Document:

S T O C K   A P P R E
C I A T I O N   R I G H T S   C E R T I F I C A T E 

Non-transferable
G R
A N T   T O  

     _________________ 
(“Grantee”) 

by Journal
Communications, Inc. (the "Company") of Stock Appreciation Rights with respect to 

     [_________________] 

shares of its Class
[A][B] Common Stock, $0.01 par value (the "SARs"), having a base value of $____ per share
(the "Base Value") 

pursuant to and subject to the
provisions of the Journal Communications, Inc. 2007 Omnibus Incentive Plan (the
“Plan”) and to the terms and conditions set forth on the following page (the
“Terms and Conditions”). Capitalized terms used herein and not otherwise defined
shall have the meanings assigned to such terms in the Plan. 

Unless vesting is accelerated in
accordance with the Plan or in the discretion of the Committee, the SARs shall vest
(become exercisable) in accordance with the following schedule: 

	

	Continuous Status as a Participant	 	 
	after Grant Date		Percent of SARs Vested
	

	
 

	
 

	
 

	
 

        IN
WITNESS WHEREOF, Journal Communications, Inc., acting by and through its duly authorized
officers, has caused this Certificate to be executed as of the Grant Date. 

	JOURNAL COMMUNICATIONS, INC.	 
	
By:____________________________	Grant Date:_____________________________________

	TERMS AND CONDITIONS
				
	1.    Base Value and Benefit. The Base Value of each SAR is equal to
the Fair           Market Value of a share of Class [A][B] Common Stock on the Grant
Date.           Each SAR entitles Grantee to receive from the Company upon the exercise
of the           SAR an amount, payable in shares of Class [A][B] Common Stock, equal to
the excess, if any, of (a) the Fair Market Value of one share of Class [A][B] Common
Stock on the date of exercise, over (b) the Base Value per           share.

2.    Vesting of SARs. The SARs shall vest (become exercisable) in
accordance           with the schedule shown on Page 1 of this Certificate.
Notwithstanding the           vesting schedule, the SARs shall become fully vested and
exercisable upon (i)           Grantee’s death or Disability during his or her
Continuous Status as a           Participant, (ii) a Change in Control, unless the SARs
are assumed by the           surviving entity or otherwise equitably converted or
substituted in connection           with the Change in Control, or (iii) if the SARs are
assumed by the surviving           entity or otherwise equitably converted or substituted
in connection with a           Change in Control, the termination of Grantee’s
employment by the Company           without Cause (or Grantee’s resignation for Good
Reason as provided in any           employment, severance or similar agreement between
Grantee and the Company or an           Affiliate) within two years after the effective
date of the Change in Control.

3.    Term of SARs and Limitations on Right to Exercise. The term of
the SARs           is a period of ten years, expiring at 5:00 p.m., Central Time, on the
tenth           anniversary of the Grant Date (the “Expiration Date”). To the
extent           not previously exercised, the SARs will lapse prior to the Expiration
Date upon           the earliest to occur of the following circumstances:

    (a)                 Three months after the termination
of Grantee’s Continuous Status as a           Participant for any reason other than
(i) for Cause, (ii) by reason of           Grantee’s death, Disability, or
Retirement, or (iii) following a Change in           Control.

    (b)                 Twelve months after the date of
the termination of Grantee’s Continuous           Status as a Participant (i) by
reason of his or her Disability, or (ii) for any           reason other than Cause or
Retirement following a Change in Control.

    (c)                 Twelve months after the Grantee’s
death, if Grantee dies while employed, or           during the three-month period
described in subsection (a) above or during the           twelve-month period described
in subsection (b) above and before the SARs           otherwise lapse. Upon Grantee’s
death, the SARs may be exercised by           Grantee’s beneficiary designated
pursuant to the Plan.
		    (d)                 5:00 p.m., Central Time, on the
Expiration Date if the Grantee’s           termination of Continuous Status as a
Participant is by reason of his or her           Retirement.

    (e)                 5:00 p.m., Central Time, on the
date of the termination of Grantee’s           Continuous Status as a Participant if
such termination is for Cause.

