Document:

EX-10.1

 Exhibit 10.1 

LEE ENTERPRISES, INCORPORATED 

201 N. Harrison St. 
 Davenport,
IA 52801 
 CONFIDENTIAL 

March 18, 2014 
  

			
	 MUDRICK CAPITAL MANAGEMENT, LP
 477
Madison Avenue, 12th Floor
 New York, NY 10022
 Attn:
Jason Mudrick
 Email: jmudrick@mudrickcapital.com
	  	 HAWKEYE CAPITAL MANAGEMENT, LLC
 800
Third Avenue
 New York, NY 10022
 Attn: Richard Rubin

Email: rich@hawkeyecap.com

		
	 COHANZICK MANAGEMENT, LLC
 427 Bedford
Road, Suite 230
 Pleasantville, NY 10570
 Attn: David
Sherman
 Email: david@cohanzick.com
	  	 ARISTEIA CAPITAL, L.L.C.
 136 Madison
Avenue, 3rd Floor
 New York, NY 10016
 Attn: William Techar

Email: techar@aristeiacapital.com

		
	 CVC CREDIT PARTNERS
 712 Fifth Avenue,
42nd Floor
 New York, NY 10019
 Attn: Scott Bynum

Email: sbynum@cvc.com
	  	 FRANKLIN MUTUAL ADVISERS, LLC
 101 John
F. Kennedy Parkway
 Short Hills, NJ 07078
 Attn: Shawn
Tumulty
 Email: stumulty@msfi.com

 Amendment and Extension Letter 

$200,000,000 Second Lien Term Loan Facility 

Ladies and Gentlemen: 
 Reference is made to that
certain Commitment Letter, dated January 31, 2014 (as amended by that certain Exclusivity Extension Letter dated as of February 27, 2014 and as in effect on the date hereof immediately prior to the effectiveness of this Extension Letter,
as attached hereto as Exhibit A, the “Commitment Letter”) setting forth, among other things, the terms and conditions pursuant to which (i) the Commitment Parties have undertaken to provide a commitment in respect
of the New Second Lien Term Facility and (ii) the Company Parties have agreed to provide an exclusivity period in respect of the Refinancing to the Commitment Parties, in each case as more fully set forth in the Commitment Letter. Capitalized
terms used in this letter agreement (this “Amendment and Extension Letter”) without definition shall have the meanings given to such terms in the Commitment Letter. 

As permitted by the Commitment Letter, the Company Parties and the Commitment Parties hereby agree to extend the commitment of the Commitment
Parties and the Exclusivity End Date to April 30, 2014; provided, that notwithstanding anything in the Commitment Letter to the contrary, nothing therein shall prevent the Company Parties (or their officers and directors) from taking or
failing to take any action such Company Parties (or such officers and directors) are obligated to take (or not take, as the case may be) in the performance of any fiduciary duties such Company Parties owe to any other person or entity under
applicable law, in each case if and to the extent such actions (or inactions) are undertaken in good faith and on the advice of outside legal counsel to the Company Parties. For avoidance of doubt, the exercise of the fiduciary duties of the Company
Parties pursuant to this paragraph shall not limit the Company Parties from their obligations to pay an Alternate Transaction Fee (as defined below), to the extent applicable under the immediately succeeding paragraph. 

The Company Parties hereby agree that, within the period commencing on the date hereof and ending one year from the date hereof, any Company
Party closes any transaction (any such transaction, an “Alternate Transaction”) in which any Company Party repays, refinances, effectively refinances, reprices or extends the maturity of all or any substantial portion of the
term loan facility evidenced by that certain Second Lien Loan Agreement, dated as of January 30, 2012 (as amended on May 1, 2013 and as further amended, supplemented or otherwise modified from time to time, the “Existing Second
Lien Loan Agreement”) (a) with proceeds of any financing provided by a financing source other than the Commitment Parties (notwithstanding a willingness on the part of the 

 
Commitment Parties to provide the New Second Lien Term Facility), (b) pursuant to any amendment, restatement, waiver, extension or other modification of or to the Existing Second Lien Loan
Agreement (notwithstanding a willingness on the part of the Commitment Parties to provide the New Second Lien Term Facility) or (c) in connection with a Change of Control (as defined in the Existing Second Lien Loan Agreement), the Company
agrees to pay to each Commitment Party (for its own account) its pro rata share of an amount equal to 3.00% of the full principal amount (i.e., $200 million) of commitments set forth in the Commitment Letter (such fee, the “Alternate
Transaction Fee”) immediately upon the effectiveness of such Alternate Transaction; provided, that the obligation to pay an Alternate Transaction Fee shall terminate upon the closing and funding of the New Second Lien Term
Facility in an aggregate principal amount equal to $200 million (as such amount may be reduced by the amount by which the proceeds of any New Lee First Lien Facility exceeds the aggregate amount applied by the Company to repay the Existing Lee First
Lien Facility in full; provided that the minimum principal amount of the New Second Lien Term Facility shall not be less than $125 million) provided by the Commitment Parties as contemplated by the Commitment Letter (as amended hereby). The
terms of this paragraph shall survive the expiration or termination of the Commitment Letter (as amended hereby). 
 The parties hereto
hereby agree that the terms and conditions set forth in (a) (i) the draft of the Second Lien Loan Agreement attached hereto as Exhibit B (including, without limitation, the collateral and further assurances provisions therein) and
(ii) the drafts of the Warrant Agreement and the Registration Rights Agreement attached hereto as Exhibit C (such forms of agreements described in clauses (i) and (ii), the “New Second Lien Documents”) and
(b) the draft of the Description of Notes (excerpted from the New Lee First Lien Facility offering documents) attached hereto as Exhibit D, in each case are in substantially final form as between the parties hereto, subject only to such
conforming changes as may be required to reconcile the terms and conditions of such Second Lien Loan Agreement with the final Description of Notes, and, with regard to representations, warranties, events of default, and covenants, (in each case,
including the applicable defined terms used therein), to the final definitive documentation for the New Lee First Lien Facility (subject to the agreed-upon setback in the covenant levels (baskets and default thresholds are expected to be 10% larger,
and incurrence tests 0.25 outside of first lien levels)) and to modifications to address any errors in any of the foregoing documents, and, subject to the foregoing, the New Second Lien Documents are acknowledged to be satisfactory as the
“Definitive Documentation” for the matters covered thereby for purposes of the Commitment Letter (as amended hereby). 
 It is
understood and agreed that this Amendment and Extension letter amends, and upon the effectiveness hereof forms a part of, the Commitment Letter and all of the provisions of the Commitment Letter, except to the extent expressly modified hereby,
remain in full force and effect and apply hereto. 
 If the foregoing correctly sets forth the agreement between the Commitment Parties and
the Company Parties with respect to the express subject matter hereof, please indicate your acceptance of the terms of this Amendment and Extension Letter by executing and returning this Extension Letter to the Company on March 18, 2014. 

[Signature Pages Follow] 

 
					
	Very truly yours,
	
	 LEE ENTERPRISES, INCORPORATED,

for itself and the Company Parties

		
	By:	 	 /s/ Carl G. Schmidt

		 	Name:	 	Carl G. Schmidt
		 	Title:	 	Chief Financial Officer

 Amendment and Extension Letter 

			
	Accepted and agreed to as of the date first written above by:
	
	MUDRICK CAPITAL MANAGEMENT, LP
		
	By:	 	 /s/ Jason Mudrick

	Name:	 	Jason Mudrick
	Title:	 	President

			
	HAWKEYE CAPITAL MANAGEMENT, LLC
		
	By:	 	 /s/ Richard Rubin

	Name:	 	Richard Rubin
	Title:	 	Managing Member

 Amendment and Extension Letter 

			
	COHANZICK MANAGEMENT, LLC
	(in its capacity as advisor to accounts and funds)
		
	By:	 	 /s/ David K. Sherman

	Name:	 	David K. Sherman
	Title:	 	Managing Member

			
	ARISTEIA CAPITAL, L.L.C.
		
