Document:

EX-10.2

 Exhibit 10.2 
 May 25, 2012 
 John Alves 
                                 

                         
        
 Dear John: 
 This letter (“Agreement and Release”), upon your signature, confirms the entire agreement between Serena Software, Inc. (“Serena”) and you regarding the terms of your
separation of employment with Serena. 
 1) You acknowledge and agree that you have voluntarily resigned from your employment with Serena, and
have tendered your resignation as an officer and employee of Serena, effective as of the date that Serena files its Form 10-Q for the quarter ended April 30, 2012 (the “Separation Date”). You and Serena agree that you will
cease to be an officer and employee of Serena as of the Separation Date and thereafter will have no authority to act on behalf of Serena. Regardless of whether or not you sign this Agreement and Release, Serena will do the following: 

a. Pay you all earned salary and accrued vacation through the Separation Date on the Separation Date. 

b. Continue your medical, dental and vision benefits through May 31, 2012 in accordance with the terms of Serena’s group health
coverage benefit plans. You will have the option to continue your medical, dental and vision benefits under the Consolidated Budget Omnibus Reconciliation Act of 1985, as amended (“COBRA”). COBRA continuation forms will be sent to
you by our third-party administrator. 
 c. Discontinue your insurance coverage for life, accidental death &
dismemberment, and disability coverage and your participation in all of Serena’s other benefit plans and programs effective upon the Separation Date. However, you will have the option of converting your life insurance to a private plan.
Serena’s Human Resources Department will provide you with life insurance conversion forms and instructions. 
 2) You agree that, prior to
your Separation Date, you will perform the following obligations and responsibilities: 
 a. Continue to perform your
responsibilities as Vice President, Finance of Serena under the management and direction of Serena’s Chief Financial Officer; 

 John Alves 
 May 25, 2012 
  

 b. Diligently prepare Serena’s Form 10-Q for the quarter ended April 30, 2012
(“Form 10-Q”); complete an evaluation of the effectiveness of Serena’s disclosure controls and procedures and internal control over financial reporting and perform such other activities required to support your certifications pursuant
to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 that are to be filed with the Securities and Exchange Commission (“SEC”) as part of the Form 10-Q; review and discuss the Form 10-Q with Serena’s management, external auditor,
tax advisor and audit committee as required to perform Serena’s disclosure controls and procedures for the filing of periodic reports with the SEC; as Serena’s chief accounting officer, sign and deliver to Serena the foregoing
certifications, management representation letter of Serena’s external auditor and Form 10-Q and perform such other activities as may be required or reasonably requested by Serena’s management or audit committee to file the Form 10-Q in
compliance with the requirements of the Securities Exchange Act of 1934, as amended; and sign and deliver to Serena the officer’s certificate that is required to be provided to the administrative agent pursuant to the secured credit agreement.

 c. Regularly meet and confer with Serena’s Chief Financial Officer and other management personnel for purposes of
transiting your knowledge and responsibilities to the Chief Financial Officer and Serena management personnel; and 
 d. Perform
such other activities as may be reasonably requested by Serena’s Chief Financial Officer to effect the orderly management and transition of the Finance organization. 
 3) Subject to your successful completion of the obligations and responsibilities described in Section 2 above and execution, delivery and non-revocation of this Agreement and Release (including with
respect to the General Release granted herein) pursuant to Section 17 below: 
 a. Serena will pay you an amount equal to
$10,000, payable on the next most practicable payroll date following the Effective Date. The payment will be less applicable payroll taxes and tax withholdings. 

b. Serena will amend your existing stock option agreements that were granted under Serena’s Amended and Restated
1997 Stock Option and Incentive Plan (the “1997 Plan”) for purposes of extending the exercise period of all outstanding stock options granted thereunder as of the Separation Date through the earlier of the third (3rd) anniversary of the Separation Date or the ten (10) year
expiration date of the applicable option and, if such options are exercised prior to an initial public offering of Serena, permitting you to pay the exercise price for such stock options by means of a “net exercise” method whereby Serena
withholds from the delivery of the shares of Serena’s common stock for which the stock options were exercised that number of shares having a fair market value equal to the aggregate exercise price for the shares of common stock for which the
stock options were exercised. You will be responsible for paying Serena all related taxes and tax withholdings associated with the exercise of such stock options. The amendment will be in the form attached hereto as Exhibit A. A schedule of
all outstanding stock options granted to you under the 1997 Plan that vested on or prior to the Separation Date is set forth on Exhibit B, attached hereto. 

  
 Page 2 of 8

 John Alves 
 May 25, 2012 
  

 c. All restricted stock units granted to you under the 2006 Plan will be cancelled as of
the Separation Date. All stock options granted to you under the 2006 Stock Option Plan, as amended (the “2006 Plan”), that vested on or prior to the Separation Date in accordance with the terms of the applicable option agreement
will remain exercisable until three (3) months following your Separation Date; thereafter, such options will automatically terminate and will not be exercisable in accordance with the terms of the 2006 Plan. A schedule of all outstanding stock
options granted to you under the 2006 Plan that vested on or prior to the Separation Date is set forth on Exhibit B, attached hereto. 

4) On behalf of yourself, your agents and assigns, in consideration for Serena’s obligations under Section 3 of this Agreement and Release, you
hereby waive and release any and all claims, whether known or unknown, that you have against Serena and its predecessors, subsidiaries, affiliates and related entities and their respective officers, directors, shareholders, agents, attorneys,
employees, successors, or assigns, arising from or out of your employment with and/or the termination of your employment with Serena. These claims include, but are not limited to, claims arising under: Title VII of the Civil Rights Act of 1964, as
amended; The Employee Retirement Income Security Act of 1974, as amended; The Americans with Disabilities Act of 1990, as amended; The Age Discrimination in Employment Act of 1967, as amended (“ADEA”); The Workers Adjustment and
Retraining Notification Act, as amended; The California Fair Employment and Housing Act, as amended; The California Family Rights Act, as amended; any other federal, state or local discrimination, harassment, civil or human rights law or any other
local, state or federal law, regulation or ordinance; any public policy, contract, tort, or common law; any Serena compensation or benefit plan under which you were eligible, except as expressly provided herein; any stock options granted to you
during your employment with Serena, except as expressly provided herein; and any claim for costs, fees, or other expenses including attorneys’ fees incurred by you in connection with such matters. Nothing herein is intended to release any claim
that is not waivable by law or governmental regulation, or any obligation of Serena under this Agreement and Release. 
 5) You also acknowledge
that there may exist claims or facts in addition to or different from those which are now known or believed by you to exist and agree that it is your intention to fully settle and release such claims, whether known or unknown, that may exist as of
the time you sign this Agreement and Release. You therefore waive your rights under Section 1542 of the Civil Code of California, which states: 
 A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known to him or her must have materially
affected his or her settlement with the debtor. 
 You acknowledge that you have read this Agreement and Release, including the waiver of
California Civil Code Section 1542, and understand you may later discover facts different 

