Document:

Exhibit 10.6

 

As of September 8,
2005

 

 

Mr. Charles C. Baker

 

 

Dear Charles:

 

The
letter agreement between you and Monster Worldwide, Inc. dated March 14,
2005 (the “Letter Agreement”), is hereby amended as follows:

 

1.                                                               The
first sentence of Section 5 of the Letter Agreement is hereby amended to
read in its entirety as follows:

 

“In
the event of any Change in Control, (a) any shares of restricted stock
that have been or may be granted to you by the Company from time to time
pursuant to written stock bonus agreements between you and the Company
(including but not limited to the shares covered by the Stock Bonus Agreement)
which have not theretofore vested shall automatically and immediately become
fully vested, and (b) any options to purchase Common Stock of the Company
that may be granted to you from time to time pursuant to written stock option
agreements between you and the Company which have not theretofore vested or
become exercisable, shall automatically and immediately become fully vested and
exercisable for the balance of the ten year term provided by the applicable
stock option agreement, subject to the other terms of the applicable
agreements.”

 

2.                                                               Section 6
of the Letter Agreement is hereby amended to read in its entirety as follows:

 

“6.                                 (a)                                  Anything
in this agreement to the contrary notwithstanding, in the event it shall be
determined that any payment or distribution by the Company to or for the
benefit of you (whether paid or payable or distributed or distributable
pursuant to the terms of this agreement or otherwise, but determined without
regard to any additional payments required under this Section 6) (a “Company
Payment”) would be subject to the excise tax imposed by Section 4999 of
the Internal Revenue Code of 1986, as amended (the “Code”), or any interest or
penalties are incurred by you with respect to such excise tax (such excise tax,
together with any such interest and penalties, are hereinafter collectively
referred to as the “Excise Tax”), then you shall be entitled to receive an
additional payment (a “Gross-Up Payment”) in an amount such that after payment
by you of all taxes (including any interest or penalties imposed with respect
to such taxes), including, without limitation, any income taxes (and any
interest and

 

 

penalties imposed with
respect thereto) and Excise Tax imposed upon the Gross-Up Payment, you retain
an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the
Company Payments.

 

(b)                                 For
purposes of determining whether any of the Company Payments and Gross-Up
Payments (collectively the “Total Payments”) will be subject to the Excise Tax
and the amount of such Excise Tax, (i) the Total Payments shall be treated
as “parachute payments” within the meaning of Section 280G(b)(2) of
the Code, and all “parachute payments” in excess of the “base amount” (as
defined under Code Section 280G(b)(3) of the Code) shall be treated
as subject to the Excise Tax, unless and except to the extent that, in the
opinion of the Company’s independent certified public accountants appointed
prior to any change in ownership (as defined under Code Section 280G(b)(2))
or tax counsel selected by such accountants (the “Accountants”) such Total
Payments (in whole or in part) either do not constitute “parachute payments,”
represent reasonable compensation for services actually rendered within the
meaning of Section 280G(b)(4) of the Code in excess of the “base
amount” or are otherwise not subject to the Excise Tax, and (ii) the value
of any non-cash benefits or any deferred payment or benefit shall be determined
by the Accountants in accordance with the principles of Section 280G of
the Code.

 

(c)                                  For
purposes of determining the amount of the Gross-Up Payment, you shall be deemed
to pay U.S. federal income taxes at the highest marginal rate of U.S. federal
income taxation in the calendar year in which the Gross-Up Payment is to be
made and state and local income taxes at the highest marginal rate of taxation
in the state and locality of your residence for the calendar year in which the
Company Payment is to be made, net of the maximum reduction in U.S. federal
income taxes which could be obtained from deduction of such state and local
taxes if paid in such year.  In the event
that the Excise Tax is later determined by the Accountant or the Internal
Revenue Service to exceed the amount taken into account hereunder at the time
the Gross-Up Payment is made (including by reason of any payment the existence
or amount of which cannot be determined at the time of the Gross-Up Payment),
the Company shall make an additional Gross-Up Payment in respect of such excess
(plus any interest or penalties payable with respect to such excess) at the
time that the amount of such excess is finally determined.

 

(d)                                 The
Gross-Up Payment or portion thereof provided for in subsection (c) above
shall be paid not later than the thirtieth day following an event occurring
which subjects you to the Excise Tax; provided, however, that if the amount of
such Gross-Up Payment or portion thereof cannot be finally determined on or
before such day, the Company shall pay to you on such day an estimate, as
determined in good faith by the Accountant, of the minimum amount of such
payments and shall pay the remainder of such payments (together with interest
at the rate provided in Section 1274(b)(2)(B) of the Code), subject
to further payments pursuant to subsection (c) hereof, as soon as the
amount thereof can reasonably be determined, but in no event later than the
ninetieth day after the occurrence of the event subjecting you to the Excise
Tax.

