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Exhibit No. 10.22

Journal Communications Non-Employee Director Compensation Policy
Amended as of February 6, 2012 (1)

Cash Compensation
     
Annual Retainer Fee (2)
  $ 30,000  
Meeting Fees:
       
Per Meeting
  $ 1,500  
Teleconference Meeting
  $ 1,000            
Committee Retainers
       
Lead Director/Nominating and Corporate Governance
  $ 10,000  
Committee Chair (2)
       
Audit Committee Chair (2)
  $ 7,500  
Compensation Committee Chair (2)
  $ 7,500  

 
Equity Compensation
 
Annual Share Grant (at Annual Meeting of Shareholders)
10,000 shares (3)
   
Stock Ownership Guideline
25,000 shares (4)

Notes:

 
(1)
In the event a new director is elected to the board after the date of the
Shareholders’ Annual Meeting, but before the next Shareholders’ Annual Meeting,
the new director will receive on a pro-rata basis the annual cash retainer fee
and the annual share grant.  The pro-rata portion of the annual cash retainer
fee (less the amount of such fee to be paid in regular quarterly installments)
will be paid at the next regularly scheduled board meeting.  The pro-rata
portion of the annual share grant will be made at the time of the first
Shareholders’ Annual Meeting after the new director is elected to the board.  In
the event the new director chairs a committee upon becoming a member of the
board, the new director also will be paid the committee retainer on a pro-rata
basis.

 
(2)
Paid in 4 equal installments at first 4 regularly scheduled board meetings
during each calendar year.

 
(3)
Full value unrestricted grant of Class B common stock with a grant date of the
date of each Shareholders’ Annual Meeting.

 
(4)
Non-employee directors are required to own 25,000 shares of stock in Journal
Communications.  Directors should meet the guideline by 2010, and new directors
should meet the guideline within 5 years following the date they are elected to
the board.

 
 

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