Document:

EX-10.2

 Exhibit 10.2 
 EXECUTION VERSION 
 SUBSIDIARY GUARANTY AGREEMENT 

This SUBSIDIARY GUARANTY AGREEMENT (as amended, supplemented or otherwise modified from time to time, this “Subsidiary
Guaranty Agreement”), dated as of May 1, 2013, is made jointly and severally by the Persons listed on the signature pages hereof as Subsidiary Guarantors and each of the other Persons that from time to time becomes an Additional
Subsidiary Guarantor pursuant to the terms of Section 11 hereof (each a “Subsidiary Guarantor” and collectively the “Subsidiary Guarantors”), in favor of each of the holders from time to time of the Notes
issued under the Note Agreement referred to below (each a “Beneficiary”, and collectively, the “Beneficiaries”). Capitalized terms used but not defined herein shall have the meanings given to them in the Note
Agreement referred to below. 
 RECITALS 
 A. Reference is made to that certain Note Agreement, dated as of May 1, 2013 (as the same from time to time may be amended, restated, supplemented or otherwise modified, the “Note
Agreement”), by and among Pulitzer Inc., a Delaware corporation (together with its successors and assigns, “Pulitzer”), St. Louis Post-Dispatch LLC, a Delaware limited liability company (together with its successors and
assigns, “STL Post-Dispatch”) and the initial Beneficiaries signatory hereto, pursuant to which, subject to the terms and conditions set forth therein, Pulitzer and STL Post-Dispatch issued to such Beneficiaries the Notes, as
defined therein. 
 B. The initial Beneficiaries are willing to enter into the Note Agreement and otherwise make, extend
and maintain certain financial accommodations to Pulitzer and STL Post-Dispatch as provided in the Note Agreement, the Notes and the other Transaction Documents, but only upon the condition, among others, that the Subsidiary Guarantors shall have
executed and delivered this Subsidiary Guaranty Agreement. 
 GUARANTY 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, each Subsidiary Guarantor hereby agrees as follows: 
 1. GUARANTY. 

1.1 Guaranty. Each Subsidiary Guarantor hereby irrevocably, absolutely and unconditionally jointly and severally guarantees unto
each Beneficiary (i) the full and prompt payment of the principal of, and premium, interest and all other amounts due with respect to, the Notes from time to time outstanding, as and when such amounts shall become due and payable, whether by
lapse of time, upon redemption, prepayment or purchase, by extension or by acceleration or declaration or otherwise (including (to the extent legally enforceable) interest due on overdue payments of principal, premium or interest at the rate set
forth in the Notes or any 

 
other amounts due thereunder) in coin or currency of the United States of America which at the time of payment or demand therefor shall be legal tender for the payment of public and private
debts, (ii) the full and prompt payment, performance and observance by Pulitzer and STL Post-Dispatch of all other obligations, covenants, conditions and agreements contained in the Note Agreement, the Notes or any other Transaction Document,
including, without limitation, the Note Obligations, and (iii) the full and prompt payment, upon demand by any Beneficiary, of all costs and expenses (including reasonable attorneys’ fees), if any, as shall have been expended or incurred
in the protection or enforcement of any rights, privileges or liabilities under the Note Agreement, the Notes or any other Transaction Document or in the protection or enforcement of any rights, privileges or liabilities under this Subsidiary
Guaranty Agreement or in any consultation or action in connection therewith or herewith (all such obligations, covenants, conditions and agreements described in the foregoing clauses (i), (ii) and (iii) being hereinafter collectively
referred to as the “Guaranteed Obligations”). 
 Each Subsidiary Guarantor hereby acknowledges and agrees that
its liability hereunder is joint and several with any other Person(s) who may guarantee the obligations and indebtedness under and in respect of the Notes, the Note Agreement and the other Transaction Documents. 

1.2 Guaranty of Payment and Performance. This is a guaranty of payment and performance and not a guaranty of collection, and each
Subsidiary Guarantor hereby waives any right to require that any action on or in respect of the Note Agreement, the Notes, the Transaction Documents or any instrument or agreement relating to the Guaranteed Obligations be brought against Pulitzer,
STL Post-Dispatch, any other Subsidiary Guarantor or any other Person or that resort be had to any direct or indirect security for the Notes or for this Subsidiary Guaranty Agreement or any other remedy. Any Beneficiary may, at its option, proceed
hereunder against any Subsidiary Guarantor in the first instance to collect monies when due, the payment of which is guaranteed hereby, without first proceeding against Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person
and without first resorting to any direct or indirect security for the Notes or for this Subsidiary Guaranty Agreement or any other remedy. The liability of each Subsidiary Guarantor hereunder shall in no way be affected or impaired by any
acceptance by any Beneficiary of any direct or indirect security for, or other guaranties of, the Guaranteed Obligations or by any failure, delay, neglect or omission by any Beneficiary to realize upon or protect any of the Guaranteed Obligations or
any Notes or other instruments evidencing the same or any direct or indirect security therefor or by any approval, consent, waiver, or other action taken or omitted to be taken by any such Beneficiary. Each Subsidiary Guarantor (i) acknowledges
that certain obligations of Pulitzer and STL Post-Dispatch under the Note Agreement and the other Transaction Documents will survive the payment or transfer of any Note and the termination of the Note Agreement and the other Transaction Documents
and (ii) agrees that the obligations of each Subsidiary Guarantor hereunder with respect to such surviving obligations shall also survive the payment or transfer of any Note and the termination of the Note Agreement and the other Transaction
Documents. 

  
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 1.3 General Provisions Relating to the Subsidiary Guaranty Agreement. 

(a) Each Subsidiary Guarantor hereby consents and agrees that any Beneficiary, with or without any further notice
to or assent from any Subsidiary Guarantor, may, without in any manner affecting the liability of any Subsidiary Guarantor under this Subsidiary Guaranty Agreement, and upon such terms and conditions as any Beneficiary may deem advisable:

 (i) extend in whole or in part (by renewal or otherwise), modify, change, compromise, release or extend
the duration of the time for the payment or performance of any of the Guaranteed Obligations, or waive any default with respect thereto, or waive, modify, amend or change any provision of the Note Agreement, the Notes or any other Transaction
Document; 
 (ii) sell, release, surrender, modify, impair, exchange or substitute any and all property,
of any nature and from whomsoever received, held by, or for the benefit of, any such Beneficiary as direct or indirect security for the payment or performance of any of the Guaranteed Obligations; or 

(iii) settle, adjust or compromise any claim of Pulitzer, STL Post-Dispatch or any other Subsidiary Guarantor
against any other Person secondarily or otherwise liable for any of the Guaranteed Obligations. 
 Each Subsidiary Guarantor
hereby ratifies and confirms any such extension, renewal, change, sale, release, waiver, surrender, exchange, modification, amendment, impairment, substitution, settlement, adjustment or compromise and that the same shall be binding upon it, and
hereby waives any and all defenses, counterclaims or offsets which it might or could have by reason thereof, it being understood that each Subsidiary Guarantor shall at all times be bound by this Subsidiary Guaranty Agreement and remain liable
hereunder. 
 (b) Each Subsidiary Guarantor hereby waives: (i) notice of acceptance of this
Subsidiary Guaranty Agreement by the Beneficiaries or of the creation, renewal or accrual of any liability of Pulitzer, STL Post-Dispatch or any other Subsidiary Guarantor, present or future, or of the reliance of such Beneficiaries upon this
Subsidiary Guaranty Agreement (it being understood that all Guaranteed Obligations shall conclusively be presumed to have been created, contracted or incurred in reliance upon the execution of this Subsidiary Guaranty Agreement); (ii) demand of
payment by any Beneficiary from Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person indebted in any manner on or for any of the Guaranteed Obligations hereby guaranteed; and (iii) presentment for the payment by any
Beneficiary or any other Person of the Notes or any other instrument, protest thereof and notice of its dishonor to any party thereto and to the Subsidiary Guarantors. The obligations of each Subsidiary Guarantor under this Subsidiary Guaranty
Agreement and the rights of each Beneficiary to enforce such obligations by any proceedings, whether by action at law, suit in equity or otherwise, shall not be subject to any reduction, limitation, impairment or termination, whether by reason of
any claim of any character whatsoever or otherwise and shall not be subject to any defense, setoff, counterclaim, recoupment or termination whatsoever. 

  
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 (c) The obligations of each Subsidiary Guarantor hereunder shall be
binding upon each Subsidiary Guarantor and its successors and assigns, and shall remain in full force and effect irrespective of: 
 (i) (A) the genuineness, validity, regularity or enforceability of the Note Agreement, the Notes, this Subsidiary Guaranty Agreement or any other Transaction Document, or any of the terms of any
thereof, (B) the continuance of any obligation on the part of Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person on the Notes or under the Note Agreement, this Subsidiary Guaranty Agreement or any other Transaction
Document, (C) the power or authority or the lack of power or authority of (x) Pulitzer or STL Post-Dispatch to execute and deliver the Note Agreement and the Notes or any other Transaction Document, or to perform any of its obligations
thereunder or (y) any other Subsidiary Guarantor to execute and deliver this Subsidiary Guaranty Agreement or any such other instrument or agreement, or to perform any of its obligations thereunder, or (D) the existence or continuance of
Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person as a legal entity; 
 (ii)
any default, failure or delay, willful or otherwise, in the performance by Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person of any obligations of any kind or character whatsoever of Pulitzer, STL Post-Dispatch, any
other Subsidiary Guarantor or any other Person (including, without limitation, the Guaranteed Obligations); 

(iii) any creditors’ rights, bankruptcy, receivership or other insolvency proceeding of Pulitzer, STL
Post-Dispatch, any other Subsidiary Guarantor or any other Person or in respect of the property of Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person or any merger, consolidation, reorganization, dissolution,
liquidation, the sale of all or substantially all of the assets of or winding up of Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person; 

(iv) impossibility or illegality of performance on the part of Pulitzer, STL Post-Dispatch, any other Subsidiary
Guarantor or any other Person of its obligations under the Note Agreement, the Notes, this Subsidiary Guaranty Agreement or any other Transaction Document; 
 (v) in respect of Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person, any change of circumstances, whether or not foreseen or foreseeable, whether or not imputable to
Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person, or impossibility of performance through fire, explosion, accident, labor disturbance, floods, droughts, embargoes, wars (whether or not declared), civil commotion, acts
of God or the public enemy, delays or failure of suppliers or carriers, inability to obtain materials, action of any Federal or state regulatory body or agency, change of law or any other causes affecting performance, or any other force majeure,
whether or not beyond the control of Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person and whether or not of the kind hereinbefore specified; 

  
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 (vi) any attachment, claim, demand, charge, lien, order, process,
encumbrance or any other happening or event or reason, similar or dissimilar to the foregoing, or any withholding or diminution at the source, by reason of any taxes, assessments, expenses, indebtedness, obligations or liabilities of any character,
foreseen or unforeseen, and whether or not valid, incurred by or against any Person, or any claims, demands, charges or liens of any nature, foreseen or unforeseen, incurred by any Person, or against any sums payable under this Subsidiary Guaranty
Agreement, so that such sums would be rendered inadequate or would be unavailable to make the payments herein provided; 
 (vii) any order, judgment, decree, ruling or regulation (whether or not valid) of any court of any nation or of any political subdivision thereof or any body, agency, department, official or
administrative or regulatory agency of any thereof or any other action, happening, event or reason whatsoever which shall delay, interfere with, hinder or prevent, or in any way adversely affect, the payment or performance by any party of any of the
Guaranteed Obligations; 
 (viii) any failure or lack of diligence in collection or protection, failure in
presentment or demand for payment, protest, notice of protest, notice of default and of nonpayment, any failure to give notice to any Subsidiary Guarantor of failure of Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person
to keep and perform any of the Guaranteed Obligations, or failure to resort for payment to Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or to any other Person or to any other guaranty or to any property, security, Liens or other
rights or remedies; 
 (ix) the acceptance of any additional security or other guaranty, the advance of
additional money to Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person, the renewal or extension of the Notes or amendments, modifications, consents or waivers with respect to the Note Agreement, the Notes or any other
Transaction Document, or the sale, release, substitution or exchange of any security for the Notes; 
 (x)
any defense whatsoever that Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person might have to the payment of the Notes (principal, premium, interest or any other amounts due thereunder), other than payment in cash
thereof, or to the payment, performance or observance of any of the other Guaranteed Obligations, whether through the satisfaction or purported satisfaction by Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person of its
debts due to any cause such as bankruptcy, insolvency, receivership, merger, consolidation, reorganization, dissolution, liquidation, winding up or otherwise; 

  
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 (xi) any act or failure to act with regard to the Note Agreement, the
Notes, this Subsidiary Guaranty Agreement or any other Transaction Document, or anything which might vary the risk of the Subsidiary Guarantors; or 
 (xii) any other circumstance (other than payment and performance in full of the Guaranteed Obligations (subject to Section 4 below)) which might otherwise constitute a defense available to, or
a discharge of, each Subsidiary Guarantor in respect of its obligations under this Subsidiary Guaranty Agreement; 

provided, that the specific enumeration of the above-mentioned acts, failures or omissions shall not be deemed to exclude any other
acts, failures or omissions, though not specifically mentioned above, it being the purpose and intent of this Subsidiary Guaranty Agreement that the obligations of each Subsidiary Guarantor shall be absolute and unconditional and shall not be
discharged, impaired or varied except by the full and prompt payment and performance of all of the Guaranteed Obligations. Without limiting the foregoing, it is understood that repeated and successive demands may be made and recoveries may be had
hereunder as and when, from time to time, Pulitzer, STL Post-Dispatch or any other Person shall default under the terms of the Note Agreement, the Notes or any other Transaction Document and that notwithstanding recovery hereunder for or in respect
of any given default or defaults by Pulitzer, STL Post-Dispatch or any other Person under the Note Agreement, the Notes or any other Transaction Document, this Subsidiary Guaranty Agreement shall remain in full force and effect and shall apply to
each and every subsequent default. 
 (d) All rights of any Beneficiary may be transferred or assigned at
any time and shall be considered to be transferred or assigned at any time or from time to time upon the transfer of such Note whether with or without the consent of or notice to the Subsidiary Guarantors under this Subsidiary Guaranty Agreement or
to Pulitzer or STL Post-Dispatch. 
 (e) Each Subsidiary Guarantor hereby subordinates to the rights of
the Beneficiaries under the Note Agreement, the Notes or any other Transaction Document, and agrees to defer any assertion, until such time as the Guaranteed Obligations have been indefeasibly paid and performed in full (subject to Section 4
below), of any claim or other rights that it may now or hereafter acquire against Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person that arise from the existence, payment, performance or enforcement of each Subsidiary
Guarantor’s obligations under this Subsidiary Guaranty Agreement, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of any
Beneficiary against Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including, without limitation, the right to
take or receive from Pulitzer, STL Post-Dispatch, any other Subsidiary Guarantor or any other Person, directly or indirectly, in cash or other property or by setoff or in any other manner, payment or security on account of such claim, remedy or

  
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right. If any amount shall be paid to any Subsidiary Guarantor in violation of the preceding sentence at any time prior to the payment and performance in full of all the Guaranteed Obligations,
such amount shall be held in trust for the benefit of the Beneficiaries and shall forthwith be paid to the Beneficiaries to be credited and applied to the Guaranteed Obligations, whether matured or unmatured. 

(f) Each Subsidiary Guarantor agrees that, to the extent Pulitzer, STL Post-Dispatch, any other Subsidiary
Guarantor or any other Person makes any payment on any Note or in respect of any of the other Guaranteed Obligations, which payment or any part thereof is subsequently invalidated, voided, declared to be fraudulent or preferential, set aside,
recovered, rescinded or is required to be retained by or repaid to a trustee, receiver, or any other Person under any bankruptcy code, common law, or equitable cause, then and to the extent of such payment, the obligation or the part thereof
intended to be satisfied shall be revived and continued in full force and effect with respect to each Subsidiary Guarantor’s obligations hereunder, as if said payment had not been made. The liability of each Subsidiary Guarantor hereunder shall
not be reduced or discharged, in whole or in part, by any payment to any Beneficiary from any source that is thereafter paid, returned or refunded in whole or in part by reason of the assertion of a claim of any kind relating thereto, including, but
not limited to, any claim for breach of contract, breach of warranty, preference, illegality, invalidity, or fraud asserted by any account debtor or by any other Person. 

(g) The Beneficiaries shall have no obligation to (a) marshal any assets in favor of any Subsidiary Guarantor
or in payment of any or all of the Guaranteed Obligations or (b) pursue any other remedy that any Subsidiary Guarantor may or may not be able to pursue itself and that may lighten such Subsidiary Guarantor’s burden, any right to which each
Subsidiary Guarantor hereby expressly waives. 
 1.4 Limitation of Liability. 

