EX-10.55 21 dex1055.txt MODIFICATION TO EMPLOYEE AGREEMENT Exhibit 10.55 TO: Jay Grossman FR: Perry A. Sook RE: Modifications to My Compensation Agreement DA: 9/26/02 To remain in compliance with the new Sarbanes-Oxley regulations, set forth in this memorandum are the modifications to my compensation agreement as we have discussed. Salary and Bonus: (in $ 000's) Current Agreement Modification as Agreed Salary Bonus Salary Bonus 2002 400 200 600 (eff. 10/1/02) 300 2003 415 207.5 615 307.5 2004 430 215 630 315 2005 450 225 650 325 2006 475 237.5 675 337.5 2007 500 250 700 350 Completion/Change of Control Incentive: The current agreement calls for a payment of $4,000,000 at the end of contract completion, at 12/31/07 or upon change of control. The modification as agreed reduces that payment to $2,300,000 in exchange for the current compensation changes made above. Early Sale Incentive: Furthermore, an incentive for an early sale of the company has been instituted. Payments will be made on the following schedule: Prior to 12/31/05 $900,000 During 2006 $500,000 During 2007 $150,000 All other aspects of my employment relationship with Nexstar Broadcasting remain the same. Please evidence your agreement and approval of the terms and conditions contained herein by signing below. Sincerely, Agreed and Accepted: /s/ Perry A. Sook --------------------------- Perry A. Sook /s/ Jay Grossman --------------------------- President/CEO Date: NEXSTAR BROADCASTING GROUP, INC. 200 Abington Executive Park, Suite 201 Clarks Summit, PA 19411 (570) 586-5400 fax (570) 586-8745