Document:

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                                                                   EXHIBIT 10.37

                       EMPLOYMENT AND TRANSITION AGREEMENT

         This EMPLOYMENT AND TRANSITION AGREEMENT (the "Agreement"), is made and
entered into on and effective as of November 3, 2003, (the "Effective Date") by
MATTHEW NEVILLE, residing at 425 Easton Avenue, Geneva, Illinois, hereinafter
referred to as "you," and Cabot Microelectronics Corporation, hereinafter
referred to as "CMC" on behalf of themselves, their heirs, successors and
assigns.

         WHEREAS, you agree that you are entering into this Agreement
voluntarily and have been advised to consult an attorney prior to signing it;

         WHEREAS, you agree that the cash and other consideration provided
pursuant to this Agreement is adequate consideration for the mutual terms,
covenants and conditions of it, therefore, the parties do hereby agree as
follows:

         1.       PURPOSE OF AGREEMENT. The parties have entered into this
agreement to secure for CMC, the services of Matthew Neville in connection with
the transition of CMC to new executive leadership and to obtain the benefit of
his executive advice in light of his many years of service to CMC, to recognize
his contributions to CMC as an employee, officer, director and as Chairman, and
to clarify the rights and obligations of the parties following his decision to
leave his position as Chairman, President, Chief Executive Officer and Director
of CMC.

         2.       CONSIDERATION; TERM OF EMPLOYMENT. Upon the execution of this
Agreement, CMC will:

         a.       Continue your employment for the two-year period beginning on
                  the Effective Date and ending on the second anniversary of the
                  Effective Date, November 3, 2005 (the "Extended Employment
                  Term"). Your employment with CMC will be terminated on
                  November 3, 2005, or earlier as otherwise may be specifically
                  provided in this Agreement ("Termination Date").

         b.       During the Extended Employment Term, CMC will pay you an
                  annual base salary equal to $400,000 in accordance with CMC's
                  normal payroll practices, subject to normal withholding for
                  state and federal taxes, FICA and other payroll deductions.

         c.       CMC will pay you a bonus of $300,000, for the fiscal year
                  ended September 30, 2003, on or before December 12, 2003,
                  subject to normal withholding for state and federal taxes,
                  FICA and other payroll deductions.

         d.       Any and all non-qualified stock options ("NQSOs") granted to
                  you pursuant to the Amended and Restated 2000 Equity Incentive
                  Plan (the "EIP") and applicable Grant Agreements for such
                  NQSOs previously vested or that become vested pursuant to
                  their terms during the Extended Employment Term are and will
                  remain exercisable only pursuant to the respective Grant
                  Agreements and EIP. Schedule A hereto lists the NQSOs that
                  have been granted, which shall continue to vest and be
                  exercisable throughout the Extended Employment Term in
                  accordance with the Grant Agreements for such NQSOs and the
                  terms of the EIP.

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                  You will not be eligible for any new or additional awards of
                  stock options pursuant to the EIP or any other CMC stock
                  option plan or program presently existing or adopted hereafter
                  or for any new or additional deferral of income under any
                  deferred compensation plan or program presently existing or
                  adopted hereafter, including but not limited to the Short Term
                  Bonus program. Other than as may be provided in any Grant
                  Agreement for previously granted NQSOs or in the EIP, there
                  will be no effect on any stock option heretofore awarded,
                  whether or not such stock option has vested, nor shall there
                  be any effect on any deferral of income that has already taken
                  place. Following the Effective Date, you may exercise and sell
                  your vested NQSOs in accordance with the terms of the EIP and
                  applicable Grant Agreements, and the requirements of the
                  securities laws of the United States, including laws relating
                  to the purchase or sale of securities while in possession of
                  material nonpublic information about CMC.

         e.       During the Extended Employment Term, you will be eligible to
                  continue to participate in the health and welfare benefit
                  programs that may be made generally available to employees of
                  CMC in effect from time to time in accordance with the normal
                  policies and practices of CMC, including CMC's group health,
                  life and disability insurance programs. At the end of the
                  Extended Employment Term, CMC will offer you the right to
                  continue coverage under the CMC Group Welfare Benefit Plan in
                  which you participated on the last day of the Extended
                  Employment Term (so-called "COBRA coverage"). If you elect to
                  continue your participation in the Group Welfare Benefit Plan
                  under COBRA by signing and returning the COBRA election form
                  to CMC at the end of the Extended Employment Term, for the
                  eighteen month period following the end of the Extended
                  Employment Term, CMC will pay the premium cost of your
                  coverage and that of your eligible dependents under the Group
                  Welfare Benefit Plan. CMC reserves the right to amend, modify,
                  terminate or discontinue the health and welfare benefit
                  programs provided to its employees, or the costs associated
                  therewith, at any time. No such change shall adversely affect
                  your benefits unless it is applicable to all other employees
                  and executives of CMC.

