Document:

<PAGE>

                                                                    EXHIBIT 10.1

                              EMPLOYMENT AGREEMENT

                                     BETWEEN

                            KORN/FERRY INTERNATIONAL

                                       AND

                               MICHAEL D. BEKINS
<PAGE>

<TABLE>
<CAPTION>
                                TABLE OF CONTENTS

                                                                                         Page
<S>                                                                                        <C>
1.      Employment......................................................................    1

2.      Term of Employment..............................................................    1

3.      Position, Duties and Responsibilities...........................................    1

4.      Annual Compensation.............................................................    2

        (a)    Base Salary..............................................................    2

        (b)    Annual Incentive Cash Bonus..............................................    2

5.      Employee Benefit Programs and Perquisites.......................................    3

        (a)    General..................................................................    3

        (b)    Reimbursement of Business Expenses.......................................    3

        (c)    Conditions of Employment.................................................    4

6.      Termination of Employment.......................................................    4

        (a)    Death....................................................................    4

        (b)    Disability...............................................................    4

        (c)    Termination by the Company for Cause, Voluntary Termination by Executive,
               Failure to Renew by Executive............................................    5

        (d)    Termination by the Company Without Cause, by Executive for Good
               Reason or for Failure by the Company to Renew Agreement Prior
               to Change in Control.....................................................    6

        (e)    Termination for Performance Reason Prior to a Change in Control..........    8

        (f)    Following a Change of Control, Termination by the Company Without
               Cause or For Performance Reasons or by Executive for Good Reason.........    9

7.      Reserved........................................................................   12

8.      No Mitigation; No Offset........................................................   12

9.      Confidential Information; Cooperation with Regard to Litigation.................   13
</TABLE>

                                      -i-
<PAGE>

                              TABLE OF CONTENTS

                                  (continued)

<TABLE>
<CAPTION>
                                                                                         Page
<S>                                                                                       <C>
        (a)    Nondisclosure of Confidential Information................................   13

        (b)    Definition of Confidential Information...................................   13

        (c)    Cooperation in Litigation................................................   14

10.     Non-solicitation................................................................   14

11.     Remedies........................................................................   14

12.     Resolution of Disputes..........................................................   15

13.     Indemnification.................................................................   15

        (a)    Company Indemnity........................................................   15

        (b)    No Presumption Regarding Standard of Conduct.............................   17

        (c)    Liability Insurance......................................................   17

14.     Effect of Agreement on Other Benefits...........................................   17

15.     Assignment; Binding Nature......................................................   17

16.     Representations.................................................................   18

17.     Entire Agreement................................................................   18

18.     Amendment or Waiver.............................................................   18

19.     Severability....................................................................   19

20.     Survivorship....................................................................   19

21.     Beneficiaries/References........................................................   19

22.     Governing Law...................................................................   19

23.     Notices.........................................................................   19
</TABLE>

                                     -ii-
<PAGE>

                             EMPLOYMENT AGREEMENT

               This EMPLOYMENT AGREEMENT (this "Agreement") is made and entered
into as of this 1st day of May 2000, by and between KORN/FERRY INTERNATIONAL, a
Delaware corporation with its principal offices in Los Angeles, California (the
"Company"), and MICHAEL D. BEKINS (the "Executive").

               1.   Employment.  The Company agrees to employ Executive and
                    ----------
Executive agrees to be employed by the Company upon the terms and conditions set
forth in this Agreement.

               2.   Term of Employment. Executive's employment under this
                    ------------------
Agreement will begin on May 1, 2000 and will continue for an initial term ending
April 30, 2003. The term will automatically be renewed for successive two-year
periods thereafter, until the first April 30th following the date on which
Executive reaches age 65, at which time the term will expire, provided, however,
that either the Company or the Executive may terminate this Agreement at the end
of the initial term by delivering to the other party at least 120 days' prior
written notice of such termination or at the end of any subsequent two-year
renewal term by delivering to the other party at least 120 days' prior written
notice of such termination. (In this Agreement, the delivery of such a notice
shall be referred to as a "failure to renew" the Agreement.)

              3.    Position, Duties and Responsibilities. Executive will serve
                    -------------------------------------
as Executive Vice President and Chief Operating Officer of the Company with
duties and responsibilities customary to such offices. Executive will be
considered a senior executive officer of the

                                       1
<PAGE>

Company and treated accordingly. Executive will report directly to, and will
perform such duties and functions consistent with Executive's position and as
are assigned to Executive by the Chief Executive Officer of the Company or by
the Company's Board of Directors (the "Board"). At the request of the Board,
Executive will serve as an officer or director of the Company's subsidiaries and
other affiliates without additional compensation. Executive will devote
substantially all of Executive's business time and attention to the performance
of Executive's obligations, duties and responsibilities under this Agreement.
Subject to Company policies applicable to senior executives generally, Executive
may engage in personal, charitable, professional and investment activities to
the extent such activities do not conflict or interfere with Executive's
obligations to, or Executive's ability to perform the normal duties and
functions of Executive pursuant to this Agreement.

               4.   Annual Compensation.
                    -------------------

               (a)  Base Salary. The Company will pay a base salary to Executive
                    -----------
at a minimum annual rate of $450,000 in accordance with its regular payroll
practices. At least annually and in the month preceding the end of the fiscal
year, the Board will review the level of Executive's base salary. The Board,
acting in its discretion, may increase (but may not decrease) the annual rate of
base salary in effect at any time, unless the Board concludes that an
across-the-board reduction in compensation is required for all executive
officers of the Company, in which case the Executive's compensation shall be
ratably reduced. The base salary in effect as of any date of determination is
referred to hereinafter as the "Base Salary."

               (b)  Annual Incentive Cash Bonus. Executive will participate in
                    ---------------------------
the Company's annual incentive cash bonus plan established for senior
executives, with an annual target bonus equal to 100% of Base Salary, or such
higher amount as may be determined by the

                                       2
<PAGE>

Board ("Annual Target Bonus") and an annual maximum bonus equal to 200% of Base
Salary, or such higher amount as may be determined by the Board ("Annual Maximum
Bonus"). Executive's actual annual incentive cash bonus ("Annual Bonus") may be
payable after thirty (30) days after the end of the fiscal year for which it is
earned, but not later than ninety (90) days after the end of the fiscal year for
which it is earned. Unless otherwise expressly determined by the Board, in its
discretion, such Annual Bonus shall be considered earned only if Executive is
employed by the Company as of the last day of the fiscal year to which such
Annual Bonus applies.

               5.   Employee Benefit Programs and Perquisites.
                    -----------------------------------------

               (a)  General. Executive will be entitled to participate in such
                    -------
retirement or pension plans, stock option or other equity compensation plans,
group health, long term disability and group life insurance plans, and any other
welfare and fringe benefit plans, arrangements, programs and perquisites
sponsored or maintained by the Company from time to time for the benefit of its
senior executives generally, including four weeks paid vacation. Unless
otherwise expressly provided in this Agreement, all COBRA benefits referred to
herein shall be paid by Executive.

               (b)  Reimbursement of Business Expenses. Executive is authorized
                    ----------------------------------
to incur reasonable expenses in accordance with the Company's written policy in
carrying out Executive's duties and responsibilities under this Agreement, and
the Company will promptly reimburse Executive for all such expenses that are so
incurred upon presentation of appropriate vouchers or receipts, subject to the
Company's expense reimbursement policies applicable to senior executive officers
generally.

                                       3
<PAGE>

               (c)  Conditions of Employment. Executive's place of employment
                    ------------------------
during the term of Executive's employment under this Agreement will be at the
Los Angeles office of the Company, subject to the need for reasonable business
travel. The conditions of Executive's employment, including, without limitation,
office space, office appointments, secretarial, administrative and other
support, will be consistent with Executive's status as a senior executive
officer of the Company.

               6.   Termination of Employment.
                    -------------------------

               (a)  Death. If Executive's employment with the Company terminates
                    -----
before the end of the term by reason of Executive's death, then the following
shall occur: (1) as soon as practicable thereafter and, in any event, not later
than the thirtieth (30th) day following the date of Executive's death, the
Company shall pay to Executive's estate an amount equal to Executive's "Accrued
Compensation" (as defined in Section 6(i) below); (2) all outstanding stock
options and other equity-type incentives held by Executive at the time of
Executive's death will become fully vested as of the date of Executive's death
(whether or not fully vested immediately prior to Executive's death) and remain
exercisable until their originally scheduled expiration dates; and (3)
Executive's spouse and covered dependents will be entitled to continued
participation in the Company's group health plan(s) or at the same benefit level
and to the same extent, if any, as such continued participation at the expense
of the Company is available to the shareholder/officers of the Company generally
and, thereafter, for such additional period as may be available under COBRA at
their expense.

