Document:

exv10w18

 

Exhibit 10.18

THIS NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION OF THIS NOTE (COLLECTIVELY WITH THIS NOTE,
THE “SECURITIES”) HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”)
OR ANY APPLICABLE STATE SECURITIES LAW, AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED,
PLEDGED OR HYPOTHECATED, UNLESS REGISTERED UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS,
OR UPON DELIVERY TO THE ISSUER OF THE SECURITIES OF AN OPINION OF COUNSEL IN FORM AND SUBSTANCE
SATISFACTORY TO THE ISSUER OF THE SECURITIES THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT
OR SUCH APPLICABLE STATE SECURITIES LAWS PURSUANT TO AVAILABLE EXEMPTIONS THEREFROM. THE TRANSFER
OF THE SECURITIES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS HEREOF.

Claimsnet.com Inc.

Unsecured Convertible Promissory Note

	 	 	 
	$100,000.00

	 	Dallas, Texas
	 

	 	November 2, 2005

     Claimsnet.com Inc., a Delaware corporation (the “Company”), for value received, hereby
promises unconditionally to pay to National Financial Corporation, or its permitted transferees or
assigns (collectively, the “Holder”), in immediately available and lawful money of the United
States of America (“Dollars” or “$”), the principal amount of One Hundred Thousand Dollars
($100,000) (the “Principal”), plus any accrued and unpaid Interest thereon, on the Maturity Date
(as such terms are defined below).

     The following is a statement of the rights of the Holder and the conditions to which this Note
is subject, and to which the Holder, by the acceptance of this Note, agrees.

     1. Certain Definitions; Certain Interpretations.

          1.1. Certain Definitions. As used herein, the following terms shall have the
following meanings:

          “Business Day” means any day that is not a Saturday, Sunday or a legal holiday in the State of
Texas.

          “Common Stock” means the common stock, par value $0.001 per share, of the Company.

“Conversion Price” means $0.25 per share, subject to adjustment as provided in this Note.

          “Conversion Securities” means the shares of Common Stock issuable upon conversion of this Note
in accordance with Sections 5.1 and 5.2(d).

          “Event of Default” shall have the meaning assigned to such term in Section 4.

          “Interest” shall have the meaning assigned to such term in Section 2.2.

          “Investors” shall have the meaning assigned to such term in the Preamble.

          “Investor Notes” shall have the meaning assigned to such term in the Preamble.

          “Issue Date” means the first date written above, which is the date of execution and issuance
of this Note.

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          “Maturity Date” means November 2, 2008.

          “Person” means any individual, corporation, limited liability company, partnership, limited
partnership, limited liability partnership, firm, joint venture, association, joint stock company,
trust or other entity or organization, including a government or political subdivision or an agency
or instrumentality thereof.

          “Securities Act” means the Securities Act of 1933, as amended.

          1.2. Certain Interpretations. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference to any law, rule or
regulation herein shall be construed as referring to any amendment or modification of such law,
rule or regulation, (c) any reference herein to any Person shall be construed to include such
Person’s permitted successors and assigns, (d) the words “herein”, “hereof” and “hereunder”, and
words of similar import, shall be construed to refer to this Note in its entirety and not to any
particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to,
this Agreement, except as otherwise expressly provided, and (f) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and
intangible assets and properties, including cash, securities, accounts and contract rights.

     2. Repayment.

          2.1. Principal. Unless earlier paid, converted or accelerated in accordance with
the provisions hereof, the entire outstanding Principal shall be due and payable on the Maturity
Date. Promptly following the payment in full of this Note, the Holder shall surrender this Note to
the Company for cancellation.

          2.2. Interest. Interest on the unpaid Principal (“Interest”) during the period from
the Issue Date through the Maturity Date, shall accrue at a rate of seven and one-half percent (7
1/2%) per annum, non-compounding. Interest shall be computed on the basis of a 365-day year
applied to actual days elapsed. Unless the Interest on this Note is earlier paid, converted or
accelerated in accordance with the provisions hereof, all Interest then accrued and unpaid shall be
due and payable in cash on the Maturity Date (concurrently with the payment of Principal as
provided in Section 2.1).

          2.3. Location and Extension of Time for Repayments. All payments (including any
prepayments) of Principal, Interest and other amounts due and payable by the Company pursuant to
this Note shall be paid to the Holder at such Holder’s address for notice pursuant to Section 7.8.
If the outstanding Principal and Interest become due and payable on any day other than a Business
Day, the payment date thereof (including, without limitation, the Maturity Date) shall be
automatically extended to the next succeeding Business Day, and to such payable amounts shall
automatically be added the Interest which shall have accrued during such extension period at the
rate per annum herein specified.

     3. Prepayments.

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          3.1. Optional Prepayment. Outstanding amounts under this Note may be prepaid, in
whole or in part, at any time at the option of the Company upon at least thirty days’ prior written
notice to the Holder (a “Prepayment Notice”), which Prepayment Notice shall set forth the amount of
Principal and Interest to be prepaid by the Company and the date thereof; provided, that, such
prepayment is made substantially simultaneously and pari passu with prepayment of the other
Investor Notes, in each case, as provided in Section 3.2.

          3.2. Application of Prepayments. Prepayments made by the Company pursuant to this
Section 3 shall be applied as follows:

          (i) First, to repayment of accrued and unpaid interest on the Investor Notes, pro rata
based on each Investor’s share of the aggregate amount of accrued interest then owed to the
Investors under all Investor Notes; and

          (iii) Second, to repayment of the unpaid principal under the Investor Notes, pro rata
based on each Investor’s share of the aggregate principal amount then owed to the Investors
under all Investor Notes.

          3.4. No Premiums, Penalties or Consent. No premium or penalty shall be payable, and
no consent of the Holder or the other Investors shall be required, in connection with any
prepayment of this Note or other Investor Notes.

