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EXECUTIVE EMPLOYMENT AGREEMENT

Employment Agreement

EXECUTIVE EMPLOYMENT AGREEMENT | Document Parties: Entravision Communications Corporation You are currently viewing:
This Employment Agreement involves

Entravision Communications Corporation

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Title: EXECUTIVE EMPLOYMENT AGREEMENT
Governing Law: New York     Date: 3/15/2007
Industry: Broadcasting and Cable TV     Sector: Services

EXECUTIVE EMPLOYMENT AGREEMENT, Parties: entravision communications corporation
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EXHIBIT 10.8

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive Employment Agreement (the "Agreement") is entered into effective as of February 1, 2007 (the "Effective Date") by and between Entravision Communications Corporation, a Delaware corporation (the "Company"), and Christopher T. Young (the "Executive").

 

 

1.

Employment .

 

  • a. The Executive shall serve as the President of the Company’s Outdoor Division during the term of this Agreement. The Executive will perform such duties as are customarily performed by a similarly-situated individual of like organizations, including the duties as may reasonably be assigned from time to time by the Company’s Chief Executive Officer (the "CEO") that are consistent with such title and position. The Executive shall report directly to the CEO. In performing his duties, the Executive will abide by all applicable federal, state and local laws, as well as the Company’s bylaws, rules, regulations and policies, as may be amended from time to time.

 

  • b. The Executive shall devote his entire productive time, ability and attention to the Company’s business during the term of this Agreement. The Executive shall not engage in any other business duties or pursuits whatsoever, or directly or indirectly render any services of a business, commercial or professional nature to any other person or organization, whether for compensation or otherwise, without the prior written consent of the CEO. The foregoing shall not preclude the Executive from engaging in appropriate civic, charitable or religious activities or from devoting a reasonable amount of time to passive private investments or from serving on the boards of directors of other entities (provided that any director position shall require the prior written consent of the CEO), as long as such activities and/or services do not interfere or conflict with his responsibilities to the Company, and any provision of this Agreement. The Executive shall not directly or indirectly acquire, hold or retain any interest in any business competing with or similar in nature to the business of the Company, or which in any other way creates a conflict of interest, except for up to one percent (1%) ownership interests in public companies. During the term of this Agreement, the Executive shall not in any way engage or participate in any business that is in competition with the Company.

 

2. Term . Beginning on the Effective Date, the Company agrees to employ the Executive and the Executive accepts employment with the Company until January 31, 2010, or until such time that the Executive’s employment is terminated in accordance with the terms of this Agreement.

 

 

3.

Salary and Benefits .

 

  • a. Salary . The Executive will receive an annual base salary of Two Hundred Sixty-Three Thousand Dollars ($263,000), payable in equal installments according to the Company’s regular paydays, less any applicable taxes and withholding (the "Base Annual Compensation"). The Base Annual Compensation may be increased, in the discretion of the Company’s Compensation Committee, on the first and second anniversaries of the Effective Date of this Agreement. The increase, if any, to the Base Annual Compensation made on the first and/or second anniversaries of the Effective Date of this Agreement shall be made with reference to the increase in base compensation given, in the same time period, to the Company’s employees generally.

 

  • b. Bonus . The Executive is eligible for bonuses as follows:

 

      • (i) A quarterly bonus of $17,500.00 upon the achievement of 101.00% of the Company’s budgeted EBITDA goals for the Outdoor Division, following deduction of Bad Debt, for such quarter.

 

      • (ii) An annual bonus of $25,000.00 upon the achievement of 103.00% of the Company’s budgeted EBITDA goals for the Outdoor Division, following deduction of Bad Debt, for such fiscal year.

"EBITDA" shall be defined in this Agreement as total earnings before interest, taxes, depreciation and amortization as computed in accordance with generally accepted accounting principles (pro forma as defined by the Compensation Committee).

 

"Bad Debt" shall be defined in this Agreement as follows: (i) for all local accounts sold in a particular period, any amounts that remain uncollected after one hundred twenty (120) days; and (ii) for all national accounts sold in a particular period, any amounts that remain uncollected after one hundred fifty (150) days; provided , that, in either case, if any accounts receivable are collected within thirty (30) days following a prior determination of uncollectibility, such amounts will be added back to the period from which it was deducted, less any direct expenses incurred by the Company for collection of such amount.

 

  • c. Benefit Coverage . The Executive is entitled to participate in all executive benefit programs and plans established by the Company from time to time for the benefit of its executives generally and for which the Executive is eligible.

 

  • d. Vacation and Holidays . The Executive is entitled to paid vacation time in accordance with the vacation policies established by the Company for its employees, as may be amended from time to time. The Executive will also be entitled to the paid holidays as set forth in the Company’s policies.

 

  • e. Equity Incentive Grants . The Executive is eligible for equity incentive grants under the Entravision Communications Corporation 2004 Equity Incentive Plan.

 

  • f. Expenses . The Company will pay on behalf of the Executive (or reimburse the Executive for) reasonable expenses incurred by the Executive at the request of, or on behalf of, the Company in performance of the Executive’s duties pursuant to this Agreement, and in accordance with the Company’s employment policies. The Executive must prepare and submit expense reports with respect to such expenses in accordance with the Company’s policies.

 

  • g. Miscellaneous . The Company will indemnify the Executive consistent with the Company’s other executive officers and its legal obligations under California Labor Code Section 2802.

 

 

4.

Termination of Employment .

 

  • a. The Company or the Executive may terminate this Agreement and the Executive’s employment at any time, with or without Cause (as defined below).

 

  • b. In the event the Executive is terminated for "Cause," the Executive shall not be entitled to any severance compensation or any other compensation from the Company except for such salary and benefits as t


 
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