Document:

EX-10.247

EXHIBIT 10.247

SEPARATION AGREEMENT AND GENERAL RELEASE

This Separation Agreement and General Release (the “Agreement”) is made as of October
17, 2006, by ION MEDIA NETWORKS, INC., a Delaware corporation (the “Company”), and DEAN M.
GOODMAN, an individual residing in the State of Florida (the “Executive”) (hereinafter
collectively referred to as the “Parties” and individually as a “party”).

Preliminary Statements

The Executive is employed by the Company as President and Chief Operating Officer, pursuant to
an Employment Agreement, dated as of November 7, 2005, between the Company and the Executive (the
"Employment Agreement”), and is a member of the Company’s board of directors (the
“Board”). Capitalized terms used but not otherwise defined in this Agreement have the
meanings given such terms in the Employment Agreement.

The Parties have mutually agreed that the Executive cease to be an employee and director of
the Company and that the Employment Agreement be terminated, on the terms and conditions set forth
in this Agreement.

Agreement

In consideration of the mutual covenants hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby
agree as follows:

1. Termination of Employment. The Company and the Executive agree that the Executive’s employment
with the Company shall terminate effective as of the close of business on October 17, 2006 (the
“Termination Date”), and as of the Termination Date, the Executive shall no longer serve
(a) as an employee, officer or member of the Board, or (b) as an employee, officer or director of
any direct and indirect subsidiaries and other affiliates of the Company. As of the Termination
Date, all authority of the Executive to act for, or create any obligation binding upon, the Company
shall cease.

2. Settlement(a) . On the Termination Date, or immediately after this Agreement becomes
effective in accordance with Section 22 below, whichever is later, the Company shall pay to the
Executive, in consideration of the termination of the Employment Agreement and the releases of the
Parties executed in connection with this Agreement, the sum of $3,000,000 (the “Settlement
Payment”). The Settlement Payment shall be net of applicable withholding for taxes and other
amounts.

3. Additional Benefits. In addition to the Settlement Payment, the Company shall pay or provide
the following additional benefits to the Executive:

(a) The Company shall continue to provide the Executive and his covered dependants with the
health benefits the Company provides its other senior executives under the Company health plans as
in effect from time to time, at the same cost applicable to active employees, for a period ending
on the earlier of (i) the date that is two years after the Termination Date, or (ii) the date on
which the Executive commences employment with any other person that generally provides health
insurance benefits to its senior executives; provided, however, that as a condition
of continuation of such benefits, the Company may require the Executive to elect to continue his
health insurance pursuant to COBRA.

(b) As soon as practicable following the Termination Date, the Company shall assign to the
Executive the life insurance policy owned by the Company insuring the life of the Executive.

(c) The Parties acknowledge and agree that as of the date of this Agreement, the Executive has
been granted the Restricted Stock Units and Options listed on Exhibit A (the “Equity
Awards”). Effective on the Termination Date, (i) all of the Restricted Stock Units shall
become fully vested and nonforfeitable; (ii) all of the Options not theretofore vested shall become
fully vested; and (iii) all of the Options other than the Pre-Existing Options (as defined in
Exhibit A) shall expire on the earlier of (A) the fourth anniversary of the Termination Date; or
(B) the expiration date of such Option as reflected on Exhibit A. The Pre-Existing Options shall
remain exercisable in accordance with the terms of their respective award agreements. The Equity
Awards shall be subject to the terms and conditions set forth on Exhibit A. With respect to any
Equity Award, the Executive may pay any exercise price and satisfy any obligation to reimburse the
Company for withholding taxes due and payable with respect to such Equity Award by authorizing the
Company to retain shares of the Company’s common stock that otherwise would be deliverable to the
Executive pursuant to such Equity Award, valued for such purposes at their Fair Market Value (as
defined in the Company’s 2006 Stock Incentive Plan) on the date such shares are withheld.

(d) The Company shall reimburse the Executive for unreimbursed business expenses incurred
prior to the Termination Date in accordance with Section 6 of the Employment Agreement, and shall
provide the Executive any accrued benefits to which the Executive may be entitled, as of the
Termination Date, under the Company’s profit sharing (401(k)) plan and health insurance plan, in
accordance with the terms thereof.

(e) Effective as of the Termination Date, the Executive and the Company have entered into an
Amendment to Supplemental Executive Retirement Plan for Dean M. Goodman, under which the Company’s
Supplemental Executive Retirement Plan for the Executive (the “SERP”) shall be terminated
on the terms set forth therein.

(f) The Company shall not be obligated to make any payment or provide any benefit under this
Section 3 if, on the date such payment or benefit would otherwise be provided, the Executive has
materially breached any of his obligations under this Agreement and, if such breach is curable, has
failed to cure such breach to the reasonable satisfaction of the Company. For the avoidance of
doubt, this Section 3(e) shall not apply to the obligations of the Company under the SERP, as
amended.

4. Full Satisfaction of Obligations. The payments and the other benefits provided for in Section 2
and 3 of this Agreement (i) constitute the entire obligation of the Company, (ii) represent full
and complete satisfaction by the Company of all obligations under the Employment Agreement, the
provisions of which are hereby terminated (except for Section 12 thereof, which shall continue in
force, and except to the extent otherwise provided in this Agreement), and (iii) constitute full
and complete settlement of any claim under law or equity that the Executive might otherwise assert
against the Company for compensation, benefits or remuneration of any form as a result of his
employment with the Company.

5. Restrictive Covenants. The Company and the Executive hereby acknowledge and agree that the
provisions of Sections 9 and 10 of the Employment Agreement shall survive the termination of the
Employment Agreement for the time periods specified therein, subject to the following
modifications:

(a) The Executive shall not be subject to any of the restrictions set forth in Section 9(b) of
the Employment Agreement.

