EX-10.7



 






Exhibit 10.7




HEARST-ARGYLE TELEVISION, INC.

888 Seventh Avenue

New York, NY 10106




As of January 1, 2005




Mr. Philip M. Stolz

[ADDRESS ON FILE]




Dear Phil:




          This letter constitutes all of the terms of the Employment Agreement between you and
Hearst-Argyle Television, Inc. (“Hearst-Argyle”). It is subject to the approval of the Board of
Directors of Hearst-Argyle. The terms are as follows:




          1. Legal Name of Employee: Philip M. Stolz




          2. Mailing Address of Employee: [ADDRESS ON FILE]




          3. Title of Position; Duties: Senior Vice President.





          4. Length of Employment. The term of this Agreement will start on January 1, 2005 and
continue through December 31, 2006 (the “Term”).




          5. Salary. You will receive a base salary for all services to Hearst-Argyle as follows:





	 	a)  	$505,000 per year from January 1, 2005 through December 31,
2005; and
	 
	 	b)  	$520,000 per year from January 1, 2006 through December 31,
2006.





          The salary will be paid according to Hearst-Argyle’s payroll practices, but not less
frequently than twice a month. You acknowledge that you are not entitled to overtime pay.




          In addition it is understood that you are eligible to receive a bonus up to a maximum of 75%
of your base salary. The criteria for the bonus will be set by the Compensation Committee of the
Board of Directors of Hearst-Argyle, at its sole discretion.




 









 








     The bonus is payable only for as long as you work for Hearst-Argyle, and will be payable only
at the end of a complete bonus cycle and is not proratable, except in the event of your death, when
it will be proratable.



     In determining the amount of your bonus, the books and records of Hearst-Argyle are absolute
and final and not open to dispute by you. Hearst-Argyle will pay any bonus due you by March 31 of
the year following the year for which the bonus is applicable.



     6. Exclusive Services. You agree that you will work only for Hearst-Argyle, and will not
render services or give business advice, paid or otherwise, to anyone else, without getting
Hearst-Argyle’s written approval. However, you may participate as a member of the board of
directors of other organizations and in charitable and community organizations, but only if such
activities do not conflict or interfere with your work for Hearst-Argyle, and if such work is
approved in advance by Hearst-Argyle, which approval will not be unreasonably withheld. You
acknowledge that your services will be unique, special and original and will be financially and
competitively valuable to Hearst-Argyle, and that your violation of this Paragraph will cause
Hearst-Argyle irreparable harm for which money damages alone would not adequately compensate
Hearst-Argyle. Accordingly, you acknowledge that if you violate this Paragraph, Hearst-Argyle has
the right to apply for and obtain injunctive relief to stop such violation (without the posting of
any bond, and you hereby waive any bond-posting requirements in connection with injunctive relief),
in addition to any other appropriate rights and remedies it might lawfully have.



     7. No Conflicts. You agree that there is no reason why you cannot make this Agreement with
Hearst-Argyle, including, but not limited to, having a contract, written or otherwise, with another
employer.



     8. Termination of Employment. Hearst-Argyle has the right to end this Agreement:



               a) Upon your death; or



               b) For any of the following: (i) indictment for a felony, (ii) failure to carry out, or
neglect or misconduct in the performance of, your duties hereunder or a breach of this Agreement;
(iii) failure to comply with applicable laws with respect to the conduct of Hearst-Argyle’s
business, (iv) theft, fraud or embezzlement at Hearst-Argyle’s expense, (v) addiction to an illegal
drug, (vi) conduct or involvement in a situation that brings, or may bring, you into public
disrespect, tends to offend the



 









 





community or any group thereof, or embarrasses or reflects unfavorably on Hearst-Argyle’s
reputation, or (vii) failure to comply with the reasonable directions of senior management.




     9. Payment for Plugs. You acknowledge that you are familiar with Sections 317 and 507 of the
Communications Act of 1934 and are aware that it is illegal without full disclosure to promote
products or services in which you have a financial interest. You agree not to participate in any
such promotion under any circumstances and understand that to do so is a violation of law as well
as a cause for termination. Also, you agree that you will not become involved in any financial
situation which might compromise or cause a conflict with your obligations under this Paragraph or
this Agreement without first talking with Hearst-Argyle about your intentions and obtaining
Hearst-Argyle’s written consent.



     10. Confidentiality. You agree that while employed by Hearst-Argyle and after this
Agreement is terminated or expires, you will not use or divulge or in any way distribute to any
person or entity, including a future employer, any confidential information of any nature relating
to Hearst-Argyle’s business. You will surrender to Hearst-Argyle at the end of your employment all
its property in your possession. If you breach this Paragraph, Hearst-Argyle has the right to
apply for and obtain injunctive relief to stop such a violation, in addition to its other legal
remedies, as outlined in Paragraph 6.



     You agree to keep the terms of this Agreement confidential from everybody except your
professional advisors and family.



