Document:

exv10w11

Exhibit 10.11

PLEDGE AGREEMENT

     This Amended and Restated Pledge Agreement (this “Agreement”) is made as of March 19,
2009, by and between PORTRAIT INNOVATIONS HOLDING COMPANY, a Delaware corporation (the “Pledgor”),
and WACHOVIA BANK, NATIONAL ASSOCIATION (the “Lender”), and amends, restates and replaces in its
entirety that certain Amended and Restated Pledge Agreement dated as of October 27, 2008, by and
between the Pledgor and the Lender.

Preliminary Statements

     (a) Pursuant to a certain Promissory Note dated March 19, 2009 (the “Note”), Portrait
Innovations, Inc., a Delaware corporation (the “Issuer”) is indebted to the Lender In the original
principal sum of $17,000,000 (the “Loan”).

     (b) In connection with the Note, the Issuer has executed and delivered to the Lender certain
other documents, certificates and instruments (referred to herein collectively as the “Loan
Documents”).

     (c) The Pledgor owns 100% of the issued capital stock of the Issuer, as described on
Schedule I attached hereto (collectively, the “Pledged Equity Interests”).

     (d) It is a condition precedent to the Lender making the Loan to the Issuer that the Pledgor
enter into this Agreement in order to pledge to the Lender, and to grant to the Lender a valid,
perfected, first priority security interest in, the Pledged Collateral, as more particularly
described below.

     NOW, THEREFORE, to induce the Lender to make the Loan to the Pledgor, and in recognition that
the Lender would not make the Loan to the Issuer but for the Pledgor’s promises hereunder, and for
other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged,
the parties agree as follows:

     1. Pledge. The Pledgor pledges to the Lender, and grants to the Lender, a security interest
in, all of the Pledgor’s right, title and interest in and to the following property, whether such
property or right, title or interest is now owned or existing or hereafter acquired or arising
(collectively, the “Pledged Collateral”):

     (a) the Pledged Equity Interests and all certificates, if any, representing the Pledged
Equity Interests, and all dividends, cash, instruments and other property from time to time
received or receivable or distributed or distributable in respect of or in exchange for all
or any part of the Pledged Equity Interests;

     (b) all additional equity interests, debt interests and other securities of any nature
whatsoever of the Issuer from time to time acquired by the Pledgor with respect to the
Issuer in any manner, and all certificates, if any, representing such additional equity
interests, debt interests or other securities, and all dividends, cash, instruments and
other property from time to time received or receivable or distributed or distributable in
respect of or in exchange for any or all of such membership interests, other equity
interests, debt interests and other securities; and

     (c) all proceeds of each of the foregoing.

     Notwithstanding the foregoing, the Pledged Collateral shall not include any cash
distributed by Issuer to Pledgor, to the extent that such cash distribution is expressly
permitted under the Loan Documents.

Page 1

 

     2. Security for Obligations. This Agreement secures the payment and performance of
(collectively, the “Obligations”): (a) all existing and future obligations of any nature
whatsoever of the Pledgor to the Lender under the Note and the other Loan Documents (in each case
whether for principal, interest (including, without limitation, post-petition interest), fees,
expenses or otherwise); and (b) any replacements, renewals, extensions and any other modifications
of any of the obligations described in subpart (a) above, together with any interest (including,
without limitation, post-petition interest), fees, expenses and other charges thereon, and any
amounts expended by or on behalf of the Lender for the protection and preservation of the security
interest granted herein by the Pledgor to the Lender.

     3. Delivery of Pledged Collateral. All certificates or instruments, if any, representing or
evidencing any of the Pledged Collateral shall be delivered to and held by or on behalf of the
Lender pursuant hereto and shall be in suitable form for transfer by delivery, or shall be
accompanied by duly executed instruments of transfer or assignment in blank, all in form and
substance satisfactory to the Lender. If a Default shall have occurred and be continuing, the
Lender shall have the right, at any time in its discretion and without notice to the Pledgor, to
transfer to or to register In the name of the Lender or any of its nominees any or all of the
Pledged Collateral, subject only to the revocable rights specified in Section 6(a) below.

