Document:

DESCRIPTION OF AWARDS UNDER EXECUTIVE BONUS PLAN

 Exhibit 10.7 
  
 Description of Awards under Executive Bonus Plan 
  
 In addition to base salary, Markel Corporation (the “Company”) maintains an Executive Bonus Plan that has been
approved by shareholders. The plan is designed so that payments will not be subject to the $1,000,000 deduction limit under Section 162(m) of the Internal Revenue Code. 
  
 The plan is administered by the Compensation Committee (or a sub-committee thereof) of the Board of Directors. The Committee
has the power and complete discretion to select eligible employees to receive awards and to determine the type of award and its terms and conditions. All present and future executive officers of the Company whom the Committee determines to have
contributed or who can be expected to contribute significantly to the Company are eligible to receive awards under the plan. Messrs. Alan I. Kirshner, Anthony F. Markel, Steven A. Markel, Paul W. Springman, Thomas S. Gayner and Richard R. Whitt, III
are the only executive officers currently eligible for awards under the plan. 
  
 Awards are subject to the achievement of pre-established performance goals and are administered to
comply with the requirements of Section 162(m). Performance goals relate to growth in book value. The Committee sets the amounts payable under each performance award. The employee receives the appropriate payment at the end of the performance
period if the performance goals and other terms and conditions of the award are met. Awards are payable in cash. The aggregate maximum cash amount payable under the plan to any employee in any year cannot exceed the lesser of 250% of base salary or
$2,500,000. Any performance award must be made before the 90th day of the period for which the performance award
relates and before the completion of 25% of such period. 
  
 The
Board can amend or terminate the plan at any time, except that only shareholders can approve amendments that would (i) materially change or impact which employees are eligible to participate or (ii) materially change the benefits that
eligible employees may receive under the plan. However, the Board can amend the plan as necessary and without shareholder approval to ensure that the plan continues to comply with Section 162(m). 
  
 Mr. Kirshner, Anthony F. Markel and Steven A. Markel are eligible to
receive awards under the plan for 2006, expressed as a percentage of base salary, based on a five-year average of the compound growth in book value per share of common stock as reflected in the schedule below. Messrs. Springman, Gayner and Whitt are
eligible to receive awards under the plan for 2006 based on the four-year average of the compound growth in book value per share beginning January 1, 2003. Book value calculations may be increased or decreased by the Committee to reflect
transactions not in the ordinary course which may affect book value, including but not limited to, share issuances or conversions, share repurchases, dividends, distributions or other transactions affecting book value. 
  
 Bonus targets for 2006 under the plan were set by the Committee in March 2006
on a basis similar to that for 2005. After further review and analysis at subsequent 

 
meetings, the Committee determined that an adjustment to the bonus scales used, retroactive to January 1, 2006, was appropriate in order to maintain
competitiveness and internal pay equity. For 2006, this adjustment was implemented by way of a supplemental bonus award, separate and distinct from the initial award under the plan. The terms and conditions of the supplemental bonus awards are
otherwise the same as those under the plan in all material respects, except that no limit has been fixed on the amount payable under the supplemental award. Amounts payable under the supplemental bonus awards will count against the $1,000,000 limit
on deductibility under Section 162(m); however, the Company does not anticipate that any material amount of cash compensation for 2006 will not be deductible. 
  
 The schedule below shows potential bonus awards under the plan and under the supplemental bonus award, as well as the
aggregate amounts that could be paid under both, expressed as a percentage of base salary. 
  

							
	Average Compound Growth
In Book Value Per Share

	 	 Bonus as% of Base
 Salary under the Plan

	 	Bonus as % of
Base Salary
under the
Supplemental
Award

	 	Aggregate Bonus
as % of Base
Salary

	Under 11%	 	  0%	 	  0%	 	  0%
	11%	 	25%	 	25%	 	50%
	12%	 	30%	 	30%	 	60%
	13%	 	40%	 	30%	 	70%
	14%	 	50%	 	30%	 	80%
	15%	 	60%	 	30%	 	90%
	16%	 	75%	 	25%	 	100%
	17%	 	90%	 	35%	 	125%
	18%	 	100%	 	50%	 	150%
	19%	 	110%	 	65%	 	175%
	20%	 	125%	 	75%	 	200%
	21%	 	145%	 	*	 	**
	22%	 	170%	 	*	 	**
	23%	 	200%	 	*	 	**
	24%	 	250%	 	*	 	**

  
 *Additional amounts may be paid at
these performance levels in the discretion of the Committee.
  
 **Aggregate
amounts payable at these levels would be the amount payable under the plan plus any discretionary amount payable under the supplemental award. 
  
 For 2007, the performance goals for all executive officers will be based on a five-year average of the compound growth in book value per share of common
stock, and the bonus scale used will be the same as that under “Aggregate Bonus” above.DESCRIPTION OF NON-EMPLOYEE DIRECTOR COMPENSATION

 Exhibit 10.13 
  
 Description of Non-Employee Director Compensation 
  
 Each non-employee director of Markel Corporation (“Company”) receives for services as director an annual fee of
$30,000, plus reimbursement of expenses incurred in connection with attending meetings and training sessions attended at the Company’s request. The Company also matches up to $5,000 per year in charitable contributions made by each non-employee
director. 
  
 Each non-employee director other than Lemuel Lewis
previously received a one-time award of 1,000 Restricted Stock Units under the Company’s Omnibus Incentive Plan. Such awards vest ratably over a five-year period from the date of grant, although no shares will be issued until the end of five
years. When Mr. Lewis joined the Board in February 2007, he received a one-time award of 250 Restricted Stock Units vesting in May 2008. 
  
