Document:

EX-4.2

 Exhibit 4.2 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Ally
Financial Inc. or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof,
Cede & Co., has an interest herein. 
 No. __ 

CUSIP No.: 02005N BJ8 
 ISIN No.:
US02005NBJ81 
 5.800% Senior Note due 2025 

Ally Financial Inc. 
 promises to pay to
Cede & Co. or registered assigns, 
 the principal sum of _______________________ DOLLARS ($____________) on May 1, 2025. 

Interest Payment Dates: May 1 and November 1 (or, if any such day is not a Business Day (as defined on the reverse side of this note), the next
succeeding Business Day), commencing on November 1, 2020. 
 Record Dates: The calendar day immediately preceding the relevant interest payment date.

 Dated: _________ 

[ADDITIONAL PROVISIONS OF THIS NOTE ARE
SET FORTH ON THE REVERSE SIDE OF THIS NOTE] 

 WITNESS THE SEAL OF THE COMPANY AND THE SIGNATURES OF ITS DULY AUTHORIZED OFFICERS. 

 

			
	ALLY FINANCIAL INC.
		
	By:	 	    
	Name:	 	
	Title:	 	
		
	By:	 	    
	Name:	 	
	Title:	 	

 Dated: _________ 

  
 [Signature Page to Senior
Note] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

THIS IS ONE OF THE SECURITIES OF THE 
 SERIES DESIGNATED THEREIN
REFERRED TO 
 IN THE WITHIN-MENTIONED INDENTURE. 
 THE BANK OF
NEW YORK MELLON, 
     AS TRUSTEE 
  

			
	By:	 	    
		 	Authorized Signatory

 Dated: _________ 

  
 [Signature Page to Senior
Note] 

 [REVERSE SIDE OF NOTE] 

5.800% Senior Note due 2025 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

Ally Financial Inc., a Delaware corporation (hereinafter called the “Company”, which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of _______________________ DOLLARS ($____________) at the office or agency of the Company for such
purpose in the Borough of Manhattan, The City of New York, on May 1, 2025, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest
on said principal sum at the rate of 5.800% per annum at the office or agency of the Company in the Borough of Manhattan, The City of New York, in like coin or currency on May 1 and November 1 (each, an “Interest Payment
Date”) of each year, beginning on November 1, 2020. Such interest will accrue from and including April 8, 2020 or the most recent Interest Payment Date (whether or not such Interest Payment Date was a Business Day (as defined
below)) for which interest had been paid or duly provided for to but excluding the relevant Interest Payment Date. The first payment to be made on November 1, 2020 is in respect of the period from and including April 8, 2020 to but
excluding November 1, 2020. The interest so payable on any Interest Payment Date will, subject to certain exceptions provided in the Indenture referred to below, be paid to the person in whose name this 5.800% Note (as defined below) is
registered at the close of business on the calendar day immediately preceding such Interest Payment Date. At the option of the Company, interest may be paid by check to the registered holder hereof entitled thereto at his last address as it appears
on the registry books, and principal may be paid by check to the registered holder hereof or other person entitled thereto against surrender of this 5.800% Note. 

If an Interest Payment Date falls on a day that is not a Business Day, the interest payment will be postponed to the next succeeding Business
Day, with the same force and effect as if made on the date such payment was due, and no interest will accrue as a result of such delay. 

“Business Day” is any day which is not a Saturday or Sunday or a day on which banking institutions in New York, New York are
authorized or obligated by law or executive order to close. 
 This 5.800% Note is one of a duly authorized issue of debentures, notes,
bonds or other evidences of indebtedness of the Company (hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of July 1, 1982 (as may
be supplemented from time to time, herein called the “Indenture”), duly executed and delivered by the Company to The Bank of New York Mellon (herein called the “Trustee”, which term includes any successor trustee
under the Indenture), to which the Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the
Holders of the Securities. The terms of this 5.800% Note include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act. This 5.800% Note is subject to all such terms, and Holders are referred to
the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this 5.800% Note and the terms of

  
 R-1 

 
the Indenture, the terms of this 5.800% Note shall control. The Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may
mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), and may otherwise vary as in the Indenture provided. This 5.800% Note is one of two (2) global notes, which
together represent all of the Company’s 5.800% Senior Notes due 2025 (CUSIP: 02005N BJ8) registered with the United States Securities and Exchange Commission (the “5.800% Notes”, which term shall include any Additional Notes
(as defined below)), limited in initial issuance to the aggregate principal amount of $750,000,000. The 5.800% Notes will bear interest, calculated on the basis of a 360-day year consisting of twelve 30-day months. 
 The 5.800% Notes are in registered book-entry form without coupons in initial
denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 The 5.800% Notes do not have the benefit of a sinking fund.

 The 5.800% Notes will be redeemable at the Company’s option, in whole or in part, at any time or from time to time, on or after
October 5, 2020 (or, if Additional Notes (as defined below) are issued after April 8, 2020, beginning 180 days after the issue date of such Additional Notes), and prior to the Applicable Par Call Date, in each case at a redemption price,
plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date, equal to the greater of: 
  

	 	•	 	 100% of the aggregate principal amount of the 5.800% Notes being redeemed on that redemption date; and

  

	 	•	 	 the sum of the present values of the remaining scheduled payments of principal and interest on the 5.800% Notes
being redeemed that would be due if the 5.800% Notes to be redeemed matured on the Applicable Par Call Date (not including any portion of such payments of interest accrued to the redemption date) discounted to the redemption date on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus the Applicable Spread for the 5.800% Notes to be redeemed.

 On and after the Applicable Par Call Date, the 5.800% Notes will be redeemable, in whole or in part, at any time and
from time to time, at the Company’s option at a redemption price equal to 100% of the aggregate principal amount of the 5.800% Notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date. 