     4. Representations and Warranties. The Pledgor represents and warrants, as of the date
hereof, that:

     (a) The Pledged Equity Interests represent 100% of the total shareholder interests in
Issuer on the date hereof, on a fully diluted basis. Issuer has no other type or class of
equity interests other than the Pledged Equity Interests.

     (b) The Pledgor is a Delaware corporation.

     (c) The Pledgor is the legal and beneficial owner of the Pledged Collateral free and
clear of any lien, security interest, option or other charge or encumbrance, except for the
security interest created by this Agreement.

     (d) The pledge of the Pledged Equity Interests pursuant to this Agreement creates a
valid security interest in the Pledged Collateral securing the payment of the Obligations.

     (e) The Pledged Equity Interests have been duly authorized and validly issued and are
fully paid and non-assessable.

     (f) No authorization, approval, consent or other action by, and no notice to or filing
with, any person is required either (i) for the pledge by the Pledgor of the Pledged
Collateral pursuant to this Agreement or for the execution, delivery or performance of this
Agreement by the Pledgor, or (ii) for the exercise by the Lender of the voting or other
rights provided for in this Agreement or the remedies in respect of the Pledged Collateral
pursuant to this Agreement.

     5. Further Assurances. The Pledgor agrees that at any time and from time to time, at the
expense of the Pledgor, the Pledgor will promptly execute and deliver all further instruments and
documents, and take all further action, that may be reasonably necessary or desirable, or that the
Lender reasonably may request, in order to perfect and protect any security interest granted or
purported to be granted hereby or to enable the Lender to validly exercise and enforce its rights
and remedies hereunder with respect to any Pledged Collateral.

     6. Voting Rights.

     (a) So long as no Default shall have occurred and be continuing, the Pledgor shall be
entitled to exercise any and all voting and other consensual rights pertaining to the
Pledged Collateral or any part thereof for any purpose not inconsistent with the terms of
this Agreement;

Page 2

 

provided, however, that the Pledgor shall not exercise or refrain from
exercising any such right if, in the Lender’s judgment, such action would have a material
adverse effect on the value of the Pledged Collateral or any part thereof.

     (b) Upon the occurrence and during the continuance of any Default, all rights of the
Pledgor to exercise the voting and other consensual rights which the Pledgor would otherwise
be entitled to exercise pursuant to Section 6(a) above shall cease, and all such rights
shall thereupon become vested in the Lender, who shall thereupon have the sole right to
exercise such voting and other consensual rights.

     7. Transfers and Other Liens; Additional Shares.

     (a) The Pledgor agrees that the Pledgor will not (i) sell or otherwise dispose of, or
grant any option with respect to, any of the Pledged Collateral, or (ii) create or permit to
exist any lien, security interest, or other charge or encumbrance upon or with respect to
any of the Pledged Collateral, except for the security interest granted under this
Agreement;

     (b) The Pledgor agrees that the Pledgor will:

     (i) cause the Issuer not to issue any equity interests, debt interests or other
securities in addition to or in substitution for the Pledged Equity Interests issued
by the Issuer, except to the Pledgor, provided that all such equity interests, debt
interests or other securities are pledged to the Lender pursuant to subpart (ii)
below; and

     (ii) pledge hereunder, immediately upon the Pledgor’s acquisition (directly or
indirectly) thereof, any and all additional equity interests, debt interests or
other securities of the Issuer; and

     (c) The Pledgor agrees that it will engage in no business other than its ownership of
the Pledged Equity Interests.

     8. Lender Appointed Attorney-In-Fact. Upon the occurrence and during the continuance of any
Default, the Pledgor hereby appoints the Lender the Pledgor’s attorney-in-fact, with full authority
in the place and stead of the Pledgor and in the name of the Pledgor or otherwise, from time to
time in the Lender’s discretion to take any action and to execute any instrument which the Lender
may deem necessary or advisable to accomplish the purposes of this Agreement, including, without
limitation, to receive, indorse and collect all instruments made payable to the Pledgor
representing any dividend, interest payment or other distribution in respect of the Pledged
Collateral or any part thereof and to give full discharge for the same.

     9. Lender May Perform. If the Pledgor fails to perform any agreement contained herein, then
the Lender may itself perform, or cause the performance of, such agreement, and the expenses of the
Lender incurred in connection therewith shall be payable by the Pledgor under Section 12 below.

