Addendum to Employment Agreement between Nexstar Broadcasting Group, Inc. and Rick Stolpe (August 28, 2003)

Contract Categories: Human Resources › Employment Agreements
Summary

This addendum updates the employment agreement between Nexstar Broadcasting Group, Inc. and Rick Stolpe. It revises Stolpe's base salary for the years 2003 to 2006, sets an annual bonus target of $20,000 at the CEO's discretion, extends the termination payment period to one year, and grants 15,000 stock options related to the company's IPO, with a specified vesting schedule. All other terms of the original agreement remain unchanged.

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EX-10.87 19 dex1087.txt ADDENDUM TO EMPLOYMENT AGREEMENT, DATED AS OF AUGUST 28, 2003 Exhibit 10.87 Perry A. Sook President/CEO TO: Rick Stolpe 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:
Base Salary From September 1, 2003 through August 31, 2004 $125,000 From September 1, 2004 through August 31, 2005 $130,000 From September 1, 2005 through August 31, 2006 $135,000 Effective September 1, 2006 and thereafter $140,000
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 15,000 options at the IPO price at the time of the Nexstar Initial Public Offering. These options will be 50% vested at the time of the IPO, with the remaining 50% to vest in equal installments over 5 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/ Rick Stolpe Perry A. Sook Rick Stolpe President/CEO VP/Director of Engineering Nexstar Broadcasting Group, Inc. 909 Lake Carolyn Parkway, Suite 1450, Irving, TX 75039, (972) 373-8800 fax ###-###-####