Document:

Exhibit
10.20 (d)

 

Name of Grantee: 
                            

Grant Date:

Number of Shares: 
                           

 

 

YOUNG
BROADCASTING INC.

2004 EQUITY INCENTIVE PLAN

DEFERRED STOCK AGREEMENT

 

This Deferred Stock Award Agreement (the “Agreement”)
contains the terms and conditions of the Deferred Stock Award of restricted
stock units granted to you by Young Broadcasting Inc., a Delaware corporation
(the “Company”).

 

1.             Grant of Deferred Stock.  The Company hereby grants to you, effective
on the Grant Date (shown above), the right to receive             
shares of Class [A] [B] Common Stock of the Company (“Shares”) following your
termination of employment as described in Section 6 below.  Before the Shares are delivered to you, they
are referred to in this Agreement as “Deferred Stock.”  Until the Shares are delivered to you, you
will have no rights as a stockholder of the Company with respect to the
Deferred Stock.

2.             2004
Equity Incentive Plan Governs.  The
Award and this Agreement are subject to the terms of the Young Broadcasting
Inc. 2004 Equity Incentive Plan (the “Plan”). 
The Plan is incorporated in this Agreement by reference and all
capitalized terms used but not defined in this Agreement have the meaning set
forth in the Plan.  By accepting this
Award, you acknowledge receipt of a copy of the Plan and the prospectus
covering the Plan and acknowledge that the Award is subject to all the terms
and provisions of the Plan.  You further
agree to accept as binding, conclusive and final all decisions and
interpretations by the Committee of the Plan upon any questions arising under
the Plan.

3.             Vesting.  The number of shares of Deferred Stock set
forth below shall vest as of the “Vesting Dates” specified in the table below, provided that you have not had a
Termination of Affiliation prior to such Vesting Date.  

	
  Vesting Date

  	
   

  	
  Number
  of Shares Vesting

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

 

 

Except as provided in
Section 4, if you have a Termination of
Affiliation prior to a Vesting Date, you will immediately forfeit all unvested
shares of Deferred Stock, and all of your rights to and interest in such
remaining unvested Deferred Stock shall terminate upon forfeiture without
payment of any consideration.

4.             Acceleration
of Vesting.  Notwithstanding Section 3, upon your Termination of Affiliation due to death or
Disability, all shares of Deferred Stock granted hereunder shall immediately
vest.

5.             Transfer Restrictions.  The Deferred Stock may not be sold, assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by
you, and any purported assignment, alienation, pledge, attachment, sale,
transfer or encumbrance shall be void and unenforceable against the Company or
any Affiliate.

6.             Delivery
of Common Stock in Settlement of Deferred Stock.  The Company will deliver Common Stock
certificates to you in settlement of all vested shares of Deferred Stock on the
last business day of the week following the week of your Termination of
Affiliation for any reason or no reason (the “Settlement Date”); provided that
no such delivery shall be made until you have delivered to the Company the
amount necessary for the Company to satisfy its federal, state and local
employment and income tax withholding obligation as provided in Section 13.

You shall have no right to receive
the Common Stock certificates in settlement of the Deferred Stock until the
Settlement Date and shall have no rights as a stockholder of the Company with
respect to the Deferred Stock until the Company delivers such Common Stock
certificates.  Upon issuance of the shares of Common
Stock in your name in settlement of the Deferred Stock, you will be the holder
of record of such Common Stock and will have all rights of a stockholder with
respect to such Shares (including the right to vote such Shares at any meeting
of shareholders of the Company and the right to receive all dividends paid with
respect to such Shares).

7.             Dividend Equivalents on Deferred Stock.  Whenever
dividends are paid or distributions made with respect to shares of Common
Stock, you will be credited with Dividend Equivalents (as defined in the Plan)
with respect to the Deferred Stock credited to you as of the record date for
such dividend or distribution.  Such
Dividend Equivalents will credited to you in the form of additional shares of
Deferred Stock in a number determined by dividing the aggregate value of such
Dividend Equivalents by the fair market value of a share of Common Stock at the
payment date of the dividend or distribution. 
The additional Deferred Stock credited to you pursuant to this Section 7
will be subject to the same vesting and delivery conditions that apply
to the shares of Deferred Stock with respect to which the Dividend Equivalents
are issued.