         f.       During the Extended Employment Term, you will remain eligible
                  to continue to participate in CMC's qualified and
                  non-qualified retirement plans in accordance with the terms
                  and provisions of such plans, including without limitation the
                  Supplemental Executive Retirement Plan. At the end of the
                  Extended Employment Period, you will be entitled to the
                  distribution or payment of benefits under CMC's qualified and
                  non-qualified retirement plans, in accordance with the terms
                  of those plans.

         g.       Shares of CMC stock held by you under the Deposit Share
                  Agreement dated December 27, 2002, will be held in accordance
                  with that agreement and the Deposit Share Program.

         h.       During the Extended Employment Term, CMC will permit you to
                  attend in-house training and educational programs and shall
                  reimburse any professional society dues up to a limit of $250
                  per year.

                                     - 2 -

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         i.       During the Extended Employment Term, CMC will continue to
                  reimburse you for the annual membership fee for the American
                  Airlines Admirals Club.

         j.       During the Extended Employment Term, you may terminate your
                  employment at any time without liability to CMC. Upon such
                  termination, however, you will not be entitled to further
                  payments or benefits hereunder. Your obligations and Release
                  of Claims under this Agreement shall remain in full force and
                  effect, except for your obligation to provide services under
                  Section 3, despite any termination.

The consideration under this Agreement shall constitute full and final
settlement and satisfaction of any and all claims, demands, or causes of action,
whether known or unknown, whether for damages or otherwise. No other
consideration shall be provided to you for any reason and you agree you will not
receive or be eligible for any other consideration in any form. To the extent it
is determined that federal or state taxes are due on any part of these proceeds,
such taxes and any related penalty or interest charges shall be solely your
responsibility. As of the Termination Date you will execute a Second General
Release, Settlement, and Covenant Not to Sue in favor of CMC, and CMC will
execute a General Release, Settlement, and Covenant Not to Sue in your favor,
both of which will be without prejudice to any then existing dispute.

         3.       SERVICES DURING THE EXTENDED EMPLOYMENT TERM. You are
submitting , on the Effective Date, your resignation as President and Chief
Executive Officer, Director and Chairman of the Board of Directors of CMC, but
you shall remain an employee of CMC in an executive advisory role. You agree
that during the Extended Employment Term:

         a.       You will from time to time provide executive advisory services
                  for CMC as reasonably requested by the Chief Executive Officer
                  and directly to the Chief Executive Officer, at times
                  reasonably agreeable to you, in order to assist in completion
                  of the transition allowing the new Chief Executive Officer to
                  assume responsibility for the business and affairs of CMC,
                  through November 30, 2003, during which time you will make
                  yourself available on up to a full-time basis to provide
                  advice and counsel (but not performance of regular duties or
                  execution of policy except as you and the Chief Executive
                  Officer may agree) and thereafter to be available for
                  telephone consultation as matters arise, up to ten hours a
                  month and on-site consultation at CMC headquarters for no more
                  than one day a month (or for such additional time as you and
                  the Chief Executive Officer may agree).

         b.       You will cooperate fully with CMC in any investigation,
                  negotiation, litigation or other action arising out of any
                  transaction or business decision in which you were involved or
                  of which you have knowledge during your employment by CMC.

         c.       You will give a certified written statement, in the form of a
                  Management Representation Letter, as to your knowledge of
                  CMC's financial statements and financial condition as of the
                  Effective Date to the Audit Committee of CMC's Board of
                  Directors and to CMC's external auditors, to the extent the
                  same is within your knowledge.

                                     - 3 -

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         d.       You will provide services hereunder from a location or
                  locations agreeable to you.

         e.       You agree to continue to comply with CMC's Code of Business
                  Conduct, applying in good faith the same standards as applied
                  to other CMC employees.

         f.       CMC will pay your reasonable legal fees in negotiating this
                  Agreement.

