Document:

Employment Letter between the Registrant and Jim N. Contardi

 EXHIBIT 10.22 
  
 October 15, 2004 
  
 James N. Contardi 
 610 Boardwalk Avenue 
 Southlake, TX 76092 
  
 Dear James, 
  
 We are pleased to confirm in
writing the terms of your employment in the position of Senior Vice President, Worldwide Sales of Entrust, Inc. ( “Entrust”), reporting in the Dallas office, to Bill Conner. Your salary on an annualized basis will be $240,000.00 US,
which will be paid biweekly. Your salary and performance will be subject to review on an annual basis. The responsibilities of this position have been reviewed with you. However, should you have any questions, please contact Bill Conner at
972-713-5810. 
  
 Your annual sales incentive potential is100% of base salary at
100% achievement of individual management objectives and Entrust revenue targets, which will be set forth in a sales incentive plan which Entrust will provide to you. This incentive program is in the discretion of Entrust and may be amended or
discounted at any time. In spite of the foregoing, you will in any event receive this sales incentive at 100% of base salary irrespective of achievement on account of the time period between the Commencement Date and December 31, 2004 (prorated for
such period). 
  
 Additionally, you will be granted an incentive stock option
award to purchase 200,000 shares of common stock of Entrust. This award is subject to the terms and conditions of a Stock Option Agreement that must be executed by you and the terms and conditions of the applicable Entrust, Inc. Stock Option Plan.
Both of these documents will be provided to you in due course. The strike price for this award will be equal to the fair market value of the common stock at close of business on your commencement date, which will be October 18, 2004
(“Commencement Date”). The vesting conditions that will be outlined in your Entrust Stock Option Agreement will include the following: 
  

	(i)	this option will become exercisable as to 25% of the original number of shares on the Commencement Date; and 

  

	(ii)	after the first anniversary of the Commencement Date this option will become exercisable as to an additional 1/36th of the remaining number of shares on that day of the month for
each of the next 36 months after such first anniversary. 

  
 Additionally, you will receive 25,000 shares of common stock, $0.01 par value per share, of Entrust. This award is subject to the terms and conditions of a Restricted Stock Agreement to be executed by you and Entrust’s Amended and
Restated 1996 Stock Incentive Plan. Both of these documents will be provided to you in due course. The vesting conditions that will be outlined in your Entrust Restricted Stock Agreement will include the following: 
  

	(a)	The Restricted Shares shall vest as to 25% of the original number of shares on the first anniversary of the Commencement Date, provided that you remain an active employee of Entrust
as of each such relevant vesting date. 

  

	(b)	The Restricted Shares shall vest as to 1/36th of the original number of shares on that day of the month for each of the next 36 months after such first anniversary, provided that
you remain an active employee of Entrust as of each such relevant vesting date. 

  
 As an officer of Entrust, both of the aforementioned grants will be subject to acceleration upon certain acquisition events as set forth in the governing option and restricted stock agreements. Also, you will be
covered by any director and officer insurance plan maintained by Entrust. 
  
 Your
vacation is set at 20 business days per annum, which will accrue on a per pay period basis. All vacation benefits are subject to Entrust’s Paid Time-Off Policy for North America, as amended from time to time by Entrust. 
  
 A summary of the benefit plan is enclosed. These benefits may be modified, reduced, or
discontinued by Entrust at any time. 
  
 We believe that your abilities and
our needs are compatible and that your acceptance of this offer will prove mutually beneficial. However, it is understood and agreed that your employment is terminable at the will of either party and is not an employment agreement for a year or any
other specified term. This means that your terms and conditions of employment, including but not limited to termination, demotion, promotion, 

 
transfer, compensation, benefits, duties and location of work may be changed with or without cause, for any or no reason, and with or without notice. Your
status as an at-will employee cannot be changed by any statement, promise, policy, course of conduct, in writing or manual except through a written agreement signed by the CEO of Entrust. 
  
 You will be eligible to the severance benefits set forth in the enclosed Executive Severance Agreement. 
  
 Entrust will cover your actual relocation expenses for the shipping of personal goods and
from the United Kingdom to the Dallas area, to a maximum re-imbursement of $20,000.00 US. In addition, Entrust will cover five airline tickets (one for each family member) to fly from the United Kingdom to the Dallas area. 
  
 You are also required to sign and return the enclosed Confidentiality, Non-Solicitation,
Non-Competition, and Code Of Conduct Agreement, a copy of which is enclosed with this letter. 
  
