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  Exhibit 10.31  

 
 

COVANCE INC.
  VARIABLE COMPENSATION PLAN
  Effective January 1, 2004    

        1.    Purpose:    The purpose of the Covance Inc. Variable
Compensation Plan (as amended, modified or supplemented, from time to time, the "Plan") is to reward the accomplishments of participating employees of Covance Inc. ("Covance") and its
subsidiaries (collectively, the "Company") in achievement of company performance versus targets. The Plan does not constitute an amendment, supplement or modification of any individual employment
agreement between the Company and an employee. 

        2.    Eligibility:    Variable compensation awards under the Plan may
be made to individuals who are full-time or part-time employees of the Company (including executives of the Company) provided
that: 

        (a)   The
employee is employed with the Company on or before October 1 of the performance year in question; provided,  however, that in the event an individual
commences employment with the Company after October 1 of the performance year in question but otherwise
satisfies the eligibility or performance requirements of the Plan, then a variable compensation award may be made upon the chief executive officer's ("CEO") recommendation. If the employee commences
employment with the Company after January 1 of the performance year in question but before October 1 of such year and otherwise satisfies the eligibility or performance requirements of
the Plan, then such employee's variable compensation award, if any, shall be prorated based on the actual service provided by the employee for the performance year in question based either on time
worked or base pay earned. 

        (b)   In
the case of Individual Contributor employees (as defined in Appendix 2), the employee is employed by the Company on the award payment date and, in the case of
other employees, the employee is employed by the Company both on December 31 of the performance year and on the payment date (usually mid-March of the following calendar year),  provided,
however, that (i) in the event an employee leaves the Company as a result of death or
disability the employee shall be eligible for an award 

 

which
shall be prorated based on actual service provided by the employee for the performance year in question based on time worked or base pay earned in the performance year in question; and
(ii) in the event a Manager/Supervisor or Key Executive employee's employment is terminated by the Company due to a reduction in force between December 31 and the payment date, the
employee shall be eligible for an award. 

        (c)   The
employee is in good standing, not on probation or involved in a formal work improvement program on the payment date; and 

        (d)   The
employee is not eligible to participate in any other Company variable compensation plan, sales compensation plan or other similar plan. 

        3.    Administration/Disputes:    The Compensation and Organization
Committee of the Covance Board of Directors (the "Committee"), consisting of at least two members who qualify as outside directors under applicable Internal Revenue Code and Securities and Exchange
Commission (the "SEC") rules, codes and regulations, shall manage and administer the Plan. No member of the Committee shall be eligible for awards under the Plan. The Committee may adopt such
policies, rules and regulations that it deems necessary for governing, managing or administering the Plan. To the extent consistent with the Company's Amended and Restated Certificate of
Incorporation, no member of the Committee shall be liable for any action or determination with respect to the Plan, and the members shall be entitled to indemnification and reimbursement in the manner
provided in the Company's Amended and Restated Certificate of Incorporation, as amended, modified or supplemented from time to time. In the performance of its functions under the Plan, the Committee
shall be entitled to rely upon information and advice furnished by the Company's officers, accountants, counsel and any party the Committee deems necessary, and no member of the Committee shall be
liable for any action taken or not taken in reliance upon any such advice. Any dispute or disagreement which shall arise under, or as a result of, or pursuant to, this Plan shall be finally determined
by the Committee in its absolute and uncontrolled discretion, and any such determination or any other determination by the Committee under or pursuant to this Plan 

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and
any interpretation by the Committee of the terms of this Plan, shall be final, binding and conclusive on all persons affected thereby. 

        4.    Performance Year:    The plan year is from January 1
through December 31. 

        5.    Performance Targets:    

        (a)    Business Units.    The CEO shall propose for the approval of the Committee the performance targets for each
Business Unit of the Company, including Covance Corporate (see Appendix 1 for a list of units for the 2003 performance year). The performance targets shall be based on pre-bonus
operating margin, or such other financial targets as the Committee shall determine. Corporate HR and Finance shall maintain a copy of the objectives. 

        (b)    Individual Objectives.    The Committee shall approve the objectives for the performance year of the CEO and
the CEO shall approve the objectives of his direct reports, including the Corporate Senior Vice Presidents. In the case of the CEO and his executive management team, including the Corporate Officers,
such objectives shall be based on a variety of performance measures, such as operating margin, and measures of customer satisfaction and operational and people excellence. 

        (c)    Percentage Payout.    The Committee shall establish performance pool percentage payouts setting the percentage
payout level, including the lowest and highest percentage payout that the pool will pay out for actual business unit results against target for each category of employee participating in the Plan. 

        (d)    Bonus Target Percentages.    The Committee shall review bonus target percentages for each category of
participating employee. The target is reflected as a percentage of an employee's base pay earned during the performance year in question (the "Employee Bonus Percentage"). The product of an employee's
base pay earned during the performance year and the applicable Employee Bonus Target Percentage is the "Employee Bonus Target Amount"). 