(b) The Executive agrees that, for a period ending on December 31, 2009, without the prior
written consent of the Company, he will not, directly or indirectly, on his own behalf or on behalf
of any other Person, including any industry group or trade association, engage in, or own any
interest in, operate, join, control or participate as a partner, director, principal, member,
officer or agent of, enter into the employment of, act as a consultant to or otherwise perform
services in any capacity for any Person that engages in, (i) any lobbying, legislative or other
efforts, including any such efforts involving the Federal Communications Commission (“FCC”) or any
other governmental agency or entity, or any member of the US Congress, that are (A) in opposition
to the enactment by the FCC, the US Congress or any other governmental body of rules or legislation
requiring cable or satellite television distribution systems to distribute without charge more than
one digital programming stream of any broadcaster (“digital multicast must-carry”), (B) supportive
of the interests of cable television systems generally, or (C) opposed to the interests of network
television broadcasters generally or the interests of the Company specifically; or (ii) any
Transaction. Except as provided in the following sentence, this Section 5(b) shall not prevent the
Executive from accepting employment with any Person whose business is diversified but which engages
in any of the activities described in the preceding sentence, so long as (A) the Executive shall
not, directly or indirectly, render services or assistance to any division or part of such Person
that is in any way engaged in any of the activities described in the preceding sentence, and (B)
the Company shall have received, prior to the Executive rendering services to such Person, written
assurances reasonably satisfactory to the Company from such Person that the Executive shall not,
directly or indirectly, render services or assistance to any division or part of such Person that
is in any way engaged in any such activities. During the period ending on December 31, 2009, the
Executive agrees not to provide services in any capacity to (x) [****]1, or (y) to
[****]2 with respect to any matter relating to or involving the Company.
"Transaction” as used in this Section 5(b) means, broadly, any actual or proposed
transaction with or involving the Company or any of its Affiliates, or any of its or their
respective assets, properties, businesses or outstanding securities (other than transactions
relating solely to the Executive’s shares of Common Stock), including related proposals,
negotiations and discussions. The provisions of Section 10 of the Employment Agreement shall apply
to any breach by the Executive of this Section 5(b).

     

1 Omitted and filed separately with the Securities and Exchange Commission pursuant to a
confidential treatment request.

2 Omitted and filed separately with the Securities and Exchange Commission pursuant to a
confidential treatment request.

(c) The Company hereby waives any conflict that might otherwise exist if the Executive
(or any entity through which the Executive conducts future business) engages the law firm of Dow
Lohnes & Albertson, PLLC for matters before or involving the U.S. Federal Communications
Commission, but only to the extent that such matters do not involve any dispute with the Company.

(d) The Executive shall not be precluded from hiring his personal assistant, Julie
Sanscrainte, at any time on or after the Termination Date.

6. Release. The Parties acknowledge and agree that, as of the Termination Date, they have signed
the Releases provided in Exhibit B.

7. Advice of Counsel. The Executive understands that various state and federal laws prohibit
employment discrimination based on age, sex, race, color, national origin, religion, handicap or
veteran status. These laws are enforced through the Equal Employment Opportunity Commission
(EEOC), Department of Labor and State Human Rights Agencies. The Executive acknowledges that he
has been advised by the Company to discuss this Agreement with his attorney and has been encouraged
to take this Agreement home for up to 21 days so that he can thoroughly review and understand the
effect of this Agreement before acting on it.

8. Cooperation; Assistance. Each of the Executive and the Company shall cooperate with the other
to take all actions and execute all documents as may be reasonably necessary to effectuate the
provisions of this Agreement. For a period of three years after the Termination Date, the
Executive, upon reasonable notice, shall furnish such information and assistance to the Company as
may reasonably be required in connection with any third party claims, investigations, litigation or
similar proceedings which may involve the Company with respect to the period of the Executive’s
employment with the Company. If such information or assistance is required, the Executive shall be
reimbursed by the Company for any and all reasonable expenses incurred by him in providing such
information and assistance and shall be compensated by the Company at a rate to be agreed upon by
the parties for the time he spends providing such information and assistance.

9. Return of Property and Documents. On or promptly following the Termination Date, the Executive
shall deliver to the Company all Company credit cards, keys, documents, records, files, data and
other property of the Company in the Executive’s possession, of any nature and in whatever medium,
including without limitation all materials containing Confidential Information, and he shall not
take with him any such documents, records, files, data or other property, or any reproduction
thereof. The Executive shall be entitled to retain possession of his rolodex, the laptop computer
provided to him by the Company (including installed software programs and electronic contact
information to the extent permissible under the Company’s license rights for such programs, but
excluding all data files containing Confidential Information, which shall be removed by Company
personnel prior to the Termination Date), the cellular telephone provided to him by the Company,
and the furniture and artwork presently in the Executive’s office, including a partner’s desk, four
chairs, and a loveseat. The Company shall pay the reasonable costs of moving these items from
Company premises to a location designated by the Executive.

10. Non-Disparagement. The Executive agrees not to make any disparaging or negative comment to any
Person regarding (a) the Company or any of its affiliates, (b) any of the owners, directors,
officers, shareholders, members, employees, attorneys or agents of the Company or any of its
affiliates, (c) the working conditions at the Company, or (d) the circumstances surrounding the
Executive’s separation from the Company. The Company agrees that it will not make, and will use
commercially reasonable efforts to prevent its directors, officers or employees from making, any
disparaging or negative comment to any Person regarding any aspect of the Executive’s employment
with or separation from the Company.

11. Tax Withholding. The Executive acknowledges that all payments and benefits provided under this
Agreement that the Company determines constitute taxable compensation shall be reported by the
Company as such on IRS Form W-2 or other applicable forms and shall be subject to withholding in
respect of applicable federal, state and local income and employment taxes as shall be required
pursuant to any law or governmental regulations or ruling.

12. Severability. The invalidity or unenforceability of any particular provision of this Agreement
shall not affect the other provisions hereof, and this Agreement shall be construed in all respects
as if such invalid and unenforceable provisions were omitted.

13. Assignment; No Third Party Beneficiaries.

(a) The Company. This Agreement shall inure to the benefit of and be enforceable by,
and may be assigned by the Company to, any purchaser of all or substantially all of the Company’s
business or assets or any successor to the Company (whether direct or indirect, by purchase,
merger, consolidation or otherwise). The Company may make no other assignment of this Agreement or
its obligations hereunder.

