Exhibit 10.76
Xxxxx X. Xxxx
President/CEO
TO: Xxxxxxx X. Xxxxx
FR: Xxxxx X. Xxxx
RE: Addendum to Your Employment Agreement
DA: 5/12/03
This memorandum will serve as an addendum to your employment agreement with
Nexstar Broadcasting dated September 11, 2000 and amended August 14, 2002.
Title and Duties: Your title will be Senior Vice President and Eastern Regional
Manager. Duties will include operational responsibility for WBRE, WYOU, WROC,
WJET, WFXP, WTWO, WBAK, WCIA, WCFN, WMBD, WYZZ and WDHN, and other stations and
duties that may be assigned by the CEO or COO from time to time.
Tern: The term of your employment agreement is hereby extended to June 30, 2008.
Compensation: Effective July 1, 2003 you will be compensated under the following
salary and bonus compensation schedule.
Annual Salary Target Bonus
July 1, 2003 through June 30, 2004 $250,000 $100,000 (for 2003)
July 1, 2004 through June 30, 2005 $260,000 $105,000 (for 2004)
July 1, 2005 through June 30, 2006 $270,000 $110,000 (for 2005)
July 1, 2006 through June 30, 2007 $280,000 $115,000 (for 2006)
July 1, 2007 and thereafter $290,000 $120,000 (for 2007
and thereafter)
Equity Compensation: You will receive a grant of an additional 20,000 options at
the IPO price. These options will vest ratably over the term of the employment
agreement and are in addition to the shares you own and options previously
granted.
Other: All other terms and conditions of your employment with Nexstar will
continue to be governed by your employment agreement and the Nexstar Employee
Handbook.
Please indicate your agreement with and acceptance of the terms and conditions
of this addendum by signing below.
Sincerely, Accepted and Agreed,
/s/ Xxxxx X. Xxxx /s/ Xxxxxxx X. Xxxxx
Xxxxx X. Xxxx Xxxxxxx X. Xxxxx
President/CEO
Date: 5/13/03.
Nexstar Broadcasting Group, Inc.
000 Xxxx Xxxxxxx Xxxxxxx, Xxxxx 0000, Xxxxxx, XX 00000,
(000) 000-0000 fax (000) 000-0000
