EXHIBIT 10.71.4
Xxxx X. Xxxx XXXXXX(TM)
President and Chief Executive Officer DIRECTV
PanAmSat
DIRECTV Latin America
Xxxxxx Network Systems
(STAMP)
October 28, 2003
Xx. Xxxxxx X. Xxxxxx
President and CEO
PanAmSat Corporation
00 Xxxxxxxx Xxxx
Xxxxxx, XX 00000
Re: Employment Agreement dated August 20, 2001, as amended by Letter of
February 3, 2003 (the "February 3 Letter") and by Letter of
February 5, 2003(the "February 5 Letter") (collectively called the
Employment Agreement)
Dear Xxx:
This letter will confirm our further understanding and agreement related to the
transaction completion bonus in the amount of $1.5 million that will be payable
to you under the Employment Agreement. All payments are premised on your
being employed by PanAmSat at the time of payment except as specifically
provided below.
We have agreed that the first installment of the transaction bonus will be
payable to you upon the later to occur of (a) the closing of a transaction
covered by the Employment Agreement and (b) the earlier of (i) March 31, 2004 or
(ii) the date your employment is involuntarily terminated by action of
PanAmSat Corporation for any reason, by reason of your death or disability or
voluntarily by you for Good Reason, as defined in the Employment Agreement.
We have agreed that the second installment will be payable on the sooner of the
one-year anniversary of the first payment or the date your employment is
involuntarily terminated for any reason other than Cause, as defined in the
Employment Agreement or is voluntarily terminated by you for Good Reason.
If the foregoing conforms to your understanding of our agreement, please
countersign a copy of this letter where indicated below and return it to me, at
which time this letter will become an amendment to the Employment Agreement.
Sincerely,
/s/ XXXX XXXX
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Agreed to and accepted October 31, 2003
/s/ XXXXXX X. XXXXXX
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Xxxxxx X. Xxxxxx