         4.       TERMINATION.

         a.       If you die during the Extended Employment Term, all payments
                  hereunder shall be paid to your estate or designees.

         b.       Notwithstanding the foregoing or any provisions of this
                  Agreement to the contrary, if CMC terminates your employment
                  during the Extended Employment Term for Cause (as defined
                  below), CMC shall cease all payments and benefits not
                  theretofore due and payable provided for under Section 2 of
                  this Agreement and no stock options not already vested shall
                  vest. For purposes of this Agreement, "Cause" shall be the:
                  (i) conviction of or entering a guilty plea with respect to a
                  felony, whether or not connected with CMC or other criminal
                  conduct causing material harm to CMC; (ii) commission of any
                  act of fraud (knowing material misrepresentation of fact or
                  actionable material omission of fact) causing material harm to
                  CMC; (iii) theft, embezzlement or misappropriation of any
                  property of CMC having material financial value; (iv) material
                  knowing failure to observe or comply with CMC's Code of
                  Business Conduct; or (v) material knowing violation of the
                  Proprietary Rights Agreement/Cabot Microelectronics
                  Corporation Employee Confidentiality, Intellectual Property
                  and Non-Competition Agreement for Employees signed by you.

         5.       RELEASE BY YOU In consideration of this Agreement and the
consideration provided hereunder, you, for yourself and, to the extent you have
legal authority to do so, on behalf of your heirs, executor, administrator,
successors and assigns claiming by or through you, (hereinafter in this
paragraph referred to as the "Releasers"), hereby release, acquit, and forever
discharge CMC and/or its subsidiaries, and the respective officers, employees,
directors and benefits plans of CMC and its subsidiaries (hereafter in this
Agreement collectively referred to as the "Releasees"), of and from any and all
actions, causes of action, claims, demands, rights, damages, costs, expenses,
and liabilities of any nature whatsoever, whether now or heretofore known or
unknown, accrued or unaccrued, or alleged or not alleged as of the Effective
Date, including but not limited to those which are based upon, exist on account
of, or in any way arise out of:

         a.       Any and all acts, omissions or activities of the above-named
                  Releasees occurring on or prior to the Effective Date of this
                  Agreement, including those in any way connected, directly or
                  indirectly, with your employment, and the claims defined in
                  subparagraph (b), below;

         b.       Any and all claims alleged or to be alleged, including but not
                  limited to claims under the Age Discrimination in Employment
                  Act, 29 U.S.C. Section 621, et seq., Title

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                  VII of the Civil Rights Act of 1964, 42 U.S.C. Section 2000e,
                  et seq., the Illinois Human Rights Act, 735 ILCS 5/1-101, et
                  seq., and any other claims arising under laws pertaining to
                  breach of contract, wrongful discharge or any other federal,
                  state or local laws relating in any way to employment, and
                  claims of any of the parties against any Releasees based upon
                  any cause of action they now have or may have in the future
                  arising from any facts or circumstances existing on or prior
                  to the Effective Date of this Agreement, including but not
                  limited to all claims for costs or attorney's fees.

This Release shall not apply to claims, demands, actions or causes of action
arising out of the performance or non-performance by any person of any term,
covenant or condition of this Agreement or subsequent to the Effective Date of
this Agreement or any agreement or plan under which you retain rights by virtue
of the provisions of this Agreement subsequent to this Agreement. CMC, the chief
financial officer, general counsel, and board of directors of CMC each agree and
affirm that, as of the Effective Date, they know of no claims against you
resulting from your employment and service with CMC.

You affirm and acknowledge that: 1) you have been advised by CMC to consult with
an attorney about the terms of this Agreement before signing it; 2) you have
been given a reasonable period of time to consider this Agreement and to decide
whether to sign it; 3) you have read and understand this Agreement; and 4) you
voluntarily enter into and execute it of your own free will with full knowledge
of its terms and conditions.

