Pledge Agreement dated as of April 11, 2007



 Exhibit 10.2 
 PLEDGE AGREEMENT 
 THIS PLEDGE AGREEMENT (this “Pledge Agreement”), is
entered into as of April 11, 2007, among GATEHOUSE MEDIA, INC., a Delaware corporation (the “Pledgor”) and WACHOVIA INVESTMENT HOLDINGS, LLC, in its capacity as administrative agent under the Credit Agreement
referred to below (in such capacity, the “Administrative Agent”) for the several banks and other financial institutions as may from time to time become parties to such Credit Agreement (individually a “Lender” and
collectively the “Lenders”). 
 RECITALS 
 WHEREAS, the Pledgor, certain Domestic Subsidiaries of the Pledgor from time to time party thereto, certain financial institutions, as lenders,
and the Administrative Agent are parties to a Bridge Credit Agreement dated as of the date hereof (as amended, modified, extended, renewed, restated, replaced or supplemented from time to time, the “Credit Agreement”); and

 WHEREAS, it is a condition precedent to the effectiveness of the Credit Agreement and the obligations of the Lenders to make a
portion of the Term Loan under the Credit Agreement that the Pledgor shall have executed and delivered this Pledge Agreement to the Administrative Agent for the ratable benefit of the Lenders. 
 NOW, THEREFORE, in consideration of these premises and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows: 
 1. Definitions. Unless otherwise defined herein, capitalized terms used herein
shall have the meanings ascribed to such terms in the Credit Agreement, and the following terms that are defined in the Uniform Commercial Code from time to time in effect in the State of New York (the “UCC”) are used herein as so
defined: Certificated Security, Control, Entitlement Order, Financial Asset, Investment Company Security, Securities Account, Security, Security Entitlement, Securities Intermediary and Uncertificated Security. For purposes of this Pledge Agreement,
the term “Lender” shall include any Hedging Agreement Provider. 
 2. Pledge and Grant of Security Interest. To secure the
prompt payment and performance in full when due, whether by lapse of time or otherwise, of the Secured Obligations (as defined in Section 3 hereof), the Pledgor hereby pledges and grants to the Administrative Agent, for the ratable benefit of
the Lenders, a continuing security interest in any and all right, title and interest of the Pledgor in and to the following, whether now owned or existing or owned, acquired, or arising hereafter (collectively, the “Pledged
Collateral”): 
 (a) Pledged Capital Stock. (i) 100% (or, if less, the full amount owned by the Pledgor)
of the issued and outstanding Capital Stock owned by the Pledgor of each direct Domestic Subsidiary set forth on Schedule 2(a) attached hereto and (ii) 65% (or, if less, the full amount owned by the Pledgor) of each class of the issued
and outstanding Capital Stock entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) (“Voting Equity”) and 100% (or, if less, the full amount owned by the Pledgor) of each class of the 








 
issued and outstanding Capital Stock not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) (“Non-Voting
Equity”) owned by the Pledgor of each first-tier Foreign Subsidiary set forth on Schedule 2(a) attached hereto (collectively, together with the Capital Stock and other interests described in clauses (y) and (z) and in
Sections 2(b) and 2(c) below, the “Pledged Capital Stock”), including, but not limited to, the following: 
 (y) subject to the percentage restrictions described above and in Section 2(b) below, all shares, securities, membership interests or other equity interests representing a dividend on any of the Pledged Capital Stock, or representing a
distribution or return of capital upon or in respect of the Pledged Capital Stock, or resulting from a stock split, revision, reclassification or other exchange therefor, and any subscriptions, warrants, rights or options issued to the holder of, or
otherwise in respect of, the Pledged Capital Stock; and 
 (z) subject to the percentage restrictions described above and in
Section 2(b) below, in the event of any consolidation or merger involving the issuer of any Pledged Capital Stock and in which such issuer is not the surviving entity, all shares of each class of the Capital Stock of the successor entity formed
by or resulting from such consolidation or merger. 
 (b) Additional Interests. (i) 100% (or, if less, the full
amount owned by the Pledgor) of each class of the issued and outstanding Capital Stock of any Person which hereafter becomes a direct Domestic Subsidiary of the Pledgor and (ii) 65% (or, if less, the full amount owned by the Pledgor) of the
Voting Equity and 100% (or, if less, the full amount owned by the Pledgor) of the Non-Voting Equity of any Person which hereafter becomes a first-tier Foreign Subsidiary of the Pledgor, including, without limitation, the certificates representing
such Capital Stock. 
 (c) Other Equity Interests. Subject to the percentage restrictions described above, any and all
other Capital Stock or other equity interests owned by the Pledgor in any direct Domestic Subsidiary or any first-tier Foreign Subsidiary. 
 (d) Proceeds. All proceeds and products of the foregoing, however and whenever acquired and in whatever form. 
 Without limiting the generality of the foregoing, it is hereby specifically understood and agreed that the Pledgor may from time to time hereafter pledge and deliver additional shares of Capital Stock or other
interests to the Administrative Agent as collateral security for the Secured Obligations. Upon such pledge and delivery to the Administrative Agent, such additional shares of Capital Stock or other interests shall be deemed to be part of the Pledged
Collateral of the Pledgor and shall be subject to the terms of this Pledge Agreement whether or not Schedule 2(a) is amended to refer to such additional shares. 
 3. Security for Secured Obligations. The security interest created hereby in the Pledged Collateral of the Pledgor constitutes continuing collateral security for all of the following, 

