Document:

Exhibit
10.1

 

GOLDEN
GRAIN ENERGY, L.L.C.

RESOLUTION
APPROVING AND AUTHORIZING AN INCREASE

IN SALARY FOR
THE COMPANY’S CEO

 

Held: May 23, 2005

 

Pursuant to the call of the Chairperson of the Board of Directors of
Golden Grain Energy, L.L.C., an Iowa limited liability company (the “Company”),
and in accordance with Iowa Code Chapter 490A and the Company’s Amended and
Restated Operating Agreement, a meeting of the Board of Directors of the
Company was held at the Company’s principal offices in Mason City, Iowa on May 23,
2005.  Notice of such meeting was given
at the previous meeting of the Board of Directors pursuant to the Company’s
Amended and Restated Operating Agreement. 
The number of Directors necessary to constitute a quorum pursuant to the
Company’s Amended and Restated Operating Agreement was present.  The following resolution and action was duly
adopted by the Board of Directors at such meeting:

 

WHEREAS,
each member of the Executive Committee of the Board of Directors evaluated the
performance of the CEO of the Company, Walt Wendland, and determined an overall
rating for his performance; and

 

WHEREAS,
the Executive Committee discussed the evaluation and rating with the full Board
of Directors and based on Walt’s performance, the Board of Directors believes
it to be in the best interest of the Company to increase Walt Wendland’s salary
by $10,000 a year.

 

NOW THEREFORE, BE IT
RESOLVED, that the Board of Directors of the Company
hereby approves and authorizes a $10,000 increase to Walt Wendland’s salary
effective May 10, 2005.

 

 

	
   

  	
  /s/ Ron Pumphrey

  
	
   

  	
  Ron Pumphrey, Secretary

  

 

 

APPROVED:

 

 

	
   /s/
  Dave Sovereign

  	
   

  
	
  Dave Sovereign, ChairmanExhibit 10.1

MONSTER
WORLDWIDE, INC.

622 THIRD AVENUE

NEW YORK, NY 10017

 

 

September 8, 2005

 

 

Mr. Steven
Pogorzelski

45 Johnson Drive

Holliston, MA
01746

 

 

Dear Steve:

 

This will confirm our
understanding and agreement with respect to your employment as Group President
– International, of Monster Worldwide, Inc. (the “Company”) effective as
of September 12, 2005.  You and the
Company hereby agree as follows:

 

1.                                       Effective
as of September 12, 2005, the Company agrees to employ you and you agree
to be employed by the Company as Group President – International, with such
duties and responsibilities with respect to the Company and its Affiliates (as
defined below) as the Company’s Chief Operating Officer (“COO”) or such other
person from time to time designated by the COO to deal with matters related to
this agreement (the “Designee”) shall reasonably direct.  You agree to devote your best efforts,
energies, abilities and full business time, skill and attention to your
duties.  You agree to perform the duties
and responsibilities assigned to you to the best of your ability, in a
diligent, trustworthy, businesslike and efficient manner for the purpose of
advancing the business of the Company and its Affiliates and to adhere to any
and all of the employment policies of the Company. You acknowledge and agree
that through December 31, 2005, you shall also continue to be responsible
for the performance of the Company’s Monster Division - North America and shall
provide any and all assistance relating thereto as shall reasonably be directed
by the COO or the Designee, including but not limited to assistance relating to
the transition of duties to the new President of the Company’s Monster Division
– North America. You will based out of the Monster, Inc.’s Massachusetts based
headquarters, but you further understand and agree that since the
responsibilities of your new position are outside of North America, your new
position will require substantial amounts of travel to destinations outside of
North America, including regular travel to Europe and Asia-Pac.

