SEC Contract Filing

Filing Date: 2017-03-31

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>jalbertemploymentagreement.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="s071FD1EC50576823190124A64A633758"></a></div><div></div><div><br></div><div style="line-height:144%;padding-bottom:8px;padding-top:8px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.1</font></div><div style="line-height:144%;padding-bottom:8px;padding-top:8px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXECUTIVE EMPLOYMENT AGREEMENT</font></div><div style="line-height:144%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">THIS EXECUTIVE EMPLOYMENT AGREEMENT</font><font style="font-family:inherit;font-size:12pt;">&#160;(this "Agreement") is made as of the 24th day of March, 2017, between Progress Software Corporation, a Delaware corporation (the "Company"), and Paul Jalbert ("Executive").</font></div><div style="line-height:144%;padding-bottom:8px;padding-top:8px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">R E C I T A L S</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">A.</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Board of Directors of the Company (the &#8220;Board&#8221;) has determined that it is in the best interest of the Company and its stockholders for Executive to become Chief Financial Officer of the Company, and Executive has agreed to do so.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">B.</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Board has determined that it is in the best interest of the Company and its stockholders to enter into this Agreement setting forth the terms and conditions of Executive&#8217;s employment with the Company as Chief Financial Officer.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">C.</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Executive accepts the terms of the Agreement.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">D.</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Certain capitalized terms used in this Agreement are defined in Section 10 below.</font></div></td></tr></table><div style="line-height:144%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In consideration of the mutual covenants herein contained and in consideration of the continuing employment of Executive by the Company, the parties agree as follows:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:144%;font-size:12pt;padding-left:24px;"><font style="font-family:inherit;font-size:12pt;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:144%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Duties and Scope of Employment</font><font style="font-family:inherit;font-size:12pt;">.</font></div></td></tr></table><div style="line-height:144%;padding-left:0px;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:48px;"><font style="padding-bottom:8px;padding-top:8px;text-align:justify;font-family:inherit;font-size:12pt;padding-right:48px;">a.</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Position and Duties</font><font style="font-family:inherit;font-size:12pt;">. Effective March 24, 2017 (the &#8220;Commencement Date&#8221;), the Company will employ Executive as Chief Financial Officer of the Company, reporting to the Company&#8217;s Chief Executive Officer. Executive will render such business and professional services in the performance of his duties commensurate with his title and position, as are reasonably assigned to him by the Chie