	By:	 	 /s/ William R. Techar

	Name:	 	William R. Techar
	Title:	 	Manager
		
	By:	 	 /s/ Andrew B. David

	Name:	 	Andrew B. David
	Title:	 	General Counsel

 Amendment and Extension Letter 

			
	MUTUAL QUEST FUND
		
	By:	 	Franklin Mutual Advisers, LLC,
		 	its investment advisor
		
	By:	 	 /s/ Shawn Tumulty

	Name:	 	Shawn Tumulty
	Title:	 	Vice President

			
	CVC CREDIT PARTNERS
		
	By:	 	 /s/ Scott Bynum

	Name:	 	Scott Bynum
	Title:	 	Managing Director

 Amendment and Extension Letter 

 EXHIBIT A 

(Commitment Letter and Exclusivity Extension Letter) 

 EXHIBIT B 

(Form of Second Lien Loan Agreement) 

 EXHIBIT C 

(Form of Warrant Agreement and the Registration Rights Agreement) 

 EXHIBIT D 

(Form of Description of Notes) 

 Execution Version 

LEE ENTERPRISES, INCORPORATED 

201 N. Harrison St. 
 Davenport,
IA 52801 
 CONFIDENTIAL 

February 27, 2014 
  

			
	 MUDRICK CAPITAL MANAGEMENT, LP
 477
Madison Avenue, 12th Floor
 New York, NY 10022
 Attn:
Jason Mudrick
 Email: jmudrick@mudrickcapital.com
	  	 HAWKEYE CAPITAL MANAGEMENT, LLC
 800
Third Avenue
 New York, NY 10022
 Attn: Richard Rubin

Email: rich@hawkeyecap.com

		
	 COHANZICK MANAGEMENT, LLC
 427 Bedford
Road, Suite 230
 Pleasantville, NY 10570
 Attn: David
Sherman
 Email: david@cohanzick.com
	  	 ARISTEIA CAPITAL, L.L.C.
 136 Madison
Avenue, 3rd Floor
 New York, NY 10016
 Attn: William Techar

Email: techar@aristeiacapital.com

		
	 CVC CREDIT PARTNERS
 712 Fifth Avenue,
42nd Floor
 New York, NY 10019
 Attn: Scott Bynum

Email: sbynum@cvc.com
	  	 FRANKLIN MUTUAL ADVISORS, LLC
 101 John
F. Kennedy Parkway
 Short Hills, NJ 07078
 Attn: Shawn
Tumulty
 Email: stumulty@msfi.com

 Exclusivity Extension Letter 

$200,000,000 Second Lien Term Loan Facility 

Ladies and Gentlemen: 
 Reference is made to
that certain Commitment Letter, dated January 31, 2014 (as attached hereto as Exhibit A, the “Commitment Letter”) setting forth, among other things, the terms and conditions pursuant to which (i) the Commitment
Parties have undertaken to provide a commitment in respect of the New Second Lien Term Facility and (ii) the Company Parties have agreed to provide an exclusivity period in respect of the Refinancing to the Commitment Parties as more fully set
forth in the Commitment Letter. Capitalized terms used in this letter agreement (this “Extension Letter”) without definition shall have the meanings given to such terms in the Commitment Letter. 

As permitted by the Commitment Letter, the Company Parties and the Commitment Parties hereby agree to extend the Exclusivity End Date to
March 31, 2014; provided, that notwithstanding anything in the Commitment Letter to the contrary, nothing therein shall prevent the Company Parties (or their officers and directors) from taking or failing to take any action such Company
Parties (or such officers and directors) are obligated to take (or not take, as the case may be) in the performance of any fiduciary duties such Company Parties owe to any other person or entity under applicable law, in each case if and to the
extent such actions (or inactions) are undertaken in good faith and on the advice of outside legal counsel to the Company Parties. 
 If the
foregoing correctly sets forth the agreement between the Commitment Parties and the Company Parties with respect to the express subject matter hereof, please indicate your acceptance of the terms of this Extension Letter by executing and returning
this Extension Letter to the Company not later than 5:00 p.m., New York City time, on February 27, 2014. 

 [Signature Pages Follow] 

 

			
	Very truly yours,
	
	 LEE ENTERPRISES, INCORPORATED,

for itself and the Company Parties

		
	By:	 	 /s/ C.D. Waterman III

	Name:	 	C.D. Waterman III
	Title:	 	Secretary

			
	Accepted and agreed to as of the date first
	
	written above by:
	
	MUDRICK CAPITAL MANAGEMENT, LP
		
	By:	 	 /s/ Jason Mudrick

	Name:	 	Jason Mudrick
	Title:	 	President
	
	HAWKEYE CAPITAL MANAGEMENT, LLC
		
	By:	 	 /s/ Richard Rubin

	Name:	 	Richard Rubin
	Title:	 	Managing Partner
	
	COHANZICK MANAGEMENT, LLC
	(in its capacity as advisor to accounts and funds)
		
	By:	 	 /s/ David K. Sherman

	Name:	 	David K. Sherman
	Title:	 	Authorized Agent
	
	ARISTEIA CAPITAL, L.L.C.
		
	By:	 	 /s/ Robert H. Lynch, Jr.

	Name:	 	Robert H. Lynch, Jr.
	Title:	 	Manager
		
	By:	 	 /s/ Anthony Frascella

	Name:	 	Anthony Frascella
	Title:	 	Chief Investment Officer
	
	MUTUAL QUEST FUND
		
	By:	 	Franklin Mutual Advisers, LLC, its investment advisor
		
	By:	 	 /s/ Shawn Tumulty

	Name:	 	Shawn Tumulty
	Title:	 	Vice President
	
	CVC CREDIT PARTNERS
		
	By:	 	 /s/ Scott Bynum

	Name:	 	Scott Bynum
	Title:	 	Managing Director

 Extension Letter 

 EXHIBIT A 

Execution version 
 LEE
ENTERPRISES, INCORPORATED 
 201 N. Harrison St. 

Davenport, IA 52801 

CONFIDENTIAL 
 January 31, 2014 

 

			
	 MUDRICK CAPITAL MANAGEMENT, LP
 477
Madison Avenue, 12th Floor
 New York, NY 10022
 Attn:
Jason Mudrick
 Email: jmudrick@mudrickcapital.com
	  	 HAWKEYE CAPITAL MANAGEMENT, LLC
 800
Third Avenue
 New York, NY 10022
 Attn: Richard Rubin

Email: rich@hawkeyecap.com

		
	 COHANZICK MANAGEMENT, LLC
 427 Bedford
Road, Suite 230
 Pleasantville, NY 10570
 Attn: David
Sherman
 Email: david@cohanzick.com
	  	 ARISTEIA CAPITAL, L.L.C.
 136 Madison
Avenue, 3rd Floor
 New York, NY 10016
 Attn: William Techar

Email: techar@aristeiacapital.com

		
	 CVC CREDIT PARTNERS, LLC
 712 Fifth
Avenue, 42nd Floor
 New York, NY 10019
 Attn: Scott Bynum

Email: sbynum@cvc.com
	  	 FRANKLIN MUTUAL ADVISORS, LLC
 101 John
F. Kennedy Parkway
 Short Hills, NJ 07078
 Attn: Shawn
Tumulty
 Email: stumulty@msfi.com

 Commitment Letter 

$200,000,000 Second Lien Term Loan Facility 

Ladies and Gentlemen: 
 Lee Enterprises,
Incorporated (the “Company”) and the Company’s direct and indirect subsidiaries (collectively, the “Company Parties”, “we” or “us”) intend to effect
a refinancing (the “Refinancing”) of all of the Company Parties’ respective obligations under that certain Second Lien Loan Agreement, dated as of January 30, 2012 (as amended on May 1, 2013 and as further
amended, supplemented or otherwise modified from time to time (subject to clause (g)(y) of the Commitment Conditions set forth below) prior to the consummation of the New Second Lien Term Facility referred to below, the “Existing Second
Lien Loan Agreement”), among the Company, the lenders from party thereto from time to time, and Wilmington Trust, National Association, as administrative agent (the “Agent”), and the Credit Documents referred to
(and as such term is defined) therein, with the proceeds of the New Second Lien Term Facility described (and as defined) in the term sheet attached as Exhibit A hereto (the “Term Sheet”) 

In connection with the foregoing, subject to the terms, conditions and limitations set forth in this letter agreement (including the Term
Sheet, collectively, this “Commitment Letter”), each of Mudrick Capital Management, LP (acting through such of its funds, affiliates or investment vehicles as it deems appropriate, “Mudrick”), Hawkeye
Capital Management, LLC (acting through such of its funds, affiliates or investment vehicles as it deems appropriate, “Hawkeye”), Aristeia Capital, L.L.C. (acting through such 

 
  
  

 

	1 	Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such terms in the Term Sheet. 

 
of its funds, affiliates or investment vehicles as it deems appropriate, “Aristeia”), CVC Credit Partners, LLC (acting through such of its funds, affiliates or investment
vehicles as it deems appropriate, “CVC”), Franklin Mutual Advisors on behalf of its advisory client Franklin Mutual Quest Fund (acting through such of its funds, affiliates or investment vehicles as it deems appropriate,
“MSFI”), and Cohanzick Management, LLC (acting through such of its funds, affiliates or investment vehicles as it deems appropriate, “Cohanzick” and, together with Mudrick, Hawkeye, CVC, MSFI and
Aristeia, collectively, the “Commitment Parties” or “you”) is pleased to advise the Company of its commitment to provide, in the case of Mudrick, $        , in
the case Hawkeye, $        , in the case of Cohanzick, $        , in the case of Aristeia, $        , in the case CVC,
$        , and in the case of MSFI, $        , of the aggregate principal amount of $        in respect of the New Second Lien
Term Facility. 
 It is understood and agreed that the commitments of the Commitment Parties hereunder are several and not joint, and that
this Commitment Letter shall not constitute or give rise to any obligation on the part of any Commitment Party or any of their affiliates to provide any financing, except as expressly provided herein. 

