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Exhibit 10.1  

 
 

SEPARATION AGREEMENT AND RELEASE    
    

        SEPARATION AGREEMENT ("Agreement") made and entered into on March 31, 2005 between Les Bider ("you") and Warner Music Group Inc. ("Company"). 

        In
consideration of the mutual covenants, conditions and obligations contained in this Agreement, you and Company agree as follows: 

        1.    Your
employment with Company shall end effective the "Employment End Date" (as defined below). As of the Employment End Date, the employment agreement (the "Employment
Agreement") between you and Company dated March 22, 1999, as of January 1, 1999, as amended by letter agreements dated May 31, 2001 effective January 1, 2001,
February 14, 2002 effective January 1, 2002 and July 31, 2002 shall be terminated with no liability of either party to the other thereunder whatsoever, except as specifically set
out in this Agreement. As of the Employment End Date, your employment shall terminate for purposes of the WMG Parent Corp. Stock Option Agreement dated as of September 30, 2004 between you and
WMG Parent Corp. (the "Option Agreement"). The "Employment End Date" shall mean the date so designated in a written notice given after the date hereof by either party to the other party, which date
shall be not less than 30 days after the date on which such notice is given. 

        2.    (a)
Subject to your compliance with the terms of this Agreement: 

        (i)    Company
shall promptly after the Employment End Date, pay you: 

        (A)    A
severance payment in an amount equal to $2,602.74 multiplied by the number of days during the period from the
Employment End Date to December 31, 2005 (the "Payment Period"); and 

        (B)    An
additional severance payment in the amount of $1,000,000. 

        (ii)    Company
shall pay to you, not later than January 31, 2006, an annual bonus with respect to 2005 in the amount of $960,000. 

        (iii)    During
the Payment Period, Company shall pay you severance in the form of payments at the rate of $80,000 per annum (less required withholding). 

        (iv)    Company
shall continue to provide you and your dependent family members (to the extent such individuals are eligible for such coverage under the terms of the applicable
programs) with coverage under Company's medical and dental plans until the earlier of (i) the end of the Payment Period or (ii) the date as of which you become eligible for a medical insurance plan
offered by a subsequent employer. 

        (v)    During
the Payment Period, you shall continue to participate in Company's life insurance and 401(k) plans as if you were a full time employee of Company, subject to the
terms and conditions of each such plan. 

        (b)    The
Company shall pay you any accrued and unused vacation time through the Employment End Date. 

        (c)    The
Company shall pay you the remaining $250,000 portion of your "Restructuring Bonus" (less required withholding) at such time as the remaining portions of
Restructuring Bonuses are paid to Restructuring Bonus recipients generally, but in no event later than January 31, 2006. 

        All
payments to you hereunder shall be payable in accordance with the regular payroll practices of the Company, and shall be subject to required withholding. You shall have no duty to
mitigate Company's damages by seeking other employment, and Company shall have no right to reduce the amounts payable to you under this Agreement in the event that you obtain other earnings. 

        3.    In
accordance with the terms and conditions of the Consolidated Omnibus Budget Reconciliation Act ("COBRA"), you shall have the right, at your expense, to elect to
continue medical insurance coverage under the group insurance plan maintained by Company for a period of eighteen months beginning on January 1, 2006. Further information regarding COBRA's
coverage, including enrollment forms and premium quotations, will be sent to your separately. 

        4.    (a)
In consideration of, and exchange for, the payment and other benefits to be received by you under this Agreement, you hereby waive, release and forever discharge
Company and its successors, their directors, officers, agents, representatives and employees, and the parents, subsidiaries and affiliates, and the directors, officers, agents and employees thereof
(the "Company Group") from all claims, causes of action, lawsuits and demands, attorney's fees, expenses or other compensation ("Claims") which in any way relate to or arise out of the Employment
Agreement or your employment with Company or the termination of your employment, or under the Option Agreement, which you may now or hereafter have under any common law, federal, state or local law,
regulation or order, including without limitation, (i) any Claim under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act, as amended, as
well as all liability for any acts that may have violated your rights under any contract or local fair employment practices law, any employee relations statute, executive law or ordinance, any
unemployment or workers compensation law or any other duty or obligation of any kind or nature; (ii) all Claims relating to or arising out of any alleged tortious act, including but not limited
to, wrongful termination, intentional infliction of emotional distress and defamation; (iii) all Claims which may be alleged against or imputed to Company by you or by anyone acting on your
behalf; and (iv) all Claims for wages or other compensation, (including, but not limited to, all Claims in connection with the Option Agreement or any other long-term incentive compensation
plan of Company), monetary and equitable relief, employment or reemployment with Company in any position. 

