Document:

ex10_37.htm

    
      

    

    Exhibit
10.37

     

     

    March 13,
2007

    

    

    Richard
Boehner

    [Personal
Address]

    

    Dear
Richard:

    

    I am
pleased to offer you a position with Symyx Technologies, Inc. (“Symyx”) as
Executive Vice President, Chemical & Energy reporting to Isy Goldwasser. As
a member of the executive committee, you may be a Section 16 reporting officer
and therefore this offer in its entirety is subject to formal approval from the
Board of Directors.

    

    You will
receive a monthly salary of $25,000 (twenty-five thousand dollars) which will be
paid semi-monthly in accordance with the Symyx normal payroll procedures, less
applicable withholding taxes. Beginning in 2008, based on the degree of
achievement of annually established Symyx Collaborations goals, including
revenue, bookings and allocated profitability, you are eligible for an annual
bonus of up to 150% of annual earned salary.  The amount of this bonus
will be determined in the sole discretion of the other members of the Executive
Committee and, as applicable, the Compensation Committee of the Board of
Directors, based upon the intention that you would earn approximately 100% of
annual earned salary upon determination that you have achieved all goals fully,
and up to 150% of annual earned salary upon materially exceeding those goals. We
recognize that your initial efforts will largely be directed at strategic
initiatives that may not have a measurable impact on our business until future
years. As a result, for the remainder of calendar year 2007, Symyx will
guarantee a portion of your bonus equivalent to two-thirds of your 2007 earned
salary. Your participation in this plan, including any guaranteed bonuses, is
subject to the terms of the bonus plan, including that you must be an employee
at the time the bonus is paid in order to receive the bonus.

    

    You are
also eligible to receive a grant of equity provided that our shareholders
approve a new stock plan which enables continuation of the nature and level of
our current equity award program. It is our intention to seek this approval at
the June 2007 shareholder meeting.  At that time, we will seek
approval from the Board of Directors or the Compensation Committee of a grant of
both time-vested and performance-based vested equity:

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      	
               
      

            	
              ·

            	
              Time-vested
      award of restricted stock units which would vest over three years such
      that 1/2 vests on March 1, 2008, 1/3 on or about March 1, 2009 and 1/6 on
      or about March 1, 2010 (subject to your continued employment through that
      date). The intended value of this award at the time of grant, provided
      that you are a full-time employee on or before April 1, 2007, is $250,000.
      If you commence employment after that date, this award will be reduced
      proportionately.

            

    

    
      	
               
      

            	
              ·

            	
              Performance-based
      vested restricted stock award of which none, part or all would vest after
      the close of 2007, as determined in the sole discretion of the Board based
      on performance against company performance targets. The intended full
      annual award would be $60,000 worth of restricted stock, which we will
      prorate such that you would be awarded $45,000 should you start full-time
      employment on April 1, 2007.

            

    

    

    These
equity awards would be subject to the terms and conditions of Symyx’s Stock Plan
and applicable Stock Agreements, and will issue to you on settlement as Symyx
stock net of required tax withholding.

    

    Should
the shareholders not approve a plan which enables us to continue our current
equity award practices, we will, in our discretion, either (i) seek approval
from the Board of an equity alternative enabled by a new shareholder approved
plan or (ii) provide you with a cash payment equivalent to what you would have
vested between the date of the shareholder meeting and March 1, 2008 had we been
able to grant the above referenced equity, reflecting all relevant factors
including stock price volatility over the period and the Board’s determination
of the degree of vesting of the performance-based equity
awards.  Thereafter, you would participate appropriately in whatever
program that may be approved by the Board that serves in lieu of our current
equity program.

    

    To
facilitate your relocation to the Bay Area, we will provide relocation
assistance in accordance with the enclosed relocation guidelines, provided that
those relocation expenses are incurred within one year of commencement of your
employment. These relocation expenses will be grossed-up for tax purposes as
described in the attached policy.

    

    To assist
in your relocation and transition to the Bay Area, Symyx will provide you with a
monthly housing allowance in accordance with the following
schedule:

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    
      	
               
      

            	
              ·

            	
              0-11
      months following home purchase or rental agreement in Bay Area, Symyx will
      provide you with a taxable housing allowance of $3,000 per
      month.

            

    

    
      	
               
      

            	
              ·

            	
              12-23
      months following home purchase or rental agreement in Bay Area, Symyx will
      provide you with a taxable housing allowance of $2,000 per
      month.

