Document:

Severance Agreement dated December 3, 2003

 Exhibit 10.25 
  
 December 3, 2003 
  
 Mr. Marc Underwood 
 971 Hart Road 
 Fairview, TX 75069 
  
 Dear Marc, 
  
 The purpose of this letter is to
set forth the terms and conditions of the agreement which we have reached in connection with the termination of your employment with Microtune, Inc. (“MICROTUNE”). We feel that it is in the best interest of both yourself and MICROTUNE if
the resignation of your position is done under circumstances that do not reflect adversely on either yourself or MICROTUNE. Therefore, we have agreed to allow you to resign your position at MICROTUNE as Vice President, Human Resources in exchange
for our agreement to provide you the Separation benefits outlined herein. 
  
 While this document is drafted in letter form, it is intended to be a legally binding agreement which we have reached in connection with the matters outlined herein. Therefore, for and in good consideration of the mutual covenants and
promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by both you and MICROTUNE, Marc Underwood and Microtune, Inc. hereby agree as follows: 
  

	 	1.	 	Resignation from MICROTUNE. You agree to submit your voluntary resignation from Microtune, Inc. upon the completion and of the tasks identified on Exhibit A attached
hereto (the “Identified Tasks”), which is currently estimated to be by January 15, 2004. In the event you obtain new employment prior to the completion of the Identified Tasks, you will agree to resign in accordance with normal resignation
procedures. If you have not obtained new employment prior to the completion of the Identified Tasks, you will receive severance as described in Section 7 of this Agreement. You will not accrue any vacation days after completion of the Identified
Tasks and will not have any job responsibilities after that date. You will be paid out your remaining accrued vacation, if any, on a paycheck to be delivered on your last day of employment. 

  

	 	2.	 	Other Agreements. You will agree to fully comply with the terms and conditions of the Invention Assignment and Confidentiality Agreement between you and Microtune dated July
15, 2002. In this regard, you acknowledge that you have legal obligations and responsibilities regarding your activities after the termination of your employment. By signing this letter, you acknowledge the existence and validity of the Agreement.

  

	 	3.	 	Nonsolicitation. You agree not to solicit or assist any entity in the solicitation of MICROTUNE employees for a period of two (2) years from the date of this Agreement. For
purposes of this Agreement, solicitation includes providing names and/or qualifications to an entity by which you are employed or have an ownership interest in, or any outside recruiting agency such an entity has contracted with. The term
“MICROTUNE employee” shall include former MICROTUNE employees until such individual has been off the MICROTUNE payroll for 120 days. 

  

	 	4.	 	Announcement of Resignation. With regard to third parties, MICROTUNE and you agree to announce that the scope of the VP or HR position has become much less significant due to
the 

  
  

	 	 
reduction in the size of the company, and it was concluded by both the Marc and the company, that a VP of Human Resources was not required at MICROTUNE
through the foreseeable future. 

  

	 	5.	 	Comments Regarding MICROTUNE. You agree not to provide any derogatory comments to any third party regarding MICROTUNE, its management, or any prior or ongoing clients
projects taking place. Microtune will also agree to not provide any derogatory comments to any third party regarding your employment or the circumstances surrounding your departure. 

  

	 	6.	 	Voluntary Severance Compensation. In exchange for the covenants and promises that you have made in this agreement, including but not limited to the Release of All Claims in
paragraph 8, MICROTUNE agrees to severance compensation in the form of six months’ salary continuation. During the six months severance period, you will receive medical and dental benefits and your existing stock options will continue to vest.
In the event that you obtain employment prior to the completion of the six month severance period, you will receive a lump sum payment equal to the remaining amount of compensation to which you are entitled, less applicable taxes and withholding,
and all medical and dental benefits, as well as stock vesting, will stop. You acknowledge that you have no other claims for compensation, vacation pay, bonus, or other incentive payments than those specified in this Section with the exception of any
open expense statements approved, but not yet processed. 

