Employment Agreement - Seth A. Grossman

EX-10.227.1 7 g93898exv10w227w1.txt EMPLOYMENT AGREEMENT - SETH A. GROSSMAN EXHIBIT 10.227.1 AMENDMENT TO EMPLOYMENT AGREEMENT February 9, 2005 Seth A. Grossman 65 South Murray Avenue Ridgeway, New Jersey 07450 Dear Seth: Reference is made to the Amended and Restated Employment Agreement effective as of January 1, 2004 (the "Agreement") by and between Paxson Communications Management Company, Inc. ("Paxson") and Seth A. Grossman ("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/ Lowell W. Paxson ------------------------------------- Name: Lowell W. Paxson Title: Chairman and Chief Executive Officer Accepted and Agreed as of this 10th day of February, 2005: /s/ Seth A. Grossman - ------------------------------------- Seth A. Grossman