Document:

<PAGE>   1
                                                                   EXHIBIT 10.23

                       CABOT MICROELECTRONICS CORPORATION
                CHANGE IN CONTROL SEVERANCE PROTECTION AGREEMENT

         THIS SEVERANCE AGREEMENT, (the "Agreement") is entered into as of this
_____ day of ________________, _______ (the "Agreement Date"), by and between
Cabot Microelectronics Corporation, a Delaware corporation (the "Company") and
____________________ (the "Executive");

                                WITNESSETH THAT:

         WHEREAS, the Executive is employed by the Company, and the Company
desires to provide protection to the Executive in the event of a Change in
Control of the Company;

         NOW, THEREFORE, it is hereby agreed by and between the parties, for
good and valuable consideration the receipt and sufficiency of which are hereby
acknowledged, as follows:

Article I. Establishment and Purpose

         1.1 TERM OF THE AGREEMENT. This Agreement will commence on the
Agreement Date and will terminate on the earliest to occur of the date: (i) that
is the first anniversary of the date as of which the Company or Committee
notifies the Executive in writing that the Agreement is being terminated; (ii)
the Company terminates the Executive's employment for Cause, Disability or an
Excluded Termination; (iii) the Executive voluntarily terminates his employment
other than during the One-Year Window Period or without Good Reason; or (iv)
that is the first anniversary of the date as of which the Company no longer
employs the Executive, if that happens before a Change in Control occurs.
However, if a Change in Control occurs while this Agreement is effective, this
Agreement will remain irrevocably in effect for the greater of 24 months from
the date of the Change in Control or until all benefits that are owing to the
Executive hereunder have been paid to him or her.

         1.2 PURPOSE OF THE AGREEMENT. The purpose of this Agreement is to
advance the interests of the Company by providing the Executive with an
assurance of equitable treatment, in terms of compensation and economic
security, in the event of an acquisition or other Change in Control of the
Company. An assurance of equitable treatment will enable the Executive to
maintain productivity and focus during the period of significant uncertainty
that is inherent in an acquisition or other Change in Control. Further, the
Company believes that Agreements of this kind will aid it in attracting and
retaining the highly qualified, high-performing professionals who are essential
to its success.

         1.3 CONTRACTUAL RIGHT TO BENEFITS. This Agreement establishes and vests
in the Executive a contractual right to the benefits to which he is entitled
hereunder, enforceable by the Executive against the Company.

                                  Page 1 of 15                   _______,_______
<PAGE>   2

Article II. Severance Benefits

         2.1 RIGHT TO SEVERANCE BENEFIT. The Executive will be entitled to
receive from the Company the Severance Benefit provided in Section 2.3 if a
Change in Control occurs and, within the two- (2-) year period commencing on the
date of the Change in Control, the Executive's employment with the Company and
all of its Affiliates is involuntarily terminated for any reason other than the
Executive's death or Disability, Cause, or an Excluded Termination. In addition,
if the Executive voluntarily terminates employment with the Company and all of
its Affiliates for Good Reason within the two- (2-) year period commencing on
the date of a Change in Control, he or she will be entitled to receive from the
Company the Severance Benefit provided in Section 2.3. Lastly, if the Executive
voluntarily terminates employment with the Company and all of its Affiliates
during the One-Year Window Period, he or she will be entitled to receive from
the Company the Severance Benefit provided in Section 2.3. Other than during the
One-Year Window Period, if the Executive voluntarily terminates employment at
any time for any reason other than Good Reason, he or she will not be entitled
to a Severance Benefit.

               (a) An "Affiliate" is any entity directly or indirectly
         controlled by, controlling or under common control with the Company.

               (b) A "Disability" is a physical or mental condition that would
         entitle the Executive to benefits under the Company's long-term
         disability plan, or if the Company maintains no such plan, then under
         the federal Social Security Law.

               (c) "Cause" means either:

                   (i)   the Executive's willful and continued failure to
                         perform substantially the duties reasonably assigned to
                         him or her; or

                   (ii)  the Executive's willful engaging in conduct that is
                         demonstrably and materially injurious to the Company,
                         monetarily or otherwise.

         The Executive's willful failure to perform substantially his or her
         duties constitutes "Cause" only if the Board has delivered a written
         demand for substantial performance to the Executive that specifically
         identifies the manner in which the Board believes the Executive has
         failed to perform, and has otherwise followed the procedure described
         in Section 3.2 below. The Executive's failure to perform substantially
         his or her assigned duties does not include either a failure that
         results from the Executive's death, Disability, physical or mental
         incapacity, or an anticipated failure following upon the Executive's
         notifying the Company that he or she intends to resign for Good Reason
         or during the One-Year Window Period. No act or failure to act of the
         Executive's will be deemed "willful" if the Executive acted (or failed
         to act) in good faith or in the reasonable belief that his or her act
         or omission was in the best interests of the Company.

                                  Page 2 of 15                   _______,_______
<PAGE>   3

               (d) An "Excluded Termination" exists if the Executive's
         employment with the Company and its Affiliates is terminated in
         connection with the sale, divestiture or other disposition of all or
         part of an Operating Unit, and:

                   (i)   the Executive is offered employment with the Operating
                         Unit or the acquirer of the Operating Unit (or of a
                         part of it) on terms and conditions that would not
                         constitute Good Reason (substituting the Operating Unit
                         or acquirer for the Company) and

                   (ii)  the Company obtains an agreement from the Operating
                         Unit or acquirer, enforceable by the Executive, to
                         provide severance pay and benefits that are at least
                         equal to the Severance Benefit and that are payable on
                         termination of the Executive's employment with the
                         Operating Unit or the acquirer on the same terms as
                         they would have been payable under this Agreement
                         (substituting the Operating Unit or acquirer for the
                         Company).

         An "Operating Unit" is a subsidiary, division or other business unit of
         the Company or an Affiliate.

               (e) "Good Reason" exists if, after the occurrence of a Change in
         Control, any of the events or conditions described below occurs:

                   (i)   There is a change in the Executive's status, title,
                         position or responsibilities (including reporting
                         responsibilities) which, in the Executive's reasonable
                         judgment, represents an adverse change. If the
                         Executive is an officer of the Company designated by
                         the Company as an "executive officer" for purposes of
                         Section 16 of the Securities Exchange Act of 1934, as
                         amended (the "Exchange Act") and if, as a consequence
                         of the Change in Control (A) the Executive is not an
                         officer of the entity effecting the Change in Control
                         designated by that entity as an "executive officer "
                         for purposes of Section 16 of the Exchange Act, (B) the
                         Company becomes a subsidiary of another corporation and
                         the Executive is not employed by the ultimate parent
                         corporation or (C) the Executive is employed by an
                         entity that has no class of equity interests that are
                         publicly traded, then the Executive will be deemed to
                         have experienced an adverse change in status, title
                         position or responsibilities.

                   (ii)  The Executive is assigned duties or responsibilities
                         that are, in the Executive's reasonable judgment,
                         inconsistent with his or her status, title, position or
                         responsibilities.