 Non-employee directors are also eligible to participate, up to the total amount of fees received by the director, in the Company’s Employee Stock
Purchase and Bonus Plan (“Stock Plan”). Under the Stock Plan, amounts specified by a director are withheld from that director’s fees and forwarded to an independent administrator who purchases shares of the Company’s Common Stock
on behalf of the director participant. In addition, the Company provides a “bonus” of 10% of the net increase in shares owned under the Stock Plan in a calendar year. 
  
 The Company offers loans to participants to facilitate the purchase of shares under the Stock Plan. As required by the
Sarbanes-Oxley Act, directors may no longer receive new loans under the Stock Plan. Existing loans to directors continue in accordance with their terms in effect on July 30, 2002. In connection with the “grandfathered” loans for
directors, the Company provides an incentive payment based on a five-year compound annual growth in book value, calculated in accordance with the terms of the Stock Plan, as follows: 
  

			
	 5-Year Average Compound
 Annual Growth in Book Value

	  	 Company Incentive Payment
 as % of Original Loan Balance

	  
	 Under 15%
	  	    0%
	             15%
	  	1.25%
	             16%
	  	  2.0%
	             17%
	  	2.75%
	             18%
	  	  3.5%
	             19%
	  	4.25%
	             20%
	  	    5%
	             21%
	  	5.75%
	             22%
	  	  6.5%
	             23%
	  	7.25%
	             24%
	  	  8.0%
	             25%
	  	8.75%
	    Over 25%
	  	DiscretionaryEXHIBIT 10.3

 Exhibit 10.3 
 GANNETT SUPPLEMENTAL RETIREMENT PLAN 
 Restatement dated February 1, 2003 
 (Reflecting all amendments through December 5, 2006) 
 ARTICLE ONE 
 Definitions 
  

	1.1	“Plan” means this Gannett Supplemental Retirement Plan. 

  

	1.2	“Funded Plan” means the Gannett Retirement Plan as it may pertain to a particular Employee. 

  

	1.3	“Company” means Gannett Co., Inc. or any successor to its business and/or assets which assumes the Plan by operation of law or otherwise. 

  

	1.4	“Board” means the Board of Directors of the Company. 

  

	1.5	“Committee” means the Gannett Benefit Plans Committee. 

  

	1.6	“Effective Date” means January 1, 1978. The effective date of this restatement is February 1, 2003. 

  

	1.7	“Employee” means any employee of the Company who (1) is paid through the Company’s headquarters payroll system, operating as of the date of this restatement in
Arlington, Virginia (“Corporate Payroll”), (2) is within “a select group of management or highly compensated employees” as this term is used in Title I of ERISA and (3) is designated by the Company’s Benefit Plans
Committee as being an eligible participant in the Plan and listed on Appendix A, B or C. 

  

	1.8	“Monthly Benefit” means: 

  

	 	•	 	 for an Employee who began participating in the Plan on or before January 1, 1998 and who is listed in Appendix A, the Employee’s monthly benefit,
expressed as a single life annuity payable for the Employee’s life, calculated using the formula set forth in Article VI of the Funded Plan but ignoring the benefit limitations in the Funded Plan required by Code Section 415 or the
limitations on an Employee’s compensation under Code Section 401(a)(17) and taking into account all amounts deferred under the Gannett Co., Inc. Deferred Compensation Plan. 

  

	 	•	 	 for an Employee who began participating in the Plan after January 1, 1998 and who is listed in Appendix A, the Employee’s monthly benefit, expressed as a

	 	 
single life annuity payable for the Employee’s life, calculated using the formula under Article VI or Article VIA, whichever is used to calculate the
Employee’s benefit under the Funded Plan, but ignoring the benefit limitations in the Funded Plan required by Code Section 415 or the limitations on an Employee’s compensation under Code Section 401(a)(17) and taking into account
all amounts deferred under the Gannett Co., Inc. Deferred Compensation Plan. 

  

	 	•	 	 for an Employee who began participating in the Plan after January 1, 1998 and who is listed in Appendix B, the Employee’s monthly benefit, expressed as a
single life annuity payable for the Employee’s life, calculated using the formula set forth in Article VI of the Funded Plan but ignoring the benefit limitations in the Funded Plan required by Code Section 415 or the limitations on an
Employee’s compensation under Code Section 401(a)(17) and taking into account all amounts deferred under the Gannett Co., Inc. Deferred Compensation Plan. 

  

	 	•	 	 for an Employee who formerly participated in the Central Newspapers, Inc. Retirement Plan (the “CNI Plan”) and who is listed in Appendix C, the
Employee’s monthly benefit, expressed as a single life annuity payable for the Employee’s life, calculated using the pension equity formula applicable to such Employee under the Funded Plan, but ignoring the benefit limitations in the
Funded Plan required by Code Section 415 or the limitations on an Employee’s compensation under Code Section 401(a)(17) and taking into account salary and bonuses deferred under the Gannett Co., Inc. Deferred Compensation Plan.
Notwithstanding the foregoing, if the Employee’s benefit under the Funded Plan is calculated using a grandfathered CNI Plan pension formula set forth in the Appendix to the Funded Plan, the Employee’s “Monthly Benefit” under this
Plan will be calculated in accordance with Exhibit A. 

 Notwithstanding the foregoing, prior to a Change in Control, for
purposes of calculating a particular Employee’s Monthly Benefit, the Board, or a committee of the Board acting on its behalf, may adjust an Employee’s earnings, years of service or other factor used in calculating the Employee’s
Monthly Benefit in any manner the Board or such committee deems appropriate, provided such adjustment is memorialized in writing and provided that in no event will any such adjustment result in a reduction of the benefit accrued by the Employee as
of the date the adjustment is made. The Board, or a committee of the Board acting on its behalf, may make such adjustment solely for a specified Employee or group of Employees and without regard to how other Employees are treated. No adjustments may
be made pursuant to this provision following a Change in Control. 
  

	1.9	“Normal Retirement Date” and “Early Retirement Date” mean the relevant dates in the Funded Plan as they apply to a particular Employee. 

