Document:

Exhibit
10.5

 

STRICTLY CONFIDENTIAL

 

SEPARATION
AGREEMENT AND GENERAL RELEASE

 

This
Separation Agreement and General Release (“Agreement”) is entered into between
SpectraLink Corporation (“SpectraLink”) and David Rosenthal. SpectraLink and Mr.
Rosenthal may be referred to in this Agreement together as the “Parties” or
individually as a “Party.”  For purposes
of this Agreement, SpectraLink includes any company related to SpectraLink, in
the past or present; the past and present officers, directors, employee’s,
shareholders, attorneys, agents and representatives of SpectraLink; any present
or past employee’s benefit plan sponsored by SpectraLink and/or the officers
directors, trustees, administrators, employees, attorneys, agents and
representatives of such plan; and any person who acted on behalf of SpectraLink
or on instruction from SpectraLink.

 

In exchange for the
releases and other agreements specified in this Agreement, the Parties agree as
follows:

 

Proprietary and Confidential Information.
Mr. Rosenthal understands and acknowledges that in the course of carrying out his
duties while employed by SpectraLink, a relationship of confidence and trust
was created in favor of SpectraLink with respect to any information of a
confidential and proprietary nature that was disclosed to his by SpectraLink
and that relates to the business of SpectraLink (“Proprietary Information”). Such
Proprietary Information includes, but is not limited to, business strategies,
financial information, accounting procedures, forecasts, business policies,
projections, inventions, marketing plans, product plans, personnel information,
customer lists, identities of prospective business partners, and his specific
job responsibilities and activities while employed by SpectraLink.

 

Mr. Rosenthal acknowledges that he continues to be
bound by the SpectraLink Corporation Employee Non-Disclosure Agreement, and
that as a result of his employment with SpectraLink, he had access to
SpectraLink Proprietary Information. Mr. Rosenthal agrees to hold all
Proprietary Information in strict confidence, to not disclose it to anyone or
any entity except as may be specifically required by law or court order, and to
not make use of such Proprietary Information on behalf of anyone. Mr. Rosenthal
confirms that he has delivered to SpectraLink all documents and data of any nature
containing or pertaining to such Proprietary Information and that he has not
taken with his any such documents or data or any reproduction thereof. Mr. Rosenthal
specifically acknowledges and agrees that any breach of this provision shall
irreparably harm SpectraLink so as to entitle it to injunctive relief to stop
any further breaches or threatened breaches of this provision. Nothing in the
foregoing shall affect in any way the validity and enforceability of the
releases given pursuant to this Agreement, which shall remain binding and
enforceable as against Mr. Rosenthal.

 

Non-Disparagement. Mr. Rosenthal
agrees that the good reputation of SpectraLink is an important asset of
SpectraLink, and therefore agrees that he shall not make any statement or other
communication that disparages or otherwise denigrates SpectraLink, and shall
decline to discuss SpectraLink with any third party (except with his legal
counsel, financial advisors, and immediate family members) other than to
confirm his employment and dates of employment with SpectraLink. Mr. Rosenthal specifically
acknowledges and agrees that any breach of this provision shall irreparably
harm SpectraLink so as to entitle it to injunctive relief to stop any further
breaches or threatened breaches of this provision. Nothing in the foregoing
shall affect in any way the validity and enforceability of the releases given
pursuant to this Agreement, which shall remain binding and enforceable as against
Mr. Rosenthal.

 

Settlement
Consideration for Mr. Rosenthal. SpectraLink has paid Mr. Rosenthal
all employment compensation and has provided Mr. Rosenthal with all benefits to
which Mr. Rosenthal is entitled through and including the effective date of this
Agreement. SpectraLink will make the following additional payments to Mr. Rosenthal
and will provide Mr. Rosenthal with specified benefits and consideration in
exchange for Mr. Rosenthal’s release of SpectraLink and in settlement of any
claim or claims Mr. Rosenthal may have against SpectraLink.

