Document:

1997 Employee Restricted Stock Plan

 Exhibit 10.15 
  
 MEDIA GENERAL, INC. 
  

1997 EMPLOYEE RESTRICTED STOCK PLAN 
  
 AMENDED AS OF DECEMBER 31, 2001 
  
 Media General, Inc., a corporation organized and existing under the laws of the Commonwealth of Virginia, which, along with its wholly owned subsidiaries,
is hereinafter referred to as the “Company”, has previously adopted the Media General, Inc. 1995 Long-Term Incentive Plan, Amended and Restated as of May 18, 2001 for officers and other salaried employees of the Company (the
“LTIP”). 
  
 Under the terms of the LTIP, the
Compensation Committee of the Board of Directors of the Company (the “Committee”) has the authority to determine and establish the type and number of Awards to be granted, the terms and conditions, including forfeiture provisions of such
Awards, and to select the Participants to receive any such Awards, in each case subject to and consistent with the provisions of the LTIP. All capitalized terms not otherwise (defined herein shall have the meanings ascribed to them in the LTIP.

  
 1. Purpose. The purpose of this plan is to keep
personnel of experience and ability in the employ of the Company and its subsidiaries and to compensate them for their contributions to the growth and profits of the Company and its subsidiaries and thereby induce them to continue to make such
contributions in the future. 
  
 2. Definitions.

  

	 	(a)	“Company” shall mean Media General, Inc. 

  

	 	(b)	“Subsidiary” or “Subsidiaries” shall mean a corporation or corporations of which the Company owns, directly or indirectly, shares having a majority of the voting
power for the election of directors. 

  

	 	(c)	“Board” shall mean the Board of Directors of the Company. 

  

	 	(d)	“Committee” shall mean the Compensation Committee as appointed from time to time by the Board, which shall consist solely of two or more persons who qualify as
“Non-Employee Directors” under Rule 16b-3 of the Securities and Exchange Commission and as “Outside Directors” under Section 162(m) of the Internal Revenue Code of 1986. 

  

	 	(e)	“Plan” shall mean this Media General, Inc., Restricted Stock Plan. 

  

	 	(f)	“Restricted Share” shall mean the shares of Class A Common Stock of the Company reserved pursuant to Section 3 hereof and any such shares issued to a Recipient pursuant to
this Plan. 

  

	 	(g)	“Recipient” shall mean an employee of the Company or a Subsidiary to whom shares are allocated pursuant to this Plan, or his designated beneficiary, surviving spouse,
estate, or legal representative, but for the purposes hereof, any beneficiary, spouse, estate or legal representative shall be considered as one person with the employee. 

  

	 	(h)	“Disability” shall mean the Recipient’s inability to perform the services required by his position with the Company by reason of any medically determinable, physical
or mental impairment which can be expected to result in death or to be of long-continued and indefinite duration. 

  
 3. Restricted Shares Reserve. There shall be established a Restricted Share Reserve to which shall be credited 800,000 shares of the Class A
Common Stock of the Company. In the event that the shares of Class A Common Stock of the Company should, as a result of a stock split or stock dividend or combination of shares or any other change, or exchange for other securities, by
reclassification, reorganization, merger, consolidation, recapitalization or otherwise, be increased or 
  

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 decreased or changed into or exchanged for a different number or kind of shares of stock or other securities of the
Company or of another corporation, the number of shares then remaining in the Restricted Share Reserve shall be appropriately adjusted to reflect such action. If any such adjustment shall result in a fractional share, such fraction shall be
disregarded. Upon the allocation of shares hereunder, the Restricted Share Reserve shall be reduced by the number of Restricted Shares so allocated. Subject to limitations that may be imposed by Rule 16b-3 or other provisions of the federal
securities laws at such time, upon the forfeiture of Restricted Shares pursuant to Section 7 hereof, the Restricted Share Reserve shall be increased by such number of Restricted Shares, and such Restricted Shares may again be the subject of
allocations hereunder. All authorized and unissued shares issued as Restricted Shares in accordance with the Plan shall be fully paid and non-assessable shares and free from pre-emptive rights. 
  
