Document:

Ex-10.(gg)

 

Exhibit (10)(gg)

J. ALEXANDER’S CORPORATION (THE “COMPANY”)

SUMMARY OF DIRECTOR AND EXECUTIVE OFFICER COMPENSATION

I. DIRECTOR COMPENSATION. Directors who are employees of the Company do not receive additional
compensation for serving as directors of the Company. The following table sets forth current rates
of cash compensation for the Company’s non-employee directors.

	 	 	 	 	 
	RETAINERS	 	2007
	 
	Board retainer
	 	$	15,000	 

In addition, non-employee directors are paid a fee of $1,500 for each attended meeting of the Board
or any Committee of which he or she is a member. Each director who is not also an employee of the
Company is eligible for grants of non-qualified stock options under the 2004 Equity Incentive Plan.
Generally, directors who are not employees of the Company have been awarded options to purchase
10,000 shares of Common Stock upon joining the Board and options to purchase 1,000 shares of Common
Stock for each succeeding year of service, with the exercise price equal to the fair market value
of the Common Stock on the date of grant. Pursuant to the terms of the 2004 Equity Incentive Plan,
no non-employee director is eligible for a grant of incentive stock options under the Plan.

II. EXECUTIVE OFFICER COMPENSATION. The following table sets forth the 2007 annual base salaries
and the fiscal 2006 performance bonuses provided to the Company’s Chief Executive Officer, Chief
Financial Officer and other highly compensated executive officers (the “Named Officers”).

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	FISCAL 2006
	EXECUTIVE OFFICER	 	2007 SALARY	 	BONUS AMOUNT
	 
	Lonnie J. Stout
	 	$	364,250	 	 	$	123,165	 
	R. Gregory Lewis
	 	$	189,850	 	 	$	53,280	 
	J. Michael Moore
	 	$	150,050	 	 	$	35,450	 
	Mark A. Parkey
	 	$	149,850	 	 	$	34,338	 

The following table sets forth the 2007 cash bonus targets as a percentage of 2007 base salary set
for the Company’s Named Officers under the Company’s Cash Incentive Performance Program.

	 	 	 	 	 
	 	 	FISCAL 2007
	      EXECUTIVE OFFICER	 	BONUS TARGET
	 
	Lonnie J. Stout
	 	 	35	%
	R. Gregory Lewis
	 	 	30	%
	J. Michael Moore
	 	 	25	%
	Mark A. Parkey
	 	 	25	%

The bonuses will generally be determined based upon the Company’s achieving designated levels of
earnings before net interest expense, income taxes, depreciation, amortization, pre-opening
expense, and any stock option expense or “adjusted EBITDA.”

The Named Officers are also eligible to receive incentive awards pursuant to the Company’s equity
incentive plans.

III. ADDITIONAL INFORMATION. The foregoing information is summary in nature. Additional information
regarding director and Named Officer compensation will be provided in the Company’s proxy statement
to be filed in connection with the 2007 annual meeting of stockholders.EX-10.249 Cordoba Employment Agreement

 

EXHIBIT 10.249

EMPLOYMENT AGREEMENT

     This EMPLOYMENT AGREEMENT (this “Agreement”) is dated as of January 1, 2004 by and between
PAXSON COMMUNICATIONS MANAGEMENT COMPANY, INC., a Florida corporation (“Paxson”), and Emma Cordoba,
an individual resident of the State of Florida (“Employee”).

RECITALS

     A. Paxson, a wholly owned subsidiary of Paxson Communications Corporation (“PCC”), provides
managerial and administrative services to the various businesses operated by PCC and its
subsidiaries and affiliates (collectively, the “Paxson Group”), including the PAXTV television
programming network service, any other programming networks and various television stations owned
or otherwise held, operated or programmed by the Paxson Group.

     B. Paxson desires to continue to employ Employee to perform executive and administrative
duties for the Paxson Group while holding the “Titled Position” set forth in Schedule I annexed
hereto.

     C. Employee wishes to enter into this Agreement and to be employed by Paxson as the Titled
Position for the Paxson Group and to provide services to Paxson on the terms and conditions set
forth in this Agreement.

AGREEMENTS

     NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this
Agreement, the parties intending to be bound legally, hereby agree as follows:

SECTION 1. EMPLOYMENT

     1.01 Term of Employment. The term of this Agreement (the “Agreement Term”) shall be deemed to
have commenced as of the “Commencement Date” set forth in Schedule I hereof, and shall continue
until the third (3rd) anniversary of the Commencement Date (as such date is extended
from time to time in accordance with the terms hereof, the “Scheduled Termination Date”), unless
the Agreement Term is extended or terminated sooner in accordance with this Agreement. The
Agreement Term and the then effective Scheduled Termination Date shall automatically be extended by
one year on the date (the “Renewal Date”) which is the number of Severance Months specified on
Schedule I hereof prior to the then effective Scheduled Termination Date unless the Company
provides irrevocable written notice (a “Non-Renewal Notice”) to the Employee

1

 

not later than the last business day before the Renewal Date, that the Company has elected not
extend the Agreement Term beyond the then effective Scheduled Termination Date.

