Amendment to Section 5. Section 5 shall be deleted in its entirety and replaced with the following: a. During the Service Period, Executive shall be paid by the Company an annual base salary of Three Hundred Fifty Thousand Dollars ($350,000) (“Base Salary”), payable in accordance with the Company’s normal payroll practices. The Base Salary shall be reviewed by the Compensation Committee of the Board of Parent (“Compensation Committee”) no less often than once each calendar year and may be increased, but not decreased, based upon such a review. b. With respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary described above, an annual bonus payment (a “Performance Bonus”) in an amount up to One Hundred Seventy Seven Thousand Seven Hundred Fifty Dollars ($177,750) for such year (a “Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows: (i) Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (i) using a baseline bonus amount equal to sixty percent (60%) of the Performance Bonus Amount (the “Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (i) shall be an amount calculated as a percentage of the Results Bonus Base Amount (the “Results Bonus Percentage”). The Results Bonus Percentage shall be the percentage set forth on Schedule 5(b) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted Internet revenue target established by the Board of Parent for the applicable year. (ii) Executive shall be eligible to receive a bonus payment in an amount up to forty percent (40%) of the Performance Bonus Amount, which bonus payment, if any, shall be determined in the sole discretion of the President and CEO of the LIN Companies and the Compensation Committee, based upon such factors as each may determine to be relevant, which may include the performance of the LIN Companies and Executive, general business conditions, and the relative achievement by Executive or the LIN Companies of any goals established by the President and CEO, the Board of Parent or the Compensation Committee. c. In addition, with respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary and Performance Bonus described above, an annual bonus payment in an amount up to Forty Seven Thousand Two Hundred Fifty Dollars ($47,250) for such year (the “RMM Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows. Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (c) using a baseline bonus amount equal to one hundred percent (100%) of the RMM Performance Bonus Amount (the “RMM Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (c) shall be an amount calculated as a percentage of the RMM Results Bonus Base Amount (the “RMM Results Bonus Percentage”). The RMM Results Bonus Percentage shall be the percentage set forth on Schedule 5(c) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted RMM revenue target established by the Board of Parent for the applicable year.”
Appears in 1 contract
Sources: Employment Agreement (Lin Tv Corp.)
Amendment to Section 5. Section 5 shall be deleted in its entirety and replaced with the following:
a. During the Service Period, Executive shall be paid by the Company an annual base salary of Three Two Hundred Fifty Ninety One Thousand Dollars ($350,000291,000) (“Base Salary”), payable in accordance with the Company’s normal payroll practices. The Base Salary shall be reviewed by the Compensation Committee of the Board of Parent (“Compensation Committee”) no less often than once each calendar year and may be increased, but not decreased, based upon such a review.
b. With respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary described above, an annual bonus payment (a “Performance Bonus”) in an amount up to One Hundred Seventy Fifty Seven Thousand Seven Five Hundred Fifty Dollars ($177,750157,500) for such year (a “Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows:
(i) Solely with respect to calendar year 2010, Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (i) using a baseline bonus amount equal to sixty twenty five percent (6025%) of the Performance Bonus Amount (the “2010 Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (i) shall be an amount calculated as a percentage of the 2009 Results Bonus Base Amount (the “2010 Results Bonus Percentage”). The 2010 Results Bonus Percentage shall be the percentage set forth on Schedule 5(b5(b)(2010) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted Internet revenue target EBITDA established by the Board of Parent for the applicable year2010.
