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Sample Business Contracts

Employment Agreement [Amendment No. 1] - SportsLine.com Inc. and Daniel L. Leichtenschlag

Employment Forms

  • Employment Agreement. Employers can customize an employment agreement that states the salary, benefits, working hours and other important provisions for their new or existing employee.
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  • Executive Employment Agreement. Companies may offer their business executives a contract that is different from the one provided to their regular employees. Executive employment agreements may be more complex because the compensation structure may include a combination of salary and commissions, provide for bonuses based on sales, stock or other financial targets, and include non-compete, confidentiality and severance provisions.
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          FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT

   This FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the
"Amendment"), is made this 20th day of August, 2001, between SPORTSLINE.COM,
INC, a Delaware corporation (the "Company") and Daniel L. Leichtenschlag (the
"Executive").

   The Company and the Executive have heretofore entered into an Amended and
Restated Employment Agreement dated as of January 28, 2000 (the "Agreement")
(capitalized terms used herein and not otherwise defined shall have the meanings
set forth in the Agreement).  The Compensation Committee ("Compensation
Committee") of the Board of Directors of the Company (the "Board") has agreed to
amend the Agreement to provide for certain additional benefits to the Executive.

   NOW, THEREFORE, in consideration of the premises, the parties agree as
follows:

   1.  AMENDMENTS.  Effective as of the date hereof, the Agreement shall be
amended in its entirety to read as follows:

   (a) Section 2 of the Agreement shall be amended in its entirety to read as
follows:

          "2.   Term of Agreement.  Subject to the terms and conditions hereof,
       the term of the Executive's employment pursuant to this Agreement (the
       "Term") shall be three years and such Term shall automatically extend by
       one day for each day elapsed, so that at all times the Term shall be for
       a three-year period; provided, however, if at any time the Company or the
       Executive delivers a written notice to the other (an "Expiration Notice")
       to the effect that the Agreement shall expire on a date specified in the
       Expiration Notice that is three years after the date the Expiration
       Notice is delivered to the Company or the Executive, as the case may be,
       then the Term shall expire on the date specified in the Expiration
       Notice."

   (b) Section 3 of the Agreement shall be amended in its entirety to read as
follows:

          "3.  Position and Duties.  The Executive shall serve as the President,
       Operations, and Chief Technology Officer of the Company, shall perform
       substantially the same duties as he currently performs and shall have
       substantially the same authority as he currently exercises.  The
       Executive shall report to, and shall have such other powers and duties as
       may from time to time be delegated to him by, the Chief Executive Officer
       or, if there is no Chief Executive Officer, the highest ranking executive
       officer of the Company, or, following a Change in Control (as defined
       below), the senior executive, board or committee established pursuant to
       the terms of the Change of Control that is responsible for the unit or
       division of which the Company has become a part; provided that such
       duties are generally consistent with his present duties and with the
       Executive's position.  The Executive shall devote
<PAGE>

       substantially all of his working time and efforts during normal business
       hours to the business and affairs of the Company in substantially the
       same manner (both as to working time and effort) as the Executive has
       devoted to the Company in the past; provided, that it shall not be a
       violation of this Agreement for the Executive to (i) serve on corporate,
       civic or charitable boards or committees, and (ii) deliver lectures or
       fulfill speaking engagements, so long as such activities are approved by
       the executive or body to which the Executive reports and do not interfere
       with the performance of the Executive's responsibilities as an employee
       of the Company in accordance with this Agreement."

   (c) Section 5(c) of the Agreement shall be amended in its entirety to read as
       follows:

          "(c)  Stock Options.  During the Term, the Executive shall be entitled
       to receive stock option grants, no less frequently than annually.  The
       number of stock options and the terms and conditions of stock options
       granted to the Executive shall be determined by the Compensation
       Committee in its discretion; provided, that beginning in 2002, the
       Executive shall be granted stock options to purchase at least 50,000
       shares of the Company's common stock during each calendar year.

