Under the Separation Agreement and subject to the terms and conditions set forth therein, effective July 17, 2009, Ms. Dickerson is resigning from all offices and other positions that she holds with the Company and her employment with the Company will terminate on such date. In connection with such termination, Ms. Dickerson will be entitled to the following severance payments and benefits:
i. Subject to executing a waiver and release of claims agreement in favor of the Company, a lump sum severance payment equal to $690,000; and
ii. If Ms. Dickerson elects health care continuation coverage under COBRA, for one year following the effective date of her termination (or, if earlier, the date Ms. Dickerson terminates her COBRA coverage), the Company will pay Ms. Dickerson’s COBRA premiums for group health insurance coverage.
"Notice that McClatchy releases this outrageous info on a day before the holiday weekend. She's also getting 1 year of health insurance paid for by the company in addition to the $690K payout for being a do-nothing bureaucratic hack. How many of us rank-and-file employees were offered such a package from a company on the brink of bankruptcy?..."