Document:

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                                                                   Exhibit 10.21

                         EXECUTIVE EMPLOYMENT AGREEMENT

         THIS AGREEMENT, is made by and between People's Bancshares, Inc., a
Massachusetts corporation (the "COMPANY"), People's Savings Bank of Brockton, a
Massachusetts savings bank (the "BANK"), and James K. Hunt, an individual
residing at 9 Merritt Road, Hanover, Massachusetts (the "EXECUTIVE"), as of the
28th day of March, 2001 (the "EFFECTIVE DATE"). Except where otherwise indicated
or inapplicable, all references to the "Company" in this Agreement shall refer
to both the Company and the Bank.

         In consideration of the mutual promises, terms and conditions contained
in this Agreement, the parties hereto agree as follows:

         1. EMPLOYMENT. The Company hereby agrees to continue the employment of
the Executive, and the Executive agrees to continue in the service of the
Company, subject to the terms and conditions contained herein.

         2. DUTIES AND PERFORMANCE.

                  a. Subject to the general direction of the Board of Directors
of the Company (the "BOARD"), the Executive shall serve as the Executive Vice
President/Finance and Administration and Chief Financial Officer of the Company
and shall perform such duties and assume the responsibilities of such positions
and other appropriate duties and responsibilities as may be assigned by the
Board or its designees.

                  b. While employed by the Company hereunder, the Executive
shall devote his full business time and best efforts, judgment, skill and
knowledge exclusively to the advancement of the Company's interests and to the
discharge of his duties and responsibilities for the Company. While employed by
the Company hereunder, the Executive shall not engage in any other business
activity, except as approved by the Board or its designee in writing. It is
agreed, however, that the provisions of this Section 2(b) shall not be violated
by the Executive's holding of directorships or related positions in charitable,
educational or not-for-profit organizations which do not involve substantial
time commitments or by passive personal investment activities, provided that
such positions and activities are not in conflict, and do not otherwise
interfere, in any material respect, with the Executive's duties and
responsibilities to the Company.

         3. COMPENSATION. As compensation for all services performed for the
Company during the term of this Agreement, the Company shall pay the Executive a
base salary (the "BASE SALARY") at an annual rate not less than the Executive's
base salary on the Effective Date, subject to increase from time to time by the
Company in its discretion.

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         4. EMPLOYEE BENEFITS. During the term hereof, the Executive shall be
entitled to participate in any and all employee benefit plans, medical insurance
plans, life insurance plans, disability income plans, retirement plans, bonus
incentive plans, disability income plans, stock option plans and other benefit
plans from time to time in effect for employees of the Company generally,
excluding only plans providing payments and/or other benefits in the event of a
termination of employment. Such participation shall be subject to the terms of
the applicable plan documents, generally applicable Company policies and the
discretion of the Board or any administrative or other committee provided for in
or contemplated by such plan. In addition, during the term hereof, the Executive
shall be entitled to a monthly automobile allowance in an amount available to
other senior officers of the Company.

         5. BUSINESS EXPENSES. The Company shall reimburse the Executive for all
reasonable travel and other business expenses incurred by him in the performance
of his duties and responsibilities, subject to such reasonable requirements with
respect to substantiation and documentation as may be specified by the Company.

         6. VACATION; SICK LEAVE. The Executive shall be entitled to vacation
and sick leave benefits during the term of this Agreement in accordance with the
customary policies of the Company for employees of comparable position and
responsibilities.

         7. TERM. Subject to earlier termination, as provided hereafter, the
Executive's employment hereunder shall be for an initial term of two (2) years,
commencing on the Effective Date; PROVIDED, HOWEVER, that the term shall be
extended automatically from day to day thereafter, such that the remaining term
of this Agreement always shall be two (2) years, unless either party gives
notice to the other party of such party's election not to extend the term of
this Agreement. The term of this Agreement, as from time to time renewed or
extended in accordance with this Section 7, is hereafter referred to as "the
term hereof" or "the term of this Agreement".

         8. TERMINATION OF EMPLOYMENT. Notwithstanding the provisions of Section
7 above, the Executive's employment under this Agreement shall terminate under
the following circumstances and, in that event, the Company shall have only such
obligations to the Executive as are specified below under the applicable
termination provision:

                  a. UPON DEATH. In the event of the Executive's death during
the term hereof, the Executive's employment hereunder shall immediately and
automatically terminate. In such event, the Company shall pay to the Executive's
designated beneficiary or, if no beneficiary has been designated by the
Executive, to the Executive's estate, the Executive's base salary then in effect
for a period of three (3) months following the date of death.

                  b. AS A RESULT OF DISABILITY. In the event that the Executive
becomes disabled during the term hereof and, as a result, is unable to perform

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substantially all of his duties for the Company for more than one hundred and
twenty (120) days during any period of three hundred and sixty-five (365) days,
the Company may terminate the Executive's employment without further obligation
upon notice to the Executive. In the event of such disability, the Executive
will continue to receive his base salary and benefits under Sections 3 and 4
hereof until the earlier of the date the Executive becomes eligible for
disability income under the Company's long-term disability or workers'
compensation insurance plan or the date his employment terminates.

                  c. BY THE COMPANY FOR CAUSE. The Company may terminate the
Executive's employment for Cause at any time upon notice to the Executive
setting forth in reasonable detail the nature of such Cause. The following, as
determined by the Board in its reasonable judgment, shall constitute Cause for
termination: (1) the Executive's refusal to perform, or gross negligence in the
performance of, his duties or responsibilities on behalf of the Company, in
either case, which continues for more than thirty (30) days after written notice
has been given to the Executive hereunder; (2) the Executive's fraud,
embezzlement or other material dishonesty with respect to the Company; and (3)
the Executive's gross misconduct, or his conviction of a crime of moral
turpitude. In the event of such termination, the Company shall have no further
obligation to the Executive, other than for base salary earned through the date
of termination.

                  d. BY THE COMPANY OTHER THAN FOR CAUSE. The Company may
terminate the Executive's employment other than for Cause upon notice to the
Executive under this subsection (d) or under subsection (g) below, whichever is
applicable. In the event of such termination prior to, or more than two years
following, a "Change of Control" and provided that the Executive executes the
release of claims attached hereto and marked "A" (the "EXECUTIVE RELEASE")
within twenty-one (21) days on the date of notice of termination of employment
and does not timely revoke the Executive Release, the Company:

