Document:

Employment Agreement - Robert I. Pender, Jr.

 Exhibit 10.21 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (the “Agreement”) dated March 9,
2006, is made by and between Serena Software, Inc., a Delaware corporation (the “Company”), and Robert I. Pender, Jr. (the “Executive”). 
 WHEREAS, the Company desires to employ the Executive, and the Executive is willing to serve in the employ of the Company upon the terms and conditions provided in this Agreement;

 WHEREAS, in contemplation of the merger of Spyglass Merger Corp. with and into the Company as
detailed in that certain Agreement and Plan of Merger dated November 11, 2005 (the “Merger Agreement”), the Executive and the Company desire to enter into this Agreement effective as of the “Closing Date” (as defined in the
Merger Agreement); and 
 WHEREAS, in the event that the “Closing” (as defined in the Merger
Agreement) fails to occur, this agreement shall be void ab initio. 
 NOW,
THEREFORE, in consideration of the promises and mutual covenants herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive
agree as follows: 
 1. Term of Employment. Subject to the provisions of Section 8 of this Agreement, Executive shall be employed
by the Company for the period commencing on the Closing Date and continuing for an indefinite term (such period, the “Employment Term”) on the terms and subject to the conditions set forth in this Agreement. 
 2. Position. 
 a. During the
Employment Term, Executive shall serve as the Company’s Senior Vice President, Finance and Administration and Chief Financial Officer. In such position, Executive shall have such duties and authority as shall be determined from time to time by
the Company’s President and Chief Executive Officer. 
 b. During the Employment Term, Executive will devote Executive’s full
business time and commercially reasonable best efforts to the performance of Executive’s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict or interfere with
the rendition of such services either directly or indirectly, without the prior written consent of the Board of Directors of the Company (the “Board”); provided that nothing herein shall preclude Executive (i) subject to the
prior approval of the Board, from accepting appointment to or from continuing to serve on any board of directors or trustees of any business corporation or any charitable organization, or (ii) managing his personal investments and affairs;
provided in each case, and in the aggregate, that such activities do not conflict or interfere with the performance of Executive’s duties hereunder or conflict with Section 9 of this Agreement. 

 3. Base Salary. During the Employment Term, the Company shall pay Executive a base salary at the
annual rate of $290,000, payable in regular installments in accordance with the Company’s usual payment practices. Executive shall be entitled to such increases (but not decreases) in Executive’s base salary, if any, as may be determined
on an annual basis in the sole discretion of the Board. Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as the “Base Salary.” 
 4. Bonus Opportunity. With respect to each full fiscal year during the Employment Term, Executive shall be eligible to earn an annual performance
bonus of up to 100% of Executive’s Base Salary (the “Target Bonus”) based upon the achievement of performance targets established by the Board. The Target Bonus, and the performance targets, will be divided into quarterly targets and
corresponding quarterly performance awards. Each quarterly award shall be earned only with respect to the corresponding quarter in which the target was achieved. No quarterly bonus award will be earned for any quarter in which the quarterly target
is not achieved; however, any quarterly award not earned in such quarter may be earned upon the achievement of either cumulative quarterly performance targets for that year to date, or that year’s annual performance target. The Company and
Executive intend that, in general, each quarterly award that is earned hereunder will be paid promptly following the determination as to whether (and to what extent) the applicable quarterly performance targets were achieved, which it is currently
anticipated will occur approximately one month following the end of the applicable calendar quarter. In all cases, any earned bonus will be paid to Executive not later than two and one-half (2 1/2) months after the end of the applicable fiscal year in which it was earned. 
 5. Equity Arrangements. Effective as of the Closing Date, Executive will be granted a non-statutory stock option to purchase 595,000 shares of the
Company’s common stock (the “Time Option”) and an additional non-statutory stock option to purchase 1,105,000 shares of the Company’s common stock (the “Performance Option”) pursuant to the terms of the Company’s
2006 Stock Incentive Plan (the “Plan”), except as may otherwise be provided herein, and the stock option award agreements in the forms substantially similar to Exhibits A1 and A2 attached hereto. Both the Time Option and the Performance
Option shall have a per share exercise price of $5.00 and a maximum term of ten years. The Time Option will vest as to 25% of the total number of shares subject to the Time Option on the 12 month anniversary of the Closing Date, and as to
1/48th of the total number of shares subject to the Time Option each month thereafter, so that the award is fully
vested on the fourth anniversary of the Closing Date, subject to Executive’s continuous service during that time. 
 6. Employee
Benefits. During the Employment Term, Executive shall be entitled to participate in the Company’s employee benefit plans as in effect from time to time (collectively “Employee Benefits”), on the same basis as those benefits are
generally made available to other senior executives of the Company. Executive shall be eligible to accrue up to 20 days of paid vacation per calendar year, pro-rated for partial years of service, in accordance with the Company’s policy on
accrual and use applicable to senior executives. 
 7. Business Expenses. During the Employment Term, reasonable business expenses
incurred by Executive in the performance of Executive’s duties hereunder shall be reimbursed by the Company in accordance with Company policies and practices that are no less favorable in scope and terms than those in existence immediately
prior to the Closing Date. 

 8. Termination. The Employment Term and Executive’s employment hereunder may be terminated by
either party at any time and for any reason. Notwithstanding any other provision of this Agreement, the provisions of this Section 8 shall exclusively govern Executive’s rights upon termination of employment with the Company and its
affiliates. 
 a. By the Company For Cause, By Executive’s Resignation Without Good Reason or Upon Death or Disability.

 (i) The Employment Term and Executive’s employment hereunder may be terminated by the Company for Cause (as defined below) or as a
result of Executive’s Disability (as defined below), and shall terminate automatically upon Executive’s death or his resignation without Good Reason (as defined in Section 8(b)). 
 (ii) For purposes of this Agreement, “Cause” shall mean (A) Executive’s willful and continued failure to perform his material duties
with respect to the Company or its affiliates, which continues beyond 10 business days after a written demand for substantial performance specifying such failure(s) is received by Executive from the Company (the “Cure Period”);
(B) Executive’s willful or intentional engaging in conduct that causes material and demonstrable injury, monetarily or otherwise, to the Company or Silver Lake Partners II, L.P. and Silver Lake Technology Investors II, L.L.C.
(collectively, “SLP”) (taking into account their respective affiliates); (C) Executive’s conviction for, or a plea of nolo contendre to, the commission of a felony; or (D) Executive’s material breach (other than a
breach that is immaterial and non-recurring) of the covenants in this Agreement that causes a demonstrable injury, monetarily or otherwise, to the Company, SLP or their respective affiliates. 
 (iii) For purposes of this Agreement, “Disability” shall mean a disability under Section 409A(a)(2)(C)(i) of the Internal Revenue Code of
1986, as amended (the “Code”). Any question as to the existence of the Disability of Executive as to which Executive and the Company cannot agree shall be determined in writing by a qualified independent physician mutually acceptable to
Executive and the Company. If Executive and the Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall select a third who shall make such determination in writing. The
determination of Disability made in writing in accordance with Section 409A of the Code to the Company and Executive shall be final and conclusive for all purposes of the Agreement. 
 (iv) If Executive’s employment is terminated by the Company for Cause, or if Executive resigns without Good Reason, Executive shall be entitled to
receive: 
 (A) the Base Salary through the date of termination; 
 (B) an amount representing any accrued, but unused vacation; 
 (C) any Target Bonus earned, but unpaid, as of the date of termination for the immediately preceding fiscal quarter, paid in accordance
with Section 4; 
 (D) reimbursement, within 60 days following submission by Executive to the Company of appropriate
supporting documentation, for any unreimbursed business expenses properly incurred by Executive, in each case, in accordance with 

