Document:

Trust

 Exhibit 10.6 
  
 TRUST UNDER 
 MORRIS COMMUNICATIONS CORPORATION 
 DEFERRED COMPENSATION PLAN 
  
 THIS AGREEMENT made this 7th day of July, 1999, by and between Morris Communications Corporation (the “Company”) and Institutional Trust Company (the “Trustee”);

  
 WHEREAS, the Company has adopted the nonqualified deferred
compensation plan(s) as listed in Appendix A and expects to adopt additional deferred compensation plans that may, with the consent of the Trustee, be added to Appendix A (each referred to as a “Plan”); 
  
 WHEREAS, the Company has incurred or expects to incur liability under the
terms of each Plan with respect to the individuals participating in each Plan; 
  
 WHEREAS, the Company wishes to establish a trust (hereinafter called the “Trust”) and to contribute to the Trust assets that shall be held therein, subject to the claims of Company’s creditors in the
event of Company’s Insolvency, as herein defined, until paid to Plan participants and their beneficiaries (or returned to the Company) in such manner and at such times as specified in the Plan; 
  
 WHEREAS, it is the intention of the parties that this Trust shall constitute
an unfunded arrangement and shall not affect the status of the Plan as an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of the
Employee Retirement Income Security Act of 1974; 
  
 WHEREAS, it
is the intention of the Company to make contributions to the Trust to provide itself with a source of funds to assist it in meeting its liabilities under the Plan. 
  
 NOW, THEREFORE, the parties do hereby establish the Trust and agree that the Trust shall be comprised, held and disposed of
as follows: 
  
 ARTICLE I 
 ESTABLISHMENT OF TRUST 
  
 1.1. The Company hereby deposits with Trustee in trust the amounts as determined as credited to the individual plan participants and indicated in their
respective plans, which shall become the principal of the Trust to be held, administered and disposed of by Trustee as provided in this Trust Agreement. 
  
 1.2. The Trust hereby established shall be irrevocable. 
  

 1.3. The Trust is intended to be a grantor trust, of which the Company is the grantor, within the meaning
of subpart E, part I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly. 
  
 1.4. The principal of the Trust, and any earnings thereon shall be held separate and apart from other funds of the Company and shall be used exclusively
for the uses and purposes of Plan participants and general creditors as herein set forth. Plan participants and their beneficiaries shall have no preferred claim on, or any beneficial ownership interest in, any assets of the Trust. Any rights
created under the Plan and this Trust Agreement shall be mere unsecured contractual rights of Plan participants and their beneficiaries against Company. Any assets held by the Trust will be subject to the claims of Company’s general creditors
under federal and state law in the event of Insolvency, as defined in Section 3.1. herein. 
  
 1.5. Within 15 days following the accrual of benefits or deferral of compensation by a Plan participant or other requirement under a Plan for the Company to make a contribution to this Trust, the Company shall
irrevocably deposit additional cash or other property to the Trust in an amount sufficient to pay each Plan participant or beneficiary the accrued benefits or the required contribution pursuant to the terms of the Plan. 
  
 1.6. The Trustee shall maintain separate accounts (each referred to as a
“Trust Account”) for the benefit of each participant in each Plan. All earnings attributable to or credited to each Trust Account shall be maintained for the benefit of such Trust Account. The Company shall designate the Trust Accounts to
which each Company contribution shall be credited. 
  
 ARTICLE
II 
 PAYMENTS TO PLAN PARTICIPANTS AND THEIR BENEFICIARIES 
  
 2.1. The Company shall deliver to Trustee a schedule (the “Payment Schedule”) that indicates the amounts payable
in respect of each Plan participant (and his or her beneficiaries) and each account maintained under this Trust, that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such
amount is to be paid (as provided for or available under the Plan), and the time of commencement for payment of such amounts. Except as otherwise provided herein, Trustee shall make payments to the Plan participants and their beneficiaries in
accordance with such Payment Schedule. The Trustee shall make provision for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the
Plan(s) and shall pay amounts withheld to the appropriate taxing authorities or determine that such amounts have been reported, withheld and paid by Company. 
  
 2.2. The entitlement of a Plan participant or his or her beneficiaries to benefits under each Plan shall be determined by Company or such party as it
shall designate under the Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan. 
  

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 2.3. The Company may make payment of benefits directly to Plan participants or their beneficiaries as
they become due under the terms of the Plan. The Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries. In addition, if the principal of the
Trust Account, and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, the Company shall make the balance of each such payment as it falls due. Trustee shall notify the Company where
principal and earnings are not sufficient. 
  
