Document:

Employment Agreement between Serena Software, Inc. and Jeremy Burton

 Exhibit 10.19 
  

			
	 	 	 Serena Software, Inc.
  

	 	 February 11, 2007
  

	 	 Jeremy Burton
                                       
          
                                       
          
  

	 	 Dear Jeremy:
  

	 	 At the request of the Board of Directors of Serena Software, Inc. (“Serena”), we are pleased to extend an offer to you for the position
of President and Chief Executive Officer of Serena. In addition, upon nomination and election pursuant to Serena’s corporate governance requirements, you will become a director of Serena’s Board of Directors.
  

	 	 This letter confirms our offer of employment to you. The terms of your employment include the following:
  

	 	 Your base salary will be $21,875.00 gross before withholding taxes and voluntary deductions; paid twice monthly, on or about the 15th and 30th of each month.
  

	 	 You will be eligible to receive an annual cash incentive bonus based on a target bonus of 100% of your base salary at 100% achievement of our
annual EBITA target. The annual cash incentive plan will be structured to provide for a bonus payout of 200% of your target bonus at 115% achievement of the annual EBITA target. The annual cash incentive bonus will be guaranteed at 100% for FY 2008,
provided that your employment with Serena continues on an uninterrupted basis through the fiscal year. The details of your annual cash incentive plan will be documented separately.
  

	 	 You will be paid a sign-on bonus of $200,000 within two (2) weeks of commencing your employment with Serena. This bonus payment will be subject to
applicable payroll deductions and tax withholdings.
  

	 	Subject to approval by Serena’s Board of Directors, you will be granted an option to purchase 2,500,000 shares of Serena’s common stock under Serena’s 2006 Stock Incentive
Plan, of which 65% (1,625,000 shares) will be pursuant to the

  

	
	

  

			
	serena.com	 	Serena Software, Inc. Corporate Offices 2755 Campus Drive, Third Floor San Mateo, California 94403-2538 800.457.3736 T 650.522.6699 F

			
	 	 	 Serena Software, Inc
  

	

	 	 terms of Serena’s Time/Performance Option Agreement (vesting based on achievement of EBITA Targets over Fiscal Years 2008 through 2112) and
35% (875,000 shares) will be pursuant to the terms of Serena’s Time Option Agreement (25% vesting on first anniversary and  1/48th vesting each month thereafter). The exercise price of the option will be equal to the fair market value of Serena’s common stock on the date of grant, as determined by Serena’s Compensation Committee. We have
provided you with copies of the 2006 Stock Incentive Plan, the standard forms of Time/Performance Option Agreement and Time Option Agreement, and the Management Stockholders Agreement.
  

		 	 In the event your employment is terminated by Serena without Cause or by you for Good Reason within the first twenty-four (24) months of your
employment with Serena, you will be entitled to the following severance benefits: (i) continuation of your base salary for a period of twenty-four (24) months following the termination of your employment, payable over such period in accordance with
usual and customary payroll practices, (ii) payment of your annual target bonus over a two fiscal year period beginning with the fiscal year in which your employment terminates, payable promptly following each such fiscal year, and (iii)
continuation of your health coverage through the reimbursement of premiums under COBRA and, if COBRA coverage is no longer available, a comparable health plan, for a period of twenty-four (24) months following the termination of your employment.
These severance benefits will be contingent upon your execution of a customary release of claims in favor of Serena and its affiliates and compliance with certain restrictive covenants, including customary non-competition and non-solicitation
arrangements covering the duration of the salary continuation period. The definitions of “Cause” and “Good Reason” are set forth in Serena’s 2006 Stock Incentive Plan.
  

		 	 You will be eligible to participate in Serena’s Employee Benefits Plans, which include vacation, health care, life insurance and a 401(k)
plan.
  

		 	 You will be required to execute Serena’s Code of Conduct, Confidentiality and Assignment of Inventions Agreement and Arbitration Agreement on
or before your first day of work.
  

		 	Employment with Serena is on an at-will basis. You are free to terminate your employment for any reason at any time with or without prior notice. Similarly, Serena can terminate the
employment relationship with or without cause or notice. This offer letter is an offer of employment and is not intended and shall not be construed as a contract proposal or contract of employment.

