Document:

Guaranty

 Exhibit 10.4 
  
 GUARANTY 
  
 DATED June 15, 2005 
  
 by 
  
 ENERSYS CAPITAL INC. 
  
 in favor of 
  
 SANPAOLO
IMI S.p.A. 
  
 

 
  
 ALLEN & OVERY LLP

  
 NEW YORK 

 CONTENTS 
  

							
	 Clause

	 	 	  	 	  	Page

	 1.
	 	Interpretation	  	1
	 	 	1.1	  	Definitions	  	1
	 	 	1.2	  	Construction	  	1
	 2.
	 	Guaranty	  	2
	 	 	2.1	  	Guaranty	  	2
	 	 	2.2	  	Continuing guaranty	  	2
	 	 	2.3	  	Consideration and enforceability	  	2
	 	 	2.4	  	Solvency	  	3
	 3.
	 	Suretyship Provisions	  	4
	 	 	3.1	  	Nature of Guarantor’s obligations	  	4
	 	 	3.2	  	Waiver of defenses	  	4
	 	 	3.3	  	Immediate recourse	  	5
	 	 	3.4	  	Appropriations	  	5
	 	 	3.5	  	Non-competition	  	5
	 	 	3.6	  	Additional security	  	6
	 	 	3.7	  	Election of remedies	  	6
	 	 	3.8	  	Information concerning the Obligors	  	6
	 4.
	 	Rights and Remedies	  	7
	 	 	4.1	  	Enforcement by Facility Agent	  	7
	 	 	4.2	  	No marshaling	  	7
	 	 	4.3	  	Facility Agent’s duties	  	7
	 	 	4.4	  	Set-off	  	7
	 5.
	 	Notices	  	7
	 	 	5.1	  	Giving of notices	  	7
	 	 	5.2	  	Addresses for notices	  	8
	 6.
	 	Jurisdiction	  	8
	 	 	6.1	  	Submission	  	8
	 	 	6.2	  	Service of process	  	8
	 	 	6.3	  	Forum convenience and enforcement abroad	  	9
	 	 	6.4	  	Non-exclusivity	  	9
	 7.
	 	General Provisions	  	9
	 	 	7.1	  	Amendments and waivers	  	9
	 	 	7.2	  	Waivers and remedies cumulative	  	9
	 	 	7.3	  	Successors and assigns	  	10
	 	 	7.4	  	Costs, expenses and taxes	  	10
	 	 	7.5	  	Indemnity	  	10
	 	 	7.6	  	Waiver of immunity	  	10
	 	 	7.7	  	Governing law	  	10
	 	 	7.8	  	Severability	  	11
	 	 	7.9	  	Counterparts	  	11
	 	 	7.10	  	Integration	  	11
	 	 	7.11	  	Waiver of Jury Trial	  	11
		
	 Signatories
	  	12

 THIS GUARANTY is dated June 15, 2005 
  
 AND MADE BY: 
  
 ENERSYS CAPITAL INC. (the Guarantor) 
  
 IN FAVOR OF: 
  
 SANPAOLO IMI S.p.A. (the Facility Agent) on behalf of the Finance Parties party to the Credit Facility described below. 
  

BACKGROUND: 
  

	(A)	Enersys Holdings (Luxembourg) S.a.r.l., the Guarantor, the Facility Agent and the Finance Parties are concurrently entering into the Euro 25,000,000 credit facility dated June 15,
2005 (the Credit Facility). 

  

	(B)	It is a condition precedent to the obligations of the Finance Parties under the Credit Facility that the Guarantor give this Guaranty. 

  
 IT IS AGREED as follows: 
  

	1.	INTERPRETATION 

  

	1.1	Definitions 

  
 Capitalized terms defined in the Credit Facility have, unless otherwise defined in this Guaranty, the same meaning in this Guaranty. 
  

	1.2	Construction 

  

	(a)	Includes and including are not limiting. 

  

	(b)	Or is not exclusive. 

  

	(c)	All includes any and any includes all. 

  

	(d)	The term law includes any law, statute, regulation, regulatory requirement, rule, ordinance, ruling, decision, treaty, directive, order, guideline, regulation, policy, writ,
judgment, injunction or request of any court or other governmental, inter-governmental or supranational body, officer or official, fiscal or monetary authority, or other ministry or public entity (and their interpretation, administration and
application), whether or not having the force of law. 

  

	(e)	A reference to a law is a reference to that law as amended or re-enacted and to any successor law. 

  

	(f)	A reference to an agreement is a reference to that agreement as amended, supplemented, restated or novated. 

  

	(g)	Clause headings used in this Agreement are for convenience only. They are not a part of this Agreement and shall not be used in construing it. 

	2.	GUARANTY 

  

	2.1	Guaranty 

  
 The Guarantor irrevocably and unconditionally: 
  

	 	(a)	guarantees to each Finance Party prompt payment and performance by the Company of the Company’s obligations under the Finance Documents; 

  

	 	(b)	undertakes with each Finance Party that whenever the Company does not pay any amount when due under or in connection with any Finance Document, the Guarantor shall forthwith on
demand by the Facility Agent pay that amount as if the Guarantor instead of the Company were expressed to be the principal obligor; and 

  

	 	(c)	indemnifies each Finance Party on demand against any loss or liability suffered by it if any obligation guaranteed by the Guarantor is or becomes unenforceable, invalid or illegal.

  
 The obligations guaranteed by the Guarantor
under this Clause and the losses and liabilities against which the Guarantor indemnifies the Finance Parties under this Clause are referred to, collectively, as the Guaranteed Obligations and, in each case, include all amounts that would
become due but for the operation of the automatic stay under section 362(a) of the United States Bankruptcy Code of 1978. 
  

	2.2	Continuing guaranty 

  

	(a)	This Guaranty creates a continuing guaranty and will remain in full force and effect until the irrevocable and indefeasible payment in full of the ultimate balance of the Guaranteed
Obligations, regardless of any intermediate payment or discharge in whole or in part. 

  

	(b)	If, at any time for any reason (including the bankruptcy, insolvency, receivership, reorganization, dissolution or liquidation of the Guarantor or the Company or the appointment of
any receiver, intervenor or conservator of, or agent or similar official for, the Guarantor or the Company or any of their respective properties), any payment received by any Finance Party in respect of the Guaranteed Obligations is rescinded or
avoided or must otherwise be restored or returned by any Finance Party, this Guaranty will continue to be effective or will be reinstated, if necessary, as if that payment had not been made. 

  

	(c)	Each Finance Party may concede or compromise any claim that any payment, security or other disposition is liable to avoidance or restoration. 

  

	2.3	Consideration and enforceability 

  

	(a)	The Guarantor represents, warrants and agrees that: 

  

	 	(i)	it will receive valuable direct and indirect benefits as a result of the transactions financed by the Loans under the Credit Facility; and 

  

 2 

	 	(ii)	these benefits will constitute “reasonably equivalent value” and “fair consideration” as those terms are used in the fraudulent transfer laws.

