Document:

JMG-2015.03.31-EX10.8

Exhibit 10.8

JOURNAL MEDIA GROUP, INC.
SUPPLEMENTAL BENEFIT PLAN
(Effective April 1, 2015)

Journal Media Group, Inc. (the “Company”) adopted this Journal Media Group, Inc. Supplemental Benefit Plan (the “SERP”) effective April 1, 2015.  The SERP is intended to provide benefits equivalent to those provided under the Journal Communications, Inc. Supplemental Benefit Plan (the “JRN Plan”).  The JRN Plan benefits were frozen temporarily effective July 1, 2009 and permanently effective January 1, 2011.  Prior to the freeze, the JRN Plan supplemented pension benefits received by certain employees under the Journal Communications, Inc. Employees’ Pension Plan (“Pension Plan”) and the Journal Communications, Inc. 401(k) Plan (“401(k) Plan”) which were affected by Internal Revenue Code (“Code”) limitations.
The SERP is unfunded and is maintained by the Company for the purpose of providing deferred compensation for a select group of management or highly compensated employees.
The SERP is designed to comply with Internal Revenue Code Section 409A relating to deferred compensation.  Any definitions and any ambiguities shall be interpreted so as to comply with that section.
1.    Eligibility.
Employees of the Company and former employees of Journal Communications, Inc. are eligible for benefits hereunder if both of the following apply: 
		
	(i)
	As of the Distribution Time (as defined herein), the individual was either a current or a former employee Journal Communications, Inc. whose primary employment or former employment (respectively) related primarily to the newspaper business of Journal Communications, Inc.  For purposes of the SERP, “Distribution Time” shall have the meaning set forth in the Employee Matters Agreement, dated July 30, 2014, by and among The E.W. Scripps Company, Desk Spinco, Inc., Scripps NP Operating, LLC, a Wisconsin limited liability company (formerly known as Desk NP Operating, LLC), Journal Communications, Inc., Boat Spinco, Inc., and Journal Media Group, Inc.)

		
	(ii) 
	As of the Distribution Time, the individual was a participant under the JRN Plan.

Each person participating in this SERP is a “Participant.”

2.    Amount of Supplemental Benefit.
Supplemental benefits under the JRN Plan consisted of benefits related to the Pension Plan (“Pension Plan Benefit”) and benefits related to the 401(k) Plan (“401(k) Plan Benefits”).  These benefits continue under this SERP, as described below:
		
	(a)
	Pension Plan Participants.  The Pension Plan Benefit of each participant under the JRN Plan was frozen effective July 1, 2009.  A Participant’s Pension Benefit under this SERP shall be equal to that Participant’s Pension Benefit under the JRN Plan as calculated as of the Distribution Time (as shown in Appendix A) and as adjusted to reflect applicable limits in the Code from time to time.

		
	(b)
	401(k) Plan Participants.  The 401(k) Plan Benefit of each participant under the JRN Plan was frozen effective October 12, 2010.  A Participant’s 401(k) Plan Benefit under this SERP shall be equal to that Participant’s 401(k) Plan Benefit under the JRN Plan as calculated as of the Distribution Time.   Earnings shall be credited to the account of each Participant, from time to time, at the rate determined by the compensation committee of the Company’s board of directors.

3.    Payment of Benefits.

All payment terms that existed under the JRN Plan for any Participant shall continue to apply under this SERP.  This includes (without limitations) form of payment, beneficiary designations, and timing of payment. 

		
	(a)
	Pension Plan Benefits.  Pension Plan Benefits which become payable to a Participant under this SERP shall be payable as of the first of the month following the later of the Participant’s separation from service or attainment of age 60 (subject to the requirements for “Specified Employees” as described below), in the following forms of payment.

		
	(i)
	Single Employees.  If a Participant does not have a spouse as of the later of the Participant’s separation from service or attainment of age 60, Pension Plan Benefits under the SERP will be payable to the Participant in the form of a monthly single-life benefit.  Such Pension Plan Benefit payments shall be made monthly during the Participant’s lifetime, with payments ceasing upon the Participant’s death.

