The McClatchy Company (NYSE:MNI) 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.
The McClatchy Company (the Company) is filing this Amendment No.
1 to its Current Report on Form 8-K filed on January 31, 2017,
which, among other things, announced Mr. Patrick J. Talamantes
departure from the Company on January 25, 2017.
Effective February 24, 2017, Mr. Talamantes entered into a waiver
and general release agreement (the Agreement) in connection with
his departure from the Company. to the terms of the Agreement,
Mr. Talamantes will be entitled to receive as severance the gross
lump sum amount of $1,350,000, which is the equivalent of 1.5
times base salary at the rate in effect at the time of
separation. In addition, Mr. Talamantes will receive (1) a
$135,000 payment in respect of his annual incentive for fiscal
year 2016; (2) a $225,000 payment in respect of the Companys
long-term performance-based cash program made under the 2014
Long-Term Incentive Plan; and (3) 42,900 restricted shares of the
Companys Class A Common Stock which represent certain outstanding
awards previously granted to Mr. Talamantes. to the Agreement,
Mr. Talamantes agreed to grant a general release to the Company
and to continue to be bound by certain restrictive covenants
including confidentiality, non-solicitation and non-disparagement
provisions set forth in his employment agreement. This summary
does not purport to be complete and is subject to and qualified
in its entirety by reference to the text of the Waiver and
Release Agreement included as Exhibit 10.1 to this filing which
is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits |
|
Exhibit Number |
Description |
|
| Exhibit 10.1 |
Waiver and Release Agreement, effective as of February 24, 2017, by and between Patrick J. Talamantes and The McClatchy Company |
|
About The McClatchy Company (NYSE:MNI)
The McClatchy Company is a news and information publisher of various publications, such as the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, and the (Fort Worth) Star-Telegram. The Company’s segments include Western Segment and Eastern Segment. Its Western Segment consists of its newspaper operations in California, the Northwest and the Midwest. The Company’s Eastern Segment consists primarily of newspaper operations in the Southeast and Florida. The Company operates media companies in approximately 30 United States markets in over 10 states, providing each of these communities with news and advertising services in a range of digital and print formats. The Company’s operations include approximately 30 local media businesses in over 30 growth markets across the United States that consist of daily newspapers, Websites and mobile applications, publications, direct marketing, direct mail services and community newspapers. The McClatchy Company (NYSE:MNI) Recent Trading Information
The McClatchy Company (NYSE:MNI) closed its last trading session down -0.01 at 11.51 with 3,139 shares trading hands.