If the Company redeems 5.800% Notes at its option, then (a) notwithstanding the foregoing, installments of interest on the 5.800% Notes
that are due and payable on any Interest Payment Date falling on or prior to a redemption date for the 5.800% Notes will be payable on that Interest Payment Date to the registered holders thereof as of the close of business on the relevant record
date according to the terms of the 5.800% Notes and the Indenture and (b) the redemption price will, if applicable, be calculated on the basis of a 360-day year consisting of twelve 30-day months. 
 “Applicable Par Call Date” means April 1, 2025 (30 days prior to
the maturity date). 
 “Applicable Spread” means 50 basis points. 

  
 R-2 

 “Comparable Treasury Issue” means the United States Treasury security
selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the 5.800% Notes to be redeemed (assuming the 5.800% Notes matured on the Applicable Par Call Date) that would be utilized,
at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to such remaining term. 

“Comparable Treasury Price” means, with respect to any redemption date for 5.800% Notes to be redeemed, (A) if the
Independent Investment Banker obtains four or more applicable Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations after excluding the highest and lowest of such applicable Reference Treasury Dealer
Quotations or (B) if the Independent Investment Banker obtains fewer than four applicable Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company to act as the
“Independent Investment Banker.” 
 “Reference Treasury Dealers” mean, with respect to the 5.800% Notes offered
hereby, (A) Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC (or their respective affiliates which are Primary Treasury Dealers (as defined below)), and their respective
successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary
Treasury Dealer; and (B) any other Primary Treasury Dealer(s) selected by the Company. 
 “Reference Treasury Dealer
Quotation” means, with respect to each Reference Treasury Dealer and any redemption date for 5.800% Notes to be redeemed, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable
Treasury Issue for the 5.800% Notes to be redeemed on such redemption date (expressed in each case as a percentage of its aggregate principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00
p.m. (New York City time) on the third Business Day preceding such redemption date. 
 “Treasury Rate” means, with respect
to any redemption date applicable to the 5.800% Notes, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue for the 5.800% Notes to be redeemed on such redemption date, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its aggregate principal amount) equal to the applicable Comparable Treasury Price for such redemption date. 

Notice of any redemption will be mailed at least 30 days but not more than 90 days before the redemption date to each Holder of the 5.800%
Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on or after the redemption date, interest will cease to accrue on the 5.800% Notes called for redemption. 

If less than all of the 5.800% Notes are to be redeemed, the Trustee shall select pro rata or by lot or in such other manner as the Trustee
shall deem fair and appropriate, the 5.800% Notes to be redeemed, subject in all cases to compliance with applicable DTC procedures. The Trustee may select for redemption 5.800% Notes and portions of 5.800% Notes in amounts of $2,000 and integral
multiples of $1,000 in excess thereof (provided that the unredeemed portion of such 5.800% Notes redeemed in part will not be less than $2,000) and shall thereafter promptly notify the Company in writing of the numbers of 5.800% Notes to be
redeemed, in whole or in part. 

  
 R-3 

 In addition to the covenants of the Company set forth in the Indenture, the Company agrees
that (each an “Additional Covenant”): 
 (a)    the Company shall not, and shall not permit any of its
subsidiaries to, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder of 5.800% Notes for or as an inducement to any consent, waiver or amendment of any of the terms or
provisions of the Indenture or the 5.800% Notes unless such consideration is offered to be paid or agreed to be paid to all Holders of the 5.800% Notes which so consent, waive or agree to amend in the time frame set forth in the solicitation
documents relating to such consent, waiver or agreement; and 
 (b)    the Company shall furnish to the Holder of this
5.800% Note and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act of 1933, as amended, for so long as any 5.800% Notes remain outstanding during any period
when it is not subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, or otherwise permitted to furnish the Securities and Exchange Commission with certain information pursuant to Rule 12g3-2(b) of the Securities Exchange Act of 1934. 
 In case an Event of Default, as defined in the
Indenture or herein, with respect to the 5.800% Notes shall have occurred and be continuing, the principal hereof may be declared, and upon such declaration shall become, due and payable in the manner, with the effect and subject to the conditions
provided in the Indenture. Holders of the 5.800% Notes shall vote as a separate class with respect to any defaults, Events of Default or remedies relating thereto as a result of any covenants, obligations, or provisions affecting only the 5.800%
Notes, including the Additional Covenants. 
 The Indenture contains provisions permitting the Company and the Trustee, with the consent of
the Holders of not less than 662/3% in aggregate principal amount of the Securities at the time outstanding (as defined in the Indenture) of all series to be affected by the execution of such supplemental indentures referred to in this sentence
(voting as one class), evidenced as in the Indenture provided, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying
in any manner the rights of the Holders of the Securities of each such series; provided that no such supplemental indenture shall (i) extend the fixed maturity of any Securities, or reduce the principal amount thereof or premium, if any,
or reduce the rate or extend the time of payment of any interest thereon, without the consent of the Holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities, the Holders of which are required to consent to any
such supplemental indenture, without the consent of the Holders of all Securities then outstanding. Any such consent or waiver by the Holder of this 5.800% Note shall be conclusive and binding upon such Holder and upon all future Holders of this
5.800% Note and of any 5.800% Note issued upon the registration of transfer hereof, or in lieu hereof, whether or not notation for such consent or waiver is made upon this 5.800% Note. 

