Document:

Exhibit 10.10

 Exhibit 10.10 
 EXECUTION VERSION 
 PLEDGE AGREEMENT 

PLEDGE AGREEMENT, dated as of January 30, 2012 (as amended, modified, restated and/or supplemented from time to time, this
“Agreement”), made by each of the undersigned pledgors (each, a “Pledgor” and, together with any other entity that becomes a pledgor hereunder pursuant to Section 30 hereof, the “Pledgors”) in
favor of Wilmington Trust, National Association, as Collateral Agent (together with any successor Collateral Agent, the “Pledgee”), for the benefit of the Secured Creditors (as defined below). Except as otherwise defined herein, all
capitalized terms used herein and defined in the Loan Agreement (as defined below) shall be used herein as therein defined. 

W I T N E S S E T H : 

WHEREAS, Lee Enterprises, Incorporated (the “Borrower”), the lenders from time to time party thereto (the
“Lenders”), Deutsche Bank Securities Inc. and Goldman Sachs Lending Partners LLC, as Joint Lead Arrangers and Joint Book Running Managers, and Wilmington Trust, National Association, as administrative agent (together with any
successor administrative agent, the “Administrative Agent”) for the Lenders, have entered into a Second Lien Loan Agreement, dated as of the date hereof (as amended, modified, restated and/or supplemented from time to time, the
“Loan Agreement”), providing for the making and continuation of Loans to the Borrower, all as contemplated therein (the Lenders, the Administrative Agent and the Pledgee are herein called the “Secured Creditors”);

 WHEREAS, pursuant to the Subsidiaries Guaranty, each Subsidiary Guarantor has jointly and severally guaranteed to the Secured
Creditors the payment when due of all Guaranteed Obligations as described therein; 
 WHEREAS, it is a condition precedent to
the making (or deemed making) and continuation of Loans to the Borrower under the Loan Agreement that each Pledgor shall have executed and delivered to the Pledgee this Agreement; 

WHEREAS, each Pledgor desires to execute this Agreement to satisfy the conditions described in the preceding paragraph; and 

WHEREAS, each Pledgor will obtain benefits from the incurrence (or deemed incurrence) and continuation of Loans by the Borrower under the
Loan Agreement and, accordingly, desires to execute this Agreement in order to satisfy the condition described in the preceding paragraph and to induce the Lenders to make (or be deemed to have made) and continue Loans to the Borrower. 

NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to each Pledgor, the receipt and sufficiency of which are
hereby acknowledged, each Pledgor hereby makes the following representations and warranties to the Pledgee for the benefit of the Secured Creditors and hereby covenants and agrees with the Pledgee for the benefit of the Secured Creditors as follows:

  
 [Second Lien
Pledge Agreement] 

 1. SECURITY FOR OBLIGATIONS. This Agreement is made by each Pledgor for the benefit of the
Secured Creditors to secure: 
 (i) the full, prompt and complete payment when due (whether at stated maturity,
by acceleration or otherwise) of all obligations, liabilities and indebtedness (including, without limitation, principal, premium, interest (including, without limitation, all interest that accrues on or after the commencement of any case,
proceeding or other action relating to the bankruptcy, insolvency, reorganization or similar proceeding of any Pledgor or any Subsidiary thereof at the rate provided for in the respective documentation, whether or not a claim for post-petition
interest is allowed in any such proceeding), fees, costs and indemnities) of such Pledgor owing to the Secured Creditors, whether now existing or hereafter incurred under, arising out of, or in connection with, each Credit Document to which such
Pledgor is a party (including, in the case of each Pledgor that is a Subsidiary Guarantor, all such obligations, liabilities and indebtedness of such Pledgor under the Subsidiaries Guaranties) and the due performance and compliance by such Pledgor
with all of the terms, conditions and agreements contained in each such Credit Document; 
 (ii) any and all sums
advanced by the Pledgee in order to preserve the Collateral (as hereinafter defined) or preserve its security interest in the Collateral; 
 (iii) in the event of any proceeding for the collection or enforcement of any indebtedness, obligations or liabilities of such Pledgor referred to in clause (i) above, after an Event of Default shall
have occurred and be continuing, the reasonable expenses of retaking, holding, preparing for sale or lease, selling or otherwise disposing of or realizing on the Collateral, or of any exercise by the Pledgee of its rights hereunder, together with
reasonable attorneys’ fees and court costs; 
 (iv) all amounts paid by any Indemnitee as to which such
Indemnitee has the right to reimbursement under Section 11 of this Agreement; 
 (v) all amounts owing to
any Agent or any of its affiliates pursuant to any of the Credit Documents in its capacity as such; and 
 (vi)
any and all other debts, liabilities and reimbursement obligations, indemnity obligations and other obligations for monetary amounts, fees, expenses, costs or other sums (including reasonable attorneys’ fees and costs) chargeable to any Credit
Party under or pursuant to any of the Credit Documents. 
 all such obligations, liabilities, indebtedness, sums and expenses set forth in
clauses (i) through (vi) of this Section 1 being herein collectively called the “Obligations”, it being acknowledged and agreed that the “Obligations” shall include extensions of credit of the types
described above, whether outstanding on the date of this Agreement or extended from time to time after the date of this Agreement. 
 2. DEFINITIONS; INTERPRETATION. (a) Unless otherwise defined herein, all capitalized terms used herein and defined in the Loan Agreement shall be used herein as therein defined. Reference to singular
terms shall include the plural and vice versa. 

  
 [Second Lien
Pledge Agreement] 

 (b) The following capitalized terms used herein shall have the definitions specified below:

 “Administrative Agent” shall have the meaning set forth in the recitals hereto. 

“Adverse Claim” shall have the meaning given such term in Section 8-102(a)(1) of the UCC. 

“Agreement” shall have the meaning set forth in the first paragraph hereof. 

“Borrower” shall have the meaning set forth in the recitals hereto. 

“Certificated Security” shall have the meaning given such term in Section 8-102(a)(4) of the UCC. 

“Clearing Corporation” shall have the meaning given such term in Section 8-102(a)(5) of the UCC. 

“Collateral” shall have the meaning set forth in Section 3.1 hereof. 

“Domestic Corporation” shall have the meaning set forth in the definition of “Stock.” 

“Event of Default” shall mean any Event of Default under, and as defined in, the Loan Agreement and shall in any event
include, without limitation, any payment default on any of the Obligations after the expiration of any applicable grace period. 

“Exempted Foreign Entity” shall mean any Foreign Corporation and any limited liability company organized under the laws
of a jurisdiction other than the United States or any State thereof or the District of Columbia that, in any such case, is treated as a corporation or an association taxable as a corporation for U.S. federal income tax purposes. 

“First Priority Representative” shall have the meaning given such term in the Lee Intercreditor Agreement or the
Pulitzer Intercreditor Agreement, as applicable. 
 “Foreign Corporation” shall have the meaning set forth in
the definition of “Stock”. 
 “Indemnitees” shall have the meaning set forth in Section 11
hereof. 
 “Investment Property” shall have the meaning given such term in Section 9-102(a)(49) of the
UCC. 
 “Lenders” shall have the meaning set forth in the recitals hereto. 

“Limited Liability Company Assets” shall mean all assets, whether tangible or intangible and whether real, personal or
mixed (including, without limitation, all limited liability company capital and interest in other limited liability companies), at any time owned by any Pledgor or represented by any Limited Liability Company Interest. 

  
 [Second Lien
Pledge Agreement] 

 “Limited Liability Company Interests” shall mean the entire limited
liability company membership interest at any time owned by any Pledgor in any limited liability company that is a Subsidiary of such Pledgor. 
 “Loan Agreement” shall have the meaning set forth in the recitals hereto. 
 “Location” of any Pledgor has the meaning given such term in Section 9-307 of the UCC. 
 “Non-Voting Equity Interests” shall mean all Equity Interests of any Person which are not Voting Equity Interests. 

“Obligations” shall have the meaning set forth in Section 1 hereof. 

“Partnership Assets” shall mean all assets, whether tangible or intangible and whether real, personal or mixed
(including, without limitation, all partnership capital and interest in other partnerships), at any time owned by any Pledgor or represented by any Partnership Interest. 
 “Partnership Interest” shall mean the entire general partnership interest or limited partnership interest at any time owned by any Pledgor in any general partnership or limited
partnership that is a Subsidiary of such Pledgor. 
 “Pledgee” shall have the meaning set forth in the first
paragraph hereof. 
 “Pledgor” shall have the meaning set forth in the first paragraph hereof. 

“Proceeds” shall have the meaning given such term in Section 9-102(a)(64) of the UCC. 

“Pulitzer Pledgor” shall mean any Pledgor that is a Pulitzer Entity. 

“Registered Organization” shall have the meaning given such term in Section 9-102(a)(70) of the UCC. 

“Required Secured Creditors” shall mean the Required Lenders (or such other Lenders (or number or percentage thereof) as
shall be necessary under Section 13.12(a) of the Loan Agreement). 
 “Secured Creditors” shall have the
meaning set forth in the recitals hereto. 
 “Securities Account” shall have the meaning given such term in
Section 8-501(a) of the UCC. 
 “Secured Debt Agreements” shall mean and includes (x) this Agreement
and (y) the other Credit Documents. 
 “Securities Act” shall mean the Securities Act of 1933, as amended,
as in effect from time to time. 

  
 [Second Lien
Pledge Agreement] 

 “Securities Intermediary” shall have the meaning given such term in
Section 8-102(14) of the UCC. 
 “Security” and “Securities” shall have the meaning given
such term in Section 8-102(a)(15) of the UCC and shall in any event also include all Stock. 
 “Security
Entitlement” shall have the meaning given such term in Section 8-102(a)(17) of the UCC. 

“Stock” shall mean (x) with respect to corporations incorporated under the laws of the United States or any State
thereof or the District of Columbia (each, a “Domestic Corporation”), all of the issued and outstanding shares of capital stock at anytime owned by any Pledgor of any Domestic Corporation that is a Subsidiary of such Pledgor and
(y) with respect to corporations not Domestic Corporations (each, a “Foreign Corporation”), all of the issued and outstanding shares of capital stock at any time owned by any Pledgor of any Foreign Corporation that is a
Subsidiary of such Pledgor. 
 “Termination Date” shall have the meaning set forth in Section 20 hereof.

 “Transmitting Utility” has the meaning given such term in Section 9-102(a)(80) of the UCC. 

“UCC” shall mean the Uniform Commercial Code as in effect in the State of New York from time to time;
provided that all references herein to specific Sections or subsections of the UCC are references to such Sections or subsections, as the case may be, of the Uniform Commercial Code as in effect in the State of New York on the date hereof.

 “Uncertificated Security” shall have the meaning given such term in Section 8-102(a)(18) of the UCC.

