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.
WHEREAS, SBS and Employee entered into a certain amended and
restated employment agreement dated October 31, 2003 (the
“Agreement”); and
The Agreement shall be amended as follows:
(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.
The remaining provisions of the Agreement remain in full force
and effect.
SPANISH BROADCASTING SYSTEM, INC.
By: | /s/ Xxxx Xxxxxxx, Xx.
Xxxx
Xxxxxxx, Xx. President/CEO |
|
EMPLOYEE | ||
/s/ Xxxxx Xxxxxxxx
Xxxxx
Xxxxxxxx EVP/COO |