                   (iii) The Executive is removed from any of his or her offices
                         or positions, or there is a failure to reappoint the
                         Executive to any of his or her offices or positions.

                                  Page 3 of 15                   _______,_______
<PAGE>   4

                   (iv)   The Executive's annual base salary is reduced below
                          the rate in effect as of the date of the Change in
                          Control or as of any date following the Change in
                          Control, whichever is greater.

                   (v)    The offices of the Company or Operating Unit at which
                          the Executive is principally employed are moved to a
                          location more than twenty-five (25) miles from the
                          location they occupied immediately prior to the Change
                          in Control.

                   (vi)   The Executive is required to be based anywhere other
                          than the offices of the Company or Operating Unit at
                          which he or she was principally employed immediately
                          prior to the Change in Control, unless the Executive
                          was not previously assigned to a principal employment
                          location. This clause (vi) does not include a
                          situation in which the Executive is required to travel
                          on Company business to an extent substantially
                          consistent with his or her business travel obligations
                          at the time of the Change in Control.

                   (vii)  The Company fails to pay the Executive any portion of
                          his then-current compensation or an installment of
                          deferred compensation, in either case, within seven
                          (7) days after the date it is due.

                   (viii) The Company fails to continue in effect, or to
                          continue the Executive's participation in, any
                          material compensation or benefit plan in which the
                          Executive participated immediately prior to the Change
                          in Control. Notwithstanding the foregoing, Good Reason
                          will not exist if an equitable arrangement, embodied
                          in one or more ongoing substitute or alternative plans
                          that provide compensation and benefits not materially
                          less favorable than those provided to the Executive
                          immediately prior to the Change in Control, has been
                          made with respect to the discontinued plan, or with
                          respect to the Executive's changed or discontinued
                          plan participation. If the Executive continues to
                          participate in a material compensation or benefit plan
                          after a Change in Control, but on less favorable terms
                          than immediately prior to the Change in Control,
                          either as to the amount of benefits provided or as to
                          the level of the Executive's participation relative to
                          other Executives, the Company will be deemed to have
                          failed to continue his or her participation in the
                          plan.

                   (ix)   The Company fails to obtain a satisfactory agreement
                          from any successor, enforceable by the Executive, to
                          assume and agree to honor and perform the Company's
                          obligations under this Agreement.

                   (x)    The Company purports to terminate the Executive's
                          employment in a manner that violates Article IV below.

                                  Page 4 of 15                   _______,_______
<PAGE>   5

               (f) The "One-Year Window Period" is the thirty- (30-) day period
         commencing on the first anniversary of a Change in Control.

               2.2 CHANGE IN CONTROL. A "Change in Control" occurs on the first
         date that any of the events or conditions described in subsections (a)
         through (d) occurs.

               (a) Any Person, together with all affiliates and associates
         (within the meaning of Rule 12b-2 promulgated under the Exchange Act),
         acquires Beneficial Ownership, directly or indirectly, or securities of
         the Company representing at least thirty percent (30%) of the combined
         voting power of the Company's then outstanding Voting Securities.
         Notwithstanding the foregoing, Voting Securities that are acquired in a
         Non-Control Acquisition will not constitute an acquisition that would
         cause a Change in Control.

               (b) During any period of twenty-four (24) consecutive months
         beginning on or after the Agreement Date, individuals who, at the
         beginning of that 24-month period, constitute the Board (the "Incumbent
         Directors"), cease for any reason to constitute at least a majority of
         the Board. A new director of the Company whose election or nomination
         for election as a director of the Company was approved by a vote of at
         least two-thirds of the Incumbent Directors will be deemed to be an
         Incumbent Director. Notwithstanding the foregoing, a new director
         designated by a person who has entered into an agreement with the
         Company to effect a transaction described in subsection 2.2(d) will not
         be deemed to be an Incumbent Director. Also notwithstanding the
         foregoing, no individual will be considered to be an Incumbent Director
         if he or she initially assumed office through an actual or threatened
         "Election Contest" (as described in Rule 14a-11 promulgated under the
         Exchange Act) or other actual or threatened solicitation of proxies or
         consents by or on behalf of a Person other than the Board (a "Proxy
         Contest") including by reason of any agreement intended to avoid or
         settle any Election Contest or Proxy Contest.

               (c) At any duly conducted election of directors at a special or
         annual meeting of the Company's stockholders,

                   (i)   two or more nominees who are both (A) nominees of and
                         endorsed by the Company and (B) not employees of the
                         Company or any Affiliate at the time of the election
                         are not elected to serve as directors; and

                   (ii)  any person not a nominee of, and endorsed by, the
                         Company is elected to serve as a director of the
                         Company.

               (d) the stockholders of the Company approve:

                   (i)   a merger, consolidation or reorganization involving the
                         Company, unless the merger, consolidation or
                         reorganization is a "Non-Control Transaction;"

                   (ii)  a complete liquidation or dissolution of the Company;
                         or

                                  Page 5 of 15                   _______,_______
<PAGE>   6

                   (iii) an agreement for the sale or other disposition of all
                         or substantially all of the assets of the Company to
                         any Person (other than a transfer to a Change in
                         Control Subsidiary).

               (e) This subsection 2.2(e) contains the definitions of the
         capitalized terms used in subsections (a) through (d) above.

                   (i)   "Voting Securities" are securities of the Company
                         generally entitled to vote in the election of
                         directors.

                   (ii)  "Person" is used under this Agreement in the same way
                         as under Section 13(d) and 14(d) of the Exchange Act.

                   (iii) "Beneficial Ownership" is used in the same way as under
                         Rule 13d-3 promulgated under the Exchange Act.

                   (iv)  A "Non-Control Acquisition" is an acquisition (x) by an
                         employee benefit plan maintained by the Company or by a
                         Change in Control Subsidiary; (y) by the Company or by
                         a Change in Control Subsidiary; or (z) directly from
                         the Company (A) by an underwriter in connection with an
                         underwritten public offering or private placement, (B)
                         of non-voting convertible debt or non-voting
                         convertible preferred stock (until converted into
                         Voting Securities), or (C) by a Person who, in
                         connection with the acquisition, (X) enters into a
                         standstill agreement with the Company that has a
                         duration of at least two years and pursuant to which
                         the Person agrees to vote the acquired securities on
                         any matter either at the direction of the Board or in
                         the same proportion as the Company's other stockholders
                         vote on the matter and (Y) agrees to assume, honor and
                         perform the Company's obligations under this Agreement.
                         An acquisition pursuant to sub-clause (C) will be a
                         Non-Control Acquisition only for so long as the
                         standstill agreement remains in effect.

                   (v)   "Board" means the Board of Directors of the Company.

                   (vi)  A "Change in Control Subsidiary" is a corporation or
                         other Person, a majority of whose voting power, voting
                         equity securities or equity interest is owned directly
                         or indirectly by the Company.