  

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whether now existing or hereafter incurred (the “Secured Obligations”): (a) all of the Credit Party Obligations (including obligations
under Secured Hedging Agreements), howsoever evidenced, created, incurred or acquired, whether primary, secondary, direct, contingent, or joint and several and (b) all expenses and charges, legal and otherwise, incurred by the Administrative
Agent and the Lenders in collecting or enforcing any of the Credit Party Obligations or in realizing on or protecting any security therefor, including without limitation the security granted hereunder. 
 4. Delivery of the Pledged Collateral; Perfection of Security Interest. The Pledgor hereby agrees that: 
 (a) Delivery of Certificates and Instruments. The Pledgor shall deliver as security to the Administrative Agent (subject to the
percentage limitations set forth in Section 2 above), (i) simultaneously with or prior to the execution and delivery of this Pledge Agreement, all certificates representing the Pledged Capital Stock owned by the Pledgor and
(ii) concurrently with the delivery of the next financial statement referred to in Section 5.1(b) of the Credit Agreement after the receipt thereof by or on behalf of the Pledgor, all other certificates and instruments constituting Pledged
Collateral owned by the Pledgor. Prior to delivery to the Administrative Agent, all such certificates and instruments constituting Pledged Collateral of the Pledgor shall be held in trust by the Pledgor for the benefit of the Administrative Agent
pursuant hereto. All such certificates shall be delivered in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank, substantially in the form provided in Exhibit 4(a)
attached hereto. 
 (b) Additional Securities. Subject to the percentage restrictions set forth in Section 2, if
the Pledgor shall receive by virtue of its being or having been the owner of any Pledged Collateral, any (i) certificate, including without limitation, any certificate representing a dividend or distribution in connection with any increase or
reduction of capital, reclassification, merger, consolidation, sale of assets, combination of shares of Capital Stock, stock splits, spin-off or split-off, promissory notes or other instruments; (ii) option or right, whether as an addition to,
substitution for, or an exchange for, any Pledged Collateral or otherwise; (iii) dividends payable in Capital Stock; or (iv) distributions of Capital Stock or other equity interests in connection with a partial or total liquidation,
dissolution or reduction of capital, capital surplus or paid-in surplus, then the Pledgor shall receive such certificate, instrument, option, right or distribution in trust for the benefit of the Administrative Agent, shall segregate it from the
Pledgor’s other property and shall deliver it, concurrently with the delivery of the next financial statement referred to in Section 5.1(b) of the Credit Agreement, to the Administrative Agent, in the exact form received accompanied by
duly executed instruments of transfer or assignment in blank, substantially in the form provided in Exhibit 4(a) attached hereto, to be held by the Administrative Agent, as Pledged Collateral and as further collateral security for the Secured
Obligations. 
 (c) Financing Statements; Other Perfection Actions. The Pledgor hereby authorizes the Administrative
Agent to prepare and file such financing statements (including continuation statements) or amendments thereof or supplements thereto or other instruments 

  

