Exhibit 10.29
EMPLOYMENT AGREEMENT
EMPLOYMENT AGREEMENT dated June 10, 1998 between HAGLER BAILLY, INC., a
Delaware corporation ("Company"), and WILLIAM E. DICKENSON ("Executive").
WHEREAS, pursuant to that certain Agreement and Plan of Merger (the "Merger
Agreement") dated as of the date hereof among PUTNAM, HAYES & BARTLETT, INC., a
Massachusetts corporation ("PHB"), the Company and PHB MERGER CORP., a
Massachusetts corporation and wholly-owned subsidiary of the Company ("Merger
Sub"), Merger Sub will merge with and into PHB (the "Merger"), PHB will be
renamed PHB Hagler Bailly, Inc. ("PHB Hagler Bailly") and the common stock of
PHB, including the common stock of PHB owned by the Executive, will be converted
into shares of common stock of the Company ("Common Stock");
WHEREAS, as an inducement to the Company to enter into the Merger Agreement
and as a condition precedent to the Company's obligations under the Merger
Agreement, Executive has agreed to execute and deliver this Agreement and to
terminate, effective as of the effective time of the Merger, any prior
employment agreements or arrangements with PHB;
WHEREAS, the Company desires to employ Executive, and Executive desires to
be employed by the Company, from the day after the effective time of the Merger
on the terms and conditions set forth herein.
Whereas, effective as of the effective time of the Merger, Executive will
become the owner of shares of Common Stock;
Whereas, Executive agrees to be bound by the confidentiality, non-compete
and non-solicitation provisions herein; and
WHEREAS, the Board of Directors of the Company has approved the terms of
this Agreement;
NOW, THEREFORE, in consideration of the mutual covenants hereinafter
contained, the Company and Executive, intending to be legally bound, agree as
follows:
1. Employment, Term, Duties and Responsibilities.
a. During the Term (as hereinafter defined) of this Agreement, the Company
agrees to employ Executive and Executive agrees to serve the Company as
Executive Vice President and Chief Operating Officer through December 31, 1999.
Executive shall be responsible for all U.S. and Canadian operations of the
Company and PHB. In Executive's capacity as an executive officer of the Company,
Executive will report directly to the Chief Executive Officer of the Company. As
of January 1, 2000 Executive shall become President and Chief Executive Officer
of the Company and will perform such other duties assigned to him by the Company
Board and agreed to by Executive.
Following consummation of the Merger, Executive shall also serve as Chief
Executive Officer of PHB, and upon PHB's changed name, of PHB Hagler Bailly and
shall become a member of the Management Committee of Hagler Bailly Consulting,
Inc. ("Consulting"). Upon the full integration and merger of PHB and Consulting,
which shall occur between January 1, 1999 and April 1, 1999, Executive shall
become Chief Executive Officer of PHB Hagler Bailly, Inc. The Company will use
its best efforts to ensure that Executive is elected to the Board of Directors
of the Company to fill any vacancy that arises and Executive shall be nominated
by the Board of Directors of the Company for election to the Board not later
than the 1999 Annual Meeting of Stockholders of the Company to serve in that
class of directors whose term expires in 2002.
During the Term, Executive agrees to serve Company faithfully and to the
best of his ability; to devote his entire time, energy and skill during regular
business hours (except for illness or incapacity and except for vacation time as
provided herein) to such employment; to use his best efforts, skills and ability
to promote its interests; if elected, to serve as a director of Company and its
subsidiaries or affiliated corporations or entities; and to perform such duties
as from time to time may be assigned to him, subject to the preceding paragraph
hereof.
Notwithstanding the foregoing, Executive may engage in charitable,
academic and public and industry service activities so long as such activities
do not materially interfere with the performance of his duties and
responsibilities under this Agreement.
b. Subject to the provisions of this Agreement to the contrary, the Term
shall commence on the day after the closing date of the Merger (the "Effective
Time"), and end on the date which is the third-year anniversary thereof.
