Document:

Exhibit 10.02

 

VERSANT CORPORATION

 

1996 EMPLOYEE STOCK PURCHASE PLAN

 

As Adopted May 21, 1996 and

As Amended through August 17, 2004

 

1.                                      Establishment
of Plan.  Versant Corporation (the “Company”) proposes to grant options
for purchase of the Company’s Common Stock to eligible employees of the Company
and its Subsidiaries (as hereinafter defined) pursuant to this Employee Stock
Purchase Plan (this “Plan”).  For purposes of this Plan, “Parent Corporation” and “Subsidiary” (collectively, “Subsidiaries”) shall have the same
meanings as “parent corporation” and “subsidiary corporation” in Sections
424(e) and 424(f), respectively, of the Internal Revenue Code of 1986, as
amended (the “Code”).  The Company intends this Plan to qualify as
an “employee stock purchase plan” under Section 423 of the Code (including
any amendments to or replacements of such Section), and this Plan shall be so
construed.  Any term not expressly
defined in this Plan but defined for purposes of Section 423 of the Code
shall have the same definition herein.  A
total of 1,800,000 shares of the Company’s Common Stock is reserved for
issuance under this Plan.  Such number
shall be subject to adjustments effected in accordance with Section 14 of
this Plan.

 

2.                                      Purpose.  The purpose of this Plan is to provide
employees of the Company and Subsidiaries designated by the Board of Directors
of the Company (the “Board”) as eligible to
participate in this Plan with a convenient means of acquiring an equity
interest in the Company through payroll deductions, to enhance such employees’
sense of participation in the affairs of the Company and Subsidiaries, and to
provide an incentive for continued employment.

 

3.                                      Administration.  This Plan shall be administered by a
committee appointed by the Board (the “Committee”)
consisting of at least two (2) members of the Board, each of whom is a
Disinterested Person as defined in Rule 16b-3(c) of the Securities Exchange Act
of 1934 (the “Exchange Act”).  As used in this Plan, references to the “Committee”
shall mean either such committee or the Board if no committee has been
established.  After registration of the
Company under the Exchange Act, Board members who are not Disinterested Persons
may not vote on any matters affecting the administration of this Plan, but any
such member may be counted for determining the existence of a quorum at any
meeting of the Board.  Subject to the
provisions of this Plan and the limitations of Section 423 of the Code or
any successor provision in the Code, all questions of interpretation or
application of this Plan shall be determined by the Board and its decisions
shall be final and binding upon all participants.  Members of the Board shall receive no
compensation for their services in connection with the administration of this
Plan, other than standard fees as established from time to time by the Board
for services rendered by Board members serving on Board committees.  All expenses incurred in connection with the
administration of this Plan shall be paid by the Company.

 

4.                                      Eligibility.  Any employee of the Company or the
Subsidiaries is eligible to participate in an Offering Period (as hereinafter
defined) under this Plan except the following:

 

(a)                                  employees
who are not employed by the Company or Subsidiaries fifteen days before the beginning
of such Offering Period, except that employees who were employed on the
effective date of the registration statement filed by the Company with the
Securities and Exchange Commission (“SEC”)
under the Securities Act of 1933, as amended (the “Securities
Act”) registering the initial public offering of the Company’s
Common Stock is declared effective by the SEC were eligible to participate in
the first Offering Period under the Plan;

 

(b)                                 employees
who are customarily employed for less than twenty (20) hours per week;

 

(c)                                  employees
who are customarily employed for less than five (5) months in a calendar year;

 

(d)                                 employees
who, together with any other person whose stock would be attributed to such
employee pursuant to Section 424(d) of the Code, own stock or hold options
to purchase stock possessing five percent (5%) or more of the total combined
voting power or value of all classes of stock of the Company or any of its
Subsidiaries or who, as a result of being granted an option under this Plan with
respect to such Offering Period, 

 

 

would own stock or hold
options to purchase stock possessing five percent (5%) or more of the total
combined voting power or value of all classes of stock of the Company or any of
its Subsidiaries.

 

5.                                      Offering
Dates.  As of December 1, 2001, the
offering periods of this Plan (each, an “Offering Period”)
shall be of twenty-four (24) months duration commencing on June 1 and December 1
of each year and ending on the second May 31 and November 30,
respectively, thereafter.  Each Offering
Period shall consist of four (4) six-month purchase periods (individually, a “Purchase Period”) during which
payroll deductions of the participants are accumulated under this Plan.  The first business day of each Offering
Period is referred to as the “Offering Date”.  The last business day of each Purchase Period
is referred to as the “Purchase Date”.  The Board shall have the power to change the
duration of Offering Periods or Purchase Periods with respect to offerings
without stockholder approval if such change is announced at least fifteen (15)
days prior to the scheduled beginning of the first Offering Period or Purchase
Period to be affected.  Prior to December 1,
2001, the offering periods of this Plan were of twenty-four (24) months
duration commencing on February 1 and August 1 of each year and
ending on January 31 and July 31 of each year (the “Prior Offering Periods”),
provided, however, that notwithstanding the foregoing, the first
Prior Offering Period commenced on the first business day on which price
quotations for the Company’s Common Stock were available on the Nasdaq National
Market (the “First Offering Date”).

