Exhibit 10.3
8000 TOWER POINT DRIVE
CHARLOTTE, NC 28227
704-321-7380
METROMEDIA INTERNATIONAL GROUP, INC.
August 9, 2005
Harold F. Pyle III
Chief Financial Officer
Metromedia International Group, Inc.
8000 Tower Point Drive
Charlotte, NC 28227
Re: Bonus Award
Dear Ernie:
Metromedia International Group, Inc. (the "Company") considers
it essential to the best interests of the
Company and its stockholders to
reinforce and encourage your continued
attention and dedication to your duties
to the Company as its Chief Financial
Officer.
The Company recognizes that the performance of your duties
over the past several months, specifically
those duties in connection with the
preparation of the Company's audited and
unaudited financial statements, has
required an increased commitment of your
time and energy. The Company is aware
that you will be required to continue to
devote a significant amount of time and
energy to the performance of such duties
over the coming months.
The Compensation Committee of the Board of Directors of the
Company has determined that it is in the
best interests of the Company and its
stockholders to pay you a bonus award to
both reward you for the services you
have provided in connection with the
preparation of such financial statements
and to incentivize you to continue to
provide your undivided dedication and
attention to your duties to the Company
and, specifically, in connection with
preparing such financial statements.
This letter agreement sets forth the terms and conditions of
the payment by the Company to you of the
bonus award described herein.
1.
Bonus Award
The Company shall pay you a one-time, lump-sum cash bonus
equal to $416,500 (the "Bonus") as soon as
reasonably practicable following the
first date as of which the Company's annual
reports on Form 10-K and quarterly
reports on Form 10-Q required to be filed
with the Securities and Exchange
Commission (the "SEC") prior to such date
have been filed and that is at least
21 calendar days prior to any date that the
Company is required to file with the
SEC any periodic report on Form 10-K or
Form 10-Q (the "Payment Date").
Notwit