(a) Notwithstanding anything contained herein to the contrary, the obligations of each Subsidiary Guarantor hereunder at any time
shall be limited to the maximum amount as will result in the obligations of such Subsidiary Guarantor under this Subsidiary Guaranty Agreement not constituting a fraudulent transfer or conveyance for purposes of any bankruptcy, liquidation,
assignment for the benefit of creditors, conservatorship, moratorium, receivership, insolvency, rearrangement, reorganization or similar debtor relief laws to the extent applicable to this Subsidiary Guaranty Agreement and the obligations of each
Subsidiary Guarantor hereunder. 
 (b) If any payment shall be required to be made to any Beneficiary under this
Subsidiary Guaranty Agreement, each Subsidiary Guarantor hereby unconditionally and irrevocably agrees it will contribute, to the maximum extent permitted by law, such amounts to each other Subsidiary Guarantor and Pulitzer and STL Post-Dispatch so
as to maximize the aggregate amount paid to the Beneficiaries under or in connection with this Subsidiary Guaranty Agreement, the Note Agreement, the Notes or any other Transaction Document. 

  
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 2. DUTY OF SUBSIDIARY GUARANTORS TO STAY INFORMED. 

Each of the Subsidiary Guarantors hereby agrees that it has complete and absolute responsibility for keeping itself informed of the
business, operations, properties, assets, condition (financial or otherwise) of Pulitzer, STL Post-Dispatch, each other Subsidiary Guarantor, any and all endorsers and any and all guarantors of the Guaranteed Obligations and of all other
circumstances bearing upon the risk of nonpayment of the obligations evidenced by the Notes or the Guaranteed Obligations, and each of the Subsidiary Guarantors further agrees that the Beneficiaries shall have no duty, obligation or responsibility
to advise it of any such facts or other information, whether now known or hereafter ascertained, and each Subsidiary Guarantor hereby waives any such duty, obligation or responsibility on the part of the Beneficiaries to disclose such facts or other
information to any Subsidiary Guarantor. 
 3. REPRESENTATIONS AND WARRANTIES. 

Each Subsidiary Guarantor hereby represents and warrants to each of the Beneficiaries that, as of the date such Person becomes a party
hereto: 
 (a) Such Subsidiary Guarantor, if it is a corporation, limited partnership or limited liability
company: (i) is an entity duly organized, validly existing and in good standing under the laws of the state of its formation; (ii) is duly registered or qualified to do business and is in good standing in every jurisdiction where the
nature of its business requires it to be so registered or qualified (except where the failure to so register or qualify could not reasonably be expected to have a material adverse effect on such Subsidiary Guarantor’s business, property or
assets, condition (financial or otherwise), operations or prospects or on such Subsidiary Guarantor’s ability to pay or perform the Guaranteed Obligations); (iii) has all requisite organizational power and authority to own its properties
and to carry on its business as currently conducted and as proposed to be conducted, and to execute and deliver this Subsidiary Guaranty Agreement and to perform its obligations hereunder; and (iv) is in compliance in all material respects with
all applicable laws, rules, regulations and orders; 
 (b) Such Subsidiary Guarantor, if it is a general
partnership: (i) has all requisite partnership power and authority to conduct its business, to own and lease its property or assets, to execute and deliver this Subsidiary Guaranty Agreement and to perform its obligations hereunder; and
(ii) is in compliance in all material respects with all applicable laws, rules, regulations and orders; 

(c) The execution, delivery and performance by such Subsidiary Guarantor of this Subsidiary Guaranty Agreement
(i) have been duly authorized by all necessary corporate, limited liability company or partnership action and (ii) do not contravene such Subsidiary Guarantor’s charter documents, bylaws, partnership agreement, operating agreement or
any similar agreement; 
 (d) The execution and delivery of this Subsidiary Guaranty Agreement will not
conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under, or result in any violation of, or result in the creation of any 

  
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Lien upon any of the properties or assets of any Subsidiary Guarantor pursuant to the organizational documents of any such Person, any award of any arbitrator or any agreement (including any
agreement with equityholders of such Persons), instrument, order, judgment, decree, statute, law, rule or regulation to which such Person is subject; 
 (e) Neither the nature of any Subsidiary Guarantor nor any of their respective businesses or properties, nor any relationship between any Subsidiary Guarantors or between any Subsidiary Guarantor
and any Subsidiary or Affiliate of Pulitzer, or any other Person, nor any circumstance in connection with this Subsidiary Guaranty Agreement, require any material authorization, consent, approval, exemption or other action by, or notice to, or
filing with, any court or administrative or governmental body (other than routine filings with respect to this Subsidiary Guaranty Agreement and any consents which have been obtained) in connection with the execution and delivery of this Subsidiary
Guaranty Agreement or the fulfillment of or compliance with the terms and provisions hereof or of any other instrument or agreement relating hereto; 
 (f) This Subsidiary Guaranty Agreement constitutes a valid and binding obligation of such Subsidiary Guarantor, enforceable against such Subsidiary Guarantor in accordance with its terms, except as
the enforceability thereof may be subject to, or limited by, bankruptcy, insolvency, reorganization, arrangement, moratorium or other similar laws relating to or affecting the rights of creditors generally, and general principles of equity,
regardless of whether such enforceability is considered in a proceeding at law or in equity; 
 (g) There
is no action, suit, investigation or proceeding pending or, to the knowledge of such Subsidiary Guarantor, threatened which questions the validity or legality of, or seeks damages in connection with, this Subsidiary Guaranty Agreement, the Note
Agreement, the Notes or any other Transaction Document or any action taken or to be taken pursuant to this Subsidiary Guaranty Agreement, the Note Agreement, the Notes or any other Transaction Document. There is no action, suit, investigation or
proceeding pending or, to the knowledge of such Subsidiary Guarantor, threatened against such Subsidiary Guarantor or any of its Subsidiaries or any properties or rights of any of the foregoing, by or before any court, arbitrator or administrative
or governmental body which, individually or collectively, could reasonably be expected to have a material adverse effect; 
 (h) The Guaranteed Obligations are not subject to any offset or defense of any kind against any Beneficiary, Pulitzer or STL Post-Dispatch; 

(i) After giving effect to this Subsidiary Guaranty Agreement, such Subsidiary Guarantor will be
“Solvent,” (taking into account any and all rights of contribution) meaning: (a) the fair saleable value of such Subsidiary Guarantor’s assets will be in excess of the amount that will be required to be paid on or in
respect of its existing debts and other liabilities (including contingent liabilities) as they mature; (b) such Subsidiary Guarantor will not have unreasonably small capital to carry on its business as conducted or as proposed to be conducted;
(c) such Subsidiary Guarantor does not intend to or believe that it will incur debts beyond its ability to generally pay 

  
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such debts as they mature (taking into account the timing and amounts of cash to be received by it and the amounts to be payable on or in respect of its obligations); and (d) such Subsidiary
Guarantor does not intend to hinder, delay or defraud either present or future creditors. In addition, such Subsidiary Guarantor will have received fair consideration and reasonably equivalent value in exchange for incurring its Debt under this
Subsidiary Guaranty Agreement. 
 (j) Such Subsidiary Guarantor has made its appraisal of and
investigation into the business, prospects, operations, property or assets, condition (financial or otherwise) and creditworthiness of Pulitzer, STL Post-Dispatch and any other Subsidiary Guarantors and has made its decision to enter into this
Subsidiary Guaranty Agreement independently based on such documents and information as it has deemed appropriate and without reliance upon any of the Beneficiaries or any of their partners, directors, trustees, members, officers, agents, designees
or employees, and such Subsidiary Guarantor has established adequate means of obtaining from Pulitzer, STL Post-Dispatch and any other Subsidiary Guarantors, on a continuing basis, financial or other information pertaining to the business,
prospects, operations, property, assets, condition (financial or otherwise) of Pulitzer, STL Post-Dispatch and any other Subsidiary Guarantors; and 
 (k) Neither such Subsidiary Guarantor nor its properties or assets have any immunity from jurisdiction of any court or from any legal process (whether through service of process or notice,
attachment prior to judgment, attachment in aid of execution, execution or otherwise) under applicable law. 
 4.
TERMINATION; REINSTATEMENT. 
 This Subsidiary Guaranty Agreement shall remain in full force and effect until all Guaranteed
Obligations shall have been satisfied by payment in full in cash, upon the occurrence of which this Subsidiary Guaranty Agreement shall, subject to the immediately succeeding sentence, terminate. This Subsidiary Guaranty Agreement shall continue to
be effective, or be reinstated, as the case may be, if at any time the payment, or any part thereof, of any of the Guaranteed Obligations is rescinded or otherwise must be restored or returned by any Beneficiary for any reason, including in
connection with the insolvency, bankruptcy, dissolution, liquidation or reorganization of Pulitzer, STL Post-Dispatch or any other Subsidiary Guarantor or in connection with the application of applicable fraudulent conveyance or fraudulent transfer
law, all as though such payments had not been made. 
 5. PAYMENTS. 

Each Subsidiary Guarantor hereby agrees that, upon the occurrence and during the continuance of any Event of Default, upon demand, the
Guaranteed Obligations will be paid to each of the Beneficiaries without setoff or counterclaim in U.S. dollars in immediately available funds at the location specified by such Beneficiary pursuant to the Note Agreement. 

  
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 6. SEVERABILITY. 

Whenever possible, each provision of this Subsidiary Guaranty Agreement shall be interpreted in such manner as to be effective and valid
under all applicable laws and regulations. If, however, any provision of this Subsidiary Guaranty Agreement shall be prohibited by or invalid under any such law or regulation, it shall be deemed modified to conform to the minimum requirements of
such law or regulation, or, if for any reason it is not deemed so modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity without the remainder thereof or any of the remaining provisions of this Subsidiary
Guaranty Agreement being prohibited or invalid. 
 7. HEADINGS. 

Section headings in this Subsidiary Guaranty Agreement are included herein for convenience of reference only and shall not constitute a
part of this Subsidiary Guaranty Agreement for any other purpose or be given any substantive effect. 
 8. APPLICABLE LAW.

 THIS SUBSIDIARY GUARANTY AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF NEW YORK, EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 

9. ENTIRE AGREEMENT. 
 This Subsidiary Guaranty Agreement constitutes the entire agreement among the parties hereto relating to the subject matter hereof and supersedes any and all prior or contemporaneous commitments,
agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and may not be contradicted or varied by evidence of prior, contemporaneous, or subsequent oral agreements or discussions of the
Subsidiary Guarantors, on the one hand, and the Beneficiaries, on the other hand. There are no oral agreements between the Subsidiary Guarantors, on the one hand, and the Beneficiaries, on the other hand. 

10. CONSTRUCTION. 
 Each of the Subsidiary Guarantors and the Beneficiaries acknowledges that it has had the benefit of legal counsel of its own choice and has been afforded an opportunity to review this Subsidiary Guaranty
Agreement with such legal counsel. 
 11. ADDITIONAL SUBSIDIARY GUARANTORS. 

The initial Subsidiary Guarantors hereunder shall be (i) Fairgrove LLC; (ii) Flagstaff Publishing Co.; (iii) Hanford
Sentinel Inc.; (iv) Amplified Digital, LLC; (v) Napa Valley Publishing Co.; (vi) Pantagraph Publishing Co.; (vii) Pulitzer Missouri Newspapers, Inc.; (viii) Pulitzer Network Systems LLC; (ix) Pulitzer Newspapers, Inc.;
(x) Pulitzer Technologies, Inc.; (xi) Santa Maria Times, Inc.; (xii) Southwestern Oregon Publishing Co.; (xiii) STL Distribution Services LLC; (xiv) Suburban Journals of Greater St. Louis LLC; (xv) Ynez Corporation; and
(xvi) Star Publishing Company. From time to time subsequent to the date hereof, additional Subsidiaries and/or Affiliates of Pulitzer may become parties hereto, as additional Subsidiary Guarantors (each, an “Additional Subsidiary
Guarantor”), by executing a Joinder Agreement 

  
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substantially in the form of Exhibit A attached hereto (each, a “Joinder Agreement”). Upon the delivery of a Joinder Agreement to the Beneficiaries, such Additional
Subsidiary Guarantor shall be a Subsidiary Guarantor and shall be as fully a party hereto as if such Additional Subsidiary Guarantor were an original signatory hereof. 
 12. COUNTERPARTS; EFFECTIVENESS. 
 This Subsidiary Guaranty Agreement and
any amendments, waivers, consents, or supplements hereto may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all of
which counterparts together shall constitute but one and the same instrument. 
 This Subsidiary Guaranty Agreement shall become
effective as to each Subsidiary Guarantor upon the execution and delivery of a counterpart hereof by such Subsidiary Guarantor (whether or not a counterpart hereof shall have been executed by any other Person) and receipt of written or telephonic
notification of such execution and authorization of delivery thereof. 
 Delivery of an executed counterpart hereof by any
Subsidiary Guarantor by facsimile or electronic pdf shall be as effective as delivery of a manually executed counterpart hereof and shall be considered a representation that an original executed counterpart hereof will be delivered. 

13. WAIVERS AND AMENDMENTS; SUCCESSORS AND ASSIGNS. 
 No amendment or waiver of any term or provision of this Subsidiary Guaranty Agreement or consent to any departure by any Subsidiary Guarantor therefrom shall in any event be effective unless the same is
in writing and signed by the Required Holders and, in the case of an amendment, the Subsidiary Guarantors; provided, however, that no such amendment reducing any payment obligations under this Subsidiary Guaranty Agreement shall be effective
unless signed by each Beneficiary. This Subsidiary Guaranty Agreement is a joint and several continuing guaranty and shall be binding upon each Subsidiary Guarantor and its successors and assigns; provided, however, that no Subsidiary
Guarantor shall assign this Subsidiary Guaranty Agreement or any of the rights or obligations of such Subsidiary Guarantor hereunder without the prior written consent of the Required Holders. This Subsidiary Guaranty Agreement shall inure to the
benefit of each of the Beneficiaries and its successors, assigns and transferees. 
 14. ADDRESS FOR NOTICES. 

Any notice or other communication hereunder shall be addressed and delivered (i) if to any Purchaser or its nominee, addressed as
specified for such communications in the Purchaser Schedule attached to the Note Agreement, or at such other address, facsimile number or e-mail address as such Purchaser or its nominee shall have specified to STL Post-Dispatch, on behalf of each of
the Subsidiary Guarantors, in writing, (ii) if to any other Beneficiary, addressed to such Person at such address, facsimile number or e-mail address as it shall have specified in writing to STL Post-Dispatch or, if any such Person shall not
have so specified an address, facsimile number or e-mail address, then addressed to such Person in care of the last holder of Notes held by such Person which shall have so specified an address, facsimile number or e-mail address to

  
 12 

 
STL Post-Dispatch, and (iii) if to any Subsidiary Guarantor, addressed to such Subsidiary Guarantor care of Pulitzer, at Pulitzer’s address, facsimile number or e-mail address set forth
in the Note Agreement, or at such other address, facsimile number or e-mail address as such Subsidiary Guarantor shall have specified to each of the Beneficiaries in writing. 
 15. FAILURE OR INDULGENCE NOT WAIVER; REMEDIES CUMULATIVE. 
 No failure or
delay on the part of any Beneficiary in the exercise of any power, right or privilege hereunder shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial
exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. All rights and remedies existing under this Subsidiary Guaranty Agreement are cumulative to, and not exclusive of,
any rights or remedies otherwise available. 
 16. PERSONAL JURISDICTION. 

Each Subsidiary Guarantor irrevocably agrees that any legal action or proceeding with respect to this Subsidiary Guaranty Agreement, the
Note Agreement, the Notes, the Transaction Documents or any of the agreements, documents or instruments delivered in connection herewith or therewith shall be brought in the courts of the State of New York or the United States of America for the
Southern District of New York as the Required Holders may elect, and, by execution and delivery hereof, each Subsidiary Guarantor accepts and consents to, for itself and in respect of its property, generally and unconditionally, the jurisdiction of
the aforesaid courts and agrees that such jurisdiction shall be exclusive, unless waived by the Required Holders in writing, with respect to any action or proceeding brought by such Subsidiary Guarantor against any Beneficiary. Each Subsidiary
Guarantor hereby waives, to the full extent permitted by law, any right to stay or to dismiss any action or proceeding brought before said courts on the basis of forum non conveniens. 

17. WAIVER OF JURY TRIAL. 
 THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS SUBSIDIARY GUARANTY AGREEMENT, THE NOTE AGREEMENT, THE NOTES,
OR ANY OTHER TRANSACTION DOCUMENT, OR ANY DEALINGS BETWEEN OR AMONG THEM RELATING TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY AND THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS
INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER
COMMON LAW AND STATUTORY CLAIMS. EACH OF THE PARTIES HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS SUBSIDIARY GUARANTY
AGREEMENT, AND THAT EACH WILL CONTINUE TO 

  
 13 

 
RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH OF THE PARTIES HERETO FURTHER WARRANTS AND REPRESENTS THAT EACH HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT EACH KNOWINGLY
AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS SUBSIDIARY GUARANTY AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

[Remainder of Page Intentionally Left Blank; Signature Page Follows] 

  
 14 

 IN WITNESS WHEREOF, each of the undersigned has caused this Subsidiary Guaranty
Agreement to be duly executed as of the date first above written. 
  

			
	 SUBSIDIARY GUARANTORS:
  

FLAGSTAFF PUBLISHING CO.
 HANFORD
SENTINEL INC.
 NAPA VALLEY PUBLISHING CO.
 PANTAGRAPH PUBLISHING CO.
 PULITZER MISSOURI NEWSPAPERS, INC.

PULITZER NEWSPAPERS, INC.
 PULITZER
TECHNOLOGIES, INC.
 SANTA MARIA TIMES, INC.