                   (vii) A "Non-Control Transaction" is a merger, consolidation
                         or reorganization of the Company where (A) the
                         stockholders of the Company, immediately before the
                         merger, consolidation or reorganization, own directly
                         or indirectly immediately after the merger,
                         consolidation or reorganization, at least sixty percent
                         (60%) of the combined voting power of the outstanding
                         voting securities of the corporation resulting from the
                         merger, consolidation or reorganization (the "Surviving
                         Corporation") in

                                  Page 6 of 15                   _______,_______
<PAGE>   7

                         substantially the same proportion as their ownership of
                         the Voting Securities immediately before the merger,
                         consolidation or reorganization; (B) the individuals
                         who were Incumbent Directors immediately before the
                         agreement providing for the merger, consolidation or
                         reorganization was executed constitute at least
                         two-thirds of the members of the board of directors of
                         the Surviving Corporation; and (C) no Person other than
                         (x) the Company, (y) a Change in Control Subsidiary, or
                         (z) an employee benefit plan maintained by the Company,
                         the Surviving Corporation or a Change in Control
                         Subsidiary, acquires Beneficial Ownership of thirty
                         percent (30%) or more of the combined voting power of
                         the Surviving Corporation's then outstanding voting
                         securities.

Notwithstanding the foregoing, a Change in Control will not be deemed to occur
solely because a Person acquires Beneficial Ownership of more than the permitted
amount of the then outstanding Voting Securities as a result of the acquisition
of Voting Securities by the Company which, by reducing the number of Voting
Securities then outstanding, increases the percentage of shares Beneficially
Owned by the Person. Notwithstanding the foregoing, if a Change in Control would
occur but for the operation of the preceding sentence as a result of the
acquisition of Voting Securities by the Company, and after that acquisition by
the Company, the Person described in the preceding sentence increases the
percentage of then outstanding Voting Securities he or she owns, a Change in
Control will occur.

Notwithstanding any other provision of this Agreement, if the Executive's
employment is terminated (whether by the Company for any reason other than
Cause, Disability, or the death of the Executive or by the Executive for Good
Reason) (A) at the request of a third party who has indicated an intention or
taken steps reasonably calculated to effect a Change in Control and who
effectuates a Change in Control or (B) otherwise in connection with or in
anticipation of a Change in Control that actually occurs, then for purposes of
this Agreement, the date immediately prior to the Executive's Termination Date
will be deemed to be the date of a Change in Control.

         2.3 SEVERANCE BENEFIT. The "Severance Benefit" to which the Executive
will become entitled if he or she meets the requirements of Section 2.1 is
composed of all of the amounts described in subsections (a) through (g) below,
paid as described in those subsections.

               (a) The Company will pay the Executive all Accrued Compensation
         within ten (10) days after his or her Termination Date. The Executive's
         "Accrued Compensation is all amounts earned, accrued or otherwise
         payable to the Executive as of his or her Termination Date, including
         base salary, reimbursement for reasonable and necessary expenses
         incurred by the Executive on behalf of the Company through the
         Termination Date, vacation pay and bonuses and incentive compensation.

               (b) The Company will pay the Executive a Pro-rata Bonus within
         thirty (30) days after his or her Termination Date. The Executive's
         "Pro-rata Bonus" means an amount equal to his or her Bonus Amount
         multiplied by a fraction whose numerator is

                                  Page 7 of 15                   _______,_______
<PAGE>   8
         the number of days that have elapsed through the Termination Date in
         the then-current fiscal year and whose denominator is 365. The
         Executive's "Bonus Amount" is the greatest of:

                   (i)   the Executive's target bonus amount (including any
                         portion the Executive may have elected to defer) under
                         all Short-Term Incentive Plans for the fiscal year in
                         which the Change in Control occurs;

                   (ii)  the Executive's target bonus amount (including any
                         portion the Executive may have elected to defer) under
                         all Short-Term Incentive Plans for the fiscal year in
                         which the Termination Date occurs; and

                   (iii) the highest bonus amount paid or payable to the
                         Executive (including any portion that the Executive may
                         have elected to defer) under all Short-Term Incentive
                         Plans in respect of any of the three fiscal years
                         preceding the fiscal year in which the Change in
                         Control occurs.

         "Short-Term Incentive Plans" are any bonus or incentive compensation
         plans, policies, programs or other arrangements that make cash awards
         to the Executive on the basis of award periods that are no longer than
         one year.

               (c) The Company will pay the Executive an amount equal to [enter
         multiplier] times the sum of: (I) the Executive's annual base salary,
         (II) his or her Bonus Amount and (III) an amount equal to the
         contributions made or credited by the Company under all employee
         retirement plans for the benefit of the Executive for the most recently
         completed plan year of each such plan. For purposes of this subsection
         2.3(c), the Executive's base salary includes any amounts he or she may
         have elected to defer, and will be calculated at the rate in effect
         immediately before the Change in Control or on the Termination Date,
         whichever is greater. The Company will pay the amount described in this
         subsection 2.3(c) in one lump sum, without any discount for accelerated
         payment, within thirty (30) days after the Termination Date. The amount
         described in this subsection 2.3(c) will be paid as severance pay and
         in lieu of any salary for periods after the Termination Date.

               (d) For the [enter a number of months]-month period beginning on
         the Termination Date, the Company will continue on behalf of the
         Executive and his or her dependents and beneficiaries, at the Company's
         expense and without any required contribution by the Executive:

                   (i)   medical, health, dental and prescription drug benefits;

                   (ii)  long-term disability coverage; and

                   (iii) life insurance and other death benefits coverage.

                                  Page 8 of 15                   _______,_______
<PAGE>   9

         The coverages and benefits (including deductibles, if any) provided
         under this Section 2.3(d) will be no less favorable to the Executive
         and his or her beneficiaries than the most favorable of those coverages
         and benefits provided to the Executive and his or her dependents during
         the ninety-day (90-day) period immediately before the earlier of the
         Executive's Termination Date and the Change in Control, or as of any
         date following the Change in Control but preceding the Executive's
         Termination Date. If the Executive obtains benefits coverage under a
         subsequent employer's benefit plans during the [enter same number of
         months]-month period beginning on the Termination Date, the Company may
         reduce or eliminate the coverages and benefits it is required to
         provide under this subsection 2.3(d), so long as the aggregate
         coverages and benefits of the combined benefit plans are no less
         favorable to the Executive than the coverages and benefits required to
         be provided under the first two sentences of this subsection 2.3(d).
         Any period during which benefits described in clause (i) above are
         provided pursuant to this subsection will not be considered to be in
         satisfaction of any obligation of the Company to provide continuation
         coverage under Section 4980B of the Internal Revenue Code of 1986, as
         amended (the "Code), the obligation for which will begin after that
         period.

               (e) The Company will pay or reimburse the Executive for the
         costs, fees and expenses of outplacement assistance services, up to a
         maximum of fifteen percent (15%) of the Executive's annualized base
         salary, provided by an outplacement agency selected by the Executive.

