Exhibit 10.87
Xxxxx X. Xxxx
President/CEO
TO: Xxxx Xxxxxx
FR: Xxxxx X. Xxxx
RE: Addendum to Employment Agreement
DA: 8/28/03
Reference is hereby made to your Executive Employment Agreement with Nexstar
Broadcasting Group dated January 5, 1998 as amended August 13, 2002. This
memorandum will serve as a subsequent addendum.
Paragraph 4, Compensation. Section 4 (a) Base Salary (as defined in the
agreement) is hereby amended as follows:
Base Salary
From September 1, 2003 through August 31, 2004 $125,000
From September 1, 2004 through August 31, 2005 $130,000
From September 1, 2005 through August 31, 2006 $135,000
Effective September 1, 2006 and thereafter $140,000
Section 4 (b) is hereby amended to reflect an annual bonus target of $20,000 to
be awarded at the conclusion of each calendar year, at the discretion of the
CEO.
Paragraph 6 (b) Termination Payments. (i) the period is hereby extended to one
year.
Equity Compensation: You will be granted 15,000 options at the IPO price at the
time of the Nexstar Initial Public Offering. These options will be 50% vested at
the time of the IPO, with the remaining 50% to vest in equal installments over 5
years.
All other aspects of your employment agreement with Nexstar remain in full force
and effect and will be governed by your agreement and the Nexstar Employee
Handbook.
Please indicate your agreement with and acceptance of the terms and conditions
of this addendum as of the date written by signing below.
Sincerely, Agreed and Accepted,
/s/ Xxxxx X. Xxxx /s/ Xxxx Xxxxxx
Xxxxx X. Xxxx Xxxx Xxxxxx
President/CEO VP/Director of Engineering
Nexstar Broadcasting Group, Inc.
000 Xxxx Xxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, XX 00000,
(000) 000-0000 fax (000) 000-0000
