Document:

Exhibit 10(m)

 

 

December 10, 2008

 

Mr. Sumner
M. Redstone

c/o CBS Corporation

51 West 52nd Street

New York, NY 10019

 

Dear Mr. Redstone:

 

This letter serves to modify, for purposes of Section 409A
of the Internal Revenue Code (“Section 409A”), certain provisions
of your employment agreement dated December 29, 2005 (the “December 2005
Agreement”), as amended on March 13, 2007 (the “March 2007
Agreement” and together with the December 2005 Agreement, your “Employment
Agreement”).  Capitalized terms used
in this letter agreement without definition have the meanings assigned to them
in the Employment Agreement.  This
letter, when fully executed below, shall amend your Employment Agreement as
follows:

 

1.                                       Paragraph
2(d)(iv)(4)b.(II) of your Employment Agreement (page 5 of the March 2007
Agreement) shall be amended in its entirety to read as follows:

 

“(II) any incremental
Shares to which you are entitled by virtue of paragraph 2(d)(iv)(3) will
be delivered between January 1 and March 15 of the calendar year following
the calendar year during which the applicable Measurement Period ends (the
expectation of the parties being that such incremental Shares will be delivered
on the second business day following the delivery of CBS’s audited financial
statements in respect of the calendar year during which the applicable
Measurement Period ends (so that it can be determined whether or not CBS
attained the OIBDA hurdle in respect of such award)).”

 

2.                                       The following new paragraph shall be
added at the end of paragraph 4 of your Employment Agreement (pages 5 and
6 of the December 2005 Agreement):

 

“If
the provision of any benefit or perquisite results in in-kind benefits or
reimbursements to you that are (x) taxable for federal income tax purposes
and (y) subject to Section 409A, then such in-kind benefits or
reimbursements shall be subject to the following rules:

 

(a)                                  The in-kind benefits to be provided, or
the amounts to be reimbursed, shall be determined pursuant to the terms of the
applicable benefit plan, policy or agreement.

 

(b)                                 The amounts eligible for reimbursement,
or the in-kind benefits provided, during any calendar year may not affect the
expenses

 

 

	
  Mr.
  Sumner M. Redstone

  
	
  December
  10, 2008

  
	
  Page
  2

  

 

eligible
for reimbursement, or the in-kind benefits provided, in any other calendar
year.

 

(c)                                  Any reimbursement of an eligible expense
shall be made on or before the last day of the calendar year following the
calendar year in which the expense was incurred.

 

(d)                                 Your right to an in-kind benefit or
reimbursement is not subject to liquidation or exchange for cash or another
benefit.”

 

3.                                       The last sentence of paragraph 13 of your
Employment Agreement (page 7 of the December 2005 Agreement) shall be
deleted and replaced with the following new sentence:

 

“Notwithstanding any other
provisions of this Agreement to the contrary, if you are a “specified employee”
(within the meaning of Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”), and determined pursuant to procedures adopted by CBS
Corporation) at the time of the termination of your employment, then to the
extent any amount scheduled to be paid to you during the six-month period
following the termination of your employment (including, for this purpose, any
equity-based incentive award that is scheduled for payment or settlement during
the six-month period following the termination of your employment), and as a
result of the termination of your employment, constitutes deferred compensation
(within the meaning of Section 409A of the Code), such amount shall be
paid to you or settled, as the case may be, on the earlier of (i) the
first business day of the seventh calendar month following the calendar month
in which the termination of your employment occurs or (ii) your death.”

 

4.                                       A new paragraph 14 shall be added to the
end of your Employment Agreement (page 7 of the December 2005
Agreement):

 

“14.                           No Offsets; Section 409A.

 

(a)                                  No offsets or deductions shall be made
against money or property that you owe to CBS from amounts that constitute
deferred compensation for purposes of Section 409A of the Code, except for
applicable withholding taxes on such amounts, to the extent that such offset or
deduction would result in the imposition of additional tax, penalties or
interest under Section 409A of the Code.

 

(b)                                 To the extent applicable, it is intended
that the compensation arrangements under this Agreement be in full compliance
with Section 409A of the Code.  This
Agreement shall be construed in a manner to give effect to such
intention.  In no event whatsoever (including, but not limited to, as a
result of this section or otherwise) shall CBS be liable for any tax, interest
or penalties that may be imposed on you under Section 409A of the
Code.  Neither CBS nor any of its affiliates shall have any obligation to
indemnify or otherwise hold you harmless from any such taxes, interest or
penalties, or liability for any damages related thereto.”

 

 

	
  Mr.
  Sumner M. Redstone

  
	
  December
  10, 2008

  
	
  Page
  3

  

 

5.                                       Except as otherwise provided herein, your
Employment Agreement shall continue in full force and effect in accordance with
its terms.