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as the Administrative Agent may from time to time deem reasonably necessary or appropriate in order to perfect and maintain the security interests granted
hereunder in accordance with the UCC. The Pledgor shall also execute and deliver to the Administrative Agent and/or file such agreements, assignments or instruments (including affidavits, notices, reaffirmations, amendments and restatements of
existing documents and any documents as may be necessary if the law of any jurisdiction other than New York becomes or is applicable to the Collateral or any portion thereof, in each case as the Administrative Agent may reasonably request) and do
all such other things as the Administrative Agent may reasonably deem necessary or appropriate (i) to assure to the Administrative Agent its security interests hereunder are perfected, including such financing statements (including continuation
statements) or amendments thereof or supplements thereto or other instruments as the Administrative Agent may from time to time reasonably request in order to perfect and maintain the security interests granted hereunder in accordance with the UCC
and any other personal property security legislation in the appropriate jurisdictions, (ii) to consummate the transactions contemplated hereby and (iii) to otherwise protect and assure the Administrative Agent of its rights and interests
hereunder. 
 (d) Provisions Relating to Uncertificated Securities, Security Entitlements and Securities Accounts. The
Pledgor shall concurrently with the delivery of the next financial statement referred to in Section 5.1(b) of the Credit Agreement, notify the Administrative Agent of any Pledged Collateral consisting of an Uncertificated Security or a Security
Entitlement or any Pledged Collateral held in a Securities Account. With respect to any such Pledged Collateral, (i) the Pledgor and the applicable issuer of the Uncertificated Security or the applicable Securities Intermediary shall enter
into, upon the request of the Administrative Agent, an agreement with the Administrative Agent granting Control to the Administrative Agent (on behalf of the Lenders) over such Pledged Collateral, such agreement to be in form and substance
reasonably satisfactory to the Administrative Agent (a “Control Agreement”) and (ii) the Administrative Agent shall be entitled, upon the occurrence and during the continuance of a Default or an Event of Default, to notify the
applicable issuer of the Uncertificated Security or the applicable Securities Intermediary that it should follow the instructions or the Entitlement Orders, respectively, of the Administrative Agent and no longer follow the instructions or the
Entitlement Orders, respectively, of the Pledgor. Upon receipt by the Pledgor of notice from a Securities Intermediary of its intent to terminate the Securities Account of the Pledgor held by such Securities Intermediary, prior to the termination of
such Securities Account the Pledged Collateral in such Securities Account shall be (i) transferred to a new Securities Account, upon the request of the Administrative Agent, which shall be subject to a control agreement as provided above or
(ii) transferred to an account held by the Administrative Agent (in which it will be held until a new Securities Account in the name of the Pledgor and subject to a Control Agreement is established). 
 5. Representations and Warranties. The Pledgor hereby represents and warrants to the Administrative Agent, for the benefit of the Lenders, that so
long as any of the Secured Obligations (other than contingent indemnity obligations that survive termination of the Credit Documents pursuant to the stated terms thereof) remain outstanding, any Credit Document or Secured Hedging Agreement is in
effect, and until all of the Commitments shall have been terminated: 
 (a) Title. The Pledgor has good and
indefeasible title to the Pledged Collateral of the Pledgor and will at all times be the legal and beneficial owner of such Pledged Collateral free and clear of any Lien, other than Liens permitted under the Credit Agreement. There exists no
“adverse claim” within the meaning of Section 8-102 of the UCC with respect to the Pledged Capital Stock of the Pledgor. 
  

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 (b) Exercising of Rights. The exercise by the Administrative Agent of its rights
and remedies hereunder will not violate any law or governmental regulation or any material contractual restriction binding on or affecting the Pledgor or any of its property. 
 (c) Pledgor’s Authority. No authorization, approval or action by, and no notice or filing with any Governmental Authority, the
issuer of any Pledged Capital Stock or third party is required either (i) for the pledge made by the Pledgor or for the granting of the security interest by the Pledgor pursuant to this Pledge Agreement or (ii) for the exercise by the
Administrative Agent or the Lenders of their rights and remedies hereunder (except as may be required by laws affecting the offering and sale of securities). 
 (d) Security Interest/Priority. This Pledge Agreement creates a valid security interest in favor of the Administrative Agent, for
the ratable benefit of the Lenders, in the Pledged Collateral of the Pledgor. The taking possession by the Administrative Agent of the certificates (if any) representing the Pledged Capital Stock and all other certificates and instruments
constituting Pledged Collateral will perfect and establish the Administrative Agent’s first priority security interest in all certificated Pledged Capital Stock and such certificates and instruments. Upon the filing of UCC financing statements
in the location of the Pledgor’s state of organization, the Administrative Agent shall have a first priority perfected security interest in all uncertificated Pledged Capital Stock consisting of partnership or limited liability company
interests that do not constitute a Security pursuant to Section 8-103(c) of the UCC. With respect to any Pledged Collateral consisting of an Uncertificated Security or a Security Entitlement or any Pledged Collateral held in a Securities
Account, upon execution and delivery by the Pledgor, the Administrative Agent and the applicable Securities Intermediary or the applicable issuer of the Uncertificated Security of an agreement granting Control to the Administrative Agent over such
Pledged Collateral, the Administrative Agent shall have a first priority perfected security interest in such Pledged Collateral. Except as set forth in this Section, no action is necessary to perfect the Administrative Agent’s security
interest. 
 (e) [Reserved]. 
 (f) Partnership and Limited Liability Company Interests. Except as disclosed to the Administrative Agent, none of the Pledged
Capital Stock consisting of partnership or limited liability company interests (i) is dealt in or traded on a securities exchange or 

  