               (b)  Disability. If the Company terminates Executive's employment
                    ----------
by reason of Executive's "disability," (defined below), then the following shall
occur: (1) the Company shall pay to Executive within thirty (30) days after the
date of such termination Executive's

                                       4
<PAGE>

Accrued Compensation (as defined in Section 6(i) below); (2) all outstanding
stock options and other equity-type incentives held by Executive at the time of
Executive's termination will become fully vested as of the date of such
termination (whether or not fully vested immediately prior to Executive's
termination) and remain exercisable until their originally scheduled expiration
dates; and (3) Executive and Executive's spouse and covered dependents will be
entitled to continued participation in the Company's group health plan(s) or at
the same benefit level and to the same extent, if any, as such continued
participation at the expense of the Company is available to the
shareholder/officers of the Company generally and, thereafter, for such
additional period as may be available under COBRA at Executive's expense. For
purposes of this Agreement, the term "disability" means any medically
determinable physical or mental condition or impairment which prevents the
Executive from performing the principal functions of Executive's duties with the
Company that can be expected to result in death or that has lasted or can be
expected to last for a period of ninety (90) consecutive days or for shorter
periods aggregating one hundred and eighty (180) days in any consecutive twelve
(12) month period, with such determination to be made by an approved medical
doctor. For this purpose an approved medical doctor shall mean a medical doctor
selected by the Company and Executive. If the parties cannot agree on a medical
doctor, each party shall select a medical doctor and the two doctors shall
select a third medical doctor who shall be the approved medical doctor for this
purpose.

               (c)  Termination by the Company for Cause, Voluntary Termination
                    -----------------------------------------------------------
by Executive, Failure to Renew by Executive. If the Company terminates
-------------------------------------------
Executive's employment for "Cause" (as defined below) or if Executive
voluntarily terminates Executive's employment without "Good Reason" (as defined
in Section 6(d) below) before the end of the stated term of

                                       5
<PAGE>

this Agreement that is then in effect, or if Executive fails to renew this
Agreement, then the Company shall pay to Executive within thirty (30) days after
the date of such termination Executive's Accrued Compensation (as defined in
Section 6(i) below), and nothing more. For purposes of this Agreement,
termination for "Cause" shall mean termination because Executive is convicted of
a felony involving moral turpitude.

               (d)  Termination by the Company Without Cause, by Executive for
                    ----------------------------------------------------------
Good Reason or for Failure by the Company to Renew Agreement Prior to Change in
-------------------------------------------------------------------------------
Control. If Executive's employment is terminated prior to a Change in Control by
-------
the Company without Cause or by Executive for "Good Reason" (defined below), or
if the Company fails to renew this Agreement prior to a Change in Control and
before Executive reaches the age of 65, then the following shall occur: (1) the
Company shall pay to Executive within thirty (30) days after the date of such
termination Executive's Accrued Compensation (as defined in Section 6(i) below);
(2) the Company shall pay to Executive within thirty (30) days after the date of
such termination a lump sum payment equal to (i) two times the then current Base
Salary plus (ii) two times the Annual Target Bonus for Executive established for
the incentive year in which such termination occurs; provided, however, that if
Executive's employment is terminated because the Company fails to renew this
Agreement, then Executive shall be entitled only to (i) one times the then
current Base Salary plus (ii) one times the Annual Target Bonus for Executive
established for the incentive year in which such termination occurs; (3)
Executive, Executive's spouse and covered dependents will be entitled to
continued participation in the Company's group health plan(s) at the expense of
the Company at the same benefit level at which the Executive and the Executive's
spouse and covered dependent(s) participated immediately before the termination
of Executive's employment for a period of eighteen (18) months after such
termination; provided, however, that

                                       6
<PAGE>

if such termination is due to the Company's failure to renew, then the period of
participation will only be for one (1) year after such termination, and
thereafter for such additional period as may be available under COBRA or under
any post-retirement group health plan or arrangement in which Executive
participated prior to the termination of Executive's employment; and (4) all
outstanding stock options and other equity-type incentives held by Executive at
the time of Executive's termination of employment will become fully vested as of
the date of such termination (whether or not fully vested immediately prior to
Executive's termination) and remain exercisable until their originally scheduled
expiration dates.

               For the purposes of this Agreement, "Good Reason" means

               (A)  any significant reduction by the Company of Executive's
               duties or responsibilities or the assignment by the Company to
               Executive of duties or responsibilities which are materially
               inconsistent with his duties or responsibilities or the
               assignment by the Company to Executive of duties or
               responsibilities which impair his ability to function as
               Executive Vice President and Chief Operating Officer.

               (B)  the failure or refusal by the Company to satisfy any of its
               compensation obligations under this Agreement or any material
               reduction of any employee benefit or perquisite enjoyed by
               Executive other than as part of an across-the-board reduction
               applicable to all executive officers of the Company; or

               (C)  the failure by the Company to perform, or any breach by the
               Company of, its obligations under any provision of this Agreement
               which failure or breach is not cured by the Company (if capable
               of being cured) within ninety (90) days following receipt of
               notice thereof from Executive to the Company; or

                                       7
<PAGE>

               (D)  Executive's primary location of business or the Company's
               headquarters is moved more than fifty (50) miles from its present
               location without Executive's prior consent, provided that the
               participation, advocacy, vote or any other role assumed by
               Executive in any decision to move such offices more than fifty
               (50) miles from his primary location of business or its present
               location, as applicable, shall not constitute his personal
               consent to move his primary location of business or its present
               location for purposes of this paragraph; or

               (E)  any change or reduction of Executive's titles without
               Executive's prior consent; or

               (F)  the failure of the Company to obtain the assumption in
               writing of all of its obligations to perform this Agreement by
               any successor to all or substantially all of the assets of the
               Company within fifteen (15) days after a merger, consolidation,
               sale or similar transaction.

               (e)  Termination for Performance Reason Prior to a Change in
                    -------------------------------------------------------
Control. If Executive's employment is terminated by Company prior to a Change in
-------
Control for a "Performance Reason" (defined below), then (1) the Company shall
pay to Executive within thirty (30) days after the date of such termination
Executive's Accrued Compensation (as defined in Section 6(i) below); (2) the
Company shall pay to Executive within thirty (30) days after the date of such
termination a lump sum payment equal to (i) one times the then current Base
Salary plus (ii) one times the Annual Target Bonus for Executive established for
the incentive year in which such termination occurs; (3) Executive and
Executive's spouse and covered dependents will be entitled to continued
participation in the Company's group health plan(s) at the expense of the
Company at the same benefit level at which the Executive and the Executive's
spouse and

                                       8
<PAGE>

covered dependent(s) participated immediately before the termination of
Executive's employment for a period of twelve (12) months after such
termination, and thereafter for such additional period as may be available under
COBRA or under any post-retirement group health plan or arrangement in which
Executive participated prior to the termination of Executive's employment; and
(4) all outstanding stock options and other equity-type incentives held by
Executive at the time of Executive's termination of employment will become fully
vested as of the date of such termination (whether or not fully vested
immediately prior to Executive's termination) and remain exercisable until their
originally scheduled expiration dates.

               For the purposes of this Agreement, a "Performance Reason" occurs
if (i) Executive has engaged in repeated failures to perform and has willfully
neglected Executive's material duties in a manner which the Board determines is
not reasonably satisfactory to it, (ii) the Board has determined in good faith
that such repeated failures to perform and willful neglect have resulted in
material harm to the Company, (iii) the Board gives Executive a detailed written
description specifying Executive's alleged repeated failures to perform and the
Executive's willful neglect of Executive's material duty as well as the material
harm suffered by the Company, and provides Executive ninety (90) days to cure
such repeated failures to perform and willful neglect and (iv) such repeated
failures to perform and willful neglect by Executive continue after the
expiration of the ninety (90) day cure period specified in the written notice
from the Board.