  

	(b)	The Guarantor acknowledges and agrees that each of the Finance Parties has acted in good faith in connection with this Guaranty and the transactions contemplated by the Credit
Facility. 

  

	(c)	This Guaranty shall be enforceable against the Guarantor to the maximum extent permitted by the fraudulent transfer laws. 

  

	(d)	For purposes of this Clause, “fraudulent transfer laws” mean applicable United States bankruptcy and State fraudulent transfer and conveyance statutes and the
related case law. 

  

	2.4	Solvency 

  
 The Guarantor makes the following representations and warranties to each Finance Party: 
  

	 	(a)	The sum of the Guarantor’s debts (including its obligations under this Guaranty) is less than the value of the Guarantor’s property (calculated at the lesser of fair
valuation and present fair saleable value). 

  

	 	(b)	The capital of the Guarantor is not unreasonably small to conduct its business as currently conducted or as proposed to be conducted. 

  

	 	(c)	The Guarantor has not incurred, does not intend to incur and does not believe it will incur debts beyond its ability to pay as they mature. 

  

	 	(d)	The Guarantor has not made a transfer or incurred an obligation under this Guaranty with the intent to hinder, delay or defraud any of its present or future creditors.

  

	 	(e)	For purposes of this Clause: 

  

	 	(i)	debt means any liability on a claim; 

  

	 	(ii)	claim means: 

  

	 	(A)	any right to payment, whether or not that right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable,
secured or unsecured; or 

  

	 	(B)	any right to an equitable remedy for breach of performance if that breach gives rise to a right to payment, whether or not the right to an equitable remedy is reduced to judgment,
fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured; and 

  

	 	(iii)	terms used in this Clause shall be construed in accordance with the applicable United States bankruptcy and New York fraudulent conveyance statutes and the related case law.

  

 3 

	3.	SURETYSHIP PROVISIONS 

  

	3.1	Nature of Guarantor’s obligations 

  
 The Guarantor’s obligations under this Guaranty are independent of any obligation of the Company or any other person, and a separate action or
actions may be brought and prosecuted against the Guarantor under this Guaranty whether or not any action is brought or prosecuted against the Obligors or any other person and whether or not the Company or any other person is joined in any action
under this Guaranty. This is a guaranty of payment and not merely of collection. 
  

	3.2	Waiver of defenses 

  

	(a)	The obligations of the Guarantor under this Guaranty will not be affected by, and the Guarantor irrevocably waives any defense it might have by virtue of, any act, omission, matter
or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under this Guaranty, including (whether or not known to it or any Finance Party): 

  

	 	(i)	any time, forbearance, extension or waiver granted to, or composition or compromise with, the Company or any other person; 

  

	 	(ii)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, the Company
or any other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realize the full value of any security; 

  

	 	(iii)	any disability, incapacity or lack of powers, authority or legal personality of or dissolution or change in the members or status of the Company or any other person;

  

	 	(iv)	any amendment or variation (however fundamental) or restatement, replacement or novation of a Finance Document or any other document, guaranty or security so that references to that
Finance Document in this Guaranty shall include each amendment, variation, restatement, replacement and novation; 

  

	 	(v)	any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document, guaranty or security, to the intent that the
Guarantor’s obligations under this Guaranty shall remain in full force and be construed accordingly, as if there were no unenforceability, illegality or invalidity; 

  

	 	(vi)	any avoidance, postponement, discharge, reduction, non-provability or other similar circumstance affecting any obligation of the Company under a Finance Document resulting from any
bankruptcy, insolvency, receivership, liquidation or dissolution proceedings or from any law, regulation or order so that each such obligation shall for the purposes of the Guarantor’s obligations under this Guaranty be construed as if there
were no such circumstance; or 

  

	 	(vii)	the acceptance or taking of other guaranties or security for the Guaranteed Obligations, or the settlement, release or substitution of any guaranty or security or of any endorser,
guarantor or other obligor in respect of the Guaranteed Obligations. 

  

 4 

	(b)	The Guarantor unconditionally and irrevocably waives: 

  

	 	(i)	diligence, presentment, demand for performance, notice of nonperformance, protest, notice of protest, notice of dishonor, notice of the creation or incurring of new or additional
indebtedness of the Company to the Finance Parties, notice of acceptance of this Guaranty, and notices of any other kind whatsoever; 

  

	 	(ii)	the filing of any claim with any court in the event of a receivership, insolvency or bankruptcy; 

  

	 	(iii)	the benefit of any statute of limitations affecting the Company’s obligations under the Finance Documents or the Guarantor’s obligations under this Guaranty or the
enforcement of this Guaranty; and 

  

	 	(iv)	any offset or counterclaim or other right, defense, or claim based on, or in the nature of, any obligation now or later owed to the Guarantor by the Company or any Finance Party.

  

	(c)	The Guarantor irrevocably and unconditionally authorizes the Finance Parties to take any action in respect of the Guaranteed Obligations or any collateral or guaranties securing
them or any other action that might otherwise be deemed a legal or equitable discharge of a surety, without notice to or the consent of the Guarantor and irrespective of any change in the financial condition of the Company. 

 

	3.3	Immediate recourse 

  
 The Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on their behalf) to proceed against or enforce
any other rights, security or other guaranty or claim payment from the Company or any other person before claiming from the Guarantor under this Guaranty. 
  

	3.4	Appropriations 

  
 Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably and indefeasibly
paid in full, each Finance Party (or any trustee or agent on its behalf) may: 
  

	 	(a)	refrain from applying or enforcing any other moneys, security, guaranties or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of
those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and 

  

	 	(b)	hold in a suspense account any moneys received from the Guarantor or on account of the Guarantor’s liability under this Guaranty, without liability to pay interest on those
moneys. 

  

	3.5	Non-competition 

  
 Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably and indefeasibly
paid in full, the Guarantor shall 
  

 5 

 not, after a claim has been made or by virtue of any payment or performance by it under this Guaranty:

  

	 	(a)	be subrogated to any rights, security or moneys held, received or receivable by any Finance Party (or any trustee or agent on its behalf) or be entitled to any right of contribution
or indemnity in respect of any payment made or moneys received on account of the Guarantor’s liability under this Guaranty; 

  

	 	(b)	claim, rank, prove or vote as a creditor of the Company or its estate in competition with any Finance Party (or any trustee or agent on its behalf); or 

  

	 	(c)	receive, claim or have the benefit of any payment, distribution or security from or on account of the Company, or exercise any right of set-off as against the Company,

  
 unless the Facility Agent otherwise consents or
directs in writing. The Guarantor shall hold in trust for and forthwith pay or transfer to the Facility Agent (or as directed by the Facility Agent) for the Finance Parties any payment or distribution or benefit of security received by it contrary
to this Clause. 
  

	3.6	Additional security 

  
 This Guaranty is in addition to and are not in any way prejudiced by any other guaranty or security now or subsequently held by any Finance Party.