 

6.                                      Participation
in this Plan.  Eligible employees may
become participants in an Offering Period under this Plan on the first Offering
Date after satisfying the eligibility requirements by delivering a subscription
agreement to the Company’s Human Resource Department (the “HR
Department”) not later than the 15th day of the month before
such Offering Date unless a later time for filing the subscription agreement
authorizing payroll deductions is set by the Board for all eligible employees
with respect to a given Offering Period. 
An eligible employee who does not deliver a subscription agreement to
the HR Department by such date after becoming eligible to participate in such
Offering Period shall not participate in that Offering Period or any subsequent
Offering Period unless such employee enrolls in this Plan by filing a
subscription agreement with the HR Department not later than the 15th day of
the month preceding a subsequent Offering Date. 
Except for any Prior Offering Periods that began before December 1,
2001, once an employee becomes a participant in an Offering Period, such
employee will automatically participate in the Offering Period commencing
immediately following the last day of the previous Offering Period unless the
employee withdraws or is deemed to withdraw from this Plan or terminates
further participation in the Offering Period as set forth in Section 11 below.  Such participant is not required to file any
additional subscription agreement in order to continue participation in this
Plan.  Employees participating in any
Prior Offering Period will not automatically participate in any subsequent
Offering Period, and such employee will be required to file a new subscription
agreement in order to participate in any Offering Periods under this Plan that
begins on or after December 1, 2001.

 

7.                                      Grant
of Option on Enrollment.  Enrollment
by an eligible employee in this Plan with respect to an Offering Period will
constitute the grant (as of the Offering Date) by the Company to such employee
of an option to purchase on the Purchase Date up to that number of shares of
Common Stock of the Company determined by dividing (a) the amount
accumulated in such employee’s payroll deduction account during such Purchase
Period by (b) the lower of (i) eighty-five percent (85%) of the fair
market value of a share of the Company’s Common Stock on the Offering Date, or
(ii) eighty-five percent (85%) of the fair market value of a share of the
Company’s Common Stock on the Purchase Date, provided, however,
that the number of shares of the Company’s Common Stock subject to any option
granted pursuant to this Plan shall not exceed the lesser of (a) the
maximum number of shares set by the Board pursuant to Section 10(c) below
with respect to the applicable Offering Period, or (b) the maximum number
of shares which may be purchased pursuant to Section 10(b) below with
respect to the applicable Offering Period. 
The fair market value of a share of the Company’s Common Stock shall be
determined as provided in Section 8 hereof.

 

8.                                      Purchase
Price.  The purchase price per share
at which a share of Common Stock will be sold in any Offering Period shall be
eighty-five percent (85%) of the lesser of:

 

(a)                                  the
fair market value on the Offering Date; or

 

(b)                                 the
fair market value on the Purchase Date.

 

2

 

For
purposes of this Plan, the term “Fair Market Value”
means, as of any date, the value of a share of the Company’s Common Stock
determined as follows:

 

(a)                                  if
such Common Stock is then quoted on the Nasdaq National Market, its closing
price on the Nasdaq National Market on the date of determination as reported in
The Wall Street Journal;

 

(b)                                 if
such Common Stock is publicly traded and is then listed on a national
securities exchange, its closing price on the date of determination on the
principal national securities exchange on which the Common Stock is listed or
admitted to trading as reported in The Wall Street Journal;

 

(c)                                  if
such Common Stock is publicly traded but is not quoted on the Nasdaq National
Market nor listed or admitted to trading on a national securities exchange, the
average of the closing bid and asked prices on the date of determination as
reported in The Wall Street Journal; or

 

(d)                                 if
none of the foregoing is applicable, by the Board in good faith.

 

9.                                      Payment
Of Purchase Price; Changes In Payroll Deductions; Issuance Of Shares.

 

(a)                                  The
purchase price of the shares is accumulated by regular payroll deductions made
during each Offering Period.  The
deductions are made as a percentage of the participant’s compensation in one
percent (1%) increments not less than two percent (2%), nor greater than ten
percent (10%) or such lower limit set by the Committee; with such amounts being
calculated in the aggregate by considering all Offering Periods, including any
Prior Offering Periods, in which a participant is participating.  Compensation shall mean all W-2 compensation,
including, but not limited to base salary, wages, commissions, overtime, shift
premiums and bonuses, plus draws against commissions; provided, however,
that for purposes of determining a participant’s compensation, any election by
such participant to reduce his or her regular cash remuneration under Sections
125 or 401(k) of the Code shall be treated as if the participant did not make
such election.  Payroll deductions shall
commence on the first payday following the Offering Date and shall continue to
the end of the Offering Period unless sooner altered or terminated as provided
in this Plan.

 

(b)                                 As
of December 1, 2001, a participant may lower or increase the rate of
payroll deductions during an Offering Period by filing with the HR Department a
new authorization for payroll deductions, in which case the new rate shall
become effective for the next payroll period commencing more than fifteen (15)
days after the HR Department’s receipt of the authorization and shall continue
for the remainder of the Offering Period unless changed as described
below.  Under any Prior Offering Period,
a participant may only lower (but not increase) the rate of payroll deductions
during such Prior Offering Period by filing with the HR Department a new
authorization for payroll deductions, in which case the new rate shall become
effective for the next payroll period commencing more than fifteen (15) days
after the HR Department’s receipt of the authorization and shall continue for
the remainder of such Prior Offering Period unless changed as described
below.  Such change in the rate of
payroll deductions may be made at any time during an Offering Period or a Prior
Offering Period, but not more than one (1) change may be made effective during
any Purchase Period.  A participant may
increase or decrease the rate of payroll deductions for any subsequent Offering
Period by filing with the HR Department a new authorization for payroll
deductions not later than the 15th day of the month before the beginning of
such Offering Period.

