Document:

Exhibit 10.2

 

August 2, 2004

 

 

Mr. Michael Huseby

4995 South Vine Street

Cherry Hills Village, CO 80113

 

Dear Mike:

 

Following up
on our recent conversations and meetings, I am pleased to forward this letter
setting forth the details of our employment offer.  My colleagues and I are excited by the
prospect of your joining Cablevision, and I am gratified by your initial
enthusiastic response to our offer.

 

As I indicated
to you, this offer is conditioned upon your successful completion of our
pre-employment screening and testing process. 
Following the completion of that process and your acceptance of this
offer, you will join Cablevision as Executive Vice President and Chief
Financial Officer reporting to the President and Chief Executive Officer.  As Executive Vice President and Chief
Financial Officer you will have responsibility for the Company’s finance,
accounting, financial control, financial planning and budgeting, treasury, tax,
internal audit and risk management functions and such other responsibilities as
the President and Chief Executive Officer may designate from time to time.

 

Your starting
annual base salary will be $750,000, and your annual target bonus will be 80%
of the salary paid to you during the year for which the bonus is being
paid.  Actual bonuses may range from zero
to two times target or 160% of salary paid, depending on company, unit and
individual performance.  Bonuses are
administered under the Executive Incentive Performance Plan or the Management
Incentive Performance Plan and are typically paid early in the year following
the year for which the bonuses are being paid. 
You must be employed by the Company at the time bonus payments are made
in order to receive such bonus.  In
recognition of your joining us in mid-year and, thereby, foregoing the bonus
you would have earned at your current employer, we will pay you $225,000 upon
your joining the Company.

 

You will also
be eligible, subject to your continued employment by the Company and actual
grant by the Compensation Committee of the Board of Directors (the “Compensation
Committee”) which has already approved the terms of this Offer, for various
long-term incentive grants and awards, including annual awards of 10,000

 

 

restricted shares of Class A
Common Stock, subject to four-year cliff vesting; annual stock option grants
with respect to 10,000 shares of Class A Common Stock; annual conjunctive
rights grants with respect to 10,000 shares of Class A Common Stock, subject to
performance based vesting (with performance criteria to be determined by
management and subject to approval by the Compensation Committee); annual
contingent Performance Awards of $750,000 to be earned on the basis of
performance achieved in overlapping three-year performance periods (with
performance criteria to be determined by management and subject to approval by
the Compensation Committee); and participation in a non-qualified deferred
compensation program in which you will be credited initially with a balance of
$500,000, which balance will be augmented by annual credits for each of the
following six years of your employment of the lesser of $150,000 and 20% of
your then current annual salary, plus accrued interest on the entire account
balance. Under this plan, 50% of your account balance would be paid at the end
of the fifth year of your participation with the remaining balance paid at the
conclusion of your seventh year of participation.

 

All long-term
incentive grants and awards will be pursuant to the Employee Stock Plan and the
Long-Term Incentive Plan (LTIP), and will be subject to terms and conditions,
established by the Compensation Committee, that will be detailed in separate
agreements you will receive after the awards and grants are actually made.

 

You will be
eligible to participate in our standard executive benefits program.  Participation in our benefits program is
subject to meeting the relevant eligibility requirements, payment of the
required premiums, and the terms of the plans themselves.  We currently offer medical, dental, life, and
accidental death and dismemberment insurance; short- and long-term disability
insurance; a savings and retirement program; and for executives whose annual pay exceeds
certain limits that are subject to revision (for 2004 that limit is
$205,000) the Cablevision Choice 401(k) Excess Savings Plan and the
Cablevision Choice Excess Cash Balance Plan.  The Company provides ten paid
holidays, and you will also be eligible for four (4) weeks of vacation,
annually, to be used in accordance with Company policy.

 

If your employment
is involuntarily terminated by the Company (for reasons other than cause)
during the first 24 months of your employment, or a change in control occurs
during the first 24 months of your employment and you are not offered an
equivalent position in the surviving entity, then, subject to your execution
and effectiveness of a severance agreement (including, for example, a
non-compete) and a general
release, each to the Company’s satisfaction, you will be
paid your base salary and a pro rata
bonus (determined on the basis of your target percentage at the time) for the
period from the date of your termination until the end of the initial 24 month
period.

