AMENDED AND RESTATED EMPLOYMENT AGREEMENT
AMENDED
AND RESTATED EMPLOYMENT AGREEMENT
This
AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) is made as of
January 17, 2008 (the “Effective Date”) and amends and restates that certain
Employment Agreement dated as of January 1, 2007 (the “Original Effective Date”)
by and between TechTarget,
Inc., a Delaware corporation with a principal place of
business at 000 Xxxxxxxx Xxxxxx, Xxxxxxx, XX 00000 (the “Employer”), and Xxxxx Xxxx (the
“Executive”). In consideration of the mutual covenants contained in
this Agreement, the Employer and the Executive agree as follows.
1. Employment. The
Employer agrees to employ the Executive and the Executive agrees to be employed
by the Employer upon the terms and subject to the conditions set forth in this
Agreement.
2. Capacity. The
Executive shall initially serve the Employer as Executive Vice President. The
Executive shall also serve the Employer in such other or additional offices as
the Executive may be requested to serve by the Chief Executive
Officer. In such capacity or capacities, the Executive shall perform
such services and duties in connection with the business, affairs and operations
of the Employer as may be assigned or delegated to the Executive from time to
time, consistent with the Executive’s education and experience, by or under the
authority of the Chief Executive Officer. The Executive shall report directly to
the Chief Executive Officer.
3. Term. Subject
to the provisions of Section 6, the term of employment pursuant to this
Agreement (the “Term”) shall be one (1) year from the Original Effective Date
and shall be renewed automatically for periods of one (1) year commencing at the
first anniversary of the Original Effective Date and on each subsequent
anniversary thereafter unless either the Executive or the Employer gives written
notice to the other not less than sixty (60) days prior to the date of any such
anniversary of such party’s election not to extend the Term. In the event that
the Employer elects to not extend this Agreement on such an anniversary date,
the Executive shall be entitled to the benefits described in Section 7(b)
below.
4. Compensation and
Benefits. The regular compensation and benefits payable to the
Executive under this Agreement shall be as follows:
(a) Salary. For
all services rendered by the Executive under this Agreement, the Employer shall
pay the Executive a salary (the “Salary”) at the annual rate of Three Hundred
Fifty Thousand Dollars ($350,000), subject to increase from time to time in the
discretion of the Board of Directors or the Compensation Committee of the Board
of Directors (the “Compensation Committee”). The Salary shall be
payable in periodic installments in accordance with the Employer’s usual
practice for its senior executives.
(b) Bonus. Beginning
with the fiscal year ending December 31, 2007, the Executive shall be entitled
to participate in an annual incentive program established by the Board of
Directors or the Compensation Committee for the executive management team with
such terms as may be established in the sole discretion of the Board of
Directors or Compensation Committee. For fiscal year 2007, the Executive’s
annual target bonus amount shall equal $175,000. For all subsequent years, the
amount of the Executive’s annual target bonus amount shall be established by the
Board of Directors or the Compensation Committee. The specific terms of the
bonus plan, including bonus targets, methods of payment and performance goals
will be documented by the Board of Directors or the Compensation
Committee.
(c) Regular
Benefits. The Executive shall also be entitled to participate
in any qualified retirement plans, deferred compensation plans, stock option and
incentive plans, stock purchase plans, medical insurance plans, life insurance
plans, disability income plans, retirement plans, vacation plans, expense
reimbursement plans and other benefit plans which the Employer may from time to
time have in effect for its senior executives. Such participation
shall be subject to the terms of the applicable plan documents, generally
applicable policies of the Employer, applicable law and the discretion of the
Board of Directors, the Compensation Committee or any administrative or other
committee provided for in, or contemplated by, any such plan. Nothing
contained in this Agreement shall be construed to create any obligation on the
part of the Employer to establish any such plan or to maintain the effectiveness
of any such plan which may be in effect from time to time.