(ii) Solely with respect to calendar year 2010, Executive shall be eligible to receive a bonus payment in an amount up to forty seventy five percent (4075%) of the Performance Bonus Amount, which bonus payment, if any, shall be determined in the sole discretion of the President and CEO of the LIN Companies and the Compensation Committee, based upon such factors as each may determine to be relevant, which may include the performance of the LIN Companies and Executive, general business conditions, and the relative achievement by Executive or the LIN Companies of any goals established by the President and CEO, the Board of Parent or the Compensation Committee.
c. In addition, with respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary and Performance Bonus described above, an annual bonus payment in an amount up to Forty Seven Thousand Two Hundred Fifty Dollars ($47,250) for such year (the “RMM Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows. Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (c) using a baseline bonus amount equal to one hundred percent (100%) of the RMM Performance Bonus Amount (the “RMM Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (c) shall be an amount calculated as a percentage of the RMM Results Bonus Base Amount (the “RMM Results Bonus Percentage”). The RMM Results Bonus Percentage shall be the percentage set forth on Schedule 5(c) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted RMM revenue target established by the Board of Parent for the applicable year.”
Appears in 1 contract
Sources: Employment Agreement (Lin Tv Corp)
Amendment to Section 5. Section 5 shall be deleted in its entirety and replaced with the following:
a. During the Service Period, Executive shall be paid by the Company an annual base salary of Three Five Hundred Fifty Thousand Dollars ($350,000550,000) (“Base Salary”), payable in accordance with the Company’s normal payroll practices. The Base Salary shall be reviewed by the Compensation Committee of the Board of Parent (“Compensation Committee”) no less often than once each calendar year and may be increased, but not decreased, based upon such a review.
b. With respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary described above, an annual bonus payment (a “Performance Bonus”) in an amount up to One Six Hundred Seventy Seven Thousand Seven Hundred Fifty Dollars ($177,750600,000) for such year (a “Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows:
(i) Solely with respect to calendar year 2010, Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (i) using a baseline bonus amount equal to sixty percent (60%) of the Performance Bonus Amount (the “2010 Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (i) shall be an amount calculated as a percentage of the 2010 Results Bonus Base Amount (the “2010 Results Bonus Percentage”). The 2010 Results Bonus Percentage shall be the percentage set forth on Schedule 5(b5(b)(2010) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted Internet revenue target EBITDA established by the Board of Parent for the applicable year2010.
(ii) Solely with respect to calendar year 2010, Executive shall be eligible to receive a bonus payment in an amount up to forty percent (40%) of the Performance Bonus Amount, which bonus payment, if any, shall be determined in by the sole discretion Compensation Committee of the President and CEO Board of the LIN Companies and the Compensation CommitteeParent, based upon its assessment of such factors as each it may determine to be relevant, which may include the performance of the LIN Companies and Executive, general business conditions, and the relative achievement by Executive or the LIN Companies of any goals established by the President and CEO, the Board of Parent or the Compensation Committee.
c. In addition, with respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary and Performance Bonus described above, an annual bonus payment in an amount up to Forty Seven Thousand Two Hundred Fifty Dollars ($47,250) for such year (the “RMM Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows. Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (c) using a baseline bonus amount equal to one hundred percent (100%) of the RMM Performance Bonus Amount (the “RMM Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (c) shall be an amount calculated as a percentage of the RMM Results Bonus Base Amount (the “RMM Results Bonus Percentage”). The RMM Results Bonus Percentage shall be the percentage set forth on Schedule 5(c) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted RMM revenue target established by the Board of Parent for the applicable year.”
Appears in 1 contract
Sources: Employment Agreement (Lin Tv Corp)
Amendment to Section 5. Section 5 shall be deleted in its entirety and replaced with the following:
a. During the Service Period, Executive shall be paid by the Company an annual base salary of Three Hundred Fifty Sixty One Thousand Dollars ($350,000361,000) (“Base Salary”), payable in accordance with the Company’s normal payroll practices. The Base Salary shall be reviewed by the Compensation Committee of the Board of Parent (“Compensation Committee”) no less often than once each calendar year and may be increased, but not decreased, based upon such a review.
b. With respect to the portion of the Service Period commencing on January 1, 20102012, Executive shall be eligible to receive, in addition to the Base Salary described above, an annual bonus payment (a “Performance Bonus”) in an amount up to One Two Hundred Seventy Seven Thirty Two Thousand Seven Hundred Fifty Dollars ($177,750232,000) for such year (a “Performance Bonus Amount”) to be determined by December 31, 20102012, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows:
(i) Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (i) using a baseline bonus amount equal to sixty percent (60%) of the Performance Bonus Amount (the “Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (i) shall be an amount calculated as a percentage of the Results Bonus Base Amount (the “Results Bonus Percentage”). The Results Bonus Percentage shall be the percentage set forth on Schedule 5(b) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted Internet revenue target established by the Board of Parent for the applicable year.
