Document:

EXHIBIT 10.28

 Exhibit 10.28 
 EXECUTION VERSION 
  

			
		  	 SUPPLEMENT NO. 4 (this “Supplement ”) dated as of November 3, 2010 to the Guarantee and Collateral Agreement dated as
of April 22, 2005 (the “Guarantee and Collateral Agreement ”), among DELTEK, INC. (formerly known as DELTEK SYSTEMS, INC.), a Delaware corporation (the “Borrower”), each subsidiary of the Borrower
from time to time party thereto (each such subsidiary individually a “Guarantor” and collectively, the “Guarantors”; the Guarantors and the Borrower are referred to collectively herein as the
“Grantors”) and CREDIT SUISSE AG (formerly known as Credit Suisse First Boston and referred to herein together with its affiliates as “Credit Suisse”), as collateral agent (in such capacity, the
“Collateral Agent”) for the Secured Parties (as defined therein).

 A. Reference is
made to the Second Amended and Restated Credit Agreement dated as of November 3, 2010 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders from time
to time party thereto, and Credit Suisse AG, as Administrative Agent and as Collateral Agent. 
 B. Capitalized terms used
herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement or the Guarantee and Collateral Agreement, as applicable. 
 C. The Grantors have entered into the Guarantee and Collateral Agreement in order to induce the Lenders to make Loans and the Issuing Bank to issue Letters of Credit. Section 7.16 of the Guarantee
and Collateral Agreement provides that additional Domestic Subsidiaries of the Borrower may become Guarantors and Grantors under the Guarantee and Collateral Agreement by execution and delivery of an instrument in the form of this Supplement. The
undersigned Domestic Subsidiaries (the “New Subsidiaries”) are executing this Supplement in accordance with the requirements of the Credit Agreement to become Guarantors and Grantors under the Guarantee and Collateral
Agreement in order to induce the Lenders to make additional Loans and the Issuing Banks to issue additional Letters of Credit and as consideration for Loans previously made and Letters of Credit previously issued. 

Accordingly, the Collateral Agent and each New Subsidiary agree as follows: 

SECTION 1. In accordance with Section 7.16 of the Guarantee and Collateral Agreement, each New Subsidiary, by its signature below,
becomes a Grantor and Guarantor under the Guarantee and Collateral Agreement with the same force and effect as if originally named therein as a Grantor and Guarantor and each New Subsidiary hereby (a) agrees to all the terms and provisions of
the Guarantee and Collateral Agreement applicable to it as a Grantor and Guarantor thereunder and (b) represents and warrants that the representations and warranties made by it as a Grantor and Guarantor thereunder (giving effect to any
supplements to schedules thereto delivered in connection herewith) are true and correct in all material respects on and as of the date hereof. In furtherance of the foregoing, each New Subsidiary, as security for the payment and

 
performance in full of the Obligations (as defined in the Guarantee and Collateral Agreement), does hereby create and grant to the Collateral Agent, its successors and assigns, for the ratable
benefit of the Secured Parties, their successors and assigns, a security interest in and lien on all of each New Subsidiary’s right, title and interest in and to the Collateral (as defined in the Guarantee and Collateral Agreement) of each New
Subsidiary . Each reference to a “Grantor” or a “Guarantor” in the Guarantee and Collateral Agreement shall be deemed to include each New Subsidiary . The Guarantee and Collateral Agreement is hereby incorporated herein by
reference. 
 SECTION 2. Each New Subsidiary represents and warrants to the Collateral Agent, for the benefit of the Secured
Parties, that this Supplement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms. 

