Document:

EX-10.1

 Exhibit 10.1 

PURCHASE AGREEMENT 

This Purchase Agreement (the “Agreement”), dated as of October 30, 2015, is by and between EXCO
Resources, Inc., a Texas corporation (the “Company”), and each of the other undersigned parties hereto (each, a “Seller” and, collectively, the “Sellers”). The Company and the
Sellers are referred to herein as the “Parties” and each a “Party.” 

WHEREAS, the Sellers are, collectively, the direct, or indirect through their subsidiaries and affiliated funds, holders of
$         in aggregate principal amount of the Company’s 7.500% Senior Notes due 2018 (the “2018 Notes”), issued pursuant to the Indenture dated as of September 15, 2010 (the
“Base Indenture”), among the Company, the subsidiary guarantors named therein, and Wilmington Trust Company, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture dated as of
September 15, 2010, among the Company, the subsidiary guarantors named therein, and Trustee, and as further supplemented from time to time (collectively, the “2018 Notes Indenture”) , and/or
$         in aggregate principal amount of the Company’s 8.500% Senior Notes due 2022 (the “2022 Notes” and together with the 2018 Notes, “Notes”); issued
pursuant to the Base Indenture, as supplemented by the Third Supplemental Indenture dated as of April 16, 2014, by and among the Company, the subsidiary guarantors named therein, and the Trustee, and as further supplemented from time to time
(collectively, the “2022 Notes Indenture”);  
 WHEREAS, the Company has entered into a
senior secured second lien term loan agreement dated October 19, 2015 (the “Term Loan Agreement”; capitalized terms used herein without definition shall have the meanings ascribed to such terms in the Term Loan
Agreement) with Wilmington Trust, National Association, as administrative agent, and one or more lenders,; and 

WHEREAS, the Company desires to purchase, and the Sellers desire to sell, the Notes described on Annex I hereof to the
Company in exchange for the Sellers or their affiliate or affiliates becoming a lender under the Term Loan Agreement (in such capacity, collectively, the “Affiliate Lender”) ;  

NOW, THEREFORE, in consideration of the foregoing recitals, the mutual covenants and agreements set forth herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows: 
 1. Purchase and
Sale. 
 (a) On the terms and subject to the conditions set forth herein, each Seller hereby agrees to sell to the Company, and the
Company hereby agrees to purchase from each Seller, the aggregate principal amount of Notes specified on Annex I (collectively, the “Purchased Notes”),1 at a
purchase price, subject to an adjustment described in clause (c) below, equal to the sum of (i) $450 per $1,000 of principal amount of the 2018 Notes and/or $390 per $1,000 of principal amount of the 2022 Notes, each as specified on
Annex I (a 
  

	1 	 Note to Seller: Pursuant to the Indenture, the notes to be cancelled shall be in minimum principal amounts of $2,000 or a whole multiple of $1,000 in
excess thereof. 

  
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“Purchase Price Ratio”), plus (ii) unpaid and accrued interest on the Purchased Notes from the immediately preceding Interest Payment Date (as defined in the
2018 Notes Indenture and the 2022 Notes Indenture, as applicable) to, but not including, the Closing Date (defined below), payable in accordance with the terms of the 2018 Notes Indenture and the 2022 Notes Indenture, as applicable. The obligations
of the Sellers under this Agreement are several (and not joint), and no Seller shall be responsible for any other Seller’s failure to perform its obligations hereunder. 

