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Exhibit 10.23    
    

July 8,
2004 

R.
William Taylor 

Dear
Bill: 

        We
are pleased to offer you following position within Accelrys Inc. and it is our hope that you will become a part of this exciting and innovative organization. The following will
confirm the terms of our offer of employment to you: 

        Position/Location:    You will assume the position of Vice President of Marketing and will join Accelrys as a member of the
Executive Management Team based in our San Diego headquarters. In this role you will report directly to Mark Emkjer, President and CEO of Accelrys. 

        Compensation:    Your compensation in the above position will include an annual base salary of $225,000.00, paid
semi-monthly at the rate of $9,375.00 per pay period. In addition you will participate in our Management Incentive Plan designed to allow you to earn up to 30% of your base salary in
incentive compensation upon the achievement of corporate and individual objectives. For FY05 your incentive eligibility will be prorated (7/12ths) consistent with your partial year of service and of
the eligible amount, you will receive a guaranteed payment of 50% of that amount following the end of the fiscal year on or about April 30, 2005. For FY06 you will receive a guaranteed payment
of 50% of that amount remaining to make your guaranteed bonus period a full year's term (5/12ths) which will be paid to you following the end of the fiscal year on or about April 30, 2006. Both
payments are conditional upon the provision that you do not voluntarily terminate your employment prior to the fiscal year end associated with the guarantee. 

        Employment and Benefits:    As a US employee of Accelrys Inc., you will participate in our comprehensive employee
benefits package. Accelrys is committed to maintaining a competitive position in the employment marketplace and in doing so makes available to you the standard employee benefits package provided to
US-based employees. This will include, but is not limited to, health, disability and life insurance; participation in our 401(k) retirement savings plan; and vacation benefits. In
addition, you will be eligible to participate in a number of executive-level benefits including supplemental long term disability insurance and participation in Accelrys' executive deferred
compensation plan. 

        It
is understood that this offer of employment, its acceptance, or the maintenance of human resources policies, procedures, and benefits do not create a contract of employment for a
specified term or guarantee of specific benefits. Employment at Accelrys Inc. is not for a specific term and can be terminated by you or by Accelrys Inc. at any time for any reason, with
or without cause. 

        This
letter supersedes any prior or contrary representations that may have been made by Accelrys Inc. Upon acceptance of this offer, the terms described in this letter shall be
the terms of your employment. Any additions or modifications of these terms must be in writing and signed by the Vice President of Human Resources. 

        Relocation Terms:    Accelrys Inc. will agree to pay for reasonable and customary expenses associated with your
relocation to the San Diego area upon your acceptance of this offer and upon commencement of your employment with us. Relocation expenses must be approved in advance and can include the following: 

	•
	A
house-hunting trip for you and you family

	•
	Travel
associated with the move of your family to San Diego

	•
	The
packing, moving and storage (for up to 3 mos.) of your household goods including the move of up to two automobiles

	•
	Payment
for up to 1 month of temporary housing expense (not to exceed $5,000 in total) 

	•
	Closing
costs associated with the sale of your home in Washington (expect to be between 6-7% of sale price of your home)

	•
	Cost
associated with the exit taxes levied upon you by the state of WA.

	•
	Closing
costs associated with the purchase of a home in San Diego within 6 months of your commencement of employment with us. (up to 11/2% of total
cost of the home) 

        Please
note should you voluntarily terminate your employment with the company prior to 2 years from the date of your relocation to San Diego, as defined by final payment of
relocation related expenses, you will agree to repay to the company all monies paid to you or on your behalf in conjunction with your relocation in accordance with the following. 

        Immigration Assistance:    Accelrys will provide you with legal and financial assistance in the completion of your United States
permanent residency filings and those filings that may be required in transferring your employment to Accelrys. 

        Employment Termination Provision:    In the event that your employment with the Company is involuntarily terminated for reasons
other than gross misconduct Accelrys Inc. will agree to pay to you a severance payment equal to 6 months of your then base salary amount. This amount will be deemed payable upon the
effective date of your termination and will be paid to you in 12 equal bi-weekly payments consistent with our standard US payroll processing periods. This payment will be conditional upon
your execution of an employment agreement with Accelrys inclusive of change of control provisions related to accelerated vesting of outstanding options and a standard release of all claims,
non-solicitation and of a non-competition agreement for a period equal to that of the severance payment period provisions. 

