Document:

EXHIBIT
10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into on October
2, 2006 by and between Stellent, Inc., a Minnesota corporation (the “Company”),
and Darin P. McAreavey, a resident of Minnesota (“Executive”).

RECITALS

A.          Since June 2, 2006, the Executive has
served as Chief Financial Officer, Executive Vice President, Secretary and
Treasurer of the Company.

B.           In October 2004, the American Jobs
Creation Act of 2004 (the “Act”) was enacted, Section 885 of which Act added
new provisions to the Internal Revenue Code pertaining to deferred
compensation.

C.           The Treasury Department has issued
transition guidance, revised transition guidance and proposed regulations
regarding the deferred compensation provisions of the Act.

D.          The parties agree that it is in their
mutual best interests to complying with the Act so as to avoid the excise taxes
and penalties imposed under the Act.

E.           The Company and Executive wish to
continue the employment relationship and to provide for certain additional
benefits for Executive, subject to the terms and conditions set forth in this
Agreement.

F.           Executive is a key
member of the management of the Company and it is desirable and in the best
interests of the Company and its shareholders to continue to obtain the
benefits of Executive’s services and attention to the affairs of the Company.

G.           It is desirable and
in the best interests of the Company and its shareholders to provide inducement
for Executive (A) to remain in the service of the Company in the event of any
proposed or anticipated change in control of the Company and (B) to remain in
the service of the Company in order to facilitate an orderly transition in the
event of a change in control of the Company, without regard to the effect such
change in control may have on Executive’s employment with the Company.

H.          It is desirable and in
the best interests of the Company and its shareholders that Executive be in a
position to make judgments and advise the Company with respect to proposed changes
in control of the Company.

 

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing
premises and the respective agreements of the Company and Executive set forth
below, the Company and Executive, intending to be legally bound, agree as
follows:

1.             Employment.  Subject to all terms and conditions hereof,
the Company shall employ Executive, and Executive shall serve the Company and
perform services for the Company, until such time as Executive’s employment is
terminated in accordance with Section 12 hereof.

2.             Position
and Duties.

(a)             Position
with the Company.  During the term of
Executive’s employment with the Company, Executive shall serve as its Chief
Financial Officer, Executive Vice President, Secretary and Treasurer and shall perform such duties and
responsibilities as the Company shall assign to him from time to time.

(b)             Performance
of Duties and Responsibilities. 
Executive shall serve the Company faithfully and to the best of his
ability and shall devote his full time, attention and efforts to the business
of the Company during his employment. 
Executive shall report to the President and Chief Executive Officer, or
to such other party that may be designated by the President and Chief Executive
Officer.  During his employment
hereunder, Executive shall not accept other employment or engage in other
material business activity, except as approved in writing by the Board of
Directors of the Company (the “Board”). 
Executive hereby represents and confirms that he is under no contractual
or legal commitments that would prevent him from fulfilling his duties and
responsibilities as set forth in this Agreement.

3.             Compensation
and Benefits.

(a)             Base
Salary.  While Executive is employed
by the Company hereunder, the Company shall pay to Executive an annual base
salary at a rate determined by the Compensation Committee of the Board (the “Compensation
Committee”), less deductions and withholdings, which base salary shall be paid
in accordance with the Company’s normal payroll policies and procedures.  During each year after the first year of
Executive’s employment hereunder, the Compensation Committee shall review and may adjust Executive’s base salary in its
sole discretion.  Executive’s base salary
shall not at anytime be decreased, except that Executive’s base salary may be
reduced as part of a general reduction in the base salaries for all executives
of the Company.

(b)           Bonus.  During each fiscal year of Executive’s
employment with the Company, Executive shall be eligible for annual and/or
quarterly bonuses based upon and subject to achievement of specified objectives
and criteria, and such other terms and conditions, each as established by the
Compensation Committee from time to time. 
Any bonus will be paid by the Company within 45 days after the period for
which the bonus is applicable, and Executive must be employed by the Company on
the date of payment in order to be eligible to receive any

 

bonus.  The Compensation
Committee shall review and may revise the bonus program in its sole discretion.

(c)           Equity
Awards.  From time to time the
Compensation Committee, in its sole discretion, may grant Executive options or
other equity awards, in accordance with the terms and conditions of the Company’s
stock option or other equity plans as may be in effect from time to time.

(d)           Employee
Benefits.  While Executive is
employed by the Company hereunder, Executive shall be entitled to participate
in all employee benefit plans and programs of the Company to the extent that
Executive meets the eligibility requirements for each individual plan or
program.  The Company provides no
assurance as to the adoption or continuance of any particular employee benefit
plan or program, and Executive’s participation in any such plan or program
shall be subject to the provisions, rules and regulations applicable thereto.

(e)           Expenses.  While Executive is employed by the Company
hereunder, the Company shall reimburse Executive for all reasonable and
necessary out-of-pocket business, travel and entertainment expenses incurred by
Executive in the performance of the duties and responsibilities hereunder,
subject to the Company’s normal policies and procedures for expense
verification and documentation.

(f)            Vacation.  While Executive is employed by the Company
hereunder, Executive shall be entitled to paid vacation consistent with the
Company’s vacation policy, which may be amended from time to time in the
Company’s discretion.  Vacation days
shall be taken at such times so as not to disrupt the operations of the
Company.

4.             Affiliated
Entities.  As used in this Agreement,
“Affiliates” shall include the Company and each corporation, partnership, or
other entity, which controls the Company, is controlled by the Company, or is
under common control with the Company (in each case “control” meaning the
direct or indirect ownership of 50% or more of all outstanding equity
interests).

5.             Confidential
Information.  Except as permitted by
the Board, Executive shall not at any time divulge, furnish or make accessible
to anyone or use in any way other than in the ordinary course of the business
of the Company or its Affiliates, any confidential, proprietary or secret
knowledge or information of the Company or its Affiliates that Executive has
acquired or shall acquire about the Company or its Affiliates, whether
developed by himself or by others, concerning (i) any trade secrets, (ii) any
confidential, proprietary or secret designs, programs, processes, formulae,
plans, devices or material (whether or not patented or patentable) directly or
indirectly useful in any aspect of the business of the Company or of its
Affiliates, (iii) any customer or supplier lists, (iv) any confidential,
proprietary or secret development or research work, (v) any strategic or other
business, marketing or sales plans, (vi) any financial or personnel data or
plans, or (viii) any other confidential or proprietary information or secret
aspects of the business of the Company or of its Affiliates.  Executive acknowledges that the
above-described knowledge and information constitutes a unique and valuable
asset of the

 

Company and represents a substantial investment of time and expense by
the Company, and that any disclosure or other use of such knowledge or
information other than for the sole benefit of the Company or its Affiliates would
be wrongful and would cause irreparable harm to the Company.  Executive shall refrain from intentionally
committing any acts that would materially reduce the value of such knowledge or
information to the Company or its Affiliates. 
The foregoing obligations of confidentiality shall not apply to any
knowledge or information that (i) is now or subsequently becomes generally
publicly known, other than as a direct or indirect result of the breach of this
Agreement, (ii) is independently made available to Executive in good faith by a
third party who has not violated a confidential relationship with the Company
or its Affiliates, or (iii) is required to be disclosed by law or legal
process.  Executive understands and agrees
that his obligations under this Agreement to maintain the confidentiality of
the Company’s confidential information are in addition to any obligations of
Executive under applicable statutory or common law.

