Document:

Exhibit 10.1

AGREEMENT AND GENERAL RELEASE

THIS SEPARATION AGREEMENT
AND GENERAL RELEASE (the “Agreement”) is effective as of the 16th day of March,
2005 between Michael Sileck (“Executive”) and Monster Worldwide, Inc., a
Delaware corporation formerly known as TMP Worldwide Inc. (the “Company”).

The purpose of this
Agreement is to set forth the terms and conditions under which Executive and
the Company will terminate their employment relationship.

In consideration of the
mutual promises of the parties made below, the parties agree as follows:

1.             Separation. 
Executive’s separation from the Company and each of its Affiliates (as
defined below) is effective at 5:00 p.m. on March 14, 2005 and as of such date
and time Executive hereby resigns each and every position as employee, officer
and/or director of the Company and each of its Affiliates.

2.             Payments. 
The Company and Executive agree that the following payments shall be or
have been made and benefits shall be or have been provided to Executive by the
Company:

(a)                                  Regular payroll checks through March 14,
2005 and, subject to clause (b) below, all employee benefits regularly provided
which have accrued through such date; and

(b)                                 Payment for all unreimbursed travel,
entertainment and other expenses which have been incurred in accordance with
Company policy on or prior to March 14, 2005, which payment shall be made
promptly after presentation of appropriate receipts and invoices therefor,
provided that Executive provides all such requests for reimbursement, receipts
and invoices prior to June 30, 2005.

In addition, (a) the
unvested and unexercisable options covered by the option agreements between
Executive and the Company dated February 22, 2002, February 9, 2004 and
December 28, 2004 (collectively, the “Existing Option Agreements”) have as of
the effective date of this Agreement automatically and immediately become both
vested and exercisable, and (b) all remaining options covered by the Existing
Option Agreements, including but not limited to those whose vesting and
exercisability is accelerated in accordance with clause (a) above, have as of
the effective date of this Agreement automatically and immediately become
exercisable for the balance of the ten year term provided by the applicable
Existing Option Agreement, in the case of (a) and (b) subject to the other
terms of the applicable Existing Option Agreement. Furthermore, in accordance
with the terms of the stock bonus agreement dated September 11, 

 

2002, as modified
by the letter agreement dated March 31, 2003 (collectively, the “Stock Bonus
Agreement”), as of the effective date of this agreement, continued employment
shall no longer be deemed a precondition to vesting of the unvested shares of
common stock of the Company which are scheduled to vest under that agreement on
September 11, 2005 and September 11, 2006. The Stock Bonus Agreement is subject
to amendment as provided in Paragraph 3(d) below.

Any and all payments and
benefits described in this Paragraph 2 shall be reduced by applicable
withholding taxes, normal payroll deductions and amounts required by law to be
withheld.

3.             Additional Consideration.  In consideration of and subject to Executive’s
compliance with Executive’s agreements under this Agreement, the Company agrees
to:

(a) pay Executive
an aggregate of $550,000 in bi-weekly installments of approximately
$21,153.85  each (pro-rated for periods
of less than a full bi-weekly period), without interest, with the first
installment payable on the date which is two weeks after the date that the revocation
period described in Paragraph 6 below expires without Executive having
exercised the right of revocation described therein, reduced by the gross
amounts of any payroll payments paid to Executive for the period from and after
March 15, 2005;

(b) provided that
Executive does not exercise the right of revocation described in Paragraph 6
below, through April 30, 2006 to make available to Executive (and/or pay COBRA
premiums on) basic medical and dental benefits for Executive and his family on
the same terms and conditions (including but not limited to Executive
contribution terms) as would have been available to Executive had Executive
remained employed by the Company during such period;

(c) provided that
Executive does not exercise the right of revocation described in Paragraph 6
below and Executive has not on or prior to April 30, 2006 become employed by an
employer that offers medical coverage, after April 30, 2006 until the earlier
of (i) the date  Executive becomes
employed by an employer that offers medical coverage or (ii) December 31, 2006,
to make available to Executive (and/or pay COBRA premiums on) basic medical and
dental benefits for Executive and his family on the same terms and conditions
(including but not limited to Executive contribution terms) as would have been
available to Executive had Executive remained employed by the Company during
such period; and

 

(d) provided that
Executive does not exercise the right of revocation described in Paragraph 6
below, paragraphs 2(c) and 2(d) of the Stock Bonus Agreement shall each
automatically and without any further action of the parties be deemed amended
to read as follows:

“25% of the Shares shall vest on April 29, 2005.”

