Document:

Media General, Inc., Supplemental Profit Sharing Plan

 Exhibit 10.02 
 MEDIA GENERAL, INC. 
 SUPPLEMENTAL PROFIT SHARING PLAN 
 Effective January 1, 2007 

 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	 Page

	 INTRODUCTION
	  	1
			
	 ARTICLE I
	  	 DEFINITIONS
	  	2
	 1.01
	  	 Account
	  	2
	 1.02
	  	 Affiliate
	  	2
	 1.03
	  	 Beneficiary
	  	2
	 1.04
	  	 Board of Directors
	  	2
	 1.05
	  	 Code
	  	2
	 1.06
	  	 Company
	  	2
	 1.07
	  	 Compensation
	  	3
	 1.08
	  	 Eligible Employee
	  	3
	 1.09
	  	 Employee
	  	3
	 1.10
	  	 ERISA
	  	3
	 1.11
	  	 401(k) Plan
	  	3
	 1.12
	  	 Participant
	  	4
	 1.13
	  	 Plan
	  	4
	 1.14
	  	 Plan Compensation
	  	4
	 1.15
	  	 Plan Year
	  	4
	 1.16
	  	 Spouse or Surviving Spouse
	  	4
	 1.17
	  	 Supplemental Profit Sharing Contribution
	  	4
	 1.18
	  	 Termination of Employment
	  	4
	 1.19
	  	 Totally and Permanently Disabled
	  	5
	 1.20
	  	 Valuation Date
	  	5
	 1.21
	  	 Year of Service
	  	5
			
	 ARTICLE II
	  	 ELIGIBILITY AND PARTICIPANTSHIP
	  	6
	 2.01
	  	 Eligibility Requirements
	  	6
	 2.02
	  	 Participation in the Plan
	  	6
			
	 ARTICLE III
	  	 ACCOUNTS AND INVESTMENTS
	  	7
	 3.01
	  	 Establishment of Accounts
	  	7
	 3.02
	  	 Crediting of Excess Profit Sharing Contributions
	  	7
	 3.03
	  	 Participant Contributions
	  	7
	 3.04.
	  	 Investment Options and Allocation of Net Income/Loss
	  	7
	 3.05.
	  	 Vesting
	  	8

  

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 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

					
	 ARTICLE IV
	  	 DISTRIBUTIONS
	  	9
	 4.01
	  	 Payment of Benefits
	  	9
	 4.02
	  	 Form of Distribution
	  	9
	 4.03
	  	 Federal Income Tax Withholding
	  	9
	 4.04
	  	 Discharge of Obligation
	  	9
			
	 ARTICLE V
	  	 ADMINISTRATION
	  	10
	 5.01
	  	 Administrator
	  	10
	 5.02
	  	 Powers of Administrator
	  	10
	 5.03
	  	 Benefit Claims Review Procedure
	  	11
	 5.04
	  	 Administrative Costs
	  	11
	 5.05
	  	 Fiduciary Discretion
	  	11
			
	 ARTICLE VI
	  	 AMENDMENT AND TERMINATION OF THE PLAN
	  	12
	 6.01
	  	 Amendment of the Plan
	  	12
	 6.02
	  	 Termination of the Plan
	  	12
			
	 ARTICLE VII
	  	 GENERAL PROVISIONS
	  	13
	 7.01
	  	 No Guaranty of Employment
	  	13
	 7.02
	  	 Unfunded Plan
	  	13
	 7.03
	  	 Trust
	  	13
	 7.04
	  	 Payments to Minors and Incompetents
	  	13
	 7.05
	  	 Non-Alienation of Benefits
	  	14
	 7.06
	  	 Headings and Subheadings
	  	14
	 7.07
	  	 Use of Masculine and Feminine; Singular and Plural
	  	14
	 7.08
	  	 Beneficiary Designation
	  	14
	 7.09
	  	 Errors and Omissions
	  	14
	 7.10
	  	 Omnibus Provisions
	  	14

  

 ii 

 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
 INTRODUCTION 
 The Media
General, Inc., Supplemental Profit Sharing Plan was adopted effective January 1, 2007. The purpose of the Plan is to supplement the benefits payable to certain employees of Media General, Inc., to the extent that profit sharing contributions
are limited under the MG Advantage 401(k) Plan as a result of the application of Code sections 415 and 401(a)(17). The Company has determined that the adoption of the Supplemental Profit Sharing Plan will assist it in attracting and retaining those
employees whose abilities and experience will contribute to its continued success. 
  