 ARTICLE III

 TRUSTEE RESPONSIBILITY REGARDING PAYMENTS 
 TO TRUST BENEFICIARY WHEN COMPANY IS INSOLVENT 
  
 3.1. Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent. Company shall be considered “Insolvent” for purposes of this Trust Agreement if (i)
Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. 
  

3.2. At all times during the continuance of this Trust, as provided in Section 1.4. hereof, the principal and income of the Trust shall be subject to
claims of general creditors of Company under federal and state law as set forth below. 
  
 (1) The Board of Directors and the President of the Company shall have the duty to inform Trustee in writing of Company’s Insolvency.
If a person claiming to be a creditor of Company alleges in writing to Trustee that Company has become Insolvent, Trustee shall determine whether Company is Insolvent and, pending such determination, Trustee shall discontinue payment of benefits to
Plan participants or their beneficiaries. 
  
 (2)
Unless Trustee has actual knowledge of Company’s Insolvency, or has received notice from Company or a person claiming to be a creditor alleging that Company is Insolvent, Trustee shall have no duty to inquire whether Company is Insolvent.
Trustee may in all events rely on such evidence concerning Company’s solvency as may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination concerning Company’s solvency. 
  
 (3) If at any time Trustee has determined that Company is
Insolvent, Trustee shall discontinue payments to Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of Company’s general creditors. Nothing in this Trust Agreement shall in any way diminish any
rights of Plan participants or their beneficiaries to pursue their rights as general creditors of Company with respect to benefits due under the Plan or otherwise. 
  
 (4) Trustee shall resume the payment of benefits to Plan participants or their beneficiaries in accordance
with Article II of this Trust Agreement only after Trustee has determined that Company is not Insolvent (or is no longer Insolvent). 
  

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 3.3. Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the
Trust pursuant to Section 3.2 hereof and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the
Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the payments provided for hereunder during any such period of discontinuance. 
  
 3.4. If and to the extent the Trustee is required to pay any funds from the
Trust for the benefit of the Company’s general creditors, then the Trustee shall charge each participant’s Trust Account with a pro rata portion of such payments. The Company shall be required to irrevocably deposit additional cash or
other property to the Trust in an amount sufficient to replenish each Trust Account that has been charged with a portion of the amount distributed to general creditors. 
  
 3.5. The Company shall have no right or power to direct the Trustee to return to the Company or to divert to others any of
the Trust assets from any Trust Account before all payments of benefits have been made to the Plan participant or his beneficiaries entitled to such Trust Account pursuant to the terms of the Plan. Notwithstanding the foregoing, if and to the extent
a Plan participant forfeits all or any part of his benefits under his Trust Account in accordance with the terms of the Plan, then the Trustee shall immediately distribute such forfeited amounts to the Company. The Trustee shall return to the
Company all amounts remaining in a participant’s Trust Account after payment of all benefits has been made under the Plan to the participant and his beneficiaries. 
  
 ARTICLE IV 
 INVESTMENT AUTHORITY 
  
 4.1. The Trustee shall
hold and invest the assets of the Trust pursuant to the direction of the Company. The Company and the Trustee shall adopt mutually acceptable procedures pertaining to the issuance and implementation of investment directions that shall be given from
time to time by the Company to the Trustee. 
  
 4.2. In no event
may Trustee invest in securities (including stock or rights to acquire stock) or obligations issued by the Company other than a de minimis amount held in common investment vehicles in which Trustee invests. All rights associated with assets of the
Trust shall be exercised by Trustee or the person designated by Trustee, and shall in no event be exercisable by or rest with plan participants, except that voting rights with respect to Trust assets may be exercised by the Company. 
  
 4.3. The Trustee shall have full investment authority over the assets of each
Trust Account and shall be entitled to invest the funds in any investments, including but not limited to common trust funds, as the Trustee may from time to time deem appropriate. 
  

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 4.4. The Company shall have the right, at any time and from time to time, in its sole discretion, to
substitute assets of equal fair market value for any asset held by the Trust in any Trust Account. 
  
 ARTICLE V 
 DISPOSITION OF INCOME 
  
 During the term of this Trust, all income received with respect to each Trust
Account, net of expenses and taxes, shall be accumulated and reinvested. 
  
 ARTICLE VI 
 ACCOUNTING BY TRUSTEE 
  
 Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions
required to be made, including such specific records as shall be agreed upon in writing between the Company and the Trustee. Within 90 days following the close of each calendar year and within 15 days after the removal or resignation of Trustee,
Trustee shall deliver to the Company a written account of its administration of the Trust and each Trust Account during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting
forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or
receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. 
  
