Document:

exv10w2

 

Exhibit 10.2

PAREXEL

PAREXEL
International 

195 West Street

Waltham, Massachusetts 02451-1163

+1 781 487 9900 Fax: +1 781 487 0525

www.parexel.com

August 2, 2004

Mr. Kurt A. Brykman 

115 Norrans Ridge 

Ridgefield, Connecticut 06877

Dear Kurt:

This letter is to confirm our offer to you for the position of President, PAREXEL Consulting, for
PAREXEL International Corporation. Your start date is currently expected to be September 7, 2004.
You will be based in our Waltham office and will report to Carl Spalding, President and Chief
Operating Officer in this capacity. The terms of this offer are defined below:

Salary and Incentive Compensation

	•	 	Your semi-monthly salary will be $11,041.66. Our company policy is to review employees
annually.
	 
	•	 	In addition, you will be eligible to receive a bonus of up to 40% of your annual salary
in
accordance with the provisions of PAREXEL’s Performance Bonus Plan FY 2005.
	 
	•	 	Subject to the approval of the Stock Option Committee of the Board of Directors of PAREXEL,
you will receive an option to purchase 50,000 shares of PAREXEL’s Common Stock, at an
exercise price equal to the fair market value per share of PAREXEL’s Common Stock on the
date of grant. The option will vest and become exercisable in accordance with the provisions set
forth in the applicable stock option agreement.
	 
	•	 	a sign-on bonus in the amount of $50,000, payable following
completion of thirty (30) days
of employment. This bonus will be processed and paid in the payroll period following the
completion of thirty days of employment at PAREXEL and will be subject to the normal FICA
and state taxes as well as to the Federal supplemental tax rate of 28%.

Benefits

PAREXEL presently offers a benefits package including health, dental, life and disability
insurance. PAREXEL’s Life Insurance provides a benefit of two times your basic annual earnings
plus $10,000, to a maximum of $1,000,000.00. You will also have the opportunity to purchase
Supplemental Life Insurance payable through payroll deductions.

Additionally the company offers a 401(k) plan managed by Fidelity Investments. Participants may
contribute up to 60% of covered compensation (capped at $13,000.00) and PAREXEL will match
employee contributions up to 3% of salary and capped at $3,000.00 annually. Employees are

 

 

Mr. Kurt A. Brykman

July 22, 2004

Page Two

eligible to participate on the first day of the following month. The Company contributions are
vested 20% per year with full vesting at the completion of five (5) years of service.

In this position, you will be eligible for four (4) weeks vacation in your first year, with
additional time added based on completed years of employment (capped at five (5) weeks). We offer
seven (7) paid holidays with four (4) additional paid floating holidays.

PAREXEL also offers an Employee Stock Purchase Plan (ESPP) to all regular employees customarily
working more than 20 hours/week enabling them to purchase shares of PAREXEL Common Stock at a
discount through payroll deductions. The Company is quoted on the Nasdaq National Market under the
symbol “PRXL”. Employees are eligible to enroll prior to the next ESPP purchase period in June and
December.

Relocation

In addition to the above benefits, PAREXEL will provide you with:

	•	 	cost of transportation of reasonable household goods and
personal possessions from Connecticut to Massachusetts.
	 
	•	 	reasonable expenses incurred for house hunting trips to the
Boston area.
	 
	•	 	costs associated with the purchase of a new home in the Boston area:

	 	-	legal fees
	 
	 	-	deed recording fees
	 
	 	-	tax and title
	 
	 	-	title insurance
	 
	 	-	administrative costs of securing a mortgage loan but excluding the
cost of loan origination fees (points)

	•	 	usual and reasonable real estate commission on the sale of your current home in Connecticut,
up to a maximum of 6%.
	 
	•	 	PAREXEL will work with you to develop a plan to minimize any expenses associated with dual
housing costs in the event you have not sold your home in Connecticut by the time your family
has relocated to the Boston area. The details of this will be worked out as the relocation
progresses.

 

 

Mr. Kurt A. Brykman

July 22, 2004

Page Three

In the event PAREXEL International terminates your employment for any reason other than for Cause
(as defined below), the Company agrees to provide severance to you (the “Executive”) in an amount
equivalent to nine (9) months’ salary, based on your highest monthly salary within the preceding
twelve (12) month period, subject to satisfying all other requirements of the severance policy in
effect at that time.

For purposes of this offer letter, “Cause” shall mean: (1) the commission by the Executive of a
felony, either in connection with the performance of his/her obligations to the Company or which
adversely affects the Executive’s ability to perform such obligations; (2) gross negligence,
breach of fiduciary duty or breach of any confidentiality, non-competition or developments
agreement in favor of the Company; (3) the commission by the Executive of an act of fraud or
embezzlement or other acts in intentional disregard of the Company which result in loss, damage or
injury to the Company, whether directly or indirectly.

