Document:

QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 10.62  

 
  RESTATED EMPLOYMENT AGREEMENT*
  (as amended through March 9, 2005)    
    

        THIS AGREEMENT, dated as of [SEE ATTACHED SCHEDULE A], is by and between SPHERION CORPORATION, a Delaware corporation (hereinafter
referred to as the "Company"), and [SEE ATTACHED SCHEDULE A] (hereinafter the
"Executive"). 

RECITALS  

        A.    The
Executive currently serves as the Company's [SEE ATTACHED SCHEDULE A], and [her/his] services and knowledge are
valuable to the Company in connection with the management of its business. 

        B.    The
Company and the Executive are parties to that certain Employment Agreement dated [SEE ATTACHED SCHEDULE A] (the "Prior
Employment Agreement"). 

        C.    The
Company and the Executive desire to terminate the Prior Employment Agreement (and any predecessor employment agreements) and to enter into this Agreement upon the
terms and subject to the conditions hereinafter set forth. 

        D.    The
Company desires to continue to employ the Executive and to enter into this new agreement embodying the terms of such employment which supercedes the Prior Employment
Agreement. 

        E.    The
Executive desires to continue the Executive's employment and to enter into a new agreement embodying the terms of such employment. 

AGREEMENTS  

        NOW, THEREFORE, to induce the Executive to remain in the employ of the Company and its subsidiaries, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Company and the Executive agree as follows: 

        1.    Employment.    

        During
the Term of Employment (as defined in Section 2 hereof), the Executive shall serve as [SEE ATTACHED SCHEDULE A]. The Executive shall perform and
assume all duties and responsibilities customary to such position and shall devote all of [her/his] business time and energies thereto. In carrying out such duties and
responsibilities, the Executive shall report to, and be subject to the direction of, the [SEE ATTACHED SCHEDULE A] and the Board of Directors of the Company (the
"Board"). 

        2.    Term.    

        The
Term of Employment under this Agreement shall commence as of the date of this Agreement and shall continue at the will of the Company and the Executive (the
"Term of Employment"). Either party may terminate the Executive's employment at any time and for any reason. 

        3.    Base Salary.    

        The
Company shall pay the Executive, in accordance with the Company's regular payroll practices applicable to salaried employees, an annualized base salary at the rate in effect on the
date of this Agreement, as the same may from time to time be increased or decreased at the sole discretion of the Compensation Committee of the Board (the "Compensation
Committee"). 

        4.    Incentive Awards.    

        a)    The
Executive shall participate in the Company's annual incentive plan for senior-level executives as in effect from time to time, subject to the performance standards
set by the 

 

Compensation
Committee. Payment of any annual incentive award shall be made at the same time that such awards are paid to other senior-level executives of the Company. The Executive's annual incentive
award target shall be set by the Compensation Committee. 

        b)    The
Executive shall be eligible to receive grants under the Company's long-term incentive plans as in effect from time to time; provided, however, that the
size, type and other terms and conditions of any such grant to the Executive shall be determined by the Compensation Committee. 

        5.    Benefits, Fringes and Perquisites.    

        The
Executive shall be entitled to participate in all employee pension and welfare benefit, fringe benefit and perquisite plans and programs made available to the Company's senior-level
executives as in effect from time to time. 

        6.    Vacation.    

        The
Executive shall be entitled to vacation in accordance with the Company's vacation policy applicable to its senior-level executives. Vacations shall be arranged in order that they not
materially interfere with the normal functioning of the Company's business activities or the performance of the Executive's duties hereunder. 

        7.    Business Expenses.    

        The
Company shall reimburse the Executive for any ordinary, necessary and reasonable business expenses that the Executive incurs in connection with the performance of
[her/his] duties under this Agreement, in accordance with the Company's policy regarding the reimbursement of business expenses. 

        8.    Termination of Employment.    

        a)    Death or Disability.    The Executive's employment shall terminate upon the Executive's Death, and Company may
terminate the Executive's employment due to Disability (as defined herein). If, during the Term of Employment, the Executive's employment is terminated due to Death or Disability, the Executive (or
Executive's estate or legal representative, as the case may be) shall be entitled to receive: 

           i)  Executive's
base salary through the date of such termination of employment (the "Termination Date") at the rate in effect
at the time thereof; 

          ii)  an
amount, payable at the same time that annual incentive awards for the year in which the Executive's employment so terminates are paid to senior-level executives of
the Company, equal to the product of the Executive's annual incentive award target for such year and a fraction, the numerator of which is the number of days in such year through the date of such
termination of employment, and the denominator of which is 365; provided, however, that no such amount shall be paid to the Executive (or to Executive's estate or legal representative, as the case may
be) if annual incentive awards for such year are not paid to senior-level executives of the Company generally; 

         iii)  reimbursement
for expenses incurred by the Executive in accordance with the Company's policy but not reimbursed prior to the date of such termination of employment; 

          iv)  any
vested deferred base salary and vested annual incentive awards (including, without limitation, interest or other credits on such vested deferred amounts); and 

           v)  any
other compensation or benefits that may be owed or provided to the Executive in accordance with the terms and conditions of any applicable plans and programs of the
Company. 