 ARTICLE VII 
 RESPONSIBILITY OF TRUSTEE 
  
 7.1. Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an
enterprise of a like character and with like aims, provided, however, that Trustee shall incur no liability to any person for any action taken pursuant to a direction, request or approval given by the Company which is contemplated by, and in
conformity with, the terms of the Plan or this Trust and is given in writing by the Company. In the event of a dispute between the Company and a party, the Trustee may apply to a court of competent jurisdiction to resolve the dispute. 
  
 7.2. The Trustee may hire agents, accountants, actuaries, investment
advisors, financial consultants or other professionals to assist it in performing any of its duties or obligations hereunder. The Trustee may consult with legal counsel (who may also be counsel for the Company generally) with respect to any of its
duties or obligations hereunder. 
  
 7.3. Trustee shall have,
without exclusion, all powers conferred on Trustees by applicable law, including the powers listed in Official Code of Georgia Annotated §53-12-232 

  

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which are incorporated by reference, unless expressly provided otherwise herein, provided, however, that if an insurance policy is held as an asset of the
Trust, Trustee shall have no power to name a beneficiary of the policy other than the Trust, to assign the policy (as distinct from conversion of the policy to a different form) other than to a successor Trustee, or to loan to any person the
proceeds of any borrowing against such policy. 
  
 7.4.
Notwithstanding any powers granted to Trustee pursuant to this Trust Agreement or to applicable law, Trustee shall not have any power that could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the
meaning of section 301.7701-2 of the Procedure and Administrative Regulations promulgated pursuant to the Internal Revenue Code. 
  
 ARTICLE VIII 
 COMPENSATION AND
EXPENSES OF TRUSTEE 
  
 The Company shall pay all
administrative and Trustee’s fees and expenses. If not so paid, the fees and expenses shall be paid from the Trust and shall be allocated among the Trust Accounts in a manner deemed fair and reasonable as determined in the sole discretion of
the Trustee. 
  
 ARTICLE IX 
 RESIGNATION AND REMOVAL OF TRUSTEE 
  
 9.1. Trustee may resign at any time by written notice to Company, which shall be effective 45 days after receipt of such notice unless Company and Trustee
agree otherwise. 
  
 9.2. Trustee may be removed by the Company on
30 days notice or upon shorter notice accepted by the Trustee. 
  
 9.3. Upon resignation or removal of Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the successor Trustee. The transfer shall be completed within 15 days after receipt of notice of
resignation, removal or transfer, unless Company extends the time limit. 
  
 9.4. If the Trustee resigns or is removed, a successor shall be appointed, in accordance with Article 10 hereof, by the effective date of resignation or removal under paragraph(s) 9.1 or 9.2 of this Article. If no
such appointment has been made, Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions. All expenses of Trustee in connection with the proceeding shall be allowed as administrative expenses of the
Trust. 
  

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 ARTICLE 10 
 APPOINTMENT OF SUCCESSOR 
  
 10.1 If the Trustee resigns or is removed in accordance with Article 9.1 or 9.2 hereof, the Company may appoint any third party, such as a bank trust department or other party that may be granted corporate trustee powers under state law, as
successor to replace the Trustee upon resignation or upon removal. The appointment shall be effective when accepted in writing by the new trustee, who shall have all of the rights and powers of the former trustee, including ownership rights in the
trust assets. The former trustee shall execute any instrument necessary or reasonably requested by the Company or the successor trustee to evidence the transfer. 
  
 10.2 The successor Trustee need not examine the records and acts of any prior Trustee and may retain or dispose of existing
Trust assets, subject to Sections 6 and 7 hereof. The successor Trustee shall not be responsible for and the Company shall indemnify and defend the successor Trustee from any claim or liability resulting from any action or inaction of any prior
Trustee or from any other past event, or any condition existing at the time it becomes successor Trustee. 
  
 ARTICLE 11 
 AMENDMENT OR TERMINATION 
  
 11.1. This Trust Agreement may be amended by a written instrument executed by
Trustee and Company. Notwithstanding the foregoing, no such amendment shall conflict with the terms of the Plan or make the Trust revocable. 
  
 11.2. The Trust shall not terminate until the date on which Plan participants and their beneficiaries are no longer entitled to benefits pursuant to the
terms of the Plan(s). Upon termination of the Trust any assets remaining in the Trust shall be returned to Company. 
  
 11.3. Upon the written approval of all participants or beneficiaries entitled to payment of benefits under any or all Trust Accounts pursuant to the terms
of the Plan, the Company may terminate this Trust with respect to such Trust Accounts (or may terminate the entire Trust if the participants or beneficiaries of all Trust Accounts approve) prior to the time all benefit payments under the Plan have
been made. All assets in the Trust Accounts so terminated shall be distributed to the Company. 
  
