Document:

Exhibit 10.7

 

EXECUTION VERSION

	
 
    
	
 
    
	
GUARANTEE AGREEMENT
    
	
 
    
	
made by
    
	
 
    
	
THE SUBSIDIARY GUARANTORS LISTED ON   THE SIGNATURE PAGES HERETO
    
	
 
    
	
in favor of
    
	
 
    
	
JPMORGAN CHASE BANK, N.A.,
    
	
as Administrative Agent
    
	
 
    
	
Dated as of June 29, 2015
    
	
 
    

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
SECTION 1.  DEFINED TERMS
    	
1
    
	
1.1
    	
Definitions
    	
1
    
	
1.2
    	
Other Definitional   Provisions
    	
2
    
	
SECTION 2.  GUARANTEE
    	
2
    
	
2.1
    	
Guarantee
    	
2
    
	
2.2
    	
Right of Contribution
    	
3
    
	
2.3
    	
No Subrogation
    	
3
    
	
2.4
    	
Amendments, etc.   with respect to the Guaranteed Obligations
    	
3
    
	
2.5
    	
Guarantee Absolute and   Unconditional
    	
3
    
	
2.6
    	
Reinstatement
    	
4
    
	
2.7
    	
Payments
    	
5
    
	
2.8
    	
Keepwell
    	
5
    
	
SECTION 3.  REPRESENTATIONS AND WARRANTIES
    	
5
    
	
3.1
    	
Representations of each   Guarantor
    	
5
    
	
SECTION 4.  MISCELLANEOUS
    	
6
    
	
4.1
    	
Authority of   Administrative Agent
    	
6
    
	
4.2
    	
Amendments in Writing;   Other Guarantees
    	
6
    
	
4.3
    	
Notices
    	
6
    
	
4.4
    	
No Waiver by Course of   Conduct; Cumulative Remedies
    	
6
    
	
4.5
    	
Enforcement Expenses; Indemnification
    	
6
    
	
4.6
    	
Successors and Assigns
    	
7
    
	
4.7
    	
Setoff
    	
7
    
	
4.8
    	
Counterparts
    	
7
    
	
4.9
    	
Severability
    	
7
    
	
4.10
    	
Section Headings
    	
8
    
	
4.11
    	
Integration
    	
8
    
	
4.12
    	
GOVERNING LAW
    	
8
    
	
4.13
    	
Submission To   Jurisdiction; Waivers
    	
8
    
	
4.14
    	
Acknowledgements
    	
8
    
	
4.15
    	
Additional Guarantors
    	
9
    
	
4.16
    	
Releases
    	
9
    
	
4.17
    	
Confidentiality
    	
9
    
	
4.18
    	
WAIVER OF JURY TRIAL
    	
10
    

 

i

 

SCHEDULES

 

	
Schedule 1
    	
Notice Addresses
    
	
 
    	
 
    
	
Annex 1
    	
Assumption Agreement
    

 

ii

 

GUARANTEE AGREEMENT

 

GUARANTEE AGREEMENT, dated as of June 29, 2015, made by each Material Domestic Subsidiary of Gannett Co., Inc., a Delaware corporation (f/k/a Gannett SpinCo, Inc.) (the “Borrower”), listed on the signature pages hereto (the “Guarantors”), in favor of JPMORGAN CHASE BANK, N.A., as Administrative Agent (in such capacity, the “Administrative Agent”) for the banks and other financial institutions or entities (the “Lenders”) from time to time parties to the Credit Agreement, dated as of June 29, 2015 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders, certain other parties and the Administrative Agent and the other agents named therein.

 

W I T N E S S E T H:

 

WHEREAS, pursuant to the Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms and subject to the conditions set forth therein;

 

WHEREAS, the Borrower and the Guarantors will derive substantial direct and indirect benefit from the making of the extensions of credit under the Credit Agreement.

 

NOW, THEREFORE, in consideration of the premises, each Guarantor hereby agrees with the Administrative Agent, as follows:

 

SECTION 1.

 

DEFINED TERMS

 

1.1                               Definitions.  (a)  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

(b)                                 The following terms shall have the following meanings:

 

“Agreement”:  this Guarantee Agreement, as the same may be amended, supplemented or otherwise modified from time to time.

 

“Guaranteed Obligations”: with respect to any Guarantor, the collective reference to all Obligations; provided, that for purposes of determining any Guaranteed Obligations of any Guarantor under the Loan Documents, the definition of “Guaranteed Obligations” shall not create any guarantee by any Guarantor of any Excluded Swap Obligations of such Guarantor.

 

“Guaranteed Parties”:  the Administrative Agent, the Lenders, the other Secured Parties (as defined in the Security Agreement) and each other obligor to a Guaranteed Obligation.

 

“Loan Documents”: the collective reference to the Credit Agreement, this Agreement and any amendment, waiver, supplement or other modification to any of the foregoing.

 

“Qualified Keepwell Provider”:  in respect of any Swap Obligation, each Guarantor that, at all times during the Swap Guarantee Eligibility Period, has total assets exceeding $10,000,000 or otherwise constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder and can cause another person to qualify as an “eligible contract participant” with respect to such Swap Obligation at such time by entering into a keepwell pursuant to section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

 

“Swap Guarantee Eligibility Period”:  with respect to a guarantor and the relevant Swap Obligation, the period from and including the date on which the relevant guarantee (or grant of the relevant security interest, as applicable) becomes effective with respect to such Swap Obligation until the date on which such guarantee (or grant of the relevant security interest, if applicable) is no longer in effect.  For the avoidance of doubt, the Swap Guarantee Eligibility Period shall commence on the date of the execution of a Swap if the corresponding guarantee (or grant of security interest, as applicable) is then in effect, otherwise it shall commence on the date of execution and delivery of the relevant guarantee (or grant of security interest, as applicable) unless the guarantee (or relevant collateral agreement or pledge documentation, as applicable) specifies a subsequent effective date.

 

1.2                               Other Definitional Provisions.  (a)  The words “hereof,” “herein”, “hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise specified.

 

(b)                                 The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.

 

SECTION 2.

 

GUARANTEE

 

2.1                               Guarantee.  (a)  Each of the Guarantors hereby, jointly and severally, absolutely, unconditionally and irrevocably, guarantees, as primary obligor and not merely as surety, to the Administrative Agent, for the ratable benefit of itself and the other Guaranteed Parties and its and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the Borrower when due (whether at the stated maturity, by acceleration or otherwise) of the Guaranteed Obligations (other than, with respect to any Guarantor, any Excluded Swap Obligation of such Guarantor).

 

(b)                                 Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to fraudulent conveyances or transfers or the insolvency of debtors (after giving effect to the right of contribution established in Section 2.2).

 

(c)                                  Each Guarantor agrees that the Guaranteed Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee of such Guarantor contained in this Section 2 or affecting the rights and remedies of the Guaranteed Parties hereunder.

 

(d)                                 Subject to Section 4.16 hereof, the guarantee contained in this Section 2 shall remain in full force and effect until all the Guaranteed Obligations and the obligations of each Guarantor under the guarantee contained in this Section 2 shall have been satisfied by payment in full and the Commitments shall have been terminated.

 

(e)                                  No payment made by the Borrower, any of the Guarantors, any other guarantor or any other Person, or received or collected by any Guaranteed Party from the Borrower, any of the Guarantors, any other guarantor or any other Person, by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any

 

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Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Guaranteed Obligations or any payment received or collected from such Guarantor in respect of the Guaranteed Obligations), remain liable for the Guaranteed Obligations up to the maximum liability of such Guarantor hereunder until the Guaranteed Obligations are paid in full and the Commitments are terminated.

