Exhibit 10.3
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
TMP Worldwide Inc. ("TMPW") and Xxxxxx X. XxXxxxxx ("Employee") are
parties to an Employment Agreement, dated as of November 15, 1996 (the
"Employment Agreement"), and by virtue of this Amendment No. 1 to Employment
Agreement (the "Amendment Agreement"), are modifying certain terms of the
Employment Agreement.
The parties hereby agree as follows:
1. Effective as of the date hereof, all references to
"President" in Sections 1.1 and 1.2 of the Employment Agreement are
hereby amended to read "Chief Executive Officer".
2. Effective as of January 1, 1998, (i) Section 2.3(c) of the
Employment Agreement is deleted in its entirety, and (ii) all
references to ",including but not limited to mandatory bonuses" in
Sections 2.2(a) and 2.2(b) of the Employment Agreement are hereby
deleted in their entirety.
3. 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 on November
4, 1998.
TMP WORLDWIDE INC.
By: /s/ Xxxxxx X. Xxxxxxxx
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By: Xxxxxx X. Xxxxxxxx
Title: Vice Chairman
/s/ Xxxxxx X. XxXxxxxx
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Xxxxxx X. XxXxxxxx