 

(c)                                  All
payroll deductions made for a participant are credited to his or her account
under this Plan and are deposited with the general funds of the Company.  No interest accrues on the payroll
deductions.  All payroll deductions
received or held by the Company may be used by the Company for any corporate
purpose, and the Company shall not be obligated to segregate such payroll
deductions.

 

(d)                                 On
each Purchase Date, so long as this Plan remains in effect and provided that
the participant has not submitted a signed and completed withdrawal form before
that date which notifies the Company that the participant wishes to withdraw
from that Offering Period under this Plan in compliance with Section 11
and have all payroll deductions accumulated in the account maintained on behalf
of the participant as of that date returned to the participant, the Company
shall apply the funds then in the participant’s account to the purchase of
whole shares of Common Stock reserved under the option granted to such
participant with respect to the Offering Period to the extent that such option
is exercisable on the Purchase Date.  The
purchase price per share shall be as specified in Section 8 of this
Plan.  Any cash remaining in a
participant’s account after such purchase of shares shall be refunded to such
participant in cash, without interest. 
In the event that this Plan has been oversubscribed, all funds not used
to 

 

3

 

purchase shares on the
Purchase Date shall be returned to the participant, without interest.  No Common Stock shall be purchased on a
Purchase Date on behalf of any employee whose participation in this Plan has
terminated prior to such Purchase Date.

 

(e)                                  As
promptly as practicable after the Purchase Date, the Company shall arrange the
delivery to each participant of a certificate representing the shares purchased
upon exercise of his option.

 

(f)                                    During
a participant’s lifetime, such participant’s option to purchase shares
hereunder is exercisable only by him or her. 
The participant will have no interest or voting right in shares covered
by his or her option until such option has been exercised.  Shares to be delivered to a participant under
this Plan will be registered in the name of the participant or in the name of
the participant and his or her spouse.

 

10.                               Limitations
on Shares to be Purchased.

 

(a)                                  No
employee shall be entitled to purchase stock under this Plan at a rate which,
when aggregated with his or her rights to purchase stock under all other
employee stock purchase plans of the Company or any Subsidiary, exceeds $25,000
in fair market value, determined as of the Offering Date (or such other limit
as may be imposed by the Code) for each calendar year in which the employee participates
in this Plan.

 

(b)                                 No
more than two hundred percent (200%) of the number of shares determined by
using eighty-five percent (85%) of the fair market value of a share of the
Company’s Common Stock on the Offering Date as the denominator may be purchased
by a participant on any single Purchase Date.

 

(c)                                  No
employee shall be entitled to purchase more than the Maximum Share Amount (as
defined below) on any single Purchase Date. 
Not less than thirty (30) days prior to the commencement of any Offering
Period, the Board may, in its sole discretion, set a maximum number of shares
which may be purchased by any employee at any single Purchase Date (hereinafter
the “Maximum Share Amount”).  In no event shall the Maximum Share Amount
exceed the amounts permitted under Section 10(b) above.  If a new Maximum Share Amount is set, then
all participants must be notified of such Maximum Share Amount not less than
fifteen (15) days prior to the commencement of the next Offering Period.  Once the Maximum Share Amount is set, it
shall continue to apply with respect to all succeeding Purchase Dates and
Offering Periods unless revised by the Board as set forth above.

 

(d)                                 If
the number of shares to be purchased on a Purchase Date by all employees
participating in this Plan exceeds the number of shares then available for
issuance under this Plan, then the Company will make a pro rata allocation of
the remaining shares in as uniform a manner as shall be reasonably practicable
and as the Board shall determine to be equitable.  In such event, the Company shall give written
notice of such reduction of the number of shares to be purchased under a
participant’s option to each participant affected thereby.

 

(e)                                  Any
payroll deductions accumulated in a participant’s account which are not used to
purchase stock due to the limitations in this Section 10 shall be returned
to the participant as soon as practicable after the end of the applicable
Purchase Period, without interest.

 

11.                               Withdrawal.

 

(a)                                  Each
participant may withdraw from an Offering Period under this Plan by signing and
delivering to the HR Department a written notice to that effect on a form
provided for such purpose.  Such
withdrawal may be elected at any time at least five (5) business days prior to
the end of an Offering Period.

 

(b)                                 Upon
withdrawal from this Plan, the accumulated payroll deductions shall be returned
to the withdrawn participant, without interest, and his or her interest in this
Plan shall terminate.  In the event a
participant voluntarily elects to withdraw from this Plan, he or she may not
resume his or her participation in this Plan during the same Offering Period,
but he or she may participate in any Offering Period under this Plan which
commences on a date subsequent to such withdrawal by filing a new authorization
for payroll deductions in the same manner as set forth above for initial
participation in this Plan.

 

(c)                                  Except
for any Prior Offering Period that began before December 1, 2001, if the
purchase price on the first day of any current Offering Period in which a
participant is enrolled is higher than the purchase price on the first day of
any subsequent Offering Period, the Company will automatically enroll such
participant in 

 

4

 

the subsequent Offering
Period.  A participant does not need to
file any forms with the Company to automatically be enrolled in the subsequent
Offering Period.  A participant in any
Prior Offering Period that began before December 1, 2001 must enroll in a
subsequent Offering Period to participate in any Offering Periods other than
such Prior Offering Period that began before December 1, 2001.

 

12.                               Termination
of Employment.  Termination of a
participant’s employment for any reason, including retirement, death or the
failure of a participant to remain an eligible employee, immediately terminates
his or her participation in this Plan. 
In such event, the payroll deductions credited to the participant’s
account will be returned to him or her or, in the case of his or her death, to
his or her legal representative, without interest.  For purposes of this Section 12, an
employee will not be deemed to have terminated employment or failed to remain
in the continuous employ of the Company in the case of sick leave, military
leave, or any other leave of absence approved by the Board; provided
that such leave is for a period of not more than ninety (90) days or
reemployment upon the expiration of such leave is guaranteed by contract or
statute.