     10. Reasonable Care. The Lender shall be deemed to have exercised reasonable care in the
custody and preservation of the Pledged Collateral in its possession if the Pledged Collateral is
accorded treatment substantially equal to that which the Lender accords its own property, it being
understood that the Lender shall not have any responsibility for (a) ascertaining or taking action
with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any
Pledged Collateral, whether or not the Lender has or is deemed to have knowledge of such matters,
or (b) taking any necessary steps to preserve rights against any parties with respect to any
Pledged Collateral.

Page 3

 

     11. Remedies Upon Default. If any Default shall have occurred and be continuing:

     (a) The Lender may exercise in respect of the Pledged Collateral, in addition to other
rights and remedies provided for herein or otherwise available to it, all the rights and
remedies of a secured party on default under the Uniform Commercial Code (the
“Code”) in effect in the state of North Carolina at that time, and the Lender may
also, without notice except as specified below, sell the Pledged Collateral or any part
thereof in one or more parts at public or private sale, at any exchange, broker’s board or
any of the Lender’s offices or elsewhere, for cash, on credit or for future delivery, and
upon such other terms as the Lender may deem commercially reasonable. The Pledgor agrees
that, to the extent notice of sale shall be required by law, at least 10 days’ notice to the
Pledgor of the time and place of any public sale or the time after which any private sale is
to be made shall constitute reasonable notification. The Lender shall not be obligated to
make any sale of Pledged Collateral regardless of notice of sale having been given. The
Lender may adjourn any public or private sale from time to time by announcement at the time
and place fixed therefor, and such sale may, without further notice, be made at the time and
place to which it was so adjourned. With respect to any of the Pledged Collateral that
consists of securities not registered under the securities laws of the United States or any
state, the Pledgor agrees that it shall be commercially reasonable for the Lender to sell
the Pledged Collateral to a buyer who will represent that such buyer is purchasing solely
for investment and not with a view to the resale or distribution of such securities, or in
such other manner as counsel for the Lender may require to comply with applicable securities
laws.

     (b) Any cash held by the Lender as Pledged Collateral and all cash proceeds received by
the Lender in respect of any sale of, collection from, or other realization upon all or any
part of the Pledged Collateral may, in the discretion of the Lender, be held by the Lender
as collateral for, and/or then or at any time thereafter applied (after payment of any
amounts payable to the Lender pursuant to Section 12 below) in whole or in part by the
Lender against, all or any part of the Obligations in such order as the Lender shall elect.
Any surplus of such cash or cash proceeds held by the Lender and remaining after payment in
full of all the Obligations shall be paid over to the Pledgor or to whomsoever may be
lawfully entitled to receive such surplus.

     12. Expenses. The Pledgor will, upon demand, pay to the Lender the amount of any and all
reasonable costs, fees and other expenses, including the reasonable fees and expenses of its
counsel and of any experts and agents, which the Lender may incur in connection with (a) the
custody or preservation of, or the sale of, collection from, or other realization upon, any of the
Pledged Collateral, (b) the exercise or enforcement of any of the rights of the Lender under this
Agreement or under applicable law, or (c) the failure by the Pledgor to perform or observe any of
the provisions hereof.

     13. Amendments, Waivers. No amendment, rescission, waiver or other modification of any
provision of this Agreement, nor consent to any departure by the Pledgor from the terms hereof,
shall in any event be effective unless the same shall be in writing and signed by the Lender, and
then such amendment, rescission, waiver, modification or consent shall be effective only in the
specific instance and for the specific purpose for which given.

     14. Notices. Any notice or demand shall be deemed to have been sufficiently given for all
purposes of this Agreement (a) if given by registered or certified mail, postage prepaid, return
receipt requested, on the fifth day after the date of mailing or (b) if by national overnight
delivery service, on the next business day, in either case, to the respective addresses set out
below, or at such other addresses as the parties hereto may heretofore have designated in writing:

     If to the Pledgor:

2016 Ayrsley Town Blvd.

Suite 200

Charlotte, North Carolina 28273

Attn.: John Grosso

Page 4

 

     If to the Lender:

