EX-10.4



 Exhibit 10.4 
 EXECUTION VERSION 
 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 May 1, 2013, is made by PULITZER INC., a Delaware corporation (together with its successors and assigns, “Pulitzer”), ST. LOUIS POST-DISPATCH LLC, a
Delaware limited liability company (together with its successors and assigns, “STL Post-Dispatch”), and each Subsidiary of Pulitzer on the signature pages hereto (each a “Subsidiary Pledgor” and collectively, the
“Subsidiary Pledgors”) (Pulitzer, STL Post-Dispatch 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, 2013 (as the same from time to time hereafter may be amended, restated, supplemented or otherwise modified, the
“Note Agreement”), by and among Pulitzer, STL Post-Dispatch and the Purchasers named therein, pursuant to which, subject to the terms and conditions set forth therein, Pulitzer and STL Post-Dispatch issued the Notes (as defined
below) to such Purchasers. 
 B. Reference is also made to that certain Subsidiary Guaranty Agreement, dated as of
May 1, 2013 (as the same from time to time hereafter may be amended, restated, supplemented or otherwise modified, the “Subsidiary Guaranty Agreement”) made by each Subsidiary Pledgor, and each additional Person that
hereinafter executes a joinder thereto, in favor of 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). 
 C. 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 reference and may be amended or supplemented pursuant to the terms of this Pledge
Agreement. 
 D. The Purchasers are willing to enter into the Note Agreement and otherwise make, extend and maintain
certain financial accommodations to Pulitzer and STL Post-Dispatch as provided in the Note Agreement and the Notes (each as defined below), 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 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. 
 “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, as the same may be amended, restated, supplemented or otherwise modified from time to time, of the Pledged Entities. 
 “Collateral Agency Agreement” means that certain Collateral Agency Agreement, dated as of May 1, 2013, duly executed by the Collateral Agent and the Purchasers (as the same from time
to time hereafter may be amended, restated, supplemented or otherwise modified). 
 “Collateral Agent” means The
Bank of New York Mellon Trust Company, N.A. in its capacity as collateral agent for the Secured Parties, together with its successors and assigns in such capacity. 
 “Collateral Documents” shall mean this Agreement, the Security Agreement and the Deeds of Trust, Trademark Security Agreements, Copyright Security Agreements, Account Control Agreement
(each as defined in the Note Agreement) and each of the other security 

  
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agreements, pledge agreements, trademark security agreements, copyright security agreements, deeds of trust, mortgages, leasehold mortgages, account control agreements or other agreements or
instruments from time to time executed and delivered pursuant to the terms of the Note Agreement, hereof or thereof that grants or purports to grant a Lien in favor of the Collateral Agent securing the obligations of the Credit Parties under the
Note Agreement, any of the Notes and/or the other Transaction Documents, as each may be amended, restated, supplemented or otherwise modified from time to time, together with all financing statements or comparable documents filed with respect
thereto under the Uniform Commercial Code of any jurisdiction or comparable law. 
 “Credit Parties” means
Pulitzer, STL Post-Dispatch and each Subsidiary Guarantor. 
 “Event of Default” has the meaning set forth in
Section 6.1, below. 
 “Indemnified Persons” has the meaning set forth in Section 6.5,
below. 
 “Joinder Agreement” means a joinder agreement substantially in the form of Exhibit C hereto.

 “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. 

“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) STL Post-Dispatch and (b) each other entity identified by the Pledgors
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. 
 “Pledgors” has the meaning specified for such term in
the introductory paragraph hereto. 
 “Pulitzer” 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 Pulitzer and STL Post-Dispatch for the payment of the
principal amount of the Notes, accrued interest thereon, premium, 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 Subsidiary Guaranty Agreement and (c) 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. 

  
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 “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 Pulitzer,
STL Post-Dispatch and each of the other Grantors (as defined therein) from time to time party thereto in favor of the Collateral Agent for the benefit of the Secured Parties (as the same from time to time hereafter may be amended, restated,
supplemented or otherwise modified). 
 “STL Post-Dispatch” has the meaning specified for such term in the
introductory paragraph hereto. 
 “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.

 “TNI Agreement” means that certain Amended and Restated Partnership Agreement, dated as of November 30,
2009, by and among Star Publishing Company and Citizen Publishing Company. 
 “TNI Partners” means TNI Partners,
a general partnership formed under the laws of the State of Arizona pursuant to the terms of the TNI Agreement. 