     1.02 Duties. Employee acknowledges, agrees and accepts employment by Paxson in the Titled
Position for the Paxson Group and in such capacity Employee shall be responsible for the
performance of the duties of the Titled Position and for such other executive and administrative
duties as may be designated from time to time by the Responsible Officer or the Chairman of PCC.
Employee shall be provided by Paxson suitable office space for Employee in the “Employment
Location”, as identified on Schedule I annexed hereto, together with all reasonable support staff
and secretarial assistance, equipment, stationary, books and supplies, as determined by the
Responsible Officer. Employee shall use Employee’s best efforts during the term of employment
hereunder to further, enhance and develop the business of PCC, the Paxson Group and any networks or
stations it may own or operate. Subject to the direction of the “Responsible Officer”, as
identified in Schedule I annexed hereto, Employee shall perform such duties as set forth in
Schedule I annexed hereto under “Employment Duties.” Except as expressly modified herein, Employee
shall be subject to all of the Paxson Group’s policies including payola, plugola and conflicts of
interest, as well as the following:

     (a) Employee will comply with all Paxson Group and professional standards governing
Employee’s objectivity in the performance of Employee’s duties, including restrictions on
outside activities, investments, business interests, or other involvements which could
compromise Employee’s objectivity or create an impression of conflict of interest. Employee
will not knowingly, without the prior approval of Employee’s Responsible Officer on behalf
of Paxson, accept any gift, compensation, or gratuity (which excludes business meals and
entertainment received by Employee in the ordinary course of business) from any person or
entity with which the Paxson Group or any of its broadcast properties is or may be in
competition or in any instance where there is a stated or implied expectation of favorable
treatment of that person or entity. Employee will not, without the prior written approval of
Employee’s Responsible Officer, take advantage of any business opportunity or situation or
engage in any enterprise or venture of which the Paxson Group may have an interest on his or
her own behalf, if said business opportunity or situation, enterprise or venture is related
in any way to or is similar to the business of the Paxson Group.

     (b) In performing the Employment Duties under this Agreement, Employee shall conduct
himself with due regard to social conventions, public morals and standards of decency, and
will not cause or permit any situation or occurrence which would tend to degrade,
scandalize, bring into public disrepute, or otherwise lower the community standing of
Employee, or Paxson’s public image.

     1.03 Activities. Employee shall, except during vacation periods, periods of illness, and
leaves of absence approved by Paxson, devote full and undivided business time, attention and
energies to the duties and responsibilities required by Paxson, as directed by

2

 

the Responsible Officer. During the Agreement Term, Employee shall not engage in any other
business activity which would conflict with Employee’s duties without the prior written approval
of Employee’s Responsible Officer on behalf of Paxson, which shall not be unreasonably withheld;
provided, however, that Paxson may withhold its consent to any business activity by Employee that
Paxson determines would directly interfere, impair or hinder in any way Employee’s ability to
perform or otherwise satisfy Employee’s responsibilities and duties from time to time in effect, as
the holder of the Titled Position of the Paxson Group or otherwise, under this Agreement.

     1.04 Delegation of Duties. Employee may not delegate the performance of any of Employee’s
obligations or duties under this Agreement, or assign any of Employee’s rights under this
Agreement, without the prior written consent of Paxson, except that Employee may delegate duties to
other employees of Paxson where reasonable and customary in the ordinary course of Paxson’s
business and consistent with the performance of the Titled Position.

SECTION 2. COMPENSATION AND BENEFITS. Beginning on the Commencement Date, Employee shall be
compensated for the performance of the Employment Duties performed under the terms hereof as
follows:

     2.01 Base Salary and Annual Cash Bonus. As compensation for the services performed by
Employee hereunder, Employee shall receive a Base Salary and Annual Cash Bonus, as follows:

     (a) Initial Base Salary. Paxson and Employee acknowledge and agree that
Employee’s current Base Salary in effect for the current Employment Year shall be the per
year amount set forth in Schedule I hereof. For purposes of this Agreement, “Employment
Year” means a calendar year ended December 31.

     (b) Increase in Base Salary. For each Employment Year after the current
Employment Year (each such year a “Successive Employment Year”), Employee’s Base Salary
shall be subject to such increase, if any, for each such Successive Employment Year as shall
be as determined by the Responsible Officer (subject to the approval of the Chairman of the
Board of PCC, and, if applicable, the Compensation Committee of the Board of Directors of
PCC).

     (c) Bonus. Employee shall be entitled to earn an annual bonus, based upon
Paxson Group performance and the Employee’s individual performance, in the amount and on the
terms described in Schedule I annexed hereto.

     (d) Manner of Payment. Employee’s Base Salary shall be paid, at Paxson’s
option, either (i) in equal bi-monthly installments, or (ii) in accordance with the
customary payroll policies of Paxson with respect to its management employees.

