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EXHIBIT 10.20
NEXTERA ENTERPRISES, L.L.C.
000 Xxxxxx Xxxxx
Xxx Xxxxxxx, XX 00000
April 15, 1997
Xx. Xxxxxxx X. Xxxxxxxxx
0 Xxxxx Xxxx
Xxxxx, XX 00000
Dear Xx. Xxxxxxxxx:
As we have discussed, this letter sets forth the general terms of our
future employment relationship.
1. Position. Nextera Enterprises, L.L.C. ("Nextera") a subsidiary of
Nextera Enterprises Holding, L.L.C. ("Holding"), will employ you as
the Vice President of Finance of Nextera. Nextera will be in the
business of providing strategic and performance innovative services to
companies seeking applications and solutions in information-intensive
businesses. Nextera will not provide any financial consulting services
which could result in it being defined as an Investment Advisor, as
defined in Section 202(a)(ii) of the Investment Advisors Act of 1940
or Section 2(a)(20) of the Investment Company Act of 1940; an
Investment Company as defined in Section 3(a) of the Investment
Company Act; or a Broker or Dealer as defined in Sections 3(a)(4) or
3(a)(5) of the Securities Exchange Act of 1934.
2. Location. The business will be located in Boston, Massachusetts.
3. Compensation. a. Your base salary will be $175,000 per year,
payable twice a month over a twelve month period.
b. A bonus payment will be considered by the Board
each year of the term of employment but in no
event will it exceed 25% of your base salary.
c. You shall have the right to purchase .5% of the
common stock of Holding, at the founders price.
Holding shall have an initial capitalization of $1
million of common equity. Consequently, your .5%
interest shall cost $5,000. In the event you leave
the employ of Nextera, Holding shall have the
right to repurchase your common stock at its then
fair market value provided that, if you leave the
employ
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Xx. Xxxxxxx X. Xxxxxxxxx
April 15, 1997
Page 2
of Nextera prior to the end of three years volun-
tarily or as a result of being dismissed for
cause, Holding shall have the right to repurchase
your stock at its original cost. Cause shall be
defined as disloyalty or dishonesty which results
in or is intended to result in personal enrichment
to the employee at the expense of the company;
acts of moral turpitude or illegal or
unprofessional conduct which may adversely affect
the reputation of the company; fraudulent
conduct; or material and intentional violations
by the employee of his duties and obligations
which results in material injury to the company.
d. You will be entitled to the benefits provided to
other employees of Nextera (vacation, medical,
etc.).
4. Term. Your employment shall be for a term of one year with the right
of the company to renew said term for additional periods of one year
each by written notice to you not less than 90 days prior to the end
of the one year term. In the event the company does not give you
notice of renewal for an additional year, you shall be given adequate
time during the final three months of the term to seek additional
employment.
5. Confidentiality. All confidential information acquired by you with
respect to Nextera will not be disclosed to any person or used by you
for personal gain for a period of 2 years following the termination
of employment.
In addition, up to one year after the termination of employment, you
will not engage in business with any person or entity which is a
customer or client of Nextera or counsel or attempt to induce any
employee of Nextera to leave their employ.
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Xx. Xxxxxxx X. Xxxxxxxxx
April 15, 1997
Page 3
If the above is acceptable, please sign the enclosed copy of this letter
where indicated and return it to me.
Very truly yours,
/s/ XXXXXXX X. XXXXXXX, XX
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Xxxxxxx X. Xxxxxxx, Xx
The above is accepted:
By: /s/ XXXXXXX X. XXXXXXXXX
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4/25/97