		
	(ii)
	Married Employees.  If a Participant does have a spouse as of the later of the Participant’s separation from service or attainment of age 60, Pension Plan Benefits under the SERP will be payable to the Participant in the form of a 50% joint and survivor benefit.  Such 

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Pension Plan Benefit payments shall be made monthly during the Participant’s lifetime and, upon the Participant’s death, 50% of such benefits shall be payable to the Participant’s spouse for the spouse’s life.  Pension Plan Benefit payments under the plan will cease on the later of the death of the Participant or the death of the Participant’s spouse.

		
	(iii)
	Small Benefit Cashouts.  If, as of the later of a Participant’s separation from service or attainment of age 60, the Participant’s Pension Plan Benefits equal a monthly annuity of $100 or less, such Participant’s Pension Plan Benefits shall be paid in the form of a lump sum payment on the payment date specified in this Section 3(a).  The actuarial factors used in this calculation shall be the same actuarial factors used for small amount cashouts under the Pension Plan.

		
	(iv)
	Death Benefits.  If a Participant dies before Pension Plan Benefits under this SERP have begun, Pension Plan Benefits payable upon the Participant’s death, if any, will be made to the Participant’s beneficiary in a lump sum on the first day of the month following the later of the Participant’s death or the date on which the Participant would have attained age 60.  If a Participant dies after Pension Plan Benefit payments under the SERP have begun, any benefits payable upon the Participant’s death shall be made in accordance with (ii) above.

		
	(b)
	401(k) Plan Benefits.  401(k) Plan Benefits that become payable to a Participant under this SERP shall be payable according to the following provisions:

		
	(i)
	Active Employees on January 1, 2008.  For Participants who were in active employment with Journal Communications, Inc. on January 1, 2008, 401(k) Plan Benefits shall be made in a lump sum payment on the first of the month following the later of the Participant’s separation from service or attainment of age 60 (subject to the requirements for “Specified Employees” as described below).

		
	(ii)
	Terminated Employees prior to January 1, 2008.  For Participants who separated from service with Journal Communications, Inc. prior to January 1, 2008, 401(k) Plan Benefits shall be made in the form of a lump sum payment on the later of January 1, 2008 or the first of the month following the Participant’s attainment of age 60.   

		
	(iii)
	Death Benefits.  If a Participant dies before 401(k) Plan Benefits under this SERP have been made, the Participant’s 401(k) Plan 

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Benefits will be paid to the Participant’s beneficiary in a lump sum on the first of the month following the Participant’s death.  

		
	(iv)
	Small Benefit Cashouts.  If, as of a Participant’s separation from service, the Participant’s 401(k) Plan Benefit is not greater than the applicable dollar amount under Code Section 402(g)(1)(B) and any other conditions to the limited cashouts exception contained in Section 1.409A-3(j)(4)(v) are satisfied, such Participant’s 401(k) Plan Benefits shall be paid in the form of a lump sum payment in the month following the Participant’s separation from service.

4.    Company’s Payment Obligation.
Benefits under this SERP shall be payable exclusively from the general assets of the Company, and the Company shall be under no obligation to set aside, earmark, or entrust any fund or assets with which to pay such benefits. Participants (and their beneficiaries) shall be general creditors of the Company with respect to benefits hereunder as, if, and when any benefits become payable.

5.    Beneficiary.
A Participant’s beneficiary hereunder shall be the same person(s) determined to be the Participant’s beneficiary under the Pension Plan (for benefits accrued pursuant to Section 2(a) of this SERP) or under the 401(k) Plan (for benefits accrued pursuant to Section 2(b) of this SERP).  Beneficiary designations in effect under the JRN Plan shall continue under this SERP.

6.    General.
No Participant or beneficiary shall have any right to assign, transfer or otherwise convey to any person or entity the right to receive any payments hereunder. The Company reserves the right to amend or terminate this SERP in any manner, at any time, and for any reason.

7.Prior Plans. 

This SERP supersedes all prior plans, including the JRN Plan for all Participants.   

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8.    Specified Employees.