 You will be entitled to travel business class for all international travel in accordance with Entrust Corporate Policy Update Travel, Living and Entertainment Expenses. 
  
 Also, please assist Entrust by completing the employment application (included in offer
package) and providing documentation to establish your identity and eligibility for employment as required under the Immigration Reform and Control Act of 1986, which is required of all employees. Please review the enclosed “List of Acceptable
Documents”, and provide the appropriate ones to Human Resources as soon as possible. 
  
 Please assist Entrust by completing the pre-employment background investigation, which is required of all employees. The authorization form should be completed and faxed, as soon as possible, to OccuScreen at
877-464-5656. Upon your request, we will identify any consumer reporting agency involved in this process so that you may, if you wish, seek access to its records as provided under the relevant statute. 
  
 Finally, please also provide or confirm your social security number and date of birth. This
will facilitate your enrollment on our payroll and employee benefit programs. 
  
 The laws of the State of the State of Texas shall govern the terms of this letter. 
  
 To confirm these terms governing your employment with Entrust, please sign and return the original of this letter along with the following enclosed agreements: 
  

	 	•	 	Executive Confidentiality, Non-Solicitation, Non-Competition, Intellectual Property Rights and Code of Conduct Agreement; and 

  

	 	•	 	Executive Severance Agreement. 

  
 Otherwise, if you have any questions or concerns, please contact Laura Owen at 972-713-5933 to discuss. 
  
 Sincerely, 
  
 /s/ Bill Conner 
 Bill Conner 
 Chairman of the Board and Chief Executive Officer of Entrust, Inc. 
  
 I have read, understood, and therefore, accept this offer of employment, as set forth above. 
  

			
	 Signature:  /s/ James Neil
Contardi              
	 	Date:  15 October 2004
		
	 SS#: :
                                        
                    
	 	 
		
	 Date of Birth:
                                        
        
	 	 
		
	 Telephone:
                                        
            
	 	 

 Attachments: 
  
 Executive Severance Agreement. 
 Executive
Confidentiality, Non-Solicitation, Non-Competition, Intellectual Property Rights and Code of Conduct Agreement 
 Background Information Authorization

 Benefit Plan Summary 
 Code of Business Conduct 
 Policy on Information Security and Use of Corporate Systems 
 Entrust
Information Classification and Use Policy 
 Harassment Policy 
 Entrust, Inc. Insider Trading & Securities Policy 
 I-9 Form (Employment Identification & Verification) 
 W-4 Form (U.S. Federal Tax Withholding) 
 Direct Deposit 
 Application Form 
 Paid Time-Off Policy for North AmericaExecutive Confidentiality, Non-Solicitation, Non-Competition Agreement

 EXHIBIT 10.23 
  
 EXECUTIVE CONFIDENTIALITY, NON-SOLICITATION, NON-COMPETITION, 
 INTELLECTUAL PROPERTY RIGHTS, AND CODE OF CONDUCT AGREEMENT 
  

	1.	This Confidentiality, Non-Solicitation, Non-Competition, Intellectual Property Rights and Code of Conduct Agreement (“Agreement”) between the Employee described below
(“You”, “Your”, or “Employee”) and Entrust sets forth certain of your obligations respecting your employment with the Entrust entity set forth in your employment offer/confirmation letter (“Employment
Letter”). 

  

	2.	As used in this Agreement, “Entrust” and/or “Company” shall mean Entrust, Inc. and all direct and indirect subsidiaries, affiliates, related and/or associated
companies, and all successors and assigns of all of the foregoing. 

  

	3.	You acknowledge that you are under no obligation to anyone, including a former employer, which is an impediment to Your entering into this Agreement or which imposes any
restrictions on the activities or duties that may be assigned to You from time to time by the Company. 

  

	4.	If, during the term of this agreement, or any renewal hereof, you should: 

  

	 	a.	Conceive or make any invention or discovery, whether patentable or not; 

  

	 	b.	Become the author of any design capable of being protected as an industrial design, design patent or other design protection; 

  

	 	c.	Become the author of any work in which copyright may exist; 

  

	 	d.	Develop any confidential information which may be capable of being protected as a trade secret; 

  
 and if such invention, discovery, design, work or confidential information relates in any way to the business of Entrust or
any affiliated entity, such invention, discovery, industrial design, work or confidential information shall be the sole and exclusive property of Entrust or any affiliated entity. You agree during the term of this employment with Entrust and
thereafter to promptly disclose to Entrust all details and information related thereto and to execute on demand any applications, transfers, assignments, moral rights waivers and other documents as Entrust may consider necessary or advisable for the
purpose of vesting in Entrust or its designate full title to and enjoyment of such invention, discovery, industrial design, work or confidential information, and to assist in every way possible in the prosecution of applications for the registration
of intellectual property rights relating thereto. 
  