(b) The Executive. The Executive’s rights and obligations under this Agreement shall
not be transferable by the Executive by assignment or otherwise, without the prior written consent
of the Company; provided, however, that if the Executive shall die, all amounts
then payable to the Executive hereunder shall be paid in accordance with the terms of this
Agreement to the Executive’s devisee, legatee or other designee or, if there be no such designee,
to the Executive’s estate.

(c) No Third-Party Beneficiaries. Except as set forth in Section 13(b), nothing
expressed or referred to in this Agreement will be construed to give any person other than the
Company and the Executive any legal or equitable right, remedy or claim under or with respect to
this Agreement or any provision of this Agreement.

14. Dispute Resolution. Any controversy arising out of or relating to this Agreement or the breach
hereof (other than claims for injunctive relief pursuant to Section 10 of the Employment Agreement)
shall be settled by binding arbitration in accordance with the Employment Dispute Resolution Rules
of the American Arbitration Association (before a single arbitrator) and judgment upon the award
rendered may be entered in any court having jurisdiction thereof. Each party shall bear its own
costs (including attorneys’ fees) of any such arbitration proceedings; provided that the
arbitrator shall have the authority to allocate attorneys’ fees in an equitable manner. The
location for the arbitration shall be West Palm Beach, Florida. Any award made by such arbitrator
shall be final, binding and conclusive on the Parties for all purposes, and judgment upon the award
rendered by the arbitrators may be entered in any court having jurisdiction thereof.

15. Governing Law. This Agreement shall be governed by and construed in accordance with the laws
of the state of Delaware (without giving effect to the choice of law principles thereof) applicable
to contracts made and to be performed entirely within such state.

16. Notices. All notices required or permitted to be given hereunder shall be in writing and shall
be personally delivered, sent by overnight delivery service or registered or certified mail, return
receipt requested or sent by confirmed facsimile transmission addressed as set forth herein.
Notices personally delivered, sent by facsimile or sent by overnight courier shall be deemed given
on the date of delivery and notices mailed in accordance with the foregoing shall be deemed given
upon the earlier of receipt by the addressee, as evidenced by the return receipt thereof, or three
days after deposit in the U.S. mail. Notice shall be sent (i) if to the Company, addressed to: ION
Media Networks, 601 Clearwater Park Road, West Palm Beach, Florida 33401, Attention: General
Counsel, and (ii) if to the Executive, to his address as reflected on the payroll records of the
Company, or to such other address designated by the party by written notice in accordance with this
provision.

17. Entire Agreement. This Agreement contains the entire understanding between the Executive and
the Company regarding the subject matter hereof and, except as expressly set forth herein,
supersedes any prior agreements, written or oral, including without limitation the Employment
Agreement.

18. Modification. This Agreement may not be changed nor may any provision of this Agreement be
waived, except by an instrument in writing signed by the party against whom enforcement of any
waiver, change, modification, extension or discharge is sought. The Executive acknowledges that he
has not relied upon any representation or statement, written or oral, not set forth in this
Agreement.

19. Waivers. The waiver by either party hereto of a breach or violation of any term or provision of
this Agreement shall not operate nor be construed as a waiver of any subsequent breach or
violation.

20. Non-Admission of Liability. Neither this Agreement nor anything contained herein shall
constitute or be construed as an admission by the Company or the Executive of any liability,
violation of law, or breach of any duty or obligation.

21. Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall be deemed to be an original but all of which together shall constitute one and the same
instrument and agreement.

22. Revocation; Effective Date. The Executive may revoke his agreement to the terms hereof at any
time during the seven-day period immediately following the date of his signature below
(“Revocation Period”) by delivering written notice of his revocation to the Company. This
Agreement shall not become effective prior to the expiration of the Revocation Period.

23. Joint Press Release. The Parties agree that, upon the execution of this Agreement, the Company
shall issue the press release attached hereto as Exhibit C.

24. Headings. The headings herein are for the convenience of the Parties, and are not to be
construed as terms or conditions of this Agreement.

[Signatures on following page]

1

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first above
written.

ION MEDIA NETWORKS, INC., a Delaware
corporation

	 	 	 
	By: /s/

	 	R. Brandon Burgess
	 

	 	 
	Name:

Title:

	 	R. Brandon Burgess

Chief Executive Officer

	 	 	/s/ Dean M. Goodman

	 	 	Dean M. Goodman

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EXHIBIT A

EQUITY AWARDS

Restricted Stock Units (“RSU’s”)

333,333 Restricted Stock Units with a purchase price of $.01 per unit, each representing the right
to receive one share of the Company’s Class A common stock, issued pursuant the Employment
Agreement.

1,000,000 Restricted Stock Units with a purchase price of $.01 per unit, each representing the
right to receive one share of the Company’s Class A common stock, issued pursuant to the Employment
Agreement.

Options

Options to purchase 127,661 shares of Class A common stock at an exercise price of $3.42 per share,
issued pursuant to a Non-Qualified Stock Option Grant Agreement, dated October 31, 1996, and with
an expiration date of October 31, 2006; and options to purchase 26,667 shares of Class A common
stock at an exercise price of $0.01 per share, issued pursuant to a Non-Qualified Stock Option
Agreement, dated October 13, 2003, and with an expiration date of October 13, 2013 (collectively,
the “Pre-Existing Options”).

Options to purchase 333,334 shares of Class A common stock, at an exercise price of $0.42 per
share, issued pursuant to the Employment Agreement and with an expiration date of November 7, 2012.

Options to purchase 333,333 shares of Class A common stock, at an exercise price of $1.25 per
share, issued pursuant to the Employment Agreement and with an expiration date of November 7, 2012.

Notwithstanding any provision set forth in this Agreement, the Employment Agreement or any
applicable equity compensation plan or agreement, in the event that the Call Option Holder, or its
permitted transferee, as applicable, is obligated to commence or does commence a tender offer for
all or any part of the Company’s equity securities within 18 months of November 7, 2005 as
contemplated under the Stockholder Agreement (a “Tender Offer”), the Executive hereby
agrees (i) not to participate in or to tender any shares of Common Stock received by him upon any
prior exercise of Options (other than the Pre-Existing Options) or settlement of RSUs into any such
Tender Offer, and (ii) prior to the earlier of (A) the closing of such Tender Offer or (B) 60 days
following the commencement of such Tender Offer, not to transfer any such shares to any Person,
except pursuant to a testamentary instrument or the laws of descent and distribution, and then,
only to a Person who shall agree to be bound by the terms hereof to the same extent as the
Executive was bound. No amendment to the Stockholder Agreement shall extend the restriction period
described in this paragraph.