3

 

        (e)    Performance Assessment Categories.    The CEO shall establish, and the Committee shall review, performance
assessment categories and the impact of such performance assessment on such individuals' variable compensation award, if any, under the Plan. 

        6.    Determination of Business Unit Bonus Pools and Total Bonus
Pool:    The Committee shall certify the Business Units' financial results and approve the amount of the total Bonus Pool before the payment of any variable
compensation under the Plan; provided, however, that for the purpose of determining the awards to
Individual Contributor employees, the CEO shall estimate the Business Unit financial results based on performance through November 30 of the performance year in question. Payout shall be made
to such employees on the basis of such estimates. The total Bonus Pool shall be the aggregate of the bonus pools for all of the Business Units determined in accordance with Section 5. The
Committee shall also determine whether the objectives of the CEO have been satisfied for the performance year in question. The CEO shall assess the performance of his executive management, including
the Corporate Senior Vice Presidents, compared to their applicable objectives for the performance year in question and shall, at the Committee's request, review such assessments with the Committee. 

        7.    Bonus Pool Allocations:    

        (a)    Individual Contributor Awards.    The variable compensation award for Individual Contributor employees shall be
determined by considering the employee's Business Unit's performance compared to its Financial Target, the bonus payout percentage represented by such results (the "Business Unit Target Percentage"),
and the employee's Employee Bonus Target Percentage. 

        (b)    Managers/Supervisors and Key Executive Management.    The variable compensation award for Manager/Supervisor
employees and Key Executive/Executive Management employees shall be determined by considering the employee's Business Unit Target Percentage, the employee's Employee Bonus Percentage and individual
performance assessment; provided, however, that with respect to employees who are not Corporate Vice
Presidents of the Company or higher, the CEO shall have the authority to adjust, after consultation with appropriate members of management, any individual's variable compensation award under the Plan;  provided, further, however, that in no 

4

 

event
shall the aggregate amount of the variable compensation payments to a Business Unit for a performance year exceed such Business Unit's bonus pool. 

        (c)    General Manager Discretionary Awards.    Each Business Unit General Manager and, in the case of Covance
Corporate, the CEO, shall have the discretion and authority to reserve up to 5% of the Business Unit bonus pool or such greater amount as the Committee shall authorize in any performance year (the
"Discretionary Bonus") for any plan participant(s) who is not a Corporate Vice President or higher based on his/her sole and absolute judgment that such individual or entity has made a significant
contribution to the Company's success or for some other important business reason. Such Discretionary Bonus shall not be paid until all other amounts payable under the Plan have been
paid.

        (d)    Special Incentive Pool.    ("SIP") In the event a Business Unit exceeds its performance target, a special
incentive pool shall be established from which additional incentive awards shall be made to Key Executives/Executive Management, provided,  however, that
members of the Global Leadership Council (which shall include the CEO and all Corporate Senior Vice Presidents) and recipients of
performance shares under the Employee Equity Participation Plan during the performance year in question shall not be eligible for awards from the Special Incentive Pool. The SIP will be capped at one
times the unit baseline incentive pool, and no individual will receive an aggregate bonus award greater than his or her annual salary. 

        8.    Adjustments:    

        (a)    Discretionary Adjustments.    The CEO or the Committee, as applicable, may in calculating the amount of the
total Bonus Pool and Bonus Pool for each Business Unit as of the end of the performance year in question and assessing whether the financial targets and objectives, in each case, have been satisfied,
in whole or in part, as applicable, or exceeded on a basis consistent with circumstances existing when such financial targets and objectives, in each case, were established include or exclude, as
applicable, the effect on the financial targets and objectives arising from any acquisition of the stock or assets of any other person or entity, the divestiture of all or any of the Company's
businesses, restructurings, strategic expenditures by Covance 

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identified
to the Covance Board of Directors as such, force majeure events, material litigation, or any other unexpected or unforeseen extraordinary
event or occurrence during the performance year. 

        (b)    Prorations.    In furtherance of the second proviso of Paragraph 7(a), the computation of any individual
variable compensation award to any employee under this Plan (including the CEO and executive management) shall be prorated for the aggregate effect of individual performance assessments that, without
giving effect to such proration, would result in variable compensation awards that would otherwise exceed the amount of the Bonus Pool for any Business Unit for the performance year in question. 

        9.    Payment Dates:    Awards shall be paid no later than
December 31 of the applicable performance year for the Individual Contributor employees and no later than March 15 following the close of the applicable performance year for the
Manager/Supervisors and Key Executive/Executive Management employees. Awards are subject to all applicable tax laws and withholding requirements. 

