Document:

EXHIBIT 10.7

 

MANAGEMENT AGREEMENT

 

This Management Agreement (this “Agreement”) is made and entered into as of June __, 2010 by and among GXS Group, Inc., a Delaware corporation (formerly known as Griris Holding Company, Inc., the “Company”) and FRANCISCO PARTNERS MANAGEMENT, LLC (the “Advisor”).  Terms used but not defined in this Agreement have the meanings set forth in the Stockholders Agreement (the “Stockholders Agreement”), of even date herewith, among the Company, certain affiliates of the Advisor, Cerberus Institutional Partners (Americas), L.P. and Cerberus Institutional Partners, L.P. (collectively, “Cerberus”) and CCG Investment Fund, L.P., CCG Associates – QP, LLC, CCG Investment Fund – A1, LP, CCG AV, LLC – Series A, CCG AV, LLC – Series C and CCG C1, LLC (collectively, “GGC”).

 

WHEREAS, the Company desires to retain the Advisor and the Advisor desires to perform for the Company and/or its subsidiaries certain services;

 

NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein, the parties agree as follows:

 

1.             Term.  This Agreement shall be in effect for an initial term of ten (10) years commencing on the date hereof (the “Term”), and shall be automatically extended thereafter on a year-to-year basis unless the Company or the Advisor provide written notice of their desire to terminate this Agreement to the other party 90 days prior to the expiration of the Term or any extension thereof.

 

2.             Services.  The Advisor shall perform or cause to be performed such services for the Company and/or its subsidiaries as directed by the Company’s board of directors, which may include, without limitation, the following:

 

(a)           executive and management services;

 

(b)           identification, support and analysis of acquisitions and dispositions by the Company or its subsidiaries;

 

(c)           support and analysis of financing alternatives, including, without limitation, in connection with acquisitions, capital expenditures and refinancing of existing indebtedness;

 

(d)           finance functions, including assistance in the preparation of financial projections, and monitoring of compliance with financing agreements;

 

(e)           human resource functions, including searching and hiring of executives; and

 

(f)           other services for such Company or its subsidiaries upon which such Company’s board of directors and the Advisor agree.

 

 

 

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Notwithstanding any provision in this Agreement to the contrary, each of the parties hereto acknowledges and agrees that there are no minimum levels of services required to be provided to the Company pursuant to this Agreement.

 

3.             Advisory Fee

 

(a)           The Company shall pay in cash to the Advisor or its designee an annual advisory fee (the “Advisory Fee”) equal to the Advisor’s Pro Rata Fee Portion of $4,000,000 per annum during the Term; provided, however, that no such payment shall be made by the Company to the extent payment of such fee would be contrary to the requirements of the financing documents of the Company or any of its applicable subsidiaries.  The initial Advisory Fee payable hereunder shall be payable in full on December 31, 2010, and then one-quarter of the Advisory Fee shall be payable on a quarterly basis in advance thereafter.  The Company shall also reimburse the Advisor and/or its affiliates for their reasonable out-of-pocket expenses incurred in connection with the provision of services hereunder.

 

(b)           For the avoidance of doubt, the Advisor and their affiliates shall be permitted to waive or forgive payment of the Advisory Fee (and any similar fees payable to GGC or Cerberus pursuant to the Stockholders Agreement) for any period in their sole discretion.

 

4.             Personnel.  The Advisor shall provide and devote to the performance of this Agreement such partners, employees and agents of the Advisor as the Advisor shall deem appropriate to the furnishing of the services required.

 

5.             Liability.  Neither the Advisor nor any other Indemnitee (as defined in Section 6 below) shall be liable to the Company or any of its subsidiaries or affiliates for any loss, liability, damage or expense arising out of or in connection with the performance of services contemplated by this Agreement, unless such loss, liability, damage or expense shall be proven to result directly from gross negligence, willful misconduct or bad faith on the part of an Indemnitee acting within the scope of such person’s employment or authority.  The Advisor makes no representations or warranties, express or implied, in respect of the services to be provided by the Advisor or any of the other Indemnitees.  Except as the Advisor may otherwise agree in writing after the date hereof:  (i) the Advisor shall have the right to, and shall have no duty (contractual or otherwise) not to, directly or indirectly:  (A) engage in the same or similar business activities or lines of business as any of the Company or any of its subsidiaries, including those competing with the Company or any of its subsidiaries and (B) do business with any client or customer of the Company or any of its subsidiaries; (ii) neither the Advisor nor any officer, director, employee, partner, affiliate or associated entity thereof shall be liable to the Company or any of its subsidiaries or affiliates for breach of any duty (contractual or otherwise) by reason of any such activities of or of such person’s participation therein; and (iii) in the event that the Advisor acquires knowledge of a potential transaction or matter that may be a corporate opportunity for the Company or any of its subsidiaries, on the one hand, and the Advisor on the other hand, or any other person, the Advisor shall have no duty (contractual or otherwise) to communicate or present such corporate opportunity to the Company or any of its subsidiaries and, notwithstanding any provision of this Agreement to the contrary, shall not be liable to the Company or any of its affiliates for breach of any duty (contractual or otherwise) by reasons of the fact that the Advisor directly or indirectly pursues or acquires such opportunity for itself, directs such opportunity to another person or does not present such opportunity to the Company.  In no event will any of the 

 

 

 

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parties hereto be liable to any other party hereto for any indirect, special, incidental or consequential damages, including lost profits or savings, whether or not such damages are foreseeable, or in respect of any liabilities relating to any third-party claims (whether based in contract, tort or otherwise) other than the Claims (as defined in Section 6 below) relating to the service to be provided by the Advisor hereunder.

 

6.             Indemnity.  The Company and its subsidiaries shall defend, indemnify and hold harmless the Advisor, its affiliates, members, partners, employees and agents (collectively, the “Indemnitees”) from and against any and all loss, liability, damage or expenses arising from any claim by any person with respect to, or in any way related to, the performance of services contemplated by this Agreement (including attorneys’ fees) (collectively, “Claims”) resulting from any act or omission of any of the Indemnitees, other than for Claims which shall be proven to be the direct result of gross negligence, bad faith or willful misconduct by an Indemnitee.  The Company and its subsidiaries shall defend at its own cost and expense any and all suits or actions (just or unjust) which may be brought against the Company, any of its subsidiaries or any of the Indemnitees or in which any of the Indemnitees may be impleaded with others upon any Claims, or upon any matter, directly or indirectly, related to or arising out of this Agreement or the performance hereof by any of the Indemnitees, except that if such damage shall be proven to be the direct result of gross negligence, bad faith or willful misconduct by an Indemnitee, then such Advisor shall reimburse the Company and its subsidiaries for the costs of defense and other costs incurred by the Company and its subsidiaries.

 

7.             Notices.  All notices hereunder shall be in writing and shall be delivered personally or mailed by United States mail, postage prepaid, addressed to the parties as follows:

 

	
To the Company:

	 	 
	  	
GXS Group, Inc.