 

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	1.10	“Code” means the Internal Revenue Code of 1986, as amended, and regulations thereunder. 

  

	1.11	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and regulations thereunder. 

  

	1.12	A “Change in Control” means the first to occur of the following: 

  

	 	(i)	the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”)) (a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (x) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (y) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for
purposes of this Section, the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or one of its affiliates or (D) any acquisition pursuant to a transaction that complies with clauses (x), (y) and (z) of subparagraph (iii) below; 

  

	 	(ii)	individuals who, as of January 1, 2003, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a director subsequent to such date whose election or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then comprising the Incumbent Board
shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect
to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

  

	 	(iii)	 consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction involving the Company or any of its
subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its subsidiaries (each, a “Business Combination”), in each
case, unless, following such Business Combination, (x) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately
prior to such Business Combination beneficially own, directly or indirectly, more than 

  

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50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the
election of directors, as the case may be, of the corporation or entity resulting from such Business Combination (including, without limitation, a corporation or entity that, as a result of such transaction, owns the Company or all or substantially
all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding
Company Voting Securities, as the case may be, (y) no Person (excluding any employee benefit plan (or related trust) of the Company or any corporation or entity resulting from such Business Combination) beneficially owns, directly or
indirectly, 20% or more of, respectively, the then-outstanding shares of common stock of the corporation or entity resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation or
entity, except to the extent that such ownership existed prior to the Business Combination, and (z) at least a majority of the members of the board of directors of the corporation or entity resulting from such Business Combination were members
of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 

  

	 	(iv)	approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

 No Employee who participates in any group conducting a management buyout of the Company under the terms of which the Company ceases to be a public company
may claim that such buyout is a Change in Control under this Plan for purposes of accelerating such Employee’s vesting under this Plan. 
  

	1.13	“Cause” means: 

  

	 	(i)	any material misappropriation of funds or property of the Company or its affiliate by the Employee; 

  

	 	(ii)	unreasonable and persistent neglect or refusal by the Employee to perform his or her duties which is demonstrably willful and deliberate on the Employee’s part, which is
committed in bad faith or without reasonable belief that such breach is in the best interests of the Company and which is not remedied in a reasonable period of time after receipt of written notice from the Company specifying such breach; or

  

	 	(iii)	conviction of the Employee of a felony involving moral turpitude. 

  

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 Notwithstanding the foregoing, an Employee shall not be deemed to have been terminated for Cause after a
Change in Control unless and until there shall have been delivered to the Employee a copy of a resolution duly adopted by the affirmative vote of not less than three quarters of the entire membership of the Board at a meeting of the Board (after
reasonable notice to the Employee and an opportunity for the Employee, together with his or her counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, the Employee was guilty of conduct set forth above in this
definition and specifying the particulars thereof in detail. 
  

	1.14	“Good Reason” means the occurrence after a Change in Control of any of the following circumstances without the Employee’s express written consent, unless such
circumstances are fully corrected prior to the date of termination specified in the Notice of Termination given in respect thereof: 

  

	 	(i)	the assignment to the Employee of any duties inconsistent in any respect with his or her position (including status, offices, titles and reporting requirements), authority or
responsibilities immediately prior to the Change in Control, or any other diminution in such position, authority or responsibilities, (whether or not occurring solely as a result of the Company becoming a subsidiary or a division of another entity
or ceasing to be a publicly traded entity), excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith and that is remedied by the Company or its affiliate promptly after receipt of notice thereof given by
the Employee; 

  

	 	(ii)	a reduction by the Company or its affiliate in the Employee’s compensation and/or other benefits or perquisites as in effect on the date immediately prior to the Change in
Control; 

  

	 	(iii)	the relocation of the Employee’s office from the location at which the Employee is principally employed immediately prior to the date of the Change in Control to a location 20
or more miles farther from the Employee’s residence immediately prior to the Change in Control, or the Company’s requiring the Employee to be based anywhere other than the Company’s offices at such location, except for required travel
on the Company’s business to an extent substantially consistent with the Employee’s business travel obligations prior to the Change in Control; 

  

	 	(iv)	the failure by the Company or its affiliate to pay to the Employee any portion of the Employee’s compensation or to pay to the Employee any deferred compensation due under any
deferred compensation or similar program of the Company or its affiliate within seven days of the date such payment is due; 

  

	 	(v)	 the failure by the Company or its affiliate to continue in effect this Plan or any other compensation, benefit or perquisite plan or policy in which the 

  

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Employee participated immediately prior to the Change in Control, unless an equitable arrangement (embodied in an ongoing substitute or alternative plan or
policy) has been made with respect to such plan or policy, or the failure by the Company or its affiliate to continue the Employee’s participation therein (or in such substitute or alternative plan or policy), in each case, on a basis not
materially less favorable, both in terms of the amount of benefits provided and the level of the Employee’s participation relative to other participants, as existed at the time of the Change in Control; 

  

	 	(vi)	(A) the failure of the Company to obtain a satisfactory agreement from any successor to assume and agree to perform the Plan, as required by Section 8.3, or (B) if the
business of the Company for which the Employee’s services are principally performed is sold at any time within 24 months after a Change in Control, the purchaser shall fail to provide the Employee with the same or a comparable position, duties,
salary, bonus, benefits and perquisites as provided to the Employee by the Company immediately prior to the Change in Control; 

  

	 	(vii)	any refusal by the Company (or its affiliate) to continue to allow the Employee to attend to matters or engage in activities not directly related to the business of the Company
that, prior to the Change in Control, the Employee was permitted to attend to or engage in; or 

  

	 	(viii)	any purported termination of the Employee’s employment by the Company that is not effected pursuant to a Notice of Termination satisfying the requirements of the Plan.