Wachovia Bank, National Association

T28, NC0334

301 South Tryon Street

Charlotte, North Carolina 28288

Attn.: Cavan J. Harris

     15. Transfer of Interests. This Agreement (a) shall be binding upon the Pledgor and the
Pledgor’s personal representatives, heirs, successors and assigns, as the case may be, and (b)
shall inure to the benefit of the Lender and its successors, transferees and assigns. Without
limiting the generality of the foregoing clause (b), the Lender may assign or otherwise transfer
its interest in this Agreement to any other person, and such Person shall thereupon become vested
with the benefits in respect thereof granted to the Lender herein or otherwise. Upon the
indefeasible payment in full of the Obligations and the termination of any duty on the Lender’s
part to extend credit to or for the benefit of the Issuer, the Pledgor shall be entitled to the
return, upon the Pledgor’s request and at the Pledgor’s expense, of such of the Pledged Collateral
as shall not have been otherwise applied pursuant to the terms hereof or under applicable law.

     16. Governing Law; Terms. This Agreement shall be governed by the laws of the state of North
Carolina without regard to any choice of law rule thereof giving effect to the laws of any other
jurisdiction.

     17. Miscellaneous. No amendment, rescission, waiver or other modification of any provision of
this Agreement nor consent to any departure by the Pledgor herefrom, shall in any event be
effective unless the same shall be in writing and signed by the party against whom enforcement of
such amendment, waiver, rescission, modification or consent is sought, and then such amendment,
rescission, waiver, modification or consent shall be effective only in the specific instance and
for the specific purpose for which given. The paragraph and section headings herein are solely for
convenience and shall not be deemed to limit or otherwise affect the meaning or construction of any
part of this Agreement. This document shall be construed without regard to any presumption or rule
requiring construction against the party causing such document or any portion thereof to be
drafted. If any provision or provisions of this Agreement shall be unlawful, then such provision
or provisions shall be null and void, but the remainder of the Agreement shall remain in full force
and effect and be binding on the parties. This Agreement may be executed in multiple counterparts
and by different parties thereto. This Agreement may be validly executed and delivered by fax or
other electronic transmission.

[SIGNATURES FOLLOW]

Page 5

 

     IN WITNESS WHEREOF, the parties hereto have executed the Agreement; as of the date first above
written.

	 	 	 	 	 
	 	PLEDGOR:

PORTRAIT INNOVATIONS HOLDING COMPANY,

a Delaware corporation

 	 
	 	By:  	/s/ John Grosso
 	 
	 	 	Name:  	John Grosso 	 
	 	 	Title:  	Chief Executive Officer 	 

Page 6

 

	 	 	 	 	 

	 	 	 	 	 
	 	LENDER:

WACHOVIA BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/s/ Cavan J. Harris
 	 
	 	 	Name:  	Cavan J. Harris 	 
	 	 	Title:  	Senior Vice President 	 

Page 7

 

	 	 	 	 	 

Consent of Issuer

     Portrait Innovations, Inc., a Delaware corporation, the Issuer referred to above, consents to
the Pledgor entering into the above Agreement and agrees that all representations and warranties
contained in Section 4(a), 4(e) and 4(f) above are accurate and complete and are not misleading in
any material respect. Subject to the terms of the Agreement, the lssuer further consents to the
Lender now or hereafter exercising any of its rights or remedies described in the Agreement,
including, without limitation, the Lender’s exercise of any of its voting rights described in
Section 6 above and the Lender’s foreclosure or other disposition of any of the Pledged Collateral
to any Person and that any such Person may succeed to and enjoy all economic, voting and other
rights and benefits held by the Pledgor in respect of the Pledged Collateral prior to such
foreclosure or other disposition. The lssuer further agrees not to issue any equity interests,
debt interests or other securities in addition to or in substitution for any of the Pledged Equity
Interests or other Pledged Collateral, except in compliance with Section 7(b) above. Capitalized
terms used and not defined in this Consent of lssuer shall have the meanings ascribed to them in
the above Agreement. This Consent of Issuer shall be governed by the laws of North Carolina
without regard to any choice of law rule thereof giving affect to the laws of any other
jurisdiction. This Consent of Issuer may be validly executed and delivered by fax or electronic
transmission.

