Document:

Exhibit 10.1

 

MONSTER
WORLDWIDE, INC.

622 THIRD AVENUE

NEW YORK, NY 10017

 

As of February 7,
2006

 

Mr. William
Pastore

 

Dear Bill:

 

This will confirm our
understanding and agreement with respect to your employment as President and
Chief Operating 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
President and Chief Operating Officer, with such duties and responsibilities
with respect to the Company and its affiliates as the Company’s Chief Executive
Officer (“CEO”) or such other person from time to time designated by the CEO to
deal with matters related to this agreement (the “Designee”) shall reasonably
direct. You agree to devote your best efforts, energies, abilities and full
business time, skill and attention to your duties. You agree to perform the
duties and responsibilities assigned to you to the best of your ability, in a
diligent, trustworthy, businesslike and efficient manner for the purpose of
advancing the business of the Company and to adhere to any and all of the
employment policies of the Company. The term of this agreement is for a period
of 4 years commencing on February 7, 2006; thereafter, the term of this
agreement shall automatically be renewed for successive 1-year periods unless
either party shall give the other notice of nonrenewal at least 45 days prior
to the expiration of the then current employment period. Notwithstanding the
foregoing, this agreement and your employment with the Company are subject to
termination at any time as provided in Section 3 below.

 

2.                                       In
consideration for your services and other agreements hereunder, during your
employment the Company shall (a) pay you a base salary of $800,000 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 of Directors of the
Company (the “Compensation Committee”) 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
the opportunity to participate in any long-term

 

 

equity plan for senior
executive officers which may be instituted from time to time on such terms and
conditions as may be determined by the Compensation Committee from time to
time. Your base salary will be reviewed on an annual basis, it being understood
that any increases in compensation shall be subject to the sole discretion of
the CEO and the Compensation Committee.

 

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:

 

(x) terminated by the
Company in accordance with the second sentence of this Section 3 other
than for Cause (as defined below), or

 

(y) is not renewed by
virtue of the Company providing the notice of nonrenewal described in Section 1
above,

 

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
severance equal to two times your then applicable annual base salary, payable
over a period of twenty four months in regular installments in accordance with
the Company’s applicable payroll practice for salaried employees, and (ii) for
a period of 18 months after the effective date of termination of your
employment, 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. The Company may accelerate the timing of any payment payable to you
under this agreement in the event the Company determines that such acceleration
would minimize or eliminate the risk that any payment to you hereunder would be
deemed to violate Section 409 of the Internal Revenue Code of 1986, as it
may be amended from time to time. Except as expressly provided in this Section 3
sentence, 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 Designee that remains unremedied for a period of
twenty (20) days after the CEO or the Designee has given written notice
specifying in reasonable detail your failure to perform such duties or comply
with such directions; (ii) your failure to comply with a material
employment policy of the Company that remains unremedied for a period of twenty
(20) days after the CEO or the Designee has given written notice to you
specifying in reasonable detail your failure to comply; or (iii) your
commission of (a) a felony, (b) criminal dishonesty or (c) fraud.

 

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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 the termination of your employment by the Company for reasons
other than Cause or by virtue of the Company providing the notice of nonrenewal
described in Section 1 above, any options granted to you by the Company
from time to time after April 1, 2004 pursuant to written option
agreements shall automatically and immediately become (i) fully vested and
(ii) exercisable for the balance of the ten year term provided by the
applicable stock option agreement, subject to the other terms of such option
agreement, and

 

in the event of any Change in Control (as defined in
Option Agreement between you and the Company dated October 10, 2002):

 

(a)                                  any
options that have been or may be granted to you by the Company from time to
time pursuant to written option agreements, shall automatically and immediately
become (i) fully vested and (ii) exercisable for the balance of the
ten year term provided by the applicable stock option agreement, subject to the
other terms of such option agreement; and

 

(b)                                 the
shares of Company Common Stock covered by any written stock bonus agreements
between you and the Company shall automatically and immediately become fully
vested,

 

subject in each
case of (a) and (b) to the provisions of Section 6 below.