 1 

 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

 ARTICLE I 
 DEFINITIONS 
  

	1.01	Account 

 Account means the account or
bookkeeping record reflecting a Participant’s interest in the Plan. 
  

	1.02	Affiliate 

 Affiliate means any corporation
which, when considered with the Company, would constitute a controlled group of corporations within the meaning of Code section 1563(a), determined without regard to Code sections 1563(a)(4) and 1563(e)(3)(C) or any entity, whether or not
incorporated which, when considered with the Company, would constitute a controlled group in accordance with Code section 414(c) and regulations promulgated thereunder. 
  

	1.03	Beneficiary 

 Beneficiary means the person or
entity specified by a Participant on forms prescribed by the Company for that purpose. If a Participant does not designate a Beneficiary or if the designated Beneficiary predeceased the Participant or is not in existence on the date of the
Participant’s death, then Beneficiary means the Participant’s Surviving Spouse, or if there is no Surviving Spouse, the executor(s) or administrator(s) of the Participant’s estate. 
  

	1.04	Board of Directors 

 Board of Directors means
the Board of Directors of Media General, Inc. 
  

	1.05	Code 

 Code means the Internal Revenue Code
of 1986, as amended. References to specific sections of the Code include those sections and any comparable sections of future legislation that modify, amend, supplement, supersede or recodify such section. 
  

	1.06	Company 

 Company means Media General, Inc.,
and all of its Affiliates, subsidiaries and divisions except for those Affiliates, subsidiaries and divisions whose employees or segments thereof have not been designated to be included in this Plan. Where only a segment of an Affiliate’s,
subsidiary’s or division’s employees has been designated for coverage hereunder, “Company” applies to such Affiliate, subsidiary or division only as it relates to such entity’s employees eligible for coverage. Any action
required to be taken by a Company may be taken by the Board of Directors or by the Executive Committee of the Board of Directors. 
  

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 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

	1.07	Compensation 

 Compensation means
compensation as defined under the 401(k) Plan, without regard to any reduction in compensation by reason of any compensation reduction agreement in effect between a Participant and the Company (and without any limitations otherwise imposed under the
Code). 
  

	1.08	Eligible Employee 

 Eligible Employee means:

 (a) an Employee of the Company; 
 (b) who receives annual Compensation in excess of the compensation dollar limit imposed under Code section 401(a)(17) each year (for example, $230,000 for calendar year 2008); and 
 (c) who otherwise is selected by the Company to participate in this Plan in accordance with the provisions of the Plan (and who has not thereafter become
ineligible to participate). 
 An individual who is a Participant in the Media General, Inc. Supplemental Executive Retirement Plan is not an
Eligible Employee under this Plan. 
  

	1.09	Employee 

 Employee means an individual who
is an employee of the Company or an adopting Affiliate. 
  

	1.10	ERISA 

 ERISA means the Employee Retirement
Income Security Act of 1974, as amended. References to specific sections of ERISA shall include those section and any comparable sections of future legislation that modify, amend, supplement, supersede or recodify such sections. 
  

	1.11	401(k) Plan 

 401(k) Plan means the MG
Advantage 401(k) Plan, as now and hereafter amended. 
  

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 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

	1.12	Participant 

 Participant means an Eligible
Employee who satisfies the requirements of Article II. 
  

	1.13	Plan 

 Plan means the Media General, Inc.
Supplemental Profit Sharing Plan. 
  

	1.14	Plan Compensation 

 Plan Compensation means
the excess (if any) of: 
 (a) the Participant’s Compensation for the Plan Year, as defined above and under the 401(k) Plan, without
regard to any reduction in compensation by reason of any compensation reduction agreement in effect between a Participant and the Company (and without any limitation otherwise imposed under the Code); over, 
 (b) the annual tax-qualified plan compensation limitation set forth under Code section 401(a)(17), as adjusted for that Plan Year. 
  

	1.15	Plan Year 

 Plan Year means the annual period
beginning on January 1 and ending on December 31. 
  

	1.16	Spouse or Surviving Spouse 

 Spouse or Surviving Spouse means
the person to whom a Participant was married under the laws of the state of his domicile on his death or on the date benefits commence, whichever is earlier. 
  

	1.17	Supplemental Profit Sharing Contribution 

 Supplemental Profit Sharing Contribution means the Company’s contribution to a Participant’s Account as provided in Plan section 3.02. 
  

	1.18	Termination of Employment 

 Termination of
Employment means a Participant’s separation from service from the Company or any Affiliate, whether by retirement or termination of employment, consistent with Code section 409A and Treasury Regulations thereunder. 
  

