PSUs vesting under Section 7(b)(v) of the Agreement), the number of Shares with respect to which
the PSU then vests immediately shall be issued to the Executive. The Company is authorized to withhold applicable taxes upon issuance
of such Shares pursuant to Section 21 of the Agreement.

 

     

     

    

 

Notwithstanding anything herein to the contrary,
in addition to the clawback rights contained elsewhere in this Agreement or applicable under the law, the Compensation Committee
shall be entitled to exercise negative discretion to nullify any grant of PSUs and to cancel any Shares issued with respect thereto
up until the date that is two (2) years after the vesting date thereof if the Compensation Committee determines in good faith that
the Company’s financial statements for any period whose performance was measured as part of the PSUs are, or must be, restated
in any manner adverse to the Company or the attainment of any Threshold, Target or Stretch Target goal, or if the Executive committed
any of the acts specified in Section 6(a)(i) or 6(a)(ii) of this Agreement. Executive shall not sell or otherwise dispose of any
Shares issued pursuant to PSUs until the period applicable to such Shares for exercising negative discretion has lapsed.

 

The Executive acknowledges and agrees that,
as set forth in the Company’s current report on Form 8-K dated June 12, 2018 and as approved by the compensation committee
of the Board of Directors on or about June 10, 2018, (i) he has received the grant contemplated above for the fiscal year ending
March 31, 2019 and therefore no other long term incentive grants are due to be made to him for the fiscal year ending March 31,
2019 and (ii) the annual and three year revenue and EBITDA goals for the year ending March 31, 2019 and three years ending March
31, 2021, respectively, were duly established and communicated to Executive in compliance with this Agreement, and are the same
as those established for the CEO.”

 

10. Miscellaneous.

 

a. Except as amended and/or restated hereby, all other provisions
of the Employment Agreement shall remain unchanged and are in full and force and effect in accordance with their terms and conditions.

 

b. In the event of a conflict between this Amendment and the
Employment Agreement, this Amendment shall govern.

 

c. The Employment Agreement and this Amendment may only be amended
further by a written agreement executed by the parties hereto and approved by the Board of Directors of the Company or a committee
of the Board of Directors.

 

d. This Amendment may be executed in one or more counterparts
and, if executed in more than one counterpart, the executed counterparts shall each be deemed to be an original but all such counterparts
shall together constitute one and the same instrument.

 

e. The Employment Agreement, as amended by this Amendment, represents
the entire agreement between the parties with respect to the subject matter hereof.

 

 

[Next page is signature page]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Amendment to be executed as of the date first above written.

 

	  	DIGITAL TURBINE, INC.
	 	 	 
	 	By:	/s/ William Stone
	 	 	Name: William Stone
	 	 	Title: Chief Executive Officer
	 	 	 
	 	BARRETT GARRISON
	 	 	 
	 	/s/ Barrett Garrison
	 	Barrett Garrisonseac-ex101_17.htm

 

Exhibit 10.1

 

Employee Separation Agreement and Voluntary Release

 

This Employee Separation Agreement and Voluntary Release (the “Agreement”) is entered into by and between SeaChange International, Inc. (“SeaChange” or the “Company”) 1 and Jonathan Rider (“you,” “your” or the “Employee”).

 

The purpose of this Agreement is to confirm the terms of your separation from SeaChange. Unless you rescind your assent as set forth in Section 7 below, this Agreement shall be effective on the eighth (8th) day following the day you sign it (the “Effective Date”), at which time it shall become final and binding on all parties.  The Severance Pay described below is contingent on your agreement to and compliance with the provisions of this Agreement.

 

1.Separation and Accrued Vacation.  Your employment with the Company shall separate effective August 1, 2018 (the “Separation Date”).  You acknowledge that from and after the Separation Date, you shall have no authority to represent yourself as an employee or agent of the Company, and you agree not to represent yourself in the future as an employee or agent of the Company.  

 

On or about the Separation Date, the Company shall pay your:

 

	
 
	
(i)
	
accrued but unused vacation time, subject to all ordinary payroll taxes and withholdings; and

 

	
 
	
(ii)
	
your final pay earned through the Separation Date in accordance with applicable law.