               (f) All amounts accrued or awarded to the Executive under any
         incentive compensation plan or benefit plan and not specifically
         described in subsections 2.3(a) through (e) above will immediately vest
         on the Executive's Termination Date, and the Executive will be entitled
         to be paid those amounts in accordance with the terms of the plans. In
         addition, all options and restricted stock granted to the Executive
         under the Cabot Microelectronics Corporation 2000 Equity Incentive Plan
         will immediately vest and become freely exercisable upon a Change in
         Control, as per the terms of that plan. The first sentence of this
         subsection 2.3(f) will not apply to any benefits allocated or accrued
         to the Executive under any plan that is intended to be qualified under
         Section 401(a) of the Code.

               (g) [for particular executive agreements] If a Change in Control
         occurs on or before September 29, 2002, the Company will pay the
         Executive a lump sum cash payment equal to the Change in Control Net
         Value of the Executive's Initial Stock Option Award, within thirty (30)
         days of the Termination Date. The "Change in Control Net Value of the
         Executive's Initial Stock Option Award" is (I) the price per share that
         the purchaser pays for the Company in the Change in Control less [enter
         strike price of initial option grant], which is the exercise price per
         share of the initial stock option grant by the Company to the Executive
         on [enter date of initial option grant], multiplied by (II) [enter
         number of option shares of initial grant], which is the number of
         option shares of Company stock subject to the initial option grant by
         the Company to the Executive on [enter date of initial option grant].
         If the Change in Control is an asset sale, then the "price per share
         that the purchaser pays for the Company" will be the price paid for the
         assets, divided by the total number of shares of all classes of stock
         of the Company outstanding, on a fully-diluted basis. If the Change in
         Control is a Board takeover, the

                                  Page 9 of 15                   _______,_______
<PAGE>   10
         "price per share that the purchaser pays for the Company" will be the
         fair market value of a share on the date the Change in Control occurs,
         determined in good faith by the Company's regular accountants.

All payments described in this Section 2.3 are described gross of any
withholding, and will be subject to any applicable requirement to withhold
income, payroll or other taxes, except with respect to, and to the extent
provided as, a Gross-up Payment as provided in Article IV below.

         2.4 NO OBLIGATION TO MITIGATE. The Executive will not be required to
mitigate the amount of the Severance Benefit or any portion of it by seeking
other employment or otherwise. Except as provided in subsection 2.3(d), no
portion of the Severance Benefit will be offset or reduced by the amount of any
compensation or benefits provided to the Executive through subsequent
employment.

         2.5 NONEXCLUSIVITY; NONDUPLICATION. Except as specifically provided in
this Agreement, the provisions of this Agreement will not affect any other plan,
program or arrangement under which the Executive may accrue or earn benefits or
compensation. Notwithstanding the foregoing, amounts owed to the Executive under
any other severance plan of the Company or an Affiliate will be reduced by any
amounts payable under this Plan.

Article III. Termination of Employment

         3.1 TERMINATION DATE. The Executive's "Termination Date" is the date
his or her employment with the Company and all Affiliates terminates, pursuant
to the provisions of this Article 3.

         3.2 TERMINATION BY COMPANY FOR CAUSE. At any time following a Change in
Control, the Company must follow the procedure set forth in this Section 3.2, in
order to terminate the Executive for Cause. First, the Board will hold a meeting
to determine whether Cause exists. The Company must give the Executive
reasonable advance written notice of the meeting and of the facts and
circumstances that will be presented to the Board as constituting Cause,
including facts evidencing that the Executive has been given at least a thirty
(30) day opportunity within which to cure any facts and circumstances
constituting Cause, unless the facts and circumstances constituting Cause do not
allow for cure. The Executive will have an opportunity, together with his or her
counsel, to be heard before the meeting. If the Board finds, by a resolution
duly adopted in good faith by affirmative vote of at least three-quarters of the
entire membership of the Board, that Cause exists and that the Executive should
be terminated for Cause, then the Board must set forth those findings in a
written resolution that also includes the specific facts and circumstances found
to constitute Cause (which cannot include any facts or circumstances not
included in the written notice of the Board meeting given to the Executive). The
Company must furnish the Executive with a copy of the resolution, together with
a written notice that he or she is being terminated for Cause. The notice must
specify the effective date of the termination. The effective date of the
termination may not be sooner than five business days after the date the Company
delivers the resolution and notice to the Executive. In any action to contest
the existence of Cause, the Board's findings will have no presumptive weight.
The Company may not later rely upon any facts or circumstances as Cause for the
Executive's

                                 Page 10 of 15                   _______,_______
<PAGE>   11

termination, other than the facts or circumstances set forth in the notice of
the Board meeting given to the Executive and found by the Board at that meeting
to constitute Cause.

         3.3 TERMINATION BY COMPANY FOR DISABILITY. At any time following a
Change in Control, the Company must follow the procedure set forth in this
Section 3.3, in order to terminate the Executive for Disability. If, as a result
of Disability, the Executive has been absent from the performance of his or her
duties for the Company for the elimination period provided in the Company's
long-term disability plan (or, if the Company does not maintain a long-term
disability plan, for six consecutive months) and the Executive is unable to
return to his or her duties on a full-time basis, even with reasonable
accommodations on the Company's part, the Company may give the Executive written
notice that it proposes to terminate the Executive's employment for Disability.
The notice will state that the Company will terminate the Executive for
Disability effective on a specific date, unless the Executive returns to the
performance of his or her duties on a full-time basis by that date. The
effective date of the termination may not be sooner than thirty (30) days after
the date the Company delivers the notice to the Executive. The Executive will be
terminated for Disability if and only if the Company has made all reasonable
accommodations required to permit the Executive to return to work and the
Executive has not returned on a full-time basis by the date specified in the
notice. Notwithstanding any other provision of this Section 3.3, if the
Executive elects a disability retirement under any qualified retirement plan of
the Company, or begins to receive benefits under the Company's long-term
disability plan, he or she will be deemed to have been properly terminated for
Disability by the Company. The effective date of such a termination will be the
Executive's retirement date under the retirement plan or the date as of which
long-term disability benefits begin under the Company's long-term disability
plan, whichever is sooner.

         3.4 TERMINATION BY EXECUTIVE FOR GOOD REASON. Following a Change in
Control, if the Executive has Good Reason, he or she may terminate his or her
employment without giving prior notice to the Company, and will not be required
to give any notice in order to perfect his or her rights under the Plan on
termination for Good Reason, except as provided in this Section 3.4. Within
thirty (30) days after the Executive receives a written request from the Company
for a statement of the facts and circumstances that the Executive believes
constitute Good Reason, the Executive will, if he or she has not already done
so, provide the Company with a written statement setting forth in reasonable
detail all facts and circumstances the Executive believes constitute Good Reason
for his or her termination. The Executive will have the right to amend and
supplement his or her statement until thirty (30) days after the date he or she
receives the request for the statement from the Company. The Executive may not
thereafter rely on any facts or circumstances not set forth in his or her
statement (as amended and supplemented) as Good Reason for his or her
termination. The written request for a statement that the Company provides to
the Executive must specifically refer to this Section 3.4, and must be
accompanied by a hard copy of this Agreement.