SOUTHWESTERN OREGON PUBLISHING CO.
 STAR PUBLISHING COMPANY
 YNEZ CORPORATION

		
	By:	 	/s/ C. D. Waterman III
	Name:	 	C. D. Waterman III
	Title:	 	Secretary

  
 [Signature
Page to Subsidiary Guaranty Agreement] 

 
			
	 FAIRGROVE LLC
  

By: ST. LOUIS POST-DISPATCH LLC, Managing Member
  

By: PULITZER INC., Managing Member

		
	By:	 	/s/ C. D. Waterman III
	Name:	 	C. D. Waterman III
	Title:	 	Secretary

  

			
	 AMPLIFIED DIGITAL, LLC
 STL DISTRIBUTION SERVICES LLC
 SUBURBAN JOURNALS OF GREATER ST. LOUIS LLC

PULITZER NETWORK SYSTEMS LLC
  

By: PULITZER INC., Managing Member

		
	By:	 	/s/ C. D. Waterman III
	Name:	 	C. D. Waterman III
	Title:	 	Secretary

  
 [Signature
Page to Subsidiary Guaranty Agreement] 

 EXHIBIT A 

FORM OF JOINDER AGREEMENT 

  
 Exhibit A-1

 JOINDER AGREEMENT 

TO 

SUBSIDIARY GUARANTY AGREEMENT 
 ADDITIONAL SUBSIDIARY GUARANTOR: Reference is made to that certain Subsidiary Guaranty Agreement, dated as of May 1, 2013 (as the same may from
time to time be amended, restated, supplemented or otherwise modified, the “Subsidiary Guaranty Agreement”), entered into by certain Affiliates and Subsidiaries of Pulitzer Inc. (“Pulitzer”) and St. Louis
Post-Dispatch LLC (“STL Post-Dispatch”) (the “Subsidiary Guarantors”), in favor of the Beneficiaries identified therein. Capitalized terms not defined in this Joinder Agreement shall have the meanings given to them
in the Subsidiary Guaranty Agreement. The undersigned acknowledges and agrees it is (or, concurrently with the execution and delivery of this Joinder Agreement, will become) a Subsidiary Guarantor and that, by its execution and delivery of this
Joinder Agreement to the Beneficiaries, it hereby joins and for all purposes becomes a Subsidiary Guarantor under, and a party to, the Subsidiary Guaranty Agreement, and does hereby unconditionally, absolutely and irrevocably guarantee to each of
the Beneficiaries the complete payment when due (whether at stated maturity, by acceleration or otherwise) and due performance of all Guaranteed Obligations, and does hereby fully assume and undertake to perform all rights, benefits, burdens,
obligations and liabilities of a Subsidiary Guarantor under the Subsidiary Guaranty Agreement. 

                    
                , a
                                         
        
  

			
	 By:
	 	  

		
	 Printed Name:
	 	  

		
	 Title:
	 	  

  
 Exhibit A-2EX-10.3

 Exhibit 10.3 
 EXECUTION VERSION 
 SECURITY AGREEMENT 

This SECURITY AGREEMENT (together with all exhibits and schedules hereto, as amended, supplemented or otherwise modified from time
to time, this “Agreement”), dated as of May 1, 2013 is made by PULITZER INC., a Delaware corporation (together with its successors and assigns, “Pulitzer”),
ST. LOUIS POST-DISPATCH LLC, a Delaware limited liability company (together with its successors and assigns, “STL Post-Dispatch”, and together with Pulitzer, the
“Obligors”), and each Subsidiary of Pulitzer on the signature pages hereto (collectively, the “Initial Subsidiary Grantors”) and each of the other Persons (as defined below) that from time to time becomes an
“Additional Grantor” pursuant to Section 12(m) of this Agreement (each, a “Grantor” and, collectively, the “Grantors”) in favor of the Collateral Agent, on behalf and for the benefit of the Secured
Parties (as each such term is defined below). 
 RECITALS 

A. Reference is made to that certain Note Agreement, dated as of May 1, 2013 (as the same from time to time hereafter may be
amended, restated, supplemented or otherwise modified, the “Note Agreement”), by and among the Obligors and the Purchasers named therein, pursuant to which, subject to the terms and conditions set forth therein, the Obligors issued
the Notes (as defined below) to such Purchasers. 
 B. Reference is also made to that certain Subsidiary Guaranty
Agreement, dated as of May 1, 2013 (as the same from time to time hereafter may be amended, restated, supplemented or otherwise modified, the “Subsidiary Guaranty Agreement”) made by each Initial Subsidiary Grantor, and each
additional Person that hereinafter executes a joinder thereto, in favor of the Purchasers, pursuant to which such Persons have, among other things, agreed to guarantee the full, complete and final payment and performance of the “Guaranteed
Obligations” (as defined in the Subsidiary Guaranty Agreement). 
 C. The Purchasers are willing to enter into the
Note Agreement and otherwise make, extend and maintain certain financial accommodations to the Obligors as provided in the Note Agreement and the Notes (as defined below), but only upon the condition, among others, that the Obligors and the Initial
Subsidiary Grantors shall have executed and delivered this Agreement to the Collateral Agent, on behalf and for the benefit of the Secured Parties. 
 AGREEMENT 
 NOW,
THEREFORE, in order to induce the Purchasers to enter into the Note Agreement and to otherwise make, extend and maintain financial accommodations to or for the benefit of the Credit Parties on the terms and subject to the
conditions set forth therein, and for other good and valuable consideration, and intending to be legally bound, each Grantor, jointly and severally, hereby represents, warrants, covenants and agrees as follows: 

SECTION 1. Defined Terms. Capitalized terms not defined herein shall have the meanings given to them in the Note Agreement. The
following capitalized terms shall have the following meanings (such meanings being equally applicable to both the singular and plural forms of the terms defined): 
 “Account” means and includes any “account,” as such term is defined in Article 9 of the UCC, now owned or hereafter acquired or received by any Grantor or in which
any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets). 

 “Account Debtor” means a Person obligated on an Account, Chattel Paper or
General Intangible, but does not include a Person obligated to pay on or under an Instrument, even if such Instrument constitutes a part of Chattel Paper. 
 “Additional Grantor” has the meaning specified for such term in Section 12(m) of this Agreement. 
 “Affiliate” has the meaning specified for such term in the Note Agreement. 
 “Agreement” has the meaning specified for such term in the introductory paragraph hereto. 
 “Bankruptcy Code” means the provisions of Title 11 of the United States Code, 11 U.S.C. §§101 et seq., as now and hereafter in effect, any successors to such statute and
any other applicable bankruptcy, insolvency or other similar law of any jurisdiction including, without limitation, any law of any jurisdiction relating to the reorganization, readjustment, liquidation, dissolution, release or other relief of
debtors, or providing for the appointment of a receiver, trustee, custodian or conservator or other similar official for all or any substantial part of such debtor’s assets, or for the making of an assignment for the benefit of creditors of a
debtor. 
 “Certificate of Title” means all certificates of title (or similar ownership documents) with respect
to which applicable law provides for a security interest to be identified on such certificate as a condition for the perfection or priority of a security interest over the rights of a lien creditor or other persons with respect thereto. 

“Chattel Paper” means and includes any “chattel paper,” as such term is defined in Article 9 of the
UCC, now owned or hereafter acquired or received by Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets). 

“Collateral” means all of each Grantor’s: (i) Accounts; (ii) Chattel Paper; (ii) Commercial Tort
Claims; (iii) Contracts; (iv) Deposit Accounts; (v) Documents; (vi) Equipment; (vii) Fixtures; (viii) General Intangibles; (ix) Instruments; (x) Intellectual Property; (xi) Inventory;
(xii) Investment Property; (xiii) Letter-of-Credit Rights; (xiv) Supporting Obligations; (xv) other goods and personal property of such Grantor whether tangible or intangible and whether now or hereafter owned or existing,
leased, consigned by or to, or acquired by, such Grantor and wherever located; and (xvi) to the extent not otherwise included, all Proceeds of each of the foregoing and all accessions to, substitutions and replacements for, and rents, profits
and products of each of the foregoing. Notwithstanding the foregoing, the term “Collateral” shall not include (a) the Excluded TNI Assets, or (b) “intent-to-use” trademarks at all times prior to the first use
thereof, whether by the actual use thereof in commerce, the recording of a statement of use with the United States Patent and Trademark Office or otherwise. 

  
 - 2 -

 “Collateral Agency Agreement” means that certain Collateral Agency
Agreement, dated as of May 1, 2013 duly executed by the Collateral Agent and the Purchasers (as the same from time to time hereafter may be amended, restated, supplemented or otherwise modified). 

“Collateral Agent” means The Bank of New York Mellon Trust Company, N.A. in its capacity as collateral agent for the
Secured Parties, together with its successors and assigns in such capacity. 
 “Collateral Documents” shall mean
this Agreement, the Pledge Agreement and the Deeds of Trust, Trademark Security Agreements, Copyright Security Agreements, Account Control Agreement (each as defined in the Note Agreement) and each of the other security agreements, pledge
agreements, trademark security agreements, copyright security agreements, deeds of trust, mortgages, leasehold mortgages, account control agreements or other agreements or instruments from time to time executed and delivered pursuant to the terms
hereof or thereof or of the Note Agreement that grants or purports to grant a Lien in favor of the Collateral Agent securing the obligations of the Credit Parties under the Note Agreement, any of the Notes and/or the other Transaction Documents, as
each may be amended, restated, supplemented or otherwise modified from time to time, together with all financing statements or comparable documents filed with respect thereto under the Uniform Commercial Code of any jurisdiction or comparable law.

 “Commercial Tort Claims” means any claim arising in tort now or hereafter owned or acquired or received by
any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets), including, without limitation, those from time to time listed on Schedule VI hereto. 

“Commodity Account” means and includes any “commodity account,” as such term is defined in
Article 9 of the UCC, now owned or hereafter acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets). 

“Contract” means any contract (including any customer, vendor, supplier, service or maintenance contract), lease, license
(including any License), undertaking, purchase order, permit, franchise agreement or other agreement (other than any right evidenced by Chattel Paper, Documents or Instruments), whether in written or electronic form, in or under which any Grantor
may now hold or hereafter acquires or receives any right or interest (other than Excluded TNI Assets), including with respect to an Account, any agreement relating to the terms of payment or the terms of performance thereof. 

“Copyright” means any of the following now owned or hereafter acquired or created (whether as a work for hire for the
benefit of such Grantor or otherwise) by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest, in whole or in part (other than Excluded TNI Assets): (a) any copyright, whether registered or
unregistered, held pursuant to the laws of the United States of America or of any other country or foreign jurisdiction; (b) any registration, application or recording in the United States Copyright Office or in any similar office or agency of
the United States of America or any other country or foreign jurisdiction; (c) any continuation, reissue, renewal or extension thereof; (d) any registration to be 

  
 - 3 -

 
issued in any pending application, and (e) any pending application for any registration, and the term “Copyright” shall include any and all right and interest in and to work
protectable by any of the foregoing which are presently or in the future owned, created or authorized (whether as a work for hire for the benefit of such Grantor or otherwise) or acquired by such Grantor, in whole or in part. 

“Copyright License” means any agreement, whether in-bound or out-bound, whether in written or electronic form, now owned
or hereafter acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets) granting any right to use or right not to be sued with respect to the use of
any Copyright or any work protectable by Copyright. 
 “Credit Party” means the Obligors, each Initial
Subsidiary Grantor and each Additional Grantor. 
 “Deposit Account” means and includes any “deposit
account” as such term is defined in Article 9 of the UCC. 
 “Documents” means and includes any
“documents,” as such term is defined in Article 9 of the UCC, now owned or hereafter acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than
Excluded TNI Assets). 
 “Equipment” means and includes any “equipment,” as such term is
defined in Article 9 of the UCC, now or hereafter owned or acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets). 

“Event of Default” has the meaning specified for such term in Section 8 hereof. 

“Excluded TNI Assets” means all real and personal property of Star Publishing which is leased to, or used in the
operations or business of, TNI Partners, and all proceeds of any of the foregoing. For the avoidance of doubt, “Excluded TNI Assets” shall not include Equity Interests in TNI Partners. 

“Fixtures” means and includes any “fixtures,” as such term is defined in Article 9 of the UCC, now
or hereafter owned or acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets). 

“GAAP” means generally accepted accounting principles (including International Financial Reporting Standards, as
applicable) as in effect from time to time. 
 “General Intangible” means and includes any “general
intangible,” as such term is defined in Article 9 of the UCC, now owned or hereafter acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI
Assets). 

  
 - 4 -

 “Grantors” has the meaning specified for such term in the Preamble hereto.

 “Indemnified Persons” has the meaning specified for such term in Section 5(c) of this Agreement.

 “Initial Subsidiary Grantors” has the meaning specified for such term in the Preamble hereto. 

“Instrument” means and includes any “instrument,” as such term is defined in Article 9 of the UCC,
now or hereafter owned or acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets). 

“Intellectual Property” means any intellectual property, in any medium, of any kind or nature whatsoever, now or
hereafter owned or acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets), and shall include, in any event, any Copyright, Trademark, Patent,
trade secret, customer list, Internet domain name (including any right related to the registration thereof), proprietary or confidential information, mask work, source, object or other programming code, invention (whether or not patented or
patentable), technical information, procedure, design, knowledge, know-how, computer program, software, database, data, skill, expertise, recipe, experience, process, model, drawing, material or record, and the term “Intellectual Property”
shall include any and all claims for damages by way of past, present and future infringements of any Intellectual Property, with the right, but not the obligation, to sue for and collect such damages, and any and all goodwill in, proceeds and
products of any Intellectual Property. 
 “Inventory” means and includes any “inventory,” as
such term is defined in Article 9 of the UCC, wherever located, now or hereafter owned or acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI
Assets). 
 “Investment Property” means and includes any “investment property,” as such term is
defined in Article 9 of the UCC, now or hereafter owned or acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets). 

“Joinder Agreement” means a Joinder Agreement substantially in the form of Exhibit A attached hereto.

 “Letter-of-Credit Right” means any right now owned or hereafter acquired or received by any Grantor or in
which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets), in each case to payment or performance under a letter of credit (as such term is defined in Article 5 of the UCC), whether or
not the beneficiary has demanded or is at the time entitled to demand payment or performance. 

  
 - 5 -

 “License” means any Copyright License, Patent License, Trademark License or
other license of rights or interests, whether in-bound or out-bound, whether in written or electronic form, now or hereafter owned or acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right
or interest (other than Excluded TNI Assets), and shall include any renewals, amendments or extensions of any of the foregoing thereof. 
 “Lien” has the meaning specified for such term in the Note Agreement. 
 “Material Adverse Effect” means a material adverse effect on (i) the business, financial condition, assets or properties of Pulitzer and its Subsidiaries taken as a whole, or
(ii) the ability of any Credit Party to perform its obligations under any of the Transaction Documents, or (iii) the validity or enforceability of any of the Transaction Documents. 

“Note Agreement” has the meaning specified for such term in the Recitals hereto. 

“Notes” has the meaning specified for such term in the Note Agreement. 

“Obligors” has the meaning specified for such term in the introductory paragraph hereto. 

“Patent” means any of the following now hereafter owned or acquired or received by any Grantor or in which any Grantor
now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets): (a) letters patent and right corresponding thereto, of the United States of America or any other country or other foreign jurisdiction, any
registration and recording thereof, and any application for letters patent, and rights corresponding thereto, of the United States of America or any other country or other foreign jurisdiction, including, without limitation, registrations,
recordings and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States of America, any State thereof or any other country or other foreign jurisdiction; (b) any reissue,
continuation, continuation-in-part or extension thereof; (c) any petty patent, divisional, and patent of addition; and (d) any patent to issue in any such application. 

“Patent License” means any agreement, whether in-bound or out-bound, whether in written or electronic form, now hereafter
owned or acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets) granting any right to use or right not to be sued with respect to any Patent or
any invention on which a Patent is in existence. 
 “Person” shall mean and include an individual, a
partnership, a joint venture, a firm, a corporation, an association, a limited liability company, a trust or other enterprise or any government or political subdivision or any department, agency or instrumentality thereof. 

“Pledge Agreement” means that certain Pledge Agreement dated the date hereof entered into by certain of the Credit
Parties in favor of the Collateral Agent for the benefit of the Secured Parties (as the same from time to time hereafter may be amended, restated, supplemented or otherwise modified). 

“Proceeds” means and includes any “proceeds,” as such term is defined in Article 9 of the UCC, now
or hereafter owned or acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets). 

  
 - 6 -

 “Pulitzer” has the meaning specified for such term in the introductory
paragraph hereto. 
 “Purchasers” means the original Purchasers of the Notes pursuant to the Note Agreement,
each of whom is listed on Schedule A thereto. 
 “Requirement of Law” means, as to any Person, any law, treaty,
rule, regulation, guideline or determination of an arbitrator, a court or other governmental authority, in each case applicable to or binding upon the Person or any of its property or to which the Person or any of its property is subject.

 “Required Holders” has the meaning specified for such term in the Note Agreement. 