(ii) Executive shall be eligible to receive a bonus payment in an amount up to forty percent (40%) of the Performance Bonus Amount, which bonus payment, if any, shall be determined in the sole discretion of the President and CEO of the LIN Companies and the Compensation Committee, based upon such factors as each may determine to be relevant, which may include the performance of the LIN Companies and Executive, general business conditions, and the relative achievement by Executive or the LIN Companies of any goals established by the President and CEO, the Board of Parent or the Compensation Committee.
c. In addition, with respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary and Performance Bonus described above, an annual bonus payment in an amount up to Forty Seven Thousand Two Hundred Fifty Dollars ($47,250) for such year (the “RMM Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows. Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (c) using a baseline bonus amount equal to one hundred percent (100%) of the RMM Performance Bonus Amount (the “RMM Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (c) shall be an amount calculated as a percentage of the RMM Results Bonus Base Amount (the “RMM Results Bonus Percentage”). The RMM Results Bonus Percentage shall be the percentage set forth on Schedule 5(c) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted RMM revenue target established by the Board of Parent for the applicable year.”
Appears in 1 contract
Sources: Employment Agreement (Lin Tv Corp.)
Amendment to Section 5. Section 5 shall be deleted in its entirety and replaced with the following:
a. During the Service Period, Executive shall be paid by the Company an annual base salary of Three Hundred Fifty Nine Thousand Dollars ($350,000309,000) (“Base Salary”), payable in accordance with the Company’s normal payroll practices. The Base Salary shall be reviewed by the Compensation Committee of the Board of Parent (“Compensation Committee”) no less often than once each calendar year and may be increased, but not decreased, based upon such a review.
b. With respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary described above, an annual bonus payment (a “Performance Bonus”) in an amount up to One Hundred Seventy Fifty Seven Thousand Seven Five Hundred Fifty Dollars ($177,750157,500) for such year (a “Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows:
(i) Solely with respect to calendar year 2010, Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (i) using a baseline bonus amount equal to sixty percent (60%) of the Performance Bonus Amount (the “2010 Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (i) shall be an amount calculated as a percentage of the 2010 Results Bonus Base Amount (the “2010 Results Bonus Percentage”). The 2010 Results Bonus Percentage shall be the percentage set forth on Schedule 5(b5(b)(2010) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted Internet revenue target established by the Board of Parent for the applicable year2010.
(ii) Solely with respect to calendar year 2010, Executive shall be eligible to receive a bonus payment in an amount up to forty percent (40%) of the Performance Bonus Amount, which bonus payment, if any, shall be determined in the sole discretion of the President and CEO of the LIN Companies and the Compensation Committee, based upon such factors as each may determine to be relevant, which may include the performance of the LIN Companies and Executive, general business conditions, and the relative achievement by Executive or the LIN Companies of any goals established by the President and CEO, the Board of Parent or the Compensation Committee.
c. In addition, with respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary and Performance Bonus described above, an annual bonus payment in an amount up to Forty Seven Two Thousand Two Five Hundred Fifty Dollars ($47,25042,500) for such year (the “RMM Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows. Solely with respect to calendar year 2010, Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (c) using a baseline bonus amount equal to one hundred percent (100%) of the RMM Performance Bonus Amount (the “2010 RMM Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (c) shall be an amount calculated as a percentage of the 2010 RMM Results Bonus Base Amount (the “2010 RMM Results Bonus Percentage”). The 2010 RMM Results Bonus Percentage shall be the percentage set forth on Schedule 5(c5(c)(2010) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted RMM revenue target established by the Board of Parent for the applicable year2010.”
