Exhibit 10.30
January 22, 2003
Warren Spector
Fisher Communications, Inc.
1525 One Union Square
600 University Street
Seattle, WA 98101-3185
Dear Warren:
Fisher Communications, Inc. (the "Corporation") recognizes that your
contribution to the growth and success of the Corporation will continue to be
substantial and desires to assure the Corporation of your continued employment.
In this connection, the Board of Directors of the Corporation (the "Board")
recognizes that, as is the case with many publicly-held corporations, the
possibility of a change in control may exist and that such possibility, and the
uncertainty and questions which it may raise among management, may result in the
departure or distraction of management personnel to the detriment of the
Corporation and its shareholders.
Accordingly, the Board has determined that appropriate steps should be
taken to reinforce and encourage the continued attention and dedication of
members of the Corporation's management, including you, to their assigned duties
without distraction in the face of potentially disturbing circumstances arising
from the possibility of a change in control of the Corporation.
In order to induce you to remain in the employ of the Corporation, the
Corporation agrees that you shall receive the retention and severance benefits
set forth in this letter agreement ("Agreement") in connection with the
circumstances described below.
1. Term of Agreement. This Agreement will commence on the date hereof and
shall continue in effect until January 15, 2004. This Agreement shall
automatically renew for consecutive one-year periods unless terminated by the
Corporation on not less than ninety (90) days' notice. Notwithstanding the
above, the following apply:
(a) The Corporation may not terminate this Agreement following a Potential
Change of Control (as defined in Section 3(b) hereof) unless the Board makes a
good faith determination that the risk of the associated Change in Control (as
defined in Section 3(a) hereof) has terminated.
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(b) Upon a Change in Control, this Agreement shall automatically terminate
on the second anniversary of the date of the Change in Control, prior to which
time this Agreement may not be terminated by the Corporation.
(c) Neither your death nor the termination of this Agreement shall effect
the payment of any benefits under Section 5(d) or Section 7, provided your right
to receive such benefits arose prior to the earlier of (i) your death or (ii)
the termination of this Agreement.
(d) Section 14 shall survive the termination of this Agreement.
2. Retention Bonus. If you remain employed with the Corporation, and
devote your full time and attention to the business of the Corporation, until
the earlier of (i) a Change in Control, (ii) you reasonably demonstrate that
your termination of employment was at the request or as a result of actions by a
third party who has taken steps reasonably calculated to effect a Change in
Control, (iii) January 15, 2004, or (iv) the date of your death, you (or your
estate) are entitled to receive a lump sum payment equal to $312,333 (the
"Retention Bonus"); provided, that if prior to the closing of the Change in
Control or January 15, 2004, your employment with the Corporation is terminated
(x) by you, (y) as a result of your Disability or Retirement, or (z) by the
Corporation for Cause, then your right to receive the Retention Bonus shall
terminate immediately.
3. Change in Control and Potential Change in Control.
(a) For purposes of this Agreement, a "Change in Control" shall mean a
change in control of a nature that would be required to be reported in response
to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), whether or not the
Corporation is then subject to such reporting requirement; provided, that,
without limitation, such a change in control shall be deemed to have occurred
if:
(i) any person (as such term is used in Sections 13(d) and
14(d) of the Exchange Act) (a "Person") is or becomes the "beneficial owner" (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of
securities of the Corporation (not including in the amount of the securities
beneficially owned by such person any such securities acquired directly from the
Corporation or its affiliates) representing twenty percent (20%) or more of the
combined voting power of the Corporation's then outstanding voting securities;
provided, however, that for purposes of this Agreement the term "Person" shall
not include (A) the Corporation or any of its subsidiaries, (B) a trustee or
other fiduciary holding securities under an employee benefit plan of the
Corporation or any of its subsidiaries, (C) an underwriter temporarily holding
securities pursuant to an offering of such securities, or (D) a corporation
owned, directly or indirectly, by the shareholders of the Corporation in
substantially the same proportions as their ownership of stock of the
Corporation; and provided, further, however, that for purposes of this paragraph
(i), there shall be excluded any Person who becomes such a beneficial owner in
connection with an Excluded Transaction (as defined in paragraph (iii) below);
or
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(ii) the following individuals cease for any reason to
constitute a majority of the number of directors then serving: individuals who,
on the date hereof, constitute the Board and any new director (other than a
director whose initial assumption of office is in connection with an actual or
threatened election contest including, but not limited to, a consent
solicitation, relating to the election of directors of the Corporation) whose
appointment or election by the Board or nomination for election by the
Corporation's shareholders was approved or recommended by a vote of at least
two-thirds (2/3) of the directors then still in office who either were directors
on the date hereof or whose appointment, election or nomination for election was
previously so approved or recommended; or
(iii) there is consummated a merger or consolidation of the
Corporation or any direct or indirect subsidiary thereof with any other
corporation, other than a merger or consolidation which would result in the
voting securities of the Corporation outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving corporation or any parent thereof) at
least 50% of the combined voting power of the voting securities of the entity
surviving the merger or consolidation (or the parent of such surviving entity)
immediately after such merger or consolidation (an "Excluded Transaction"), or
the shareholders of the Corporation approve a plan of complete liquidation of
the Corporation, or there is consummated the sale or other disposition, in one
or more related transactions, of at least the lesser of 70% of the fair market
value of Corporation's gross assets or 90% of the fair market value of the
Corporation's net assets, as measured on the date hereof.
