Pledge Agreement



 Exhibit 10.8 - Pledge Agreement 
 EXECUTION COPY 
 PLEDGE AGREEMENT 
 This PLEDGE AGREEMENT (together with all exhibits and schedules hereto, as amended, supplemented or otherwise modified from time to time, this
“Agreement”), dated as of February 18, 2009, is made by PULITZER INC., a Delaware corporation (together with its successors and assigns, the “Company”), ST. LOUIS POST-DISPATCH LLC, a
Delaware limited liability company (together with its successors and assigns, the “Borrower”), and each Subsidiary of the Company on the signature pages hereto (each a “Subsidiary Pledgor” and collectively, the
“Subsidiary Pledgors”) (the Company, the Borrower and the Subsidiary Pledgors, together with any other entity subsequently added as a pledgor hereunder pursuant to Section 7.12 hereof, each, a “Pledgor” and
collectively, the “Pledgors”), in favor of the Collateral Agent on behalf and for the benefit of the Secured Parties (as such terms are defined below). 
 RECITALS 
 A. Reference is made to that certain Note Agreement, dated as of
May 1, 2000 (as amended, including pursuant to the Note Amendment (as defined below), and as in effect on the date hereof, and as the same from time to time hereafter may be further amended, restated, supplemented or otherwise modified, the
“Note Agreement”), by and among the Borrower and the Purchasers named therein, pursuant to which, subject to the terms and conditions set forth therein, the Borrower did issue and sell to such Purchasers, and such Purchasers did
purchase from the Borrower, the Notes (as defined below). 
 B. Reference is also made to that certain Guaranty Agreement, dated
as of May 1, 2000 (as amended, including pursuant to the Guaranty Amendment (as defined below), and as in effect on the date hereof, and as the same from time to time hereafter may be further amended, restated, supplemented or otherwise
modified, the “Guaranty Agreement”), by and among the Company and the Purchasers, pursuant to which, subject to the terms and conditions set forth therein, the Company did guarantee the full, complete and final payment and
performance of the “Guaranteed Obligations” (as defined in the Guaranty Agreement). 
 C. Concurrently herewith, the
Borrower is entering into a certain Limited Waiver and Amendment No. 5 to Note Agreement, dated the date hereof (the “Note Amendment”), with the Purchasers, pursuant to which the Purchasers and the Borrower have, among other
things, agreed to amend certain provisions of the Note Agreement and make certain financial accommodations to the Borrower as provided in such amendment. 
 D. Concurrently herewith, the Company is also entering into a certain Limited Waiver and Amendment No. 5 to Guaranty Agreement, dated the date hereof (the “Guaranty Amendment”), with
the Purchasers, pursuant to which the Purchasers and the Company have, among other things, agreed to amend certain provisions of the Guaranty Agreement and make certain financial accommodations to or for the benefit of the Company as provided in
such amendment. 







 E. Concurrently herewith each Subsidiary Pledgor and certain other Subsidiaries of the
Company are entering into a Subsidiary Guaranty Agreement, dated the date hereof (the “Subsidiary Guaranty Agreement”), with the Purchasers, pursuant to which such Persons have, among other things, agreed to guarantee the full,
complete and final payment and performance of the “Guaranteed Obligations” (as defined in the Subsidiary Guaranty Agreement). 
 F. The Pledgors are the record and beneficial owners of the equity interests shown on Exhibit A attached hereto to be owned by such Pledgor (the “Pledged Equity”), which exhibit is incorporated
herein by this reference and may be amended or supplemented pursuant to the terms of this Pledge Agreement. 
 G. The
Purchasers are willing to enter into the Guaranty Amendment and the Note Amendment and otherwise make, extend and maintain certain financial accommodations to the Borrower and the Company as provided in such amendments, but only upon the condition,
among others, that the Pledgors, which own the Pledged Equity, shall have executed this Agreement, and delivered this Agreement and the Pledged Collateral (as defined below) to the Collateral Agent (defined below), on behalf and for the benefit of
the Secured Parties (defined below). 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing Recitals and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound, each
Pledgor hereby represents, warrants, covenants and agrees as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 Definitions. Capitalized terms not defined herein shall have the meanings given to them in the Note Agreement. The following capitalized terms shall have the following meanings (such meanings being equally
applicable to both the singular and plural forms of the terms defined): 
 “Act” has the meaning set forth in
Section 6.2(c), below. 
 “Agreement” has the meaning specified for such term in the introductory paragraph
hereto. 
 “Additional Pledgor” has the meaning set forth in Section 7.12, below. 
 “Bankruptcy Code” means the provisions of Title 11 of the United States Code, 11 U.S.C. §§101 et seq., as now and
hereafter in effect, any successors to such statute and any other applicable bankruptcy, insolvency or other similar law of any jurisdiction including, without limitation, any law of any jurisdiction relating to the reorganization, readjustment,
liquidation, dissolution, release or other relief of debtors, or providing for the appointment of a receiver, trustee, custodian or conservator or other similar official for all or any substantial part of such debtor’s assets, or for the making
of an assignment for the benefit of creditors of a debtor. 
  

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 “Borrower” has the meaning specified for such term in the introductory paragraph hereto.