               (f)  Following a Change of Control, Termination by the Company
                    ---------------------------------------------------------
Without Cause or For Performance Reasons or by Executive for Good Reason. If a
------------------------------------------------------------------------
Change in Control (defined in Schedule A) occurs and if, within 12 months after
                                                 ---
the date on which the Change in Control occurs, Executive's employment is
terminated by the Company without Cause or by

                                       9
<PAGE>

reason of the Company's failure to renew, or by the Company for a Performance
Reason, or by Executive for Good Reason, then (1) the Company shall pay to
Executive within thirty (30) days after the date of such termination Executive's
Accrued Compensation (as defined in Section 6(i) below); (2) the Company shall
pay to Executive within thirty (30) days after the date of such termination a
lump sum payment equal to (i) two times the then current Base Salary or two
times Executive's annual base salary in effect just prior to the Change in
Control, whichever amount is higher, plus (ii) the higher of two times the
Annual Maximum Bonus for Executive for the incentive year in which such
termination occurs or two times the Annual Maximum Bonus for Executive
applicable to the fiscal year preceding the year in which such termination
occurs; (3) Executive and Executive's spouse and covered dependents will be
entitled to continued participation in the Company's group health plan(s) at the
expense of the Company at the same benefit level at which the Executive and the
Executive's spouse and covered dependent(s) participated immediately before the
termination of Executive's employment for a period of two (2) years after such
termination, and, thereafter, for such additional period as may be available
under COBRA or under any post-retirement group health plan or arrangement in
which Executive participated prior to the termination of Executive's employment;
and (4) all outstanding stock options and other equity-type incentives held by
executive at the time of Executive's termination of employment will become fully
vested as of the date of such termination (whether or not fully vested
immediately prior to Executive's termination) and remain exercisable until their
originally scheduled expiration dates.

               (g)  Notwithstanding anything contained herein to the contrary,
if any amounts due to Executive under this Agreement and any other plan or
program of the Company constitute a "parachute payment," as such term is defined
in Section 280G(b)(2) of the Internal Revenue

                                       10
<PAGE>

Code, and the amount of the parachute payment, reduced by all federal, state and
local taxes applicable thereto, including the excise tax imposed pursuant to
Section 4999 of the Internal Revenue Code, is less than the amount Executive
would receive if he were paid three times his "base amount," as defined in
Section 280G(b)(3) of the Internal Revenue Code, less $1.00, reduced by all
federal, state and local taxes applicable thereto, then the aggregate of the
amounts constituting the parachute payment shall be reduced to an amount that
will equal three times his "base amount" less $1.00. The determinations to be
made with respect to this Section 6(g) shall be made by an accounting firm (the
"Auditor") jointly selected by the Company and Executive and paid by the
Company. The Auditor shall be a nationally recognized United Sates public
accounting firm that has not during the two years preceding the date of its
selection acted, in any way, on behalf of the Company or any of its
subsidiaries. If Executive and the Company cannot agree on the firm to serve as
the Auditor, then Executive and the Company shall each select one such
accounting firm and those two firms shall jointly select such accounting firm to
serve as the Auditor. If a determination is made by the Auditor that a reduction
in the aggregate of all payments due to Executive upon a Change in Control is
required by this Section 6(g), Executive shall have the right to specify the
portion of such reduction, if any, that will be made under this Agreement and
each plan or program of the Company. If he does not so specify within sixty (60)
days following the date of a determination by the Auditor pursuant to the
preceding sentence, the Company shall determine, in its sole discretion, the
portion of such reduction, if any, to be made under this Agreement and each plan
or program of the Company.

               (h)  Except as otherwise provided in this Agreement, Executive's
entitlements under applicable plans and programs of the Company following
termination of Executive's employment will be determined under the terms of
those plans and programs.

                                       11
<PAGE>

               (i) For purposes of this Agreement, the term "Accrued
Compensation" means, as of any date, the amount of any unpaid Base Salary earned
by Executive through the date of termination of Executive's employment and the
amount of any unpaid Annual Bonus earned by Executive through the last day of
the fiscal year of the Company immediately preceding the fiscal year in which
Executive's employment is terminated, plus any additional amounts and/or
benefits payable to or in respect of Executive under and in accordance with the
provisions of any employee plan, program or arrangement under which Executive is
covered immediately prior to termination of Executive's employment.

               7.  No Mitigation; No Offset. Executive will have no obligation
                   ------------------------
to seek other employment or to otherwise mitigate the Company's obligations to
Executive arising from the termination of Executive's employment, and no amounts
paid or payable to Executive by the Company under this Agreement shall be
subject to offset for any remuneration in which Executive may become entitled
from any other source after Executive's employment with the Company terminates,
whether attributable to subsequent employment, self-employment or otherwise
except that subsequent employment with an employer providing benefit plans shall
result in an offset against benefits payable by the Company hereunder to the
extent of the benefits paid by the new employer.

               8.  Confidential Information; Cooperation with Regard to
                   ----------------------------------------------------
Litigation.
----------

               (a) Nondisclosure of Confidential Information. During the term of
                   -----------------------------------------
Executive's employment and thereafter, Executive will not, without the prior
written consent of the Company, disclose to anyone (except in good faith in the
ordinary course of business to a person who will be advised by Executive to keep
such information confidential) or make use of any Confidential Information (as
defined below). Notwithstanding the foregoing, Executive may

                                       12
<PAGE>

disclose Confidential Information if such disclosure or use is required in
connection with the performance of Executive's duties hereunder or is required
by applicable law, legal process, by any governmental agency having supervisory
authority over the business of the Company or any of its Affiliates (as defined
in Section 8(b) below) or by any administrative or legislative body (including a
committee thereof) that requires Executive to divulge, disclose or make
accessible such information. In the event that Executive is so ordered, he will
give prompt written notice to the Company in order to allow the Company the
opportunity to object to or otherwise resist such order.

               (b) Definition of Confidential Information. For purposes of this
                   --------------------------------------
Agreement, "Confidential Information" means information concerning the business
of the Company or any corporation or other entity that, directly or indirectly,
controls, is controlled by or under common control with the Company (an
"Affiliate") relating to any of its or their products, product development,
trade secrets, customers, suppliers, finances, and business plans and
strategies. Excluded from the definition of Confidential Information is
information (1) that is or becomes part of the public domain, other than through
the breach of this Agreement by Executive or (2) regarding the Company's
business or industry properly acquired by Executive in the course of Executive's
career as an executive in the Company's industry and independent of Executive's
employment by the Company. For this purpose, information known or available
generally within the trade or industry of the Company or any Affiliate shall be
deemed to be known or available to the public and not to be Confidential
Information.

               (c) Cooperation in Litigation. Executive will cooperate with the
                   -------------------------
Company in any manner reasonably requested by the Company, during the term of
executive's employment and thereafter (including following Executive's
termination of employment for any reason), by

                                       13
<PAGE>

making Executive reasonably available to testify on behalf of the Company or any
Affiliate of the Company in any action, suit, or proceeding, whether civil,
criminal, administrative, or investigative, and to reasonably assist the Company
or any such Affiliate in any such action, suit, or proceeding by providing
information and meeting and consulting with the Board or its representatives or
counsel, or representatives or counsel to the Company or any such Affiliate, as
reasonably requested; provided, however, that the same does not materially
                      --------  -------
interfere with Executive's then current professional activities. The Company
will reimburse Executive, on an after-tax basis, for all expenses reasonably
incurred by Executive in connection with Executive's provision of testimony or
assistance and if such assistance is provided after Executive's termination of
employment, will pay Executive a per diem rate of $1,500.

               9.  Non-solicitation. During the term of Executive's employment
                   ----------------
and for a period of 24 months thereafter or the remainder of the Liquidity
Period (whichever is longer), Executive will not induce or solicit, directly or
indirectly, any employee of the Company or of any Affiliate (other than
Executive's secretary) to terminate such employee's employment with the Company
or any Affiliate.

               10. Remedies. If Executive commits a material breach of any of
                   --------
the provisions contained in Section 9 above, then the Company will have the
right to seek injunctive relief. Executive acknowledges that such a breach of
Section 9 could cause irreparable injury and that money damages may not provide
an adequate remedy for the Company. Nothing contained herein will prevent
Executive from contesting any such action by the Company on the ground that no
violation or threatened violation of Section 9 has occurred.

               11. Resolution of Disputes. Any controversy or claim arising out
                   ----------------------
of or relating to this Agreement or any breach or asserted breach hereof or
questioning the validity and

                                       14
<PAGE>

binding effect hereof arising under or in connection with this Agreement, other
than seeking injunctive relief under Section 10, shall be resolved by binding
arbitration, to be held in Los Angeles in accordance with the rules and
procedures of the American Arbitration Association. Judgment upon the award
rendered by the arbitrator(s) may be entered in any court having jurisdiction
thereof. Pending the resolution of any arbitration or court proceeding, the
Company will continue payment of all amounts and benefits due Executive under
this Agreement. All costs and expenses of any arbitration or court proceeding
(including fees and disbursements of counsel) shall be borne by the respective
party incurring such costs and expenses. Notwithstanding the foregoing,
following a Change in Control, all reasonable costs and expenses (including fees
and disbursements of counsel) incurred by Executive pursuant to this section
shall be paid on behalf of or reimbursed to Executive promptly by the Company;
provided, however, that Executive shall repay such amounts to the Company if and
to the extent the arbitrator(s) determine(s) that any of Executive's litigation
assertions or defenses were in bad faith.