            

    

    
      	
               
      

            	
              ·

            	
              24-35
      months following home purchase or rental agreement in Bay Area, Symyx will
      provide you with a taxable housing allowance of $1,000 per
      month.

            

    

    

    This
housing allowance is contingent upon your continuous employment with Symyx.
Reimbursed relocation costs, including any gross-up payments, and the relocation
assistance payment are repayable to Symyx should you resign from Symyx within
twelve months of when those payments were made to you. Your signature below
authorizes Symyx to deduct the full amount paid toward your relocation from your
final pay.  Should your final pay be less than the amount paid toward your
relocation, you understand that you will be responsible for repayment of the
difference.

    

    As a
Symyx employee, you are eligible to receive certain employee benefits. Please
review the enclosed Benefits Summary which summarizes our current benefits
offering. You should note that Symyx may modify its compensation and benefits
from time to time as it deems necessary, including, without limitation, the
ability to amend and terminate such plans at any time.

    

    You
should be aware that your employment with Symyx is not for a specified period
and constitutes at will employment. As a result, you are free to resign at any
time, for any or no reason.  Similarly, Symyx is free to conclude its
employment relationship with you at any time, with or without cause, and with or
without notice.  Symyx reserves the right to conduct background
investigations and/or reference checks on all of its potential
employees.  Your job offer, therefore, is contingent upon a clearance
of such a background investigation and/or reference check, if any.

    

    For
purposes of federal immigration law, you will be required to provide to Symyx
documentary evidence of your identity and eligibility for employment in the
United States.  Such documentation must be provided to us within three
(3) business days of your date of hire, or our employment relationship with you
may be terminated.

    

    You agree
that, during the term of your employment with Symyx, you will not engage in any
other employment, occupation, consulting or business activity directly related
to the business in which Symyx is now involved or becomes involved during the
term of your employment, nor will you engage in any other activities that
conflict with your obligations to Symyx.  As a Symyx employee, you
will be expected to sign and comply with the enclosed At-Will, Confidential
Information, Invention Assignment and Arbitration Agreement, which requires
(among other things) the assignment of patent rights to any invention made
during your employment at Symyx and non-disclosure of proprietary
information.

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    To
indicate your acceptance of Symyx’s offer, please sign and date this letter in
the space provided below and return it to me, along with the signed code of
conduct and confidentiality agreement.  A duplicate original is
enclosed for your records.  This offer of employment expires
March 16, 2007 unless
accepted prior to that date, and requires Board approval prior to your
commencement of employment. This letter, along with the agreement
relating to proprietary rights between you and Symyx, set forth the terms of
your employment with Symyx and supersede any prior representations and/or
agreements, whether written or oral. This letter may not be modified or amended
except by a written agreement, signed by an officer of Symyx and by
you.

    

    We look
forward to working with you at Symyx.

    

    
      	
              Sincerely,

            	 
      
	 
      	 
      
	 
      	
              /s/ Jeryl L. Hilleman

            
	 
      	
              Jeryl
      L. Hilleman

            
	 
      	
              Executive
      Vice President,

            
	 
      	
              Chief
      Financial Officer

            

    

    

    ACCEPTED
AND AGREED TO this

    _______day
of   _______,
2007.

    

    By:
______________

    Start
date:
_________

    

    Enclosures

     

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    Relocation
Guidelines

    

     

    
      	
               
      

            	
              o

            	
              A
      house-hunting trip of up to 3 days for you and your
      spouse.  Covered expenses include coach airfare from Indiana to
      Bay Area, hotel and rental car.

            

    

    

    
      	
               
      

            	
              o

            	
              Packing,
      unpacking & physical move of household goods up to $25,000, including
      up to 2 automobiles, up to 60 days storage and insurance as provided by
      storage and moving companies, or a lump-sum payment of
      $15,000.

            

    

    

    
      	
               
      

            	
              o

            	
              Temporary
      living at company provided housing, up to 60
  days.

            

    

    

    
      	
               
      

            	
              o

            	
              Home
      finding assistance, including a half day tour by relocation specialist and
      membership to an agreed upon service to facilitate home search
      process.

            

    

    
      	
               
      

            	
               

            

    

    
      	
               
      

            	
              o

            	
              For
      purchase of new home, the Company
will:

            

    

    

    
      	
               
      

            	
              1.

            	
              Reimburse
      loan origination fee;

            

    

    
      	
               
      

            	
              2.