                           i. shall pay the Executive severance pay in an amount
                  equal to twelve (12) months' base salary at the rate in effect
                  on the date of termination and the bonus which the Executive
                  earned for performance, if any, during the calendar year
                  immediately preceding the year in which termination occurs,
                  which the Executive may elect to receive (A) in a single lump
                  sum, payable within thirty (30) days following the effective
                  date of the Executive Release or (B) as salary continuation
                  payable at the Company's regular payroll periods and in
                  accordance with its regular payroll practices commencing on
                  the next regular payday immediately following the effective
                  date of the Executive Release, but retroactive to the date of
                  termination; and,

                           ii. at the Executive's election, (A) shall continue
                  to pay, for the period of twelve (12) months following
                  termination of the

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                  Executive's employment or, if earlier, until the date the
                  Executive is covered under another employer's health plan that
                  is comparable to that of the Company (the "POST-EMPLOYMENT
                  HEALTH COVERAGE PERIOD"), that share of the premium cost of
                  Executive's participation and that of his eligible dependents
                  in the Company's group health plan as it pays for active
                  employees of the Company and their eligible dependents
                  generally OR (B) shall pay the Executive a single lump sum
                  payment equal to the amount that the Company would have
                  expended if participation had been elected and continued for a
                  period of twelve (12) months, which lump sum shall be payable
                  within thirty (30) days following the effective date of the
                  Executive Release, and the Executive and his eligible
                  dependents may exercise any rights they have under COBRA to
                  continue participation in the group health plan at their cost,
                  effective as of the date the Executive's employment
                  terminates. Should the Executive elect option (A) above, the
                  period of any continued health coverage to which the Executive
                  and his eligible dependents may be entitled under Sections
                  601-607 of ERISA and Section 4980B of the Internal Revenue
                  Code (collectively referred to as "COBRA") as a result of the
                  Executive's termination of employment will commence at the end
                  of the above-defined Post Employment Health Coverage Period.
                  Notwithstanding anything to the contrary contained herein, the
                  Executive may only elect option (A) directly above if the
                  Executive elects to receive payment under subparagraph (d)(i),
                  directly above, in the form of salary continuation.

                  e. BY THE EXECUTIVE FOR GOOD REASON. The Executive may
terminate employment hereunder for Good Reason upon notice to the Company
setting forth in reasonable detail the nature of such Good Reason. The following
shall constitute Good Reason for termination by the Executive: (i) failure of
the Company to continue the Executive in his executive position; (ii) a change
adverse to the Executive in the Executive's primary reporting relationship;
(iii) material diminution in the nature or scope of the Executive's
responsibilities, duties or authority, (iv) material failure of the Company to
provide the Executive base salary and benefits in accordance with the terms of
Sections 3 and 4 hereof; or (v) a permanent transfer of the Executive to a work
site more than twenty-five miles distant from his work site on the Effective
Date. In the event of termination in accordance with this Section 8(e), the
Company shall provide the Executive base salary and health insurance benefits in
accordance with Section 8(d) hereof, provided that the Executive executes the
Executive Release within twenty-one (21) days of his notice of termination of
employment and provided further that the Executive does not timely revoke the
Executive Release.

                  f. BY THE EXECUTIVE OTHER THAN FOR GOOD REASON. The Executive
may resign employment other than for Good Reason at any time upon one month's
notice to the Company. In the event of such termination, the Company shall have
no

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further obligation to the Executive, other than for base salary earned through
the date of termination.

                  g. UPON A CHANGE OF CONTROL.

                     i. If a "Change of Control" (as defined in subsection
(g)(ii) below) occurs and, within two (2) years following such Change of
Control, the Company terminates the Executive's employment other than for Cause,
or the Executive terminates his employment for Good Reason, and the Executive
executes the Executive Release within twenty-one (21) days of the date of notice
of termination of his employment and does not timely revoke it, then, in lieu of
any payment and benefits to which the Executive would otherwise be entitled
under Section 8(d) or 8(e) hereof, the Company:

                                    (1) shall pay the Executive an amount equal
         to twenty-four (24) months' base salary at the rate in effect on the
         date of termination of the Executive's employment PLUS an amount equal
         to two (2) times the bonus which the Executive earned for performance,
         if any, during the calendar year immediately preceding the year in
         which termination occurs, which the Executive may elect to receive (A)
         in a single lump sum, payable within thirty (30) days following the
         effective date of the Executive Release or (B) as salary continuation
         payable at the Company's regular payroll periods and in accordance with
         its regular payroll practices commencing on the next regular payday
         following the effective date of the Executive Release, but retroactive
         to the date of termination; and

                                    (2) at the Executive's election, (A) shall
         continue to pay, for the period of twenty-four months following
         termination of the Executive's employment or, if earlier, until the
         date the Executive is covered under another employer's health plan that
         is comparable to that of the Company (the "POST-EMPLOYMENT HEALTH
         COVERAGE PERIOD"), that share of the premium cost of Executive's
         participation and that of his eligible dependents in the Company's
         group health plan as it pays for active employees of the Company and
         their eligible dependents generally OR (B) shall pay the Executive a
         single lump sum payment equal to the amount that the Company would have
         expended if participation had been elected and continued for a period
         of twenty-four (24) months, which lump sum shall be payable within
         thirty (30) days following the effective date of the Executive Release,
         and the Executive and his eligible dependents may exercise their rights
         under COBRA to continue participation in the group health plan at their
         cost effective as of the date his employment terminates. Should the
         Executive elect option (A) above, the period of any continued health
         coverage to which the Executive and his eligible dependents may be
         entitled under COBRA as a result of the Executive's termination of
         employment will commence at the end of the above-defined
         Post-Employment Health Coverage Period. Notwithstanding anything to the
         contrary contained

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         herein, the Executive may only elect option (A) directly above if the
         Executive elects to receive payment under subparagraph (g)(i)(1) in the
         form of salary continuation.