Further, notwithstanding any provision set forth in this Agreement, the Employment Agreement
or any applicable equity compensation plan or agreement, the RSUs shall be settled, and the Options
(other than the Pre-Existing Options) shall become exercisable, upon the first to occur of (i) in
the event that the Call Option Holder, or its permitted transferee, as applicable, commences a
Tender Offer, the earlier of (A) the closing of such Tender Offer or (B) 60 days following the
commencement of such Tender Offer, and (ii) in the event that neither the Call Option Holder nor a
permitted transferee commences a Tender Offer, 20 business days following the expiration of the
Call Right (determined without regard to any extensions of the Call Right that may occur after the
Termination Date).

Restrictions on Voting and Transferability of Common Stock

All shares of Common Stock received by Employee upon settlement of the Restricted Stock Units and
exercise of the Options identified on this Exhibit A, other than the Pre-Existing Options, shall be
held subject to the following restrictions upon the voting and the transferability of all such
shares of Common Stock. Capitalized terms not otherwise defined where used shall have the meanings
ascribed thereto in the Employment Agreement.

1. Restricted Stock Period. The restrictions on the transferability of shares of
Common Stock as provided herein shall begin upon the receipt by Employee of any shares of Common
Stock of the Company in settlement of RSUs and upon exercise of Options and continue until the
first to occur of the following (the “Restricted Stock Period”):

A. The closing of the New Call Option following its exercise by any permissible party
thereto;

B. The closing of the purchase of the securities subject to the New Call Option by the
Company;

C. A Change in Control;

D. The expiration of a twenty-four month period commencing on the next day following
the date of any Investor Call Right Termination (as defined in that certain Call Agreement,
dated as of November 7, 2005, by and among Mr. Lowell W. Paxson, Second Crystal Diamond
Limited Partnership, Paxson Enterprises, Inc, the Call Option Holder, NBC Universal, Inc.
and the Company (the “Call Agreement”));

E. The date on which the Paxson Stockholders (as defined in the Call Agreement) cease
for any reason to hold or have the right to vote shares of voting stock having more than
50% of the Total Voting Power of all of the outstanding Voting Stock and voting stock
equivalents of the Company, whether such shares of voting stock are issued to such Person
or such Person’s Affiliate. For the purpose of this clause, “Voting Stock” shall mean the
 shares of the capital stock and any other securities of the Company having the ordinary
power to vote in the election of directors of the Company, and “Total Voting Power” shall
mean the total number of votes which may be cast in the election of directors of the
Company if all securities entitled to vote in the election of such directors (excluding
 shares of preferred stock that are entitled to elect directors only upon the occurrence of
customary events of default) are present and voted; and

F. In no event later than the sixty-sixth (66th) month anniversary of the
Commencement Date.

Employee shall be provided with copies of any amendments to the Call Agreement that are
subsequently adopted. In no event shall any subsequent amendment to the Call Agreement result in a
later expiration of the Restricted Stock Period than what would have been provided in the absence
of such amendment. If any such amendments would result in an earlier expiration of the Restricted
Stock Period than what would have been provided in the absence of such amendment, Employee shall be
permitted to rely on such earlier expiration date.

Employee shall be provided with notice of the occurrence of any of the following events:

	 	a.	 	Exercise of the New Call Option;

	 	b.	 	Closing of the exercise of the New Call Option;

	 	c.	 	Commencement of the Tender Offer as defined in section 4(g) of the Employee’s
Employment Agreement;

	 	d.	 	Closing of the Tender Offer;

	 	e.	 	Investor Call Termination Date, as defined in the Call Agreement;

	 	f.	 	Closing of the Company Stock Purchase Agreement; and

	 	g.	 	Any other event described in clauses A through F above.

2. Voting Restriction. Until the later to occur of June 30, 2008 and the end of the
Restricted Stock Period, Employee agrees to vote all shares of Common Stock that are subject to
this Agreement at any meeting of the Company’s stockholders in the same proportions on each matter
presented for a vote of the stockholders of the Company as the holders of Common Stock who are not
affiliated with the Company vote on such matter. Employee will use reasonable efforts to assure
that the shares of Common Stock that are subject to this Agreement are counted as present, in
Person or by proxy, at each such meeting of the Company’s shareholders as is duly called and held
during the Restricted Stock Period, and Employee will not vote, either in person or by proxy, or
grant any other Person a proxy to vote, such shares of Common Stock as are subject to this
Agreement in any other way during the Restricted Stock Period.

3. Transfer Restriction. Employee agrees that, during the Restricted Stock Period, he
will not sell, transfer, pledge or deliver to any Person any of the shares of Common Stock subject
to this Agreement, except pursuant to a testamentary instrument or the laws of descent and
distribution, and then, only to a Person who shall agree to be bound by the terms hereof to the
same extent as Employee was bound.

4. Legend. Employee agrees that the certificates representing the shares of Common
Stock subject to this Agreement may have placed upon them an appropriate legend noting that such
shares are, during the Restricted Stock Period, subject to restrictions on voting and transfer, and
the Company’s transfer agent may be instructed to refuse to transfer any such shares presented for
transfer during the Restricted Stock Period unless to a Person requesting the transfer of such
shares pursuant to a testamentary instrument or the laws of descent and distribution, and then,
only upon receipt of a reasonably appropriate undertaking on the part of such Person to be bound by
the terms hereof.

