Document:

EX-10.17

 Exhibit 10.17 

 
 

 
 December 29, 2014 
 Stephen P. Sarno 
 11 Memory Lane 
 North Reading, MA 01864 
 Dear Steve: 

As we have discussed, the purpose of this letter agreement (the “Agreement”) is to confirm the terms regarding your
transition services and separation of employment from Exa Corporation (the “Company”). As more fully set forth below, the Company desires to provide you with the opportunity to transition from the Company and receive severance pay
and benefits in exchange for certain agreements by you. 
 1.        Separation of
Employment. Your employment with the Company will terminate on January 9, 2015 (the “Separation Date”). From the date of this letter until the Separation Date, you will focus your attention and best efforts on
transitioning your current duties to other Company personnel as directed by the Company’s CFO and CEO. You will conduct yourself at all times in a professional manner with respect to your interactions with Company personnel and third parties.
On the Separation Date, you will receive your regular pay plus the value of your unused vacation earned through that date. You acknowledge that from and after the Separation Date, you will have no authority and will not represent yourself as an
employee, officer or agent of the Company. 
 2.        Additional
Transition Assistance. During the period between the Separation Date and February 10, 2015, you will be available by email and telephone within 1 business day of the request to answer questions and to provide information in connection
with the transitioning of your duties and the transfer of knowledge to designated Exa F&O contacts as outlined in Exhibit A. During this period your focus will be on supporting the FY 2015 year end close, revenue reviews and 10K support as well
as and any related reporting and analysis. During February 10 and March 25 or the filing of the Company’s FY 2015 10K, which ever is sooner, you will be available to provide consultative support related to the development and filing
of the 10K as requested by the Company and outlined in Exhibit A.  

3.        Transition payment. Subject to your execution and non-revocation
of this Agreement, and subject to your compliance with its terms, the Company agrees to pay you a one time transition payment of $100,000, less all required local, state, federal and other employment-related taxes and deductions (the
“Transition Pay”), in the regular payroll cycle on the February 20, 2015 pay date.  

4.        COBRA. You understand your legal right, pursuant to the
Consolidated Omnibus Budget Reconciliation Act (COBRA), after the Separation Date and upon timely completion of the appropriate forms, to continue at your own expense, your medical and dental insurance coverage. Subject to your execution and
non-revocation of this Agreement, should you elect COBRA continuation coverage, for the three-month period immediately following the Separation Date or until you obtain alternative health insurance coverage, whichever date is earlier, the Company
shall continue to make the same premium contribution applicable to you as of the Separation Date. 

  
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 5.        Covenants by You.
You expressly acknowledge and agree to the following: 
 (a)        that no later
than February 10th, you will return to the Company, and will not retain, any and all Company files, documents and other confidential information (and any copies thereof in any form or media) and property, including without limitation, any cell
phone, hand-held computer device, keys, key cards and vehicles, you will however maintain access to your computer and you understand and agree that you will not receive the Severance until you have done so; 

(b)        that you reaffirm and will abide by the Intellectual Property Protection and Assignment
Agreement previously signed by you and attached hereto (the “IPPA”) and that you will abide by any and all common law and/or statutory obligations relating to protection and non-disclosure of the Company’s trade secrets and/or
confidential and proprietary documents and information; 
 (c)        that for a period
of one year after the Separation Date, you will not, on your own behalf, or as owner, manager, stockholder, consultant, director, officer, or employee of any business entity other than the Company, directly or indirectly hire, attempt to hire, or
induce or solicit to be hired, as an employee or consultant or in any other capacity, any employee or exclusive consultant of the Company (or any person who may have been employed or engaged as a consultant exclusively by the Company during the term
of your employment by the Company), or assist in such hiring by any other person or business entity or encourage any such employee or consultant to terminate his or her employment or consultancy relationship with the Company, you may however hire
former employees of the Company that were categorized as involuntary terminations from the Company; 

(d)        that all information relating in any way to the negotiation of this Agreement,
including the terms and amount of financial consideration provided for in this Agreement, shall be held confidential by you and the Company and shall not be publicized or disclosed to any person (other than an immediate family member, legal counsel
or financial advisor, provided that any such individual to whom disclosure is made agrees to be bound by these confidentiality obligations), business entity or government agency (except as mandated by state or federal law); 