 4. Eligibility and Making of Allocations. Any salaried
executive employee of the Company or any Subsidiary, having substantial responsibility for the direction and management of the Company or any Subsidiary, shall be eligible to receive an allocation of Restricted Shares pursuant to the Plan, except
that no employee shall be entitled to receive an allocation of greater than one hundred thousand (100,000) Restricted Shares in any year or two hundred thousand (200,000) within any two year period. 
  
 From the employees eligible to receive allocations pursuant to the Plan, the
Committee may from time to time select those employees to whom Restricted Shares shall be allocated. In selecting those employees to whom an allocation shall be made and in determining the number of Restricted Shares subject thereto, the Committee
shall consider the position and responsibilities of the eligible employees, the value of their services to the Company and its Subsidiaries, and such other factors as the Committee deems pertinent. If the Committee elects to award Restricted Shares
to any employee, the date of such action shall be the “date of allocation’ for purposes of this Plan. 
  
 The aggregate number of Restricted Shares which may be allocated pursuant to this Plan shall not exceed the amount available therefore in the Restricted
Share Reserve. 
  
 5. Form of Allocations. Each
allocation shall specify the number of Restricted Shares subject thereto, subject to the provisions of Section 4 hereof. 
  
 At the time of making any allocation, the Board shall advise the Recipient and the Company thereof by delivery of written notice. 
  
 The Company shall take such action as shall be necessary to cause any
Restricted Shares issued pursuant to this Plan and not previously listed to be listed on the New York Stock Exchange and/or such other exchanges on which shares of the same class as the Restricted Shares are then listed. 
  
 The Recipient, by accepting an allocation of Restricted Shares hereunder,
agrees that he will not elect to treat the receipt of such Restricted Shares as a taxable event pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended. In addition, the Recipient agrees that at such time that the value of the
Restricted Shares is included in his income, the Company shall withhold from issuance that number of Restricted Shares necessary to satisfy the Recipient’s applicable federal and state income tax withholding. Thereafter, the Company shall
release to the Recipient a certificate evidencing ownership of the balance of Restricted Shares to which the Recipient is entitled, without any restrictions on transfer whatsoever. 
  
 6. Restrictions. 
  
 (a) Restricted Shares shall forthwith after the allocation, pursuant to Section 5 hereof, be duly issued or transferred and a certificate or certificates
for such shares shall be issued in the Recipient’s name. The Recipient shall thereupon be a shareholder with respect to all the Restricted Shares represented by such certificate or certificates and shall have all the rights of a shareholder
with respect to all such shares, including the right to vote such shares and to receive all dividends and other distributions (subject to the 
  

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 provisions of Section 6(b) hereof) paid with respect to such shares, provided, however, that such shares
shall be subject to the restrictions hereinafter described in Section 6(d). Certificates of stock representing Restricted Shares shall be imprinted with a legend to the effect that the shares represented thereby may not be sold, exchanged,
transferred, pledged, hypothecated or otherwise disposed of except in accordance with the terms of this Plan, and the transfer agent for the Common Stock shall be instructed to like effect in respect of such shares. In aid of such restrictions, the
Company shall retain the certificate(s) therefore, and the Recipient shall deposit a stock power or other instrument of transfer, appropriately endorsed in blank, with an officer designated by the Committee, which officer shall retain possession of
such certificates until the Restricted Period (described in (c) below) expires. 
  
 (b) In the event that as the result of a stock split or stock dividend or combination of shares or any other change, or exchange for other securities, by reclassification, reorganization, merger, consolidation,
recapitalization or otherwise, the Recipient shall, as the owner of Restricted Shares subject to restrictions hereunder, be entitled to new or additional or different shares of stock or securities, the certificate or certificates for, or other
evidences of, such new or additional or different shares or securities, together with an instrument of transfer appropriately endorsed, shall also be imprinted with a legend as provided in Section 6(a) and all provisions of the Plan relating to
restrictions and lapse of restrictions herein set forth shall thereupon be applicable to such new or additional or different shares or securities to the extent applicable to the shares with respect to which they were distributed; provided, however,
that if the Recipient shall receive rights, warrants or fractional interests in respect of any of such Restricted Shares, such rights or warrants may be held, exercised, sold or otherwise disposed of, and such fractional interests may be settled, by
the Recipient free and clear of the restrictions hereafter set forth. 
  
