Document:

EXHIBIT 10.3

 

Boise Cascade, L.L.C.

1111 West Jefferson
Street   PO Box 50   Boise, ID 83728

T 208 384 6161   F 208 384 7298

www.bc.com

 

October 1,
2005

 

 

Alexander
Toeldte

15
Lammermoor Drive

St.
Heliers, Auckland

NEW
ZEALAND

 

Dear
Alexander:

 

Boise Cascade, L.L.C. (the “Company”) considers it
essential to the best interests of its investors to foster the continuous
employment of key management personnel in the event certain material events are
threatened or occur. In this regard, the Board of Directors (the “Board”) of
Boise Cascade Company, the Company’s parent, has determined that appropriate
steps should be taken to reinforce and encourage the continued attention and
dedication of members of the Company’s management, including yourself, to their
assigned duties without distraction for a period of time.

 

In order to induce you to join and to remain in the
employ of the Company, the Company agrees that you shall receive the severance
benefits set forth in this letter agreement (the “Agreement”) if your employment
is terminated under the circumstances described below.

 

1.                                       Term of Agreement.  This Agreement is effective on the date
hereof and shall continue until your termination of employment with the
Company.  The period during which this
Agreement is in effect is referred to herein as the “Term.”

 

2.                                       Qualifying Termination.  Except as set forth in Sections 5 and 7.A, no
benefits shall be payable under this Agreement unless your employment is
terminated pursuant to a Qualifying Termination during the Term.  Your termination is a Qualifying Termination
if your employment with the Company terminates during the Term, unless your
termination is because of your death, by the Company for Cause or Disability,
or by you other than for Good Reason.  A
transfer of your employment from the Company to an affiliate or subsidiary,
from an affiliate or subsidiary to the Company, or between affiliates and/or
subsidiaries is not a termination of employment for purposes of this Agreement.

 

 

A.                                   Disability. 
If, as a result of your incapacity due to physical or mental illness or
injury, you are absent from your duties with the Company on a full-time basis
for 6 consecutive months, and within 30 days after written notice of
termination is given you have not returned to the full-time performance of your
duties, your employment may be terminated for “Disability.”

 

B.                                     Cause. 
Termination of your employment for “Cause” means termination upon (1) your
willful and continued failure to substantially perform your duties with the
Company (other than failure resulting from your incapacity due to physical or
mental illness or injury, or actual or anticipated failure resulting from your
termination for Good Reason), after a demand for substantial performance is
delivered to you by the Board which specifically identifies the manner in which
the Board believes that you have not substantially performed your duties, or (2) your
willful engagement in conduct which is demonstrably and materially injurious to
the Company, monetarily or otherwise. 
For purposes of this Section 2.B, no act or failure to act on your
part shall be considered “willful” unless done or omitted to be done by you not
in good faith and without reasonable belief that your act or omission was in
the best interest of the Company.  Notwithstanding
the foregoing, you shall not be deemed to have been terminated for Cause unless
and until:

 

•                                          a resolution is duly adopted by the
affirmative vote of not less than three-quarters of the entire membership of
the Board at a meeting of the Board called and held for the purpose (after
reasonable notice to you and an opportunity for you, together with your
counsel, to be heard before the Board), finding that in the good faith opinion
of the Board you were guilty of conduct set forth above in clauses (1) or (2) of
this Section 2.B and specifying the particulars of your conduct in detail,
and

 

•                                          a copy of this resolution is delivered to
you.

 

Any decision by the Board that a termination for
Cause is warranted must be supported by clear and convincing evidence.

