Document:

Option Agreement

 Exhibit 10.35 
  
 No. 13934 
  
 MACROMEDIA, INC. 
  
 2002 EQUITY INCENTIVE PLAN 
  
 STOCK OPTION AGREEMENT 
  
 This Stock Option Agreement (this “Agreement”) is made and entered into as of the Date of Grant set forth below (the
“Date of Grant”) by and between Macromedia, Inc., a Delaware corporation (the “Company”), and the Optionee named below (“Optionee”). Capitalized terms not defined herein shall
have the meanings ascribed to them in the Company’s 2002 Equity Incentive Plan (the “Plan”). 
  

			
	Optionee:	  	Thomas E. Hale
	Optionee’s Address:	  	[***]
		
	Total Option Shares:	  	100,000
	Exercise Price Per Share:	  	$19.54
	Date of Grant:	  	April 12, 2004
	Expiration Date:	  	April 12, 2014
	 	  	(unless earlier terminated under Section 3 hereof)
	Type of Stock Option	  	Nonqualified Stock Option

  
 1. Grant of
Option. The Company hereby grants to Optionee an option (this “Option”) to purchase up to the total number of shares of Common Stock of the Company set forth above as Total Option Shares (collectively, the
“Shares”) at the Exercise Price Per Share set forth above (the “Exercise Price”), subject to all of the terms and conditions of this Agreement and the Plan. If designated as an Incentive Stock Option
above, this Option is intended to qualify as an “incentive stock option” (“ISO”) within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”), to the extent
permitted under Code Section 422. 
  
 2. Vesting; Exercise
Period. 
  
 2.1 Vesting of Shares. This Option
shall be exercisable as it vests. Subject to the terms and conditions of the Plan and this Agreement, this Option shall vest and become exercisable as to portions of the Shares as follows: (a) this Option shall not be exercisable with respect to any
of the Shares until April 9, 2005 (the “First Vesting Date”); (b) if Optionee has continuously provided services to the Company, or any Parent or Subsidiary of the Company, then on the First Vesting Date, this Option shall become
exercisable as to 20% of the Shares; and (c) thereafter this Option shall become exercisable as to an additional 20% of the Shares on each anniversary of the First Vesting Date, provided that Optionee has continuously provided services to the
Company, or any Parent or Subsidiary of the Company, at all times during the relevant vesting period. For each fiscal year the Company sets a 

 revenue milestone for the Company’s Communications, Publishing & Training business unit (the “Revenue
Target”) and if the Company achieves the Revenue Target for the fiscal year ending March 31, 2005 (as determined by the Committee in its sole discretion) then vesting of 50% of the Shares in each vesting installment after April 9, 2006, shall
vest on the later of April 9, 2005 and the date the Corporation publicly releases its financial results for such fiscal year (for a total of 50% of the Shares that may vest on April 9, 2005). If the Company achieves the Revenue Target for the fiscal
year ending March 31, 2006 (as determined by the Committee in its sole discretion) then all remaining Shares shall vest on the later of April 9, 2006 and the date the Corporation publicly releases its financial results for such fiscal year. This
Option shall cease to vest upon Optionee’s Termination and Optionee shall in no event be entitled under this Option to purchase a number of shares of the Company’s Common Stock greater than the “Total Option Shares.” If
application of the vesting percentage causes a fractional share in a given vesting installment, such installment shall be rounded down to the nearest whole share except for the final vesting installment. 
  
 2.2 Vesting of Options. Shares that are vested pursuant to the
schedule set forth in Section 2.1 hereof are “Vested Shares.” Shares that are not vested pursuant to the schedule set forth in Section 2.1 hereof are “Unvested Shares.” 
  
 2.3 Expiration. This Option shall expire on the Expiration Date set
forth above and must be exercised, if at all, on or before the earlier of the Expiration Date or the date on which this Option is earlier terminated in accordance with the provisions of Section 3 hereof. 
  
 3. Termination. 
  
 3.1 Termination for Any Reason Except Death or Disability. If
Optionee is Terminated for any reason except Optionee’s death or Disability, then this Option, to the extent (and only to the extent) that it is vested in accordance with the schedule set forth in Section 2.1 hereof on the Termination Date, may
be exercised by Optionee no later than ninety (90) days after the Termination Date, but in any event no later than the Expiration Date. Any exercise after three (3) months after the Termination Date when the Termination is for any reason other than
Optionee’s death or Disability, within the meaning of Code Section 22(e)(3), shall be deemed to be the exercise of a nonqualified stock option. 
  
 3.2 Termination Because of Death or Disability. If Optionee is Terminated because of the death or Disability of Optionee (or the Optionee dies
within ninety (90) days after Termination because of Disability), then this Option, to the extent that it is vested in accordance with the schedule set forth in Section 2.1 hereof on the Termination Date, may be exercised by Optionee (or
Optionee’s legal representative or authorized assignee) no later than twelve (12) months after the Termination Date, but in any event no later than the Expiration Date. 
  
