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Exhibit 10.216
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT (this "AGREEMENT") is dated as of June 30,
2000, by and between Paxson Communications Management Company, Inc., a Florida
corporation ("PAXSON"), and Thomas E. Severson, Jr., an individual resident of
the State of Maryland ("EMPLOYEE").
RECITALS
A. Paxson, a wholly owned subsidiary of Paxson Communications
Corporation ("PCC"), has been formed to provide managerial and administrative
services to the various businesses operated by PCC and its subsidiaries and
affiliates (collectively, the "PAXSON GROUP"), including the PAX Net network,
any other programming networks and various television stations owned or
otherwise held, operated or programmed by the Paxson Group.
B. Paxson desires to employ Employee to perform executive and
administrative duties for the Paxson Group while holding the "TITLED POSITION"
set forth in Schedule I annexed hereto.
C. Employee wishes to enter into this Agreement and to be employed by
Paxson as the Titled Position for the Paxson Group and to provide services to
Paxson on the terms and conditions set forth in this Agreement.
AGREEMENTS
NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained in this Agreement, the parties intending to be bound legally, hereby
agree as follows:
SECTION 1 EMPLOYMENT
1.1 TERM OF EMPLOYMENT. The term of this Agreement (the "Agreement
Term") shall be deemed to have commenced as of the "COMMENCEMENT DATE" set forth
in Schedule I hereof, and shall continue until the fourth (4th) anniversary of
the Commencement Date, unless terminated sooner in accordance with this
Agreement.
1.2 DUTIES. Employee acknowledges, agrees and accepts employment by
Paxson in the Titled Position for the Paxson Group and in such capacity Employee
shall be responsible for the performance of the duties of the Titled Position
and for such other executive and administrative duties as may be designated from
time to time by the Responsible Officer or the Chairman of PCC. Employee shall
be provided by Paxson suitable office space for Employee in the "EMPLOYMENT
LOCATION", as identified on Schedule I annexed hereto, together with all
reasonable support staff and secretarial assistance, equipment, stationary,
books and supplies, as determined by the Responsible Officer. Employee shall use
Employee's best efforts during the term of employment hereunder to further,
enhance and develop the business of PCC, the Paxson Group and any networks or
stations it may own or operate. Subject to the direction of the "RESPONSIBLE
OFFICER", as identified in Schedule I annexed hereto, Employee shall perform
such duties as set forth in Schedule I annexed hereto under "EMPLOYMENT DUTIES."
Except as expressly modified herein, Employee shall be subject to all of the
Paxson Group's policies including payola, plugola and conflicts of interest, as
well as the following:
(a) Employee will comply with all Paxson Group and
professional standards governing Employee's objectivity in the
performance of Employee's duties, including restrictions on outside
activities, investments, business interests, or other involvements
which could compromise Employee's objectivity or create an impression
of conflict of interest. Employee will not knowingly, without the prior
approval of Employee's Responsible Officer on behalf of Paxson, accept
any gift, compensation, or gratuity (which excludes business meals and
entertainment received by Employee in the ordinary course of business)
from any person or entity with which the Paxson Group or any of its
broadcast properties is or may be in competition or in any
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instance where there is a stated or implied expectation of favorable
treatment of that person or entity. Employee will not, without the
prior written approval of Employee's Responsible Officer, take
advantage of any business opportunity or situation or engage in any
enterprise or venture of which the Paxson Group may have an interest on
his or her own behalf, if said business opportunity or situation,
enterprise or venture is related in any way to or is similar to the
business of the Paxson Group.
(b) In performing the Employment Duties under this Agreement,
Employee shall conduct himself with due regard to social conventions,
public morals and standards of decency, and will not cause or permit
any situation or occurrence which would tend to degrade, scandalize,
bring into public disrepute, or otherwise lower the community standing
of Employee, or Paxson's public image.
1.3 ACTIVITIES. Employee shall, except during vacation periods, periods
of illness, and leaves of absence approved by Paxson, devote full and undivided
business time, attention and energies to the duties and responsibilities
required by Paxson, as directed by the Responsible Officer. During the Agreement
Term, Employee shall not engage in any other business activity which would
conflict with Employee's duties without the prior written approval of Employee's
Responsible Officer on behalf of Paxson, which shall not be unreasonably
withheld; PROVIDED, HOWEVER, that Paxson may withhold its consent to any
business activity by Employee that Paxson determines would directly interfere,
impair or hinder in any way Employee's ability to perform or otherwise satisfy
Employee's responsibilities and duties from time to time in effect, as the
holder of the Titled Position of the Paxson Group or otherwise, under this
Agreement.
