EXHIBIT 10.64

 

Scripps Supplemental Executive Retirement Plan

 

(As Amended and Restated Effective January 1, 2003)

 

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TABLE OF CONTENTS

 

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ARTICLE 1.   INTRODUCTION    2 ARTICLE 2.   DEFINITIONS    3 ARTICLE 3.   PLAN
PARTICIPATION    5 ARTICLE 4.   BENEFITS PAYABLE    6 ARTICLE 5.   PAYMENT OF
SERP BENEFITS    7 ARTICLE 6.   PLAN ADMINISTRATION    8 ARTICLE 7.  
MISCELLANEOUS PROVISIONS    9

 

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ARTICLE 1. INTRODUCTION

 

The E.W. Scripps Company, an Ohio corporation (“EWSCO”), hereby amends and
restates the Scripps Supplemental Executive Retirement Plan (sometimes
heretofore called the Scripps Excess Benefit Plan) to read in its entirety as
set forth in this document, effective January 1, 2003.

 

The Scripps Supplemental Executive Retirement Plan (“Scripps SERP” or “SERP”)
originally was established by a predecessor of EWSCO on October 27, 1982 in
response to certain limitations that were imposed upon tax qualified pension
plans by the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”). TEFRA
had the effect of reducing tax qualified pension benefits for executive
employees by limiting the amount of an employee’s annual compensation that may
be recognized under such a plan and limiting the maximum level of benefits that
may be paid to an employee by such a plan. Following the original adoption of
the SERP by EWSCO, various affiliates of EWSCO thereafter adopted the SERP from
time to time for the benefit of their own executive employees.

 

The purpose of the SERP is to supplement benefits payable to, and on behalf of,
covered employees by the Scripps Pension Plan, a tax qualified retirement plan
maintained by EWSCO and its affiliates. In general, the SERP provides covered
employees with the additional benefits they would have earned under the Scripps
Pension Plan, by reason of their Scripps and Scripps-related employment, in the
absence of the annual compensation limits and maximum benefit limits imposed by
Section 401(a)(17) and Section 415, respectively, of the Internal Revenue Code
of 1986, as amended (“Code”).

 

EWSCO and its affiliates who participate in the SERP (collectively, the
“Participating SERP Employers”) each agree to pay the benefits which their own
covered employees become entitled to receive under the terms of the SERP. Each
covered employee only will receive SERP benefits from the particular
Participating SERP Employer by whom he/she was employed. SERP benefits shall not
be advance funded, but rather shall only be payable from the general assets of
the Participating SERP Employer, with the covered employee being a general
creditor of his/her Participating SERP Employer.

 

It is intended that (i) the SERP constitute an unfunded deferred compensation
plan for a select group of management or highly compensated employees, within
the meaning of Sections 201(2) and 401(a)(1) of the Employee Retirement Income
Security Act of 1974, as amended (“ERISA”); (ii) the SERP be an excess benefit
plan, within the meaning of Sections 3(36) and 4(b)(5) of ERISA; and (iii) there
be no inconsistencies between the benefit and eligibility determinations made
under the SERP and those made under the Scripps Pension Plan. Accordingly, all
provisions of the SERP are to be interpreted and carried out in a manner
consistent with the aforesaid intentions.

 

ARTICLE 1   2

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ARTICLE 2. DEFINITIONS

 

2.1 “Adjusted Annual Compensation” means a Covered Employee’s “Annual
Compensation” under the Scripps Pension Plan, but determined without regard to
any limitations imposed by reason of Section 401(a)(17) of the Code on the
maximum amount that may recognized as Annual Compensation. A Covered Employee’s
Adjusted Annual Compensation also shall include (to the extent not already
included in Annual Compensation) the following amounts, which shall be added to
the Covered Employee’s compensation for the taxable year in which such amounts
are earned:

 

  (a) Bonuses earned in 1989 and later if paid more than one year after the
calendar year in which such bonuses were earned;

 

  (b) Other payments in the nature of deferred compensation which have been
designated by the Pension Board as includable in an employee’s Adjusted Annual
Compensation for purposes of this Plan; and

 

  (c) Any other forms of executive compensation which have been designated by
the Pension Board as includable in an employee’s Adjusted Annual Compensation
for purposes of this Plan.

 

2.2 “Beneficiary” means a Covered Employee’s “Beneficiary” under the Scripps
Pension Plan. Notwithstanding the foregoing, if a Covered Employee’s SERP
Benefit is to be distributed in the form of a 10-year installment payout
pursuant to the next to last paragraph of Article 4 hereof, the Covered Employee
may file a separate written beneficiary designation with the Pension Board for
his SERP Benefit, in which case his/her Beneficiary shall be the person(s) named
in such beneficiary designation.

 

2.3 “Code” means the Internal Revenue Code of 1986, as amended.

 

2.4 “Covered Employee” means a management or highly compensated employee of a
Participating SERP Employer (i) who qualifies for a Normal Retirement Benefit,
Early Retirement Benefit, Disability Retirement Benefit or Deferred Vested
Benefit under the Scripps Pension Plan that is limited by reason of Section
401(a)(17) and/or Section 415 of the Code, and (ii) who has not been expressly
excluded from participation in the SERP by agreement with his/her Participating
SERP Employer.