 “Voting Equity Interests” of any Person shall mean all classes of Equity Interests of such Person entitled
to vote. 
 3. PLEDGE OF SECURITIES, ETC. 
 3.1 Pledge. To secure the Obligations now or hereafter owed or to be performed by such Pledgor, each Pledgor does hereby grant, pledge and assign to the Pledgee for the benefit of the Secured
Creditors, and does hereby create a continuing security interest in favor of the Pledgee for the benefit of the Secured Creditors in, all of its right, title and interest in and to the following, whether now existing or hereafter from time to time
acquired (collectively, the “Collateral”): 
 (a) all Stock owned or held by such Pledgor from time to time and
all options and warrants owned by such Pledgor from time to time to purchase Stock; 
 (b) all Limited Liability Company
Interests owned by such Pledgor from time to time and all of its right, title and interest in each limited liability company to which each such Limited Liability Company Interest relates, whether now existing or hereafter acquired,

  
 [Second Lien
Pledge Agreement] 

 
including, without limitation, to the fullest extent permitted under the terms and provisions of the documents and agreements governing such Limited Liability Company Interests and applicable
law: 
 (A) all its capital therein and its interest in all profits, income, surpluses, losses, Limited Liability
Company Assets and other distributions to which such Pledgor shall at any time be entitled in respect of such Limited Liability Company Interests; 
 (B) all other payments due or to become due to such Pledgor in respect of Limited Liability Company Interests, whether under any limited liability company agreement or otherwise, whether as contractual
obligations, damages, insurance proceeds or otherwise; 
 (C) all of its claims, rights, powers, privileges,
authority, options, security interests, liens and remedies, if any, under any limited liability company agreement or operating agreement, or at law or otherwise in respect of such Limited Liability Company Interests; 

(D) all present and future claims, if any, of such Pledgor against any such limited liability company for monies loaned or
advanced, for services rendered or otherwise; 
 (E) all of such Pledgor’s rights under any limited
liability company agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Limited Liability Company Interests, including any power to terminate,
cancel or modify any such limited liability company agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in the name of any of such Pledgor in respect of such Limited Liability Company
Interests and any such limited liability company, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together
with full power and authority to demand, receive, enforce, collect or receipt for any of the foregoing or for any Limited Liability Company Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any
action in connection with any of the foregoing; and 
 (F) all other property hereafter delivered in substitution
for or in addition to any of the foregoing, all certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all thereof; 
 (c) all Partnership Interests owned
by such Pledgor from time to time and all of its right, title and interest in each partnership to which each such Partnership Interest relates, whether now existing or hereafter acquired, including, without limitation, to the fullest extent

  
 [Second Lien
Pledge Agreement] 

 
permitted under the terms and provisions of the documents and agreements governing such Partnership Interests and applicable law: 

(A) all its capital therein and its interest in all profits, income, surpluses, losses, Partnership Assets and other
distributions to which such Pledgor shall at any time be entitled in respect of such Partnership Interests; 

(B) all other payments due or to become due to such Pledgor in respect of Partnership Interests, whether under any
partnership agreement or otherwise, whether as contractual obligations, damages, insurance proceeds or otherwise; 
 (C) all of its claims, rights, powers, privileges, authority, options, security interests, liens and remedies, if any, under any partnership agreement or operating agreement, or at law or otherwise in
respect of such Partnership Interests; 
 (D) all present and future claims, if any, of such Pledgor against any
such partnership for monies loaned or advanced, for services rendered or otherwise; 
 (E) all of such
Pledgor’s rights under any partnership agreement or operating agreement or at law to exercise and enforce every right, power, remedy, authority, option and privilege of such Pledgor relating to such Partnership Interests, including any power to
terminate, cancel or modify any partnership agreement or operating agreement, to execute any instruments and to take any and all other action on behalf of and in the name of such Pledgor in respect of such Partnership Interests and any such
partnership, to make determinations, to exercise any election (including, but not limited to, election of remedies) or option or to give or receive any notice, consent, amendment, waiver or approval, together with full power and authority to demand,
receive, enforce, collect or receipt for any of the foregoing or for any Partnership Asset, to enforce or execute any checks, or other instruments or orders, to file any claims and to take any action in connection with any of the foregoing; and

 (F) all other property hereafter delivered in substitution for or in addition to any of the foregoing, all
certificates and instruments representing or evidencing such other property and all cash, securities, interest, dividends, rights and other property at any time and from time to time received, receivable or otherwise distributed in respect of or in
exchange for any or all thereof; 
 (d) all other Investment Property that constitutes Equity Interests of a Person that is a
Subsidiary of a Pledgor; and 
 (e) all Proceeds, rents, issues, profits, returns, income, allocations and of and from any and
all of the foregoing; 
 provided that (x) except in the circumstances and to the extent provided by Section 9.15 of the Loan
Agreement (in which case this clause (x) shall no longer be applicable), no Pledgor shall be 

  
 [Second Lien
Pledge Agreement] 

 
required at any time to pledge hereunder more than
66- 2/3% of the total combined voting power of all
classes of Voting Equity Interests of any Exempted Foreign Entity, (y) each Pledgor shall be required to pledge hereunder 100% of the Non-Voting Equity Interests of each Exempted Foreign Entity at any time and from time to time acquired by such
Pledgor, which Non-Voting Equity Interests shall not be subject to the limitations described in preceding clause (x) and (z) no Pledgor shall be required at any time to pledge hereunder any equity interests in any Excluded TNI Assets.

 Notwithstanding anything in this Agreement to the contrary, it is the understanding of the parties that the Liens pledged pursuant to
this Section 3.1 shall, (x) with respect to any such Liens granted in any Collateral comprising Common Collateral (as defined in the Lee Intercreditor Agreement), prior to the First Priority Obligations Payment Date (as defined in the Lee
Intercreditor Agreement), be subject and subordinate to the First Priority Lien (as defined in the Lee Intercreditor Agreement) on such Collateral pursuant to the terms of the Lee Intercreditor Agreement and (y) with respect to any such Liens
granted in any Collateral comprising Common Collateral (as defined in the Pulitzer Intercreditor Agreement), prior to the First Priority Obligations Payment Date (as defined in the Pulitzer Intercreditor Agreement), be subject and subordinate to the
First Priority Lien (as defined in the Pulitzer Intercreditor Agreement) on such Collateral pursuant to the terms of the Pulitzer Intercreditor Agreement. 
 3.2 Procedures. (a) To the extent that any Pledgor at any time or from time to time owns, acquires or obtains any right, title or interest in any Collateral, such Collateral shall
automatically (and without the taking of any action by such Pledgor) be pledged pursuant to Section 3.1 of this Agreement and, in addition thereto, such Pledgor shall (to the extent provided below) take the following actions as set forth below
(as promptly as practicable and, in any event, within 10 days after it obtains such Collateral) for the benefit of the Pledgee and the other Secured Creditors (subject to the provisions of Section 3.6 below): 

(i) with respect to a Certificated Security (other than a Certificated Security credited on the books of a Clearing
Corporation or Securities Intermediary), such Pledgor shall physically deliver such Certificated Security to the Pledgee. endorsed to the Pledgee or endorsed in blank; 

(ii) with respect to an Uncertificated Security (other than an Uncertificated Security credited on the books of a Clearing
Corporation or Securities Intermediary), such Pledgor shall cause the issuer of such Uncertificated Security to duly authorize, execute, and deliver to the Pledgee an agreement for the benefit of the Pledgee, and the other Secured Creditors
substantially in the form of Annex G hereto (appropriately completed to the satisfaction of the Pledgee and with such modifications, if any, as shall be satisfactory to the Pledgee) pursuant to which such issuer agrees to comply with any and all
instructions originated by the Pledgee without further consent by the registered owner and not to comply with instructions regarding such Uncertificated Security (and any Partnership Interests and Limited Liability Company Interests issued by such
issuer) originated by any other Person other than a court of competent jurisdiction; 
 (iii) with respect to a
Certificated Security, Uncertificated Security, Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing 

  
 [Second Lien
Pledge Agreement] 

 
Corporation or Securities Intermediary (including a Federal Reserve Bank, Participants Trust Company or The Depository Trust Company), such Pledgor shall promptly notify the Pledgee thereof and
shall promptly take (x) all actions required (i) to comply with the applicable rules of such Clearing Corporation or Securities Intermediary and (ii) to perfect the security interest of the Pledgee under applicable law (including, in
any event, under Sections 9-314(a), (b) and (c), 9-106 and 8-106(d) of the UCC) and (y) such other actions as the Pledgee deems necessary or desirable to effect the foregoing; 

(iv) with respect to a Partnership Interest or a Limited Liability Company Interest (other than a Partnership Interest or
Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary), (1) if such Partnership Interest or Limited Liability Company Interest is represented by a certificate and is a Security for
purposes of the UCC, such Pledgor shall follow the procedure set forth in Section 3.2(a)(i) hereof, and (2) if such Partnership Interest or Limited Liability Company Interest is not represented by a certificate or is not a Security for
purposes of the UCC, such Pledgor shall follow the procedure set forth in Section 3.2(a)(ii) hereof; and 

(v) with respect to cash proceeds from any of the Collateral, (i) establishment by the Pledgee of a cash account in
the name of such Pledgor over which the Pledgee, shall have “control” within the meaning of the UCC and at any time any Default or Event of Default is in existence no withdrawals or transfers may be made therefrom by any Person except with
the prior written consent of the Pledgee and (ii) deposit of such cash in such cash account. 
 (b) In addition to the
actions required to be taken pursuant to Section 3.2(a) hereof, each Pledgor shall take the following additional actions with respect to the Collateral: 
 (i) with respect to all Collateral of such Pledgor whereby or with respect to which the Pledgee may obtain “control” thereof within the meaning of Section 8-106 of the UCC (or under any
provision of the UCC as same may be amended or supplemented from time to time, or under the laws of any relevant State other than the State of New York), such Pledgor shall take all actions as may be requested from time to time by the Pledgee
so that “control” of such Collateral is obtained and at all times held by the Pledgee; and 
 (ii) each
Pledgor shall from time to time cause appropriate financing statements (on appropriate forms) under the UCC as in effect in the various relevant States, covering all Collateral hereunder (with the form of such financing statements to be satisfactory
to the Pledgee), to be filed in the relevant filing offices so that at all times the Pledgee’s security interest in all Investment Property and other Collateral which can be perfected by the filing of such financing statements (in each case to
the maximum extent perfection by filing may be obtained under the laws of the relevant States, including, without limitation, Section 9-312(a) of the UCC) is so perfected. 

3.3 Subsequently Acquired Collateral. If any Pledgor shall acquire (by purchase, stock dividend, distribution or otherwise)
any additional Collateral at any time or from time to 

  
 [Second Lien
Pledge Agreement] 

 
time after the date hereof, (i) such Collateral shall automatically (and without any further action being required to be taken) be subject to the pledge and security interests created
pursuant to Section 3.1 hereof and, furthermore, such Pledgor will thereafter take (or cause to be taken) all action (as promptly as practicable and, in any event, within 10 days after it obtains such Collateral) with respect to such Collateral
in accordance with the procedures set forth in Section 3.2 hereof, and will promptly thereafter deliver to the Pledgee (i) a certificate executed by an authorized officer of such Pledgor describing such Collateral and certifying that the
same has been duly pledged in favor of the Pledgee (for the benefit of the Secured Creditors) hereunder and (ii) supplements to Annexes A through F hereto as are necessary to cause such Annexes to be complete and accurate at such time. Without
limiting the foregoing, each Pledgor shall be required to pledge hereunder the Equity Interests of any Exempted Foreign Entity at any time and from time to time after the date hereof acquired by such Pledgor, provided that (x) except in
the circumstances and to the extent provided by Section 9.15 of the Loan Agreement (in which case this clause (x) shall no longer be applicable), no Pledgor shall be required at any time to pledge hereunder more than 66- 2/3% of the total combined voting power of all classes of Voting Equity
Interests of any Exempted Foreign Entity and (y) each Pledgor shall be required to pledge hereunder 100% of the Non-Voting Equity Interests of each Exempted Foreign Entity at any time and from time to time acquired by such Pledgor.

 3.4 Transfer Taxes. Each pledge of Collateral under Section 3.1 or Section 3.3 hereof shall be
accompanied by any transfer tax stamps required in connection with the pledge of such Collateral. 
 3.5 Certain
Representations and Warranties Regarding the Collateral. Each Pledgor represents and warrants that on the date hereof: (i) each Subsidiary of such Pledgor, and the direct ownership thereof, is listed in Annex B hereto; (ii) the Stock
(and any warrants or options to purchase Stock) held by such Pledgor consists of the number and type of shares of the stock (or warrants or options to purchase any stock) of the corporations as described in Annex C hereto; (iii) such Stock
referenced in clause (ii) of this sentence constitutes that percentage of the issued and outstanding capital stock of the issuing corporation as is set forth in Annex C hereto; (iv) the Limited Liability Company Interests held by such
Pledgor consist of the number and type of interests of the Persons described in Annex D hereto; (v) each such Limited Liability Company Interest referenced in clause (iv) of this paragraph constitutes that percentage of the issued and
outstanding equity interest of the issuing Person as set forth in Annex D hereto; (vi) the Partnership Interests held by such Pledgor consist of the number and type of interests of the Persons described in Annex E hereto; (vii) each such
Partnership Interest referenced in clause (vi) of this paragraph constitutes that percentage or portion of the entire Partnership Interest of the relevant partnership as set forth in Annex E hereto; (viii) the exact address of the chief
executive office of such Pledgor is listed on Annex F hereto; (ix) such Pledgor has complied with the respective procedure set forth in Section 3.2(a) hereof with respect to each item of Collateral described in Annexes C through E hereto
for such Pledgor; and (x) on the date hereof, such Pledgor owns no other Stock, Limited Liability Company Interests or Partnership Interests. Each Pulitzer Pledgor represents and warrants that on the date hereof all information with respect to
the Collateral of such Pulitzer Pledgor set forth in any schedule, certificate or other writing at any time furnished by such Pledgor to the Pledgee or any Secured Creditor, and all other written information at any time furnished by such Pledgor to
the Pledgee or any Secured Creditor, is and shall be true and correct in all material respects as of the date furnished. 