We agree promptly to prepare and provide to the Commitment Parties all information reasonably requested by any of the Commitment Parties with
respect to any of the Company Parties. We hereby represent and covenant that all information contained in the Company’s SEC filings and all other information (other than information of a general economic nature) relating to the Company Parties
or the Refinancing that has been or is hereafter provided to the Commitment Parties in writing by us or any of our legal or financial advisors (all such information, collectively, the “Information”) is or will be, when
furnished and taken as a whole, complete and correct in all material respects and does not or will not, when furnished and taken as a whole, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements contained therein not materially misleading in light of the circumstances under which such statements are made. In connection with this Commitment Letter and the New Second Lien Term Facility, the Commitment Parties will be entitled
to use and rely upon the Information without responsibility for independent verification thereof. 
 The obligations of the Commitment
Parties pursuant to this Commitment Letter are subject to: (a) the Commitment Parties, collectively, not having discovered or otherwise becoming aware of any information not previously disclosed to or known by the Commitment Parties (including
pursuant to public filings by the Company with the U.S. Securities and Exchange Commission (“SEC”) prior to the date hereof) that they reasonably believe to be inconsistent in a material and adverse manner with any
such information provided to them or their advisors by the Company Parties or their representatives or advisors (including pursuant to such public filings) prior to the date hereof relating to the business, operations, assets, properties or
financial condition of the Company Parties, taken as a whole; (b) since September 29, 2013, there not having occurred any event (including, without limitation, newly initiated litigation), development, change or condition not
previously disclosed to or known to the Commitment Parties (including pursuant to public filings by the Company with the SEC prior to the date hereof) that has had or could be reasonably expected to have a material adverse effect on the business,
operations, assets, properties, or financial condition of the Company Parties, taken as a whole; (c) the negotiation, execution and delivery of definitive documentation for the New Second Lien Term Facility (the “Definitive
Documentation”) (it being acknowledged that the Definitive Documentation for the New Second Lien Term Facility will require the consent of all of the Commitment Parties in respect of any waiver of any condition thereof prior to the
effectiveness thereof), the terms of which shall be consistent with the Term Sheet and otherwise reasonably satisfactory to the Commitment Parties (including their counsel); (d) the Company Parties’ compliance with the terms and conditions
of this Commitment Letter in all material respects; (e) the representations and warranties of the Company Parties in this Commitment Letter shall be true and correct in all material respects as if made on the Closing Date and there shall have
been delivered to the Commitment Parties a certificate to such effect, dated as of the Closing Date, signed on behalf of the Company Parties by a duly authorized officer of the Company; (f) the Commitment Parties shall have received, in
U.S. Dollars, to the extent documentation therefor shall have been provided to the Company at least one business day prior to the Closing Date, the Transaction Expenses; (g) the absence of (x) the payment of any fees (other than
professional fees and expenses) by any Company Party to, or for the benefit of, any Lender in excess of the amounts disclosed to and approved by the Commitment Parties and (y) any amendment, modification or waiver to the Existing Second Lien
Facility after the date hereof that is not reasonably acceptable to the Commitment Parties; (h) the (x) appointment of the Agent as the administrative agent and collateral agent for the Lenders under the New Second Lien Term Facility, in
each case on terms and documentation reasonably acceptable to the Agent, and (y) payment by or on behalf of the Company of all agency or other fees of the Agent due on or prior to the Closing Date; (i) the Company having delivered to the
Commitment Parties true and complete copies of all Definitive Documentation (other than any fee letters or engagement letters to the extent such disclosure is expressly prohibited by the confidentiality provisions thereof); (j) after giving
effect to the closing of the Refinancing on the Closing Date, no default or event of default under the Existing Lee First Lien Facility (or if applicable, any New Lee First Lien Facility), the Existing Pulitzer First Lien Facility (or, if
applicable, any New 

 
Pulitzer First Lien Facility), the New Second Lien Term Facility or any other material indebtedness of the Company Parties shall have occurred and be continuing; (k) no judgment, injunction,
decree or other order issued by a court of competent jurisdiction or other competent governmental or regulatory authority shall prohibit the substantial consummation of the material transactions contemplated by the Refinancing; (l) the Company
shall not have awarded any roles or titles in connection with the New Second Lien Term Facility (other than engaging and naming J.P. Morgan Securities LLC (“JPMorgan”) and Deutsche Bank Securities Inc. as joint lead arrangers
and joint bookrunners (collectively, the “Arrangers”) in respect of the New Second Lien Term Facility, with JPMorgan having left lead designation) without the prior written consent of the Commitment Parties; and (m) no
amendments, consents, waivers or modifications to the Existing Lee First Lien Facility (or if applicable, any New Lee First Lien Facility) or the Existing Pulitzer First Lien Facility (or if applicable, any New Pulitzer First Lien Facility) shall
have been made following the date hereof without the prior written consent of the Commitment Parties to the extent the consent of the Administrative Agent (as defined in the Existing Second Lien Loan Agreement) or any Lender (as defined in the
Existing Second Lien Loan Agreement) under the Existing Second Lien Loan Agreement is required under the Existing Second Lien Loan Agreement with respect to any such amendment, consent, waiver or modification (all of the foregoing conditions
(a) through (m), collectively, the “Commitment Conditions”). 
 Notwithstanding anything to the contrary
herein, the obligations of the Commitment Parties under this Commitment Letter shall only become effective upon each of the Company (for itself and on behalf of the other Company Parties) and the Commitment Parties executing and delivering signature
pages to this Commitment Letter in accordance with the final paragraph hereof. 
 Until the 31st day after the date hereof (or such later
date as may be agreed in writing by the Company and each Commitment Party, each acting in its sole discretion, the “Exclusivity End Date”), the Company Parties will not take (and the Company Parties will not permit any of
their respective financial advisors, arrangers, bookrunners, attorneys, accountants, affiliates or other persons retained by or acting on behalf of a Company Party to take) directly, or indirectly, any action to solicit, encourage, discuss,
negotiate, assist or otherwise facilitate (including by furnishing confidential information with respect to the Company Parties or any matters contemplated by this Commitment Letter) any offer or inquiry from any person (other than the Commitment
Parties) concerning any potential refinancing of (or other transaction that will have the effect of repaying) the indebtedness under the Existing Second Lien Loan Agreement (other than as contemplated by the Term Sheet); provided that this
paragraph shall not restrict the Company Parties from engaging in discussions with potential Lenders under the New Second Lien Term Facility to the extent otherwise permitted by this Commitment Letter or approved by the Commitment Parties. In
addition, the Company hereby agrees to, and to cause each applicable Company Party to, actively negotiate in good faith during the period prior to the Exclusivity End Date to consummate the transactions contemplated by this Commitment Letter. 

We agree, jointly and severally, (a) to indemnify and hold harmless each Commitment Party and its officers, directors, employees,
affiliates, advisors, agents and controlling persons (the “Indemnified Parties”) from and against any and all losses, claims, damages and liabilities to which any such Indemnified Party may become subject to arising out of or
in connection with this Commitment Letter, the New Second Lien Term Facility (including the use of any proceeds thereof), or any claim, litigation, investigation or proceeding relating to any of the foregoing (any of the foregoing, a
“Proceeding”), regardless of whether any of such Indemnified Parties is a party thereto or whether a Proceeding is initiated by or on behalf of a third party or us or any of our equity holders, affiliates, agents,
counterparties, creditors or any similar person, and to reimburse each Indemnified Party for any reasonable and documented legal or other expenses incurred in connection with investigating or defending any of the foregoing, provided that the
foregoing indemnification will not, as to any Indemnified Party, apply to losses, claims, damages, liabilities or expenses to the extent they are found by a final, nonappealable judgment of a court of competent jurisdiction to have resulted from
gross negligence or willful misconduct on the part of such Indemnified Party, and (b) to reimburse or pay, as the case may be, from time to time (i) all reasonable out-of-pocket expenses incurred by any Commitment Party or its affiliates
in connection with the transactions contemplated by this Commitment Letter, any related documentation (including, without limitation, the Definitive Documentation) and the preparation, consideration and negotiation of the foregoing and (ii) the
reasonable fees and expenses of Milbank, Tweed, Hadley & McCloy LLP (“Milbank”), as the single primary counsel to the Commitment Parties, 

 
and up to one local counsel in any relevant jurisdiction, in an amount in respect of such legal fees of Milbank described in this clause (ii) not to exceed the amount set forth in a separate
agreement between the Company and Milbank (all amounts under this clause (b), collectively, the “Transaction Expenses”). All payments (whether in cash or in kind, including warrants) made hereunder shall be made without
deduction for any taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any national, state or local taxing authority, or will be grossed up by the Company in cash for such amounts (subject to customary exceptions,
including, without limitation, taxes imposed under FATCA or calculated based on the income of a party). For purposes of this paragraph, “FATCA” means Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended
from time to time, as of the date hereof (or any amended or successor version that is substantively comparable) and any current or future regulations or official interpretations thereof. No Indemnified Party shall be liable for any damages arising
from the unauthorized use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems, provided that each Commitment Party employs the same standard of care to protect the
confidentiality of the Company’s information as it employs to protect its own information. Neither the Company nor any Commitment Party shall be liable for any special, indirect, punitive or consequential damages in connection with its
activities related to this Commitment Letter or the New Second Lien Term Facility except to the extent such damages would otherwise be subject to indemnity hereunder. 

