Document:

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                                                                    EXHIBIT 4(b)

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF.
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST
COMPANY (THE "SECURITIES DEPOSITORY") TO A NOMINEE OF THE SECURITIES DEPOSITORY
OR BY THE SECURITIES DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE SECURITIES DEPOSITORY, TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE SECURITIES DEPOSITORY (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE SECURITIES DEPOSITORY), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH
AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

No.                                                                $250,000,000
CUSIP: 428040 BW 8
ISIN:  US428040BW89
Common Code: 019844994

                              THE HERTZ CORPORATION
                         6.9% Notes due August 15, 2014

Original Issue Date: August 5, 2004
Interest Payment Dates: February 15 and August 15
Maturity Date: August 15, 2014
Interest Rate: 6.9%

      THE HERTZ CORPORATION, a Delaware corporation (hereinafter called the
"Company", which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of $250,000,000 (the "Principal
Amount") on the Maturity Date shown above, except as provided below, and to pay
interest thereon at the rate per annum shown above. The Company will pay
interest semiannually on the Interest Payment Dates, commencing February 15,
2005. Interest on this Note will be calculated on the basis of a 360-day year of
twelve 30-day months. Interest payable on any Interest Payment Date will include
interest accrued from, and including, the most recent date to which interest has
been paid or, if no interest has been paid,

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from the Original Issue Date shown above to, but excluding, such Interest
Payment Date or Maturity Date, or date of earlier redemption, as the case may
be. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest, which shall
be the February 1 or the August 1 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Any such interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the
registered Holder on such Regular Record Date, and may be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered on a
Special Record Date for the payment of such Defaulted Interest to be fixed by
the Company, notice whereof shall be given to holders of Notes not less than 15
calendar days prior to such Special Record Date, or may be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities
exchange upon which the Notes may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in such Indenture.

      In the event this Global Note is surrendered in exchange for Notes in
definitive form, principal and interest payable with respect to Notes in
definitive form will be payable at the office or agency of the Company
maintained for that purpose in New York, New York (the Place of Payment), in
such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts; provided, however, that
payment of interest payable with respect to such Notes in definitive form, may
be made at the option of the Company by check mailed to the address of the
Person entitled thereto as such address shall appear on the Security Register.

      This Note is one of a duly authorized issue of securities of the Company
(herein referred to as the "Securities") evidencing its unsecured indebtedness,
of the series hereinafter specified, all issued under and pursuant to an
indenture, dated as of March 16, 2001, (herein referred to as the "Indenture"),
duly executed and delivered by the Company and The Bank of New York, as Trustee
(hereinafter called the "Trustee"), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company and Holders of the Securities. The Securities may be issued
in one or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest, if any, at
different rates, may be subject to different redemption provisions, if any, may
be subject to different sinking, purchase or analogous funds, if any, may be
subject to different covenants and Events of Default and may otherwise vary as
provided in the Indenture. This Note is one of the series designated as the 6.9%
Notes due August 15, 2014 of the Company (herein referred to as the "Notes"),
limited except as provided in the Indenture to the aggregate principal amount of
two hundred fifty million dollars ($250,000,000). The Company may, without the
consent of the Holder hereof, create and issue additional securities ranking
pari pasu with the Notes of this series in all respects and so that such
additional securities shall be consolidated and form a single series having the
same terms as to status, redemption or otherwise as the Notes initially issued.
No additional securities may be issued if an Event of Default has occurred.

      The Notes are not entitled to any sinking fund.

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      The Company may redeem the Notes, in whole or in part, at its option at
any time, at a redemption price equal to the greater of:

            (1) 100% of the principal amount of the Notes to be redeemed; and

            (2) the sum of the present values of the remaining scheduled
      payments of principal and interest (other than accrued interest) on the
      Notes to be redeemed as described below, discounted to the redemption date
      on a semiannual basis, assuming a 360-day year consisting of twelve 30-day
      months, at the adjusted Treasury rate described below plus 35 basis
      points.

      In either case, the redemption price will also include interest accrued to
the date of redemption on the principal balance of the Notes being redeemed.

      The Company will use the following procedures to calculate the adjusted
Treasury rate described in the previous paragraph. The Company will appoint as
reference dealers Barclays Capital Inc., Deutsche Bank Securities Inc., J.P.
Morgan Securities Inc., or their successors, and any three other nationally
recognized securities firms that are primary U.S. government securities dealers
in The City of New York. The Company will select one of these reference dealers
to act as its quotation agent. If any of these firms ceases to be a primary
dealer of U.S. government securities in The City of New York, the Company will
appoint another nationally recognized securities firm as a substitute.

      The quotation agent will select a United States Treasury security that has
a maturity comparable to the remaining maturity of the Notes and that would be
used in accordance with customary financial practice to price new issues of
corporate debt securities with a maturity comparable to the remaining maturity
of the Notes. The reference dealers will provide the Company and the Trustee
with the bid and asked prices in writing for that comparable United States
Treasury security as of 3:30 p.m., New York time, on the third Business Day
before the redemption date. The Trustee will calculate the mean of the bid and
asked prices provided by each reference dealer, eliminate the highest and the
lowest reference dealer quotations and then calculate the mean of the remaining
reference dealer quotations. However, if the Trustee obtains fewer than four
reference dealer quotations, it will calculate the mean of all reference dealer
quotations and not eliminate any quotations. The Company refers to this average
quotation as the comparable Treasury price.

      The adjusted Treasury rate will be the rate per annum equal to the
semiannual equivalent yield to maturity of the comparable United States Treasury
security, assuming a price for the comparable United States Treasury security
(expressed as a percentage of its principal amount) equal to the comparable
Treasury price for such redemption date.