  
 [Second Lien
Pledge Agreement] 

 3.6 Bailee for Perfection. Notwithstanding anything herein to the contrary, subject
to the terms of the Lee Intercreditor Agreement or the Pulitzer Intercreditor Agreement, as applicable, and until (but not after) the First Priority Obligations Payment Date (as defined in the Lee Intercreditor Agreement or the Pulitzer
Intercreditor Agreement, as applicable), (i) the requirements of this Agreement to endorse, assign or deliver Collateral to the Pledgee or to provide the Pledgee “control” (within the meaning of the UCC) over the Collateral shall be
deemed satisfied by endorsement, assignment or delivery of such Collateral to the applicable First Priority Representative or by exercise of control over such Collateral by such First Priority Representative, in each case as bailee and agent for the
Pledgee pursuant to Section 2.3(c) of the Lee Intercreditor Agreement or the Pulitzer Intercreditor Agreement, as applicable, and (ii) any endorsement, assignment or delivery of Collateral to the First Priority Representative as bailee and
agent for the Pledgee pursuant to Section 2.3(c) of the Lee Intercreditor Agreement or the Pulitzer Intercreditor Agreement, as applicable, shall be deemed an endorsement, assignment or delivery to, or control by, the Pledgee for all purposes
hereunder. 
 3.7 Consent to Pledge and Waiver of Certain Partnership and Operating Agreement Provisions. Each Pulitzer
Pledgor irrevocably (i) consents to (a) the pledge of all limited liability company interests of each Pulitzer Entity that is a limited liability company and all partnership interests of each Pulitzer Entity that is a partnership or
limited partnership which are being pledged hereunder by such Pulitzer Pledgor and each of the other Pulitzer Pledgors that is a member or partner of such Pulitzer Entity and the pledge of all rights in respect thereof (including all economic,
voting and membership rights) and (b) the Collateral Agent and/or any of its transferees becoming full voting members of any limited liability company or partner in any partnership or limited partnership in which such Pulitzer Pledgor has an
interest upon any foreclosure or exercise of remedies by the Collateral Agent in respect of such pledged interests and rights without any further action or consent by such Pulitzer Pledgor and the Collateral Agent or such transferee shall succeed to
all of such Pulitzer Pledgor’s rights and interests under the relevant certificate of incorporation, by-laws, certificate of partnership, partnership agreement, certificate of formation or limited liability company agreement (or equivalent
organizational documents), as the case may be, of such limited liability company, partnership or limited partnership, and (ii) waives any and all provisions of the partnership agreements and operating agreements of each Pulitzer Entity (as
applicable) that (a) prohibit, restrict, condition or otherwise affect the grant hereunder of any Lien on any of the Collateral applicable to the Pulitzer Entities or any enforcement action which may be taken in respect of any such Lien or the
transfer of the Collateral applicable to the Pulitzer Entities by the Collateral Agent or any of its transferees, (b) would operate to limit or restrict the ability of the Collateral Agent or any of its transferees from becoming a full voting
member of the partnership or limited liability company, as the case may be, or (c) otherwise conflict with the terms of this Agreement. 
 4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC. The Pledgee shall have the right to appoint one or more sub-agents for the purpose of retaining physical possession of the Collateral, which may be held
(in the discretion of the Pledgee) in the name of the relevant Pledgor, endorsed or assigned in blank or in favor of the Pledgee or any nominee or nominees of the Pledgee or a sub-agent appointed by the Pledgee. 

5. VOTING, ETC., WHILE NO EVENT OF DEFAULT. Unless and until there shall have occurred and be continuing an Event of Default and the
Pledgee shall instruct the 

  
 [Second Lien
Pledge Agreement] 

 
Pledgors otherwise (in writing), each Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral owned by it, and to give consents, waivers
or ratifications in respect thereof; provided that, in each case, no vote shall be cast or any consent, waiver or ratification given or any action taken or omitted to be taken which would violate, result in a breach of any covenant contained
in, or be inconsistent with any of the terms of any Secured Debt Agreement, or which could reasonably be expected to have the effect of impairing the value of the Collateral or any part thereof or the position or interests of the Pledgee or any
other Secured Creditor in the Collateral, unless expressly permitted by the terms of the Secured Debt Agreements. All such rights of each Pledgor to vote and to give consents, waivers and ratifications shall cease in case an Event of Default has
occurred and is continuing and the Pledgee has notified the Pledgors (in writing) that such rights have ceased, and Section 7 hereof shall become applicable. 
 6. DIVIDENDS AND OTHER DISTRIBUTIONS. Unless and until there shall have occurred and be continuing an Event of Default, all cash dividends, cash distributions, cash Proceeds and other cash amounts payable
in respect of the Collateral shall be paid to the respective Pledgor. The Pledgee, in each case subject to the applicable Intercreditor Agreement, shall be entitled to receive directly, and to retain as part of the Collateral: 

(i) all other or additional stock, notes, certificates, limited liability company interests, partnership interests,
instruments or other securities or property (including, but not limited to, cash dividends other than as set forth above) paid or distributed by way of dividend or otherwise in respect of the Collateral; 

(ii) all other or additional stock, notes, certificates, limited liability company interests, partnership interests,
instruments or other securities or property (including, but not limited to, cash (although such cash may be paid directly to the respective Pledgor so long as no Event of Default then exists)) paid or distributed in respect of the Collateral by way
of stock-split, spin-off, split-up, reclassification, combination of shares or similar rearrangement; and 

(iii) all other or additional stock, notes, certificates, limited liability company interests, partnership interests,
instruments or other securities or property (including, but not limited to, cash) which may be paid in respect of the Collateral by reason of any consolidation, merger, exchange of stock, conveyance of assets, liquidation or similar corporate or
other reorganization. 
 Nothing contained in this Section 6 shall limit or restrict in any way the Pledgee’s right to receive the
proceeds of the Collateral in any form in accordance with Section 3 of this Agreement. All dividends, distributions or other payments which are received by any Pledgor contrary to the provisions of this Section 6 or Section 7 hereof
shall be received in trust for the benefit of the Pledgee, shall be segregated from other property or funds of such Pledgor and shall be forthwith paid over to the Pledgee as Collateral in the same form as so received (with any necessary
endorsement). 
 7. REMEDIES IN CASE OF AN EVENT OF DEFAULT. If there shall have occurred and be continuing an Event of Default,
then and in every such case, the Pledgee shall be 

  
 [Second Lien
Pledge Agreement] 

 
entitled to exercise all of the rights, powers and remedies (whether vested in it by this Agreement, any Intercreditor Agreement, any other Secured Debt Agreement, Section 11 of the Loan
Agreement or by law) for the protection and enforcement of its rights in respect of the Collateral, and the Pledgee shall be entitled to exercise all the rights and remedies of a secured party under the UCC as in effect in any relevant jurisdiction
and also shall be entitled, without limitation, to exercise the following rights, which each Pledgor hereby agrees to be commercially reasonable: 
 (i) to receive all amounts payable in respect of the Collateral otherwise payable under Section 6 hereof to the respective Pledgor; 

(ii) to transfer all or any part of the Collateral into the Pledgee’s name or the name of its nominee or nominees;

 (iii) to vote (and exercise all rights and powers in respect of voting) all or any part of the Collateral
(whether or not transferred into the name of the Pledgee) and give all consents, waivers and ratifications in respect of the Collateral and otherwise act with respect thereto as though it were the outright owner thereof (each Pledgor hereby
irrevocably constituting and appointing the Pledgee the proxy and attorney-in-fact of such Pledgor, with full power of substitution to do so); 
 (iv) at any time and from time to time to sell, assign and deliver, or grant options to purchase, all or any part of the Collateral, or any interest therein, at any public or private sale, without demand
of performance, advertisement or, notice of intention to sell or of the time or place of sale or adjournment thereof or to redeem or otherwise purchase or dispose (all of which are hereby waived by each Pledgor), for cash, on credit or for other
property, for immediate or future delivery without any assumption of credit risk, and for such price or prices and on such terms as the Pledgee in its absolute discretion may determine, provided at least 10 days’ written notice of the
time and place of any such sale shall be given to the respective Pledgor. The Pledgee shall not be obligated to make any such sale of Collateral regardless of whether any such notice of sale has theretofore been given. Each Pledgor hereby waives and
releases to the fullest extent permitted by law any right or equity of redemption with respect to the Collateral, whether before or after sale hereunder, and all rights, if any, of marshalling the Collateral and any other security or the Obligations
or otherwise. At any such sale, unless prohibited by applicable law, the Pledgee on behalf of the Secured Creditors may bid for and purchase all or any part of the Collateral so sold free from any such right or equity of redemption. Neither the
Pledgee nor any other Secured Creditor shall be liable for failure to collect or realize upon any or all of the Collateral or for any delay in so doing nor shall any of them be under any obligation to take any action whatsoever with regard thereto;
and 
 (v) to set off any and all Collateral against any and all Obligations, and to withdraw any and all cash or
other Collateral from any and all accounts described in Section 3.2(a)(v) hereof and to apply such cash and other Collateral to the payment of any and all Obligations. 

  
 [Second Lien
Pledge Agreement] 

 8. REMEDIES, CUMULATIVE, ETC. Each and every right, power and remedy of the Pledgee provided
for in this Agreement, each Intercreditor Agreement or in any other Secured Debt Agreement, or now or hereafter existing at law or in equity or by statute shall be cumulative and concurrent and shall be in addition to every other such right, power
or remedy. The exercise or beginning of the exercise by the Pledgee or any other Secured Creditor of any one or more of the rights, powers or remedies provided for in this Agreement or any other Secured Debt Agreement or now or hereafter existing at
law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise by the Pledgee or any other Secured Creditor of all such other rights, powers or remedies, and no failure or delay on the part of the Pledgee or any
other Secured Creditor to exercise any such right, power or remedy shall operate as a waiver thereof. No notice to or demand on any Pledgor in any case shall entitle it to any other or further notice or demand in similar or other circumstances or
constitute a waiver of any of the rights of the Pledgee or any other Secured Creditor to any other or further action in any circumstances without notice or demand. The Secured Creditors agree that, other than as provided in the applicable
Intercreditor Agreement, this Agreement may be enforced only by the action of the Pledgee, in each case, acting upon the instructions of the Required Secured Creditors, and that no other Secured Creditor shall have any right individually to seek to
enforce or to enforce this Agreement or to realize upon the security to be granted hereby, it being understood and agreed that such rights and remedies may be exercised by the Pledgee for the benefit of the Secured Creditors upon the terms of this
Agreement. 
 9. APPLICATION OF PROCEEDS. (a) Subject to the terms of the applicable Intercreditor Agreement with respect
to Common Collateral (as defined in the applicable Intercreditor Agreement), all monies collected by the Pledgee pursuant to the terms of this Agreement upon any sale or other disposition of Collateral, together with all other monies received by the
Pledgee hereunder, shall be applied as provided in Section 13.17 of the Loan Agreement. 
 (b) All payments required to be
made under Section 13.17 of the Loan Agreement shall be made to the Administrative Agent for the account of the Secured Creditors. 
 (c) It is understood and agreed that each Pledgor shall remain jointly and severally liable with respect to its Obligations to the extent of any deficiency between the amount of the proceeds of the
Collateral pledged by it hereunder and the aggregate amount of such Obligations. 
 10. PURCHASERS OF COLLATERAL. Upon any sale
of the Collateral by the Pledgee hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or otherwise), the receipt of the Pledgee or the officer making such sale shall be a sufficient discharge to the
purchaser or purchasers of the Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Pledgee or such officer or be answerable in any way for the
misapplication or nonapplication thereof. 
 11. INDEMNITY. Each Pledgor jointly and severally agrees (i) to indemnify,
reimburse and hold harmless the Pledgee and each other Secured Creditor and their respective successors, assigns, employees, agents and affiliates (individually an “Indemnitee”, and