	  	
100 Edison Park Drive

	  	
Gaithersburg, MD 20878

	  	
Attention:  General Counsel

	  	
Facsimile:  (301) 340-5840

	 
	
To the Advisor:

	 	 
	  	
Francisco Partners Management, LLC

	  	
One Letterman Drive

	  	
Building C – Suite 410

	  	
San Francisco, CA 94129

	  	
Attention:  Thomas Ludwig

	  	
Facsimile:  (415) 418-2999

 

8.             Assignment.  The Company may not assign any obligations hereunder to any other party without the prior written consent of the Advisor (which consent shall not be unreasonably withheld), and the Advisor may not assign any obligations hereunder to any other party without the prior written consent of the Company (which consent shall not be unreasonably withheld); provided that the Advisor may, without consent of the Company, assign its rights and obligations under this Agreement to any Permitted Transferee.

 

 

 

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9.             Successors.  This Agreement and all the obligations and benefits hereunder shall inure to the successors and assigns of the parties.

 

10.           Counterparts.  This Agreement may be executed and delivered by each party hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original and all of which taken together shall constitute but one and the same agreement.

 

11.           Entire Agreement; Modification; Governing Law.  The terms and conditions hereof constitute the entire agreement between the parties hereto with respect to the subject matter of this Agreement and supersede all previous communications, either oral or written, representations or warranties of any kind whatsoever, except as expressly set forth herein.  No modifications of this Agreement nor waiver of the terms or conditions thereof shall be binding upon either party unless approved in writing by an authorized representative of such party.  All issues concerning this Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the law of any jurisdiction other than the State of New York.

 

 

 

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IN WITNESS WHEREOF, the parties have executed this Advisory Agreement as of the date first written above.

 

	
GXS GROUP, INC.

	  
	 	 
	 	 	 
	
By:

	/s/ /s/ Seth Plattus	  
	  	
Name: Seth Plattus

	  
	  	
Title: Senior Vice President

	  
	 	 
	
FRANCISCO PARTNERS MANAGEMENT, LLC

	  
	 	 
	 	 	 
	
By:

	/s/ David Golob	  
	  	
Name: David Golob

	  
	  	
Title: Managing Member

	  

 

 

 

 5EXHIBIT 10.8

     

    GXS Holdings, Inc.
Stock Incentive
Plan

     

         SECTION 1. Purpose. The purposes of the
GXS Holdings, Inc. Stock Incentive Plan are to promote the interests of GXS
Holdings, Inc., a Delaware company (together with its successors and assigns,
the “Company”) and its
stockholders by (i) attracting and retaining exceptional executive
personnel and other key employees and consultants of the Company and its
Affiliates (as defined below); (ii) motivating employees, consultants and
directors by means of performance related incentives to achieve longer range
performance goals; and (iii) enabling employees, consultants and directors
to participate in the long term growth and financial success of the Company.

     

         SECTION 2. Definitions. As used in the
Plan, the following terms shall have the meanings set forth below: 

     

         “Affiliate” means any parent
corporation or subsidiary corporation of the Company, whether now or hereafter
existing, as those terms are defined in Sections 424(e) and (f),
respectively, of the Code. 

     

         “Award” means any Option or
other stock-based award granted hereunder. 

     

         “Award Agreement” means any
written agreement, contract, or other instrument or document evidencing any
Award, which may, but need not, be executed or acknowledged by a Participant.

     

         “Board” means the Board of
Directors of the Company. 

     

         “Cause” means, unless otherwise
defined in any Employment Agreement or Award Agreement: 

     

    
    

     

    
      	
            	
            
	 	        (i) a
      Participant’s willful and continued failure substantially to perform his
      or her duties (other than as a result of total or partial incapacity due
      to physical or mental illness);
	 
	 	        (ii) a
      Participant’s gross negligence or willful malfeasance in the performance
      of his or her duties;
	 
	 	        (iii) a
      Participant’s commission of an act constituting fraud, embezzlement, or
      any other act constituting a felony;
	 
	 	        (iv) a
      Participant being repeatedly under the influence of illegal drugs or
      alcohol while performing his or her duties;
or

    

  

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	 	        (v) any other
      act or omission which is materially injurious to the financial condition
      or business reputation of the Company or any of its Affiliates as
      determined in the reasonable discretion of the Company, including a
      Participant’s breach of the provisions of any non-competition,
      non-solicitation or confidentiality covenant in favor of the Company or
      its Affiliates binding upon such Participant, including but not limited to
      covenants set forth in the form of Proprietary Information and Inventions
      Agreement attached hereto as Annex A.

    

         “Change of Control” means the
occurrence of one of the following events: 

     

    
    

     

    
      	
            	
            
	 	        (i) the
      consummation of a merger or consolidation of the Company with or into any
      other entity pursuant to which the stockholders of the Company, or
      applicable, immediately prior to such merger or consolidation hold less
      than 50% of the voting power of the surviving entity;
	 
	 	        (ii) the sale
      or other disposition of all or substantially all of the Company’s assets
      or any approval by the stockholders of the Company of a plan of complete
      liquidation of the Company;
	 
	 	        (iii) any
      acquisition by any person or persons (other than the direct and indirect
      stockholders of the Company immediately after the Effective Date) of the
      beneficial ownership of 50% or more of the voting power of the Company’s
      equity securities in a single transaction or series of related
      transactions; provided, however, that an
      underwritten public offering of the Company’s securities shall not be
      considered a Change in Control; or
	 
	 	        (iv) any
      change in the composition of the Board over a two-year period such that
      the directors at the beginning of the period and new directors elected
      during that period and approved by two-thirds of the incumbent directors
      cease to constitute at least a majority of the
Board.

    

    provided, however, that a transaction
shall not constitute a Change in Control if its sole purpose is to change the
state of the Company’s incorporation or to create a holding company that will be
owned in substantially the same proportions by the persons who held the
Company’s securities immediately before such transaction. 

     

         “Code” means the Internal
Revenue Code of 1986, as amended from time to time. 

     

         “Committee” means a committee
of one or more members of the Board designated by the Board to administer the
Plan and, following an Initial Public Offering, shall be composed of not less
than the minimum number of persons from time to time required by Rule 16b-3
and Section 162(m) each of whom, to 

     

  

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    the extent necessary to comply with Rule 16b-3 and
Section 162(m) only, is a “Non-Employee Director” and an
“outside director”
within the meaning of Rule 16b-3 and Section 162(m), respectively. Until
otherwise determined by the Board, the full Board shall be the Committee under
the Plan. 

     

         “Consultant” means any person,
including an advisor, engaged by the Company or an Affiliate to render
consulting or advisory services and who is compensated for such services.

     

         “Director” means a member of
the Board. 

     

         “Disability” shall mean
“permanent and total disability” as defined in Section 22(e)(3) of the
Code. 