 (c) The term “Restricted Period” with respect to Restricted Shares (after which restrictions shall lapse) shall mean a period of ten (10) years from the date of allocation of such Restricted Shares to the Recipient (subject to
earlier termination pursuant to Section 7(a) below). Notwithstanding the foregoing, at the time Restricted Shares are allocated, the Committee may establish performance targets which, if met, will accelerate the termination of the Restricted Period
for such Restricted Shares. The performance targets, if any, and the number of Restricted Shares affected will be set forth in the notice that will be given to the Recipient advising him of the allocation of Restricted Shares. 
  
 (d) The restrictions to which Restricted Shares shall be subject shall be as
follows: 
  
 During the Restricted Period
applicable to such shares and except as otherwise specifically provided in the Plan, none of such shares shall be sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of. 
  
 7. Forfeiture of Restricted Shares. 
  
 (a) If the employment of a Recipient should be terminated during the
Restricted Period on account of his death, or on account of his retirement after attaining age sixty-three (63), he shall forfeit and return to the Company the unvested portion of the Restricted Shares that have been issued to him. For this purpose,
it will be assumed that Restricted Shares are vested ratably over the one hundred and twenty (120) month period after the Restricted Shares are allocated. The Restricted Period shall automatically terminate for such vested Restricted Shares, and the
Company shall release to the Recipient, or the duly qualified personal representative of a deceased Recipient, a certificate for such vested Restricted Shares, without restrictions. 
  

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 (b) If the employment of a Recipient should be terminated during the Restricted Period other than on
account of his death or retirement after attaining age sixty-three (63), he shall forfeit and return to the Company all of the Restricted Shares that have been allocated to him. 
  
 (c) Nothing contained in this Section 7 or elsewhere in this Plan shall preclude the transfer of vested Restricted Shares,
on the death of the Recipient, to his legal representatives or his estate or preclude such representatives from transferring such shares, or any of them, to the person or persons entitled thereto by will or by the laws of descent and distribution.

  
 (d) All notices in writing required pursuant to this Section
7 shall be sufficient only if actually delivered, or if sent via registered or certified mail, postage prepaid, to the Company at its principal office within the City of Richmond, Virginia, and shall be conclusively deemed given on the date of
delivery, if delivered or on the first business day following the date of such mailing, if mailed. 
  
 8. Finality of Determinations. The Committee shall administer this Plan and construe its provisions; any determination by the Committee in
carrying out, administering or construing this Plan shall be final and binding for all purposes and upon all interested persons and their heirs, successors, assigns and personal representatives. 
  
 9. Limitations. No person shall at any time have any right to
receive an allocation of Restricted Shares hereunder, and no person shall have authority to enter into an agreement for the making of an allocation or to make any representation or warranty with respect thereto. 
  
 Recipients of allocations shall have no rights in respect thereof except as
set forth in the Plan. Such rights may not be assigned or transferred except by will or by the laws of descent and distribution, and in the event that any attempt shall be made to sell, exchange, transfer, pledge, hypothecate or otherwise dispose of
any Restricted Shares held by the Recipient during the Restricted Period then the shares which are the subject of such attempted disposition shall be deemed to be forfeited. Before the actual issuance of Restricted Shares, no such shares shall be
earmarked for the Recipients’ accounts, nor shall the Recipients have any rights as stockholders with respect to such shares. 
  
 Neither the action of the Company in establishing the Plan, nor any action taken by it or by the Board or the Committee under the Plan, nor any provision
of the Plan, shall be construed as giving to any person the right to be retained in the employ of the Company of any Subsidiary. 
  
 10. Amendment, Suspension or Termination of the Plan in Whole or in Part. The Board may amend, suspend or terminate the Plan in whole or in
part at any time, provided that any amendment shall not adversely affect rights or obligations with respect to allocations theretofore made; and provided further, that no modification of the Plan by the Board without approval of the stockholders
shall (a) increase the maximum number of Restricted Shares reserved pursuant to Section 3; (b) change the provisions of Section 3 with respect to the aggregate number of Restricted Shares which may be allocated under the Plan; or (c) render any
member of the Committee eligible to receive an allocation at any time while he is serving on the Committee. 
  
