Document:

Exhibit 10.41

 

AMENDMENT NO. 1

TO

CHANGE IN CONTROL/NONCOMPETITION AGREEMENT

 

Dated as of July 15, 2005

 

Reference is made to that certain Change in Control/Noncompetition
Agreement dated as of August 1, 2001 (the “Agreement”) by and among Enterprise
Bancorp, Inc. (the “Company”) and Enterprise Bank and Trust Company (the “Bank”
and together with the Company, the “Employers”) and Robert R. Gilman (the “Executive”).

 

WHEREAS, the Bank has on this day entered into a Salary Continuation
Agreement and a Supplemental Life Insurance Agreement with the Executive in
consideration of the Executive’s agreement to terminate a certain split dollar
agreement previously entered into between the Bank and the Executive;

 

AND WHEREAS, the parties acknowledge and agree that certain changes to
the Agreement should be made to reflect the termination of the aforementioned
split dollar agreement;

 

AND WHEREAS, the Executive has agreed to certain additional changes to
the Agreement in consideration of the Bank’s agreement to enter into the
aforementioned Salary Continuation Agreement and Supplemental Life Insurance
Agreement;

 

NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained and for other good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the Employers and the Executive
hereby agree as follows:

 

As of the date set forth above, the Agreement shall be and hereby is
amended as set forth below.

 

Deletion of Section 4(a)(viii).  Section 4(a)(viii) shall be deleted in its
entirety from the Agreement.

 

Amendment to Section 4(f).  Section 4(f) shall be amended and restated in
its entirety to read as follows:

 

(f)            Anything
in this Agreement or in any other agreement, contract, understanding, plan or
program entered into or maintained by the Employers to the contrary
notwithstanding, in the event it shall be determined that any payment or
distribution by the Employers to or for the benefit of the Executive, whether
paid or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise (collectively, the “Payments”), would be subject to the
excise tax imposed by Section 4999 of the Code, and/or any successor provision
or section thereto (such excise tax, together with any interest or penalties
incurred by the Executive with respect to such excise tax, collectively, the “Excise
Tax”),

 

 

and if the Payments less the Excise Tax would be less than the amount
of the Payments that would otherwise be payable to the Executive without
imposition of the Excise Tax, then, to the extent necessary to eliminate the
imposition of the Excise Tax (and taking into account any reduction in the
Payments provided by reason of Section 280G of the Code in any such other
agreement, contract, understanding, plan or program), the cash and non-cash
payments and benefits payable to the Executive shall be reduced (with the
executive being provided with the amount of each payment and benefit as
calculated by the Employers and given ten (10) business days in which to prioritize
the order of reduction of each such payment or benefit); but only if, by reason
of any such reduction, the Payments with any such reduction shall exceed the
Payments less the Excise Tax without any such reduction.  For purposes of this paragraph (f), (i) no
portion of the Payments, the receipt or enjoyment of which the Executive shall
have effectively waived in writing prior to the Date of Termination, shall be
taken into account, (ii) no portion of the Payments shall be taken into account
that, in the opinion of tax counsel selected in good faith by the Employers,
does not constitute a “parachute payment” within the meaning of Section
280G(b)(2) of the Code, including without limitation by reason of Section
280G(b)(4)(A) of the Code, (iii) any payments and/or benefits under this
Agreement or otherwise for services to be rendered on or after the effective
date of a Change in Control shall be reduced only to the extent necessary so
that such payments and/or benefits in their entirety constitute reasonable
compensation for services actually rendered within the meaning of Section
280G(b)(4)(B) of the Code or are otherwise not subject to disallowance as
deductions, in the opinion of the tax counsel referred to in the immediately
preceding clause (ii) of this sentence, and (iv) the value of any non-cash
payment or benefit or any deferred payment or benefit included in the Payments
shall be determined by the Employers’ independent auditors in accordance with
the principles of Sections 280G(d)(3) and 280G(d)(4) of the Code and the
applicable regulations or proposed regulations under the Code.  Except as otherwise provided in this paragraph
(f), the foregoing calculations and determinations shall be made in good faith
by the Employers and shall be conclusive and binding upon the parties.  The Employers shall pay all costs and
expenses incurred in connection with any such calculations or determinations.