 

2.Severance Pay.  If you do not rescind this Agreement as set forth in Section 7 below, the Company shall provide you with six (6) months of severance pay, in the total gross amount of One Hundred and Sixty-Seven Thousand and Five Hundred Dollars ($167,500.00) (the “Severance Pay”).  The Severance Pay will be payable in equal installments at your current bi-weekly amount on the normal bi-weekly payroll schedule, less applicable deductions and withholdings.  

 

3.Vesting of Equity Awards.  You hereby acknowledge that there will be no further vesting of your unvested SeaChange equity awards after the Separation Date; except for the RSU’s, PSUs and stock options identified on Exhibit A hereto which will vest through close of business on January 31, 2019.

 

	
	 

	
11 
	
.   Except for the obligations set forth in Section 2, which shall be solely the obligations of SeaChange International, Inc., whenever the terms “SeaChange International, Inc.,” “SeaChange” or the “Company” are used in this Agreement (including, without limitation, Section 7), they shall be deemed to include SeaChange International, Inc., and any and all of its divisions, affiliates and subsidiaries and all related entities (including and its and their directors, officers, employees, agents, successors and assigns).  

 

 

1

 

4.Acknowledgments.  You acknowledge and agree that:

 

	
 
	
(i)
	
this Agreement and the Severance Pay are neither intended to nor shall constitute a severance plan and shall confer no benefit on anyone other than the Company and you; 

 

	
 
	
(ii)
	
the Severance Pay provided for herein is not otherwise due or owing to you under any employment agreement (oral or written); and

 

	
 
	
(iii) 
	
any commission owed will be paid the following quarter in which the incentive is earned in occurrence with the regular commission cycle (not applicable); and

 

	
 
	
(iv)
	
except for (1) unpaid regular wages, (2) any vacation time accrued through the Separation Date, which, as set forth above, shall be paid by the Company, (3) any vested monies due to you pursuant to the Company’s 401(k) savings plan; (4) any extended vesting as described in Section 3 above and (5) reimbursable business expenses as submitted for repayment prior to the Separation Date,  you have been paid and provided all wages, vacation pay, holiday pay, equity, authorized, bonuses, and all other forms of compensation, benefit or remuneration that may be due to you now or which would have become due in the future in connection with your employment with or separation of employment from the Company.   

 

5.Unemployment Insurance and COBRA.  After the Separation Date, you may:

 

	
 
	
(i)
	
seek unemployment benefits as a result of your separation from the Company.  Decisions regarding eligibility for and amounts of unemployment benefits are made by the applicable state agency, not by the Company; and 

 

	
 
	
(ii)
	
elect to continue medical and/or dental insurance coverage in accordance with the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) at your expense.  COBRA election forms and related documentation shall be provided to you after the Separation Date, and the “qualifying event” under COBRA shall be September 1, 2018; and 

 

	
 
	
(iii)
	
You will remain on the Company’s health insurance plans through August 31, 2018.

 

6.Return of Company Property; Confidentiality; Non-Disparagement.  You hereby covenant and agree to:

 

	
 
	
(i)
	
promptly return to the Company, on or before the Separation Date, all property (other than your laptop and cell phone) and documents (whether in hard copy or electronic form) of the Company in your custody and possession, and not retain any copies thereof; 

 

	
 
	
(ii)
	
abide by the terms of the Non-Disclosure Agreement a copy of which is included in the termination packet, and the terms of which are hereby incorporated into this Agreement by reference;

 

2

 

 

	
 
	
(iii)
	
abide by any and all common law and/or statutory obligations relating to the protection and non-disclosure of the Company’s trade secrets and/or confidential and proprietary documents and information, and you specifically agree that you will not disclose any confidential or proprietary information that you acquired as an employee of the Company to any other person or entity, or use such information in any manner that is detrimental to the interests of the Company;  

 

	
 
	
(iv)
	
keep confidential and not publicize or disclose the existence and terms of this Agreement, other than to (a) an immediate family member, legal counsel, accountant or financial advisor, provided that any such individual to whom disclosure is made shall be bound by these confidentiality obligations; or (b) a state or federal tax authority or government agency to which disclosure is mandated by applicable state or federal law; and

 

	
 
	
(v)
	
not make any statements that are disparaging about or adverse to the business interests of the Company or which are intended to harm the reputation of the Company, including, but not limited to, any statements that disparage any product, service, finances, employees, officers, directors, capability or any other aspect of the business of Company.  

