Document:

AMENDMENT NO. 3 TO CREDIT AGREEMENT

EXHIBIT 10.01 
 
EXECUTION COPY 
 
AMENDMENT NO. 3 
to 
CREDIT AGREEMENT 
 
THIS AMENDMENT NO. 3 TO CREDIT AGREEMENT (the “Amendment”) is dated as of April 29, 2003 by
and among HEIDRICK & STRUGGLES INTERNATIONAL, INC. (the “Borrower”), the financial institutions listed on the signature pages hereof (the “Lenders”), and JPMORGAN CHASE BANK, as Administrative Agent (the
“Administrative Agent”), under that certain Credit Agreement dated as of December 28, 2001 by and among the Borrower, the financial institutions party thereto, and the Administrative Agent (as amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”). Defined terms used herein and not otherwise defined herein shall have the meaning given to them in the Credit Agreement. 
 
WITNESSETH 
 
WHEREAS, the Borrower, the Lenders and the Administrative
Agent are parties to the Credit Agreement; and 
 
WHEREAS, the Borrower has requested that the Administrative Agent and the requisite number of Lenders under Section 9.02 of the Credit Agreement amend the Credit Agreement on the terms and conditions set forth herein; and

 
WHEREAS, the Borrower, the requisite number of
Lenders under Section 9.02 of the Credit Agreement, and the Administrative Agent have agreed to amend the Credit Agreement on the terms and conditions set forth herein; 
 
NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein,
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed to the following amendments to the Credit Agreement: 
 
1. Amendments to the Credit Agreement. Effective as of March 31, 2003 and subject to the satisfaction
of the conditions precedent set forth in Section 2 below, the Credit Agreement is hereby amended as follows: 
 

	 	1.1.	 	Article I of the Credit Agreement is amended to add two new definitions thereto which shall read as follows: 

 
“Unadjusted EBITDA” means
Consolidated Operating Income plus, (i) Consolidated Interest Income, (ii) depreciation, (iii) amortization and (iv) Designated Charges but only to the extent incurred on or before the Borrower’s 
 

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fiscal quarter ended December 31, 2002, all calculated for the Borrower and its
Subsidiaries in accordance with GAAP on a consolidated basis. 
 
“Pricing Ratio” means, for any period the same is to be determined, the ratio determined as of the end of each of the Borrower’s fiscal quarters for the applicable measurement
period ending with the end of such fiscal quarter, of (i) Unadjusted EBITDA to (ii) Consolidated Interest Expense plus Consolidated Capital Expenditures, all calculated for the Borrower and its Subsidiaries on a consolidated basis

 

	 	1.2.	 	The definition of “Applicable Rate” appearing in Article I of the Credit Agreement is amended and restated in its entirety to read as follows:

 
“Applicable Rate” means, for any day, with respect to any ABR Loan or Eurocurrency Revolving Loan, or with respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth
below under the caption “ABR Spread”, “Eurocurrency Spread” or “Facility Fee Rate”, as the case may be, based upon the Pricing Ratio as reflected in the then most recently delivered Financials but subject to the
following: 
 

	 Pricing Ratio:

	    	 ABR Spread

	    	 Eurocurrency Spread

	    	 Facility Fee Rate

	 Category 1: Less than 1.75:1.00
	    	 0.25%
	    	 1.25%
	    	 0.50%

	 Category 2: Greater than or equal to 1.75:1.00 but less than 2.50:1.00
	    	 0.125%
	    	 1.125%
	    	 0.375%

	 Category 3: Greater than or equal to
2.50:1.00
	    	 0%
	    	 1.000%
	    	 0.25%

 
For purposes of the foregoing, 
 

	 	(i)	 	the Pricing Ratio shall be determined by calculating Unadjusted EBITDA, Consolidated Interest Expense and Consolidated Capital Expenditures for the same period
required for determining the Fixed Charge Coverage Ratio as of such fiscal quarter under Section 6.12.2; 

 

