Document:

Employment Offer Letter

 Exhibit 10.1 
 

 
 July 7, 2008 
 Karen
Willem 
 14135 Arcadia Palms Drive 
 Saratoga, CA 95070

 Re: Offer of Employment 
 Dear Karen: 
 We are extremely pleased to offer you this opportunity to join Openwave Systems Inc. (“Openwave”) in the position of SVP & Chief Financial Officer. You
shall report to Bruce Coleman, Interim CEO and you will be based in Openwave’s Redwood City location. In addition to your CFO role, you will also be responsible for Facilities, Human Resources, Legal and IT. The following terms and conditions
shall apply to your anticipated employment with Openwave. 
  

	1.	Commencement of Employment with Company. 

 Your employment will
commence on July 8, 2008. 
  

	2.	Base Compensation. 

 Your annual base salary will be USD $300,000.
You will be paid semi-monthly on the 15th and the last working day of each month. 
  

	3.	Incentive Compensation 

 You will be eligible for the following
incentive compensation: 
 You shall be eligible for a quarterly incentive cash award from the Company under the Company’s Corporate Incentive Plan
(“CIP”), based upon a target for each quarterly period which shall be 100% of your base salary actually earned for the three month performance period (i.e., $75,000) based upon your initial base salary). Under the terms of the CIP, your
actual annual incentive cash award may be below, at, or above target (up to a maximum of 150% of your target, as pro-rated if applicable) and shall be determined based upon the Company’s achievement level against selected financial and
performance objectives. The terms of the CIP, including the financial and performance objectives for the Company, shall be established for each performance period by the Compensation Committee in consultation with the Board of Directors of the
Company. Your bonus will be guaranteed at 100% for FY2009 (targeted at $75,000 per quarter for the four quarters from July 2008 through June 2009). 
  

	4.	Equity Awards. 

 Subject to the approval of the Compensation
Committee of the Board of Directors of Openwave at its first meeting following your employment commencement date, you will be granted an option to purchase 400,000 shares of Common Stock (the “Option”). The Option shall have an exercise
price equal to the fair market value of the Company common stock on the date of grant (which shall be determined in the discretion of the Compensation Committee in accordance with the terms of Openwave’s 2006 Stock Incentive Plan). The
vesting commencement date will be your employment commencement date. The option will vest monthly over a period of 4 years contingent upon continued employment on the applicable vesting date. Any Option granted shall be subject to the terms of the
Company’s policies and standard form of agreements. 

	5.	Insurance Plans. 

 You are also eligible to participate in our
comprehensive employee benefit programs. You understand and agree that, subject to applicable law, the Company reserves the right to unilaterally revise the terms of the employee benefit programs. 
  

	6.	At Will Employment. 

 You should be aware that your employment with
Company is for no specified period and constitutes “at will” employment. As a result, you, and/or the Company, each have the right to terminate the employment relationship at any time for any reason, with or without cause. This is the full
and complete agreement between you and the Company regarding this term. Although your job duties, title, compensation and/or benefits, as well as the Company’s personnel policies and procedures, may change from time to time, the “at
will” nature of your employment may only be changed in a written amendment to this Agreement signed by you and an authorized officer of the Company. 
  

