CVC » Topics » Amendments

This excerpt taken from the CVC DEF 14A filed Apr 8, 2009.

Amendments

In March 2005, the Company amended the employment agreements of each of Messrs. James L. Dolan, Ratner and Rutledge to address the enactment of Section 409A of the Internal Revenue Code which, absent the amendments, would have resulted in the imposition of an additional tax on the employee as a result of payment under the agreements. Similarly, in December 2008, the Company amended the employment agreements of each of Messrs. Charles F. Dolan, James L. Dolan, Ratner and Rutledge in order to avoid the imposition of an additional tax pursuant to Section 409A. The 2005 amendment addressed this tax law change by delaying any severance payment by up to six months and, if such delay occurs, requiring payment into a “rabbi trust” for the benefit of the affected employee. The 2008 amendment clarified that the delay of payment of severance will be following the executive’s separation of service (within the meaning of Section 409A), and, in the case of Messrs. James L. Dolan, Ratner and Rutledge, that the Company and the executive agree to structure the consulting agreement contemplated by the employment agreements in a manner that will not delay the date of the executive’s separation from service. Neither the 2005 amendment nor the 2008 amendment changed the amount of payments under these employment agreements.

This excerpt taken from the CVC DEF 14A filed Apr 9, 2008.

Amendments

In March 2005, the Company amended the employment agreements of each of Messrs. James L. Dolan, Ratner and Rutledge to address a recently enacted change in the Internal Revenue Code that would result in the imposition of an additional tax on the employee as a result of payment under the agreements. The amendment addresses this tax law change by delaying any severance payment by up to six months and, if such delay occurs, requiring payment into a “rabbi trust” for the benefit of the affected employee. The amendment does not change the amount of the payments under these employment agreements.

This excerpt taken from the CVC DEF 14A filed May 21, 2007.
Amendments
 
In March 2005, the Company amended the employment agreements of each of Messrs. James Dolan, Ratner and Rutledge to address a recently enacted change in the Internal Revenue Code that would result in the imposition of an additional tax on the employee as a result of payment under the agreements. The amendment addresses this tax law change by delaying any severance payment by up to six months and, if such delay occurs, requiring payment into a “rabbi trust” for the benefit of the affected employee. The amendment does not change the amount of the payments under these employment agreements.
 
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