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 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

	1.19	Totally and Permanently Disabled 

 A
Participant will be deemed Totally and Permanently Disabled if the Participant is (a) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of not less than 12 months, or (b) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company. 
  

	1.20	Valuation Date 

 Valuation Date means each
business day of the calendar year. 
  

	1.21	Year of Service 

 Year of Service generally
means each period of 12 consecutive months beginning on the Employee’s date of employment and ending on his Termination of Employment, subject to the rules set forth in the 401(k) Plan. 
  

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 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

 ARTICLE II 
 ELIGIBILITY AND PARTICIPATION 
  

	2.01	Eligibility Requirements 

 (a) Each
individual who is an Eligible Employee on January 1, 2007, and who has completed a Year of Service as of such date shall, without further requirement, be a Participant of the Plan. 
 (b) Each other individual who is or becomes an Eligible Employee shall become a Participant of the Plan on the January 1 or July 1 next
following the date he completes a Year of Service. 
  

	2.02	Participation in the Plan 

 (a) An
application to enroll in the Plan is not required, but each Eligible Employee and Participant must correctly disclose to the Administrator all requested information necessary for the administration of the Plan. 
 (b) A Participant shall continue to be a Participant of the Plan until the date that he is no longer entitled to benefits under the Plan. 
  

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 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

 ARTICLE III 
 ACCOUNTS AND INVESTMENTS 
  

	3.01	Establishment of Accounts 

 The Administrator
shall establish and maintain a Supplemental Profit Sharing Account for each Participant of the Plan. As required for appropriate recordkeeping, the Administrator may establish and name additional Accounts or subaccounts for each Participant.

  

	3.02	Crediting of Supplemental Profit Sharing Contributions 

 (a) Supplemental Profit Sharing Contributions are discretionary and the amount of such contribution, if any, shall be determined by the Board in its sole and absolute discretion. 
 (b) If a profit-sharing contribution is declared under the 401(k) Plan for a Plan Year, as soon as practicable after the end of such Plan Year, the
Company shall credit to the Participant’s Account an amount equal to the percentage declared under the 401(k) Plan, if any, times the Participant’s Plan Compensation. An Eligible Employee must be employed on the last of such Plan Year to
be eligible for a Supplemental Profit Sharing Contribution except in the case of a Participant who has died, retired or become Totally and Permanently Disabled during the Plan Year. 
  

	3.03	Participant Contributions 

 Participants
shall not be required or permitted to make contributions to the Plan. 
  

	3.04.	Investment Options and Allocation of Net Income/Loss 

 A Participant shall select investment options at the time he files an application to become a Participant (any such selections shall be in increments of 1 percent). If a Participant does not select the funds in which his Account shall be
invested, his Account shall be invested in the Fidelity Freedom Income Fund (or a successor investment fund selected by the Company). A Participant may change his investment options on a daily basis. 
 As of each Valuation Date, the Company shall credit to each Participant electing investment in a fund, the net income (or loss), including all realized
and unrealized gains and losses, of that fund since the last Valuation Date attributable to his Account, according to the ratio of the portion of each Participant’s Account invested in that fund as of the day immediately following the last
Valuation Date, less any withdrawals or transfers since such date, to the sum of all portions of the Participants’ Account balances invested in that fund, similarly determined. 
  

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 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

	3.05.	Vesting 

 A Participant who dies, becomes
Totally and Permanently Disabled, or reaches age 65 while in the employ of the Company shall have a 100 percent vested interest in his Account. Otherwise, a Participant shall have a vested, nonforfeitable interest in his Account after he has
completed three Years of Service with the Company. 
  

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 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

 ARTICLE IV 
 DISTRIBUTIONS 
  

	4.01	Payment of Benefits 

 In the event of a
Participant’s Termination of Employment, death or Total and Permanent Disability, the Plan shall pay the Participant or his Beneficiary, as the case may be, the total vested value of the Participant’s Account. Such payment shall be made on
the first day of the month following the six-month anniversary of the Participant’s Termination of Employment, death or the date such Participant is determined to be Totally and Permanently Disabled. 
  

	4.02	Form of Distribution 

 Payment shall be made
from the Plan to a Participant or Beneficiary in a single sum in cash. 
  

	4.03	Federal Income Tax Withholding 

 Participants
and, if applicable, Beneficiaries shall be provided with proper notice and election forms for the purpose of withholding Federal income tax from distributions from the Plan in accordance with Code section 3405. 
  

	4.04	Discharge of Obligation 

 Payment of all or a
portion of the value of the Participant’s Account under this Article shall discharge the Company’s obligation to the Participant or his Beneficiary. 
  