 11. Waiver of Vesting and Benefit Accrual Limitations. The Board may, in its sole discretion, waive, modify or amend all or any portion of
the provisions of the Plan that have the effect of limiting the amount or the timing of payments that are to be made under the plan, provided that such waiver, modification or amendment shall not adversely affect rights or obligations with respect
to allocations theretofore made. Such action by the Board may be made on a case by case basis or may be made with respect to all Recipients. 
  
 12. Governing Law. The Plan shall be governed by the laws of the Commonwealth of Virginia. 
  

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 13. Expenses of Administration. All costs and expenses incurred in the operation and
administration of this Plan shall be borne by the Company. 
  
 14.
Registration of Restricted Shares. The Company shall proceed promptly to register under the Securities Act of 1933 (or similar statute then in effect) all Restricted Shares to the extent that such registration is required under the
regulations of the Securities and Exchange Commission. 
  
 The
Company at its expense will furnish to each Recipient such number of prospectuses incident to any such registration and indemnify each such Recipient against all claims, losses, damages and liabilities caused by any untrue statement of a material
fact contained therein (or in any related registration statement or by any omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same may have been
caused by an untrue statement or omission based upon information furnished in writing to the Company by such Recipient expressly for use therein; and, as a condition precedent to the obligations of the Company pursuant to this Section 14, each
Recipient will agree in writing to indemnify the Company against all claims, losses, damages and liabilities caused by an untrue statement or omission based upon information furnished to the Company by such Recipient expressly for use therein.

  
 The Recipient shall furnish the Company such information that
may be required and shall fully cooperate with the Company in connection with any registration or filing that may be required at any time with respect to the Restricted Shares. 
  

 Page 5 of 5Directors' Deferred Compensation Plan

 Exhibit 10.16 
  
 MEDIA GENERAL, INC. 
 DIRECTORS’ DEFERRED COMPENSATION PLAN 
  
 Amended
And Restated as of November 16, 2001 
  
 1. Purpose. The
purpose of the Media General, Inc. Directors’ Deferred Compensation Plan (the “Plan”) is to encourage and enable each member of the Board of Directors (the “Board”) of Media General, Inc. (the “Company”) who is not
and has never been an employee of the Company (a “Director”) to increase his or her proprietary interest in the Company and to align his or her interests more closely with the shareholders of the Company through the receipt of Deferred
Stock Units representing fifty percent or more of the annual compensation payable to each Director for his or her services to the Board. 
  
 2. Definitions. 
  
 a) “Act” shall mean The Securities Exchange Act of 1934, as amended. 
  
 b) “Annual Director’s Fee” shall mean the annual retainer fee paid quarterly by the Company to each Director,
which fee may be modified from time to time, and which shall include all Director compensation, including attendance at Board and committee meetings. For any Director who shall have failed to attend at least 75 percent of the Board meetings in the
prior fiscal year, the Annual Director’s Fee shall exclude the amount otherwise payable on the first Quarterly Payment Date. 
  
 c) “Award Value” shall mean the average of the closing trading prices of a share of Common Stock on the exchange on which the Common Stock then
is traded for the last ten trading days of the prior calendar year, as reported in The Wall Street Journal. 
  
 d) “Beneficiary” shall mean that person or trust designated by a Director in writing to the Secretary of the Company to receive any benefits
that may become due under this Plan following the death of such Director. 
  
 e) “Code” shall mean the Internal Revenue Code of 1986, as amended. 
  
 f) “Committee” shall mean the Compensation Committee as appointed from time to time by the Board, and which shall consist of two or more
“non-employee directors” as that term is defined in Rule 16b-3 of the Act. 
  
 g) “Common Stock” shall mean the Class A Common Stock of the Company. 
  
 h) “Deferred Stock Unit” shall mean a hypothetical share of Common Stock, and each Deferred Stock Unit credited to a DSU Account shall be deemed
to have the same value, calculated from time to time, as a share of Common Stock. 
  
 i) “Dividend Account” shall mean the book entry account established and maintained for each Director to record the conversion of Dividend Equivalents into Deferred Stock Units in accordance with Section 5 of
the Plan. 
  
 j) “Dividend Equivalents” shall mean an
amount of hypothetical cash dividends on Common Stock upon which Deferred Stock Units are credited to a Dividend Account and which are determined by (i) multiplying the Company’s quarterly dividend per share by the number of Deferred Stock
Units in a DSU Account as of the Record Date, and (ii) by dividing that amount by the Fair Market Value of a share of Common Stock as of the Dividend Payment Date. 
  
 k) “Dividend Payment Date” shall mean that date upon which the Company’s quarterly dividends are payable.

