Document:

Exhibit 10.2

 

MONSTER
WORLDWIDE, INC.

622 THIRD AVENUE

NEW YORK, NY 10017

 

 

September 8, 2005

 

 

Douglas E. Klinger

207 Southeast Road

New Hartford, CT
06057

 

 

Dear Doug:

 

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

 

1.                                       Commencing
September 12, 2005, the Company agrees to employ you and you agree to be
employed by the Company as President - Monster Division North America, with
such duties and responsibilities with respect to the Company and its affiliates
as the Company’s Chief Operating Officer (“COO”) or such other person from time
to time designated by the COO to deal with matters related to this agreement
(the “Designee”) shall reasonably direct. You agree to devote your best
efforts, energies, abilities and full business time, skill and attention to
your duties. You agree to perform the duties and responsibilities assigned to
you to the best of your ability, in a diligent, trustworthy, businesslike and
efficient manner for the purpose of advancing the business of the Company and
its affiliates and to adhere to any and all of the employment policies of the
Company. You agree to relocate to within 40 miles of the Company’s Maynard, MA
location as soon as practicable and acknowledge that prior to that relocation
your primary office shall nevertheless be based at the Company’s Maynard, MA
location. It is understood that during the course of your employment you may
provide volunteer or director services to charitable, civic and educational
organizations, and serve as trustee, director or advisor to any family
companies and trusts of your family, so long as any and all such activities
individually or in the aggregate do not interfere with your obligations to the
Company and its affiliates, including but not limited to obligations under this
agreement, obligations under restrictive covenants contained in the Specified
Option Agreement (defined below) and obligations contained in the
confidentiality agreement of even date herewith.

 

2.                                       In
consideration for your services and other agreements hereunder, during your
employment the Company shall (a) pay you a base salary of $450,000 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 Company’s Board of Directors (the “Compensation
Committee”) under the Company’s 1999 Long Term Incentive Plan (or any similar
or successor plan) and/or the COO or Designee within 90 days of the
commencement of the applicable calendar year period (except that the bonus plan
for balance of calendar year 2005 is dealt with separately below), and (e) provide
you with reimbursement of all reasonable (i) moving and relocation
expenses, (ii) temporary living arrangements, and (iii) commuting
expenses for weekend visits to your New Hartford home, in each case in
accordance with Company policy in connection with the relocation of you and
your family from New Hartford, CT to the Maynard, MA area and your work at the
Company’s Maynard, MA office prior to that relocation, it being understood that
the reimbursements contemplated by clauses (e)(ii) and (e)(iii) shall
be provided for a maximum of 6 months. For your employment from September 12
through December 31, 2005, you will have the opportunity to earn 50% of
the amount which you could have earned as a tier A participant under the 2005
Management Incentive Plan (the “2005 Plan”) had your employment commenced on January 1,
2005 instead of September 12, 2005, it being understood that (x) the
revenue, profit, earnings per share and/or other components, their relative
weighting and your individual performance objectives shall be determined by the
COO or the Designee within 30 days of the commencement of your employment,
subject to the other terms of the 2005 Plan, and (y) in no event shall the
bonus payable to you under the 2005 Plan be less than $100,000 (the “2005
Minimum Bonus”). Additionally, you have been granted options to purchase an
aggregate of 75,000 shares of Company Common Stock subject to the terms and
conditions of the option agreement (the “Specified Option Agreement”) attached
as Exhibit A hereto (the options to purchase 75,000 shares of
Company Common Stock contemplated by the Specified Option Agreement are
sometimes referred to herein as the “Specified Options”). 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), or (y) by you upon written notice for
Good Reason (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 (a) receive
as severance your then applicable base salary hereunder for a period of twelve
months (the “Specified Period”), payable in regular installments

 

