Document:

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Exhibit 10.3
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Royal Gold, Inc.
2015 Omnibus Long-Term Incentive Plan
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Performance Shares Agreement (TSR)
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Royal Gold, Inc., a Delaware corporation (the “Company”), has granted to you performance shares (the “Performance Shares”) relating to shares of its common stock, $0.01 par value (the “Stock”), under the Royal Gold, Inc. 2015 Omnibus Long-Term Incentive Plan (as amended from time to time, the “Plan”), subject to the terms and conditions of the Plan and this Performance Share Agreement (TSR) (this “Agreement”).
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A.Grant Notice
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	Grantee
	___________________

	Grant Date
	___________________

	Number of Performance Shares
	Target: ___________________
Maximum: 200% of Target

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B.Terms and Conditions
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	Performance
Goals and
Vesting
Conditions
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	The number of Performance Shares, if any, that may be issued under this Agreement will be calculated based on the attainment of the performance goals set forth on Exhibit A. The Performance Shares will vest, if at all, on the later of the third anniversary of the Grant Date or the date on which the Committee determines that the performance goals set forth on Exhibit A have been met (the “Vesting Date”), provided that you remain in continuous Service from the Grant Date through the Vesting Date. Except as otherwise provided in this Agreement, no Performance Shares will vest after your Service has terminated for any reason. All Performance Shares that have not vested on or prior to the Vesting Date will be forfeited.
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The Committee, in its sole discretion, has the authority to determine whether the performance goals set forth on Exhibit A have been achieved and to make any other determinations as to whether the conditions of this Agreement have been met.
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	Purchase Price
and
Transferability
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	The purchase price for your Performance Shares is deemed paid by your Service. The Performance Shares may not be (a) sold, transferred, assigned, pledged, or otherwise encumbered or disposed of, whether by operation of law or otherwise, or (b) made subject to execution, attachment, or similar process.
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	Delivery of Stock
Pursuant to
Vested
Performance
Shares
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	The Stock represented by any vested Performance Shares will be delivered to you as soon as reasonably practicable after the Vesting Date, but no later than the 15th day of the third month following the end of the calendar year in which the Performance Period ends.
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	Involuntary
Termination in
Connection with
a Change of
Control
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	If you incur an Involuntary Termination (as defined below) within the period beginning 90 days prior to and ending two years after the occurrence of a Change of Control (or, if you have an employment agreement or contract with the Company or its Affiliates, a “Change of Control,” as defined in your employment agreement or 
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	contract), then the maximum number of Performance Shares set forth above will vest in full as of your termination date.
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“Involuntary Termination” means the following:
a)

If you have an employment agreement in effect with the Company or the Company’s wholly owned subsidiary, Royal Gold Corporation, an “Involuntary Termination” means (a) your Service or employment agreement is terminated without “Cause” (as defined in your employment agreement) during the term of your employment agreement, (b) you terminate your Service or your employment agreement for “Good Reason” (as defined in your employment agreement) during the term of your employment agreement, or (c) your Service is terminated upon the Company’s or Royal Gold Corporation’s election not to renew the term for one of the four successive one-year renewal terms pursuant to your employment agreement.

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b)

If you have an employment contract in effect with the Company’s wholly owned subsidiary, RGLD Gold AG, an “Involuntary Termination” means your Service or employment contract is terminated without a reason justifying termination with immediate effect pursuant to your employment contract.

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c)

If you do not have an employment agreement or contract in effect with the Company or its Affiliates, an “Involuntary Termination” means a termination of your Service by reason of (1) your involuntary termination by the Company for reasons other than Cause or (2) your voluntary resignation from the Company within 90 days following the first occurrence of the following: (A) a material adverse change in your title or responsibilities with the Company, (B) a material reduction in your base salary, or (C) receipt of notice that your principal work place will be relocated by more than 50 miles.