        10.    Earned Base Pay:    For purposes of the Plan, earned base pay
is defined as the cumulative base salary paid to an employee during the Plan year. Because Individual Contributor awards shall be paid out before the end of the Plan year. Earned base pay will be
defined as cumulative base salary paid up to Mid-November plus an estimated amount of earned base pay for the remainder of the Plan year, using the formula stated below: 

        (Cumulative
Earned Salary) + (Per Pay Period Salary times the # of Pay Periods Remaining in Plan Year) 

        11.    Governing Law; Binding Effect:    THIS PLAN SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW JERSEY (WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS THEREOF) AND ALL QUESTIONS CONCERNING THE VALIDITY AND CONSTRUCTION THEREOF
SHALL BE GOVERNED IN ACCORDNACE WITH THE LAWS OF SAID STATE; PROVIDED, HOWEVER, THAT ALL MATTERS OF
CORPORATE GOVERNANCE AND OTHER CORPORATE MATTERS 

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CONCERNING
DELAWARE CORPORATION SHALL BE GOVERNED BY THE DELAWARE GENERAL CORPORATION LAW. Except as otherwise expressly provided herein, this Plan shall be binding upon and inure to the benefit of
the parties hereto, their legal representatives, successors and assigns. 

        12.    Termination of Employment:    Participation in the Plan does
not create a contract of employment, or grant any employee of the Company the right to be retained in the service of, or otherwise employed by, the Company. Individuals will not receive a variable
compensation award under this Plan for the performance year in which their employment terminates for any reason or no reason or if they are terminated for any reason or no reason prior to the date the
variable compensation is actually paid for the performance year in question, except where otherwise provided in Paragraph 2 hereof. Without limiting the foregoing or Paragraph 2 hereof,
any individual whose
employment is terminated for wrongdoing, including, but not limited to, a violation of the Company's Business Integrity Plan, including the code of conduct, will forfeit all rights to payment under
this Plan. 

        13.    Amendment, Suspension, or Termination:    The Board or
Committee may, at any time, suspend, terminate, waive or amend the Plan (or provisions hereof, as applicable), in such respects as the Board or Committee deems to be in the best interest of the
Company. No amendment will adversely affect any right of any grantee, or his successors in interest, to keep any variable compensation award actually made hereunder before the effective date of the
amendment. Plan deferrals, if any, in effect at the Plan's termination remain in effect according to their original terms. 

        14.    Effective Date:    The Plan will take effect as of
January 1, 2004 and supersedes in its entirety all previous Covance Inc. Variable Compensation Plans, as well as the Covance Way Covance Inc. Variable Compensation Plan, as
amended, effective January 1, 1998, the Covance Inc. Variable Compensation Plan, as amended, and effective January 1, 1997, the Covance Inc. General Employee Variable
Compensation Plan, as amended, and effective January 1, 1997 and the Covance Biotechnology Services Inc. Variable Compensation Plan, as amended, and effective January 1, 1997. 

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Appendix 1  

COVANCE VARIABLE COMPENSATION PLAN BUSINESS UNITS

FOR ACCRUALS AND BONUS POOLS  

	•
	Global
Labs

	•
	Global
Phase I Clinics

	•
	Research
Products

	•
	Labs
Corp Group

	•
	IVRS

	•
	Clinical

	•
	Global
Central Labs

	•
	CCD

	•
	Periapproval
Services

	•
	CHEOS

	•
	IT

	•
	Corporate 

Appendix 2  

Effect of Business Unit

Performance on Individual Payouts  

        Employee categories shall be determined by the General Manager of each Business Unit (except for Key Executive/Executive Management employees who shall be
determined by the Global Leadership Council). Category guidelines and payout percentages are set forth below. 

        Individual Contributor*—generally defined as: 

1.    Clerical,
administrative, support-type positions

2.    For US employees—Non-exempt status

3.    No supervisory responsibilities 

			
	Business Unit Pre-Bonus Operating Margin
 
	 	Percentage Bonus Payout of Target

	 Less than 90% of target
	 	80%
	 90% to 110% of target
	 	100%
	 More than 110% of target
	 	120%
	 	 	 

	*
	Individual performance assessment does not influence payout

        Manager/Supervisor—generally defined as: 

1.    Professional,
managerial and/or technical expertise

2.    For US employees, Exempt status

3.    May have supervisory responsibilities

4.    Employees for whom clear personal objectives are set

5.    Leadership position within the business unit 

			
	Business Unit Pre-Bonus Operation Margin
 
	 	Percentage Bonus Payout of Target**

	 0% to 80% of target
	 	75%
	 100% of target
	 	100%
	 120% of target
	 	125%**
	 	 	 

        Key Executive/Executive Management—Corporate Officers and select senior management employees to be determined annually by the
Global Leadership Council (GLC). 