 

Your breach of this Section 6 will constitute a material breach of this Agreement and, in addition to any other legal or equitable remedy available to the Company, will entitle the Company to stop providing and/or recover any Severance Pay.

 

7.Release of Claims / OWBPA.  

 

	
 
	
(i)
	
You hereby acknowledge and agree that by signing this Agreement and accepting the Severance Pay, you are waiving your right to assert any Claim (as defined below) against SeaChange arising from acts or omissions that occurred on or before the Effective Date, except for claims related to the Company’s failure to perform its obligations under this Agreement, and except for any claims which, as a matter of law, cannot be released by private agreement.  

 

Your waiver and release is intended to bar any form of legal claim, charge, complaint or any other form of action (jointly referred to as “Claims”) against the Company seeking any form of relief including, without limitation, equitable relief (whether declaratory, injunctive or otherwise), the recovery of any damages or any other form of monetary recovery whatsoever (whether back pay, front pay, compensatory damages, emotional distress damages, punitive damages, attorneys’ fees, costs or any other amount) against the Company up through and including the Effective Date.  You understand that there could be unknown or unanticipated Claims resulting from your employment with the Company and the termination thereof and agree that such Claims are intended to be, and are, included in this waiver and release.

 

 

3

 

	
 
	
(ii)
	
Without limiting the foregoing general waiver and release, you specifically waive and release the Company from any Claims arising from or related to your employment relationship with the Company or the termination thereof, including without limitation: 

 

(a)Claims under any local, state or federal discrimination, harassment, fair employment practices or other employment related statute, regulation or executive order, including, without limitation, the Massachusetts Fair Employment Practices Act (also known as Chapter 151B), the Age Discrimination in Employment Act and Title VII of the Civil Rights Act of 1964, each as they may have been amended through the Separation Date; 

 

(b)Claims under any local, state or federal employment related statute, regulation or executive order relating to wages, hours, whistleblowing, leaves of absence or any other terms and conditions of employment, including, without limitation, the Family and Medical Leave Act of 1993, the Worker Adjustment and Retraining Notification (WARN) Act, the Massachusetts Payment of Wages Law (Massachusetts General Laws Chapter 149, §§ 148, 150), which includes claims for unpaid wages including overtime compensation, Massachusetts General Laws Chapter 149 in its entirety and Massachusetts General Laws Chapter 151 in its entirety (including, without limitation, the sections concerning payment of wages, minimum wage and overtime), each as they may have been amended through the Separation Date. You specifically acknowledge that you are waiving any Claims for unpaid wages under these and other statutes, regulations and executive orders; 

 

(c) Claims under any local, state or federal common law theory; and 

 

(d)any other Claim arising under other local, state or federal law.

 

	
 
	
 (iii)
	
OWBPA: Because you are at least forty (40) years of age, you have specific rights under the federal Age Discrimination in Employment Act (“ADEA”) and Older Workers Benefits Protection Act (“OWBPA”), which prohibit discrimination on the basis of age.  The release in this Section 7 is intended to release any Claim you may have against SeaChange alleging discrimination on the basis of age under the ADEA, OWBPA and other  applicable laws.  Notwithstanding anything to the contrary in this Agreement, the release in this Section 7 does not cover rights or Claims under the ADEA that arise from acts or omissions that occur after the date you sign this Agreement. 

	
 
	

	
 

It is SeaChange’s desire and intent to make certain that you fully understand the provisions and effects of this Agreement.  To that end, SeaChange hereby advises you in writing to consult with legal counsel prior to signing this Agreement for the purpose of reviewing the terms of this Agreement. Also, because you are at least age 40, and consistent with the provisions of the OWBPA, the Company is providing you with twenty-one (21) days to consider and accept the terms of this Agreement by signing below and returning it to SeaChange, c/o Human Resources at SeaChange International, Inc., 50 Nagog Park, Acton, MA 01720.  

 

4

 

You agree that any changes to this Agreement, whether material or immaterial, will not restart the running of this twenty-one (21) day period.  In addition, you may rescind your assent to this Agreement if, within seven (7) days after you sign this Agreement, you deliver a notice of rescission to Human Resources at same address as above.  To be effective, such rescission must be hand delivered or postmarked within the seven (7) day period and sent by certified mail, return receipt requested, to the same person and address referenced above.  