                                    (3) If, in connection with a Change of
         Control, any other employees of the Company who hold stock options will
         have their options cashed out, the Executive shall have the right to
         have all or any of such options cashed out on the same basis and at the
         same time the options of such other employees are cashed out.

                  ii. Except as otherwise provided with respect to subparagraphs
(g)(i)(3) and (g)(i)(4) directly above, a "Change of Control" shall be deemed to
have occurred if hereafter:

                                    (A) any "person", as such term is used in
         Section 13(d) and 14(d) of the Securities Exchange Act of 1934 as
         amended (the "EXCHANGE ACT") other than the Company or any of its
         subsidiaries or affiliates or any trustee or other fiduciary holding
         securities under an employee benefit plan of the Company or any of its
         subsidiaries or affiliates, becomes a beneficial owner (within the
         meaning of Rule 13d-3, as amended, as promulgated under the Exchange
         Act), directly or indirectly, of securities representing twenty-five
         (25%) percent or more of the combined voting power of the Company's
         then outstanding securities; or

                                    (B) during any period of two consecutive
         years (not including any period prior to the Effective Date),
         individuals who at the beginning of such period constitute the Board of
         Directors of the Company or, any new director (other than a director
         designated by a person who has entered into an agreement with the
         Company to effect a transaction described in clause (A), (C) or (D) of
         this Section 8(g)(ii) whose election by the Board of Directors of the
         Company or nomination for election by the Company's stockholders was
         approved by a vote of at least two-thirds of the directors then still
         in office who either were directors at the beginning of the period or
         whose election or nomination for election was previously so approved,
         cease for any reason to constitute at least a majority thereof; or

                                    (C) there occurs a merger or consolidation
         of the Company with any other corporation, other than a merger or
         consolidation which would result in the voting securities of the
         Company outstanding immediately prior thereto continuing to represent
         (either by remaining outstanding or by being converted into voting
         securities of the surviving entity) more than eighty percent (80%) of
         the combined voting power of the voting securities of the Company or
         such surviving entity outstanding immediately after such merger or
         consolidation; provided, however, that a merger or consolidation
         effected to implement a recapitalization of the Company (or

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         similar transaction) in which no "person" (as hereinabove defined)
         acquires more than twenty-five percent (25%) of the combined voting
         power of the Company's then outstanding securities shall not constitute
         a Change of Control; or

                                    (D) the stockholders of the Company approve
         a plan of a complete liquidation of the Company; or

                                    (E) there occurs a closing of a sale or
         other disposition by the Company of all or substantially all of the
         Company's assets.

         9. NO REQUIREMENT TO MITIGATE. The Executive shall not be required to
mitigate the amount of any payment provided for in Section 8 by seeking other
employment or otherwise, nor shall the amount of any payment provided for in
Section 8 be reduced by any compensation earned by the Executive as the result
of employment by another employer after the date of termination of this
Agreement, or otherwise.

         10.      CONFIDENTIAL INFORMATION.

                  a. The Executive acknowledges that the Company, its
subsidiaries and affiliates continually develop Confidential Information, that
the Executive may develop Confidential Information for the Company, its
subsidiaries and affiliates and that the Executive may learn of Confidential
Information during the course of employment with the Company its subsidiaries
and affiliates. The Executive agrees to comply with the policies and procedures
of the Company for protecting Confidential Information and agrees that he shall
not disclose to any person, corporation or other entity, except as required for
the proper performance of his regular duties for the Company, and shall not use
for his own benefit or that of another, any Confidential Information obtained by
the Executive incident to his employment or other association with the Company
or its subsidiaries and affiliates. The Executive understands that this
restriction will continue to apply throughout his employment and after his
employment terminates, regardless of the reason for such termination; PROVIDED,
HOWEVER, that the obligations contained in this Section 10 shall not apply to
any Confidential Information that becomes publicly known through no fault of the
Executive or that the Executive is otherwise required by law or regulation to
disclose.

                  b. As used in this Agreement, "Confidential Information" means
any and all information of the Company, its subsidiaries and affiliates that is
not generally known by others with whom any of them competes or does business,
or with whom any of them plans to compete or do business, including without
limitation any and all information concerning the identity and special needs of
the customers of the Company, its subsidiaries and affiliates and the people and
organizations with whom any of them has business relationships and those
relationships. Confidential Information also includes any information received
by the Company, its subsidiaries or

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affiliates from others with any understanding, express or implied, that it will
not be disclosed.

         11. NON-SOLICITATION. While the Executive is employed by the Company
and for a period of two years following the termination of his employment
pursuant to Sections 8(b),(c), (f) or (g) hereof or for a period of one year in
the event of termination pursuant to Sections 8(d) or (e) hereof:

                  (i) the Executive shall not, directly or indirectly, solicit
or encourage any customer of the Company, its subsidiaries or affiliates to
terminate or diminish substantially its relationship with the Company or any of
its subsidiaries or affiliates and

                  (ii) the Executive shall not, directly or indirectly, hire or
attempt to hire any executive personnel of the Company, it subsidiaries or
affiliates or solicit or encourage any executive personnel of the Company, its
subsidiaries or affiliates to discontinue employment with the Company.

For purposes of this Section 11, the term "months of severance pay" shall mean
the quotient of the total sum of payments to be made to the Executive under the
applicable termination provision divided by the Executive's base salary at the
monthly rate in effect on the date of termination.

         12. REMEDIES. The Executive acknowledges that, if he were to breach any
of the provisions of Sections 10 or 11 of this Agreement, the harm to the
Company and would be irreparable. The Executive therefore agrees that, in
addition to any other remedies available to it, the Company shall be entitled to
obtain preliminary and permanent injunctive relief against any such breach,
without having to post bond.

         13. TAXES. All payments made to the Executive under this Agreement
shall be reduced by any tax or other amount required to be withheld by the
Company under applicable law.

         14. REDUCTIONS. Notwithstanding anything to the contrary contained in
this Agreement, (a) any and all payments and benefits to be provided to the
Executive hereunder are subject to reduction to the extent required by
applicable statutes, regulations, rules and directives of federal, state and
other governmental and regulatory bodies having jurisdiction over the Company,
and (b) the payments and benefits to which the Executive would be entitled
pursuant to Section 8(g) hereof or otherwise as a result of a Change of Control
shall be reduced to the maximum amount for which the Company will not be limited
in its deduction pursuant to Section 28OG of the Internal Revenue Code of 1986,
as amended, or any successor provision. Any such reduction shall be applied to
the amounts due to the Executive in such manner as the Executive may reasonably
specify within thirty (30) days following notice from the Company of the need
for such reduction or, if the Executive fails to so specify timely, as
determined by the Company.