         6.       ENFORCEMENT OF AGREEMENT. In any action brought to enforce or
rescind this Agreement, the courts of the State of Illinois and the District
Court for the Northern District of Illinois, Eastern Division, shall have
jurisdiction and venue with respect to each party hereto. This Agreement may be
pleaded as the basis for a claim for relief or as a full and complete defense,
as may be appropriate, and where appropriate, may be used as the basis of an
action for specific performance or otherwise seeking an injunction. You agree
and affirm that you have not and will never institute, maintain or participate
in, or in any way aid in the institution or prosecution of, any claim, action or
proceeding of any kind against CMC or the other Releasees, including but not
limited to, claims related to your employment with CMC or the termination of
that employment barred by the foregoing release provisions.

         7.       RIGHT TO REVOKE. You have at least twenty-one (21) calendar
days measured from the day this Agreement is presented to you (until NOVEMBER
24, 2003), to consider this Agreement, however, you may execute this Agreement
before that time, and you certify, by such execution, that you knowingly and
voluntarily waived the right to the full 21 days with no pressure by CMC to do
so. If you do not execute this Agreement by NOVEMBER 24, 2003, the end of the 21
day period, and return it to CMC on or before NOVEMBER 24, 2003, you will not be
eligible for the consideration specified in this Agreement. Also, you may revoke
this Agreement within seven (7) days of its Effective Date, by sending written
notice to H. Carol Bernstein, Vice President, Secretary and General Counsel, at
CMC . If you revoke this Agreement, you will not receive the consideration
specified herein. Your resignation from your positions as Chairman, President
and Chief Executive Officer of CMC and as a Director of CMC is and will be
unaffected by any revocation of, or failure to execute, this Agreement by you.

                                     - 5 -

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         8.       ATTORNEYS' FEES. In any action brought by any party under or
related to this Agreement, you will be entitled to the recovery of a reasonable
attorneys' fee and reasonably incurred costs of litigation incurred by you, if
you are a prevailing party with respect to claims or defenses based on the
Agreement.

         9.       CONSTRUCTION OF AGREEMENT AND RELATED DOCUMENTS. This
Agreement and the documents required hereby shall be construed in accordance
with the laws of the State of Illinois. This provision is not intended to alter
the governing law provisions applicable to any other plan or agreement, except
where required to fulfill the intent of this Agreement.

         10.      NO ADMISSION OF LIABILITY. This Agreement is not to be
construed as an admission of liability on the part of any party hereto or to any
other party. The parties expressly deny liability for any claims asserted or
which could have been asserted against them, and enter into this Agreement for
the sole purpose of avoiding litigation with respect to any disputed claims that
are or could be asserted.

         11.      INTEGRATION. This Agreement signed by the parties hereto,
constitutes the final written expression of the parties and is a complete and
exclusive statement of those terms and conditions. Each of the parties
acknowledges that no representations or promises not expressly contained in this
Agreement and the documents required hereby have been made by any party or by
the agents or representatives of any party.

         12.      NO DISPARAGEMENT. You agree not to make disparaging,
malicious, or otherwise negative comments about CMC and/or its personnel,
officers, directors, products, services, vendors and vendor personnel, customers
and customer personnel, other related third parties, practices or policies. CMC
agrees not to make disparaging, malicious or otherwise negative comments about
you to any third party and agrees that it shall inform its executive officers of
such obligation. The provisions of this Section 12 shall not apply to testimony
as a witness, compliance with other legal obligations, assertion of or defense
against any claim of breach of this Agreement, and shall not require CMC or you
to make false statements or disclosures.

         13.      CONFIDENTIAL/PROPRIETARY INFORMATION. You agree to maintain
all proprietary/confidential information and personal and intellectual property
of CMC and to not disclose to any third party or use CMC's
proprietary/confidential information. You affirm and agree that your obligations
pursuant to the Cabot Microelectronics Corporation Employee Confidentiality,
Intellectual Property and Non-Competition Agreement for Employees in Arizona,
Colorado, Illinois, Massachusetts, and Texas you signed on October 26, 2000 and
any predecessor agreements ("Confidentiality Agreement"), including but not
limited to those to protect all CMC proprietary/confidential information from
disclosure and use, and to uphold your non-compete/non-solicit obligations in
section 3 of the Confidentiality Agreement, and the Confidentiality Agreement
itself remain in full force and effect independent from your obligations under
this Agreement, but that to the extent necessary the consideration stated in
Section 2 of this Agreement also constitutes additional consideration for your
obligations under the Confidentiality Agreement, which are restated, affirmed by
you, and incorporated into this Agreement by reference. The provisions of the
Confidentiality Agreement are hereby amended as follows: no notice of
termination of employment shall be required.

