Document:

<PAGE>

                                                                   EXHIBIT 10.45

                                [UBS LETTERHEAD]

     MEMORANDUM

     August 24, 2001

     TO   Emile Sanchez

     cc   Philip Freeborn, Kurt Wolf, Jean Lequarre, Wayne McGlashan, Geoff
          Linnell

   FROM   Ian Malpas, UBS AG

SUBJECT   PRIVATE BANKING, PEROT SYSTEMS RELATIONSHIP

     1.   COMMERCIAL FRAMEWORK

     This document sets out a proposed evolution of the commercial framework
     between UBS A.G. ("UBS") acting through UBS Private Banking ("UBS PB" which
     term means the whole of UBS Private Banking division, both inside and
     outside Switzerland) and Perot Systems Corporation ("PSC") with regard to
     IT services provided under the Amended and Restated Master Operating
     Agreement dated as of January 1, 1997 ("MOA"), the Master Project Agreement
     dated as of January 1, 1996 ("MPA"), and the Second Amended and Restated
     Agreement for EPI Operational Management Services dated as of June 28, 1998
     ("EPI Agreement"), all between Swiss Bank Corporation (the predecessor of
     UBS) and PSC. This document is intended to be legally binding agreement
     between UBS and PSC.

     2.   TERMS OF NEW ARRANGEMENT

     The arrangements outlined in this document will remain in effect until the
     termination of the EPI Agreement (currently due to expire on 1 January
     2007) either because it is superseded by unit price contracts agreed in
     writing by UBS and PSC, which terminate the EPI Agreement, or because it
     terminates in accordance with its terms. It is expected that these unit
     price contracts will be agreed by 30 November 2001.

     3.   CLASSIFICATION OF SERVICES

     UBS PB and PSC accept that two classes of service have been identified: IT
     Production Services and Other IT Services.

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[UBS LOGO]
                                     PRIVATE BANKING, PEROT SYSTEMS RELATIONSHIP
                                     AUGUST 24, 2001
                                     PAGE 2 OF 4

    3.1    IT PRODUCTION SERVICES

    3.1.1  For the purposes of this document "IT Production Services" means the
           IT services supplied to "run the bank" which comprises services of
           the type listed below being provided to UBS PB as at 1 January, 2001:

           o  Customer Services (Call Centre, Desktop Support, RFS, Moves)
           o  Compute Services (i.e. UNIX, AS/400, Win NT/Win 2000, Operations,
              Disk Storage, Database, ESM)
           o  Software Distribution (Win NT and Win 2000)
           o  Distributed Systems Engineering (including LDIP development)
           o  Mobile-Computing Support (excluding remote access/VPN services)
           o  Internet/Intranet/Extranet Administration & Support (excluding
              firewall service)
           o  Messaging Services (email)
           o  Production Tools for User Self-Help, Problem-Logging, Change
              Management, Service Requests and Management information reporting.

    3.1.2  IT Production Services will be provided by PSC to UBS PB on a "cost
           only" basis, on the same basis as "Scope of Services" are provided
           to UBS Warburg under the EPI Agreement, until such time as the
           monthly cost of the services exceeds $50 million annualised as
           stated in the "Additional Services Letter" dated June 15, 2000 from
           Jim Champy to Philip Freeborn.

    3.1.3  PSC will be the preferred supplier to UBS PB of all UBS PB's
           requirements for IT Production Services (as defined above) and these
           will be covered by the same exclusivity provisions as apply to Scope
           of Services provided under the EPI Agreement (i.e. UBS PB will not
           enter into any agreements with 3rd parties relating to IT Production
           Services or, subject only to the next sentence, provide IT Production
           Services internally, without prior written PSC approval or written
           notification from PSC of intent to withdraw from provision of IT
           Production Services). Both parties agree and acknowledge than UBS PB
           will have the right to manage and operate its own IT Production
           Services in house at the locations and to the extent they are
           currently undertaken internally by UBS at the date of this agreement.
           These locations will be reviewed annually by the parties and may be
           changed by written agreement between UBS and PSC.

