Document:

exv10w22

 

EXHIBIT 10.22

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED FOR CERTAIN PORTIONS OF THIS DOCUMENT

2007 Compensation Plan

	 	 	 
	To:

	 	Steven J. Martello
	 

	 	Senior Vice President of Client Services
	 
	Effective dates:

	 	January 1, 2007 to
December 31, 2007

This document outlines your individual compensation package (“Compensation Plan”) for calendar year
2007 including the at-risk components determined under the Sales Compensation Plan below and the
2007 Executive Officer Bonus Plan. Compensation Plan details and policies can be found in the
Interwoven 2007 Sales Compensation Plan and 2007 Executive Officer Bonus Plan documents, which will
be provided at your request.

All other terms and conditions of your employment are governed by your offer letter and Interwoven
policy.

In your role, you are responsible for the Interwoven’s worldwide services organization. Interwoven
reserves the right to change your responsibilities from time to time and modify your Compensation
Plan to take into account its business needs.

COMPENSATION PACKAGE

Your Compensation Plan is comprised of a Base Salary and Incentive Pay, which is an at-risk
component of your overall compensation package. The Sales Compensation Plan and the 2007 Executive
Officer Bonus Plan outline the guidelines under which you will be paid your Incentive Pay
component.

Your on-target earnings for 2007 are $450,000.00. Your on-target earnings are composed of the
following:

	 	•	 	Annual Base salary of $250,000.00.
	 
	 	•	 	On target Incentive Pay of $200,000.00.

From your actual earnings, we will subtract payroll deductions, all required withholdings and other
voluntary deductions you authorize Interwoven to make on your behalf.

BASE SALARY

Your annual Base Salary will be paid to you ratably over the year in accordance with Interwoven’s
standard payroll practices.

INCENTIVE PAY

Your Incentive Pay will be calculated under the following Incentive Pay plans. These Incentive Pay
plans do not guarantee you a level of income.

      Sales Compensation Plan

Of your on-target Incentive Pay, $120,000.00 will be related to commissions for Professional
Services Revenues and $40,000.00 will be related to commissions for Software License Bookings.

Commissions on revenue from maintenance, consulting and education services (collectively
“Professional Services Revenues”) be paid at the rates stated below and will be earned upon
recognition of revenue for those services by Interwoven in accordance with generally accepted

 

 

accounting principles and Interwoven’s revenue recognition policy. Professional
Services Revenues are subject to reduction for any returns, realization adjustments or
uncollectible accounts. Software License Bookings will be paid at the rates stated below.

For Software License Bookings, credit will be received for the amount of revenue that can be
recognized in accordance with Interwoven’s revenue recognition policy. If the recognition of
revenue extends beyond the end of the then current quarter, bookings credit will be received in
the quarter when the revenue is recognized. Such amounts are subject to reduction for
carve-outs, any returns, or uncollectible accounts as outlined in the Interwoven 2007 Sales
Compensation Plan.

The following commission rates will be applied to Professional Services Revenues for purposes of
computing quarterly commissions due for 2007:

	 	 	 	 	 	 	 	 	 
	Quarterly	 	Professional Services	 	License Bookings
	Quota Attainment	 	Commission Rates	 	Commission Rates
	 
	 	 	 	 	 	 	 	 
	Less than 96%
	 	 	[***]	%	 	 	[***]	%
	96% to 97%
	 	 	[***]	%	 	 	[***]	%
	98% to 99%
	 	 	[***]	%	 	 	[***]	%
	100%
	 	 	[***]	%	 	 	[***]	%
	101% to 103%
	 	 	[***]	%	 	 	[***]	%
	104% to 106%
	 	 	[***]	%	 	 	[***]	%
	107% to 110%
	 	 	[***]	%	 	 	[***]	%
	Greater than 110%
	 	 	[***]	%	 	 	[***]	%

All quota achievement percentages will be rounded to the next whole number (>= 0.5 will be
rounded up and < 0.5 will be rounded down).

