Classmates.com 2010 Annual Report Download - page 244

Exhibit 10.18
EMPLOYMENT AGREEMENT
This Employment Agreement (the “ Agreement ”) is made and entered into effective the 7th day of February, 2011 (the “ Effective
Date
”) by and between United Online, Inc. , a Delaware corporation (the “ Company ”), with principal corporate offices at 21301 Burbank
Boulevard, Woodland Hills, California 91367, and Paul E. Jordan , whose address is 21301 Burbank Boulevard, Woodland Hills, California
91367 (“ Employee ”).
WHEREAS, effective as of the date hereof, Employee and the Company desire to enter into a new employment agreement.
NOW THEREFORE,
in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1.
Term; Position .
(a)
The original term of this Agreement will commence on the Effective Date and extend through February 15, 2014, unless this
Agreement is earlier terminated as provided herein (the “ Term ”).
(b)
Employee will continue to serve as Executive Vice President and Chief Personnel Officer of the Company and report to the
Chief Executive Officer of the Company. Employee agrees to devote Employee’s full-time attention, skill and efforts to the performance of
Employee’s duties for the Company.
2.
Salary and Benefits .
(a)
Employee will be paid a salary at Employee’s current annualized rate of $320,000, payable in successive bi-weekly or other
installments in accordance with the Company’s standard payroll practices for salaried employees. Employee’s rate of salary will be subject to
such increases as may be determined from time to time by the Company’s Board of Directors. As used in this Agreement, the term “ Board of
Directors
” shall refer to the Company’s Board of Directors or other governing body or committee to which the authority of the Board of
Directors with respect to executive compensation matters has been delegated, including (without limitation) the Compensation Committee of the
Board of Directors.
(b)
Employee will be eligible to participate in each of the Company’s employee benefit plans that is made generally available
either to the Company’s employees or to the Company’s senior executives and for which Employee satisfies the applicable eligibility
requirements. Employee will be entitled to a minimum of four (4) weeks of paid vacation each year or such greater amount as determined in
accordance with the Company’s standard vacation policy.
(c)
The Company will promptly reimburse Employee for all reasonable and necessary business expenses Employee incurs in
connection with the business of the Company and the performance of Employee’s duties hereunder upon Employee’s submission of reasonable
and timely documentation of those expenses. In no event shall any expense be reimbursed later than the end of the calendar year following the
calendar year in which that expense is incurred, and the amounts reimbursed in any one calendar year shall not affect the amounts reimbursable
in any other calendar year. Employee’s right to receive such reimbursements may not be exchanged or liquidated for any other benefit.