Amendment to Employment Agreement between Paxson Communications Management Company, Inc. and Lowell W. Paxson (February 2005)

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between Paxson Communications Management Company, Inc. and Lowell W. Paxson. It changes the terms regarding severance payments, specifying that Mr. Paxson will receive his base salary starting six months and one day after his employment ends, for a period defined in the agreement's schedule. All other terms of the original agreement remain unchanged. Both parties have agreed to these revised terms as of February 10, 2005.

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EX-10.208.3 2 g93898exv10w208w3.txt EMPLOYMENT AGREEMENT - LOWELL W. PAXSON EXHIBIT 10.208.3 AMENDMENT TO EMPLOYMENT AGREEMENT February 9, 2005 Lowell W. Paxson 525 S. Flagler Drive West Palm Beach, Florida 33401 Dear Bud: Reference is made to the Employment Agreement dated October 16, 1999 (as amended, the "Agreement") by and between Paxson Communications Management Company, Inc. ("Paxson") and Lowell W. Paxson ("Employee"). Capitalized terms used and not otherwise defined herein have the respective meanings assigned thereto in the Agreement. Section 3.02(a)(i) of the Agreement is hereby amended and restated in its entirety as follows: "Commencing on the date which is six (6) months and one (1) day after the termination date and continuing in effect for a period equal to the number of Severance Months specified in Schedule I hereto, Employee will receive the Employee's Base Salary as in effect on the date of termination;" All other terms and conditions of the Agreement remain the same. If the foregoing correctly sets forth your understanding of our intentions with respect to the matters set forth above, please indicate by executing a copy of this amendment as provided below and returning the same to us. Paxson Communications Management Company, Inc. By /s/ Dean M. Goodman ------------------------------------- Name: Dean M. Goodman Title: President and Chief Operating Officer Accepted and Agreed as of this 10th day of February, 2005: /s/ Lowell W. Paxson - ------------------------------------- Lowell W. Paxson