Classmates.com 2010 Annual Report Download - page 310

Exhibit 10.24
EMPLOYMENT AGREEMENT
This Employment Agreement (the “ Agreement ”) is made and entered into effective the 14th day of January, 2011 by and between
Classmates Online, Inc. , a Washington corporation (the “ Company ”), with a principal place of business at 333 Elliott Avenue West,
Suite 500, Seattle, Washington 98119, and Harold Alan Zeitz of Redmond, Washington, whose address for purposes of this Agreement is 333
Elliott Avenue West, Suite 500, Seattle, Washington 98119 (“ Employee ”).
WHEREAS, effective as of the date hereof, Employee and the Company desire to enter into an 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 Employee’s start date to occur on or before February 14, 2011 (such
start date being referred to as the “ Effective Date ”) and extend through February 15, 2014, unless this Agreement is earlier terminated as
provided herein (the “ Term ”).
(b) Employee will serve as President 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 $400,000, 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 Board of Directors. As used in this Agreement, the term “
Board of Directors ” shall refer to the Board of Directors of United Online, Inc. or other governing body or committee to which the
authority of the Board of Directors of United Online, Inc. with respect to executive compensation matters has been delegated, including
(without limitation) the Compensation Committee of the Board of Directors of United Online, Inc.
(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
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