 

C.                                     Good Reason. 
“Good Reason” means any of the following, if occurring without your
express written consent:

 

(1)                                  The assignment to you by the Company of any
duties inconsistent with your responsibilities as an executive officer of the
Company or a significant adverse alteration in your responsibilities, except
that the alteration in your responsibilities resulting from the sale of a
portion of the Company the management of which constituted all or a portion of
your duties prior to the sale shall not

 

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be deemed Good Reason if you remain with the Company
following the sale;

 

(2)                                  A reduction in your annual base salary to
below $500,000, (as the same may be increased from time to time), except for
across-the-board salary reductions similarly affecting all executives of the
Company;

 

(3)                                  A reduction in your target annual cash
incentive as in effect upon your hire (as the same may be increased from time
to time);

 

(4)                                  A requirement that you be based anywhere
other than in the metropolitan area of Boise, Idaho, except for required travel
on the Company’s business to an extent substantially consistent with your
customary business travel obligations for the Company;

 

(5)                                  The failure by the Company to continue to
provide you with benefits and compensation, including paid time off, welfare
benefits, short- and long-term incentives, pension, life insurance, healthcare,
and disability plans, no less favorable in the aggregate than the benefits and
compensation available to you upon your hire;

 

(6)                                  The failure of the Company to obtain a
satisfactory agreement from any successor to assume and agree to perform this
Agreement, as contemplated in Section 9; or

 

(7)                                  Any purported termination of your employment
which is not effected pursuant to a Board resolution satisfying the
requirements of Section 2.B or a Notice of Termination satisfying the
requirements of Section 2.D, as applicable.  Furthermore, no such purported termination of
your employment shall be effective for purposes of this Agreement.

 

Your right to terminate your employment pursuant to
this Section 2.C shall not be affected by your incapacity due to physical
or mental illness or injury.  Your
continued employment shall not constitute consent to, or a waiver of rights
with respect to, any event, circumstance, act or failure to act constituting
Good Reason.

 

D.                                    Notice of Termination.  Any purported termination by the Company or
by you shall be communicated by written Notice of Termination to the other
party according to Section 8.  A “Notice
of Termination” must indicate the specific termination provision in this
Agreement relied upon and set forth in reasonable detail the facts and
circumstances claimed to

 

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provide a basis for termination of your employment
under the indicated provision.

 

E.                                      Date of Termination.  “Date of Termination” means:

 

(1)                                  if your employment is terminated for
Disability, 30 days after the Notice of Termination is given (provided that you
have not returned to the performance of your duties on a full-time basis during
that 30-day period);

 

(2)                                  if your employment is terminated for Cause,
for Good Reason, or for any other reason other than Disability, the date
specified in the Notice of Termination (which, in the case of a termination for
Cause shall not be less than 30 days from the date the Notice of Termination is
given, and in the case of a termination for Good Reason shall not be more than
60 days from the date the Notice of Termination is given); or

 

(3)                                  if a dispute exists regarding the
termination, the date on which the dispute is finally determined, either by
mutual written agreement of the parties or by a final judgment, order or decree
of a court of competent jurisdiction (the time for appeal having expired and no
appeal having been perfected), but in any event no later than twenty-four
months following the date the Notice of Termination which is the subject of the
dispute is given.  This subsection (3) shall
apply only if (i) the party receiving the Notice of Termination notifies
the other party within 30 days that a dispute exists; (ii) the notice of
dispute is made in good faith; and (iii) the party giving the notice of
dispute pursues resolution of the dispute with reasonable diligence. While any
dispute is pending under this subsection (3), the Company will continue to
pay you your full compensation in effect when the Notice of Termination giving
rise to the dispute was given (including, but not limited to, base salary) and
continue you as a participant in all compensation, benefit and insurance plans
and programs in which you were participating when the Notice of Termination
giving rise to the dispute was given, until the dispute is finally resolved,
but in any event no later than twenty-four months following the date the Notice
of Termination which is the subject of the dispute is given.  Amounts paid under this subsection (3) are
in addition to all other amounts due under this Agreement and shall not be
offset against or reduce any other amounts due under this Agreement.

 

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3.                                       Compensation During Disability or Upon
Termination for Cause or Other than for Good Reason.