 For purposes of this definition, and notwithstanding any provision of the Plan to the contrary, any good faith determination
of “Good Reason” made by the Employee shall be conclusive. 
 An Employee’s continued employment shall not constitute consent
to, or a waiver of rights with respect to, any circumstance constituting Good Reason hereunder. 
  

	1.15	“Notice of Termination” means a written notice that (i) indicates the specific termination provision in the Plan relied upon, and (ii) to the extent applicable,
sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Employee’s employment under the provision so indicated. The failure by the Employee or the Company to set forth in the Notice of
Termination any fact or circumstance that contributes to a showing of Good Reason or Cause shall not waive any right of the Employee or the Company hereunder or preclude the Employee or the Company from asserting such fact or circumstance in
enforcing the Employee’s or the Company’s rights hereunder. 

  

	1.16	“Independent Fiduciary” means the person or persons designated as such in Section 6.8 of the Plan. 

  

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	1.17	“Rabbi Trust” means a trust or sub-trust established pursuant to Section 4.4 of the Plan. 

 ARTICLE TWO 
 Purpose of Plan 
  

	2.1	The purpose of this Plan is to provide supplemental retirement benefits on an unfunded basis to certain highly compensated employees. 

 ARTICLE THREE 
 Eligibility and Vesting

  

	3.1	All Employees shall be eligible to participate in this Plan. The Benefit Plans Committee has full discretionary authority to add or delete individuals from participation in this
Plan by amending Appendix A, B or C. If an individual’s name is removed from Appendix A, B or C, such individual shall have no rights to benefits under this Plan except for those benefits that have vested as of the date of removal or that will
vest in the future, including benefits that will vest pursuant to the last paragraph of Section 4.2. 

  

	 	(a)	Plan benefits that a participant has accrued through December 31, 2002 shall vest pursuant to the same vesting schedule and vesting terms and conditions as are in effect from
time to time under the Funded Plan. 

  

	 	(b)	An individual who is a Plan participant as of December 31, 2002 shall not vest in any Plan benefit that is earned after December 31, 2002 until the earliest of the
following dates: (i) the date that the participant attains age 55, assuming continued employment by Gannett to such age, and is fully vested under the Funded Plan (i.e., the participant completes 5 years of service under the Funded Plan); or
(ii) the date that the participant has completed 25 years of service with Gannett (such service to be calculated pursuant to the terms of the Funded Plan). At the time of such vesting, all benefits that have accrued after December 31, 2002
shall be deemed vested. 

  

	 	(c)	Additionally, any individual who becomes a Plan participant on or after January 1, 2003 shall not vest in any Plan benefit until the earliest of the following dates:
(i) the date that the participant attains age 55, assuming continued employment by Gannett to such age, and is fully vested under the Funded Plan; or (ii) the date that the participant has completed 25 years of service with Gannett (such
service to be calculated pursuant to the terms of the Funded Plan). At the time of such vesting, all benefits that have accrued to the participant shall be deemed vested. 

  

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	 	(d)	In applying these rules and for purposes of calculating the Plan benefit that a participant has accrued through December 31, 2002, in the event that a participant vests in the
benefit he has accrued as of December 31, 2002 but does not vest in any further Plan benefit, the maximum Plan benefit payable to the participant shall not exceed his benefit calculated under Article Four as of December 31, 2002, taking
into account service and compensation through that date and not thereafter. 

 ARTICLE FOUR 
 Benefits 
  

	4.1	Subject to Section 8.5, the Company shall pay the benefits due under this Plan commencing within 30 days of retirement, death or any other event that entitles an Employee or
the Employee’s beneficiary to receive benefits under the Funded Plan. Notwithstanding the foregoing, no benefits shall commence prior to the date an Employee attains or would have attained Early Retirement Age under the Funded Plan.

  

	4.2	The benefit payable under this Plan is determined by (i) calculating the Employee’s Monthly Benefit and (ii) subtracting from such monthly amount the actual benefit
to which the Employee is entitled under the Funded Plan. For purposes of calculating the offset under subsection (ii), if the Employee’s benefit is determined under Article VIA of the Funded Plan, it shall be converted to an actuarially
equivalent single life annuity, determined as follows: 

  

	 	•	 	 For those Employees who retire directly from active employment on or after their earliest Early Retirement Date, the Employee’s benefit under the Funded Plan
shall be converted to a single life annuity payable immediately at the Employee’s retirement date. 

  

	 	•	 	 For deferred vested Employees, the Employee’s benefit under the Funded Plan shall be converted to a single life annuity payable at age 65.

 To the extent that the amount of an Employee’s monthly benefit under the Funded Plan is increased or decreased (due,
e.g., to a change in the Code Section 401(a)(17) or 415 limits or otherwise), the amount payable from this Plan shall increase or decrease accordingly. 
 Notwithstanding the foregoing, an Employee’s monthly benefit calculations under subsections (i) and (ii) above shall not take into account any of his or her service with Army Times, Asbury Park,
Multimedia or their related businesses prior to the date that the Employee transfers to the Company’s Corporate Payroll. 
  

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 Except for those Employees who participated in the Central Newspapers, Inc. Unfunded Supplemental
Retirement Plan (the “CNI SERP”), an Employee’s monthly benefit calculations under subsections (i) and (ii) above shall not take into account any of the Employee’s service or compensation earned before August 1,
2000 with Central Newspapers, Inc., or any entity that was a member of such company’s controlled group before such date. For those Employees who participated in the CNI SERP, the monthly benefit calculations under subsections (i) or
(ii) above shall not take into account any of the Employee’s service or compensation prior to January 1, 1994. 
 If an
Employee leaves the Company’s Corporate Payroll, no further benefits shall accrue under this Plan, provided that service within the Company’s controlled group will count for purposes of determining the vested portion of the benefit accrued
to the date an Employee leaves the Company’s Corporate Payroll. 
  

