Document:

Exhibit
10.1

Description of Cash Bonus Arrangement for Named
Executive Officers

·                  Each named
executive will be entitled to receive a cash bonus for 2007 equal to a target
percentage of that executive’s base salary.

·                  The maximum
bonus for our chief executive officer will be 120% of his base salary.

·                  The maximum
bonus for our chief financial officer will be 100% of his base salary.

·                  One half of the
bonus will be based upon the Company’s overall performance, as measured by the
Company’s fully diluted earnings per share for fiscal year 2007.

·                  One half of the
bonus will be based upon each executive’s individual performance, as measured
by factors the Compensation Committee may deem appropriate.

·                  The overall
target percentage may also be adjusted (reduced or increased) based upon the
Company’s actual fully diluted earnings per share relative to certain specified
targets.Exhibit 4.20

EXECUTION VERSION

AMENDMENT NO. 3

This AMENDATORY AGREEMENT, dated as of January 22,
2007 (this “Amendment”), is among TRIBUNE COMPANY, a Delaware
corporation (the “Borrower”), the Agent and certain of the Lenders
(capitalized terms used herein have the meanings set forth in, or are defined
by reference in, Article I below).

W I T N E S S E T H:

WHEREAS, the Borrower, the Initial Lenders and
Citicorp North America, Inc., as the administrative agent (the “Agent”),
are parties to an Amended and Restated Bridge Credit Agreement, dated as of
June 27, 2006 (as amended, supplemented, amended and restated or otherwise
modified prior to the date hereof, the “Existing Bridge Credit Agreement”,
and as amended by this Amendment and as the same may be further amended,
supplemented, amended and restated or otherwise modified from time to time, the
“Bridge Credit Agreement”);

WHEREAS,
the Borrower has requested that the Lenders amend certain provisions of the
Existing Bridge Credit Agreement and the Lenders are willing, on the terms and
subject to the conditions hereinafter set forth, to amend such provisions of
the Existing Bridge Credit Agreement as set forth below;

NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein
contained, the Borrower, the Lenders and the Agent hereby agree as follows.

ARTICLE I

DEFINITIONS

SECTION 1.1.  Certain Definitions.  The following terms (whether or not
underscored) when used in this Amendment shall have the following meanings
(such meanings to be equally applicable to the singular and plural forms
thereof):

“Agent” is defined in the first recital.

“Amendment” is defined in the preamble.

“Amendment No. 3 Effective Date” is defined in Article III
hereof.

“Borrower” is defined in the preamble.

“Bridge Credit Agreement” is defined in the first
recital.

“Existing Bridge Credit Agreement” is defined
in the first recital.

Amendment
No. 3 —

A&R Bridge Credit Agreement

 

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SECTION 1.2.  Other Definitions.  Terms for which meanings are provided in the
Existing Bridge Credit Agreement are, unless otherwise defined herein or the
context otherwise requires, used in this Amendment with such meanings.

ARTICLE II

AMENDMENT

Effective on and subject to the occurrence of the
Amendment No. 3 Effective Date, the Existing Bridge Credit Agreement is hereby
amended as set forth below in this Article II.

SECTION 2.1.  Amendment to Section 1.01.  Section 1.01 of the Existing Bridge Credit
Agreement is hereby amended by adding the following new defined terms in their
respective alphabetically appropriate places:

“Amendment No. 3” means the Amendatory Agreement dated as of
January 22, 2007 among the Borrower, the Agent and the Lenders party thereto.

“Amendment No. 3 Effective Date” means January 22, 2007.

SECTION 2.2.  Amendment to Section 2.16.  Section 2.16 of the Existing Bridge Credit
Agreement is hereby amended and restated in its entirety to read as follows:

The proceeds of the
Advances shall be available (and the Borrower agrees that it shall use such
proceeds) solely to finance (i) a portion of the Stock Repurchase and the
Refinancing and to pay fees and expenses related thereto and (ii) the repayment
of an aggregate amount of up to $100,000,000 of Debt for Borrowed Money
consisting of commercial paper incurred by the Borrower or any of its
Subsidiaries and outstanding as of the Amendment No. 3 Effective Date.

ARTICLE III

CONDITIONS PRECEDENT

This Amendment shall become effective on the date (the
“Amendment No. 3 Effective Date”) when each of the conditions set forth
in this Article III shall have been fulfilled to the satisfaction of the
Agent.

SECTION 3.1.  Execution of Counterparts.  The Agent shall have received counterparts of
this Amendment, duly executed and delivered on behalf of (i) the Borrower, (ii)
the Agent, and (iii) the Required Lenders.

SECTION 3.2.  Fees and Expenses.  The Agent shall have received all reasonable
and documented fees and expenses, if any, due and payable pursuant to the
Bridge Credit Agreement.