 

	
 
	
(iv)
	
Consistent with federal and state laws, nothing in this Agreement (including but not limited to the release of claims, confidentiality, cooperation, and non-disparagement provisions) shall be construed to prevent you from communicating or filing a charge or complaint with, or from participating in an investigation or proceeding conducted by, the Equal Employment Opportunity Commission, National Labor Relations Board, the Securities and Exchange Commission, or any other any federal, state or local agency charged with the enforcement of any laws, or from exercising rights under Section 6 of the National Labor Relations Act to engage in joint activity with other employees, although by signing this Agreement you are waiving and hereby do waive any and all rights to individual relief (monetary or otherwise) based on claims asserted in such a charge or complaint, or asserted by any third-party on your behalf, except where such a waiver of individual relief is prohibited.

 

	
 
	
(v)
	
This Section 7 shall not limit (a) the rights granted to you in your Indemnification Agreement between you and the Company dated January 31, 2017, (b) any reimbursements that may be owed to you under Section 8(i) of this Agreement and (c) any reimbursements that may be owed to you under Section 8(ii) of this Agreement.

 

8.Cooperation.  

 

	
 
	
(i)
	
For a period of three (3) months after the Separation Date (the “Cooperation Period”), you agree to make yourself available to the Company, upon reasonable notice (either by telephone or, if the Company believes necessary, in person) and at reasonable times to assist the Company in any matter relating to the services performed by you during your employment with the Company including, but not limited to, transitioning your duties to others.  The Company will reimburse you for any reasonable, out-of-pocket expenses that you may incur in providing such assistance, so long as you first obtain written pre-approval. 

 

	
 
	
(ii)
	
You further agree to cooperate fully with the Company in the defense or prosecution of any claims or actions now in existence or which may be brought or threatened in the future against or on behalf of the Company or its successor(s), including any claim or action against its and their directors, officers and employees.  Your cooperation in connection with such claims or actions shall include, without limitation, your being reasonably available (in a manner that does not unreasonably interfere with any employment obligations you may have) to speak or meet with the Company to prepare for any proceeding, to provide truthful affidavits, to assist with any audit, inspection, proceeding or other 

 

5

 

	
 
		
inquiry, and to act as a witness in connection with any litigation or other legal proceeding affecting the Company.  The Company will reimburse you for any reasonable, out-of-pocket expenses that you may incur in providing such assistance, so long as you first obtain written pre-approval.

 

9.Miscellaneous.  

 

	
 
	
(i)
	
Except for the Non-Disclosure Agreement referenced in Section 6(ii) above and the Indemnification Agreement referenced in Section 7(v) above, both of which shall remain in full force and effect in accordance with their respective terms, this Agreement supersedes any and all prior oral and/or written agreements, and sets forth the entire agreement between the Company and you in respect of your separation from the Company.  

 

	
 
	
(ii)
	
No variations or modifications hereof shall be deemed valid unless reduced to writing and signed by the Company and you.  

 

	
 
	
(iii)
	
The provisions of this Agreement are severable, and if for any reason any part hereof shall be found to be unenforceable, the remaining provisions shall be enforced in full.

 

	
 
	
(iv)
	
The validity, interpretation and performance of this Agreement, and any and all other matters relating to your employment and separation of employment from the Company, shall be governed by and construed in accordance with the internal laws of the Commonwealth of Massachusetts, without giving effect to conflict of law principles.  Both parties agree that any action, demand, claim or counterclaim relating to (a) your employment and separation of your employment, and/or (b) the terms and provisions of this Agreement or to its breach, shall be commenced in the Commonwealth of Massachusetts in a court of competent jurisdiction and that venue for such actions shall lie exclusively in Massachusetts.  You also agree that a court in Massachusetts will have personal jurisdiction over you, and you waive any right to raise a defense of lack of personal jurisdiction by such a court.  

