Document:

Exhibit 10.4

 Exhibit 10.4 
 EXECUTION VERSION 
 PLEDGE AGREEMENT 

PLEDGE AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this
“Agreement”), dated as of January 30, 2012, made by each of the undersigned pledgors (each, a “Pledgor” and, together with any other entity that becomes a pledgor hereunder pursuant to Section 30 hereof,
the “Pledgors”) in favor of Deutsche Bank Trust Company Americas, as collateral agent (together with any successor collateral agent, the “Pledgee”), for the benefit of the Secured Creditors (as defined below).
Except as otherwise defined herein, all capitalized terms used herein and defined in the Credit Agreement (as defined below) shall be used herein as therein defined. 
 W I T N E S S E T H : 
 WHEREAS, Lee Enterprises, Incorporated (the “Borrower”), the lenders from time to time party thereto (the “Lenders”), Deutsche Bank Securities Inc. and Goldman Sachs
Lending Partners LLC, as Joint Lead Arrangers and Joint Book Running Managers, and Deutsche Bank Trust Company Americas, as Administrative Agent (together with any successor administrative agent, the “Administrative Agent”) and
Collateral Agent, have entered into an Exit Credit Agreement, dated as of January 30, 2012 (as amended, modified, restated and/or supplemented from time to time, the “Credit Agreement”), providing for the making and
continuation of Loans to, and the issuance and maintenance of, and participation in, Letters of Credit for the account of, the Borrower, all as contemplated therein (the Lenders, each Issuing Lender, the Administrative Agent, the Pledgee and each
other Agent are herein called the “Lender Creditors”); 
 WHEREAS, the Borrower and/or one or
more of its Qualified Wholly-Owned Domestic Subsidiaries have heretofore entered into, and/or may at any time and from time to time after the date hereof enter into, one or more Interest Rate Protection Agreements or Other Hedging Agreements with
one or more Lenders or any affiliate thereof (each such Lender or affiliate, even if the respective Lender subsequently ceases to be a Lender under the Credit Agreement for any reason, together with such Lender’s or affiliate’s successors
and assigns, if any, collectively, the “Other Creditors” and, together with the Lender Creditors, the “Secured Creditors”; and with each such Interest Rate Protection Agreement and/or Other Hedging Agreement with an
Other Creditor being herein called a “Secured Hedging Agreement”); 
 WHEREAS, pursuant to the
Subsidiaries Guaranty, each Subsidiary Guarantor has jointly and severally guaranteed to the Secured Creditors the payment when due of all Guaranteed Obligations as described therein; 

WHEREAS, it is a condition precedent to the making (or deemed making) and continuation of Loans to the Borrower and the
issuance and maintenance of, and participation in, Letters of Credit for the account of the Borrower under the Credit Agreement and to the Other Creditors entering into and maintaining Secured Hedging Agreements that each Pledgor shall have executed
and delivered to the Pledgee this Agreement; and 

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 WHEREAS, each Pledgor desires to execute this Agreement to satisfy the
conditions described in the preceding paragraph; 
 WHEREAS, each Pledgor will obtain benefits from the
incurrence (or deemed incurrence) and continuation of Loans by the Borrower and the issuance and maintenance of, and participation in, Letters of Credit for the account of the Borrower under the Credit Agreement and the entering into and maintaining
by the Borrower and/or one or more of its Qualified Wholly-Owned Domestic Subsidiaries of Secured Hedging Agreements and, accordingly, desires to execute this Agreement in order to satisfy the condition described in the preceding paragraph and to
induce the Lenders to make (or deemed to have made) and continue Loans to the Borrower and issue, maintain, and/or participate in, Letters of Credit for the account of the Borrower and the Other Creditors to maintain and/or enter into Secured
Hedging Agreements with the Borrower and/or one or more of its Qualified Wholly-Owned Domestic Subsidiaries; 

NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to each Pledgor, the receipt and
sufficiency of which are hereby acknowledged, each Pledgor hereby makes the following representations and warranties to the Pledgee for the benefit of the Secured Creditors and hereby covenants and agrees with the Pledgee for the benefit of the
Secured Creditors as follows: 
 1. SECURITY FOR OBLIGATIONS. This Agreement is made by each Pledgor for the
benefit of the Secured Creditors to secure: 
 (i) the full and prompt payment when due (whether
at stated maturity, by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, principal, premium, interest (including, without limitation, all interest that accrues on or after the commencement of
any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Pledgor or any Subsidiary thereof at the rate provided for in the respective documentation, whether or not a claim for
post-petition interest is allowed in any such proceeding), reimbursement obligations under Letters of Credit, fees, costs and indemnities) of such Pledgor owing to the Lender Creditors, whether now existing or hereafter incurred under, arising out
of, or in connection with, each Credit Document to which such Pledgor is a party (including, in the case of each Pledgor that is a Subsidiary Guarantor, all such obligations, liabilities and indebtedness of such Pledgor under the Subsidiaries
Guaranties) and the due performance and compliance by such Pledgor with all of the terms, conditions and agreements contained in each such Credit Document (all such obligations, liabilities and indebtedness under this clause (i), except to the
extent consisting of obligations, liabilities or indebtedness with respect to the Secured Hedging Agreements being herein collectively called the “Credit Document Obligations”); 

(ii) the full and prompt payment when due (whether at stated maturity, by acceleration or otherwise) of
all obligations, liabilities and indebtedness (including, without limitation, all interest that accrues on or after the commencement of any case, proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding
of any Pledgor or any Subsidiary thereof at the rate provided for in the respective documentation, whether or not a claim for post-petition interest is allowed in 

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any such proceeding) owing by such Pledgor to the Other Creditors now existing or hereafter incurred under, arising out of or in connection with each Secured Hedging Agreement, whether such
Secured Hedging Agreement is now in existence or hereinafter arising (including, in the case of a Pledgor that is a Subsidiary Guarantor, all obligations, liabilities and indebtedness of such Pledgor under the Subsidiaries Guaranty in respect of
each Secured Hedging Agreements), and the due performance and compliance by such Pledgor with all of the terms, conditions and agreements contained in each Secured Hedging Agreement (all such obligations, liabilities and indebtedness under this
clause (ii) being herein collectively called the “Other Obligations”); 

(iii) any and all sums advanced by the Pledgee in order to preserve the Collateral (as hereinafter
defined) or preserve its security interest in the Collateral; 
 (iv) in the event of any
proceeding for the collection or enforcement of any indebtedness, obligations or liabilities of such Pledgor referred to in clauses (i) and (ii) above, after an Event of Default shall have occurred and be continuing, the reasonable
expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral, or of any exercise by the Pledgee of its rights hereunder, together with reasonable attorneys’ fees and court costs;

 (v) all amounts paid by any Indemnitee as to which such Indemnitee has the right to
reimbursement under Section 11 of this Agreement; 
 (vi) all amounts owing to any Agent or
any of its affiliates pursuant to any of the Credit Documents in its capacity as such; and 

(vii) 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 Credit Documents. 

all such obligations, liabilities, indebtedness, sums and expenses set forth in clauses (i) through (vii) of this
Section 1 being herein collectively called the “Obligations”, it being acknowledged and agreed that the “Obligations” shall include extensions of credit of the types described above, whether outstanding on the date of
this Agreement or extended from time to time after the date of this Agreement. 
 2. DEFINITIONS.
(a) Unless otherwise defined herein, all capitalized terms used herein and defined in the Credit Agreement shall be used herein as therein defined. Reference to singular terms shall include the plural and vice versa. 

(b) The following capitalized terms used herein shall have the definitions specified below: 

“Administrative Agent” shall have the meaning set forth in the recitals hereto. 

“Adverse Claim” shall have the meaning given such term in Section 8-102(a)(1) of the UCC.

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 “Agreement” shall have the meaning set forth in the
first paragraph hereof. 
 “Borrower” shall have the meaning set forth in the recitals hereto.

 “Certificated Security” shall have the meaning given such term in Section 8-102(a)(4)
of the UCC. 
 “Class” shall have the meaning provided in Section 22 hereof. 

“Clearing Corporation” shall have the meaning given such term in Section 8-102(a)(5) of the UCC.

 “Collateral” shall have the meaning set forth in Section 3.1 hereof. 

“Credit Agreement” shall have the meaning set forth in the recitals hereto. 

“Credit Document Obligations” shall have the meaning set forth in Section 1(i) hereof. 

“Domestic Corporation” shall have the meaning set forth in the definition of “Stock.”

 “Event of Default” shall mean any Event of Default under, and as defined in, the Credit
Agreement and shall in any event include, without limitation, any payment default on any of the Obligations after the expiration of any applicable grace period. 

“Exempted Foreign Entity” shall mean any Foreign Corporation and any limited liability company organized
under the laws of a jurisdiction other than the United States or any State thereof or the District of Columbia that, in any such case, is treated as a corporation or an association taxable as a corporation for U.S. federal income tax purposes.

 “Foreign Corporation” shall have the meaning set forth in the definition of
“Stock”. 
 “Indemnitees” shall have the meaning set forth in Section 11 hereof.

 “Investment Property” shall have the meaning given such term in Section 9-102(a)(49) of
the UCC. 
 “Lender Creditors” shall have the meaning set forth in the recitals hereto.

 “Lenders” shall have the meaning set forth in the recitals hereto. 

“Limited Liability Company Assets” shall mean all assets, whether tangible or intangible and whether
real, personal or mixed (including, without limitation, all limited liability company capital and interest in other limited liability companies), at any time owned by any Pledgor or represented by any Limited Liability Company Interest. 

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 “Limited Liability Company Interests” shall mean the
entire limited liability company membership interest at any time owned by any Pledgor in any limited liability company that is a Subsidiary of such Pledgor. 
 “Location” of any Pledgor has the meaning given such term in Section 9-307 of the UCC. 
 “Non-Voting Equity Interests” shall mean all Equity Interests of any Person which are not Voting Equity Interests. 

“Obligations” shall have the meaning set forth in Section 1 hereof. 

“Other Creditors” shall have the meaning set forth in the recitals hereto. 

“Other Obligations” shall have the meaning set forth in Section 1(ii) hereof. 

“Partnership Assets” shall mean all assets, whether tangible or intangible and whether real, personal or
mixed (including, without limitation, all partnership capital and interest in other partnerships), at any time owned by any Pledgor or represented by any Partnership Interest. 

“Partnership Interest” shall mean the entire general partnership interest or limited partnership
interest at any time owned by any Pledgor in any general partnership or limited partnership that is a Subsidiary of such Pledgor. 
 “Pledgee” shall have the meaning set forth in the first paragraph hereof. 
 “Pledgor” shall have the meaning set forth in the first paragraph hereof. 
 “Primary Obligations” shall mean (i) in the case of the Credit Document Obligations, all principal of, premium, fees and interest on, all Loans, all Unpaid Drawings, the Stated
Amount of all outstanding Letters of Credit and all Fees and (ii) in the case of the Other Obligations, all amounts due under each Secured Hedging Agreement (other than indemnities, fees (including, without limitation, attorneys’ fees) and
similar obligations and liabilities). 
 “Proceeds” shall have the meaning given such term in
Section 9-102(a)(64) of the UCC. 
 “Registered Organization” shall have the meaning given
such term in Section 9-102(a)(70) of the UCC. 
 “Representative” shall have the meaning
provided in Section 9(b) hereof. 
 “Required Secured Creditors” shall mean (i) at
any time when any Credit Document Obligations or Letters of Credit are outstanding (and, in the case of Letters of Credit, such Letters of Credit have not been cash collateralized or made subject to backstop letters of credit pursuant to
documentation acceptable to the Collateral Agent and the Issuing Lender) or any Commitments under the Credit Agreement exist, the Required Lenders (or, to the extent 

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provided in Section 13.12 of the Credit Agreement, each of the Lenders) and (ii) at any time after all of the Credit Document Obligations have been paid in full and all Commitments and
Letters of Credit under the Credit Agreement have been terminated (or, in the case of Letters of Credit, cash collateralized or made subject to backstop letters of credit pursuant to documentation acceptable to the Collateral Agent and the Issuing
Lender) and no further Commitments and Letters of Credit may be provided thereunder, the holders of a majority of the Other Obligations. 
 “Requisite Creditors” shall have the meaning provided in Section 22 hereof. 
 “Secondary Obligations” shall mean all Obligations other than Primary Obligations. 
 “Secured Creditors” shall have the meaning set forth in the recitals hereto. 
 “Secured Debt Agreements” shall mean and includes (x) this Agreement, (y) the other Credit Documents and (z) the Secured Hedging Agreements. 

“Secured Hedging Agreements” shall have the meaning set forth in the recitals hereto. 

“Securities Account” shall have the meaning given such term in Section 8-501(a) of the UCC.

 “Securities Act” shall mean the Securities Act of 1933, as amended, as in effect from time
to time. 
 “Securities Intermediary” shall have the meaning given such term in
Section 8-102(14) of the UCC. 
 “Security” and “Securities” shall have
the meaning given such term in Section 8-102(a)(15) of the UCC and shall in any event also include all Stock. 
 “Security Entitlement” shall have the meaning given such term in Section 8-102(a)(17) of the UCC. 

“Stock” shall mean (x) with respect to corporations incorporated under the laws of the United
States or any State thereof or the District of Columbia (each, a “Domestic Corporation”), all of the issued and outstanding shares of capital stock at anytime owned by any Pledgor of any Domestic Corporation that is a Subsidiary of
such Pledgor and (y) with respect to corporations not Domestic Corporations (each, a “Foreign Corporation”), all of the issued and outstanding shares of capital stock at any time owned by any Pledgor of any Foreign Corporation
that is a Subsidiary of such Pledgor. 
 “Termination Date” shall have the meaning set forth in
Section 20 hereof. 
 “Transmitting Utility” has the meaning given such term in
Section 9-102(a)(80) of the UCC. 

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 “UCC” shall mean the Uniform Commercial Code as in
effect in the State of New York from time to time; provided that all references herein to specific Sections or subsections of the UCC are references to such Sections or subsections, as the case may be, of the Uniform Commercial Code as
in effect in the State of New York on the date hereof. 
 “Uncertificated Security” shall have
the meaning given such term in Section 8-102(a)(18) of the UCC. 
 “Voting Equity
Interests” of any Person shall mean all classes of Equity Interests of such Person entitled to vote. 

3. PLEDGE OF SECURITIES, ETC. 
 3.1 Pledge. To secure the Obligations now or hereafter owed or to be performed by such Pledgor, each Pledgor does hereby grant, pledge and assign to the Pledgee for the benefit of the Secured
Creditors, and does hereby create a continuing security interest in favor of the Pledgee for the benefit of the Secured Creditors in, all of its right, title and interest in and to the following, whether now existing or hereafter from time to time
acquired (collectively, the “Collateral”): 
 (a) all Stock owned or held by such Pledgor from
time to time and all options and warrants owned by such Pledgor from time to time to purchase Stock; 
 (b) all
Limited Liability Company Interests owned by such Pledgor from time to time and all of its right, title and interest in each limited liability company to which each such Limited Liability Company Interest relates, whether now existing or hereafter
acquired, including, without limitation, to the fullest extent permitted under the terms and provisions of the documents and agreements governing such Limited Liability Company Interests and applicable law: 

(A) all its capital therein and its interest in all profits, income, surpluses, losses, Limited Liability
Company Assets and other distributions to which such Pledgor shall at any time be entitled in respect of such Limited Liability Company Interests; 

(B) all other payments due or to become due to such Pledgor in respect of Limited Liability Company
Interests, whether under any limited liability company agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 

(C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and
remedies, if any, under any limited liability company agreement or operating agreement, or at law or otherwise in respect of such Limited Liability Company Interests; 

(D) all present and future claims, if any, of such Pledgor against any such limited liability company for
monies loaned or advanced, for services rendered or otherwise; 

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 (E) all of such Pledgor’s rights under any limited
liability company agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Limited Liability Company Interests, including any power to terminate,
cancel or modify any such limited liability company agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in the name of any of such Pledgor in respect of such Limited Liability Company
Interests and any such limited liability company, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together
with full power and authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Limited Liability Company Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any
action in connection with any of the foregoing; and 
 (F) all other property hereafter delivered
in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time
received, receivable or otherwise distributed in respect of or in exchange for any or all thereof; 
 (c) all
Partnership Interests owned by such Pledgor from time to time and all of its right, title and interest in each partnership to which each such Partnership Interest relates, whether now existing or hereafter acquired, including, without limitation, to
the fullest extent permitted under the terms and provisions of the documents and agreements governing such Partnership Interests and applicable law: 

(A) all its capital therein and its interest in all profits, income, surpluses, losses, Partnership Assets
and other distributions to which such Pledgor shall at any time be entitled in respect of such Partnership Interests; 
 (B) all other payments due or to become due to such Pledgor in respect of Partnership Interests, whether under any partnership agreement or otherwise, whether as contractual obligations, damages,
insurance proceeds or otherwise; 
 (C) all of its claims, rights, powers, privileges, authority,
options, security interests, liens and remedies, if any, under any partnership agreement or operating agreement, or at law or otherwise in respect of such Partnership Interests; 

(D) all present and future claims, if any, of such Pledgor against any such partnership for monies loaned
or advanced, for services rendered or otherwise; 
 (E) all of such Pledgor’s rights under
any partnership agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Partnership 

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Interests, including any power to terminate, cancel or modify any partnership agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in
the name of such Pledgor in respect of such Partnership Interests and any such partnership, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent,
amendment, waiver or approval, together with full power and authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Partnership Asset, to enforce or execute any checks, or other instruments or orders, to file
any claims and to take any action in connection with any of the foregoing; and 
 (F) all other
property hereafter delivered in substitution for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any
time and from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all thereof; 
 (d) all other Investment Property that constitutes Equity Interests of a Person that is a Subsidiary of a Pledgor; and 

(e) all Proceeds, rents, issues, profits, returns, income, allocations and of and from any and all of the foregoing;

 provided that (x) except in the circumstances and to the extent provided by Section 9.14
of the Credit Agreement (in which case this clause (x) shall no longer be applicable), no Pledgor shall be required at any time to pledge hereunder more than
66- 2/3% of the total combined voting power of all
classes of Voting Equity Interests of any Exempted Foreign Entity, (y) each Pledgor shall be required to pledge hereunder 100% of the Non-Voting Equity Interests of each Exempted Foreign Entity at any time and from time to time acquired by such
Pledgor, which Non-Voting Equity Interests shall not be subject to the limitations described in preceding clause (x) and (z) no Pledgor shall be required at any time to pledge hereunder any Excluded TNI Assets. 

3.2 Procedures. (a) To the extent that any Pledgor at any time or from time to time owns, acquires or obtains
any right, title or interest in any Collateral, such Collateral shall automatically (and without the taking of any action by such Pledgor) be pledged pursuant to Section 3.1 of this Agreement and, in addition thereto, such Pledgor shall (to the
extent provided below) take the following actions as set forth below (as promptly as practicable and, in any event, within 10 days after it obtains such Collateral) for the benefit of the Pledgee and the other Secured Creditors: 

(i) with respect to a Certificated Security (other than a Certificated Security credited on the books of a
Clearing Corporation or Securities Intermediary), such Pledgor shall physically deliver such Certificated Security to the Pledgee, endorsed to the Pledgee or endorsed in blank; 

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 (ii) with respect to an Uncertificated Security (other
than an Uncertificated Security credited on the books of a Clearing Corporation or Securities Intermediary), such Pledgor shall cause the issuer of such Uncertificated Security to duly authorize, execute, and deliver to the Pledgee, an agreement for
the benefit of the Pledgee and the other Secured Creditors substantially in the form of Annex G hereto (appropriately completed to the satisfaction of the Pledgee and with such modifications, if any, as shall be satisfactory to the Pledgee) pursuant
to which such issuer agrees to comply with any and all instructions originated by the Pledgee without further consent by the registered owner and not to comply with instructions regarding such Uncertificated Security (and any Partnership Interests
and Limited Liability Company Interests issued by such issuer) originated by any other Person other than a court of competent jurisdiction; 
 (iii) with respect to a Certificated Security, Uncertificated Security, Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities
Intermediary (including a Federal Reserve Bank, Participants Trust Company or The Depository Trust Company), such Pledgor shall promptly notify the Pledgee thereof and shall promptly take (x) all actions required (i) to comply with the
applicable rules of such Clearing Corporation or Securities Intermediary and (ii) to perfect the security interest of the Pledgee under applicable law (including, in any event, under Sections 9-314(a), (b) and (c), 9-106 and 8-106(d) of
the UCC) and (y) such other actions as the Pledgee deems necessary or desirable to effect the foregoing; 
 (iv) with respect to a Partnership Interest or a Limited Liability Company Interest (other than a Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation
or Securities Intermediary), (1) if such Partnership Interest or Limited Liability Company Interest is represented by a certificate and is a Security for purposes of the UCC, such Pledgor shall follow the procedure set forth in
Section 3.2(a)(i) hereof, and (2) if such Partnership Interest or Limited Liability Company Interest is not represented by a certificate or is not a Security for purposes of the UCC, such Pledgor shall follow the procedure set forth in
Section 3.2(a)(ii) hereof; and 
 (v) with respect to cash proceeds from any of the
Collateral, (i) establishment by the Pledgee of a cash account in the name of such Pledgor over which the Pledgee shall have “control” within the meaning of the UCC and at any time any Default or Event of Default is in existence no
withdrawals or transfers may be made therefrom by any Person except with the prior written consent of the Pledgee and (ii) deposit of such cash in such cash account. 