      The Company will mail notice of any redemption to the Holder not less than
30 days and not more than 60 days before the redemption date. Unless the Company
defaults in payment of the redemption price on the redemption date, interest
will cease to accrue on the Notes or portions of Notes called for redemption on
and after the redemption date. If the Company redeems less than all of the
Notes, the Trustee will choose the Notes to be redeemed by any method that it
deems fair and appropriate.

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      The Company will, subject to the exceptions and limitations set forth
below, pay as additional interest on the Notes of this series such additional
amounts as are necessary in order that the net payment by the Company or a
Paying Agent of the principal of and interest thereon in respect of any
beneficial owner thereof who is a non-United States person, after deduction for
any present or future tax, assessment or governmental charge of the United
States or a political subdivision or taxing authority thereof or therein,
imposed by withholding with respect to the payment, will not be less than the
amount provided in the Notes of this series in respect of such beneficial owner,
to be then due and payable; provided, however, that the foregoing obligation to
pay additional amounts shall not apply:

            (1) to a tax, assessment or governmental charge that is imposed or
      withheld solely by reason of the beneficial owner of any portion of the
      Notes of this series, or a fiduciary, settlor, beneficiary, member or
      shareholder of such beneficial owner if such beneficial owner is an
      estate, trust, partnership or corporation, or a person holding a power
      over an estate or trust administered by a fiduciary holder, being
      considered as:

            (a)   being or having been present or engaged in trade or business
            in the United States or having or having had a permanent
            establishment in the United States;

            (b)   having a current or former relationship with the United
            States, including a relationship as a citizen or resident thereof;

            (c)   being or having been a foreign or domestic personal holding
            company, a passive foreign investment company or a controlled
            foreign corporation with respect to the United States or a
            corporation that has accumulated earnings to avoid United States
            federal income tax; or

            (d)   being or having been a "10-percent shareholder" of the Company
            as defined in Section 871(h)(3) of the United States Internal
            Revenue Code or any successor provision;

            (2) to any holder of the Notes of this series that is not the sole
      beneficial owner of any Note of this series, or portion thereof, or that
      is a fiduciary or partnership, but only to the extent that a beneficiary
      or settlor with respect to the fiduciary, or a beneficial owner or member
      of the partnership would not have been entitled to the payment of an
      additional amount had the beneficiary, settlor, beneficial owner or member
      received directly its beneficial or distributive share of the payment;

            (3) to a tax, assessment or governmental charge that is imposed or
      withheld by reason of the failure of the holder of any portion of the
      Notes of this series or any other person to comply with the certification,
      identification or information reporting requirements concerning the
      nationality, residence, identity or connection with the United States of
      the holder or the beneficial owner of any portion of the Notes of this
      series, if compliance is required by statute or by regulation of the
      United States Treasury Department or by an applicable income tax treaty to
      which the United States is a party as a precondition to exemption from
      such tax, assessment or other governmental charge;

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            (4)   to a tax, assessment or governmental charge that is imposed
      otherwise than by withholding by the Company or a Paying Agent from the
      payment;

            (5)   to a tax, assessment or governmental charge that is imposed or
      withheld solely by reason of a change in law, regulation, or
      administrative or judicial interpretation that becomes effective more than
      15 days after the payment becomes due or is duly provided for, whichever
      occurs later;

            (6)   to any estate, inheritance, gift, sales, excise, transfer,
      wealth or personal property tax or a similar tax, assessment or
      governmental charge;

            (7)   to any tax, assessment or other governmental charge required
      to be withheld by any Paying Agent from any payment of principal of or
      interest on any Notes of this series, if such payment can be made without
      such withholding by any other paying agent;

            (8)   to any tax, assessment or governmental charge required to be
      withheld or deducted where such withholding or deduction is imposed on a
      payment to an individual and is required to be made pursuant to any
      European Union Directive on the taxation of savings or any law
      implementing or complying with, or introduced in order to conform to, such
      directive; or

            (9)   in the case of any combination of items (1), (2), (3), (4),
      (5), (6), (7) and (8).

      The Notes of this series are subject in all cases to any tax, fiscal or
other law or regulation or administrative or judicial interpretation applicable
thereto. Except as specifically provided herein, the Company shall not be
required to make any payment with respect to any tax, assessment or governmental
charge imposed by any government or a political subdivision or taxing authority
thereof or therein.

      If (a) as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated thereunder) of the United States, or any
change in, or amendments to, official position regarding the application or
interpretation of such laws, regulations or rulings, which change or amendment
is announced or becomes effective on or after July 29, 2004, the Company becomes
or will become obligated to pay additional amounts as described above with
respect to any Notes of this series or (b) any act is taken by a taxing
authority of the United States on or after July 29, 2004, whether or not such
act is taken with respect to the Company or any affiliate, that results in a
substantial probability that the Company will or may be required to pay such
additional amounts with respect to any Notes of this series, then the Company
may, at its option, redeem, as a whole, but not in part, all of the Notes of
this series on not less than 30 nor more than 60 days' prior notice, at a
redemption price equal to 100% of their principal amount, together with interest
accrued thereon to the date fixed for redemption, provided that the Company
determines, in its business judgment, that the obligation to pay such additional
amounts cannot be avoided by the use of reasonable measures available to it, not
including substitution of the obligor under the Notes of this series. No
redemption pursuant to (b) above may be made unless the Company shall have
received an opinion of independent counsel to the

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effect that an act taken by a taxing authority of the United States results in a
substantial probability that it will or may be required to pay the additional
amounts described above and the Company shall have delivered to the Trustee a
certificate, signed by a duly authorized officer, stating that based on such
opinion the Company is entitled to redeem the Notes of this series pursuant to
their terms. Unless the Company defaults in payment of the redemption price on
the redemption date, interest will cease to accrue on the Notes of this series
on and after the redemption date.