	 	 	 	 	 
	 	PORTRAIT INNOVATIONS, INC., a Delaware 

corporation

 	 
	 	By:  	/s/ John Grosso
 	 
	 	 	Name:  	John Grosso 	 
	 	 	Title:  	President and
Senior Vice President 	 

Page 8

 

	 	 	 	 	 

SCHEDULE I

CAPITAL STOCK

100 Shares of the par value $0.001 per share Common Stock of Portrait Innovations, Inc., a Delaware
corporation

Page 9exv10w40

EXHIBIT
10.40

March 5, 2010

PERSONAL AND CONFIDENTIAL

Mr. Byrne Mulrooney

2301 Vernon Drive

Charlotte, NC 28211

Dear Byrne,

     We are delighted to extend to you this offer of employment with Korn/Ferry International as
CEO, Futurestep effective March 15, 2010 or such other date as may be mutually agreed upon. Verbal
and written acceptance of this offer of employment must be received within two weeks from the date
of this letter or the offer becomes void. The purpose of this letter is to confirm the terms of
this employment offer including responsibilities and reporting relationships, compensation,
employee benefits, and professional requirements.

Base Salary

     Your entry compensation program will be comprised of a monthly base salary of $25,000.00
payable in semi-monthly increments.

Management Stipend

     The firm has agreed to pay you a monthly cash stipend of $8,333.33 that will be paid in equal
semi-monthly increments.

Annual Incentive Award

     You will be eligible for an annual incentive award of up to $800,000 (cash and LTIP) with a
target annual incentive award of $400,000 (cash and LTIP). This award will be based on an
appraisal of your achievements in meeting MBOs, which will be established and agreed upon by you
and Korn/Ferry within ninety (90) days of your date and each year thereafter.

 

 

Mr. Byrne Mulrooney

March 5, 2010

Page 2

Equity

     Management will recommend to the Compensation Committee that you be awarded $400,000 of
restricted shares. This award will be issued effective on the later of your date of hire or the
date it is approved by the Committee and will vest in four installments on the 1st, 2nd,
3rd, and 4th anniversary of the effective date of the grant.

Employee Benefits

     The following paragraphs describe Korn/Ferry’s employee benefit programs as currently
constituted. Please be aware that these programs are subject to change. If they are modified in
the future, you will continue to be eligible for such benefits as are provided to other CEO’s of
the firm.

     As CEO, Futurestep, you will be entitled to ten holidays per year, twenty days vacation, and
fifteen days sick leave. You will also be enrolled in the firm’s group insurance program which
includes life, accidental death and dismemberment, and health benefits.

     Life insurance coverage will be three times your base salary up to
a maximum of $1,500,000. You may also enroll for supplemental employee-paid life insurance
coverage. If you elect this coverage, you will pay the premium cost through payroll deduction.
Your eligibility will take effect 30 days after your first day of employment and your completion of
the enrollment forms.

     You may also participate in the firm’s health benefits plan, which includes medical, dental,
and vision care coverage. Based on the plan you select, your monthly contribution for health
benefits coverage will range from $80 — $280 for the Preferred Provider Plan (PPO) or $50 — $140
for the Health Maintenance Organization Plan (HMO) depending on the number of family members
covered. Your payments will be made through payroll deductions and may be done on a pre-tax basis
if you choose to participate in the Flexible Spending Plan described below.
Your eligibility for health benefits will take effect 30 days after your first day of employment
and your completion of the enrollment forms.

     You will also have the opportunity to enroll in Korn/Ferry’s Flexible Benefit Account Plan.
This is a Section 125 plan by which you may: (1) defer a

 

 

Mr. Byrne Mulrooney

March 5, 2010

Page 3

portion of your income on a pre-tax
basis, (2) pay your contribution for dependent health coverage, (3) be reimbursed for certain
health expenses not covered by insurance, and (4) be reimbursed for dependent (child or elder) care
expenses. You are eligible to enroll in this plan after you have completed 30 days of employment
and have enrolled in the group health plan. If you do not enroll at that time, you must wait until
the annual enrollment in November.

     After you have completed 30 days of employment, the firm will provide you with short-term
disability coverage. This coverage will protect you against loss of income if you are unable to
work because you are disabled due to a non-work related illness or injury. If you become disabled,
this benefit provides 70 percent of your basic weekly salary to a maximum of $2,500 per week for up
to 12 weeks. You would be eligible to receive benefits under this program after you have been
disabled for seven calendar days.