 

6.

 

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

 

(b)                                 For
purposes of determining whether any of the Company Payments and Gross-Up
Payments (collectively the “Total Payments”) will be subject to the Excise Tax
and the

 

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

 

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

 

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

 

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

 

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

 

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

 

7.                                       Each
of you and WMP Consulting LLC, a Connecticut LLC (“Consultant”), hereby agree
that all tangible and intangible material and work product delivered by
Consultant and/or you as part of or in connection with the consulting services
provided by Consultant and/or you to the Company and/or its affiliates
(including but not limited to all such material and work product delivered
prior to the date hereof) (including any source code and object code)
(collectively, the “Deliverables”) is the property of the Company.  Consultant and you each agree that all right,
title and interest (including without limitation copyright, patent and trade
secret rights) in and to the Deliverables or any aspect thereof (including
without limitation any and all technical information, specifications, drawings,
diagrams, records, screen layouts and look and feel) shall belong exclusively
to the Company.  The parties agree that
the Deliverables, insofar as they constitute works of authorship or
contributions to works of authorship, shall be deemed works specially ordered
and commissioned by the Company and “works made for hire” under the United
States copyright laws (17 U.S.C. §§ 101 et seq.).  If for any reason the Deliverables, or any
part of them, cannot as a matter of law constitute “works made for hire” under
the United States copyright laws, Consultant and you each hereby assign and
agree to assign the entire copyright therein (and all rights comprising said
copyright) to the Company.  Independent
of the preceding sentence, Consultant and you each assign and agree to assign
all other intellectual property rights, including without limitation patent and
trade secret rights, and all right, title and interest in and to the
Deliverables, or any aspect thereof, to the Company.  Consultant and you

 

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each hereby agree to execute, upon request by the
Company, any and all additional documents, including assignments, necessary to
effectuate the intent of the preceding sentences of this Section 7 or to
confirm or register the Company’s rights in the Deliverables.  The Deliverables, or the content thereof,
shall not be used, sold, licensed or disclosed by Consultant or you under any
circumstances.

 

8.                                       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, or such other addresses as the recipient party has specified by prior
written notice to the sending party.  All
such notices and communications shall be deemed received upon the actual
delivery thereof in accordance with the foregoing.

 

9.                                       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.

 

10.                                 This
agreement (i) constitutes the entire agreement between the parties with
respect to the subject matter hereof and supersedes any previous arrangements
relating thereto, as well as any previous arrangements relating to employment
between you and any of the Company’s affiliates, including but not limited to
any consulting arrangement and the employment agreement between you and the
Company dated as of April 1, 2004, as such employment agreement was
amended by the letter dated as of September 8, 2005, (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.

 

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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/ William Pastore

  	
   

  
	
  William
  Pastore

  
	
   

  
	
  As to Section 7 only:

  
	
   

  
	
  WMP
  Consulting LLC

  
	
   

  
	
   

  
	
  /s/ William Pastore

  	
   

  
	
  By:
  William Pastore

  
	
  Name:
  William Pastore

  
	
  Title:

  
			

 

7Exhibit
10.1

 

 

May 10,
2005

 

Charles J. Huebner

93 Nayatt Road

Barrington, RI 02806

 

Dear Chuck:

 

This letter confirms the terms of your employment by
Activision Publishing, Inc. (“Employer”), on the terms and conditions set
forth below.

 

1.                                      Term 

 

(a)                                  The initial term of your employment under this agreement
shall commence on May 16, 2005 and expire on May 31, 2007 unless
earlier terminated as provided below (the “initial term”).

 

(b)                                 Employer shall have the option to extend the initial term of
this agreement for an additional successive one-year period. The initial term
and the option period, if exercised, shall be referred to as the “term.”

