PRIMEDIA Inc. Special Bonus Agreement with Steve Parr (June 2007)
PRIMEDIA Inc. agrees to pay Steve Parr a special bonus of $1,845,300, less taxes, following the sale of PRIMEDIA Enthusiast Media Inc. to Source Interlink Companies, Inc. The bonus is based on the sale price and will be paid within ten days of the sale's closing. Steve Parr will not receive the bonus if he is terminated for cause or resigns before payment. If PRIMEDIA terminates his employment without cause before payment, he will still receive the bonus.
Exhibit 10.2
Michaelanne C. Discepolo |
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Executive Vice President |
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Human Resources |
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PRIMEDIA
PRIMEDIA Inc.
745 Fifth Avenue
New York, NY 10151
Tel: 212 ###-###-####
Fax: 212 ###-###-####
***@***
June 12, 2007
Mr. Steve Parr
Dear Steve:
We are pleased to inform you that you are entitled to receive a special bonus of $1,845,300 (the Bonus), less applicable withholdings, upon the sale of PRIMEDIA Enthusiast Media Inc. to Source Interlink Companies, Inc. (the Sale).
The Bonus amount was based on the sale price of $1,177,900,000 and calculated in accordance with the formula set forth on Attachment A. The Bonus will be payable within ten days of the closing date of the Sale (the Payment Date).
In the event that PRIMEDIA Inc. terminates your employment for Cause prior to the Payment Date, you would no longer be entitled to receive the Bonus. For purposes of this Letter Agreement, cause shall include any act of dishonesty committed by you in connection with your employment, substance abuse, conviction of a felony, behavior injurious to PRIMEDIA, the willful or repeated failure or refusal to perform your duties or gross insubordination.
In the event that PRIMEDIA terminates your employment without Cause prior to the Payment Date, you shall remain entitled to the Bonus.
In the event you voluntarily terminate your employment prior to the Payment Date, you would no longer be entitled to receive the Bonus.
Very truly yours, | ||
| Mike Discepolo | |
cc: Dean Nelson | /s/ Mike Discepolo |
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