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 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

 ARTICLE V 
 ADMINISTRATION 
  

	5.01	Administrator 

 The Plan will be administered
by the Company or by any person, entity or committee appointed from time to time by the Board of Directors to serve at its pleasure. A Participant may be appointed to serve as Administrator at the discretion of the Board of Directors. Except as may
be directed by the Company, no person serving as Administrator will receive any compensation for his services as Administrator. 
  

	5.02	Powers of Administrator 

 The Administrator
will have full and exclusive power and discretion to administer the Plan, including as to all of its details. For this purpose, the Administrator’s power will include, but will not be limited to, the following authority: 
 (a) to make and enforce such rules and regulations as it deems necessary or proper for the efficient administration of the Plan or as required to comply
with applicable law; 
 (b) to interpret the Plan, its interpretation thereof in good faith to be final and conclusive as to any Employee,
former Employee, Participant, former Participant and Beneficiary; 
 (c) to decide all questions concerning the Plan; 
 (d) to compute the amount of benefits which will be payable to any Participant, former Participant or Beneficiary in accordance with the provisions of
the Plan, and to determine the person or persons to whom such benefits will be paid; 
 (e) to authorize the payment of Plan benefits;

 (f) to keep such records and submit such filings, elections, applications, returns or other documents or forms as may be required under
the Code and applicable regulations, or under state or local law and regulations; and 
 (g) to appoint such agents, counsel, accountants,
consultants and recordkeepers as may be required to assist in administering the Plan. 
  

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 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

	5.03	Benefit Claims Review Procedure 

 (a) Any
claim by a Participant or his or her Beneficiary (hereafter the “Claimant”) for benefits shall be submitted in writing to the Administrator. The Administrator shall be responsible for deciding whether such claim is payable, or the claimed
relief otherwise is allowable, under the provisions and rules of the Plan (a “Covered Claim”) and in accordance with the requirements of the Employee Retirement Income Security Act of 1974, as amended, and Department of Labor regulations
thereunder. As such, the Administrator shall be responsible for providing a full review of the Administrator’s decision with regard to any claim, upon a written request. 
 (b) Each Claimant or other interested person shall file with the Administrator such pertinent information as the Administrator may specify, and in such
manner and form as the Administrator may specify; and, such person shall not have any rights or be entitled to any benefits, or further benefits, hereunder, as the case may be, unless the required information is filed by the Claimant or on behalf of
the Claimant. Each Claimant shall supply, at such times and in such manner as may be required, written proof that the benefit is covered under the Plan. If it is determined that a Claimant has not incurred a Covered Claim or if the Claimant shall
fail to furnish such proof as is requested, no benefits, or no further benefits, hereunder, as the case may be, shall be payable to such Claimant. 
  

	5.04	Administrative Costs 

 All reasonable costs
incurred in the administration of the Plan shall be paid. 
  

	5.05	Fiduciary Discretion 

 In discharging the
duties assigned to it under the Plan, the Committee and each other fiduciary with respect to the Plan has the discretion to interpret the Plan; adopt, amend and rescind rules and regulations pertaining to its duties under the Plan; and to make all
other determinations necessary or advisable for the discharge of its duties under the Plan. Each fiduciary’s discretionary authority is absolute and exclusive if exercised in a uniform and nondiscriminatory manner with respect to similarly
situated individuals. The express grant in the Plan of any specific power to a fiduciary with respect to any duty assigned to it under the Plan must not be construed as limiting any power or authority of the fiduciary to discharge its duties. A
fiduciary’s decision is final and conclusive unless it is established that the fiduciary’s decision constituted an abuse of its discretion. 
  

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 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

 ARTICLE VI 
 AMENDMENT AND TERMINATION OF THE PLAN 
  

	6.01	Amendment of the Plan 

 The Company shall
have the right by action of the Board of Directors or its delegate to modify, alter or amend the Plan in whole or in part, provided that any such action shall not, in any way, retroactively reduce any benefit to a Participant or Beneficiary (to the
extent that such benefit was accrued and vested prior to such amendment or modification). 
  

	6.02	Termination of the Plan 

 The Company
reserves the right to terminate the Plan at any time by action of its Board of Directors or its delegate provided that any such action shall not, in any way, retroactively reduce any benefit to a Participant or Beneficiary (to the extent that such
benefit was accrued and vested prior to such amendment or modification). Any termination of the Plan must satisfy the requirements of Code section 409A. 
  