8.             Grantee
Certification; Cancellation and Rescission of Award.  Upon settlement of this Award upon your
Termination of Affiliation, you shall certify on a form acceptable to the
Committee that you have not engaged in any Wrongful Activities (as defined in
the Plan and which also includes a breach of any one or more of the restrictive
covenants in Section 9 below).  In
addition, the settlement of this Award shall be cancelled and/or rescinded if
the Committee determines that you have engaged in any Wrongful Activities at
any time prior to the settlement of this Award or at any time during the one
(1) year period following such settlement. 
In the event this Award is cancelled or rescinded pursuant to this
Section 8, you shall be required to return to the 

 

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Company
any cash, Shares or other property you receive upon Settlement of this Award
(or, if you have sold such Shares or other property, any gain you realized upon
the sale of such Shares or other property) and upon return of any such Shares
or other property to the Company, the Company shall return to you the lesser of
(a) the amount that you paid to the Company for such Shares or other
property or (b) the Fair Market Value of such Shares or other property
determined as of the date such Shares or property are returned to the Company.

9.             Restrictive
Covenants.  By accepting the Award
under this Agreement, you agree to the following restrictive covenants and
acknowledge that a breach of any one or more of the following covenants could
be determined to be a Wrongful Activity (as defined in the Plan) by the
Committee and as described in Section 8 above.

(a)                                  Confidentiality. 
You acknowledge that it is the policy of the Company and its subsidiaries
to maintain as secret and confidential all valuable and unique information and
techniques acquired, developed or used by the Company and its subsidiaries
relating to their businesses, operations, employees and customers
(“Confidential Information”).  You
recognize that the Confidential Information is the sole and exclusive property
of the Company and its Affiliates, and that disclosure of Confidential
Information would cause damage to the Company and its Affiliates.  You shall not at any time disclose or
authorize anyone else to disclose any Confidential Information or proprietary
information that is (i) disclosed to or known by you as a result or
consequence of or through your employment with the Company, (ii) not
publicly or generally known outside the Company and (iii) relates in any
manner to the Company’s business.

(b)                                 Non-Competition. 
You understand that you may be exposed to confidential information and
trade secrets of the Company or its customers, including (without limitation)
intimate knowledge of customers, supplier requirements, business procedures,
price lists, financial data, records and customer lists (hereinafter called
“Confidential Information”). 
Confidential Information has been and will continue to be developed for
the commercial advantage and at the expense of the Company and it is important
to the Company to maintain the proprietary and confidential nature of Confidential
Information to the fullest extent possible. 
Upon Termination of Affiliation for any reason, you shall not take any
notes, manuals, records, charts, customer or supplier lists or other documents
or things containing in whole or in part any of the Company’s Confidential
Information.  All Confidential
Information shall, upon Termination of Affiliation, be returned to the Company.

(c)                                  Non-Disparagement. 
For a continuous uninterrupted period of one (1) year after your
Termination of Affiliation regardless of the reason thereof, you will not
directly or indirectly, or through, on behalf of, or in conjunction with any
person, persons, partnership, corporation, or other business association, make
any statement or disclosure that disparages the Company or any of its
Affiliates and is intended or reasonably likely to result in material harm to
the Company or any of its Affiliates, provided, however, that the
provisions of this subsection (i) shall not apply to your testimony as a
witness, compliance with other legal obligations, your assertion or 

 

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                                                defense against any claim of breach of this
Agreement, or statements or disclosures to members of the Board of Directors of
the Company, and (ii) shall not require false statements or disclosures to be
made.

(d)                                 Remedy.  You
understand and agree that irreparable harm will result from any breach of this
Section 9 and monetary damages will not provide adequate relief or remedy.  Accordingly, you and Company specifically
agree that, in the event that you shall breach any of your obligations under
this Section 8, the Company shall be entitled to injunctive relief and,
without limiting the generality of the foregoing, the Company shall be allowed
to pursue any and all remedies it may have at law or in equity for such breach.

10.           No Special Employment Rights.  Neither the granting nor the vesting of the
Deferred Stock under this Agreement shall be construed to confer upon you any
right with respect to the continuation of your employment by the Company (or
any Affiliate of the Company) or interfere in any way with the right of the
Company (or any Affiliate of the Company), subject to the terms of any separate
employment agreement to the contrary, at any time to terminate such employment
or to increase or decrease your compensation from the rate in existence as of
the date hereof.