 

2.2                               Right of Contribution.  Each Guarantor hereby agrees that, to the extent that a Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment.  Each Guarantor’s right of contribution shall be subject to the terms and conditions of Section 2.3.  The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of any Guarantor to any Guaranteed Party, and each Guarantor shall remain liable to such Guaranteed Party for the full amount guaranteed by such Guarantor hereunder.

 

2.3                               No Subrogation.  Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor by any Guaranteed Party, no Guarantor shall be entitled to be subrogated to any of the rights of any Guaranteed Party against the Borrower or any other Guarantor or any collateral security or guarantee or right of offset held by any Guaranteed Party for the payment of the Guaranteed Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Borrower or any other Guarantor in respect of payments made by such Guarantor hereunder, until the Guaranteed Obligations are paid in full and the Commitments are terminated.  If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Guaranteed Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Guaranteed Parties, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required), to be applied against the Guaranteed Obligations, whether matured or unmatured, in such order as the Administrative Agent may determine.

 

2.4                               Amendments, etc. with respect to the Guaranteed Obligations.  Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment of any of the Guaranteed Obligations made by any Guaranteed Party may be rescinded by such Guaranteed Party and any of the Guaranteed Obligations continued, and the Guaranteed Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by any Guaranteed Party, and the Credit Agreement and the other Loan Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders or all Lenders, as the case may be) may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by any Guaranteed Party for the payment of the Guaranteed Obligations may be sold, exchanged, waived, surrendered or released.

 

2.5                               Guarantee Absolute and Unconditional.  Each Guarantor waives (to the extent not prohibited by applicable law) any and all notice of the creation, renewal, extension or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Guaranteed Party upon the guarantee contained in this Section 2 or acceptance of the guarantee contained in this Section 2; the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained in this

 

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Section 2; and all dealings between the Borrower and any of the Guarantors, on the one hand, and the Guaranteed Parties, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained in this Section 2.  Each Guarantor waives (to the extent not prohibited by applicable law) promptness, diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon any of the Borrower or any of the Guarantors with respect to the Guaranteed Obligations (provided that the foregoing shall not be construed as a waiver by the Borrower with respect to notice of default beyond the scope of the waiver provided by it in Section 7.2(c) of the Credit Agreement).  Each Guarantor understands and agrees that the guarantee of such Guarantor contained in this Section 2 shall be construed as a continuing, absolute, unconditional and irrevocable guarantee of payment (and not of collection) without regard to (a) the validity or enforceability of the Credit Agreement or any other Loan Document, any of the Guaranteed Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by any Guaranteed Party, (b) any defense, set-off or counterclaim (other than a defense of payment) which may at any time be available to or be asserted by the Borrower or any other Person against any Guaranteed Party, (c) any failure to assert any claim or demand or to exercise or enforce any right or remedy against the Borrower or any Guarantor or any other Person under the provisions of any Loan Document or otherwise, (d) any change in the time, manner or place of payment of, or in any other term of, all or any part of the Guaranteed Obligations, or any other extension, compromise or renewal of any Guaranteed Obligations, or any increase in any Guaranteed Obligations, (e) any reduction, limitation, impairment or termination of any Guaranteed Obligations for any reason, (f) any amendment to, rescission, waiver or other modification of, or any consent to or departure from, any of the terms of any Loan Document, (g) any addition, exchange or release of any collateral or any Guarantor or any other Person that is a guarantor of the Guaranteed Obligations, or any surrender or non-perfection of any collateral, or any amendment to or waiver or release of, addition to, or consent to or departure from, any other guaranty held by and Guaranteed Party securing any of the Guaranteed Obligations, or (h) any other circumstance whatsoever (with or without notice to or knowledge of the Borrower or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge or defense of a surety or guarantor or any other obligor on any obligation of the Borrower for its Guaranteed Obligations, or of such Guarantor under the guarantee contained in this Section 2, in bankruptcy or in any other instance.  When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, any Guaranteed Party may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower, any Guarantor or any other Person or against any collateral security or guarantee for the Guaranteed Obligations or any right of offset with respect thereto, and any failure by any Guaranteed Party to make any such demand, to pursue such other rights or remedies or to collect any payments from the Borrower, any Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Borrower, any Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of any Guaranteed Party against any Guarantor.  For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings.

 

2.6                               Reinstatement.  The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by any Guaranteed Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made.

 

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2.7                               Payments.  Each Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent without set-off, counterclaim or other defense, in each case in Dollars.

 

2.8                               Keepwell.  Each Qualified Keepwell Provider hereby jointly and severally absolutely, unconditionally, and irrevocably undertakes to provide such funds or other support as may be needed by each other Loan Party for such Loan Party to qualify as an “eligible contract participant” under the Commodity Exchange Act or any regulations promulgated thereunder at any time during the Swap Guarantee Eligibility Period in respect of any Swap Obligation (provided, however, that each Qualified Keepwell Provider shall only be liable under this Section 2.8 for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 2.8, or otherwise under any relevant guarantee, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  The obligations of such Qualified Keepwell Provider under this Section 2.8 shall remain in full force and effect until all Guaranteed Obligations and the obligations of each Guarantor under Section 2 shall have been paid in full and the Commitments shall have been terminated.  Each Qualified Keepwell Provider intends that this Section 2.8 constitute, and this Section 2.8 shall be deemed to constitute, a “keepwell, support, or other agreement” for the benefit of each other Loan Party for all purposes of section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

SECTION 3.

 

REPRESENTATIONS AND WARRANTIES

 

3.1                               Representations of each Guarantor.

 

(a)                                 Each Guarantor (i) is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and (ii) except where the failure to do so would not, individually or in the aggregate, result in a Material Adverse Effect, is duly qualified to do business as a foreign corporation or other entity and in good standing in all states in which it owns substantial properties or in which it conducts substantial business and its activities make such qualifications necessary.

 

(b)                                 The execution and delivery of this Agreement and the other Loan Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby have been duly authorized by all necessary corporate or other company action on the part of each Guarantor; this Agreement has been duly and validly executed and delivered by each Guarantor and constitutes such Guarantor’s valid and legally binding agreement enforceable in accordance with its terms; and the guarantees set forth in Section 2 constitute valid and binding obligations of each Guarantor enforceable in accordance with the terms of this Agreement, except as limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing.

 

(c)                                  The execution, delivery and performance of the Loan Documents to which each Guarantor is a party will not violate any Requirement of Law.

 

(d)                                 There are no actions, suits or proceedings pending or, to the knowledge of each Guarantor, threatened against or affecting it or any of its Subsidiaries in or before any court or foreign or domestic governmental instrumentality, and no Guarantor nor any of their Subsidiaries is in default in respect of any order of any such court or instrumentality which, in such Guarantor’s opinion, are Material with respect to any of the Loan Documents or any of the transactions contemplated hereby or thereby.

 

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(e)                                  Neither the execution and delivery of this Agreement, the consummation of the transactions contemplated herein, nor compliance with the terms and provisions hereof will conflict with or result in a breach of any of the provisions of any Guarantor’s certificate of incorporation, by-laws or equivalent organizational or formation documents, in each case as amended, or any agreement or instrument by which such Guarantor is bound, or constitute a default thereunder, or result in the imposition of any Lien not permitted under the Credit Agreement upon any of such Guarantor’s property.

 

(f)                                   Since December 28, 2014, there has been no development or event that has had or would have a Material Adverse Effect (as defined under the Credit Agreement).