3

EXHIBIT B

MUTUAL RELEASE OF PARTIES

DEAN M. GOODMAN’S GENERAL RELEASE OF CLAIMS

1. Dean M. Goodman (“the Executive”), for himself and his family, heirs, executors,
administrators, legal representatives and their respective successors and assigns, in exchange for
the consideration received pursuant to the Separation Agreement and General Release, dated as of
October 17, 2006 (the “Agreement”), between the Executive and ION Media Networks, Inc.
(f/k/a Paxson Communications Corporation), a Delaware corporation (the “Company”), hereby
releases and forever discharges the Company, its subsidiaries, affiliated companies, successors and
assigns, and its current or former directors, officers, employees, shareholders or agents in such
capacities (collectively with the Company, the “Released Parties”) from any and all
actions, causes of action, suits, controversies, claims and demands whatsoever, for or by reason of
any matter, cause or thing whatsoever, whether known or unknown including, but not limited to, all
claims under any and all applicable laws arising under or in connection with the Executive’s
employment or termination thereof, whether for breach of express or implied employment contract,
misrepresentation, wrongful discharge, intentional infliction of emotional distress, defamation, or
injuries incurred on the job or incurred as a result of loss of employment, or any other employment
related tort, common law or contract claim, and including claims for attorneys’ fees and expenses.
Without limiting the generality of the foregoing, the Executive acknowledges that this release
includes all claims arising under the following laws: Title VII of the Civil Rights Act of 1964,
as amended; the Employee Retirement Income Security Act of 1974, as amended; the Consolidated
Omnibus Budget Reconciliation Act of 1986, as amended; the Fair Labor Standards Act, as amended;
the Americans with Disabilities Act of 1990; the Family Medical Leave Act; the Age Discrimination
in Employment Act of 1969, as amended, including the Older Workers Benefit Protection Act; and all
other federal, state and local laws and regulations relating to employment, including those
prohibiting age discrimination.

The Executive acknowledges that he has read the Agreement and this General Release of Claims
(the “Release”), that he has been advised that he should consult with an attorney before he
executes the Agreement and this Release and has done so, that the terms of the Agreement and this
Release are contractual and have been negotiated among the Executive, the Company and their
respective legal counsel, and that he understands all of the terms of the Agreement and the Release
and is executing each voluntarily and with full knowledge of its significance and the consequences
thereof. The Executive further understands that by signing this Release he is in fact waiving,
releasing and forever giving up any claim under all laws within the scope of this paragraph 1 that
may have existed on or prior to the date hereof. Notwithstanding anything in this paragraph 1 to
the contrary, this Release shall not apply to (i) any actions to enforce rights arising under, or
any claim for benefits which may be due the Executive pursuant to, the Agreement, (ii) any rights
or claims that may arise as a result of events occurring after the date this Release is executed,
(iii) any indemnification rights the Executive may have as a former officer or director of the
Company or its subsidiaries or affiliated companies, (iv) any claims for benefits under any
directors’ and officers’ liability policy maintained by the Company or its subsidiaries or
affiliated companies in accordance with the terms of such policy, or (v) for the avoidance of
doubt, the rights and obligations of the Executive under the Noncompetition Agreement, dated as of
November 7, 2005, between the Executive and NBC Universal, Inc.

2. The Executive represents that he has not filed against the Released Parties any complaints,
charges, lawsuits or administrative or arbitral proceedings arising out of his employment, or any
other matter arising on or prior to the date of this Release, and covenants and agrees that he will
never individually or with any person file, or commence the filing of, any charges, lawsuits,
complaints or proceedings with any governmental agency or dispute resolution organization, or
against the Released Parties with respect to any of the matters released by the Executive pursuant
to paragraph 1 hereof.

3. The Executive hereby acknowledges that the Company has informed him that he has up to 21 days to
review and consider the Agreement and this Release before signing them, and that the Executive may
knowingly and voluntarily waive that 21 day period by signing the Agreement and this Release prior
to the expiration of such 21 day period.

4. The Executive acknowledges that he shall have seven days following the date on which he signs
the Agreement and this Release within which to revoke his acceptance by providing a written notice
of his revocation to the Company at the address for notices set forth in the Agreement. Upon
expiration of the seven day period, if the Executive has not revoked his acceptance, the Agreement
and this Release shall become effective and enforceable.

5. The Executive acknowledges that the Agreement and this Release will be governed by and construed
and enforced in accordance with the internal laws of the State of Delaware applicable to contracts
made and to be performed entirely within such State, without regard to Delaware’s conflicts of law
provisions.

     October      , 2006

Dean M. Goodman

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ION MEDIA NETWORKS, INC.

GENERAL RELEASE OF CLAIMS

ION Media Networks, Inc. (f/k/a Paxson Communications Corporation) (the “Company”), in
consideration for its and Dean M. Goodman’s (“the Executive”) execution of the Separation
Agreement and General Release, dated as of October 17, 2006 (the “Agreement”), and other
good and valuable consideration, receipt of which is hereby acknowledged, and except with regard to
obligations created by, arising out of, or described in the Agreement, agrees for itself and any
present or future successors, assigns, parents, subsidiaries, affiliates, directors, officers,
general or limited partners, employees, administrators, attorneys, agents, and representatives, to
release, discharge, and covenant not to sue the Executive for any claims, debts, demands, accounts,
judgments, rights, causes of action, claims for equitable relief, damages, costs, charges,
complaints, obligations, promises, agreements, controversies, suits, expenses, compensation,
responsibility and liability of every kind and character whatsoever (including attorneys’ fees and
costs), whether in law or equity, known or unknown, asserted or unasserted, suspected or
unsuspected, which it may now have against him, with the exception of any actions to enforce rights
arising under the Agreement. The Company understands that this includes any and all claims against
the Executive arising from or related to his employment with the Company. The Company further
represents that it has not filed any claims against the Executive with any governmental agency,
court or dispute resolution organization with respect the Executive’s employment with the Company.

     October      , 2006

Name:

Title:

5

EXHIBIT C

PRESS RELEASE

ION MEDIA NETWORKS PRESIDENT AND COO DEAN M. GOODMAN STEPS DOWN

(West Palm Beach, FL – October 23, 2006) – ION Media Networks, Inc. (AMEX: ION) (the “Company”)
today announced that Dean M. Goodman has stepped down as president and chief operating officer and
as a member of the Company’s Board of Directors, in order to pursue other interests.