Appears in 1 contract
Sources: Employment Agreement (Lin Tv Corp)
Amendment to Section 5. Section 5 shall be deleted in its entirety and replaced with the following:
a. During the Service Period, Executive shall be paid by the Company an annual base salary of Three Six Hundred Fifty Thousand Dollars ($350,000650,000) (“Base Salary”), payable in accordance with the Company’s normal payroll practices. The Base Salary shall be reviewed by the Compensation Committee of the Board of Parent (“Compensation Committee”) no less often than once each calendar year and may be increased, but not decreased, based upon such a review.
b. With respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary described above, an annual bonus payment (a “Performance Bonus”) in an amount up to One Hundred Seventy Seven Thousand Seven Hundred Fifty Thousand Dollars ($177,750700,000) for such year (a “Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows:
(i) Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (i) using a baseline bonus amount equal to sixty percent (60%) of the Performance Bonus Amount (the “Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (i) shall be an amount calculated as a percentage of the Results Bonus Base Amount (the “Results Bonus Percentage”). The Results Bonus Percentage shall be the percentage set forth on Schedule 5(b) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted Internet revenue target EBITDA established by the Board of Parent for the applicable year.
(ii) Executive shall be eligible to receive a bonus payment in an amount up to forty percent (40%) of the Performance Bonus Amount, which bonus payment, if any, shall be determined in by the sole discretion Compensation Committee of the President and CEO Board of the LIN Companies and the Compensation CommitteeParent, based upon its assessment of such factors as each it may determine to be relevant, which may include the performance of the LIN Companies and Executive, general business conditions, and the relative achievement by Executive or the LIN Companies of any goals established by the President and CEO, the Board of Parent or the Compensation Committee.
c. In addition, with respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary and Performance Bonus described above, an annual bonus payment in an amount up to Forty Seven Thousand Two Hundred Fifty Dollars ($47,250) for such year (the “RMM Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows. Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (c) using a baseline bonus amount equal to one hundred percent (100%) of the RMM Performance Bonus Amount (the “RMM Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (c) shall be an amount calculated as a percentage of the RMM Results Bonus Base Amount (the “RMM Results Bonus Percentage”). The RMM Results Bonus Percentage shall be the percentage set forth on Schedule 5(c) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted RMM revenue target established by the Board of Parent for the applicable year.”
Appears in 1 contract
Sources: Employment Agreement (Lin Tv Corp.)
Amendment to Section 5. Section 5 shall be deleted in its entirety and replaced with the following:
a. During the Service Period, Executive shall be paid by the Company an annual base salary of Three One Hundred Fifty Eighty Five Thousand Dollars ($350,000185,000) (“Base Salary”), payable in accordance with the Company’s normal payroll practices. The Base Salary shall be reviewed by the Compensation Committee of the Board of Parent (“Compensation Committee”) no less often than once each calendar year and may be increased, but not decreased, based upon such a review.
b. With respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary described above, an annual bonus payment (a “Performance Bonus”) in an amount up to One Hundred Seventy Seven Sixty Five Thousand Seven Hundred Fifty Dollars ($177,75065,000) for such year (a “Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows:
(i) Solely with respect to calendar year 2010, Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (i) using a baseline bonus amount equal to sixty twenty five percent (6025%) of the Performance Bonus Amount (the “2010 Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (i) shall be an amount calculated as a percentage of the 2010 Results Bonus Base Amount (the “2010 Results Bonus Percentage”). The 2010 Results Bonus Percentage shall be the percentage set forth on Schedule 5(b5(b)(2010) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted Internet revenue target EBITDA established by the Board of Parent for the applicable year2010.