 

SECTION 4.

 

MISCELLANEOUS

 

4.1                               Authority of Administrative Agent.  Each Guarantor acknowledges that the rights and responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as among the Guaranteed Parties, be governed by the Credit Agreement, and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Administrative Agent and the Guarantors, the Administrative Agent shall be conclusively presumed to be acting as agent for the Lenders with full and valid authority so to act or refrain from acting, and no Guarantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority.

 

4.2                               Amendments in Writing; Other Guarantees.  None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in a writing signed by (i) each Guarantor against whom enforcement of such waiver, amendment or supplement is sought, (ii) the Borrower, to the extent such waiver, amendment or supplement directly affects the obligations of the Borrower hereunder, and (iii) the Administrative Agent (it being understood and agreed that the Administrative Agent may, at its discretion, also seek the approval of the Required Lenders or all Lenders); provided, however, that this Agreement may be amended by the Borrower and the applicable Guarantors, and shall not require the consent of the Required Lenders or the Administrative Agent, to (a) add any Guarantor pursuant to Section 4.15 or (b) remove any Guarantor released from this Agreement pursuant to Section 4.16(b).

 

4.3                               Notices.  All notices, requests and demands to or upon the Administrative Agent or the Borrower hereunder shall be effected in the manner provided for in Section 9.2 of the Credit Agreement; provided that any such notice, request or demand to or upon any other Guarantor shall be addressed to such Guarantor at its notice address set forth on Schedule 1 or at such other address specified in writing to the Administrative Agent in accordance with the Credit Agreement.

 

4.4                               No Waiver by Course of Conduct; Cumulative Remedies.  No failure to exercise and no delay in exercising, on the part of the Administrative Agent or any Guaranteed Party, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

4.5                               Enforcement Expenses; Indemnification.  (a)  Each Guarantor agrees to pay or reimburse the Guaranteed Parties for all costs and expenses incurred in collecting against such Guarantor

 

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under the guarantee contained in Section 2 or otherwise enforcing or preserving any rights under this Agreement and the other Loan Documents to which such Guarantor is a party, including, without limitation, the fees and disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each Guaranteed Party.

 

(b)                                 Each Guarantor agrees to pay, and to save the Guaranteed Parties harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable in connection with any of the transactions contemplated by this Agreement.

 

(c)                                  Each Guarantor agrees to pay, and to save the Guaranteed Parties harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement to the extent the Borrower would be required to do so pursuant to Section 9.5 of the Credit Agreement.

 

(d)                                 The agreements in this Section 4.5 and Section 2.6 shall survive repayment of the Guaranteed Obligations and all other amounts payable under the Credit Agreement and the other Loan Documents.

 

4.6                               Successors and Assigns.  This Agreement shall be binding upon the successors and assigns of the Borrower and each Guarantor and shall inure to the benefit of the Guaranteed Parties and their successors and assigns; provided that neither the Borrower nor any Guarantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Administrative Agent.

 

4.7                               Setoff.  In addition to any rights and remedies of the Guaranteed Parties provided by law, each Guaranteed Party shall have the right, without prior notice to any Guarantor, any such notice being expressly waived by the Guarantors to the extent permitted by applicable law, upon any Guaranteed Obligations becoming due and payable by any Guarantor (whether at the stated maturity, by acceleration or otherwise), to set off and appropriate and apply against such amount any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Guaranteed Party to or for the credit or the account of any Guarantor; provided that no amounts set off with respect to any Guarantor shall be applied to any Excluded Swap Obligations of such Guarantor.  Each Guaranteed Party agrees promptly to notify the Borrower, such Guarantor and the Administrative Agent after any such setoff and application of the proceeds thereof made by such Guaranteed Party; provided that the failure to give such notice shall not affect the validity of such setoff and application.

 

4.8                               Counterparts.  This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy or pdf), and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart thereof. A set of the copies of this Agreement signed by all the parties shall be lodged with the Borrower and the Administrative Agent.

 

4.9                               Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such

 

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prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

4.10        Section Headings.  The Section headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.

 

4.11        Integration.  This Agreement and the other Loan Documents represent the agreement of the Borrower, the Guarantors, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Borrower, any Guarantor, the Administrative Agent or any Lender relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Loan Documents.

 

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

 

4.13        Submission To Jurisdiction; Waivers.  The Borrower and each Guarantor hereby irrevocably and unconditionally:

 

(a)           submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof;

 

(b)           consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

 

(c)           agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Guarantor at its address referred to in Section 4.3 or at such other address of which the Administrative Agent shall have been notified pursuant thereto;

 

(d)           agrees that nothing herein shall affect the right of any party to effect service of process in any other manner permitted by law or shall limit the right of the Administrative Agent or any Lender to sue in any other jurisdiction; and

 

(e)           waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages.

 

4.14        Acknowledgements.   Each of the Borrower and each Guarantor hereby acknowledges that:

 

(a)           it has been advised by counsel in the negotiation, execution and delivery of this Agreement;

 

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(b)           no Guaranteed Party has any fiduciary relationship with or duty to any Guarantor arising out of or in connection with this Agreement or the Credit Agreement, and the relationship between the Guarantors, on the one hand, and the Guaranteed Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(c)           no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Guaranteed Parties or among the Guarantors and the Guaranteed Parties.

 

4.15        Additional Guarantors.  Each Material Domestic Subsidiary of the Borrower that is required to become a party to this Agreement pursuant to Section 5.8 of the Credit Agreement shall become a Guarantor for all purposes of this Agreement upon execution and delivery (including by telecopy or .pdf) by such Material Domestic Subsidiary of an Assumption Agreement in the form of Annex 1 hereto.

 

4.16        Releases.  (a)  At such time as the Loans and the other Obligations shall have been paid in full and the Commitments have been terminated, this Agreement and all obligations (other than those expressly stated to survive such termination) of each Guaranteed Party and each Guarantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party.

 

(b)           In the event that any Guarantor ceases to be a Material Domestic Subsidiary, whether by merger, consolidation, stock sale, asset sale, liquidation or otherwise, such Guarantor shall, upon consummation of the transaction causing such Guarantor to no longer be a Material Domestic Subsidiary be released from this Guaranty automatically and without further action and this Agreement shall, as to each such Guarantor or Guarantors, terminate, and have no further force or effect; provided, that any such transaction shall be in compliance with the terms of the Credit Agreement and that immediately following such transaction, no Default shall be continuing; provided further, that the Borrower shall promptly notify the Administrative Agent of the release of such Guarantor under this Agreement.

 

4.17        Confidentiality.  Each of the Administrative Agent and each Guaranteed Party agrees to keep confidential all non-public information provided to it by any Guarantor pursuant to this Agreement; provided that nothing herein shall prevent the Administrative Agent or any Guaranteed Party from disclosing any such information (a) to the Administrative Agent, any other Lender or any Lender Affiliate or other Guaranteed Party subject to this Section 4.17, (b) subject to an agreement to comply with the provisions of this Section, to any actual or prospective Transferee or any direct or indirect counterparty to any hedge agreement (or any professional advisor to such counterparty), (c) to its employees, directors, agents, attorneys, accountants and other professional advisors or those of any of its affiliates, provided that such Persons to whom disclosure is made will be informed of the confidential nature of such information and instructed to keep such information confidential, (d) upon the request or demand of any Governmental Authority or in response to any order of any court or other Governmental Authority, upon prior written notice to the Borrower to the extent reasonably practicable and in accordance with applicable law, (e) to the extent required by any Requirement of Law (other than as provided in clause (d) above) or in connection with any litigation or similar proceeding, provided that the Borrower and such Guarantor shall be promptly notified, to the extent reasonably practicable and in accordance with applicable law, prior to any such disclosure so that the Borrower or such Guarantor may contest such disclosure or seek confidential treatment thereof, (f) that has been publicly disclosed, (g) to any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, or (h) in connection with the exercise of any remedy under any of the Loan Documents.