 3.3 No Obligation to Employ. Nothing in the Plan or this Agreement shall confer on Optionee any right to continue in
the employ of, or other relationship with, the Company or any Parent or Subsidiary of the Company, or limit in any way the right of the Company or any Parent or Subsidiary of the Company to terminate Optionee’s employment or other relationship
at any time, with or without Cause. 
  

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 4. Manner of Exercise. 
  
 4.1 Stock Option Exercise Agreement. To exercise this Option, Optionee (or in the case of exercise after
Optionee’s death, Optionee’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company an executed stock option exercise agreement in such other form as may be approved by the Company from time to time (the
“Exercise Agreement”), which shall set forth, inter alia, Optionee’s election to exercise this Option, the number of Shares being purchased, any restrictions imposed on the Shares and any representations,
warranties and agreements regarding Optionee’s investment intent and access to information as may be required by the Company to comply with applicable securities laws. If someone other than Optionee exercises this Option, then such person must
submit documentation reasonably acceptable to the Company that such person has the right to exercise this Option. 
  
 4.2 Limitations on Exercise. This Option may not be exercised unless such exercise is in compliance with all applicable federal and state
securities laws, as they are in effect on the date of exercise. 
  
 4.3 Payment. The Exercise Agreement shall be accompanied by full payment of the Exercise Price for the Shares being purchased in cash (by check), or where permitted by law: 
  

	 	(a)	by cancellation of indebtedness of the Company to the Optionee; 

  

	 	(b)	by surrender of shares of the Company’s Common Stock that either: (1) have been owned by Optionee for more than six (6) months and have been paid for within the meaning of SEC
Rule 144 (and, if such shares were purchased from the Company by use of a promissory note, such note has been fully paid with respect to such shares); or (2) were obtained by Optionee in the open public market; and (3) are clear of all liens,
claims, encumbrances or security interests; 

  

	 	(c)	by waiver of compensation due or accrued to Optionee for services rendered; 

  

	 	(d)	provided that a public market for the Company’s stock exists: (1) through a “same day sale” commitment from Optionee and a broker-dealer that is a member of the
National Association of Securities Dealers (an “NASD Dealer”) whereby Optionee irrevocably elects to exercise this Option and to sell a portion of the Shares so purchased to pay for the Exercise Price and whereby the NASD
Dealer irrevocably commits upon receipt of such Shares to forward the exercise price directly to the Company; or (2) through a “margin” commitment from Optionee and an NASD Dealer whereby Optionee irrevocably elects to exercise this
Option and to pledge the Shares so purchased to the NASD Dealer in a margin account as security for a loan from the NASD Dealer in the amount of the Exercise Price, and whereby the NASD Dealer irrevocably commits upon receipt of such Shares to
forward the Exercise Price directly to the Company; or 

  

	 	(e)	by any combination of the foregoing. 

  
 4.4 Tax Withholding. Prior to the issuance of the Shares upon exercise of this Option, Optionee must pay or provide for any applicable federal or
state withholding obligations of the 
  

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 Company. If the Committee permits, Optionee may provide for payment of withholding taxes upon exercise of this Option by
requesting that the Company retain Shares with a Fair Market Value equal to the minimum amount of taxes required to be withheld. In such case, the Company shall issue the net number of Shares to the Optionee by deducting the Shares retained from the
Shares issuable upon exercise. 
  
 4.5 Issuance of Shares.
Provided that the Exercise Agreement and payment are in form and substance satisfactory to counsel for the Company, the Company shall issue the Shares registered in the name of Optionee, Optionee’s authorized assignee, or Optionee’s legal
representative, and shall deliver certificates representing the Shares with the appropriate legends affixed thereto. 
  
 5. Notice of Disqualifying Disposition of ISO Shares. To the extent this Option is an ISO, if Optionee sells or otherwise disposes of any of
the Shares acquired pursuant to the ISO on or before the later of (a) the date two (2) years after the Date of Grant, and (b) the date one (1) year after transfer of such Shares to Optionee upon exercise of this Option, then Optionee shall
immediately notify the Company in writing of such disposition. 
  
 6. Compliance with Laws and Regulations. The exercise of this Option and the issuance and transfer of Shares shall be subject to compliance by the Company and Optionee with all applicable requirements of federal and state
securities laws and with all applicable requirements of any stock exchange on which the Company’s Common Stock may be listed at the time of such issuance or transfer. Optionee understands that the Company is under no obligation to register or
qualify the Shares with the SEC, any state securities commission or any stock exchange to effect such compliance. 
  
 7. Nontransferability of Option. This Option may not be transferred in any manner other than under the terms and conditions of the Plan or
by will or by the laws of descent and distribution and may be exercised during the lifetime of Optionee only by Optionee. The terms of this Option shall be binding upon the executors, administrators, successors and assigns of Optionee. 

 
 8. Tax Consequences. Set forth below is a brief summary as
of the date the Board adopted the Plan of some of the federal tax consequences of exercise of this Option and disposition of the Shares. THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. OPTIONEE SHOULD
CONSULT A TAX ADVISOR BEFORE EXERCISING THIS OPTION OR DISPOSING OF THE SHARES. 
  