     4. Events of Default.

          If one or more of the following events shall have occurred and be continuing (each, an
“Event of Default”):

          (a) the Company shall fail to pay within ten (10) days of when due any principal of, or
accrued interest on, this Note or any of the other Investor Notes;

          (b) the Company shall consummate the sale of all or substantially all of its assets, or
liquidate, dissolve or wind up;

          (c) the Company shall commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of it or any substantial part of its property, or
shall consent to any such relief or to the appointment of or taking possession by any such official
in an involuntary case or other proceeding commenced against it, or shall make a general assignment
for the benefit of creditors, or shall take any corporate action to authorize any of the foregoing;
or

          (d) an involuntary case or other proceeding shall be commenced against the Company seeking
liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy,
insolvency or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar official of it or
any

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substantial part of its property, and such involuntary case or other proceeding shall remain
undismissed for a period of sixty (60) days; or an order for relief shall be entered against the
Company under the federal bankruptcy laws as now or hereafter in effect.

then, and in each and every such Event of Default, the Holder may, by written notice to the
Company, declare this Note to be, and this Note shall thereupon become, immediately due and payable
in full without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Company; provided, however, that in the case of any of the Events of Default
specified in clauses (c) or (d) above, without any notice to the Company or any other act by the
Holder or the other Investors, this Note shall become immediately due and payable in full without
presentment, demand, protest or other notice of any kind, all of which are hereby waived by the
Company.

     5. Conversion.

          5.1. Conversion. At the option of the Holder, exercised in accordance with
this Section 5, at any time or from time to time prior to the Maturity Date, all or any portion of
the outstanding Principal and Interest shall be converted into a number of shares of Common Stock
equal to the quotient obtained by dividing (i) the aggregate Principal and Interest then
outstanding by (ii) the Conversion Price. Notwithstanding anything herein to the contrary, Holder
shall have the right to exercise its conversion rights hereunder after receipt of a Prepayment
Notice and on or prior to the date of any such prepayment by the Company in accordance with such
Prepayment Notice.

          5.2. Adjustment of Conversion Price. (a) In case the Company shall at any time issue
shares of Common Stock for no consideration by way of dividend or other distribution on the
outstanding Common Stock of the Company or subdivide or combine the outstanding shares of Common
Stock of the Company, the Conversion Price shall forthwith be proportionately decreased in the case
of such dividend, distribution or subdivision, or increased in the case of combination and, in
either case, rounded up or down to the nearest one cent. An adjustment made pursuant to this
Section 5.2 shall become effective when such dividend, distribution, subdivision or combination, as
the case may be, is actually made or becomes effective.

          (b) No adjustment in the Conversion Price or in the number of shares of Common Stock
issuable upon conversion pursuant to Section 5.1 shall be made by reason of the issuance in
exchange for cash, property or services of shares of Common Stock or any securities convertible
into, or exercisable or exchangeable for, Common Stock, or carrying the right to purchase any of
the foregoing.

          (c) In case of any reorganization, recapitalization or reclassification of the Company or the
outstanding Common Stock or in the case of any consolidation or merger of the Company with another
entity as a result of which the Company is not the surviving entity, or in the case of any sale of
all, or substantially all, of its property, the Holder shall instead thereafter have the right
pursuant to Section 5.1 to convert the outstanding Principal and Interest under this Note into the
kind and amount of shares of stock or other securities or property receivable upon such
reorganization, reclassification, consolidation, merger or sale by a holder of the number of shares
of Common Stock which the Holder would have had the right to convert this Note into immediately
prior to such reorganization, reclassification, consolidation, merger or sale, at a price equal to
the Conversion Price then in effect pertaining to this Note (the kind, amount and price of such
stock or other securities or property to be subject to subsequent adjustment as
provided in this Section 5.2). Notwithstanding anything contained herein to the contrary, no

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adjustment of the Conversion Price shall be made by reason of the issuance of Common Stock or other
securities pursuant to the acquisition by the Company of all or substantially all of the stock,
other securities or property of any other entity.

          (d) Irrespective of any adjustments in the Conversion Price, this Note and any replacement
notes theretofore or thereafter issued may continue to express the same price and number and kind
of shares as are stated in this Note.

          5.3. Mechanics of Conversion. If the Holder determines to convert all or any
portion of this Note pursuant to Section 5.1, the Holder shall (i) notify the Company, in writing,
at least three (3) Business Days prior to the contemplated date, of the Holder’s election to
convert all or any portion of this Note, and (ii) surrender this Note for cancellation, duly
endorsed, at the office of the Company, or at such other place designated by the Company. Such
conversion shall be deemed to have been made immediately prior to the close of business on the date
of the surrender of this Note as provided in the immediately preceding sentence.

          5.4. Issuance of Certificates; Issuance Tax. Promptly upon conversion of any
outstanding Principal and Interest, the Company shall issue to the Holder certificates representing
the number of shares of Common Stock into which such Principal and Interest, have been converted.
Upon conversion of an amount less than the total outstanding Principal and Interest then, subject
to Section 5.5, the Company shall issue to the Holder a duly authorized, validly issued replacement
note evidencing the portion of the outstanding Principal and Interest that was not so converted.
The issuance of certificates for Conversion Securities or a replacement note shall be made without
charge to the Holder for any issuance tax in respect thereof, if any, other than taxes in
connection with the issuance of a certificate for Conversion Securities in the name of any Person
other than the Holder.

          5.5. No Fractional Shares; Release of Obligations under Note. No fractional
Conversion Securities shall be issued upon conversion of the outstanding Principal and Interest
under this Note; rather, the Company shall round the number of Conversion Securities to be issued
to the nearest whole number. Upon conversion or payment in full of the outstanding Principal and
Interest and any other amounts due and payable under this Note and the issuance of any securities
or other property issuable in connection with the conversion hereof, the Company shall be forever
released from all of its obligations, undertakings and liabilities under this Note.