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	Forfeiture of
Unvested
Performance
Shares
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	If your Service terminates for any reason other than as provided above, you will forfeit all unvested Performance Shares.
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	Leaves of
Absence
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	The impact of any leave of absence on your Service for purposes of this Agreement will be determined in accordance with the Company’s policies and procedures and Applicable Laws.
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	Withholding
Taxes
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	As a condition of this grant, you agree that you will make acceptable arrangements consistent with the Company’s policies and procedures to pay any withholding or other taxes that may be due as a result of this grant or the vesting, settlement, or issuance of Shares related to this grant. You may satisfy the withholding or other tax obligations by remitting cash payments to the Company within the time periods specified by Company policies and procedures or, to the extent permitted under Applicable Laws, by causing the Company or its Affiliates to withhold shares of Stock otherwise issuable to you as a result of this grant. Your election will be irrevocable and must be made in advance and in accordance with Company’s Insider Trading Policy, Stock Ownership Guidelines (if applicable), and any other applicable policies or procedures in effect from time to time. If you do not make acceptable arrangements to satisfy your tax obligations, the Company will withhold shares of Stock otherwise issuable to you as a result of this grant. Any shares of 
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	Stock withheld under this section will have an aggregate Fair Market Value equal to the withholding obligations.
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	No Right to
Continued
Service
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	Neither the Performance Shares nor this Agreement gives you the right to continued Service in any capacity. The Company (and any parent, Subsidiaries, or Affiliates) reserves the right to terminate your Service at any time and for any reason not prohibited by law.
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	Forfeiture of
Rights
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	If you take actions in competition with the Company, the Company will have the right to cause a forfeiture of your rights, including but not limited to (a) a forfeiture of any unvested Performance Shares and (b) with respect to the period commencing 12 months prior to your termination of Service (1) a forfeiture of any proceeds received upon a sale of shares acquired by you upon vesting of Performance Shares or (2) a forfeiture of any shares of Stock acquired by you upon vesting of the Performance Shares.
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You will be deemed to have taken actions in competition with the Company if, (a) within one year of your termination of Service, you directly or indirectly own, manage, operate, join, or control; participate in the ownership, management, operation, or control of; are a proprietor, director, officer, stockholder, member, partner, employee, or agent of; or are a consultant to any business, firm, corporation, partnership, or other entity that is in the business of creating, financing, acquiring, investing in, or managing precious metal royalties, precious metal streams, or similar interests or (b) you take any action that violates the noncompetition provisions of any employment agreement or contract between you and the Company or any of its Affiliates. Ownership of less than 1% of the securities of a public company will not be treated as an action in competition with the Company.
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	Stockholder
Rights
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	You have no rights as a stockholder of the Company unless and until the shares of Stock relating to vested Performance Shares have been issued. Except as described in the Plan, no adjustments are made for dividends or other rights if the applicable record date occurs before the shares are issued.
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	Applicable Law
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	The validity and construction of this Agreement will be governed by, and construed and interpreted in accordance with, the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to the substantive laws of any other jurisdiction.
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	Code Section
409A
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	It is intended that this Agreement comply with Code Section 409A to the extent subject thereto. Accordingly, to the maximum extent permitted, this Agreement will be interpreted and administered to be in compliance with Code Section 409A. To the extent that the Company determines that you would be subject to the additional taxes or penalties imposed on certain nonqualified deferred compensation plans pursuant to Code Section 409A as a result of any provision of this Agreement, that provision will be deemed amended to the minimum extent necessary to avoid application of the additional taxes or penalties. The nature of the amendment will be determined by the Company. Notwithstanding anything to the contrary in this Agreement or the Plan, to the extent required to avoid accelerated taxation and penalties under Code Section 409A, amounts that would otherwise be payable and 
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	benefits that would otherwise be provided pursuant to this Agreement during the six-month period immediately following your “separation from service” (as defined for purposes of Code Section 409A, a “Separation from Service”) will instead be paid on 