 

13.                               Return
of Payroll Deductions.  In the event
a participant’s interest in this Plan is terminated by withdrawal, termination
of employment or otherwise, or in the event this Plan is terminated by the
Board, the Company shall promptly deliver to the participant all payroll
deductions credited to such participant’s account.  No interest shall accrue on the payroll
deductions of a participant in this Plan.

 

14.                               Capital
Changes.  Subject to any required
action by the stockholders of the Company, the number of shares of Common Stock
covered by each option under this Plan which has not yet been exercised and the
number of shares of Common Stock which have been authorized for issuance under
this Plan but have not yet been placed under option (collectively, the “Reserves”), as well as the price
per share of Common Stock covered by each option under this Plan which has not
yet been exercised, shall be proportionately adjusted for any increase or
decrease in the number of issued and outstanding shares of Common Stock of the
Company resulting from a stock split or the payment of a stock dividend (but
only on the Common Stock) or any other increase or decrease in the number of
issued and outstanding shares of Common Stock effected without receipt of any
consideration by the Company; provided, however, that conversion
of any convertible securities of the Company shall not be deemed to have been “effected
without receipt of consideration”.  Such
adjustment shall be made by the Board, whose
determination shall be final, binding and conclusive.  Except as expressly provided herein, no issue
by the Company of shares of stock of any class, or securities convertible into
shares of stock of any class, shall affect, and no adjustment by reason thereof
shall be made with respect to, the number or price of shares of Common Stock
subject to an option.

 

In the
event of the proposed dissolution or liquidation of the Company, the Offering
Period will terminate immediately prior to the consummation of such proposed
action, unless otherwise provided by the Board. 
The Board may, in the exercise of its sole discretion in such instances,
declare that the options under this Plan shall terminate as of a date fixed by
the Board and give each participant the right to exercise his or her option as
to all of the optioned stock, including shares which would not otherwise be
exercisable.  In the event of a proposed
sale of all or substantially all of the assets of the Company, or the merger or
consolidation of the Company with or into another corporation, each option
under this Plan shall be assumed or an equivalent option shall be substituted
by such successor corporation or a parent or subsidiary of such successor
corporation, unless the Board determines, in the exercise of its sole
discretion and in lieu of such assumption or substitution, that the participant
shall have the right to exercise the option as to all of the optioned
stock.  If the Board makes an option
exercisable in lieu of assumption or substitution in the event of a merger,
consolidation or sale of assets, the Board shall notify the participant that
the option shall be fully exercisable for a period of twenty (20) days from the
date of such notice, and the option will terminate upon the expiration of such
period.

 

The
Board may, if it so determines in the exercise of its sole discretion, also
make provision for adjusting the Reserves, as well as the price per share of
Common Stock covered by each outstanding option, in the event that the Company
effects one or more reorganizations, recapitalizations, rights offerings or
other increases or reductions of shares of its outstanding Common Stock, or in
the event of the Company being consolidated with or merged into any other
corporation.

 

15.                               Nonassignability.  Neither payroll deductions credited to a
participant’s account nor any rights with regard to the exercise of an option
or to receive shares under this Plan may be assigned, transferred, pledged or
otherwise disposed of in any way (other than by will, the laws of descent and
distribution or as provided in Section 22

 

5

 

hereof) by the
participant.  Any such attempt at
assignment, transfer, pledge or other disposition shall be void and without
effect.

 

16.                               Reports.  Individual accounts will be maintained for
each participant in this Plan.  Each
participant shall receive promptly after the end of each Purchase Period a
report of his or her account setting forth the total payroll deductions
accumulated, the number of shares purchased, the per share price thereof and
the remaining cash balance, if any, carried forward to the next Purchase Period
or Offering Period, as the case may be.

 

17.                               Notice
of Disposition.  Each participant
shall notify the Company if the participant disposes of any of the shares
purchased in any Offering Period pursuant to this Plan if such disposition
occurs within two (2) years from the Offering Date or within one (1) year from
the Purchase Date on which such shares were purchased (the “Notice Period”).  Unless such participant is disposing of any
of such shares during the Notice Period, such participant shall keep the
certificates representing such shares in his or her name (and not in the name
of a nominee) during the Notice Period. 
The Company may, at any time during the Notice Period, place a legend or
legends on any certificate representing shares acquired pursuant to this Plan
requesting the Company’s transfer agent to notify the Company of any transfer
of the shares.  The obligation of the
participant to provide such notice shall continue notwithstanding the placement
of any such legend on the certificates.

 

18.                               No
Rights to Continued Employment. 
Neither this Plan nor the grant of any option hereunder shall confer any
right on any employee to remain in the employ of the Company or any Subsidiary,
or restrict the right of the Company or any Subsidiary to terminate such
employee’s employment.

 

19.                               Equal
Rights And Privileges.  All eligible
employees shall have equal rights and privileges with respect to this Plan so
that this Plan qualifies as an “employee stock purchase plan” within the
meaning of Section 423 or any successor provision of the Code and the
related regulations.  Any provision of
this Plan which is inconsistent with Section 423 or any successor
provision of the Code shall, without further act or amendment by the Company or
the Board, be reformed to comply with the requirements of Section 423.  This Section 19 shall take precedence
over all other provisions in this Plan.

