Document:

Employment Agreement, dated December 1, 2004

 Exhibit 10.1 
  
 EMPLOYMENT AGREEMENT 
  
 EMPLOYMENT AGREEMENT (“Agreement”) dated as of December 1, 2004 (the “Effective Date”) by and between Mercury
Interactive Corporation (the “Company”) and Anthony Zingale (“Executive”). 
  
 WHEREAS, the Company considers it in the best interests of its stockholders to employ Executive as its President and Chief Operating Officer; 

 
 WHEREAS, Executive is willing to accept employment with the Company on the
terms hereinafter set forth in this Agreement; 
  
 WHEREAS,
simultaneously with the execution of this Agreement, Executive and the Company are entering into a Change of Control Agreement (the “Change of Control Agreement”); 
  
 NOW THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements of the parties set forth in this
Agreement, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows: 
  
 ARTICLE 1 
 POSITION; TERM OF AGREEMENT 
  
 Section 1.01. Position. (a) As of and following the Effective Date, Executive shall serve as President and Chief Operating Officer of the Company
and shall report to the Chief Executive Officer. Executive shall have such duties and authority, consistent with such position, as shall be determined from time to time by the Company. The Board of Directors of the Company shall nominate Executive
to be a Director of the Company for as long as Executive is the Company’s President. 
  
 (b) During his employment with the Company, Executive will devote substantially all of his business time to the performance of his duties under this Agreement and will not engage in any other business, profession or
occupation for compensation or otherwise which would conflict with the rendition of such services either directly or indirectly, without the prior written consent of the Company’s Board of Directors (the “Board”).
Notwithstanding the foregoing, Executive shall be permitted to continue his service as a member of the board of directors of Biz360, Inc., Blazent, Inc., and Interwoven, Inc., provided that such companies do not compete with the Company. Executive
may engage in civic and not-for-profit activities so long as such activities do not interfere with the performance of his duties hereunder. 

 ARTICLE 2 
 COMPENSATION AND BENEFITS 
  
 Section 2.01. Base Salary. Commencing on the Effective Date, the Company shall pay Executive an initial annual base salary (the “Base
Salary”) at the annual rate of $500,000, payable in accordance with the payroll practices of the Company from time to time. Executive’s compensation package shall be subject to periodic review by the Company. 
  
 Section 2.02. Bonus. Executive shall be eligible to participate in an
executive bonus plan in accordance with the terms and conditions of such plan. Executive’s initial target bonus for 2005 (the “Target Bonus”) shall be 100% of Base Salary, subject to the Company’s performance and other
terms and conditions of the bonus plan as determined by the Board in its sole discretion, including continued employment until the end of the applicable year. 
  

Section 2.03. Stock Options. Subject to approval of the Board or its Compensation Committee, Executive shall receive an option to purchase
400,000 shares of the Company’s common stock (the “Common Stock”) promptly after the Effective Date (the “Option”). The Option shall have a per share exercise price equal to the fair market value of the Common
Stock on the date of grant, shall vest monthly in equal installments over a period of four years and shall remain exercisable for a period of seven (7) months after termination of Executive’s employment for any reason. Except as provided for in
this paragraph, the Option shall be subject to the terms and conditions of the Company’s stock plan and form of award agreement. 
  
 Subject to approval of the Board or its Compensation Committee, as part of the Company’s annual refresh grants to other executives during 2005,
Executive will be eligible to receive an option to purchase 50,000 shares of the Company’s Common Stock (the “ 2005 Option”). The 2005 Option shall have a per share exercise price equal to the fair market value of the
Common Stock on the date of grant, shall vest monthly in equal installments over a period of four years and shall remain exercisable for a period of seven months after termination of Executive’s employment for any reason. Except as provided for
in this paragraph, the 2005 Option shall be subject to the terms and conditions of the Company’s stock plan and form of award agreement. 
  