            	
              Reimburse
      closing costs up to 2% of the purchase price, not to exceed $25,000
      (including escrow fees, abstracts, title insurance, recording fees, notary
      fees, inspections).

            

    

    
      	
               
      

            	
              3.

            	
              No
      reimbursement for points.

            

    

     

    
      	
               
      

            	
              o

            	
              For
      final move, coach airfare for you and your family from Indiana to the Bay
      Area.

            

    

    
      	
               
      

            	
               

            

    

    
      	
               
      

            	
              o

            	
              To
      assist with taxes, Company will gross-up by 50% approved relocation
      expenses considered taxable income under the IRS code.  This
      will be reported as taxable income on employee's W2 and the gross-up
      portion will be withheld. No guarantee it will cover the amount of taxes
      due for relocation.Exhibit
      10.1

     

    AMENDMENT
      NO. 1

    TO

    PURCHASE
      AGREEMENT

    

    THIS
      AMENDMENT NO. 1 TO PURCHASE AGREEMENT (this “Amendment”)
      is made
      and entered into as of May 9, 2008 by and among the Parties (as hereinafter
      defined) to that certain Purchase Agreement (the “Agreement,”
      dated as
      of March 6, 2008, by and among Essex Crane Rental Corp., a Delaware corporation
      (the “Company”),
      Essex
      Holdings LLC, a Delaware limited liability company (“Holdings”),
      the
      members of Holdings listed on the signature page to the Agreement (the
“Members”),
      KCP
      Services, LLC, as Seller Representative (the “Seller
      Representative”),
      and
      Hyde Park Acquisition Corp., a Delaware corporation (the “Purchaser”).
      The
      parties to the Agreement are herein referred to as the “Parties”
      and
      other capitalized terms used and not defined herein shall have the meanings
      ascribed to them in the Agreement.

     

    RECITALS

     

    A. The
      Parties desire to amend the Agreement to take into account deposits for Rental
      Equipment purchases paid by the Company between January 1, 2008 and the Closing
      Date in determining Excess Crane Sales, Excess Crane Purchases and Working
      Capital.

     

    B. The
      Parties desire to amend the Agreement, including certain Exhibits thereto,
      to
      (i) permit the Company, Holdings and the Members to purchase common stock of
      the
      Purchaser prior to the Closing and (ii) provide for certain agreements of the
      Parties in the event of any such purchases of Purchaser Common
      Stock.

    

    NOW,
      THEREFORE, in consideration of the foregoing and the respective representations,
      warranties, covenants and agreements set forth herein and in the Agreement,
      and
      subject to the terms and conditions set forth herein, the parties hereby agree
      as follows:

     

    1. Article
      I
      of the Agreement is hereby amended to amend and restate, or add, as applicable,
      the following defined terms:

     

    “Escrowed
      Interests”
      means
      the Retained Interests held by Kirtland; provided, however, that, in the event
      that Kirtland owns shares of Purchaser Stock as of the Closing, Escrowed
      Interests shall also include a number of shares of Purchaser Stock owned by
      Kirtland with a purchase price equal to the amount by which Kirtland’s Retained
      Interest Value is reduced at the Closing.

     

    “Rental
      Equipment Deposits”
      means
      cash deposits paid by the Company since January 1, 2008 and outstanding as
      of
      the Closing Date in respect of purchases of Rental Equipment that will not
      be
      completed on or prior to the Closing Date, which deposits were paid pursuant
      to
      purchase orders reasonably satisfactory to the Purchaser.

     

    “Retained
      Interest”
      means
      that number of Interests retained by the Members and classified as Class A
      Units
      in the New LLC Agreement in the amounts set forth on Schedule I thereto;
      provided, however, that if the Retained Interest Value of a Member is reduced
      at
      the Closing, then the number of Class A Units of such Member shall be reduced
      at
      the Closing to the number determined by dividing such Member’s reduced Retained
      Interest Value by $7.90 (rounded up to the nearest whole share).”

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

     

    “Retained
      Interest Value”
      means
      the value of a Member’s Retained Interest as set forth on Schedule
      1-A
      opposite
      such Members name; provided, however, that the Retained Interest Value of a
      Member set forth on Schedule
      1-A
      shall be
      reduced at the Closing (not below zero) by the aggregate purchase price for
      shares of Purchaser Stock held by such Member as of the Closing Date and voted
      by the beneficial owner thereof in favor of all proposals included in the Proxy
      Statement.”