“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. 

1.3 Interpretive Provisions. The definitions in this Article I 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. 

  
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 ARTICLE II 
 PLEDGE 
 2.1 Grant Of Security Interest. As security
for the full, prompt and complete payment and performance 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 from time to time (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, and all books and records at any time evidencing or relating to, 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
in accordance with the terms of the Transaction Documents; 
 (b) be binding upon each Pledgor and its successors,
transferees and assigns; provided, that no Pledgor shall assign or otherwise transfer or be relieved of any of its rights or obligations under this Pledge Agreement without the prior written consent of the Collateral Agent; 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 and each of their respective successors, transferees and assigns. 
 2.3 Termination
of Security Interest. Upon the complete, full and final payment and performance of the Secured Obligations in accordance with the terms of the Transaction Documents, 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; 

  
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 (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 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 Consent to Pledge; Waiver of Certain Partnership Agreement and Operating Agreement Provisions. Each Pledgor irrevocably (i) consents to (a) the pledge of all limited liability company
interests of each Pledged Entity that is a limited liability company and all partnership interests of each Pledged Entity that is a partnership or limited partnership which are being pledged hereunder by such Pledgor and each of the other Pledgors
that is a member or partner of such Pledged Entity and the pledge of all rights in respect thereof (including all economic, voting and membership rights) and (b) the Collateral Agent and/or any of its transferees becoming full voting members of
any limited liability company or partner in any partnership or limited partnership in which such Pledgor has an interest upon any foreclosure or exercise of remedies by the Collateral Agent in respect of such pledged interests and rights without any
further action or consent by such Pledgor and the Collateral Agent or such transferee shall succeed to all of such Pledgor’s rights and interests under the relevant Charter Documents of such limited liability company, partnership or limited
partnership, and (ii) 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, warrants and covenants 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. 

  
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 (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 corporate, partnership or company action, as applicable. 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). 
 (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 and UCC financing statements filed in favor of the collateral agent under the Second Lien Debt
Documents to perfect the Liens granted thereunder. 
 (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 interests, a
description as certificated or uncertificated, as the case may be, and the percentage ownership of the Pledged Equity, and the Pledged Entities, are accurately 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 

  
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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 it will deliver to the Collateral Agent an updated Exhibit A setting forth the requested information with respect to
the new securities or equity interests at the time such securities or equity interests are pledged to the Collateral Agent hereunder, and that the Collateral Agent may from time to time attach as Exhibit A hereto such updated Exhibit A
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). 
 (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 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 

  
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 (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 interests or other equity interests, 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 the Pledged Collateral pursuant to this Pledge Agreement will create a valid first priority perfected Lien on and in the Pledged Collateral, and the proceeds thereof, securing the payment of the Secured Obligations, subject to
no prior Lien, (i) upon delivery of the original certificates evidencing the Pledged Equity constituting Pledged Collateral to the Collateral Agent and (ii) (A) in the case of the initial Pledgors, upon the filing of the UCC financing
statements attached hereto as Exhibit D in the filing offices specified on such UCC financing statements or (B) in the case of any Person who becomes a Pledgor subsequent to the date hereof, upon the filing of a UCC financing statement
describing the Pledged Collateral in the filing offices specified on such UCC financing statement provided by the Pledgor pursuant to Section 5(a) of the Security Agreement. 

(n) Certificated Security. 
 (i) The securities described in Section 2.1 that are described on Exhibit A hereto as certificated securities are 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 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 that are described on Exhibit A hereto as 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. 

  
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 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 Agreement. 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 Agreement, which additional equity interests shall be subject to this Pledge Agreement.
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 notice thereof to the Pledgors, the Pledgors shall have the exclusive voting power with respect
to the Pledged Collateral and the Collateral Agent shall, upon the written 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 Note 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 from 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. 

