GateHouse Media CEO's bonus was more than twice what his employment contract calls for

At a time when GateHouse Media employees are being shown the door in record numbers, the company's million dollar CEO, Michael E. Reed, is crying all the way to the bank.

A proxy statement filed Tuesday with the Securities and Exchange Commission revealed that the half million bonus Reed received for 2009, was more than two times the amount called for in his employment contract:

Pursuant to his employment agreement, which has an initial three-year term that shall automatically renew subject to the same terms and conditions for additional one-year terms unless either we or Mr. Reed gives notice of non-renewal within ninety days prior to the end of the term, Mr. Reed receives an annual base salary of $500,000. Mr. Reed also is eligible for an annual, performance-based bonus. The agreement provides that Mr. Reed is eligible to receive an annual target bonus of $200,000 upon the achievement of certain performance goals agreed to by Mr. Reed and our Board. The bonus is payable in either our common stock or cash in the discretion of the Board, provided that no more than 50% of the bonus shall be payable in our common stock without Mr. Reed’s approval.

GateHouse Media owns The Carthage Press, Neosho Daily News, and more than 300 newspapers across the United States.