 

(c)                                  Employer may exercise the option granted to it under this
agreement by giving written notice to Employee at least one hundred eighty
(180) days prior to the expiration of the initial term.

 

2.                                      Compensation 

 

(a)                                  In full consideration for all rights and services provided by
you under this agreement, you shall receive an annual base salary of $425,000.

 

(b)                                 Base salary payments shall be made in accordance with
Employer’s then prevailing payroll policy. The base salary referred to in
Paragraph 2(a) shall constitute your minimum base salary during the
applicable period. On an annual basis, your base salary shall be reviewed to
determine if an increase above the minimum is appropriate. Your base salary may
be increased above the minimum at any time if Employer’s Board of Directors (or
the Compensation Committee of such Board of Directors), in its sole and
absolute discretion, elects to do so. In the event of an increase in your base
salary beyond the applicable minimum base salary for a particular period, such
increased base salary shall then constitute your minimum base salary for each
subsequent year under this agreement.

 

(c)                                  Employer shall not be required to actually use your services
during the term of this agreement. You will not be permitted or authorized to
act on behalf of Employer if Employer is not utilizing your services unless
specifically authorized in writing to the contrary by Employer. If Employer
chooses not to use your services, Employer will continue to pay your base
salary, health benefits, 401(k) contributions and relocation support set forth
in paragraph 6 and you will continue to remain eligible to receive a
discretionary bonus consistent with the provisions of the

 

1

 

plan as outlined in paragraph 2(d) below.
Continued payment of your compensation related provisions as outlined in this section 2
and relocation support in paragraph 6 during the term of your employment under
this agreement will discharge Employer’s obligations to you hereunder. Your
obligations to Employer under this agreement generally, and specifically with
regard to Paragraph 9, shall continue throughout the term of this agreement.
Moreover, you have an obligation to abide by the terms of the Employee
Proprietary Information Act executed by you.

 

(d)                                 In addition to your base salary, you may be eligible to
receive an annual discretionary bonus targeted at sixty percent (60%) of your
annual base salary (pro-rated for the amount of time that you actually perform
services for Employer during a particular fiscal year). The amount of this
bonus, if any, is within the sole and absolute discretion of the Employer’s
Board of Directors (or the Compensation Committee of the Board of Directors).
Certain of the criteria that will be considered to evaluate your eligibility
for a bonus are your achievement of specific objectives and/or your
contribution to the success of the corporate goals and objectives. Employer’s
overall financial performance will also be considered in determining whether
any bonus is awarded and, if so, the amount. Discretionary bonuses, if granted,
are generally paid to employees in May. You must remain continuously employed
by Employer through the date on which the discretionary bonus is paid to be
eligible to receive a bonus. Employer retains the right to modify, at any time,
any and all of the criteria used to determine whether Employee is eligible for
a bonus and, if so, the amount of any such bonus.

 

(e)                                  As an additional incentive to the commencement of your
employment with Employer under this agreement, you will receive a sign-on bonus
equal to $100,000. This bonus shall be paid within 15 days of the commencement
of your employment. If, within the first year of employment, you are terminated
“for cause” (as defined in Paragraph 10(a)) or if you voluntarily terminate
your employment for a reason other than those defined in Paragraph 10 (b) then
you will be required to repay this sign-on bonus.

 

(f)                                    You also are being granted, under the Activision Inc. (“company”)
existing or modified Board-approved stock option plan, a non-qualified stock
option (“NQSO”) to purchase 250,000 shares of the company’s common stock. The
option to purchase 250,000 shares referred to above will vest ratably over five
years, with one fifth of the amount granted vesting at the end of each year.
The option will have an exercise price that will be the market low of such
common stock on the date that it is issued, and will be governed in all other
respects by the company’s stock option plan in effect at the time of the grant.

 

(g)                                 You shall be eligible for such additional stock option grants
commensurate with your position with Employer as the Board of Directors (or
Compensation Committee of the Board of Directors), in its sole discretion, may
award to you from time to time in connection with any extensions of this
agreement’s contract term.