 

A.                                   During any period that you fail to perform
your duties as a result of incapacity due to physical or mental illness or
injury, you shall continue to receive your full base salary at the rate then in
effect and all compensation paid during the period until your employment is
terminated for Disability pursuant to Section 2.A.  Thereafter, your benefits shall be determined
in accordance with the insurance programs then in effect of the Company,
subsidiary or affiliate by which you are employed, and any qualified and
nonqualified retirement plan(s) in which you are a participant.

 

B.                                     If your employment is terminated for Cause or
by you other than for Good Reason, the Company shall pay you only your full
base salary through the Date of Termination at the rate in effect at the time
Notice of Termination is given, plus all other amounts to which you are
entitled under any compensation plan at the time those payments are due, and
the Company shall have no further obligations to you under this Agreement.

 

4.                                       Compensation upon a Qualifying
Termination.  If your employment is
terminated pursuant to a Qualifying Termination, then you shall be entitled to
the payments and benefits provided in this Section 4.

 

A.                                   Not later than the 5th day
following the date the release required pursuant to Section 6.D becomes
effective, the Company will pay you the following amounts:

 

(1)                                  Your full base salary through the Date of
Termination at the rate in effect at the time Notice of Termination is given
without regard to any reduction in base salary that would constitute Good
Reason (whether or not any reduction is asserted as Good Reason), plus all
other amounts to which you are entitled under any compensation plan in which
you then participate at the time those payments are due (in each case, to the
extent not already paid);

 

(2)                                  A lump sum severance payment equal to 2 times
the sum of (a) your annual base salary at the rate in effect at the time
Notice of Termination is given without regard to any reduction in base salary
that would constitute Good Reason (whether or not any reduction is asserted as
Good Reason) (“Base Salary”), plus (b) your target annual incentive for
the year in which the Date of Termination occurs without regard to any
reduction in the target incentive that would constitute Good Reason (whether or
not any reduction is asserted as Good Reason) (“Target Bonus”); and

 

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(3)                                  To the extent not already paid, a lump sum
amount equal to the greater of the value of your unused and accrued time off,
less any advanced time off, in accordance with the time off policy applicable
to you.

 

B.                                     The Company shall, at its sole discretion,
comply with either subsection (1) or (2) below:

 

(1)                                  for a 24-month period following the Date of
Termination, maintain, in full force and effect for your continued benefit, all
life, disability, accident and healthcare insurance plans, programs, or
arrangements, and financial counseling services in which you were participating
immediately prior to the Date of Termination without regard to any reduction in
such plans, programs, or arrangements (whether or not such reduction is
asserted as Good Reason), or

 

(2)                                  not later than the 5th day
following the date the release required pursuant to Section 6.D becomes
effective, pay you a lump sum payment equal to the sum of (a) thirty-six
times the monthly group premium for the life, disability, accident and
healthcare insurance plans, programs, or arrangements, and (b) three times
the annual allowance for financial counseling services, in each case in which
you were participating immediately prior to the Date of Termination without
regard to any reduction in such plans, programs, or arrangements (whether or
not such reduction is asserted as Good Reason).

 

If the Company chooses to provide the benefits
indicated under subsection (1), and your continued participation (or a
particular type of coverage) is not possible or becomes impossible under the
general terms and provisions of the plans, programs or arrangements, then the
Company shall arrange to provide you with benefits, at substantially the same
cost to you as determined immediately prior to your last day of employment,
which are substantially similar to those which you are entitled to receive
under such plans, programs and arrangements.

 

C.                                     The Company shall reimburse you for all legal
expenses you have incurred through the Date of Termination in connection with
attempting to obtain permanent residency in the United States for yourself and
your family.  In addition, if you
continue to attempt to obtain permanent residency after the Date of
Termination, the Company will reimburse you for legal fees and expenses you
incur in that effort within 24 months after the Date of Termination, to the
extent those fees and expenses are not reimbursed or reimbursable by any other
party, including another sponsoring employer. 
The Company shall continue to honor its

 

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obligations under the Foreign Service Policy, as
explained to you by letter dated October 1, 2005.