 

9

 

4.18        WAIVER OF JURY TRIAL.  THE BORROWER AND EACH GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

[Remainder of page intentionally left blank.  Signature pages follow.]

 

10

 

IN WITNESS WHEREOF, each of the undersigned has caused this Guarantee Agreement to be duly executed and delivered as of the date first above written.

 

 

	
 
    	
GUARANTORS:
    
	
 
    	
 
    
	
 
    	
GANNETT SATELLITE   INFORMATION NETWORK, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THE   COURIER-JOURNAL, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PHOENIX NEWSPAPERS, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GANNETT GP   MEDIA, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GANNETT RIVER   STATES PUBLISHING CORPORATION
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GANNETT PUBLISHING   SERVICES, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
				

 

 

	
 
    	
GANNETT MHC   MEDIA, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
DEMOCRAT AND   CHRONICLE LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
DES MOINES REGISTER   AND TRIBUNE COMPANY
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THE SUN COMPANY OF SAN BERNARDINO, CALIFORNIA   LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
FEDERATED   PUBLICATIONS, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
X.COM, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
USA TODAY SPORTS   MEDIA GROUP, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
				

 

 

	
 
    	
SCHEDULE STAR LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
ACTION   ADVERTISING, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GNSS LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
GCOE, LLC
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Michael Hart
    
	
 
    	
Name:
    	
Michael Hart
    
	
 
    	
Title:
    	
Treasurer
    
				

 

 

	
 
    	
JPMORGAN CHASE   BANK, N.A., as Administrative Agent
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Timothy D. Lee
    
	
 
    	
Name:
    	
Timothy D. Lee
    
	
 
    	
Title:
    	
Vice President
    
				

 

 

Schedule 1

 

NOTICE ADDRESSES OF GUARANTORS

 

	
GUARANTOR
    	
NOTICE ADDRESS
    
	
 
    	
Gannett Co., Inc.
    
	
 
    	
7950 Jones Branch Drive
    
	
 
    	
McLean, VA 22107
    
	
 
    	
Telephone: 703-854-6000
    
	
 
    	
Telecopy: 703-854-2031
    
	
 
    	
Attention: Senior Vice   President & Treasurer
    

 

 

Annex 1 to
  Guarantee Agreement

 

ASSUMPTION AGREEMENT, dated as of                 , 20   (the “Assumption Agreement”), made by                                (the “Additional Guarantor”), in favor of JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) for the banks and other financial institutions or entities (the “Lenders”) from time to time parties to the Credit Agreement, dated as of June 29, 2015 (as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Gannett Co., Inc. (f/k/a Gannett SpinCo, Inc.) (the “Borrower”), the lenders parties thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as Administrative Agent and the agents named therein. All capitalized terms not defined herein shall have the meaning ascribed to them in the Guarantee Agreement.

 

W I T N E S S E T H :

 

WHEREAS, the Borrower, the Lenders and the Administrative Agent have entered into the Credit Agreement;

 

WHEREAS, in connection with the Credit Agreement, certain Material Domestic Subsidiaries of the Borrower (in each case as applicable, other than the Additional Guarantor) have entered into the Guarantee Agreement, dated as of June 29, 2015 (as amended, supplemented or otherwise modified from time to time, the “Guarantee Agreement”), in favor of the Administrative Agent;

 

WHEREAS, the Borrower desires that, the Additional Guarantor to become a party to the Guarantee Agreement; and

 

WHEREAS, the Additional Guarantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee Agreement.

 

NOW, THEREFORE, IT IS AGREED:

 

1.  Guarantee Agreement.  By executing and delivering this Assumption Agreement, the Additional Guarantor, as provided in Section 4.15 of the Guarantee Agreement, hereby becomes a party to the Guarantee Agreement as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor thereunder.  The information set forth in Annex 1-A hereto is hereby added to the information set forth in Schedule 1 to the Guarantee Agreement.

 

2.  Governing Law.  THIS ASSUMPTION AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

[Remainder of page intentionally left blank.  Signature pages follow.]

 

 

IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written.

 

	
 
    	
[ADDITIONAL GUARANTOR]
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
				

 

2

 

Annex 1-A

 

NOTICE ADDRESS OF ADDITIONAL GUARANTOR

 

	
GUARANTOR
    	
NOTICE ADDRESSExhibit 10.8

 

GANNETT CO., INC.

 

2015 DEFERRED COMPENSATION PLAN

 

RULES FOR PRE-2005 DEFERRALS

 

 

GANNETT CO., INC.

2015 DEFERRED COMPENSATION PLAN

RULES FOR PRE-2005 DEFERRALS

 

Table of Contents

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
1.0 BACKGROUND
    	
1
    
	
 
    	
 
    
	
1.1
    	
Introduction
    	
1
    
	
1.2
    	
Certain Definitions
    	
2
    
	
 
    	
 
    	
 
    
	
2.0 EXPLANATION OF PLAN
    	
2
    
	
 
    	
 
    
	
2.1
    	
Effective Date
    	
2
    
	
2.2
    	
Eligibility
    	
2
    
	
2.3
    	
Interest in the Plan;   Deferred Compensation Account
    	
3
    
	
2.4
    	
Amount of Deferral
    	
3
    
	
2.5
    	
Time of Election of   Deferral
    	
3
    
	
2.6
    	
Accounts and   Investments
    	
3
    
	
2.7
    	
Participant’s Option to   Reallocate Amounts
    	
4
    
	
2.8
    	
Reinvestment of Income
    	
5
    
	
2.9
    	
Payment of Deferred   Compensation
    	
5
    
	
2.10
    	
Manner of Elections
    	
8
    
	
2.11
    	
Company Contributions
    	
8
    
	
2.12
    	
Deferrals of Stock   Option Compensation
    	
8
    
	
2.13
    	
Deferrals of Restricted   Stock by Directors
    	
8
    
	
 
    	
 
    	
 
    
	
3.0 ADMINISTRATION OF   THE PLAN
    	
9
    
	
 
    	
 
    
	
3.1
    	
Statement of Account
    	
9
    
	
3.2
    	
Assignability
    	
9
    
	
3.3
    	
Business Days
    	
10
    
	
3.4
    	
Administration
    	
10
    
	
3.5
    	
Amendment
    	
10
    
	
3.6
    	
Liability
    	
11
    
	
3.7
    	
Change in Control
    	
11
    
	
3.8
    	
Claims
    	
16
    
	
3.9
    	
Successors
    	
17
    
	
3.10
    	
Governing Law
    	
17
    
	
 
    	
 
    	
 
    
	
4.0 EMPLOYEES OF   PARTICIPATING AFFILIATES
    	
18
    
	
 
    	
 
    
	
4.1
    	
Eligibility of   Employees of Affiliated Companies
    	
18
    
	
4.2
    	
Rights Subject to   Creditors
    	
18
    
	
4.3
    	
Certain Distributions
    	
18
    
	
4.4
    	
Assignability
    	
18
    

 

i

 

GANNETT CO., INC.