If Grantee returns to employment with the Company during the designated post-termination
exercise period, then Grantee shall be restored to the status Grantee held prior to such
termination but no vesting credit will be earned for any period Grantee was not in
Continuous Status as a Participant. If Grantee or his or her beneficiary exercises a SAR
after termination of service, the SAR may be exercised only with respect to the Shares
that were otherwise vested on Grantee’s termination of service, including SARs
vested by acceleration under section 2.

4.    Exercise of SARs. The SARs shall be exercised by written notice
directed           to the Chief Accounting Officer of the Company or his or her designee
at the           address and in the form specified by the Company from time to time. If
the           person exercising a SAR is not Grantee, such person shall also deliver with
the           notice of exercise appropriate proof of his or her right to exercise the
SAR.

5.    Withholding. The Company or any employer Affiliate has the
authority and           the right to deduct or withhold, or require Grantee to remit to
the employer, an           amount sufficient to satisfy federal, state, and local taxes
(including           Grantee’s FICA obligation) required by law to be withheld with
respect to           any taxable event arising as a result of the exercise of the SARs.
The           withholding requirement may be satisfied, in whole or in part, at the
election           of the Company, by withholding from the SAR shares of Stock having a
Fair Market           Value on the date of withholding equal to the minimum amount (and
not any           greater amount) required to be withheld for tax purposes, all in
accordance with           such procedures as the Company establishes.

6.    Limitation of Rights. The SARs do not confer to Grantee or
Grantee’s           beneficiary any rights of a shareholder of the Company unless
and until shares           of Stock are in fact issued to such person in connection with
the exercise of           the SARs. Nothing in this Certificate shall interfere with or
limit in any way           the right of the Company or any Affiliate to terminate Grantee’s
service at           any time, nor confer upon Grantee any right to continue in the
service of the           Company or any Affiliate.

7.    Restrictions on Transfer and Pledge. No right or interest of
Grantee in           the SARs may be pledged, encumbered, or hypothecated to or in favor
of any party           other than the Company or an Affiliate, or shall be subject to any
lien,           obligation, or liability of Grantee to any other party other than the
Company or           an Affiliate. The SARs are not assignable or transferable by Grantee
other than           by will or the laws of descent and distribution, but the Committee
may (but need           not) permit other transfers. The SARs may be exercised during the
lifetime of           Grantee only by Grantee or any permitted transferee.
		8.    Restrictions on Issuance of Shares. If at any time the
Committee shall           determine in its discretion, that registration, listing or
qualification of the           Shares covered by the SARs upon any national securities
exchange or under any           foreign, federal, or local law or practice, or the
consent or approval of any           governmental regulatory body, is necessary or
desirable as a condition to the           exercise of the SARs, the SARs may not be
exercised in whole or in part unless           and until such registration, listing,
qualification, consent or approval shall           have been effected or obtained free of
any conditions not acceptable to the           Committee.

9.    Plan Controls. The terms contained in the Plan are incorporated
into and           made a part of this Certificate and this Certificate shall be governed
by and           construed in accordance with the Plan. In the event of any actual or
alleged           conflict between the provisions of the Plan and the provisions of this
Certificate, the provisions of the Plan shall be controlling and determinative.

10.    Successors. This Certificate shall be binding upon any
successor of the           Company, in accordance with the terms of this Certificate and
the Plan.

11.    Notice. Notices and communications under this Certificate must
be in           writing and either personally delivered or sent by registered or
certified           United States mail, return receipt requested, postage prepaid.
Notices to the           Company must be addressed to: Journal Communications, Inc., 333
West State           Street, Milwaukee, Wisconsin, 83203, Attn: Chief Accounting Officer,
or any           other address designated by the Company in a written notice to Grantee.
Notices           to Grantee will be directed to the address of Grantee then currently on
file           with the Company, or at any other address given by Grantee in a written
notice           to the Company.S T O C K   A P P R E C
I A T I O N   R I G H T S   C E R T I F I C A T E  

Non-transferable
G R
A N T   T O 

     _________________ 
(“Grantee”)

by Journal
Communications, Inc. (the “Company”) of Stock Appreciation Rights with respect to 

     [_________________] 

shares of its Class [A][B]
Common Stock, $0.01 par value (the “SARs”), having an escalating base value per
share (the “Base Value”). The beginning Base Value shall be $_____ per share,
and the Base Value shall increase by __% per year for each year that the SARs remain
outstanding, starting on the first anniversary of the Grant Date. 