1.4 DELEGATION OF DUTIES. Employee may not delegate the performance of
any of Employee's obligations or duties under this Agreement, or assign any of
Employee's rights under this Agreement, without the prior written consent of
Paxson, except that Employee may delegate duties to other employees of Paxson
where reasonable and customary in the ordinary course of Paxson's business and
consistent with the performance of the Titled Position.
SECTION 2 COMPENSATION AND BENEFITS
Beginning on the Commencement Date, Employee shall be compensated for
the performance of the Employment Duties performed under the terms hereof as
follows:
2.1 BASE SALARY AND ANNUAL CASH BONUS. As compensation for the services
performed by Employee hereunder, Employee shall receive a Base Salary and Annual
Cash Bonus, as follows:
(a) BASE SALARY. Paxson and Employee acknowledge and agree
that Employee's Base Salary for each of the Employment Years hereof
shall be the per year amount set forth in Schedule I hereof. For
purposes of this Agreement, "EMPLOYMENT YEAR" means a calendar year
ended June 30. For each of the third and fourth Employment Years during
the term hereof, Employee's Base Salary shall be increased by an amount
determined by the Compensation Committee of the Board of Directors;
provided, in no event shall Employee's Base Salary during any
successive Employment Year during the term hereof be less than
Employee's Base Salary in effect for the immediately preceding
Employment Year.
(b) ANNUAL CASH BONUS. Employee shall be entitled to an annual
cash bonus, based upon and subject to Paxson Group performance, in the
amount payable and as described in Schedule I annexed hereto.
(c) MANNER OF PAYMENT. Employee's Base Salary shall be paid,
at Paxson's option, either (i) in equal bi-monthly installments, or
(ii) in accordance with the customary payroll policies of Paxson with
respect to its management employees.
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2.2 OTHER CASH AND NON-CASH COMPENSATION.
(a) In addition to Employee's Base Salary, Employee may, as
determined from time to time, in the sole discretion of Paxson, be
eligible to receive or participate in cash and non-cash compensation
programs, including, without limitation, annual and special cash and
non-cash bonus awards, grants of stock options, restricted stock,
"phantom-equity" and stock appreciation rights (collectively, "NON-CASH
COMPENSATION"). Employee's rights in respect of any Non-Cash
Compensation shall be governed under the terms of a separate document
or documents, if any Non-Cash Compensation is to be awarded to
Employee. Except as provided in the subsection 2(b) hereof, under no
circumstance should this provision be deemed to constitute any express
or implied right, entitlement or interest of Employee to be awarded or
participate in, or obligation, agreement or requirement of Paxson, to
award, provide or offer to Employee, any form of Non-Cash Compensation,
all of which rights, entitlements, interests, obligations, agreements
or understandings are hereby expressly disclaimed.
(b) Employee shall be granted options to acquire shares of
Paxson Communications Corporation Class A Common Stock in the amount
and on the terms and conditions set forth in Schedule I annexed hereto.
2.3 BUSINESS EXPENSES AND MOVING EXPENSES. Upon proper substantiation
and documentation by Employee, Paxson shall reimburse Employee promptly for all
reasonable travel, entertainment and other similar business expenses incurred by
Employee in the performance of Employee's duties under this Agreement.
Reimbursement of expenses will be made in accordance with applicable policies of
Paxson. All extraordinary disbursements and expenditures by Employee, and any
disbursements and expenditures that are not provided for in any budget
established by Paxson, must be approved in advance by Paxson. Upon proper
substantiation and documentation by Employee, Paxson shall also reimburse
Employee promptly (or advance to Employee, as reasonably necessary) moving costs
and expenses as set forth in Schedule I annexed hereto.
2.4 VACATION. Employee shall be entitled to a minimum of four weeks of
paid vacation during each Employment Year, in addition to personal time off in
accordance with Paxson's employee handbook as in effect from time to time.