  
 1) “DSU Account” shall mean the book entry account
established and maintained solely to record and measure the future benefits to be distributed based upon the collective record of a Director’s Stock Unit Account and Dividend Account. 
  
 m) “Effective Date” shall mean January 1, 1997. 
  
 n) “Fair Market Value” shall mean the average of the closing
trading prices, as reported in The Wall Street Journal of a share of Common Stock on the exchange on which the Common Stock then is traded for the ten trading days immediately preceding the date on which the determination of value is made.

  
 o) “Outside Directors Retirement Agreement” shall
mean the agreement between the Company and each Director serving on the Board on the Effective Date, the benefits of which shall be converted into Deferred Stock Units under Section 9 of the Plan. 
  
 p) “Quarterly Payment Date” shall mean each of the four dates
established by the Company for payment of the Annual Director’s Fee, and which shall be the dates on which Deferred Stock Units will be credited to the Stock Unit Account and the Dividend Account. 
  
 q) “Record Date” shall mean the date upon which ownership of
Common Stock entities such owner to receive quarterly dividends. 
  
 r) “Retirement” shall mean the effective date of the termination of the services of a Director for any reason. 
  
 s) “Stock Unit Account” shall mean the book entry account established and maintained for each Director to record the Deferred Stock Units to be
credited to a Director pursuant to Section 4 of the Plan. 
  

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 3. Administration. The Plan is an unfunded deferred compensation arrangement and shall be
administered, interpreted and construed by the Committee, provided that the Secretary of the Company shall be authorized to take such ministerial actions as may be necessary to effectuate the instructions of the Committee and the Plan. All elections
permitted or required under the Plan will be made by filing a written notice thereof with the Secretary of the Company. 
  
 4. Deferrals; Further Elections. A minimum of fifty percent (50%) of each Director’s Annual Director’s Fee shall be paid by the Company
in Deferred Stock Units. Each Director annually may elect to defer the balance of his or her Annual Director’s Fee in Deferred Stock Units for the following year by filing a written notice of such election with the Secretary of the Company not
later than December 31 of the prior calendar year. Current Directors shall file any such elections prior to April 1, 1997, with respect to the remaining portion of the 1997 Annual Director’s Fee; Directors elected after the Effective Date shall
file any such election promptly upon the commencement of services to the Board. The amount of Deferred Stock Units to be credited to a Director’s Stock Unit Account shall be determined annually for each Quarterly Payment Date during the
calendar year by dividing (a) the portion of the Annual Director’s Fee to be deferred in Deferred Stock Units by (b) the Award Value. Any portion of an Annual Director’s Fee to be paid in cash without deferral also shall be paid on the
Quarterly Payment Date. 
  
 5. Dividend Equivalent Award.
Directors shall not be entitled to any rights of a holder of Common Stock by reason of DSU Accounts credited with Deferred Stock Units, except that Deferred Stock Units credited to Dividend Accounts shall be increased by Dividend Equivalents
determined and credited as of each Dividend Payment Date. 
  
 6.
Settlement of Account Balance. The aggregate number of Deferred Stock Units credited to a Director’s DSU Account will be distributed according to such Director’s election, subject to Committee approval as may be required by Rule
16b-3 under the Act, and which, to be effective, must be submitted in writing to the Secretary of the Company no less than twelve months prior to such Director’s Retirement. In the absence of a timely election, a Director’s DSU Account
balance will be settled in a single Common Stock distribution as of his or her Retirement date. 
  
 A Director may elect to have his or her DSU Account balance settled (i) in a cash lump sum payment as of his or her Retirement date, (ii) in a single
distribution of Common Stock as of such date, or (iii) in annual installments of either cash or Common Stock over a period not to exceed ten years. 
  