(d) Equity
Grants. The Executive shall be provided equity awards as
determined by the Board of Directors or the Compensation Committee, with such
terms as may be established in the sole discretion of the Board of Directors or
Compensation Committee. In connection with any grants of stock
options, restricted stock units, or other equity instruments granted by the
Employer to the Executive, including all grants the dates of which precede the
Original Effective Date of this Agreement, the Employer and the Executive hereby
acknowledge and agree that in the event of a Change of Control ((1) with respect
to any stock grants or stock option grants, as defined in the Executive’s
Incentive Stock Option Grant Agreement under the Employer’s 1999 Stock Option
Plan (each an “Option Agreement”) and (2) with respect to any restricted stock
units, with the meaning of Section 409A of the Internal Revenue Code of 1986, as
amended), all unvested shares shall thereupon become fully-vested and all such
stock options may thereafter be immediately exercised and such restricted stock
units shall be delivered in accordance with the Restricted Stock Unit Agreement
between the Executive and the Employer.
(e) Reimbursement of Business
Expenses. The Employer shall reimburse the Executive for all
reasonable expenses incurred by him in performing services during the Term, in
accordance with the Employer’s policies and procedures for its senior executive
officers, as in effect from time to time.
(f) Taxation of Payments and
Benefits. The Employer shall undertake to make deductions,
withholdings and tax reports with respect to payments and benefits under this
Agreement to the extent that it reasonably and in good faith believes that it is
required to make such deductions, withholdings and tax
reports. Payments under this Agreement shall be in amounts net of any
such deductions or withholdings. Nothing in this Agreement shall be
construed to require the Employer to make any payments to compensate the
Executive for any adverse tax effect associated with any payments or benefits or
for any deduction or withholding from any payment or benefit.
(g) Exclusivity of Salary and
Benefits. The Executive shall not be entitled to any payments
or benefits other than those provided under this Agreement. During
the Term, the Employer is obligated to document any changes in compensation
terms applicable to the Agreement.
5. Extent of
Service. During the Executive’s employment under this
Agreement, the Executive shall, devote the Executive’s best efforts and business
judgment, skill and knowledge to the advancement of the Employer’s interests and
to the discharge of the Executive’s duties and responsibilities under this
Agreement. Notwithstanding anything contained herein to the contrary,
this Agreement shall not be construed as preventing the Executive
from:
(a) investing
the Executive’s assets in any company or other entity in a manner not prohibited
by Section 8(d) and in such form or manner as shall not require any material
activities on the Executive’s part in connection with the operations or affairs
of the companies or other entities in which such investments are
made;
(b) serving
on the Board of another company; provided, that, such
service does not impair or compromise the Executive’s ability to fulfill the
Executive’s duties and responsibilities under this Agreement; or
(c) engaging
in religious, charitable or other community or non-profit activities that do not
impair the Executive’s ability to fulfill the Executive’s duties and
responsibilities under this Agreement.
6. Termination. Notwithstanding
the provisions of Section 3, the Executive’s employment under this Agreement
shall terminate under the following circumstances set forth in this Section
6.
(a) Termination by the Employer
for Cause. The Executive’s employment under this Agreement may
be terminated for Cause (as defined below) on the part of the Employer effective
upon a vote of the Board of Directors, prior to which the Employer shall have
given the Executive ten (10) days prior written notice and the opportunity to be
heard on such matter at a meeting of the Board. Only the following
shall constitute “Cause” for such termination:
(i) any act,
whether or not involving the Employer or any affiliate of the Employer, of fraud
or gross misconduct;
(ii) the
commission by the Executive of (A) a felony or (B) any misdemeanor involving
moral turpitude, deceit, dishonesty or fraud; or
(iii) gross
negligence or willful misconduct of the Executive with respect to the Employer
or any affiliate of the Employer.
(b) Termination by the Employer
Without Cause. Subject to the payment of Termination Benefits
pursuant to Section 7(b), the Executive’s employment under this Agreement may be
terminated by the Employer without Cause upon no less than sixty (60) days prior
written notice to the Executive.