6.             Ventures.  If, during Executive’s employment with the
Company, Executive is engaged in or provides input into the planning or
implementing of any project, program or venture involving the Company, all
rights in such project, program or venture shall belong to the Company.  Except as approved in writing by the Board of
Directors of the Company, Executive shall not be entitled to any interest in
any such project, program or venture or to any commission, finder’s fee or
other compensation in connection therewith. 
Executive shall have no interest, direct or indirect, in any customer or
supplier that conducts business with the Company.

7.             Conflicts
of Interest.  During Executive’s
employment with the Company hereunder, Executive shall not, directly or
indirectly, transact business with the Company personally, or as agent, owner,
partner, or shareholder of any other entity unless any such transaction has
been knowingly approved by all disinterested members of the Company’s Board of
Directors.

8.             Noncompetition
and Nonsolicitation Covenants.

(a)           Agreement
Not to Compete.  During Executive’s
employment with the Company or any Affiliates and for a period of twelve (12)
consecutive months from and after the termination of Executive’s employment,
whether such termination is with or without cause, or whether such termination
is at the instance of Executive or the Company, Executive shall not, directly
or indirectly (including without limitation as a proprietor, principal, agent,
partner, officer, director, stockholder, employee, member of any association,
consultant or otherwise), engage in any business, in the United States or in
any other location in which the Company is then doing business or actively
planning to do business:

(i)            that designs, develops, markets, distributes, or sells
web content management services or products, or

(ii)           that designs, develops, markets, distributes, or sells
services or products similar to any service or product then being developed,
marketed, or distributed by the Company.

 

Ownership by Executive, as a passive investment, of less than 3% of the
outstanding shares of capital stock of any corporation listed on a national
securities exchange or publicly traded in the over-the-counter market shall not
constitute a breach of this Section 8(a).

(b)           Agreement
Not to Hire.  During Executive’s
employment with the Company or any Affiliates and for a period of twelve (12)
consecutive months from and after the termination of Executive’s employment,
whether such termination is with or without cause, or whether such termination
is at the instance of Executive or the Company, Executive shall not, directly
or indirectly (including without limitation as a proprietor, principal, agent,
partner, officer, director, stockholder, employee, member of any association,
consultant or otherwise), hire, engage or solicit (provided, however,
that solicitation by means of non-directed search inquiry or general media
advertisement shall not constitute a violation of this Agreement) any person who is then an employee or
contractor of the Company or who was an employee of the Company at any time
during the six (6) month period
immediately preceding Executive’s termination of employment, in any manner or
capacity, unless such person’s employment with the Company was terminated by
the Company without cause.

(c)           Agreement
Not to Solicit.  During Executive’s
employment with the Company or any Affiliates and for a period of twelve (12)
consecutive months from and after the termination of executive’s employment,
whether such termination is with or without cause, or whether such termination
is at the instance of Executive or the Company, Executive shall not,
(i) market, solicit or sell, or attempt to market, solicit or sell, to any
current or potential customer of the Company for which Executive had direct or
indirect responsibility or about which Executive had access to confidential
information, in each case at any time during the 24 months immediately
preceding the last day of Executive’s employment with the Company, for the
purpose of selling any product or service that is competitive with, similar to
or performs similar functions as any product or service of the Company, or
(ii) directly or indirectly (including without limitation as a proprietor,
principal, agent, partner, officer, director, stockholder, employee, member of
any association, consultant or otherwise), solicit, request, advise or induce
any current or potential customer, supplier or other business contact of the
Company to cancel, curtail or otherwise adversely change its relationship with
the Company.

(d)           Acknowledgment.  Executive hereby acknowledges that the
provisions of this Section 8 are reasonable and necessary to protect the
legitimate interests of the Company and that any violation of this Section 8
by Executive shall cause substantial and irreparable harm to the Company to
such an extent that monetary damages alone would be an inadequate remedy
therefor.

(e)           Blue
Pencil Doctrine.  If the duration of,
the scope of or any business activity covered by any provision of this Section
8 is in excess of what is determined to be valid and enforceable under
applicable law, such provision shall be construed to cover only that duration,
scope or activity that is determined to be valid and enforceable.  Executive hereby acknowledges that this Section
8 shall be given the construction which renders its provisions valid and
enforceable to the maximum extent, not exceeding its express terms, possible
under applicable law.

 

9.             Patents, Copyrights and Related Matters.

(a)           Disclosure and Assignment.  Executive shall immediately disclose to the
Company any and all improvements and inventions that Executive may conceive
and/or reduce to practice individually or jointly or commonly with others while
he is employed with the Company or any of its Affiliates with respect to (i)
any methods, processes or apparatus concerned with the development, use or
production of any type of products, goods or services sold or used by the
Company or its Affiliates, and (ii) any type of products, goods or services
sold or used by the Company or its Affiliates. 
Any such improvements and inventions shall be the sole and exclusive
property of the Company and Executive shall immediately assign, transfer and
set over to the Company his entire right, title and interest in and to any and
all of such improvement and inventions as are specified in this Section 9(a),
and in and to any and all applications for letters patent that may be filed on
such inventions, and in and to any and all letters patent that may issue, or be
issued, upon such applications.  In
connection therewith and for no additional compensation therefor, but at no
expense to Executive, Executive shall sign any and all instruments deemed
necessary by the Company for:

(i)            the filing and prosecution of any applications for
letters patent of the United States or of any foreign country that the Company
may desire to file upon such inventions as are specified in this Section
9(a);

(ii)           the filing and prosecution of any divisional,
continuation, continuation-in-part or reissue applications that the Company may
desire to file upon such applications for letters patent; and

(iii)          the reviving, re-examining or renewing of any of such
applications for letters patent.