 

2.                                       In
consideration for your services and other agreements hereunder, during your
employment in this position the Company shall (a) pay you a base salary
(the “Base Salary”) of US $500,000 per year (prorated for periods of less than
a full year) in regular installments in accordance with the Company’s payroll
practice for salaried employees, (b) provide you with medical, dental and
disability coverage, if any, and 401(k) Plan, life insurance and other benefit
plan eligibility, if any, comparable to that regularly provided to other senior
management in accordance with the Company’s policies, (c) provide you with
4 weeks paid vacation per year in

 

 

accordance with the Company’s policies (prorated for
periods of less than a full year) and public holidays based on the Company’s
policies for employees based in Massachusetts, and (d) provide you with
the opportunity to earn annual performance based bonuses (“Performance Based
Bonuses”) in amounts determined by and on the basis of satisfaction of such
performance goals as are established by the Compensation Committee of the Board
under the Company’s 1999 Long Term Incentive Plan (or any similar or successor
plan) and/or the COO or the Designee within 90 days of the commencement of the
applicable calendar year period (except that the bonus plan for the balance of
2005 shall continue to be the 2005 Monster Management Incentive Plan that is
currently in effect for you, including the existing specific Monster division
revenue and profit goals, Company EPS goals and individual MBOs). You will also
be provided with a grant of shares of Common Stock of the Company, subject to
the attainment of performance goals, vesting and other terms and conditions of
the stock bonus agreement attached as Exhibit A hereto (the “Stock
Bonus Agreement”). As you are aware, the Company is considering the possible
adoption of a long-term equity plan for senior executive officers and if such
plan is instituted you shall also be able to participate in that plan.

 

3.                                       You
may terminate this agreement at any time upon 60 days’ prior written notice,
provided that the Company may accelerate the effective date of any such
termination by you to any date, including but not limited to the date on which
such written notice is received by the Company. 
The Company may terminate this agreement at any time upon written
notice.  This agreement shall also
terminate automatically in the event you should die or, in the reasonable
determination of the Company, become unable to perform by reason of physical or
mental incompetency your obligations hereunder for a period of 120 days in any
365 day period.  It is understood and
agreed that in the event that this agreement is terminated (x) by the Company
in accordance with the second sentence of this Section 3 other than for “Cause”
(as defined below), (y) by you upon written notice within twelve months of a “Change
in Control” (as defined below), then subject to (i) your execution and
delivery of the Company’s then current form of separation agreement and general
release applicable to similarly situated employees and (ii) the expiration
of any rescission period provided thereby (without the rescission having been
exercised), you shall, as your sole and exclusive remedy, be entitled to (i) receive
as severance your then applicable Base Salary hereunder for a period of twelve
months (the “Specified Period”), payable in regular installments in accordance
with the Company’s applicable payroll practice for salaried employees and (ii) during
the Specified Period, have the Company make available to you (and/or pay COBRA
premiums on) medical and dental benefits on the same terms and conditions
(including premium contribution terms) as would have been made available to you
had you remained employed by the Company during such period.  Except as expressly provided in the preceding
sentence or in Sections 4 or 6 below, in the event of the termination of this
agreement or your employment for any reason, the Company shall have no further
obligations to you hereunder or with respect to your employment from the
effective date of termination.  “Cause”
shall mean the occurrence of any one or more of the following events:  (i) your willful failure or gross
negligence in performance of your duties or compliance with the reasonable
directions of the COO or the Designee that remains unremedied for a period of
twenty (20) days after the COO or the Designee has given written notice
specifying in reasonable detail your failure to perform such duties or comply
with such directions; (ii) your failure to

 