 8.1 Exercise of Incentive Stock Option. To the extent this Option qualifies as an ISO, there will be no regular federal income tax liability upon the exercise of this Option, although the excess, if any, of the
fair market value of the Shares on the date of exercise over the Exercise Price will be treated as a tax preference item for federal income tax purposes and may subject the Optionee to the alternative minimum tax in the year of exercise. 

 
 8.2 Exercise of Nonqualified Stock Option. To the extent this
Option does not qualify as an ISO, there may be a regular federal income tax liability upon the exercise of this Option. Optionee will be treated as having received compensation income (taxable at ordinary income tax rates) equal to the excess, if
any, of the fair market value of the Shares on the date of exercise over the Exercise Price. The Company may be required to withhold from Optionee’s compensation or collect from Optionee and pay to the applicable taxing authorities an amount
equal to a percentage of this compensation income at the time of exercise. 
  

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 8.3 Disposition of Shares. The following tax consequences may apply upon disposition of the
Shares. 
  
 a. Incentive Stock Options. If the Shares are
held for twelve (12) months or more after the date of the transfer of the Shares pursuant to the exercise of an ISO and are disposed of two (2) years or more after the Date of Grant, any gain realized on disposition of the Shares will be treated as
capital gain for federal income tax purposes. If Shares purchased under an ISO are disposed of within the applicable one (1) year or two (2) year period, any gain realized on such disposition will be treated as compensation income (taxable at
ordinary income rates) to the extent of the excess, if any, of the fair market value of the Shares on the date of exercise over the Exercise Price. 
  
 b. Nonqualified Stock Options. If the Shares are held for more than twelve (12) months after the date of the transfer of the Shares pursuant to
the exercise of an NQSO, any gain realized on disposition of the Shares will be treated as long-term capital gain. 
  
 c. Withholding. The Company may be required to withhold from Optionee’s compensation or collect from the Optionee and pay to the applicable
taxing authorities an amount equal to a percentage of this compensation income. 
  
 9. Privileges of Stock Ownership. Optionee shall not have any of the rights of a stockholder with respect to any Shares until the Shares are issued to Optionee. 
  
 10. Interpretation. Any dispute regarding the interpretation of
this Agreement shall be submitted by Optionee or the Company to the Committee for review. The resolution of such a dispute by the Committee shall be final and binding on the Company and Optionee. 
  
 11. Entire Agreement. The Plan is incorporated herein by
reference. This Agreement and the Plan and the Exercise Agreement constitute the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior understandings and agreements with respect to
such subject matter. 
  
 12. Notices. Any notice
required to be given or delivered to the Company under the terms of this Agreement shall be in writing and addressed to the Corporate Secretary of the Company at its principal corporate offices. Any notice required to be given or delivered to
Optionee shall be in writing and addressed to Optionee at the address indicated above or to such other address as such party may designate in writing from time to time to the Company. All notices shall be deemed to have been given or delivered upon:
personal delivery; three (3) days after deposit in the United States mail by certified or registered mail (return receipt requested); one (1) business day after deposit with any return receipt express courier (prepaid); or one (1) business day after
transmission by facsimile. 
  
 13. Successors and
Assigns. The Company may assign any of its rights under this Agreement. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein,
this Agreement shall be binding upon Optionee and Optionee’s heirs, executors, administrators, legal representatives, successors and assigns. 
  

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 14. Governing Law. This Agreement shall be governed by and construed in accordance with the
internal laws of the State of California, without regard to that body of law pertaining to choice of law or conflict of law. 
  
 15. Acceptance. Optionee hereby acknowledges receipt of a copy of the Plan and this Agreement. Optionee has read and understands the terms
and provisions thereof, and accepts this Option subject to all the terms and conditions of the Plan and this Agreement. Optionee acknowledges that there may be adverse tax consequences upon exercise of this Option or disposition of the Shares and
that the Company has advised Optionee to consult a tax advisor prior to such exercise or disposition. 
  
 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in duplicate by its duly authorized representative and Optionee has
executed this Agreement in duplicate as of the Date of Grant. 
  

			
	MACROMEDIA, INC.	 	OPTIONEE
		
	  

	 	  

	Betsey Nelson	 	Thomas E. Hale
	Executive Vice President and Chief	 	 
	Financial Officer	 	 

  

 6Employment Agreement

 Exhibit 10.52 
  
 EMPLOYMENT AGREEMENT 
  
 This Employment Agreement (the “Employment Agreement”) is made and entered into as of the 9th day of September, 2004, by and among Danka Office Imaging Company (“Danka Office Imaging”), Danka Business Systems PLC (“Danka Business
Systems”), Danka Holding Company (“Danka Holding”), and Michael Wedge, an individual (“Executive”). Danka Office Imaging, Danka Business Systems, and Danka Holding are collectively referred to herein as the
“Company.” 
  
 WITNESSETH: 
  
 WHEREAS, the Company wishes to assure itself of the services of Executive, on
the terms and conditions set forth herein; and Executive desires to be so employed by the Company on said terms. 
  
