Document:

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                                                                   EXHIBIT 10.28

                       CABOT MICROELECTRONICS CORPORATION

                      DIRECTORS' DEFERRED COMPENSATION PLAN

                          ADOPTED AS OF MARCH 13, 2001

                         AND AMENDED AS OF JUNE 17, 2003

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                       CABOT MICROELECTRONICS CORPORATION
                      DIRECTORS' DEFERRED COMPENSATION PLAN

         Cabot Microelectronics Corporation (the "Company") desires to establish
a Directors' Deferred Compensation Plan (the "Plan") to assist the Company in
attracting and retaining persons of competence and stature to serve as Directors
by giving those Directors the option of deferring receipt of the fees payable to
them by the Company for their services as Directors and creating an opportunity
for appreciation of fees deferred based on appreciation of the Company's Common
Shares.

         Therefore, the Company hereby adopts the Plan as hereinafter set forth:

         1. EFFECTIVE DATE. The Plan is effective as of the date of its adoption
by the Board of Directors of the Company.

         2. PARTICIPATION. Each Director of the Company who: (a) is duly elected
to the Company's Board of Directors; and (b) receives fees for services as a
Director, is an "Eligible Director." Each Eligible Director may elect to defer
receipt of fees otherwise payable to that Eligible Director, as provided for in
the Plan. Each Eligible Director who elects to defer fees will be a Participant
in the Plan.

         3. ADMINISTRATION. The Company's Board of Directors appoints Matthew
Neville and H. Carol Bernstein to act as the Administrators of the Plan (the
"Administrator"). The Administrators will serve at the pleasure of the Board of
Directors and will administer, construe and interpret the Plan. The
Administrators will not be liable for any act done or determination made in good
faith. The Board of Directors has the power to designate additional or
replacement Administrators at its discretion. The expense of administering the
Plan shall be borne by the Company and shall not be charged against benefits
payable hereunder.

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         4. DEFERRALS.

                  (a) DEFERRAL ELECTION. An Eligible Director may file with the
Administrator prior to December 1 of each year an election in writing to
participate in the Plan and to defer all or a portion of the fees otherwise
payable to the Eligible Director for succeeding periods (a "Deferral Election").
Upon adoption of the Plan, Eligible Directors may elect to defer fees otherwise
payable for the fiscal quarter during which the Plan was adopted and subsequent
periods by making a Deferral Election. Each Eligible Director who first becomes
eligible to participate after the date of the adoption of the Plan may make a
Deferral Election for the portion of the year in which the Eligible Director
first became eligible with respect to fees to be received after the date of that
election. When a Deferral Election is filed, an amount equal to all or a portion
(as designated in the Deferral Election) of the fees otherwise payable to a
Participant for succeeding periods (as designated in the Deferral Election) will
be credited to a deferral account maintained on behalf of that Participant (the
"Deferral Account"). A Deferral Election must also state a distribution
commencement date as provided under paragraph 5, and a method of distribution
(lump sum or equal annual installments). If a Deferral Election has been filed
to participate in the Plan for succeeding periods and a Participant wishes to
discontinue such deferrals, an election in writing to terminate participation in
the Plan for any subsequent period must be filed with the Administrators prior
to the beginning of such period.

                  (b) MINIMAL DEFERRAL. The amount of Deferral Election may not
be less than $1,000 per calendar quarter.

                  (c) ACCOUNTING. The Deferral Accounts will be maintained by
the Company and will list and reflect each Participant's credits and valuations.
The Administrator will provide each Participant an annual statement of the
balance in that Participant's Deferral Account. The

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Company will credit to each Participant's Deferral Account an amount equivalent
to the fees or portion of those fees, that would have been paid to the
Participant if the Participant had not elected to participate in the Plan. The
credit will be made on the date on which the fee would have been paid absent a
Deferral Election. No funds will be segregated into the Deferral Account of
Participants.

