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EXHIBIT 10.6
April 3, 1996
Honorable H. Xxxxxx Xxxxxxxxxxx
000 X. Xxxxxx, Xxxxx 0000
Xxxxx, Xxxxxxx 00000
Re: Consulting Agreement
Dear General Schwarzkopf:
This letter constitutes the agreement between you and Home Shopping
Network, Inc. (the "Company") regarding consulting services that you have agreed
to provide to the Company.
You have agreed to consult with and advise senior executive officers of the
Company, from time to time, on matters relating to the Company's business, both
domestic and international. It is understood that you will not be required to
devote any specific time to your services as a consultant hereunder, but shall
respond to requests from the Company on a reasonable basis based upon your other
time commitments. You will not be expected to travel or attend meetings with
third parties unless you specifically agree to do so. Any travel undertaken at
the Company's request will be reimbursed by the Company.
In consideration of your services as consultant to the Company, you will be
granted options to purchase 50,000 shares of the Company's common stock under
the 1996 Stock Option Plan for Employees. Your options will vest in equal
installments over a three year period from the date of this letter, and
otherwise will conform to the provisions of the Stock Option Plan. The exercise
price for your options will be based on the closing price of the Company's
common stock on the day action is taken by the Compensation/Benefits Committee
of the Board of Directors to approve the grant of the options.
This agreement will continue in force for three years from the date set
forth above.
We are delighted to have the benefit of your assistance and counsel and
look forward to working with you. Please sign and return a copy of this letter
to confirm the terms of this consulting agreement.
Very truly yours,
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Xxxxx X. Held
President and Chief Executive Officer
Accepted and agreed to:
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H. Xxxxxx Xxxxxxxxxxx