 Section 2.04. Executive Benefits. During the Employment Term, Executive shall be eligible for employee benefits (including fringe benefits,
vacation and health, accident and disability insurance, and retirement plan participation) substantially similar to those benefits made available generally to similarly situated employees of the Company; provided, however, that
Executive will earn 30 days of paid-time off per year (equivalent to 6 weeks). This paid-time off will include both sick leave and vacation. In addition, Executive shall be entitled to all perquisites that are currently or may in the future be
provided to any officer of the Company other than the Chief Executive Officer, including, but not limited to, bonus plans, life insurance, deferred compensation, club dues, car allowance or lease, car service, first-class airline travel, charter jet
travel, financial planning, and tax and estate planning services, as applicable. Executive shall be entitled to fly first class (or, if not available, business class) on all Company-related travel. 

 Section 2.05. Long-Term Incentive Plan. During the Employment Term, if the Company adopts a
Long-Term Incentive Plan, Executive will be eligible to participate in such plan, according to the terms and conditions of such plan. 
  
 Section 2.06. Business And Travel Expenses. Reasonable travel, entertainment and other business expenses incurred by Executive in the performance
of Executive’s duties hereunder shall be reimbursed by the Company in accordance with the Company’s policies as in effect from time to time. 
  
 ARTICLE 3 
 SEVERANCE
BENEFITS 
  
 Section 3.01. Certain Events of
Termination. (a) In the event that Executive’s employment is terminated by the Company without Cause (as defined below) or by Executive for Good Reason (as defined below) during the Employment Term, but not including termination by reason
of death or disability, Executive shall be entitled to the following benefits: 
  
 (i) The Company shall pay Executive during the Severance Period (as defined below) an amount equal to Executive’s Base Salary and Target Bonus in effect as of the date of termination, payable in accordance with
the Company’s standard payroll practices or, at the Company’s option, in a lump sum; 
  
 (ii) Executive shall be provided with continued coverage under the Company’s health, life, dental and other insurance programs for the Severance Period (which may be provided by the Company paying for
Executive’s continued coverage under COBRA at the same cost to Executive as before his termination of employment or payment of an amount sufficient to purchase comparable benefits) until the earlier of (A) the end of the Severance Period or (B)
the date Executive becomes eligible for group health coverage with another employer with similar standards of benefits excluding Execucare benefits; 
  
 (iii) Executive shall be credited immediately with 12 months of vesting under each outstanding stock option held by Executive on the date of termination;

  
 provided that (A) receipt of the foregoing shall be
subject to (x) Executive signing and not revoking a release of claims in a form reasonably acceptable to the Company and (y) Executive’s continued compliance with the covenants set forth in Section 4.01 hereof and in the Proprietary Agreement
(as defined below) and (B) if Executive’s employment terminates during a Change of Control Period (as defined in the Change of Control Agreement), Executive’s benefits, if any, shall be determined under the terms of the Change of Control
Agreement instead of under this Agreement. 

 (b) “Cause” means the occurrence of any one or more of the following: 
  
 (i) any act of personal dishonesty taken by Executive in connection with
Executive’s responsibilities as an employee and intended to result in substantial personal enrichment; 
  
 (ii) Executive being convicted of a felony; or 
  
 (iii) a willful act by Executive which constitutes gross misconduct and which is materially injurious to the Company. 
  
 (c) “Good Reason” means any of the following without
Executive’s consent: 
  
 (i) Executive’s assignment to
any duties or the significant reduction of Executive’s duties, either of which is inconsistent with Executive’s position or title with the Company and responsibilities in effect immediately prior to such assignment, or Executive’s
removal from such position and responsibility, or a reduction in Executive’s title; 
  
 (ii) a greater than 10% reduction by the Company in Executive’s base compensation as in effect immediately prior to such reduction, unless substantially all executive officers of the Company agree to an
equivalent reduction in base compensation; 
  
 (iii) relocation of
Executive’s principal place of employment by more than 50 miles; 
  
 (iv) the appointment of a new chief executive officer other than Executive to replace Amnon Landan; or 
  
 (v) any material breach by the Company of any material provision of this Agreement if such breach is not cured by the Company within 30 days after written
notice to the Company by Executive of such breach. 
  