    3.1.4  Individual task orders under the MPA will be signed, where possible
           for 1 year, between PSC and UBS PB for all UBS PB's requirements for
           IT Production Services. These will be renewable for one year periods
           (corresponding to the UBS budget cycle). Taking into account (and
           subject to) the provisions of section 3.1.3 above, UBS may terminate
           a task order by giving not less than 90 days prior written notice to
           PSC.

    3.2    IT PRODUCTION SERVICES COMMERCIAL TERMS

    3.2.1  Monthly billings, which are payable in advance, will be raised by
           PSC directly to UBS PB, Annual budgeting requirements substantially
           similar to those applicable to the EPI Agreement will apply to the
           arrangements with UBS PB so as to ensure that UBS PB may adjust its
           annual IT production requirements as it evolves.

    3.2.2  Travel plans will be approved in advance by UBS PB, in accordance
           with UBS PB policy and margin will not be charged on expenses.

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[UBS LOGO]                           PRIVATE BANKING, PEROT SYSTEMS RELATIONSHIP
                                     AUGUST 24, 2001
                                     PAGE 3 OF 4

    3.2.3  Based upon current task order requests, the terms outlined above have
           a negative impact on PSC's 2001 P&L. In the spirit of the
           relationship and in recognition of this concession by PSC to UBS as a
           result of the variation in the current contractual arrangements
           outlined by this document, UBS PB will pay one-half of this foregone
           margin for IT Production Services provided by PSC between 1 January
           and 31 December 2001. This will be billed by PSC as a 20% mark-up on
           applicable IT Production Services provided to UBS PB, including
           retroactive increased billing from 1 January 2001 if applicable. This
           arrangement is wholly independent of the discount applicable under
           section 4.5 of Amendment No. 1 to the EPI Agreement dated as of 15
           September 2000 (the "NSS Agreement") and section 4.5 of the NSS
           Agreement shall not apply to the mark-up chargeable under the
           section.

    3.2.4  The cost of IT Production Services provided to UBS PB under these
           arrangements will count towards the $50 million cap set forth in the
           Additional Services Letter.

    3.2.5  Taking into account (and subject to) the provisions of sections 3.2.1
           through 3.2.4 above, for clarity:

           o  IT Production Services provided between 1 Jan 01 to 31 Dec 01:
                    COST + 20% = Invoice amount

           o  IT Production Services provided from 1 Jan 02 onwards:
                    COST = Invoice amount

    3.3    OTHER IT SERVICES

    3.3.1  Scope of Services: Any services provided by PSC that are not IT
           Production services. These will tend to be "change the bank"
           activities, typical (but non-exhaustive) examples include:

           o  Resources developing the Executive Share Option Programme or
              Employee Equity Plan.

           o  Resources supporting PBE Central Platform Product Upgrade
              architecture design.

    3.3.2  USB PB and PSC will sign individual task orders to cover each piece
           of Other IT Services work, under the MPA.

    3.4    OTHER IT SERVICES COMMERCIAL TERMS

    3.4.1  Monthly billings, which are payable in advance, will be made by PSC
           directly to UBS PB.

    3.4.2  These services will be billed under the cost-plus default terms of
           the MPA. UBS PB and PSC will seek to agree labour rates and, once
           agreed in writing, the cost-plus billing will be replaced by labour
           rate billing. The discounts set forth in section 4.5 of the NSS
           Agreement will be applied in accordance with the provisions of that
           section.

    3.4.3  For Clarity the Other IT Services provided to UBS PB from 1 Jan 2001
           onwards:
                    COST + O'HEAD + (MARGIN - DISCOUNT) = Invoice amount

           Where:

           COST         = Cost to PSC of providing service
           O'HEAD       = Corporate overhead as specified in the Master Project
                          Agreement (10% to 14%)
           MARGIN       = Default margin as specified in the Master Project
                          Agreement (26.5%)
           DISCOUNT     = 50% of MARGIN as specified in section 4.5 the NSS
                          Agreement

    3.4.4  Travel plans will be approved in advance by UBS PB, in accordance
           with UBS PB policy and margin will not be charged on expenses.
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[UBS LOGO]                           PRIVATE BANKING, PEROT SYSTEMS RELATIONSHIP
                                     AUGUST 24, 2001
                                     PAGE 4 OF 4