2015 DEFERRED COMPENSATION PLAN

RULES FOR PRE-2005 DEFERRALS

 

1.0 BACKGROUND

 

1.1          Introduction

 

In 2015, Gannett Co., Inc. separated its digital/broadcast and publishing businesses into two separate publicly traded companies.  The separation occurred when Gannett Co., Inc. contributed its publishing businesses to a newly formed subsidiary, Gannett SpinCo, Inc., and distributed the stock of Gannett SpinCo, Inc. to its shareholders (the “Spin-off”).  In connection with the Spin-off, Gannett SpinCo, Inc. was renamed “Gannett Co., Inc.” (the “Company”).  The entity formerly known as Gannett Co., Inc. was renamed “TEGNA Inc.” (the “Predecessor Company”) and continues the digital/broadcast businesses.

 

Certain Participants in this Gannett Co., Inc. 2015 Deferred Compensation Plan (the “Plan”) were participants in the Predecessor Company Deferred Compensation Plan (the “Predecessor Plan”).  The Participants who had benefits under the Predecessor Plan that have been assumed by this Plan (the “Transferred Participants”) are specified in that certain Employee Matters Agreement by and between the Company and the Predecessor Company dated June 26, 2015 (the “Employee Matters Agreement”).  The Company, and not the Predecessor Company, shall be solely responsible for paying such assumed benefits.  The Employee Matters Agreement may be used as an aid in interpreting the terms of the benefits hereunder.  Notwithstanding any other provision of this Plan or the Predecessor Plan, no Participant shall be entitled to duplicate benefits under both such Plans with respect to the same period of service or compensation.

 

The list of Transferred Participants is maintained by the Company.  The benefits with respect to Transferred Participants derived from the Predecessor Plan shall not be amended in a manner so as to subject them to additional tax under Section 409A of the Internal Revenue Code, and any amendment which would have such an effect shall be deemed void and ineffective.

 

The Predecessor Company’s Deferred Compensation Plan is comprised of two documents, the Gannett Co., Inc. Deferred Compensation Plan (the “Pre-2005 Predecessor Plan”) and the Gannett Co., Inc. Deferred Compensation Plan Rules for Post-2004 Deferrals (the “Post-2004 Predecessor Plan”).  Benefits of Transferred Participants accrued under the Post-2004 Predecessor Plan that have been assumed by the Company will be paid under the terms of the document subtitled “Rules for Post-2004 Deferrals”; rather than this document.  Benefits of Transferred Participants accrued under the Pre-2005 Predecessor Plan that have been assumed by the Company will be paid under the rules set forth in this document.

 

 

The Plan is comprised of two documents, this document (“the Pre-2005 Plan”) and the document subtitled “Rules for Post-2004 Deferrals” (the “Post-2004 Plan”).

 

The Pre-2005 Predecessor Plan was adopted to provide the opportunity for directors who are not also employees (“Directors”) to defer to future years all or part of their fees and key employees to defer to future years all or part of their salary, bonus and/or shares of Gannett common stock issued pursuant to Stock Incentive Rights (“SIRs”) under the Predecessor Company 1978 Long-Term Incentive Plan (“Compensation”) payable by Gannett Co., Inc. (“Company”) as part of their retirement and financial planning.  The terms of the Pre-2005 Predecessor Plan apply to amounts that are not subject to Section 409A of the Internal Revenue Code, which generally means amounts that were deferred, earned and vested before January 1, 2005 (and earnings on such amounts).

 

Since no further deferrals or contributions are permitted under this document, this document is intended to reflect the investment and distribution provisions with respect to benefits hereunder.

 

It is intended that this Pre-2005 Plan not be a material modification of the Predecessor Plan or benefits of Participants accrued thereunder for purposes of said Section 409A.   The terms of the Pre-2005 Predecessor Plan shall apply if and to the extent needed to avoid any such material modification.

 

1.2          Certain Definitions

 

This Plan applies to compensation earned under the Predecessor Company’s 1978 Long-Term Incentive Plan and the 2001 Omnibus Incentive Compensation Plan.  The term “SIRs” used in this Plan also includes restricted stock awards issued under any such plan.  The term “Committee” used in this Plan mean the Benefit Plans Committee.  The term “Company” means the Company as defined above in Section 1.1 and any successor to its business and/or assets which assumes the Plan by operation of law or otherwise.  The term “Board” means the Board of Directors of the Company.

 

2.0 EXPLANATION OF PLAN

 

2.1          Effective Date

 

The Plan is effective June 29, 2015.

 

2.2          Eligibility

 

The only Participants in this Pre-2005 Plan are those Participants who were participants in the Pre-2005 Predecessor Plan and who are listed on a schedule maintained by the Company.  All such Participants belong to “a select group of management or highly compensated employees” as defined in Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).

 

2

 

2.3          Interest in the Plan; Deferred Compensation Account

 

For each Participant, one or more Deferred Compensation Accounts shall be established in accordance with Section 2.6(a).  A Participant’s interest in the Plan shall be the Participant’s right to receive payments under the terms of the Plan.  A Participant’s payments from the Plan shall be based upon the value attributable to the Participant’s Deferred Compensation Accounts.

 

2.4          Amount of Deferral

 

No new deferrals are permitted under this Plan.

 

2.5          Time of Election of Deferral

 

No new deferrals are permitted under this Plan.

 

2.6          Accounts and Investments

 

(a)                                 Effective for deferrals on and after January 1, 1997, all Participant records, reports and elections after an initial election shall be maintained on the basis of Payment Commencement Dates (as defined in Section 2.9(b)), i.e., all amounts that have been elected to be paid in full, or to commence payment, in a designated calendar year shall be aggregated in a single Deferred Compensation Account for a Participant for purposes of subsequent recordkeeping and for elections that may be available with respect to the deferred amounts, such as investment elections and payment method elections.  Deferrals prior to January 1, 1997, shall be accounted for in accordance with the accounts in effect on December 31, 1996.

 

(b)                                 The amount of Compensation deferred will be credited to the Participant’s Deferred Compensation Account or Accounts as soon as practicable after the Compensation would have been paid had there been no election to defer.

 

The amounts credited in a Deferred Compensation Account will be deemed invested in the fund or funds designated by the Participant from among funds selected by the Committee, which may include the following or any combination of the following:

 

(i)                       money market funds;

 

(ii)                    bond funds;

 

(iii)                 equity funds; and

 

(iv)                the Gannett stock fund.

 

Although the Plan is not subject to section 404(c) of ERISA, the funds available to Participants under the Plan shall, at all times, constitute a broad range of investment alternatives that would meet the standards pertaining to the range of

 

3

 

investments set forth in regulations promulgated by the Department of Labor under section 404(c) of ERISA, or any successor provision, as if that provision were applicable to the Plan.  In the discretion of the Committee, funds may be added, deleted or substituted from time to time, subject to the preceding sentence.

 

Information on the specific funds permitted under the Plan shall be made available by the Committee to the Participants.  If the Committee adds, deletes or substitutes a particular fund, the Committee shall notify Participants in advance of the change and provide Participants with the opportunity to change their allocations among funds in connection with such addition, deletion or substitution.

 

A Participant may allocate contributions to his or her Deferred Compensation Accounts among the available funds pursuant to such procedures and requirements as may be specified by the Committee from time to time.  Participants shall have the opportunity to give investment directions with respect to their Accounts at least once in any three-month period.

 

With respect to the Gannett stock fund, the accounts of Transferred Participants only shall also have deemed investments in shares of Predecessor Company stock derived from the Spin-off and a hypothetical fund will be established for such stock.  Notwithstanding any provision to the contrary, Participants may elect in a manner prescribed by the Committee to allocate out of such Predecessor Company stock fund but shall not be able to allocate any additional amounts to the Predecessor Company stock fund.

