{"id":39011,"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-inc-and-larry-zine.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"employment-agreement-blockbuster-inc-and-larry-zine","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/employment-agreement-blockbuster-inc-and-larry-zine.html","title":{"rendered":"Employment Agreement &#8211; Blockbuster Inc. and Larry Zine"},"content":{"rendered":"<pre>\n                                                                   April 2, 1999\n\n[BLOCKBUSTER LOGO APPEARS HERE]\n\nLarry Zine\n108 Calle Cumbre\nEl Paso, Texas 79912\n\n\nDear Mr. Zine:\n\n\n     Reference is made to that certain employment agreement between you and\nBlockbuster Inc. ('Blockbuster'), dated April 1, 1999 (your 'Employment\nAgreement').  All defined terms used without definitions shall have the meanings\nprovided in your Employment Agreement.\n\n     This confirms Blockbuster's agreement as follows:\n\n     1.  Blockbuster Loan.  Blockbuster shall lend you an amount equal to all\nFederal, state and local income taxes payable in connection with your Sign-On\nBonus.  An initial loan shall be made when the Sign-On Bonus is paid in the\namount of any withholdings from the Sign-On Bonus.  An additional loan shall be\nmade at such time as any additional taxes are payable in connection with the\nSign-On Bonus in the amount of such additional taxes as shall be determined from\ndocumentation satisfactory to Blockbuster.  These loans shall bear interest at\nthe minimum applicable Federal rate defined in Section 7872(f)(2) of the\nInternal Revenue Code of 1986, as amended.  The aggregate principal amount of\nthese loans shall be forgiven, together with any accrued interest thereon, on an\nincome tax free basis in three equal installments on the first, second and third\nanniversaries of your Commencement Date.  Blockbuster will continue to forgive\non the same basis the aggregate principal amount of these loans, and accrued\ninterest thereon, in the event that Blockbuster terminates your employment\nwithout Cause or you terminate your employment for Good Reason at such times as\nsuch forgiveness would otherwise occur.  If you terminate your employment\nwithout Good Reason or Blockbuster terminates your employment for Cause, any\noutstanding aggregate principal amount of these loans, together with any accrued\ninterest thereon, will accelerate and become immediately due and payable.\n\n \nLarry Zine\nApril 2, 1999\nPage 2\n\n\n     2.  Petro Services. After your Commencement Date you may continue to serve\nas a director of Petro Stopping Centers, L.P. ('Petro') and provide consulting\nservices to Petro.  In addition, during the period from your Commencement Date\nthrough July 1, 1999, you may continue to provide services to Petro on a part\ntime basis provided that such services do not interfere with your services under\nyour Employment Agreement.  Blockbuster agrees that your providing the services\nto Petro described in this paragraph 2 shall not constitute a breach of your\nobligations under your Employment Agreement.\n\n     3.  Non-Mitigation Period.  Your Employment Agreement provides that, in the\nevent that your employment is terminated by Blockbuster without Cause or you\nterminate your employment for Good Reason, you are not required to mitigate the\npayments pursuant to paragraphs 8(d)(i)-(iv), and no reduction for other\ncompensation shall be made, for twelve (12) months after such termination or, if\nless, the balance of the Term.  The employment agreements for certain\nBlockbuster executives at the executive vice president level currently provide\nthat, in the event of the termination of their employment without Cause or for\nGood Reason, such executives are not obligated to mitigate comparable\ntermination payments, and no reduction for other compensation shall be made, for\nan eighteen (18) months or, if less, the balance of the term of their agreement.\nIn the event that any of the current Blockbuster executives at the executive\nvice president level retain this eighteen (18) month non-mitigation period, you\nwill also receive the benefit of an eighteen (18) month non-mitigation period.\n\n     If the foregoing correctly sets forth our understanding, please sign and\nreturn all three (3) copies of this letter to the undersigned for execution on\nbehalf of Blockbuster; after this letter has been executed by Blockbuster and a\nfully executed copy returned to you, it shall constitute a binding agreement.\n\n                                        Very truly yours,\n\n                                        BLOCKBUSTER INC.\n\n\n                                        By:   \/s\/ WILLIAM A. ROSKIN\n                                              ------------------------------\n                                        Name:   William A. Roskin\n                                        Title:  Senior Vice President,\n                                                Human Resources and\nACCEPTED AND AGREED:                            Administration\n\n\/s\/ LARRY ZINE\n------------------------\n     Larry Zine\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[6911,9252],"corporate_contracts_industries":[9469,9465],"corporate_contracts_types":[9539,9544],"class_list":["post-39011","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-blockbuster-inc","corporate_contracts_companies-viacom-inc","corporate_contracts_industries-media__rental","corporate_contracts_industries-media__broadcasting","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\/39011","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=39011"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=39011"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=39011"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=39011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}