Document:

exv10w4

 

Exhibit 10-4

May 21, 2003

Mr. Larry F. Miller

Dear Larry:

This agreement will set forth the terms of your consulting arrangement with
Gannett. Gannett desires to retain your consulting and advisory services as
set forth in this Agreement and to provide the necessary compensation to assure
such services.

1.   Your Services.   You will render to Gannett the services described in
Exhibit A hereto (the “Services”).

2.   Term.   The term of this Agreement will begin on July 1, 2003, and end on
June 30, 2004, provided, however, that this Agreement will renew automatically
for successive one year terms thereafter unless either party provides to the
other written notice of non-renewal no less than 30 days prior to the end of
the initial term or any renewal term. Either party may terminate this
agreement on 30 days’ prior written notice at any time, in said party’s sole
and subjective discretion, but in the event the Agreement is canceled by
Gannett prior to the end of the initial term or any renewal term, you will be
compensated as provided hereunder through the end of that term. The period
during which you provide consulting services to Gannett under this Agreement,
including any renewal periods, is referred to in this Agreement as the “Term.”

3.   Consideration.   (a) You will be paid for your consulting services at the
rate of $600,000 per year, payable $50,000 per month on the 15th day of the
month for which the services are being paid, unless you and Gannett agree on a
different payment schedule. You will be paid a bonus for the 2003 fiscal year
equal to one-half the bonus you were paid for the 2002 fiscal year. Upon the
termination of this Agreement by you, you will be entitled to the consideration
earned through the date of termination and any payments made or to be made to
you will be adjusted accordingly. We will also reimburse you for all of your
documented, reasonable out-of-pocket expenses incurred in performing the
services hereunder. (b) Gannett also will provide you with the following
during the Term of this Agreement: (i) a company automobile, (ii) a club
membership, (iii) participation in the Nixon Peabody financial counseling
program, and (iv) “travel/accident insurance” of $3,600,000, each of the
foregoing on terms that apply generally to then current members of the Gannett
Management Committee. In addition, the payout amount of your company-provided
life insurance will be kept at its current level, and shall not be reduced,
during the Term of this Agreement, and thereafter shall be reduced according to
the schedule of reduction applicable to retired GMC members. (c) We will
recommend to the Gannett Foundation that it include you in its GMC annual gift
designation program, again, on the same terms applicable to other retired GMC
members (e.g. John Curley

 

 

and Cecil Walker). It also is our understanding that the Gannett Foundation
matching gift program will be extended to include retired GMC members,
including you.

4.   Normal Retirement Benefits.   Beginning on July 1, 2003, your retirement as
a Gannett employee commences and your normal retirement benefits begin. For
purposes of calculating your final average earnings with respect to Gannett
Retirement Plan and SERP Monthly Benefit amounts, your bonus paid in 2002 for
the 2001 fiscal year shall be deemed to have been $500,000.

5.   Withholding; Insurance.   All of the payments described in Section 3 above
are “gross.” You agree to account for and pay all federal, state and local
taxes applicable to your performance under this Agreement. You also indemnify
and agree to hold harmless Gannett, its affiliated companies and their
respective employees, directors, officers, agents, successors and assigns from
any and all claims related to your actual or alleged failure to properly
withhold and/or pay such taxes.

6.   Independent Contractor.   You acknowledge and agree that you are an
independent contractor under this Agreement for all purposes and that you are
not an employee of Gannett. Though you will receive certain benefits set forth
in Section 3(b) above, under no circumstances will your consulting services
qualify you for treatment as an active employee under any other employee
benefit plan or program of Gannett and you waive any right to be so treated.
Gannett shall not be liable for any of your acts or omissions, or any of those
by your representatives or agents in connection with the performance of your
Services under this Agreement, except as provided in this Agreement, including,
without limitation, Section 10.

7.   Confidential Information.   You agree to hold in strict confidence and not
to disclose to any other person or entity, either during or after the term of
this Agreement, any confidential or proprietary business or technical
information acquired or developed by you at any time in connection with your
employment by Gannett or your performance of Services under this Agreement,
including trade secrets and know-how not generally known to the public, and
including information received by you from Gannett or others on our behalf
(“Confidential Information”). You agree to use the Confidential Information
only for Gannett’s benefit. After any termination of this Agreement, you shall
not keep any document or material embodying or containing any Confidential
Information.

8.   Exclusive Services.   You agree that, (i) with respect to the areas of
financial or operations expertise you render to Gannett, you will not act as an
employee, consultant, advisor, or in any comparable capacity, for a competitor
of Gannett during the Term of your consultancy with us except as approved in
advance by Gannett’s chief executive officer, which approval will not be
unreasonably withheld.

9.   Work Product.   All work product produced by you in the performance of the
Services (“Work Product”), alone or in conjunction with Gannett or any of its
officers, agents or other employees, during the Term will be owned by Gannett,
and you agree you will not make any claims with respect thereto. The Work
Product will remain the property of Gannett after the Term.

