Notice of Termination and Waiver of Notice Provisions under Employment Agreement between Getty Images, Inc. and Mark Getty
Getty Images, Inc. and Mark Getty have agreed to terminate Mark Getty's employment agreement as of the company's 2004 Annual Meeting of Stockholders, expected on May 17, 2004. Mark Getty waives the notice requirements for termination. He will no longer serve as an executive officer or employee after that date. However, the agreement's section on protecting the company's interests will remain in effect as long as he is Non-Executive Chairman or receives certain payments from the company.
Exhibit 10.42
March 3, 2004
Via hand delivered
Mr. Mark Getty
17 Conway Street
Fitzrovia London, UK
W1T 6EE
| Re: | Notice Pursuant to Employment Agreement |
Dear Mark:
With respect to the employment agreement between you and the Company dated as of February 9, 1998 (the “Agreement”), this letter will serve as confirmation that you have agreed to waive the notice provisions of Section 2 of the Agreement and that the Agreement is terminated as of date of the Company’s 2004 Annual Meeting of Stockholders (expected to be on May 17, 2004) except that Section 6 of the Agreement regarding “Protection of the Company’s Interests” will continue in effect for so long as you are Non-Executive Chairman of the Company or are otherwise receiving payments pursuant to Sections 4(b), 4(c) or 4(d) of the Agreement. You will no longer be an executive officer or employee of the Company beginning on the date of the Company’s 2004 Annual Meeting of Stockholders.
Please acknowledge your receipt of this letter by signing and dating below. Please return the signed original to my attention.
Very truly yours,
GETTY IMAGES, INC.
| By: | /s/ ANDREW S. GARB | |
| Andrew S. Garb Chairman of the Compensation Committee of the Board of Directors |
RECEIPT ACKNOWLEDGED:
| /s/ MARK H. GETTY Mark H. Getty | ||
| Dated: | March 3, 2004 | |
