Exhibit 10.45.4
PanAmSat Corporation
Xxx Xxxxxxxx Xxxxx
Xxxxxxxxx, Xxxxxxxxxxx 00000
November 20, 1998
Xx. Xxxxxxxxx X. Xxxxxxx
President and Chief Executive Officer
PanAmSat Corporation
Xxx Xxxxxxxx Xxxxx
Xxxxxxxxx, Xxxxxxxxxxx 00000
Re: Modification of Employment Agreement
------------------------------------
Dear Xxxx:
Reference is made to that certain Employment Agreement, dated May 15, 1997, as
modified (the "Agreement"), between you and PanAmSat Corporation. This letter
will confirm our mutual agreement to the following amendment:
The first sentence of paragraph 7(d) on page 8 is amended and
restated in its entirety as follows:
"The Executive may voluntarily resign his employment hereunder (i) at any
time on or before March 31, 1999 (the "First Date"), for any reason or no
reason, upon no more than 90 and no fewer than 30 days prior written
notice to the Board of Directors and (ii) during the portion of the
Employment Term following the First Date, (A) upon written notice to the
Board of Directors given at any time with immediate effect, for "Good
Reason" (as defined immediately below) or (B) upon no more than 90 and no
fewer than 60 days prior written notice to the Board of Directors given
at any time, for any reason or no reason, specifying in each case,
whether resignation is pursuant to subsection (A) or (B) above."
Except as amended hereby, the Agreement remains in full force and effect.
If the foregoing is acceptable to you, please indicate your agreement to this
amendment by signing and returning the enclosed copy of this letter.
Sincerely,
PanAmSat Corporation
By: Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
Chairman of the Board
Agreed to:
Xxxxxxxxx X. Xxxxxxx
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Xxxxxxxxx X. Xxxxxxx
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