SECTION 3. This Supplement may be executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single contract. This Supplement shall become effective when the Collateral Agent shall have received counterparts of this Supplement that, when taken together,
bear the signatures of each New Subsidiary and the Collateral Agent. Delivery of an executed signature page to this Supplement by facsimile or other electronic transmission shall be as effective as delivery of a manually signed counterpart of this
Supplement. 
 SECTION 4. Each New Subsidiary hereby represents and warrants that (a) set forth on Schedule I attached hereto is
a true and correct schedule of (i) any and all Pledged Stock and Pledged Debt Securities now owned by such New Subsidiary and (ii) any and all Patents and registered or pending Trademarks and Copyrights now owned by such New Subsidiary and
(b) set forth under its signature hereto, is the true and correct legal name of such New Subsidiary and its jurisdiction of organization. 
 SECTION 5. Except as expressly supplemented hereby, the Guarantee and Collateral Agreement shall remain in full force and effect. 
 SECTION 6. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 7. In case any one or more of the provisions contained in this Supplement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions contained herein and in the Guarantee and Collateral Agreement shall not in any way be affected or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not in and
of itself affect the validity of such provision in any other jurisdiction). The parties hereto shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which
comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 8. All communications and
notices hereunder shall (except as otherwise expressly permitted by the Guarantee and Collateral Agreement) be in writing and given as provided in Section 9.01 of the Credit Agreement. All communications and notices hereunder to each New
Subsidiary shall be given to it in care of the Borrower as provided in Section 9.01 of the Credit Agreement. 

  
 2 

 SECTION 9. Each New Subsidiary agrees to reimburse the Collateral Agent for its reasonable
out-of-pocket expenses in connection with this Supplement, including the fees, other charges and disbursements of counsel for the Collateral Agent. 
 [Remainder of page intentionally left blank] 

  
 3 

 IN WITNESS WHEREOF, the New Subsidiary and the Collateral Agent have duly executed this
Supplement to the Guarantee and Collateral Agreement as of the day and year first above written. 
  

			
	MYSBX CORPORATION,
		
	 by
	 	
		
		 	 /s/ David Schwiesow

		 	Name: David Schwiesow
		 	Title: Secretary
		
		 	 Address: 13880 Dulles Corner Lane,
                   Herndon, VA 20171

		 	Legal Name: MYSBX
		 	CORPORATION
		 	Jurisdiction of Formation: Delaware
	
	SIRA, LLC,
		
	by	 	
		
		 	 /s/ David Schwiesow

		 	Name: David Schwiesow
		 	Title: Secretary
		
		 	 Address: 13880 Dulles Corner Lane,
                   Herndon, VA 20171

		 	Legal Name: SIRA, LLC
		 	Jurisdiction of Formation: Delaware
	
	INPUT, INC.,
		
	 by
	 	
		
		 	 /s/ David Schwiesow

		 	Name: David Schwiesow
		 	Title: Secretary
		
		 	 Address: 13880 Dulles Corner Lane,
                   Herndon, VA 20171

		 	Legal Name: INPUT, INC.
		 	Jurisdiction of Formation: Delaware

[Signature Page to GCA Supplement] 

 
					
	 CREDIT SUISSE AG, CAYMAN
 ISLANDS BRANCH (formerly known as
 Credit Suisse First Boston, Cayman Islands

Branch), as Collateral Agent,

			
		 	by	 	
			
		 		 	 /s/ John D. Toronto

		 		 	Name: JOHN D. TORONTO
		 		 	Title: DIRECTOR
			
		 	by	 	
			
		 		 	 /s/ Vipul Dhadda

		 		 	Name: VIPUL DHADDA
		 		 	Title: ASSOCIATE

[Signature Page to GCA Supplement - CS] 

  
 5 

 Collateral of each Guarantor 

EQUITY INTERESTS 
  

							
	Name Of Subsidiary	  	 Registered

Owner
  
	  	Authorized Stock	  	Outstanding Stock
	 Deltek Systems

(Philippines), Ltd.
  
	  	Deltek, Inc.	  	5,000 Common	  	1,000
	 Deltek Systems

(Colorado), Inc.
  
	  	Deltek, Inc.	  	50,000 Common	  	10,282.75
	 Deltek
Systems
 (Canada), Inc.
	  	 Deltek Systems

(Colorado),

Inc.
  
	  	100,000 Common	  	100
	WST Corporation	  	 Deltek, Inc.

 
	  	10,000,000 Common	  	473,500
	Deltek UK Limited	  	 WST
 Corporation
  
	  	250,000	  	140,000
	 Deltek Asia
Pacific (HK)
 Limited
	  	 WST
 Corporation
  
	  	100,000	  	10,000
	C/S Solutions, Inc.	  	 Deltek, Inc.

 
	  	1,000 Common	  	200
	Deltek Australia Pty Ltd.	  	 Deltek, Inc.