	4.3	The benefit payable under this Plan shall be payable in the same form as the form in which benefits are payable to the Employee under the Funded Plan, except that benefits under
this Plan shall not be payable in the form of a “lump sum” distribution. If no timely election is made, or a timely election is not possible at the time benefits become payable (e.g., due to the death of a contingent annuitant or a change
in marital status), the benefit payable to a single Employee will be paid in the form of a single life annuity and the benefit payable to a married Employee will be paid in the form of a joint and 100 percent spousal survivor annuity. In the case of
a contingent annuitant annuity or any option other than a life-only annuity, the amount of the benefit shall be actuarially reduced to reflect that form of payment. 

 Notwithstanding the preceding paragraph, the following distribution rules shall apply commencing December 6, 2006: 
  

	 	•	 	 Employees Commencing Participation after December 6, 2006. Employees first commencing participation in this Plan on or after December 6, 2006,
shall receive their Plan benefits paid in the form of a lump sum distribution, unless prior to the date the Employee is first eligible to participate in the Plan (or any nonqualified deferred compensation plan that is aggregated with this Plan for
purposes of Section 409A), the Employee elects to receive his benefit in the form of an annuity. 

  

	 	•	 	 Active Employees as of December 6, 2006. Employees who are active employees of the Company as of December 6, 2006, may elect on or before
March 31, 2007 to receive their benefit in the form of a lump sum distribution (rather than an annuity in accordance with the first paragraph of this Section); provided that for an Employee who makes such an election in 2006, the election shall
not become effective unless the Employee terminates employment or retires on or after July 1, 2007, and for an Employee who makes such an election on or after January 1, 2007 

  

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and before April 1, 2007, such election shall not become effective unless the Employee terminates employment or retires on or after January 1,
2008. Such election shall be irrevocable. If an Employee does not make an election, the Employee’s benefit shall be paid in the form of an annuity (in accordance with the first paragraph of this Section). 

  

	 	•	 	 Retirees and Inactive Employees as of June 30, 2007. The benefits of Employees who terminate employment or retire before July 1, 2007, shall be
paid in the form of an annuity (in accordance with the first paragraph of this Section). 

 If an Employee’s benefit
commences prior to his or her Normal Retirement Date, the benefit from this Plan shall be reduced in the same manner as provided for in the Funded Plan. If an Employee dies after becoming vested but before the Employee’s benefit commences, a
spouse, if surviving, shall be entitled to receive a monthly lifetime benefit equal to the benefit that would have been received had the Employee terminated employment on his or her date of death and retired on the first day of the month on or
following the later of the Employee’s date of death or the date that would have been the Employee’s earliest Early Retirement Date, and elected a 100 percent spousal survivor annuity, and then died. Notwithstanding the foregoing, if the
Employee has elected to receive his vested benefit in the form of a lump sum distribution, the vested benefit paid to the surviving spouse shall be a lump sum amount that is equal to the vested amount that would have been paid to the Employee, and
such amount shall be paid to the spouse on the same date it would have been paid to the Employee, provided that the spouse is surviving on such date. 
 Any actuarial adjustments required with respect to benefits payable under this Plan shall be accomplished by reference to the actuarial assumptions used in the Funded Plan. 
 Effective as of January 1, 2002, the CNI SERP shall be merged into this Plan and the CNI SERP shall have no independent existence apart from this
Plan. Any benefit paid under this Plan to an Employee who accrued a benefit under the CNI SERP shall be in lieu of and in complete satisfaction of any benefit under the CNI SERP. Notwithstanding any provision in this Plan to the contrary, the
following provisions apply to an Employee who had accrued a benefit under the CNI SERP, but only with respect to such benefit the Participant had accrued as of January 1, 2002 and disregarding all service and compensation earned after that
date: 
  

	 	•	 	 The benefit that the Employee had accrued under the CNI SERP as of January 1, 2002 shall be paid in the form of a lump sum distribution or such other form that
the Employee had elected under the CNI SERP within the first 30 days of becoming eligible to participate in such plan. Such distribution shall commence at the time specified under the terms of the CNI SERP, provided that it shall not commence before
the Employee attains Early Retirement Age under the Funded Plan. Such benefit shall offset any benefit payable under this Plan. 

  

 - 10 - 

	 	•	 	 In lieu of the death benefit described in Section 4.3 of this Plan, an Employee shall be entitled to the death benefit provided in Section 3.01 of the CNI
SERP with respect to the benefit that the Employee had accrued under the CNI SERP as of January 1, 2002. Such benefit shall be calculated and paid consistent with the terms set forth in the CNI SERP and the grandfathered CNI Plan provisions set
forth in the Funded Plan’s Appendix. Such benefit shall offset any benefit payable under this Plan. 

  

	4.4	The benefits payable under this Plan shall be paid by the Company each year out of assets which at all times shall be subject to the claims of the Company’s creditors. The
Company may in its discretion establish a Rabbi Trust in which to place assets from which such benefits are to be paid on behalf of all or some Employees, as determined by the Committee in its sole discretion, but neither the creation of such trust
nor the transfer of funds to such trust shall render such assets unavailable to settle the claims of the Company’s creditors. Such Rabbi Trust may be a sub-trust maintained as a separate account within a larger trust meeting the requirements of
this provision that is also used to pay benefits under other Company-sponsored unfunded nonqualified plans. 

 Notwithstanding
the establishment of a Rabbi Trust, the Company intends this Plan to be unfunded for tax purposes and for purposes of Title I of ERISA. In addition, despite the existence of this Plan or an associated Rabbi Trust to pay promised benefits, Employees
have the status of general unsecured creditors of the Company and the Plan constitutes a mere promise to make benefit payments in the future. 
 ARTICLE FIVE 
 Change in Control Benefits 
  

	5.1	If a Change in Control occurs, each Employee who is participating in the Plan on the date of the Change in Control shall be entitled to continue participating in the Plan following
the Change in Control until he or she ceases to be an Employee (without regard to the requirement in clause (3) of Section 1.7 that an Employee be designated by the Committee) or the Plan is terminated pursuant to Article Seven. Such an
Employee may not be deleted from participation in the Plan pursuant to Section 3.1 or any other provision of the Plan. No new persons may be designated as eligible to participate in the Plan on or after a Change in Control.