   (d) The second paragraph of Section 8(d) of the Agreement shall be amended in
       its entirety to read as follows:

       "For purposes of this Agreement, "Good Reason" means, without the
       Executive's prior written consent, the occurrence of any one or more of
       the following: (A) any action by the Company which results in a material
       diminution in the nature or status of the Executive's position,
       authority, duties or responsibilities; (B) a failure by the Company to
       pay any amounts of Base Salary, Annual Bonus or other amounts payable
       hereunder, or to comply with its other obligations and agreements
       contained herein; (C) a failure of the Company to obtain an agreement
       from any successor to the Company to assume and agree to perform this
       Agreement, as contemplated in Section 10(c) hereof; (D) Executive no
       longer reports directly to the person(s) specified in Section 3 hereof,
       or (E) any purported termination by the Company of the Executive's
       employment that is not effected pursuant to a Expiration Notice or a
       Notice of Termination satisfying the requirements of Section 2 or
       subsection 8(e), respectively, and otherwise in accordance with the terms
       of this Agreement, and for purposes of this Agreement, no such
       termination shall be effective.  Notwithstanding anything in this
       Agreement to the contrary, Good Reason shall not be deemed to exist as a
       result of one or more of the following: (i) changes in the nature or
       status of the Executive's position, authority, duties or responsibilities
       solely as a result of the Company becoming part of a unit or division of
       a larger entity pursuant to or following a Change of Control; (ii) any
       change in the Executive's title(s), so long as the Executive's duties
       remain generally consistent with those he presently performs; or (iii) so
       long as the Executive remains responsible for the Company's technology
       and computer operations, the delegation to other executives

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<PAGE>

       or employees of the Company of other responsibilities or duties that may
       be delegated to the Executive from time to time."

   (e) Section 9(a) of the Agreement shall be amended in its entirety to read as
       follows:

              "(a)     Death.  If the Executive's employment is terminated by
       reason of his death, the Company shall pay to such person as the
       Executive shall have designated in a notice filed with the Company, or,
       if no such person has been designated, to his estate, any unpaid amounts
       of his Base Salary or Annual Bonus accrued prior to the date of his
       death; and upon making such payments, the Company shall have no further
       liability hereunder (other than for reimbursement for reasonable business
       expenses incurred prior to the date of the Executive's death pursuant to
       Section 5(c)); provided, that the Executive's spouse, beneficiaries or
       estate shall also be entitled to receive any amounts or other benefits
       payable pursuant to any pension or employee benefit plan, life insurance
       policy or other plan, program or policy then maintained or provided by
       the Company in accordance with the terms thereof.  In addition, all
       unvested Awards (as defined in the Company's 1997 Incentive Compensation
       Plan), including, but not limited to, stock options and/or unvested
       restricted Company securities, held by the Executive on the Date of
       Termination shall continue to vest in accordance with the vesting
       schedule for such Awards then in effect, and upon vesting shall (x) in
       the case of stock options, become exercisable and (y) in the case of
       restricted Company securities, no longer be subject to forfeiture or any
       other conditions or restrictions on transfer.  Moreover, each such stock
       option that vests pursuant to the preceding sentence, together with any
       previously vested and unexercised stock options, shall be exercisable in
       accordance with their respective terms for a period of one (1) year
       following the date on which it becomes vested (or, in the case of any
       previously vested and unexercised options, one (1) year following the
       Date of Termination) or, if earlier, until the then scheduled expiration
       date(s) of such options."

   (f) Section 9(b) of the Agreement shall be amended in its entirety to read as
       follows:

              "(b)  Disability.  During any period that the Executive fails to
       perform his duties hereunder as a result of incapacity due to physical or
       mental illness, the Executive shall continue to receive his Base Salary
       and any Annual Bonus until the Executive's employment is terminated
       pursuant to Section 8(b) hereof, or until the Executive terminates his
       employment pursuant to Section 8(d)(ii) hereof, whichever first occurs.
       If the Executive's employment is terminated by reason of his Disability,
       the Company shall pay to the Executive any unpaid amounts of his Base
       Salary or Annual Bonus accrued prior to the date of such termination; and
       upon making such payments, the Company shall have no further liability
       hereunder (other than for reimbursement for reasonable business expenses
       incurred prior to the date of such termination pursuant to Section 5(c));
       provided, that the Executive shall also be entitled to receive any
       amounts or other benefits payable pursuant to any pension or