        Option Grant:    Upon joining the Company, management will recommend to the Board of Directors that you be given the opportunity
to receive an option for 75,000 shares of common stock pursuant to the terms of the Non-Qualified Stock Plan. Any offer of options is subject to the written approval of the Company's Board
of Directors and such standard conditions as the Board may impose. The option will vest over a four (4) year period and will be priced in accordance with the market close price as of the day
you begin your employment with us. 

        Confidentiality:    Due to the nature of your responsibilities, you will be required to execute and will be bound by the
Company's Invention and Non-Disclosure Agreement ("the Agreement") effective upon your commencement of employment with the company. Please find a copy of this document enclosed for your
review. 

        Proposed Start Date:    No later than September 1, 2004 

        This
offer is subject to your submission of an I-9 form, to satisfactory completion of Accelrys' reference and background check and satisfactory documentation with respect to
your identification, and right to work in the United States. 

        I
look forward to your joining the Accelrys team and your involvement in what we are confident represents an exciting and professionally rewarding venture. 

	Accelrys Inc.	 	 	 
	

By:	

/s/  JUDITH OHRN HICKS      
 Judith Ohrn Hicks

Vice President, Human Resources	
 	

 	

 
	

    	

 	
 	

 	

 
	Agreed and Accepted by:	 	 	 
	

/s/  R. WILLIAM TAYLOR      
 R. William Taylor	
 	

 	

 
	

Start Date: ____________	
 	

 	

 
	

    	

 	
 	

 	

 
	

    	

 	
 	

 	

 

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Exhibit 10.23QuickLinks
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Exhibit 10.24    
    

 
 

SEPARATION AGREEMENT AND RELEASE    
    
    RECITALS    
    

        This Separation Agreement and Release ("Agreement") is made by and between John Hanlon ("Employee") and Accelrys, Inc. ("Company") (jointly referred to as
the "Parties"): 

        WHEREAS,
Employee was employed by the Company; 

        WHEREAS,
the Company and Employee entered into a Proprietary Information and Inventions Agreement on May 28, 2002 (the "Confidentiality Agreement"); 

        WHEREAS,
Employee was separated from his employment with the Company effective February 5, 2005 (the "Separation Date"); 

        WHEREAS,
the Company and Employee have entered into the stock option agreements (the "Stock Option Agreements") listed on  Schedule A annexed hereto granting Employee the option to purchase an aggregate
ninety-five, three hundred and sixty-two
thousand (95,362) shares of the Company's common stock subject to the terms and conditions of the applicable stock option plan(s) referred to on  Schedule A; 

        WHEREAS,
the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions and demands that the Employee may have against the Company,
including, but not limited to, any and all claims arising or in any way related to Employee's employment with or separation from the Company; 

        NOW
THEREFORE, in consideration of the promises made herein, the Parties hereby agree as follows: 

 
 

COVENANTS    
    

	1)
	Consideration.

	(a)
	Payment.    The Company agrees to pay Employee the sum of two hundred and seventy-five thousand dollars
($275,000), which is the equivalent of twelve months of Employee's base salary, less applicable withholding. This payment will be made in accordance with the Company's regular semi-monthly
payroll practices over the ensuing twelve months.

	(b)
	Reimbursement of Business Expenses.    The Company agrees to reimburse Employee for his reasonable and actual business
expenses incurred pursuant to normal Company policies during the period ending on January 31, 2005. The Parties agree that the Company's obligations under this Section 1(b) are expressly
conditioned upon Employee timely providing receipts or other records which verify Employee's business expenses.

	(c)
	Laptop Computer:    The Company agrees to allow Employee to take possession of the laptop computer and docking station
currently assigned to him. Employee acknowledges and agrees, consistent with his obligations under the Confidentiality Agreement and Section 3 of this Agreement, that he will remove and not
retain all Company property contained on this laptop by the Effective Date of this Agreement.

	(d)
	D&O Insurance.    The Parties acknowledge and agree that Employee will receive the benefit of the Company's Director &
Officer ("D&O") Liability Insurance Policy for any actions taken by Employee in the course and scope of his employment with the Company through the Separation Date, pursuant to the terms of this
Policy. The Parties acknowledge, however, that nothing in this Agreement is intended to or has the effect of altering or modifying the terms and conditions of the Company's D&O Liability Insurance
Policy or the benefits provided to Employee thereunder. 

