{"id":38999,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/employment-agreement-blockbuster-entertainment-group-and-mark4.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-blockbuster-entertainment-group-and-mark4","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-blockbuster-entertainment-group-and-mark4.html","title":{"rendered":"Employment Agreement &#8211; Blockbuster Entertainment Group and Mark Gilman"},"content":{"rendered":"<pre> \nWilliam A. Roskin\nSenior Vice President\nHuman Resources and Administration\n212-258-6230\n\n                                                                    May 12, 1997\n\nMark Gilman                                                               VIACOM\nVista Point at The Valley\n723 Cowboys Parkway #3065\nIrving, Texas  75063\n\n\nDear Mark:\n\n\n     This is to confirm our conversation last Thursday that the Company has\nagreed to provide the package of financial and other benefits set forth below.\nTo the extent necessary, this letter constitutes an amendment to your employment\nagreement dated December 16, 1996 (your 'Employment Agreement') with Blockbuster\nEntertainment Group ('Blockbuster').\n\n     1.  Salary.  Your Salary will be increased to Three Hundred Fifteen\n         ------                                                         \nThousand ($315,000) per annum, effective May 1, 1997.\n\n     2.  Special Bonus.  In addition to your STIP bonus, you will receive a\n         -------------                                                     \nspecial bonus in the amount of One Hundred Forty Thousand Dollars ($140,000)\n(less applicable deductions and withholdings) in two equal installments, the\nfirst payable on or about May 23, 1997 and the second on or about November 1,\n1997.\n\n     3.  Mitigation.  In the event that you elect to terminate your employment\n         ----------                                                           \nfor 'Good Reason' or Blockbuster terminates your employment 'without cause' (as\nsuch terms are defined in your Employment Agreement), you will not be required\nto mitigate your salary, bonus compensation and car allowance payments by\nseeking other employment or otherwise, and the amount of such payments will not\nbe reduced by any compensation earned by you from a third party for eighteen\n(18) months after such termination of your employment.\n\n \nMark Gilman\nMay 12, 1997\nPage 2\n\n\n\n     4.  1997 Stock Option Grant.  We will request that the Compensation\n         -----------------------                                        \nCommittee of the Board of Directors award you, on May 29, 1997, stock options\nunder the Company's 1997 Long-Term Management Incentive Plan for 25,000 shares\nof Class B Common Stock, which amount, in light of the Company's announced\nintention to provide a double grant in 1997, will be increased to 50,000 shares.\nYour 1997 grant will be on the same terms (with respect to exercise price,\nvesting and term) as the 1997 grants to the Company's senior executives.  The\ndoubling of your 1997 stock option grant may represent an advance of your annual\ngrant for 1998 into 1997.\n\n     5.  Blockbuster Stock Options.  The Company intends to issue letter stock\n         -------------------------                                            \nwhich tracks Blockbuster's performance (the 'Blockbuster Stock') in an initial\npublic offering.  Assuming that the Company issues the Blockbuster Stock, you\nwill receive stock options with respect to the Blockbuster Stock issued at fair\nmarket value (at the time of grant), with an aggregate exercise price equal to\n$2 million.  To illustrate, if the Blockbuster Stock were issued to the public\n(exclusive of underwriting commissions and offering expenses) for $20 per share,\nyou would receive stock options for 100,000 shares of Blockbuster Stock.\n\n     Of course, you should feel free to call me with any questions.\n\n\n                                                     Sincerely yours,\n  \n                                                        \n                                                     \/s\/ William A. Roskin\ncc:  Tom Dooley\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6911],"corporate_contracts_industries":[9469],"corporate_contracts_types":[9539,9544],"class_list":["post-38999","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-blockbuster-inc","corporate_contracts_industries-media__rental","corporate_contracts_types-compensation","corporate_contracts_types-compensation__employment"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/38999","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=38999"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=38999"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=38999"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=38999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}