 

(c)                                  All deferrals under this Plan and the earnings credited to them are fully vested at all times.

 

(d)                                 The right of any Participant to receive future payments under the provisions of the Plan shall be a contractual obligation of the Company but shall be subject to the claims of the creditors of the Company in the event of the Company’s insolvency or bankruptcy as provided in the trust agreement described below.

 

Plan assets may, in the Company’s discretion, be placed in a trust (the “Rabbi Trust”) (which Rabbi Trust may be a sub-trust maintained as a separate account within a larger trust that is also used to pay benefits under other Company- sponsored unfunded nonqualified plans) but will nevertheless continue to be subject to the claims of the Company’s creditors in the event of the Company’s insolvency or bankruptcy as provided in the trust agreement.  In any event, the Plan is intended to be unfunded under Title I of ERISA.

 

2.7          Participant’s Option to Reallocate Amounts

 

A Participant may elect to reallocate amounts in his or her Deferred Compensation Accounts among the available funds pursuant to such procedures and requirements as may be specified by the Committee from time to time consistent with Section 2.6(b).

 

4

 

2.8          Reinvestment of Income

 

Income from a hypothetical fund investment in a Deferred Compensation Account shall be deemed to be reinvested in that fund as soon as practicable under the terms of that fund. Notwithstanding the foregoing, deemed dividends relating to hypothetical Predecessor Company stock in the hypothetical Predecessor Company stock fund will not be deemed reinvested in Predecessor Company stock.  Instead, such deemed dividends will be hypothetically invested proportionately in the investment funds selected by the Participant in his most recent investment direction, or, in the absence of an explicit investment direction, in the default investment fund.

 

2.9          Payment of Deferred Compensation

 

(a)                                 No withdrawal may be made from the Participant’s Deferred Compensation Accounts except as provided in this Section.

 

(b)                                 At the time a deferral election was made, the Participant chose the date on which payment of the amount credited to the Deferred Compensation Account is to commence, which date shall be either April 1 or October 1 of the year of the Participant’s retirement, the year next following the Participant’s retirement, or any other year specified by the Participant that is after the year for which the Participant is making the deferral (“Payment Commencement Date”).  In the case of Director Participants, the Payment Commencement Date shall be no later than October 1 of the year after the Director Participant retires from the Board.  In the case of key employee Participants, the Payment Commencement Date shall be no later than October 1 of the year following the year during which the key employee reaches age 65 or actually retires, whichever occurs later.

 

Notwithstanding the foregoing paragraph:  (i) for all elections to defer occurring on or after November 1, 1991, (ii) in the event that the Committee adds or substitutes a particular fund or funds, or (iii) if a Participant elects to reallocate amounts in his or her Deferred Compensation Accounts among available funds, the Committee shall have the right to fix Payment Commencement Dates and/or the date or dates upon which the value attributable to a Deferred Compensation Account is to be determined or paid, or modify such previously elected dates (but in no event to a date earlier than the date originally elected by the Participant) in order to comply with the requirements of the added, substituted or available fund or funds, pursuant to such procedures and requirements as may be specified by the Committee from time to time.

 

(c)                                  At the time the election to defer was made, the Participant chose to receive payments either (i) in a lump sum, or (ii) if the Payment Commencement Date is during a year in which the Participant could have retired under a retirement plan of the Company, in up to fifteen annual installments.  The method of paying a Deferred Compensation Account is the “Method of Payment.”  The amount of any payment under the Plan shall be the value attributable to the Deferred Compensation Account on the last day of the month preceding the month of the

 

5

 

payment date, divided by the number of payments remaining to be made, including the payment for which the amount is being determined.

 

(d)                                 In the event of a Participant’s death or disability before the Participant has received any payments from a Deferred Compensation Account, the value of the Account shall be paid to the Participant’s designated beneficiary, in the case of death, or to the Participant, in the case of disability, at such time and in such form of payment as is set forth on the applicable deferral form signed by the Participant, or as the Committee determines, in its sole discretion.  In the event of the Participant’s death or disability after installment payments from a Deferred Compensation Account have commenced, the remaining balance of the Account shall be paid to the Participant or designated beneficiary, as applicable, over the installments remaining to be paid.

 

Beneficiary designations shall be submitted on the form specified by the Company.  If a Participant so chooses, a separate beneficiary designation may be made for each Deferred Compensation Account.  The filing of a new beneficiary designation shall automatically revoke any previous beneficiary designation.  In the event a beneficiary designation has not been made, or the beneficiary was not properly designated (in the sole discretion of the Company), has died or cannot be found, all payments after death shall be paid to the Participant’s estate.  In case of disputes over the proper beneficiary, the Company reserves the right to make any or all payments to the Participant’s estate.

 

(e)                                  A Participant may not change an initial Payment Commencement Date or Method of Payment for a Deferred Compensation Account after an election has been made except as provided in this subsection (e) as follows:

 

(i)                                     The Method of Payment elected by a Participant may be changed by the Participant’s written election to the Committee at any time up to 36 months prior to the earlier of the Payment Commencement Date or the Participant’s termination of employment, or, if the Participant has elected the year of, or the year next following, his or her retirement as the Payment Commencement Date, at any time no later than 6 months prior to the Participant’s retirement and prior to the calendar year in which the retirement occurs.  Any change of an earlier election that is made within 36 months of the earlier of the Payment Commencement Date or the Participant’s termination, or, if the Participant has elected the year of, or the year next following, his or her retirement as the Payment Commencement Date, within 6 months of the Participant’s retirement or in the year in which the Participant’s retirement occurs, shall be disregarded by the Committee;

 

(ii)                                  If a Participant has elected the year of retirement as the Payment Commencement Date, the Participant may change the Payment Commencement Date to the year following retirement.  That election must be made before the calendar year in which the retirement occurs and at

 

6

 

least six months before the Participant retires.  In no other case may the year initially elected by the Participant as the Payment Commencement Date be changed.  In addition, the Participant may change the date of payment in the payment year to the first day of any month in that year so long as that election is made before the December 31 preceding such year and so long as the Participant gives the Committee notice of the change at least 90 days before the date payments are to begin.  A technical note—if a Participant has elected the year of retirement as the Payment Commencement Date but retires on a date that is after the designated Payment Commencement Date, the payment (or the first annual installment) will begin on the first day of the month after the Participant retires.

 

Restrictions on changing Payment Commencement Dates and Methods of Payment shall not prevent the Participant from choosing a different Payment Commencement Date and/or Method of Payment for amounts to be deferred in subsequent years.

 

(f)                                   Notwithstanding any Payment Commencement Date or Method of Payment selected by a Participant, if:

 

(i)                       an employee Participant’s employment with the Company terminates other than (1) at or after early or normal retirement pursuant to a retirement plan of the Company, (2) by reason of the Participant’s death, or (3) by reason of the Participant’s total disability, or

 

(ii)                    a director Participant’s directorship terminates for any reason other than (1) at or after reaching the prescribed mandatory retirement age from the Board, (2) by reason of such Participant’s death, or (3) by reason of such Participant’s total disability,

 

the Committee, in its sole discretion, shall determine whether to distribute such Participant’s benefits in the form of five annual installment payments or as a lump sum.  In either case, such payment shall begin as soon as administratively practicable following the Participant’s termination of employment.

