1
EXHIBIT 10.16
February 24, 1998
Xx. Xxxxxx Xxxx
Xxxxxxxxxx.xxx
0000 Xxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxx 00000
Dear Xxxxxx:
The purpose of this letter is to outline our mutual agreement
concerning your future plans of employment by XxxxXxxxxx.XXX, Inc.
("HEADHUNTER"). We agree as follows:
1. We hereby confirm our previous acceptance of your resignation as Chief
Executive Officer of HeadHunter. From March 1, 1999 through March 1,
2001, HeadHunter will employ you as a consultant (but as an active
employee) at an annual salary of $75,000, plus you will be entitled to
participate in HeadHunter's health insurance program to the same extent
as any full-time HeadHunter employee. In connection with such
employment, you will be reasonably available (at the request of the
President or the Board of Directors) to HeadHunter's management for
consultation on technical and strategic decisions. Specifically, you
will be available to work in the HeadHunter office one day per week
(currently, on Tuesdays), plus you will be available to work an
additional 16 hours per month on HeadHunter projects.
2. If, during the course of such employment, you wish to discontinue such
consulting services and HeadHunter agrees to your request, your annual
salary will be reduced to $50,000 (and you may continue to participate
in HeadHunter's health insurance program).
3. In consideration for this continued employment, you will enter into a
mutually acceptable confidentiality and non-solicitation agreement (the
"CONFIDENTIALITY AND NON-SOLICITATION AGREEMENT") in substantially the
form attached to this letter. (It is understood that the above-outlined
continuation of salary and benefits are contingent upon your abiding by
the terms set forth in this agreement and in the Confidentiality and
Non-solicitation Agreement.)
4. By signing this agreement and accepting these terms, you waive,
release, and hold harmless HeadHunter from any claims, suits, or
liabilities arising from or by reason of your previous employment by
HeadHunter or this change of status, and you agree to refrain from
suing HeadHunter (or its directors, stockholders, officers, or agents)
with respect to such matters.
5. These employment and compensation arrangements are separate from, and
do not preclude, other employment you may from time to time accept,
provided that such employment is approved in advance by HeadHunter.
HeadHunter will not reasonably deny or delay any such request for
approval.
2
Please indicate your agreement with the above by your signature below.
Sincerely,
XxxxXxxxxx.XXX, Inc.
/s/ Xxxxxx X. Xxxxxxxxxx
Xxxxxx X. Xxxxxxxxxx
President
Accepted and Agreed: /s/ Xxxxxx Xxxx
------------------------------------
Xxxxxx Xxxx
-2-