     

    2. Section
      2.2(a) of the Agreement is hereby amended by adding the following after the
      last
      sentence thereof:

     

    “Within
      a
      reasonable time prior to the Closing, Seller Representative shall deliver to
      Purchaser a schedule containing the number of shares of Purchaser Stock to
      be
      owned as of Closing by each Member and the purchase price paid for such shares,
      together with such supporting detail as may be reasonably requested by
      Purchaser.”

     

    3. Section
      2.2(b) of the Agreement is hereby amended and restated in its entirety to read
      as follows:

     

    “(b) Within
      a
      reasonable time prior to the Closing, Holdings shall prepare and deliver to
      the
      Purchaser a statement, in form and substance reasonably satisfactory to the
      Purchaser, that sets forth (i) Rental Equipment sales and Rental Equipment
      purchases that have been or will be made by the Company after January 1, 2008
      through the Closing Date and (ii) Rental Equipment Deposits. The Company shall
      effect all such Rental Equipment sales on terms that require full settlement
      in
      cash prior to the Closing Date. In the event that the dollar volume of Rental
      Equipment sales during such time period exceeds the sum of the dollar volume
      of
      Rental Equipment purchases made during such time period plus the amount of
      Rental Equipment Deposits (“Excess
      Crane Sales”),
      then
      the Total Purchase Price payable to the Seller Representative, for the benefit
      of the Members, on the Closing Date will be decreased by the amount of such
      Excess Crane Sales. In the event that sum of the dollar volume of Rental
      Equipment purchases made during such time period plus the amount of Rental
      Equipment Deposits exceeds the dollar volume of Rental Equipment sales during
      such time period (“Excess
      Crane Purchases”),
      then
      the Total Purchase Price payable to the Seller Representative, for the benefit
      of the Members, on the Closing Date will be increased by the amount of such
      Excess Crane Purchases.”

     

    4. Section
      2.2(c) of the Agreement is hereby amended to add the following clause “(z)”
before the word “minus” in the first sentence of such section:

     

    “and
      (z)
      provided that (i) Seller Representative has delivered to Purchaser a copy of
      a
      Plan (as defined below) providing for the purchase by the Company prior to
      the
      Closing of $5,000,000 of Purchaser Stock at prices not to exceed $7.90 per
      share
      and (ii) such Plan is not terminated or amended prior to the Closing, an amount
      equal to the greater of (A) $125,000 and (B) the product of $250,000 multiplied
      by a fraction, the numerator of which is the gross purchase price paid for
      shares of Purchaser Stock acquired pursuant to such Plan prior to the Closing,
      and the denominator of which is $5,000,000.”

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

     

    5. Exhibit
      A
      to the Agreement is hereby amended to add the following under the heading
“Current Assets”:

     

    “Rental
      Equipment Deposits:
      Rental
      Equipment Deposits shall be excluded from the determination of Working
      Capital.

     

    Purchaser
      Stock:
      Shares
      of Purchaser Stock owned by the Company shall be excluded from the determination
      of Working Capital.”

     

    6. Section
      7.11 of the Agreement is hereby amended and restated in its entirety to read
      as
      follows:

     

    “Section
      7.11 Securities
      Transactions.

     

    (a)
      Except as set forth in this Section 7.11, none of the Company, Holdings or
      any
      Member or any of their respective affiliates, directly or indirectly, shall
      engage in any transactions involving any securities of the Purchaser prior
      to
      the Closing. The Company shall use its commercially reasonable efforts to
      require each of its officers, directors, employees, agents and representatives
      to comply with the foregoing requirement.

     

    (b)
      Notwithstanding Section 7.11(a) above, the Company, Holdings and the Members
      may
      purchase, but not sell, Purchaser Stock in open market or privately negotiated
      transactions. Open market purchases shall only be made pursuant to an
      arrangement designed to ensure compliance with the safe harbor provisions of
      Section 10b-5(1) and 10b-18 of the Exchange Act (a “Plan”).