     

         “Employee” means an employee of
the Company or any of its Affiliates. 

     

         “Employment Agreement” means an
employment agreement entered into between a Participant and the Company or any
of its Affiliates. 

     

         “Exchange Act” means the
Securities Exchange Act of 1934, as amended. 

     

         “Exercise Price” means the
purchase price of the Option as set forth in the Award Agreement. 

     

         “Fair Market Value” means, with
respect to a Share as of any date of determination, the reported closing price
of a share of such class of common stock on such exchange or market as is the
principal trading market for such class of common stock for the trading day
immediately preceding such date of determination. If such class of common stock
is not listed on an exchange or principal trading market on such date, the fair
market value of a Share shall be determined by the Committee in good faith
taking into account as appropriate recent sales of the Shares, recent valuations
of the Shares and such other factors as the Committee shall in its discretion
deem relevant or appropriate. 

     

         “Incentive Stock Option” means
a right to purchase Shares from the Company that is granted under Section 6
of the Plan and that is intended to meet the requirements of Section 422 of
the Code or any successor provision thereto. 

     

         “Initial Public Offering” shall
mean the closing of the first underwritten public offering of Shares with
proceeds of at least $75,000,000. 

     

         “Initial Transferability Date”
shall mean the earlier to occur of (i) the Initial Public Offering or
(ii) the Reporting Date. 

     

         “Non-Qualified Stock Option”
means a right to purchase Shares from the Company that is granted under
Section 6 of the Plan and that is not intended to be an Incentive Stock
Option. 

     

  

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         “Option” means an Incentive
Stock Option or a Non-Qualified Stock Option. 

     

         “Participant” means a Person
granted an Award under the Plan (and to the extent applicable, any heirs or
legal representatives thereof). 

     

         “Permitted Transferees” shall
mean, with respect to each Participant, (i) those persons who acquire Shares
pursuant to such Participant’s will or the laws of descent and distribution or
as a result of other donative transfers to “family members” as defined in, and
under the circumstances permitted under, Rule 701 and (ii) the
Company. 

     

         “Person” means any individual,
corporation, limited liability company, partnership, association, joint-stock
company, trust, unincorporated organization, government or political subdivision
thereof or other entity. 

     

         “Plan” means this GXS Holdings,
Inc. Stock Incentive Plan. 

     

         “Reporting Date” means the date
on which the Company becomes a reporting company under the Exchange Act with
respect to any class of its equity securities. 

     

         “Rule 16b-3” means
Rule 16b-3 as promulgated and interpreted by the SEC under the Exchange
Act, or any successor rule or regulation thereto as in effect from time to time.

     

         “Rule 701” means
Rule 701 as promulgated under the Securities Act. 

     

         “SEC” means the Securities and
Exchange Commission or any successor thereto. 

     

         “Section 162(m)” means
Section 162(m) of the Code, or any successor section thereto, as in effect
from time to time. 

     

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

     

         “Shares” means shares of common
stock of the Company or such other securities as may be designated by the
Committee from time to time. 

     

         “Substitute Awards” means
Awards granted in assumption of, or in substitution for, outstanding awards
previously granted by a company acquired by the Company or with which the
Company combines. 

     

         SECTION 3. Administration.

     

         (a)  Authority of Committee. The
Plan shall be administered by the Committee. Subject to the terms of the Plan,
applicable law and contractual restrictions affecting the Company, and in
addition to other express powers and 

     

  

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    authorizations conferred on the Committee by the Plan, the
Committee shall have full power and authority to: (i) designate
Participants; (ii) determine the type or types of Awards to be granted to a
Participant and the exercise price or purchase price, if applicable;
(iii) determine the number of Shares to be covered by, or with respect to
which payments, rights, or other matters are to be calculated in connection
with, Awards; (iv) determine the terms and conditions (including the
vesting schedule, if any) of any Award and Award Agreement; (v) determine
whether, to what extent, and under what circumstances Awards may be settled or
exercised in cash, Shares, other securities, other Awards or other property, or
canceled, forfeited, or suspended and the method or methods by which Awards may
be settled, exercised, canceled, forfeited or suspended; (vi) determine
whether, to what extent, and under what circumstances cash, Shares, other
securities, other Awards, other property, and other amounts payable with respect
to an Award shall be deferred either automatically or at the election of the
holder thereof or of the Committee; (vii) interpret and administer the Plan
and any instrument or agreement relating to, or Award made under, the Plan;
(viii) establish, amend, suspend, or waive such rules and regulations and
appoint such agents as it shall deem appropriate for the proper administration
of the Plan; and (ix) make any other determination and take any other
action that the Committee deems necessary or desirable for the administration of
the Plan. 

     

         (b)  Committee Discretion Binding.
Unless otherwise expressly provided in the Plan, all designations,
determinations, interpretations, and other decisions under or with respect to
the Plan or any Award shall be within the sole discretion of the Committee, may
be made at any time and shall be final, conclusive and binding upon all Persons,
including the Company, any of its Affiliates, any Participant, any holder or
beneficiary of any Award, any shareholder and any Employee. 

     

         SECTION 4. Shares Available for
Awards.

     

         (a)  Shares Available. Subject to
adjustment as provided in this Section, the number of Shares with respect to
which Awards may be granted under the Plan shall be 13,636,364. Such Shares may
consist, in whole or in part, of authorized and unissued shares or treasury
shares. If, after the effective date of the Plan, any Shares covered by an Award
granted under the Plan (including any Substitute Award) or to which such an
Award relates are forfeited, or if such an Award is settled for cash or
otherwise terminates or is canceled without the delivery of Shares, then the
Shares covered by such Award, or to which such Award relates, shall again become
Shares with respect to which Awards may be granted. In addition, Shares tendered
in satisfaction or partial satisfaction of the exercise price of any Award or
any tax withholding obligations will again become Shares with respect to which
Awards may be granted. 

     

         (b)  Adjustments. In the event
that the number of issued Shares is increased or decreased as a result of a
stock dividend, stock split, reverse stock split, combination or
reclassification of Shares, or any other increase or decrease 

     

  

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    in the number of issued Shares effected without receipt of
consideration by the Company (provided that conversion of any convertible
securities of the Company shall not be deemed to have been “effected without
receipt of consideration”), then the Committee shall equitably adjust any or all
of (i) the number of Shares of the Company (or number and kind of other
securities or property) with respect to which Awards may thereafter be granted,
(ii) the number of Shares or other securities of the Company (or number and
kind of other securities or property) subject to outstanding Awards, and
(iii) the grant or exercise price with respect to any Award. 

     

         (c)  Substitute Awards. Any Shares
underlying Substitute Awards shall not be counted against the Shares authorized
for issuance under the Plan and shall increase the number Shares available for
issuance hereunder. 

     

         SECTION 5. Eligibility.

