Document:

EX-10.1

 Exhibit 10.1 
  

 
 OFFER OF EMPLOYMENT 

May 3, 2017 
 David T. Lougee 

TEGNA Inc. 
 7950 Jones Branch Drive 

McLean, VA 22107 
 Dear Dave, 

Subject to the approval of the Board of Directors of TEGNA Inc., I am pleased to extend you an offer to become the President and Chief Executive Officer of
TEGNA Inc. (the “Company”) effective upon the spinoff of Cars.com as described in Amendment 4 to the Form 10 filed by Cars.com with the Securities and Exchange Commission on April 27, 2017 as it may be further amended (the
“Spinoff”). 
 Reporting Relationship and Location. While serving as President and Chief Executive Officer of the Company you
will report directly to the Board of Directors of the Company, and your primary office location will be at the Company’s headquarters in McLean, Virginia. This is a full-time exempt position. 

Total Target Compensation. The initial total compensation opportunity is detailed below. 

 

					
	 Component of Pay
	  	Amount	  	 Comments

	Annual Base Salary	  	$950,000	  	Effective the day after the Spinoff
			
	Annual Performance Bonus Target	  	110% of base
salary	  	 •    Effective the day after the Spinoff

 
 •    Bonus for full-year
2017 will be based on a combination of applicable target awards and KPIs pre- and post-Spinoff and is subject to the Code Section 162(m) limitations on such bonus established by the Company

 
 •    Payment of the
full-year 2017 bonus will occur in Q1 2018

			
	Long-Term Incentive Target Value	  	275% of base
salary	  	Effective January 1, 2018 and applied to the base salary effective at the time; 75% in Performance Units (TSRs) and 25% in Restricted Stock Units (RSUs)
			
	 Total Target
 Compensation
	  	$4,607,500	  	Shown on a full-year basis

 Annual Performance Bonus. You will be eligible to participate in the Company’s annual
bonus plan as in effect from time to time. 
 Long-Term Incentive. You will be eligible to participate in the Company’s 2001
Omnibus Incentive Compensation Plan (the “LTI Plan”) as in effect from time to time with a mix of performance awards and time-vesting awards as determined by the Compensation Committee of the Board of Directors of the Company (the
“Compensation Committee”) from time to time. 
 Benefits. You will be eligible for all retirement and welfare benefits
programs in which you currently participate at the Company, including but not limited to those listed below, in accordance with the terms of such plans as in effect from time to time, which may be amended. We expect that your participation
will continue on substantially the same basis as under the plans through at least December 31, 2017. The general intent is to continue your participation in the programs past that date, though the programs may change over time as business
circumstances warrant. You would be a participant in the discussion of any such changes. 
  

	 	•	 	Executive life insurance 

  

	 	•	 	Company provided 401(k) plan and associated Deferred Compensation Plan 

  

	 	•	 	Legal and financial services 

  

	 	•	 	Travel and accident insurance 

  

	 	•	 	Executive medical insurance 

  

	 	•	 	Eligibility for Supplemental executive medical insurance for retired executives contingent on reaching service requirement for participation 

 

	 	•	 	Direction of charitable grants from the TEGNA Foundation for up to $15,000 annually including for three years after retirement 

We will grandfather your participation in the Company car program under the current provisions for the remaining term of your existing company car. 

Stock Ownership Guidelines. Applicable stock ownership guidelines require you to hold stock with a value of 5x base salary. 

Transitional Compensation Plan. Effective the day after the Spinoff, you will cease to be a participant in the TEGNA Inc. Transitional
Compensation Plan. Instead, as noted below, as of that date you will become a participant in the TEGNA Inc. 2015 Change in Control Severance Plan. 

Severance Benefits and Restrictive Covenants. Effective the day after the Spinoff, you will commence participating in the following
severance programs at the indicated levels: 
  

	 	•	 	The TEGNA Inc. 2015 Change in Control Severance Plan at a 3X base salary + bonus level (bonus defined as preceding 3 year average). This plan includes a double trigger for severance to be triggered and no excise tax gross-up. 