      As used herein, the term "United States" means the United States of
America (including the States and the District of Columbia), and its
territories, its possessions and other areas subject to its jurisdiction; the
term "United States person" means an individual who is a citizen or resident of
the United States, a corporation or partnership (or other entity treated as a
partnership or corporation for federal income tax purposes) created or
organized in or under the laws of the United States, any state thereof or the
District of Columbia (other than a partnership that is not treated as a United
State person under the applicable Treasury regulations), any estate the income
of which is subject to United States federal income taxation regardless of its
source, or any trust if a court within the United States is able to exercise
primary supervision over the administration of the trust and one or more United
States persons have the authority to control all substantial decisions of the
trust. Notwithstanding the preceding sentence, to the extent provided in the
Treasury regulations, certain trusts in existence on August 20, 1996, and
treated as United States persons prior to such date that elect to continue to
be treated as United States persons will also be a United States person and
"non-United States person" means a person who is not a United States person.

      Notices with respect to the Notes of this series will be published in
newspapers in The City of New York and in London. It is expected that
publication will be made in the City of New York in The Wall Street Journal and
in London in the Financial Times. Any such notice shall be deemed to have been
given on the date of such publication or, if published more than once, on the
date of the first such publication.

      In case an Event of Default, as defined in the Indenture, with respect to
the Notes shall have occurred and be continuing, the principal hereof may be
declared, and upon such declaration shall become, due and payable, in the
manner, with the effect and subject to the conditions provided in the Indenture.
The Indenture provides that in certain events such declaration and its
consequences may be waived by the Holders of a majority in aggregate principal
amount of the Notes then Outstanding. Any such waiver by the Holder of this Note
(unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holder and upon all future Holders and owners of this Note and of any
Note issued upon the transfer hereof or in exchange or substitution herefor,
irrespective of whether or not any notation of such waiver is made upon this
Note or such other Notes.

      The Indenture contains provisions permitting the Company and the Trustee,
with the consent of the Holders of not less than a majority in aggregate
principal amount of all Outstanding Securities or, in certain cases, of the
Outstanding Securities of each series to be affected, evidenced as in the
Indenture provided, to execute supplemental indentures adding any provisions to
or changing in any manner or eliminating any of the provisions of the Indenture
or of any supplemental indenture or modifying in any manner the rights of the
Holders of the Securities of each such series; provided, however, that no such
supplemental indenture shall (i)

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change the Stated Maturity of the principal of, or any installment of principal
or interest on, any Security, or reduce the principal amount thereof or the rate
of interest, if any, thereon, or any premium payable upon the redemption
thereof, or reduce the amount of the principal of a Discounted Security that
would be due and payable upon a declaration of the Maturity thereof, or change
the coin or currency in which any Security or the interest thereon is payable,
or impair the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity thereof (or, in the case of redemption, on or after
the Redemption Date) or (ii) reduce the percentage in principal amount of the
Outstanding Securities or the Outstanding Securities of any particular series,
the consent of whose Holders is required for any such supplemental indenture, or
the consent of whose Holders is required for any waiver of compliance with
certain provisions of the Indenture or certain defaults thereunder or their
consequences provided for in the Indenture. It is also provided in the Indenture
that prior to the acceleration of maturity of the Securities of any particular
series upon the occurrence of an Event of Default with respect to such series as
permitted by the Indenture, the Holders of a majority in aggregate principal
amount of the Securities of such series at the time Outstanding may on behalf of
the Holders of all of the Securities of such series waive any past default under
the Indenture with respect to Securities of such series and its consequences,
except a default in the payment of the principal of or premium, if any, or
interest, if any, on any of the Securities of such series. Any such consent or
waiver by the Holder of this Note (unless revoked as provided in the Indenture)
shall be conclusive and binding upon such Holder and upon all future Holders and
owners of this Note and of any Note issued upon transfer hereof or in exchange
or substitution herefor, irrespective of whether or not any notation of such
consent or waiver is made upon this Note or such other Notes.

      No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the time, place and rate, and in the coin or currency, as prescribed herein and
in the Indenture.

      As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable by the Holder hereof on the
Security Register of the Company, upon due presentment of this Note for
registration of transfer at the office of the Security Registrar, or at the
office of any Security Co-Registrar duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to, the Company and the
Security Registrar or any such Security Co-Registrar duly executed by, the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of authorized denominations and for the same aggregate principal
amount will be issued to the designated transferee or transferees.

      The Notes are issuable only as registered Notes without coupons in
denominations of $1,000 and integral multiples of $1,000 in excess thereof. As
provided in the Indenture and subject to certain limitations therein set forth,
Notes are exchangeable for new Notes of any authorized denominations of the same
aggregate principal amount as requested by the Holder surrendering the same. If
(x) the Securities Depository is at any time unwilling or unable to continue as
securities depository and a successor depository is not appointed by the Company
within 60 days, (y) the Company executes and delivers to the Trustee a Company
Order to the effect that this Note shall be exchangeable or (z) an Event of
Default has occurred and is continuing with respect to the Notes, this Note
shall be exchangeable for Notes in definitive form

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of like tenor and of an equal aggregate principal amount, in denominations of
$1,000 and integral multiples of $1,000 in excess thereof. Such definitive Notes
shall be registered in such name or names as the Securities Depository shall
instruct the Trustee. If definitive Notes are so delivered, the Company may make
such changes to the form of this Note as are necessary or appropriate to allow
for the issuance of such definitive Notes.

      No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

      Prior to due presentment for registration of transfer, the Company, the
Trustee, the Security Registrar, any Security Co-Registrar and any agent of the
Company or the Trustee may treat the Person in whose name this Note is
registered as the absolute owner hereof for all purposes, whether or not this
Note be overdue, and neither the Company, the Trustee, the Security Registrar,
any Security Co-Registrar nor any such agent shall be affected by notice to the
contrary.