2. Compensation.
The Company agrees to pay Executive as compensation for all duties
performed by him in any capacity during the period of his employment under this
Agreement:
a. An annual base salary ("Base Salary") payable in equal bi-monthly
installments at an initial annual rate of $345,592 commencing at the Effective
Time. On January 1 of each year during the Term commencing January 1, 1999, the
annual rate of Base Salary shall be increased by no less than the greater of (i)
five percent (5%) over the annual rate of Base Salary in effect for the
preceding year, and (ii) the increase in the CPI National Index for the year.
b. An annual bonus payment ("Bonus"), in an amount, if any, determined for
the calendar year 1998, by management of PHB based on the target bonus
applicable to Executive's position at PHB and approved by the Compensation
Committee of the Company Board, and thereafter during the Term (including the
1999 calendar year) by the Compensation Committee of the Company Board.
c. The Company agrees to grant Executive options to purchase 92,000 shares
of Common Stock at the Effective Time, with an exercise price at the fair market
value on such date and a term of ten (10) years, vesting over three years in
equal amounts commencing on the first anniversary date of the Effective Time,
and subject to the terms and conditions of the Hagler Bailly Employee Incentive
and Non-Qualified Stock Option and Restricted Stock Plan or any successor plan
(the "Plan").
d. From time to time, Executive shall also be eligible to receive options
to purchase Common Stock of the Company pursuant to the terms of the Plan, and
in the amounts determined by, and subject to the terms and conditions of, the
Stock Option Committee of the Company Board.
e. During the Term, for so long as Executive is a member of the Company
Board or the board of directors of any of the Company's subsidiaries or
affiliated companies, Executive shall receive such compensation and other
benefits (including insurance coverage and indemnification) as other similarly
situated members of such board of directors receive for their service in such
capacity.
3. Benefits; Reimbursement of Expenses; Annual Physical.
Executive shall also be entitled to:
a. for the calendar year 1998, continue to participate, in all of the
benefit programs which are currently provided by PHB, including, without
limitation, all vacation, retirement, health, life and disability insurance
programs ("benefit programs"). For the calendar year 1999 and thereafter,
Executive shall be entitled to participate in all of the benefit programs which
are then provided by the Company. For purposes of Executive's participation in
the benefit programs, the Company shall treat the full period of Executive's
service with PHB as if it had been service with the Company;
b. reimbursement by the Company of all expenses reasonably incurred by him
in connection with the performance of his duties, including, without limitation,
travel and entertainment expenses reasonably related to the business or
interests of the Company, upon submission by him of written documentation of
such expenses; and
c. a fully-paid annual physical examination.
4. Disability or Death.
a. If, during the Term of this Agreement, Executive becomes disabled or
incapacitated for a period of twelve (12) consecutive months to such an extent
that he is unable to perform his duties hereunder ("Permanently Disabled"), the
Company shall have the right at any time thereafter, so long as Executive is
then still Permanently Disabled, to terminate this Agreement. If the Company
elects to terminate this Agreement by reason of Executive becoming Permanently
Disabled, the Company, for the unexpired Term of this Agreement, shall continue
to pay:
(1) to Executive, sixty percent (60%) of his Base Salary (whether through
insurance or otherwise) at the rate in effect on the date of such termination,
such payments to be made as set forth in Section 2 plus, within thirty (30) days
of such termination, a lump sum payment in the amount of the Executive's Base
Salary in effect on the date of such termination; or
(2) in the event of Executive's death after such termination for Permanent
Disability, then to the persons and in the manner set forth in subparagraph (c)
of this Section 4, an amount per annum equal to sixty percent (60%) of
Executive's Base Salary (whether through insurance or otherwise) at the rate in
effect on the date this Agreement is terminated by the Company, such payments to
be made as set forth in Section 2.
If, and so long as, the Company does not elect to terminate this Agreement
as a result of Executive's Permanent Disability, this Agreement shall continue
in full force and effect and Executive shall be entitled to all benefits
provided under this Agreement, including, without limitation, compensation as
set forth in Section 2.
b. If the Executive dies during the Term, this Agreement shall
automatically terminate, except that (i) for the unexpired portion of the Term,
the Company shall continue to pay to the persons and in the manner set forth in
subparagraph (c) of this Section 4, an amount per annum equal to sixty percent
(60%) of Executive's Base Salary in effect on the date of Executive's death,
such payments to be made as set forth in Section 2, and (ii) within thirty (30)
days of such termination, the Company shall pay a lump sum payment in the amount
of the Executive's Base Salary in effect on the date of termination.
c. Any payments to be made pursuant to subparagraph (a) or (b) of this
Section 4 to persons other than Executive in the event of the death of Executive
shall be made to Executive's designated beneficiaries or, if no such designation
has been made and Executive's spouse survives Executive, then the payments shall
be made to Executive's spouse, and if such spouse subsequently dies before all
such payments are made, the remaining payments shall be made to the estate of
Executive's spouse. If Executive is not survived by a spouse, then the payments
shall be made among Executive's issue who survive Executive, per stirpes, and if
any individual who is issue of Executive and who as of the date of death of
Executive is entitled to receive payments dies after Executive's death, the
payments which such issue would have been entitled to receive shall be made to
his or her estate. If at the date of Executive's death Executive is not survived
by any spouse, or any issue, then the payments shall be made to Executive's
estate.
