New York Times Company 8-K 2012
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 2, 2012
The New York Times Company
(Exact name of registrant as specified in its charter)
Registrants telephone number, including area code: (212) 556-1234
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
The New York Times Company (the Company) announced that Scott Heekin-Canedy, President and General Manager of The New York Times, will retire from the Company effective December 30, 2012, in connection with the elimination of that position. On November 2, 2012, the Company and Mr. Heekin-Canedy agreed to enter into a Separation Agreement and General Release (the Separation Agreement).
The Separation Agreement memorializes the terms of payments and other benefits to be provided to Mr. Heekin-Canedy pursuant to existing arrangements and as agreed by the Company in connection with his departure, including, among other things: (1) a severance payment consisting of 52 weeks of his base salary, or approximately $587,000; (2) continued group health plan coverage for up to a 52-week period; and (3) continued financial planning counseling, as arranged by the Company for executives, for two years.
Mr. Heekin-Canedy will also receive other compensation and benefits to which he is entitled following his departure pursuant to the terms of the Companys benefit plans and programs, subject to certain adjustments.
The Separation Agreement also provides for Mr. Heekin-Canedys release of the Company from all claims.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the form of Separation Agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.