 

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ARTICLE IV

REPRESENTATIONS AND WARRANTIES

In order to induce the Lenders and the Agent to enter
into this Amendment, the Borrower hereby represents and warrants as follows:

(a)           The representations and warranties
contained in Section 4.01 of the Existing Bridge Credit Agreement (except the
representations set forth in the last sentence of clause (e)(i) thereof and in
clause (f) thereof) are correct in all material respects, before and after
giving effect to this Amendment (unless stated to relate solely to an earlier
date, in which case such representations and warranties are correct as of such
earlier date).

(b)           As of the date hereof, no Default
exists or has occurred and is continuing.

ARTICLE V

MISCELLANEOUS PROVISIONS

SECTION 5.1.  Full Force and Effect; Limited Amendment.  Except as expressly provided herein, all of
the representations, warranties, terms, covenants, conditions and other
provisions of the Existing Bridge Credit Agreement and the Notes shall remain
in full force and effect in accordance with their respective terms and are in
all respects hereby ratified and confirmed. 
The amendments set forth herein shall be limited precisely as provided
for herein to the provisions expressly amended hereby and shall not be deemed
to be an amendment to or modification of any other term or provision of the
Existing Bridge Credit Agreement, any Note or of any transaction or further or
future action on the part of the Borrower which would require the consent of
any of the Lenders under the Existing Bridge Credit Agreement or the Notes.

SECTION 5.2.  Loan Document.  This Amendment is executed pursuant to the
Existing Bridge Credit Agreement and shall (unless otherwise expressly
indicated herein) be construed, administered and applied in accordance with the
terms and provisions thereof, including, without limitation, Article VIII
thereof.

SECTION 5.3.  Fees and Expenses.  The Borrower agrees to pay those reasonable
and documented fees payable to the Agent in connection with this Amendment and
all other reasonable and documented out-of-pocket expenses incurred by the
Agent in connection with the preparation, negotiation, execution and delivery
of this Amendment and the documents and transactions contemplated hereby,
including the reasonable and documented fees and disbursements of Mayer, Brown,
Rowe & Maw LLP, as counsel for the Agent.

SECTION 5.4.  Headings.  The various headings of this Amendment are
inserted for convenience only and shall not affect the meaning or
interpretation of this Amendment or any provisions hereof.

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SECTION 5.5.  Execution in Counterparts.  This Amendment may be executed by the parties
hereto in several counterparts, each of which shall be deemed to be an original
and all of which shall constitute together but one and the same agreement.

SECTION 5.6.  Cross-References.  References in this Amendment to any Article
or Section are, unless otherwise specified or otherwise required by the
context, to such Article or Section of this Amendment.

SECTION 5.7.  Successors and Assigns.  This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns.

SECTION 5.8.  Governing Law.  THIS AMENDMENT SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

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IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
by their respective partners or officers thereunto duly authorized as of the
day and year first above written.

	
  

  	
  TRIBUNE COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
   

  	
  Name: Chandler Bigelow

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CITICORP NORTH AMERICA, INC., as Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anish M. Shah

  	
   

  
	
   

  	
   

  	
  Name: Anish M. Shah

  
	
   

  	
   

  	
  Title: Vice President

  

 

 

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  LENDERS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Todd Shipley

  	
   

  
	
   

  	
   

  	
  Name: Todd Shipley

  
	
   

  	
   

  	
  Title: Senior Vice President

  

 

 

 6
 

 

 

	
  

  	
   

  	
  LENDERS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CITICORP NORTH AMERICA, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Anish M. Shah

  	
   

  
	
   

  	
   

  	
  Name: Anish M. Shah

  
	
   

  	
   

  	
  Title: Vice President

  
					

 

 

 7
 

 

 

	
  

  	
   

  	
  LENDERS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  JPMORGAN CHASE BANK, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Tracy Navin Ewing

  	
   

  
	
   

  	
   

  	
  Name:  Tracy
  Navin Ewing

  
	
   

  	
   

  	
  Title:  Vice
  President

  
					

 

 

 8
 

 

 

	
  

  	
   

  	
  LENDERS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MERRILL LYNCH CAPITAL CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Nancy Meadows

  	
   

  
	
   

  	
   

  	
  Name:  Nancy
  Meadows

  
	
   

  	
   

  	
  Title: Vice President

  
					

 

 

 9
 

 

	
  

  	
   

  	
  LENDERS

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  MORGAN STANLEY BANK

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daniel Twenge

  	
   

  
	
   

  	
   

  	
  Name:  Daniel
  Twenge

  
	
   

  	
   

  	
  Title:    Vice
  President

  

 

 10

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