(b) For purposes of this Agreement, a "Potential Change in Control" shall
be deemed to have occurred, if:
(i) the Corporation enters into an agreement, the consummation
of which would result in the occurrence of a Change in Control;
(ii) any Person (including the Corporation) publicly announces
an intention to take or to consider taking actions which if consummated would
constitute a Change in Control; or
(iii) the Board adopts a resolution to the effect that, for
purposes of this Agreement, a Potential Change in Control has occurred.
4. Termination Following a Change in Control or Potential Change in
Control. If any of the events described in Section 3(a) hereof constituting a
Change in Control shall have occurred, you shall be entitled, in addition to the
benefit specified in Section 2 hereof, to the benefits provided in Section 5(d)
hereof upon the termination of your employment during the term of this Agreement
unless such termination is (i) because of your death or Disability (as defined
in Section 4(a)), (ii) by the Corporation for Cause, or (iii) by you other than
for Good Reason. You shall also be entitled to the benefits provided in Section
5(d) hereof if your employment is terminated prior to a Change in Control, if
such termination is other than (i) because of your death or Disability, (ii) by
the Corporation for Cause, or (iii) due to your voluntary resignation, unless
such resignation is for Good Reason, and you reasonably demonstrate that such
termination was at the request of or as a result of actions by a third party
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who has taken steps reasonably calculated to effect a Change in Control, in
addition to the benefit specified in Section 2 hereof, you shall be entitled to
the benefits provided in Section 5(d) hereof. With respect to the foregoing, the
following definitions apply:
(a) Disability. If prior to your retirement and while in the employ of the
Corporation, you are incapacitated due to physical or mental illness that in the
opinion of a licensed physician renders you totally and permanently incapable of
performing your assigned duties with the Corporation, and as a result of such
incapacitation you are absent from the full-time performance of your duties with
the Corporation for six (6) consecutive months, the Corporation may terminate
your employment for "Disability."
(b) Cause. Termination by the Corporation of your employment for "Cause"
shall mean termination upon (i) the willful and continued failure by you to
substantially perform your duties with the Corporation (other than any such
failure resulting from termination by you for Good Reason or any such failure
resulting from your incapacity due to physical or mental illness), after a
written demand for substantial performance is delivered to you that specifically
identifies the manner in which the Corporation believes that you have not
substantially performed your duties, and you have failed to resume substantial
performance of your duties on a continuous basis within fourteen (14) days of
receiving such demand, (ii) the willful engaging by you in conduct which is
demonstrably and materially injurious to the Corporation, monetarily or
otherwise, including, but not limited to, any breach of the confidentiality
obligations you have in connection with this Agreement, a Change in Control or a
Potential Change in Control, or (iii) your conviction of a felony or conviction
of a misdemeanor which impairs your ability substantially to perform your duties
with the Corporation. For purposes of this Subsection, no act, or failure to
act, on your part shall be deemed "willful" unless done, or omitted to be done,
by you not in good faith and without reasonable belief that your action or
omission was in the best interest of the Corporation.