 “Charter Documents” means, collectively, the certificate or articles of incorporation, organization or formation
(including any certificates of designation), the bylaws, the operating agreement, the partnership agreement and/or any other similar constituent documents, as applicable, of the Pledged Entities. 
 “Collateral Agent” means The Bank of New York Mellon Trust Company, N.A. in its capacity as collateral agent for the Secured Parties
under the Collateral Agency Agreement, together with its successors and assigns in such capacity. 
 “Collateral Documents”
has the meaning specified for such term in the Note Agreement. 
 “Company” has the meaning specified for such term in the
introductory paragraph hereto. 
 “Credit Parties” means the Company, the Borrower and each Subsidiary Guarantor.

 “Event of Default” has the meaning set forth in Section 6.1, below. 
 “Guaranty Agreement” has the meaning specified for such term in the Recitals hereto. 
 “Guaranty Amendment” has the meaning specified for such term in the Recitals hereto. 
 “Indemnified Persons” has the meaning set forth in Section 6.5, below. 
 “Lien” has the meaning specified for such term in the Note Agreement. 
 “Note Agreement” has the meaning specified for such term in the Recitals hereto. 
 “Note Amendment” has the meaning specified for such term in the Recitals hereto. 
 “Note Documents” means the Note Agreement and Guaranty Agreement. 
 “Notes” shall have the meaning specified in the Note Agreement. 
 “Pledged Collateral” has the meaning set forth in Section 2.1, below. 
 “Pledged Entities” means each of (a) the Borrower and (b) each other entity identified from time to time as a “Pledged
Entity” on Exhibit A hereto. 
 “Pledged Equity” has the meaning specified for such term in the Recitals
hereto. 
  

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 “Pledgors” has the meaning specified for such term in the introductory paragraph hereto.

 “Required Holders” has the meaning specified for such term in the Note Agreement. 
 “Secured Obligations” means (a) all obligations of the Borrower for the payment of the principal amount of the Notes, accrued
interest thereon, Yield-Maintenance Amount, non-usage fees and all other fees and amounts due to the holders of Notes pursuant to the terms of the Note Agreement and the other Transaction Documents, (b) the “Guaranteed Obligations” as
such term is defined in the Guaranty Agreement, (c) the “Guaranteed Obligation” as such term is defined in the Subsidiary Guaranty Agreement and (d) any and all other debts, liabilities and reimbursement obligations, indemnity
obligations and other obligations for monetary amounts, fees, expenses, costs or other sums (including reasonable attorneys’ fees and costs) chargeable to any Credit Party under or pursuant to any of the Transaction Documents. 
 “Secured Parties” means the holders from time to time of the Notes. 
 “Security Agreement” means that certain Security Agreement dated the date hereof entered into by the Company in favor of the Collateral
Agent for the benefit of the Secured Parties. 
 “Subsidiary Guarantors” has the meaning specified for such term in the Note
Agreement. 
 “Subsidiary Pledgors” has the meaning specified for such term in the introductory paragraph hereto.

 “Subsidiary Guaranty Agreement” has the meaning specified for such term in the Recitals hereto. 
 “Transaction Documents” has the meaning specified for such term in the Note Agreement. 
 “UCC” means the Uniform Commercial Code as the same may, from time to time, be in effect in the State of New York; provided,
however, in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or priority of the Collateral Agent’s security interest in any collateral is governed by the Uniform Commercial Code as in effect
in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection of
priority and for purposes of definitions related to such provisions. 
 1.2 UCC Definitions. Unless otherwise
defined herein or the context otherwise requires, terms for which meanings are provided in the UCC are used in this Agreement, including its preamble and recitals, with such meanings. 
  

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 1.3 Interpretive Provisions. The definitions in this Article 1 shall apply equally to
both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” All references herein to Articles and Sections shall be deemed references to Articles and Sections of this Agreement unless the context shall
otherwise require. 
 ARTICLE II 
 PLEDGE 
 2.1 Grant Of Security Interest. As security for the full, prompt and complete payment
when due (whether at stated maturity, by demand, acceleration or otherwise) of the Secured Obligations, each Pledgor hereby pledges, hypothecates, assigns, charges, mortgages, delivers, and transfers to the Collateral Agent, and hereby grants to the
Collateral Agent, on behalf and for the benefit of the Secured Parties, a continuing security interest in, and delivers to the Collateral Agent all right, title and interest of such Pledgor, in and to all of the following, whether now or hereafter
existing or acquired (collectively, the “Pledged Collateral”): 
 (a) All right, title and interest of such
Pledgor, whether now existing or hereafter arising or acquired, in, to and under the Charter Documents and the Pledged Equity and the certificates, if any, representing such Pledged Equity, and all dividends, cash, instruments, and other property or
proceeds from time to time received, receivable, or otherwise distributed in respect of or in exchange for any or all of such Pledged Equity, including, without limitation: 
 (i) All voting trust certificates held by such Pledgor evidencing its beneficial interest in any Pledged Equity subject to any voting trust;