 

 

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Any and all consideration
described in this Paragraph 3 shall constitute consideration for Executive’s
execution of this Agreement and such consideration shall be reduced by
applicable withholding taxes, payroll deductions and amounts required by law to
be withheld.  Executive acknowledges that
the consideration described in this Paragraph 3 constitutes consideration to
which Executive was not previously entitled in the absence of this Agreement,
whether by Company policy, written agreement or otherwise. Until December 31,
2006, Executive agrees to provide prompt written notice to the Company of his
employment by any employer that offers medical coverage.

4.             General Release. 
In consideration of the obligations the Company in Paragraph 3
above and as a material inducement to the Company to enter into this Agreement,
Executive, on behalf of Executive, Executive’s heirs, estate, executors,
administrators, successors and assigns, does hereby irrevocably and
unconditionally release, acquit and forever discharge each of the Releasees (as
defined below) from any and all actions, causes of action, suits, debts,
administrative or agency charges, dues, sums of money, claims, complaints,
liabilities, obligations, agreements, promises, damages, demands, judgments,
costs, losses, expenses and legal fees and expenses of any nature whatsoever,
known or unknown, suspected or unsuspected, which Executive or Executive’s
heirs, estate, executors, administrators, successors and assigns ever had, now
have or hereafter can, shall or may have against each or any of the Releasees
by reason of any matter, cause or thing whatsoever from the beginning of the
world to the date of this Agreement, including but not limited to any
and all rights and claims under federal, state or local laws, regulations or
requirements, the Age Discrimination in Employment Act, the Americans with
Disabilities Act, Title VII of the Civil Rights Act, the Family and Medical
Leave Act, the Workers Adjustment and Notification Act, the New York State
Human Rights Law, the New York City Civil Rights law, the laws of the State of
New York and all localities therein and all rights and claims relating to
defamation, discrimination (on the basis of sex, race, color, national origin,
religion, age, disability or otherwise), workers’ compensation, fraud,
misrepresentation, breach of contract, intentional or negligent infliction of
emotional distress, breach of any covenant of good faith and fair dealing,
negligence, wrongful termination, wrongful employment practices or any and all
other claims relating to Executive’s employment with, or separation of
employment from, the Company, any and all other rights and claims arising under
any federal, state or local law, statute, regulation or case law, any and all
rights and claims under the employment agreement dated September 11, 2002, as
amended by the letter agreement dated June 16, 2004 (collectively, the “Employment
Agreement”), any prior employment agreement (including but not limited to the
agreement dated December 31, 2001), any offer letters and, except as provided
in the next paragraph, any and all rights and claims to options or other equity
interests in the Company or any of its Affiliates.

                  
As used in this Agreement, the term “Releasees” is a collective
reference to the Company and its present, former and future stockholders,
subsidiaries, Affiliates, successors, assigns and employee benefit plans, and
each of their respective directors, officers, employees, trustees,
representatives, insurers and agents, each in their official and individual
capacities.  As used in this Agreement,
the term “Affiliates” is a reference to all affiliates of the Company within
the meaning of Rule 405 under the Securities Act of 1933, as amended.
Notwithstanding 

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anything in this Paragraph 3 to the contrary,
nothing in this Paragraph 3 shall be deemed to be a release of (i)
Executive’s vested rights, if any, under the Company’s 401(k) plan, (ii)
Executive’s rights under this Agreement, (iii) Executive’s rights under the
Existing Option Agreements and the Stock Bonus Agreement, each as modified in
accordance with Paragraph 2 hereof (and in the case of the Stock Bonus
Agreement, as modified in accordance with Paragraph 3 hereof), (iv) Executive’s
rights under the Indemnity Agreement between Executive and the Company dated
March 4, 2002 and any rights to indemnification under any applicable law, the
Company’s certificate of incorporation and bylaws and any rights to coverage
under any directors’ and officers’ liability policies, and (v) Executive’s
rights to shares of Company common stock acquired at any time (a) upon exercise
of options under the Existing Option Agreements, (b) pursuant to the Stock
Bonus Agreement, (c) pursuant to the stock bonus agreement dated March 4,
2002,  (d) in the open market or (e)
under the Company’s 401(k) plan.