(c) Good Reason. For purposes of this Agreement, "Good Reason" shall mean,
without your express written consent, the occurrence after a Change in Control,
or after and at the request of or as a result of actions by a third party who
has taken steps reasonably calculated to effect a Change in Control (each an
"Applicable Event"), of any one or more of the following:
(i) the assignment to you of duties (other than those
reasonably necessary to address the Applicable Event) inconsistent with your
position immediately prior to the Applicable Event or a reduction or alteration
in the nature of your position, duties, status or responsibilities from those in
effect immediately prior to the Applicable Event;
(ii) a reduction by the Corporation in your annualized and
monthly or semi-monthly rate of base salary ("Base Salary") as in effect on the
date hereof or as the same shall be increased from time to time prior to a
Change in Control;
(iii) the Corporation's requiring you to be based at a location
in excess of fifty (50) miles from the location where you are based immediately
prior to the Applicable Event;
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(iv) the failure by the Corporation to continue, substantially
as in effect immediately prior to the Applicable Event, all of the Corporation's
employee benefit, incentive compensation, bonus, stock option and stock award
plans, programs, policies, practices or arrangements in which you participate
(or substantially equivalent successor plans, programs, policies, practices or
arrangements) or the failure by the Corporation to continue your participation
therein on substantially the same basis, both in terms of the amount of benefits
provided and the level of your participation relative to other participants, as
existed immediately prior to the Applicable Event;
(v) the failure of the Corporation to obtain an agreement from
any successor to the Corporation to assume and agree to perform this Agreement,
as contemplated in Section 8 hereof; and
(vi) any purported termination by the Corporation of your
employment that is not effected pursuant to a Notice of Termination satisfying
the requirements of subparagraph (d) below, and for purposes of this Agreement,
no such purported termination shall be effective.
Your right to terminate your employment pursuant to this Subsection shall
not be affected by your incapacity due to physical or mental illness. Your
continued employment shall not constitute consent to, or a waiver of rights with
respect to, any circumstance constituting Good Reason hereunder. Your
determination of the existence of Good Reason shall be final and conclusive
unless such determination is not made in good faith and is made without
reasonable belief in the existence of Good Reason.
(d) Notice of Termination. Any termination by the Corporation for Cause or
for Disability or by you for Good Reason shall be communicated by Notice of
Termination to the other party hereto. For purposes of this Agreement, a "Notice
of Termination" shall mean a written notice which shall indicate the specific
termination provision in this Agreement relied upon and shall set forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of your employment under the provision so indicated.
(e) Date of Termination. "Date of Termination" shall mean the date
specified in the Notice of Termination, when such a notice is required, or in
any other case upon ceasing to perform services to the Corporation; provided,
however, that if within thirty (30) days after any Notice of Termination one
party notifies the other party that a dispute exists concerning the termination,
the Date of Termination shall be the date finally determined to be the Date of
Termination in an arbitration award that has been confirmed or enforced by a
final, non-appealable judgment of a court of competent jurisdiction.
5. Compensation Upon Termination or During Disability. After an Applicable
Event has occurred, if, during the term of this Agreement, your employment is
terminated or you are in a period of Disability the following shall be
applicable:
(a) During any period that you fail to perform your full-time duties with
the Corporation as a result of incapacity due to physical or mental illness,
your total compensation, including your Base Salary, bonus and any benefits,
will continue unaffected until either you
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return to the full-time performance of your duties or your employment is
terminated pursuant to Section 4(a) hereof. In the event you return to the
full-time performance of your duties, you shall continue to receive your full
Base Salary and bonus plus all other amounts to which you are entitled under any
compensation or other employee benefit plan of the Corporation without
interruption. In the event your employment is terminated pursuant to Section
4(a) hereof, your benefits shall be determined in accordance with the
Corporation's retirement, insurance and other applicable programs and plans then
in effect.
(b) If your employment shall be terminated by the Corporation for Cause or
by you other than for Good Reason, the Corporation shall pay you your full Base
Salary through the Date of Termination at the rate in effect at the time Notice
of Termination is given or on the Date of Termination if no Notice of
Termination is required hereunder, plus all other amounts to which you are
entitled under any compensation or benefit plan of the Corporation at the time
such payments are due, and, except as otherwise required by law, the Corporation
shall have no further obligations to you under this Agreement.