  

	3.7	Election of remedies 

  
 The Guarantor understands that the exercise by the Facility Agent and the other Finance Parties of certain rights and remedies contained in the Finance
Documents may affect or eliminate the Guarantor’s right of subrogation and reimbursement against the Obligors and that the Guarantor may therefore incur a partially or totally nonreimbursable liability under this Guaranty. The Guarantor
expressly authorizes the Facility Agent and the other Finance Parties to pursue their rights and remedies with respect to the Guaranteed Obligations in any order or fashion they deem appropriate, in their sole and absolute discretion, and waives any
defense arising out of the absence, impairment, or loss of any or all rights of recourse, reimbursement, contribution, exoneration or subrogation or any other rights or remedies of the Guarantor against the Borrower, any other person or any
security, whether resulting from any election of rights or remedies by the Facility Agent or the other Finance Parties, or otherwise. 
  

	3.8	Information concerning the Obligors 

  
 The Guarantor represents and warrants to each Finance Party that the Guarantor is affiliated with each Obligor and is otherwise in a position to have
access to all relevant information bearing on the present and continuing creditworthiness of each Obligor and the risk that the Company will be unable to pay the Guaranteed Obligations when due. The Guarantor waives any requirement that any Finance
Party advise the Guarantor of information known to that Finance Party regarding the financial condition or business of the Company, or any other circumstance bearing on the risk of non-performance of the Guaranteed Obligations, and the Guarantor
assumes sole responsibility for keeping informed of the financial condition and business of each Obligor. 
  

 6 

	4.	RIGHTS AND REMEDIES 

  

	4.1	Enforcement by Facility Agent 

  
 The Guarantor agrees that the Facility Agent may enforce this Guaranty for and on behalf of the Finance Parties. 
  

	4.2	No marshaling 

  
 Except to the extent required by applicable law, neither the Facility Agent nor any other Finance Party will be required to marshal any collateral
securing, or any guaranties of, the Guaranteed Obligations, or to resort to any item of collateral or any guaranty in any particular order, and the Finance Parties’ rights with respect to any collateral and guaranties will be cumulative and in
addition to all other rights, however existing or arising. To the extent permitted by applicable law, the Guarantor irrevocably waives, and agrees that it will not invoke or assert, any law requiring or relating to the marshaling of collateral or
guaranties or any other law which might cause a delay in or impede the enforcement of the Finance Parties’ rights under this Guaranty or any other agreement. 
  

	4.3	Facility Agent’s duties 

  
 The grant to the Facility Agent under this Guaranty of any right or power does not impose upon the Facility Agent any duty to exercise that right or
power. 
  

	4.4	Set-off 

  
 A Finance Party may set off any matured obligation owed by the Guarantor under this Guaranty (to the extent beneficially owned by that Finance Party)
against any obligation (whether or not matured) owed by that Finance Party to the Guarantor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may
convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. If either obligation is unliquidated or unascertained, the Finance Party may set off in an amount estimated by it in good faith to
be the amount of that obligation. 
  

	5.	NOTICES 

  

	5.1	Giving of notices 

  
 All notices or other communications under or in connection with this Guaranty shall be given in writing. Any notice will be deemed to be given:

  

	 	(a)	if by mail or courier, when delivered; and 

  

	 	(b)	if by facsimile, when sent with confirmation of transmission, 

  
 except that a notice given on a non-working day or after business hours in the place of receipt will only be deemed to be given on the next working day in
that place. 
  

 7 

	5.2	Addresses for notices 

  

	(a)	The address and facsimile number of the Guarantor are: 

  
 2366 Bernville Road, 
 Reading, PA 19605

  

			
	Facsimile:	  	    610-208-1671
	Attention:	  	    Michael T. Philion

  

	(b)	The address and facsimile number of the Facility Agent are: 

  
 c/o Corporation Service Company 
 1133 Avenue
of the Americas; Suite 3100 
 New York, NY 10036 
  

			
	Phone:	  	    212-299-5600

  

	(c)	Either party may change its address or facsimile number for notices by a notice to the other party given in accordance with this Clause 5. 

  

	6.	JURISDICTION 

  

	6.1	Submission 

  
 For the benefit of the Facility Agent and the other Finance Parties, the Guarantor agrees that any New York State court or Federal court sitting in the City and County of New York has jurisdiction to settle any
disputes in connection with this Guaranty and accordingly submits to the jurisdiction of those courts. 
  

	6.2	Service of process 

  
 Without prejudice to any other mode of service, the Guarantor: 
  

	 	(a)	irrevocably appoints: 

  
 CSC, 1133 Avenue of the Americas; Suite 3100, New York, New York 10036 as its agent for service of process in relation to any proceedings before any
courts located in the State of New York in connection with this Guaranty and the Credit Agreement; 
  

	 	(b)	agrees to maintain an agent for service of process in the State of New York until this Guaranty is terminated in accordance with the provisions of Clause 2.2(a) (Continuing
guaranty) above; 

  

	 	(c)	agrees that failure by a process agent to notify the Guarantor of the process will not invalidate the proceedings concerned; 

  

	 	(d)	consents to the service of process relating to any proceedings by a notice given in accordance with Clause 5 (Notices) above; and 

  

 8 

	 	(e)	agrees that if the appointment of any person mentioned in paragraph (a) above ceases to be effective, the Guarantor shall immediately appoint a further person in the State of New
York to accept service of process on its behalf in the State of New York and, if the Guarantor does not appoint a process agent within 15 days, the Facility Agent is entitled and authorized to appoint a process agent for the Guarantor by notice to
the Guarantor. 

  

	6.3	Forum convenience and enforcement abroad 

  
 The Guarantor: 
  

	 	(a)	waives objection to the New York State and Federal courts on grounds of personal jurisdiction, inconvenient forum or otherwise as regards proceedings in connection with this
Guaranty; and 

  

	 	(b)	agrees that a judgment or order of a New York State or Federal court in connection with this Guaranty is conclusive and binding on it and may be enforced against it in the courts of
any other jurisdiction. 

  

	6.4	Non-exclusivity 

  
 Nothing in this Clause 6 limits the right of the Facility Agent or any other Finance Party to bring proceedings against the Guarantor in connection with
this Guaranty: 
  

	 	(a)	in any other court of competent jurisdiction; or 

  

	 	(b)	concurrently in more than one jurisdiction. 

  

	7.	GENERAL PROVISIONS 

  

	7.1	Amendments and waivers 

  

	(a)	No amendment or waiver of any provision of this Guaranty will be effective unless it is in writing and signed by the Guarantor and the Facility Agent. 

  

	(b)	A waiver will be effective only in the specific instance and for the specific purpose for which it is given. 

  

	7.2	Waivers and remedies cumulative 

  

	(a)	The rights of the Facility Agent and the other Finance Parties under this Guaranty: 

  

	 	(i)	may be exercised as often as necessary; 

  

	 	(ii)	are cumulative and not exclusive of their rights under other guaranties or agreements or law; and 

  

	 	(iii)	may be waived only in writing and specifically. 