We acknowledge and agree that (a) no fiduciary, advisory or agency relationship between any of the Company Parties, on the one hand, and
any of the Commitment Parties, on the other hand, is intended to be or has been created in respect of the New Second Lien Term Facility or any of the transactions contemplated by this Commitment Letter, irrespective of whether any of the Commitment
Parties has advised or is advising any of the Company Parties on other matters, (b) the Commitment Parties, on the one hand, and the Company Parties, on the other hand, have an arms-length business relationship that does not directly or
indirectly give rise to, nor do the Company Parties rely on, any fiduciary or other implied duty on the part of any Commitment Party, (c) each of the Company Parties is capable of evaluating and understanding, and we understand and accept, the
terms, risks and conditions of the New Second Lien Term Facility and the other transactions contemplated by this Commitment Letter, and have sought independent legal advice from counsel of the Company Parties’ choice with respect to the
foregoing, (d) the Company Parties have been advised that the Commitment Parties are engaged in a broad range of transactions that may involve interests that differ from the Company Parties’ interests and that the Commitment Parties have
no obligation to disclose such interests and transactions to the Company Parties by virtue of any fiduciary, advisory or agency relationship and (e) the Company Parties waive, to the fullest extent permitted by law, any claims any of them may
have against the Commitment Parties for breach of fiduciary duty, alleged breach of fiduciary duty or other implied duty and agree that the Commitment Parties shall have no liability (whether direct or indirect) to any of the Company Parties in
respect of such a fiduciary or other implied duty claim or to any person asserting a fiduciary or other implied duty claim on behalf of or in right of any of the Company Parties, including their respective stockholders, employees or creditors.
Additionally, we acknowledge and agree that the Commitment Parties are not advising any of the Company Parties as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Company Parties shall consult with their own
advisors concerning such matters and shall be responsible for making their own independent investigation and appraisal of the New Second Lien Term Facility and the transactions contemplated hereby, and the Commitment Parties shall have no
responsibility or liability to any Company Party with respect thereto. 
 In addition, each of the parties hereto acknowledges that the
Commitment Parties or one or more affiliates of any of the Commitment Parties directly or indirectly holds a significant amount of the Company’s equity interests and agrees that any such applicable Commitment Party may render the services
contemplated by this Commitment Letter notwithstanding any actual or potential conflict of interest arising or resulting from the foregoing, and each party hereto hereby agrees not to assert any claim such party might allege based on any actual or
potential conflict of interest that might be asserted to arise or result from, on the one hand, the foregoing and, on the other hand, the relationship between such applicable Commitment Party and the Company in connection with the transactions
contemplated hereby. The terms of this paragraph shall survive the expiration or termination of this Commitment Letter. 

 We acknowledge that each Commitment Party and its affiliates may be providing debt financing,
equity capital or other services (including but not limited to financial advisory services) to other companies in respect of which we may have conflicting interests regarding the New Second Lien Term Facility or the transactions described herein and
otherwise. None of the Commitment Parties or any of their affiliates will use confidential information obtained from the Company Parties by virtue of the transactions contemplated by this Commitment Letter or their other relationships with the
Company Parties in connection with the performance by the Commitment Parties or any of their affiliates of services for other companies, and the Commitment Parties and their affiliates will not furnish any such information to other companies. We
also acknowledge that neither the Commitment Parties nor any of their affiliates has any obligation to use in connection with the New Second Lien Term Facility or the transactions contemplated by this Commitment Letter, or to furnish to the Company
or its subsidiaries or representatives, confidential information obtained by the Commitment Parties or any of their affiliates from any other company or person. 

The Company represents and warrants to the Commitment Parties as set forth below, in each case as of the date hereof and as of the Closing
Date (except to the extent expressly limited to a specified date below): (a) each of the Company Parties has been duly incorporated or formed and is validly existing as a corporation or limited liability company in good standing under the laws
of their respective jurisdictions of incorporation or formation, with the requisite power and authority to own its properties and conduct its business as currently conducted, (b) each of the Company Parties have the requisite corporate or
limited liability company power and authority to enter into, execute and deliver this Commitment Letter and to perform its obligations hereunder, and have taken, or (in the case of performance only), prior to the Closing Date, will have taken, all
necessary corporate action required for the due authorization, execution, delivery and performance by them of this Commitment Letter, including entry into the Definitive Documentation and the issuance of the Warrants, (c) this Commitment Letter
has been duly and validly executed and delivered by the Company Parties and constitutes the valid and binding obligation of the Company Parties, enforceable against the Company Parties in accordance with its terms and (d) the entering into of
this Commitment Letter by the Company and the performance of its obligations hereunder (including the payment of the Transaction Expenses) do not violate, cause a breach of or give rise to any default under the Existing Lee First Lien Facility, the
Existing Pulitzer First Lien Facility, the Existing Second Lien Facility or any other material agreement entered into by any of the Company Parties, including any engagement letter or similar agreement with the Arrangers. 

Notwithstanding any investigation at any time made by or on behalf of any party hereto, all representations and warranties made in this
Commitment Letter will survive the execution and delivery of this Commitment Letter and the closing of the transactions contemplated by this Commitment Letter. 

Neither this Commitment Letter nor any of the rights, interests or obligations under this Commitment Letter will be assigned by any of the
parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties. Notwithstanding the previous sentence, this Commitment Letter, or any Commitment Party’s rights, interests or obligations
hereunder, may be assigned, delegated or transferred, in whole or in part, by such the Commitment Parties to (i) any affiliate (as defined in Rule 12b-2 under the Exchange Act) of such Commitment Party over which such Commitment Party or
any of its affiliates exercises investment authority, including, without limitation, with respect to voting and dispositive rights without the consent of the Company or (ii) any other bank or other financial institution approved by the Company
(such approval not to be unreasonably withheld or delayed); provided that any such assignee assumes all such assigned, delegated and transferred rights, interests and obligations of such Commitment Party hereunder and agrees in writing to be
bound by the terms of this Commitment Letter in the same manner as such Commitment Party to the extent of its rights, interests and obligations so assigned. Notwithstanding the foregoing or any other provision herein, no such assignment to an
affiliate will relieve such Commitment Party of its obligations hereunder if such affiliate assignee fails to perform such obligations, provided that, for the avoidance of doubt, such Commitment Party shall have no such obligations in respect
of permitted assignees which are not affiliates. This Commitment Letter is intended to be solely for the benefit of the parties hereto (and Indemnified Parties), and is not intended to confer any benefits upon, or create any rights in favor of, any
person other than the parties hereto (and Indemnified Parties). 

 This Commitment Letter (including the documents and instruments referred to in this Commitment
Letter) is not intended to and does not confer upon any person, other than the parties hereto (and Indemnified Parties) and their successors and permitted assigns, any rights or remedies under this Commitment Letter. This Commitment Letter may be
executed in any number of counterparts, all of which will be considered one and the same agreement and will become effective when counterparts have been signed by each of the parties and delivered to the other party (including via facsimile or other
electronic transmission), it being understood that each party need not sign the same counterpart. THIS COMMITMENT LETTER WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW
PRINCIPLES THEREOF EXCEPT IN RELATION TO MATTERS CONCERNING THE ISSUANCE OF COMPANY STOCK, IN WHICH CASE THE LAWS OF THE STATE OF DELAWARE SHALL APPLY. 

EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON
BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT LETTER OR THE PERFORMANCE OF SERVICES HEREUNDER. 
 Each of the parties
hereto hereby irrevocably and unconditionally (a) submits, for itself and its property, to the non-exclusive jurisdiction of any New York State court or federal court of the United States of America sitting in New York City, and any appellate
court from any thereof, in any action or proceeding arising out of or relating to this Commitment Letter or the transactions contemplated hereby, or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such
action or proceeding may be heard and determined in New York State or to the extent permitted by law, in such federal court, (b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter
have to the laying of venue of any suit, action or proceeding arising out of or relating to this Commitment Letter or the transactions contemplated hereby in any New York State or federal court and (c) waives, to the fullest extent permitted by
law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 This Commitment Letter and
its terms and substance and any other information and work product provided by each Commitment Party or any of its affiliates, employees, officers, attorneys or other professional advisors in connection herewith or therewith shall be for the Company
Parties’ confidential use only and shall not be disclosed, directly or indirectly, by any Company Party to any other person other than on a confidential basis to the Company Parties’ controlling persons, directors, employees, officers,
accountants, attorneys and professional advisors (including the Arrangers) directly involved in the consideration of this matter, provided that nothing herein shall prevent the Company Parties from disclosing such information (a) upon
the order of any court or administrative agency, (b) upon demand of any regulatory agency or authority, (c) in the Company’s SEC filings, to the extent the Company concludes that it is appropriate (or required by any NDA (as defined
below)) to make such disclosure (subject to redaction (to the extent permitted under applicable law) of the Commitment Parties’ respective individual commitment amounts set forth in the second paragraph hereof and such other information as the
Commitment Parties shall reasonably request), or (d) otherwise as required by law. The restrictions contained in the preceding sentence shall apply both before and after this Commitment Letter has been executed by the Commitment Parties. Each
Commitment Party agrees, and agrees to cause its respective affiliates, employees, officers, attorneys and other professional advisors, to maintain all material non-public information (within the meaning of the United States securities laws)
regarding the Company Parties as confidential in accordance with such Commitment Party’s NDA with the Company. 
 The compensation,
reimbursement, indemnification, release, confidentiality, jurisdiction and waiver of jury trial provisions contained herein and any other provisions hereof that by their express terms survive expiration or termination of this Commitment Letter
shall, in each case, remain in full force and effect regardless of whether the Closing Date occurs and the Definitive Documentation is executed and delivered and notwithstanding the expiration or termination of this Commitment Letter;
provided that this Commitment Letter shall in all other respects be superseded by the Definitive Documentation upon the effectiveness thereof. 

 All notices and other communications in connection with this Commitment Letter will be in writing
and will be deemed given (and will be deemed to have been duly given upon receipt) if delivered personally, sent via electronic facsimile or e-mail (in each case, with confirmation of receipt), mailed by registered or certified mail (return receipt
requested) or delivered by an express courier (with confirmation) to the parties at the following addresses (or at such other address for a party as will be specified by like notice): (a) if to any Commitment Party, as set forth in its address
block above; (b) if to the Company, to: Lee Enterprises, Incorporated, 201 N. Harrison Street, Suite 600 Davenport, Iowa 52801, Attention: General Counsel, Fax: 563-327-2600, with copies to: Lane & Waterman LLP, 220 N. Main
St. Suite 600, Davenport, Iowa 52801, Attention: C. Dana Waterman III, Fax: 563-324-1616. 
 This Commitment Letter (including the
agreements attached as exhibits to and the documents and instruments referred to in this Commitment Letter) constitutes the entire agreement of the parties and supersedes all prior agreements, arrangements or understandings, whether written or oral,
between the parties with respect to the subject matter of this Commitment Letter, except that the parties hereto acknowledge that any confidentiality agreements heretofore executed among the parties (each, an “NDA”) will
continue in full force and effect in accordance with their terms. Furthermore, this Commitment Letter may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions of this Commitment Letter may be waived, only by
a written instrument signed by each of the parties or, in the case of a waiver, by the party waiving compliance; provided, however, that the references to the Arrangers may not be modified without the prior consent of the Arrangers. No
delay on the part of any party in exercising any right, power or privilege pursuant to this Commitment Letter will operate as a waiver thereof, nor will any waiver on the part of any party of any right, power or privilege pursuant to this Commitment
Letter, nor will any single or partial exercise of any right, power or privilege pursuant to this Commitment Letter, preclude any other or further exercise thereof or the exercise of any other right, power or privilege pursuant to this Commitment
Letter. The rights and remedies provided pursuant to this Commitment Letter are cumulative and are not exclusive of any rights or remedies which any party otherwise may have at law or in equity. 

It is acknowledged and agreed by the parties hereto that any breach by any party hereto of the terms of this Commitment Letter may give rise
to irreparable harm for which money damages may not be an adequate remedy, and, accordingly, in addition to any other remedies, it may be appropriate for the non-breaching party in such circumstances (but in the case of such breach by any Commitment
Party, only to the extent all other conditions to the Refinancing and its commitments hereunder have been satisfied in full and it is solely such Commitment Party’s breach that is preventing or materially delaying the occurrence of the Closing
Date) to enforce the terms of this Commitment Letter by a decree of specific performance. 
 The Commitment Parties hereby notify the
Company Parties that pursuant to the requirements of the U.S.A. PATRIOT ACT (Title III of Pub. L. 107 56 (signed into law October 26, 2001)) (the “Patriot Act”), they may be required to obtain, verify and record
information that identifies the Company Parties, which information may include the name and address of the Company Parties, and other information that will allow the Commitment Parties to identify the Company Parties in accordance with the Patriot
Act. This notice is given in accordance with the requirements of the Patriot Act. 
 If the foregoing correctly sets forth the agreement
between the Commitment Parties and the Company Parties, please indicate your acceptance of the terms of this Commitment Letter by executing and returning this Commitment Letter to us not later than 11:59 p.m., New York City time, on
January 31, 2014. Unless the Commitment Parties, in their sole discretion, agree to an extension, the commitment of and all other agreements of the Commitment Parties hereunder shall automatically terminate (a) on March 31, 2014 in
the event that the Closing Date shall not have occurred on or prior to such date, (b) immediately following the Closing Date or (c) by written notice from the Commitment Parties to the Company at any time following the Company Parties
ceasing to actively negotiate in good faith exclusively with the Commitment Parties prior to the Exclusivity End Date. In addition, the Commitment Parties may by written notice to the Company terminate this Commitment Letter at any time upon the
failure, inability or refusal of the Company to satisfy any of the Commitment Conditions. 

 [Signature Pages Follow] 

 Second-Lien Refinancing Commitment Letter 

 

			
	Very truly yours,
	
	LEE ENTERPRISES, INCORPORATED, for itself and the Company Parties
		
	By:	 	 /s/ Carl G. Schmidt

	Name:	 	Carl G. Schmidt
	Title:	 	Chief Financial Officer

							
	Accepted and agreed to as of the date first	  	
		
	written above by:	  	
		
	MUDRICK CAPITAL MANAGEMENT, LP	  	
				
	By:	 	 /s/ Jason Mudrick
	  		  	
	Name:	 	Jason Mudrick	  		  	
	Title:	 	President	  		  	
		
	Accepted and agreed to as of the date first	  	
		
	written above by:	  	
		
	HAWKEYE CAPITAL MANAGEMENT, LLC	  	
				
	By:	 	 /s/ Richard Rubin
	  		  	
	Name:	 	Richard Rubin	  		  	
	Title:	 	Managing Member	  		  	
		
	Accepted and agreed to as of the date first	  	
		
	written above by:	  	
		
	COHANZICK MANAGEMENT, LLC	  	
			
	By:	 	 /s/ David K. Sherman
	  	(in its capacity as advisor to accounts & funds)
	Name:	 	David K. Sherman	  		  	
	Title:	 	Managing Member	  		  	
		
	Accepted and agreed to as of the date first	  	
		
	written above by:	  	
		
	ARISTEIA CAPITAL, L.L.C.	  	
				
	By:	 	 /s/ William R. Techar
	  		  	
	Name:	 	William R. Techar	  		  	
	Title:	 	Manager	  		  	
		 	Aristeia Capital, L.L.C.	  		  	
				
		 	/s/ Andrew B. David	  		  	
		 	Andrew B. David	  		  	
		 	General Counsel	  		  	
		 	Aristeia Capital, L.L.C.	  		  	

			
	Accepted and agreed to as of the date first
	
	written above by:
	
	MUTUAL QUEST FUND
		
	By:	 	Franklin Mutual Advisers, LLC, its investment advisor
		
	By:	 	 /s/ Shawn Tumulty

	Name:	 	Shawn Tumulty
	Title:	 	Vice President
	
	Accepted and agreed to as of the date first
	
	written above by:
	
	CVC CREDIT PARTNERS, LLC
		
	By:	 	 /s/ Scott Bynum

	Name:	 	Scott Bynum
	Title:	 	Managing Director

 EXHIBIT A 

(Term Sheet) 
 LEE
ENTERPRISES 
 $200,000,000 SECOND-LIEN REFINANCING 

PRELIMINARY TERM SHEET 
 This
summary of principal terms and conditions (this “Term Sheet”) is provided for discussion purposes only and does not constitute a commitment to provide or arrange any financing for any person. All terms set forth herein are subject to
further review and modification in all respects and are subject to further due diligence and internal approvals. Except as expressly provided in any binding written agreement the parties may enter into, no past, present or future action, course of
conduct, or failure to act relating to the transactions or proposals referred to in this Term Sheet or relating to the negotiation of the terms of such transactions or proposals shall give rise to or serve as the basis for any obligation or other
liability on the part of such persons or any of their affiliates. 
 New Second Lien Term Facility 

 

			
	Type and amount:	  	$200 million senior second-lien term loan facility (the “New Second Lien Term Facility”).
		
	Borrower:	  	Lee Enterprises, Incorporated (the “Borrower”).
		
	Administrative Agent and Collateral Agent:	  	Wilmington Trust, N.A. (the “Agent”).
		
	Joint Lead Arrangers and Joint Bookrunners:	  	JPMorgan Securities LLC and Deutsche Bank Securities Inc. (the “Arrangers”).
		