 

20.                               Notices.  All notices or other communications by a
participant to the Company under or in connection with this Plan shall be
deemed to have been duly given when received in the form specified by the
Company at the location, or by the person, designated by the Company for the
receipt thereof.

 

21.                               Term;
Stockholder Approval.  After this
Plan is adopted by the Board, this Plan will become effective on the date that
is the First Offering Date (as defined above). 
This Plan shall be approved by the stockholders of the Company, in any
manner permitted by applicable corporate law, within twelve (12) months before
or after the date this Plan is adopted by the Board.  No purchase of shares pursuant to this Plan
shall occur prior to such stockholder approval. 
This Plan shall continue until the earlier to occur of (a) termination
of this Plan by the Board (which termination may be effected by the Board at
any time), (b) issuance of all of the shares of Common Stock reserved for
issuance under this Plan, or (c) ten (10) years from the adoption of this Plan
by the Board.

 

22.                               Designation
of Beneficiary.

 

(a)                                  A
participant may file a written designation of a beneficiary who is to receive
any shares and cash, if any, from the participant’s account under this Plan in
the event of such participant’s death subsequent to the end of an Purchase
Period but prior to delivery to him of such shares and cash.  In addition, a participant may file a written
designation of a beneficiary who is to receive any cash from the participant’s
account under this Plan in the event of such participant’s death prior to a
Purchase Date.

 

(b)                                 Such
designation of beneficiary may be changed by the participant at any time by
written notice.  In the event of the
death of a participant and in the absence of a beneficiary validly designated
under this Plan who is living at the time of such participant’s death, the
Company shall deliver such shares or cash to the executor or administrator of
the estate of the participant, or if no such executor or administrator has been
appointed (to the knowledge of the Company), the Company, in its discretion,
may deliver such shares or cash to the spouse or to any one or more dependents
or relatives of the participant, or if no spouse, dependent or relative is
known to the Company, then to such other person as the Company may designate.

 

6

 

23.                               Conditions
Upon Issuance of Shares; Limitation on Sale of Shares.  Shares shall not be issued with respect to an
option unless the exercise of such option and the issuance and delivery of such
shares pursuant thereto shall comply with all applicable provisions of law,
domestic or foreign, including, without limitation, the Securities Act of 1933,
as amended, the Exchange Act, the rules and regulations promulgated thereunder,
and the requirements of any stock exchange or automated quotation system upon
which the shares may then be listed, and shall be further subject to the
approval of counsel for the Company with respect to such compliance.

 

24.                               Financial Statements.  The Company will provide financial statements
to each participant prior to such participant’s purchase of shares under this
Plan, provided, however, the Company will not be required to
provide such financial statements to participants whose services in connection
with the Company assure them access to equivalent information.

 

25.                               Applicable
Law.  The Plan shall be governed by
the substantive laws (excluding the conflict of laws rules) of the State of
California.

 

26.                               Amendment
or Termination of this Plan.  The
Board may at any time amend, terminate or extend the term of this Plan, except
that any such termination cannot affect options previously granted under this
Plan, nor may any amendment make any change in an option previously granted
which would adversely affect the right of any participant, nor may any
amendment be made without approval of the stockholders of the Company obtained
in accordance with Section 21 hereof within twelve (12) months of the
adoption of such amendment (or earlier if required by Section 21) if such
amendment would:

 

(a)                                  increase
the number of shares that may be issued under this Plan; or

 

(b)                                 change
the designation of the employees (or class of employees) eligible for
participation in this Plan.

 

7Exhibit 10.09

 

VERSANT CORPORATION

 

INDEMNITY AGREEMENT

 

THIS INDEMNITY AGREEMENT (this “Agreement”)
is entered into as of                           
between Versant Corporation, a California corporation (the “Company”), and                                                 (“Indemnitee”).

 

WHEREAS, it is essential to the
Company to retain and attract as directors, officers and other agents the most
capable persons available; and

 

WHEREAS, Indemnitee is a
director, officer and/or other agent of the Company, and both the Company and
Indemnitee recognize the risk of litigation and other claims being asserted
against such person; and

 

WHEREAS, in recognition of
Indemnitee’s need for substantial protection against personal liability and to
enhance Indemnitee’s continued and effective service to the Company, the
Company desires to provide for the indemnification of, and the advancing of
expenses to, Indemnitee to the fullest extent permitted by law, subject to
certain very limited exceptions, as set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the above premises and the promises set forth herein, the parties hereto
agree as follows:

 

1.                                      Certain Definitions.  As used in this Agreement, the capitalized
terms listed below shall have the meanings ascribed to them as follows:

 

1.1                                 Board.  The Board of Directors of the Company.

 

1.2                                 Expenses.  Any expense, liability, or loss, including
attorneys’ fees, judgments, fines, ERISA excise taxes and penalties, amounts
paid or to be paid in settlement, any interest, assessments, or other charges
imposed thereon, and any federal, state, local, or foreign taxes imposed as a
result of the actual or deemed receipt of any payments under this Agreement,
paid or incurred in connection with investigating, defending, being a witness
in, or participating in (including on appeal), or preparing for any of the
foregoing, in any Proceeding relating to any Indemnifiable Event.

 

1.3                                 Indemnifiable Event.  Any event or occurrence that takes place
either prior to or after the execution of this Agreement, related to the fact
that Indemnitee:

 

(a)                                  is
or was a director, officer or other agent of the Company; or

 

(b)                                 while
a director, officer or other agent of the Company is or was serving at the
request of the Company as a director, officer, employee, trustee, agent, or
fiduciary of another foreign or domestic corporation, partnership, joint
venture, employee benefit plan, trust, or other enterprise; or

 

 

(c)                                  was
a director, officer or other agent of a foreign or domestic corporation that
was a predecessor corporation of the Company or was a director, officer,
employee, trustee, agent, or fiduciary of another enterprise at the request of
such predecessor corporation; and

 

related
to anything done or not done by Indemnitee in any such capacity, whether or not
the basis of the Proceeding is alleged action in an official capacity while
serving as described in clauses (a) through (c) above.