      The Holder of this Note shall not have recourse for the payment of
principal of or interest on this Note or for any claim based on this Note or the
Indenture against any director, officer or stockholder, past, present or future,
of the Company. By acceptance of this Note, the Holder waives any such claim
against any such Person.

      The Indenture and this Note shall be governed by and construed in
accordance with the laws of the State of New York.

      All terms used but not defined in this Note which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

      Unless the certificate of authentication hereon has been executed by the
Trustee under such Indenture, this Note shall not be entitled to any benefit
under such Indenture or be valid or obligatory for any purpose.

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IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
manually or in facsimile, and a facsimile of its corporate seal to be imprinted
hereon.

Dated:  August 5, 2004

                                      THE HERTZ CORPORATION

                                      By:______________________________________
                                                       Treasurer

                                      Attest:__________________________________
                                                   Assistant Secretary

[SEAL]

Dated: August 5, 2004

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Securities of
the series designated herein,
issued under the Indenture
described herein.

THE BANK OF NEW YORK, as Trustee

By:__________________________________
        Authorized Signatory

                                       19EMPLOYMENT AGREEMENT

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

April 29, 2004

Cynthia L. Shereda

144 Upper Shad Road

Pound Ridge, NY 10576

Dear Cynthia:

     ATMI, Inc., a Delaware corporation (the “Company”), wishes to obtain and
you wish to provide your services as an employee of the Company on the terms
and subject to the conditions set forth herein. As used herein, the “ATMI
Group” means the Company, Advanced Technology Materials, Inc., a Delaware
corporation (“ATMI Sub”), and their respective subsidiaries and affiliates.

     Accordingly, in consideration of the premises and the mutual promises and
covenants contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby expressly acknowledged, effective
the date of this Agreement, the Company and you intending to be legally bound
agree as follows:

     1. Position and Responsibilities.

     1.1 You shall serve as Vice President and Chief Legal Officer of the
Company and ATMI Sub. You shall perform your duties at the Company’s Danbury,
Connecticut headquarters or at such other place as you and the Company shall
mutually agree. You shall travel from time to time as reasonably required in
connection with the performance of your duties. You shall report directly to
the CEO of the Company and ATMI Sub.

     1.2 Subject to Section 5, you will, to the best of your ability, devote
your full business time and good faith efforts to the performance of your
duties hereunder and to the business and affairs of the ATMI Group. You agree
to serve as an officer of the Company and ATMI Sub, subject to being elected
and re-elected to such office by their respective Boards of Directors, and to
perform such executive duties consistent with your position as Vice President
and Chief Legal Officer as may reasonably be assigned to you by their
respective CEOs and Boards of Directors from time to time.

     1.3 You will duly, punctually and faithfully perform and observe any and
all reasonable rules and regulations that the ATMI Group may now or shall
hereafter establish (if and once communicated to you) governing the conduct of
the ATMI Group’s business and generally applicable to similarly situated
employees or officers of the ATMI Group.

 

 

     2. Term of Employment

     2.1 The term of your employment shall be two (2) years (the “Initial
Term”) commencing on or about May 10, 2004 and ending on the second anniversary
of your first day as an employee of the Company, provided your employment shall
automatically terminate upon your death and may be terminated at any time as
provided in and subject to the terms and conditions set forth in this Section
2. At the end of the Initial Term, unless the parties mutually agree in
writing to renew, extend or modify the provisions hereof, your employment shall
continue “at will,” subject to the Company’s obligations as hereinafter
provided in this Section 2, and the other terms and conditions of this
Agreement (as then in effect) shall continue. Section 2.5, 2.6 and 2.7 will
apply to termination of your employment after the Initial Term by the Company
without Cause (other than pursuant to Section 2.2(c)) or by you pursuant to
Section 2.3.

     2.2 The Company shall have the right, on written notice to you specifying
the reason, to terminate your employment:

     (a) immediately for Cause (as defined in Section 2.4), subject to the cure
rights set forth in Section 2.4 below, or

     (b) subject to Section 2.5 hereof, at any time without Cause, or

     (c) in the event of your total disability meaning that, in the reasonable
determination of the Board of Directors of the Company, a mental or physical
condition renders you unable or incompetent to carry out the essential
functions of your position (with reasonable accommodation to the extent
required pursuant to the Americans with Disabilities Act) for a period of
ninety (90) consecutive days; provided that, if the ATMI Group’s long-term
disability (“LTD”) program now or later requires a disability to continue for
more than 90 days to be eligible for LTD benefit coverage, you shall be allowed
to take unpaid leave of absence in lieu of termination under Section 2.2(b) or
(c) until such time as you qualify for LTD benefits if such leave will enable
you to so qualify.

     2.3 You shall have the right to terminate your employment for “Good
Reason,” which shall mean a resignation of your employment following: (a) any
material reduction in your title, position, duties or authority as described
herein (except in connection with a termination pursuant to Section 2.2(a) or
(c)), including, without limitation, any failure by the Boards of Directors of
the Company or ATMI Sub to elect or re-elect you to your position as Vice
President and Chief Legal Officer; (b) any reduction in your Base Salary under
Section 3.1 below; (c) any reduction in your 45%-of-Base-Salary target annual
bonus opportunity rate during the initial two-year term of this Agreement, or
any material reduction in such bonus opportunity rate thereafter; (d) any
relocation of your primary place of employment more than 50 miles without your
consent, (e) any other material breach by the Company of any of its obligations
to you under this Agreement (including, without limitation, those relating to
payment of your Guaranteed Bonus, as defined in Section 3.2, for 2004 and
delivery of your initial stock option and restricted stock awards); or (f) any
failure of the Company to have any successor to all or substantially all of the
business and properties of the Company assume all of the liabilities and
obligations of the Company under this Agreement (and any stock option or
restricted stock

- 2 -

 

agreement referred to herein, unless such awards have fully
vested) provided, in each case, that a prior written notice specifying the
reasons within one hundred eighty (180) days after such breach, and an
opportunity to cure such breach (if curable), shall be afforded the Company and
“Good Reason” shall exist only if the Company shall fail to cure such breach
within thirty (30) days after its receipt of such prior notice.