  
 Page 3 of 8

 John Alves 
 May 25, 2012 
  

 
from or in addition to those known or now believed to be true with respect to the matters released or described in this Agreement and Release. You agree that the release and agreements contained
in this Agreement and Release shall be and will remain effective in all respects notwithstanding any later discovery of any such different or additional facts. 
 6) You affirm that you have been paid and have received all leave (paid and unpaid), compensation, salary, wages, bonuses, commissions and/or benefits to which you may be entitled and that no other leave
(paid or unpaid), compensation, salary, wages, bonuses, commissions and any benefits are due to you, except as provided in this Agreement and Release. Serena will reimburse you for reasonable and customary business expenses incurred prior to the
Separation Date pursuant to the terms of Serena’s Business Expense Policy, provided that you submit a completed expense reimbursement form and supporting documentation no later than fifteen (15) days following the Separation Date. You
further affirm that you have no known workplace injuries or occupational diseases, other than any injuries or diseases that have been previously reported. 
 7) You agree that you will return to Serena on or before the Separation Date all Serena property within your possession, custody or control, including any equipment (including, without limitation, your
cellular phone, PDA, laptop computer and other equipment) and any confidential and proprietary information (including, without limitation, customer lists, customer licensing and support information, sales and forecast information, operating plan and
budget information, employee lists and organizational charts, board presentations, etc.), whether in hardcopy or electronic form; and keys and access badges. 
 8) To the fullest extent permitted by law, at no time subsequent to the execution of this Agreement and Release will you pursue, or cause or knowingly permit the prosecution, in any state, federal or
foreign court, or before any local, state, federal or foreign administrative agency, or any other tribunal, any charge, claim or action of any kind, nature and character whatsoever, known or unknown, which you may now have, have ever had, or may in
the future have against Serena and/or any officer, director, employee, agent or shareholder of Serena, which is based in whole or in part on any claim covered under Section 3 of this Agreement and Release. Nothing in this Section 7 shall
preclude you from (i) enforcing this Agreement and Release or exercising any rights that you may have that have not been waived under the terms of this Agreement and Release; (ii) initiating or causing to be initiated on your behalf any
complaint, charge, claim or proceeding against Serena before any local, state or federal agency, court or other body challenging the validity of the waiver of your claims under ADEA contained in Section 4 (but no other portion of such waiver);
or (iii) initiating or participating in (but not benefiting from) an investigation or proceeding conducted by the Equal Employment Opportunity Commission with respect to ADEA. 
 9) You agree to continue to abide by the terms of the Agreement Regarding Confidential Information and Assignment of Inventions between you and Serena (“Confidentiality Agreement”),
including, without limitation, your obligations regarding Confidential Information under Article I and your obligations regarding Inventions under Article II, but excluding your obligations regarding non-competition and non-solicitation under
Article III. The foregoing terms of your Confidentiality Agreement are incorporated herein, and all defined terms used in this Section 8 shall have the same meanings as set forth in the Confidentiality Agreement. 

  
 Page 4 of 8

 John Alves 
 May 25, 2012 
  

 10) You agree to refrain from making any adverse, derogatory or disparaging statements or comments,
either as fact or opinion, about Serena and its subsidiaries, affiliates and related entities; management; practices; operations; performance; products; past or present directors, officers, employees or shareholders; and any similar information
concerning Serena. In addition, you agree to refrain from any tortious interference with contracts, relationships and prospective economic advantage of Serena. You agree that any breach of this covenant would irreparably injure Serena, and Serena
shall have the right to obtain an injunction against you from a court of competent jurisdiction restraining you from any further breach of this covenant. Nothing in this Section 10 shall prohibit you from providing truthful information in
response to a subpoena or other legal process, provided that you provide Serena with prompt prior written notice of the required disclosure and an opportunity to seek a protective order or other appropriate remedy. 

11) Except with regard to Sections 8 through 10 above, you agree that any dispute applicable to this Agreement and Release shall be submitted to and
resolved through binding arbitration pursuant to the terms of the Binding Arbitration Agreement between you and Serena. 
 12) This Agreement
and Release sets forth the entire agreement between the parties hereto, and fully supersedes any prior agreements or understandings between the parties, except the Confidentiality Agreement, the Binding Arbitration Agreement and any benefit plans
applicable to COBRA continuation. Notwithstanding the preceding to the contrary, Article III of your Confidentiality Agreement is hereby terminated. You acknowledge that you have not relied on any representations, promises, or agreements of any kind
made to you in connection with your decision to accept this Agreement and Release, except for those set forth in this Agreement and Release. 

13) This Agreement and Release shall be governed and conformed in accordance with the laws of the state of California without regard to its conflict of
laws provision. 
 14) This Agreement and Release may not be modified, altered or changed except upon express written consent of both Serena and
you wherein specific reference is made to this Agreement and Release. 
 15) Should any of the provisions of this Agreement and Release be
determined to be invalid by a court, arbitrator, or government agency of competent jurisdiction, it is agreed that such determination shall not affect the enforceability of the other provisions herein. Specifically, should a court, arbitrator, or
agency conclude that a particular claim may not be released or a restrictive covenant may not be enforced as a matter of law, it is the intention of the parties that the general release, the waiver of unknown claims, and the covenant not to sue
shall otherwise remain effective to release any and all other claims covered thereby. 

  
 Page 5 of 8

 John Alves 
 May 25, 2012 
  

 16) You have up to twenty-one (21) days from the date of your receipt of this letter to accept the
terms of this Agreement and Release, although you may accept it at any time within those twenty-one (21) days. You are advised to consult an attorney about whether or not to sign this Agreement and Release. 

17) To accept this Agreement and Release, please sign and date this letter and return it to me no later than the twenty-one
(21) day period referred to in Section 16 above. Once you do so, you will have an additional seven (7) days in which to revoke your acceptance. To revoke, you must deliver to me a written statement of revocation no later than seven
(7) days after you execute this Agreement and Release. If you do not submit your revocation to me, then the eighth
(8th) day after your execution of this Agreement and
Release will be the “Effective Date” of this Agreement and Release. If the last day of the revocation period is a Saturday, Sunday, or legal holiday in the state in which you were employed at the time of your last day of employment, then
the revocation period shall not expire until the next following day which is not a Saturday, Sunday, or legal holiday. If you revoke this Agreement and Release, you will have no right or entitlement to any of the payments or benefits described in
this Agreement and Release (except as described in Section 1). You will not be entitled to receive any of the payments or benefits provided in any Section of this Agreement and Release, other than Section 1, until the occurrence of the
Effective Date. You hereby acknowledge and agree that you have been provided with a copy of this Agreement and Release on or prior to the Separation Date and understand that this Agreement and Release must become effective prior to the expiration of
the acceptance and revocation periods described above in order for you to be entitled to the payments and benefits described in Section 3. 

18) This Agreement and Release may be executed by one or more of the parties hereto on any number of separate counterparts and all such counterparts
shall be deemed to be one and the same instrument. Each party hereto confirms that any facsimile or PDF copy of such party’s executed counterpart of this Agreement and Release (or its signature page thereof) shall be deemed to be an executed
original thereof. 

  
 Page 6 of 8

 John Alves 
 May 25, 2012 
  

 I wish you success in your future and professional efforts. 

Sincerely, 
 /s/ Edward Malysz 

Edward Malysz 
 Senior Vice President, General
Counsel 
 Acknowledgement and Acceptance: 
 By signing this Agreement and Release, I acknowledge that I have been advised to review this Agreement and Release with an attorney before signing it, and have had the opportunity to review this Agreement
and Release with an attorney of my choice, or have done or voluntarily chosen not to do so; that I have read and fully understand the terms of the Agreement and Release; and that I hereby voluntarily agree to them. 