4. ACCOUNT MANAGEMENT

UBS PB will be liable for the costs associated with PSC account management and
coordination. UBS PB propose the following project managers, who will allocate
part of their time to management duties:

     o Tommy Attaway     - Switzerland
     o Tony Sze          - Asia
     o Hugh Cocks        - Europe
     o Richard Newman    - European Wealth Management

In addition, UBS acknowledges the need for an overall account manager, currently
Geoff Linnell but to be transitioned to Claudio De Stefani, to manage the
interface between Perot and UBS and to co-ordinate the project managers above.
UBS will be liable for the costs associated with the portion of the time
allocated to the PB account for this overall account management. UBS PB reserves
the right to approve this individual, such approval not to be unreasonably
withheld or delayed.

It is acknowledged by UBS that the named personnel in the account and project
management roles above may change over time.

Please signify your consent to the provisions of this document by signing,
dating and returning to me the attached copy of this document.

UBS AG

/s/ IAN MALPAS                         /s/ KURT WOLF

Ian Malpas                             Kurt Wolf
Managing Director                      Managing Director

31st August 01                         17th September, 01

Agreed:
Perot Systems Corporation
By:

/s/ DANIEL KARNUTA

Title:

Daniel Karnuta

Date: 28 September 01<PAGE>
                                                                   EXHIBIT 10.31

                              SEPARATION AGREEMENT

     THIS AGREEMENT is made and entered into as of the 14th day of March, 2001,
by and between FSI International, Inc., a Minnesota corporation (hereinafter
"FSI"), and Benno G. Sand currently an officer and employee of FSI (hereinafter
"Employee").

DEFINITIONS

     Specific terms used in this Agreement have the following meanings:

     1. "Base Annual Salary" shall mean the highest annual rate of the
Employee's base salary with the Company during the twelve (12) months preceding
the date of termination of the Employee's employment with the Company and its
Subsidiaries (without reduction for any salary reduction or other deferral
contribution to any employee benefit plan sponsored by the Company).

     2. "Cause" shall mean and be limited to, (i) willful and gross neglect of
duties by the Employee or (ii) an act or acts committed by the Employee
constituting a felony under United States federal or applicable state law and
substantially detrimental to the Company or any Subsidiary or the reputation of
the Company or any Subsidiary, so long as Employee is given written notice
thereof and fails to promptly cure (if such "Cause" can be cured) and
subsequently there is a determination by a resolution duly adopted by the
affirmative vote of not less than two-thirds of the entire membership of the
Board at a meeting thereof called and held for such purpose (after reasonable
notice is provided to the Employee and the Employee is given an opportunity to
be heard before the Board) finding that in the good faith opinion of the Board
the Employee is guilty of the conduct described above in (i) or (ii).

     3. "Company" means, separately and collectively, FSI and any entity in
which FSI has an ownership interest, directly or indirectly, of at least twenty
percent (20%) of the outstanding shares of such entity.

     4. "Competing Product"

          a. for the period which Employee is an employee of the Company means
     any product or service that competes with or will compete with any product,
     product line, or service that is sold, marketed, produced, distributed,
     leased, or under development by the Company with respect to which Employee
     performed services of any kind or nature during the twenty-four (24) month
     period ending on the date of the conduct at issue; and

          b. for the period after Employee's employment with the Company has
     ended any product or service that competes with or will compete with any
     product, product line, or service that is sold, marketed, produced,
     distributed, leased, or under development by the Company with respect to
     which Employee performed services of any kind or nature during the
     twenty-four (24) month period ending on the date Employee's employment with
     the Company ends.

     5. "Confidential Information" means certain proprietary information
maintained in confidence by the Company as intellectual property, trade secrets,
or otherwise, including but not limited to information relating to (i) the

<PAGE>

Company's finances, processes, products, services, research, and development,
and (ii) its manufacturing, purchasing, accounting, engineering, designing,
marketing, merchandising, selling, distributing, leasing, and servicing systems
and techniques; it also includes plans or proposals with regard to any of the
foregoing, whether implemented or not. All information originated by Employee,
or disclosed to Employee, or to which Employee otherwise gains access, during
the period of Employee's employment with FSI that the Employee has reason to
believe is Confidential Information, or that is characterized or treated by the
Company as being Confidential Information, or that would be of economic value to
a third party, shall be presumed to be Confidential Information.

