Article: Tribune Co to end stock option plan

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Tribune Co to end stock option plan - LA Times

Nov 4 (Reuters) - Bankrupt U.S. publisher Tribune Co (TRBCQ.PK) is likely to end its employee stock option plan upon exiting bankruptcy protection, the Los Angeles Times reported on its website, citing an internal memo.

Tribune's chief administrative officer, Gerry Spector, announced a new retirement plan in a memo to employees on Tuesday, according to the paper.

Tribune, which owns the Los Angeles Times and Chicago Tribune, will set up a new 401(k) retirement plan that will match the first 2 percent of pay dollar-for-dollar and the next 4 percent at 50 cents per dollar, the paper said.

The publisher will also implement a discretionary profit-sharing plan that will maintain a connection between company profitability and employee incentives, the paper said.

A Tribune spokesman could not immediately be reached for a comment by Reuters outside of regular U.S. business hours. (Reporting by Sakthi Prasad in Bangalore; Editing by Greg Mahlich)