 

3.                                      Title 

 

You are being employed under
this agreement in the position of Head of Worldwide Studios.

 

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4.                                      Duties 

 

You shall personally and
diligently perform, on a full-time and exclusive basis, such services as
Employer or any of its related or affiliated entities or divisions may
reasonably require. You are also required to read, review and observe all of
Employer’s existing policies, procedures, rules and regulations as well as
those adopted by Employer during the term of your employment. You will at all
times perform all of the duties and obligations required by you under this
agreement in a loyal and conscientious manner and to the best of your ability
and experience.

 

5.                                      Expenses 

 

To the extent you incur
necessary and reasonable business expenses in the course of your employment,
you shall be reimbursed for such expenses, subject to Employer’s then current
policies regarding reimbursement of such business expenses.

 

6.                                      Relocation Support 

 

(a)                                  Employer shall reimburse you for the customary and reasonable
expenses actually incurred by you in connection with your relocation from Rhode
Island to Los Angeles to include but not limited to (i) the moving of your
personal and household goods to the Los Angeles area and for storage of
household goods if necessary for a period of up to six (6) months, (ii) the
one-time, non-recurring closing costs associated with both the sale of your
home in Rhode Island, and the purchase of a new home in the Los Angeles area
including up to two (2) points of origination or discount fees, (iii) arranging
for Buyer Value Option home sale program through appropriate third party
vendor, (iv)the travel and expenses associated with up to two (2) house
hunting trips for you and your spouse, and (v) for temporary living
accommodations for you and your family up to six (6) months pending your
actual settlement in the Los Angeles area, provided that all such expenses are
pre-approved by Employer and you provide Employer with documentation which
adequately evidences such expenses.

 

(b)                                 Employer will provide $180,000 mortgage assistance, payable
five thousand dollars ($5,000) a month for thirty-six (36) months provided you
remain an Employee of Employer for the duration of this period.

 

7.                                      Other Benefits 

 

You shall be entitled to
those benefits, which are standard for persons in similar positions with
Employer, including coverage under Employer’s health, life insurance and
disability plans, and eligibility to participate in Employer’s 401(k) and
Employee Stock Purchase Plans. Nothing paid to you under any such plans and
arrangements (nor any bonus or stock options which Employer’s Board of
Directors (or the Compensation Committee of such Board of Directors), in its
sole and absolute discretion, shall provide to you)) shall be deemed in lieu,
or paid on account, of your base salary. You expressly agree and acknowledge
that after the expiration or early termination of the term of your employment
under this agreement, you are entitled to no additional benefits, except as
specifically provided under the benefit plans referred to above and those
benefit plans in which you subsequently may become a participant, and subject
in each case to the terms and conditions of each such plan. Notwithstanding
anything to the contrary set forth above, you shall be entitled to receive
those benefits provided by COBRA upon the expiration or earlier termination of
this agreement. 

 

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8.                                      Vacation and Paid Holidays 

 

(a)                                  You will be entitled to paid vacation days in accordance with
the normal vacation policies of Employer in effect from time to time, provided
that in no event shall you be entitled to less than twenty (20) paid vacation
days per year.

 

(b)                                 You shall be entitled to all paid holidays given by Employer
to its full-time employees.

 

9.                                      Protection of Employer’s Interests 

 

(a)                                  Duty of Loyalty. During the term of your employment, you will not compete in
any manner, whether directly or indirectly, as a principal, employee, agent or
owner, with Employer, or any affiliate of Employer, except that the foregoing
will not prevent you from holding at any time less than five percent (5%) of
the outstanding capital stock of any company whose stock is publicly traded.