Holders of the 5.800% Notes shall vote as a separate class with respect to amendments, modifications or waivers affecting only the 5.800%
Notes, including amendments, modifications or 

  
 R-4 

 
waivers with respect to the Additional Covenants. Holders of 5.800% Notes that contain redemption or mandatory redemption provisions shall vote as a separate class with respect to amendments,
modifications or waivers that affect only such provisions. Holders of Securities that are not 5.800% Notes, or, with respect to redemption or mandatory redemption provisions, that do not have such provisions, shall not have any voting rights with
respect to such matters. 
 For the avoidance of doubt, in determining whether the Holders of the required aggregate principal amount of
5.800% Notes have concurred in any direction, consent or waiver, 5.800% Notes which are owned by the Company or any other obligor on the 5.800% Notes, or by any person directly or indirectly controlling or controlled by or under direct or indirect
common control with the Company or any other obligor on the 5.800% Notes, shall be disregarded and deemed not to be outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be
protected in relying on any such direction, consent or waiver, only 5.800% Notes which a Responsible Officer of the Trustee knows are so owned shall be so disregarded. 5.800% Notes so owned which have been pledged in good faith may be regarded as
outstanding for the purposes of this paragraph if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such 5.800% Notes and that the pledgee is not a person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. 

No reference herein to the Indenture and no provision of this 5.800% Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and interest on this 5.800% Note at the place, at the respective times, at the rate, and in the coin or currency, herein prescribed. 

The Company may from time to time, without notice to or the consent of the registered holders of the 5.800% Notes, create and issue additional
notes (the “Additional Notes”) ranking pari passu with the 5.800% Notes in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such Additional Notes or except for the first
payment of interest following the issue date of such Additional Notes). Such Additional Notes may be consolidated and form a single series with the 5.800% Notes and have the same terms as to status, redemption or otherwise as the 5.800% Notes. 

Upon due presentment for registration of transfer of this 5.800% Note at the office or agency designated and maintained by the Company for
such purpose in the Borough of Manhattan, The City of New York, pursuant to the provisions of the Indenture, a new 5.800% Note for an equal aggregate principal amount will be issued to the transferee in exchange therefor, subject to the limitations
provided in the Indenture, without charge except for any tax or other governmental charge imposed in connection therewith. 
 The Company,
the Trustee and any authorized agent of the Company or the Trustee may deem and treat the Holder in whose name this 5.800% Note is registered upon the books of the Company to be, and may treat such Holder as, the absolute owner of this 5.800% Note
(whether or not this 5.800% Note shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the principal hereof (and premium, if any) and interest hereon, and
for all other purposes, and neither the Company nor the Trustee nor any authorized agent of the Company or the Trustee shall be affected by any notice to the contrary. 

  
 R-5 

 No recourse under or upon any obligation, covenant or agreement in the Indenture or any
indenture supplemental thereto or in any Security, or because of any indebtedness represented thereby, shall be had against any incorporator, or against any past, present or future stockholder, officer or director, as such, of the Company or of any
successor corporation, either directly or through the Company or any successor corporation, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all
such liability being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 
 This
5.800% Note is governed by and construed in accordance with the laws of the State of New York. 
 This 5.800% Note shall not be valid
or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. 

  
 R-6 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED the undersigned hereby sells, 

assigns and transfers unto 
 PLEASE INSERT SOCIAL
SECURITY OR OTHER 
     IDENTIFYING NUMBER OF ASSIGNEE 
  

 
  

 
 Please print or typewrite name and address including
postal zip code of assignee 
  
  

the within 5.800% Note of Ally Financial Inc. and hereby irrevocably constitutes and appoints 

___________________________________________________ attorney to transfer said 5.800% Note on the books of the within-named Company, with full power of
substitution in the premises. 
 Dated: ____________ 

SIGN HERE        __________________________________________________________ 

NOTICE: THE SIGNATURE OF THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR
WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 
 SIGNATURE GUARANTEEDExhibit
      4.2

    2020 LONG-TERM INCENTIVE PLAN

    (Effective February 19, 2020)

    

    

    Section 1: GENERAL PROVISIONS

    

    

    1.1 Purpose

    

    

    The purpose of the 2020
      Long-Term Incentive Plan (the “Plan”) of Lee Enterprises, Incorporated (the “Company”) is to promote the interests of the Company and its shareholders by (i) attracting and retaining officers, directors and employees of outstanding ability who will
      contribute to the Company’s long range success; (ii) strengthening the Company’s capability to develop, maintain and direct a competent management team; (iii) motivating officers, directors and employees, by means of performance-related incentives,
      to achieve longer-range performance goals; (iv) providing incentive compensation opportunities which are competitive with those of other major corporations; and (v) enabling such officers, directors and employees to participate in the long-term
      growth and financial success of the Company.  The Plan amends and restates the Lee Enterprises, Incorporated 1990 Long-Term Incentive Plan (as previously amended and restated, the “1990 Plan”).

    

    

    1.2 Definitions

    

    

    “Affiliate” means any
      corporation or other entity that is not a Subsidiary but as to which (i) the Company possesses a direct or indirect ownership interest and has representation on the board of directors or any similar governing body; and (ii) is designated by the Board
      as an “Affiliate” for purposes of this Plan.

    

    

    “Award” means any right
      granted under the Plan, including under Sections 2 through 4 of the Plan.

    

    

    “Award Agreement” means
      a written agreement or other instrument or document evidencing the terms and conditions of an individual Award granted under the Plan which may, in the discretion of the Company, be transmitted electronically to any Participant. Each Award Agreement
      shall be subject to the terms and conditions of the Plan.

    

    

    “Board” means the Board
      of Directors of the Company, as constituted at any time.

    

    

    “Code” means the
      Internal Revenue Code of 1986 as amended from time to time.

    

    

    “Committee” means the
      Executive Compensation Committee of the Board.

    

    

    “Common Stock” means the
      Common Stock, $0.01 par value, of the Company, or such other securities of the Company as may be designated by the Committee from time to time in substitution thereof.

    

    

    “Company” means the
      Company, its divisions, Subsidiaries and Affiliates, and any successors thereto.