 NOW, THEREFORE, in consideration of the foregoing, and of the mutual covenants and agreements herein contained, the parties agree as follows: 

 
 1. EMPLOYMENT. The Company hereby employs Executive, and Executive hereby accepts
employment with the Company, all upon the terms and subject to the conditions set forth in this Employment Agreement. 
  
 2. CAPACITY AND DUTIES. Executive shall be employed in the capacity of Chief Information Officer and Executive Vice President Operations reporting to the Chief
Executive Officer of the Company or such other appropriate officer as may be assigned by the CEO. Executive shall direct and oversee the Company’s back office and information technology functions. 
  
 3. EMPLOYMENT TERM. 
  
 (a) Term. Employment of Executive by the Company pursuant to this Employment Agreement shall begin upon execution,
and continue until terminated by either party as provided herein. The period during which Executive is employed by the Company pursuant to this Employment Agreement is referred to herein as the “Term” of this Employment Agreement.

  
 4. PLACE OF EMPLOYMENT. Executive’s principal place of work shall
be located in the St. Petersburg, Florida metropolitan area. 
  
 5.
COMPENSATION. 
  
 (a) Salary. Beginning on
September 20, 2004 and continuing during the Term, the Company shall pay Executive a base salary at the rate of $325,000.00 per annum (the “Annual Base Salary”), payable in a manner consistent with the Company’s payroll 
  

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 procedures for U.S. salaried employees. The Human Resources Committee of the Board (the “H.R.
Committee”) shall review Executive’s Annual Base Salary at least annually and may increase, but not decrease, the Annual Base Salary. 
  
 Performance Bonuses. In addition to the Annual Base Salary, Executive shall be entitled to receive an annual bonus under the performance bonus plan
(the “Performance Bonus Plan”) approved by the H.R. Committee. Upon the Company’s achievement of one hundred percent (100%) of the budgeted target levels of the Performance Bonus Plan, the Company shall pay Executive a bonus equal to
50% of the Annual Base Salary. If the Company meets certain stretch objectives defined and set forth in the Performance Bonus Plan (as determined by the H.R. Committee), the Company will pay Executive additional bonuses in accordance with such Plan.
The Company shall pay any bonus earned by Executive in a lump sum cash payment, less applicable withholdings, as promptly after the end of the relevant accounting period as the H.R. Committee is able to certify the Company’s achievement of the
relevant financial goals, subject to any deferral election made by Executive under the terms of the Company’s deferred compensation plan for U.S. executives. 
  
 6. ADDITIONAL COMPENSATION AND BENEFITS. During the Term, the Company shall pay to or provide Executive with the following additional
compensation and benefits: 
  
 (a) Stock Options.

  
 (i) Executive shall be eligible to participate in the
Company’s stock option plans available to the Company’s employees in accordance with the terms and conditions of such plans. 
  
 (ii) The Company shall file a registration statement on Form S-8 with the Securities Exchange Commission such that all of the ADSs subject to the option
grant shall be registered shares upon the exercise of the option. The exercise price of the options set on the date such grant is approved by the H.R. Committee. 
  
 (iii) If Executive seeks to acquire by exercise of any stock option all or part of the shares that have become exercisable
and the Company declines to allow him to acquire such shares, whether because the Company has not obtained shareholder approval for the option or otherwise, the Company shall pay Executive, within ten (10) days after his attempt to acquire such
shares, (1) an amount equal to the difference between the number of shares Executive sought to acquire multiplied by the closing price for a share of the Company’s common stock as of the date Executive sought to acquire such shares, on the one
hand, and the option exercise price per share multiplied by the number of shares Executive sought to acquire, on the other hand, and (2) an additional payment sufficient to pay any federal, state, and local income tax and social security, or other

  

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 employment tax on the amount paid under Section 6(a)(iii)(1), as well as any additional federal, state
and local income tax and social security or other employment tax on any such gross-up payment, determined by using the top marginal rates of federal, state, and local income taxes and social security, or other employment taxes applicable to the
Executive’s taxable income in effect during the year of payment. 
  
 (b) Executive Deferred Compensation Plan. Executive shall be eligible to participate in the Company’s Executive deferred compensation plan in accordance with its terms and conditions. 
  
 (c) Insurance. The Company shall provide Executive and his dependents
with reasonable and adequate health, dental, short term disability, long term disability, and life insurance. Such insurance coverage shall be no less favorable than that from time to time made available to other senior executives of the Company
located in the United States. 
  
 (d) 401K Plan. Executive
shall be entitled to participate in the Company’s 401K plan in accordance with its terms and conditions. 
  
 (e) Vacation. Executive shall be entitled to at least three (3) weeks of paid vacation during each year during the Term, prorated for partial
years. Such vacation shall be subject to the Company’s policies and procedures for senior executives. 
  
 (f) Business Expenses. The Company shall promptly reimburse Executive for all reasonable, ordinary and necessary expenses he incurs in connection
with his employment by the Company (including, but not limited to, automobile and other business travel, and customer entertainment expenses) on the same basis as other senior executives of the Company. 
  
