Interim Oregonian publisher Patrick Stickel announced a new voluntary buyout offer today for newsroom employees and select business staff. The program provides two weeks of pay for each year of service to the company, plus health care benefits. The offer is capped at six months of payouts, or, by our calculation, 13 years of employment.

A buyout offer announced in August of last year extended a full two years of pay and health care to, among others, newsroom employees with at least 10 years of experience.

"Our financial situation remains critical," Stickel said in a letter to employees today, "and will require, among other measures, further staff reductions before the end of this year." The company's longstanding "no layoffs" pledge for newsroom employees expires February 5 of next year.

"If a significant number of you accept the offer it could minimize or eliminate the need for layoffs down the line," Stickel wrote.

Patrick Stickel became interim publisher after his father, Fred Stickel, stepped down from his post one week ago.

UPDATE (9/26, 7:25am): Read the full letter below the break. Attached is the agreement form (DOC).

September 25,2009

Message To Oregonian Publishing Company Employees

As related to you by Fred Stickel and myself in recent employee meetings, our financial situation remains critical, and will require, among other measures, further staff reductions before the end of this year. We are offering a voluntary buyout to all full and part time employees in News and to selected job categories in other departments. The job categories were selected based upon our analysis of our expected staffing and business needs as part of our continuing practice of creating efficiencies. The voluntary buyout program is being offered to employees in selected job classifications where positions do not need to be replaced or where work can be reassigned more efficiently or where we can othenryise achieve cost savings. The terms of this buyout are different from past offers, but remain very competitive in the industry and local area.

Taking into account operational and business considerations, The Oregonian reserves the right to limit the number of employees allowed to take the buyout in any eligible job classification. ln the event more employees than the limit in any eligible job classification want to accept the offer, those employees with the longest credited service will be allowed to accept.

The offer will be available until November 9, 2009 (45 days) and will not be repeated. Employees who accept the offer will have an opportunity to receive certain economic incentives, as explained in the attachment.

Those employees deciding to accept the offer will have to sign an agreement and general release in the form attached, under which you release the Company from all claims, including all claims related to your employment or termination of
employment and including any claims related to your age under the Age Discrimination Employment Act of 1967, as amended.

Those accepting the offer should review the Agreement carefully. You should consult with an attorney prior to signing the Agreement, and consider reviewing the tax consequences with your tax advisor. Those who accept the offer should
notify their respective Department Manager/Editor then notify the Human Resources Department. The completed signed documents must be delivered to the Human Resources Department no later than 5 p.m., November 9, 2009.

You may take up to 45 days, or until November 9, 2009, in which to consider the Agreement. You have the right to revoke this Agreement within a period of seven days following your signing the Agreement.

The Oregonian intends to schedule the final day of employment for those employees who accept the offer as soon as practical after the effective date of the employee's acceptance, but no later than December 26, 2009.

ln evaluating your response to the buyout offer, you may want to discuss the situation with members of your immediate family.

Terms of this voluntary buyout offer and a list of eligible job classifications are contained in the enclosed attachments.

ln closing I strongly urge you to carefully consider the offer we are making. lf a significant number of you accept the offer it could minimize or eliminate the need for layoffs down the line.

Please see your department manager, editor or HR with any questions.

Patrick F. Stickel
President & lnterim Publisher

The offer is as follows:

1. Two weeks of pay for every completed year of service with a maximum of six months' severance. Additionally, the Company will keep you on your current medical, dental and vision coverage through the severance period.
2. All full-time employees will be paid for accumulated sick leave in their sick leave bank.
3. Upon separation of employment from the Company, you will be paid any accrued but unused vacation time, under separate cover.
4. The amount set forth in paragraph 1 can be paid as a lump sum or in reasonable installments for the period of the severance.
5. Severance payments will not count towards pension or 401(k) contributions.
6. The Company maintains discretion to reject acceptances of the buyout offer based on business needs.
7. This offer is subject to your signing an Agreement and General Release ("Agreement"), a copy of which is enclosed for your consideration. By signing the Agreement, you release the Company from all claims of any kind whatsoever, including all claims related to your employment and including any claims under the Age Discrimination in Employment Act of 1967, as amended. Please review the Agreement carefully. You should consult with an attorney prior to signing the Agreement and consider reviewing the tax consequences with your tax advisor.
8. You may take until November 9, 2009 to accept the offer. In addition, you have the right to revoke the Agreement within seven (7) days following your signing of the Agreement. The Agreement will not become effective or enforceable until the seven-day revocation period has ended, and, the Company has not rejected your acceptance.
9. If your buyout offer acceptance is not rejected by the Company, you will remain employed until a time to be determined by the Company, but in no event later than December 26, 2009.

If you elect to accept the offer, or have questions regarding the offer, including if you are eligible, please contact the Human Resources Department. We will then arrange for you to sign the Agreement in the presence of a Notary Public.