“Secured Obligations” means (a) all obligations of the Obligors for the payment of the principal amount of the
Notes, accrued interest thereon, premium, non-usage fees and all other fees and amounts due to the holders of Notes pursuant to the terms of the Note Agreement and the other Transaction Documents, (b) the “Guaranteed Obligations” as
such term is defined in the Subsidiary Guaranty Agreement and (c) any and all other debts, liabilities and reimbursement obligations, indemnity obligations and other obligations for monetary amounts, fees, expenses, costs or other sums
(including reasonable attorneys’ fees and costs) chargeable to any Credit Party under or pursuant to any of the Transaction Documents. 
 “Secured Parties” means the holders from time to time of the Notes. 
 “Securities Account” means and includes any “securities account,” as such term is defined in Article 9 of the UCC, now or hereafter owned or acquired or received by
any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets). 
 “Star Publishing” shall mean Star Publishing Company, an Arizona corporation. 
 “STL Post-Dispatch” has the meaning specified for such term in the introductory paragraph hereto. 
 “Subsidiary” has the meaning specified for such term in the Note Agreement. 
 “Subsidiary Guaranty Agreement” has the meaning specified for such term in the Recitals hereto. 
 “Supporting Obligations” means and includes any “supporting obligations,” as such term is defined in Article 9 of the UCC, now or hereafter owned or acquired or
received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets). 

  
 - 7 -

 “TNI Agreement” means that certain Amended and Restated Partnership
Agreement, dated as of November 30, 2009, by and among Star Publishing Company and Citizen Publishing Company. 

“TNI Partners” means TNI Partners, a general partnership formed under the laws of the State of Arizona pursuant to the
terms of the TNI Agreement. 
 “Trademark License” means any agreement, whether in-bound or out-bound, whether
in written or electronic form, now or hereafter owned or acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets) granting any right to use or
right not to be sued for the use of any Trademark or Trademark registration. 
 “Trademarks” means any of the
following now or hereafter owned or acquired or received by any Grantor or in which any Grantor now holds or hereafter acquires or receives any right or interest (other than Excluded TNI Assets): (a) any trademark, service mark, trade name,
corporate name, business name, trade style, logo, other source or business identifier, print or label on which any of the foregoing have appeared or appear, design or other general intangibles of like nature, now existing or hereafter adopted or
acquired, all registrations and recordings thereof, and any applications in connection therewith, including registration, recording and application in the United States Patent and Trademark Office or in any similar office or agency of the United
States of America, any State thereof or any other country or other foreign jurisdiction; (b) any reissue, extension or renewal of any of the foregoing and (c) the goodwill relating to the foregoing. 

“Transaction Documents” has the meaning specified for such term in the Note Agreement. 

“UCC” means the Uniform Commercial Code as the same may from time to time be in effect in the State of New York (and each
reference in this Agreement to an Article thereof shall refer to that Article as from time to time in effect; provided, however, in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection or
priority of the Collateral Agent’s security interest in any collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “UCC” shall mean the Uniform Commercial
Code (including the Articles, Divisions, Parts, Chapters, Sections and the like, as applicable, thereof) as in effect at such time in such other jurisdiction for purposes of the provisions hereof relating to such attachment, perfection or priority
and for purposes of definitions related to such provisions. 
 SECTION 2. Grant of Security Interest. As security for the
full, complete and final payment and performance when due (whether at stated maturity, by acceleration or otherwise) of all the Secured Obligations and in order to induce the Purchasers to enter into the Note Agreement, and make, extend and maintain
financial accommodations to and for the benefit of the Credit Parties upon the terms and subject to the conditions of the Transaction Documents, each Grantor hereby mortgages, pledges and hypothecates to the Collateral Agent, on behalf and for the
benefit of the Secured Parties, and hereby grants to the Collateral Agent, on behalf and for the benefit of the Secured Parties, a security interest in and to all of such Grantor’s respective right, title and interest in, to and under the
Collateral, whether now existing or hereafter arising or acquired. 

  
 - 8 -

 SECTION 3. Assignment of Contracts; Rights of the Collateral Agent; Collection of
Accounts. 
 (a) In furtherance of Section 2 and the purposes of this Agreement, each Grantor hereby mortgages,
pledges and hypothecates to the Collateral Agent, on behalf and for the benefit of the Secured Parties, and hereby grants to the Collateral Agent, on behalf and for the benefit of the Secured Parties, a security interest in and to, all right, title
and interest of such Grantor in and to, and all benefits accruing to such Grantor pursuant to, each of the Contracts, Instruments, Chattel Paper and Investment Property; provided, however, that, unless an Event of Default shall have occurred and be
continuing, such Grantor shall have the right to exercise any of its rights under any such Contracts, Instruments, Chattel Paper or Investment Property to which it is a party or by which it is bound (including the right to enter into possession of
and use any and all property leased or licensed to such Grantor, as lessee or licensee, the right to use any or all of the facilities made available to such Grantor and the right to make all waivers and agreements, to give all notices, consents and
releases, to take all action upon the happening of any default giving rise to a right in favor of such Grantor, under any of such Contracts, Instruments, Chattel Paper or Investment Property to which it is a party or by which it is bound, and to do
any and all other things whatsoever which such Grantor is or may become entitled to do under any of such Contracts, Instruments, Chattel Paper or Investment Property to which it is a party or by which it is bound); and provided, further, that during
the continuance of any Event of Default, the Collateral Agent shall have the right (but not the obligation) to exercise any and all rights under any such Contracts, Instruments, Chattel Paper and Investment Property (including all rights set forth
in the parenthetical in the immediately preceding proviso and in Section 3(d)). 
 (b) Notwithstanding anything
contained in this Agreement to the contrary, each Grantor expressly agrees that it shall not default under any of its Contracts, Instruments, Chattel Paper or Investment Property, it shall observe and perform all the conditions and obligations to be
observed and performed by it thereunder and that it shall perform all of its duties and obligations thereunder, all in accordance with and pursuant to the terms and provisions of each such Contract, Instrument, Chattel Paper or Investment Property
unless and to the extent such default(s) or other failure(s) could not, individually or in the aggregate, with reasonable likelihood, be expected to have a Material Adverse Effect; provided, however, that such Grantor may suspend performance of its
obligations under any such Contract, Instrument, Chattel Paper or Investment Property in the event of a material breach of such Contract, Instrument, Chattel Paper or Investment Property by a third party. Neither the Collateral Agent nor any Secured
Party shall have any obligation or liability under any Contract, Instrument, Chattel Paper or Investment Property by reason of or arising out of this Agreement or the granting to the Collateral Agent of a security interest therein or the receipt by
the Collateral Agent or any Secured Party of any payment relating to any Contract, Instrument, Chattel Paper or Investment Property pursuant hereto, nor shall the Collateral Agent or any Secured Party be required or obligated in any manner to
perform or fulfill any of the obligations of any Grantor under or pursuant to any Contract, Instrument, Chattel Paper or Investment Property, or to make any payment, or to make any inquiry as to the nature or the sufficiency of any payment received
by it 

  
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or the sufficiency of any performance by any party under any Contract, Instrument, Chattel Paper or Investment Property, or to present or file any claim, or to take any action to collect or
enforce any performance or the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 
 (c) The Collateral Agent authorizes each Grantor to collect its Accounts; provided that the Collateral Agent may, upon the occurrence and during the continuation of any Event of Default and without
notice, limit or terminate said authority at any time. If required by the Collateral Agent at any time during the continuation of any Event of Default, any Proceeds, when first collected by any Grantor, received in payment of any such Account or in
payment for any of its Inventory or on account of any of its Contracts shall be promptly deposited by such Grantor in precisely the form received (with all necessary endorsements) in a special bank account maintained by the Collateral Agent subject
to withdrawal by the Collateral Agent only, as hereinafter provided, and until so turned over shall be deemed to be held in trust by such Grantor for and as the Collateral Agent’s property, on behalf and for the benefit of the Secured Parties,
and shall not be commingled with such Grantor’s other funds or properties. Such Proceeds, when deposited, shall continue to be collateral security for all of such Grantor’s Secured Obligations and shall not constitute payment thereof until
applied as hereinafter provided. Upon the occurrence and during the continuation of any Event of Default, the Collateral Agent may, in its sole discretion, after consultation with the Required Holders, apply all or a part of the funds on deposit in
said special account to the principal of or interest on, or both, in respect of any of the Secured Obligations in accordance with the provisions of Section 8(h), and any part of such funds which the Collateral Agent elects not so to
apply and deem not required as collateral security for the Secured Obligations shall be paid over from time to time by the Collateral Agent to the appropriate Grantor. If an Event of Default has occurred and is continuing, at the request of the
Collateral Agent, each Grantor shall deliver to the Collateral Agent all original and other documents evidencing, and relating to, the sale (or other disposition) and delivery of such Inventory and such Grantor shall deliver all original and other
documents evidencing and relating to, the performance of labor or service which created such Accounts, including, without limitation, all original orders, invoices and shipping receipts. 

(d) The Collateral Agent may, at any time, upon the occurrence and during the continuation of any Event of Default, notify Account
Debtors of such Grantor, parties to the Contracts of such Grantor, or obligors in respect of Instruments, Chattel Paper and Investment Property of such Grantor that the Accounts and the right, title and interest of such Grantor in and under such
Contracts, Instruments, Chattel Paper and Investment Property have been assigned as collateral security to the Collateral Agent, on behalf and for the benefit of the Secured Parties, and that payments shall be made directly to the Collateral Agent
pursuant to its written instructions. Upon the request of the Collateral Agent, such Grantor shall so notify such Account Debtors, parties to such Contracts and obligors in respect of such Instruments, Chattel Paper and Investment Property. Upon the
occurrence and during the continuation of an Event of Default, the Collateral Agent may, in its name, or in the name of others, communicate with such Account Debtors, parties to such Contracts and Licenses and obligors in respect of such
Instruments, Chattel Paper and Investment Property to verify with such parties, to the Collateral Agent’s satisfaction, the existence, amount and terms of any such Accounts, Contracts, Licenses, Instruments, Chattel Paper or Investment
Property. 

  
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 SECTION 4. Representations and Warranties. Each of the Grantors represents and
warrants to the Collateral Agent as of the date such Grantor becomes a party hereto that: 
 (a) Such Grantor is the sole
legal and equitable owner of, or, as to Intellectual Property licensed from other Persons, licensee of, each item of the Collateral in which such Grantor has an interest, and such Grantor has good, merchantable and insurable title or rights thereto
free and clear of any and all Liens, except for the Liens permitted under the Note Agreement. 
 (b) No effective security
agreement, collateral control agreement, financing statement, equivalent security or lien instrument or continuation statement covering all or any part of the Collateral exists, except such as may have been filed by such Grantor in favor of the
Collateral Agent pursuant to this Agreement or such as relate to the Liens expressly permitted under the Note Agreement. 

(c) The security interest in the Collateral created hereunder in favor of the Collateral Agent, on behalf and for the benefit of
the Secured Parties, constitutes a valid security interest in the Collateral securing the payment of the Secured Obligations. Upon (i) the due filing of UCC financing statements naming the applicable Grantor as “debtor”, naming the
Collateral Agent as “secured party” and describing the Collateral in the filing offices set forth on Schedule IA, and (ii) in the case of the Collateral comprising Trademarks, Patents or Copyrights, in addition, the
due recordation of a “Notice of Grant of Security Interest in Intellectual Property,” substantially in the form of Exhibit B, with respect to such Trademarks or Patents, with the United States Patent and Trademark
Office, and with respect to Copyrights, with the United States Copyright Office, then the security interest in the Collateral granted to the Collateral Agent, on behalf and for the benefit of the Secured Parties, will, to the extent a security
interest in the Collateral may be perfected by filing UCC financing statements and, in the case of the Collateral comprising Intellectual Property, in addition to the filing of such UCC financing statements, by the recordation of the “Notice
of Grant of Security Interest in Intellectual Property” with the United States Patent and Trademark Office and the United States Copyright Office, as applicable, constitute perfected security interests therein prior to all other Liens
(except for Liens expressly permitted under the Note Agreement that have priority by operation of law); provided, however, additional actions, filings, recordings or registrations in the United States Patent and Trademark Office and the
United States Copyright Office may be required with respect to the perfection of the Collateral Agent’s security interest in Intellectual Property acquired by any Grantor after the date hereof. 

(d) Such Grantor’s taxpayer and organizational identification numbers are, and chief executive office, principal place of
business, and the place where such Grantor maintains its records concerning the Collateral are presently located at the address(es), set forth on Schedule IB. If such Grantor is a corporation, limited liability company, limited
partnership, corporate trust or other registered organization, the state (or if not a state, the other jurisdiction) under whose law such registered organization was organized is set forth on Schedule IC. The Collateral of such
Grantor, other than Deposit Accounts, Securities Accounts and Commodity Accounts, is presently located, within the meaning of the UCC, at the address(es) further set forth for such Grantor on Schedule ID. Such Grantor shall not change
its taxpayer identification number or such chief executive office, principal place of business or remove or cause to be 

  
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removed, the records concerning the Collateral from those premises without at least thirty (30) days prior written notice to the Collateral Agent. In the event that any Grantor shall change
its chief executive office or principal place of business (provided that the new location is leased to the Grantor), then, concurrently with entering into the lease for the new location, such Grantor shall furnish to the Collateral Agent, an
executed and delivered access agreement in favor of the Collateral Agent with respect to the new location, in form and substance reasonably satisfactory to the Collateral Agent. Such Grantor shall not change its jurisdiction of organization without
the prior written consent of the Collateral Agent. 
 (e) All Collateral of such Grantor comprising Chattel Paper,
Instruments (in an outstanding or stated principal amount in excess of $25,000) or Investment Property comprising certificated securities is set forth for such Grantor on Schedule II. All action necessary or desirable to
protect and perfect the security interest in each item set forth on Schedule II, including the delivery of all originals thereof, duly indorsed in favor of the Collateral Agent, to the Collateral Agent, has been duly taken. The
security interest of the Collateral Agent in each Grantor’s Collateral listed on Schedule II is prior in right and interest to all other Liens (other than Liens expressly permitted under the Note Agreement that have priority
by operation of law) and is enforceable as such against creditors of and purchasers from such Grantor. 
 (f) All
federally registered Copyrights, Licenses, Patents, and Trademarks owned, held or in which such Grantor otherwise has acquired or received any rights or interest are listed on Schedule III. Such Grantor shall promptly amend
Schedule III from time to time to reflect any material additions to or deletions from this list. Except as set forth on Schedule III, none of the Patents, Trademarks or Copyrights has been licensed to any third party
except in the ordinary course of publishing newspapers and related products. 
 (g) The name and address of each
depository institution at which such Grantor maintains any Deposit Account and the account number and account name of each such Deposit Account is listed on Schedule IV-A. The name and address of each securities intermediary or
commodity intermediary at which such Grantor maintains any Securities Account or Commodity Account and the account number and account name is listed on Schedule IV-A. Such Grantor agrees to amend Schedule IV-A from time
to time within five (5) Business Days after opening any additional Deposit Account, Securities Account or Commodity Account, or closing or changing the account name or number on any existing Deposit Account, Securities Account, or Commodity
Account. 
 (h) All motor vehicles (other than Excluded TNI Assets) and other Equipment subject to a Certificate of Title
owned, held or in which such Grantor otherwise has acquired or received any rights or interest are listed on Schedule V. Such Grantor shall promptly amend Schedule V from time to time to reflect any additions to or
deletions from this list. 
 (i) Such Grantor has no Commercial Tort Claims with a stated or potential claim in excess of
$100,000 other than those set forth on Schedule VI hereto. Such Grantor shall promptly amend Schedule VI from time to time to reflect any additions to or deletions from this list. 

  
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 (j) There are no Accounts or Chattel Paper of such Grantor which arise out of a
contract or contracts with the United States of America or any department, agency, or instrumentality thereof, except for those listed on Schedule VII hereto. Such Grantor shall promptly amend Schedule VII from time to
time (and, in any event, in accordance with Section 5(n) hereof) to reflect any additions to or deletions from this list. 
 (k) Such Grantor is the sole holder of record and the sole beneficial owner of all certificated securities and uncertificated securities pledged to the Collateral Agent by such Grantor under
Section 2 of this Agreement, free and clear of any adverse claim, as defined in Section 8102(a)(1) of the UCC, except for Liens created in favor of the Collateral Agent by this Agreement or as expressly permitted under the Note Agreement.