	(e)
	Stock Options.    The Parties agree that for purposes of determining the number of shares of the Company's common stock which
Employee is entitled to purchase from the Company, pursuant to the exercise of outstanding options, the Employee will be considered to have vested only up to the Separation Date. Employee acknowledges
that as of the Separation Date, he will have vested in 95,362 options and no more. The post-separation exercisability period(s) set forth in each of the Stock Option Agreements or any
other instrument, agreement, notice or other document contemplated therein is hereby amended to provide that the applicable option(s) shall be exercisable for twelve (12) months after the
Separation Date, subject to any earlier termination of such option(s) as provided for in the applicable Stock Option Agreement or stock option plan. Employee understands that the amendment to the
option(s) held by Employee to extend the post-separation exercise period thereof may disqualify the option(s) as an incentive stock option and may result in Employee having a
non-qualified stock option(s). Employee further understands that, in any event, any incentive stock option currently held by Employee will automatically convert into a
non-qualified stock option three (3) months and one (1) day after the Separation Date. Employee represents that he has consulted with any tax consultants he deems advisable
in connection with the execution of this Agreement, and specifically the amendment of the terms of exercisability of Employee's stock options as contemplated herein, and that Employee is not relying
on the Company for any tax or financial advice. To the extent not expressly amended hereby, the Stock Option Agreements remain in full force and effect, and the exercise of any stock options shall
continue to be subject to the terms and conditions of the Stock Option Agreements.

	2)
	Benefits.    Employee's health and dental insurance benefits will cease on February 28, 2005, subject to Employee's
right to continue Employee's health and dental insurance under COBRA. Employee's participation in all other benefits and incidents of employment ceased on the Separation Date. Employee ceased accruing
employee benefits, including, but not limited to, vacation time and paid time off, as of the Separation Date. Should the Employee elect continuation of medical and/or dental coverage under COBRA, the
Company will agree to reimburse the Employee for the monthly premiums associated with these coverages for a period not to exceed the 11 months through a period not to exceed January 31,
2006. In the event that the Employee becomes employed by another employer during this period in a same or similar capacity to that which he holds with the Company, the Employee will agree to notify
the Company of this and the Company's obligation to continue reimbursement of these benefits will immediately discontinue.

	3)
	Confidential Information.    Employee shall continue to maintain the confidentiality of all confidential and proprietary
information of the Company and shall continue to comply with the terms and conditions of the Confidentiality Agreement between Employee and the Company. Employee shall return all of the Company's
property and confidential and proprietary information in his possession to the Company, other than the laptop identified in Section 1(c) of this Agreement. By signing this Agreement, Employee
represents and declares under penalty of perjury under the laws of the State of California that he has returned all Company property.

	4)
	Payment of Salary.    Employee acknowledges and represents that the Company has paid all salary, wages, bonuses, accrued
vacation, commissions and any and all other benefits due to Employee.

	5)
	Release of Claims.    Employee agrees that the foregoing consideration represents settlement in full of all outstanding
obligations owed to Employee by the Company and its officers, managers, supervisors, agents and employees. Employee, on his own behalf, and on behalf of his respective heirs, family members,
executors, agents, and assigns, hereby fully and forever releases the Company and its officers, directors, employees, agents, investors, shareholders, administrators, affiliates, divisions,
subsidiaries, predecessor and successor corporations, and assigns ("the Releasees"), from, and agrees not to sue concerning, any claim, duty, obligation or cause of action relating to any matters of
any kind, whether presently known or unknown, suspected or 

unsuspected,
that Employee may possess arising from any omissions, acts or facts that have occurred up until and including the Effective Date of this Agreement including, without limitation: 

	(a)
	any
and all claims relating to or arising from Employee's employment relationship with the Company and the termination of that relationship;

	(b)
	any
and all claims relating to, or arising from, Employee's right to purchase, or actual purchase of shares of stock of the Company, including, without limitation, any claims for
fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law;