5. Termination.
This Agreement shall terminate prior to the expiration of its Term as follows:
a. Automatically upon Executive's death, in which event the provisions of
Section 4 shall continue to be applicable;
b. By the Company, upon notice from the Company, in the event Company
elects to terminate Executive's employment due to Executive's Permanent
Disability pursuant to the provisions of Section 4;
c. By the Company, for "cause," which for purposes of this Agreement shall
mean:
(i) failure to comply with material rules, standards or procedures
reasonably promulgated by the Company in accordance with ordinary and
usual business standards, or dereliction of assigned responsibilities
consistent with Section 1 above, such failure or dereliction remaining
uncured by Executive for thirty (30) days after receiving written
notice from the Company of such failure or dereliction that
specifically describes the nature of such alleged failures;
(ii) substandard performance of assigned responsibilities measured in
accordance with performance standards agreed upon from time to time by
Executive and the Company;
(iii) material violation by Executive, or any other person acting upon
his specific directions, of a federal, state or local statute, rule or
regulation applicable to the Company, to its management, or to the
operation of the Company's business;
(iv) material breach of the terms of this Agreement;
(v) knowing falsification of the Company's records or documents;
(vi) gross negligence;
(vii) conviction by Executive, or any other person acting upon
Executive's specific directions, of any misdemeanor that involves
fraud or a material loss to the Company or of a felony; or
(viii) any act of dishonesty or moral turpitude.
The refusal to permanently relocate from Executive's current place of work
will not constitute a "cause" for termination of employment by the Company.
d. By Executive, upon the Company's failure to perform or observe any of
the material terms or provisions of this Agreement, and the continued failure of
the Company to cure such default within thirty (30) days after written demand
for performance has been given to the Company by Executive, which demand shall
describe specifically the nature of such alleged failure to perform or observe
such material terms or provisions. Without limiting the foregoing, it is
acknowledged and agreed that Sections 1, 2, 3, and 4 of this Agreement are
material provisions of this Agreement.
e. By Executive, upon notice from Executive after Company's failure to pay
Executive amounts under Sections 2 and 3 when due and the continued failure of
the Company to make such payment within ten (10) days after written demand for
such payment is made by Executive.
f. By Executive, upon notice from Executive following a "change in control"
(as defined in Section 17).
6. Effect of Termination.
a. In the event of the termination of this Agreement by Company pursuant to
paragraph (c) of Section 5, the Company shall be under no obligation to
Executive, except to pay his accrued and unpaid Base Salary, Bonus, and paid
leave entitlements to the date of termination, and to permit exercise pursuant
to the Plan of any vested but unexercised options. Executive shall not be
entitled to receive any Base Salary or Bonus after the date of termination, or
to exercise any unvested options under the Plan.
b. In the event of the termination of this Agreement by Executive pursuant
to paragraphs (d), (e) or (f) of Section 5, or in the event of the termination
of this Agreement by the Company other than pursuant to a notice of termination
under paragraph (b) or (c) of Section 5, Executive shall receive from Company
(i) payments at an annual rate equal to his Base Salary in effect on the date of
such termination in equal bi-monthly installments until thirty-six (36) months
from the effective date of such termination; and (ii) a lump-sum payment in an
amount equal to four (4) times his Base Salary on the date of termination
payable within thirty (30) days thereof.
If the Company and Executive shall become involved in a dispute relating to
any alleged breach of this Agreement by the Company or Executive, and if
Executive prevails (by judgment, settlement or otherwise) in such dispute, the
Company shall reimburse Executive for all reasonable costs (including reasonable
fees and disbursements of counsel) incurred by him in connection with such
dispute upon presentation to the Company of evidence of such costs.