(c) If your employment terminates by reason of your death, your benefits
shall be determined in accordance with the Corporation's retirement, survivor's
benefits, insurance and other applicable programs and plans then in effect.
(d) If your employment by the Corporation is either terminated by the
Corporation (other than for Cause or Disability) or terminated by you for Good
Reason, you shall be entitled to the following benefits:
(i) Accrued Compensation and Benefits. The Corporation shall
provide you:
(A) the compensation, reimbursements and benefits accrued
through the Date of Termination to the extent not theretofore provided;
(B) a lump sum cash amount equal to the value of your
unused vacation days accrued through the Date of Termination; and
(C) your normal post-termination compensation and benefits
under the Corporation's retirement, insurance and other compensation and benefit
plans as in effect immediately prior to the Date of Termination, or if more
favorable to you, immediately prior to the Applicable Event.
(ii) Lump Sum Severance Payment. The Corporation shall provide
to you a severance payment in the form of a cash lump sum distribution equal to
$312,333.
(iii) Continuation of Welfare Benefits. Subject to the benefits
offset described below, the Corporation will arrange to make available to you
life and health insurance benefits during the Welfare Continuation Period (as
defined below) that are substantially similar to those which you were receiving
under a Corporation-sponsored welfare benefit plan immediately prior to the Date
of Termination or, if more favorable to you, immediately prior to the Applicable
Event. These benefits will be provided at a cost to you that is no greater than
the amount paid for such benefits by active employees who participate in such
Corporation-
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sponsored welfare benefit plan or, if less, the amount paid for such benefits by
you immediately prior to the Applicable Event. The Welfare Continuation Period
extends from the Date of Termination for a period of twenty-four (24) months,
notwithstanding the termination of this Agreement during such Welfare
Continuation Period.
The benefits otherwise receivable by you pursuant to this paragraph (iii)
shall be reduced to the extent comparable benefits are actually received by you
during the Welfare Continuation Period. For purposes of complying with the terms
of this offset, you are obligated to report to the Corporation the amount of any
such benefits actually received.
(iv) Timing. The payments provided for in this paragraph (d)
shall be made not later than the fifth day following the Date of Termination.
(e) The Corporation shall also pay to you all legal fees and expenses
incurred by you, as such legal fees and expenses are incurred, as a result of
termination of employment (including all such fees and expenses, if any,
incurred in contesting or disputing any such termination or in seeking to obtain
or enforce any right or benefit provided by this Agreement or in connection with
any tax audit or proceeding to the extent attributable to the application of
section 4999 of the Code to any payment or benefit provided hereunder) or
otherwise.
(f) Other than as provided in Section 5(d)(iii), you shall not be required
to mitigate the amount of any payment provided for in this Section 5 by seeking
other employment or otherwise, nor shall the amount of any payment provided for
in this Section 5 be reduced by any compensation earned by you as the result of
employment by another employer, including self-employment, after the Date of
Termination, or otherwise.
6. Stock Awards Acceleration.
(a) Immediately prior to the consummation of a Change in Control: (i) all
outstanding options granted to you under any option or incentive plan of the
Corporation shall become fully vested, and you will be entitled to receive that
number of shares of common stock of the Corporation equal to the quotient
obtained by dividing [(A - B)(X)] by (A), where: A equals the Change in Control
consideration paid on a per share basis or, if a security (in whole or in part),
the average of the high and low trading prices of Common Stock as reported by
the Nasdaq National Market for the 10 trading days immediately preceding the day
prior to the Change in Control; B equals the per share exercise price for your
options; and X equals the number of vested options following acceleration, all
of which are being surrendered; and (ii) all restricted stock held by you shall
be immediately vested.
(b) If your employment is terminated prior to a Change in Control and you
are entitled to benefits under Section 5(d), as of the Date of Termination all
outstanding options granted to you and all restricted stock held by you shall be
immediately fully vested.