	7.	Severance.  

 If your employment terminates as a result of
Involuntary Termination, as defined in Addendum E, within the first 12 months of your employment, and you sign a general release of claims in a form mutually agreed upon within 7 days of the start of your employment (which form may be modified to
address any changes in the law concerning such releases) without revoking it as allowed by law, you shall be eligible to receive a lump sum severance payment equal to 12 months of base salary at your final base salary rate plus the full amount of
your then-current annual target CIP bonus, which severance payment shall be subject to applicable withholding and shall be made within 30 days following your employment termination date. If your employment terminates as a result of Involuntary
Termination, as defined in Addendum E, following the first 12 months of your employment, and you sign a general release of claims in a form mutually agreed upon within 7 days of the start of your employment (which form may be modified to address any
changes in the law concerning such releases) without revoking it as allowed by law, you shall be eligible to receive a lump sum severance payment equal to six months of base salary at your final base salary rate plus 50% of your then-current annual
target CIP bonus, which severance payment shall be subject to applicable withholding and shall be made within 30 days following your employment termination date. If you become eligible to receive a severance payment under this Section 7, and if
you timely elect to continue health insurance coverage under the Company’s health insurance plans pursuant to the terms of COBRA, the Company shall pay the full premium cost of such coverage on your behalf, as well as on behalf of your spouse
and covered dependents (if any), for the lesser of six months or until you and your covered dependents (if any) become eligible for other health insurance coverage through a subsequent employer. If your employment terminates as a result of
Involuntary Termination in connection with a Change of Control of the Company (as defined in Addendum F), you shall be eligible to receive the severance and benefits described in the Company’s Change of Control Severance Agreement, a copy of
which is attached as Addendum F. This paragraph does not change or alter the at will nature of your employment relationship with the Company. 
  

	8.	US Work Authorization  

 Your employment will commence on
July 8, 2008, or on the first available date following your providing to Company proof of your eligibility to work in the United States. 
  

	9.	Components of Agreement. 

 Incorporated into this Agreement by
reference are the following addendums (“Addendums”) and their attachments, each of which is a component of the Agreement. 
 Addendum A- Employment Requirements 
 Addendum B- Confidential Information and Inventions Assignment Agreement

 Addendum C- Insider Trading Policy 
 Addendum D- Company Code of Conduct 
 Addendum E- Definitions of Involuntary Termination and Cause 
 Addendum F- Change of Control
Severance Agreement 

	10.	Section 409A. 

 You and the Company intend that income provided
to you pursuant to this Agreement will not be subject to taxation under Section 409A of the Internal Revenue Code (“Section 409A”), and the provisions of this Agreement shall be interpreted and construed in favor of satisfying any
applicable requirements of Section 409A. The Company does not, however, guarantee any particular tax effect for income provided to you pursuant to this Agreement, and except for its obligation to withhold applicable income and employment taxes
from compensation paid or provided to you, the Company shall not be responsible for the payment of any applicable taxes incurred by you on compensation paid or provided to you pursuant to this Agreement. In the event that any compensation to be paid
or provided to you pursuant to this Agreement may be subject to the excise tax described in Section 409A, the Company may delay such payment for the minimum period required in order to avoid the imposition of such excise tax. 
  

	11.	Entire Agreement/Modification. 

 This Agreement, the Addendums, and
any stock option agreements between you and the Company, constitute the entire agreement between you and the Company concerning our employment relationship, and they supersede all prior negotiations, representations, and agreements regarding that
subject. This Agreement cannot be modified or amended except by a subsequent written amendment signed by you and an authorized officer of the Company. 
 Your acceptance of this Agreement represents a unique opportunity for both you and Company to grow and to succeed. We thank you for the commitment you have made to our common vision and look forward to working with you. 
 Sincerely, 
 /s/ Bruce Coleman 
 Bruce Coleman 
 Chief Executive Officer 
  
  
 I accept the offer of
employment and terms stated in this Offer Letter and the accompanying Addendums and attachments. 
  

			
		
	Accepted:	  	 /s/ Karen Willem

		  	Karen Willem

  

			
		