  

	 	7.	 	Release of All Claims. You agree that, in exchange for the amounts provided to you under this Agreement (to which you are not entitled except pursuant to this Agreement), you
waive and release, and promise never to assert, any claims of any kind or nature whatsoever, in law or equity, known or unknown, direct and indirect, that you have, or might in the future have, against MICROTUNE and its predecessors, subsidiaries,
affiliates, associates, owners, divisions, representative, related entities, officers, directors, shareholders, partners, insurers, employee benefit plans (and their trustee, administrators and other fiduciaries), attorneys, agents and employees,
arising from or related to your employment with MICROTUNE and/or the termination thereof. You understand that the claims you are waiving, releasing, and promising not to assert include, but are not limited to, claims arising under federal, state and
local statutory and common law, including but not limited to claims under Texas Labor Code, Title 2, Chapter 21, Subchapters A-G, Sections 21.001 et seq., as amended, Title VII of the Civil Rights Act of 1964, as amended, the Age
Discrimination in Employment Act, the Americans with Disabilities Act, the Employee Retirement Income and Security Act, the Family Care and Medical Leave Act, claims for breach of contract and/or of the implied covenant of good faith and fair
dealing, infliction of emotion distress, misrepresentation, fraud and under any other statutory or common law claim relating to employment. Furthermore, you agree and understand that the claims you are waiving, releasing and promising never to
assert include claims that you now know or have reason to know exist, as well as those that you do not presently have any reason to know, believe or suspect. Finally, you acknowledge that you have been given the opportunity to seek legal counsel of
your own choosing before executing this document. The releases in this paragraph shall not apply to any disputes arising out of a breach of this Agreement, or claims related to events occurring after that date of this Agreement which are not
governed by this Agreement. 

  

	 	8.	 	Release of Age Discrimination Claims/Acceptance of Agreement. You agree to waive any rights or claims arising our of federal Age Discrimination in Employment Act, 29 U.S.C.
§ 621, et seq. In connection therewith, you acknowledge the following: (1) you have been advised to consult with an attorney; (2) you have twenty-one (21) days to consider this Agreement; and (3) you may revoke this Agreement at any time
during the first seven (7) days following the execution of this Agreement. This Agreement will not become effective or effective or enforceable until the seven (7) day period has expired. You may accept this settlement set forth herein by returning
this signed 

  

	 	 
Agreement of the Company. This waiver must be returned to Microtune, Inc., 2201 10th Street, Plano, TX 75074, ATTN: James A. Fontaine. 

  

	 	9.	 	Enforcement. You acknowledge that the restrictions and agreements contained in this Agreement are necessary for the protection of MICROTUNE in a highly competitive business
and that any breach of any of the provisions of this Agreement will cause MICROTUNE irreparable damage for which there is no adequate remedy at law, and for which MICROTUNE could not be adequately or reasonably compensated for in monetary damages.
Accordingly, you consent to the issuance of an injunction in favor of MICROTUNE, where MICROTUNE has acted upon reasonable information concerning the potential breach, to enjoin the breach of any covenant of yours contained in this Agreement by any
court of competent jurisdiction. Nothing contained in this paragraph shall be in limitation of any other rights or remedies which MICROTUNE may have at law or in equity should you breach the terms of this Agreement. 

  

	 	10.	 	Governing Law & Severability. You and MICROTUNE agree that Texas law shall govern the construction, interpretation and enforcement of this Agreement, and that if any
provisions, or portion thereof, of this Agreement shall for any reason be held to be invalid or unenforceable or to be contrary to public policy or any law, then the remainder of this Agreement shall not be affected thereby.

  

	 	11.	 	Terms Confidential. You and MICROTUNE agree to keep the terms and conditions of this Agreement confidential and further agree to not disclose its terms to any third party,
provided however, that the terms and conditions contained herein may be disclosed, as necessary, to your personal attorney or accountant. 

  

	 	12.	 	Compliance with Insider Trading Policy. You agree to comply with the MICROTUNE Insider Trading and Tipping Policy, including any blackout period, until the Form 10-K for
fiscal year ended December 31, 2003 has been filed. You should consult with an attorney of your choice after that date to determine any continuing obligations you may have with respect to insider trading regulations. 

  

	 	13.	 	No Admission of Wrongdoing. It is understood and agreed that neither this Agreement, nor any provision of the Agreement, shall be deemed to be, constitute or should be
construed as, an admission of liability or wrongdoing by you or by MICROTUNE. 

  

	 	14.	 	Entire Agreement. You and MICROTUNE agree that no promises or representations were or are made which do not appear written in this Agreement; that this Agreement
contains the entire agreement between us and supersedes any and all previous verbal or written promises, representations, agreements, negotiations and discussions between us; that neither of us is relying on any representation or promise that does
not appear in this Agreement; that this Agreement is the result of negotiations between us after the opportunity to consult with counsel of our own respective choosing; and that this Agreement cannot be terminate or changed except by a writing
signed by you and a duly authorized representative of MICROTUNE. 