  

	(b)	Delay in the exercise or non-exercise of any right is not a waiver of that right. 

  

 9 

	(c)	No notice to or demand upon the Guarantor will entitle the Guarantor to any further, subsequent or other notice or demand in similar or any other circumstances.

  

	7.3	Successors and assigns 

  
 This Guaranty will be binding upon and inure to the benefit of the Guarantor, the Facility Agent and the other Finance Parties and their respective
successors and assigns, except that the Guarantor may not assign its obligations under this Guaranty, and any purported assignment by the Guarantor shall be void and of no effect. 
  

	7.4	Costs, expenses and taxes 

  
 The Guarantor agrees to pay to the Facility Agent and the other Finance Parties on demand all costs, expenses (including legal fees and expenses) and
taxes incurred or arising in connection with the preparation, documentation, negotiation, execution, delivery, administration or enforcement of this Guaranty or any amendment of or waiver or consent under this Guaranty. 
  

	7.5	Indemnity 

  

	(a)	The Guarantor agrees to indemnify the Facility Agent, the other Finance Parties and their respective affiliates, directors, officers, representatives and agents from and against all
claims, liabilities, obligations, losses, damages, penalties, judgments, costs and expenses of any kind which may be imposed on, incurred by or asserted against any of them by any person (including any Finance Party) in any way relating to or
arising out of: 

  

	 	(i)	this Guaranty or any default under or breach of this Guaranty by the Guarantor; or 

  

	 	(ii)	any action taken or omitted by the Facility Agent under this Guaranty or any enforcement of this Guaranty, 

  
 but the Guarantor will not be liable to an indemnified party to the extent
any liability results from that indemnified party’s gross negligence or willful misconduct. 
  

	(b)	Payment by an indemnified party will not be a condition precedent to the obligations of the Guarantor under this indemnity. 

  

	(c)	This Clause and Clause 7.4 will survive the initial Drawdown Date, the making and repayment of the Loans, any novation, transfer or assignment of the Loans and the termination of
this Guaranty. 

  

	7.6	Waiver of immunity 

  
 To the extent that the Guarantor has or hereafter may acquire any immunity from jurisdiction of any court or from legal process (whether through service
or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its properties, the Guarantor irrevocably waives that immunity in respect of its obligations under this Guaranty. 

 

	7.7	Governing law 

  
 This Guaranty is governed by the laws of the State of New York. 
  

 10 

	7.8	Severability 

  
 If a provision of this Guaranty is or becomes illegal, invalid or unenforceable in any jurisdiction, that shall not affect: 
  

	 	(a)	the validity or enforceability in that jurisdiction of any other provision of this Guaranty; or 

  

	 	(b)	the validity or enforceability in other jurisdictions of that or any other provision of this Guaranty. 

  

	7.9	Counterparts 

  
 This Guaranty may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy
of this Guaranty. 
  

	7.10	Integration 

  
 This Guaranty contains the complete agreement between the Finance Parties and the Guarantor with respect to the matters to which it relates and supersedes
all prior commitments, agreements and understandings, whether written or oral, with respect to those matters. 
  

	7.11	Waiver of Jury Trial 

  
 THE GUARANTOR AND THE FACILITY AGENT BY SIGNING BELOW (ON BEHALF OF ITSELF AND THE OTHER FINANCE PARTIES) WAIVE ANY RIGHTS THEY MAY HAVE TO A JURY TRIAL
OF ANY CLAIM OR CAUSE OF ACTION BASED ON OR ARISING FROM THIS GUARANTY. In the event of litigation, this Guaranty may be filed as a written consent to a trial by the court. 
  
 This Guaranty has been entered into on the date stated at the beginning of this Guaranty. 
  

 11 

 SIGNATORIES 
  
 Guarantor  
  
 ENERSYS CAPITAL INC. 
  

			
	By:	 	 /s/ Michael G. Hastings

	Name:	 	Michael G. Hastings
	Title:	 	Treasurer

  
 ACCEPTED AND AGREED: 
  
 Facility Agent 
  
 SANPAOLO IMI S.p.A., as Facility Agent, for and on behalf of the Finance Parties 
  

			
	By:	 	 /s/ Massimo Locati

	Name:	 	Massimo Locati
	Title:	 	 

  

 12SEVERANCE COMPENSATION AND CHANGE OF CONTROL AGREEMENT WITH LEON NAVICKAS

 Exhibit 10.1 
  
 CENTRA SOFTWARE, INC. 
  
 SEVERANCE COMPENSATION AND CHANGE OF CONTROL Agreement 
  
 This Severance Compensation and Change of Control Agreement is made as of the 14th day of June, 2005 by and between Centra Software, Inc., a Delaware
corporation (the “Company”), and Leon Navickas of Belmont, Massachusetts (the “Executive”). 
  
 WHEREAS, the Executive currently serves as the Chief Executive Officer (CEO) and Chairman of the Board of the Company; and 
  
 WHEREAS, the Company and the Executive desire to provide for severance
arrangements for the Executive under certain circumstances 
  
 NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the Company and the Executive agree as follows: 
  
 1. Definitions. As used in this Agreement, the following terms shall have the following meanings: 
  
 1.1 “Accrued Base Compensation”: The following amounts of compensation for services rendered to the Company
that have been earned through the date of the Executive’s termination of employment but that have not been paid as of such date, including (i) Base Salary, (ii) reimbursement for reasonable and necessary business expenses incurred by the
Executive on behalf of the Company during the period ending on such date, and (iii) vacation pay; provided, however, that Accrued Base Compensation shall not include any amounts described in clause (i) that have been deferred pursuant to any
salary reduction or deferred compensation elections made by the Executive. 
  
 1.2 “Accrued Incentive Compensation” shall mean the quarterly variable bonus amount, as established by the Compensation Committee of the Company’s Board of Directors (the “Compensation
Committee”),pro-rated to the date of termination and payable only if and to the extent that the established targets for the applicable quarter were met. 
  
 1.3 “Annual Variable Bonus” shall mean the Executive’s target bonus amount per annum as established by the Compensation Committee of
the Company’s Board of Directors. 
  
 1.4. “Base
Salary” shall mean the Executive’s base compensation per annum, as established by the Compensation Committee. Beginning May 2, 2005 and until such time as the Compensation Committee effects a change, the Executive shall serve without a
Base Salary. 
  
 1.5. “Cause” shall mean (i) any
act of personal dishonesty committed by the Executive in connection with his responsibilities as an employee or officer of the Company and intended to result in his substantial personal enrichment, (ii) the Executive’s conviction for a felony,
(iii) a willful act by the Executive which constitutes gross misconduct and which is injurious to the Company, or (iv) continued, intentional failure by the Executive to perform his obligations as an Executive of the Company for thirty (30) days
after the Company has delivered to him a written demand for performance which specifically describes the basis for the Company’s belief that he has intentionally failed to perform such obligations. 
  