  

	
	

  

			
	serena.com	 	Serena Software, Inc. Corporate Offices 2755 Campus Drive, Third Floor San Mateo, California 94403-2538 800.457.3736 T 650.522.6699 F

			
	 	 	 Serena Software, Inc
  

		 	 This written offer constitutes all conditions and agreements made and supersedes any previous verbal commitments. The terms of this offer may only be
changed by written agreement, although the company may from time to time, in its sole discretion, adjust the compensation and benefits paid to you and its other employees.
  

	

	 	 Please contact me to indicate your response to this offer. Upon your acceptance, return the signed original to me and retain a copy for your records.
This employment offer will expire on February 15, 2007.
  

		 	 Your experience and talents will be a strong addition to our company. We are excited about you joining our team and look forward to your
contribution. Please call me with any questions you may have.
  

		 	 Regards,
  

		 	 Sincerely,
  

		 	 /s/ Michael Capellas
  

		 	Michael Capellas
		 	 Acting President and Chief Executive Officer
  

		 	 I accept this offer and expect to start my employment as soon as reasonably practicable. No person has made any promises, representations,
inducements or offers to encourage me to join the company other than the terms set forth above. I understand this offer is confidential and not for distribution.
  

		 	 Accepted:  /s/  Jeremy
Burton                                       
 
 Jeremy Burton
  

		 	Date: February 11, 2007

  

	
	

  

			
	serena.com	 	Serena Software, Inc. Corporate Offices 2755 Campus Drive, Third Floor San Mateo, California 94403-2538 800.457.3736 T 650.522.6699 FSeparation Agreement and General Release

 Exhibit 10.20 
  
 SEPARATION AGREEMENT AND GENERAL RELEASE 
  
 1. This Separation Agreement and General Release (hereinafter “Agreement”) is entered into between Mark E. Woodward (hereinafter
“Executive”) and by Serena Software, Inc. (hereinafter “the Company”). 
  
 2. WHEREAS, Executive has been employed by the Company; and 
  
 WHEREAS, Executive is currently serving on the Company’s Board of Directors; and 
  
 WHEREAS, Executive has decided to voluntarily resign from his employment by the Company and resign as a member of its Board of Directors; and 

 
 WHEREAS, Executive currently holds options to purchase 1,598,111 shares of
Company common stock at an exercise price of $1.25 per share (the “Roll-Over Options”); and 
  
 WHEREAS; Executive and the Company desire to mutually, amicably and finally resolve and compromise all issues and claims surrounding Executive’s
employment by the Company and the termination thereof; 
  
 NOW
THEREFORE, in consideration for the mutual promises and undertakings of the parties as set forth below, Executive and the Company hereby enter into this Agreement. 
  
 3. Resignation. On December 20, 2006 (the “Termination Date”) Executive will resign his employment with the Company
and tender his resignation as a member of the Company’s Board of Directors; a copy of such resignation is attached to this Agreement as Exhibit A. Executive and the Company agree that as of the Termination Date, Executive
will cease to be an employee of the Company and will cease to be a member of its Board of Directors. 
  
 4. Company’s Consideration. As full, sufficient and complete consideration for Executive’s promises and releases contained herein, the Company will provide the following. 
  
 (a) Severance. The Company will pay Executive severance in the gross
amount of two hundred [fifty]* thousand dollars ($250,000). Payment will be made in installments on regular payroll dates over the six (6) months following the Termination Date commencing with the first payroll date following the Termination
Date. All appropriate payroll deductions will be taken in accordance with federal and state law. 
  