This
Section 9(a) shall not apply to any invention for which no
equipment, supplies, facilities, confidential, proprietary or secret knowledge
or information, or other trade secret information of the Company was used and
that was developed entirely on Executive’s own time, and (i) that does not
relate (A) directly to the business of the Company, or (B) to the
Company’s actual or demonstrably anticipated research or development, or
(ii) that does not result from any work performed by Executive for the
Company.

(b)           Copyrightable
Material.  All right, title and
interest in all copyrightable material that Executive shall conceive or originate
individually or jointly or commonly with others, and that arise in connection
with Executive’s services hereunder or knowledge of confidential and
proprietary information of the Company, shall be the property of the Company
and are hereby assigned by Executive to the Company or its Affiliates, along
with ownership of any and all copyrights in the copyrightable material. Where
applicable, works of authorship created by Executive relating to the Company or
its Affiliates and arising out of Executive’s knowledge of confidential and
proprietary information of the Company shall be considered “works made for
hire,” as defined in the U.S. Copyright Act, as amended.

 

10.           Return
of Records and Property.  Upon
termination of Executive’s employment or at any time upon the Company’s
request, Executive shall promptly deliver to the Company any and all Company
and Affiliate records and any and all Company and Affiliate property in his
possession or under his control, including without limitation manuals, books,
blank forms, documents, letters, memoranda, notes, notebooks, reports,
printouts, computer disks, computer tapes, source codes, data, tables or
calculations and all copies thereof, documents that in whole or in part contain
any trade secrets or confidential, proprietary or other secret information of
the Company or its Affiliates and all copies thereof, and keys, access cards,
access codes, passwords, credit cards, personal computers, telephones and other
electronic equipment belonging to the Company or its Affiliates.

11.           Remedies.  Executive acknowledges that it would be
difficult to fully compensate the Company for monetary damages resulting from
any breach by him of the provisions hereof. 
Accordingly, in the event of any actual or threatened breach of any such
provisions, the Company shall, in addition to any other remedies it may have,
be entitled to injunctive and other equitable relief to enforce such
provisions, and such relief may be granted without the necessity of proving
actual monetary damages.

12.           Termination
of Employment.

(a)           The
Executive’s employment with the Company shall terminate immediately upon:

(i)            Executive’s receipt of written notice from the Company of
the termination of his employment;

(ii)           The Company’s receipt of Executive’s
written resignation from the Company;

(iii)          Executive’s Disability (as defined below); or

(iv)          Executive’s death.

(b)           The
date upon which Executive’s termination of employment with the Company occurs
shall be the “Termination Date.”

13.           Payments upon Termination of Employment.

(a)           If Executive’s employment with the Company (x) is
terminated by the Company for any reason other than for Cause (as defined
below), or (y)  terminates due to death or Disability, then, subject to Section
13(g), Section 13(h), Section 13(i), and Section 13(j):

(i)            the Company shall pay to Executive in a lump sum an
amount equal to twelve (12) months base salary, at the rate of Executive’s base
salary in effect as of the Termination Date, less applicable withholdings; and

 

(ii)           if Executive elects to continue his group medical or
dental insurance coverage with the Company following the termination of his
employment with the Company, the Company shall reimburse him for the portion of
the premiums that the Company would have paid had Executive remained employed
with the Company, at the same level of coverage that was in effect as of the
Termination Date, for a period of twelve (12) consecutive months after the
Termination Date.

(b)                If within
twelve (12) months following a Change in Control (as defined in the Stellent,
Inc. 2005 Equity Incentive Plan, as may be amended from time to time) Executive’s employment with the Company
(x) is terminated by the Company for any reason other than for Cause (as
defined below), (y) is terminated by Executive for Good Reason (as defined
below), or (z) terminates
due to death or Disability, then in lieu of any benefits under Section
13(a) above, and subject to Section
13(g), Section 13(h),
Section 13(i), and Section 13(j):

(i)            Executive
shall receive severance benefits on the same terms as set forth in Section
13(a) above, and

(ii)           any outstanding and unvested stock
options held by Executive as of the Termination Date shall vest on the first
business day following expiration of any rescission periods applicable to the
release of claims required pursuant to Section 13(h), provided that
Executive has not rescinded the release of claims.

(c)           If
Executive’s employment with the Company is terminated by reason of:

(i)            Executive’s abandonment of his employment or Executive’s
resignation for any reason (other than resignation for Good Reason within
twelve (12) months following a Change in Control); or

(ii)           termination of Executive’s employment by the Company for
Cause (as defined below),

the Company shall pay to Executive or his beneficiary or his estate, as
the case may be, his base salary through the Termination Date.

(d)           “Cause” hereunder shall mean:

(i)            an act or acts of dishonesty
undertaken by Executive and intended to result in personal gain or enrichment
of Executive or others at the expense of the Company;

 

(ii)           unlawful conduct or gross misconduct that is willful and
deliberate on Executive’s part and that, in either event, is injurious to the
Company;

(iii)          the conviction of Executive of a felony;

(iv)          failure of Executive to perform his
duties and responsibilities hereunder or to satisfy his obligations as an
officer or employee of the Company; or

(v)           breach of any terms and conditions of this Agreement by
Executive.

(e)           Termination
by Executive for “Good Reason” hereunder shall mean termination by Executive of
his employment with the Company because one or more of the following shall have
occurred upon or after a Change in Control (as defined in the Stellent, Inc.
2005 Equity Incentive Plan, as may be amended from time to time) without
Executive’s written consent:

(i)            the relocation of Executive’s principal place of work
more than 30 miles outside the greater Twin Cities metropolitan area;

(ii)           a material reduction in Executive’s duties or
responsibilities; or

(iii)          a material reduction of Executive’s base salary, other than
pursuant to a general reduction in the base salaries of all executives of the
Company.

(f)            “Disability”
hereunder shall mean the inability of Executive to perform on a full-time basis
the duties and responsibilities of his employment with the Company by reason of
his illness or other physical or mental impairment or condition, if such
inability continues for an uninterrupted period of 120 days or more during any
360-day period.  A period of inability
shall be “uninterrupted” unless and until Executive returns to full-time work
for a continuous period of at least 30 days.

(g)           Any amount payable
to Executive as reimbursement for the cost of the continuation of his group
medical or dental insurance coverage under Section 13(a) shall be
subject to deductions and withholdings and shall be paid to Executive by the
Company in approximately equal monthly installments commencing on the first
normal payroll date of the Company following the expiration of all applicable
rescission periods provided by law and continuing monthly thereafter.  The Company shall be entitled to cease making
reimbursement payments to Executive for the cost of the continuation of his
group medical or dental insurance coverage with the Company after the
Termination Date if Executive becomes eligible for comparable group medical or
dental insurance coverage from any other employer.  For purposes of mitigation and reduction of
the Company’s financial obligations to Executive under Section 13(a),
Executive shall promptly and fully disclose to the Company in writing the fact
that he has

 

become
eligible for comparable group medical or dental insurance coverage from any
other employer.  Executive shall be
liable to repay any amounts to the Company that should have been so mitigated
or reduced but for Executive’s failure or unwillingness to make such
disclosures.