 

1.4                                 Proceeding.  Any threatened, pending, or completed action,
suit, or proceeding, or any inquiry, hearing, or investigation that Indemnitee
in good faith believes might lead to the institution of any such action, suit,
or proceeding, whether civil, criminal, administrative, investigative or other.

 

2.                                      Agreement to Indemnify.  In the event Indemnitee was, is, or becomes a
party to, or witness or other participant in, or is threatened to be made a
party to, or witness or other participant in, a Proceeding by reason of (or
arising in part out of) an Indemnifiable Event, the Company shall indemnify
Indemnitee from and against any and all Expenses to the fullest extent
permitted by law, as the same exists or may hereafter be amended or interpreted
(but in the case of any such amendment or interpretation, only to the extent
that such amendment or interpretation permits the Company to provide broader
indemnification rights than were permitted prior thereto).  The rights to receive indemnification and the
advancement of Expenses under this Agreement are not exclusive of any other
rights which Indemnitee may be entitled or subsequently entitled under any
statute, the Company’s Articles of Incorporation or Bylaws, by vote of the
shareholders or the Board, or otherwise. 
To the extent that a change in applicable law (whether by statute or
judicial decision) or the Bylaws permits greater indemnification than is
currently provided for an Indemnifiable Event, Indemnitee shall be entitled to
such greater indemnification under this Agreement.

 

2.1                                 Partial Indemnification.  If Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for a portion of Expenses,
but not, however, for the total amount thereof, the Company shall nevertheless
indemnify Indemnitee for the portion of such Expenses to which Indemnitee is
entitled.

 

2.2                                 Contribution.
 If the Indemnitee is not entitled to the
indemnification provided in this Agreement for any reason, then in respect of
any threatened, pending or completed Proceedings in which the Company is
jointly liable with the Indemnitee (or would be if joined in such Proceedings),
the Company shall contribute to the amount of Expenses payable by the
Indemnitee in such proportion as is appropriate to reflect (i) the relative
benefits received by the Company on the one hand and the Indemnitee on the
other hand from the transaction from which such Proceeding arose and (ii) the
relative fault of the Company on the one hand and of the Indemnitee on the
other hand in connection with the Indemnifiable Events which resulted in such
Expenses, as well as any other relevant equitable considerations.  The relative fault of the Company on the one
hand and of the Indemnitee on the other hand shall be determined by reference
to, among other things, the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent the circumstances resulting
in such Expenses.  The Company agrees
that it would not be just and equitable if contribution pursuant to this section 

 

2

 

were
determined by pro rata allocation or any other method of allocation which does
not take account of the foregoing equitable considerations.

 

2.3                                 Mandatory Indemnification.  Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee has been successful on the merits
(within the meaning of Section 317(d) of the California Corporations Code)
in defense of any Proceeding relating in whole or in part to an Indemnifiable
Event or in defense of any issue or matter therein, Indemnitee shall be
indemnified against all Expenses incurred in connection therewith.

 

3.                                      Expense Advances.

 

3.1                                 Advance of Expenses to Indemnitee.  Expenses incurred by Indemnitee in any
Proceeding for which indemnification may be sought under this Agreement shall
be advanced by the Company to Indemnitee within 30 days after receipt by the
Company of a statement or statements from Indemnitee requesting such advance
and reasonably evidencing the Expenses incurred by Indemnitee (an “Expense
Advance”).  If it is ultimately
determined by a final judicial decision (from which there is no right of
appeal) that Indemnitee is not entitled to be indemnified by the Company,
Indemnitee hereby agrees to repay any amounts advanced by the Company under
this Section 3.  Indemnitee agrees
to execute any further agreements regarding the repayment of Expenses as the
Company may reasonably request prior to receiving any such advance.

 

3.2                                 Exceptions.  Notwithstanding Section 3.1, the Company
shall not be obligated for any Expense Advance under this Section 3 for
any expenses incurred by the Indemnitee to the extent such arise from a lawsuit
filed directly by the Company against the Indemnitee if an absolute majority of
the members of the Board reasonably determines in good faith, within forty-five
(45) days of Indemnitee’s request to be advanced expenses, that the facts known
to them at the time such determination is made demonstrate clearly and
convincingly that the Indemnitee acted in bad faith.  The Company may not avail itself of this Section 3.2
as to a given lawsuit if, at any time after the occurrence of the activities or
omissions that are the primary focus of the lawsuit, the Company has undergone
a change in control.  For this purpose a
change in control shall mean a given shareholder or group of affiliated
shareholders increasing their beneficial ownership interest in the Company by
at least 20 percentage points without advance Board approval.

 

4.                                      Notification and Defense of Proceeding.

 

4.1                                 Notice of Claim.  Indemnitee shall give written notice to the
Company promptly after Indemnitee has actual knowledge of any Proceeding as to
which indemnification may be sought under this Agreement.  The failure of Indemnitee to give notice, as
provided in this Section 4.1, shall not relieve the Company of its
obligations to provide indemnification under this Agreement; however, the
amounts to which Indemnitee may be indemnified shall be reduced to the extent
that the Company has been prejudiced by such failure.