(b) In addition to the actions required to be taken pursuant to Section 3.2(a) hereof, each Pledgor shall take the
following additional actions with respect to the Collateral: 
 (i) with respect to all
Collateral of such Pledgor whereby or with respect to which the Pledgee may obtain “control” thereof within the meaning of Section 8-106 of the UCC (or under any provision of the UCC as same may be amended or supplemented from time to
time, or under the laws of any relevant State other than the State of New York), such Pledgor shall take all actions as may be requested from time to time by 

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the Pledgee so that “control” of such Collateral is obtained and at all times held by the Pledgee; and 

(ii) each Pledgor shall from time to time cause appropriate financing statements (on appropriate forms)
under the Uniform Commercial Code as in effect in the various relevant States, covering all Collateral hereunder (with the form of such financing statements to be satisfactory to the Pledgee), to be filed in the relevant filing offices so that at
all times the Pledgee’s security interest in all Investment Property and other Collateral which can be perfected by the filing of such financing statements (in each case to the maximum extent perfection by filing may be obtained under the laws
of the relevant States, including, without limitation, Section 9-312(a) of the UCC) is so perfected. 
 3.3 Subsequently Acquired Collateral. If any Pledgor shall acquire (by purchase, stock dividend, distribution or otherwise) any additional Collateral at any time or from time to time after the
date hereof, (i) such Collateral shall automatically (and without any further action being required to be taken) be subject to the pledge and security interests created pursuant to Section 3.1 hereof and, furthermore, such Pledgor will
thereafter take (or cause to be taken) all action (as promptly as practicable and, in any event, within 10 days after it obtains such Collateral) with respect to such Collateral in accordance with the procedures set forth in Section 3.2 hereof,
and will promptly thereafter deliver to the Pledgee (i) a certificate executed by an authorized officer of such Pledgor describing such Collateral and certifying that the same has been duly pledged in favor of the Pledgee (for the benefit of
the Secured Creditors) hereunder and (ii) supplements to Annexes A through F hereto as are necessary to cause such Annexes to be complete and accurate at such time. Without limiting the foregoing, each Pledgor shall be required to pledge
hereunder the Equity Interests of any Exempted Foreign Entity at any time and from time to time after the date hereof acquired by such Pledgor, provided that (x) except in the circumstances and to the extent provided by Section 9.14
of the Credit Agreement (in which case this clause (x) shall no longer be applicable), no Pledgor shall be required at any time to pledge hereunder more than
66- 2/3% of the total combined voting power of all
classes of Voting Equity Interests of any Exempted Foreign Entity, (y) each Pledgor shall be required to pledge hereunder 100% of the Non-Voting Equity Interests of each Exempted Foreign Entity at any time and from time to time acquired by such
Pledgor and (z) no Pledgor shall be required at any time to pledge hereunder any Excluded TNI Assets. 
 3.4 Transfer Taxes. Each pledge of Collateral under Section 3.1 or Section 3.3 hereof shall be accompanied by any transfer tax stamps required in connection with the pledge of such
Collateral. 
 3.5 Certain Representations and Warranties Regarding the Collateral. Each Pledgor
represents and warrants that on the date hereof: (i) each Subsidiary of such Pledgor, and the direct ownership thereof, is listed in Annex B hereto; (ii) the Stock (and any warrants or options to purchase Stock) held by such Pledgor
consists of the number and type of shares of the stock (or warrants or options to purchase any stock) of the corporations as described in Annex C hereto; (iii) such Stock referenced in clause (ii) of this sentence constitutes that
percentage of the issued and outstanding capital stock of the issuing corporation as is set forth in Annex C hereto; (iv) the Limited Liability Company Interests held by such Pledgor consist of the number and

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type of interests of the Persons described in Annex D hereto; (v) each such Limited Liability Company Interest referenced in clause (iv) of this paragraph constitutes that percentage of
the issued and outstanding equity interest of the issuing Person as set forth in Annex D hereto; (vi) the Partnership Interests held by such Pledgor consist of the number and type of interests of the Persons described in Annex E hereto;
(vii) each such Partnership Interest referenced in clause (vi) of this paragraph constitutes that percentage or portion of the entire Partnership Interest of the relevant partnership as set forth in Annex E hereto; (viii) the exact
address of the chief executive office of such Pledgor is listed on Annex F hereto; (ix) such Pledgor has complied with the respective procedure set forth in Section 3.2(a) hereof with respect to each item of Collateral described in Annexes
C through E hereto for such Pledgor; and (x) on the date hereof, such Pledgor owns no other Stock, Limited Liability Company Interests or Partnership Interests. 

4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC. The Pledgee shall have the right to appoint one or more sub-agents for
the purpose of retaining physical possession of the Collateral, which may be held (in the discretion of the Pledgee) in the name of the relevant Pledgor, endorsed or assigned in blank or in favor of the Pledgee or any nominee or nominees of the
Pledgee or a sub-agent appointed by the Pledgee. 
 5. VOTING, ETC., WHILE NO EVENT OF DEFAULT. Unless and until
there shall have occurred and be continuing an Event of Default and the Pledgee shall instruct the Pledgors otherwise (in writing), each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the
Collateral owned by it, and to give consents, waivers or ratifications in respect thereof; provided that, in each case, no vote shall be cast or any consent, waiver or ratification given or any action taken or omitted to be taken which would
violate, result in a breach of any covenant contained in, or be inconsistent with any of the terms of any Secured Debt Agreement, or which could reasonably be expected to have the effect of impairing the value of the Collateral or any part thereof
or the position or interests of the Pledgee or any other Secured Creditor in the Collateral, unless expressly permitted by the terms of the Secured Debt Agreements. All such rights of each Pledgor to vote and to give consents, waivers and
ratifications shall cease in case an Event of Default has occurred and is continuing and the Pledgee has notified the Pledgors (in writing) that such rights have ceased, and Section 7 hereof shall become applicable. 

6. DIVIDENDS AND OTHER DISTRIBUTIONS. Unless and until there shall have occurred and be continuing an Event of Default,
all cash dividends, cash distributions, cash Proceeds and other cash amounts payable in respect of the Collateral shall be paid to the respective Pledgor. The Pledgee shall be entitled to receive directly, and to retain as part of the Collateral:

 (i) all other or additional stock, notes, certificates, limited liability company interests,
partnership interests, instruments or other securities or property (including, but not limited to, cash dividends other than as set forth above) paid or distributed by way of dividend or otherwise in respect of the Collateral; 

(ii) all other or additional stock, notes, certificates, limited liability company interests, partnership
interests, instruments or other securities or property (including, but not limited to, cash (although such cash may be paid directly to the respective Pledgor so 

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long as no Event of Default then exists)) paid or distributed in respect of the Collateral by way of stock-split, spin-off, split-up, reclassification, combination of shares or similar
rearrangement; and 
 (iii) all other or additional stock, notes, certificates, limited liability
company interests, partnership interests, instruments or other securities or property (including, but not limited to, cash) which may be paid in respect of the Collateral by reason of any consolidation, merger, exchange of stock, conveyance of
assets, liquidation or similar corporate or other reorganization. 
 Nothing contained in this Section 6 shall limit or
restrict in any way the Pledgee’s right to receive the proceeds of the Collateral in any form in accordance with Section 3 of this Agreement. All dividends, distributions or other payments which are received by any Pledgor contrary to the
provisions of this Section 6 or Section 7 hereof shall be received in trust for the benefit of the Pledgee, shall be segregated from other property or funds of such Pledgor and shall be forthwith paid over to the Pledgee as Collateral in
the same form as so received (with any necessary endorsement). 
 7. REMEDIES IN CASE OF AN EVENT OF DEFAULT. If
there shall have occurred and be continuing an Event of Default, then and in every such case, the Pledgee shall be entitled to exercise all of the rights, powers and remedies (whether vested in it by this Agreement, any other Secured Debt Agreement
or by law) for the protection and enforcement of its rights in respect of the Collateral, and the Pledgee shall be entitled to exercise all the rights and remedies of a secured party under the UCC as in effect in any relevant jurisdiction and also
shall be entitled, without limitation, to exercise the following rights, which each Pledgor hereby agrees to be commercially reasonable: 
 (i) to receive all amounts payable in respect of the Collateral otherwise payable under Section 6 hereof to the respective Pledgor; 

(ii) to transfer all or any part of the Collateral into the Pledgee’s name or the name of its nominee
or nominees; 
 (iii) to vote (and exercise all rights and powers in respect of voting) all or
any part of the Collateral (whether or not transferred into the name of the Pledgee) and give all consents, waivers and ratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof
(each Pledgor hereby irrevocably constituting and appointing the Pledgee the proxy and attorney-in-fact of such Pledgor, with full power of substitution to do so); 

(iv) at any time and from time to time to sell, assign and deliver, or grant options to purchase, all or
any part of the Collateral, or any interest therein, at any public or private sale, without demand of performance, advertisement or, notice of intention to sell or of the time or place of sale or adjournment thereof or to redeem or otherwise
purchase or dispose (all of which are hereby waived by each Pledgor), for cash, on credit or for other property, for immediate or future delivery without any assumption of credit risk, and for such price or prices and on such terms as the Pledgee in
its absolute 

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discretion may determine, provided at least 10 days’ written notice of the time and place of any such sale shall be given to the respective Pledgor. The Pledgee shall not be obligated
to make any such sale of Collateral regardless of whether any such notice of sale has theretofore been given. Each Pledgor hereby waives and releases to the fullest extent permitted by law any right or equity of redemption with respect to the
Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security or the Obligations or otherwise. At any such sale, unless prohibited by applicable law, the Pledgee on behalf of the
Secured Creditors may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of redemption. Neither the Pledgee nor any other Secured Creditor shall be liable for failure to collect or realize upon any or
all of the Collateral or for any delay in so doing nor shall any of them be under any obligation to take any action whatsoever with regard thereto; and 

(v) to set off any and all Collateral against any and all Obligations, and to withdraw any and all cash or
other Collateral from any and all accounts described in Section 3.2(a)(v) hereof and to apply such cash and other Collateral to the payment of any and all Obligations. 

8. REMEDIES, CUMULATIVE, ETC. Each and every right, power and remedy of the Pledgee provided for in this Agreement or in
any other Secured Debt Agreement, or now or hereafter existing at law or in equity or by statute shall be cumulative and concurrent and shall be in addition to every other such right, power or remedy. The exercise or beginning of the exercise by the
Pledgee or any other Secured Creditor of any one or more of the rights, powers or remedies provided for in this Agreement or any other Secured Debt Agreement or now or hereafter existing at law or in equity or by statute or otherwise shall not
preclude the simultaneous or later exercise by the Pledgee or any other Secured Creditor of all such other rights, powers or remedies, and no failure or delay on the part of the Pledgee or any other Secured Creditor to exercise any such right, power
or remedy shall operate as a waiver thereof. No notice to or demand on any Pledgor in any case shall entitle it to any other or further notice or demand in similar or other circumstances or constitute a waiver of any of the rights of the Pledgee or
any other Secured Creditor to any other or further action in any circumstances without notice or demand. The Secured Creditors agree that this Agreement may be enforced only by the action of the Pledgee, in each case, acting upon the instructions of
the Required Secured Creditors, and that no other Secured Creditor shall have any right individually to seek to enforce or to enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed that such
rights and remedies may be exercised by the Pledgee for the benefit of the Secured Creditors upon the terms of this Agreement. 
 9. APPLICATION OF PROCEEDS. (a) All monies collected by the Pledgee pursuant to the terms of this Agreement upon any sale or other disposition of Collateral, together with all other monies received
by the Pledgee hereunder, shall be applied as provided in Section 13.17 of the Credit Agreement. 
 (b) All
payments required to be made under Section 13.17 of the Credit Agreement shall be made (x) if to the Lender Creditors, to the Administrative Agent for the account of the Lender Creditors and (y) if to the Other Creditors, to the
trustee, paying agent or 

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other similar representative (each, a “Representative”) for the Other Creditors or, in the absence of such a Representative, directly to the Other Creditors. 

(c) For purposes of applying payments received in accordance with this Section 9, the Pledgee shall be entitled to
rely upon (i) the Administrative Agent and (ii) the Representative or, in the absence of such a Representative, upon the Other Creditors for a determination (which the Administrative Agent, each Representative and the Other Creditors agree
(or shall agree) to provide upon request of the Pledgee) of the outstanding Primary Obligations and Secondary Obligations owed to the Lender Creditors or the Other Creditors, as the case may be. Unless it has received written notice from a Lender
Creditor or an Other Creditor to the contrary, the Administrative Agent and each Representative, in furnishing information pursuant to the preceding sentence, and the Pledgee, in acting hereunder, shall be entitled to assume that no Secondary
Obligations are outstanding. Unless it has written notice from an Other Creditor to the contrary, the Pledgee, in acting hereunder, shall be entitled to assume that no Secured Hedging Agreements are in existence. 

(d) It is understood and agreed that each Pledgor shall remain jointly and severally liable with respect to its
Obligations to the extent of any deficiency between the amount of the proceeds of the Collateral pledged by it hereunder and the aggregate amount of such Obligations. 

10. PURCHASERS OF COLLATERAL. Upon any sale of the Collateral by the Pledgee hereunder (whether by virtue of the power of
sale herein granted, pursuant to judicial process or otherwise), the receipt of the Pledgee or the officer making such sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold, and such purchaser or purchasers
shall not be obligated to see to the application of any part of the purchase money paid over to the Pledgee or such officer or be answerable in any way for the misapplication or nonapplication thereof. 

11. INDEMNITY. Each Pledgor jointly and severally agrees (i) to indemnify, reimburse and hold harmless the Pledgee
and each other Secured Creditor and their respective successors, assigns, employees, agents and affiliates (individually an “Indemnitee”, and collectively, the “Indemnitees”) from and against any and all
obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities (including, without limitation, liabilities for penalties) of whatsoever kind or nature, and (ii) to reimburse each Indemnitee for all reasonable
costs, expenses and disbursements, including reasonable attorneys’ fees and expenses, in each case arising out of or resulting from this Agreement or the exercise by any Indemnitee of any right or remedy granted to it hereunder or under any
other Secured Debt Agreement (but excluding any obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities (including, without limitation, liabilities for penalties) or expenses of whatsoever kind or nature to the
extent incurred or arising by reason of gross negligence or willful misconduct of such Indemnitee (as determined by a court of competent jurisdiction in a final and non-appealable decision)). In no event shall the Pledgee hereunder be liable, in the
absence of gross negligence or willful misconduct on its part (as determined by a court of competent jurisdiction in a final and non-appealable decision), for any matter or thing in connection with this Agreement other than to account for monies or
other property actually received by it in accordance with the terms hereof. If and to the extent that the obligations of any 

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Pledgor under this Section 11 are unenforceable for any reason, such Pledgor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is
permissible under applicable law. The indemnity obligations of each Pledgor contained in this Section 11 shall continue in full force and effect notwithstanding the full payment of all the Notes issued under the Credit Agreement, the
termination of all Secured Hedging Agreements and Letters of Credit, and the payment of all other Obligations and notwithstanding the discharge thereof. 
 12. PLEDGEE NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER. (a) Nothing herein shall be construed to make the Pledgee or any other Secured Creditor liable as a member of any limited liability
company or as a partner of any partnership and neither the Pledgee nor any other Secured Creditor by virtue of this Agreement or otherwise (except as referred to in the following sentence) shall have any of the duties, obligations or liabilities of
a member of any limited liability company or as a partner in any partnership. The parties hereto expressly agree that, unless the Pledgee shall become the absolute owner of Collateral consisting of a Limited Liability Company Interest or a
Partnership Interest pursuant hereto, this Agreement shall not be construed as creating a partnership or joint venture among the Pledgee, any other Secured Creditor, any Pledgor and/or any other Person. 

(b) Except as provided in the last sentence of paragraph (a) of this Section 12, the Pledgee, by accepting this
Agreement, did not intend to become a member of any limited liability company or a partner of any partnership or otherwise be deemed to be a co-venturer with respect to any Pledgor, any limited liability company, partnership and/or any other Person
either before or after an Event of Default shall have occurred. The Pledgee shall have only those powers set forth herein and the Secured Creditors shall assume none of the duties, obligations or liabilities of a member of any limited liability
company or as a partner of any partnership or any Pledgor except as provided in the last sentence of paragraph (a) of this Section 12. 
 (c) The Pledgee and the other Secured Creditors shall not be obligated to perform or discharge any obligation of any Pledgor as a result of the pledge hereby effected. 

(d) The acceptance by the Pledgee of this Agreement, with all the rights, powers, privileges and authority so created,
shall not at any time or in any event obligate the Pledgee or any other Secured Creditor to appear in or defend any action or proceeding relating to the Collateral to which it is not a party, or to take any action hereunder or thereunder, or to
expend any money or incur any expenses or perform or discharge any obligation, duty or liability under the Collateral. 
 13. FURTHER ASSURANCES; POWER-OF-ATTORNEY. (a) Each Pledgor agrees that it will join with the Pledgee in executing and, at such Pledgor’s own expense, file and refile under the UCC or other
applicable law such financing statements, continuation statements and other documents, in form reasonably acceptable to the Pledgee, in such offices as the Pledgee (acting on its own or on the instructions of the Required Secured Creditors) may
reasonably deem necessary or appropriate and wherever required or permitted by law in order to perfect and preserve the Pledgee’s security interest in the Collateral hereunder and hereby authorizes the Pledgee to file financing statements and
amendments thereto relative to all or any part of the Collateral (including, without limitation, (x) financing statements which list the 

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Collateral specifically and/or “all assets” as collateral and (y) “in lieu of” financing statements) without the signature of such Pledgor where permitted by law, and
agrees to do such further acts and things and to execute and deliver to the Pledgee such additional conveyances, assignments, agreements and instruments as the Pledgee may reasonably require or deem advisable to carry into effect the purposes of
this Agreement or to further assure and confirm unto the Pledgee its rights, powers and remedies hereunder or thereunder. 
 (b) Each Pledgor hereby constitutes and appoints the Pledgee its true and lawful attorney-in-fact, irrevocably, with full authority in the place and stead of such Pledgor and in the name of such Pledgor
or otherwise, from time to time after the occurrence and during the continuance of an Event of Default, in the Pledgee’s discretion, to act, require, demand, receive and give acquittance for any and all monies and claims for monies due or to
become due to such Pledgor under or arising out of the Collateral, to endorse any checks or other instruments or orders in connection therewith and to file any claims or take any action or institute any proceedings and to execute any instrument
which the Pledgee may deem necessary or advisable to accomplish the purposes of this Agreement, which appointment as attorney is coupled with an interest. 
 14. THE PLEDGEE AS COLLATERAL AGENT. The Pledgee will hold in accordance with this Agreement all items of the Collateral at any time received under this Agreement. It is expressly understood, acknowledged
and agreed by each Secured Creditor that by accepting the benefits of this Agreement each such Secured Creditor acknowledges and agrees that the obligations of the Pledgee as holder of the Collateral and interests therein and with respect to the
disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement and in Section 12 of the Credit Agreement. The Pledgee shall act hereunder on the terms and conditions set forth herein and in
Section 12 of the Credit Agreement. 
 15. TRANSFER BY THE PLEDGORS. Except as permitted (i) prior to
the date all Credit Document Obligations have been paid in full and all Commitments and Letters of Credit under the Credit Agreement have been terminated, pursuant to the Credit Agreement, and (ii) thereafter, pursuant to the other Secured Debt
Agreements, no Pledgor will sell or otherwise dispose of, grant any option with respect to, or mortgage, pledge or otherwise encumber any of the Collateral or any interest therein. 

16. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS. (a) Each Pledgor represents, warrants and covenants
as to itself and each of its Subsidiaries that: 
 (i) it is the legal, beneficial and record
owner of, and has good and marketable title to, all of its Collateral and that it has sufficient interest in all of its Collateral in which a security interest is purported to be created hereunder for such security interest to attach (subject, in
each case, to no pledge, lien, mortgage, hypothecation, security interest, charge, option, Adverse Claim or other encumbrance whatsoever, except the liens and security interests created by this Agreement and any other Permitted Liens and Permitted
Encumbrances granted pursuant to the Second Lien Loan Documents); 

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 (ii) it has full power, authority and legal right to
pledge all the Collateral pledged by it pursuant to this Agreement; 
 (iii) this Agreement has
been duly authorized, executed and delivered by such Pledgor and constitutes a legal, valid and binding obligation of such Pledgor enforceable against such Pledgor in accordance with its terms, except to the extent that the enforceability hereof may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general equitable principles (regardless of whether enforcement is sought in equity or at law);

 (iv) except to the extent already obtained or made, no consent of any other party (including,
without limitation, any stockholder, partner, member or creditor of such Pledgor or any of its Subsidiaries) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration
with, any governmental authority is required to be obtained by such Pledgor in connection with (a) the execution, delivery or performance of this Agreement by such Pledgor, (b) the validity or enforceability of this Agreement against such
Pledgor, (c) the perfection or enforceability of the Pledgee’s security interest in such Pledgor’s Collateral or (d) except for compliance with or as may be required by applicable securities laws, the exercise by the Pledgee of
any of its rights or remedies provided herein; 
 (v) neither the execution, delivery or
performance by such Pledgor of this Agreement or any other Secured Debt Agreement to which it is a party, nor compliance by it with the terms and provisions hereof and thereof nor the consummation of the transactions contemplated therein:
(i) will contravene any provision of any applicable law, statute, rule or regulation, or any applicable order, writ, injunction or decree of any court, arbitrator or governmental instrumentality, domestic or foreign, applicable to such Pledgor;
(ii) will conflict or be inconsistent with or result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose)
any Lien (except pursuant to this Agreement or any other Security Document) upon any of the properties or assets of such Pledgor or any of its Subsidiaries pursuant to the terms of any indenture, lease, mortgage, deed of trust, credit agreement,
loan agreement or any other material agreement, contract or other instrument to which such Pledgor or any of its Subsidiaries is a party or is otherwise bound, or by which it or any of its properties or assets is bound or to which it may be subject;
or (iii) will violate any provision of the certificate of incorporation, by-laws, certificate of partnership, partnership agreement, certificate of formation or limited liability company agreement (or equivalent organizational documents), as
the case may be, of such Pledgor or any of its Subsidiaries; 
 (vi) all of such Pledgor’s
Collateral has been duly and validly issued, is fully paid and non-assessable and is subject to no options to purchase or similar rights; 
 (vii) the pledge, collateral assignment and delivery to the Pledgee of such Pledgor’s Collateral consisting of Certificated Securities pursuant to this Agreement creates a valid and perfected first
priority security interest in such Certificated Securities, and the Proceeds thereof, subject to no prior Lien or encumbrance or to any agreement 

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purporting to grant to any third party a Lien or encumbrance on the property or assets of such Pledgor (other than Permitted Liens and Permitted Encumbrances granted pursuant to the Second Lien
Loan Documents) which would include the Securities and the Pledgee is entitled to all the rights, priorities and benefits afforded by the UCC or other relevant law as enacted in any relevant jurisdiction to perfect security interests in respect of
such Collateral; and 
 (viii) “control” (as defined in Section 8-106 of the UCC)
has been obtained by the Pledgee over all of such Pledgor’s Collateral consisting of Securities with respect to which such “control” may be obtained pursuant to Section 8-106 of the UCC, except to the extent that the obligation
of the applicable Pledgor to provide the Pledgee with “control” of such Collateral has not yet arisen under this Agreement; provided that in the case of the Pledgee obtaining “control” over Collateral consisting of a
Security Entitlement, such Pledgor shall have taken all steps in its control so that the Pledgee obtains “control” over such Security Entitlement. 
 (b) Each Pledgor covenants and agrees that it will defend the Pledgee’s right, title and security interest in and to such Pledgor’s Collateral and the proceeds thereof against the claims and
demands of all persons whomsoever; and each Pledgor covenants and agrees that it will have like title to and right to pledge any other property at any time hereafter pledged to the Pledgee by such Pledgor as Collateral hereunder and will likewise
defend the right thereto and security interest therein of the Pledgee and the other Secured Creditors. 
 (c)
Each Pledgor covenants and agrees that it will take no action which would violate any of the terms of any Secured Debt Agreement. 
 17. LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO;
ETC. The exact legal name of each Pledgor, the type of organization of such Pledgor, whether or not such Pledgor is a Registered Organization, the jurisdiction of organization of such Pledgor, such Pledgor’s Location, the organizational
identification number (if any) of each Pledgor, and whether or not such Pledgor is a Transmitting Utility, is listed on Annex A hereto for such Pledgor. No Pledgor shall change its legal name, its type of organization, its status as a Registered
Organization (in the case of a Registered Organization), its status as a Transmitting Utility or as a Person which is not a Transmitting Utility, as the case may be, its jurisdiction of organization, its Location, or its organizational
identification number (if any), except that any such changes shall be permitted (so long as not in violation of the applicable requirements of the Secured Debt Agreements and so long as same do not involve (x) a Registered Organization ceasing
to constitute same or (y) any Pledgor changing its jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or Location, as the case may be, outside the United States or a State
thereof) if (i) it shall have given to the Collateral Agent not less than 15 days’ prior written notice of each change to the information listed on Annex A (as adjusted for any subsequent changes thereto previously made in accordance with
this sentence), together with a supplement to Annex A which shall correct all information contained therein for such Pledgor, and (ii) in connection with such change or changes, it shall have taken all action reasonably requested by the Pledgee
to 

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maintain the security interests of the Pledgee in the Collateral intended to be granted hereby at all times fully perfected and in full force and effect. In addition, to the extent that any
Pledgor does not have an organizational identification number on the date hereof and later obtains one, such Pledgor shall promptly thereafter deliver a notification of the Collateral Agent of such organizational identification number and shall take
all actions reasonably satisfactory to the Pledgee to the extent necessary to maintain the security interest of the Pledgee in the Collateral intended to be granted hereby fully perfected and in full force and effect. 

18. PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC. The obligations of each Pledgor under this Agreement shall be absolute and
unconditional and shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever (other than termination of this Agreement
pursuant to Section 20 hereof), including, without limitation: 
 (i) any renewal,
extension, amendment or modification of, or addition or supplement to or deletion from any Secured Debt Agreement (other than this Agreement in accordance with its terms), or any other instrument or agreement referred to therein, or any assignment
or transfer of any thereof; 
 (ii) any waiver, consent, extension, indulgence or other action or
inaction under or in respect of any such agreement or instrument including, without limitation, this Agreement (other than a waiver, consent or extension with respect to this Agreement in accordance with its terms); 

(iii) any furnishing of any additional security to the Pledgee or its assignee or any acceptance thereof
or any release of any security by the Pledgee or its assignee; 
 (iv) any limitation on any
party’s liability or obligations under any such instrument or agreement or any invalidity or unenforceability, in whole or in part, of any such instrument or agreement or any term thereof; or 

(v) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other
like proceeding relating to any Pledgor or any Subsidiary of any Pledgor, or any action taken with respect to this Agreement by any trustee or receiver, or by any court, in any such proceeding, whether or not such Pledgor shall have notice or
knowledge of any of the foregoing. 
 19. SALE OF COLLATERAL WITHOUT REGISTRATION. (a) If an Event of
Default shall have occurred and be continuing and any Pledgor shall have received from the Pledgee a written request or requests that such Pledgor cause any registration, qualification or compliance under any federal or state securities law or laws
to be effected with respect to all or any part of the Collateral, such Pledgor as soon as practicable and at its expense will use its best efforts to cause such registration to be effected (and be kept effective) and will use its best efforts to
cause such qualification and compliance to be effected (and be kept effective) as may be so requested and as would permit or facilitate the sale and distribution of such Collateral, including, without limitation, registration under the Securities
Act, as then in effect (or any similar statute then in effect), appropriate qualifications under applicable blue sky or other state securities laws 

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and appropriate compliance with any other governmental requirements; provided, that the Pledgee shall furnish to such Pledgor such information regarding the Pledgee as such Pledgor may
request in writing and as shall be required in connection with any such registration, qualification or compliance. Each Pledgor will cause the Pledgee to be kept reasonably advised in writing as to the progress of each such registration,
qualification or compliance and as to the completion thereof, will furnish to the Pledgee such number of prospectuses, offering circulars and other documents incident thereto as the Pledgee from time to time may reasonably request, and will
indemnify, to the extent permitted by law, the Pledgee and all other Secured Creditors participating in the distribution of such Collateral against all claims, losses, damages and liabilities caused by any untrue statement (or alleged untrue
statement) of a material fact contained therein (or in any related registration statement, notification or the like) or by any omission (or alleged omission) to state therein (or in any related registration statement, notification or the like) a
material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same may have been caused by an untrue statement or omission based upon information furnished in writing to such Pledgor by
the Pledgee or such other Secured Creditor expressly for use therein. 
 (b) If at any time when the Pledgee
shall determine to exercise its right to sell all or any part of the Collateral pursuant to Section 7 hereof, and such Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the
Securities Act, as then in effect, the Pledgee may, in its sole and absolute discretion, sell such Collateral or part thereof by private sale in such manner and under such circumstances as the Pledgee may deem necessary or advisable in order that
such sale may legally be effected without such registration. Without limiting the generality of the foregoing, in any such event the Pledgee, in its sole and absolute discretion (i) may proceed to make such private sale notwithstanding that a
registration statement for the purpose of registering such Collateral or part thereof shall have been filed under such Securities Act, (ii) may approach and negotiate with a single possible purchaser to effect such sale, and (iii) may
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 Collateral or part thereof. In the event of any such sale,
the Pledgee shall incur no responsibility or liability for selling all or any part of the Collateral at a price which the Pledgee, in its sole and absolute discretion, may in good faith deem reasonable under the circumstances, notwithstanding the
possibility that a substantially higher price might be realized if the sale were deferred until the registration as aforesaid. 
 20. TERMINATION; RELEASE. (a) On the Termination Date, this Agreement shall terminate (provided that all indemnities set forth herein including, without limitation, in Section 11 hereof shall
survive any such termination) and the Pledgee, at the request and expense of such Pledgor, will execute and deliver to such Pledgor a proper instrument or instruments (including UCC termination statements) acknowledging the satisfaction and
termination of this Agreement (including, without limitation, UCC termination statements and instruments of satisfaction, discharge and/or reconveyance), and will duly release from the security interest created hereby and assign, transfer and
deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as may be in the possession of the Pledgee and as has not theretofore been sold or otherwise applied or released pursuant to this Agreement,
together with any moneys at the time held by the Pledgee or any of its sub-agents hereunder and, with respect to any Collateral consisting of an Uncertificated Security, a Partnership Interest or a

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Limited Liability Company Interest (other than an Uncertificated Security, Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities
Intermediary), a termination of the agreement relating thereto executed and delivered by the issuer of such Uncertificated Security pursuant to Section 3.2(a)(ii) or by the respective partnership or limited liability company pursuant to
Section 3.2(a)(iv)(2). As used in this Agreement, “Termination Date” shall mean the date upon which the Commitments under the Credit Agreement have been terminated and all Secured Hedging Agreements entitled to the benefits of
this Agreement have been terminated (or other arrangements satisfactory to the counterparties thereto have been completed), no Note (as defined in the Credit Agreement) is outstanding (and all Loans have been paid in full in cash), all Letters of
Credit have been terminated (or cash collateralized or made subject to backstop letters of credit in the aggregate face amount of all outstanding Letters of Credit pursuant to documentation acceptable to the Collateral Agent and the Issuing Lender),
and all other Obligations (other than indemnities described in Section 11 hereof and described in Section 13.01 of the Credit Agreement, in each case which are not then due and payable) then due and payable have been paid in full.

 (b) In the event that any part of the Collateral is sold or otherwise disposed of (to a Person other than a
Credit Party) (I) (x) at any time prior to the time at which all Credit Document Obligations have been paid in full and all Commitments and Letters of Credit under the Credit Agreement have been terminated, in connection with a sale or
disposition permitted by Section 10.02 of the Credit Agreement or is otherwise released at the direction of the Required Lenders (or all the Lenders if required by Section 13.12 of the Credit Agreement) or (y) at any time thereafter,
to the extent permitted by the other Secured Debt Agreements, and in the case of clauses (x) and (y), the proceeds of such sale or disposition (or from such release) are applied in accordance with the terms of the Credit Agreement or such other
Secured Debt Agreement, as the case may be, to the extent required to be so applied, or (II) pursuant to a Joint-Venture Transaction in accordance with the terms of the Credit Agreement, the Pledgee, at the request and expense of such Pledgor, will
duly release from the security interest created hereby, or in the case of a Joint-Venture Transaction, the security interests created hereby shall be automatically released (and, in each case, will execute and deliver such documentation, including
termination or partial release statements and the like in connection therewith) and assign, transfer and deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as is then being (or has been) so
sold or released and as may be in the possession of the Pledgee (or, in the case of Collateral held by any sub-agent designated pursuant to Section 4 hereto, such sub-agent) and has not theretofore been released pursuant to this Agreement.

 (c) At any time that any Pledgor desires that Collateral be released as provided in the foregoing
Section 20(a) or (b), it shall deliver to the Pledgee (and the relevant sub-agent, if any, designated pursuant to Section 4 hereof) a certificate signed by an Authorized Officer of such Pledgor stating that the release of the respective
Collateral is permitted pursuant to Section 20(a) or (b) hereof. If reasonably requested by the Pledgee (although the Pledgee shall have no obligation to make any such request), the relevant Pledgor shall furnish appropriate legal opinions
(from counsel, reasonably acceptable to the Pledgee) to the effect set forth in the immediately preceding sentence. 
 (d) Upon the occurrence of the Termination Date, the Pledgors shall be automatically released from this Agreement and all security interests created hereunder shall be

 Exhibit I 
 Page 23 
  

 
released automatically without further action on the part of the Pledgee and this Agreement shall, as to each Pledgor, terminate, and have no further force or effect (provided that all
indemnitees set forth herein, including, without limitation, in Section 11 hereof shall survive any such termination). 
 (e) The Pledgee shall have no liability whatsoever to any other Secured Creditor as the result of any release of Collateral by it in accordance with (or which the Collateral Agent in good faith believes
to be in accordance with) this Section 20. 
 21. NOTICES, ETC. Except as otherwise specified herein, all
notices, requests, demands or other communications to or upon the respective parties hereto shall be sent or delivered by mail, telegraph, telex, telecopy, cable or courier service and all such notices and communications shall, when mailed,
telegraphed, telexed, telecopied, or cabled or sent by courier, be effective when deposited in the mails, delivered to the telegraph company, cable company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices
and communications to the Pledgee or any Pledgor shall not be effective until received by the Pledgee or such Pledgor, as the case may be. All notices and other communications shall be in writing and addressed as follows: 

 

	 	 (a)
	 if to any Pledgor, at its address set forth opposite its signature below; 

 

	 	 (b)
	 if to the Pledgee, at: 

 60 Wall Street 
 New York, New York 10005 

Attention: Stephen Cayer 
 Telephone No.: (212) 250-3536 
 Telecopier No.:
(212) 797-5904 
 (c) if to any Lender Creditor, either (x) to the Administrative Agent, at the
address of the Administrative Agent specified in the Credit Agreement, or (y) at such address as such Lender Creditor shall have specified in the Credit Agreement; 

(d) if to any Other Creditor, at such address as such Other Creditor shall have specified in writing to the Pledgors and
the Pledgee; 
 or at such other address or addressed to such other individual as shall have been furnished in writing by any
Person described above to the party required to give notice hereunder. 
 22. WAIVER; AMENDMENT. Except as
provided in Sections 30 and 32 hereof, none of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever unless in writing duly signed by each Pledgor directly affected thereby (it being
understood that the addition or release of any Pledgor hereunder shall not constitute a change, waiver, discharge or termination affecting any Pledgor other than the Pledgor so added or released) and the Pledgee (with the written consent of the
Required Secured Creditors); provided, however, that any change, waiver, modification or variance affecting the rights and benefits of a single Class of Secured Creditors (and not all Secured Creditors in a like or similar manner) also
shall require the written consent of the Requisite Creditors of such 

 Exhibit I 
 Page 24 
  

 
affected Class. For the purpose of this Agreement, the term “Class” shall mean each class of Secured Creditors, i.e., whether (x) the Lender Creditors as holders of
the Credit Document Obligations or (y) the Other Creditors as the holders of the Other Obligations. For the purpose of this Agreement, the term “Requisite Creditors” of any Class shall mean each of (x) with respect to the
Credit Document Obligations, the Required Lenders (or, to the extent provided in Section 13.12 of the Credit Agreement, each of the Lenders), and (y) with respect to the Other Obligations, the holders of at least a majority of all Other
Obligations outstanding from time to time. 
 23. SUCCESSORS AND ASSIGNS. This Agreement shall create a
continuing security interest in the Collateral and shall (i) remain in full force and effect, subject to release and/or termination as set forth in Section 20 hereof, (ii) be binding upon each Pledgor, its successors and assigns;
provided, however, that no Pledgor shall assign any of its rights or obligations hereunder without the prior written consent of the Pledgee (with the prior written consent of the Required Secured Creditors), and (iii) inure,
together with the rights and remedies of the Pledgee hereunder, to the benefit of the Pledgee, the other Secured Creditors and their respective successors, transferees and assigns. All agreements, statements, representations and warranties made by
each Pledgor herein or in any certificate or other instrument delivered by such Pledgor or on its behalf under this Agreement shall be considered to have been relied upon by the Secured Creditors and shall survive the execution and delivery of this
Agreement and the other Secured Debt Agreements regardless of any investigation made by the Secured Creditors or on their behalf. 
 24. HEADINGS DESCRIPTIVE. The headings of the several Sections of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this
Agreement. 
 25. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. (a) THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE INTERNAL LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. ANY LEGAL ACTION OR PROCEEDING WITH
RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION
AND DELIVERY OF THIS AGREEMENT, EACH PLEDGOR HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PLEDGOR HEREBY FURTHER IRREVOCABLY WAIVES
ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER SUCH PLEDGOR, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT
ANY SUCH COURT LACKS PERSONAL JURISDICTION OVER SUCH PLEDGOR. EACH PLEDGOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR 

 Exhibit I 
 Page 25 
  

 
PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO ANY SUCH PLEDGOR AT ITS ADDRESS FOR NOTICES AS PROVIDED IN SECTION 21 ABOVE, SUCH SERVICE TO
BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY
OTHER CREDIT DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE PLEDGEE UNDER THIS AGREEMENT, OR ANY SECURED CREDITOR, TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO
COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY PLEDGOR IN ANY OTHER JURISDICTION. 
 (b) EACH
PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE
COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(c) EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 26. PLEDGOR’S DUTIES. It is expressly agreed, anything herein contained to the contrary notwithstanding, that each Pledgor shall remain liable to perform all of the obligations, if any, assumed by it
with respect to the Collateral and the Pledgee shall not have any obligations or liabilities with respect to any Collateral by reason of or arising out of this Agreement, except for the safekeeping of Collateral actually in Pledgor’s
possession, nor shall the Pledgee be required or obligated in any manner to perform or fulfill any of the obligations of any Pledgor under or with respect to any Collateral. 

27. COUNTERPARTS. This Agreement may be executed in any number of counterparts and by the different parties hereto on
separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto shall be lodged with each
Pledgor and the Pledgee. 
 28. SEVERABILITY. Any provision of this Agreement which is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any

 Exhibit I 
 Page 26 
  

 
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

29. RECOURSE. This Agreement is made with full recourse to each Pledgor and pursuant to and upon all the representations,
warranties, covenants and agreements on the part of such Pledgor contained herein and in the other Secured Debt Agreements and otherwise in writing in connection herewith or therewith. 

30. ADDITIONAL PLEDGORS. It is understood and agreed that any Subsidiary of the Borrower that is required to become a
party to this Agreement after the date hereof pursuant to the requirements of the Credit Agreement or any other Secured Debt Agreement, shall become a Pledgor hereunder by (x) executing a counterpart hereof and delivering same to the Pledgee or
executing a joinder agreement and delivering same to the Pledgee, in each case as may be required by (and in form and substance satisfactory to) the Pledgee, (y) delivering supplements to Annexes A through F, hereto as are necessary to cause
such annexes to be complete and accurate with respect to such additional Pledgor on such date and (z) taking all actions as specified in this Agreement as would have been taken by such Pledgor had it been an original party to this Agreement, in
each case with all documents required above to be delivered to the Pledgee and with all documents and actions required above to be taken to the reasonable satisfaction of the Pledgee. 

31. LIMITED OBLIGATIONS. It is the desire and intent of each Pledgor and the Secured Creditors that this Agreement shall
be enforced against each Pledgor to the fullest extent permissible under the laws applied in each jurisdiction in which enforcement is sought. Notwithstanding anything to the contrary contained herein, in furtherance of the foregoing, it is noted
that the obligations of each Pledgor constituting a Subsidiary Guarantor have been limited as provided in the Subsidiaries Guaranty. 
 32. RELEASE OF PLEDGORS. If at any time all of the Equity Interests of any Pledgor owned by the Borrower or any of its Subsidiaries are sold (to a Person other than a Credit Party) in a transaction
permitted pursuant to the Credit Agreement (and which does not violate the terms of any other Secured Debt Agreement then in effect), then, such Pledgor shall be released as a Pledgor pursuant to this Agreement without any further action hereunder
(it being understood that the sale of all of the Equity Interests in any Person that owns, directly or indirectly, all of the Equity Interests in any Pledgor shall be deemed to be a sale of all of the Equity Interests in such Pledgor for purposes of
this Section), and the Pledgee is authorized and directed to execute and deliver such instruments of release as are reasonably satisfactory to it. At any time that the Borrower desires that a Pledgor be released from this Agreement as provided in
this Section 32, the Borrower shall deliver to the Pledgee a certificate signed by an Authorized Officer of the Borrower stating that the release of such Pledgor is permitted pursuant to this Section 32. If requested by Pledgee (although
the Pledgee shall have no obligation to make any such request), the Borrower shall furnish legal opinions (from counsel acceptable to the Pledgee) to the effect set forth in the immediately preceding sentence. The Pledgee shall have no liability
whatsoever to any other Secured Creditor as a result of the release of any Pledgor by it in accordance with, or which it believes in good faith to be in accordance with, this Section 32. 

 Exhibit I 
 Page 27 
  

 34. INTERCREDITOR AGREEMENTS. Notwithstanding anything herein to the
contrary, the exercise of any right or remedy by the Pledgee hereunder shall be subject to the provisions of the Intercreditor Agreement. In the event of any conflict between the terms of the Intercreditor Agreement and this Agreement, the terms of
the Intercreditor Agreement shall govern and control. 
 * * * * 

 Exhibit I 
 Page 28 
  

 IN WITNESS WHEREOF, each Pledgor and the Pledgee have caused this
Agreement to be executed by their duly elected officers duly authorized as of the date first above written. 
  

									
	 Address:
	 		 	
			
	 201 North Harrison Street, Suite 600
	 		 	 LEE ENTERPRISES, INCORPORATED,

	 Davenport, Iowa 52801
	 		 	 as a Pledgor

	 Attention: Chief Financial Officer
	 		 	
	 Tel: (563) 383-2179
	 		 	 By:
	 	 /s/ Carl G. Schmidt

	 Fax: (563) 327-2600
	 		 		 	 Name: Carl G. Schmidt
 Title:   Vice President, Chief Financial

  Officer and Treasurer

			
	 c/o Lee Enterprises, Incorporated
	 		 	 ACCUDATA, INC.

