Amendment No. 1 to Employment Agreement between Univision Communications Inc. and C. Douglas Kranwinkle

Summary

Univision Communications Inc. and C. Douglas Kranwinkle have agreed to amend Mr. Kranwinkle's employment agreement. The amendment extends his employment term through December 31, 2003, and sets his annual base salary at $600,000 for each year from 2001 to 2003. All other terms of the original employment agreement remain unchanged. The amendment is effective upon signing by both parties.

EX-10.34 5 a2040170zex-10_34.txt EXHIBIT 10.34 EXHIBIT 10.34 AMENDMENT NO. 1 (THE "AMENDMENT") TO EMPLOYMENT AGREEMENT BETWEEN UNIVISION COMMUNICATIONS INC. ("UNIVISION") AND C. DOUGLAS KRANWINKLE (THE "EMPLOYMENT AGREEMENT") December 31, 2000 To: C. Douglas Kranwinkle c/o Univision Dear Doug: You and Univision agree to amend the Employment Agreement as follows: 1. TERM. The Term of the Employment Agreement is extended through December 31, 2003, unless earlier terminated in accordance with the provisions of the Employment Agreement. 2. SALARY. Your annual Base Salary rate will be: Six Hundred Thousand Dollars ($600,000) for the annual period from January 1, 2001 through December 31, 2001; Six Hundred Thousand Dollars ($600,000) for the annual period from January 1, 2002 through December 31, 2002; and Six Hundred Thousand Dollars ($600,000) for the annual period from January 1, 2003 through December 31, 2003. 3. OTHER. Except as provided in this Amendment, all other terms and conditions in the Employment Agreement will remain in full force and effect, and the Employment Agreement, as amended hereby, is ratified and confirmed. 4. EFFECTIVE DATE OF AMENDMENT. Upon execution by you and Univision, this Amendment will become effective as of the date first provided above. UNIVISION COMMUNICATIONS INC. By: /s/ George W. Blank ----------------------------------- George W. Blank Chief Financial Officer /s/ C. Douglas Kranwinkle - --------------------------- C. Douglas Kranwinkle