Additionally, the commission rates above for Professional Services Revenues will be multiplied
by the following adjustment factors based on the Direct Margin Percentage of the combined
Maintenance, Consulting and Education organizations achieved in a quarterly period:

	 	 	 	 	 
	Direct	 	Adjustment
	Margin Percentage	 	Factor
	>3% below target
	 	 	[***]	%
	3% below target
	 	 	[***]	%
	2% below target
	 	 	[***]	%
	1% below target
	 	 	[***]	%
	At target
	 	 	[***]	%
	1% above target
	 	 	[***]	%
	2% above target
	 	 	[***]	%
	3% above target
	 	 	[***]	%
	4% above target
	 	 	[***]	%
	>4% above target
	 	 	[***]	%

Direct Margin Percentage is defined as recognized Professional Services Revenue less the direct
expenses to acquire and provide the maintenance, consulting and educational services.

 

 

Your quota for the period January 1, 2007 to December 31, 2007 is $[***] for Professional
Services Revenues and $[***] for Software License Bookings as follows:

	 	 	 	 	 
	Professional	 	Software
	Services Revenues	 	License Bookings
	$[***] for Q1 2007
	 	$[***] for Q1 2007
	$[***] for Q2 2007
	 	$[***] for Q2 2007
	$[***] for Q3 2007
	 	$[***] for Q3 2007
	$[***] for Q4 2007
	 	$[***] for Q4 2007

Your Direct Margin Percentage targets for the period January 1, 2007 to December 31, 2007 are as
follows:

	 	•	 	[***]% for first quarter of 2007
	 
	 	•	 	[***]% for the second quarter of 2007
	 
	 	•	 	[***]% for the third quarter of 2007
	 
	 	•	 	[***]% for the fourth quarter of 2007

By way of example, if Professional Services Revenues for the first quarter of 2007 were $[***]
(an achievement of 101% of quota) and the direct gross margin was [***]%, your commission due
would be computed as follows:

     (($[***] times [***]%) times [***]% margin adjustment factor) or $[***].

Further, if Software License Bookings for the first quarter of 2007 were $[***] (an achievement
of 100% of quota), your commission due would be computed as follows:

     ($[***] times [***]%) or $[***].

2007 Executive Officer Bonus Plan

Of your on-target Incentive Pay, $40,000.00 will be related to amounts due under the 2007
Executive Officer Bonus Plan and calculated in accordance with that plan. Such amounts may be
allocated to MBO objectives.

Please acknowledge your acceptance with this Compensation Plan by signing below. Have a great 2007!

	 	 	 	 	 	 	 
	Read and accepted:

	 	 
	 	Signed:
	 	 
	 
	 	 	 	 	 	 
	/s/ Steven J. Martello
 

Steven J. Martello

	 	 	 	/s/ Joseph L. Cowan
 

Joseph L. Cowan
	 	  
	Senior Vice President of Worldwide Services

	 	 	 	Chief Executive Officer	 	 
	Interwoven, Inc.

	 	 	 	Interwoven, Inc.	 	 

***Confidential treatment has been requested with respect to the information contained within the
“[***]” markings. Such marked portions have been omitted from this filing and have been filed
separately with the Securities and Exchange Commission.exv10w24

 

EXHIBIT
10.24

FIRST AMENDMENT TO LEASE

THIS
FIRST AMENDMENT TO LEASE (this “Amendment”) is made and entered into as of January 12, 2007,
by and between SILICON VALLEY CA-I, LLC, a Delaware Limited liability company (“Landlord”), and
INTERWOVEN, INC., a Delaware corporation (“Tenant”).

RECITALS

	A.	 	Landlord and Tenant are parties to that certain Lease, dated December 18, 2006 (the
“Lease”). Pursuant to the Lease, Landlord has leased to Tenant space currently containing approximately 110,000 rentable square feet (the “Premises”) described as the building located at 160 E. Tasman, San Jose, California (the “Building”).