 

(g)                                  If, in the discretion of the Committee, the Participant has a need for funds due to an unforeseeable emergency, benefits may be paid prior to the Participant’s Payment Commencement Date.  For this purpose, an unforeseeable emergency means an unanticipated emergency that is caused by an event beyond the control of the Participant or the Participant’s beneficiary and that would result in severe financial hardship if early withdrawal were not permitted.  A payment based upon financial hardship cannot exceed the amount required to meet the immediate financial need created by the hardship.  The Participant requesting a hardship payment must supply the Committee with a statement indicating the nature of the need that created the financial hardship, the fact that all other reasonably available

 

7

 

resources are insufficient to meet the need, and any other information which the Committee decides is necessary to evaluate whether a financial hardship exists.

 

A Participant with a financial need that fails to meet the unforeseeable emergency standard may elect to withdraw funds from the Participant’s Deferred Compensation Account prior to the date specified in the Participant’s election form subject to the following conditions:  (1) premature withdrawals may be made only in a lump sum and only in an amount in excess of $10,000; (2) only one premature withdrawal may be made in a calendar year; (3) the Participant must suspend further deferrals for the remainder of the calendar year of the withdrawal; and (4) ten percent of the amount withdrawn shall be irrevocably forfeited to the Company.

 

(h)                                 In the Company’s discretion, payments from the Plan may be made in cash or in the kind of property represented by the fund or funds selected by the Participant.  Notwithstanding the foregoing or any other provision of this Plan, any portion of a Participant’s Deferred Compensation Account deemed invested in shares of Predecessor Company may only be settled in cash.

 

(i)                                     All contributions to the Plan and all payments from the Plan, whether made by the Company or the Trustee, shall be subject to all taxes required to be withheld under applicable laws and regulations of any governmental authorities.

 

2.10        Manner of Elections

 

(a)                                 In order to make any elections or choices permitted hereunder, the Participant must give notice of such election or choice to the Committee in such form as specified by the Committee.  The last election received by the Committee directing an allocation of amounts in a Deferred Compensation Account among the funds available shall govern until changed by the receipt by the Committee of a subsequent election.

 

2.11        Company Contributions

 

There are no Company contributions under this Plan.

 

2.12        Deferrals of Stock Option Compensation

 

There are no deferrals of stock option compensation under this Plan.

 

2.13        Deferrals of Restricted Stock by Directors

 

A Director who elected to receive all or some of his or her fees for a Term, including, as applicable, the Director’s annual retainer, chair retainer, meeting fees or long-term award, in the form of Restricted Stock, may have elected to defer such Restricted Stock under the Predecessor Plan.

 

8

 

(a)                                 An election to defer Restricted Stock shall constitute a direction by the Director to have the Company, in lieu of currently issuing shares of Restricted Stock, defer under this Plan an amount equal to the value of the Restricted Stock subject to the election as determined at the time of the award.  The Restricted Stock deferred by a Director under this Plan for a Term shall be credited as units of stock to a separate sub-account within the Director’s Deferred Compensation Account.  Notwithstanding Section 2.6(c) of the Plan, any vesting restrictions applicable to an award of Restricted Stock deferred under the Plan shall apply to the sub-account attributable to such award until such restrictions lapse in accordance with the original terms of the award.

 

(b)                                 Restricted Stock deferred under the Plan shall be deemed invested in the Gannett stock fund during the entire deferral period and the Director shall not have the right to reallocate such deemed investment to any of the other investment options otherwise available under the Plan.

 

(c)                                  At the time an election to defer Restricted Stock was made, the Director elected the time and form of payment of such deferral and earnings thereon in accordance with Section 2.9 of the Plan, provided, however, that payment of such amounts shall commence in the year the Director leaves the Board.  Payments shall be made in shares of Company common stock.

 

(d)                                 Any portion of a Director’s Deferred Compensation Account attributable to deferred Restricted Stock, whether or not vested, shall not be available for early withdrawal pursuant to Section 2.9(g) of the Plan.

 

3.0 ADMINISTRATION OF THE PLAN

 

3.1          Statement of Account

 

Statements setting forth the values of the funds deemed to be held in a Participant’s Deferred Compensation Accounts will be sent to each Participant quarterly or more often as the Committee may elect.  A Participant shall have two years from the date a statement has been sent to question the accuracy of the statement.  If no objection is made to the statement, it shall be deemed to be accurate and thereafter binding on the Participant for all purposes.

 

3.2          Assignability

 

The benefits payable under this Plan shall not revert to the Company or be subject to the Company’s creditors prior to the Company’s insolvency or bankruptcy, nor, except pursuant to will or the laws of descent and distribution, shall they be subject in any way to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, charge, garnishment, execution or levy of any kind by the Participant, the Participant’s beneficiary or the creditors of either, including such liability as may arise from the Participant’s bankruptcy.

 

9

 

3.3          Business Days

 

In the event any date specified herein falls on a Saturday, Sunday, or legal holiday, such date shall be deemed to refer to the next business day thereafter or such other date as may be determined by the Committee in the reasonable exercise of its discretion.

 

3.4          Administration

 

This Plan shall be administered by the Committee.  The Committee has sole discretion to interpret the Plan and to determine all questions arising in the administration, interpretation, and application of the Plan.  The Committee’s powers include the power, in its sole discretion and consistent with the terms of the Plan, to determine who is eligible to participate in this Plan, to determine the eligibility for and the amount of benefits payable under the Plan, to determine when and how amounts are allocated to a Participant’s Deferred Compensation Account, to establish rules for determining when and how elections can be made, to adopt any rules relating to administering the Plan and to take any other action it deems appropriate to administer the Plan.  The Committee may delegate its authority hereunder to one or more persons.  Whenever the value of a Deferred Compensation Account is to be determined under this Plan as of a particular date, the Committee may determine such value using any method that is reasonable, in its discretion.  Whenever payments are to be made under this Plan, such payments shall begin within a reasonable period of time, as determined by the Committee, and no interest shall be paid on such amounts for any reasonable delay in making the payments.

 

3.5          Amendment

 

(a)                                 This Plan may at any time and from time to time be amended or terminated by the Board or the Compensation Committee of the Board.  No amendment shall, without the consent of a Participant, adversely affect such Participant’s interest in the Plan, i.e., the Participant’s benefit accrued to the effective date of the amendment (hereinafter referred to as the “Protected Interest”), as determined by the Committee in its sole discretion.

 

(b)                                 An amendment shall be considered to adversely affect a Participant’s interest in the Plan if it has the effect of:

 

(i)                       reducing the Participant’s Protected Interest in his or Deferred Compensation Accounts;

 

(ii)                    eliminating or restricting a Participant’s right to give investment directions with respect to the Participant’s Protected Interest in his or her Deferred Compensation Accounts under Sections 2.6 and 2.7 of the Plan, except that a change in the number or type of funds available shall not be considered an amendment of the Plan as long as the funds available to Participants following such change constitute a broad range of investment alternatives under the standards pertaining to the range of investments set forth in regulations promulgated by the Department of Labor under section 404(c) of ERISA or any successor provision;

 

10

 

(iii)                 eliminating or restricting any timing or payment option available with respect to the Participant’s Protected Interest in his or her Deferred Compensation Accounts, or the Participant’s right to make and change payment elections with respect to such Protected Interest, under Section 2.9, 2.10 or any other provision of the Plan;

 

(iv)                reducing or diminishing any of the change in control protections provided to the Participant under Section 3.7 or any other provision of the Plan; or

 

(v)                   reducing or diminishing the rights of the Participant under this Section 3.5 with respect to any amendment or termination of the Plan.

