<PAGE>
                                                                    Exhibit 10.3

As of December 21, 2000

Mr. Bruce Cerullo
c/o Cross Country TravCorps, Inc.
40 Eastern Avenue
Malden, Massachusetts 02148


Dear Mr. Cerullo:

         The purpose of this letter agreement and general release (the
"Agreement") is to acknowledge, and set forth the terms of, our agreement with
regard to the termination of your employment with Cross Country TravCorps, Inc.
(formerly known as Cross Country Staffing, Inc. and referred to hereinafter as
the "Company").

1.       (a) You hereby confirm your resignation as of December 31, 2000 (the
         "Termination Date") as (i) Chairman of Board of Directors of the
         Company, a position you held pursuant to that certain Employment
         Agreement dated December 16, 1999 (the "Employment Agreement") between
         you and the Company (attached hereto as EXHIBIT A) and (ii) Chairman of
         Hospital Hub, Inc. to which you were appointed pursuant to a letter
         agreement between the Company and TravCorps Corporation dated on
         December 16, 1999.

         (b) You agree that your resignation as Chairman of the Board of
         Directors is without "Good Reason," as that term is defined in Section
         9(f) of the Employment Agreement. Further, it is agreed that the rights
         and obligations of the Company and you under the Employment Agreement
         are terminated in their entirety, except as otherwise provided in
         Sections 6, 7, and 8 of the Employment Agreement, or in this Agreement.

         (c) You agree that Section 6 - Restrictive Covenant set forth in the
         Employment Agreement shall hereby be amended so that the covenants and
         restrictions set forth in such Section 6 shall continue to be binding
         upon you until the fourth anniversary of the date on which you cease to
         be a member of the Board of Directors of the Company.


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Mr. Bruce Cerullo
Page 2


         (d) You agree to continue to serve as a member of the Board of
         Directors of the Company after the Termination Date until you resign or
         are removed from the Board of Directors pursuant to the procedures set
         forth in the Bylaws of the Company.

         (e) Following the Termination Date, you agree to make yourself
         available to provide consulting services related to the transition to a
         new Chairman of the Board of the Company and other advice or services
         as may be requested by the Board of the Company ("Consulting
         Services"). In consideration of the Consulting Services, you will
         receive the amounts set forth in Section 2(b) of this Agreement. You
         will receive no additional compensation for rendering the Consulting
         Services. The Consulting Services will be provided at such times and
         locations as may be requested upon reasonable notice by the Company and
         are reasonably convenient for you, taking into account your other
         responsibilities and activities. The Company shall reimburse you for
         all reasonable out-of-pocket expenses (other than travel to and from
         the Company's office) you incur in connection with your performance of
         the Consulting Services upon presentation of receipts in accordance
         with the Company's standard practice.

2.       (a) You will continue to be paid your current base salary of $270,000
         per annum through the Termination Date in accordance with the Company's
         normal payroll practices. You will, subject to and in accordance with
         the Company's normal practices and policies, be entitled to receive
         payment for: (i) any unreimbursed business expenses through the
         Termination Date that are promptly submitted to the Company, and (ii)
         any accrued (but unused) vacation for the year 2000 through the
         Termination Date. In addition, pursuant to Section 2(a) of your
         Employment Agreement, you will receive a bonus in accordance with the
         terms of the Bonus Plan of the Company for the services you performed
         for the Company during 2000 to be paid in accordance with the Company's
         normal practices for paying 2000 bonuses.

         (b) After the Termination Date, the Company agrees to pay you
         two-hundred fifty dollars ($250.00) per hour for consulting services
         rendered by you to the Company under Section 1(e) of this Agreement.

         (c) You hereby waive any rights as an employee or deemed employee of
         the Company or any of its affiliates during the period you are
         providing Consulting Services. The parties hereto acknowledge and
         agree that all compensation paid in consideration for the Consulting
         Services shall represent fees as an independent contractor, and
         shall therefor, be paid without any deductions or withholdings taken
         therefrom for taxes or any other purpose. You further acknowledge
         that the Company makes no warranties as to any tax consequences
         regarding payment of such fees, and you specifically agree that the
         determination of any tax liability or other consequences of

<PAGE>

Mr. Bruce Cerullo
Page 3


         the payment set forth in Section 2(b) is your sole and complete
         responsibility and that you will pay all federal, state and local
         taxes, if any, assessed on such payment.