	 	(ii)	 	if the Borrower fails to deliver the Financials to the Administrative Agent at the time required pursuant to Section 5.01, then the Pricing Ratio shall be deemed to
be Category 1 above until five Business Days after such Financials are so received; 

 

	 	(iii)	 	adjustments, if any, to the Applicable Rate shall be effective five Business Days after the Administrative Agent has received the applicable Financials (it being
understood and agreed that each change in the Applicable Rate shall apply during the period commencing on the effective date of such 

 

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change and ending on the date immediately preceding the effective date of the next such change); and 

 

	 	(iv)	 	each determination of the Applicable Rate made by the Administrative Agent in accordance with the foregoing shall be conclusive and binding on the Borrower and each
Lender if reasonably determined. 

 

	 	1.3.	 	The definition of “Designated Charges” appearing in Article I of the Credit Agreement is amended by deleting the reference to
“$105,000,000” appearing therein and substituting “$120,000,000” in lieu thereof. 

 

	 	1.4.	 	Section 5.01(d)(ii) of the Credit Agreement is amended and restated to read as follows: “(ii) setting forth reasonably detailed calculations computing
the Pricing Ratio and demonstrating compliance with Sections 6.01(e), 6.01(f), 6.01(h), 6.01(j), 6.04, 6.06, 6.10, 6.11 and 6.12 including, in the case of Section 6.01(j), a detailed description and amounts of any and all Excess Debt then
outstanding, and”. 

 

	 	1.5.	 	Section 6.12.1 of the Credit Agreement is amended and restated to read as set forth below: 

 
SECTION 6.12.1. Minimum Consolidated
EBITDA. The Borrower will not permit at any time Consolidated EBITDA, determined as of the end of each of its fiscal quarters set forth below for the applicable measurement period set forth below ending with the end of such fiscal quarter to be
less than the applicable amount set forth below: 
 

	 Fiscal Quarter Ending

	    	 Measurement Period Then Ending

	    	 Consolidated EBITDA Shall Not Be Less Than:

	 March 31, 2003
	    	 4 fiscal quarters
	    	 $23,000,000

	 June 30, 2003
	    	 4 fiscal quarters
	    	 $23,000,000

	 September 30, 2003
	    	 4 fiscal quarters
	    	 $25,000,000

	 December 31, 2003
	    	 4 fiscal quarters
	    	 $35,000,000

	 March 31, 2004 and each
 fiscal quarter thereafter
	    	 4 fiscal quarters
	    	 $45,000,000

 

	 	1.6.	 	Section 6.12 of the Credit Agreement is amended to add a new Section 6.12.6 thereto which shall read as follows: 

 
SECTION 6.12.6. Minimum Cash. The
Borrower will at all times maintain its cash balances in an aggregate amount not less than $50,000,000. 
 

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2. Conditions of Effectiveness. The effectiveness of this Amendment is subject to
the conditions precedent that the Administrative Agent shall have received (a) duly executed signature pages to this Amendment from the Borrower, the requisite number of Lenders under Section 9.02 of the Credit Agreement, and the
Administrative Agent and (b) for the ratable account of each Lender party hereto, an amendment fee in an amount equal to 0.10% of such Lender’s Commitment. 
 
3. Representations and Warranties of the Borrower. 
 
(a) The Borrower hereby represents and warrants that this
Amendment and the Credit Agreement, as previously executed and as amended hereby, constitute legal, valid and binding obligations of the Borrower and are enforceable against the Borrower in accordance with their terms (except as enforceability may
be limited by bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally). 
 
(b) Upon the effectiveness of this Amendment and after giving effect hereto, the Borrower hereby (i) reaffirms all covenants,
representations and warranties made in the Credit Agreement as amended hereby, and agrees that all such covenants, representations and warranties shall be true and correct as of the effective date of this Amendment (unless such representation and
warranty is made as of a specific date, in which case such representation and warranty shall be true and correct as of such date) and (ii) certifies to the Lenders and the Administrative Agent that no Default or Event of Default has occurred and is
continuing. 
 