         3.5 VOLUNTARY TERMINATION BY EXECUTIVE DURING THE ONE-YEAR WINDOW
PERIOD. Following a Change in Control, the Executive may voluntarily terminate
his or her employment with the Company and its Affiliates for any or no reason
during the One-Year Window Period without giving prior notice to the Company,
and will not be required to give any notice in order to perfect his or her
rights under this Agreement on termination during the One-Year Window Period.
The Executive will be deemed to voluntarily terminate his or her employment with
the

                                 Page 11 of 15                   _______,_______
<PAGE>   12

Company and all Affiliates during the One-Year Window Period only if he or
she actually terminates employment with the Company and all Affiliates before
the end of the One-Year Window Period, or if he or she gives written notice of
his or her intent to terminate before the end of the One-Year Window Period and
actually terminates employment with the Company and all Affiliates within thirty
(30) days after the end of the One-Year Window Period.

         3.6 OTHER TERMINATION. Neither the Company nor the Executive must
follow any particular procedures to effect a termination for a reason other than
Cause, Disability or Good Reason, or for the Executive to terminate employment
voluntarily at a time other than during the One-Year Window Period.

Article IV. Parachute Payments

         4.1 EXCISE TAX GROSS-UP PAYMENT. If the total amounts the Executive
would receive on account of or following a Change in Control would subject the
Executive to an excise tax under Section 4999 of the Code, the Company will pay
the Executive, in addition to his or her Severance Benefit, a "Gross-up
Payment." The amount of the Gross-up Payment will be equal to the entire excise
tax the Executive must pay, plus the entire amount necessary to pay all federal,
state, local, excise, and payroll taxes that will be assessed on the Gross-up
Payment itself.

         4.2 DETERMINATION OF GROSS-UP PAYMENT. Within thirty (30) days after
the Termination Date, the Company's regular accounting firm will make an initial
determination of whether the Company must pay a Gross-up Payment, and if so, how
large the Gross-up Payment must be. The accounting firm will provide the Company
and the Executive with the determination and detailed supporting calculations
and documentation. The Company will pay the expense of the initial
determination. The Executive will have the right to accept the determination, or
to have the determination reviewed by an accounting firm selected by the
Executive, at the Executive's expense. The determination of the second
accounting firm will be binding, final and conclusive on the Company and the
Executive. The Company will pay the Gross-up Payment finally determined under
this Section 4.2 to the Executive within thirty (30) days after it is finally
determined.

Article V. Other Rights and Benefits Not Affected

         5.1 OTHER BENEFITS. Except as otherwise specifically provided in this
Agreement, the provisions of this Agreement will not affect any other plan,
program or arrangement under which the Executive may accrue or earn benefits or
compensation. Notwithstanding the foregoing, amounts owed to the Executive under
any other severance plan of the Company or an Affiliate will be reduced by any
amounts payable under Agreement.

         5.2 EMPLOYMENT STATUS. This Agreement does not constitute a contract of
employment or impose on the Executive or the Company any obligation to retain
the Executive as an employee, to change the status of the Executive's
employment, or to change the Company's policies regarding termination of
employment.

                                 Page 12 of 15                   _______,_______
<PAGE>   13

Article VI. Successors and Beneficiaries

         6.1 SUCCESSORS. The Company will require any successor (whether direct
or indirect, by purchase, merger, consolidation, or otherwise) of all or
substantially all of the business or assets of the Company expressly to assume
and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform it if no such succession had taken
place.

         This Agreement shall inure to the benefit of and be enforceable by the
Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees, and legatees. If the Executive should
die while any amount would still be payable to him hereunder had he continued to
live, all such amounts, unless otherwise provided herein, shall be paid in
accordance with the terms of this Agreement, to the Executive's devisee,
legatee, or other designee, or if there is no such designee, to the Executive's
estate.

         6.2 BENEFICIARIES. The Executive's beneficiary under the Cabot
Microelectronics Corporation 401(k) Plan will be the Executive's Beneficiary
under this Agreement, unless the Executive otherwise designates a Beneficiary in
the form of a signed writing acceptable to the Committee. The Executive may make
or change such designation at any time.

Article VII. Legal Fees and Arbitration

         The Company will indemnify and reimburse the Executive for all legal
fees and related expenses (including the costs of experts, evidence and counsel,
but not including the costs of an accounting firm selected by the Executive to
perform an excise tax determination as provided in Section 4.2) reasonably
incurred by the Executive:

               (a) to contest or dispute in good faith his or her termination of
         employment with the Company and the Affiliates; or

               (b) to seek to obtain or enforce any benefit or right provided by
         this Agreement or by any other plan or arrangement maintained by the
         Company or an Affiliate and under which the Executive is or may be
         entitled to receive benefits upon or following his or her termination
         of employment.

In either case, the Executive will be entitled to indemnification and
reimbursement only if the termination of employment the Executive contests or
disputes, or as to which the Executive seeks benefits or rights, must have taken
place as the result of a Change in Control.

Article VIII. Amendment, Modification, Termination and Substitution

         8.1 AMENDMENT, MODIFICATION, TERMINATION AND SUBSTITUTION. Subject to
Section 8.2, the Board may at any time and from time to time alter, amend,
modify, extend or terminate this Agreement, or accept its surrender and execute
a new Agreement in substitution of it, by resolution or consent adopted by
two-thirds of the Board. Notwithstanding the foregoing, no modification or
substitution of this Agreement will, without the prior written consent of the
Executive, alter or impair any rights or obligations under this Agreement. The
Executive must

                                 Page 13 of 15                   _______,_______
<PAGE>   14

be given a copy of any instrument that purports to alter, amend, modify, extend
or terminate this Agreement.

         8.2 LIMITATIONS ON AMENDMENT, MODIFICATION, TERMINATION AND
SUBSTITUTION. No amendment, termination, modification, extension or substitution
of this Agreement will be effective if it would adversely affect the rights of
the Executive, if a Change in Control occurs within one year after the date it
is meant to be effective. Instead, such an amendment, termination, modification
or substitution will be automatically rescinded. In addition, this Agreement may
not be amended, modified, terminated, extended or substituted at the request of
a third party who has indicated an intent, or taken steps to effect, a Change in
Control, or otherwise in connection with or anticipation of a Change in Control.
From and after the occurrence of a Change in Control, this Agreement may not be
amended, modified, terminated, extended or substituted in a manner that would in
any way adversely affect the benefits or rights provided to the Executive.

Article IX Administration

         9.1 ADMINISTRATION BY COMMITTEE. This Agreement will be administered by
the Compensation Committee of the Board, or by any other committee appointed by
the Board (the "Committee"). The members of the Committee will be appointed from
time to time by, and serve at the discretion of, the Board. The Committee will
act by a majority of its members at the time in office and eligible to vote on
any particular matter. The Committee may act either by a vote at a meeting or in
writing without a meeting. No Committee member may vote on any matter
specifically involving his or her Severance Benefit.

         9.2 AUTHORITY OF THE COMMITTEE. Except as limited by law and subject to
the provisions of this Agreement, the Committee will have full power to construe
and interpret this Agreement. The Committee will make all other determinations
that may be necessary or advisable to administer this Agreement. The Committee
may delegate some or all of its authority under this Agreement.