 

4.2                                 Defense.  With respect to any Proceeding, the Company
will be entitled to participate in the Proceeding at its own expense and,
except as otherwise provided below, to the extent the Company so desires, the
Company may assume the defense thereof with counsel 

 

3

 

reasonably
satisfactory to Indemnitee.  However, the
Company shall not be entitled to assume the defense of any Proceeding (a)
brought by the Company, or (b) as to which Indemnitee has reasonably determined
that there may be a conflict of interest between Indemnitee and the Company in
the defense of the Proceeding and Indemnitee does in fact assume and conduct
the defense.

 

4.2.1  If the
Company assumes the defense, Indemnitee shall furnish such information
regarding Indemnitee or the Proceeding in question, as the Company may
reasonably request and as may be required in connection with the defense or
settlement of such Proceeding and shall fully cooperate with the Company in
every other respect.  Except as provided
in Section 4.3 below, if the Company assumes the defense of the
Proceeding, the Company shall take all necessary steps in good faith to defend,
settle or otherwise dispose of the Proceeding.

 

4.2.2  After
notice from the Company to Indemnitee of its election to assume the defense of
any Proceeding, the Company will not be liable to Indemnitee under this
Agreement or otherwise for any Expenses in excess of $10,000 subsequently
incurred by Indemnitee in connection with the defense of such Proceeding other
than reasonable costs of investigation or as otherwise provided in clauses (a)
through (c) below.  Indemnitee shall have
the right to employ Indemnitee’s own counsel in such Proceeding, but all
Expenses related thereto in excess of $10,000 incurred after notice from the
Company of its assumption of the defense shall be at Indemnitee’s expense,
unless:  (a) the employment of counsel by
Indemnitee has been authorized by the Company; (b) Indemnitee has reasonably
determined that there may be a conflict of interest between Indemnitee and the
Company in the defense of the Proceeding, but Indemnitee does not, in fact,
assume and conduct the defense; or (c) the Company has not, in fact, assumed
and is not conducting the defense of such Proceeding.

 

5.                                      Enforcement.  The Company expressly confirms and agrees
that it has entered into this Agreement and assumed the obligations imposed on
it hereby in order to induce Indemnitee to continue as a director, officer or
other agent of the Company, and acknowledges that Indemnitee is relying upon
this Agreement in continuing in such capacity. 
Indemnitee shall have the right to enforce his indemnification rights
under this Agreement by commencing litigation in any court in the State of
California having subject matter jurisdiction thereof and in which venue is
proper.  Likewise, the Company may seek
judicial determination of its obligations under this Agreement.  The Company and Indemnitee each hereby
consent to service of process and to appear in any such proceeding.

 

5.1                                 Defenses; Burden of Proof.  It shall be a defense to any action brought
by Indemnitee or the Company concerning enforceability of this Agreement that
it is not permissible under applicable law for the Company to indemnify
Indemnitee for the amount claimed.  In
connection with any such action or any determination as to whether Indemnitee
is entitled

 

to be
indemnified hereunder, the burden of proof shall be on the Company.

 

5.2                                 Presumptions.  Neither the failure of the Company (including
its Board or shareholders) to have made a determination prior to the commencement
of such action that indemnification is proper under the circumstances because
Indemnitee has met the standard of conduct set forth in applicable law, nor an
actual determination by the Company (including its Board or shareholders) that
Indemnitee has not met such applicable standard of conduct, shall be a defense
to the action or create a presumption that Indemnitee has not met the
applicable 

 

4

 

standard
of conduct.  For purposes of this
Agreement, the termination of any claim, action, suit or proceeding, by
judgment, order, settlement (whether with or without court approval),
conviction, or upon a plea of nolo contendere, or its equivalent, shall not
create a presumption that Indemnitee did not meet any particular standard of
conduct or have any particular belief or that a court has determined that
indemnification is not permitted by applicable law.

 

5.3                                 Equitable Relief.  The Company agrees that the Company’s failure
to make indemnification payments or Expense Advances to Indemnitee shall cause
irreparable damage to Indemnitee, the exact amount of which is impossible to
ascertain, and for this reason agrees that Indemnitee shall be entitled to such
injunctive or other equitable relief as shall be necessary to adequately
provide for payment or reasonably anticipated payments.

 

5.4                                 Indemnification for Expenses Incurred in
Enforcing Rights.  Except as set
forth in Sections 3.2 and 6, the Company shall indemnify Indemnitee against any
and all Expenses and, if requested by Indemnitee, shall (within thirty days
after such request) advance such Expenses to Indemnitee, that are incurred by
Indemnitee in connection with any claim or action asserted against or brought
by Indemnitee for indemnification of Expenses or payment of Expense Advances by
the Company under this Agreement or any other agreement or under applicable law
or the Company’s Articles of Incorporation or Bylaws now or hereafter in effect
relating to indemnification for Indemnifiable Events.  Any Expenses so paid shall be considered
Expense Advances under Section 3 above.