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 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

 ARTICLE VII 
 GENERAL PROVISIONS 
  

	7.01	No Guaranty of Employment 

 The Plan shall
not be deemed to constitute a contract between the Company and any Participant or to be consideration or an inducement for the employment of any Participant of the Company. Nothing contained in the Plan shall be deemed to give any Participant the
right to be retained in the service of the Company or to interfere with the rights of the Company to discharge or to terminate the service of any Participant at any time without regard to the effect such discharge or termination may have on any
rights under the Plan. 
  

	7.02	Unfunded Plan 

 All Plan Participants and
Beneficiaries are general unsecured creditors of the Company with respect to the benefits due hereunder and the Plan constitutes a mere promise by the Company to make benefit payments in the future. It is the intention of the Company that the Plan
be considered unfunded for tax purposes. 
  

	7.03	Trust 

 The Company may, but is not required
to, establish a grantor trust which may be used to hold assets of the Company which are maintained as reserves against the Company’s unfunded, unsecured obligations hereunder. Such reserves shall at all times be subject to the claims of the
Company’s creditors. To the extent such trust or other vehicle is established, and assets contributed, for the purpose of fulfilling the Company’s obligation hereunder, then such obligation of the Company shall be reduced to the extent
such assets are utilized to meet its obligations hereunder. Any such trust and the assets held thereunder are intended to conform in substance to the terms of the model trust described in Revenue Procedure 92-64. 
  

	7.04	Payments to Minors and Incompetents 

 If a
Participant or Beneficiary entitled to receive any benefits hereunder is a minor or is deemed so by the Administrator or is adjudged to be legally incapable of giving valid receipt and discharge for such benefits, benefits will be paid to such
person as the Administrator might designate. Such payments shall, to the extent made, be deemed a complete discharge of any liability for such payment under the Plan. 
  

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 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

	7.05	Non-Alienation of Benefits 

 To the extent
permitted by law, no benefit payable under the Plan will be subject in any manner to anticipation, assignment, garnishment, or pledge; and any attempt to anticipate, assign, garnish or pledge the same will be void and no such benefits will be made
in any manner liable for or subject to the debts, liabilities, engagements or torts of any Participants. 
  

	7.06	Headings and Subheadings 

 The headings and
subheadings in this Plan have been inserted for convenience of reference only and are to be ignored in any construction of the provisions hereof. 
  

	7.07	Use of Masculine and Feminine; Singular and Plural 

 In the construction of the Plan the masculine shall include the feminine and the singular the plural in all cases where such meanings are indicated by the context. 
  

	7.08	Beneficiary Designation 

 At the time of
enrollment in the Plan, each Participant must designate a Beneficiary to receive settlement of his Plan account in the event of his death during employment. A Participant may, from time to time, change a Beneficiary or Beneficiaries under the Plan.
In the event that no designated Beneficiary is surviving at the time of the Participant’s death, settlement under the Plan will be made as provided in Plan section 1.03. 
  

	7.09	Errors and Omissions 

 In the event an
innocent error or omission is discovered in the operation or administration of the Plan, then, the Committee may make such equitable adjustments that it deems necessary or desirable to correct the error or omission. 
  

	7.10	Omnibus Provisions 

 (a) Any benefit, payment
or other right provided by the Plan shall be provided or made in a manner, and at such time, in such form and subject to such election procedures (if any), as complies with the applicable requirements of Code section 409A to avoid a plan failure
described in Code section 409A(a)(1), including without limitation, deferring payment until the occurrence of a specified payment event described in Code section 409A(a)(2). Notwithstanding any other provision hereof or document pertaining hereto,
the Plan shall be so construed and interpreted to meet the applicable requirements of Code section 409A to avoid a plan failure described in Code section 409A(a)(1). 
 (b) It is specifically intended that all elections, consents and modifications thereto under the Plan will comply with the requirements of Code section 409A (including any transition or grandfather rules thereunder).
The Company is authorized to adopt 

  

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 Media General, Inc. 
 Supplemental Profit Sharing Plan 
 Effective January 1, 2007 
  

 
rules or regulations deemed necessary or appropriate in connection therewith to anticipate and/or comply the requirements of Code section 409A (including any
transition or grandfather rules thereunder and to declare any election, consent or modification thereto void if non-compliant with Code section 409A. 
  

 15Form of an Executive Life Insurance Agreement

 Exhibit 10.03 
 EXECUTIVE LIFE INSURANCE BONUS AGREEMENT 
 EFFECTIVE ON OR AFTER NOVEMBER 19, 2007 

This Executive Life Insurance Bonus Agreement (the “Agreement”) is made and entered into as of
                    , 20    , by and between
                     (“Executive”) and Media General, Inc. (“Company”). 
 RECITALS 
  

	A.	The Company will annually provide the Executive with special bonus compensation in recognition of the Executive’s ongoing valuable contribution to the success of the Company
and as an inducement for the Executive’s continued employment in the future; 

  

	B.	The Company and the Executive desire to have the specifics of the annual bonus compensation and the criteria pursuant to which such compensation will be paid reduced to a written
agreement. 