          5.       Records, Documents, and Property.  Executive will return to the Company all of
the records, correspondence, electronic and magnetic storage media, documents,
reports, files and all other property, including keys, of the Company or any of
its Affiliates, promptly after Executive signs and delivers this Agreement,
provided however, that Executive may retain the laptop computer owned by the
Company that was previously provided for Executive’s use. It is understood and
agreed that the ongoing use of such laptop will be at Executive’s sole cost and
expense and the Company hereby conveys such equipment “AS IS” without
representation and warranty of any kind and that any and all data on such
laptop relating to or otherwise belonging to the Company or any of its
Affiliates shall be purged and destroyed in a manner specified by the Company.
Executive will not retain any copies, duplicates or excerpts of any of the
aforementioned documents or items.

6.     Review Period; Revocation. Executive
acknowledges that Executive has been given a period of 21 days, not including
the date of receipt, in which to consider and sign this Agreement. In addition,
Executive may revoke this Agreement within 7 calendar days of signing. The
Agreement will not be effective or enforceable until such 7 calendar day period
has expired without revocation. To be effective, any revocation must be in
writing and delivered to the Monster Worldwide, Inc. at 622 Third Avenue, 39th
Floor, New York, NY 10017 to the attention of Myron Olesnyckyj either by hand
or by mail within the 7 calendar day period. If sent by mail, the revocation
must be (1) postmarked within the 7 calendar day period, (2)properly addressed
to the Company; and (3) sent by certified mail, return receipt requested. After
the 7 calendar day revocation period has passed, this Agreement shall be
irrevocable. Without in any way limiting the effect of revocation by Executive,
in the event that Executive revokes this Agreement, any amount paid to or for
the benefit of Executive under the provisions of Paragraph 3 above shall
promptly be returned to the Company and any amendments contemplated thereby
shall be ineffective.

7.     Non-disparagement. Executive agrees
not to disparage or defame the Company or any of the other Releasees or to make
any statements concerning any of the foregoing intended to harm the business
interests of the Company or its Affiliates. 
Executive recognizes and agrees that this provision was a significant
inducement for the Company to enter into this Agreement. In the event of a
breach by Executive of any of the material terms of this Agreement, including
but not limited to this Paragraph 7, and without in any way limiting the
Company’s remedies for any such breach, Executive will automatically forfeit
any outstanding 

 

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payments due under
Paragraph 3 above. Executive further agrees to indemnify and hold the Releasees
harmless from and against any and all losses, liabilities, damages and expenses
(including but not limited to reasonable attorneys’ fees) any Releasee may
suffer or incur arising out of or in connection with any breach of a
representation or agreement of Executive hereunder.

8.       Restrictive
Covenants.  As a material inducement
to the Company to enter into this Agreement, Executive acknowledges and affirms
that Executive will strictly abide by each and every non-solicitation,
confidentiality, non-competition, nonraid and/or similar obligation which
Executive may have with respect to the Company and/or its Affiliates, whether
by agreement, fiduciary obligation or otherwise, including but not limited to
those set forth in the Existing Option Agreements. The provisions of Schedule 1
hereto serve to amend certain specified provisions of the restrictive
covenants.

9.             Non-admission. 
Nothing in this Agreement is intended to be, nor will be deemed to be,
an admission by the Company or any Releasee that (i) it has violated any
state or federal law, rule, regulation, principle of common law or other
obligation, or that (ii) it has engaged in any wrongdoing, or (iii) Executive
would be entitled to any of the consideration described in Paragraph 3
above in the absence of this Agreement.