3

 

     2.02 Other Cash and Non-Cash Compensation. In addition to Employee’s Base Salary, Employee
may, as determined from time to time, in the sole discretion of Paxson, be eligible to receive or
participate in cash and non-cash compensation programs, including, without limitation, annual and
special cash and non-cash bonus awards, grants of stock options, restricted stock, “phantom-equity”
and stock appreciation rights (collectively, “Non-Cash Compensation”). Employee’s rights in
respect of any Non-Cash Compensation shall be governed under the terms of a separate document or
documents, if any Non-Cash Compensation is to be awarded to Employee. Under no circumstance should
this provision be deemed to constitute any express or implied right, entitlement or interest of
Employee to be awarded or participate in, or obligation, agreement or requirement of Paxson, to
award, provide or offer to Employee, any form of Non-Cash Compensation, all of which rights,
entitlements, interests, obligations, agreements or understandings are hereby expressly disclaimed.

     2.03 Business Expenses. Upon proper substantiation and documentation by Employee, Paxson
shall reimburse Employee promptly for all reasonable travel, entertainment and other similar
business expenses incurred by Employee in the performance of Employee’s duties under this
Agreement. Reimbursement of expenses will be made in accordance with applicable policies of
Paxson. All extraordinary disbursements and expenditures by Employee, and any disbursements and
expenditures that are not provided for in any budget established by Paxson, must be approved in
advance by Paxson.

     2.04 Personal Time. Employee shall be entitled to the number of weeks of personal time off in
accordance with Paxson’s employee handbook as in effect from time to time.

     2.05 Benefits. The compensation specified above shall be exclusive of and in addition to any
benefits that may be available to Employee under any employee pension plan, group life insurance
plan, hospitalization plan, medical service plan, death benefit plan, or any other employee benefit
plan applicable generally to the employees of Paxson, in accordance with their respective
positions, and which may be in effect at any time or from time to time during the term of
Employee’s employment.

     2.06 Withholding. Paxson shall be responsible for withholding from Employee’s compensation
FICA, FUTA and other payroll and income taxes, as required by law and such other amounts as may be
directed by Employee.

SECTION 3. TERMINATION OF EMPLOYMENT; PAYMENTS UPON TERMINATION

     3.01 Events. Employee’s employment shall terminate on the earliest of the following dates:

4

 

     (a) Death. The date of Employee’s death.

     (b) Disability. The date Employee is terminated due to Disability.
“Disability” means that, in the opinion of the Company’s physicians, Employee is unable by
reason of illness or accident to perform the essential functions of the Employment Duties
for a period of more than 180 consecutive days.

     (c) Paxson Termination Without Cause. The date on which Employee’s services
hereunder to Paxson terminate as a result of a Paxson Termination Without Cause. A “Paxson
Termination Without Cause” means (1) any termination of Employee by Paxson for any reason,
including the expiration of the Agreement Term after Paxson provides Employee a Non-renewal
Notice, other than a termination by Paxson for Disability pursuant to Subsection 3.01(b) or
a Paxson Termination for Cause pursuant to any clause of Subsection 3.01(d) prior to a
Change of Control, or clauses (i), (iii), (iv), or (vi) of Subsection 3.01(d) within one
year after a Change of Control, and (2) a termination by Employee, on not less than 30 days
notice to Paxson, after Employee receives a Non-Renewal Notice from Paxson under Section
1.01 hereof.

     (i) For purposes of this Agreement, a “Change of Control” will occur if (a)
none of Lowell W. Paxson, his estate, his wife, his lineal descendants, or any trust
created for the sole benefit of any one or more of them during their lifetimes, or
any combination of any of the foregoing, shall (i) own, directly or indirectly, at
least thirty-five percent of the issued and outstanding capital stock of PCC, or
(ii) have voting control directly or indirectly, equal to at least 51 percent of the
issued and outstanding capital stock of PCC entitled to vote in the election of the
Board of Directors of PCC; (b) the approval by the shareholders of PCC of a
reorganization, merger, or consolidation, in each case, with respect to which
persons who were shareholders of PCC immediately prior to this reorganization,
merger or consolidation do not, immediately thereafter, own more than 50 percent of
the combined voting power entitled to vote generally in the election of directors of
the reorganized, merged or consolidated company’s (or any successor entity’s) then
outstanding securities; (c) a liquidation or dissolution of PCC or of the sale of
all or at least 80 percent of PCC’s assets; or (d) Lowell W. Paxson shall, by
written agreement with a third party, which shall include, without limitation The
National Broadcasting Company, Inc., cease to exercise substantially all of his
day-to-day control of PCC to the extent permitted by the FCC rules and regulations,
without such agreement constituting a “transfer of control” under FCC rules and
regulations, it being understood that, without limitation, an agreement or
arrangement between Lowell W. Paxson and such third party whereby Lowell W. Paxson
and his affiliates receive more than ninety percent (90%) of an agreed upon
purchase price for the Class B Common shares owned by Lowell W. Paxson and certain
affiliates of Lowell W. Paxson, shall be deemed to constitute an

5

 

agreement amounting to a Change of Control under this clause (d) of this
Subsection 3.01(c).