 

To acknowledge your
agreement to the foregoing, please sign, date and return this letter to me not
later than December 31, 2008.

 

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  CBS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Louis J. Briskman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Louis J. Briskman

  
	
   

  	
   

  	
  Executive Vice President and

  
	
   

  	
   

  	
  General Counsel,

  
	
   

  	
   

  	
  CBS Corporation

  

 

 

Accepted and
Agreed:

 

 

	
  /s/ Sumner M. Redstone

  	
   

  
	
  Sumner M. Redstone

  	
   

  

 

	
  Dated:

  	
  12/16/08Exhibit 10(n)

 

 

December 17, 2008

 

Mr. Leslie Moonves

c/o
CBS Corporation

51
West 52nd Street

New
York, NY 10019

 

Dear Mr. Moonves:

 

This letter serves to modify, for purposes of Section 409A
of the Internal Revenue Code (“Section 409A”), certain provisions
of your employment agreement, dated October 15, 2007 (“Employment
Agreement”).  Capitalized terms used
in this letter agreement without definition have the meanings assigned to them
in the Employment Agreement.  This
letter, when fully executed below, shall amend your Employment Agreement as
follows:

 

	
  1.

  	
   

  	
  The following sentence shall be added at the end of paragraph
  7(g) of your Employment Agreement:

  
	
   

  	
   

  	
   

  
	
  “Notwithstanding
  anything in this paragraph 7(g) to the contrary, Employer will not
  exercise such right to deduct from any monies otherwise payable to you to the
  extent such offset would be a violation of Section 409A.”

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  The following
  two sentences shall be added at the end of paragraph 9(d)(v)d. of your
  Employment 

  
	
  Agreement:

  
	
   

  	
   

  	
   

  
	
  “The
  rules of the preceding sentence shall apply to all reimbursements and
  in-kind benefits payable under the Employment Agreement that constitute
  deferred compensation for purposes of Section 409A. In addition, in no
  event shall any such reimbursements be paid later than the last day of the
  calendar year following the year in which the related expense was incurred.”

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  The following wording shall be added immediately before the semicolon
  at the end of paragraph 10(ii) of 

  
	
  your Employment Agreement:

  
	
   

  	
   

  	
   

  
	
  “(the
  date of such payment for purposes of Section 409A shall be the date of
  your death, and such payment shall be made by February 28th of the year
  following the year in which your death occurs).”

  
	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Except as otherwise provided herein,
  your Employment Agreement shall continue in full force and effect in 

  
	
  accordance with its terms.

  

 

 

Mr. Leslie Moonves

Page 2

 

To
acknowledge your agreement to the foregoing, please sign, date and return this
letter to me not later than December 31, 2008.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  CBS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Louis J. Briskman

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Louis J. Briskman

  
	
   

  	
   

  	
  Executive Vice President and

  
	
   

  	
   

  	
  General Counsel,

  
	
   

  	
   

  	
  CBS Corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Accepted and Agreed:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Leslie Moonves

  	
   

  
	
  Leslie Moonves

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
    Dec. 18,
  2008Exhibit 10(o)

 

 

December 4, 2008

 

Mr. Louis
J. Briskman

c/o CBS Corporation

51 West 52nd Street

New York, NY 10019

 

Dear Mr. Briskman:

 

This letter serves to
modify, for purposes of Section 409A of the Internal Revenue Code (“Section 409A”),
certain provisions of your employment agreement, dated September 16, 2008
(“Employment Agreement”). 
Capitalized terms used in this letter agreement without definition have
the meanings assigned to them in the Employment Agreement.  This letter, when fully executed below, shall
amend your Employment Agreement as follows:

 

1.             The first sentence following subparagraph
7(ii) of your Employment Agreement shall be amended in its entirety to
read as follows:

 

“Bonus
compensation under this paragraph 7 shall be paid, less applicable deductions
and withholding taxes, between January 1st and February 28th of the
calendar year following the calendar year to which such bonus compensation
relates.”