               12. Indemnification.
                   ---------------

               (a) Company Indemnity. If Executive is made a party, or is
                   -----------------
threatened to be made a party, to any action, suit or proceeding, whether civil,
criminal, administrative or investigative (a "Proceeding"), by reason of the
fact that he is or was a director, officer or employee of the Company or any
Affiliate or was serving at the request of the Company or any Affiliate as a
director, officer, member, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, including service with
respect to employee benefit plans, whether or not the basis of such Proceeding
is Executive's alleged action in an official capacity while serving as a
director, officer, member, employee or agent, then the Company will

                                       15
<PAGE>

indemnify Executive and hold Executive harmless to the fullest extent legally
permitted or authorized by the Company's articles of incorporation, certificate
of incorporation or bylaws or resolutions of the Company's Board to the extent
not inconsistent with state laws, against all costs, expense, liability and loss
(including, without limitation, attorney's fees, judgments, fines, ERISA excise
taxes or penalties and amounts paid or to be paid in settlement) reasonably
incurred or suffered by Executive in connection therewith, except to the extent
attributable to Executive's gross negligence or fraud, and such indemnification
shall continue as to Executive even if he has ceased to be a director, member,
officer, employee or agent of the Company or Affiliate and shall inure to the
benefit of Executive's heirs, executors and administrators. The Company will
advance to Executive all reasonable costs and expenses to be incurred by
Executive in connection with a Proceeding within 20 days after receipt by the
Company of a written request for such advance. Such request shall include an
undertaking by Executive to repay the amount of such advance if it shall
ultimately be determined that he is not entitled to be indemnified against such
costs and expenses. The provisions of this section shall not be deemed exclusive
of any other rights of indemnification to which Executive may be entitled or
which may be granted to Executive and shall be in addition to any rights of
indemnification to which he may be entitled under any policy of insurance.

               (b) No Presumption Regarding Standard of Conduct. Neither the
                   --------------------------------------------
failure of the Company (including its Board, independent legal counsel or
shareholders) to have made a determination prior to the commencement of any
proceeding concerning payment of amounts claimed by Executive under the
preceding subsection (a) of this section that indemnification of Executive is
proper because Executive has met the applicable standard of conduct, nor a
determination by the Company (including its Board, independent legal counsel or
shareholders)

                                       16
<PAGE>

that Executive has not met such applicable standard of conduct, shall create a
presumption that Executive has not met the applicable standard of conduct.

               (c) Liability Insurance. The Company will continue and maintain
                   -------------------
a directors and officers liability insurance policy covering Executive to the
extent the Company provides such coverage for its other senior executive
officers.

               13. Effect of Agreement on Other Benefits. Except as specifically
                   -------------------------------------
provided in this Agreement, the existence of this Agreement shall not be
interpreted to preclude, prohibit or restrict Executive's participation in any
other employee benefit or other plans or programs in which he currently
participates.

               14. Assignment; Binding Nature. This Agreement shall be binding
                   --------------------------
upon and inure to the benefit of the parties and their respective successors,
heirs (in the case of Executive) and permitted assigns. No rights or obligations
of the Company under this Agreement may be assigned or transferred by the
Company except that such rights or obligations may be assigned or transferred to
the successor of the Company or its business if the assignee or transferee
assumes the liabilities, obligations and duties of the Company, as contained in
this Agreement, either contractually or as a matter of law. No rights or
obligations of Executive under this Agreement may be assigned or transferred by
Executive other than Executive's rights to compensation and benefits, which may
be transferred only by will or operation of law, except as otherwise
specifically provided or permitted hereunder.

               15. Representations. The Company represents and warrants that it
                   ---------------
is fully authorized and empowered to enter into this Agreement and that the
performance of its obligations under this Agreement will not violate any
Agreement between it and any other person, firm or organization. Executive
represents and warrants that there is no legal or other

                                       17
<PAGE>

impediment which would prohibit Executive from entering into this Agreement or
which would prevent Executive from fulfilling Executive's obligations under this
Agreement.

               16. Entire Agreement. This Agreement contains the entire
                   ----------------
understanding and agreement between the parties concerning the subject matter
thereof and supersedes all prior agreements, understandings, discussions,
negotiations and undertakings, whether written or oral, between the parties with
respect thereto. No provisions contained in the Repurchase Agreement or any
future amendment thereto shall modify this Agreement in any manner whatsoever.
To the extent the Repurchase Agreement is inconsistent with this Agreement,
including Section 7 hereof, this Agreement shall supercede the Repurchase
Agreement.

               17. Amendment or Waiver. No provision in this Agreement may be
                   -------------------
amended unless such amendment is agreed to in writing and signed by Executive
and an authorized officer of the Company. Except as set forth herein, no delay
or omission to exercise any right, power or remedy accruing to any party shall
impair any such right, power or remedy or shall be construed to be a waiver of
or an acquiescence to any breach hereof. No waiver by either party of any breach
by the other party of any condition or provision contained in this Agreement to
be performed by such other party shall be deemed a waiver of a similar or
dissimilar condition or provision at the same or any prior or subsequent time.
Any waiver must be in writing and signed by Executive or an authorized officer
of the Company, as the case may be.

               18. Severability. In the event that any provision or portion of
                   ------------
this Agreement shall be determined to be invalid or unenforceable for any
reason, in whole or in part, the remaining provisions of this Agreement shall be
unaffected thereby and shall remain in full force and effect to the fullest
extent permitted by law.

                                       18
<PAGE>

               19. Survivorship.  The respective rights and obligations of the
                   ------------
parties hereunder shall survive any termination of Executive's employment to the
extent necessary to the intended preservation of such rights and obligations.

               20. Beneficiaries/References. Executive shall be entitled, to the
                   ------------------------
extent permitted under any applicable law, to select and change a beneficiary or
beneficiaries to receive any compensation or benefit payable hereunder following
Executive's death by giving the Company written notice thereof. In the event of
Executive's death or a judicial determination of Executive's incompetence,
reference in this Agreement to Executive shall be deemed, where appropriate, to
refer to Executive's beneficiary, estate or other legal representative.

               21. Governing Law.  This Agreement shall be governed by and
                   -------------
construed and interpreted in accordance with the laws of California without
reference to principles of conflict of laws.

               22. Notices. Any notice required or permitted to be given by a
                   -------
party hereto to another party hereto shall be in writing and shall be delivered
either (a) by facsimile, (b) by first class mail, postage prepaid, (c) by
overnight courier for next business day delivery, or (d) by messenger, in each
case addressed to the party concerned at the address of the party indicated
below or to such changed address as such party may subsequently give such notice
of:

               If to the Company:  KORN/FERRY INTERNATIONAL
                                   1800 Century Park East
                                   Los Angeles, CA 90067
                                   Attention: Chief Executive Officer

               If to Executive:    MICHAEL D. BEKINS
                                   2208 Patricia Avenue
                                   Los Angeles, CA 90064

                                       19
<PAGE>

               Any notice so addressed and delivered shall be deemed to have
been given (i) if delivered by facsimile, on the date of delivery as indicated
by the written confirmation of the senders facsimile machine showing completion
of such transmission without error, (ii) if delivered by first-class mail, five
(5) days after deposit of such notice in the mail, (iii) if sent by overnight
courier for next business day delivery, the business day following deposit of
such notice with such courier, or (iv) if delivered by messenger, when delivered
to the address specified above.

               IN WITNESS WHEREOF, the undersigned have executed this Employment
Agreement on the date first above written.