 

 

(e)                                  If
any controversy arises between you and the Internal Revenue Service or any
state or local taxing authority (a “Taxing Authority”) with respect to the
treatment on any return of the Gross-Up Payment, or of any Company Payment, or
with respect to any return which a Taxing Authority asserts should show an
Excise Tax, including, without limitation, any audit, protest to an appeals
authority of a Taxing Authority or litigation (“Controversy”), (i) the
Company shall have the right to participate with you in the handling of such
Controversy, (ii) the Company shall have the right, solely with respect to
a Controversy, to direct you to protest or contest any proposed adjustment or
deficiency, initiate an appeals procedure within any Taxing Authority, commence
any judicial proceeding, make any settlement agreement, or file a claim for
refund of tax, and (iii) you shall not take any of such steps without the
prior written approval of the Company, which the Company shall not unreasonably
withhold. If the Company so elects, you shall be represented in any Controversy
by attorneys, accountants, and other advisors selected by the Company, and the
Company shall pay the fees, costs and expenses of such attorneys, accountants,
or advisors, and any tax liability you may incur as a result of such payment.
You shall promptly notify the Company of any communication with a Taxing
Authority, and you shall promptly furnish to the Company copies of any written
correspondence, notices, or documents received from a Taxing Authority relating
to a Controversy. You shall cooperate fully with the Company in the handling of
any Controversy by furnishing the Company any information or documentation
relating to or bearing upon the Controversy; provided, however, that you shall not
be obligated to furnish to the Company copies of any portion of your tax
returns which do not bear upon, and are not affected by, the Controversy.

 

(f) You shall pay
over to the Company, with ten (10) days after receipt thereof, any refund
you receive from any Taxing Authority of all or any portion of the Gross-Up
Payment or Excise Tax, together with any interest you receive from such Taxing
Authority on such refund. For purposes of this Section 6, a reduction in
your tax liability attributable to the previous payment of the Gross-Up Payment
or the Excise Tax shall be deemed to be a refund. If you would have received a
refund of all or any portion of the Gross-Up Payment or the Excise Tax, except
that a Taxing Authority offset the amount of such refund against other tax
liabilities, interest, or penalties, you shall pay the amount of such offset
over to the Company, together with the amount of interest you would have
received from the Taxing Authority if such offset had been an actual refund,
within ten (10) days after receipt of notice from the Taxing Authority of
such offset.”

 

3.                                       The
Letter Agreement, as amended by this agreement, is hereby ratified and
confirmed and remains in full force and effect.

 

Please
sign below to indicate your agreement with the foregoing.

 

 

	
   

  	
  MONSTER
  WORLDWIDE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Myron Olesnyckyj

  	
   

  
	
   

  	
  Name:  Myron Olesnyckyj

  
	
   

  	
  Title:  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted
  and Agreed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
      /s/
  Charles C. Baker

  	
   

  	
   

  	
   

  
	
  Charles
  C. BakerExhibit 10.7

 

As of September 8,
2005

 

 

Mr. John McLaughlin

 

 

Dear John:

 

The
letter agreement between you and Monster Worldwide, Inc. dated September 24,
2002, as amended by the letters dated April 1, 2003, June 16, 2004
and June 16, 2005  (collectively, the
“Letter Agreement”), is hereby amended as follows:

 

1.                                       Clause
(b) of Section 5 of the Letter Agreement is hereby amended to read in
its entirety as follows:

 

“(b) any
shares of restricted stock that have been or may be granted to you from time to
time pursuant to written stock bonus agreements, including but not limited to
those covered by the Stock Bonus Agreement dated September 11, 2002, shall
automatically and immediately become fully vested, “

 

2.                                       Section 6
of the Letter Agreement is hereby amended to read in its entirety as follows:

 

“6.                                 (a)                                  Anything
in this agreement to the contrary notwithstanding, in the event it shall be
determined that any payment or distribution by the Company to or for the
benefit of you (whether paid or payable or distributed or distributable
pursuant to the terms of this agreement or otherwise, but determined without
regard to any additional payments required under this Section 6) (a “Company
Payment”) would be subject to the excise tax imposed by Section 4999 of
the Internal Revenue Code of 1986, as amended (the “Code”), or any interest or
penalties are incurred by you with respect to such excise tax (such excise tax,
together with any such interest and penalties, are hereinafter collectively
referred to as the “Excise Tax”), then you shall be entitled to receive an
additional payment (a “Gross-Up Payment”) in an amount such that after payment
by you of all taxes (including any interest or penalties imposed with respect
to such taxes), including, without limitation, any income taxes (and any
interest and penalties imposed with respect thereto) and Excise Tax imposed
upon the Gross-Up Payment, you retain an amount of the Gross-Up Payment equal
to the Excise Tax imposed upon the Company Payments.

 

(b)                                 For
purposes of determining whether any of the Company Payments and Gross-Up
Payments (collectively the “Total Payments”) will be subject to the Excise Tax
and the amount of such Excise Tax, (i) the Total Payments shall be treated
as “parachute payments” within the meaning of Section 280G(b)(2) of
the Code, and all “parachute payments” in excess of the “base amount” (as
defined under Code Section 280G(b)(3) of

 

 

the Code) shall be
treated as subject to the Excise Tax, unless and except to the extent that, in
the opinion of the Company’s independent certified public accountants appointed
prior to any change in ownership (as defined under Code Section 280G(b)(2))
or tax counsel selected by such accountants (the “Accountants”) such Total
Payments (in whole or in part) either do not constitute “parachute payments,”
represent reasonable compensation for services actually rendered within the
meaning of Section 280G(b)(4) of the Code in excess of the “base
amount” or are otherwise not subject to the Excise Tax, and (ii) the value
of any non-cash benefits or any deferred payment or benefit shall be determined
by the Accountants in accordance with the principles of Section 280G of
the Code.