    

    

    

    

    
      
        

    

    

    

    “Disability Date” means
      the date on which a Participant is deemed disabled under any employee benefit plan of the Company applicable to the Participant.

    

    

    “Employee” means any
      person (including an officer or director) who is employed by the Company; provided that, for purposes of determining eligibility to receive Incentive Stock Options, an Employee shall mean an employee of the Company or a “parent corporation” or
      “subsidiary” within the meaning of Section 424 of the Code.

    

    

    “Employment Period”
      means employment with the Company within a two (2) year period following a Change of Control as described in Section 1.6.

    

    

    “Fair Market Value”
      means, as the Committee shall determine, either (i) the average of the high and low prices of the Common Stock, or (ii) the closing price of the Common Stock, on the date on which it is to be valued hereunder as reported for New York Stock
      Exchange-Composite Transactions.

    

    

    “Incentive Stock Option”
      means an option that is designated by the Committee as an incentive stock option within the meaning of Section 422 of the Code and that meets the requirements set forth in the Plan.

    

    

    “Non-Employee Director”
      means a member of the Board who is not an Employee, including any director within the meaning set forth in Rule 16b-3(3)(i) promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, or any successor definition
      adopted by the Commission.

    

    

    “Non-Qualified Stock
      Option” means an option that by its terms does not qualify or is not intended to qualify as an Incentive Stock Option.

    

    

    “Normal Retirement Date”
      has the meaning set forth in the pension or retirement plan of the Company applicable to the Participant, or such other date as may be mutually agreed upon in writing by the Committee and the Participant.

    

    

    “Participant” means an
      Employee or Non-Employee Director who is selected by the Committee to receive an Award under the Plan or, if applicable, such other person who holds an outstanding Award.

     

      

    “Restricted Period”
      means a period of three (3) years, or such other period of years selected by the Committee, during which a grant of Restricted Stock may be forfeited to the Company.

    

    

    “Restricted Stock” means
      shares of Common Stock contingently granted to a Participant under Section 3 of the Plan.

    

    

    “Stock Appreciation
      Right” means the right pursuant to Section 1.6(b) or an Award granted under Section 4 to receive, upon exercise, an amount payable in cash or shares equal to the number of shares subject to the right being exercised multiplied by the excess of (a)
      the Fair Market Value of a share of Common Stock on the date the Award is exercised, over (b) the exercise price specified pursuant to the right.

    

    

    2

    

    
      
        

    

    

    

    “Subsidiary” means any
      entity in which the Company possesses directly or indirectly fifty percent (50%) or more of the total combined voting power of all classes of its stock or other voting rights having voting power; provided that with respect to incentive stock options
      granted hereunder, the term “subsidiary” shall mean a “subsidiary corporation” as defined in Section 424(f) of the Code or any successor provision of the Code.

    

    

    1.3 Administration

    

    

    
      	
              a.

            	
              The Plan shall be administered by the Committee, which shall have sole and complete authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the operation of the Plan
                as it shall from time to time deem advisable, and to interpret the terms and provisions of the Plan.

            

    

    

    

    
      	
              b.

            	
              The Committee shall at all times consist of three (3) or more independent members, each of whom shall be a Non-Employee Director. In addition, the Board shall have discretion to determine whether or not it
                intends to comply with the exemption requirements of Rule 16b-3 of under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Committee may delegate to one or more executive officers of the Company the power to make
                Awards to Participants who are not officers or directors of the Company, provided the Committee shall fix the maximum amount of such Awards for the group and a maximum amount for any one Participant.

            

    

    

    

    
      	
              c.

            	
              The Committee’s decisions pursuant to the provisions of the Plan shall be final and binding upon all parties.

            

    

    

    

    1.4 Eligibility

    

    

    The Committee shall, in
      its sole discretion, designate which Participants are eligible to receive Awards; provided, that, Incentive Stock Options may be granted only to Employees. Awards other than Incentive Stock Options may be granted to Employees, Non-Employee Directors,
      or other qualified individuals or entities who perform bona fide services to the Company that are not provided in connection with the offer and sale of securities in a capital-raising transaction and such qualified individual or entities do not
      directly or indirectly promote or maintain a market for the Company’s securities, as determined by the Committee.

    

    

    1.5 Shares

        Reserved

    

    

    
      	
              a.

            	
              Subject to adjustment in accordance with Section 1.5(b) of the Plan, there shall be reserved for issuance pursuant to the Plan a total of 3,263,468 shares of Common Stock, together with the number of shares
                of Common Stock underlying any Award to cover outstanding Non-Qualified Stock Options and unvested Restricted Stock under the 1990 Plan as of December 31, 2019; provided, that the number of shares of Common Stock underlying any Award
                granted under the Plan that expires, terminates or is cancelled or forfeited under the terms of the Plan shall be continue to be available for issuance.

            

    

    

    

    
      3

      

      
        
          

      

    

    

    

    
      	
              b.

            	
              In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other
                corporate change, or any distributions to common shareholders other than cash dividends, the Committee shall make such substitution or adjustment, if any, as it deems to be equitable to accomplish fairly the purposes of the Plan and to
                preserve the intended benefits of the Plan to the Participants and the Company, as to the number (including the number specified in Section 1.5(a) above) or kind of shares of Common Stock or other securities issued or reserved for issuance
                pursuant to the Plan, including the number of outstanding stock options, the option prices thereof, and the number of outstanding Awards of other types. In the case of adjustments made pursuant to this Section 1.5(b), unless the Committee
                specifically determines that such adjustment is in the best interests of the Company or its Affiliates, the Committee shall, in the case of Incentive Stock Options, ensure that any adjustments under this Section 1.5(b) will not constitute a
                modification, extension or renewal of the Incentive Stock Options within the meaning of Section 424(h)(3) of the Code and, in the case of Non-Qualified Stock Options, ensure that any adjustments under this Section 1.5(b) will not constitute
                a modification of such Non-Qualified Stock Options within the meaning of Section 409A of the Code. Any adjustments made under this Section 1.5(b) shall be made in a manner that does not adversely affect the exemption provided pursuant to
                Rule 16b-3 under the Exchange Act. The Company shall give each Participant notice of an adjustment hereunder and, upon notice, such adjustment shall be conclusive and binding for all purposes.