  
 If this letter adequately outlines the terms and conditions of the agreement we have reached in regard to the matters contained herein, we ask that you please signify your acceptance by executing a counterpart original of this letter where
indicated below. 
  

 Despite our decision to terminate our employment relationship, we sincerely appreciate your prior service to Microtune,
Inc. and we wish you well in the future. 
  

			
	 Sincerely,

	
	 Microtune, Inc.

		
	BY:	 	/s/    James A. Fontaine
	 	 	

	 	 	 James A. Fontaine
 Chief Executive Officer and
President

  
  

			
	AGREED AND ACCEPTED:
	
	 /s/    Marc Underwood

	Marc Underwood

  

 EXHIBIT A 
  
 IDENTIFIED TASKS 
  

	1)	 	Propose, coordinate, communicate and enroll employees in the 2004 Benefit Plans 

  

	2)	 	Help to manage and execute the San Diego restructuring effort to include assistance in the administrative downsizing of the facility (ongoing) 

  

	3)	 	Continue to source qualified candidates for the position of IC Design Director. Coordinate interviews with interested and qualified candidates when requested to do so by the
organization (ongoing) 

  

	4)	 	Continue to provide other HR assistance per position requirements and as requested by management (ongoing)Employment Agreement

 EXHIBIT 10.5 
 ACTIVCARD, INC. 
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made
and entered into as of              (the “Effective Date”) by and between ActivCard, Inc., a California corporation (the “Company”),
and George Garrick, Esq. (the “Employee”). 
  

	 	1.	POSITION 

  
 You will serve as the Chief Executive Officer of ActivCard Corp. You will be responsible for all of the duties normally attributed to the Chief Executive
Officer of any company. Your office will be located at the Company’s headquarters at 6623 Dumbarton Circle, Fremont, California. 
  
 You shall report to the ActivCard Corp. Board of Directors (the “Board of Directors”) and shall perform such other duties as the
Board of Directors may from time to time require, consistent with the general level and type of duties and responsibilities customarily associated with such position. 
  
 You agree to the best of your ability and experience that you will at all times loyally and conscientiously perform all of
the duties and obligations required of you pursuant to the terms of this Agreement, and will do so to the reasonable satisfaction of the Board of Directors. During the term of your employment, you further agree that you will devote all of your
business time and attention to the business of the Company, except that you may engage in a reasonable amount of related and complementary activities which are consistent with the position of CEO but do not interfere with your duties to the Company.
You will not render commercial or professional services of any nature to any person or organization, whether or not for compensation, without the prior written consent of the Board of Directors, except for your obligations as a Board Member of
Comscore, Inc. which pre-date this agreement. Consent from the Board for additional such activities which to not materially interfere with your responsibilities as CEO of ActivCard will not be unreasonably withheld. You will not directly or
indirectly engage or participate in any business that is competitive in ay manner with the business of the Company. Nothing in this Agreement will prevent you from accepting speaking or presentation engagements in exchange for honoraria or from
serving on boards or charitable organizations, or from owning no more than one percent (1%) of the outstanding equity securities of a corporation whose stock is listed on a national stock exchange, with prior approval from the Board of Directors.

  

	 	2.	COMPENSATION 

  
 a. Base Salary: You will be paid a monthly salary of $29,166.67, which is equivalent to $350,000 on an annualized basis. Your
salary will be payable in equal bimonthly installments pursuant to the Company’s regular payroll practices (or in the same manner as other employees of the Company), and shall be subject to the usual, required withholding of income and
employment taxes. Your annual salary of $350,000 
  

 together with any increases thereto, shall be referred to in this Agreement as your “Base
Salary.” Base Salary will be subject to annual review by the Compensation Committee of the Board of Directors (the “Compensation Committee”). 
  
 b. Incentive Bonus. You will be eligible for a 100% target bonus (“100% Target
Bonus”) of up to one hundred percent (100%) of your Base Salary. Your 100% Target Bonus will be based on personal and company fiscal year performance and paid in February or other dates as may be determined by the Compensation
Committee, based on the achievement of performance objectives to be determined by the Compensation Committee each year. For 2003, your 100% Target Bonus will be prorated, based on the number of days you are employed prior to the fiscal year-end and
guaranteed at seventy-five percent (75%) of the pro-rated amount thereof. 
  