  

	C.	This Agreement, the compensation provided hereunder, and the related Executive Life Insurance Bonus Agreement Program Summary are intended to comply with section 409A of the
Internal Revenue Code of 1986, as amended, (the “Code”) and Treasury Regulations thereunder, and shall be administered and interpreted accordingly. 

 NOW, THEREFORE, in consideration of the foregoing, and the mutual agreements and covenants set forth below, the Company and the Executive agree as follows: 
 ARTICLE I 
 DEFINITIONS AND CONSTRUCTION 
  

	1.1	Definitions. For purposes of this Agreement, unless otherwise clearly apparent from the context, the following phrases or items shall have the following indicated
meanings: 

  

	 	(a)	“Actual Policy” shall mean the actual registered corporate variable universal life insurance product (policy number
            ), issued by the Insurer and owned by the Executive or the Executive’s designee, for which the Company shall remit Premium to the Insurer on the Executive’s
behalf and which shall reflect the Executive’s actual allocation of policy values. 

  

	 	(b)	 “Base Compensation” shall mean: (i) the Executive’s annual base salary, excluding bonuses, commissions, overtime, director fees
and other fees, paid to the Executive for employment services rendered to the Company, before reduction for compensation deferred pursuant to all qualified, non-qualified and Code Section 125 plans of the Company. For purposes of determining
the Executive’s Base Compensation for every year up to and including the year in which such Executive 

  

 1 

	 	 
terminates (including termination due to Total Disability) or retires, the Base Compensation established for the Executive as of January 1 of that year
shall be used. For any and all subsequent years (if any) covered by this Agreement, the Executive’s Base Compensation established for the Executive as of January 1 in the year in which the Executive terminates (including termination due to
Total Disability) or retires shall be used. 

  

	 	(c)	“Cause” shall mean: 

  

	 	(i)	the failure of the Executive to perform the Executive’s duties with the Company or an affiliated company (other than any such failure resulting from incapacity due to physical
or mental illness), 

  

	 	(ii)	the engaging by the Executive in illegal conduct or gross misconduct which is injurious to the Company, 

  

	 	(iii)	conviction of an act of embezzlement or fraud against the Company, or a conviction of a felony or guilty or nolo contendere plea by the Employee with respect thereto, or

  

	 	(iv)	deliberate dishonesty of the Executive with respect to the Company or any of its affiliated companies. 

  

	 	(d)	“Effective Date” shall mean the date the Insurer issues the Executive’s Actual Policy. 

  

	 	(e)	“Bonus Compensation” shall mean the sum of the Premium, and a cash bonus computed in the manner described in Section 3.2. 

  

	 	(f)	“Insurer” shall mean Travelers Life Insurance Company and/or such other carrier(s) as the Company may, in its sole discretion, select for purposes of
remitting Premium. 

  

	 	(g)	“Non-Compete Requirement” shall mean that an Executive shall not, without the written consent of the Company, directly or indirectly enter into or in any
manner take part in any business, profession or other endeavor which shall be in competition with the business of the Company, either as an employee, agent, independent contractor, owner or otherwise in any state in which the Company is conducting
business. 

  

	 	(h)	 “Phantom Policy” shall be used solely for the purpose of computing the amount of Premium due to the Insurer for any given Policy Year, based
upon the following assumptions: (i) the issue date, health “rating” of the insured, attained age of the insured and other similar underwriting attributes reflected in the Actual Policy shall also be reflected in the Phantom Policy;
provided, however, in the event the Executive’s Actual Policy is a joint life policy, the Phantom Policy shall be deemed to be a single life policy insuring the life of the Executive; (ii) the Phantom Policy shall be funded with annual

  

 2 

	 	 
premiums over the premium payment period; (iii) the premium payment period shall commence upon the Effective Date and shall be assumed to continue until
the Policy Year in which the Executive will attain age sixty-five (65), or actual termination in the event the Executive continues employment past age sixty-five (65); (iv) the Phantom Policy shall be deemed to be the same registered corporate
variable universal life insurance product as the Actual Policy; provided, however, in the event the Executive’s Actual Policy is a joint life policy, the Phantom Policy shall be deemed to be a single life policy insuring the life of the
Executive; (v) any and all Premiums paid to the Insurer pursuant to this Agreement, for prior Policy Years, shall be deemed to be contributed to this Phantom Policy as of the date such Premiums are contributed to the Actual Policy;
(vi) all Premiums and policy values shall be assumed to grow at a net crediting rate of 8.5% (before reduction for mortality and policy expenses but net of investment management fees) within the Phantom Policy (irrespective of the
Executive’s allocation choices within the Actual Policy) and (vii) the Phantom Policy shall be funded, annually, with Premium based on all of the following benefit targets: 