 
	  	100,000	  	100
	mySBX Corporation	  	Deltek, Inc.	  	 8,000,000 Common

2,000,000 Preferred
  
	  	5,490,034 Common
	SIRA, LLC	  	 Deltek, Inc.

(sole member)
  
	  	100 Units	  	100 Units
	INPUT, Inc.	  	Deltek, Inc.	  	1,000	  	 1

 

	Maconomy A/S	  	Deltek, Inc.	  	 DKK 77,425,908 share

capital
	  	 DKK 77,425,908
share
 capital

 

	Deltek Netherlands BV	  	Deltek, Inc.	  	90,000 share capital	  	 18,000 share
capital
  

 PLEDGED DEBT SECURITIES 

None 

INTELLECTUAL PROPERTY 
 U.S. COPYRIGHTS OWNED BY MYSBX CORPORATION, SIRA, LLC AND 
 INPUT, INC. 

U.S. Copyright Registrations 
 None 
 Pending U.S. Copyright Applications for Registration

 None 
 Non-U.S. Copyright Registrations 
 None 

Non-U.S. Pending Copyright Applications for Registration 
 None 
 LICENSES 
 I. Licenses/Sublicensees of MYSBX CORPORATION, SIRA, LLC AND INPUT, INC. as Licensors on Date Hereof 
 A. Copyrights 
 U.S. Copyrights 

None 

Non-U.S. Copyrights 
 None 

 B. Patents 
 U.S. Patents 
 None 

U.S. Patent Applications 
 None 
 Non-U.S. Patents 

None 

Non-U.S. Patent Applications 
 None 
 C. Trademarks 

U.S. Trademarks 
 None 
 U.S. Trademark Applications 

None 

Non-U.S. Trademarks 
 None 
 Non-U.S. Trademark Applications 

None 
 D. Others

 None 

II. Licensees/Sublicenses of MYSBX CORPORATION, SIRA, LLC AND INPUT, INC. as Licensees on Date Hereof 

 A. Copyrights 
 U.S. Copyrights 
 None 

Non-U.S. Copyrights 
 None 
 B. Patents 

U.S. Patents 
 None 
 U.S. Patent Applications 

None 

Non-U.S. Patents 
 None 
 Non-U.S. Patent Applications 

None 
 C. Trademarks

 U.S. Trademarks 
 None 
 U.S. Trademark Applications 

None 

Non-U.S. Trademarks 
 None 
 Non-U.S. Trademark Applications 

None 

 D. Others 
 None 
 PATENTS OWNED BY MYSBX CORPORATION, SIRA, LLC AND INPUT, INC.

 U.S. Patent Registrations 
 None 
 U.S. Patent Applications 

None 

Non-U.S. Patent Registrations 
 None 
 Non-U.S. Patent Registrations 

None 

TRADEMARK/TRADE NAMES OWNED BY 
 MYSBX CORPORATION, SIRA, LLC AND INPUT, INC. 
 U.S. Trademark Registrations

 None 
 U.S. Trademark Applications 
 None 

State Trademark Registrations 

 None 
 Non-U.S. Trademark Registrations 
 None 

Non-U.S. Trademark Applications 
 None 
 Trade Names 

NoneEXHIBIT 10.59

 Exhibit 10.59 
 Translation 
 [Letterhead of Flagstad Law Firm] 

Mogens Flagstad, Lawyer 
 Flagsted Law Firm

 Rønhave Strand 
 Immortellevej
13A 
 2950 Vedbæk 
 Denmark

 Tel.: +45 77 300 400 
 Fax:
+45 77 300 600 
 Email: mf@flagstadlaw.com 
  

			
		  	MACONOMY A/S
		  	Vordingborggade 18-22
		  	2100 Copenhagen
		  	Denmark
		  	CVR no. 13703973
		  	(the “Company”)
		
	and	  	Hugo Dorph, Executive Officer
		  	Geelskovparken 40, ground floor left
		  	2830 Virum
		  	Denmark
		  	(the “Executive Officer”)

 have today entered
into this 
 SERVICE AGREEMENT 
 1. 
 Powers and duties of the Executive Officer 

 

	1.1	Commencement 

  

	1.1.1	Effective as from 1 June 2005, the Executive Officer will take up his position as CEO of the Company. 

 

	1.1.2	No later than on the date on which the Executive Officer takes up his new position, the Executive Officer must notify the board of directors in writing of his holdings
of shares in the Company. 