     In addition, you may enroll in the firm’s group long-term disability insurance program which
provides disability benefits of 60 percent of your monthly base salary to a maximum of $10,000 per
month. The monthly premiums for this benefit are based on your salary. If you elect this benefit,
the firm will pay 75 percent of the premium and you will pay the remaining 25 percent through
payroll deduction. Your eligibility for enrollment for long-term disability benefits will take
effect 30 days after your first day of employment.

     As CEO, Futurestep, the firm will also provide you $500,000 in travel accident insurance. You
may also enroll in the firm’s family travel accident insurance program which extends your coverage
to 24 hours, whether traveling for business or pleasure, and provides 24-hour coverage to your
dependents for travel accidents. If you elect this benefit, you will pay the premium cost through
a payroll deduction.

     You may participate in the Korn/Ferry International Employee Tax Deferred Savings Plan which
is a qualified 401(k) plan. Tax-deferred employee contributions can begin on the fiscal quarterly
enrollment period following six
months of employment. You will become eligible for employer contributions on the fiscal quarterly
enrollment date after you have been employed for one year.

     You may also participate in the Korn/Ferry International Employee Stock Purchase Plan. This
plan allows you to purchase Korn/Ferry stock at a discount to fair market value. Through payroll
deductions, you may purchase the

 

 

Mr. Byrne Mulrooney

March 5, 2010

Page 4

stock at price equal to 85% of the fair market at the end of the
offering period. Employee contributions can begin on the first plan enrollment period following six
months of employment. If you do not enroll at that time, you may enroll during any following
enrollment period.

     Your benefits package with enrollment forms and plan descriptions are enclosed in this
envelope. Coverage in Korn/Ferry’s employee benefits programs is dependent upon your timely
completion and our receipt of all forms and materials required for enrollment.

Executive Benefits

     The following paragraphs describe Korn/Ferry’s executive benefit programs as currently
constituted. Please be aware that these programs are subject to change. If they are modified in
the future, you will continue to be eligible for such benefits as are provided to other CEO’s of
the firm.

     On the date you become eligible for the health benefits plan, you will automatically be
enrolled in the Executive Medical Plan. This plan provides you with additional benefit payments,
above those paid under the standard group health insurance, as well as reimbursement for certain
medical services not covered under the group health insurance. Your coverage under this plan will
be a maximum of $2,500 per year. Further information about this program will be provided with your
benefits package.

     You will be eligible to participate in the ECAP plan. This is a non-qualified deferred
compensation plan which allows participants to make pre-tax deferrals of up to 90% of salary and
100% of bonus. Deferrals you make are immediately 100% vested and you have a choice of investment
options. Full details will be provided to you during the next deferral election period. To the
extent permissible under such plan, you may be able to make contributions to the plan
within the first six (6) months of your employment.

     After completing one year of employment, you may also participate in the College Tuition
Program. This partner benefit provides $2,000 per year up to a maximum of $8,000 for each
dependent child enrolled full-time as an undergraduate in an accredited college or university.

 

 

Mr. Byrne Mulrooney

March 5, 2010

Page 5

     As a CEO, you will also receive $450 per month as an automobile allowance.

Professional Requirements

     As part of your employment by Korn/Ferry, we also ask that you provide a detailed description
of your job history and educational background. A form for this purpose is enclosed. The
information you provide concerning past employment and educational history will be verified by the
firm. Your employment is contingent on the accuracy of the information you provide.

     Pursuant to the Immigration and Nationality Act, our firm is required to verify the identity
and employment eligibility of all new hires. In order to comply with this legal obligation, we
must complete an Employment Eligibility Verification Form I-9 within three days of hire. We have
enclosed a Form I-9 for your review. Please note that you will need to provide either (i) one
document from “List A” or (ii) one document from “List B” and one document from
“List C” of the form (see page two of the enclosed I-9 Form). If you anticipate having difficulty
completing the Form I-9 or producing the required documents, please contact me.