            

    

    

    

    1.6 Change

        of Control

    

    

    
      	
              a.

            	
              Notwithstanding any other provision of the Plan to the contrary, in the event of a Change of Control: any stock options and Stock Appreciation Rights outstanding as of the date such Change of Control is
                determined to have occurred, and which are not then exercisable and vested, shall not immediately vest, and any Restricted Stock shall remain subject to any applicable restrictions, but shall remain in effect in accordance with their terms,
                unless the Participant is terminated from his or her employment with the Company within the Employment Period, in which case (i) such stock options and Stock Appreciation Rights shall become fully exercisable and vested to the full extent
                of the original grant; and (ii) the restrictions and deferral limitations applicable to any Restricted Stock shall lapse, and such Restricted Stock shall become free of all restrictions and become fully vested and transferable to the full
                extent of the original grant.  For purposes of this subsection, a Participant shall be deemed to have been immediately terminated from his or her employment with the Company if a Change of Control described in Sections 1.6(d)(iii) or (iv)
                occurs.

            

    

    

    

    
      	
              b.

            	
              Notwithstanding any other provision of the Plan to the contrary, if, following a Change of Control an optionee is terminated from his or her employment with the Company within the Employment Period, then,
                during the 60-day period from and after such termination of employment (the “Exercise Period”), unless the Committee shall determine otherwise at the time of grant, the optionee shall have the right, whether or not the stock option is fully
                exercisable and in lieu of the payment of the exercise price for the shares of Common Stock being purchased under the stock option and by giving notice to the Company, to elect (within the Exercise Period) to surrender all or part of the
                stock option to the Company and to receive cash, within 30 days of such notice, in an amount equal to the amount by which the Change of Control Price per share of Common Stock on the date of such election shall exceed the exercise price per
                share of Common Stock under the stock option multiplied by the number of shares of Common Stock granted under the stock option as to which the right granted under this Section 1.6(b) shall have been exercised. For purposes of this
                subsection, a Participant shall be deemed to have been immediately terminated from his or her employment with the Company in the event of a Change of Control described in Sections 1.6(d)(iii) or (iv).

            

    

    

    

    
      4

      

      
        
          

      

      

      

    

    
      	
              c.

            	
              For purposes of the Plan, “Change of Control Price” means the higher of (i) the highest reported sales price, regular way, of a share of Common Stock in any transaction reported on the New York Stock Exchange
                - Composite Tape or other national exchange on which such shares are listed or on the NASDAQ during the 60-day period prior to and including the date of a Change of Control or (ii) if the Change of Control is the result of a tender or
                exchange offer or a Business Combination, the highest price per share of Common Stock paid in such tender or exchange offer or Business Combination; provided, however, that in the case of Incentive Stock Options and Stock Appreciation
                Rights relating to Incentive Stock Options, the Change of Control Price shall be in all cases the Fair Market Value of the Common Stock on the date such Incentive Stock Option or Stock Appreciation Right is exercised. To the extent that the
                consideration paid in any such transaction described above consists all or in part of securities or other noncash consideration, the value of such securities or other noncash consideration shall be determined in the sole discretion of the
                Board.

            

    

    

    

    
      	
              d.

            	
              For purposes of this Plan, a “Change of Control” means:

            

    

    

    

    
      	
              i.

            	
              the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated
                under the Exchange Act) (“Beneficial Ownership”) of 15% or more of the Common Stock; provided, however, that for purposes of this subsection (i), the following acquisitions do not constitute a Change of Control: (A) any acquisition directly
                from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company (D) any acquisition by a Person of
                Beneficial Ownership of less than 25% of the Common Stock if such Person reports, or is required to report such Beneficial Ownership on Schedule 13G under the Exchange Act or Schedule 13D of the Exchange Act (or any comparable or successor
                report), which Schedule 13D does not state any present intention to (or reserve the right to) hold such Common Stock with the purpose or effect of changing or influencing the control of the Company, nor in connection with or as a
                participant in any transaction having such purpose or effect, or (E) any acquisition pursuant to a transaction that complies with clauses (A) or (B) of subsection (iii) below; or

            

    

    

    

    
      5

      

      
        
          

      

      

      

    

    
      	
              ii.

            	
              individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a
                director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as
                though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election
                or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or

            

    

    

    

    
      	
              iii.

            	
              consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially
                all of the assets of the Company or the acquisition of assets or stock of another (entity by the Company or any of its subsidiaries (each, a “Business Combination”), in each case, unless, following such Business Combination, (A) (1) all or
                substantially all of the individuals and entities that were the beneficial owners, respectively, of the Common Stock immediately prior to such Business Combination beneficially own, directly or indirectly, more than 60% of the Common Stock
                or, with respect to an entity other than the Company, the then outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to
                vote generally in the election of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination (including, without limitation, an entity which as a result of such transaction
                owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business Combination of the Common
                Stock, (2) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns,
                directly or indirectly, 20% or more of the Common Stock or, with respect to an entity other than the Company, the then outstanding shares of common stock of the corporation resulting from such Business Combination (or, for a non-corporate
                entity, equivalent securities) or the combined voting power of the then outstanding voting securities of such entity, except to the extent that such ownership existed prior to the Business Combination and (3) at least a majority of the
                members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement,
                or of the action of the Board, providing for such Business Combination; or (B) if the Business Combination is the result of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or
                any of its subsidiaries in which the Company is not the resulting entity, or a sale or other disposition of all or substantially all of the assets of the Company, then each Award then-outstanding shall have been cancelled and substituted
                with an award in any entity other than the Company resulting from, or the acquirer of assets in, a Business Combination, which (i) is no less favorable, in terms of value and vesting rights, than the original Award made under the Plan, and
                (ii) provides for immediate vesting in the case of the Participant’s termination of employment within the Employment Period following the issuance of such award of equity in the acquiring entity; or

            

    

    

    

    
      6

      

      
        
          

      

      

      

    

    
      	
              iv.