The SARs are granted pursuant to and
subject to the provisions of the Journal Communications, Inc. 2007 Omnibus Incentive Plan
(the “Plan”) and to the terms and conditions set forth on the following page
(the “Terms and Conditions”). Capitalized terms used herein and not otherwise
defined shall have the meanings assigned to such terms in the Plan. 

Unless vesting is accelerated in
accordance with the Plan or in the discretion of the Committee, the SARs shall vest
(become exercisable) in accordance with the following schedule: 

	

	Continuous Status as a Participant	 	 
	after Grant Date		Percent of SARs Vested
	

	
 

	
 

	
 

	
 

        IN
WITNESS WHEREOF, Journal Communications, Inc., acting by and through its duly authorized
officers, has caused this Certificate to be executed as of the Grant Date. 

	JOURNAL COMMUNICATIONS, INC.	 
	
By:____________________________	Grant Date:_____________________________________

	TERMS AND CONDITIONS
				
	

1.    Base Value and Benefit. The Base Value of each SAR escalates
annually, as           indicated on the cover page of this Agreement. Each SAR entitles
Grantee to           receive from the Company upon the exercise of the SAR an amount,
payable in           shares of Class [A][B] Common Stock, equal to the excess, if any, of
(a)           the Fair Market Value of one share of Class [A][B] Common Stock on the
date of exercise, over (b) the Base Value per share as of the date of exercise.

2.    Vesting of SARs. The SARs shall vest (become exercisable) in
accordance           with the schedule shown on Page 1 of this Certificate.
Notwithstanding the           vesting schedule, the SARs shall become fully vested and
exercisable upon (i)           Grantee’s death or Disability during his or her
Continuous Status as a           Participant, (ii) a Change in Control, unless the SARs
are assumed by the           surviving entity or otherwise equitably converted or
substituted in connection           with the Change in Control, or (iii) if the SARs are
assumed by the surviving           entity or otherwise equitably converted or substituted
in connection with a           Change in Control, the termination of Grantee’s
employment by the Company           without Cause (or Grantee’s resignation for Good
Reason as provided in any           employment, severance or similar agreement between
Grantee and the Company or an           Affiliate) within two years after the effective
date of the Change in Control.

3.    Term of SARs and Limitations on Right to Exercise. The term of
the SARs           is a period of ten years, expiring at 5:00 p.m., Central Time, on the
tenth           anniversary of the Grant Date (the “Expiration Date”). To the
extent           not previously exercised, the SARs will lapse prior to the Expiration
Date upon           the earliest to occur of the following circumstances:

    (a)           Three months after the termination
of Grantee’s Continuous Status as a           Participant for any reason other than
(i) for Cause, (ii) by reason of           Grantee’s death, Disability, or
Retirement, or (iii) following a Change in           Control.

    (b)               Twelve months after the date of
the termination of Grantee’s Continuous           Status as a Participant (i) by
reason of his or her Disability, or (ii) for any           reason other than Cause or
Retirement following a Change in Control.

    (c)              Twelve months after the Grantee’s
death, if Grantee dies while employed, or           during the three-month period
described in subsection (a) above or during the           twelve-month period described
in subsection (b) above and before the SARs           otherwise lapse. Upon Grantee’s
death, the SARs may be exercised by           Grantee’s beneficiary designated
pursuant to the Plan.

		    (d)             5:00 p.m., Central Time, on the
Expiration Date if the Grantee’s           termination of Continuous Status as a
Participant is by reason of his or her           Retirement.

