Exhibit 10.34
Amendment No. 1 to the
Administrative Services Agreement
by and between
United States Satellite Broadcasting Company, Inc. and
Xxxxxxx Broadcasting, Inc.
This Amendment No. 1 is entered into effective July 1, 1998.
WHEREAS, United States Satellite Broadcasting Company, Inc. ("USSB") and
Xxxxxxx Broadcasting, Inc. ("HBI") are parties to an Administrative Services
Agreement ("Agreement") dated effective July 1, 1996; and
WHEREAS, pursuant to paragraph 3 of the Agreement, the Audit Committee of
the Board of Directors of USSB recommended to the Board of Directors, and the
Board of Directors on September 4, 1997, authorized USSB to extend the Agreement
for the period July 1, 1997 through June 30, 1998, at the Annual Administrative
Services Fee of $1,251,805; and
WHEREAS, HBI and USSB desire to again extend the term of the Agreement from
July 1, 1998 through December 31, 1998, at the same Annual Administrative
Services Fee rate previously approved by the Board.
NOW, THEREFORE, the Agreement is hereby amended as follows:
1. TERM. The Agreement is hereby extended for six (6) months and shall
terminate at 11:59 p.m. on the 31st day of December, 1998.
2. COMPENSATION. For the period July 1, 1998 through December 31, 1998,
the budgeted Annual Administrative Services Fee shall be $625,902.50.
All other terms of the Agreement shall remain the same.
United States Satellite Broadcasting Company, Inc.
By: /s/ Xxxxxxx X. Xxxxxxx
--------------------------------------------
Xxxxxxx X. Xxxxxxx
Its: President
Xxxxxxx Broadcasting, Inc.
By: /s/ C. Xxxxxx Xxxxxxxx
-------------------------------------------
C. Xxxxxx Xxxxxxxx
Its: Vice President/Controller
