Document:

GCI-2015.03.29-EX10-1

Exhibit 10-1

SEVENTH AMENDMENT, dated as of February 13, 2015 (this “Amendment”), to the Competitive Advance and Revolving Credit Agreement, dated as of December 13, 2004 and effective as of January 5, 2005, as amended and restated as of August 5, 2013 and as further amended by the Sixth Amendment thereto, dated as of September 24, 2013 (the “Credit Agreement”) among Gannett Co., Inc., a Delaware corporation (“Gannett”), several banks and other financial institutions from time to time parties thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) and the other parties party thereto, is made by and between Gannett, the Administrative Agent and the Lenders party hereto. 
W I T N E S S E T H:
WHEREAS, Gannett has requested certain amendments to the Credit Agreement; 
WHEREAS, the parties are willing to consent to the requested amendments on the terms and conditions contained herein;
NOW THEREFORE, the parties hereto hereby agree as follows: 
1.Defined Terms.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 

2.Amendments to the Credit Agreement.  

2.1    Amendments to Section 1.1 of the Credit Agreement.
(a) The following term shall be inserted into Section 1.1 in appropriate alphabetical order:
““Seventh Amendment Effective Date”: February 13, 2015.”
(b) The definition of “Eurodollar Base Rate” shall be amended by adding the underlined text, as set forth below:

“with respect to any Eurodollar Loan for any Interest Period, the London interbank offered rate as administered by the British Bankers Association (or any other Person that takes over the administration of such rate) for Dollars for a period equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters Screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in each case, the “Screen Rate”) at approximately 11:00 A.M., London time, two Business Days prior to the commencement of such Interest Period; provided, that, if the Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided, further, that, if the Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) with respect to Dollars, then the Eurodollar Base Rate shall be the Interpolated Rate at such time.  “Interpolated Rate” means, at any time, the rate per annum determined by the Administrative Agent (which determination shall be conclusive 

and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the Screen Rate for the longest period (for which that Screen Rate is available in Dollars) that is shorter than the Impacted Interest Period and (b) the Screen Rate for the shortest period (for which that Screen Rate is available for Dollars) that exceeds the Impacted Interest Period, in each case, at such time; provided, that, if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.”
(c) The definition of “Federal Funds Effective Rate” shall be amended by adding the following proviso at the end thereof:

“; provided, that, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.”

2.2    Amendment to Section 2.15 of the Credit Agreement. 
New Section 2.15(j) of the Credit Agreement is hereby added as follows: 
“Solely for purposes of determining withholding Taxes imposed under FATCA, from and after the Seventh Amendment Effective Date, Gannett and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement (together with any Loans or other extensions of credit pursuant hereto) as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).”
2.3    Amendment to Section 6.3 of the Credit Agreement. 
Section 6.3 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
“Permit the Total Leverage Ratio as of the last day of any Test Period ending during any period set forth below to exceed the ratio set forth opposite such period:
	
		
	Period
	Total
Leverage Ratio

	Amendment and Restatement Effective Date through the Acquisition Date
	3.50 to 1.00

	Acquisition Date through September 30, 2016
	4.00 to 1.00

	October 1, 2016 and thereafter
	 3.75 to 1.00”

3.Effectiveness.  This Amendment shall become effective as of the date (the “Seventh Amendment Effective Date”) on which the Administrative Agent shall have received counterparts hereof duly executed by (i) Gannett, (ii) the Administrative Agent and (iii) Lenders constituting Required Lenders.

4.Representations and Warranties.  Gannett hereby represents and warrants that, on and as of the Seventh Amendment Effective Date, after giving effect to this Amendment:  

(a)  No Default or Event of Default has occurred and is continuing; and
(b)  Each of the representations and warranties of Gannett in the Credit Agreement and this Amendment is true and correct in all material respects, as if made on and as of the date hereof. 
5.Continuing Effect.  Except as expressly amended hereby, the Credit Agreement shall continue to be and shall remain in full force and effect in accordance with its terms.  From and after the date hereof, all references in the Credit Agreement thereto shall be to the Credit Agreement as amended hereby.  

6.Counterparts.  This Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Amendment by electronic or facsimile transmission (including .pdf file) shall be effective as delivery of a manually executed counterpart hereof.  

7.Headings.  Section headings used in this Amendment are for convenience of reference only, are not part of this Amendment and are not to affect the constructions of, or to be taken into consideration in interpreting, this Amendment.  

8.GOVERNING LAW.  THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  

9.Expenses.  Gannett agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and expenses incurred in connection with the preparation, negotiation and execution of this Amendment, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered by their duly authorized officers as of the date first written above. 

GANNETT CO., INC.