 The first funding target shall be to provide a death benefit to the Executive equal to 300% of the sum of Base Compensation and Targeted Incentive
Bonus. 
 The second funding target shall be to provide a death benefit to the Executive through his projected retirement age of
sixty-five (65) equal to 300% of Projected Total Compensation. 
 The third funding target shall be to provide cash value, as the
end of the premium payment period (described above), sufficient to sustain ongoing death benefit coverage equal to 150% of Projected Total Compensation. 
 Upon any actual termination of employment, which occurs before the term of this Agreement has been completed, pursuant to Section 4.1, other than termination due to Total Disability, the following benefit targets
shall replace the three benefits targets above, however, all other assumptions described above with respect to the Phantom Policy, shall be applicable: 
 The first funding target shall be to provide a death benefit to the Executive through age sixty-five (65) equal to 150% of the sum of Base Compensation and Targeted Incentive Bonus. 
  

 3 

 The second funding target shall be to provide cash value, as the end of the premium payment
period (described above), sufficient to sustain ongoing death benefit coverage equal to 150% of the sum of the Executive’s Base Compensation and Targeted Incentive Bonus. 
 Upon any actual termination of employment due to Total Disability which occurs before the term of this Agreement has been completed, pursuant to
Section 4.1, the following benefit targets shall replace the three benefits targets above, however, all other assumptions described above with respect to the Phantom Policy, shall be applicable: 
 The first funding target shall be to provide a death benefit to the Executive through age fifty-five (55) equal to 300% of Base Compensation
and Targeted Incentive Bonus. 
 The second funding target shall be to provide a death benefit to the Executive from age fifty-five
(55) through age sixty-five (65) equal to 150% of the sum of Base Compensation and Targeted Incentive Bonus. 
 The third funding
target shall be to provide cash value, as the end of the premium payment period (described above), sufficient to sustain ongoing death benefit coverage equal to 150% of Base Compensation and Targeted Incentive Bonus. 
  

	 	(i)	“Policy Year” shall mean the twelve (12) month period commencing on the Effective Date, and every twelve (12) month period commencing thereafter.

  

	 	(j)	“Premium” shall mean the amount required to fund the Phantom Policy, for a given Policy Year, which shall be remitted to the Insurer on the Executive’s
behalf, for the Actual Policy. 

  

	 	(k)	“Projected Total Compensation” shall be used solely for purposes of determining Premium payable by the Company with respect to the “Phantom Policy”
and shall mean the amount of the Executive’s Base Compensation and Targeted Incentive Bonus projected to be earned by the Executive in each future year. For purposes of determining the annual Premium to be paid in connection with the
“Phantom Policy”, each year the Executive’s Base Compensation and Targeted Incentive Bonus shall be measured as of January 1, and an annual escalation factor of nine and one-half percent (9.5%) shall be applied to
such Base Compensation and Targeted Incentive Bonus, for the period remaining until age sixty-five (65). An increase in Base Compensation and Targeted Incentive Bonus shall be deemed to occur as of January 1 of each year.

  

 4 

	 	(l)	“Targeted Incentive Bonus” shall mean one hundred (100) percent of the amount the Executive is eligible to receive under the Company’s annual
incentive bonus plan. For purposes of determining the Executive’s Targeted Incentive Bonus for every year up to and including the year in which such Executive terminates (including termination due to Total Disability) or retires, the Targeted
Incentive Bonus established for the Executive as of January 1 of that year shall be used. For any and all subsequent Policy Years (if any) covered by this Agreement, the Executive’s Targeted Incentive Bonus established for the Executive as
of January 1 in the year in which the Executive terminates (including termination due to Total Disability) or retires shall be used. 

  

	 	(m)	“Total Disability” shall mean the Executive is permanently physically or mentally unable to perform his customary and/or required duties under the terms of
the Company’s group disability insurance plan. 

  

	1.2	Construction. The masculine gender, where appearing in the Agreement, shall include the feminine gender (and vice versa), and the singular shall include the plural,
unless the context clearly indicates to the contrary. Headings and subheadings are for the purpose of reference only and are not to be considered in construction of this Agreement. If any provision of this Agreement is determined to be for any
reason invalid or unenforceable, the remaining provisions shall continue in full force and effect. 