Notwithstanding anything in the SERP to the contrary, if any amount or benefit that would constitute non-exempt “deferred compensation” for purposes of Section 409A of the Code would otherwise be payable or distributable under this SERP by reason of a Participant’s separation from service during a period in which the Participant is a Specified Employee (as defined below), then, subject to any permissible acceleration of payment by the Company under Treas. Reg. Section 1.409A-3(j)(4)(ii) (domestic relations order), (j)(4)(iii) (conflicts of interest), or (j)(4)(vi) (payment of employment taxes):

		
	(a)
	if the payment or distribution is payable in a lump sum, the Participant’s right to receive payment or distribution of such non-exempt deferred compensation will be delayed until the earlier of the Participant’s death or the first day of the seventh month following the Participant’s separation from service; and

		
	(b)
	if the payment or distribution is payable in installments, the amount of such non-exempt deferred compensation that would otherwise be payable during the six-month period immediately following the Participant’s separation from service will be accumulated and the Participant’s right to receive payment or distribution of such accumulated amount will be delayed until the earlier of the Participant’s death or the first day of the seventh month following the Participant’s separation from service, whereupon the accumulated amount will be paid or distributed to the Participant, without interest, and the normal payment or distribution schedule for any remaining payments or distributions will resume.

For purposes of this SERP, the term “Specified Employee” has the meaning given such term in Code Section 409A and the final regulations thereunder, provided, however, that, as permitted in such final regulations, the Company’s Specified Employees and its application of the six-month delay rule of Code Section 409A(a)(2)(B)(i) shall be determined in accordance with rules adopted by the Board or a committee of the Board, which shall be applied consistently with respect to all nonqualified deferred compensation arrangements of the Company, including this SERP.

[END OF DOCUMENT]

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APPENDIX A

Pension Plan Benefits as of the Distribution Time

	
		
	 
	BENEFIT ($)

	ACTIVE EMPLOYEE PARTICIPANTS
	 

	Elizabeth Brenner
	 

	George Stanley
	 

	 
	 

	TERMINATED VESTED PARTICIPANTS
	 

	Todd Adams
	 

	James Clark
	 

	Cristina Garcia-Thomas
	 

	Steven Huhta
	 

	William M. Kaiser
	 

	Richard Luedtke
	 

	Scott Pompe
	 

	Mark Thomas
	 

	 
	 

	RETIRED PARTICIPANTS RECEIVING PAYMENT
	 

	Richard Dobson
	 

	Astrid Garcia
	 

	Kenneth Kieck
	 

	Gordon Lowry
	 

	Keith Spore
	 

- 6 -JMG-2015.03.31-EX10.9

Exhibit 10.9

JOURNAL MEDIA GROUP, INC.

SEVERANCE AND RETENTION GUIDELINES 
FOR CERTAIN FORMER JOURNAL COMMUNICATIONS, INC. EMPLOYEES

Definitions    

		
	(a)
	Company: Journal Media Group, Inc., a Wisconsin corporation with its principal office and place of business in Milwaukee, Wisconsin, and any subsidiary or successor thereof now or hereinafter created.

		
	(b)
	Continuing Health Benefit: If the Participant and/or his or her dependents timely elect to continue group medical coverage within the meaning of Internal Revenue Code Section 4980B(f)(2) with respect to a group health plan sponsored by the Company or an affiliate, then the Company shall pay to the Participant monthly the amount of the continuation coverage premium for the same type and level of group health plan coverage received by the Participant and his or her electing dependents immediately prior to the Qualifying Termination of Employment during the Continuing Health Benefit Period.  

		
	(c)
	Continuing Health Benefit Period: 1 year, for Level 1 Participants; 6 months, for Level 2 Participants; and 3 months, for Level 3 Participants.

		
	(d)
	Distribution Time: The “Distribution Time” as defined under the EMA.   

		
	(e)
	Effective Date: The Distribution Time.

		
	(f)
	EMA: The Employee Matters Agreement, dated July 30, 2014, by and among The E.W. Scripps Company, Desk Spinco, Inc., Scripps NP Operating, LLC, a Wisconsin limited liability company (formerly known as Desk NP Operating, LLC), Journal Communications, Inc., Boat Spinco, Inc., and Journal Media Group, Inc.   

		
	(g)
	Guidelines: These Journal Media Group, Inc. Severance and Retention Guidelines for Certain Former Journal Communications, Inc. Employees.

		
	(h)
	JRN MIP: The Journal Communications, Inc. Management Incentive Plan, as in effect as of the Distribution Time.

		
	(i)
	JRN Severance and Retention Guidelines: The Journal Communications, Inc. Severance and Retention Guidelines, as in effect as of the Distribution Time.