	Lenders:	  	A syndicate of banks, financial institutions and other entities, including certain existing lenders under the Existing Second Lien Facility referred to below (collectively, the “Initial Lenders”; and together
with their respective successors and assigns, the “Lenders”).
		
	Purpose:	  	The proceeds of the New Second Lien Term Facility will be used on the disbursement date thereof (the “Closing Date”) solely to (i) first, refinance in full the existing Second Lien Loan Agreement,
dated as of January 30, 2012, among Lee Enterprises, Incorporated, as borrower, the lenders from time to time party thereto, and Wilmington Trust, N.A., as the administrative agent and collateral agent (as amended on May 2, 2013 and as otherwise
amended, supplemented or otherwise modified, the “Existing Second Lien Facility”), (ii) second, pay costs, fees (including any applicable prepayment premium due under the Existing Second Lien Facility) and expenses
incurred in connection with the transactions contemplated by this Term Sheet and (iii) third, repay outstanding indebtedness under the Existing Lee First Lien Facility (as defined below) to the extent required thereby.
		
	Other transactions:	  	In addition to the New Second Lien Term Facility, the Borrower may seek to obtain a new first-lien senior credit facility or bond financing, or combination thereof, in an aggregate principal amount of $600-675 million Exclusive of a
revolver in a similar size to that under the Existing Lee First Lien Facility. (the “New Lee First Lien Facility”), the proceeds of which would be used to refinance in full the Borrower’s term loans under the existing
first-lien Credit Agreement, dated as of January 30, 2012, among the Borrower, the lenders from time to time party thereto, and Deutsche Bank Trust Company Americas as administrative agent and collateral agent (the “Existing Lee First
Lien Facility”).

					
		
	Maturity:	 	The New Second Lien Term Facility will mature on the payment date that occurs in December 2022.
		
	Interest rate:	 	12.0% per annum, payable on a quarterly basis in cash.
		
	Security and guarantees:	 	Substantially identical to the Existing Second Lien Facility, including, for the avoidance of doubt, upon the occurrence of the Pulitzer Repayment Date (as defined below), a first-priority lien on all collateral
currently securing the Existing Pulitzer First Lien Facility.
		
	Voluntary prepayments:	 	Up to $75 million of the New Second Lien Term Facility will be prepayable (i) within 90 days of the Closing Date at par or (ii) from and after the 90th day after the Closing Date at 102% of par, in either case with the
amount by which the proceeds of any New Lee First Lien Facility exceeds the aggregate amount applied by the Borrower to repay the Existing Lee First Lien Facility in full. Any other amount (other than amounts repaid pursuant to application of the
Pulitzer ECF as described (and such term is defined) below) of the New Second Lien Term Facility will be optionally prepayable at (i) 112% of par in years 1, 2 and 3, (ii) 106% of par in year 4, (iii) 103% of par in year 5 and (iv) par
thereafter.
		
	Application of Pulitzer Excess Cash Flow:	 	If all obligations under (i) the Notes Agreement, dated as of May 1, 2013, among St. Louis Post-Dispatch LLC, Pulitzer Inc. and the Purchasers named therein, and the related credit and security documentation
(collectively, the “Existing Pulitzer First Lien Facility”), and (ii) any New Pulitzer First Lien Facility (as defined below), shall have been repaid (and not refinanced) in full (the “Pulitzer Repayment
Date”), the Pulitzer Entities (as defined in the Existing Second Lien Facility) will be permitted to distribute 100% of the annual Excess Cash Flow (to be defined) of the Pulitzer Entities (the “Pulitzer ECF”) to
the Borrower, provided that the Borrower immediately applies all of such amounts as follows;
			
		 	•	  	during the first three years following the Closing Date first, to pay all accrued interest, fees and other costs then payable under the New Second Lien Term Facility, second, following an offer by the Borrower to all
Lenders to prepay principal outstanding under the New Second Lien Term Facility at par (which offer may be (x) accepted or rejected by any Lender in its sole discretion and (y) accepted on a non-pro-rata basis by the Lenders), to prepay, on a
pro rata basis, the loans of all accepting Lenders under the New Second Lien Term Facility, and third, to pay accrued interest, principal or costs outstanding under the Existing Lee First Lien Credit Facility or the New Lee First Lien
Credit Facility, as applicable; and
			
		 	•	  	after the third anniversary of the Closing Date first, to pay all accrued interest, fees and other costs then payable under the New Second Lien Term Facility, and second, to prepay principal outstanding under the New
Second Lien Term Facility at par.
		
	Conditions precedent to the Closing Date:	 	Customary for transactions of this type and otherwise as determined by the Agent, the Arrangers, the Initial Lenders and the Borrower, and obtainment of all consents, waivers and/or amendments required under the Existing
Lee First Lien Facility and the Existing Pulitzer First Lien Facility. Closing of the New Lee First Lien Facility will not be a condition precedent to the Closing Date.
		
	Representations and warranties:	 	Customary for transactions of this type.
		
	Covenants:	 	Customary for transactions of this type.

			
		
	Permitted Pulitzer Refinancing:	  	The Pulitzer Entities will be permitted to refinance the Existing Pulitzer First Lien Facility with a new first-lien senior credit facility (a “New Pulitzer First Lien Facility”) with a final maturity date
not later than the maturity date of the Existing Pulitzer First Lien Facility and which otherwise satisfies and complies with all of the conditions, limitations and requirements applicable to “Permitted Pulitzer Debt Refinancing
Indebtedness” under (and as that term is defined in) the Existing Second Lien Facility.
		
	Events of Default:	  	Customary for transactions of this type.
		
	Warrants:	  	Each Initial Lender under the New Second Lien Term Facility will receive its pro rata share of warrants for 6 million shares of common stock of the Borrower (the “Warrants”). The Warrants will have an
exercise price equal to the lower of (i) the “VWAP” (to be defined in a customary manner) for the period of ten trading days immediately prior to the Closing Date and (ii) $4.19 (the closing price of the Borrower’s publicly-traded
shares on January 21, 2014), and will expire on the maturity date of the New Second Lien Term Facility. The Warrants will be subject to customary registration rights.
		
	Intercreditor arrangements:	  	 The New Second Lien Term Facility will be subject to intercreditor arrangements substantially consistent with those in place with respect to
the Existing Second Lien Facility and otherwise customary for transactions of this type.
  

Upon the occurrence of the Pulitzer Repayment Date, the secured parties under the Existing Lee First Lien Facility or the New Lee First Lien Facility, as
applicable, will be permitted to obtain a second-priority lien on the assets of the Pulitzer Entities constituting collateral for the New Second Lien Term Facility, which lien shall be subordinated to the New Second Lien Term Facility on the terms
currently required by the Existing Second Lien Facility and the Existing Lee First Lien Facility and otherwise customary for transactions of this type.

		
	Other terms and conditions:	  	Customary for transactions of this type, including provisions for yield protection, voting, lender replacement and indemnification.
		
	Expenses:	  	The Borrower will pay all reasonable out-of-pocket costs and expenses (including, without limitation, reasonable fees, disbursements and other charges of a single primary counsel to the Initial Lenders) of the Agent, the Arrangers
and the Initial Lenders in connection with the New Second Lien Term Facility and the other transactions contemplated by this Term Sheet and any amendments, modifications and waivers thereto and other activities related thereto; provided the
costs and expenses paid with respect to counsel for the Initial Lenders in connection with negotiation and documentation of this Term Sheet and the New Second Lien Term Facility shall not exceed the amount set forth in a separate agreement between
the Company and Milbank, Tweed, Hadley & McCloy LLP.
		
	Counsel to the Arrangers:	  	Simpson Thacher & Bartlett LLP.
		
	Counsel to the Initial Lenders:	  	Milbank, Tweed, Hadley & McCloy LLP.Amended and Restated Expense Support

 Exhibit 10.1 

AMENDED AND RESTATED EXPENSE SUPPORT, CONDITIONAL 

REIMBURSEMENT AND RESTRICTED STOCK AGREEMENT 

THIS AMENDED AND RESTATED EXPENSE SUPPORT, CONDITIONAL REIMBURSEMENT AND RESTRICTED STOCK AGREEMENT (this “Amended and Restated
Expense Support Agreement”), is made effective as of January 1, 2014 by and between Global Income Trust, Inc., a Maryland corporation (the “Company”) and CNL Global Income Advisors, LLC, a Delaware
limited liability company (the “Advisor”). 
 BACKGROUND 

WHEREAS, the Company and the Advisor are parties to that certain Fourth Amended and Restated Advisory Agreement dated as of
March 8, 2012 (the “Advisory Agreement”); 
 WHEREAS, the Company is a non-listed real estate investment
trust (a “REIT”) and, similar to other non-listed REITs, monitors its modified funds from operations, and has incurred, and continues to incur a certain level of operating expenses that are reasonable and necessary for a
company with similar assets that is a public company; 
 WHEREAS, the Company and the Advisor have determined that it is appropriate
and in the best interests of the Company to reduce its operating expenses relative to its invested assets and in connection therewith entered into that certain Expense Support and Conditional Reimbursement Agreement dated effective as of
April 1, 2012 (together with amendments thereto, the “Original Expense Support Agreement”); and 

WHEREAS, the Company and the Advisor are entering into this Amended and Restated Expense Support Agreement to document and restate in
its entirety the terms and conditions under which the Advisor will provide expense support to the Company from and after the Effective Date hereof (as defined). 