							
	 5.
	    	  a.	  	 You agree to hold in strict confidence the business and affairs of Entrust, its affiliates and their respective customer/clients. You
agree that during the term of this agreement or any renewal thereof or at any time thereafter, that you will not directly or indirectly disclose to any third party or use for any other purpose than that of Entrust, the
following:

				
	 	    	 	  	i.	    	Information disclosed to you by or on behalf of a customer/client prospective customer/client;
				
	 	    	 	  	ii.	    	Information respecting the identity of any customer/client of Entrust;
				
	 	    	 	  	iii.	    	Information otherwise disclosed to Entrust on a confidential basis by third parties;
				
	 	    	 	  	iv.	    	Information disclosed to you with respect to technical requirements, pricing or timing of any contracts;
				
	 	    	 	  	v.	    	Information disclosed to you with respect to Entrust’s techniques, programs, present or contemplated developments, trade secrets or marketing strategies; and
				
	 	    	 	  	vi.	    	Information otherwise identified to you as confidential information of Entrust.
			
	 	    	  b.	  	 Yourobligations of confidence described above include, without limiting the generality of the
foregoing:

				
	 	    	 	  	i.	    	Taking every reasonable step to prevent third parties from examining and/or making copies of any documents or papers (whether in electronic or hard copy form) prepared by you or that come into
your possession or under your control by reason of your employment hereunder;
				
	 	    	 	  	ii.	    	Using your best efforts to follow all security policies of Entrust, and
				
	 	    	 	  	iii.	    	Upon termination of this agreement, turning over to Entrust all documents or papers (whether in electronic or hard copy form) and any other materials in your possession or under your control
that relate to the business of Entrust or its customers/clients.

							
	 5.
	    	  c.	  	 Your obligations of confidence described above do not apply to information which is

				
	 	    	 	  	i.	    	available to the public other than by breach of obligations of confidence owed by you;
				
	 	    	 	  	ii.	    	rightfully received by you, outside of the course of your employment, from a third party without confidentiality limitations;
				
	 	    	 	  	iii.	    	independently developed by you without recourse to any confidential information of Entrust or its customers/clients; or
				
	 	    	 	  	iv.	    	known to you prior to first receipt of the same in the course of your employment.
			
	 	    	 	  	The mingling of confidential information with information that falls within one or more of the exceptions above shall not impair the status of, or obligations of confidence and
non-use respecting, the confidential parts.
			
	 	    	  d.	  	You acknowledge that you have a fiduciary obligation to Entrust and you agree that you will not during your employment with Entrust or within 12 months thereafter, directly or
indirectly:
				
	 	    	 	  	i.	    	attempt to obtain the withdrawal from Entrust or its affiliates of any of their respective employees;
				
	 	    	 	  	ii.	    	hire any employee of Entrust or its affiliates.
				
	 	    	 	  	iii.	    	approach or solicit any customer/client, potential customer/client or maturing business opportunity of Entrust or its affiliates in order to attempt to direct any such customer/client,
potential customer/client or maturing business opportunity away from Entrust or its affiliates;
				
	 	    	 	  	iv.	    	service or deal with any customer/client, potential customer/client or maturing business opportunity of Entrust or its affiliates in order to attempt to direct any such customer/client,
potential customer/client or maturing business opportunity away from Entrust or its affiliates;
				
	 	    	 	  	v.	    	solicit or divert any business away from Entrust or its affiliates;
				
	 	    	 	  	vi.	    	induce or persuade any customer/client, potential customer/client, supplier, agent or other person under contract or otherwise associated or doing business with Entrust or its affiliates to
reduce or alter any such association or business with Entrust or its affiliates; or
				
	 	    	 	  	vii.	    	otherwise interfere or attempt to interfere with any of the contractual, business or economic relationships of Entrust or its affiliates with other parties.
			