	 201 North Harrison Street, Suite 600
 Davenport, Iowa 52801
 Attention: Chief Financial Officer

Tel: (563) 383-2179
 Fax: (563) 327-2600
	 		 	 JOURNAL-STAR PRINTING CO.
 K. FALLS BASIN PUBLISHING, INC.
 LEE CONSOLIDATED HOLDINGS CO.

LEE PUBLICATIONS, INC.
 LEE PROCUREMENT SOLUTIONS CO.
 SIOUX CITY NEWSPAPERS, INC.,

each as a Pledgor

		 		 		 	
		 		 	 By:
	 	 /s/ C.D. Waterman III

		 		 		 	 Name: C.D. Waterman III
 Title:   Secretary

			
	 c/o Lee Enterprises, Incorporated
	 		 	 INN PARTNERS, L.C.,

	 201 North Harrison Street, Suite 600
 Davenport, Iowa 52801
	 		 	 as a Pledgor
 By ACCUDATA, INC., Managing Member

	 Attention: Chief Financial Officer
	 		 		 	
	 Tel: (563) 383-2179
	 		 	 By:
	 	 /s/ C.D. Waterman III

	 Fax: (563) 327-2600
	 		 		 	 Name: C.D. Waterman III
 Title:   Secretary

			
	 c/o Lee Enterprises, Incorporated
	 		 	 JOURNAL – STAR PRINTING CO.,

	 201 North Harrison Street, Suite 600
	 		 	       as a Pledgor

	 Davenport, Iowa 52801
	 		 		 	
	 Attention: Chief Financial Officer
	 		 	 By:
	 	 
	 Tel: (563) 383-2179
	 		 		 	 Title:

	 Fax: (563) 327-2600
	 		 		 	
			
	 c/o Lee Enterprises, Incorporated
	 		 	 K. FALLS BASIN PUBLISHING, INC.,

	 201 North Harrison Street, Suite 600
	 		 	       as a Pledgor

	 Davenport, Iowa 52801
	 		 		 	
	 Attention: Chief Financial Officer
	 		 	 By:
	 	 
	 Tel: (563) 383-2179
	 		 		 	 Title:

	 Fax: (563) 327-2600
	 		 		 	
			
	 c/o Lee Enterprises, Incorporated
	 		 	 LEE CONSOLIDATED HOLDINGS CO.,

	 201 North Harrison Street, Suite 600
	 		 		 	 as a Pledgor

	 Davenport, Iowa 52801
	 		 		 	
	 Attention: Chief Financial Officer
	 		 		 	
	 Tel: (563) 383-2179
	 		 	 By:
	 	 
	 Fax: (563) 327-2600
	 		 		 	 Title:

 Exhibit I 
 Page 29 
  

  

									
	 c/o Lee Enterprises, Incorporated
	 		 	 LEE PUBLICATIONS, INC.,

	 201 North Harrison Street, Suite 600
	 		 	     as a Pledgor

	 Davenport, Iowa 52801
	 		 	
	 Attention: Chief Financial Officer
	 		 	
	 Tel: (563) 383-2179
	 		 	 By:
	 	 
	 Fax: (563) 327-2600
	 		 		 	 Title:

			
	 c/o Lee Enterprises, Incorporated
	 		 	 LEE PROCUREMENT SOLUTIONS CO.,

	 201 North Harrison Street, Suite 600
	 		 	       as a Pledgor

	 Davenport, Iowa 52801
	 		 		 	
	 Attention: Chief Financial Officer
	 		 		 	
	 Tel: (563) 383-2179
	 		 	 By:
	 	 
	 Fax: (563) 327-2600
	 		 		 	 Title:

			
	 c/o Lee Enterprises, Incorporated
	 		 	 SIOUX CITY NEWSPAPERS, INC.,

	 201 North Harrison Street, Suite 600
	 		 	       as a Pledgor

	 Davenport, Iowa 52801
	 		 		 	
	 Attention: Chief Financial Officer
	 		 		 	
	 Tel: (563) 383-2179
	 		 	 By:
	 	 
	 Fax: (563) 327-2600
	 		 		 	 Title:

 Accepted and Agreed to: 
  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS

	       as Collateral Agent and Pledgee

			
		
	 By:
	 	 /s/ Susan LeFevre

		 	 Name: Susan LeFevre
 Title:   Managing Director

		
	 By:
	 	 /s/ Benjamin Souh

		 	 Name: Benjamin Souh
 Title:   Vice President

 ANNEX A 
 to 
 PLEDGE AGREEMENT 
  

 SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION 

(AND WHETHER A REGISTERED ORGANIZATION AND/OR 
 A TRANSMITTING UTILITY), JURISDICTION OF ORGANIZATION, 
 LOCATION AND
ORGANIZATIONAL IDENTIFICATION NUMBERS 
  

											
	 Exact Legal Name of Each

Pledgor
	  	Registered
Organization?
(Yes/No)	  	Jurisdiction
of
Organization	  	Pledgor’s Location (for purposes of
NY UCC § 9-307)	  	Pledgor’s
Organization
Identification Number
(or, if it has none, so
indicate)	  	Transmitting
Utility?
(Yes/No)

 ANNEX B 
 to 
 PLEDGE AGREEMENT 
  

 SCHEDULE OF SUBSIDIARIES 

 

					
	 Entity
	  	Ownership	  	Jurisdiction
of
Organization

 ANNEX C 
 to 
 PLEDGE AGREEMENT 
  

 SCHEDULE OF STOCK 

 

	 1.
	 Lee Enterprises, Incorporated 

  

											
	 Name of
 Issuing
 Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement

 

	 2.
	 Journal-Star Printing Co. 

  

											
	 Name of
Issuing

Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement

 ANNEX C 
 page 2 
  

	 3.
	 Accudata, Inc. 

  

											
	 Name of
 Issuing
 Corporation
	  	

Type of
Shares	  	

Number of
Shares	  	

Certificate
No.	  	

Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement

 

	 4.
	 INN Partners, L.C. 

  

											
	 Name of
 Issuing
 Corporation
	  	

Type of
Shares	  	

Number of
Shares	  	

Certificate
No.	  	

Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement

 

	 5.
	 K. Falls Basin Publishing, Inc. 

  

											
	 Name of
 Issuing
 Corporation
	  	

Type of
Shares	  	

Number of
Shares	  	

Certificate
No.	  	

Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement

 

	 6.
	 Lee Consolidated Holdings Co. 

  

											
	 Name of
 Issuing
 Corporation
	  	

Type of
Shares	  	

Number of
Shares	  	

Certificate
No.	  	

Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement

 

	 7.
	 Lee Publications, Inc. 

  

											
	 Name of
 Issuing
 Corporation
	  	

Type of
Shares	  	

Number of
Shares	  	

Certificate
No.	  	

Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement

 

	 8.
	 Lee Procurement Solutions Co. 

  

											
	 Name of
 Issuing
 Corporation
	  	

Type of
Shares	  	

Number of
Shares	  	

Certificate
No.	  	

Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement

 

	 9.
	 Sioux City Newspapers, Inc. 

 ANNEX C 
 page 3 
  

  

											
	 Name of
 Issuing
 Corporation
	  	

Type of
Shares	  	

Number of
Shares	  	

Certificate
No.	  	

Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement

 ANNEX E 
 to 
 PLEDGE AGREEMENT 
  

 SCHEDULE OF LIMITED LIABILITY COMPANY INTERESTS 

[Pledgor] 
  

							
	 Name of
 Issuing Limited
 Liability
Company
	  	Type of
Interest	  	
Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of
Pledge
Agreement

 ANNEX F 
 to 
 PLEDGE AGREEMENT 
  

 SCHEDULE OF CHIEF EXECUTIVE OFFICES 

 

			
	 Name of Pledgor
	  	Address of Chief Executive Office

 ANNEX G 
 to 
 PLEDGE AGREEMENT 
  

 Form of Agreement Regarding Uncertificated Securities, Limited Liability

 Company Interests and Partnership Interests1 
 AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this “Agreement”), dated as of
[                , 20__], among the undersigned pledgor (the “Pledgor”), Deutsche Bank Trust Company Americas, not in its individual capacity but
solely as Collateral Agent (the “Pledgee”), and [                ], as the issuer of the Issuer Pledged Interests (as defined below) (the
“Issuer”). 
 W I T N E S S E T H :

 WHEREAS, the Pledgor, certain of its affiliates and the Pledgee have entered into a Pledge Agreement, dated
as of January 30, 2012 (as amended, modified, restated and/or supplemented from time to time, the “Pledge Agreement”), under which, among other things, in order to secure the payment of the Obligations (as defined in the Pledge
Agreement), the Pledgor has or will pledge to the Pledgee for the benefit of the Secured Creditors (as defined in the Pledge Agreement), and grant a security interest in favor of the Pledgee for the benefit of the Secured Creditors in, all of the
right, title and interest of the Pledgor in and to any and all [“uncertificated securities” (as defined in Section 8-102(a)(18) of the Uniform Commercial Code, as adopted in the State of New York) (“Uncertificated
Securities”)] [Partnership Interests (as defined in the Pledge Agreement)] [Limited Liability Company Interests (as defined in the Pledge Agreement)], from time to time issued by the Issuer, whether now existing or hereafter from time to
time acquired by the Pledgor (with all of such [Uncertificated Securities] [Partnership Interests] [Limited Liability Company Interests] being herein collectively called the “Issuer Pledged Interests”); and 

WHEREAS, the Pledgor desires the Issuer to enter into this Agreement in order to perfect the security interest of the
Pledgee under the Pledge Agreement in the Issuer Pledged Interests, to vest in the Pledgee control of the Issuer Pledged Interests and to provide for the rights of the parties under this Agreement; 

NOW THEREFORE, in consideration of the premises and the mutual promises and agreements contained herein, and for other
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. The Pledgor hereby irrevocably authorizes and directs the Issuer, and the Issuer hereby agrees, to comply with any and all instructions and orders originated by the Pledgee (and its successors and
assigns) regarding any and all of the Issuer Pledged Interests without the further consent by the registered owner (including the Pledgor), and, following its 
  

 

	
1 
	 Controlling Pledgee mechanics to be added as appropriate. 

 ANNEX G 
 Page 2 
  

 
receipt of a notice from the Pledgee stating that the Pledgee is exercising exclusive control of the Issuer Pledged Interests, not to comply with any instructions or orders regarding any or all
of the Issuer Pledged Interests originated by any person or entity other than the Pledgee (and its successors and assigns) or a court of competent jurisdiction. 

2. The Issuer hereby certifies that (i) no notice of any security interest, lien or other encumbrance or claim
affecting the Issuer Pledged Interests (other than the security interest of the Pledgee) has been received by it, and (ii) the security interest of the Pledgee in the Issuer Pledged Interests has been registered in the books and records of the
Issuer. 
 3. The Issuer hereby represents and warrants that (i) the pledge by the Pledgor of, and the
granting by the Pledgor of a security interest in, the Issuer Pledged Interests to the Pledgee, for the benefit of the Secured Creditors, does not violate the charter, by-laws, partnership agreement, membership agreement or any other agreement
governing the Issuer or the Issuer Pledged Interests, and (ii) the Issuer Pledged Interests consisting of capital stock of a corporation are fully paid and nonassessable. 

4. All notices, statements of accounts, reports, prospectuses, financial statements and other communications to be sent
to the Pledgor by the Issuer in respect of the Issuer will also be sent to the Pledgee at the following address: 
 Deutsche Bank Trust Company Americas 
 60 Wall Street 

New York, New York 10005 
 Attention: Stephen Cayer 
 Telephone No.: (212) 250-3536

 Telecopier No.: (212) 797-5904 

5. Following its receipt of a notice from the Pledgee stating that the Pledgee is exercising exclusive control of the
Issuer Pledged Interests and until the Pledgee shall have delivered written notice to the Issuer that all of the Obligations have been paid in full and this Agreement is terminated, the Issuer will send any and all redemptions, distributions,
interest or other payments in respect of the Issuer Pledged Interests from the Issuer for the account of the Pledgee only by wire transfers to such account as the Pledgee shall instruct. 

6. Except as expressly provided otherwise in Sections 4 and 5 above, all notices, instructions, orders and communications
hereunder shall be sent or delivered by mail, telegraph, telex, telecopy, cable or overnight courier service and all such notices and communications shall, when mailed, telexed, telecopied, cabled or sent by overnight courier, be effective when
deposited in the mails or delivered to overnight courier, prepaid and properly addressed for delivery on such or the next Business Day, or sent by telex or telecopier, except that notices and communications to the Pledgee or the Issuer shall not be
effective until received. All notices and other communications shall be in writing and addressed as follows: 
  

	 	 (a)
	 if to the Pledgor, at: 

 __________________ 
 __________________ 

 ANNEX G 
 Page 3 
  

 __________________ 

__________________ 
 Attention:                        

Telephone No.: 
 Fax No.: 
 (b) if to the Pledgee, at the address given in
Section 4 hereof; 
 (c) if to the Issuer, at: 

__________________ 
 __________________ 
 __________________ 

or at such other address as shall have been furnished in writing by any Person described above to the party required to give notice
hereunder. As used in this Section 6, “Business Day” means any day other than a Saturday, Sunday, or other day in which banks in New York are authorized to remain closed. 

7. This Agreement shall be binding upon the successors and assigns of the Pledgor and the Issuer and shall inure to the
benefit of and be enforceable by the Pledgee and its successors and assigns. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. In the event that any
provision of this Agreement shall prove to be invalid or unenforceable, such provision shall be deemed to be severable from the other provisions of this Agreement which shall remain binding on all parties hereto. None of the terms and conditions of
this Agreement may be changed, waived, modified or varied in any manner whatsoever except in writing signed by the Pledgee, the Issuer and the Pledgor. 
 8. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ITS PRINCIPLES OF CONFLICT OF LAWS. 

 ANNEX G 
 Page 4 
  

 IN WITNESS WHEREOF, the Pledgor, the Pledgee and the Issuer have caused
this Agreement to be executed by their duly elected officers duly authorized as of the date first above written. 
  

			
	
[                            
        ],

	         as Pledgor

		
	 By
	 	 
		 	 Name:

		 	 Title:

	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

		 	 not in its individual capacity but solely as Collateral Agent and Pledgee

		
	 By
	 	 
		 	 Name:

		 	 Title:

		
	 By
	 	 
		 	 Name:

		 	 Title:

	
	
[                             
                               ],

		 	 as the Issuer

		
	 By
	 	 
		 	 Name:

		 	 Title:

 Exhibit 10.4 
 ANNEX A 
 to 
 PLEDGE AGREEMENT 
 SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION 

(AND WHETHER A REGISTERED ORGANIZATION AND/OR 
 A TRANSMITTING UTILITY), JURISDICTION OF ORGANIZATION, 
 LOCATION AND
ORGANIZATIONAL IDENTIFICATION NUMBERS 
  

													
	 Exact Legal Name

of Each Pledgor
	  	Type of
Organization?	  	Registered
Organization
(Yes/No)	  	Jurisdiction of
Organization	  	Pledgor’s Location (for
purposes of
NY UCC
§ 9-307)	  	Pledgor’s
Organization
Identification
Number
(or,
if it has none,
so indicate)	  	Transmitting
Utility?
(Yes/No)
	 Lee Enterprises, Incorporated
	  	Corporation	  	Yes	  	Delaware	  	201 N. Harrison St.
Ste. 600, Davenport, IA 52801
	  	0441410	  	No
							
	 Journal-Star Printing Co.
	  	Corporation	  	Yes	  	Nebraska	  	926 P Street,
Lincoln, NE 68501	  	1367163	  	No
							
	 Accudata, Inc.
	  	Corporation	  	Yes	  	Iowa	  	201 N. Harrison St.
Ste. 600, Davenport,
IA 52801	  	152599	  	No

 Annex A 
 Page 2 
  
  

													
							
	 INN PARTNERS, L.C.
	  	Limited
Liability
Company	  	Yes	  	Iowa	  	1510 47th Ave.,
Moline, IL 61265	 	190119	  	No
							
	 K. Falls Basin Publishing, Inc.
	  	Corporation	  	Yes	  	Oregon	  	201 N. Harrison St.
Ste. 600, Davenport,
IA 52801	 	165730-16	  	No
							
	 Lee Consolidated Holdings Co.
	  	Corporation	  	Yes	  	South Dakota	  	507 Main Street,
Rapid City, SD
57709	 	DB029424	  	No
							
	 Lee Publications, Inc.
	  	Corporation	  	Yes	  	Delaware	  	201 N. Harrison St.
Ste. 600, Davenport,
IA 52801	 	0786047	  	No
							
	 Lee Procurement Solutions Co.
	  	Corporation	  	Yes	  	Iowa	  	201 N. Harrison St.
Ste. 600, Davenport,
IA 52801	 	24577	  	No
							
	 Sioux City Newspapers, Inc.
	  	Corporation	  	Yes	  	Iowa	  	515 Pavonia Street,
Sioux City, IA
51102	 	37516	  	No

 ANNEX B 
 to 
 PLEDGE AGREEMENT 

SCHEDULE OF SUBSIDIARIES 
  

					
	Entity	  	Ownership	  	 Jurisdiction of
 Organization

	 Journal-Star Printing Co.
	  	100% wholly-owned subsidiary of Lee Enterprises, Incorporated	  	Nebraska
			
	 Accudata, Inc.
	  	100% wholly-owned subsidiary of Lee Enterprises, Incorporated	  	Iowa
			
	 INN Partners, L.C.
	  	82.46% subsidiary of Accudata, Inc.1	  	Iowa
			
	 K. Falls Basin Publishing, Inc. (Inactive)
	  	100% wholly-owned subsidiary of Lee Enterprises, Incorporated	  	Oregon
			
	 Lee Consolidated Holdings Co.
	  	100% wholly-owned subsidiary of Lee Enterprises, Incorporated	  	South
Dakota
			
	 Lee Publications, Inc.
	  	100% wholly-owned subsidiary of Lee Enterprises, Incorporated	  	Delaware
			
	 Lee Procurement Solutions Co.
	  	100% wholly-owned subsidiary of Lee Publications, Inc.	  	Iowa
			
	 Sioux City Newspapers, Inc.
	  	100% wholly-owned subsidiary of Lee Publications, Inc.	  	Iowa
			
	 Pulitzer Inc.
	  	100% wholly-owned subsidiary of Lee Publications, Inc.	  	Delaware
			
	 Pulitzer Technologies, Inc.
	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Delaware
			
	 St. Louis Post-Dispatch LLC
	  	98.95% subsidiary of Pulitzer Inc.; 1.05% subsidiary of Pulitzer Technologies, Inc.	  	Delaware
			
	 Fairgrove LLC
	  	100% wholly-owned subsidiary of St. Louis Post-Dispatch LLC	  	Delaware
			
	 STL Distribution Services LLC
	  	98.95% subsidiary of Pulitzer Inc.; 1.05% subsidiary of Pulitzer Technologies, Inc.	  	Delaware

  

	1 	 Remaining equity held by non-affiliate individuals 

 Annex B 
 Page 2 
  
  

					
	Entity	  	Ownership	  	 Jurisdiction of
 Organization

	 Star Publishing Company
	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Arizona
			
	 Suburban Journals of Greater St. Louis LLC
	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Delaware
			
	 Pulitzer Network Systems LLC
	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Delaware
			
	 Pulitzer Newspapers, Inc.
	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Delaware
			
	 Flagstaff Publishing Co.
	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Washington
			
	 Hanford Sentinel Inc.
	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Washington
			
	 HomeChoice, LLC
	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Utah
			
	 Kauai Publishing Co.
	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Delaware
			
	 Napa Valley Publishing Co.
	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Washington
			
	 NVPC LLC
	  	100% wholly-owned subsidiary of Napa Valley Publishing Co.	  	Delaware
			
	 NIPC, Inc. f/k/a Northern Illinois Publishing Co.
	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Delaware
			
	 Northern Lakes Publishing Co.
	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Delaware
			
	 NLPC LLC
	  	100% wholly-owned subsidiary of Northern Lakes Publishing Co.	  	Delaware
			
	 Pantagraph Publishing Co.
	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Delaware
			
	 HSTAR LLC
	  	100% wholly-owned subsidiary of Pantagraph Publishing Co.	  	Delaware

 Annex B 
 Page 3 
  
  

					
	Entity	  	Ownership	  	 Jurisdiction of
 Organization

	 Pulitzer Missouri Newspapers, Inc.
	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Delaware
			
	 Pulitzer Utah Newspapers, Inc. (Inactive)
	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Delaware
			
	 Santa Maria Times, Inc.
	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Nevada
			
	 SHTP LLC
	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Delaware
			
	 Southwestern Oregon Publishing Co.
	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Oregon
			
	 SOPC LLC
	  	100% wholly-owned subsidiary of Southwestern Oregon Publishing Co.	  	Delaware
			
	 Ynez Corporation
	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	California

 ANNEX C 
 to 
 PLEDGE AGREEMENT 

SCHEDULE OF STOCK 

1. Lee Enterprises, Incorporated 
  

																	
	 Name of

Issuing

Corporation
	  	Type of
Shares	 	  	Number of
Shares	 	  	Certificate
No.	 	  	Percentage
Owned	 
	 Journal-Star Printing Co.
	  	 	Common	  	  	 	1,000	  	  	 	2	  	  	 	100	% 
	 Accudata, Inc.
	  	 	Common	  	  	 	1,000	  	  	 	1	  	  	 	100	% 
	 K. Falls Basin Publishing, Inc.
	  	 	Common	  	  	 	666 2/3	  	  	 	7	  	  	 	100	% 
	 Lee Consolidated Holdings Co.
	  	 	Common	  	  	 	250	  	  	 	1	  	  	 	100	% 
	 Lee Publications, Inc.
	  	 