     Further, all Korn/Ferry employees are required to review and acknowledge the firm’s Code of
Business Conduct, Code of Business Conduct and Ethics, Non-Harassment and Non-Discrimination
Policy, Information Technology Security Policies and Procedures, Policy Statement Regarding Insider
Trading, Media Contacts, and Securities Analysts, Policy Statement Prohibiting Payments to Foreign
Government Agencies and Officials, Political Parties, Leaders and Candidates, and False Entries in
Books and Records, and the Agreement To Protect Confidential Information which govern all aspects
of our professional practice. Copies of the Codes, Policies and Agreement are enclosed. Your
employment is contingent on your abiding by the provisions of these documents. Please review them
carefully and return the signed acknowledgment forms with your acceptance of this offer.
Please keep the Codes and Policies as well as a copy of the Agreement to Protect Confidential
Information for your personal files.

 

 

Mr. Byrne Mulrooney

March 5, 2010

Page 6

Business Information and Non-Competition

     Please review the following clause with care. In accepting this offer of employment with
Korn/Ferry, you are making a personal commitment to adhere to the provisions set forth below.

     In consideration of your employment by Korn/Ferry International, you agree that during the
term of your employment, except as necessary to carry on the business of the Corporation, and after
the expiration of your employment, you shall not, directly or indirectly, use or disclose to any
person, firm, or corporation, any candidate list, personal histories or resumes, employment
information, business information, customer lists, business secrets or any other information not
generally known in the industry concerning business or policies of the firm, including, but not
limited to the firm’s list of clients or placement candidates.

     You further agree that during the term of your employment, and for the two year period
immediately subsequent to the expiration of your employment, you will not directly or indirectly
(as owner, principal, agent, partner, officer, employee, independent contractor, consultant,
stockholder or otherwise) (1) solicit or accept any executive search assignment from, or otherwise
attempt to provide services then provided by the firm to, any existing client of the firm or its
subsidiaries or affiliates or any person who has been a client of the firm or its subsidiaries or
affiliates during the preceding two years, (2) solicit for employment or otherwise attempt to
engage the services of any employee of the firm or its subsidiaries or affiliates. The term
“client” as used in this clause shall mean only clients as to which you, at any time during the
three years preceding termination of employment, contacted or engaged in activities on behalf of
the firm.

Acceptance of Employment

     You understand that your employment with Korn/Ferry International is an employment “at will”
and this arrangement may be altered only in writing by the Vice President of Human Resources of
Korn/Ferry International.

     Upon your acceptance of this offer of employment, please acknowledge your agreement with the
terms set forth in this letter by signing in the designated space below. A copy of this letter is
enclosed for your records.

 

 

Mr. Byrne Mulrooney

March 5, 2010

Page 7

     Please also complete and sign the enclosed documents and return them to me with your signed
letter:

	 	•	 	Personnel Information Form (Section A)
	 
	 	•	 	Employment and Education History Form
	 
	 	•	 	I-9 Form
	 
	 	•	 	W-4 Form
	 
	 	•	 	Employee Authorization for Automatic Deposits Form (optional)
	 
	 	•	 	Diners Club Corporate Card Application
	 
	 	•	 	Agreement To Protect Confidential Information
	 
	 	•	 	Non-Harassment/Non-Discrimination...: Acknowledgement Form
	 
	 	•	 	Code of Business Conduct: Acknowledgment Form
	 
	 	•	 	Code of Business Conduct and Ethics: Acknowledgement Form
	 
	 	•	 	Insider Trading Policy: Acknowledgment Form
	 
	 	•	 	Policy Statement Prohibiting ...: Acknowledgment Form
	 
	 	•	 	IT Security Policies and Procedures: Acknowledgment Form
	 
	 	•	 	Business Travel and Expense Reporting: Acknowledgement Form

     I look forward to your joining us and to your success with Korn/Ferry International. If you
have any questions, please don’t hesitate to call me.

	 	 	 	 	 
	 	Sincerely,

Gary D. Burnison

Chief Executive Officer

 	 
	 	 	 
	 	 	 
	 	 	 

	 	 	 	 	 

ACCEPTED:

					
	 	 	 	 	 
	/s/ Byrne Mulrooney

 

Byrne Mulrooney
	 	/s/ Gary D. Burnison

 

Date

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