	 	3.	EMPLOYEE BENEFITS 

  
 During your employment, you shall be eligible to participate in the employee benefits plan currently and hereafter maintained by the Company of general
applicability to other senior executives of the Company, including the Company group health insurance, dental insurance and 401(k) plans. The Company reserves the right to cancel or change the employee benefit plans and programs it offers to its
employees at any time. You will be given a copy of, and must abide by, the Company’s employee handbook and employee benefit plan documents which will describe more fully these and other benefits of your employment, as well as the personal
policies and procedures which apply to employment with the Company. 
  

	 	4.	EXPENSE REIMBURSEMENT 

  
 You will be authorized to incur ordinary, necessary and reasonable travel, entertainment and other business expenses in connection with your duties. The
Company shall reimburse you for such expenses upon presentation of appropriate supporting documentation in accordance with the Company’s standard reimbursement policy. 
  

	 	5.	STOCK OPTIONS 

  
 a. Base Option Grant. In connection with the commencement of your employment, the Company will recommend that the Board of
Directors grant you an option (the “Base Option”) to purchase 1,250,000 shares of ActivCard Corp. Common Stock (the “Base Option Shares”). The Base Option will have an exercise price equal to the fair
market value of the Common Stock on the date of grant as determined by the Board of Directors. The Base Option will vest with respect to (i) twenty-five percent (25%) of the Base Option Shares upon your completion of one (1) year of service measured
from the Effective Date and (ii) the balance of the Base Option Shares in a series of thirty-six (36) successive equal monthly installments upon your completion of each additional month of service over the three (3)-year period measured from the
first 
  

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 anniversary of the Effective Date. Vesting of the Base Option will depend on your commencement of and
continued employment with the Company. In no event will the Base Option vest for any additional option shares after your cessation of employment service. The Base Option will be subject to the terms of the ActivCard Corp. 2002 Stock Option Plan. You
agree to execute the Company’s form Stock Option Agreement, except as modified to reflect the terms herein. Of these “Base Option” shares, the Company will grant the maximum number of options permissible in the form of Incentive Stock
Options, with the remainder of options to be issues as Non-qualified options. 
  
 b. Supplemental Option Grant. The Company will also recommend that the Board of Directors grant you an option (the “Supplemental Option”) to purchase 750,000 shares of the ActivCard
Corp. Common Stock (the “Supplemental Option Shares”). The Supplemental Option will have an exercise price equal to the fair market value of the Common Stock on the date of grant as determined by the Board of Directors. The
Supplemental Option will vest with respect to one-third (1/3) of the Supplemental Option Shares at the end of the fifth, sixth and seventh (5th, 6th and 7th) years following the date of grant, provided that you continue to be employed by the Company
on each such date. However, at such time when the criteria referred to in (i), (ii) and (iii) below are met, the unvested portion of the Supplemental Option will fully vest and become exercisable as follows: 
  
 (i) 250,000 of the Supplemental Option Shares will vest at
such time as the per share closing price of ActivCard Corp. Common Stock on the Nasdaq National Market reaches and exceeds $20 each trading day for a consecutive period of 90 calendar days; 
  
 (ii) 250,000 of the Supplemental Option Shares will vest at
such time as the per share closing price of ActivCard Corp. Common Stock on the Nasdaq National Market reaches and exceeds $30 each trading day for a consecutive period of calendar 90 days; and 
  
 (iii) 250,000 of the Supplemental Option Shares will vest at
such time as the per share closing price of ActivCard Corp. Common Stock on the Nasdaq National Market reaches and exceeds $40 each trading day for a consecutive period of calendar 90 days. 
  
 Other than with respect to the vesting provisions of the Supplemental Option,
the Supplemental Option will be subject to the terms of the ActivCard Corp. 2002 Stock Option Plan. You agree to execute the Company’s form Stock Option Agreement, except as modified to reflect the terms herein. 
  
 Any right to purchase the Base Option Shares or the Supplemental Option
Shares over time in no way alters the employment “at will” relationship described below. 
  

