Document:

Exhibit 10.06

 

First Amendment

To

Employment Agreement

 

This FIRST
AMENDMENT (this “Amendment”),
effective as of December 15, 2008, amends that certain Employment Agreement,
dated as of December 19, 2007 (the “Agreement”),
by and between Entercom Communications Corp., a Pennsylvania corporation (“Employer” or the “Company”) and Stephen F. Fisher (“Executive”).

 

R E C I T A L S

 

WHEREAS,
the parties have determined to make certain amendments to the Agreement as set
forth herein with the intent to conform the Agreement to the requirements of Section 409A
of the Internal Revenue Service Code of 1986, as amended (the “Code”).

 

A G R E E M E N T

 

NOW, THEREFORE, in
consideration of the premises, the mutual promises hereinafter set forth, and
other good and valuable consideration had and received, the parties hereto,
intending to be legally bound, hereby agree as follows:

 

1.                                       Amendments.

 

a.               Section 3 of the Agreement is hereby
amended as follows:

 

i.                  the word “You” is deleted and
replaced with the words “Notwithstanding the forgoing, you” in the beginning of
the third sentence;

ii.               the word “and” is deleted and
replaced with a period (“.”) immediately after the words “eligible for the
bonus for that year” to complete the third sentence;

iii.            the words “The amount of” are
inserted immediately before the words “the bonus will be determined” in the
beginning the new last sentence;

iv.           the words “then paid after the completion” are deleted and
replaced with the words “paid as soon as reasonably practicable following the
receipt of the Company’s” in the new last sentence;

v.              the word “Company’s” is inserted
immediately before the words “financial statements” in the new last sentence;
and

vi.           the following words are inserted at the end of the new last
sentence “, but in no event later than two and one-half (2 1⁄2) months
following the end of the fiscal year for which such bonus is earned.”

 

b.              The first paragraph of Section 8(c) is
hereby amended as follows:

 

i.                  the following is  inserted immediately after the words “the
Company shall be obligated to”: “: (i)”;

ii.               the words “on the sixtieth (60th) day after your termination,”
are inserted immediately before the words “a one-time bonus;

 

 

iii.            the following is inserted
immediately after the words “(computed as set forth below)”: “(ii) beginning
with the first payroll period following the sixtieth (60th) day after your termination,”;

iv.           the word “you” is inserted immediately after the words “continue
to pay”;

v.              the words “in accordance with
the Company’s regular payroll practices” are inserted immediately after the
words “salary and auto allowance”;

vi.           the word “and” is deleted and replaced with the words “provided,
however, that the initial payment shall include salary and auto allowance
amounts for all payroll periods from the date of the termination through the
date of such initial payment; and (iii) provide that” are inserted
immediately after the words “date of termination, whichever is longer,”; and

vii.        the words “such release becoming effective prior to the 60th day following the date of your termination of
employment, and” are inserted immediately before the words “(ii) your full
compliance with the restrictive covenants.”

 

c.               The following is added as a new Section 13
of the Agreement:

 

“13.                           Section 409A.

 

(a)                                  Notwithstanding
any provision to the contrary in the Agreement, in order to be eligible to
receive any termination benefits under this Agreement that are deemed deferred
compensation subject to Section 409A of the Code, your termination of
employment must constitute a “separation from service” within the meaning of
Treas. Reg. Section 1.409A-1(h) (a “Separation from Service”).

 

(b)                                 Notwithstanding
anything herein to the contrary, if you are deemed at the time of your
termination of employment with the Company to be a “specified employee” for
purposes of Section 409A(a)(2)(B)(i) of the Code, then to the extent
delayed commencement of any portion of the termination benefits to which you
are entitled under the Agreement is required in order to avoid a prohibited
distribution under Section 409A(a)(2)(B)(i) of the Code, such portion
of your termination benefits shall not be provided to you prior to the earlier
of (i) the expiration of the six-month period measured from the date of
the your Separation from Service with the Company or (ii) the date of your
death.  Upon the earlier of such dates,
all payments deferred pursuant to this Section 13(b) shall be paid in
a lump sum to you, and any remaining payments due under the Agreement shall be
paid as otherwise provided herein. The determination of whether you are a “specified
employee” for purposes of Section 409A(a)(2)(B)(i) of the Code as of
the time of your Separation from Service shall made by the Company in
accordance with the terms of Section 409A of the Code and applicable
guidance thereunder (including without limitation Treas. Reg. Section 1.409A-1(i) and
any successor provision thereto). 
Notwithstanding the foregoing or any other provisions of the Agreement,
you and the Company agree that, for purposes of the limitations on nonqualified
deferred compensation under Section 409A of the Code, each payment of
compensation under the Agreement shall be treated as a right to receive a
series separate and distinct payments of compensation for purposes of applying
the Section 409A of the Code.

