Document:

STOCK OPTION AGREEMENT
FOR THE  
JOURNAL COMMUNICATIONS, INC. 2003 EQUITY INCENTIVE PLAN
(NON-STATUTORY STOCK
OPTION GRANT)  

        THIS
AGREEMENT is effective as of               (hereinafter referred to as the “Grant Date”) and
is by and between Journal Communications, Inc., a Wisconsin corporation (hereinafter
referred to as the “Company”) and                   (hereinafter referred to as the
“Participant”). 

PREMISES: 

        The
Company has adopted the Journal Communications, Inc. 2003 Equity Incentive Plan
(hereinafter referred to as the “Plan”) to permit the granting of a
non-statutory stock option (hereinafter referred to as “Option”) to purchase
shares of Class B-2 common stock of the Company, $.01 par value (hereinafter referred to
as “Stock”), to Directors of the Company; and 

        The
Participant is a Director of the Company and the Company wishes to acknowledge his or her
efforts toward the successful operation of the business and to provide him or her a means
to acquire and/or increase his or her proprietary interest in the Company. 

        Participant
has been granted the Option to purchase               shares of Stock and the Company and the
Participant wish to clarify their respective rights with respect to the Option. 

AGREEMENT 

        NOW,
THEREFORE, in consideration of the premises and of the covenants and agreements herein set
forth, the parties hereby mutually covenant and agree as follows: 

         1.       
          Grant of Option. Subject to the terms and conditions of the Plan, a copy
          of which is attached hereto and made a part hereof, and this Agreement, the
          Company awards the Participant the Option to purchase               shares of Stock of the
          Company. 

         2.       
          Exercise Price. The exercise price at which the shares of Stock may be
          purchased on the exercise of the Option shall be $          per share (hereinafter
          referred to as the “Exercise Price”), which was the Fair Market Value
          (as that term is defined in the Plan) on the Grant Date or such greater amount
          as determined by the Compensation Committee of the Board (hereinafter referred
          to as the “Committee”). 

         3.       
          Vesting Exercisability and Termination of Option. The Option shall become
          vested and exercisable with respect to the shares on            . The shares may be
          purchased in whole or in part at any time after such shares become vested. The
          Committee may, in its sole discretion, accelerate the time at which any Option
          may be exercised. Except in the event the Participant is removed as a Director
          for Cause, the Option shall be exercisable for seven (7) years after the Grant
          Date. In the event of termination of service due to a Participant’s death,
          disability, retirement, or a Change in Control, the Participant’s Options,
          whether or not exercisable at such time, shall be exercisable by the Participant
          or his or her legal representatives or beneficiaries for one (1) year.
          Retirement means termination from service as a director of the company at the
          end of an elected term. In all events other than death, disability, retirement,
          a Change in Control, or termination for Cause, vested options shall remain
          exercisable for 30 days following termination. All rights under the
          Participant’s non-exercised Options shall terminate immediately upon the
          Participant’s termination as a Director for Cause. 

         4.       
          Manner of Exercise and Payment. To exercise the Option in whole or in
          part, the Participant shall give written notice to the company’s current
          Agent of Transfer, Wachovia Bank, N.A., 123 South Broad Street, 11th Floor
          — PA1328, Journal Communications Administration Philadelphia, PA 19109, to
          the attention of Frank Gleason, with a copy to Daniel L. Harmsen, Vice President
          of Human Resources of the Company at the Company’s principal office in
          Milwaukee, Wisconsin. This correspondence will specify the number of shares of
          Stock with respect to which the Participant elects to exercise the Option
          together with full payment of the Exercise Price. Payment of the Exercise
          Price may be made, in whole or in part, either (i) in cash (including check,
          bank draft or money order) or (ii) through the surrender of shares of Stock held
          by the Participant for at least six (6) months at the Fair Market Value of such
          shares on the date of surrender. The Participant may make a deemed or
          constructive transfer of shares of Stock to exercise an Option. 

         5.       
          Assignments and Transfers. The Option may be exercised during the
          Participant’s lifetime by the Participant, the Participant’s guardian
          or legal representative or by a permissible transferee. The Option may be
          transferred by the Participant pursuant to the laws of descent and distribution
          upon the Participant’s death. The Option also shall be transferable during
          a Participant’s lifetime by the Participant to members of the
          Participant’s immediate family, trusts for the benefit of members of the
          Participant’s immediate family and charitable institutions
          (“permissible transferees”) to the extent permitted under Section 16
          of the Securities Exchange Act of 1934 and subject to federal and state
          securities laws. The term “immediate family” shall mean any child,
          stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,
          mother-in-law, father-in-law, son-in-law, brother-in-law, or sister-in-law, and
          shall include adoptive relationships. 

         6.       
          Voting and Dividend Rights. No Participant shall have rights of a
          shareholder with respect to any shares of Stock covered by the Option until the
          option is exercised. 

         7.       
          Status of Participant. The Option shall not confer upon the Participant
          the right to continue as a Director of the Company. 