 (d)
“Severance Period” shall mean 12 months after termination of employment, except that if termination of employment occurs after the fourth anniversary of the Effective Date, the Severance Period shall mean 24 months. 
  
 Section 3.02. Indemnification. Following termination of his
employment, the Company shall provide Executive with indemnification rights pursuant to the terms of his indemnification agreement with the Company and directors’ and officers’ insurance, if any, consistent with the rights and coverage
provided for the same periods of time to the Company’s then-current executive officers and members of the Board. 
  
 Section 3.03 At-Will Employment Status. Nothing contained in this Agreement shall interfere with the at-will employment status of Executive or with
the Company’s or Executive’s right to terminate Executive’s employment with the Company at any time, with or without Cause, upon written notice to the other party, subject to Section 3.01 if applicable. 

 ARTICLE 4 
 COVENANTS AND REPRESENTATIONS 
  
 Section 4.01. Proprietary Agreement. Executive agrees to execute, or has previously executed, the Company’s standard form of Proprietary
Information and Arbitration Agreement (the “Proprietary Agreement”) and agrees to comply with the obligations thereunder during and after his employment with the Company as set forth therein, including but not limited to the
non-solicitation and confidentiality covenants in Sections 2 and 8 thereof; provided that Executive agrees to comply with the non-solicitation covenant in Section 8 of the Proprietary Agreement for not less than the Severance Period.

  
 Section 4.02. Enforceability. If any provision of this
Agreement or the Proprietary Agreement is determined by a court of competent jurisdiction not to be enforceable in the manner set forth herein or therein, the Company and Executive agree that it is the intention of the parties that such provision
should be enforceable to the maximum extent possible under applicable law and that such court shall reform such provision to make it enforceable in accordance with the intent of the parties. 
  
 Section 4.03. Executive Representation. Executive expressly represents
and warrants to the Company that Executive is not a party to any contract or agreement and is not otherwise obligated in any way, and is not subject to any rules or regulations, whether governmentally imposed or otherwise, which will or may restrict
in any way Executive’s ability to fully perform Executive’s duties and responsibilities under this Agreement. 
  
 ARTICLE 5 
 SUCCESSORS
AND ASSIGNMENTS 
  
 Section 5.01.
Assignments. Except for an assignment in the event of a change in control, this Agreement shall not be assignable by the Company without the written consent of Executive. This Agreement shall not be assignable by Executive. 
  
 Section 5.02. Successors; Binding Agreement. This Agreement shall
inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, and legatees. 

 ARTICLE 6 
 MISCELLANEOUS 
  
 Section 6.01. Attorneys’ Fees. The Company shall reimburse Executive for reasonable attorney fees in an amount not to exceed $10,000 incurred in negotiating and finalizing this Agreement. 
  
 Section 6.02. Notices. Any notice required to be delivered hereunder
shall be in writing and shall be addressed: 
  
 (i) if to the
Company, to: 
  
 Mercury Interactive Corporation 
 379 N. Whisman Road 
 Mountain View,
California 94043 
 Fax: 650-584-3572 
 Attention: General Counsel 
  
 (ii) if to Executive, to
Executive’s last known address as reflected on the books and records of the Company; 
  
 or, in each case, to such other address as such party may hereafter specify for the purpose by written notice to the other party hereto. Any such notice shall be deemed received on the date of receipt by the recipient
thereof if received prior to 5:00 p.m. in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice shall be deemed not to have been received until the next succeeding business day in the place of
receipt. 
  