 (g) Indemnification. The Company will, to the fullest extent
permitted by law, indemnify and hold Executive harmless from any and all liability (including, without limitation, judgments, fines, settlement payments, expenses, costs, and attorneys’ fees) arising from his service as an employee, officer, or
director of the Company. To the fullest extent permitted by law, if there is a potential or actual conflict of interest between the Company and Executive, the Company will advance legal fees and expenses to Executive for counsel selected by
Executive in connection with any litigation, investigation, action, suit, or other proceeding related to Executive’s employment with the Company or his performing services for the Company, whether as a director, officer, or employee of the
Company. During the Term, the Company shall maintain adequate and reasonable Directors and Officers liability insurance naming Executive as an insured. 
  
 (h) Other Employee Benefits. Executive shall also be entitled to any other fringe benefits, bonuses, and similar programs, including regular
holidays, and shall be eligible to participate in all plans or arrangements maintained by the Company for the benefit of 
  

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 its employees, officers, or directors, including without limitation all compensation, welfare, bonus,
incentive, retirement, thrift, pension, profit sharing, deferred compensation, employee loan, and insurance plans or arrangements. Executive shall at all times receive benefits no less favorable than those received by other senior executives.

  
 7. TERMINATION BY THE COMPANY OR BY EXECUTIVE. This Employment
Agreement may be terminated as follows: 
  
 (a) By the
Company. 
  
 (i) For Cause. The Company may terminate
this Employment Agreement and Executive’s employment with the Company at any time for Cause (as defined in Section 9) (“Cause Termination”); provided, however, that the Company shall give Executive written notice of Cause
Termination specifying the reason for the termination, and Executive shall have the opportunity to address the Board before he is terminated for Cause. 
  
 (ii) By Company Notice. The Company may terminate this Employment Agreement and Executive’s employment with the Company upon sixty (60) days
written notice for any reason not included in the definition of Cause (“Company Notice Termination”). 
  
 (b) Death or Disability. This Employment Agreement and Executive’s employment with the Company will terminate immediately upon
Executive’s death or Disability (as defined in Section 9) (“Death or Disability Termination”). If either party terminates Executive’s employment due to Disability, the terminating party shall give the other party written notice
to that effect. 
  
 (c) By Executive. 
  
 (i) For Good Reason. Executive may terminate this Employment
Agreement and Executive’s employment by the Company at any time for Good Reason (as defined in Section 9) (“Good Reason Termination”). In the event the Company disputes Executive’s Good Reason Termination, the Company shall
notify Executive in writing of such dispute within ten (10) days of receiving notice of such termination for Good Reason. If the Company does not so notify Executive within the ten (10) day period, the Company shall be deemed to have accepted
Executive’s determination of Good Reason. 
  
 (ii) By
Executive Notice. Executive may terminate this Employment Agreement and Executive’s employment with the Company for any reason not included in the definition of Good Reason by giving the Company sixty (60) days written notice of such
termination (“Executive Notice Termination”). 
  

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 8. PAYMENTS UPON TERMINATION. 
  
 (a) Company Notice Termination and Good Reason Termination. If the Company terminates Executive’s employment for
any reason other than for Cause (as defined in Section 9) or if Executive terminates his employment for Good Reason (as defined in Section 9) the Company shall pay to Executive (subject to withholding of applicable taxes) a severance of one times
Executives then applicable Annual Base Salary. Such severance shall be paid in equal installments over twelve (12) months on the Company’s standard bi-weekly Company payroll dates, beginning one (1) month following the date of termination. The
Company shall continue to provide Executive and his family, for a period of twenty-four (24) months after the date of termination, with the same insurance benefits coverage being provided to Executive under Section 6(c) on the date the notice of
termination is given. Executive shall also be entitled to a pro-rata portion of the performance bonus under Section 5(b) to which he would have been entitled in the year of termination if his employment had not terminated. Executive shall also be
entitled to any of his Annual Base Salary accrued through the date of termination, payments for any accrued but unused vacation for the year of termination, any bonuses earned but not previously paid with respect to the accounting period of the
Company most recently ended, and any vested benefits payable to Executive under the terms of any deferred compensation plan, 401K plan, stock option plan, or other benefit plans maintained by the Company in which Executive participated.
Additionally, notwithstanding the terms of the Company’s stock option plan(s), all stock options received by Executive shall become fully vested and immediately exercisable upon a Company Notice Termination or Good Reason Termination. Such
stock options shall remain exercisable for a period of twelve (12) months from the date of termination. All of Executive’s other unvested benefits, including, without limitation, any Company 401K contributions or profit sharing contributions,
shall immediately vest upon a Company Notice Termination or Good Reason Termination. 
  