 (ii) All additional shares of capital stock, membership interests, partnership interests or other equity interests, as the
case may be, of the Pledged Entities, and voting trust certificates from time to time acquired by such Pledgor in any manner (which additional interests shall be deemed to be part of the Pledged Equity), and the certificates representing such shares
of capital stock, membership interests, partnership interests or other equity interests, and all dividends, cash, instruments, and other property or proceeds from time to time received, receivable, or otherwise distributed in respect of or in
exchange for any or all of such shares of capital stock, membership interests, partnership interests or other equity interests; and 
 (iii) In the case of a limited liability company or limited partnership, (a) all payments or distributions, whether in cash, property or otherwise, at any time owing or payable to such Pledgor on account of its interest as
a member or partner, as the case may be, in any of the Pledged Entities or in the nature of a management, investment banking or other fee paid or payable by any of the Pledged Entities to such Pledgor, (b) all of such Pledgor’s rights and
interests under each of the partnership agreements or operating agreements, as applicable, including all voting and management rights and all rights to grant or withhold consents or approvals, (c) all rights of access and inspection to and use
of all books and records, including computer software and computer software programs, of each of the Pledged Entities, (d) all other rights, interests, property or claims to which such Pledgor may be entitled in its capacity as a partner or the
sole member of any Pledged Entity of such Pledgor, and (e) all proceeds, income from, increases in and products of any of the foregoing; and 
  

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 (b) The rents, issues, profits, returns, income, allocations, distributions and proceeds of
and from any and all of the foregoing. 
 Each of the Pledgors hereby instructs the applicable Pledged Entities to register the pledge of the Pledged
Collateral under this Section 2.1 pursuant to the UCC. 
 2.2 Continuing Security Interest. This
Agreement shall create a continuing security interest in the Pledged Collateral and shall: 
 (a) remain in full force and effect
until the full and complete and final payment and performance of all of the Secured Obligations; 
 (b) be binding upon each
Pledgor and its successors, transferees and assigns; and 
 (c) inure, together with the rights and remedies of the Collateral
Agent and the Secured Parties hereunder, to the benefit of the Collateral Agent and the Secured Parties. 
 2.3 Termination of
Security Interest. Upon the complete, full and final payment and performance of the Secured Obligations, the security interest granted in Section 2.1 shall terminate and all rights to the Pledged Collateral shall revert to the
Pledgors. Upon any such termination, the Collateral Agent then shall, at each Pledgor’s sole expense, deliver to such Pledgor, without any representations, warranties or recourse of any kind whatsoever, any and all certificates and instruments
representing or evidencing such Pledgor’s interest in the applicable Pledged Entity that had been previously delivered by such Pledgor to the Collateral Agent, together with all other Pledged Collateral held by the Collateral Agent hereunder,
and execute and deliver to each Pledgor, at such Pledgor’s sole expense, such documents and take such other actions as such Pledgor shall reasonably request to evidence such termination. 
 2.4 No Assumption. This Agreement is executed and delivered to the Collateral Agent, for the benefit of itself and the Secured
Parties, for collateral security purposes only. Notwithstanding anything herein to the contrary: 
 (a) each Pledgor shall remain
liable under the contracts and agreements included in the Pledged Collateral to the extent set forth therein, and shall perform all of its duties and obligations under such contracts and agreements to the same extent as if this Agreement had not
been executed; 
 (b) the exercise by the Collateral Agent or any Secured Party of any of its rights hereunder shall not release
any Pledgor from any of its duties or obligations under any such contracts or agreements included in the Pledged Collateral; and 
 (c) the Collateral Agent and the Secured Parties shall not have any obligation or liability under any such contracts or agreements included in the Pledged Collateral by reason of this Agreement, nor shall the Collateral Agent or
any Secured Party be obligated to perform 

  

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any of the obligations or duties of any Pledgor thereunder or to take any action to collect or enforce any claim for payment assigned hereunder, and the
Collateral Agent and the Secured Parties shall not hereunder or otherwise (i) assume any obligation or liability under or in connection with the Charter Documents or the certificates representing the Pledged Equity to any Person, and any such
assumption is hereby expressly disclaimed, or (ii) be deemed to have or be vested with the duties, responsibilities or powers of the management of any of the Pledged Entities. 
 2.5 Waiver of Certain Partnership Agreement and Operating Agreement Provisions. Each Pledgor irrevocably waives any and all
provisions of the partnership agreements and operating agreements of each Pledged Entity (as applicable) that (a) prohibit, restrict, condition or otherwise affect the grant hereunder of any Lien on any of the Pledged Collateral or any
enforcement action which may be taken in respect of any such Lien or the transfer of the Pledged Collateral by the Collateral Agent or any of its transferees, (b) would operate to limit or restrict the ability of the Collateral Agent or any of
its transferees from becoming a full voting member of the partnership or limited liability company, as the case may be, or (c) otherwise conflict with the terms of this Agreement. 
 ARTICLE III 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 3.1 Representations, Warranties And Covenants. Each Pledgor hereby represents and warrants to the Collateral Agent for its
benefit and for the benefit of the Secured Parties (i) as of the date such Pledgor becomes a party hereto and (ii) as of the date of each pledge and delivery hereunder by such Pledgor to the Collateral Agent of any Pledged Collateral,
that: 
 (a) Organization. Such Pledgor is duly formed and validly existing under the laws of the state of its
organization and has all requisite organizational power and authority to enter into and perform its obligations under this Agreement. 
 (b) Due Authorization; Non-Contravention. The execution, delivery and performance by such Pledgor of this Agreement and each of the other Transaction Documents to which such Pledgor is a party have been duly authorized by
all requisite action. Such Transaction Documents do not contravene such Pledgor’s organizational documents and do not conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under, or result in
any violation of, or result in the creation of any Lien upon any of the properties or assets of such Pledgor pursuant to its organizational documents, any award of any arbitrator or any agreement (including any agreement with equityholders of
Pledgor), instrument, order, judgment, decree, statute, law, rule or regulation to which Pledgor is subject. 
 (c) Binding
Obligations. This Agreement constitutes, and each other Transaction Document executed by such Pledgor will, on the due execution and delivery thereof, constitute, the legal, valid and binding obligations of such Pledgor, enforceable against such
Pledgor in accordance with their respective terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and
(ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
  