2.5 BENEFITS. The compensation specified above shall be exclusive of
and in addition to any benefits that may be available to Employee under any
employee pension plan, group life insurance plan, hospitalization plan, medical
service plan, death benefit plan, or any other employee benefit plan applicable
generally to the employees of Paxson, in accordance with their respective
positions, and which may be in effect at any time or from time to time during
the term of Employee's employment. Employee shall be entitled to participate in
the Supplemental Executive Retirement Plan, as and to the extent made available
to other members of senior management.
2.6 SIGNING BONUS. Paxson shall pay to employee a one time cash bonus
equal to $40,000, less any amount withheld pursuant to Section 2.7 hereof,
within 30 days after the Commencement Date.
2.7 WITHHOLDING. Paxson shall be responsible for withholding from
Employee's compensation FICA, FUTA and other payroll and income taxes, as
required by law and such other amounts as may be directed by Employee.
SECTION 3 TERMINATION OF EMPLOYMENT; PAYMENTS UPON TERMINATION
3.1 EVENTS. Employee's employment shall terminate on the earliest of
the following dates:
(a) DEATH. The date of Employee's death.
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(b) DISABILITY. The date Employee is terminated due to
Disability. "DISABILITY" means that, in the opinion of the Company's
physicians, Employee is unable by reason of illness or accident to
perform the essential functions of the Employment Duties for a period
of more than 180 consecutive days.
(c) PAXSON TERMINATION WITHOUT CAUSE. The date Employee is
terminated by Paxson pursuant to a Paxson Termination Without Cause. A
"PAXSON TERMINATION WITHOUT CAUSE" means any termination of Employee by
Paxson for any reason, other than for Disability pursuant to Subsection
3.1(b) or a Paxson Termination for Cause pursuant to any clause of
Subsection 3.1(d) prior to a Change of Control, or clauses (i), (iii),
(iv), or (vi) of Subsection 3.1(d) within one year after a Change of
Control.
For purposes of this Agreement, a "CHANGE OF CONTROL" will occur if (a)
none of Lowell W. Paxson, his estate, his wife, his lineal descendants, or any
trust created for the sole benefit of any one or more of them during their
lifetimes, or any combination of any of the foregoing, shall (i) own, directly
or indirectly, at least thirty-five percent of the issued and outstanding
capital stock of PCC, or (ii) have voting control directly or indirectly, equal
to at least 51 percent of the issued and outstanding capital stock of PCC
entitled to vote in the election of the Board of Directors of PCC; (b) the
approval by the shareholders of PCC of a reorganization, merger, or
consolidation, in each case, with respect to which persons who were shareholders
of PCC immediately prior to this reorganization, merger or consolidation do not,
immediately thereafter, own more than 50 percent of the combined voting power
entitled to vote generally in the election of directors of the reorganized,
merged or consolidated company's (or any successor entity's) then outstanding
securities; or (c) a liquidation or dissolution of PCC or of the sale of all or
at least 80 percent of PCC's assets.
(d) PAXSON TERMINATION FOR CAUSE. The date Employee is
terminated by Paxson pursuant to a Paxson Termination for Cause. A
"PAXSON TERMINATION FOR CAUSE" means a termination of Employee by
Paxson resulting from any of the following:
(i) Employee's arrest for the commission of (A) a
felony, (B) two (2) offenses for operating a motor vehicle
while impaired by or under the influence of alcohol or illegal
drugs, (C) any criminal act with respect to Employee's
employment (including any criminal act involving a violation
of the Communications Act of 1934, as amended, or regulations
promulgated by the Federal Communications Commission), or (D)
any act that materially threatens to result in suspension,
revocation, or adverse modification of any FCC license of any
broadcast station owned by any affiliate of Paxson or would
subject any such broadcast station to fine or forfeiture;
(ii) Employee's wilfully taking of any action or
inaction the intended or reasonably foreseeable result of
which would cause Paxson or any Station to be in default under
any material contract, lease or other agreement;
(iii) Employee's dependence on alcohol or illegal
drugs;
(iv) Refusal to perform according to or follow the
legal policies and directives of the Responsible Officer and
failing to cure such failure as soon as practicable and in any
event within 30 days from receipt of written notice setting
forth the specifics of such unsatisfactory performance;
(v) Conduct which could be reasonably inferred to
detract from the public image of the Paxson Group and failing
to cease such conduct or commence to take reasonable curative
action with respect thereto requested by the Company or both,
as soon as
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practicable and in any event within 30 days from receipt of
written notice setting forth the specifics of such conduct;
(vi) Employee's misappropriation, conversion or
embezzlement of the assets of Paxson or any affiliate of
Paxson;
(vii) A material breach of this Agreement by Employee
and failing to cure such breach as soon as practicable and in
any event within 30 days from receipt of written notice
setting forth the specifics of such breach; or
(viii) Any representation of Employee in Section 7 of
this Agreement being false when made.