            	
              approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

            

    

    

    

    1.7 Withholding

    

    

    To the extent provided
      by the terms of an Award Agreement and subject to the discretion of the Committee, the Company shall have the right to deduct from all amounts paid in cash (whether under this Plan or otherwise) any taxes required by law or other amounts authorized
      by a Participant to be withheld therefrom. In the case of payments of Awards in the form of Common Stock, at the Committee’s discretion, the Participant may be required to pay to the Company the amount of any taxes required to be withheld with
      respect to such Common Stock, or, in lieu thereof, the Company shall have the right to retain (or the Participant may be offered the opportunity to elect to tender) the number of shares of Common Stock whose Fair Market Value on the date such taxes
      are required to be withheld equals the amount required to be withheld.

    

    

    1.8 Non-transferability

    

    

    No Award shall be
      assignable or transferable, and no right or interest of any Participant shall be subject to any lien, obligation or liability of the Participant, except by will or the laws of descent and distribution.

    

    

    1.9 No
        Right to Employment or Other Service Rights

    

    

    No person shall have any
      claim or right to be granted an Award, and nothing in the Plan or any instrument executed or Award granted pursuant thereto shall be construed as giving a Participant the right to be retained in the employ of the Company, or shall affect the right of
      the Company to terminate (a) the employment of an Employee with or without notice and with or without Cause or (b) the service of a director. Further, the Company expressly reserves the right at any time to dismiss a Participant free from any
      liability, or from any claim under the Plan, except as provided herein or in any agreement entered into with respect to an Award.

    

    

    1.10 Construction

        of the Plan

    

    

    The validity,
      construction, interpretation, administration and effect of the Plan and of its rules and regulations, and rights relating to the Plan, shall be determined solely in accordance with the laws of Delaware, without regard to conflict of law principles.

    

    

    
      7

      

      
        
          

      

      

      

    

    1.11 Amendment

    

    

    
      	
              a.

            	
              The Board may amend, suspend or terminate the Plan or any portion thereof and any Award hereunder at any time, provided that no amendment shall be made without shareholder approval which shall (i) increase
                (except as provided in Section 1.5(b) hereof) the total number of shares reserved for issuance pursuant to the Plan; (ii) change the class of Employees eligible to be Participants; (iii) decrease the minimum option prices stated herein
                (other than to change the manner of determining Fair Market Value to conform to any then applicable provision of the Code or regulations thereunder); (iv) extend the expiration date of the Plan as it applies to Incentive Stock Options; or
                (v) withdraw the administration of the Plan from a committee consisting of three or more independent members, each of whom is a Non-Employee Director.

            

    

    

    

    
      	
              b.

            	
              Notwithstanding anything to the contrary contained herein, the Committee may amend the Plan in such manner as may be necessary so as to have the Plan conform with applicable law and rules and regulations
                thereunder. Notwithstanding anything in this Plan to the contrary, following a Change of Control the Board may not amend the Plan in a manner that would adversely affect any outstanding Award of a Participant without the written consent of
                such Participant.

            

    

    

    

    
      	
              c.

            	
              Without limiting the power of the Board under Section 1.11(a), the Committee, with the Participant’s written consent, may amend, modify or terminate any outstanding Award at any time prior to payment or
                exercise in any manner not inconsistent with the terms of the Plan, including without limitation, to change the date or dates as of which (i) a stock option becomes exercisable; (ii) Restricted Stock becomes non-forfeitable; or (iii) to
                cancel and reissue an Award under such different terms and conditions as it determines appropriate.

            

    

    

    

    1.12 Dividends

        or Dividend Equivalents and Voting Rights

    

    

    Awards may provide the
      Participant with (i) dividends or dividend equivalents and voting rights prior to either vesting or earnout; and (ii) to the extent determined by the Committee, cash payments in lieu of or in addition to an Award; provided, however, that dividends or
      dividend equivalents and voting rights may not be paid or provided prior to either vesting or earnout.

    

    

    1.13 Clawback

    

    

    Notwithstanding any
      other provisions in the Plan, the Company may cancel any Award, require reimbursement of any Award by a Participant, and effect any other right of recoupment of equity or other compensation provided under the Plan in accordance with any Company
      policies that may be adopted and/or modified from time to time. In addition, a Participant may be required to repay to the Company previously paid compensation, whether provided pursuant to the Plan or an Award Agreement, in accordance with such
      Company policies. By accepting an Award, the Participant is agreeing to be bound by such Company policies, as in effect or as may be adopted and/or modified from time to time by the Company (including, without limitation, to comply with applicable
      law or stock exchange listing requirements).

    

    

    
      8

      

      
        
          

      

      

      

    

    1.14 Unfunded

        Plan

    

    

    The Plan shall be
      unfunded. Neither the Company, the Board nor the Committee shall be required to establish any special or separate fund or to segregate any assets to assure the performance of its obligations under the Plan.

