Addendum to Employment Agreement between Nexstar Broadcasting Group, Inc. and Shirley Green (August 28, 2003)
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Summary
This addendum updates the employment agreement between Nexstar Broadcasting Group, Inc. and Shirley Green. It increases her base salary over several years, sets an annual bonus target of $20,000 at the CEO's discretion, extends the termination payment period to one year, and grants her 30,000 stock options related to the company's IPO. All other terms of her original agreement remain unchanged. The addendum is effective as of August 28, 2003, and requires both parties' signatures for acceptance.
EX-10.27 10 dex1027.txt ADDENDUM TO EMPLOYMENT AGREEMENT, DATED AS OF AUGUST 28, 2003 Exhibit 10.27 Perry A. Sook President/CEO TO: Shirley Green FR: Perry A. Sook RE: Addendum to Employment Agreement DA: 8/28/03 Reference is hereby made to your Executive Employment Agreement with Nexstar Broadcasting Group dated January 5, 1998 as amended August 13, 2002. This memorandum will serve as a subsequent addendum. Paragraph 4, Compensation. Section 4 (a) Base Salary (as defined in the agreement) is hereby amended as follows:
Section 4 (b) is hereby amended to reflect an annual bonus target of $20,000 to be awarded at the conclusion of each calendar year, at the discretion of the CEO. Paragraph 6 (b) Termination Payments. (i) the period is hereby extended to one year. Equity Compensation: You will be granted 30,000 options at the IPO price in the Nexstar Initial Public Offering. These options will vest 50% at the time of the IPO, and 50% in equal installments over five years. All other aspects of your employment agreement with Nexstar remain in full force and effect and will be governed by your agreement and the Nexstar Employee Handbook. Please indicate your agreement with and acceptance of the terms and conditions of this addendum as of the date written by signing below. Sincerely, Agreed and Accepted, /s/ Perry A. Sook /s/ Shirley Green Perry A. Sook Shirley Green President/CEO VP, Finance Nexstar Broadcasting Group, Inc. 909 Lake Carolyn Parkway, Suite 1450, Irving, TX 75039, (972) 373-8800 fax ###-###-####