4. References to the Credit
Agreement. 
 
(a) Upon the effectiveness of
Section 1 hereof, on and after the date hereof, each reference in the Credit Agreement (including any reference therein to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import
referring thereto) or in any other Loan Document shall mean and be a reference to the Credit Agreement as amended hereby. 
 
(b) Except as specifically amended above, the Credit Agreement and all other documents, instruments and agreements executed and/or
delivered in connection therewith, shall remain in full force and effect, and are hereby ratified and confirmed. 
 
(c) 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 the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith. 
 
5. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 

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6. Headings. Section headings in this Amendment are included herein for convenience
of reference only and shall not constitute a part of this Amendment for any other purpose. 
 
7. Counterparts. This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts and all of said counterparts taken together shall be deemed
to constitute one and the same instrument. 
 
[REMAINDER OF PAGE INTENTIONALLY BLANK] 
 

5 

IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first
above written. 
 

	 HEIDRICK & STRUGGLES INTERNATIONAL, INC., as the Borrower

	
	 By:
	 	 /S/    K. J. ASHLEY

	 Name: K. J. ASHLEY
 Title: TREASURER

 

	 JPMORGAN CHASE BANK, individually and as Administrative Agent

	
	 By:
	 	 
	 	 	

	 Name:
 Title:

 

	 LASALLE BANK NATIONAL ASSOCIATION

	
	 By:
	 	 
	 	 	

	 Name:
 Title:

 

	 THE NORTHERN TRUST COMPANY

	
	 By:
	 	 
	 	 	

	 Name:
 Title:

 
SIGNATURE PAGE TO AMENDMENT NO. 3 TO CREDIT AGREEMENT 

IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first
above written. 
 

	 HEIDRICK & STRUGGLES INTERNATIONAL, INC., as the Borrower

	
	 By:
	 	 
	 	 	

	 Name:
 Title:

 

	 JPMORGAN CHASE BANK, individually and as Administrative Agent

	
	 By:
	 	 /S/    ANGELA
ROKKOS

	 Name: Angela Rokkos
 Title: VP

 

	 LASALLE BANK NATIONAL ASSOCIATION

	
	 By:
	 	 
	 	 	

	 Name:
 Title:

 

	 THE NORTHERN TRUST COMPANY

	
	 By:
	 	 
	 	 	

	 Name:
 Title:

 
SIGNATURE PAGE TO AMENDMENT NO. 3 TO CREDIT AGREEMENT 

IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year First
above written. 
 

	 HEIDRICK & STRUGGLES INTERNATIONAL, INC., as the Borrower

	
	 By:
	 	 
	 	 	

	 Name:
 Title:

 

	 JPMORGAN CHASE BANK, individually and as Administrative Agent

	
	 By:
	 	 
	 	 	

	 Name:
 Title:

 

	 LASALLE BANK NATIONAL ASSOCIATION

	
	 By:
	 	 /S/    AMY B.
YORE

	 Name: Amy B. Yore
 Title: Assistant Vice President

 

	 THE NORTHERN TRUST COMPANY

	
	 By:
	 	 
	 	 	

	 Name:
 Title:

 
SIGNATURE PAGE TO AMENDMENT NO. 3 TO CREDIT AGREEMENT 

IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first
above written. 
 

	 HEIDRICK & STRUGGLES INTERNATIONAL, INC., as the Borrower

	
	 By:
	 	 
	 	 	

	 Name:
 Title:

 

	 JPMORGAN CHASE BANK, individually and as Administrative Agent

	
	 By:
	 	 
	 	 	

	 Name:
 Title:

 

	 LASALLE BANK NATIONAL ASSOCIATION

	
	 By:
	 	 
	 	 	

	 Name:
 Title:

 