 (b) Cause Termination and Executive Notice Termination. If Executive’s employment is terminated by the Company for Cause (as defined in Section 9) or if Executive terminates his employment for any reason
other than Good Reason (as defined in Section 9), Executive shall be entitled to receive any of his Annual Base Salary accrued through the date of termination, any accrued but unpaid vacation pay for the year of termination, any bonuses earned but
not previously paid with respect to the accounting period of the Company most recently ended, and any vested benefits payable to Executive under the terms of any deferred compensation plan, 401K plan, stock option plan, or other plans maintained by
the Company in which Executive participates. Notwithstanding the terms of the Company’s stock option plan(s), Executive shall not forfeit any vested options upon a Cause Termination or Executive Notice Termination, and all such vested options
shall remain exercisable for a period of at least twenty-four (24) months 
  

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 (c) Death or Disability Termination. If Executive’s employment is terminated due to his death
or Disability (as defined in Section 9), the Company will also continue to pay Executive (or his estate), as severance, the Annual Base Salary through the end of the month of termination. Executive (or his estate) shall also be entitled to receive
any of his Annual Base Salary accrued through the date of termination, any accrued but unpaid vacation pay for the year of termination, any bonuses earned but not previously paid with respect to the accounting period of the Company most recently
ended, and any vested benefits payable to Executive under the terms of any deferred compensation plan, 401K plan, stock option plan, or other plans maintained by the Company in which Executive participates. The Company shall continue to provide
Executive (if Disabled) and his family, for a period of twenty-four (24) months after the date of termination, with the same insurance benefits required by Section 6(c) on the date Death or Disability Termination occurs. Additionally,
notwithstanding the terms of the Company’s stock option plans, all stock options received by Executive shall become fully vested and immediately exercisable upon a Death or Disability Termination. Such stock options shall remain exercisable for
a period of not less than twenty-four (24) months. All of Executive’s other unvested benefits, including, without limitation, any Company 401K contributions or profit sharing contributions, shall immediately vest upon a Death or Disability
Termination. 
  
 9. DEFINITIONS. In addition to the words and terms
elsewhere defined in this Employment Agreement, certain capitalized words and terms used in this Employment Agreement shall have the meanings given to them by the definitions and descriptions in this Section 9 unless the context or use indicates
another or different meaning or intent, and such definition shall be equally applicable to both the singular and plural forms of any of the capitalized words and terms herein defined. The following words and terms are defined terms under this
Employment Agreement: 
  
 (a) Cause. For purposes of this
Employment Agreement, the term “Cause” shall mean and be limited to: 
  
 (i) Executive was convicted of a felony or entered a guilty or nolo contendere plea to such a crime; 
  
 (ii) Executive was convicted of any lesser crime committed in connection with the performance of his duties hereunder involving dishonesty, fraud or moral
turpitude; or 
  
 (iii) Executive’s gross negligence in, or
willful failure to substantially perform his material duties in accordance with Section 2 herein (other than any such failure resulting from Executive’s Disability, as defined herein) which gross negligence or willful failure has a material
adverse effect on the Company; provided, however, that such gross negligence or willful failure shall not be 
  

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 considered Cause unless it continues after the Company has made a written demand for substantial
performance on Executive and Executive has failed to correct the acts or omissions complained of after a reasonable opportunity (of not less than sixty (60) days) to do so. 
  
 (b) Disability. For purposes of this Employment Agreement, the term “Disability” shall mean the inability
of Executive to perform Executive’s essential duties and responsibilities (even with reasonable accommodation) under this Employment Agreement for a period of one hundred and eighty (180) consecutive days during any twelve (12) month period by
reason of Executive’s mental or physical disability. Both the Company and Executive may appoint a qualified physician to determine whether Executive is Disabled. If those physicians cannot agree, the physicians shall mutually appoint a third
qualified physician, whose determination of whether Executive has a Disability shall be final. 
  
 (c) Good Reason. For purposes of this Employment Agreement, the term “Good Reason” shall mean: 
  
 (i) the Company materially breaches a term of this Employment Agreement
(including, without limitation, the failure of the Company to pay or provide Executive any of the compensation or benefits to which he is entitled under this Employment Agreement), which breach was not corrected by the Company within thirty (30)
days after receiving written notice of such breach from Executive; 
  
 (ii) the relocation of Executive’s principal office, without Executive’s prior written consent, more than forty (40) miles away from the Company’s current headquarters in St. Petersburg, Florida.; 
  
 (iii) the Company’s reduction of Executive’s compensation and/or
benefits hereunder without Executive’s prior written consent; 
  
 (iv) there has been an adverse or material change in Executive’s status, position, duties, responsibilities (including reporting responsibilities), authority, or titles, which change was not withdrawn or rescinded by the Company within
thirty (30) days after receiving written notice of objection to such change from Executive; 
  
 (v) the assignment to Executive of any duties or work responsibilities, or any instructions, orders, or directives which are inconsistent with his status, position, duties, responsibilities (including reporting
responsibilities), authority, or titles as set forth in this Employment Agreement or as required by law. 
  

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 (vi) any removal of Executive from, or the failure to appoint, elect, reappoint, or reelect Executive to,
the position of Executive Vice President; and/or 
  
 (vii) the
failure of the H.R. Committee to set reasonably attainable budgeted target levels and objectives in the Performance Bonus Plan. 
  
 (d) Restricted Area. For purposes of this Employment Agreement, the term “Restricted Area” shall mean the entire world. 
  