     (d) Paxson Termination for Cause. The date Employee is terminated by Paxson
pursuant to a Paxson Termination for Cause. A “Paxson Termination for Cause” means a
termination of Employee by Paxson resulting from any of the following:

     (i) Employee (A) is charged with the commission of a felony, (B) is convicted
of two (2) offenses for operating a motor vehicle while impaired by or under the
influence of alcohol or illegal drugs, (C) is charged with any criminal act with
respect to Employee’s employment (including any criminal act involving a violation
of the Communications Act of 1934, as amended, or regulations promulgated by the
Federal Communications Commission), or (D) is charged with any act that materially
threatens to result in suspension, revocation, or adverse modification of any FCC
license of any broadcast station owned by any affiliate of Paxson or would subject
any such broadcast station to fine or forfeiture;

     (ii) Employee’s willful act or failure to act, the intended or reasonably
foreseeable result of which would cause Paxson or any Station to be in default under
any material contract, lease or other agreement, which conduct is contrary to his
performance of his Employment Duties or not authorized or confirmed by the
Responsible Officer;

     (iii) Employee’s dependence on alcohol or illegal drugs;

     (iv) Improper refusal by Employee to conduct Employee’s business affairs or
follow the legal policies and directives of the Responsible Officer and failing to
cure such failure as soon as practicable and in any event within 30 days from
receipt of written notice setting forth the specifics of such unsatisfactory
conduct;

     (v) Conduct which could be reasonably inferred to detract from the public image
of the Paxson Group and failing to cease such conduct or commence to take reasonable
curative action with respect thereto requested by the Company or both, as soon as
practicable and in any event within 30 days from receipt of written notice setting
forth the specifics of such conduct;

     (vi) Employee’s misappropriation, conversion or embezzlement of the assets of
Paxson or any affiliate of Paxson;

     (vii) A material breach of this Agreement by Employee and failing to cure such
breach as soon as practicable and in any event within 30 days from receipt of
written notice setting forth the specifics of such breach; or

6

 

     (viii) Any representation of Employee in Section 7 of this Agreement being
false when made.

     (e) Employee’s Voluntary Resignation. The date of Employee’s Voluntary
Resignation. A “Voluntary Resignation” means any resignation by Employee other than
Employee’s Termination for Good Reason, as set forth in Subsection 3(f) of this Agreement,
or Employee’s resignation following Employee’s receipt of a Non-Renewal Notice from Paxson.

     (f) Employee’s Termination For Good Reason. The date of Employee’s Termination
for Good Reason. “Employee’s Termination for Good Reason” means the termination of
employment by Employee as a result of the occurrence of any of the following events:

     (i) Paxson elects to change the place of employment to a location not in the
Employment Location specified on Schedule I hereto; or

     (ii) Paxson fails to remedy a material breach of this Agreement after thirty
(30) days’ written notice from Employee, setting forth the specifics of such breach.

     3.02 Payments Upon Termination. Following the termination of Employee’s employment pursuant
to this Section 3, Paxson shall have no further liability to Employee, and no further payment shall
be made to Employee, except to the extent expressly provided for in this Subsection, as follows:

     (a) Termination Compensation For Death, Disability, Paxson Termination Without
Cause or Employee’s Termination for Good Reason. If Employee’s employment is terminated
as a result of Death, Disability, a Paxson Termination Without Cause, or an Employee
Termination for Good Reason, under Subsections 3.1(a), (b), (c) or (f), respectively, within
thirty (30) days of termination, Employee (or, in the case of a termination as a result of
the death of Employee, the appropriate representative of Employee’s estate) will be paid the
following:

     (i) Employee will continue to receive the Employee’s Base Salary then in effect
for a period equal to the lesser of (x) the number of Severance Months specified in
Schedule I hereto or (y) the remaining months under the term of this Agreement;

     (ii) A lump sum equal to any unpaid portion of any previously awarded bonus;

     (iii) Employee’s bonus for the fiscal year in which the termination occurs,
pro-rated, if necessary, according to the formula set forth in Schedule I, which
bonus shall be payable in full if and when bonus awards for such fiscal year
commence to be made to other members of senior manager; and

7

 

     (iv) An amount in cash equivalent to the accrued but unused personal time of
Employee through the termination date; and

     (v) Without duplication of any of the foregoing, all Base Salary, expenses and
other payments or cash benefits due to Employee through Employee’s termination date.

In addition, Employee shall also be entitled to any benefits for which Employee qualifies
under any employee benefit plan available to Employee (including, but not limited to any
disability insurance, life insurance and death benefits of the type described in Section
2.05). Employee shall also be entitled to all rights to continuation or conversion of
benefits required by law to be offered to a departing employee.

     (b) Termination Compensation for Paxson Termination for Cause or Employee’s
Voluntary Resignation. If Employee’s employment is terminated as a result of a Paxson
Termination for Cause or Employee’s Voluntary Resignation, under Subsections 3.01(d) or (e),
respectively, within thirty (30) days of termination, Employee will be paid the following:

     (i) lump sum equal to unpaid portion of any previously awarded bonus; and

     (ii) An amount in cash equivalent to the accrued but unused personal time of
Employee through the termination date; and

     (iii) Without duplication of any of the foregoing, all Base Salary, expenses
and other payments or cash benefits due to Employee through Employee’s termination
date.