 

									
	 Dated:
	 	    5/25/12	 		 	Signed:	 	 /s/ John Alves

		 		 		 		 	John Alves

 Effective as of the Separation Date, I hereby acknowledge and confirm my resignation from all appointments and positions
held by me with Serena and any of its affiliates, whether as an officer, director, employee, agent or otherwise. 
  

									
	 Dated:
	 	    5/25/12	 		 	Signed:	 	 /s/ John Alves

		 		 		 		 	John Alves

  
 Page 7 of 8

 Exhibit A 

Amendment to Stock Option Agreements 
 Amended and Restated 1997 Stock Option and Incentive Plan 
 This Amendment
to Stock Option Agreements (this “Amendment”) is made and entered into with an effective date of May     , 2012 (the “Effective Date”) by and between Serena Software, Inc. (the
“Company”) and John Alves (the “Optionee”) for purposes of amending the terms of certain stock options granted under the Amended and Restated 1997 Stock Option and Incentive Plan (the “Plan”).

 WHEREAS, Serena and Employee entered into certain stock option agreements pursuant to the terms of the Plan, described as
follows: Option Agreement dated February 19, 2003, Option Agreement dated February 19, 2003, Option Agreement dated February 18, 2004, Option Agreement dated February 18, 2004, Option Agreement dated May 19, 2004, Option
Agreement dated February 24, 2005, each as further described on Schedule 1 attached hereto (collectively, the “Option Agreements”); 
 WHEREAS, in connection with the merger of Serena and Spyglass Merger Corp. Optionee entered into a Participation Letter dated March 7, 2006 with Spyglass and, upon consummation of the merger and
assumption of the Option Agreements by the Company (as the surviving corporation), the number of shares and the exercise price of the underlying options were automatically adjusted as described on Schedule 1 attached hereto; 

WHEREAS, the parties now desire to amend the terms of the Option Agreements upon the terms and conditions set forth in this Amendment. 

NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

 1. Termination Period. Notwithstanding the Termination Period set forth in the Option Agreements but subject to Optionee’s
continued compliance with Sections 8 through 10 of the Agreement and Release between Optionee and the Company dated as of May     , 2012 (the “Agreement and Release”) and the continued effectiveness of the
Agreement and Release, the Options may be exercised through the earlier of (i) the third anniversary of the date on which the Optionee ceases to be a Service Provider (i.e., May     , 2015) and (ii) the ten
(10) year expiration date of the applicable option (clause (i) or (ii), the “Expiration Date”). If the Options are not exercised prior to the Expiration Date, then the Options will automatically terminate upon such date.

 2. Method of Payment. 
 (a) Prior to an Initial Public Offering (as defined below), Optionee may pay the aggregate Exercise Price through the net exercise of the Options, with Serena retaining that number of Shares that would
otherwise be issuable to Optionee in connection with such exercise having a Fair Market Value (as defined below) equal to the aggregate Exercise 

 
Price. As a condition to the Company’s issuance of any Shares as provided in the Option Agreement, Optionee must remit to the Company an amount sufficient to satisfy all Federal, state,
local or foreign withholding tax requirements. 
 (b) Section 3(e) of the Option Agreements is hereby deleted in its
entirety. 
 3. Management Stockholders Agreement. Optionee acknowledges and agrees that (i) the Options and any resulting Shares
shall continue to be subject to the terms, conditions and restrictions set forth in the Management Stockholders Agreement dated March 10, 2006 (the “Management Stockholders Agreement”), including, without limitation, the right
of the Company to exercise its right to repurchase all or any portion of the Call Shares and Call Options as set forth in Article V of the Management Stockholders Agreement, (ii) Article V of the Management Stockholders Agreement shall remain
effective with regard to the Options (and any resulting Shares) until the earlier of the third anniversary of the date on which the Optionee ceases to be a Service Provider (i.e., May     , 2015) or an Initial Public Offering,
and (iii) if Optionee breaches any provision of Sections 8 through 10 of the Agreement and Release, the Company shall have the right to terminate and cancel any Options that have not been exercised by Optionee and the Call Shares Price for any
Shares acquired upon the exercise of any Options shall be equal to the lower of (x) the Fair Market Value of such Call Shares as of the Call Date and (y) the Book Value of such Call Shares as of the Call Date. 

4. Defined Terms. Except as otherwise defined in this Amendment, the defined terms used herein shall have the same meanings as set forth in the
Plan; provided, however, that the terms “Call Shares,” “Call Options,” “Fair Market Value,” “Book Value,” “Call Date,” “Call Shares Price” and “Initial Public Offering” shall have
the meanings set forth in the Management Stockholders Agreement. 
 5. Representations and Warranties of Optionee. 

(a) Optionee has been advised that the Options and Shares issuable upon exercise of the Options (collectively,
“Securities”) have not been registered under the Securities Act of 1933, as amended (the “Act”) or any state securities laws and, therefore, cannot be resold unless the Securities are registered under the Act and
applicable state securities laws or unless an exemption from such registration requirements is available. Optionee is aware that none of the Company or any of its subsidiaries is under any obligation to effect any such registration with respect to
the Securities (except solely to the extent, if any, provided in the Management Stockholders Agreement) or to file for or comply with any exemption from registration. 
 (b) Optionee will hold the Securities for undersigned’s own account and not with a view to, or for resale in connection with, the distribution thereof in violation of the Act. 

(c) Optionee has, either alone or together with the assistance of a “purchaser representative” (as such term is defined in
Regulation D under the Act), such knowledge and experience in financial and business matters that Optionee is capable of evaluating the merits and risks of holding the Securities, is able to incur a complete loss of the Securities and is able to
bear the economic risk of holding the Securities for an indefinite period of time. 

  
 2 

 (d) Optionee understands that holding the Securities involves a high degree of risk, that
there is no established market for the Securities and that it is not likely that any public market for the Securities will develop in the near future. 
 (e) Optionee has carefully considered the potential risks relating to the Company and its subsidiaries and holding the Securities. Optionee is familiar with the business and financial condition,
properties, operations and prospects of the Company and its subsidiaries. Prior to the date hereof, Optionee has had the opportunity to ask questions of, and receive answers from, the Company concerning the terms and conditions of holding the
Securities and to obtain additional information (to the extent the Company and its subsidiaries possessed such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy of any information furnished to
Optionee or to which Optionee has had access. Optionee has received and reviewed certain information and documents furnished by the Company, including a copy of the Plan, a summary of the Plan, financial information about the Company and information
regarding some of the material risks and uncertainties of holding an equity interest in the Company. Optionee has made, either alone or together with Optionee’s advisors, such independent investigation of the Company and its subsidiaries as
Optionee deems to be, or Optionee’s advisors deem to be, necessary or advisable in connection with holding the Securities. Optionee is satisfied that Optionee has received information with respect to all matters which Optionee considers
material to Optionee’s participation in the Securities. Optionee understands that no federal or state agency has passed upon participation in the Securities or upon the Company and its subsidiaries nor has any such agency made any finding or
determination as to the fairness of participation in the Securities. 
 (f) Optionee understands that, in addition to the
restrictions on transfer imposed by the Act and any applicable state securities laws, the Management Stockholders Agreement and the option awards issued under the Plan contain provisions that further restrict transfer of the Securities. 