     

         (a)  General. Any Employee,
Consultant or Director shall be eligible to be selected by the Committee to
receive an Award under the Plan. 

     

         (b)  Incentive Stock Options. Only
Employees shall be eligible for the grant of Incentive Stock Options.

     

         (c)  Substitute Awards. Holders of
options and other types of awards granted by a company acquired by the Company
or with which the Company combines are eligible for grants of Substitute Awards
hereunder. 

     

         (d)  Consultants. Prior to the
Reporting Date, a Consultant shall not be eligible for the grant of an Award if,
at the time of grant, the offer or the sale of the Company’s securities to such
Consultant is not exempt under Rule 701 because of the nature of the services
that the Consultant is providing to the Company, or as otherwise provided by
Rule 701. 

     

         SECTION 6. Stock Options.

     

         (a)  Grants. The Committee is
authorized to grant Options to Participants with the terms and conditions set
forth in this Section 6 and with such additional terms and conditions, in
either case not inconsistent with the provisions of the Plan, as the Committee
shall determine. 

     

         (b)  Type of Option. The Committee
shall have the authority to grant Incentive Stock Options, Non-Qualified Stock
Options, or both. In the case of Incentive Stock Options, the terms and
conditions of such grants shall be subject to and comply with the provisions of
Section 422 of the Code, as from time to time amended, or any successor
provision thereto, and any regulations implementing such statute. 

     

  

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         (c)  Exercise Price. The Committee
in its sole discretion shall establish the Exercise Price at the time each
Option is granted. 

     

         (d)  Exercise. Each Option shall
be exercisable at such times and subject to such terms and conditions as the
Committee may, in its sole discretion, specify in the applicable Award Agreement
or thereafter. The Committee may impose such conditions with respect to the
exercise of Options, including without limitation, any relating to the
application of Federal or state securities laws, as it may deem necessary or
advisable. 

     

         (e)  Payment. No Shares shall be
delivered pursuant to any exercise of an Option until payment in full of the
exercise price, is received by the Company. Such payment may be made:
(i) in cash; (ii) if approved by the Committee, in Shares (the value
of such Shares shall be their Fair Market Value on the date of exercise) owned
by the Participant for the period required to avoid a charge to the Company’s
earnings (which is generally six months); (iii) if approved by the
Committee, by a combination of cash and Shares; (iv) if approved by the
Committee following an Initial Public Offering, in accordance with a cashless
exercise program; or (v) in such other manner as permitted by the Committee
at the time of grant or thereafter. 

     

         SECTION 7. Other Stock-based
Awards.

     

         (a)  Other Stock-based Awards. The
Committee is hereby authorized to grant to Participants such other Awards
(including, without limitation, grants of restricted stock, restricted stock
units, rights to purchase stock, warrants, and rights to dividends and dividend
equivalents) that are denominated or payable in, valued in whole or in part by
reference to, or otherwise based on or related to, Shares (including, without
limitation, securities convertible into Shares) as are deemed by the Committee
to be consistent with the purposes of the Plan. Subject to the terms of the
Plan, the Committee shall determine the terms and conditions of such Awards.
Shares or other securities delivered pursuant to a purchase right granted under
this Section shall be purchased for such consideration, which may be paid by
such method or methods and in such form or forms, including, without limitation,
cash, Shares, other securities, other Awards, or other property, or any
combination thereof, as the Committee shall determine, the value of which
consideration, as established by the Committee, shall not be less than the Fair
Market Value of such Shares or other securities as of the date such purchase
right is granted. 

     

         SECTION 8. Effect of Termination of Employment
or Service.

     

         (a)  Termination of Employment or
Service. Except as the Committee may otherwise provide at the time the
Award is granted or thereafter, or as required to comply with applicable law, if
the Participant’s employment or service with the Company and its Affiliates is
terminated for any reason (other than death, Disability or retirement at age 62
or older or by the Company for Cause), then (i) 

     

  

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    to the extent not yet vested as of the date of termination, an
Award shall immediately be forfeited, and (ii) to the extent vested as of
the date of termination, an Award may be retained and, if applicable, exercised
until the earlier of (A) the date three months (or such longer or shorter
period, if any, specified in the applicable Award Agreement or Employment
Agreement) after such termination of employment or service or (B) the date
such Award would have expired had it not been for the termination of employment
or service, after which time, in either case, such Award shall expire.

     

         (b)  Death, Disability or
Retirement. Except as the Committee may otherwise provide at the time the
Award is granted or thereafter, or as required to comply with applicable law, if
the Participant’s employment or service with the Company and its Affiliates is
terminated by reason of death, Disability or retirement at age 62 or older, then
(i) to the extent not yet vested as of the date of termination, an Award
shall immediately be forfeited, and (ii) to the extent vested as of the
date of termination, the Award may be retained and, if applicable, exercised by
the Participant or his successor (if employment or service is terminated by
death) until the earlier of (A) the date one year after such termination of
employment or service or (B) the date such Award would have expired had it
not been for the termination of such employment or service, after which time, in
either case, such Award shall expire. 

     

         (c)  Cause. Except as the
Committee may otherwise provide at the time the Award is granted or thereafter,
or as required to comply with applicable law, if the Participant’s employment or
service with the Company and its Affiliates is terminated by the Company or an
Affiliate for Cause, all Awards shall be forfeited and shall expire immediately
on the date of termination. 

     

         (d)  Repurchase Rights Prior to an
Initial Public Offering. Unless otherwise determined in an Employment
Agreement or Award Agreement, the Company shall have the following rights to
repurchase a Participant’s Shares (the “Repurchase Right”) upon
termination of Participant’s employment or service: 

     

    
    

     

    
      	
            	
            
	 	        (i) If the
      Participant’s employment with the Company and its Affiliates shall be
      terminated by the Company or any of its Affiliates for Cause, all Shares
      previously acquired hereunder and held by Participant for the period
      required to avoid a charge to the Company’s earnings (which is generally
      six months) shall be subject to a right of repurchase by the Company from
      the Participant or his or her Permitted Transferee at a price per Share
      equal to the lesser of (A) the Exercise Price or (B) Fair Market
      Value as of the date of the notice given pursuant to clause
      (iii) below.
	 
	 	        (ii) If the
      Participant’s employment with the Company and its Affiliates shall be
      terminated by Participant for any reason or by the Company or any of its
      Affiliates for any reason other than Cause, or as a result of death,
      Disability or retirement at age 62 or older, all
  Shares

    

     

  

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	 	previously acquired hereunder and held by Participant for
      the period required to avoid a charge to the Company’s earnings (which is
      generally six months) shall be subject to a right of repurchase by the
      Company from the Participant or his or her Permitted Transferee at a price
      per Share equal to Fair Market Value as of the date of the notice given
      pursuant to clause (iii) below.
	 