 1.6. “Change of Control”: (i) the sale of all or
substantially all of the assets or issued and outstanding capital stock of the Company, (ii) merger or consolidation involving the Company in which stockholders of the Company immediately before such merger or consolidation do not own immediately
after such merger or consolidation capital stock or other equity interests of the surviving corporation or entity representing more than fifty percent in voting power of capital stock or other equity interests of such surviving corporation or entity
outstanding immediately after such merger or consolidation, or (iii) a change, without the approval of the Board of Directors, of a majority of the Board of Directors. 
  
 1.7. “Severance Compensation”: Severance compensation shall be the sum of the following two 

 
amounts, payable over a twelve-month period in equal semi-monthly installments: (1) Five-twelfths (5/12ths) of one hundred fifty thousand dollars ($150,000)
plus Five-twelfths (5/12ths) of three hundred thousand dollars ($300,000), which represents the remaining severance compensation payments due pursuant to Section 4.1 of the Employment Agreement between the Executive and the Company dated July 1,
2003 (the “2003 Employment Agreement”) and (2) seventy-five thousand dollars ($75,000) for each month the executive serves as chief executive officer of the company beginning on May 2, 2005. The maximum severance compensation the Executive
shall be entitled to receive shall be nine hundred thousand dollars ($900,000). 
  
 2. Employment. 
  
 2.1 The Executive shall
continue his employment with the Company as CEO until the earlier to occur of (a) the date on which the Company terminates his employment, (b) the Executive resigns following a CEO Transition Date as defined in Section 2.2 below or (c) the Executive
resigns following a “Change of Control Transition Date” as defined in Section 2.3 below. 
  
 2.2 The Executive may continue to be employed after the date on which a new Chief Executive Officer begins employment with the Company in such executive
capacity, on such terms and conditions and for a period of time as the Executive and the Company may mutually agree, the end date of such period shall be referred to as the “CEO Transition Date”. 
  
 2.3 If a Change of Control occurs while the Executive is serving as CEO and,
upon request by the Company or by the surviving or resulting company in the Change of Control the Executive agrees to remain employed by the Company or by the surviving or resulting corporation in such capacity as may requested by such entity that
is reasonably related to the Executive’s duties as Chief Executive Officer of the Company for a period of three (3) months or such shorter transition period as may be mutually agreed upon, then the end date of such transition period shall be
referred to as the “Change of Control Transition Date”). 
  
 2.4 The Executive shall be an employee at will, and the Company may terminate the Executive’s employment with or without Cause (as defined above) at any time. 
  
 3. Compensation and Benefits. 
  
 3.1 During the term of the Executive’s employment, the Company shall pay the Executive his Base Salary, payable in accordance with the Company’s
standard schedule for salary payments to its executives (but no less frequently than monthly). 
  
 3.2 The Compensation Committee of Board of Directors thereof shall determine on an annual basis the amount of any quarterly, annual and/or other bonus to be paid to the Executive. 
  
 3.3 While employed by the Company, Executive shall be eligible to participate
in and receive benefits under the Company’s medical, dental, or other Executive benefit plans and programs, as in effect from time to time, that are available to similar executives of the Company. 
  
 3.4 Executive shall be entitled to paid vacation in accordance with the
Company’s standard vacation policies in effect from time to time. 
  
 4.
Payments upon Termination. 
  
 4.1 If (i) the Company
terminates the Executive’s employment at any time without the Executive’s consent, other than for Cause or upon the Executive’s death, or (ii) the Executive resigns at any time after (A) the CEO Transition Date or (B) the Change of
Control Transition Date, the Company (1) will pay the Executive his Severance Compensation, in equal semi-monthly installments in arrears, as well as his Accrued Incentive Compensation, if any, which shall be payable together with such semi-monthly
installment during the month after his termination in which it is determined that such Accrued Incentive Compensation was earned and is payable pursuant hereto and (2) shall also pay him, on the date of termination, his AccruedBase Compensation as
of the termination date. The Company’s obligation to make such payments shall cease upon the Executive’s material breach of Executive’s “Employee Agreement,” as defined in Section 10 below, if such breach causes or is likely
to cause material harm to the Company. 

 4.2 If (i) the Company terminates the Executive’s employment at any time for Cause or (ii) the
Executive resigns before the CEO Transition Date or Change of Control Transition Date, the Company will pay the Executive his Accrued Base Compensation. 
  
 4.3 If the Company terminates the Executive’s employment upon the Executive’s death, the Company will pay the Executive’s estate an amount
equal to $37,500 for each month the Executive is employed by the Company beginning May 2, 2005, payable in the manner set forth in Section 4.1 above. 
  
 4.4 Upon any termination of the Executive’s employment with the Company to which Section 4.1 applies, the Company shall maintain the benefits that
the Executive is receiving as of the termination date for a period of five (5) months following the termination date plus an additional month for each month that the Executive is employed with the Company up to a maximum of twelve (12) months, and
shall take such measures as are permissible under its medical, life, and disability insurance and any other employee benefit plans or programs to continue coverage or reimbursement for the Executive (and the Executive’s family, if applicable)
on the same terms (including any required contribution by the Executive) as immediately prior to such termination. Medical coverage under this section shall be effected by the Executive making an election under COBRA. If it is not permissible to
continue any such coverage under any such insurance plans, the Company will pay the Executive, as additional severance compensation, such amount, net of state and federal income taxes payable by the Executive with respect thereto, on a lump sum
basis within thirty (30) days after termination of employment, as will be sufficient for the Executive to obtain such insurance coverage on an individual basis assuming that the Executive (and each member of the Executive’s family who is to be
covered) is a “standard risk” for insurance purposes. The Executive’s rights under this Section 4.4 shall continue only if the Executive is also entitled to receive payments of Severance Compensation under Section 4.1. 
  
 4.5 The Severance Compensation payable to the Executive shall not be reduced
by payments received by the Executive from a subsequent employer. 
  
 5.
Cessation of payments under Employment Agreement; Termination of Agreement. Effective May 2, 2005, (i) the Company shall cease payment of the Severance Compensation payments made to the Executive pursuant to Section 4.1 of the 2003 Employment
Agreement and (ii) the 2003 Employment Agreement shall terminate. 
  
 6.
Limitation on Benefits. It is the intention of the parties that no payments by the Company to Executive under this Agreement or any other agreement or plan pursuant to which Executive is entitled to receive payments or benefits shall be
non-deductible to the Company by reason of the operation of Section 280G of the Code relating to parachute payments. Accordingly, and notwithstanding any other provision of this Agreement or any such agreement or plan, if by reason of the operation
of said Section 280G, any such payments exceed the amount which can be deducted by the Company, such payments shall be reduced to the maximum amount which can be deducted by the Company. To the extent that payments exceeding such maximum deductible
amount have been made to Executive, Executive shall refund such excess payments to the Company with interest thereon at the Applicable Federal Rate determined under Section 1274(d) of the Code, compounded annually, or at such other rate as may be
required in order that no such payments shall be non-deductible to the Company by reason of the operation of said Section 280G. To the extent that there is more than one method of reducing the payments to bring them within the limitations of said
Section 280G, then the Executive shall be entitled to determine which method shall be followed in his sole discretion. 
  