					
	Business Unit Pre-Bonus Operation Margin
 
	 	Percentage Bonus Payout of Target** ***
	 	Orders Target Multiplier

	 0% to 80% of target
	 	65%	 	+/- 5% for every 1% orders target is
	 100% of target
	 	100%	 	exceeded (or missed) to a maximum of
	 115% or greater of target
	 	125%	 	+/- 25% change in the regular bonus pool
	 	 	 	 	 

	**
	Incremental payout rate between minimum and maximum is linear for the Manager/Supervisor and Key Executive/Executive Management
categories.

	***
	The maximum for Senior Managers is exclusive of any payouts under the Special Incentive Pool.

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COVANCE INC. VARIABLE COMPENSATION PLAN Effective January 1, 2004Exhibit 10.30

 

AMENDMENT NO. 3

TO

SECURED REVOLVING CREDIT AGREEMENT

 

Dated as of December 31, 2003

 

THIS AMENDMENT NO. 3
(this “Amendment”) to the SECURED REVOLVING CREDIT AGREEMENT among MONSTER WORLDWIDE, INC., a Delaware
corporation (“Monster Worldwide”), TMP WORLDWIDE LIMITED (“TMPWL”),
an indirect wholly owned subsidiary of Monster Worldwide organized under the
laws of the United Kingdom, BARTLETT SCOTT EDGAR LIMITED (“BSEL”,
together with TMPWL, the “UK Borrowers”), an indirect wholly owned
subsidiary of Monster Worldwide organized under the laws of the United Kingdom,
the other “Subsidiary Borrowers” party from time to time thereto (each a “Borrower,”
collectively the “Borrowers”), the several banks and other financial
institutions or entities from time to time parties thereto (the “Lenders”),
FLEET NATIONAL BANK, as sole lead arranger and as administrative agent (in such
capacity, the “Administrative Agent”), THE ROYAL BANK OF SCOTLAND PLC,
as syndication agent, and LASALLE BANK NATIONAL ASSOCIATION, as documentation
agent.

 

PRELIMINARY STATEMENT:

 

The Borrowers, the Lenders and the Agents have entered into a Secured
Revolving Credit Agreement dated as of April 7, 2003 (as amended,
supplemented or otherwise modified from time to time, the “Credit Agreement”).  Capitalized terms not otherwise defined in
this Amendment have the same meanings as specified in the Credit
Agreement.  The parties hereto
agree as follows:

 

SECTION 1.               AMENDMENTS TO
CREDIT AGREEMENT

 

1.1                                 Addition
of New Definition of “Bank Guarantee”. 
A new definition of “Bank Guarantee is hereby added to the Credit
Agreement as follows:

 

“Bank
Guarantee”: a guarantee, bond or counter indemnity issued or to be issued
at the request of Monster Worldwide by a Issuing Lender to any other Person.

 

1.2                                 Amendment
to Definition of “Business Day”. 
The definition of “Business Day” is hereby amended by deleting such
definition in its entirety and substituting the following therefor:

 

“Business
Day”: means a day other than Saturday, Sunday or other day on which
commericial banks in New York City are authorized or required by law to close,
provided that (a) when used in connection with a Eurocurrency Loan or for the
issuance of a Bank Guarantee, the term “Business Day” shall also exclude any
day on which banks are not open for dealings in deposits in the applicable
currency in the London interbank market and (b) when used in connection with a
Foreign Currency Loan, the term “Business Day” shall also exclude any day on

 

 

which
banks in (i) the jurisdiction of the account to which the proceeds of such Loan
are to be disbursed and (ii) the jurisdiction in which payments of principal of
and interest on such Loan are to be made are authorized or required by law to
close.

 

1.3                                 Amendment
to Definition of “Foreign Currency”. 
The definition of “Foreign Currency” is hereby amended by deleting such
definition in its entirety and substituting the following therefor:

 

“Foreign
Currency”:  (a) with respect to any
Loan, each of British Pounds Sterling, the Euro and any other currency approved
by the Lenders, Issuing Lender and the Administrative Agent, provided
that, the Eurocurrency Rate applicable to Foreign Currency Loans and UK Foreign
Currency Loans in any other currency approved after the Closing Date may be
amended as agreed by the Lenders, the Administrative Agent and the Borrowers,
(b) solely with respect to any Letter of Credit (other than a Bank Guarantee),
each of British Pounds Sterling, the Euro, Singapore Dollars, Swedish Krona,
Australian Dollars, Canadian Dollars, Czech Republic Koruna, Hong Kong Dollars,
Indian Rupee, Japanese Yen, Malaysian Ringitt, New Zealand Dollars, Swiss
Francs, Thailand Baht and any other currency approved by the Required Lenders
and the applicable Issuing Lender, and (c) solely with respect to any Bank
Guarantee, British Pounds Sterling.

