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Title: |
Employment Agreement |
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Entities: |
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Date: |
2002 |
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Size: |
Preview shows 4KB of 27KB total |
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Price: |
$38 |
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ID: |
#1128087 |
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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT ("Agreement") is entered into by and
between Daniel Marriott ("Employee") and USA Networks, Inc., a Delaware
company ("USA" or the "Company"), and is effective March 1, 2002 (the
"Effective Date").
WHEREAS, the Company desires to establish its right to the
services of Employee, in the capacity described below, on the terms and
conditions hereinafter set forth, and Employee is willing to accept such
employment on such terms and conditions.
NOW, THEREFORE, in consideration of the mutual agreements
hereinafter set forth, Employee and the Company have agreed and do hereby
agree as follows:
1A. EMPLOYMENT. The Company agrees to employ Employee as Senior Vice
President, Strategic Planning and Employee accepts and agrees to such
employment. During Employee's employment with the Company, Employee shall do
and perform all services and acts necessary or advisable to fulfill the
duties and responsibilities as are commensurate and consistent with
Employee's position and shall render such services on the terms set forth
herein. During Employee's employment with the Company, Employee shall report
directly to the Vice Chairman or such person(s) as from time to time may be
designated by the Company (hereinafter referred to as the "Reporting
Officer"). Employee shall have such powers and duties with respect to the
Company as may reasonably be assigned to Employee by the Reporting Officer,
to the extent consistent with Employee's position and status. Employee agrees
to devote all of Employee's working time, attention and efforts to the
Company and to perform the duties of Employee's position in accordance with
the Company's policies as in effect from time to time. Employee's principal
place of employment shall be the Company's offices located in New York, New
York.
2A. TERM OF AGREEMENT. The term ("Term") of this Agreement shall commence on
the Effective Date and shall continue for a period of three years, unless
sooner terminated in accordance with the provisions of Section 1 of the
Standard Terms and Conditions attached hereto.
3A. COMPENSATION.
(a) BASE SALARY. During the Term, the Company shall pay Employee an
annual base salary of $400,000 (the "Base Salary"), payable in equal biweekly
installments or in accordance with the Company's payroll practice as in
effect from time to time. For all purposes under this Agreement, the term
"Base Salary" shall refer to Base Salary as in effect from time to time.
(b) SIGNING AND DISCRETIONARY BONUS. Employee shall receive a signing
bonus of $100,000 on the Effective Date. During the Term, Employee shall be
eligible to receive discretionary annual bonuses.
<Page>
(c) STOCK OPTION. In consideration of Employee's entering into this
Agreement and as an inducement to join the Company, Employee shall be granted
under USA Networks, Inc.'s 2000 Stock and Annual Incentive Plan (the "Plan")
a non-qualified stock option (the "Option") to purchase 150,000 shares of USA
Networks, Inc. ("USAi") common stock, par value $.0l per share (the "Common
Stock"), subject to the approval of the Compensation Committee of the Board
of Directors of USAi. The date of grant of the Option shall be the later of
(x) the Effective Date, (y) the date on which the grant is approved by such
Compensation Committee, and (z) the date on which the Employee commences
employment with the Company. The exercise price of the Option shall equal the
last reported sales price of the Common Stock in the over-the-counter market
(or such other market on which the Common stock is then traded) on the date
preceding the date of grant. Such Option shall vest and become exercisable in
four equal installments on each of the first, second, third and fourth
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