 

Settlement Payment.
As consideration for Mr. Rosenthal’s release of all claims against SpectraLink,
SpectraLink will pay Mr. Rosenthal the sum of $86,666.67 less lawfully required
withholdings, which payment will commence over the agreed upon separation
period set forth below upon execution of this Agreement.. Payment will be in
the form of a SpectraLink check to Mr. Rosenthal mailed to him at his residence
address. Mr. Rosenthal

 

 

understands that as part
of the settlement, he will hold the position of non-executive assistant to the
president and his benefits will continue until September 10, 2006, at which
time Mr. Rosenthal must return all SpectraLink property in his possession and
that he will perform this position from his home office. If SpectraLink’s
property is not returned to Kathryn Zuber, Director of Human Resources on
September 10, 2006, Mr. Rosenthal will be billed for the value of all
SpectraLink property.

 

SpectraLink shall treat
such payment as income to Mr. Rosenthal from which ordinary federal and state
withholding and taxes shall be deducted. Mr. Rosenthal will indemnify and hold
SpectraLink harmless from any costs, liability or expense, including reasonable
attorney’s fees, arising from the taxation, if any, of any amounts received by Mr.
Rosenthal pursuant to the Agreement, including but not limited to any penalties
or administrative expenses.

 

Mr. Rosenthal’s Release
of SpectraLink.

 

General Release of
SpectraLink Mr. Rosenthal understands that Agreement is a
knowing and voluntary waiver of claims by Mr. Rosenthal related to his
employment with and separation from SpectraLink. In exchange for the
consideration set forth in this Agreement and except for matters specifically
reserved in this Agreement, Mr. Rosenthal, his representatives, successors and
assigns, release and forever discharge SpectraLink from any and all claims,
demands, damages, losses, obligations, rights and causes of action, whether
known or unknown, including but not limited to, all claims, liabilities,
obligations, causes of action or administrative complaints that he now has or
has ever had against SpectraLink relating in any way to his employment at
SpectraLink.

 

Mr. Rosenthal agrees not
to bring any lawsuits or administrative claims against SpectraLink relating to
the claims that Mr. Rosenthal has released nor will he allow any to be brought
or continued on his behalf or in his name.

 

Legal Compliance. Nothing in this
Agreement is intended to or shall prohibit or impair SpectraLink or Mr. Rosenthal
from complying with all applicable laws and regulations, nor is this Agreement
intended to or to be construed to obligate either party to commit any unlawful
acts, or aid or abet in the commission of any unlawful act.

 

Mr. Rosenthal acknowledges that he is aware that his
legal counsel or agents may hereafter discover claims or facts in addition to
or different from those which he now knows or believes to exist with respect to
SpectraLink or the subject matter of this Agreement, but that it is his
intention hereby fully, finally, and forever to settle and release all of the
disputes and differences, known or unknown, suspected or unsuspected, which now
exist, may exist, or heretofore have existed between the Parties. In
furtherance of this intention, the releases herein given shall be and remain in
effect as full and complete releases notwithstanding the discovery or existence
of any such additional or different claim of fact.

 

Without
limiting the generality of the foregoing terms, the scope of Mr. Rosenthal’s
release under the Agreement specifically includes all claims for breach of
contract, ) all claims related to Mr. Rosenthal’s compensation from
SpectraLink, including salary, bonuses, commissions, vacation pay, fringe
benefits, expense reimbursements, severance pay, stock, stock options or any
other ownership interests in SpectraLink (except as set forth below), any other
claim under the common law of Colorado, including claims for tort, fraud, breach
of implied or express contract, wrongful discharge in violation of public
policy, promissory estoppel, negligent or intentional interference with
contract or prospective economic advantage, negligent or intentional
misrepresentation, unfair business practices, breach of a covenant of good
faith and fair dealing both express and implied, negligent or intentional
infliction of emotional distress, defamation, libel, slander, negligence,
personal injury, assault, battery, invasion of privacy, false imprisonment,
conversion, injunctive relief, compensatory damages, punitive damages,
equitable relief, attorney’s fees and costs and any claims under all federal,
state, and local statutory claims including harassment or discrimination and
claims under the following statues: the Colorado Anti-Discrimination Act; the federal
Americans with Disabilities Act of 1990; Title VII of the Civil Rights Act of
1964,as amended; the Civil Rights Act of 1991; the Civil Rights Acts of 1866
and 1871; the Equal Pay Act; the Fair Labor Standards Act; the Family Medical
Leave Act; the National Labor Relations Act; the Occupational Safety and Health
Act; the Rehabilitation Act; Executive Order 11246; the Colorado Wage and Claim
Act; and the Employer Retirement Income Security Act. Mr. Rosenthal hereby
warrants and represents that there are no liens or claims of lien or
assignments in law or equity or otherwise on or against any of the claims or
causes of action released by his hereunder and that the release of claims given
by his shall result in a complete and final release of all claims he has or
could assert against SpectraLink.