11.           Investment Intent; Transfer
Restrictions.  You will acquire any
Common Stock issued in settlement of the Deferred Stock for your own account
for investment purposes only and not with a present view to, or for resale in
connection with, any distribution thereof, or any direct or indirect
participation in any such distribution, in whole or in part, within the meaning
of the Securities Act of 1933, as amended (the “Securities Act”).  No arrangement exists between you and the
Company and any other person regarding the resale or distribution of any Common
Stock to be delivered in settlement of the Deferred Stock.  You understand that the right to transfer unrestricted
shares of Common Stock obtained upon settlement of the Deferred Stock is not
permitted absent registration under the Securities Act or an exemption
therefrom.

The Company may, without liability for its good faith
actions, place legend restrictions upon the unrestricted Common Stock obtained
upon settlement of the Deferred Stock and issue “stop transfer” instructions
requiring compliance with applicable securities laws.

12.           Amendment.  Subject to the terms and conditions of the
Plan, the Board or the committee appointed by the Board to administer this
Plan, whichever shall then have authority to administer the Plan, may amend
this Agreement subject to such conditions as are deemed to be in the best
interests of the Company and in accordance with the purposes and the provisions
of the Plan.

13.           Tax Withholding.  Whenever any Common Stock is delivered in
settlement of Deferred Stock under the terms of this Agreement (a “Taxable
Event”), you must remit or, in appropriate cases, agree to remit when due, the
minimum amount necessary for the Company to satisfy all of its federal, state
and local withholding (including FICA) tax requirements relating to such
Taxable Event.  The Committee may require
you to satisfy these minimum withholding tax obligations by any (or a
combination) of the following means: (i) a cash payment; (ii) withholding
from compensation otherwise payable to you; (iii) authorizing the Company to
withhold from the Shares of Common Stock deliverable to in settlement of
Deferred Stock, as applicable, a number of Shares having a fair market value,
as of the date the withholding tax obligation arises, less than or 

 

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equal to the amount of
the withholding obligation; or (iv) delivering to the Company unencumbered
“Mature Shares” (as defined below) of Common Stock having a fair market value,
as of the date the withholding tax obligation arises, less than or equal to the
amount of the withholding obligation. 
The Company will not deliver the Shares of Common Stock otherwise
deliverable to you in settlement of Deferred Stock unless you remit (or in
appropriate cases agree to remit) all withholding tax requirements relating to
the Taxable Event.

The term “Mature Shares” as used herein shall mean
shares of Common Stock for which the holder has good title, free and clear of
all liens and encumbrances, and which such holder either (i) has held for at
least six months or (ii) has purchased on the open market.

14.           Notices.  Any communication or notice required or
permitted to be given hereunder shall be in writing, and, if to the Company, to
its principal place of business, attention: Secretary, and, if to you, to the
address as appearing on the records of the Company. Such communication or
notice shall be deemed given if and when (a) properly addressed and posted by
registered or certified mail, postage prepaid, or (b) delivered by hand.

15.           Administration.  The Board or the Committee, whichever shall
then have authority to administer the Plan, shall interpret and construe the
Plan and this Agreement, and their interpretations and determinations shall be
conclusive and binding upon the parties hereto and any other person claiming an
interest hereunder, with respect to any issue arising hereunder or thereunder.

16.           Governing Law.  The validity, construction and interpretation
of this Agreement shall be governed by and determined in accordance with the
laws of the Delaware.

17.           Tax Consultation.  Your signature on this Agreement means that
you understand that you will incur tax consequences as a result of vesting or
disposition of the Deferred Stock.  You
agree to consult with any tax consultants you think advisable in connection
with the vesting of the Shares and acknowledge that you are not relying, and
will not rely, on the Company for any tax advice.

 

 

 

 

[Intentionally Left
Blank]

 

5

 

	
   

  	
  YOUNG
  BROADCASTING INC.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  James A. Morgan

  
	
   

  	
  Executive Vice
  President

  
			

 

 

GRANTEE:

 

I accept the terms
and conditions of my Deferred Stock award as set forth in this Agreement,
subject to the terms and conditions of the Plan.

 

 

	
   

  	
   

  
	
  [Name of Grantee]

  	
   

  
	
   

  	
   

  
	
  Dated as ofExhibit 10.24

 

YOUNG
BROADCASTING INC.

