Exhibit 10.55
TO: Xxx Xxxxxxxx
FR: Xxxxx X. Xxxx
RE: Modifications to My Compensation Agreement
DA: 9/26/02
To remain in compliance with the new Xxxxxxxx-Xxxxx regulations, set forth in
this memorandum are the modifications to my compensation agreement as we have
discussed.
Salary and Bonus: (in $ 000's)
Current Agreement Modification as Agreed
Salary Bonus Salary Bonus
2002 400 200 600 (eff. 10/1/02) 300
2003 415 207.5 615 307.5
2004 430 215 630 315
2005 450 225 650 325
2006 475 237.5 675 337.5
2007 500 250 700 350
Completion/Change of Control Incentive:
The current agreement calls for a payment of $4,000,000 at the end of contract
completion, at 12/31/07 or upon change of control. The modification as agreed
reduces that payment to $2,300,000 in exchange for the current compensation
changes made above.
Early Sale Incentive:
Furthermore, an incentive for an early sale of the company has been instituted.
Payments will be made on the following schedule:
Prior to 12/31/05 $900,000
During 2006 $500,000
During 2007 $150,000
All other aspects of my employment relationship with Nexstar Broadcasting remain
the same. Please evidence your agreement and approval of the terms and
conditions contained herein by signing below.
Sincerely, Agreed and Accepted:
/s/ Xxxxx X. Xxxx
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Xxxxx X. Xxxx /s/ Xxx Xxxxxxxx
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President/CEO Date:
NEXSTAR BROADCASTING GROUP, INC.
000 Xxxxxxxx Xxxxxxxxx Xxxx, Xxxxx 000 Xxxxxx Xxxxxx, XX 00000
(000) 000-0000 fax (000) 000-0000