2

 

comply with a material employment policy of the
Company that remains unremedied for a period of twenty (20) days after the COO
or the Designee has given written notice to you specifying in reasonable detail
your failure to comply; (iii) your breach of any material obligation to
the Company (whether under written agreement or otherwise) that remains
unremedied for a period of twenty (20) days after the COO or the Designee has
given written notice to you specifying in reasonable detail your breach; or (iv) your
commission of (a) a felony, (b) criminal dishonesty, (c) any
crime involving moral turpitude or (d) fraud.  In the event of any reduction in the gross
amount of your Base Salary which (i) has not been approved by you and (ii) remains
unremedied for a period of twenty (20) days after you have given written notice
to the Company of such unauthorized reduction (a “Specified Event”), as your
sole and exclusive remedy you may by written notice to the Company given within
2 months of the Specified Event advise the Company that you wish to treat the
Specified Event as a termination without “Cause” and consequently the Specified
Event shall be treated as a termination without “Cause” for purposes of this Section 3
(irrespective of whether or not that Specified Event would otherwise qualify as
a termination without “Cause” under the definition of “Cause” provided in this Section 3).

 

4.                                       While
the Company currently contemplates that your new position will last 3 years,
the Company reserves the right to terminate it at any time in its sole and
absolute discretion (subject to the provisions of Section 3 above). If and
only if you remain in this new position until September 12, 2008, you may
upon written notice delivered to the Company within 60 days after September 12,
2008 (the “Specified Notice”) request that the Company endeavor to find and
offer you a different position based in Massachusetts or New York with
comparable responsibilities with respect to North America and base salary to
those which are contemplated by this agreement. In the event that the Company
does not in such circumstances present you with such an opportunity within 3
months after the Specified Notice and you do not wish to accept any other
position which the Company may offer you in its sole and absolute discretion
within such 3 month period, as your sole and exclusive remedy you may by
written notice to the Company given within 4 months of the Specified Notice
advise the Company that you wish to treat such circumstances as a termination
without “Cause” and consequently the such circumstances shall be treated as a
termination without “Cause” for purposes of Section 3 hereof (irrespective
of whether or not such circumstances would otherwise qualify as a termination
without “Cause” under the definition of  “Cause”
provided in Section 3 above).

 

5.                                       You
acknowledge that you have not relied on any representation not set forth in
this agreement.  You represent that you
are free to enter into this employment arrangement and that you are not bound
by any restrictive covenants or similar provisions restricting the performance
of your duties hereunder.

 

6.                                       In
the event of any Change in Control, any (x) remaining options to purchase
Company Common Stock under the written stock option agreements between you and
the Company dated October 18, 1999, August 2, 2000, October 11,
2000, November 1, 2001, April 10, 2003, February 9, 2004 and December 28,
2004, (y) remaining options to purchase Company Common Stock which may be
granted to you by the Company in its sole and absolute discretion from time to
time after the date hereof pursuant to written stock option agreements between
you

 

3

 

and the Company, and (z) remaining shares of
restricted stock granted to you by the Company in its sole and absolute
discretion from time to time on or after the date hereof pursuant to written
stock bonus agreements between you and the Company (including but not limited
to the shares covered by the Stock Bonus Agreement), in each case which have
not theretofore vested, shall automatically and immediately become fully
vested.  It is understood and agreed that
the first sentence of this Section 6 is not intended to cover nor imply
the terms and conditions of any long term equity plan for senior executive
officers which may be instituted by the Company, including but not limited to
the effect of any Change in Control on any interests you may from time to time
have under any such plan, it being understood that in the event any such plan
is in fact instituted, the complete terms and conditions thereof shall be set
forth in a separate document and this agreement shall have no impact nor
bearing on any such terms and conditions. For purposes hereof, the term “Change
in Control” shall be deemed to occur if (1) there shall be consummated (A) any
consolidation, merger or reorganization involving the Company, unless such
consolidation, merger or reorganization is a “Non-Control Transaction” (as
defined below) or (B) any sale, lease, exchange or other transfer (in one
transaction or a series of related transactions) of all, or substantially all,
of the assets of the Company, or (2) the stockholders of the Company shall
approve any plan or proposal for liquidation or dissolution of the Company, or (3) any
person (as such term is used in Section 13(d) and 14(d)(2) of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), shall
become the beneficial owner (within the meaning of Rule 13d-3 under the
Exchange Act) of more than 50% of the combined voting power of the Company’s
then outstanding voting securities other than (a) a person who owns or
owned shares of Class B Common Stock of the Company, (b) pursuant to
a plan or arrangement entered into by such person and the Company, or (c) pursuant
to receipt of such shares from a stockholder of the Company pursuant to such
stockholder’s will or the laws of descent and distribution.  A “Non-Control Transaction” shall mean a
consolidation, merger or reorganization of the Company where (1) the
stockholders of the Company immediately before such consolidation, merger or
reorganization own, directly or indirectly, at least a majority of the combined
voting power of the outstanding voting securities of the corporation resulting
from such consolidation, merger or reorganization (the “Surviving Corporation”),
(2) the individuals who were members of the Board of the Company
immediately prior to the execution of the agreement providing for such
consolidation, merger or reorganization constitute at least 50% of the members
of the Board of Directors of the Surviving Corporation, or a corporation
directly or indirectly beneficially owning a majority of the voting securities
of the Surviving Corporation and (3) no person (other than (a) the
Company, (b) any subsidiary of the Company, (c) any employee benefit
plan (or any trust forming a part thereof) maintained by the Company, the
Surviving Corporation or any subsidiary, or (d) any person who,
immediately prior to such consolidation, merger or reorganization, beneficially
owned more than 50% of the combined voting power of the Company’s then
outstanding voting securities) beneficially owns more than 50% of the combined
voting power of the Surviving Corporation’s then outstanding voting securities.

