SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) The Compensation and Management Development Committee (the “Committee”) of the Board of Directors of A. H. Belo Corporation (the “Company”) met on December 17, 2020 to review the structure of the Company’s 2021 Executive Compensation Plan and approve 2021 base salary, target bonus opportunity and long-term cash incentives for the Company’s named executive officers. Effective January 1, 2021, executive officers’ base salaries that had been reduced in response to the COVID pandemic are restored to pre-pandemic amounts. The Committee confirmed the compensation of Robert W. Decherd, the Company’s Chief Executive Officer, at $1 per year. Mr. Decherd’s compensation was changed from $360,000 per year to $1 in 2020 at his recommendation. Mr. Decherd does not participate in the Company’s bonus plan or receive any long-term cash incentive. The Committee set the target bonus percentage for Grant Moise, President and Publisher of The Dallas Morning News, at 100% of his base salary, an increase from 95%, and set Mr. Moise’s annual base and long-term cash incentive at $500,000 and $235,000, respectively. The Committee approved a 10.6% increase in total compensation for Mary Kathryn Murray, Executive Vice President and Chief Financial Officer, reflecting her promotion to Executive Vice President in 2020 and her assumption of additional duties. Ms. Murray’s 2021 base salary was set at $365,625 and her target bonus percentage at 60% of her base salary. The amount of Ms. Murray’s long-term cash incentive remains the same at $175,000. Since August, as a result of senior management departures and restructuring of compensation for other senior managers, the Company has reduced compensation at the vice president level and above by $1.8 million annually; the dollar increase at target represented by the foregoing changes in Mr. Moise’s and Ms. Murray’s annual compensation is $99,792.
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 thereunto duly authorized.
Date: December 21, 2020
A. H. BELO CORPORATION
/s/ Katy Murray
Executive Vice President/Chief Financial Officer