 

EXECUTIVE
SUPPLEMENTAL DEFERRED COMPENSATION PLAN

 

I.                                       Synopsis

 

1.01                           Synopsis.  This document sets forth the Executive
Supplemental Deferred Compensation Plan (the “Plan”), established and
maintained by Young Broadcasting Inc. (the “Company”).  Eligible employees may defer up to 25% of
salary and up to 100% of incentive bonus. 
Benefits are payable upon termination of service for any reason, or upon
certain hardships.  Benefits shall be
paid from the general funds of the Company or from a grantor trust established
by the Company.  The Compensation
Committee shall interpret and implement this Plan.

 

II.                                   Eligibility and Participation

 

2.01                           Eligibility.  Eligible employees hereunder shall be any
employee of the Company or an affiliate of the Company (i) whose rate of
compensation is $125,000 or more annually or (ii) who is a television
station general manager.  The
Compensation Committee of the Board of Directors (the “Compensation Committee”)
may from time to time select additional management employees of the Company to
be Participants hereunder.

 

2.02                           Participation Agreement.  An eligible employee becomes a Participant
when the employee has entered into a Participation Agreement to defer
compensation with the Employer.  The
Participation Agreement will defer compensation not yet earned, and each
Participation Agreement must be made on or before the beginning of the month in
which it is to become effective. 
Elections to defer any incentive bonus must be made before the bonus is
earned and payable.  A Participant may
not amend or modify an executed Participation Agreement to change the amount of
deferred compensation except with respect to compensation to be earned
subsequent to the change.

 

III.                               Contributions.  Accounts and Distributions

 

3.01                           Contributions.  The maximum amount that may be deferred per
Plan Year by a Participant pursuant to the Participation Agreement cannot
exceed 25% of compensation, provided that a Participant may also defer under
the Plan up to 100% of any incentive bonus otherwise payable to the
Participant.

 

3.02                           Death Beneficiary.  The Participant may designate a Beneficiary to receive payments in the event of
the Participant’s death.  The designation
shall be in writing and delivered to the Compensation Committee.  The designated beneficiary may include one or
more persons, trusts or organizations. 
If no effective written designation is made, the Participant’s
Beneficiary shall be the Participant’s spouse, if married on the date of death,
and if not so married, shall be the Participant’s estate.

 

 

3.03                           Plan Investments.  For the purposes of measuring and satisfying
the obligation to provide benefits under this Plan, the Employer may invest the
amount of compensation deferred by each Participant in funding accounts with a
registered mutual fund company, insurance company, or other financial
institution.  The Company may also
establish a grantor trust and make contributions to funding accounts thereunder
for purposes of providing benefits under this Plan.  No Participant or Beneficiary shall have a
right to a benefit under this flan or under such trust greater than that of an
unsecured general creditor of the Company. 
Any such funding account or trust will be subject to the claims of all
creditors of the Employer, and no Participant or Beneficiary will have any
vested interest or secured or preferred position with respect to such funding
accounts or trust have any claim against the Employer except as a general
creditor.

 

3.04                           Accounts.  The Employer will cause an individual account
to be maintained with respect to each Participant reflecting the value of the
type of funding account selected.  Each
Participant will receive periodic reports, not less frequently than annually,
showing the then-current value of his individual account.  The benefits paid to a Participant or
Beneficiary under the Plan will be equal to the form of payment receivable by
the Employer under the type of funding account. 
In no event will the Employer’s liability to pay benefits exceed the
value of payments under the funding account.

 

3.05                           Commencement of Benefits.  Benefits will be payable as of the first day of the calendar month following
the month in which the Participant separates from service of the Employer for
any reason, including voluntary or involuntary termination, disability, or
death.  Benefits shall be paid in a lump
sum or, if the Participant (a Beneficiary) so elects, in annual installments
over a period up to 10 years, the amount of each installment to equal the
balance of the account immediately prior to the installment dividend by the
number of installments remaining to be paid.

 

3.06                           Hardship Distributions.  If a Participant so elects in the
Participation Agreement, a Participant may receive a distribution prior to separation
from service on account of financial hardship. 
Financial hardship shall include amounts necessary for purchase of a
principal residence for the Participant, for payment of tuition for
post-secondary school education of a member of the Participant’s immediate
family, or for any unforeseen financial contingency as determined in the
discretion of the Committee.  Hardship
distributions shall be limited to the amount determined by the Committee to be
necessary to satisfy the financial hardship. 
Upon any such financial hardship distribution, the Participant shall
incur a forfeiture to the Company of an amount equal to the greater of (i) 5%
of the value of the Participant’s account immediately before the distribution
and (ii) the amount of increase in value of the Participant’s account over
the twelve months preceding the distribution. 
The Participant also shall be ineligible to make additional deferrals
hereunder for 24 months following any such hardship distribution.