(b) For the convenience of the Parties, each of the Company and the Sellers agree that the funding of the Affiliate
Lender’s Loans shall be deemed to occur on the Closing Date and the deemed delivery of the proceeds of the Affiliate Lender’s Loans under the Term Loan Agreement to the Sellers shall satisfy the Company’s obligation to pay the
Purchase Price hereunder. Further, the accrued but unpaid interest on the Purchased Notes from the immediately preceding Interest Payment Date to, but not including, the Closing Date shall be paid by the Trustee at the direction of the Company on
the Closing Date in cash by wire transfer of immediately available funds to the respective accounts of the Sellers referenced on Annex II (the “Accrued Interest”). Finally, the Company, as the issuer of the Purchased
Notes, shall direct the Trustee to cancel the Purchased Notes concurrently with the Closing, in accordance with the terms of the 2018 Notes Indenture and the 2022 Notes Indenture, as applicable. The Parties acknowledge and agree that (i) the
deemed making by the Affiliate Lender of its Loans under the Term Loan Agreement, (ii) the deemed delivery by the Affiliate Lender of the proceeds of its Loans under the Term Loan Agreement to the Sellers in accordance with the first sentence
of this Section 1(b) hereof, (iii) the sale by the Sellers to the Company of the Purchased Notes, (iv) the purchase by the Company from the Sellers of the Purchased Notes and (v) the cancellation by the Trustee of the Purchased
Notes in accordance with the third sentence of this Section 1(b) will, in each case, occur concurrently. 
 (c)
Notwithstanding anything to the contrary set forth in this Section 1, the Company and each Seller agree and acknowledge, in the event that on or before the 30th calendar day after the
date of this Purchase Agreement, the Company enters into an agreement to purchase any other Notes of the same series in a privately negotiated transaction in exchange for senior secured second lien term loans (the “Additional Purchased
Notes”) and the applicable Purchase Price Ratio paid for such Additional Purchased Notes is greater than the applicable Purchase Price Ratio for such series set forth in Section 1(a) above, then the Purchase Price for the
Purchased Notes shall be adjusted upward (a “Purchase Price Adjustment”) to an amount calculated by reference to the Purchase Price Ratio agreed to for the Additional Purchased Notes. In the event of a Purchase Price
Adjustment, each of the Company and the Sellers agree that (i) the Purchase Price Adjustment shall be paid and funded through additional Affiliate Lender Loans under Section 2.18 of the Term Loan Agreement; (ii) the Affiliate
Lender shall be required to execute and deliver to the Company an amendment to the Term Loan Agreement (which execution and delivery shall be a condition to the Company’s obligations to pay the Purchase Price Adjustment) to effect the increase
with an increase in such Affiliate Lender’s commitment to lend in an amount thereunder equal to the Purchase Price Adjustment (which for the avoidance of doubt shall be equal to the total purchase price paid using the Purchase Price Ratio
agreed to for the Additional Purchased Notes less the Purchase Price calculated in accordance with Section 1(a) above); (iii) the funding of such Affiliate Lender’s additional 

  
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Loans shall be deemed to occur on the Closing Date; (iv) the deemed delivery of the proceeds of the Affiliate Lender’s additional Loans under the Term Loan Agreement to the Sellers
shall satisfy the Company’s obligation to pay the Purchase Price Adjustment hereunder; and (v) the deemed making by the Affiliate Lender of its additional Loans under the Term Loan Agreement and the deemed delivery by the Affiliate
Lender of the proceeds of its additional Loans thereunder to the Sellers in accordance with this Section 1(c), will, in each case, occur concurrently. 