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         15. ASSIGNMENT. The Company may assign its rights and obligations under
this Agreement without the consent of the Executive in the event that the
Company shall hereafter effect a reorganization, consolidate with, or merge
into, any other person, corporation or other entity or transfer all or
substantially all of its assets to any other person, corporation or other entity
but only to such other person, corporation or other entity. The Company requires
the personal services of the Executive and he may not assign this Agreement.
This Agreement shall inure to the benefit of and be binding upon the Company and
the Executive and their respective successors, executors, administrators, heirs
and permitted assigns.

         16. INDEMNIFICATION. The Company shall indemnify the Executive to the
maximum extent permitted by law and regulation in connection with any liability,
expense or damage which the Executive incurs or to which the Executive is
exposed as a result of the Executive's employment and positions with the
Company, its subsidiaries and affiliates, as contemplated by this Agreement,
provided that the Executive shall not be indemnified with respect to any matter
as to which he shall have been adjudicated in any proceeding not to have acted
in good faith in the reasonable belief that his action was in the best interest
of the Company. The Company hereby confirms that the occupancy of all offices
and positions with any subsidiary or affiliate of the Company which in the
future are occupied or held by the Executive will have been so occupied or held
at the request of and for the benefit of the Company for purposes of the
Executive's entitlement to indemnification under applicable provisions of the
respective articles of organization and/or other similar documents of the
Company.

         17. MISCELLANEOUS. This Agreement sets forth the entire agreement
between the Company and the Executive and supersedes all prior communications,
agreements and understandings, whether written or oral, with respect to the
Executive's employment. The headings and captions contained herein are for
convenience of reference only and are not part of this Agreement. This Agreement
may not be modified or amended, and no breach of this Agreement shall be deemed
to be waived, unless agreed to in writing by the Executive and the Company. This
is a Massachusetts contract and shall be governed by and construed in accordance
with the laws of The Commonwealth of Massachusetts.

         18. NOTICES. Any notices provided for in this Agreement shall be in
writing and shall be effective when delivered in person or deposited In the
United States mail, postage prepaid, and addressed to the Executive at his last
known address on the books of the Company or, in the case of the Company, at the
main office of the Company, attention of the Senior Vice President, Human
Resources.

         19. SURVIVAL. Notwithstanding anything else herein contained, the
provisions of ss.ss.8, 9, 10, 11, 12, 14, 16, 18, 19 and 20 shall survive the
termination of this Agreement and of the Executive's employment by the Company
hereunder.

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         20. GUARANTY OF PAYMENT AND PERFORMANCE. The Company agrees to cause
the Bank fully to perform its obligations under this Agreement.

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         IN WITNESS WHEREOF, the parties have duly executed this Agreement as an
instrument under seal as of the date first above written.

                                   PEOPLE'S BANCSHARES, INC.:

                                   By:
                                      ----------------------------------------

                                   PEOPLE'S SAVINGS BANK OF BROCKTON:

                                   By:
                                      ----------------------------------------

                                   EXECUTIVE:

                                   -------------------------------------------
                                   JAMES K. HUNT

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People's Bancshares, Inc.                              PEOPLE'S BANCSHARES, INC.
545 Pleasant Street
New Bedford, MA  02741

                                RELEASE OF CLAIMS

         FOR AND IN CONSIDERATION OF the special payments to be made to me in
connection with my separation of employment, as set forth in the employment
agreement between PEOPLE'S BANCSHARES, INC. and me dated as of the
_____________________ (the "Executive Employment Agreement") I, on my own behalf
and on behalf of my heirs, beneficiaries and representatives and all others
connected with me, hereby release and forever discharge PEOPLE'S BANCSHARES,
INC. (the "Company"), its subsidiaries and affiliates, and all of their
respective officers, directors, employees, agents, representatives, successors
and assigns and all others connected with them (all collectively, the
"Releasees"), both individually and in their official capacities, from any and
all liability, claims, demands, actions and causes of action of any type (all
collectively "Claims") which I have had in the past, now have, or might now
have, through the date of my execution of this Release of Claims, in any way
resulting from, arising out of or connected with my employment or its
termination or pursuant to any federal, state, or local employment law,
regulation or other requirement (including without limitation Title VII of the
Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act,
as amended, the Americans With Disabilities Act, as amended, and the
Massachusetts Fair Employment Practices Act, as amended.

         Excluded from the scope of this Release of Claims is (i) any claim
arising hereafter under the terms of the Employment Agreement or under the terms
of any of the Company's employee qualified and non-qualified benefit plans
(including without limitation the Company's employee pension plan, profit
sharing plan or stock ownership plan) and (ii) any right of indemnification or
contribution pursuant to the Articles of Organization or By-Laws of the Company
that I have or hereafter acquire if any claim is asserted or proceedings are
brought against me by any governmental or regulatory agency, or by any customer,
creditor, employee or shareholder of the Company, or by any self-regulatory
organization, stock exchange or the like, related or allegedly related to my
having been an officer or employee of the Company or to any of my activities as
an officer or employee of the Company.

         By acceptance of or reliance on this Release of Claims, the Company
promises that neither it nor any of the other Releasees affiliated with the
Company will take any action that is designed, specifically as to me or with
respect to a class of similarly situated former employees, to reduce or
abrogate, or that may reasonably be expected to result in an abridgment or
elimination of, any rights of indemnification or contribution available to me
pursuant to the Articles of Organization or By-Laws of the Company, or under any
policy or policies of directors and officers liability insurance affording
coverage to former officers and in effect from time to time, unless by such
abridgment or elimination of rights is also generally applicable to then-current
officers and employees of the Company.

         In signing this Release of Claims, I acknowledge that I have had at
least twenty-one (21)

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days from the date of my receipt of notice of termination of my employment (or,
if applicable, the date I gave such notice to the Company) to consider the terms
of this Release of Claims, that I am encouraged by the Company to seek the
advice of an attorney prior to signing this Release of Claims and that I am
signing this Release of Claims voluntarily and with a full understanding of its
terms. I understand that I may revoke this Release of Claims at any time within
seven (7) days of the date of my signing by written notice to the President of
the Company and that this Release of Claims will take effect only upon the
expiration of such seven-day revocation period and only if I have not timely
revoked it.

         IN WITNESS WHEREOF, I have set my hand and seal on the date written
below.

Signature:
          ------------------------------------

Date Signed:
            ----------------------------------<PAGE>   1
                                                                 Exhibit (10)(m)

                              NON-COMPETE AGREEMENT

This AGREEMENT (the "Agreement") dated August 29, 2000 (the "Effective Date") by
and between Richard Schaub, Jr. (the "Executive") and The First Years Inc., a
Massachusetts corporation and its subsidiaries (together called the "Company").