 

1.4                                 Amendment
to Definition of “Permitted Acquisition”. 
The definition of “Permitted Acquisition” is hereby amended by deleting
such definition in its entirety and substituting the following therefor:

 

“Permitted Acquisition”:  the acquisition by the Borrowers or any of
their Subsidiaries of the Capital Stock or assets of another Person which is
primarily engaged in the same or related line of business of the Borrowers and
their Subsidiaries (or any other Person that is engaged in a business that is a
reasonable extension of the business of the Borrowers and their Subsidiaries
and that utilizes the same or similar technology as that used by the Borrowers
and their Subsidiaries immediately prior to such acquisition) so long as
following such acquisition: (i) if such other Person becomes a Domestic
Subsidiary and a Wholly-Owned Subsidiary, such Domestic Subsidiary becomes a
party to the Guarantee and Collateral Agreement pursuant to Section 7.9 of
this Agreement and the provisions of such Section are otherwise satisfied,
(ii) prior to and after giving effect to such acquisition, the Borrowers are in
compliance on a pro-forma historical basis, with all the financial covenants
specified in Section 8 herein as evidenced by a Compliance Certificate in
the form of Exhibit B, and (iii) no Default or Event of Default shall have
occurred and then be continuing or would occur after giving effect to such
acquisition

 

2

 

1.5                                 Amendment
to Definition of “L/C Commitment”. 
The definition of “L/C Commitment” is hereby amended by deleting such
definition in its entirety and substituting the following therefor:

 

“L/C
Commitment”: $50,000,000.

 

1.6                                 Amendment to Section 2.7(a). 
Section 2.7(a) of the Credit Agreement is hereby amended by
deleting such Section in its entirety and substituting the following
therefor:

 

(a)                                  Subject to the terms and conditions hereof, each
Issuing Lender, in reliance on the agreeements of the other Revolving Lenders
set forth in Section 2.10(a), agrees to issue letters of credit and,
solely in the United Kingdom, Bank Guarantees (collectively, “Letters of
Credit”) for the account of Monster Worldwide on any Business Day during
the Revolving Commitment Period in such form as may be approved from time to
time by such Issuing Lender; provided 
that no Issuing Lender shall have any obligation to issue any Letter of
Credit if, after giving effect to such issuance, (i) the L/C Obligations would
exceed the L/C Commitment or (ii) the aggregate amount of the Available
Revolving Commitments would be less than zero. 
Each Letter of Credit (other than a Bank Guarantee) shall (i) be
denominated in Dollars or a Foreign Currency, and (ii) expire no later than the
earlier of (x) the first anniversary of its date of issuance and (y) five
Business Days prior to the Revolving Termination Date, provided that any Letter
of Credit (other than a Bank Guarantee) with a one-year term may provide for
the renewal thereof for additional one-year periods (which, in each case, shall
in no event extend beyond the date referred to in clause (y) above).  Each Bank Guarantee shall (i) be denominated
in British Pounds Sterling, and (ii) expire no later than five Business Days
prior to the Revolving Termination Date.

 

1.7                                 Amendment to Section 8.1(c). 
Section 8.1(c) of the Credit Agreement is hereby amended by
deleting such Section in its entirety and substituting the following
therefor:

 

(c)                                  Net Worth.  Permit, at any time, Net Worth
to be less than $360,000,000 plus 50% of the Consolidated Net Income (if
positive) of Monster Worldwide after April 1, 2003.

 

1.8                                 Amendment to Section 8.5(f)(ii).  The
words “Non-Guarantor” is hereby deleted from Section 8.5(f)(ii) and the
words “(that is not a Borrower)” inserted after the word “Subsidiary” and
before the words “or minority” in Section 8.5(f)(ii).

 

1.9                                 Amendment to Section 8.5(f)(C). 
Section 8.5(f)(C) of the Credit Agreement is hereby amended by
deleting clause (C) of such Section in its entirety and substituting the
following therefor:

 

and (C) (I) at least 80% of the consideration received
in any such Disposition shall be in cash, or (II) at least 50% of the
consideration received in any such

 

3

 

Disposition shall be in cash and the remaining portion
of such consideration is comprised of debt obligations or securities or equity
securities of the acquiring Person; provided, however, that the
foregoing cash consideration requirements of this clause (C) shall not apply to
Dispositions of Property having a fair market value of less than $10,000,000
(each a “De-Minimus  Distribution”), provided  further,
that the aggregate fair market value of all such De-Minimus Distributions
during the term of this Agreement shall not exceed $100,000,000.

