Document:

Exhibit 10.38

 

April 20, 2005

 

David L. Dunlap

Intraware, Inc.

25 Orinda Way

Orinda, CA 94563

 

Dear Dave:

 

We are pleased that you are willing to accept
the position of Sales Advisor at Intraware, Inc.  Your cooperation in this role will be
important to a successful transition to Intraware’s new sales management, and
we are grateful for your willingness to assist in this fashion.

 

This letter agreement (“Agreement”) sets forth
the terms for your employment by Intraware between the date of this letter and September 16,
2005 (the “Employment Termination Date”).

 

1.                    Position:  Your title will be Sales Advisor.  You will report to Richard Northing,
Executive Vice President and Chief Operating Officer (the “COO”).

 

2.                    Responsibilities:  Your responsibilities will be:

 

•                  Assist in educating, advising, and
preparing the COO for new duties.

 

•                  Inventory and communicate to COO, the
background and status on current business development, customers, vendors, and
partners as needed, including any action in process. Smooth the process of
transitioning customer, vendor, and partner relationships to include making
introductions, and initiating and attending meetings as appropriate.

 

•                  Review with and advise COO on
employee status within the Sales department including any planned changes.
Advise as to other possible modifications to the Sales organization.  Assist in creating sales compensation plans.
Act as a resource in new hire processes as needed.

 

•                  You will be available during business
hours for telephone calls, conference calls, e-mail, and in-office and off-site
meetings as needed and as scheduled in a mutually-agreeable fashion.  You will not be required to report to the
office except as needed in accordance with the foregoing.

 

3.                    Compensation:  You will continue to receive your current
base salary and employee benefits (including all benefits offered to Intraware’s
employees generally) through the Employment Termination Date.  Your stock options will continue to vest
through the Employment Termination Date, in accordance with Intraware’s 1996
Stock Option Plan.  You will receive
sales commissions, under your current sales commission plan, for the month of March 2005.  You will not receive sales commissions for
any period after March 2005, except as follows.  If Intraware signs any agreement on or before
the Employment Termination Date with an enterprise software publisher, under
which Intraware is to provide services to that publisher related to resale of its
products and/or related maintenance, and such agreement provides for the
publisher’s payment of minimum service fees to Intraware, you will receive a
commission in an amount equal to a portion of the minimum service fees required
to be paid by the publisher to Intraware during the initial term of such
agreement. 

 

 

The amount of such commission will be
determined by Intraware and you, both acting reasonably, based on, among other
factors, the structure of the contract, its payment terms, and the degree to
which you were involved in generating and closing it. The timing of Intraware’s
payment of any such commission to you will be based on the timing of
Intraware’s receipt of the initial term minimum service fees or portion thereof
under the agreement. This paragraph states your entire compensation from the
date of this Agreement.

 

4.                    Expense
Reimbursement.  You will continue to
be reimbursed for all reasonable job-related expenses in accordance with
Intraware’s Corporate Expense and Travel Policy.  If you have any doubt about whether an
expense you incur is reimbursable under that policy, you are encouraged to
obtain written pre-approval of the expense from the COO.

 

5.                    Change of
Control Severance Agreement.  You
agree that the Change of Control Severance Agreement dated June 5, 2001,
between you and Intraware is terminated as of the date of this letter.

 

6.                    Termination.  This Agreement may not be terminated except
for a material breach of this Agreement which is not remedied within 5 business
days after written notice by the non-breaching party to the breaching party; provided,
however, Intraware may terminate this Agreement upon written notice if you
materially violate Intraware’s Employee Handbook or the Intraware policies made
generally available to Intraware employees and posted on the company intranet.

 

7.                    Entire Agreement.  This Agreement contains the entire agreement
between you and Intraware concerning your employment at Intraware, and
supersedes and replaces all prior and contemporaneous agreements,
understandings and communications related thereto.  This Agreement may not be modified, changed
or supplemented in any way except by a written amendment signed by you and an
executive officer of Intraware. This Agreement shall be binding on, and inure
to the benefit of, each party’s successors and assigns, including without
limitation any person or company that acquires control of Intraware.

 

Please sign below to indicate your agreement
to the above.  Again, we thank you for
your cooperation during this transition period.

 

	
  Very truly yours,

  
	
   

  
	
  /s/ RICHARD J. NORTHING

  	
   

  
	
  Richard J. Northing

  
	
  Executive Vice President and Chief
  Operating Officer

  
	
   

  
	
  cc:

  	
  Melinda Ericks, Director of Human Resources

  
			

 

	
   

  	
  Agreed and accepted:

  
	
   

  	
   

  
	
   

  	
  /s/ DAVID L. DUNLAP

  	
   

  
	
   

  	
  David L. Dunlap

  

 

2Exhibit 10.1

 

GABLES RESIDENTIAL TRUST

 

SENIOR MANAGEMENT INCENTIVE COMPENSATION PLAN

 

The provisions of the Gables Residential Trust Senior
Management Incentive Compensation Plan (the “Plan”) apply to executive officers
of Gables Residential Trust (the “Company”) selected to participate in the Plan
by the Compensation Committee of the Board of Trustees of the Company (the “Committee”).  The Plan is effective as of January 1,
2005.