 Company policy on or prior to the date of Executive’s termination; provided claims for such
reimbursement (accompanied by appropriate supporting documentation) are submitted to the Company within 90 days following the date of Executive’s termination of employment; and 
 (E) such Employee Benefits, if any, as to which Executive may be entitled under the employee benefit plans of the Company, including, but
not limited to, the Plan (the amounts described in clauses (A) through (E) hereof, reduced by any amounts owed to the Company by Executive, being referred to as the “Accrued Rights”). 
 Following such termination of Executive’s employment by the Company for Cause, or on account of Executive’s Disability, upon Executive’s
death, or by Executive without Good Reason, Executive shall have no further rights to any compensation or any other benefits under this Agreement except as set forth in this Section 8(a)(iv). 
 b. By the Company Without Cause or Resignation by Executive for Good Reason. 
 (i) The Employment Term and Executive’s employment hereunder may be terminated by the Company without Cause or by Executive’s resignation for
Good Reason. 
 (ii) For purposes of this Agreement, “Good Reason” shall mean (A) any reduction in Executive’s Base
Salary or the Executive’s Target Bonus (other than a general reduction, not to exceed 10%, in Base Salary or Target Bonus that affects all members of senior management equally); (B) any of (X) a substantial reduction in
Executive’s duties, responsibilities or title of Senior Vice President, Finance and Administration and Chief Financial Officer or (Y) the assignment of any duties or responsibilities that are materially inconsistent with Executive’s
position as Senior Vice President, Finance and Administration and Chief Financial Officer (provided, however, that neither of (I) a change in Executive’s title or reporting relationships, nor (II) an adjustment in the nature of
Executive’s duties and responsibilities that in either case does not remove from him the authority to manage the finance and administration functions related to substantially all of the products and services offered by the Company immediately
prior to such change or adjustment, and, in either case following a merger, consolidation, tender offer, or other purchase or sale of a business that involves the Company, shall constitute “Good Reason”); (C) a transfer of
Executive’s primary workplace by more than thirty-five (35) miles from his primary workplace as of the Closing Date; or (D) the failure of any successor to the business of the Company to assume the Company’s obligations under
this Agreement or any other employment agreement with Executive; provided, however, that Executive’s written agreement to any of the above shall cause the event not to constitute “Good Reason”; provided,
further, that “Good Reason” shall cease to exist for an event on the 90th day following the later
of its occurrence or Executive’s knowledge thereof, unless Executive has given the Company written notice thereof prior to such date. 
 (iii) If Executive’s employment is terminated by the Company without Cause (and other than by reason of death or Disability) or if Executive resigns for Good Reason, in 

 either case other than in the one month period prior to, or the 13 month period following a Change in Control (as defined
below), Executive shall be entitled to receive: 
 (A) the Accrued Rights; and 
 (B) subject to Executive’s (i) delivery of a valid and irrevocable general release of all claims against the Company, SLP and
their respective affiliates (to the extent SLP or its affiliates remain stockholders of the Company at such time) (collectively, the “Company Group”), in the form attached hereto as Exhibit B (the “General Release”), and
(ii) continued compliance, in all material respects, with the restrictive covenants set forth in Sections 9 and 10 below): 
 (1)
continued payment of the Base Salary in accordance with the Company’s normal payroll practices for a period of 24 months following the date of such termination; 
 (2) subject to (I) Executive’s timely election of continuation coverage under the Consolidated Budget Omnibus Reconciliation Act of 1985, as amended (“COBRA”) and any state or local law of similar
effect, and (II) Executive’s continued co-payment of premiums in the same amount as Executive paid immediately prior to termination, continued participation (to the extent permitted under applicable law and the terms of such plan) for
Executive and his then-eligible dependents in the Company’s group health plan in which they were participating at the time of termination for the first 24 months following termination at the Company’s expense. The parties understand and
agree that if continued health care coverage cannot be provided under COBRA or state or local laws of similar effect beyond the end of the 18th month following the termination of Executive’s employment, then such health care coverage will be provided on the terms described in this subsection (2) under a comparable health plan; and

 (3) the vesting of the Time Option shall be accelerated such that Executive will be vested in, and the Time Option will be exercisable as
to, that number of shares that would have been vested and exercisable on the six (6) month anniversary of the termination of Executive’s employment. 
 The aggregate amount described in this Section 8(b)(iii)(B) shall be reduced by the present value of any other severance or termination benefits payable to Executive under any other plans, programs or
arrangements of the Company or its affiliates. Following Executive’s termination of employment by the Company without Cause (other than by reason of Executive’s death or Disability) or by Executive’s resignation for Good Reason,
except as set forth in this Section 8(b)(iii), Executive shall have no further rights to any compensation or any other benefits under this Agreement. 
 c. By the Company Without Cause or Resignation by Executive for Good Reason in Connection With a Change in Control. 
 (i) The Employment Term and Executive’s employment hereunder may be terminated by the Company without Cause or by Executive’s resignation for Good Reason, in either case within one month prior to, or within
13 months following, the consummation of a Change in Control. 

 (ii) For purposes of this Agreement, “Change in Control” shall mean (A) the sale,
exchange, lease or other disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company to any “person” or “group” (as such terms are used in the Securities Exchange Act of 1934,
as amended), other than Silver Lake Partners II, LP (“SLP II”), any investment fund that is an affiliate (as defined under the rules promulgated under the Securities Act of 1933, as amended) of SLP II (collectively with SLP II, the
“SLP Funds”) or a controlled affiliate of the SLP Funds; (B) any person or group, other than the SLP Funds or a controlled affiliate of the SLP Funds, is or becomes the beneficial owner, directly or indirectly, of more than 50% of the
total voting power of the voting stock of the Company (or any entity which controls the Company or which is a successor to all or substantially all of the assets of the Company), including by way of merger, consolidation, tender or exchange offer or
otherwise; or (C) a merger, consolidation or similar transaction involving the Company with another person which is not the SLP Funds or a controlled affiliate of the SLP Funds, if the stockholders of the common stock of the Company immediately
prior to such transaction do not own a majority of the outstanding common stock of the surviving company or its parent immediately after the transaction in substantially the same proportions relative to each other as immediately prior to such
transaction; if and only if any such event listed in (A)-(C) above results in the inability of SLP to elect a majority of the Board of the Company or the resulting successor or controlling entity. 
 (iii) If Executive’s employment is terminated by the Company without Cause (and other than by reason of death or Disability) or if Executive
resigns for Good Reason, in either case in the one month period prior to or the 13 month period following the consummation of a Change in Control, Executive shall be entitled to receive: 
 (A) the Accrued Rights; and 
 (B) subject to Executive’s (i) delivery of a valid and irrevocable General Release, and (ii) continued compliance, in all material respects, with the restrictive covenants set forth in Sections 9 and 10
below: 
 (1) continued payment of the Base Salary in accordance with the Company’s normal payroll practices for a period of 24 months
following the date of such termination; 
 (2) continued payment of quarterly installments of the Target Bonus in accordance with the
Company’s normal payroll practices for a period of 24 months following the date of such termination; 
 (3) a pro-rata payment of any
Target Bonus that would have been earned in the quarter or year in which the termination of employment occurs, determined based on actual satisfaction of performance goals for such performance period, and pro-rated based on days served in that
quarter or year (as applicable), with payment of such amounts made at the time that the Company would ordinarily have paid out such bonus payments for the applicable performance period; and 

 (4) subject to (I) Executive’s timely election of continuation coverage under COBRA and any
state or local law of similar effect, and (II) Executive’s continued co-payment of premiums in the same amount as Executive paid immediately prior to termination, continued participation (to the extent permitted under applicable law and
the terms of such plan) for Executive and his then-eligible dependents in the Company’s group health plan in which they were participating at the time of termination for the first 24 months following termination at the Company’s expense.
The parties understand and agree that if continued health care coverage cannot be provided under COBRA or state or local laws of similar effect beyond the end of the 18th month following the termination of Executive’s employment, then such health care coverage will be provided on the terms described in this subsection
(2) under a comparable health plan. 
 The aggregate amount described in this Section 8(c)(iii)(B) shall be reduced by the present
value of any other severance or termination benefits payable to Executive under any other plans, programs or arrangements of the Company or its affiliates. Following Executive’s termination of employment by the Company without Cause (other than
by reason of Executive’s death or Disability) or by Executive’s resignation for Good Reason, except as set forth in this Section 8(c)(iii), Executive shall have no further rights to any compensation or any other benefits under this
Agreement. 
 d. No Mitigation or Offset. Notwithstanding anything herein to the contrary, the amount of any payment or benefit
provided for in Section 8(b) or Section 8(c) shall not be reduced, offset or subject to recovery by the Company or any of its subsidiaries or affiliates by reason of any compensation earned by Executive as the result of employment by
another employer after Executive’s employment with the Company terminates for any reason. In addition, Executive shall be under no obligation to seek other employment or to take any other actions to mitigate the amounts payable under
Section 8(b) or Section 8(c) hereof. 