 

For purposes
of the provisions set forth in this letter, (1) “cause” means
your (i) commission of an act of fraud, embezzlement, misappropriation,
willful misconduct, gross negligence or breach of fiduciary duty against the
Company or an affiliate thereof, or (ii) commission of any act or omission that
results in, or may reasonably be expected

 

2

 

to result in, a conviction,
plea of no contest, plea of nolo  contendere, or imposition of unadjudicated
probation for any felony or crime involving moral turpitude and (2) “change in control” will have the meaning set forth in the
Company’s current standard form of agreement under the Employee Stock Plan.

 

The Company
will reimburse you for reasonable and customary relocation expenses for your
move to Long Island from Denver, up to a maximum of $150,000.  In addition to the above, for the period (if
any) that you have not yet sold one of your homes in Denver, the Company will
reimburse you for your monthly housing rental on Long Island up to a maximum of
$5,000 per month for up to a maximum of six months.

 

As I hope you
can appreciate, I am required to include certain additional terms, as set forth
below as well as in the attachment to this letter (which attachment shall be
deemed a part of this letter).

 

This letter
does not constitute a guarantee of employment for any definite period.  Your employment is at will and may be
terminated by you or the Company at any time, with or without notice or
reason.  The Company may withhold from
any payment due to you any taxes that are required to be withheld under any
law, rule or regulation.  This letter
will automatically terminate, and be of no further force or effect, on the
close of the 24th month of your employment.

 

Once again, we
are all most enthusiastic about your joining Cablevision and are looking
forward to seeing you soon.

 

	
   

  	
  Sincerely,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Hank Ratner

  	
   

  
	
   

  	
  Vice
  Chairman

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted and
  Agreed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Michael
  Huseby

  	
   

  	
   

  
				

 

3

 

ATTACHMENT – ADDITIONAL TERMS

(This Attachment constitutes a part of the letter)

 

More
information regarding your employment is contained in the Company’s Employee Handbook, a copy of which will be
given to you with the new hire packet.

 

This letter is
personal to you and without the prior written consent of the Company shall not
be assignable by you otherwise than by will or the laws of descent and
distribution.  This letter shall inure to
the benefit of and be enforceable by your legal representatives.  This letter shall inure to the benefit of and
be binding upon the Company and its successors and assigns.

 

If any payment
due to you would result in the imposition of the excise tax imposed by Section
4999 of the Internal Revenue Code, you will have the option to receive either
(a) such payments or (b) the maximum amount that could be paid to you without
the imposition of the excise tax.

 

To the extent permitted by law, you and the
Company waive any and all rights to the jury trial with respect to any matter
relating to this letter.

 

This letter will be governed by and construed
in accordance with the law of the State of New York applicable to contracts
made and to be performed entirely within that State.

 

Both the
Company and you hereby irrevocably submit to the jurisdiction of the courts of
the State of New York and the federal courts of the United States of America
located in the State of New York solely in respect of the interpretation and
enforcement of the provisions of this letter, and each of us hereby waives, and
agrees not to assert, as a defense that either of us, as appropriate, is not
subject thereto or that the venue thereof may not be appropriate.  We each hereby agree that mailing of process
or other papers in connection with any such action or proceeding in any manner
as may be permitted by law shall be valid and sufficient service thereof.

 

This letter
may not be amended or modified otherwise than by a written agreement executed
by the parties hereto or their respective successors and legal
representatives.  The invalidity or
unenforceability of any provision of this letter shall not affect the validity
or enforceability of any other provision of this letter.  It is the parties’ intention that this letter
not be construed more strictly with regard to you or the Company.

 

You agree to
keep this letter and its terms strictly confidential; provided
that (1) you are authorized to make any disclosure required of you by any
federal, state or local laws or judicial proceedings, after providing the
Company with prior written notice and an opportunity to respond to such
disclosure (unless such notice is prohibited by law) and

 

4

 

(2) you and your representatives and agents may disclose to any and all
persons, without limitation of any kind, the tax treatment and tax structure of
this letter and all materials of any kind (including opinions or other tax
analyses) that are provided to you relating to such tax treatment or structure.