	 	        (iii) If the
      Company elects to exercise its Repurchase Right under this
      Section 8(d), the Company shall deliver written notice to the
      Participant or his or her permitted transferee, as applicable, setting
      forth the number of Shares proposed to be purchased and the then Fair
      Market Value. Upon the consummation of any such purchase, Participant
      shall deliver certificates, as applicable, or other documents satisfactory
      to the Company in its sole discretion evidencing such Shares duly
      endorsed, or accompanied by written instruments of transfer, free and
      clear of any encumbrances against delivery of payment for such Shares. If
      the Board determines that the Company is unable to repurchase all or some
      portion of the Shares for cash without breaching the terms of any debt
      instruments or other agreement to which the Company or any of its
      subsidiaries is a party, or the Board determines in good faith that such
      repurchase would otherwise have a material adverse effect on the financial
      condition of the Company, the Company will pay in cash the maximum amount
      permitted under such debt instruments, or that would not result in such a
      material adverse effect, and deliver to the Participant a promissory note
      for the balance, payable as soon as (and in the maximum amounts that) the
      terms of such debt instruments or other agreements will permit or that
      will not have such a material adverse effect and bearing interest at the
      highest rate charged from time to time under the Company’s senior credit
      facility.
	 
	 	        (iv) The
      Repurchase Right shall lapse and be of no further force and effect upon
      the earlier to occur of (x) an Initial Public Offering and
      (y) 12 months after termination of Participant’s
      employment.

    

         SECTION 9. Amendment and
Termination.

     

         (a)  Amendment or Termination of the
Plan. The Board may amend, alter, suspend, discontinue, or terminate the
Plan or any portion thereof at any time; provided that no such
amendment, alteration, suspension, discontinuation or termination shall be made
without shareholder approval if such approval is necessary to comply with any
tax or regulatory requirement, for which or with which the Board deems it
necessary or desirable to qualify or comply. Notwithstanding anything to the
contrary herein, the Committee may amend the Plan in such manner as may be
necessary so as to have the Plan conform with local rules and regulations in any
jurisdiction outside the United States. Any such amendment, alteration,
suspension, discontinuance, or termination that would adversely affect the
rights of a Participant or any holder or beneficiary of any 

     

  

9

  

 

    
    

     

    Award theretofore granted shall not to that extent be
effective with respect to such Award without the consent of the affected
Participant, holder or beneficiary. 

     

         (b)  Amendment or Termination of
Awards. Subject to the terms of the Plan and applicable law, the
Committee may waive any conditions or rights under, amend any terms of, or
alter, suspend, discontinue, cancel or terminate, any Award theretofore granted,
prospectively or retroactively; provided that any such waiver, amendment,
alteration, suspension, discontinuance, cancellation or termination that would
adversely affect the rights of a Participant or any holder or beneficiary of any
Award theretofore granted shall not to that extent be effective without the
consent of the affected Participant, holder or beneficiary. 

     

         SECTION 10. Corporate
Transactions.

     

         (a)  Corporate Transactions. Any
provision of this Plan or any Award Agreement to the contrary notwithstanding,
in the event of a Change of Control, the Committee, in its sole discretion, may
cause any outstanding Award to be (i) continued by the Company,
(ii) assumed by the successor company (or its parent or any of its
subsidiaries) or (iii) canceled in consideration of a cash payment or
alternative Award made to the holder of such canceled Award equal in value to
the Fair Market Value of such canceled Award less the exercise price, if
applicable. Any Award not continued or assumed by the Company or its successor,
as applicable, pursuant to the foregoing shall terminate on such Change of
Control. 

     

         (b)  Dissolution or Liquidation.
In the event of a dissolution or liquidation of the Company, then all
outstanding Awards shall terminate immediately prior to such event.

     

         SECTION 11. General
Provisions.

     

         (a)  Dividend Equivalents. In the
sole and complete discretion of the Committee, an Award may provide the
Participant with dividends or dividend equivalents, payable in cash, Shares,
other securities or other property on a current or deferred basis. 

     

         (b)  Nontransferability of Awards.
Except to the extent otherwise provided in an Award Agreement, no Award shall be
assigned, alienated, pledged, attached, sold or otherwise transferred or
encumbered by a Participant, except by will or the laws of descent and
distribution. 

     

         (c)  Transfer Restrictions on
Shares. Shares issued hereunder may not be sold, given, transferred,
assigned, or otherwise hypothecated by the holder thereof prior to the Initial
Transferability Date, except to such holder’s Permitted Transferees. Any
attempted transfer in violation of this Section 11(c) will be void ab initio.
Shares held by Permitted Transferees who receive such Shares in accordance with
this Section 11(c) shall be subject to the restrictions herein as if

     

  

10

  

 

    
    

     

    such Permitted Transferee were the original holder of the
Shares transferred to the Permitted Transferee. 

     

         (d)  No Rights to Awards. No
Employee, Participant or other Person shall have any claim to be granted any
Award, and there is no obligation for uniformity of treatment of Employees,
Participants, or holders or beneficiaries of Awards. The terms and conditions of
Awards need not be the same with respect to each recipient. 

     

         (e)  Share Certificates.
Certificates issued in respect of Shares shall, unless the Committee otherwise
determines, be registered in the name of the Participant or its permitted
transferees and shall be deposited by such Participant or permitted transferee,
together with a stock power endorsed in blank, with the Company. When the
Participant ceases to be bound by any transfer restrictions set forth herein or
in the applicable Award Agreement, the Company shall deliver such certificates
to the Participant upon request. Such stock certificate shall carry such
appropriate legends, and such written instructions shall be given to the Company
transfer agent, as may be deemed necessary or advisable by counsel to the
Company in order to comply with the requirements of the Securities Act of 1933,
any state securities laws or any other applicable laws. All certificates for
Shares or other securities of the Company or any of its Affiliates delivered
under the Plan pursuant to any Award or the exercise thereof shall be subject to
such stop transfer orders and other restrictions as the Committee may deem
advisable under the Plan or the rules, regulations and other requirements of the
Securities and Exchange Commission or any stock exchange upon which such Shares
or other securities are then listed and any applicable laws or rules or
regulations, and the Committee may cause a legend or legends to be put on any
such certificates to make appropriate reference to such restrictions.

     

         (f)  Withholding. A Participant
may be required to pay to the Company or any of its Affiliates, and the Company
or any Affiliate shall have the right and is hereby authorized to withhold from
any Award, from any payment due or transfer made under any Award or under the
Plan or from any compensation or other amount owing to a Participant, the amount
(in cash, Shares, other securities, other Awards or other property) of any
applicable withholding taxes in respect of an Award, its exercise, or any
payment or transfer under an Award or under the Plan and to take such other
action as may be necessary in the opinion of the Company to satisfy all
obligations for the payment of such taxes. The Committee may provide for
additional cash payments to holders of Awards to defray or offset any tax
arising from any such grant, lapse, vesting, or exercise of any Award.