	(c)
	any
and all claims under the law of any jurisdiction including, but not limited to, wrongful discharge of employment, constructive discharge from employment, termination in violation
of public policy, discrimination, breach of contract, both express and implied, breach of a covenant of good faith and fair dealing, both express and implied, promissory estoppel, negligent or
intentional infliction of emotional distress, negligent or intentional misrepresentation, negligent or intentional interference with contract or prospective economic advantage, unfair business
practices, defamation, libel, slander, negligence, personal injury, assault, battery, invasion of privacy, false imprisonment, and conversion;

	(d)
	any
and all claims for violation of any federal, state or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991,
the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the Employee Retirement Income Security Act of 1974, The Worker Adjustment
and Retraining Notification Act, the Older Workers Benefit Protection Act, the Family and Medical Leave Act, the California Family Rights Act, the California Fair Employment and Housing Act, and the
California Labor Code;

	(e)
	any
and all claims for violation of the federal, or any state, constitution;

	(f)
	any
and all claims arising out of any other laws and regulations relating to employment or employment discrimination;

	(g)
	any
claim for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds received by Employee as
a result of this Agreement; and

	(h)
	any
and all claims for attorneys' fees and costs. 

The
Company and Employee agree that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released. This release does not
extend to any obligations incurred under this Agreement. 

	6)
	Acknowledgement of Waiver of Claims Under ADEA.    Employee acknowledges that he is waiving and releasing any rights he may
have under the Age Discrimination in Employment Act of 1967 ("ADEA") and that this waiver and release is knowing and voluntary. The Parties agree that this waiver and release does not apply to any
rights or claims that may arise under ADEA after the Effective Date of this Agreement. Employee acknowledges that the consideration given for this waiver and release Agreement is in addition to
anything of value to which Employee was already entitled. Employee further acknowledges that he has been advised by this writing that

	(a)
	he
should consult with an attorney prior to executing this Agreement;

	(b)
	he
has up to twenty-one (21) days within which to consider this Agreement;

	(c)
	he
has seven (7) days following his/her execution of this Agreement to revoke the Agreement;

	(d)
	this
Agreement shall not be effective until the revocation period has expired; and

	(e)
	nothing
in this Agreement prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose 

any
condition precedent, penalties or costs from doing so, unless specifically authorized by federal law. 

	7)
	Civil Code Section 1542.    Employee represents that he is not aware of any claim by him other than the claims that are
released by this Agreement. Employee acknowledges that he has had the opportunity to be advised by legal counsel and is familiar with the provisions of California Civil Code Section 1542, which
provides as follows: 

A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE
RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR. 

Employee,
being aware of said code section, agrees to expressly waive any rights he may have thereunder, as well as under any other statute or common law principles of similar effect. 

	8)
	No Pending or Future Lawsuits.    Employee represents that he has no lawsuits, claims, or actions pending in his name, or on
behalf of any other person or entity, against the Company or any other person or entity referred to herein. Employee also represents that he does not intend to bring any claims on his own behalf or on
behalf of any other person or entity against the Company or any other person or entity referred to herein.

	9)
	Confidentiality.    The Parties acknowledge that Employee's agreement to keep the terms and conditions of this Agreement
confidential was a material factor on which all parties relied in entering into this Agreement. Employee hereto agrees to use his best efforts to maintain in confidence the existence of this
Agreement, the contents and terms of this Agreement, and the consideration for this Agreement (hereinafter collectively referred to as "Settlement Information"). Employee agrees to take every
reasonable precaution to prevent disclosure of any Settlement Information to third parties, and agrees that there will be no publicity, directly or indirectly, concerning any Settlement Information.
Employee agrees to take every precaution to disclose Settlement Information only to those attorneys, accountants, governmental entities, and family members who have a reasonable need to know of such
Settlement Information.

	10)
	No Cooperation.    Employee agrees he will not act in any manner that might damage the business of the Company. Employee
agrees that he will not encourage, counsel or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any
third party against any of the Releasees, unless under a subpoena or other court order to do so. Employee shall inform the Company in writing within three (3) days of receiving any such
subpoena or other court order.

	11)
	Mutual Non-Disparagement.    Each party agrees to refrain from any defamation, libel or slander of the other, or
tortious interference with the contracts and relationships of the other. All inquiries by potential future employers of Employee will be directed to Human Resources. Upon inquiry, the Company shall
only state the following: Employee's last position and dates of employment. The Company's obligations under this section extend only to then current executives, officers, members of the Board of
Directors, and managing agents, and only for so long as those individuals are employees and/or directors of the Company.

