Document:

Stock Appreciation Rights Plan

 Exhibit 10.01 
 MEDIA GENERAL, INC. 
 STOCK APPRECIATION RIGHTS PLAN 
 Effective January 31, 2007 

 Media General, Inc. 
 Stock Appreciation Rights Plan 
 Effective January 31, 2007 
 Table of Contents 
  

					
	  	 	 	  	Page
	ARTICLE I	 	DEFINITIONS	  	1
			
	1.01	 	Administrator	  	1
	1.02	 	Agreement	  	1
	1.03	 	Board	  	1
	1.04	 	Code	  	1
	1.05	 	Committee	  	1
	1.06	 	Common Stock	  	1
	1.07	 	Company	  	1
	1.08	 	Disabled	  	1
	1.09	 	Exchange Act	  	1
	1.10	 	Fair Market Value	  	2
	1.11	 	Participant	  	2
	1.12	 	Plan	  	2
	1.13	 	Retire or Retirement	  	2
	1.14	 	SAR	  	2
		
	ARTICLE II PURPOSES	  	2
		
	ARTICLE III ADMINISTRATION	  	3
		
	ARTICLE IV ELIGIBILITY	  	3
		
	ARTICLE V SARS	  	3
			
	5.01	 	Award	  	3
	5.02	 	Maximum SAR Period	  	4
	5.03	 	Nontransferability	  	4
	5.04	 	Exercise	  	4
	5.05	 	Employee Status	  	4
	5.06	 	Settlement	  	5
	5.07	 	Shareholder Rights	  	5
		
	ARTICLE VI ADJUSTMENT UPON CHANGE IN COMMON STOCK	  	5
		
	ARTICLE VII ADJUSTMENT UPON CHANGE IN COMMON STOCK	  	5
			
	7.01	 	Compliance with Law and Approval of Regulatory Bodies	  	5
	7.02	 	Effect on Employment	  	5
	7.03	 	Unfunded Plan	  	5
	7.04	 	Rules of Construction	  	6
	7.05	 	Tax Withholding	  	6

  

 i 

 Media General, Inc. 
 Stock Appreciation Rights Plan 
 Effective January 31, 2007 
  

					
	7.06	 	Amendment and Termination	  	6
	7.07	 	Effective Date of Plan.	  	6

  

 ii 

 Media General, Inc. 
 Stock Appreciation Rights Plan 
 Effective January 31, 2007 
 ARTICLE I 
 DEFINITIONS

  

	1.01	Administrator 

 Administrator means the
Committee and any delegate of the Committee that is appointed in accordance with Article III. 
  

	1.02	Agreement 

 Agreement means a written
agreement (including any amendment or supplement thereto) between the Company and a Participant specifying the terms and conditions of a SAR granted to such Participant. 
  

	1.03	Board 

 Board means the Board
of Directors of the Company. 
  

	1.04	Code 

 Code means the Internal Revenue Code
of 1986, and any amendments thereto. 
  

	1.05	Committee 

 Committee means the Compensation
Committee of the Board. 
  

	1.06	Common Stock 

 Common Stock means the
Class A Common Stock, $5.00 par value, of the Company. 
  

	1.07	Company 

 Company means Media General, Inc.
and its wholly-owned subsidiaries. 
  

	1.08	Disabled 

 Disabled means the
Participant’s inability to perform the services required by his position with the Company by reason of any medically determinable, physical or mental impairment which can be expected to result in death or to be of a long-continued and
indefinite duration. 
  

	1.09	Exchange Act 

 Exchange Act means the
Securities Exchange Act of 1934, and any amendments thereto. 
  

 1 

 Media General, Inc. 
 Stock Appreciation Rights Plan 
 Effective January 31, 2007 
  

	1.10	Fair Market Value 

 Fair Market Value means, on any given date, the reported closing price of a share of Common Stock on the New York Stock Exchange, or if the Common Stock was not so traded on such day, then on the next preceding day that the Common
Stock was so traded on such exchange, all as reported by such source as the Committee may select. If shares of Common Stock are not then traded on the New York Stock Exchange, the Fair Market Value shall be determined by the Committee using any
reasonable method in good faith. 
  

	1.11	Participant 

 Participant means an employee
of the Company who satisfies the requirements of Article IV and is selected by the Administrator to receive a SAR. 
  

	1.12	Plan 

 Plan means the Media General, Inc.
Stock Appreciation Rights Plan. 
  

	1.13	Retire or Retirement 

 Retire or Retirement,
for purposes of this Plan, means termination of the Participant’s employment from the Company following the attainment of age sixty-three (63) and the completion of ten (10) years of service with the Company. 
  

	1.14	SAR 

 SAR means a stock appreciation right
that entitles the holder to receive, with respect to each share of Common Stock encompassed by the exercise of such SAR, the lesser of (a) the excess, if any, of the Fair Market Value at the time of exercise over the Fair Market Value on the
date of grant, or (b) the Fair Market Value on the date of grant or such lower maximum as established by the Administrator on the date of grant. 
 ARTICLE II 
 PURPOSES 
 The Plan is intended to assist the Company in recruiting, retaining and rewarding key executives who contribute to the Company’s long-term success
by providing an incentive that aligns their interests with those of the Company and its shareholders. The Plan is intended to permit the grant of SARs that are settled in cash. 
  