         (d) The Company agrees to pay you amounts which outside members of the
         Board of Directors of the Company receive for acting in such capacity.

3.       (a) You hereby acknowledge that, effective as of the Termination Date,
         you will cease to be an employee of the Company and will not be
         eligible for any benefits or compensation previously provided to you
         under the Employment Agreement, except as otherwise provided in this
         Agreement.

         (b) The Company agrees, at its cost, to provide to you, and the members
         of your immediately family currently participating in the Company's
         Tufts medical insurance plan and Cigna dental insurance plan, medical
         and dental insurance coverage that is similar to such insurance that is
         made available to employees of the Company located in Massachusetts.
         The Company agrees to continue to provide this medical and dental
         coverage until the earlier of (i) the date on which you receive medical
         or dental coverage from another insurance plan, and (ii) the date on
         which you cease to be a member of the Board of Directors of the
         Company.

4.       You agree that any rights, either express or implied, to make an
         investment in Hospital Hub, Inc. that you were granted prior to the
         execution of this Agreement are hereby terminated.

5.       (a) You acknowledge that as a result of the diminution of your
         responsibilities in the Company, you agree to the cancellation and
         termination of all stock options unvested as of the Termination Date
         that are set forth on SCHEDULE I. These options were granted under the
         Cross Country Staffing, Inc. Equity Participation Plan (the "EPP") and
         are set forth in your Stock Option Agreement, which is dated December
         16, 2000 and attached hereto as EXHIBIT B (the "Stock Option
         Agreement").

         (b) As of the Termination Date, pursuant to Section 3(a) of your Stock
         Option Agreement, your exercisable and vested stock options are set
         forth on SCHEDULE II. As additional consideration for entering into
         this Agreement, for so long as you remain a consultant to, and Director
         of, the Company, you may retain such options, which remain governed by
         the Stock Option Agreement and the EPP and therefore the options will
         remain exercisable within 30 days from the date on which you cease to
         be a consultant to, and member of the Board of Directors of, the
         Company.

<PAGE>

Mr. Bruce Cerullo
Page 4


6.       You acknowledge that the payments to made to you pursuant to this
         Agreement exceed those to which you would otherwise be entitled under
         the normal operation of any benefit plan, policy, or procedure of the
         Company or under any previous agreement (written or oral) between you
         and the Company. You further acknowledge that the agreement by Company
         to provide you such additional payments beyond your entitlement is
         conditioned upon your release of all claims against the Company as
         provided by Section 7 hereof and your compliance with the terms of this
         Agreement.

7.       (a) For and in consideration of the promises set forth in this
         Agreement, you, your heirs, dependents, executors, administrators,
         trustees, legal representatives and assigns (collectively referred to
         as "Releasors") hereby forever release and discharge the Company and
         its subsidiaries, all employee benefit and/or pension plans or funds,
         and their successors and assigns, and all of its or their past, present
         and/or future officers, trustees, agents, attorneys, employees,
         fiduciaries, administrators and assigns, whether acting as agents for
         the Company or its subsidiaries, or in their individual capacities
         (collectively referred to as "Releasees"), from any and all claims,
         demands, causes of action, fees and liabilities of any kind whatsoever,
         whether known or unknown, which Releasors ever had, now have or
         hereafter may have against Releasees by reason of any actual or alleged
         act, omission, transaction, practice, conduct, occurrence, or other
         matter up to and including the date of your execution of this Agreement
         in connection with, or in any way related to or arising out of, your
         employment, service as a trustee, service as a fiduciary or termination
         of any of the foregoing with the Company or its subsidiaries, or any
         other agreement, understanding, relationship or arrangement with the
         Company or its subsidiaries; provided, however, that nothing in this
         letter agreement shall be deemed to vitiate any rights to
         indemnification which you may have under the Company's charter or
         bylaws or under applicable law.