6. Replacement of Note.

          Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or
mutilation of this Note, and in case of loss, theft or destruction, of indemnity reasonably
satisfactory to it (with or without requirement of a surety bond in the Company’s sole discretion),
and upon reimbursement to the Company of all reasonable expenses incidental thereto, and (if
mutilated) upon surrender and cancellation of this Note, the Company shall make and deliver to the
Holder a new promissory note of like tenor in lieu of this Note. Any replacement promissory note
made and delivered in accordance with this Section 6 shall be dated as of the date hereof.

     7. Miscellaneous.

          7.1. Survival. All agreements and covenants contained in this Note shall survive the
execution hereof and shall remain in full force and effect until the earlier to occur of (i) the
payment in full of all outstanding Principal and Interest, and any other amounts due and payable,
under this Note, and (ii) the conversion of all outstanding Principal and Interest under this Note,
if applicable, into Conversion Securities in accordance with Section 5.

          7.2. Assignment. The Holder may not assign or otherwise dispose of this Note or the
rights and obligations hereunder (including by operation of law) without the prior written
consent of the

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Company. Notwithstanding anything to the contrary in the foregoing, this Note may
not be assigned or otherwise disposed of by the Holder unless (i) registered under the Securities
Act and applicable state securities laws or (ii) the Company receives an opinion of counsel to the
proposed transferor in form and substance satisfactory to the Company, to the effect that such
proposed assignment or other disposition is exempt from the registration requirements of the
Securities Act and applicable state securities laws. Any instrument purporting to make an
assignment or other disposition in violation of this Section 7.2 shall be void.

          7.3. Benefits of Note. The terms and provisions of this Note shall be binding upon
the successors, assigns, heirs, executors and administrators of the Company and the Holder and
shall inure to the benefit of, and be enforceable by, each Person who shall be a registered holder
of this Note from time to time. The Holder shall have no rights as a member of the Company solely
by virtue of the ownership of this Note.

          7.4. Severability. In case any provision of this Note shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

          7.5. Further Assurances. The Holder agrees to execute such other documents,
instruments, agreements and consents, and take such other actions as may be reasonably requested by
the Company hereto to effectuate the purposes of this Note.

          7.6. Amendment and Waiver. The terms and provisions of this Note may only be
modified, amended or waived in writing signed by the Company and the Holder. All modifications,
amendments, waivers and consents shall be effective only in the specific instance for the purpose
for which given.

          7.7. Delays or Omissions. No delay by the Holder or the Holder’s agents in exercising
any powers or rights hereunder shall operate as a waiver of such power or right, nor shall any
single or partial exercise of any power or right preclude other or further exercise thereof, or the
exercise of any other power or right hereunder or otherwise.

          7.8. Notices. All notices required or permitted hereunder shall be in writing and
shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b)
when sent by confirmed facsimile transmission if sent during normal business hours of the
recipient, if not, then on the next business day, (c) five (5) days after having been sent by
registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after
deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent as follows:

	 	 	 	 	 
	 

	 	If to the Company:
	 	Claimsnet.com Inc.
	 

	 	 	 	14860 Montfort Drive, Suite 250
	 

	 	 	 	Dallas, Texas 75254
	 

	 	 	 	Attention: Chief Executive Officer
	 

	 	 	 	Facsimile: (214) 458-1737
	 
	 	 	 	 
	 

	 	With a copy to:
	 	Haynes and Boone, LLP
	 

	 	 	 	2505 N. Plano Rd, Suite 4000
	 

	 	 	 	Richardson, TX 75082-4101
	 

	 	 	 	Attention: Mr. David Burton
	 

	 	 	 	Facsimile: (972) 692-9054
	 
	 	 	 	 
	 

	 	If to Holder:
	 	National Financial Corporation
	 

	 	 	 	1550 Eastchase Parkway, Suite 600-133
	 

	 	 	 	Fort Worth, TX 76120

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	 	 	 	Attention: Kelly Campbell

or, to such other address or facsimile number as the party to whom notice is to be given may have
furnished to the other party in writing in accordance herewith.

          7.9. Titles and Subtitles. The titles of the sections and subsections of this Note
are for convenience of reference only and are not to be considered in construing this Note.

          7.90. Governing Law. This Note shall be construed in accordance with, and governed
by, the laws of the State of Delaware (without giving effect to conflict of laws principles).

          7.11. Consent to Exclusive Jurisdiction and Service of Process. The Company and the
Holder each hereby irrevocably and unconditionally submits to the jurisdiction of the courts of the
State of Texas and of the Federal courts sitting in the State of Texas in any action or proceeding
directly or indirectly arising out of or relating to this Note or the transactions contemplated
hereby (whether based in contract, tort, equity or any other theory). The Company and the Holder
each agrees that all actions or proceedings arising out of or relating to this Note must be
litigated exclusively in any such court that sits in the County of Dallas, and accordingly, each
party irrevocably waives any objection which he or it may now or hereafter have to the laying of
the venue of any such action or proceeding in any such court. The Company and the Holder each
further irrevocably consents to service of process in the manner provided for notices in Section
7.8. Nothing in this Note will affect the right of the Company or the Holder to serve process in
any other manner permitted by law.

[Signature Page Follows]

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Exhibit
10.1(a)

     In Witness Whereof, the Company has caused its duly authorized representative to
execute this Note, and the Company has caused this Note to be issued, each as of the date first set
forth above.

	 	 	 	 	 	 	 
	 	 	Claimsnet.com inc.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Don Crosbie	 	 
	 

	 	 	 	Title: CEO	 	 

8exv10w23

 

Exhibit 10.23

December 9, 2005

Thomas Thimot

49 Los Gatos Blvd.

Los Gatos, CA 95030

Dear Thomas:

As you know, iPass Inc. (“iPass” or the “Company”) and GoRemote Internet Communications, Inc.
(“GRIC”) are in the process of executing a merger agreement which, if consummated, would merge GRIC
into a wholly owned subsidiary of iPass (the “Merger”). As part of the transactions contemplated
by the Merger, you must sign a Voting Agreement, a Non-Competition Agreement, an agreement with
GRIC that extinguishes your existing severance arrangements with GRIC upon consummation of the
Merger, and this offer letter agreement for a position with iPass upon the closing of the Merger.