Closing. The closing of the purchase and sale of the Purchased Notes (the “Closing”) will take place on the
business day on which the Effective Time (as defined below) occurs (such business day, the “Effective Date”) or such date and time after the Effective Date as shall be mutually agreed to by the Parties (the
“Closing Date”); provided that, in any event, unless otherwise agreed by the Parties the Closing Date will not be sooner than the date that is three trading days following the date of this Agreement. The Closing will
take place at the offices of the Company or such other place as shall be mutually agreed to by the Parties. Each Seller’s obligations under this Agreement shall terminate on the date that is ten trading days following the date of this Agreement
(or such later date as may be agreed in writing by all Sellers). 
 2. Representations and Warranties and Covenants of Sellers. Each
Seller represents and warrants, and covenants, as applicable, as of the date hereof and as of the Effective Time to the Company: 
 (a) Such
Seller is the owner (or, as of the Effective Date, will be the owner) of the Purchased Notes, and as of the Effective Time such Purchased Notes will not be sold, pledged, assigned or hypothecated to any other person. Such Seller has good and valid
beneficial title to the Notes, free and clear of any mortgage, lien, pledge, charge, security interest, encumbrance, title retention agreement, option, equity or other adverse claim thereto, except for liens or encumbrances which will be released on
or prior to the Effective Time. 
 (b) Such Seller (i) is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization, (ii) has the power and authority, and the legal right, to make, deliver and perform this Agreement and (iii) has taken all necessary corporate or other action to authorize the execution, delivery and
performance of this Agreement. 
 (c) This Agreement (i) has been duly executed and delivered on behalf of such Seller and
(ii) constitutes a legal, valid and binding obligation of such Seller, enforceable against such Seller in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar
laws relating to or affecting the rights of creditors generally. 
 (d) Such Seller has had the opportunity to review the Company’s
filings with the Securities and Exchange Commission and has had the opportunity to ask questions of the Company and its representatives and to obtain information from representatives of the Company as necessary to evaluate the merits and risks of
the transaction contemplated by this Agreement. Such Seller is knowledgeable, sophisticated and experienced in business and financial matters and is able to bear the economic risk involved with the transaction contemplated by this Agreement. 

  
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 (e) The execution, delivery and performance of this Agreement by such Seller will not result in a
violation by such Seller of any requirement of law or any contractual obligation of such Seller and will not result in, or require, the creation or imposition of any lien on any of its properties or revenues pursuant to any requirement of law or any
such contractual obligation. 
 3. Representations and Warranties of the Company. The Company represents and warrants as of the date
hereof and as of the Effective Time to each Seller: 
 (a) The Company (i) is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization, (ii) has the power and authority, and the legal right, to make, deliver and perform this Agreement and (iii) has taken all necessary corporate or other action to authorize the
execution, delivery and performance of this Agreement. 
 (b) This Agreement (i) has been duly executed and delivered on behalf of the
Company and (ii) constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or
other similar laws relating to or affecting the rights of creditors generally. 
 (c) The execution, delivery and performance of this
Agreement by the Company will not result in a violation by the Company of any requirement of law or any contractual obligation of the Company and will not result in, or require, the creation or imposition of any lien on any of its properties or
revenues pursuant to any requirement of law or any such contractual obligation. 
 4. Conditions Precedent. The effectiveness of this
Agreement and the obligations of the Company to purchase and the Sellers to sell the Purchased Notes is subject to the satisfaction of the following conditions precedent (the date and time of satisfaction of such conditions precedent, the
“Effective Time”): 
 (a) Each Party shall have received this Agreement duly executed and delivered by each other
Party; 
 (b) Each of the representations and warranties of each Party set forth herein are true and accurate as of the date hereof and as
of the Effective Time; 
 (c) The Affiliate Lender shall have executed an amendment to the Term Loan Agreement as a lender thereunder, with
a commitment to lend an amount thereunder equal to the Purchase Price (but, for the avoidance of doubt, exclusive of the amounts required to pay the Accrued Interest on the Purchased Notes); 

  
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 (d) All of the conditions to the closing and the making of Loans by the Affiliate Lender under
the Term Loan Agreement, other than the contemporaneous consummation of the purchase of the Purchased Notes pursuant hereto, shall have been satisfied or waived by the Administrative Agent or Lenders, as applicable; 

(e) Concurrently with the Closing, the Company shall have directed the Administrative Agent and the Affiliate Lender to deliver the deemed
proceeds of the Affiliate Lender’s Loans under the Term Loan Agreement as contemplated in Section 1(b) hereof; and 
 (f) The
Sellers shall have delivered to the Company all necessary certificates, instruments and other documents required by the Trustee in order to cancel the Purchased Notes in accordance with the procedures of DTC and pursuant to the terms of the 2018
Notes Indenture and the 2022 Notes Indenture, as applicable. 
 5. Release of Claims; Indemnification. 