		
	(j)
	Level 1 Participant: A Transferred JRN Employee that had a position of Vice President or above at Journal Communications, Inc.

		
	(k)
	Level 2 Participant: A Transferred JRN Employee that had a position of Broadcast Vice President, Journal Communications, Inc. Director/Manager or Key Employee.

1

		
	(l)
	Level 3 Participant: A Transferred JRN Employee who was part of the Corporate Staff at Journal Communications, Inc.

		
	(m)
	Master Transaction Agreement: The Master Transaction Agreement, dated July 30, 2014, by and among The E.W. Scripps Company, Desk Spinco, Inc., Scripps NP Operating, LLC, a Wisconsin limited liability company (formerly known as Desk NP Operating, LLC), Journal Communications, Inc., Boat Spinco, Inc., and Journal Media Group, Inc.   

		
	(n)
	Participant: All Transferred JRN Employees. 

		
	(o)
	Retention Date: The date that is 6 months following the closing date of the transactions contemplated by the Master Transaction Agreement, or such other date mutually agreed upon by the Participant and Journal Communications, Inc.

		
	(p)
	Plan Period: The Effective Date through 5 pm CST on December 31, 2015.

		
	(q)
	Qualifying Termination of Employment: Termination of the Participant’s employment by the Company without cause during the Plan Period.

		
	(r)
	Transferred JRN Employee:  As of the Distribution Time any then current and former participants under the JRN Severance and Retention Guidelines whose primary employment or former employment (respectively) was related to the newspaper business of Journal Communications, Inc. or any employee that has been designated by Journal Communications, Inc. as a “Transferring Journal Employee” (as defined in the EMA) on Section 1.01 of the Schedule to the EMA.

Severance Benefits

Participants shall be entitled to the following severance benefits in the event of a Qualifying Termination of Employment.

		
	I.
	Level 1 Employee 

		
	•
	Cash severance in an amount equal to one year of the Participant’s then-current annual base salary, payable in a single lump sum within 60 days following the Qualifying Termination of Employment

		
	•
	Continuing Health Benefit 

		
	•
	Individual outplacement services

		
	•
	Accelerated vesting of Journal Communications, Inc. equity awards or replacement equity awards

		
	II.
	Level 2 Employee

		
	•
	Cash severance in an amount equal to the greater of 6 months of the Participant’s then-current annual base salary or two weeks for every year of service (including service at both Journal Communications, Inc. and Journal Media Group, Inc., if applicable), subject to a maximum of 40 weeks, payable in a single lump sum within 60 days following the Qualifying Termination of Employment

2

		
	•
	Continuing Health Benefit 

		
	•
	Individual outplacement services

		
	•
	Accelerated vesting of Journal Communications, Inc. equity awards or replacement equity awards

		
	III.
	Level 3 Employee

		
	•
	Cash severance in an amount equal to 2 weeks of the Participant’s then-current annual base salary for every year of service (including service at both Journal Communications, Inc. and Journal Media Group, Inc., if applicable), subject to a minimum of 6 weeks and a maximum of 40 weeks, payable in a single lump sum within 60 days following the Qualifying Termination of Employment

		
	•
	Continuing Health Benefit 

		
	•
	Group outplacement services

Retention Bonuses 

The Level 1 Employees identified on Schedule I hereto shall be entitled to receive a retention bonus in an amount equal to his or her 2015 target bonus under the JRN MIP, payable in a single lump sum within 30 days following the Retention Date, provided that such Participant remains employed by the Company on the Retention Date.

The Level 2 and Level 3 Employees identified on Schedule II hereto shall be entitled to receive a retention bonus equal to the amount set forth opposite his or her name on such Schedule II, payable in a single lump sum within 30 days following the Retention Date, provided that such Participant remains employed by the Company on the Retention Date.

Pro-Rated JRN MIP Payment

Participants in the JRN MIP shall receive a payout assuming achievement of performance goals at the “target” level, prorated based upon the length of time within calendar year that has elapsed prior to closing date of the transactions contemplated by the Master Transaction Agreement.

Amendment and Termination 

These Guidelines may be amended from time to time in any respect by the Company; provided, however, that, during the Plan Period, the Company may not amend or terminate these Guidelines in a manner that adversely affects the rights of a Participant. 

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