	B.	 	Tenant and Landlord mutually desire that the Lease be amended on and subject to the following
terms and conditions.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and
other good and. valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, Landlord and Tenant agree as follows:

	1.	 	Amendment. Effective as of the date hereof (unless different effective date(s) is/are
specifically referenced in this Section), Landlord and Tenant agree that the Lease shall be amended in accordance with the following terms and conditions:

	 	1.1	 	The definition of “Delivery Date” set forth on page iii of the Reference. Pages of the Lease
is hereby deleted in its entirety and replaced with the following: “March 1, 2007.”

	 
	 	1.2	 	The first sentence of Section 2.3 of the Lease is hereby deleted in its entirety and
replaced with the following:

	 
	 	 	 	“Subject to the terms of this Section 2.3 and provided that Tenant has executed the Early
Possession Agreement (as defined below), Landlord grants Tenant the right to enter the Premises any
time after the Delivery Date, at Tenant’s sole risk, for business purposes or any other purpose
permitted herein (e.g. for the purpose, of constructing the Initial Alterations described on
Exhibit B attached hereto and installing telecommunications and data cabling (“Tenant’s
Cabling”), and installing the following property (collectively, “Tenant’s Personal Property”):
equipment, cubicles, furnishings and other personalty, including, without limitation, technology,
computers, art, signage, equipment, office supplies, soft furnishings, and decor.”

	 
	 	1.3	 	In addition to the early entry described in Section 1.2 above, subject to the terms of this
Section 1.3, Landlord grants Tenant the right to periodically enter the Premises during
normal business hours prior to the Delivery Date, at Tenant’s sole risk, for the purpose of
taking measurements, inspecting, and testing fixtures and systems in preparation ‘for
Tenant’s occupancy of the Premises, provided that (a) Tenant has obtained Landlord’s
prior approval prior to each entry, (b) Tenant returns keys to the Premises promptly
following such entry (and in any event no. later than 5:00 p.m.. Pacific Standard Time on
each day that Tenant enters the Premises pursuant to this Section), and (c) if Landlord so
elects, Landlord may accompany Tenant during such entry. Such entry prior to the

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	 	 	 	Delivery Date shall be subject to all of the terms and conditions of the Lease, as amended
hereby, except that Tenant shall not be required to pay Monthly Installment of Rent or Tenant’s
Proportionate Share of Expenses and Taxes with respect to the period of time prior to the Delivery Date. Said early entry shall not advance the Termination

Date.

	 
	 	1.4	 	Notwithstanding anything in the Lease or this Amendment to the contrary, the fifth and
sixth sentences of Section 7.1 of the Lease are hereby deleted in their entirety and replaced
with the following:

	 
	 	 	 	“Except to the extent caused by the acts or omissions of Tenant or any Tenant Entities or by
any alterations or improvements performed by or on behalf of Tenant, if such systems or the
elevator are not in good working order, condition or repair as of the date possession of the
Premises is delivered to Tenant and Tenant provides Landlord with notice of the same on or before
March 1, 2007, Landlord, at Landlord’s sole cost and expense (and which amount shall not be
included in Expenses), shall be responsible for repairing or restoring the same in accordance with
applicable Regulations. In addition, except to the extent caused by the acts or omissions of
Tenant or any Tenant Entities or exacerbated by the negligence or misconduct of Tenant or any
Tenant Entity, or by any alterations, additions or improvements performed by or on behalf of
Tenant, if (a) Tenant provides Landlord with prompt written notice of the existence of any mold at
the Premises on or before March 1, 2007, and (b) such mold is not removed in the ordinary course of
the construction of the Initial Alterations, Landlord, at Landlord’s sole cost and expense (and
which amount shall not be included in Expenses), shall be responsible for removing and abating such
mold in accordance with applicable Regulations.”

