PRIMEDIA Inc. Executive Incentive Compensation Letter Agreement with Carl Salas (January 4, 2008)
This letter agreement between PRIMEDIA Inc. and Carl Salas outlines the terms for a 2008 incentive compensation payment. Since there is no formal 2008 Short-Term Executive Incentive Compensation Plan, PRIMEDIA agrees to pay Mr. Salas a prorated target award equal to 50% of his 2008 base salary, based on the period he is employed during the year. The payment will be made within 10 days of his termination date, provided he does not voluntarily resign or is not terminated for cause before May 31, 2008.
EXHIBIT 10.23(c)
 | ||
| PRIMEDIA Inc. | ||
| 745 Fifth Avenue | ||
| New York, NY 10151 | ||
| Tel ###-###-#### | ||
| Fax ###-###-#### | ||
January 4, 2008
Carl Salas
SVP, Treasurer
Dear Carl:
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.
| 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. |