     11. Non-Solicitation; Non-Hire. You agree that for two (2) years after the expiration or
termination of this Agreement, you will not hire, solicit, aid or suggest to any (i) employee of
Hearst-Argyle, its subsidiaries or affiliates, (ii) independent contractor or other service
provider or (iii) any customer, agency or advertiser of Hearst-Argyle, its subsidiaries or
affiliates to terminate such relationship or to stop doing business with Hearst-Argyle, its
subsidiaries or affiliates.



     If you violate this provision, Hearst-Argyle will have the same right to injunctive relief as
outlined in Paragraph 6, as well as any other remedies it may have. If any court of competent
jurisdiction finds any part of this Paragraph unenforceable as to its duration, scope, geographic
area or otherwise, it shall be deemed amended so as to permit it to be enforced.



     12. Officer; Director. Upon request, you agree that you will serve as an officer or
director, in addition to your present position, of Hearst-Argyle or any affiliated entity, without
additional pay.



 









 





     13. Continuation of Agreement. This Agreement and your employment shall terminate upon the
expiration of the Term (unless terminated earlier pursuant to Paragraph 8 hereof), provided that if
Hearst-Argyle gives you written notice of extension then this Agreement shall continue on a
month-to-month basis until the earlier of (i) the commencement of a renewal or extension agreement
between you and Hearst-Argyle, or (ii) termination of this Agreement by either party on fifteen
days written notice to the other.



     14. Assignment of Agreement. Hearst-Argyle has the right to transfer this Agreement to a
successor, to a purchaser of substantially all of its assets or its business or to any parent,
subsidiary, or affiliated corporation or entity and you will be obligated to carry out the terms of
this Agreement for that new owner or transferee. You have no right to assign this Agreement, and
any attempt to do so is null and void.



     15. State Law. This Agreement will be interpreted under the laws of the State of New York,
without regard to conflicts or choice of law rules.



     16. No Other Agreements. This Agreement is the only agreement between you and Hearst-Argyle.
It supersedes any other agreements, amendments or understandings you and Hearst-Argyle may have
had. This Agreement may be amended only in a written document signed by both parties.



     17. Approvals. In any situation requiring the approval of Hearst-Argyle, such approval
must be given by either the President and Chief Executive Officer or the Chief Operating Officer of
Hearst-Argyle Television, Inc.



     18. Dispute Resolution. Hearst-Argyle and you agree that any claim which either party
may have against the other under local, state or federal law including, but not limited to, matters
of discrimination, matters arising out of the termination or alleged breach of this Agreement or
the terms, conditions or termination of employment, will be submitted to mediation and, if
mediation is unsuccessful, to final and binding arbitration in accordance with Hearst-Argyle’s
Dispute Settlement Procedure (“Procedure”), of which you have received a copy, provided that,
Hearst-Argyle shall also be entitled to bring any action or proceeding to seek equitable remedies
for a breach by you of the provisions of Paragraphs 6, 10 or 11 hereof. During the pendency of any
claim under this Procedure, Hearst-Argyle and you agree to make no statement orally or in writing
regarding the existence of the claim or the facts



 









 





forming the basis of such claim, or any statement orally or in writing which could impair or
disparage the personal or business reputation of Hearst-Argyle or you. The Procedure is hereby
incorporated by reference into this Agreement.




     19. Correspondence. All correspondence between you and Hearst-Argyle will be written and sent
by certified mail, return receipt requested, or by personal delivery or courier, to the following
addresses:



	 	 	 	 	 
	

	 	If to Hearst-Argyle:
	 	Hearst-Argyle Television, Inc.
	

	 	 	 	888 Seventh Avenue
	

	 	 	 	27th Floor
	

	 	 	 	New York, New York 10106
	

	 	 	 	Attn: David J. Barrett

President and CEO

	

	 	 	 	 
	

	 	with a copy to:
	 	Hearst-Argyle Television, Inc.
	

	 	 	 	888 Seventh Avenue
	

	 	 	 	27th Floor
	

	 	 	 	New York, New York 10106
	

	 	 	 	Attn: Jonathan C. Mintzer

Vice President, General Counsel & Secretary

	

	 	 	 	 
	

	 	If to Employee:
	 	Philip M. Stolz
	

	 	 	 	[ADDRESS ON FILE]






     Either party may change its address in writing sent to the above addresses.



     20. Severability. If a court decides that any part of this Agreement is unenforceable, the
rest of the Agreement will survive.



     21. Originals of Agreement. This Agreement may be signed in any number of counterparts, each
of which shall be considered an original.


	 	 	 	 	 
	 	HEARST-ARGYLE TELEVISION, INC.

 	 
	 	By:  	/s/ David J. Barrett
 	 
	 	 	Title: President and Chief Executive Officer 	 
	 	 	 	 
	 



	 	 	 	 	 
	 	 	 
	 	By:  	     /s/ Philip M. Stolz
 	 
	 	 	     Philip M. Stolz