EX-10 27 exhibit10-25.txt EXHIBIT 10.25 Exhibit 10.25 FIRST AMENDMENT TO ------------------ EXECUTIVE EMPLOYMENT AGREEMENT ------------------------------ This First Amendment to Executive Employment Agreement dated the 31st day of May, 2000, between Comcast Corporation ("Company") and Stephen B. Burke ("Employee"), is made on this 30th day of July, 2001. BACKGROUND --------- Employee and Company have agreed to amend the Executive Employment Agreement to extend its term and to provide additional compensation to Employee in consideration thereof. AGREEMENT --------- Intending to be legally bound, the Company and Employee agree as follows: 1. Paragraph 2(iii) of the Executive Employment Agreement is deleted and replaced with the following: "(iii) July 31, 2007." 2. The date "March 31, 2005" in Paragraphs 9(c) and 11(b) of the Executive Employment Agreement is deleted and replaced with the date "July 31, 2007." 3. A new paragraph 3(e) will be added to the Executive Employment Agreement as follows: "(e)Additional Stock Options. ------------------------ (i)Contemporaneously with the execution of this First Amendment to Executive Employment Agreement, the Subcommittee on Performance-Based Compensation of the Compensation Committee shall grant Employee stock options to purchase 500,000 shares of the Company's Class A Special Common Stock under the Company's 1996 Stock Option Plan. Such options shall vest and become exercisable as follows: (1) 255,000 of such options shall have a term of ten years and shall vest and become exercisable 40% on the second anniversary date of the date of grant and 20% on each of the third, fourth and fifth anniversary dates of the date of grant; and (2) 245,000 of such options shall have a term of ten years and shall vest and become exercisable 20% on the second anniversary date of the date of grant, 10% on each of the third, fourth, fifth, sixth, seventh, eighth and ninth anniversary dates of the date of grant, and the remaining 10% on the ninth year sixth month anniversary date of the date of grant. (ii) Further, on a date mutually selected by management and Employee during calendar year 2002, the Subcommittee on Performance-Based Compensation of the Compensation Committee shall be requested by management to grant Employee stock options to purchase an additional 500,000 shares of the Company's Class A Special Common Stock. Such options shall vest and become exercisable as follows: (1) 255,000 of such options shall have a term of ten years and shall vest and become exercisable 40% on the second anniversary date of the date of grant and 20% on each of the third, fourth and fifth anniversary 2 dates of the date of grant; and (2) 245,000 of such options shall have a term of ten years and shall vest and become exercisable 20% on the second anniversary date of the date of grant, 10% on each of the third, fourth, fifth, sixth, seventh, eighth and ninth anniversary dates of the date of grant, and the remaining 10% on the ninth year sixth month anniversary date of the date of grant. 4. All other terms and conditions set forth in the Executive Employment Agreement shall remain in force and effect. IN WITNESS WHEREOF, the parties hereby have duly executed and delivered this First Amendment to Employment Agreement, in Philadelphia, Pennsylvania. COMCAST CORPORATION EMPLOYEE By:______________________ _______________________ STEPHEN B. BURKE Title_____________________ 3