 2 

 Media General, Inc. 
 Stock Appreciation Rights Plan 
 Effective January 31, 2007 
  

 ARTICLE III 
 ADMINISTRATION 
 The Plan shall be administered by the Administrator. The Administrator shall have
authority to grant SARs upon such terms (not inconsistent with the provisions of this Plan) as the Administrator may consider appropriate. Such terms may include conditions (in addition to those contained in this Plan) on the exercisability of all
or any part of a SAR. Notwithstanding any such conditions, the Administrator may, in its discretion, accelerate the time at which any SAR may be exercised. In addition, the Administrator shall have complete authority to interpret all provisions of
this Plan; to adopt, amend, and rescind rules and regulations pertaining to the administration of the Plan; and to make all other determinations necessary or advisable for the administration of this Plan. The express grant in the Plan of any
specific power to the Administrator shall not be construed as limiting any power or authority of the Administrator. Any decision made, or action taken, by the Administrator in connection with the administration of this Plan shall be final and
conclusive. Neither the Administrator nor any member of the Committee shall be liable for any act done in good faith with respect to this Plan or any SAR. 
 The Committee, in its discretion, may delegate to one or more officers of the Company all or part of the Committee’s authority and duties with respect to grants and awards to individuals who are not subject to
the reporting and other provisions of Section 16 of the Exchange Act. The Committee may revoke or amend the terms of a delegation at any time but such action shall not invalidate any prior actions of the Committee’s delegate or delegates
that were consistent with the terms of the Plan. 
 ARTICLE IV 
 ELIGIBILITY 
 Any employee of the Company is eligible to participate in this
Plan if the Administrator, in its sole discretion, determines that such person has contributed or can be expected to contribute to the profits or growth of the Company. 
 ARTICLE V 
 SARS 
  

	5.01	Award 

 In accordance with the provisions of
Article III, the Administrator will designate each individual to whom SARs are to be granted and will specify the number of shares covered by each such award. 
  

 3 

 Media General, Inc. 
 Stock Appreciation Rights Plan 
 Effective January 31, 2007 
  

	5.02	Maximum SAR Period 

 The period in which a
SAR may be exercised shall not be longer than five years. The terms of any SAR may provide that it has a term that is less than such maximum period. 
  

	5.03	Nontransferability 

 Each SAR granted under
this Plan shall be nontransferable except by will or by the laws of descent and distribution. During the lifetime of the Participant to whom the SAR is granted, the SAR may be exercised only by the Participant. No right or interest of a Participant
in any SAR shall be liable for, or subject to, any lien, obligation, or liability of such Participant. 
  

	5.04	Exercise 

 (a) A SAR granted under this Plan
shall become exercisable with respect to one-third of the shares of Common Stock granted under the SAR on the first anniversary of the date of grant; with respect to an additional one-third of the shares of Common Stock granted pursuant to the SAR
on the second anniversary of the date of grant and with the final one-third of the shares of Common Stock granted pursuant to the SAR on the third anniversary of the date of grant. 
 (b) Notwithstanding the preceding, in the event a Participant dies or becomes Disabled prior to the third anniversary of the date of grant, a SAR granted
to such Participant shall become fully exercisable as of the date of the Participant’s death or Disability. In the event a Participant Retires, any unvested SARs shall become fully vested and exercisable as of the Participant’s Retirement
date unless such Retirement date is prior to the December 31 of the year in which the SAR was granted, in which case, the SAR grant shall be forfeited. 
 (c) A SAR that becomes exercisable in accordance with subsection (a) and (b) above, may be exercised in whole at any time or in part from time to time provided that the Participant is employed by the Company
or in the twelve months following his termination of employment (including terminations as a result of Disability, Retirement or death), but in no event later than five years from the date of grant. A SAR granted under this Plan may be exercised
with respect to any number of whole shares less than the full number for which the SAR could be exercised. A partial exercise of a SAR shall not affect the right to exercise the SAR from time to time in accordance with this Plan and the applicable
Agreement with respect to the remaining shares subject to the SAR. 
  

	5.05	Employee Status 

 If the terms of any SAR
provide that it may be exercised only during employment or within a specified period of time after termination of employment, the Administrator may decide to what extent leaves of absence for governmental or military service, illness, temporary
disability or other reasons shall not be deemed interruptions of continuous employment. 
  

 4 

 Media General, Inc. 
 Stock Appreciation Rights Plan 
 Effective January 31, 2007 
  

	5.06	Settlement 

 The amount payable as a result
of the exercise of a SAR shall be settled in cash. 
  