(g) Optionee is urged to seek independent advice from Optionee’s professional advisors relating to the suitability of the Securities
in view of Optionee’s overall financial needs and with respect to the legal and tax implications of this Amendment. Optionee is not relying on either the Company or any of its officers, directors, shareholders, consultants or agents with
respect to the financial, legal and tax considerations involved in Optionee’s participation in the equity of the Company and this Amendment. 
 6. This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts and all such counterparts shall be deemed to be one and the same instrument. Each party hereto
confirms that any facsimile or PDF copy of such party’s executed counterpart of this Amendment shall be deemed to be an executed original thereof. 

  
 3 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth
above. 
  

									
	 SERENA SOFTWARE, INC.
	 		 	OPTIONEE
				
	By:	 	  
	 		 	  

		 		 		 	Name: John Alves
	Its:	 	  
	 		 		 	
					
	Date:	 	  
	 		 	Date:	 	  

  
 4 

 SCHEDULE 1 
 ROLLOVER OPTIONS 

  
 5 

 Exhibit B 

Schedule of Outstanding Stock Options as of the Separation Date 

 

															
	 Grant Date
	 	Plan	 	Type	 	Exercise
Price	 	 	Vested and
Exercisable as of the
Separation Date	 	 	Expiration Date
	2/22/2012	 	2006 Plan	 	Time	 	$	3.72	  	 	 	0	  	 	2/22/2022*
	10/20/2009	 	2006 Plan	 	Performance	 	$	3.00	  	 	 	21,427	  	 	10/20/2019*
	10/20/2009	 	2006 Plan	 	Time	 	$	3.00	  	 	 	86,111	  	 	10/20/2019*
	2/24/2005	 	1997 Plan	 	Rollover	 	$	1.25	  	 	 	2,773	  	 	02/24/2015
	5/19/2004	 	1997 Plan	 	Rollover	 	$	1.25	  	 	 	98,400	  	 	05/19/2014
	2/18/2004	 	1997 Plan	 	Rollover	 	$	1.25	  	 	 	270	  	 	02/18/2014
	2/18/2004	 	1997 Plan	 	Rollover	 	$	1.25	  	 	 	2,035	  	 	02/18/2014
	2/19/2003	 	1997 Plan	 	Rollover	 	$	1.25	  	 	 	1,372	  	 	02/19/2013
	2/19/2003	 	1997 Plan	 	Rollover	 	$	1.25	  	 	 	11,081	  	 	02/19/2013

  

	*	Stock Options granted under 2006 Stock Incentive Plan will remain exercisable for a period of three (3) months following the Separation Date; thereafter, the Stock
Options will automatically terminate. 

  
 6EX-10.3

 Exhibit 10.3 
 SERENA SOFTWARE, INC. 
 AMENDED AND RESTATED 2006 STOCK INCENTIVE PLAN

 STOCK OPTION GRANT NOTICE 
 (Time and Performance Option) 
 Serena Software, Inc. (the
“Company”), pursuant to its Amended and Restated 2006 Stock Incentive Plan (as amended from time to time, the “Plan”), hereby grants to the “Optionholder” identified below an Option to purchase the number
of shares of the Company’s Common Stock (“Shares”) set forth below. This Option is subject to all of the terms and conditions as set forth herein and in the Stock Option Agreement, the Management Stockholders Agreement, the
Plan and the Notice of Exercise, all of which are incorporated herein in their entirety. 
 Optionholder: 

Date of Grant: 
 Total Number of Shares Subject
to Option: 
 Number of Shares Subject to Time-Based Vesting (the “Time Option”): 

Number of Shares Subject to Performance-Based Vesting (the “Performance Option”): 

Exercise Price (Per Share): $ 
 Total Exercise
Price: $ 
 Expiration Date: 
  

			
	 I.      Type of Grant:
	  	Nonstatutory Stock Option
		
	 II.     Exercise Schedule:
	  	Same as Vesting Schedule

 III. Vesting Schedule for Time Option: Subject to the Optionholder’s Continuous Service
on each applicable vesting date, 1/6th of the Shares
subject to the Time Option shall vest on the six-month anniversary of the Date of Grant and an additional
1/36th of the Shares subject to the Time Option shall vest
on each monthly anniversary of the Date of Grant thereafter. 
 IV. Vesting Schedule for Performance Option: Subject
to the Optionholder’s Continuous Service through each applicable vesting date, 1/3rd of the Shares subject to the Option shall vest upon the achievement of the applicable EBITA Target for each of the fiscal years 2013, 2014 and 2015. 

The EBITA Targets shall be as follows, subject to adjustment by the Board as described below: 

 

					
	 FY 2013
	 	 FY 2014
	 	 FY 2015

	 $83.1 Million
	 	$86.5 Million	 	$96.9 Million

 The EBITA Targets shall be adjusted by the Board in good faith to reflect each acquisition or disposition by the Company
or any of its Subsidiaries of any business, operation, entity, division or any portion thereof or any assets outside the ordinary course of business. Any such adjustment shall be (i) based on the projections utilized by the Board in good faith
in connection with the Board’s approval of any such acquisition or disposition and reflect the projected impact of such acquisition or disposition on EBITA (including any impact resulting from purchase accounting) (it being understood that
prior to utilizing any such projections in connection with any such approval the Board shall consult with, and consider in good faith the comments of, the Company’s Chief Executive Officer and Chief Financial Officer with respect to such
projections) and (ii) final and binding on all persons so long as it was made in good faith. With respect to the table above, each fiscal year of the Company shall end on January 31, unless the Board shall otherwise adjust the
Company’s fiscal year, in which event the Board shall in good faith adjust the EBITA Targets. With respect to each fiscal year, the determination of EBITA shall be made by the Board (or any committee delegated such authority by the Board)
promptly after the independent auditors of the Company have delivered their audit report with respect to such fiscal year to the Board and will be based upon the financial information reflected in such audited financial statements. 

For these purposes: 
 “EBITA”
will equal, for any fiscal year, the “Net Profit (Loss)” (as defined below) of the Company for such period, plus, to the extent deducted in determining such Net Profit (Loss) and without duplication, (i) consolidated income tax
expense of the Company, (ii) “Net Interest Expense” (as defined below), (iii) consolidated amortization expense 

 
of the Company, (iv) any extraordinary, unusual or non-recurring non-cash expenses or losses (including, whether or not otherwise includible as a separate item in the statement of such Net
Profit (Loss) for such period, non-cash losses on sales of assets outside the ordinary course of business), (v) any extraordinary, unusual or non-recurring severance expenses, (vi) stock-based compensation expense recognized under
FAS 123(R), (vii) management fees payable to any Affiliate of Silver Lake Partners II, L.P., (viii) all expenses incurred in connection with the execution, delivery and performance of the Agreement and Plan of Merger, dated as of
November 11, 2005, by and between Spyglass Merger Corp. and the Company and the consummation of the transactions related thereto (including the financing thereof and all transaction-related consulting, advisory and other expenses incurred prior
to the completion of the first quarter of FY2007), and (ix) any fees and expenses incurred in connection with (A) the incurrence or issuance or repayment, redemption or repurchase of any indebtedness for money borrowed or (B) any
equity financing, and minus to the extent included in determining such Net Profit (Loss) for such period and without duplication (x) any extraordinary, unusual or non-recurring non-cash gains or income and (y) investment income or
gains; and in all cases subject to such other adjustments, without duplication, as are provided for in the definition of “Consolidated EBITDA” in the Credit Agreement by and among the Company and the several lenders from time to time party
thereto dated as March 10, 2006, as amended from time to time, excluding any such adjustments related to depreciation. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time. 