  
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 4.3 Filings; Recordings. Each Pledgor hereby authorizes the filing by the Collateral
Agent of any UCC-1 financing statements (and any amendments thereto or continuations thereof) that the Collateral Agent may from time to time deem necessary to establish and maintain a valid, perfected pledge of, and security interest in, the
Pledged Collateral in favor of the Collateral Agent (and such Pledgor shall pay the cost of filing or recording the same in all public offices deemed appropriate by the Collateral Agent or any Secured Party). Each Pledgor shall execute, or authorize
the filing 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. Each Pledgor hereby ratifies its authorization for the
Collateral Agent to file in any relevant jurisdiction any initial financing statements or amendments thereto relating to the Pledged Collateral if filed prior to the date hereof. 

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 legal name of such Pledgor, its state of formation or incorporation, as the case may be, or its organizational identification number, if any. 
 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. 

  
 12 









 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. 

  
 13 









 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) 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 

  
 14 









 (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 

  
 15 









 
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 in the manner set forth in Section 8(h) of the Security Agreement. 
 6.5 Indemnity And Expenses. Each Pledgor, jointly and severally, 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 such Indemnified Person as determined by a court of competent jurisdiction by final and non-appealable judgment. 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. The benefits of this Section 6.5 shall survive the termination of his Agreement. 

ARTICLE VII 

MISCELLANEOUS PROVISIONS 
 7.1 Transaction Document. This Agreement is one of the Transaction Documents executed pursuant to the Note Agreement 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 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. 

  
 16 









 7.3 Amendments; Waivers. No amendment to any provision of this Agreement shall be
effective unless the same shall have been in writing and signed by the Collateral Agent and the Pledgors. No 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 Pulitzer by delivering such notice in accordance with Section 12H of the Note Agreement, (ii) to STL Post-Dispatch by delivering such notice in accordance with Section 12H 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, facsimile number or e-mail address 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 or e-mail 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. 

  
 17 









 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 Pulitzer 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. 

  
 18 









 7.13 Incorporation by Reference. In connection with its execution and acting
hereunder, the Collateral Agent is entitled to all rights, privileges, benefits, protections, immunities and indemnities provided to it (i) under the Collateral Documents and (ii) under the Collateral Agency Agreement. 

[Remainder of Page Intentionally Blank] 

  
 19 









 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:
  

PULITZER INC., 
 a Delaware
corporation

		
	By:	 	/s/ Carl G. Schmidt
	Name:	 	Carl G. Schmidt
	Title:	 	Treasurer


  

			
	 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.
 STAR PUBLISHING COMPANY

		
	By:	 	/s/ C. D. Waterman III
	Name:	 	C. D. Waterman III
	Title:	 	Secretary



  
 [SIGNATURE
PAGE TO PLEDGE AGREEMENT] 








 Acknowledged, accepted and agreed: 

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Collateral Agent
		
	By:	 	/s/ Teresa Petta
	Name:	 	Teresa Petta
	Title:	 	Vice President

 Address: 
 The
Bank of New York Mellon Trust Company, N.A. 
 Corporate Trust (Jacksonville) 
 Attn: Geraldine Creswell, Vice President 
 10161 Centurion Parkway North,
2nd Floor 

Jacksonville, Florida 32256 
 Fax: 904-645-1921

 Email: geri.creswell@bnymellon.com 

  
 [SIGNATURE
PAGE TO PLEDGE AGREEMENT] 








 SCHEDULE I 

LOCATION OF EACH PLEDGOR’S CHIEF EXECUTIVE 
 OFFICE, PRINCIPAL PLACE OF BUSINESS 
 AND RECORDS PERTAINING TO COLLATERAL

  

					
	 Pledgor
	  	 Location of Records
	  	 Principal Place of Business/ Chief Executive Office

			
	Pulitzer Inc.	  	900 N. Tucker Blvd., St. Louis, MO 63101-1099	  	900 N. Tucker Blvd., St. Louis, MO 63101-1099
			
	St. Louis Post-Dispatch LLC	  	900 N. Tucker Blvd., St. Louis, MO 63101-1099	  	900 N. Tucker Blvd., St. Louis, MO 63101-1099
			
	Pulitzer Technologies, Inc.	  	900 N. Tucker Blvd., St. Louis, MO 63101-1099	  	900 N. Tucker Blvd., St. Louis, MO 63101-1099
			
	Pulitzer Newspapers, Inc.	  	404 W. 3700 N., Provo, UT 84604	  	404 W. 3700 N., Provo, UT 84604
			
	Star Publishing Company	  	 201 N. Harrison St. Ste. 600,

Davenport, IA 52801
	  	4850 Park Ave, Tucson, AZ 85714

  







 EXHIBIT A 

PLEDGED EQUITY 
  

													
	 PLEDGOR
	  	 PLEDGED ENTITY
	  	 CLASS
	  	CERTIFICATE
NUMBER	  	NUMBER
OF
SHARES, UNITS,
INTERESTS	 	PERCENTAGE
OWNERSHIP	 	
CERTIFICATED
OR
UNCERTIFICATED

	 Pulitzer Inc.
	  		  		  		  		 		 	