 

1.10                           Amendment to Section 8.8(h). 
Section 8.8(h) of the Credit Agreement is hereby amended by
deleting such Section in its entirety and substituting the following
therefor:

 

(h)
subject to Section 8.8(j), Investments consisting of acquisitions of
Capital Stock or assets pursuant to a Permitted Acquisition, provided
that, the aggregate amount of cash consideration (including any debt that is
assumed by the Borrowers in a Permitted Acquisition that is due and payable
immediately upon the consummation of such Permitted Acquisition, less any cash
acquired in such transaction) paid for all such acquisitions shall not exceed
(i) during the fiscal year ending on December 31, 2003, $50,000,000 and
(ii) during the fiscal year ending on December 31, 2004 and for each
subsequent fiscal year thereafter (A) $50,000,000 for such fiscal year or (B)
$75,000,000 for such fiscal year if the Borrowers have a Pro-Forma Net Cash
Balance of no less than $75,000,000 immediately after giving effect to such an
acquisition, plus, in the case of (A) and (B), 75% of the amount of net
cash proceeds generated by Monster Worldwide from the issuance and sale of its
common stock to the public (“Cash Proceeds Basket”); provided
that to the extent that the cash consideration paid for Investments permitted
in this Section 8.8(h), does not fully utilize the Cash Proceeds Basket in
any fiscal year, such unutilized portion of the Cash Proceeds Basket may be
carried forward and utilized in any succeeding fiscal year;

 

1.11                           Amendment to Section 8.8(k). 
Section 8.8(k) of the Credit Agreement is hereby amended by
deleting such Section in its entirety and substituting the following
therefor:

 

(k)                                  intercompany Investments by the Borrowers or any
of their Consolidated Subsidiaries in any Person, that, after such Investment,
is a Non-Guarantor Subsidiary (including, without limitation, Guarantee
Obligations with respect to obligations of any such Non-Guarantor Subsidiary
and Investments resulting from mergers and sales of assets to any such
Non-Guarantor Subsidiary) in an aggregate amount (valued at cost and net of any
amounts which, at any time after the Closing Date, are loaned, dividended or
otherwise paid by such Non-Guarantor Subsidiary to any Borrower or any of their
Consolidated Subsidiaries within one (1) week of such Investment) not to exceed
$15,000,000 at any one time outstanding during the term of this Agreement (and
loans to such Non-Guarantor Subsidiaries in an aggregate amount not to exceed
$50,000,000 at any one time outstanding during the term of this Agreement); provided
that, Investments into a Subsidiary in connection with such Subsidiary making a

 

4

 

Permitted Acquisition permitted pursuant to Section 8.8(h),
shall not be subject to the restrictions of this Section 8.8(k);

 

1.12                           Amendment of Section 8.8(l). 
Section 8.8(l) of the Credit Agreement is hereby amended by
deleting the word “Agreement” at the end of the Section and substituting
the words “Agreement; and” in its place.

 

1.13                           Addition of Section 8.8(m).  A new
Section Section 8.8(m) is hereby added to the Credit Agreement as
follows:

 

(m)                               Investments consisting of auction rate
securities each having a minimum short-term rating of “SP-1” or “A-1” or a
minimum long-term rating of “AA” or equivalent 
by S&P or a minimum short-term rating of “MIG-1” or “VMIG-1” or
“Prime-1” or a minimum long-term rating of “Aa” or equivalent by Moody’s.

 

1.14                           Amendment to Section 9(k). 
Section 9(k) of the Credit Agreement is hereby amended by deleting
such Section in its entirety and substituting the following therefor:

 

(k)                                  (i) any
“person” or “group” (as such terms are used
in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) shall become, or obtain rights (whether by
means or warrants, options or otherwise) to become, the “beneficial owner” (as
defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly or
indirectly, of securities of Monster Worldwide representing 35% or more of the
combined voting power of Monster Worldwide’s then-outstanding voting
securities; provided, however, that Andrew J. McKelvey’s direct
or indirect beneficial ownership of securities representing 35% or more of such
combined voting power, at any time, shall not be a Default or an Event of
Default hereunder; or (ii) the board of directors of Monster Worldwide
shall cease to consist of a majority of Continuing Directors;

 

SECTION 2.               CONDITIONS
TO EFFECTIVENESS

 

2.1                                 Resolutions;
Execution and Delivery.   This
Amendment shall become effective as of the date first above written when, and
only when, the Administrative Agent has received (i) in form and substance
satisfactory to the Administrative Agent, either resolutions of each Borrower
authorizing the execution and delivery of this Amendment (including resolutions
authorizing each Borrower to make requests for Bank Guarantees and to amend the
definition of L/C Commitment) or an opinion of counsel to the Borrowers that
the execution, delivery and performance of this Amendment has been duly
authorized by all necessary corporate action, and (ii) counterparts of this
Amendment executed by each Borrower, each Loan Party, each Issuing Lender and
the Required Lenders.

 

SECTION 3.               REPRESENTATIONS AND
WARRANTIES OF THE LOAN PARTIES

 

Each Loan Party
represents and warrants as follows:

 

5

 

3.1                                 Representations
and Warranties in Credit Agreement. 
Each of the representations and warranties made by any Loan Party in or
pursuant to the Loan Documents are true and correct in all material respects on
and as of the date of this Amendment and after giving effect to this Amendment,
no Default or Event of Default has occurred and is continuing.