 

5Exhibit 10.3

 

 

October 11, 2004

 

 

Mr. Wm. Keith Harper

7929 South Wabash Street

Centennial, CO 80112

 

Dear Keith:

 

Following up
on our recent conversations and meetings, I am pleased to forward this letter
setting forth the details of our employment offer.  My colleagues and I are excited by the
prospect of your joining Cablevision, and I am gratified by your initial
enthusiastic response to our offer.

 

Assuming your
acceptance of this offer this week, effective as of October 18, 2004, you will
join Cablevision as Senior Vice President and Controller (Principal Accounting
Officer) reporting to me in my capacity as Executive Vice President and Chief
Financial Officer.  As Senior Vice
President and Controller (Principal Accounting Officer) you will have responsibility
for the Company’s accounting and financial control functions and such other
responsibilities as the Chief Financial Officer may designate from time to
time.

 

Your starting
annual base salary will be $485,000, and your annual target bonus will be 60%
of the salary paid to you during the year for which the bonus is being
paid.  Actual bonuses may range from zero
to two times target or 120% of salary paid, depending on Company, unit and
individual performance.  Bonuses are
administered under the Executive Incentive Performance Plan or the Management
Incentive Performance Plan and are typically paid early in the year following
the year for which the bonuses are being paid. 
You must be employed by the Company at the time bonus payments are made
in order to receive such bonus.

 

You will also
be eligible, subject to your continued employment by the Company and actual
grant by the Compensation Committee of the Board of Directors (the “Compensation
Committee”) which has already been briefed on the terms of this Offer, for
various long-term incentive grants and awards, including annual conjunctive
rights grants with respect to 8,000 shares of Class A Common Stock, subject to
three-year vesting (vesting in thirds on each anniversary of grant); annual
contingent Performance

 

Awards of $450,000 to be earned
on the basis of performance achieved in overlapping three-year performance
periods (with performance criteria to be determined by management and subject
to approval by the Compensation Committee); and participation in a
non-qualified deferred compensation program in which you will be credited
initially with a balance of $500,000, which balance will be augmented by annual
credits for each of the following six years of your employment of the lesser of
$150,000 and 20% of your then current annual salary, plus accrued interest on
the entire account balance. Under this plan, 50% of your account balance would
be paid at the end of the fifth year of your participation with the remaining
balance paid at the conclusion of your seventh year of participation.

 

All long-term
incentive grants and awards will be pursuant to the Employee Stock Plan and the
Long-Term Incentive Plan (LTIP), and will be subject to terms and conditions,
established by the Compensation Committee, that will be detailed in separate
agreements you will receive after the awards and grants are actually made.

 

You will be
eligible to participate in our standard executive benefits program.  Participation in our benefits program is
subject to meeting the relevant eligibility requirements, payment of the
required premiums, and the terms of the plans themselves.  We currently offer medical, dental, life, and
accidental death and dismemberment insurance; short- and long-term disability
insurance; a savings and retirement program; and for executives whose annual pay exceeds
certain limits that are subject to revision (for 2004 that limit is
$205,000) the Cablevision Choice 401(k) Excess Savings Plan and the
Cablevision Choice Excess Cash Balance Plan.  The Company provides ten paid
holidays, and you will also be eligible for four (4) weeks of vacation,
annually, to be used in accordance with Company policy.

 

If your
employment is involuntarily terminated by the Company (for reasons other than “cause”) during the first 24 months of your
employment, or a “change in control”
occurs during the first 24 months of your employment and you are not offered a
similar position in the surviving entity, then, subject to your execution and
effectiveness of a severance agreement (including, for example, non-compete,
non-disparagement, no-solicit and confidentiality restrictions and further
cooperation commitments) and a general release of the Company and its affiliates, each to the Company’s satisfaction, you will be paid your base
salary and a pro rata bonus
(determined on the basis of your target percentage at the time) for the period
from the date of your termination until the end of the initial 24 month period.