 7. Options. Upon any termination of both the Executive’s employment with the Company and termination of service on the Company’s board of directors,
other than termination for cause or termination by reason of the Executive’s death: 
  
 7.1 Each such option shall be exercisable until the second anniversary of such termination or, if earlier, the last day on which such options would have expired had Executive continued to be employed by the Company.

  
 7.2 The extent to which each option is vested as of the date
of such termination shall be increased by the amount by which it would have vested over the year following such termination had such termination not occurred, and no further vesting under any such option shall occur thereafter. 
  
 8. Change of Control; Option Vesting. If a Change of Control occurs while the
Executive is employed by the Company or serving on the Company’s Board of Directors then, whether or not Executive is terminated in connection with the Change of Control and notwithstanding any contrary or inconsistent provision of any option

 
granted to the Executive by the Company, the unvested options held by the Executive immediately before such Change of Control shall vest upon such Change of
Control. 
  
 9. Mutual Release. Upon any termination of the
Executive’s employment with the Company to which Section 4.1 applies, the Executive shall execute the Mutual Release attached hereto as Exhibit A. The Company agrees to execute such Mutual Release simultaneously. The Executive’s execution
and delivery of such Mutual Release shall be a condition precedent to the effectiveness of Sections 4.1, 4.4 and 7. 
  
 10. Invention, Non-Competition and Non-Disclosure Agreement. The Executive agrees that the terms of the Employee Invention, Non-Competition and Non-Disclosure
Agreement (the “Employee Agreement”) attached to this Agreement as Exhibit B are incorporated into and made a part of this Agreement and supersede any and all prior agreements and understandings between the Executive and the Company
relating to the subject matter of the Employee Agreement. 
  
 11.
Miscellaneous. 
  
 11.1 This Agreement shall be governed
by, and construed and enforced in accordance with, the laws of the Commonwealth of Massachusetts. Any action brought by any party to this Agreement shall be brought and maintained in a court of competent jurisdiction in Middlesex or Suffolk Counties
in the Commonwealth of Massachusetts, and each party hereby consents to the jurisdiction of such courts. 
  
 11.2 This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective heirs, legal representatives,
successors and assigns. 
  
 11.3 This Agreement may be amended,
modified or supplemented, and any obligation hereunder may be waived, only by a written instrument executed by the parties hereto. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate as a waiver of any
subsequent breach. No failure on the part of any party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or remedy by such party
preclude any other or further exercise thereof or the exercise of any other right or remedy. All rights and remedies hereunder are cumulative and are in addition to all other rights and remedies provided by law, agreement or otherwise. 

 
 11.4 This Agreement constitutes the entire agreement between the parties
and terminates and supersedes any and all prior agreements and understandings (whether written or oral) between the parties with respect to the subject matter of this Agreement, including without limitation the 2003 Employment Agreement, the
“Amendment of Incentive Stock Option and/or Stock Restriction Agreement” dated March 10, 1997 and May 8, 1997 and the letter agreement dated May 8, 1997 regarding “Severance Compensation.” The Executive acknowledges and agrees
that neither the Company, nor anyone acting on its behalf has made, and in executing this Agreement the Executive has not relied upon, any representations, promises, or inducements except to the extent the same is expressly set forth herein.

  
 IN WITNESS WHEREOF, the parties hereto have executed this
Agreement effective as of the date first written above. 
  

			
	CENTRA SOFTWARE, INC.
		
	By:	 	 
	 	 	duly authorized by the Board of Directors
		
	 	 	 
	 	 	Leon Navickas

  
  

 Exhibit A 
  

Mutual Release 
  
 (a) By Executive. In consideration of the undertakings by Centra Software, Inc. (“the Company”) set forth in an agreement with the
undersigned (“the Executive”) dated June 14, 2005, relating to severance compensation and related matters (“the Severance Agreement”) and for other good and valuable consideration, the receipt of which is hereby acknowledged,
Executive, on behalf of himself, his successors, heirs, administrators, executors, assigns, agents, representatives, and all those in privity with him, releases and forever discharges the Company, all of its present and former officers, directors,
employees, servants, agents, representatives, successors, assigns, and beneficiaries, (collectively, the “the Company Releases”), of and from any and all claims, charges, complaints, causes of action, demands, obligations, liabilities,
damages, attorneys fees, expenses, and costs of any kind which Executive now has or ever had arising out of, based on, or connected with his employment by the Company, including but not limited to any causes of action or claims arising under or
based on the National Labor Relations Act, as amended; the Civil Rights Act of 1886, 42 U.S.C. § 1981; Section 2 of the Civil Rights Act of 1871, 42 U.S.C. § 1985(c); Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000a et
seq., as amended by the Equal Employment Opportunity Act of 1972, 42 U.S.C. § 2000e et seq. and the Civil Rights Act of 1991, 42 U.S.C. § 1981a et seq.; the Equal Pay Act of 1963, 29 U.S.C. §206(d); the Rehabilitation Act of 1973, as
amended by the Americans With Disabilities Act and the 1991 Civil Rights Act, 29 U.S.C. §§ 706(8), 791, 793, 794, 794a; the Americans with Disabilities Act of 1990, as amended by the Civil Rights Act of 1991, 42 U.S.C. § 12101 et
seq.; the Age Discrimination in Employment Act (“ADEA”) of 1967, 29 U.S.C. § 621 et seq.; Executive Order No. 11246, 3 C.F.R. 1964, reprinted as amended in 42 U.S.C. § 2000e; Massachusetts General Laws chapter 151B; Massachusetts
General Laws chapter 31; and any other state, federal or municipal equal employment opportunity law, statute, public policy, order, ordinance, or regulation, and any other federal or state law, statute, order, public policy, or regulation affecting
or relating to the claims or rights of employees, and any and all actions and claims of whatever nature in tort, contract, or arbitration, judicial or quasi-judicial, and any claims or suits relating to the breach of an oral or written contract,
misrepresentation, defamation, interference with prospective economic advantage, interference with contract, intentional and negligent infliction of emotional distress, negligence, breach of the covenant of good faith, and fraud which Executive had,
now has, or claimed to have, known or unknown, against the Company Releases; provided, however, the foregoing release shall not relate to obligations of the Company arising under (i) the Severance Agreement, (ii) any option granted by the Company to
the Executive, (iii) the 401(k) plan of the Company and the agreements thereunder or (iv) any statute, by-law or insurance agreement providing indemnification rights to Executive in connection with his services as a director and officer of the
Company. 
  