7. Termination of Prior Agreements.
This Agreement expressly supersedes all agreements and understandings
between the parties regarding the subject matter hereof and any such agreement
is terminated as of the closing date of the Merger.
8. Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the
parties hereto, their respective legal representatives and to any successor of
the Company, which successor shall be deemed substituted for the Company under
the terms of this Agreement. As used in this Agreement, the term "successor"
shall include any person, firm, corporation or other business entity which at
any time, whether by merger, purchase or otherwise, acquires all or
substantially all of the assets or business of the Company.
9. Waiver of Breach.
The waiver by the Company of a breach of any provision of this Agreement by
Executive shall not operate or be construed as a waiver of any subsequent
breach.
10. Notices.
Any notice required or permitted to be given hereunder shall be sufficient,
upon acknowledgement of receipt, if in writing and if sent by facsimile message
or by recognized courier to Executive at each of his residences or to the
Company at its principal place of business.
11. Entire Agreement.
This document contains the entire agreement of the parties and may not be
changed except in a writing signed by both parties.
12. Governing Law.
This Agreement shall be governed by and construed in accordance with the
laws of the Commonwealth of Virginia as applied to contracts executed and
performed wholly within the Commonwealth of Virginia.
13. Confidentiality.
a. From and after the Effective Time, Executive shall not, without the
prior written consent of the Company Board, for any reason, either directly or
indirectly, divulge to any third-party or use for his or her own benefit, or for
any purpose other than the exclusive benefit of the Company, any confidential,
proprietary, business and technical information or trade secrets (the
"Proprietary Information") of the Company or any of its subsidiaries whether
learned prior to or after the date hereof.
Proprietary Information shall include, but shall not be limited to, any
information relating to computer codes or instructions (including source and
object code listings, logic algorithms, subroutines, modules or other subparts
of computer programs and related documentation, including program notation);
computer processing systems and techniques; concepts; layouts; flowcharts;
specifications; know-how; any associated programmer, user or other manuals or
other like textual materials; all computer inputs and outputs (regardless of the
media on which it is stored or located); hardware and software configurations;
designs; interfaces; research; processes; inventions; products; methods;
marketing, sales and distribution data, plans and efforts; relationships with
actual and prospective customers and suppliers; and any other materials prepared
by Executive in the course of Executive's employment with the Company or
prepared by any other employee or contractor of the Company or any of its
subsidiaries for their customers, and any other materials that have not been
made available to the general public.
Furthermore, nothing contained herein shall restrict Executive from
divulging or using for his own benefit or for any other purpose any Proprietary
Information that is readily available to the general public so long as such
information did not become available to the general public as a direct or
indirect result of Executive's breach of this Agreement.
b. All right, title and interest in and to Proprietary Information shall be
and remain the sole and exclusive property of the Company. Executive will not
remove from the Company's offices or premises any documents, records, notebooks,
files, correspondence, reports, memoranda or similar materials of or containing
Proprietary Information, or other materials or property of any kind belonging to
the Company unless necessary or appropriate in connection with the ongoing
business of the Company or its subsidiaries and, in the event that such
materials or property are removed, all of the foregoing shall be returned to
their proper files or places of safekeeping as promptly as possible after the
removal shall serve its specific purpose.
Executive shall not make, retain, remove and/or distribute any copies of
any of the Proprietary Information for any reason whatsoever except as may be
necessary in the performance of Executive's obligations as an officer or
employee of the Company or any of its subsidiaries. Executive shall not divulge
to any third person the nature of and/or contents of any of the Proprietary
Information to which Executive may have access or with which for any reason
Executive became familiar in the course of Executive's employment hereunder,
except as disclosure shall be necessary for the purposes of conducting the
ongoing business of the Company. Upon Executive's termination as an employee,
officer or director of the Company or any of its subsidiaries, Executive shall
return to the Company all originals and copies of the Proprietary Information
then in Executive's possession.
c. Nothing contained herein shall restrict Executive's ability to make any
disclosures as may be required by law; provided, however, that Executive shall
(i) deliver to the Company reasonably prompt prior written notice of the nature
and justification for such disclosures; and (ii) cooperate reasonably with the
Company prior to any such disclosure in any actions which the Company shall take
in order to obtain a protective order or similar relief with respect to the
Proprietary Information sought to be disclosed.
