Document:

Letter Agreement Amendment, dated August 8, 2008 - Jeffrey A. Zucker

 Exhibit 10.24 

 

 

  

					
		 		 	MARC A. CHINI
		 		 	Executive Vice President
		 		 	Human Resources
		 		 	30 Rockefeller Plaza
		 		 	New York, NY 10112
		 		 	12 664 3507 tel
		 		 	12 664 2648 fax
		 		 	marc.chini@nbcuni.com

 August 8, 2008 

Mr. Jeffrey A. Zucker 
 c/o NBC
Universal, Inc. 
 30 Rockefeller Plaza 

New York, NY 10112 
 Dear Mr. Zucker:

 Reference is made to the agreement dated as of February 7, 2007 by and between you and NBC Universal, Inc. (“NBCU”) and
General Electric (the “Parent”) (the “Agreement”) with respect to the terms and conditions of your employment. All terms and conditions of the Agreement shall remain in full force and effect unless otherwise modified below.

 Paragraph 10 (g) shall be replaced as follows: 
 You acknowledge and agree that you will abide and be bound by NBC Universal’s alternative dispute resolution program known as Solutions, which includes an obligation to submit any Covered Claim (as
such term is defined in the program) to mediation and final and binding arbitration. A copy of Solutions is attached hereto as Exhibit A. 
 All
other terms and conditions contained in the Agreement shall remain in full force and effect unless specifically modified above. Please indicate your acceptance and agreement by signature below. 

IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date aforesaid. 
 Very truly yours, 
 NBC UNIVERSAL, INC. 

 

											
		 		 		 	ACCEPTED AND AGREED:
						
	By:	 	 /s/ Marc A. Chini
	 		 	By:	 	 /s/ Jeff A. Zucker
	 	
		 	Marc Chini	 		 		 	Jeff Zucker	 	
		 	Executive Vice President, Human ResourcesLetter Agreement Amendment, dated November 16, 2009 - Jeffrey A. Zucker

 Exhibit 10.25 

 

					
	

	 		 	John F. Lynch
	 		 	Senior Vice President
	 		 	Corporate Human Resources
	 		 	  
 GE

	 		 	3135 Easton Turnpike
	 		 	Fairfield, CT 06828
	 		 	USA
	 	EXECUTION COPY	 	  
 T + 1 203 373 2330

	 		 	F + 1 203 373 3553
	 		 	john.f.lynch@ge.com

 November 16, 2009 

Mr. Jeffrey A. Zucker 
 c/o NBC
Universal, Inc. 
 30 Rockefeller Plaza 

New York, New York 10112 
 Dear Jeff:

 Reference is made to the employment agreement, dated as of February 7, 2007, by and between you, NBC Universal, Inc. (the
“Company”), and General Electric Company (the “Parent”), as amended by the letter, dated August 8, 2008 (the “Employment Agreement”), which was scheduled to expire on January 31, 2011. In
connection with the potential closing (the “Closing”) of the transactions (the “Transaction”) currently being contemplated, pursuant to which, among other things, the businesses of the Company, together with certain
other assets of Comcast Corporation (“Crimson”) will be transferred to an entity (“Newco”) which will be majority owned by Crimson, the parties desire to amend the Employment Agreement by entering into this letter
agreement (the “Letter Agreement”). 
 All capitalized terms not otherwise defined herein shall have the meaning assigned to
them in the Employment Agreement. All other terms and conditions of the Employment Agreement shall remain in full force and effect through January 31, 2013, except as expressly modified below. 

-                    -  
                  -                    - 

Employment Period. Respecting the Employment Agreement, this Letter Agreement will confirm the parties’ understanding that the Employment
Period is extended through and including January 31, 2013 or, if later, the date that is the second anniversary of the Closing. 

Paragraph 3(a)(i) of the Employment Agreement is amended as follows: 
 During the Employment Period, (A) the Executive shall serve as the President and Chief Executive Officer of the Company, with such authority, duties and responsibilities as are commensurate with such
positions, reporting directly to the Chief Executive Officer of the Parent and (B) the Executive’s principal location of employment shall be Manhattan, New York. In the event that a Closing occurs with respect to the Transaction, the
Executive shall serve as the President and Chief Executive Officer of Newco, reporting directly to the Chief Executive Officer or Chief Operating Officer of Crimson. In such capacity, the Executive shall have such authority, duties, responsibilities
and status as are commensurate with such positions and the Executive shall have the most senior direct management responsibility for all of the business of Newco. 

 Paragraph 3(b)(i) of the Employment Agreement is amended to replace the second sentence of such paragraph
with the following: 
 Such Annual Base Salary was increased to $6,000,000 commencing as of August 1, 2008 and, in February 2010 and
subsequently thereafter, the Annual Base Salary shall be reviewed for increase based on the Executive’s performance on the same basis and intervals as the salaries of senior officers of the Parent and its subsidiaries are reviewed generally.