		  	Pulitzer Technologies, Inc.	  	Common Stock	  	1	  	500	 	100%	 	Certificated
		  	St. Louis Post-Dispatch LLC	  	Membership Interest	  	n/a	  	98.95%	 	98.95%	 	Uncertificated
		  	STL Distribution Services LLC	  	Membership Interest	  	n/a	  	98.95%	 	98.95%	 	Uncertificated
		  	Pulitzer Newspapers, Inc.	  	Common Stock	  	1	  	9.3	 	100%	 	Certificated
		  	Suburban Journals of Greater St. Louis LLC	  	Membership Interest	  	n/a	  	100%	 	100%	 	Uncertificated
		  	Pulitzer Network Systems LLC	  	Membership Interest	  	n/a	  	100%	 	100%	 	Uncertificated
		  	Star Publishing Company	  	Common Stock	  	10	  	100%	 	100%	 	Certificated
		  	Sandler Capital Partners IV, L.P.	  	Limited Partnership Interest	  	n/a	  	<50%	 	<50%	 	Uncertificated
	  	  	Sandler Capital
Partners, IV FTE,
L.P.	  	Limited
Partnership
Interest	  	n/a	  	<50%	 	<50%	 	Uncertificated


  
 A-1










													
	 PLEDGOR
	  	 PLEDGED ENTITY
	  	 CLASS
	  	CERTIFICATE
NUMBER	  	NUMBER
OF
SHARES, UNITS,
INTERESTS	 	PERCENTAGE
OWNERSHIP	 	
CERTIFICATED
OR
UNCERTIFICATED

							
		  	Sandler Capital Partners V, L.P.	  	Limited Partnership Interest	  	n/a	  	<50%	 	<50%	 	Uncertificated
							
		  	Sandler Capital Partners V FTE, L.P.	  	Limited Partnership Interest	  	n/a	  	<50%	 	<50%	 	Uncertificated
							
		  	Sandler Capital Partners V Germany, L.P.	  	Limited Partnership Interest	  	n/a	  	<50%	 	<50%	 	Uncertificated
							
		  	21st Century Communications Partners, L.P.	  	Limited Partnership Interest	  	n/a	  	<50%	 	<50%	 	Uncertificated
							
		  	21st Century Communications T-E Partners, L.P.	  	Limited Partnership Interest	  	n/a	  	<50%	 	<50%	 	Uncertificated
							
		  	21st Century Communications Foreign Partners, L.P.	  	Limited Partnership Interest	  	n/a	  	<50%	 	<50%	 	Uncertificated
							
		  	St. Louis Equity Funds, Inc.	  	Limited Partnership Interest	  	n/a	  	<50%	 	<50%	 	Uncertificated
							
		  	Media Brands, L.L.C.	  	Membership Interest	  	n/a	  	<50%	 	<50%	 	Uncertificated


  
 A-2










													
	 PLEDGOR
	  	 PLEDGED ENTITY
	  	 CLASS
	  	CERTIFICATE
NUMBER	  	NUMBER
OF
SHARES, UNITS,
INTERESTS	  	PERCENTAGE
OWNERSHIP	 	
CERTIFICATED
OR
UNCERTIFICATED

	 	  	Amplified Digital,
LLC	  	Membership
Interest	  	n/a	  	100%	  	100%	 	Uncertificated
	 Pulitzer Newspapers, Inc.
	  		  		  		  		  		 	