AGREEMENT 
 NOW
THEREFORE, in consideration of the foregoing recitals, which are hereby incorporated by reference and made a part of this Amended and Restated Expense Support Agreement, the mutual covenants and agreements contained herein, and for other good
and valuable consideration, the receipt and sufficiency of which the Company and the Advisor (each, a “Party” and collectively, the “Parties”) hereby acknowledge, the Parties, intending to be legally
bound, do hereby agree as follows: 
  

	1.	CERTAIN DEFINITIONS 

 As used herein, the following capitalized terms shall have the
following meanings. 
 Advisory Agreement – shall mean the Fourth Amended and Restated Advisory Agreement dated
March 8, 2012 by and between the Company and the Advisor, as the same may be amended and/or restated hereafter. 

Board – shall have the meaning ascribed to such term in the Advisory Agreement. 

Cause – shall have the meaning ascribed to such term in the Advisory Agreement. 

Common Shares – shall have the meaning ascribed to such term in the Advisory Agreement. 

  
 1 

 Costs – shall mean all personnel costs and related overhead of personnel of
the Advisor or its affiliates, to the extent categorized as Total Operating Expenses, as such term is defined in the Advisory Agreement, without any adjustment arising from Expense Support. 

Determination Date – shall mean the last day of each fiscal quarter of the Company, with respect to the Original Expense
Support Period, the New Expense Support Period, or thereafter. 
 Distributions – shall have the meaning ascribed to such
term in the Advisory Agreement; provided, however, that for purposes of Section 4.2 only of this Amended and Restated Expense Support Agreement the term shall exclude any Distributions made on Restricted Stock and any other
Common Shares held by the Advisor. 
 Effective Date – shall mean January 1, 2014. 

Exit Event – shall mean a Liquidity Event, or a Sale of all or substantially all of the assets of the Company in a single
or series of transactions. 
 Exit Event Consideration – shall mean the Net Sales Proceeds or other consideration to be
received or received by the Stockholders in connection with an Exit Event, which may consist in whole or in part of money or other property, including shares of stock in, and/or other securities of, any other corporation or other entity. 

Expense Support – shall mean (A) with respect to Original Expense Support Amounts, the deferral and subordination by
the Advisor of the Company’s obligations to reimburse or pay the Advisor some or all of the Costs and Fees that the Advisor was entitled to receive pursuant to the Advisory Agreement, and (B) with respect to New Expense Support Amounts,
the foregoing by the Advisor of the Company’s obligations to reimburse or pay the Advisor, in cash, for some or all of the Costs and Fees that the Advisor was entitled to receive pursuant to the Advisory Agreement, and the acceptance of
Restricted Stock in lieu thereof. 
 Fees – shall mean all Asset Management Fees, as such term is defined in the Advisory
Agreement, without any adjustment arising from Expense Support. 
 GAAP – shall mean the United States generally accepted
accounting principles. 
 Good Reason – shall have the meaning ascribed to such term in the Advisory Agreement. 

Invested Capital – shall have the meaning ascribed to such term in the Advisory Agreement; provided, however, that
for purposes of this Amended and Restated Expense Support Agreement the term shall exclude Invested Capital, if any, relating to Restricted Stock and any other Common Shares held by the Advisor. 

IPA Guideline 2010-01 – shall mean the Investment Program Association Guideline 2010-01, Supplemental Performance Measure
for Publicly Registered, Non-Listed REITs. 
 Liquidity Event– shall have the meaning ascribed to such term in the
Advisory Agreement. 
 MFFO – shall mean modified funds from operations; and for purposes of this Amended and Restated
Expense Support Agreement shall be determined in accordance with Section 2 and Section 3, hereof, as applicable. 

  
 2 

 Net Sales Proceeds – shall have the meaning ascribed to such term in the
Advisory Agreement. 
 New Expense Support Amounts – shall mean the Expense Support that the Advisor shall provide to the
Company during the New Expense Support Period, determined quarterly, on a non-cumulative basis, in the amounts equal to the positive excess, if any, of (x) aggregate Distributions declared for a fiscal quarter during the New Expense Support
Period, over (y) the Company’s aggregate MFFO for the same period. 
 New Expense Support Period – shall mean
the period beginning on the Effective Date and continuing until this Amended and Restated Expense Support Agreement is terminated in accordance with Section 6, hereof. 

Original Expense Support Amounts – shall mean the Expense Support that the Advisor provided to the Company during the
Original Expense Support Period in the amounts set forth on Schedule A, which is attached hereto and incorporated herein by this reference. 

Original Expense Support Period – shall mean the period running from April 1, 2012 through
December 31, 2013. 
 Priority Return– shall have the meaning ascribed to such term in the Advisory Agreement;
and for avoidance of doubt, does not include shares of Restricted Stock or any other Common Shares held by the Advisor. 

Repayment Threshold – shall mean, for purposes of calculating the Tentative Amount (as defined in Section 3.1),
the amount by which cumulative Distributions declared for the Original Expense Support Period exceeded the Company’s cumulative MFFO for the same period, or $1,879,047. 

Sale – shall have the meaning ascribed to such term in the Advisory Agreement. 

Stockholders – shall have the meaning ascribed to such term in the Advisory Agreement; provided, however, that for
purposes of this Amended and Restated Expense Support Agreement the term shall exclude the Advisor. 
  

	2.	EXPENSE SUPPORT; DETERMINATION OF MFFO 

 2.1 Expense Support. The Advisor shall
provide Expense Support to the Company on the terms and subject to the conditions set forth this Amended and Restated Expense Support Agreement. 

2.2 Calculation of MFFO. For purposes of this Amended and Restated Expense Support Agreement, MFFO shall have the meaning ascribed to
such term in, and shall be calculated, prior to any adjustment for Expense Support, in accordance with IPA Guideline 2010-01, subject to the following adjustments and conditions: 

 

	 	(i)	In the event that any Original Expense Support Amounts are required to be accrued by the Company as a payable to the Advisor pursuant to GAAP, such amounts included in net income or loss of the Company for such period
shall be added back and not treated as deductions for purposes of the calculation of MFFO pursuant to this Section 2.2; and 

  

	 	(ii)	All Conditional Reimbursements that are currently payable as of the time of the determination of MFFO shall be treated as a deduction for purposes of the calculation of MFFO pursuant to this Section 2.2.

  
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 MFFO for purposes of the determination of the Original Expense Support Amounts and the New Expense Support
Amounts may differ from MFFO as published by the Company in its quarterly and annual reports. 
  

	3.	CONDITIONAL REIMBURSEMENT OF ORIGINAL EXPENSE SUPPORT AMOUNTS 

 3.1 If, as of any
Determination Date after the Effective Date, the Company’s cumulative MFFO for the period from the Effective Date through the Determination Date, exceeds an amount equal to (x) the Company’s aggregate Distributions declared for the
same period, plus (y) the Repayment Threshold (such excess hereinafter referred to as, the “Tentative Amount”), the Advisor shall be entitled to reimbursement by the Company of Original Expense Support Amounts in an
amount up to the Tentative Amount (a “Conditional Reimbursement”), subject to the following adjustments and conditions: 

(a) The Advisor shall not be entitled to receive Conditional Reimbursement for Original Expense Support Amounts that have been outstanding for
more than 12 quarterly periods from their respective Determination Dates, and all rights to receive payment for such amounts shall be deemed permanently waived by the Advisor, and the Company shall have no further obligation whatsoever to
reimburse the Advisor for such amounts; 
 (b) In no event shall the Conditional Reimbursement in the current quarter, when taken together
with the Company’s Total Operating Expenses for the period beginning April 1, 2011 and ending with the current quarter cause the Company to exceed or further exceed the 2%/25% Guidelines (with the calculated limitation prorated for the
number of months included in such period), and in such case the Conditional Reimbursement for the current quarter will be reduced accordingly. 

3.2 The Tentative Amount (as reduced by Section 3.1(a) and Section 3.1(b), above) shall be applied first to Original
Expense Support Amounts relating to Fees, beginning with the earliest Original Expense Support Amounts eligible for Conditional Reimbursement, until all such Original Expense Support Amounts relating to Fees have been reimbursed, and thereafter, any
remaining Tentative Amounts shall be applied to Original Expense Support Amounts relating to Costs, starting with the earliest Original Expense Support Amounts eligible for Conditional Reimbursement, until all such Original Expense Support Amounts
relating to Costs have been reimbursed. 
  