  

	5.2	 If a Change in Control occurs, each Employee who is participating in the Plan on the date of the Change in Control shall vest in full in his or her accrued benefit
under the Plan, to the extent not already vested, immediately upon the subsequent termination of the Employee’s employment prior to the second anniversary of the 

  

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Change in Control, unless such termination is (i) because of the Employee’s death or disability (as determined under the Company’s Long Term
Disability Plan as in effect immediately prior to the Change in Control), (ii) by the Company or its affiliate for Cause, or (iii) by the Employee other than for Good Reason. Benefits that vest on an accelerated basis under this provision
shall be paid at the time and in the form provided under Sections 4.1 and 4.3 (subject to the provisions of the Company’s Transitional Compensation Plan, to the extent applicable). 

  

	5.3	Anything in the Plan to the contrary notwithstanding, if a Change in Control occurs and if the Employee’s employment with the Company terminated prior to the date on which the
Change in Control occurs, and if it is reasonably demonstrated by the Employee that such termination of employment (i) was at the request of any third party participating in or causing the Change in Control or (ii) otherwise arose in
connection with, in relation to, or in anticipation of a Change in Control, then the Employee shall be entitled to such benefits under the Plan as though the Employee had terminated his or her employment for Good Reason on the day after the Change
in Control. 

  

	5.4	Any termination by the Company, or by the Employee for Good Reason, shall be communicated by Notice of Termination that meets the requirements of Section 1.15.

  

	5.5	If there is any dispute between the Company and an Employee (i) in the event of any termination of the Employee’s employment by the Company, as to whether such termination
was for Cause, or (b) in the event of any termination of employment by the Employee, as to whether Good Reason existed, then, unless and until there is a final, nonappealable judgment by a court of competent jurisdiction declaring that such
termination by the Company was for Cause or that the determination by the Employee of the existence of Good Reason was not made in good faith, the Company shall provide all benefits to the Employee that the Company would be required to provide
pursuant to the Plan as though such termination were by the Company without Cause or by the Employee with Good Reason; provided, however, that the Company shall not be required to pay to an Employee or beneficiary any disputed amount except upon
receipt of a written undertaking by or on behalf of the Employee or beneficiary to repay all such amounts to which the Employee or beneficiary is ultimately adjudged by such court not to be entitled. 

  

	5.6	 If, with respect to any alleged failure by the Company to comply with any of the terms of this Plan following a Change in Control, other than any alleged failure
relating to a matter within the control of the Independent Fiduciary and with respect to which the Company is acting pursuant to a determination or direction of the Independent Fiduciary, an Employee or beneficiary in good faith hires legal counsel
or institutes any negotiations or institutes or responds to legal action to assert or defend the validity of, enforce his or her rights under, obtain benefits promised under or recover damages for breach of the terms of this Plan, then, regardless
of the outcome, the Company shall pay, as they are incurred, the 

  

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Employee’s or beneficiary’s actual expenses for attorneys’ fees and disbursements, together with such additional payments, if any, as may be
necessary so that the net after-tax payments to the Employee or beneficiary equal such fees and disbursements. 

  

	5.7	If a Change in Control occurs, the Company shall make mandatory contributions to a Rabbi Trust established pursuant to Section 4.4, to the extent required by the provisions of
such Rabbi Trust. 

 ARTICLE SIX 
 Administration 
  

	6.1	This Plan shall be administered by the Committee which shall possess all powers necessary to administer the Plan, including but not limited to the sole discretion to interpret the
Plan and to determine eligibility for benefits, and the power to delegate its authority to one or more persons. 

  

	6.2	The Committee shall cause the benefits due each Employee from this Plan to be paid by the Company and/or trustee accordingly. 

  

	6.3	The Committee shall inform each Employee of any elections which the Employee may possess and shall record such choices along with such other information as may be necessary to
administer the Plan. 

  

	6.4	The decisions made by, and the actions taken by, the Committee in the administration of this Plan shall be final and conclusive on all persons. 

  

	6.5	Notwithstanding the foregoing, following a Change in Control, the Plan shall be administered by the Independent Fiduciary. The Independent Fiduciary shall assume the following
powers and responsibilities from the Committee, the Board and the Company: 

  

	 	(i)	The Independent Fiduciary shall assume all powers and responsibilities assigned to the Committee in the foregoing provisions of this Article Six and any other provisions of the
Plan, including, without limitation, the sole power and discretion to: 

  

	 	(A)	determine all questions arising in the administration and interpretation of the Plan, including factual questions and questions of eligibility to participate and eligibility for
benefits; 

  

	 	(B)	adjudicate disputes and claims for benefits; 

  

	 	(C)	adopt rules relating to the administration of the Plan; 

  

 - 13 - 

	 	(D)	determine the amount, timing and form of benefit payments; 

  

	 	(E)	direct the Company and the trustee of the Rabbi Trust on matters relating to benefit payments; 

  

	 	(F)	engage actuaries, attorneys, accountants and other professional advisors (whose fees shall be paid by the Company), to assist it in performing its responsibilities under the Plan;
and 

  

	 	(G)	delegate to one or more persons selected by it, including outside vendors, responsibility for fulfilling some or all of its responsibilities under the Plan.

  

	 	(ii)	The Independent Fiduciary shall have the sole power and discretion to (A) direct the investment of assets held in the Rabbi Trust, including the authority to appoint one or
more investment managers to manage any such assets, and (B) remove the trustee of the Rabbi Trust and appoint a successor trustee in accordance with the terms of the trust agreement. 