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 (d) Filing. No presently effective UCC financing statement covering any of the Pledged
Collateral is on file in any public office, except for UCC financing statements in favor of the Collateral Agent. 
 (e) Ownership; No Liens. Such Pledgor is the legal and beneficial owner of, and has good and merchantable title to (and has full right and authority to pledge and assign) all Pledged Collateral pledged by such
Pledgor hereunder, free and clear of all Liens, except the Lien granted herein to the Collateral Agent. None of the Pledged Collateral has been transferred in violation of the securities registration, securities disclosure or similar laws of any
jurisdiction to which such transfer may be subject. 
 (f) Charter Documents. Such Pledgor has furnished to the Collateral
Agent a true and correct copy of the Charter Documents and all amendments thereto, which Charter Documents have not been further amended or modified and remain in full force and effect. 
 (g) Equity Interests. The class, certificate numbers, number of shares, membership interests or other equity interest, and percentage
ownership of the Pledged Equity are set forth on Exhibit A. In the event any Pledgor shall acquire any additional securities or equity interests of any Pledged Entity or any securities or equity interests
exchangeable for or convertible into securities or equity interests of any class of any Pledged Entity, by purchase, stock dividend, stock split or otherwise, then such securities or equity interests shall be subject to the pledge, collateral
assignment and security interest granted to the Collateral Agent under this Agreement and such Pledgor shall forthwith deliver to the Collateral Agent any certificates therefor, accompanied by stock powers or other appropriate instruments of
assignment duly executed by such Pledgor in blank. In addition, if any Pledgor shall acquire any additional securities or equity interests of any newly-created or acquired Subsidiary or any other corporation, partnership, limited liability company
or other entity, or any securities exchangeable for or convertible into securities or equity interests of any class of any such Subsidiary or other entity, by purchase, stock dividend, stock split or otherwise, then such securities or equity
interests shall be subject to the pledge, collateral assignment and security interest granted to the Collateral Agent under this Agreement and such Pledgor shall forthwith deliver to the Collateral Agent any certificates therefor, accompanied by
stock powers or other appropriate instruments of assignment duly executed by such Pledgor in blank. Each Pledgor agrees that the Collateral Agent may from time to time attach as Exhibit A hereto an updated list of the securities or equity
interests at the time pledged with the Collateral Agent hereunder. 
 (h) Certificate. No interest of such Pledgor in the
applicable Pledged Entities is represented by a certificate or other similar instrument, except such certificates or instruments (together with all necessary instruments of transfer or assignment, duly executed in blank) as have been delivered to
the Collateral Agent and are held in its possession (and such Pledgor covenants and agrees that any such certificates or instruments hereafter received by such Pledgor with respect to any of the Pledged Collateral (together with all necessary
instruments of transfer or assignment, duly executed in blank) will be promptly delivered to the Collateral Agent). 
  

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 (i) Compliance With Securities Laws. The offering and sale of all the Pledged Equity
has been conducted, in all material respects, in compliance with all applicable state and federal securities laws and regulations and, without limiting the generality of the foregoing, no offering document furnished to any Person in connection
therewith contained any misstatement of a material fact or omitted to state any fact necessary to make such document not materially misleading. 
 (j) Information. All information with respect to the Pledged Collateral set forth in any schedule, certificate or other writing at any time furnished by such Pledgor to the Collateral Agent or any Secured Party, and all
other written information ay any time furnished by such Pledgor to the Collateral Agent or any Secured Party, is and shall be true and correct in all material respects as of the date furnished. 
 (k) Records. The address of the location of the records of such Pledgor concerning the Pledged Collateral and the address of such
Pledgor’s principal place of business and chief executive office (or residence, if Pledgor is an individual) is set forth in Schedule I to this Agreement. 
 (l) Authorization; Approval. No authorization, approval, or other action by, and no notice to or filing with, any governmental
authority, or any other Person is required either: 
 (i) for the pledge by such Pledgor of any Pledged Collateral pursuant to
this Agreement or for the execution, delivery, and performance of this Agreement by such Pledgor; or 
 (ii) for the exercise by
the Collateral Agent or any Secured Party of (a) the voting or other rights provided for in this Agreement, or (b) the remedies in respect of the Pledged Collateral pursuant to this Agreement, except, in the case of
this clause (ii)(b), as may be required in connection with a disposition of any shares of capital stock, membership interests, partnership interest or other equity interest, as the case may be, by laws affecting the offering and
sale of securities generally, or as may be required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and regulations issued relating thereto. 
 (m) First Priority Lien. The pledge and grant of a security interest in, and delivery of the Pledged Collateral pursuant to this Pledge Agreement, will create a valid first priority perfected Lien
on and in the Pledged Collateral pledged by such Pledgor, and the proceeds thereof, securing the payment of the Secured Obligations, subject to no prior Lien, assuming continued possession of the original certificates evidencing the Pledged Equity
constituting Pledged Collateral by the Collateral Agent. Separately, the Lien on and in the Pledged Collateral will become a valid first priority Lien upon the due filing of a UCC financing statement describing the Pledged Collateral in the
applicable filing offices in the State in which such Pledgor was formed. 
 (n) Certificated Security. 
 (i) The securities described in Section 2.1 which are certificated securities are governed by Article 8 of the Uniform
Commercial Code of the jurisdiction in 