10.           Transitional Assistance;
Cooperation. Executive agrees to provide reasonable assistance to the
Company relating to the orderly transition of Executive’s duties and
responsibilities from time to time as reasonably requested by the Company. In
addition, the Company may from time to time request Executive’s reasonable
assistance in connection with pending or threaten litigation or claims
concerning matters about which Executive may have actual or imputed knowledge.
It is understood that such assistance may include, without limitation,
Executive’s providing and compiling information, participating in discussions
and/or interviews, participating in depositions requested by plaintiffs,
defendants or others and testifying as a witness.  Executive agrees to provide any and all such
reasonable assistance to the Company and its advisors upon request for no
additional consideration, provided, however, that the Company
shall pay on Executive’s behalf or reimburse Executive upon presentation of
invoices therefore Executive’s reasonable out-of-pocket costs relating thereto.

11.           Certain Understandings.  Executive represents Executive has not filed
any complaints or charges or lawsuits against the Company or any other Releasee
with any governmental agency or court or otherwise and, subject to the next
sentence, that Executive will not do so hereafter. Any disputes arising out of
or in connection with this Agreement or relating to any other rights expressly
retained by Executive pursuant to the terms of this Agreement shall be
submitted to arbitration in accordance with the applicable provisions of the
Existing Option Agreements. Executive further represents that Executive has not
relied on any representation or statement of the Company or any other Releasee
which is not set forth in this Agreement. The Company agrees that until
September 30, 2005, from time to time Executive may avail himself of the
secretarial services of his former assistant or such other secretary as may be
designated by the Company from time, provided however that such services do not
materially interfere with the other obligations of any such assistant or
secretary.

12.           General.  This Agreement (i) constitutes the entire
agreement between the parities with respect to the subject matter hereof and
terminates, supersedes and preempts any 

 

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previous oral or written arrangements or
understandings relating thereto, (ii) may be signed in counterparts, (iii)
shall be governed by the laws of the State of New York, without regard to its
conflict of laws rules, (iv) may not be amended, terminated, extended or waived
orally, and (v) may not be assigned, in whole or in part, by Executive. Without
limiting the generality of the foregoing, it is understood that the Employment
Agreement is terminated and of no force and effect. Paragraph headings are for
convenience only and do not affect the meaning of any provisions of this
Agreement. If any portion of this Agreement is found to be invalid or
unenforceable, the remaining portions shall remain in effect.

13.           VOLUNTARY AND KNOWING
ACTION.  EXECUTIVE
ACKNOWLEDGES THAT EXECUTIVE HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY PRIOR
TO EXECUTING THIS AGREEMENT.  EXECUTIVE
FURTHER ACKNOWLEDGES THAT EXECUTIVE HAS READ THIS AGREEMENT CAREFULLY AND
UNDERSTANDS ALL OF ITS TERMS, AND IS SIGNING THIS AGREEMENT KNOWINGLY AND
VOLUNTARILY AND WITH THE FULL INTENT OF, AMONG OTHER THINGS, RELEASING THE
COMPANY AND CERTAIN OTHER PARTIES OF ALL KNOWN AND UNKNOWN CLAIMS.

IN WITNESS
WHEREOF, the parties hereto have executed this Agreement to be effective as of
the date first above written.

 

	
  Dated: March 16, 2005

  	
   

  	
  /s/ Michael Sileck

  	
   

  
	
   

  	
   

  	
  Michael Sileck

  
	
   

  	
   

  	
   

  
	
  Dated: March 16, 2005

  	
   

  	
  /s/ Myron Olesnyckyj

  	
   

  
	
   

  	
   

  	
  Monster Worldwide, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name: Myron Olesnyckyj

  
	
   

  	
   

  	
  Title: Senior Vice President

  

 

6Exhibit
10.2

MONSTER WORLDWIDE, INC.

622 THIRD AVENUE

NEW YORK, NY 10017

March 14, 2005

Mr. Charles C. Baker

 

 

Dear Charles:

This will confirm our
understanding and agreement with respect to your employment as Senior Vice
President-Chief Financial Officer of Monster Worldwide, Inc. (the “Company”).  You and the Company hereby agree as follows:

1.             The Company agrees to employ you
and you agree to be employed by the Company as Senior Vice President-Chief
Financial Officer, with such duties and responsibilities with respect to the
Company and its affiliates as the Company’s Chief Executive Officer (“CEO”) or
Board of Directors (the “Board”) shall reasonably direct.  You agree to devote your best efforts,
energies, abilities and full business time, skill and attention to your
duties.  You agree to perform the duties
and responsibilities assigned to you to the best of your ability, in a
diligent, trustworthy, businesslike and efficient manner for the purpose of
advancing the business of the Company and its affiliates and to adhere to any
and all of the employment policies of the Company.