 

(c)                                  Notwithstanding any in the foregoing to the contrary, any amendment made for the purpose of protecting the favorable tax treatment of amounts deferred under the Plan following a change in applicable law, including for this purpose a change in statute, regulation or other agency guidance, shall not be considered to adversely affect a Participant’s interest in the Plan.

 

(d)                                 If the Plan is terminated, compensation shall prospectively cease to be deferred as of the date of the termination.  Each Participant will be paid the value of his or her Deferred Compensation Accounts, including earnings credited through the payment date based on the Participant’s investment allocations, at the time and in the manner provided for in Sections 2.9 and 2.10.

 

3.6          Liability

 

(a)                                 Except in the case of willful misconduct, no Director or employee of the Company, or person acting as the independent fiduciary provided for in Section 3.7, shall be personally liable for any act done or omitted to be done by such person with respect to this Plan.

 

(b)                                 The Company shall indemnify, to the fullest extent permitted by law, members of the Committee, persons acting as the independent fiduciary and Directors and employees 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.

 

3.7          Change in Control

 

(a)                                 Participation.  No new persons may be designated as eligible to participate in the Plan on or after a change in control.

 

(b)                                 Legal Expense.  If, with respect to any alleged failure by the Company to comply with any of the terms of this Plan subsequent to a change in control, other than any alleged failure relating to a matter within the control of the independent

 

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fiduciary and with respect to which the Company is acting pursuant to a determination or direction of the independent fiduciary, a Participant or beneficiary hires legal counsel or institutes any negotiations or institutes or responds to legal action to assert or defend the validity of, enforce his 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, a Participant’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 Participant or beneficiary equal such fees and disbursements.

 

(c)                                  Mandatory Contributions to Rabbi Trust.  If a change in control occurs, the Company shall make mandatory contributions to a Rabbi Trust established pursuant to Section 2.6(d), to the extent required by the provisions of such Rabbi Trust.

 

(d)                                 Powers of Independent Fiduciary.  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 and the Company:

 

(i)                       The independent fiduciary shall assume all powers and responsibilities assigned to the Committee under Section 3.4 and all other provisions of the Plan, including, without limitation, the sole power and discretion to:

 

(1)                                 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;

 

(2)                                 adjudicate disputes and claims for benefits;

 

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

 

(4)                                 select the investment funds available to Participants under Section 2.6 of the Plan (subject to the requirement that, at all times, such funds constitute a broad range of investment alternatives under the standards pertaining to the range of investments set forth in regulations promulgated by the Department of Labor under section 404(c) of ERISA or any successor provision);

 

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

 

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

 

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

 

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(8)                                 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, and not the Company or the Executive Compensation Committee, shall have the sole authority to determine the time and method of payment of amounts attributable to contributions made by the Company prior to the change in control under Section 2.11, provided that the independent fiduciary may not accelerate the payment of such amounts to a Participant without the Participant’s consent.

 

(iii)                 The independent fiduciary shall have the sole power and discretion to (1) 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 (2) remove the trustee of the Rabbi Trust and appoint a successor trustee in accordance with the terms of the trust agreement.

 

(e)                                  Review of Decisions.

 

(i)                       Notwithstanding any provision in the Plan to the contrary, following a change of control, 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 a Participant.  Instead, following a change in control, if a Participant 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)                    Following a change in control, 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.

 

(f)                                   Company’s Duty to Cooperate.  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 Participants’ benefits as the independent fiduciary may reasonably request.

 

(g)                                  Appointment of Independent Fiduciary.  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

 

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Plans Committee immediately prior to the change in control and the Company’s chief executive officer immediately prior to the change in control.

 

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 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.

 

(h)                                 Change in Control Definition.  As used in this Plan, 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 (1) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (2) 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

 

14

 

one of its affiliates or (D) any acquisition pursuant to a transaction that complies with clauses (1), (2) and (3) of Section 3.7(h)(iii) below;

 

(ii)                    Individuals who, as of the Effective Date, constituted the Board of Directors of the Company (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, (1) 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 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, (2) 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 (3) 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

 

15

 

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.

 

3.8          Claims

 

(a)                                 Claim Denials.  The Committee shall maintain procedures with respect to the filing of claims for benefits under the Plan.  Pursuant to such procedures, any Participant 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:

 

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

 

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

 

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

 

(iv)                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.

 

(b)                                 Right to a Review of the Denial.  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.

 

(c)                                  Decision of the Committee on Appeal.  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

 

16

 

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 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.

 

(d)                                 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.

 

3.9          Successors

 

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.

 

3.10        Governing Law

 

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 Delaware without regard to the conflict of laws principles thereof.

 

17

 

4.0 EMPLOYEES OF PARTICIPATING AFFILIATES

 

4.1          Eligibility of Employees of Affiliated Companies

 

If the Predecessor Company allowed it in any individual case, the Predecessor Plan may have been made available to officers and employees of a corporation, partnership or other entity that is directly or indirectly controlled by the Predecessor Company, hereinafter referred to as a “Participating Affiliate”.

 

4.2          Rights Subject to Creditors

 

The right of any Participant who was employed by a Participating Affiliate to receive future payments under the provisions of the Plan shall be a contractual obligation of the Company and the Participating Affiliate at the time the Participant elects to defer compensation.  Such a Participant’s right to receive future payments is subject to the claims of the creditors of the Company and the Participating Affiliates in the event of the Company’s or any Participating Affiliate’s insolvency or bankruptcy as provided in the trust agreement.  Plan assets may, in the Committee’s discretion, be placed in a trust but will nevertheless continue to be subject to the claims of the Company’s and the Participating Affiliates’ creditors in the event of the Company’s or any Participating Affiliate’s insolvency or bankruptcy as provided in the trust agreement.  In any event, the Plan is intended to be unfunded under Title I of ERISA.  If the Committee so permits, Participating Affiliates may also contribute assets to the Rabbi Trust in connection with their Plan obligations under this Article.  If, at the election of the Committee, such contributions are not separately accounted for through subtrusts, segregated accounts, or similar arrangements, Plan assets held by the Rabbi Trust will be subject to the claims of the Participating Affiliates’ creditors in the event of any Participating Affiliate’s insolvency or bankruptcy as provided in the trust agreement.

 

4.3          Certain Distributions

 

Notwithstanding any Payment Commencement Date or Method of Payment selected by a Participant employed by a Participating Affiliate, if such a Participant ceases to be employed by the Company or a Participating Affiliate other than (i) at or after early or normal retirement pursuant to a retirement plan of the Company, (ii) by reason of the Participant’s death, or (iii) by reason of the Participant’s total disability, the Committee, in its sole discretion, shall determine whether to distribute such Participant’s benefits in the form of five annual installment payments, or as a lump sum.  In either case, such payment shall begin within a reasonable period of time following the termination of employment.

 

4.4          Assignability

 

The benefits payable under this Plan to an employee of a Participating Affiliate shall not revert to the Company or Participating Affiliate or be subject to the Company’s or Participating Affiliate’s creditors prior to the Company’s or Participating Affiliate’s insolvency or bankruptcy, nor, except pursuant to will or the laws of descent and distribution, shall they be subject in any way to anticipation, alienation, sale, transfer,

 

18

 

assignment, pledge, encumbrance, charge, garnishment, execution or levy of any kind by the Participant, the Participant’s beneficiary or the creditors of either, including such liability as may arise from the Participant’s bankruptcy.

 

	
Dated: June 26,   2015
    	
GANNETT   SPINCO, INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Todd A. Mayman
    
	
 
    	
Name:
    	
Todd A. Mayman
    
	
 
    	
Title:
    	
Vice President
    

 

19

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