        (b)
The Company Group, in exchange for the consideration embodied in this Agreement, waives, releases, and forever discharges you from all Claims which the Company Group may now or
hereafter have against you under any common law, federal, state or local law, regulation or order, arising out of your employment with Company. 

        5.    Neither
you nor Company shall file or cause to be filed any action, suit, claim, charge or proceeding with any federal, state or local court or agency relating to any
Claims within the scope of paragraph 4. 

        6.    You
and Company each acknowledge that nothing in this Agreement constitutes (or shall be deemed) an admission of liability or wrongdoing by either you or the Company. 

        7.    (a)
You shall not at any time exploit, use, sell, publish, disclose, or communicate to any person, corporation or entity, either directly or indirectly, any trade secrets
or confidential information regarding the Company Group, including, without limitation, the terms of any agreements between Company or any of its affiliates and any third party (except that you may
disclose the financial terms of this Agreement to tax authorities, and to your attorneys and accountants). You shall not during the one-year period following the date hereof, without the prior written
approval of Company, discuss any "Company Topic" (as defined below) with any press or media representative, nor shall you provide any information regarding any Company Topic to any press or media
representative. "Company Topic" shall mean any matter relating to Company or its affiliates, including any of their respective employees or artists. 

        (b)
Company shall not at any time, use, sell, publish, disclose, or communicate to any person, corporation or entity, either directly or indirectly, any confidential information
regarding you (except that Company may disclose the financial terms of this Agreement to tax authorities, attorneys or accountants). 

        (c)
You agree to promptly return to Company all property of Company in your possession, including, but not limited to keys, identification cards, files, records, credit cards, electronic
equipment and books and manuals issued to you by Company. 

        (d)
You agree to cooperate reasonably with Company and its legal representatives in connection with any litigation relating to Company; provided that Company shall be responsible with
any resulting expenses which you may incur. 

        8.    For
a period of one year after the date hereof, you shall not, without the prior written consent of Company, directly or indirectly, as an employee, agent, consultant,
partner, joint venturer, owner, officer, director, or member of any other person, firm, partnership, corporation or other entity, or in any other capacity, (a) call upon, solicit, negotiate with,
offer or enter into a recording or other contract with any recording artist (including a duo or a group) or songwriter who at the time is, either directly or through a furnishing entity, under
contract to Company or an affiliate of Company or a label distributed by Company or an affiliate of Company, or (b) discuss or negotiate employment with or offer employment to any individual employed
by Company or an affiliate of Company. 

        9.    To
the extent that you have performed your duties for Company in good faith and in a manner you reasonably believe to be in or not opposed to the best interests of
Company and not in contravention of the instructions of any senior officer of Company, Company agrees to indemnify you against expenses (including but not limited to all liabilities, damages, costs,
reasonable expenses, final judgments and amounts paid in settlement to which Company has consented in writing, which consent shall not be unreasonably withheld) in connection with litigation against
you arising out of, or in any way relating to, the performance of your duties as an employee of Company; provided, that, you shall have provided Company with prompt notice of the commencement of any
such litigation. Company will, at Company's expense, provide defense counsel selected by Company. Company shall consider in good faith any views that you express regarding choice of counsel; provided
that selection of counsel shall remain in Company's sole discretion. You agree to cooperate in connection with any such litigation. 

        10.    You
acknowledge that you have read this Agreement and that you have executed and delivered this Agreement freely and voluntarily, with full knowledge of all material
facts. 

        11.    (a)
You acknowledge that you have been advised to seek independent advice and counsel in connection with this Agreement and have retained an attorney for such purpose,
and that you have been afforded the time and opportunity necessary to seek such advice and counsel to the full extent you may have desired; and that you have been afforded at least 21 days in
which to consider this Agreement. You understand your obligations and rights under this Agreement and with such knowledge have entered into and executed this Agreement freely and voluntarily. 

        (b)
You understand that you may revoke this Agreement within seven days of its execution, by notifying Company in writing of your desire to revoke the Agreement, whereupon this Agreement
shall be rendered null and void. The provisions of this Agreement including any payment due to you shall not be binding upon Company until eight days after the execution of this Agreement by you. 