 (b) Stock. The Company will repurchase from Executive, and Executive will sell to the Company, all of the shares of Company common stock
beneficially owned by Executive (which, for purposes of this Agreement, shall include all shares of Company common stock that would result from the exercise of Executive’s Roll-Over Options), in consideration for which the Company will pay
Executive a lump-sum payment amount equal to six million one hundred 

  

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 * Correction of typographical error 

 
thirty six thousand seven hundred forty six dollars and twenty four cents ($6,136,746.24), less applicable deductions for federal and
state withholding taxes (the “Lump-Sum Payment”). This amount of the Lump-Sum Payment is calculated based upon the Company paying Executive $5.09 for each share of Company stock subject to the Roll-Over Options,
reduced by the exercise price of $1.25 per share. The Lump-Sum Payment will be paid to Executive six months and one day following his termination of employment with the Company. Other than the aforesaid Lump-Sum Payment, the Company
will not make any additional payments to Executive for Executive’s stock holdings, option awards or any other equity compensation awards or entitlements to same.
  

	 	(1)	 	As a condition of receiving the Lump-Sum Payment, Executive agrees to execute such stock transfer documentation as the Company may require, and to deliver any certificates
representing repurchased shares that are in the possession of Executive, and Executive agrees that all of his rights under any awards that were granted to him under the Company’s 1997 Stock Option and Incentive Plan, the
Company’s 2006 Stock Incentive Plan or any other equity incentive plan maintained by the Company (collectively the “Equity Plans”) shall terminate without further payment to Executive upon the termination of his employment
with the Company, including but not limited to, Executive’s rights under the Restricted Stock Agreement dated March 10, 2006 (including all shares of Company common stock issued to Executive in connection therewith), the Time Based
Stock Option Agreement and Grant Notice dated March 27, 2006 and the Time/Performance Based Stock Option Agreement and Grant Notice dated March 27, 2006. 

  

	 	(2)	 	In addition, Executive agrees that as of his Termination Date all of his rights under his employment agreement dated November 11, 2005, Employment Agreement dated
March 9, 2006, the Spyglass Merger Corp. Management Stockholders Agreement dated March 7, 2006 and any agreement between Executive and the Company or its predecessors, successors or assigns shall terminate, other than his rights
as specified in this Separation Agreement. 

  
 (c)
Health and Medical Benefits. Upon Executive’s timely election to continue Executive’s existing health benefits under COBRA, and consistent with the terms of COBRA and the plan, the Company will pay the insurance premiums to continue
his existing health benefits until Executive finds employment providing comparable health benefits, or through the twelve month period following the Termination Date, whichever occurs first. Executive must continue to pay the portion of premiums,
co-payments, etc. that he would have paid had his employment continued. 
  
 5.
General Release of Claims. 
  
 (a) In further
consideration for the payment and undertakings described above, to the fullest extent permitted by law, Executive, individually and on behalf of his attorneys, 

  

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representatives, successors, and assigns, does hereby completely release and forever discharge the Company, its affiliated and subsidiary corporations, and
its and their shareholders, directors, officers and all other representatives, agents, employees, successors and assigns, from all claims, rights, demands, actions, obligations, and causes of action of any and every kind, nature and character, known
or unknown, which Executive may now have, or has ever had, against them arising from, or in any way connected with, the employment relationship between the parties, any actions during the relationship, or the termination thereof. This release covers
all statutory, common law, constitutional and other claims, including but not limited to, all claims for wrongful discharge in violation of public policy, breach of contract, express or implied, breach of covenant of good faith and fair dealing,
intentional or negligent infliction of emotional distress, intentional or negligent misrepresentation, discrimination, any tort, personal injury, or violation of statute including but not limited to Title VII of the Civil Rights Act, the Americans
with Disabilities Act, and the California Fair Employment and Housing Act, which Executive may now have, or has ever had. The parties agree that any past or future claims for money damages, loss of compensation, earnings and benefits, including but
not limited to stock entitlements, both past and future (except as provided in this Agreement), medical expenses, attorneys’ fees and costs, reinstatement and other equitable relief, are all released by this Agreement. 
  
 (b) Executive and the Company do not intend to release claims that Executive
may not release as a matter of law, including but not limited to claims for indemnity under California Labor Code Section 2802. In addition, Executive is not releasing any of the following: (1) any rights to indemnification from the
Company whether pursuant to an agreement, the Company’s bylaws, applicable law or otherwise, (2) any claims regarding any payments or benefits due to Executive in connection with his execution of this Agreement, or (3) any claims
arising out of Executive’s status as the legal or beneficial owner of securities of the Company. 
  