(a) Effective on the Effective Time, each Party, on behalf of itself and its respective successors and assigns, affiliates,
members, directors, managers, officers, employees, agents and representatives (collectively, the “Releasing Parties”) shall, and hereby does, except as provided herein, release, acquit, waive and forever discharge each other
Party and such Party’s affiliates and its and their respective current and former principals, officers, directors, managers, employees, agents, attorneys, successors, assigns, indemnitees and representatives of any kind (collectively, the
“Released Parties”), from and against (i) any and all liability from all claims, judgments, demands, liens, actions, administrative proceedings, and causes of action of every kind and nature, whether derivative or
otherwise (including, without limitation, any claims or counterclaims), asserted by any Releasing Party, in each case, to the extent and solely to the extent arising out of the Purchased Notes (collectively, “Claims”), and
(ii) from all damages, injuries, contributions, indemnities, compensation, obligations, costs, attorney’s fees and expenses of every kind and nature whatsoever, whether known or unknown, fixed or contingent, whether in law or in equity,
whether sounding in tort or in contract and whether or not asserted (collectively, “Damages”), arising out of such Claims, insofar as such Claims or Damages arise out of the actions or omissions of any Released Party, whether
or not relating to liabilities, Claims or Damages pending on, or asserted after, the date hereof. For the avoidance of doubt, the direct or indirect limited partners or members of any Party or any of its members shall not be deemed to be Releasing
Parties for purposes of this Section 6. Notwithstanding the foregoing, the Claims and/or Damages released hereby shall not include (i) any Claims and/or Damages arising as a direct or indirect result of the fraud of any Released Party,
(ii) any rights to indemnity or reimbursement under the 2018 Notes Indenture or the 2022 Notes Indenture which relate to the period prior to the Effective Time or (iii) any Claims and/or Damages related to any indebtedness of the Company
other than the Purchased Notes. 
 (b) The release of Released Parties contained herein is a final release, even if there may
exist a mistake on the part of any Releasing Party as to the extent and nature of the claims, injuries, and damages of the Releasing Parties against the Released Parties; provided that for the avoidance of doubt such release shall be of no further
force or effect in the event the transactions contemplated hereby are not consummated. 

  
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 (c) Each Party agrees that this Agreement may be pleaded as a full and complete defense to, and
may be used as a basis for an injunction against, any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of this Agreement by it or any other Releasing Party. 

(d) Each Party expressly agrees that this Agreement shall apply to all unknown and any unanticipated injuries and damages of any Releasing
Party, as well as those now known by any Releasing Party, arising out of or in connection with the actions or omissions of any Released Parties related to the Claims prior to the date hereof, and expressly waives any applicable state law that may
hold to the contrary. 
 (e) Notwithstanding anything to the contrary contained in this Section 6, nothing in this Section 6 shall
limit or otherwise affect any of the provisions of the Term Loan Agreement or any of the other Loan Documents (as defined in the Term Loan Agreement), or any of the rights of the Affiliate Lender thereunder. 

6. Counterparts. This Agreement may be executed by one or more parties to this Agreement on any number of separate counterparts, and
all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart
hereof. 
 7. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
 8. GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS AGREEMENT (INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS AGREEMENT WHETHER SOUNDING IN CONTRACT LAW, TORT LAW OR OTHERWISE) SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF
NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. 

9. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY, IRREVOCABLY AND UNCONDITIONALLY
WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN (IN EACH CASE, WHETHER FOR CLAIMS SOUNDING IN CONTRACT OR IN TORT). 

10. Entire Agreement. This Agreement in combination with the Term Loan Agreement represents the entire agreement of the Parties with
respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Parties relative to the subject matter hereof not expressly set forth or referred to herein or in this Agreement. 

