Document:

Exhibit

EXHIBIT 10-21
GANNETT CO., INC.
SUPPLEMENTAL EXECUTIVE MEDICAL PLAN FOR RETIRED EXECUTIVES
Amendment No. 1
Gannett Co., Inc., hereby adopts the following clarifying amendment, which reflects past and current administrative practice with respect to the Gannett Co., Inc. Supplemental Executive Medical Plan for Retired Executives, as follows: 
1. The “Eligibility” section is deleted in its entirety and replaced with the following: 
ELIGIBILITY
This Plan covers (i) each retired executive who was a participant in the Predecessor Plan on date of the Spin-off and is a Former SpinCo Group Employee and (ii) each executive whose employment terminates after the date of the Spin-off and who was a participant in Company’s Supplemental Executive Medical Plan immediately prior to his termination of employment and is a SpinCo Group Employee, provided that on the date of such termination the executive had attained at least age 55 and had completed at least five years of service. The Plan also covers eligible dependents of a deceased eligible former executive who died while a participant in the Company’s Supplemental Executive Medical Plan or this Plan. Any former executive who becomes eligible after the effective date of the Plan will be eligible with respect to any covered medical expenses incurred by such executive or eligible dependents on or after the date of eligibility under the Plan. A former executive’s eligible dependents will include parents and parents-in-law if they are legal dependents under the Internal Revenue Code, as well as those individuals who would qualify as eligible dependents under the Company’s medical plans. Only those eligible dependents who were covered by the Predecessor Plan on June 29, 2015, or who were covered by the Supplemental Executive Medical Plan immediately prior to the executive’s termination of employment that occurred after June 29, 2015, are eligible to participate, and no new dependents may be enrolled after those respective dates. Eligibility will continue for the eligible dependents of a deceased eligible former executive. Retired executives and their eligible dependents must be enrolled in other primary medical coverage that constitutes Minimum Essential Coverage under the Affordable Care Act (“Other Primary Medical Coverage”) in order to participate. Where the Other Primary Medical Coverage is Medicare, the individual must be enrolled in Medicare Parts A, B, and D (or an equivalent Medicare plan, such as a Medicare Advantage plan with prescription drug coverage).

IN WITNESS WHEREOF, Gannett Co., Inc. has caused this Amendment to be executed by its duly authorized officer as of December 15, 2016. 

GANNETT CO., INC.
By: /s/ Elizabeth A. Allen                     

Name:  Elizabeth A. Allen
Title:  Vice President, Associate General Counsel and SecretaryExhibit

EXHIBIT 10-28
 

December 2, 2015

Joanne Lipman
316 West 79th Street
New York, NY  10024

Dear Joanne,

I am pleased to extend you an offer to join our team here at Gannett Co. Inc. as Senior Vice President, Chief Content Officer reporting to Bob Dickey, CEO.  The total compensation package is detailed below.  This is a full-time exempt position.

ANNUAL BASE SALARY:                 $500,000 
ANNUAL PERFORMANCE BONUS (target):     65% or $325,000
LONG TERM INCENTIVE (target):         115% or $575,000
TOTAL COMPENSATION (target):         $1,400,000
PROPOSED START DATE:            December 28, 2015

Performance Bonus:  You will be eligible to participate in an annual bonus program. Your initial target bonus is 65% of your base salary or $325,000.  For the 2016 performance year, your bonus award will be paid, based on performance against your Key Performance Indicators (KPIs), in February 2017.  The 2016 bonus will have a minimum payment of $250,000 contingent based on your on-going employment through the payment date.  Please keep in mind that Gannett reserves the right to alter, amend or terminate this bonus program at any time and for any reason. 

Sign-On Bonus: You will receive a one-time signing bonus of $100,000 (gross) as soon as practical after your first day worked. In the event you choose to voluntarily terminate within a 12-month period from your start date, you agree to reimburse the company the full sign-on amount.  

Long term incentive:  You will be eligible to participate in the Gannett 2015 Omnibus Incentive Compensation Plan at an initial target rate of 115% (60% TSRs/40% RSUs) or $575,000.  Please keep in mind that Gannett reserves the right to alter, amend or terminate this plan at any time and for any reason.  Your participation in this plan shall be determined by the Executive Compensation Committee of Gannett’s Board of Directors.