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 c. Change of Control. If there is a “Change of Control” (as defined
below) and within one (1) year following the Change of Control, the Company or successor corporation terminates your employment without “Cause” (as defined below) or you resign your employment for “Good Reason” (as defined
below), or you do not retain the title of Chief Executive Officer of the controlling corporation following the Change of Control, the vesting of the Base Option will accelerate so that you acquire a vested interest in one hundred percent (100%) of
the Base Option Shares at the time of such termination. In such event, you will also be eligible to receive the severance pay benefits described in Section 6 The Supplemental Option will be accelerated in the event of a Change of Control only to the
extent that the per share sale price of ActivCard Corp. meets or exceeds the share price thresholds of the Supplemental Option as set forth in clauses (b)(i), (ii) and (iii) above, and any unvested portion of the Supplemental Option will terminate
on the date of such Change of Control. In the event that any accelerated vesting of the Supplemental Option Shares is justified by the sale price, such vesting shall occur on the date of closing of the transaction without regard to your employment
status following the closing of the transaction. The acceleration of vesting of options and payment of severance benefits under this Section 5 is conditioned upon your execution of a general release in the form of the Settlement Agreement and
Release attached hereto as Exhibit A. The Company will make reasonable efforts to structure any payments called for under this paragraph in a manner such that they will not constitute a “Parachute Payment” as such term is defined in
Section 280G of the Internal Revenue Code of 1986 (the “Code”), including the excise tax imposed pursuant to Section 4999 of the Code. 
  

	 	6.	SEVERANCE 

  
 If your employment with the Company is terminated by the Company without “Cause” (as defined herein), then you shall be entitled to receive the
following severance benefits: 
  
 a. You will
receive one-year’s (1) Base Salary plus 100% Target Bonus compensation (less applicable withholding taxes), which will be pro-rated, based on the number of days you are employed in the fiscal year; and 
  
 b. The same level of health (i.e. medical and dental)
coverage and benefits as in effect for you on the day immediately preceding the day of termination of employment; provided however, that (i) you constitute a qualified beneficiary, as defined in Section 4980B(g)(1) of the Internal Revenue Code of
1986, as amended; and (ii) you elect continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), within the time period prescribed pursuant to COBRA. The Company shall continue to
provide you with such health coverage until the earlier of (i) the date you are no longer eligible to receive continuation coverage pursuant to COBRA, or (ii) twelve (12) months from termination date. 
  
 Payment by the Company of any severance benefits is conditioned upon your

  

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 execution of a general release in the form of the Settlement Agreement and Release attached hereto as Exhibit A.

  

	 	7.	DEATH OR DISABILITY 

  
 Your employment shall terminate automatically in the event of your death or “Disability”. In the event your employment terminates for death or
Disability, you will receive death benefits in accordance with Company benefit plans. 
  

	 	8.	CERTAIN DEFINITIONS 

  
 a. “Good Reason.” As used in this Agreement, a resignation for “Good Reason” will occur if you
resign your employment as a result of and (a) within sixty (60) days after a material reduction without Cause in your primary duties and responsibilities, or (b) within thirty (30) days after a reduction without Cause by more than fifteen percent
(15%) in your starting Base Salary, or (c) within thirty (30) days after the Company relocates you to an office or location that is more than fifty (50) miles from the office you were originally hired to work for the Company. 
  
 b. “Cause.” As used in this Agreement,
“Cause” shall mean any of the following: 
  
 (i) Failure to Perform Duties. You willfully refuse to use your best efforts to carry out the lawful material duties consistent with your position and as directed by the Board, and after written notice thereof
which sets forth in detail the specific respects in which the Board believes you have not substantially performed your duties, you fail to correct such behavior within a reasonable period of time but not more than thirty (30) days after being served
with written notice. 
  
 (ii) Adverse
Conduct. You are convicted of, plea “guilty” or “no contest” to a felony offense or commit any act of misconduct which is likely to be materially detrimental to the reputation of the Company, or commit an act of dishonesty,
fraud, embezzlement, misappropriation or financial dishonesty against the Company; or 
  
 (iii) Breach Agreement or Policy. You materially breach this Agreement, the Proprietary Information and Inventions Agreement, or
any other material written agreement between you and the Company or you materially breach or violate any lawful material employment policy of the Company, which is detrimental to the Company, including those prohibiting harassment of another
employee. 
  
 c. “Change of
Control.” As used in this Agreement, “Change of Control” shall mean the sale of all or substantially all of the assets of the Company to a non-affiliate, or any merger or consolidation of ActivCard Corp. with or into
another corporation or any other transaction in which the holders of more than 50% of the shares of capital stock of ActivCard Corp. outstanding immediately prior to such transaction do 
  

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 not continue to hold (either by the voting securities remaining outstanding or by their being converted
into voting securities of the surviving entity) 50% or more of the total voting power represented by the voting securities of the surviving entity outstanding immediately after such transaction. For further clarification, a reorganization or similar
transaction amongst ActivCard Corp. and/or its affiliates shall not be deemed to constitute a Change of Control. 
  
 d. “Disability.” As used in this Agreement, “Disability” shall mean that you have failed to
perform your duties under this Agreement after reasonable accommodation by the Company for a period of not less than ninety (90) consecutive days as a result of your incapacity due to physical or mental injury, disability, injury or illness.

