Document:

Exhibit 10.3 - Tribune Company Supplemental Retirement Plan (as amended and
      restated effective 10/18/06)

    EXHIBIT
      10.3

     

    TRIBUNE
      COMPANY

    SUPPLEMENTAL
      RETIREMENT PLAN

     

    (As
      Amended and Restated Effective October 18, 2006)

     

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    TRIBUNE
      COMPANY SUPPLEMENTAL RETIREMENT PLAN

     

    (As
      Amended and Restated Effective October 18, 2006)

     

    SECTION
      1

     

    Introduction

     

     

    1.1
      The Plan.
      TRIBUNE
      COMPANY SUPPLEMENTAL RETIREMENT PLAN (the “Plan”) was established by TRIBUNE
      COMPANY, a Delaware corporation (the “Company”), effective January 1, 1979.
      The amendment and restatement of the Plan as set forth herein is effective
      October 18, 2006 (the “Restatement Effective Date”).

     

    1.2
      Purpose.
      The
      Company and certain of its subsidiaries maintain and are Employers under the
      Tribune Company Salaried Employees Pension Plan (the “Pension Plan”) which is
      intended to meet the requirements of a “qualified plan” under Section 401(a) of
      the Internal Revenue Code of 1986, as amended (the “Code”). Pursuant to the
      Employee Retirement Income Security Act of 1974, as amended (“ERISA”), Section
      415 of the Code places limitations on the maximum amount of benefits that may
      be
      paid from a qualified plan (the “Maximum Benefit Limitation”). However, ERISA
      permits the payment under a non-qualified “excess benefit plan” of the benefits
      which may not be paid under a qualified plan because of such limitations. In
      addition, Sections 401(a)(17) and 404(l) of the Code limit the amount of
      employees' annual compensation that may be taken into account in determining
      the
      benefits that may be paid to them from a qualified defined benefit pension
      plan
      and the deductible Employer contributions that may be made to that plan to
      provide those benefits (the “Compensa-tion Limitation"). The purpose of this
      Plan is to provide benefits that would have been earned and become payable
      under
      the Pension Plan but for the Maximum Benefit Limitation and the Compensation
      Limitation; provided, that in no event shall any benefits be payable under
      this
      plan due to one of said Limitations that would duplicate benefits that become
      payable hereunder due to the other of said Limitations.

     

    1.3
      Employers.
      The
      Company and each subsidiary of the Company that is an Employer under the Pension
      Plan shall be an “Employer” under this Plan unless specified to the contrary by
      the Company by written notice filed with the Committee described in subsection
      1.4.

     

    1.4
      Plan Administration.
      The
      Plan will be administered by the Compensation & Organization Committee of
      the Board of Directors of the Company (or such successor committee of said
      Board
      as shall from time to time have responsibility for compensation matters) (the
      “Committee”). The Committee has, to the extent appropriate and in addition to
      the powers described in subsection 2.1 below, the same powers, rights, duties
      and obligations with respect to the Plan as the Administrative Committee under
      the Pension Plan has with respect to that plan. The Committee’s determinations
      hereunder need not be uniform, and may be made selectively among eligible
      employees, whether or not they are similarly situated.

     

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    SECTION
      2

     

    Participation
      and Supplemental Benefits

     

     

    2.1
      Eligibility.
      Subject
      to subsection 1.5 above and the other conditions and limitations of the Plan,
      each Employee of an Employer on or after the Restatement Effective Date who
      is a
      participant in the Pension Plan and becomes entitled to a retirement pension
      or
      deferred vested pension under that plan, shall become a “Participant” under this
      Plan entitled to “Supplemental Benefits” payable under this Plan
      if:

     

    
      	 	
              (a)

            	
              such
                participant under the Pension Plan has been designated by the Board
                of
                Directors of the Company (by resolutions adopted on December 13,
                1988) or
                thereafter by the Committee as being part of a select group of management
                or highly compensated employees covered by this Plan (and such designation
                has not been revoked by the Committee); provided, that no revocation
                of a
                designation under this subparagraph (a) shall be effective if made
                (i) on
                the day of, or within 36 months after, the occurrence of a
                “Change-In-Control” (as defined in subsection 3.1 below), (ii) prior to a
                Change-In-Control but at the request of any third party participating
                in
                or causing the Change-In-Control, or (iii) other-wise in connection
                with
                or in anticipation of a Change-In-Control;
                and

            

    

     

    
      	 	
              (b)

            	
              the
                benefits payable under the Pension Plan to the participant are less
                than
                the benefits that otherwise would have been payable under the Pension
                Plan
                to the participant if the Maximum Benefit Limitation and Compensation
                Limitation did not apply to (and were not incorporated into) the
                Pension
                Plan.

