AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT
Exhibit
10.100
AMENDMENT
TO AMENDED AND RESTATED EMPLOYMENT
AGREEMENT
AGREEMENT
This Amendment (“Amendment”) is made as of
July 21, 2005, between Spanish Broadcasting System,
Inc., a Delaware corporation with offices located at 0000
Xxxxx Xxxxxxxx Xxxxx, XX XX, Xxxxxxx Xxxxx, Xxxxxxx 00000
(“SBS”) and Xxxxx Xxxxxxxx (hereinafter
referred to as “Employee”), an individual.
RECITALS
WHEREAS, SBS and Employee entered into a certain amended and
restated employment agreement dated October 31, 2003 (the
“Agreement”); and
WHEREAS, SBS and Employee wish to amend the Agreement pursuant
to the term and conditions set forth herein below;
NOW THEREFORE, in consideration of the promises and mutual
covenants contained herein, the parties understand and agree as
follows:
The Agreement shall be amended as follows:
1. New Title. The Agreement is amended by
replacing “Chief Revenue Officer for SBS” with
“Executive Vice President/Chief Operating Officer for
SBS” where ever the former appears in the Agreement.
2. Discretionary Bonus. Upon execution of
this Amendment, SBS shall pay Employee a one time
discretionary bonus in the amount of seventy five thousand
dollars ($75,000.00).
3. Term. Paragraph three of the Agreement
is amended by changing the term to three (3) years
commencing July 21, 2005 through and including
July 20, 2008.
4. Automobile
Allowance. Paragraph 4(f) of the Agreement
is amended by increasing the amount of the monthly automobile
allowance to $1,750.00.
5. Performance Bonus. Paragraph 4(c)
is deleted in its entirety and replaced with the following:
(c) Performance Bonus. Beginning July 1, 2005, Employee shall be eligible for the
following performance bonuses:
(i) SBS shall pay Employee thirty thousand dollars
($30,000) if net sales per quarter equals or exceeds the
sales budget established by SBS’ Chief Financial Officer
and Employee (the “Sales Budget”);
(ii) SBS shall pay Employee fifteen thousand dollars
($15,000) if SBS’ net sales growth per quarter
exceeds general market net sales growth for the same quarter
based on Xxxxxx Xxxxxx reports;
(iii) SBS shall pay Employee fifteen thousand dollars
($15,000) if net sales growth per quarter exceeds
Univision’s net sales growth for the same quarter as
reported by Univision on their quarterly earnings call;
(iv) SBS shall pay Employee twenty five thousand
dollars ($25,000) if Employee meets or exceeds SBS’
quarterly Broadcast Cash Flow (“BCF”) goal established
by SBS’ CFO; and
(v) An annual discretionary bonus, subject to
Compensation Committee approval, based upon the CEO’s
recommendation to the Committee with reference to Employee’s
performance during the calendar year.
6. Additional Options. Upon execution of
this Agreement, Employee shall be eligible to receive, upon
approval by the Compensation Committee of SBS’s Board of
Directors (the “Compensation Committee”), stock
options (the “Options”) to purchase up to 25,000
shares of SBS Class A common stock (the “Shares”)
pursuant to the terms and conditions of SBS’ 1999 Stock
Option Plan. The Options shall have an exercise price equal to
the closing price of the Shares on the date the Compensation
Committee approves the grant of such Options, and shall vest
twelve (12) months after the Grant Date.
The remaining provisions of the Agreement remain in full force
and effect.
IN WITNESS WHEREOF, the parties have caused this Agreement to be
duly executed this
21st
day of July 2005.
SPANISH BROADCASTING SYSTEM, INC.
By: | /s/ Xxxx Xxxxxxx, Xx.
Xxxx
Xxxxxxx, Xx. President/CEO |
|
EMPLOYEE | ||
/s/ Xxxxx Xxxxxxxx
Xxxxx
Xxxxxxxx EVP/COO |