PRIMEDIA Inc. Special Bonus Agreement with Dean Nelson (June 2007)
PRIMEDIA Inc. agrees to pay Dean Nelson a $1,000,000 special bonus, minus applicable taxes, after the successful sale of PRIMEDIA Enthusiast Media, Inc. to Source Interlink Companies, Inc. and the transition of PRIMEDIA's operations to Atlanta, Georgia. The bonus will be paid within ten days after both events are completed. If Mr. Nelson is terminated for cause or resigns before payment, he forfeits the bonus. If terminated without cause, he remains eligible for the bonus.
Exhibit 10.3
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. Dean Nelson
Dear Dean:
We are pleased to inform you that you are entitled to receive a special bonus of $1,000,000 (the Bonus), less applicable withholdings, upon the successful closing of the sale of PRIMEDIA Enthusiast Media, Inc. to Source Interlink Companies, Inc. (the Sale) and the transition of operations and management of PRIMEDIA Inc. to Atlanta, Georgia. The Bonus will be payable within ten days of the later to occur the closing of the Sale or the completion of the transition of the corporate activities to Atlanta (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 | |
| /s/ Mike Discepolo |
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