	 THE NORTHERN TRUST COMPANY

	
	 By:
	 	 /S/    MICHELE L.
ROSENBAUM

	 Name: Michele L. Rosenbaum
 Title: Vice President

 
SIGNATURE PAGE TO AMENDMENT NO. 3 TO CREDIT AGREEMENTEMPLOYMENT AGREEMENT OF JOCELYN A. DEHNERT

EXHIBIT 10.02 
 
March 14, 2003 
 
PERSONAL AND CONFIDENTIAL 
 
Jocelyn A. Dehnert 
114 New South Head Road 
Vaucluse, NSW 2030 
 
Dear Jocelyn, 
 
We are delighted to confirm your new assignment as Regional Managing Partner, Northern Europe based out of Heidrick & Struggles London. For this assignment, you will report to the Chief Executive Officer, Heidrick & Struggles
International, Inc. You agree to devote your full business time, skill and attention to the faithful and diligent performance of your responsibilities as assigned from time to time in accordance with the policies of Heidrick & Struggles, Inc.

 
This assignment is conditional upon your having all of the
appropriate work papers necessary to work in the U.K. Detailed below are the principal terms and conditions of your transfer. 
 
It is the Company’s intention that this assignment will last no more than three years. At the end of your assignment, the company shall make its best
efforts to reassign you to another mutually agreed position within the organization. 
 
We will support you in your new role by providing you with the following compensation and benefits assistance. Please contact the CHRO International to coordinate support for the services noted below. 
 
Please be advised that this document is a summary of the terms and conditions
of your International assignment. Any element not specifically mentioned below will be determined in accordance with the Heidrick & Struggles International, Inc. International Relocation Program, which is subject to change without notice.

 

	

	1.	 	Employment—You will commence your assignment effective September 1, 2002 assuming that you have obtained legal authorization to work in
London. 

 

	2.	 	Salary—As consideration for your services, the Company will pay and you agree to accept a base salary of US$475,000 per annum. Your
base salary shall be payable in accordance with the Company’s salary payment policies and shall be subject to payroll deductions as required by law and as appropriate under the Company’s payroll procedures applicable to employees of your
level. 

 

	3.	 	HSII Compensation Programs—While on assignment you will continue to participate in the Performance Share Program at your current
Target Award for 2002 of 20,000 Performance Shares, and in Tier I of the Company’s Management Incentive Program with a Tier Target Bonus of $475,000. With respect to Consultant Fee/SOB compensation, you will be subject to the Tier guidelines
applicable to your assignment location. Fee/SOB compensation for 2002 will be prorated in accordance with your current and new Tier guidelines, based on your actual transfer date. 

J. Dehnert 
March 14, 2003 
 Page
 2
 
 
 

	4.	 	Assignment–Related Components  

 

	 	a)	 	Social Security—To the extent allowable by law, you will remain in the Social Security system of Australia for both your personal and Company
contributions. Should continued participation not be possible, the Company will work with you to determine a mutually agreeable alternative. 

 

	 	b)	 	Benefits—While on assignment the Company will provide you with health and life insurance through its U.K. benefits program. To the extent
permissible, you will remain in your Australian Pension Plan. To the extent continued participation is not possible, the Company will work with you to determine a mutually agreeable alternative. 

 

	 	c)	 	Housing Allowance—The Company will provide you with a suitable housing allowance in London, up to A$481,481 (or £169,000 based on an
exchange rate of A$ = £0.351) per annum. This is the differential between the cost of providing housing and utilities in London versus Sydney. As is customary, the lease may be in the name of the Company and the Company may choose to pay the
rent directly on your behalf. At the end of any lease, reasonable and customary costs associated with restoring your accommodations in London to their original state shall be borne by the Company. Any excessive damage will be for your account. The
cost of any housing in excess of £169,000 will be for your account. 

 

	 	d)	 	Cost of Living Allowance—You will be provided an initial cost of living allowance of A$150,923 (or £52,974 based on an exchange rate
of A$ = £0.351) per annum paid pursuant to the Company’s regular payroll practices. Payment will commence once you move into your residence in London. This amount will be reviewed and if necessary, adjusted upward or downward
semi-annually based on information provided by the Company’s consultants (e.g., new survey data, currency fluctuations of greater than 5%, etc.). 