(c) Termination by the Executive
for Good Reason. Subject to the payment of Termination
Benefits pursuant to Section 7(b), the Executive’s employment under this
Agreement may be terminated by the Executive for Good Reason by written notice
to the Board of Directors at least sixty (60) days prior to such
termination. Only the following shall constitute “Good Reason” for
such termination:
(i) a
material reduction of the Executive’s annual base salary and/or annual target
bonus other than a such reduction that is similar to a reduction made to such
salary and/or target bonus of all other senior executives of the
Employer;
(ii) a change
in the Executive’s responsibilities and/or duties which constitutes a demotion
or is inconsistent with the terms of Section 2 hereof;
(iii) a failure
of the Company to pay any amounts due hereunder;
(iv) the
failure of any successor in interest to the business of the Employer to assume
the Employer’s obligations under this Agreement; or
(v) the
relocation of the offices at which the Executive is principally employed to a
location more than 50 miles from such offices, which relocation is not approved
by the Executive.
(d) Death. The
Executive’s employment with the Employer shall terminate upon his
death.
(e) Disability. If
the Executive shall be disabled so as to be unable to perform the essential
functions of the Executive’s then-existing position or positions under this
Agreement, with or without reasonable accommodation, the Chief Executive Officer
may remove the Executive from any responsibilities and/or reassign the Executive
to another position with the Employer for the remainder of the Term or during
the period of such disability. Notwithstanding any such removal or
reassignment, the Executive shall continue to receive the Executive’s full
Salary (less any disability pay or sick pay benefits to which the Executive may
be entitled under the Employer’s policies) and benefits under Section 4 of this
Agreement (except to the extent that the Executive may be ineligible for one or
more such benefits under applicable plan terms) for a period of time equal to
the period set forth in Section 7(b)(i) below. If any question shall
arise as to whether during any period the Executive is disabled so as to be
unable to perform the essential functions of the Executive’s then existing
position or positions with or without reasonable accommodation, the Executive
may, and at the request of the Employer shall, submit to the Employer a
certification in reasonable detail by a physician selected by the Employer (to
whom the Executive or the Executive’s guardian has no reasonable objection) as
to whether the Executive is so disabled or how long such disability is expected
to continue, and such certification shall for the purposes of this Agreement be
conclusive of the issue. The Executive shall cooperate with any
reasonable request of the physician in connection with such
certification. If such question shall arise and the Executive shall
fail to submit such certification, the Employer’s determination of such issue
shall be binding on the Executive. Nothing in this Section 6(e) shall
be construed to waive the Executive’s rights, if any, under existing law
including, without limitation, the Family and Medical Leave Act of 1993, 29
U.S.C. §2601 et seq.
and the Americans with Xxxxxxxxxxxx Xxx, 00 X.X.X. §00000 et seq.
(f) Termination by the Executive
without Good Reason. The Executive may terminate this Agreement at any
time on no less than sixty (60) days prior written notice. If the Executive
terminates this Agreement without Good Reason, the Executive is not entitled to
any additional compensation or benefits other than his Accrued Benefit (as
defined in Section 7(a) below).
7. Compensation Upon
Termination.
(a) Termination
Generally. If the Executive’s employment with the Employer is
terminated for any reason during the Term, the Employer shall pay or provide to
the Executive (or to his authorized representative or estate) any earned but
unpaid base salary, incentive compensation earned but not yet paid, unpaid
expense reimbursements, accrued but unused vacation and any vested benefits the
Executive may have under any employee benefit plan of the Employer (the “Accrued
Benefit”).