In this offer letter agreement, iPass is pleased to offer you continued employment in the new
position of Sr. Vice President, Worldwide Sales, subject to the successful closing of the Merger.
This letter embodies the terms and conditions of our offer of continued employment. These terms
and conditions of employment (including any severance terms) will be effective only as of the
Effective Time (as defined in the Merger Agreement). If the Merger does not close, this offer
shall be null and void, and, even if accepted by you, will not bind iPass.

Position, Reporting Relationship, Office Location, Hire Date

As noted above, you will continue employment in the new position of Sr. Vice President, Worldwide
Sales and will be expected to perform such duties as are normally associated with this position and
such duties as are assigned to you from time to time. You will be expected, to the best of your
ability, to devote your full business time and attention to your job duties. You will report to
Ken Denman. Subject to the severance provisions set forth below, the Company may change your
position, duties, reporting relationship and work location from time to time in its discretion.
You acknowledge and agree that your acceptance of the position set forth in this offer letter
agreement shall not constitute a constructive termination, resignation for good reason, or any
other such triggering event for purposes of your existing agreements or severance benefits with
GRIC.

You hereby represent that July 29, 2004 was your original employment hire date with GRIC, and you
represent and warrant that you had no other period of employment or other service relationship to
GRIC (such as a consulting relationship). For the purposes of your continued employment with
iPass, including with respect to calculation of service-related entitlements and Company policies,
your previous service with GRIC will be regarded as service with iPass.

 

 

Compensation, Employee Benefits and Stock Option Grant

Your base salary will be $11,458.34 semi-monthly, less required deductions and withholdings. If
annualized, this amount equals $275,000. As an exempt, salaried employee, you will not be eligible
for overtime compensation.

In addition, you will be eligible to earn an annual bonus of up to $180,000, less required
deductions and withholdings, and paid on a quarterly basis and contingent upon successful
completion of quarterly objectives (the “Variable Compensation”). Entitlement to and calculation
of the Variable Compensation, if any, is at the Company’s sole discretion. Variable Compensation
payments (if any) will be paid within forty-five (45) days after the end of each fiscal quarter,
subject to you meeting all required conditions for receipt of the Variable Compensation, including
the requirement that you remain an employee in good standing as of the payment date in order to
earn and be eligible to receive a Variable Compensation payment.

You also will be eligible to earn a retention bonus equal to three (3) months of your then-current
base salary, less standard deductions and withholdings (the “Retention Bonus”). You will earn a
Retention Bonus if during the entire one (1) year period after the Effective Time: (i) you comply
with all of your obligations under this offer letter agreement; (ii) you do not resign your
employment with iPass (unless for Good Reason, as defined herein) and your employment is not
terminated by iPass for Cause (as defined herein); and (iii) you remain an employee in good
standing with iPass on the date that is one (1) year after the Effective Time. You also will
receive the full Retention Bonus if iPass terminates your employment without Cause (as defined
herein) or you resign your employment for Good Reason (as defined herein) during the one year
period after the Effective Time, provided that you have met all of the other conditions for earning
this bonus up until your termination date. If earned, any Retention Bonus will be paid to you in
one lump sum payment within thirty (30) days after the date it is earned. No pro-rata bonus will
be earned for any partial year’s service.

Subject to the terms, conditions and limitations of the benefit plans, you will be eligible to
participate in iPass’ health, dental, vision, life, AD&D, and short term and long term disability
insurance, and 401(k) plan. The health and dental plans provide you with several options regarding
your care. iPass will provide you with additional information about the options available to you.
You understand and hereby agree that your benefits coverage provided by GRIC will terminate
effective as of the Effective Time, and you will not be able to continue to make contributions to
the GRIC 401(k) plan effective as of the Effective Time. We will provide you with additional
information about your options with respect to any outstanding balance you may have in the GRIC
401(k) plan. In addition, during your employment under this Offer Letter, you will be entitled to
participate in the Company’s benefit plans at the same level and under the same terms and
conditions applicable to all other senior executives of the Company (excluding the position of
iPass’ Chief Executive Officer).

Further, subject to the approval of the Board of Directors of iPass, you will receive options to
purchase 200,000 shares of iPass’ common stock, subject to a four-year vesting schedule and other
restrictions. The terms of these options will be set forth in a separate stock option agreement
and the governing stock option plan.

Of course, iPass retains the discretion to modify compensation and benefits from time to time in
its discretion, subject to the severance benefits provisions set forth below.

Company Rules and Regulations, Proprietary Information Agreement

As an iPass employee, you will be expected to duly, punctually, and faithfully perform and observe
any rules and regulations that the Company may now or shall hereafter establish governing the
conduct of its

 

 

business or its employees, and you will be required to acknowledge in writing that you have read
[and will comply with] the Company’s Employee Handbook. In addition, you are required, as a
condition of this offer of continued employment, to sign and comply with the iPass Inc. Employee
Proprietary Information and Inventions Agreement (“Proprietary Information Agreement”) which is
attached to this letter as Exhibit A.

At Will Employment Relationship

Employment with the Company is at the will of each party and both you and iPass may, with or
without Cause, and with or without advance notice, terminate your employment at any time.

Severance Benefits

If at any time during your employment (except during the 18 month period following the consummation
of a Corporate Transaction (as defined herein)): (i) The Company or any successor terminates your
employment without Cause (as defined herein), or if you resign for Good Reason (as defined herein);
and (ii) in either event, you first sign, date, and deliver to the Company a general release of all
known and unknown claims in the form provided to you by the Company, and allow this release to
become effective; then you will receive, as your sole severance benefits:

	 	•	 	Severance pay equal to three (3) months of your base salary in effect as of the
termination date, less required deductions and withholdings, paid in one lump sum on the
first payroll date following the effective date of the required release; and
	 
	 	•	 	Provided that you timely elect continued group health insurance coverage through
COBRA, the Company will pay your COBRA premiums sufficient to continue your group health
insurance coverage at the same level in effect as of your termination date for three (3)
months after your termination or until you become eligible for group health insurance
coverage through a new employer, whichever occurs first.
	 