 
 
 	Class A
Common;
Class B
Common	  
  
  
  	  	   

 
	157,149;  
 17,415
	    
   
	  	   

 
	1091;  
 27
	    
   
	  	 	100	% 

 2. Journal-Star Printing Co. 

 

									
	 Name of

Issuing

Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned
	 None
	  		  		  		  	

 3. Accudata, Inc. 

 

									
	 Name of

Issuing

Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned
	 None
	  		  		  		  	

 4. INN Partners, L.C. 

 

																	
	 Name of

Issuing

Corporation
	  	Type of
Shares	 	  	Number of
Shares	 	  	Certificate
No.	 	  	Percentage
Owned	 
	 RealMatch, LTD.
	  	 	Common	  	  	 	184,236	  	  	 	Not Indicated	  	  	 	(<50	%) 
	 RealMatch, LTD.
	  	 	Common	  	  	 	27,778	  	  	 	Not Indicated	  	  	 	(<50	%) 

 5. K. Falls Basin Publishing, Inc. 

 

									
	 Name of

Issuing

Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned
	 None
	  		  		  		  	

 6. Lee Consolidated Holdings Co. 

 

									
	 Name of

Issuing

Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned
	 None
	  		  		  		  	

 7. Lee Publications, Inc. 

 

																	
	 Name of

Issuing

Corporation
	  	Type of
Shares	 	  	Number of
Shares	 	  	Certificate
No.	 	  	Percentage
Owned	 
	 Lee Procurement Solutions Co.
	  	 	Common	  	  	 	50,000	  	  	 	5	  	  	 	100	% 
	 Sioux City Newspapers, inc.
	  	 
 
 
 	Class A
Common;
Class B
Common	  
  
  
  	  	 
  
	7272;
 7575
	  
   
	  	 
  
	16 & 17
 8 &
9
	  
   
	  	   

 
	100  
 100
	%   
 % 

	 Pulitzer Inc.
	  	 	Common	  	  	 	1,000	  	  	 	3	  	  	 	100	% 

 8. Lee Procurement Solutions Co. 

 

									
	 Name of

Issuing

Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned
	 None
	  		  		  		  	

 9. Sioux City Newspapers, Inc. 

 

									
	 Name of

Issuing

Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned
	 None
	  		  		  		  	

 ANNEX D 
 to 
 PLEDGE AGREEMENT 

SCHEDULE OF LIMITED LIABILITY COMPANY INTERESTS 
 1. Lee Enterprises, Incorporated 
  

							
	 Name of

Issuing Limited
 Liability Company
	  	 
  
	Type of

Interest
	  
   
	  	Percentage
Owned
	 None
	  				  	

 2. Journal-Star Printing Co. 
  

							
	 Name of

Issuing Limited
 Liability Company
	  	 
  
	Type of

Interest
	  
   
	  	Percentage
Owned
	 None
	  				  	

 3. Accudata, Inc 
  

							
	 Name of

Issuing Limited
 Liability Company
	  	 
  
	Type of

Interest
	  
   
	  	Percentage
Owned
	 Inn Partners, L.C.
	  	 	LLC	  	  	82.46%
	 Community

Distribution Partners,

LLC
	  	 	LLC	  	  	50%

 4. INN Partners, L.C. 
  

							
	 Name of

Issuing Limited
 Liability Company
	  	 
  
	Type of

Interest
	  
   
	  	Percentage
Owned
	 None
	  				  	

 5. K. Falls Basin Publishing Inc. 
  

							
	 Name of

Issuing Limited
 Liability Company
	  	 
  
	Type of

Interest
	  
   
	  	Percentage
Owned
	 None
	  				  	

 Annex D 
 Page 2 
 6. Lee Consolidated Holdings Co. 

 

							
	 Name of

Issuing Limited
 Liability Company
	  	 
  
	Type of

Interest
	  
   
	  	Percentage
Owned
	 None
	  				  	

 7. Lee Publications, Inc. 
  

							
	 Name of

Issuing Limited
 Liability Company
	  	 
  
	Type of

Interest
	  
   
	  	Percentage
Owned
	 None
	  				  	

 8. Lee Procurements Solutions Co. 
  

							
	 Name of

Issuing Limited
 Liability Company
	  	 
  
	Type of

Interest
	  
   
	  	Percentage
Owned
	 None
	  				  	

 9. Sioux City Newspapers, Inc. 
  

							
	 Name of

Issuing Limited
 Liability Company
	  	 
  
	Type of

Interest
	  
   
	  	Percentage
Owned
	 None
	  				  	

 ANNEX E 
 to 
 PLEDGE AGREEMENT 

SCHEDULE OF PARTNERSHIP INTERESTS 
 None 

 ANNEX F 
 to 
 PLEDGE AGREEMENT 

SCHEDULE OF CHIEF EXECUTIVE OFFICES 
  

			
	 Name of Pledgor
	 	 Address(es) of Chief Executive Office

		
	 Lee Enterprises, Incorporated
	 	 201 N. Harrison St. Ste. 600, Davenport, IA
 52801

		
	 Journal-Star Printing Co.
	 	926 P Street, Lincoln, NE 68501
		
	 Accudata, Inc.
	 	 201 N. Harrison St. Ste. 600, Davenport, IA
 52801

		
	 INN PARTNERS, L.C.
	 	1510 47th Ave., Moline, IL 61265
		
	 K. Falls Basin Publishing, Inc.
	 	 201 N. Harrison St. Ste. 600, Davenport, IA
 52801

		
	 Lee Consolidated Holdings Co.
	 	507 Main Street, Rapid City, SD 57709
		
	 Lee Publications, Inc.
	 	 201 N. Harrison St. Ste. 600, Davenport, IA
 52801

		
	 Lee Procurement Solutions Co.
	 	 201 N. Harrison St. Ste. 600, Davenport, IA
 52801

		
	 Sioux City Newspapers, Inc.
	 	515 Pavonia Street, Sioux City, IA 51102

 ANNEX G 
 to 
 PLEDGE AGREEMENT 

Form of Agreement Regarding Uncertificated Securities, Limited Liability 

Company Interests and Partnership Interests 
 AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this “Agreement”), dated as of
[                         , 20        ], among the undersigned pledgor (the
“Pledgor”), Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Collateral Agent (the “Pledgee”), and
[                    ], as the issuer of the Issuer Pledged Interests (as defined below) (the “Issuer”). 

WITNESSETH: 
 WHEREAS, the Pledgor, certain of its affiliates and the Pledgee have entered into a Pledge Agreement, dated as of
[                    ], (as amended, modified, restated and/or supplemented from time to time, the “Pledge Agreement”), under which,
among other things, in order to secure the payment of the Obligations (as defined in the Pledge Agreement), the Pledgor has or will pledge to the Pledgee for the benefit of the Secured Creditors (as defined in the Pledge Agreement), and grant a
security interest in favor of the Pledgee for the benefit of the Secured Creditors in, all of the right, title and interest of the Pledgor in and to any and all [“uncertificated securities” (as defined in Section 8-102(a)(18) of the
Uniform Commercial Code, as adopted in the State of New York) (“Uncertificated Securities”)] [Partnership Interests (as defined in the Pledge Agreement)] [Limited Liability Company Interests (as defined in the Pledge Agreement)],
from time to time issued by the Issuer, whether now existing or hereafter from time to time acquired by the Pledgor (with all of such [Uncertificated Securities] [Partnership Interests] [Limited Liability Company Interests] being herein collectively
called the “Issuer Pledged Interests”); and 
 WHEREAS, the Pledgor desires the Issuer to enter into this
Agreement in order to perfect the security interest of the Pledgee under the Pledge Agreement in the Issuer Pledged Interests, to vest in the Pledgee control of the Issuer Pledged Interests and to provide for the rights of the parties under this
Agreement; 
 NOW THEREFORE, in consideration of the premises and the mutual promises and agreements contained herein, and for
other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. The Pledgor hereby irrevocably authorizes and directs the Issuer, and the Issuer hereby agrees, to comply with any and all instructions and orders originated by the Pledgee (and its successors and
assigns) regarding any and all of the Issuer Pledged Interests without the further consent by the registered owner (including the Pledgor), and, following its receipt of a notice from the Pledgee stating that the Pledgee is exercising exclusive
control of the Issuer Pledged Interests, not to comply with any instructions or orders regarding any or all of the Issuer Pledged Interests originated by any person or entity other than the Pledgee (and its successors and assigns) or a court of
competent jurisdiction. 

 Annex G 
 Page 2 
 2. The Issuer hereby certifies that (i) no notice of any security
interest, lien or other encumbrance or claim affecting the Issuer Pledged Interests (other than the security interest of the Pledgee) has been received by it, and (ii) the security interest of the Pledgee in the Issuer Pledged Interests has
been registered in the books and records of the Issuer. 
 3. The Issuer hereby represents and warrants that (i) the pledge
by the Pledgor of, and the granting by the Pledgor of a security interest in, the Issuer Pledged Interests to the Pledgee, for the benefit of the Secured Creditors, does not violate the charter, by-laws, partnership agreement, membership agreement
or any other agreement governing the Issuer or the Issuer Pledged Interests, and (ii) the Issuer Pledged Interests consisting of capital stock of a corporation are fully paid and nonassessable. 

4. All notices, statements of accounts, reports, prospectuses, financial statements and other communications to be sent to the Pledgor by
the Issuer in respect of the Issuer will also be sent to the Pledgee at the following address: 
 Deutsche Bank Trust Company
Americas 
 60 Wall Street 
 New York, New York 10005 
 Attention: Stephen Cayer 

Telephone No.: (212) 250-3536 
 Telecopier No.: (212) 797-5904 
 5. Following its receipt of a notice from
the Pledgee stating that the Pledgee is exercising exclusive control of the Issuer Pledged Interests and until the Pledgee shall have delivered written notice to the Issuer that all of the Obligations have been paid in full and this Agreement is
terminated, the Issuer will send any and all redemptions, distributions, interest or other payments in respect of the Issuer Pledged Interests from the Issuer for the account of the Pledgee only by wire transfers to such account as the Pledgee shall
instruct. 
 6. Except as expressly provided otherwise in Sections 4 and 5 above, all notices, instructions, orders and
communications hereunder shall be sent or delivered by mail, telegraph, telex, telecopy, cable or overnight courier service and all such notices and communications shall, when mailed, telexed, telecopied, cabled or sent by overnight courier, be
effective when deposited in the mails or delivered to overnight courier, prepaid and properly addressed for delivery on such or the next Business Day, or sent by telex or telecopier, except that notices and communications to the Pledgee or the
Issuer shall not be effective until received. All notices and other communications shall be in writing and addressed as follows: 
  

 

					
	(a)        	 	if to the Pledgor, at:
		
		 	 
		 	 
		 	 
		 	 
		 	Attention:	 	 

 Annex G 
 Page 3 
 Telephone No.: 

Fax No.: 
  

					
	(b)        	 	if to the Pledgee, at the address given in Section 4 hereof;
		
	(c)        	 	if to the Issuer, at:
		
		 	 
		 	 
		 	 

 or at such other address as shall have been furnished in writing by any Person described above to the party required to
give notice hereunder. As used in this Section 6, “Business Day” means any day other than a Saturday, Sunday, or other day in which banks in New York are authorized to remain closed. 

7. This Agreement shall be binding upon the successors and assigns of the Pledgor and the Issuer and shall inure to the benefit of and be
enforceable by the Pledgee and its successors and assigns. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. In the event that any provision of this
Agreement shall prove to be invalid or unenforceable, such provision shall be deemed to be severable from the other provisions of this Agreement which shall remain binding on all parties hereto. None of the terms and conditions of this Agreement may
be changed, waived, modified or varied in any manner whatsoever except in writing signed by the Pledgee, the Issuer and the Pledgor. 
 8. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its principles of conflict of laws. 

 Annex G 
 Page 4 
 IN WITNESS WHEREOF, the Pledgor, the Pledgee and the Issuer have caused
this Agreement to be executed by their duly elected officers duly authorized as of the date first above written. 
  

	
	[                            
    ],
	      as Pledgor

  

			
		
	By	 	 
		 	Name:
		 	Title:

  

			
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
         not in its individual capacity but solely as

          Collateral Agent and Pledgee

		
	By	 	 
		 	Name:
		 	Title:

  

			
		
	By	 	 
		 	Name:
		 	Title:

  

	
	[                            
    ],
	      as the Issuer

  

			
		
	By	 	 
		 	Name:
		 	Title:Exhibit 10.5

 Exhibit 10.5 
 EXECUTION VERSION 
 INTERCREDITOR AGREEMENT 

Intercreditor Agreement (this “Agreement”), dated as of January 30, 2012, among DEUTSCHE BANK TRUST COMPANY
AMERICAS, as Collateral Agent (in such capacity, with its successors and assigns, and as more specifically defined below, the “First Priority Representative”) for the First Priority Secured Parties (as defined below), WILMINGTON
TRUST, NATIONAL ASSOCIATION, as Collateral Agent (in such capacity, with its successors and assigns, and as more specifically defined below, the “Second Priority Representative”) for the Second Priority Secured Parties (as defined
below), LEE ENTERPRISES, INCORPORATED (the “Borrower”) and each of the other Loan Parties (as defined below) from time to time party hereto. 
 WHEREAS, the Borrower, the First Priority Representative and certain financial institutions and other entities are parties to the Exit Credit Agreement, dated as of the date hereof (as amended,
supplemented, amended and restated or otherwise modified from time to time, the “Existing First Priority Agreement”), pursuant to which such financial institutions and other entities have agreed to make loans (or be deemed to have
made) and extend other financial accommodations to the Borrower; 
 WHEREAS, the Borrower, the Second Priority Representative
and certain financial institutions and other entities are parties to the Second Lien Loan Agreement, dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Existing Second
Priority Agreement”), pursuant to which such financial institutions and other entities have agreed to make (or be deemed to have made) loans to the Borrower; 
 WHEREAS, pursuant to that certain Subsidiaries Guaranty, dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified from time to time, the “First Priority
Guaranty Agreement”) the Loan Parties have guaranteed the obligations under the Existing First Priority Agreement, and pursuant to the First Priority Security Documents the Borrower and the other Loan Parties have granted to the First
Priority Representative security interests in the Common Collateral as security for payment and performance of the First Priority Obligations; 
 WHEREAS, pursuant to that certain Subsidiaries Guaranty, dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified from time to time, the “Second Priority
Guaranty Agreement”) the Loan Parties (and certain other subsidiaries of the Borrower which are not Loan Parties and are not subject to the arrangements hereunder) have guaranteed the obligations under the Existing Second Priority
Agreement, and pursuant to the Second Priority Security Documents the Borrower and the other Loan Parties have granted to the Second Priority Representative junior security interests in the Common Collateral as security for payment and performance
of the Second Priority Obligations; and 
 WHEREAS, the First Priority Creditors under the Existing First Priority Agreement
have agreed to permit the grant of such junior security interests in the Common Collateral on the terms and conditions of this Agreement. 
 NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained and other good and valuable consideration, the existence and sufficiency of which are expressly recognized by all
of the parties hereto, the parties agree as follows: 
 SECTION 1. Definitions. 

1.1. Defined Terms. The following terms, as used herein, have the following meanings: 

“Agreement” has the meaning set forth in the introductory paragraph hereof. 

  
 2 

 

 “Bankruptcy Code” means the United States Bankruptcy Code (11 U.S.C.
§101 et seq.), as amended from time to time. 
 “Borrower” has the meaning set forth in the introductory
paragraph hereof. 
 “Cash Collateral” has the meaning set forth in Section 3.6(c). 

“Common Collateral” means all assets that are both First Priority Collateral and Second Priority Collateral. 

“Comparable Second Priority Security Document” means, in relation to any Common Collateral subject to any First Priority
Security Document, that Second Priority Security Document that creates a security interest in the same Common Collateral, granted by the same Loan Party, as applicable. 
 “DIP Financing” has the meaning set forth in Section 5.2. 

“Enforcement Action” means, with respect to the First Priority Obligations or the Second Priority Obligations the
exercise of any rights and remedies with respect to any Common Collateral securing such obligations or the commencement or prosecution of enforcement of any of the rights and remedies with respect to the Common Collateral under, as applicable, the
First Priority Documents or the Second Priority Documents, or applicable law, including without limitation (a) the exercise of any rights of set-off or recoupment, (b) the exercise of any rights or remedies of a secured creditor under the
Uniform Commercial Code of any applicable jurisdiction or under the Bankruptcy Code, and (c) the commencement of any judicial or nonjudicial foreclosure proceedings with respect to, attempting any action to take possession of, any Common
Collateral, or exercising any right, remedy or power with respect to, or otherwise taking any action to enforce their interest in or realize upon, the Common Collateral. 
 “Enforcement Notice” has the meaning set forth in Section 3.6(a). 
 “Existing First Priority Agreement” has the meaning set forth in the recitals to this Agreement. 
 “Existing Second Priority Agreement” has the meaning set forth in the recitals to this Agreement. 
 “First Priority Agreement” means the collective reference to (a) the Existing First Priority Agreement and (b) any other credit agreement, loan agreement, note agreement,
promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness (or guarantee thereof) or other financial accommodation that has been incurred to extend, increase, renew, refund, replace (whether
upon or after termination or otherwise) or refinance (including by means of sales of debt securities to institutional investors) in whole or in part from time to time the indebtedness and other obligations outstanding (contingent or otherwise) under
the Existing First Priority Agreement or any other agreement or instrument referred to in this clause (b) unless such agreement or instrument expressly provides that it is not intended to be and is not a First Priority Agreement hereunder (a
“Replacement First Priority Agreement”). Any reference to the First Priority Agreement hereunder shall be deemed a reference to any First Priority Agreement then extant. 

  
 3 

 

 “First Priority Collateral” means all assets, whether now owned or
hereafter acquired by the Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any First Priority Secured Party as security for any First Priority Obligation. 

“First Priority Creditors” means the “Secured Creditors” as defined in the Existing First Priority Agreement,
the “Lenders” as defined in each other First Priority Agreement or any Persons that are designated under the First Priority Agreement as the “First Priority Creditors” for purposes of this Agreement. 

“First Priority Documents” means the First Priority Agreement, each First Priority Security Document and each First
Priority Guaranty. 
 “First Priority Guaranty” means any guarantee by any Loan Party of any or all of
the First Priority Obligations, including, without limitation, pursuant to the First Priority Guaranty Agreement. 

“First Priority Guaranty Agreement” has the meaning set forth in the recitals to this Agreement. 

“First Priority Lien” means any Lien created by the First Priority Security Documents, solely to the extent in
respect of any asset of any Loan Party. 
 “First Priority Obligations” means (a) with respect to
the Existing First Priority Agreement, all “Obligations” of each Loan Party as defined in the First Priority Security Documents and (b) with respect to each other First Priority Agreement, (i) all principal of, and interest
(including without limitation any Post-Petition Interest) and premium (if any) on, all loans made or other indebtedness (contingent or otherwise) of any Loan Party issued or incurred pursuant to the First Priority Agreement, (ii) all
reimbursement obligations (if any) and interest thereon (including without limitation any Post-Petition Interest) with respect to any letter of credit or similar instruments issued pursuant to the First Priority Agreement, (iii) all Hedging
Obligations and (iv) all guarantee obligations of, or fees, expenses and other amounts payable by any Loan Party from time to time pursuant to the First Priority Documents, in each case whether or not allowed or allowable in an Insolvency
Proceeding. To the extent any payment with respect to any First Priority Obligation (whether by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a
preference in any respect, set aside or required to be paid to a debtor in possession, any Second Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of
this Agreement and the rights and obligations of the First Priority Secured Parties and the Second Priority Secured Parties, be deemed to be reinstated and outstanding as if such payment had not occurred. 

Notwithstanding the foregoing contained in this defined term of First Priority Obligations, if the sum of (1) the principal amount outstanding under
the Existing First Priority Agreement and each other First Priority Agreement, plus (2) the aggregate undrawn face amount of any outstanding letters of credit under the Existing First Priority Agreement and each other First Priority
Agreement and any unreimbursed drawings of any letters of credit issued under the Existing First Priority Agreement and each other First Priority Agreement (such sum, the “First Priority Outstanding Amount”) exceeds the Maximum
First Priority Amount, then only that portion of the First Priority Outstanding Amount equal to the Maximum First Priority Amount shall be included in First Priority Obligations and interest and reimbursement obligations with respect to the First
Priority Outstanding Amount shall only constitute First Priority Obligations to the extent related to the First Priority Outstanding Amount. 

  
 4 

 

 “First Priority Obligations Payment Date” means the first date on which
(a) the First Priority Obligations (other than those that constitute Unasserted Contingent Obligations) have been paid in cash in full (or cash collateralized or defeased in accordance with the terms of the First Priority Documents),
(b) all commitments to extend credit under the First Priority Documents have been terminated or expired, (c) there are no outstanding letters of credit or similar instruments issued under the First Priority Documents (other than such as
have been cash collateralized or defeased in accordance with the terms of the First Priority Documents, but in no event greater than 105% of the aggregate undrawn face amount thereof) and (d) the First Priority Representative shall have either
(x) delivered written notice to the Second Priority Representative or any other Second Priority Secured Party of the occurrence of the events described in clauses (a), (b) and (c) hereinabove or (y) failed to timely comply with
its notice obligation under Section 3.9 hereof. 
 “First Priority Outstanding Amount” has the meaning set
forth in the definition of “First Priority Obligations”. 
 “First Priority Representative” has the
meaning set forth in the introductory paragraph hereof. In the case of any Replacement First Priority Agreement, the First Priority Representative shall be the Person identified as such in such Agreement. 

“First Priority Secured Parties” means the First Priority Representative, the First Priority Creditors and any other
holders of the First Priority Obligations. 
 “First Priority Security Documents” means the “Security
Documents” as defined in the First Priority Agreement, and any other documents that are designated under the First Priority Agreement as “First Priority Security Documents” for purposes of this Agreement. 