  
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 11. Further Assurances. Each of the Parties shall execute, acknowledge, deliver or cause
to be executed, acknowledged or delivered, all further documents as shall be reasonably necessary or convenient to carry out the provisions of this Agreement. 

12. Amendments in Writing. This Agreement may only be amended or modified if such amendment, modification or waiver is in writing and
signed by all Parties. No waiver of any breach of this Agreement shall be construed as an implied amendment or agreement to amend or modify any provision of this Agreement. 

13. Headings. The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the
meaning or interpretation of this Agreement. 
 [Signature Pages to Follow] 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed under seal and
delivered by their respective duly authorized officers on the date first written above. 
  

			
	EXCO RESOURCES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to EXCO Resources Purchase Agreement] 

  

 
			
	Seller:	 	
		
	[name]	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to EXCO Resources Purchase Agreement] 

  

 Annex I 

Purchased Notes 
  

											
	 Note Seller
	 	 Principal

Amount of 2018
 Notes Being
Sold
	 	 Total Purchase

Price for 2018

Notes
	 	 Principal

Amount of 2022
 Notes
Being
 Sold
	 	 Total Purchase

Price for 2022

Notes
	 	 Total Aggregate
Purchase Price for

Notes

		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	
		 		 		 		 		 	
	 TOTAL
	 		 		 		 		 	

 Annex II 

Account Information 
  

													
	 Note Seller
	 	 Name of Bank
	 	 Address of

Bank
	 	 Account

Name
	 	 Account

Number
	 	 Transit/ABA
Number
	 	 SWIFT Codedwre-ex101_491.htm

 

Exhibit 10.1

DEMANDWARE, INC. 

5 Wall Street

Burlington, MA 01803

July 3, 2013

Rohit Goyal

4 Canal Park, Unit 307

Cambridge, MA 02141

Re: Change in Control / Severance Agreement 

Dear Rohit:

This Offer Letter (the "Letter") sets forth the terms of your employment with Demandware, Inc. (the "Company"). Reference is made to the offer letter between you and the Company dated January 3, 2013, and any prior agreement, written or oral, regarding your employment with the Company, the "Prior Agreement". Upon your execution of this Letter, this Letter amends and restates the Prior Agreement in its entirety and the Prior Agreement shall no longer be of any force or effect.

1. You will continue to be employed to serve on a full-time basis as SVP, Engineering. You will continue to report to the CEO and have such duties and responsibilities as are customary for such position and as are otherwise assigned to you by the CEO from time to time.

2. Your salary will continue to be $18,333.33 per month ($220,000 on an annualized basis), subject to tax and other withholdings as required by law. Such salary may be adjusted from time to time in accordance with normal business practice and in the sole discretion of the Company.

3. You will continue to be eligible for an annual bonus of up to $66,000, as determined by the Board in its sole discretion and in future years as determined by the Board in its sole discretion. You may participate in any and all other bonus and benefit programs that the Company establishes and makes available to its employees from time to time, provided you are eligible under (and subject to all provisions of) the plan documents governing those programs.

4. You may be eligible for a maximum of 160 hours of "paid time off' per calendar year. The number of PTO hours for which you are eligible shall accrue at the rate of 6.66 hours per semi-monthly pay period that you are employed during such calendar year.

5. You and the Company acknowledge that, in connection with grants previously authorized by the Board, the Company has granted you equity awards under the Company's 2012 Stock Option and Grant Plan (the "Plan"). In the event of a Change of Control (as defined below), the vesting schedule for your outstanding equity awards will be accelerated in full such that 100% of such awards that are not then vested will be accelerated and become vested and exercisable upon the consummation of the Change of Control.