  

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which each respective Pledged Entity is organized, and without the prior written consent of the Collateral Agent, the Pledgor will not cause or permit any of
such securities to be or become uncertificated or to constitute a security not governed by Article 8 of the Uniform Commercial Code of the jurisdiction in which the applicable issuer is organized. 
 (ii) The securities described in Section 2.1 which are uncertificated securities are not governed by Article 8 of the Uniform
Commercial Code of the jurisdiction in which each respective Pledged Entity is organized, and without the prior written consent of the Collateral Agent, the Pledgor will not cause or permit any of such securities to be or become certificated or to
constitute a security governed by Article 8 of the Uniform Commercial Code of the jurisdiction in which the applicable issuer is organized. 
 ARTICLE IV 
 COVENANTS 
 4.1 Protect Pledged Collateral; Further Assurances. No Pledgor shall sell, assign, transfer, pledge or otherwise encumber the Pledged Collateral in any manner (except for the pledge granted
herein to the Collateral Agent), except to the extent permitted by the Note Documents. Each Pledgor shall warrant and defend the right and title granted by this Agreement to the Collateral Agent in and to the Pledged Collateral (and all right, title
and interest represented by the Pledged Collateral) against the claims and demands of all Persons whomsoever, but nothing contained herein shall prevent the Pledged Entities from issuing additional equity interests if otherwise permitted by the Note
Documents. Each Pledgor agrees, at any time, and from time to time, at the expense of such Pledgor, that such Pledgor shall promptly execute and deliver all further instruments, and take all further action that may be necessary, or that the
Collateral Agent may reasonably request, in order to perfect and protect any security interest granted or purported to be granted hereby or to enable the Collateral Agent or any Secured Party to exercise and enforce its rights and remedies hereunder
with respect to any of the Pledged Collateral as set forth in Article VI hereof. 
 4.2 Voting Rights; Dividends. Each
Pledgor agrees: 
 (a) that the Collateral Agent may exercise (to the exclusion of such Pledgor) the voting power and all other
incidental rights of ownership with respect to the Pledged Collateral and such Pledgor hereby grants the Collateral Agent, from the date hereof until the complete, full and final payment and performance of the Secured Obligations, an irrevocable
proxy, coupled with an interest exercisable under such circumstances, to vote such Pledged Collateral; and 
 (b) promptly to
deliver to the Collateral Agent such additional proxies and other documents as may be necessary to allow the Collateral Agent to exercise such voting power. 
 Unless an Event of Default shall have occurred and be continuing and the Collateral Agent shall have given the notice referred to in this Section 4.2, the Pledgors shall have the exclusive voting power with respect to the
Pledged Collateral and the Collateral Agent shall, upon the written 

  

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request of any Pledgor, promptly deliver such proxies and other documents, if any, as shall be reasonably requested by such Pledgor which are necessary to
allow such Pledgor to exercise voting power with respect to the Pledged Collateral; provided, however, that no vote shall be cast, or consent, waiver or ratification given or action taken by any Pledgor that would impair any Pledged
Collateral or be inconsistent with or violate any provision of any of the Transaction Documents (including this Agreement) without the prior written consent of the Collateral Agent and the Secured Parties. 
 So long as no Event of Default shall have occurred and be continuing, each Pledgor shall be entitled to receive all dividends and distributions made in
accordance with the Guaranty Agreement in respect of the Pledged Equity, All such rights of such Pledgor to receive dividends shall cease in case an Event of Default shall have occurred and be continuing and form such time all dividends or
distributions in respect of the Pledged Equity shall be paid to the Collateral Agent. . All payments and proceeds which may at any time and from time to time be held by any of the Pledgors, but which such Pledgor is obligated to deliver to the
Collateral Agent on behalf of itself and the Secured Parties, shall be held by such Pledgor separate and apart from its other property in trust for the Collateral Agent and the other Secured Parties. 
 4.3 Filings; Recordings. Each Pledgor shall authorize the filing of UCC-1 financing statements (and any amendment thereto) and
execute, or authorizing the filings of, other documents (and pay the cost of filing or recording the same in all public offices deemed appropriate by the Collateral Agent or any Secured Party), and do such other acts and things, all as the
Collateral Agent or any Secured Party may from time to time reasonably request to establish and maintain a valid, perfected pledge of, and security interest in, the Pledged Collateral in favor of the Collateral Agent. 
 4.4 Maintenance Of Records. Subject to the provisions of Section 4.5, each Pledgor shall keep at its address indicated on
Schedule I all its records concerning the Pledged Collateral. 
 4.5 Notice Of Change Of Address. Each
Pledgor shall furnish to the Collateral Agent at least thirty (30) days’ prior written notice of any change in the address of such Pledgor’s principal place of business or chief executive office (as described
on Schedule I), the name of such Pledgor, or its state of formation. 
 4.6 Information. Each
Pledgor shall promptly furnish the Collateral Agent and any Secured Party such information concerning the Pledged Collateral as such Person may from time to time reasonably request. Additionally, each Pledgor shall permit the Collateral Agent and
the Secured Parties such rights of inspection and audit of the Pledged Collateral as provided in the Transaction Documents. 
 4.7 Notice Of Dissolution. Each Pledgor shall promptly notify the Collateral Agent in writing upon learning of the occurrence of any event which would reasonably be expected to cause termination and/or dissolution of any
of the Pledged Entities. 
  