     2.4 The term “Cause” shall mean (i) your conviction of or plea of nolo
contendere with respect to any crime constituting a felony in the jurisdiction
involved (whether or not involving the ATMI Group but excluding traffic
offenses which do not bring you or the ATMI Group into disgrace or disrepute);
(ii) your engaging in any wrongful act or act of moral turpitude that would be
reasonably likely to materially harm the business or reputation or business
relationships of the ATMI Group or yourself; (iii) willful misconduct or gross
neglect in the performance of your duties; (iv) any willful failure or refusal
to perform such duties as may reasonably be assigned to you by the Board of
Directors of ATMI and ATMI Sub or their CEOs pursuant to this Agreement; or (v)
a material breach by you of any provision of this Agreement or the published
policies of the ATMI Group, as amended from time to time; provided, however,
that with respect to clauses (ii), (iii), (iv) or (v), you shall have received
written notice from the Company setting forth the alleged act or failure to act
constituting “Cause” hereunder, and, if such act or failure to act is
susceptible of cure, you shall not have cured such act or failure to act within
thirty (30) days of such notice. For purposes of this Section 2.4, an action
or inaction shall not be treated as “willful misconduct” if authorized by the
Board of Directors of the Company or taken in the good faith belief that it was
in, or not opposed to, the best interests of the ATMI Group.

     2.5 Subject to Section 2.7 and in addition to any amounts specified in
Section 2.8, in the event of the termination of your employment pursuant to
either Section 2.2(b) or Section 2.3: (i) the Company shall pay to you an
aggregate of twelve (12) months’ Base Salary at the time of termination; (ii)
if not previously paid, the Company shall pay to you an incentive bonus for the
2004 calendar year in an amount not less than the Guaranteed Bonus; and (iii)
if you elect COBRA continuation of your medical and/or dental insurance
benefits, the Company shall pay the premiums associated with such benefits on
the same basis the Company would have paid such premiums during such period had
you continued to be an employee of the Company. The amount described in clause
(i) above shall be payable in installments on such date or dates on which Base
Salary would have been paid to you had your employment not been terminated and
if payable pursuant to clause (ii) the Guaranteed Bonus shall be paid when the
Company pays bonuses generally.

     2.6 Subject to Section 2.7, in the event of the termination of your
employment pursuant to either Section 2.2(b) or Section 2.3 within 548 days
after a “change in control” of the Company (a) all stock options held by you to
purchase shares of the Company common stock shall become fully vested and
immediately exercisable and shall remain exercisable for no less than one year
after such termination, notwithstanding the vesting and exercise provisions of
any stock option award agreement concerning such options but subject to the
expiration date provided in such option agreement without regard to a
termination of employment, and all restricted stock issued to you in connection
with your employment shall be fully vested notwithstanding the vesting
provisions of any restricted stock agreement concerning such restricted stock;
and (b) you will be entitled at a minimum to the target amount under any bonus

- 3 -

 

plans then in effect as if fully earned. Benefits payable under this Section
2.6 or Section 2.5 or Section 2.8 upon or following a change in control may
subject you to an excise tax on “excess parachute payments” under Section 4999
of the Internal Revenue Code. The Company will reimburse you for any such
excise tax imposed on a “fully grossed up basis,” such that you will receive
the same net amount (after payment of all income, employment and excise taxes
imposed with respect to such benefits and such tax reimbursements, and of any
interest or penalties relating to any such excise taxes or to the income tax
due on any such tax reimbursements (other than interest or penalties arising as
a result of your failure to timely pay such excise or income taxes with respect
to which you had previously received reimbursement)) as you would have received
if such excise tax had not been imposed in the first place. For purposes of
this Section 2.6, a “change in control” of the Company shall be deemed to have
taken place if: (i) a third person, including a “person” as defined in Section
13(d)(3) of the Securities Exchange Act, becomes the beneficial owner (as
defined in Rule 13d-3 under the Securities Exchange Act), directly or
indirectly, of securities of the Company representing twenty-five percent (25%)
or more of the total number of votes that may be cast for the election of the
directors of the Company; (ii) as the result of, or in connection with, any
tender or exchange offer, merger, consolidation or other business combination,
sale of assets or one or more contested elections, or any combination of the
foregoing transactions (a “Transaction”), the persons who were directors of the
Company immediately prior to the Transaction shall cease to constitute a
majority of the Board of Directors of the Company or of any successor to the
Company; (iii) the sale of all or substantially all of the assets of the
Company (on a consolidated basis) in one or more related transactions to a
person other than such a sale to a subsidiary of the Company which does not
involve a change in the equity holdings of the Company; or (iv) the following
individuals cease, for any reason (other than an act of God), to constitute a
majority of the number of directors of the Company then serving: individuals
who, on the date hereof, constitute the Board of Directors of the Company and
any new director (other than a director whose initial assumption of office is
in connection with an actual or threatened election contest, including but not
limited to a consent solicitation, relating to the election of directors of the
Company) whose appointment or election by the Board of Directors of the Company
or nomination for election by the Company’s shareholders was approved by a vote
of at least two-thirds (2/3) of the directors then still in office who either
were directors on the date hereof or whose appointment or election or
nomination for election was previously so approved.

