TRIBUNE MEDIA COMPANY (NYSE:TRCO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
On January 18, 2018, to promote the efficient continuity of its operations through the closing of the Company’s merger with Sinclair Broadcast Group, Inc. (the “merger”), the Compensation Committee of the Board of Directors (the “Board”) of Tribune Media Company (the “Company”) approved a retention bonus program targeted at participants in the Company’s Management Incentive Plan, including Messrs. Lazarus, Bigelow and Wert, to be payable from a retention bonus pool reserved by the Compensation Committee of the Board in connection with the merger, which was previously disclosed in the proxy statement related to the approval of the merger.
Each employee participating in this program will be paid a cash retention bonus at or following the closing of the merger in an amount equal to 16% of his or her target annual bonus under the Company’s Management Incentive Plan for the 2018 fiscal year, if he or she is continuously employed with the Company through the closing date of the merger. This retention bonus would also be paid if the Company terminates the individual’s employment without cause or the individual resigns for good reason (as such terms are defined in the Tribune Media Company 2016 Incentive Compensation Plan) prior to such closing date. The retention bonus will not be contingent on the achievement of any performance conditions other than the consummation of the merger.