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		the first payroll date after the six-month anniversary of your Separation from Service (or your death, if earlier). Notwithstanding anything to the contrary in this Agreement, for purposes of any provision of this Agreement providing for the settlement of any shares of Stock upon or following a termination of employment or a termination of Service that are considered “deferred compensation” under Code Section 409A, references to your “termination of employment” or “termination of Service” (and corollary terms) will be construed to refer to your Separation from Service. Each installment of Performance Shares that vests under this Agreement (if there is more than one installment) will be considered one of a series of separate payments for purposes of Code Section 409A.
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	Consent to
Electronic
Delivery
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	The Company may choose to deliver certain statutory materials relating to the Plan in electronic form. By accepting this grant, you agree that the Company may deliver the Plan prospectus and the Company’s annual report to you in an electronic format. If at any time you would prefer to receive paper copies of these documents, as you are entitled to, the Company would be pleased to provide copies. Please contact the Company’s Corporate Secretary at (303) 573-1660 or corporatesecretary@royalgold.com to request paper copies of these documents.
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	The Plan
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	The text of the Plan is incorporated by reference into this Agreement. Capitalized terms used but not defined in this Agreement have the meanings ascribed to them in the Plan. This Agreement and the Plan constitute the entire understanding between you and the Company regarding the Performance Shares. Any prior agreements, commitments, or negotiations concerning the Performance Shares are superseded.
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	Data Privacy
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	To administer the Plan, the Company and its Affiliates may process personal data about you. This data includes the information provided in this Agreement and any changes thereto, other appropriate personal and financial data about you such as home address and business addresses and other contact information, payroll information, and any other information that might be deemed appropriate by the Company or its Affiliates to facilitate the administration of the Plan. By accepting this grant, you give explicit consent to the Company and its Affiliates to process any personal data and to transfer any personal data outside the country in which you work or are employed, including, with respect to non-U.S. resident grantees, to the United States, to transferees who will include the Company and other persons designated by the Company to administer the Plan.
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	Company Policies
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	This grant and the Performance Shares are subject to your compliance with the Company’s Insider Trading Policy, Stock Ownership Guidelines (if applicable), Incentive Compensation Recoupment Policy (if applicable), and any other applicable policies or procedures in effect from time to time.
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[Signature page follows.]
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This Performance Shares Agreement is executed as of the dates set forth below.
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Royal Gold, Inc.
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By:​ ​​ ​​ ​​ ​
Name:​ ​​ ​​ ​​ ​
Title:​ ​​ ​​ ​​ ​
Date:​ ​​ ​​ ​​ ​
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Grantee Acknowledgement and Agreement
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By executing this Agreement, I acknowledge that I have received and had an opportunity to review this Agreement, the Plan, and the related Prospectus. I agree to the terms and conditions in this Agreement and the Plan.
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By:​ ​​ ​​ ​​ ​
Name:​ ​​ ​​ ​​ ​
Date:​ ​​ ​​ ​​ ​
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For your grant of Performance Shares to be valid, you must execute this Agreement
no later than 30 days after the Grant Date.
Attachments:
Exhibit A - Performance Goals
2015 Omnibus Long-Term Incentive Plan and Prospectus (available in Shareworks)
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Exhibit A
Performance Goals
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[Performance Metrics, Vesting Schedule, Service Date(s) and Peer Group to be added each year]