	 	•	 	Accelerated vesting of any stock options that were granted to you by GRIC on September
29, 2005 (as converted pursuant to the Merger) and that are unvested as of the date of
termination.

If within 18 months after the consummation of a Corporate Transaction (as defined herein): (i) The
Company or any successor terminates your employment without Cause (as defined herein), or if you
resign for Good Reason (as defined herein); and (ii) in either event, you first sign, date, and
deliver to the Company a general release of all known and unknown claims in the form provided to
you by the Company, and allow this release to become effective, then you will receive, in lieu of
the severance benefits set forth above and as your sole severance benefits:

	 	•	 	Severance pay equal to six (6) months of your base salary in effect as of the
termination date, less required deductions and withholdings, paid in one lump sum on the
first payroll date following the effective date of the required release;
	 
	 	•	 	Provided that you timely elect continued group health insurance coverage through
COBRA, the Company will pay your COBRA premiums sufficient to continue your group health
insurance coverage at the same level in effect as of your termination date for six (6)
months after your termination or until you become eligible for group health insurance
coverage through a new employer, whichever occurs first; and

 

 

	 	•	 	Accelerated vesting of any Company stock options that are unvested as of the date of
termination.

For purposes of this offer letter agreement only:

	 	•	 	“Cause” shall mean the occurrence of any one or more of the following (and only the
following): (i) your conviction of any felony involving fraud or act of dishonesty against
the Company or its parent corporation or subsidiary corporation (whether now or hereafter
existing, as those terms are defined in Sections 424(e) and (f), respectively, of the
Internal Revenue Code (“Affiliates”)); (ii) conduct by you which, based upon good faith and
reasonable factual investigation and determination of the Board of Directors of the
Company, demonstrates gross unfitness to serve; or (iii) intentional, material violation by
you of any contractual, statutory or fiduciary duty owed by you to the Company or its
Affiliates;
	 
	 	•	 	During the one (1) year period after the Effective Time, “Good Reason” as used herein
shall mean a resignation by you of your employment because: (i) The Company requires that
you relocate to a worksite that is more than 60 miles from its current principal executive
office, unless you agree in writing to such relocation; or (ii) the Company reduces your
monthly salary below its then-existing gross rate, unless you agree in writing to such
reduction; or (iii) The Company, without your written consent, assigns duties and
responsibilities to you that results in a material diminution in your duties or
responsibilities as compared to the duties and responsibilities you perform at the outset
of your employment with iPass including, without limitation, an assignment in which you are
no longer responsible for sales of iPass products and services (as those products and
services exist at the Effective Time) to a worldwide geographic sales territory. However,
a change in your title, a requirement that you report to a Chief Operating Officer rather
than the Chief Executive Officer, or the assignment by the Company to another employee of
the sales function for future iPass products or services (including any products or
services acquired by acquisition or merger after the Effective Time), shall not
individually or jointly be deemed “Good Reason.”
	 
	 	•	 	After one (1) year has elapsed from the Effective Time, “Good Reason” as used herein
shall mean a resignation by you of your employment because: (i) The Company requires that
you relocate to a worksite that is more than 60 miles from its current principal executive
office, unless you agree in writing to such relocation; or (ii) the Company reduces your
monthly salary below its then-existing gross rate, unless you agree in writing to such
reduction.
	 
	 	•	 	“Corporate Transaction” shall mean (i) the sale of all or substantially all of the
assets of iPass or (ii) a merger of iPass with or into another entity in which the
stockholders of iPass immediately prior to the closing of the transaction own less than a
majority of the ownership interest of iPass immediately following such closing. For
purposes of determining whether the stockholders of iPass prior to the occurrence of a
transaction described above own less than fifty percent (50%) of the voting securities of
the relevant entity afterwards, only the lesser of the voting power held by a person either
before or after the transaction shall be counted in determining that person’s ownership
afterwards. “Corporate Transaction” shall not mean the Merger.

The severance benefits set forth in this offer letter agreement shall be the sole severance
benefits that you may be entitled to receive from the Company in the event of your employment
termination. You shall not be entitled to receive any severance benefits pursuant to the Company’s
current or future severance benefit plans unless the Company expressly states in writing that you
shall be entitled to such benefits. You also acknowledge and agree that after the Effective Time,
you shall not be entitled to receive any severance benefits from the Company, or any of its
subsidiaries, pursuant to any agreement (written, oral or implied)

 

 

with, or policy of, GRIC, or pursuant to any Board resolution or any other corporate action by
GRIC. Finally, you acknowledge and agree that when it becomes effective at the Effective Time,
this offer letter agreement supersedes and replaces any employment or severance agreements of any
kind between you and GRIC and any such agreements with GRIC shall be terminated as of the Effective
Time and have no further force or effect.

Additional Employee Agreements

By accepting employment with the Company you agree to the following:

	 	•	 	You consent at the Closing to the transfer to iPass of any and all documents and files
relating to your employment with GRIC, including but not limited to your personnel file
records, and further consent to iPass’ use of such documents and files in connection with
your continued employment; and
	 
	 	•	 	You hereby generally and completely release the Company and GRIC, and its and their
directors, officers, employees, shareholders, partners, agents, attorneys, predecessors,
successors, parent and subsidiary entities, insurers, affiliates, and assigns, from any and
all claims, liabilities and obligations, both known and unknown, that arise out of or are
in any way related to events, acts, conduct, or omissions occurring at any time prior to
and including the date you sign this offer letter agreement. This general release
includes, but is not limited to: (a) all claims arising out of or in any way related to
your employment with GRIC; (b) all claims related to your compensation or benefits from
GRIC or the Company, including salary, bonuses, commissions, vacation pay, expense
reimbursements, severance pay, fringe benefits, stock, stock options, or any other
ownership interests in GRIC or the Company (except for stock rights provided for in the
Merger Agreement); (c) all claims for breach of contract, wrongful termination, and breach
of the implied covenant of good faith and fair dealing; (d) all tort claims, including
claims for fraud, defamation, emotional distress, and discharge in violation of public
policy; and (e) all federal, state, and local statutory claims, including claims for
discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the
federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act
of 1990, and the California Fair Employment and Housing Act (as amended). You also
acknowledge that you have been paid for all time worked and have not suffered any
on-the-job injury for which you have not already filed a workers compensation claim.