“Net Interest Expense” means, for any period, the sum of (i) consolidated interest expense of the Company plus
(ii) consolidated interest income of the Company, in each case for such period and determined in accordance with GAAP. 
 “Net
Profit (Loss)” means, for any period, the consolidated net income or loss of the Company for such period determined in accordance with GAAP, provided that Net Profit (Loss) shall exclude (i) the cumulative effect of any change
in GAAP during such period and (ii) any effect from the early extinguishment of indebtedness, hedging obligations or other derivative instruments. 
 Notwithstanding the foregoing, in the event of (i) a Change in Control in which the Company is valued at no less than $5.00 per Share (as adjusted for stock dividends, stock splits, reverse stock
splits, reorganizations, reclassifications or similar transactions, in accordance with the Plan), or (ii) an Initial Public Offering in which the Company is valued at no less than $5.00 per Share (as adjusted for stock dividends, stock splits,
reverse stock splits, reorganizations, reclassifications or similar transactions, in accordance with the Plan) (either (i) or (ii), a “Liquidity Event”), a portion of the Shares subject to the Performance Option will
automatically vest and become exercisable immediately prior to the occurrence of the Liquidity Event, determined based on the following calculation: (a) the number of Shares subject to the Performance Option that would have vested from the Date
of Grant through the date of the Liquidity Event assuming that the Performance Option had been subject to a time-based vesting schedule providing for 1/36th of the Shares vesting on each monthly anniversary of the Date of Grant, less (b) the number of Shares subject to
the Performance Option that actually vested on or prior to the date of the Liquidity Event based on the achievement of the EBITA Target(s). Any Shares subject to the Performance Option that have not become vested upon the occurrence of the Liquidity
Event shall remain subject to the performance-based vesting schedule described in the first sentence of this Section IV above. 
 For purposes
of the preceding paragraph, the term “Initial Public Offering” shall mean an initial public offering of the Company of at least 25% of the outstanding shares of Common Stock, or that results in gross proceeds to the Company equal to
or greater than $25,000,000. For the avoidance of doubt, any subsequent public offering of the Company will be combined with the Initial Public Offering of the Company in order to determine whether the 25% threshold contained in the preceding
sentence has been surpassed. 
 V. Payment: By cash or check (unless otherwise permitted by the Board). 

VI. Additional Terms/Acknowledgements: The undersigned Optionholder acknowledges receipt of, and understands and agrees to, this Grant Notice, the
Stock Option Agreement and the Plan. Optionholder further acknowledges that as of the Date of Grant, this Grant Notice, the Stock Option Agreement, the Management Stockholders Agreement and the Plan (collectively, the “Option
Agreements”) set forth the entire understanding between Optionholder and the Company regarding the acquisition of stock in the Company and supersede all prior oral and written agreements on that subject with the exception of
(i) options previously granted and delivered to Optionholder under the Plan (but only to the extent such options remain outstanding as of the date hereof), and (ii) the agreements, if any, listed below. 

  
 2 

  

									
	SERENA SOFTWARE, INC.	  		 	OPTIONHOLDER
				
	By:	 	  
	  		 	  

		 		  		 	Signature
					
	Title:	 		  		 	Date:	 	  

					
	Date:	 		  		 		 	

 SPOUSAL CONSENT (if applicable): 
 The undersigned spouse of Optionholder has read and hereby approves the terms and conditions of this Grant Notice and the Option Agreements. In consideration of the Company granting his or her spouse the
Option, the undersigned hereby agrees to be irrevocably bound by the terms and conditions of the Option Agreements and, if the undersigned resides in a community property state, further agrees that any community property interest shall be similarly
bound. 
  

			
	  

	Signature of Spouse
		 	
	Date:	 	  

  
 3 

 SERENA SOFTWARE, INC. 

AMENDED AND RESTATED 2006 STOCK INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 
 (Time and Performance Option) 

Pursuant to your Stock Option Grant Notice (“Grant Notice”) and this Stock Option Agreement, Serena Software, Inc. (the
“Company”) has granted you a stock option under its Amended and Restated 2006 Stock Incentive Plan (as amended from time to time, the “Plan”) to purchase the number of shares of the Company’s Common Stock
indicated in your Grant Notice at the exercise price indicated in your Grant Notice. Capitalized terms not defined in this Stock Option Agreement or in the Grant Notice but defined in the Plan shall have the same definitions as in the Plan. For the
avoidance of doubt, the terms and conditions of the Grant Notice are a part of the Stock Option Agreement, unless otherwise specified. 
 The details and terms and conditions of this Stock Option Agreement shall govern your Option, notwithstanding any less favorable terms and conditions on the same matter set forth in the Plan (subject,
however, to Section 15 hereof): 
 1. Vesting. 

(a) Subject to the limitations contained herein, your Option will vest as set forth in your Grant Notice, provided that vesting
will cease upon the termination of your Continuous Service. 
 (b) Notwithstanding any provision of this Stock Option
Agreement to the contrary, in the event of a Change in Control, (i) the Time Option shall, to the extent not then vested and not previously cancelled, become fully vested and exercisable immediately prior to the consummation of such Change in
Control and (ii) the Performance Option shall, to the extent not then vested and not previously cancelled, become fully vested and exercisable in the event that your Continuous Service is terminated by the Company (or its successor in interest)
without Cause, or as a result of your resignation for Good Reason, during the twelve-month period following a Change in Control, upon the date of such termination or resignation, as applicable. 

2. Number of Shares and Exercise Price. The number of shares of Common Stock subject to your Option and your exercise price
per share referenced in your Grant Notice may be adjusted from time to time for various adjustments in the Company’s equity capital structure, as provided in the Plan. 
 3. Method of Payment. 
 (a) Payment of the exercise price is
due in full upon exercise of all or any part of your Option. You may elect to make payment of the exercise price in cash or by check. Alternatively, provided that at the time of exercise there is a public market for the shares of Common Stock, your
exercise may be implemented pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the Company or the receipt of
irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds. Notwithstanding the terms of the previous sentence, you may not be permitted to exercise your Option pursuant to a program developed under
Regulation T as promulgated by the Federal Reserve Board if such exercise would violate the provisions of Section 402 of the Sarbanes-Oxley Act of 2002. 

 (b) You may elect to make payment of the exercise price, in whole or in part, in
shares of Common Stock having a Fair Market Value equal to the amount of the aggregate exercise price or such portion thereof, as applicable; provided, however, that you must satisfy all such requirements as may be imposed by
the Board including without limitation that you have held such shares for not less than six months (or such other period as established from time to time by the Board in order to avoid a supplemental charge to earnings for financial accounting
purposes). 
 (c) Where you elect to pay the exercise price of an Option and/or taxes relating to the exercise of an
Option by delivering shares of Common Stock, you may, subject to procedures satisfactory to the Board, satisfy such delivery requirement by presenting proof that you are the Beneficial Owner of such shares of Common Stock, in which case the Company
shall treat the Option as exercised without further payment and shall withhold such number of shares from the Shares acquired by the exercise of the Option. 
 (d) The Company may permit you to make payment of the exercise price in any other form of legal consideration that may be acceptable to the Board in its sole discretion. 