2

 

        For
purposes of this Agreement, "Disability" shall mean the Executive's inability, by reason of illness or other physical or mental
disability, to perform the principal duties required by the position held by the Executive at the inception of such illness or disability, for any consecutive 180-day period. A
determination of Disability shall be subject to the certification of a qualified medical doctor agreed to by the Company and the Executive or, in the Executive's incapacity to designate a doctor, the
Executive's legal representative. If the Company and the Executive cannot agree on the designation of
a doctor, then each party shall nominate a qualified medical doctor and the two doctors shall select a third doctor, and the third doctor shall make the determination as to Disability. 

        b)    For Cause.    The Company may terminate the Executive's employment for Cause (as defined herein) if the Board
determines that Cause exists and serves written notice of such termination to the Executive. If, during the Term of Employment, the Company terminates the Executive's employment for Cause, all of the
Executive's annual incentive awards, long-term incentive awards, stock options and other stock or long-term incentive grants which are not then vested or not then exercisable
shall be canceled as of the date of the Board's written notice of termination, and the Executive shall be entitled to receive: 

           i)  Executive's
base salary through the date of such termination of employment at the rate in effect at the time thereof; 

          ii)  reimbursement
for expenses incurred by the Executive in accordance with the Company's policy but not reimbursed prior to the date of such termination of employment; 

         iii)  any
vested deferred base salary and vested deferred annual incentive awards (including, without limitation, interest or other credits on such vested deferred amounts
but not including unvested annual incentive awards or amounts payable for the year in which the Board's written notice of termination for Cause is made, or unvested annual incentive awards or amounts
payable after the Board's written notice of termination for Cause is made); and 

          iv)  any
other compensation or benefits that may be owed or provided to the Executive in accordance with the terms and conditions of any applicable plans and programs of the
Company. 

        The
Executive shall be entitled to receive no other compensation or benefits, whether pursuant to this Agreement or otherwise, except as and to the extent required by law. 

        For
purposes of this Agreement, "Cause" shall mean one or more of the following: 

         (I)  the
material violation of any of the terms and conditions of this Agreement or any written agreements the Executive may from time to time have with the Company (after
30 days following written notice from the Board specifying such material violation and Executive's failure to cure or remedy such material violation within such 30-day period); 

        (II)  inattention
to or failure to perform Executive's assigned duties and responsibilities competently for any reason other than due to Disability (after 30 days
following written notice from the Board specifying such inattention or failure, and Executive's failure to cure or remedy such inattention or failure within such 30-day period); 

      (III)  engaging
in activities or conduct injurious to the reputation of the Company or its affiliates including, without limitation, engaging in immoral acts which become
public information or repeatedly conveying to one person, or conveying to an assembled public group, negative information concerning the Company or its affiliates; 

      (IV)  commission
of an act of dishonesty, including, but not limited to, misappropriation of funds or any property of the Company; 

3

 

        (V)  commission
by the Executive of an act which constitutes a misdemeanor (involving an act of moral turpitude) or a felony; 

      (VI)  the
material violation of any of the Policies referred to in Section 9 hereof (after 30 days following written notice from the Board specifying such
failure, and the Executive's failure to cure or remedy such inattention or failure within such 30-day period); 

     (VII)  refusal
to perform the Executive's assigned duties and responsibilities or other insubordination (after 30 days following written notice from the Board
specifying such refusal or insubordination, and the Executive's failure to cure or remedy such refusal or insubordination within such 30-day period); or 

   (VIII)  unsatisfactory
performance of duties by the Executive as a result of alcohol or drug use by the Executive. 

        c)    Without Cause.    The Company may terminate the Executive's employment without Cause. If, during the Term of
Employment, the Company terminates the Executive's employment without Cause, other than due to Death or Disability, then in lieu of any amount otherwise payable under this Agreement, or as damages for
termination of Executive's employment without Cause, the Executive shall be entitled to receive: 

           i)  (Amended March 9, 2005) A cash severance payment (reduced by any applicable payroll or other taxes required to be
withheld) equal to the sum of the Executive's annual salary for the current year plus the Prorated Bonus Payment (as defined hereafter). The Prorated Bonus Payment shall equal the product of
(x) the Executive's annual incentive award target for the current year and (y) a fraction, the numerator of which is the number of days in such year through the date of such termination
of employment, and the denominator of which is 365. The severance payment shall be payable in a lump sum amount beginning within thirty (30) days of the date of the Board's written notice of
termination without Cause. If the notice of termination is given prior to the determination of the Executive's salary or annual incentive award target for the year in which the notice of termination
is given, then the amounts shall be based on the annual salary for the prior year and the greater of the annual incentive award target for the prior year or the actual annual incentive award earned by
the Executive for the prior year. The current year shall be (A) for purposes of determining the Executive's annual salary, the year then generally used by the Company for setting salaries for
senior-level executives (currently April 1 through the following March 31), and (B) for purposes of determining annual incentive award targets, the fiscal year then generally used
by the Company for setting annual incentive award targets for senior-level executives, in which the Board gives the Executive written notice of termination, and the prior year shall be the
twelve-month period immediately preceding the current year; 

          ii)  Reimbursement
for expenses incurred by the Executive in accordance with the Company's policy but not reimbursed prior to the date of such termination of employment; 

         iii)  Any
vested deferred base salary and vested deferred annual incentive awards (including, without limitation, interest or other credits on such vested deferred amounts);
and 

          iv)  Any
other compensation or benefits that may be owed or provided to the Executive in accordance with the terms and conditions of any applicable plans and programs of the
Company. 

