Document:

Exhibit 10.1

THIRD
AMENDMENT TO CREDIT AGREEMENT AND ACCESSION

AGREEMENT

This Third Amendment to Credit Agreement and Accession Agreement (this “Third
Amendment”) is made as of April 24, 2007, by and among GLOBAL OPERATING LLC, a Delaware limited
liability company (“OLLC”), GLOBAL
COMPANIES LLC, a Delaware limited liability company (“Global”),
GLOBAL MONTELLO GROUP CORP., a
Delaware corporation (“Montello”), GLEN
HES CORP., a Delaware corporation (“Glen Hes”), CHELSEA SANDWICH LLC, a Delaware limited liability
company (“Sandwich” and, collectively with OLLC, Global, Glen Hes and
Montello, the “Borrowers” and each a “Borrower”), GLOBAL PARTNERS LP, a Delaware limited
partnership (the “MLP”), GLOBAL GP LLC,
a Delaware limited liability company (the “GP” and, collectively with
the MLP, the “Initial  Guarantors and each individually, an “Initial
Guarantor”), each “Lender” (as such term is defined in the Credit
Agreement referred to below) party hereto and which, immediately prior to
giving effect to this Third Amendment, is a Lender (an “Existing Lender” and,
collectively, the “Existing  Lenders”), Wachovia Bank, National
Association (the “New  Lender” and, collectively with the Existing
Lenders, the “Lenders” and each individually, a “Lender”) and
Bank of America, N.A. as Administrative Agent and L/C Issuer (as each such term
is defined in the Credit Agreement), amending certain provisions of that
certain Credit Agreement dated as of October 4, 2005 (as amended and in effect
from time to time, the “Credit  Agreement”) by and among the
Borrowers, the Initial Guarantors, the Existing Lenders, the Administrative
Agent and the L/C Issuer.  Terms not
otherwise defined in the Credit Agreement shall have the same respective
meanings herein as therein.

WHEREAS, the Loan Parties, the Lenders, the Administrative Agent and the L/C
Issuer desire to amend certain provisions of the Credit Agreement to, among
other things, provide for an increase in the Total Acquisition Commitment such
that the Total Acquisition Commitment may, pursuant to the terms and conditions
of the Credit Agreement, be increased to $85,000,000 (from the $35,000,000
amount available prior to giving effect to this Third Amendment), in all cases
as provided more fully herein below;

WHEREAS, the New Lender wishes to become a party to the Credit Agreement and
assume a $20,000,000 aggregate portion of the Loans and Commitments under the
Credit Agreement in accordance with its Applicable Percentage as set forth on
Schedule 2.1 attached hereto;

NOW, THEREFORE, in consideration of the premises and the
mutual agreements contained herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

§1.  Amendment  to
Section  1  of  the  Credit  Agreement. 
Section 1.1 of the Credit Agreement is hereby amended as follows:

(a)                                  The definition of “Combined Interest Coverage
Ratio” contained in Section 1.1 of the Credit Agreement is hereby amended by
deleting paragraph (a) of such definition in its entirety and restating it as
follows:  “(a) Combined EBITDA for the
Reference Period most recently ended to”.

(b)                                 The definition of “Maturity Date” contained
in Section 1.1 of the Credit Agreement is hereby amended by deleting the date “October
2, 2009” which appears in such definition and substituting in place thereof the
date “April  22, 2011”.

(c)                                  The definition of “Partnership Agreement”
contained in Section 1.1 of the Credit Agreement is hereby amended by inserting
immediately after the end of the text thereof the words “as the same may be
amended, restated, modified and/or supplemented from time to time, provided,
however, to the extent the definition of “Available Cash” is amended or
modified in any such amended, restatement, modification or supplement, such
amendment or modification to such definition shall be acceptable in all
respects to the Administrative Agent”.

(d)                                 Section 1.1 of the Credit Agreement is
further amended by inserting the following definitions in the appropriate
alphabetical order:

“Hudson
Acquisition” means the acquisition by the Borrower from the Hudson Seller
of the three petroleum product terminals in Albany, New York, Burlington,
Vermont and Newburgh, New York for an aggregate purchase price of $101,500,000
pursuant to the terms of the Hudson Purchase Agreement.

“Hudson
Purchase Agreement” means that certain Terminals Sale and Purchase
Agreement dated as of March 16, 2007 by and between the Hudson Seller and the
Borrower, as the same may be amended.

“Hudson Seller” means
ExxonMobil Oil Corporation.

§2.  Amendment  to  Section  2
of  the  Credit  Agreement. 
Section 2 of the Credit Agreement is hereby amended as follows:

(a)                                  Section 2.7(b) of the Credit Agreement is
hereby amended by deleting the words “Eurodollar Rate for such Interest Period
plus one and three quarters of one percent (1 3/4%)” and substituting in place
thereof the words “Eurodollar Rate for such Interest Period plus one and one
half percent (1 1/2%)”;

(b)                                 Section 2.8(b) of the Credit Agreement is
hereby amended by deleting the date “June 30, 2009” which appears in the last
sentence of Section 2.8(b) and substituting in place thereof the words “the
Maturity Date”.

(c)                                  Section 2.8(d) of the Credit Agreement is
hereby amended by deleting the text of Section 2.8(d) in its entirety and
substituting in place thereof the words “Intentionally Omitted”.

(d)                                 Section 2 of the Credit Agreement is further
amended by inserting immediately after the end of the text of Section 2.12 the
following:

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2.13                        Increase in Commitments.

(a)                                  Request for Increase. 
Provided there exists no Default or Event of Default, upon notice to the
Administrative Agent (which shall promptly notify the Lenders), the Borrower
may from time to time request an increase in the Total Acquisition Commitment
and/or the Total WC Revolver Commitment by an amount (for all such requests)
not exceeding $50,000,000 in the case of the Total Acquisition Commitment and
$100,000,000 in the case of the Total WC Revolver Commitment; provided that (i)
any such request for an increase shall be in a minimum amount of $5,000,000,
and (ii) the Borrower may make a maximum of three such requests for each of the
Total Acquisition Commitment and the Total WC Revolver Commitment.  At the time of sending such notice, the
Borrower (in consultation with the Administrative Agent) shall specify whether
the Borrower is requesting an increase in the Total Acquisition Commitment, the
Total WC Revolver Commitment or both, and the time period within which each
Lender is requested to respond (which shall in no event be less than ten
Business Days from the date of delivery of such notice to the Lenders).

(b)                                 Lender Elections to Increase.  Each
Lender shall notify the Administrative Agent within such time period whether or
not it agrees in its sole discretion to increase its Acquisition Commitment or
WC Revolver Commitment, as the case may be (and in the case of a request for an
increase in both Commitments, such Lender shall specify whether it is agreeing
to increase both its Acquisition Commitment and WC Revolver Commitment, or just
one) and, if so, whether by an amount equal to, greater than, or less than its
Applicable Percentage of such requested increase.  Any Lender not responding within such time
period shall be deemed to have declined to increase its applicable Commitment.