 Similarly, the Executive Officer must notify the board of directors of subsequent purchases
and sales of such shares. 
 The Executive Officer may not perform or engage in speculative transactions concerning shares in the
Company or shares in companies within the group. 
  

	1.1.3	The Executive Officer must record shares held by him in the Company and in companies within the group in his own name in the Company’s register of shareholders.

  

	1.1.4	The Executive Officer will be registered as such with the Danish Commerce and Companies Agency (Erhvervs- og Selskabsstyrelsen). 

 

	1.2	Area of responsibility 

  

	1.2.1	With liability vis-à-vis the board of directors, the Executive Officer in charge of the day-to-day management of the overall activities of the Company.

  

	1.2.2	The board of directors will lay down the rules applicable from time to time to the Company’s activities, and the Executive Officer is liable towards the board of
directors to ensure that the Company’s activities are carried out in accordance with such rules and otherwise in accordance with the articles of association of the Company and applicable legislation. The Executive Officer must submit all
matters of an unusual nature or of significant importance to the board of directors. 

 The Executive
Officer’s responsibilities in relation to the board of directors appear from the “Instructions to the Management Board” attached hereto. 
 The Instructions to the Management Board may be amended jointly with the Executive Officer, always provided, however, that the board of directors will determine the final contents. 

The Executive Officer will employ and dismiss the Company’s employees, always provided, however, that any employment or dismissal of
the Company’s COO is subject to the prior consent of the board of directors. 
 Together with the other executive officers
of the Company from time to time and with liability towards the board of directors, the Executive Officer is as chief executive officer of the Company in charge of the ultimate day-to-day management of the Company’s combined activities.

 The individual members of the management board are responsible for the activities of the Company, always provided, however,
that each executive officer has individual special responsibility for the particular area for which he or she is responsible according to agreement with the board of directors. 
 The responsibilities of the individual executive officers may be determined by the board of directors in instructions to the management board. 

 The board of directors will lay down the rules applicable from time to time to the
Company’s activities and, just as the other executive officers, the chief executive officer is responsible towards the board of directors for ensuring that the Company’s activities are carried out in accordance with the articles of
association of the Company and applicable legislation. All matters of an unusual nature or of significant importance must be submitted to the board of directors. 
 The chief executive officer has a special responsibility for the cooperation within the management board and towards the board of directors. 

Following prior consultation with the chief executive officer, the board of directors may increase the number of members on the management
board by employing one or more executive officers with equal status. 
  

	1.3	Other employment during the term of this Agreement 

  

	1.3.1	For as long as he takes up the position as Executive Officer of the Company, the Executive Officer is not entitled to be an active or sleeping partner of any other
undertaking or hold any other employment or office or assume other duties, whether paid or unpaid, without the prior written consent of the board of directors in each individual case. However, the Executive Officer is entitled to hold up to three
directorships, for example in trade associations. In each case, the relevant directorship is subject to the prior written approval by the board of directors of the Company. 

 

	1.3.2	The Executive Officer is entitled to make investments in assets which are usually the subject of such investments and which do not result in a controlling interest. No
investment may result in liability exceeding the amount invested. 

 As for the investment in and holding of shares
in the Company, reference is made to the Company’s “Internal rules on handling of inside information” and “Internal rules on trading in securities by directors, managers and all employees” attached hereto. 

 

	1.3.3	If so instructed by the board of directors, the Executive Officer must join the board of directors of the Company’s subsidiaries. 

If the Executive Officer joins the boards of directors of the foreign subsidiaries of the Parent Company, D&O insurance will be taken
out or the Parent Company will indemnify the Executive Officer against any liability in damages, provided that the Executive Officer has not acted intentionally or negligently caused damage. 

 

	1.3.4	The Executive Officer’s salary pursuant to clause 2.1 below will be reduced by an amount equivalent to the remuneration received by the Executive Officer for the
duties assumed, cf. clause 1.3.3 above, according to agreement with the board of directors, unless otherwise agreed in each individual case. 

