Sample Business Contracts

Employment Agreement [Amendment No. 1] - TMP Interactive Inc., TMP Worldwide Inc. and Jeffrey C. Taylor

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  • Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
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         TMP Interactive Inc. (the "Company"), TMP Worldwide Inc. ("TMP") and
Jeffrey C. Taylor ("Taylor') are parties to a Second Amended and Restated
Employment Agreement, dated as of November 2, 1999 (the "Employment Agreement"),
and by virtue of this Amendment No. 1 to Second Amended and Restated Employment
Agreement (the "Amendment Agreement"), are modifying certain terms of the
employment agreement, which amendments are effective as of October 31, 2001.

         The parties hereby agree as follows:

         1. The references in Sections 1.1, 1.2 and 1.5 and all other Sections
of the Employment Agreement to "Chief Executive Officer" are hereby amended to
read "Global Director Interactive".

         2. Section 1.5 of the Employment Agreement is amended by deleting the
words "with responsibility for all of the Company's operations in accordance
with this Agreement or Employee no longer is responsible for overseeing and
directing the development, marketing, strategy, management, sales and
implementation of substantially all of the interactive or Internet-based
operations of TMP" and substituting therefore "with responsibility for
interactive and internet product development of the Company and TMP".

         3. Section 9.7(b) of the Employment Agreement is hereby revised to read
in its entirety as follows:

            (b) If to the Company or TMP:

                TMP Worldwide Inc.
                622 Third Avenue, 39th Floor
                New York, NY 10017
                Attention: Andrew J. McKelvey
                           Myron F. Olesnyckyj

         4. The Employment Agreement, as amended by this Amendment Agreement, is
hereby ratified and confirmed and remains in full force and effect.

         The parties hereto have executed this Amendment Agreement as of October
31, 2001.

                                      TMP INTERACTIVE INC.

                                      /s/ Andrew J. McKelvey
                                      By: Andrew J. McKelvey

                                      TMP WORLDWIDE INC.

                                      /s/ Andrew J. McKelvey
                                      By: Andrew J. McKelvey

                                      /s/ Jeffrey C. Taylor
                                           Jeffrey C. Taylor