                                     - 6 -

<PAGE>

         14.      RESIGNATION AS OFFICER AND DIRECTOR. You agree that you have
resigned your position as the Chairman of the Board of Directors, President and
Chief Executive Officer of CMC, and your positions with Cabot Microelectronics
Global Corporation, effective as of November 2, 2003, by written notice to CMC,
in the form attached hereto. You further agree that you have resigned your
position as a Director of CMC, effective as of November 2, 2003, by written
notice to CMC, in the form attached hereto.

         15.      INSURANCE AND INDEMNIFICATION. Any director's and officer's
liability insurance carried by CMC and your indemnification letter agreement
dated December 1, 2000 will apply to you as a past officer pursuant to the terms
of any such insurance and such indemnification letter agreement and in a manner
similar to that provided for any other past officer or director of CMC. CMC
agrees that a prompt determination shall be made with respect to the question of
whether indemnification of you is proper in the circumstances pursuant to
Section 145 of the Delaware General Corporation Law (the "DGCL") and upon
receipt of an undertaking from you as specified in Section 145(e) of the DGCL,
CMC shall pay in advance the expenses incurred by you in defending any matter
referred to therein not otherwise covered by insurance.

         16.      AMENDMENT OF CHANGE IN CONTROL AGREEMENT. On the Effective
Date, CMC will give you notice of termination of the Change in Control Severance
Protection Agreement executed by you and CMC on November 10, 2000, as amended
(the "Change in Control Agreement"), pursuant to clause (i) of Section 1.1 of
the Change in Control Agreement, which will have the effect of causing the
Change in Control Agreement to terminate on November 3, 2004. This Agreement
shall not be construed as your voluntary termination of employment other than
during the One-Year Window Period or without Good Reason under clause (iii) of
Section 1.1 of the Change in Control Agreement. The payments provided in the
Change of Control Agreement will be made available to you in the alternative or
in lieu of and not in addition to the payments provided Section 2.b of this
Agreement. If you are terminated pursuant to a Change in Control as defined in
the Change in Control Agreement, then the terms of such agreement shall apply
and you shall not receive the remaining payments provided for in section 2.b of
this Agreement.

         17.      SECURITIES LAW MATTERS. CMC agrees that it shall not seek to
or exercise control over or limit your purchases or sales of stock in CMC,
including without limitation transactions relating to your stock options, except
as mandated by and to the extent mandated by the federal securities laws.
Further:

         CMC acknowledges that on the Effective Date you are no longer an
         "affiliate" within the meaning of Rule 144(a)(1) adopted pursuant to
         the Securities Act of 1933, as amended.

         CMC agrees that you may provide Rule 144 letter of counsel by and
         through counsel of your own choice, including outside counsel of your
         choosing.

         CMC agrees that no practice or policy now or hereafter adopted shall
         permit it to limit or regulate your purchases or sales of or other
         transactions in stock of CMC, including without limitation transactions
         relating to your stock options, except as mandated by and to the extent
         mandated by the federal securities laws, and/or the EIP or applicable
         Grant Agreements.

                                     - 7 -

<PAGE>

         No new policy or change in policy governing employees adopted hereafter
         governing purchases or sales of or other transactions in stock of CMC
         shall be applied to you, including without limitation transactions
         relating to your stock options, except as mandated by and to the extent
         mandated by the federal securities laws.

         CMC acknowledges that to its knowledge and to the knowledge of its
         general counsel, upon the announcement of your resignation, this
         agreement, and the appointment of a new Chief Executive Officer, you
         will no longer be a Section 16(b) insider, except as mandated by
         federal securities laws.

         CMC agrees that it will exercise good faith efforts to avoid providing
         you with material non-public information during its consultations with
         you from this day forward, and that in the event doing so is needed to
         secure your advice as provided above, it will give you written notice
         of the specific material non-public information being provided at the
         time it is provided and of the expected date it will no longer be
         material non-public information. CMC will notify you immediately when
         the information, or any part of it, is no longer material non-public
         information. CMC agrees that after such consultation, it will exercise
         good faith efforts to avoid providing you with new material, non-public
         information for at least one week following such notice.

         CMC will, upon the expiration of the Rule 144 period, remove any
         restrictive legends from your CMC stock or other securities, except
         with respect to shares held under your Deposit Share Agreement.