 (l) None of the Investment Property of such Grantor has been transferred in violation of the securities registration,
securities disclosure or similar laws of any jurisdiction to which such transfer may be subject. 
 SECTION 5. Covenants.
Each Grantor covenants and agrees with the Collateral Agent that so long as any of the Secured Obligations shall remain unpaid: 

(a) Further Assurances; Pledge of Instruments. At any time and from time to time, upon the written request of the Collateral Agent
(pursuant to an instruction from the Noteholders (as defined in the Collateral Agency Agreement) in accordance with the Collateral Agency Agreement), and at the sole expense of such Grantor, such Grantor shall promptly and duly execute and deliver
any and all such further instruments and documents and take such further action with respect to the Collateral as the Collateral Agent may reasonably deem necessary or desirable to obtain the full benefits of this Agreement and of the rights and
powers herein granted, including (i) using its best efforts to secure all consents and approvals necessary or appropriate for the grant of a security interest to the Collateral Agent in any Contract held by such Grantor or in which such Grantor
has any right or interest not heretofore assigned, (ii) executing, delivering and causing to be filed any financing or continuation statements under the UCC with respect to the security interests granted hereby, (iii) filing or cooperating
with the Collateral Agent in filing any forms or other documents required to be recorded with the United States Patent and Trademark Office, United States Copyright Office, or any actions, filings, recordings or registrations in any foreign
jurisdiction or under any international treaty, required to secure or protect the Collateral Agent’s security interest in such Grantor’s Collateral, (iv) transferring such Grantor’s Collateral to the Collateral Agent’s
possession (if a security interest in such Collateral can be perfected by possession), (v) executing and delivering and causing the applicable depository institution, securities intermediary, commodity intermediary or issuer or nominated party
under a letter of credit to execute and deliver a collateral control agreement in form and substance reasonably acceptable to the Collateral Agent with respect to each Deposit Account; provided however, a collateral control agreement shall
not be required for any individual Deposit Account with an amount less than $15,000 at all times; notwithstanding the foregoing, in no event shall the aggregate amount in all Deposit Accounts not subject to collateral control agreement exceed
$100,000 at any time), Securities Account, Commodity Account or Letter-of-Credit Right in or to which such Grantor has any right or interest in order to perfect the security interest created hereunder in favor of the Collateral Agent (including
giving the Collateral Agent “control” over such Collateral within the meaning of the applicable 

  
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provisions of Article 8 and Article 9 of the UCC), but excluding the Deposit Accounts and Securities Accounts identified on Schedule IV-B, which are used exclusively for
employee payroll or employee trust accounts, (vi) executing and delivering or causing to be delivered written notice to insurers of the Collateral Agent’s security interest in, or claim in or under, any policy of insurance (including
unearned premiums), (vii) using its best efforts to obtain acknowledgments from bailees having possession of any Collateral and waivers of liens from landlords and mortgagees of any location where any of the Collateral in an aggregate amount in
excess of $250,000 may from time to time be stored or located, and (viii) placing the interest of the Collateral Agent as lienholder (or other similar designation) on the Certificate of Title of any motor vehicles or other Equipment
constituting Collateral owned by such Grantor which is covered by a Certificate of Title and delivering the original thereof to the Collateral Agent or its designated agent), it being understood that the Grantors shall not be required to comply with
the foregoing requirements of this clause (viii) prior to an Event of Default unless the aggregate book value of motor vehicles and such Equipment exceeds $750,000 (in which case, and in the case of an Event of Default, all Certificates of
Title will be required to be delivered with the Collateral Agent’s Lien properly noted thereon). Such Grantor also hereby authorizes the Collateral Agent and each Secured Party to file any such financing or continuation statement, and any
amendments thereto, all without the signature of such Grantor. A carbon, photographic or other reproduction of this Agreement or any financing statement covering the Collateral or any part thereof shall be sufficient as a financing statement where
permitted by law, and without limiting the generality of the foregoing, the Collateral Agent is expressly authorized to use a collateral description that encompasses “all assets” or “all personal property” or words of similar
import in any such financing statement. If any amount payable under or in connection with any of the Collateral is or shall become evidenced by any Instrument, such Instrument, other than checks and notes received in the ordinary course of business
and any Instrument in the outstanding or stated amount of less than $25,000, shall be duly endorsed in a manner reasonably satisfactory to the Collateral Agent and delivered to the Collateral Agent promptly and in any event within five
(5) Business Days of such Grantor’s receipt thereof. If at any time any Grantor shall hold any Investment Property comprised of certificated or uncertificated securities, such Grantor shall promptly, and in any event within five
(5) Business Days of such Grantor’s acquisition or receipt thereof, pledge such Investment Property to the Collateral Agent, for the benefit of the Secured Parties, pursuant to the terms of a pledge agreement in form and substance
satisfactory to the Collateral Agent. 
 (b) Maintenance of Records. Such Grantor shall keep and maintain, at its own cost
and expense, satisfactory and complete records of its Collateral, including a record of all payments received and all credits granted with respect to such Collateral and all other dealings with such Collateral. 

(c) Indemnification. In any suit, proceeding or action brought by the Collateral Agent or any Secured Party relating to any of such
Grantor’s Accounts, Chattel Papers, Deposit Accounts, General Intangibles (including any Contracts), Instruments, Letter-of-Credit Rights or Investment Properties for any sum owing thereunder, or to enforce any provision of any of such
Grantor’s Accounts, Chattel Papers, Deposit Accounts, General Intangibles (including any Contracts), Instruments, Letter-of-Credit Rights or Investment Properties, such Grantor shall save, indemnify and keep the Collateral Agent, each Secured
Party, and each of their respective officers, directors, employees, agents, advisors, and representatives (collectively, the 

  
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“Indemnified Persons”) harmless from and against any and all liabilities, expenses, losses or damages suffered by reason of any defense, setoff, counterclaim, recoupment or
reduction of liability whatsoever of the obligor thereunder arising out of a breach by such Grantor of any obligation thereunder or arising out of any other agreement, indebtedness or liability at any time owing to, or in favor of, such obligor or
its successors from such Grantor, and all such obligations of such Grantor shall be and remain enforceable against and only against such Grantor and shall not be enforceable against any Indemnified Person. Each Grantor, jointly and severally, hereby
further shall save, indemnify and keep each Indemnified Person harmless from, any and all claims, liabilities, expenses, losses or damages arising out of, resulting from, or otherwise related to the subject matter of this Agreement, including but
not limited to any claims, liabilities, expenses, losses or damages arising out of or resulting from (a) the failure by such Grantor to perform any obligations or undertakings required to be performed by such Grantor under or in connection with
the Collateral (including the failure of any warranty or representation (express or implied) in respect of the sale of any Inventory), (b) any failure by such Grantor, in connection with any of the Collateral, to comply with any applicable
Requirement of Law, or (c) any bodily injury, death or property damage occurring in connection with the use, sale or other disposition of the Collateral; provided that such Grantor shall not be liable to any Indemnified Person pursuant
to this Section 5(c) solely to the extent any such liability, expense, loss or damage is determined by a court of competent jurisdiction to have been caused by such Indemnified Person’s own gross negligence or willful misconduct.
The benefits of this Section 5(c) shall survive the termination of this Agreement. 
 (d) Limitation on Liens on
Collateral. Such Grantor shall not create, permit or suffer to exist, and shall defend its Collateral against and take such other action as is necessary to remove, any Lien on such Collateral, except for Liens expressly permitted under the Note
Agreement. Such Grantor shall further defend the right, title and interest of the Collateral Agent in and to any of such Grantor’s rights under the Collateral and in and to the Proceeds thereof against the claims and demands of all Persons
whomsoever. 
 (e) Limitations on Modifications of Accounts, Etc. Upon the occurrence and during the continuation of any
Event of Default, such Grantor shall not, without the Collateral Agent’s prior written consent, acting pursuant to the direction of the Required Holders, grant any extension of the time of payment of any Account, Chattel Paper or Instrument or
amounts due under any Contract, Deposit Account, Letter-of-Credit Right or Investment Property, in each case constituting Collateral, compromise, compound or settle the same for less than the full amount thereof, release, wholly or partly, any
Person liable for the payment thereof, or allow any credit or discount whatsoever thereon other than trade discounts granted in the ordinary course of business of such Grantor. 
 (f) Maintenance of Insurance. Such Grantor shall maintain, with financially sound and reputable companies, insurance with respect to their respective properties and businesses against such
casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established
reputations engaged in the same or a similar business and similarly situated. In addition, such Grantor shall maintain, with financially sound and reputable companies, insurance policies insuring (a) its Equipment, Fixtures and Inventory
against loss by fire, explosion, theft and such other casualties 

  
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as are usually insured against by companies engaged in the same or similar businesses, and reasonably satisfactory to the Required Holders, and (b) against liability for personal injury and
property damage relating to such Equipment, Fixtures and Inventory, and reasonably satisfactory to the Required Holders. The Grantor, at its expense, shall obtain a loss payable endorsement to each policy of property insurance in favor of the
Collateral Agent for the benefit of the Secured Parties and each policy of liability insurance shall name the Collateral Agent for the benefit of the Secured Parties as an additional insured. Each Grantor shall, if so requested by the Collateral
Agent, acting pursuant to the direction of the Required Holders, deliver to the Collateral Agent, as often as the Collateral Agent may reasonably request pursuant to such direction, a report of a reputable insurance broker reasonably satisfactory to
the Required Holders with respect to the insurance on its Equipment, Fixtures and Inventory. All policies of insurance required to be maintained pursuant to this Section 5(f) shall (i) contain a clause which provides that the
Collateral Agent’s and the Secured Parties’ interests under the policy shall not be invalidated by any act or omission to act of, or any breach of warranty by, the insured, or by any change in the title, ownership or possession of the
insured property, or by the use of the property for purposes more hazardous than is permitted in the policy; and (ii) provide that, as to the interests of the Collateral Agent under such policies, no cancellation, reduction in amount or change
in coverage thereof shall be effective until at least 30 days (or, in the case of non-payment of premium, 10 days) after receipt by the Collateral Agent or the applicable Grantor of written notice thereof (and if such written notice is delivered to
any Grantor, such Grantor shall, upon receipt thereof, deliver prompt written notice thereof to the Collateral Agent). 
 (g)
[Reserved.] 
 (h) Limitations on Disposition. Such Grantor shall not sell, lease, license, transfer or otherwise
dispose of any of such Collateral, or attempt or contract to do so, except as permitted by the Note Agreement. 
 (i) Further
Identification of Collateral. Such Grantor shall, if so requested by the Collateral Agent, furnish to the Collateral Agent, as often as the Collateral Agent shall reasonably request, (i) statements and schedules further identifying and
describing its Collateral and such other reports in connection with such Collateral as the Collateral Agent may reasonably request, all in reasonable detail and (ii) promptly (and in any event within 20 days after its receipt of the respective
request) such updated Schedules to this Agreement as may from time to time be reasonably requested by the Collateral Agent. 

(j) Notices. Such Grantor shall advise the Collateral Agent promptly upon obtaining knowledge thereof, in reasonable detail, of
(a) any material Lien, other than Liens expressly permitted under the Note Agreement, attaching to or asserted against any of its Collateral, (b) the occurrence of any other event which could have a material adverse effect with respect to
the Collateral or on the security interest created hereunder, and (c) the acquisition of any Commercial Tort Claim and grant to the Collateral Agent, for the benefit of the Secured Parties, of a security interest therein and in the proceeds
thereof. 
 (k) Right of Inspection and Audit. Such Grantor shall permit the Collateral Agent and the Secured Parties such
rights of visitation, inspection and audit of the Collateral as provided in the Note Agreement or any other Transaction Document. 

  
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 (l) Maintenance of Properties. Such Grantor shall, and shall cause each of its
Subsidiaries to, (i) maintain and keep, or cause to be maintained and kept, their respective properties, assets and facilities, including its Equipment and Fixtures in good repair, working order and condition (other than ordinary wear and
tear), so that the business carried on in connection therewith may be properly conducted at all times, and (ii) maintain and preserve all material rights, privileges and franchises that such Grantor or its Subsidiaries now have, in each case,
except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect. 
 (m)
Covenants Regarding Intellectual Property. 
 (i) Such Grantor shall notify the Collateral Agent promptly (A) if
it knows or has reason to know that any application or registration relating to any Patent or Trademark of such Grantor which is material to the conduct of such Grantor’s business may become abandoned, (B) if a terminal disclaimer is filed
with respect to any Patent in the United States Patent and Trademark Office, or (C) of any other adverse determination or development (including the institution of, or any such determination or development in, any proceeding in the United
States Patent and Trademark Office, the United States Copyright Office, or any court) regarding such Grantor’s ownership or license of any Intellectual Property which is material to the conduct of such Grantor’s business, its right to
register the same, or to keep and maintain the same. 
 (ii) Such Grantor shall take all commercially reasonable steps
necessary (if any be required) to prevent any misuse, infringement, invalidation, misappropriation, dilution, forfeiture, dedication to the public, unauthorized use or abandonment of its Copyrights, Patents, Trademarks or other Intellectual
Property, whether owned or licensed. Such Grantor’s efforts pursuant to this Section 5(m)(ii) shall include, but not be limited to: (A) establishing prudent security measures and procedures governing access to, and use of,
property protected by such Copyrights, Trademarks or Patents or of such Intellectual Property owned or licensed by such Grantor or developed by any Person on behalf of such Grantor; (B) establishing and maintaining in force any agreements with
employees and consultants or any written terms of employment, as are customarily used in such Grantor’s industry for the protection of such Intellectual Property; and (C) vigorous enforcement of such Grantor’s rights in any such
Intellectual Property. 
 (iii) In no event shall such Grantor, either itself or through any agent, employee, licensee or
designee, file an application for the registration of any Patent or Trademark with the United States Patent and Trademark Office, any Copyright with the United States Copyright Office, or in any similar office or agency of the United States of
America, any State thereof or any other country or other foreign jurisdiction unless it promptly informs the Collateral Agent and, upon request of the Collateral Agent, executes and delivers any and all agreements, instruments, documents, and papers
as may be reasonably necessary to evidence the Collateral Agent’s security interest in such Copyright, Patent or Trademark, including, with respect to Trademarks, the goodwill of such Grantor, relating thereto or represented thereby.

  
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 (iv) Such Grantor shall take all reasonable and necessary action to maintain and
pursue each application (and to obtain the relevant registration) and to maintain the registration of each of the Copyrights, Patents and Trademarks of such Grantor which is material to the conduct of such Grantor’s business, including the
filing of applications for renewal, affidavits of use, affidavits of noncontestability and opposition and interference and cancellation proceedings. 
 (v) In the event that any Copyright, Patent or Trademark of such Grantor is infringed, violated, misappropriated or diluted by or by reason of a third party, such Grantor shall notify the
Collateral Agent promptly after such Grantor learns thereof and shall, unless such Grantor shall reasonably determine that such Copyright, Patent or Trademark is not material to the conduct of such Grantor’s business, promptly sue for
infringement, misappropriation or dilution or other claims (including remedies at law and in equity) and to recover any and all damages for such infringement, misappropriation or dilution or other claims or take such other actions as such Grantor
shall reasonably deem appropriate under the circumstances to protect such Copyright, Patent or Trademark. In the event that a Grantor believes that any Copyright, Patent or Trademark that is material to the conduct of such Grantor’s business
will be imminently infringed, such Grantor shall promptly notify the Collateral Agent. 
 (vi) Such Grantor covenants and
agrees that in the event any Patent is or becomes subject to a terminal disclaimer, the security interest granted in this Agreement shall extend to the Patent necessitating the disclaimer and such Patent shall not be sold, transferred or otherwise
alienated without the prior written consent of the Collateral Agent. 
 (vii) For purposes of this Section 5(m), any
right or interest in Material IP (as defined in the Note Agreement) held by any Grantor shall be deemed to be material to the conduct of such Grantor’s business. 
 (n) Covenants Regarding Federal Government Contracts. If any Account or Chattel Paper of any Grantor arises out of a contract or contracts with the United States of America or any department,
agency, or instrumentality thereof, such Grantor shall (i) promptly notify the Collateral Agent thereof in writing, and execute and deliver in connection therewith (A) a collateral assignment of claims in favor of the Collateral Agent, and
(B) a notice of collateral assignment of claims directed to the appropriate federal government agencies and agents thereof as required under applicable law, each in form and substance reasonably satisfactory to the Collateral Agent,
(ii) promptly take any other steps reasonably required by the Collateral Agent in order to ensure that all moneys due or to become due under such contract or contracts shall be collaterally assigned to the Collateral Agent, for the benefit of
the Secured Parties, and notice thereof given under the Assignment of Claims Act of 1940, as amended (31 U.S.C. 3727; 41 U.S.C. 15), or other applicable law, and (iii) promptly update Schedule VII hereto and deliver a copy of such
revised schedule to the Collateral Agent, together with copies of all related contracts evidencing such Accounts and/or Chattel Paper. Notwithstanding the foregoing, the Grantors shall not be required to comply with the foregoing in connection with
purchase orders for the publication of notices so long as the aggregate amount owing under all of such purchase orders does not at any time exceed $100,000. 
 SECTION 6. [Reserved.] 

  
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 SECTION 7. The Collateral Agent’s Appointment as Attorney-in-Fact. 