Dispute Resolution

To ensure rapid and economical resolution of any disputes which may arise under this letter
agreement or concerning your employment or the termination thereof, you and iPass agree that any
and all claims, disputes or controversies of any nature whatsoever arising between us shall be
resolved by confidential, final and binding arbitration conducted by Judicial Arbitration and
Mediation Services, Inc. (“JAMS”) before a single arbitrator in San Mateo County, California, under
the then-applicable JAMS rules for the resolution of employment disputes. The parties acknowledge
that by agreeing to this arbitration procedure, they waive the right to resolve any such dispute
through a trial by jury, judge or administrative proceeding. The Company shall bear JAMS’
arbitration fees and administrative costs. The arbitrator shall: (a) have the authority to compel
adequate discovery for the resolution of the dispute and to award such relief as would otherwise be
permitted by law; and (b) issue a written arbitration decision including the arbitrator’s essential
findings and conclusions and a statement of the award. The arbitrator, and not a court, shall also
be authorized to determine whether the provisions of this paragraph apply to a dispute, controversy
or claim sought to be resolved in accordance with these arbitration procedures. Nothing in this
Agreement is intended to prevent either party from obtaining injunctive relief in court to prevent
irreparable harm pending the conclusion of any such arbitration.

 

 

Miscellaneous

This letter, along with your Proprietary Information Agreement, is the entire agreement between you
and iPass concerning the terms and conditions of your continued employment effective as of the
Closing. This letter supersedes any other agreements or promises made to you by anyone regarding
the subjects in this offer letter agreement (including, without limitation, the Agreement and
Amendment to Existing Employment and Severance Agreements, Policies and Arrangements). For
purposes of construing this letter agreement, any ambiguity shall not be construed against either
party as the drafter. No waiver of any breach of this letter agreement, or rights hereunder, shall
be effective unless in writing. In addition, this offer of continued employment is subject to
satisfactory proof of your right to work in the United States.

Any additions or modifications of these terms, except for those changes expressly reserved to the
Company’s discretion in this letter, must be in writing and signed by you and the Chairman and CEO
of iPass. This offer is valid until December 12, 2005 at 5:00 pm.

Please note that the contemplated Merger remains highly confidential. You may discuss this offer
only with your immediate family and professional advisors, provided that you obtain their agreement
to keep the transaction confidential until publicly announced by iPass.

Please signify your acceptance by signing and dating below and returning this offer of continued
employment contingent upon completion of the Merger to Mike Badgis at fax number (650) 232-0232.

We all look forward to working and building iPass with you.

	 	 	 	 	 	 	 
	Welcome aboard,

	 	 	 	Accepted	 	 
	 
	 	 	 	 	 	 
	/s/ Ken Denman
 

	 	 
	 	/s/ Thomas Thimot
 

	 	 
	Ken Denman

	 	 	 	Thomas Thimot	 	 
	Chairman & CEO
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	12/05/2005	 	 
	 

	 	 	 	Date	 	 

Exhibit A
— Employee Proprietary Information and Inventions Agreement

 

 

Exhibit A

IPASS INC. EMPLOYEE PROPRIETARY INFORMATION AND INVENTIONS AGREEMENT

 

 

EMPLOYEE CONFIDENTIALITY AND INVENTIONS ASSIGNMENT AGREEMENT

     In consideration of my offer of continued employment by iPass, Inc. (“iPass”), made
in connection with the potential merger of GoRemote Internet Communications, Inc. (“GoRemote”) into
a wholly-owned subsidiary of iPass (the “Merger”), and the compensation now and hereafter paid to
me, I hereby enter into the following Employee Confidentiality and Inventions Assignment Agreement
(the “Agreement”). This Agreement is contingent upon the successful closing of the Merger and
shall be effective retroactive to the date of my initial hire by GoRemote, namely July 29, 2004.
The term “Company” as used in this Agreement shall mean iPass, GoRemote, and its and their
respective successors, predecessors, subsidiaries, and parents:

1. Confidentiality.

     1.1 Nondisclosure; Recognition of Company’s Rights. At all times during my employment and
thereafter, I will hold in confidence and will not disclose, use, lecture upon, or publish any of
Company’s Confidential Information (defined below), except as such use is required in connection
with my work for Company, or unless the Chief Executive Officer (the “CEO”) of Company expressly
authorizes in writing such disclosure or publication. I will obtain the CEO’s written approval
before publishing or submitting for publication any material (written, oral, or otherwise) that
relates to my work at Company and/or incorporates any Confidential Information. I hereby assign to
Company any rights I have or acquire in any and all Confidential Information and recognize that all
Confidential Information shall be the sole and exclusive property of Company and its assigns.

     1.2 Confidential Information. The term “Confidential Information” shall mean any and all
confidential knowledge, data or information related to Company’s business or its actual or
demonstrably anticipated research or development, including without limitation: (a) trade secrets,
inventions, ideas, processes, computer source and object code, data, formulae, programs, other
works of authorship, know-how, improvements, discoveries, developments, designs, and techniques;
(b) information regarding products, plans for research and development, marketing and business
plans, budgets, financial statements, contracts, prices, suppliers, and customers; (c) information
regarding the skills and compensation of Company’s employees, contractors, and any other service
providers of Company; and (d) the existence of any business discussions, negotiations, or
agreements between Company and any third party.

     1.3 Third Party Information. I understand, in addition, that Company has received and in the
future will receive from third parties confidential or proprietary information (“Third Party
Information”) subject to a duty on Company’s part to maintain the confidentiality of such
information and to use it only for certain limited purposes. During the term of my employment and
thereafter, I will hold Third Party Information in strict confidence and will not disclose to
anyone (other than Company personnel who need to know such information in connection with their
work for Company) or use, except in connection with my work for Company, Third Party Information,
unless expressly authorized by an officer of Company in writing.