                  (d) VALUATION. Each amount credited to a Deferral Account will
be assigned a number of Share Units (including fractions thereof) determined by
dividing the amount credited to the Deferral Account, whether in lieu of payment
of fees for service as a director or as a dividend or other distribution
attributable to those Share Units, by the Fair Market Value of the Company's
Common Shares (as defined below) on the date of credit. Fair Market Value of the
Company's Common Shares means: (i) the closing price of the Company's Common
Shares on the principal exchange on which the Company's Common Shares are then
trading, if any, on the date of credit, or, if shares were not traded on the
date of credit, then on the next preceding trading day during which a sale
occurred; or (ii) if the Common Shares are not traded on an exchange but are
quoted on the Nasdaq National Market System or a successor quotation system, (1)
the last sales price (if the Common Shares are then listed as a National Market
Issue under Nasdaq), or (2) the mean between the closing representative bid and
asked prices for the Common Shares on the date of credit as reported by Nasdaq
or a successor quotation system, or (iii) if the Common Shares are not publicly
traded on an exchange and not quoted on Nasdaq or a successor quotation system
the mean between the closing bid and asked prices for the Common Shares on the
date of credit, as determined in good faith by the Company's Chief Financial
Officer; or (iv) if the Company's Common Shares are not publicly traded, the
fair market value established by the Company's Chief Financial Officer acting in
good faith. Each Share Unit will

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have the value of a Common Share of the Company. The number of Share Units will
be adjusted to reflect stock splits, stock dividends or other capital
adjustments effected without receipt of consideration by the Company.

         5. DISTRIBUTION. A Participant must elect in writing, at the time each
Deferral Election is made under subparagraph 4(a), the date on which
distribution of the amounts credited to the Participant's Deferral Account to
which that Deferral Election relates will commence and the method of
distribution, as permitted hereunder. The distribution date elected by the
Participant for payment of fees deferred in a given year shall be the Scheduled
Withdrawal Date. A Participant's Scheduled Withdrawal Date with respect to
amounts deferred in a given year can be no earlier than two years from the last
day of the year in which the deferrals are made, other than for termination of
service, and will be no later than the date the Participant terminates service
as a Director. Payment will be made in the Company's common shares only, in one
distribution or equal annual distributions based on the number of Share Units
attributable to the applicable Deferral Election determined as of the September
30 immediately preceding commencement of distribution. Installments may not be
made more often than monthly and may not extend for more than five years. The
time of and method of distribution of benefits may vary with each separate
Deferral Election. The Deferral Accounts represent an unsecured right to acquire
the Company's Common Shares. The Participant may change a Scheduled Withdrawal
Date by submitting a new Deferral Election Form at least thirteen (13) months
prior to the date the Participant otherwise would have received the
distribution. The new Scheduled Withdrawal Date selected by the Participant must
be at least two (2) years following the date the new Deferral Election Form is
submitted. In the event a Participant does not elect a Scheduled Withdrawal
Date, all deferred amounts will be distributed upon termination of service. The

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Administrator may elect to accelerate the distribution of any Deferral Account
in its sole discretion.

         6. EARLY WITHDRAWAL ELECTION. A Participant may elect, at any time, to
withdraw all or a portion of his or her Deferral Account, calculated as if the
Participant had terminated service as of the day of the election, less an early
withdrawal penalty equal to 10% of such amount (the net amount shall be referred
to a the "Early Withdrawal Amount"). The Administrator will pay the Early
Withdrawal Amount as soon as possible after receiving the Participant's early
withdrawal election.

         7. DEATH OR DISABILITY.

                  (a) In the event a Participant's service is terminated by
reason of death or disability prior to the distribution of any portion of that
Participant's Deferral Account, the Administrator will, within ninety (90) days
of the date of service termination, commence distribution of amounts credited to
the Deferral Account to the beneficiary or beneficiaries of the Participant or
to the Participant. Distribution will be made in accordance with the method of
distribution elected by the Participant or beneficiary pursuant to paragraph 5
hereof. In the event a Participant's death or disability occurs after
distribution of amounts credited to the Deferral Account hereunder has begun,
the Administrator will continue to make distributions to the Participant (or to
the beneficiary or beneficiaries in the event of death) in accordance with the
methods of distribution elected by the Participant pursuant to paragraph 5
hereof.