            

    

     

    In
      the
      event of the death of such a Participant, his beneficiary shall be entitled
      to
      participate in the Plan as of the date benefit payments to such beneficiary
      commence under the Pension Plan, to the extent provided by the following
      subsections of the Plan.

     

    2.2
      Amount of Supplemental Benefits.
      The
      Supplemental Benefits payable to a Participant (or, in the event of the
      Participant’s death, to his beneficiary) under this Plan shall be actuarially
      equivalent to the difference between (a) the benefits that would have been
      payable to the Participant (or his beneficiary) under the Pension Plan if the
      Maximum Benefit Limitation and Compensation Limitation had not applied to (and
      been incorporated into) the Pension Plan, and (b) the benefits payable to the
      Participant (or his beneficiary) under the Pension Plan. For purposes of this
      Plan, actuarially equivalent benefits shall be calculated on the basis of the
      actuarial factors, assumptions and tables applied for the same or similar
      purposes under the Pension Plan. Each Participant's Supplemental Benefits
      hereunder shall accrue on an annual basis on the last day of each Plan Year,
      unless the Participant's employment with the Employers and Related Companies
      terminated during the Plan Year, in which case the increase in a Participant's
      Supplemental Benefits which is attrib-utable to the Plan Year in which his
      employment ter-minates shall accrue on the date of his employment termination.
      The Committee shall determine the amount of each Participant's accrual for
      a
      Plan Year as of the appropriate date described in the preceding
      sentence.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    2.3
      Payment of Supplemental Benefits.
      Supplemental Benefits that a Participant (or, in the event of the Participant’s
      death, the Participant’s beneficiary) becomes entitled to receive under the Plan
      on account of the retirement, other termination of employment or death of the
      Participant on or after the Restatement Effective Date shall be paid at the
      same
      time and in the same manner as benefits that are to be paid to the Participant
      (or his beneficiary) under the Pension Plan. Notwithstanding the foregoing
      provisions of this subsection 2.3, a Participant who is a “specified employee”
as defined in Section 409A(a)(2)(B)(i) of the Code may not receive a
      distribution under the Plan of any amounts prior to the date which is 6 months
      after the date of the Participant’s termination of employment, or, if earlier,
      the date of death of the Participant. If a specified employee is unable to
      receive a distribution as a result of the restrictions under Section 409A,
      the
      payment or payments that otherwise would have been made following termination
      shall be made and shall commence, as applicable, as soon as practicable
      following the lapse of such restrictions.

     

    2.4
      Change-In-Control.
      In the
      event of a Change-In-Control of the Company as defined in Section 3.1, the
      present value of the Participant’s accrued benefit under the Plan, whether or
      not currently in pay status, shall become immediately due and payable and
      distribution shall be made in a lump sum actuarially equivalent amount as soon
      as practicable thereafter.

     

    2.5
      Funding.
      Supplemental Benefits payable under this Plan to a Participant or his
      beneficiary shall be paid (i) directly by the Employers from their general
      assets and/or (ii) from Tribune Company Deferred Benefit Trust, in such
      proportions as the Company shall determine. The provisions of this Plan shall
      not require that the Employers segregate on their books or otherwise any amount
      to be used for payment of Supplemental Benefits under this Plan, except as
      to
      any amounts paid or payable to Tribune Company Deferred Benefit
      Trust.