 (c) To the fullest extent permitted by law, any dispute regarding the scope of this general release shall be determined by an arbitrator under the
procedures set forth in the arbitration clause below. 
  
 6. Waiver of Unknown
Claims. Executive has read or been advised of Section 1542 of the Civil Code of the State of California, which provides as follows: 
  
 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 BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
  
 Executive understands that Section 1542 gives him the right not to release existing claims of which he is not now aware, unless he voluntarily chooses to waive this right. Having been so apprised, he nevertheless
hereby voluntarily elects to and does waive the rights described in Section 1542, and elects to assume all risks for claims that now exist in his favor, known or unknown. 
  
  

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 7. Non-Admission. It is understood and agreed that this is a compromise settlement of a disputed claim or
claims and that neither this Agreement itself nor the furnishing of the consideration for this Agreement shall be deemed or construed as an admission of liability or wrongdoing of any kind by the Company. 
  
 8. Covenant Not to Sue. 
  
 (a) To the fullest extent permitted by law, at no time subsequent to the execution of this Agreement will Executive 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 he may now have, has ever had, or may in the future have against the Company and/or any officer, director, employee or agent of the Company, which is based in whole or in part on any matter covered by this
Agreement. 
  
 (b) Nothing in this paragraph shall prohibit
Executive from filing a charge or complaint with a government agency such as but not limited to the Equal Employment Opportunity Commission, the National Labor Relations Board, the Department of Labor, the California Department of Fair Employment
and Housing, or other applicable state agency. 
  
 (c) Nothing in
this Agreement shall prohibit or impair Executive or the Company from complying with all applicable laws, nor shall this Agreement be construed to obligate either party to commit (or aid or abet in the commission of) any unlawful act. 
  
 (d) Nothing in this paragraph shall preclude Executive from enforcing this
Agreement or exercising any rights that Executive may have that have not been waived under the terms of this Agreement. 
  
 9. Waiver of Right to Reemployment. Executive agrees that he will not be entitled to any further employment with the Company. He therefore waives any claim now or
in the future to other employment or reemployment with the Company, or any of its related entities, and agrees that he will not apply for nor accept employment with the Company or any of its related entities in the future. 
  
 10. Confidential Information; Restrictive Covenants. Executive acknowledges that, as a
result of his employment with the Company, he has had access to confidential and proprietary information of the Company, that he will hold such confidential and proprietary information in strictest confidence, and that he will not make use of such
information on behalf of anyone other than with the express approval of the Company. Executive further confirms that he has delivered to the Company all documents and data of any nature containing or pertaining to such confidential and proprietary
information and that he has not taken with him any such documents or date or any reproduction thereof. Executive further agrees to comply with and abide by all of the terms of (i) the Company’s standard form of Confidential Information and
Invention 

  

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Assignment Agreement (Rev. 02/01/2003) and (ii) Section 9 of the Employment Agreement dated March 9, 2006 to the extent that such provisions
are enforceable under governing law. 
  
 11. Nondisparagement. Executive
agrees that he will refrain from making any adverse, derogatory or disparaging statements about the Company, its board of directors, officers, management, practices or procedures, or business operations to any person or entity. Nothing in this
paragraph shall prohibit Executive from providing truthful information in response to a subpoena or other legal process. The Company agrees that it will refrain from making any adverse, derogatory or disparaging statements about Executive to any
person or entity. Nothing in this paragraph shall prohibit the Company from providing truthful information in response to a subpoena or other legal process. 
  
 12. Legal and Equitable Remedies. The parties agree that Executive and the Company have the right to enforce this Agreement and any of its provisions by
injunction, specific performance or other equitable relief without prejudice to any other rights or remedies any party might have at law or in equity for breach of this Agreement. 
  
 13. Acknowledgement of Representation or Opportunity to be Represented by Counsel; Attorneys’ Fees. Executive acknowledges
that he has been or had the opportunity to be represented by counsel in the negotiation and preparation of this Agreement. The parties further agree that each party will be responsible for his or its own attorney’s fees and costs incurred in
connection with this Agreement. 
  