(c)                                  Notification by Administrative Agent;
Additional Lenders.  The Administrative Agent shall notify the
Borrower and each Lender of the Lenders’ responses to each request made
hereunder.  To achieve the full amount of
a requested increase and subject to the approval of the Administrative Agent
and the L/C Issuer (which approvals shall not be unreasonably withheld), the
Borrower may also invite additional Eligible Assignees to become Lenders
pursuant to a joinder agreement in form and substance satisfactory to the
Administrative Agent and its counsel.

(d)                                 Effective Date and Allocations.  If
the Total Acquisition Commitment and/or Total WC Revolver Commitment, as the
case may be, are increased in accordance with this Section, the Administrative
Agent and the Borrower shall determine the effective date (the “Increase
Effective  Date”) and the final allocation of each such
increase.  The Administrative Agent shall
promptly notify the Borrower and the Lenders of the final allocation of each
such increase and the Increase Effective Date.

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(e)                                  Conditions to Effectiveness of Increase.  As a
condition precedent to any such increase, the Borrower shall deliver to the
Administrative Agent a certificate of each Loan Party dated as of the Increase
Effective Date (in sufficient copies for each Lender) signed by a Responsible
Officer of such Loan Party (i) certifying and attaching the resolutions adopted
by such Loan Party approving or consenting to such increase, and (ii) in the
case of the Borrower, certifying that, before and after giving effect to such
increase, (A) the representations and warranties contained in Article V and the
other Loan Documents are true and correct on and as of the Increase Effective
Date, except to the extent that such representations and warranties
specifically refer to an earlier date, in which case they are true and correct
as of such earlier date, and except that for purposes of this Section 2.13, the
representations and warranties contained in subsections (a) and (b) of Section
5.5 shall be deemed to refer to the most recent statements furnished pursuant
to clauses (a) and (b), respectively, of Section 6.1, and (B) no Default or
Event of Default exists.  The Borrower
shall prepay any Acquisition Loans or WC Revolver Loans, as the case may be,
outstanding on the Increase Effective Date (and pay any additional amounts
required pursuant to Section 3.5) to the extent necessary to keep the
outstanding Loans ratable with any revised Applicable Percentages arising from
any nonratable increase in the applicable Commitments under this Section.

(f)                                    Conflicting Provisions.  This Section shall supersede any provisions
in Section 2.12 or 10.1 to the contrary.

§3.  Amendment  to
Section  6  of  the  Credit  Agreement.  Section 6.2(g) of the Credit Agreement is
hereby amended by deleting Section 6.2(g)(i) in its entirety and restating it
as follows:  “(i) on the 15th day of each
calendar month (or if such day is not a Business Day, the next subsequent
Business Day), or such earlier time as the Administrative Agent may request, a
complete and accurate Borrowing Base Report setting forth the Borrowing Base as
at the close of business on the 15th day of such month (or other date so
requested by the Administrative Agent), and”

§4.  Amendment  to  Section  7
of  the  Credit  Agreement. 
Section 7 of the Credit Agreement is hereby amended as follows:

(a)                                  Section 7.2(j) of the Credit Agreement is
hereby amended by inserting immediately after the words “a Permitted
Acquisition” a comma and the words “and the Hudson Acquisition”.

(b)                                 Section 7.6(b) of the Credit Agreement is
hereby amended by inserting immediately after the words “permitted by Section
7.4” the words “and the Hudson Acquisition, provided, in the case of the
Hudson Acquisition, only so long as (i) no Default or Event of Default has
occurred and is continuing or would exist as a result thereof; (ii) the board
of directors and (if required by applicable law) the shareholders, or

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the equivalent thereof of
the Borrower and of the Hudson Seller has approved such acquisition; (iii) the
Hudson Acquisition is consummated on the terms set forth in the Hudson Purchase
Agreement; (iv) the Borrower has provided the Administrative Agent with prior
written notice of the date of consummation of such Hudson Acquisition; (v) the
Hudson Acquisition would not subject to the Administrative Agent or any Lender
to regulatory or third party approvals in connection with the exercise of any
of its rights or remedies under this Agreement or any other Loan Document; and
(vi) the Borrower has provided the Administrative Agent with evidence
satisfactory to the Administrative Agent that (1) MLP has received cash
proceeds of not less than $50,000,000 for the issuance of certain class B Units
pursuant to the terms of the Class B Unit Purchase Agreement dated on or prior
to the date of the consummation of the Hudson Acquisition by and among the MLP
and the investors party thereto and MLP has contributed such proceeds to the
Borrower; and (2) all such proceeds are being used to fund a portion of the
purchase price of the Hudson Acquisition”.

(c)                                  Section 7.6(c) of the Credit Agreement is
hereby amended by inserting immediately after the words “the assets or stock of
another Person” which appear in the first sentence of Section 7.6(c) the words “,
other than the Hudson Acquisition”.

(d)                                 Section 7.18(c) of the Credit Agreement is
hereby amended by deleting the ratio of “2.75:1.00” which appears in Section
7.18(c) and substituting in place thereof the ratio “2.50:1.00”.

(e)                                  Section 7.19 of the Credit Agreement is
hereby amended by deleting Section 7.19 in its entirety and restating it as
follows:

7.19                        Capital Expenditures.  Make or become legally
obligated to make any Capital Expenditure in any fiscal year that exceed, in
the aggregate for all Loan Parties, $10,000,000 for such fiscal year.

§5.  Amendment
to  Section  10  of  the  Credit  Agreement. 
Section 10.7(f)(i) of the Credit Agreement is hereby amended by
inserting immediately after the words “any of its rights or obligations under
this Agreement” which appear in Section 10.7(f)(i) the words “or any Eligible
Assignee invited to be a Lender pursuant to Section 2.13(c)”

§6.  Amendment  to
Schedule  2.1  to  the  Credit  Agreement;
Reallocation.  Schedule 2.1 to the Credit Agreement is
hereby amended by deleting Schedule 2.1 in its entirety and replacing it with
the Schedule 2.1 attached hereto.  In
addition, the parties hereto hereby acknowledge and agree that to the extent
any WC Revolver Loans, Acquisition Loans or Revolver Loans, as the case may be,
are outstanding on the date on which this Third Amendment becomes effective,
the Lenders with a WC Revolver Commitment, Acquisition Commitment and Revolver
Commitment, as the case may be, shall make such allocations among themselves
such that after giving effect to this Third Amendment (including, without
limitation, the assumption by the New Lender as contemplated by §7(b) below)
each such Lender’s outstanding WC Revolver Loans, Acquisition Loans or Revolver
Loans, as the case may be, shall not exceed such Lender’s Applicable Percentage
of the Total WC Revolver Commitment, the Total Acquisition Commitment or the
Total Revolver Commitment, as the case may be. 
For the avoidance of doubt, no

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recordation fee contemplated
by Section 10.6(b)(iv) shall be required to be paid by any Lender as a result
of any reallocation required hereunder.

§7.  Accession
by  New  Lender.