  
 [Second Lien
Pledge Agreement] 

 
collectively, the “Indemnitees”) from and against any and all obligations, damages, injuries, penalties, claims, demands, losses, judgments and liabilities (including, without
limitation, liabilities for penalties) of whatsoever kind or nature, and (ii) to reimburse each Indemnitee for all reasonable costs, expenses and disbursements, including reasonable attorneys’ fees and expenses, in each case arising out of
or resulting from this Agreement or the exercise by any Indemnitee of any right or remedy granted to it hereunder or under any other Secured Debt Agreement (but excluding any obligations, damages, injuries, penalties, claims, demands, losses,
judgments and liabilities (including, without limitation, liabilities for penalties) or expenses of whatsoever kind or nature to the extent incurred or arising by reason of gross negligence or willful misconduct of such Indemnitee (as determined by
a court of competent jurisdiction in a final and non-appealable decision)). In no event shall the Pledgee hereunder be liable, in the absence of gross negligence or willful misconduct on its part (as determined by a court of competent jurisdiction
in a final and non-appealable decision), for any matter or thing in connection with this Agreement other than to account for monies or other property actually received by it in accordance with the terms hereof. If and to the extent that the
obligations of any Pledgor under this Section 11 are unenforceable for any reason, such Pledgor hereby agrees to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under applicable law. The
indemnity obligations of each Pledgor contained in this Section 11 shall continue in full force and effect notwithstanding the full payment of all the Notes issued under the Loan Agreement, and the payment of all other Obligations and
notwithstanding the discharge thereof. 
 12. PLEDGEE NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER. (a) Nothing herein
shall be construed to make the Pledgee or any other Secured Creditor liable as a member of any limited liability company or as a partner of any partnership and neither the Pledgee nor any other Secured Creditor by virtue of this Agreement or
otherwise (except as referred to in the following sentence) shall have any of the duties, obligations or liabilities of a member of any limited liability company or as a partner in any partnership. The parties hereto expressly agree that, unless the
Pledgee shall become the absolute owner of Collateral consisting of a Limited Liability Company Interest or a Partnership Interest pursuant hereto, this Agreement shall not be construed as creating a partnership or joint venture among the Pledgee,
any other Secured Creditor, any Pledgor and/or any other Person. 
 (b) Except as provided in the last sentence of paragraph
(a) of this Section 12, the Pledgee, by accepting this Agreement, did not intend to become a member of any limited liability company or a partner of any partnership or otherwise be deemed to be a co-venturer with respect to any Pledgor,
any limited liability company, partnership and/or any other Person either before or after an Event of Default shall have occurred. The Pledgee shall have only those powers set forth herein and the Secured Creditors shall assume none of the duties,
obligations or liabilities of a member of any limited liability company or as a partner of any partnership or any Pledgor except as provided in the last sentence of paragraph (a) of this Section 12. 

(c) The Pledgee and the other Secured Creditors shall not be obligated to perform or discharge any obligation of any Pledgor as a result
of the pledge hereby effected. 
 (d) The acceptance by the Pledgee of this Agreement, with all the rights, powers, privileges
and authority so created, shall not at any time or in any event obligate the 

  
 [Second Lien
Pledge Agreement] 

 
Pledgee or any other Secured Creditor to appear in or defend any action or proceeding relating to the Collateral to which it is not a party, or to take any action hereunder or thereunder, or to
expend any money or incur any expenses or perform or discharge any obligation, duty or liability under the Collateral. 
 13.
FURTHER ASSURANCES; POWER-OF-ATTORNEY. (a) Each Pledgor agrees that it will join with the Pledgee in executing and, at such Pledgor’s own expense, file and refile under the UCC or other applicable law such financing statements,
continuation statements and other documents, in form reasonably acceptable to the Pledgee, in such offices as the Pledgee (acting on its own or on the instructions of the Required Secured Creditors) may reasonably deem necessary or appropriate and
wherever required or permitted by law in order to perfect and preserve the Pledgee’s security interest in the Collateral hereunder and hereby authorizes the Pledgee to file financing statements and amendments thereto relative to all or any part
of the Collateral (including, without limitation, (x) financing statements which list the Collateral specifically and/or “all assets” as collateral and (y) “in lieu of” financing statements) without the signature of
such Pledgor where permitted by law, and agrees to do such further acts and things and to execute and deliver to the Pledgee such additional conveyances, assignments, agreements and instruments as the Pledgee may reasonably require or deem advisable
to carry into effect the purposes of this Agreement or to further assure and confirm unto the Pledgee its rights, powers and remedies hereunder or thereunder. 
 (b) Each Pledgor hereby constitutes and appoints the Pledgee, its true and lawful attorney-in-fact, irrevocably, with full authority in the place and stead of such Pledgor and in the name of such Pledgor
or otherwise, from time to time after the occurrence and during the continuance of an Event of Default, in the Pledgee’s discretion, to act, require, demand, receive and give acquittance for any and all monies and claims for monies due or to
become due to such Pledgor under or arising out of the Collateral, to endorse any checks or other instruments or orders in connection therewith and to file any claims or take any action or institute any proceedings and to execute any instrument
which the Pledgee may deem necessary or advisable to accomplish the purposes of this Agreement, which appointment as attorney is coupled with an interest. 
 14. THE PLEDGEE AS COLLATERAL AGENT. The Pledgee will hold in accordance with this Agreement (and subject to the Lee Intercreditor Agreement or the Pulitzer Intercreditor Agreement, as applicable) all
items of the Collateral at any time received under this Agreement. It is expressly understood, acknowledged and agreed by each Secured Creditor that by accepting the benefits of this Agreement each such Secured Creditor acknowledges and agrees that
the obligations of the Pledgee as holder of the Collateral and interests therein and with respect to the disposition thereof, and otherwise under this Agreement, are only those expressly set forth in this Agreement, the Intercreditor Agreements and
in Section 12 of the Loan Agreement. The Pledgee shall act hereunder on the terms and conditions set forth herein and in Section 12 of the Loan Agreement. 
 15. TRANSFER BY THE PLEDGORS. Except as permitted by the Loan Agreement, no Pledgor will sell or otherwise dispose of, grant any option with respect to, or mortgage, pledge or otherwise encumber any of
the Collateral or any interest therein. 

  
 [Second Lien
Pledge Agreement] 

 16. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS. (a) Each Pledgor
represents, warrants and covenants as to itself and each of its Subsidiaries that: 
 (i) it is the legal,
beneficial and record owner of, and has good and marketable title to, all of its Collateral and that it has sufficient interest in all of its Collateral in which a security interest is purported to be created hereunder for such security interest to
attach (subject, in each case, to no pledge, lien, mortgage, hypothecation, security interest, charge, option, Adverse Claim or other encumbrance whatsoever, except the liens and security interests created by this Agreement and any other Permitted
Liens and Permitted Encumbrances); 
 (ii) it has full power, authority and legal right to pledge all the
Collateral pledged by it pursuant to this Agreement; 
 (iii) this Agreement has been duly authorized, executed
and delivered by such Pledgor and constitutes a legal, valid and binding obligation of such Pledgor enforceable against such Pledgor in accordance with its terms, except to the extent that the enforceability hereof may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and by general equitable principles (regardless of whether enforcement is sought in equity or at law); 

(iv) except to the extent already obtained or made, no consent of any other party (including, without limitation, any
stockholder, partner, member or creditor of such Pledgor or any of its Subsidiaries) and no consent, license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental
authority is required to be obtained by such Pledgor in connection with (a) the execution, delivery or performance of this Agreement by such Pledgor, (b) the validity or enforceability of this Agreement against such Pledgor, (c) the
perfection or enforceability of the Pledgee’s security interest in such Pledgor’s Collateral or (d) except for compliance with or as may be required by applicable securities laws, the exercise by the Pledgee of any of its rights or
remedies provided herein; 
 (v) neither the execution, delivery or performance by such Pledgor of this Agreement
or any other Secured Debt Agreement to which it is a party, nor compliance by it with the terms and provisions hereof and thereof nor the consummation of the transactions contemplated therein: (i) will contravene any provision of any applicable
law, statute, rule or regulation, or any applicable order, writ, injunction or decree of any court, arbitrator or governmental instrumentality, domestic or foreign, applicable to such Pledgor; (ii) will conflict or be inconsistent with or
result in any breach of any of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien (except pursuant to this Agreement or any
other Security Document) upon any of the properties or assets of such Pledgor or any of its Subsidiaries pursuant to the terms of any indenture, lease, mortgage, deed of trust, credit agreement, loan agreement or any other material agreement,
contract or other instrument to which such Pledgor or any of its Subsidiaries is a party or is otherwise bound, or by which it or any of its properties or assets is bound 

  
 [Second Lien
Pledge Agreement] 

 
or to which it may be subject; or (iii) will violate any provision of the certificate of incorporation, by-laws, certificate of partnership, partnership agreement, certificate of formation
or limited liability company agreement (or equivalent organizational documents), as the case may be, of such Pledgor or any of its Subsidiaries; 
 (vi) all of such Pledgor’s Collateral has been duly and validly issued, is fully paid and non-assessable and is subject to no options to purchase or similar rights; 

(vii) the pledge, collateral assignment and delivery to the Pledgee (subject to Section 3.6 above) of such
Pledgor’s Collateral consisting of Certificated Securities pursuant to this Agreement creates a valid and perfected security interest in such Certificated Securities and the Proceeds thereof, subject to no prior Lien or encumbrance or to any
agreement purporting to grant to any third party a Lien or encumbrance on the property or assets of such Pledgor (other than Permitted Liens and Permitted Encumbrances) which would include the Securities and the Pledgee is entitled to all the
rights, priorities and benefits afforded by the UCC or other relevant law as enacted in any relevant jurisdiction to perfect security interests in respect of such Collateral, in each case subject to the provisions of the applicable Intercreditor
Agreement; and 
 (viii) subject to Section 3.6 above, “control” (as defined in Section 8-106
of the UCC) has been obtained by the Pledgee, over all of such Pledgor’s Collateral consisting of Securities with respect to which such “control” may be obtained pursuant to Section 8-106 of the UCC, except to the extent that the
obligation of the applicable Pledgor to provide the Pledgee with “control” of such Collateral has not yet arisen under this Agreement; provided that in the case of the Pledgee obtaining “control” over Collateral consisting
of a Security Entitlement, such Pledgor shall have taken all steps in its control so that the Pledgee obtains “control” over such Security Entitlement. 
 (b) Each Pledgor covenants and agrees that it will defend the Pledgee’s right, title and security interest in and to such Pledgor’s Collateral and the proceeds thereof against the claims and
demands of all persons whomsoever; and each Pledgor covenants and agrees that it will have like title to and right to pledge any other property at any time hereafter pledged to the Pledgee by such Pledgor as Collateral hereunder and will likewise
defend the right thereto and security interest therein of the Pledgee and the other Secured Creditors. 
 (c) Each Pledgor
covenants and agrees that it will take no action which would violate any of the terms of any Secured Debt Agreement. 
 17.
LEGAL NAMES; TYPE OF ORGANIZATION (AND WHETHER A REGISTERED ORGANIZATION AND/OR A TRANSMITTING UTILITY); JURISDICTION OF ORGANIZATION; LOCATION; ORGANIZATIONAL IDENTIFICATION NUMBERS; CHANGES THERETO; ETC. The exact legal name of each Pledgor, the
type of organization of such Pledgor, whether or not such Pledgor is a Registered Organization, the jurisdiction of organization of such Pledgor, such Pledgor’s Location, the organizational identification number (if any) of each Pledgor, and
whether or not such Pledgor is a Transmitting Utility, is listed on Annex A hereto for such Pledgor. No Pledgor shall change its legal name, its type of organization, its status as a Registered Organization (in the case of a Registered
Organization), 

  
 [Second Lien
Pledge Agreement] 

 
its status as a Transmitting Utility or as a Person which is not a Transmitting Utility, as the case may be, its jurisdiction of organization, its Location, or its organizational identification
number (if any), except that any such changes shall be permitted (so long as not in violation of the applicable requirements of the Secured Debt Agreements and so long as same do not involve (x) a Registered Organization ceasing to constitute
same or (y) any Pledgor changing its jurisdiction of organization or Location from the United States or a State thereof to a jurisdiction of organization or Location, as the case may be, outside the United States or a State thereof) if
(i) it shall have given to the Pledgee not less than 15 days’ (or, in the case of any Pulitzer Pledgor, 30 days’) prior written notice of each change to the information listed on Annex A (as adjusted for any subsequent changes thereto
previously made in accordance with this sentence), together with a supplement to Annex A which shall correct all information contained therein for such Pledgor, and (ii) in connection with such change or changes, it shall have taken all action
reasonably requested by the Pledgee to maintain the security interests of the Pledgee in the Collateral intended to be granted hereby at all times fully perfected and in full force and effect. In addition, to the extent that any Pledgor does not
have an organizational identification number on the date hereof and later obtains one, such Pledgor shall promptly thereafter deliver a notification of the Pledgee of such organizational identification number and shall take all actions reasonably
satisfactory to the Pledgee to the extent necessary to maintain the security interest of the Pledgee in the Collateral intended to be granted hereby fully perfected and in full force and effect. 

18. PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC. The obligations of each Pledgor under this Agreement shall be absolute and unconditional and
shall remain in full force and effect without regard to, and shall not be released, suspended, discharged, terminated or otherwise affected by, any circumstance or occurrence whatsoever (other than termination of this Agreement pursuant to
Section 20 hereof), including, without limitation: 
 (i) any renewal, extension, amendment or modification
of, or addition or supplement to or deletion from any Secured Debt Agreement (other than this Agreement in accordance with its terms), or any other instrument or agreement referred to therein, or any assignment or transfer of any thereof;

 (ii) any waiver, consent, extension, indulgence or other action or inaction under or in respect of any such
agreement or instrument including, without limitation, this Agreement (other than a waiver, consent or extension with respect to this Agreement in accordance with its terms); 

(iii) any furnishing of any additional security to the Pledgee or its assignee or any acceptance thereof or any release of
any security by the Pledgee or its assignee; 
 (iv) any limitation on any party’s liability or obligations
under any such instrument or agreement or any invalidity or unenforceability, in whole or in part, of any such instrument or agreement or any term thereof; or 
 (v) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution, liquidation or other like proceeding relating to any Pledgor or any Subsidiary of any Pledgor, or any action taken
with respect to this Agreement by any trustee or 

  
 [Second Lien
Pledge Agreement] 

 
receiver, or by any court, in any such proceeding, whether or not such Pledgor shall have notice or knowledge of any of the foregoing. 

19. SALE OF COLLATERAL WITHOUT REGISTRATION. (a) If an Event of Default shall have occurred and be continuing and any Pledgor shall
have received from the Pledgee a written request or requests that such Pledgor cause any registration, qualification or compliance under any federal or state securities law or laws to be effected with respect to all or any part of the Collateral,
such Pledgor as soon as practicable and at its expense will use its best efforts to cause such registration to be effected (and be kept effective) and will use its best efforts to cause such qualification and compliance to be effected (and be kept
effective) as may be so requested and as would permit or facilitate the sale and distribution of such Collateral, including, without limitation, registration under the Securities Act, as then in effect (or any similar statute then in effect),
appropriate qualifications under applicable blue sky or other state securities laws and appropriate compliance with any other governmental requirements; provided, that the Pledgee shall furnish to such Pledgor such information regarding the
Pledgee as such Pledgor may request in writing and as shall be required in connection with any such registration, qualification or compliance. Each Pledgor will cause the Pledgee to be kept reasonably advised in writing as to the progress of each
such registration, qualification or compliance and as to the completion thereof, will furnish to the Pledgee such number of prospectuses, offering circulars and other documents incident thereto as the Pledgee from time to time may reasonably
request, and will indemnify, to the extent permitted by law, the Pledgee and all other Secured Creditors participating in the distribution of such Collateral against all claims, losses, damages and liabilities caused by any untrue statement (or
alleged untrue statement) of a material fact contained therein (or in any related registration statement, notification or the like) or by any omission (or alleged omission) to state therein (or in any related registration statement, notification or
the like) a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same may have been caused by an untrue statement or omission based upon information furnished in writing to
such Pledgor by the Pledgee or such other Secured Creditor expressly for use therein. 
 (b) If at any time when the Pledgee
shall determine to exercise its right to sell all or any part of the Collateral pursuant to Section 7 hereof, and such Collateral or the part thereof to be sold shall not, for any reason whatsoever, be effectively registered under the
Securities Act, as then in effect, the Pledgee may, in its sole and absolute discretion and in accordance with the applicable Intercreditor Agreement, sell such Collateral or part thereof by private sale in such manner and under such circumstances
as the Pledgee may deem necessary or advisable in order that such sale may legally be effected without such registration. Without limiting the generality of the foregoing, in any such event the Pledgee, in its sole and absolute discretion
(i) may proceed to make such private sale notwithstanding that a registration statement for the purpose of registering such Collateral or part thereof shall have been filed under such Securities Act, (ii) may approach and negotiate with a
single possible purchaser to effect such sale, and (iii) may restrict such sale to a purchaser who will represent and agree that such purchaser is purchasing for its own account, for investment, and not with a view to the distribution or sale
of such Collateral or part thereof. In the event of any such sale, the Pledgee shall incur no responsibility or liability for selling all or any part of the Collateral at a price which the Pledgee, in its sole and absolute discretion and in
accordance with the applicable Intercreditor Agreement, may in good faith deem reasonable under the circumstances, 

  
 [Second Lien
Pledge Agreement] 

 
notwithstanding the possibility that a substantially higher price might be realized if the sale were deferred until the registration as aforesaid. 

20. TERMINATION; RELEASE. (a) On the Termination Date, this Agreement shall terminate (provided that all indemnities set forth
herein including, without limitation, in Section 11 hereof shall survive any such termination) and the Pledgee, at the request and expense of such Pledgor, will execute and deliver to such Pledgor a proper instrument or instruments (including
UCC termination statements) acknowledging the satisfaction and termination of this Agreement (including, without limitation, UCC termination statements and instruments of satisfaction, discharge and/or reconveyance), and will duly release from the
security interest created hereby and assign, transfer and deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as may be in the possession of the Pledgee and as has not theretofore been sold or
otherwise applied or released pursuant to this Agreement, together with any moneys at the time held by the Pledgee or any of its sub-agents hereunder and, with respect to any Collateral consisting of an Uncertificated Security, a Partnership
Interest or a Limited Liability Company Interest (other than an Uncertificated Security, Partnership Interest or Limited Liability Company Interest credited on the books of a Clearing Corporation or Securities Intermediary), a termination of the
agreement relating thereto executed and delivered by the issuer of such Uncertificated Security pursuant to Section 3.2(a)(ii) or by the respective partnership or limited liability company pursuant to Section 3.2(a)(iv)(2). As used in this
Agreement, “Termination Date” shall mean the date upon which the Loan Agreement shall have been terminated and no Note is outstanding (and all Loans have been paid in full in cash), and all other Obligations (other than indemnities
described in Section 11 hereof and described in Section 13.01 of the Loan Agreement, in each case which are not then due and payable) then due and payable have been paid in full. 

(b) In the event that any part of the Collateral is sold or otherwise disposed of (to a Person other than a Credit Party)
(I) (x) at any time prior to the Termination Date, in connection with a sale or disposition permitted by Section 10.02 of the Loan Agreement or is otherwise released at the direction of the Required Lenders (or such other Lenders (or
number or percentage thereof) as shall be necessary under Section 13.12(a) of the Loan Agreement) or (y) at any time thereafter, to the extent permitted by the other Secured Debt Agreements, and in the case of clauses (x) and (y), the
proceeds of such sale or disposition (or from such release) are applied in accordance with the terms of the Loan Agreement or such other Secured Debt Agreement, as the case may be, to the extent required to be so applied, or (II) pursuant to a
Joint-Venture Transaction in accordance with the terms of the Loan Agreement, the Pledgee, at the request and expense of such Pledgor, will duly release from the security interest created hereby, or in the case of a Joint-Venture Transaction, the
security interests created hereby shall be automatically released (and, in each case, will execute and deliver such documentation, including termination or partial release statements and the like in connection therewith) and assign, transfer and
deliver to such Pledgor (without recourse and without any representation or warranty) such of the Collateral as is then being (or has been) so sold or released and as may be in the possession of the Pledgee (or, in the case of Collateral held by any
sub-agent designated pursuant to Section 4 hereto, such sub-agent) and has not theretofore been released pursuant to this Agreement. 

  
 [Second Lien
Pledge Agreement] 

 (c) At any time that any Pledgor desires that Collateral be released as provided in the
foregoing Section 20(a) or (b), it shall deliver to the Pledgee (and the relevant sub-agent, if any, designated pursuant to Section 4 hereof) a certificate signed by an Authorized Officer of such Pledgor stating that the release of the
respective Collateral is permitted pursuant to Section 20(a) or (b) hereof. If reasonably requested by the Pledgee (although the Pledgee shall have no obligation to make any such request), the relevant Pledgor shall furnish appropriate
legal opinions (from counsel, reasonably acceptable to the Pledgee) to the effect set forth in the immediately preceding sentence. 
 (d) Upon the occurrence of the Termination Date, the Pledgors shall be automatically released from this Agreement and all security interests created hereunder shall be released automatically without
further action on the part of the Pledgee and this Agreement shall, as to each Pledgor, terminate, and have no further force or effect (provided that all indemnitees set forth herein, including, without limitation, in Section 11 hereof shall
survive any such termination). 
 (e) The Pledgee shall have no liability whatsoever to any other Secured Creditor as the result
of any release of Collateral by it in accordance with (or which the Pledgee in good faith believes to be in accordance with) this Section 20. 
 21. NOTICES, ETC. Except as otherwise specified herein, all notices, requests, demands or other communications to or upon the respective parties hereto shall be sent or delivered by mail, telegraph,
telex, telecopy, cable or courier service and all such notices and communications shall, when mailed, telegraphed, telexed, telecopied, or cabled or sent by courier, be effective when deposited in the mails, delivered to the telegraph company, cable
company or overnight courier, as the case may be, or sent by telex or telecopier, except that notices and communications to the Pledgee or any Pledgor shall not be effective until received by the Pledgee or such Pledgor, as the case may be. All
notices and other communications shall be in writing and addressed as follows: 
  

	 	(a)	if to any Pledgor, at its address set forth opposite its signature below; 

  

	 	(b)	if to the Pledgee, at: 

Wilmington Trust, N.A. 
 50 South Sixth Street, Suite 1290 
 Minneapolis, MN 55402 

Attn: Josh James 
 Tel.: (612) 217-5637 
 Fax: (612) 217-5651 

Email: jjames@WilmingtonTrust.com 
 (c) if to any Secured Creditor, either (x) to the Administrative Agent, at the address of the Administrative Agent specified in the Loan Agreement, or (y) at such address as such Secured
Creditor shall have specified in the Loan Agreement; 

  
 [Second Lien
Pledge Agreement] 

 or at such other address or addressed to such other individual as shall have been furnished in writing by
any Person described above to the party required to give notice hereunder. 
 22. WAIVER; AMENDMENT. Except as provided in
Sections 30 and 32 hereof, none of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever unless in writing duly signed by each Pledgor directly affected thereby (it being understood that the
addition or release of any Pledgor hereunder shall not constitute a change, waiver, discharge or termination affecting any Pledgor other than the Pledgor so added or released) and the Pledgee (with the written consent of the Required Secured
Creditors). 
 23. SUCCESSORS AND ASSIGNS. This Agreement shall create a continuing security interest in the Collateral and
shall (i) remain in full force and effect, subject to release and/or termination as set forth in Section 20 hereof, (ii) be binding upon each Pledgor, its successors and assigns; provided, however, that no Pledgor shall
assign any of its rights or obligations hereunder without the prior written consent of the Pledgee (with the prior written consent of the Required Secured Creditors), and (iii) inure, together with the rights and remedies of the Pledgee
hereunder, to the benefit of the Pledgee, the other Secured Creditors and their respective successors, transferees and assigns. All agreements, statements, representations and warranties made by each Pledgor herein or in any certificate or other
instrument delivered by such Pledgor or on its behalf under this Agreement shall be considered to have been relied upon by the Secured Creditors and shall survive the execution and delivery of this Agreement, the Intercreditor Agreements and the
other Secured Debt Agreements regardless of any investigation made by the Secured Creditors or on their behalf. 
 24. HEADINGS
DESCRIPTIVE. The headings of the several Sections of this Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Agreement. 

25. GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS
OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE INTERNAL LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER
CREDIT DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH
PLEDGOR HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PLEDGOR HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK
PERSONAL JURISDICTION OVER SUCH PLEDGOR, AND AGREES NOT TO PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS PERSONAL
JURISDICTION OVER SUCH PLEDGOR. EACH 

  
 [Second Lien
Pledge Agreement] 

 
PLEDGOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED
MAIL, POSTAGE PREPAID, TO ANY SUCH PLEDGOR AT ITS ADDRESS FOR NOTICES AS PROVIDED IN SECTION 21 ABOVE, SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. EACH PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION TO SUCH SERVICE OF PROCESS AND
FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY ACTION OR PROCEEDING COMMENCED HEREUNDER OR UNDER ANY OTHER CREDIT DOCUMENT THAT SUCH SERVICE OF PROCESS WAS IN ANY WAY INVALID OR INEFFECTIVE. NOTHING HEREIN SHALL AFFECT THE RIGHT
OF THE PLEDGEE UNDER THIS AGREEMENT, OR ANY SECURED CREDITOR, TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY PLEDGOR IN ANY OTHER JURISDICTION. 

(b) EACH PLEDGOR HEREBY IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE
AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN CLAUSE (a) ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN
ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (c)
EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY. 
 26. PLEDGOR’S DUTIES. It is expressly agreed, anything herein contained to the contrary notwithstanding,
that each Pledgor shall remain liable to perform all of the obligations, if any, assumed by it with respect to the Collateral and the Pledgee shall not have any obligations or liabilities with respect to any Collateral by reason of or arising out of
this Agreement, except for the safekeeping of Collateral actually in Pledgor’s possession, nor shall the Pledgee be required or obligated in any manner to perform or fulfill any of the obligations of any Pledgor under or with respect to any
Collateral. 
 27. COUNTERPARTS. This Agreement may be executed in any number of counterparts and by the different parties
hereto on separate counterparts, each of which when so executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A set of counterparts executed by all the parties hereto shall be lodged with
each Pledgor and the Pledgee. 

  
 [Second Lien
Pledge Agreement] 

 28. SEVERABILITY. Any provision of this Agreement which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 29. RECOURSE. This Agreement is made with full
recourse to each Pledgor and pursuant to and upon all the representations, warranties, covenants and agreements on the part of such Pledgor contained herein, in the Lee Intercreditor Agreement or the Pulitzer Intercreditor Agreement, as applicable,
and in the other Secured Debt Agreements and otherwise in writing in connection herewith or therewith. 
 30. ADDITIONAL
PLEDGORS. It is understood and agreed that any Subsidiary of the Borrower that is required to become a party to this Agreement after the date hereof pursuant to the requirements of the Loan Agreement, any Intercreditor Agreement or any other Secured
Debt Agreement, shall become a Pledgor hereunder by (x) executing a counterpart hereof and delivering same to the Pledgee or executing a joinder agreement and delivering same to the Pledgee, in each case as may be required by (and in form and
substance satisfactory to) the Pledgee, (y) delivering supplements to Annexes A through F, hereto as are necessary to cause such annexes to be complete and accurate with respect to such additional Pledgor on such date and (z) taking all
actions as specified in this Agreement as would have been taken by such Pledgor had it been an original party to this Agreement, in each case with all documents required above to be delivered to the Pledgee and with all documents and actions
required above to be taken to the reasonable satisfaction of the Pledgee. 
 31. LIMITED OBLIGATIONS. It is the desire and
intent of each Pledgor and the Secured Creditors that this Agreement shall be enforced against each Pledgor to the fullest extent permissible under the laws applied in each jurisdiction in which enforcement is sought. Notwithstanding anything to the
contrary contained herein, in furtherance of the foregoing, it is noted that the obligations of each Pledgor constituting a Subsidiary Guarantor have been limited as provided in the Subsidiaries Guaranty. 

32. RELEASE OF PLEDGORS. If at any time all of the Equity Interests of any Pledgor owned by the Borrower or any of its Subsidiaries are
sold (to a Person other than a Credit Party) in a transaction permitted pursuant to the Loan Agreement (and which does not violate the terms of any other Secured Debt Agreement then in effect), then, such Pledgor shall be released as a Pledgor
pursuant to this Agreement without any further action hereunder (it being understood that the sale of all of the Equity Interests in any Person that owns, directly or indirectly, all of the Equity Interests in any Pledgor shall be deemed to be a
sale of all of the Equity Interests in such Pledgor for purposes of this Section), and the Pledgee is authorized and directed to execute and deliver such instruments of release as are reasonably satisfactory to it. At any time that the Borrower
desires that a Pledgor be released from this Agreement as provided in this Section 32, the Borrower shall deliver to the Pledgee a certificate signed by an Authorized Officer of the Borrower stating that the release of such Pledgor is permitted
pursuant to this Section 32. If requested by Pledgee (although the Pledgee shall have no obligation to make any such request), the Borrower shall furnish legal opinions (from counsel acceptable to the Pledgee) to the effect set forth in the
immediately preceding sentence. The Pledgee shall have no liability 

  
 [Second Lien
Pledge Agreement] 

 
whatsoever to any other Secured Creditor as a result of the release of any Pledgor by it in accordance with, or which it believes in good faith to be in accordance with, this Section 32.

 33. INTERCREDITOR AGREEMENTS. Notwithstanding anything herein to the contrary, the exercise of any right or remedy by the
Pledgee hereunder in respect of Common Collateral (as defined in the Lee Intercreditor Agreement) or Common Collateral (as defined in the Pulitzer Intercreditor Agreement) shall be subject to the provisions of the Lee Intercreditor Agreement and the
Pulitzer Intercreditor Agreement, respectively. In the event of any conflict between the terms of the Lee Intercreditor Agreement (with respect to Common Collateral (as defined therein)) or the Pulitzer Intercreditor Agreement (with respect to
Common Collateral (as defined therein)) and this Agreement, the terms of the Lee First Lien Intercreditor Agreement or the Pulitzer Intercreditor Agreement, as applicable, shall govern and control. 

* * * * 

  
 [Second Lien
Pledge Agreement] 

 IN WITNESS WHEREOF, each Pledgor and the Pledgee have caused this Agreement to be executed
by their duly elected officers duly authorized as of the date first above written. Address: 
  

									
	201 North Harrison Street, Suite 600	 		 	LEE ENTERPRISES, INCORPORATED,
	Davenport, Iowa 52801	 		 	as a Pledgor
	Attention: Chief Financial Officer	 		 		 	
	Tel: (563) 383-2179	 		 	By:	 	 
	Fax: (563) 327-2600	 		 		 	Title:
				
	c/o Lee Enterprises, Incorporated	 		 		 	
	201 North Harrison Street, Suite 600	 		 		 	
	Davenport, Iowa 52801	 		 		 	
	Attention: Chief Financial Officer	 		 		 	
	Tel: (563) 383-2179	 		 		 	
	Fax: (563) 327-2600	 		 		 	

  
 [Signature
page to Second Lien Pledge Agreement] 

  

					
	ST. LOUIS POST-DISPATCH LLC
		
	By:	 	Pulitzer Inc., Managing Member
			
		 	By:	 	 
		 	Name:	 	Carl G. Schmidt
		 	Title:	 	Treasurer
	
	Address for Notices:
	St. Louis Post-Dispatch LLC
	201 N. Harrison Street, Suite 600
	Davenport, IA 52801
	Attention: Vice President, Chief Financial Officer and Treasurer
	Telephone: 563-383-2179
	Facsimile: 563-328-4322
	Email: carl.schmidt@lee.net
	
	With copy to: Lane & Waterman LLP
		 		 	    220 N. Main St., Suite 600
		 		 	    Davenport, IA 52801
		 		 	    Attention: C. D. Waterman III
		 		 	    Telephone: 563-333-6608
		 		 	    Facsimile:  563-324-1616
		 		 	    Email:        dwaterman@l-wlaw.com

  
 [Signature
page to Second Lien Pledge Agreement] 

  

			
	PULITZER INC.
		
	By:	 	 
	Name:	 	Carl G. Schmidt
	Title:	 	Treasurer
	
	Address for Notices:
	Pulitzer Inc.
	201 N. Harrison Street, Suite 600
	Davenport, IA 52801
	Attention: Vice President, Chief Financial Officer and Treasurer
	Telephone: 563-383-2179
	Facsimile: 563-328-4322
	Email: carl.schmidt@lee.net

 
			
		
	With copy to:	 	Lane & Waterman LLP
		 	220 N. Main St., Suite 600
		 	Davenport, IA 52801
		 	Attention: C. D. Waterman III
		 	Telephone: 563-333-6608
		 	Facsimile: 563-324-1616
		 	Email: dwaterman@l-wlaw.com

  
 [Second Lien
Pledge Agreement] 

  

			
	ACCUDATA, INC.
	FLAGSTAFF PUBLISHING CO.
	HANFORD SENTINEL INC.
	INN PARTNERS, L.C.
	JOURNAL-STAR PRINTING CO.
	K. FALLS BASIN PUBLISHING, INC.
	KAUAI PUBLISHING CO.
	LEE CONSOLIDATED HOLDINGS CO.
	LEE PROCUREMENT SOLUTIONS CO.
	LEE PUBLICATIONS, INC.
	NAPA VALLEY PUBLISHING CO.
	NIPC, INC.
	NORTHERN LAKES PUBLISHING CO.
	PANTAGRAPH PUBLISHING CO.
	PULITZER MISSOURI NEWSPAPERS, INC.
	PULITZER NEWSPAPERS, INC.
	PULITZER TECHNOLOGIES, INC.
	PULITZER UTAH NEWSPAPERS, INC.
	SANTA MARIA TIMES, INC.
	SIOUX CITY NEWSPAPERS, INC.
	SOUTHWESTERN OREGON PUBLISHING     CO.
	STAR PUBLISHING COMPANY
	YNEZ CORPORATION
		
	By:	 	 
	Name:	 	C. D. Waterman III
	Title:	 	Secretary

  
 [Second Lien
Pledge Agreement] 

  

					
	FAIRGROVE LLC
		
	By:	 	 ST. LOUIS POST-DISPATCH LLC,
 Managing Member

		 		 	
			
		 	By:	 	 
		 	Name:	 	C. D. Waterman III
		 	Title:	 	Secretary

  

					
	NVPC LLC
		
	By:	 	 NAPA VALLEY PUBLISHING CO.,
 Managing Member

		 		 	
			
		 	By:	 	 
		 	Name:	 	C. D. Waterman III
		 	Title:	 	Secretary

  

					
	 STL DISTRIBUTION SERVICES LLC
 SUBURBAN JOURNALS OF GREATER ST.
     LOUIS LLC

PULITZER NETWORK SYSTEMS LLC

		
	By:	 	 PULITZER INC.,

Managing Member

		 		 	
			
		 	By:	 	 
		 	Name:	 	C. D. Waterman III
		 	Title:	 	Secretary

  

					
	 HOMECHOICE, LLC
 SHTP LLC

		
	By:	 	 PULITZER NEWSPAPERS, INC.,
 Managing Member

		 		 	
			
		 	By:	 	 
		 	Name:	 	C. D. Waterman III
		 	Title:	 	Secretary

  
 [Second Lien
Pledge Agreement] 

  

					
	SOPC LLC
		
	By:	 	SOUTHWESTERN OREGON PUBLISHING CO., Managing Member
			
		 	By:	 	 
		 	Name:	 	C. D. Waterman III
		 	Title:	 	Secretary

  

					
	NLPC LLC
		
	By:	 	NORTHERN LAKES PUBLISHING CO., Managing Member
			
		 	By:	 	 
		 	Name:	 	C. D. Waterman III
		 	Title:	 	Secretary

  