 ARTICLE 12 
 MISCELLANEOUS 
  
 12.1. Any provision of this Trust Agreement prohibited by law shall be ineffective to the extent of any such prohibition,
without invalidating the remaining provisions hereof. 
  
 12.2.
Benefits payable to Plan participants and their beneficiaries under this Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment, levy, execution or other
legal or equitable process. 
  

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 12.3. This Trust Agreement shall be governed by and construed in accordance with the laws of the state of
Georgia. 
  
 ARTICLE XIII 
 EFFECTIVE DATE. 
  
 The effective date of this Trust Agreement shall be the date first set forth above in the introductory paragraph to this Agreement 
  

									
	 	 	 	 	MORRIS COMMUNICATIONS CORPORATION
				
	 	 	 	 	 	 	 
	 	 	 	 	 	 	

	 	 	 	 	 	 	by:	 	 
	 	 	 	 	 	 	as its:	 	 
			
	 	 	 	 	TRUSTEE
				
	 	 	 	 	 	 	 
	 	 	 	 	 	 	

	 	 	 	 	 	 	by:	 	 
	 	 	 	 	 	 	as its:	 	 

  

 8Deferred Compensation Plan for Deferrals

 Exhibit 10.7 
  
 MORRIS COMMUNICATIONS COMPANY, LLC 
  
 DEFERRED COMPENSATION PLAN FOR DEFERRALS 
  
 ARTICLE I 
 INTRODUCTION 
  
 1.1 Purpose Of Plan. The Employer
has adopted the Plan set forth herein to provide a means by which certain employees may elect to defer receipt of designated percentages or amounts of their Compensation. 
  
 1.2 Status Of Plan. The Plan is intended to be “a plan which is unfunded and is maintained by an employer
primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” within the meaning of Sections 201(2) and 301(a)(3) of the Employee Retirement Income Security Act of 1974
(“ERISA”), and shall be interpreted and administered to the extent possible in a manner consistent with that intent. 
  
 ARTICLE II 
 DEFINITIONS 
  
 Wherever used herein, the following terms have the meanings set forth below,
unless a different meaning is clearly required by the context: 
  
 2.1 “Account” means, for each Participant, the account established for his or her benefit under Section 5.1. Such Account shall include both salary and bonus deferrals. 
  
 2.2 “Code” means the Internal Revenue Code of 1986, as amended from time to time. Reference to any section or
subsection of the Code includes reference to any comparable or succeeding provisions of any legislation which amends, supplements or replaces such section or subsection. 
  
 2.3 “Compensation” means the annual bonus and the base salary of a Participant. The Board Committee, in its sole
discretion, shall designate from time to time the maximum percentage of base salary and bonus that can be deferred under the Plan. Such designation shall be listed in Appendix A. For purposes of the Plan, Compensation shall be determined before
giving effect to Elective Deferrals and other salary reduction amounts which are not included in the Participant’s gross income under Code Sections 125, 401(k), 402(h) or 403(b). 
  
 2.4 “Corporation” or “Company” means the Employer. 
  
 2.5 “Effective Date” means October 1, 2003. 
  

 2.6 “Election Form” means the participation election form as approved and prescribed by the
Plan Administrator. 
  
 2.7 “Elective Deferral” means
the portion of Compensation which is deferred by a Participant under Article IV. 
  
 2.8 “Eligible Employee” means: Any member of management or highly compensated employee specifically designated by the President of the Company. 
  
 2.9 “Employer” means Morris Communications Company, LLC, any successor to all or a major portion of the
Employer’s assets or business which assumes the obligations of the Employer, and each other entity that is affiliated with the Employer whose employees, with the consent of the Employer, are eligible, as provided under Section 2.8, to
participate in the Plan. 
  
 2.10 “ERISA” means the
Employee Retirement Income Security Act of 1974, as amended from time to time. Reference to any section or subsection of ERISA includes reference to any comparable or succeeding provisions of any legislation which amends, supplements or replaces
such section or subsection. 
  
 2.11 “Management
Committee” means a committee of the Board of Directors of the Employer that has been delegated authority over the Plan; or in absence of such a committee, the Management Committee means the Board of Directors of the Employer. 
  
 2.12 “Insolvency” means either (i) the Employer is unable to pay
its debts as they become due, or (ii) the Employer is subject to a pending proceeding as a debtor under the United States Bankruptcy Code. 
  
 2.13 “Participant” means any Eligible Employee who participates in the Plan in accordance with Article III. 
  
 2.14 “Plan” means Morris Communications Company Deferred
Compensation Plan For Deferrals and all amendments thereto. 
  