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in a securities market, (ii) by its terms expressly provides that it is a Security governed by Article 8 of the UCC, (iii) is an Investment Company
Security, (iv) is held in a Securities Account or (v) constitutes a Security or a Financial Asset. 
 6. Covenants. The
Pledgor hereby covenants that so long as any of the Secured Obligations (other than contingent indemnity obligations that survive termination of the Credit Documents pursuant to the stated terms thereof) remain outstanding, any Credit Document or
Secured Hedging Agreement is in effect, and until all of the Commitments shall have been terminated, the Pledgor shall: 
 (a)
Defense of Title. Warrant and defend title to and ownership of the Pledged Collateral of the Pledgor at its own expense against the material claims and demands of all other parties claiming an interest therein; keep the Pledged Collateral
free from all Liens, other than Liens permitted under the Credit Agreement; and not sell, exchange, transfer, assign, lease or otherwise dispose of Pledged Collateral of the Pledgor or any interest therein, except as permitted under the Credit
Agreement and the other Credit Documents. 
 (b) Further Assurances. Promptly execute and deliver at its expense all
further instruments and documents and take all further action that may be necessary and desirable or that the Administrative Agent may request in order to (i) perfect and protect the security interest created hereby in the Pledged Collateral of
the Pledgor (including, without limitation, execution and delivery of one or more control agreements reasonably acceptable to the Administrative Agent, filing of UCC financing statements and any and all other actions reasonably necessary to satisfy
the Administrative Agent that the Administrative Agent has obtained a first priority perfected security interest in all Pledged Collateral); (ii) enable the Administrative Agent to exercise and enforce its rights and remedies hereunder in
respect of the Pledged Collateral of the Pledgor; and (iii) otherwise effect the purposes of this Pledge Agreement, including, without limitation and if requested by the Administrative Agent, delivering to the Administrative Agent irrevocable
proxies in respect of the Pledged Collateral of the Pledgor. 
 (c) Amendments. Not make or consent to any amendment or
other modification or waiver with respect to any of the Pledged Collateral of the Pledgor or enter into any agreement or allow to exist any restriction with respect to any of the Pledged Collateral of the Pledgor other than pursuant hereto or as may
be permitted under the Credit Agreement. 
 (d) Compliance with Securities Laws. File all reports and other information
now or hereafter required to be filed by the Pledgor with the United States Securities and Exchange Commission and any other state, federal or foreign agency in connection with the ownership of the Pledged Collateral of the Pledgor. 
 (e) Issuance or Acquisition of Capital Stock. Not without executing and delivering, or causing to be executed and delivered, to the
Administrative Agent such agreements, documents and instruments as the Administrative Agent may reasonably 

  

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require, issue or acquire any Capital Stock that consists of an interest in a partnership or a limited liability company which (i) is dealt in or traded
on a securities exchange or in a securities market, (ii) by its terms expressly provides that it is a Security governed by Article 8 of the UCC, (iii) is an Investment Company Security, (iv) is held in a Securities Account or
(v) constitutes a Security or a Financial Asset. 
 7. Performance of Obligations; Advances by Administrative Agent. Upon the
occurrence and continuance of an Event of Default the Administrative Agent may, at its sole option and in its sole discretion, perform or cause to be performed the covenants and agreements contained herein that the Pledgor failed to perform and in
so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a release of a
Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures which the Administrative Agent may make for the protection of the security interest hereof or may be compelled to make by operation of law.
All such sums and amounts so expended shall be repayable by the Pledgor promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest from the date said amounts are expended at the
ABR Default Rate. No such performance of any covenant or agreement by the Administrative Agent on behalf of the Pledgor, and no such advance or expenditure therefor, shall relieve the Pledgor of any default under the terms of this Pledge Agreement,
the other Credit Documents or any Secured Hedging Agreement. The Administrative Agent may make any payment hereby authorized in accordance with any bill, statement or estimate procured from the appropriate public office or holder of the claim to be
discharged without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except to the extent such payment is being contested in good faith by the Pledgor
in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP. 
 8. Events of Default.
The occurrence of an event which under the Credit Agreement would constitute an Event of Default shall be an event of default hereunder (an “Event of Default”). 
 9. Remedies. 
 (a)
General Remedies. Upon the occurrence of an Event of Default and during the continuation thereof, the Administrative Agent shall have, in respect of the Pledged Collateral of the Pledgor, in addition to the rights and remedies provided
herein, in the other Credit Documents, in any Secured Hedging Agreement or by law, the rights and remedies of a secured party under the UCC or any other applicable law. 
 (b) Sale of Pledged Collateral. Upon the occurrence of an Event of Default and during the continuation thereof, without limiting
the generality of this Section and without notice, the Administrative Agent may, in its sole discretion, sell or otherwise dispose of or realize upon the Pledged Collateral, or any part thereof, in one or more parcels, at public or private sale, at
any exchange or broker’s board or elsewhere, at such price or prices and on such other terms as the Administrative Agent may deem 