2.             In consideration for your services
and other agreements hereunder, during your employment the Company shall (a)
pay you a base salary of $500,000 per year (prorated for periods of less than a
full year) in regular installments in accordance with the Company’s payroll
practice for salaried employees, (b) provide you with medical, dental and
disability coverage, if any, and 401(k) Plan, life insurance and other benefit
plan eligibility, if any, comparable to that regularly provided to other senior
management in accordance with the Company’s policies, (c) provide you with 4
weeks vacation per year in accordance with the Company’s policies (prorated for
periods of less than a full year), (d) provide you with the opportunity to earn
annual performance based bonuses in amounts determined by and on the basis of
satisfaction of such performance goals as are established by the Compensation
Committee of the Board under the Company’s 1999 Long Term Incentive Plan (or
any similar or successor plan) within 90 days of the commencement of the
applicable calendar year period, and (e) provide you with reimbursement of all
reasonable moving and relocation expenses in connection with the relocation of
you and your family from the West Coast to the New York City area. You will
also be provided with a grant of 50,000 shares of common stock of the Company
in accordance with the vesting and other terms and conditions of the stock
bonus agreement attached as Exhibit A hereto (the “Stock Bonus Agreement”).
As you are aware, the Company is considering the 

 

 

possible adoption of a
long-term equity plan for senior executive officers and if such plan is
instituted you shall also be able to participate in that plan.

3.             You may terminate this agreement at
any time upon 60 days’ prior written notice. 
The Company may terminate this agreement at any time upon written
notice.  This agreement shall also
terminate automatically in the event you should die or, in the reasonable
determination of the Company, become unable to perform by reason of physical or
mental incompetency your obligations hereunder for a period of 120 days in any
365 day period.  It is understood and
agreed that in the event that this agreement is terminated (x) by the Company
in accordance with the second sentence of this Section 3 other than for Cause
(as defined below), (y) by you upon written notice for Good Reason (as defined
below), or (z) by you upon written notice within twelve months of a Change in
Control (as defined below), then subject to (i) your execution and delivery of
the Company’s then current form of separation agreement and general release
applicable to similarly situated employees and (ii) the expiration of any
rescission period provided thereby (without the rescission having been
exercised), you shall, as your sole and exclusive remedy, be entitled to (i)
receive as severance your then applicable base salary hereunder for a period of
twelve months (the “Specified Period”), payable in regular installments in
accordance with the Company’s applicable payroll practice for salaried
employees and (ii) during the Specified Period, have the Company make available
to you (and/or pay COBRA premiums on) medical and dental benefits on the same
terms and conditions as would have been made available to you had you remained
employed by the Company during such period. 
Except as expressly provided in the preceding sentence or in Section 5
below, in the event of the termination of this agreement or your employment for
any reason, the Company shall have no further obligations to you hereunder or
with respect to your employment from the effective date of termination.  “Cause” shall mean the occurrence of any one
or more of the following events:  (i) your
willful failure or gross negligence in performance of your duties or compliance
with the reasonable directions of the CEO or the Board that remains unremedied
for a period of twenty (20) days after the CEO or the Board has given written
notice specifying in reasonable detail your failure to perform such duties or
comply with such directions; (ii) your failure to comply with a material
employment policy of the Company that remains unremedied for a period of twenty
(20) days after the CEO or the Board has given written notice to you specifying
in reasonable detail your failure to comply; or (iii) your commission of (a) a
felony, or (b) fraud, in the case of (a) or (b) which directly or indirectly
results in a material detriment to the Company, including but not limited to a
material detriment to the Company’s reputation. “Good Reason” shall mean (i) a
material diminution in your duties and responsibilities described in Section 1
above (other than as a result of your failure to perform your duties and
responsibilities in accordance with this agreement), (ii) a reduction in your
base salary, or (iii) your being required by the Company to permanently
relocate your primary work location to a location more than 50 miles from 622
Third Avenue, New York, NY, in each case of (i), (ii) or (iii) which continues
unremedied for a period of twenty (20) days after you have given written notice
to the Company specifying in reasonable detail the relevant acts or omissions
of the type described in the foregoing clauses (a), (b) or (c). It is expressly
understood that unless you provide the written notice described in the
immediately preceding sentence within twenty (20) days after you know or have
reason to know of the occurrence of any act or omission of the type described in
clauses 