Relocation:   A location stipend of $5,000 (net) per month will be provide to you for the first 12 months of your employment with Gannett Co. Inc.  This stipend is provided to cover all travel related expenses to our headquarters in McLean, Va.

Office:  703.854.3457 · DHarmon@gannett.com
Gannett Co., Inc. · 7950 Jones Branch Drive · McLean, VA. 22107

      

Benefits:   Upon the appropriate waiting period for each plan, you will be eligible for all the standard Gannett benefits programs, including health insurance, 401K, life insurance, etc.  Please note that your health/dental/vision insurance begins on the first day of the month following from your start date.  You will receive additional information detailing your employee benefits at the New Employee Orientation.

Paid Time Off/Holidays:  You will be eligible for accrued Paid Time Off (PTO) for up to 25 days annually.  We also observe seven regular holidays each year: New Year’s Day

        Martin Luther King, Jr. Day Memorial Day, Independence Day,
        

        Labor Day,
        

        Thanksgiving Day, and Christmas Day.   In addition to these regular holidays, full-time employees are eligible for three floating holidays each calendar year to observe other national or religious holidays, celebrate a birthday or anniversary, or handle personal or family matters.
Confidentiality: You recognize and acknowledge that certain confidential business and technical information of Gannett Co., Inc. that includes, information relating to financial statements, customer identities, potential customers, employees, suppliers, servicing methods, equipment, program strategies and information, databases and information systems, analyses, digital products, profit margins or other proprietary information used by Gannett is a valuable, special and unique asset of Gannett. You shall not, at any time whether during the term or after the termination of your employment with Gannett or any of its affiliates, or the expiration of this Agreement, use such information, or any part thereof, or disclose such information to any person, firm, corporation, association or other entity for any purpose other than for the benefit of Gannett Co., Inc.
Employment Agreements:  During the course of the interview process, you advised the Company that you were not subject to an employment agreement with your current employer, and also that you have not signed any agreements with your current or any former employers that in any way limit what you can and cannot do after leaving their employment. This offer of employment is being made on that basis and your signature of acceptance of this offer is confirmation of that information. This employment relationship is considered “at will” and may be terminated by you or by us at any time. 

      

Offer Contingency: This offer is contingent upon your successful completion of the pre-employment drug screening, personal background check, reference check and review of applicable employment agreements. You represent that all information provided to Gannett or its agents with regard to your background is true and correct.

We are thrilled at the prospect of you joining Gannett Co. Inc. in what we expect will be a mutually rewarding relationship and productive experience.  Should the terms of the offer be acceptable, we would appreciate you confirming your agreement with your signature below by close of business on December 8th, 2015.  If you have questions, please feel free to contact me in the office at 703-854-3457.

Best regards,

Dave Harmon
Chief People Officer

Acceptance:

Signature:  /s/ Joanne Lipman                Date:  12/2/15            
Joanne Lipman

cc:  Robert DickeyExhibit

EXHIBIT 10-29
Tuesday, August 2nd, 2016

Dear Sharon, 

As you know, subject to certain regulatory approvals and other terms and conditions, Gannett will acquire ReachLocal in a transaction whereby ReachLocal will become a wholly owned subsidiary of Gannett.  The transaction is expected to close in August.  

I want to take this opportunity to welcome you to the Gannett team and confirm your post-acquisition position with ReachLocal.  Specifically, I am pleased to outline the following details of your role and compensation that will become effective after closing.

		
	Position: 
	Chief Executive Officer - ReachLocal, Inc.

Annual Base Salary:     $550,000 USD

		
	Annual Bonus:  
	You will be eligible to participate in an annual bonus plan for 2016 contingent upon your performance and company performance, as well as the availability of funds in the bonus pool. Your target annual bonus percentage is 120% of your base salary. Beginning with the 2017 annual bonus plan year, your annual incentive target will be adjusted to 75% of your then base salary. 