                  (b) Each Participant has the right to designate one or more
beneficiaries to receive distributions in the event of a Participant's death by
filing with the Administrator a Beneficiary Designation Form. The designated
beneficiary or beneficiaries may be changed by a Participant at any time prior
to that Participant's death by the delivery to the Administrator of a

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new Beneficiary Designation Form. If no beneficiary has been designated, or if
no designated beneficiary survives the Participant, distributions pursuant to
this provision will be made to the Participant's estate.

         8. ASSIGNMENT AND ALIENATION OF BENEFITS. The right of each Participant
to any account, benefit or payment hereunder will not, to the extent permitted
by law, be subject in any manner to attachment or other legal process for the
debts of that Participant; and no account, benefit or payment will be subject to
anticipation, alienation, sale, transfer, assignment or encumbrance except by
will, by the laws of descent and distribution, or by a Participant election to
satisfy a property settlement agreement pursuant to a divorce.

         9. EFFECT OF CHANGE OF CONTROL. In the event of a Change of Control of
the Company, the entire unpaid balance of the Deferred Account shall be paid in
a lump sum to the Participant as of the effective date of the Change of Control.
Change of Control shall mean the first to occur of any of the following events:

                  (a) any "person" as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934 (the "1934 Act"), (other than (i)
the Company, (ii) any subsidiary of the Company, (iii) any trustee or other
fiduciary holding securities under an employee benefit plan of the Company or of
any subsidiary of the Company, or (iv) any company owned, directly or
indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company), is or becomes the
"beneficial owner" (as defined in Section 13(d) of the 1934 Act), together with
all Affiliates and Associates (as such terms are used in Rule 12b-2 of the
General Rules and Regulations under the 1934 Act) of such person, directly or
indirectly, of securities of the Company representing thirty percent (30%) or
more of the combined voting power of the Company's then outstanding securities;
or

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                  (b) the stockholders of the Company approve a merger or
consolidation of the Company with any other company, other than (i) a merger or
consolidation which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving entity), in combination with the ownership of any trustee or other
fiduciary holding securities under an employee benefit plan of the Company or
any subsidiary of the Company, at least sixty percent (60%) of the combined
voting power of the voting securities of the Company or such surviving entity
outstanding immediately after such merger or consolidation or (ii) a merger or
consolidation effected to implement a recapitalization of the Company (or
similar transaction) after which no "person" (with the method of determining
"beneficial ownership" used in clause (a) of this definition) owns more than
thirty percent (30%) of the combined voting power of the securities of the
Company or the surviving entity of such merger or consolidation; or

                  (c) during any period of two (2) consecutive years (not
including any period prior to the execution of the Plan), individuals who at the
beginning of such period constitute the Board, and any new Director (other than
a Director designated by a person who has conducted or threatened a proxy
contest, or has entered into an agreement with the Company to effect a
transaction described in clause (a), (b) or (d) of this definition) whose
election by the Board or nomination for election by the Company's stockholders
was approved by a vote of at least two-thirds (2/3) of the Directors then still
in office who either were Directors at the beginning of the period or whose
election or nomination for election was previously so approved cease for any
reason to constitute at least a majority thereof; or

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                  (d) the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the
Company of all or substantially all of the Company's assets.

         10. UNSECURED OBLIGATION. The obligation of the Company to make
distributions of amounts credited to the Participant's Deferred Account shall be
a general obligation of the Company, and such distribution shall be made only
from general assets and property of the Company in shares of common stock of the
Company. The Participant's relationship to the Company under the Plan shall be
only that of a general unsecured creditor and neither this Plan, nor any
agreement entered into hereunder, or action taken pursuant hereto shall create
or be construed to create a trust for purposes of holding and investing the
Deferred Account balances. The Company reserves the right to establish such a
trust, but such establishment shall not create any rights in or against any
amounts held thereunder.

         11. AMENDMENT OR TERMINATION. The Board of Directors of the Company may
amend or terminate this Plan at any time and from time to time. Any amendment or
termination of this Plan will not affect the rights of a Participant accrued
prior thereto without that Participant's written consent.