In consideration of the employment of the Executive by the Company and the
payments and benefits to be provided by the Company to the Executive under this
agreement, as well as the Executive's entering into a Change of Control
Agreement with the Company on this date and the mutual promises and the
respective covenants and agreements of the parties herein contained, the parties
hereto agree as follows:

1.       DEFINITIONS.

         The terms "Accrued Obligation", "Cause", "Change of Control", "Date of
         Termination", Disability", and "Notice of Termination" are defined in
         Exhibit A attached hereto and incorporated herein by reference.

2.       EMPLOYMENT STATUS.

         The parties acknowledge that this Agreement does not constitute an
         employment contract or impose on the Company any obligation to retain
         the Executive as an employee; that such relationship is on an at-will
         basis; and that this Agreement also does not prevent the Executive from
         terminating his employment at any time.

3.       TERMINATION BY THE EXECUTIVE.

         If the Executive terminates his employment for any reason, he agrees to
         give Notice of Termination to the Chief Executive Officer of the
         Company at least sixty (60) days prior to the Date of Termination.

4.       NON-COMPETITION AND NON-SOLICITATION.

         (a)      The Executive agrees that if his employment is terminated
                  prior to the occurrence of a Change of Control by the Company
                  for any reason other than

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                  for Cause or Disability, or by the Executive for any reason,
                  then for a period of one (1) year following the Date of
                  Termination he shall not (i) directly or indirectly, whether
                  as owner, partner, shareholder, agent, consultant,
                  co-venturer, employee or otherwise, or through any person as
                  hereafter defined, engage in the business of developing or
                  selling products which are competitive with the products that
                  on the Date of Termination of his employment are being sold or
                  under development by the Company in any of the countries in
                  which the Company is doing business on the Date of
                  Termination; or (ii) employ, recruit, or otherwise solicit or
                  induce any employee, agent, distributor, supplier, customer,
                  or consultant of the Company to terminate their employment or
                  otherwise cease their relationship with the Company.

         (b)      Section 4(a) shall not bind the Executive following the
                  termination of the Executive's employment if a Change of
                  Control occurs after the Date of Termination of his employment
                  during the one (1) - year period referenced in Section 4(a).

         (c)      For purposes of Section 4(a), the term "Person" shall mean an
                  individual, a corporation, an association, a partnership, an
                  estate, a trust, and any other entity or organization.

         (d)      In the event that any provision of this Section 4 is
                  determined by any court of competent jurisdiction to be
                  unenforceable by reason of its extending for too great a
                  period of time, or over too great a range of activities, it
                  shall be interpreted to extend only over the maximum period of
                  time, or range of activities, as to which it may be
                  enforceable.

         (e)      If the Executive's employment is terminated by the Executive
                  for any reason prior to the occurrence of a Change of Control,
                  the Company may, in its sole discretion, choose to enforce or
                  not enforce the non-compete provision in Section 4(a); and in
                  the event the Company chooses to enforce such non-compete
                  provision, the Company will provide the Termination Benefits
                  set forth in Section 5(a).

                                       2
<PAGE>   3

5.       TERMINATION OF EXECUTIVE'S EMPLOYMENT AND SEVERANCE PAYMENTS PRIOR TO
         A CHANGE OF CONTROL.

         (a)      TERMINATION BENEFITS.

                  In consideration of the Executive's agreement not to compete,
                  not to solicit or hire, to maintain the Confidential
                  Information in confidence, to cooperate, and such other
                  agreements set forth in Sections 4 and 6, the Company agrees
                  that in the event the Executive's employment is terminated
                  prior to the occurrence of a Change of Control by the Company
                  for any reason other than for Cause or Disability, then the
                  Company will provide the Executive, in addition to the Accrued
                  Obligation as defined in Exhibit A, the following payments and
                  benefits ("Termination Benefits"):

                  (i)      The Executive's base salary then in effect for a one
                           (1)-year period following the Date of Termination (to
                           be paid in twelve (12) equal monthly installments),
                           reduced by the amount, if any, that the Executive
                           earns from any other new employment or
                           self-employment during such one (1) year period (the
                           "Severance Payments"); and

                  (ii)     For a one (1)-year period following the Date of
                           Termination (the "Termination Benefits Period") the
                           benefits then in effect for executive officers of the
                           Company other than any cash-based or equity-based
                           incentive compensation or bonus plans (the "Employee
                           Benefits"); provided, however, that such Employee
                           Benefits shall cease within five (5) business days of
                           the commencement of any new employment or
                           self-employment during the Termination Benefits
                           Period; and provided further that the Executive
                           continues to comply with his obligations under
                           Sections 4 and 6 set forth herein.

         (b)      COMPANY' DISCRETION TO ENFORCE NON-COMPETE.

                  If the Executive's employment is terminated by the Executive
                  for any reason prior to the occurrence of

                                       3
<PAGE>   4

                  a Change of Control, the Company may, in its sole discretion,
                  choose to enforce or not to enforce the non-compete provision
                  set forth in Section 4(a) for a period of twelve (12) months
                  after the Executive's employment is terminated. If the Company
                  chooses to enforce Section 4(a) after the Executive
                  terminates his employment with the Company prior to a Change
                  of Control, the Company shall continue to pay and provide to
                  the Executive the Severance Payments for a one (1) year period
                  following the Date of Termination, reduced by the amount, if
                  any, that the Executive earns from any other new employment or
                  self-employment during such one (1) year period, and the
                  Employee Benefits; provided, however, that the Employee
                  Benefits shall cease within five (5) business days of the
                  commencement of any new employment or self-employment during
                  such one (1) year period and provided further that the
                  Executive continues to comply with his obligations under
                  Section 4(a) set forth above. Nothing in this Section 5(b)
                  shall limit the provisions of Section 7.

         (c)      EXECUTIVE'S OBLIGATION TO GIVE NOTICE OF NEW EMPLOYMENT.

                  The Executive shall be obligated to give prompt notice, within
                  five (5) business days of the date of commencement of any
                  employment or self-employment during the Termination Benefits
                  Period, and shall respond promptly to any reasonable inquiries
                  concerning any employment or self-employment in which the
                  Executive engages during the Termination Benefits Period,
                  including the compensation and benefits payable to the
                  Executive from any new employment or self-employment.