                                      KORN/FERRY INTERNATIONAL

                                      By:
                                         ----------------------------------
                                      Windle B. Priem, Chief Executive Officer
                                      and President

                                      EXECUTIVE

                                      _____________________________________
                                      Michael D. Bekins

                                       20
<PAGE>

                                  SCHEDULE A
                        DEFINITION OF CHANGE IN CONTROL

               For purposes of this Agreement, a "Change in Control" shall mean
any of the following:

                          (a) an acquisition by any Person (excluding one or
               more Excluded Persons) of beneficial ownership (within the
               meaning of Rule 13d-3 under the Exchange Act or a pecuniary
               interest in (either comprising "ownership of,") more than 30% of
                                               ------------
               the Common Stock of the Company or voting securities entitled to
               then vote generally in the election of directors of the Company
               ("Voting Stock"), after giving effect to any new issue in the
                 ------------
               case of an acquisition from Korn/Ferry International; or

                          (b) Approval by the shareholders of the Company of a
               plan, or the consummation, of merger, consolidation, or
               reorganization of the Company or of a sale or other disposition
               of all or substantially all of the Company's consolidated assets
               as an entirety (collectively, a "Business Combination"), other
               than a Business Combination (1) in which all or substantially all
               of the holders of Voting Stock of the Company hold or receive
               directly or indirectly 70% or more of the voting stock of the
               entity resulting from the Business Combination (or a parent
               company), and (2) after which no Person (other than any one or
               more of the Excluded Persons) owns more than 30% of the voting
               stock of the resulting entity (or a parent company) who did not
               own directly or indirectly at least that amount of Voting Stock
               immediately before the Business Combination, and (3) after which
               one or more Excluded Persons own an aggregate number of shares of
               voting stock at least equal to the aggregate number of shares of
               voting stock owned by any other Person who is not an Excluded
               person (except for any person described in and satisfying the
               conditions of Rule 13d-1(b)(1) under the Exchange Act), if any,
               and who owns more than 30% of the voting stock; or

                          (c) Approval by the Board of Directors of the Company
               and (if required by law) by shareholders of the Company of a plan
               to consummate the dissolution or complete liquidation of
               Korn/Ferry International; or

                          (d) during any period of two consecutive years,
               individuals who at the beginning of such period constituted the
               Board and any new director (other than a director designated by a
               person who has entered into an agreement or arrangement with
               Korn/Ferry International to effect a transaction described in
               clause (a) or (b) of this definition) whose appointment,
               election, or nomination for election was approved by a vote of at
               least two-thirds (2/3) of the directors then still in office who
               either were directors at the beginning of the period or whose
               appointment, election or nomination for election was previously
               so approved, cease for any reason to constitute a majority of the
               Board; provided that for

                                      A-1
<PAGE>

               purposes of this clause (d), any directors elected at any time
               during 1999 shall be deemed to have served on the Board since the
               beginning of 1999.

               Notwithstanding the above provisions in this Schedule A, no
Change in Control shall be deemed to have occurred if a Business Combination, as
described in paragraph (b) above, is effected and the Incumbent Board, through
the adoption of a Board resolution, determines that, in substance, no Change in
Control has occurred.

               "Company" means Korn/Ferry International, a Delaware corporation,
its successors, and/or its Subsidiaries, as the context requires.

               "Exchange Act" means the Securities Exchange Act of 1934, as
amended from time to time.

               "Excluded Person" means

                             (a) the Company; or

                             (b) any person described in and satisfying the
               conditions of Rule 13d-1(b)(1) under the Exchange Act; or

                             (c) any employee benefit plan of Korn/Ferry
               International; or

                             (d) any affiliates (within the meaning of the
               Exchange Act), successors, or heirs, descendants or members of
               the immediate families of the individuals identified in party (b)
               of this definition.

               "Person" means an organization, a corporation, an individual, a
partnership, a trust or any other entity or organization, including a
governmental entity and a "person" as that term is used under Section 13(d) or
14(d) of the Exchange Act.

                                      A-2<PAGE>

                                                                    EXHIBIT 10.2

                            KORN/FERRY INTERNATIONAL

                         SPECIAL SEVERANCE PAY POLICY

Dated: January 1, 2000
<PAGE>

<TABLE>
<S>          <C>                                                     <C>
ARTICLE 1.   TITLE AND DEFINITIONS.................................    1

   1.1       Title.................................................    1

   1.2       Definitions...........................................    1

ARTICLE 2.   ELIGIBILITY...........................................    5

   2.1       Eligibility Requirements..............................    5

ARTICLE 3.   BENEFITS PAYABLE UNDER THE POLICY.....................    6

   3.1       Special Severance Benefit Under The Policy............    6

   3.2       Payment of Special Severance Pay Benefit..............    8

ARTICLE 4.   POLICY ADMINISTRATION.................................    8

   4.1       Powers and Duties of The Administrator................    8

   4.2       Transmittal of Information............................   10

   4.3       Reports...............................................   10

   4.4       Compensation, Expenses, Indemnity and Liability.......   10

ARTICLE 5.   AMENDMENT AND TERMINATION.............................   11

   5.1       Amendments; Discontinuance or Termination of Policy...   11

ARTICLE 6.   MISCELLANEOUS.........................................   11

   6.1       Limitation on Officers' Rights........................   11

   6.2       Unsecured General Creditor............................   11

   6.3       Restriction Against Alienation........................   11

   6.4       Policy Year...........................................   12

   6.5       Governing Law.........................................   12

   6.6       Headings, Not Part of Agreement.......................   12

   6.7       Reorganization of Company.............................   12

   6.8       Construction..........................................   12
</TABLE>
                                      i
<PAGE>

                           KORN/FERRY INTERNATIONAL

                          SPECIAL SEVERANCE PAY POLICY

          This Korn/Ferry International Special Severance Pay Policy (the
"Policy"), adopted as of the 1st day of January, 2000 by Korn/Ferry
International, a Delaware corporation (the "Company"), is a welfare benefit plan
which is designed to provide payments upon severance to certain officers of the
Company as defined in Section 1.2.  This Policy replaces any of the policies,
plans, or procedures of the Company or its subsidiaries and divisions concerning
layoff pay, pay in lieu of notice, or severance pay with respect to the
Officers.  This Policy is revocable at any time by action of the Board of
Directors of the Company.

                       ARTICLE 1.  TITLE AND DEFINITIONS

1.1  Title.  This Policy shall be known as the "Korn/Ferry International Special
     -----
Severance Pay Policy."

1.2  Definitions.  Whenever the following terms are used in this Policy, with
     -----------
the first letter capitalized, they shall have the meanings specified below.

          "Administrator" shall mean the Company, through the Executive Vice
President - Organizational Development ("EVP-OD") or any other Officer selected
by Management of the Company, as set forth in Article 4.

          "Amended Stock Repurchase Agreement" shall mean with respect to an
Officer, the agreement between the Officer and the Company containing the
"liquidity schedule" for permitted transfers of certain of such Officer's shares
of Company common stock and provisions regarding the potential repurchase of
certain of such Officer's shares of Company common stock upon the occurrence of
events specified in such agreement.

          "Base Salary" shall mean the monthly Base Salary rate in effect upon
termination of employment.

          "Board" shall mean the Board of Directors of the Company.

          "Bonus" shall mean the actual cash bonuses (excluding sign-on bonuses
and other special hiring or guaranteed bonuses) received for the two most recent
fiscal years ended prior to termination of employment divided by 24.  If an
Officer has been eligible to receive a bonus (excluding sign-on bonuses and
other special hiring or guaranteed bonuses) covering a performance period of
less than two years, then Bonus refers to the actual cash bonuses paid for such
period, divided by the number of months for which such bonuses applied (i.e.,
commencing with the first month of service and ending with the last month of
service for which the bonus was paid).

                                       1
<PAGE>

          "Cause" shall mean (a) conviction of a felony or other crime involving
fraud, dishonesty or acts of moral turpitude or pleading guilty or nolo
contendere to such charges, (b) behavior injurious to the Company (including,
without limitation, dishonesty, failure to protect confidential information,
breach of fiduciary duty, breach of loyalty, insubordination or willful conduct
that could result in a material legal claim against the Company or its
officers), (c) willful neglect of duties, or (d) failure to perform in a manner
satisfactory to the Chief Executive Officer ("CEO").  For clauses (c) and (d),
the Officer will be given up to 60 days to correct the apparent breach, if
deemed curable in the opinion of the CEO.  If there has been an apparent breach
of clauses (c) or (d), then a written notice shall be delivered to the Officer
which sets forth in reasonable detail the specific respects in which it is
believed the Officer has not performed the Officer's duties.  If the failure is
not cured by the Officer (if capable of being cured) within 60 days following
receipt of notice thereof from the Company to the Officer to the satisfaction of
a majority of the members of the Claims Committee, then the Officer shall be
deemed to have breached either clause (c) or clause (d).

          "Change in Control" means any of the following:

          (a) An acquisition by any Person (excluding one or more Excluded
     Persons) of beneficial ownership (within the meaning of Rule 13d-3 under
     the Exchange Act or a pecuniary interest in (either comprising "ownership
                                                                     ---------
     of") more than 30% of the Common Stock or voting securities entitled to
     --
     then vote generally in the election of directors of the Company ("Voting
                                                                       ------
     Stock"), after giving effect to any new issue in the case of an acquisition
     -----
     from Korn/Ferry International; or

          (b) Approval by the stockholders of the Company of a plan of merger,
     consolidation, or reorganization of the Company or of a sale or other
     disposition of all or substantially all of the Company's consolidated
     assets as an entirety (collectively, a "Business Combination"), other than
                                             --------------------
     a Business Combination (1) in which all or substantially all of the holders
     of Voting Stock hold or receive directly or indirectly 70% or more of the
     voting stock of the entity resulting from the Business Combination (or a
     parent company), and (2) after which no Person (other than any one or more
     of the Excluded Persons) owns more than 30% of the voting stock of the
     resulting entity (or a parent company) who did not own directly or
     indirectly at least that amount of Voting Stock immediately before the
     Business Combination, and (3) after which one or more Excluded Persons own
     an aggregate number of shares of the voting stock at least equal to the
     aggregate number of shares of voting stock owned by any other Person who is
     not an Excluded Person (except for any person described in and satisfying
     the conditions of Rule 13d-1(b)(1) under the Exchange Act), if any, and who
     owns more than 30% of the voting stock.