  

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commercially reasonable, for cash, credit or for future delivery or otherwise in accordance with applicable law. To the extent permitted by law, any Lender
may in such event, bid for the purchase of such securities. The Pledgor agrees that, to the extent notice of sale shall be required by law and has not been waived by the Pledgor, any requirement of reasonable notice shall be met if notice,
specifying the place of any public sale or the time after which any private sale is to be made, is personally served on or mailed, postage prepaid, to the Pledgor, in accordance with the notice provisions of Section 9.2 of the Credit Agreement
at least ten (10) days before the time of such sale. The Administrative Agent shall not be obligated to make any sale of Pledged Collateral of the Pledgor regardless of notice of sale having been given. The Administrative 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. 
 (c) Private Sale. Upon the occurrence of an Event of Default and during the continuation thereof, the Pledgor recognizes that the
Administrative Agent may deem it impracticable to effect a public sale of all or any part of the Pledged Collateral and that the Administrative Agent may, therefore, determine to make one or more private sales of any such Pledged Collateral to a
restricted group of purchasers who will be obligated to agree, among other things, to acquire such Pledged Collateral for their own account, for investment and not with a view to the distribution or resale thereof. The Pledgor acknowledges that any
such private sale may be at prices and on terms less favorable to the seller than the prices and other terms which might have been obtained at a public sale and, notwithstanding the foregoing, agrees that such private sale shall be deemed to have
been made in a commercially reasonable manner and that the Administrative Agent shall have no obligation to delay sale of any such Pledged Collateral for the period of time necessary to permit the issuer of such Pledged Collateral to register such
Pledged Collateral for public sale under the Securities Act of 1933. The Pledgor further acknowledges and agrees that any offer to sell such Pledged Collateral which has been (i) publicly advertised on a bona fide basis in a newspaper or other
publication of general circulation in the financial community of New York, New York (to the extent that such offer may be advertised without prior registration under the Securities Act of 1933) or (ii) made privately in the manner described
above shall be deemed to involve a “public sale” under the UCC, notwithstanding that such sale may not constitute a “public offering” under the Securities Act of 1933, and the Administrative Agent may, in such event, bid for the
purchase of such Pledged Collateral. 
 (d) Retention of Pledged Collateral. In addition to the rights and remedies
hereunder, upon the occurrence of an Event of Default and during the continuation thereof, the Administrative Agent may, after providing the notices required by Sections 9-620 and 9-621 of the UCC (or any successor sections of the UCC) or otherwise
complying with the notice requirements of applicable law of the relevant jurisdiction, accept or retain all or any portion of the Pledged Collateral in satisfaction of the Secured Obligations. Unless and until the Administrative Agent shall have
provided such notices, however, the Administrative Agent shall not be deemed to have retained any Pledged Collateral in satisfaction of any Secured Obligations for any reason. 
  

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 (e) Deficiency. In the event that the proceeds of any sale, collection or
realization are insufficient to pay all amounts to which the Administrative Agent or the Lenders are legally entitled, the Pledgor shall be liable for the deficiency, together with interest thereon at the rate of interest applicable thereto pursuant
to Section 2.10(b) of the Credit Agreement, together with the costs of collection and the reasonable fees of any attorneys employed by the Administrative Agent to collect such deficiency. Any surplus remaining after the full payment and
satisfaction of the Secured Obligations shall be returned to the Pledgor or to whomsoever a court of competent jurisdiction shall determine to be entitled thereto. 
 (f) Other Security. To the extent that any of the Secured Obligations are now or hereafter secured by property other than the
Pledged Collateral (including, without limitation, real and other personal property owned by the Pledgor), or by a guarantee, endorsement or property of any other Person, then the Administrative Agent shall have the right to proceed against such
other property, guarantee or endorsement upon the occurrence and during the continuation of any Event of Default, and the Administrative Agent shall have the right, in its sole discretion, to determine which rights, security, Liens, security
interests or remedies the Administrative Agent shall at any time pursue, relinquish, subordinate, modify or take with respect thereto, without in any way modifying or affecting any of them or any of the Administrative Agent’s rights or the
Secured Obligations under this Pledge Agreement, under any other of the Credit Documents or under any Secured Hedging Agreement. 
 10.
Rights of the Administrative Agent. 
 (a) Power of Attorney. The Pledgor hereby designates and appoints the
Administrative Agent, on behalf of the Lenders, and each of its designees or agents as attorney-in-fact of the Pledgor, irrevocably and with power of substitution, with authority to take any or all of the following actions upon the occurrence and
during the continuation of an Event of Default: 
 (i) to demand, collect, settle, compromise, adjust and give discharges and
releases concerning the Pledged Collateral of the Pledgor, all as the Administrative Agent may reasonably determine in respect of such Pledged Collateral; 
 (ii) to commence and prosecute any actions at any court for the purposes of collecting any of the Pledged Collateral and enforcing any other right in respect thereof; 
 (iii) to defend, settle, adjust or compromise any action, suit or proceeding brought with respect to the Pledged Collateral and, in
connection therewith, give such discharge or release as the Administrative Agent may deem reasonably appropriate; 
  