 

2

 

(c)                                   You and the Company acknowledge and agree
that, to the extent applicable, the Agreement shall be interpreted in
accordance with, and the parties agree to use their best efforts to achieve
timely compliance with, Section 409A of the Code and the Department of
Treasury Regulations and other interpretive guidance issued thereunder (“Section 409A”),
including without limitation any such regulations or other guidance that may be
issued after the Effective Date. 
Notwithstanding any provision of the Agreement to the contrary, in the
event that the Company determines that any compensation or benefits payable or
provided under the Agreement may be subject to Section 409A, the Company
may adopt such limited amendments to the Agreement and appropriate policies and
procedures, including amendments and policies with retroactive effect, that the
Company reasonably determines are necessary or appropriate to (a) exempt
the compensation and benefits payable under this Agreement from Section 409A
and/or preserve the intended tax treatment of the compensation and benefits
provided with respect to the Agreement or (b) comply with the requirements
of Section 409A. The Company shall
consult with you in good faith regarding the implementation of the provisions
of this Section.”

 

2.                                       Effect of Amendment.  Except as expressly modified and amended
herein, all of the terms, conditions and provisions of the Agreement shall
remain in full force and effect and unchanged.

 

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

 

 

	
  “EXECUTIVE”

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
    /Stephen F. Fisher/

  	
   

  	
  12/1/08

  
	
  Stephen F. Fisher

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
  “EMPLOYER”

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Entercom Communications Corp.,

  	
   

  	
   

  
	
  a Pennsylvania corporation

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
    /John C. Donlevie/

  	
   

  	
  12/15/08

  
	
   

  	
  John C. Donlevie

  	
   

  	
  Date

  
	
   

  	
  Executive Vice President

  and Secretary

  	
   

  	
   

  

 

3Exhibit 10.6

 

	
   

  	
   

  	
  December 18, 2008

  

 

	
  Mr. Charles F. Dolan,

  
	
   

  	
   Cablevision
  Systems Corporation,

  
	
   

  	
  1111 Stewart Avenue,

  
	
   

  	
  Bethpage, NY 11714.

  
				

 

Dear Charles:

 

	
  Re:

  	
   

  	
  Amendment to Employment
  Arrangements

  

 

This
letter amends your Employment Agreement dated January 27, 1986 with
Cablevision Systems Corporation (the “Company”) (the “Employment
Agreement”).

 

1.                                      Background

 

Section 409A
of the Internal Revenue Code of 1986 (“Section 409A”)
may impose an additional tax on some of the existing benefits and rights to which
you could become entitled in connection with termination of employment or
otherwise unless we amend those entitlements before the end of 2008.  The purpose of this letter is to amend these
entitlements to comply with Section 409A.

 

2.                                      General Amendments

 

To the
extent you would otherwise be entitled to any payment that under the Employment
Agreement, or any plan or arrangement of the Company or its affiliates,
constitutes “deferred compensation” subject to Section 409A and that if
paid during the six months beginning on the date of termination of your
employment would be subject to the Section 409A additional tax because you
are a “specified employee” (within the meaning of Section 409A and as
determined by the Company), (i) the payment will not be made to you and
instead will be made to a trust in compliance with Rev. Proc. 92-64 (the “Rabbi Trust”), and (ii) the payment, together with any
earnings on it, will be paid to you on the earlier of the six-month anniversary
of your date of termination or your death or disability (within the meaning of Section 409A);
provided, however, that no payment will be made to the Rabbi Trust if it would
be contrary to law or cause you to incur additional tax under Section 409A.  Similarly, to the extent you would otherwise
be entitled to any benefit (other than a payment) during the six months
beginning on termination of your employment that would be subject to the Section 409A
additional tax, the benefit will be delayed and will begin being provided
(together, if applicable, with an 