“Hedging Obligations” means, with respect to any Loan Party, any monetary obligations of such Loan Party owed to any
First Priority Creditor in respect of (i) any interest rate swap agreement, interest rate cap agreement, interest collar agreement, interest rate hedging agreement or other similar agreement or arrangement and (ii) any foreign exchange
contracts, currency swap agreements, commodity agreements or other similar arrangements, or arrangements designed to protect against fluctuations in currency values or commodity prices, including, in each case, interest and Post-Petition Interest
thereon. 
 “Insolvency Proceeding” means any proceeding in respect of bankruptcy, insolvency, winding up,
receivership, dissolution or assignment for the benefit of creditors, in each of the foregoing events whether under the Bankruptcy Code or any similar federal, state or foreign bankruptcy, insolvency, reorganization, receivership or similar law, in
each case to the extent in respect of any Loan Party. 
 “Lien” means any mortgage, pledge, hypothecation,
assignment, encumbrance, lien (statutory or other), or other security interest or security agreement of any kind (including, without limitation, any conditional sale or other title retention agreement, any financing or similar statement or notice
filed under the Uniform Commercial Code or any other similar recording or notice statute, and any lease having substantially the same effect as any of the foregoing) and any attachment or judgment lien contemplated in Section 3.3. 

“Loan Party” means the Borrower and each direct or indirect subsidiary of the Borrower (other than any Pulitzer Entity),
in each case to the extent, and during such time as, such person is a party to any First Priority Security Document or is a party to any Second Priority Security Document. All references 

  
 5 

 

 
in this Agreement to any Loan Party shall include such Loan Party as a debtor-in-possession and any receiver or trustee for such Loan Party in any Insolvency Proceeding. 

“Maximum First Priority Amount” means the aggregate amount of revolving commitments and term loans
outstanding on the date hereof (after giving effect to the transactions contemplated to occur on the date hereof) under the Existing First Priority Agreement (which amount, for the avoidance of doubt, is $750,000,0001) less the aggregate amount of all mandatory payments of the principal
of the term loans and all permanent reductions of the Revolving Credit Commitments (as defined in the Existing First Priority Agreement) made pursuant to the Existing First Priority Agreement and each other First Priority Agreement, in each case
resulting from any asset sales or recovery events of the Borrower or any other Loan Parties. 
 “Person” means
any individual, partnership, joint venture, firm, corporation, association, trust or other enterprise or any government or political subdivision or any agency, department or instrumentality thereof. 

“Post-Petition Interest” means any interest or entitlement to fees or expenses or other charges that accrues after the
commencement of any Insolvency Proceeding, whether or not allowed or allowable in any such Insolvency Proceeding. 

“Pulitzer Entities” means, collectively, Pulitzer, Inc. and each of its direct or indirect subsidiaries. 

“Purchase” has the meaning set forth in Section 3.6. 

“Purchase Notice” has the meaning set forth in Section 3.6. 

“Purchase Price” has the meaning set forth in Section 3.6. 

“Purchaser” has the meaning set forth in Section 3.6. 

“Purchasing Parties” has the meaning set forth in Section 3.6. 

“Replacement First Priority Agreement” has the meaning set forth in the definition of “First Priority
Agreement.” 
 “Second Priority Agreement” means the collective reference to (a) the Existing Second
Priority Agreement and (b) any other credit agreement, loan agreement, note agreement, promissory note, indenture, or other agreement or instrument evidencing or governing the terms of any indebtedness (or guarantee thereof) or other financial
accommodation that has been incurred to extend, increase, renew, refund, replace (whether upon or after termination or otherwise) or refinance (including by means of sales of debt securities to institutional investors) in whole or in part from time
to time the indebtedness and other obligations outstanding (contingent or otherwise) under the Existing Second Priority Agreement or any other agreement or instrument referred to in this clause (b). Any reference to the Second Priority
Agreement hereunder shall be deemed a reference to any Second Priority Agreement then extant. 
  

 

	1 	 May be increased up to a maximum of $766,250,000 by increasing such amount to the extent the amount outstanding under the Second Priority Agreement as
of the date hereof is less than $175,000,000. 

  
 6 

 

 “Second Priority Collateral” means all assets, whether now owned or
hereafter acquired by the Borrower or any other Loan Party, in which a Lien is granted or purported to be granted to any Second Priority Secured Party as security for any Second Priority Obligation. 

“Second Priority Creditors” means the “Secured Creditors” as defined in the Existing Second Priority
Agreement, the “Lenders” as defined in each other Second Priority Agreement, or any Persons that are designated under the Second Priority Agreement as the “Second Priority Creditors” for purposes of this Agreement. 

“Second Priority Documents” means each Second Priority Agreement, each Second Priority Security Document and each Second
Priority Guaranty. 
 “Second Priority Guaranty” means any guarantee by any Loan Party of any or all of
the Second Priority Obligations, including, without limitation, pursuant to the Second Priority Guaranty Agreement. 

“Second Priority Guaranty Agreement” has the meaning set forth in the recitals to this Agreement. 

“Second Priority Lien” means any Lien created by the Second Priority Security Documents solely to the extent in respect
of any asset of any Loan Party. 
 “Second Priority Obligations” means (a) with respect to the Existing
Second Priority Agreement, all “Obligations” of each Loan Party as defined in the Second Priority Security Documents and (b) with respect to each other Second Priority Agreement, (i) all principal of, and interest (including
without limitation any Post-Petition Interest) and premium (if any) on, all indebtedness (contingent or otherwise) of any Loan Party under the Second Priority Agreement, and (ii) all guarantee obligations of, or fees, expenses and other amounts
payable by, any Loan Party from time to time pursuant to the Second Priority Documents, in each case whether or not allowed or allowable in an Insolvency Proceeding. To the extent any payment with respect to any Second Priority Obligation (whether
by or on behalf of any Loan Party, as proceeds of security, enforcement of any right of setoff or otherwise) is declared to be a fraudulent conveyance or a preference in any respect, set aside or required to be paid to a debtor in possession, any
First Priority Secured Party, receiver or similar Person, then the obligation or part thereof originally intended to be satisfied shall, for the purposes of this Agreement and the rights and obligations of the First Priority Secured Parties and the
Second Priority Secured Parties, be deemed to be reinstated and outstanding as if such payment had not occurred. 

“Second Priority Representative” has the meaning set forth in the introductory paragraph hereof, but shall also include
any Person identified as a “Second Priority Representative” in any Second Priority Agreement other than the Existing Second Priority Agreement. 
 “Second Priority Required Adequate Protection” has the meaning set forth in Section 5.4. 
 “Second Priority Secured Party” means the Second Priority Representative, the Second Priority Creditors and any other holders of the Second Priority Obligations. 

“Second Priority Security Documents” means the “Security Documents” as defined in the Second Priority
Agreement and any documents that are designated under the Second Priority Agreement as “Second Priority Security Documents” for purposes of this Agreement. 

  
 7 

 

 “Secured Parties” means the First Priority Secured Parties and the Second
Priority Secured Parties. 
 “Standstill Period” has the meaning set forth in Section 3.2. 

“Surviving Obligations” has the meaning set forth in Section 3.6(b). 

“Unasserted Contingent Obligations” shall mean, at any time, First Priority Obligations for taxes, costs,
indemnifications, reimbursements, damages and other liabilities (excluding (a) the principal of, and interest and premium (if any) on, and fees and expenses relating to, any First Priority Obligation and (b) contingent reimbursement
obligations in respect of amounts that may be drawn under outstanding letters of credit) in respect of which no assertion of liability (whether oral or written) and no claim or demand for payment (whether oral or written) has been made (and, in the
case of First Priority Obligations for indemnification, no notice for indemnification has been issued by the indemnitee) at such time. 
 “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect from time to time in the applicable jurisdiction. 

1.2 Terms Generally. The definitions of terms herein shall apply equally to 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”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (i) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise modified (to the extent applicable, in accordance with
Section 6), (ii) any reference herein to any Person shall be construed to include such Person’s successors or permitted assigns, (iii) the words “herein”, “hereof” and “hereunder”, and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (iv) all references herein to Sections shall be construed to refer to Sections of this Agreement and (v) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

SECTION 2. Lien Priorities. 
 2.1 Subordination of Liens. (a) Any and all Liens on assets of any Loan Party now existing or hereafter created or arising in favor of any Second Priority Secured Party securing the Second
Priority Obligations, regardless of how acquired, whether by grant, statute, operation of law, subrogation or otherwise are expressly junior in priority, operation and effect to any and all Liens on assets of any Loan Party now existing or hereafter
created or arising in favor of the First Priority Secured Parties securing the First Priority Obligations, notwithstanding (i) anything to the contrary contained in any agreement or filing to which any Second Priority Secured Party may now or
hereafter be a party, and regardless of the time, order or method of grant, attachment, recording or perfection of any financing statements or other security interests, assignments, pledges, deeds, mortgages and other liens, charges or encumbrances
or any defect or deficiency or alleged defect or deficiency in any of the foregoing, (ii) any provision of the Uniform Commercial Code or any applicable law or any First Priority Document or Second Priority Document or any other
circumstance whatsoever and (iii) the fact that any such Liens on assets of any Loan Party in favor of any First Priority Secured Party securing any of the First Priority Obligations are 

  
 8 

 

 
(x) subordinated to any Lien securing any obligation of any Loan Party other than the Second Priority Obligations or (y) otherwise subordinated, voided, avoided, invalidated or lapsed.

 (b) The First Priority Representative, on behalf of itself and the other First Priority Secured Parties, acknowledges and
agrees that the Second Priority Representative on behalf of itself and the other Second Priority Secured Parties, has been granted Liens upon all of the Common Collateral, and the First Priority Representative, on behalf of itself and the other
First Priority Secured Parties, hereby consents thereto. The subordination of its Liens on assets of the Loan Parties by the Second Priority Representative in favor of the First Priority Liens on such assets shall not be deemed to subordinate any
Liens of the Second Priority Representative (or any Second Priority Secured Party) to any Liens other than (x) the First Priority Liens on such assets securing the First Priority Obligations and (y) Liens that are permitted under the First
Priority Documents and the Second Priority Documents to be senior to the First Priority Liens and the Second Priority Liens. 

2.2 Nature of First Priority Obligations. The Second Priority Representative, on behalf of itself and the other Second Priority
Secured Parties, acknowledges that a portion of the First Priority Obligations represents debt that is revolving in nature and that the amount thereof that may be outstanding at any time or from time to time may be increased or reduced and
subsequently reborrowed, and that the terms of the First Priority Obligations may be modified, extended or amended from time to time, and that the aggregate amount of the First Priority Obligations may be increased, replaced or refinanced, in each
event, without notice to or consent by the Second Priority Secured Parties and without affecting the provisions hereof but only so long as any such obligations are permitted to be incurred pursuant to the terms hereof or of the Second Priority
Documents as in effect on the date of this Agreement. The lien priorities provided in Section 2.1 shall not be altered or otherwise affected by any such amendment, modification, supplement, extension, repayment, reborrowing, increase,
replacement, renewal, restatement or refinancing of either the First Priority Obligations or the Second Priority Obligations, or any portion thereof. 
 2.3 Agreements Regarding Actions to Perfect Liens. (a) The Second Priority Representative, on behalf of itself and the other Second Priority Secured Parties, agrees that each patent, trademark
or copyright filing or other filings or recordings (other than Uniform Commercial Code financing statements) filed or recorded by or on behalf of the Second Priority Representative in respect of applicable Common Collateral shall, to the extent
reasonably practicable, contain the following notation: “The lien created hereby on the property described herein is junior and subordinate to the lien on such property created by any agreement, filing or recording now or hereafter granted to
Deutsche Bank Trust Company Americas, as Collateral Agent (under the First Priority Documents), and its successors and assigns, in such property, in accordance with the provisions of the Intercreditor Agreement dated as of January 30, 2012,
among DEUTSCHE BANK TRUST COMPANY AMERICAS, as First Priority Representative, WILMINGTON TRUST, NATIONAL ASSOCIATION, as Second Priority Representative, LEE ENTERPRISES, INCORPORATED, as Borrower, and the other Loan Parties referred to therein, as
amended from time to time.” 
 (b) The Second Priority Representative, on behalf of itself and the other Second Priority
Secured Parties, agrees that all mortgages, deeds of trust, deeds and similar instruments now or hereafter filed against real property comprising Common Collateral in favor of or for the benefit of the Second Priority Representative and the other
Second Priority Secured Parties shall contain the following notation: “The lien created by this mortgage on the property described herein is junior and subordinate to the lien on such property created by any mortgage, deed of trust or similar
instrument now or hereafter granted to DEUTSCHE BANK TRUST COMPANY AMERICAS, as Collateral Agent (under the First Priority 

  
 9 

 

 
Documents), and its successors and assigns, in such property, in accordance with the provisions of the Intercreditor Agreement dated as of January 30, 2012, among DEUTSCHE BANK TRUST COMPANY
AMERICAS, as First Priority Representative, WILMINGTON TRUST, NATIONAL ASSOCIATION, as Second Priority Representative, LEE ENTERPRISES, INCORPORATED, as Borrower, and the other Loan Parties referred to therein, as amended from time to time.”

 (c) The First Priority Representative hereby acknowledges and agrees that, to the extent that it holds, or a third party
holds on its behalf, physical possession of or “control” (as defined in the Uniform Commercial Code) over Common Collateral pursuant to the First Priority Security Documents, such possession or control is also for the benefit of, and the
First Priority Representative or such third party holds such possession or control as bailee and agent for, the Second Priority Representative and the other Second Priority Secured Parties solely to the extent required to perfect their security
interest in such Common Collateral (such bailment and agency for perfection being intended, among other things, to satisfy the requirements of sections 8-301(a)(2) and 9-313(c) of the Uniform Commercial Code). Nothing in the preceding sentence shall
be construed to impose any duty on the First Priority Representative (or any third party acting on its behalf) with respect to such Common Collateral or provide the Second Priority Representative or any other Second Priority Secured Party with any
rights with respect to such Common Collateral beyond those specified in this Agreement and the Second Priority Security Documents, provided that as soon as practicable after the occurrence of the events described in clauses (a), (b) and
(c) of the definition of the First Priority Obligations Payment Date, the First Priority Representative shall (i) deliver, at the Borrower’s sole cost and expense, the Common Collateral in its possession or control together with any
necessary endorsements (x) first, to the Second Priority Representative to the extent any Second Priority Obligations remain outstanding and (y) second, to the Borrower to the extent no First Priority Obligations or Second
Priority Obligations remain outstanding, or (ii) direct and deliver such Common Collateral as a court of competent jurisdiction otherwise directs, and provided, further, that the provisions of this Agreement are intended solely to
govern the respective Lien priorities as between the First Priority Secured Parties and the Second Priority Secured Parties and shall not impose on the First Priority Secured Parties any obligations in respect of the disposition of any Common
Collateral (or any proceeds thereof) that would conflict with prior perfected Liens or any claims thereon in favor of any other Person that is not a Secured Party. 
 (d) To the extent that any deposit account or securities account of any Loan Party is subject to a control agreement in favor of the First Priority Representative, the First Priority Representative will
act as bailee and agent for the Second Priority Representative solely to the extent required to perfect the Liens of the Second Priority Secured Parties in such deposit accounts and securities accounts and the cash and other assets therein. Nothing
in the preceding sentence shall be construed to impose any duty on the First Priority Representative (or any third party acting on its behalf) with respect to such Common Collateral or provide the Second Priority Representative or any other Second
Priority Secured Party with any rights with respect to such Common Collateral beyond those specified in this Agreement and the Second Priority Security Documents. Unless the Second Priority Liens on such First Priority Collateral shall have been or
concurrently are released, after the First Priority Obligations Payment Date, the First Priority Representative shall cooperate with the Loan Parties and the Second Priority Representative (at the expense of the Loan Parties) in permitting control
of any deposit accounts and securities accounts to be transferred to the Second Priority Representative (or for other arrangements with respect to each such deposit account and securities account reasonably satisfactory to the Second Priority
Representative and in accordance with the Second Priority Documents to be made). 

  
 10 

 

 2.4 No New Liens. So long as the First Priority Obligations Payment Date has not
occurred, whether or not an Insolvency Proceeding has been commenced by or against any Loan Party the parties hereto agree that (a) there shall be no Lien, and no Loan Party shall have any right to create any Lien, on any assets of any Loan
Party securing any Second Priority Obligation if these same assets are not subject to, and do not become subject to, a Lien securing the First Priority Obligations and (b) there shall be no Lien, and no Loan Party shall have any right to create
any Lien, on any assets of any Loan Party securing any First Priority Obligation if these same assets are not subject to, and do not become subject to, a Lien securing the Second Priority Obligations. To the extent that the foregoing provisions are
not complied with for any reason, without limiting any other rights and remedies available to the First Priority Secured Parties, the Second Priority Representative and the other Second Priority Secured Parties agree that any amounts received by or
distributed to any of them pursuant to or as a result of Liens granted in contravention of this Section 2.4 shall be subject to Section 4.1. 
 2.5 Prohibition on Contesting Liens. Each of the Second Priority Representative, for itself and on behalf of each of the Second Priority Secured Parties, and the First Priority Representative, for
itself and on behalf of each of the First Priority Secured Parties, agrees that it will not (and hereby waives any right to) object to or contest or support any other Person in objecting to or contesting, in any proceeding (including without
limitation, any Insolvency Proceeding), the validity, extent, perfection, priority or enforceability of a Lien held by or on behalf of any of the First Priority Secured Parties in the First Priority Collateral or by or on behalf of any of the Second
Priority Secured Parties in the Second Priority Collateral, as the case may be, or the provisions of this Agreement; provided, that nothing in this Agreement shall be construed to prevent or impair the rights of the First Priority
Representative, any First Priority Secured Party, the Second Priority Representative or any Second Priority Secured Party to enforce this Agreement, including the provisions of this Agreement relating to the priority of the Liens securing the First
Priority Obligations as provided in Sections 2.1 and 3.1. Notwithstanding any failure by any First Priority Secured Party or Second Priority Secured Party to perfect its security interests in the Common Collateral or any avoidance, invalidation or
subordination by any third party or court of competent jurisdiction of the security interests in the Common Collateral granted to the First Priority Secured Parties or the Second Priority Secured Parties, the priority and rights as between the First
Priority Secured Parties and the Second Priority Secured Parties with respect to the Common Collateral shall be as set forth herein. 
 SECTION 3. Enforcement Rights.  
 3.1 Exclusive
Enforcement. Until the First Priority Obligations Payment Date has occurred, whether or not an Insolvency Proceeding has been commenced by or against any Loan Party, the First Priority Secured Parties shall have the exclusive right to take and
continue any Enforcement Action with respect to the Common Collateral, without any consultation with or consent of any Second Priority Secured Party, but subject to the provisos set forth in Sections 3.2 and 5.1. Upon the occurrence and during the
continuance of a default or an event of default under the First Priority Documents, the First Priority Representative and the other First Priority Secured Parties may take and continue any Enforcement Action with respect to the First Priority
Obligations and the Common Collateral in such order and manner as they may determine in their sole discretion. 
 3.2
Standstill and Waivers. The Second Priority Representative, on behalf of itself and the other Second Priority Secured Parties, agrees that, until the First Priority Obligations Payment Date has occurred, subject to the proviso set forth in
Section 5.1: 
 (a) they will not take or cause to be taken any Enforcement Action; 

  
 11 

 

 (b) they will not take or cause to be taken any action, the purpose or
effect of which is to make any Lien in respect of any Second Priority Obligation pari passu with or senior to, or to give any Second Priority Secured Party any preference or priority relative to, the Liens with respect to the First Priority
Obligations or the First Priority Secured Parties with respect to any of the Common Collateral; 
 (c) they will
not contest, oppose, object to, interfere with, hinder or delay, in any manner, whether by judicial proceedings (including without limitation the filing of an Insolvency Proceeding in respect of any Loan Party) or otherwise, any foreclosure, sale,
lease, exchange, transfer or other disposition of the Common Collateral by any First Priority Secured Party or any other Enforcement Action taken (or any forbearance from taking any Enforcement Action) by or on behalf of any First Priority Secured
Party; 
 (d) they have no right to (i) direct either the First Priority Representative or any other First
Priority Secured Party to exercise any right, remedy or power with respect to the Common Collateral or pursuant to the First Priority Security Documents or (ii) consent or object to the exercise by the First Priority Representative or any other
First Priority Secured Party of any right, remedy or power with respect to the Common Collateral or pursuant to the First Priority Security Documents or to the timing or manner in which any such right is exercised or not exercised (or, to the extent
they may have any such right described in this clause (d), whether as a junior lien creditor or otherwise, they hereby irrevocably waive such right); 
 (e) they will not institute any suit or other proceeding or assert in any suit, Insolvency Proceeding or other proceeding any claim against any First Priority Secured Party seeking damages from or other
relief by way of specific performance, injunction or otherwise, with respect to, and no First Priority Secured Party shall be liable for, any action taken or omitted to be taken by any First Priority Secured Party with respect to the Common
Collateral or pursuant to the First Priority Documents; and 
 (f) they will not seek, and hereby waive any
right, to have the Common Collateral or any part thereof marshaled upon any foreclosure or other disposition of the Common Collateral. 

provided that, notwithstanding the foregoing, any Second Priority Secured Party may exercise its rights and remedies in respect of Common
Collateral under the Second Priority Security Documents or applicable law after the passage of a period of 150 days (the “Standstill Period”) from the first date of delivery of a notice in writing to the First Priority
Representative and the Borrower of any Second Priority Secured Party’s intention to exercise such rights and remedies in respect of Common Collateral, which notice may only be delivered following the occurrence of and during the continuance of
an “Event of Default” under and as defined in the Second Priority Agreement; provided, further, however, that, notwithstanding the foregoing, in no event shall any Second Priority Secured Party exercise or continue to
exercise any such rights or remedies if, notwithstanding the expiration of the Standstill Period, (i) any First Priority Secured Party shall have commenced and be diligently pursuing in good faith the exercise of any of its rights and remedies
with respect to all or any material portion of the Common Collateral or (ii) an Insolvency Proceeding in respect of any Loan Party shall have been commenced; and provided, further, that in any Insolvency Proceeding commenced by or
against any Loan Party, the Second Priority Representative and the Second Priority Secured Parties may take any action expressly permitted by Section 5. 

