Moon's parachute: Looks like at least $3.7 million

Suddenly retiring USA Today Publisher Craig Moon, 59, would get that going-away money, plus a whole lot more, according to the retirement/voluntary termination section of the March 2008 proxy report to stockholders.

That was the last time Moon (left) appeared as a so-called named executive officer (NEO), whose benefits get disclosed in public. To be sure, a portion of his payout is in now-worthless Gannett stock options. He dropped out of Corporate's exclusive top five club only this month, an early sign trouble might be afoot. Moon got paid $1.6 million in 2007, down from $2.1 million in 2006, the summary compensation table shows. Still, all five named executive officers got pay cuts that year.

But wait, there's more!
From that same March 2008 proxy report, where Moon was last mentioned; note: he's a member of the powerful Gannett Management Committee, mentioned below.

All members of the Gannett Management Committee, which includes all NEOs, are covered by life insurance policies (other than Newsquest CEO Paul Davidson). The Company will pay premiums on universal life insurance policies owned by the executive having face amounts equal to 100% of the sum of two times the salary and last bonus of such executive plus $200,000, or $300,000 in the case of CEO Craig Dubow. The Company will pay the policy premium in full by the time the executive reaches age 65. The policy’s face amount reduces 10% each year after termination, to a minimum of $350,000.

Until the policy premiums are paid in full, the expected annual cost to the Company of these premiums ranges from $25,000 -- $45,000 per executive per year but are subject to variance pursuant to customary insurance underwriting procedures. All members of the Gannett Management Committee are also entitled to receive the following post-retirement perquisites:

• (i) if the executive is asked to represent the company at a function or event, travel accident insurance;
  
• (ii) legal and financial counseling services on the same basis as available as an active benefit at the time his or her employment terminates, until April 15 of the year of retirement or the year following retirement;
  
• (iii) the right to purchase the company-owned car provided to the executive at the time of termination, at fair market value, and
  
• (iv) other than Davidson, supplemental medical insurance coverage for the executive and his or her family with a maximum annual benefit of $25,000 per executive family. During the first year, we estimate the expected incremental cost to the Company for these post-retirement benefits would have been $32,000 for each NEO. Thereafter, we estimate the expected annual incremental cost to the Company, based primarily on the expected costs of the supplemental medical insurance benefit, would be $7,000 for each NEO. Except as otherwise provided with respect to Dubow, the Company reserves the right, in its sole discretion, to amend or terminate the life insurance benefit and the post-retirement perquisites from time-to-time, provided that any changes with respect to the benefits provided to one executive shall also apply to similarly situated current and former executives.
  

Please keep checking back. I suspect I've missed stuff in the full version of the annual proxy report, issued two weeks ago today. Plus, there's all the other U.S. Securities and Exchange Commission filings, that my smarter readers will smoke out right away.

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