	1.4	Confidentiality, return of material and disqualification 

  

	1.4.1	The Executive Officer must observe strict confidentiality with respect to all information related to the performance of his work as Executive Officer, except where, in
the nature of things, such information is required to be disclosed to third parties. The Executive Officer’s duty of confidentiality will continue to apply after the effective date of termination. 

As for disclosure and protection of inside information on the Company, reference is made to the Company’s “Internal Rules on
handling of Insider Information” and “Internal Rules on handling of Insider Information” and “Internal rules on trading in securities by directors, managers and all employees, which are both attached hereto. 

 

	1.4.2	On the effective date of termination of the Executive Officer – irrespective of cause – all material etc. belonging to the Company and in the Executive
Officer’s possession, including any equipment pursuant to clause 2.4 below, must upon request be returned to the Company. The Executive Officer is not entitled to exercise any lien on any material etc. belonging to the Company.

  

	1.4.3	An executive officer is not entitled to participate in the transaction of business concerning the agreement between the Company and the relevant executive officer or
concerning actions against the relevant executive officer. This also applies to the transaction of business concerning agreements between the Company and a third party or actions against a third party in so far as the Executive Officer has a
material interest in such agreement or action which may conflict with the interests of the Company. In such event, the Executive Officer will be entitled to submit a memorandum on the issue to the board of directors, but may not otherwise
participate in the meeting until the board of directors has discussed the issue in question. 

  

	1.5	Inventions 

  

	1.5.1	The Company has – against no separate consideration – the exclusive right to use inventions, production methods and other technical progress made within the
Company’s field of business in the broad sense which are created by the Executive Officer in the course of his employment or for a period of six months after the effective date of termination, provided, however, that the Company asserts its
right no later than four months after the Company has learned of the invention etc. 

  

	1.6	Non-solicitation of customers etc. 

  

	1.6.1	For a period of one year after the effective date of termination, the Executive Officer undertakes not to engage in any business, whether directly or indirectly, with
the Company’s 20 largest (measured by sales) customer, agents, distributors, principals, suppliers and other business partners. This clause only applies to competing business. 

	1.6.2	The clause applies irrespective of whether the Executive Officer contacts the customer etc. or vice versa. 

 

	1.6.3	The Company’s customers etc. are defined as natural and legal persons with whom the Company has done business within one year prior to the effective date of
termination of the Executive Officer, irrespective of whether the termination becomes effective prior to expiry of the notice period. 

  

	1.6.4	Any breach of the non-solicitation clause may be met with an injunction without the provision of security, and the Executive Officer will be obliged to pay an agreed
penalty of DKK 500,000 for each breach. If the breach consists in maintaining a condition in contravention of this non-solicitation clause, it is deemed to be a breach every month in which the condition is maintained. Payment of the agreed penalty
will not release the Executive Officer from his obligations under this non-solicitation clause. If the loss suffered by the Company exceeds the agreed penalty, the Executive Officer is obliged to compensate such loss. 

 

	1.6.5	“Effective date of termination” means in the context of this non-solicitation clause expiry of the notice period applicable to this Service Agreement,
regardless of whether the Executive Officer has ceased to perform services for the Company at an earlier date. 

  

	1.7	Non-solicitation of employees 

  

	1.7.1	For a period of two years after the effective date of termination, the Executive Officer undertakes (i) not to induce, whether directly or indirectly, the
Company’s key employees, see appendix drawn up by the board of directors from time to time, to resign, or (ii) to take employment with or otherwise become associated with an undertaking in which the Executive Officer, directly or
indirectly by way of employment, ownership or otherwise, may have influence on the employment of employees. 

  

	1.7.2	Clause 1.6.4 (agreed penalty) and clause 1.6.5 also apply in relation to the non-solicitation of employees. 

2. 
 The financial rights of the Executive
Officer during employment 
  

	2.1	Salary 

 The Company will pay the
Executive Officer an annual salary of DKK 1,800,000, payable monthly in arrears at a rate of 1/12 (one-twelfth) as from 1 June 2005. On every 1 March, the first time on 1 March 2006, the annual salary will be reviewed in discussions
with the chairman of the board of directors, and any adjustment will take effect on 1 June of that year. 

 In the event that the Company terminates this Agreement without any material breach on the
part of the Executive Officer, the Company will pay the costs of a consulting firm chosen by the Company to assist the Executive Officer in finding new employment. 
  

