Exhibit 10.25
FIRST AMENDMENT TO
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EXECUTIVE EMPLOYMENT AGREEMENT
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This First Amendment to Executive Employment Agreement dated the 31st
day of May, 2000, between Comcast Corporation ("Company") and Xxxxxxx X. Xxxxx
("Employee"), is made on this 30th day of July, 2001.
BACKGROUND
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Employee and Company have agreed to amend the Executive Employment
Agreement to extend its term and to provide additional compensation to Employee
in consideration thereof.
AGREEMENT
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Intending to be legally bound, the Company and Employee agree as follows:
1. Paragraph 2(iii) of the Executive Employment
Agreement is deleted and replaced with the following:
"(iii) July 31, 2007."
2. The date "March 31, 2005" in Paragraphs 9(c) and
11(b) of the Executive Employment Agreement is
deleted and replaced with the date "July 31, 2007."
3. A new paragraph 3(e) will be added to the Executive Employment Agreement
as follows:
"(e)Additional Stock Options.
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(i)Contemporaneously with the execution of this First
Amendment to Executive Employment Agreement, the
Subcommittee on Performance-Based Compensation of the
Compensation Committee shall grant
Employee stock options to purchase 500,000 shares of the
Company's Class A Special Common Stock under the Company's
1996 Stock Option Plan. Such options shall vest and become
exercisable as follows: (1) 255,000 of such options shall
have a term of ten years and shall vest and become
exercisable 40% on the second anniversary date of the date
of grant and 20% on each of the third, fourth and fifth
anniversary dates of the date of grant; and (2) 245,000 of
such options shall have a term of ten years and shall vest
and become exercisable 20% on the second anniversary date of
the date of grant, 10% on each of the third, fourth, fifth,
sixth, seventh, eighth and ninth anniversary dates of the
date of grant, and the remaining 10% on the ninth year sixth
month anniversary date of the date of grant. (ii) Further,
on a date mutually selected by management and Employee
during calendar year 2002, the Subcommittee on
Performance-Based Compensation of the Compensation Committee
shall be requested by management to grant Employee stock
options to purchase an additional 500,000 shares of the
Company's Class A Special Common Stock. Such options shall
vest and become exercisable as follows: (1) 255,000 of such
options shall have a term of ten years and shall vest and
become exercisable 40% on the second anniversary date of the
date of grant and 20% on each of the third, fourth and fifth
anniversary
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dates of the date of grant; and (2) 245,000 of such options
shall have a term of ten years and shall vest and become
exercisable 20% on the second anniversary date of the date
of grant, 10% on each of the third, fourth, fifth, sixth,
seventh, eighth and ninth anniversary dates of the date of
grant, and the remaining 10% on the ninth year sixth month
anniversary date of the date of grant.
4. All other terms and conditions set forth in the Executive
Employment Agreement shall remain in force and effect.
IN WITNESS WHEREOF, the parties hereby have duly executed and delivered
this First Amendment to Employment Agreement, in Philadelphia, Pennsylvania.
COMCAST CORPORATION EMPLOYEE
By:______________________ _______________________
XXXXXXX X. XXXXX
Title_____________________
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