 

 

adjustment to compensate you for the delay) on the
earlier of the six-month anniversary of your date of termination or your death
or disability (within the meaning of Section 409A).  In addition, any payment or benefit that is
due or commences upon a termination of your employment that represents a “deferral
of compensation” within the meaning of Section 409A shall be paid,
commenced to be paid or provided to you only upon a “separation from service”
as defined in Treas. Reg. § 1.409A-1(h).

 

To the
extent any expense reimbursement is determined to be subject to Section 409A,
the amount of any such expenses eligible for reimbursement in one calendar year
shall not affect the expenses eligible for reimbursement in any other taxable
year (except under any lifetime limit applicable to expenses for medical care),
in no event shall any
expenses be reimbursed after the last day of the calendar year following the
calendar year in which you incurred such expenses, and in no event shall any
right to reimbursement be subject to liquidation or exchange for another
benefit.

 

3.                                      Specific Effect
on Your Employment Agreement

 

Without
limiting the generality of this letter, Section 2 of this letter will
operate to delay some or all of the payments contemplated by Section 5 of
your Employment Agreement.  Any such
payments shall be treated as separate payments for purposes of Section 409A.

 

4.                                      Rabbi Trust

 

The
Rabbi Trust will be established pursuant to the letter agreement, dated March 2,
2005, between the Company and Mr. James L. Dolan.  However, if the Rabbi Trust has not been
established at the time of your termination of employment, you may select an
institution to serve as the trustee of the Rabbi Trust (so long as the
institution is reasonably acceptable to the Company).  You may negotiate such terms with the trustee
as are customary for such arrangements and reasonably acceptable to the
Company.  The Company will bear all costs
related to the establishment and operation of the Rabbi Trust, including your attorney’s
fees.  It is understood that the Rabbi
Trust may also be used for similar arrangements with other executives of the
Company.

 

5.                                      Other Actions

 

The
Company will not take any action that would expose any payment or benefit to
you to the additional tax of Section 409A, unless
(i) the Company is obligated to take the action under agreement, plan or
arrangement to which you are a party, (ii) you request the action, (iii) the
Company advises you in writing that the action may result in the imposition of
the additional tax and (iv) you
subsequently request the action in a writing that acknowledges you will be
responsible for any effect of the action under Section 409A.  The Company will hold you harmless for any
action it may take in violation of this paragraph, including any attorney’s
fees you may incur in enforcing your rights.

 

2

 

It is
our intention that the benefits and rights to which you could become entitled
in connection with termination of employment, as amended by this letter, comply
with Section 409A.  If you or the
Company believes, at any time, that any of such benefit or right does not
comply, it will promptly advise the other and will negotiate reasonably and in
good faith to amend the terms of such arrangement such that it complies (with
the most limited possible economic effect on you and on the Company).

 

6.                                      General
Provisions

 

This
letter will be governed by and construed in accordance with the law of the
State of New York applicable to contracts made and to be performed entirely
within that State.  This letter may not
be amended or modified other than by a written agreement executed by the
parties or their respective successors and legal representatives.  References in this letter to any statute or
agreement are to the statute or agreement as amended, modified, supplemented or
replaced from time to time (and, in the case of statutes, include any rules,
regulations or guidance promulgated under the statute); references to any
section or paragraph of any statute or agreement include any successor section
or paragraph.  It is the intention that
this letter not be construed more strictly with regard to you or the Company.

 

	
   

  	
  CABLEVISION
  SYSTEMS CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/
  James L. Dolan

  
	
   

  	
  By:
  James L. Dolan

  
	
   

  	
  Title:
  Chief Executive Officer and President

  
	
   

  	
   

  
	
  Accepted and agreed:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Charles F. Dolan

  	
   

  
	
  Charles F. Dolan

  	
   

  

 

3

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