(b) Termination by the Employer
Without Cause or upon Executive Disability or Death, or by the Executive for
Good Reason. In the event of termination of the Executive’s
employment with the Employer pursuant to Section 6(b), (c), (d) or (e) above, or
the failure of the Company to extend this Agreement following the expiration of
the then-current Term, the Employer shall provide to the Executive the following
termination benefits (“Termination Benefits”):
(i) payments
that provide for the continuation of the Executive’s Salary at the rate then in
effect pursuant to Section 4(a) for a period of 9 months;
(ii) continuation
of group health plan benefits to the extent authorized by and consistent with 29
U.S.C. § 1161 et seq. (commonly known as “COBRA”), payment of premiums of which
shall continue to be made by the Employer at the active employee’s
rate for the period set forth in clause 7(b)(i) above;
(iii) payments
(pro rated over the period described in Section 7(b)(i) above) equal in the
aggregate to the greater of (x) fifty percent (50%) of the targeted bonus amount
that was established by the Board of Directors or Compensation Committee for the
Executive for the then-current fiscal year (the “Target Bonus Amount”) or (y)
the product of (I) the Target Bonus Amount multiplied by (II) a fraction, the
numerator for which equals the number of months in the then-current fiscal year
that have elapsed, and the denominator of which equals 12; and
(iv) for each
year that the Executive has been employed by the Employer in any capacity, an
additional ten percent (10%) of (x) all then unvested options to purchase shares
of the Employer’s stock that have been granted to the Executive shall become
immediately, and without further action, exercisable by the Executive and (y)
all then unvested restricted stock units that have been granted to the Executive
shall become immediately, and without further action, vested and shall be
delivered to the Executive in accordance with the Restricted Stock Unit
Agreements(s) by and between the Company and the Executive.
(c) Termination by the Employer
with Cause or the Executive without Good Reason. If the
Executive’s employment is terminated by the Employer with Cause under Section
6(a) or by the Executive without Good Reason under Section 6(f), the Employer
shall have no further obligation to the Executive other than payment of his
Accrued Benefit.
(d) Certain Tax
Matters.
(i) The
Company and the Executive agree to cooperate and negotiate with each other in
good faith to minimize the impact of Sections 280G and 4999 of the Code on the
Company and the Executive, respectively.
(ii) Distributions. The
following rules shall apply with respect to distribution of the payments and
benefits, if any, to be provided to Executive under Section 7
(1) It
is intended that each installment of the payments and benefits provided under
Section 7 shall be treated as a separate “payment” for purposes of Section 409A
of the U.S. Internal Revenue Code of 1986, as amended, and the guidance issued
thereunder (“Section 409A”). Neither Employer nor Executive shall
have the right to accelerate or defer the delivery of any such payments or
benefits except to the extent specifically permitted or required by Section
409A;
(2) If,
as of the date of the Executive’s “separation from service” (as defined below)
from Employer, Executive is not a “specified employee” (within the meaning of
Section 409A), then each installment of the payments and benefits shall be made
on the dates and terms set forth in Section 7; and
(3) If,
as of the date of the Executive’s “separation from service” from Employer,
Executive is a “specified employee” (within the meaning of Section 409A),
then:
(A) Each
installment of the payments and benefits due under Section 7 that, in accordance
with the dates and terms set forth herein, will in all circumstances, regardless
of when the separation from service occurs, be paid within the Short-Term
Deferral Period (as hereinafter defined) shall be treated as a short-term
deferral within the meaning of Treasury Regulation Section 1.409A-1(b)(4) to the
maximum extent permissible under Section 409A. For purposes of this
Agreement, the “Short-Term Deferral Period” means the period ending on the later
of the 15th day of
the third month following the end of Executive’s tax year in which the
separation from service occurs and the 15th day of
the third month following the end of Employer’s tax year in which the separation
from service occurs; and
(B) Each
installment of the payments and benefits due under Section 7 that is not paid
within the Short-Term Deferral Period and that would, absent this subsection, be
paid within the six-month period following the “separation from service” of
Executive from Employer shall not be paid until the date that is six months and
one day after such separation from service (or, if earlier, the Executive’s
death), with any such installments that are required to be delayed being
accumulated during the six-month period and paid in a lump sum on the date that
is six months and one day following Executive’s separation from service and any
subsequent installments, if any, being paid in accordance with the dates and
terms set forth herein; provided, however, that the
preceding provisions of this sentence shall not apply to any installment of
payments and benefits if and to the maximum extent that that such installment is
deemed to be paid under a separation pay plan that does not provide for a
deferral of compensation by reason of the application of Treasury
Regulation 1.409A-1(b)(9)(iii) (relating to separation pay upon an
involuntary separation from service). Any installments that qualify
for the exception under Treasury Regulation Section 1.409A-1(b)(9)(iii)
must be paid no later than the last day of Executive’s second taxable year
following the taxable year of yours in which the separation from service
occurs.
