EX-10.25
from 10-K
6 pages
In Connection With Your Termination of Employment Effective January 2, 2008 (The “Termination Date”), GateHouse Media, Inc. (The “Company”) Will Provide You With the Valuable Benefits Described Below, Which You Would Not Otherwise Be Entitled to Receive, in Lieu of Those Payments and Benefits to Which You Would Be Entitled in Accordance With the Terms and Conditions of (A) the Employment Agreement Among You, the Company and Gatehouse Media Operating, Inc. (F/K/a Liberty Group Operating, Inc.), Dated May 9, 2005 (The “Employment Agreement”) and (B) the Amended and Restated Management Stockholder Agreement Dated as of March 1, 2006, by and Between the Company, Fif III Liberty Holdings, LLC and Mr. Cope (The “S/H Agreement”), Provided You Timely Sign and Return This Letter Agreement. in This Regard, You Hereby Resign, Effective as of the Termination Date, From Your Position as Co-President and Co-Chief Operating Officer, and From All Other Positions, Directorships and Memberships That You Hold With the Company or Any of Its Subsidiaries or Affiliates. 1. Description of Severance in Return for the Execution of This Letter Agreement, and in Lieu of Any Payments and Benefits to Which You Would Be Entitled in Accordance With the Employment Agreement and the S/H Agreement (Except as May Be Otherwise Required by Applicable Law): (A) the Company Will to Pay You an Amount Equal to Your Base Salary at the Current Rate of $200,000 Per Annum for a Period Commencing on the Termination Date Through the Two (2) Month Anniversary of the Termination Date, Payable in One “Lump Sum” Installment on or Before January 17, 2008; (B) the Company Will Accelerate the Vesting of All Your Outstanding GateHouse Media, Inc. Restricted Stock Grants (Representing 105,453 Shares of Common Stock of the Company) to the Termination Date. This Is in Addition to the 30,000 Shares of Common Stock of the Company That You Purchased in 2005;
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