Document:

exv10w22

 

Exhibit 10.22

August 7, 2006

Dean Goodermote

Dear Dean,

On behalf of Double-Take Software, Inc. (the “Company”), we are pleased to enter into an amended
and restated employment agreement with you continuing your position as CEO and Chairman, effective
August 7, 2006, and which amends and restates your agreement with the Company dated March 22, 2005.
This position reports to the Board of Directors. Following are the terms of this employment
agreement:

     Position:

     Chief Executive Officer and Chairman

     Detailed Job Description:

     The responsibilities of this position include:

	 	•	 	Direct overall corporate strategy and determine appropriate goals and
objectives for the Company in conjunction with the Board.

	 	•	 	Provide direction and leadership to the organization to enable achievement
of the Company’s goals and objectives.

	 	•	 	Support effective Board governance by advising and informing Board members
and interfacing between Board and employees.

	 	•	 	Provide management oversight in the delivery of the Company’s products and
services, including sales, marketing, product management, product development
and professional services, and management and oversight of the financial
functions of the Company.

	 	•	 	Determine required resources, including human resources and capital, to
achieve the Company’s goals and fill any deficiencies that are established.

	 	•	 	Recommend a yearly budget for Board approval and prudently manage the
Company’s resources within those budget guidelines, providing interim guidance
and reallocating resources as necessary.

	 	•	 	Manage the human resources of the organization according to authorized
personnel policies and procedures and current laws and regulations.

	 	•	 	Present the Company and its products and services in a strong, positive
image to relevant external and internal stakeholders.

 

 

	 	•	 	Present recommendations and pursue opportunities for realizing shareholder
value and liquidity in accordance with Board guidance.

Base Salary:

Annual Base Salary is $340,000, or such greater amount as is approved by the Board,
payable every two (2) weeks in the sum of $13,076.92 less any applicable withholding
taxes.

Performance Bonus:

Eligible for discretionary bonus amounts as determined by the Board in its sole
discretion.

Transaction Bonus:

1.45% of the total equity value of the Company realized in a change of control
transaction, prior to the payment of any liquidation preferences to any class of
shareholder. Transaction Bonus will be payable in cash. The Transaction Bonus is
not payable in the event of an IPO and will not be payable after an IPO.

IPO Bonus:

Fully vested shares of common stock of the Company equal to 1.45% of the fully
diluted shares outstanding immediately prior to an IPO will be granted upon
completion of an IPO less any applicable withholding taxes.

Stock Options:

Subject to the terms and conditions of the Company’s Employee Stock Option Plan, you
have been granted options to purchase 1,862,895 shares of the common stock of the
Company, dated as of March 22, 2005, and exercisable at the March 22, 2005 fair
market value of $0.31 per share. 25% of the options vest on the one year
anniversary date of employment, and the remainder will vest in equal amounts
quarterly over the following three years. You have been granted additional options
for 745,158 and 186,290 shares of the common stock of the Company, with the same
vesting schedule as the March 22, 2005 grant. In the event of a change of control
as a result of the closing of a merger, acquisition, purchase of all or
substantially all of the assets of the Company, or like transaction, the unvested
portion of the stock options shall immediately vest. In the event of an IPO, 100%
of the March 22,

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2005 option grant shall become vested and an additional 25% of all other stock
option grants, including the 745,158 and 186,290 option grants, shall accelerate and
become vested.

Insurance:

The Company will provide you and your family with major medical insurance, life
insurance, long term disability insurance and other insurance coverage in accordance
with the Company’s current benefits policies.

Vacation:

5 weeks per year.

401K:

Option to participate in the Company’s 401K Plan based on the plan’s terms.

Expenses:

Reasonable business expenses to be reimbursed in accordance with the Company’s
current expense policy.

Confidentiality:

You continue to be subject to the Non-Disclosure and Non-Solicitation Agreement
attached to your March 22, 2005 agreement.

Relationship:

It is understood and accepted that the employment relationship we have agreed to is
an at-will relationship, and that it may be ended by either party, at any time, and
for any reason. It is also understood that you are free of any obligations,
including restrictive covenants and/or non-solicitation agreements that may affect
your ability to carry out your duties within the Company.

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If you should have any questions pertaining to this matter please do not hesitate to contact us.

We look forward to continuing to work with you.