 

(c)                                  For
purposes of determining the amount of the Gross-Up Payment, you shall be deemed
to pay U.S. federal income taxes at the highest marginal rate of U.S. federal
income taxation in the calendar year in which the Gross-Up Payment is to be
made and state and local income taxes at the highest marginal rate of taxation
in the state and locality of your residence for the calendar year in which the
Company Payment is to be made, net of the maximum reduction in U.S. federal
income taxes which could be obtained from deduction of such state and local
taxes if paid in such year.  In the event
that the Excise Tax is later determined by the Accountant or the Internal
Revenue Service to exceed the amount taken into account hereunder at the time
the Gross-Up Payment is made (including by reason of any payment the existence
or amount of which cannot be determined at the time of the Gross-Up Payment),
the Company shall make an additional Gross-Up Payment in respect of such excess
(plus any interest or penalties payable with respect to such excess) at the
time that the amount of such excess is finally determined.

 

(d)                                 The
Gross-Up Payment or portion thereof provided for in subsection (c) above
shall be paid not later than the thirtieth day following an event occurring
which subjects you to the Excise Tax; provided, however, that if the amount of
such Gross-Up Payment or portion thereof cannot be finally determined on or
before such day, the Company shall pay to you on such day an estimate, as
determined in good faith by the Accountant, of the minimum amount of such
payments and shall pay the remainder of such payments (together with interest
at the rate provided in Section 1274(b)(2)(B) of the Code), subject
to further payments pursuant to subsection (c) hereof, as soon as the
amount thereof can reasonably be determined, but in no event later than the
ninetieth day after the occurrence of the event subjecting you to the Excise
Tax.

 

(e)                                  If
any controversy arises between you and the Internal Revenue Service or any
state or local taxing authority (a “Taxing Authority”) with respect to the
treatment on any return of the Gross-Up Payment, or of any Company Payment, or
with respect to any return which a Taxing Authority asserts should show an
Excise Tax, including, without limitation, any audit, protest to an appeals
authority of a Taxing Authority or litigation (“Controversy”), (i) the
Company shall have the right to participate with you in the handling of such
Controversy, (ii) the Company shall have the right, solely with respect to
a Controversy, to direct you to protest or contest any proposed adjustment or
deficiency, initiate an appeals procedure within any Taxing Authority, commence
any judicial proceeding, make any settlement agreement, or file a claim for
refund of tax,

 

 

and (iii) you shall
not take any of such steps without the prior written approval of the Company,
which the Company shall not unreasonably withhold. If the Company so elects,
you shall be represented in any Controversy by attorneys, accountants, and
other advisors selected by the Company, and the Company shall pay the fees,
costs and expenses of such attorneys, accountants, or advisors, and any tax
liability you may incur as a result of such payment. You shall promptly notify
the Company of any communication with a Taxing Authority, and you shall
promptly furnish to the Company copies of any written correspondence, notices,
or documents received from a Taxing Authority relating to a Controversy. You
shall cooperate fully with the Company in the handling of any Controversy by
furnishing the Company any information or documentation relating to or bearing
upon the Controversy; provided, however, that you shall not be obligated to
furnish to the Company copies of any portion of your tax returns which do not
bear upon, and are not affected by, the Controversy.

 

(f) You shall pay
over to the Company, with ten (10) days after receipt thereof, any refund
you receive from any Taxing Authority of all or any portion of the Gross-Up
Payment or Excise Tax, together with any interest you receive from such Taxing
Authority on such refund. For purposes of this Section 6, a reduction in
your tax liability attributable to the previous payment of the Gross-Up Payment
or the Excise Tax shall be deemed to be a refund. If you would have received a
refund of all or any portion of the Gross-Up Payment or the Excise Tax, except
that a Taxing Authority offset the amount of such refund against other tax
liabilities, interest, or penalties, you shall pay the amount of such offset
over to the Company, together with the amount of interest you would have
received from the Taxing Authority if such offset had been an actual refund,
within ten (10) days after receipt of notice from the Taxing Authority of
such offset.”

 

3.                                       The
Letter Agreement, as amended by this agreement, is hereby ratified and
confirmed and remains in full force and effect.

 

Please
sign below to indicate your agreement with the foregoing.

 

 

	
   

  	
  MONSTER
  WORLDWIDE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Myron Olesnyckyj

  	
   

  
	
   

  	
  Name:  Myron Olesnyckyj

  
	
   

  	
  Title:  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted
  and Agreed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
      /s/
  John McLaughlin

  	
   

  	
   

  	
   

  
	
  John
  McLaughlin

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