(4) For
purposes of this Agreement, the determination of whether and when a separation
from service has occurred shall be made in accordance with this subparagraph and
in a manner consistent with Treasury Regulation Section
1.409A-1(h). Solely for purposes of this Section 7, “Employer” shall
include all persons with whom the Employer would be considered a single employer
under Sections 414(b) and 414(c) of the Internal Revenue Code of 1986, as
amended.
8. Confidential Information,
Noncompetition and Cooperation.
(a) Confidential
Information. As used in this Agreement, “Confidential
Information” means information belonging to the Employer which is of value to
the Employer in the course of conducting its business and the disclosure of
which could result in a competitive or other disadvantage to the
Employer. Confidential Information includes, without limitation,
financial information, reports, and forecasts; inventions, improvements and
other intellectual property; trade secrets; know-how; designs, processes or
formulae; software; market or sales information or plans; customer lists; and
business plans, prospects and opportunities (such as possible acquisitions or
dispositions of businesses or facilities) which have been discussed or
considered by the management of the Employer. Confidential
Information includes information developed by the Executive in the course of the
Executive’s employment by the Employer, as well as other information to which
the Executive may have access in connection with the Executive’s
employment. Confidential Information also includes the confidential
information of others with which the Employer has a business
relationship. Notwithstanding the foregoing, Confidential Information
does not include information in the public domain, unless due to breach of the
Executive’s duties under Section 8(b).
(b) Confidentiality. The
Executive understands and agrees that the Executive’s employment creates a
relationship of confidence and trust between the Executive and the Employer with
respect to all Confidential Information. At all times, both during
the Executive’s employment with the Employer and after its termination, the
Executive will keep in confidence and trust all such Confidential Information,
and will not use or disclose any such Confidential Information without the
written consent of the Employer, except as may be necessary in the ordinary
course of performing the Executive’s duties to the Employer.
(c) Documents, Records,
etc. All documents, records, data, apparatus, equipment and
other physical property, whether or not pertaining to Confidential Information,
which are furnished to the Executive by the Employer or are produced by the
Executive in connection with the Executive’s employment will be and remain the
sole property of the Employer. The Executive will return to the
Employer all such materials and property as and when requested by the
Employer. In any event, the Executive will return all such materials
and property immediately upon termination of the Executive’s employment for any
reason. The Executive will not retain with the Executive any such
material or property or any copies thereof after such termination.
(d) Noncompetition and
Nonsolicitation. During the Term and for a period of 9 months
thereafter , the Executive (i) will not, directly or indirectly, whether as
owner, partner, shareholder, consultant, agent, employee, co-venturer or
otherwise, engage, participate, assist or invest in any Competing Business (as
hereinafter defined); (ii) will refrain from directly or indirectly employing,
attempting to employ, recruiting or otherwise soliciting, inducing or
influencing any person to leave employment with the Employer (other than
terminations of employment of subordinate employees undertaken in the course of
the Executive’s employment with the Employer); and (iii) will refrain from
soliciting or encouraging any customer or supplier to terminate or otherwise
modify adversely its business relationship with the Employer. The
Executive understands that the restrictions set forth in this Section 8(d) are
intended to protect the Employer’s interest in its Confidential Information and
established employee, customer and supplier relationships and goodwill, and
agrees that such restrictions are reasonable and appropriate for this
purpose. For purposes of this Agreement, the term “Competing
Business” shall mean any of the following: a media company that publishes
technology-related content or operates technology-related events and, in any
case, derives its revenue from selling products and services similar to products
and services offered by the Employer to customers and prospects similar to
Employer’s own customers and prospects. The Executive acknowledges that the
following specific companies are considered competitors of Employer; CNET, IDG,
Accela Communications, CMP, Ziff Xxxxx, PennWell, JupiterMedia, 101
Communications, Penton Media, IT Toolbox, CRMGuru, NewsFactor, Sys-Con, Fawcete,
Digital Consulting, Byte & Switch, Haymarket Media/West Coast Publishing,
SANS Institute, Computer Security Institute, Xxxx Expo and MIS Training
Institute. The Executive further acknowledges that the specific
companies mentioned as competitors create only a limited list of potential
competitors and that other companies or entities maybe deemed to be competitors
based on the nature of their products and services and how they compete in the
marketplace against Employer’s customers and prospects. At the Executive’s
request, Employer will update the listing of specific companies mentioned
above. Notwithstanding the foregoing, the Executive may own up to one
percent (1%) of the outstanding stock of a publicly held corporation which
constitutes or is affiliated with a Competing Business.