 

 

Each of the Parties
agrees that the foregoing enumeration of claims released is illustrative, and
the claims hereby released are in no way limited by the above recitation of
specific claims, it being the intent of the Parties to fully and completely
release all claims whatsoever in any way relating to Mr. Rosenthal’s employment
with SpectraLink and to the termination of such employment.

 

Mr.
Rosenthal’ Specific ADEA Release of SpectraLink. Mr. Rosenthal
acknowledges and agrees that by entering into this Agreement he is waiving any
and all rights that he may have arising from the Age Discrimination in
Employment Act of 1967 (“ADEA”), as amended, which have arisen on or before the
date of execution of this Agreement. Mr. Rosenthal further expressly
acknowledges and agrees that:

 

a.         Mr. Rosenthal is entering this Agreement voluntarily.

 

b.         Mr. Rosenthal understands and agrees that, by signing this
Agreement, he is giving up any right to file legal proceedings against
SpectraLink arising before the date of the Agreement. Mr. Rosenthal is not
waiving (or giving up) rights or claims that may arise after the date of the
Agreement is executed.

 

c.         In return for this Agreement, Mr. Rosenthal will receive
compensation in addition to that which he was already entitled to receive
before entering this Agreement.

 

d.         Mr. Rosenthal is hereby advised in writing by this Agreement
to consult with an attorney before signing this Agreement.

 

e.         Mr. Rosenthal understands that he has had at least
twenty-one (21) days from the day he received this Agreement, not counting the
day upon which he received it, to consider whether he wishes to sign this
Agreement. If he cannot make up his mind in that period of time, SpectraLink
may or may not allow more time. Mr. Rosenthal further acknowledges that if he
signs this Agreement before the end of the twenty-one (21) day period, it will
be his personal, voluntary decision to do so and he has not been pressured to
make a decision sooner.

 

f.          Right to rescind. Mr. Rosenthal further understands
that he may rescind, that is cancel, this Agreement for any reason within seven
(7) calendar days after signing it. Mr. Rosenthal agrees that rescission must
be in writing and hand-delivered or mailed to SpectraLink. If mailed, the
rescission must be postmarked within the seven (7) day period, properly
addressed to Kathryn Zuber, SpectraLink, 5755 Central Avenue, Boulder, CO
80301; and sent by certified mail, return receipt requested.

 

Mr. Rosenthal understands
that he will not receive any settlement payment under this Agreement if he
revokes or rescinds it, and in any event, Mr. Rosenthal will not receive any
settlement payment until after the seven (7) day revocation period has expired.

 

Reservation of Mr.
Rosenthal’s Rights in Certain Benefits. Nothing contained in
this Agreement will release or discharge SpectraLink, with respect to any
obligation SpectraLink had or has to Mr. Rosenthal under any medical or health
insurance, life insurance and 401(k) plan, pension, profit-sharing or
retirement benefit, if any, to which Mr. Rosenthal was entitled from
SpectraLink before the effective date of this Agreement.

 

Confidentiality
Agreement. Mr. Rosenthal agrees to keep the terms and
conditions of this Agreement strictly confidential. Mr. Rosenthal shall not
disclose, discuss, or reveal the terms of this Agreement to any other person,
entity, or organization, except his legal counsel, financial advisors, taxing
authorities, immediate family members, and then only as necessary to protect his
rights under this Agreement, or as required by subpoena, court order, or other
applicable law (after first giving immediate notice to SpectraLink or its
counsel within three (3) days of receipt so as to enable SpectraLink to seek to
keep the terms and conditions of this Agreement confidential). Mr. Rosenthal
specifically acknowledges and agrees that any breach of this provision shall
irreparably harm SpectraLink so as to entitle it to injunctive relief to stop
any further breaches or threatened breaches of this provision. Nothing in the
foregoing shall affect in any way the validity and enforceability of the
releases given pursuant to this Agreement, which shall remain binding and
enforceable as against Mr. Rosenthal.