(ii) Solely with respect to calendar year 2010, Executive shall be eligible to receive a bonus payment in an amount up to forty seventy five percent (4075%) of the Performance Bonus Amount, which bonus payment, if any, shall be determined in the sole discretion of the President and CEO SVP-CFO of the LIN Companies and the Compensation Committee, based upon such factors as each may determine to be relevant, which may include the performance of the LIN Companies and Executive, general business conditions, and the relative achievement by Executive or the LIN Companies of any goals established by the President and CEOSVP-CFO, the Board of Parent or the Compensation Committee.
c. In addition, with respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary and Performance Bonus described above, an annual bonus payment in an amount up to Forty Seven Thousand Two Hundred Fifty Dollars ($47,250) for such year (the “RMM Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows. Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (c) using a baseline bonus amount equal to one hundred percent (100%) of the RMM Performance Bonus Amount (the “RMM Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (c) shall be an amount calculated as a percentage of the RMM Results Bonus Base Amount (the “RMM Results Bonus Percentage”). The RMM Results Bonus Percentage shall be the percentage set forth on Schedule 5(c) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted RMM revenue target established by the Board of Parent for the applicable year.”
Appears in 1 contract
Sources: Employment Agreement (Lin Tv Corp)
Amendment to Section 5. Section 5 shall be deleted in its entirety and replaced with the following:
a. During the Service Period, Executive shall be paid by the Company an annual base salary of Three Hundred Fifty Thousand Dollars ($350,000) (“Base Salary”), payable in accordance with the Company’s normal payroll practices. The Base Salary shall be reviewed by the Compensation Committee of the Board of Parent (“Compensation Committee”) no less often than once each calendar year and may be increased, but not decreased, based upon such a review.
b. With respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary described above, an annual bonus payment (a “Performance Bonus”) in an amount up to One Hundred Seventy Seven Five Thousand Seven Hundred Fifty Dollars ($177,750175,000) for such year (a “Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows:
(i) Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (i) using a baseline bonus amount equal to sixty percent (60%) of the Performance Bonus Amount (the “Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (i) shall be an amount calculated as a percentage of the Results Bonus Base Amount (the “Results Bonus Percentage”). The Results Bonus Percentage shall be the percentage set forth on Schedule 5(b) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted Internet revenue target EBITDA established by the Board of Parent for the applicable year.
(ii) Executive shall be eligible to receive a bonus payment in an amount up to forty percent (40%) of the Performance Bonus Amount, which bonus payment, if any, shall be determined in the sole discretion of the President and CEO of the LIN Companies and the Compensation Committee, based upon such factors as each may determine to be relevant, which may include the performance of the LIN Companies and Executive, general business conditions, and the relative achievement by Executive or the LIN Companies of any goals established by the President and CEO, the Board of Parent or the Compensation Committee.
c. In addition, with respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary and Performance Bonus described above, an annual bonus payment in an amount up to Forty Seven Thousand Two Hundred Fifty Dollars ($47,250) for such year (the “RMM Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows. Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (c) using a baseline bonus amount equal to one hundred percent (100%) of the RMM Performance Bonus Amount (the “RMM Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (c) shall be an amount calculated as a percentage of the RMM Results Bonus Base Amount (the “RMM Results Bonus Percentage”). The RMM Results Bonus Percentage shall be the percentage set forth on Schedule 5(c) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted RMM revenue target established by the Board of Parent for the applicable year.”
Appears in 1 contract
Sources: Employment Agreement (Lin Tv Corp.)