 2.15 “Plan Administrator” means the person, persons or entity designated by the Employer under Article VIII to oversee the administration of the Plan. If no such person or entity is so serving at any time, the Employer shall be
the Plan Administrator. 
  
 2.16 “Plan Year” means the
12-month period beginning on January 1 and ending on December 31 of each year, except for the first plan year which begins on the Effective Date, and ends on December 31st, 2003. 
  
 2.17 “Recordkeeper” means the person(s) or entity appointed or hired by the Management Committee under Section 8.1. 
  

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 2.18 “Total And Permanent Disability” means the inability of a Participant to engage in any
substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted or can be expected to last for a continuous period of not less than 12 months, and the
permanence and degree of which shall be supported by medical evidence satisfactory to the Plan Administrator. 
  
 2.19 “Trust” means the trust established by the Employer that identifies the Plan as a plan with respect to which assets are to be held by the
Trustee. Plan assets in the trust are subject to the general creditors of the Employer in the event of Insolvency. 
  
 2.20 “Trustee” means the trustee or trustees under the Trust. 
  
 2.21 “Valuation Option” means the performance of the investment funds listed in Appendix B of the Plan.

  
 ARTICLE III 
 PARTICIPATION 
  
 3.1 Commencement Of Participation. Any Eligible Employee who elects to defer part of his or her Compensation in accordance with Article IV shall
become a Participant in the Plan as of the date such deferrals commence in accordance with such Article. 
  
 3.2 Continued Participation. A Participant in the Plan shall continue to be a Participant so long as any amount remains credited to his or her
Account. However, future deferrals under the Plan may be made only if such Participant continues to be an Eligible Employee under the Plan. 
  
 ARTICLE IV 
 ELECTIVE DEFERRALS

  
 4.1 Elective Deferrals. An individual who is an
Eligible Employee on the Effective Date may, by completing an Election Form and filing it with the Plan Administrator by the end of the first month following the Effective Date, elect to defer the receipt of a portion of one or more payments of
Compensation for a period of at least one Plan Year and on such terms as the Management Committee may permit. Thereafter, any Eligible Employee may elect to defer the receipt of a percentage or dollar amount of one or more payments of Compensation
for a period of a least one Plan Year and on such terms as the Management Committee may permit, commencing with Compensation paid in the next succeeding Plan Year, by completing an Election Form during the annual enrollment period for the Plan as
determined by the Plan Administrator. 
  
 An Eligible Employee may
elect a deferral period of any number of Plan Years up to but not exceeding termination of employment or Total And Permanent Disability. 
  

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 No Participant may defer more than the portion of his or her Compensation designated by the Management
Committee in Appendix A. A Participant’s Compensation shall be reduced in accordance with the Participant’s election hereunder and amounts deferred hereunder shall be paid by the Employer to the Trust as soon as administratively feasible
and credited to the Participant’s Account as of the date the amounts are received by the Trustee. 
  
 4.2 Investment Election. An individual who is an Eligible Employee and elects to defer Compensation under this Plan shall elect to have his or her
Account valued based on the Valuation Option represented by the performance of one or more of the investment funds listed in Appendix B of the Plan. Such Appendix B may be amended at any time by an action of the Management Committee. If a
Participant does not elect a Valuation Option for his or her Account, the Account shall be valued based on the Valuation Option represented by the performance of Fund A. A participant may change his or her selection of Valuation Options on any date
to be effective on the first business day of the next month that commences more than four (4) business days following delivery of such selection to the Plan Administrator. 
  
 ARTICLE V 
 ACCOUNTS 
  
 5.1 Accounts. The Plan Administrator
and/or the Recordkeeper shall establish an Account for each Participant reflecting his or her Elective Deferrals made for the Participant’s benefit together with any adjustments for income, gain or loss and any payments from the Account. The
Plan Administrator and/or the Recordkeeper shall establish sub-accounts for each Participant that has more than one election in effect under Section 7.1 and such other sub-accounts as are necessary for the proper administration of the Plan. As of
the last business day of each calendar quarter, the Plan Administrator shall provide, or cause to be provided, the Participant with a statement of his or her Account reflecting the income, gains and losses (realized and unrealized), amounts of
deferrals, fund transfers and distributions of such Account since the prior statement. 
  
 5.2 Investments. The assets of the Trust shall be invested as provided in Article IV of the Trust Agreement. The Trustee may (but is not required to) consider the Employer’s or a Participant’s
investment preferences when investing the assets attributable to a Participant’s Account. 
  
 ARTICLE VI 
 VESTING 
  
 6.1 Vesting. A Participant shall be vested in, i.e., shall have a nonforfeitable right to, funds only when such funds
are due and payable by Employer. A Participant shall be immediately vested in, i.e., shall have a nonforfeitable right to, all Elective Deferrals, and all income and gain attributable thereto, credited to his or her Account. 
  