	2.2	Bonus 

  

	2.2.1	Before the end of 2005, a bonus scheme effective as from 2006 and onwards will be negotiated with the chairman of the board of directors. In the event of the Executive
Officer’s notice of resignation, the Executive Officer will forfeit his right to bonus for the period after the effective date of termination. 

  

	2.2.2	Bonus will be payable eight days after the adoption of the financial statements by the general meeting of the Company. 

 

	2.3	Car, PC, mobile telephone, newspapers and magazines 

  

	2.3.1	Subject to detailed agreement with the chairman of the board of directors, the Company will place a car costing no more than DKK 700,000 at the Executive Officer’s
disposal and pay all running and maintenance expenses involved. If the car is used for private purposes outside Denmark, the Executive Officer will, however, pay all expenses himself. 

 

	2.3.2	At the Company’s request, the Executive Officer is obliged on the effective date of termination – also where the effective date of termination is prior to
expiry of the agreed notice period – to return the car to the Company against payment of a monthly compensation equalling the tax value paid monthly in arrears until expiry of the period in which the Executive Officer is entitled to payment in
lieu of notice. The amount will be updated once every three years. The Executive Officer is not entitled to exercise any lien on the car as security for any claim against the Company. 

 

	2.3.3	The Company will place a laptop with ADSL connection and a mobile telephone at the Executive Officer’s free disposal and pay all expenses associated therewith. In
addition, the Company pays all expenses incidental to the telephone installed at the Executive Officer’s home as well as expenses incidental to newspapers and magazines to an extent agreed with the chairman of the board of directors.

  

	2.3.4	The tax consequences for the Executive Officer as a result of the Executive Officer’s private disposal of the said benefits are of no concern to the Company.

	2.5	Entertainment and business travels 

  

	2.5.1	The Company will reimburse the Executive Officer for travelling and entertainment expenses paid in the Company’s interest on presentation of receipts. In the event
that the Executive Officer’s spouse participates on such travels at the request of the board of directors, any expenses incurred in this connection will be refunded as well. 

 

	2.6	Pension 

  

	2.6.1	In addition to the salary fixed in clause 2.1 above and for the term of this Service Agreement, the Company will pay an annual amount for pension purposes of 10% of the
total salary, including bonus payments according to clause 2.2 above, however, excluding the calculated value of any warrants granted in the Company. Any decision on where to place and how to use the pension contribution is at the discretion of the
Executive Officer. 

  

	2.6.2	With reference to the fact that, upon employment, the Executive Officer is employable and does not receive, has not applied for or is not entitled to early retirement
pension, the Executive Officer will participate in a collective insurance against loss of working capacity. The insurance guarantees no less than 50% of the pensionable salary until the age of 65 in the event of loss of half of the working capacity.
The pensionable annual salary has been estimated at DKK 1,800,000. The Company will withhold the premium of the insurance, at present 0.66%, from the salary applicable from time to time. 

The Executive Officer is entitled to choose additional insurance coverage against loss of working capacity and to participate in a pension
scheme with the option of choosing group coverage in the event of private treatment, critical illness and death, respectively. 

Information on the options in connection with a company pension scheme may be obtained by contacting the Company’s impartial pension
consulting firm, Willis, at tel.: +45 39 46 66 00, Attn.: Insurance broker, Steen Skaarup, or pension consultant, Bettina Møllebro. 
  

	2.7	Holiday 

  

	2.7.1	In each whole calendar year, the Executive Officer is entitled to a holiday period of the same length as provided in the Danish Holiday Act (ferieloven) in force
from time to time. The Executive Officer is not covered by the provisions of the Holiday Act. 

  

	2.7.2	The Executive Officer must plan his holiday with due regard to the Company’s interests and notify the chairman of the board of directors of such holiday.

	2.7.3	On the effective date of termination, the Executive Officer will receive holiday pay amounting to 12.5% of his salary for any untaken holidays. Holiday pay is
calculated solely on the basis of the salary set out in clauses 2.1 and 2.2 above but not on the basis of the calculated value of any warrants granted in the Company. 

 

	2.7.4	The Executive Officer is entitled to full salary during absence due to sickness. 

 3. 
 Termination 

 

	3.1	Ordinary termination 

  

	3.1.1	In the event of termination of this Service Agreement, the notice to be given by the Company is 12 months and the notice to be given by the Executive Officer is six
months. Notice of termination of this Service Agreement must be in writing to expire on the last day of a month. 