          (c) Approval by the Board and (if required by law) by stockholders of
     Korn/Ferry International of a plan to consummate the dissolution or
     complete liquidation of Korn/Ferry International; or

                                       2
<PAGE>

          (d) During any period of two consecutive years, individuals who at the
     beginning of such period constituted the Board and any new director (other
     than a director designated by a person who has entered into an agreement or
     arrangement with Korn/Ferry International to effect a transaction described
     in clause (a) or (b) of this definition) whose appointment, election, or
     nomination for election was approved by a vote of at least two-thirds (2/3)
     of the directors then still in office who either were directors at the
     beginning of the period or whose appointment, election or nomination for
     election was previously so approved, cease for any reason to constitute a
     majority of the Board;

For purposes of determining whether a Change in Control Event has occurred, a
transaction includes all transactions in a series of related transactions.  Any
acquisition or Business Combination initiated by the Company shall not be a
Change in Control.

          "Claims Committee" shall mean the committee consisting of the members
of the Office of the Chief Executive (the CEO; the Vice Chairman; the Executive
Vice President - Chief Financial Officer; the EVP- OD; the Senior Vice President
- Search Operations); and the Regional and Specialty Presidents; or such other
parties as the CEO may add or such replacements as the CEO may designate.  The
Claims Committee shall be chaired by the CEO or by his or her designate.  The
Committee may act by meeting or through written consent; in each case a vote or
consent of a majority of its members shall bind the Committee.  If a claim
involves a member of the Committee, that member will abstain from voting.

          "Company" shall mean Korn/Ferry International, a Delaware corporation,
or any successor corporation resulting from merger, consolidation, or transfer
of assets substantially as a whole, which shall expressly agree in writing to
continue the Policy as herein provided; and unless the context indicates
otherwise, any subsidiary which, with the written approval of Korn/Ferry
International, elects to participate herein.

          "Excluded Person" shall mean:  (a) the Company, or (b) any person
described in and satisfying the conditions of Rule 13d-1(b)(1) under the
Exchange Act), or (c) any employee benefit plan of Korn/Ferry International, or
(d) any affiliates (within the meaning of the Exchange Act), successors, or
heirs, descendants or members of the immediate families of the individuals
identified in part (b) of this definition.

          "ERISA" shall mean the Employer Retirement Income Security Act of
1974, 29 U.S.C. (S)(S) 1001, et seq., as amended from time to time.
                             -- ----

          "Exchange Act" shall mean the United States Securities Exchange Act of
1934, as amended.

          "Good Reason For Officers other than Senior Officers" shall mean:  (a)
the requirement without prior consent to move one's primary place of business
more than 100 miles from its then current location, or (b) a material reduction
in Base Salary unless part of a broad based compensation and salary reduction
program or a material reduction in the bonus opportunities under the Company's
then current bonus plan unless as a result of a change in the

                                       3
<PAGE>

bonus program generally applicable to individuals in comparable positions. For
Officers in management positions (other than Senior Officers) with designated
target bonuses, Good Reason will not be triggered under (b) above if the
individual's Base Salary is continued at 100% of its then current level and the
Bonus is guaranteed for at least a 6-month period at a minimum of 75% of its
then current target level and the individual is eligible to participate in the
fee-earner plan then in effect for other Officers.

          "Good Reason For Senior Officers" shall mean (a) the requirement
without prior consent to move one's primary place of business more than 100
miles from its then current location, (b) a material reduction in Base Salary or
bonus opportunity unless part of a broad-based Base Salary reduction program or
a material change in the bonus program generally applicable to individuals in
comparable positions, or (c) a material reduction in responsibility or failure
to be redesignated as a Senior Officer unless the Senior Officer's then current
Base Salary is maintained for at least 12 months and the bonus opportunity is
maintained at 75% of its then current level for at least 12 months, and the
individual is eligible to participate in the fee-earner plan then in effect for
other officers; provided that the Company shall have the opportunity to cure (if
capable of being cured) the situations described in clause (c) within 60 days
following receipt of notice thereof from the Managing Director to the Company.

          "Officer" shall mean an individual who has been designated an officer
or managing director or vice president of the Company by the Board and is so
notified through written notice from the Company.  An individual may be
designated an "Officer" of the Company even though he or she does not have the
title of "Vice President" or "Managing Director" but holds an equivalent or
higher position in terms of authority and responsibility.  The term "Officer"
shall include any "Senior Officer" (as defined below) unless the context
indicates otherwise.

          "Performance Award Plan" shall mean the Korn/Ferry International
Performance Award Plan.

          "Policy" shall mean the Korn/Ferry International Special Severance Pay
Policy as set forth herein, now in effect or hereafter amended.

          "Senior Officer" shall mean a Managing Director who (a) is responsible
for a profit center with at least $15 million in annual revenue or a practice
with at least $20 million in annual revenue, (b) has been in such a position
with the Company for at least two years, and (c) is designated annually as a
Senior Officer for purposes of this Policy by the CEO of the Company ("CEO") or
his designee.

          "Service" shall mean the period beginning with the Officer's
employment commencement date as an Officer and ending with the Officer's
Severance Date.

          "Severance Date" shall mean the date the Administrator determines that
the Company has terminated the employment of the Officer or that the Officer has
terminated for Good Reason (which date shall not be extended by vacation, sick
leave or other paid or unpaid leave except as may be required by law).

                                       4
<PAGE>

          "Special Severance Benefit" shall mean the benefits to which an
Officer is entitled pursuant to Section 3.1.

          "Supplemental Severance Benefit" shall mean the benefits to which an
Officer is entitled pursuant to Section 3.1(c).

          "Tenure as a Managing Director" or "Tenure as an Officer" shall mean
the period during which a Managing Director or Vice President has served as an
officer as set forth in his or her personnel file or, in the absence of file
data, as determined by the Administrator.

                            ARTICLE 2.  ELIGIBILITY

2.1  Eligibility Requirements.
     ------------------------

     A.  An Officer (as that term is defined in Section 1.2, including, without
limitation, a Senior Officer) shall be eligible for a Special Severance Benefit
if:  (i) he or she is an Officer of the Company; and (ii) the Administrator
determines that his or her employment with the Company was terminated because of
termination by the Company without Cause or by an Officer's voluntary
termination for Good Reason; and (iii) he or she executes and delivers a valid
release of all claims against the Company and its agents in a form acceptable to
the Company and does not revoke such release within a time period, if any,
required by law for the revocation of a release.  This Policy also may be
terminated at any time by the Board of Directors.

     B.  No Officer shall be eligible for a Special Severance Benefit if he or
she terminates employment with the Company as a result of voluntary resignation,
except in the case of termination for Good Reason or except in the case of a
voluntary resignation to which the Company expressly agrees in writing that the
Special Severance Benefit will be provided.

     C.  An Officer shall not be eligible for a Special Severance Benefit if he
or she terminates his or her employment with the Company as a result of
retirement (except as set forth in Section 2.1(B)), disability, discharge for
Cause (as defined in Section 1.2) by the Company, failure to return to work
after an approved leave of absence, or death.

     D.  This Policy will not be available to Officers in jurisdictions in which
local law dictates a larger severance payment than the payment indicated by this
Policy, in which circumstance the local law will take precedence.  In such
cases, no severance payment in addition to that required under local law will be
available under this Policy.

     E.  This Policy does not change an Officer's current restrictions contained
in other agreements regarding entering into competition with the Company,
soliciting the Company's Officers, or disclosing confidential information.  In
addition, the terms and conditions of each Officer's Amended Stock Repurchase
Agreement will remain fully in effect regardless of the reason for termination
of employment.  Severance payments will cease immediately in the event a
recipient (a) competes with the Company, (b) directly or indirectly solicits the
hiring of any of the Company's employees or Officers or directly or indirectly
solicits any of the Company's clients, or (c) discloses confidential information
during the severance period or it is discovered

                                       5
<PAGE>

that such information was disclosed prior to the severance period. Competition
will include any activity competitive with any of the Company's businesses.
Stipends for health insurance payments will cease immediately once an Officer
becomes eligible for medical insurance from another employer or local
government.

