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EVC > SEC Filings for EVC > Form 8-K on 20-Dec-2013All Recent SEC Filings




Change in Directors or Principal Officers, Financial Statements a

Item 5.02(e) Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 20, 2013, Entravision Communications Corporation (the "Company") entered into a new employment agreement with Walter F. Ulloa, pursuant to which he will continue to serve as the Company's Chairman and Chief Executive Officer. This new agreement, effective as of January 1, 2014, replaces a similar agreement with Mr. Ulloa, which agreement was effective as of January 2011 through December 31, 2013.

The agreement with Mr. Ulloa provides for an initial base salary of $1,000,000 per year for the term of his agreement, which ends on December 31, 2016. Mr. Ulloa's base salary shall be reviewed annually by the Compensation Committee and, in that committee's discretion, the base salary may be increased for subsequent years of the term of the agreement.

Mr. Ulloa is eligible to receive an annual bonus of up to 75% of his then-applicable base salary pursuant to such factors, criteria or annual bonus plan(s) of the Company as determined by the Compensation Committee from time to time.

Mr. Ulloa is also eligible to receive grants of stock options, restricted stock and other grants under the Company's 2004 Equity Incentive Plan, or any successor plan thereto, on the same terms as the Company's other executive officers.

If Mr. Ulloa's employment is terminated by the Company without cause or is a constructive termination without cause, Mr. Ulloa will be entitled to receive:
(i) all accrued salary and bonuses through the date of termination; (ii) a lump sum severance payment in an amount equal to two times the sum of (x) his then-current base salary, plus (y) his average annual bonus for the three years preceding such termination; (iii) continuation of all benefit coverage for a period of two years after such termination; (iv) immediate vesting of, and the lapse of all restrictions applicable to, all unvested stock options and any other equity incentives that vest solely based on the passage of time granted to Mr. Ulloa and outstanding immediately prior to such termination; and (v) vesting of any performance based equity incentives awarded to Mr. Ulloa and outstanding immediately prior to the such termination, such vesting to occur in accordance with the terms of his applicable award agreements and plans determined as if Mr. Ulloa's employment with the Company had not terminated. If a termination without cause follows a change of control of the Company or is initiated by Mr. Ulloa for good reason, as specified in the agreement, Mr. Ulloa shall be entitled to receive the amounts specified in the first sentence of this paragraph; provided, however, that in lieu of the amount specified in clause
(ii) of such sentence, Mr. Ulloa shall be entitled to receive a lump sum severance payment in an amount equal to three times the sum of (x) his then-current base salary, plus (y) his average annual bonus for the three years preceding such termination.

If Mr. Ulloa's employment is terminated by the Company for cause, all payments under Mr. Ulloa's agreement shall cease, except for his base salary to the extent already accrued.

The foregoing summary does not purport to be complete and is qualified in its entirety by the terms of the employment agreement filed as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

10.1 Employment Agreement effective as of January 1, 2014 by and between the registrant and Walter F. Ulloa.

Management contract or compensatory plan, contract or arrangement.

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