 ARTICLE II

 CESSATION OF PARTICIPATION IN EXECUTIVE DEATH BENEFIT PLAN 
  

	2.1	The Company and the Executive mutually agree that as of the Effective Date, the Executive’s participation in the Media General, Inc. Executive Death Benefit Plan, as amended,
shall immediately cease. 

 ARTICLE III 
 BONUS COMPENSATION 
  

	 3.1
	 Payment of Bonus Compensation. In addition to any other compensation paid by the Company to the Executive
for services rendered, the Company agrees to: (i) remit a Premium to the Insurer, on the Executive’s behalf, at the beginning of any Policy Year (but in no event later than the 90th day of the applicable Policy Year) in which
Premium is payable with respect to the Actual Policy, pursuant to the definition and assumptions described with respect to the Phantom Policy; and (ii) pay the Executive a cash bonus during any Policy Year in which Premium is remitted to the
Insurer on the Executive’s behalf, to approximately offset the Executive’s state and federal income taxes associated with such Premium amount and the cash bonus itself (as more specifically described in Section 3.2).

  

 5 

	3.2	Calculation and Payment of Cash Bonus. The cash bonus due to the Executive for any Policy Year in which Premium is paid, shall be computed in accordance with the
following formula: 

 cash bonus = [Premium amount/(1-n)] less [Premium amount] 
 For purposes of this Subsection, ‘n’ shall mean the Executive’s marginal federal and state tax rate, expressed as a decimal, which shall
be determined by the Company in its sole discretion. For administrative ease, the Company can use a standardized tax rate for any Executive participating in similar arrangements. Such cash bonus shall be payable to the Executive on or before
December 31 of the Policy Year in which the Premium is remitted to the Insurer and taxable to the Executive. The Company’s obligation to pay the cash bonus shall be fixed and certain at the time the Premium is remitted to the Insurer and
shall not be abrogated due to the Executive’s subsequent termination of employment. 
 ARTICLE IV 
 MISCELLANEOUS 
  

	4.1	Term of Agreement. The term of this Agreement shall coincide with the initial Policy Year. Thereafter, the Agreement shall be renewed automatically from year to year
on a Policy Year basis, for so long as the Executive either (i) continues to be employed by the Company as
                                        ,
or (ii) is reassigned by the Company to a comparable position with the Company that is at least as favorable to the Executive in terms of benefits, Base Compensation and title as the Executive was receiving and had attained immediately
preceding the date on which the Executive was reassigned. If the Executive’s employment with the Company in the position or comparable position described above is terminated due to Total Disability, or for any reason on or after attainment of
age sixty (60) and the completion of at least ten (10) years of service with the Company, the term of the Agreement shall automatically extend up to and including the Policy Year in which the Executive attains age sixty-five (65).
Notwithstanding the prior language of this Subsection, this Agreement shall automatically terminate, and the Company’s obligation to make further payments hereunder shall thereby cease, upon: (i) the Executive’s death, (ii) the
date the Executive terminates employment if prior to attaining age sixty (60), or termination of employment if after attaining age sixty (60) but prior to completing ten (10) years of service with the Company, (iii) the date the
Executive executes a policy withdrawal, surrender, partial surrender or loan, (iv) the date the Executive is terminated for Cause, and/or (iv) the date the Executive violates the Non-Compete Requirement. 

  

	4.2	Administration. The Company shall be responsible for monitoring any changes in the Executive’s Base Compensation or Targeted Incentive Bonus and for coordinating
any adjustment in the death benefit of the Actual Policy, with the Insurer, in order to provide the proper death benefit. In the event the Insurer requires medical information with respect to the Executive in order to increase the death benefit of
the Actual Policy, the Company shall notify the Executive that such additional information is necessary. 

  

 6 

	4.3	Miscellaneous. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Virginia, without reference to principles of
conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified other than by a written agreement executed by the parties hereto or their
respective successors and legal representatives. All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid,
addressed as follows: 

 If to the Executive: 
 Insert Name 
 Insert Address 
 If to the Company: 
 Media General, Inc. 
 333 E. Franklin Street 
 Richmond, VA 23219

 ATTN: Corporate Human Resources Department 
 or to such other addresses as either party shall have furnished to the other in writing in accordance herewith. Notice and communications shall be effective when actually received by the addressee. 
  

 7 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written. 

 

							
	COMPANY	 		 	EXECUTIVE
				
	By:	 	  
	 		 	  

				
	Its:	 	  
	 		 	  

  

 8

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