    (e)              5:00 p.m., Central Time, on the
date of the termination of Grantee’s           Continuous Status as a Participant if
such termination is for Cause.

If Grantee returns to employment with the Company during the designated post-termination
exercise period, then Grantee shall be restored to the status Grantee held prior to such
termination but no vesting credit will be earned for any period Grantee was not in
Continuous Status as a Participant. If Grantee or his or her beneficiary exercises a SAR
after termination of service, the SAR may be exercised only with respect to the Shares
that were otherwise vested on Grantee’s termination of service, including SARs
vested by acceleration under section 2.

4.    Exercise of SARs. The SARs shall be exercised by written notice
directed           to the Chief Accounting Officer of the Company or his or her designee
at the           address and in the form specified by the Company from time to time. If
the           person exercising a SAR is not Grantee, such person shall also deliver with
the           notice of exercise appropriate proof of his or her right to exercise the
SAR.

5.    Withholding. The Company or any employer Affiliate has the
authority and           the right to deduct or withhold, or require Grantee to remit to
the employer, an           amount sufficient to satisfy federal, state, and local taxes
(including           Grantee’s FICA obligation) required by law to be withheld with
respect to           any taxable event arising as a result of the exercise of the SARs.
The           withholding requirement may be satisfied, in whole or in part, at the
election           of the Company, by withholding from the SAR shares of Stock having a
Fair Market           Value on the date of withholding equal to the minimum amount (and
not any           greater amount) required to be withheld for tax purposes, all in
accordance with           such procedures as the Company establishes.

6.    Limitation of Rights. The SARs do not confer to Grantee or
Grantee’s           beneficiary any rights of a shareholder of the Company unless
and until shares           of Stock are in fact issued to such person in connection with
the exercise of           the SARs. Nothing in this Certificate shall interfere with or
limit in any way           the right of the Company or any Affiliate to terminate Grantee’s
service at           any time, nor confer upon Grantee any right to continue in the
service of the           Company or any Affiliate.

7.    Restrictions on Transfer and Pledge. No right or interest of
Grantee in           the SARs may be pledged, encumbered, or hypothecated to or in favor
of any party           other than the Company or an Affiliate, or shall be subject to any
lien,           obligation, or liability of Grantee to any other party other than the
Company or           an Affiliate. The SARs are not assignable or transferable by Grantee
other than           by will or the laws of descent and distribution, but the Committee
may (but need           not) permit other transfers. The SARs may be exercised during the
lifetime of           Grantee only by Grantee or any permitted transferee.
		8.    Restrictions on Issuance of Shares. If at any time the
Committee shall           determine in its discretion, that registration, listing or
qualification of the           Shares covered by the SARs upon any national securities
exchange or under any           foreign, federal, or local law or practice, or the
consent or approval of any           governmental regulatory body, is necessary or
desirable as a condition to the           exercise of the SARs, the SARs may not be
exercised in whole or in part unless           and until such registration, listing,
qualification, consent or approval shall           have been effected or obtained free of
any conditions not acceptable to the           Committee.

9.    Plan Controls. The terms contained in the Plan are incorporated
into and           made a part of this Certificate and this Certificate shall be governed
by and           construed in accordance with the Plan. In the event of any actual or
alleged           conflict between the provisions of the Plan and the provisions of this
Certificate, the provisions of the Plan shall be controlling and determinative.

10.    Successors. This Certificate shall be binding upon any
successor of the           Company, in accordance with the terms of this Certificate and
the Plan.

11.    Notice. Notices and communications under this Certificate must
be in           writing and either personally delivered or sent by registered or
certified           United States mail, return receipt requested, postage prepaid.
Notices to the           Company must be addressed to: Journal Communications, Inc., 333
West State           Street, Milwaukee, Wisconsin, 83203, Attn: Chief Accounting Officer,
or any           other address designated by the Company in a written notice to Grantee.
Notices           to Grantee will be directed to the address of Grantee then currently on
file           with the Company, or at any other address given by Grantee in a written
notice           to the Company.

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