 

The Plan is administered by the Committee and consists
of two segments:  (1) annual
incentive compensation payable in the form of cash bonuses, and (2) annual
incentive compensation payable in the form of restricted stock awards or units
of partnership interests in Gables Realty Limited Partnership (“Units”) based
on the Company’s growth in total return to shareholders over a three-year
period relative to the National Association of Real Estate Investment Trusts, Inc.
Equity Residential Apartment REIT Total Return Index (“NAREIT Apartment Index”).  All determinations as to bonuses and awards
are made by the Committee.

 

1.                                       Annual Cash Bonus.  An annual
cash bonus is determined by the Committee to reward achievements in meeting
management business objective targets, personal development and divisional
performance.  The annual bonus for each
executive officer shall be based on an evaluation by the Committee of each
executive officer’s individual performance as judged against specific goals
based on his or her business function, as well as his or her role in
discharging company-wide responsibilities and achieving company-wide
goals.  In determining each executive
officer’s cash bonus, the Committee will also give consideration to the
performance of companies in the industry sector in which the Company competes,
specifically with respect to such executive officer’s equivalent business
functions.

 

Executive officers who remain employed through
year-end may earn maximum bonuses (based on a percentage of their base salary
for the year for which the award is made) as set forth in Appendix A.

 

Bonuses are paid in cash and shall be paid out in full
no later than 75 days after the end of the Company’s fiscal year.

 

2.                                       Equity-Based Awards.  Equity-based
awards to executive officers are granted to reward senior management for
performance by the Company measured over three-year periods.  The grant of awards, if any, would be tied to
the year-over-year growth in total shareholder return of the Company’s common shares
of beneficial interest (assuming contemporaneous reinvestment, in shares, of
all dividends and other distributions in respect of shares) for the three-year
period ending on December 31 of the current fiscal year relative to the
NAREIT Apartment Index for the same period. 
The ten-day year-end average total return of the Company for each year
in the performance period shall be compared to the ten-day year-end average
total return of the companies comprising the Index.  For the first and second three-year
performance periods ending on December 31, 2005 and December 31,
2006, respectively, the Company’s total shareholder return for each of 2003 and
2004 is deemed to be at the median level of the NAREIT Apartment Index.

 

 

Each executive officer shall receive his or her
maximum potential award if the Company outperforms 75 percent of the companies
in the NAREIT Apartment Index and shall receive no award at all if 75 percent
of the companies in the NAREIT Apartment Index out-perform the Company.  Performance levels are linear, ranging from zero
to maximum.

 

Awards, if any, shall be granted by the Committee at
the beginning of each fiscal year, based on results for the preceding three-year
performance period.  Grants shall be made
either in the form of restricted shares or Units at the election of each
executive officer.  Each grant has
vesting requirements that cover a three-year period whereby 25 percent of the
award vests immediately, and the remaining portion (75 percent) vests ratably
over a three-year period on each of the first three January 1 following
the date of grant as long as the executive officer remains employed by the
Company as of each such vesting date.

 

Executive officers who remain employed throughout the
fiscal year may earn the awards set forth in Appendix B, subject to vesting as
described above.

 

3.                                       Change of Control.  In the event
of a Change of Control of the Company (as defined in the Company’s 2004 Equity
Incentive Plan), each executive officer shall receive a cash bonus equal to (A) the
average of cash bonuses earned as a percentage of the executive officer’s
maximum cash bonus potential for the three most recently completed fiscal
years, exclusive of investment performance bonus, if any, multiplied by (B) the
executive officer’s maximum cash bonus potential (exclusive of investment
performance bonus, if any) expressed as a percentage of his or her annual base
salary, multiplied by (C) his or her annual base salary and further
multiplied by (D) a fraction, the numerator of which is the number of
elapsed days in the calendar year in which the Change of Control occurs and the
denominator of which is 365.  With regard
to the equity-based award, the number of shares to be granted to each executive
officer then employed shall be initially determined pursuant to the provisions
of Section 2 above, but using the average total return of the Company for
the ten business days immediately preceding the announcement of the Change of
Control for the last year in the three-year period and comparing it against the
NAREIT Apartment Index for the same period. 
Such initial number of shares shall be multiplied by a fraction, the
numerator of which is the number of elapsed days in the calendar year in which
the Change of Control occurs and the denominator of which is 365.  All such shares awarded shall be fully vested
and nonforfeitable on date of grant.

 

4.                                       Amendment and Termination.  The
Committee reserves the right to amend and terminate the Plan at any time;
provided, however, that no such amendment or termination shall adversely affect
an executive officer’s rights with respect to existing awards without the executive
officer’s consent.

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