(h)           Notwithstanding
the foregoing provisions of this Section 13, the Company shall not be
obligated to make any payments to Executive under Sections 13(a) hereof
unless Executive (or Executive’s guardian or estate, as applicable) shall have
signed a release of claims in favor of the Company and its Affiliates in a form
to be prescribed by the Company, all applicable consideration and rescission
periods provided by law shall have expired, and Executive is in strict
compliance with the terms of this Agreement as of the dates of such payments.

(i)            Notwithstanding any
provision to the contrary contained in this Agreement, if the cash payments due
and the other benefits to which Executive shall become entitled under this Section
13, either alone or together with other payments in the nature of
compensation to Executive that are contingent on a change in the ownership or
effective control of the Company or in the ownership of a substantial portion
of the assets of the Company or otherwise, would constitute a “parachute
payment” as defined in Section 280G of the Internal Revenue Code (the “Code”)
or any successor provision thereto, such lump sum payment and/or such other
benefits and payments shall be reduced (but not below zero) to the largest
aggregate amount as will result in no portion thereof being subject to the
excise tax imposed under Section 4999 of the Code (or any successor provision thereto)
or being non-deductible to the Company for federal income tax purposes pursuant
to Section 280G of the Code (or any successor provision thereto).  The outside accountants of the Company shall
determine the amount of any reduction to be made pursuant to this Section 13
and shall select from among the foregoing benefits and payments those that
shall be reduced.

(j)            This Agreement is
intended to satisfy the requirements of Section 409A(a)(2), (3) and (4) of the
Internal Revenue Code of 1986, as amended (“Code”), including current and
future guidance and regulations interpreting such provisions.  To the extent that any provision of this
Agreement fails to satisfy those requirements, the provision shall
automatically be modified in a manner that, in the good-faith opinion of the
Company, brings the provisions into compliance with those requirements while
preserving as closely as possible the original intent of the provision and this
Agreement.  In particular, and without
limiting the preceding sentence, if Executive is a “specified employee” under
Section 409A(a)(2)(B)(i) of the Code, then any payment under this Agreement
that is treated as deferred compensation under Section 409A of the Code shall
be delayed until the date that is which is six months after the date of
separation from service (without interest or earnings).

(k)           In the event of
termination of Executive’s employment, the sole obligation of the Company
hereunder shall be its obligation to make the payments called for by Sections
13(a), 13(b), or 13(c) hereof, as the case may be, and the
Company shall have no other obligation to Executive or to his beneficiary or
his estate, except as otherwise provided by law, under the terms of any other
applicable agreement between Executive and the Company, or under the terms of
any employee benefit plans or programs then maintained by the Company in which
Executive participates.

 

14.           Miscellaneous.

(a)           Governing
Law.  All matters relating to the
interpretation, construction, application, validity and enforcement of this
Agreement shall be governed by the laws of the State of Minnesota without
giving effect to any choice or conflict of law provision or rule, whether of
the State of Minnesota or any other jurisdiction, that would cause the
application of laws of any jurisdiction other than the State of Minnesota.

(b)  Jurisdiction
and Venue.  Executive and the Company
consent to jurisdiction of the courts of the State of Minnesota and/or the
federal district courts, District of Minnesota, for the purpose of resolving
all issues of law, equity, or fact arising out of or in connection with this
Agreement.  Any action involving claims
of a breach of this Agreement or enforcement of this Agreement shall be brought
exclusively in such courts.  Each party
consents to personal jurisdiction over such party in the state and/or federal
courts of Minnesota and hereby waives any defense of lack of personal
jurisdiction or inconvenient forum. 
Venue, for the purpose of all such suits, shall be in Hennepin County,
State of Minnesota.

(c)           Entire
Agreement.  This Agreement and any
stock option or equity award agreements entered into by the Company and
Executive contain the entire agreement of the parties relating to Executive’s
employment with the Company and supersedes all prior agreements and
understandings with respect to such subject matter, and the parties hereto have
made no agreements, representations or warranties relating to the subject
matter of this Agreement that are not set forth herein.

(d)           No
Violation of Other Agreements. 
Executive hereby represents and agrees that neither (i) Executive’s
entering into this Agreement nor (ii) Executive’s carrying out the provisions
of this Agreement, will violate any other agreement (oral, written or other) to
which Executive is a party or by which Executive is bound.

(e)           Amendments.  No amendment or modification of this
Agreement shall be deemed effective unless made in writing and signed by the
parties hereto.

(f)            No
Waiver.  No term or condition of this
Agreement shall be deemed to have been waived, except by a statement in writing
signed by the party against whom enforcement of the waiver is sought.  Any written waiver shall not be deemed a
continuing waiver unless specifically stated, shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such
term or condition for the future or as to any act other than that specifically
waived.

(g)             Assignment.  This Agreement shall not be assignable, in
whole or in part, by either party without the prior written consent of the
other party, except that the Company may, without the consent of Executive,
assign its rights and obligations under this Agreement (1) to an Affiliate or
(2) to any corporation or other person or business entity to which the Company
may sell or transfer all or substantially all of its assets.  After any such assignment by the Company, the
Company shall be discharged from all further liability

 

hereunder and such assignee
shall thereafter be deemed to be “the Company” for purposes of all terms and
conditions of this Agreement, including this Section 14.

(h)           Counterparts.  This Agreement may be executed in any number
of counterparts, and such counterparts executed and delivered, each as an
original, shall constitute but one and the same instrument.

(i)            Severability.  Subject to Section 8(e) hereof, to the
extent that any portion of any provision of this Agreement shall be invalid or
unenforceable, it shall be considered deleted herefrom and the remainder of
such provision and of this Agreement shall be unaffected and shall continue in
full force and effect.

(j)            Captions
and Headings.  The captions and
paragraph headings used in this Agreement are for convenience of reference only
and shall not affect the construction or interpretation of this Agreement or
any of the provisions hereof.

IN WITNESS WHEREOF, Executive and the Company have
executed this Agreement as of the date set forth in the first paragraph.

	
  

  	
  STELLENT, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert F. Olson

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Darin McAreavey

  
	
   

  	
  Darin P. McAreaveyEXHIBIT
10.2

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into on October
2, 2006 by and between Stellent, Inc., a Minnesota corporation (the “Company”),
and Daniel P. Ryan, a resident of Minnesota (“Executive”).