14. Non-Compete and Non-Solicitation Covenants.
a. Except (i) in furtherance of the Company's business or otherwise on
behalf of the Company, (ii) after the Company's termination of this Agreement
without Cause (as defined in Section 5 (c)), (iii) after Executive's termination
of this Agreement pursuant to paragraphs (d), (e) or (f) of Section 5 or (iv)
upon the occurrence of a Material Adverse Event (as defined below), Executive
will not do any of the following, directly or indirectly, during the period
beginning with the Effective Time and ending on the third anniversary thereof
("Covenant Period") without the prior written consent of the Company Board
(which consent shall not be unreasonably withheld):
(1) engage or participate, directly or indirectly, in any business activity
competitive with the business conducted by the Company or any of its
subsidiaries as of the Effective Time or thereafter (collectively, the
"Business");
(2) become interested (as owner, stockholder, lender, partner, co-venturer,
director, officer, employee, agent, consultant or otherwise) in any person,
firm, corporation, association or other entity engaged in any business that
is competitive with the Business, or become interested in (as owner,
stockholder, lender, partner, co-venturer, director, officer, employee,
agent, consultant or otherwise) any portion of the business of any person,
firm, corporation, association or other entity if such portion of such
business is competitive with the Business. Notwithstanding the foregoing,
Executive may hold not more than one percent (1%) of the outstanding
securities of any class of any publicly-traded securities of a company that
is engaged in activities competitive with the Business.
b. Except in furtherance of the Company's Business or otherwise on behalf
of the Company, Executive will not do any of the following, directly or
indirectly, during the Covenant Period without the prior written consent of the
Company Board (which consent shall not be unreasonably withheld):
(1) solicit or call on, either directly or indirectly, any customer or
supplier with whom the Company or any of its subsidiaries shall have
dealt with (x) in the two year period preceding the Effective Time or
(y) any time after the Effective Time;
(2) influence or attempt to influence any supplier, customer or
potential customer of the Company to terminate or modify any written
or oral agreement or course of dealing with the Company or any of its
subsidiaries; or
(3) influence or attempt to influence any person either (i) to
terminate or modify his or her employment, consulting, agency,
distributorship or other arrangement with the Company or any of its
subsidiaries, or (ii) to employ or retain, or arrange to have any
other person or entity employ or retain, any person who has been
employed or retained by the Company or any of its subsidiaries as an
employee, consultant, agent or distributor of the Company or any of
its subsidiaries at any time during (x) the one (1) year period
immediately preceding the Effective Time or (y) any time after the
Effective Time.
c. Definition
The term "Material Adverse Event" shall mean
(i) a bankruptcy petition filed against the Company under and pursuant
to Chapter 7 of the United States Bankruptcy Code;
(ii) the dissolution of the Company;
(iii) the assignment of Executive without his consent, to
responsibilities or duties of a materially lesser status or degree of
responsibility than Executive's responsibilities or duties as of the
Effective Time;
(iv) the requirement by the Company that the Executive, without his
consent, be based anywhere other than the place where Executive is
based as of the Effective Time.
d. Executive acknowledges that (i) he has carefully read and considered the
provisions of this Section 14, and (ii) has obtained legal counsel in
determining whether to enter into this Agreement. Executive acknowledges that
the foregoing restrictions may limit his ability to earn a livelihood in a
business similar to the Business, but Executive nevertheless believes that he
has received and will receive sufficient consideration and other benefits in
connection with the Agreement to justify such restrictions, which restrictions
Executive does not believe would prevent him or her from earning a living in
businesses that are not competitive with the Business and without otherwise
violating the restrictions set forth herein.
e. The terms of the covenants contained in this Section 14 shall be
construed as separable and shall be independent and shall be interpreted and
applied consistently with the requirements of reasonableness and equity. Except
as otherwise provided in Section 14 a, these covenants shall survive the
termination of this Agreement during the Covenant Period but not thereafter.