2

 

in accordance with the Company’s applicable payroll
practice for salaried employees, (b) during the Specified Period, have the
Company make available to you (and/or pay COBRA premiums on) medical and dental
benefits on the same terms and conditions (including contribution terms) as
would have been made available to you had you remained employed by the Company
during such period, and (c) only with respect to any termination described
in clause (x) or (y) above prior to payment of the 2005 Minimum Bonus, a lump
sum payment of the Minimum Bonus.  Except
as expressly provided in the preceding 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 COO or the Designee that remains
unremedied for a period of twenty (20) days after the COO or the Designee has
given written notice specifying in reasonable detail your failure to perform
such duties or comply with such directions; (ii) your failure to comply
with a material employment policy of the Company that remains unremedied for a
period of twenty (20) days after the COO or the Designee has given written
notice to you specifying in reasonable detail your failure to comply; or (iii) your
commission of (a) a felony, (b) criminal dishonesty or (c) fraud.
“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 the current Maynard, MA offices
of the Company, 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 (i), (ii) or (iii). 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 (i), (ii) or (iii) 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 (x) options to purchase Company
Common Stock which may be granted to you by the Company from time to time
pursuant to written option agreements (including but not limited to the
Specified Options) which have not theretofore expired or been terminated, and
(y) any shares of restricted stock which may be granted to you by the Company
from time to time pursuant to a written stock bonus agreement, shall
automatically and immediately become fully vested. It is understood and agreed
that the Company does not currently anticipate recommending to the Compensation
Committee (i) that you be granted any options to purchase Company Common
Stock other than the Specified

 

3

 

Options, nor (ii) that you be issued any shares
of restricted stock pursuant to a written stock bonus agreement. It is further
understood that the first sentence of this Section 5 is not intended to
cover nor imply the terms and conditions of any long term equity plan for
senior executive officers which may be instituted by the Company, including but
not limited to the effect of any Change in Control on any interests you may
from time to time have under any such plan, it being understood that in the
event any such plan is in fact instituted, the complete terms and conditions
thereof shall be set forth in a separate document and that this agreement shall
have no impact nor bearing on any such terms and conditions. For purposes
hereof, the term “Change in Control” shall be deemed to occur if (1) there
shall be consummated (A) any consolidation, merger or reorganization
involving the Company, unless such consolidation, merger or reorganization is a
“Non-Control Transaction” (as defined below) or (B) any sale, lease,
exchange or other transfer (in one transaction or a series of related
transactions) of all, or substantially all, of the assets of the Company, or (2) the
stockholders of the Company shall approve any plan or proposal for liquidation
or dissolution of the Company, or (3) any person (as such term is used in Section 13(d) and
14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), shall become the beneficial owner (within the meaning of Rule 13d-3
under the Exchange Act) of more than 50% of the combined voting power of the
Company’s then outstanding voting securities other than (a) a person who
owns or owned shares of Class B Common Stock of the Company, (b) pursuant
to a plan or arrangement entered into by such person and the Company, or (c) pursuant
to receipt of such shares from a stockholder of the Company pursuant to such
stockholder’s will or the laws of descent and distribution.  A “Non-Control Transaction” shall mean a
consolidation, merger or reorganization of the Company where (1) the
stockholders of the Company immediately before such consolidation, merger or
reorganization own, directly or indirectly, at least a majority of the combined
voting power of the outstanding voting securities of the corporation resulting
from such consolidation, merger or reorganization (the “Surviving Corporation”),
(2) the individuals who were members of the Board of the Company
immediately prior to the execution of the agreement providing for such
consolidation, merger or reorganization constitute at least 50% of the members
of the Board of Directors of the Surviving Corporation, or a corporation
directly or indirectly beneficially owning a majority of the voting securities
of the Surviving Corporation and (3) no person (other than (a) the
Company, (b) any subsidiary of the Company, (c) any employee benefit
plan (or any trust forming a part thereof) maintained by the Company, the
Surviving Corporation or any subsidiary, or (d) any person who,
immediately prior to such consolidation, merger or reorganization, beneficially
owned more than 50% of the combined voting power of the Company’s then
outstanding voting securities) beneficially owns more than 50% of the combined
voting power of the Surviving Corporation’s then outstanding voting securities.