         12. TAXES. The Company is not responsible for the tax consequences
under federal, state or local law of any election made by any Participant under
the Plan. All payments under the Plan are subject to withholding and reporting
requirements to the extent required by applicable law.

         13. NO RIGHT TO CONTINUED MEMBERSHIP ON THE BOARD. Nothing in this Plan
confers upon any director any right to continue as a director of the Company or
interferes with

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the rights of the Company and its shareholders, which are hereby expressly
reserved to remove any director at any time for any reason whatsoever, with or
without cause.

         14. APPLICABLE LAW. This Plan is governed under the laws of the State
of Illinois.

                  IN WITNESS WHEREOF, the Company has caused this Plan to be
executed by its President and Chief Executive Officer this 17th day of June,
2003.

                                 CABOT MICROELECTRONICS CORPORATION

                                 By:
                                    --------------------------------------------exv10w1

 

Exhibit 10.1

AMENDMENT NO. 5 TO

LOAN AGREEMENT

          This Amendment No. 5 to Loan Agreement (the “Amendment”) is dated as of
the 14th day of May, 2003 and is by and between LASALLE BANK NATIONAL
ASSOCIATION (“Lender”) and eLOYALTY CORPORATION, a Delaware corporation (the
“Borrower”).

W I T N E S S E T H:

          WHEREAS, Lender and Borrower are parties to that certain Loan Agreement,
dated as of December 17, 2001 (as amended or otherwise modified from time to
time, the “Loan Agreement”; capitalized terms used herein without definition
shall have the meanings ascribed to such terms in the Loan Agreement); and

          WHEREAS, the Borrower has requested that the Loan Agreement be amended in
certain respects;

          NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, each of Lender and Borrower hereby agree as follows:

          1. Amendments to Loan Agreement. In reliance on the representations and
warranties set forth in Section 2 of this Amendment and subject to the
satisfaction of the conditions precedent set forth in Section 3 of this
Amendment, the Loan Agreement is hereby amended as follows:

          1.1. The following definitions are hereby added to Section 1.1., inserted
in appropriate alphabetical order:

		
	 	     “Dollar Equivalent” shall mean, at any time, (a) as to any
amount denominated in Dollars, the amount thereof at such time,
and (b) as to any amount denominated in any other currency, the
equivalent amount in Dollars as determined by Lender at such time
on the basis of the Spot Rate for the purchase of Dollars with
such currency.”

		
	 	     “Dollars” and “$” each shall mean lawful money of the United
States.”

		
	 	     “Euros” shall mean the currency of participating member
states of the European Union that adopt a single currency in
accordance with the Treaty on European Union of February 7, 1992.”

		
	 	     “Spot Rate” shall mean, with respect to a currency, the rate quoted
by the Bank at the spot rate for the purchase by the Bank of such
currency with another

 

 

		
	 	currency at approximately 11:00 a.m. (Chicago time) on the date two
(2) Business Days prior to the date as of which the foreign exchange
computation is made.”

          1.2. The definition of “Borrowing Base Amount” is hereby amended and
restated in its entirety as follows:

		
	 	“Borrowing Base Amount” shall mean one hundred percent (100%) of
the amount of Cash Collateral minus Seventy-Five Thousand and
No/100 Dollars ($75,000).

		
	 	     1.3. The following Section 2.6 is hereby added:

		
	 	     2.6 Payment in Dollars. Unless otherwise specified by Bank,
(a) principal and interest on all advances made to Borrower by
Bank shall be payable by Borrower to Bank in the currency in which
such advances are denominated and (b) all fees and other payments
by Borrower to Bank shall be payable in Dollars.

          1.4. Section 5 is hereby labeled as Section 5.1 and the following Section
5.2 is hereby added:

		
	 	     5.2 Borrowing in UK Pounds Sterling/Euros. Borrower may
borrow up to the Dollar Equivalent of Ten Million and No/100
Dollars ($10,000,000.00) of Revolving Loans in UK pounds sterling
or Euros upon three (3) days written notice to Bank; provided,
that if at any time such portion of the Revolving Loans exceeds
the Dollar Equivalent of Ten Million and No/100 Dollars
($10,000,000.00), Borrower is required to remit such excess to
Bank within five (5) Business Days. Borrower may not borrow in UK
pounds sterling or Euros unless the minimum amount of such
borrowing is at least the Dollar Equivalent of Five Hundred
Thousand and No/100 Dollars ($500,000).