(Amended March 9, 2005) Employee stock options, restricted stock and deferred stock units (and other stock awards) are governed by the terms of
the grant documents and will terminate in accordance therewith and are only exercisable to the extent provided therein. The payment of the severance payment (calculated in Section 8.c.i.) as
well as all other payments and 

4

 

benefits
provided by the Company to the Executive under this Agreement shall be conditioned on the following: (i) Executive's continued compliance with the non-competition and
confidentiality provisions provided herein; (ii) the Executive's execution of a full release and settlement of any and all claims against the Company; and (iii) the Executive's execution
of a non-disparagement agreement and continued compliance therewith. 

        d)    Voluntary Termination.    If, during the Term of Employment, the Executive terminates
[her/his] employment other than due to Retirement, the Executive shall be entitled to receive: 

           i)  Executive's
base salary through the date of such termination of employment at the rate in effect at the time thereof; 

          ii)  reimbursement
for expenses incurred by the Executive in accordance with the Company's policy but not reimbursed prior to the date of such termination of employment; 

         iii)  any
vested deferred base salary and vested deferred annual incentive awards (including, without limitation, interest or other credits on such vested deferred amounts);
and 

          iv)  no
other compensation or benefits except as and to the extent required by law. 

        e)    Ineligibility for Severance Plan Payments.    Anything in this Agreement to the contrary notwithstanding,
Executive shall not be entitled to any payment under any of the Company's severance plans, programs or arrangements. 

        f)    (Added March 9, 2005) Payment of Deferred
Compensation.    Notwithstanding anything contained herein to the contrary, to the extent the Executive is deemed a "key employee" for purposes of Section 409A
of the Internal Revenue Code of 1986, as amended, and notwithstanding any contrary provision which exists in any of the Company's deferred compensation plans, any distribution of deferred compensation
to the Executive will be delayed for a period of 6 months after the Termination Date as required by Section 409A of the Internal Revenue Code of 1986, as amended. 

        9.    Company Policies.    

        The
Executive shall strictly follow and adhere to all written policies of the Company which are not inconsistent with this Agreement or applicable law including, without limitation,
securities laws compliance (including, without limitation, use or disclosure of material nonpublic information, restrictions on purchases and sales of Company stock, and reporting requirements),
conflicts of interest (including, without limitation, doing business with the Company or its affiliates without the prior approval of the Board), and employee harassment. 

        10.    Confidentiality.    

        The
Executive will not at any time (whether during or after Executive's employment with the Company) disclose or use for Executive's own benefit or purposes, or for the benefit or
purpose of any other person, firm, partnership, joint venture, association, corporation or other business organization, entity or enterprise, any trade secrets, information, data, or other
confidential information relating to customers, employees, job applicants, services, development programs, prices, costs, marketing, trading, investment, sales activities, promotion, processes,
systems, credit and financial data, financing methods, plans, proprietary computer software, request for proposal documents, or the business and affairs of the Company generally, or of any affiliate
of the Company; provided, however, that the foregoing shall not apply to information which is generally known to the industry or the public other than as a result of the Executive's breach of this
covenant. The Executive agrees that upon termination of [her/his] employment with the Company for any reason, [she/he] will return to the Company
immediately all memoranda, books, papers, plans, information, letters and other data, and all copies thereof or 

5

 

therefrom
(whether in written, printed or electronic form), in any way relating to the business of the Company and its affiliates. 

        The
Executive acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of any of the provisions of this Section would be inadequate and, in
recognition of this fact, the Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to
obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy which may then be available. 

        11.    Covenant Not to Compete.    

        a)    In General.    The Executive agrees that during Executive's employment with the Company and for a period of one
(1) year after the termination of such employment for whatever reason (the "Non-Compete Period"), [she/he]
shall not, anywhere in the United States: 

           i)  act
as an employee, director, consultant, partner, principal, agent, representative, owner or stockholder (other than as a stockholder of less than a one percent (1%)
equity interest) for (1) any public company that derives any revenue from any business line in which the Company derives $25 million or more in annualized revenues as of the Termination
Date or from the principal business line in which the Executive was directly involved immediately prior to the Termination Date (collectively, the "Business
Lines") or (2) any private company that derives $25 million or more in annualized revenues from any combination of one or more of the Business Lines; 

          ii)  solicit
business from, or perform services for, or induce others to perform services for, any company or other business entity which at any time during the one
(1) year period immediately preceding the Termination Date was a client of the Company or its affiliates; or 

         iii)  offer,
or cause to be offered, employment with any business, whether in corporate, proprietorship, or partnership form or otherwise, either on a full-time,
part-time or consulting basis, to any person who was employed by the Company or its affiliates or for whom the Company or its affiliates performed outplacement services, in either case at
any time during the one (1) year period immediately preceding the Termination Date. 

          iv)  For
purposes of this Agreement, affiliates of the Company include subsidiaries 50% or more owned by the Company and the Company's franchisees and licensees. 

        b)    Consideration.    The consideration for the foregoing covenant not to compete, the sufficiency of which is
hereby acknowledged, is the Company's agreement to employ the Executive and provide compensation and benefits pursuant to this Agreement. 

        c)    Equitable Relief and Other Remedies.    The Executive acknowledges and agrees that the Company's remedies at law
for a breach or threatened breach of any of the provisions of this Section would be inadequate and, in recognition of this fact, the Executive agrees that, in the event of such a breach or threatened
breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, a
temporary or permanent injunction or any other equitable remedy which may then be available. 

        d)    Reformation.    If the foregoing covenant not to compete would otherwise be determined invalid or unenforceable
by a court of competent jurisdiction, such court shall exercise its discretion in reforming the provisions of this Section to the end that the Executive be subject to a covenant not to compete,
reasonable under the circumstances, enforceable by the Company. 