	Date:	  	 July 7, 2008Form of Asset Purchase Agreement

 Exhibit 10.25 
 ASSET PURCHASE AGREEMENT 
 AGREEMENT (this “Agreement”) dated as of
            , 2008 between MSCI Inc., a Delaware corporation (“Buyer”), and Morgan Stanley & Co. Incorporated, a Delaware corporation
(“Seller”). 
 WITNESSETH: 
 WHEREAS, Buyer conducts a business which provides investment decision support tools used by institutional investors (the “Business”); 
 WHEREAS, Seller and/or certain of its Affiliates, own certain furniture, equipment and fixtures used in the conduct of the Business; 
 WHEREAS, Seller desires to sell, and cause it Affiliates to sell, to Buyer (or its designees) substantially all of the furniture, equipment and fixtures
used primarily in the Business, and Buyer desires to purchase all such furniture, equipment and fixtures of the Business from Seller and such Affiliates, upon the terms and subject to the conditions hereinafter set forth; 
 The parties hereto agree as follows: 
 ARTICLE 1 
 DEFINITIONS 
 Section 1.01. Definitions. (a) As used herein, the following terms have the following meanings: 
 “Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such first Person.
“Control” (and any form thereof, including “Controlled by”) means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through
ownership of voting securities, by contract or otherwise. 
 “Applicable Law” means, with respect to any Person, any
federal, state or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a
Governmental Authority that is binding upon or applicable to such Person, as amended unless expressly specified otherwise. 

 “Bill of Sale” means the Bill of Sale and Assignment Agreement in the form attached as
Exhibit A and dated as of the Closing Date among Seller, Buyer and the other Seller Entities. 
 “Business Day” means
a day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by Applicable Law to close. 
 “Closing Date” means the date of the Closing. 
 “Governmental Authority”
means any transnational, domestic or foreign federal, state or local, governmental authority, department, court, agency or official, including any political subdivision thereof. 
 “Person” means an individual, corporation, partnership, limited liability company, association, trust or other entity or organization,
including a Governmental Authority. 
 “Seller Entities” means, collectively, the Seller and its Affiliates that own
Purchased Assets. 
 (b) Each of the following terms is defined in the Section set forth opposite such term: 
  

			
	 Term
	  	Section
	 Agreement
	  	Preamble
	 Allocation
	  	2.02
	 Business
	  	Recitals
	 Buyer
	  	Preamble
	 Closing
	  	2.03
	 e-mail
	  	7.01
	 Purchase Price
	  	2.02
	 Purchased Assets
	  	2.01
	 Seller
	  	Preamble

 Section 1.02. Other Definitional and Interpretative Provisions. The words
“hereof”, “herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for
convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified.
All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein,
shall have the meaning as defined in this Agreement. Any singular term 

  

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in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or
“including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”,
“written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any agreement or contract are to that agreement or contract as amended, modified or
supplemented from time to time in accordance with the terms hereof and thereof; provided that with respect to any agreement or contract listed on any schedules hereto, all such amendments, modifications or supplements must also be listed in
the appropriate schedule. References to any Person include the successors and permitted assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively.
References to “law”, “laws” or to a particular statute or law shall be deemed also to include any and all Applicable Law. 
 ARTICLE 2 
 PURCHASE AND SALE 
 Section 2.01. Purchase and Sale. Except as otherwise provided below, upon the terms and subject to the conditions of this Agreement, Buyer
agrees to purchase from the Seller Entities and Seller agrees to sell, convey, transfer, assign and deliver, or cause each other Seller Entity to sell, convey, transfer, assign and deliver, to Buyer (or its designees) at the Closing, on an AS IS,
WHERE IS basis, all of Sellers’ and such other Seller Entity’s right, title and interest in, to the assets referenced on Schedule 2.01 (the “Purchased Assets”) and all rights, claims, credits, causes of action or rights of
set-off against third parties relating to or arising from the Purchased Assets, including unliquidated rights under manufacturers’ and vendors’ warranties. 
 Section 2.02. Purchase Price. The purchase price for the Purchased Assets (the
“Purchase Price”) is $             in cash. The Purchase Price shall be paid as provided in Section 2.03. 
 Section 2.03. Closing. The
closing (the “Closing”) of the purchase and sale of the Purchased Assets hereunder shall take place at the offices of Davis Polk & Wardwell, 450 Lexington Avenue, New York, New York at such time or place as Buyer and Seller
may agree. At the Closing: 
 (a) Buyer shall deliver to Seller the Purchase Price in immediately available funds by wire transfer to an
account of Seller with a bank in New York 
  

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City designated by Seller, by notice to Buyer, not later than two Business Days prior to the Closing Date (or if not so designated, then by certified or
official bank check payable in immediately available funds to the order of Seller in such amount). 
 (b) Seller and Buyer shall enter into,
and Seller shall cause the other Seller Entities to enter into, the Bill of Sale and, subject to the provisions hereof, Seller shall, and shall cause the other Seller Entities to, deliver to Buyer such deeds, bills of sale, endorsements, consents,
assignments and other good and sufficient instruments of conveyance and assignment as the parties and their respective counsel shall deem reasonably necessary to vest in Buyer all right, title and interest in, to and under the Purchased Assets.