 e. Section 4999. 
 (i) Prior to an initial public offering of the Company’s common stock, in order to allow Executive to avoid the 20% excise tax imposed under
Section 4999 of the Code, Executive and the Company and SLP shall use commercially reasonable best efforts to obtain stockholder approval in accordance with the terms of Section 280G(b)(5) of the Code in connection with any “change in
the ownership or effective control” of the Company or any “change in the ownership of a substantial portion of the assets” of the Company (each as defined under Section 280G of the Code). 
 (ii) In the event that, notwithstanding the actions taken pursuant to Section 8(e)(i), any amounts payable under this Agreement or otherwise to
Executive would (1) constitute “parachute payments” within the meaning of Section 280G of the Code, or any comparable successor provisions, and (2) but for this Section 8(e)(ii) would be subject to the excise tax
imposed by Section 4999 of the Code, or any comparable successor provisions (“Excise Tax”), then such amounts payable to Executive hereunder shall be either: 
 (A) provided to Executive in full, or 
 (B) provided to Executive as to such lesser extent that would result in no portion of such benefits being subject to the Excise Tax, 
 whichever of the foregoing amounts, when taking into account applicable federal, state, local and foreign income and employment taxes, the Excise Tax, and any other applicable taxes, results in the receipt by
Executive, on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under the Excise Tax. Unless the Company and Executive otherwise agree in writing, any determination
required under this Section 8(e)(ii) shall be made in writing in good faith by a nationally recognized accounting firm (the “Accountants”). In the event of a reduction in benefits hereunder, Executive shall be given the choice of
which benefits to reduce. If Executive does not provide written identification to the Company of which benefits he chooses to reduce within ten (10) days of his receipt of the Accountants’ determination, and Executive has not disputed the
Accountants’ determination, then the Company shall select the benefits to be reduced. For purposes of making the calculations required by this Section 8(e)(ii), the Accountants may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of the Code, and other applicable legal authority. The Company and Executive shall furnish to the Accountants such information and documents as the
Accountants may reasonably request in order to make a determination under this Section 8(e)(ii). The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this
Section 8(e)(ii). 
 If, notwithstanding any reduction described in this Section 8(e)(ii), the Internal Revenue Service
(“IRS”) determines that Executive is liable for the Excise Tax as a result of the receipt of amounts payable under this Agreement or otherwise as described above, then Executive shall be obligated to pay back to the Company, within thirty
(30) days after a final IRS determination or in the event that Executive challenges the final IRS determination, a final judicial determination, a portion of such amounts equal to the “Repayment Amount”. The Repayment Amount with
respect to the payment of benefits shall be the smallest such amount, if any, as shall be required to be paid to the Company so that Executive’s net after-tax proceeds 

 with respect to any payment of benefits (after taking into account the payment of the Excise Tax and all other applicable
taxes imposed on such payment) shall be maximized. The Repayment Amount with respect to the payment of benefits shall be zero if a Repayment Amount of more than zero would not result in Executive’s net after-tax proceeds with respect to the
payment of such benefits being maximized. If the Excise Tax is not eliminated pursuant to this paragraph, Executive shall pay the Excise Tax. 
 Notwithstanding any other provision of this Section 8(e)(ii), if (1) there is a reduction in the payment of benefits as described in this Section 8(e)(ii), (2) the IRS later determines that Executive is liable for the
Excise Tax, the payment of which would result in the maximization of Executive’s net after-tax proceeds (calculated as if Executive’s benefits had not previously been reduced), and (3) Executive pays the Excise Tax, then the Company
shall pay to Executive those benefits which were reduced pursuant to this Section 8(e)(ii) as soon as administratively possible after Executive pays the Excise Tax so that Executive’s net after-tax proceeds with respect to the payment of
benefits are maximized. 
 f. Resignation. Upon termination of Executive’s employment for any reason, Executive agrees to
resign, as of the date of such termination and to the extent applicable, from all positions he holds with the Company Group. 
 9.
Non-Competition; No Raid. 
 a. Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company
and its affiliates. Accordingly, during the Employment Term and, for a period of 24 months following the date Executive ceases to be employed by the Company for any reason (the “Restricted Period”), Executive will not, without the prior
written consent of the Company, directly or indirectly (including on behalf of or in conjunction with any person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise whatsoever
(“Person”)): 
 (1) solicit or assist in soliciting in competition with the Company Group, the business of any client or prospective
client: 
  

	 	(i)	with whom Executive had personal contact or dealings on behalf of the Company Group during the one year period preceding Executive’s termination of employment; or

  

	 	(ii)	for whom Executive had direct or indirect responsibility during the one year immediately preceding Executive’s termination of employment. 

 (2) engage in any of the following activities that are competitive with the Company Group: 
  

	 	(i)	engaging in any business that competes with the business of the Company Group (including, without limitation, businesses which the Company Group has specific plans to conduct in the
future and as to which Executive is aware of such planning) in any 

 geographical area that is within 100 miles of any geographical area where the Company Group
manufactures, produces, sells, leases, rents, licenses or otherwise provides its products or services (a “Competitive Business”); 
  

	 	(ii)	entering the employ of, or render any services to, any Person (or any division or controlled or controlling affiliate of any Person) who or which engages in a Competitive Business;

  

	 	(iii)	acquiring a financial interest in, or otherwise become actively involved with, any Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer,
director, principal, agent, trustee or consultant; or 

  

	 	(iv)	soliciting or encouraging any customer, client, supplier, partner, member or investor of the Company Group to terminate, reduce or otherwise limit its business relationship with the
Company Group. 

 (3) solicit or encourage any employee of the Company Group to leave the employment of the Company Group.

 (4) hire any employee of the Company Group who was employed by the Company Group as of the date of Executive’s termination of
employment with the Company or who left the employment of the Company Group coincident with, or within one year prior to, the termination of Executive’s employment with the Company. 
 (5) solicit or encourage any consultant then under contract with the Company Group to cease to work with the Company Group. 
 b. Notwithstanding anything to the contrary in this Agreement, Executive may, directly or indirectly own, solely as an investment, securities of any
Person engaged in a Competitive Business which are publicly traded on a national or regional stock exchange or on the over-the-counter market if Executive (i) is not a controlling person of, or a member of a group which controls, such Person
and (ii) does not, directly or indirectly, own 5% or more of any class of securities of such Person. 
 c. It is expressly understood
and agreed that although Executive and the Company consider the restrictions contained in this Section 9 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other
restriction contained in this Agreement is an unenforceable restriction against Executive, the provisions of this Agreement shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such maximum
extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is unenforceable, and such restriction cannot be amended so as
to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein. 