 

7.                                       (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

 

4

 

(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 7) (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

 

5

 

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.

 

6

 

8.                                       As
a material inducement to the Company to enter into this agreement, you hereby
expressly agree to be bound by the following covenants, terms and conditions.

 

(a)                                  You acknowledge that you now have and
will continue to have and further develop extensive knowledge of the Business
(as defined below) and that you have had and will continue to have access to
the proprietary and confidential information used by the Company and its
Affiliates in the Business and that if you were to compete with the Company or
its Affiliates in the Business, great harm would come to the Company and its
Affiliates. Accordingly, you covenant and agree that, through the date that is
one year after the last day of your employment with the Company or any of its
Affiliates (such last day of employment is sometimes referred to herein as the “Termination
Date” and the period ending on the date which is one year after the Termination
Date is sometimes referred to herein as the “Specified Period”), you will not,
directly or indirectly, as employee, agent, consultant, stockholder, director,
partner or in any other individual or representative capacity, own, operate,
manage, control, engage in, invest in or participate in any manner in, act as a
consultant or advisor to, render services for (alone or in association with any
person, firm, corporation or entity), or otherwise assist any person or entity
that engages in or owns, invests in, operates, manages or controls any venture
or enterprise that directly or indirectly engages or proposes to engage in the
Business anywhere in or into the any of the countries in or into which the
Company or Affiliates do business as of the Termination Date. Notwithstanding
the foregoing, nothing contained in this Section 8(a) shall prohibit you from owning not more
than an aggregate of one percent (1%) of any class of stock of any company
involved in the Business that is listed on a national securities exchange or
traded in the over-the-counter market. As used herein, the term “Business”
means (i) the recruitment advertising business, including without
limitation the placement of help wanted advertisements in newspapers and on
Internet job boards and the provision of advertising, marketing, communications
and related services for human resource, recruiting or retention purposes, (ii) the
Internet job board business, including without limitation the provision of an
online medium for (1) the posting of job openings by organizations seeking
employees and the viewing of such openings by individuals, and/or (2) the
posting of resumes by individuals seeking positions with employers or other
organizations and the viewing of such resumes by potential employers and
staffing and other organizations, and (iii) any other business in which
the Company or any of its Affiliates is involved as of the Termination Date. As
used in this agreement, the term “Affiliate” means an affiliate of the Company
within the meaning of Rule 405 under the Securities act of 1933, as
amended.

