TRONC, INC. (NASDAQ:TRNC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
appointed Timothy P. Knight, President, troncX, effective
February 23, 2017.
President of Advance Ohio, a digital marketing company, since
October 2015. Before that, from December 2011 to October 2015,
Mr. Knight served as Chief Executive Officer of Wrapports, LLC, a
holding company that owns the Chicago Sun-Times, Chicago Reader,
and Chicago.com. Mr. Knight holds a B.S. in accounting from
Marquette University and a J.D. from DePaul University College of
Law.
subsidiary of the Company, entered into an employment agreement
with Mr. Knight. The term of the employment agreement commences
on February 23, 2017, and will expire on February 22, 2019 (the
Employment Term).
base salary of $600,000, subject to periodic adjustment as
determined by the Board. He also is eligible to receive an annual
cash bonus, with a target of 50% of base salary. The Company will
pay Mr. Knight $262,500 for relocation expenses, all of which
will be subject to repayment if Mr. Knights employment is
terminated for cause or he resigns without good reason within the
first 24 months of his employment.
terminates his employment without cause (and other than due to
death or disability) or he resigns for good reason, subject to
his execution and non-revocation of a release of claims, Mr.
Knight will be paid, in addition to his previously-accrued
compensation, the following severance: (i) an amount equal to his
base salary remaining due under the Employment Term, payable in
bi-weekly installments over the remainder of the Employment Term,
(ii) any unpaid annual bonus with respect to the calendar year
immediately preceding the calendar year of termination of
employment, and (iii) a pro-rata amount of the annual bonus based
on actual performance with respect to the calendar year of
termination of employment. The terms cause and good reason are
defined in his employment agreement. In connection with his
commencement of employment, Mr. Knight will receive stock options
with respect to 112,500 shares and 187,500 restricted stock
units. These equity awards will vest in three equal annual
installments over a three year period from the grant date and
otherwise be subject to such other terms as set forth in the
Companys 2014 Omnibus Incentive Plan and applicable award
agreements.
restrictive covenants for the Companys benefit. He also is
required to maintain the confidentiality of the Companys
confidential information.
qualified in its entirety by reference to the text of the
employment agreement, a copy of which is attached hereto as
Exhibit 10.1 and incorporated herein by reference.
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Exhibit No.
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Description
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10.1
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Executive Employment Agreement by and between Timothy
Knight and Tribune Interactive, LLC, effective February 23, 2017 |
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About TRONC, INC. (NASDAQ:TRNC)
tronc, Inc., formerly Tribune Publishing Company, is a content curation and monetization company focused on creating and distributing content across all channels. The Company’s portfolio of news and information brands includes daily and weekly titles, digital properties and verticals in markets across the country. The Company’s brands are sources of local news and information across all platforms, including print, online, mobile and social, in the markets they serve. Its media groups include the Chicago Tribune Media Group, the California News Group, the Sun Sentinel Media Group, the Orlando Sentinel Media Group, The Baltimore Sun Media Group, the Hartford Courant Media Group, The Morning Call Media Group and the Daily Press Media Group. The Company’s offerings also include a suite of digital, custom content and direct mail services and solutions for marketers. TRONC, INC. (NASDAQ:TRNC) Recent Trading Information
TRONC, INC. (NASDAQ:TRNC) closed its last trading session up +0.02 at 14.63 with 113,317 shares trading hands.
