First Amendment to TV Guide Annual Bonus Plan

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This amendment updates the TV Guide Annual Bonus Plan by changing how bonus awards are calculated and distributed among business unit participants. It clarifies that while individual awards may exceed 100% of the target, the total awards for a business unit cannot exceed a set limit based on the unit's target and company performance. Managing heads are given a revised budget for distributing these awards. The amendment ensures bonus allocations remain within defined company guidelines.

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EX-10.28 2 dex1028.htm FIRST AMENDMEND TO TV GUIDE ANNUAL BONUS PLAN First Amendmend to TV Guide Annual Bonus Plan

Exhibit 10.28

First Amendment

to

TV Guide Annual Bonus Plan

 

The TV Guide Annual Bonus Plan is hereby amended as follows:

The description of the Individual Component set forth under the heading “Plan Criteria” is amended by deleting the sentences reading:

“Each managing head of a business unit will be allotted an aggregate Bonus Award budget assuming that each participant within the business unit will be awarded 100% of the Individual Component of their Target Award. While any participant’s or participants’ Individual Component awards may exceed 100% of the Individual Component target (as reflected in the Suggested Payout Guidelines above), the managing heads’ overall assignment of Individual Component awards for a respective business unit must not exceed 100% of the Individual Component target for the entire business unit. “

and replacing such sentences in their entirety with the following sentences:

“While any participant’s Individual Component award may exceed 100% of the Individual Component target, the aggregate of all of the Individual Component awards for a respective business unit must not exceed an aggregate amount equal the aggregate Individual Component target for the entire business unit multiplied by greater of (x) 100% or (y) the weighted Company EPI percentage used in the calculation of the Economic Component of the Bonus Awards. Each managing head of a business unit will be allotted an aggregate Bonus Award budget based on the foregoing from which to make Individual Component awards.”