    

    

    1.15 Disqualifying

        Distributions

    

    

    Any Participant who
      shall make a “disposition” (as defined in Section 424 of the Code) of all or any portion of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years from the grant date of such Incentive Stock Option or within one
      year after the issuance of the shares of Common Stock acquired upon exercise of such Incentive Stock Option shall be required to immediately advise the Company in writing as to the occurrence of the sale and the price realized upon the sale of such
      shares of Common Stock.

    

    

    1.16 Effective

        Date

    

    

    The Plan shall be
      effective on February 19, 2020, subject to ratification by the shareholders of the Company. No Awards may be granted under the Plan after December 31, 2029.

     

      

    Section 2: STOCK OPTIONS

    

    

    2.1 Authority

        of Committee

    

    

    The Committee shall have
      sole and complete authority to grant Incentive Stock Options or Non-Qualified Stock Options, or both, to eligible persons, subject to the conditions set forth in this Plan, and such other conditions not inconsistent with the Plan. Except as approved
      by the shareholders, neither the Company nor the Committee may approve any repricing of stock options or Stock Appreciation Rights, nor permit the exchange for any other award, cash buyout, voluntary surrender of Incentive Stock Options,
      Non-Qualified Stock Options or Stock Appreciation Rights having an exercise price which is greater than the market price of the underlying Common Stock, or where shares surrendered may subsequently be re-granted, on the date of such exchange or
      cancellation.  All stock options shall be separately designated as Incentive Stock Options or Non-Qualified Stock Options at the time of grant. Notwithstanding the foregoing, the Company shall have no liability to any Participant or any other person
      if a stock option designated as an Incentive Stock Option fails to qualify as such at any time or if any option is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the terms of such
      option do not satisfy the requirements of Section 409A of the Code. In the case of Incentive Stock Options, the terms and conditions of such grants shall be subject to and comply with such grant and vesting limitations as may be prescribed by
      Section 422A(d) of the Code, as from time to time amended, and any implementing regulations. Unless the Committee provides otherwise at the time of grant, or at any time as provided in Section 1.6, an Incentive Stock Option shall be issued in tandem
      with a Stock Appreciation Right and exercisable except as otherwise provided in the Plan.  The Plan shall have a three (3) year vesting cycle for Incentive Stock Options and Non-Qualified Stock Options. The Committee may provide appropriate
      exceptions to the three (3) year vesting cycle for new hires, retirees, disability and others as determined by the Committee.

    

    

    
      9

      

      
        
          

      

      

      

    

     2.2 Exercise

        Price

    

    

    
      	
              a.

            	
              Subject to the provisions of Section 2.2(b), the option exercise price of each stock option grant shall be established by the Committee at the time each stock option is granted, provided, that, such exercise
                price shall not be less than 100% of the Fair Market Value of the Common Stock subject to such option on the grant date of the option. The option price shall be subject to adjustment in accordance with the provisions of Section 1.5(b)
                hereof.

            

    

    

    

    
      	
              b.

            	
              A person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any of its Affiliates
                shall not be granted an Incentive Stock Option unless the exercise price of such Incentive Stock Option is at least 110% of the Fair Market Value of the Common Stock on the grant date and such Incentive Stock Option is not exercisable after
                the expiration of five years from such grant date.

            

    

    

    

    2.3 Exercise

        of Options

    

    

    
      	
              a.

            	
              The Committee may determine that any stock option shall become exercisable in installments and may determine that the right to exercise such stock option as to such installments shall expire on different
                dates or on the same date. Incentive Stock Options may not be exercisable later than ten years after their date of grant.

            

    

    

    

    
      	
              b.

            	
              In the event a Participant ceases to be an Employee, with the consent of the Committee, or upon the occurrence of his or her death, Normal Retirement Date (or, if approved in writing by the Committee, his or
                her actual retirement date) or Disability Date, his or her stock options shall be exercisable at any time prior to a date established by the Committee at the date of grant or in the Award Agreement. Except as otherwise provided by the
                Committee, if a Participant ceases to be an Employee for any other reason, his or her rights under all stock options shall terminate no later than the thirtieth (30th) day after such cessation of employment.

            

    

    

    

    
      	
              c.

            	
              Each stock option shall be confirmed by an Award Agreement executed by the Company and by the Participant. The option price of each share as to which an option is exercised shall be paid in full at the time
                of such exercise. Such payment shall be made in cash, by tender of shares of Common Stock owned by the Participant valued at Fair Market Value as of the date of exercise, subject to such limitations on the tender of Common Stock as the
                Committee may impose, or by a combination of cash and shares of Common Stock. In addition, the Committee may provide the Participant with assistance in financing the option price and applicable withholding taxes, on such terms and
                conditions as it determines appropriate.

            

    

    

    

    
      10

      

      
        
          

      

      

      

    

    
      	
              d.

            	
              Stock options may be exercised during the option term (as specified in the option agreement), by giving written notice of exercise to the Company specifying the number of shares to be purchased. Such notice
                shall be accompanied by payment in full of the purchase price, either by check, note or such other type of instrument as may be determined from time to time to be acceptable by the Committee or in accordance with procedures established by
                the Committee. As determined by, or in accordance with procedures established by, the Committee, in its sole discretion, at or after grant, payment in full or in part may also be made in the case of the exercise of a Non-Qualified Stock
                Option in the form of Restricted Stock subject to an Award hereunder (based, in each case, on the Fair Market Value of the Common Stock on the date the option is exercised, as determined by the Committee). If payment of the option exercise
                price of a Non-Qualified Stock Option is made in whole or in part in the form of Restricted Stock, such Restricted Stock (and any replacement shares relating thereto) shall remain (or be) restricted, as the case may be, in accordance with
                the original terms of the Restricted Stock award in question, and any additional Common Stock received upon the exercise shall be subject to the same forfeiture restrictions, unless otherwise determined by, or in accordance with procedures
                established by, the Committee, in its sole discretion, at or after grant.

