Exhibit 10.1
EXTENSION AGREEMENT
September 10, 1997
Xx. Xxxxxx X. Gold
000 Xxxxxxx Xxx
Xxxxxx Xxxxxxx, Xxxxxxxxxxxx 00000
Dear Mr. Gold:
Reference is made to that certain employment agreement dated
as of January 1, 1995 between the undersigned Century Communications Corp. as
"Company" and yourself, Xxxxxx X. Gold as "Employee" (the "Employment
Agreement") pursuant to which you are currently employed by the Company as
therein set forth. Such designations are also utilized herein.
The Term of the Employment Agreement (as defined) presently
expires on December 31, 1997.
We are now mutually desirous of extending the Term of the
Employment Agreement so that same expires on December 31, 1999 rather than
December 31, 1997, such extension to be under the same terms and provisions as
set forth in the Employment Agreement, except as expressly provided for below.
Accordingly for good and valuable consideration the receipt
and adequacy of which is mutually acknowledged it is agreed as follows:
1. The Employment Agreement is hereby amended to provide that
same is extended for an additional two year period so that same expires on
December 31, 1999 rather than December 31, 1997 and the Term of the Employment
Agreement shall be and is deemed to be the period January 23, 1995 to December
31, 1999.
2. In all other respects the Employment Agreement, and the
terms and provisions thereof, as above amended, are ratified, adopted and
confirmed as an agreement between Company and Employee, except that:
a) no payment of $25,000 or any other sum shall be due or payable
to Employee upon execution of this Extension Agreement;
b) no options to acquire shares of the Company's Class A Common
Stock under the Company's 1994 Stock Option Plan and no
grant of Restricted Shares under the Company's 1992
Management Equity Incentive Plan shall be
awarded or granted to Employee upon or by
virtue of execution and delivery of this
Extension Agreement.
c) The date "December 31, 1997" in Section 8.1
of the Employment Agreement is hereby
deleted in its entirety and replaced by the
date "December 31, 1999".
d) Employee's address is corrected to:
000 Xxxxxxx Xxx
Xxxxxx Xxxxxxx, XX 00000
If you find the foregoing to be in order and agree to same,
please so indicate your acceptance and agreement at the place provided for
below.
Very truly yours,
CENTURY COMMUNICATIONS CORP.
By:/s/ Xxxxxxx X. Xxxxxxxxx
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Its President
AGREED TO AND ACCEPTED:
/s/ Xxxxxx X. Gold
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Xxxxxx X. Gold
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