RECITALS

A.          The Company and Executive are parties
to an Amended and Restated Employment Agreement between them dated as of April
1, 2003 (the “Prior Agreement”).

B.           In October 2004, the American Jobs
Creation Act of 2004 (the “Act”) was enacted, Section 885 of which Act added
new provisions to the Internal Revenue Code pertaining to deferred
compensation.

C.           The Treasury Department has issued
transition guidance, revised transition guidance and proposed regulations
regarding the deferred compensation provisions of the Act, which permit service
providers and service recipients a transition period to modify existing
deferred compensation arrangements to bring them in compliance with the Act.

D.          The parties agree that it is in their
mutual best interests to modify and clarify the terms and conditions of the
Prior Agreement, as set forth in this Agreement, with the full intention of
complying with the Act so as to avoid the excise taxes and penalties imposed
under the Act.

E.           The Company and Executive wish to
continue the employment relationship and to provide for certain additional
benefits for Executive, subject to the terms and conditions set forth in this
Agreement.

F.           Executive is a key
member of the management of the Company and it is desirable and in the best
interests of the Company and its shareholders to continue to obtain the
benefits of Executive’s services and attention to the affairs of the Company.

G.           It is desirable and
in the best interests of the Company and its shareholders to provide inducement
for Executive (A) to remain in the service of the Company in the event of any
proposed or anticipated change in control of the Company and (B) to remain in
the service of the Company in order to facilitate an orderly transition in the
event of a change in control of the Company, without regard to the effect such
change in control may have on Executive’s employment with the Company.

H.          It is desirable and in
the best interests of the Company and its shareholders that Executive be in a
position to make judgments and advise the Company with respect to proposed
changes in control of the Company.

 

AGREEMENT

NOW, THEREFORE, in consideration of the foregoing premises and the
respective agreements of the Company and Executive set forth below, the Company
and Executive, intending to be legally bound, agree as follows:

1.             Employment.  Subject to all terms and conditions hereof,
the Company shall employ Executive, and Executive shall serve the Company and
perform services for the Company, until such time as Executive’s employment is
terminated in accordance with Section 12 hereof.

2.             Position
and Duties.

(a)           Position
with the Company.  During the term of
Executive’s employment with the Company, Executive shall serve as its Chief
Operating Officer and Executive Vice President and shall perform such duties
and responsibilities as the Company shall assign to him from time to time.

(b)           Performance
of Duties and Responsibilities. 
Executive shall serve the Company faithfully and to the best of his
ability and shall devote his full time, attention and efforts to the business
of the Company during his employment. 
Executive shall report to the President and Chief Executive Officer, or
to such other party that may be designated by the President and Chief Executive
Officer.  During his employment
hereunder, Executive shall not accept other employment or engage in other
material business activity, except as approved in writing by the Board of
Directors of the Company (the “Board”). 
Executive hereby represents and confirms that he is under no contractual
or legal commitments that would prevent him from fulfilling his duties and
responsibilities as set forth in this Agreement.

3.             Compensation
and Benefits.

(a)           Base
Salary.  While Executive is employed
by the Company hereunder, the Company shall pay to Executive an annual base
salary at a rate determined by the Compensation Committee of the Board (the “Compensation
Committee”), less deductions and withholdings, which base salary shall be paid
in accordance with the Company’s normal payroll policies and procedures.  During each year after the first year of
Executive’s employment hereunder, the Compensation Committee shall review and may adjust Executive’s base salary in its
sole discretion.  Executive’s base salary
shall not at anytime be decreased, except that Executive’s base salary may be
reduced as part of a general reduction in the base salaries for all executives
of the Company.

(b)           Bonus.  During each fiscal year of Executive’s
employment with the Company, Executive shall be eligible for annual and/or
quarterly bonuses based upon and subject to achievement of specified objectives
and criteria, and such other terms and conditions, each as established by the
Compensation Committee from time to time. 
Any bonus will be paid by the Company within 45 days after the period
for which the bonus is applicable, and Executive must be employed by the
Company on the date of payment in order to be eligible to receive any

 

bonus.  The Compensation
Committee shall review and may revise the bonus program in its sole discretion.

(c)           Equity
Awards.  From time to time the
Compensation Committee, in its sole discretion, may grant Executive options or
other equity awards, in accordance with the terms and conditions of the Company’s
stock option or other equity plans as may be in effect from time to time.

(d)           Employee
Benefits.  While Executive is
employed by the Company hereunder, Executive shall be entitled to participate
in all employee benefit plans and programs of the Company to the extent that
Executive meets the eligibility requirements for each individual plan or
program.  The Company provides no
assurance as to the adoption or continuance of any particular employee benefit
plan or program, and Executive’s participation in any such plan or program
shall be subject to the provisions, rules and regulations applicable thereto.

(e)           Expenses.  While Executive is employed by the Company
hereunder, the Company shall reimburse Executive for all reasonable and
necessary out-of-pocket business, travel and entertainment expenses incurred by
Executive in the performance of the duties and responsibilities hereunder,
subject to the Company’s normal policies and procedures for expense
verification and documentation.

(f)            Vacation.  While Executive is employed by the Company
hereunder, Executive shall be entitled to paid vacation consistent with the
Company’s vacation policy, which may be amended from time to time in the
Company’s discretion.  Vacation days
shall be taken at such times so as not to disrupt the operations of the Company.

4.             Affiliated
Entities.  As used in this Agreement,
“Affiliates” shall include the Company and each corporation, partnership, or
other entity, which controls the Company, is controlled by the Company, or is
under common control with the Company (in each case “control” meaning the
direct or indirect ownership of 50% or more of all outstanding equity
interests).

5.             Confidential
Information.  Except as permitted by
the Board, Executive shall not at any time divulge, furnish or make accessible
to anyone or use in any way other than in the ordinary course of the business
of the Company or its Affiliates, any confidential, proprietary or secret
knowledge or information of the Company or its Affiliates that Executive has
acquired or shall acquire about the Company or its Affiliates, whether
developed by himself or by others, concerning (i) any trade secrets, (ii) any
confidential, proprietary or secret designs, programs, processes, formulae,
plans, devices or material (whether or not patented or patentable) directly or
indirectly useful in any aspect of the business of the Company or of its
Affiliates, (iii) any customer or supplier lists, (iv) any confidential,
proprietary or secret development or research work, (v) any strategic or other
business, marketing or sales plans, (vi) any financial or personnel data or
plans, or (viii) any other confidential or proprietary information or secret
aspects of the business of the Company or of its Affiliates.  Executive acknowledges that the
above-described knowledge and information constitutes a unique and valuable
asset of the

 

Company and represents a substantial investment of time and expense by
the Company, and that any disclosure or other use of such knowledge or
information other than for the sole benefit of the Company or its Affiliates
would be wrongful and would cause irreparable harm to the Company.  Executive shall refrain from intentionally
committing any acts that would materially reduce the value of such knowledge or
information to the Company or its Affiliates. 
The foregoing obligations of confidentiality shall not apply to any
knowledge or information that (i) is now or subsequently becomes generally
publicly known, other than as a direct or indirect result of the breach of this
Agreement, (ii) is independently made available to Executive in good faith by a
third party who has not violated a confidential relationship with the Company
or its Affiliates, or (iii) is required to be disclosed by law or legal
process.  Executive understands and
agrees that his obligations under this Agreement to maintain the
confidentiality of the Company’s confidential information are in addition to
any obligations of Executive under applicable statutory or common law.