  
 12 

 

 Notwithstanding the foregoing contained in this Section 3.2, the Second Priority
Representative and the Second Priority Secured Parties may: 
  

	 	(1)	take any action (not adverse to the priority status of the Liens on the Common Collateral, or the rights of any First Priority Representative or the First Priority
Secured Parties to exercise remedies in respect thereof or the agreements set forth in Section 2) in order to create, perfect, preserve or protect its Lien on the Common Collateral; 

 

	 	(2)	file any necessary responsive or defensive pleadings in opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or
otherwise seeking the disallowance of the claims of the Second Priority Secured Parties, including any claims secured by the Common Collateral, if any, in each case in a manner that is not inconsistent with, or in contravention of, the express terms
of this Agreement; 

  

	 	(3)	file any pleadings, objections, motions or agreements or take any positions that assert rights or interests available to unsecured creditors of the Loan Parties arising
under either any Insolvency Proceeding or applicable non-bankruptcy law, in each case in a manner that is not inconsistent with, or in contravention of, the express terms of this Agreement; 

 

	 	(4)	vote on any plan of reorganization, file any proof of claim or statement of interest, make other filings and make any arguments and motions that are, in each case, in a
manner that is not inconsistent with, or in contravention of, the express terms of this Agreement, with respect to the Second Priority Obligations and the Common Collateral; 

 

	 	(5)	exercise any of its rights or remedies with respect to the Common Collateral after the termination of the Standstill Period to the extent permitted by this
Section 3.2; 

  

	 	(6)	present a cash or credit bid (in the case of any such credit bid, so long as such bid provides for payment in full of the First Priority Obligations and the occurrence
of the events described in clauses (a), (b) and (c) of the definition of the First Priority Obligations Payment Date) at any section 363 hearing or with respect to any other Common Collateral disposition; and 

 

	 	(7)	bid for or purchase Common Collateral at any private or judicial foreclosure upon such Common Collateral initiated by the First Priority Representative or any of the
First Priority Secured Parties. 

 3.3 Judgment Creditors. In the event that any Second Priority Secured
Party becomes a judgment lien creditor as a result of its enforcement of its rights as an unsecured creditor, such judgment lien shall be subject to the terms of this Agreement for all purposes (including in relation to the First Priority Liens and
the First Priority Obligations) to the same extent as all other Liens securing the Second Priority Obligations are subject to the terms of this Agreement. 
 3.4 No Additional Rights For the Loan Parties Hereunder. Except as provided in Section 3.5, if any First Priority Secured Party or Second Priority Secured Party shall enforce its rights or
remedies in violation of the terms of this Agreement, no Loan Party shall be entitled to use such violation as a defense to any action by any First Priority Secured Party or Second Priority Secured Party, nor to assert such violation as a
counterclaim or basis for set off or recoupment against any First Priority Secured Party or Second Priority Secured Party. 

  
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 3.5 Actions Upon Breach. (a) If any Second Priority Secured Party, contrary to
this Agreement, commences or participates in any action or proceeding against any Loan Party or the Common Collateral, such Loan Party, with the prior written consent of the First Priority Representative, may interpose as a defense or dilatory plea
the making of this Agreement, and any First Priority Secured Party may intervene and interpose such defense or plea in its or their name or in the name of such Loan Party. 
 (b) Should any Second Priority Secured Party, contrary to this Agreement, in any way take, attempt to or threaten to take any action with respect to the Common Collateral (including, without limitation,
any attempt to realize upon or enforce any remedy with respect to this Agreement), or fail to take any action required by this Agreement, any First Priority Secured Party (in its own name or in the name of the relevant Loan Party) or the relevant
Loan Party may obtain relief against such Second Priority Secured Party by injunction, specific performance and/or other appropriate equitable relief, it being understood and agreed by the Second Priority Representative on behalf of each Second
Priority Secured Party that (i) the First Priority Secured Parties’ damages from its actions may at that time be difficult to ascertain and may be irreparable, and (ii) each Second Priority Secured Party waives any defense that the
Loan Parties and/or the First Priority Secured Parties cannot demonstrate damage and/or be made whole by the awarding of damages. 
 3.6 Option to Purchase. (a) The First Priority Representative agrees that it will give the Second Priority Representative written notice (the “Enforcement Notice”) within five
business days after commencing any Enforcement Action with respect to Common Collateral or the institution of any Insolvency Proceeding (which notice shall be effective for all Enforcement Actions taken after the date of such notice so long as the
First Priority Representative is diligently pursuing in good faith the exercise of its default or enforcement rights or remedies against, or diligently attempting in good faith to vacate any stay of enforcement rights of its senior Liens on a
material portion of the Common Collateral, including, without limitation, all Enforcement Actions identified in such notice). Following the commencement of an Enforcement Action or the institution of any Insolvency Proceeding by the First Priority
Representative or any other First Priority Secured Party, any Second Priority Secured Party shall have the option, by irrevocable written notice (the “Purchase Notice”) delivered by the Second Priority Representative to the First
Priority Representative no later than five business days after receipt by the Second Priority Representative of the Enforcement Notice, to purchase all of the First Priority Obligations from the First Priority Secured Parties. If the Second Priority
Representative so delivers the Purchase Notice, the First Priority Representative shall terminate any existing Enforcement Actions, and shall not take any further Enforcement Actions, provided, that the Purchase (as defined below) shall have
been consummated on the date specified in the Purchase Notice in accordance with this Section 3.6. 
 (b) On the date
specified by the Second Priority Representative in the Purchase Notice (which shall be a business day not less than five business days, nor more than ten business days, after receipt by the First Priority Representative of the Purchase Notice), the
First Priority Secured Parties shall, subject to any required approval of any court or other governmental authority then in effect, sell to the Second Priority Secured Parties electing to purchase pursuant to Section 3.6(a) (the
“Purchasing Parties”), and the Purchasing Parties shall purchase (the “Purchase”) from the First Priority Secured Parties, the First Priority Obligations; provided, that the First Priority Obligations
purchased shall not include any rights of First Priority Secured Parties with respect to indemnification and other obligations of the Loan Parties under the First Priority Documents that are expressly stated to survive the termination of the First
Priority Documents (the “Surviving Obligations”). 

  
 14 

 

 (c) Without limiting the obligations of the Loan Parties under the First Priority Documents
to the First Priority Secured Parties with respect to the Surviving Obligations (which shall not be transferred in connection with the Purchase), on the date of the Purchase, the Purchasing Parties shall (i) pay to the First Priority Secured
Parties as the purchase price (the “Purchase Price”) therefor the full amount of all First Priority Obligations then outstanding and unpaid (including principal, interest (including, to the extent applicable, interest at the default
rate), Post-Petition Interest, fees, breakage costs, attorneys’ fees and expenses, and, in the case of any Hedging Obligations, the amount that would be payable by the relevant Loan Party thereunder if it were to terminate such Hedging
Obligations on the date of the Purchase or, if not terminated, an amount determined by the relevant First Priority Secured Party to be necessary to collateralize its credit risk arising out of such Hedging Obligations), (ii) furnish cash
collateral (the “Cash Collateral”) to the First Priority Secured Parties in such amounts as the relevant First Priority Secured Parties determine is reasonably necessary to secure such First Priority Secured Parties in connection
with any outstanding letters of credit (not to exceed 105% of the aggregate undrawn face amount of such letters of credit), (iii) agree to reimburse the First Priority Secured Parties for any loss, cost, damage or expense (including
attorneys’ fees and expenses) in connection with any fees, costs or expenses related to any checks or other payments provisionally credited to the First Priority Obligations and/or as to which the First Priority Secured Parties have not yet
received final payment and (iv) agree, after written request from the First Priority Representative, to reimburse the First Priority Secured Parties in respect of indemnification obligations of the Loan Parties under the First Priority
Documents as to matters or circumstances known to the Purchasing Parties at the time of the Purchase which could reasonably be expected to result in any loss, cost, damage or expense to any of the First Priority Secured Parties, provided
that, in no event shall any Purchasing Party have any liability for such amounts in excess of proceeds of Common Collateral received by the Purchasing Parties. 
 (d) The Purchase Price and Cash Collateral shall be remitted by wire transfer in immediately available funds to such account of the First Priority Representative as it shall designate to the Purchasing
Parties. The First Priority Representative shall, promptly following its receipt thereof, distribute the amounts received by it in respect of the Purchase Price to the First Priority Secured Parties in accordance with the First Priority Agreement.
Interest shall be calculated to but excluding the day on which the Purchase occurs if the amounts so paid by the Purchasing Parties to the account designated by the First Priority Representative are received in such account prior to 12:00 Noon, New
York City time, and interest shall be calculated to and including such day if the amounts so paid by the Purchasing Parties to the account designated by the First Priority Representative are received in such account later than 12:00 Noon, New York
City time. 
 (e) The Purchase shall be made without representation or warranty of any kind by the First Priority Secured
Parties as to the First Priority Obligations, the Common Collateral or otherwise and without recourse to the First Priority Secured Parties, except that the First Priority Secured Parties shall represent and warrant: (i) the amount of the First
Priority Obligations being purchased, (ii) that the First Priority Secured Parties own the First Priority Obligations free and clear of any liens or encumbrances and (iii) that the First Priority Secured Parties have the right to assign
the First Priority Obligations and the assignment is duly authorized. 
 3.7 Rights as Unsecured Creditors. The Second
Priority Representative and the Second Priority Secured Parties may exercise rights and remedies available to unsecured creditors against the Loan Parties that have granted Liens to secure the Second Priority Obligations in accordance with the terms
of the Second Priority Documents and applicable law to the extent that such exercise is not inconsistent with, or in contravention of, the express terms of this Agreement; provided that in the event that any Second Priority Secured Party
becomes an attachment or a judgment Lien creditor in respect of 

  
 15 

 

 
the Common Collateral as a result of its enforcement of its rights as an unsecured creditor with respect to the Second Priority Obligations, such attachment or judgment Lien shall be subject to
the terms of this Agreement for all purposes (including in relation to the First Priority Obligations) as the other Liens on Common Collateral securing the Second Priority Obligations are subject to this Agreement. 

3.8 Second Priority Interest, Principal, Etc. Nothing in this Agreement shall prohibit the receipt by the Second Priority
Representative or any Second Priority Secured Parties of payments (including in cash) of interest, principal and other amounts owed in respect of the Second Priority Obligations unless such receipt is (x) the direct or indirect result of the
exercise by the Second Priority Representative or any Second Priority Secured Parties of rights or remedies with respect to, or enforcement of, any Lien on Common Collateral held by any of them, which exercise or enforcement is inconsistent with, or
in contravention of, the express terms of this Agreement or (y) from the proceeds of an Enforcement Action required to be applied in accordance with Section 4.1 below. Nothing in this Agreement impairs or otherwise adversely affects any
rights or remedies the First Priority Representative or the First Priority Secured Parties may have with respect to the Common Collateral. 
 3.9 Notice By First Priority Representative. The First Priority Representative shall render to Second Priority Representative written notice of the occurrence of the events described in clauses
(a), (b) and (c) of the definition of “First Priority Obligations Payment Date” as soon as practicable (and in any event within two business days) following the occurrence thereof, provided that such notice shall not be
required in connection with the consummation of a Replacement First Priority Agreement. 
 SECTION 4. Application
Of Proceeds Of Common Collateral; Dispositions And Releases Of Common Collateral; Inspection and Insurance.  
 4.1
Application of Proceeds; Turnover Provisions. All proceeds of Common Collateral (including without limitation any interest earned thereon) resulting from the sale, collection or other disposition of Common Collateral in connection with
an Enforcement Action or the exercise by any First Priority Secured Party or any Second Priority Secured Party of any of its respective rights and remedies with respect to Common Collateral, whether or not pursuant to an Insolvency Proceeding, shall
be distributed as follows: first to the First Priority Representative for application to the First Priority Obligations in accordance with the terms of the First Priority Documents, until the First Priority Obligations Payment Date has
occurred and thereafter, to the Second Priority Representative for application in accordance with the Second Priority Documents. Until the occurrence of the First Priority Obligations Payment Date, any Common Collateral, including without
limitation any such Common Collateral constituting proceeds, that may be received by any Second Priority Secured Party in violation of this Agreement shall be segregated and held in trust and promptly paid over to the First Priority Representative,
for the benefit of the First Priority Secured Parties, in the same form as received, with any necessary endorsements, and each Second Priority Secured Party hereby authorizes the First Priority Representative to make any such endorsements as agent
for the Second Priority Representative (which authorization, being coupled with an interest, is irrevocable). 
 4.2 Releases
of Second Priority Lien. (a) Upon any release, sale or disposition of Common Collateral (other than in connection with the occurrence of the First Priority Obligations Payment Date) permitted pursuant to the terms of the First Priority
Documents that results in the release of the First Priority Lien on any Common Collateral (excluding any sale or other disposition that is not permitted by the Second Priority Documents unless such sale or disposition is consummated in connection
with an Enforcement Action or consummated after the institution of an Insolvency Proceeding in respect of any Loan Party), the Second Priority Lien on such Common Collateral (excluding any portion of the proceeds

  
 16 

 

 
of such Common Collateral remaining after the First Priority Obligations Payment Date occurs) shall be automatically and unconditionally released with no further consent or action of any Person.

 (b) The Second Priority Representative shall promptly execute and deliver such release documents and instruments and shall
take such further actions as the First Priority Representative shall request to evidence any release of the Second Priority Lien described in paragraph (a). The Second Priority Representative hereby appoints the First Priority Representative and any
officer or duly authorized person of the First Priority Representative, with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power of attorney in the place and stead of the Second Priority Representative and
in the name of the Second Priority Representative or in the First Priority Representative’s own name, from time to time, in the First Priority Representative’s sole discretion, for the purposes of carrying out the terms of this
Section 4.2, to take any and all appropriate action and to execute and deliver any and all documents and instruments as may be necessary or desirable to accomplish the purposes of this Section 4.2, including, without limitation, any
financing statements, endorsements, assignments, releases or other documents or instruments of transfer (which appointment, being coupled with an interest, is irrevocable). 
 4.3 Inspection Rights and Insurance. (a) Any First Priority Secured Party and its representatives and invitees may at any time inspect, repossess, remove and otherwise deal with the Common
Collateral in accordance with the terms of the First Priority Documents, and the First Priority Representative may advertise and conduct public auctions or private sales of the Common Collateral, in each case without notice to, the involvement of or
interference by any Second Priority Secured Party or liability to any Second Priority Secured Party; provided that the First Priority Representative shall provide the Second Priority Representative with notice of any sales. 

(b) Until the First Priority Obligations Payment Date has occurred, the First Priority Representative will have the sole and exclusive
right (i) to be named as additional insured and loss payee under any insurance policies maintained from time to time by any Loan Party (except that the Second Priority Representative shall have the right to be named as additional insured and
loss payee so long as its second lien status is identified in a manner satisfactory to the First Priority Representative); (ii) to adjust or settle any insurance policy or claim covering the Common Collateral in the event of any loss thereunder
in accordance with the terms of the First Priority Documents; (iii) to approve any award granted in any condemnation or similar proceeding affecting the Common Collateral in accordance with the terms of the First Priority Documents; and
(iv) to apply the proceeds of any insurance or condemnation award to the First Priority Obligations in accordance with the terms of the First Priority Documents. 
 4.4 Subrogation. With respect to the value of any payments or distributions in cash, property or other assets that any Second Priority Secured Party pays over to the
First Priority Secured Parties under the terms of this Agreement, the Second Priority Secured Parties shall be subrogated to the rights of the First Priority Secured Parties; provided that, the Second Priority
Representative, on behalf of itself and the Second Priority Creditors, hereby agrees not to assert or enforce all such rights of subrogation it may acquire as a result of any payment hereunder until the First Priority
Obligations Payment Date has occurred. Each Loan Party acknowledges and agrees that the value of any payments or distributions in cash, property or other assets received by any Second Priority Secured Party that are paid over to the
First Priority Secured Parties pursuant to this Agreement shall not reduce any of the Second Priority Obligations. 

  
 17 

 

 SECTION 5. Insolvency Proceedings.  

5.1 Filing of Motions. Until the First Priority Obligations Payment Date has occurred, the Second Priority Representative agrees
on behalf of itself and the other Second Priority Secured Parties that no Second Priority Secured Party shall, in or in connection with any Insolvency Proceeding in respect of any Loan Party, file any pleadings or motions, take any position at any
hearing or proceeding of any nature, or otherwise take any action whatsoever, in each case that (a) violates, or is prohibited by, this Agreement, (b) asserts any right, benefit or privilege that arises in favor of the Second Priority
Representative or Second Priority Secured Parties in their capacity as secured creditors solely as a result of their interest in the Common Collateral or in the Second Priority Lien (unless the assertion of such right is expressly permitted by this
Agreement) or (c) challenges the validity, priority, enforceability or voidability of any Liens or claims held by the First Priority Representative or any other First Priority Secured Party, or the extent to which the First Priority Obligations
constitute secured claims under section 506(a) of the Bankruptcy Code or otherwise; provided that the Second Priority Representative may take the actions specifically set forth in Section 3.2. 

The First Priority Representative agrees on behalf of itself and the other First Priority Secured Parties that no First Priority Secured
Party shall, in or in connection with any Insolvency Proceeding, file any pleadings or motions, take any position at any hearing or proceeding of any nature, or otherwise take any action whatsoever, in each case that challenges the validity,
priority, enforceability or voidability of any Liens or claims held by the Second Priority Representative or any other Second Priority Secured Party, or the extent to which the Second Priority Obligations constitute secured claims under
section 506(a) of the Bankruptcy Code or otherwise, except that the foregoing shall not limit the ability of any First Priority Secured Party to enforce the terms of this Agreement. 

5.2 Financing Matters. Until the First Priority Obligations Payment Date has occurred, if any Loan Party becomes subject to
any Insolvency Proceeding, and if the First Priority Representative or the other First Priority Secured Parties consent to the use of cash collateral under the Bankruptcy Code or provide financing to any Loan Party under the Bankruptcy Code or
consent to the provision of such financing to any Loan Party by any third party that (w) is in an aggregate principal amount (including any undrawn portion of the revolving commitments thereunder and the face amount of any letters of credit
issued and not reimbursed thereunder) of no more than the sum of (i) the amount by which the Maximum First Priority Amount then exceeds the First Priority Outstanding Amount plus (ii) $35,000,000, the proceeds of which are used solely by,
and for the benefit of, the Loan Parties (and not, for the avoidance of doubt, any Pulitzer Entity) (x) provides that the Second Priority Secured Parties retain the right to object to any ancillary agreements or arrangements regarding the cash
collateral use or the financing that are materially adverse to the Second Priority Secured Parties, (y) provides the Second Priority Secured Parties with the Second Priority Required Adequate Protection, and (z) does not compel the Loan
Parties to pursue any specific plan or to conduct a sale or other liquidation of the Common Collateral (any such financing that complies with such clauses (w)-(z) (a “DIP Financing”), then the Second Priority
Representative agrees, on behalf of itself and the other Second Priority Secured Parties, that each Second Priority Secured Party (a) will raise no objection to, nor support any other Person objecting to, the use of such cash collateral or to
such DIP Financing, (b) will not request or accept adequate protection or any other relief in connection with the use of such cash collateral or such DIP Financing except as set forth in Section 5.4 below and (c) to the extent the
Liens securing the First Priority Obligations are subordinated to or pari passu with such DIP Financing will subordinate (and will be deemed hereunder to have subordinated) the Second Priority Liens (i) to such DIP Financing on the same terms
as the First Priority Liens are subordinated thereto (and such subordination will not alter in any manner the terms of this Agreement), (ii) to any adequate protection provided to the First Priority Secured Parties and (iii) to any

  
 18 

 