 

No Assistance. Mr. Rosenthal agrees not to voluntarily
provide assistance, documentation, information or advice, directly or
indirectly (including through agents or attorneys), to any person or entity in
connection with

 

 

such person or entity’s bringing or prosecuting of any
claim or cause of action of any kind against SpectraLink any or preparation to
do so, nor shall Mr. Rosenthal induce or encourage any person or entity to
bring any claim or cause of action of any kind against SpectraLink. The Parties
acknowledge and agree that the foregoing sentence shall not prohibit Mr. Rosenthal
from testifying truthfully under subpoena or providing other assistance under
compulsion of law.

 

No Admissions. The Parties understand and agree that
the promises and payments set forth in this Agreement shall not be construed to
be an admission of any liability or wrongdoing by any party.

 

Waiver.
No waiver of any right under this Agreement shall be effective unless embodied
in a writing signed by the waiving party.

 

Enforcement.
In the event that there has been a breach of any provisions of this Agreement
by Mr. Rosenthal, SpectraLink will be entitled to recover reasonable costs and
attorney’s fees in any legal proceeding to enforce this Agreement.

 

Severability.
If any provision of this Agreement is declared by any court of competent
jurisdiction to be invalid for any reason, such invalidity shall not affect the
remaining provisions of this Agreement, which shall be fully severable, and
given full force and effect.

 

Governing Law
This Agreement shall be construed in accordance with the laws of Colorado.

 

Entire Agreement.
The parties understand and agree that this Agreement contains all the
agreements between SpectraLink and Mr. Rosenthal relating to this settlement.

 

CAUTION:
PLEASE READ ENTIRE DOCUMENT BEFORE SIGNING

 

	
  Dated :

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  David Rosenthal

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
  SpectraLink Corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:Exhibit 10.6

 

SPECTRALINK CORPORATION

 

CHANGE OF
CONTROL SEVERANCE AGREEMENT

 

This Change of Control
Severance Agreement (the “Agreement”) is made and entered into by and between                         
(the “Employee”) and SpectraLink Corporation, a Delaware corporation (the “Company”),
effective as of                            (the
“Effective Date”).

 

RECITALS

 

A.                                   It is expected that the Company from time to
time will consider the possibility of an acquisition by another company or
other change of control.  The Board of Directors of the Company (the “Board”)
recognizes that such consideration can be a distraction to the Employee and can
cause the Employee to consider alternative employment opportunities.  The
Board has determined that it is in the best interests of the Company and its
stockholders to assure that the Company will have the continued dedication and
objectivity of the Employee, notwithstanding the possibility, threat or
occurrence of a Change of Control (as defined herein) of the Company.

 

B.                                     The Board believes that it is in the best
interests of the Company and its stockholders to provide the Employee with an
incentive to continue his or her employment and to motivate the Employee to
maximize the value of the Company upon a Change of Control for the benefit of
its stockholders.

 

C.                                     The Board believes that it is important to
provide the Employee with certain severance benefits upon the Employee’s
termination of employment following a Change of Control.  These benefits
will provide the Employee with enhanced financial security and incentive and
encouragement to remain with the Company notwithstanding the possibility of a
Change of Control.

 

D.                                    Certain capitalized terms used in the
Agreement are defined in Section 5 below.

 

AGREEMENT

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein, the parties hereto
agree as follows:

 

1.                                       Term of Agreement.  This Agreement shall terminate upon
the date that all of the obligations of the parties hereto with respect to this
Agreement have been satisfied.

 

2.                                       At-Will Employment.  The Company and the Employee
acknowledge that the Employee’s employment is and shall continue to be at-will,
as defined under applicable law, except as may otherwise be specifically
provided under the terms of any written formal employment agreement between the
Company and the Employee (an “Employment Agreement”).  If the Employee’s
employment terminates for any reason, including (without limitation) any
termination prior to a Change of Control, the Employee shall not be entitled to
any payments, benefits, damages, awards or compensation other than as provided
by this Agreement or under his or her Employment Agreement, if applicable.