By:    /s/ Michael A. Hart                
       Name: Michael A. Hart
      Title: Vice President & Treasurer 

JPMORGAN CHASE BANK, N.A., 
as Administrative Agent and a Lender

By:    /s/ Timothy D. Lee                
       Name: Timothy D. Lee
            Title:  Vice President

Signature page to Seventh Amendment to Credit Agreement 

Barclays Bank PLC, as a Lender

By:     /s/ Luke Syme                
       Name: Luke Syme
            Title:  Assistant Vice President

Signature page to Seventh Amendment to Credit Agreement 

CAPITAL ONE, N.A., as a Lender

By:    /s/ Michelle Khalili                
       Name: Michelle Khalili
            Title:  SVP

Signature page to Seventh Amendment to Credit Agreement 

Citibank, N.A., as a Lender

By:     /s/ Elizabeth Minnella Gonzalez         
       Name: Elizabeth Minnella Gonzalez
            Title: Managing Director and Vice President

Signature page to Seventh Amendment to Credit Agreement 

Comerica Bank, as a Lender

By:    /s/ Mark J Leveille                
       Name: Mark J Leveille
            Title:  Vice President

Signature page to Seventh Amendment to Credit Agreement 

Citizens Bank, N.A., as a Lender

By:    /s/ Ramez Gobran                
       Name: Ramez Gobran
            Title:  Vice President

Signature page to Seventh Amendment to Credit Agreement 

                                                   
 Fifth Third Bank, and Ohio Banking Corporation, as a Lender

By:    /s/ J. David Izard                
       Name: J. David Izard
            Title:  Vice President

Signature page to Seventh Amendment to Credit Agreement 

First Hawaiian Bank, as a Lender

By:    /s/ Derek Chang                
       Name: Derek Chang
            Title:  Vice President

Signature page to Seventh Amendment to Credit Agreement 

MIZUHO BANK, LTD., as a Lender

By:    /s/ Bertram H. Tang                 
       Name: Bertram H. Tang
            Title:  Authorized Signatory 

Signature page to Seventh Amendment to Credit Agreement 

PNC Bank, N.A., as a Lender

By:    /s/ Nancy Rosal Bonnell                
       Name: Nancy Rosal Bonnell
            Title:  Vice President 

Signature page to Seventh Amendment to Credit Agreement 

RAYMOND JAMES BANK, N.A., as a Lender

By:    /s/ Michael Pelletier                
       Name: Michael Pelletier
            Title:  Senior Vice President

Signature page to Seventh Amendment to Credit Agreement 

ROYAL BANK OF CANADA, as a Lender

By:    /s/ Alexander Oliver                
       Name: Alexander Oliver
            Title:  Authorized Signatory

Signature page to Seventh Amendment to Credit Agreement 

Sumitomo Mitsui Banking Corporation, as a Lender

By:    /s/ David W. Kee                
       Name: David W. Kee
            Title:  Managing Director

Signature page to Seventh Amendment to Credit Agreement 

SUNTRUST BANK, as a Lender

By:    /s/ Cynthia W. Burton             
       Name: Cynthia W. Burton
            Title:  Vice President 

Signature page to Seventh Amendment to Credit Agreement 

TD Bank, N.A., as a Lender

By:    /s/ Shivani Agarwal                
       Name: Shivani Agarwal
            Title: Senior Vice President

Signature page to Seventh Amendment to Credit Agreement 

The Bank of Tokyo-Mitsubishi UFJ, Ltd., as a Lender

By:    /s/ Ola Anderssen                 
       Name: Ola Anderssen
            Title:  Director

Signature page to Seventh Amendment to Credit Agreement 

The Northern Trust Company, as a Lender

By:    /s/ Lisa DeCristofaro               
       Name: Lisa DeCristofaro
            Title:  Senior Vice President

Signature page to Seventh Amendment to Credit Agreement 

US Bank, National Association, as a Lender

By:    /s/ Steven L. Sawyer                
       Name: Steven L. Sawyer
            Title:  Senior Vice President

Signature page to Seventh Amendment to Credit AgreementGCI-2015.03.29-EX10-4

Exhibit 10-4

Gannett Co., Inc.
Compensation for Non-Employee Directors

Annual Fees

Each director is entitled to receive an annual cash retainer of $100,000, payable on a quarterly basis.  Directors do not receive fees for board or committee meeting attendance.  The independent Chairman of the Board is entitled to receive an additional annual cash retainer of $120,000 and each committee chair is entitled to receive an additional annual cash retainer of $20,000.

Each director is also entitled to receive an annual award of restricted stock units with a grant date value of $125,000 based on the closing market price of the Company’s common stock on the grant date, which is the date of the Annual Shareholders’ meeting.  These restricted stock units receive dividend equivalents, vest in equal quarterly amounts over one year and will be held by the Company for the benefit of the director until the director leaves the Board, at which time vested restricted stock units are paid to the director in Gannett stock.

Vesting Rules

Upon the retirement of a non-employee director due to the age of service limitations set forth in the Company’s By-laws, the director’s restricted stock units will vest immediately.  Restricted stock units also automatically vest upon a change of control of the Company.  If a non-employee director ceases to be a director for reasons other than the age of service limitations set forth in the Company’s By-laws, the director’s unvested restricted stock units will be forfeited.

Deferral

Under the Company’s Deferred Compensation Plan, directors may elect to defer payment (and taxation) of all or part of their cash director’s fees.  Amounts may be paid out of the Deferred Compensation Plan in installments or in a lump sum on a date the director designates when he or she elects to have funds withheld.  Deferred fees may be invested in any of the numerous investment alternatives designated under the Deferred Compensation Plan.

Other Compensation

Directors receive travel accident insurance of $1,000,000 for death, dismemberment or other injuries. The travel accident insurance is in effect 24 hours a day, anywhere in the world while a director is on Company business.  Directors are also entitled to receive a match from the Gannett Foundation of charitable gifts made by them up to a maximum of $10,000 each year.

Expenses

Directors are reimbursed for their reasonable expenses of attending board and committee meetings.

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