 

(b)                                 Without
limiting the provisions of Section 8(a) hereof,
during your employment and the Specified Period, except prior to the
Termination Date on behalf of the Company and its Affiliates in accordance with
the terms of your employment, you will not, directly or indirectly, solicit or
perform Business related services for, or interfere with or endeavor to entice
away from the Company or any of its Affiliates, any client to whom the Company
or any of its Affiliates provided services at any time during the then-preceding
12 months, or any prospective client to whom the
Company or any of its Affiliates had made a formal presentation at any time
during the then-preceding 12 months, and, during your

 

7

 

employment and the
Specified Period, you will not, directly or indirectly, hire, attempt to hire,
solicit for employment or encourage the departure of any employee of the
Company or any of its Affiliates of any individual who was employed by the
Company or any of its Affiliates at any time during the then-preceding 12
months.

 

(c)                                  During
the course of your relationship with the Company and its Affiliates, you have
had and will continue to have access to trade secret, proprietary and
confidential information relating to the Company and its Affiliates and their
respective clients, including but not limited to, marketing data, financial
information, client lists (including without limitation, Rolodex type or
computer based compilations maintained by the Company or its Affiliates or
Executive), and details of programs and methods, pricing policies, strategies,
profit margins and software, in each case of the Company, its Affiliates and/or
their respective clients. From and after the date of this agreement, you agree
to keep secret and retain in strictest confidence all of such trade secret,
proprietary and confidential information, and will not disclose, disseminate or
use such information for your own advantage or for the advantage of any other
person or entity. In the event disclosure of any such trade secret, proprietary
and confidential information is required or purportedly required by law, you
will provide the Company with prompt notice of any such requirement so that the
Company may seek an appropriate protective order.

 

(d)                                 You
acknowledge that in the event you violates any provisions of this Section 8,
in addition to its other rights and remedies, the Company shall be entitled to
injunctive relief without the necessity of proving actual damages. You further
acknowledge that if any provision of this Section 8 is held to be
unenforceable, the court making such holding shall have the power to modify
such provision and in its modified form such provision shall be enforced.

 

(e)                                  You
acknowledge and agree that the provisions of this Section 8 are in
addition to, and not in lieu of, any non-solicitation, confidentiality,
non-competition, nonraid and/or similar obligations which you have with respect
to the Company and/or its Affiliates, whether by agreement, fiduciary
obligation or otherwise, and you acknowledge and affirm that you will strictly
abide by the provisions of all such obligations, including but not limited to
those set forth in any of the stock option agreements between you and the
Company.

 

9.                                       You
will be responsible for paying approximately the same taxes you would have paid
for the Base Salary and Performance Based Bonuses contemplated by Sections 2(a) and
2(b) above and with respect to shares issued under the Stock Bonus
Agreement (the “Specified Compensation”) had your responsibilities been limited
to the United States. Tax equalization is provided to (i) ensure that you
incur no additional tax liability or benefit with respect to the Specified
Compensation paid by the Company under this agreement or the Stock Bonus Agreement
as a result of having an assignment with responsibilities outside the United
States and (ii) provide assistance to ensure compliance with United States
tax laws as well as the tax laws of other countries. Once your actual tax
returns are completed, a tax equalization calculation will be prepared by the
Company’s outside tax consultants who will calculate the differential between
your actual worldwide income tax liability and your United States federal and
Massachusetts

 

8

 

state hypothetical tax
liability (i.e. the amount of tax you would have paid on your Specified
Compensation had you remained in Massachusetts, United States of America, with
responsibilities limited to the United States, is sometimes referred to herein
as the “stay-at-home-tax”). In the event the hypothetical “stay-at-home-tax” on
the same income is less than your actual tax liability, the Company will
reimburse you for this additional tax cost and for any additional income taxes
resulting from that reimbursement. In the event the hypothetical “stay-at-home-tax”
on the same income exceeds your actual tax liability, you agree to promptly pay
the Company the difference.