	 	    	 	  	 For the purpose of this paragraph (d) the definition of customer/client, potential customer/client, maturing business opportunity,
supplier and agent shall include only those parties with whom you have had dealings by virtue of your employment relationship herein within the preceding 12 months.

			
	 	    	  e.	  	 You agree that you will not either:

				
	 	    	 	  	i.	    	during your employment with Entrust; or
				
	 	    	 	  	ii.	    	within 12 months thereafter within fifty (50) miles of any location where Entrust does business and where within the preceding 12 months you have had dealings with any customer/client of
Entrust
			
	 	    	 	  	serve as an executive, officer, director, employee or in any advisory capacity with any competitor, in whole or in part, of Entrust, or either individually or in partnership or
jointly or in conjunction with any person or person’s firm, trust, partnership, association, syndicate or corporation, as principal, agent, shareholder, trustee or in any other matter whatsoever otherwise carry on or be engaged in or be
concerned with any person or persons, firm, trust, partnership, association, syndicate or corporation which is a competitor, in whole or in part, of the Employer, except as a shareholder holding less than ten percent of the outstanding shares or
securities of any such corporation whose shares or securities are listed and posted for trading on a stock exchange recognized for such purpose by the Securities Exchange Commission of the United States or a similar Securities
Commission.
			
	 	    	  f.	  	If a court of competent jurisdiction would otherwise declare any portions of this paragraph void or unenforceable in the circumstances, such portions of this paragraph shall be
reduced in scope, territory and/or duration of time to such an extent that such court would hold the same to be enforceable in the circumstances. The portions of this paragraph with respect to scope, territory and duration shall be separate and
distinct and fully severable without affecting the enforceability of the entire paragraph.

							
	 	  	g.	    	You acknowledge that a breach of any of the foregoing provisions will give rise to irreparable harm and injury non-compensable in damages. Accordingly, Entrust or such other party
may seek and obtain injunctive relief against the breach or threatened breach of the foregoing provisions, in addition to any other legal remedies which may be available. You further acknowledge and agree that the enforcement of a remedy hereunder
by way of injunction will not prevent you from earning a reasonable livelihood. You further acknowledge and agree that the covenants contained herein are necessary for the protection of Entrust’s legitimate business interests and are reasonable
in scope and content.
			
	 	  	h.	    	The provisions of this paragraph shall survive the termination of the employment relationship herein and shall be enforceable notwithstanding the existence of any claim or cause
of action by you against Entrust whether predicated upon this agreement or otherwise.
		
	 6.      
	  	This Agreement shall supersede any and all previous oral or written communications, discussions or agreements between You and the Company relating to the general subject matter
addressed herein.
		
	 7.      
	  	You shall at any time during and subsequent to Your employment with the Company reaffirm this Agreement or execute such further or other agreements with respect to the general
subject matter addressed herein as the Company, or an affiliate company may from time to time require.
		
	 8.      
	  	In the event that Your employment by the Company is succeeded by employment with an affiliate company, the terms of this Agreement apply until an agreement relating to this
subject matter is signed with the affiliate company, and if You do not execute an agreement with such affiliate company relating to this subject matter, terms identical to those set forth in this Agreement shall apply immediately in favor of such
affiliate company upon commencement of Your employment and until such agreement is executed with such affiliate company.
		
	 9.      
	  	You expressly acknowledge that You have received and read the Entrust Code of Conduct (including the Insider Trading Policy and Foreign Corrupt Practices Act Policy) and You will
abide by the rules and guidelines set forth in these documents, as may be updated by Entrust from time to time by posting such changes to the Corporate Governance section of the Entrust web site.
		
	 10.    
	  	This Agreement shall be governed by the same laws as the governing jurisdiction set forth in your Employment Letter. If no governing jurisdiction is set forth, it shall be
governed by the laws of the Province of Ontario, and the Federal Laws of Canada applicable therein if you are a resident of Canada at the time that you received the Employment Letter; otherwise, this Agreement shall be governed by the laws of the
State of Texas, United States.

  
 Agreed this 15 day of
October, 2004. 
  

					
	  
 James N. Contardi

	 	 	 	  
 /s/ James N.
Contardi

	 Employee name (print)
	 	 	 	 Employee signature

  
 THIS AGREEMENT SHALL BE DEEMED TO
BE ACCEPTED BY ENTRUST UPON ITS EXECUTION AND RETURN BY YOU TO THE ENTRUST HUMAN RESOUCES DEPARTMENT, PROVIDED THAT IT HAS NOT BEEN MODIFIED BY YOU FROM THE FORM SUPPLIED TO YOU.

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