     6. "Customer" means any firm, person, corporation, or other entity

          a. to whom or to which the Company has sold, distributed, or leased
     its products or services, or

          b. whom or which the Company has solicited for sales, distribution, or
     leasing of its products or services,

whether directly or indirectly, and whether by or through employees of the
Company or through its affiliated sales organizations.

     7. "Customer Information" means information relating to Customers'
operations, processes, products, and research and development and to Customers'
manufacturing, purchasing, and engineering systems and techniques.

     8. "Restricted Country" means any nation or country in which the Company
had Customers, had business operations, or otherwise did business, directly or
indirectly, in the twenty-four (24) month period ending on the effective date of
the termination of Employee's employment with FSI.

     Terms not specifically defined will be interpreted in light of the context
in which they appear.

AGREEMENT

     In consideration of his employment by FSI, and the wages, salary, and
employee benefits to be provided to Employee by FSI and in view of the
provisions of Section 5, Employee and FSI hereby agree as follows:

     1. Employee acknowledges and agrees:

          a. That during the course of his employment with FSI, Employee may
     have access to Confidential Information; that the Company has developed and
     established and will continue to develop and establish a valuable and
     extensive trade in its products and services; and that the Company would
     suffer great loss and irreparable injury if Employee were to disclose any
     of the Confidential Information, or use it in the solicitation of Customers
     or use it to compete with the Company.

          b. That during the course of his employment with FSI, Employee may
     have access to Customer Information; that Customer Information obtained by
     Employee during the course of his employment with FSI is a valuable asset
     of FSI; and that the Company would suffer great loss and irreparable injury
     if Employee were to use Customer Information in the solicitation of
     Customers or to otherwise compete with the Company.

<PAGE>

     2. a. Employee during his employment with FSI and at all times thereafter
shall maintain in strictest confidence and shall not, without FSI's express
advance written consent, directly or indirectly (whether through written or
printed materials, electronic media, or oral communications, and whether
Employee's source of information is written or printed materials, electronic
media, oral communications, or his own memory),

          (i) copy, or

          (ii) transmit, publish, communicate, or otherwise disclose or make
     available, or permit or cause to be transmitted, published, communicated or
     otherwise disclosed or made available, to any other firm, person,
     corporation or other entity, or

          (iii) use as owner, director, officer, manager, trustee, partner,
     employee, independent contractor, agent, or consultant in any business
     venture or other enterprise or endeavor,

any Confidential Information or Customer Information.

          b. An exception to the provisions of Paragraph 2(a), above, is that in
     the scope and course of his employment with FSI, Employee may, in
     furtherance of the Company's business interests, communicate Confidential
     Information or Customer Information to other responsible Company personnel,
     Customers, and other persons or entities with whom or which the Company has
     dealings, who have a need to know such information.

     3. During Employee's employment under this Agreement and for a period of
one (1) year following termination of Employee's employment hereunder, whether
voluntary or involuntary:

          a. Employee will inform any new employer, prior to accepting
     employment, of the existence of this Agreement and provide such employer
     with a copy of this Agreement.

          b. (i) Except for ownership of one percent (1%) or less of the shares
     of any company listed on a national or regional stock exchange, Employee
     will not own any shares of stock or other ownership interest, either
     directly or indirectly, or serve as a director, officer, manager, trustee,
     partner, employee, independent contractor, agent, or consultant, or
     otherwise become active or involved in the management, operation, or
     representation of a business or other enterprise that is engaged in or
     about to engage in selling, marketing, producing, distributing, leasing,
     designing, or developing a Competing Product in any Restricted Country.