	 	 	 	 	 
	Sincerely,
	 	 	 	 
	 
	 	 	 	 
	/s/ Bobby Goswami

	 	August, 7, 2006
	 	 
	 

	 	 	 	 
	Bobby Goswami

	 	Date	 	 
	 
	 	 	 	 
	/s/ Laura Witt

	 	August, 7, 2006	 	 
	 

	 	 	 	 
	Laura Witt

	 	Date	 	 
	 
	 	 	 	 
	/s/ Jack Young

	 	August, 7, 2006	 	 
	 

	 	 	 	 
	Jack Young

	 	Date	 	 
	 
	 	 	 	 
	Double-Take Software, Inc. Board of Directors	 	 
	 
	 	 	 	 
	Agreed
	 	 	 	 
	 
	 	 	 	 
	/s/ Dean Goodermote

	 	August 7, 2006	 	 
	 

	 	 	 	 
	Dean Goodermote

	 	Date	 	 

4exv10w23

 

Exhibit 10.23

October 31, 2006

S. Craig Huke

16568 Brookhollow Drive

Noblesville, IN 46062

On behalf of Double-Take Software, Inc. (the “Company”), I am pleased to enter into an amended and
restated employment agreement with you that continues your position as Chief Financial Officer,
effective on October 31, 2006. This agreement amends and restates your agreement with the Company
dated May 23, 2003. Following are the terms of this amended and restated employment agreement:

Position:

Chief Financial Officer. Reports to the Chief Executive Officer of the Company (the
“CEO”).

Base Salary:

$200,000 per year, payable every two (2) weeks in the sum of $7,692.31, less any
applicable withholding and taxes. The Base Salary may be increased, but not lowered, by
the Company, and, upon such increase, the increased amount shall thereafter be deemed the
Base Salary.

Stock Options:

At the discretion of the Compensation Committee of the Board of Directors, you may from
time to time be awarded options to purchase shares of the Company’s common stock. In the
event of a change in control as a result of a merger, acquisition, purchase of
substantially all of the Company’s assets or other like transaction, as determined by the
Compensation Committee of the Board of Directors, in which the Company is not the
surviving entity (a “Change in Control”), the unvested portion of all of your outstanding
options to purchase shares of the Company’s common stock shall immediately vest.

 

 

Insurance:

The Company will provide you and your family with major medical insurance.

Bonus:

You are eligible to participate in the executive bonus program established by the Company,
the terms of which shall be determined at the discretion of the Company.

Additional Bonus:

You will be paid a bonus of $25,000 on February 1, 2007, less any applicable withholding
and taxes, provided that you are employed by the Company on such date. In the event of a
Change in Control, the Additional Bonus shall be immediately due and payable.

Severance:

Subject to the approval of the Company’s Board of Directors, in the event your employment
is terminated without Cause in connection with a Change in Control, you will continue to
receive your Base Salary for a period of twelve months from your separation date. No
severance payment will be made in the event your employment is terminated for Cause.

For purposes of this Agreement, “Cause” shall be defined as: (i) willful disobedience of a
material and lawful Instruction of the CEO or the Board of Directors of the Company; (ii)
conviction of any misdemeanor involving fraud or embezzlement or similar crime, or any
felony; (iii) conduct amounting to fraud, dishonesty, negligence, willful misconduct or
recurring insubordination; (iv) inattention to your duties; or (v) excessive absences from
work.

PTO (sick, personal, vacation time off):

Pursuant to the Company’s current policy.

401(k):

Option to participate in the Company’s 401(k) plan based on the plan’s terms.

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CONFIDENTIAL

 

 

Expenses:

Reasonable business-related expenses, including without limitation, cellular phone usage,
home office equipment and supplies and travel-related expenses, will be reimbursed upon
presentation of supporting documentation.

Confidentiality:

You agree to sign the Non-Disclosure Confidentiality Agreement attached hereto.

Relationship:

It is understood and accepted that the employment relationship we have agreed to is an
at-will relationship, and that it may be ended by either party, at any time, and for any
reason. It is also understood that you are free of any obligations, including restrictive
covenants and or non-solicitation agreements, that may affect your ability to carry out
your duties within the Company.

If you should have any questions pertaining to this matter please don’t hesitate to contact me.

I look forward to continuing to work with you.