 

(b)                                 Property of Employer. All rights worldwide with respect to any and all
intellectual or other property of any nature produced, created or suggested by
you during the term of your employment or resulting from your services which (i) relate
in any manner at the time of conception or reduction to practice to the actual
or demonstrably anticipated business of Employer, (ii) result from or are
suggested by any task assigned to you or any work performed by you on behalf of
Employer, or (iii) are based on any property owned or idea conceived by
Employer, shall be deemed to be a work made for hire and shall be the sole and
exclusive property of Employer. You agree to execute, acknowledge and deliver
to Employer, at Employer’s request, such further documents, including copyright
and patent assignments, as Employer finds appropriate to evidence Employer’s
rights in such property.

 

(c)                                  Confidentiality. Any confidential and/or proprietary information of Employer
or any affiliate of Employer shall not be used by you or disclosed or made
available by you to any person except as required in the course of your
employment, and upon expiration or earlier termination of the term of your
employment, you shall return to Employer all such information which exists in
written or other physical form (and all copies thereof) under your control.
Without limiting the generality of the foregoing, you acknowledge signing and
delivering to Employer the Activision Employee Proprietary Information
Agreement and you agree that all terms and conditions contained in such
agreement, and all of your obligations and commitments provided for in such
agreement, shall be deemed, and hereby are, incorporated into this agreement as
if set forth in full herein. The provisions of this paragraph shall survive the
expiration or earlier termination of this agreement.

 

(d)                                 Covenant Not to Solicit. After the expiration of the term of this agreement or
earlier termination of your employment pursuant to Paragraphs 10(a) or (b) of
this agreement for any reason whatsoever, you shall not, either alone or
jointly, with or on behalf of others, directly or indirectly, whether as
principal, partner, agent, shareholder, director, employee, consultant or
otherwise, at any time during a period of one (1) year following such
expiration or termination, knowingly offer employment to, or directly or
indirectly solicit the employment or engagement 

 

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of, or otherwise entice away from the employment of
Employer or any affiliated entity, either for your own account or for any other
person firm or company, any person who was employed by Employer or any such
affiliated entity during the term of your employment, whether or not such
person would commit any breach of his or her contract of employment by reason of
his or her leaving the service of Employer or any affiliated entity.

 

10.                               Termination 

 

(a)                                  Employer.
At any time during the term of this agreement, Employer may terminate your
employment under this agreement for your (i) willful, reckless or gross
misconduct, (ii) grossly negligent performance of job responsibilities, or
(iii) conviction of a felony or crime involving dishonesty or moral
turpitude.

 

(b)                                 Employee.
You may terminate your employment under this agreement (and, thereby, forfeit
your right to receive any compensation or benefits under this agreement) (i) upon
any relocation of the place at which you primarily are performing your services
to Employer to a location which is outside Los Angeles County, or (ii) if
Employer elects to not actually use your services and continues to pay your
compensation pursuant to Paragraph 2 above for a period of one hundred twenty
(120) consecutive days.

 

(c)                                  Death or Disability. In the event of your death during the term of this
agreement, this agreement shall terminate and Employer only shall be obligated
to pay your estate or legal representative the salary provided for above to the
extent earned by your prior to your death. In the event you are unable to
perform the services required of you under this agreement as a result of any
disability, and such disability continues for a period of 60 or more
consecutive days or an aggregate of 90 or more days during any 12-month period
during the term of this agreement, then Employer shall have the right, at its
option, to terminate your employment under this agreement. Unless and until so
terminated, during any period of disability during which you are unable to
perform the services required of you under this agreement, your base salary
shall be payable to the extent of, and subject to, Employer’s policies and
practices then in effect with regard to sick leave and disability benefits.

 

(d)                                 Termination of Obligations. In the event of the termination of your employment under
this agreement pursuant to Paragraph 10(a) or (b), all obligations of
Employer to you under this agreement shall immediately terminate.

 

11.                               Use of Employee’s Name 

 

Employer shall have the
right, but not the obligation, to use your name or likeness for any publicity
or advertising purpose.

 

12.                               Assignment 

 

Employer may assign this
agreement or all or any part of its rights under this agreement to any entity
which succeeds to all or substantially all of Employer’s assets (whether by
merger, acquisition, consolidation, reorganization or otherwise) or which Employer
may own substantially, and this agreement shall inure to the benefit of such
assignee. 

