Document:

exv10w21

 

Exhibit 10.21

AMENDMENT TO SEVERANCE COMPENSATION AGREEMENT

This Amendment to Severance Compensation Agreement (“Amendment”) is entered into as of this
30th day of August, 2000, between LIN Television Corporation, a Delaware corporation
(the “Company”) and Denise M. Parent (the “Executive”).

WHEREAS the Company and the Executive are parties to that certain Severance Compensation Agreement,
dated as of February 27, 1997, as amended on October 1, 1999 (the “Agreement”);

WHEREAS the Company is completing the Recapitalization (as hereinafter defined);

WHEREAS the parties desire to amend the Agreement upon the terms contained herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the
Company and the Executive agree as follows:

	1.	 	Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in
the Agreement.

	2.	 	The definition of “Hicks Muse Change in Control” contained in paragraph 2 of the Agreement is
hereby amended and restated in its entirety to read as follows:
	 
	 	 	“Hicks Muse Change in Control” shall mean the first to occur of any of the following
events:

(i) any sale, lease, exchange, or other transfer (in one transaction or
series of related transactions) of all or substantially all of the assets of
the Company to any Person or group of related Persons for purposes of
Section 13(d) of the Exchange Act, other than one or more members of the
Shareholder Group;

(ii) a majority of the Board of Directors of the Company shall consist of
Persons who are not Continuing Directors; or

(iii) the acquisition by any Person or Persons (other then one or more
members of the Shareholder Group) of the power, directly or indirectly, to
vote or direct the voting of securities having more than 50% of the ordinary
voting power for the election of directors of the Company;

	 	 	provided, however, that the Recapitalization and the consummation of the other transactions
contemplated by that certain Letter Agreement dated as of January 18, 2000, as amended, by
and among Carson/LIN SBS, L.P., Fojtasek Capital, Ltd., and Ranger Equity Partners, L.P.,
shall not constitute a “Hicks Muse Change in Control.”
	 
	3.	 	The following definition “Recapitalization” is hereby added to paragraph 1 of the Agreement:

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	 	 	“Recapitalization” shall mean the conversion on August 30, 2000 of all then
outstanding shares of common stock of Ranger Equity Holdings Corporation (“Ranger”)
into an equal number of shares of Class B common stock of Ranger, except for 500,000
shares of common stock then held by each of Carson/LIN SBS, L.P. and Fojtasek
Capital, Ltd., which 1,000,000 shares were converted into an equal number of shares
of Class A common stock of Ranger. The Recapitalization was effected by filing the
Amended and Restated Certificate of Incorporation of Ranger with the Secretary of
State of the State of Delaware on August 30, 2000.
	 
	4.	 	Except as otherwise specifically amended hereby, the Agreement remains in full force
and effect, without other amendment.

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above
written.

	 	 	 	 	 	 	 	 	 	 	 
	LIN TELEVISION CORPORATION	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	/s/ Gary R. Chapman	 	 	 	 	 	/s/ Denise M. Parent	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Gary R. Chapman
	 	 	 	 	 	Denise M. Parent	 	 
	 

	 	Chairman, President & CEO	 	 	 	 	 	 	 	 

2exv10w22

 

Exhibit 10.22

THIRD AMENDMENT TO SEVERANCE COMPENSATION AGREEMENT

This Third Amendment to Severance Compensation Agreement (this “Amendment”) is entered into as of
the 1st day of October 2002, and effective as of May 3, 2002 between LIN Television
Corporation, a Delaware corporation (the “Company”), and Denise M. Parent (the “Executive”).

WHEREAS the Company and the Executive are parties to that certain Severance Compensation Agreement,
dated as of February 27, 1997, as amended on October 1, 1999 and August 30, 2000 (the “Agreement”);

WHEREAS the Company believes it is in its best interest to reinforce and encourage Executive’s
continued disinterested attention and undistracted dedication in the potentially disturbing
circumstances of a possible change in control of the Company; and

WHEREAS the parties desire to amend the Agreement upon the terms contained herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the
Company and the Executive agree as follows:

	1.	 	Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in
the Agreement.
	 
	2.	 	The definitions of the Agreement contained in Section 1 of the Agreement are hereby amended
by adding each of the following terms in alphabetical order to the other defined terms set
forth in Section 1:
	 
	 	 	“Affiliate” shall mean, as to any Person, a Person that directly, or indirectly through one
or more intermediaries, controls, or is controlled by, or is under common control with, such
Person.
	 
	 	 	“Board of Directors” shall mean the Board of Directors of LIN TV.
	 
	 	 	“Continuing Directors” shall mean any Person who (i) was a member of the Board of Directors
on May 3, 2002, (ii) is thereafter nominated for election or elected to the Board of
Directors with the affirmative vote of a majority of the Continuing Directors who are
members of such Board of Directors at the time of such nomination or election or (iii) is a
member of the Board of Directors and also a member of the Shareholder Group.”
	 