     

         (g)  Award Agreements. Each Award
hereunder shall be evidenced by an Award Agreement which shall be delivered to
the Participant and shall specify the terms and conditions of the Award and any
rules applicable thereto. 

     

         (h)  No Limit on Other Compensation
Arrangements. Nothing contained in the Plan shall prevent the Company or
any Affiliate from adopting or 

     

  

11

  

 

    
    

     

    continuing in effect other compensation arrangements, which
may, but need not, provide for the grant of options, restricted stock, Shares
and other types of Awards provided for hereunder (subject to shareholder
approval if such approval is required), and such arrangements that may be either
generally applicable or applicable only in specific cases. 

     

         (i)  No Right to Employment. The
grant of an Award shall not be construed as giving a Participant the right to be
retained in the employ or service of the Company or any Affiliate and shall not
lessen or effect the right of the Company or its Affiliates to terminate the
employment or service of a Participant. 

     

         (j)  Rights as a Stockholder.
Subject to the provisions of the applicable Award, no Participant or holder or
beneficiary of any Award shall have any rights as a stockholder with respect to
any Shares to be issued under the Plan until he or she has become the holder of
such Shares. 

     

         (k)  Governing Law. The validity,
construction, and effect of the Plan and any rules and regulations relating to
the Plan and any Award Agreement shall be determined in accordance with the laws
of the State of Maryland. 

     

         (l)  Severability. If any
provision of the Plan or any Award is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction or as to any Person or Award, or
would disqualify the Plan or any Award under any law deemed applicable by the
Committee, such provision shall be construed or deemed amended to conform to the
applicable laws, or if it cannot be construed or deemed amended without, in the
determination of the Committee, materially altering the intent of the Plan or
the Award, such provision shall be stricken as to such jurisdiction, Person or
Award and the remainder of the Plan and any such Award shall remain in full
force and effect. 

     

         (m)  Other Laws. The Committee may
refuse to issue or transfer any Shares or other consideration under an Award if,
acting in its sole discretion, it determines that the issuance or transfer of
such Shares or such other consideration might violate any applicable law or
regulation or entitle the Company to recover the same under Section 16(b)
of the Exchange Act, and any payment tendered to the Company by a Participant in
connection therewith shall be promptly refunded to the relevant Participant,
holder or beneficiary. Without limiting the generality of the foregoing, no
Award granted hereunder shall be construed as an offer to sell securities of the
Company, and no such offer shall be outstanding, unless and until the Committee
in its sole discretion has determined that any such offer, if made, would be in
compliance with all applicable requirements of the U.S. federal securities laws
and any other laws to which such offer, if made, would be subject. 

     

         (n)  No Trust or Fund Created.
Neither the Plan nor any Award shall create or be construed to create a trust or
separate fund of any kind or a fiduciary relationship between the Company or any
Affiliate and a Participant or any other Person. To the extent that any Person
acquires a right to receive payments from 

     

  

12

  

 

    
    

     

    the Company or any Affiliate pursuant to an Award, such right
shall be no greater than the right of any unsecured general creditor of the
Company or any Affiliate. 

     

         (o)  No Fractional Shares. No
fractional Shares shall be issued or delivered pursuant to the Plan or any
Award, and the Committee shall determine whether cash or other securities or
other property shall be paid or transferred in lieu of any fractional Shares or
whether such fractional Shares or any rights thereto shall be canceled,
terminated, or otherwise eliminated. 

     

         (p)  Headings. Headings are given
to the Sections and subsections of the Plan solely as a convenience to
facilitate reference. Such headings shall not be deemed in any way material or
relevant to the construction or interpretation of the Plan or any provision
thereof. 

     

         (q)  Proprietary Information and
Inventions Agreement. A Participant shall, as a condition precedent to
the exercise or settlement of an Award, have executed and be in compliance with
a Proprietary Information and Inventions Agreement substantially in the form
attached hereto as Annex A. 

     

         (r)  Awards Granted to California
Residents. Awards granted under the Plan to persons resident in
California or another state shall comply with applicable law. 

     

         (s)  Modification of Award Terms for
non-U.S. Employees. The Committee shall have the discretion and authority
to grant Awards with such modified terms as the Committee deems necessary or
appropriate in order to comply with the laws of the country in which the
Employee resides or is employed, and may establish a subplan under this Plan for
such purposes. 

     

         SECTION 12. Term of the
Plan.

     

         (a)  Effective Date. The Plan
shall be effective as of the date of its adoption by the Board, subject to
approval by the shareholders of the Company. Awards may be granted hereunder
prior to such shareholder approval subject in all cases, however, to such
approval. 

     

         (b)  Expiration Date. No Award
shall be granted under the Plan more than ten years after the date of adoption
of the Plan by the Board. Unless otherwise expressly provided in the Plan or in
an applicable Award Agreement, any Award granted hereunder may, and the
authority of the Board or the Committee to amend, alter, adjust, suspend,
discontinue, or terminate any such Award or to waive any conditions or rights
under any such Award shall, continue after the authority for grant of new Awards
hereunder has been exhausted. 

     

  

13

  

 

    
    

     

    Annex A

     

    GXS Holdings,
Inc.

     

    Proprietary Information and
Inventions Agreement

     

         In consideration of my
employment or continued employment by Global Exchange Services, Inc., a Delaware
corporation (including its affiliates, successors or assigns, the “Company”), the Company
granting me access to its confidential and proprietary information, the
compensation now and hereafter paid to me including but not limited to equity
compensation and other good and valuable consideration receipt of which is
acknowledged, the undersigned hereby enters into this Proprietary Information
and Inventions Agreement (the “Agreement”) as follows:

     

         1.  Recognition of Company Rights;
Nondisclosure. 

     

         (a)  At all times during
the term of my employment and thereafter, I will hold in strictest confidence
and will not disclose to any individual, partnership, corporation, limited
liability company, trust or other entity (each, a “Person”), use or publish any
of the Company’s Proprietary Information (as defined below), except as may be
required in connection with my work for the Company, without prior written
authorization of the Company. 

     

         I hereby assign to the Company
any rights I may have or acquire in such Proprietary Information and recognize
that all Proprietary Information is and shall be the sole property of the
Company and that the Company shall be the sole owner of all patent rights,
copyrights, trade secret rights and all other rights (collectively, “Proprietary Rights”)
throughout the world in connection therewith. 

     

         The term “Proprietary Information” shall
mean trade secrets, confidential knowledge, data or any other proprietary
information of the Company. By way of illustration but not limitation,
“Proprietary Information” includes (i) inventions, trade secrets, ideas,
processes, formulas, data, programs, other works of authorship, know how,
improvements, discoveries, developments, designs and techniques (collectively,
“Inventions”);
(ii) information regarding plans for research, development, new products
and services, marketing and selling, business plans, budgets and unpublished
financial statements, licenses, prices and costs, suppliers and customers; and
(iii) information regarding the skills and compensation of other employees
of the Company. 