(a) Subject to Section 7(b) below, each Grantor hereby irrevocably constitutes and appoints the Collateral Agent and
any officer, co-agent or sub-agent thereof with full power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name,
from time to time at the Collateral Agent’s discretion, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute and deliver any and all documents and instruments which may be necessary
or desirable to accomplish the purposes of this Agreement and, without limiting the generality of the foregoing, hereby gives the Collateral Agent the power and right (but not the obligation), on behalf of such Grantor, without notice to or assent
by such Grantor to do the following: 
 (i) to ask, demand, collect, receive and give acquittances and receipts for any
and all monies due or to become due under any of such Grantor’s Collateral and, in the name of such Grantor in its own name or otherwise to take possession of, endorse and collect any checks, drafts, notes, acceptances or other Instruments for
the payment of monies due under any such Collateral and to file any claim or to take or commence any other action or proceeding in any court of law or equity or otherwise deemed appropriate by the Collateral Agent for the purpose of collecting any
and all such monies due under any such Collateral whenever payable; 
 (ii) to pay or discharge any Liens, including any
tax lien, levied or placed on or threatened against such Collateral, to effect any repairs or any insurance called for by the terms of this Agreement and to pay all or any part of the premiums therefor and the costs thereof, which actions shall be
on behalf and for the benefit of the Secured Parties and the Collateral Agent and not such Grantor; and 
 (iii) to
(A) direct any Person liable for any payment under or in respect of any of such Collateral to make payment of any and all monies due or to become due thereunder directly to the Collateral Agent or as the Collateral Agent shall direct,
(B) receive payment of any and all monies, claims and other amounts due or to become due at any time arising out of or in respect of any such Collateral, (C) sign and endorse any invoices, freight or express bills, bills of lading, storage
or warehouse receipts, drafts against debtors, assignments, verifications and notices in connection with Accounts and other Instruments and Documents constituting or relating to such Collateral, (D) commence and prosecute any suits, actions or
proceedings at law or in equity in any court of competent jurisdiction to collect such Collateral or any part thereof and to enforce any other right in respect of any such Collateral, (E) defend any suit, action or proceeding brought against
such Grantor with respect to any such Collateral, (F) settle, compromise or adjust any suit, action or proceeding described above and, in connection therewith, give such discharges or releases as the Collateral Agent may deem appropriate,
(G) license or, to the extent permitted by an applicable license, sublicense, whether general, special or otherwise, and whether on an exclusive or non-exclusive basis, any Patent, Copyright, Trademark or other Intellectual Property throughout
the world for such term or terms, on such conditions and in such manner as the Collateral Agent shall in its sole discretion determine, and (H) sell, transfer, pledge, make any agreement with respect to, or otherwise deal with, any of such
Collateral as fully and completely as though the Collateral Agent were the absolute owner thereof for all purposes, and to do, at the Collateral Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and
things which the Collateral Agent may reasonably deem necessary to protect, preserve or realize upon such Collateral and the Collateral Agent’s security interest therein in order to effect the intent of this Agreement, all as fully and
effectively as such Grantor might do. 

  
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 (b) The Collateral Agent agrees that, except upon the occurrence and during the
continuation of an Event of Default, it shall not exercise the power of attorney or any rights granted to the Collateral Agent, on behalf and for the benefit of the Secured Parties, pursuant to this Section 7. Each Grantor hereby
ratifies, to the extent permitted by law, all that said attorney shall lawfully do or cause to be done by virtue hereof. The power of attorney granted pursuant to this Section 7 is a power coupled with an interest and shall be
irrevocable until the Secured Obligations are finally and completely paid and performed in full; provided that the foregoing power of attorney shall terminate upon the full, complete and final payment and performance of the Secured
Obligations and the termination of all commitments and obligations of the Secured Parties under the Transaction Documents. 

(c) The powers conferred on the Collateral Agent hereunder are solely to protect the Collateral Agent’s and each Secured
Party’s interests in the Collateral and shall not impose any duty upon the Collateral Agent to exercise any such powers. The Collateral Agent shall have no duty as to any Collateral, including any responsibility for (i) taking any
necessary steps to preserve rights against prior parties or any other rights pertaining to any Collateral, or (ii) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative to any
Investment Property, whether or not the Collateral Agent has or is deemed to have knowledge of such matters. Without limiting the generality of the preceding sentence, the Collateral Agent shall be deemed to have exercised reasonable care in the
custody and preservation of any of the Collateral if it takes such action for that purpose as the applicable Grantor reasonably requests in writing at times other than upon the occurrence and during the continuance of any Event of Default. Failure
of the Collateral Agent to comply with any such request at any time shall not in itself be deemed a failure to exercise reasonable care. No failure of the Collateral Agent to do any act not so requested shall be deemed a failure to act
reasonably. The Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers and neither it nor any of its officers, directors, employees, agents or representatives shall be responsible
to any Grantor for any act or failure to act. 
 (d) Each Grantor also authorizes the Collateral Agent, on behalf of
itself and the Secured Parties, at any time, and from time to time, upon the occurrence and during the continuation of any Event of Default, to (i) communicate in its own name with any party to any Contract of such Grantor with regard to the
assignment of the right, title and interest of such Grantor in and under the Contracts hereunder and other matters relating thereto, and (ii) execute, in connection with the sale of such Grantor’s Collateral provided for in
Section 7, any endorsements, assignments or other instruments of conveyance or transfer with respect to such Collateral. 
 (e) If any Grantor fails to perform or comply with any of its agreements contained herein and the Collateral Agent or any Secured Party, as provided for by the terms of this Agreement, shall
perform or comply, or otherwise cause performance or compliance, with such agreement, the reasonable expenses, including reasonable attorneys’ fees and expenses, of the Collateral Agent or such Secured Party, shall be payable by such Grantor to
the Collateral Agent within (3) three days of written demand and shall constitute Secured Obligations secured hereby. 

  
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 SECTION 8. Rights and Remedies Upon Default. It shall be an “Event of
Default” hereunder if any Event of Default (as defined in the Note Agreement) shall occur. If any Event of Default shall have occurred and be continuing, the Collateral Agent shall have the following rights and remedies as set forth in this
Section 8: 
 (a) The Collateral Agent may exercise, in addition to all other rights and remedies
granted to it under this Agreement, the Note Agreement, the Subsidiary Guaranty Agreement, the other Transaction Documents and under any other instrument or agreement securing, evidencing or relating to the Secured Obligations, all rights and
remedies of a secured party under the UCC and other applicable law. Without limiting the generality of the foregoing, each Grantor expressly agrees that in any such event, the Collateral Agent, without demand of performance or other demand,
advertisement or notice of any kind (except the notice specified below of time and place of public or private sale) to or upon such Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to
the maximum extent permitted by the UCC and other applicable law), may (i) reclaim, take possession, recover, store, maintain, finish, repair, prepare for sale or lease, shop, advertise for sale or lease and sell or lease (in the manner
provided herein) the Collateral, and in connection with the liquidation of the Collateral and collection of the accounts receivable pledged as Collateral, use any Trademark, Copyright, or process used or owned by such Grantor, and
(ii) forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and may forthwith sell, lease, assign, give an option or options to purchase or sell or otherwise dispose of and deliver said Collateral (or
contract to do so), or any part thereof, in one or more parcels at public or private sale or sales, at any exchange or broker’s board or at any of the Collateral Agent’s offices or elsewhere at such prices as it may deem best, for cash or
on credit or for future delivery without assumption of any credit risk. To the extent any Grantor has the right to do so, such Grantor authorizes the Collateral Agent, on the terms set forth in this Section 8, to enter the premises where
the Collateral is located, to take possession of the Collateral, or any part of it, and to pay, purchase, contact, or compromise any encumbrance, charge, or lien which, in the opinion of the Collateral Agent, appears to be prior or superior to its
security interest. The Collateral Agent or any Secured Party shall have the right, upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of said Collateral so
sold, free of any right or equity of redemption, which equity of redemption each Grantor hereby releases. Each Grantor further agrees, at the Collateral Agent’s request, to assemble its Collateral and make it available to the Collateral Agent
at places which the Collateral Agent shall reasonably select, whether at such Grantor’s premises or elsewhere. The Collateral Agent and the Secured Parties shall apply the net proceeds of any such collection, recovery, receipt, appropriation,
realization or sale as provided in Section 8(h), below, with each Grantor remaining jointly and severally liable for any deficiency remaining unpaid after such application, and only after so paying over such net proceeds and after the
payment by the Collateral Agent of any other amount required by any provision of law, need the Collateral Agent account for the surplus, if any, to any Grantor. To the maximum extent permitted by applicable law, each Grantor waives all claims,
damages, and demands against the Collateral Agent or any Secured Party arising out of the repossession, retention or sale of the Collateral. Each Grantor agrees that the Collateral Agent need not give

  
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more than ten (10) days’ notice (which notification shall be deemed given if sent in accordance with Section 12(a)) of the time and place of any public sale or of the time
after which a private sale may take place and that such notice is reasonable notification of such matters. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or disposition of its Collateral are insufficient to pay all
amounts to which the Collateral Agent and the Secured Parties are entitled from such Grantor, such Grantor also being liable for the attorneys’ fees and expenses of any attorneys employed by the Collateral Agent or any Secured Party to collect
such deficiency. 
 (b) As to any Collateral constituting certificated securities or uncertificated securities, if, at any
time when the Collateral Agent shall determine to exercise its right to sell the whole or any part of such Collateral hereunder, such Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the
Securities Act of 1933, as amended (as so amended the “Act”), the Collateral Agent may, in its discretion (subject only to applicable Requirements of Law), sell such Collateral or any part thereof by private sale in such manner and
under such circumstances as the Collateral Agent may deem desirable, but subject to the other requirements of this Section 8(b), and shall not be required to effect such registration or cause the same to be effected. Without limiting the
generality of the foregoing, in any such event, the Collateral Agent may, in its sole discretion: (i) in accordance with applicable securities laws, proceed to make such private sale notwithstanding that a registration statement for the purpose
of registering such Collateral or part thereof could be or shall have been filed under the Act; (ii) approach and negotiate with a single possible purchaser to effect such sale; and (iii) restrict such sale to a purchaser who
will represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the distribution or sale of such Collateral or part thereof. In addition to a private sale as provided above in this
Section 8(b), if any of such Collateral shall not be freely distributable to the public without registration under the Act at the time of any proposed sale hereunder, then the Collateral Agent shall not be required to effect such
registration or cause the same to be effected but may, in its sole discretion (subject only to applicable requirements of law), require that any sale hereunder (including a sale at auction) be conducted subject to such restrictions as the
Collateral Agent may, in its sole discretion, deem desirable in order that such sale (notwithstanding any failure so to register) may be effected in compliance with the Bankruptcy Code and other laws affecting the enforcement of creditors’
rights and the Act and all applicable state securities laws. 
 (c) Each Grantor agrees that in any sale of any of such
Collateral, whether at a foreclosure sale or otherwise, the Collateral Agent is hereby authorized to comply with any limitation or restriction in connection with such sale as it may be advised by counsel is necessary in order to avoid any
violation of applicable law (including compliance with such procedures as may restrict the number of prospective bidders and purchasers, require that such prospective bidders and purchasers have certain qualifications and restrict such prospective
bidders and purchasers to Persons who will represent and agree that they are purchasing for their own account for investment and not with a view to the distribution or resale of such Collateral), or in order to obtain any required approval of the
sale or of the purchaser by any governmental authority, and each Grantor further agrees that such compliance shall not result in such sale being considered or deemed not to have been made in a commercially reasonable manner, nor shall the Collateral
Agent nor any Secured Party be liable nor accountable to such Grantor for any discount allowed by reason of the fact that such Collateral is sold in compliance with any such limitation or restriction. 

  
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 (d) Each Grantor also agrees to pay all fees, costs, and reasonable expenses of the
Collateral Agent or any of the Secured Parties, including reasonable attorneys’ fees and expenses, incurred in connection with the enforcement of any of its rights and remedies hereunder. 

(e) Upon the Collateral Agent’s request, each Grantor agrees that it will promptly execute assignments of its entire right,
title and interest in and to each its Patents, Trademarks, Copyrights, and Licenses. Such assignments shall be in form and content which is recordable in the United States Patent and Trademark Office or Copyright Office, or in any similar office or
agency of the United States of America, any State thereof or any other country or other foreign jurisdiction, as applicable, and otherwise reasonably acceptable to the Collateral Agent. 

(f) Except as otherwise expressly permitted herein, each Grantor hereby waives presentment, demand, protest or any notice (to the
maximum extent permitted by applicable law) of any kind in connection with this Agreement or any Collateral. 
 (g) Each
Grantor agrees that a breach of any covenants contained in this Section 8 will cause irreparable injury to the Collateral Agent, on behalf of itself and the Secured Parties, that in such event the Collateral Agent and the Secured Parties
would have no adequate remedy at law in respect of such breach and, as a consequence, agrees that in such event each and every covenant contained in this Section 8 shall be specifically enforceable against such Grantor, and each
Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of such covenants except for a defense that the Secured Obligations are not then due and payable. 

(h) The Proceeds of any sale, disposition or other realization upon all or any part of the Collateral shall be distributed by the
Collateral Agent in the following order of priorities: 
 First, to the Collateral Agent in an amount sufficient to pay in
full the costs payable hereunder of the Collateral Agent in connection with such sale, disposition or other realization, including all fees, costs, expenses, liabilities and advances incurred or made by the Collateral Agent in connection therewith,
including reasonable attorneys’ fees and expenses; 
 Second, to the Secured Parties in an amount sufficient to pay
in full the reasonable costs of the Secured Parties in connection with such sale, disposition or other realization, including all fees, costs, expenses, liabilities and advances incurred or made by the Secured Parties in connection therewith,
including reasonable attorneys’ fees and expenses; 
 Third, to the Secured Parties in an amount equal to the then
unpaid principal of and accrued interest, premium, non-usage and all other fees and charges payable on the Secured Obligations; 

Fourth, to the Secured Parties in an amount equal to any other Secured Obligations under any of the Transaction Documents which are
then unpaid; 

  
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 Fifth, upon payment in full of all of the Secured Obligations, to the Second Priority
Representative (as defined in the Intercreditor Agreement) in accordance with the terms of and to the extent provided in the Intercreditor Agreement; and 
 Finally, to the Grantors or their representatives according to their interests or as a court of competent jurisdiction may direct. 

SECTION 9. Grant of License to Intellectual Property. For the purpose of enabling the Collateral Agent to exercise its rights and
remedies under Section 8, at such time as the Collateral Agent shall be lawfully entitled to exercise such rights and remedies, each Grantor hereby grants to the Collateral Agent an irrevocable, non-exclusive license (exercisable without
payment of royalty or other compensation to such Grantor) to use, license or sublicense any Copyright, Patent or Trademark, and to exercise any rights held by such Grantor under any License, now owned or hereafter acquired by such Grantor or in
which such Grantor now holds or hereafter acquires any interest, and wherever the same may be located, and including in such license reasonable access to all media in which any of the licensed items may be recorded or stored and to all computer and
automatic machinery software and programs used for the compilation or printout thereof, subject to any applicable restrictions or limitations contained in such License. 
 SECTION 10. Limitation on the Collateral Agent’s Duty in Respect of Collateral. Beyond the exercise of reasonable care in the custody thereof and the duty to account for monies actually
received by it, the Collateral Agent shall have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee as may be selected by the Collateral Agent with reasonable care or any income thereon or
as to preservation of rights against prior parties or any other rights pertaining thereto and the Collateral Agent shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public
office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. The Collateral Agent shall be deemed to have exercised reasonable care in the custody of the Collateral in its possession
if the Collateral is accorded treatment substantially equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution in the value of any of the Collateral, by reason of the act or omission of any
carrier, forwarding agency or other agent or bailee as may be selected by the Collateral Agent with reasonable care. The Collateral Agent shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity,
perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any of any action or omission to act on its part hereunder, except to the extent such action or omission constitutes
gross negligence, bad faith or willful misconduct on the part of the Collateral Agent, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of any Grantor to the
Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. 
 Additionally, in no event shall the Collateral Agent be responsible or liable for (i) special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of
profit) irrespective of whether the Collateral Agent has been advised of the likelihood of such loss or damage and regardless of the form of action, or (ii) any failure or delay in the 

  
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performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of
war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the
Collateral Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

SECTION 11. Reinstatement. This Agreement shall remain in full force and effect and continue to be effective against each Grantor
should any petition be filed by or against such Grantor for liquidation or reorganization, should such Grantor become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any
significant part of such Grantor’s property and assets, and shall continue to be effective or be reinstated, as the case may be, if at any time payment or performance of the Secured Obligations, or any part thereof, is, pursuant to applicable
law, avoided, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such
payment or performance had not been made. In the event that any payment, or any part thereof, is avoided, rescinded, reduced, restored or returned, the Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so
avoided, rescinded, reduced, restored or returned. 
 SECTION 12. Miscellaneous. 

(a) Notices. Any notice or other communication hereunder shall be addressed and delivered (i) to Pulitzer by delivering such
notice in accordance with Section 12H of the Note Agreement, (ii) to STL Post-Dispatch by delivering such notice in accordance with Section 12H of the Note Agreement, (iii) to the Initial Subsidiary Grantors, pursuant to
Section 14 of the Subsidiary Guaranty Agreement, (iv) to an Additional Grantor, pursuant to its Joinder Agreement and (v) to the Collateral Agent at the address, facsimile number or e-mail address set forth under the Collateral
Agent’s signature block of this Agreement. 
 (b) Severability. Any provision of this Agreement which is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 (c) Headings. The
various headings in this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this agreement or any provisions hereof. 
 (d) No Waiver; Cumulative Remedies. 
 (i) The Collateral Agent and
each Secured Party shall not by any act, delay, omission or otherwise be deemed to have waived any of their respective rights or remedies hereunder, nor shall any single or partial exercise of any right or remedy hereunder on any one occasion
preclude the further exercise thereof or the exercise of any other right or remedy. 