 ARTICLE 3 
 TAX
MATTERS 
 Section 3.01. Transfer Taxes. All excise, sales, use, value added, registration stamp, recording,
documentary, conveyancing, franchise, property, transfer, gains and similar taxes, levies, charges and fees incurred in connection with the transactions contemplated by this Agreement shall be borne by Buyer. 
 ARTICLE 4 
 REPRESENTATIONS
AND WARRANTIES OF SELLER 
 Seller represents and warrants to Buyer as of the
date hereof and as of the Closing Date that: 
 Section 4.01. Corporate Existence and Power. Seller is a corporation duly
incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation and has all corporate powers and all governmental licenses, authorizations, permits, consents and approvals required to carry on its business as
now conducted. 
 Section 4.02. Corporate Authorization. The execution, delivery and performance by Seller of this Agreement and
the consummation of the transactions contemplated hereby are within Seller’s corporate powers and have been duly authorized by all necessary corporate action on the part of Seller. This Agreement constitutes a valid and binding agreement of
Seller. 
 Section 4.03. Governmental Authorization. The execution, delivery and performance by Seller of this Agreement and the
consummation of the transactions contemplated hereby require no action by or in respect of, or filing with, any Governmental Authority. 
  

 4 

 Section 4.04. Noncontravention. The execution, delivery and performance by Seller of this
Agreement and the consummation of the transactions contemplated hereby do not and will not (i) violate the certificate of incorporation or bylaws of Seller, (ii) violate any Applicable Law, (iii) require any consent or other action by
any Person under, or constitute a default under, any provision of any agreement or other instrument binding upon such Seller or (iv) violate any judgment, decree or order applicable to such Seller. 
 ARTICLE 5 
 REPRESENTATIONS
AND WARRANTIES OF BUYER 
 Buyer represents and warrants to Seller as of the date
hereof and as of the Closing Date that: 
 Section 5.01. Corporate Existence and Power. Buyer is a corporation duly incorporated,
validly existing and in good standing under the laws of its jurisdiction of incorporation and has all corporate powers and all governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted.

 Section 5.02. Corporate Authorization. The execution, delivery and performance by Buyer of this Agreement and the consummation
of the transactions contemplated hereby are within the corporate powers of Buyer and have been duly authorized by all necessary corporate action on the part of Buyer. This Agreement constitutes a valid and binding agreement of Buyer. 
 Section 5.03. Governmental Authorization. The execution, delivery and performance by Buyer of this Agreement and the consummation of the
transactions contemplated hereby require no action by or in respect of, or filing with, any Governmental Authority. 
 Section 5.04.
Noncontravention. The execution, delivery and performance by Buyer of this Agreement and the consummation of the transactions contemplated hereby do not and will not (i) violate the certificate of incorporation or bylaws of Buyer,
(ii) violate any Applicable Law, (iii) require any consent or other action by any Person under, or constitute a default under, any provision of any agreement or other instrument binding upon such Buyer or (iv) violate any judgment,
decree or order applicable to such Buyer. 
  