     F.  In the event of a Change in Control, the Company will use its best
efforts to have the Policy assumed by the surviving Company.  Otherwise, there
are no special terms or treatment in the Policy resulting from a Change in
Control that are not already provided for in other policies (e.g., option
vesting accelerates upon a Change in Control under the existing Performance
Award Plan).  In the event any severance payment following a Change in Control
would require the loss of a Company tax deduction under Section 280G of the
Internal Revenue Code (which applies only if an Officer receives payments
contingent upon a Change in Control that equal or exceed three times the
Officer's average annual pay), severance benefits will be reduced to the extent
necessary to avoid the loss of the deduction and the participant may elect which
element of the payment will be deleted to avoid the loss.

     G.  Stock options held by an Officer will continue to be governed by the
terms and conditions of the Performance Award Plan.

     H.  Notwithstanding anything contained in this Policy to the contrary, the
Company's "Enhanced Partner Benefit Program" with respect to severance pay and
related matters is hereby terminated and superseded by this Policy.

                 ARTICLE 3.  BENEFITS PAYABLE UNDER THE POLICY

3.1  Special Severance Benefit Under The Policy.
     ------------------------------------------

     A.  Amount of Benefit.  An Officer or Senior Officer who satisfies the
         -----------------
requirements for a Special Severance Benefit set forth in Section 2.1 shall
receive a Special Severance Benefit as follows:

     A continuation, for a defined period, depending upon tenure (as measured by
full years of service as an Officer and not partial years) and role within the
Company, of Base Salary and Bonus, and, for those not covered by health benefits
provided by a subsequent employer or local government, the Supplemental
Severance Benefit provided for in Section 3.1C.

<TABLE>
<CAPTION>
                                             Period During Which
               Tenure as                      Special Severance
                Officer                        Benefit  is Paid
               ----------                   ----------------------
           <S>                                    <C>
           From 0 to 3 years                      3 months
           From 3 years* to 5 years               6 months
           From 5 years* to 10 years              9 months
             More than 10 years*                 12 months
</TABLE>

*Plus one day.

A Senior Officer will be eligible for a 12 month Special Severance Benefit
regardless of the length of the prior Service as an Officer with the Company.
Regarding other circumstances, by

                                       6
<PAGE>

way of example, in the case of an Officer who has been in service with the
Company for 3 years and 3 months, he or she would receive 6 months of Base
Salary and 6 months of the Bonus (meaning the average monthly bonus as defined
in Section 1.2). If the Officer has been in service for exactly 5 years, then
the Officer would receive 9 months of Base Salary and 9 months of the Bonus.
Finally, by way of example, if the Officer had been in service for 10 years and
9 months, the Officer would receive 12 months of Base Salary and 12 months of
the Bonus.

Notwithstanding the foregoing, any Special Severance Benefit payable under the
above schedule will be impacted by any amount attributable to any term remaining
under an existing Employment Agreement with the subject Officer or Senior
Officer during which period the Officer or Senior Officer being paid under the
Agreement is not required to render services to the Company.  Severance pay
(consisting of base salary and bonus) will be compared to what amount is due
under any Employment Agreement (consisting of unpaid base salary for the
remaining period of the Employment Agreement), and the Officer or Senior Officer
will receive the higher of these two amounts.  These principles will operate as
follows:  A first example involves an Officer with an existing Employment
Agreement who has 9 years of service and is terminated without cause 6 months
after the commencement of the 12-month term in an employment agreement and is
required to render no further services thereunder.  In that case, the terminated
Officer will receive 9 months of base salary and 9 months of bonus under this
Policy (9 months of severance pay is a higher amount than 6 months of base
salary due under the employment agreement).  As a second example, if an Officer
with an existing Employment Agreement with 11 months of service remaining and 2
years of tenure is terminated without cause, then the Officer would receive 11
months of base salary under the Employment Agreement if 11 months of base salary
is a higher amount than 3 months of base salary and 3 months of bonus under this
Policy.

If severance pay is higher than the base salary remaining to be paid under an
employment agreement, before an Officer may receive the severance pay, the
Officer must waive any further right to payments under the employment agreement.

     B.  Rules Concerning Calculation of Benefit.
         ---------------------------------------

          (i)    An Officer's years of Service as an Officer shall be calculated
     by dividing the Officer's days of Service since the commencement date of
     service as an Officer by 365.

          (ii)   Any Special Severance Benefit otherwise payable under this
     Policy to the Officer shall be reduced by the amount paid to the Officer
     under any country, federal, state or local law which requires a formal
     notice period, pay in lieu of notice, severance payments or similar
     payments. In addition to any deductions or offsets pursuant to Sections
     3.1, there shall be deducted from each payment under the Policy all taxes
     and other withholdings that are required to be withheld by the Company with
     respect to such payment.

          (iii)  Once an Officer who has received a Special Severance Benefit
     under this Policy is reemployed by the Company, the payment of Special
     Severance Benefits shall cease.

                                       7
<PAGE>

          (iv) Payment pursuant to this Section 3.1 shall not commence before
     the Severance Date.

          (v)  Any and all amounts which the Administrator determines are due
     and payable by the terminating or terminated Officer to the Company,
     including, by way of example only, unearned wages paid by the Company to
     the Officer which should be repaid to the Company, or Company loans to the
     Officer which are due and payable to the Company, shall, to the extent
     permitted by law, be deducted or offset from any amount due the Officer
     hereunder.

          (vi) In no event shall the total sum of the Special Severance Benefit
     payable under this Policy exceed 12 months of Base Salary and 12 months of
     the Bonus, except for payments under Section 3.1(C).

     C.  In addition to the foregoing Special Severance Pay Benefit, the
following Supplemental Severance Benefit will be provided to Officers who
satisfy the requirements for a Special Severance Benefit set forth in Section
2.1:  payment of a stipend equal to the cost of the local health benefits made
available by the Company, provided that the Officer is not eligible to
participate in health insurance from a new employer or from a local government.

     D.  Eligibility for the Special Severance Benefit provided hereunder shall
not be affected by an Officer's acceptance of a new job with another employer,
except that, if health insurance coverage is provided through such new employer,
the Supplemental Severance Benefit  shall cease.  Each Officer who is
subsequently re-employed and receives Special Severance Benefits must notify the
Company of that re-employment and will so confirm in writing that the Officer
has a duty to do so at the date of termination.

3.2  Payment of Special Severance Pay Benefit.
     ----------------------------------------

     A.  The Special Severance  Benefit payable under this Policy will be paid
in the form of periodic payments commencing as soon as administratively feasible
following the later of (1) the applicable Severance Date or (2) the date an
executed, delivered and valid release of all claims against the Company and its
agents as required by Section 2.1 becomes irrevocable.  The periodic payments
shall be paid in accordance with the regular payroll practices in increments
(i.e., on a weekly, semi-monthly, or monthly basis) that conform to the
Company's local practices for similarly-situated active Officers.

     B.  In the event that an Officer who is receiving a Special Severance
Benefit under this Policy in the form of periodic payments dies before all of
the payments are made, the remaining payments will be paid as soon as feasible
in a single lump sum to such Officer's estate.

     C.  Interest shall not be payable on any Special Severance Benefit payment.

                                       8
<PAGE>

                       ARTICLE 4.  POLICY ADMINISTRATION

4.1  Powers and Duties of The Administrator.
     --------------------------------------

     A.   The Company, through the EVP-OD, or any other Officer selected by
management of the Company, shall be the Policy administrator (as defined in
Section 3(16)(A) of ERISA).

     B.   The Administrator may delegate certain of its duties as provided
hereunder to one or more of the officers or employees of the Company.  The
Administrator and its delegates shall be named fiduciaries of the Policy to the
extent required by ERISA.  The Administrator shall enforce the Policy in
accordance with its terms, and shall be charged with the general administration
of the Policy, subject to delegation to the EVP-OD or Claims Committee as
provided herein.  In accordance with Section 4.5, the Administrator shall have
all powers and duties necessary to enforce and administer the Policy and to
accomplish its purposes, including, but not limited to, the following:

          (i)    To determine all questions relating to the eligibility of
     Officers to receive payments hereunder;

          (ii)   To construe and interpret the terms and provisions of the
     Policy;

          (iii)  To determine and compute the amount and timing of payments
     payable to Officers;

          (iv)   To issue directions to the Company concerning all benefits
     which are to be paid from the Company's general assets pursuant to the
     provisions of the Policy, and warrant that all such directions are in
     accordance with the Policy;

          (v)    To maintain all the necessary records for the administration of
     the Policy;

          (vi)   To provide for disclosure of all information and filing or
     provision of all reports and statements to Officers or governmental bodies
     as shall be required by ERISA;

          (vii)  To make and publish such rules for the regulation of the Policy
     as are not inconsistent with the terms hereof; and

          (viii) To establish claims procedures consistent with regulations of
     the Secretary of Labor for presentation of claims by Officers for Policy
     benefits, consideration of such claims, review of claim denials and
     issuance of decisions on review.  Such claims procedures at a minimum shall
     consist of the following:

                 (a) The Administrator or its delegates shall notify Officers of
          their right to claim benefits under the claims procedures, may make
          forms available for filing of such claims, and shall provide the name
          of the person or persons with whom such claims should be filed.