	 	 	“Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder.
	 
	 	 	“LIN Holdings” shall mean LIN Holdings Corp., a Delaware corporation.
	 
	 	 	“LIN TV” shall mean LIN TV Corp., a Delaware corporation.

 

 

	 	 	“Notice of Termination” shall mean notice to Executive that his or her employment is
terminated.
	 
	 	 	“Person” or “Persons” shall mean any person or entity of any nature whatsoever, specifically
including an individual, a firm, a company, a corporation, a partnership, a trust or other
entity.
	 
	 	 	“Shareholder Group” shall mean Hicks, Muse, Tate & Furst Incorporated, its Affiliates and
their respective employees, officers and directors.”

	3.	 	The definition of “Hicks Muse Change in Control” contained in Section 1 of the Agreement is
hereby amended and restated in its entirety to read as follows:
	 
	 	 	“Hicks Muse Change in Control” shall mean the first to occur of any of the following
events:

(i) any sale, lease, exchange, or other transfer (in one transaction or series of
related transactions) of all or substantially all of the assets of LIN TV or the
Company to any Person or group of related Persons for purposes of Section 13(d) of
the Securities Exchange Act of 1934, as amended (the “Act”), other than (A) one or
more members of the Shareholder Group or (B) solely in respect of the Company, a
wholly-owned subsidiary of LIN TV.

(ii) a majority of the Board of Directors shall consist of Persons who are not
Continuing Directors;

(iii) the acquisition by any Person or group of related Persons for purposes of
Section 13(d) of the Act (other than one or more members of the Shareholder Group
or, with respect to a transferee of shares of Class C Common Stock, par value $0.01
per share, of LIN TV, any Person approved by an affirmative vote of no less than
two-thirds of the disinterested members of the Board of Directors) of the power,
directly or indirectly, to vote or direct the voting of securities having more than
50% of the ordinary voting power for the election of directors of LIN TV; or

(iv) LIN TV shall cease, whether directly or indirectly through one or more
wholly-owned subsidiaries, including LIN Holdings, to have the power to vote or
direct the voting of securities having more than 50% of the ordinary voting power
for the election of directors of the Company.”

	4.	 	The definition of “Recapitalization” contained in Section 1 of the Agreement is hereby
deleted in its entirety.

	5.	 	At the end of the first sentence of Section 2 of the Agreement, the following phrase is
hereby inserted:

     “(“Severance Compensation Trigger”)”

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	6.	 	Except as otherwise specifically amended hereby, the Agreement remains in full force and
effect, without other amendment.

	7.	 	This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original but all of which together will constitute one and the same instrument.

	 	 	IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above

written.

	 	 	 	 	 	 	 	 	 	 	 
	LIN TELEVISION CORPORATION	 	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Gary R. Chapman	 	 	 	By:	 	/s/ Denise M. Parent	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Name:

	 	Gary R. Chapman	 	 	 	 	 	Denise M. Parent	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Title:
	 	Chairman, President & CEO	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 

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Exhibit 10.23

FOURTH AMENDMENT TO SEVERANCE COMPENSATION AGREEMENT

          This Fourth Amendment to Severance Compensation Agreement (this “Fourth Amendment”), dated as
of the 1st day of July, 2005, is by and between LIN Television Corporation, a Delaware corporation
(the “Company”), and Denise M. Parent (the “Executive”).

W I T N E S S E T H:

          WHEREAS, the Company and Executive are parties to that certain Severance Compensation
Agreement, dated as of February 27, 1997, as amended on October 1, 1999, August 30, 2000, and
October 1, 2002 (the “Agreement”).

          WHEREAS, the Company believes it is in its best interest to reinforce and encourage
Executive’s continued disinterested attention and undistracted dedication in the potentially
disturbing circumstances of a possible change in control of the Company; and

          WHEREAS, the parties desire to amend the Agreement upon the terms contained herein;

          NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the
Company and Executive each agree as follows:

          1. Definitions. Capitalized terms not otherwise defined herein shall have the meaning
ascribed thereto in the Agreement.

          2. Amendment to Paragraph (iii) of Definition of Good Reason. Paragraph (iii) of the
definition of the term “Good Reason” in Section 1(d) of the Agreement shall be deleted in its
entirety and the following shall be inserted in lieu thereof and shall constitute the new paragraph
(iii) of the definition of “Good Reason” for purposes of the Agreement:

Executive’s duties, authority and responsibilities or, in the aggregate, the
program of retirement and welfare benefits offered to Executive, are materially
and adversely diminished, in comparison to the duties, authority, and
responsibilities or the program of benefits, in the aggregate, enjoyed by
Executive as of (A) the time immediately prior to a Hicks Muse Change in Control
or (B) if prior to a Hicks Muse Change in Control, as of July 1, 2005, or
Executive is demoted from the position that she held as of (Y) the time
immediately prior to such Hicks Muse Change in Control or (Z) if prior to a
Hicks Muse Change in Control, as of July 1, 2005; provided, however, that if,
subsequent to a Hicks Muse Change in Control, the Executive maintains the same
duties, authority and responsibility that she held prior to such Hicks Muse
Change in Control, the requirement that the Executive report to officers or the
board of parent companies shall not of itself constitute “Good Reason” unless
such officers or board take actions that materially and adversely

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interfere with the business decisions of Executive with respect to those
business matters otherwise subject to her duties, authority and
responsibilities.