	 	(a)	If the election is to receive a lump sum cash payment from a Director’s DSU Account, the amount thereof shall be determined by multiplying the number of Deferred Stock Units by
the Fair Market Value, as of the date of Retirement of such Director. 

  

	 	(b)	If the election is to receive annual cash installments from the DSU Account, the amount of each installment will be determined by dividing, as of such installment payment date, the
balance in such DSU Account by the number of installment payments remaining in the designated term. 

  

	 	(c)	If the election is to receive a single distribution of Common Stock from a DSU Account, the number of shares of Common Stock to be distributed shall equal the number of Deferred
Stock Units available for distribution on the Director’s Retirement date. 

  

	 	(d)	If the election is to receive annual installments of Common Stock, the number of shares of Common Stock distributable over the installment period shall be determined annually as
follows: (a) the number of Deferred Stock Units then credited to a DSU Account (such calculation to include increases in the Dividend Account by reason of Dividend Equivalents, and decreases in the DSU Account by reason of prior distributions) shall
be divided by (b) the number of installment payments remaining in the designated installment term (including the current installment payment date). Any fractional shares shall be retained in the Director’s DSU Account until the date of the last
installment payment, at which time any fractional shares shall be paid in cash based upon the closing price of the Common Stock on the trading day immediately preceding any such annual installment payment date, as the same is reported in The Wall
Street Journal. 

  
 If a Director dies before
all amounts credited to such Director’s DSU have been distributed, the balance will be distributed to such Director’s Beneficiary in the manner previously designated by the Director or, in the absence of such designation, in the manner
specified timely by the Beneficiary. If a Director dies without designating a Beneficiary, or if the designated Beneficiary predeceases the Director, the balance in the Director’s DSU Account will be distributed to the executor or administrator
of such Director’s estate, in the manner previously designated by the Director or, in the absence of such designation, in the manner specified timely by the executor or administrator. 
  

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 7. Nonassignability and General Rights. Neither participation in, nor the right to receive any
payments under, the Plan will give any Director or Beneficiary a proprietary interest in the Company or any of its assets. A Director or Beneficiary will for all purposes be deemed to be a general creditor of the Company and shall not have any
security interest in, or lien against, any assets. The rights of a Director or Beneficiary under the Plan cannot be assigned or pledged and will not be subject to the claims of creditors of the Director or Beneficiary. 
  
 8. Amendment. The Board of Directors will have the right to modify
this Plan from time to time, with shareholder approval to the extent required by Rule 16b-3, or to terminate the Plan entirely; provided, however, that no modification or termination of the Plan will operate to annul an election already in effect
for the fiscal year in which such modification or termination is effective, or to adversely affect the rights of a Director or Beneficiary to receive distributions as provided herein. 
  
 9. Conversion of Retirement Benefit. As a condition to participation in the Plan, each Director participating in the
Outside Director Retirement Plan agrees that his or her annual vested accrued benefit in the Outside Director Retirement Pan, as of the Effective Date, shall be converted into Deferred Stock Units, as of the Effective Date, in accordance with
Exhibit A hereof. 
  
 10 General Restrictions. The issuance
of Common Stock or the delivery of certificates therefor to or for the benefit of Directors hereunder shall be subject to the requirement that, if the listing, registration or qualification of such shares upon any securities exchange or under any
state or federal law, or the consent or approval of any governmental body, shall be necessary or desirable as a condition of, or in connection with, such issuance and delivery thereunder, such issuance or delivery shall not take place unless such
listing, registration, qualification, consent or approval shall have been effected promptly and in a manner acceptable to the Company. 
  
 11. Change in Capital Structure. In the event of any change in the Common Stock by reason of any stock dividend, spin-off, split, combination of
shares, exchange of shares, warrants or rights offering to purchase Common Stock at a price below its fair market value, reclassification, recapitalization, merger, consolidation or other change in capitalization, appropriate adjustment shall be
made by the Committee in the number and kind of Deferred Stock Units subject to the Plan and any other relevant provisions of the Plan, whose determination shall be binding and conclusive on all persons. 
  
 12. Governing Law. The Plan shall be construed and enforced pursuant
to the laws of the Commonwealth of Virginia. 
  
 13. Term.
The Plan shall remain in effect until amended or terminated by action of the Board as provided herein. 
  

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