(a)  Notwithstanding anything to the contrary
contained in the Credit Agreement, the parties hereto hereby consent and agree
to, subject to the satisfaction of all conditions set forth in this Third
Amendment, an increase of $50,000,000 to the Total Acquisition Commitment
(thereby increasing the Total Acquisition Commitment to $85,000,000), with each
of the Existing Lenders and the New Lender having the relevant Acquisition
Commitment, WC Revolver Commitment, Revolver Commitment and Applicable
Percentage as set forth beside each such Lender’s name on Schedule  2.1
attached hereto.

(b)  The New Lender hereby agrees
to assume, without recourse to the Existing Lenders or the Administrative
Agent, on the Effective Date (as defined below), an Acquisition Commitment of $2,615,384.62,
a WC Revolver Commitment of $16,923,076.92 and a Revolver Commitment of $461,538.46.  Upon such assumption, each of the Total
Acquisition Commitment, the Total WC Revolver Commitment, the Total Revolver
Commitment and the Applicable Percentages shall be as set forth on Schedule 2.1
attached hereto.  The New Lender hereby agrees
to be bound by, and each of the Borrower, the Existing Lenders, and the Agent
hereby agree that the New Lender shall be entitled to the benefits of all of
the terms, conditions and provisions of the Credit Agreement and the other Loan
Documents as if the New Lender had been one of the lending institutions
originally executing the Credit Agreement as a “Bank”.

(c)  The New Lender (i)
represents and warrants that (1) it is duly and legally authorized to enter
into this Third Amendment, (2) the execution, delivery and performance of this
Third Amendment do not conflict with any provision of law or of the charter or
by-laws of the New Lender, or of any agreement binding on the New Lender and
(3) all acts, conditions and things required to be done and performed and to
have occurred prior to the execution, delivery and performance of this Third
Amendment, and to render the same the legal, valid and binding obligation of
the New Lender, enforceable against it in accordance with its terms, have been
done and performed and have occurred in due and strict compliance with all
applicable laws; (ii) confirms (1) that it has received a copy of the Credit
Agreement and the other Loan Documents, together with copies of the financial
statements referred to in §5.5 of the Credit Agreement and such other documents
and information as it deems appropriate to make its own credit analysis and
decision to enter into this Third Amendment, (2) that it would qualify as an “Eligible
Assignee” under the Credit Agreement, and (3) that all acts, conditions and
things required to be done and performed have occurred prior to the execution,
delivery and performance of this assignment, and to render the same the legal,
valid and binding obligation of each such Assignee, enforceable against it in
accordance with its terms, have been done and performed and have occurred in
due and strict compliance with all applicable laws; (iii) agrees that it will,
independently and without reliance upon the Administrative Agent or any
Existing Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or
not taking action under the Credit Agreement; (iv) appoints and authorizes the
Administrative

 6
 

Agent to take such action as
agent on its behalf and to exercise such powers under the Credit Agreement and
the other Loan Documents as are delegated to the Administrative Agent by the
terms thereof, together with such powers as are reasonably incidental thereto,
and (v) agrees that it will perform in accordance with their terms all of the
obligations which by the terms of the Credit Agreement and the other Loan
Documents are required to be performed by it as a Lender.

(d)  The effective date for
purposes of this Third Amendment shall be the date on which all conditions to
effectiveness set forth in §8 hereof have been satisfied (the “Effective Date”).

(e)  On the Effective Date, the
Existing Lenders and the New Lender shall take all necessary actions with
respect to outstanding Loans to make allocations among such Lenders so that
each Bank’s interest in the outstanding Loans equals its Applicable Percentage
of each such Loan after giving effect to the assumption by the New Lender.  For the avoidance of doubt, no recordation
fee contemplated by Section 10.6(b)(iv) shall be required to be paid by any
Lender as a result of any reallocation required hereunder.

(f)  From and after the Effective
Date, the Borrower shall make all payments in respect of the New Lender’s
Commitments (including payment of principal, interest, fees and other amounts)
to the Administrative Agent for the account of the New Lender.

§8.  Conditions to Effectiveness. This Third Amendment will become effective
as of the date hereof upon receipt by the Administrative Agent of the
following:

(a)                                  the fully-executed original counterparts of
this Third Amendment executed by the Loan Parties, the Administrative Agent and
the Lenders;

(b)                                 receipt by the Administrative Agent for the
respective accounts of the Existing Lenders of an amendment fee of five (5)
basis points on each Existing Lender’s aggregate Commitments (which, for the
avoidance of doubt, includes the Acquisition Commitment, the WC Revolver
Commitment and the Revolver Commitment) immediately prior to giving effect to
the increase contemplated by this Third Amendment;

(c)                                  receipt by the Administrative Agent for the
respective accounts of the Lenders of an upfront fee of fifteen (15) basis
points on the amount by which each such Lender’s aggregate Commitments (which,
for the avoidance of doubt, includes the Acquisition Commitment, the WC
Revolver Commitment and the Revolver Commitment) are increased pursuant to this
Third Amendment (with the New Lender receiving 15 basis points on the amount
being committed by such New Lender hereunder).

(d)                                 receipt by the Administrative Agent of the
fees provided for in the fee letter of even date herewith; and

 7
 

(e)                                  evidence satisfactory to the Administrative
Agent that all necessary corporate, partnership and limited liability company
action has been taken to approve the transactions contemplated hereby.

§9.                               Representations  and  Warranties.  Each
of the Loan Parties hereby repeats, on and as of the date hereof, each of the
representations and warranties made by it in Article V of the Credit Agreement,
provided, that all references therein to the Credit Agreement shall
refer to such Credit Agreement as amended hereby.  In addition, each of the Loan Parties hereby
represents and warrants that the execution and delivery by such Loan Party of
this Third Amendment and the performance by each such Loan Party of all of its
agreements and obligations under the Credit Agreement as amended hereby and the
other Loan Documents to which it is a party are within the corporate,
partnership and/or limited liability company authority of each of the Loan
Parties and have been duly authorized by all necessary corporate, partnership
and/or membership action on the part of each of the Loan Parties.

§10.                        Ratification, Etc. 
Except as expressly amended hereby, the Credit Agreement and all
documents, instruments and agreements related thereto, including, but not
limited to the Security Documents, are hereby ratified and confirmed in all
respects and shall continue in full force and effect.  The Credit Agreement and this Third Amendment
shall be read and construed as a single agreement.  All references in the Credit Agreement or any
related agreement or instrument to the Credit Agreement shall hereafter refer
to the Credit Agreement as amended hereby.

§11.                        No  Waiver. 
Nothing contained herein shall constitute a waiver of, impair or
otherwise affect any Obligations, any other obligation of the Loan Parties or
any rights of the Administrative Agent, the L/C Issuer or the Lenders consequent
thereon.

§12.                        Counterparts.  This
Third Amendment may be executed in one or more counterparts, each of which
shall be deemed an original but which together shall constitute one and the
same instrument.