(e)        that you and the Company will not make any statements that are professionally or
personally disparaging about, or adverse to, the interests of you and the Company (and its officers, directors and managers) including, but not limited to, any statements that disparage any such person, product, service, finances, financial
condition, capability or any other aspect of the business of the Company, and that you and the Company will not engage in any conduct which is intended to harm professionally or personally the reputation of you or the Company (and its officers,
directors and managers); 
 (f)        that the breach of any of the foregoing covenants
or of the terms of the IPPA by either party shall constitute a material breach of this Agreement and shall relieve the impacted party of any further obligations hereunder and, in addition to any other legal or equitable remedy available to either
party, shall entitle the Company to recover any Severance Pay already paid to or for you pursuant to Section 1 of this Agreement; and 
 (g)        that all of the Company’s rights under this Agreement will inure to the benefit of the Company’s successors and assigns. 

  
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 6.        Equity. You
acknowledge and agree that the terms of the Incentive Stock Option Agreements which you previously signed (the “Option Agreements”) are hereby incorporated by reference into this Agreement and shall remain in effect after the execution of
this Agreement. Accordingly, you may exercise any stock options which have vested as of the Separation Date pursuant to the terms of the Option Agreements and the relevant stock option plan document(s).  

7.        Release of Claims. 

(i) You hereby agree and acknowledge that by signing this Agreement and accepting the severance pay and benefits
discussed in Sections 3 and 4, you are waiving your right to assert any and all forms of legal Claims against the
Company1/ of any kind whatsoever, arising from the beginning of time through
the date you execute this Agreement. With the sole and limited exceptions set forth in paragraph (ii) below, for purposes of this Section 7 the words “Claim” and “Claims” are intended to be as broad as the law allows
and to mean: any and all charges, complaints and other form of action 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 (including, without limitation, back pay, front pay, compensatory damages, emotional distress damages, punitive damages, attorneys’ fees and any other costs) against the Company, including, without
limitation: 
 (a)        Claims under any Massachusetts (or any other state) or federal
discrimination, fair employment practices or other employment related statute, regulation or executive order (as they may have been amended through the date you sign this Agreement), including the federal Age Discrimination Employment Act and Mass.
Gen. L. c. 151B; 
 (b)        Claims under any other Massachusetts (or any other state)
or federal employment related statute, regulation or executive order (as they may have been amended through the date you sign this Agreement), including the Massachusetts Wage Act, Mass. Gen. L. c. 149, section 148 et seq. and the Massachusetts
overtime pay law, Mass. Gen. L. c. 151, section 1A, et seq.; 
 (c)        Claims under
any Massachusetts (or any other state) or federal common law theory; and 

(d)        any other Claims arising under other state or federal law. 

(ii)        Notwithstanding the foregoing, this Section 7 shall not release the Company from
any obligation expressly set forth in this Agreement, and does not preclude you from filing a charge of discrimination with the United States Equal Employment Opportunity Commission (“EEOC”), but you will not be entitled to any monetary or
other relief from the EEOC or from any Court as a result of litigation brought on the basis of or in connection with such charge. 

 

	1/ 
	 For purposes of this Section, the term “Company” includes Exa Corporation and any of its divisions, affiliates (which means all
persons and entities directly or indirectly controlling, controlled by or under common control with Exa Corporation), parents, subsidiaries and all other related entities, and its and their directors, officers, employees, trustees,
agents, successors and assigns. 

  
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 (iii)        You expressly acknowledge and agree
that, but for providing the foregoing release of Claims, you would not be receiving the Severance Pay and Benefits being provided to you under the terms of this Agreement. 
 8.        Acknowledgements. By executing this Agreement, you are acknowledging that you have been afforded sufficient time to understand the
terms and effects of this Agreement, that your agreements and obligations hereunder are made voluntarily, knowingly and without duress, and that neither the Company nor its agents or representatives have made any representations inconsistent with
the provisions of this Agreement. 
 9.        Executing and
Understanding this Agreement. You acknowledge that you are waiving and releasing any rights under the Age Discrimination in Employment Act of 1967 (the “ADEA”) and that this waiver and release is knowing and voluntary. You
understand that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. You acknowledge that the consideration given for this waiver and release is in addition to
anything of value to which you are already entitled. You further acknowledge notice by this writing that: 

(a)        You may consult with an attorney prior to executing this Agreement; 

(b)        You have up to twenty-one (21) calendar days within which to consider this
Agreement; 
 (c)        You have seven (7) calendar days following your execution
of this Agreement to revoke the Agreement; 
 (d)        This Agreement shall not be
effective until the seven (7) day revocation period has expired; and 