 

5

 

13.                               No Conflict with Prior Agreements 

 

You represent to Employer
that neither your commencement of employment under this agreement nor the
performance of your duties under this agreement conflicts or will conflict with
any contractual commitment on your part to any third party, nor does it or will
it violate or interfere with any rights of any third party.

 

14.                               Representations and Warranties 

 

Employee represents and
warrants that he has provided Employer with complete and accurate information
regarding his skills and experience. Employee further represents and warrants
that he has the skills and abilities to perform the job responsibilities for
which he is being hired (see paragraphs 3 and 4, above) based on his skills and
experience. Based on Employee’s representations regarding his skills and
abilities, Employer has agreed to hire and compensate Employee pursuant to the
terms of this agreement.

 

15.                               General Provisions 

 

(a)                                  Entire Agreement. This agreement supersedes all prior or contemporaneous
agreements and statements, whether written or oral, concerning the terms of
your employment with Employer, and no amendment or modification of this
agreement shall be binding unless it is set forth in a writing signed by both
Employer and Employee. To the extent that this agreement conflicts with any of
Employer’s policies, procedures, rules or regulations, this agreement
shall supersede the other policies, procedures, rules or regulations.

 

(b)                                 No Broker.
You have given no indication, representation or commitment of any nature to any
broker, finder, agent or other third party to the effect that any fees or
commissions of any nature are, or under any circumstances might be, payable by
Employer or any affiliate of Employer in connection with your employment under
this agreement.

 

(c)                                  Waiver.
No waiver by either party of any breach by the other party of any provision or
condition of this agreement shall be deemed a waiver of any similar or
dissimilar provision or condition at the same or any prior or subsequent time.

 

(d)                                 Prevailing Law. Nothing contained in this agreement shall be construed so as
to require the commission of any act contrary to law and wherever there is any
conflict between any provision of this agreement and any present or future
statute, law, ordinance or regulation, the latter shall prevail, but in such
event the provision of this agreement affected shall be curtailed and limited
only to the extent necessary to bring it within legal requirements.

 

(e)                                  Expiration.
This agreement does not constitute a commitment of Employer with regard to your
employment, express or implied, other than to the extent expressly provided for
herein. Upon expiration of the term of this agreement, it is the contemplation
of both parties that your employment with Employer shall cease, and that
neither Employer nor you shall have any obligation to the other with respect to
your continued employment. In the event that your employment continues for a
period of time following the term unless and until agreed to in a new 

 

6

 

subscribed written document, such continuation of your
employment shall be “at will,” and may be terminated without obligation at any
time by either party giving notice to the other.

 

(f)                                    Choice of Law.
This agreement shall be governed by and construed in accordance with the laws
of the State of California without regard to conflict of law principles.

 

(g)                                 Immigration.
In accordance with the Immigration Reform and Control Act of 1986, employment
under this agreement is conditioned upon satisfactory proof of your identity
and legal ability to work in the United States.

 

(h)                                 Venue and Jurisdiction. The parties agree that all actions or proceedings initiated
by either party hereto arising directly or indirectly out of this agreement
shall be litigated in federal or state court in Los Angeles, California. The
parties hereto expressly submit and consent in advance to such jurisdiction and
agree that service of summons and complaint or other process or papers may be
made by registered or certified mail addressed to the relevant party at the
address set forth below. The parties hereto waive any claim that a federal or
state court in Los Angeles, California, is an inconvenient or an improper
forum.

