Document:

exv10w20

 

Exhibit 10.20

November 22, 2006

Daniel Mahoney
 2267
Tasso Street
 Palo
Alto, CA 94301

Dear Dan:

This letter acknowledges your separation from Forrester Research, Inc. (“Forrester”
or “Company”), and sets forth Forrester’s agreement with you concerning this
separation and your severance package. Separation of your employment is effective as
of December
31,2006.

	1.	 	In consideration of your fulfillment of your obligations set
forth herein, and without admission of any wrongdoing or liability on the
part of Forrester, Forrester agrees to provide you with the following
package of benefits:

	 	(a)	 	On the effective date of your separation from Forrester,
Forrester will
issue you a check and/or deposit to your designated account an amount
equal to your earned base pay through such effective date, minus all
appropriate withholdings. You will also be entitled to payment for
accrued, unused vacation as of the effective date of your separation.
Payment for accrued, unused vacation days will be made on the first
payroll date in January 2007 after taking into account any accrued
vacation that may be used by you prior to the effective date of your
separation, less all appropriate withholdings. In addition, you shall be
entitled to receive incentive compensation to which you would otherwise
have been eligible, if any, under Forrester’s matrix bonus plan for the
fourth quarter of 2006, at the regularly scheduled payment date for
payment of such incentive compensation, taking into account actual
company-wide, Corporate group performance, and your individual
performance during the fourth quarter of 2006. These payments are not
contingent upon your execution of this letter agreement. Any outstanding
Forrester stock options previously granted to you, including exercise
and
termination thereof, are subject to the terms and conditions of your
Option
Certificate and Forrester’s 1996 Equity Incentive Plan.
	 
	 	(b)	 	Upon your execution and non-revocation of this letter
agreement,
Forrester will pay you twelve (12) pay periods of severance pay
(totaling
in the aggregate the gross amount of $112,000.00)), less all appropriate
withholdings, consistent with the terms of this letter. This amount will
be
paid in installments on Forrester’s regularly scheduled pay dates.

 

	2.	 	You acknowledge that you will return to Forrester all telephone cards, credit
cards, building cards, keys, work papers, files and other documentation, Forrester
computers and other equipment, computer files and diskettes, and all other
Forrester records and property, without retaining any copies thereof.
	 
	3.	 	You have agreed to submit all business expense reports and any necessary
supporting documentation to Forrester by December 31, 2006. The severance pay
set forth above will take into account a proper reconciliation of items due to you
from Forrester and/or items due to Forrester from you, if any. These items may
include, but are not limited to, payment of incentive compensation by Forrester to
you, outstanding travel advances or expenses, overdue American Express bills,
unreturned Company-owned equipment, and outstanding expense reports. In the
event these items have not been properly reconciled, Forrester may offset them
against any severance payment due.
	 
	4.	 	In consideration of the undertakings described herein, including the severance pay
and other benefits which Forrester has granted to you hereunder, and to which you
would not otherwise be entitled, you, on behalf of yourself and your
representatives, assigns, executors, administrators, and heirs, hereby completely
release and forever discharge Forrester Research, Inc. and its subsidiaries, and all
of their respective shareholders, officers, and all other representatives, agents,
directors, employees, successors, and assigns, both individually and in their
official capacities, from all claims, rights, demands, actions, obligations, and
causes of action, of every kind, nature, and character, known or unknown, which
you may now have, or have ever had, against them arising from or in any way
connected with your employment relationship with Forrester Research, Inc., any
actions during the relationship, or the termination of such employment
relationship. This release includes, but is not limited to “wrongful discharge”
claims; all claims relating to any contracts of employment, express or implied;
any claims related to defamation, privacy, misrepresentation, or breach of the
covenant of the good faith and fair dealing, express or implied, and tort claims of
any nature; any claims under municipal, state, or federal statutes or ordinances;
claimed violations of fair employment practices, anti-discrimination, or civil
rights laws (including but not limited to all claims under Title VII of the Civil
Rights Act of 1964, and any claims of discrimination on the basis of race, sex,
pregnancy, age, religion, national origin, sexual orientation or sexual preference,
handicap, disability, veteran status or any other protected classification; claims
under the Age Discrimination in Employment Act, as amended; claims under the
Family and Medical Leave Act or any other federal or state law concerning leaves
of absence, claims under the Americans with Disabilities Act, and any other laws
and regulations relating to employment discrimination); claims under the Worker
Adjustment and Retraining Notification (“WARN”) Act; claims under the
Employee Retirement Income Security Act (other than claims against an
employee benefit plan seeking payment of a vested benefit under the terms of that
plan); claims for wages, bonuses, incentive compensation, stock payments, stock