§13.                        Governing  Law.  THIS THIRD AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF MASSACHUSETTS
(WITHOUT REFERENCE TO CONFLICT OF LAWS).

 8

IN WITNESS WHEREOF, the parties hereto have executed this Third Amendment as a document
under seal as of the date first above written.

	
  

  	
  GLOBAL
  OPERATING LLC

  
	
   

  	
  By:

  	
  Global Partners LP, its sole member

  
	
   

  	
  By:

  	
  Global GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Hollister

  	
   

  
	
   

  	
  Title: Chief Operating Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL COMPANIES LLC

  
	
   

  	
  By:

  	
  Global Operating LLC, its sole member

  
	
   

  	
  By:

  	
  Global Partners LP, its sole member

  
	
   

  	
  By:

  	
  Global GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Hollister

  	
   

  
	
   

  	
  Title: Chief Operating Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL MONTELLO GROUP CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Hollister

  	
   

  
	
   

  	
  Title: Chief Operating Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLEN HES CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Hollister

  	
   

  
	
   

  	
  Title: Chief Operating Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CHELSEA SANDWICH LLC

  
	
   

  	
  By:

  	
  Global Operating LLC, its sole member

  
	
   

  	
  By:

  	
  Global Partners LP, its sole member

  
	
   

  	
  By:

  	
  Global GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Hollister

  	
   

  
	
   

  	
  Title: Chief Operating Officer

  
					

 

 9
 

 

	
  

  	
  BANK OF AMERICA, N.A., as

  
	
   

  	
  Administrative
  Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Todd MacNeill

  	
   

  
	
   

  	
  Title: Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A., as

  
	
   

  	
  a
  Lender and L/C Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Christen A. Lacey

  	
   

  
	
   

  	
   

  	
  Christen A. Lacey, Principal

  
	
   

  	
   

  	
   

  
	
   

  	
  STANDARD CHARTERED BANK, as

  
	
   

  	
  a
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patricia Doyle

  	
   

  
	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert K. Reddington

  	
   

  
	
   

  	
  Title: AVP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, N.A., as

  
	
   

  	
  a
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ John M. Hariaczyi

  	
   

  
	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SOCIETE GENERALE, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Emmanuel Chesneau

  	
   

  
	
   

  	
  Title: Managing Director

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Barbara Paulsen

  	
   

  
	
   

  	
  Title: Managing Director

  

 

 10
 

 

	
  

  	
  CITIZENS BANK OF MASSACHUSETTS,

  
	
   

  	
  as a
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Marina Grossi

  	
   

  
	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SOVEREIGN BANK, as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Robert Lanigan

  	
   

  
	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FORTIS CAPITAL CORP., as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Suzanne Durney

  	
   

  
	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Juan Mejia

  	
   

  
	
   

  	
  Title: Director

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WEBSTER BANK NATIONAL

  
	
   

  	
  ASSOCIATION,
  as a Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Richard A. O’Brien

  	
   

  
	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  KEYBANK NATIONAL ASSOCIATION,

  
	
   

  	
  as a
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin D. Smith

  	
   

  
	
   

  	
  Title: Senior Vice President

  

 

 11
 

 

	
  

  	
  TD BANKNORTH, N.A.,

  
	
   

  	
  as a
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Curtis C. Simard

  	
   

  
	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WELLS FARGO BANK, N.A.

  
	
   

  	
  as a
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ M.W. Sweeney

  	
   

  
	
   

  	
  Title: Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WACHOVIA BANK, NATIONAL ASSOCIATION

  
	
   

  	
  as a
  Lender

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin E. Burke

  	
   

  
	
   

  	
  Title: Senior Vice President

  

 

 12
 

RATIFICATION OF GUARANTY

Each
of the undersigned guarantors (each a “Guarantor”) hereby acknowledges
and consents to the foregoing Third Amendment as of April 24, 2007, and
agrees that the Guaranty dated as of October 4, 2005 (as amended and in effect
from time to time, the “Guaranty”) from each of the undersigned
Guarantors remains in full force and effect, and each of the Guarantors
confirms and ratifies all of its obligations thereunder. Notwithstanding
anything to the contrary contained herein, the parties thereto hereby
acknowledge, agree and confirm that as of the date hereof, the Guaranty remains
in full force and effect.

	
  

  	
  GLOBAL PARTNERS LP

  
	
   

  	
  By:

  	
  Global
  GP LLC, its general partner

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J.
  Hollister

  	
   

  
	
   

  	
   

  	
  Title: Chief Operating Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  GLOBAL
  GP LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Thomas J. Hollister

  	
   

  
	
   

  	
   

  	
  Title: Chief Operating Officer

  
					

 

 13

SCHEDULE 2.1

COMMITMENTS AND APPLICABLE
PERCENTAGES

	
  Lender

  	
   

  	
  Initial WC

  Revolver

  Commitment

  	
   

  	
  Applicable

  Percentage of

  the Initial

  WC Revolver

  Commitment

  	
   

  	
  WC Revolver

  Commitment

  after 2.1(a)(ii)

  Increase

  	
   

  	
  Applicable

  Percentage of

  the Total

  WC Revolver

  Commitment

  after increase

  pursuant to

  Section

  2.1(a)(ii)

  	
   

  	
  WC Revolver

  Commitment

  after 2.1(a)(iii)

  Increase

  	
   

  	
  Applicable

  Percentage of

  the Total

  WC Revolver

  Commitment

  after increase

  pursuant to

  Section

  2.1(a)(iii)

  	
   

  	
  Acquisition

  Commitment

  	
   

  	
  Revolver

  Commitment

  	
   

  	
  Applicable

  Percentage of

  Acquisition

  Commitment

  and Revolver

  Commitment

  	
   

  
	
  Bank
  of America, N.A.

  	
   

  	
  $

  	
  55,384,615.38

  	
   

  	
  12.31%

  	
   

  	
  $

  	
  61,538,461.54

  	
   

  	
  12.31%

  	
   

  	
  $

  	
  67,692,307.69

  	
   

  	
  12.31%

  	
   

  	
  $

  	
  10,461,538.46

  	
   

  	
  $

  	
  1,846,153.85

  	
   

  	
  12.31%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  JPMorgan
  Chase Bank, N.A.