“In his tenure with the company, Dean was instrumental in assembling the country’s largest group of
full-power television stations, including stations in all of the top 20 U.S. markets,” said CEO
Brandon Burgess. “He also led our stations through a digital build-out, which positions us well
for the digital broadcast transition. On behalf of the Board of Directors and our employees, we
thank him for his leadership and wish him well.”

Mr. Goodman began his career at the Company when it owned primarily radio interests, including the
largest radio station group in the state of Florida. Following the divestiture of the radio
division, Mr. Goodman was instrumental in the Company’s entry to the television business and
assembling its current broadcast footprint.

“For over a decade I have had the privilege of working with an incredible group of individuals on
building a great radio company, launching a television network and assembling the largest TV
station group in the U.S.,” said Dean Goodman. “I am proud to have been a part of the company’s
continued growth and especially thank the employees for their support and hard work over the
years.”

The Company does not plan presently to seek a replacement for Mr. Goodman, whose responsibilities
will be assumed by other members of senior management.

About ION Media Networks

ION Media Networks, Inc. owns and operates the nation’s largest broadcast television station group
and the i network, reaching over 92 million U.S. television households via its nationwide broadcast
television, cable and satellite distribution systems. The i network delivers a mix of original
series, classic TV favorites, movies, specials and sports for viewers of all ages.

Utilizing the digital multicasting capacity of its television station group, the Company plans to
launch new digital over-the-air networks, including qubo, a 24-hour children’s network formed in
partnership with Scholastic, Corus Entertainment, Classic Media/Big Idea and NBC Universal, as well
as iHealth, a 24-hour channel dedicated to consumer healthcare and healthy living. For more
information, please visit www.ionmedia.tv.

Note: Company distribution data provided by Nielsen Media Research.

###

	 	 	 
	Media Contact:

	 	Investor Contact:
	Leslie Monreal

561.682.4134

lesliemonreal@ionmedia.tv

	 	Richard Garcia

561.682.4209

richardgarcia@ionmedia.tv
	 

	 	 
	 
	 	 

6EX-10.1

FORM OF PERFORMANCE SHARE UNIT AGREEMENT

THIS AGREEMENT, dated as of the day of 2006, between DYCOM INDUSTRIES, INC., a Florida
corporation (the “Company”), and      (the “Participant”).

WHEREAS, the Participant is an officer or key employee of the Company or one of its Affiliates
and, subject to the terms and conditions set forth herein, the Company desires to provide the
Participant with an additional incentive to remain in its employ and to increase his or her
interest in the success of the Company by granting the Participant an Award to receive a certain
number of performance based restricted stock units entitling the Participant to receive shares of
common stock, par value $0.331/3 per share, of the Company (the “Common Stock”) under the
Company’s 2003 Long-Term Incentive Plan (the “Plan”), subject to the Company’s achievement
of certain Performance Targets (as set forth below) during the applicable Performance Period (the
“Performance Units”);

NOW, THEREFORE, in consideration of the covenants and agreements herein contained, the parties
hereto agree as follows:

	 	1.	 	Definitions; Incorporation of Plan Terms. 

Capitalized terms used herein without definition shall have the meanings assigned to them in
the Plan, a copy of which is attached hereto. This Award Document and the Performance Units shall
be subject to the Plan, the terms of which are incorporated herein by reference, and in the event
of any conflict or inconsistency between the Plan and this Award Document, the Plan shall govern.

	 	2.	 	Grant of Performance Units.

Subject to the terms and conditions contained herein and in the Plan, the Company hereby
grants the Participant the Target Number of Performance Units specified at the foot of the
signature page hereof. The actual number of shares of Common Stock that a Participant receives
will be subject to the terms and conditions of the Plan and this Award Agreement, including,
without limitation the Company’s achievement of the Performance Targets. For purposes of the Plan
and this Award Document, the Grant Date is the date specified at the foot of the signature page
hereof.

	 	3.	 	Vesting of Performance Units.

(a) Annual Award Vesting. Subject to the terms and conditions contained herein
and in the Plan, the Performance Units will vest and become non-forfeitable in substantially
equal installments on each of October 17, 2007, October 17, 2008 and October 17, 2009 (each,
a “Vesting Date”), based on the level of the applicable Performance Targets set
forth on Appendix A hereto that are attained with respect to the performance periods
applicable to each Vesting Date and will be determined by the (i) number of Performance
Units that are subject to vesting on such Vesting Date, multiplied by (ii)
applicable Performance Leverage Factor (“PLF”) shown in Appendix A for the attained
level of the Performance Targets; provided, however, that the Participant is
employed by the Company or an Affiliate on the applicable Vesting Date (each, an “Annual
Award”).

(b) Supplemental Award Vesting. Subject to the terms and conditions contained
herein and in the Plan, the Participant will also be eligible to receive an additional
number of Performance Units on each Vesting Date (the “Supplemental Award”) based on
the level of the applicable Performance Targets set forth on Appendix B hereto that are
attained with respect to the performance periods applicable to each Vesting Date and will be
determined by the (i) number of Performance Units that actually vest with respect to the
Annual Award on such Vesting Date pursuant to Section 3(a) above, multiplied by (ii)
applicable PLF shown in Appendix B for the attained level of the Performance Targets;
provided, however, that the Participant is employed by the Company or an
Affiliate on the applicable Vesting Date. Notwithstanding the foregoing, in no event shall
a Participant be entitled to a Supplemental Award if the Participant does not receive an
Annual Award with respect to the applicable Vesting Date.

(c) Settlement of Awards. The Company will issue a Participant shares of
Common Stock in settlement of the vested portion of an Award as soon as practicable
following the applicable Vesting Date in whole shares of Common Stock (rounded up or down to
the nearest whole share). The number of shares issued to the Participant (if any) shall
equal the number of shares of Common Stock representing the vested portion of the Award
receivable by such Participant following the Vesting Date. All Performance Units subject to
such Vesting Date will be cancelled upon settlement of the award.

	 	4.	 	Termination of Employment.

Except to the extent otherwise provided by the Plan or this Award Document, in the event of
the Participant’s termination of employment for any reason prior to an applicable Vesting Date, the
Participant shall immediately forfeit all unvested Performance Units as of the date of such
termination.

