Amendment to Employment Agreement Between PanAmSat Corporation and Joseph R. Wright (October 2003)

Summary

This letter agreement amends the existing employment agreement between PanAmSat Corporation and its President and CEO, Joseph R. Wright. It confirms the terms for a $1.5 million transaction completion bonus, specifying that payments depend on Mr. Wright's continued employment, with exceptions for certain types of termination, death, or disability. The first installment is paid after a qualifying transaction and certain employment conditions, while the second is paid on the earlier of one year later or specific termination events. Both parties have agreed to these revised terms by signing the letter.

EX-10.71.4 3 y95109exv10w71w4.txt LETTER MODIFYING TERMS OF THE EMPLOYMENT AGREEMENT EXHIBIT 10.71.4 Jack A. Shaw HUGHES(TM) President and Chief Executive Officer DIRECTV PanAmSat DIRECTV Latin America Hughes Network Systems (STAMP) October 28, 2003 Mr. Joseph R. Wright President and CEO PanAmSat Corporation 20 Westport Road Wilton, CT 06897 Re: Employment Agreement dated August 20, 2001, as amended by Letter of February 3, 2003 (the "February 3 Letter") and by Letter of February 5, 2003(the "February 5 Letter") (collectively called the Employment Agreement) Dear Joe: This letter will confirm our further understanding and agreement related to the transaction completion bonus in the amount of $1.5 million that will be payable to you under the Employment Agreement. All payments are premised on your being employed by PanAmSat at the time of payment except as specifically provided below. We have agreed that the first installment of the transaction bonus will be payable to you upon the later to occur of (a) the closing of a transaction covered by the Employment Agreement and (b) the earlier of (i) March 31, 2004 or (ii) the date your employment is involuntarily terminated by action of PanAmSat Corporation for any reason, by reason of your death or disability or voluntarily by you for Good Reason, as defined in the Employment Agreement. We have agreed that the second installment will be payable on the sooner of the one-year anniversary of the first payment or the date your employment is involuntarily terminated for any reason other than Cause, as defined in the Employment Agreement or is voluntarily terminated by you for Good Reason. If the foregoing conforms to your understanding of our agreement, please countersign a copy of this letter where indicated below and return it to me, at which time this letter will become an amendment to the Employment Agreement. Sincerely, /s/ JACK SHAW - --------------------------------------- Agreed to and accepted October 31, 2003 /s/ JOSEPH R. WRIGHT - --------------------------------------- Joseph R. Wright