     

    SECTION
      3

     

    General
      Provisions

     

    3.1
      Terms.
      References in this Plan to an individual as being a “participant” in the Pension
      Plan and (unless expressly provided to the contrary in this Plan) terms used
      in
      this Plan that also are used in the Pension Plan as to that individual shall
      have the meanings for those terms set forth in the Pension Plan, except that
      a
      reference in this Plan to the “beneficiary” of a Participant shall mean for
      purposes of this Plan any person who becomes entitled to benefits under the
      Pension Plan because of the Participant’s death. For purposes of this Plan, a
“subsidiary” of the Company shall mean any corporation, more than 50% of the
      voting stock in which is owned, directly or indirectly, by the Company, and
      the
      term “Change-In-Control” shall mean a change in ownership or effective control
      of the Company, or in the ownership of a substantial portion of the assets
      of
      the Company, all as defined in Section 409A(a)(2)(A)(v) of the Code or any
      regulations, notices or rulings thereunder.

     

    3.2
      Employment Rights.
      Establishment of the Plan shall not be construed to give any participant in
      the
      Pension Plan the right to be retained in the service of the Company or any
      of
      its subsidiaries or to any benefits not specifically provided by the
      Plan.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    3.3
      Interests Not Transferable.
      Except
      as to withholding of any tax under the laws of the United States or any state
      or
      municipality, the interests of Participants and any other persons who become
      entitled to Supplemental Benefits under the Plan are not subject to the claims
      of their creditors and may not be voluntarily or involuntarily transferred,
      assigned, alienated or encumbered.

     

    3.4
      Controlling Law.
      To the
      extent not superseded by the laws of the United States, the laws of Illinois
      shall be controlling in all matters relating to the Plan.

     

    3.5
      Gender and Number.
      Where
      the context admits, words in the masculine gender shall include the feminine
      and
      neuter genders, the plural shall include the singular and the singular shall
      include the plural.

     

    3.6
      Action by the Company.
      Any
      action required of or permitted by the Company under the Plan shall be by
      resolution of its Board of Directors or by a duly authorized committee of its
      Board of Directors, or by any person or persons authorized by resolution of
      its
      Board of Directors or such committee.

     

    3.7
      Successor to the Company or Any Other Employer.
      The
      term “Company” as used in the Plan shall include any successor to the Company by
      reason of merger, consolidation, the purchase or transfer of all or
      substantially all of the Company’s assets, or otherwise. The term “Employer” as
      used in the Plan with respect to the Company or any of its subsidiaries shall
      include any successor to that corporation by reason of merger, consolidation,
      the purchase or transfer of all or substantially all of the assets of that
      corporation, or otherwise.

     

    3.8
      Facility of Payment.
      Any
      amounts payable under this Plan to any person under a legal disability or who,
      in the judgment of the Committee, is unable to properly manage his affairs
      may
      be paid to the legal representative of such person or may be applied for the
      benefit of such person in any manner which the Committee may
      select.

     

    3.9
      Rights in the Event of Dispute.
      If a
      claim or dispute arises concerning the rights of a Participant or beneficiary
      to
      benefits under the Plan, regardless of the party by whom such claim or dispute
      is initiated, the Company shall, upon presentation of appropriate vouchers,
      pay
      all legal expenses, including reasonable attorneys’ fees, court costs, and
      ordinary and necessary out-of-pocket costs of attorneys, billed to and payable
      by the Participant or by anyone claiming under or through the Participant (such
      person being hereinafter referred to as the Participant’s “claimant”), in
      connection with the bringing, prosecuting, defending, litigating, negotiating,
      or settling such claim or dispute; provided,
      that:

     

    
      	 	
              (a)

            	
              The
                Participant or the Participant’s claimant shall repay to the Company any
                such expenses theretofore paid or advanced by the Company if and
                to the
                extent that the party disputing the Participant’s rights obtains a
                judgment in its favor from a court of competent jurisdiction from
                which no
                appeal may be taken, whether because the time to do so has expired
                or
                otherwise, and it is determined that such expenses were not incurred
                by
                the Participant or the Participant’s claimant while acting in good faith;
                provided
                further,
                that

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	 	
              (b)

            	
              In
                the case of any claim or dispute initiated by a Participant or the
                Participant’s claimant, such claim shall be made, or notice of such
                dispute given, with specific reference to the provisions of this
                Plan, to
                the Committee within one year after the occurrence of the event giving
                rise to such claim or dispute.