     2.7 As a condition to your receipt of any payments and benefits provided
for in Section 2.5, you must timely execute a general release agreement, in a
form reasonably satisfactory to the Company, releasing any and all claims
arising out of or related to your employment (subject to the limitations set
forth in this Section 2.7), provided that such requirement shall not apply
after a change in control of the Company as defined in Section 2.6 above. The
form and terms of such release shall not be unreasonable, and shall be no less
favorable to you than those applied to any other executive officer of the
Company during the preceding two year period. Such release shall not require
you to waive any payments or benefits due or other rights upon termination
pursuant to Section 2.2(b) or Section 2.3 as expressly provided in this
Agreement or in respect of stock options, restricted stock or benefit plans and
arrangements as expressly provided in this Agreement, or, as expressly provided
in the applicable documents governing such plans or arrangements. The terms of
such release shall not be inconsistent with the terms of this Agreement, and
shall not impose any financial, non-

- 4 -

 

compete or non-solicit obligations or
conditions on you that are not already expressly imposed by this Agreement.

     2.8 Upon termination of your employment for any reason, (i) you shall be
entitled to receive accrued salary to the date of termination of employment
plus any previously awarded but not yet paid bonus for any completed fiscal
year; (ii) you shall be entitled to reimbursement for business expenses
incurred through the date of termination consistent with and subject to the
Company’s policies and the terms of this Agreement; and (iii) your rights under
employee benefits plans and arrangements of any members of the ATMI Group shall
be determined in accordance with the provisions of such plans and arrangements
and applicable law except to the extent this Agreement expressly provides
otherwise. Upon termination of your employment, you shall not be entitled to
any other payment or compensation from any member of the ATMI Group in respect
of your employment or the termination thereof except (in the case termination
pursuant to Section 2.2(b) or 2.3) as provided in Sections 2.5 and 2.6 (if
applicable). No later than ten (10) days after the date of termination of your
employment for any reason, you shall return to the Company all records and
other personal property of the ATMI Group in your possession or control,
including all confidential, proprietary or trade secret information of the ATMI
Group but you shall not be required to return copies of this Agreement, any
other agreements between you and any member of the ATMI Group and any materials
describing the benefit plans or arrangements in which you are participating.

     2.9 You shall have no duty to mitigate the severance amounts or any other
amounts payable to you hereunder, and such amounts shall not be subject to
reduction for any compensation or benefits received by you from employment in
any capacity or other source following the termination of your employment with
the ATMI Group.

     3. Compensation

     3.1 The Company shall pay to you for the services to be rendered hereunder
a Base Salary at an annual rate of not less than $275,000. Such Base Salary
shall be payable periodically in conformity with the Company’s payroll
practices for executives as modified from time to time but not less frequently
than monthly. Such Base Salary may be increased but not decreased from time to
time as determined by the Company in its discretion (such base salary as it is
so increased, your “Base Salary”).

     3.2 You shall be entitled to participate in the ATMI Management Incentive
Compensation Plan and any other incentive compensation programs for similarly
situated executives of the ATMI Group. For calendar years 2004 and 2005, you
will have an incentive compensation award opportunity with a target of 45% of
Base Salary and a maximum bonus opportunity of 90% of Base Salary (which for
2004 will be based on the amount of Base Salary payable for the remainder of
calendar year 2004). In connection with this incentive compensation
opportunity, it is expected that you will receive a letter on or about May 31,
2004, reflecting your MBO goals for the remainder of 2004 and a letter on or
about January 1, 2005, reflecting your MBO goals for 2005. The actual amount
of any incentive compensation award to you will be in the discretion of the
Board of Directors of the Company or an appropriate committee thereof,
provided, however, that you are assured of a bonus payment for calendar year
2004 of no less than $61,875 (the “Guaranteed Bonus”).

- 5 -

 

     3.3 The Company’s Compensation Committee has determined to grant to you on
your first day of employment with the Company the following grants pursuant to
the ATMI 2003 Stock Plan: (i) an option to purchase 20,000 shares of Company
common stock at an exercise price equal to the closing price on that day in the
form of Annex A (the “Option Grant Agreement”); and (ii) an award of 9,500
shares of restricted stock in the form of Annex B (the “Restricted Stock Grant
Agreement”), which shall each be subject to Section 2.6 above.

     4. Other Benefits

     4.1 You shall be entitled to vacation in accordance with the vacation
policy of the ATMI Group applicable to similarly situated executives as the
same may be in effect from time to time, but no less than four weeks per year,
without loss of compensation or other benefits to which you are entitled under
this Agreement, to be taken at such times as you may reasonably select with
carryover to the extent permitted by Company policy.

     4.2 You will be eligible to participate in all other employee benefits and
perquisites generally available to similarly situated officers or employees of
the ATMI Group, as the same may be in effect from time to time.

     4.3 You shall be eligible to receive additional compensation, including
grants of employee stock options and/or restricted stock, as determined by the
Compensation Committee of the Board of Directors of the Company in its
discretion.

     4.4 You shall be entitled to be reimbursed for all reasonable and
necessary expenses incurred in connection with the performance of your duties
hereunder provided that you shall, as a condition of reimbursement, submit
verification of the nature and amount of such expenses in accordance with the
reimbursement policy from time to time adopted by the Company and/or ATMI Sub.

     4.5 All compensation payable to you in connection with your employment
hereunder shall be subject to all legally required and customary withholdings.

     5. Other Activities During Employment

     5.1 Except with the prior written consent of the Company’s Board of
Directors, which consent shall not be unreasonably withheld, you will not
during the term of this Agreement undertake or engage in any other employment
or occupation. This provision shall not be deemed to preclude membership in
professional societies, lecturing or the acceptance of honorary positions, or
participation in charitable and other community activities that are in any case
incidental to your employment by the Company, which are not adverse or
antagonistic to or competitive with the ATMI Group, its business or prospects,
financial or otherwise and are consistent with your obligations regarding the
confidential, proprietary and trade secret information of the Company and its
subsidiaries and affiliates.