 

(i)                                     Severability.
If any provision of this agreement is held to be illegal, invalid or
unenforceable under existing or future laws effective during the term of this
agreement, such provisions shall be fully severable, the agreement shall be
construed and enforced as if such illegal, invalid or unenforceable provision
had never comprised a part of this agreement, and the remaining provisions of
this agreement shall remain in full force and effect and shall not be affected
by the illegal, invalid or unenforceable provision or by its severance from
this agreement. Furthermore, in lieu of such illegal, invalid or unenforceable
provision, there shall be added automatically as part of this agreement a
provision as similar in terms to such illegal, invalid or unenforceable
provision as may be possible and be legal and enforceable.

 

(j)                                     Legal Counsel.
Employee acknowledges that he has been given the opportunity to consult with
legal counsel of his own choosing regarding this agreement. Employee
understands and agrees that Activision’s General Counsel, or any other attorney
or member of management who has discussed any term or condition of this agreement
with him, is only acting on behalf of the company and not on behalf of
Employee.

 

(k)                                  Right to Negotiate. Employee hereby acknowledges that he has been given the
opportunity to participate in the negotiation of the terms of this agreement.

 

(l)                                     Services Unique. You recognize that the services being performed by you under
this agreement are of a special, unique, unusual, extraordinary and
intellectual character giving them a peculiar value, the loss of which cannot
be reasonably or adequately compensated for in damages in the event of a breach
of this agreement by you (particularly, but without limitation, with respect to
the provisions hereof relating to the exclusivity of your services and the
provisions of paragraph 9 of this agreement).

 

(m)                               Injunctive Relief. In the event of a breach or threatened breach of this
agreement, you hereby agree that any remedy at law for any breach or threatened
breach of this agreement will be inadequate and, accordingly, each party hereby
stipulates that the other is entitled to obtain injunctive relief for any such
breaches or threatened breaches. The injunctive relief 

 

7

 

provided for in this paragraph is in addition to, and
is not in limitation of, any and all other remedies at law or in equity
otherwise available to the applicable party. The parties agree to waive the
requirement of posting a bond in connection with a court’s issuance of an
injunction.

 

(n)                                 Remedies Cumulative. The remedies in this paragraph are not exclusive, and the
parties shall have the right to pursue any other legal or equitable remedies to
enforce the terms of this agreement.

 

(o)                                 Attorneys’ Fees And Costs. If either party brings an action to enforce, interpret or
apply the terms of this agreement or declare its rights under this agreement,
the prevailing party in such action, including all appeals, shall receive all
of its or his reasonable attorneys’ fees, experts’ fees, and all of its or his
costs, in addition to such other relief as may be granted.

 

16.                               Notices 

 

All notices which either
party is required or may desire to give the other shall be in writing and given
either personally or by depositing the same in the United States mail addressed
to the party to be given notice as follows:

 

	
   

  	
  To Employer:

  	
   

  	
  3100 Ocean Park Boulevard

  
	
   

  	
   

  	
   

  	
  Santa Monica, California 90405

  
	
   

  	
   

  	
   

  	
  Attention: General Counsel

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  To Employee:

  	
   

  	
  Charles J. Huebner

  
	
   

  	
   

  	
   

  	
  93 Nayatt Road

  
	
   

  	
   

  	
   

  	
  Barrington, RI 02806

  

 

Either party may by written
notice designate a different address for giving of notices. The date of mailing
of any such notices shall be deemed to be the date on which such notice is
given.

 

17.                               Headings 

 

The headings set forth
herein are included solely for the purpose of identification and shall not be
used for the purpose of construing the meaning of the provisions of this
agreement. 

 

8

 

If the foregoing accurately
reflects our mutual agreement, please sign where indicated.

 

	
  ACCEPTED AND
  AGREED TO:

  	
   

  
	
   

  	
   

  
	
  Employer

  	
  Employee

  
	
   

  	
   

  
	
  By: 

  	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
  George Rose

  	
   

  	
  Charles J. Huebner

  
	
   

  	
  Senior Vice President, Business

  	
   

  
	
   

  	
  Affairs and General Counsel

  	
   

  
	
   

  	
   

  
	
  Date: 

  	
   

  	
   

  	
  Date: 

  	
   

  
						

 

9

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