 

 

3.                                       Severance Benefits.

 

(a)                    Involuntary Termination Other than for Cause
or Voluntary Termination for Good Reason Following a Change of Control.  If within twelve (12) months
following a Change of Control (i) the Employee terminates his or her
employment with the Company (or any parent or subsidiary of the Company) for “Good
Reason” (as defined herein) or (ii) the Company (or any parent or
subsidiary of the Company) terminates the Employee’s employment for other than “Cause”
(as defined herein):

 

(i)                                     Severance Payment.  The Employee shall be entitled to
receive a lump-sum severance payment (less applicable withholding taxes) equal
to:

 

•                  One (1) times the sum of  the Employee’s annual base salary (as in
effect immediately prior to (A) the Change of Control, or (B) the
Employee’s termination, whichever is greater), plus

 

•                  100% of the Employee’s target annual
incentive compensation (including any applicable quarterly incentives assuming
100% of achievement) for the year in which the date of termination occurs for
the fiscal year in which the Change of Control or the Employee’s termination occurs,
whichever is greater, plus

 

•                  The Employee’s annual base salary through the
date of termination, plus

 

•                  Any prior year’s annual (including any
applicable quarterly) incentive payments awarded to the employee and to the
extent not previously paid, any target incentive payment for such prior year,
and

 

•                  Payment for any accrued vacation or personal
time off.

 

(ii)                            Options; Restricted Stock.  All of the Employee’s then
outstanding options to purchase shares of the Company’s Common Stock (the “Options”)
shall immediately vest and became exercisable.  Additionally, all of the
shares of the Company’s Common Stock then held by the Employee subject to a
Company repurchase right (the “Restricted Stock”), if any, shall immediately
vest and the Company’s right of repurchase with respect to such shares of
Restricted Stock shall lapse.  The Options shall remain exercisable
following the termination for the greater of (a) the period prescribed in
the respective option agreements or (b) three (3) years.

 

(iii)      Continued
Employee Benefits. Company-paid health, dental and vision insurance
coverage at the same level of coverage as was provided to such Employee
immediately prior to the Change of Control and at the same ratio of Company
premium payment to Employee premium payment as was in effect immediately prior
to the Change of Control (the “Company-Paid Coverage”).  If such coverage
included the Employee’s dependents immediately prior to the Change of Control,
such dependents shall also be covered at Company expense.  Company-Paid
Coverage shall continue until the earlier of (i) twelve (12)
months from the date of termination, or (ii) the date upon which the
Employee and his dependents become covered under another employer’s group
health, dental or vision insurance plans that provide Employee and his
dependents with comparable benefits and levels of coverage.  For purposes
of Title X of the Consolidated 

 

 

Budget
Reconciliation Act of 1985 (“COBRA”), the date of the “qualifying event” for
Employee and his or her dependents shall be the date upon which the Employee
terminates employment. Any Company match contributions to the Employee’s 401(k)
shall be vested upon termination.

 

Timing of Severance Payments.  The severance payment to which
Employee is entitled shall be paid by the Company to Employee in a lump sum
cash payment in full not later than ten (10) calendar days after the date
of the termination of Employee’s employment as provided in Section 3(a);
provided, however, that, if required pursuant to Section 409A of the
Internal Revenue Code of 1986, as amended (the “Code”) as determined in good
faith by the Company, such payments will be made six (6) months after the
date of the Employee’s termination of employment.  If the Employee should
die before all amounts have been paid, such unpaid amounts shall be paid in a
lump-sum payment (less any withholding taxes) to the Employee’s designated
beneficiary, if living, or otherwise to the personal representative of the
Employee’s estate

 

(c)                                  Disability. 
“Disability” shall mean that the Employee has been unable to perform his or her
Company duties as the result of his incapacity due to physical or mental
illness, and such inability, at least twenty-six (26) weeks after its
commencement, is determined to be total and permanent by a physician selected
by the Company or its insurers and acceptable to the Employee or the Employee’s
legal representative (such Agreement as to acceptability not to be unreasonably
withheld).  Termination resulting from Disability may only be effected
after at least thirty (30) days’ written notice by the Company of its intention
to terminate the Employee’s employment.  In the event that the Employee
resumes the performance of substantially all of his or her duties hereunder
before the termination of his or her employment becomes effective, the notice
of intent to terminate shall automatically be deemed to have been revoked.