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<PAGE>

       employee benefit plan, life insurance policy or other plan, program or
       policy then maintained or provided by the Company in accordance with the
       terms thereof. In addition, all unvested Awards, including but not
       limited to stock options and/or unvested restricted Company securities,
       held by the Executive on the Date of Termination shall continue to vest
       in accordance with the vesting schedule for such Awards then in effect,
       and upon vesting shall (x) in the case of stock options, become
       exercisable and (y) in the case of restricted Company securities, no
       longer be subject to forfeiture or any other conditions or restrictions
       on transfer. Moreover, each such stock option that vests pursuant to the
       preceding sentence, together with any previously vested and unexercised
       stock options, shall be exercisable in accordance with their respective
       terms for a period of one (1) year following the date on which it becomes
       vested (or, in the case of any previously vested and unexercised options,
       one (1) year following the Date of Termination) or, if earlier, until the
       then scheduled expiration date(s) of such options. Notwithstanding
       anything in this section to the contrary, all such vesting of Awards
       shall discontinue immediately, and any unexercised options shall
       terminate and be cancelled immediately upon a breach by the Executive of
       the provisions of Section 7 hereof or the Executive's acceptance of
       employment with another entity."

   (g) Section 9(d)(i)-(ii) of the Agreement shall be amended in its entirety to
read as follows:

          "(i)  within thirty (30) days after the Date of Termination, the
       Company shall pay the Executive an amount equal to the sum of: (i) his
       accrued but unpaid Base Salary through the Date of Termination at the
       rate in effect at the time Notice of Termination is given (or the Date of
       Termination where no Notice of Termination is required hereunder) and
       (ii) a pro rata portion of the most recent Annual Bonus paid to the
       Executive (taking into consideration any accrued but unpaid Annual Bonus
       which is paid pursuant to this Section 9(d)(i)) based on the number of
       days elapsed in the current fiscal year prior to the Date of Termination,
       together with any accrued incentive compensation and other amounts to
       which the Executive is then entitled under any plan, policy, practice or
       program of the Company at the time such payments are due; and

          (ii) in lieu of any further salary, incentive compensation or other
       payments for periods subsequent to the Date of Termination, and as a
       severance benefit to the Executive, the Company will pay to the Executive
       in equal bi-weekly installments for a period of two (2) years following
       the date of termination an amount equal to the sum of (i) two (2) times
       the Executive's annual Base Salary in effect at the time Notice of
       Termination is given (or the Date of Termination where no Notice of
       Termination is required hereunder), plus (ii) an amount equal to the two
       (2) times the greater of (x) the average Annual Bonus paid to the
       Executive for the prior three years or (y) the amount of the most recent
       Annual Bonus paid to the Executive."

   (h) The first paragraph of Section 9(e) of the Agreement shall be amended in
its entirety to read as follows:

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<PAGE>

            "(e)      Acceleration of Vesting; Sale of Shares.  Unless the
       Company terminates the Executive's employment for Cause, the Executive
       terminates his employment for other than Good Reason or the Executive's
       employment is terminated due to his death or Disability, upon (i)
       termination of the Executive's employment or (ii) a Change of Control,
       all unvested Awards, including, but not limited to stock options and/or
       restricted Company securities, held by the Executive on the Date of
       Termination shall immediately vest and upon vesting shall (x) in the case
       of stock options, become exercisable and (y) in the case of restricted
       Company securities, no longer be subject to forfeiture or any other
       conditions or restrictions on transfer.  Moreover, each such stock option
       that is deemed vested pursuant to the preceding sentence, together with
       any previously vested and unexercised stock options, shall be exercisable
       by the Executive in accordance with their respective terms for a period
       of one (1) year following the Date of Termination or the date of the
       Change in Control, as the case may be, or, if earlier, until the then
       scheduled expiration date(s) of such options.  The Company shall provide
       the Executive such cooperation and assistance as may reasonably be
       necessary to effect cashless exercises of such stock options and the sale
       of any such restricted Company security beneficially owned by the
       Executive at the Date of Termination.  Furthermore, upon a Change of
       Control caused by CBS Broadcasting Inc. ("CBS") or any of its affiliates,
       pursuant to the issuance of securities by the Company to CBS or any
       affiliate thereof, becoming the "beneficial owner" (within the meaning of
       Rule 13d-3 promulgated under the Exchange Act), directly or indirectly,
       of securities of the Company representing forty percent (40%) or more of
       the combined voting power of the Company's outstanding securities
       entitled to vote generally in the election of directors (a "CBS Change of
       Control"), in addition to the accelerated vesting of Awards as set forth
       in this Section 9(e), the Executive shall be entitled, in the Executive's
       sole discretion, upon written notice to the Company within 60 days after
       the date of the CBS Change of Control, to surrender any or all stock
       options then held by such Executive with an exercise price greater than
       the Fair Market Value (defined below) of the Company's common stock on
       the date of such CBS Change of Control to the Company in exchange for
       shares of common stock of the Company awarded pursuant to the Plan at an
       exchange rate of one share of common stock for every two options
       surrendered.  For the purposes of this Agreement, the "Fair Market Value"
       of the Company's common stock as of any given date shall be (i) the
       closing sale price per share reported on a consolidated basis for the
       common stock as listed on the Nasdaq National Market or the principal
       stock exchange or market on which the common stock is traded on the date
       as of which such value is being determined or, if there is no sale on
       that date, then on the last previous day on which a sale was reported or
       (ii) if the common stock is not listed on an exchange or market, the fair
       market value of the common stock as determined by the Board."