  

	 	•	 	The TEGNA Inc. Executive Severance Plan at a 2X base salary + bonus level (bonus defined as preceding 3 year average) that includes restrictive covenants, including
non-competition, non-solicitation and non-disclosure provisions. 

Vacation. You will be eligible for 4 weeks annual vacation. 

 Effectiveness. The effectiveness of this letter is contingent upon the occurrence of the
Spinoff, and, if for any reason, the Spinoff is not consummated, this letter will be void ab initio. 
 Your right to participate in and receive
benefits under the Company’s various benefits and compensation plans are subject to the terms of the plans. The Company reserves the right to amend or terminate its benefits and compensation plans at any time. 

We are delighted at the prospect of your leading the Company following the Spinoff, in what we expect will be a mutually rewarding relationship and productive
experience. Should the terms of this letter be acceptable, we would appreciate you confirming agreement with your signature below by close of business on May 5, 2017. 

Best regards, 
  

	
	 /s/ Howard Elias

 Howard Elias 
 Chairman of the
Executive Compensation Committee, TEGNA Board of Directors 
 Acceptance 
  

							
	Signature:	 	 /s/ David T. Lougee
	 		 	Date: May 3, 2017

 CC: Marjorie MagnerEX-10.2

 Exhibit 10.2 
  

 
 Victoria D. Harker 
 7950
Jones Branch Drive 
 McLean VA 22107 
 Dear Victoria: 

In consideration of your continued employment with TEGNA Inc. (the “Company”) through February 28, 2018 (the “Retention Period”), the
Company hereby agrees to the following: 
  

	 	1.	Continued participation in the Executive Severance Plan, dated as of December 8, 2015, or a plan that provides you substantially equivalent benefits (the “Executive Severance Plan”), which, subject to the
terms of such Plan, generally provides you certain severance benefits in the event the Company involuntarily terminates your employment without Cause (as defined under the Executive Severance Plan). 

 

	 	2.	After the Retention Period, upon at least 120 days’ prior written notice, your voluntary termination of employment will be treated as a “qualifying termination” under the Executive Severance Plan,
provided that (i) the termination date will not occur before March 1, 2018, (ii) your benefits under the Executive Severance Plan for a voluntary termination will continue to be subject to the terms of such Plan, including, without
limitation, your execution of a timely release, compliance with applicable withholding requirements and such Plan’s coordination provision with benefits under the Company’s Transitional Compensation Plan, and (iii) you will not be
eligible for benefits under the Executive Severance Plan under circumstances that would permit the Company to terminate your employment for Cause. 

Very truly yours, 
 TEGNA INC. 

 

			
	By:	 	 /s/ Todd A. Mayman

	Name:	 	Todd A. Mayman
	Title:	 	Executive Vice President, Chief Legal and Administrative Officer

  

							
	Agreed to and Accepted by:	  		  	
				
	By:	  	 /s/ Victoria D. Harker
	  	Dated:	  	May 4, 2017
		  	Victoria D. HarkerEX-10.3

 Exhibit 10.3 

CASH-BASED AWARD AGREEMENT 

The Executive Compensation Committee of the TEGNA Inc. Board of Directors (the “Committee”) has approved a Cash-Based Award (the
“Award”) under the TEGNA Inc. 2001 Omnibus Incentive Compensation Plan (Amended and Restated as of May 4, 2010), as amended (the “Plan”), as set forth below. This Award is being made to incent the Executive to continue
employment with TEGNA Inc. (the “Company”) until the first anniversary of the date that the Company spins off Cars.com Inc. as a separate, publicly traded company (the “Cars.com Spin-off”).
This Award Agreement constitutes the formal agreement governing this Award between the Company and the Executive. Capitalized terms used in this Award Agreement but not otherwise defined herein shall have the meanings ascribed to such terms as
provided in the Plan. 
  
  

Executive: Victoria D. Harker 
 Grant Date of the Award:
May 4, 2017 
 Maximum Potential Value of the Award: $1,000,000 
  

 
 Terms of the Award: 

The following terms shall apply to the Award: 
  

	 	1.	This Award shall only become effective if the Cars.com Spin-off occurs on or before September 30, 2017. 

 

	 	2.	The Executive will have the right to receive $700,000 if the Executive remains in continuous, active employment with the Company until December 31, 2017. Such amount will be paid as soon as administratively
practicable after January 1, 2018 (less applicable withholdings). 