        12.    It
is Company's and your intention that this Agreement shall be effective as a full and final accord and satisfaction and release of each and every matter hereinabove
referred to. You and Company acknowledge that you and Company are familiar with Section 1542 of the Civil Code of the State of California which provides as follows: 

"A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED
HIS SETTLEMENT WITH THE DEBTOR" 

You
and Company waive and relinquish any right and benefit which you and Company have or may have under Section 1542 to the full extent that you and Company may lawfully waive all such rights
and benefits pertaining to the subject matter hereof. 

        13.    This
Agreement constitutes the final and complete Agreement between you and Company with respect to the subject matter hereof. This Agreement supersedes any and all
prior agreements between you and Company, including, but not limited to, the Employment Agreement. No modification or waiver of the terms of this Agreement shall be valid unless in writing and signed
by Company and you. 

        14.    This
Agreement shall be governed by and construed according to the laws of the State of California as applicable to agreements executed in and to be wholly performed
within such State. 

        IN
WITNESS WHEREOF, the undersigned have acknowledged and executed this Agreement as of the date first set forth above. 

	 	 	/s/  LESLIE BIDER      
 Leslie Bider
	

 	
 	

WARNER MUSIC GROUP INC.
	

 	
 	

By:	

/s/  ILLEGIBLE      

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SEPARATION AGREEMENT AND RELEASEExhibit 10.1  

[MONSTER
WORLDWIDE LOGO] 

2005  

 Management Incentive Plan  

 And  

 Performance Goals Under  

 The 1999 LTIP

1

 

I. Introduction  

        We are pleased to present to you (i) the 2005 Management Incentive Plan (the "Plan") for eligible employees of Monster Worldwide, Inc. ("Monster")
and its subsidiaries (Monster and its subsidiaries are collectively referred to as the "Monster Group") and (ii) individual performance goals for 2005 calendar year performance awards under
Monster's 1999 Long Term Incentive Plan ("LTIP Plan"). We recognize that the Monster Group's success relies upon the hard work and commitment of its employees. You are entrusted with the
responsibility of helping to ensure that our shareholders benefit from superior performance. Likewise, the Monster Group wants to help you share in this benefit. The Plan and LTIP Plan collectively
offer you the opportunity to enhance your total compensation based on your individual contributions as well as the Monster Group's performance. 

        These
plans are our way of partnering with you to help achieve specific business results. The plans are designed to: 

	•
	Align
your individual efforts with the strategic goals of the Monster Group;

	•
	Link
compensation to the business strategy;

	•
	Offer
you the opportunity to earn substantial rewards; and

	•
	Focus
on increasing shareholder value. 

        We
look forward to working toward a mutually successful and prosperous future. 

What Do You Need to Do?  

        As soon as possible after the beginning of the year, it is your responsibility to meet with your manager to establish  written individual
performance objectives (MBOs) for use with the Plan only (and not the
LTIP Plan). To help maximize your bonus opportunity under the Plan, you should focus on maximizing your achievement relative to these individual performance objectives. Individual objectives under the
Plan should include a customer satisfaction and team based goal. Attainment of the performance objectives will be one of the components used by management in its determination of the individual
performance multiplier used under the Plan. Performance objectives under the Plan may also be amended or revised from time to time in the sole discretion of management. As outlined in the remainder of
this document, your individual performance in conjunction with the financial performance your business unit will help determine any actual award under the Plan. 

        The
LTIP Plan is not part of the Plan. Under the LTIP Plan, you would be entitled to receive a bonus on the terms and conditions set forth on Appendix A hereto only upon the
attainment of certain specified EPS Goals (as defined in Appendix A), provided, however that the Compensation Committee of Monster's Board of Directors (the
"Compensation Committee") may in its sole and absolute discretion reduce the amount otherwise payable to you under the LTIP Plan. You should not read into the LTIP Plan any
suggestion that the Compensation Committee will not exercise its ability to reduce, substantially reduce or even eliminate the amount otherwise payable to you under the LTIP Plan. Unless otherwise
expressly provided below, the balance of this document only deals with the Management Incentive Plan and does not in any way affect the operation of the LTIP Plan. 

II.    Plan Design  

        Subject to the terms and condition of the Plan, you are eligible to receive an annual bonus, according to the following parameters: 

	•
	Your
target incentive is                          .

	•
	The
bonus can be greater than, less than, or equal to your target incentive. 

2

 

	•
	The
target incentive is divided into financial performance components and performance (MBO) components. The weighting applied to each target may vary depending business and
job related factors. The financial targets and goals for 2005 will be established and communicated to you no later than April 30, 2005, and such goals may be adjusted from time to time by
management as provided below. 