 (b) By the Company. In consideration of the
undertakings by Executive set forth above, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Company, on behalf of itself, its directors, officers, employees, successors, assigns, agents,
representatives, and all those in privity with it, releases and forever discharges Executive, all of his agents, representatives, successors, assigns, and beneficiaries, (collectively, the “Executive Releases”), of and from any and all
claims, charges, complaints, causes of action, demands, obligations, liabilities, damages, attorneys fees, expenses, and costs of any kind which the Company now has or ever had arising out of, based on, or connected with Executive’s service as
a director, officer and employee of the Company, and any and all actions and claims of whatever nature in tort, contract, or arbitration, judicial or quasi-judicial, and any claims or suits relating to the breach of an oral or written contract,
misrepresentation, defamation, interference with prospective economic advantage, interference with contract, intentional and negligent infliction of emotional distress, negligence, breach of the covenant of good faith, and fraud which the Company
had, now has, or claimed to have, known or unknown, against the Executive Releases; provided, however, the foregoing release shall not relate to obligations of Executive (i) arising under the Severance Agreement, (including the invention,
non-competition and non-disclosure agreement set forth as Exhibit B to the Severance Agreement, or (iii) under any option granted by the Company to the Executive. 
  

			
	CENTRA SOFTWARE, INC.
		
	By:	 	 
	 	 	duly authorized by the Board of Directors
		
	 	 	 
	 	 	Leon Navickas

  
 Dated:
                    , 200     
  
  

 Exhibit B 
  
 EMPLOYEE’S INVENTION, NON-COMPETITION AND 
 NON-DISCLOSURE AGREEMENT 
  
 In consideration of my
employment or continued employment, and of the compensation to be paid to me therefore, by Centra Software, Inc., a Delaware corporation (the “Company”), and of the salary or wages paid to me during my employment, and in consideration of
the undertakings by Centra Software, Inc. (“the Company”) set forth in the Severance Agreement with the undersigned (“the Executive”) dated June 14, 2005, relating to severance compensation and related matters, to which this
Invention, Non-Competition and Non-Disclosure Agreement (this “Agreement”) is attached as an exhibit (the “Severance Agreement”) and for other good and valuable consideration, the receipt of which is hereby acknowledged, I
acknowledge, warrant and agree with the Company as follows: 
  
 1.
Acknowledgement of Risk to the Company: 
  
 As an employee
of the Company, I will have access to Confidential Information (as hereinafter defined) and Inventions (as hereinafter defined) of the Company. I understand and agree that improper use or disclosure of such Confidential Information or Inventions
would cause the Company substantial loss and damage. Accordingly, I have agreed to enter into this Agreement. 
  
 2. Agreement not to Compete with the Company: 
  
 (a) While employed by the Company, and for a period of eighteen (18) months following the termination of such employment for any reason, I shall not
participate, directly or indirectly, on my own behalf or as owner, stockholder, partner, director, officer, manager, employee, agent or consultant, in any business, firm or corporation, or business or other activity, which is in direct or indirect
competition with the Company, which intends at any time to compete directly or indirectly with the Company, or which sells, licenses, leases or otherwise provides any products or services similar to any products or services that are, or are proposed
to be at the time of such termination, sold, licensed, leased or provided by the Company, in the United States. Notwithstanding the foregoing, I may purchase on a national securities exchange or in the “over-the-counter” market securities
representing up to 5% of the combined voting power of the outstanding securities of any company whose securities are listed on such exchange or publicly traded in such market. 
  
 (b) While employed by the Company and for a period of eighteen (18) months following the termination of such employment for
any reason, I shall not, (i) directly or indirectly, request, cause, solicit or induce any other employee of, or any consultant to, or any other person who may have been employed by, the Company, or any other person who may possess Confidential
Information, to perform work or services for, or to provide information to, any person or entity other than the Company, or encourage any such employee to terminate his or her employment with the Company or (ii) hire any current employee of the
Company or any former employee of the Company within 12 months of the termination of such former employee’s employment with the Company. 
  
 3. Definition of “Confidential Information”: 
  
 The term “Confidential Information” as used in this Agreement shall mean all trade secrets, proprietary information and other data or
information (and any tangible evidence, record or representation thereof), whether prepared, conceived or developed by an employee of the Company (including myself) or received by the Company from an outside source, which is in the possession of the
Company (whether or not the property of the Company), which is maintained in secrecy or confidence by the Company or any subsidiary of the Company or which might permit the Company or any subsidiary of the Company or any of their respective
customers to obtain a competitive advantage over competitors who do not have access to such trade secrets, proprietary information, or other data or information. Without limiting the generality of the foregoing, Confidential Information shall
include: 
  
 (a) any idea, concept, invention, discovery,
innovation, improvement, process, procedure, method, formula, development, computer program, training or service manual, test, test results, technical data, design, pattern, device, plan or design for new or revised products, research or other
compilations or items of information, work in process, or any Invention (as hereinafter defined), or parts or elements of the foregoing, or for uses therefore and any and all revisions and improvements upon or relating to any of the foregoing, or
parts or elements thereof, in each case whether or not reduced to tangible form; and 

 (b) the name of any past, current or prospective client, customer, supplier, employee, sales agent,
consultant, or any sales plan, marketing material, plan or survey, business plan or opportunity, product or other development plan or specification, business proposal, financial record, or business record or other record or information relating to
the past, present or proposed business of the Company. 
  
 4.
Unauthorized Disclosure of Confidential Information: 
  
 I
shall at all times hold confidential all Confidential Information. During my employment by the Company, I shall use and disclose Confidential Information only to the extent necessary to perform my duties as an employee of the Company and for the
sole benefit of the Company, and, in any event, shall not disclose any Confidential Information to any person or entity outside the Company without the prior written direction or permission of a duly authorized officer of the Company. After the
termination of my employment by the Company, I shall not disclose to any person or entity, or make use of, any Confidential Information without the prior written permission of a duly authorized officer of the Company. This provision shall not apply
to any Confidential Information which the Company has voluntarily disclosed to the public or which has otherwise legally entered the public domain. 
  
 I understand that the Company has from time to time in its possession information which is claimed by others to be confidential or proprietary and which
the Company has agreed to keep confidential. I agree that all such information shall be Confidential Information for purposes of this Agreement. 
  
 5. Property of the Company: 
  
 (a) I agree that all Confidential Information and all originals and all copies of all manuscripts, drawings, prints, manuals, diagrams, letters, notes,
notebooks, reports, models, graphs and all other materials containing, representing, evidencing, recording, or constituting any Confidential Information, however and whenever produced (whether by myself or others), shall be the sole property of the
Company. 
  
 (b) I agree that any idea, concept, invention,
discovery, innovation, formula, computer program or other Confidential Information conceived, developed, or otherwise made by me, alone or jointly with others and directly relating to the Company’s present products, programs or services or to
tasks assigned to me during the course of my employment, whether or not patentable or subject to copyright protection and whether or not reduced to tangible form or reduced to practice, during the period of my employment with the Company, or during
the six-month period next succeeding the termination of my employment with the Company, whether or not made during my regular working hours, and whether or not made on the Company’s premises, and whether or not disclosed by me to the Company
(hereinafter collectively referred to as “Inventions”), together with all products or services which embody, emulate or employ such Invention or Confidential Information, shall be the sole property of the Company, and all copyrights,
patents, patent rights, trademarks, service marks, logos, and reproduction rights to, and other proprietary rights in, such Invention or Confidential Information, whether or not patentable or copyrightable, shall belong exclusively to the Company.