6.             Ventures.  If, during Executive’s employment with the
Company, Executive is engaged in or provides input into the planning or
implementing of any project, program or venture involving the Company, all
rights in such project, program or venture shall belong to the Company.  Except as approved in writing by the Board of
Directors of the Company, Executive shall not be entitled to any interest in
any such project, program or venture or to any commission, finder’s fee or
other compensation in connection therewith. 
Executive shall have no interest, direct or indirect, in any customer or
supplier that conducts business with the Company.

7.             Conflicts
of Interest.  During Executive’s
employment with the Company hereunder, Executive shall not, directly or
indirectly, transact business with the Company personally, or as agent, owner,
partner, or shareholder of any other entity unless any such transaction has
been knowingly approved by all disinterested members of the Company’s Board of
Directors.

8.             Noncompetition
and Nonsolicitation Covenants.

(a)           Agreement
Not to Compete.  During Executive’s
employment with the Company or any Affiliates and for a period of twelve (12)
consecutive months from and after the termination of Executive’s employment,
whether such termination is with or without cause, or whether such termination
is at the instance of Executive or the Company, Executive shall not, directly
or indirectly (including without limitation as a proprietor, principal, agent,
partner, officer, director, stockholder, employee, member of any association,
consultant or otherwise), engage in any business, in the United States or in
any other location in which the Company is then doing business or actively
planning to do business:

(i)            that designs, develops, markets, distributes, or sells
web content management services or products, or

(ii)           that designs, develops, markets, distributes, or sells
services or products similar to any service or product then being developed,
marketed, or distributed by the Company.

 

Ownership by Executive, as a passive investment, of less than 3% of the
outstanding shares of capital stock of any corporation listed on a national
securities exchange or publicly traded in the over-the-counter market shall not
constitute a breach of this Section 8(a).

(b)           Agreement
Not to Hire.  During Executive’s
employment with the Company or any Affiliates and for a period of twelve (12)
consecutive months from and after the termination of Executive’s employment,
whether such termination is with or without cause, or whether such termination
is at the instance of Executive or the Company, Executive shall not, directly
or indirectly (including without limitation as a proprietor, principal, agent,
partner, officer, director, stockholder, employee, member of any association,
consultant or otherwise), hire, engage or solicit (provided,
however, that solicitation by means of
non-directed search inquiry or general media advertisement shall not constitute
a violation of this Agreement)
any person who is then an employee or contractor of the Company or who was an
employee of the Company at any time during the six (6) month period immediately preceding Executive’s termination of
employment, in any manner or capacity, unless such person’s employment
with the Company was terminated by the Company without cause.

(c)           Agreement
Not to Solicit.  During Executive’s
employment with the Company or any Affiliates and for a period of twelve (12)
consecutive months from and after the termination of executive’s employment,
whether such termination is with or without cause, or whether such termination
is at the instance of Executive or the Company, Executive shall not,
(i) market, solicit or sell, or attempt to market, solicit or sell, to any
current or potential customer of the Company for which Executive had direct or
indirect responsibility or about which Executive had access to confidential
information, in each case at any time during the 24 months immediately
preceding the last day of Executive’s employment with the Company, for the
purpose of selling any product or service that is competitive with, similar to
or performs similar functions as any product or service of the Company, or
(ii) directly or indirectly (including without limitation as a proprietor,
principal, agent, partner, officer, director, stockholder, employee, member of
any association, consultant or otherwise), solicit, request, advise or induce
any current or potential customer, supplier or other business contact of the
Company to cancel, curtail or otherwise adversely change its relationship with
the Company.

(d)           Acknowledgment.  Executive hereby acknowledges that the
provisions of this Section 8 are reasonable and necessary to protect the
legitimate interests of the Company and that any violation of this Section 8
by Executive shall cause substantial and irreparable harm to the Company to
such an extent that monetary damages alone would be an inadequate remedy
therefor.

(e)           Blue
Pencil Doctrine.  If the duration of,
the scope of or any business activity covered by any provision of this Section
8 is in excess of what is determined to be valid and enforceable under
applicable law, such provision shall be construed to cover only that duration,
scope or activity that is determined to be valid and enforceable.  Executive hereby acknowledges that this Section
8 shall be given the construction which renders its provisions valid and
enforceable to the maximum extent, not exceeding its express terms, possible
under applicable law.

 

9.             Patents, Copyrights and Related Matters.

(a)           Disclosure and Assignment.  Executive shall immediately disclose to the
Company any and all improvements and inventions that Executive may conceive
and/or reduce to practice individually or jointly or commonly with others while
he is employed with the Company or any of its Affiliates with respect to (i)
any methods, processes or apparatus concerned with the development, use or
production of any type of products, goods or services sold or used by the
Company or its Affiliates, and (ii) any type of products, goods or services
sold or used by the Company or its Affiliates.  Any such improvements and inventions shall be
the sole and exclusive property of the Company and Executive shall immediately
assign, transfer and set over to the Company his entire right, title and
interest in and to any and all of such improvement and inventions as are
specified in this Section 9(a), and in and to any and all applications
for letters patent that may be filed on such inventions, and in and to any and
all letters patent that may issue, or be issued, upon such applications.  In connection therewith and for no additional
compensation therefor, but at no expense to Executive, Executive shall sign any
and all instruments deemed necessary by the Company for:

(i)            the filing and prosecution of any applications for
letters patent of the United States or of any foreign country that the Company
may desire to file upon such inventions as are specified in this Section
9(a);

(ii)           the filing and prosecution of any divisional,
continuation, continuation-in-part or reissue applications that the Company may
desire to file upon such applications for letters patent; and

(iii)          the reviving, re-examining or renewing of any of such
applications for letters patent.