 
“carve-out” agreed to by the First Priority Representative or the other First Priority Secured Parties in an amount not to exceed $5,000,000, and (d) agrees that notice received
two calendar days prior to the entry of an interim order approving such usage of cash collateral or approving such financing and fifteen days prior to the entry of a final order approving such usage of cash collateral or approving such financing
shall be adequate notice. 
 5.3 Relief From the Automatic Stay. The Second Priority Representative agrees, on behalf of
itself and the other Second Priority Secured Parties, that none of them will seek relief from the automatic stay (or any analogous stay) in any Insolvency Proceeding in respect of a Loan Party or take any action in derogation thereof, in each case
in respect of any Common Collateral, without the prior written consent of the First Priority Representative unless the First Priority Representative or any of the First Priority Secured Parties have concurrently sought relief from the automatic stay
(or from any analogous stay) in any Insolvency Proceeding and the Second Priority Representative and/or the other Second Priority Secured Parties are not seeking relief from the automatic stay (or from any analogous stay) in any Insolvency
Proceeding in order to take any Enforcement Action in any manner in violation of or otherwise inconsistent with the provisions of this Agreement. 
 5.4 Adequate Protection. The Second Priority Representative, on behalf of itself and the other Second Priority Secured Parties, agrees that none of them shall object, contest, or support any other
Person objecting to or contesting, in respect of any Insolvency Proceeding of a Loan Party, (a) any request by the First Priority Representative or the other First Priority Secured Parties for adequate protection or any adequate protection
provided to the First Priority Representative or the other First Priority Secured Parties or (b) any objection by the First Priority Representative or any other First Priority Secured Parties to any motion, relief, action or proceeding based on
a claim of a lack of adequate protection or (c) the payment of interest, fees, expenses or other amounts to the First Priority Representative or any other First Priority Secured Party under section 506(b) or 506(c) of the Bankruptcy Code
or otherwise. In any Insolvency Proceeding of a Loan Party, (i) if the First Priority Secured Parties (or any subset thereof) are granted adequate protection consisting of additional collateral (with replacement liens on such additional
collateral) and superpriority claims in connection with any DIP Financing or use of cash collateral, then in connection with any such DIP Financing or use of cash collateral, the Second Priority Representative, on behalf of itself and any of the
Second Priority Secured Parties, may seek or accept adequate protection consisting solely of (w) a replacement Lien on the same additional collateral, subordinated to the Liens securing the First Priority Obligations and such DIP Financing on
the same basis as the other Liens securing the Second Priority Obligations are so subordinated to the First Priority Obligations under this Agreement, (x) superpriority claims junior in all respects to the superpriority claims granted to the
First Priority Secured Parties, (y) payment of the fees and expenses of the Second Priority Representative and the Second Priority Secured Parties, to the extent permitted in the Second Priority Documents (the adequate protection for the
Second Priority Secured Parties described in clauses (w), (x), and (y), collectively, the “Second Priority Required Adequate Protection”) and (z) subject to the right of the First Priority Secured Parties to object
thereto, the payment of post-petition interest at the pre-default rate (provided, that in the case of this clause (z), that the First Priority Secured Parties have been granted adequate protection in the form of post-petition interest at
a rate no lower than the pre-default rate), provided, however, that the Second Priority Representative shall have irrevocably agreed, pursuant to section 1129(a)(9) of the Bankruptcy Code, on behalf of itself and the Second
Priority Secured Parties, in any stipulation and/or order granting such adequate protection, that such junior superpriority claims in excess of $3,000,000 may with the consent of two-thirds in amount of the Second Priority Obligations be paid under
any plan of reorganization in any combination of cash, debt, equity or other property having a value on the effective date of such plan equal to the allowed amount of such claims and (ii) in the event the Second Priority Representative, on
behalf of itself and the 

  
 19 

 

 
Second Priority Secured Parties, seeks or accepts adequate protection in respect of Loan Party in accordance with clause (i) above and such adequate protection is granted in the form of
additional collateral comprising assets of a Loan Party, then the Second Priority Representative, on behalf of itself or any of the Second Priority Secured Parties, agrees that the First Priority Representative shall also be granted a senior Lien on
such additional collateral as security for the First Priority Obligations and any such DIP Financing and that any Lien on such additional collateral securing the Second Priority Obligations shall be subordinated to the Liens on such collateral
securing the First Priority Obligations and any such DIP Financing (and all Obligations relating thereto) and any other Liens granted to the First Priority Secured Parties as adequate protection, with such subordination to be on the same terms that
the other Liens securing the Second Priority Obligations are subordinated to such First Priority Obligations under this Agreement. The Second Priority Representative, on behalf of itself and the other Second Priority Secured Parties, agrees that
except as expressly set forth in this Section none of them shall seek or accept adequate protection in respect of a Loan Party without the prior written consent of the First Priority Representative. 

5.5 Avoidance Issues. If any First Priority Secured Party is required in any Insolvency Proceeding or otherwise to disgorge, turn
over or otherwise pay to the estate of any Loan Party, because such amount was avoided or ordered to be paid or disgorged for any reason, including without limitation because it was found to be a constructively fraudulent or preferential transfer,
any amount (a “Recovery”), whether received as proceeds of security, enforcement of any right of set-off or otherwise, then the First Priority Obligations shall be reinstated to the extent of such Recovery and deemed to be
outstanding as if such payment had not occurred and the First Priority Obligations Payment Date shall be deemed not to have occurred. If this Agreement shall have been terminated prior to such Recovery, this Agreement shall be reinstated in full
force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto. The Second Priority Secured Parties agree that none of them shall be entitled to benefit from any
avoidance action affecting or otherwise relating to the First Priority Liens or the Second Priority Liens, it being understood and agreed that the benefit of such avoidance action otherwise allocable to them shall instead be allocated and turned
over for application in accordance with the priorities set forth in this Agreement. 
 5.6 Asset Dispositions in an
Insolvency Proceeding. In an Insolvency Proceeding or otherwise, neither the Second Priority Representative nor any other Second Priority Secured Party shall oppose any sale or disposition of any assets of any Loan Party that is supported by the
First Priority Secured Parties (or any right of the First Priority Secured Party to credit bid the First Priority Obligations in any such sale or disposition), and the Second Priority Representative and each other Second Priority Secured Party will
be deemed to have consented under section 363 of the Bankruptcy Code (and otherwise) to any sale (and related matters) supported by the First Priority Secured Parties and to have released their Liens on such assets provided that their Liens
attach to the proceeds of such assets (subject to the priorities set forth in this Agreement) and that the proceeds remaining after payment of related transaction costs and expenses are applied as a permanent reduction of the First Priority
Obligations (with a corresponding reduction in the Maximum First Priority Amount). In an Insolvency Proceeding or otherwise, neither the First Priority Representative nor any other First Priority Secured Party shall oppose any right of any Second
Priority Secured Party to credit bid the Second Priority Obligations in any sale or disposition, provided that such bid provides for the payment in full of the First Priority Obligations and the occurrence of the events described in
clauses (a), (b) and (c) of the definition of First Priority Obligations Payment Date. 
 5.7 Separate Grants
of Security and Separate Classification. Each Secured Party and Loan Party acknowledges and agrees that (a) the grants of Liens on the assets of each Loan Party pursuant to 

  
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the First Priority Security Documents and the Second Priority Security Documents constitute two separate and distinct grants of Liens and (b) because of, among other things, their differing
rights in the Common Collateral, the First Priority Obligations and the Second Priority Obligations are fundamentally different from each other and must be separately classified in any plan of reorganization proposed or adopted in an Insolvency
Proceeding. To further effectuate the intent of the parties as provided in the immediately preceding sentence, if it is held that the claims of the First Priority Secured Parties and Second Priority Secured Parties in respect of the Common
Collateral constitute only one secured claim (rather than separate classes of senior and junior secured claims), then the Second Priority Secured Parties hereby acknowledge and agree that all distributions shall be made as if there were separate
classes of senior and junior secured claims against the Loan Parties in respect of the Common Collateral, with the effect being that, to the extent that the aggregate value of the Common Collateral is sufficient (for this purpose ignoring all claims
held by the Second Priority Secured Parties), the First Priority Secured Parties shall be entitled to receive, in addition to amounts distributed to them in respect of principal, pre-petition interest and other claims, all amounts owing in respect
of Post-Petition Interest before any distribution is made in respect of the claims held by the Second Priority Secured Parties. The Second Priority Secured Parties hereby acknowledge and agree to turn over to the First Priority Secured Parties
amounts otherwise received or receivable by them to the extent necessary to effectuate the intent of the preceding sentence, even if such turnover has the effect of reducing the claim or recovery of the Second Priority Secured Parties. 

5.8 No Waivers of Rights. Nothing contained herein shall prohibit or in any way limit the First Priority Representative, the
Second Priority Representative, any First Priority Secured Party, or any Second Priority Secured Party from objecting, in any Insolvency Proceeding or otherwise, to any action taken by any party not permitted hereunder. 

5.9 Plans of Reorganization. Nothing in this Agreement shall impair the rights of any Second Priority Secured Party to propose,
support, or vote in favor of or against any plan of reorganization or similar plan or scheme in any Insolvency Proceeding, so long as such plan or scheme is not inconsistent with, or in contravention of, the express terms of this Agreement,
provided that in the case of proposing such plan of reorganization or similar plan or scheme it shall, unless otherwise approved by the First Priority Representative, provide for payment in full of the First Priority Obligations and the
occurrence of the events described in clauses (a), (b) and (c) of the definition of the First Priority Obligations Payment Date. 
 5.10 Effectiveness in Insolvency Proceedings. This Agreement, which the parties hereto expressly acknowledge is a “subordination agreement” under section 510(a) of the Bankruptcy Code,
shall be effective before, during and after the commencement of an Insolvency Proceeding. 
 SECTION 6. Security
Documents. 
 (a) Each Loan Party and the Second Priority Representative, on behalf of itself and the Second Priority
Secured Parties, agrees that it shall not at any time execute or deliver any amendment or other modification to any of the Second Priority Documents that is inconsistent with or in violation of this Agreement. 

(b) Each Loan Party and the First Priority Representative, on behalf of itself and the First Priority Secured Parties, agrees that it
shall not at any time execute or deliver any amendment or other modification to any of the First Priority Documents that is inconsistent with or in violation of this Agreement. 

  
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 (c) In the event the First Priority Representative enters into any amendment, waiver or
consent in respect of any of the First Priority Security Documents for the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any First Priority Security Document or changing in any manner the
rights of any parties thereunder, then such amendment, waiver or consent shall apply automatically to any comparable provision of the Comparable Second Priority Security Document to the extent applicable to any Loan Party and Common Collateral
without the consent of or action by any Second Priority Secured Party (with all such amendments, waivers and modifications subject to the terms hereof); provided that (other than with respect to amendments, modifications or waivers that
secure additional extensions of credit and add additional secured creditors and do not violate the express provisions of the Second Priority Agreements), (i) no such amendment, waiver or consent shall have the effect of removing assets subject
to the Lien of any Second Priority Security Document, except to the extent that a release of such Lien is permitted by Section 4.2, (ii) any such amendment, waiver or consent that materially and adversely affects the rights of the Second
Priority Secured Parties and does not affect the First Priority Secured Parties in a like or similar manner shall not apply to the Second Priority Security Documents without the prior written consent of the Second Priority Representative,
(iii) no such amendment, waiver or consent with respect to any provision applicable to the Second Priority Representative under the Second Priority Documents shall be made without the prior written consent of the Second Priority Representative
and (iv) notice of such amendment, waiver or consent shall be given to the Second Priority Representative no later than 15 days after its effectiveness, provided that the failure to give such notice shall not affect the effectiveness and
validity thereof. 
 SECTION 7. Reliance; Waivers; etc. 

7.1 Reliance. The First Priority Documents are deemed to have been executed and delivered, and all extensions of credit thereunder
are deemed to have been made or incurred, in reliance upon this Agreement. The Second Priority Representative, on behalf of itself and the Second Priority Secured Parties, expressly waives all notice of the acceptance of and reliance on this
Agreement by the First Priority Secured Parties. The Second Priority Documents are deemed to have been executed and delivered and all extensions of credit related thereto are deemed to have been made or incurred, in reliance upon this Agreement. The
First Priority Representative expressly waives all notices of the acceptance of and reliance by the Second Priority Representative and the Second Priority Secured Parties. 
 7.2 No Warranties or Liability. The Second Priority Representative and the First Priority Representative acknowledge and agree that neither has made any representation or warranty with respect to
the execution, validity, legality, completeness, collectibility or enforceability of any First Priority Document or any Second Priority Document. Except as otherwise provided in this Agreement, the Second Priority Representative and the First
Priority Representative will be entitled to manage and supervise their respective extensions of credit to any Loan Party in accordance with law and their usual practices, modified from time to time as they deem appropriate. 

7.3 No Waivers. No right or benefit of any party hereunder shall at any time in any way be prejudiced or impaired by any act or
failure to act on the part of such party or any other party hereto or by any noncompliance by any Loan Party with the terms and conditions of any of the First Priority Documents or the Second Priority Documents. 

SECTION 8. Obligations Unconditional. 
 8.1 First Priority Obligations Unconditional. All rights and interests of the First Priority Secured Parties hereunder, and all agreements and obligations of the Second Priority Secured Parties

  
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(and, to the extent applicable, the Loan Parties) hereunder, shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any First Priority Document; 

(b) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the First
Priority Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any First Priority Document; 

(c) prior to the First Priority Obligations Payment Date, any exchange, release, voiding, avoidance or non-perfection of
any security interest in any Common Collateral or any other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of all or any
portion of the First Priority Obligations or any guarantee or guaranty thereof; or 
 (d) any other circumstances
that otherwise might constitute a defense available to, or a discharge of, any Loan Party in respect of the First Priority Obligations, or of the Second Priority Representative, or any Loan Party, to the extent applicable, in respect of this
Agreement. 
 8.2 Second Priority Obligations Unconditional. All rights and interests of the Second Priority Secured
Parties hereunder, and all agreements and obligations of the First Priority Secured Parties (and, to the extent applicable, the Loan Parties) hereunder, shall remain in full force and effect irrespective of: 

(a) any lack of validity or enforceability of any Second Priority Document; 

(b) any change in the time, place or manner of payment of, or in any other term of, all or any portion of the Second
Priority Obligations, or any amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of any Second Priority Document; 

(c) any exchange, release, voiding, avoidance or non-perfection of any security interest in any Common Collateral or any
other collateral, or any release, amendment, waiver or other modification, whether by course of conduct or otherwise, or any refinancing, replacement, refunding or restatement of all or any portion of the Second Priority Obligations or any guarantee
or guaranty thereof; or 
 (d) any other circumstances that otherwise might constitute a defense available to, or
a discharge of, any Loan Party in respect of the Second Priority Obligations or any First Priority Secured Party in respect of this Agreement. 
 SECTION 9. Miscellaneous. 
 9.1 In the event of any conflict between
the provisions of this Agreement and the provisions of any First Priority Document or any Second Priority Document, the provisions of this Agreement shall govern. Notwithstanding the foregoing, the parties hereto acknowledge that the terms of this
Agreement are not intended to and shall not, as between the Loan Parties and the Secured Parties, negate, waive or cancel any rights granted to, or carry liability or obligation of, any Loan Party in the First Priority

  
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Documents and the Second Priority Documents or impose any additional obligations on the Loan Parties (other than as expressly set forth herein). 

9.2 Continuing Nature of Provisions. This Agreement shall continue to be effective, and shall not be revocable by any party
hereto, until the First Priority Obligation Payment Date shall have occurred. This is a continuing agreement and the First Priority Secured Parties and the Second Priority Secured Parties may continue, at any time and without notice to the other
parties hereto, to extend credit and other financial accommodations, lend monies and provide indebtedness to, or for the benefit of, Borrower or any other Loan Party on the faith hereof. 

9.3 Amendments; Waivers. (a) No amendment or modification of any of the provisions of this Agreement shall be effective
unless the same shall be in writing and signed by the First Priority Representative (with the consent of the Required Lenders under and as defined in the First Priority Agreement) and the Second Priority Representative (with the consent of the
Required Lenders under and as defined in the Second Priority Agreement), and, in the case of amendments or modifications of Sections 3.5, 3.6, 9.3, 9.5 or 9.6 that directly affect the rights or duties of any Loan Party, such Loan Party, and each
waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other
time. Anything herein to the contrary notwithstanding, no consent of any Loan Party shall be required for amendments, modifications or waivers of any other provisions of this Agreement other than those that directly affect any obligation or right of
the Loan Parties hereunder or under the First Priority Documents or the Second Priority Documents or that would impose any additional obligations on the Loan Parties. 
 (b) It is understood that the First Priority Representative and the Second Priority Representative, without the consent of any other First Priority Secured Party or Second Priority Secured Party, may in
their discretion determine that a supplemental agreement (which make take the form of an amendment and restatement of this Agreement) is necessary or appropriate to facilitate having additional indebtedness or other obligations (“Additional
Debt”) of any of the Loan Parties become First Priority Obligations or Second Priority Obligations, as the case may be, under this Agreement, which supplemental agreement shall specify whether such Additional Debt constitutes First Priority
Obligations or Second Priority Obligations, provided, that such Additional Debt is permitted to be incurred by the First Priority Agreement and Second Priority Agreement then extant, and is permitted by said Agreements to be subject to the
provisions of this Agreement as First Priority Obligations or Second Priority Obligations, as applicable. 
 9.4 Information
Concerning Financial Condition of the Borrower and the other Loan Parties. Each of the Second Priority Representative and the First Priority Representative hereby assume responsibility for keeping itself informed of the financial condition of
the Borrower and each of the other Loan Parties and all other circumstances bearing upon the risk of nonpayment of the First Priority Obligations or the Second Priority Obligations. The Second Priority Representative and the First Priority
Representative hereby agree that no party shall have any duty to advise any other party of information known to it regarding such condition or any such circumstances. In the event the Second Priority Representative or the First Priority
Representative, in its sole discretion, undertakes at any time or from time to time to provide any information to any other party to this Agreement, it shall be under no obligation (a) to provide any such information to such other party or any
other party on any subsequent occasion, (b) to undertake any investigation not a part of its regular business routine, or (c) to disclose any other information. 

  
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 9.5 Governing Law. This Agreement shall be construed in accordance with and governed
by the law of the State of New York, except as otherwise required by mandatory provisions of law and except to the extent that remedies provided by the laws of any jurisdiction other than the State of New York are governed by the laws of such
jurisdiction. 
 9.6 Submission to Jurisdiction. (a) Each First Priority Secured Party, each Second Priority Secured
Party and each Loan Party hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court
of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each such party hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each such party agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any First Priority Secured Party or any
Second Priority Secured Party may otherwise have to bring any action or proceeding against any Loan Party or its properties in the courts of any jurisdiction. 
 (b) Each First Priority Secured Party, each Second Priority Secured Party and each Loan Party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so
(i) any objection it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (a) of this Section and (ii) the defense of an
inconvenient forum to the maintenance of such action or proceeding. 
 (c) Each party to this Agreement irrevocably consents to
service of process in the manner provided for notices in Section 9.7. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

9.7 Notices. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be
given shall be in writing and may be personally served, telecopied, or sent by overnight express courier service or United States mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of a telecopy
or five days after deposit in the United States mail (certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto (until notice of a change thereof is delivered as provided in this Section)
shall be as set forth below each party’s name on the signature pages hereof, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties. 

9.8 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and
each of the First Priority Secured Parties and Second Priority Secured Parties and their respective successors and permitted assigns, and nothing herein is intended, or shall be construed to give, any other Person any right, remedy or claim under,
to or in respect of this Agreement or any Common Collateral. 
 9.9 Headings. Section headings used herein are for
convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 

  
 25 

 

 9.10 Severability. Any provision of this Agreement held to be invalid, illegal
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and
the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
 9.11 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement by email or telecopy shall be effective as delivery of a manually executed counterpart of
this Agreement. This Agreement shall become effective when it shall have been executed by each party hereto. 
 9.12
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. 

9.13 Additional Loan Parties. Each Person that becomes a Loan Party after the date hereof shall become a party to this Agreement
upon execution and delivery by such Person of a joinder agreement as provided in section 10.12 of the Security Agreement referred to in the First Priority Agreement. 

  
 26 

 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as First Priority Representative for and on behalf of the First Priority Secured Parties
		
	By:	 	/s/ Susan LeFevre
	Name:	 	Susan LeFevre
	Title:	 	Managing Director
		
	By:	 	/s/ Benjamin Souh
	Name:	 	Benjamin Souh
	Title:	 	Vice President
	
	 Address for Notices:

Deutsche Bank Trust Company Americas
 60 Wall
Street
 New York, NY 10015

	
	Attention: Susan LeFevre
	 Telecopy No.: (212) 797-5692
 Tel.: (212) 250-6114
 Email: susan.lefevre@db.com

  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Second Priority Representative for and on behalf of the Second Priority Secured Parties
		
	By:	 	/s/ Joshua G. James
	Name:	 	Joshua G. James
	Title:	 	Banking Officer
	
	Address for Notices:
	Wilmington Trust, N.A.
	50 South Sixth Street, Suite 1290
	Minneapolis, MN 55402
	
	Attention: Josh James
	Telecopy No.: (612) 217-5651
	Tel.: (612) 217-5637
	Email: jjames@WilmingtonTrust.com

  
 27 

 

  

					
	Address for Notices:	 	LEE ENTERPRISES, INCORPORATED
			
	201 North Harrison Street, Suite 600	 	By:	 	 /s/ Carl G. Schmidt

	Davenport, Iowa 52801	 		 	Name:    Carl G. Schmidt
	Attn: Chief Financial Officer	 		 	Title:      Vice President, Chief Financial Officer
	Telecopy No.: (563) 327-2600	 		 	                and Treasurer
	Tel.: (563) 383-2170	 		 	

  

					
	Address for Notices:	 	ACCUDATA, INC.
	 c/o Lee Enterprises, Incorporated
 201 North Harrison Street, Suite 600
 Davenport, Iowa 52801

Attn: Chief Financial Officer
 Telecopy No.:
(563) 327-2600
 Tel.: (563) 383-2170
	 	 JOURNAL-STAR PRINTING CO.
 K. FALLS BASIN PUBLISHING, INC.
 LEE CONSOLIDATED HOLDINGS CO.

LEE PUBLICATIONS, INC.
 LEE PROCUREMENT SOLUTIONS
CO.
 SIOUX CITY NEWSPAPERS, INC.

			
		 	By:	 	 /s/ C.D. Waterman III

		 		 	Name:    C.D. Waterman III
		 		 	Title:      Secretary

 

					
	Address for Notices:	 	 INN PARTNERS, L.C.
 By ACCUDATA, INC., Managing Member

			
	c/o Lee Enterprises, Incorporated	 	By:	 	 /s/ C.D. Waterman III

	201 North Harrison Street, Suite 600	 		 	Name:    C.D. Waterman III
	Davenport, Iowa 52801	 		 	Title:      Secretary
	Attn: Chief Financial Officer	 		 	
	Telecopy No.: (563) 327-2600	 		 	
	Tel.: (563) 383-2170

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