(e) EMPLOYEE'S VOLUNTARY RESIGNATION. The date of Employee's
Voluntary Resignation. A "VOLUNTARY RESIGNATION" means any resignation
by Employee other than Employee's Termination for Cause, as set forth
in Subsection 3(f), below.
(f) EMPLOYEE'S TERMINATION FOR CAUSE. The date of Employee's
Termination for Cause. "EMPLOYEE'S TERMINATION FOR CAUSE" means the
termination of employment by Employee as a result of the occurrence of
any of the following events:
(i) Paxson elects to change the place of employment
to a location not in Palm Beach County, Florida;
(ii) Paxson fails to remedy a breach of this
Agreement after thirty (30) days' written notice from
Employee, setting forth the specifics of such breach; or
(iii) Paxson makes any material, adverse change in
Employee's position, duties, or responsibilities.
3.2 PAYMENTS UPON TERMINATION. Following the termination of Employee's
employment pursuant to this Section 3, Paxson shall have no further liability to
Employee, and no further payment shall be made to Employee, except to the extent
expressly provided for in this Subsection, as follows:
(a) TERMINATION COMPENSATION FOR DEATH, DISABILITY, PAXSON
TERMINATION WITHOUT CAUSE OR EMPLOYEE'S TERMINATION FOR CAUSE. If
Employee's employment is terminated as a result of Death, Disability,
Paxson Termination Without Cause, or Employee's Termination for Cause,
under Subsections 3.1(a), (b), (c) or (f), respectively, within thirty
(30) days of termination, Employee (or, in the case of a termination as
a result of the death of Employee, the appropriate representative of
Employee's estate) will be paid the following:
(i) Employee will continue to receive the Employee's
Base Salary then in effect for a period equal to the lesser
(i) twelve (12) months and (ii) the remaining months under the
term of this Agreement;
(ii) A lump sum equal to the unpaid portion of any
previously awarded bonus;
(iii) Employee's bonus for the fiscal year in which
the termination occurs, prorated, if necessary, according to
the formula set forth in Schedule I, which bonus shall be
payable in full if and when bonus awards for such fiscal year
commence to be made to other members of senior management;
(iv) Without duplication of any of the foregoing, all
base salary, expenses and other payments or cash benefits due
to Employee through Employee's termination date; and
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(v) An amount in cash equivalent to the accrued but
unused vacation and personal time of Employee through the
termination date.
In addition, Employee shall also be entitled to any benefits for which
Employee qualifies under any employee benefit plan available to
Employee (including, but not limited to any disability insurance, life
insurance and death benefits of the type described in Section 2.5).
Employee shall also be entitled to all rights to continuation or
conversion of benefits required by law to be offered to a departing
employee.
(b) TERMINATION COMPENSATION FOR PAXSON TERMINATION FOR CAUSE
OR EMPLOYEE'S VOLUNTARY RESIGNATION. If Employee's employment is
terminated as a result of a Paxson Termination for Cause or Employee's
Voluntary Resignation, under Subsections 3.1(d), or (e), respectively,
within thirty (30) days of termination, Employee will be paid the
following:
(i) A lump sum equal to the unpaid portion of any
previously awarded bonus;
(ii) All base salary, expenses and other payments or
cash benefits due to Employee through Employee's termination
date; and
(iii) An amount in cash equivalent to the accrued but
unused vacation and personal time of Employee through the
termination date.
In addition, Employee shall also be entitled to any benefits for which
Employee qualifies under any employee benefit plan available to
Employee. Employee shall also be entitled to all rights to continuation
or conversion of benefits required by law to be offered to a departing
employee.