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10.   Indemnification.   (a) You and Gannett agree that under and during the term
of this Agreement, your liability to Gannett for your conduct, and Gannett’s
obligation to defend and indemnify you with respect to your conduct, each shall
be the same as they were during your employment by Gannett (and to that end,
Gannett agrees to indemnify you to the same extent as it indemnifies its
executive officers and in order to provide that indemnification, section 17 of
Article II of Gannett’s By-laws is incorporated by reference into this
agreement and shall apply to you as though you are a named officer within the
meaning of that section); and (b) during the Term, you will be covered by
Gannett’s director and officer insurance policy as a “former insured retained
as a consultant to the Company” unless coverage under that definition becomes
prohibitively expensive, in Gannett’s view. In that case, you will be given at
least 30 days’ prior notice.

11.   Waiver; Severability.   The waiver or breach of any provision of this
Agreement shall not operate or be construed as a waiver of any other breach of
the same or any other term or condition.

12.   Binding Effect.   This Agreement shall be binding upon and inure to the
benefit of the parties hereto, their respective officers, directors, employees,
agents, heirs, executors, administrators, successors and permitted assigns, as
the case may be.

13.   Miscellaneous.   The laws of the Commonwealth of Virginia will govern this
Agreement. This Agreement reflects the entire agreement of the parties
regarding the provision of the Services and may not be modified except in a
writing signed by both parties. You are not permitted to assign any of your
rights or obligations under this Agreement without Gannett’s prior written
consent.

If you agree with these provisions, please sign the enclosed copy where
indicated.

	 	 	 
	 	 	
Gannett Co., Inc.
	 
	 	 	
 
	 
	 	 	
 

/s/ Douglas H. McCorkindale

By: Douglas H. McCorkindale

Agreed to and accepted as of

May 21, 2003

/s/ Larry F. Miller     

Larry F. Miller

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EXHIBIT A

Description of Services

     You agree to work approximately one-half time in providing consulting
efforts under this Agreement. In the event you are called upon to devote more
time than that to the Services, then you and the Company will reach an
equitable adjustment of the consideration to be paid under this Agreement.

     You will consult with Gannett generally concerning financial, operations
or other matters, as requested either by Gannett’s CEO or its chief financial
officer.

     Your services will include consultations with Gannett’s chief executive
officer, its chief financial officer, its operating division heads, other
Gannett executives, and other persons as requested by Gannett, concerning
methods, techniques, planning, and strategies with respect to the matters set
forth above. Your services also may include meetings and any other related
activities as may reasonably be requested by Gannett. You also will consult
with Gannett on such other matters as you and Gannett’s chief executive officer
or its chief financial officer may mutually agree. The services described in
this Description of Services are referred to in this Agreement as the
“Services”.

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                                                                    EXHIBIT 10.1

June 25, 2003

Wachovia Bank, National Association
191 Peachtree Street, N.E.
Atlanta, Georgia  30303

         Re:      Credit and Security Agreement dated as of November 15, 2001,
                  among Thomas & Betts Corporation (the "Borrower"), the lenders
                  party thereto (the "Lenders"), and Wachovia Bank, National
                  Association (f/k/a Wachovia Bank, N.A.), as administrative
                  agent for the Lenders (the "Agent"), as amended by that
                  certain First Amendment to Credit and Security Agreement and
                  Agreement to Release, dated as of March 25, 2002, as further
                  amended by that certain Second Amendment to Credit and
                  Security Agreement, dated as of June 21, 2002, as further
                  amended by that certain Third Amendment to Credit and Security
                  Agreement, dated as of February 17, 2003, as further amended
                  by that certain Fourth Amendment to Credit and Security
                  Agreement dated as of May 15, 2003 (as the same may be further
                  amended, restated, supplemented or otherwise modified from
                  time to time, the "Credit Agreement").

Ladies and Gentlemen:

Pursuant to Section 2.07 of the Credit Agreement, the Borrower hereby notifies
the Agent of the termination of the total amount of the Commitments (as defined
in the Credit Agreement), effective June 25, 2003. As of the date hereof, there
are no Loans (as defined in the Credit Agreement) and from and after the date
hereof, there shall be no Loans outstanding under the terms and conditions of
the Credit Agreement.

The Borrower acknowledges that it continues to be obligated to Wachovia Bank,
National Association (individually, and together with Wachovia Securities, Inc.,
collectively, "Wachovia") for obligations with respect to letters of credit
issued by Wachovia, for obligations relating to foreign exchange agreements and
for treasury management services, among other things.

The existing letters of credit issued by Wachovia under the terms and conditions
of the Credit Agreement will constitute a portion of the letter of credit
facility provided under the Borrower's new credit facility with Wachovia and a
syndicate of other banks (the

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"New Facility). The letter of credit facility will be secured by the Collateral
which will secure the New Facility, and the existing Credit Agreement shall be
terminated. In addition, in the event that the New Facility does not become
effective on or prior to June 25, 2003, the Borrower agrees to pledge in favor
of Wachovia cash collateral equal to at least 105% of the outstanding Continuing
Obligations with respect to letters of credit, which pledge shall be made
pursuant to documents in form and substance reasonably satisfactory to Wachovia
in its sole discretion.

Sincerely,

/s/ Thomas C. Oviatt

Thomas C. Oviatt
Vice President-Treasurer

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