         8.       
          Dilution and Other Adjustments. The existence of the Option granted shall
          not affect in any way the right or power of the Company or its shareholders to
          make or authorize any stock dividend or split, recapitalization, merger,
          consolidation, spin-off, reorganization, combination or exchange of shares, or
          other similar corporate change, or other increase or decrease in such shares
          without receipt or payment of consideration by the Company; provided, however,
          that the Committee shall make such adjustments to previous grants to prevent
          dilution or enlargement of the rights of the Participant as provided in the
          Plan. No such adjustments may materially change the value of benefits available
          to the Participant under a previously granted award. 

2 

         9.       
          Transfer Restrictions. Shares acquired upon the exercise of the Option
          may not be sold or otherwise disposed of except pursuant to an effective
          registration statement under the Securities Act of 1933, as amended, or in a
          transaction which, in the opinion of counsel for the Company, is exempt from
          registration under said Act. In addition, shares acquired upon the exercise of
          the option are subject to the terms of the Company’s articles of
          incorporation. 

         10.       
          Definitions. The definition of any term not defined in this Agreement
          shall be defined as such term is defined in the Plan. 

         11.       
          Interpretation. As a condition of the granting of the Option, the
          Participant agrees for the Participant, the Participant’s beneficiaries and
          the Participant’s legal representatives, that any dispute or disagreement
          that may arise under or as a result of or pursuant to this Agreement shall be
          determined by the Committee in its sole discretion, and any interpretation or
          determination by the Committee of the terms of this Agreement shall be binding
          and conclusive. 

         12.       
          Professional Advice. The acceptance and exercise of the Option may have
          consequences under federal and state tax and securities laws that may vary
          depending on the individual circumstances of the Participant. Accordingly, the
          Participant acknowledges that he or she has been advised to consult his or her
          personal legal and tax advisor in connection with this Agreement and his or her
          dealing with respect to the Stock. 

        IN
WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly
authorized officers and its corporate seal hereunto affixed, and the Participant has
hereunto affixed his or her hand and seal, the day and year first above written. 

		Journal Communications, Inc.
	

___________________________________	By:__________________________________
	Name
	

 	Attest:
	

 	_____________________________________

3STOCK OPTION AGREEMENT
FOR THE
JOURNAL COMMUNICATIONS, INC. 2003 EQUITY INCENTIVE PLAN  
(NON-STATUTORY STOCK
OPTION GRANT)  

        THIS
AGREEMENT is effective as of                  (hereinafter referred to as the “Grant Date”) and
is by and between Journal Communications, Inc., a Wisconsin corporation (hereinafter
referred to as the “Company”) and              (hereinafter referred to as the
“Participant”). 

PREMISES:

        The
Company has adopted the Journal Communications, Inc. 2003 Equity Incentive Plan
(hereinafter referred to as the “Plan”) to permit the granting of a
non-statutory stock option (hereinafter referred to as “Option”) to purchase
shares of Class B-2 common stock of the Company, $.01 par value (hereinafter referred to
as “Stock”), to Employees of the Company; and 

        The
Participant is an Employee of the Company and the Company wishes to acknowledge his or her
efforts toward the successful operation of the business and to provide him or her a means
to acquire and/or increase his or her proprietary interest in the Company. 

        Participant
    has     been     granted     the     Option     to     purchase                shares     of
   Stock and the Company and the Participant wish to clarify their respective rights with
respect to the Option. 

AGREEMENT

        NOW,
THEREFORE, in consideration of the premises and of the covenants and agreements herein set
forth, the parties hereby mutually covenant and agree as follows: 

         1.       
          Grant of Option . Subject to the terms and conditions of the Plan, a copy
          of which is attached hereto and made a part hereof, and this Agreement, the
          Company awards the Participant the Option to purchase          shares of Stock of the
          Company. 

         2.       
          Exercise Price. The exercise price at which the shares of Stock may be
          purchased on the exercise of the Option shall be $         per share (hereinafter
          referred to as the “Exercise Price”), which was the Fair Market Value
          (as that term is defined in the Plan) on the Grant Date or such greater amount
          as determined by the Compensation Committee of the Board (hereinafter referred
          to as the “Committee”). 

         3.       
          Vesting Exercisability and Termination of Option. The Option shall become
          vested and exercisable with respect to the Stock on          . The Stock may be purchased
          in whole or in part at any time after such Stock vests. The Committee may, in
          its sole discretion, accelerate the time at which any Option may be exercised.
          Except in the event the Participant’s employment terminates for any reason
          whatsoever, the Option shall be exercisable for seven (7) years after the Grant
          Date. In the event of termination of service due to a Participant’s death,
          disability, Retirement, or a Change in Control, the Participant’s Options,
          whether or not exercisable at such time, shall be exercisable by the Participant
          or his or her legal representatives or beneficiaries for one (1) year.
          Retirement means termination from employment after attaining age 60 and
          completing 10 years of service. In all events other than death, disability,
          Retirement, a Change in Control, or Termination for Cause, vested options shall
          remain exercisable for a period of six months following termination. All rights
          under the Participant’s non-vested Options shall terminate immediately upon
          the Participant’s termination. All rights under the Participant’s
          vested and/or non-vested Options shall terminate immediately upon the
          Participant’s Termination for Cause. 