 10. Confidentiality; Intellectual Property. As a condition to his employment with the Company,
Executive shall execute and comply with the Company’s standard form of Confidential Information and Invention Assignment Agreement (Rev. 02/01/2003). 
 11. Specific Performance. Executive acknowledges and agrees that the Company’s remedies at law for a breach or threatened breach of any of the provisions of Section 9 or Section 10 would be
inadequate and the Company would suffer irreparable damages as a result of such breach or threatened breach. In recognition of this fact, Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law,
the Company, without posting any bond, shall be entitled to cease making any payments or providing any benefit otherwise required by this Agreement and obtain equitable relief in the form of specific performance, temporary restraining order,
temporary or permanent injunction or any other equitable remedy which may then be available. 
 12. Miscellaneous. 
 a. Governing Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of California, without
regard to conflicts of laws principles thereof. Any and all disputes between the parties which may arise pursuant to this Agreement will be heard and determined before an appropriate state court in Santa Clara, California. The parties acknowledge
that such courts have jurisdiction to interpret and enforce the provisions of this Agreement, and the parties consent to, and waive any and all objections that they may have as to, personal jurisdiction and/or venue in such courts. 
 b. Expenses. In the event of any dispute between the Company and Executive as to the interpretation, terms, validity or enforceability of
(including any dispute about the amount of any payment pursuant to) this Agreement, the prevailing party shall be entitled to recover from the non-prevailing party any and all of such prevailing party’s costs and expenses incurred in connection
with any such dispute, including reasonable attorneys’ fees. 
 c. Entire Agreement; Amendments. This Agreement contains the
entire understanding of the parties with respect to the employment of Executive by the Company. There are no restrictions, agreements, promises, warranties, covenants or undertakings between the parties with respect to the subject matter herein
other than those expressly set forth herein. This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto. In the event that the Closing fails to occur, this Agreement shall be void ab
initio 
 d. No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion
shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 
 e. Severability. In the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in
any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 

 f. Assignment. This Agreement, and all of Executive’s rights and duties hereunder, shall not
be assignable or delegable by Executive; except to the extent permitted by the Company in writing. Any purported assignment or delegation by Executive in violation of the foregoing shall be null and void ab initio and of no force and effect.
This Agreement may be assigned by the Company to a person or entity which is a successor in interest to substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the Company hereunder shall
become the rights and obligations of such successor person or entity. 
 g. Set Off. The Company’s obligation to pay Executive
the amounts provided for in Section 8 hereunder shall be subject to set-off, counterclaim or recoupment of amounts owed by Executive to the Company or its affiliates. 
 h. Compliance with IRC Section 409A. Notwithstanding anything herein to the contrary, (i) if at the time of Executive’s
termination of employment with the Company Executive is a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such
termination of employment is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the Company will defer the commencement of the payment of any such payments or benefits hereunder (without any
reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six months following Executive’s termination of employment with the Company (or the earliest date as is permitted under Section 409A of
the Code without the imposition of any accelerated or additional tax) and (ii) if any other payments of money or other benefits due to Executive hereunder could cause the application of an accelerated or additional tax under Section 409A
of the Code, such payments or other benefits shall be deferred if deferral will avoid such acceleration or additional tax, or otherwise such payment or other benefits shall be restructured, to the extent possible, in a manner, determined by the
Board, that does not cause such an accelerated or additional tax and that preserves, to the greatest extent possible, the value of such payment or other benefits. In the event that payments under this Agreement are deferred pursuant to this
Section 12(g) in order to prevent any accelerated tax or additional tax under Section 409A of the Code, then such payments shall be paid at the time specified in this Section 12(g) with interest at a per annum rate equal to the prime
rate (as reported in the Wall Street Journal for the date that the payments first become deferred pursuant to the operation of the previous sentence) plus 1%. The Company shall consult with Executive in good faith regarding the implementation
of the provisions of this Section 12(g); provided that neither the Company nor any of its employees or representatives shall have any liability to Executive with respect to thereto. 
 i. Successors; Binding Agreement. This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors,
administrators, successors, assigns, agents, affiliates, heirs, distributees, devisees and legatees. 
 j. Notice. For the purpose of
this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or three days after it has been mailed by United States
registered mail, return receipt requested, postage prepaid, addressed to 

 the respective addresses set forth below in this Agreement, or to such other address as either party may have furnished
to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 
 If to the
Company: 
 Serena Software, Inc. 
 2755 Campus Drive, 3rd Floor 
 San Mateo, CA 94403 
 Attention: General Counsel 
 If to Executive: 
 To the most recent address of Executive set forth in the personnel records of the Company. 
 k. Executive Representation. Executive hereby represents to the Company that the execution and delivery of this Agreement by Executive and the
performance by Executive of Executive’s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment agreement or other agreement or policy to which Executive is a party or otherwise bound. 

l. Prior Agreements This Agreement supersedes all prior agreements and understandings (including verbal agreements) between Executive and the
Company and/or its affiliates regarding the terms and conditions of Executive’s employment with the Company and/or its affiliates including, without limitation, the Management Retention Agreement dated April 24, 2003 (collectively, the
“Prior Agreements”). 
 m. Cooperation. Executive shall provide Executive’s reasonable cooperation in connection with
any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during Executive’s employment hereunder; provided that the Company reimburses Executive for any costs or expenses reasonably incurred in
connection with such cooperation. This provision shall survive any termination of this Agreement. 
 n. Withholding Taxes. The
Company may withhold from any amounts payable under this Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 
 o. Legal Fees. The Company shall reimburse Executive for all reasonable legal fees and costs incurred in connection with the negotiation and
initial execution of this Agreement, its exhibits and attachments, and any other agreements contemplated hereby. 
 p. Counterparts.
This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day
and year first above written. 
  

					
	SERENA SOFTWARE, INC.	 	ROBERT I. PENDER, JR.
		
	 /s/    MARK E. WOODWARD
	 	 /s/    ROBERT I. PENDER, JR.

	By:	 	Mark E. Woodward	 	
	Title:	 	President, Chief Executive Officer	 	

 Exhibit B 
 Form of General Release 
 This General Release (“Release”) is entered into as of
                     (the “Execution Date”), by and between
                     (“Executive”) and Serena Software, Inc., a Delaware corporation, and its successors and assigns (the
“Company”). Executive and the Company are sometimes collectively referred to as the “Parties”. 
  

	1.	Executive’s employment with the Company is terminated effective
                     (hereinafter “Termination Date”). 

  

	2.	In consideration for Executive’s execution of this Release and Executive’s promises and covenants contained herein and in that certain Employment Agreement, dated February
[ ], 2006, between the Company and Executive (the “Employment Agreement”), the Company agrees to deliver to Executive those payments and benefits set forth in Section 8 of the Employment Agreement, on the terms and conditions
described therein, after Executive executes this Release and does not revoke it as permitted in paragraph 9 below, the expiration of such revocation period being the “Effective Date”. 

  

	3.	Executive and Executive’s agents and assigns (collectively, the “Releasors”) hereby waive, release and forever discharge the Company and its predecessors,
subsidiaries and affiliates, (ii) Silver Lake Partners II, L.P. and Silver Lake Technology Investors II, L.L.C. and their respective affiliates and their respective officers, directors, stockholders, agents, attorneys, employees, successors or
assigns (collectively, the “Releasees”) of and from any and all actions, causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises,
variances, trespasses, damages, judgments, extents, executions, claims and demands whatsoever (including attorneys’ fees, costs and disbursements actually incurred), in law or equity, whether known or unknown, suspected or unsuspected, of every
kind and nature whatsoever, which may now exist or which may later arise, including without limitation under Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; Sections 1981 through 1988 of Title 42 of the United
States Code, as amended; the Fair Labor Standards Act, as amended; the Age Discrimination in Employment Act of 1967, as amended; the Americans With Disabilities Act; the Employee Retirement Income Security Act of 1974, as amended; the Immigration
Reform and Control Act, as amended; the Workers Adjustment and Retraining Notification Act, as amended; the Occupational Safety and Health Act, as amended; the California Fair Employment and Housing Act, as amended; the California Family Rights Act,
as amended; and all other federal, state and local laws, statutes, rules or regulations of any type or description, including contract law, tort law, civil rights laws, public policy or common law, which the Releasors ever had, now have or hereafter
can, shall or may have against the Releasees or any of them for, upon or by reason of any matter, cause or thing whatsoever from the beginning of the world to the day of the date of this Agreement, except as otherwise provided in this Agreement.

	4.	Executive acknowledges that there may exist claims or facts in addition to or different from those which are now known or believed by the Parties to exist and Executive agrees that
it is Executive’s intention to fully settle and release such claims, whether known or unknown, that may exist as of the date of this agreement. Executive therefore waives his rights under Section 1542 of the Civil Code of California, which
states: 

 A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR
AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN TO HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. 
 Executive acknowledges he has read this Release, including the waiver of California Civil Code section 1542. Executive further acknowledges he has been specifically advised to consult an attorney about the Release and specifically about the
waiver of section 1542, and that he understands the Release and the section 1542 waiver, and so freely and knowingly enters into this Release. Executive understands he may later discover facts different from or in addition to those known or now
believed to be true with respect to the matters released or described in this Release. Executive agrees that the release and agreements contained in this Release shall be and will remain effective in all respects notwithstanding any later discovery
of any such different or additional facts. Executive hereby assumes any and all risk of any mistake in connection with the true facts involved in the matters, disputes, or controversies described in this Release or with regard to any facts which are
now unknown to him. 
  