	 	5.	 	Nontransferability of the Performance Units.

Unless determined otherwise by the Committee, the Award may not be sold, pledged, assigned,
hypothecated, transferred or disposed of in any manner; provided, however, that an
Award will be transferable, in whole or in part, with the written consent of the Committee, to a
trust established wholly or in part for the benefit of the Participant’s immediate family members.
Such transfers are subject to the terms and conditions of the Plan and this Award Document.

	 	6.	 	Rights as a Stockholder.

No shares of Common Stock represented by the Performance Units will be earmarked for a
Participant or his or her account. A Participant will have no rights as a shareholder with respect
to any Award until the shares of Common Stock underlying the Performance Units have been issued to
the Participant following the applicable Vesting Date, and no adjustment shall be made for
dividends or distributions or other rights in respect of any shares of Common Stock until such time
as the shares are delivered to the Participant in accordance with this Award Document. Upon
issuance of the shares of Common Stock as of a Vesting Date, the Participant will be the owner of
record of such shares and shall be entitled to all of the rights of a stockholder of the Company,
including the right to vote and the right to receive dividends.

	 	7.	 	Taxes and Withholdings.

No later than the date as of which an amount first becomes includable in the gross income of
the Participant for applicable income tax purposes with respect to the Performance Units, the
Participant shall pay to the Company or make arrangements satisfactory to the Committee regarding
payment of any federal, state or local taxes of any kind required by law to be withheld with
respect to such amount.

Unless otherwise determined by the Committee, in its sole discretion, in accordance with rules
and procedures established by the Committee, the minimum required withholding obligations may be
settled with Common Stock, including Common Stock that is part of the Award that gives rise to the
withholding requirement. The obligation of the Company under this Award Document will be
conditional upon such payment or arrangements and the Company shall, to the extent permitted by
law, have the right to deduct any such taxes from any payment of any kind otherwise due to the
Participant.

	 	8.	 	Notices.

All notices and other communications under this Award Document will be in writing and will be
given by hand delivery to the other party or by facsimile, first class mail, overnight courier, or
registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Participant:

at the last known address on record at the Company.

If to the Company:

11770 U.S. Highway 1

Suite 101

Palm Beach Gardens, Florida 33408

Attention: General Counsel

or to such other address or facsimile number as any party shall have furnished to the other in
writing in accordance with this Section 8. Notice and communications shall be effective when
actually received by the addressee.

	 	9.	 	Successor.

Except as otherwise provided hereunder, this Award Document will be binding upon and will
inure to the benefit of any successor or successors of the Company, and to any transferee or
successor of the Participant pursuant to Section 5.

	 	10.	 	Governing Law.

The interpretation, performance and enforcement of this Award Document will be governed by the
laws of the State of Florida without reference to principles of conflict of laws, as applied to
contracts executed in and performed wholly within the State of Florida.

	 	11.	 	Severability.

If any provision of this Award Document is held to be illegal or invalid for any reason, such
illegality or invalidity will not affect the remaining provisions of this Award Document, but this
Award Document will be construed and enforced as if such illegal or invalid provision had never
been included herein.

	 	12.	 	Corporate Changes; Changes in Capitalization.

(a) Neither the Plan or this Award Document shall affect or restrict in any way the right or
power of the Company or its shareholders to make or authorize any adjustment, recapitalization,
reorganization or other change in the capital structure or business of the Company, or any merger
or consolidation of the Company, or any issue of stock or of options, warrants or rights to
purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are
superior to or affect the Common Stock or the rights thereof or which are convertible into or
exchangeable for Common Stock (including, without limitation, the Performance Units), or the
dissolution or liquidation of the Company, or any sale or transfer of all or any part of the assets
or business of the Company, or any sale or transfer of all or any part of its assets or business,
or any other corporate act or proceeding, whether of a similar character or otherwise.

(b) The number and kind of shares authorized for issuance under the Plan, including the
maximum number of shares available under the special limits provided for in the Plan, may be
equitably adjusted in the sole discretion of the Committee in the event of a stock split, stock
dividend, recapitalization, reorganization, merger, consolidation, extraordinary dividend,
split-up, spin-off, combination, exchange of shares, warrants or rights offering to purchase Common
Stock at a price substantially below Fair Market Value or other similar corporate event affecting
the Common Stock in order to preserve, but not increase, the benefits or potential benefits
intended to be made available under the Plan. In addition, upon the occurrence of any of the
foregoing events, the number of Performance Units will be equitably adjusted (including by payment
of cash to the Participant) in order to preserve the benefits or potential benefits intended to be
made available to the Participant with respect to such Performance Units. The determination as to
what adjustments shall be made in order to preserve the benefits or potential benefits intended to
be made available to the Participant with respect to such Performance Units shall be made by the
Committee, in its sole discretion, and such determination shall be final and binding on the Company
and the Participant. Unless otherwise determined by the Committee, such adjusted Performance Units
shall be subject to the same restrictions and vesting or settlement schedule to which it is
subject.

13. Adjustment of Performance Targets and Award. To the extent permitted by Code
Section 162(m), the Committee shall have the right to adjust the Performance Targets and the Award
(either up or down) if it determines that an extraordinary corporate event such as a material
acquisition or divestiture, change in the capital structure of the Company or unanticipated
business conditions have materially affected the fairness of the Performance Targets. In addition,
Performance Targets and Awards shall be calculated without regard to any changes in accounting
standards that may be required as a result of changes in generally accepted accounting principles
after such Performance Targets or Awards are established.

	 	14.	 	Exchange Act. 

Notwithstanding anything contained in the Plan or this Award Document to the contrary, if the
consummation of any transaction under the Plan or this Award Document would result in the possible
imposition of liability on the Participant pursuant to Section 16(b) of the Exchange Act, the
Committee shall have the right, in its sole discretion, but shall not be obligated, to defer such
transaction to the extent necessary to avoid such liability, but in no event for a period in excess
of 180 days.

