EXHIBIT 10.77
Published on July 8, 1997
John:
GCI needs to keep you. Try the following on for size. This would be in
addition to the promised options @ $3.
1. Base salary $125K - effective 7/1/92.
2. Annual cash bonus up to $30K based on company and individual performance.
$25K of 1992 bonus (to be paid in January '93) would be guaranteed if we
complete a refinancing and purchase the cable in 1992. Future performance
targets to be negotiated.
3. Deferred compensation package worth $450K to vest over 7 years ($65K/yr.).
Full face value to be paid immediately if:
(i) you die
(ii) your position is terminated
(iii) GCI terminates your employment.
If you leave voluntarily you lose unvested portion. I suggest you go talk
with Don Wilson or someone of his ilk about how to design an insurance
based deferred comp plan with $65K per year of funding. He can help set up
a structure that will have optimum tax consequences for both you and the
company.
4. Minimum 2-year commitment to GCI.
5. $100K cash signing bonus - paid at date of agreement.
6. Subject to board approval which I don't think is a problem.
7. Either way you keep your situation quiet for 60 days until I have time to
deal with other executive pay problems.
Let me know.