  

	6.6	Notwithstanding any provision of the Plan to the contrary, following a Change of Control: 

  

	 	(i)	Any act, determination or decision of the Company (including its Board or any committee of its Board) with regard to the administration, interpretation and application of the Plan
must be reasonable, as viewed from the perspective of an unrelated party and with no deference paid to the actual act, determination or decision of the Company. Furthermore, following a Change in Control, any decision by the Company shall not be
final and binding on an Employee. Instead, following a Change in Control, if an Employee disputes a decision of the Company relating to the Plan and pursues legal action, the court shall review the decision under a “de novo” standard of
review. 

  

	 	(ii)	Any act, determination or decision of the Independent Fiduciary with regard to the administration, interpretation and application of the Plan shall be final, binding, and conclusive
on all parties. 

  

	6.7	Following a Change in Control, the Company shall cooperate with the Independent Fiduciary as may be necessary to enable the Independent Fiduciary to carry out its powers and
responsibilities under the Plan and Rabbi Trust, including, without limitation, by promptly furnishing all information relating to Employees’ benefits as the Independent Fiduciary may reasonably request. 

  

	6.8	The Independent Fiduciary responsible for the administration of the Plan following a Change in Control shall be a committee composed of the individuals who constituted the
Company’s Benefit Plans Committee immediately prior to the Change in Control and the Company’s chief executive officer immediately prior to the Change in Control. 

  

 - 14 - 

 If, following a Change in Control, any individual serving on such committee resigns, dies or becomes
disabled, the remaining members of the committee shall continue to serve as the committee without interruption. A successor member shall be required only if there are less than three remaining members on the committee. If a successor member is
required, the successor shall be an individual appointed by the remaining member or members of the committee who (i) is eligible to be paid benefits from the assets of the Rabbi Trust or the larger trust of which it is a part and
(ii) agrees to serve on such committee. 
 If at any time there are no remaining members on the committee (including any successor
members appointed to the committee following the Change in Control), the Trustee shall promptly submit the appointment of the successor member or members to an arbiter, the costs of which shall be borne fully by the Company, to be decided in
accordance with the American Arbitration Association Commercial Arbitration Rules then in effect. The arbiter shall appoint three successor members to the committee who each meet the criteria for membership set forth above. Following such
appointments by the arbiter, such successor members shall appoint any future successor members to the committee to the extent required above (i.e., if, at any time, there are less than three remaining members on the committee) and subject to the
criteria set forth above. 
 If one or more successor members are required and there are no individuals remaining who satisfy the criteria for
membership on the committee, the remaining committee members or, if none, the Trustee, shall promptly submit the appointment of the successor member or members to an arbiter, and the Company shall bear the costs of arbitration, as provided for in
the preceding paragraph. 
  

	6.9	Except in the case of willful misconduct, no member of the Committee, person acting as the Independent Fiduciary, or employee or director of the Company shall be personally liable
for any act done or omitted to be done by such person in connection with the operation and administration of this Plan. The Company shall indemnify, to the fullest extent permitted by law, each member of the Committee, each person acting as the
Independent Fiduciary, and each employee and director of the Company, both past and present, to whom are or were delegated duties, responsibilities and authority with respect to the Plan, against any and all claims, losses, liabilities, fines,
penalties and expenses (including, but not limited to, all legal fees relating thereto), reasonably incurred by or imposed upon such persons, arising out of any act or omission in connection with the operation and administration of the Plan, other
than willful misconduct. 

  

	6.10	The Committee shall maintain procedures with respect to the filing of claims for benefits under the Plan, which shall provide for the following: 

  

	 	(i)	Any Employee or beneficiary (hereinafter called “claimant”) whose claim for benefits under the Plan is denied shall receive written notice of such denial. The notice shall
set forth: 

  

	 	(A)	the specific reasons for the denial of the claim; 

  

 - 15 - 

	 	(B)	a reference to the specific provisions of the Plan on which the denial is based; 

  

	 	(C)	any additional material or information necessary to perfect the claim and an explanation why such material or information is necessary; and 

  

	 	(D)	a description of the procedures for review of the denial of the claim and the time limits applicable to such procedures, including a statement of the claimant’s right to bring
a civil action under ERISA following a denial on review. 

 Such notice shall be furnished to the claimant within a reasonable
period of time, but no later than 90 days after receipt of the claim by the Plan, unless the Committee determines that special circumstances require an extension of time for processing the claim. In no event shall such an extension exceed a period
of 90 days from the end of the initial 90-day period. If such an extension is required, written notice thereof shall be furnished to the claimant before the end of the initial 90-day period, which shall indicate the special circumstances requiring
an extension of time and the date by which the Committee expects to render a decision. 
  

	 	(ii)	Every claimant whose claim for benefits under the Plan is denied in whole or in part by the Committee shall have the right to request a review of the denial. Review shall be granted
if it is requested in writing by the claimant no later than 60 days after the claimant receives written notice of the denial. The review shall be conducted by the Committee. 

  

	 	(iii)	 At any hearing of the Committee to review the denial of a claim, the claimant, in person or by duly authorized representative, shall have reasonable notice, shall
have an opportunity to be present and be heard, may submit written comments, documents, records and other information relating to the claim, and may review documents, records and other information relevant to the claim under the applicable standards
under ERISA. The Committee shall render its decision as soon as practicable. Ordinarily decisions shall be rendered within 60 days following receipt of the request for review. If the need to hold a hearing or other special circumstances require
additional processing time, the decision shall be rendered as soon as possible, but not later than 120 days following receipt of the request for review. If additional processing time is required, the 

  

 - 16 - 

	 	 
Committee shall provide the claimant with written notice thereof, which shall indicate the special circumstances requiring the additional time and the date
by which the Committee expects to render a decision. If the Committee denies the claim on review, it shall provide the claimant with written notice of its decision, which shall set forth (i) the specific reasons for the decision,
(ii) reference to the specific provisions of the Plan on which the decision is based, (iii) a statement of the claimant’s right to reasonable access to, and copies of, all documents, records and other information relevant to the claim
under the applicable standards under ERISA, and (iv) and a statement of the claimant’s right to bring a civil action under ERISA. The Committee’s decision shall be final and binding on the claimant, and the claimant’s heirs,
assigns, administrator, executor, and any other person claiming through the claimant. 