6

 

        12.    Company Policies, Plans and Programs.    

        Whenever
any rights under this Agreement depend on the terms of a policy, plan or program established or maintained by the Company, any determination of these rights shall be made on the
basis of the policy, plan or program in effect at the time as of which the determination is made. No reference in this Agreement to any policy, plan or program established or maintained by the Company
shall preclude the Company from prospectively or retroactively changing or amending or terminating that policy, plan or program or adopting a new policy, plan or program in lieu of the
then-existing policy, plan or program. 

        13.    Binding Agreement; Successors.    

        a)    This
Agreement shall be binding upon and shall inure to the benefit of the Company and its successors and assigns. The Company shall require any successor (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company, by agreement to assume expressly 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. For purposes of this Agreement, "Company" shall mean the
Company as hereinbefore defined and any successor to its business and/or assets as aforesaid. 

        b)    This
Agreement shall be binding up and shall inure to the benefit of the Executive and the Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees, beneficiaries, devises and legatees. If the Executive should die while any amounts are payable to [him/her] hereunder, all such amounts, unless
otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive's devisee, legatee, beneficiary or other designee or, if there be no such designee, to the
Executive's estate. 

        14.    Change In Control Agreements.    

        Simultaneously
with the execution and delivery of this Agreement, the Company and the Executive have executed and delivered a Change In Control Agreement
("C-I-C Agreement"), which applies under the circumstances and during the period described therein. If circumstances arise which
cause both the C-I-C Agreement and this Agreement to apply to the Company and the Executive, then, to the extent of any inconsistency between the provisions of this Agreement
and the C-I-C Agreement, the terms of the C-I-C Agreement alone shall apply. However, if the C-I-C Agreement does not apply (as,
for example, if there is no Change in Control as described therein, or the C-I-C Agreement has expired, or the C-I-C Agreement simply does not apply),
then the provisions of this Agreement shall control and be unaffected by the C-I-C Agreement. 

        15.    Notices.    

        For
the purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given (i) on the date of
delivery if delivered by hand, (ii) on the date of transmission, if delivered by confirmed facsimile, (iii) on the first business day following the date of deposit if delivered by
guaranteed overnight delivery service, or (iv) on the third business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage
prepaid, addressed as follows: 

        If
to the Executive: 

	

 	
 	

                                         
       

                                         
       

                                         
       

7

 

        If
to the Company: 

Spherion
Corporation

2050 Spectrum Boulevard

Fort Lauderdale, Florida 33309

Attention: General Counsel 

or
to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 

        16.    Governing Law.    

        The
validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Florida, without regard to principles of conflicts of laws. 

        17.    Entire Agreement; Amendment.    

        This
Agreement and the C-I-C Agreement contain the entire agreement between the parties concerning the subject matter hereof and supersede all prior agreements,
understandings, discussions, negotiations and undertakings, whether written or oral, between the parties with respect to the subject matter hereof. No provisions of this Agreement may be amended,
modified, waived or discharged unless such amendment, waiver, modification or discharge is agreed to in writing signed by the Executive and the Company. No agreements or representations, oral or
otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. 

        18.    Counterparts.    

        This
Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which will constitute one and the same instrument. 

        19.    Non-Assignability.    

        This
Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign, or transfer this Agreement or any rights or obligations hereunder,
except as provided in Section 13. Without limiting the foregoing, the Executive's right to receive payments hereunder shall not be assignable or transferable, whether by pledge, creation of a
security interest or otherwise, other than a transfer by [her/his] will or trust or by the laws of descent or distribution, and in the event of any attempted assignment or
transfer contrary to this paragraph the Company shall have no liability to pay any amount so attempted to be assigned or transferred. 

        20.    Resolution of Disputes.    

        a)    The
parties shall submit any claim, demand, dispute, charge or cause of action (in any such case, a "Claim") arising out
of, in connection with, or relating to this Agreement to binding arbitration in conformance with the J*A*M*S/ENDISPUTE Streamlined Arbitration Rules and Procedures or the
J*A*M*S/ENDISPUTE Comprehensive Arbitration Rules and Procedures, as applicable, but expressly excluding Rule 28 of the J*A*M*S/ ENDISPUTE Streamlined Rules and Rule 33 of the
J*A*M*S/ENDISPUTE Comprehensive Rules, as the case may be. All arbitration procedures shall be held in Fort Lauderdale, Florida and shall be subject to the choice of law provisions set forth in
Section 16 of this Agreement. 

        b)    In
the event of any dispute arising out of or relating to this Agreement for which any party is seeking injunctive relief, specific performance or other equitable relief,
such matter may be resolved by litigation. Accordingly, the parties shall submit such matter to the exclusive jurisdiction of the United States District Court for the Southern District of Florida or,
if jurisdiction is not available therein, any other court located in Broward County, Florida, and hereby waive any and 

8

 

all
objections to such jurisdiction or venue that they may have. Each party agrees that process may be served upon such party in any manner authorized under the laws of the United States or Florida,
and waives any objections that such party may otherwise have to such process. 

        21.    No Setoff.    

        The
Company shall have no right of setoff or counterclaim in respect of any claim, debt or obligation against any payment provided for in this Agreement. 