4. Whole Shares. You may exercise your Option only for whole shares of Common Stock. 

5. Compliance. 
 (a) Securities Law Compliance. Notwithstanding anything to the contrary contained herein, you may not exercise your Option unless the Shares of Common Stock issuable upon such exercise are
then registered under the Securities Act or, if such Shares are not then so registered, the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of your Option
must also comply with other applicable laws and regulations governing your Option, and you may not exercise your Option if the Company determines that such exercise would not be in material compliance with such laws and regulations. 

(b) Plan Compliance. Notwithstanding anything to the contrary contained herein, you may not exercise your Option if the
terms of the Plan do not permit the exercise of Options, or if the Company exercises its rights under the Plan to suspend, delay or restrict the exercise of Options. 
 6. Term. You may not exercise your Option before the commencement of its term on the Date of Grant or after its term expires. Subject to the provisions of the Plan and this Stock Option
Agreement, you may exercise all or any part of the vested portion of the Option at any time prior to the earliest to occur of: 
 (a) the date on which your Continuous Service is terminated for Cause; 
 (b) three (3) months after you terminate your Continuous Service by resigning without Good Reason; 

  
 2 

 (c) twelve (12) months after the termination of your Continuous
Service without Cause or after you terminate your Continuous Service by resigning for Good Reason; 
 (d)
twelve (12) months after the termination of your Continuous Service due to your Disability; 
 (e)
twelve (12) months after the termination of your Continuous Service due to your death; or 
 (f)
the Expiration Date indicated in the Grant Notice. 
 Notwithstanding the foregoing, if the exercise of your Option is prevented within the
applicable time periods set forth in Sections 6(b), (c) or (d) for any reason, your Option shall not expire before the date that is thirty (30) days after the date that you are notified by the Company that the Option is again
exercisable, but in any event no later than the Expiration Date indicated in your Grant Notice. 
 7. Exercise
Procedures. 
 (a) Subject to Section 5 above and other relevant terms and conditions of the Plan and this Stock
Option Agreement, you may exercise the vested portion of your Option during its term by delivering a Notice of Exercise (in a form designated by the Company) together with the exercise price to the Company’s Chief Financial Officer, or to such
other person as the Company may designate, during regular business hours, together with such additional documents as the Company may then reasonably require. 
 (b) By exercising your Option you agree that, as a condition to any exercise of your Option, the Company may require you to enter into an arrangement providing for the payment by you to the Company
of any tax withholding obligation of the Company (including any Affiliate) arising by reason of (i) the exercise of your Option, or (ii) other applicable events. 
 (c) By exercising your Option you agree that, as a condition to any exercise of your Option, you and your spouse, if requested by the Company, contemporaneously with the exercise of your Option and
prior to the issuance of any certificate representing the Shares of Common Stock purchased upon the exercise of your Option, shall execute the Management Stockholders Agreement, including any and all amendments to such agreement in effect at the
time of such exercise. 
 (d) By exercising your Option you agree that the Company (or a representative of the
underwriter(s)) may, in connection with the first underwritten registration of the offering of any equity securities of the Company under the Securities Act (or any underwritten registration of any securities of the Company prior to that time),
require that for a specified period of time, you not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of
Common Stock or other securities of the Company held by you. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent with the foregoing or that are
necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop transfer instructions with respect to your shares of Common Stock 

  
 3 

 
until the end of such period. The underwriters of the Company’s stock are intended third party beneficiaries of this Section 7(d) and shall have the right, power and authority to
enforce the provisions hereof as though they were a party hereto. 
 (e) As a condition of any exercise of your Option,
you and your spouse, if any, agree that prior to the effectiveness of the first underwritten registration of the Company’s equity securities under the Securities Act, you shall not transfer any or all of the shares of Common Stock purchased
upon exercise of your Option unless permitted to do so under the terms of the Plan or the Management Stockholders Agreement. 

8. Documents Governing Issued Common Stock. Shares of Common Stock that you acquire upon exercise of your Option are
subject to the terms of the Plan, the Company’s bylaws, the Company’s certificate of incorporation, any agreement relating to such shares of Common Stock to which you become a party, or any other similar document. You should ensure that
you understand your rights and obligations as a stockholder of the Company prior to the time that you exercise your Option. 

9. Limitations on Transfer of Options. Your Option is not transferable, except by will or by the laws of descent and
distribution, and is exercisable during your life only by you. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall
thereafter be entitled to exercise your Option. 
 10. Rights Upon Exercise. You will not have any rights to
dividends or other rights of a stockholder with respect to the Shares subject to the Option until you have given written notice of the exercise of the Option, paid in full for such Shares and, if applicable, satisfied any other conditions imposed by
the Board pursuant to the Plan. 
 11. Option Not a Service Contract. Your Option is not an employment contract,
and nothing in your Option shall be deemed to create in any way whatsoever any obligation on your part to continue in the employ or service of the Company or any of its Affiliates, or of the Company or any of its Affiliates to continue your
employment. In addition, nothing in your Option shall obligate the Company or any of its Affiliates, their respective stockholders, Boards of Directors, officers or employees to continue any relationship that you might have as a Director or
Consultant or otherwise for the Company or any of its Affiliates. 
 12. Withholding Obligations and Notice
Requirement. 
 (a) At the time you exercise your Option, in whole or in part, or at any time thereafter as requested
by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “same day sale” program developed under Regulation T as
promulgated by the Federal Reserve Board to the extent permitted by the Company and applicable law, including, but not limited to, Section 402 of the Sarbanes-Oxley Act of 2002) any sums required to satisfy the federal, state, local and foreign
tax withholding obligations of the Company or any of its Affiliates, which arise in connection with your Option. 
 (b)
You may not exercise your Option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied or appropriate arrangements (acceptable to the Company) are made therefor. 

  
 4 

 13. Notices. Any notices provided for in your Option or the Plan shall be
given in writing and shall be deemed effectively given upon receipt, or in the case of notices delivered by mail to you, five (5) days after deposit in the United States mail (or with another delivery service), certified or registered mail,
return receipt requested, postage prepaid, addressed to you at the last address you provided to the Company. 
 14.
Signature in Counterparts. This Stock Option Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

15. Option Subject to Plan Document. By entering into this Stock Option Agreement, you agree and acknowledge that you have
received and read a copy of the Plan and Management Stockholders Agreement. The Option is subject to the terms and provisions of the Plan and the Management Stockholders Agreement and such terms and provisions are hereby incorporated herein by
reference. In the event of a conflict between any term or provision contained herein and a term or provision of the Plan or the Management Stockholders Agreement, the applicable terms and provisions of the Plan or Management Stockholders Agreement,
as applicable, will govern and prevail. In the event of a conflict between any term or provision of the Plan and any term or provision of the Management Stockholders Agreement, the applicable terms and provisions of the Management Stockholders
Agreement will govern and prevail. 

  
 5 

 NOTICE OF EXERCISE 

 

			
	 Serena Software, Inc.
 1900
Seaport Blvd. Second Floor
 Redwood City CA 94063
	  	Date of Exercise:                      
               

 Ladies and Gentlemen: 
 This constitutes notice under my stock option that I, as Optionee, elect to purchase the number of Shares for the price set forth below. 