III.    Plan Administration  

A. Payment Timing and Conditions/Payroll Deductions  

        Any payments under the Plan are due and payable by the end of the first quarter 2006. Notwithstanding anything to the contrary in this Plan or otherwise, no
individual will be entitled to any payments under the Plan unless that individual meets each of the following conditions: 

	•
	Is
a full-time employee of a Monster Group company on the date bonus payments are scheduled to be made, regardless of whether any termination of employment prior
to that date is voluntary or involuntary or the reasons (or lack of reasons) therefore;

	•
	Has
returned a signed and dated copy of the signature page of the Plan to a divisional HR Director no later than April 30, 2005 

        The
Plan and the LTIP Plan are intended to be a retention tool designed primarily to give payments to those that are actively employed and therefore exempt from the requirements of
ERISA. 

        Any
amount payable under the Plan or the LTIP Plan shall be reduced by applicable withholding taxes, normal payroll deductions (including but not limited to 401(k) plan deductions) and
amounts required by law to be withheld. In the event of any overpayment under the Plan, you agree to promptly reimburse the Monster Group. 

B. Management Determinations  

        Management will have the sole power and authority to interpret, apply and adjust provisions of the Plan in its sole and absolute discretion, and all decisions of
management shall be final and binding. Such power and authority shall include, but not be limited to, calculation and determination of attainment of any component goals (financial and individual) and
the power and authority to unilaterally terminate the Plan. Without limiting the foregoing, management may, but shall not be required to, in its sole discretion (i) amend or revise any and all
component goals and (ii) amend or revise performance objectives. Component goal adjustments may be made, for example, in the event management deems it warranted as a result of an unforeseen
event such as an acquisition. 

C. Partial Year Adjustments  

        The following chart summarizes how your participation in the Plan may be affected by certain changes during the Plan year. You must take steps to ensure you
receive from management a written confirmation of the specific impact of any such changes at the time of such changes. 

3

 

During the Plan year, what happens if You . . .  

	Transfer from one job to another within the Company?	 	Your eligibility for continued participation in the Plan will depend on your eligibility before and after your transfer. Please obtain written confirmation of the details of the Plan impact of transfer at the time of the
transfer.
	 	 	•	 	If you transfer from one position to another within the same group or operating company, your participation will generally continue uninterrupted.
	 	 	•	 	If you transfer from a position that generally allows participation in the Plan to a position that generally allows participation in a different plan (or vice versa), your annual incentive award, if any, will typically be
prorated between both Plans.
	 	 	•	 	If you transfer to a position in a different business unit that changes the performance measures used, your actual bonus, if any, will generally be based on the prorated time spent in each position.
	Get promoted?	 	If you receive a promotion during the Plan year, new individual performance will generally be established to reflect your new position and your bonus will generally be prorated based on the number of months in the new
position. Please obtain written confirmation of the Plan impact at the time of promotion.
	Take a leave of absence?	 	If you take a leave of absence during the Plan year, you may be eligible for a bonus under the Plan, provided you return to work for at least one month within 13 weeks prior to the end of the Plan year. Your target bonus
will generally be prorated based on your active period of employment during the Plan year. Please obtain written confirmation of the Plan impact prior to taking a leave of absence.

D. General  

        Nothing in the Plan or the LTIP Plan gives any individual any right to continue in the service or employment of any Monster Group company nor does it interfere
with the right of any Monster Group company to terminate or change such services or employment, it being understood that unless otherwise agreed to in writing by an authorized Monster Group executive
officer any employment or service with any Monster Group company is "at will." Section headings in this document are for convenience only. 

        Management
reserves the right to modify the Plan in its sole and absolute discretion at any time and from time to time. 

        Nothing
in this Plan or the LTIP Plan is intended to provide any assurance as to the terms, conditions or existence of any plan relating to any period after December 31, 2005. 

        This
Plan and LTIP Plan (i) collectively constitute the sole and entire arrangement between you and any and all members of the Monster Group with respect to any and all incentive
compensation (whether bonus, commission or otherwise) and supersedes any and all previous arrangements relating thereto, and (ii) may not be amended except pursuant to a written document
executed on behalf of a member of the Monster Group by an authorized executive officer, it being understood that the LTIP Plan may not be amended or modified except by action of the Compensation
Committee. 

4

 

        I hereby acknowledge that I have received, read and understand the Plan and the LTIP Plan and by signing below I am agreeing to the terms and conditions of the
Plan and the LTIP Plan.

	
EMPLOYEE:	

 	

 	

 
	 	

	
Print Name:	

BRIAN FARREY	

Date	

 
	 	
	 	

5

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