        22.    Non-Exclusivity of Rights.    

        Nothing
in this Agreement shall prevent or limit the Executive's continuing or future participation in any benefit, bonus, incentive or other plan or program provided by the Company or
any of its subsidiaries or successors and for which the Executive may qualify, nor shall anything herein limit or reduce such rights as the Executive may have under any other agreements with the
Company or any of its subsidiaries or successors. Amounts which are vested benefits or which the Executive is otherwise entitled to receive under any plan or program of the Company or any of its
subsidiaries shall be payable in accordance with such plan or program, except as explicitly modified by this Agreement. 

        23.    Withholding.    

        The
Company may withhold from any amounts payable under this Agreement such federal, state and local taxes as are required to be withheld (with respect to amounts payable hereunder or
under any benefit plan or arrangement maintained by the Company) pursuant to any applicable law or regulation. 

        24.    Invalidity of Provisions.    

        In
the event that any provision of this Agreement is adjudicated to be invalid or unenforceable under applicable law in any jurisdiction, the validity or enforceability of the remaining
provisions thereof shall be unaffected as to such jurisdiction and such adjudication shall not affect the validity or enforceability of such provision in any other jurisdiction. To the extent that any
provision of this Agreement is adjudicated to be invalid or unenforceable because it is overbroad, that provision shall not be void but rather shall be limited to the extent required by applicable law
and enforced as so limited. The parties expressly acknowledge and agree that Sections 11 and 24 are reasonable in view of the parties' respective interests. 

        25.    Non-Waiver of Rights.    

        The
failure by the Company or the Executive to enforce at any time any of the provisions of this Agreement or to require at any time performance by the other party of any of the
provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either the validity of this Agreement, or any part hereof, or the right of the Company or the Executive
thereafter to enforce each and every provision in accordance with the terms of this Agreement. 

        PLEASE NOTE: BY SIGNING THIS AGREEMENT, THE EXECUTIVE IS HEREBY CERTIFYING THAT THE EXECUTIVE (A) HAS RECEIVED A COPY OF THIS
AGREEMENT FOR REVIEW AND STUDY BEFORE EXECUTING IT; (B) HAS READ THIS AGREEMENT CAREFULLY BEFORE SIGNING IT; (C) HAS HAD SUFFICIENT OPPORTUNITY BEFORE SIGNING THE AGREEMENT TO ASK ANY
QUESTIONS THE EXECUTIVE HAS ABOUT THE AGREEMENT AND HAS RECEIVED SATISFACTORY ANSWERS TO ALL SUCH QUESTIONS; AND (D) UNDERSTANDS THE EXECUTIVE'S RIGHTS AND OBLIGATIONS UNDER THE
AGREEMENT.

        THIS AGREEMENT IN SECTION 20 CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES.

[signatures
appear on the following page] 

9

 

        IN
WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered as of the day and year first above set forth. 

	 	 	SPHERION CORPORATION
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

	 	 	Title:	 	 
	 	 	 	 	

	 	 	 	 	 
	 	 	 	 	 
	 	 	EXECUTIVE
	 	 	 	 	 
	 	 	 	 	 
	 	 	By:	 	 
	 	 	 	 	

	 	 	Name:	 	 
	 	 	 	 	

*This
document is a compilation of the original employment agreement as well as several amendments thereto. It is being presented in this format in order to assist the reader. 

10

 
 
 

SCHEDULE A    
    

	Executive's Name
 
	 	Date of Executive's Employment Agreement
	 	Executive's Position
	 	Executive Reports to:
	 	Date of Executive's Prior Employment Agreement

	Richard A. Lamond	 	November 30, 2003, as amended through March 9, 2005	 	Senior Vice President and Chief Human Resources Officer	 	President and Chief Executive Officer	 	Not applicable
	

Byrne K. Mulrooney	
 	

November 30, 2003, as amended through March 9, 2005	
 	

President, Staffing Services	
 	

President and Chief Executive Officer	
 	

Not applicable

11

QuickLinks

RESTATED EMPLOYMENT AGREEMENT* (as amended through March 9, 2005)

SCHEDULE AQuickLinks
 -- Click here to rapidly navigate through this document
  

Exhibit 10.65  

 
 

SPHERION CORPORATION    
    
    2000 STOCK INCENTIVE PLAN    
    
    STOCK OPTION AGREEMENT    
    

        1.    Grant of Stock Option.    Spherion Corporation (the "Company") hereby grants to the Recipient named on the Cover
Page, as hereinafter defined, the right and option to purchase, subject to the conditions herein and in the Plan, all or any part of the number of shares of Common Stock of the Company ("Stock
Option") at the price and on the other terms, all as described in the Notice of Grant of Stock Options and Option Agreement attached hereto and made a part hereof (the "Cover Page(s)"). That portion,
if any, of the Stock Option which is granted with the intent that it be an Incentive Stock Option, is indicated as such on the Cover Page. The Date of Grant is the effective date shown on the Cover
Page. 

        2.    Term of Option.    The Stock Option shall expire as to all of its unexercised shares 10 years after the
Date of Grant (the "Expiration Date") and, except as provided in Section 3(b), shall terminate when the Recipient ceases for whatever reason to be an employee of the Company or a Subsidiary of
the Company, as the case may be. A divestiture by the Company of 100% of its interest in the Recipient's employer shall result in a termination of the Stock Option effective on the date on which such
divestiture is completed. 