					
	HSTAR LLC
		
	By:	 	 PANTAGRAPH PUBLISHING CO.,
 Managing Member

			
		 	By:	 	 
		 	Name:	 	C. D. Waterman III
		 	Title:	 	Secretary

  

					
	 Address for Notices:
 c/o Pulitzer Inc.
 201 N. Harrison Street, Suite 600

Davenport, IA 52801
 Attention: Vice President, Chief Financial Officer
and Treasurer
 Telephone:
563-383-2179
 Facsimile: 563-328-4322

Email: dwaterman@l-wlaw.com

  

					
	With copy to:	 	 Lane & Waterman LLP

220 N. Main St., Suite 600
 Davenport, IA
52801
 Attention: C. D. Waterman III

Telephone: 563-333-6608
 Facsimile:
563-324-1616
 Email: dwaterman@l-wlaw.com

  
 [Signature
page to Second Lien Pledge Agreement] 

  

			
	 Accepted and Agreed to:
  

WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Collateral Agent and Pledgee

		
	By:	 	 
		 	Title:

  
 [Signature
page to Second Lien Pledge Agreement] 

 ANNEX A 
 to 
 PLEDGE AGREEMENT 

SCHEDULE OF LEGAL NAMES, TYPE OF ORGANIZATION 
 (AND WHETHER A REGISTERED ORGANIZATION AND/OR 
 A TRANSMITTING UTILITY),
JURISDICTION OF ORGANIZATION, 
 LOCATION AND ORGANIZATIONAL IDENTIFICATION NUMBERS 

 

																			
	 Exact Legal
Name of Each
Pledgor
	  	Type of
Organization
(or, if the
Pledgor is an
Individual, so
indicate)	 	Registered
Organization
(Yes/No)	  	Jurisdiction
of
Organization	  	 Pledgor’s Location
(for purposes of NY
UCC
§ 9-307)
	  	Pledgor’s
Organization
Identification
Number (or,
if it has
none, so
indicate)	  	Pledgor’s
Federal
Employer
Identification
Number (or,
if it has
none,
so
indicate)	 	 	

Transmitting
Utility?
(Yes/No)	 
	 Lee Enterprises, Incorporated
	  	Corporation	 	Yes	  	Delaware	  	201 N. Harrison St. Ste. 600, Davenport, IA 52801	  	0441410	  	 	[redacted]	  	 	 	No	  
								
	 Journal-Star Printing Co.
	  	Corporation	 	Yes	  	Nebraska	  	926 P Street, Lincoln, NE 68501	  	1367163	  	 
	[redacted]
	  
	 	 	No	  
								
	 Accudata, Inc.
	  	Corporation	 	Yes	  	Iowa	  	201 N. Harrison St. Ste. 600, Davenport, IA 52801	  	152599	  	 
	[redacted]
	  
	 	 	No	  
								
	 INN PARTNERS, L.C.
	  	Limited
Liability
Company	 	Yes	  	Iowa	  	1510 47th Ave., Moline, IL 61265	  	190119	  	 
	[redacted]
	  
	 	 	No	  

 Annex A 
 Page 2 
  

																			
	 Exact Legal
Name of Each
Pledgor
	  	Type of
Organization
(or, if the
Pledgor is an
Individual, so
indicate)	 	Registered
Organization
(Yes/No)	  	Jurisdiction of
Organization	  	 Pledgor’s Location
(for purposes of NY
UCC
§ 9-307)
	  	Pledgor’s
Organization
Identification
Number (or,
if it has none,
so indicate)	  	Pledgor’s
Federal
Employer
Identification
Number (or,
if it has
none,
so
indicate)	 	 	

Transmitting
Utility?
(Yes/No)	 
	 K. Falls Basin Publishing, Inc.
	  	Corporation	 	Yes	  	Oregon	  	201 N. Harrison St. Ste. 600, Davenport, IA 52801	  	165730-16	  	 
	[redacted]
	  
	 	 	No	  
								
	 Lee Consolidated Holdings Co.
	  	Corporation	 	Yes	  	South Dakota	  	 507 Main Street, Rapid City, SD
 57709
	  	DB029424	  	 
	[redacted]
	  
	 	 	No	  
								
	 Lee Publications, Inc.
	  	Corporation	 	Yes	  	Delaware	  	201 N. Harrison St. Ste. 600, Davenport, IA 52801	  	0786047	  	 
	[redacted]
	  
	 	 	No	  
								
	 Lee Procurement Solutions Co.
	  	Corporation	 	Yes	  	Iowa	  	201 N. Harrison St. Ste. 600, Davenport, IA 52801	  	24577	  	 
	[redacted]
	  
	 	 	No	  
								
	 Sioux City Newspapers, Inc.
	  	Corporation	 	Yes	  	Iowa	  	515 Pavonia Street, Sioux City, IA 51102	  	37516	  	 
	[redacted]
	  
	 	 	No	  
								
	 Pulitzer Inc.
	  	Corporation	 	Yes	  	Delaware	  	900 N. Tucker Blvd., St. Louis, MO 63101-1099	  	2900072	  	 
	[redacted]
	  
	 	 	No	  

 Annex A 
 Page 3 
  

																			
	 Exact Legal
Name of Each
Pledgor
	  	Type of
Organization
(or, if the
Pledgor is an
Individual, so
indicate)	 	Registered
Organization
(Yes/No)	  	Jurisdiction of
Organization	  	 Pledgor’s Location
(for purposes of NY
UCC
§ 9-307)
	  	Pledgor’s
Organization
Identification
Number (or,
if it has none,
so indicate)	  	Pledgor’s
Federal
Employer
Identification
Number (or,
if it has
none,
so
indicate)	 	 	

Transmitting
Utility?
(Yes/No)	 
	 Pulitzer Technologies, Inc.
	  	Corporation	 	Yes	  	Delaware	  	900 N. Tucker Blvd., St. Louis, MO 63101-1099	  	3219438	  	 	[redacted]	  	 	 	No	  
								
	 St. Louis Post-Dispatch LLC
	  	Limited
Liability
Company	 	Yes	  	Delaware	  	900 N. Tucker Blvd., St. Louis, MO 63101-1099	  	3211374	  	 
	[redacted]
	  
	 	 	No	  
								
	 Pulitzer Newspapers, Inc.
	  	Corporation	 	Yes	  	Delaware	  	900 N. Tucker Blvd., St. Louis, MO 63101-1099	  	0317323	  	 
	[redacted]
	  
	 	 	No	  
								
	 Napa Valley Publishing Co.
	  	Corporation	 	Yes	  	Washington	  	1615 2nd Street, Napa, CA 94559	  	601114867	  	 
	[redacted]
	  
	 	 	No	  
								
	 Northern Lakes Publishing Co.
	  	Corporation	 	Yes	  	Delaware	  	 201 N. Harrison St. Ste. 600,
 Davenport, IA 52801
	  	2618270	  	 
	[redacted]
	  
	 	 	No	  
								
	 Pantagraph Publishing Co.
	  	Corporation	 	Yes	  	Delaware	  	301 W. Washington St., Bloomington, IL 61702	  	2062509	  	 
	[redacted]
	  
	 	 	No	  
								
	 Southwestern Oregon Publishing Co.
	  	Corporation	 	Yes	  	Oregon	  	350 Commercial Ave., Coos Bay, OR 97420	  	101998-18	  	 
	[redacted]
	  
	 	 	No	  

 ANNEX B 
 to 
 PLEDGE AGREEMENT 

SCHEDULE OF SUBSIDIARIES 
  

							
	 Subsidiary Name
	  	 Percentage Ownership &
Ownership
Position
	  	 Type of Equity

Interest
	  	 State of

Incorporation/
 Organization

				
	Journal-Star Printing Co.	  	100% wholly-owned subsidiary of Lee Enterprises, Incorporated	  	Common Stock	  	Nebraska
				
	Accudata, Inc.	  	100% wholly-owned subsidiary of Lee Enterprises, Incorporated	  	Common Stock	  	Iowa
				
	INN Partners, L.C.	  	82.46% subsidiary of Accudata, Inc.1	  	Percentage Membership Interest	  	Iowa
				
	K. Falls Basin Publishing, Inc. (Inactive)	  	100% wholly-owned subsidiary of Lee Enterprises, Incorporated	  	Common Stock	  	Oregon
				
	Lee Consolidated Holdings Co.	  	100% wholly-owned subsidiary of Lee Enterprises, Incorporated	  	Common Stock	  	South Dakota
				
	Lee Publications, Inc.	  	100% wholly-owned subsidiary of Lee Enterprises, Incorporated	  	 Class A Common Stock
 Class B
Common Stock
	  	Delaware
				
	Lee Procurement Solutions Co.	  	100% wholly-owned subsidiary of Lee Publications, Inc.	  	Common Stock	  	Iowa
				
	Sioux City Newspapers, Inc.	  	100% wholly-owned subsidiary of Lee Publications, Inc.	  	 Class A Common Stock
 Class B
Common Stock
	  	Iowa
				
	Pulitzer Inc.	  	100% wholly-owned subsidiary of Lee Publications, Inc.	  	 Common Stock and
 Class B
Common Preferred Stock
	  	Delaware
				
	Pulitzer Technologies, Inc.	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Common Stock	  	Delaware

  

	1 	 Remaining equity held by non-affiliate individuals. 

 Annex B 
 Page 2 
  

							
	 Subsidiary Name
	  	 Percentage Ownership &
Ownership
Position
	  	 Type of Equity

Interest
	  	 State of

Incorporation/
 Organization

				
	St. Louis Post-Dispatch LLC	  	98.95% subsidiary of Pulitzer Inc.; 1.05% subsidiary of Pulitzer Technologies, Inc.	  	Percentage Membership Interest	  	Delaware
				
	Fairgrove LLC	  	100% wholly-owned subsidiary of St. Louis Post-Dispatch LLC	  	Percentage Membership Interest	  	Delaware
				
	STL Distribution Services LLC	  	98.95% subsidiary of Pulitzer Inc.; 1.05% subsidiary of Pulitzer Technologies, Inc.	  	Percentage Membership Interest	  	Delaware
				
	Star Publishing Company	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Common Stock	  	Arizona
				
	Suburban Journals of Greater St. Louis LLC	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Percentage Membership Interest	  	Delaware
				
	Pulitzer Network Systems LLC	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Percentage Membership Interest	  	Delaware
				
	Pulitzer Newspapers, Inc.	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Common Stock	  	Delaware
				
	Flagstaff Publishing Co.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Washington
				
	Hanford Sentinel Inc.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Washington
				
	HomeChoice, LLC	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Percentage Membership Interest	  	Utah
				
	Kauai Publishing Co.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Delaware
				
	Napa Valley Publishing Co.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Washington
				
	NVPC LLC	  	100% wholly-owned subsidiary of Napa Valley Publishing Co.	  	Percentage Membership Interest	  	Delaware
				
	NIPC, Inc. f/k/a Northern
Illinois Publishing Co., Inc.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Delaware

 Annex B 
 Page 3 
  

							
	 Subsidiary Name
	  	 Percentage Ownership &
Ownership
Position
	  	 Type of Equity

Interest
	  	 State of

Incorporation/
 Organization

				
	Northern Lakes Publishing Co.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Delaware
				
	NLPC LLC	  	100% wholly-owned subsidiary of Northern Lakes Publishing Co.	  	Percentage Membership Interest	  	Delaware
				
	Pantagraph Publishing Co.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Delaware
				
	HSTAR LLC	  	100% wholly-owned subsidiary of Pantagraph Publishing Co.	  	Percentage Membership Interest	  	Delaware
				
	Pulitzer Missouri Newspapers, Inc.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Delaware
				
	Pulitzer Utah Newspapers, Inc. (Inactive)	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Delaware
				
	Santa Maria Times, Inc.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Nevada
				
	SHTP LLC	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Percentage Membership Interest	  	Delaware
				
	Southwestern Oregon Publishing Co.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Oregon
				
	SOPC LLC	  	100% wholly-owned subsidiary of Southwestern Oregon Publishing Co.	  	Percentage Membership Interest	  	Delaware
				
	Ynez Corporation	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	California

 ANNEX C 
 to 
 PLEDGE AGREEMENT 

SCHEDULE OF STOCK 
  

	1.	Lee Enterprises, Incorporated 

  

