Exhibit 10.74
Xxxxx X. Xxxx
President/CEO
TO: Xxxxx X. Xxxxxxx
FR: Xxxxx X. Xxxx
RE: Addendum to Your Employment Agreement
DA: 5/20/03
This memorandum will serve as an addendum to your employment agreement with
Nexstar Broadcasting dated January 5, 1998, and as amended February 9, 2001 and
August 14, 2002.
Term: The term of your employment agreement is hereby extended to June 30, 2008.
Compensation: Effective July 1, 2003 you will be compensated under the
following salary and bonus compensation schedule.
Annual Salary Target Bonus
July 1, 2003 through June 30, 2004 $300,000 $150,000 (for 2003)
July 1, 2004 through June 30, 2005 $310,000 $155,000 (for 2004)
July 1, 2005 through June 30, 2006 $320,000 $160,000 (for 2005)
July 1, 2006 through June 30, 2007 $330,000 $165,000 (for 2006)
July 1, 2007 and thereafter $340,000 $170,000 (for 2007)
and thereafter)
Equity Compensation: You will receive a grant of an additional 50,000 options at
the IPO price. These options will vest ratably over the term of the employment
agreement and are in addition to the shares you own and options previously
granted.
Other: All other terms and conditions of your employment with Nexstar will
continue to be governed by your employment agreement and the Nexstar Employee
Handbook.
Please indicate your agreement with and acceptance of the terms and conditions
of this addendum by signing below.
Sincerely, Accepted and Agreed,
/s/ Xxxxx X. Xxxx /s/ Xxxxx X. Xxxxxxx
Xxxxx X. Xxxx Xxxxx X. Xxxxxxx
President/CEO
Date: 6/16/2003
Nexstar Broadcasting Group, Inc.
000 Xxxx Xxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, XX 00000,
(000) 000-0000 fax (000)000-0000