          3. Amendment to Paragraph (iv) of Definition of Good Reason. Paragraph (iv) of the definition
of the term “Good Reason” in Section 1(d) of the Agreement shall be deleted in its entirety and, in
order to maintain the sequential numbering of the paragraphs in such definition, the following
shall be inserted in lieu thereof and shall constitute the new paragraph (iv) of the definition of
“Good Reason” for purposes of the Agreement: “[Reserved.]”

          4. Amendment to Section 2 of the Agreement. Section 2 of the Agreement shall be deleted in
its entirety and the following shall be inserted in lieu thereof and shall constitute the new
Section 2 of the Agreement:

Severance Compensation Trigger. Executive shall be entitled to
severance compensation as set forth in Section 3 hereof (“Severance
Compensation”) in the event that Executive’s employment is terminated within the
“Extension Period” (as defined below) (i) by the Company without Cause, or (ii)
by Executive within 90 days after Executive has knowledge of the occurrence of
an event constituting Good Reason (clauses (i) or (ii), a “Severance
Compensation Trigger”). The “Extension Period” shall be defined as that certain
period commencing on the date of the Agreement and ending on the date that is
three (3) years following a Hicks Muse Change in Control.

Notwithstanding the foregoing, for purposes of this Section 2, the following
events shall not be deemed to be a termination “by the Company without Cause”
that would Executive otherwise constitute a Severance Compensation Trigger:

(a) Termination of Executive’s employment by reason of Executive’s death
or disability (including, without limitation, illness or injury
preventing Executive from performing her duties, as they existed
immediately prior to the illness or injury, of a full-time basis for 180
consecutive business days); or

(b) Termination of Executive’s employment by reason of Executive’s
retirement (including, without limitation, Executive’s voluntary late,
normal or early retirement under a pension plan sponsored by the Company,
as defined in such plan).

          5. Amendment to Section 3(a)(i) of the Agreement. Section 3(a)(i) of the Agreement shall be
shall be deleted in its entirety and the following shall be inserted in lieu thereof and shall
constitute the new Section 3(a)(i) of the Agreement:

i) In lieu of any further salary or bonus payments to the
Executive for periods subsequent to the Date of Termination,
the Company shall pay to the Executive not later than the

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tenth day following the Date of Termination a lump sum
severance payment equal to the sum of:

	 	(x)	 	amount equal to three times
(3x) the Executive’s annual base salary in effect on
the Date of Termination (the “Base Salary”);
	 
	 	(y)	 	an amount equal to three times (3x):

(1) the amount of the highest bonus compensation
paid to the Executive with respect to the last
three complete fiscal years, and

(2) the contribution, if any, paid by the Company
for the benefit of the Executive to any 401(k) Plan
in the last complete fiscal year,

	 	(z)	 	the present value, determined
as of the Date of Termination, of the sum of:

(1) all benefits which have accrued to the Executive
but have not vested under the LIN Television
Corporation Retirement Plan (the “Retirement Plan”)
as of the Date of Termination, and

(2) all additional benefits which would have accrued
to the Executive under the Retirement Plan if the
employee had continued to be employed by the Company
on the same terms the Executive was employed on as
of the Date of Termination from such Date of
Termination to the date 12 months after the Date of
Termination.

For purposes of this Section, the present value of a future
payment shall be calculated by reference to the actuarial
assumptions (including assumptions with respect to interest
rates) in use immediately prior to the Hicks Muse Change in
Control for purposes of calculating actuarial equivalents under
the Retirement Plan.