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 ARTICLE 6 
 COVENANTS OF BUYER AND SELLER 
 Buyer and Seller agree that: 
 Section 6.01. Reasonable Best Efforts; Further Assurance. Subject to the terms and
conditions of this Agreement, Buyer and Seller will use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable under Applicable Law to consummate the transactions
contemplated by this Agreement. Seller and Buyer agree to execute and deliver such other documents, certificates, agreements and other writings and to take such other actions as may be necessary or desirable in order to consummate or implement
expeditiously the transactions contemplated by this Agreement and to vest in Buyer good title to the Purchased Assets. 
 Section 6.02.
Public Announcements. The parties agree to consult with each other before issuing any press release or making any public statement with respect to this Agreement or the transactions contemplated hereby and, except for any press releases and
public statements the making of which may be required by Applicable Law or any listing agreement with any national securities exchange, will not issue any such press release or make any such public statement prior to such consultation. 

ARTICLE 7 
 MISCELLANEOUS

 Section 7.01. Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile transmission and electronic mail (“e-mail”) transmission, so long as a receipt of such e-mail is requested and received) and shall be given, 
  

			
	if to Buyer, to:
		
		  	 MSCI Inc.

		  	 88 Pine Street

		  	 New York, NY 10005

		  	 Attn: Frederick W. Bogdan, General Counsel

		  	 Facsimile: (212) 804-2906

	
	if to Seller, to:
		
		  	 Morgan Stanley & Co., Incorporated

		  	 1585 Broadway

		  	 New York, NY 10036

		  	 Attn: Martin M. Cohen, Director of Company Law

		  	 Facsimile: (212) 507-3334

		
		  	 with a copy to:

		
		  	 Davis Polk & Wardwell

		  	 450 Lexington Avenue

		  	 New York, NY 10017

		  	 Attn: John A. Bick

		  	 Facsimile: (212) 450-3500

  

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 or such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other
parties hereto. All such notices, requests and other communications 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, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt. 
 Section 7.02. Survival. The representations and warranties of the parties hereto contained in this Agreement shall survive the Closing. 
 Section 7.03. Amendments and Waivers. (a) Any provision of this Agreement may be amended or waived if, but only if, such amendment or
waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective. 
 (b) No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or
partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

 Section 7.04. Expenses. Except as otherwise provided herein, all costs and expenses incurred in connection with this Agreement
shall be paid by the party incurring such cost or expense. 
 Section 7.05. Successors and Assigns. The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided that no party may assign, delegate or otherwise transfer any of its rights or obligations under this
Agreement without the consent of each other party hereto. 
 Section 7.06. Governing Law. This Agreement shall be governed by and
construed in accordance with the law of the State of New York, without regard to the conflicts of law rules of such state. 
 Section 7.07. Jurisdiction. The parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions
contemplated hereby shall be brought in the United States District Court for the Southern District of New York or any New York State court sitting in New York City, so long as one 

  

 7 

 
of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall
be deemed to have arisen from a transaction of business in the State of New York, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or
proceeding and irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without
limiting the foregoing, each party agrees that service of process on such party as provided in Section 7.01 shall be deemed effective service of process on such party. 
 Section 7.08. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 7.09. Counterparts;
Effectiveness; Third Party Beneficiaries. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement
shall become effective when each party hereto shall have received a counterpart hereof signed by the other party hereto. Until and unless each party has received a counterpart hereof signed by the other party hereto, this Agreement shall have no
effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations, or
liabilities hereunder upon any Person other than the parties hereto and their respective successors and assigns. 
 Section 7.10.
Entire Agreement. This Agreement and the Bill of Sale constitute the entire agreement between the parties with respect to the subject matter of hereof and thereof and supersede all prior agreements and understandings, both oral and
written, between the parties with respect to such subject matter. 
 Section 7.11. Bulk Sales Laws. Buyer and Seller each
hereby waive compliance by Seller with the provisions of the “bulk sales,” “bulk transfer” or similar laws of any state. 
 Section 7.12. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other 

  

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Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall
remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a
determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as
originally contemplated to the fullest extent possible. 
 [signatures appear on following page] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective
authorized officers as of the day and year first above written. 
  

			
	MSCI INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	MORGAN STANLEY & CO. INCORPORATED
		
	By:	 	  

	Name:	 	
	Title:	 	

 [signature page to Asset Purchase Agreement]

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