3.3 NOTICES OF TERMINATION; EFFECTIVE DATE OF TERMINATION. For all
terminations except in the case of Death, either Employee or Paxson, as the case
may be, shall give written notice of termination to the other. In the case of
any termination, other than a Paxson Termination for Cause, such notice shall be
effective not less than thirty (30) days after the date on which it is received
by the other party. Notice of a Paxson Termination for Cause may be effective
immediately.
SECTION 4 INTANGIBLES
4.1 MEMORANDA, NOTES AND RECORDS. All memoranda, notes, names and
address lists, records or other documents made or compiled by Employee or made
available to Employee during the term of employment concerning the business of
any member of the Paxson Group and any and all copies thereof shall be delivered
to Paxson upon the termination of Employee's employment for whatever reason or
at any other time upon request. Employee shall not at any time during Employee's
employment, or after the termination of employment, use for Employee's own
benefit or for the benefit of others, or divulge to others, any information,
trade secrets, knowledge, or data of a secret or confidential nature or
otherwise not readily available to members of the general public that concerns
the business or affairs of any member of the Paxson Group and whether or not
acquired by the Employee during the term of employment by Paxson.
4.2 RIGHTS IN INTANGIBLE ASSETS. Employee recognizes and acknowledges
that all rights in the formats, programming, concepts, approaches, copy and
titles embodied in the operation of the Paxson Group or any particular station
or the PAX Net network or any other broadcast network, and all changes,
additions and amendments thereto which may occur during or after the Term
hereof, belong exclusively to Paxson. Employee hereby assigns any and all rights
or interests Employee may have therein to Paxson. Employee shall not at any time
during Employee's employment, or after the termination of
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employment, have or claim any right, title or interest in any trade name,
patent, trademark, copyright or other similar rights belonging to or used by
Paxson and shall not have or claim any right, title or interest in any material
or matter of any sort prepared for or used in connection with the business or
promotion of Paxson, whether produced, prepared or published in whole or in part
by Employee or by Paxson.
SECTION 5 NONINTERFERENCE AND CONFIDENTIALITY
5.1 NONINTERFERENCE. Employee agrees that from the date of this
Agreement through the first anniversary of the date Employee's employment with
the Paxson Group terminates, Employee will not, directly or indirectly, whether
as sole proprietor, partner, lessor, venturer, stockholder, director, officer,
employee, consultant or in any other capacity as principal or agent or through
any person, subsidiary, affiliate or employee acting as nominee or agent, engage
or participate in any of the following actions:
(a) Influencing or attempting to influence any person or
entity who is a contracting party with any member of the Paxson Group
to terminate any written or oral agreement with such member of the
Paxson Group; it being understood that notwithstanding the foregoing,
consulting or working for a competitor in the ordinary course after the
term shall not, absent other evidence or action on the part of Employee
to the contrary, constitute a violation of this provision; or
(b) Hiring or attempting to hire for employment or as an
independent contractor any person who is actively employed (or in the
preceding six months was actively employed) by any member of the Paxson
Group or attempting to influence any such person to terminate
employment with any member of the Paxson Group.
5.2 CONFIDENTIALITY. Employee covenants and agrees that both during the
Agreement Term and thereafter he will not disclose to any third party or use in
any way any confidential information, business secrets, or business opportunity
of the Paxson Group, including, without limitation, advertiser lists, rate
cards, programming information, programming plans, marketing, advertising and
promotional ideas and strategies, marketing surveys and analyses, ratings
reports, budgets, research, or financial, purchasing, planning, employment or
personnel data and information. Immediately upon termination of Employee's
employment with the Paxson Group for any reason, or at any other time upon the
Paxson Group's request, Employee will return to the Paxson Group all memoranda,
notes, records or other documents compiled by Employee or made available to
Employee during the Agreement Term concerning the business of the Paxson Group,
all other confidential information and all personal property of the Paxson
Group, including, without limitation, all files, audio or video tapes,
recordings, records, documents, drawings, specifications, lists, equipment,
supplies, promotional material, scripts, keys, phone or credit cards and similar
items and all copies thereof or extracts therefrom.