	5.	Notwithstanding anything to the contrary set forth in paragraph 3, the Releasors do not waive, release or discharge the Releasees from (i) any claims regarding any payments or
benefits due to Executive in connection with his execution of this Release pursuant to paragraph 2, (ii) Executive’s rights to indemnification from the Company whether pursuant to a prior agreement, the Company’s bylaws, applicable
law or otherwise, (iii) any claim which the Releasors may have as the beneficial owner of securities of the Company, (iv) any obligations or accrued rights that Executive may have pursuant to the terms of that certain Management
Stockholders Agreement, dated as of                     , 2006, by and among the Company, Executive and the other parties named therein,
(v) any claim which may arise in the future from events or actions occurring after the date that Executive executes this Release, or (vi) any Accrued Rights (as defined in the Employment Agreement), including any rights to receive any
accrued benefits under the Company’s employee benefit plans, in accordance with their terms. 

  

	6.	Executive hereby represents that Executive has not filed or commenced any proceeding against any of the Releasees regarding the claims and matters discussed in paragraph 3, and
hereby covenants and agrees not to file or commence any proceeding against any of the Releasees with respect to, or in any way connected with, Executive’s employment with the Company or the termination thereof, or otherwise regarding the claims
and matters discussed in paragraph 3, in each case, arising on or prior to the date of execution of this Release. Executive also agrees that if Executive breaches these representations or covenants, then Executive authorizes the Releasees to, and
each shall have the right to, cause any such proceeding to be dismissed on the grounds that Executive has completely released and waived such proceeding. 

	7.	Executive warrants that no promise or inducement has been offered for this Release other than as set forth herein and that this Release is executed without reliance upon any other
promises or representations, oral or written. Any modification of this Release must be made in writing and be signed by Executive and the Company. 

  

	8.	If any provision of this Release or compliance by Executive or the Company with any provision of the Release constitutes a violation of any law, or is or becomes unenforceable or
void, then such provision, to the extent only that it is in violation of law, unenforceable or void, will be deemed modified to the extent necessary so that it is no longer in violation of law, unenforceable or void, and such provision will be
enforced to the fullest extent permitted by law. If such modification is not possible, such provision, to the extent that it is in violation of law, unenforceable or void, will be deemed severable from the remaining provisions of this Release, which
provisions will remain binding on both Executive and the Company. This Release is governed by, and construed and interpreted in accordance with the laws of the State of California, without regard to principles of conflicts of law. Executive consents
to venue and personal jurisdiction in the State of California for disputes arising under this Release. This Release represents the entire understanding with the Parties with respect to subject matter herein, no oral representations have been made or
relied upon by the Parties. 

  

	9.	Executive specifically agrees and acknowledges that: (i) he has read and understands the terms of this Release; (ii) he has hereby been advised by the Company to consult
with an attorney prior to executing this Release; (iii) the Company has given him a period of up to twenty–one (21) days within which to consider this Release, which period shall be waived by Executive’s voluntary execution prior
to the expiration of the twenty–one day period; and (iv) following his execution of this Release he has seven (7) days in which to revoke his release as set forth in this paragraph 9 only and that, if he chooses not to so revoke,
the Release shall then become effective and enforceable and the payment listed above shall then be made to Executive in accordance with the terms of this Release. To cancel this Release, Executive understands that he must give a written revocation
to the General Counsel of the Company at 2755 Campus Drive, 3rd Floor, San Mateo, CA 94403, either by hand delivery or certified mail within the seven–day period. If he rescinds the Release, it will not become effective or enforceable and he
will not be entitled to any benefits from the Company. 

  

	10.	No action taken by the Parties hereto, or either of them, either previously or in connection with this Agreement, shall be deemed or constructed to be: (i) an admission of the
truth or falsity of any claims heretofore made; or (ii) an acknowledgment or admission by either party of any fault or liability whatsoever to the other party or to any third party. 

	11.	Each of the Released Parties, other than the Company, are intended third party beneficiaries of this Release. 

 ACCEPTED AND AGREED TO: 
  

					
	SERENA SOFTWARE, INC.	 	ROBERT I. PENDER, JR.
		
	  
	 	  

	By:	 		 	
	Title:Form of 2006 Stock Option Grant - Time Options

 Exhibit 10.25 
 Standard Form – Time Options 
 SERENA SOFTWARE, INC. 
 STOCK OPTION GRANT NOTICE 
 2006 STOCK
INCENTIVE PLAN 
 Serena Software, Inc. (“Company”), pursuant to its 2006 Stock Incentive Plan (“Plan”), hereby
grants to the “Optionholder” identified below an Option to purchase the number of shares of the Company’s Common Stock (“Shares”) set forth below. This Option is subject to all of the terms and conditions as set forth herein
and in the Stock Option Agreement, the Plan and the Notice of Exercise, all of which are attached hereto and incorporated herein in their entirety. 
 Optionholder: 
 Date of Grant: 

	Vesting	Commencement Date: 

 Number of Shares
Subject to Option: 
 Exercise Price (Per Share): $ 
 Total Exercise Price: $ 

	Expiration	Date: 

  

					
	Type of Grant [check one]:	  	 ̈    Incentive Stock Option1	  	 ̈    Nonstatutory Stock Option
		
	Exercise Schedule:	  	Same as Vesting Schedule.
		
	Vesting Schedule:	  	- 1/4th of the Shares vest 12 months after the
Vesting Commencement Date
		  	- 1/48th of the Shares vest on the last day of
each month thereafter over the next 36 months
		
	Payment:	  	By cash or check (unless otherwise permitted by the Board)

 Additional Terms/Acknowledgements: The undersigned Optionholder acknowledges receipt of, and understands
and agrees to, this Grant Notice, the Stock Option Agreement and the Plan. Optionholder further acknowledges that as of the Date of Grant, this Grant Notice, the Stock Option Agreement and the Plan set forth the entire understanding between
Optionholder and the Company regarding the acquisition of stock in the Company and supersede all prior oral and written agreements on that subject with the exception of (i) options previously granted and delivered to Optionholder under the
Plan, and (ii) the agreements, if any, listed below: 
 Other Agreements:
                                        
             
  

							
	SERENA SOFTWARE, INC.	 	OPTIONHOLDER
			
	By:	 	  
	 	  

		 	Signature	 	Signature
				
	Title:	 	  
	 	Date:	 	  

				
	Date:	 	  
	 		 	

 Attachments: Stock Option Agreement, 2006 Stock Incentive Plan, and Notice of
Exercise 
  

	1	If this is an incentive stock option, it (plus Optionholder’s other outstanding incentive stock options) cannot be first exercisable for more than
$100,000 in any calendar year. Any excess over $100,000 is a nonstatutory stock option. 

 SERENA SOFTWARE, INC. 
 2006 STOCK INCENTIVE PLAN 
 STOCK OPTION AGREEMENT 
 (TIME BASED STOCK OPTION) 
 Pursuant
to your Stock Option Grant Notice (“Grant Notice”) and this Stock Option Agreement, Serena Software, Inc. (the “Company”) has granted you a stock option under its 2006 Stock Incentive Plan (the “Plan”) to purchase the
number of shares of the Company’s Common Stock indicated in your Grant Notice at the exercise price indicated in your Grant Notice. Capitalized terms not defined in this Stock Option Agreement but defined in the Plan shall have the same
definitions as in the Plan. For the avoidance of doubt, the terms and conditions of the Grant Notice are a part of the Stock Option Agreement, unless otherwise specified. 
 The details and terms and conditions of this Stock Option Agreement shall govern your Option, notwithstanding any less favorable terms and conditions on the same matter set forth in the Plan (subject, however, to
Section 15 hereof): 
 1. Vesting. 
 (a) Subject to the limitations contained herein, your Option will vest as set forth in your Grant Notice, provided that vesting will cease upon the termination of your Continuous Service. 
 (b) Notwithstanding any provision of this Stock Option Agreement to the contrary, in the event of a Change in Control, the Option shall, to the
extent not then vested and not previously cancelled, become fully vested and exercisable immediately prior to the consummation of such Change in Control. 
 2. Number of Shares and Exercise Price. The number of shares of Common Stock subject to your Option and your exercise price per share referenced in your Grant Notice may be adjusted from time to time for
various adjustments in the Company’s equity capital structure, as provided in the Plan. 
 3. Method of Payment.