 

(d)                                 Voluntary Resignation; Termination for Cause.  If the Employee’s employment with the
Company terminates (i) voluntarily by the Employee other than for Good
Reason or Disability or (ii) for Cause by the Company, then the Employee
shall not be entitled to receive severance or other benefits except for those
(if any) as may then be established under the Company’s then existing severance
and benefits plans and practices or pursuant to other written agreements with
the Company.

 

(e)                                  Termination Apart from Change of Control.  In the event the Employee’s
employment is terminated for any reason, either prior to the occurrence of a Change
of Control or after the twelve (12)–month period following a Change of Control,
then the Employee shall be entitled to receive severance and any other benefits
only as may then be established under the Company’s existing written severance
and benefits plans and practices or pursuant to other written agreements with
the Company.

 

(f)                                    Noncumulation
of Benefits.  The Employee may not
cumulate cash severance payments, stock option vesting and exercisability and
restricted stock vesting under this Agreement, any other written agreement with
the Company and/or another plan or policy of the Company.  If the Employee has any other binding written
agreement with the Company which provides that upon a Change of Control or a
termination following a Change of Control the Employee shall receive
termination, severance or similar benefits, then no benefits shall be 

 

 

received by
Employee under this Agreement unless prior to payment or receipt of benefits
under this Agreement the Employee waives Employee’s rights to all such other
benefits, in which case this Agreement shall supersede any such written
agreement with respect to such other benefits.

 

(g)                                 No
Limitation of Regular Benefit Plans. 
Except as provided in Section 3(e), this Agreement is not intended
to and shall not affect, limit or terminate any plans, programs or arrangements
of the Company that are regularly made available to a significant number of
employees or officers of the Company, including, without limitation, the
Company’s stock option plans.

 

4.                                       Limitation on Payments.  In the event that the severance and
other benefits provided for in this Agreement or otherwise payable to the
Employee (i) constitute “parachute payments” within the meaning of Section 280G
the Code and (ii) but for this Section 4, would be subject to the
excise tax imposed by Section 4999 of the Code, or any corresponding
provisions of state or local tax laws, then the Employee’s severance benefits
under Section 3(a) shall be either:

 

(a)                                  delivered in full, or

 

(b)                                 delivered with an additional payment in an
amount such that after payment by Employee of all taxes (including, but not
limited to, any income taxes, employment taxes, excise taxes and any interest
and penalties imposed with to any such taxes) as to such lesser extent which
would result in no portion of such severance benefits being subject to excise
tax under Section 4999 of the Code, whichever of the foregoing amounts,
taking into account the applicable federal, state and local income taxes and
the excise tax imposed by Section 4999, results in the receipt by the
Employee on an after-tax basis, of the greatest amount of severance benefits,
notwithstanding that all or some portion of such severance benefits may be
taxable under Section 4999 of the Code.  Unless the Company and the
Employee otherwise agree in writing, any determination required under this Section 4
shall be made in writing by the Company’s independent public accountants
immediately prior to Change of Control (the “Accountants”), whose determination
shall be conclusive and binding upon the Employee and the Company for all
purposes.  For purposes of making the calculations required by this Section 4,
the Accountants may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations
concerning the application of Sections 280G and 4999 of the Code.  The
Company and the Employee shall furnish to the Accountants such information and
documents as the Accountants may reasonably request in order to make a
determination under this Section.  The Company shall bear all costs the
Accountants may reasonably incur in connection with any calculations
contemplated by this Section 4.

