PRIMEDIA Inc. Executive Incentive Compensation Letter Agreement with Robert Sforzo (January 4, 2008)
This letter agreement between PRIMEDIA Inc. and Robert Sforzo outlines a special incentive compensation arrangement for 2008. Since there is no formal executive incentive plan for that year, PRIMEDIA agrees to pay Sforzo a prorated target award equal to 50% of his 2008 base salary, based on the time he is employed during the year. The payment will be made within 10 days of his termination date, unless he resigns or is terminated for cause before May 31, 2008. This bonus replaces any pro-rata bonus under his prior severance agreement.
EXHIBIT 10.22(d)
| |
| PRIMEDIA Inc. |
| 745 Fifth Avenue |
| New York, NY 10151 |
| Tel ###-###-#### |
| Fax ###-###-#### |
January 4, 2008
Robert Sforzo
SVP, CAO
Dear Bob:
As you know there is no 2008 PRIMEDIA Short-Term Executive Incentive Compensation Plan. The Company will, however, pay you your target award (50% of your 2008 earned base salary) prorated for the period of time you are employed by PRIMEDIA during 2008, payable within 10 days of your termination date. For example, if you are still employed by the Company through 5/31/08, your earned award would be $58,333. Please know you will not be entitled to any bonus payment if you voluntarily quit or are terminated for cause1 prior to May 31, 2008.
Please note that pro-rata bonus under this letter is in lieu of payment of your pro-rata bonus for year of termination under your July 19, 1999 severance letter.
| Sincerely, |
| /s/ DEAN B. NELSON |
cc: Mike Discepolo
| 1 | For purposes of this letter, “cause” shall include any act of dishonesty committed by you in connection with your employment, substance abuse, conviction of a felony, behavior injurious to the Company, the willful or repeated failure or refusal to perform your duties or gross insubordination. |