 

2.             Paragraph 8(d)(ii) of your Employment
Agreement shall be amended in its entirety to read as follows:

 

 

“(ii)                        eighteen (18) months of the greater of
(x) Target Bonus in effect on the date of your termination of employment
(ignoring any reduction in your Target Bonus prior to such date that
constituted Good Reason) and (y) the average of your actual annual bonus
awards for the two calendar years immediately preceding the calendar year in
which your employment is terminated (such calendar year, the “Termination
Year”), determined and paid as follows:

 

a.                                       for the Termination Year, an amount equal
to the greater of (x) Target Bonus in effect on the date of your
termination of employment (ignoring any reduction in your Target Bonus prior to
such date that constituted Good Reason) and (y) the average of your actual
annual bonus awards for the two calendar years immediately preceding the
Termination Year (such amount, the “Separation Bonus Amount”), prorated for the
number of calendar days remaining in the Termination Year, and payable between
January 1st and February 28th of the calendar year following the
Termination Year; provided, however, that if (x) you are a
“specified employee” (within the meaning of Code Section

 

 

Mr. Louis J. Briskman

December 4, 2008

Page 2

 

409A
and determined pursuant to procedures adopted by CBS) at the time of your
termination, (y) your date of termination pursuant to paragraph 8(b) or
(c) occurs after June 30th of the Termination Year, and (z) the
prorated Separation Bonus Amount described in this paragraph 8(d)(ii)(a) is
determined to constitute deferred compensation (within the meaning of Code Section 409A),
then such prorated Separation Bonus Amount shall not be paid to you until the
first business day of the seventh month following the month in which your
termination of employment occurs or your death, if earlier.  Each payment pursuant to this paragraph 8(d)(ii) shall
be regarded as a separate payment and not one of a series of payments for
purposes of Code Section 409A;

 

b.             for the calendar year following the
Termination Year, an amount equal to the Separation Bonus Amount, payable
between January 1st and February 28th of the second calendar year following the
Termination Year; provided, however, that if the 18th month
anniversary of the date of your termination of employment (the “18th Month
Anniversary”) occurs in the calendar year following the Termination Year, then
the Separation Bonus Amount shall be prorated for the number of calendar days
in the calendar year following the Termination Year that occur on or before the
18th Month Anniversary; and

 

c.             if the 18th Month Anniversary occurs in
the second calendar year following the Termination, an amount equal to the
Separation Bonus Amount, prorated for the number of calendar days in the second
calendar year following the Termination Year that occur on or before the 18th
Month Anniversary, and payable between January 1st and February 28th
of the third calendar year following the Termination Year.”

 

3.             Paragraph 8(d)(v)c. of your Employment
Agreement shall be amended in its entirety to read as follows:

 

“c.           All awards of restricted share units (the
“RSUs”) that would otherwise vest on or before the end of an eighteen (18)
month period following the date of your termination shall accelerate and vest
immediately on the date of termination and be settled within ten (10) business
days thereafter; provided, however, that to the extent the
vesting of any such RSUs is contingent upon satisfaction of specified
performance criteria in accordance with the requirements of Internal Revenue
Code Section 162(m) (“Code Section 162(m)”), such RSUs shall
vest if and when the CBS Compensation Committee (or other committee or
individual(s) designated by the CBS Board of Directors) determines that
the performance criteria relating to such RSUs has been met and will be settled
within ten (10) business days thereafter; provided, further,
that to the extent that you are a “specified employee” (within the meaning of
Code Section 409A and determined pursuant to procedures adopted by CBS) at
the 

 

 

Mr. Louis J. Briskman

December 4, 2008

Page 3

 

time
of your termination and any portion of your RSUs that would otherwise be
settled during the six-month period following your termination of employment
constitutes deferred compensation (within the meaning of Code Section 409A),
such portion shall be settled on the earlier of (i) the first business day
of the seventh month following the month in which your termination of
employment occurs or (ii) your death.”

 

4.         The penultimate sentence of paragraph 9 of
your Employment Agreement shall be amended in its entirety to read as follows:

 

“In the event of your death after termination of your
employment while you are entitled to receive compensation under paragraph 8(d),
your beneficiary or estate shall receive (x) any Salary payable under
paragraph 8(d)(i), less applicable deductions and withholding taxes, in
accordance with the schedule set forth therein; and (y) any bonus
compensation under paragraph 8(d)(ii) to the extent not already paid to
you, payable, less applicable deductions and withholding taxes, between January 1st and February 28th of the calendar
year following the calendar year in which your death occurs.”

 

Except as otherwise provided
herein, your Employment Agreement shall continue in full force and effect in
accordance with its terms.

 

To acknowledge your
agreement to the foregoing, please sign, date and return this letter to me or
to Stephen D. Mirante, Senior Vice President, Human Resources Specialty
Services.

 

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
  CBS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Angeline C.
  Straka

  
	
   

  	
   

  	
   Angeline
  C. Straka

  
	
   

  	
   

  	
   Senior
  Vice President

  
	
   

  	
   

  	
   Deputy
  General Counsel and Secretary,

  
	
   

  	
   

  	
   CBS
  Corporation

  

 

 

	
  Accepted and Agreed:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/
  Louis J. Briskman

  	
   

  
	
  Louis
  J. Briskman

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
  Dec. 17,
  08

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