 

D.                                    You shall not be required to mitigate the
amount of any payment provided for in this Section 4 by seeking other
employment or otherwise, nor shall the amount of any payment or benefit
provided for in Section 4.A be reduced by any compensation earned by you
as the result of employment by another employer or by retirement benefits after
the Date of Termination, or otherwise. 
Payments otherwise receivable by you pursuant to Section 4.A(2) shall
be reduced by the amount of any severance benefits received by you pursuant to
any Company severance policy.  Benefits
otherwise receivable by you pursuant to Section 4.B(1) shall be
reduced to the extent comparable benefits are actually received by you during
the 24-month period following your termination, and you must report any such
benefits actually received by you to the Company.   Benefits and payments otherwise receivable
by you pursuant to Section 4 shall be reduced by the amount of benefits
and payments received by you pursuant to any other written agreement between
you and the Company providing benefits upon termination.

 

5.                                       Legal Fees. 
The Company shall pay to you all reasonable legal fees and expenses
which you incur (a) as a result of your termination (including any legal
fees and expenses incurred in contesting or disputing your termination) or (b) in
seeking in good faith to obtain or enforce any right or benefit provided by
this Agreement.  This payment shall be
made within 10 business days after the Company receives your written request
for payment accompanied by reasonable evidence of fees and expenses incurred.

 

6.                                       Employee Covenants; Release.

 

A.                                   You agree that you will not, directly or
indirectly, use, make available, sell, disclose or otherwise communicate to any
person, other than in the course of your assigned duties and for the benefit of
the Company, either during the period of your employment or at any time
thereafter, any nonpublic, proprietary or confidential information, knowledge
or data relating to the Company, any of its subsidiaries, affiliated companies
or businesses, which you obtained during your employment by the Company.  This restriction will not apply to
information that (i) was known to the public before its disclosure to you;
(ii) becomes known to the public after disclosure to you through no
wrongful act of yours; or (iii) you are required to disclose by applicable
law, regulation or legal process (provided that you provide the Company with
prior notice of the contemplated disclosure and reasonably cooperate with the
Company at its expense in seeking a protective order or other appropriate
protection of such information).

 

7

 

B.                                     During your employment with the Company and
for one year after your termination, you agree that you will not, directly or
indirectly, individually or on behalf of any other person, firm, corporation or
other entity, knowingly solicit, aid or induce any managerial level employee of
the Company or any of its subsidiaries or affiliates to leave employment in
order to accept employment with or render services to or with any other person,
firm, corporation or other entity unaffiliated with the Company or knowingly
take any action to materially assist or aid any other person, firm, corporation
or other entity in identifying or hiring any such employee.

 

C.                                     You agree that during and after your
employment with the Company you shall not make any public statements that
disparage the Company, its respective affiliates, employees, officers,
directors, products or services.  Notwithstanding
the foregoing, statements made in the course of sworn testimony in
administrative, judicial or arbitral proceedings (including, without
limitation, depositions in connection with such proceedings) shall not be
subject to this Section 6.C.

 

D.                                    Notwithstanding anything in this Agreement to
the contrary, the payment to you of the benefits provided in Section 4 is
conditioned upon your execution and delivery to the Company (and your failure
to revoke) a customary general release of claims which shall include a release
of the Company and its subsidiaries and affiliates.

 

7.                                       Successors; Binding Agreement.

 

A.                                   The Company will require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise)
to all or substantially all of the business and/or assets of the Company to
expressly assume and agree to perform this Agreement (including the obligations
under the Foreign Service Policy, as explained in the letter to you dated October 1,
2005) in the same manner and to the same extent that the Company would be
required to perform if no succession had taken place.  Failure of the Company to obtain an
assumption and agreement prior to the effectiveness of any succession which
occurs during your employment with the Company and during the Term shall be a
breach of this Agreement and shall entitle to you to compensation from the
Company in the same amount and on the same terms as if you had experienced a
Qualifying Termination, except that for purposes of this Section 7.A, the
date on which any such succession becomes effective shall be deemed the Date of
Termination.