7. Additional Payment.
(a) Whether or not you become entitled to any benefits under Section 5
above, if there is made any payment in the nature of compensation to or for your
benefit (whether pursuant to the terms of this Agreement or any other plan,
arrangement or agreement with the Corporation
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or with any person whose actions result in a Change in Control or with any
person affiliated with the Corporation or such person) that the Corporation
reasonably determines to be subject to the tax (the "Excise Tax") imposed by
Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), the
Corporation shall pay to you, at the time specified in paragraph (b) below, an
additional amount (the "Gross-Up Payment") such that the net amount of such
payment retained by you after paying such Excise Tax shall be equal to the
amount of the payment you would have received had there been no Excise Tax
imposed. To the extent not prohibited by Section 402 of the Sarbanes-Oxley Act
of 2002, if the actual Excise Tax required to be paid by you is subsequently
determined to be less than the Gross-Up Payment previously paid to you, you
shall repay to the Corporation, at the time the actual Excise Tax is finally
determined, the excess of the Gross-Up Payment over the actual Excise Tax
required to be paid by you plus interest on the amount of such repayment at the
rate provided in Section 1274(b)(2)(B) of the Code. To the extent that the
foregoing repayment of any overpayment is deemed to violate Section 402 of the
Sarbanes-Oxley Act of 2002, then you shall not be required to repay any such
overpayment. If the actual Excise Tax required to be paid by you is subsequently
determined to exceed the Gross-Up Payment previously paid to you, the
Corporation shall make an additional Gross-Up Payment to you, at the time that
the actual Excise Tax is finally determined, in an amount equal to the excess of
the actual Excise Tax required to be paid by you over the Gross-Up Payment
previously paid to you.
(b) The payments provided for in the first sentence of paragraph (a) above
shall be made not later than ten business days following the Date of Termination
(or, if there is no Date of Termination, not later than ten business days
following the date of the Change in Control); provided, however, that if the
amounts of such payments cannot be finally determined on or before such day, the
Corporation shall pay to you on such day an estimate as determined in good faith
by the Corporation of the minimum amount of such payments and shall pay the
remainder of such payments (together with interest at the rate provided in
section 1274(b)(2)(B) of the Code) as soon as the amount thereof can be
determined but in no event later than the thirtieth day after the Date of
Termination (or, if there is no Date of Termination, not later than the
thirtieth day after the date of the Change in Control). To the extent not
prohibited by Section 402 of the Sarbanes-Oxley Act of 2002, in the event that
the amount of the estimated payments exceeds the amount subsequently determined
to have been due, such excess shall constitute a loan by the Corporation to you
payable on the fifth day after demand by the Corporation (together with interest
at the rate provided in section 1274(b)(2)(B) of the Code). To the extent that
the foregoing repayment of any overpayment is deemed to violate Section 402 of
the Sarbanes-Oxley Act of 2002, then you shall not be required to repay any such
overpayment.
8. Successors; Binding Agreement.
(a) The Corporation will require any successor (whether direct or indirect,
by purchase, merger, consolidation or otherwise) to all or substantially all of
the business and/or assets of the Corporation or of any division or subsidiary
thereof employing you to expressly assume and agree to perform this Agreement in
the same manner and to the same extent that the Corporation would be required to
perform it if no such succession had taken place. Failure of the Corporation to
obtain such assumption and agreement prior to the effectiveness of any such
succession shall be a breach of this Agreement and shall entitle you to
compensation from the Corporation in the same amount and on the same terms as
you would be entitled hereunder if you
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terminate your employment for Good Reason following an Applicable Event, except
that for purposes of implementing the foregoing, the date on which any such
succession becomes effective shall be deemed the Date of Termination.
(b) This Agreement shall inure to the benefit of and be enforceable by your
personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. If you should die while any amount would
still be payable to you hereunder if you had continued to live, all such
amounts, unless otherwise provided herein, shall be paid in accordance with the
terms of this Agreement to your devisee, legatee or other designee or, if there
is no such designee, to your estate.
9. Notice. For the purpose of this Agreement, notices and all other
communications provided for in the Agreement shall be in writing and shall be
deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, addressed to the
respective addresses set forth on the first page of this Agreement.
10. Miscellaneous. No provision of this Agreement may be modified, waived
or discharged unless such waiver, modification or discharge is agreed to in
writing and signed by you and such officer as may be specifically designated by
the Board. The validity, interpretation, construction and performance of this
Agreement shall be governed by the laws of the State of Washington.
11. Confidentiality. You agree that, except (i) with the prior written
consent of the Corporation, (ii) in connection with review by retained legal or
financial counsel, and (iii) as required by law, you and your permitted
representatives will at all times keep confidential and not divulge, furnish or
make accessible to anyone any confidential information or knowledge related to
this Agreement or the terms herein. You agree that this Agreement and the terms
herein are deemed confidential information. Breach of this provision shall
constitute a breach of this Agreement, and this Agreement shall terminate
immediately and automatically upon such breach.