  	
   

  	
  $

  	
  51,923,076.92

  	
   

  	
  11.54%

  	
   

  	
  $

  	
  57,692,307.69

  	
   

  	
  11.54%

  	
   

  	
  $

  	
  63,461,538.46

  	
   

  	
  11.54%

  	
   

  	
  $

  	
  9,807,692.31

  	
   

  	
  $

  	
  1,730,769.23

  	
   

  	
  11.54%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Societe Generale

  	
   

  	
  $

  	
  51,923,076.92

  	
   

  	
  11.54%

  	
   

  	
  $

  	
  57,692,307.69

  	
   

  	
  11.54%

  	
   

  	
  $

  	
  63,461,538.46

  	
   

  	
  11.54%

  	
   

  	
  $

  	
  9,807,692.31

  	
   

  	
  $

  	
  1,730,769.23

  	
   

  	
  11.54%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Standard
  Chartered Bank

  	
   

  	
  $

  	
  50,538,461.54

  	
   

  	
  11.23%

  	
   

  	
  $

  	
  56,153,846.16

  	
   

  	
  11.23%

  	
   

  	
  $

  	
  61,769,230.77

  	
   

  	
  11.23%

  	
   

  	
  $

  	
  9,546,153.85

  	
   

  	
  $

  	
  1,684,615.38

  	
   

  	
  11.23%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Citizens
  Bank

  of MA

  	
   

  	
  $

  	
  51,923,076.92

  	
   

  	
  11.54%

  	
   

  	
  $

  	
  57,692,307.69

  	
   

  	
  11.54%

  	
   

  	
  $

  	
  63,461,538.46

  	
   

  	
  11.54%

  	
   

  	
  $

  	
  9,807,692.31

  	
   

  	
  $

  	
  1,730,769.23

  	
   

  	
  11.54%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fortis
  Capital Corp.

  	
   

  	
  $

  	
  39,461,538.46

  	
   

  	
  8.77%

  	
   

  	
  $

  	
  43,846,153.84

  	
   

  	
  8.77%

  	
   

  	
  $

  	
  48,230,769.22

  	
   

  	
  8.77%

  	
   

  	
  $

  	
  7,453,846.15

  	
   

  	
  $

  	
  1,315,384.62

  	
   

  	
  8.77%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Sovereign Bank

  	
   

  	
  $

  	
  38,076,923.08

  	
   

  	
  8.46%

  	
   

  	
  $

  	
  42,307,692.31

  	
   

  	
  8.46%

  	
   

  	
  $

  	
  46,538,461.54

  	
   

  	
  8.46%

  	
   

  	
  $

  	
  7,192,307.69

  	
   

  	
  $

  	
  1.269,230.77

  	
   

  	
  8.46%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  KeyBank
  National Association

  	
   

  	
  $

  	
  34,615,384.62

  	
   

  	
  7.69%

  	
   

  	
  $

  	
  38,461,538.47

  	
   

  	
  7.69%

  	
   

  	
  $

  	
  42,307,692.32

  	
   

  	
  7.69%

  	
   

  	
  $

  	
  6,538,461.54

  	
   

  	
  $

  	
  1,153,846.15

  	
   

  	
  7.69%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Webster
  Bank National Association

  	
   

  	
  $

  	
  17,307,692.31

  	
   

  	
  3.85%

  	
   

  	
  $

  	
  19,230,769.23

  	
   

  	
  3.85%

  	
   

  	
  $

  	
  21,153,846.15

  	
   

  	
  3.85%

  	
   

  	
  $

  	
  3,269,230.77

  	
   

  	
  $

  	
  576,923.08

  	
   

  	
  3.85%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TD
  BankNorth, N.A.

  	
   

  	
  $

  	
  17,307,692.31

  	
   

  	
  3.85%

  	
   

  	
  $

  	
  19,230,769.23

  	
   

  	
  3.85%

  	
   

  	
  $

  	
  21,153,846.15

  	
   

  	
  3.85%

  	
   

  	
  $

  	
  3,269,230.77

  	
   

  	
  $

  	
  576,923.08

  	
   

  	
  3.85%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wells
  Fargo Bank, N.A.

  	
   

  	
  $

  	
  27,692,307.69

  	
   

  	
  6.15%

  	
   

  	
  $

  	
  30,769,230.77

  	
   

  	
  6.15%

  	
   

  	
  $

  	
  33,846,153.85

  	
   

  	
  6.15%

  	
   

  	
  $

  	
  5,230,769.23

  	
   

  	
  $

  	
  923,076.92

  	
   

  	
  6.15%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Wachovia
  Bank, National Association

  	
   

  	
  $

  	
  13,846,153.85

  	
   

  	
  3.08%

  	
   

  	
  $

  	
  15,384,615.39

  	
   

  	
  3.08%

  	
   

  	
  $

  	
  16,923,076.93

  	
   

  	
  3.08%

  	
   

  	
  $

  	
  2,615,384.62

  	
   

  	
  $

  	
  461,538.46

  	
   

  	
  3.08%

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
  450,000,000

  	
   

  	
  100%

  	
   

  	
  $

  	
  500,000,000

  	
   

  	
  100%

  	
   

  	
  $

  	
  550,000,000

  	
   

  	
  100%

  	
   

  	
  $

  	
  85,000,000

  	
   

  	
  $

  	
  15,000,000

  	
   

  	
  100%EXHIBIT
10.01

VERSANT
CORPORATION

2005
EMPLOYEE STOCK PURCHASE PLAN

As Adopted June 1,
2005 and as Amended through December 21, 2006

1.         Establishment of Plan; Number of Shares
Reserved.  Versant
Corporation (the “Company”) proposes to grant
options for purchase of the Company’s Common Stock to eligible employees of the
Company and its Subsidiaries (as hereinafter defined) pursuant to this Employee
Stock Purchase Plan (this “Plan”).  For purposes of this Plan, “Parent Corporation” and “Subsidiary” (collectively, “Subsidiaries”) shall have the same
meanings as “parent corporation” and “subsidiary corporation” in Sections
424(e) and 424(f), respectively, of the Internal Revenue Code of 1986, as
amended (the “Code”).  The Company intends this Plan to qualify as an
“employee stock purchase plan” under Section 423 of the Code (including any
amendments to or replacements of such Section), and this Plan shall be so
construed.  Any term not expressly
defined in this Plan but defined for purposes of Section 423 of the Code shall
have the same definition herein.  The
number of shares of the Company’s Common Stock reserved for issuance under this
Plan (the “Reserved Shares”) shall be
the number of authorized shares of the Company’s Common Stock reserved for
issuance under the Versant Corporation 1996 Employee Stock Purchase Plan, as
amended (the “Prior Plan”)
that are not issued under the Prior Plan as of May 21, 2006 (the
termination date of the Prior Plan); provided, that the number of Reserved Shares shall not exceed an aggregate of 94,743  Shares, as constituted at the opening of
business on the Effective Date.  The number
of shares that are Reserved Shares shall be subject to adjustments effected in
accordance with Section 14 of this Plan.

2.         Purpose.  The purpose of this Plan is to provide
employees of the Company and Subsidiaries designated by the Board of Directors
of the Company (the “Board”) as eligible to
participate in this Plan with a convenient means of acquiring an equity
interest in the Company through payroll deductions, to enhance such employees’
sense of participation in the affairs of the Company and Subsidiaries, and to
provide an incentive for continued employment.

3.         Administration.  This Plan shall be administered by the
Compensation Committee appointed by the Board (the “Committee”)
or the Board.  As used in this Plan,
references to the “Committee” or the “Board” shall mean either the Compensation
Committee or the Board.  Subject to the
provisions of this Plan and the limitations of Section 423 of the Code or any
successor provision in the Code, all questions of interpretation or application
of this Plan shall be determined by the Committee and its decisions shall be
final and binding upon all participants. 
Members of the Committee shall receive no compensation for their
services in connection with the administration of this Plan, other than
standard fees as established from time to time by the Board for services
rendered by Board members serving on Board committees.  All expenses incurred in connection with the
administration of this Plan shall be paid by the Company.

