Spanish Broadcasting System, Inc.
26 W. 56th Street
New York, NY 10019
February 5, 1997
Carey Davis 400 Central Park West #15D NYC, NY 10025
RE: WPAT-FM, WSKQ-FM AND WXLX-AM
Dear Mr. Davis:
The following is a memorandum to confirm our understanding with respect to Spanish Broadcasting System, Inc. ("Employer") employing you to be the Vice President and General Manager of Radio Stations WPAT-FM, WSKQ-FM, and WXLX-AM ("Stations"). The terms are as follows:
1. Function - Vice President and General Manager of the Stations and reporting to Raul Alarcon, Jr.
2. Term - Commencing on February 17, 1997 and ending on midnight February 16, 2000.
3. Salary - $225,000 per year plus a bonus based upon cash flow of the Stations as outlined in Exhibit A attached hereto. There shall be no reduction in salary and the calculation of the bonus shall be equitably adjusted if a AM Station is sold.
4. Expenses and Benefits - Reimbursement for reasonable expenses including provision for entertainment as approved by Employer's CFO. Health insurance and other group benefits given to the executives of the Employer. An automobile a ...
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