EX-10.17
from 10-K405
1 page
<page> February 13, 1998 Mr. Lawrence A. Busse Busse Broadcasting Corporation 141 East Michigan Avenue Suite 300 Kalamazoo, Michigan 49007 Re: Incentive Fee Plan Dear Mr. Busse: This Letter Agreement Will Confirm Our Understanding That, Upon the Closing of Any Sale of Busse Broadcasting Corporation (The "Company"), the Company Shall Pay an Incentive Fee in Accordance With the Schedule Set Forth Below. Such an Incentive Fee Shall Be Payable to and Allocated Among Those Employees of the Company as You May Determine in Your Sole Discretion. <table> <s> <c> Aggregate Consideration Incentive Fee Up to $110,000,000 $0 $110,000,000 - $115,000,000 $350,000 $115,000,000 or Higher $500,000 </Table> for Purposes Hereof, the Term Aggregate Consideration Shall Mean the Total Amount of Cash Paid to the Holders of the Debt and Equity Securities of the Company (Including, Without Limitation, Amounts Paid or Payable Pursuant to Covenants Not to Compete) Before Deduction for Transaction Related Fees and Expenses, Including, Without Limitation, Any Fees Payable to Morgan Stanley & Co. Incorporated or Hereunder. Aggregate Consideration Shall Also Include the Value of Any Long-Term Liabilities and Accrued Interest Thereon of the Company (Including the Principal Amount of Any Indebtedness for Borrowed Money) Repaid or Assumed in Connection With or in <page> Anticipation of the Sale of the Company (Without Duplication of the Amounts in the Preceding Sentence). Very Truly Yours, Busse Broadcasting Corporation By: /S/ James C. Ryan James C. Ryan Treasurer and Assistant Secretary Accepted and Agreed to This 13th Day of February, 1998. /S/ Lawrence A. Busse - Lawrence A. Busse
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EX-10.11(A)
from 10-K405
1 page
<page> Amendment to Busse Broadcasting Corporation Long-Term Incentive Plan This Amendment Dated as of May 31, 1996 (This "Amendment") to Busse Broadcasting Long-Term Incentive Plan (The "Plan") Has Been Adopted in Its Entirety by the Board of Directors of Busse Broadcasting Corporation. 1. Defined Terms. Unless Otherwise Defined Herein, Terms Defined in the Plan and Used Herein Shall Have the Meanings Given to Them in the Plan. 2. Amendment to the Plan. the Plan Is Hereby Amended by Deleting Section 5(c) Thereof in Its Entirety and Adding the Following Language in Lieu Thereof: (C) Trigger Event. Upon the Occurence of a Trigger Event With Respect to a Participant, the Company Shall Pay to Such Participant, on the Date on Which Such Trigger Event Occurs, an Amount Equal to Such Participant's Maximum Amount. 3. Effectiveness; Miscellaneous. (A) This Amendment Shall Become Effective as of the Date First Set Forth Above. (B) Section Headings Used Herein Are for Convenience of Reference Only and Are Not to Affect the Construction Of, or to Be Taken Into Consideration in Interpreting, This Amendment. (C) This Amendment Shall Be Construed and Enforced in Accordance With, and Governed By, the Laws of the State of Michigan, Determined Without Regard to Its Choice of Law Rules. (D) Except as Specifically Amended or Modified Hereby, the Plan Shall Continue in Full Force and Effect in Accordance, With the Provisions Thereof. as Used Therein, the Terms "Plan," "Herein," "Hereunder," "Hereinafter," "Hereto," and Words of Similar Import Shall, Unless the Context Otherwise Requires, Refer to the Plan as Amended Hereby
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