 

3.2                                 Corporate
Power and Authority.  Each Loan
Party is duly authorized and empowered to enter into, execute, deliver and
perform this Amendment.  The execution,
delivery and performance of this Amendment has been duly authorized by all
necessary corporate action and do not and will not (i) require any consent or
approval of the shareholders of such Loan Party or any consent or the
authorization of, filing with, notice to or other act by or in respect of, any
Governmental Authority or any other Person (except as specifically contemplated
by the Loan Documents); (ii) contravene any Loan Parties’ charter, articles or
certificate of incorporation or by-laws; (iii) violate, or cause such Loan
Party to be in default under, any provision of any law, rule, regulation,
order, writ, judgment, injunction, decree, determination or award in effect
having applicability to such Loan Party; (iv) result in a breach of or
constitute a default under any indenture or loan or credit agreement, or any
other agreement, lease or instrument to which such Loan Party is a party or by
which it or its Properties may be bound or affected that could reasonably be
expected to have a Material Adverse Effect; or (v) result in, or require, the
creation or imposition of any Lien upon or with respect to any of the
Properties now owned or hereafter acquired by such Loan Party (except as
specifically contemplated by the Loan Documents).

 

3.3                                 Legally
Enforceable Agreement.  This
Amendment is a legal, valid and binding obligation of each Loan Party
enforceable against it in accordance with its respective terms, except as the
enforceability thereof may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally, by general equitable principles (whether
enforcement is sought by proceedings in equity or at law) and an implied
covenant of good faith and fair dealing.

 

3.4                                 No
Liens on Foreign Subsidiary Capital Stock. 
Except as disclosed on Schedule 5.12(a), there are no Liens, encumbrances
or claims by any Person in any of the Capital Stock of any Foreign Subsidiary,
except in favor of the Administrative Agent.

 

SECTION 4.               REFERENCE TO AND
EFFECT TO THE CREDIT AGREEMENT

 

4.1                                 References.                                  On
and after the effectiveness of this Amendment, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import
referring to the Credit Agreement, and each reference in the Notes to “the
Credit Agreement”, “thereunder”, “thereof” or words of like import referring to
the Credit Agreement, shall mean and be a reference to the Credit Agreement, as
amended by this Amendment.

 

4.2                                 Full
Force and Effect.                               The
Credit Agreement, as specifically amended by this Amendment, is and shall
continue to be in full force and effect and are hereby in all respects ratified
and confirmed.

 

6

 

4.3                                 No
Waiver.  The execution, delivery and
effectiveness of this Amendment shall not, except as expressly provided herein,
operate as a waiver of any right, power or remedy of any Lender or the Agents
under the Credit Agreement, nor constitute a waiver of any provision of the
Credit Agreement.

 

SECTION 5.               COSTS AND EXPENSES

 

5.1                                 Payment
on Demand of Costs and Expenses.   Each
Borrower agrees to pay on demand all reasonable costs and expenses of the
Administrative Agent in connection with the preparation, execution, delivery
and administration, modification and amendment of this Amendment and the other
instruments and documents to be delivered hereunder (including, without
limitation, the reasonable fees and expenses of counsel for the Administrative
Agent) in accordance with the terms of Section 11.5 of the Credit
Agreement.

 

SECTION 6.               MISCELLANEOUS

 

6.1                                 Execution
in Counterparts.  This Amendment may
be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute but one and the same
agreement.  Delivery of an executed
counterpart of a signature page to this Amendment by telecopier shall be
effective as delivery of a manually executed counterpart of this Amendment.

 

6.2                                 GOVERNING
LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION 7.                                REAFFIRMATION

 

7.1                                 Subsidiary
Guarantor Reaffirmations.  Each
Subsidiary Guarantor party hereto hereby consents to this Amendment and
acknowledges and reaffirms all of its obligations and undertakings under the
Guarantee and Collateral Agreement to which it is a party.

 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

7

 

IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed and delivered by their proper and duly authorized officers as of the
day and year first above written.

 

	
   

  	
  MONSTER
  WORLDWIDE, INC., as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ David Trapani

  
	
   

  	
   

  	
  Name:

  	
  David
  Trapani

  
	
   

  	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  TMP
  WORLDWIDE LIMITED, as Borrower and

  UK Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew Wilkinson

  
	
   

  	
   

  	
  Name:

  	
  Andrew
  Wilkinson

  
	
   

  	
   

  	
  Title:

  	
  Director

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BARTLETT
  SCOTT EDGAR LIMITED, as

  Borrower and UK Borrower

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anne Riley

  
	
   

  	
   

  	
  Name:

  	
  Anne
  Riley

  
	
   

  	
   

  	
  Title:

  	
  Director

  
						

 

 

[SIGNATURE
PAGE TO AMENDMENT NO. 3]

 

 

	
   

  	
  CAREERBAY.COM
  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Andrew J. McKelvey

  	
   

  
	
   

  	
   

  	
  Name:
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Title: Chairman and CEO of Monster

  Worldwide, Inc., Managing Member

  

 

 

	
   

  	
  CORPORATE
  COMMUNICATIONS INC.