            

    

     

     

    3.10
      Other Benefits.
      The
      benefits provided under the Plan shall, except to the extent otherwise
      specifically provided herein, be in addition to, and not in derogation or
      diminution of, any benefits that a Participant or his beneficiary may be
      entitled to receive under any other plan or program now or hereafter maintained
      by the Company or by any of its subsidiaries.

     

    SECTION
      4

     

    Amendment
      and Termination

     

    While
      the
      Company and its subsidiaries expect to continue the Plan, the Company must
      necessarily reserve and reserves the right to amend the Plan from time to time
      or to terminate the Plan at any time. However, neither an amendment of the
      Plan
      nor termination of the Plan may:

     

    
      	 	
              (a)

            	
              cause
                the reduction or cessation of any Supplemental Benefits (and of the
                Employers’ obligation to provide such benefits) which had accrued as of
                the date such amendment is made or the termination of the Plan occurs
                and
                which, but for such amendment or termination, are payable under this
                Plan
                on, or would become payable under this Plan after, the date such
                amendment
                is made or the termination of the Plan occurs;
                or

            

    

     

    
      	 	
              (b)

            	
              cause
                the modification, rescission or revocation of (i) the provisions
                of
                subsection 2.1 with respect to a Change-In-Control, (ii) any written
                determinations by the Committee pursuant to subsection 2.3 as to
                the form
                of payment of Supplemental Benefits to any person that are in effect
                on
                said date or (iii) the provisions of subparagraph 2.3(b) as then
                in
                effect.

            

    

     

    In
      addition, no amendment or termination of the Plan which has the effect of
      reducing or diminishing the right of any participant to receive any payment
      or
      benefit under the Plan will become effective prior to the expiration of the
      36
      consecutive month period commencing on the date of a Change-In-Control, if
      such
      amendment or termination was adopted (i) on the day of or subsequent to the
      Change-In-Control, (ii) prior to the Change-In-Control, but at the request
      of
      any third party participating in or causing the Change-In-Control, or (iii)
      otherwise in connection with or in anticipation of a
      Change-In-Control.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Tribune Company Employee Benefits Committee has caused
      the
      foregoing to be executed on behalf of Tribune Company by the undersigned duly
      authorized Chairman of the Committee as of the 18th
      day of
      October 2006.

     

    
      	 	 	
              TRIBUNE
                COMPANY

               

               

            
	 	 	
              By:/s/
                Donald C. Grenesko

              Chairman
                of Tribune Company

              Employee
                Benefits Committee

            

    

    

    

    
      
        
        

      

      
        6Exhibit 10.57

    EXHIBIT
      10.57

    

    Fiscal
      Year 2007 Annual Incentive Plan Criteria

    

    The
      Annual Incentive Plan rewards performance based upon consolidated, business
      unit
      and individual results. The named executive officers are assigned the following
      Target Award Percentage of their base salary for fiscal year 2007 Annual
      Incentive Awards:

     

    
      	
              Level

            	
              Target
                Award Percentage

            
	 	 
	
              CEO

            	
              110%

            
	
              13

            	
              95%

            
	
              12

            	
              75%

            
	
              11

            	
              65%

            

    

    

    

    Awards
      are based upon the consolidated results of the company and/or the individual’s
      business unit results. The weighting factors for corporate and business unit
      performance for named executive officers is as follows:

    

    
      	
              Level

            	
              Corporate
                / Business Unit Weight

            
	 	 
	
              CEO
                and Level 13

            	
              100%
                / 0%

            
	
              11-12

            	
              80%
                / 20%

            

    

    

    

    The
      payout multiple of a participant’s Target Award Percentage, depending upon
      whether threshold, target, distinguished or super-distinguished performance
      is
      achieved is as follows:

     

    
      	
              Payout
                Multiple of Target Award Percentage

            
	 
	
              Threshold          25%

            
	
              Target   100%

            
	
              Distinguished  150%

            
	
              Super-Distinguished 
                 200%

            

    

    

    The
      consolidated results of the company shall be measured based upon a return on
      equity (“ROE”) calculation. ROE shall be calculated as consolidated net income
      divided by consolidated equity. Business unit results shall be measured based
      primarily on income needed to support the consolidated ROE goal.

    

    

    

    

    

    

    E-1

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