        3.    Exercise of Stock Option.    The Stock Option granted hereunder shall be exercisable from time to time by the
Recipient by the giving of written notice of exercise to the Company specifying the number of whole shares to be purchased, and accompanied by full payment of the purchase price therefor, subject,
however, to the following restrictions: 

        (a)   This
Stock Option may not be exercised until at least one year after the Date of Grant, and then may be exercised only in one-third (331/3%)
annual increments (that is, only at the end of each one-year period) until the expiration of three years after the Date of Grant, at which time the Stock Option shall become fully
exercisable; provided, however, that the right to purchase shall be cumulative, so that if the full number of shares of Common Stock purchasable in any year shall not be purchased in such year, they
may be purchased at any time or from time to time thereafter (but prior to the Expiration Date). Notwithstanding the above, this Stock Option shall become fully exercisable at any time after the
Recipient reaches "Retirement Age", retires with the approval of the Company and more than one year has elapsed since the Date of Grant. For this purpose, "Retirement Age" shall mean the attainment of
age 65. 

        (b)   This
Stock Option may not be exercised in whole or in part if the Recipient is not, at the time of the exercise of such Stock Option, in the employ of the Company or a
Subsidiary of the Company, and further has not been continuously so employed from the Date of Grant to and including the date of such exercise of such Stock Option, except that if, prior to the
Expiration Date, the Recipient shall cease to be employed by the Company or a Subsidiary of the Company because of death, retirement, "disability" (as defined below), or termination of Recipient's
employment by the Company or by such Subsidiary without "cause" (as defined below), this Stock Option shall continue and shall terminate: (i) twelve months after the date of death, but only if
such death occurred while the Recipient was in the employ of the Company or a Subsidiary of the Company; or, (ii) twelve months after the Recipient's employment ceases due to retirement; or,
(iii) twelve months after the date Recipient's employment ceased due to disability; or, (iv) three months after the date of termination of Recipient's employment by the Company or a
Subsidiary of the Company without cause. This Stock Option may be exercised through the Expiration Date 

1

 

only
to the extent that the Recipient was entitled to exercise the Stock Option at the date of his or her retirement, death, disability or termination of employment without cause, as the case may be.
This Stock Option shall, in no event, be exercisable after the Expiration Date. In the event of the death of the Recipient while in the employ of the Company or a Subsidiary of the Company (or within
twelve months after retirement or disability or within three months after termination of employment without cause), this Stock Option shall be exercisable only by the Recipient's Personal
Representative or the person or persons to whom the Recipient's rights under this Stock Option shall pass by the Recipient's will, living trust agreement or by laws of descent and distribution. For
purposes hereof, the terms "disabled" or "disability" shall be as defined in the employment practices or policies of the Company or the applicable Subsidiary of the Company in effect from time to time
during the term hereof or, absent such definition, then as defined in the applicable profit sharing plan of the Company or applicable Subsidiary of the Company. Also, for purposes hereof, the term
"cause", in connection with termination by the Company or a Subsidiary of the Company of Recipient's employment, shall be as defined in any effective contract of employment between the Recipient and
the Company or the applicable Subsidiary, or in the absence thereof, then as defined in current employment practices or policies of the Company or the applicable Subsidiary in effect at the time of
such termination. 

        (c)   This
Stock Option may not be exercised at any time when its exercise or the delivery of shares of Common Stock or other securities thereunder would in the opinion of
counsel for the Company, be in violation of any state or federal securities laws or any regulation or ruling of the Securities and Exchange Commission. If at any time counsel for the Company shall
determine that qualification or registration of the Common Stock under any state or federal securities law, or the consent or approval of any governmental regulatory authority, is necessary or
desirable as a condition of the exercise of the Stock Option, then it may not be exercised, in whole or in part, unless and until such qualification, registration, consent or approval shall have been
effected or obtained free of any conditions such counsel deems unacceptable. Further, the Recipient agrees that upon exercise of this Stock Option he or she will take the shares of Common Stock
issuable upon such exercise for investment and not with a view toward the distribution thereof, provided that this representation shall of no force and effect at any time when an effective
registration statement under the Securities Act of 1933, as amended, shall be in effect with respect to the Common Stock optioned hereunder. 

        4.    Payment for Shares.    Full payment of the aggregate option price (defined below) for shares purchased shall be
made at the time of exercising the Stock Option in whole or in part. Full payment shall be made (A) in cash, or (B) by delivery of Common Stock of the Company having a market value equal
to the aggregate option price, (C) by a combination of payment of cash and delivery of Common Stock of the Company in amounts such that the amount of cash plus the market value of the Common
Stock equals the aggregate option price, or (D) by a cashless exercise upon such terms and conditions as the Committee, in its sole and absolute discretion, shall determine. No shares of Common
Stock may be tendered in payment for the exercise of the Stock Option if such shares were acquired through the exercise of an Incentive Stock Option unless (a) such shares have been held by the
Recipient for at least one (1) year and (b) at least two (2) years have elapsed since such Incentive Stock Option was granted. 

        5.    Purchase Price for Shares.    

        (a)   The
aggregate option price shall be the product of (A) the option price per share and (B) the number of shares purchased. 

        (b)   The
option price per share of Common Stock under each Stock Option shall be equal to the closing price for the Common Stock on the New York Stock Exchange ("NYSE") (or
on the principal securities exchange or other market on which the Common Stock is then being traded) 

2

 

on
the date this Stock Option is granted (or if such closing price is not reported on the date of grant, the last reported closing price). No fractional shares of Common Stock of the Company may be
delivered upon the exercise of any Stock Option. 