     1.4 No Improper Use of Information of Prior Employers and Others. I represent that my employment by Company does not and will not breach any
agreement with any former employer, including any noncompete agreement or any agreement to keep in
confidence information acquired by me in confidence or trust prior to my employment by Company. I
further represent that I have not entered into, and will not enter into, any agreement, either
written or oral, in conflict herewith. During my employment by Company, I will not improperly use
or disclose any confidential information or trade secrets of any former employer or other third
party to whom I have an obligation of confidentiality, and I will not bring onto the premises of
Company or use any unpublished documents or any property belonging to any former employer or other
third party to whom I have an obligation of confidentiality, unless consented to in writing by that
former employer or person. I will use in the performance of my duties only information that is
generally known and used by persons with training and experience comparable to my own, is common
knowledge in the industry or otherwise legally in the public domain, or is otherwise provided or
developed by Company.

2. Inventions.

     2.1 Inventions and Intellectual Property Rights. As used in this Agreement, the term
“Invention” means any ideas, concepts, information, materials, processes, data, programs, know-how,
improvements, discoveries, developments, designs, artwork, formulae, other copyrightable works, and
techniques and all Intellectual Property Rights therein. The term “Intellectual Property Rights”
means all trade secrets, copyrights, trademarks, mask work rights, patents and other intellectual
property rights recognized by the laws of any jurisdiction or country.

     2.2 Prior Inventions. I agree that I will not incorporate, or permit to be incorporated,
Prior Inventions (defined below) in any Company Inventions (defined below) without Company’s prior
written consent. In addition, I agree that I will not incorporate into any Company software or
otherwise deliver to Company any software code licensed under the GNU GPL or LGPL or any other
license that, by its terms, requires or conditions the use or distribution of such code on the
disclosure, licensing, or distribution of any source code owned or

1

 

licensed by Company. I have disclosed on Exhibit A a complete list of all Inventions that I
have, or I have caused to be, alone or jointly with others, conceived, developed, or reduced to
practice prior to the commencement of my employment by Company, in which I have an ownership
interest or which I have a license to use, and that I wish to have excluded from the scope of this
Agreement (collectively referred to as “Prior Inventions”). If no Prior Inventions are listed in
Exhibit A, I warrant that there are no Prior Inventions. If, in the course of my employment with
Company, I incorporate a Prior Invention into a Company process, machine or other work, I hereby
grant Company a non-exclusive, perpetual, fully-paid and royalty-free, irrevocable and worldwide
license, with rights to sublicense through multiple levels of sublicensees, to reproduce, make
derivative works of, distribute, publicly perform, and publicly display in any form or medium,
whether now known or later developed, make, have made, use, sell, import, offer for sale, and
exercise any and all present or future rights in, such Prior Invention.

     2.3 Assignment of Company Inventions. Subject to the section titled “Government or Third
Party” and except for Inventions that I can prove qualify fully under the provisions of California
Labor Code section 2870 and I have set forth in Exhibit A, I hereby assign and agree to assign in
the future (when any such Inventions or Intellectual Property Rights are first reduced to practice
or first fixed in a tangible medium, as applicable) to Company all my right, title, and interest in
and to any and all Inventions (and all Intellectual Property Rights with respect thereto) made,
conceived, reduced to practice, or learned by me, either alone or with others, during the period of
my employment by Company. Inventions assigned to Company or to a third party as directed by
Company pursuant to the section titled “Government or Third Party” are referred to in this
Agreement as “Company Inventions.”

     2.4 Obligation to Keep Company Informed. During the period of my employment and for one (1)
year thereafter, I will promptly and fully disclose to Company in writing (a) all Inventions
authored, conceived, or reduced to practice by me, either alone or with others, including any that
might be covered under California Labor Code section 2870, and (b) all patent applications filed by
me or in which I am named as an inventor or co-inventor.

     2.5 Government or Third Party. I also agree to assign all my right, title, and interest in
and to any particular Company Invention to a third party, including without limitation the United
States, as directed by Company.

     2.6 Enforcement of Intellectual Property Rights and Assistance. During the period of my
employment and thereafter, I will assist Company in every proper way to obtain and enforce United
States and foreign Intellectual Property Rights relating to Company Inventions in all countries.
In the event Company is unable to secure my signature on any document needed in connection with
such purposes, I hereby irrevocably designate and appoint Company and its duly authorized officers
and agents as my agent and attorney in fact, which appointment is coupled with an interest, to act
on my behalf to execute and file any such documents and to do all other lawfully permitted acts to
further such purposes with the same legal force and effect as if executed by me.

3. Records. I agree to keep and maintain adequate and current records (in the form of
notes, sketches, drawings and in any other form that is required by Company) of all Inventions made
by me during the period of my employment by Company, which records shall be available to, and
remain the sole property of, Company at all times.

4. Additional Activities. I agree that (a) during the term of my employment by Company, I
will not, without Company’s express written consent, engage in any employment or business activity
that is competitive with, or would otherwise conflict with my employment by, Company, and (b) for
the period of my employment by Company and for one (l) year thereafter, I will not, either directly
or indirectly, solicit or attempt to solicit any employee, independent contractor, or consultant of
Company to terminate his, her or its relationship with Company in order to become an employee,
consultant, or independent contractor to or for any other person or entity.

5. Return Of Company Property.  Upon termination of my employment or upon Company’s
request at any other time, I will deliver to Company all of Company’s property, equipment, and
documents, together with all copies thereof, and any other material containing or disclosing any
Inventions, Third Party Information or Confidential Information of Company and certify in writing
that I have fully complied with the foregoing obligation. I agree that I will not copy, delete, or
alter any information contained upon my Company computer before I return it to Company. I further
agree that any property situated on Company’s premises and owned by Company is subject to
inspection by Company personnel at any time with or without notice. Prior to leaving, I will
cooperate with Company in attending an exit interview and completing and signing Company’s
termination statement.

