EXHIBIT 10.29
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT to that certain Employment Agreement ("Original
Agreement") dated as of April 29, 1997 by and among College Television Network,
Inc. f/k/a UC Television Network Corp., a Delaware corporation (the "Company"),
U-C Holdings, L.L.C., a Delaware limited liability company ("Holdings") and
Xxxxx Xxxxx ("Executive"); is made as of the 1st day of May, 1999 between the
Company and Executive.
W I T N E S S E T H:
WHEREAS, the Company desires to change the compensation of Executive and
Executive is willing to make such change, in accordance with the terms and
conditions set forth herein.
NOW THEREFORE, in consideration for ten dollars ($10.00) in hand paid by the
Company to Executive and for other good and valuable consideration, the receipt
and sufficiency which are hereby acknowledged, the parties hereto hereby agrees
as follows:
1. All defined terms in the Original Agreement shall have the same meaning
herein unless the context requires otherwise or unless redefined herein.
2. Section 4(a) of the Original Agreement is amended by deleting the first
sentence in its entirety and replacing it with the following:
"During the Employment Period, effective as of May 1, 1999,
Executive's base salary shall be Five Hundred Thirteen Thousand and
No/100 Dollars ($513,000.00) per annum or such higher rate as the
Board may designate from time to time (the "Base Salary"), which
salary shall be payable in regular installments in accordance with the
Company's general payroll practices. The Base Salary shall be
increased on an annual basis by at least ten percent (10%) over the
Base Salary paid to Executive during the pervious year of the
Employment Period, to be increased on each anniversary date of this
Agreement."
3. Subsequent to Section 4(d) of the Original Agreement the following shall
be inserted:
"(e) Executive will be granted options to purchase 50,000 shares of
Common Stock of the Company on the anniversary date of the Employment
Period, which is April 28. The options will vest over three years,
with immediate vesting upon a Sale of the Company. The grant of such
options is subject to the approval of the Board."
4. Except as specifically amended herein, the Original Agreement shall remain
unchanged and unamended hereby.
IN WITNESS WHEREAS, the parties have executed this Agreement as of the date
first above written.
COLLEGE TELEVISION NETWORK, INC.
By: /s/ Xxxxxxx Xxxxx
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Its: Chief Financial Officer
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U-C HOLDINGS, L.L.C.
By: /s/ Xxxxxx X. Xxxx
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Its: General Manager
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/s/ Xxxxx Xxxxx
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XXXXX XXXXX
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