         9.3 DECISIONS BINDING. All determinations and decisions made by the
Committee pursuant to the provisions of this Agreement will be final, conclusive
and binding on all persons, including, without limitation, the Company, the
Board, the Company's stockholders, all employees, the Executive and their
estates and beneficiaries.

Article X Miscellaneous

         10.1 SEVERABILITY. If any provision of this Agreement is held to be
illegal or invalid for any reason, the illegality or invalidity will not affect
the remaining parts of the Agreement, and the Agreement will be construed and
enforced as if the illegal or invalid provision had not been included.

         10.2 UNFUNDED STATUS OF AGREEMENT. This Agreement is intended to
constitute an "unfunded" arrangement for executive compensation. As to any
payments due but not yet made under this Agreement, the Executive's rights are
no greater than those of a general creditor of the Company. The Company is not
required to fund or otherwise set aside assets to pay the amounts

                                 Page 14 of 15                   _______,_______
<PAGE>   15

owed under this Agreement. Notwithstanding the foregoing, immediately prior to a
Change in Control, the Company or its successor must and will establish a
"rabbi" trust and fully fund the Severance Benefit, Gross-up Payment (if any),
and any other amounts that may become payable under this Agreement.

         10.3 GOVERNING LAW. To the extent they are not preempted by federal
law, the laws of the State of Illinois, other than its conflict of law
principles, will govern in all matters relating to this Agreement.

         10.4 NONASSIGNABILITY. Neither the Executive nor his or her
beneficiaries or legal representatives may assign or transfer this Agreement or
any right under it, except by will or by the laws of descent and distribution.
This Agreement will inure to the benefit of and be enforceable by the
Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees, and legatees.

         10.5 SETTLEMENT OF CLAIMS. The Company's obligation to make the
payments provided for in this Agreements will not be affected by any
circumstances, including, without limitation, any set-off, counterclaim,
defense, recoupment or other right which the Company may have against the
Executive or others.

         IN WITNESS WHEREOF, the Company and the Executive have duly executed
this Agreement as of the date first written above.

                                       CABOT MICROELECTRONICS CORPORATION

                                       By:
                                          --------------------------------------
                                       Its:
                                           -------------------------------------

                                       -----------------------------------------
                                                (Executive's Signature)

                                       Executive's Name and Address for notices:

                                       -----------------------------------------

                                       -----------------------------------------

                                       -----------------------------------------

                                 Page 15 of 15                   _______,_______<PAGE>   1
                                                                   EXHIBIT 10.24

                 GENERAL RELEASE, WAIVER AND COVENANT NOT TO SUE

This GENERAL RELEASE, WAIVER AND COVENANT NOT TO SUE ("Agreement"), is made and
entered into on this _______ day of _______________, 2000, ("Execution Date") by
Bruce M. Zwicker, hereinafter referred to as "you," and Cabot Microelectronics
Corporation, hereinafter referred to as "CMC", on behalf of themselves, their
heirs, successors and assigns.

WHEREAS, you agree that you are entering into this Agreement voluntarily and
have been advised to consult an attorney prior to signing it;

WHEREAS, you agree that the employment, change in control severance protection
agreement, cash and other consideration provided pursuant to this Agreement is
adequate consideration for the mutual terms, covenants and conditions of it,
therefore, the parties do hereby agree as follows:

     1. PURPOSE OF AGREEMENT. The parties have entered into this Agreement to
release and to effect a full and final settlement of any and all claims you may
have against CMC, including the officers, directors, employees and benefit plans
of CMC (collectively "CMC"), and Cabot Corporation as the former parent
corporation of CMC, including the officers, directors, employees, and benefit
plans of Cabot Corporation (collectively "Cabot Corporation"), including those
resulting from, relating to, or based upon your movement to the position of
Senior Business Development Specialist, from the position of Vice-President,
Sales and Marketing. This settlement includes all claims against CMC and Cabot
Corporation (as the former parent corporation of CMC) based upon any cause of
action you now have or may have in the future arising from any facts or
circumstances existing on or prior to the effective date of this Agreement,
including those resulting from, relating to, or based upon your movement to the
position of Senior Business Development Specialist, from the position of
Vice-President, Sales and Marketing, and including but not limited to claims for
personal injury, emotional distress, costs and/or attorney's fees.

     2. DENIAL OF LIABILITY. This Agreement is not to be construed as an
admission of liability on the part of any party hereto or to any other party.
The parties expressly deny liability for any claims asserted or which could have
been asserted against them, and enter into this Agreement for the sole purpose
of avoiding litigation with respect to any disputed claims which are or could be
asserted.

     3. CONSIDERATION. Upon the Execution of this Agreement and as soon as
practical after the expiration of the seven-day revocation period referenced
below, CMC will:

     a.  Provide you with the position of Senior Business Development
         Specialist, reporting to Jeremy Jones, Director of New Business
         Development, at your current salary, with ability to earn future salary
         increases, bonus and stock option grants commensurate with level of
         future performance and new position.

Page 1 of 7 - Cabot Microelectronics Corporation Confidential     ______, ______

<PAGE>   2

         Assuming compliance with the material standard terms and conditions of
         employment at CMC, including those related to performance, you will
         not be employed at a salary less than your salary as of the Execution
         Date of this Agreement. Your employment with CMC remains "at will",
         and you agree to continue to comply with the work rules, policies,
         procedures and standards of conduct that CMC has adopted for the
         regulation of the general conduct of its employees, as generally known
         to you or evidenced by the terms of any employee handbook, written
         memorandums or written policy statements, applying in good faith the
         same standards as applied to other CMC employees.

     b.  Provide you with the Change-in-Control Severance Protection Agreement
         ("CIC Agreement"), in the form attached hereto and incorporated herein
         by reference, as Exhibit A;

     c.  Provide you with a FY00 Short Term Incentive at thirty-five-percent
         (35%) of fifty-four-thousand-six-hundred-dollars ($54,600), payable at
         the time and in the manner CMC FY00 Short Term Incentive is paid to
         other CMC employees;

     d.  The additional promises provided in this Agreement.

The consideration provided under this Agreement shall constitute full and final
settlement and satisfaction of all of your claims, whether for damages or
otherwise. No consideration shall be provided to you for any other claims,
demands, or causes of action, whether known or unknown, and you agree you will
not receive or be eligible for any other consideration in any form. To the
extent it is determined that federal or state taxes are due on any part of these
proceeds, such taxes and any related penalty or interest charges shall be solely
your responsibility.