  
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 (ii) The rights and remedies hereunder provided are cumulative and may be exercised
singly or concurrently, and are not exclusive of any rights and remedies provided by law. 
 (iii) None of the terms or
provisions of this Agreement may be waived, altered, modified or amended except by an instrument in writing, duly executed by each of the Grantors and the Collateral Agent. 
 (e) Time is of the Essence. Time is of the essence for the performance of each of the terms and provisions of this Agreement. 

(f) Termination of this Agreement. Subject to Section 11, this Agreement shall terminate upon the full, complete and
final payment and performance of the Secured Obligations. 
 (g) Release of Collateral. Upon any sale or other disposition
of title in or to any assets of any Grantor constituting Collateral permitted to be sold or disposed of under the Note Agreement, the Collateral Agent, at the reasonable request and at the expense of the applicable Grantor, will execute and deliver
to such Grantor such instruments provided to it (including UCC partial release statements) acknowledging the release of the Collateral Agent’s security interest in such Collateral so sold or otherwise disposed of, provided that such
security interest shall continue to attach to and be perfected in the Proceeds of such Collateral, and will record such instruments with the United States Patent and Trademark Office and the United States Copyright Office as may be necessary to
evidence the release of the Collateral Agent’s security interest in such Collateral. 
 (h) Successor and Assigns.
This Agreement and all obligations of each of the Grantors hereunder shall be binding upon the successors and assigns of each such Grantor, and shall, together with the rights and remedies of the Collateral Agent and the Secured Parties hereunder,
inure to the benefit of such Collateral Agent and the Secured Parties, and their respective successors and assigns. No sales of participations, other sales, assignments, transfers or other dispositions of any agreement governing or instrument
evidencing the Secured Obligations or any portion thereof or interest therein shall in any manner affect the security interest created herein and granted to the Collateral Agent hereunder. 

(i) Governing Law. THIS AGREEMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE
GOVERNED BY, THE INTERNAL LAW OF THE STATE OF NEW YORK, EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 

(j) Waiver of Jury Trial. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT, OR ANY DEALINGS BETWEEN OR AMONG THEM RELATING TO THE SUBJECT MATTER OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY AND THE SECURED PARTY/GRANTOR RELATIONSHIP THAT IS
BEING ESTABLISHED. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING 

  
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OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF THE PARTIES HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THE WAIVER IN ENTERING INTO THIS
AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS, AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS. EACH OF THE PARTIES HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL,
AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT. 

(k) Jurisdiction; Venue. Each Grantor irrevocably agrees that any legal action or proceeding with respect to this Agreement, the
other Transaction Documents or any of the agreements, documents or instruments delivered in connection herewith shall be brought in the courts of the State of New York, or the United States of America for the Southern District of New York as the
Collateral Agent or any Secured Party may elect, and, by execution and delivery hereof, each Grantor accepts and consents to, for itself and in respect of its property, generally and unconditionally, the jurisdiction of the aforesaid courts and
agrees that such jurisdiction shall be exclusive, unless waived by the Required Holders in writing, with respect to any action or proceeding brought by such Grantor against the Collateral Agent or any other Secured Party. Nothing herein shall limit
the right that the Collateral Agent or any Secured Party may have to bring proceedings against any Grantor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other
jurisdiction. Each Grantor hereby waives, to the full extent permitted by law, any right to stay or to dismiss any action or proceeding brought before said courts on the basis of forum non conveniens. 

(l) Counterparts. This Agreement may be executed in any number of counterparts (including those transmitted by electronic
transmission (including, without limitation, facsimile and e-mail)), each of which when so delivered shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. Delivery of this Agreement may be made by
facsimile or e-mail transmission of a duly executed counterpart copy hereof. 
 (m) Additional Grantors. From time to time
subsequent to the date hereof, additional Subsidiaries and/or Affiliates of Pulitzer may become parties hereto, as additional Grantors (each, an “Additional Grantor”), by executing a Joinder Agreement. Upon the delivery of the
Joinder Agreement to the Collateral Agent, such Additional Grantor shall be a Grantor and shall be as fully a party hereto as if such Additional Grantor were an original signatory hereof. 

  
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 (n) Incorporation by Reference. In connection with its execution and acting
hereunder, the Collateral Agent is entitled to all rights, privileges, benefits, protections, immunities and indemnities provided to it (i) under the Collateral Documents and (ii) under the Collateral Agency Agreement. 

[The remainder of this page is intentionally left blank.] 

  
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 IN WITNESS WHEREOF, each
of the parties hereto has caused this Agreement to be executed and delivered by its duly authorized signatory on the date first set forth above. 
  

			
	GRANTORS:
	
	PULITZER INC.
		
	By:	 	/s/ Carl G. Schmidt
	Name: Carl G. Schmidt
	Title:   Treasurer

 
							
	
	ST. LOUIS POST-DISPATCH LLC
	By:	  	Pulitzer Inc., Managing Member
			
		  	By:	 	/s/ Carl G. Schmidt
		  	Name: Carl G. Schmidt
		  	Title:   Treasurer

 
			
	
	 AMPLIFIED DIGITAL, LLC
 FLAGSTAFF PUBLISHING CO.
 HANFORD SENTINEL INC.

NAPA VALLEY PUBLISHING CO.
 PANTAGRAPH
PUBLISHING CO.
 PULITZER MISSOURI NEWSPAPERS, INC.
 PULITZER NEWSPAPERS, INC.
 PULITZER TECHNOLOGIES, INC.

SANTA MARIA TIMES, INC.
 SOUTHWESTERN
OREGON PUBLISHING CO.
 STAR PUBLISHING COMPANY
 YNEZ CORPORATION

	
	
		
	By:	 	/s/ C. D. Waterman III
	Name: C. D. Waterman III
	Title:   Secretary

  
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	FAIRGROVE LLC
	By:	  	 ST. LOUIS POST-DISPATCH LLC,
 Managing Member

		
	By:	  	PULITZER Inc., Managing Member
			
		  	By:	 	/s/ C. D. Waterman III
		  	Name: C. D. Waterman III
		  	Title:   Secretary

 
			
	
	 STL DISTRIBUTION SERVICES LLC
 SUBURBAN JOURNALS OF GREATER ST. LOUIS LLC
 PULITZER NETWORK SYSTEMS
LLC

	By:	 	PULITZER Inc., Managing Member
		
	By:	 	/s/ C. D. Waterman III
	Name: C. D. Waterman III
	Title:   Secretary

  
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	Accepted and acknowledged by:
	
	 THE BANK OF NEW YORK MELLON TRUST
 COMPANY, N.A., as Collateral Agent

		
	By:	 	/s/ Teresa Petta
	Name: Teresa Petta
	Title:   Vice President

 Address for Notices: 
 The Bank of New York Mellon Trust Company, N.A. 
 Corporate Trust (Jacksonville) 

Attn: Geraldine Creswell, Vice President 
 10161 Centurion Parkway North, 2nd Floor 
 Jacksonville, Florida 32256 
 Fax: 904-645-1921 
 Email: geri.creswell@bnymellon.com 

  
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 SCHEDULE IA 

FILING OFFICES FOR UCC FINANCING STATEMENTS 
  

			
	 Grantor
	  	 Filing Office

		
	Pulitzer Inc.	  	Secretary of State – Delaware
		
	Pulitzer Technologies, Inc.	  	Secretary of State – Delaware
		
	St. Louis Post-Dispatch LLC	  	Secretary of State – Delaware
		
	Fairgrove LLC	  	Secretary of State – Delaware
		
	STL Distribution Services LLC	  	Secretary of State – Delaware
		
	Suburban Journals of Greater St. Louis LLC	  	Secretary of State – Delaware
		
	Pulitzer Network Systems LLC	  	Secretary of State – Delaware
		
	Pulitzer Newspapers, Inc.	  	Secretary of State – Delaware
		
	Flagstaff Publishing Co.	  	Department of Licensing – Washington
		
	Hanford Sentinel Inc.	  	Department of Licensing – Washington
		
	Napa Valley Publishing Co.	  	Department of Licensing – Washington
		
	Pantagraph Publishing Co.	  	Secretary of State – Delaware
		
	Pulitzer Missouri Newspapers, Inc.	  	Secretary of State – Delaware
		
	Santa Maria Times, Inc.	  	Secretary of State – Nevada
		
	Southwestern Oregon Publishing Co.	  	Secretary of State – Oregon
		
	Ynez Corporation	  	Secretary of State – California
		
	Star Publishing Company	  	Secretary of State – Arizona
		
	Amplified Digital, LLC	  	Secretary of State – Delaware

  
 - 32 -

 SCHEDULE IB 

CHIEF EXECUTIVE OFFICE 

  
 - 33 -

 SCHEDULE IC 

JURISDICTION OF ORGANIZATION 
  

			
	 GRANTOR
	  	 JURISDICTION

		
	Pulitzer Inc.	  	Delaware
		
	Pulitzer Technologies, Inc.	  	Delaware
		
	St. Louis Post-Dispatch LLC	  	Delaware
		
	Fairgrove LLC	  	Delaware
		
	STL Distribution Services LLC	  	Delaware
		
	Suburban Journals of Greater St. Louis LLC	  	Delaware
		
	Pulitzer Network Systems LLC	  	Delaware
		
	Pulitzer Newspapers, Inc.	  	Delaware
		
	Flagstaff Publishing Co.	  	Washington
		
	Hanford Sentinel Inc.	  	Washington
		
	Napa Valley Publishing Co.	  	Washington
		
	Pantagraph Publishing Co.	  	Delaware
		
	Pulitzer Missouri Newspapers, Inc.	  	Delaware
		
	Santa Maria Times, Inc.	  	Nevada
		
	Southwestern Oregon Publishing Co.	  	Oregon
		
	Ynez Corporation	  	California
		
	Star Publishing Company	  	Arizona
		
	Amplified Digital, LLC	  	Delaware

  
 - 34 -

 SCHEDULE ID 

LOCATIONS OF COLLATERAL 
  

			
	 GRANTOR
	  	 LOCATION(S)

		
	Pulitzer Inc.	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 900 N. Tucker Blvd., St. Louis, MO 63101-1099

		
	Pulitzer Technologies, Inc.	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 900 N. Tucker Blvd., St. Louis, MO 63101-1099

		
	St. Louis Post-Dispatch LLC	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 900 N. Tucker Blvd., St. Louis, MO 63101-1099

		
	Fairgrove LLC	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 900 N. Tucker Blvd., St. Louis, MO 63101-1099

		
	STL Distribution Services LLC	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 900 N. Tucker Blvd., St. Louis, MO 63101-1099

		
	Suburban Journals of Greater St. Louis LLC	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 900 N. Tucker Blvd., St. Louis, MO 63101-1099

		
	Pulitzer Network Systems LLC	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 900 N. Tucker Blvd., St. Louis, MO 63101-1099

		
	Pulitzer Newspapers, Inc.	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 404 W. 3700 N., Provo, UT 84604

		
	Flagstaff Publishing Co.	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 1751 S. Thompson St., Flagstaff, AZ 86001

		
	Hanford Sentinel Inc.	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 300 E. 6th
Street, Hanford, CA 93232

		
	Napa Valley Publishing Co.	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 1615 2nd
Street, Napa, CA 94559

		
	Pantagraph Publishing Co.	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 301 W. Washington St., Bloomington, IL 61702

		
	Pulitzer Missouri Newspapers, Inc.	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 900 N. Tucker Blvd., St. Louis, MO 63101-1099

		
	Santa Maria Times, Inc.	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 3200 Skyway Dr., Santa Maria, CA 93455

  
 - 35 -

			
	 GRANTOR
	  	 LOCATION(S)

		
	Southwestern Oregon Publishing Co.	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 350 Commercial Ave., Coos Bay, OR 97420

		
	Ynez Corporation	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 115 North H Street. Lompoc, CA 93438

		
	Star Publishing Company	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 4850 Park Ave, Tucson, AZ 85714

		
	Amplified Digital, LLC	  	 201 N. Harrison Street, Suite 600, Davenport, IA 52801
 900 N. Tucker Blvd., St. Louis, MO 63101-1099

  
 - 36 -

 SCHEDULE II 

LIST OF CHATTEL PAPER, INSTRUMENTS 
 AND INVESTMENT PROPERTY 
  

			
	 GRANTOR
	  	 COLLATERAL

	Pulitzer Inc.	  	 98.95% interest in:
 St. Louis Post-Dispatch LLC
 STL Distribution Services LLC

 
 100% interest in:

Pulitzer Technologies, Inc.
 Pulitzer Newspapers, Inc.
 Suburban Journals of Greater St. Louis
LLC
 Pulitzer Network Systems LLC
 Star Publishing Company
 Amplified Digital, LLC

 
 Limited partnership interest in:

Sandler Capital Partners IV, L.P.
 Sandler Capital Partners IV FTE, L.P.
 Sandler Capital Partners V,
L.P.
 Sandler Capital Partners V FTE, L.P.
 Sandler Capital Partners V Germany, L.P.
 21st Century Communications Partners, L.P.

21st
 Century Communications T-E Partners, L.P.
 21st Century Communications Foreign Partners, L.P.

St. Louis Equity Funds, L.P.
 Minority interest in:
 Media Brands, L.L.C.

		
	Pulitzer Technologies, Inc.	  	 1.05% interest in:
 St. Louis Post-Dispatch LLC
 STL Distribution Services LLC

		
	St. Louis Post-Dispatch LLC	  	100% ownership of Fairgrove LLC
		
	Fairgrove LLC	  	None
		
	STL Distribution Services LLC	  	None

  
 - 37 -

			
	 GRANTOR
	  	 COLLATERAL

		
	Suburban Journals of Greater St. Louis LLC	  	None
		
	Pulitzer Network Systems LLC	  	None
		
	Pulitzer Newspapers, Inc.	  	 100% interest in:
 Flagstaff Publishing Co.
 Hanford Sentinel Inc.

Napa Valley Publishing Co.
 Pantagraph Publishing Co.
 Pulitzer Missouri Newspapers, Inc.

Santa Maria Times, Inc.
 Southwestern Oregon Publishing Co.
 Ynez Corporation

		
	Flagstaff Publishing Co.	  	None
		
	Hanford Sentinel Inc.	  	None
		
	Napa Valley Publishing Co.	  	None
		
	Pantagraph Publishing Co.	  	None
		
	Pulitzer Missouri Newspapers, Inc.	  	None
		
	Santa Maria Times, Inc.	  	None
		
	Southwestern Oregon Publishing Co.	  	None
		
	Ynez Corporation	  	None
		
	Star Publishing Company	  	50% interest in TNI Partners
		
	Amplified Digital, LLC	  	None

  
 - 38 -

 SCHEDULE III 

PATENTS, PATENT LICENSES, TRADEMARKS, TRADEMARK LICENSES, 
 COPYRIGHTS AND COPYRIGHT LICENSES OF THE GRANTORS 
  

	I.	TRADEMARKS 

  

	 	A.	Registered Federal Trademarks 

  

	 	B.	Registered State Trademarks 

  

	II.	COPYRIGHTS 

  

	III.	DOMAIN NAMES 

 Grantors may use domain
names and/or be the registrant of record for domain names that are beneficially owned by third parties that are not subject to or a part of this Agreement and therefore those domain names are not listed in this Schedule. 

Grantors may own immaterial domain names that are not used and thus not included in this Schedule. Grantors may also have included immaterial domain
names in this Schedule or domain names that were registered for use by third parties. Domain names are set forth in this Schedule under the subsidiaries who are their beneficial owners; however, such domain names may be formally registered to
parties including: Pulitzer, Inc., St. Louis Post-Dispatch LLC, Suburban Journals of Greater St. Louis LLC, Pulitzer Newspapers, Inc., Flagstaff Publishing Co., Hanford Sentinel, Inc., or Santa Maria Times, Inc. 

 

	IV.	AMES and MASTHEADS (Daily Newspapers Only) 

  

	V.	Trade Names 

  
 - 39 -

	VI.	LICENSES 

  

	VII.	PATENTS 

 None.