 

	 	 	options, any form of equity participation, or any other compensation or benefits; and
claims for compensatory or punitive damages or attorney’s fees.
	 
	5.	 	You agree that the terms of this letter agreement are confidential. The terms and
conditions of your Confidentiality, Non-Disclosure, and Non-Compete
Agreement remain in full force and effect. Please review your obligations under
that agreement. All information relating to the subject matter of this agreement,
including the terms and amounts set forth herein, have been and will be held
confidential by you and not publicized or disclosed to any person (other than an
immediate family member, legal counsel, or financial advisor, provided that any
such individual to whom permissible disclosure is made agrees to be bound by
these confidentiality obligations), business entity, or government agency (except
as mandated by state or federal law). You also agree that you have not and will
not disparage Forrester or any of those connected with it. You represent that you
have not breached the Confidentiality, Non-Disclosure, and Non-Compete
Agreement as of the date of this letter agreement, and further agree to abide by the
Confidentiality, Non-Disclosure, and Non-Compete Agreement going forward.
Any breach of this letter agreement or any other agreement that you have with
Forrester will be grounds for immediate termination and/or disgorgement of any
of the pay and/or benefits set forth herein.
	 
	6.	 	Civil Code Section 1542. With respect to the release herein, you knowingly
waive any and all rights and benefits conferred by the provisions of Section 1542
of the Civil Code of the State of California, and any similar law of any state or
territory of the United States or any other jurisdiction. Said Section 1542
provides as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE
CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT
THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM
MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE
DEBTOR.

	7.	 	Massachusetts law shall govern the validity and interpretation of this agreement.
	 
	8.	 	This agreement constitutes the entire understanding of the
parties with respect to your employment, its termination, and all related matters. You and Forrester
expressly warrant that each has read and fully understands this agreement; that
Forrester has advised you to consult with an attorney before signing this
agreement, and that you have had the opportunity to consult with legal counsel of
your own choosing and to have the terms of this agreement fully explained to you;
that you are not executing this release in reliance on any promises,
representations, or inducements other than those contained herein; and that you
are executing this release voluntarily, free of any duress or coercion. You may

 

 

	 	 	have up to forty-five (45) days from the date of Forrester’s signature below to decide to
sign and to return this agreement to Forrester; it will automatically become null and void
if Forrester does not receive it in this time frame. Additionally, Forrester will accept
your express written revocation of this agreement for seven (7) days after you have signed
it. This agreement will not take effect until that revocation period has expired.

If you wish to accept this agreement, please sign the enclosed copy of this letter, and return it
to me. Please call me if you have any questions regarding the information set forth in this letter
agreement.

Very truly-yours,

	 	 	 
	/s/ Timothy M. Riley
 

	 	 
	Timothy M. Riley
	 	 
	Chief People Officer
	 	 
	 
	 	 
	Accepted and Agreed:
	 	 
	 
	 	 
	/s/ Daniel Mahoney
 

	 	 
	Daniel Mahoney
	 	 
	 
	 	 
	12/12                        ,
2006
	 	 
	Dateexv10w21

 

Exhibit 10.21

July 24, 2007

Michael Doyle

37 Stirling Rd.

Bernardsville, N.J. 07924

Dear Mike:

I am pleased to offer you the position of Chief Financial Officer and Treasurer of Forrester
Research, Inc. (“Forrester or the “Company”) in our offices located at 400 Technology Square in
Cambridge, Massachusetts, reporting to Chairman and Chief Executive Officer, George F. Colony.
Your anticipated start date is September 24, 2007.