 

2.5 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended.

 

2.6 “EWSCO” means The E.W. Scripps Company, an Ohio corporation, or any
successor.

 

2.7 “Participating SERP Employer” means a “Participating Employer” under the
Scripps Pension Plan that is in the EWSCO control group under Section 414(b) or
414(c) of ERISA, or any other Participating Employer under the Scripps Pension
Plan that adopts the SERP with the consent of the Pension Board.

 

2.8 “Pension Board” means the “Pension Board” under the Scripps Pension Plan.

 

ARTICLE 2   3

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2.9 “Scripps Pension Plan” or “Pension Plan” means the document entitled Scripps
Pension Plan (As Amended and Restated as of January 1, 1997), as the same may be
amended and restated from time to time, including the tax qualified pension plan
provided for thereunder.

 

2.10 “Scripps SERP” or “SERP” or “Plan” means this document, as the same may be
amended from time to time, including the nonqualified pension plan provided for
hereunder.

 

2.11 “SERP Benefit” means any benefit payable under the Scripps SERP to or on
behalf of a Covered Employee .

 

2.12 In addition to the foregoing, in the case of any terms which are used in
the SERP and not defined herein but which are defined in the Scripps Pension
Plan, such terms shall have the meanings set forth in the Scripps Pension Plan.

 

2.13 Whenever appropriate, words used herein in the singular may be read as the
plural and the plural may be read as the singular. Unless otherwise clear from
the context, words used herein in the masculine shall also be deemed to include
the feminine.

 

ARTICLE 2   4

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ARTICLE 3. PLAN PARTICIPATION

 

An individual must be a Covered Employee in order to participate in the Scripps
SERP.

 

ARTICLE 3   5

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ARTICLE 4. BENEFITS PAYABLE

 

A Covered Employee shall be entitled to receive the benefits described in this
Article 4, payable as described in Article 5 hereof. For purposes of this
Article 4, payment to a Covered Employee shall include payment to his/her
Beneficiary in accordance with any benefit election made by the Covered Employee
under the Scripps Pension Plan.

 

Upon qualifying to receive benefits under the Scripps Pension Plan, the Pension
Board shall determine whether a participant’s benefit amount has been limited by
reason of Section 401(a)(17) and/or Section 415 of the Code. If it has and the
participant otherwise is a Covered Employee, the Pension Board then shall
compute the following:

 

  (a) His/her actual benefit amount under the Scripps Pension Plan; and

 

  (b) What the benefit amount would be if computed on the basis of his/her
Adjusted Annual Compensation and without any Code Section 415 maximum benefit
limitation (as currently set forth in Section 6.02 of the Scripps Pension Plan).

 

After determining the amount by which paragraph (b) exceeds paragraph (a) above,
the Pension Board then shall gross up the difference by the combined
employer/employee Medicare hospital insurance tax assessable on such difference
(currently 2.9%), and such grossed up amount shall represent the amount of the
Covered Employee’s SERP Benefit.

 

Except as provided in the following paragraph, a Covered Employee’s SERP Benefit
shall be paid in exactly the same form of benefit as his/her benefit under the
Scripps Pension Plan is paid, and using exactly the same actuarial adjustments
and assumptions as are prescribed under the Scripps Pension Plan.

 

In the case of any Covered Employee whose benefit under the Scripps Pension Plan
is distributed as a Lump-Sum Payment (Option E), his/her SERP Benefit will be
paid in the form of a 10-year installment payout, with the amount of the
installments being computed using the same interest factor that is used in
computing his/her Lump-Sum Payment (Option E) under the Scripps Pension Plan. If
the Covered Employee should die before completion of the 10-year installment
payout, all remaining installments will be paid to the Covered Employee’s
Beneficiary.

 

Any rules adopted by the Pension Board regarding the computation of a Covered
Employee’s SERP Benefit shall have the same force and effect as if expressly
included in this document.

 

ARTICLE 4   6

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ARTICLE 5. PAYMENT OF SERP BENEFITS

 

All SERP Benefits shall be paid in cash from the general assets of a Covered
Employee’s Participating SERP Employer. If a Covered Employee is entitled to a
SERP Benefit on account of service with more than one Participating SERP
Employer, the Pension Board shall determine the manner in which the obligation
to pay such SERP Benefit shall be equitably apportioned between or among such
Participating SERP Employers. A Covered Employee shall have the status of a
general creditor of his/her Participating SERP Employer with respect to any
claim for SERP Benefits.

 

ARTICLE 5   7

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ARTICLE 6. PLAN ADMINISTRATION

 

The SERP Plan shall be administered in the same manner as the Scripps Pension
Plan by the Pension Board and/or its designee(s). The Pension Board shall have
the same rights, powers and duties with respect to the SERP Plan as it has under
the terms of the Scripps Pension Plan. Without limiting the generality of the
foregoing, the Pension Board has full authority to (i) interpret the SERP Plan,
(ii) determine all questions relating to the rights and status of Covered
Employees and their SERP Benefits, and (iii) make such rules and regulations for
the administration of the SERP Plan as are not inconsistent with its express
terms and provisions.