 

	 	e)	 	Home Leave—While on assignment, you will be provided with four weeks home leave and reimbursement for one round-trip airfare per year
(business class) between London and Sydney for you and your family. 

 

	 	f)	 	Automobile—The Company will provide you with the use of a car during the assignment. Within certain guidelines, you are entitled to choose
the make and model. 

 
The
car will be provided under an agreement with a finance company. Should you cease to be employed by the Company, for whatever reason, you will be responsible for any costs incurred to cancel the agreement or for transferring it to any new employer.
All reasonable and customary costs (e.g., insurance, petrol, maintenance etc.) will be reimbursed in full by the Company. 

J. Dehnert 
March 14, 2003 
 Page
 3
 
 

	 	g)	 	Education—The Company will reimburse you for any incremental tuition costs associated with providing your eligible dependents with a level
of education consistent to that which they were accustomed to in Sydney.  

 

	 	h)	 	Club Membership—The Company will pay the initiation fee and periodic membership dues for one business club, subject to the prior approval
by the CEO or CHRO. Such membership will be used primary for business purposes and may be cancelled or transferred at any time at the sole discretion of Heidrick & Struggles International, Inc. 

 

	5.	 	Change in Control Severance Plan—You will continue to be eligible for the enhanced severance benefits of this Plan in accordance with your
executed Participation Schedule and Restrictive Covenants Agreement. 

 

	6.	 	Taxes 

 

	 	a)	 	Taxes—The intent of this letter is to tax equalize you to Australia on sums remitted to the UK. We will agree with you an estimate of your
UK work days compared to total work days for each tax year. We will then apply to the Inland Revenue to account for UK tax on the estimated UK portion of your salary. You will be tax equalized on this UK element. The gross element of any non-UK
amount will not be subject to tax equalization and subject to your remaining resident but not ordinarily resident in the UK, will not attract UK tax either. We will work with our tax advisors to establish the appropriate requests to the Inland
Revenue to put these arrangements into place. 

 
You will be responsible for the taxes on your personal income (i.e.; investment and spousal income). 
 
Please make note that equity income is specifically excluded from tax equalization. Therefore, if you choose to exercise stock options or
receive restricted stock while on assignment, any worldwide taxes generated as a result will be your sole responsibility. Before you decide to exercise any such income, please be sure to contact the Chief Human Resources Officer, International so
that we can work with you to identify all tax implications. 
 
The Company will pay all incremental tax liabilities associated with the International allowances and the relocation expenses paid to you or on your behalf as a result of your assignment in London. Complete details of the
International tax program may be obtained from the Chief Human Resources Officer, International. 
 

	 	b)	 	Tax Preparation Fees—The Company will pay the costs of a tax consultant to prepare your tax return for the U.K. as well as for Australia. You will
be responsible for any fees incurred as a result of your failure to provide documentation to our tax advisor. Any services that reach beyond your income tax preparation will be for your own account. Ensure proper authorization is obtained.

J. Dehnert 
March 14, 2003 
 Page
 4
 
 

	7.	 	Relocation Expenses  

 

	 	a)	 	Moving of Household Goods—All reasonable costs associated with your relocation will be billed to the Company. These costs include those
associated with packing, insuring, shipping and delivering your household and personal goods from Sydney to the U.K., subject to the weight limitations as defined in the Heidrick & Struggles International Inc., International Relocation Program.

 
Please note that the delivery of
your goods cannot occur until working papers and proper visas are in place. Additionally, it typically takes 4 to 6 weeks to ship goods. The Company will pay the cost of a small air shipment, per guidelines, to bring those goods you need immediately
on your arrival that cannot be taken with you on the plane. The policy will cover up to 1,000 pound maximum per family. Company policy does not cover the shipment of automobiles. 
 

	 	b)	 	House Hunting Trip—The Company will pay the cost of airfare for up to two pre-assignment visits that you and your spouse may make to London
for house hunting purposes. Neither trip may exceed five nights. In addition, the Company will reimburse all reasonable and customary transportation, dining and lodging expenses. All travel expenditures should follow the appropriate guidelines as
set forth in the Company’s business travel policy. 