(e)        In order to revoke this Agreement, you must deliver written notice of such revocation
to Michelle Burnett on or before 11:59 p.m. Eastern Daylight Time of the seventh calendar day following the date you sign the Agreement. 
 10.        Indemnification by the Company. The Company shall indemnify you to the fullest extent permitted by the Delaware General Corporation Law for
any acts or omissions allegedly made by you while you serve or have served as the Company’s Vice President of Finance and Chief Accounting Officer or as the Company’s Interim Chief Financial Officer. Without limiting the generality of
the foregoing, the Company shall indemnify you to the fullest extend provided for in Article XI of the Amended and Restated By-Laws of the Company, to the same extent and in the same manner as if you had served as a director of the Company. The
Company acknowledges and agrees that the rights under the Certificate of Incorporation and By-laws vested upon the commencement of your service as the Company’s Vice President of Finance and Chief Accounting Officer and Interim Chief Financial
Officer. The Company will not amend its Certificate of Incorporation or its By-laws in any way that would result in any reduction in your indemnification rights as they existed during your time of employment with the Company. Moreover, the
Company acknowledges that you serve and have served as an officer or employee at the direction or request of the Company. 

  
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 This Agreement may be signed on one or more copies, each of which when signed will be
deemed to be an original, and all of which together will constitute one and the same Agreement. 
 Please acknowledge your
understanding and agreement with the foregoing by countersigning this Letter Agreement and returning it to the Company no later than January 13, 2015. 

 

			
	Very truly yours,
	
	Exa Corporation
		
	By:	 	 /s/ Michelle Burnett

		 	  Michelle Burnett
		 	  Vice President of Human Resources

  

			
	Confirmed and Agreed:
	
	/s/ Stephen P. Sarno
	Stephen P. Sarno
		
	Dated:	 	 December 29, 2014

  
 52014 10-K Exhibit 10.2

Exhibit 10.2
61192987
FIRST AMENDMENT TO CREDIT AGREEMENT
FIRST AMENDMENT, dated as of June 12, 2013 (this “Agreement”), to the Credit Agreement (as amended, restated, extended, supplemented or otherwise modified in writing from time to time, the “Credit Agreement”), dated as of March 7, 2013, among LANDMARK APARTMENT TRUST OF AMERICA HOLDINGS, LP, a Virginia limited partnership (the “Borrower”), LANDMARK APARTMENT TRUST OF AMERICA, INC., a Maryland corporation (the “REIT”) and the other GUARANTORS from time to time party thereto, each lender from time to time party hereto (collectively, the “Lenders” and individually, a “Lender”), and BANK OF AMERICA, N.A., as Administrative Agent (in such capacity, together with any successor administrative agent, the “Administrative Agent”).  Capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreement.
WHEREAS, the Borrower has requested that the Required Lenders agree to amend the Credit Agreement as set forth herein.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:
SECTION 1. Amendments to Credit Agreement. Subject to all of the terms and conditions set forth herein, Section 7.06 of the Credit Agreement is hereby amended by adding a new clause (f) thereto which reads as follows:
(f)    each Loan Party may issue or sell any Equity Interests, or accept any
capital contributions, that are permitted to be issued, sold or accepted pursuant to Section 7.05;
SECTION 2. Conditions Precedent.
This Agreement shall become effective upon receipt by the Administrative Agent of executed counterparts of this Agreement duly executed by each of the Loan Parties, the Administrative Agent and the Required Lenders.
SECTION 3. Representations and Warranties. After giving effect to this Agreement, the Loan Parties, jointly and severally, reaffirm and restate the representations and warranties set forth in the Credit Agreement and in the other Loan Documents and all such representations and warranties shall be true and correct in all material respects on and as of the date hereof with the same force and effect as if made on such date, except (i) to the extent such representations and warranties specifically refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date, (ii) any representation or warranty that is already by its terms qualified as to “materiality”, “Material Adverse Effect” or similar language shall be true and correct in all respects as of such date after giving effect to such qualification and (iii) that for purposes of this Section 3, the representations and warranties contained in subsections (a) and (b) of Section 5.05 of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively, of Section 6.01 of the Credit Agreement. Each of the Loan Parties represents and warrants (which