     

         (b)  At all times during
the term of my employment and thereafter, I will not use for any purpose the
Residuals resulting from access to or work with any Proprietary Information.
“Residuals” means any
information in non-tangible form which may be retained by me (including but not
limited to ideas, concepts, know-how and techniques contained in any Proprietary
Information). 

     

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

     

         3.  Assignment of Inventions.
(a) I hereby assign to the Company (or its designee) all my right, title
and interest in and to any and all Inventions (and all Proprietary Rights with
respect thereto) related to the Company business or created through the use of
the Company facilities, resources or information, whether or not patentable or
registrable under copyright or similar statutes, made or conceived or reduced to
practice or learned by me, either alone or jointly with others, during the
period of my employment with the Company, whether or not during regular working
hours. I agree to waive any and all “moral rights” that I may have in such
Inventions and do assign all “moral rights” to the Company. 

     

         (b)  I acknowledge that all
original works of authorship which are made by me (solely or jointly with
others) within the scope of my employment and which are protectable by copyright
are “works made for hire,” as that term is defined in the United States
Copyright Act (17 U.S.C., Section 101). Inventions assigned to or as
directed by the Company by this paragraph 3 are hereinafter referred to as
“Company Inventions.”

     

  

A-1

  

 

    
    

     

         4.  Enforcement of Proprietary
Rights. I will assist the Company in every proper way to obtain and from
time to time enforce United States and foreign Proprietary Rights relating to
Company Inventions in any and all countries. To that end I will execute, verify
and deliver such documents and perform such other acts (including appearing as a
witness) as the Company may reasonably request for use in applying for,
obtaining, perfecting, evidencing, sustaining and enforcing such Proprietary
Rights and the assignment thereof. In addition, I will execute, verify and
deliver assignments of such Proprietary Rights to the Company or its designee.
My obligation to assist the Company with respect to Proprietary Rights relating
to such Company Inventions shall continue beyond the termination of my
employment, but the Company shall compensate me at a reasonable rate after my
termination for the time spent at the Company’s request on such assistance.

     

         In the event the Company is
unable for any reason, after reasonable effort, to secure my signature on any
document needed in connection with the actions specified in the preceding
paragraph, I hereby irrevocably designate and appoint the Company and its duly
authorized officers and agents as my agent and attorney in fact, to act for and
in my behalf to execute, verify and file any such documents and to do all other
lawfully permitted acts to further the purposes of the preceding paragraph
thereon with the same legal force and effect as if executed by me. I hereby
waive and quit claim to the Company any and all claims, of any nature
whatsoever, which I now or may hereafter have for infringement of any
Proprietary Rights assigned hereunder to the Company. 

     

         5.  Obligation to Keep Company
Informed. During the period of my employment, I will promptly disclose to
the Company fully and in writing and will hold in trust for the sole right and
benefit of the Company any and all Inventions. In addition, after termination of
my employment for any reason, I will disclose all patent applications filed by
me within six (6) months after termination of employment. 

     

         6.  Prior Inventions. Inventions,
if any, patented or unpatented, which I made prior to the commencement of my
employment with the Company are excluded from the scope of this Agreement. To
preclude any possible uncertainty, I have set forth on Exhibit A attached
hereto a complete list of all Inventions that I have, alone or jointly with
others, conceived, developed or reduced to practice or caused to be conceived,
developed or reduced to practice prior to commencement of my employment with the
Company, that I consider to be my property or the property of third parties and
that I wish to have excluded from the scope of this Agreement. If disclosure of
any such Invention on Exhibit A would cause
me to violate any prior confidentiality agreement, I understand that I am not to
list such Inventions in Exhibit A but am
to inform the Company that not all Inventions have been listed for that reason.

     

         7.  No Improper Use of Materials.
During my employment by the Company I will not improperly use or disclose any
confidential information or trade secrets, if any, of any former employer or any
Person to whom I have an obligation of confidentiality, and I will not bring
onto the premises of the Company any unpublished documents or any property
belonging to any former employer or any Person to whom I have an obligation of
confidentiality unless consented to in writing by that former employer or
Person. 

     

         8.  No Conflicting Obligation. I
represent that my performance of all the terms of this Agreement and as an
employee of the Company does not and will not breach any agreement to keep in
confidence information acquired by me in confidence or in trust prior to my
employment by the Company. I have not entered into, and I agree I will not enter
into, any agreement either written or oral in conflict herewith. 

     

         9.  Other Activities; Conflicts of
Interest. During the term of my employment with the Company, I will not
engage in any business activity that competes with that of the Company, nor
shall I engage in any other activities that conflict with my obligations to the
Company. 

     

         10.  Non-Solicitation. Unless
otherwise provided in an agreement between the Company and me, at all times
during my employment with the Company and for 12 months following the
termination of my employment for any reason, I will not, directly or indirectly:

     

         (a)  induce or attempt to
induce any employee of the Company or any subsidiary of the Company to be
employed or perform services elsewhere; 

     

         (b)  solicit or attempt to
solicit the trade of any individual or entity which, at the time of such
solicitation, is a customer of the Company or which the Company is undertaking
reasonable steps to procure as a customer at the time of or immediately
preceding termination of employment. 

     

  

A-2

  

 

     

    
    

    
           11.  Non-Disparagement. At all
times during the term of my employment with the Company and thereafter, I will
not knowingly make any statement, written or oral, or take any other action
relating to the Company or its officers, directors or stockholders that would disparage or otherwise harm the Company, its business or its
reputation or the those of any of its officers or directors. 

    

     

         12.  Return of Company Documents.

     

         (a)  When I leave the
employ of the Company, I will deliver to the Company all drawings, notes,
memoranda, specifications, devices, formulas, and documents, together with all
copies thereof, and any other material containing or disclosing any Company
Inventions, Third Party Information or Proprietary Information of the Company. I
further agree that any property situated on the Company premises and owned by
the Company, including disks and other storage media, filing cabinets or other
work areas, is subject to inspection by Company personnel at any time with or
without notice. 

     

         (b)  When I leave the
employ of the Company, I will cooperate with the Company by executing the
Company’s termination statements for personnel. For the avoidance of doubt, all
of the agreements to which I agree in this Agreement, without regard to whether
they are reiterated in the termination statement or whether I execute and
deliver the termination statement at the time of the termination of my
employment, are and will be binding upon me upon my execution of this Agreement.

     

         13.  Notification to New Employer.
In the event that my employment with the Company terminates, I hereby grant
consent to notification by the Company to my new employer about my rights and
obligations under this Agreement. 

     

         14.  Notices. Any notices under
this Agreement shall be given at the address specified below or at such other
address as the party shall specify in writing. Such notice shall be deemed given
upon personal delivery to the appropriate address or if sent by certified or
registered mail, three days after the date of mailing. 