(e) Third-Party Agreements and
Rights. The Executive hereby confirms that the Executive is
not bound by the terms of any agreement with any previous employer or other
party which restricts in any way the Executive’s use or disclosure of
information or the Executive’s engagement in any business. The
Executive represents to the Employer that the Executive’s execution of this
Agreement, the Executive’s employment with the Employer and the performance of
the Executive’s proposed duties for the Employer will not violate any
obligations the Executive may have to any such previous employer or other
party. In the Executive’s work for the Employer, the Executive will
not disclose or make use of any information in violation of any agreements with
or rights of any such previous employer or other party, and the Executive will
not bring to the premises of the Employer any copies or other tangible
embodiments of non-public information belonging to or obtained from any such
previous employment or other party.
(f) Litigation and Regulatory
Cooperation. During and after the Executive’s employment, the
Executive shall cooperate fully with the Employer in the defense or prosecution
of any claims or actions now in existence or which may be brought in the future
against or on behalf of the Employer which relate to events or occurrences that
transpired while the Executive was employed by the Employer. The
Executive’s full cooperation in connection with such claims or actions shall
include, but not be limited to, being available to meet with counsel to prepare
for discovery or trial and to act as a witness on behalf of the Employer at
mutually convenient times. During and after the Executive’s
employment, the Executive also shall cooperate fully with the Employer in
connection with any investigation or review of any federal, state or local
regulatory authority as any such investigation or review relates to events or
occurrences that transpired while the Executive was employed by the
Employer. The Employer shall reimburse the Executive for any
reasonable out-of-pocket expenses incurred in connection with the Executive’s
performance of obligations pursuant to this Section 8(f).
(g) Injunction. The
Executive agrees that it would be difficult to measure any damages caused to the
Employer which might result from any breach by the Executive of the promises set
forth in this Section 8, and that in any event money damages would be an
inadequate remedy for any such breach. Accordingly, subject to
Section 9 of this Agreement, the Executive agrees that if the Executive
breaches, or proposes to breach, any portion of this Agreement, the Employer
shall be entitled, in addition to all other remedies that it may have, to an
injunction or other appropriate equitable relief to restrain any such breach
without showing or proving any actual damage to the Employer.
9. Arbitration of
Disputes. Any controversy or claim arising out of or
relating to this Agreement or the breach thereof or otherwise arising out of the
Executive’s employment or the termination of that employment (including, without
limitation, any claims of unlawful employment discrimination whether based on
age or otherwise) shall, to the fullest extent permitted by law, be settled by
arbitration in any forum and form agreed upon by the parties or, in the absence
of such an agreement, under the auspices of the American Arbitration Association
(“AAA”) in Boston, Massachusetts in accordance with the Employment Dispute
Resolution Rules of the AAA, including, but not limited to, the rules and
procedures applicable to the selection of arbitrators. In the event
that any person or entity other than the Executive or the Employer may be a
party with regard to any such controversy or claim, such controversy or claim
shall be submitted to arbitration subject to such other person or entity’s
agreement. Judgment upon the award rendered by the arbitrator may be
entered in any court having jurisdiction thereof. This Section 9
shall be specifically enforceable. Notwithstanding the foregoing, this Section 9
shall not preclude either party from pursuing a court action for the sole
purpose of obtaining a temporary restraining order or a preliminary injunction
in circumstances in which such relief is appropriate; provided that any other
relief shall be pursued through an arbitration proceeding pursuant to this
Section 9.