In addition, Employee shall also be entitled to any benefits for which Employee qualifies
under any employee benefit plan available to Employee. Employee shall also be entitled to
all rights to continuation or conversion of benefits required by law to be offered to a
departing employee.

     3.03 Notices of Termination; Effective Date of Termination. For all terminations except in
the case of Death, either Employee or Paxson, as the case may be, shall give written notice of
termination to the other. In the case of any termination, other than a Paxson Termination for
Cause, such notice shall be effective not less than thirty (30) days after the date on which it is
received by the other party. Notice of a Paxson Termination for Cause may be effective
immediately.

8

 

SECTION 4. INTANGIBLES

     4.01 Memoranda, Notes and Records. All memoranda, notes, names and address lists, records or
other documents made or compiled by Employee or made available to Employee during the term of
employment concerning the business of any member of the Paxson Group and any and all copies thereof
shall be delivered to Paxson upon the termination of Employee’s employment for whatever reason or
at any other time upon request. Employee shall not at any time during Employee’s employment, or
after the termination of employment, use for Employee’s own benefit or for the benefit of others,
or divulge to others, any information, trade secrets, knowledge, or data of a secret or
confidential nature or otherwise not readily available to members of the general public that
concerns the business or affairs of any member of the Paxson Group and whether or not acquired by
the Employee during the term of employment by Paxson.

     4.02 Rights in Intangible Assets. Employee recognizes and acknowledges that all rights in the
formats, programming, concepts, approaches, copy and titles embodied in the operation of the Paxson
Group or any particular station or the PAX Net network or any other broadcast network, and all
changes, additions and amendments thereto which may occur during or after the Term hereof, belong
exclusively to Paxson. Employee hereby assigns any and all rights or interests Employee may have
therein to Paxson. Employee shall not at any time during Employee’s employment, or after the
termination of employment, have or claim any right, title or interest in any trade name, patent,
trademark, copyright or other similar rights belonging to or used by Paxson and shall not have or
claim any right, title or interest in any material or matter of any sort prepared for or used in
connection with the business or promotion of Paxson, whether produced, prepared or published in
whole or in part by Employee or by Paxson.

SECTION 5. NONINTERFERENCE AND CONFIDENTIALITY

     5.01 Noninterference. Employee agrees that from the date of this Agreement through the first
anniversary of the date Employee’s employment with the Paxson Group terminates, Employee will not,
directly or indirectly, whether as sole proprietor, partner, lessor, venturer, stockholder,
director, officer, employee, consultant or in any other capacity as principal or agent or through
any person, subsidiary, affiliate or employee acting as nominee or agent, engage or participate in
any of the following actions:

     (a) Influencing or attempting to influence any person or entity who is a contracting
party with any member of the Paxson Group to terminate any written or oral agreement with
such member of the Paxson Group; it being understood that notwithstanding the foregoing,
consulting or working for a competitor in the ordinary course after the term shall not,
absent other evidence or action on the part of Employee to the contrary, constitute a
violation of this provision; or

     (b) Hiring or attempting to hire for employment or as an independent contractor any
person who is actively employed (or in the preceding six months was actively employed) by
any member of the Paxson Group or attempting to influence any such person to terminate
employment with any member of the Paxson Group.

9

 

     5.02 Confidentiality. Employee covenants and agrees that both during the Agreement Term and
thereafter he will not disclose to any third party or use in any way any confidential information,
business secrets, or business opportunity of the Paxson Group, including, without limitation,
advertiser lists, rate cards, programming information, programming plans, marketing, advertising
and promotional ideas and strategies, marketing surveys and analyses, ratings reports, budgets,
research, or financial, purchasing, planning, employment or personnel data and information.
Immediately upon termination of Employee’s employment with the Paxson Group for any reason, or at
any other time upon the Paxson Group’s request, Employee will return to the Paxson Group all
memoranda, notes, records or other documents compiled by Employee or made available to Employee
during the Agreement Term concerning the business of the Paxson Group, all other confidential
information and all personal property of the Paxson Group, including, without limitation, all
files, audio or video tapes, recordings, records, documents, drawings, specifications, lists,
equipment, supplies, promotional material, scripts, keys, phone or credit cards and similar items
and all copies thereof or extracts therefrom.

     5.03 Enforcement. Employee agrees that the restrictive covenants contained in this section 5
are a material part of Employee’s obligations under this Agreement for which the Paxson Group has
agreed to compensate Employee as provided in this Agreement. Employee agrees that the injury the
Paxson Group will suffer in the event of the breach by Employee of any clause of this Section 5
will cause the Paxson Group irreparable injury that cannot be adequately compensated by monetary
damages alone. Therefore, Employee agrees that the Paxson Group, without limiting any other legal
or equitable remedies available to it, shall be entitled to obtain equitable relief by injunction
or otherwise from any court of competent jurisdiction, including, without limitation, injunctive
relief to prevent Employee’s failure to comply with the terms and conditions of this Section 5 and
Employee hereby waives hereunder any defense based upon an adequate remedy at law in any such
action for equitable relief.