 

B.                                     This Agreement shall inure to the benefit of
and be enforceable by your personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees.  If you should die while any amount would
still be payable to you under this Agreement if

 

8

 

you had continued to live, all such amounts, unless
otherwise provided in this Agreement, shall be paid in accordance with the
terms of this Agreement to your devisee, legatee or other designee or if there
is no such designee, to your estate.

 

C.                                     Any dispute between you and the Company
regarding this Agreement may be resolved either by binding arbitration or by
judicial proceedings at your sole election, and the Company agrees to be bound
by your election in that regard, provided that the Company is entitled to seek
equitable relief in a court of competent jurisdiction in connection with the
enforcement of the covenants set forth in Section 6.  Under no circumstance will a violation or
alleged violation of those covenants entitle the Company to withhold or offset
a payment or benefit due under this Agreement.

 

8.                                       Notice. 
For the purposes of this Agreement, notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have
been duly given when delivered or mailed by United States registered mail,
return receipt requested, postage prepaid, addressed to the respective addresses
set forth on the first page of this Agreement, provided that all notices
to the Company shall be directed to the attention of the Board with a copy to
the Secretary, or to such other address as either party may have furnished to
the other in writing in accordance with this Section 8, except that notice
of change of address shall be effective only upon receipt.

 

9.                                       Miscellaneous.  No provision of this Agreement may be
modified, waived or discharged unless such waiver, modification or discharge is
agreed to in writing and signed by you and an officer of the Company designated
by the Board.  No waiver by either party
at any time of any breach by the other party of, or compliance with, any
condition or provision of this Agreement to be performed by the other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any prior or subsequent time. 
No agreements or representations, oral or otherwise, express or implied,
with respect to the subject matter of this Agreement have been made by either
party which are not expressly set forth in this Agreement.  If obligations of the Company arise prior to
the expiration of the Term, those obligations shall survive the expiration of
the Term.

 

10.                                 Validity. 
The invalidity or unenforceability of any provision of this Agreement
shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect.

 

11.                                 Counterparts. 
This Agreement may be executed in several counterparts, each of which
shall be deemed to be an original but all of which together will constitute one
and the same instrument.

 

9

 

12.                                 No Guaranty of Employment.  Neither this Agreement nor any action taken
under this Agreement shall be construed as giving you a right to be retained as
an employee or an executive officer of the Company.

 

13.                                 Governing Law.  This Agreement shall be governed by and
construed in accordance with Delaware law.

 

14.                                 Other Benefits; Indemnification.  Any payments made to you pursuant to this
Agreement are in addition to, and not in lieu of, any amounts to which you may
be entitled under any other employee benefit plan, program, or policy of the Company.  Nevertheless, payments made to you pursuant
to Section 4.A(2) shall be in lieu of any severance payment to which
you would otherwise be entitled under any severance pay policy of the
Company.  In addition to the other
payments and benefits provided herein, the Company shall cause you to be
covered under the directors and officers insurance coverage (“D&O insurance”)
that is in effect with respect to the officers of the Company on the date you
employment is terminated.  This coverage
shall continue for six years following the termination of your employment from
the Company.  If the Company increases
the D&O insurance coverage for its officers during the six-year period
following your termination, the Company will cover you at that increased level.  In no event, however, shall your coverage fall
below the level of coverage that was in effect on the date of your
termination.  If, during the six-year
period, there is no D&O insurance in effect for the officers of the
Company, the Company shall purchase and maintain a run-off directors and officers
insurance policy for the remainder of the six-year period.  This run-off coverage shall provide coverage
for you at the same level as the D&O insurance that was in effect at the
time of your termination.  This coverage
will be at the Company’s sole expense. 
In no event is the Company obligated to provide you with D&O
insurance following a termination for Cause.