     

    7. Sections
      7.1(f) and (j) of the Agreement are hereby amended and restated to read in
      their
      entirety as follows:

     

    “(f) declare,
      distribute or set aside for distribution of any property (excluding cash),
      or
      directly or indirectly, redeem, purchase or otherwise acquire of any shares
      of
      capital stock, except that, on or prior to the Closing, the Company shall be
      permitted to distribute by way of dividend or otherwise shares of Purchaser
      Stock owned by the Company;”

     

    “(j) enter
      into or agree to enter into any merger or consolidation with any Person, or
      acquire the equity securities or all or substantially all of the assets of,
      or
      otherwise make any investment in, any other Person, except that the Company
      shall be permitted to acquire Purchaser Stock in accordance with the terms
      of
      this Agreement;”

     

    8. The
      Parties agree that if Kirtland owns shares of Purchaser Stock at Closing, the
      execution copies of the form of Lock-Up Agreement attached to the Agreement
      as
      Exhibit B shall be appropriately revised to include in the definition of “Common
      Shares” therein shares of Purchaser Stock owned at Closing by the Management
      Members. 

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

     

    9. 
      The
      Parties agree that if Kirtland owns shares of Purchaser Stock at Closing, the
      execution copy of the form of Escrow Agreement attached to the Agreement as
      Exhibit C shall be appropriately revised to the extent necessary to conform
      the
      definition of “Escrow Units” therein to the definition of “Escrowed Interests”
as amended by this Amendment. 

     

    10. Except
      as
      expressly amended by this Amendment, the Agreement shall remain unchanged and
      in
      full force and effect. This
      Amendment is to be governed by, and construed and enforced in accordance with,
      the laws of the State of New York, without regard to its rules of conflict
      of
      laws. This Amendment may be executed in two or more counterparts, each of which
      will be deemed an original but all of which will constitute but one
      instrument.

     

    

     

    

     

    

     

    

     

    [Remainder
      of Page Intentionally Left Blank]

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Purchaser, the Company, Holdings, the Members and the
      Seller Representative have executed, or have caused their duly authorized
      representatives to execute, this Amendment as of the day and year first above
      written.

     

    

    

    
      	 	
              HYDE
                PARK ACQUISITION CORP.

            
	 	 	 
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Laurence Levy

            
	 	
              Print
                Name: Laurence Levy

            
	 	
              Title:
                CEO

            
	 	 	 
	 	 	 
	 	
              ESSEX
                CRANE RENTAL CORP.

            
	 	 	 
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Ronald Schad

            
	 	
              Print
                Name: Ronald Schad

            
	 	
              Title:
                CEO/President

            
	 	 	 
	 	 	 
	 	
              ESSEX
                HOLDINGS LLC

            
	 	 	 
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                Michael T. DeGrandis

            
	 	
              Print
                Name: Michael T. DeGrandis

            
	 	
              Title:
                Vice President and Treasurer

            
	 	 	 
	 	 	 
	 	
              MEMBERS:

            
	 	 	 
	 	 	 
	 	
              KIRTLAND
                CAPITAL PARTNERS III L.P.

            
	 	
              By:
                Kirtland Partners Ltd., its general partner

            
	 	 	 
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                John G. Nestor

            
	 	
              Print
                Name: John G. Nestor

            
	 	
              Title:
                President

            

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    

    
      	 	 	 
	 	
              KIRTLAND
                CAPITAL COMPANY III LLC

            
	 	
              By:
                Kirtland Partners Ltd., its managing member

            
	 	 	 
	 	 	 
	 	 	 
	 	
              By:

            	
              /s/
                John G. Nestor 

            
	 	
              Print
                Name: John G. Nestor

            
	 	
              Title:
                President

            
	 	 	 
	 	 	 
	 	 	 
	 	
              /s/
                Martin A. Kroll

            
	 	
              Martin
                A. Kroll

            
	 	 	 
	 	 	 
	 	 	 
	 	
              /s/
                Ronald L. Schad

            
	 	
              Ronald
                L. Schad

            
	 	 	 
	 	 	 
	 	 	 
	 	
              /s/
                William L. Erwin

            
	 	
              William
                L. Erwin

            
	 	 	 
	 	 	 
	 	 	 
	 	
              /s/
                William J. O’Rourke

            
	 	
              William
                J. O’Rourke

            
	 	 	 
	 	 	 
	 	
              SELLER
                REPRESENTATIVE:

            
	 	 	 
	 	
              KCP
                SERVICES LLC

            
	 	
              By:
                Kirtland Capital Corporation, its managing member

            
	 	 	 
	 	 	 
	 	 	 

    

     

    
      	 	
              By:

            	
              /s/
                Michael T. DeGrandis

            
	 	
              Print
                Name: Michael T. DeGrandis

            
	 	
              Title:
                Treasurer

            

    

    

    
      
        
        

      

      
        6

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