	 	15.	 	Compliance with Code Section 409A.

Payments of shares of Common Stock under this Agreement shall be made in accordance with the
provisions of Code Section 409A and, to the extent that such payments are made in connection with a
Participant’s termination of employment, may be delayed for six months and one day to the extent
the Committee determines that such delay is necessary or advisable to comply with the provisions of
Code Section 409A.

	 	16.	 	Amendment.

Notwithstanding anything herein to the contrary, the Board or the Committee may, at any time,
amend or modify this Award Document; provided, however, that no amendment or
modification of this Award Document shall materially and adversely alter or impair the rights of
the Participant without the consent of the Participant. Notwithstanding the foregoing, the
Committee has the right, without the Participant’s written consent, to amend or modify the terms of
the Plan or this Award Document to the extent the Committee deems necessary or advisable to comply
with Code Section 409A. The waiver by either party of compliance with any provision of this Award
Document shall not operate or be construed as a waiver of any other provision of this Award
Document, or of any subsequent breach by such party of a provision of this Award Document.

	 	17.	 	No Rights to Future Awards or Continued Employment.

The Participant shall not have any claim or right to receive or be eligible to receive any
additional Awards under the Plan. Neither the Plan nor this Award Document nor any action taken or
omitted to be taken hereunder or thereunder shall be deemed to create or confer on the Participant
any right to be retained in the employ of the Company or to interfere with or to limit in any way
the right of the Company to terminate the employment of the Participant at any time.

	 	18.	 	Acceptance and Acknowledgement of Award. 

The Performance Targets and the details outlined in this Award Document should not be
discussed with, shared with, photocopied or distributed to others. By signing and returning this
Award Document, you are agreeing to all of the terms contained in this Award Document, including,
but not limited to, the terms related to confidentiality. Participation in this program and its
details are highly confidential and may not be discussed by a Participant with anyone other than
the Participant’s spouse or immediate family or financial or legal advisors. Breach of this
confidentiality condition could affect the amount of a Participant’s actual Award.

	 	19.	 	Entire Agreement. 

This Award Document and the Plan set forth the entire agreement and understanding between the
parties hereto with respect to the matters covered herein, and supersede all prior agreements and
understandings concerning such matters. This Award Document may be executed in one or more
counterparts, each of which shall be deemed to be an original, but all such counterparts shall
together constitute one and the same agreement. The headings of sections and subsections herein
are included solely for convenience of reference and shall not affect the meaning of any of the
provisions of this Award Document.

IN WITNESS WHEREOF, the Company has caused this Award Document to be executed by its duly
authorized officer and the Participant has executed this Award Document, both as of the day and
year first above written.

DYCOM INDUSTRIES, INC.

By:

Name:

Title:

PARTICIPANT

Name:

Address:

Target Number of Performance Units:

Date of Grant: October 17, 2006

1

APPENDIX A

Annual Award Performance Targets

Operating Earnings Before AI

for

Applicable Annual Award

Period

	 	 	 	 	 	 	 	 	 
	
 
	 	Operating Earnings Before AI

for

Applicable Annual Award

Period
	 	Vesting Percentage*
	 	Operating Cash Flow

Ratio for

Applicable Annual

Award Period
	 	

PLF
	
 
	 	 
	 	 	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	Fiscal Year 2007

	 	

	 	

	 	

	 	

	 

	 	

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 
	Fiscal 2008

	 	

	 	

	 	

	 	

	 

	 	

	 	

	 	

	 	

	 
	 	 	 	 	 	 	 	 
	Fiscal 2009

	 	

	 	

	 	

	 	

	 

	 	

	 	

	 	

	 	

*The vesting percentage is interpolated for “Operating Earnings Before AI for Applicable
Annual Award Period” between      % and      % of contract revenue.

For purposes of this Award Document, the following terms are defined as follows:

“Operating Cash Flow Ratio” means the ratio of Operating Cash Flow to Net Income Before
AI.

“PLF” means Performance Leverage Factor.

The following elements will be taken from the Company’s consolidated financial statements for
the applicable Annual Award period or Supplemental Award Period (as applicable):

1. Operating cash flow (“Operating Cash Flow”)

	 	2.	 	Operating earnings before asset impairments and before any
amount recorded for performance unit compensation (“Operating Earnings
Before AI”) which is comprised of income before income taxes (excluding (a)
amounts for asset impairments in accordance with SFAS No. 142 “Goodwill and
Other Intangible Assets”, SFAS No. 144 “Accounting for the Impairment or
Disposal of Long-Lived Assets” or related accounting guidance, (b) amounts for
performance unit or performance share compensation and (c) amounts associated
with the extinguishment of debt or termination of debt agreements).

	 	3.	 	Net income before asset impairments and before any amount
recorded for performance unit compensation (“Net Income Before AI”)
which is comprised of Net Income (excluding after tax (a) amounts for asset
impairments in accordance with SFAS No. 142 “Goodwill and Other Intangible
Assets”, SFAS No. 144 “Accounting for the Impairment or Disposal of Long-Lived
Assets” or related accounting guidance, (b) amounts for performance unit or
performance share compensation and (c) amounts associated with the
extinguishment of debt or termination of debt agreements).

For purposes of this Award Document, Operating Cash Flow Ratio and Operating Earnings Before AI
will be rounded to the nearest one hundredth of a percentage point, with five thousandths of a
percentage point being rounded upwards (e.g., 4.995% being rounded up to 5.0%).

2

APPENDIX B

Supplemental Award Performance Targets

	 	 	 	 	 	 	 
	 	 	 	 	Operating Cash Flow	 	 
	 	 	Operating Earnings Before AI	 	Ratio for	 	 
	 	 	for	 	Applicable	 	 
	Supplemental Award	 	Applicable Supplemental	 	Supplemental Award	 	 
	Period	 	Award Period	 	Period	 	PLF
	Fiscal Year	 	 	 	 	 	 
	2007	 	 	 	 	 	 
	Fiscal Years

2007-2008

	 	

	 	

	 	

	 

	 	

	 	

	 	

	 
	 	 	 	 	 	 
	Fiscal Years

2007-2009

	 	

	 	

	 	

	 

	 	

	 	

	 	

	 
	 	 	 	 	 	 

3

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