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EXHIBIT 10.2
AMENDED AND RESTATED CONSULTING AGREEMENT
THIS CONSULTING AGREEMENT was originally made as of the 1st day of
January, 1993, and is now amended and restated as of the 1st day of January,
1999, by and between UNITED ASSET MANAGEMENT CORPORATION, a Delaware
corporation, having its principal office at Xxx Xxxxxxxxxxxxx Xxxxx, Xxxxxx,
Xxxxxxxxxxxxx 00000-0000 (the "Company") and XXXXX X. XXXXXXX (the
"Consultant").
W I T N E S S E T H :
WHEREAS, the Company desires to expand its operations in the United
Kingdom and Continental Europe;
WHEREAS, the Consultant possesses knowledge regarding certain European
financial markets, and is familiar with the Company and its goals for expansion
in the United Kingdom and Continental Europe;
WHEREAS. The Company desires to retain the services of the Consultant
to advise and assist the Company with research and negotiations regarding
potential acquisition candidates of partners located in Europe;
NOW THEREFORE, in consideration of the mutual agreements and covenants
herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Company and the Consultant
hereby agree as follows:
1. TERM. The Company shall retain the Consultant to provide,
and the Consultant hall provide, his services as described under Section 5 below
(the "Services"), for a one-year period (the "Term"), with such Services to be
performed as reasonably requested by the Company. The Term shall be
automatically renewed for an additional Term of one year on December 31 of each
year, unless earlier terminated by written notice by either party within 30
days of the end of each year.
2. CONSULTING FEE. With the expectation that the Consultant shall
perform services an average of 2 1/2 days week during the Term, the Company
shall pay the Consultant a consulting fee at the rate of $225,000 per year.
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3. EXPENSES. The Company shall reimburse the Consultant for
office expenses incurred during the Term in accordance with applicable budgets
approved by the Company's Board of Directors from time to time, and shall
reimburse the Consultant for one-hundred (100%) of his reasonable travel and
living expenses and other reasonable expenses actually incurred by him in
connection with Services he is performing for the Company. Services and expenses
shall be invoiced on a quarterly basis to the attention of the Company's Chief
Financial Officer. Invoices for such services and expenses shall be paid by the
Company within 30 days of actual receipt by the Company.
4. TERMINATION. Either party may terminate this Agreement at any
time upon 90 days' written notice to the other. In the event of any termination
for any reason, the Consultant shall be paid consulting fees pro rated to the
effective date of termination. All out-of-pocket expenses reasonably incurred up
to the effective date of termination shall in such event also be reimbursed by
the Company.
5. SCOPE OF WORK. It is agreed that the Consultant shall:
(a) Attend meetings and contribute advice, guidance, knowledge,
consultancy and direction regarding possible acquisition
candidates or partners located in the United Kingdom and
Continental Europe (the "European Candidates").
(b) Conduct research regarding the European Candidates.
(c) Make initial contacts with the European Candidates in order to
introduce the Company to the European Candidates and to learn
more about them.
(d) Maintain a steady interaction with the European Candidates.
(e) Assist with travel arrangements for Company travel relating to
the European Candidates.
(f) Assist in negotiations with European Candidates.
(g) Such other consulting or other services as the Company may
reasonably request from time to time relating to the
development of the Company's business in the United Kingdom
and Continental Europe and such other locations as the Company
and the Consultant agree.
6. RELATIONSHIP BETWEEN CONSULTANT AND COMPANY. The relationship
of the Consultant to the Company is that of an independent contractor, not that
of an agent or employee, and each party hereto agrees that it shall not
represent such relationship as being
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Otherwise to third parties. Nothing contained in this Agreement shall constitute
or be construed to be or create a partnership, joint venture or lease between
the Company and the Consultant. The Consultant shall not have the authority to
bind the Company unless expressly authorized to do so in a particular instance
by vote of the Company's Board of Directors.
7. BINDING AGREEMENT. The terms, covenants, conditions,
provisions and agreements herein contained shall be binding upon and inure to
the benefit of the parties hereto, their successors and assigns.
8. ENTIRE AGREEMENT; AMENDMENTS. This Agreement contains the
entire agreement between the parties hereto, and no prior oral or written, and
no contemporaneous oral, representations or agreements between the parties with
respect to the subject matter of this Agreement shall be of any force and
effect. Any additions, amendments or modifications to this Agreement shall be of
no force and effect unless in writing and signed by both the Consultant and the
Company.
9. GOVERNING LAW. This Agreement shall be construed in accordance
with and governed for all purposes by the laws and public policy of The
Commonwealth of Massachusetts applicable to contracts executed and wholly
performed within such Commonwealth. In enforcing such governing laws and public
policy, a court of competent jurisdiction shall afford all relief which a
Massachusetts court would afford under the circumstances.
Executed as an instrument under seal as of the date first written
above.
CONSULTANT
/s/ Xxxxx X. Xxxxxxx
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Xxxxx X. Xxxxxxx
UNITED ASSET MANAGEMENT
CORPORATION
By: /s/ Xxxxx X. Xxxxxx
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Xxxxxxxx X. Xxxxxx,
Executive Vice President
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