representations and warranties shall survive the execution and delivery hereof) to the Administrative Agent and the Lenders that:
61192987    2
(a)it has the requisite power and authority to execute, deliver and carry out the terms and provisions of this Agreement and the transactions contemplated hereby and has taken or caused to be taken all necessary action to authorize the execution, delivery and performance of this Agreement and the transactions contemplated hereby;
(b)no consent of any Person (including, without limitation, any of its equity holders or creditors), and no action of, or filing with, any governmental or public body or authority is required to authorize, or is otherwise required in connection with, the execution, delivery and performance of this Agreement;
(c)this Agreement has been duly executed and delivered on its behalf by a duly authorized officer, and constitutes its legal, valid and binding obligation enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law;
(d)no Default has occurred and is continuing; and
(e)the execution, delivery and performance of this Agreement will not (i) conflict with or result in any breach or contravention of, or the creation of any Lien (other than Liens created under the Loan Documents) under, or require any payment to be made under (x) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (y) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (ii) violate any Law.
SECTION 4. Affirmation of Guarantors. Each Guarantor hereby approves and consents to this Agreement and the transactions contemplated by this Agreement and agrees and affirms that its guarantee of the Obligations continues to be in full force and effect and is hereby ratified and confirmed in all respects and shall apply to (i) the Credit Agreement, as amended by this Agreement and (ii) all of the other Loan Documents, as such are amended, restated, supplemented or otherwise modified from time to time in accordance with their terms.
SECTION 5. Costs and Expenses. The Borrower acknowledges and agrees that its payment obligations set forth in Section 11.04 of the Credit Agreement include the costs and expenses incurred by the Administrative Agent in connection with the preparation, execution and delivery of this Agreement and any other documentation contemplated hereby (whether or not this Agreement becomes effective or the transactions contemplated hereby are consummated and whether or not a Default has occurred or is continuing), including, but not limited to, the reasonable fees and disbursements of Kaye Scholer LLP, counsel to the Administrative Agent.

SECTION 6. Ratification.
61192987    3
(a)Except as herein agreed, the Credit Agreement and the other Loan Documents remain in full force and effect and are hereby ratified and affirmed by the Loan Parties.  Each of the Loan Parties hereby (i) confirms and agrees that the Borrower is truly and justly indebted to the Administrative Agent and the Lenders in the aggregate amount of the Obligations without defense, counterclaim or offset of any kind whatsoever, and (ii) reaffirms and admits the validity and enforceability of the Credit Agreement and the other Loan Documents.
(b)This Agreement shall be limited precisely as written and, except as expressly provided herein, shall not be deemed (i) to be a consent granted pursuant to, or a waiver, modification or forbearance of, any term or condition of the Credit Agreement or any of the instruments or agreements referred to therein or a waiver of any Default under the Credit Agreement, whether or not known to the Administrative Agent or any of the Lenders, or (ii) to prejudice any right or remedy which the Administrative Agent or any of the Lenders may now have or have in the future against any Person under or in connection with the Credit Agreement, any of the instruments or agreements referred to therein or any of the transactions contemplated thereby.
SECTION 7. Waivers; Amendments. Neither this Agreement, nor any provision hereof, may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Required Lenders.
SECTION 8. References.    All references to the “Credit Agreement”, “thereunder”, “thereof” or words of like import in the Credit Agreement or any other Loan Document and the other documents and instruments delivered pursuant to or in connection therewith shall mean and be a reference to the Credit Agreement as modified hereby and as each may in the future be amended, restated, supplemented or modified from time to time.
SECTION 9. Counterparts. This Agreement may be executed by the parties hereto individually or in combination, in one or more counterparts, each of which shall be an original and all of which shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page by telecopier or electronic mail (in a .pdf format) shall be effective as delivery of a manually executed counterpart.
SECTION 10. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
SECTION 11. Severability. If any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as to such jurisdiction, be ineffective to the extent of such invalidity or enforceability without in any manner affecting the validity or enforceability of such provision in any other jurisdiction or the remaining provisions of this Agreement in any jurisdiction.

SECTION 12. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
61192987    4
SECTION 13. Loan Document. The Loan Parties acknowledge and agree that this Agreement constitutes a Loan Document and that the failure of any of the Loan Parties to comply with the provisions of this Agreement shall constitute an Event of Default.
SECTION 14. Headings. Section headings in this Agreement are included for convenience of reference only and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

[The remainder of this page left blank intentionally]

IN WITNESS WHEREOF, the Loan Parties, the Administrative Agent and the Required Lenders have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

BORROWER:
LANDMARK APARTMENT TRUST OF AMERICA HOLDINGS, LP
By:    Landmark Apartment Trust of America,
Inc., its general partner

By: /s/ Stanley J. Olander, Jr.
Name: Stanley J. Olander, Jr.
Title: Chief Executive Officer

GUARANTORS:

LANDMARK APARTMENT TRUST OF AMERICA, INC.