12. Validity. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement, which shall remain in full force and effect.
13. Counterparts. This Agreement may be executed in several counterparts,
each of which shall be deemed to be an original but all of which together will
constitute one and the same instrument.
14. Claims and Arbitration. The parties shall resolve any dispute arising
out of or relating to this Agreement by final and binding arbitration by a
single neutral arbitrator located in Seattle, Washington.
(a) To commence an arbitration arising under this Agreement, either
you or the Corporation shall serve upon the other, a demand for arbitration,
specifying in reasonable detail the basis for the demand and any relief sought.
Within 10 days after a receiving party receives a demand for arbitration, the
receiving party shall serve upon the demanding party a response, specifying in
reasonable detail the party's defenses to the claims asserted, and
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identifying in reasonable detail any counterclaims asserted or counter-relief
sought. The demanding party shall respond to any counterclaim or request for
counter-relief within 5 days, specifying in reasonable detail any defenses it
asserts.
(b) Within 15 days after the service of a response to the initial
demand or, if applicable, to the counterclaim, you and the Corporation shall
select the arbitrator who will resolve the dispute. You and the Corporation
shall select an arbitrator with no current or past attorney-client or business
relationship with either party or either party's attorney, but with experience
in executive compensation. If you and the Corporation cannot agree on an
arbitrator within such 15 days, then the demanding party must petition a state
or federal court in King County, Washington to identify an arbitrator, and the
arbitrator identified by such court will administer the dispute resolution
process in accordance with the terms of this Paragraph 14.
(c) The parties shall self-administer the arbitration. The
arbitrator shall not charge a filing fee, administrative fee, or any other fee
beyond his or her usual hourly rate plus applicable costs, nor shall a third
party act as administrator. You and the Corporation shall bear the fees of the
arbitrator equally and in no event shall the arbitrator's fee be shifted to one
party, regardless of outcome. The American Arbitration Association's expedited
rules for commercial arbitrations shall govern the arbitration, except as
modified to be consistent with the terms of this clause. You and the Corporation
may conduct only the following discovery: a maximum of two one-day (no more than
seven hours) depositions; ten interrogatories; ten requests for production of
documents; and ten requests for admission per party. The arbitration hearing
will occur no later than 90 days after service of the initial demand for
arbitration. Each party shall have a maximum of two seven-hour days to present
its case at the arbitration hearing, including opening and closing arguments and
all examinations. The arbitrator shall render his or her final decision within
ten days after the conclusion of the arbitration hearing and, in so doing, shall
follow the substantive law of the state of Washington. The parties expressly
agree that, other than for manifest disregard of the law, the arbitrator's
decision shall be final and non-appealable; judgment upon the arbitration may be
entered and enforced in any court with jurisdiction over the parties.
(d) If the arbitrator determines that either you or the Corporation
substantially prevailed on all of the claims or defenses at the arbitration,
then the arbitrator shall award to the substantially prevailing party reasonable
costs and attorney fees incurred in the arbitration. Costs awarded shall not
include fees paid to the arbitrator or to experts retained in connection with
the arbitration.
15. SERP Calculations. No payment under this Agreement shall be included in
the calculation of "Average Compensation" under the Corporation's Supplemental
Pension Plan.
16. Entire Agreement. This Agreement supersedes any other agreement or
understanding between the parties hereto with respect to the issues that are the
subject matter of this Agreement. However, for purposes of clarification, this
Agreement does not modify any rights you may have under the Corporation's
Supplemental Pension Plan, except as set forth in Section 15, above.
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17. Effective Date. This Agreement shall become effective as of the date
set forth above. If this letter sets forth our agreement on the subject matter
hereof, kindly sign and return to the Corporation the enclosed copy of this
letter which will then constitute our agreement on this subject.
Sincerely,
FISHER COMMUNICATIONS, INC.
By /s/ William W. Krippaehne Jr.
-----------------------------------
William W. Krippaehne Jr.,
President and Chief Executive
Officer
Agreed to this 22nd day of January, 2003
By /s/ Warren Spector
------------------
WARREN SPECTOR
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