Exhibit 10.2
AGREEMENT
This AGREEMENT (the "Agreement") is entered into by and between
Cambridge Technology Partners (Massachusetts), Inc., a Delaware Corporation with
its principal place of business at 0 Xxxxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxxxxxxxx
00000 ("CTP"), and Xxxxx X. Xxxx ("Xxxx").
NOW THEREFORE, in consideration of the mutual promises contained
herein and intending to be legally bound, CTP and Xxxx AGREE as follows:
1. Effective Date. This Agreement shall become effective and
---------------
enforceable as of September 1, 1999.
2. Executive Termination Date. CTP and Xxxx agree that his employment as
---------------------------
President and Chief Executive Officer of CTP ended effective July 19, 1999, the
date on which CTP announced his successor (the "Executive Termination Date").
Thereafter, and for a period not exceeding one year ending July 18, 2000, Xxxx
will be employed by CTP as Special Adviser; provided such employment as Special
Adviser may be terminated if the Board of Directors of CTP makes the
determination described in Paragraph 5 hereof or Xxxx violates the terms of the
Severance Agreement (as defined below). As Special Adviser and as consideration
thereof, Xxxx will be paid his reasonable expenses incurred by him in doing any
advisory work requested by CTP pursuant to this Agreement. CTP and Xxxx further
agree that his leaving the positions of President and Chief Executive Officer of
CTP shall be deemed a termination other than for Just Cause for purposes of the
Agreement between CTP and Xxxx dated December 23, 1992, as amended by Amendment
dated December 15, 1994 (the "Severance Agreement"), regardless of his
employment as Special Adviser.
3. Resignation From Boards of Directors. Xxxx shall resign from the
-------------------------------------
Boards of Directors of CTP and all of its affiliated companies effective
September 1, 1999.
4. Stock Options. In accordance with and subject to CTP's 1991 Stock
-------------
Option Plan, Xxxx'x unvested stock options will continue to vest during the
period from July 19, 1999 through July 18, 2000 (the "Extended Option Period").
Any unexercised options will expire not later than three months after the
expiration of the Extended Option Period. Attached hereto as Exhibit "A" is an
Optionee Activity Status Report, as of July 13, 1999, setting forth all options
granted to Xxxx since December 17, 1992 and their status as of July 13, 1999.
5. Limited Upon Extended Stock Option Rights. In the event the Board of
------------------------------------------
Directors of CTP determines in its sole discretion that Xxxx has engaged or is
engaging in conduct having a material adverse effect upon CTP during the
Extended Option Period, Xxxx'x extended option vesting rights under Section 4
above during any remaining balance of the Extended Option Period shall end
effective upon notice to him of such determination by the Board, and Xxxx'x
extended exercise rights under Section 4 above shall end three months
thereafter.
6. Legal Fees. CTP shall reimburse Xxxx for reasonable attorney's fees,
-----------
not to exceed $25,000, incurred in the negotiation and documentation of this
Agreement. Such reimbursement shall be conditioned upon Xxxx'x prior submission
to CTP of supporting invoices or similar documentation and shall not include
reimbursement for any legal fees related in any way to a dispute arising or
advice received after the effective date of this Agreement.
29
7. General. This Agreement shall be governed by and construed in
--------
accordance with the laws of the Commonwealth of Massachusetts. All notices, if
any, to be provided hereunder shall be provided by (a) first class mail, postage
prepaid; (b) by express overnight courier service; or (c) by hand delivery, to
the parties at their addresses set forth below or at such other addresses as
shall be provided by the parties to each other.
8. Full and Complete Agreement The Severance Agreement shall remain in
---------------------------
full force and effect as between CTP and Xxxx and, as referenced in Section 2
above, shall be construed to reflect the parties' agreement that Xxxx'x leaving
his positions of President and Chief Executive Officer shall be deemed a
termination other than for Just Cause effective on the Executive Termination
Date, regardless of his employment as Special Adviser. With this sole exception,
this Agreement sets forth the entire agreement between the parties and fully
supersedes any and all prior agreements and understandings between them, whether
written or oral, pertaining to the subject matter hereof.
CAMBRIDGE TECHNOLOGY PARTNERS
(MASSACHUSETTS), INC.
By: /s/ Xxxx X. Xxxxxxx /s/ Xxxxx Xxxx
XXXXX X. XXXX
Title: President
Address: 8 Cambridge Center Address: [Omitted]
Xxxxxxxxx, XX 00000
[EXHIBITS OMITTED]
30