	12)
	No Application for Employment.    Employee understands and agrees that, as a condition of this Agreement, Employee shall not
be entitled to any employment with the Company, its subsidiaries and any successor, and Employee hereby waives any right, or alleged right, of employment or re-employment with the Company,
its subsidiaries and any successor. Employee also waives any right to work as an independent contractor for the Company, its subsidiaries and any successor. Employee further agrees not to apply for
employment or to work as an independent contractor with the Company, its subsidiaries or any successor.

	13)
	Non-Solicitation.    Employee agrees that for a period of twelve (12) months immediately following the
Effective Date of this Agreement, Employee shall not either directly or indirectly solicit, 

induce,
recruit or encourage any of the Company's employees or consultants to leave their employment, or attempt to do so, either for himself or any other person or entity. 

	14)
	Breach.    Employee acknowledges and agrees that any breach of any provision of this Agreement shall constitute a material
breach of this Agreement and shall entitle the Company immediately to recover and/or cease the severance benefits provided to Employee under this Agreement. In addition, to the extent that it is
consistent with Section 16 below, Employee shall also be responsible to the Company for all costs, attorneys' fees and any and all damages incurred by the Company (a) enforcing the
obligation, including the bringing of any suit to recover the monetary consideration, and (b) defending against a claim or suit brought or pursued by Employee in violation of this Agreement.

	15)
	No Admission of Liability.    The Parties understand and acknowledge that this Agreement constitutes a compromise and
settlement of actual or potential disputed claims. No action taken by the Parties hereto, or either of them, either previously or in connection with this Agreement shall be deemed or construed to be:

	(a)
	an
admission of the truth or falsity of any claims made or any potential claims; or

	(b)
	an
acknowledgment or admission by either party of any fault or liability whatsoever to the other party or to any third party.

	16)
	Costs.    The Parties shall each bear their own costs, expert fees, attorneys' fees and other fees incurred in connection
with this Agreement, except as provided herein.

	17)
	Arbitration.    The Parties agree that any and all disputes arising out of the terms of this Agreement, their interpretation,
and any of the matters herein released, shall be subject to binding arbitration in San Diego County before the American Arbitration Association under its National Rules for the Resolution of
Employment Disputes, supplemented by the California Code of Civil Procedure. The Parties agree that the prevailing party in any arbitration shall be entitled to injunctive relief in any court of
competent jurisdiction to enforce the arbitration award. The Parties agree that the prevailing party in any arbitration shall be awarded its reasonable attorneys' fees and costs. The Parties hereby
agree to waive their right to have any dispute between them resolved in a court of law by a judge or jury. This paragraph will not prevent either party from seeking injunctive relief (or any other
provisional remedy) from any court having jurisdiction over the Parties and the subject matter of their dispute relating to Employee's obligations under this Agreement and the Confidentiality
Agreement.

	18)
	Authority.    The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and
to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Employee represents and warrants that he has the capacity to act on his own behalf and on behalf of
all who might claim through him to bind them to the terms and conditions of this Agreement. Each party warrants and represents that there are no liens or claims of lien or assignments in law or equity
or otherwise of or against any of the claims or causes of action released herein.

	19)
	No Representations.    Each party represents that it has had the opportunity to consult with an attorney, and has carefully
read and understands the scope and effect of the provisions of this Agreement. In entering into this Agreement, neither party has relied upon any representations or statements made by the other party
hereto which are not specifically set forth in this Agreement.

	20)
	Severability.    In the event that any provision, or any portion thereof, becomes or is declared by a court of competent
jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision or portion of said provision.

	21)
	Entire Agreement.    This Agreement represents the entire agreement and understanding between the Company and Employee
concerning the subject matter of this Agreement and Employee's relationship with the Company, and supersedes and replaces any and all prior agreements and understandings between the Parties concerning
the subject matter of this Agreement and 

Employee's
relationship with the Company, with the exception of the Stock Option Agreements, the applicable stock option plan(s) and the Confidentiality Agreement. 