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 (iv) to pay or discharge taxes, Liens, security interests, or other encumbrances levied
or placed on or threatened against the Pledged Collateral; 
 (v) to direct any parties liable for any payment under any of
the Pledged Collateral to make payment of any and all monies due and to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; 
 (vi) to receive payment of and receipt for any and all monies, claims, and other amounts due and to become due at any time in respect of
or arising out of any Pledged Collateral of the Pledgor; 
 (vii) to sign and endorse any drafts, assignments, proxies, stock
powers, verifications, notices and other documents relating to the Pledged Collateral of the Pledgor; 
 (viii) to execute and
deliver and/or file all assignments, conveyances, statements, financing statements, continuation statements, pledge agreements, affidavits, notices and other agreements, instruments and documents that the Administrative Agent may determine necessary
in order to perfect and maintain the security interests and Liens granted in this Pledge Agreement and in order to fully consummate all of the transactions contemplated herein; 
 (ix) to exchange any of the Pledged Collateral of the Pledgor or other property upon any merger, consolidation, reorganization,
recapitalization or other readjustment of the issuer thereof and, in connection therewith, deposit any of the Pledged Collateral of the Pledgor with any committee, depository, transfer agent, registrar or other designated agency upon such terms as
the Administrative Agent may determine; 
 (x) to vote for a shareholder, partner or member resolution, or to sign an
instrument in writing, sanctioning the transfer of any or all of the Pledged Collateral of the Pledgor into the name of the Administrative Agent or into the name of any transferee to whom the Pledged Collateral of the Pledgor or any part thereof may
be sold pursuant to Section 9 hereof; and 
 (xi) to do and perform all such other acts and things as the Administrative
Agent may reasonably deem to be necessary, proper or convenient in connection with the Pledged Collateral of the Pledgor. 
 This power of
attorney is a power coupled with an interest and shall be irrevocable for so long as any of the Secured Obligations (other than contingent indemnity obligations that survive termination of the Credit Documents pursuant to the stated terms thereof)
remain outstanding, any Credit Document or Secured Hedging Agreement is in effect, and until all of the Commitments shall have been terminated. The Administrative Agent shall be under no duty to exercise or withhold the exercise of any of the
rights, powers, privileges 

  

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and options expressly or implicitly granted to the Administrative Agent in this Pledge Agreement, and shall not be liable for any failure to do so or any
delay in doing so. The Administrative Agent shall not be liable for any act or omission or for any error of judgment or any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact except acts or omissions resulting from
its gross negligence or willful misconduct. This power of attorney is conferred on the Administrative Agent solely to perfect, protect, preserve and realize upon its security interest in the Pledged Collateral. 
 (b) Assignment by the Administrative Agent. The Administrative Agent may from time to time assign the Secured Obligations or any
portion thereof and/or the Pledged Collateral or any portion thereof to a successor Administrative Agent, and the assignee shall be entitled to all of the rights and remedies of the Administrative Agent under this Pledge Agreement in relation
thereto. 
 (c) Duty of Care. Other than the exercise of reasonable care to assure the safe custody of the Pledged
Collateral while being held by the Administrative Agent hereunder, the Administrative Agent shall have no duty or liability to preserve rights pertaining thereto, it being understood and agreed that the Pledgor shall be responsible for preservation
of all rights in the Pledged Collateral of the Pledgor, and the Administrative Agent shall be relieved of all responsibility for the Pledged Collateral upon surrendering it or tendering the surrender of it to the Pledgor. The Administrative Agent
shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession if such Pledged Collateral is accorded treatment substantially equal to that which the Administrative Agent accords its own
property, which shall be no less than the treatment employed by a reasonable and prudent agent in the industry, it being understood that the Administrative Agent shall have no responsibility for (i) ascertaining or taking action with respect to
calls, conversions, exchanges, maturities, tenders or other matters relating to any Pledged Collateral, whether or not the Administrative Agent has or is deemed to have knowledge of such matters; or (ii) taking any necessary steps to preserve
rights against any parties with respect to any Pledged Collateral. 
 (d) Voting Rights in Respect of the Pledged
Collateral. 
 (i) So long as no Event of Default shall have occurred and be continuing, to the extent permitted by law,
the Pledgor may exercise any and all voting and other consensual rights pertaining to the Pledged Collateral of the Pledgor or any part thereof for any purpose not in violation of the terms of this Pledge Agreement or the Credit Agreement.