 (a) Payment of the exercise price is due in full upon exercise of all or any part of your Option. You may elect to make payment of
the exercise price in cash or by check. Alternatively, provided that at the time of exercise there is a public market for the shares of Common Stock, your exercise may be implemented pursuant to a program developed under Regulation T as promulgated
by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales
proceeds. Notwithstanding the terms of the previous sentence, you may not be permitted to exercise your Option pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board if such exercise would violate the
provisions of Section 402 of the Sarbanes-Oxley Act of 2002. 

 (b) You may elect to make payment of the exercise price, in whole or in part, in shares of Common
Stock having a Fair Market Value equal to the amount of the aggregate exercise price or such portion thereof, as applicable; provided, however, that you must satisfy all such requirements as may be imposed by the Board including without limitation
that you have held such shares for not less than six months (or such other period as established from time to time by the Board in order to avoid a supplemental charge to earnings for financial accounting purposes). 
 (c) Where you elect to pay the exercise price of an Option and/or taxes relating to the exercise of an Option by delivering shares of Common
Stock, you may, subject to procedures satisfactory to the Board, satisfy such delivery requirement by presenting proof that you are the Beneficial Owner of such shares of Common Stock, in which case the Company shall treat the Option as exercised
without further payment and shall withhold such number of shares from the Shares acquired by the exercise of the Option. 
 (d) The
Company may permit you to make payment of the exercise price in any other form of legal consideration that may be acceptable to the Board in its sole discretion. 
 4. Whole Shares. You may exercise your Option only for whole shares of Common Stock. 
 5. Compliance. 
 (a) Securities Law Compliance. Notwithstanding anything to the contrary contained
herein, you may not exercise your Option unless the Shares of Common Stock issuable upon such exercise are then registered under the Securities Act or, if such Shares are not then so registered, the Company has determined that such exercise and
issuance would be exempt from the registration requirements of the Securities Act. The exercise of your Option must also comply with other applicable laws and regulations governing your Option, and you may not exercise your Option if the Company
determines that such exercise would not be in material compliance with such laws and regulations. 
 (b) Plan Compliance.
Notwithstanding anything to the contrary contained herein, you may not exercise your Option if the terms of the Plan do not permit the exercise of Options, or if the Company exercises its rights under the Plan to suspend, delay or restrict the
exercise of Options. 
 6. Term. You may not exercise your Option before the commencement of its term on the Date of Grant or
after its term expires. Subject to the provisions of the Plan and this Stock Option Agreement, you may exercise all or any part of the vested portion of the Option at any time prior to the earliest to occur of: 
 (a) the date on which your Continuous Service is terminated for Cause; 
 (b) three (3) months after you terminate your Continuous Service by resigning without Good Reason; 
  

 2 

     (c) twelve (12) months after the termination of your
Continuous Service without Cause or after you terminate your Continuous Service by resigning for Good Reason; 
 (d) twelve
(12) months after the termination of your Continuous Service due to your Disability; 
 (e) twelve (12) months after the
termination of your Continuous Service due to your death; or 
 (f) the Expiration Date indicated in the Grant Notice. 
 Notwithstanding the foregoing, if the exercise of your Option is prevented within the applicable time periods set forth in Sections 6(b), (c) or (d) for any
reason, your Option shall not expire before the date that is thirty (30) days after the date that you are notified by the Company that the Option is again exercisable, but in any event no later than the Expiration Date indicated in your Grant
Notice; provided, however, that if the Grant Notice designates your Option as an Incentive Stock Option, and if any such extension causes the term of your Option to exceed the maximum term allowable for Incentive Stock Options, your Option shall
cease to be treated as an Incentive Stock Option and instead shall be treated thereafter as a Nonstatutory Stock Option. 
 7.
Exercise Procedures. 
 (a) Subject to Section 5 above and other relevant terms and conditions of the Plan and this
Stock Option Agreement, you may exercise the vested portion of your Option during its term by delivering a Notice of Exercise (in a form designated by the Company) together with the exercise price to the Company’s Chief Financial Officer, or to
such other person as the Company may designate, during regular business hours, together with such additional documents as the Company may then reasonably require. 
 (b) By exercising your Option you agree that, as a condition to any exercise of your Option, the Company may require you to enter into an arrangement providing for the payment by you to the Company of any tax
withholding obligation of the Company (including any Affiliate) arising by reason of (1) the exercise of your Option, or (2) other applicable events. 
 (c) By exercising your Option you agree that, as a condition to any exercise of your Option, you and your spouse, if requested by the Company, contemporaneously with the exercise of your Option and prior to the
issuance of any certificate representing the Shares of Common Stock purchased upon the exercise of your Option, shall execute the Management Stockholders Agreement, including any and all amendments to such agreement in effect at the time of such
exercise. 
 (d) By exercising your Option you agree that the Company (or a representative of the underwriter(s)) may, in connection
with the first underwritten registration of the offering of any equity securities of the Company under the Securities Act (or any underwritten registration of any securities of the Company prior to that time), require that for a specified period of
time, you not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of Common Stock or other securities of the
Company held 
  

 3 

 by you. You further agree to execute and deliver such other agreements as may be reasonably requested by the Company
and/or the underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop transfer instructions with respect to your shares of
Common Stock until the end of such period. The underwriters of the Company’s stock are intended third party beneficiaries of this Section 7(d) and shall have the right, power and authority to enforce the provisions hereof as though they
were a party hereto. 
 (e) As a condition of any exercise of your Option, you and your spouse, if any, agree that prior to the
effectiveness of the first underwritten registration of the Company’s equity securities under the Securities Act, you shall not transfer any or all of the shares of Common Stock purchased upon exercise of your Option unless permitted to do so
under the terms of the Plan or the Management Stockholders Agreement. 
 8. Documents Governing Issued Common Stock. Shares of
Common Stock that you acquire upon exercise of your Option are subject to the terms of the Plan, the Company’s bylaws, the Company’s certificate of incorporation, any agreement relating to such shares of Common Stock to which you become a
party, or any other similar document. You should ensure that you understand your rights and obligations as a stockholder of the Company prior to the time that you exercise your Option. 
 9. Limitations on Transfer of Options. Your Option is not transferable, except by will or by the laws of descent and distribution, and is
exercisable during your life only by you. Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be
entitled to exercise your Option. 
 10. Rights Upon Exercise. You will not have any rights to dividends or other rights of a
stockholder with respect to the Shares subject to the Option until you have given written notice of the exercise of the Option, paid in full for such Shares and, if applicable, satisfied any other conditions imposed by the Board pursuant to the
Plan. 
 11. Option Not a Service Contract. Your Option is not an employment contract, and nothing in your Option shall be
deemed to create in any way whatsoever any obligation on your part to continue in the employ or service of the Company or any of its Affiliates, or of the Company or any of its Affiliates to continue your employment. In addition, nothing in your
Option shall obligate the Company or any of its Affiliates, their respective stockholders, Boards of Directors, officers or employees to continue any relationship that you might have as a Director or Consultant or otherwise for the Company or any of
its Affiliates. 
 12. Withholding Obligations and Notice Requirement. 
 (a) At the time you exercise your Option, in whole or in part, or at any time thereafter as requested by the Company, you hereby authorize
withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a “same day sale” program developed under Regulation T as promulgated by the Federal Reserve Board to
the extent permitted by the Company and applicable law, including, but not limited to, Section 402 of the Sarbanes-Oxley Act of 2002) any 
  

