Amendment No. 1 to Employment Agreement between William T. Schleyer and Adelphia Communications Corporation

Summary

This amendment updates the employment agreement between William T. Schleyer and Adelphia Communications Corporation, originally signed on January 17, 2003. The change specifically alters the vesting schedule for restricted shares, detailing when portions of the shares will become vested based on anniversaries of the agreement and the company's emergence from bankruptcy. All other terms of the original employment agreement remain unchanged.

EX-10.07 11 a1169804.txt AMENDMENT NO. 1 TO THE TERMS AND CONDITIONS Exhibit 10.07 ------------- Amendment No. 1 to the Terms and Conditions of Employment between William T. Schleyer ("WTS") and Adelphia Communications Corporation (the "Company") WHEREAS, WTS and the Company wish to amend that certain employment agreement executed on January 17, 2003 (the "Employment Agreement"). NOW, THEREFORE, the parties hereby agree as follows: 1. The third sentence of Section 9 of the Employment Agreement is hereby amended to read in its entirety as follows: "One-third of such restricted shares shall vest on the second anniversary of the Effective Date, an additional one-third shall vest on the first anniversary of the date of the Company's emergence from bankruptcy, and the final one-third shall vest on the second anniversary of such date of emergence." 2. Except as provided in this Amendment No. 1, the terms and conditions of the Employment Agreement shall remain unchanged. /s/ William T. Schleyer - ------------------------------ Adelphia Communications Corporation William T. Schleyer By: /s/ Erkie Kailbourne ------------------------------ February ___, 2003 Name: Erkie Kailbourne Title: Chairman and Interim Chief Executive Officer February ___, 2003