         4.       
          Manner of Exercise and Payment. To exercise the Option in whole or in
          part, the Participant shall give written notice to the company’s current
          Agent of Transfer, Wachovia Bank, N.A., 123 South Broad Street, 11th Floor
          — PA1328, Journal Communications Administration Philadelphia, PA 19109, to
          the attention of Frank Gleason, with a copy to Daniel L. Harmsen, Vice President
          of Human Resources of the Company at the Company’s principal office in
          Milwaukee, Wisconsin. This correspondence will specify the number of shares of
          Stock with respect to which the Participant elects to exercise the Option
          together with full payment of the Exercise Price. Payment of the Exercise Price
          may be made, in whole or in part, either (i) in cash (including check, bank
          draft or money order) or (ii) through the surrender of shares of Stock held by
          the Participant for at least six (6) months at the Fair Market Value of such
          shares on the date of surrender. The Participant may make a deemed or
          constructive transfer of shares of Stock to exercise an Option. Options may not
          be exercised until appropriate arrangements are made with respect to withholding
          as required by Section 18 of the Plan and Section 7 of this Agreement. 

         5.       
          Assignments and Transfers. The Option may be exercised during the
          Participant’s lifetime by the Participant, the Participant’s guardian
          or legal representative or by a permissible transferee. The Option may be
          transferred by the Participant pursuant to the laws of descent and distribution
          upon the Participant’s death. The Option also shall be transferable during
          a Participant’s lifetime by the Participant to members of the
          Participant’s immediate family, trusts for the benefit of members of the
          Participant’s immediate family and charitable institutions
          (“permissible transferees”) to the extent permitted under Section 16
          of the Securities Exchange Act of 1934 and subject to federal and state
          securities laws. The term “immediate family” shall mean any child,
          stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling,
          mother-in-law, father-in-law, son-in-law, brother-in-law, or sister-in-law, and
          shall include adoptive relationships. 

         6.       
          Voting and Dividend Rights. No Participant shall have rights of a
          shareholder with respect to any shares of Stock covered by the Option until the
          option is exercised. 

         7.       
          Withholding. As a condition precedent to the registration or transfer of
          any shares of Stock upon the exercise of the Option, the Participant shall make
          such arrangements as the Company may require for the satisfaction of any
          federal, state or local withholding tax obligations that may arise in connection
          with the exercise of the Option. If the amount so requested is not paid, the
          Company may refuse to register shares of Stock upon the exercise of the Option. 

         8.       
          Status of Participant. The Option shall not confer upon the Participant
          the right to continue as an employee of the Company. 

    9.         
Dilution and Other Adjustments. The existence of the Option granted shall           not affect
in any way the right or power of the Company or its shareholders to           make or
authorize any stock dividend or split, recapitalization, merger,           consolidation,
spin-off, reorganization, combination or exchange of shares, or           other similar
corporate change, or other increase or decrease in such shares           without receipt
or payment of consideration by the Company; provided, however,           that the
Committee shall make such adjustments to previous grants to prevent           dilution or
enlargement of the rights of the Participant as provided in the           Plan. No such
adjustments may materially change the value of benefits available           to the
Participant under a previously granted award.  

2 

         10.       
          Transfer Restrictions. Shares acquired upon the exercise of the Option
          may not be sold or otherwise disposed of except pursuant to an effective
          registration statement under the Securities Act of 1933, as amended, or in a
          transaction which, in the opinion of counsel for the Company, is exempt from
          registration under said Act. In addition, shares acquired upon the exercise of
          the option are subject to the terms of the Company’s articles of
          incorporation. 

         11.       
          Definitions. The definition of any term not defined in this Agreement
          shall be defined as such term is defined in the Plan. 

         12.       
          Interpretation. As a condition of the granting of the Option, the
          Participant agrees for the Participant, the Participant’s beneficiaries and
          the Participant’s legal representatives, that any dispute or disagreement
          that may arise under or as a result of or pursuant to this Agreement shall be
          determined by the Committee in its sole discretion, and any interpretation or
          determination by the Committee of the terms of this Agreement shall be binding
          and conclusive. 

         13.       
          Professional Advice. The acceptance and exercise of the Option may have
          consequences under federal and state tax and securities laws that may vary
          depending on the individual circumstances of the Participant. Accordingly, the
          Participant acknowledges that he or she has been advised to consult his or her
          personal legal and tax advisor in connection with this Agreement and his or her
          dealing with respect to the Stock. 

        IN
WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly
authorized officers and its corporate seal hereunto affixed, and the Participant has
hereunto affixed his or her hand and seal, the day and year first above written. 

		Journal Communications, Inc.
	

___________________________________	By:__________________________________
	Name
	

 	Attest:
	

 	_____________________________________

3

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