 4 

 sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or any of its
Affiliates, which arise in connection with your Option. 
 (b) You may not exercise your Option unless the tax withholding
obligations of the Company and/or any Affiliate are satisfied or appropriate arrangements (acceptable to the Company) are made therefor. 
 (c) You agree to promptly notify the Company of any disposition of Shares issued pursuant to the exercise of an Incentive Stock Options that results in a “disqualifying disposition” for purposes of Section 421 of the
Code. 
 13. Notices. Any notices provided for in your Option or the Plan shall be given in writing and shall be deemed
effectively given upon receipt, or in the case of notices delivered by mail to you, five (5) days after deposit in the United States mail (or with another delivery service), certified or registered mail, return receipt requested, postage
prepaid, addressed to you at the last address you provided to the Company. 
 14. Signature in Counterparts. This Stock Option
Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 
 15. Option Subject to Plan Document. By entering into this Stock Option Agreement, you agree and acknowledge that you have received and read a copy of the Plan and Management Stockholders’
Agreement. The Option is subject to the terms and provisions of the Plan and the Management Stockholders’ Agreement and such terms and provisions are hereby incorporated herein by reference. In the event of a conflict between any term or
provision contained herein and a term or provision of the Plan or the Management Stockholders’ Agreement, the applicable terms and provisions of the Plan or Management Stockholders’ Agreement, as applicable, will govern and prevail. In the
event of a conflict between any term or provision of the Plan and any term or provision of the Management Stockholders’ Agreement, the applicable terms and provisions of the Management Stockholders’ Agreement will govern and prevail.

  

 5 

 NOTICE OF EXERCISE 
  

			
	 Serena Software, Inc.
 2755 Campus Drive, 3rd Floor
 San Mateo, California
94403-2538
	 	Date of Exercise:                     

 Ladies and Gentlemen: 
 This constitutes notice under my stock option that I elect to purchase the number of Shares for the price set forth below. 
  

						
	 Type of option (check one):
	  	Incentive	  	Nonstatutory
	 Stock option dated:
	  	 	__________	  	
			
	 Number of Shares as to which option is exercised:
	  	 	__________	  	
			
	 Certificates to be issued in name of:
	  	 	__________	  	
			
	 Total exercise price:
	  	$	                    	  	
			
	 Consideration delivered herewith:
	  	$	                    	  	

 By this exercise, I agree (i) to execute or provide such additional documents as Serena
Software, Inc. (the “Company”) may reasonably require pursuant to the terms of this Notice of Exercise and the Company’s 2006 Stock Incentive Plan (the “Plan”), and (ii) to provide for the payment by me to the Company
(in the manner designated by the Company) of the Company’s withholding obligation, if any, relating to the exercise of this Option. 
 I
hereby make the following certifications and representations with respect to the number of shares of Common Stock of the Company listed above (the “Shares”): 
 I am aware that my investment in the Company is a speculative investment that has limited liquidity and is subject to the risk of complete loss. I am able, without impairing my financial condition, to hold the Shares
for an indefinite period and to suffer a complete loss of my investment in the Shares. 
 I represent and warrant to the Company that I am
acquiring and will hold the Shares for investment for my account only, and not with a view to, or for resale in connection with, any “distribution” of the Shares within the meaning of the Securities Act of 1933 (the “Securities
Act”) or the similar laws of any state or foreign jurisdiction. 
 I understand that the Shares have not been registered under the
Securities Act, the Securities Exchange Act of 1934, or under the similar laws of any state or foreign jurisdiction 

 (collectively, “Applicable Securities Laws”) by reason of a specific exemption therefrom and that the Shares
must be held indefinitely, unless they are subsequently registered under the Applicable Securities Laws or I obtain an opinion of counsel (in form and substance satisfactory to the Company and its counsel) that registration is not required.

 I acknowledge that the Company is under no obligation to register the Shares under Applicable Securities Laws. 
 I am aware of the adoption of Rule 144 by the Securities and Exchange Commission under the Securities Act, which permits limited public resales of
securities acquired in a non-public offering, subject to the satisfaction of certain conditions. These conditions may include (without limitation) that certain current public information about the issuer is available, that the resale occurs only
after the holding period required by Rule 144 has been satisfied, that the sale occurs through an unsolicited “broker’s transaction” and that the amount of securities being sold during any three-month period does not exceed specified
limitations. I understand that the conditions for resale set forth in Rule 144 have not been satisfied and that the Company has no plans to satisfy these conditions in the foreseeable future. 
 I will not sell, transfer or otherwise dispose of the Shares in violation of the Plan, the agreement under which my right to acquire the Shares was
granted, Applicable Securities Laws, or the rules promulgated thereunder, including Rule 144 under the Securities Act. 
 I acknowledge that
I have received and had access to such information as I consider necessary or appropriate for deciding whether to invest in the Shares and that I had an opportunity to ask questions and receive answers from the Company regarding the terms and
conditions of the issuance of the Shares. 
 I acknowledge that the Shares will be subject to certain encumbrances, including, but not
limited to, drag along rights in favor of certain stockholders of the Company, repurchase rights in favor of the Company, limitations on transfer, and other encumbrances set forth in the Plan, Stock Option Agreement, other applicable agreements
and/or described in the Company’s bylaws or certificate of incorporation in effect at such time as the Company or such other person elects to exercise its or his right. 
 I acknowledge that I am acquiring the Shares subject to all other terms of the Plan, the Stock Option Grant Notice, and the Stock Option Agreement.

 I further agree that if required by the Company (or a representative of the underwriter(s)) in connection with the first underwritten
registration of the offering of any equity securities of the Company under the Securities Act (or any underwritten registration of any securities of the Company prior to that time), for a specified period of time, I will not sell, dispose of,
transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Shares or other securities of the Company held by me. I further agree to execute
and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the
Company may impose stop transfer instructions with respect to my Shares until the end of such period. 
  

 2 

 I agree, and as a condition of exercise if I am married I will obtain the agreement of my spouse, that
prior to the effectiveness of the first underwritten registration of the Company’s equity securities under the Securities Act, I will not transfer any or all of the Shares unless pursuant to an exception provided in the Plan or the Stock Option
Agreement. 
 I agree that as a condition to this exercise, the certificates evidencing the Shares shall remain in the physical custody of
the Company or its designee at all times prior to the last to occur of (i) the date on which all contractual restrictions set forth in the Plan, the Company’s Articles of Incorporation and/or bylaws, or in the documents evidencing the
Stock Option Agreement lapse, or (ii) the date on which all contractual requirements set forth in the Plan, the Company’s Articles of Incorporation and/or bylaws, or in the documents evidencing the Stock Option Agreement are satisfied. As
a condition to this exercise I agree to execute three (3) copies of the Assignment Separate From Certificate (with date and number of Shares blank) substantially in the form attached to this Notice of Exercise as Attachment A, and two
(2) copies of the Joint Escrow Instructions substantially in the form attached to this Notice of Exercise as Attachment B, and to deliver the same to the Company, along with such additional documents as the Company may require. 
 I further acknowledge that all certificates representing any of the Shares subject to the provisions of my Option shall have endorsed thereon appropriate
legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to the Company’s Certificate of Incorporation, by-laws, and/or Applicable Securities Laws. 
 I agree to seek the consent of my spouse to the extent required by the Company to enforce the foregoing. 
  

	
	Very truly yours,
	
	  

 ATTACHMENTS: 
 A. Form of Assignment Separate from Certificate 
 B. Form of Joint Escrow Instructions 
  

 3 

 ATTACHMENT A 
 FORM OF ASSIGNMENT SEPARATE FROM CERTIFICATE 

 ASSIGNMENT SEPARATE FROM CERTIFICATE 
 FOR VALUE RECEIVED and pursuant to that certain Stock Option Grant Notice and Stock
Option Agreement,
                                        
hereby sells, assigns and transfers unto
                                        
                                        
                     (“Assignee”)
                                        
             (                    ) shares of the Common Stock of Serena
Software, Inc. (“Shares”), standing in the undersigned’s name on the books of said corporation represented by Certificate
No.                      herewith and do hereby irrevocably constitute and appoint
                                        
as attorney-in-fact to transfer the said stock on the books of the within named issuer with full power of substitution in the premises. This Assignment may be used only in accordance with and subject to the terms and conditions of the Stock Option
Agreement and the Plan, in connection with the reacquisition or transfer of the Shares issued to the undersigned pursuant to the Stock Option Agreement, and only to the extent that such Shares remain subject to the transferee’s rights to
acquire the Shares and other restrictions applicable under the Stock Option Agreement and the Plan. 
 Dated:
                     
  

			
	Signature:	 	  

		
	Print Name:	 	  

 [Instruction: Please do not fill in any blanks other than the signature line. The purpose of this
Assignment is to enable the Company to administer its rights set forth in the Award without requiring additional signatures on your part.] 