6. Notification Of New Employer. In the event that I leave the employ of Company, I
hereby consent to the notification of my new employer of my rights and obligations under this
Agreement, by Company’s providing a copy of this Agreement or otherwise.

7. General Provisions.

     7.1 Governing Law and Venue. This

2

 

Agreement and any action related thereto will be governed, controlled, interpreted, and
defined by and under the laws of the State of California, without giving effect to any conflicts of
laws principles that require the application of the law of a different state. I hereby expressly
consent to the personal jurisdiction and venue in the state and federal courts for the county in
which Company’s principal place of business is located for any lawsuit filed there against me by
Company arising from or related to this Agreement.

     7.2 Severability. If any provision of this Agreement is, for any reason, held to be invalid
or unenforceable, the other provisions of this Agreement will be unimpaired and the invalid or
unenforceable provision will be deemed modified so that it is valid and enforceable to the maximum
extent permitted by law.

     7.3 Survival. This Agreement shall survive the termination of my employment and the
assignment of this Agreement by Company to any successor-in-interest or other assignee and be
binding upon my heirs and legal representatives.

     7.4 At-Will Employment. I agree and understand that nothing in this Agreement shall confer any
right with respect to continuation of employment by Company, nor shall it interfere in any way with
my right or Company’s right to terminate my employment at any time, with or without cause and with
or without advance notice.

     7.5 Notices. Each party must deliver all notices or other communications required or permitted
under this Agreement in writing to the other party at the address listed on the signature page, by
courier, by certified or registered mail (postage prepaid and return receipt requested), or by a
nationally-recognized express mail service. Notice will be effective upon receipt or refusal of
delivery. If delivered by certified or registered mail, any such notice will be considered to have
been given five (5) business days after it was mailed, as evidenced by the postmark. If delivered
by courier or express mail service, any such notice shall be considered to have been given on the
delivery date reflected by the courier or express mail service receipt. Each party may change its
address for receipt of notice by giving notice of such change to the other party.

     7.6 Injunctive Relief. I acknowledge that, because my services are personal and unique and because
I will have access to the Confidential Information of Company, any breach of this Agreement by me
would cause irreparable injury to Company for which monetary damages would not be an adequate
remedy and, therefore, will entitle Company to injunctive relief (including specific performance).
The rights and remedies provided to each party in this Agreement are cumulative and in addition to
any other rights and remedies available to such party at law or in equity.

     7.7 Waiver. Any waiver or failure to enforce any provision of this Agreement on one occasion
will not be deemed a waiver of any other provision or of such provision on any other occasion.

     7.8 Export. I agree not to export, directly or indirectly, any U.S. technical data acquired
from Company or any products utilizing such data, to countries outside the United States, because
such export could be in violation of the United States export laws or regulations.

     7.9 Entire Agreement. The obligations pursuant to sections of this Agreement titled
“Confidentiality” and “Inventions” shall apply to any time during which I was previously employed,
or am in the future employed, by Company as an independent contractor if no other agreement governs
nondisclosure and assignment of inventions during such period. This Agreement is the final,
complete and exclusive agreement of the parties with respect to the subject matters hereof and
supersedes and merges all prior communications between us with respect to such matters. No
modification of or amendment to this Agreement, or any waiver of any rights under this Agreement,
will be effective unless in writing and signed by me and the CEO of Company. Any subsequent change
or changes in my duties, salary or compensation will not affect the validity or scope of this
Agreement.

3

 

     This Agreement shall be effective as of the first day of my employment with Company.

	 	 	 
	EMPLOYEE:	 	COMPANY: 
	 
	I acknowledge that I have read and

	 	Accepted and agreed:
	understand
this agreement and have been
	 	 
	given
the opportunity to discuss it with
	 	 
	independent
legal counsel.
	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	/s/ Thomas Thimot	 	 	 	/s/ Kenneth D. Denman
	 	 	 	 	   
	 

	 	(Signature)
	 	 	 	 	 	(Signature)	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:

	 	Thomas Thimot
	 	 	 	By:
	 	Kenneth D. Denman	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Title:

	 	President and CEO
	 	 	 	Title:
	 	 Chairman and CEO	 	 	 	 	 	 	 	 
	 

	 	 

	 	 
	 	 	 	 

	 	 	 	 	 	 	 	 
	Date:

	 	12/9/2005
	 	 	 	Date:
	 	12/9/05	 	 	 	 	 	 	 	 
	 

	 	 

	 	 
	 	 	 	 

	 	 	 	 	 	 	 	 
	Address:

	 	1421 McCarthy Blvd. Milpitas
	 	 	 	Address:
	 	3800 Bridge Parkway, Redwood Shores, CA 94065	 	 	 	 	 	 	 	 
	 

	 	 

	 	 
	 	 	 	 

	 	 	 	 	 	 	 	 

4

 

EXHIBIT A

INVENTIONS

1. Prior Inventions Disclosure. The following is a complete list of all Prior Inventions:

þ       None

o       See immediately below:

	 	 	 
	 

	 	 
	 
	 	 
	 

	 	 

2. Limited Exclusion Notification.

     This is to notify you in accordance with Section 2872 of the California Labor Code
that the foregoing Agreement between you and Company does not require you to assign or offer to
assign to Company any Invention that you develop entirely on your own time without using Company’s
equipment, supplies, facilities or trade secret information, except for those Inventions that
either:

     a. Relate at the time of conception or reduction to practice to Company’s business, or actual
or demonstrably anticipated research or development; or

     b. Result from any work performed by you for Company.

     To the extent a provision in the foregoing Agreement purports to require you to assign an
Invention otherwise excluded from the preceding paragraph, the provision is against the public
policy of this state and is unenforceable.

     This limited exclusion does not apply to any patent or Invention covered by a contract between
Company and the United States or any of its agencies requiring full title to such patent or
Invention to be in the United States.

A-1

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