          2. Representations and Warranties. To induce the Lender to enter into
this Amendment, the Borrower hereby represents and warrants to the Lender that:

		
	 	     2.1. the execution, delivery and performance by the Borrower of this
Amendment and each of the other agreements, instruments and documents
contemplated hereby are within its corporate power, have been duly authorized
by all necessary corporate action, have received all necessary governmental
approval (if any shall be required), and do not and will not contravene or
conflict with any provision of law applicable to the Borrower, the certificate
of incorporation and by-laws of the Borrower (as amended to date), any order,
judgment or decree of any court or governmental agency, or any agreement,
instrument or document binding upon the Borrower or any of its property;

		
	 	     2.2. each of the Loan Agreement and the other Loan Documents, each as
amended by this Amendment, are the legal, valid and binding obligation of the
Borrower to

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	 	the extent the Borrower is a party thereto, and the Loan Agreement and
such Loan Documents are enforceable against the Borrower in accordance with
their respective terms;

          2.3. the representations and warranties of Borrower contained in the Loan
Agreement and the Loan Documents, each as amended hereby, are true and correct
in all material respects as of the date hereof, with the same effect as though
made on the date hereof, except to the extent that such representations and
warranties expressly relate to an earlier date, in which case such
representations and warranties are true and correct as of such earlier date;
and

          2.4. Borrower has performed in all material respects all of its
obligations under the Loan Agreement and the other Loan Documents to be
performed by it on or before the date hereof and as of the date hereof,
Borrower is in compliance with all applicable terms and provisions of the Loan
Agreement and each of the other Loan Documents to be observed and performed by
it and, assuming the effectiveness of the consents set forth herein, no Event
of Default has occurred and is continuing.

          3. Conditions. The effectiveness of the amendments and consents set forth
above is subject to the following conditions precedent:

          3.1. Borrower shall have executed and delivered to Lender, or shall have
caused to be executed and delivered to Lender, each in form and substance
satisfactory to Lender, this Amendment and such other documents, instruments
and agreements as Lender may reasonably request.

          3.2. All proceedings taken in connection with the transactions
contemplated by this Amendment and all documents, instruments and other legal
matters incident thereto shall be satisfactory to Lender and its legal counsel.

          3.3. Assuming the effectiveness of the consents set forth herein, no Event
of Default shall have occurred and be continuing.

          4. References; Effectiveness. Each of the Lender and the Borrower hereby
agree that all references to the Loan Agreement which are contained in any of
the other Loan Documents shall refer to the Loan Agreement as amended by this
Amendment.

          5. Counterparts. This Amendment may be executed in any number of
counterparts and by the different parties on separate counterparts, and each
such counterpart shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same Amendment.

          6. Continued Effectiveness. Except as specifically set forth herein, the
Loan Agreement and each of the other Loan Documents shall continue in full
force and effect according to their respective terms.

          7. Governing Law. This Amendment shall be a contract made under and
governed by the internal laws of the State of Illinois.

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          8. Costs and Expenses. Borrower hereby agrees that all expenses incurred
by the Lender in connection with the preparation, negotiation and closing of
the transactions contemplated hereby, including without limitation reasonable
attorneys’ fees and expenses, shall be part of the Obligations.

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          IN WITNESS WHEREOF, this Amendment has been executed as of, and is
effective as of, the day and year first written above.

	 	 	 
	 	 	
eLOYALTY CORPORATION, a Delaware
	 	 	
corporation, as Borrower
	 	 	 
	 	 	
By Timothy J. Cunningham
	 	 	
Its Vice President, Chief Financial Officer & Secretary
	 	 	 
	 	 	
LASALLE BANK NATIONAL ASSOCIATION, as Lender
	 	 	 
	 	 	
By June Courtney
	 	 	
Its SVP

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