   (i) Immediately following Section 9(e), a new Section 9(f) shall be added to
the Agreement to read as follows:

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<PAGE>

          "(f) Maintenance of Benefit.  Unless the Executive is terminated for
       Cause, the Company shall maintain in full force and effect, for the
       continued benefit of the Executive and/or his family for two (2) years
       after termination for any reason, all employee medical, health and
       hospitalization plans and programs in which the Executive and/or his
       family was entitled to participate in immediately prior to the Date of
       Termination provided that the continued participation of the Executive
       and/or his family is possible under the general terms and provisions of
       such plans and programs.  In the event that the participation of the
       Executive and/or his family in any such plan or program is barred, the
       Company shall arrange to provide the Executive and/or his family with
       benefits substantially similar to those which the Executive and/or his
       family would otherwise have been entitled to receive under such plans and
       programs from which his or their continued participation is barred."

   (j) Section 12 of the Agreement shall be amended in its entirety to read as
       follows:

          "12.  Notice.  All notices and other communications hereunder shall be
       in writing and shall be given by hand delivery to the other party or by
       registered or certified mail, return receipt requested, postage prepaid,
       addressed as follows:

          If to the Executive:

          If to the Company:  SportsLine.com, Inc.
                              2200 W. Cypress Creek Road
                              Fort Lauderdale, Florida 33309
                              Attn:  Chief Executive Officer

       or to such other address as either party shall have furnished to the
       other in writing in accordance herewith.  Notices and communications
       shall be effective when actually received by the addressee."

   2.  EFFECTIVE DATE.  This Amendment shall be effective upon its execution by
the Company and the Executive.

   3.  COUNTERPARTS.  This Amendment may be executed in counterparts and by
different parties hereto in separate counterparts each of which, when so
executed and delivered, shall be deemed to be an original and all of which, when
taken together, shall constitute one and the same instrument.

   4.  NO OTHER MODIFICATION.  Except as otherwise expressly modified by the
terms and provisions of this Amendment, the Agreement shall remain in full force
and effect, and is hereby in all respects confirmed and ratified by the parties
hereto.

   5.  REFERENCES TO AGREEMENT.  From and after the effective date hereof, each
reference in the Agreement to "this Agreement," "hereto," "hereunder" or words
of like import, and all references to the Agreement in any and all agreements,
instruments, documents, notes, certificates and other writings of

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<PAGE>

every kind and nature shall be deemed to mean the Agreement as modified and
amended by this Amendment.

   IN WITNESS WHEREOF, the Company and the Executive have executed this First
Amendment to Amended and Restated Employment Agreement as of the date first
written above.

                                    SPORTSLINE.COM, INC


                                    By: /s/ Michael Levy
                                       -----------------
                                       Michael Levy
                                       President and Chief Executive Officer

                                    /s/ Daniel L. Leichtenschlag
                                    ----------------------------
                                    Daniel L. Leichtenschlag

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