 (ii) Subject to subsection (e) of this Section, upon the occurrence and during the continuance of a Default or an
Event of Default, all rights of the Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to paragraph (i) of this subsection (d) shall cease and all such rights shall
thereupon become vested in the Administrative Agent which shall then have the sole right to exercise such voting and other consensual rights. 
  

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 (e) Dividend and Distribution Rights in Respect of the Pledged Collateral.

 (i) So long as no Event of Default shall have occurred and be continuing, the Pledgor may receive and retain any and all
dividends (other than dividends payable in the form of Capital Stock and other dividends constituting Pledged Collateral which are required to be delivered to the Administrative Agent pursuant to Section 4 above), distributions or interest paid
in respect of the Pledged Collateral to the extent they are allowed under the Credit Agreement. 
 (ii) Upon the occurrence
and during the continuation of an Event of Default: 
 (A) all rights of the Pledgor to receive the dividends, distributions
and interest payments which it would otherwise be authorized to receive and retain pursuant to paragraph (i) of this subsection (e) shall cease and all such rights shall thereupon be vested in the Administrative Agent which shall then have
the sole right to receive and hold as Pledged Collateral such dividends, distributions and interest payments; and 
 (B) all
dividends, distributions and interest payments which are received by the Pledgor contrary to the provisions of clause (A) of this subsection (ii) shall be received in trust for the benefit of the Administrative Agent, shall be segregated
from other property or funds of the Pledgor, and shall be forthwith paid over to the Administrative Agent as Pledged Collateral in the exact form received, to be held by the Administrative Agent as Pledged Collateral and as further collateral
security for the Secured Obligations. 
 (f) Release of Pledged Collateral. The Administrative Agent may release any of
the Pledged Collateral from this Pledge Agreement or may substitute any of the Pledged Collateral for other Pledged Collateral without altering, varying or diminishing in any way the force, effect, Lien, pledge or security interest of this Pledge
Agreement as to any Pledged Collateral not expressly released or substituted, and this Pledge Agreement shall continue as a first priority Lien on all Pledged Collateral not expressly released or substituted. 
 11. Application of Proceeds. After the exercise of remedies by the Administrative Agent or the Lenders pursuant to Section 7.2 of the Credit
Agreement (or after the Term Loan Commitments shall automatically terminate and the Term Loans (with accrued interest thereon) and all other amounts under the Credit Documents shall automatically become due and payable in accordance with the terms
of such Section), any proceeds of the Pledged Collateral, when received by the Administrative Agent or any of the Lenders in cash or its equivalent, will be 

  

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applied in reduction of the Secured Obligations in the order set forth in Section 2.13(b) of the Credit Agreement, and the Pledgor irrevocably waives
the right to direct the application of such payments and proceeds and acknowledges and agrees that the Administrative Agent shall have the continuing and exclusive right to apply and reapply any and all such proceeds in the Administrative
Agent’s sole discretion, notwithstanding any entry to the contrary upon any of its books and records. 
 12. Costs of Counsel. If
at any time hereafter, whether upon the occurrence of an Event of Default or not, the Administrative Agent employs counsel to prepare or consider amendments, waivers or consents with respect to this Pledge Agreement, or to take action or make a
response in or with respect to any legal or arbitral proceeding relating to this Pledge Agreement or relating to the Pledged Collateral, or to protect the Pledged Collateral or exercise any rights or remedies under this Pledge Agreement or with
respect to the Pledged Collateral, then the Pledgor agrees to promptly pay upon demand any and all such reasonable documented costs and expenses of the Administrative Agent or the Lenders, all of which costs and expenses shall constitute Secured
Obligations hereunder. 
 13. Continuing Agreement. 
 (a) This Pledge Agreement shall be a continuing agreement in every respect and shall remain in full force and effect so long as any of the
Secured Obligations (other than contingent indemnity obligations that survive termination of the Credit Documents pursuant to the stated terms thereof) remain outstanding, any Credit Document or Secured Hedging Agreement is in effect, and until all
of the Term Loan Commitments shall have been terminated. Upon such payment and termination, this Pledge Agreement shall be automatically terminated and the Administrative Agent and the Lenders shall, upon the request and at the expense of the
Pledgor, forthwith release all of the Liens and security interests granted hereunder and shall deliver all UCC termination statements and/or other documents reasonably requested by the Pledgor evidencing such termination. Notwithstanding the
foregoing, all releases and indemnities provided hereunder shall survive termination of this Pledge Agreement. 
 (b) This
Pledge Agreement shall continue to be effective or be automatically reinstated, as the case may be, if at any time payment, in whole or in part, of any of the Secured Obligations is rescinded or must otherwise be restored or returned by the
Administrative Agent or any Lender as a preference, fraudulent conveyance or otherwise under any bankruptcy, insolvency or similar law, all as though such payment had not been made; provided that in the event payment of all or any part of the
Secured Obligations is rescinded or must be restored or returned, all reasonable costs and expenses (including without limitation any reasonable legal fees and disbursements) incurred by the Administrative Agent or any Lender in defending and
enforcing such reinstatement shall be deemed to be included as a part of the Secured Obligations. 
 14. Amendments; Waivers;
Modifications. This Pledge Agreement and the provisions hereof may not be amended, waived, modified, changed, discharged or terminated except as set forth in Section 9.1 of the Credit Agreement. 
  