This
Section 9(a) shall not apply to any invention for which no
equipment, supplies, facilities, confidential, proprietary or secret knowledge
or information, or other trade secret information of the Company was used and
that was developed entirely on Executive’s own time, and (i) that does not
relate (A) directly to the business of the Company, or (B) to the
Company’s actual or demonstrably anticipated research or development, or
(ii) that does not result from any work performed by Executive for the
Company.

(b)           Copyrightable
Material.  All right, title and
interest in all copyrightable material that Executive shall conceive or
originate individually or jointly or commonly with others, and that arise in
connection with Executive’s services hereunder or knowledge of confidential and
proprietary information of the Company, shall be the property of the Company
and are hereby assigned by Executive to the Company or its Affiliates, along
with ownership of any and all copyrights in the copyrightable material. Where
applicable, works of authorship created by Executive relating to the Company or
its Affiliates and arising out of Executive’s knowledge of confidential and
proprietary information of the Company shall be considered “works made for
hire,” as defined in the U.S. Copyright Act, as amended.

 

10.           Return
of Records and Property.  Upon
termination of Executive’s employment or at any time upon the Company’s
request, Executive shall promptly deliver to the Company any and all Company
and Affiliate records and any and all Company and Affiliate property in his
possession or under his control, including without limitation manuals, books,
blank forms, documents, letters, memoranda, notes, notebooks, reports,
printouts, computer disks, computer tapes, source codes, data, tables or
calculations and all copies thereof, documents that in whole or in part contain
any trade secrets or confidential, proprietary or other secret information of
the Company or its Affiliates and all copies thereof, and keys, access cards,
access codes, passwords, credit cards, personal computers, telephones and other
electronic equipment belonging to the Company or its Affiliates.

11.           Remedies.  Executive acknowledges that it would be
difficult to fully compensate the Company for monetary damages resulting from
any breach by him of the provisions hereof. 
Accordingly, in the event of any actual or threatened breach of any such
provisions, the Company shall, in addition to any other remedies it may have,
be entitled to injunctive and other equitable relief to enforce such
provisions, and such relief may be granted without the necessity of proving actual
monetary damages.

12.           Termination
of Employment.

(a)           The
Executive’s employment with the Company shall terminate immediately upon:

(i)            Executive’s receipt of written notice from the Company of
the termination of his employment;

(ii)           The Company’s receipt of Executive’s
written resignation from the Company;

(iii)          Executive’s Disability (as defined below); or

(iv)          Executive’s death.

(b)           The
date upon which Executive’s termination of employment with the Company occurs
shall be the “Termination Date.”

13.           Payments upon Termination of Employment.

(a)           If Executive’s employment with the Company (x) is
terminated by the Company for any reason other than for Cause (as defined
below), or (y)  terminates due to death or Disability, then, subject to Section
13(g), Section 13(h), Section 13(i), and Section 13(j):

(i)            the Company shall pay to Executive in a lump sum an
amount equal to twelve (12) months base salary, at the rate of Executive’s base
salary in effect as of the Termination Date, less applicable withholdings; and

 

(ii)           if Executive elects to continue his group medical or
dental insurance coverage with the Company following the termination of his
employment with the Company, the Company shall reimburse him for the portion of
the premiums that the Company would have paid had Executive remained employed
with the Company, at the same level of coverage that was in effect as of the
Termination Date, for a period of twelve (12) consecutive months after the
Termination Date.

(b)           If within twelve (12) months following a Change in Control
(as defined in the Stellent, Inc. 2005 Equity Incentive Plan, as may be amended
from time to time) Executive’s
employment with the Company (x) is terminated by the Company for any
reason other than for Cause (as defined below), (y) is terminated by Executive
for Good Reason (as defined below), or (z) terminates due to death or Disability, then in lieu
of any benefits under Section 13(a) above, and subject to Section 13(g), Section 13(h), Section 13(i),
and Section 13(j):

(i)            Executive
shall receive severance benefits on the same terms as set forth in Section
13(a) above, and

(ii)           any outstanding and unvested stock
options held by Executive as of the Termination Date shall vest on the first
business day following expiration of any rescission periods applicable to the
release of claims required pursuant to Section 13(h), provided that
Executive has not rescinded the release of claims.

(c)           If
Executive’s employment with the Company is terminated by reason of:

(i)            Executive’s abandonment of his employment or Executive’s
resignation for any reason (other than resignation for Good Reason within
twelve (12) months following a Change in Control); or

(ii)           termination of Executive’s employment by the Company for
Cause (as defined below),

the Company shall pay to Executive or his beneficiary or his estate, as
the case may be, his base salary through the Termination Date.

(d)           “Cause” hereunder shall mean:

(i)            an act or acts of dishonesty
undertaken by Executive and intended to result in personal gain or enrichment
of Executive or others at the expense of the Company;

 

(ii)           unlawful conduct or gross misconduct that is willful and
deliberate on Executive’s part and that, in either event, is injurious to the
Company;

(iii)          the conviction of Executive of a felony;

(iv)          failure of Executive to perform his
duties and responsibilities hereunder or to satisfy his obligations as an
officer or employee of the Company; or

(v)           breach of any terms and conditions of this Agreement by
Executive.

(e)           Termination
by Executive for “Good Reason” hereunder shall mean termination by Executive of
his employment with the Company because one or more of the following shall have
occurred upon or after a Change in Control (as defined in the Stellent, Inc.
2005 Equity Incentive Plan, as may be amended from time to time) without
Executive’s written consent:

(i)            the relocation of Executive’s principal place of work
more than 30 miles outside the greater Twin Cities metropolitan area;

(ii)           a material reduction in Executive’s duties or
responsibilities; or

(iii)          a material reduction of Executive’s base salary, other than
pursuant to a general reduction in the base salaries of all executives of the
Company.

(f)            “Disability”
hereunder shall mean the inability of Executive to perform on a full-time basis
the duties and responsibilities of his employment with the Company by reason of
his illness or other physical or mental impairment or condition, if such
inability continues for an uninterrupted period of 120 days or more during any
360-day period.  A period of inability
shall be “uninterrupted” unless and until Executive returns to full-time work
for a continuous period of at least 30 days.

(g)           Any amount payable
to Executive as reimbursement for the cost of the continuation of his group medical
or dental insurance coverage under Section 13(a) shall be subject to
deductions and withholdings and shall be paid to Executive by the Company in
approximately equal monthly installments commencing on the first normal payroll
date of the Company following the expiration of all applicable rescission
periods provided by law and continuing monthly thereafter.  The Company shall be entitled to cease making
reimbursement payments to Executive for the cost of the continuation of his
group medical or dental insurance coverage with the Company after the
Termination Date if Executive becomes eligible for comparable group medical or
dental insurance coverage from any other employer.  For purposes of mitigation and reduction of
the Company’s financial obligations to Executive under Section 13(a),
Executive shall promptly and fully disclose to the Company in writing the fact
that he has

 

become
eligible for comparable group medical or dental insurance coverage from any
other employer.  Executive shall be
liable to repay any amounts to the Company that should have been so mitigated
or reduced but for Executive’s failure or unwillingness to make such
disclosures.

