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Wow! This is interesting. Just by Googling the names of the four head honchos at the Enquirer, all sorts of stuff shows up, and it’s all Open Source information!

Employment Agreement - Kevin Hyson
Parties: American Media Operations
Sectors: Media
Exhibit 10.21

EMPLOYMENT AGREEMENT

(Kevin Hyson) EMPLOYMENT AGREEMENT (the “ Agreement” ) dated November 1, 2004 by and between American Media Operations, Inc. (the “ Company” or “ AMI” ) and Kevin Hyson (the “ Executive” ).

WHEREAS, the Company desires to employ Executive and to enter into an Agreement embodying the terms of such employment;

” WHEREAS, Executive desires to accept such employment and enter into such an Agreement;

NOW, THEREFORE, in consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties agree as follows:

1. Term of Employment: Executive Representation . a. Employment Term . The Company shall employ Executive for a period of two (2) years commencing on November 1, 2004 (the “ Effective Time” ) and ending on October 31, 2006 (the “ Employment Term” ) on the terms and subject to the conditions set forth in this Agreement. b. Executive Representation . Executive hereby represents and warrants to the Company that the execution of this Agreement by Executive and the Company, the delivery of this Agreement by Executive to the Company and the performance by Executive of Executive’ s duties hereunder shall not constitute a breach of, or otherwise contravene, the terms of any employment Agreement or other agreement or policy to which Executive is a party or otherwise bound.

c. Prior Agreements . This Agreement supercedes all prior agreements and understandings (including verbal agreements) between Executive and the Company and/or its affiliates regarding the terms and conditions of Executive’ s employment with the Company and/or its affiliates (collectively, the “ Prior Agreement” ).

2. Position . a. During Executive’ s employment by the Company, Executive shall serve as Executive Vice President/Chief Marketing Officer (subject to change at the discretion of the Company’ s President). In such position, Executive shall report directly to the Company’ s President and Chief Executive Officer or his designee and shall have such duties and authority as shall be determined from time to time by the President/Chief Executive Officer of the Company.

b. During Executive’ s employment with the Company, Executive will devote Executive’ s full business time and best efforts to the performance of Executive’ s duties hereunder and will not engage in any other business, profession or occupation for compensation or otherwise which would conflict with the rendition of such services either directly or indirectly, without the prior consent of the Company’ s Chief Executive Officer.

3. Base Salary . During Executive’ s employment with the Company, the Company shall pay Executive a base salary (the “ Base Salary” ) at the annual rate of $250,000.00 (Two Hundred Fifty Thousand Dollars and Zero Cents) for the time period of November 1, 2004 until March 31, 2005, payable in regular installments in accordance with the Company’ s usual payment practices. For the remainder of the Employment Term, the Company shall pay Executive a Base Salary at the annual rate of $325,000.00 (Three Hundred Twenty Five Thousand Dollars and Zero Cents), payable in regular installments in accordance with the Company’ s usual payment practices.

4. Bonus Programs . A. Annual Bonus . With respect to each full fiscal year during Executive’ s employment with the Company during the Employment Term, Executive shall be eligible to earn an annual discretionary Bonus (a “ Bonus” ) of up to $175,000.00 (One Hundred Seventy Five Thousand Dollars and Zero Cents), based on the financial performance of the Company (EBIDTA) and Executive’ s job performance. Such Bonus, if any, shall be at the sole discretion of the President/CEO , and is subject to change each fiscal year at the sole discretion of Company. Such Bonus, if any, shall be payable approximately 90 days after the close of the Company’ s fiscal year.

B. One Time Bonus . Executive will receive a one-time bonus payment of $31,250.00 (Thirty One Thousand Two Hundred Fifty Dollars and Zero Cents) payable on or about April 15, 2005. Executive must be employed with the Company on the last day of the current fiscal year (FY05). 5. Employee Benefits . During Executive’ s employment with the Company, Executive shall be provided, in accordance with the terms of the Company’ s employee benefit plans as in effect from time to time, health insurance and short term and long term disability insurance, retirement benefits and fringe benefits (collectively “ Employee Benefits” ) on the same basis as those benefits are generally made available to other similarly situated employees of the Company. Executive will receive 20 PTO (Personal time Off) days per year. Executive will also receive a monthly living allowance in the amount of $1,000.00 (One Thousand Dollars Zero Cents) per month.

6. Termination . Notwithstanding any other provision of this Agreement, the provisions of this Section 6 shall exclusively govern Executive’ s rights upon termination of employment with the Company and its affiliates. Executive’ s employment hereunder may be terminated by either party at any time and for any reason; provided that Executive will be required to give the Company at least 30 days advance written notice of any resignation of Executive’ s employment. If Executive’ s employment is terminated by the Company, Executive shall be entitled to receive:

(A) the Base Salary through the date of termination; (B) any Annual Bonus earned, but unpaid as of the date of termination for any previously completed fiscal year; and a prorated portion of the current fiscal year Annual Bonus, if any, up to the date of termination of employment, per the terms and conditions of the applicable bonus plan that Executive and Company have executed, (C) in accordance with Company policy, reimbursement for any unreimbursed business expenses properly incurred by Executive prior to the date of Executive’ s termination; and

(D) such Employee Benefits, if any, as to which EXecutive may be entitled under the employee benefit plans of the Company (the amounts described in classes (A) through (D) hereof being referred to as the “ Accrued Rights” ). (E) severance pay in the amount of the lesser of six (6) months Base Salary or the remaining Base Salary payable for the Employment Term listed in Section 1a above, if termination is for any reason other than Cause or Expiration of the Employment Term or resignation by Executive. Severance pay, if any, will be payable in six (6) equal monthly installments. Executive will be required to execute the Company’ s form Separation and Release of Claims Agreement in order to be eligible to receive the severance pay described above. “ Cause” shall mean (i) Executive’ s continued failure or refusal to substantially perform Executive’ s duties hereunder for a period of 10 days following written notice by the Company to Executive of such failure or refusal, (ii) dishonesty in the performance of Executive’ s duties hereunder, (iii) an act or acts on Executive’ s part constituting (x) a felony under the laws of the United States or any state thereof or (y) a misdemeanor involving moral turpitude, (iv) Executive’ s willful malfeasance or willful misconduct in connection with Executive’ s duties hereunder or any act or omission which is materially injurious to the financial condition or business reputation of the Company or any of its subsidiaries of affiliates (v) Executive’ s breach of any provision of this agreement, including the attached addendum or (vi) Executive’ s unsatisfactory job performance. Additionally, if Executive becomes physically or mentally incapacitated for a continuous period of 90 days, the Company has the right to terminate Executive’ s employment without paying severance. For the purposes hereof, the term “ physical or mental incapacity” means Executive’ s inability to perform the principal duties as contemplated by this agreement.

(F) Expiration of the Employment Term . Upon expiration of the Employment Ter ...(end of preview)

Wonder if the rest of employees at AMI know how much the big boys make?