 

					
			
	Type of option (check one):	  	Incentive	  	Nonstatutory
			
	 Stock option dated:
	  	                             
	  	
			
	 Number of Shares as to which option is exercised:
	  	                             
	  	
			
	 Certificates to be issued in name of:
	  	                             
	  	
			
	 Total exercise price:
	  	$                            
	  	
			
	 Consideration delivered herewith:
	  	$                            
	  	

 By this exercise, I agree (i) to execute or provide such additional documents as Serena Software,
Inc. (the “Company”) may reasonably require pursuant to the terms of this Notice of Exercise and the Company’s 2006 Stock Incentive Plan (the “Plan”), and (ii) to provide for the payment by me to the
Company (in the manner designated by the Company) of the Company’s withholding obligation, if any, relating to the exercise of this Option. 
 I hereby make the following certifications and representations with respect to the number of shares of Common Stock of the Company listed above (the “Shares”): 

I am aware that my investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of
complete loss. I am able, without impairing my financial condition, to hold the Shares for an indefinite period and to suffer a complete loss of my investment in the Shares. 
 I represent and warrant to the Company that I am acquiring and will hold the Shares for investment for my account only, and not with a view to, or for resale in connection with, any
“distribution” of the Shares within the meaning of the Securities Act of 1933 (the “Securities Act”) or the similar laws of any state or foreign jurisdiction. 

I understand that the Shares have not been registered under the Securities Act, the Securities Exchange Act of 1934, or under the similar
laws of any state or foreign jurisdiction (collectively, “Applicable Securities Laws”) by reason of a specific exemption therefrom and 

 
that the Shares must be held indefinitely, unless they are subsequently registered under the Applicable Securities Laws or I obtain an opinion of counsel (in form and substance satisfactory to
the Company and its counsel) that registration is not required. 
 I acknowledge that the Company is under no obligation to
register the Shares under Applicable Securities Laws. 
 I am aware of the adoption of Rule 144 by the Securities and Exchange
Commission under the Securities Act, which permits limited public resales of securities acquired in a non-public offering, subject to the satisfaction of certain conditions. These conditions may include (without limitation) that certain current
public information about the issuer is available, that the resale occurs only after the holding period required by Rule 144 has been satisfied, that the sale occurs through an unsolicited “broker’s transaction” and that the amount of
securities being sold during any three-month period does not exceed specified limitations. I understand that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company has no plans to satisfy these conditions in the
foreseeable future. 
 I will not sell, transfer or otherwise dispose of the Shares in violation of the Plan, the agreement
under which my right to acquire the Shares was granted, Applicable Securities Laws, or the rules promulgated thereunder, including Rule 144 under the Securities Act. 
 I acknowledge that I have received and had access to such information as I consider necessary or appropriate for deciding whether to invest in the Shares and that I had an opportunity to ask questions and
receive answers from the Company regarding the terms and conditions of the issuance of the Shares. I specifically acknowledge that I have reviewed or had the opportunity to review (i) the Plan, (ii) a summary of the Plan, and
(iii) financial information and risk factors related to the Company and an investment in the Shares, including, without limitation, the Company’s most recent annual, quarterly and current reports, which are available from the Securities
and Exchange Commission’s website at www.sec.gov. 
 I acknowledge that the Shares will be subject to certain encumbrances,
including, but not limited to, drag along rights in favor of certain stockholders of the Company, repurchase rights in favor of the Company, limitations on transfer, and other encumbrances set forth in the Plan, Stock Option Agreement, Management
Stockholders Agreement and other applicable agreements and/or described in the Company’s bylaws or certificate of incorporation in effect at such time as the Company or such other person elects to exercise its or his right. 

I acknowledge that I am acquiring the Shares subject to all other terms of the Plan, the Stock Option Grant Notice, the Stock Option
Agreement and the Management Stockholders Agreement. 
 I further agree that if required by the Company (or a representative of
the underwriter(s)) in connection with the first underwritten registration of the offering of any equity securities of the Company under the Securities Act (or any underwritten registration of any securities of the Company prior to that time), for a
specified period of time, I will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Shares or other securities
of the Company held by me. I further agree to execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent with the 

  
 2 

 
foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop transfer instructions with respect to my Shares until the
end of such period. 
 I agree, and as a condition of exercise if I am married I will obtain the agreement of my spouse, that
prior to the effectiveness of the first underwritten registration of the Company’s equity securities under the Securities Act, I will not transfer any or all of the Shares unless pursuant to an exception provided in the Plan or the Stock Option
Agreement. 
 I agree that as a condition to this exercise, the certificates evidencing the Shares shall remain in the physical
custody of the Company or its designee at all times prior to the last to occur of (i) the date on which all contractual restrictions set forth in the Plan, the Company’s Articles of Incorporation and/or bylaws, or in the documents
evidencing the Stock Option Agreement lapse, or (ii) the date on which all contractual requirements set forth in the Plan, the Company’s Articles of Incorporation and/or bylaws, or in the documents evidencing the Stock Option Agreement are
satisfied. As a condition to this exercise I agree to execute three (3) copies of the Assignment Separate From Certificate (with date and number of Shares blank) substantially in the form attached to this Notice of Exercise as Attachment A, and
two (2) copies of the Joint Escrow Instructions substantially in the form attached to this Notice of Exercise as Attachment B, and to deliver the same to the Company, along with such additional documents as the Company may require. 

I further acknowledge that all certificates representing any of the Shares subject to the provisions of my Option shall have endorsed
thereon appropriate legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Company’s Certificate of Incorporation, by-laws, and/or Applicable Securities Laws. 

  
 3 

 I agree to seek the consent of my spouse to the extent required by the Company to enforce
the foregoing. 
  

			
	Very truly yours,
		
	Signature:	 	  

		
	Print Name:	 	  

 SPOUSAL CONSENT (if applicable): 
 The undersigned spouse of Optionee has read and hereby approves the terms and conditions of this Notice of Exercise. In consideration of the Company issuing his or her spouse the Shares, the undersigned
hereby agrees to be irrevocably bound by the terms and conditions of the Plan, Management Stockholders Agreement and Joint Escrow Instructions (if applicable) and, if the undersigned resides in a community property state, further agrees that any
community property interest shall be similarly bound. 
  

			
	  

	Signature of Spouse

			
		
	 Date:
	 	  

 ATTACHMENTS: 
 A. Form of Assignment Separate from Certificate 
 B. Form of Joint Escrow Instructions 

  
 4 

 ATTACHMENT A 
 FORM OF ASSIGNMENT SEPARATE FROM CERTIFICATE 

 ASSIGNMENT SEPARATE FROM CERTIFICATE 

FOR VALUE RECEIVED and pursuant to that certain Stock Option Grant
Notice and Stock Option Agreement,                          hereby sells, assigns and transfers unto
                                         
    (“Assignee”)                     
(            ) shares of the Common Stock of Serena Software, Inc. (“Shares”), standing in the undersigned’s name on the books of said corporation represented
by Certificate No.              herewith and do hereby irrevocably constitute and appoint
                                 as attorney-in-fact to transfer the said stock on
the books of the within named issuer with full power of substitution in the premises. This Assignment may be used only in accordance with and subject to the terms and conditions of the Stock Option Agreement and the Plan, in connection with the
reacquisition or transfer of the Shares issued to the undersigned pursuant to the Stock Option Agreement, and only to the extent that such Shares remain subject to the transferee’s rights to acquire the Shares and other restrictions applicable
under the Stock Option Agreement and the Plan. 
 Dated:
                         

 

			
	Signature:	 	  

		
	Print Name:	 	  

 [INSTRUCTION: Please do not fill in any blanks other than the signature line. The purpose of
this Assignment is to enable the Company to administer its rights set forth in the Award without requiring additional signatures on your part.] 