 

For purposes
of the provisions set forth in this letter, (1) “cause” means
your (i) commission of an act of fraud, embezzlement, misappropriation,
willful misconduct, gross negligence or breach of fiduciary duty against the
Company or an affiliate thereof, or (ii) commission of any act or omission that
results in, or may reasonably be expected to result in, a conviction, plea of
no contest, plea of nolo  contendere, or imposition of unadjudicated
probation for any felony or crime involving moral turpitude and (2) “change in control” will have the meaning set forth in the Company’s
then current standard form of agreement under the Employee Stock Plan.

 

2

 

The Company
will reimburse you for reasonable and customary relocation expenses for your
move to Long Island from Denver, up to a maximum of $150,000 and in accordance
with the Company’s related policies.  In
addition, the Company will reimburse you for your reasonable monthly housing
rental expenses on Long Island, in a monthly amount to be pre-approved by the
Company, for a period no longer than through June 2005.  Through no longer than June 2005, the Company
will also reimburse you for the purchase of coach airline tickets for your
commutation between New York and Denver on an every-other week basis.

 

As I hope you
can appreciate, I am required to include certain additional terms, as set forth
below as well as in the attachment to this letter (which attachment shall be
deemed a part of this letter).

 

This letter
does not constitute a guarantee of employment for any definite period.  Your employment is at will and may be
terminated by you or the Company at any time, with or without notice or
reason.  The Company may withhold from
any payment due to you any taxes that are required to be withheld under any
law, rule or regulation.  This letter
will automatically terminate, and be of no further force or effect, on the
close of the 24th month of your employment.

 

Once again, we
are all most enthusiastic about your joining Cablevision and are looking
forward to seeing you soon.

 

	
   

  	
  Sincerely,

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Michael P.
  Huseby

  	
   

  
	
   

  	
  Executive
  Vice President and

  	
   

  
	
   

  	
   

  	
  Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
  Accepted and
  Agreed:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Wm. Keith
  Harper

  	
   

  	
   

  
					

 

3

 

ATTACHMENT – ADDITIONAL TERMS

(This Attachment constitutes a part of the letter)

 

More
information regarding your employment is contained in the Company’s Employee Handbook, a copy of which will be
given to you with the new hire packet.

 

This letter is
personal to you and without the prior written consent of the Company shall not
be assignable by you otherwise than by will or the laws of descent and
distribution.  This letter shall inure to
the benefit of and be enforceable by your legal representatives.  This letter shall inure to the benefit of and
be binding upon the Company and its successors and assigns.

 

If any payment
due to you would result in the imposition of the excise tax imposed by Section
4999 of the Internal Revenue Code, you will have the option to receive either
(a) such payments or (b) the maximum amount that could be paid to you without
the imposition of the excise tax.

 

To the extent permitted by law, you hereby
waive any and all rights to the jury trial with respect to any matter relating
to this letter.

 

This letter will be governed by and construed
in accordance with the law of the State of New York applicable to contracts
made and to be performed entirely within that State.

 

You hereby
irrevocably submit to the jurisdiction of the courts of the State of New York
and the federal courts of the United States of America located in the State of
New York solely in respect of the interpretation and enforcement of the
provisions of this letter, and you hereby waive, and agree not to assert, as a
defense that you are not subject thereto or that the venue thereof may not be
appropriate.  You hereby agree that
mailing of process or other papers in connection with any such action or
proceeding in any manner as may be permitted by law shall be valid and
sufficient service thereof.

 

This letter
may not be amended or modified otherwise than by a written agreement executed
by the parties hereto or their respective successors and legal
representatives.  The invalidity or
unenforceability of any provision of this letter shall not affect the validity
or enforceability of any other provision of this letter.  It is the parties’ intention that this letter
not be construed more strictly with regard to you or the Company.

 

You agree to
keep this letter and its terms strictly confidential; provided
that (1) you are authorized to make any disclosure required of you by any
federal, state or local laws or judicial proceedings, after providing the
Company with prior written notice and an opportunity to respond to such
disclosure (unless such notice is prohibited by law) and (2) you and your
representatives and agents may disclose to any and all persons, without
limitation of any kind, the tax treatment and tax structure of this letter and
all materials of any kind (including opinions or other tax analyses) that are
provided to you relating to such tax treatment or structure.

 

4

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