         18.      COUNTERPART ORIGINALS. This Agreement may be executed in
multiple counterpart originals and shall have the same force and effect as if
all signatures appeared on the same original.

         19.      FURTHER DOCUMENTATION. To the extent applicable, the parties
shall execute such other and further documents as may be reasonably necessary to
carry out the terms and conditions of this Agreement.

         20.      SEVERABILITY. It is the intent of the parties that each and
every provision in this Agreement be enforced. To the extent any provision is
held unenforceable, such unenforceability shall not render the remaining terms
hereof unenforceable.

         IN WITNESS WHEREOF, the parties hereto have executed counterpart
originals of this Agreement as of the date entered above.

                                          CABOT MICROELECTRONICS CORPORATION

                                          By: __________________________________
By: ________________________________          __________________________
             MATTHEW NEVILLE                  __________________________

                                     - 8 -

<PAGE>

THIS AGREEMENT INCLUDES A RELEASE OF ALL CLAIMS, WHETHER KNOWN OR UNKNOWN,
INCLUDING ANY UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT. YOU ARE ADVISED TO
CONSULT AN ATTORNEY PRIOR TO SIGNING IT.

                                     - 9 -

<PAGE>

                                   SCHEDULE A

                                     OPTIONS

         SEE INDIVIDUAL GRANT AGREEMENTS AND EIP FOR TERMS OF EACH GRANT

<TABLE>
<CAPTION>
                       NUMBER OF
  GRANT DATE            SHARES
  ----------            ------
<S>                    <C>          <C>            <C>                <C>
April 4, 2000            75,000

May 1, 2001             100,000

May 1, 2002             100,000

Dec. 11, 2002           100,000
</TABLE>

                                     - 10 -

<PAGE>

                                   SCHEDULE B

                                [CMC Letterhead]

                                November 2, 2003

Board of Directors
Cabot Microelectronics Corporation

Ladies and Gentlemen:

         I hereby resign from the office of Chairman of the Board, President and
Chief Executive Officer and as a Director of Cabot Microelectronics Corporation
(the "Company") and from all offices that I hold with subsidiaries of the
Company, effective immediately.

                                                     Very truly yours,

                                                     Matthew Neville

                                     - 11 -<PAGE>

                                                                   EXHIBIT 10.38

[CABOT MICROELECTRONICS LOGO]

November 2, 2003

Mr. William P. Noglows
204 Ocean Avenue
Marblehead, MA 01945

                  Re:      Offer of Employment

Dear Bill:

         We are all very excited about your interest in Cabot Microelectronics
Corporation ("CMC") and the prospects for a great future for CMC under your
leadership. Accordingly, we are offering employment to you on the following
terms:

1.       Position. You would become CMC's Chairman, President and Chief
         Executive Officer, reporting to the Board of Directors of CMC.

2.       Employment Date. Your first date of employment ("Employment Date") is
         tentatively planned for November 3, 2003.

3.       Change in Control Agreement. CMC also will offer you a Change in
         Control Severance Protection Agreement that includes payment for three
         times salary and bonus and three years of certain benefits coverage and
         vesting of options with terms similar to the agreements CMC provides to
         other senior executive officers, including a gross-up provision in the
         event that penalty tax is assessed as a result of a payment.

4.       Annual Salary. Your annual base salary would be $450,000. Following the
         close of each fiscal year, beginning with the end of Fiscal Year 2004,
         the Compensation Committee of the Board will meet to consider an
         increase in your annual base salary in accordance with its normal
         practices. CMC will pay your base salary in accordance with its normal
         payroll practices.

5.       Annual Incentive Bonus. You would be eligible for a cash bonus for each
         fiscal year based on CMC's achieving performance levels specified by
         the Board at the start of each fiscal year. For the Fiscal Year 2004,
         beginning October 1, 2003, this bonus will not be less than $160,000.