 

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(a), (b) or (c) of the
immediately preceding sentence, you shall be deemed to have consented thereto
and such particular act or omission shall no longer constitute or be capable of
constituting Good Reason for purposes of this agreement.

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

5.             In the event of any Change in
Control, any shares of restricted stock granted to you by the Company from time
to time on or after the date hereof pursuant to written stock bonus agreements
between you and the Company (including but not limited to the shares covered by
the Stock Bonus Agreement) which have not theretofore vested shall
automatically and immediately become fully vested, subject to the provisions of
Section 6 below.  For purposes hereof,
the term “Change in Control” shall be deemed to occur if (1) there shall be
consummated (A) any consolidation, merger or reorganization involving the
Company, unless such consolidation, merger or reorganization is a “Non-Control
Transaction” (as defined below) or (B) any sale, lease, exchange or other
transfer (in one transaction or a series of related transactions) of all, or
substantially all, of the assets of the Company, or (2) the stockholders of the
Company shall approve any plan or proposal for liquidation or dissolution of
the Company, or (3) any person (as such term is used in Section 13(d) and
14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)),
shall become the beneficial owner (within the meaning of Rule 13d-3 under the
Exchange Act) of more than 50% of the combined voting power of the Company’s
then outstanding voting securities other than (a) a person who owns or owned
shares of Class B Common Stock of the Company, (b) pursuant to a plan or
arrangement entered into by such person and the Company, or (c) pursuant to
receipt of such shares from a stockholder of the Company pursuant to such
stockholder’s will or the laws of descent and distribution.  A “Non-Control Transaction” shall mean a
consolidation, merger or reorganization of the Company where (1) the
stockholders of the Company immediately before such consolidation, merger or
reorganization own, directly or indirectly, at least a majority of the combined
voting power of the outstanding voting securities of the corporation resulting
from such consolidation, merger or reorganization (the “Surviving Corporation”),
(2) the individuals who were members of the Board of the Company immediately
prior to the execution of the agreement providing for such consolidation,
merger or reorganization constitute at least 50% of the members of the Board of
Directors of the Surviving Corporation, or a corporation directly or indirectly
beneficially owning a majority of the voting securities of the Surviving
Corporation and (3) no person (other than (a) the Company, (b) any subsidiary
of the Company, (c) any employee benefit plan (or any trust forming a part
thereof) maintained by the Company, the Surviving Corporation or any
subsidiary, or (d) any person who, immediately prior to such consolidation,
merger or reorganization, beneficially owned 
more than 50% of the combined voting power of the Company’s then
outstanding voting securities) beneficially owns more than 50% of the combined
voting power of the Surviving Corporation’s then outstanding voting securities.

 

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6.             Notwithstanding anything in Section
3 or 5 to the contrary, you shall in no event be entitled to any payment
or acceleration of shares of Company common stock that would cause any portion
of the amount received by you to constitute an “excess parachute payment” as
defined under Section 280G of the Internal Revenue Code of 1986, as amended
(the “Code”).  In furtherance of the
provisions of this Section 6, the following provisions shall apply:

