mni2q08exh10-27.htm


    
Exhibit
10.27


      


       

      Amended
and Restated

       

      Chief
Executive Officer Bonus Plan

       

      THE
McCLATCHY COMPANY CHIEF EXECUTIVE OFFICER BONUS PLAN

       

      (As
amended and restated effective May 13, 2008)

       

       

      
        	
                Purpose. 
      The
      purpose of The McClatchy Company's Chief Executive Officer Bonus Plan (the
      "Plan") is to motivate and reward the chief executive officer ("CEO") for
      exceptional performance by making a portion of his cash compensation
      directly dependent on The McClatchy Company's ("McClatchy") performance in
      operating cash flow, operating cash flow as a percentage of revenue,
      revenue, operating income, operating income as a percentage of revenue,
      pretax income, pretax income as a percentage of revenue, net income, net
      income as a percentage of revenue and/or circulation. The Plan is designed
      to ensure that the bonus paid hereunder to the CEO of McClatchy is
      deductible under Section 162(m) of the Internal Revenue Code of 1986, as
      amended, and the regulations and interpretations promulgated thereunder
      (the "Code"). The material terms of this Plan are subject to stockholder
      approval.

              


      

       

      
        	
                Covered
      Individuals.  The
      individual entitled to bonus payments hereunder shall be the CEO of
      McClatchy.

              


      

       

      
        	
                The
      Committee.   The
      Committee shall consist of at least two outside directors of McClatchy
      that satisfy the requirements of Code Section 162(m).  The Committee
      shall have the sole discretion and authority to administer and interpret
      the Plan in accordance with Code Section
  162(m). 

              


      

       

      
        	
                Amount of
      Bonus.  The
      bonus payment for the CEO shall be determined based on an objective
      formula(e) established by the Committee in writing with respect to each
      performance period no later than the latest time permitted by the Code.
      The formula(e) shall incorporate one or more of the objective business
      criteria identified in the Purpose paragraph above, and the objective
      financial business criteria shall be determined by the Committee in
      accordance with generally accepted accounting principles. The term
      "performance period" shall mean the service period for which the bonuses
      are payable. The maximum aggregate bonus payable to the CEO under this
      Plan for any performance period shall not exceed $3,000,000. The Committee
      may also, in its sole discretion, reduce any bonus payable to the CEO for
      any reason.

              


      

       

      
        	
                Payment of
      Bonus.  Annual
      bonus payments are made in cash. Each annual bonus is not considered
      earned until the last business day of the performance period, and payment
      of a given year's bonus requires that the CEO be on McClatchy's payroll as
      of such date. The Committee may make exceptions to these requirements in
      the case of retirement, death or disability, as determined by the
      Committee in its sole discretion. No bonus shall be paid unless and until
      the Committee makes a certification in writing required by Code Section
      162(m).

              


      

       

      
        	
                Amendment and
      Termination.  McClatchy
      reserves the right to amend or terminate this Plan at any time. Plan
      amendments will require stockholder approval only to the extent required
      by applicable law.