​Document

EXHIBIT 10.2

FORM OF GANNETT CO., INC.
EMPLOYEE PERFORMANCE RESTRICTED STOCK UNIT GRANT AGREEMENT
THIS EMPLOYEE PERFORMANCE RESTRICTED STOCK UNIT GRANT AGREEMENT (this “Agreement”) is made as of __________, by and between Gannett Co., Inc., a Delaware corporation (the “Company”), and __________ (the “Grantee”).
WHEREAS, the Company has adopted the Gannett Co., Inc. 2020 Omnibus Incentive Compensation Plan (originally adopted on February 3, 2014, as amended and restated on February 26, 2020, and as further amended December 23, 2020, the “Plan”); and
WHEREAS, Section 5.4 of the Plan allows for the grant of Performance Awards, as determined by the Committee, to employees of the Company, its parent, subsidiaries and affiliates.
NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto hereby agree as follows:
1.Grant of Performance Restricted Stock Units.  Pursuant to, and subject to, the terms and conditions set forth herein and in the Plan, the Company hereby grants to the Grantee an Award of a total of __________ performance restricted stock units (“PRSUs”).  Each PRSU represents the right to receive one (1) share of Stock.
2.Grant Date.  The grant date of the PRSUs hereby granted is __________ (the “Grant Date”).
3.Incorporation of the Plan.  All terms, conditions and restrictions of the Plan are incorporated herein and made a part hereof as if stated herein.  If there is any conflict between the terms and conditions of the Plan and this Agreement, the terms and conditions of the Plan, as interpreted by the Board or the Committee, shall govern.  Unless otherwise indicated herein, all capitalized terms that are used, but not otherwise defined, herein shall have the meanings given to such terms in the Plan. 
4.Performance Criteria.  The performance criteria and metrics for the PRSUs shall be based on the Company’s achievement of Adjusted EBITDA (calculated in line with Adjusted EBITDA for the Annual Bonus Plan) and digital revenues, with equal weighting of each metric, with three one-year cycles against goals to be approved by the Committee, with objectives established at the beginning of each one-year cycle (each, a “Cycle”), and with one-third of the PRSUs subject to each Cycle.  The performance criteria and metrics shall provide for payment of 100% for achieving target goals, 50% of target for achieving threshold goals, 200% of target for achieving maximum (or greater) goals, and no payout for achievement below threshold goals.  The number of PRSUs that are eligible to vest in accordance with Section 5 of this Agreement shall be determined by calculating the Adjusted EBITDA and digital revenue for each Cycle and comparing it to the Adjusted EBITDA and digital revenue performance criteria and metrics established by the Committee for such Cycle (the “Number of PRSUs Eligible to Vest”).  If the Adjusted EBITDA or digital revenue is between two points of the applicable performance criteria and metrics, then the “Number of PRSUs Eligible to Vest” shall be determined by linear interpolation. 
5.Vesting.  If the Grantee remains employed by the Company through the third anniversary of the Grant Date (the “Vesting Date”), then the Grantee will vest in the Number of PRSUs Eligible to Vest in accordance with Section 4 of this Agreement based on the achievement of the Adjusted EBITDA and digital revenue performance criteria and metrics for the Cycles. 