          6. Amendment to Section 3(a)(ii) of the Agreement. Section 3(a)(ii) of the Agreement shall be
shall be deleted in its entirety and the following shall be inserted in lieu thereof and shall
constitute the new Section 3(a)(ii) of the Agreement:

The Company shall provide the Executive for a period commencing on the Date of
Termination and ending on the earlier of the third anniversary of the Date of
Termination or the Executive’s death (the “Benefits Period”), life,

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health, disability and accident insurance benefits and the package of “Executive
benefits” substantially similar, individually and in the aggregate, to those
which the Executive was receiving immediately prior to the Notice of
Termination, or immediately prior to a Hicks Muse Change in Control, if greater,
including without limitation, transfer of title of a company automobile,
medical, dental, vision, life and pension benefits, as if Executive were
continuing as an employee of the Company during the Benefits Period, provided,
however, that with respect to the provision of insurance benefits during the
Benefits Period, Executive shall be obligated to continue to pay that proportion
of premiums paid by the Executive immediately prior to such Notice of
Termination or Hicks Muse Change in Control, as applicable. The Company shall
apply the statutory health care continuation coverage (“COBRA”) provisions as if
the Executive were a full-time employee of the Company during the Benefits
Period, with the result that (y) the Executive’s spouse and dependents shall be
eligible for continued health insurance coverage that is in all respects
equivalent to COBRA coverage (“COBRA-Equivalent Coverage”) if an event occurs
during the Benefits Period that would have been a “qualifying event” under COBRA
had the Executive been an employee of the Company, and (z) the Executive and the
Executive’s spouse and dependents shall be eligible for COBRA-Equivalent
coverage at the expiration of the Benefits Period and for a period of three
years thereafter as if the Executive’s employment with the Company had
terminated on the last day of the Benefits Period.

          7. Amendment to Section 3(a)(iii) of the Agreement. Section 3(a)(iii) of the Agreement shall
be shall be deleted in its entirety and the following shall be inserted in lieu thereof and shall
constitute the new Section 3(a)(iii) of the Agreement:

With respect to all stock options and stock awards granted to the Executive
under the 1998 Stock Option Plan, the 1998 Substitute Stock Option Plan, the
1998 Phantom Stock Plan, and the Amended and Restated 2002 Stock Plan of LIN TV
(collectively, the “Options and Awards”) which are not otherwise exercisable or
vested on the Date of Termination, such Options and Awards shall be deemed
vested and exercisable immediately as of the Date of Termination.

          8. Amendment to Section 3(b) of the Agreement. Section 3(b) of the Agreement shall be shall
be deleted in its entirety and the following shall be inserted in lieu thereof and shall constitute
the new Section 3(b) of the Agreement:

          (b) Notwithstanding anything to the contrary contained herein:

          (i) If the Severance Compensation under this Section 3, either alone or
together with other payments to the Executive from the Company (or any portion
of such aggregate payment) would constitute an “excess parachute payment” (as
defined in Section 280G of the Code), such Severance Compensation shall be
increased by a payment sufficient to restore the

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Executive to the same after-tax position the Executive would have been in if the
excise tax had not been imposed.

          (ii) If Executive is a “Specified Employee” within the meaning of Section
409A(a)(2)(B)(i) of the Code, or any successor thereto or as such may be amended
hereafter (“Section 409A”), to the extent necessary to satisfy the requirements
of Section 409A, any portion of the Severance Compensation under this Section 3
that shall constitute deferred compensation within the meaning of Section 409A
shall not be due and payable to Executive until the date that is six (6) months
after the Date of Termination.

          9. Joinder of LIN TV for Purposes of Section 3(a)(iii) of the Agreement. By executing this
Fourth Amendment, LIN TV agrees to be, and shall be deemed to be, a party to, and be bound by, the
Agreement for purposes of Section 3(a)(iii) of the Agreement (as amended by this Fourth Amendment).

          10. Amendment to Section 3(a)(v) of the Agreement. Section 3(a)(v) of the Agreement shall be
deleted in its entirety and there shall be no longer be a Section 3(a)(v) of the Agreement.

          11. Reaffirmation of the Severance Agreement. Except as expressly provided herein, the
Agreement is not amended, modified or affected by this Fourth Amendment, and the Agreement and the
rights and obligations of the parties hereto thereunder are hereby ratified and confirmed by the
parties in all respects.

          12. Counterparts. This Fourth Amendment may be executed in one or more counterparts, each of
which shall be deemed to be an original, but all of which together will constitute one and the same
instrument.

[The remainder of this page has been left blank intentionally.]

          IN WITNESS WHEREOF, the parties have executed this Fourth Amendment as of the date first
written above.

	 	 	 	 	 	 	 	 	 	 	 
	LIN Television Corporation	 	 	 	 	 	Executive	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Gary R. Chapman	 	 	 	By:	 	/s/ Denise M. Parent	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Gary R. Chapman
	 	 	 	 	 	Denise M. Parent	 	 
	 

	 	Chairman, President & CEO	 	 	 	 	 	 	 	 

5

 

	 	 	 	 	 	 	 	 	 	 	 
	For purposes of Section 9 of this Fourth
Amendment (and Section 3(a)(iii) of the
Agreement):	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	LIN TV Corp.	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	/s/ Gary R. Chapman	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	Gary R. Chapman	 	 	 	 	 	 	 	 
	 

	 	Chairman, President & CEO	 	 	 	 	 	 	 	 

6

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