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 ARTICLE VII 
 PAYMENTS 
  
 7.1 Election As To
Form Of Payment. Payments to Participants shall be made in annual installments over a period of 10 years commencing between January 2 and March 15 immediately following the end of each deferral period. The amount of each installment payment will
equal the balance of a Participant’s Account immediately prior to the installment payment divided by the number of installment payments remaining to be made. 
  
 The above notwithstanding, a Participant may elect in writing to receive the value of his or her Account in one lump sum, in
annual installments over a period of five years, or in annual installments over a period of fifteen years, so long as such election is made at least 13 months prior to the end of the deferral period. Additionally, a Participant may elect in writing
to receive the value of his or her Account in a partial lump sum where the Participant may choose the percent of an expiring deferral to be paid in a lump sum with the balance in annual installments over the remainder of the 5, 10 or 15 year-
installment period; provided, however, that such election is made at least 13 months prior to the end of the deferral period. 
  
 A Participant’s election as to the form of payment as set forth in this Section 7.1 shall apply to the Participant’s entire Account. If the
Participant begins to receive distributions of his or her Account pursuant to this Section 7.l, a subsequent election to defer additional Compensation shall be subject to a new election under this Section 7.1 and shall not affect the payment stream
established by the prior distribution election. 
  
 7.2
Extension Of Deferral Periods. A Participant may make an election in writing to extend any deferral period for three to ten additional Plan Years so long as such Participant makes an election therefor at least 13 months prior to the
expiration of the deferral period. 
  
 Terminated Participants
will not be permitted to renew their deferral elections. Payments to terminated Participants will begin at the expiration of their current deferral period in accordance with the method selected under Section 7.1 (unless the Participant had attained
age 65 and completed at least ten years of service as of his or her date of termination, in which case additional elections to defer are permitted). 
  
 7.3 Termination Of Employment. Upon termination of a Participant’s employment for any reason other than death or Total and Permanent
Disability, the Participant’s Account shall be paid to the Participant in the form of payment in effect at the time termination of employment occurs and after the expiration of the deferral period. The above notwithstanding, the Plan
Administrator, in its sole discretion, may: (a) pay out a Participant’s Account balance in one lump sum at any time prior to the expiration of each deferral period; (b) accelerate the beginning of payments of deferrals to any time prior to the
expiration of a deferral period; and (c) revoke the deferral elections of a Participant for the year of the termination of his/her employment. 
  
 7.4 Total And Permanent Disability. Upon determination of Total and Permanent Disability, the Participant’s Account shall be paid to the
Participant in the form of payment in effect at the time the Total and Permanent Disability occurs and after the expiration of the 

  

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deferral period. The above nothwithstanding, the Pan Administrator, in its sole discretion, may: (a) pay out a Participant’s Account balance in one lump
sum at any time prior to the expiration of each deferral period; (b) accelerate the beginning of payments of deferrals to any time prior to the expiration of a deferral period; and (c) revoke the deferral elections of a Participant for the year of
the occurrence of the Total and Permanent Disability. 
  
 7.5
Death. If a Participant dies prior to the complete distribution of his or her Account, the balance of the Account shall be paid as soon as practicable to the Participant’s designated beneficiary or beneficiaries, in the form elected by
the Participant at the time of his or her death, provided, however, that the Plan Administrator may, in its sole discretion, pay out the balance of such Participant’s Account in one lump sum. 
  
 Any designation of beneficiary shall be made by the Participant on a
Beneficiary Designation Form filed with the Plan Administrator and may be changed by the Participant at any time by filing another Beneficiary Designation Form containing the revised instructions. If no beneficiary is designated or no designated
beneficiary survives the Participant, payment shall be made to the Participant’s surviving spouse or, if none, to such Participant’s estate in a single payment. The most recent Beneficiary Designation Form executed by the Participant prior
to his/her death shall apply to all Election Deferrals credited to the Participant’s Account at the date of his/her death. 
  
 7.6 Taxes. All federal, state or local taxes that the Plan Administrator determines are required to be withheld from any payments made pursuant to
this Article VII shall be withheld. 
  