Amendment to Section 5. Section 5 shall be deleted in its entirety and replaced with the following:
a. During the Service Period, Executive shall be paid by the Company an annual base salary of Three Hundred Fifty Thirty Five Thousand Dollars ($350,000335,000) (“Base Salary”), payable in accordance with the Company’s normal payroll practices. The Base Salary shall be reviewed by the Compensation Committee of the Board of Parent (“Compensation Committee”) no less often than once each calendar year and may be increased, but not decreased, based upon such a review.
b. With Solely with respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary described above, an annual bonus payment (a “Performance Bonus”) in an amount up to One Hundred Seventy Fifty Seven Thousand Seven Five Hundred Fifty Dollars ($177,750157,500) for such year (a “Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows:
(i) Solely with respect to calendar year 2010, Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (i) using a baseline bonus amount equal to sixty percent (60%) of the Performance Bonus Amount (the “2010 Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (i) shall be an amount calculated as a percentage of the 2010 Results Bonus Base Amount (the “2010 Results Bonus Percentage”). The 2010 Results Bonus Percentage shall be the percentage set forth on Schedule 5(b5(b)(2010) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted Internet revenue target EBITDA established by the Board of Parent for the applicable year2010.
(ii) Solely with respect to calendar year 2010, Executive shall be eligible to receive a bonus payment in an amount up to forty percent (40%) of the Performance Bonus Amount, which bonus payment, if any, shall be determined in the sole discretion of the President and CEO of the LIN Companies and the Compensation Committee, based upon such factors as each may determine to be relevant, which may include the performance of the LIN Companies and Executive, general business conditions, and the relative achievement by Executive or the LIN Companies of any goals established by the President and CEO, the Board of Parent or the Compensation Committee.
c. In addition, with respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary and Performance Bonus described above, an annual bonus payment in an amount up to Forty Seven Thousand Two Hundred Fifty Dollars ($47,250) for such year (the “RMM Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows. Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (c) using a baseline bonus amount equal to one hundred percent (100%) of the RMM Performance Bonus Amount (the “RMM Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (c) shall be an amount calculated as a percentage of the RMM Results Bonus Base Amount (the “RMM Results Bonus Percentage”). The RMM Results Bonus Percentage shall be the percentage set forth on Schedule 5(c) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted RMM revenue target established by the Board of Parent for the applicable year.”
Appears in 1 contract
Sources: Employment Agreement (Lin Tv Corp)
Amendment to Section 5. Section 5 shall be deleted in its entirety and replaced with the following:
a. During the Service Period, Executive shall be paid by the Company an annual base salary of Three Hundred Fifty Twenty Five Thousand Dollars ($350,000325,000) (“Base Salary”), payable in accordance with the Company’s normal payroll practices. The Base Salary shall be reviewed by the Compensation Committee of the Board of Parent (“Compensation Committee”) no less often than once each calendar year and may be increased, but not decreased, based upon such a review.
b. With respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary described above, an annual bonus payment (a “Performance Bonus”) in an amount up to One Hundred Seventy Seven Five Thousand Seven Hundred Fifty Dollars ($177,750175,000) for such year (a “Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows:
(i) Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (i) using a baseline bonus amount equal to sixty twenty five percent (6025%) of the Performance Bonus Amount (the “Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (i) shall be an amount calculated as a percentage of the Results Bonus Base Amount (the “Results Bonus Percentage”). The Results Bonus Percentage shall be the percentage set forth on Schedule 5(b) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted Internet revenue target EBITDA established by the Board of Parent for the applicable year.
(ii) Executive shall be eligible to receive a bonus payment in an amount up to forty seventy five percent (4075%) of the Performance Bonus Amount, which bonus payment, if any, shall be determined in the sole discretion of the President and CEO of the LIN Companies and the Compensation Committee, based upon such factors as each may determine to be relevant, which may include the performance of the LIN Companies and Executive, general business conditions, and the relative achievement by Executive or the LIN Companies of any goals established by the President and CEO, the Board of Parent or the Compensation Committee.
c. In addition, with respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary and Performance Bonus described above, an annual bonus payment in an amount up to Forty Seven Thousand Two Hundred Fifty Dollars ($47,250) for such year (the “RMM Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows. Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (c) using a baseline bonus amount equal to one hundred percent (100%) of the RMM Performance Bonus Amount (the “RMM Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (c) shall be an amount calculated as a percentage of the RMM Results Bonus Base Amount (the “RMM Results Bonus Percentage”). The RMM Results Bonus Percentage shall be the percentage set forth on Schedule 5(c) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted RMM revenue target established by the Board of Parent for the applicable year.”