	22)
	No Waiver.    The failure of the Company to insist upon the performance of any of the terms and conditions in this Agreement,
or the failure to prosecute any breach of any of the terms and conditions of this Agreement, shall not be construed thereafter as a waiver of any such terms or conditions. This entire Agreement shall
remain in full force and effect as if no such forbearance or failure of performance had occurred.

	23)
	No Oral Modification.    This Agreement may only be amended in a writing signed by Employee and the Chief Executive Officer
of the Company.

	24)
	Governing Law.    This Agreement shall be construed, interpreted, governed, and enforced in accordance with the laws of the
State of California, without regard to choice-of-law provisions. Employee hereby consents to personal and exclusive jurisdiction and venue in the State of California.

	25)
	Effective Date.    This Agreement is effective after it has been signed by both Parties and after seven (7) days have
passed since Employee signed this Agreement.

	26)
	Counterparts.    This Agreement may be executed in counterparts, and each counterpart shall have the same force and effect as
an original and shall constitute an effective, binding agreement on the part of each of the undersigned.

	27)
	Voluntary Execution of Agreement.    This Agreement is executed voluntarily and without any duress or undue influence on the
part or behalf of the Parties hereto, with the full intent of releasing all claims. The Parties acknowledge that:

	(a)
	They
have read this Agreement;

	(b)
	They
have been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of their own choice or that they have voluntarily declined to seek such
counsel;

	(c)
	They
understand the terms and consequences of this Agreement and of the releases it contains; and

	(d)
	They
are fully aware of the legal and binding effect of this Agreement. 

IN
WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below. 

	

 	

 	
 	

ACCELRYS, INC.
	

Dated:	

February 5, 2005
	
 	

By:	

/s/  MARK EMKJER      
 Mark Emkjer

Chief Executive Officer
	

    	

 	
 	

 	

 
	

 	

 	
 	

JOHN HANLON, an individual
	

Dated:	

February 5, 2005
	
 	

By:	

/s/  JOHN HANLON      
 John Hanlon

Optionee Statement

Schedule A  

Exercisable as of 2/5/2005  

	Grant

Date
	 	Expiration

Date
	 	Plan

ID
	 	Grant

Type
	 	Options

Granted
	 	Option

Price
	 	Options

Outstanding
	 	Options

Exercisable

	5/29/2002	 	5/29/2012	 	94IS	 	Non-Qualified	 	19,479	 	$	7.98	 	19,479	 	19,479
	

5/29/2002	
 	

5/29/2012	
 	

94IS	
 	

Incentive	
 	

14,716	
 	
$	

7.98	
 	

14,716	
 	

14,716
	

5/29/2002	
 	

5/29/2012	
 	

94IS	
 	

Non-Qualified	
 	

25,918	
 	
$	

7.98	
 	

25,918	
 	

9,330
	

5/29/2002	
 	

5/29/2012	
 	

94IS	
 	

Incentive	
 	

27,181	
 	
$	

7.98	
 	

27,181	
 	

9,785
	

2/5/2003	
 	

2/5/2013	
 	

94IS	
 	

Non-Qualified	
 	

20,813	
 	
$	

4.57	
 	

20,813	
 	

20,813
	

2/5/2003	
 	

2/5/2013	
 	

94IS	
 	

Incentive	
 	

7,581	
 	
$	

4.57	
 	

7,581	
 	

2,229
	

2/5/2003	
 	

2/5/2013	
 	

94IS	
 	

Non-Qualified	
 	

64,636	
 	
$	

4.57	
 	

64,636	
 	

19,010
	

3/16/2004	
 	

3/16/2014	
 	

94IS	
 	

Non-Qualified	
 	

19,880	
 	
$	

14.37	
 	

19,880	
 	

0
	

3/16/2004	
 	

3/16/2014	
 	

94IS	
 	

Incentive	
 	

7,306	
 	
$	

14.37	
 	

7,306	
 	

0
	

 	
 	

 	
 	

 	
 	

 	
 	

	
 	
 	

 	
 	

	
 	

	
Optionee Totals	
 	

 	
 	

 	
 	

207,510	
 	
 	

 	
 	

207,510	
 	

95,362

QuickLinks

Exhibit 10.24

SEPARATION AGREEMENT AND RELEASE RECITALS

COVENANTS

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