Employment Agreement DRAFT v1 .docx - Employment Agreement...

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Employment AgreementThis Employment Agreement, dated July 3, 2019, is between WXYZ, Channel 101, a New York corporation (the "Station"), and Carrie Richards (the "Reporter"), eacha “Party” and collectively, “the Parties.”For good and valuable consideration, the Parties agree as follows:1.Definitions.The terms defined in the preamble and recitals each have their assigned meanings, and each of the following terms has the meaning it has been assigned.Agreement” means this Employment Agreement, its Schedules, and Exhibits, each as amended from time to time.“Bonus”has the meaning assigned to it in Section 3(b). “Business Day”means any day that banks in the United States are open, except Saturdays and Sundays.Competitor” has the meaning assigned to it in Section 17(a)(iv), as listedin Exhibit A to this Agreement.Exclusive Negotiating Period” has the meaning assigned to it in Section4(b).“Salary”has the meaning assigned to it in Section 3(a). “Station Employee Handbook” means the WXYZ employee manual listed in Exhibit B to this Agreement. “Term”has the meaning assigned to it in Section 4(a).“Termination Notice” has the meaning assigned to it in Section 13(a). 2.Employment. Subject to the terms of this Agreement, the Station shall employ the Reporter, and the Reporter shall work for the Station.3.Compensation. (a)Salary.During the Term of this Agreement, the Station shall pay the Reporter at the rate of $100,000 (the “Salary”) each year in approximatelyequal installments on the 1st and 15th Business Day each month in accordance with Station Employee Handbook.(b)Bonus.If in any year the Reporter averages three or more segments per week, then the Station shall pay the Reporter $25,000 (the “Bonus”) by direct deposit no later than the last Business Day of each year of the Term.1
4.Term(a)Term. The term of the Reporter’s employment under this Agreement begins at 9:00 a.m. Eastern Time on July 3, 2019 and ends at5:00 p.m. Eastern Timeon July 2, 2021(the “Term”), unless terminated earlier in accordance with the provisions of this Agreement.(b)Extension of the Term.(i)Exclusive Negotiations. Beginning three (3) monthsbefore the end of the Term, the Reporter shall negotiate exclusively and in good faith with the Station for thirty (30) days (“Exclusive Negotiating Period”)with respect to the contract terms for an extension of the Term.(ii)The Parties’ Rights upon Failed Negotiations. If the Parties do notreach an agreement during the Exclusive Negotiating Period, the Reporter may negotiate with any third party during the remainder of the Term, except any Competitors.If during the remainder of the Term, a third party offers the Reporter a job that she wants to accept, she shall notify the Station in writing of the offer’s terms no later than three (3) Business Days after she receives the offer. No later than three (3) Business Days after the Station receives the terms of the third party offer, the Station shall

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