 

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

 

4

 

and penalties, are
hereinafter collectively referred to as the “Excise Tax”), then you shall be
entitled to receive an additional payment (a “Gross-Up Payment”) in an amount
such that after payment by you of all taxes (including any interest or
penalties imposed with respect to such taxes), including, without limitation,
any income taxes (and any interest and penalties imposed with respect thereto)
and Excise Tax imposed upon the Gross-Up Payment, you retain an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the Company Payments.

 

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

 

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

 

(d)                                 The
Gross-Up Payment or portion thereof provided for in subsection (c) above
shall be paid not later than the thirtieth day following an event occurring
which subjects you to the Excise Tax; provided, however, that if the amount of
such Gross-Up Payment or portion 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

 

5

 

event later than the
ninetieth day after the occurrence of the event subjecting you to the Excise
Tax.

 

(e)                                  If
any controversy arises between you and the Internal Revenue Service or any
state or local taxing authority (a “Taxing Authority”) with respect to the
treatment on any return of the Gross-Up Payment, or of any Company Payment, or
with respect to any return which a Taxing Authority asserts should show an
Excise Tax, including, without limitation, any audit, protest to an appeals
authority of a Taxing Authority or litigation (“Controversy”), (i) the
Company shall have the right to participate with you in the handling of such
Controversy, (ii) the Company shall have the right, solely with respect to
a Controversy, to direct you to protest or contest any proposed adjustment or
deficiency, initiate an appeals procedure within any Taxing Authority, commence
any judicial proceeding, make any settlement agreement, or file a claim for
refund of tax, and (iii) you shall not take any of such steps without the
prior written approval of the Company, which the Company shall not unreasonably
withhold. If the Company so elects, you shall be represented in any Controversy
by attorneys, accountants, and other advisors selected by the Company, and the
Company shall pay the fees, costs and expenses of such attorneys, accountants,
or advisors, and any tax liability you may incur as a result of such payment.
You shall promptly notify the Company of any communication with a Taxing
Authority, and you shall promptly furnish to the Company copies of any written
correspondence, notices, or documents received from a Taxing Authority relating
to a Controversy. You shall cooperate fully with the Company in the handling of
any Controversy by furnishing the Company any information or documentation
relating to or bearing upon the Controversy; provided, however, that you shall
not be obligated to furnish to the Company copies of any portion of your tax
returns which do not bear upon, and are not affected by, the Controversy.

 

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

 

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 COO at Monster, 5 Clock
Tower Place, Maynard, MA 01754 (with a copy to Myron Olesnyckyj, Monster
Worldwide, Inc., 622 Third Avenue, 39th Floor, New York, NY 10017) and in
the case

 

6

 

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.

 

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.  Subject to the foregoing, the terms and
provisions of this agreement shall be binding upon and inure to the benefit of
and be enforceable by the respective heirs, executors, administrators,
successors and assigns of the parties hereto. 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 understandings
and arrangements relating thereto, as well as any previous understandings and
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 Commonwealth of Massachusetts (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.

 

7

 

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

 

	
   

  	
  Very
  truly yours,

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  MONSTER
  WORLDWIDE, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Myron Olesnyckyj

  	
   

  
	
   

  	
  Name:

  	
  Myron
  Olesnyckyj

  	
   

  
	
   

  	
  Title:

  	
  Senior
  Vice President

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Accepted
  and agreed:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
    /s/
  Douglas E. Klinger

  	
   

  	
   

  	
   

  	
   

  
	
  Douglas
  E. Klinger

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
              9/9/05

  	
   

  	
   

  	
   

  
								

 

8Exhibit 10.3

 

As of September 8,
2005

 