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 15. Successors in Interest. This Pledge Agreement shall create a continuing security interest in
the Pledged Collateral and shall be binding upon the Pledgor, its successors and assigns and shall inure, together with the rights and remedies of the Administrative Agent, to the benefit of the Administrative Agent and the Lenders and their
successors and permitted assigns; provided, however, that the Pledgor may not assign its rights or delegate its duties hereunder without the prior written consent of each Lender or the Required Lenders, as required by the Credit
Agreement. To the fullest extent permitted by law, the Pledgor hereby releases the Administrative Agent and each Lender, each of their respective officers, employees and agents and each of their respective successors and assigns (each an
“Indemnified Party”), from any liability for any act or omission relating to this Pledge Agreement or the Pledged Collateral, except, with respect to any Indemnified Party, for any liability arising from the gross negligence or
willful misconduct of such Indemnified Party or its affiliates, officers, employees or agents, in each case as determined by a court of competent jurisdiction pursuant to a final non-appealable judgment. 
 16. Notices. All notices required or permitted to be given under this Pledge Agreement shall be in conformance with Section 9.2 of the Credit
Agreement. 
 17. Counterparts. This Pledge Agreement may be executed in any number of counterparts, each of which where so executed
and delivered shall be an original, but all of which shall constitute one and the same instrument. It shall not be necessary in making proof of this Pledge Agreement to produce or account for more than one such counterpart. Delivery of executed
counterparts of the Pledge Agreement by telecopy shall be effective as an original and shall constitute a representation that an original shall be delivered upon the request of the Administrative Agent. 
 18. Headings. The headings of the sections and subsections hereof are provided for convenience only and shall not in any way affect the meaning,
construction or interpretation of any provision of this Pledge Agreement. 
 19. Governing Law; Submission to Jurisdiction and Service of
Process; Waiver of Jury Trial; Venue. THIS PLEDGE AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT
OF LAWS PRINCIPLES THEREOF (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). The terms of Sections 9.14 and 9.17 of the Credit Agreement are incorporated herein by reference, mutatis mutandis, and the parties
hereto agree to such terms. 
 20. Severability. If any provision of this Pledge Agreement is determined to be illegal, invalid or
unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions. 
  

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 21. Entirety. This Pledge Agreement, the other Credit Documents and any Secured Hedging Agreement
represent the entire agreement of the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if any, including any commitment letters or correspondence relating to this Pledge Agreement, the other Credit
Documents, any such Secured Hedging Agreement or the transactions contemplated herein and therein. 
 22. Survival. All
representations and warranties of the Pledgor hereunder shall survive the execution and delivery of this Pledge Agreement, the other Credit Documents and any Secured Hedging Agreement, the delivery of the Notes and the making of the Loans and the
issuance of the Letters of Credit under the Credit Agreement. 
 23. Rights of Required Lenders. All rights of the Administrative
Agent hereunder, if not exercised by the Administrative Agent, may be exercised by the Required Lenders. 
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 GATEHOUSE MEDIA, INC. 
 PLEDGE AGREEMENT 
 Each of the parties hereto has caused a counterpart of this Pledge Agreement to be
duly executed and delivered as of the date first above written. 
  

							
	PLEDGOR:	 		 	GATEHOUSE MEDIA, INC.,
		 		 	a Delaware corporation
				
		 		 	By:	 	 /s/ Michael E. Reed

		 		 	Name:	 	Michael E. Reed
		 		 	Title:	 	Chief Executive Officer








 Accepted and agreed to as of the date first above written: 
  

					
	 WACHOVIA INVESTMENT HOLDINGS,
 as
Administrative Agent

			
	By:	 	 /s/ John D. Brady
	 	
	Name:	 	John D. Brady	 	
	Title:	 	Director