	 	 	 	 	 
	Sincerely,

	 	 
	 	Agreed:
	 
	 	 	 	 
	/s/ Dean Goodermote

	 	 	 	/s/ S. Craig Huke
	 

	 	 	 	 
	Dean Goodermote

	 	 	 	S. Craig Huke
	Chief Executive Officer
	 	 	 	 

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CONFIDENTIAL

 

 

NON-DISCLOSURE CONFIDENTIALITY AGREEMENT

DOUBLETAKE SOFTWARE, INC.

S. Craig Huke (hereinafter referred to as the “employee”) hereby acknowledges that Double-Take
Software, Inc., et al. (hereinafter referred to as the “Corporation”) is engaged in the business of
developing, selling, distributing, supporting, installing and servicing computer related software.
Both parties agree that the operation of the business and performance of the work of the
Corporation involves special skills, knowledge, trade secrets, special techniques, procedures or
names and addresses of the customers, past and present, of the Corporation. The employee
acknowledges that he is being employed with the express understanding that all of the foregoing
shall not be divulged or otherwise disclosed to anyone at any time.

It is further understood and agreed to by the employee, that during the time of his employment by
the Corporation, that his time and efforts will be exclusively devoted to the Corporation’s
business, and that he will not participate in any activity of a similar nature with any other
entity, in any capacity, (e.g. sales, consulting, engineering, supervision or hands on activity).
All computer program source and information relating to such source code, trade secrets, books,
manuals, bulletins, work papers, files, reports and other related materials are the property of the
Corporation and must be returned to the Corporation upon request or at the termination of
employment, along with any reproductions of such documentation.

Employee agrees to hold in confidence and to refrain from using or disclosing to any third party,
without prior written consent of Corporation, (a( any information disclosed in confidence to
employee by the Corporation, and (b( any information developed or delivered by employee during the
term of employee’s employment by the Corporation. All computer program source and information
relating to such source code received, developed or delivered by employee in connection with his
employment shall be deemed confidential information and belonging exclusively to the Corporation
for purposes of this paragraph.

Employee agrees to provide the Corporation with all source code and complete source code
documentation for all computer programs developed or modified by employee in the course of his
employment by the Corporation. Ownership of all goods, code, and materials, etc; delivered by
employee hereunder is hereby assigned irrevocably to the Corporation, including but not limited to
all copyrights, trademarks, trade secrets and patent rights in such goods and materials. Employee
agrees to execute and return to the Corporation all documents required by the Corporation from time
to time to evidence, document or, if necessary, to perfect such ownership, for any purpose desired
by the Corporation, and hereby appoints the Corporation employee’s attorney-in-fact with full
powers to execute such document itself in the event employee is unable to provide the Corporation
with such signed documents.

In the event the term of the employee’s employment shall expire or terminate,

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CONFIDENTIAL

 

 

employee agrees not to divulge any of the above information, etc., or to engage or participate,
directly or indirectly, for himself or on behalf of or for the benefit of a third party, firm or
corporation in developing products based on the information gained during his term of employment by
the Corporation. Employee also agrees he will not participate, directly or indirectly, for himself
or on behalf of or for the benefit of a third party, firm or corporation in soliciting competing
products, services and/or solutions to the Corporation’s existing customers or proposed customers
(which were being solicited by the Corporation during the time of his employment) for a period of
two (2) years and will not encourage, induce or attempt to induce any employee of the Corporation
to leave the employ of the corporation for a period of two (2) years.

The employee agrees that these terms are so vitally important to the operation of the business of
the Corporation, that any violation of the above conditions will result in their termination of
employment, forfeitures of any and all benefits and bonuses accrued, as well as entitling the
Corporation to any injunctive relief allowed by Law.

This Agreement shall be governed by the Laws of the State of New Jersey and there are no
understandings, agreements, representations, express or implied, not specified herein.

AGREED TO BY:

	 	 	 	 	 
	/s/ S. Craig Huke	 	10/31/06
	 	 	 
	Employee

	 	 	 	(DATE)
	 
	 	 	 	 
	ACCEPTED BY:	 	 
	 
	 	 	 	 
	     /s/ Dean Goodermote	 	 
	 	 	 
	For the Corporation	 	 
	 
	 	 	 	 
	TITLE:

	 	Chief Executive Officer
	 	11/1/06
	 

	 	 
	 	 
	 

	 	 	 	(DATE)

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CONFIDENTIAL

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