     5.04 Reformation. If the covenants in this Section 5 are held to be unenforceable in any
jurisdiction because of the duration or scope thereof, the court making such determination shall
have the power to reduce the duration and/or scope of the provision or covenant, and the provision
or covenant in its reduced form shall be enforceable; provided, however, that the
determination of such court shall not affect the enforceability of Section 5 in any other
jurisdiction.

SECTION 6. ARBITRATION Except as otherwise provided to the contrary below, any dispute arising out
of or related to this Agreement that Paxson and Employee are unable to resolve by themselves shall
be settled by arbitration in West Palm Beach, Florida, by a panel of three (3) arbitrators. Paxson
and Employee shall each designate one disinterested arbitrator, and the two arbitrators so
designated shall select the third arbitrator. The persons selected as arbitrators need not be
professional arbitrators, and persons such as lawyers, accountants and bankers shall be acceptable.
Before undertaking to resolve the dispute, each arbitrator shall be duly sworn faithfully and
fairly to

10

 

hear and examine the matters in controversy and to make a just award according to the best of their
understanding. The arbitration hearing shall be conducted in accordance with the employment
arbitration rules of the American Arbitration Association. The written decision of a majority of
the arbitrators shall be final and binding on Paxson and Employee. The costs and expenses of the
arbitration proceeding shall be assessed between Paxson and Employee in a manner to be decided by a
majority of the arbitrators, and the assessment shall be set forth in the decision and award of the
arbitrators. Judgment on the award, if it is not satisfied within thirty (30) days, may be entered
in any court having jurisdiction over the matter. No action at law or suit in equity based upon
any claim arising out of or related to this Agreement shall be instituted in any court by Paxson or
Employee against the other except (i) an action to compel arbitration pursuant to this Section,
(ii) an action to enforce the award of the arbitration panel rendered in accordance with this
Section, or (iii) any other action which, under applicable law, may not be made subject to binding
arbitration.

SECTION 7. REPRESENTATIONS OF EMPLOYEE. To induce Paxson to enter into this Agreement and to
employ Employee, Employee represents and warrants to Paxson as of the date hereof and as of each
date of payment of any compensation under the terms hereof as follows:

     7.01 Absence of Conflicting Agreements. The execution, delivery and performance of this
Agreement by Employee does not conflict with result in a breach of, or constitute a default under
any enforceable covenant not to compete or any other enforceable agreement, instrument, or license,
to which Employee is a party or by which Employee is bound.

     7.02 Conduct. Employee has not:

     (a) Been convicted of any felony;

     (b) Committed any criminal act with respect to Employee’s current or any prior
employment (including any criminal act involving a violation of the Communication Act of
1934, as amended, or regulations promulgated by the FCC), or

     (c) Knowingly committed any act that materially threatened to result in suspension,
revocation, or adverse modification of any FCC license of any broadcast station or which
subjected any broadcast station to fine or forfeiture.

     7.03 Chemical Dependence. Employee is not dependent on alcohol or illegal drugs. Employee
recognizes that Paxson shall have the right to conduct random drug testing of its employees and
that Employee may be called upon in such a manner.

11

 

SECTION 8. MISCELLANEOUS

     8.01 Governing Law. This Agreement shall be construed in accordance with, and shall be
governed by, the laws of the State of Florida.

     8.02 Entire Agreement. This Agreement amends, restates and supersedes any prior employment
agreement or understanding with respect to any terms of employment between Paxson and Employee,
whether written or oral, and is effective as of the date first written above; no written
supplemental executive retirement plan or related documents, if any, between Paxson and Employee
shall be deemed superceded, amended or modified by the terms hereof. The instrument contains the
entire understanding and agreement between the parties relating to the subject matter hereof.
Neither this Agreement nor any provision hereof may be waived, modified, amended, changed or
terminated, except by an agreement in writing signed by the party against whom enforcement of any
waiver, modification, change, amendment or termination is sought.

     8.03 Counterparts. This Agreement may be executed in counterparts, each of which shall be
deemed an original, and all such counterparts shall together constitute a single Agreement.

     8.04 Provisions Severable. To the extent that any provision of this Agreement is invalid,
illegal, or unenforceable in any respect, the validity, legality and enforceability of the
remaining provisions hereof shall not in any way be affected or impaired thereby.

     8.05 Headings. The section headings of this Agreement are for convenience only and shall not
be used in interpreting or construing this Agreement.

     8.06 Assignment of Agreement and Change of Control; Successors and Assigns. This Agreement
may be assigned by Paxson without the prior written consent of Employee. Employee may not assign
this Agreement or any of its right or interests herein to any other party. The rights and
obligations of the parties shall inure to the benefit of and be binding upon heirs, successors,
administrators assigns, as well as any entity to which Paxson may assign its assets or transfer its
business in a Change of Control (as defined in Section 3.1, above), in a merger or acquisition, by
operation of law, or otherwise. The obligations of Paxson to pay money and/or provide benefits to
Employee under this Agreement, by operation of law or pursuant to the terms of the plans or
documents governing such benefits, shall survive Employee’s death (with payments thereafter to be
made at the direction of the executors, personal representatives or other appropriate
representatives of Employee’s estate).