		  	Flagstaff Publishing Co.	  	Common Stock	  	19	  	1,875	  	100%	 	Certificated
		  	Hanford Sentinel Inc.	  	Common Stock	  	23	  	4,200	  	100%	 	Certificated
		  	Santa Maria Times, Inc.	  	Common Stock	  	13	  	4,950	  	100%	 	Certificated
		  	Ynez Corporation	  	Common Stock	  	1	  	90	  	100%	 	Certificated
		  	Napa Valley Publishing Co.	  	Common Stock	  	29	  	8,000	  	100%	 	Certificated
		  	Pantagraph Publishing Co.	  	Common Stock	  	4	  	100	  	100%	 	Certificated
		  	Southwestern Oregon Publishing Co.	  	Common Stock	  	14	  	11,960	  	100%	 	Certificated
		  	Pulitzer Missouri Newspapers, Inc.	  	Common Stock	  	4	  	48,504	  	100%	 	Certificated


  
 A-3










													
	 PLEDGOR
	  	 PLEDGED ENTITY
	  	 CLASS
	  	CERTIFICATE
NUMBER	  	NUMBER
OF
SHARES, UNITS,
INTERESTS	 	PERCENTAGE
OWNERSHIP	 	
CERTIFICATED
OR
UNCERTIFICATED

	 St. Louis Post-Dispatch LLC
	  		  		  		  		 		 	
	 	  	Fairgrove LLC	  	Membership
Interest	  	n/a	  	100%	 	100%	 	Uncertificated
	 Pulitzer Technologies, Inc.
	  		  		  		  		 		 	
		  	STL Distribution Services LLC	  	Membership Interest	  	n/a	  	1.05%	 	1.05%	 	Uncertificated
		  	St. Louis Post-Dispatch LLC	  	Membership Interest	  	n/a	  	1.05%	 	1.05%	 	Uncertificated
	 Star Publishing Company
	  		  		  		  		 		 	
		  	TNI Partners	  	General Partnership Interest	  	n/a	  	50%	 	50%	 	Uncertificated

  

  
 A-4









 EXHIBIT B 

NOTICE OF PLEDGE AGREEMENT 
  

	TO:	[NAME OF PLEDGED ENTITY] (the “Pledged Company”) 

 Reference is made to a Pledge Agreement (an unexecuted copy of which is attached hereto) dated as of May 1, 2013 (as the same from time to time hereafter may be amended, restated, supplemented or
otherwise modified, the “Pledge Agreement”), made by the undersigned “Pledgor” and each other “Pledgor” identified therein (each, a “Pledgor” and collectively, the “Pledgors”),
in favor of The Bank of New York Mellon Trust Company, N.A., not in its individual capacity, but solely in its capacity as the collateral agent (in such capacity, together with its successors and assigns in such capacity, the “Collateral
Agent”) for the benefit and on behalf of the Secured Parties (as defined therein). Capitalized terms used but not defined herein shall have the meanings given to them in the Pledge Agreement. 

Pursuant to the Pledge Agreement, the undersigned Pledgor hereby gives you notice that it has pledged, hypothecated, assigned, charged,
mortgaged, delivered and transferred to the Collateral Agent, on behalf and for the benefit of the Secured Parties, and granted to the Collateral Agent, on behalf and for the benefit of the Secured Parties, a continuing security interest in and to,
and delivered to the Collateral Agent, on behalf and for the benefit of the Secured Parties, all right, title and interest of such Pledgor, in and to all of the following, whether now existing or hereafter arising or acquired from time to time
(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 owned or held by such Pledgor, 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 

  
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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 
 (b) The rents, issues, profits, returns, income, allocations, distributions and proceeds of and from, and all books and records at any time evidencing or relating to, any and all of the foregoing.

 The above is not intended to be an exhaustive description of the Pledged Collateral and in the event of any discrepancy
between the description of the Pledged Collateral in the Pledge Agreement and in this Notice of Pledge Agreement, the description in the Pledge Agreement shall control. 
 Pursuant to the Pledge Agreement, the Pledged Company is hereby authorized and directed (i) to register on its books the undersigned Pledgor’s pledge of the Pledged Collateral to the Collateral
Agent, (ii) to make direct payment to the Collateral Agent, on behalf and for the benefit of itself and the Secured Parties, of any amounts due or to become due such Pledgor, if so notified by the Collateral Agent or such Pledgor, and
(iii) to otherwise comply with instructions, including, without limitation, any vote or consent originated by the Collateral Agent without further consent of such Pledgor. 