          (ii) Notwithstanding the provisions of Section b(i), Employee may
     accept employment with a business organization that is engaged or about to
     engage in selling, marketing, producing, distributing, leasing, or
     developing a Competing Product in a Restricted Country if (i) such business
     organization is diversified to the extent that it has significant
     operations other than that portion of the business organization that is
     engaged or about to engage in selling, marketing, producing, distributing,
     leasing, or developing a Competing Product; (ii) during the entire one year
     period following termination of employment with FSI, such Employee will be
     rendering services to that portion of the business organization that is not
     engaged or about to engage in selling, marketing, producing, distributing,

<PAGE>

     leasing, or developing a Competing Product; and (iii) prior to acceptance
     of employment by Employee with such business organization, separate written
     assurances satisfactory to FSI shall be received and accepted by FSI from
     both the Employee and the business organization, in each case stating that
     during the entire one year period following termination of employment with
     FSI, Employee will not be rendering services to any portion of the business
     organization that, directly or indirectly, is engaged or about to engage in
     selling, marketing, producing, distributing, leasing, designing, or
     developing a Competing Product.

          c. Employee will not, on behalf of himself or any other person or
     entity, directly or indirectly sell, distribute, or lease a Competing
     Product to, or solicit sales, distribution, or leasing of a Competing
     Product to, any Customer with whom Employee communicated, whether in
     person, through written or printed materials, or by telephone, electronic
     mail, or other form of electronic transmission, during the twenty-four (24)
     month period ending on the effective date of the termination of Employee's
     employment with FSI. This Paragraph 3(c) shall not be interpreted to limit
     or restrict in any way the commitments of Employee set forth in Paragraph
     3(b), above.

          d. Employee will not, directly or indirectly, persuade, encourage, or
     entice, or attempt to persuade, encourage or entice: employees of the
     Company to terminate their employment relationship with the Company;
     manufacturers or suppliers to adversely alter or modify, or to discontinue,
     their relationship with the Company unless at the written request of FSI's
     President or Vice President, Administration; or Customers to discontinue
     purchasing from the Company.

     4. After termination of Employee's employment with FSI for any reason,
Employee will conscientiously and diligently seek other employment. If Employee
is unable to obtain employment consistent with his abilities and education
solely because of the provisions of Section 3 above, then:

          a. Such provisions shall bind Employee only so long as FSI shall make
     monthly payments to Employee equal to seventy-five percent (75%) of his
     average monthly base pay, exclusive of bonuses and commissions, for the
     twenty-four (24) month period ending on the last day of the month preceding
     the effective date of Employee's termination, for each month of such
     unemployment.

          b. Employee shall, during each month of such unemployment for which
     Employee claims payment, give FSI a detailed written account of Employee's
     efforts to obtain employment, including a written description of all
     companies, business organizations, or other entities contacted by Employee
     and the dates thereof, the positions applied for (including a description
     of the responsibilities relating thereto) and the anticipated salaries
     relating thereto, and the persons with whom such contacts were made and the
     results of such contacts including but not limited to any offers of
     employment extended to Employee. Such written account shall also include a
     statement by Employee that, although Employee conscientiously and
     diligently sought employment, Employee was unable to obtain employment
     solely because of the provisions of Section 3 of this Agreement. If at any
     time FSI reasonably and in good faith concludes that Employee has not
     conscientiously and diligently sought other employment, FSI may suspend
     making payments hereunder until such time as Employee resumes conscientious
     and diligent efforts to obtain other employment; any payments suspended
     hereunder will be considered to be forfeited, and FSI will have no
     obligation to make delayed payment of the suspended payments if the
     Employee later resumes conscientious and diligent efforts to obtain other
     employment. Suspension of payments by FSI pursuant to this Paragraph 4(b)
     does not relieve Employee of his obligations pursuant to Section 3 of this
     Agreement, above.

<PAGE>

          c. FSI is obligated to make such payments to Employee only upon
     Employee's fulfillment of the conditions and obligations set forth above in
     Paragraph 4(b), and in no event for a period greater than twelve (12)
     consecutive months commencing with the month of Employee's termination of
     employment with FSI. FSI is not obligated to make any payments pursuant to
     this Agreement for any month following written notice to Employee by FSI's
     Vice President, Administration providing Employee with written permission
     to accept available employment or giving Employee a written release from
     the obligations of Section 3 above. FSI shall not be liable, under this
     Agreement, or any action relating thereto, for any amount greater than the
     equivalent of twelve (12) monthly payments.

          d. FSI's obligation, if any, to make such monthly payments shall
     terminate upon Employee's obtaining employment consistent with provisions
     of this Agreement, and Employee shall promptly give written notice of such
     employment to FSI.