 

5.                                       Definition of Terms.  The following terms referred to in
this Agreement shall have the following meanings:

 

 

(a)                                  Cause. “Cause” shall mean (i) an act of personal dishonesty taken by
the Employee in connection with his responsibilities as an employee and
intended to result in substantial personal enrichment of the Employee, (ii) Employee
being convicted of a felony, (iii) a willful act by the Employee which
constitutes gross misconduct and which is injurious to the Company,  (iv) following
delivery to the Employee of a written demand for performance from the Company
which describes the basis for the Company’s reasonable belief that the Employee
has not substantially performed his duties, continued violations (after an
opportunity to cure) by the Employee of the Employee’s obligations to the
Company which are demonstrably willful and deliberate on the Employee’s part.

 

(b)                                 Change of Control.  “Change of Control” means the
occurrence of any of the following:

 

(i)                  Any “person” (as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended) becomes the “beneficial owner” (as defined in Rule 13d–3 under
said Act), directly or indirectly, of securities of the Company representing
more than fifty percent (50%)  of the
total voting power represented by the Company’s then outstanding voting
securities; or

 

(ii)               Any action or event occurring within a
two–year period, as a result of which fewer than a majority of the directors
are Incumbent Directors.  “Incumbent Directors” shall mean directors who
either (A) are directors of the Company as of the date hereof, or (B) are
elected, or nominated for election, to the Board with the affirmative votes of
at least a majority of the Incumbent Directors at the time of such election or
nomination (but shall not include an individual whose election or nomination is
in connection with an actual or threatened proxy contest relating to the
election of directors to the Company); or

 

(iii)            The consummation of a merger or consolidation
of the Company with any other corporation, other than a merger or consolidation
which would result in the voting securities of the Company outstanding
immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving
entity) in substantially the same respective proportions of at least fifty
percent (50%) of the total voting power represented by the voting securities of
the Company or such surviving entity outstanding immediately after such merger
or consolidation; or

 

(iv)           The consummation of the sale, lease or other disposition by the Company
of all or substantially all the Company’s assets; or

 

(v)              A “change in control” as defined by the
Company’s currently effective option or equity incentive plan.

 

(c)                                  Good Reason.  “Good Reason” means without the Employee’s express written
consent (i) a material reduction of the Employee’s duties, title,
authority or responsibilities, relative to the Employee’s duties, title,
authority or responsibilities as in effect immediately prior to such reduction,
or the assignment to Employee of such reduced duties, title, authority or
responsibilities; provided,  however, that a reduction in duties,
title, authority or responsibilities solely by virtue of the Company being
acquired and made part of a larger entity 

 

 

(without substantial reassignment of personnel) (as,
for example, when the Senior Vice-President of a business unit of the Company
remains as the Senior Vice-President following a Change of Control) shall not
by itself constitute grounds for a “Voluntary Termination for Good Reason” as
long as  there is no other material
reduction in the Employee’s duties; (ii) a substantial reduction of the
facilities and perquisites (including office space and location) available to
the Employee immediately prior to such reduction; (iii) a reduction by the
Company of more than 10% in the base compensation or target incentive payment
opportunity of the Employee as in effect immediately prior to such reduction; (iv) the
relocation of the Employee to a facility or a location more than thirty-five
(35) miles from such Employee’s then present location.

 

6.                                       Successors.

 

(a)                    The Company’s Successors.  Any successor to the Company (whether
direct or indirect and whether by purchase, merger, consolidation, liquidation
or otherwise) to all or substantially all of the Company’s business and/or
assets shall assume the obligations under this Agreement and agree expressly to
perform the obligations under this Agreement in the same manner and to the same
extent as the Company would be required to perform such obligations in the
absence of a succession.  For all purposes under this Agreement, the term “Company”
shall include any successor to the Company’s business and/or assets which
executes and delivers the assumption agreement described in this Section 7(a) or
which becomes bound by the terms of this Agreement by operation of law.

 

(b)                   The Employee’s Successors.  The terms of this Agreement and all
rights of the Employee hereunder shall inure to the benefit of, and be
enforceable by, the Employee’s personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees.