 

3.07                           Alienation of Benefits.  Benefits are not subject to alienation,
anticipation or assignment by a Participant or beneficiary and are not subject
to being attached or reached and applied by any creditor of the Participant.

 

2

 

3.08                           Withholding.  The Company reserves the right to withhold
from payment of contributions or benefits such amount of income, payroll, and
other taxes as the Company determines is appropriate.

 

IV.                              Administrative Provisions

 

4.01                           Compensation Committee.  The Compensation Committee shall have
discretion to operate, interpret, and implement the Plan.  The decisions and determinations (including
determinations of the meaning and reference of terms used in this Plan) of the
Compensation Committee shall be conclusive upon all persons.  The Compensation Committee shall be the
administrator and Named Fiduciary for purposes of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”).

 

4.02                           Intent.  This Plan is intended to be unfunded and
maintained by the Employer primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated employees
within the meaning of Section 201(2) of ERISA.  Benefits are intended not to be taxable to
Participants under the Internal Revenue Code of 1986 as amended (the “Code”)
until paid.  This Plan shall be construed
and interpreted in a manner consistent with the foregoing intentions.

 

4.03                           Governing Law.  This Plan shall be governed by the law of the
State of New York to the extent that it is not preempted by federal law.

 

4.04                           Effective Date.  This Plan shall be effective as of March 1,
1997.

 

4.05                           Plan Year.  The Plan Year shall be the 12-month
period ending December 31.  The
initial Plan Year shall be the 10- month period ending December 31,
1997.

 

4.06                           Amendment or Termination.  The Company by action of the Compensation
Committee or the Board of Directors reserves the right to terminate or amend
the Plan, in whole or in part, at any time.

 

4.07                           No Contract of Employment.  This Plan shall not constitute an express or
implied contract of employment between the Company and any Participant.

 

V.                                  Claims Procedure

 

5.01                           Claims and Review.  All inquiries and claims respecting the Plan
shall be in writing and shall be directed to the Compensation Committee at such
address as may be specified from time to time.

 

(a)                                  Claims.  In the case of a claim respecting a benefit
under the Plan, a written determination allowing or denying the claim shall be
furnished by the Compensation Committee to the claimant promptly upon receipt
of the claim.  A denial or partial denial
of a claim shall be dated and signed by the Compensation Committee and shall
clearly set forth: (1) the specific reason or reasons for the denial, (2) specific
reference to pertinent Plan provisions on which the denial is based; (3) a
description of any additional material or information necessary for the
claimant to perfect the claim and 

 

3

 

an explanation of why such material or information
is necessary; and (4) an explanation of the review procedure set forth
below.

 

If no written
determination is furnished to the claimant within thirty (30) days after
receipt of the claim, then the claim shall be deemed denied and the thirtieth
(30th) day after such receipt shall be the determination date.

 

(b)                                 Review.  A claimant may obtain review of an adverse
determination by Ming a written notice of appeal with the Compensation
Committee within sixty (60) days after the determination date or, if later,
within sixty (60) days after the receipt of a written notice denying the
claim.  Thereupon the Compensation
Committee shall appoint one or more persons who shall conduct a full and fair
review, which shall include the right: (1) to be represented by a
spokesman; (2) to present a written statement of facts and of the claimant’s
interpretation of any pertinent document, statute or regulation; and (3) to
receive a prompt written decision clearly setting forth findings of fact and
the specific reasons for the decision written in a manner calculated to be
understood by the claimant and containing specific references to pertinent Plan
provisions on which the decision is based. 
A decision shall be rendered no more than sixty (60) days after the
request for review, except that such period may be extended for an additional
sixty (60) days if the person or persons reviewing the claim determine that
special circumstances, including the advisability of a hearing, require such
extension.  The Compensation Committee
may appoint itself, one or more of its members, or any other person or persons
whether or not connected with the Employer to review a claim.

 

All applicable
governmental regulations regarding claims and review shall be observed.

 

EXECUTED this                       
day of                                   ,
1997.

 

	
   

  	
  YOUNG
  BROADCASTING INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  

 

4

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