If the Executive Officer terminates this Service Agreement in accordance with clause 3.1.1 above and the Parties agree that the Executive
Officer will resign – at his own request – prior to the expiry of the notice period, the Executive Officer’s claim for remuneration etc. will lapse in accordance with clauses 2.1-2.6 of this Service Agreement as from the effective
date of termination. 
  

	3.1.2	If for a continuous period of more than six months, the Executive Officer is due to sickness incapacitated from performing his duties hereunder or if he is attacked by
permanent weakness that makes him unfit to perform his duties hereunder, this Service Agreement may be terminated by the Company at six months’ written notice to expire at the end of a month. It is of no importance whether termination is
notified while the Executive Officer is still absent due to sickness and whether the Executive Officer has been reported fit to perform his duties after notification of termination has been given. The Company is entitled to procure a medical
certificate from a doctor or a medical specialist designated by the Company. The expenses incidental thereto will be paid by the Company. 

  

	3.1.3	If the Executive Officer suspends his payments or if bankruptcy proceedings are commenced against the estate of the Executive Officer, this Service Agreement may be
terminated by the Company without notice. 

  

	3.1.4	This Service Agreement expires without termination at the end of the month in which the Executive Officer attains the age of 60. 

	3.2	Early retirement pension 

 In the
event of the Executive Officer’s death during the term of this Service Agreement due to sickness or accidents, the Company will pay salary for the current month as well as six months of early retirement pension equivalent to the salary in
accordance with clauses 2.1, 2.2 and 2.6 above to the spouse/cohabitant and, alternatively, to children under the age of 18. Early retirement pension will, however, only be paid until such time when the employment relationship would otherwise expire
due to the Executive Officer’s resignation in accordance with clause 3.1.4 or as a consequence of termination by the Company or the Executive Officer prior to the death. 

 

	3.3	Breach 

 In the event of material
breach by the Company or the Executive Officer of its/his obligations under this Service Agreement or the relevant basic assumptions on which it is concluded, the other party may terminate this Service Agreement without notice or terminate this
Service Agreement with effect as from an arbitrary date. If the termination is due to the Executive Officer’s material breach, the Executive Officer will only be entitled to claim remuneration until the effective date of termination. The party
in breach of its obligations will be liable to compensate any loss suffered by the other party due to the breach. 
 4. 

Dispute resolution 
  

	4.1	Arbitration 

 In the event of any
dispute between the Company and the Executive Officer concerning the employment relationship established by this Service Agreement, the parties must first seek to settle such dispute by negotiation. If the parties cannot reach an agreement, the
dispute must be settled by arbitration in accordance with the below rules, and the award will be final, binding and enforceable: 

In the event of any dispute, either party will be entitled to demand that an arbitration tribunal be set up. The party requesting
arbitration must appoint one arbitrator and by registered letter call upon the other party to appoint one arbitrator within two weeks. The letter must also include a brief description of the issue(s) requested to be settled by the arbitration
tribunal. If the other party has not appointed an arbitrator within the said deadline, the arbitrator will be appointed by the President of the Copenhagen Maritime and Commercial Court. 

The arbitrators appointed by the parties will jointly appoint an umpire. In the absence of agreement on the appointment of an umpire, the
arbitrators appointed will jointly request the President of the Copenhagen Maritime and Commercial Court to appoint an umpire after prior discussions with the arbitrators appointed by the parties, who will be the chairman of the arbitration
tribunal. 

 The dispute will be settled by the arbitration tribunal in accordance with existing law and
the tribunal will lay down its own rules of procedure to apply to the case in accordance with the general principles of the Danish Administration of Justice Act (retsplejeloven). 

The arbitration tribunal will decide on the costs associated with the arbitration proceedings. The arbitration tribunal will fix a date by
which the order must be complied with, which will usually be two weeks after the award is made. 
 5. 

Signatures 
 This Service
Agreement is executed in 2 (two) copies, each Party receiving 1 (one) copy. 
 [handwriting: 26 April 2005]

  

					
		 	 [signed]
	    	 [signed]

		 	(Company)	    	(Executive Officer)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]