  
 - 40 -

 SCHEDULE IV-A 

DEPOSIT ACCOUNTS, SECURITIES ACCOUNTS, AND COMMODITY ACCOUNTS 

(Including Grantor, Type of Account, Account Name, Account Number, 

and Name of Institution/Intermediary) 

  
 - 41 -

 SCHEDULE IV-B 

DEPOSIT ACCOUNTS AND SECURITIES ACCOUNTS 
 USED EXCLUSIVELY FOR PAYROLL OR EMPLOYEE TRUST ACCOUNTS 
 (Including
Grantor, Type of Account, Account Name, Account Number, 
 and Name of Institution/Intermediary) 

 

									
	 Grantor
	 	 Type of Account
	 	 Name and Address
of
Institution/Intermediary
	  	Account Name	  	Account Number
		 		 		  		  	
		 		 		  		  	

 None 

  
 - 42 -

 SCHEDULE V 

COLLATERAL SUBJECT TO CERTIFICATES OF TITLE 
  

											
	Asset ID	  	Serial Number	  	PIS Date	  	Disposal Date	  	Book Cost	 
				
	 Company Name: Bloomington
	  		  		  			
	000009.20.18	  	1990 GMC step van #57	  		  		  			
		  	1GTKP32K9L35000892	  	6/1/2005	  		  	 	2,000	  
	000009.20.23	  	1995 Ford F150 pickup truck #63-VIN 89610	  		  		  			
		  	1FTEF14N6SLA89610	  	6/1/2005	  		  	 	3,000	  
	000009.20.28	  	1995 Chevy step van #72-VIN 316689	  		  		  			
		  	1GBKP32K8S3316689	  	6/1/2005	  		  	 	3,900	  
	000009.20.32	  	1999 Chevy step van #77-VIN 304708	  		  		  			
		  	1GBKP32R8X3304708	  	6/1/2005	  		  	 	6,100	  
	000038	  	Step Van—2000 GMC Model TP31042 (cap #40-020-00)-VIN 323584	  		  		  			
		  	5B4KP32R8Y3323584	  	6/1/2005	  		  	 	14,500	  
	000039	  	Step Van—2000 GMAC Model P31042 (cap #40-020-00)-VIN 324363	  		  		  			
		  	5B4KP32R843324363	  	6/1/2005	  		  	 	14,500	  
	211	  	2005 MITSUBISHI GALANT DE #34-VIN 042426	  		  		  			
		  	4A3AB26F45E042426	  	8/1/2005	  		  	 	17,104	  
	212	  	2005 MITSUBISHI GALANT DE #35-VIN071352	  		  		  			
		  	4A3AB26F35E071352	  	8/1/2005	  		  	 	17,104	  
	23006017	  	2007 WHITE FORD FREESTAR CARGO VAN—VIN 313703	  		  		  			
		  	2FTZA54227BA31370	  	11/1/2006	  		  	 	17,447	  
	23006018A	  	2006 WHITE FORD TAURUS-VIN 150511	  		  		  			
		  	1FAFP53U26A150511	  	9/1/2006	  		  	 	13,865	  
	23006018B	  	2004 GMC SAVANA 2500—VIN 911974	  		  		  			
		  	1FTGG25V241911974	  	11/1/2006	  		  	 	16,612	  

  
 - 43 -

											
	23007008A	  	2007 HYUNDAI ACCENT VIN#035185	  		  		  			
		  	KMHCM36C97U035185	  	6/1/2007	  		  	 	13,822	  
	23007008B	  	2007 HYUNDAI ACCENT VIN#040637	  		  		  			
		  	KMHCM36CX7U040637	  	6/1/2007	  		  	 	13,822	  
	23007008C	  	2007 HYUNDAI ELANTRA VIN#173676	  		  		  			
		  	KMHDU46D17U173676	  	6/1/2007	  		  	 	16,738	  
	23009006	  	2009 FORD FOCUS (CASH FOR CLUNKERS)	  		  		  			
		  	1FAHP35N99W207961	  	8/1/2009	  		  	 	12,811	  
	23012101	  	2013 FREIGHTLINER #80 TRUCK	  		  		  			
		  	1FVACWDU5DDFB3984	  	8/1/2012	  		  	 	77,808	  
	 Subtotal: Bloomington (16)
	  		  		  	 	261,133	  
				
	 Company Name: Coos Bay
	  		  		  			
	000007	  	1991 TOYOTA BOX TRUCK-Appraised 7/1/96-VIN 023026	  		  		  			
		  	JT5VN94TOM0023026	  	6/1/2005	  		  	 	900	  
	23106006	  	2006 FORD E250 CARGO VAN-VIN 06199	  		  		  			
		  	1FTNE24L96HA06199	  	12/1/2005	  		  	 	23,784	  
	23109002	  	2008 FORD VAN	  		  		  			
		  	1FTNE14W38DA91913	  	3/1/2009	  		  	 	14,577	  
	23111001	  	2007 FORD E 150 CARGO VAN	  		  		  			
		  	1FTNE14LX7DA63160	  	12/1/2010	  		  	 	14,884	  
	Subtotal: Coos Bay (4)	  		  		  	 	54,145	  
				
	Company Name: Flagstaff	  		  		  			
	23306004	  	2003 CHEVROLET ASTRO VAN-VIN 134105	  		  		  			
		  	1GNEL19X93B134105	  	6/1/2006	  		  	 	14,935	  
	Subtotal: Flagstaff (1)	  		  		  	 	14,935	  
				
	Company Name: Hanford	  		  		  			
	000199	  	Vehicle: 1997 Chevrolet S-10 Pickup Truck -Selma Acquisition 8/7/2000-VIN 212668	  		  		  			
		  	1GCCS1441VK212668	  	6/1/2005	  		  	 	1,380	  
	 000200
	  	Vehicle: 1996 Ford Van—Selma Acquisition 8/7/2000-VIN 01713	  		  		  			
		  	1FTJE34HOTHA01713	  	6/1/2005	  		  	 	1,380	  
	 000216
	  	1999 Isuzu 15’ Van (used)—12-001-02-VIN 002255	  		  		  			
		  	JALB4B145X7002255	  	6/1/2005	  		  	 	16,740	  
	 000247
	  	2006 FORD E250 ECONOLINE VAN-CIRC-VIN 21245	  		  		  			
		  	1FTNS24L96HA21245	  	7/1/2005	  		  	 	24,534	  

  
 - 44 -

											
	 23408005
	  	2007 TOYOTA TACOMA P	  		  		  			
		  	5TENX22N67Z454589	  	12/1/2007	  		  	 	18,367	  
	 23409003A
	  	2008 GMC TC5500 REGULAR CAB 2WD	  		  		  			
		  	1GDEC1958F413834	  	9/1/2009	  		  	 	41,975	  
	 23412101
	  	2012 FORD ECONOLINE E350	  		  		  			
		  	IFTSE3EL9CDA10232	  	4/1/2012	  		  	 	33,376	  
	 Subtotal: Hanford (7)
	  		  		  	 	137,752	  
				
	 Company Name: Napa Valley Publishing
	  		  		  			
	 000200
	  	2000 USED GMC DELIVERY TRUCK- 14-003-02-VIN 129867	  		  		  			
		  	1GDJG31R5Y1129867	  	6/1/2005	  		  	 	11,850	  
	 Subtotal: Napa Valley Publishing (1)
	  		  		  	 	11,850	  
				
	 Company Name: Park Hills - Farmington
	  		  		  			
	 000034
	  	1997 USED ECONOLINE 3/4 TON Cargo Van—48-001-02	  		  		  			
		  	1FTHS24L7VHB95620	  	6/1/2005	  		  	 	3,930	  
	 Subtotal: Park Hills - Farmington (1)
	  		  		  	 	3,930	  
				
	 Company Name: PD - Herald
	  		  		  			
	 001667
	  	1999 FORD TAURUS—VIN 239862	  		  		  			
		  	1FAFP53S5XA239862	  	6/1/2005	  		  	 	1,330	  
	 Subtotal: PD - Herald (1)
	  		  		  	 	1,330	  
				
	 Company Name: PD - PDLLC
	  		  		  			
	 000223.2
	  	2004 Nissan Sentra—VIN 897881	  		  		  			
		  	3N1CB51D14L897881	  	6/1/2005	  		  	 	8,232	  
	 000258.2
	  	2005 Nissan Sentra—VIN 484550	  		  		  			
		  	3N1CB51D45L484550	  	6/1/2005	  		  	 	12,219	  
	 000258.3
	  	2005 Nissan Sentra—VIN 474196	  		  		  			
		  	3N1CB51D65L474196	  	6/1/2005	  		  	 	12,219	  
	 000258.4
	  	2005 Nissan Sentra—VIN 479073	  		  		  			
		  	3N1CB51D45L479073	  	6/1/2005	  		  	 	12,219	  
	 000258.5
	  	2005 Nissan Sentra—VIN 489061	  		  		  			
		  	3N1CB51D35L489061	  	6/1/2005	  		  	 	12,219	  
	 22006016A
	  	2006 NISSAN SENTRA—VIN 608793	  		  		  			
		  	3N1CB51D36L608793	  	9/1/2006	  		  	 	14,775	  
	 22006016B
	  	2006 NISSAN SENTRA—VIN 623355	  		  		  			
		  	3N1CB51DX6L623355	  	9/1/2006	  		  	 	14,775	  

  
 - 45 -

											
	 22006016C
	  	2006 NISSAN SENTRA—VIN 570926	  		  		  			
		  	3N1CB51D26L570926	  	9/1/2006	  		  	 	14,774	  
	 22006016D
	  	2006 NISSAN SENTRA—VIN 582378	  		  		  			
		  	3N1CB51D26L582378	  	9/1/2006	  		  	 	14,774	  
	 22006105
	  	2006 NISSAN SENTRA—VIN 611609	  		  		  			
		  	3N1CB51DX6L611609	  	9/1/2006	  		  	 	15,017	  
	 Subtotal: PD - PDLLC (10)
	  		  		  	 	131,224	  
				
	 Company Name: PD - Pulitzer Agency
	  		  		  			
	 001667
	  	1999 FORD TAURUS—VIN 239862	  		  		  			
		  	1FAFP53S5XA239862	  	6/1/2005	  		  	 	1,330	  
	 Subtotal: PD - Pulitzer Agency (1)
	  		  		  	 	1,330	  
				
	 Company Name: Provo
	  		  		  			
	 000395
	  	1999 INTERNATIONAL VAN 24 FT—Lease Buy Out: Diesel Dry Van Unit 902942—10-011-01-VIN 234868	  		  		  			
		  	1HTSCABM9YH234868	  	6/1/2005	  		  	 	22,760	  
	 1000405
	  	1999 FORD WINDSTAR—RED W/COMPUTER HW & PRINTER	  		  		  			
		  	2FMZA5141XBA48386	  	8/1/2005	  		  	 	16,445	  
	 23807004
	  	2007 GMC DIESEL TRUCK	  		  		  			
		  	1GDJ6C1347F401308	  	5/1/2007	  		  	 	69,153	  
	 Subtotal: Provo (3)
	  		  		  		  	 	108,358	  
	 Company Name: Santa Maria
	  		  		  		  			
	 000125
	  	1998 Ford Van Model E450-VIN 03472	  		  		  			
		  	1FDXE47S7WHC03472	  	6/1/2005	  		  	 	7,480	  
	 000137
	  	Truck (addendum) Signage-VIN 461998	  		  		  			
		  	3FRNF65RX7V461998	  	6/1/2005	  		  	 	120	  
	 1900605
	  	2003 FORD DELIVERY VAN-VIN 01466	  		  		  			
		  	1FDWE35LXB01466	  	6/1/2005	  		  	 	12,942	  
	 24007005
	  	2007 FORD F650 TRUCK	  		  		  			
		  	3FRNF65RX7V461998	  	12/1/2006	  		  	 	62,895	  
	 24011101
	  	2011 WHITE F150 TRUCK	  		  		  			
		  	1FTMF1CM9BFB33540	  	7/1/2011	  		  	 	25,981	  
	 Subtotal: Santa Maria (5)
	  		  		  	 	109,418	  
				
	 Company Name: Star
	  		  		  			

  
 - 46 -

											
	 027973
	  	93 CHEVY 3/4 TRUCK VIN-3987	  		  		  			
		  		  	6/1/2005	  		  	 	1,903	  
	 027974
	  	DISPATCH AEROVANS 0080/0163	  		  		  			
		  		  	6/1/2005	  		  	 	5,301	  
	 027975
	  	95 GMC VAN VIN 1588	  		  		  			
		  		  	6/1/2005	  		  	 	4,021	  
	 027979
	  	95 GMC VAN VIN 1800	  		  		  			
		  		  	6/1/2005	  		  	 	4,021	  
	 027988
	  	CIRC STEP VANS VIN-8801 914	  		  		  			
		  		  	6/1/2005	  		  	 	1,564	  
	 027990
	  	CIRC STEP VANS VIN-8792 915	  		  		  			
		  		  	6/1/2005	  		  	 	1,564	  
	 027991
	  	CIRC STEP VANS VIN-8619 916	  		  		  			
		  		  	6/1/2005	  		  	 	1,564	  
	 028311
	  	2 1986 USED FRUEHAUF DRY VANS	  		  		  			
	 	  	 	  	6/1/2005	  	 	  	744	 
	 028317
	  	USED 1985 FRUEHAUF DRY VAN	  		  		  			
		  		  	6/1/2005	  		  	 	372	  
	 028417.1
	  	HAWKER VANS (4)	  		  		  			
		  		  	6/1/2005	  		  	 	17,682	  
	 028909
	  	3 TRAILER VANS	  		  		  			
		  		  	6/1/2005	  		  	 	792	  
	 05088005A
	  	2005 CHEVY VAN—7999	  		  		  			
		  	1GAHG39U251147999	  	12/1/2005	  		  	 	15,708	  
	 05088005C
	  	2001 HONDA ODYSEY -9845	  		  		  			
		  	2HKRL18661H559845	  	12/1/2005	  		  	 	9,069	  
	 091311
	  	TNI Vehicle—Adv dispatch	  		  		  			
		  		  	6/1/2005	  		  	 	8,161	  
	 096977
	  	hawker van id 2031 vin 9921	  		  		  			
		  		  	6/1/2005	  		  	 	8,739	  
	 096978
	  	box truck id 2051 vin 0643	  		  		  			
		  		  	6/1/2005	  		  	 	26,423	  
	 Subtotal: Star (16)
	  		  		  	 	107,628	  
		  		  		  	  
	  	  
	  
	 
	 Grand Total
	  		  		  	 	943,033	  
		  		  		  		  	  
	  
	 

  
 - 47 -

 SCHEDULE VI 

COMMERICAL TORT CLAIMS 
 None over $100,000 

  
 - 48 -

 SCHEDULE VII 

FEDERAL GOVERNMENT CONTRACTS 
 None 

  
 - 49 -

 EXHIBIT A 

FORM OF JOINDER AGREEMENT 

  
 - 50 -

 JOINDER AGREEMENT 

TO 

SECURITY AGREEMENT 
 Date:                         ,
20         
 Additional Grantor: Reference is made to that certain Security
Agreement, dated as of May 1, 2013 (as the same may from time to time be amended, restated, supplemented or otherwise modified, the “Security Agreement”), made by Pulitzer Inc. (“Pulitzer”), St. Louis
Post-Dispatch LLC and certain other Affiliates and Subsidiaries of Pulitzer, each identified as Grantors therein, in favor of the Collateral Agent identified therein, on behalf and for the benefit of the Secured Parties identified therein.
Capitalized terms not defined in this Joinder Agreement shall have the meanings given to them in the Security Agreement. The undersigned acknowledges and agrees it is (or, concurrently with the execution and delivery of this Joinder Agreement, will
become) a Subsidiary Guarantor and that, by its execution and delivery of this Joinder Agreement to the Collateral Agent, it hereby joins, and for all purposes becomes, a Grantor under, and a party to, the Security Agreement, and does hereby,
mortgage, pledge and hypothecate to the Collateral Agent, on behalf and for the benefit of the Secured Parties, and does hereby grant to the Collateral Agent, on behalf and for the benefit of the Secured Parties, a security interest in and to all of
such Grantor’s respective right, title and interest in, to and under the Collateral, whether now existing or hereafter arising or acquired, and does hereby fully assume and undertake to perform, all rights, benefits, burdens, obligations and
liabilities of a Grantor under the Security Agreement. 
  

					
	  
	 	, a 	 	  

 

					
	By:	 		 	  

 

					
	Printed Name:	 		 	  

 

					
	Title:	 		 	  

 

	
	Address for Notices:
	Street:
	City/State/Zip:
	Tel:
	Fax:
	Email:
	Attn:

  
 - 51 -

 EXHIBIT B 

FORM OF NOTICE OF GRANT OF SECURITY INTEREST 
 IN INTELLECTUAL PROPERTY 

  
 - 52 -

 NOTICE OF GRANT OF SECURITY INTEREST 

IN INTELLECTUAL PROPERTY 

[United States Patent and Trademark Office] 
 [United States Copyright Office] 
 Ladies and Gentlemen: 

Please be advised that pursuant to the Security Agreement, dated as of May 1, 2013 (as amended, restated, supplemented or otherwise
modified from time to time, the “Security Agreement”), made by Pulitzer Inc. (“Pulitzer”), St. Louis Post-Dispatch LLC and each of the other affiliates and subsidiaries of Pulitzer identified as Grantors therein in
favor of The Bank of New York Mellon Trust Company, N.A., in its capacity as collateral agent on behalf and for the benefit of the Secured Parties identified therein (together with its successors and assigns in such capacity, the “Collateral
Agent”), the undersigned has granted a continuing security interest in, and continuing lien upon, the trademarks, trademark applications, patents, patent applications, copyrights and copyright applications, each of which is described on
Schedule I attached hereto, in favor of the Collateral Agent. 
 The undersigned hereby acknowledges and agrees
that the security interest in the foregoing intellectual property (i) may only be terminated in accordance with the terms of the Security Agreement, and (ii) is not to be construed as an assignment of any intellectual property. 

Very truly yours, 
 GRANTOR: 

[                  
          ], 

[                   
         ] 

By:                   
                                      

Name: 
 Title: 

  
 - 53 -

 SCHEDULE I 

I. Trademarks: 
  

					
	 Mark
	 	 Application/
Registration No.
	 	 Application/
Registration
Date

 II. Patents: 
  

					
	 Patent
	 	 Application/
Registration No.
	 	 Application/
Registration
Date

 III. Copyrights: 
  

					
	 Copyright
	 	 Application/
Registration No.
	 	 Application/
Registration
Date

  
 - 54 -

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