 

For the avoidance of
doubt, it is understood that only Base Salary and Performance Based Bonuses
contemplated by Sections 2(a) and 2(d) of this agreement and shares
issued under the Stock Bonus Agreement will be included in the tax equalization
determination.

 

The timely gathering and
submission of information for filing of tax returns and the payment of income
taxes remains your responsibility. To facilitate in the preparation of your
United States and other applicable tax returns and the foregoing, the Company
will pay customary and reasonable costs of the Company’s designated outside tax
consultants for pre-assignment tax counseling, as well as for the preparation
of your tax returns for each year you are on the assignment contemplated by the
first sentence of Section 1 of this agreement. It is important that you
promptly contact our designated tax consultants to discuss any relevant tax
implications of such assignment.

 

You
may be liable for taxes of non-United States jurisdictions while you are on
such assignment. It is your responsibility to comply with all applicable tax
requirements and to pay any tax liabilities incurred. Any tax penalties or
interest resulting from improper reporting or delays attributable to your
actions will be your responsibility.

 

The tax equalization
payments, if any, to be provided by the Company are based on your remaining in
the assignment for the approximately 3 year period specified above. If you
terminate the assignment early, causing a greater tax obligation, you will be
reimbursed only at the rate that would have been payable to you had you
remained the full assignment duration.

 

10.                                 All
notices, demands or other communications to be given or delivered under or by
reason of this agreement shall be in writing and shall be deemed to have been
properly served if delivered personally, by courier, or by certified or
registered mail, return receipt requested and first class postage prepaid, in
case of notice to the Company, to the attention of the COO at the address set
forth on the first page of this agreement (with a copy to Myron
Olesnyckyj, Monster Worldwide, Inc., 622 Third Avenue, 39th Floor, New
York, NY 10017) and in the case of notices to you to your office or residence
address or such other addresses as the recipient party has specified by prior
written notice to the sending party.  All
such notices and communications shall be deemed received upon the actual
delivery thereof in accordance with the foregoing.

 

9

 

11.                                 You
may not assign or delegate this agreement or any of your rights or obligations
hereunder without the prior written consent of the Company.  All references in this agreement to practices
or policies of the Company are references to such practices or policies as may
be in effect from time to time. Any amount payable to you under this agreement
is stated in gross amount and shall be subject to all applicable withholding
taxes, other normal payroll deductions and other amounts required by law or
authorized by you to be withheld, provided that this sentence is not intended
to limit the Company’s obligations under Section 9 above.

 

12.                                 This
agreement (i) constitutes the entire agreement between the parties with
respect to the subject matter hereof and supersedes any previous arrangements
relating thereto, as well as any previous arrangements relating to employment
between you and any of the Company’s Affiliates, including but not limited to
the agreement between the Company and you dated as of February 15, 2002
(it being understood, however, that the provisions of Sections 5, 7, 10 and 12
of that agreement remain in full force and effect), (ii) may be signed in
counterparts, (iii) shall be governed by the laws of the state of New York
(other than the conflicts of laws provisions thereof) and (iv) may not be
amended, terminated, extended or waived orally. 
Please understand that while it is our hope that our relationship will
be a long one, your employment will be on at “at will” basis. Nothing in this
letter, including but not limited to the provisions of Section 4 above,
should be construed as creating any other type of employment relationship.

 

Please sign the
additional originally executed copy of this letter in the space provided for
your signature below to indicate your acceptance and agreement with the terms
of this letter agreement and return one fully executed original to me.

 

	
   

  	
  Very
  truly yours,

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MONSTER
  WORLDWIDE, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Myron
  Olesnyckyj

  	
   

  
	
   

  	
  Name:

  	
  Myron
  Olesnyckyj

  	
   

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Accepted
  and agreed:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
    /s/
  Steven Pogorzelski

  	
   

  	
   

  	
   

  
	
  Steven
  Pogorzelski

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
              9/9/05

  	
   

  	
   

  	
   

  
							

 

10

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