 Paragraph 3(b)(ii) of the Employment Agreement is amended to add the following sentence before the last sentence of the paragraph:

 For the purposes of calculating the Additional Performance Bonus, operating profits or losses attributable to the Olympics will not be
taken into account. 
 Paragraph 3(b)(iii) of the Employment Agreement is amended to add the following sentences at the end of such
paragraph: 
 A three hundred thousand (300,000) share Parent equity grant shall be awarded to the Executive in 2010 (stock options
and/or restricted stock units (“RSUs”) equivalents). Future equity grants shall be awarded under any new equity-based programs defined for Newco by Crimson. If the Closing does not occur, the Executive will continue to participate in the
Parent equity program during the Employment Period. 
 If Parent institutes a Long-Term Performance Award (“LTPA”) for the
2010-2012 period, the Executive shall be entitled to receive a LTPA that will be paid out at the “Category 1” award payout level under Parent’s Contingent Long-Term Performance Plan; provided, however, that in the event
a Closing of the Transaction occurs prior to December 31, 2010, the Executive will be entitled to receive one-third of the LTPA and, in the event that a Closing occurs at any other time prior to the settlement of such LTPA in accordance with
its terms, the Executive will receive a prorated portion of such award, in each case, payable at the time the L TPA would have otherwise been payable in accordance with its terms. In the event a Closing occurs, the remaining two-third share (or such
other lesser pro rata fraction) shall be paid by Newco under a comparable plan formula. 
 The following paragraph is added to Paragraph 3
(b)(v) of the Employment Agreement at the end of such paragraph: 
 In the event a Closing of the Transaction requires a change in the
application to the Executive of any Parent or Company benefit, equity or other program(s), such changes triggered by the Closing shall be dictated by the applicable terms and conditions of the Parent or Company plans; provided, however, that such
changes shall not affect the treatment of the three hundred thousand (300,000) share Parent equity grant in 2010. The following treatment will also be afforded to the Executive: 

-Respecting the Transaction’s impact on currently outstanding Executive RSUs, 75,002 shall vest immediately upon Closing in
accordance with their applicable grant terms. Respecting 137,502 special retention RSUs that would otherwise be cancelled in accordance with their applicable grant terms, the Parent, in its discretion, shall (i) either vest them at Closing or
(ii) secure a commitment from Crimson to assure substantially comparable value through its equity-based programs and provide that such RSUs shall fully vest during the Employment Period and, in

  
 2 

 
any event, upon the Executive’s termination of employment (other than a termination of employment for Cause). 
 -Parent confirms that all Parent stock options held by the Executive at Closing shall, as required by the grant terms, vest upon Closing. 

-Parent confirms that upon the Closing, the Executive will be fully vested in his benefit under the Parent Supplemental Pension Plan
(“SERP”) and that if the SERP is amended or terminated, the Executive will be treated no less favorably than similarly situated Parent executives. 
 -Parent acknowledges the Executive’s coverage under various Parent-sponsored life insurance programs, two of which are portable and provide coverage of $23.9 Million for which the Company currently
pays $33,000 of the total annual premium. Following the Closing, Newco will offer substantially comparable benefits in the aggregate such that similar life insurance coverage or commensurate financial compensation will be provided. 

-Respecting retirement, health and welfare benefits currently provided to the Executive not expressly referenced herein, the availability
of substantially comparable retirement, health and welfare benefit programs in the aggregate shall be determined by Crimson. All other material employment practices and conditions currently enjoyed by the Executive shall continue to apply during the
Employment Period. 

-                    -  
                  -                    - 

Please indicate your agreement and acceptance with the foregoing by entering your signature in the space provided below. 

Very truly yours, 
  

			
	By:	 	 /s/ John Lynch

		 	John Lynch,
		 	 Senior Vice President, Human Resources
 On behalf of GE and NBC Universal

	
	ACCEPTED AND AGREED:
	
	  

Jeffrey A. Zucker

  
 3Letter Agreement, dated September 9, 2010 - Lynn Calpeter

 Exhibit 10.26 

 

					
	

	 		 	Keith S. Sherin
	 		 	Vice Chairman and CFO
	 		 	  
 GE

	 		 	3135 Easton Turnpike
	 		 	Fairfield, CT 06828
	 		 	USA
	 		 	  
 T + 1 203 373 3735

	 		 	F + 1 203 373 3362
	 		 	keith.sherin@ge.com

 September 9, 2010 

Lynn Calpeter 
 CFO-NBCU 

30 Rockefeller Plaza 
 New York, NY 10112

 Dear Lynn, 
 Re:
Special Leadership Retention Bonus 
 I would like to outline the terms of a special leadership retention bonus to further support your
continued dedication and best efforts towards facilitating the sale of NBCU. This incentive is beyond your normal base salary, incentive compensation and benefits, and would not be pension or benefits eligible compensation. 

You will be eligible for a bonus equal to one and one-half times (1-1/2 X) your current total cash compensation ($1,495K) or $2,242.5K (gross before
taxes), contingent upon the completion of the sale of NBCU. The payments will be made in two installments. Fifty percent will be paid at close and fifty percent will be paid two years after the close, provided you have worked continuously at Comcast
or GE through these scheduled payment dates. 
 The terms of this special leadership retention bonus are contingent upon your satisfactory
performance. I expect you to keep the terms of this offer confidential and not to disclose them to any person other than legal or your financial planner. 
 Sincerely, 
 /s/ Keith S. Sherin 
 Keith S. Sherin

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