Addendum to Employment Agreement between Nexstar Broadcasting Group, Inc. and Timothy C. Busch (May 12, 2003)

Contract Categories: Human Resources › Employment Agreements
Summary

This addendum updates the employment agreement between Nexstar Broadcasting Group, Inc. and Timothy C. Busch, extending his role as Senior Vice President and Eastern Regional Manager through June 30, 2008. It outlines his operational responsibilities over several stations, sets a new salary and bonus schedule from July 1, 2003, and grants 20,000 additional stock options vesting over the contract term. All other terms remain as previously agreed. The addendum is effective upon acceptance by both parties.

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EX-10.76 14 dex1076.txt ADDENDUM TO EMPLOYMENT AGREEMENT, DATED AS OF MAY 12, 2003 Exhibit 10.76 Perry A. Sook President/CEO TO: Timothy C. Busch FR: Perry A. Sook RE: Addendum to Your Employment Agreement DA: 5/12/03 This memorandum will serve as an addendum to your employment agreement with Nexstar Broadcasting dated September 11, 2000 and amended August 14, 2002. Title and Duties: Your title will be Senior Vice President and Eastern Regional Manager. Duties will include operational responsibility for WBRE, WYOU, WROC, WJET, WFXP, WTWO, WBAK, WCIA, WCFN, WMBD, WYZZ and WDHN, and other stations and duties that may be assigned by the CEO or COO from time to time. Tern: The term of your employment agreement is hereby extended to June 30, 2008. Compensation: Effective July 1, 2003 you will be compensated under the following salary and bonus compensation schedule.
Annual Salary Target Bonus July 1, 2003 through June 30, 2004 $250,000 $100,000 (for 2003) July 1, 2004 through June 30, 2005 $260,000 $105,000 (for 2004) July 1, 2005 through June 30, 2006 $270,000 $110,000 (for 2005) July 1, 2006 through June 30, 2007 $280,000 $115,000 (for 2006) July 1, 2007 and thereafter $290,000 $120,000 (for 2007 and thereafter)
Equity Compensation: You will receive a grant of an additional 20,000 options at the IPO price. These options will vest ratably over the term of the employment agreement and are in addition to the shares you own and options previously granted. Other: All other terms and conditions of your employment with Nexstar will continue to be governed by your employment agreement and the Nexstar Employee Handbook. Please indicate your agreement with and acceptance of the terms and conditions of this addendum by signing below. Sincerely, Accepted and Agreed, /s/ Perry A. Sook /s/ Timothy C. Busch Perry A. Sook Timothy C. Busch President/CEO Date: 5/13/03. Nexstar Broadcasting Group, Inc. 909 Lake Carolyn Parkway, Suite 1450, Irving, TX 75039, (972) 373-8800 fax ###-###-####