 

If this letter correctly sets forth our agreement on
the subject matter hereof, kindly sign and return to the Company the enclosed
copy of this letter which will then constitute our agreement on this subject.

 

	
  Very truly yours,

  
	
   

  
	
  /s/ W. Thomas Stephens

  	
   

  
	
  W. Thomas Stephens

  
	
   

  
	
  WTS/cw

  
	
   

  
	
  AGREED TO AND ACCEPTED this 1st day of October, 2005.

  
	
   

  
	
  /s/ Alexander Toeldte

  	
   

  
	
  Alexander
  Toeldte

  
			

 

10Exhibit 10.1

 

HEARST-ARGYLE
TELEVISION, INC.

888
Seventh Avenue

New York, NY  10106

 

As of January 1, 2005

 

Mr. Harry T. Hawks

[ADDRESS ON FILE]

 

Dear Harry:

 

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:                    Harry
T. Hawks

 

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

 

3.             Title of Position; Duties:                      Executive
Vice President & CFO

 

You agree to carry out the duties assigned to
you by the senior executives of Hearst-Argyle. 
Hearst-Argyle has the right to assign you to other duties consistent with
those of other executives of your level.

 

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)                                      $515,000
per year from January 1, 2005 through December 31, 2005: and

 

b)                                     $550,000
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.

 

(a)           Hearst-Argyle
has the right to end this Agreement:

 

i)              Upon
your death; or

 

ii)                                      For
cause, which shall mean (A) indictment for a felony, (B) failure to
carry out, or neglect or misconduct in the performance of, your duties
hereunder or a breach of this Agreement; (C) willful failure to comply
with applicable laws with respect to the conduct of Hearst-Argyle’s business, (D) theft,
fraud or embezzlement resulting in gain or personal enrichment, directly or
indirectly, to you at Hearst-Argyle’s expense, (E) addiction to an illegal
drug, (F) 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 (G) willful
failure to comply with the reasonable directions of the Board of Directors of
Hearst-Argyle; or

 

iii)                                   Without
cause pursuant to Paragraph 8(b) below.

 

(b)           This
Agreement may be terminated (i) by Hearst-Argyle or its successor without
cause or (ii) by you within 60 days of a Change in Control (as defined
below) (or notwithstanding Paragraph 8(a)(i), by you or your legal
representative within such 60-day period, if you die while still employed),
provided that, in the case of either clauses (i) or (ii) of this
Paragraph 8(b), you or your legal representative execute and deliver a general
release in favor of Hearst-Argyle in the form reasonably required by
Hearst-Argyle, and such release has become 

 

 

irrevocable, and if such termination occurs, then you (or your estate,
in the case of your death) will receive the payments and benefits under this
Agreement for the remainder of the Term as if no termination had occurred; it
being expressly acknowledged and agreed that, with respect to bonuses, and in
lieu of the bonuses contemplated by the third paragraph of Paragraph 5, you (or
your estate, in the case of your death) shall be entitled to receive (at the
times that would have applied absent termination) (x) any accrued but unpaid
bonus, and (y) for any future unpaid bonuses that otherwise would have been
payable during the Term, bonuses payable at fifty percent (50%) of the maximum
potential bonus.  Notwithstanding the
foregoing, if you breach Paragraphs 10 or 11, Hearst-Argyle’s obligations under
this Paragraph 8(b) shall immediately cease, and you (and your estate, in
the case of your death) shall have no further rights under this Agreement.  For purposes of this Agreement, a Change in
Control shall be deemed to occur if, and only if, Hearst-Argyle ceases to be
controlled by or under common control with The Hearst Corporation or its
affiliates.

 

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:

  	
  [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/ Harry T. Hawks

  
	
   

  	
  Harry T. Hawks

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