     

         15.  General Provisions.

     

         (a)  Governing Law. THIS AGREEMENT
WILL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF
MARYLAND. 

     

         (b)  Arbitration. Except as
provided in paragraph (c) below, I agree that any dispute or controversy
arising out of or relating to any interpretation, construction, performance or
breach of this Agreement, shall be settled by arbitration to be held in a
location in Maryland, in accordance with the rules of the American Arbitration
Association then in effect. The decision of the arbitrator shall be final,
conclusive and binding on the parties to the arbitration. Judgment may be
entered on the arbitrator’s decision in any court having jurisdiction.

     

         (c)  Equitable Remedies. I agree
that it would be impossible or inadequate to measure and calculate the Company’s
damages from any breach of the covenants set forth in Sections 1 through
11. Accordingly, I agree that if I breach or threaten to breach any of such
covenants, the Company will have available, in addition to any other right or
remedy available, the right to obtain an injunction from any court of competent
jurisdiction restraining such breach or threatened breach and to specific
performance of any such provision of this Agreement. I further agree that no
bond or other security will be required in obtaining such equitable relief, and
I hereby consent to the issuance of such injunction and to the ordering of
specific performance. I hereby acknowledge that any breach of any of such
covenants shall entitle the Company to cease (i) the payment to me of any
amounts otherwise required to be paid and (ii) the vesting of any equity
interest that I may have in the Company. 

     

         (d)  Amendment. No modification of
or amendment to this Agreement, nor any waiver of any rights under this
Agreement, will be effective unless in writing signed by both me and an officer
of the Company. Any subsequent change or changes in my duties, salary or
compensation will not affect the validity or scope of this Agreement. As used in
this Agreement, the period of my employment includes any time during which I may
be retained by the Company as a consultant. 

     

         (e)  Severability. 

     

    
    

     

    
      	
            	
            
	 	        (i) I agree
      and acknowledge that each agreement set forth herein constitutes a
      separate agreement independently supported by good and adequate
      consideration and shall survive and be severable from the other provisions
      of this Agreement. The existence of any claim or cause of action by me
      against the Company, whether based on this Agreement or otherwise, shall
      not constitute a defense to the enforcement by the Company of this
      Agreement.
	 
	 	        (ii) The
      Company and I intend all provisions of this Agreement to be enforced to
      the fullest extent permitted by law. Accordingly, should a court of
      competent jurisdiction determine that the scope of any provision is too
      broad to be enforced as written, the Company and I intend that the court
      should reform the provisions to apply as to such maximum time and
      territory and to such maximum extent as

    

  

A-3

  

 

     

    
      	
            	
            
	 	such court may judicially determine or indicate to be
      enforceable. If, however, any provision of this Agreement is held to be
      illegal, invalid, or unenforceable under present or future law, and not
      subject to reformation, such provision shall be fully severable; and the
      remaining provisions of this Agreement shall remain in full force and
      effect.

    

         (f)  Successors and Assigns. This
Agreement will be binding upon my heirs, executors, administrators and other
legal representatives and will be for the benefit of the Company, its successors
and its assigns. 

     

         (g)  Survival. This Agreement
shall survive the termination of my employment and the assignment of this
Agreement by the Company. 

     

         (h)  Employment. I agree and
understand that my employment with the Company is “at will”, which means either
I or the Company may terminate the employment relationship at any time, for any
reason, with or without prior notice and with or without cause. I agree and
understand that nothing in this Agreement shall confer any right with respect to
continuation of employment by the Company, nor shall it interfere in any way
with my right or the Company right to terminate my employment at any time, with
or without cause. 

     

         (i)  Waiver. No waiver by the
Company of any breach of this Agreement shall be a waiver of any preceding or
succeeding breach. No waiver by the Company of any right under this Agreement
shall be construed as a waiver of any other right. The Company shall not be
required to give notice to enforce strict adherence to all terms of this
Agreement. 

     

         This Agreement shall be
effective as of the first day of my employment with the Company, namely as of:
Date of
Hire

     

         I UNDERSTAND THAT THIS AGREEMENT
AFFECTS MY RIGHTS TO INVENTIONS I MAKE DURING MY EMPLOYMENT, AND RESTRICTS MY
RIGHT TO DISCLOSE OR USE THE COMPANY PROPRIETARY INFORMATION DURING OR
SUBSEQUENT TO MY EMPLOYMENT. 

     

         I HAVE READ THIS AGREEMENT
CAREFULLY AND UNDERSTAND ITS TERMS. I HAVE COMPLETELY FILLED OUT EXHIBIT A TO
THIS AGREEMENT. 

     

    
      
        	 	 	 
	Dated: ______	 	________________________
Signature of Employee
Print
      Name:
	 	 	Address:

      

    
    ACCEPTED AND AGREED TO: 

     

    GLOBAL EXCHANGE SERVICES, INC. 

     

    By:____________________
Name: Harvey F. Seegers
Title:
President and Chief Executive Officer 

     

  

A-4

  

 

     

    EXHIBIT
A

     

    Global Exchange Services, Inc.
100 Edison Park
Drive
Gaithersburg, MD 20878 

     

    Ladies and Gentlemen: 

     

         1.     The
following is a complete list of all inventions or improvements relevant to the
subject matter of my employment by Global Exchange Services, Inc. (the “Company”) that have been made
or conceived or first reduced to practice by me alone or jointly with others
prior to my employment by the Company that I desire to remove from the operation
of the Proprietary Information and Inventions Agreement (the “Agreement”) between the
Company and me. 

     

    
      
        	 	 	 
	     ______	 	No inventions or
      improvements.
	 	 	 
	     ______	 	See below (attach additional sheets
      if necessary):
	 	 	 
	 	 	____________________________________________________________
    
	 	 	 
	 	 	____________________________________________________________
    
	 	 	 
	 	 	____________________________________________________________
    
	 	 	 
	 	 	____________________________________________________________
    

      

    
         ______
     Due to confidentiality obligations to a previous
employer, I cannot disclose certain inventions that otherwise would be listed.

     

         ______
     Additional sheets attached. 

     

         2.     I propose
to bring to my employment the following devices, materials and documents of a
former employer or other Person to whom I have an obligation of confidentiality
that are not generally available to the public, which materials and documents
may be used in my employment pursuant to the express written authorization of my
former employer or such other Person (a copy of which is attached hereto):

     

    
      
        	 	 	 
	     ______	 	No materials or
  documents.
	 	 	 
	     ______	 	See below (attach additional sheets
      if necessary):
	 	 	 
	 	 	____________________________________________________________
    
	 	 	 
	 	 	____________________________________________________________
    
	 	 	 
	 	 	____________________________________________________________
    
	 	 	 
	 	 	____________________________________________________________
    
	 	 	 
	     ______	 	Additional sheets
    attached.

      

    
    
      
        	 	 	 
	Dated: ______	 	______________________________
Signature of
  Employee

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