The undersigned Pledgor hereby requests that the Pledged Company indicate its acceptance of this notice of and consent to Pledge
Agreement and confirm its terms and provisions by signing a copy hereof where indicated on the attached page and returning the same to the Collateral Agent. 
 [Signature page follows] 

  
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 Dated:
[                    ] 
  

			
	 PLEDGOR:
  

[NAME OF PLEDGOR]

		
	By:	 	 
	Name:	 	
	Title:	 	



  
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 ACKNOWLEDGMENT 

[NAME OF PLEDGED ENTITY], a
[                    ] (the “Issuer”), hereby acknowledges and consents to the assignment and pledge by [Name of
Pledgor] (the “Pledgor”), of all its right, title and interest in, to and under the Pledged Equity, and the other Pledged Collateral pursuant to the terms of and as described and defined in the Pledge Agreement, dated as of
May 1, 2013 (as the same from time to time hereafter may be amended, restated, supplemented or otherwise modified, the “Pledge Agreement”), made by the Pledgor and each other “Pledgor” identified therein in favor of
The Bank of New York Mellon Trust Company, N.A., not in its individual capacity, but solely in its capacity as the collateral agent (in such capacity, together with its successors and assigns in such capacity, the “Collateral
Agent”) for the benefit and on behalf of the Secured Parties (as defined therein). Capitalized terms used but not defined herein shall have the meanings given to them in the Pledge Agreement. 

The Issuer further confirms that it has reviewed the Pledge Agreement and this Notice of Pledge Agreement and has not found the terms
thereof or the transactions described therein to be objectionable, has registered the Pledgor’s pledge to the Collateral Agent, on behalf and for the benefit of the Secured Parties of the Pledged Equity and the other Pledged Collateral on its
books, and upon notice from the Collateral Agent or the Pledgor, Issuer agrees to make direct payment to the Collateral Agent of any amounts due or to become due the Pledgor in connection with the Pledged Equity or the Pledged Collateral and agrees
that it will otherwise comply with instructions (including, without limitation, any vote or consent) originated by the Collateral Agent without further consent by the Pledgor. 
 [Signature page follows] 

  
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 Dated:
[                    ] 
  

			
	 ISSUER:
  

[NAME OF ISSUER], 
 a[n]
[                                    ]

		
	By:	 	 
		
	Printed Name:	 	 
		
	Title:	 	 



  
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 [Attach hereto an unexecuted copy of the 

Pledge Agreement 
 between the Pledgor and the Collateral Agent] 

  
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 EXHIBIT C 

FORM OF JOINDER AGREEMENT 
  

  
 C-1









 JOINDER AGREEMENT 

TO 

PLEDGE AGREEMENT 

ADDITIONAL PLEDGOR: Reference is made to that certain Pledge Agreement, dated as of May 1, 2013 (as the same
may from time to time be amended, restated, supplemented or otherwise modified, the “Pledge Agreement”), made by Pulitzer Inc. (“Pulitzer”), St. Louis Post-Dispatch LLC and certain other Affiliates and Subsidiaries
of Pulitzer, each identified as Pledgors therein, in favor of the Collateral Agent identified therein, on behalf and for the benefit of the Secured Parties identified therein. Capitalized terms not defined in this Joinder Agreement shall have the
meanings given to them in the Pledge Agreement. The undersigned acknowledges and agrees it is (or, concurrently with the execution and delivery of this Joinder Agreement, will become) a Pledgor and that, by its execution and delivery of this Joinder
Agreement to the Collateral Agent, it hereby joins and for all purposes becomes a Pledgor under and a party to the Pledge Agreement, and does hereby pledge, hypothecate, assign, charge, mortgage, deliver and transfer to the Collateral Agent, on
behalf and for the benefit of the Secured Parties, and does hereby grant and deliver to the Collateral Agent, on behalf and for the benefit of the Secured Parties, a security interest in and to all of such Pledgor’s respective right, title and
interest in, to and under the Pledged Collateral, whether now existing or hereafter arising or acquired, and does hereby fully assume and undertake to perform, all rights, benefits, burdens, obligations and liabilities of a Pledgor under the Pledge
Agreement. 

                    
                , a
                                         
        
  

			
	 By:
	 	  

		
	 Printed Name:
	 	  

		
	 Title:
	 	  




  
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 EXHIBIT D 

UCC FINANCING STATEMENTS 







 [Attach hereto copies of UCC financing statements 

with respect to the Pledged Collateral]