 ATTACHMENT B 
 FORM OF JOINT ESCROW INSTRUCTIONS 

 JOINT ESCROW INSTRUCTIONS 
 [Date] 
 Attn: [Title] 
 [Address] 
 Dear Sir/Madam: 
 As Escrow
Agent for both Serena Software, Inc. (the “Company”), and the undersigned recipient of stock of the Company (“Recipient”), you are hereby authorized and directed to hold the documents delivered to you pursuant to the terms of the
“Plan” and “Stock Option Agreement” (as referenced in the Notice of Exercise to which this document is attached), in accordance with the following instructions: 
 1. In the event that (i) certain stockholders of the Company exercise their drag-along rights, (ii) the Company exercises its repurchase
rights, (iii) the Company exercises its rights to require that the Shares be contributed to a trust as set forth in Section 13(b) of the Plan, or (iv) the Company or any other Person exercises other contractual rights applicable to
the Shares and in effect as of the date hereof, the Company or its assignee will give to Recipient and you a written notice specifying that the Shares of stock shall be transferred as described in the Plan, the Recipient’s Stock Option
Agreement, or other applicable governing documents. Recipient and the Company hereby irrevocably authorize and direct you to close the transaction contemplated by such notice in accordance with the terms of said notice. 
 At the closing, you are directed (a) to date any stock assignments necessary for the transfer in question, (b) to fill in the number of Shares
being transferred, and (c) to deliver same, together with the certificate evidencing the Shares of stock to be transferred, to the Company or other proper transferee. 
 2. In the event that all applicable restrictions lapse, and when certain requirements are satisfied, the Company or its assignee will give to Recipient
and you a written notice specifying that the appropriate number of Shares shall be transferred to the Recipient along with any cash or in-kind dividends declared subsequent to the date hereof and which relate to such Shares. Recipient and the
Company hereby irrevocably authorize and direct you to close the transaction contemplated by such notice in accordance with the terms of said notice. 
 At the closing, you are directed to deliver a certificate evidencing the appropriate number of Shares, together with any cash or in-kind dividends declared subsequent to the date hereof and which relate to such
Shares, to the Recipient. 
 3. Recipient irrevocably authorizes the Company to deposit with you any certificates evidencing Shares of stock
to be held by you hereunder and any additions and substitutions to said Shares as specified in the Stock Option Grant Notice or the Stock Option Agreement. Recipient does hereby irrevocably constitute and appoint you as Recipient’s
attorney-in-fact and 

 
agent for the term of this escrow to execute with respect to such securities and other property all documents of assignment and/or transfer and all stock
certificates necessary or appropriate to make all securities negotiable and to complete any transaction herein contemplated. 
 4. This
escrow shall terminate upon the date on which all contractual restrictions or requirements set forth in the Plan or in the documents evidencing the restrictions applicable to the Shares lapse or are satisfied as determined by the Company.

 5. If at the time of termination of this escrow you should have in your possession any documents, securities, or other property belonging
to Recipient, you shall deliver all of same to any pledgee entitled thereto or, if none, to Recipient and shall be discharged of all further obligations hereunder. 
 6. Your duties hereunder may be altered, amended, modified or revoked only by a writing signed by all of the parties hereto. 
 7. You shall be obligated only for the performance of such duties as are specifically set forth herein and may rely and shall be protected in relying or refraining from acting on any instrument reasonably believed by
you to be genuine and to have been signed or presented by the proper party or parties or their assignees. You shall not be personally liable for any act you may do or omit to do hereunder as Escrow Agent or as attorney-in-fact for Recipient while
acting in good faith and any act done or omitted by you pursuant to the advice of your own attorneys shall be conclusive evidence of such good faith. 
 8. You are hereby expressly authorized to disregard any and all warnings given by any of the parties hereto or by any other person or corporation, excepting only orders or process of courts of law, and are hereby
expressly authorized to comply with and obey orders, judgments or decrees of any court. In case you obey or comply with any such order, judgment or decree of any court, you shall not be liable to any of the parties hereto or to any other person,
firm or corporation by reason of such compliance, notwithstanding any such order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or found to have been entered without jurisdiction. 
 9. You shall not be liable in any respect on account of the identity, authority or rights of the parties executing or delivering or purporting to execute
or deliver the Stock Option Grant Notice or any documents or papers deposited or called for hereunder. 
 10. You shall not be liable for the
outlawing of any rights under any statute of limitations with respect to these Joint Escrow Instructions or any documents deposited with you. 
 11. You shall be entitled to employ such legal counsel, including but not limited to Simpson Thacher & Bartlett LLP, and other experts as you may deem necessary to advise you in connection with your obligations hereunder, and you
may rely upon the advice of such counsel, and may pay such counsel reasonable compensation for such advice. 
 12. Your responsibilities as
Escrow Agent hereunder shall terminate if you shall cease to be [Fill in Title of Escrow Agent] of the Company or if you shall resign by written notice to each party. In the event of any such termination, the Company may appoint any officer or

  

 2 

 
assistant officer of the Company as successor Escrow Agent and Recipient hereby confirms the appointment of such successor or successors as his
attorney-in-fact and agent to the full extent of your appointment. 
 13. If you reasonably require other or further instruments in
connection with these Joint Escrow Instructions or obligations in respect hereto, the necessary parties hereto shall join in furnishing such instruments. 
 14. It is understood and agreed that should any dispute arise with respect to the delivery and/or ownership or right of possession of the securities, you may (but are not obligated to) retain in your possession
without liability to anyone all or any part of said securities until such dispute shall have been settled either by mutual written agreement of the parties concerned or by a final order, decree or judgment of a court of competent jurisdiction after
the time for appeal has expired and no appeal has been perfected, but you shall be under no duty whatsoever to institute or defend any such proceedings. 
 15. Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in the United States mail (or upon deposit with another delivery
service), with postage and fees prepaid, addressed to each of the other parties hereunto entitled at the following addresses, or at such other addresses as a party may designate by ten (10) days’ written notice to each of the other parties
hereto: 
  

			
	COMPANY:	  	Serena Software, Inc.
		  	 2755 Campus Drive, 3rd Floor
 San Mateo, California 94403-2538

		  	Attn: [Title]
		
	RECIPIENT:	  	_________________
		
		  	_________________
		
		  	_________________
		
		  	_________________
		
	ESCROW AGENT:	  	[Name]
		  	[Address]
		  	Attn: [Fill in Title]

 16. By signing these Joint Escrow Instructions you become a party hereto only for the purpose of
said Joint Escrow Instructions; you do not become a party to the Notice of Exercise. 
  

 3 

 17. This instrument shall be binding upon and inure to the benefit of the parties hereto, and their
respective successors and permitted assigns. It is understood and agreed that references to “you” or “your” herein refer to the original Escrow Agent and to any and all successor Escrow Agents. It is understood and agreed that
the Company may at any time or from time to time assign its rights under the Stock Option Agreement, the Notice of Exercise and these Joint Escrow Instructions in whole or in part. 
  

							
		 		 	Very truly yours,
			
		 		 	SERENA SOFTWARE, INC.
				
		 		 	By:	 	  

			
		 		 	RECIPIENT
			
		 		 	  

		 		 	[Participant’s Name]
			
	ESCROW AGENT:	 		 	
				
	BY:	 	  
	 		 	
				
	NAME:	 	  
	 		 	

  

 4

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