         (b) Without limiting the generality of the foregoing, Releasors release
         and discharge Releasees from: (i) any claim of discrimination or
         retaliation under the Age Discrimination in Employment Act of 1967, as
         amended, Title VII of the Civil Rights Act, the Americans with
         Disabilities Act, the Massachusetts Fair Employment Practices Act, the
         Massachusetts Age Discrimination Law, the Massachusetts Maternity Leave
         Act, and the Massachusetts Small Necessities Leave Act, and/or any
         other federal, state or local law or ordinance prohibiting employment
         discrimination; (ii) any claim for breach of contract (express or
         implied), fraud, wrongful or constructive discharge, intentional or
         negligent misrepresentation, retaliatory discharge, intentional
         interference with contract, detrimental reliance, defamation, emotional
         distress or compensatory or punitive damages; and (iii) any claim for
         attorney's fees, costs, disbursements and the like.

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Mr. Bruce Cerullo
Page 5


         (c) You agree that you will not, from any source or proceeding, seek or
         accept any award or settlement with respect to any claim or right
         covered by Section 7(a) or (b) above, including, without limitation,
         any source or proceeding involving any person or entity, the United
         States Equal Employment Opportunity Commission or other similar federal
         or state agency. Except as otherwise prohibited by law, you further
         agree that you will not, at any time hereafter, commence, maintain,
         prosecute, participate in as a party, permit to be filed by any other
         person on your behalf (to the extent it is within your control or
         permitted by law), or assist in the commencement or prosecution of as
         an advisor, witness (unless compelled by legal process or court order)
         or otherwise, any action or proceeding of any kind, judicial or
         administrative (on your own behalf, on behalf of any other person
         and/or on behalf of or as a member of any alleged class of persons) in
         any court, agency, investigative or administrative body against any
         Releasee with respect to any actual or alleged act, omission,
         transaction, practice, conduct, occurrence or any other matter up to
         and including the date of your execution of this Agreement which you
         released pursuant to Section 7(a) or (b) above. You further represent
         that, as of the date you sign this Agreement, you have not taken any
         action encompassed by this Section 7(c). If, notwithstanding the
         foregoing promises, you violate this Section 7(c), you shall indemnify
         and hold harmless Releasees from and against any and all demands,
         assessments, judgments, costs, damages, losses and liabilities and
         attorneys' fees and other expenses which result from, or are incidents
         to, such violation.

         (d) The release and covenants in this Section 7 relate only to matters
         arising during the period of your employment with the Company and its
         predecessor, TravCorps Corporation, prior to the Termination Date and
         to matters arising out of the circumstances surrounding the termination
         of your employment from the Company and the execution of this
         Agreement.

8.       For and in consideration of the promises set forth in this Agreement,
         the Company agrees to release you from any and all claims, demands,
         causes of action, fees and liabilities of any kind whatsoever
         (collectively referred to as "Claims"), known to the Company on the
         Termination Date which the Company ever had, now has or hereafter may
         have against you by reason of any act or alleged act, omission,
         transaction, practice, conduct, occurrence, or other matter
         (collectively referred to as "Actions"), up to and including the
         Termination Date in connection with, or in any way related to or
         arising out of, your employment as the Chairman of the Directors of the
         Company or as the Chairman of Hospital Hub, Inc.; provided, however,
         this release specifically excludes any Claims arising out of or related
         to any Actions: (a) constituting or resulting in a breach of a
         director's duty of loyalty to the Company or its stockholders, (b) not
         in good faith or that involve intentional misconduct or a knowing
         violation of law, (c)

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Mr. Bruce Cerullo
Page 6


         constituting or resulting in a violation of Section 174 of the
         General Corporation Law of the State of Delaware, or (d) from which
         you may have derived an improper personal benefit.

9.       The existence, terms, and conditions of this Agreement are and shall be
         deemed to be fully confidential and shall not be disclosed by you to
         any other person or entity, except: (i) as may be required by law; (ii)
         to your accountant to the extent necessary to prepare your tax returns;
         (iii) to your spouse and attorney, provided that you give to each such
         person to whom disclosure is made notice of the confidentiality
         provisions of this Agreement and each agrees to keep the existence,
         terms and conditions of this Agreement fully confidential.