		
	Long-term Incentive:  
	You will be eligible for an annual long-term incentive compensation grant, based on an effective date of January 2017, subject to the terms and guidelines in place at that time of the grant, as determined and approved by the Executive Compensation Committee of the Gannett Board of Directors. For your current job level, the typical forms of award include a combination of TSRs (performance share awards) and restricted share units (RSUs). 

You will also be eligible for a prorated 2016 long-term incentive compensation grant after close, based on Gannett’s current LTI program and guidelines, as determined and approved by the Executive Compensation Committee of the Gannett Board of Directors, with an approximate value of $145,830 as of the date of grant. This amount is determined based on your job level in accordance with the current Gannett LTI program guidelines and reflects a monthly mid-cycle proration of 42% of the annual target grant value, based on an estimated close date of August 9, 2016 through December 31, 2016.

The long-term incentive awards will be subject to the terms and conditions of the Gannett Co., Inc. 2015 Omnibus Incentive Compensation Plan and the pertinent award agreements, which will be provided to you when the awards are granted.  

		
	Retention Award:
	You will be eligible for a one-time retention award in the form of cash and equity (stock) in the total value of $1,650,000 as of the date of grant, subject to the terms and guidelines as determined and approved by the Executive Compensation Committee of the Gannett Board of Directors. The retention award will be paid out over a 3-year period beginning from a specified date after the closing as long as you remain an active employee, in good standing with the Company at the time of vest or payout. Generally, in the event of your voluntary termination from the Company, any unvested equity and unpaid cash awards related to this retention award will be forfeited as of the effective date of your termination. If your employment is involuntarily terminated by the Company without “Cause” (as defined in the award agreements), you will become full vested in the unvested portion of your retention cash and equity awards. Your retention package will also vest if you are required to report to anyone below the position of Gannett’s Chief Executive Officer, or there is a diminution in your job scope where you no longer directly or indirectly manage the Product and Sales teams of ReachLocal.

The vesting and payout schedule are detailed below.

	
													
	 
	 
	Payout or Vest Interval

	 
	Value
	Interval #1 – 1 Year Anniversary of Close
	Interval #2 – 2 Year Anniversary of Close
	Interval #3 – 3 Year Anniversary of Close

	50% Cash
	

	$825,000
	

	25% or $206,250
	

	25% or $206,250
	

	50% or $412,500
	

	 
	 
	 
	 
	 

	50% Stock
	$825,000*
	

	25% or $206,250*
	

	25% or $206,250*
	

	50% or $412,500*
	

	Total
	

	$1,650,000
	

	

	$412,500
	

	

	$412,500
	

	

	$825,000
	

* The actual value of the stock award will depend on the value of Gannett shares at the time of payment.

The long-term incentive and retention awards will be subject to the terms and conditions of the Gannett Co., Inc. 2015 Omnibus Incentive Compensation Plan and the pertinent award agreements, which will be provided to you when the awards are granted. 

In consideration for receiving the retention awards, you must consent to waiving your rights to participate in the ReachLocal, Inc. Amended and Restated Change in Control and Severance Policy for Senior Management (effective as of February 21, 2010) and agree to an amendment to your employment letter.  As a replacement severance plan, you will participate in the Gannett Co., Inc. Executive Severance Plan subject to the approval of the Executive Compensation Committee of the Board of Directors, which provides you with a severance benefit equal to two years of your annual base salary. Your severance rights will be subject to the terms and conditions of such plan, including Gannett’s right to amend or terminate such plan in the future. 

Additionally, you will continue to participate in your current vacation and other employee benefit plans as applicable.

Where applicable by Federal, State or Country law, your continued employment is considered “at will” and may be terminated by you or Gannett at any time and for any reason.  Gannett reserves the right to amend or terminate its benefit plans and compensation programs and or practices at any time.

All compensation paid to you is subject to applicable taxes and withholding requirements.

We sincerely hope that you will favorably view this confirmation of employment and welcome you as an important member of the Gannett team as we move forward into our future together.
                        

Sincerely,

/s/ David Harmon 

David Harmon
Chief People Officer

Acknowledged and Agreed to By:

/s/ Sharon Rowlands    8/11/16

Sharon Rowlands (Signature / Date)

RTN/CIC

EXECUTIVE SEVERANCE

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