The payment for some of these expenses may be considered compensation, thus affecting your taxable
income. You may want to seek financial counsel to prepare you for your annual tax return. Should
you terminate your employment at PAREXEL within twelve (12) months of your start date, you will be
required to repay the relocation expenses, temporary housing, and storage expenses in full.

We hope that you will choose to accept our offer of employment, and we look forward to receiving
your verbal acceptance. As a condition of employment, you will be required to sign a “Key Employee
Agreement” on your first day of employment. PAREXEL’s Key Employee Agreement contains provisions
related to, among other things, confidentiality, inventions, developments and non-competition.
Please sign both copies, initialing page three and bring both of these copies to work on your
first day of employment; these copies should be given to the Human Resources Representative at
orientation.

If you have any questions in the interim, please feel free to contact me at (781) 434-4643.

Sincerely,

Michael R. Brandt

Vice President, Human Resourcesexv10w1

 

Exhibit 10.1

FIRST AMENDMENT

to the

SECOND AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

      This FIRST AMENDMENT (this “Amendment”) dated as of September 4, 2007, is among (a) THE
TIMBERLAND COMPANY, a Delaware corporation (the “Borrower”), (b) the lending institutions listed on
the signature pages hereto (collectively, the “Lenders”) and (c) BANK OF AMERICA, N.A., a national
banking association having a place of business at 100 Federal Street, Boston, Massachusetts 02110,
as a Lender and as Administrative Agent for itself and the other Lenders (the “Administrative
Agent”).

      WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to that certain
Second Amended and Restated Revolving Credit Agreement dated as of June 2, 2006 (as amended and in
effect from time to time, the “Credit Agreement”) among the Borrower, the Lenders, the
Administrative Agent, Banc of America Securities LLC, as Lead Arranger and Sole Book Manager,
Wachovia Capital Markets LLC, as Co-Arranger and Syndication Agent and JPMorgan Chase Bank, N.A.,
as Documentation Agent;

      WHEREAS, the Borrower has requested that the Lenders amend the Credit Agreement to reduce the
Fixed Charge Coverage Ratio required for each Reference Period as set forth in Section 9.1 thereof;

      WHEREAS, subject to the terms and conditions set forth herein, the Required Lenders have
agreed to so amend Section 9.1 of the Credit Agreement;

      NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

      §1. Defined Terms. Capitalized terms which are used herein without definition
and which are defined in the Credit Agreement shall have the same meanings herein as in the Credit
Agreement.

      §2. Amendment to Credit Agreement. Subject to the
satisfaction of the condition precedent set forth in §4 hereof, Section 9.1 of the Credit Agreement
is hereby amended by deleting the text “3.00:1.00” therein and substituting the text “2.25:1.00” in
lieu thereof.

      §3. Representations and Warranties. The Borrower represents and
warrants to the Administrative Agent and the Lenders as follows:

     (a) The representations and warranties of the Borrower contained in the Credit Agreement, as
amended hereby, (i) were true and correct in all material respects when made, and (ii) continue to
be true and correct in all material respects on the date hereof, except to the extent such
representations and warranties by their terms are made solely as of a prior date.

      (b) The execution and delivery by the Borrower of this Amendment and the performance by the
Borrower of all of its agreements and obligations under this Amendment and the Credit Agreement and
the other Loan Documents as amended hereby (i) are within the authority of the Borrower, (ii) have

 

 

been duly authorized by all necessary proceedings or actions by the Borrower, (iii) do not conflict
with or result in any breach or contravention of any provision of law, statute, rule or regulation to which
the Borrower is subject or any judgment, order, writ, injunction, license or permit applicable to
the Borrower, and (iv) do not conflict with any provision of the charter, by-laws or any agreement
or other instrument binding upon the Borrower.

      (c) This Amendment, the Credit Agreement as amended hereby, and the other Loan Documents to
which the Borrower is a party constitute the legal, valid and binding obligations of the Borrower
enforceable against the Borrower in accordance with their respective terms.

      (d) The Borrower has performed and complied in all material respects with the terms and
conditions of the Credit Agreement and the other Loan Documents required to be performed or
complied with by it prior to or at the time hereof, and as of the date hereof, after giving effect
to the provisions hereof, there exists no Default or Event of Default.

      §4. Condition to Effectiveness. This Amendment shall be effective
upon receipt by the Administrative Agent of original counterpart signatures (or a faxed copy
thereof with originals to follow) to this Amendment, duly executed and delivered by the Borrower
and the Required Lenders.

     §5.
Costs  and  Expenses. The Borrower acknowledges and agrees that the reasonable costs and
expenses incurred by the Administrative Agent (including attorneys’ fees) in the preparation,
negotiation and execution of this Amendment and any other documents and instruments contemplated
hereby are for the account of the Borrower as provided in §15.2 of the Credit Agreement. The
Borrower agrees to pay to the Administrative Agent, on demand by the Administrative Agent, all such
reasonable costs and expenses.