     5.2 Subject to Section 5.3, during the term of your employment by the
Company, except on behalf of the ATMI Group, you will not, directly or
indirectly, whether as an officer, director, stockholder, partner, proprietor,
associate, representative or otherwise, provide services to or have a financial
interest in any other person, corporation, firm, partnership or other entity

- 6 -

 

whatsoever that directly competes with the ATMI Group, in any part of the
world, in any line of business engaged in (or planned to be engaged in) by the
ATMI Group.

     5.3 Notwithstanding the foregoing, this Section 5 shall not prohibit you
from owning (i) as a passive investor only, an aggregate of not more than one
percent (1%) of the total stock or equity interests or publicly-traded options
to purchase stock of any publicly-traded company or partnership (and employee
stock options of a former employer currently held by you), or (ii) stock or
equity interests owned in publicly-available mutual funds or other similar
investment vehicles.

     6. Former Employment

     6.1 You represent and warrant that your employment by the Company and
performance of your obligations hereunder will not conflict with any agreement
to which you are a party.

     6.2 You agree that you will not wrongfully use any confidential
information obtained from any prior employment or service relationship in
connection with your employment by the Company.

     7. Confidentiality.

     7.1 You recognize that during the course of your employment hereunder, you
will have access to confidential and proprietary information, including, but
not limited to, business documents or information, research and marketing data,
customer lists, computer programs, processes, techniques, know-how, trade
secrets, formulae, manufacturing processes and inventions, as well as certain
information concerning employees, partners or customers of the ATMI Group.
This information shall be known as “Confidential Information” and shall include
all information described in the preceding sentence, whether previously
existing, now existing or arising hereafter, whether conceived or developed by
others or by you alone or with others, and whether or not conceived or
developed during regular business hours. Confidential Information does not
include information that is publicly known or generally known within the ATMI
Group’s industry in either case without wrongful disclosure by you.

     7.2 Subject to Section 7.4, you will not, either during the term of your
employment with the Company or thereafter, remove, disclose or cause the
disclosure of any Confidential Information except as removal or disclosure may
be required or appropriate in connection with your work for the Company. You
will take all reasonable steps necessary to ensure that Confidential
Information in your possession will not become known to third parties without
the Company’s prior approval except in the proper conduct of your duties.

     7.3 You will not, either during the term of your employment with the
Company or thereafter, directly or indirectly, without authorization which
after your term of employment shall be in writing, use or cause or permit the
use of Confidential Information either for your own benefit or for the benefit
of anyone other than the ATMI Group.

     7.4 The provisions of this Section 7 shall not prohibit you from
disclosing Confidential Information to the extent required by law or regulation
or any court order or any

- 7 -

 

government or administrative agency order provided
that, in the event that any such disclosure is required, you give the Company
prompt notice thereof and cooperate as reasonably requested by the Company with
any actions to limit or prevent such disclosure or to obtain a protective order
or similar arrangement.

     8. Post-Employment Activities.

     8.1 You understand and acknowledge that the provisions of this Section 8
are necessary to protect the legitimate business interests of the ATMI Group
and are fair and reasonable for numerous reasons, including your receipt of the
consideration expressed in this Agreement. In addition, as a result of your
executive position with the Company, you will have access to significant
confidential, proprietary or trade secret information of the ATMI Group, so
that, if you were employed by a competitor of the ATMI Group, there would be a
substantial risk to the ATMI Group of your use of its confidential, proprietary
or trade secret information. Likewise, you acknowledge that given your access
to confidential and proprietary information of the ATMI Group and access to the
employees and customers of the ATMI Group, solicitation of employees and other
activities of the type described in this Section could be particularly damaging
to the ATMI Group. Based on the foregoing, for a period of twenty-four (24)
months (but only twelve (12) months in the event of termination of your
employment by the Company without Cause or by you for Good Reason) after the
termination of your employment with the Company, absent the prior approval of
the Company’s Board of Directors, you will not directly or indirectly:

     (a) render any services to, or engage in any activities for, any other
person, firm, corporation or business organization which is a supplier of
specialty materials to the semiconductor industry, which services or activities
relate to any product, process, technology or service in existence or under
development which substantially resembles or competes with a product, process,
or service of the ATMI Group in existence or under development;

     (b) solicit, induce or encourage any employee of the ATMI Group to leave
his or her employ or offer or cause to be offered employment to any person who
is or was employed by the ATMI Group at any time during the six (6) months
prior to the termination of your employment with the ATMI Group; the foregoing
does not apply to employees who have been terminated by the ATMI Group or to
your use of general advertising which is not specifically directed at ATMI
Group employees;

     (c) entice, induce or encourage any of the ATMI Group’s other employees or
any other person or entity to engage in any activity which, were it done by
you, would violate any provision of this Section 8; or

     (d) otherwise wrongfully interfere with or disrupt the business or
activities of the ATMI Group.

     8.2 Upon your written request to the Company specifying the activities
proposed to be conducted by you, the Company may in its discretion, subject to
the concurrence of the Board of Directors of the Company, give you written
approval(s) to engage personally in any activity or render services referred to
in Section 8.1 upon receipt of written assurances (satisfactory to the

- 8 -

 

Company
and its counsel in their discretion) from you and from your prospective
employer(s) that the integrity of the provisions of Section 7 and Section 8.1
will not in any way be jeopardized or violated by such activities; provided,
however, the burden of so establishing the foregoing to the satisfaction of the
Company and said counsel shall be upon you and your prospective employer(s).

     9. Remedies. Your duties under Section 7 and Section 8 shall survive
termination of your employment with the Company. You acknowledge and agree
that any breach by you of any of the provisions of Section 7 or Section 8.1 of
this Agreement will result in irreparable and continuing damage to the Company
and that a remedy at law for any breach or threatened breach by you of the
provisions of Section 7 or Section 8.1 would be inadequate, and you therefore
agree that the Company shall be entitled to temporary, preliminary and
permanent injunctive relief in case of any such breach or threatened breach,
without any requirement of proving actual damages or posting of bond. Nothing
in this Agreement shall be construed to prohibit the Company from pursuing any
other remedy available to it at law or in equity, the parties having agreed
that all remedies are cumulative.