 ARTICLE VIII

 PLAN ADMINISTRATION 
  
 8.1 Plan Administration And Interpretation. The Plan Administrator shall oversee the administration of the Plan, shall serve as the agent of the
Employer with respect to the trust, and shall appoint a Plan Administrator and/or Recordkeeper for the day-to-day operations of the Plan. Such Plan Administrator and/or Recordkeeper shall be listed in Appendix C to this Plan. The Committee shall
have complete control and authority to determine the rights and benefits under all claims, demands and actions arising out of the provisions of the Plan of any Participant, beneficiary, deceased Participant, or other person having or claiming to
have any interest under the Plan. The Committee shall have complete discretion to interpret the Plan and to decide all matters under the Plan. Such interpretation and decision shall be final, conclusive and binding on all Participants and any person
claiming under or through any Participant. Any individual(s) serving on the Committee who is a Participant will not vote or act on any matter relating solely to himself or herself. 
  
 8.2 Committee Powers, Duties, Procedures, Etc. The Committee shall have such powers and duties, may adopt such rules
and regulations, may act in accordance with such procedures, may appoint such agents, may delegate such powers and duties, may receive such 

  

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reimbursements and compensation, and shall follow such claims and appeal procedures with respect to the Plan as it may establish. 
  
 8.3 Plan Administrator’s Duties. The Plan Administrator shall be
responsible for the day-to-day operations of the Plan. His or her duties shall include, but not be limited to, the following: 
  

	(a)	Keeping track of employees eligible to participate in the Plan and the date each employee becomes eligible to participate. 

  

	(b)	Maintaining, or causing to be maintained by the Recordkeeper, Participants’ Accounts, including all sub-accounts required for different contribution types and payment elections
made by Participants under the Plan and any other relevant information. 

  

	(c)	Transmitting, or causing to be transmitted by the Recordkeeper, various communications to Participants and obtaining information from Participants such as changes in investment
selections. 

  

	(d)	Filing reports required by various governmental agencies. When making a determination or calculation, the Plan Administrator and the Recordkeeper shall be entitled to rely on
information furnished by a Participant, a beneficiary, the Employer or the Trustee. The Plan Administrator shall have the responsibility for complying with any reporting and disclosure requirements of ERISA. 

  
 8.4 Information. To enable the Plan Administrator and/or Recordkeeper
to perform their functions, the Employer shall supply full and timely information to the Plan Administrator and/or Recordkeeper on all matters relating to the compensation of Participants, their employment, retirement, death, termination of
employment, and such other pertinent facts as the Plan Administrator and/or Recordkeeper may require. 
  
 8.5 Indemnification Of Committee And Plan Administrator. The Employer agrees to indemnify and to defend to the fullest extent permitted by law any
officer(s) or employee(s) who serve on the Committee or as Plan Administrator (including any such individual who formerly served on the Committee or as Plan Administrator) against all liabilities, damages, costs and expenses (including
attorneys’ fees and amounts paid in settlement of any claims approved by the Employer) occasioned by any act or omission to act in connection with the Plan, if such act or omission is in good faith. 
  
 ARTICLE IX 
 AMENDMENT AND TERMINATION 
  
 9.1 Amendments. The Employer shall have the right to amend the Plan from time to time, subject to Section 9.3, by an action of the Management Committee. However, the 

  

 7 

 
preceding notwithstanding, the Management Committee shall have the power to amend at any time the payment provisions under Article VII of the Plan.

  
 9.2 Termination Of Plan. This Plan is strictly a
voluntary undertaking on the part of the Employer and shall not be deemed to constitute a contract between the Employer and any Eligible Employee (or any other employee) or a consideration for, or an inducement or condition of employment for, the
performance of the services by any Eligible Employee (or other employee). The Employer reserves the right to terminate the Plan at any time, subject to Section 9.3, by an action of the Board Committee. Upon termination, the Employer may (a) elect to
continue to maintain the Trust to pay benefits hereunder as they become due as if the Plan had not terminated or (b) direct the Trustee to pay promptly to Participants (or their beneficiaries) the vested balance of their Accounts. 
  
 9.3 Existing Rights. No amendment or termination of the Plan shall
adversely affect the rights of any Participant with respect to amounts that have been credited to his or her Account prior to the date of such amendment or termination. 
  
 ARTICLE X 
 MISCELLANEOUS 
  
 10.1 No Funding. The Plan
constitutes a mere promise by the Employer to make payments in accordance with the terms of the Plan and Participants and beneficiaries shall have the status of general unsecured creditors of the Employer. Nothing in the Plan will be construed to
give any employee or any other person rights to any specific assets of the Employer or of any other person. In all events, it is the intent of the Employer that the Plan be treated as unfunded for tax purposes and for purposes of Title I of ERISA.

  
 10.2 Non-Assignability. None of the benefits, payments,
proceeds or claims of any Participant or beneficiary shall be subject to any claim of any creditor of any Participant or beneficiary and, in particular, the same shall not be subject to attachment or garnishment or other legal process by any
creditor of such Participant or beneficiary, nor shall any Participant or beneficiary have any right to alienate, anticipate, commute, pledge, encumber or assign any of the benefits or payments or proceeds which he or she may expect to receive,
contingently or otherwise, under the Plan. 
  