 ATTACHMENT B 
 FORM OF JOINT ESCROW INSTRUCTIONS 

 JOINT ESCROW INSTRUCTIONS 
 [Date] 
 Attn: [Title] 
 [Address] 
 Dear Sir/Madam: 

As Escrow Agent for both Serena Software, Inc. (the “Company”), and the undersigned recipient of stock of the Company
(“Recipient”), you are hereby authorized and directed to hold the documents delivered to you pursuant to the terms of the “Plan” and “Stock Option Agreement” (as referenced in the Notice of Exercise
to which this document is attached), in accordance with the following instructions: 
 1. In the event that (i) certain
stockholders of the Company exercise their drag-along rights, (ii) the Company exercises its repurchase rights, (iii) the Company exercises its rights to require that the Shares be contributed to a trust as set forth in Section 13(b)
of the Plan, or (iv) the Company or any other Person exercises other contractual rights applicable to the Shares and in effect as of the date hereof, the Company or its assignee will give to Recipient and you a written notice specifying that
the Shares of stock shall be transferred as described in the Plan, the Recipient’s Stock Option Agreement, or other applicable governing documents. Recipient and the Company hereby irrevocably authorize and direct you to close the transaction
contemplated by such notice in accordance with the terms of said notice. 
 At the closing, you are directed (a) to date
any stock assignments necessary for the transfer in question, (b) to fill in the number of Shares being transferred, and (c) to deliver same, together with the certificate evidencing the Shares of stock to be transferred, to the Company or
other proper transferee. 
 2. In the event that all applicable restrictions lapse, and when certain requirements are satisfied,
the Company or its assignee will give to Recipient and you a written notice specifying that the appropriate number of Shares shall be transferred to the Recipient along with any cash or in-kind dividends declared subsequent to the date hereof and
which relate to such Shares. Recipient and the Company hereby irrevocably authorize and direct you to close the transaction contemplated by such notice in accordance with the terms of said notice. 

At the closing, you are directed to deliver a certificate evidencing the appropriate number of Shares, together with any cash or in-kind
dividends declared subsequent to the date hereof and which relate to such Shares, to the Recipient. 
 3. Recipient irrevocably
authorizes the Company to deposit with you any certificates evidencing Shares of stock to be held by you hereunder and any additions and substitutions to said Shares as specified in the Stock Option Grant Notice or the Stock Option Agreement.
Recipient does hereby irrevocably constitute and appoint you as Recipient’s attorney-in-fact and 

 
agent for the term of this escrow to execute with respect to such securities and other property all documents of assignment and/or transfer and all stock certificates necessary or appropriate to
make all securities negotiable and to complete any transaction herein contemplated. 
 4. This escrow shall terminate upon the
date on which all contractual restrictions or requirements set forth in the Plan or in the documents evidencing the restrictions applicable to the Shares lapse or are satisfied as determined by the Company. 

5. If at the time of termination of this escrow you should have in your possession any documents, securities, or other property belonging
to Recipient, you shall deliver all of same to any pledgee entitled thereto or, if none, to Recipient and shall be discharged of all further obligations hereunder. 
 6. Your duties hereunder may be altered, amended, modified or revoked only by a writing signed by all of the parties hereto. 
 7. You shall be obligated only for the performance of such duties as are specifically set forth herein and may rely and shall be protected in relying or refraining from acting on any instrument reasonably
believed by you to be genuine and to have been signed or presented by the proper party or parties or their assignees. You shall not be personally liable for any act you may do or omit to do hereunder as Escrow Agent or as attorney-in-fact for
Recipient while acting in good faith and any act done or omitted by you pursuant to the advice of your own attorneys shall be conclusive evidence of such good faith. 
 8. You are hereby expressly authorized to disregard any and all warnings given by any of the parties hereto or by any other person or corporation, excepting only orders or process of courts of law, and
are hereby expressly authorized to comply with and obey orders, judgments or decrees of any court. In case you obey or comply with any such order, judgment or decree of any court, you shall not be liable to any of the parties hereto or to any other
person, firm or corporation by reason of such compliance, notwithstanding any such order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or found to have been entered without jurisdiction. 

9. You shall not be liable in any respect on account of the identity, authority or rights of the parties executing or delivering or
purporting to execute or deliver the Stock Option Grant Notice or any documents or papers deposited or called for hereunder. 

10. You shall not be liable for the outlawing of any rights under any statute of limitations with respect to these Joint Escrow
Instructions or any documents deposited with you. 
 11. You shall be entitled to employ such legal counsel, including but not
limited to Simpson Thacher & Bartlett LLP, and other experts as you may deem necessary to advise you in connection with your obligations hereunder, and you may rely upon the advice of such counsel, and may pay such counsel reasonable
compensation for such advice. 
 12. Your responsibilities as Escrow Agent hereunder shall terminate if you shall cease to be
[Fill in Title of Escrow Agent] of the Company or if you shall resign by written notice to each party. In the event of any such termination, the Company may appoint any officer or 

  
 2 

 
assistant officer of the Company as successor Escrow Agent and Recipient hereby confirms the appointment of such successor or successors as his attorney-in-fact and agent to the full extent of
your appointment. 
 13. If you reasonably require other or further instruments in connection with these Joint Escrow
Instructions or obligations in respect hereto, the necessary parties hereto shall join in furnishing such instruments. 
 14. It
is understood and agreed that should any dispute arise with respect to the delivery and/or ownership or right of possession of the securities, you may (but are not obligated to) retain in your possession without liability to anyone all or any part
of said securities until such dispute shall have been settled either by mutual written agreement of the parties concerned or by a final order, decree or judgment of a court of competent jurisdiction after the time for appeal has expired and no
appeal has been perfected, but you shall be under no duty whatsoever to institute or defend any such proceedings. 
 15. Any
notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail (or upon deposit with another delivery service), with postage and fees prepaid,
addressed to each of the other parties hereunto entitled at the following addresses, or at such other addresses as a party may designate by ten (10) days’ written notice to each of the other parties hereto: 

 

			
	COMPANY:	  	Serena Software, Inc.
		  	 1900 Seaport Boulevard, 2nd Floor

Redwood City, California 94063-5587

		  	Attn: [Title]
		
	RECIPIENT:	  	                        
		  	                        
		  	                        
		  	                        
		
	ESCROW AGENT:	  	[Name]
		  	[Address]
		  	Attn: [Fill in Title]

 16. By signing these Joint Escrow Instructions you become a party hereto only for the purpose of said
Joint Escrow Instructions; you do not become a party to the Notice of Exercise. 

  
 3 

 17. This instrument shall be binding upon and inure to the benefit of the parties hereto,
and their respective successors and permitted assigns. It is understood and agreed that references to “you” or “your” herein refer to the original Escrow Agent and to any and all successor Escrow Agents. It is understood and
agreed that the Company may at any time or from time to time assign its rights under the Stock Option Agreement, the Notice of Exercise and these Joint Escrow Instructions in whole or in part. 

 

			
	Very truly yours,
	
	SERENA SOFTWARE, INC.
		
	By:	 	  

	
	RECIPIENT
	
	  

	[Participant’s Name]

  

			
	ESCROW AGENT:
		
	BY:	 	  

		
	NAME:	 	  

  
 4

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