4.         Eligibility.  Any employee of the Company or the
Subsidiaries is eligible to participate in an Offering Period (as hereinafter
defined) under this Plan except the following:

 

Versant Corporation

2005 Employee Stock Purchase Plan

(a)      employees who are not employed by the
Company or Subsidiaries fifteen (15) days before the beginning of such Offering
Period;

(b)      employees who are customarily employed for
less than twenty (20) hours per week;

(c)      employees who are customarily employed for
less than five (5) months in a calendar year;

(d)      employees who, together with any other
person whose stock would be attributed to such employee pursuant to Section
424(d) of the Code, own stock or hold options to purchase stock possessing five
percent (5%) or more of the total combined voting power or value of all classes
of stock of the Company or any of its Subsidiaries or who, as a result of being
granted an option under this Plan with respect to such Offering Period, would
own stock or hold options to purchase stock possessing five percent (5%) or
more of the total combined voting power or value of all classes of stock of the
Company or any of its Subsidiaries; and

(e)      individuals who provide services to the
Company or any of its Subsidiaries as independent contractors who are
reclassified as common law employees for any reason except  for
federal income and employment tax purposes.

5.         Offering Dates.  The offering periods of this Plan
(each, an “Offering Period”) shall be
of twelve (12) months duration commencing on June 1 and December 1 of each year
and ending on the next May 31 and November 30, respectively, thereafter (with
the first such Offering Period to commence on June 1, 2006 and end on May 31, 2007).  Each Offering Period shall consist of two (2)
six-month purchase periods (individually, a “Purchase
Period”) during which payroll deductions of the participants are
accumulated under this Plan.  The first
business day of each Offering Period is referred to as the “Offering
Date” and June 1, 2006  is the “First Offering Date”.  The last business day of each Purchase Period
is referred to as the “Purchase Date”.  The Board shall have the power to change the
duration of Offering Periods or Purchase Periods with respect to offerings
without shareholder approval if such change is announced at least fifteen (15)
days prior to the scheduled beginning of the first Offering Period or Purchase
Period to be affected.

6.         Participation in this Plan.  Eligible employees may become participants in
an Offering Period under this Plan on the first Offering Date after satisfying
the eligibility requirements by delivering a subscription agree­ment to the
Company’s Human Resource Department (the “HR Department”)
not later than the 15th day of the month before such Offering Date unless a
later time for filing the subscription agreement authorizing payroll deduc­tions
is set by the Board for all eligible employees with respect to a given Offering
Period.  An eligible employee who does
not deliver a subscription agreement to the HR Department by such date after
becoming eligible to participate in such Offering Period shall not participate
in that Offering Period or any subsequent Offering Period unless such employee
enrolls in this Plan by filing a subscription agreement with the HR Department
not later than the 15th day of the month preceding a subsequent Offering
Date.  Once an employee becomes a
participant in an Offering Period, such employee will automatically participate
in the Offering Period commencing immediately following the last day of the
previous Offering Period unless the employee

 2
 

 

Versant
Corporation

2005 Employee Stock Purchase Plan

withdraws or is
deemed to withdraw from this Plan or terminates further participation in the
Offering Period as set forth in Section 11 below.  Such participant is not required to file any
additional subscription agreement in order to continue participation in this
Plan.

7.         Grant of Option on Enrollment.  Enrollment by an eligible employee in this
Plan with respect to an Offering Period will constitute the grant (as of the
Offering Date) by the Company to such employee of an option to purchase on the
Purchase Date up to that number of shares of Common Stock of the Company
determined by dividing (a) the amount accumulated in such employee’s
payroll deduction account during such Purchase Period by (b) the lower of
(i) eighty-five percent (85%) of the fair market value of a share of the
Company’s Common Stock on the Offering Date, or (ii) eighty-five percent
(85%) of the fair market value of a share of the Company’s Common Stock on the
Purchase Date, provided, however, that the
number of shares of the Company’s Common Stock subject to any option granted
pursuant to this Plan shall not exceed the lesser of (a) the maximum
number of shares set by the Board pursuant to Section 10(c) below with respect
to the applicable Offering Period, or (b) the maximum number of shares
which may be purchased pursuant to Section 10(b) below with respect to the applicable
Offering Period.  The fair market value
of a share of the Company’s Common Stock shall be determined as provided in
Section 8 hereof.

8.         Purchase Price.  The purchase price per share at which a share
of Common Stock will be sold in any Offering Period shall be eighty-five
percent (85%) of the lesser of:

(a)      the fair market value on the Offering
Date; or

(b)      the fair market value on the Purchase Date.

For purposes of
this Plan, the term “Fair Market Value”
means, as of any date, the value of a share of the Company’s Common Stock
determined as follows:  (i) if such
Common Stock is then quoted on the Nasdaq National Market, or the Nasdaq
SmallCap Market, its closing price on such market on the date of determination
as reported in The Wall Street Journal; (ii) if such Common Stock is
publicly traded and is then listed on a national securities exchange, its
closing price on the date of determination on the principal national securities
exchange on which the Common Stock is listed or admitted to trading as reported
in The Wall Street Journal; or (iii) if none of the foregoing is
applicable, by the Board in good faith.

9.         Payment Of Purchase Price; Changes In Payroll Deductions;
Issuance Of Shares.

(a)           The purchase price of the shares is
accumulated by regular payroll deductions made during each Offering
Period.  The deductions are made as a
percentage of the participant’s compensation in one percent (1%) increments of
not less than two percent (2%), nor greater than ten percent (10%) or such
lower limit as may be set by the Committee from time to time; with such amounts
being calculated in the aggregate by considering all Offering Periods in which
a participant is participating. 
Compensation shall mean all W-2 compensation, including, but not limited
to base salary, wages, commissions, overtime, shift premiums and bonuses, plus
draws against commissions; provided, however,
that for purposes of determining a participant’s compensation, any election by
such participant to reduce his or her regular cash remuneration

 3
 

Versant
Corporation

2005 Employee Stock Purchase Plan

under Sections 125
or 401(k) of the Code shall be treated as if the participant did not make such
election.  Payroll deductions shall
commence on the first payday following the Offering Date and shall continue to
the end of the Offering Period unless sooner altered or terminated as provided
in this Plan.

(b)          A participant may lower or increase
the rate of payroll deductions during an Offering Period by filing with the HR
Department a new authorization for payroll deductions, in which case the new
rate shall become effective for the next payroll period commencing more than
fifteen (15) days after the HR Department’s receipt of the authorization and
shall continue for the remainder of the Offering Period unless changed as
described herein.  Such change in the
rate of payroll deductions may be made at any time during an Offering Period,
but not more than one (1) change may be made effective during any Purchase Period.  A participant may increase or decrease the
rate of payroll deductions for any subsequent Offering Period by filing with
the HR Department a new authorization for payroll deductions not later than the
15th day of the month before the beginning of such Offering Period.