  

	 	9.	CONFIDENTIAL INFORMATION AND INVENTION ASSIGNMENT AGREEMENT 

  
 Your acceptance of this offer and commencement of employment with the Company is contingent upon the execution, and delivery to an officer of the Company,
of the Company’s Proprietary Information and Inventions Agreement (the “Confidentiality Agreement”) a copy of which is enclosed for your review and execution, prior to or on your first day of employment. 
  

	 	10.	CONFIDENTIALITY OF TERMS 

  
 You agree to follow the Company’s strict policy that employees must not disclose, either directly or indirectly, any information, including any of
the terms of this Agreement, regarding salary, bonuses, or stock purchases or options to any person, including other employees of the Company; provided, however, that you may discuss such terms with members of your immediate family and any legal,
tax or accounting specialists who provide you with individual legal, tax or accounting advice subject to their agreement to maintain the information in confidence. You are not, however, restricted from making disclosures which are required by law,
or which represent normal disclosures and business practice for publicly traded corporations. 
  

	 	11.	AT-WILL EMPLOYMENT 

  
 Your employment with the Company shall be for no specified period or term and shall constitute “at-will” employment. Accordingly, you are free
to terminate your employment at any time, with or without cause, for any or no reason, and the Company is free to terminate your employment at any time, with or without Cause, for any or no reason subject to the provisions of paragraph 6 of this
agreement. Any contrary representations which may have been made or which may be made to you are superseded by this Agreement. 
  

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	 	12.	APPLICABLE LAW; SEVERABILITY 

  
 This Agreement shall be governed by the laws of the State of California, without reference to rules relating to conflicts of law. In the event that any
provision of this Agreement becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision. 
  

	 	13.	SUCCESSORS AND ASSIGNS 

  
 This Agreement shall be binding upon the Company’s successors and assigns and upon your heirs, executors, administrators, estate, successors and
assigns. For all purposes under this Agreement, the term “Company” shall include any affiliates of the Company and any successor to the Company’s business and/or assets, which becomes bound by this Agreement. You may not assign this
Agreement. 
  

	 	14.	NO INCONSISTENT OBLIGATIONS 

  
 By signing this Agreement and accepting this offer of employment, you represent and warrant to the Company that you are under no obligations or
commitments, whether contractual or otherwise, that are inconsistent with your obligations set forth in this Agreement. You also represent and warrant that you will not use or disclose, in connection with your employment by the Company, any trade
secrets or other proprietary information or intellectual property in which you or any other person has any right, title, or interest and that your employment by the Company as contemplated by this Agreement will not infringe upon or violate the
rights of any other person or entity. You represent and warrant to the Company that you have returned all property and confidential information belonging to any prior employers. 
  

	 	15.	ENTIRE AGREEMENT 

  
 This Agreement together with the Confidentiality Agreement, sets forth the full and complete agreement between the Company and you regarding the subject
matter hereof and supersedes any and all prior representations or agreements between you and the Company, if any, whether written or oral, except for the Stock Option Agreements and Stock Purchase Agreements referenced above. This Agreement may not
be modified or amended except by a written agreement, signed by you and a member of the Board of Directors. No failure on the part of the Company or you to exercise any power, right or privilege or remedy under this Agreement, and no delay on the
part of the Company or you in such exercise shall operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other further exercise thereof or any
other power, right, privilege or remedy. Any waiver must be in writing and executed by the parties. The captions contained in this Agreement are for convenience only and shall not be considered part of this 
  

 7 

 Agreement. 
  
 All definitions used in this Agreement shall apply to the Exhibits to this Agreement, the letter of employment and other
related documentation signed simultaneously. 
  

											
	 DATED:
	 	 Sept 17, 2003
	 	 	 	 /s/    GEORGE GARRICK
	 	 
	 	 	 	 	 	 	
	 	 
	 	 	 	 	 	 	 George Garrick, Esq.
	 	 
					
	 DATED:
	 	
	 	 	 	 ACTIVCARD, INC.
	 	 
						
	 	 	 	 	 	 	 By:
	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 
						
	 	 	 	 	 	 	 Title:
	 	 	 	 
	 	 	 	 	 	 	 	 	
	 	 

  

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