	5.07	Shareholder Rights 

 No Participant shall, as
a result of receiving a SAR, have any rights as a shareholder of the Company. 
 ARTICLE VI 
 ADJUSTMENT UPON CHANGE IN COMMON STOCK 
 The terms of outstanding SARs shall be adjusted as the Committee shall determine to be equitably required in the event that (a) the Company (i) effects one or more stock dividends, stock split-ups, subdivisions or consolidations
of shares or (ii) engages in a transaction to which Code section 424 applies, or (b) there occurs any other event which, in the judgment of the Committee necessitates such action. Any determination made under this Article VI by
the Committee shall be final and conclusive. 
 ARTICLE VII 
 ADJUSTMENT UPON CHANGE IN COMMON STOCK 
  

	7.01	Compliance with Law and Approval of Regulatory Bodies 

 No SAR shall be exercisable, and no payment shall be made under this Plan except in compliance with all applicable federal and state laws and regulations (including, without limitation, withholding tax requirements).
The Company shall have the right to rely on an opinion of its counsel as to such compliance. 
  

	7.02	Effect on Employment 

 Neither the adoption
of this Plan, its operation, nor any documents describing or referring to this Plan (or any part thereof), shall confer upon any individual any right to continue in the employ of the Company or in any way affect any right or power of the Company to
terminate the employment of any individual at any time with or without assigning a reason therefore. 
  

	7.03	Unfunded Plan 

 The Plan, insofar as it
provides for grants, shall be unfunded, and the Company shall not be required to segregate any assets that may at any time be represented by grants under this Plan. Any liability of the Company to any person with respect to any grant under this Plan
shall be based solely upon any contractual obligations that may be created pursuant to this Plan. No such obligation of the Company shall be deemed to be secured by any pledge of, or other encumbrance on, any property of the Company. 
  

 5 

 Media General, Inc. 
 Stock Appreciation Rights Plan 
 Effective January 31, 2007 
  

	7.04	Rules of Construction 

 Headings are given to
the articles and sections of this Plan solely as a convenience to facilitate reference. The reference to any statute, regulation, or other provision of law shall be construed to refer to any amendment to or successor of such provision of law.

  

	7.05	Tax Withholding 

 Each Participant shall be
responsible for satisfying any income and employment tax withholding obligation attributable to participation in this Plan. 
  

	7.06	Amendment and Termination 

 The Board may
amend or terminate this Plan from time to time and for any reason. 
  

	7.07	Effective Date of Plan. 

 The Plan is
effective January 31, 2007, which is the date the Plan was adopted by the Board. SARs may be granted under this Plan upon its adoption by the Board. 
  

 6Form of Stock Appreciation Right Agreement

 Exhibit 10.02 
 DATE 
 «Title» «FirstName» «LastName» 
 «JobTitle», «Company» 
 Dear «Name»: 
 As you know, Media General did not receive shareholder approval last year to set aside shares for use as grants for stock-based incentive programs. For fiscal year 2007,
we will use cash-based Stock Appreciation Rights (SARs) in lieu of stock options to provide a long-term incentive that rewards those whose decisions will determine the long-range success of our company and aligns their interests with those of our
outside shareholders. 
 I am pleased to tell you that on Date of Grant, the Compensation Committee of the Board of Directors awarded you Stock
Appreciation Rights (SARs) on «Stock» shares at a price of $xx.xx per share, the closing trading price on Date of Grant. I congratulate you on this award and on this opportunity to participate in the future
growth of the Company. 
 Your SARs grant is subject to the terms of our Stock Appreciation Rights Plan, a summary of which is attached along with a copy of
the plan; you should retain them and this letter for future reference. Your SARs grant becomes exercisable in one-third increments, with the first one-third becoming exercisable on the first anniversary of the date of the grant, the second one-third
on the second anniversary and the final one-third on Date of Grant + 3 years. Your SARs term expires in 5 years on Date of Grant + 5 years. The maximum gain upon exercise of this award has been set at $xx.xx per share, i.e.,
100% of the fair market value on the date of grant. 
 As part of the senior management team at Media General, I am sure that you are aware that direct
ownership of Media General stock represents an important measure of our commitment to the Company. Purchasing or retaining shares signals continued and growing commitment. Therefore, while not a requirement, upon exercise, you strongly should
consider converting and holding at least 50 percent of your SARs value, after paying the income taxes that may be due when you exercise your SARs, into shares of Media General common stock. Name of Human Resources representative will assist
you in purchasing/acquiring these shares when you are ready to exercise. 
 You may contact Name of Human Resources representative with any questions
about the operation of the program, but please understand that the Company cannot give you legal or tax advice. In this and all personal tax matters, we urge you to consult your own tax advisor. 
 Please confirm your receipt of this letter, the Plan document, the enclosed summary of the program and your acceptance of these terms by signing the enclosed copy of
this letter and returning it to Name of Human Resources representative by Date. 
 Sincerely, 

					
	  

	 I confirm receipt of this letter and the Plan document, the enclosed summary of the program and my acceptance of the above
terms.

			
	  
	 	  
	  	
	 Participant’s Signature
	 	Date

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