(h)           Notwithstanding
the foregoing provisions of this Section 13, the Company shall not be
obligated to make any payments to Executive under Sections 13(a) hereof
unless Executive (or Executive’s guardian or estate, as applicable) shall have
signed a release of claims in favor of the Company and its Affiliates in a form
to be prescribed by the Company, all applicable consideration and rescission
periods provided by law shall have expired, and Executive is in strict
compliance with the terms of this Agreement as of the dates of such payments.

(i)            Notwithstanding any
provision to the contrary contained in this Agreement, if the cash payments due
and the other benefits to which Executive shall become entitled under this Section
13, either alone or together with other payments in the nature of
compensation to Executive that are contingent on a change in the ownership or
effective control of the Company or in the ownership of a substantial portion
of the assets of the Company or otherwise, would constitute a “parachute
payment” as defined in Section 280G of the Internal Revenue Code (the “Code”)
or any successor provision thereto, such lump sum payment and/or such other
benefits and payments shall be reduced (but not below zero) to the largest
aggregate amount as will result in no portion thereof being subject to the
excise tax imposed under Section 4999 of the Code (or any successor provision
thereto) or being non-deductible to the Company for federal income tax purposes
pursuant to Section 280G of the Code (or any successor provision thereto).  The outside accountants of the Company shall
determine the amount of any reduction to be made pursuant to this Section 13
and shall select from among the foregoing benefits and payments those that
shall be reduced.

(j)            This Agreement is
intended to satisfy the requirements of Section 409A(a)(2), (3) and (4) of the
Internal Revenue Code of 1986, as amended (“Code”), including current and
future guidance and regulations interpreting such provisions.  To the extent that any provision of this
Agreement fails to satisfy those requirements, the provision shall
automatically be modified in a manner that, in the good-faith opinion of the
Company, brings the provisions into compliance with those requirements while
preserving as closely as possible the original intent of the provision and this
Agreement.  In particular, and without
limiting the preceding sentence, if Executive is a “specified employee” under
Section 409A(a)(2)(B)(i) of the Code, then any payment under this Agreement
that is treated as deferred compensation under Section 409A of the Code shall
be delayed until the date that is which is six months after the date of
separation from service (without interest or earnings).

(k)           In the event of
termination of Executive’s employment, the sole obligation of the Company
hereunder shall be its obligation to make the payments called for by Sections
13(a), 13(b), or 13(c) hereof, as the case may be, and the
Company shall have no other obligation to Executive or to his beneficiary or
his estate, except as otherwise provided by law, under the terms of any other
applicable agreement between Executive and the Company, or under the terms of
any employee benefit plans or programs then maintained by the Company in which
Executive participates.

 

14.           Miscellaneous.

(a)           Governing
Law.  All matters relating to the
interpretation, construction, application, validity and enforcement of this
Agreement shall be governed by the laws of the State of Minnesota without
giving effect to any choice or conflict of law provision or rule, whether of
the State of Minnesota or any other jurisdiction, that would cause the
application of laws of any jurisdiction other than the State of Minnesota.

(b)           Jurisdiction
and Venue.  Executive and the Company
consent to jurisdiction of the courts of the State of Minnesota and/or the
federal district courts, District of Minnesota, for the purpose of resolving
all issues of law, equity, or fact arising out of or in connection with this
Agreement.  Any action involving claims
of a breach of this Agreement or enforcement of this Agreement shall be brought
exclusively in such courts.  Each party
consents to personal jurisdiction over such party in the state and/or federal
courts of Minnesota and hereby waives any defense of lack of personal
jurisdiction or inconvenient forum. 
Venue, for the purpose of all such suits, shall be in Hennepin County,
State of Minnesota.

(c)           Entire
Agreement.  This Agreement and any
stock option or equity award agreements entered into by the Company and
Executive contain the entire agreement of the parties relating to Executive’s
employment with the Company and supersedes all prior agreements and
understandings with respect to such subject matter (including without
limitation the Prior Agreement), and the parties hereto have made no
agreements, representations or warranties relating to the subject matter of this
Agreement that are not set forth herein.

(d)           No
Violation of Other Agreements. 
Executive hereby represents and agrees that neither (i) Executive’s
entering into this Agreement nor (ii) Executive’s carrying out the provisions
of this Agreement, will violate any other agreement (oral, written or other) to
which Executive is a party or by which Executive is bound.

(e)           Amendments.  No amendment or modification of this
Agreement shall be deemed effective unless made in writing and signed by the
parties hereto.

(f)            No
Waiver.  No term or condition of this
Agreement shall be deemed to have been waived, except by a statement in writing
signed by the party against whom enforcement of the waiver is sought.  Any written waiver shall not be deemed a
continuing waiver unless specifically stated, shall operate only as to the
specific term or condition waived and shall not constitute a waiver of such
term or condition for the future or as to any act other than that specifically
waived.

(g)             Assignment.  This Agreement shall not be assignable, in
whole or in part, by either party without the prior written consent of the
other party, except that the Company may, without the consent of Executive,
assign its rights and obligations under this Agreement (1) to an Affiliate or (2)
to any corporation or other person or business entity to which the Company may
sell or transfer all or substantially all of its assets.  After any such assignment by the Company, the
Company shall be discharged from all further liability

 

hereunder and such assignee
shall thereafter be deemed to be “the Company” for purposes of all terms and
conditions of this Agreement, including this Section 14.

(h)           Counterparts.  This Agreement may be executed in any number
of counterparts, and such counterparts executed and delivered, each as an
original, shall constitute but one and the same instrument.

(i)            Severability.  Subject to Section 8(e) hereof, to the
extent that any portion of any provision of this Agreement shall be invalid or
unenforceable, it shall be considered deleted herefrom and the remainder of
such provision and of this Agreement shall be unaffected and shall continue in
full force and effect.

(j)            Captions
and Headings.  The captions and
paragraph headings used in this Agreement are for convenience of reference only
and shall not affect the construction or interpretation of this Agreement or
any of the provisions hereof.

IN WITNESS WHEREOF, Executive and the Company have
executed this Agreement as of the date set forth in the first paragraph.

	
  

  	
  STELLENT, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert F. Olson

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Its:

  	
  Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Daniel P. Ryan

  
	
   

  	
  Daniel P. Ryan

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