EMPLOYMENT AGREEMENT, dated as of December 27, 2000, by and between StarMedia Network, Inc.
(the "Company"), and Fernando J. Espuelas (the "Executive").
W I T N E S S E T H :
WHEREAS, the Company desires to continue the employment of the Executive under the terms and conditions
provided in this Agreement; and
WHEREAS, the Executive wishes to be so employed;
NOW, THEREFORE, in consideration of the premises and the mutual agreements hereinafter set forth, the
parties hereto hereby agree as follows:
The Company agrees to employ the Executive, and the Executive agrees to serve in the employ of the Company
in the position and with the responsibilities, duties and authority set forth in Section 2 and on the other terms and
conditions set forth in this Agreement. The Executive acknowledges and agrees that he is an employee at will and
that both the Executive and the Company have the right to terminate the employment relationship at any time for
any lawful reason. The Executive acknowledges and agrees that no representative of the Company may verbally
change the at will employment relationship between the Executive and the Company.
2. POSITION, DUTIES.
The Company shall employ the Executive as Chief Executive Officer of the Company and the Executive will serve
in the Company's employ in that position. The Executive shall perform such duties, and have such powers,
authority, functions, duties and responsibilities for the Company as are commensurate and consistent with the
employment as Chief Executive Officer of the Company. The Executive also shall have such additional powers,
authority, functions, duties and responsibilities as may reasonably be assigned to him by the Company's Board of
Directors (the "Board").
3.1 SALARY. In consideration of the performance by the Executive of the services set forth in Section 2 and his
observance of the other covenants set forth herein, the Company shall pay to the Executive, and t