CTN MEDIA GROUP INC
EX-10.3
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<TYPE>EX-10.3
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<DESCRIPTION>EX-10.3
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<title>First Amend. to Employment Agt</title>



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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT

10.3</font></b></p>



<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECOND

AMENDMENT TO THE</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1990 PERFORMANCE EQUITY PLAN</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="left" style="margin:12.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS SECOND AMENDMENT to

the 1990 Performance Equity Plan of College Television Network, Inc. (the

&#147;Company&#148;) (formerly known as Laser Video Network, Inc.), a Delaware

corporation, (this &#147;Amendment&#148;) is made effective as of the 13th day of May,

1999 (the &#147;Effective Date&#148;).&#160; All

capitalized terms in this Amendment have the meaning ascribed to such terms in

the 1990 Performance Equity Plan (the &#147;Plan&#148;), unless otherwise stated herein.</font></p>



<p style="margin:12.0pt 0in .0001pt;text-align:center;text-decoration:underline;text-transform:uppercase;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;text-transform:none;">W</font></u><font size="2" style="font-size:10.0pt;text-decoration:none;text-transform:none;">  </font><u><font size="2" style="font-size:10.0pt;text-transform:none;">I</font></u><font size="2" style="font-size:10.0pt;text-decoration:none;text-transform:none;">  </font><u><font size="2" style="font-size:10.0pt;text-transform:none;">T</font></u><font size="2" style="font-size:10.0pt;text-decoration:none;text-transform:none;">  </font><u><font size="2" style="font-size:10.0pt;text-transform:none;">N</font></u><font size="2" style="font-size:10.0pt;text-decoration:none;text-transform:none;">  </font><u><font size="2" style="font-size:10.0pt;text-transform:none;">E</font></u><font size="2" style="font-size:10.0pt;text-decoration:none;text-transform:none;">  </font><u><font size="2" style="font-size:10.0pt;text-transform:none;">S</font></u><font size="2" style="font-size:10.0pt;text-decoration:none;text-transform:none;">  </font><u><font size="2" style="font-size:10.0pt;text-transform:none;">S</font></u><font size="2" style="font-size:10.0pt;text-decoration:none;text-transform:none;">  </font><u><font size="2" style="font-size:10.0pt;text-transform:none;">E</font></u><font size="2" style="font-size:10.0pt;text-decoration:none;text-transform:none;">  </font><u><font size="2" style="font-size:10.0pt;text-transform:none;">T</font></u><font size="2" style="font-size:10.0pt;text-decoration:none;text-transform:none;">  </font><u><font size="2" style="font-size:10.0pt;text-transform:none;">H:</font></u></p>



<p align="left" style="margin:12.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WHEREAS</font></b><font size="2" style="font-size:10.0pt;">, the Board of Directors of the Company desires to amend the Plan to

adjust the exercise price of options granted thereunder.</font></p>



<p align="left" style="margin:12.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">NOW, THEREFORE</font></b><font size="2" style="font-size:10.0pt;">, in consideration of the premises and mutual promises

contained herein, the Plan is hereby amended as follows:</font></p>



<p align="left" style="margin:12.0pt 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Section 5.2 (a) of the Plan is hereby amended by

deleting it in its entirety and substituting in lieu thereof the following:</font></p>



<p align="left" style="margin:12.0pt .5in .0001pt 1.0in;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a).&#160; <u>Exercise Price</u>.&#160; The exercise price per share shall be

determined by the Committee in its sole discretion; provided, however, that if

it is the intent of the Committee to issue an incentive stock option that

satisfies the requirements of &#167;422 of the Internal Revenue Code of 1986, as

amended, the option exercise price shall be at least 100% of the Fair Market Value

of a share of Common Stock on the date the option is granted.</font></p>



<p align="left" style="margin:12.0pt 0in .0001pt;text-align:left;text-indent:1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Except as specifically amended by this Amendment, the

Plan shall remain in full force and effect as prior to this Amendment.</font></p>



<p align="left" style="margin:12.0pt 0in .0001pt;text-align:left;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF, the

Company has caused this Amendment to be executed as of the Effective Date.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">

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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="51%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:51.0%;">

  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COLLEGE

  TELEVISION NETWORK, INC.</font></b></p>

  </td>

 </tr>

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  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.0%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.0%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

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  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.46%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

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  <p align="left" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.0%;">

  <p align="left" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

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  <p align="left" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

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  <p align="left" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

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  <p align="left" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.0%;">

  <p align="left" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p align="left" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.46%;">

  <p align="left" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

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  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.0%;">

  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.0%;">

  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:45.46%;">

  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Patrick

  Doran</font></p>

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  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.0%;">

  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:45.46%;">

  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patrick Doran</font></p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.0%;">

  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.0%;">

  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p align="left" style="font-size:1.0pt;margin:0in 0in .0001pt;text-align:left;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.46%;">

  <p align="left" style="margin:0in 0in .0001pt;text-align:left;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial

  Officer</font></p>

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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ATTEST:</font></p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.46%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

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  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.0%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.0%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.46%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.0%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.0%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.46%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="45%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:45.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Patrick Doran</font></p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.46%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

 <tr>

  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.0%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.0%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Patrick Doran, Secretary</font></p>

  </td>

  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.54%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

  <td width="45%" valign="top" style="padding:0in .7pt 0in .7pt;width:45.46%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;">&nbsp;</p>

  </td>

 </tr>

</table>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



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