 

Deletion of Section 19.  Section 19 shall be deleted in its entirety
from the Agreement.

 

The Agreement, as amended by this Amendment No. 1, is and shall
continue to be in full force and effect and shall not be affected by this
Amendment No. 1, except and only to the extent specified above.

 

[Remainder of Page Intentionally Blank]

 

2

 

IN WITNESS WHEREOF, the undersigned Executive has hereunto set his hand
and each of the Employers has caused this Amendment No. 1 to be executed in its
name and on its behalf by a duly authorized officer, in each case as an
instrument under seal and as of the date set forth above.

 

 

	
   

  	
  ENTERPRISE BANCORP, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ George L. Duncan

  	
   

  
	
   

  	
   

  	
  George L. Duncan

  	
   

  
	
   

  	
   

  	
  Chairman and Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ENTERPRISE BANK AND TRUST COMPANY

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ George L. Duncan

  	
   

  
	
   

  	
   

  	
  George L. Duncan

  	
   

  
	
   

  	
   

  	
  Chairman and Chief Executive Officer

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EXECUTIVE

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
      /s/ Robert R. Gilman

  	
   

  
	
   

  	
   

  	
  Robert R. Gilman

  	
   

  

 

3Exhibit 10.1

 

 

CONTRACT WORK AUTHORIZATION (Form 1)
RELEASE NO. 8

 

for

ENGINEERING AND

CONSTRUCTION MANAGEMENT SERVICES

 

Between

 

ACUSPHERE, INC. (“ACUSPHERE/OWNER”)

 

and

 

PARSONS COMMERCIAL TECHNOLOGY
INC. (“PARSONS”)

 

 

All work authorized by Acusphere and performed by Parsons in accordance
with this Contract Work Authorization shall be governed by the “Terms and
Conditions for Engineering, Procurement and Construction Management Services
between Acusphere, Inc. and Parsons Commercial Technology Group Inc.” (the
EPCM), effective date July 6, 2004.

 

 

CONTRACT WORK AUTHORIZATION RELEASE 8

(Form 1)

FOR

ENGINEERING AND CONSTRUCTION MANAGEMENT
SERVICES

 

THIS
Contract Work Authorization for the continuing performance of engineering,
construction management, procurement services and placement of subcontracts
(where applicable) is executed July 15, 2005 and between ACUSPHERE, INC.,
with principal offices at 500 Arsenal Street, Watertown, Massachusetts 02472 (“Acusphere/Owner”)
and PARSONS COMMERCIAL TECHNOLOGY GROUP INC. (“PARSONS”), with principal
offices for this project located at 150 Federal Street, Boston, Massachusetts
02110.

 

This
Contract Work Authorization, the scope of which is defined below, is intended
to cover engineering, construction management, procurement services and
placement of subcontracts (where applicable) (authorized to date by Acusphere)
to be provided by Parsons for Acusphere from July 6, 2004 through July 31,
2005. This Contract Work Authorization (Form 1) Release 8 extends Parsons
performance period from July 15, 2005, as previously authorized per
Contract Work Authorization (Form 1) Release 7, to July 31, 2005.

 

IN
CONSIDERATION of the covenants hereinafter set forth, the parties hereto
mutually agree as follows:

 

ARTICLE I                                     SCOPE OF SERVICES

 

1.1                                 Description of Services

 

Parsons shall continue to perform engineering
construction management and other services as required (hereinafter referred to
as the “Services”) in connection with Owner’s aseptic pharmaceutical
manufacturing facility located at 890 East Street, Tewksbury, Massachusetts
(the “Facilities”), as previously set forth and described in Exhibit 1,
which is attached to Contract Work Authorization (Form 1) Release Number
1, which was executed by the parties November 11, 2004.