6.       Equity Award. CMC will award you a non-qualified option to purchase
         250,000 shares of CMC's common stock (the "Initial Option") in
         accordance with the terms of the Cabot Microelectronics Corporation
         Amended and Restated 2000 Equity Incentive Plan. The grant date of the
         Initial Option will be your Employment Date. The exercise price of the

<PAGE>

Mr. William P. Noglows
November 2, 2003
Page 2

         Initial Option will be the closing price of CMC's common stock on the
         grant date, as per the terms of the Equity Incentive Plan. The Initial
         Option will vest 25% on the first anniversary of your Employment Date
         and 25% on each subsequent anniversary of your Employment Date, so that
         it is fully vested on the fourth anniversary of your Employment Date,
         as long as you remain continuously employed by CMC on each such
         anniversary and pursuant to the terms of the Equity Incentive Plan and
         grant agreement for your Initial Option award, and as modified and/or
         otherwise affected by the Change in Control Severance Protection
         Agreement dated effective as of November 3, 2003 between the Company
         and you. The Initial Option will expire ten years from the grant date,
         unless sooner exercised or terminated pursuant to the Equity Incentive
         Plan and the applicable award agreement. Upon a termination of your
         employment, any vested options of the Initial Option would continue to
         be exercisable for the six-month period following such termination. You
         will be eligible for future equity awards at the discretion of the
         Board.

7.       Severance. If CMC terminates your employment without cause or you
         terminate employment because CMC breaches the terms of your employment,
         CMC will continue your annual base salary for twelve (12) months and
         any options vesting in accordance with your vesting schedule shall vest
         during such period.

8.       Benefits. Effective on your Employment Date, you will be entitled to
         participate in all employee benefit plans, programs and arrangements,
         including, without limitation, vacation (four weeks for executives),
         medical, dental, short-term and long-term disability, life, and 401(k)
         plan, according to the terms of such plans and on terms no less
         favorable than those available to other senior executive officers.

9.       Relocation Expenses. You and your family will relocate to the greater
         Chicago metropolitan area by June 1, 2004, where CMC is headquartered.
         Pursuant to the terms of CMC's standard relocation policy, CMC will
         reimburse your and your family's reasonable expenses in relocating to
         the greater Chicago metropolitan area from Marblehead, Massachusetts.
         CMC will reimburse you for temporary living arrangements until June 1,
         2004. CMC will reimburse you on a "grossed up basis" in the event any
         tax is assessed upon you with respect to such reimbursement.

10.      Financial Advisor. CMC will reimburse you annually for the expenses of
         a financial advisor, chosen by you solely at your discretion up to
         $10,000 per year.

11.      Insurance and Indemnification. CMC will maintain you as an insured
         party on all directors' and officers' insurance maintained by CMC for
         the benefit of its directors and officers on at least the same basis as
         all other covered individuals and provide you with at least the same
         corporate indemnification as its other senior executive officers and
         directors.

12.      CMC will reimburse you for normal business, travel and entertainment
         expenses in accordance with its written policies. You will be
         authorized to fly first class at your discretion.

<PAGE>

Mr. William P. Noglows
November 2, 2003
Page 3

13.      Employee Confidentiality, Intellectual Property and Non-Competition
         Agreement; Code of Business Conduct. You will need to sign CMC's
         standard Employee Confidentiality, Intellectual Property and
         Non-Competition Agreement by your Employment Date. You also will need
         to certify to CMC's Code of Business Conduct as of your Employment
         Date.

14.      CMC will pay for all reasonable attorneys' fees, costs and expenses
         incurred by you in connection with the negotiation, execution and
         delivery of this offer letter, up to $10,000.

15.      You confirm to CMC that you are not subject to or bound by any
         agreement, covenant, or order that limits your ability to assume the
         role or perform the duties of Chairman, President and Chief Executive
         Officer of CMC.

16.      Miscellaneous. In accordance with federal immigration laws, please
         provide CMC with documentary evidence of your identity and eligibility
         for employment in the United States (e.g., U.S. Passport) by your
         Employment Date. Subject to Section 7 above, your employment will be on
         an "at will" basis, which means you will be free to resign at any time,
         for any reason or for no reason, as you deem appropriate. Similarly,
         CMC will have a similar right to terminate your employment at any time,
         with or without cause.

         Bill, I believe this offer reflects our understanding of your
expectations and I look forward to hearing from you. In that regard, you can
indicate your acceptance of the terms of this offer letter by signing below and
returning one copy to me.

                                          Cordially yours,

                                          Ronald L. Skates
                                          Chairman of the Compensation Committee
                                          Board of Directors

Accepted and Agreed this 2nd day
of November 2003.

____________________________________
         William P. Noglows

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