6. If, within six months after the closing of a Change of Control, the Company terminates your employment without Cause (as defined below) or you resign for Good Reason (as defined below), you shall be eligible to receive (a) an amount equal to the remaining salary you would have received if you had been employed through the date that is twelve months following the termination date, less applicable taxes and withholdings, payable in accordance with the Company's regular payroll procedures over the twelve-month period following the Payment Commencement Date (as defined below), (b) payment of a lump sum equal to 100% of your target annual cash bonus for the year in which the Change of Control occurs (without regard to the relative achievement of any performance milestones which would otherwise impact payment of the target bonus) payable on the Payment Commencement Date and (c) medical benefits or credits substantially the same as those provided to you at the time of termination for a period of six months after the date of termination. No severance shall be paid under this Letter unless you first execute, and do not revoke, a waiver and release within 60 days following the date of termination, which provides for a release of any and all claims that you have or might have against the Company. The severance payments shall be paid or commence on the first payroll period following the date the waiver and release becomes effective (the "Payment Commencement Date"). Notwithstanding the foregoing, if the 60th day following the date of termination occurs in the calendar year following the calendar year of the termination, then the Payment Commencement Date shall be no earlier than January 1 of such subsequent calendar year. The distribution of any severance payments shall be subject to the provisions of Exhibit A attached hereto.

 

 

7. For purposes of this Letter, "Cause" for termination shall be deemed to exist upon (a) a good faith finding by the Board of (i) your deliberate and continual failure to satisfactorily perform your assigned duties for the Company, after ten (10) days' written notice by certified mail of such failure to perform, specifying that the failure constitutes Cause (other than as a result of authorized vacation or sickness, illness or injury), or (ii) your dishonesty, gross negligence or gross misconduct in connection with the business of the Company which has a substantial adverse effect on the Company; (b) your indictment or conviction, or the entry of a pleading of guilty or nolo contendere by you, to any crime involving moral turpitude or any felony, but excluding any conviction arising as a result of your title or position with the Company and that is not based on your personal conduct; or (c) your violation of any of the terms of your invention/non-disclosure or non-competition agreement with the Company, signed in connection with your execution of this Letter. You shall be entitled to at least ten (10) days' prior written notice of the Company's intention to terminate your employment for "Cause" (as defined herein) (except for conviction of a felony) specifying the grounds for such termination, and a reasonable opportunity to cure any conduct or act, if curable, alleged as grounds for such termination, and a reasonable opportunity to present to the Board your position regarding any dispute relating to the existence of such Cause. For purposes of this Letter, "Good Reason" shall mean, without your consent, (a) the relocation of your principal place of employment with the Company to a place more than fifty (50) miles from your initial principal place of employment with the Company (other than in a direction that reduces your daily commuting distance); (b) a reduction in the level of your (then) base salary of more than 20%; or (c) a material diminution in your duties, authority or responsibilities.

8. For purposes of this Letter, "Change of Control" shall mean, regardless of form thereof, consummation of (a) the sale of all or substantially all of the assets of the Company on a consolidated basis to an unrelated person or entity, (b) a merger, reorganization or consolidation in which the outstanding shares of capital stock of the Company are converted into or exchanged for securities of the successor entity and the holders of the Company's outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting power of the successor entity immediately upon completion of such transaction, (c) the sale of all or a majority of the outstanding capital stock of the Company to an unrelated person or entity or (d) any other transaction in which the owners of the Company's outstanding voting power immediately prior to such transaction do not own at least a majority of the outstanding voting power of the successor entity immediately upon completion of the transaction; provided, however, that "Change of Control" shall not include any financing transaction of the Company (whether public or private) that would otherwise be and/or trigger a "Change of Control" under (c) and/or (d) above.

9. You acknowledge that you have previously executed an Invention and Non-Disclosure Agreement and a Non-Competition and Non-Solicitation Agreement in the forms previously provided to you, as a condition of employment.

10. You represent that you are not bound by any employment contract, restrictive covenant or other restriction which is in any way inconsistent with the terms of this Letter.

11. You acknowledge that you have previously provided to the Company documentation of your eligibility to work in the United States, as required by the Immigration Reform and Control Act of 1986. If you need to obtain a work visa in order to be eligible to work in the United States, you acknowledge that your employment with the Company is conditioned upon your obtaining a work visa in a timely manner as determined by the Company.