        (c)   Upon
the exercise of a Stock Option which is subject to income tax withholding, the Company may withhold sufficient shares of Common Stock otherwise issuable pursuant to
the option exercise required to satisfy the Recipient's income tax liability at the highest federal, state or local marginal tax rates, or alternatively, the Recipient may tender sufficient shares of
Common Stock to satisfy such liability. Any such shares tendered or withheld shall be valued at the closing market price on the date of exercise. 

        6.    Change in Control.    Notwithstanding anything in this Agreement of the contrary, in the event of a Change in
Control of the Company (but not in the event of a change in control of the Recipient's employer if said employer is not the Company), the Recipient may, within three months of the effective date of
said Change in Control, purchase one hundred percent (100%) of the total number of shares then unexercised to which this Agreement relates. As used in this Section 6, Change in Control means
and shall be determined as follows: 

        (a)   The
definition of a "Change in Control" of the Company for purposes of this Agreement shall be as determined, prospectively, from time to time, by the Board of Directors
(the "Board") pursuant to the affirmative vote of at least two-thirds of those members of the Board (i) who have served on the Board for at least two years prior to such
determination, and (ii) whose election, or nomination for election, during such two-year period was approved by a vote of at least two-thirds of the directors then in
office who were directors at the beginning of such two-year period. Written notice of any such determination, or modification of a previous determination, shall be provided promptly to the
Recipient. 

        (b)   In
the event that at any time during the term of this Agreement the Board has not established a definition of "Change of Control" pursuant to Section 6(a), for
purposes of this Agreement, a "Change in Control" of the Company shall be deemed to have occurred upon: (i) the acquisition at any time by a "person" or "group" (as that term is used in
Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) (excluding, for this purpose, the Company or any of its subsidiaries, any employee benefit plan of
the Company or any of its subsidiaries, an underwriter temporarily holding securities pursuant to such securities, or a corporation owned, directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of stock of the Company) of beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) directly or indirectly, of
securities representing 25% or more of the combined voting power in the election of directors of the then-outstanding securities of the Company or any successor of the Company;
(ii) the termination of service as directors, for any reason other than death, disability or retirement from the Board, during any period of two consecutive years or less, of individuals who at
the beginning of such period constituted a majority of the Board, unless the election of or nomination for election of each new director during such period was approved by a vote of at least
two-thirds of the directors still in office who were directors at the beginning of the period; (iii) approval by the stockholders of the Company of liquidation of the Company;
(iv) approval by the stockholders of the Company and consummation of any sale or disposition, or series of related sales or dispositions, of 50% or more of the assets or earning power of the
Company; or (v) approval by the stockholders of the Company and consummation of any merger or consolidation or statutory share exchange to which the Company is a party as a result of which the
persons who were stockholders of the Company immediately prior to the effective date of the merger or consolidation or statutory share exchange shall have beneficial ownership of less than 50% of the
combined voting power in the election of directors of the surviving corporation following the effective date of such merger or consolidation or statutory share exchange. 

3

 

        (c)   Notwithstanding
anything herein to the contrary, no acquisition of beneficial ownership of securities of the Company, merger, sale of assets or other transaction shall
be deemed to constitute a Change in Control for purposes of this Agreement if such transaction constitutes a "Management Approved Transaction." For purposes of this Agreement, a "Management Approved
Transaction" shall be any transaction, which would otherwise result in a Change in Control for purposes of this Agreement in which the acquiring "person", "group" or other entity is either
beneficially owned by, or comprised of, in whole or in part, three or more members of the Company's executive management, as such was constituted twelve months prior to such transaction, or is
majority owned by, or comprised of, any employee benefit plan of the Company. 

        (d)   Notwithstanding
anything herein to the contrary, no acquisition of beneficial ownership of securities of the Company, merger, sale of assets or other transaction shall
be deemed to constitute a Change in Control for purposes of this Agreement if such transaction is approved by the affirmative vote of at least two-thirds of those member of the Board of
Directors (i) who have served on the Board of Directors for at least two years prior to such approval, and (ii) whose election, or nomination for election, during such
two-year period was approved by a vote of at least two-thirds of the directors then in office who were directors at the beginning of such two-year period. 

        7.    No Stockholder Privileges.    Neither the Recipient nor any person claiming under or through him or her shall be
or have any of the rights or privileges of a stockholder of the Company in respect of any of the Common Stock issuable upon the exercise of this Stock Option, unless and until certificates evidencing
such shares of Common Stock shall have been duly issued and delivered. 

        8.    Non-Transferability of Option.    The Stock Option granted hereunder shall not be transferable
otherwise than by will, a living trust agreement under which the Recipient is the sole beneficiary during his or her life, or the laws of descent and distribution and shall be exercisable during the
lifetime of the Recipient only by him or her or by the trustee of such a living trust. Except as otherwise herein provided, the Stock Option hereby granted and the rights and privileges conferred
hereby shall not be transferred, assigned, pledged, hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment or similar process.
Upon any attempt to transfer, assign, pledge, hypothecate, or otherwise dispose of this Stock Option, or of any right or privilege conferred hereby, contrary to the provisions hereof, or upon any
attempted sale under any execution, attachment, or similar process upon the rights and privileges hereby granted, then and in any such event this Stock Option and the rights and privileges hereby
granted shall immediately become null and void. 