 

Mr. Andrew J.  McKelvey

 

 

Dear Andy:

 

The
Employment Agreement between you (“Employee’) and Monster Worldwide, Inc.,
f/k/a TMP Worldwide Inc. (the “Company”), dated as of November 15, 1996,
as amended pursuant to Amendment No. 1 to Employment Agreement dated November 4,
1998, Amendment No. 2 to Employment Agreement dated May 1, 1999,
Amendment No. 3 to Employment Agreement dated May 30, 2002 and
Amendment No. 4 to Employment Agreement dated April 1, 2004
(collectively, the “Employment Agreement”), is hereby amended by this Amendment
No. 5 to Employment Agreement as follows:

 

1.                                       A
new Section 2.5 is added to the Employment Agreement immediately following
Section 2.4 thereof. The new Section 2.5 shall read in its entirety
as follows:

 

“2.5.                        Change
In Control.

 

(a)                                  In
the event of any Change in Control (as defined below), any (i) options to
purchase Common Stock of the Company that may be granted to Employee from time
to time pursuant to written stock option agreements between Employee and the
Company, and (ii) shares of restricted stock that may be granted to
Employee from time to time pursuant to written stock bonus agreements between
Employee and the Company, in each case which have not theretofore vested or
become exercisable, shall automatically and immediately become fully vested and
exercisable. 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.

 

(b)                                 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 Employee (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 2.5) (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 Employee 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 Employee shall be entitled
to receive an additional payment (a “Gross-Up Payment”) in an amount such that
after payment by Employee 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, Employee retain an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the Company Payments.

 

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

 

 

be determined by the
Accountants in accordance with the principles of Section 280G of the Code.

 

(d)                                 For
purposes of determining the amount of the Gross-Up Payment, Employee 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 Employee’s 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.

 

(e)                                  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 Employee 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 Employee 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 Employee to the
Excise Tax.

 

(f)                                    If
any controversy arises between Employee 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 Employee in the handling of
such Controversy, (ii) the Company shall have the right, solely with
respect to a Controversy, to direct Employee to protest or contest any proposed
adjustment or deficiency, initiate an appeals procedure within any Taxing
Authority, commence any judicial proceeding, make any settlement agreement, or
file a claim for refund of tax, and (iii) Employee 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, Employee 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 Employee may incur
as a result of such payment. Employee shall promptly notify the Company of any
communication with a Taxing Authority, and Employee shall promptly furnish to
the Company copies of any written

 

 

correspondence, notices,
or documents received from a Taxing Authority relating to a Controversy.
Employee 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 Employee shall not
be obligated to furnish to the Company copies of any portion of Employee’s tax
returns which do not bear upon, and are not affected by, the Controversy.

 

(g) Employee shall
pay over to the Company, with ten (10) days after receipt thereof, any
refund Employee receive from any Taxing Authority of all or any portion of the
Gross-Up Payment or Excise Tax, together with any interest Employee receive
from such Taxing Authority on such refund. For purposes of this Section 2.5,
a reduction in Employee’s tax liability attributable to the previous payment of
the Gross-Up Payment or the Excise Tax shall be deemed to be a refund. If
Employee 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, Employee
shall pay the amount of such offset over to the Company, together with the
amount of interest Employee 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.”

 

2.                                       The
Employment Agreement, as amended by this Amendment No. 5 to Employment
Agreement, is hereby ratified and confirmed and remains in full force and
effect.

 

Please
sign below to indicate your agreement with the foregoing.

 

 

	
   

  	
  MONSTER
  WORLDWIDE, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/
  Myron Olesnyckyj

  	
   

  
	
   

  	
  Name:  Myron Olesnyckyj

  
	
   

  	
  Title:  Senior Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted
  and Agreed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
      /s/
  Andrew J. McKelvey

  	
   

  	
   

  	
   

  
	
  Andrew
  J. McKelvey

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