 

	 	c)	 	Temporary Living—The Company will pay for temporary living arrangements from the time of your departure from Sydney until you secure
permanent accommodations in London for up to 30 days or until your household goods are delivered to your permanent residence. In addition, the Company will also reimburse all reasonable and customary transportation, dining and lodging expenses for
you and your family during this period of temporary living. 

 

	 	d)	 	Final Move Expenses—The Company will pay the cost of airfare, transportation, lodging and meal expenses for your family to relocate from
Sydney to the U.K. Again, all travel expenditures should follow the appropriate guidelines as set forth in the Company’s business travel policy. 

 

	 	e)	 	Relocation Allowance—To cover incidental moving expenses, you will receive a net payment of US$25,000. Incidental moving expenses include
disconnecting and reinstalling appliances, shipment of special items, purchase of needed electronics, window treatments, wallpaper, etc. This moving allowance will be paid to you as soon as possible following receipt of your signed letter agreement.

 

	 	f)	 	Brokers Fee—The Company will reimburse you for any fees charged by a broker/agent in London associated with securing a new permanent
residence. 

J. Dehnert 
March 14, 2003 
 Page
 5
 
 

	 	g)	 	Rental Property Management—Should you choose to rent your home in Australia, the Company will pay for a management company (if one is
available) to manage the home during your assignment. These costs include a broker’s commission to find a suitable tenant, property management fees, inventory checks and legal fees associated with securing a tenant. These fees explicitly do not
include maintenance, repairs or improvements. 

 
Because this assignment is temporary in nature, the Company will not assist in any way in selling your home country residence nor will the Company reimburse any costs incurred in doing so. In addition, any tax costs, both home &
host country, resulting from the sale of your home will be your responsibility. 
 

	 	h)	 	Immigration—The Company will assist you with getting the appropriate visas and working papers at no cost to you. Please remember that in
order to work in the U.K., you must have the appropriate papers evidencing your eligibility to work. Your actual start date will be determined by the timing of your visa. Please contact the CHRO, International who will direct you to the appropriate
source for assistance with this matter. 

 

	 	i)	 	Reimbursement of Relocation-Related Expenses—All out-of-pocket relocation related expenses described above should be documented on a
Relocation Expense Report and submitted to the Chief Human Resources Officer, International to ensure proper processing. 

 

	 	j)	 	Resignation or Voluntary Termination—Pursuant to Company policy, you agree that if you resign or voluntarily terminate at any time within
your first year of employment in London, you shall repay to the Company all costs associated with your relocation, including gross-ups. If such resignation or voluntary termination occurs in your second or third year in London, you shall repay a
reduced portion of the costs associated with your relocation, equivalent to 50% and 25%, respectively. 

 

	 	k)	 	Reassignment—At the conclusion of your assignment, the Company will make every effort to assign you to a mutually agreeable position within
the HSII organization. The Company will provide you with relocation benefits per Company policy for whatever that next assignment might be. If no mutually agreeable position is found, the Company will provide you with severance pursuant to the HSII
policy, and relocate you back to Sydney. However, if you voluntarily leave HSII or are terminated for cause, the Company will have no obligation to pay relocation costs 

 

	8.	 	Holidays—You will enjoy the same paid holidays as those that are observed by the London office. 

 

	9.	 	Business Expenses—The Company will continue to reimburse you for reasonable business expenses in accordance with the Company’s policies
relating thereto for senior management, as in effect from time to time. 

J. Dehnert 
March 14, 2003 
 Page
 6
 
 

	10.	 	Emergency Leave—In the event of an emergency, we will reimburse you for any pre-approved travel costs necessary between London and Sydney.