 Section 6.03. Dispute Resolution. (a) In
consideration of Executive’s employment with the Company, the Company’s promise to arbitrate all employment-related disputes and Executive’s receipt of the compensation, pay raises and any and all other benefits paid to Executive by
the Company, at present and in the future, Executive agrees that any and all controversies, claims or disputes with anyone, including any employee, manager, officer, shareholder or benefit plan or administrator of the Company, arising from or
relating to or resulting from Executive’s employment with the Company, including any breach of this Agreement, shall be subject to and resolved by binding arbitration. Binding arbitration pursuant to this Agreement shall be pursuant to
California law, including California Code of Civil Procedure Section 1280 through 1294.2, including Section 1283.05. Executive understands that this agreement to arbitrate also applies to any disputes that the Company may have with Executive. In
agreeing to arbitrate any and all claims, EXECUTIVE AGREES TO WAIVE ANY RIGHT TO TRIAL BY JURY, INCLUDING ANY STATUTORY CLAIMS UNDER STATE AND FEDERAL LAW, INCLUDING BUT NOT LIMITED TO, CLAIMS UNDER TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE
AMERICANS WITH DISABILITIES ACT OF 1990, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE OLDER WORKERS BENEFIT PROTECTION ACT, THE CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, THE CALIFORNIA LABOR CODE, CLAIMS OF SEXUAL OR 

 OTHER UNLAWFUL HARASSMENT, DISCRIMINATION OR WRONGFUL TERMINATION, ANY STATUTORY CLAIMS, AND ANY CLAIMS FOR BREACH OF
CONTRACT, TORT, OR ANY OTHER BASES IN STATE, FEDERAL OR LOCAL LAWS. 
  
 (b) Executive agrees that any arbitration will be administered by the American Arbitration Association (“AAA”) and that a neutral arbitrator will be selected in a manner consistent with its National
Rules for the Resolution of Employment Disputes (the “Rules”). Executive agrees that the arbitration shall take place in Santa Clara County, California and that the arbitrator shall conduct and administer any arbitration in a manner
consistent with the Rules, and with California law, including the power to conduct adequate discovery, decide any motions brought by any parties, and to award any remedies, including attorneys’ fees and costs, available under applicable law.
Executive agrees that the arbitrator shall issue a binding written award that sets forth the essential findings and conclusions on which the award is based. Executive understands that the Company shall pay for all fees charged by the arbitrator and
by the AAA, regardless of the party initiating the arbitration. The Company will reimburse Executive in any arbitration up to a maximum of $2,000 for travel expenses incurred for travel to the Santa Clara County area in connection with the
arbitration hearing if Executive resides more than 300 miles from the location selected in Santa Clara County for the arbitration. 
  
 (c) Arbitration shall be the sole, exclusive and final remedy for any dispute between the Company and Executive. Accordingly, neither the Company nor
Executive will be permitted to pursue court action regarding claims that are subject to arbitration. However, nothing in this Agreement will prohibit either party from seeking provisional relief, and Executive agrees that any party may petition the
court for injunctive relief where either party alleges a violation of any of the covenants set forth herein. Executive further agrees that no bond or other security shall be required in obtaining such equitable relief and Executive hereby consents
to the issuance of such injunction and to the ordering of specific performance. In the event either party seeks injunctive relief, the prevailing party shall be entitled to recover reasonable costs and attorneys’ fees. 
  
 (d) This Agreement does not prohibit Executive from pursuing an
administrative claim with a local, state or federal administrative body or agency, such as the Department of Fair Employment and Housing, the Equal Employment Opportunities Commission, or the Workers’ Compensation Board. This Agreement does,
however, prohibit Executive from seeking or pursuing court action regarding any such claim. 
  
 Section 6.04. Unfunded Agreement. The obligations of the Company under this Agreement represent an unsecured, unfunded promise to pay benefits to Executive and/or Executive’s beneficiaries, and shall not
entitle Executive or such beneficiaries to a preferential claim to any asset of the Company. 
  
 Section 6.05. Entire Agreement. This Agreement (together with the Proprietary Agreement and, if applicable, any option award agreement) represents the entire agreement between Executive and the Company and its
affiliates with respect to the matters referred to herein, and supersedes all prior discussions, negotiations, agreements, 

 and plans concerning such matters, other than the Change of Control Agreement; provided, however, that any
amounts payable to Executive hereunder shall be reduced by any payments or notice period required by applicable law in connection with any termination of Executive’s employment. 
  