        9.    Adjustment of Shares.    If there shall be a change in the capital structure of the Company, including but not
limited to a change in the number or kind of the outstanding shares of the Common Stock of the Company resulting from a stock dividend or split-up, or combination or reclassification of
such shares (or of any stock or other securities into which shares shall have been changed, or for which they shall have been exchanged), then the Board of Directors of the Company shall make such
equitable adjustments with respect to the Stock Option, or any other provisions of the Plan, as it deems necessary or appropriate to prevent dilution or enlargement of the Stock Option rights
hereunder or of the shares subject to this Stock Option. 

        10.    Merger, Consolidation, Reorganization, Liquidation, Etc.    If the Company shall become a party to any
corporate merger, consolidation, major acquisition of property for stock, reorganization, or liquidation, the Board of Directors may, acting in its absolute and sole discretion, make such
arrangements, which shall be binding upon the Recipient of unexpired Stock Option rights, including but not limited to: (a) the substitution of new stock options or other contractual rights of
any nature for any unexpired Stock Option then outstanding hereunder, (b) the assumption of any such unexpired Stock Option, (c) termination of or payment for such Stock Option or
(d) the acceleration or 

4

 

immediate
vesting of any such unexpired Stock Option. Notwithstanding anything to the contrary in this or any other Section of this Agreement, no amendment to this Agreement and no action taken by the
Compensation Committee of the Board of Directors or the Board of Directors shall be valid or effective if, based on the advice of counsel to the Company, the effect of such Amendment or action would
be to foreclose the availability of pooling accounting in any acquisition, merger or other reorganization to which the Company is a party, 

        11.    Non-Competition—Forfeiture of Gains.    The Recipient agrees that, if he or she
"competes with the Company" within six (6) months of any date on which a Stock Option is exercised, (regardless whether such exercise date occurs before or after the Recipient's termination of
employment), all unexercised Stock Option rights to which the Recipient is entitled pursuant to this Agreement shall immediately terminate and all of the "gain" resulting from the exercise of any such
Stock Option shall immediately, upon receipt of written notice from the Company, be paid to the Company in cash. As used in this Section 11, the terms 

        (a)   "gain"
shall mean the difference between the exercise price of any such Stock Option and either (i) the closing price of the Common Stock on the NYSE on the date
of the Company's notice referred to above, and (ii) if any shares of Common Stock have been sold as a result of any such exercise, the gross proceeds resulting from such sale; 

        (b)   "competes
with the Company" shall mean 

          (i)  employment
or service as an officer, director, partner, stockholder, proprietor, joint venturer, consultant, agent, investor or lender or in any other capacity (other
than as the holder of not more than five percent of the total outstanding stock of any company whose securities are traded on a regular basis on any recognized securities exchange or national
over-the-counter market) with or to any business which then competes with the business of the Company or any of its subsidiaries, franchisees or licensees ("Affiliates"); 

         (ii)  solicitation,
diversion or attempt to engage or hire or provide services to any customer, client, employee or job applicant of the Company or its Affiliates. 

        12.    Interpretation and Regulations.    The Board of Directors of the Company, or the Compensation Committee of the
Board of Directors (the "Committee") shall have the power to adopt and change rules and guidelines for administration of the Plan. The Plan shall be administered by the Committee which shall have the
sole power to determine and interpret any provision of the Plan or this Agreement necessary or advisable for the grant and administration of the Stock Option granted hereby and the exercise of the
rights granted herein, and the Committee may waive or amend any provisions hereof or take any action required or permitted hereby which is not expressly reserved to the Board of Directors in any
manner not adversely affecting the rights granted to the recipient by the express terms hereof. 

        13.    No Contract of Employment.    Nothing contained in this Agreement shall be construed or have the effect of
creating or modifying a contract of employment or of continuing the Recipient's employment for any period of time. 

        14.    Severability.    Any word, phrase, clause, sentence or other provision of this Agreement which violates, is
prohibited by or is deemed unenforceable by or as a result of any law, court order or decision or public policy shall be modified as necessary to avoid the violation, prohibition or defect resulting
in unenforceability and so as to make this Agreement valid and enforceable according to its tenor as fully as possible under applicable law and without affecting the other provisions hereof. 

        15.    Notices.    Any notice to be given to the Company under the terms of this Agreement shall be addressed the
Company (Attention: Treasury Department) at 2050 Spectrum Boulevard, Fort Lauderdale, Florida 33309, or at such other address as the Company may hereafter designate in writing 

5

 

to
the Recipient. Any notice to be given to the Recipient shall be addressed to the Recipient at the address set forth on the Cover Page to this Stock Option Agreement or at such other address as the
Recipient may hereafter designate in writing to the Company. Any such notice shall be deemed to have been duly given when deposited in the United States mails via regular or certified mail, addressed
as aforesaid, postage prepaid. 

        16.    Execution of this Agreement.    The Stock Option granted by this Agreement shall not become effective until,
the Cover Page(s) or a counterpart thereof, has been executed by the Recipient. The Notice of Grant of Stock Options and Option Agreement, together with this Agreement, shall be construed as a single
agreement. 

        17.    Governing Law.    This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware. 

6

QuickLinks

SPHERION CORPORATION 2000 STOCK INCENTIVE PLAN STOCK OPTION AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00080-of-00352.parquet"}]]