	 
	 	1.5	 	Tenant shall protect, indemnify and hold the Landlord Entities harmless from and against
any and all loss, claims, liability or costs (including actual court costs and reasonable
attorney’s fees) incurred by reason of or directly or indirectly related to any entry upon
or access to the Premises by Tenant or any Tenant Entity (i) at any time during the period
beginning December 26, 2006 and ending January 10, 2007, and (ii) at any time prior to
the Delivery Date pursuant to the terms of Section 1.3 above. The foregoing shall
survive the-expiration or early termination of the Lease.

	2.	 	Miscellaneous.

	 	2..1	 	This Amendment sets forth the entire agreement between the parties with respect to the
matters set forth herein. There have been no additional oral or written representations or
agreements.

	 
	 	2.2	 	Except as herein modified or amended, the provisions, conditions and terms of the Lease
shall remain unchanged and-in full force and effect.
2.3 In the case of any inconsistency between the provisions of the Lease and this
Amendment, the provisions of this Amendment shall govern and control.

	 
	 	2.4	 	Submission of this Amendment by Landlord is not an offer to enter into this Amendment
but rather is a solicitation for such an offer by Tenant. Landlord shall not be bound by
this Amendment until Landlord has executed and delivered the same to Tenant.

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	 	2.5	 	The capitalized terms used in this Amendment shall have the same definitions as set forth in the Lease to the extent that such capitalized terms are defined therein and not
redefined in this Amendment.

	 
	 	2.6	 	Tenant hereby represents to Landlord that Tenant has dealt with no broker who may be
entitled to compensation in connection with this Amendment. Tenant agrees to
indemnify and hold Landlord, its members, principals, beneficiaries, partners, officers,
managers, investors, directors, employees, mortgagee(s) and agents, and the respective
principals and members of any such agents harmless from all claims of any brokers
claiming to have represented Tenant in connection with this Amendment. Landlord
hereby represents to Tenant that Landlord has dealt with no broker who is entitled to
compensation in connection with this Amendment. Landlord agrees to indemnify and
hold Tenant, its members, principals, beneficiaries, partners, officers, directors,
employees, and agents, and the respective principals and members of any such agents
harmless from all claims of any brokers claiming to have represented Landlord in
connection with this Amendment.

	 
	 	2.7	 	Each signatory to this Amendment hereby represents that he or she has the authority to
execute and deliver the same on behalf of the party hereto for which such signatory is
acting.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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	 	2.8	 	Redress for any claim against Landlord under the Lease and this Amendment shall be limited to and enforceable only against and to the extent of Landlord’s interest in the
Building. The obligations of Landlord under the Lease are not intended to and shall not be
personally binding on, nor shall any resort be had to the private properties of, any of its
trustees or board of directors and officers, as the case may be, its investment manager, the
general partners thereof, or any beneficiaries, stockholders, employees, or agents of Landlord or
the investment manager.

     IN WITNESS WHEREOF, Landlord and Tenant have entered into, and executed this Amendment as of
the date first written above.

	 	 	 	 	 	 	 
	LANDLORD:	 	TENANT:
	 
	 	 	 	 	 	 
	SILICON VALLEY CA-I, LLC,	 	INTERWOVEN, INC.
	a Delaware limited liability company	 	a Delaware corporation
	 
	 	 	 	 	 	 
	By:

	 	RREEF Management Company, a Delaware	 	 	 	 
	 

	 	corporation, its Authorized Agent	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	/s/ Stephen J. George
	 	By:
	 	/s/ John E. Calonico, Jr.
	 

	 	 
	 	 	 	 
	Name:

	 	Stephen J. George
	 	Name:
	 	John E. Calonico, Jr.
	Title:

	 	Vice President, Regional Director
	 	Title:
	 	Chief Financial Officer
	Dated:

	 	1/18/2007
	 	Date:
	 	1/12/2007

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