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 ARTICLE V 
 THE COLLATERAL AGENT 
 5.1 The Collateral Agent Appointed Attorney-in-Fact.
Each Pledgor hereby irrevocably appoints the Collateral Agent, and any officer, co-agent or sub-agent thereof, to be such Pledgor’s attorney-in-fact, with full authority in the place and stead of such Pledgor and in the name of such Pledgor or
otherwise, from time to time in the Collateral Agent’s discretion after the occurrence and during the continuance of an Event of Default, to take any action and to execute any instrument which the Collateral Agent may reasonably deem necessary
or advisable to accomplish the purposes of this Agreement, including, without limitation: 
 (a) to ask, demand, collect, sue
for, recover, compromise, receive and give acquittance and receipts for moneys due and to become due under or in respect of any of the Pledged Collateral; 
 (b) to receive, endorse, and collect any drafts or other instruments, documents and chattel paper, in connection with clause (a) above; and 
 (c) to file any claims or take any action or institute any proceedings which the Collateral Agent may deem desirable for the collection of
any of the Pledged Collateral or otherwise to enforce the rights of the Collateral Agent with respect to any of the Pledged Collateral. 
 Each Pledgor
hereby acknowledges, consents and agrees that the power of attorney granted pursuant to this Section 5.1 is irrevocable and coupled with an interest. 
 5.2 The Collateral Agent May Perform. If any Pledgor fails to perform any agreement contained herein, the Collateral Agent may itself perform, or cause performance of, such agreement for the
benefit of the Secured Parties and itself and not for such Pledgor and the expenses of the Collateral Agent incurred in connection therewith shall be payable by the Pledgors pursuant to Section 6.5. 
 5.3 The Collateral Agent Has No Duty. The powers conferred on the Collateral Agent hereunder are solely to protect its interest in the
Pledged Collateral and shall not impose any duty on it to exercise any such powers. The Collateral Agent shall have no duty as to any Pledged Collateral or responsibility for (a) ascertaining or taking action with respect to calls, conversions,
exchanges, maturities, tenders or other matters relative to any Pledged Collateral, whether or not the Collateral Agent has or is deemed to have knowledge of such matters, or (b) taking any necessary steps to preserve rights against prior
parties or any other rights pertaining to any Pledged Collateral. Without limiting the generality of the preceding sentence, the Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of any of the Pledged
Collateral if it takes such action for that purpose as any Pledgor reasonably requests in writing at times other than upon the occurrence and during the continuance of any Event of Default. Failure of the Collateral Agent to comply with any such
request at any time shall not in itself be deemed a failure to exercise reasonable care. 
  

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 5.4 Notice Of This Agreement. Each Pledgor shall notify the applicable Pledged
Entities of the existence of this Agreement by sending to such Pledged Entities a notice in substantially the form attached hereto as Exhibit B within three (3) Business Days of the date hereof, or if a Pledged Entity has not been
formed by the date hereof, within three (3) Business Days of the formation of such Pledged Entity. 
 ARTICLE VI 
 DEFAULTS AND REMEDIES 
 6.1 Events Of Default. It shall be an “Event of Default” hereunder if any Event of Default (as defined in the Note Agreement or the Guaranty Agreement) shall occur. 
 6.2 Certain Remedies. If any Event of Default shall have occurred and be continuing: 
 (a) The Collateral Agent may exercise in respect of the Pledged Collateral, in addition to other rights and remedies provided for herein or
otherwise available to it, all the rights and remedies of a secured party under the UCC (whether or not the UCC applies to the affected Pledged Collateral) and also may, without notice except as specified below, sell the Pledged Collateral or any
part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem commercially
reasonable. Each Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days’ prior notice to such Pledgor of the time and place of any public sale or the time after which any private sale is to be
made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Pledged Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn any public or private sale from time
to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 
 (b) The Collateral Agent may: 
 (i) transfer all or any part of the Pledged
Collateral into the name of the Collateral Agent or its nominee, with or without disclosing that such Pledged Collateral is subject to the Lien hereunder; 
 (ii) notify the parties obligated on any of the Pledged Collateral to make payment to the Collateral Agent of any amount due or to become due thereunder; 
 (iii) enforce collection of any of the Pledged Collateral by suit or otherwise, and surrender, release or exchange all or any part thereof,
or compromise or extend or renew for any period (whether or not longer than the original period) any obligations of any nature of any party with respect thereto; 
 (iv) endorse any checks, drafts, or other writings in any Pledgor’s name to allow collection of the Pledged Collateral; 
 (v) take control of any proceeds of the Pledged Collateral; and 
  