 

	11.	 	Confidentiality—Your employment with the Company under this letter agreement necessarily involves your access to and understanding of
certain trade secrets and confidential information pertaining to the business of the Company and its affiliates. During the term of your employment with the Company and thereafter, you will not, directly or indirectly, without the prior written
consent of the Company, disclose or use for the benefit of any person, corporation or other entity, or for yourself any and all files, trade secrets or other confidential information concerning the internal affairs of the Company and its affiliates,
including, but not limited to, information pertaining to its clients, services, products, earnings, finances, operations, methods or other activities; provided, however, that the foregoing shall not apply to information which is of public record or
is generally known, disclosed or available to the general public or the industry generally (other than as a result of your breach of this covenant). Notwithstanding the foregoing, you may disclose such information as is required by law during any
legal proceeding or to your personal representatives and professional advisers and, with respect to such personal representatives and professional advisers, you shall inform them of your obligations hereunder and take all reasonable steps to ensure
that such professional advisers do not disclose the existence or substance thereof. Further, you shall not, directly or indirectly, remove or retain, and upon termination of employment for any reason you shall return to the Company, any records,
computer disks, computer printouts, business plans or any copies or reproductions thereof, or any information or instruments derived there from, arising out of or relating to the business of the Company and its affiliates or obtained as a result of
your employment by the Company. 

 

	12.	 	Non-Solicitation/Non-Competition—During the term of your employment with the Company and for a period of six-months after the termination
of your employment with the Company, you shall not (i) become an employee of or consultant to any principal competitor of the Company in substantially the same function as your employment with the Company or its affiliates in the twelve-months prior
to termination of your employment or (ii) directly or indirectly solicit or hire, or assist any other person in soliciting or hiring, any employee of the Company or its affiliates (as of your termination of employment with the Company) or any person
who, as of such date, was in the process of being recruited by the Company or its affiliates, or induce any such employee to terminate his or her employment with the Company or its affiliates. 

 

	13.	 	Other Legal Matters—You have advised the Company that your execution and performance of the terms of this letter agreement do not and will not
violate any other agreement binding on you or the rights of any third parties and you understand that in the event this advice is not accurate the Company will not have any obligation to you under this letter agreement. 

 
This letter agreement constitutes the entire agreement and
understanding of the parties relating to the subject matter hereof and supersedes all prior agreements and understandings, whether oral 

J. Dehnert 
March 14, 2003 
 Page
 7
 
 
or
written, relating to your employment with the Company, its subsidiaries and/or affiliates. The terms of this letter agreement cannot be changed or modified orally. 
 

	12.	 	Applicable Law; Jurisdiction—This letter agreement and the relationship of the parties in connection with the subject matter of this letter
agreement shall be governed by and determined in accordance with the laws of the United Kingdom and its courts shall have jurisdiction over any disputes arising from or in connection with this letter agreement. 

 
If you are in agreement with the foregoing, please sign below and return the
original and the signed attached Employee Reimbursement Agreement to me, keeping a copy for your files. I wish you all the best for success in your new assignment. 
 
Very truly yours, 

	
	 By:
	 	 /S/    STEVE
LEE

	 	 	 Steve Lee

 
Accepted and Agreed to: 

	
	 By:
	 	 /S/    JOCELYN A.
DEHNERT

	 	 	 Jocelyn A. Dehnert

J. Dehnert 
March 14, 2003 
 Page
 8
 
 
Employee
Reimbursement Agreement 
 
Relocating Employee— 
 
Jocelyn A. Dehnert 
 
Effective Date of Transfer—September 1, 2002 
 
From— 
 
Regional Managing Partner, Asia Pacific, based out of Heidrick & Struggles Sydney. 
 
To— 
 
Regional Managing Partner, Northern Europe based out of Heidrick & Struggles London. 
 
In the event that I voluntarily terminate my employment, or are terminated for
cause, from the Company within two (3) years of my effective date of transfer, I hereby agree to reimburse the Company for all relocation expenses incurred in connection with my transfer, including tax gross-ups as per the schedule below.

 

	 Length of time

	    	 Reimbursable Amount

	 0–12 months
	    	 100%

	 12–24
	    	   50%

	 24–36
	    	   25%

 

	
	 /S/    JOCELYN A.
DEHNERT        

	 Jocelyn A. Dehnert

 
Date

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