 Section 6.06. Tax Withholding. Notwithstanding anything in this Agreement to the contrary, the Company shall withhold
from any amounts payable under this Agreement all federal, state, city, or other taxes as are legally required to be withheld. 
  
 Section 6.07. Waiver Of Rights. The waiver by either party of a breach of any provision of this Agreement shall not operate or be construed as a
continuing waiver or as a consent to or waiver of any subsequent breach hereof. 
  
 Section 6.08. Amendment. This Agreement may not be modified, altered or changed except upon the express written consent of both parties. 
  
 Section 6.09. Severability. In the event any provision of this Agreement shall be held illegal or invalid for any
reason, the illegality or invalidity shall not affect the remaining parts of this Agreement, and this Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. 
  
 Section 6.10. Indemnification Agreement. The Company shall enter into
an indemnification agreement with Executive providing Executive with indemnification for his acts as a corporate officer as provided in the Company’s standard form of indemnification agreement that has been provided to Executive. The Company
shall provide Executive with directors’ and officers’ insurance coverage as of the date of this Agreement in such amounts as provided to the chief executive officer. 
  
 Section 6.11 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of California without reference to principles of conflict of laws. 
  
 Section 6.12. Counterparts. This Agreement may be signed in several counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were on the same instrument.

 IN WITNESS WHEREOF, the Company and Executive have executed this Agreement, to be effective as of the day
and year first written above. 
  

			
	 MERCURY INTERACTIVE CORPORATION

		
	 By:
	 	 /s/ Amnon Landan

	 Name:
	 	 Amnon Landan

	 Title:
	 	 Chief Executive Officer

	
	 EXECUTIVE:

	
	 /s/ Anthony Zingale

	 Anthony ZingaleChange of Control Agreement, dated December 1, 2004

 Exhibit 10.2 
  
 December 1, 2004 
  

	 	Re:	Change of Control Agreement 

  
 Dear Anthony Zingale: 
  
 Mercury
Interactive Corporation (the “Company”) has agreed to extend certain benefits to you in the event your employment with the Company is terminated within eighteen months of a “Change of Control” of the Company. This letter sets out
the terms of our agreement (the “Letter”). Capitalized terms are defined on Exhibit A, attached. 
  
 1. Severance Benefits. If you or the Company terminate your employment at any time within the Change of Control Period, then you will be entitled to receive severance benefits as follows: 
  
 (a) Voluntary Resignation; Termination for Cause. If you terminate your
employment by reason of voluntary resignation (other than by Involuntary Termination) or if you are terminated for Cause, then you will not be entitled to receive severance or other benefits. All outstanding vested stock options shall remain
exercisable for seven months after the termination of your employment. 
  
 (b) Involuntary Termination. If your employment is terminated or you terminate your employment as a result of Involuntary Termination, you will be entitled to receive the following benefits: 
  
 (i) severance pay, equal to your base compensation as of the date your
employment ceases, for the Severance Period and according to normal Company payroll practices and commencing with the month immediately after the month in which your employment so ceases; 
  
 (ii) coverage under the Company’s health, life, dental and other insurance programs for the Severance Period; and

  
 (iii) accelerated vesting of all stock options and other forms
of long-term compensation held by you, including those granted after this Letter, with all outstanding vested stock options remaining exercisable for seven months after the termination of your employment. 
  
 (c) Disability; Death. If the Company terminates your employment as a result
of your Disability (as defined below) or such employment is terminated by your death, then such termination shall be treated as if it were an Involuntary Termination, and the severance and other benefits shall be provided, in accordance with
subsection (b) above. 