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 (vi) execute (in the name, place and stead of any Pledgor) endorsements, assignments and
other instruments of conveyance or transfer with respect to all or any of the Pledged Collateral. 
 (c) If, at any time when the
Collateral Agent shall determine to exercise its right to sell the whole or any part of the Pledged Collateral hereunder, such Pledged Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under
the Securities Act of 1933, as amended (as so amended, the “Act”), the Collateral Agent may, in its discretion (subject only to applicable requirements of law), sell such Pledged Collateral or part thereof by private sale in such
manner and under such circumstances as the Collateral Agent may deem desirable, but subject to the other requirements of this Section 6.2(c), and shall not be required to effect such registration or cause the same to be effected.
Without limiting the generality of the foregoing, in any such event the Collateral Agent may, in its sole discretion: (i) in accordance with applicable securities laws, proceed to make such private sale notwithstanding that a registration
statement for the purpose of registering such Pledged Collateral or part thereof could be or shall have been filed under the Act; (ii) approach and negotiate with a single possible purchaser to effect such sale; and (iii) restrict
such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the distribution or sale of such Pledged Collateral or part thereof. In addition to
a private sale as provided above in this Section 6.2(c), if any of the Pledged Collateral shall not be freely distributable to the public without registration under the Act at the time of any proposed sale hereunder, then the
Collateral Agent shall not be required to effect such registration or cause the same to be effected but may, in its sole discretion (subject only to applicable requirements of law), require that any sale hereunder (including a sale at auction)
be conducted subject to such restrictions as the Collateral Agent may, in its sole discretion, deem desirable in order that such sale (notwithstanding any failure so to register) may be effected in compliance with the Bankruptcy Code and other laws
affecting the enforcement of creditors’ rights and the Act and all applicable state securities laws. 
 (d) Each Pledgor
agrees that a breach of any covenants contained in this Article VI with the effect of denying the Collateral Agent the realization of the practical benefits to be provided by this Agreement will cause irreparable injury to the Collateral
Agent, on behalf of itself and the Secured Parties, that in such event the Collateral Agent and the Secured Parties would have no adequate remedy at law in respect of such breach and, as a consequence, agrees that in such event each and every
covenant contained in this Article VI shall be specifically enforceable against such Pledgor, and such Pledgor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a
defense that the Secured Obligations are not then due and payable. 
 6.3 Compliance With Restrictions. Each
Pledgor agrees that in any sale of any of the Pledged Collateral, whether at a foreclosure sale or otherwise, the Collateral Agent is hereby authorized to comply with any limitation or restriction in connection with such sale as it may be advised by
counsel is necessary in order to avoid any violation of applicable law (including compliance with such procedures as may restrict the number of prospective bidders and purchasers, require that such prospective bidders and purchasers have certain
qualifications and restrict such prospective bidders and purchasers to persons who will represent and agree that 

  

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they are purchasing for their own account for investment and not with a view to the distribution or resale of such Pledged Collateral), or in order to obtain
any required approval of the sale or of the purchaser by any governmental authority, and such Pledgor further agrees that such compliance shall not result in such sale being considered or deemed not to have been made in a commercially reasonable
manner, nor shall the Collateral Agent nor any of the Secured Parties be liable nor accountable to such Pledgor for any discount allowed by the reason of the fact that such Pledged Collateral is sold in compliance with any such limitation or
restriction. 
 6.4 Application Of Proceeds. All cash proceeds received by the Collateral Agent in respect of any
sale of, collection from, or other realization upon, all or any part of the Pledged Collateral shall be applied: first, to the payment of all reasonable costs and expenses of holding and selling the Pledged Collateral, including, without
limitation, reasonable attorneys’ fees and expenses, fees of any accountants and court costs; second, to the full and complete payment of all of the Secured Obligations; and third, to, after payment in full of all of the Secured
Obligations, the Pledgors as required by law. 
 6.5 Indemnity And Expenses. Each Pledgor hereby indemnifies and
holds harmless the Collateral Agent, each Secured Party, and each of their respective officers, directors, employees, agents, advisors and representatives (collectively, the “Indemnified Persons”) from and against any and all
claims, losses, and liabilities arising out of or resulting from this Agreement (including enforcement of this Agreement), except claims, losses, or liabilities resulting from the gross negligence or willful misconduct of any Indemnified Person.
Upon demand, the Pledgors shall pay to the Collateral Agent or such Secured Party the amount of any and all reasonable expenses, including the reasonable fees and disbursements of its counsel and of any experts and agents (including reasonable
attorneys’ fees and costs, whether related to a suit or action or any reviews of or appeals from a judgment or decree therein or in connection with non-judicial action) which the Collateral Agent or such Secured Party may incur in connection
with this Agreement, including but not limited to (a) the custody, preservation, use, or operation of, or the sale of, collection from, or other realization upon, any of the Pledged Collateral, (b) the exercise or enforcement of any of the
rights of the Collateral Agent or the Secured Parties hereunder, or (c) the failure by the Pledgor to perform or observe any of the provisions hereof. 
 ARTICLE VII 
 MISCELLANEOUS PROVISIONS 
 7.1 Transaction Document. This Agreement is one of the Transaction Documents executed pursuant to the Note Amendment and the Guaranty
Amendment and shall (unless otherwise expressly indicated herein) be construed, administered and applied in accordance with the terms and provisions thereof. 
 7.2 Reinstatement. This Agreement shall remain in full force and effect and continue to be effective if at any time payment of the Secured Obligations, or any part thereof, is, pursuant to
applicable law, avoided, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as
though such payment or performance 
  

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had not been made. In the event that any payment, or any part thereof, is avoided, rescinded, reduced, restored, or returned, the Secured Obligations, shall
be reinstated and deemed reduced only by such amount paid and not so avoided, rescinded, reduced, restored, or returned. 
 7.3 Amendments; Waivers. No amendment to or waiver of any provision of this Agreement nor consent to any departure by any Pledgor from any provision in this Agreement shall in any event be effective unless the same
shall have been in writing and given by the Collateral Agent. 
 7.4 Protection Of Pledged Collateral. The
Collateral Agent may from time to time, at its option, perform any act which any Pledgor agrees hereunder to perform and which such Pledgor shall fail to perform after being requested in writing so to perform (it being understood that no such
request need be given after the occurrence and during the continuance of any Event of Default) and the Collateral Agent may, but shall not be required to, from time to time take any other action which the Collateral Agent reasonably deems necessary
for the maintenance, preservation or protection of any of the Pledged Collateral or of its security interest therein, all such actions being for the express benefit of the Secured Parties and the Collateral Agent and not any of the Pledgors.