     4. AGREEMENT IN EVENT OF TERMINATION OF EMPLOYMENT BY YOU OR CMC BETWEEN
NOVEMBER __, 2000 TO MARCH 31, 2001. In the event that, other than as a result
of, or related or subsequent to, a Change-in-Control as defined in the CIC
Agreement, you voluntarily terminate your employment with CMC between the
Execution Date of this Agreement and March 31, 2001, or CMC terminates your
employment with or without cause between the Execution Date of this Agreement
and March 31, 2001, CMC will, subject to your execution of a Second General
Release, Settlement, and Covenant Not to Sue ("Second Agreement"):

     a.  Pay to you the sum of two years' base salary, less appropriate taxes
         and deductions, to be paid in twenty-four (24) equal, monthly
         installments; and,

     b.  Amend your Grant Agreement pursuant to the Cabot Microelectronics
         Corporation 2000 Equity Incentive Plan ("Plan") for Non-Qualified Stock
         Options with a Grant Date of April 4, 2000 ("Grant Agreement"), to
         allow the vesting, and your exercise of, those twelve-thousand (12,000)
         CMC non-qualified stock Options that are

Page 2 of 7 - Cabot Microelectronics Confidential                ______, ______

<PAGE>   3

         scheduled to vest on April 4, 2001, and those twelve-thousand (12,000)
         CMC non-qualified stock Options that are scheduled to vest on April 4,
         2002, according to the terms and conditions of the Grant Agreement and
         the Plan, according to the vesting schedule and dates of April 4, 2001,
         and April 4, 2002, respectively, and expiring two years from the
         execution date of the Second Agreement; if you fail to exercise these
         Options within such time-frame, or violate the terms of the Second
         Agreement, such Options will be immediately terminated, rescinded,
         cancelled and become unexercisable immediately. Pursuant to the Grant
         Agreement and Plan, the Options previously vested will be exercisable
         only pursuant to the Grant Agreement and Plan. Participation in, and
         eligibility for, all other CMC and Cabot Corporation benefits, stock
         option or restricted stock awards, and/or deferred compensation plans,
         including but not limited to the Short Term Incentive and Long Term
         Incentive Plans, will be terminated as of your Termination Date;

The amounts and consideration provided for in this Section 4 will be made
available to you in the alternative or in lieu of, and not in addition to, any
payments or consideration provided under the CIC Agreement. You agree that CMC's
obligation to provide you with the amounts and consideration provided for in
this Section 4 will be contingent on your reaffirming your commitment to,
agreement with, and adherence to the terms of your Cabot Microelectronics
Corporation Employee Confidentiality, Intellectual Property and Non-Competition
Agreement for Employees in Arizona, Colorado, Illinois, Massachusetts, and Texas
signed on September 8, 2000 ("Non-Compete Agreement"), and, among other things,
agreement to comply with the terms of section 3 of the Non-Compete Agreement,
and refrain from rendering services for a competitor, within two years after the
termination of your employment with CMC; you further agree that these terms will
be memorialized in the Second Agreement.

     5. AGREEMENT IN EVENT OF TERMINATION OF EMPLOYMENT BY CMC FROM APRIL 1,
2001 TO [NOVEMBER __, 2002]. In the event that CMC terminates your employment
without cause after March 31, 2001 but prior to two years from the Execution
Date of this Agreement other than as a result of, or related or subsequent to, a
Change-in-Control as defined in the CIC Agreement, CMC will, subject to your
execution of a Second General Release, Settlement and Covenant Not to Sue
("Second Agreement"):

     a.  Pay to you the sum of two years' base salary, less appropriate taxes
         and deductions, to be paid in twenty-four (24) equal, monthly
         installments; and,

     b.  Amend your Grant Agreement pursuant to the Cabot Microelectronics
         Corporation 2000 Equity Incentive Plan ("Plan") for Non-Qualified Stock
         Options with a Grant Date of April 4, 2000 ("Grant Agreement"), to
         allow the vesting, and your exercise of, those twelve-thousand (12,000)
         CMC non-qualified stock Options that are scheduled to vest on April 4,
         2001, and those twelve-thousand (12,000) CMC non-qualified stock
         Options that are scheduled to vest on April 4, 2002, according to the
         terms and conditions of the Grant Agreement and the Plan, according to
         the vesting

Page 3 of 7 - Cabot Microelectronics Confidential                ______, ______

<PAGE>   4

         schedule and dates of April 4, 2001, and April 4, 2002, respectively,
         and expiring two years from the execution date of the Second Agreement;
         if you fail to exercise these Options within such time-frame, or
         violate the terms of the Second Agreement, such Options will be
         immediately terminated, rescinded, cancelled and become unexercisable
         immediately. Pursuant to the Grant Agreement and Plan, the Options
         previously vested will be exercisable only pursuant to the Grant
         Agreement and Plan. Participation in, and eligibility for, all other
         CMC and Cabot Corporation benefits, stock option or restricted stock
         awards, and/or deferred compensation plans, including but not limited
         to the Short Term Incentive and Long Term Incentive Plans, will be
         terminated as of your Termination Date;

The amounts and consideration provided for in this Section 5 will be made
available to you in the alternative or in lieu of, and not in addition to, any
payments or consideration provided under the CIC Agreement. If you resign from
CMC, or CMC terminates you for cause, then you will not be eligible for the
amounts and consideration provided for in this Section 5. You agree that CMC's
obligation to provide you with the amounts and consideration provided for in
this Section 5 will be contingent on your reaffirming your commitment to,
agreement with, and adherence to the terms of your Cabot Microelectronics
Corporation Employee Confidentiality, Intellectual Property and Non-Competition
Agreement for Employees in Arizona, Colorado, Illinois, Massachusetts, and Texas
signed on September 8, 2000 ("Non-Compete Agreement"), and, among other things,
agreement to comply with the terms of section 3 of the Non-Compete Agreement,
and refrain from rendering services for a competitor, within two years after the
termination of your employment with CMC; you further agree that these terms will
be memorialized in the Second Agreement.

     6. RELEASE BY YOU. In consideration of this Agreement, you, for yourself
and on behalf of your heirs, executor, administrator, successors and assigns,
(hereinafter in this paragraph referred to as the "Releasors"), hereby release,
acquit, and forever discharge CMC and Cabot Corporation, and their respective
officers, employees, directors and benefits plans (hereafter in this Agreement
referred to as the "Releasees"), of and from any and all actions, causes of
action, claims, demands, rights, damages, costs, expenses, and liabilities of
any nature whatsoever (including indemnity), whether now or heretofore known or
unknown, accrued or unaccrued, or alleged or not alleged, including but not
limited to those which are based upon, exist on account of, or in any way arise
out of:

     (a) Any and all acts, omissions or activities of the above-named Releasees
         occurring on or prior to the date of this Agreement, including those in
         any way connected, directly or indirectly, with your employment, and
         the claims defined in subparagraph (b), below;

     (b) Any and all claims alleged or to be alleged, including but not limited
         to claims under the Age Discrimination in Employment Act, 29 U.S.C. ss.
         621, et seq., Title VII of the Civil Rights Act of 1964, 42 U.S.C.ss.
         2000e, et seq., the Illinois Human Rights

Page 4 of 7 - Cabot Microelectronics Confidential                ______, ______

<PAGE>   5

         Act, 735 ILCS 5/1-101, et seq., and any other claims arising under laws
         pertaining to breach of contract, wrongful discharge or any other
         federal, state or local laws relating in any way to employment, and
         claims of any of the parties against any Releasees based upon any cause
         of action they now have or may have in the future arising from any
         facts or circumstances existing on or prior to the effective date of
         this Agreement, including but not limited to all claims for costs or
         attorney's fees.