10. Consent to
Jurisdiction. To the extent that any court action is permitted
consistent with or to enforce Section 9 of this Agreement, the parties hereby
consent to the jurisdiction of the Superior Court of the Commonwealth of
Massachusetts and the United States District Court for the District of
Massachusetts. Accordingly, with respect to any such court action,
the Executive (a) submits to the personal jurisdiction of such courts; (b)
consents to service of process; and (c) waives any other requirement (whether
imposed by statute, rule of court, or otherwise) with respect to personal
jurisdiction or service of process.
11. Integration. This
Agreement constitutes the entire agreement between the parties with respect to
the subject matter hereof and supersedes all prior agreements between the
parties with respect to any related subject matter; provided, however, that the
parties acknowledge and agree that:
(i) the
terms of Section 2 of that certain Relationship Agreement by and between the
Executive and Employer (the “Relationship Agreement”) shall survive the
execution of this Agreement, and shall govern the terms of any and all
Inventions, Works and Work Product (as defined therein) conceived, made,
authored or developed by Executive during the term of his employment, both prior
to and following the execution of this Agreement; provided, that, in the event of
any inconsistency or conflict between the terms of the Relationship Agreement
and the terms of this Agreement, the terms of this Agreement shall take
precedence and govern with respect to the applicable subject matter;
and
(ii) the terms
of each Option Agreement shall survive the execution of this Agreement and shall
remain in full force and effect in accordance with its terms.
12. Assignment; Successors and
Assigns, etc. Neither the Employer nor the Executive may make any
assignment of this Agreement or any interest herein, by operation of law or
otherwise, without the prior written consent of the other party; provided that
the Employer may assign its rights under this Agreement without the consent of
the Executive in the event that the Employer shall effect a reorganization,
consolidate with, or merge into, any other corporation, partnership,
organization or other entity, or transfer all or substantially all of its
properties or assets to any other corporation, partnership, organization or
other entity. This Agreement shall inure to the benefit of and be
binding upon the Employer and the Executive, their respective successors,
executors, administrators, heirs and permitted assigns.
13. Enforceability. If
any portion or provision of this Agreement (including, without limitation, any
portion or provision of any section of this Agreement) shall to any extent be
declared illegal or unenforceable by a court of competent jurisdiction, then the
remainder of this Agreement, or the application of such portion or provision in
circumstances other than those as to which it is so declared illegal or
unenforceable, shall not be affected thereby, and each portion and provision of
this Agreement shall be valid and enforceable to the fullest extent permitted by
law.
14. Waiver. No
waiver of any provision hereof shall be effective unless made in writing and
signed by the waiving party. The failure of any party to require the
performance of any term or obligation of this Agreement, or the waiver by any
party of any breach of this Agreement, shall not prevent any subsequent
enforcement of such term or obligation or be deemed a waiver of any subsequent
breach.
15. Notices. Any
notices, requests, demands and other communications provided for by this
Agreement shall be sufficient if in writing and delivered in person or sent by a
nationally recognized overnight courier service or by registered or certified
mail, postage prepaid, return receipt requested, to the Executive at the last
address the Executive has filed in writing with the Employer or, in the case of
the Employer, at its main offices, attention of the Chief Executive Officer, and
shall be effective on the date of delivery in person or by courier or three (3)
days after the date mailed.
16. Amendment. This
Agreement may be amended or modified only by a written instrument signed by the
Executive and by a duly authorized representative of the Employer.
17. Governing
Law. This is a Massachusetts contract and shall be construed
under and be governed in all respects by the law of the Commonwealth of
Massachusetts, without giving effect to the conflict of laws principles of such
Commonwealth. With respect to any disputes concerning federal law,
such disputes shall be determined in accordance with the law as it would be
interpreted and applied by the United States Court of Appeals for the First
Circuit.
18. Counterparts. This
Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be taken to be an original; but such counterparts
shall together constitute one and the same document.
IN
WITNESS WHEREOF, this Amended and Restated Agreement has been executed as a
sealed instrument by the Employer, by its duly authorized officer, and by the
Executive, as of the Effective Date.
TechTarget,
Inc.
By: /s/
Xxxx
Xxxxxxxxx
Title: CEO
/s/ Xxxxx
Xxxx
Executive: Xxxxx Xxxx