 7.5 Addresses For Notices. Any notice or other communication hereunder shall be addressed and delivered
(i) to the Company by delivering such notice in accordance with Section 7.4 of the Guaranty Agreement, (ii) to the Borrower by delivering such notice in accordance with Section 11H of the Note Agreement, (iii) to the
Subsidiary Guarantors, pursuant to Section 14 of the Subsidiary Guaranty Agreement, and (iv) to the Collateral Agent at the address and telefacsimile number set forth under the Collateral Agent’s signature block of this Agreement.

 7.6 Section Captions. Section captions used in this Agreement are for convenience of reference only, and shall not
affect the construction of this Agreement. 
 7.7 Severability. Wherever possible each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or
invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 
 7.8 Counterparts. This Agreement may be executed in any number of counterparts, (including those transmitted by electronic transmission (including, without limitation, facsimile and e-mail)), each of which when so
delivered shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. Delivery of this Agreement may be made by facsimile transmission of a duly executed counterpart copy hereof. 
 7.9 Governing Law; Entire Agreement. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE
PARTIES SHALL BE GOVERNED BY, THE INTERNAL LAW OF THE STATE OF NEW YORK, EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 
  

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 7.10 Waiver of Jury Trial. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY DEALINGS BETWEEN OR AMONG THE COLLATERAL AGENT, ANY OF THE SECURED PARTIES AND ANY OF THE PLEDGORS RELATING TO THE
SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY AND THE SECURED PARTY/PLEDGOR RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY
COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF THE PARTIES HERETO ACKNOWLEDGES THAT THIS
WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR
RELATED FUTURE DEALINGS. EACH OF THE PARTIES HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL
COUNSEL. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 
 7.11 Jurisdiction; Venue. Each Pledgor irrevocably agrees that any legal action or proceeding with respect to this Agreement, the other Transaction Documents or any of the agreements, documents or instruments
delivered in connection herewith shall be brought in the courts of the State of New York, or the United States of America for the Southern District of New York as the Collateral Agent or any Secured Party may elect, and, by execution and delivery
hereof, each Pledgor accepts and consents to, for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts and agrees that such jurisdiction shall be exclusive, unless waived by the Required
Holders in writing, with respect to any action or proceeding brought by such Pledgor against the Collateral Agent or any other Secured Party. Nothing herein shall limit the right that the Collateral Agent or any Secured Party may have to bring
proceedings against any Pledgor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction. Each Pledgor hereby waives, to the full extent permitted by law, any
right to stay or to dismiss any action or proceeding brought before said courts on the basis of forum non conveniens. 
 7.12 Additional Pledgors. From time to time subsequent to the date hereof, additional Subsidiaries and/or Affiliates of the Company may become parties hereto, as additional Pledgors (each, an “Additional
Pledgor”), by executing a Joinder Agreement. Upon the delivery of the Joinder Agreement to the Collateral Agent, such Additional Pledgor shall be a Pledgor and shall be as fully a party hereto as if such Additional Pledgor were an original
signatory hereof. 
 [Remainder of Page Intentionally Blank] 
  


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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their respective duly authorized officers as of the day and year first above written. 
  

					
	PLEDGORS:
	
	COMPANY:
	
	 PULIZTER INC.,
 a Delaware corporation


		
	By:	 	 /s/    Carl G. Schmidt

	Name:	 	Carl G. Schmidt
	Title:	 	Treasurer
	
	BORROWER:
	
	 ST. LOUIS POST-DISPATCH LLC,
 a
Delaware limited liability company

	By:	 	Pulitzer Inc., Managing Member
			
		 	By:	 	 /s/    Carl G. Schmidt

		 	Name:	 	Carl G. Schmidt
		 	Title:	 	Treasurer


 [SIGNATURE PAGE TO PLEDGE AGREEMENT] 








			
	SUBSIDIARY PLEDGORS:
	
	 PULITZER NEWSPAPERS, INC.
 PULITZER
TECHNOLOGIES, INC.
 NAPA VALLEY PUBLISHING CO
 NORTHERN LAKES PUBLISHING CO.
 PANTAGRAPH PUBLISHING CO.
 SOUTHWESTERN OREGON PUBLISHING CO.

		
	By:	 	 /s/    C. D. Waterman III

	Name:	 	C.D. Waterman III
	Title:	 	Secretary


 Acknowledged, accepted and agreed: 
 THE BANK OF NEW YORK MELLON 
 TRUST COMPANY, N.A., as collateral Agent 
  

			
	By:	 	 /s/    Geraldine Creswell

	Name:	 	Geraldine Creswell
	Title:	 	Assistant Treasurer

 Address: 
 The Bank
of New York Mellon Trust Company, N.A. 
 Attn: Geraldine Creswell, Asst. Treasurer 
 10161 Centurion Parkway, N. 
 Jacksonville, Florida 32256 
 Fax: 904-645-1921 
 Email: geri.creswell@bnymellon.com 
 [SIGNATURE PAGE TO PLEDGE AGREEMENT]