If the Grantee’s employment with the Company is terminated prior to the Vesting Date either by the Company without Cause prior to a Change in Control or as a result of the Grantee’s death or Disability, then the Grantee will vest in a number of PRSUs equal to the product of (x) the number of PRSUs that become eligible to vest in accordance with Section 4 of this Agreement based on the achievement of the performance criteria and metrics through termination (i.e., actual performance for any earned/banked Shares) and (y) a fraction, the numerator of which is the number of days elapsed between the Grant Date and the date of termination and the denominator of which is 1,095.  For purposes of this paragraph, “Cause” shall have the meaning set forth in the Company’s Key Employee Severance Plan, as in effect on the Grant Date.
If the Grantee’s employment with the Company is terminated by the Company without Cause prior to the Vesting Date, but on or following a Change in Control, then the Grantee will vest in the full number of PRSUs that become eligible to vest in accordance with Section 4 of this Agreement based on the achievement of the performance criteria and metrics through termination (i.e., actual performance for any earned/banked Shares), without proration.  For purposes of this paragraph, “Cause” shall have the meaning set forth in the Company’s Change in Control Severance Plan, as in effect on the Grant Date.
If the Grantee’s employment is terminated by the Company for Cause prior to the Vesting Date, then all outstanding PRSUs, whether vested or unvested, will immediately be forfeited without the payment of any consideration.  For purposes of this paragraph, “Cause” shall have the meaning set forth in (i) the Company’s Key Employee Severance Plan, as in effect on the Grant Date, for a termination occurring prior to a Change in Control or (ii) the Company’s Change in Control Severance Plan, as in effect on the Grant Date, for a termination occurring on or following a Change in Control.
6.Settlement of PRSUs.  Any shares of Stock issuable in respect of PRSUs that have vested in accordance with Section 5 of this Agreement shall be delivered to the Grantee as soon as practicable following vesting and in no event later than March 15 of the year following the year in which vesting occurs.
7.Forfeiture.  Subject to the provisions of the Plan and Section 5 of this Agreement, PRSUs which have not become vested on the earlier of (i) the date the Grantee’s service as an employee of the Company or its parent, subsidiaries or affiliates ends for any reason and (ii) the date the Grantee gives or receives a notice of termination of such service, shall immediately be forfeited on such applicable date. 
8.Delays or Omissions.  No delay or omission to exercise any right, power, or remedy accruing to any party hereto upon any breach or default of any party under this Agreement, shall impair any such right, power or remedy of such party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of any similar breach or default thereafter occurring nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.  Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, shall be in writing and shall be effective only to the extent specifically set forth in such writing. 
9.Integration.  This Agreement and the Plan contain the entire understanding of the parties with respect to its subject matter.  There are no restrictions, agreements, promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein and in the Plan.  This Agreement and the Plan supersede all prior agreements and understandings between the parties with respect to the subject matter hereof. 
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10.Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 
11.Grantee Acknowledgment.  The Grantee hereby acknowledges receipt of a copy of the Plan.  The Grantee hereby acknowledges that all decisions, determinations and interpretations of the Board, or a Committee thereof, in respect of the Plan, this Agreement and the PRSUs shall be final and conclusive. 
12.Restrictions on Transfer.  Until such time as the PRSUs are fully vested in accordance with Section 5 hereof, or as otherwise provided in the Plan, no purported sale, assignment, mortgage, hypothecation, transfer, charge, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any such unvested PRSUs or any agreement or commitment to do any of the foregoing (each a “Transfer”) by any holder thereof in violation of the provisions of this Agreement will be valid, except with the prior written consent of the Board (such consent shall be granted or withheld in the sole discretion of the Board) or under the laws of descent and distribution.
Any purported Transfer of the PRSUs or any economic benefit or interest therein in violation of this Agreement shall be null and void ab initio, and shall not create any obligation or liability of the Company, and any Person purportedly acquiring any of the PRSUs or any economic benefit or interest therein transferred in violation of this Agreement shall not be entitled to be recognized as a holder of such shares.
Without prejudice to the foregoing, in the event of a Transfer or an attempted Transfer in violation of this Agreement, such PRSUs, and all of the rights related thereto, shall be immediately forfeited without consideration.
13.Taxes.  The Grantee shall, no later than the date(s) as of which the value of the PRSUs becomes includible in the gross income of the Grantee for federal tax purposes, pay to the Company, or make arrangements satisfactory to the Committee regarding payment of, any federal, state, or local taxes of any kind required by law to be withheld with respect to the PRSUs.  The obligations of the Company under this Agreement and the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Grantee. 
14.Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of laws of such state.
15.Securities Laws Requirements.  The Company shall not be obligated to issue shares of Stock to the Grantee if such transfer, in the opinion of counsel for the Company, would violate the Securities Act (or any other federal or state statutes having similar requirements as may be in effect at that time).
16.Notices.  All notices or other communications provided hereunder must be in writing and mailed or delivered either (i) to the Company at its principal place of business or (ii) to the Grantee at the address on file with the Company, or such other address as the Company or the Grantee may provide to the other for purposes of providing notice.  Any such notice shall be deemed effective (1) upon delivery if delivered in person, (2) on the next business day if transmitted by national overnight courier and (3) on the fourth business day following mailing by first class mail.
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17.Agreement Not a Contract for Services.  Neither the Plan, the granting of the PRSUs, this Agreement nor any other action taken pursuant to the Plan shall constitute or be evidence of any agreement or understanding, express or implied, that the Grantee has a right to continue to provide services as an officer, director, employee, consultant or advisor of the Company or any of its subsidiaries or affiliates for any period of time or at any specific rate of compensation.