 10. NON-COMPETITION AND CONFIDENTIALITY. 
  
 (a) Non-Competition. During the Term and for a period of twenty-four
(24) months following the termination of Executive’s employment hereunder for Good Cause or without Good Reason, Executive shall not, in the Restricted Area, directly or indirectly, enter the employ of, or render any services to, any person,
firm or corporation engaged in any business competitive with the businesses engaged in by the Company, any constituent partners of the Company or any of their respective parents, subsidiaries or affiliates; further, Executive shall not engage in
such business, directly or indirectly, as an individual, partner, shareholder, director, officer, principal, agent, employee, trustee, consultant, or any other relationship or capacity; provided, however, that nothing contained in this Section 10
shall be deemed to prohibit Executive from acquiring, solely as an investment, a less than five percent (5%) interest in the equity of any publicly traded corporation or limited partnership. 
  
 (b) Non-Solicitation of Employees. During the Term and for a period
of twenty-four (24) months following the termination of Executive’s employment hereunder for Good Cause or without Good Reason, Executive, except within the course of the performance of his duties hereunder, shall not solicit for employment any
current employee of the Company, any constituent partner of the Company, or any of their respective parents, subsidiaries, or affiliates, if Executive has had material business contact with such individual during the Term. 
  
 (c) Confidentiality. Executive shall not, at any time hereafter,
disclose to any person, firm or corporation or otherwise use any confidential information regarding the customers, suppliers, market arrangements, or methods of operations of the Company, any constituent partner of the Company or any of their
respective parents, subsidiaries, or affiliates or any other information of the Company, any constituent partner of the Company or any of their respective parents, subsidiaries or affiliates, except to the extent necessary to conduct the business of
the Company, or to comply with law or the valid order of a governmental agency or court of competent jurisdiction. Without limiting the generality of the foregoing, the Parties acknowledge and agree that all information not otherwise generally known
to the public relating to each of (i) this Agreement, or (ii) the Company, any constituent partner of the Company or any of their respective parents, subsidiaries, or affiliates, is confidential and proprietary and is not to be disclosed, to any

  

 8 

 persons or entities or otherwise used, except to the extent necessary to conduct the business of the
Company, or to comply with law or the valid order of a governmental agency or court of competent jurisdiction. 
  
 (d) Rights to Innovations. Any invention, improvement, design, development or discovery conceived, developed, invented or made by Executive, alone
or with others, during his employment hereunder and applicable to the business of the Company, its parents, subsidiaries or affiliates shall become the sole and exclusive property of the Company. Executive shall (i) disclose the same completely and
promptly to the Company, (ii) execute all documents requested by the Company in order to vest in the Company the entire right, title and interest, in and to the same, (iii) execute all documents required by the Company for the filing, and
prosecuting of such applications for patents, copyrights and/or trademarks, which the Company, in its sole discretion, may desire to prosecute, and (iv) provide to the Company, at the Company’s expense, all assistance it may reasonably require
including, without limitation, the giving of testimony in any suit, action or proceeding, in order to obtain, maintain and protect the Company’s rights therein and thereto. 
  
 (e) Injunctive Relief. Any breach or threatened breach by Executive of any provision of this Section 10 shall cause
the Company irreparable harm which cannot be remedied solely by damages. In the event of a breach or threatened breach by Executive of any of the provisions of this Section 10, the Company shall be entitled to seek injunctive relief restraining
Executive. Nothing herein shall be construed as prohibiting the Company from pursuing any other remedies available at law or in equity in the event of such breach or threatened breach, including the recovery of damages. 
  
 11. SUCCESSORS. This Employment Agreement shall be binding on the Company and any
successor to its business or to a majority of its business assets and the Company shall require any successor in interest (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to expressly assume and agree to perform this
Employment Agreement; provided, however, that no such assumption shall relieve the Company of its obligations hereunder. 
  
 12. BINDING EFFECT. This Employment Agreement shall inure to the benefit of and be enforceable by Executive’s personal and legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. 
  
 13.
MODIFICATION AND WAIVER. No provision of this Employment Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in a writing that specifies the specific provision affected, which writing
shall be signed by Executive and such officer of the Company as may be specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of
this Employment Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
  

 9 

 14. AMENDMENTS. No amendments or variations of the terms and conditions of this Employment Agreement shall be
valid unless the same is in a writing that specifies the term or condition affected, which writing is signed by Executive and such officer of the Company as may be specifically designated by the Board. 
  
 15. SEVERABILITY. The invalidity or unenforceability of any provision of this
Employment Agreement, whether in whole or in part, shall not in any way affect the validity and/or enforceability of any other provision herein contained. Any invalid or unenforceable provision shall be deemed severable to the extent of any such
invalidity or unenforceability. 
  
 16. ENTIRE AGREEMENT. This Employment
Agreement sets forth the entire agreement and understanding of the Company and Executive in respect of the terms and conditions of Executive’s employment after the Commencement Date, and supersedes all prior employment agreements, covenants or
representations or warranties, whether oral or written, made by the parties, or any representative of the Company, with respect to such terms and conditions of employment; provided, however, that this Employment Agreement does not supersede
or affect the Change of Control Agreement between Executive and the Company. 
  