         (d)      TERMINATION FOR CAUSE, DISABILITY, OR BY THE EXECUTIVE PRIOR
                  TO A CHANGE OF CONTROL.

                  In the event the Company terminates the Executive's employment
                  for Cause or Disability or the Executive terminates his
                  employment for any reason prior to the occurrence of a Change
                  of Control, and the Company chooses not to enforce the
                  non-competition provision in Section 4(a), the Company shall
                  not have any further obligations under this Agreement

                                       4
<PAGE>   5

                  other than the obligation to pay the Accrued Obligation as
                  defined in Exhibit A within ten (10) days of the Date of
                  Termination, and any post-employment benefits to which the
                  Executive is entitled under the terms of the Company's
                  employee benefits plan.

6.       CONFIDENTIAL INFORMATION.

         (a)      CONFIDENTIAL INFORMATION. As used in this Agreement,
                  "Confidential Information" means information belonging to the
                  Company which is of value to the Company in the course of
                  conducting its business and the disclosure of which could
                  result in a competitive or other disadvantage to the Company.
                  Confidential Information includes, without limitation,
                  financial information, reports and forecasts, inventions,
                  improvements, and other intellectual property; trade secrets,
                  know-how, designs, processes or formulae; software, market or
                  sales information or plans; customer lists and business plans,
                  prospects and opportunities (such as possible acquisitions or
                  dispositions of businesses or facilities) which have been
                  discussed or considered by the management of the Company.
                  Confidential Information includes information developed by the
                  Executive in the course of the Executive's employment by the
                  Company; as well as other information to which the Executive
                  may have access in connection with the Executive's employment.
                  Confidential Information also includes the Confidential
                  Information of others with whom the Company has a business
                  relationship. Notwithstanding the foregoing, Confidential
                  Information does not include information in the public domain,
                  unless due to breach of the Executive's duties under this
                  Section 6(a).

         (b)      CONFIDENTIALITY. The Executive understands and agrees that the
                  Executive's employment creates a relationship of confidence
                  and trust between the Executive and the Company with respect
                  to all Confidential Information. At all times, both during the
                  Executive's employment with the Company and for a period of
                  one (1) year after termination of the Executive's employment,
                  the Executive will keep in confidence and trust all such
                  Confidential

                                       5
<PAGE>   6
                  Information and will not use or disclose any such Confidential
                  Information without the written consent of the Company, except
                  as may be necessary in the ordinary course of performing the
                  Executive's duties to the Company.

         (c)      INVENTIONS. The Executive agrees that he will communicate to
                  the Company promptly and fully all discoveries, improvements,
                  and inventions (hereinafter called "inventions") and all
                  writings, drawings, and other works of authorship (hereinafter
                  called "works of authorship") made or conceived or created or
                  authored by him (either solely or jointly with others) during
                  his employment and, as to inventions, for six months
                  thereafter, which are along the lines of the actual or
                  anticipated business, work, or investigations of the Company
                  or which result from or are suggested by any work he may do
                  for the Company; and such inventions, whether patented or not,
                  and works of authorship and any copyrights therein, arising
                  from his employment shall be and remain the sole and exclusive
                  property of the Company or its nominees. The Executive agrees
                  to keep and maintain adequate and current written records of
                  all such inventions and works of authorship, in the form of
                  notes, drafts, layouts, sketches, drawings, reports and the
                  like relating thereto, which records shall be and remain the
                  property of and available to the Company at all times. The
                  Executive agrees that he will, during and after his employment
                  with the Company, without charge to the Company, but at its
                  request and expense, assist the Company and its nominees in
                  every proper way to obtain and vest in it or them title to,
                  and to maintain and support the validity of, patents and
                  copyrights on the inventions and works of authorship referred
                  to above, in all countries, by executing all necessary or
                  desirable documents, including applications for patents and
                  copyrights, assignments thereof, assignments of priority
                  rights thereof and such other lawful documents as may be
                  requested.

         (d)      REASONABLE IN SCOPE. The Executive understands that the
                  restrictions set forth in this Section 6 are intended to
                  protect the Company's interest in the Confidential Information
                  and established employee,

                                       6
<PAGE>   7

                  customer, and supplier relationships and goodwill, and agrees
                  that such restrictions are reasonable and appropriate for this
                  purpose.

         (e)      DOCUMENTS, RECORDS, ETC. All documents, records, data,
                  apparatus, equipment and other physical property whether or
                  not pertaining to Confidential Information, which are
                  furnished to the Executive by the Company, or are produced by
                  the Executive in connection with the Executive's employment,
                  will be and remain the sole property of the Company. The
                  Executive will return to the Company all such materials and
                  property as and when requested by the Company; in any event,
                  the Executive will return all such materials and property
                  immediately upon termination of the Executive's employment for
                  any reason. The Executive will not retain with the Executive
                  any such material or property or any copies thereof after such
                  termination.

         (f)      LITIGATION AND REGULATORY COOPERATION.

                  During and after the Executive's employment, the Executive
                  shall cooperate fully with the Company in the defense or
                  prosecution of any claims or actions now in existence or which
                  may be brought in the future against or on behalf of the
                  Company which relate to events or occurrences that transpired
                  while the Executive was employed by the Company. The
                  Executive's full cooperation in connection with such claims or
                  actions shall include, but not be limited to, being available
                  to meet with counsel to prepare for discovery or trial and to
                  act as a witness on behalf of the Company at mutually
                  convenient times. During and after the Executive's employment,
                  the Executive also shall cooperate fully with the Company in
                  connection with any investigation or review of any federal,
                  state, or local regulatory authority as any such investigation
                  or review relates to events or occurrences that transpired
                  while the Executive was employed by the Company. The Company
                  shall reimburse the Executive for any reasonable out-of-pocket
                  expenses incurred after the Executive's Employment; the
                  Company shall reimburse the Executive for any reasonable
                  out-of-pocket expenses and at a rate of $700 per half day of
                  the time spent in

                                       7
<PAGE>   8

                  the performance of the Executive's obligations under this
                  Section 6(f).