     5. If Employee is terminated by Company other than for Cause, if he resigns
after giving FSI at least ninety (90) days written notice, or if he dies while
employed by FSI, then Company shall pay Employee or his estate his Base Annual
Salary, without right of offset.

     Any such payments made pursuant to this Paragraph 1 shall be made during
the Company's normal payroll periods at Employee's last known address, shall be
in lieu of any payments under the Company's Severance Plan, are conditioned upon
Employee's execution of a release substantially in the form attached hereto, and
the expiration (without rescission) of the applicable rescission period.

     6. Upon termination of his employment with FSI, Employee agrees to deliver
promptly to FSI all records, manuals, books, blank forms, documents, letters,
memoranda, notes, notebooks, reports, data, tables, photographs, videotapes,
audio tapes, computer disks or other form of computer storage, and calculations
or copies thereof, whether in written or printed materials or electronic media
of any kind or nature, which are the property of the Company or which relate in
any way to the business, products, practices, or techniques of the Company and
all other property, Confidential Information, and Customer Information
including, but not limited to, all documents and electronic media which in whole
or in part contain any Confidential Information or Customer Information, whether
or not constituting intellectual property or trade secrets, which in any of
these cases are in his possession or under his control. Employee shall be
permitted to retain personal correspondence, documents and items which contain
no Confidential Information or Customer Information; prior to removing any such
personal materials, Employee will review them with a representative designated
by FSI.

     7. Employee's employment is at-will. Neither this Agreement, in whole or in
part, nor any action taken hereunder shall be construed as giving Employee any
right to be retained in the employ of FSI for any particular period of time nor
shall it otherwise limit FSI's right to terminate the employment of Employee at
any time, with or without cause or reason, or the Employee's right to resign.

     8. Employee specifically acknowledges and agrees that the terms and
conditions of the above restrictive covenants are reasonable and necessary for
the protection of FSI's business, Confidential Information, and Customer
Information, whether or not characterized as intellectual property or trade
secrets, and to prevent damage or loss to FSI as a result of any action taken by
Employee.

<PAGE>

     9. Employee hereby acknowledges and agrees that any breach by Employee of
the foregoing provisions may cause FSI irreparable injury for which there is no
adequate remedy at law. Therefore, Employee expressly agrees that FSI shall be
entitled, in addition to any other remedies available, to injunctive and/or
other equitable relief to require specific performance or prevent a breach under
the provisions of this Agreement. Employee further agrees that any delay by it
in assertion of a right under this Agreement, or any failure by FSI to assert a
right under this Agreement, does not constitute a waiver by FSI of any right
hereunder, and FSI may subsequently assert any or all of its rights hereunder as
if the delay or failure to assert rights had not occurred.

     10. In the event that any portion of this Agreement may be held to be
invalid or unenforceable for any reason, it is hereby agreed that said
invalidity or unenforceability shall not affect the other portions of this
Agreement and that the remaining terms and conditions or portions hereof shall
remain in full force and effect and any court of competent jurisdiction may so
modify the objectionable provision as to make it valid, reasonable, and
enforceable.

     11. This Agreement shall be binding upon and shall be enforceable by the
parties hereto and their respective successors and assignees and may not be
terminated except by FSI during Employee's employment with Employee's written
consent. This Agreement shall be governed by the laws of the State of Minnesota.

     12. Except for the Management Agreement dated January 2, 2001 ("Management
Agreement") between Employee and FSI, this Agreement supersedes any previous
agreement, written or oral, between FSI and Employee relating to the same
subject matter. This Agreement may be otherwise amended or terminated only by a
subsequent agreement in writing signed by Employee and a director of FSI. In the
event Employee is terminated following an "Event" or terminates employment
following a "Constructive Involuntary Termination" as such terms are defined in
the Management Agreement, such that he is entitled to severance payments under
this Agreement and the Management Agreement, then Employee shall be entitled to
payments only pursuant to the Management Agreement.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day
and year first-above written.

FSI INTERNATIONAL, INC.                      EMPLOYEE

By:  /s/ DONALD S. MITCHELL                  /s/ Benno G. Sand
     -----------------------------------     -----------------------------------
      Donald S. Mitchell                     Benno G. Sand
Its:  Chief Executive Officer

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