 2. Successors. Any successor to the Company (whether direct or indirect and whether by purchase, lease, merger,
consolidation, liquidation or otherwise) to all or substantially all of the Company’s business and/or assets shall assume the obligations under this Letter and agree expressly to perform the obligations under this Letter in the same manner and
to the same extent as the Company would be required to perform such obligations in the absence of a succession. For all purposes under this Letter, the term “Company” shall include any successor to the Company’s business and/or assets
which executes and delivers the assumption agreement described in this Section 3 or which becomes bound by the terms of this Letter by operation of law. 
  
 3. Law Governing; Arbitration. This Letter shall be governed by and construed in accordance with the laws of the State of California. Any dispute or controversy arising
under or in connection with this Letter shall be settled exclusively in arbitration conducted in Sunnyvale, California, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the
arbitrator’s award in any court having jurisdiction. Punitive damages shall not be awarded. In any arbitration proceeding, the party determined to be the prevailing party shall be entitled to receive, in addition to any other award, its
attorneys’ fees and expenses of the proceeding. 
  
 4. Employment and Income
Taxes. All payments made pursuant to this Letter will be subject to withholding of employment taxes. 
  
 5. Golden Parachute Excise Tax. 
  
 a. Notwithstanding anything in the foregoing to the contrary, if any of the payments to you (prior to any reduction described in this paragraph) provided for in this Agreement, together with any other payments which you have the right to
receive from the Company or any corporation which is a member of an “affiliated group” as defined in Section 1504(a) of the Internal Revenue Code of 1986, as amended (“Code”), without regard to Section 1504(b) of the Code, of
which the Company is a member (the “Payments”) would constitute a “parachute payment” (as defined in Section 280G(b)(2) of the Code) and if the Safe Harbor Amount is greater than the Taxed Amount, then the total amount of such
Payments shall be reduced to the Safe Harbor Amount. The “Safe Harbor Amount” is the largest portion of the Payments that would result in no portion of the Payments being subject to the excise tax set forth at Section 4999 of the Code
(“Excise Tax”). The “Taxed Amount” is the total amount of the Payments (prior to any reduction as described in this paragraph) notwithstanding that all or some portion of the Payments may be subject to the Excise Tax. Solely for
the purpose of comparing which of the Safe Harbor Amount and the Taxed Amount is greater, the determination of each such amount, shall be made on an after-tax basis, taking into account all applicable federal, state and local employment taxes,
income taxes, and the Excise Tax (all of which shall be computed at the highest applicable marginal rate). If a reduction of the Payments to the Safe Harbor Amount is necessary, then the reduction shall occur in the following order unless you elect
in writing a different order (provided, however, that such election shall be subject to Company approval if made on or after the date on which the event that 

 triggers the Payments occurs): reduction of cash payments; cancellation of accelerated vesting of stock awards; reduction
of employee benefits. In the event that acceleration of vesting of a stock award is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of your stock awards unless you elect in writing a different
order for cancellation. 
  
 b. The accounting firm engaged by the
Company for general audit purposes as of the day prior to the effective date of the Change of Control transaction shall perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the
individual, entity or group effecting the Change of Control, or the Company otherwise determines such accounting firm should not be engaged for purposes of making the determinations required hereunder, the Company may appoint a nationally recognized
accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. 
  
 c. The accounting firm engaged to make the determinations hereunder shall
provide its calculations, together with detailed supporting documentation, to the Company and you within 15 calendar days after the date on which your right to a Payment is triggered (if requested at that time by the Company or you) or such other
time as requested by the Company or you upon written notice that a payment related to a change of control of the Company has been or is to be made. 
  
 By your signature below, you indicate that you agree to the terms set out in this Letter. 
  