     10. Miscellaneous.

     10.1 This Agreement and the rights and obligations of the parties hereto
shall bind and inure to the benefit of any successor or successors of the
Company by reorganization, merger, consolidation or other business combinations
and any assignee of all or substantially all of its business and properties or
the business or properties of the Company or any subsidiary or division
thereof, but, except as to any such successor or assignee of the Company,
neither this Agreement nor any rights or benefits hereunder may be assigned by
the Company or you. The foregoing shall not limit the entitlement of your
estate upon your death (or your legal representative in the event of your
disability) to enforce your rights hereunder (including but not limited to your
right to payment of amounts provided hereunder) in accordance with the terms
hereof.

     10.2 In case any one or more of the provisions contained in this Agreement
shall, for any reason, be held to be invalid, illegal or unenforceable in any
respect, such invalidity, illegality or unenforceability shall not affect the
other provisions of this Agreement. If moreover, any one or more of the
provisions contained in this Agreement shall for any reason be held to be
excessively broad as to duration, geographical scope, activity or subject, the
parties expressly agree that a court may rewrite and modify such provisions so
as to be enforceable to the fullest extent compatible with the applicable law
as it shall then appear.

     10.3 All notices, consents, waivers, and other communications under this
Agreement must be in writing and will be deemed to have been duly given when
(a) delivered by hand (with written confirmation of receipt); (b) sent by
facsimile (with written confirmation of receipt) provided that a copy is mailed
by registered mail, return receipt requested, or (c) when received by the
addressee, if sent by a nationally recognized overnight delivery service
(receipt requested), in each case to the appropriate addresses and facsimile
numbers set forth below (or to such other addresses and facsimile numbers as a
party may designate by notice to the other parties):

- 9 -

 

     If to the Company:

ATMI, Inc.

7 Commerce Drive

Danbury, CT 06810

Facsimile No.: (203) 792-8040

Attention: Daniel P. Sharkey, CFO

     If to you:

Cynthia L. Shereda

144 Upper Shad Road

Pound Ridge, NY 10576

Facsimile No.:

     with a copy to:

Brian Foley, Esq.

One North Broadway, Suite 411

White Plains, NY 10601-2310

Facsimile No.: (914) 946-9717

     10.4 This Agreement may be waived only by a writing signed by the waiving
party. If either party shall waive any breach of any provision of this
Agreement, such party shall not thereby be deemed to have waived any preceding
or succeeding breach of the same or any other provision of this Agreement.

     10.5 The headings of the sections hereof are inserted for convenience only
and shall not be deemed to constitute a part hereof nor to affect the meaning
hereof.

     10.6 This Agreement shall be governed by and construed (both as to
validity and performance) and enforced in accordance with the laws of the State
of Connecticut applicable to agreements made and to be performed wholly within
such jurisdiction. Each party hereby agrees, to accept the non-exclusive
jurisdiction of the courts of the State of Connecticut, and those of the United
States of America situated in the State of Connecticut, for the adjudication of
any dispute arising out of this Agreement. Each party hereby irrevocably (1)
agrees that any suit, action or other legal proceeding arising out of this
Agreement may be brought in any Connecticut or United States federal court
located in Connecticut; (2) consents to the jurisdiction of each such court in
any such suit, action, or legal proceeding; (3) waives any objection which it
may have to the laying of venue of any such suit, action, or legal proceeding
in any of such courts; and (4) agrees that Connecticut is the most convenient
forum for litigation of any such suit, action or legal proceeding.

     10.7 This Agreement, together with the Option Grant Agreement and the
Restricted Stock Grant Agreement, is the entire agreement of the parties with
respect to the subject matter hereof and may not be amended, supplemented,
cancelled or discharged except by written

- 10 -

 

instrument executed by both parties
hereto. This Agreement supersedes any and all prior agreements between the
Company and you with respect to the matters covered hereby.

     10.8 This Agreement may be executed in counterparts, each of which when so
executed and delivered shall constitute a complete and original instrument but
all of which together shall constitute one and the same agreement, and it shall
not be necessary when making proof of this Agreement or any counterpart thereof
to account for any other counterpart.

     10.9 You acknowledge that you had the opportunity to have this Agreement
reviewed by an attorney prior to your execution of this Agreement.

     10.10 You will be entitled to full indemnification with respect to any and
all claims and liabilities (and all related legal fees and expenses reasonably
incurred by you or on your behalf) asserted against you in your capacity as an
officer or director of the Company or ATMI Sub or any member of the ATMI Group
to the maximum extent provided in their charter documents as amended from time
to time, copies of which (as to the Company and ATMI Sub) have been provided to
you, and in accordance with Delaware law. You will be entitled to coverage as
an officer of the Company and ATMI Sub pursuant to director and officer
liability insurance coverage obtained by members of the ATMI Group on the same
basis as such coverage is made available to similarly situated officers of ATMI
Group companies.

     If you are in agreement with the foregoing, please so indicate by signing
and returning the enclosed copy of this letter.

	 	 	 	 	 
	

	 	 	 	ATMI, INC.
	 
	 	 	 	 
	

	 	By:
	 	/s/ Eugene G. Banucci
	

	 	 	 	
 
	

	 	 	 	Eugene G. Banucci, Ph.D.

Chief Executive Officer
	 
	 	 	 	 
	Accepted and agreed:
	 	 	 	 
	 
	 	 	 	 
	/s/ Cynthia L. Shereda
	 	 	 	 
	

	 	 	 	 
	Cynthia L. Shereda
	 	 	 	 

- 11 -

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