If you accept this offer of employment, your annualized base compensation would be $300,000
($12,500 semi-monthly), less legally required deductions, paid in accordance with Forrester’s
regular payroll practices (the “Base Salary”). In addition to the Base Salary, you will be
eligible (provided you are employed by Forrester on an active basis on the last day of the
applicable fiscal quarter) for an annual target bonus of $100,000 under the Company’s matrix bonus
plan, as in effect from time to time, prorated to October 1, 2007. The actual amount of your bonus
earned and payable quarterly in arrears in accordance with Company policy will be measured and
determined quarterly, based on Company, and if applicable, business unit performance, and your
achievement of individual goals, and if applicable, team goals. Your next compensation review
would be scheduled for July 2008.

You will be granted an option to purchase 50,000 shares of Forrester’s common stock with an
exercise price equal to the closing price of Forrester common stock on the grant date pursuant to
the Company’s 2006 Equity Incentive Plan (the “Plan”). During your employment, these options will
vest ratably annually over four years from date of grant. This grant will be awarded on the first
business day of the month immediately following your start date, subject to approval of Forrester’s
board of directors. This grant will be subject to the terms and conditions of the Plan, as amended
from time to time, and any stock option certificate, stock option agreement, and other restrictions
generally applicable to stock options and securities of the Company.

You will be eligible to participate in Forrester’s employee benefit programs during your
employment, consistent with the plan documents and Company policies. Forrester’s employee benefits
are described in the attached Employee Benefits at a Glance booklet. Forrester’s employee benefits
are subject to change at any time.

You will be paid a signing bonus of $75,000, less legally required deductions, paid in two
installments. The first installment of $37,500, less legally required deductions, will be paid to
you no later than September 24, 2007, and the second installment of $37,500, less legally required
deductions, no later than January 2, 2008, provided that you continue to be employed by the Company
on a full-time basis on the date of each installment.

 

 

July 24,
2007

Page 2

 

It is expected that you will move to the Cambridge area within six months of your start date and
secure local temporary housing on or before your start date. You will not be reimbursed for any
relocation costs, including temporary housing.

Employment at Forrester is terminable at will. It is understood that your employment is for no
definite term and that you can decide to resign from Forrester at any time without notice and
without cause. Subject to the provisions of the next sentence, it is also understood that
Forrester, at its option, can terminate you at any time with or without notice or Cause as defined
below. Should Forrester terminate your employment for any reason, other than for Cause, you will
continue to be paid, pursuant to Forrester’s regular payroll practices, the Base Salary, less
required withholding taxes, for a period of six months, subject to your signing a separation
agreement in a form acceptable to Forrester, which shall include a general release of all claims.

Cause is defined as your malfeasance or negligence in the performance of your duties; fraud or
dishonesty by you with respect to the Company; your conviction of or plea of nolo contendere to any
felony or other crime involving moral turpitude; or your breach of any provision of this offer
letter or the Employee Confidentiality, Proprietary Rights and Non-Competition Agreement.

This offer is subject to and contingent upon satisfactory results of a background check, which
will include but not necessarily be limited to a check on your educational and criminal history, as
well as your execution of the Company’s Employee Confidentiality, Proprietary Rights and
Non-Competition Agreement, a copy of which is enclosed. You will also be required to complete a
Form I-9, as required by the Immigration Reform and Control Act, and provide the appropriate
documents listed on that form when you report to work.

This offer constitutes the entire agreement between you and the Company and supersedes all prior
understandings, negotiations and agreements, whether written or oral, between you and Forrester as
to the subject matter covered by this offer letter, excluding only the Employee Confidentiality,
Proprietary Rights, and Non-Competition Agreement and the Plan and any agreements or documents
related to the option grant.

We look forward to your joining us. Please indicate your agreement by signing below and returning
this letter along with the signed Employee Confidentiality, Proprietary Rights, and Non-Competition
Agreement in the enclosed envelope.

Sincerely,

	 	 	 	 	 	 	 
	/s/ Elizabeth Lemons 

Elizabeth Lemons

	 	 
	 	/s/ Michael Doyle
 

Michael Doyle
	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	July 24,
2007 

Date

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