  

	 	3.	The Executive will have the right to receive an additional $300,000 if the Executive remains in continuous, active employment with the Company until the first anniversary of the Cars.com
Spin-off. Such amount will be paid as soon as administratively practicable after the first anniversary of the Cars.com Spin-off (less applicable withholdings).

  

	 	4.	In the event that the Executive separates from service from the Company prior to the first anniversary of the date of the Cars.com Spin-off by reason of death or permanent
disability (as determined under the Company’s Long Term Disability Plan), the Executive (or in the case of the Executive’s death, the Executive’s estate or designated beneficiary) shall receive any unpaid portion of the Maximum
Potential Value of the Award as soon as administratively practicable after the date the Executive separates from service (less applicable withholdings). 

  

	 	5.	In the event that the Executive remains in continuous, active employment with the Company until the date that a Change in Control occurs and the date of the Change of Control is before the first anniversary of the
Cars.com Spin-off, the Executive shall receive any unpaid portion of the Maximum Potential Value of the Award as soon as administratively practicable after the date of the Change in Control (less applicable
withholdings). 

	 	6.	In the event that the Company involuntarily terminates the Executive without Cause prior to December 31, 2017, the Executive shall receive any unpaid portion of the Maximum Potential Value of the Award that would
otherwise have vested on December 31, 2017 (i.e., $700,000) as soon as administratively practicable after the date the Executive separates from service (less applicable withholdings). In the event that the Company involuntarily terminates the
Executive without Cause after December 31, 2017 and prior to the first anniversary of the Cars.com Spin-off, the Executive shall receive any unpaid portion of the Maximum Potential Value of the Award that
would otherwise have vested on the first anniversary of the Cars.com Spin-off (i.e., $300,000) as soon as administratively practicable after the date the Executive separates from service (less applicable
withholdings). For purposes of this Award, “Cause” means a termination of the Executive’s employment following the occurrence of any of the following events, each of which shall constitute a “Cause” for such termination:

  

	 	•	 	any material misappropriation of funds or property of the Company or its affiliates by the Executive; 

  

	 	•	 	unreasonable and persistent neglect or refusal by the Executive to perform her duties which is not remedied within thirty (30) days after receipt of written notice from the Company; 

 

	 	•	 	conviction, including a plea of guilty or of nolo contendere, of the Executive of a securities law violation or a felony; or 

  

	 	•	 	a material violation of the Company’s employment policies by the Executive. 

  

	 	7.	For the avoidance of doubt, in the event that the Executive’s employment with the Company terminates for any reason or circumstance that would not trigger a payment under the foregoing provisions (e.g., a voluntary
termination, a termination for Cause, etc.), the Executive will forfeit any unpaid portion of the Award. 

  

	 	8.	The value of the Award will not be treated as a bonus (or be in lieu of an annual bonus) and will not be taken into account for purposes of calculating the Executive’s benefit under the Company’s compensation
or benefit plans. 

  

	 	9.	The Award is subject to the Company’s Recoupment Policy dated February 26, 2013. 

  

	 	10.	The Committee, in its sole discretion, has the authority to interpret the Award and make all determinations under this Award (including, without limitation, whether a termination is for “Cause”), and its
decisions are binding on all parties. 

	 	11.	The Award is granted under, and is subject to, the terms of the Plan. References to “separates from service” or “separation from service” shall mean a “separation from service” within the
meaning of Code Section 409A. Any reference to a payment that will be made as soon “as administratively practicable” after a specified date shall be a date that does not exceed 15 days after the payment date. 

 

			
		 	TEGNA Inc.
		
	By:	 	 /s/ Todd A. Mayman

	
	Dated: May 4, 2017

  

			
	Agreed to and Accepted by:
		
	By:	 	 /s/ Victoria D. Harker

		 	Victoria D. Harker
	
	Dated: May 4, 2017

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