Amendment to Executive Employment Agreement between Justin Dearborn and Tribune Publishing Company, LLC
This amendment updates the Executive Employment Agreement between Justin Dearborn and Tribune Publishing Company, LLC. It changes how severance payments and equity vesting are handled if Mr. Dearborn is terminated without cause in 2019. Instead of a lump sum, severance will be paid in installments throughout 2019, and equity awards will continue to vest as if he remained employed for the rest of the year. All other terms of the original agreement remain unchanged.
Exhibit 10.1
AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
The Executive Employment Agreement effective February 22, 2018 by and between Justin Dearborn and Tribune Publishing Company, LLC (“Agreement”) is hereby amended in the following manner:
1. A new subsection (f) is added to Section 8 of the Agreement as follows:
(f) Notwithstanding the preceding and without limitation on Section 9, if the review and revocation period for the Waiver following Executive’s termination of employment by the Company without Cause occurs in calendar year 2019, the aggregate amount set forth in Section 8(c)(x) shall be paid in substantially equal installments as salary continuance throughout the remainder of calendar year 2019 (with such payments commencing on the first payroll at least 5 business days after the revocation period for the Waiver expires) rather than in a lump sum and the Executive shall continue to vest in equity awards through the end of calendar year 2019 as though the Executive had continued in employment through the end of calendar year 2019.
2. In all other respects the Agreement, as amended, shall continue in effect.
| Justin Dearborn | Tribune Publishing Company, LLC | ||
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| /s/ Justin Dearborn |
| By: | /s/Julie K. Xanders |
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| Name: Julie K. Xanders | ||
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| Its: Secretary | ||
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| Date: January 17, 2019 | Date: January 17, 2019 | ||