 

ARTICLE II                                 ESTIMATED COST

 

	
  Previous total estimated cost up through and
  including Contract Work Authorization (Form 1) Release Number 7

  	
   

  	
  $

  	
  18,800,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Estimated increase based on Contract Work
  Authorization (Form 1) Release Number 8

  	
   

  	
  $

  	
  2,200,000.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Revised total estimated cost up through this
  Contract Work Authorization (Form 1) Release Number 8

  	
   

  	
  $

  	
  21,000,000.00

  	
   

  

 

It is anticipated that the revised estimated costs
added herein will be incurred prior to July 31, 2005 and that, in
accordance with the terms of the EPCM and Contract Work Authorization (Form 1)
Release Nos. 1, 2, 3, 4, 5, 6, 7 and 8 if Acusphere were to terminate this
contract during this term or elect to not extend this contract beyond July 31,
2005, Acusphere will be liable for costs which may exceed the amounts stated
above.

 

 

ARTICLE III                             TERMS AND CONDITIONS

 

THE PARTIES ACKNOWLEDGE AND
AGREE THE TERMS AND CONDITIONS OF THIS AGREEMENT HAVE BEEN FREELY, FAIRLY AND
THOROUGHLY NEGOTIATED. FURTHER, THE PARTIES ACKNOWLEDGE AND AGREE SUCH TERMS
AND CONDITIONS, INCLUDING BUT NOT LIMITED TO THOSE RELATING TO WAIVERS,
ALLOCATIONS OF, RELEASES FROM, INDEMNITES AGAINST AND LIMITATIONS OF LIABILITY,
WHICH MAY REQUIRE CONSPICUOUS IDENTIFICATION, HAVE NOT BEEN SO IDENTIFIED
BY MUTUAL AGREEMENT AND THE PARTIES HAVE ACTUAL KNOWLEDGE OF THE INTENT AND
EFFECT OF SUCH TERMS AND CONDITIONS. EACH PARTY ACKNOWLEDGES THAT IN EXECUTING
THIS AGREEMENT IT RELIED SOLELY ON ITS OWN JUDGEMENT, BELIEF, AND KNOWLEDGE,
AND SUCH ADVICE AS IT MAY HAVE RECEIVED FROM ITS OWN COUNSEL, AND IT HAS
NOT BEEN INFLUENCED BY ANY REPRESENTATION OR STATEMENTS MADE BY ANY OTHER PARTY
OR SUCH OTHER PARTY’S COUNSEL. NO PROVISION IN THIS AGREEMENT IS TO BE
INTERPRETED FOR OR AGAINST ANY PARTY BECAUSE THAT PARTY OR ITS COUNSEL DRAFTED
SUCH PROVISION.

 

ARTICLE IV                             SCHEDULE

 

It is estimated that the work covered by the
Contract Work Authorization shall commence and be completed as noted below:

 

Work commenced on July 6, 2004 and shall be
suspended at the end of the day July 31, 2005 unless a subsequent
authorization to continue is received by Parsons from Acusphere on or prior to July 31,
2005.

 

All other terms and
conditions for the Contract for Engineering, Procurement and Construction
Management Services, as previously amended by Contract Work Authorization
Numbers 1 through 7 remain unchanged.

 

IN WITNESS WHEREOF, the
parties hereto have executed this contract, document as of the date and year
first above written.

 

	
  ACUSPHERE, INC. (“ACUSPHERE”)

  	
  PARSONS COMMERCIAL
  TECHNOLOGY GROUP

  INC. (“PARSONS”)

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ John Thero

  	
   

  	
  By:

  	
  /s/ Daniel Mariani

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Title

  	
  Sr. Vice President and CFO

  	
  Title

  	
  Sr. Vice President

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