  
	
   

  	
  FASTWEB,
  INC.

  
	
   

  	
  FINAID
  PAGE, INC.

  
	
   

  	
  FLIPDOG
  INC.

  
	
   

  	
  GENERAL
  DIRECTORY ADVERTISING

  
	
   

  	
  SERVICES,
  INC.

  
	
   

  	
  TMP
  ADVERTISING CORP.

  
	
   

  	
  THE
  HAMEL GROUP, INC.

  
	
   

  	
  HIRINGTOOLS.COM,
  INC.

  
	
   

  	
  HUNT
  MARKETING, INC.

  
	
   

  	
  IN2,
  INC.

  
	
   

  	
  INTERFACE
  REALTY, INC.

  
	
   

  	
  M.S.I.
  - MARKET SUPPORT INTERNATIONAL, INC.

  
	
   

  	
  MONSTER
  (CALIFORNIA), INC.

  
	
   

  	
  MONSTER,
  INC.

  
	
   

  	
  MONSTER
  GOVERNMENT SOLUTIONS, LLC

  
	
   

  	
  QUICKHIRE,
  LLC

  
	
   

  	
  INTERNET
  TECHNOLOGIES, INC.

  
	
   

  	
  MONSTER
  WORLDWIDE TECHNOLOGIES, LLC.

  
	
   

  	
  MONSTER.COM
  INC.

  
	
   

  	
  MONSTERMOVING.COM,
  INC.

  
	
   

  	
  MONSTERTRAK
  CORPORATION

  
	
   

  	
  OCC.COM
  INC.

  
	
   

  	
  O’CONNOR
  AGENCY

  
	
   

  	
  PROVIDENCE
  DIRECTORY SOLUTIONS, INC.

  
	
   

  	
  TELEPHONE
  DIRECTORY ADVERTISING, INC.

  
	
   

  	
  TMP
  DIRECTIONAL MARKETING INC.

  
	
   

  	
  TMP
  FOX ACQUISITION CORP.

  
	
   

  	
  TMP
  WORLDWIDE INC.

  
	
   

  	
  TMP.COM
  INC.

  
	
   

  	
  US
  MOTIVATION, INC.

  
	
   

  	
  USMOTIVATION
  PROMOTIONAL SERVICES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Andrew J. McKelvey

  	
   

  
	
   

  	
   

  	
  Name:
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Title:
  President

  
					

 

 

	
   

  	
  FINAID
  PAGE, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Name:
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Title: President, FastWeb,
  Inc., Managing

  Member

  
	
   

  	
   

  	
   

  

 

 

	
   

  	
  TMP
  ADVERTISING SERVICES, L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Andrew J. McKelvey

  	
   

  
	
   

  	
   

  	
  Name:
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Title: President, TMP
  Advertising Corporation,

  General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  TMP
  INTERACTIVE OF NY, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Andrew J. McKelvey

  	
   

  
	
   

  	
   

  	
  Name:
  Andrew J. McKelvey

  
	
   

  	
   

  	
  Title: Chairman and CEO of Monster

  Worldwide, Inc., Managing Member

  
					

 

 

	
   

  	
  FLEET
  NATIONAL BANK, as Administrative

  Agent and as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/

  	
  Thomas
  J. Levy

  
	
   

  	
   

  	
  Name:

  	
  Thomas
  J. Levy

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President

  
					

 

 

	
   

  	
  THE
  ROYAL BANK OF SCOTLAND plc, as

  Syndication Agent and as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/

  	
  Julian
  Dakin

  
	
   

  	
   

  	
  Name:

  	
  Julian
  Dakin

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President

  
					

 

 

	
   

  	
  LASALLE
  BANK NATIONAL ASSOCIATION,

  as Documentation Agent and as a Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/

  	
  Anthony
  M. Buehler

  
	
   

  	
   

  	
  Name:

  	
  Anthony M. Buehler

  
	
   

  	
   

  	
  Title:

  	
  Vice
  President

  
					

 

 

	
   

  	
  BARCLAYS
  BANK PLC, as Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/

  	
  Vince
  Muldoon

  
	
   

  	
   

  	
  Name:

  	
  Vince
  Muldoon

  
	
   

  	
   

  	
  Title:

  	
  Relationship
  Director

  
					

 

 

	
   

  	
  FIFTH
  THIRD BANK, as Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/

  	
  Ann
  Pierson

  
	
   

  	
   

  	
  Name:

  	
  Ann
  Pierson

  
	
   

  	
   

  	
  Title:

  	
  Assistant Vice
  President

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