Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On February 15, 2021, the Compensation Committee (the "Committee") of the Board
of Directors of Gannett Co., Inc. (the "Company") approved the compensation of
Douglas E. Horne, the Company's Chief Financial Officer and Chief Accounting
Officer, providing that his annual base salary rate will remain the same for the
fiscal year ending December 31, 2021. In addition, in light of Mr. Horne's
performance during the 2020 fiscal year and in consideration of the
extraordinary circumstances he faced, the Committee awarded Mr. Horne a $600,000
cash bonus for the 2020 fiscal year and a time-vesting restricted stock award
valued at $600,000 under the Company's 2020 Omnibus Incentive Compensation Plan
(the "2020 Award"). The 2020 Award vests with respect to 33.3% of the shares
underlying the 2020 Award on each of the first and second anniversaries of the
date of grant and with respect to the remaining 33.4% of the shares underlying
the 2020 Award on the third anniversary of the date of grant. The number of
shares underlying the 2020 Award will be calculated using the closing share
price of the Company's common stock on the second full trading day following the
filing of the Company's Annual Report on Form 10-K for fiscal 2020.
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