 

ARTICLE 6   8

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ARTICLE 7. MISCELLANEOUS PROVISIONS

 

7.1 ERISA and Governing Law. The SERP Plan is a combination of an excess benefit
plan, as defined in Sections 3(36) and 4(b)(5) of ERISA, and an unfunded
deferred compensation plan for a select group of management or highly
compensated employees, as defined in Section 201(2) and 401(a)(1) of ERISA. As
such, the Plan is expressly excluded from all, or substantially all, of the
provisions of ERISA, including but not limited to Parts 2 and 3 of Title I
thereof. None of the statutory rights and protections conferred on participants
by ERISA are conferred under the terms of this Plan, except as expressly noted
or required by operation of law. To the extent not superseded by federal law,
the laws of the State of Ohio shall control in any and all matters relating to
the Plan.

 

7.2 Incorporation of Scripps Pension Plan Provisions By Reference. The
provisions of the Scripps Pension Plan are hereby fully incorporated by
reference, but only to the extent reference is made by the SERP Plan to such
provisions or otherwise necessary for the proper administration of the SERP
Plan. Eligibility for and payment of SERP Benefits under this Plan shall be
based solely upon benefit determinations and computations made under the terms
of the Scripps Pension Plan, excepting only the imposition of those benefit
limitations attributable to Sections 401(a)(17) and 415 of the Code and the
different compensation standard hereunder. The eligibility of each Covered
Employee for SERP Benefits thus will be based, at least in part, upon the
interpretations of the Scripps Pension Plan provisions, as made by the
fiduciaries thereof; and such fiduciaries’ interpretations will be fully binding
on this Plan and all parties hereto. Except as expressly provided in the SERP
Plan, any restrictions or limitations imposed upon the payment of benefits under
the Scripps Pension Plan shall be equally applicable to the payment of benefits
under the SERP Plan

 

7.3 Claims and Appeals Procedure. The claims and appeals procedure set forth in
the Scripps Pension Plan (currently Section 9.01 thereof) shall be equally
applicable to claims and appeals under the SERP Plan, and such provisions hereby
are incorporated into this Plan by reference.

 

7.4 Benefits Are Nonassignable. No SERP Benefit may be pledged, assigned,
anticipated or alienated in any way by any Covered Employee or Beneficiary or
personal representative of the foregoing. Moreover, no Covered Employee,
Beneficiary or personal representative of the foregoing shall have any right to
cause benefits otherwise payable under this Plan to be accelerated or paid on
any basis or in any form other than on the bases and in the forms provided for
under Articles 4 and 5 hereof.

 

7.5 Amendment, Suspension or Termination of Plan. EWSCO hereby reserves the
right and power to amend, suspend or terminate this Plan, in whole or in part,
at any time and from time to time; provided, however, that in no event shall
EWSCO have the right to eliminate or reduce any SERP Benefit which has already
has become payable under Article 4 hereof prior to such amendment, suspension or
termination. Each Participating SERP Employer also have the right to withdraw
from the Plan with respect to all employees whose SERP Benefits have not yet
become payable under Article 4 hereof

 

ARTICLE 7   9

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prior to such withdrawal. All actions pursuant to this Section 7.5 shall be set
forth in a written instrument executed by an appropriate corporate officer.

 

7.6 No Guarantee Of Employment. Nothing contained herein shall be construed as a
contract of employment between a Participating SERP Employer and any employee,
or as a right of any employee to continue in the employment of a Participating
SERP Employer, or as a limitation of the right of a Participating SERP Employer
to discharge any of its employees, with or without cause, at any time.

 

7.7 Severability. If any provision of this Plan shall be held illegal or invalid
for any reason, said illegality or invalidity shall not affect the remaining
provisions hereof; instead, each provision shall be fully severable and the Plan
shall be construed and enforced as if said illegal or invalid provision had
never been included herein.

 

7.8 Successor Employer. In the event of the dissolution, merger, consolidation
or reorganization of a Participating SERP Employer, the Participating SERP
Employer shall have the unilateral right (but not the obligation) to assign or
transfer its participation in the Plan, or any liability or other obligation
arising thereunder, in whole or in part to a successor, in which case such
successor shall be substituted for the former Participating SERP Employer under
the Plan. The substitution of a successor shall constitute a full and complete
assumption of all associated Plan liabilities by such successor and a full and
complete discharge of the former Participating SERP Employer with respect
thereto, and the successor shall thereupon have all of the powers, duties and
responsibilities of the prior Participating SERP Employer under the Plan.

 

IN WITNESS WHEREOF, The E.W. Scripps Company, acting by and through its duly
authorized officer, hereby adopts this Scripps Supplemental Executive Retirement
Plan (As Amended and Restated Effective January 1, 2003), this          day of
        , 2003.

 

THE E.W. SCRIPPS COMPANY

BY:

 

 

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ARTICLE 7   10