Document:

F U L L Y   V E S T E D  
S T O C K   A W A R D   N O T I C E  

Non-transferable
G R
A N T   T O  

     _________________ 
(“Grantee”) 

by Journal
Communications, Inc. (the “Company”) of
_____________ shares of its Class [A][B] common
stock, $0.01 par value (the “Shares”)  

pursuant to and subject to the
provisions of the Journal Communications, Inc. 2007 Omnibus Incentive Plan (the
“Plan”). By accepting the Shares, Grantee shall be deemed to have agreed to the
terms and conditions set forth in this Notice and the Plan. Capitalized terms used herein
and not otherwise defined shall have the meanings assigned to such terms in the Plan. 

The Shares are fully vested and have
been registered in the name of Grantee as of the Grant Date. Stock certificates for the
Shares will be delivered to Grantee or Grantee’s designee upon request of Grantee at
any time. Such request may be addressed to Journal Communications, Inc., 333 West State
Street, Milwaukee, Wisconsin, 83203, Attn: Chief Accounting Officer, or any other address
designated by the Company in a written notice to Grantee. 

The acceptance of the Stock may have
consequences under federal and state tax and securities laws that may vary depending on
the individual circumstances of Grantee. Grantee is advised to consult his or her personal
legal and tax advisor in connection with the receipt of the Shares and his or her dealing
with respect to the Shares. 

        IN
WITNESS WHEREOF, Journal Communications, Inc., acting by and through its duly authorized
officers, has caused this Notice to be duly executed. 

	JOURNAL COMMUNICATIONS, INC.	 
	
By:____________________________	Grant Date:_____________________________________N O N S T A T U T O R
Y   S T O C K   O P T I O N   C E R T I F I C A T E  

Non-transferable
G R
A N T   TO  

     _________________ 
(“Optionee”) 

the right to purchase
from Journal Communications, Inc. (the “Company”)  

shares of its Class
[A][B] Common Stock, $0.01, at the price of $_____ per share (the “Option”) 

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

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

	

	Continuous Status as a Participant	 	 
	after Grant Date		Percent of Option Shares Vested
	

	
 

	
 

	
 

	
 

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

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

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

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

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

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

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

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

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

    If Optionee returns to employment with the Company during the designated post-termination
exercise period, then Optionee shall be restored to the status Optionee held prior to
such termination but no vesting credit will be earned for any period Optionee was not in
Continuous Status as a Participant. If Optionee or his or her beneficiary exercises an
Option after termination of service, the Option may be exercised only with respect to the
Shares that were otherwise vested on Optionee’s termination of service, including
Option Shares vested by acceleration under Section 1.
		3.    Exercise of Option. The Option shall be exercised by (a)
written notice           directed to the Chief Accounting Officer of the Company or his
or her designee           at the address and in the form specified by the Company from
time to time and           (b) payment to the Company in full for the Shares subject to
such exercise           (unless the exercise is a broker-assisted cashless exercise, as
described           below). If the person exercising an Option is not Optionee, such
person shall           also deliver with the notice of exercise appropriate proof of his
or her right           to exercise the Option. Payment for such Shares shall be in (a)
cash, (b) Shares           previously acquired by the purchaser, or (c) any combination
thereof, for the           number of Shares specified in such written notice. The value
of surrendered           Shares for this purpose shall be the Fair Market Value as of the
last trading           day immediately prior to the exercise date. Alternatively, the
Company may           permit Optionee to exercise the Option through a “net” exercise,
whereby the Company shall retain from the Option that number of Option shares
having a Fair Market Value on the date of exercise equal to some or all of the
exercise price. To the extent permitted under Regulation T of the Federal
Reserve Board, and subject to applicable securities laws and any limitations as
may be applied from time to time by the Committee (which need not be uniform),
the Option may be exercised through a broker in a so-called “cashless
exercise” whereby the broker sells the Option Shares on behalf of Optionee
and delivers cash sales proceeds to the Company in payment of the exercise
price. In such case, the date of exercise shall be deemed to be the date on
which notice of exercise is received by the Company and the exercise price
shall           be delivered to the Company by the settlement date.

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

5.    Limitation of Rights. The Option does not confer to Optionee or
Optionee’s beneficiary any rights of a shareholder of the Company unless
and until Shares are in fact issued to such person in connection with the
exercise of the Option. Nothing in this Certificate shall interfere with or
limit in any way the right of the Company or any Affiliate to terminate
Optionee’s service at any time, nor confer upon Optionee any right to
continue in the service of the Company or any Affiliate.
		6.    Restrictions on Transfer and Pledge. No right or interest of
Optionee in           the Option may be pledged, encumbered, or hypothecated to or in
favor of any           party other than the Company or an Affiliate, or shall be subject
to any lien,           obligation, or liability of Optionee to any other party other than
the Company           or an Affiliate. The Option is not assignable or transferable by
Optionee other           than by will or the laws of descent and distribution, but the
Committee may (but           need not) permit other transfers. The Option may be
exercised during the           lifetime of Optionee only by Optionee or any permitted
transferee.

7.    Restrictions on Issuance of Shares. If at any time the
Committee shall           determine in its discretion, that registration, listing or
qualification of the           Shares covered by the Option upon any Exchange or under
any foreign, federal, or           local law or practice, or the consent or approval of
any governmental regulatory           body, is necessary or desirable as a condition to
the exercise of the Option,           the Option may not be exercised in whole or in part
unless and until such           registration, listing, qualification, consent or approval
shall have been           effected or obtained free of any conditions not acceptable to
the Committee.

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

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

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

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