 14. Arbitration. Except for any claim
for injunctive relief arising out of a breach of a party’s obligations under paragraphs 8, 10 and 11 above, the parties agree to arbitrate any and all disputes or claims arising out of or related to the validity, enforceability, interpretation,
performance or breach of this Agreement, whether sounding in tort, contract, statutory violation or otherwise, or involving the construction or application or any of the terms, provisions, or conditions of this Agreement. Such arbitration shall be
confidential, final and binding and shall be conducted before a single arbitrator with Judicial Arbitration and Mediation Services, Inc. ("JAMS") in the County of Santa Clara, State of California, under the then-existing JAMS employment rules. The
parties acknowledge that by agreeing to this arbitration procedure, they waive the right to resolve any such dispute through a trial by jury, judge or administrative proceeding. The arbitrator shall: (a) have the authority to compel adequate
discovery for the resolution of the dispute and to award such relief as would otherwise by permitted by law; and (b) issue a written arbitration decision including the arbitrator’s essential findings and conclusions and a statement of the
award. Nothing in this Agreement is intended to prevent either Executive or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. The arbitrator, and not a court, shall be
authorized to determine whether the provisions of this paragraph apply to a dispute, controversy or claim sought to be resolved in accordance with these arbitration procedures. 
  
 15. Complete and Voluntary Agreement. This Agreement constitutes the entire understanding of the parties on the subjects covered.
Executive expressly warrants that he has read and fully 

  

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understands this Agreement; that he has had the opportunity to consult with legal counsel of his own choosing and to have the terms of the Agreement fully
explained to him; that he is not executing this Agreement in reliance on any promises, representations or inducements other than those contained herein; and that he is executing this Agreement voluntarily, free of any duress or coercion. The
authorized representative of the Company expressly warrants that he has read and fully understands this Agreement; that he has had the opportunity to consult with legal counsel of his own choosing and to have the terms of the Agreement fully
explained to him; that he is executing this Agreement on behalf of the Company, and the Company has not authorized him to execute the Agreement on its behalf in reliance on any promises, representations or inducements other than those contained
herein; and that in authorizing him to execute the Agreement on behalf of the Company, the Company was acting voluntarily, free of any duress or coercion. 
  
 16. Governing Law. This Agreement shall be construed in accordance with, and governed by, the laws of the State of California. 
  
 17. Savings Clause. Should any of the provisions of this Agreement 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 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 above shall otherwise remain effective to release any and all
other claims covered thereby. 
  
 18. Modification. No modification,
amendment or waiver of any provision of this Agreement shall be effective unless in writing signed by Executive and an authorized representative of the Company 
  

19. Agreement Not To Be Construed Against Drafter. This Agreement shall not be construed in favor of or against any of the parties hereto, regardless of which
party initially drafted it. 
  
 20. Counterparts. This 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. 
  
 21. Prior Employment Agreements. Executive and the Company agree that this Agreement supersedes any prior agreement between the parties setting forth the terms and
conditions of Executive’s employment with the Company, including that employment agreement dated November 11, 2005 and that Employment Agreement dated March 9, 2006, in either case except as expressly set forth in this Agreement,
notwithstanding the terms of such prior employment agreement. 
  
 22.
Cooperation. Executive agrees to cooperate with, and to execute and deliver to the Company such documents reasonably requested by, the Company to remove Executive as a member of the board of directors and/or officer of all direct and indirect
subsidiaries of the Company. 
  

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 23. Effective Date of Agreement. This Agreement will be effective on the Termination Date. 
  

					
	 	 	 	 	 SERENA SOFTWARE, INC

			
	 Dated: December 20, 2006
	 	 	 	 /s/ Edward Malysz

	 	 	 	 	 Signature
 Name: Ed Malysz
 Title: SVP General Counsel

	 	 	 	 	 

					
	 	 	 	 	 
			
	 Dated: December 20, 2006
	 	 	 	 /s/ Mark Woodward

	 	 	 	 	 Mark E. Woodward

  

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