Exhibit 10-1
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment
Agreement (“Amendment”) is made as of June 30, 2005,
between Gannett Co., Inc., a Delaware corporation
(“Gannett”), and Douglas H. McCorkindale
(“McCorkindale”).
This Amendment amends an Employment
Agreement (“Agreement”) between the parties dated July
21, 2003. The Agreement permits McCorkindale to terminate his
employment in the event Gannett no longer retains him as President
and Chief Executive Officer. Gannett desires to retain
McCorkindale’s services as Chairman through his contract
expiration date of June 30, 2006, and McCorkindale is willing to
make his services available for this period.
Gannett and McCorkindale therefore
agree to amend the Agreement as follows:
1. The first sentence of Section 1,
Employment , of the Agreement is deleted and replaced by the
following: “Gannett hereby continues the employment of
McCorkindale as its Chairman as of July 15, 2005, or in such other
senior executive position as the Board of Directors and
McCorkindale shall mutually agree upon.”
2. Section 3, Compensation ,
of the Agreement is deleted and replaced by the
following:
3. Compensation . During the
term of McCorkindale’s employment, Gannett shall pay him a
base salary at the rate of $1,600,000 per annum or such greater
amount as the Executive Compensation Committee shall determine.
Such salary shall be payable in accordance with Gannett’s
standard payroll practices for senior executives. Gannett may pay
McCorkindale a bonus in such amount and at such time or times as
the Executive Compensation Committee shall determine. With respect
to McCorkinda