            

    

    

    

    
      	
              e.

            	
              To the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock Options are exercisable for the first time by any Participant during
                any calendar year (under all plans of the Company and its Affiliates) exceeds $100,000, such options or portions thereof which exceed such limit (according to the order in which they were granted) shall be treated as Non-Qualified Stock
                Options.

            

    

    

    

    Section 3: RESTRICTED STOCK

    

    

    3.1 Authority

        of Committee

    

    

    Subject to the
      provisions of the Plan, the Committee shall have sole and complete authority to grant shares of Restricted Stock to eligible persons, and determine the number of shares of Restricted Stock to be granted to each Participant, the duration of the
      Restricted Period during and the conditions under which the Restricted Stock may be forfeited, the purchase price, if any, to be paid by a Participant for such Restricted Stock, and the terms and conditions of the Award in addition to those contained
      in Section 3.3. Such determinations shall be made by the Committee at the time of the grant.

    

    

    3.2 Annual

        Award of Restricted Stock to Non-Employee Directors

    

    

    Beginning on June 1,
      2020, and annually on the first business day of June of each year thereafter (or on such other date as the Committee may determine), each Non-Employee Director shall automatically be granted an Award of Restricted Stock with a Fair Market Value of
      such amount and for such Restricted Period as shall be determined from time to time by the Board on the date of such grant.  A Non-Employee Director who is elected by the Board to fill a vacancy or newly created directorship between annual meetings
      of shareholders shall automatically receive the Award of Restricted Stock in an amount determined by the Board at the time of his or her election on the earlier of the first business day of the fourth month after taking office or the last business
      day of the year in which he or she took office, provided, that, any Participant who is elected to the Board to fill such a vacancy shall receive only one such Award per fiscal year.

    

    

    
      11

      

      
        
          

      

      

      

    

    3.3 Terms

        and Conditions

    

    

    Shares of Restricted
      Stock may not be sold, assigned, transferred, pledged or otherwise encumbered, except as provided under the Plan, during the Restricted Period. Each Restricted Stock Award granted under the Plan shall be evidenced by an Award Agreement. Certificates
      issued in respect of shares of Restricted Stock shall be registered in the name of the Participant and deposited by him or her, together with a stock power endorsed in blank, with the Company. With respect to Restricted Stock Awards, as of the first
      day of each quarter, during the applicable restricted period for all Restricted Stock awarded hereunder, the Company shall credit to each Participant an amount equal to the value of all dividends and other distributions (whether in cash or other
      property) paid by the Company during the prior quarter on the equivalent number of shares of Common Stock. Any dividend equivalents or other distributions credited shall be distributed in cash (with or without interest or other earnings, as provided
      at the discretion of the Committee) to the Participant only if, when and to the extent such Restricted Stock vests. At the expiration of the Restricted Period, the Company shall deliver such certificates to the Participant or his or her legal
      representative.  Notwithstanding anything to the contrary in the Plan, any Awards granted pursuant to the Amended and Restated Lee Enterprises, Incorporated 1996 Stock Plan for Non-Employee Directors (as effective February 22, 2017) shall remain
      subject to the terms and conditions of such plan, which are incorporated by reference as if fully set forth herein.

    

    

    3.4 Termination

        of Employment

    

    

    Unless otherwise
      provided by the Committee at the time of the grant of Restricted Stock or in the Award Agreement, upon the occurrence, during the Restricted Period, of his or her death, Normal Retirement Date (or, if approved in writing by the Committee, his or her
      actual retirement date) or Disability Date, the restrictions imposed hereunder shall lapse with respect to such shares of Restricted Stock awarded to such Participant.  In the event a Participant ceases to be an Employee or Non-Employee Director for
      any other reason (including, without limitation, his or her voluntary termination of employment with the Company) during the Restricted Period, unless otherwise provided by the Committee at or prior to such occurrence, all shares of Restricted Stock
      awarded to such Participant shall thereupon be forfeited and returned to the Company, and all rights of the Participant to such shares and as a shareholder with respect to such shares shall terminate without any further obligation on the part of the
      Company.

    

    

    Section 4: COMMON STOCK AND OTHER EQUITY-BASED AWARDS

    

    

    4.1 Authority

        of Committee

    

    

    Subject to the
      provisions of the Plan, the Committee may grant shares of Common Stock and other equity-based awards that are based on or measured by Company Stock (“Other Equity-Based Awards”) to any Participant on such terms and conditions as the Committee shall
      determine. Notwithstanding anything to the contrary contained herein, in no event may dividends and dividend equivalents that may be applicable to Other Equity-Based Awards be paid until and to the extent such Award is vested. With respect to
      Restricted Stock Awards, as of the first day of each quarter, during the applicable 

     

    

     

    

    
      12

      

      
        
          

      

      

      

      restricted period for all Restricted Stock awarded hereunder, the Company shall credit to each Participant an amount equal to the value of all dividends and other distributions (whether in cash or other property) paid by the Company during the prior
      quarter on the equivalent number of shares of Common Stock. Any dividend equivalents or other distributions credited shall be distributed in cash (with or without interest or other earnings, as provided at the discretion of the Committee) to the
      Participant only if, when and to the extent such Restricted Stock vests. Each Common Stock Award and Other Equity-Based Award shall be evidenced by, and subject to such conditions not inconsistent with the Plan as may be reflected in, an Award
      Agreement. The Committee shall have the discretion to determine the number of Awards to be granted to any Participant, the purchase price, if any, to be paid by a Participant for such Awards, and the terms and conditions of the Awards, and other
      terms, conditions, and restrictions of the Award.

     

    

     

    

     

    

    13

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