 10.3 Limitation
Of Participants’ Rights. Nothing contained in the Plan shall confer upon any person a right to be employed or to continue in the employ of the Employer, or interfere in any way with the right of the Employer to terminate the employment of a
Participant in the Plan at any time, with or without cause. 
  
 10.4 Participants Bound. Any action with respect to the Plan taken by the Plan Administrator or the Employer or the Trustee or any action authorized by or taken at the direction of the Plan Administrator, the Management Committee,
the Employer or the Trustee shall be conclusive upon all Participants and beneficiaries entitled to benefits under the Plan. 
  

 8 

 10.5 Receipt And Release. Any payment to any Participant or beneficiary in accordance with the
provisions of the Plan shall, to the extent thereof, be in full satisfaction of all claims against the Employer, the Plan Administrator and the Trustee under the Plan, and the Plan Administrator may require such Participant or beneficiary, as a
condition precedent to such payment, to execute a receipt and release to such effect. If any Participant or beneficiary is determined by the Plan Administrator to be incompetent by reason of physical or mental disability (including minority) to give
a valid receipt and release, the Plan Administrator may cause the payment or payments becoming due to such person to be made to another person for his or her benefit without responsibility on the part of the Plan Administrator, the Employer or the
Trustee to follow the application of such funds. 
  
 10.6
Governing Law. The Plan shall be construed, administered, and governed in all respects under and by the laws of the State of Georgia. If any provision shall be held by a court of competent jurisdiction to be invalid or unenforceable, the
remaining provisions hereof shall continue to be fully effective. 
  

 9 

 10.7 Headings And Subheadings. Heading and subheadings in this Plan are inserted for convenience
only and are not to be considered in the construction of the provisions hereof. 
  
 IN WITNESS WHEREOF, the Company has caused this Plan to be executed by its duly authorized officer as of the effective date first above written. 
  

			
	MORRIS COMMUNICATIONS COMPANY, LLC
		
	By:	 	 
	 	 	

	 	 	 As its President

  

 10 

 APPENDIX A 
  
 LIMIT ON ELECTIVE DEFERRALS 
  
 For the 2003 Plan Year and until changed by the Committee, a Participant may defer up to 100% of his/her annual bonus and up to 33% of his/her base
salary. 
  

 11 

 APPENDIX B 
  
 VALUATION OPTIONS 
  
 For 2003 and until changed by the Management Committee, each Participant may elect to value his or her account based on the performance of one or more of
the following funds: 
  

	1.	Fund A: AIM Liquid Asset (6S) 

  

	2.	Fund B: Dreyfus US Treasury Interm-Term (XX) 

  

	3.	Fund C: MFS Research Bond (MV) 

  

	4.	Fund D: American Balanced (LF) 

  

	5.	Fund D: AIM Basic Value (GW) 

  

	6.	Fund E: Invesco 500 Index Fund Class 2 (23) 

  

	7.	Fund F: AIM Blue Chip (AS) 

  

	8.	Fund G: AIM Constellation (AA) 

  

	9.	Fund I: AIM Global Growth (AH) 

  

	10.	Fund J: Templeton Foreign (X1) 

  

	11.	Fund K: Invesco Core Equity 

  

	12.	Fund L: Invesco Utilities (58) 

  

	13.	Fund M: Invesco Financial Services (57) 

  

	14.	Fund N: Invesco Leisure (53) 

  

	15.	Fund O: Invesco Health Sciences (52) 

  

	16.	Fund P: Invesco Technology II (55) 

  

	17.	Fund Q: Invesco Small Co. Growth (60) 

  

	18.	Fund R: Invesco Dynamics (20) 

  

	19.	Fund S: Invesco Energy (50) 

  

 12 

 APPENDIX C 
  
 PLAN ADMINISTRATOR AND RECORD KEEPER 
  

	1.1	Plan Administrator 

  
 For the Plan Year 2003, and until removed, the Plan Administrator shall be Craig S. Mitchell. 
  

	1.2	Recordkeeper 

  
 For the Plan Year 2003, and until removed by the Management Committee, the Recordkeeper shall be “Amvescap”. 
  

	1.3	Trust 

  
 That Trust Agreement dated July 7, 1999 by and between Morris Communications Corporation and Institutional Trust Company. 
  

	1.4	Trustee 

  
 Institutional Trust Company 
  

 13 

 APPENDIX D 
  
 ELIGIBLE EMPLOYEE 
  

	2.8	Eligible Employee is James C. Currow 

  

 14

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