15. Specific Enforcement; Extension of Covenant Period.
a. Executive acknowledges that the restrictions contained in Section 14
hereof are reasonable and necessary to protect the legitimate interest of the
Company. Executive also acknowledges that any breach by him or her of such
sections will cause continuing and irreparable injury to the Company for which
monetary damages would not be an adequate remedy. Executive agrees that he shall
not, in any action or proceeding Section 14 of this Agreement, assert the claim
or defense that an adequate remedy at law exists. In the event of such breach by
Executive, the Company shall have the right to enforce the provisions of Section
14 of this Agreement by seeking injunctive or other relief in any court and this
Agreement shall not in any way limit remedies of law or in equity otherwise
available to the Company with respect to such section.
b. The Covenant Period set forth in Section 14 hereof shall not include,
and shall be deemed extended by, any time required for litigation to enforce the
relevant covenants; provided, that the Company is successful on the merits in
any such litigation. The "time required for litigation" is herein defined to
mean the period of time from service of process upon Executive through the
expiration of all appeals related to such litigation.
16. Registration Expenses of Executive.
The Company agrees to pay reasonable attorney's fees of Executive in
connection with Executive's participation in a Demand Registration, Piggyback
Registration or Tag-Along transaction on the same basis and in the same amount
made available to other selling stockholders in such registrations and
transactions.
17. Change of Control
For purposes hereof, the term "change in control" shall mean any of the
following events:
a. if any "Person" (as the term person is used for purposes of Sections
13(d) or 14(d) of the Securities Exchange Act of 1934 ("1934 Act") shall have
"Beneficial Ownership" (as the term beneficial ownership is used for purposes of
Rule 13d-3 promulgated under the 1934 Act) of thirty three percent (33%) or more
of the combined voting power of Company's then outstanding voting securities
("Voting Securities"), at any time that the Beneficial Ownership of Voting
Securities of the Company by such Person exceeds Executive's Beneficial
Ownership of Voting Securities of the Company;
b. the approval by stockholders of the Company of (i) a merger,
reorganization or consolidation involving the Company if the stockholders of
Company immediately before such merger, reorganization or consolidation, do not
or will not own directly or indirectly immediately following such merger,
reorganization or consolidation more than fifty percent (50%) of the combined
voting power of the outstanding voting securities of the corporation resulting
from or surviving such merger, reorganization or consolidation in substantially
the same proportion as their ownership of the Voting Securities of the Company
immediately before such merger, reorganization or consolidation (ii) a complete
liquidation or dissolution of the Company or (iii) an agreement for the sale or
other disposition of all or substantially all of the assets of the Company; or
c. the acceptance by stockholders of Company of shares in a share exchange
if the stockholders of Company immediately before such share exchange, do not or
will not own directly or indirectly immediately following such share exchange
more than fifty percent (50%) of the combined voting power of the outstanding
voting securities of the corporation resulting from or surviving such share
exchange in substantially the same proportion as the ownership of the Voting
Securities of the Company outstanding immediately before such share exchange.
d. if Henri-Claude Bailly shall cease to serve as Chief Executive Officer
of the Company before January 1, 2000, or after January 1, 2000, as Chairman of
the Company Board other than as a result of death or disability or termination
for cause pursuant to Section 5(c);
e. if Howard W. Pifer III shall cease to serve as Chairman of the Company
Board before January 1, 2000, or as a member of the Company Board other than a
result of death or disability or termination for cause pursuant to Section 5(c);
f. if Executive shall cease to serve as Chief Executive Officer of PHB
Hagler Bailly or as Executive Vice President and Chief Operating Officer of the
Company before January 1, 2000, or after January 1, 2000, as Chief Executive
Officer of the Company or as a Director of the Company, other than as a result
of death, disability, electing to resign or termination for cause pursuant to
Section 5(c).
18. Arbitration
Except as otherwise provided in Section 15, in the event of any dispute
between the parties under or relating to this Agreement or otherwise relating to
Executive's employment by the Company, such dispute shall be submitted to and
settled by arbitration in Arlington, Virginia, in accordance with the rules and
regulations of the American Arbitration Association then in effect. The
arbitrators shall have the right and authority to determine how their award or
decision as to each issue and matter in dispute may be implemented or enforced.
Any decision or award shall be final and conclusive on the parties; judgment
upon any award or decision may be entered in any court or competent jurisdiction
in the Commonwealth of Virginia or elsewhere; and the parties hereto consent to
the application by any party in interest to any court of competent jurisdiction
for confirmation or enforcement of such award.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first set forth above.
HAGLER BAILLY, INC.
By: /s/ Henri-Claude Bailly
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Name: Henri-Claude Bailly
Title: President, Chief Executive Officer and
Chairman
WILLIAM E. DICKENSON
/s/ William E. Dickenson
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