      §6. Ratification, etc. Except as expressly amended hereby, the Credit
Agreement, the other Loan Documents and all other documents, instruments and agreements related
thereto are hereby ratified and confirmed in all respects. All references to the Credit Agreement
in any of the Loan Documents or any document, instrument or agreement related thereto shall
hereafter refer to the Credit Agreement as amended hereby.

     
§7. Miscellaneous Provisions.

      (a) Except as otherwise expressly set forth herein, this Amendment shall not, by implication
or otherwise, limit, impair, constitute a waiver of or otherwise affect any rights or remedies of
the Administrative Agent or the Lenders under the Credit Agreement or the other Loan Documents, nor
alter, modify, amend or in any way affect any of the terms, obligations or covenants contained in
the Credit Agreement or the Loan Documents. It is declared and agreed by each of the parties
hereto that the Credit Agreement, as amended hereby, shall continue in full force and effect, and
that this Amendment and the Credit Agreement shall be read and construed as one instrument. Nothing
in this Amendment shall be construed to imply any willingness on the part of the Administrative
Agent or the Lenders to grant any similar or future amendment of any of the terms and conditions of
the Credit Agreement or the other Loan Documents.

      (b) THIS AMENDMENT IS A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL, PURSUANT
TO NEW YORK GENERAL OBLIGATIONS LAW SECTION 5-1401, BE CONSTRUED IN ACCORDANCE WITH AND GOVEREND BY
THE LAWS OF SAID STATE OF NEW YORK (EXCLUDING THE LAWS APPLICABLE TO

 

 

CONFLICTS OR CHOICE OF LAW).

      (c) This Amendment may be executed in any number of counterparts, but all such counterparts
shall together constitute but one instrument. In making proof of this Agreement it shall not be
necessary to produce or account for more than one counterpart signed by each party hereto by and
against which enforcement hereof is sought. Delivery of an executed signature page of this
Amendment by facsimile transmission shall be effective as delivery of a manually executed
counterpart hereof.

      (d) Headings or captions used in this Agreement are for convenience of reference only and
shall not define or limit the provisions hereof.

      (e) This Amendment shall constitute a “Loan Document” under the Credit Agreement.

[Remainder of Page Intentionally Left Blank]

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first
written above.

	 	 	 	 	 
	 	THE TIMBERLAND COMPANY, as Borrower

 	 
	 	By:  	<Gregory M. Saltzberg>
 	 
	 	 	Name:  	Gregory M. Saltzberg 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Administrative Agent

 	 
	 	By:  	<J. Casey Cosgrove>
 	 
	 	 	Name:  	J. Casey Cosgrove 	 
	 	 	Title:  	Vice President 	 
	 
	 	BANK OF AMERICA, N.A., as a Lender

 	 
	 	By:  	<J. Casey Cosgrove>
 	 
	 	 	Name:  	J. Casey Cosgrove 	 
	 	 	Title:  	Vice President 	 
	 
	 	OTHER LENDERS:

WACHOVIA BANK, N.A.

 	 
	 	By:  	<Martha M. Winters>
 	 
	 	 	Name:  	Martha M. Winters 	 
	 	 	Title:  	Director 	 
	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	<Jules Panno>
 	 
	 	 	Name:  	Jules Panno 	 
	 	 	Title:  	Vice President 	 
	 
	 	THE NORTHERN TRUST COMPANY

 	 
	 	By:  	<Alex Nikolov>
 	 
	 	 	Name:  	Alex Nikolov 	 
	 	 	Title:  	Second Vice President 	 
	 

 

 

	 	 	 	 	 
	 	INTESA SANPAOLO S.p.A.
 	 
	 	By:  	<Renato Carducci>
 	 
	 	 	Name:  	Renato Carducci 	 
	 	 	Title:  	General Manager 	 
	 
	 	INTESA SANPAOLO S.p.A.

 	 
	 	By:  	<Luca Sacchi>
 	 
	 	 	Name:  	Luca Sacchi 	 
	 	 	Title:  	Vice President 	 
	 
	 	HSBC BANK USA, N.A.

 	 
	 	By:  	<Thomas Engels>
 	 
	 	 	Name:  	Thomas Engels 	 
	 	 	Title:  	Vice President 	 
	 
	 	THE BANK OF NEW YORK

 	 
	 	By:  	<David B. Wirl>
 	 
	 	 	Name:  	David B. Wirl 	 
	 	 	Title:  	Vice President 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By:  	<Eric Cosgrove>
 	 
	 	 	Name:  	Eric Cosgrove 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	CITIZENS BANK MASSACHUSETTS

 	 
	 	By:  	<Daniel Bernard>
 	 
	 	 	Name:  	Daniel Bernard 	 
	 	 	Title:  	Senior Vice President

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