This Release shall not apply to claims, demands, actions or causes of action
arising out of the performance or non-performance by any person of any term,
covenant or condition of this Agreement.

You affirm and acknowledge that: 1) you have been advised by CMC to consult with
an attorney about the terms of this Agreement before signing it; 2) you have
been given a reasonable period of time to consider this Agreement and to decide
whether to sign it; 3) you have read and understand this Agreement; and 4) you
voluntarily enter into and execute it of your own free will with full knowledge
of it terms and conditions.

     7. ENFORCEMENT OF SETTLEMENT AGREEMENT. In any action brought to enforce or
rescind this Agreement, the District Court for the Northern District of
Illinois, Eastern Division, shall have jurisdiction and venue with respect to
each party hereto. This Agreement may be pleaded as a full and complete defense
and may be used as the basis for an injunction against any action at law or
proceeding at equity, or any private or public judicial or non-judicial
proceeding instituted, prosecuted, maintained or continued in breach hereof. You
agree and affirm that you have not and will never institute, maintain or
participate in, or in any way aid in the institution or prosecution of, any
claim, action or proceeding of any kind against CMC or Cabot Corporation or the
other Releasees, including but not limited to, claims related to your employment
with CMC or Cabot Corporation or the termination of that employment. If you
violate this Agreement by suing CMC or Cabot Corporation or the other Releasees,
you agree that you will pay all costs and expenses of defending against the suit
incurred by CMC or Cabot Corporation or the other Releasees, including
reasonable attorneys' fees, and all further costs and fees, including attorneys'
fees, incurred in connection with collection.

     8. RIGHT TO REVOKE. You have at least twenty-one (21) days (UNTIL DECEMBER
11, 2000), within which to consider this Agreement, however, you may execute
this Agreement before that time, and you certify, by such execution, that you
knowingly and voluntarily waived the right to the full 21 days with no pressure
by CMC to do so. If you do not execute this Agreement by December 11, 2000, the
end of the 21 day period, you will not be eligible for the consideration
specified in this Agreement. Also, you may revoke this Agreement within seven
days of its Execution Date by sending written notice to J. Michael Jenkins, Vice
President of Human Resources of CMC. If you revoke this Agreement or fail to
execute it, you will not receive the consideration specified herein. Your
removal from your position as Vice President, Sales and Marketing, is and will
be unaffected by any revocation of, or failure to execute, this Agreement by
you.

Page 5 of 7 - Cabot Microelectronics Confidential                ______, ______

<PAGE>   6

     9. ATTORNEYS' FEES. In any action brought to enforce or rescind this
Agreement or any document required hereby, the prevailing party shall be
entitled to the recovery of a reasonable attorneys' fee and reasonably incurred
costs of litigation.

     10. CONSTRUCTION OF AGREEMENT AND RELATED DOCUMENTS. This Agreement and the
documents required hereby shall be construed in accordance with the laws of the
State of Illinois.

     11. INTEGRATION. This Agreement signed by the parties hereto, constitute
the final written expression of the parties and is a complete and exclusive
statement of those terms and conditions. Each of the parties acknowledges that
no representations or promises not expressly contained in this Agreement and the
documents required hereby have been made by any party or by the agents or
representatives of any party.

     12. NO DISPARAGEMENT. You agree not to make disparaging, malicious, or
otherwise negative comments about CMC, Cabot Corporation, and/or its or their
personnel, officers, directors, products, services, practices or policies. CMC
agrees that its comments relating to your assuming your position as Senior
Business Development Specialist will relate to our asking you to focus on new
areas of importance to CMC; you agree that your comments relating to your
assuming your new position will be similarly limited.

     13. CONFIDENTIAL/PROPRIETARY INFORMATION. You agree to maintain all CMC
proprietary/confidential information and personal and intellectual property of
CMC and/or Cabot Corporation as such, and to not disclose to any third party or
use CMC's or Cabot Corporation's proprietary/confidential information. You
affirm and agree that your obligations pursuant to the Cabot Microelectronics
Corporation Employee Confidentiality, Intellectual Property and Non-Competition
Agreement for Employees in Arizona, Colorado, Illinois, Massachusetts, and Texas
signed on September 8, 2000 ("Non-Compete Agreement"), including but not limited
to those to protect all CMC proprietary/confidential information from disclosure
and use, and to uphold your non-compete/non-solicit obligations in section 3 of
the Non-Compete Agreement, and the Non-Compete Agreement itself remain in full
force and effect independent from your obligations under this Agreement, but
that to the extent necessary the consideration stated in Section 3 of this
Agreement also constitutes additional consideration for your obligations under
the Non-Compete Agreement, which are restated, affirmed by you, and incorporated
into this Agreement by reference.

     14. RESIGNATION AS OFFICER. You agree to resign your position as an Officer
of CMC (Vice President of Sales and Marketing), effective as of your Termination
Date, by written notice to the Board of Directors of CMC, in the form and at the
time designated by CMC.

Page 6 of 7 - Cabot Microelectronics Confidential                ______, ______

<PAGE>   7

     15. CONFIDENTIALITY. The parties agree that, except for disclosures
specifically required by law or specifically required to enforce any of the
terms of this Agreement or the documents required thereby, the terms and
conditions of this Agreement as well as the payment terms and amount of the
settlement as set forth herein shall not be disclosed to nor discussed in any
manner, including oral, written, electronic, digital or otherwise, with any
person not a party to this Agreement other than your spouse or your attorneys or
tax return preparers, each of whom must themselves respect the confidentiality
hereof. In addition, neither you nor your spouse, or any other party shall make
any statement of any kind, i.e., oral, written, electronic, digital or
otherwise, to the public or news media with respect to the substance or
conclusion of your employment with CMC and this Agreement.

     16. COUNTERPART ORIGINALS. This Agreement may be executed in multiple
counterpart originals and shall have the same force and effect as if all
signatures appeared on the same original.

     17. FURTHER DOCUMENTATION. To the extent applicable, the parties shall
execute such other and further documents as may be reasonably necessary to carry
out the terms and conditions of this Agreement.

     18. SEVERABILITY. It is the intent of the parties that each and every
provision in this Agreement be enforced. To the extent any provision is held
unenforceable, such unenforceability shall not render the remaining terms hereof
unenforceable.

     IN WITNESS WHEREOF, the parties hereto have executed counterpart originals
of this Agreement as of the date entered above.

                                        CABOT MICROELECTRONICS CORPORATION:

BY:                                     BY:
   ------------------------------------   -------------------------------------
BRUCE M. ZWICKER                          Matthew Neville
                                          President and Chief Executive Officer

   THIS AGREEMENT INCLUDES A RELEASE OF ALL CLAIMS, WHETHER KNOWN OR UNKNOWN,
      INCLUDING ANY UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT. YOU ARE
               ADVISED TO CONSULT AN ATTORNEY PRIOR TO SIGNING IT.

Page 7 of 7 - Cabot Microelectronics Confidential                ______, ______

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00019-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00019-of-00352.parquet"}]]