     8.07 Notices. All notices, demands and requests required or permitted to be given under the
provisions of this Agreement shall be (i) in writing, (ii) delivered by personal delivery, or sent
by commercial delivery service, registered or certified mail, return receipt requested, (iii)
deemed to have been given on the date of personal delivery or the date set forth in the records of
the delivery service or on the return receipt, and (iv) addressed as follows:

12

 

	 	 	 
	If to Paxson:

	 	Lowell W. Paxson, CEO (with a copy to Anthony L. Morrison, Esq.)

601 Clearwater Park Road

West Palm Beach, Florida 33401-6233
	 
	 	 
	If to Employee:

	 	at the address set forth under employees signature on the last
page hereof.

or to any such other or additional persons and addresses as the parties may from time to time
designate in a writing delivered in accordance with this Section 8.7.

     8.08 Waiver. The waiver by Paxson or Employee of a breach of any provision by the other
party, or the failure of either Paxson or Employee to exercise any of the rights set forth herein,
shall not operate or be construed as a waiver of any subsequent breach or be deemed to be a waiver
by any party of any of its rights hereunder. No waiver by any party at any time, express or
implied, of any breach of any provision of this Agreement shall be deemed a waiver of a breach of
any other provision of this Agreement or a consent to any subsequent breach of the same or other
provisions.

     8.09 Paxson’s Acknowledgments Regarding Authority. The person signing on behalf of Paxson
warrants and represents that he has read this Agreement, that he understands it, and that he has
full and actual authority to enter into this Agreement on behalf of Paxson. He further represents
and warrants that this Agreement is valid and binding on Paxson immediately, without the need for
any further approvals, procedures or formalities within the company, and that all approvals,
procedures or formalities necessary to effectuate or ratify this Agreement by Paxson (including,
but not limited to any required approval of the Compensation Committee of the Board of Directors)
have been obtained or will be obtained by Paxson.

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective on the day and
year first written above.

	 	 	 	 	 
	EMPLOYEE 

 	 
	/s/ Emma Cordoba
 	 
	Emma Cordoba                 	 
	491 Pelican Lane South

Jupiter, Florida 33458 	 
	 

	 	 	 	 	 
	PAXSON COMMUNICATIONS MANAGEMENT COMPANY, INC.

 	 
	By  	/s/  Lowell W. Paxson
 	 
	Name:  	Lowell W. Paxson 	 
	Title:  	Chief Executive Officer 	 
	 

 

13

 

SCHEDULE I TO EMPLOYMENT AGREEMENT

FOR EMMA CORDOBA

	 	 	 
	Titled Position:
	 	Vice President, Human Resources

	 
	 	 

	Employment Duties:
	 	Direction in the planning, development,
implementation and administration of all
personnel programs for all human resources areas,
including employment, compensation and benefits,
employee relations, equal employment opportunity
and training programs. Advise management
personnel in policy and program matters, make or
recommend appropriate decisions. Originate human
resources practices and policies which will
provide a balanced program through out the
Company.

	 
	 	 

	Commencement Date:
	 	Effective January 1, 2004

	 
	 	 

	Employment Location:
	 	Palm Beach County, Florida

	 
	 	 

	Responsible Officer:
	 	Anthony L. Morrison, Chief Legal Officer, until
further notice from the Chief Executive Officer
of the Paxson Group

	 
	 	 

	Base Salary:
	 	$117,500, effective January 1, 2004

	 
	 	 

	Severance Months:
	 	Nine (9)

	 
	 	 

	Annual Bonus:
	 	“Total Annual Bonus Award” for Employee in any
Employment Year shall be 40% of Employee’s Base
Salary then in effect, as follows:

	 	 	 	 	 
	 	 	(A)
	 	50% of the Total Annual Bonus Award for Employee may be
earned as an “Individual Performance Bonus;” and

	 
	 	 	 	 

	 	 	(B)
	 	50% of which may be earned as a “Paxson Group Performance
Bonus”.

	 	 	 
	 	 	“Individual Performance Bonus” - Employee shall be entitled to such
award, if, in the opinion of the Responsible Officer, with the
concurrence of the Chairman and CEO of the Paxson Group, employee
has, satisfactorily performed the tasks associated with the Titled
Position (which may include,
among other things, having remained within budget for such fiscal
year).

14

 

	 	 	 
	 	 	“Paxson Group Performance Bonus” - Employee shall be entitled to such
award, if the Paxson Group achieves the financial performance goals
(revenues, cash flow, earnings, etc.) established by the Compensation
Committee of the Board of Directors of the Paxson Group for the award
of bonuses to other senior management of the Paxson Group.

	 
	 	 

	 	 	The Total Annual Bonus Award shall be payable during the first six
(6) months of each fiscal year following each fiscal year during the
Agreement Term hereof in which the Total Annual Bonus Award is earned
and shall be prorated during any partial year of employment covered
hereby. For example, a bonus if any, for six (6) months of
employment in 2004would be payable during the first six (6) months of
2005 and determined using 2004 financial goals and would be equal to
one-half (2) of the Total Annual Bonus Award for such year
(e.g. 2 of the Individual Performance Bonus and the Paxson
Group Performance Bonus, each as may have been earned).
Notwithstanding anything to the contrary contained herein, the Annual
Bonus described hereunder shall be effective for fiscal year 2004
(payable in the first six months of 2005) and the Annual Bonus terms
effective for Employee for fiscal year 2003 (payable in the first six
months of 2004), as set forth in any superceded employment agreement
or other arrangement, shall remain effective and are hereby
incorporated herein in their entirety.