Appears in 1 contract
Sources: Employment Agreement (Lin Tv Corp.)
Amendment to Section 5. Section 5 shall be deleted in its entirety and replaced with the following:
a. During the Service Period, Executive shall be paid by the Company an annual base salary of Three Two Hundred Fifty Thousand Dollars ($350,000200,000) (“Base Salary”), payable in accordance with the Company’s normal payroll practices. The Base Salary shall be reviewed by the Compensation Committee of the Board of Parent (“Compensation Committee”) no less often than once each calendar year and may be increased, but not decreased, based upon such a review.
b. With respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary described above, an annual bonus payment (a “Performance Bonus”) in an amount up to One Hundred Seventy Seven Five Thousand Seven Hundred Fifty Dollars ($177,75075,000) for such year (a “Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows:
(i) Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (i) using a baseline bonus amount equal to sixty twenty five percent (6025%) of the Performance Bonus Amount (the “Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (i) shall be an amount calculated as a percentage of the Results Bonus Base Amount (the “Results Bonus Percentage”). The Results Bonus Percentage shall be the percentage set forth on Schedule 5(b) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted Internet revenue target EBITDA established by the Board of Parent for the applicable year.
(ii) Executive shall be eligible to receive a bonus payment in an amount up to forty seventy five percent (4075%) of the Performance Bonus Amount, which bonus payment, if any, shall be determined in the sole discretion of the President and CEO SVP-CFO of the LIN Companies and the Compensation Committee, based upon such factors as each may determine to be relevant, which may include the performance of the LIN Companies and Executive, general business conditions, and the relative achievement by Executive or the LIN Companies of any goals established by the President and CEOSVP-CFO, the Board of Parent or the Compensation Committee.
c. In addition, with respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary and Performance Bonus described above, an annual bonus payment in an amount up to Forty Seven Thousand Two Hundred Fifty Dollars ($47,250) for such year (the “RMM Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows. Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (c) using a baseline bonus amount equal to one hundred percent (100%) of the RMM Performance Bonus Amount (the “RMM Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (c) shall be an amount calculated as a percentage of the RMM Results Bonus Base Amount (the “RMM Results Bonus Percentage”). The RMM Results Bonus Percentage shall be the percentage set forth on Schedule 5(c) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted RMM revenue target established by the Board of Parent for the applicable year.”
Appears in 1 contract
Sources: Employment Agreement (Lin Tv Corp.)
Amendment to Section 5. Section 5 shall be deleted in its entirety and replaced with the following:
a. During the Service Period, Executive shall be paid by the Company an annual base salary of Three Hundred Fifty Ninety Eight Thousand Dollars ($350,000398,000) (“Base Salary”), payable in accordance with the Company’s normal payroll practices. The Base Salary shall be reviewed by the Compensation Committee of the Board of Parent (“Compensation Committee”) no less often than once each calendar year and may be increased, but not decreased, based upon such a review.
b. With respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary described above, an annual bonus payment (a “Performance Bonus”) in an amount up to One Two Hundred Seventy Seven Ten Thousand Seven Hundred Fifty Dollars ($177,750210,000) for such year (a “Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows:
(i) Solely with respect to calendar year 2010, Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (i) using a baseline bonus amount equal to sixty percent (60%) of the Performance Bonus Amount (the “2010 Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (i) shall be an amount calculated as a percentage of the 2010 Results Bonus Base Amount (the “2010 Results Bonus Percentage”). The 2010 Results Bonus Percentage shall be the percentage set forth on Schedule 5(b5(b)(2010) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted Internet revenue target EBITDA established by the Board of Parent for the applicable year2010.