7.       INJUNCTIONS.

         The Executive agrees that it would be difficult to measure any damages
         caused to the Company which might result from any breach by the
         Executive of the promises set forth in Sections 4 and 6, and that in
         any event, money damages would be an inadequate remedy for any such
         breach. Accordingly, subject to Sections 4 and 6 of this Agreement, the
         Executive agrees that if the Executive breaches, or proposes to breach,
         any portion of this Agreement, the Company shall be entitled, in
         addition to all other remedies that it may have, to an injunction or
         other appropriate equitable relief to restrain any such breach without
         showing or proving any actual damages to the Company.

8.       ASSIGNMENT BY EXECUTIVE.

         This Agreement is personal to the Executive and, without the prior
         written consent of the Company, shall not be assignable by the
         Executive otherwise than by will or the laws of descent and
         distribution. This Agreement shall inure to the benefit of and be
         enforceable by the Executive's legal representatives.

9.       SUCCESSORS AND ASSIGNS OF THE COMPANY.

         The rights and obligations of the Company under this Agreement shall
         inure to the benefit of and shall be binding upon the successors and
         assigns of the Company, including without limitation, any corporation,
         individual or other person or entity which may acquire all or
         substantially all of the assets and business of the Company, or with or
         into which the Company may be consolidated or merged, or any surviving
         corporation in any merger involving the Company. All references in this
         Agreement to the Company shall be deemed to include all such successors
         and assigns.

10.      ARBITRATION OF DISPUTES.

         (a)      All controversies, claims, or disputes arising out of or
                  relating to this Agreement, or the breach thereof ("disputes")
                  shall be resolved by mutual

                                       8
<PAGE>   9

                  agreement of the Executive and the Board, acting by majority
                  vote. In the event the Executive and the Board fail to resolve
                  a dispute by mutual consent within thirty (30) days after a
                  notice of dispute has been received by one party from the
                  other, then such dispute shall be settled by arbitration
                  administered by the American Arbitration Association ("AAA")
                  in accordance with its Commercial Arbitration Rules.

         (b)      The arbitration shall be conducted in Boston, Massachusetts,
                  by a panel of three arbitrators with one arbitrator to be
                  selected by each party (the "appointed arbitrators"), and the
                  third arbitrator to be selected by mutual agreement of the two
                  appointed arbitrators from a list provided by the AAA, or
                  otherwise (the "third arbitrator"). If the parties fail to
                  agree on the third arbitrator within thirty (30) days of their
                  appointment, then the two appointed arbitrators shall request
                  the AAA to appoint the third arbitrator. All disputes shall be
                  resolved by a majority vote of such three arbitrators.

         (c)      Each party shall pay and be responsible for (i) its own
                  attorney's fees and costs; (ii) the expenses of the arbitrator
                  selected by such party; and (iii) the expenses of its own
                  witnesses. The expenses of the third arbitrator and all other
                  expenses of arbitration shall be borne equally by the parties
                  unless a majority of the three arbitrators agree that the
                  position of either party with respect to a particular dispute
                  was without a substantial basis, in which event such expenses
                  shall be assessed entirely against such party, and each party
                  shall bear the expenses of its own respective arbitrator. The
                  parties agree that the arbitrators shall not be permitted to
                  award punitive damages.

         (d)      Any judgment upon the award rendered by the arbitrators shall
                  be final and binding on the parties and may be entered in any
                  court having jurisdiction thereof.

                                       9
<PAGE>   10

11.      MISCELLANEOUS.

         (a)      GOVERNING LAW. This Agreement shall be governed by and
                  construed in accordance with the laws of the Commonwealth of
                  Massachusetts, without reference to its principles of
                  conflicts of law. The captions of this Agreement are not part
                  of the provisions hereof and shall have no force or effect.
                  This Agreement may not be amended, modified, repealed, waived,
                  extended or discharged except by an agreement in writing
                  signed by the party against whom enforcement of such
                  amendment, modification, repeal, waiver, extension or
                  discharge is sought. No person, other than pursuant to a
                  resolution of the Board of Directors, shall have authority on
                  behalf of the Company to agree to amend, modify, repeal,
                  waive, extend or discharge any provision of this Agreement or
                  take any other action in respect thereto.

         (b)      NOTICES. All notices and other communications hereunder shall
                  be in writing and shall be given by hand delivery to the other
                  party or by registered or certified mail, return receipt
                  requested, postage prepaid, addressed to the Company's
                  headquarters and, in the case of the Executive, to the address
                  on the signature page of this Agreement or, in either case, to
                  such other address as any party shall have subsequently
                  furnished to the other parties in writing. Notice and
                  communications shall be effective when actually received by
                  the addressee.

         (c)      SEVERABILITY. The invalidity or unenforceability of any
                  provision of this Agreement shall not affect the validity or
                  enforceability of any other provision of this Agreement.

         (d)      TAXES. The Company may withhold from any amounts due and
                  payable under this Agreement such federal, state or local
                  taxes as shall be required to be withheld pursuant to any
                  applicable law or regulation.

         (e)      NO WAIVER. Any party's failure to insist upon strict
                  compliance with any provision hereof or the

                                       10
<PAGE>   11

                  failure to assert any right such party may have hereunder
                  shall not be deemed to be a waiver of such provision or right
                  or any other provision or right of this Agreement.

         (f)      ENTIRE AGREEMENT; SURVIVAL. This Agreement entered into as of
                  the date hereof between the Company and the Executive contains
                  the entire agreement of the Executive and the Company with
                  respect to the subject matter of the Agreement, and all
                  promises, representations, understandings, arrangements and
                  prior agreements, whether in writing or otherwise, are merged
                  into, and superseded by, this Agreement. Any provision hereof
                  which by its terms applies in whole or part after a
                  termination of the Executive's employment hereunder shall
                  survive such termination.

IN WITNESS WHEREOF, the Executive has executed this Agreement and, pursuant to
due authorization from its Board of Directors, the Company has caused this
Agreement to be executed as of the day and year first above written.

                                                THE FIRST YEARS INC.

/s/ Richard F. Schaub, Jr.                      By: /s/ Ronald J. Sidman
---------------------------------               --------------------------------
Richard Schaub, Jr.                             Name:   Ronald J. Sidman
                                                Title:  President and CEO

                                       11
<PAGE>   12

                                   EXHIBIT A.

                                   DEFINITIONS

1.       ACCRUED OBLIGATION.

         The Company shall pay to the Executive (or in the event of his death,
         his legal representative) a lump sum amount in cash equal to the sum of
         (a) the Executive's base salary through the Date of Termination to the
         extent not theretofore paid; and (b), any accrued vacation pay and any
         other amounts due the Executive as of the date of Termination, in each
         case to the extent not theretofore paid.