 

6.                                      Exceptions.  Subject only to Section 2.3 above and
notwithstanding any other provision of this Agreement, the Company shall not be
obligated pursuant to the terms of this Agreement:

 

6.1                                 Claims
Initiated by Indemnitee.  To
indemnify or advance expenses to the Indemnitee in connection with any
Proceeding initiated by Indemnitee unless the Company has joined in, or the
Board has consented to, the initiation of such Proceeding, or the Proceeding is
one to enforce rights under this Agreement;

 

6.2                                 Unauthorized
Settlements.  To indemnify Indemnitee
to the extent Indemnitee settles or otherwise disposes of a Proceeding or
causes the settlement or disposal of a Proceeding without the Company’s express
prior written consent (which shall not be unreasonably withheld) unless
Indemnitee receives court approval for such settlement or other disposition
where the Company had the opportunity to oppose Indemnitee’s request for such
court approval;

 

6.3                                 No
Opportunity to Defend.  To indemnify
or advance expenses to Indemnitee with regard to any judicial award if the
Company was not given a reasonable and timely opportunity, at its expense, to
participate in the defense of such action unless the Company’s participation in
such Proceeding was barred by this Agreement or the court in such Proceeding;

 

6.4                                 Securities
Law Actions.  To indemnify the
Indemnitee on account of any suit in which judgment is rendered against the
Indemnitee for an accounting of profits made from the purchase or sale by the
Indemnitee of securities of the Company pursuant to the provisions of 

 

5

 

Section 16(b)
of the Securities Exchange Act of 1934 and amendments thereto or similar provisions
of any federal, state or local statutory law;

 

6.5                                 Proceeding
to Enforce Agreement.  To indemnify
or advance expenses to the Indemnitee for any expenses incurred by the
Indemnitee with respect to any Proceeding instituted by Indemnitee to enforce
or interpret this Agreement, if a court of competent jurisdiction determines
that each of the material assertions made by the Indemnitee in such Proceeding
was not made in good faith or was frivolous; or

 

6.6                                 Unlawful
Indemnification.  To indemnify or
advance expenses for any acts, omissions, transactions or circumstances for
which indemnification is prohibited by applicable state or federal law or until
any preconditions imposed upon, or agreed to by, the Company by or with any
court or governmental agency are satisfied.

 

7.                                      Insurance;
Subrogation.  The Company shall
not be liable under this Agreement to make any payment in connection with any
claim made against Indemnitee to the extent Indemnitee has otherwise received
payment (under any insurance policy, Bylaw, or otherwise) of the amounts
otherwise indemnifiable hereunder.  In
the event of payment under this Agreement, the Company shall be subrogated to
the extent of such payment to all of the rights of recovery of Indemnitee, who
shall execute all papers required and shall do everything that may be necessary
to secure such rights, including the execution of such documents necessary to
enable the Company effectively to bring suit to enforce such rights.

 

8.                                      General Provisions.

 

8.1                                 Amendment of this Agreement.  No supplement, modification, or amendment of
this Agreement shall be binding unless executed in writing by both parties
hereto.  No waiver of any of the
provisions of this Agreement shall operate as a waiver of any other provisions
hereof (whether or not similar), nor shall such waiver constitute a continuing
waiver.  Except as specifically provided
herein, no failure to exercise or any delay in exercising any right or remedy
hereunder shall constitute a waiver thereof.

 

8.2                                 Binding Effect.  This Agreement shall be binding upon and
inure to the benefit of and be enforceable by the parties hereto and their
respective successors, assigns, spouses, heirs, and personal and legal
representatives.  The indemnification provided
under this Agreement shall continue as to Indemnitee for any action taken or
not taken while serving in an indemnified capacity pertaining to an
Indemnifiable Event even though Indemnitee may have ceased to serve in such
capacity at the time of any Proceeding.

 

8.3                                 Entire Agreement.  This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof.

 

8.4                                 Remedies Cumulative.  The rights and remedies provided in this
Agreement and by law shall be cumulative and the exercise of any particular
right or remedy shall not preclude the exercise of any other right or remedy in
addition to, or as an alternative to, such right or remedy.

 

6

 

8.5                                 Notices.  Any notice required or permitted by this
Agreement shall be given in writing and shall be deemed effectively given upon
personal delivery or, if mailed, upon deposit with the United States Post
Office by certified mail, return receipt requested, postage prepaid or a
nationally recognized express courier, to the address for the recipient set
forth on the signature page hereto or to such other address as the recipient
shall hereafter have noticed the sending party in the manner set forth above.

 

8.6                                 Headings.  Descriptive headings contained herein are for
convenience of reference only and shall not affect the meaning or
interpretation of this Agreement.

 

8.7                                 References.  Any reference in this Agreement to the
indemnity provisions of the Company’s Articles of Incorporation or Bylaws, the
California Corporations Code or to any applicable law shall refer to such
provisions as they shall be amended from time to time or to any successor
provision, except that any change in the Company’s Articles of Incorporation or
Bylaws shall only apply to the extent that such amendment permits the Company
to provide broader indemnification rights to Indemnitee than currently
provided.

 

8.8                                 Severability.  Any provision of this Agreement, which is
unenforceable in any jurisdiction, shall be ineffective in such jurisdiction to
the extent of such unenforceability without invalidating the remaining
provisions of this Agreement, and any unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

8.9                                 Applicable Law.  The rights and obligations under this
Agreement shall be governed by, and construed in accordance with, the laws of
the State of California applicable to contracts between California residents
made and to be performed entirely within such State.

 

8.10                           Interpretation
of Agreement.  It is understood that
the parties hereto intend this Agreement to be interpreted and enforced so as
to provide indemnification and advancement of expenses to the Indemnitee to the
fullest extent now or hereafter permitted by law, except as expressly limited
herein.

 

8.11                           Counterparts.  This Agreement may be executed in one or more
counterparts, which shall together constitute one agreement.

 

7

 

IN WITNESS WHEREOF, this
Indemnity Agreement has been entered into effective as of the date first
written above.

 

 

	
   

  	
  VERSANT CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  6539 Dumbarton Circle

  
	
   

  	
   

  	
  Fremont, CA 94555

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  INDEMNITEE:

  	
  Signature:

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
									

 

8

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