(ii) Solely with respect to calendar year 2010, Executive shall be eligible to receive a bonus payment in an amount up to forty percent (40%) of the Performance Bonus Amount, which bonus payment, if any, shall be determined in the sole discretion of the President and CEO of the LIN Companies and the Compensation Committee, based upon such factors as each may determine to be relevant, which may include the performance of the LIN Companies and Executive, general business conditions, and the relative achievement by Executive or the LIN Companies of any goals established by the President and CEO, the Board of Parent or the Compensation Committee.
c. In addition, with respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary and Performance Bonus described above, an annual bonus payment in an amount up to Forty Seven Thousand Two Hundred Fifty Dollars ($47,250) for such year (the “RMM Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows. Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (c) using a baseline bonus amount equal to one hundred percent (100%) of the RMM Performance Bonus Amount (the “RMM Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (c) shall be an amount calculated as a percentage of the RMM Results Bonus Base Amount (the “RMM Results Bonus Percentage”). The RMM Results Bonus Percentage shall be the percentage set forth on Schedule 5(c) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted RMM revenue target established by the Board of Parent for the applicable year.”
Appears in 1 contract
Sources: Employment Agreement (Lin Tv Corp)
Amendment to Section 5. Section 5 shall be deleted in its entirety and replaced with the following:
a. During the Service Period, Executive shall be paid by the Company an annual base salary of Three Four Hundred Fifty Twenty Five Thousand Dollars ($350,000425,000) (“Base Salary”), payable in accordance with the Company’s normal payroll practices. The Base Salary shall be reviewed by the Compensation Committee of the Board of Parent (“Compensation Committee”) no less often than once each calendar year and may be increased, but not decreased, based upon such a review.
b. With respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary described above, an annual bonus payment (a “Performance Bonus”) in an amount up to One Hundred Seventy Seven Thousand Seven Two Hundred Fifty Thousand Dollars ($177,750250,000) for such year (a “Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows:
(i) Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (i) using a baseline bonus amount equal to sixty percent (60%) of the Performance Bonus Amount (the “Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (i) shall be an amount calculated as a percentage of the Results Bonus Base Amount (the “Results Bonus Percentage”). The Results Bonus Percentage shall be the percentage set forth on Schedule 5(b) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted Internet revenue target EBITDA established by the Board of Parent for the applicable year.
(ii) Executive shall be eligible to receive a bonus payment in an amount up to forty percent (40%) of the Performance Bonus Amount, which bonus payment, if any, shall be determined in the sole discretion of the President and CEO of the LIN Companies and the Compensation Committee, based upon such factors as each may determine to be relevant, which may include the performance of the LIN Companies and Executive, general business conditions, and the relative achievement by Executive or the LIN Companies of any goals established by the President and CEO, the Board of Parent or the Compensation Committee.
c. In addition, with respect to the portion of the Service Period commencing on January 1, 2010, Executive shall be eligible to receive, in addition to the Base Salary and Performance Bonus described above, an annual bonus payment in an amount up to Forty Seven Thousand Two Hundred Fifty Dollars ($47,250) for such year (the “RMM Performance Bonus Amount”) to be determined by December 31, 2010, and thereafter, the last day of each calendar year during the Service Period, or as soon thereafter as practicable, but in no event later than March 15 of the subsequent calendar year, as follows. Executive shall be eligible to receive a bonus payment calculated as set forth in this paragraph (c) using a baseline bonus amount equal to one hundred percent (100%) of the RMM Performance Bonus Amount (the “RMM Results Bonus Base Amount”). The amount of the bonus awarded to Executive, if any, under this paragraph (c) shall be an amount calculated as a percentage of the RMM Results Bonus Base Amount (the “RMM Results Bonus Percentage”). The RMM Results Bonus Percentage shall be the percentage set forth on Schedule 5(c) hereto that corresponds to the respective percentage by which Parent has achieved the approved budgeted RMM revenue target established by the Board of Parent for the applicable year.”
Appears in 1 contract
Sources: Employment Agreement (Lin Tv Corp.)