2.       CAUSE.

         "Cause" shall mean (i) the willful and continued failure by the
         Executive to substantially perform the Executive's duties with the
         Company (other than any such failure resulting from the Executive's
         incapacity due to physical or mental illness) after a written demand
         for substantial performance is delivered to the Executive by the Chief
         Executive Officer of the Company ("CEO"), which demand specifically
         identifies the manner in which the CEO believes that the Executive has
         not substantially performed the Executive's duties; (ii) the willful
         commission of any fraud, misappropriation, or any other misconduct
         which is demonstrably and materially injurious to the Company,
         monetarily or otherwise, including a breach of Section 4 or 6 of this
         Non-compete Agreement; or (iii) conviction of a felony. For purposes of
         clauses (i) and (ii) of this definition, no act, or failure to act, on
         the Executive's part, shall be deemed "willful" unless done, or omitted
         to be done, by the Executive not in good faith and without reasonable
         belief that the Executive's act, or failure to act, was in the best
         interest of the Company.

3.       CHANGE OF CONTROL.

         A "Change of Control" shall be deemed to have occurred if the event set
         forth in any one of the following paragraphs shall have occurred:

                                       12
<PAGE>   13

         (a)      any Person is or becomes the Beneficial Owner, directly or
                  indirectly, of securities of the Company (not including in the
                  securities beneficially owned by such Person any securities
                  acquired directly from the Company) representing 25% or more
                  of the combined voting power of the Company's then outstanding
                  securities, excluding any Person who becomes such a Beneficial
                  Owner in connection with a transaction described in clause (i)
                  of paragraph (c) below; or

         (b)      the following individuals cease for any reason to constitute a
                  majority of the number of directors then serving: individuals
                  who, on the date hereof, constitute the Board of Directors and
                  any new director (other than a director whose initial
                  assumption of office is in connection with an actual or
                  threatened election contest), whose appointment or election by
                  the Board was approved or recommended by a vote of at least
                  two-thirds (2/3) of the directors then still in office who
                  either were directors on the date hereof or whose appointment,
                  election or nomination for election was previously so approved
                  or recommended; or

         (c)      there is consummated a merger or consolidation of the Company
                  with any other corporation, other than (i) a merger or
                  consolidation which would result in the voting securities of
                  the Company outstanding immediately prior to such merger or
                  consolidation continuing to represent (either by remaining
                  outstanding or by being converted into voting securities of
                  the surviving entity or any parent thereof) at least 60% of
                  the combined voting power of the securities of the Company or
                  such surviving entity or any parent thereof outstanding
                  immediately after such merger or consolidation; or (ii) a
                  merger or consolidation effected to implement a
                  recapitalization of the Company (or similar transaction) in
                  which no Person is or becomes the Beneficial Owner, directly
                  or indirectly, of securities of the Company (not including in
                  the securities beneficially owned by such Person any
                  securities acquired directly from the Company) representing
                  25% or more of the

                                       13
<PAGE>   14

                  combined voting power of the Company's then outstanding
                  securities; or

         (d)      the stockholders of the Company approve a plan of complete
                  liquidation or dissolution of the Company or there is
                  consummated an agreement for the sale or disposition of the
                  Company of all or substantially all of the Company's assets,
                  other than a sale or disposition by the Company of all or
                  substantially all of the Company's assets to an entity, at
                  least 60% of the combined voting power of the voting
                  securities of which are owned by stockholders of the Company
                  in substantially the same proportions as their ownership of
                  the Company immediately prior to such sale.

         For purposes of this definition, "Beneficial Owner" shall have the
         meaning set forth in Rule 13d-3 under the Exchange Act; "Exchange Act"
         shall mean the Securities Exchange Act of 1934, as amended from time to
         time; and "Person" shall have the meaning given in Section 3(a)(9) of
         the Exchange Act, as modified and used in Sections 13(d) and 14(d)
         thereof, except that such term shall not include (i) the Company or any
         of its subsidiaries; (ii) a trustee or other fiduciary holding
         securities under an employee benefit plan of the Company or any of its
         "affiliates" within the meaning set forth in Rule 12b-2 promulgated
         under Section 12 of the Exchange Act; (iii) an underwriter temporarily
         holding securities pursuant to an offering of such securities; or (iv)
         a corporation owned, directly or indirectly, by the stockholders of the
         Company in substantially the same proportions as their ownership of
         stock of the Company.

4.       DATE OF TERMINATION.

         "Date of Termination" means (i) if the Executive's employment is
         terminated by the Executive for any reason, sixty (60) days after
         Notice of Termination is given; (ii) if the Executive's employment is
         terminated by the Company, the date on which the Company notifies the
         Executive of such termination (except in the event of a termination for
         Cause); (iii) if the Executive's employment is terminated for
         Disability, the date of receipt of the Notice of Termination; and (iv)
         if the Executive's employment is terminated by reason of death, the
         date of death.

                                       14
<PAGE>   15

5.       DISABILITY.

         "Disability" shall be deemed to occur if, as a result of the
         Executive's incapacity due to physical or mental illness, (i) the
         Executive shall have been absent from the full-time performance of his
         duties with the Company for a period of ninety (90) consecutive
         calendar days; and (ii) the Company shall have given the Executive a
         Notice of Termination for Disability.

6.       NOTICE OF TERMINATION.

         Any termination by the Company or by the Executive shall be
         communicated by Notice of Termination to the other party hereto given
         in accordance with Section 11(b) of this Agreement. For purposes of
         this Agreement, a "Notice of Termination" means a written notice which
         (i) indicates the specific termination provision in this Agreement,
         relied upon; (ii) to the extent applicable, sets forth in reasonable
         detail the facts and circumstances claimed to provide a basis for
         termination of the Executive's employment under the provision so
         indicated; and (iii) if the Date of Termination is other than the date
         of receipt of such notice, specifies the termination date which date
         shall be not more than thirty (30) days after the giving of such notice
         (but at least sixty (60) days in the case of termination of employment
         by the Executive for any reason.) A Notice of Termination for Cause is
         required to include a good faith opinion of the Chief Executive Officer
         of the Company (the "CEO") that the Executive was guilty of conduct set
         forth in clauses (i) or (ii) of the definition of Cause herein, and
         specifying the particulars thereof in detail.

                                       15

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