	 
	 	 

	Options
	 	On or before the date hereof during fiscal year 2003, employee was granted options to
acquire restricted and unrestricted stock of Paxson Communications Corporation, with such
options and restricted stock being granted subject to various terms, conditions and
limitations, including without limitation, vesting or lapse of restrictions on restricted
stock and forfeiture, as set forth under the Paxson Communications Corporation 1998 Stock
Incentive Plan (the “Plan”) the form of stock option agreement and such other documents
pursuant to such awards of equity compensation were made.

	 
	 	 

	 	 	Employee will be eligible to receive additional option grants based
upon Employee’s performance, and on terms and in such amounts as
determined by the Compensation Committee of the Board of Directors.
Nothing herein shall be deemed to be an obligation to make awards in
addition to the award of
options and restricted stock described above made on or before the
date hereof.

15

 

	 	 	 
	 	 	Notwithstanding anything to the contrary contained herein, an
Employee Termination for Good Reason shall constitute a Termination
Without Cause hereunder for purposes of the acceleration of vesting
of options, or lapse of restrictions on restricted stock, granted to
Employee from time to time by Paxson.

	 	 	 	 	 
	Employee 

 	 
	/s/  Emma Cordoba
 	 
	 	Emma Cordoba                   	 
	 	Date: December 9, 2003 	 
	 

	 	 	 	 	 
	Paxson Communications Management Company, Inc.

 	 
	By 	/s/  Lowell W. Paxson
 	 
	 	Name:  	Lowell W. Paxson 	 
	 	Title:  	Chief Executive Officer
 	 
	 	Date:  	December 9, 2003
 	 
	 

 

16

 

AMENDMENT TO EMPLOYMENT AGREEMENT

February 9, 2005

Emma Cordoba

491 Pelican Lane South

Jupiter, Florida 33458

Dear Emma:

     Reference is made to the Employment Agreement dated as of January 1, 2004 (the “Agreement”) by
and between Paxson Communications Management Company, Inc. (“Paxson”) and Emma Cordoba
(“Employee”). Capitalized terms used and not otherwise defined herein have the respective meanings
assigned thereto in the Agreement.

     1. Section 3.02(a)(i) of the Agreement is hereby amended and restated in its entirety as
follows:

“Commencing on the date which is six (6) months and one (1) day after the termination date
and continuing in effect for a period equal to the number of Severance Months specified in
Schedule I hereto, Employee will receive the Employee’s Base Salary as in effect on the date
of termination;”

     2. The paragraph entitled “Severance Months” contained in Schedule I of the Agreement is
hereby amended by deleting the clause “Nine (9)” and by inserting in lieu thereof the clause
“Twelve (12)”.

     All other terms and conditions of the Agreement remain the same. If the foregoing correctly
sets forth your understanding of our intentions with respect to the matters set forth above, please
indicate by executing a copy of this amendment as provided below and returning the same to us.

	 	 	 	 	 
	 	Paxson Communications Management Company, Inc.

 	 
	 	By /s/  Lowell W. Paxson
 	 
	 	Name:  	Lowell W. Paxson 	 
	 	Title:  	Chairman and Chief Executive Officer 	 
	 

Accepted and Agreed as of this 10th

day of February, 2005:

 

/s/ Emma Cordoba          

Emma Cordoba

17

 

AMENDMENT TO EMPLOYMENT AGREEMENT

April 5, 2005

Emma Cordoba

491 Pelican Lane South

Jupiter, Florida 33458

Dear Emma:

     Reference is made to the Employment Agreement dated as of January 1, 2004 (the “Agreement”) by
and between Paxson Communications Management Company, Inc. (“Paxson”) and Emma Cordoba
(“Employee”). Capitalized terms used and not otherwise defined herein have the respective meanings
assigned thereto in the Agreement.

     Effective for the 2005 fiscal year and each fiscal year thereafter, the first sentence of the
Section entitled “Annual Bonus” contained in Schedule I to the Agreement is hereby amended by
deleting the phrase “40%” in line 2 thereof and by inserting the phrase “50%” in lieu thereof.

     All other terms and conditions of the Agreement remain the same. If the foregoing correctly
sets forth your understanding of our intentions with respect to the matters set forth above, please
indicate by executing a copy of this amendment as provided below and returning the same to us.

	 	 	 	 	 
	 	Paxson Communications Management Company, Inc.

 	 
	 	By    /s/  Lowell W. Paxson
 	 
	 	Name:  	Lowell W. Paxson 	 
	 	Title:  	Chairman and Chief Executive Officer 	 
	 

Accepted and Agreed as of this 6th

day of April, 2005:

 

/s/ Emma Cordoba          

Emma Cordoba

18

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]