 Very truly yours, 
  

			
	 MERCURY INTERACTIVE CORPORATION

	
	 /s/ Amnon Landan

	 By:
	 	 Amnon Landan

	 Title:
	 	 Chief Executive Officer

	
	 ACKNOWLEDGED AND AGREED:

	
	 /s/ Anthony Zingale

	 Anthony Zingale

  
 Date: December 1, 2004 

 EXHIBIT A 
  
 Definition of Terms. The following terms referred to in this Letter shall have the following meanings: 
  
 “Cause” means (i) any act of personal dishonesty taken by you in connection with your responsibilities as an employee and intended
to result in substantial personal enrichment; (ii) your being convicted of a felony; or (iii) a willful act by you which constitutes gross misconduct and which is materially injurious to the Company. 
  
 “Change of Control” means the occurrence of any of the following events:

  
 (a) Any “person” (as such term is used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended), excluding existing beneficial owners as of the date of this Letter, is or becomes the “beneficial owner” (as defined in Section 13d-3 of said Act), directly or
indirectly, of securities of the Company representing 50% or more of the total voting power represented by the Company’s then outstanding voting securities, excluding conversion of any convertible securities issued as of the date of this
Letter; 
  
 (b) The composition of the Board of Directors changes
during any period of 36 months such that individuals who at the beginning of the period were members of the Board of Directors (the “Continuing Directors”) cease for any reason to constitute at least a majority thereof; unless at least
66-2/3% of the Continuing Directors has either (i) approved the election of the new Directors, (ii) if the election of the new Directors is voted on by shareholders, recommended that the shareholders vote for approval, or (iii) otherwise determined
that such change in composition does not constitute a Change of Control, even if the Continuing Directors do not constitute a quorum of the whole Board (it being understood that this requirement shall not be capable of satisfaction unless there is
at least one Continuing Director); 
  
 (c) The shareholders of the
Company approve a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent
(either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after
such merger or consolidation, or the shareholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale, exclusive license or disposition by the Company of all or substantially all of the Company’s
assets; 
  
 (d) Any other provision of this subsection
notwithstanding, the term Change of Control shall not include either of the following events undertaken at the election of the Company: 
  
 (i) Any transaction, the sole purpose of which is to change the state of the Company’s incorporation; or 

 (ii) A transaction, the result of which is to sell all or substantially all of the assets of the Company
to another corporation (the “surviving corporation”) provided that the surviving corporation is owned directly or indirectly by the shareholders of the Company immediately following such transaction in substantially the same proportions as
their ownership of the Company’s common stock immediately preceding such transaction. 
  
 “Change of Control Period” means the period beginning with the date that a Change of Control has occurred (as determined by the Board of Directors of the Company) and ending eighteen months later.

  
 “Disability” means that you suffer from a physical or mental
disability to an extent that renders it impracticable for you to continue performing your duties hereunder. You shall be deemed to be so disabled if (i) a physician selected by the Company (and the Company will use its best efforts to coordinate
such determination by the physician with the Company’s long term disability insurance carrier) advises the Company that your physical or mental condition will render you unable to perform your duties for a period exceeding three consecutive
months, or (ii) due to a physical or mental condition, you have not substantially performed your duties hereunder for a period of three consecutive months. 
  
 “Involuntary Termination” means without your consent (i) your assignment to any duties or the significant reduction of your duties, either of which is
inconsistent with your position or title with the Company and responsibilities in effect immediately prior to such assignment, or your removal from such position and responsibility, or a reduction in your title; (ii) a greater than 10% reduction by
the Company in your base compensation as in effect immediately prior to such reduction; provided, however, that such reduction shall not apply if substantially all executive officers of the Company agree to an equivalent reduction in
base compensation; (iii) any purported termination of you by the Company (other than a voluntary termination initiated by the you) which is not effected for Disability or for Cause; (iv) relocation of your principal place of employment by more than
50 miles; (v) the failure of any successor entity to the Company to assume this agreement or your employment agreement and (vi) any material breach by the Company of any material provision of your employment agreement with the Company which has not
been cured within 30 days of written notice to the Company by you of such breach. 
  
 “Severance Period” means the 12-month period following your termination of employment, except that if termination of employment occurs after the fourth anniversary of the commencement of your employment, the Severance Period shall
mean the 24-month period following such termination of employment.

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