EX-10.18
from 10-K
2 pages
Personal and Confidential Karen Stevenson 830 Alvarado Road Berkeley, Ca 94705 Dear Karen: Welcome Back to Knight Ridder. We Are All Very Enthusiastic About Your Joining Our Team. We Are Pleased You Have Accepted the Position of Chief Legal Officer and Assistant to the Chairman and CEO. to Confirm Our Understanding, I Have Set Forth the Following Specifics Pertaining to Our Agreement: Start Date: Monday, February 6, 2006 Title: Chief Legal Officer and Assistant to the Chairman and CEO Reporting To: Tony Ridder, Chairman and CEO Starting Salary: $475,000 Annualized, Payable Every Two Weeks, or Approximately $18, 269 Per Pay Period Special Provision: If Your Employment Is Terminated Prior to December 31, 2006 for Any Reason Other Than Your Gross Negligence or Willful Misconduct, You Will Receive a Lump-Sum Payment Equal to Your Annual Salary Pro-Rated for the Period From the Date of Termination to December 31, 2006. Annual Bonus: You Will Be Eligible for Participation in the Annual Incentive Bonus Program, With a Target Payout of 50% of Your Annual Salary. the Annual Bonus Plan Is Currently Based on Two Components – 65% on Financial Goals and 35% on Non-Financial Goals. Local Accommodations: We Will Provide Lodging at a San Jose Hotel Two Nights Per Week. Please Coordinate With Cathy King on Details
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