	4.	ISSUANCE OF RESTRICTED STOCK FOR NEW EXPENSE SUPPORT AMOUNTS 

 4.1 Grant of Restricted
Stock. 
 (a) Within forty-five (45) days following each Determination Date of the New Expense Support Period, the Company shall
issue to the Advisor, on the terms and subject to the conditions and restrictions set forth herein, a number of Common Shares (“Restricted Stock”) equal to the quotient of (x) the New Expense Support
Amount for the preceding quarter, divided by (y) the Company’s most recent public offering price per share of the Common Shares, unless and until such time as the Board determines a net asset value
(“NAV”) per share for the Common Shares, at which time the most recent NAV per share of the Common Shares determined by the Board shall be used in this calculation. 

(b) The issuance of Restricted Stock pursuant to Section 4.1(a) shall first be applied to New Expense Support Amounts relating to
Costs, and thereafter, any remaining shares of Restricted Stock shall be applied to New Expense Support Amounts relating to Fees. 

  
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 4.2 Vesting; Forfeiture. 

(a) Exit Event. Except as otherwise provided in Section 4.2(b), below, the Restricted Stock shall vest immediately prior to
or upon the occurrence of an Exit Event in which, and only to the extent by which, (A) the sum of (i) the Exit Event Consideration, or other value attributable to the Common Shares of the Stockholders as
a result of the Exit Event, plus (ii) total Distributions declared from the Company’s inception through the effective date of the Exit Event, exceeds (B) the sum of (i) Invested
Capital, plus (ii) the total Distributions required to pay a Priority Return to the Stockholders from the Company’s inception through the effective date of the Exit Event. All issued and outstanding shares of Restricted Stock
that do not so vest in connection with an Exit Event shall be immediately and permanently forfeited. 
 (b) Termination of the Advisory
Agreement. 
 (1) Without Cause. In the event the Advisory Agreement is terminated or not renewed by the Company without Cause
prior to an Exit Event, the Restricted Stock will immediately vest as of the effective date of such termination (an “Undue Termination”), provided that, and only to the extent by which, (A) the sum
of (i) Board’s most recent determination of NAV per share of the Common Shares multiplied by the number of Common Shares issued and outstanding and held of record by the Stockholders, plus (ii) total
Distributions declared from the Company’s inception through the effective date of the Undue Termination, exceeds (B) the sum of (i) Invested Capital, plus (ii) the total
Distributions required to pay a Priority Return to the Stockholders from the Company’s inception through the effective date of the Undue Termination. All issued and outstanding shares of Restricted Stock that do not so vest in connection with
an Undue Termination of the Advisor shall be immediately and permanently forfeited. 
 For purposes of this Section 4.2(b)(1),
and notwithstanding anything herein to the contrary, if the Company has not made a determination of NAV per share of the Common Shares as of the effective date of an Undue Termination of the Advisor, the Advisor shall have the right, but not the
obligation, to engage, at its own expense, an independent third party investment banking firm or other valuation advisor (a “Valuation Expert”), mutually agreeable to the Company, to provide the Parties, within a period of ninety
(90) days from the effective date of the Undue Termination, with a NAV per share of the Common Shares as of such effective date; and the good faith determination of NAV per share of the Common Shares by the Valuation Expert shall be
final and binding upon the Parties for purposes of this Section 4.2(b)(1). If neither the Board nor the Advisor, in accordance with this Section 4.2(b)(1), has determined the NAV per share of the Common Shares as of the
effective date of an Undue Termination, all of the issued and outstanding shares of the Restricted Stock shall be immediately and permanently forfeited. 

(2) For Cause. In the event the Advisory Agreement is terminated or not renewed by the Company for Cause prior to an Exit Event, all
of the issued and outstanding shares of the Restricted Stock shall be immediately and permanently forfeited. 
 (3) Without Good
Reason. In the event the Advisory Agreement is terminated or not renewed by the Advisor without Good Reason prior to an Exit Event, all of the issued and outstanding shares of the Restricted Stock shall be immediately and permanently forfeited.

 (c) The Board’s good faith determination of the excess amount over the thresholds, and the vesting or forfeiture of the Restricted
Stock, in whole or in part, pursuant to Section 4.2(a) or Section 4.2(b), above, shall be final and binding upon the Parties. 

  
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 4.3 Certain Restrictions Prior to Vesting. Prior to the vesting of the Restricted Stock
under Section 4.2, the Advisor shall not assign, alienate, pledge, attach, sell or otherwise transfer or encumber the Restricted Stock or any of the rights relating thereto; and any such transfer or encumbrance or any attempt to transfer
or encumber the Restricted Stock or the rights relating thereto shall be wholly ineffective and void ab initio. 
 4.4 Rights as
Stockholder; Distributions. 
 (a) The Advisor shall be the record owner of the Restricted Stock until sold or otherwise disposed of or
forfeited in accordance with this Amended and Restated Expense Support Agreement, and shall be entitled to all of the rights of a Stockholder including, without limitation, the right to vote such shares (to the extent permitted by the Articles of
Incorporation or applicable law) and to receive Distributions. All Distributions actually paid to the Advisor in connection with the Restricted Stock shall vest immediately and will not be subject to forfeiture. 

(b) The Company may issue stock certificates or evidence the Advisor’s interest by using a restricted book entry account with the
Company’s transfer agent. Physical possession or custody of any stock certificates that are issued shall be retained by the Company until such time as the Restricted Stock represented by such stock certificates vests. 

(c) In the event the Restricted Stock is forfeited in accordance with the provisions of this Amended and Restated Expense Support Agreement,
the Advisor shall, on the date of such forfeiture, no longer have any rights as a Stockholder with respect to the Restricted Stock and shall no longer be entitled to vote or receive Distributions with respect to such shares. 

 

	5.	REIT STATUS 

 The Parties acknowledge and agree not to take any action that would impact
the Company’s ability to qualify as a REIT, and further agree to amend this Amended and Restated Expense Support Agreement if and to the extent necessary to allow the Company to continue to qualify as a REIT. 

 

	6.	TERM AND TERMINATION; SURVIVAL CLAUSE; EFFECT ON ADVISORY AGREEMENT 

 (a) Term and
Termination. This Amended and Restated Expense Support Agreement will come into force as of the Effective Date and shall remain in effect unless terminated in accordance with the provisions of this Section 6. This Amended and
Restated Expense Support Agreement may be terminated by a Party upon no less than one hundred twenty (120) days prior written notice to the other Party. The foregoing notwithstanding, this Amended and Restated Expense Support Agreement shall
automatically terminate and the Advisor shall have no obligation to provide any further Expense Support in the event of (i) the termination by the Company of the Advisory Agreement, or (ii) the dissolution or liquidation of the Company.

 (b) Survival. The respective rights and obligations of the Parties under this Amended and Restated Expense Support Agreement that
by their nature should survive, including, but not limited to all Conditional Reimbursement and Restricted Stock vesting obligations of the Company, shall remain in effect after termination or expiration hereof. 

(c) Effect on Advisory Agreement. Notwithstanding anything herein to the contrary, this Amended and Restated Expense Support Agreement
is not intended to and shall not be construed so as to amend or revise the terms and conditions of the Advisory Agreement, or otherwise affect the rights and obligations, preferences and limitations of the Parties to each other under the Advisory
Agreement. 

  
 6 

	7.	GENERAL PROVISIONS 

 7.1 Headings. The captions of this Amended and Restated
Expense Support Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect. 

7.2 Interpretation. This Amended and Restated Expense Support Agreement shall be governed by and construed in accordance with the laws
of the State of Florida (without reference to its conflicts of laws provisions). 
 7.3 Severability. If any provision of this
Amended and Restated Expense Support Agreement shall be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Amended and Restated Expense Support Agreement shall not be affected thereby and, to this extent,
the provisions of this Amended and Restated Expense Support Agreement shall be deemed to be severable. 
 7.4 Entire Agreement. This
Amended and Restated Expense Support Agreement embodies the entire agreement and understanding of the Parties, and supersedes all prior agreements or understandings (whether written or oral), with respect to the subject matter hereof. 

7.5 Amendments and Counterparts. This Amended and Restated Expense Support Agreement may only be amended by mutual written consent of
the Parties. This Amended and Restated Expense Support Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all such counterparts shall, together, constitute only one instrument. 

Signature Page and Schedule Follow. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Expense Support
Agreement on the date set forth below, to be effective as of the date and year first above written. 
  

							
		 		 	GLOBAL INCOME TRUST, INC.
				
	March 14, 2014	 		 	By:	 	 /s/ Scott C. Hall

		 		 	Name:	 	Scott C. Hall
		 		 	Title:	 	Senior Vice President of Operations
			
		 		 	CNL GLOBAL INCOME ADVISORS, LLC
				
	March 14, 2014	 		 	By:	 	 /s/ Holly J. Greer

		 		 	Name:	 	Holly J. Greer
		 		 	Title:	 	Senior Vice President

  
 8 

 Schedule A 

ORIGINAL EXPENSE SUPPORT AMOUNTS 

[Omitted as not necessary to an understanding of the Agreement] 

  
 9

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