Document reveals a $4M bonus plan for Saridakis

While wandering through Gannett's newly filed annual Form 10-K, I tripped across a contract that was clearly written with one executive in mind: Chris Saridakis, 40 (left), named senior vice president and chief digital officer in January 2008.

Curiously, it appears to be dated Dec. 4, 2007, more than a month before his appointment was made public. The document is Exhibit 10.16-1, and it's way, way toward the back of the 10-K. Here are highlights:

The Digital Long-Term Incentive Plan
(DLTIP or Plan) is designed to provide incentive and retention for the Senior Vice President & Chief Digital Officer to achieve the goals of the Company’s strategic plan by guiding the transformation of Gannett Co., Inc. to compete successfully in digital businesses. The Plan is adopted under and subject to the 2001 Omnibus Incentive Compensation Plan.

The Plan focuses on the attainment of goals over a 4-year period in Digital Revenues and resulting EBITDA.

Eligibility: The Senior Vice President & Chief Digital Officer

Performance Period: January 1, 2008 through December 31, 2011

Target Payment: Approximately $4,000,000

Payment: Any award earned from this Plan will be calculated after the end of the 4-year term, and will be paid in February 2012, except under limited circumstances described below.

Brief Plan Outline
The SVP & Chief Digital Officer will have a leadership role in achieving the goals of the Company’s strategic plan by guiding the transformation of Gannett Co., Inc. to compete successfully in digital businesses. His objective will be to expand the Company’s digital revenues and profits, either by growing existing sources or finding new ones.

The Plan has an ultimate objective of Gannett gradually reaching [redacted by Gannett] in digital revenues by 2011 with strong EBITDA margins. Lesser amounts may be earned for progress towards this goal.

About redacted digital revenues
The section carries this footnote: "Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with an asterisk (“*”). As part of our confidential treatment request, a complete version of this exhibit has been filed separately with the Securities and Exchange Commission."

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