(c)           All payroll deductions made for a
participant are credited to his or her account under this Plan and are
deposited with the general funds of the Company.  No interest accrues on the payroll
deductions.  All payroll deductions
received or held by the Company may be used by the Company for any corporate
purpose, and the Company shall not be obligated to segregate such payroll
deductions.

(d)          On each Purchase Date, so long as this
Plan remains in effect and provided that the participant has not submitted a
signed and completed withdrawal form before that date which notifies the
Company that the participant wishes to withdraw from that Offering Period under
this Plan in compliance with Section 11 and have all payroll deductions
accumulated in the account maintained on behalf of the participant as of that
date returned to the participant, the Company shall apply the funds then in the
participant’s account to the purchase of whole shares of Common Stock reserved
under the option granted to such participant with respect to the Offering
Period to the extent that such option is exercisable on the Purchase Date.  The purchase price per share shall be as
specified in Section 8 of this Plan.  Any
cash remaining in a participant’s account after such purchase of shares shall
be refunded to such participant in cash, without interest.  In the event that this Plan has been oversub­scribed,
all funds not used to purchase shares on the Purchase Date shall be returned to
the participant, without interest.  No
Common Stock shall be purchased on a Purchase Date on behalf of any employee
whose participation in this Plan has terminated prior to such Purchase Date.

(e)           As promptly as practicable after the
Purchase Date, the Company shall arrange the delivery to each participant of a
certificate representing the shares purchased upon exercise of his option.

(f)           During a participant’s lifetime, such
participant’s option to purchase shares hereunder is exercisable only by him or
her.  The participant will have no
interest or voting right in shares covered by his or her option unless and
until such option has been exercised. 
Shares to be delivered to a participant under this Plan will be
registered in the name of the participant or in the name of the participant and
his or her spouse.

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10.      Limitations on Shares to be Purchased.

(a)      No employee shall be entitled to purchase
stock under this Plan at a rate which, when aggregated with his or her rights
to purchase stock under all other employee stock purchase plans of the Company
or any Subsidiary, exceeds $25,000 in fair market value, determined as of the
Offering Date (or such other limit as may be imposed by the Code) for each
calendar year in which the employee participates in this Plan.

(b)      No more than two hundred percent (200%) of
the number of shares determined by dividing eighty-five percent (85%) of the
fair market value of a share of the Company’s Common Stock on the Offering Date
into ten percent (10%) of such participant’s compensation during such Purchase
Period may be purchased by a participant on a given Purchase Date.

(c)      No employee shall be entitled to purchase
more than the Maximum Share Amount (as defined below) on any single Purchase
Date.  Not less than thirty (30) days
prior to the commence­ment of any Offering Period, the Board may, in its sole
discretion, set a maximum number of shares which may be purchased by any
employee at any single Purchase Date (hereinafter the “Maximum
Share Amount”).  In no
event shall the Maximum Share Amount exceed the amounts permitted under Section
10(a) or Section 10(b) above.  If a new
Maximum Share Amount is set, then all participants must be notified of such
Maximum Share Amount not less than fifteen (15) days prior to the commencement
of the next Offering Period.  Once the
Maximum Share Amount is set, it shall continue to apply with respect to all
succeeding Purchase Dates and Offering Periods unless revised by the Board as
set forth above.

(d)      If the number of shares to be purchased on
a Purchase Date by all employees participating in this Plan exceeds the number
of shares then available for issuance under this Plan, then the Company will
make a pro rata allocation of the remaining shares in as uniform a manner as
shall be reasonably practicable and as the Board shall determine to be
equitable.  In such event, the Company
shall give written notice of such reduction of the number of shares to be
purchased under a participant’s option to each participant affected thereby.

(e)      Any payroll deductions accumulated in a
participant’s account which are not used to purchase stock due to the
limitations in this Section 10 shall be returned to the participant as soon as
practicable after the end of the applicable Purchase Period, without interest.

11.      Withdrawal.

(a)      Each participant may withdraw from an
Offering Period under this Plan by signing and delivering to the HR Department
a written notice to that effect on a form provided for such purpose.  Such withdrawal may be elected at any time at
least five (5) business days prior to the end of an Offering Period.

(b)      Upon withdrawal from this Plan, the
accumulated payroll deductions shall be returned to the withdrawn participant,
without interest, and his or her interest in this Plan shall terminate.  In the event a participant voluntarily elects
to withdraw from this Plan, he or she may not resume his or her participation
in this Plan during the same Offering Period, but he or she

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may participate in
any Offering Period under this Plan which commences on a date subsequent to
such withdrawal by filing a new authorization for payroll deductions in the
same manner as set forth above for initial participation in this Plan.

12.      Termination of Employment.  Termination of a participant’s employment for
any reason, including retirement, death or the failure of a participant to
remain an eligible employee, immediately terminates his or her participa­tion
in this Plan.  In such event, the payroll
deductions credited to the participant’s account will be returned to him or her
or, in the case of his or her death, to his or her legal representative,
without interest.  For purposes of this
Section 12, an employee will not be deemed to have terminated employment or
failed to remain in the continuous employ of the Company in the case of sick
leave, military leave, or any other leave of absence approved by the Committee;
provided that such leave is for a period of not more than ninety (90)
days or reemployment upon the expiration of such leave is guaranteed by
contract or statute.

13.      Return of Payroll Deductions.  In the event a participant’s interest in this
Plan is terminated by withdrawal, termination of employment or otherwise, or in
the event this Plan is terminated by the Board, the Company shall promptly
deliver to the participant all payroll deductions credited to such participant’s
account.  No interest shall accrue on the
payroll deductions of a participant in this Plan.

14.      Capital and Corporate Changes.  Subject to any required action by the
shareholders of the Company, the number of shares of Common Stock covered by
each option under this Plan which has not yet been exercised and the number of
shares of Common Stock which have been authorized for issuance under this Plan
but have not yet been placed under option (collectively, the “Reserves”), as well as the price
per share of Common Stock covered by each option under this Plan which has not
yet been exercised, shall be proportionately adjusted for any increase or
decrease in the number of issued and outstanding shares of Common Stock of the
Company resulting from a stock split, reverse stock split or the payment of a
stock dividend (but only on the Common Stock) or any other increase or decrease
in the number of issued and outstanding shares of Common Stock effected without
receipt of any consideration by the Company; provided,
however, that conversion of any convertible securities of the Company shall
not be deemed to have been “effected without receipt of consideration”.  Such adjustment shall be made by the Board, whose determination shall be final, binding and
conclusive.  Except as expressly provided
herein, no issue by the Company of shares of stock of any class, or securities
convertible into shares of stock of any class, shall affect, and no adjustment
by reason thereof shall be made with respect to, the number or price of shares
of Common Stock subject to an option.