                 (b) The Administrator or its delegates shall establish
          procedures for action upon claims initially made and the communication
          of a decision to the claimant promptly and, in any event, not later
          than 60 days after the date of the claim, unless special circumstances
          require an extension of time for processing the claim. If an extension
          is required, notice of the extension shall be furnished to the

                                       9
<PAGE>

          claimant prior to the end of the initial 60-day period, which notice
          shall indicate the reasons for the extension and the expected decision
          date. The extensions shall not exceed 60 days. The claim may be deemed
          by the claimant to have been denied for purposes of further review
          described below in the event a decision is not furnished to the
          claimant within the period described in the preceding three sentences.
          Every claim for benefits which is affirmatively denied by written
          notice shall set forth, in a manner calculated to be understood by the
          claimant, (i) the specific reason or reasons for the denial, (ii)
          specific reference to any provisions of the Policy on which denial is
          based, (iii) description of any additional material or information
          necessary for the claimant to perfect his or her claim with an
          explanation of why such material or information is necessary, and (iv)
          an explanation of the procedure for further review of the denial of
          the claim under the Policy.

               (c) The Administrator shall establish a procedure for review of
          claim denials, such review to be undertaken by the Claims Committee.
          The review given after denial of any claim shall be a full and fair
          review with the claimant or his or her duly authorized representative
          having 60 days after receipt of denial of his or her claim to request
          such review, having the right to review all pertinent documents and
          the right to submit issues and comments in writing.

               (d) The Claims Committee shall establish a procedure for purposes
          of claims for benefits under this Policy which will ensure that
          issuance of a decision by it occurs not later than 60 days after
          receipt of a request for a review of claim denials by a claimant
          unless special circumstances, such as the need to hold a hearing,
          require a longer period of time, in which case a decision shall be
          rendered as soon as possible but not later than 120 days after receipt
          of the claimant's request for review.  The decision on review shall be
          in writing and shall include specific reasons for the decision written
          in a manner calculated to be understood by the claimant with specific
          reference to any provisions of the Policy on which the decision is
          based.

4.2  Transmittal of Information.  In order to enable the party selected to serve
     --------------------------
as staff for the Administrator to perform his or her functions under the Policy,
the Company shall supply full and timely information on all matters relating to
the compensation of Officers, their employment, retirement, death, or the cause
for termination of employment and such other pertinent facts as may be required
by that party.

4.3  Reports.  Upon request of the CEO, the staff supporting the Administrator
     -------
shall prepare, or cause to be prepared, and shall submit to the CEO of the
Company a report with respect to the administration of the Policy that fully
informs the CEO of the discharge by the Administrator of his or her
responsibilities under the Policy.

4.4  Compensation, Expenses, Indemnity and Liability.
     -----------------------------------------------

     A.  The Administrator, his or her delegates and the members of the Claims
Committee shall serve without compensation for their services hereunder.

                                       10
<PAGE>

     B.  The Administrator is authorized at the expense of the Company to employ
such legal counsel, and make use of clerical or other personnel, as he or she
may deem advisable to assist in the performance of his or her duties hereunder.

     C.  To the extent permitted by applicable law and the Company's articles
and bylaws, the Company shall indemnify and save harmless the Administrator, any
Officers of the Company to whom the Administrator has delegated his or her
duties under the Policy and the members of the Claims Committee against any and
all expenses, liabilities and claims, including legal fees paid to defend
against such liabilities and claims, arising out of their discharge of
responsibilities in good faith under this Policy, excepting only expenses,
liabilities and claims arising out of willful misconduct.  This indemnity shall
not preclude such further indemnities as may be available under insurance
purchased by the Company or provided by the Company under any bylaw, agreement,
vote of stockholders or disinterested directors or otherwise, as such
indemnities are permitted under state law. Payments with respect to the
indemnity and payments of expenses or fees shall be made from the general assets
of the Company.

                     ARTICLE 5.  AMENDMENT AND TERMINATION

5.1  Amendments; Discontinuance or Termination of Policy.  The Claims Committee
     ----------------------------------------------------
shall have the power to amend the Policy from time to time and to amend further
or cancel any such amendment.  Any amendment shall be effective in the manner
and at the time therein set forth, and the Company and all Officers shall be
bound thereby.  It is the expectation of the Company that the Policy will be
continued until all payments are made that may be payable under the Policy, but
continuance of the Policy is not assumed as a contractual obligation of the
Company.  Only the Board may terminate the Policy.  In the event that the Policy
is so terminated, no Officer shall have any claim against any of the assets of
the Company.

                           ARTICLE 6.  MISCELLANEOUS

6.1  Limitation on Officers' Rights.
     ------------------------------

     A.  This Policy shall not give any Officer the right to be retained in the
Company's employ.  The Company reserves the right to dismiss any Officer with or
without Cause, with or without notice, without any liability for any claim
against the Company.  Inclusion under the Policy will not give any Officer any
right to claim any benefit hereunder except to the extent such right has
specifically become fixed under the terms of the Policy.  An Officer shall not
have any recourse towards satisfaction of such benefit becoming fixed under the
terms of the Policy from other than the general assets of the Company.

     B.  Except as otherwise provided herein, this Policy shall not give any
Officer the right to any benefit provided to other Officers retained in the
Company's employ.  Except as may otherwise be provided herein or required by
law, such benefits shall be terminated as of the Officer's Severance Date.

6.2  Unsecured General Creditor.  All Officers and their heirs, successors,
     --------------------------
assigns and personal representatives shall have no legal or equitable rights,
claims, or interest in any specific property or assets of the Company with
respect to benefits payable under the Policy.  No assets

                                       11
<PAGE>

of the Company shall be held under any trust, or held in any way as collateral
security, for the fulfillment of the obligations of the Company under the
Policy. The Company's assets shall be, and remain, the general, unpledged,
unrestricted assets of the Company. The Company's obligation under the Policy
shall be merely that of an unfunded and unsecured promise of the Company to pay
money in the future, and the rights of all Officers shall be no greater than
those of unsecured general creditors.

6.3  Restriction Against Alienation.  None of the benefits, payments, proceeds
     ------------------------------
or claims of any Officer shall be subject to any claim of any creditor and, in
particular, the same shall not be subject to attachment or garnishment or other
legal process by any creditor, nor shall any such Officer have any right to
alienate, anticipate, commute, pledge, encumber or assign any of the benefits or
payments or proceeds which he or she may expect to receive, contingently or
otherwise, under the Policy.  Notwithstanding the above, benefits which are in
pay status may be subject to a garnishment or wage assignment made pursuant to a
court order, or a tax levy.

6.4  Policy Year.  The Year for the Policy shall be the 12-consecutive month
     -----------
period ending on each April 30.

6.5  Governing Law.  The Policy shall be construed, administered, and governed
     -------------
in all respects under applicable federal law of the United States or the federal
law of the applicable foreign jurisdiction, and to the extent that federal law
is inapplicable, under the laws of the State of California; provided, however,
that if any provision is susceptible to more than one interpretation, such
interpretation shall be given thereto as is consistent with the Policy being a
welfare benefit plan within the meaning of Section 3(1) of ERISA.  If any
provision of this instrument shall be held by a court of competent jurisdiction
to be invalid or unenforceable, the remaining provisions hereof shall continue
to be fully effective.

6.6  Headings,  Not Part of Agreement.  Headings and subheadings in the Policy
     --------------------------------
are inserted for convenience of reference only and are not to be considered in
the construction of the provisions hereof.

6.7  Reorganization of Company.  In the event of the dissolution, merger,
     -------------------------
consolidation, or reorganization of the Company, the Company shall use its best
efforts to assure that this Policy will be adopted by the successor entity.  No
assurance is given, however, that this result will be achieved.

6.8  Construction.  As used in the Policy, the masculine gender shall include
     ------------
the feminine and the singular may include the plural, unless the context clearly
indicates to the contrary.

                                       12
<PAGE>

          IN WITNESS WHEREOF, the undersigned duly authorized officer executes
and adopts this Special Severance Pay Policy on the date indicated below.

DATED:   January 1, 2000     KORN/FERRY INTERNATIONAL

                             By  _________________________________

                                       13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}]]