5.3 ENFORCEMENT. Employee agrees that the restrictive covenants
contained in this section 5 are a material part of Employee's obligations under
this Agreement for which the Paxson Group has agreed to compensate Employee as
provided in this Agreement. Employee agrees that the injury the Paxson Group
will suffer in the event of the breach by Employee of any clause of this Section
5 will cause the Paxson Group irreparable injury that cannot be adequately
compensated by monetary damages alone. Therefore, Employee agrees that the
Paxson Group, without limiting any other legal or equitable remedies available
to it, shall be entitled to obtain equitable relief by injunction or otherwise
from any court of competent jurisdiction, including, without limitation,
injunctive relief to prevent Employee's failure to comply with the terms and
conditions of this Section 5 and Employee hereby waives hereunder any defense
based upon an adequate remedy at law in any such action for equitable relief.
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5.4 REFORMATION. If the covenants in this Section 5 are held to be
unenforceable in any jurisdiction because of the duration or scope thereof, the
court making such determination shall have the power to reduce the duration
and/or scope of the provision or covenant, and the provision or covenant in its
reduced form shall be enforceable; PROVIDED, HOWEVER, that the determination of
such court shall not affect the enforceability of Section 5 in any other
jurisdiction.
SECTION 6 ARBITRATION
Except as otherwise provided to the contrary below, any dispute arising our of
or related to this Agreement that Paxson and Employee are unable to resolve by
themselves shall be settled by arbitration in West Palm Beach, Florida, by a
panel of three (3) arbitrators. Paxson and Employee shall each designate one
disinterested arbitrator, and the two arbitrators so designated shall select the
third arbitrator. The persons selected as arbitrators need not be professional
arbitrators, and persons such as lawyers, accountants and bankers shall be
acceptable. Before undertaking to resolve the dispute, each arbitrator shall be
duly sworn faithfully and fairly to hear and examine the matters in controversy
and to make a just award according to the best of Employee's understanding. The
arbitration hearing shall be conducted in accordance with the commercial
arbitration rules of the American Arbitration Association. The written decision
of a majority of the arbitrators shall be final and binding on Paxson and
Employee. The costs and expenses of the arbitration proceeding shall be assessed
between Paxson and Employee in a manner to be decided by a majority of the
arbitrators, and the assessment shall be set forth in the decision and award of
the arbitrators. Judgment on the award, if it is not satisfied within thirty
(30) days, may be entered in any court having jurisdiction over the matter. No
action at law or suit in equity based upon any claim arising our of or related
to this Agreement shall be instituted in any court by Paxson or Employee against
the other except (i) an action to compel arbitration pursuant to this Section,
(ii) an action to enforce the award of the arbitration panel rendered in
accordance with this Section, or (iii) any other action which, under applicable
law, may not be made subject to binding arbitration.
SECTION 7 REPRESENTATIONS OF EMPLOYEE
To induce Paxson to enter into this Agreement and to employ Employee, Employee
represents and warrants to Paxson as of the date hereof and as of each date of
payment of any compensation under the terms hereof as follows:
7.1 ABSENCE OF CONFLICTING AGREEMENTS. To the best of Employee's
knowledge and belief upon consultation with counsel, the execution, delivery and
performance of this Agreement by Employee does not conflict with result in a
breach of, or constitute a default under any enforceable covenant not to compete
or any other enforceable agreement, instrument, or license, to which Employee is
a party or by which Employee is bound. Notwithstanding the foregoing, Employee
has, immediately prior to the execution hereof, notified his current employer of
his election to terminate his employment and enter into this Agreement and such
employer has, after receiving such notification, agreed to release employee from
the terms thereof that would prohibit Employee from working for Paxson.
7.2 CONDUCT. Employee has not:
(a) Been convicted of any felony;
(b) Committed any criminal act with respect to Employee's
current or any prior employment (including any criminal act involving a
violation of the Communication Act of 1934, as amended, or regulations
promulgated by the FCC), or
(c) Knowingly committed any act that materially threatened to
result in suspension, revocation, or adverse modification of any FCC license of
any broadcast station or which subjected any broadcast station to fine or
forfeiture.
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7.3 CHEMICAL DEPENDENCE. Employee is not dependent on alcohol or
illegal drugs. Employee recognizes that Paxson shall have the right to conduct
random drug testing of its employees and that Employee may be called upon in
such a manner.