18.Representations.  The Grantee has reviewed with the Grantee’s own tax advisors the federal, state, local and foreign tax consequences of the transactions contemplated by this Agreement.  The Grantee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents.
19.Amendments; Construction.  The Administrator may amend the terms of this Agreement prospectively or retroactively at any time, but no such amendment shall impair the rights of the Grantee hereunder without the Grantee’s consent.  Headings to Sections of this Agreement are intended for convenience of reference only, are not part of this Agreement and shall have no effect on the interpretation hereof.
20.Adjustments.  Pursuant to Section 3.3 of the Plan, upon the occurrence of any event which affects the shares of Stock in such a way that an adjustment of outstanding PRSUs is appropriate in order to prevent the dilution or enlargement of rights under the PRSUs (including, without limitation, any extraordinary dividend or other distribution (whether in cash or in kind), recapitalization, stock split, reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, or share exchange, or other similar corporate transaction or event), the Committee shall make such equitable adjustments as it deems necessary or appropriate to the number and kind of securities or other property (including cash) issued or issuable in respect of outstanding PRSUs.
21.Rights as a Stockholder.  The Grantee shall have no rights of a stockholder (including the right to distributions or dividends) until shares of Stock are delivered to the Grantee following vesting of the PRSUs; provided, that, with respect to the period commencing on the Grant Date and ending on the date the shares of Stock subject to the PRSUs are delivered to the Grantee pursuant to Section 6 of this Agreement, the Grantee shall be eligible to receive an amount of cash equal to the product of (i) the number of shares of Stock, if any, delivered to the Grantee following the vesting of the PRSUs and (ii) the amount of cash distributed with respect to an outstanding share of Stock during such period, which amount of cash shall be paid to the Grantee on or about the date such shares of Stock are delivered to the Grantee.  No interest or other earnings will be credited with respect to such payment.
22.Section 409A.  The intent of the parties is that the payments and benefits under this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), to the extent subject thereto, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.  Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, (a) references to “termination of employment” and similar terms used in this Agreement mean, the Grantee’s “separation from service” within the meaning of Section 409A, and (b) amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to this Agreement or any other arrangement between the Grantee and the Company during the six-month period immediately following the Grantee’s separation from service shall instead be paid on the first business day after the date that is six months following the Grantee’s separation from service (or, if earlier, the Grantee’s date of death).  All payments under this Agreement shall be considered to be separate payments for purposes of Section 409A.  The Company makes no representation that any or all of the payments described in this Agreement will be exempt from or comply with Section 409A and makes no undertaking to preclude Section 409A from applying 
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to any such payment.  The Grantee shall be solely responsible for the payment of any taxes and penalties incurred under Section 409A.
23.Discretionary Plan; Employment.  The Plan is discretionary in nature and may be varied, suspended or terminated by the Company at any time and for any reason. With respect to the Plan, (a) each grant of an Award is a one-time benefit which does not create any contractual or other right to receive future grants of Awards, or benefits in lieu of Awards; (b) all determinations with respect to any such future grants, including, but not limited to, the times when the Awards shall be granted, the number of shares of subject to Awards, the payment dates and the vesting dates, will be at the sole discretion of the Company; (c) the Grantee’s participation in the Plan shall not create a right to further employment and shall not interfere with the ability of the employer to terminate the Grantee’s employment relationship at any time with or without cause; (d) notwithstanding the foregoing or any other provision of the Plan or this Agreement, the Grantee’s participation in the Plan shall not create an employment relationship between the Grantee and the Company, and the Plan and this Agreement do not constitute all or any part of any employment agreement; (e) participation in the Plan is voluntary; (f) the Award is not part of normal and expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payment, bonuses, long-service awards, pension or retirement benefits, or similar payments; (g) the Grantee waives any and all rights to compensation or damages in consequence of the termination of the Grantee’s employment or office holding for any reason whatsoever (whether or not such termination is wrongful or unfair) insofar as those rights arise or may arise from the Grantee ceasing to have rights under this Agreement as a result of such termination; and (h) the future value of the Award is unknown and cannot be predicted with certainty.
24.Clawback Policy.  Notwithstanding any other provision of this Agreement to the contrary, any shares of Stock issued hereunder, and/or any amount received with respect to any sale of any such shares of Stock, shall be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms of the Company’s clawback policy, if any, or any similar policy that the Company may adopt from time to time (the “Policy”). The Grantee agrees and consents to the Company’s application, implementation and enforcement of (i) the Policy that may apply to the Grantee and (ii) any provision of applicable law relating to cancellation, rescission, payback or recoupment of compensation, and expressly agrees that the Company may take such actions as are necessary to effectuate the Policy or applicable law without further consent or action being required by the Grantee. To the extent that the terms of this Agreement and the Policy or any similar policy conflict, then the terms of such policy shall prevail.
[Signature Page Follows]

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IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its duly authorized officer and the Grantee has hereunto signed this Agreement on the Grantee’s own behalf, thereby representing that the Grantee has carefully read and understands this Agreement and the Plan as of the day and year first written above. 
GANNETT CO., INC.

_____________________________
By:      
Title:  

Acknowledged and Accepted:

_____________________________
[Participant Name]

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