(1)           Anything in this agreement to the
contrary notwithstanding, in the event that any payment or acceleration of
shares of Company common stock by the Company to or for your benefit
(collectively, a “Payment”) would be nondeductible by the Company for federal
income tax purposes because of Section 280G of the Code, then the aggregate
present value of amounts payable or distributable to or for your benefit
pursuant to this agreement or any stock bonus agreement shall be reduced to the
Reduced Amount (as defined below).  Any
such reduction shall be accomplished first by reducing the number of shares of
Company common stock covered by stock bonus agreements which otherwise would
have immediately vested in full, as determined in the reasonable discretion of
the Board of Directors of the Company (the “Board”), provided that any shares
of Company common stock so reduced shall continue to vest in accordance with
the terms of the applicable agreements irrespective of your continued
employment or, if earlier, the date or dates on which such shares can vest
without being deemed nondeductible, as determined in the reasonable discretion
of the Board, and second, if necessary, by reducing cash payments constituting
part of the payments or other consideration to which you become entitled
(collectively, such cash payments, other consideration and the aggregate
present value of the immediate vesting of shares of stock (calculated in
accordance with Section 280G of the Code and any regulations promulgated
thereunder) are referred to as the “Severance Amount”).

(2)           The “Reduced Amount” shall be the
amount, expressed in present value, which maximizes the aggregate present value
of the Severance Amount without causing any Payment to be nondeductible by the
Company because of Section 280G of the Code. 
For purposes of this clause (2), present value shall be determined in
accordance with Section 280(d)(4) of the Code.

(3)           All determinations required to be
made under this Section 6 shall be made by the Company’s independent public
accountants (the “Accounting Firm”) which shall provide detailed supporting
calculations to the Company and you.  Any
such determination by the Accounting Firm shall be binding upon the Company and
you.

(4)           It is possible that as a result of
the uncertainty in the application of Section 280G of the Code at the time of
the initial determination by the Accounting Firm, a portion of the Severance
Amount will have been made by the Company which should not have been made (“Overpayment”)
or that an amount in addition to the Severance Payment which will not have been
made could have been made (“Underpayment”), in each case, consistent with the
calculations required to be made hereunder.

 

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(x)            Overpayment.  In the event that the Accounting Firm, based
upon the assertion of a deficiency by the Internal Revenue Service against you
which the Accounting Firm believes has a high probability of success, determines
that an Overpayment has been made, any such Overpayment paid or distributed by
the Company to or for your benefit shall be treated for all purposes as a loan
ab initio (from the beginning) to you which you shall repay to the Company
together with interest at the applicable federal rate provided for in Section
1274(d) of the Code.

(y)           Underpayment.  If precedent or other substantial authority
indicates that an Underpayment has occurred, any such Underpayment shall be
promptly paid by the Company to or for your benefit together with interest at
the applicable federal rate provided for in Section 1274(d) of the Code.

7.             All notices, demands or other
communications to be given or delivered under or by reason of this agreement
shall be in writing and shall be deemed to have been properly served if
delivered personally, by courier, or by certified or registered mail, return
receipt requested and first class postage prepaid, in case of notice to the
Company, to the attention of the CEO at the address set forth on the first page
of this agreement (with a copy to Myron Olesnyckyj, Monster Worldwide, Inc.,
622 Third Avenue, 39th Floor, New York, NY 10017) and in the case of notices to
you to your office or residence address (with a copy to Randall B. Shai, Esq.,
Heller Ehrman, 333 Bush Street, San Francisco, CA 94104), or such other
addresses as the recipient party has specified by prior written notice to the
sending party.  All such notices and
communications shall be deemed received upon the actual delivery thereof in
accordance with the foregoing.

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

9.             This agreement (i) constitutes the
entire agreement between the parties with respect to the subject matter hereof
and supersedes any previous arrangements relating thereto, as well as any
previous arrangements relating to employment between you and any of the Company’s
affiliates, (ii) may be signed in counterparts, (iii) shall be governed by the
laws of the state of New York (other than the conflicts of laws provisions
thereof) and (iv) may not be amended, terminated, extended or waived
orally.  Please understand that while it
is our hope that our relationship will be a long one, your employment will be
on at “at will” basis. Nothing in this letter should be construed as creating
any other type of employment relationship.

 

5

 

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

	
   

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MONSTER WORLDWIDE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Andrew J. McKelvey

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Title:

  	
  CEO

  
	
   

  	
   

  	
   

  
	
  Accepted and agreed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Charles C. Baker

  	
   

  	
   

  	
   

  
	
  Charles C. Baker

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date: 

  	
  March 14, 2005

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
							

 

 

 

6

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