 

7.                                                     Notice.

 

(a)                    General. All notices and other communications required or permitted hereunder
shall be in writing, shall be effective when given, and shall in any event be
deemed to be given upon receipt or, if earlier, (a) five (5) days
after deposit with the U.S. Postal Service or other applicable postal service,
if delivered by first class mail, postage prepaid, (b) upon delivery, if
delivered by hand, (c) one (1) business day after the business day of
deposit with Federal Express or similar overnight courier, freight prepaid or (d) one (1) business
day after the business day of facsimile transmission, if delivered by facsimile
transmission with copy by first class mail, postage prepaid, and shall be
addressed (i) if to Employee, at his or her last known residential
address and (ii) if to the Company, at the address of its principal
corporate offices (attention:  Secretary), or in any such case at such other
address as a party may designate by ten (10) days’ advance written
notice to the other party pursuant to the provisions above.

 

(b)                   Notice of Termination.  Any termination by the Company for
Cause or by the Employee for Good Reason or Disability or as a result of a
voluntary resignation shall be communicated by a notice of termination to the
other party hereto given in accordance with Section 8(b) of this
Agreement.  Such notice shall indicate the specific termination provision
in this Agreement relied upon, shall set forth in reasonable detail the facts
and circumstances claimed to provide a basis for termination under the
provision so indicated, and shall specify the 

 

 

termination date (which shall be not more than
thirty (30) days after the giving of such notice).  The failure by the
Employee to include in the notice any fact or circumstance which contributes to
a showing of Good Reason or Disability shall not waive any right of the
Employee hereunder or preclude the Employee from asserting such fact or
circumstance in enforcing his or her rights hereunder.

 

8.                                       Miscellaneous Provisions.

 

(a)                                  Right
of Setoff.  The Company’s obligations
under this Agreement are absolute and unconditional and are not diminished
under any circumstances other than as set forth in this Agreement, including,
without limitation, any set-off, counterclaim, recoupment, defense or other
right which the Company may have against the Employee. Nothing in this
Agreement shall be construed to obligate the Employee to seek other employment
or take any other action by way of mitigation of the amounts payable to the
Employee under any of the provisions of this Agreement

 

(b)                                 Waiver.  No provision of this Agreement shall be modified, waived or
discharged unless the modification, waiver or discharge is agreed to in writing
and signed by the Employee and by an authorized officer of the Company (other
than the Employee).  No waiver by either party of any breach of, or of
compliance with, any condition or provision of this Agreement by the other
party shall be considered a waiver of any other condition or provision or of
the same condition or provision at another time.

 

(c)                                  Headings.  All captions and section headings used in this Agreement
are for convenient reference only and do not form a part of this Agreement.

 

(d)                                 Entire Agreement.  This Agreement constitutes the entire
agreement of the parties hereto and supersedes in their entirety all prior
representations, understandings, undertakings or agreements (whether oral or
written and whether expressed or implied) of the parties with respect to the
subject matter hereof.

 

(e)                                  Choice of Law.  The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of
the State of Colorado. The District Court of Boulder County and/or the United
States District Court for the Colorado shall have exclusive jurisdiction and
venue over all controversies in connection herewith.

 

(f)                                    Severability.  The invalidity or unenforceability of
any provision or provisions of this Agreement shall not affect the validity or
enforceability of any other provision hereof, which shall remain in full force
and effect.

 

(g)                                 Withholding.  All payments made pursuant to this Agreement will be subject to
withholding of applicable income and employment taxes.

 

(h)                                 Counterparts. 
This Agreement may be executed in counterparts, each of which shall be deemed
an original, but all of which together will constitute one and the same
instrument.

 

 

(j)                                     Release
of Claims.  The Company may condition
payment of benefits described in Section 3 of this Agreement upon the
delivery by the Employee of a signed release of claims in a form reasonably
satisfactory to the Company; provided, however, that the Employee shall not be
required to release any rights the Employee may have to be indemnified by the
Company.

 

9.      
Non-solicitation.  For a period of
one (1) year after termination of Employee’s employment following a Change
of Control, the Employee will not solicit the services or business of any
person or entity providing services to, or business with, the Company, or
solicit any such person to discontinue provision of such services for, or
business with, the Company without the written consent of the Company.

 

IN WITNESS WHEREOF, each of
the parties has executed this Agreement, in the case of the Company by its duly
authorized officer, as of the day and year set forth below.

 

	
   COMPANY

  	
  SPECTRALINK CORPORATION

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EMPLOYEE

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

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