In the event of
the proposed dissolution or liquidation of the Company, the Offering Period
will terminate immediately prior to the consummation of such proposed action,
unless otherwise provided by the Board. 
The Board may, in the exercise of its sole discretion in such instances,
declare that the options under this Plan shall terminate as of a date fixed by the
Board and give each participant the right to exercise his or her option as to
all of the optioned stock, including shares which would not otherwise be
exercisable.  In the event of a proposed
sale of all or substantially all of the assets of the Company, or the merger or
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with or into
another corporation, each option under this Plan shall be assumed or an
equivalent option shall be substituted by such successor corporation or a
parent or subsidiary of such successor corporation, unless the Board
determines, in the exercise of its sole discretion and in lieu of such
assumption or substitution, that the participant shall have the right to
exercise the option as to all of the optioned stock.  If the Board makes an option exercisable in
lieu of assumption or substitution in the event of a merger, consolidation or
sale of assets, the Board shall notify the participant that the option shall be
fully exercisable for a period of twenty (20) days from the date of such
notice, and the option will terminate upon the expiration of such period.

The Board may, if
it so determines in the exercise of its sole discretion, also make provision
for adjusting the Reserves, as well as the price per share of Common Stock
covered by each outstanding option, in the event that the Company effects one
or more reorganizations, recapitalizations, rights offerings or other increases
or reductions of shares of its outstanding Common Stock, or in the event of the
Company being consolidated with or merged into any other corporation.

15.      Nonassignability.  Neither payroll deductions credited to a
participant’s account nor any rights with regard to the exercise of an option
or to receive shares under this Plan may be assigned, transferred, pledged or
otherwise disposed of in any way (other than by will, the laws of descent and
distribution or as provided in Section 22 hereof) by the participant.  Any such attempt at assignment, transfer,
pledge or other disposition shall be void and without effect.

16.      Reports.  Individual accounts will be maintained for
each participant in this Plan.  Each
participant shall receive promptly after the end of each Purchase Period a
report of his or her account setting forth the total payroll deductions
accumulated, the number of shares purchased, the per share price thereof and
the remaining cash balance, if any, carried forward to the next Purchase Period
or Offering Period, as the case may be.

17.      Notice of Disposition.  Each participant shall notify the Company if
the participant disposes of any of the shares purchased in any Offering Period
pursuant to this Plan if such disposition occurs within two (2) years from the
Offering Date or within one (1) year from the Purchase Date on which such
shares were purchased (the “Notice Period”).  Unless such participant is disposing of any
of such shares during the Notice Period, such participant shall keep the
certificates representing such shares in his or her name (and not in the name of
a nominee) during the Notice Period.  The
Company may, at any time during the Notice Period, place a legend or legends on
any certificate representing shares acquired pursuant to this Plan requesting
the Company’s transfer agent to notify the Company of any transfer of the
shares.  The obligation of the
participant to provide such notice shall continue notwithstand­ing the
placement of any such legend on the certificates.

18.      No Rights to Continued Employment.  Neither this Plan nor the grant of any option
hereunder shall confer any right on any employee to remain in the employ of the
Company or any Parent Corporation or Subsidiary, or restrict the right of the
Company or of any Parent Corporation or any Subsidiary to terminate such
employee’s employment.

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19.      Equal Rights And Privileges.  All eligible employees shall have equal
rights and privileges with respect to this Plan so that this Plan qualifies as
an “employee stock purchase plan” within the meaning of Section 423 or any
successor provision of the Code and the related regulations.  Any provision of this Plan which is
inconsistent with Section 423 or any successor provision of the Code shall,
without further act or amendment by the Company or the Board, be reformed to
comply with the requirements of Section 423.  This Section 19 shall take precedence over
all other provisions in this Plan.

20.      Notices.  All notices or other communications by a
participant to the Company under or in connection with this Plan shall be
deemed to have been duly given when received in the form specified by the
Company at the location, or by the person, designated by the Company for the
receipt thereof.

21.      Term; Shareholder Approval.  After this Plan is adopted by the Board, this
Plan will become effective on the date that is the First Offering Date (as
defined in Section 5 above).  This Plan
shall be approved by the shareholders of the Company, in any manner permitted
by applicable corporate law, within twelve (12) months before or after the date
this Plan is adopted by the Board.  No
purchase of shares pursuant to this Plan shall occur prior to such shareholder
approval.  This Plan shall continue until
the earlier to occur of (a) termination of this Plan by the Board (which
termination may be effected by the Board at any time), (b) issuance of all of
the shares of Common Stock reserved for issuance under this Plan, or (c) ten
(10) years from the adoption of this Plan by the Board.

22.      Designation of Beneficiary.

(a)      A participant may file a written
designation of a beneficiary who is to receive any shares and cash, if any,
from the participant’s account under this Plan in the event of such participant’s
death subsequent to the end of an Purchase Period but prior to delivery to him
of such shares and cash.  In addition, a
participant may file a written designation of a beneficiary who is to receive
any cash from the participant’s account under this Plan in the event of such
participant’s death prior to a Purchase Date.

(b)      Such designation of beneficiary may be
changed by the participant at any time by written notice.  In the event of the death of a participant
and in the absence of a beneficiary validly designated under this Plan who is
living at the time of such participant’s death, the Company shall deliver such
shares or cash to the executor or administrator of the estate of the
participant, or if no such executor or administrator has been appointed (to the
knowledge of the Company), the Company, in its discretion, may deliver such
shares or cash to the spouse or to any one or more dependents or relatives of
the participant, or if no spouse, dependent or relative is known to the
Company, then to such other person as the Company may designate.

23.      Conditions Upon Issuance of Shares;
Limitation on Sale of Shares. 
Shares shall not be issued with respect to an option unless the exercise
of such option and the issuance and delivery of such shares pursuant thereto
shall comply with all applicable provisions of law, domestic or foreign,
including, without limitation, the Securities Act of 1933, as amended, the
Exchange Act, the rules and regulations promulgated thereunder, and the
requirements of any stock exchange or automated quotation system upon which the
shares may then be listed, and 

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shall be further
subject to the approval of counsel for the Company with respect to such
compliance.

24.      Financial Statements.  The Company will provide financial statements
to each participant prior to such participant’s purchase of shares under this
Plan, provided, however, the Company will not be required to
provide such financial statements to participants whose services in connection
with the Company assure them access to equivalent information.

25.      Applicable Law.  The Plan shall be governed by the substantive
laws (excluding the conflict of laws rules) of the State of California.

26.      Amendment or Termination of this Plan.  The Board may at any time amend, terminate or
extend the term of this Plan, except that any such termination cannot affect
options previously granted under this Plan, nor may any amendment make any
change in an option previously granted which would adversely affect the right
of any participant, nor may any amendment be made without approval of the
shareholders of the Company obtained in accordance with Section 21 hereof
within twelve (12) months of the adoption of such amendment (or earlier if
required by Section 21) if such amendment would:

(a)      increase the number of shares that may be
issued under this Plan; or

(b)      change the designation of the employees
(or class of employees) eligible for participation in this Plan.

 9

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