By: /s/ Stanley J. Olander, Jr.
Name: Stanley J. Olander, Jr.
Title: Chief Executive Officer

LANDMARK AT HERITAGE FIELDS, LLC
By:    Landmark Apartment Trust of America
Holdings, LP, its manager
By:    Landmark Apartment Trust of
America, Inc., its general partner

By: /s/ Stanley J. Olander, Jr.
Name: Stanley J. Olander, Jr.
Title: Chief Executive Officer

LANDMARK AT RIDGEWOOD PRESERVE, LLC
By:    Landmark Apartment Trust of America
Holdings, LP, its manager
By:    Landmark Apartment Trust of
America, Inc., its general partner

By: /s/ Stanley J. Olander, Jr.
Name: Stanley J. Olander, Jr.
Title: Chief Executive Officer

MANCHESTER PARK, LLC
By:    Landmark Apartment Trust of America
Holdings, LP, its manager

By: /s/ Stanley J. Olander, Jr.
Name: Stanley J. Olander, Jr.
Title: Chief Executive Officer

BAYMEADOWS PARTNERS, LLC
By:    Landmark Apartment Trust of America
Holdings, LP, its manager
By:    Landmark Apartment Trust of
America, Inc., its general partner

By: /s/ Stanley J. Olander, Jr.
Name: Stanley J. Olander, Jr.
Title: Chief Executive Officer 

G&E APARTMENT REIT KENDRON VILLAGE, LLC
By:    Landmark Apartment Trust of America
Holdings, LP, its manager
By:    Landmark Apartment Trust of
America, Inc., its general partner

By: /s/ Stanley J. Olander, Jr. 
Name: Stanley J. Olander, Jr. 
Title: Chief Executive Officer

BEAR CREEK PARTNERS, LLC
By:    Landmark Apartment Trust of America
Holdings, LP, its manager
By:    Landmark Apartment Trust of
America, Inc., its general partner
By: /s/ Stanley J. Olander, Jr. 
Name: Stanley J. Olander, Jr. 
Title: Chief Executive Officer
BEDFORD PARTNERS, LLC
By:    Landmark Apartment Trust of America
Holdings, LP, its manager
By:    Landmark Apartment Trust of
America, Inc., its general partner

By: /s/ Stanley J. Olander, Jr.
Name: Stanley J. Olander, Jr.
Title: Chief Executive Officer

COTTONWOOD PARTNERS, LLC
By:    Landmark Apartment Trust of America
Holdings, LP, its manager
By:    Landmark Apartment Trust of
America, Inc., its general partner
By: /s/ Stanley J. Olander, Jr. 
Name: Stanley J. Olander, Jr. 
Title: Chief Executive Officer
PEAR RIDGE PARTNERS, LLC
By:    Landmark Apartment Trust of America
Holdings, LP, its manager

By:    Landmark Apartment Trust of
America, Inc., its general partner

By: /s/ Stanley J. Olander, Jr.
Name: Stanley J. Olander, Jr.
Title: Chief Executive Officer
RIVERVIEW PARTNERS SC, LLC
By:    Landmark Apartment Trust of America
Holdings, LP, its manager
By:    Landmark Apartment Trust of
America, Inc., its general partner

By: /s/ Stanley J. Olander, Jr.
Name: Stanley J. Olander, Jr.
Title: Chief Executive Officer

HAMPTON RIDGE PARTNERS, LLC
By:    Landmark Apartment Trust of America
Holdings, LP, its manager
By:    Landmark Apartment Trust of
America, Inc., its general partner

By: /s/ Stanley J. Olander, Jr.
Name: Stanley J. Olander, Jr.
Title: Chief Executive Officer

BANK OF AMERICA, N.A., as Administrative Agent

By: /s/ Keegan Koch
Name: Keegan Koch
Title: Senior Vice President

BANK OF AMERICA, NA., as a Lender

By: /s/ Keegan Koch
Name: Keegan Koch
Title: Senior Vice President

CITIBANK, N.A., as a lender

By: /s/ John C. Rowland
Name: John C. Rowland
Title: Vice President

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