12. This Letter shall not be construed as an agreement, either expressed or implied, to employ you for any stated term, and shall in no way alter the Company's policy of employment at will, under which both you and the Company remain free to terminate the employment relationship, with or without cause, at any time, with or without notice, subject to the terms specific above.

[Remainder of Page Intentionally Left Blank]

 

 

 

– 2 –

 

If you agree with the employment provisions of this Letter, please sign the enclosed duplicate of this Letter in the space provided below and return it to me.

 

	
Very Truly Yours,

	
 

	
DEMANDWARE, INC.

	
 

	
By: 
	
 
	
/s/ Nicholas Camelio

	
Name: 
	
 
	
Nicholas Camelio

	
Title:
	
 
	
Senior Vice President, Human Resources

Agreed and acknowledged as of the date set forth below:

 

	
/s/ Rohit Goyal

	
Rohit Goyal

	
 

	
Date: July 5, 2013

 

 

 

Exhibit A

Payments Subject to Section 409A

1. Subject to this Exhibit A, payments or benefits under Section 6 of the Letter shall begin only upon the date of your "separation from service" (determined as set forth below) which occurs on or after the termination of your employment. The following rules shall apply with respect to distribution of the payments and benefits, if any, to be provided to you under the Letter, as applicable:

(a) It is intended that each installment of the payments and benefits provided in the Letter shall be treated as a separate "payment" for purposes of Section 409A of the Code and the guidance issued thereunder ("Section 409A"). Neither the Company nor you shall have the right to accelerate or defer the delivery of any such payments or benefits except to the extent specifically permitted or required by Section 409A.

(b) If, as of the date of your "separation from service" from the Company, you are not a "specified employee" (within the meaning of Section 409A), then each installment of the payments and benefits shall be made on the dates and terms set forth in Section 6 of the Letter.

(c) If, as of the date of your "separation from service" from the Company, you are a "specified employee" (within the meaning of Section 409A), then:

(i) Each installment of the payments and benefits due under Section 6 of the Letter that, in accordance with the dates and terms set forth herein, will in all circumstances, regardless of when your separation from service occurs, be paid within the Short-Term Deferral Period (as defined under Section 409A) shall be treated as a short-term deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the maximum extent permissible under Section 409A; and

(ii) Each installment of the payments and benefits due under Section 6 of the Letter that is not described in this Exhibit A, Section 1(c)(i) and that would, absent this subsection, be paid within the six-month period following your "separation from service" from the Company shall not be paid until the date that is six months and one day after such separation from service (or, if earlier, your death), with any such installments that are required to be delayed being accumulated during the six-month period and paid in a lump sum on the date that is six months and one day following your separation from service and any subsequent installments, if any, being paid in accordance with the dates and terms set forth herein; provided, however, that the preceding provisions of this sentence shall not apply to any installment of payments and benefits if and to the maximum extent that that such installment is deemed to be paid under a separation pay plan that does not provide for a deferral of compensation by reason of the application of Treasury Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an involuntary separation from service). Any installments that qualify for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) must be paid no later than the last day of your second taxable year following the taxable year in which the separation from service occurs.

2. The determination of whether and when your separation from service from the Company has occurred shall be made and in a manner consistent with, and based on the presumptions set forth in, Treasury Regulation Section 1.409A-1(h). Solely for purposes of this Exhibit A, Section 2, "Company" shall include all persons with whom the Company would be considered a single employer under Section 414(b) and 414(c) of the Code.

3. All reimbursements and in-kind benefits provided under the Letter shall be made or provided in accordance with the requirements of Section 409A to the extent that such reimbursements or in-kind benefits are subject to Section 409A.

4. The Company makes no representation or warranty and shall have no liability to you or to any other person if any of the provisions of the Letter (including this Exhibit) are determined to constitute deferred compensation subject to Section 409A but that do not satisfy an exemption from, or the conditions of, that section.

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