10.      Pursuant to Section 7(f)(2) of the Age Discrimination in Employment Act
         of 1967, as amended, the Company hereby advises you that you should
         consult independent counsel before executing this Agreement; and you
         acknowledge that you have been so advised. You further acknowledge that
         you had an opportunity to consider this Agreement for at least
         twenty-one (21) days before signing it. It is understood and agreed
         that the offer contained in this Agreement will automatically expire on
         the 30th day following the date on which this Agreement is received by
         your attorneys.

11.      This Agreement shall not become effective until the eighth day
         following the date on which you sign it (the "Effective Date"). You
         understand that you may at any time prior to the Effective Date revoke
         this Agreement by delivering written notice of revocation to Joseph
         Boshart, c/o Cross Country TravCorps, Inc., 6551 Park of Commerce
         Boulevard, Suite 200, Boca Raton, FL 33487.

12.      This Agreement represents the complete understanding between you and
         the Company and supersedes any and all other agreements between the
         parties, except as otherwise provided herein. No other promises or
         agreements shall be binding unless in writing and signed by you and the
         Company.

13.      All questions pertaining to the validity, construction, execution and
         performance of this Agreement shall be construed and governed in
         accordance with the laws of The Commonwealth of Massachusetts without
         regard to the conflicts or choice of law provisions thereof.

14.      This Agreement is binding upon, and shall inure to the benefit of you
         and the Company and your and its respective heirs, executors,
         administrators, successors and assigns.

         If this Agreement is acceptable to you, please sign the enclosed
duplicate original and return the signed Agreement to me.



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Mr. Bruce Cerullo
Page 7

                                            CROSS COUNTRY TRAVCORPS, INC.


                                            By: /s/ JOSEPH BOSHART
                                                -------------------------
                                                   Joseph Boshart


                                            Accepted and Agreed to:


                                            By: /s/ BRUCE A. CERULLO
                                                -------------------------
                                                  Bruce A. Cerullo


<PAGE>




                                    EXHIBIT B







<PAGE>

                                   SCHEDULE I

Pursuant to the Stock Option Agreement, for each Vesting Date after the 12 month
anniversary of the Grant Date, the Participant's vested rights would increase by
12.5 percent of the total number of shares granted in each Tranche. Pursuant to
Section 5(a) of this Separation Agreement, the Participant forfeits the option
rights that he would have acquired on each of six Vesting Dates occurring after
the date as of this Agreement is executed. The number of shares of Company stock
forfeited by the Participant is represented below.

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
TRANCHE                               NUMBER OF UNVESTED OPTIONS
-----------------------------------------------------------------------------
<S>                                   <C>
Tranche 1                             1976.8092
-----------------------------------------------------------------------------
Tranche 2                             3721.0526
-----------------------------------------------------------------------------
Tranche 3                             3721.0526
-----------------------------------------------------------------------------
Tranche 4                             813.9803
-----------------------------------------------------------------------------
Tranche 5                             813.9803
-----------------------------------------------------------------------------
</TABLE>

Total Number of Unvested Options per anniversary period = 11,046.875
Total Number of Unvested Options = 11,046.875 x 6 = 66281.25



<PAGE>


                                   SCHEDULE II

The Participant's rights in 25 percent of the total number of shares granted in
each Tranche set forth in the Stock Option Agreement will have vested as of
December 31, 2000. Upon the execution of this Agreement, the Participant will
retain the right to these vested options pursuant to Section 6(b) of this
Separation Agreement. The number of shares for each Tranche to which the
Participant has an retained an option is set forth below.

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
TRANCHE                 NUMBER OF VESTED OPTIONS                OPTION PRICE
-----------------------------------------------------------------------------
<S>                     <C>                                     <C>
Tranche 1               3,953.6013                              $44.96
-----------------------------------------------------------------------------
Tranche 2               7,442.1030                              $67.44
-----------------------------------------------------------------------------
Tranche 3               7,442.1030                              $89.92
-----------------------------------------------------------------------------
Tranche 4               1,627.9559                              $112.40
-----------------------------------------------------------------------------
Tranche 5               1,627.9559                              $134.88
-----------------------------------------------------------------------------
</TABLE>

TOTAL NUMBER OF OPTIONS:  22,093.7281