Exhibit 10.23

EXECUTION COPY

FIRST AMENDMENT

TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT

THIS FIRST AMENDMENT TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT, dated as of
February 6, 2015 (this “Amendment”), to the Existing Credit Agreement (such
capitalized term and other capitalized terms used in this preamble and the
recitals below to have the meanings set forth in, or are defined by reference
in, Article I below) is made by MONSTER WORLDWIDE, INC., a Delaware corporation
(the “Company”), and the Lenders party hereto.

W I T N E S S E T H:

WHEREAS, the Company, the Lenders and Bank of America, N.A., as Administrative
Agent, are all parties to the Third Amended and Restated Credit Agreement, dated
as of October 31, 2014 (as amended or otherwise modified prior to the date
hereof, the “Existing Credit Agreement”, and as amended by this Amendment and as
the same may be further amended, supplemented, amended and restated or otherwise
modified from time to time, the “Credit Agreement”); and

WHEREAS, the Company has requested that the Lenders amend certain provisions of
the Existing Credit Agreement, and the Lenders are willing to effect such
amendments, on the terms and subject to the conditions hereinafter set forth;

NOW, THEREFORE, the parties hereto hereby covenant and agree as follows:

ARTICLE I

DEFINITIONS

SECTION 1.1. Certain Definitions. The following terms when used in this
Amendment shall have the following meanings (such meanings to be equally
applicable to the singular and plural forms thereof):

“Amendment” is defined in the preamble.

“Amendment Effective Date” is defined in Article III.

“Company” is defined in the preamble.

“Credit Agreement” is defined in the first recital.

“Existing Credit Agreement” is defined in the first recital.

SECTION 1.2. Other Definitions. Terms for which meanings are provided in the
Credit Agreement are, unless otherwise defined herein or the context otherwise
requires, used in this Amendment with such meanings.

 

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ARTICLE II

AMENDMENT TO CREDIT AGREEMENT

Effective on (and subject to the occurrence of) the Amendment Effective Date,
the definition of “Consolidated EBITDA” appearing in Section 1.01 of the
Existing Credit Agreement is amended by (a) deleting the word “and” immediately
before the text “(vii)” appearing therein, and (b) inserting a new clause after
the text “$6,400,000” appearing therein, to read as follows:

, and (viii) costs, restructuring charges and losses (that are primarily related
to severance costs in Europe and North America) in connection with an expense
reduction plan, in each case to the extent incurred during the fiscal year
ending December 31, 2015, in an aggregate amount not to exceed $20,000,000

Except as expressly so amended, the Existing Credit Agreement shall continue in
full force and effect in accordance with its terms.

ARTICLE III

CONDITIONS TO EFFECTIVENESS

This Amendment shall become effective on the date first written above (the
“Amendment Effective Date”) following receipt by the Administrative Agent of
(a) counterparts hereof executed on behalf of the Company and the Required
Lenders, and (b) for the ratable benefit of each Lender that has delivered its
signature page in a manner and before the time set forth below, a non-refundable
fee in an amount equal to 0.125% of such Lender’s Total Credit Exposure as of
the Amendment Effective Date, but payable only to each such Lender that has
delivered (including by way of facsimile or email) its executed signature page
to this Amendment to the attention of Will Walker at Winstead PC, 201 N. Tryon
Street, Suite 2000, Charlotte, North Carolina 28202, facsimile number:
704-339-1701, email address: wwalker@winstead.com, at or prior to 12:00 p.m.
(Eastern time) on February 6, 2015.

ARTICLE IV

MISCELLANEOUS

SECTION 4.1. Cross-References. References in this Amendment to any Article or
Section are, unless otherwise specified, to such Article or Section of this
Amendment.

SECTION 4.2. Loan Document Pursuant to Existing Credit Agreement. This Amendment
is a Loan Document executed pursuant to the Existing Credit Agreement and shall
(unless otherwise expressly indicated therein) be construed, administered and
applied in accordance with all of the terms and provisions of the Existing
Credit Agreement, as amended hereby, including Article X thereof.

 

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SECTION 4.3. Successors and Assigns. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns.

SECTION 4.4. Counterparts. This Amendment may be executed in counterparts (and
by different parties hereto in different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract. This Amendment constitutes the entire contract among the
parties relating to the subject matter hereof and supersedes any and all
previous agreements and understandings, oral or written, relating to the subject
matter hereof. Delivery of an executed counterpart of a signature page of this
Amendment by telecopy or other electronic imaging means shall be effective as
delivery of a manually executed counterpart of this Amendment.

SECTION 4.5. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

SECTION 4.6. Full Force and Effect; Limited Amendment. Except as expressly
amended hereby, all of the representations, warranties, terms, covenants,
conditions and other provisions of the Existing Credit Agreement and the other
Loan Documents shall remain unchanged and shall continue to be, and shall
remain, in full force and effect in accordance with their respective terms. The
amendments set forth herein shall be limited precisely as provided for herein to
the provisions expressly amended herein and shall not be deemed to be an
amendment to, waiver of, consent to or modification of any other term or
provision of the Existing Credit Agreement or any other Loan Document or of any
transaction or further or future action on the part of any Loan Party which
would require the consent of the Lenders under the Existing Credit Agreement or
any of the Loan Documents.

SECTION 4.7. Representations and Warranties. In order to induce the Lenders to
execute and deliver this Amendment, the Company hereby represents and warrants
to the Lenders that, both before and after giving effect to this Amendment, all
statements set forth in clauses (a) and (b) of Section 4.02 of the Credit
Agreement are true and correct.

 

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

 

MONSTER WORLDWIDE, INC. By:  

/s/ James Langrock

  Name:   James Langrock   Title:   Chief Financial Officer

 

Monster – First Amendment to Third Amended

and Restated Credit Agreement

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Acknowledged by

BANK OF AMERICA, N.A.,

as Administrative Agent

By:  

/s/ Angela Larkin

  Name:   Angela Larkin   Title:   Assistant Vice President

 

Monster – First Amendment to Third Amended

and Restated Credit Agreement

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BANK OF AMERICA, N.A., as a Lender By:  

/s/ Steven J. Melicharek

  Name:   Steven J. Melicharek   Title:   Senior Vice President

 

Monster – First Amendment to Third Amended

and Restated Credit Agreement

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KeyBank National Association, as a Lender By:  

/s/ David A. Wild

  Name:   David A. Wild   Title:   Senior Vice President

 

Monster – First Amendment to Third Amended

and Restated Credit Agreement

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CAPITAL ONE, N.A., as a Lender By:  

/s/ Scott Bognar

  Name:   Scott Bognar   Title:   Senior Vice President

 

Monster – First Amendment to Third Amended

and Restated Credit Agreement

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REGIONS BANK, as a Lender By:  

/s/ Knight D. Kieffer

  Name:   Knight D. Kieffer   Title:   Vice President

 

Monster – First Amendment to Third Amended

and Restated Credit Agreement

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Santander N.A., as a Lender By:  

/s/ Constantine Krikos

  Name:   Constantine Krikos   Title:   Vice President

 

Monster – First Amendment to Third Amended

and Restated Credit Agreement

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BankUnited, N.A., as a Lender By:  

/s/ John S. Wamboldt

  Name:   John S. Wamboldt   Title:   Senior Vice President

 

Monster – First Amendment to Third Amended

and Restated Credit Agreement