 Notwithstanding the foregoing,
following a Change in Control, the Independent Fiduciary shall be responsible for deciding claims and appeals pursuant to the procedures described above. Any decision on a claim by the Independent Fiduciary shall be final and binding on the
claimant, and the claimant’s heirs, assigns, administrator, executor, and any other person claiming through the claimant. 
 ARTICLE
SEVEN 
 Amendment and Termination 
  

	7.1	While the Company intends to maintain this Plan for as long as necessary, the Board, or a committee of the Board acting on its behalf, reserves the right to amend and/or terminate
it at any time for whatever reasons it may deem appropriate (subject to and to the extent permitted by Section 409A of the Code). 

  

	7.2	Notwithstanding the preceding Section, however, the Company hereby makes a contractual commitment to pay the benefits accrued under this Plan. 

 ARTICLE EIGHT 
 Miscellaneous

  

	8.1	Nothing contained in this Plan shall be construed as a contract of employment between the Company and an Employee, or as a right of any Employee to be continued in the employment of
the Company, or as a limitation of the right of the Company to discharge any of its Employees, with or without cause. 

  

	8.2	An Employee’s rights to benefit payments under the Plan are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment,
or garnishment by creditors of the Employee or the Employee’s beneficiary or contingent annuitant. 

  

 - 17 - 

	8.3	The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the
Company to expressly assume and agree to perform the Plan in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 

  

	8.4	To the extent not preempted by federal law, all questions pertaining to the construction, regulation, validity and effect of the provisions of the Plan shall be determined in
accordance with the laws of the State of Illinois without regard to the conflict of laws principles thereof. 

  

	8.5	This Plan is intended to comply with the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury regulations and
other authoritative guidance issued thereunder (“Section 409A”), and shall be interpreted and administered in accordance with that intent. If any provision of the Plan would otherwise conflict with or frustrate this intent, that provision
will be interpreted and deemed amended so as to avoid the conflict. Section 409A shall become applicable as of December 6, 2006 to benefits earned and vested as of December 31, 2004. 

 Notwithstanding the provisions in Article Four to the contrary, an Employee who is a “specified employee” as defined in Section 409A may
not receive a distribution under the Plan of any amounts prior to the date which is six months after the date the Employee terminates employment. An Employee who is subject to the restriction described in the previous sentence shall be paid, on the
date that is six months after his termination of employment, an amount equal to the benefit that he would have received during such six month period absent the restriction. For benefits first commencing from January 1, 2005 though
December 6, 2006, to an Employee who is a “specified employee” as defined in Section 409A, the six month delay described in the preceding sentences shall not apply to the portion of the Employee’s benefit that was earned and
vested as of December 31, 2004. The portion of an Employee’s benefit that was earned and vested as of December 31, 2004 shall be calculated in accordance with the guidance issued under Section 409A as of the date the benefits
commence. 
  

 - 18 - 

 APPENDIX A 
 List of Participants 
  

			
	 Name
	 	 Date Participant Commenced
 Participating in the Plan

  

 - 19 - 

 APPENDIX B 
 List of Participants 
  

			
	 Name
	 	 Date Participant Commenced
 Participating in the Plan

  

 - 20 - 

 APPENDIX C 
 List of Participants 
  

			
	 Name
	 	 Date Participant Commenced
 Participating in the Plan

  

 - 21 - 

 Exhibit A 
 Benefit Formula for Certain CNI Employees 
 For an Employee who formerly participated in the CNI Plan
and whose benefit under the Funded Plan is calculated using a grandfathered CNI Plan pension formula set forth in the Appendix to the Funded Plan, “Monthly Benefit” shall equal: 
 the Company-provided monthly benefit that such Participant is entitled to receive under the provisions of the Funded Plan in effect with respect to that
Participant on the date of his termination of employment (assuming his benefit payments under the Funded Plan are determined without regard to the limitations contained in Section 401(a)(17) and Section 415 of the Code and, after
January 1, 2002, taking into account salary and bonuses the Employee defers under the Gannett Co., Inc. Deferred Compensation Plan) and based solely on his creditable service on and after the January 1, 1994. 
 When calculating the Funded Plan offset to the Employee’s Monthly Benefit as set forth in subsection (ii) of Section 4.2, such offset
shall equal: 
 the Company-provided monthly benefit that such Participant is entitled to receive under the provisions of the Funded Plan in
effect with respect to that Participant on the date of his termination of employment (assuming his benefit payments under the Funded Plan commence on the date benefits commence hereunder) and based solely on his creditable service on and after the
January 1, 1994. 
 To the extent applicable, for purposes of calculating an Employee’s Company-provided Monthly Benefit and the
offset set forth above, the Employee shall be deemed to have made the maximum voluntary non-deductible contributions for periods after January 1, 1994 under the Funded Plan (determined without regard to the limitations contained in
Section 401(a)(17) and Section 415 of the Code) for purposes of calculating the Employee’s Monthly Benefit) and to have elected to receive as of the date his benefit payments commence a refund of his deemed and actual voluntary
non-deductible contributions for periods after January 1, 1994 plus interest, thereby resulting in the cancellation of his deemed and actual supplemental credits earned under the Funded Plan for periods after January 1, 1994. 

 

 - 22 -

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