  
 (c) I hereby assign, and, to the extent any such assignment
cannot be made at the present time, agree to assign, to the Company all my right, title and interest throughout the world in and to all Inventions, and to anything tangible which evidences, incorporates, constitutes, represents or records any such
Inventions. I agree that all such Inventions shall constitute works made for hire under the copyright laws of the United States and hereby assign and, to the extent any such assignment cannot be made at present, I hereby agree to assign to the
Company all copyrights, patents and other proprietary rights I may have in any of such Inventions, together with the right to file for and/or own wholly without restriction United States and foreign patents, trademark registration and copyright
registration and any patent, or trademark or copyright registration issuing thereon. 
  
 6. Employee’s Obligation to Keep Records: 
  
 I shall make and maintain adequate and current written records of all Inventions which by virtue of Section 5 are the sole property of the Company and shall disclose same fully and in writing to the Company’s
President or other duly authorized officer immediately upon development of the same and at any time upon request. 
  
 7. Employee’s Obligation to Cooperate: 
  
 During and after the term of my employment by the Company, I shall execute, acknowledge, seal and deliver all documents, including, without limitation,
all instruments of assignment, patent and copyright applications and supporting documentation, and perform all acts, which the Company may request to secure its rights hereunder 

 
and to carry out the intent of this Agreement. In furtherance of my undertaking in the immediately preceding sentence, I specifically agree to assist the
Company, at the Company’s expense, in every proper way to obtain for its sole benefit, in any and all countries, patents, copyrights or other legal protection for all Confidential Information and Inventions, which by virtue of Section 5 hereof
are the sole property of the Company and for publications pertaining to any of them. I shall be entitled to reasonable compensation for any material amount of time spent by me in assisting the Company, under this Section 7. 
  
 8. Exceptions to this Agreement: 
  
 Except as set forth below, I am subject to no contractual or other
restriction or obligation which will in any way limit my activities on behalf of the Company or require me not to disclose any information or data to the Company. I further represent and warrant that I do not claim rights in, or otherwise exclude
from this Agreement, any previous invention, discovery or other item of intellectual property except the following: 
  
 (If none, please write “None”.)              
  
 OR 
  
 See attached Schedule 8 (initial)             

  
 Notwithstanding anything in this Agreement to the contrary, my
assignment and obligation to assign my rights in all inventions, discoveries or other items of intellectual property shall not extend or apply to any invention that (i) I developed entirely on my own time without using any Company equipment
supplies, facilities or trade secret information; (ii) does not relate to the Company’s business or actual or reasonably anticipated research and development; (iii) does not result from any work performed by me for the Company; (iv) is
disclosed by me in writing to the Company before I assert any rights in the same; and (v) with respect to which the Company agrees that conditions (i) through (iv) pertain and agrees to exclude from the application of this Agreement by jointly
executing with me a revision to the attached Schedule 8. 
  
 9.
Termination of Employment: 
  
 If I cease to be employed by
the Company for any reason, or at any other time upon request of the Company, I shall return promptly any notebooks, computer programs, specifications, drawings, designs, blueprints, reproductions, sketches, notes, reports, proposals, business
plans, manuals, or copies of any of them, other documents or materials, tools, equipment, or other property belonging to the Company or its customers. 
  
 If requested to do so by the Company, I agree to sign a Termination Certificate in which I confirm that I have complied with the requirements of the
preceding paragraph and that I am aware that certain restrictions imposed upon me by this Agreement continue after termination of my employment regardless of the manner of or reasons for such termination. I understand, however, that my obligations
under this Agreement will continue even if I do not sign a Termination Certificate. 
  
 10. Miscellaneous Provisions: 
  
 (a) In the event that any provision of this Agreement shall be determined to be unenforceable by any court of competent jurisdiction by reason of its extending for too great a period of time or over too large a geographic area or over too
great a range of activities, it shall be interpreted to extend only over the maximum period of time, geographic area or range of activities as to which it may be enforceable. If, after application of the immediately preceding sentence, any provision
of this Agreement shall be determined to be invalid, illegal or otherwise unenforceable by any court of competent jurisdiction, the validity, legality and enforceability of the other provisions of this Agreement shall not be affected thereby. Any
invalid, illegal or unenforceable provision of this Agreement shall be severable, and after any such severance, all other provisions hereof shall remain in full force and effect. 
  
 (b) This Agreement constitutes the entire agreement and understanding between the Company and me concerning the subject
matter hereof. No modification, amendment, termination or waiver of this Agreement or any of the provisions herein contained shall be binding upon me or the Company unless made in writing and signed by a duly authorized officer of the Company.
Failure of the Company to insist upon strict compliance with any of the terms, covenants or conditions hereof shall not be deemed a waiver of such terms, covenants and conditions. In the 

 
event of any inconsistency between this Agreement and any other contract between the Company and me, the provisions of this Agreement shall prevail.

  
 (c) This Agreement shall be binding upon me regardless of the
duration of my employment by the Company, the manner of or reasons for the termination of my employment by the Company, or the amount of my salary or wages. My obligations under this Agreement shall survive the termination of my employment by the
Company regardless of the manner of or reasons for such termination and regardless of whether such termination constitutes a breach of any other agreement I may have with the Company, and shall not in any way be modified, altered or otherwise
affected by such termination. My obligations under this Agreement shall be binding upon my heirs, legal representatives, successors and assigns, and the provisions of this Agreement shall inure to the benefit of and be binding on the legal
representatives, successors and assigns of the Company. 
  
 (d) I
recognize and acknowledge that money damages alone would not adequately compensate the Company for breach of any of my covenants, agreements or obligations herein, and therefore I agree that in the event of the breach or threatened breach of any
such covenant, agreement or obligation, in addition to all other remedies available to the Company, at law, in equity or otherwise, the Company shall be entitled to injunctive relief compelling specific performance of, or other compliance with, the
terms hereof. All rights and remedies hereunder are cumulative and are in addition to and not exclusive of any other rights and remedies available, at law, in equity, by agreement or otherwise. 
  
 (e) This Agreement shall be governed by, and construed and enforced in
accordance with, the substantive laws of The Commonwealth of Massachusetts without regard to its principles of conflicts of laws, and shall be deemed to be effective as of the first day of my employment by the Company. This Agreement is executed
under seal. 
  

	
	
	 
	 Leon Navickas
  

	Dated:                     , 200    

  
  

 CENTRA SOFTWARE, INC. 
  
 EMPLOYEE’S INVENTION, NON-COMPETITION AND 
 NON-DISCLOSURE AGREEMENT 
  
 Schedule 8 
  
 Below sets forth all inventions,
discoveries or other items of intellectual property that, (i) I developed entirely on my own time without using any Company equipment supplies, facilities or trade secret information; (ii) does not relate to the Company’s business or actual or
reasonably anticipated research and development; and (iii) does not result from any work performed by me for the Company:

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