 17. NOTICES. All notices, communications and deliveries hereunder shall be made in writing signed by or on behalf of the party making the same and shall be delivered (a) personally; (b) by telecopy transmission with a copy sent by
U.S. mail, first class, postage prepaid; (c) by registered or certified mail (return receipt requested); or (d) by any national overnight courier service (with postage and other fees prepaid). All such notices, communications, and delivers shall be
addressed as follows: 
  
 If to the
Company: 
  
 Danka Office Imaging Company

 11101 Roosevelt Boulevard 
 St. Petersburg, Florida 33716 
 Attn: General Counsel 
 Telephone No.: (727) 622-2801 
 Telecopy No.: (727) 622-2880 
  
 and: 
  

 10 

 Danka Business Systems PLC 
 Masters House 
 Attention: Secretary 
 107 Hammersmith Road 
 London, England w14 OQH 
 44-207-605-0150 
  
 If to the Executive: 
  
 Michael Wedge 
 2790 Meadowview Court 
 Tarpon Springs, Florida 34688 
 Telephone No.: (727) 937-5077 
  
 or to such other
representative or at such other address of a party as such party hereto may furnish to the other parties in writing. Any such notice, communication or delivery shall be deemed given or made (a) on the date of delivery if delivered in person (by
courier service or otherwise), (b) upon transmission by facsimile if receipt is confirmed by telephone, provided transmission is made during regular business hours, or if not, the next business day, or (c) on the fifth (5th) business day after it is
mailed by registered or certified mail. 
  
 18. GOVERNING LAW. This
Employment Agreement shall be construed and enforced pursuant to the laws of the State of Florida. 
  
 19. ARBITRATION. Any controversy or claim arising out of or relating to this Employment Agreement or the breach thereof, other than a claim for injunctive relief, shall be settled by arbitration in accordance
with the Employment Arbitration Rules of the American Arbitration Association (the “Rules”) in effect at the time demand for arbitration is made by any party. This arbitration shall be conducted before three (3) arbitrators. One arbitrator
shall be named by the Company, a second shall be named by Executive, and the third arbitrator shall be named by the two arbitrators so chosen. In the event that the third arbitrator is not agreed upon, he or she shall be named by the American
Arbitration Association. The arbitration shall occur in St. Petersburg, Florida or such other location as may be mutually agreed to by the Company and Executive. The award made by all or a majority of the panel of arbitrators shall be final and
binding, and judgment may be entered in any court of law having competent jurisdiction. The award is subject to confirmation, modification, correction, or vacation only as explicitly provided in Title 9 of the United States Code, as amended.

  
 20. NO MITIGATION OR OFFSET. Executive shall not be required to
mitigate the amount of any severance or termination payment provided for in this Employment Agreement by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in this Employment Agreement be reduced by
any compensation or income Executive may receive 
  

 11 

 from any source. In addition, no payments to Executive under this Employment Agreement may be subject to any offset or
setoff due to any claim the Company, or its parents, affiliates, or subsidiaries, may have against Executive. 
  
 21. ATTORNEYS’ FEES. The Company will promptly reimburse Executive for all attorneys’ fees (for counsel selected by Executive) and expenses arising out of any dispute under or in connection with this
Employment Agreement (whether litigation or arbitration) to the extent Executive is the prevailing party. Executive shall in no way be responsible or liable for the Company’s attorneys’ fees and expenses in any dispute arising under or in
connection with this Employment Agreement, and no award or order relating to this Employment Agreement shall award the Company its attorneys’ fees. 
  
 22. SOURCE OF PAYMENTS. All salary, bonus, severance, and all other payments to Executive under this Employment Agreement shall be paid to Executive by the Company
through its U.S. payroll system and shall be made in cash in U.S. dollars. If the Company should fail to make any such payment to Executive when due, Danka Office Imaging, Danka Holding, and Danka Business Systems shall be jointly and severally
liable to Executive for such payments. 
  
 23. REPRESENTATION. The Company
represents and warrants that it and the person executing this Employment Agreement on behalf of the Company are fully authorized and empowered to enter into this Employment Agreement and that the performance of its obligations under this Employment
Agreement will not violate any agreement between it and any other person, firm, or organization. 
  
 24. COUNTERPARTS. This Employment Agreement may be executed in more than one (1) counterpart and each counterpart shall be considered an original. 
  
 IN WITNESS WHEREOF, this Employment Agreement has been duly executed by the Company and Executive as of the date first above
written. 
  
 SIGNATURES ON FOLLOWING PAGE 
  

 12 

			
	DANKA BUSINESS SYSTEMS PLC
	
	 /s/ Keith J. Nelsen

	By:	 	Keith J. Nelsen
	Title:	 	CAO/General Counsel
	
	DANKA HOLDING COMPANY
	
	 /s/ Keith J. Nelsen

	By:	 	Keith J. Nelsen
	Title:	 	CAO/General Counsel
	
	DANKA OFFICE IMAGING COMPANY
	
	 /s/ Keith J. Nelsen

	By:	 	Keith J. Nelsen
	Title:	 	CAO/General Counsel
	
	EXECUTIVE
	
	 /s/ Michael Wedge

	Michael Wedge

  

 13

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