SECTION 8 MISCELLANEOUS
8.1 GOVERNING LAW. This Agreement shall be construed in accordance
with, and shall be governed by, the laws of the State of Florida.
8.2 ENTIRE AGREEMENT. This Agreement supersedes any prior employment
agreement between Paxson and Employee, whether written or oral, and is effective
as of the date first written above. The instrument contains the entire
understanding and agreement between the parties relating to the subject matter
hereof. Neither this Agreement nor any provision hereof may be waived, modified,
amended, changed or terminated, except by an agreement in writing signed by the
party against whom enforcement of any waiver, modification, change, amendment or
termination is sought.
8.3 COUNTERPARTS. This Agreement may be executed in counterparts, each
of which shall be deemed an original, and all such counterparts shall together
constitute a single Agreement.
8.4 PROVISIONS SEVERABLE. To the extent that any provision of this
Agreement is invalid, illegal, or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions hereof shall not in any
way be affected or impaired thereby.
8.5 HEADINGS. The section headings of this Agreement are for
convenience only and shall not be used in interpreting or construing this
Agreement.
8.6 ASSIGNMENT OF AGREEMENT AND CHANGE OF CONTROL; SUCCESSORS AND
ASSIGNS. This Agreement may be assigned by Paxson without the prior written
consent of Employee. Employee may not assign this Agreement or any of its right
or interests herein to any other party. The rights and obligations of the
parties shall inure to the benefit of and be binding upon heirs, successors,
administrators assigns, as well as any entity to which Paxson may assign its
assets or transfer its business in a Change of Control (as defined in Section
3.1, above), in a merger or acquisition, by operation of law, or otherwise. The
obligations of Paxson to pay money and/or provide benefits to Employee under
this Agreement, by operation of law or pursuant to the terms of the plans or
documents governing such benefits, shall survive Employee's death (with payments
thereafter to be made at the direction of the executors, personal
representatives or other appropriate representatives of Employee's estate).
8.7 NOTICES. All notices, demands and requests required or permitted to
be given under the provisions of this Agreement shall be (i) in writing, (ii)
delivered by personal delivery, or sent by commercial delivery service,
registered or certified mail, return receipt requested, (iii) deemed to have
been given on the date of personal delivery or the date set forth in the records
of the delivery service or on the return receipt, and (iv) addressed as follows:
If to Paxson: Jeff Sagansky, CEO (with a copy to Anthony
L. Morrison, Esq.) 601 Clearwater Park Road
West Palm Beach, Florida 33401-6233
If to Employee: at the address set forth under employees
signature on the last page hereof for so long as
Employee is located in Maryland; thereafter to
Employee's last known address as recorded in Paxson's
personnel records.
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or to any such other or additional persons and addresses as
the parties may from time to time designate in a writing delivered in
accordance with this Section 8.7.
8.8 WAIVER. The waiver by Paxson or Employee of a breach of any
provision by the other party, or the failure of either Paxson or Employee to
exercise any of the rights set forth herein, shall not operate or be construed
as a waiver of any subsequent breach or be deemed to be a waiver by any party of
any of its rights hereunder. No waiver by any party at any time, express or
implied, of any breach of any provision of this Agreement shall be deemed a
waiver of a breach of any other provision of this Agreement or a consent to any
subsequent breach of the same or other provisions.
8.9 PAXSON'S ACKNOWLEDGMENTS REGARDING AUTHORITY. The person signing on
behalf of Paxson warrants and represents that he has read this Agreement, that
he understands it, and that he has full and actual authority to enter into this
Agreement on behalf of Paxson. He further represents and warrants that this
Agreement is valid and binding on Paxson immediately, without the need for any
further approvals, procedures or formalities within the company, and that all
approvals, procedures or formalities necessary to effectuate or ratify this
Agreement by Paxson (including, but not limited to any required approval of the
Compensation Committee of the Board of Directors) have been obtained or will be
obtained by Paxson.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective on the day and year first written above.
WITNESS: PAXSON COMMUNICATIONS MANAGEMENT COMPANY, INC.
By:
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Name: Jeffrey Sagansky
Title: President & CEO
WITNESS:
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Thomas E. Severson, Jr.
3601 Jackson Cabin Road
Phoenix, Maryland 21131
10