 

It is the Company’s desire and intent to make certain that you fully understand the provisions and effects of this Agreement.  To that end, you hereby acknowledge that you have been encouraged and given an opportunity to consult with legal counsel.  By executing this Agreement, you are acknowledging that (a) you have been afforded sufficient time to understand the provisions and effects of this Agreement and to consult with legal counsel; (b) your agreements and obligations under this Agreement are made voluntarily, knowingly and without duress; and (c) neither the Company nor its agents or representatives have made any representations inconsistent with the provisions of this Agreement.

 

 

 

6

 

If the foregoing correctly sets forth our arrangement, please sign, date and return the enclosed copy of this Agreement to Legal Department at 50 Nagog Park, Acton, MA 01720 within twenty-one (21) days after your Separation Date.  

 

Very truly yours,

 

		
	
SEACHANGE INTERNATIONAL, INC.

	
/s/ PETER R. FAUBERT

	
By: Peter R. Faubert

	
Its: Chief Financial Officer

	
 

	
Accepted and Agreed To:

	
/s/ JONATHAN RIDER

	
Jonathan Rider

	
Dated:
	
July 18, 2018

 

 

7

 

					
					
	
Grant Date
	
Form of Award
	
Number of Shares
	
Vesting 
	
Vested/Issued Shares as of January 31, 2019

	
4/19/2016
	
Initial Incentive Stock Option

 

Exercise Price: $3.83
	
75,000
	
Time-based over 4 years
	
Vested: 37,500 shares

 

To be cancelled: 37,500 shares

	
1/31/2017
	
Promotion Incentive and Non Qualified Stock Options

 

Exercise Price: $2.42
	
100,000
	
Time-based over 4 years
	
Vested: 25,000 shares

 

1/31/2019 vesting: 25,000 shares

 

To be cancelled: 50,000 shares

	
5/2/2016
	
Performance Stock Unit (PSU)
	
19,930
	
Performance-Vested (based on TSR)
	
Award may issue subsequent to 1/31/19 based on TSR performance and prorated based on days served (which is 100% of the 3-year period) subject to non-revocation of this Agreement and subject to change in control and 150% performance increase as set forth in your PSU Agreement

	
1/31/2017
	
Performance Stock Unit (PSU)
	
30,843
	
Performance-Vested (based on TSR)
	
Award may issue subsequent to 1/31/20 based on TSR performance and prorated based on days served (which is 66.67% of the 3-year period) subject to non-revocation of this Agreement and subject to change in control and 150% performance increase as set forth in your PSU Agreement

 

	
1/31/2018
	
Performance Stock Unit (PSU)
	
25,000
	
Performance-Vested (based on FY19 financial metrics)
	
One third of the award may issue subsequent to 1/31/19 based on the Company’s attainment of both FY19 financial revenue and operating income metrics and subject to non-revocation of this Agreement and subject to change in control as set forth in your PSU Agreement.

 

	
5/2/2016
	
Restricted Stock Unit

(RSU)
	
9,965
	
Time-based over 3 years
	
Vested: 6,642 shares

 

1/31/2019 vesting: 3,323 shares

 

8

 

					
	
1/31/2017
	
Restricted 

Stock Unit

(RSU)
	
15,422
	
Time-based over 3 years
	
Vested: 5,140 shares

 

1/31/2019 vesting: 5,140 shares

 

To be cancelled: 5,142 shares

	
1/31/2018
	
Restricted Stock Unit

(RSU)
	
25,000
	
Time-based over 3 years
	
Vested: 0 shares

 

1/31/2019 vesting: 8,334 shares

 

To be cancelled: 16,666 shares

	
5/2/2016
	
Incentive Stock Option

 

Exercise price: $3.77
	
21,068
	
Time-based over 3 years
	
Vested: 14,046 shares

 

1/31/2019 vesting: 7,022 shares

	
1/31/2017
	
Incentive and Non Qualified Stock Options 

 

Exercise price: $2.42
	
32,604
	
Time-based over 3 years
	
Vested: 10,868 shares

 

1/31/2019 vesting: 10,868 shares

 

To be cancelled: 10,868 shares

	
1/31/2018
	
Incentive and Non Qualified Stock Options 

 

Exercise price: $3.33
	
100,000
	
Time-based over 3 years
	
Vested: 0 shares

 

1/31/2019 vesting: 33,334 shares

 

To be cancelled: 66,666 shares

 

 

 

9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00287-of-00352.parquet"}]]