																			
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	 	  	Certificate
No.	 	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement	 
	 Journal-Star Printing Co.
	  	Common	  	 	1,000	  	  	 	2	  	  	 	100	% 	 	 	(i	) 
	 Accudata, Inc.
	  	Common	  	 	1,000	  	  	 	1	  	  	 	100	% 	 	 	(i	) 
	 K. Falls Basin Publishing, Inc.
	  	Common	  	 	666 2/3	  	  	 	7	  	  	 	100	% 	 	 	(i	) 
	 Lee Consolidated Holdings Co.
	  	Common	  	 	250	  	  	 	1	  	  	 	100	% 	 	 	(i	) 
	 Lee Publications, Inc.
	  	Class A
Common;	  	 	157,149;	  	  	 	1091;	  	  	 	100	% 	 	 	(i	) 
		  	Class B
Common	  	  
	 17,415
	   
	  	  
	 27
	   
	  				 			

  

	2.	Journal-Star Printing Co. 

  

											
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
	 None
	  		  		  		  		  	

 Annex C 
 page 2 
  

	3.	Accudata, Inc. 

  

											
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
	 None
	  		  		  		  		  	

  

	4.	INN Partners, L.C. 

  

															
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	 	  	Certificate
No.	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement	 
	 RealMatch, LTD.
	  	Common	  	 	184,236	  	  	Not
Indicated	  	Unknown	  	 	(i	) 
		  		  				  		  	(Less than
50%)	  			
	 RealMatch, LTD.
	  	Common	  	 	27,778	  	  	Not
Indicated	  	Unknown	  	 	(i	) 
		  		  				  		  	(Less than
50%)	  			

  

	5.	K. Falls Basin Publishing, Inc. 

  

											
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
	 None
	  		  		  		  		  	

 Annex C 
 page 3 
  

	6.	Lee Consolidated Holdings Co. 

  

											
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
	 None
	  		  		  		  		  	

  

	7.	Lee Publications, Inc. 

  

																	
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	 	  	Certificate
No.	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement	 
	 Lee Procurement Solutions Co.
	  	Common	  	 	50,000	  	  	5	  	 	100	% 	 	 	(i	) 
	 Sioux City Newspapers, Inc.
	  	Class A
Common;	  	 	7272;	  	  	16 & 17	  	 	100	% 	 	 	(i	) 
		  	Class B
Common	  	 	7575	  	  	8 & 9	  	 	100	% 	 			
	 Pulitzer Inc.
	  	Common	  	 	1,000	  	  	3	  	 	100	% 	 	 	(i	) 

  

	8.	Lee Procurement Solutions Co. 

  

											
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
	 None
	  		  		  		  		  	

  

	9.	Sioux City Newspapers, Inc. 

  

											
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	  	Certificate
No.	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge
Agreement
	 None
	  		  		  		  		  	

 Annex C 
 page 4 
  

	10.	Pulitzer Inc. 

  

																			
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	 	  	Certificate
No.	 	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement	 
	 Pulitzer Technologies, Inc.
	  	Common	  	 	500	  	  	 	1	  	  	 	100	% 	 	 	(i	) 
	 Pulitzer Newspapers, Inc.
	  	Common	  	 	9.3	  	  	 	1	  	  	 	100	% 	 	 	(i	) 
	 Star Publishing Company
	  	Common	  	 	50,120	  	  	 	10	  	  	 	100	% 	 	 	(i	) 

  

	11.	Pulitzer Newspapers, Inc. 

  

																			
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	 	  	Certificate
No.	 	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement	 
	 Flagstaff Publishing Co.
	  	Common	  	 	1,875	  	  	 	19	  	  	 	100	% 	 	 	(i	) 
	 Hanford Sentinel Inc.
	  	Common	  	 	4,200	  	  	 	23	  	  	 	100	% 	 	 	(i	) 
	 Kauai Publishing Co.
	  	Common	  	 	4,300	  	  	 	3	  	  	 	100	% 	 	 	(i	) 
	 NIPC, Inc.
	  	Common	  	 	797	  	  	 	3	  	  	 	100	% 	 	 	(i	) 
	 Santa Maria Times, Inc.
	  	Common	  	 	4,950	  	  	 	13	  	  	 	100	% 	 	 	(i	) 
	 Ynez Corporation
	  	Common	  	 	90	  	  	 	1	  	  	 	100	% 	 	 	(i	) 
	 Pulitzer Utah Newspapers, Inc.
	  	Common	  	 	100	  	  	 	1	  	  	 	100	% 	 	 	(i	) 
	 Napa Valley Publishing Co.
	  	Common	  	 	8,000	  	  	 	29	  	  	 	100	% 	 	 	(i	) 
	 Northern Lakes Publishing Co.
	  	Common	  	 	2,300	  	  	 	3	  	  	 	100	% 	 	 	(i	) 
	 Pantagraph Publishing Co.
	  	Common	  	 	100	  	  	 	4	  	  	 	100	% 	 	 	(i	) 

 Annex C 
 page 5 
  

																			
	 Name of Issuing Corporation
	  	Type of
Shares	  	Number of
Shares	 	  	Certificate
No.	 	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of Pledge
Agreement	 
	 Southwestern Oregon Publishing Co.
	  	Common	  	 	11,960	  	  	 	14	  	  	 	100	% 	 	 	(i	) 
	 Pulitzer Missouri Newspapers, Inc.
	  	Common	  	 	48,504	  	  	 	4	  	  	 	100	% 	 	 	(i	) 

 ANNEX D 
 to 
 PLEDGE AGREEMENT 

SCHEDULE OF LIMITED LIABILITY COMPANY INTERESTS 
  

	1.	Lee Enterprises, Incorporated 

  

							
	 Name of
 Issuing Limited
Liability Company
	  	Type of
Interest	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge 
Agreement
	 None
	  		  		  	

  

	2.	Journal-Star Printing Co. 

  

							
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge 
Agreement
	 None
	  		  		  	

  

	3.	Accudata, Inc 

  

													
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	 	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of 
Pledge Agreement	 
	 Inn Partners, L.C.
	  	 	LLC	  	  	 	82.46	% 	 	 	(iv	) 
	 Community Distribution Partners, LLC
	  	 	LLC	  	  	 	50	% 	 	 	(iv	) 

 Annex D 
 Page 2 
  

	4.	INN Partners, L.C. 

  

							
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge 
Agreement
	 None
	  		  		  	

  

	5.	K. Falls Basin Publishing Inc. 

  

							
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge 
Agreement
	 None
	  		  		  	

  

	6.	Lee Consolidated Holdings Co. 

  

							
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge 
Agreement
	 None
	  		  		  	

  

	7.	Lee Publications, Inc. 

  

							
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge 
Agreement
	 None
	  		  		  	

 Annex D 
 Page 3 
  

	8.	Lee Procurements Solutions Co. 

  

							
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge 
Agreement
	 None
	  		  		  	

  

	9.	Sioux City Newspapers, Inc. 

  

							
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	  	Percentage
Owned	  	Sub-clause of
Section 3.2(a)
of Pledge 
Agreement
	 None
	  		  		  	

  

	10.	Pulitzer Inc. Inc. 

  

													
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	 	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of 
Pledge Agreement	 
	 St. Louis Post-Dispatch LLC
	  	 	LLC	  	  	 	100	% 	 	 	(iv	) 
	 STL Distribution Services LLC
	  	 	LLC	  	  	 	100	% 	 	 	(iv	) 
	 Suburban Journals of Greater St. Louis LLC
	  	 	LLC	  	  	 	100	% 	 	 	(iv	) 
	 Pulitzer Network Systems LLC
	  	 	LLC	  	  	 	100	% 	 	 	(iv	) 
	 Media Brands, L.L.C.
	  	 	LLC	  	  	 	100	% 	 	 	(iv	) 

 Annex D 
 Page 4 
  

	11.	Pulitzer Newspapers, Inc. 

  

													
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	 	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of 
Pledge Agreement	 
	 SHTP LLC
	  	 	LLC	  	  	 	100	% 	 	 	(iv	) 
	 HomeChoice, LLC
	  	 	LLC	  	  	 	100	% 	 	 	(iv	) 

  

	12.	St. Louis Post-Dispatch LLC 

  

													
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	 	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of 
Pledge Agreement	 
	 Fairgrove LLC
	  	 	LLC	  	  	 	100	% 	 	 	(iv	) 

  

	13.	Pulitzer Technologies, Inc. 

  

													
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	 	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of 
Pledge Agreement	 
	 STL Distribution Services LLC
	  	 	LLC	  	  	 	1.05	% 	 	 	(iv	) 
	 St. Louis Post-Dispatch LLC
	  	 	LLC	  	  	 	1.05	% 	 	 	(iv	) 

  

	14.	Napa Valley Publishing Co 

 Annex D 
 Page 5 
  

													
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	 	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of 
Pledge Agreement	 
	 NVPC LLC
	  	 	LLC	  	  	 	100	% 	 	 	(iv	) 

  

	15.	Northern Lakes Publishing Co. 

  

													
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	 	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of 
Pledge Agreement	 
	 NLPC LLC
	  	 	LLC	  	  	 	100	% 	 	 	(iv	) 

  

	16.	Pantagraph Publishing Co. 

  

													
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	 	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of 
Pledge Agreement	 
	 HSTAR LLC
	  	 	LLC	  	  	 	100	% 	 	 	(iv	) 

  

	17.	Southwestern Oregon Publishing Co. 

  

													
	 Name of
Issuing Limited
Liability Company
	  	Type of
Interest	 	  	Percentage
Owned	 	 	Sub-clause of
Section 3.2(a)
of 
Pledge Agreement	 
	 SOPC LLC
	  	 	LLC	  	  	 	100	% 	 	 	(iv	) 

 ANNEX E 
 to 
 PLEDGE AGREEMENT 

SCHEDULE OF PARTNERSHIP INTERESTS 
  

	1.	Pulitzer Inc. 

  

									
	 Name of Issuing Partnership
	  	 Type of

Interest
	  	 Percentage

Owned
	  	Sub-clause of
Section 3.2(a)
of 
Pledge Agreement	 
	 Sandler Capital Partners IV, L.P.
	  	Limited Partnership	  	Less than 50%	  	 	(iv)	  
				
	 Sandler Capital Partners, IV FTE, L.P.
	  	Limited Partnership	  	Less than 50%	  	 	(iv)	  
				
	 Sandler Capital Partners V, L.P.
	  	Limited Partnership	  	Less than 50%	  	 	(iv)	  
				
	 Sandler Capital Partners V FTE, L.P.
	  	Limited Partnership	  	Less than 50%	  	 	(iv)	  
				
	 Sandler Capital Partners V Germany, L.P.
	  	Limited Partnership	  	Less than 50%	  	 	(iv)	  
				
	
21st Century Communications Partners, L.P.
	  	Limited Partnership	  	Less than 50%	  	 	(iv)	  
				
	
21st Century Communications T-E Partners, L.P.
	  	Limited Partnership	  	Less than 50%	  	 	(iv)	  
				
	
21st Century Communications Foreign Partners, L.P.
	  	Limited Partnership	  	Less than 50%	  	 	(iv)	  
				
	 St. Louis Equity Funds, L.P.
	  	Limited Partnership	  	Less than 50%	  	 	(iv)	  

 ANNEX F 
 to  
 PLEDGE AGREEMENT 

SCHEDULE OF CHIEF EXECUTIVE OFFICES 
  

			
	 Name of Pledgor
	  	 Address of Chief Executive Office

	Lee Enterprises, Incorporated	  	201 N. Harrison St. Ste. 600, Davenport, IA 52801
		
	Journal-Star Printing Co.	  	926 P Street, Lincoln, NE 68501
		
	Accudata, Inc.	  	201 N. Harrison St. Ste. 600, Davenport, IA 52801
		
	INN PARTNERS, L.C.	  	1510 47th Ave., Moline, IL 61265
		
	K. Falls Basin Publishing, Inc.	  	201 N. Harrison St. Ste. 600, Davenport, IA 52801
		
	Lee Consolidated Holdings Co.	  	507 Main Street, Rapid City, SD 57709
		
	Lee Publications, Inc.	  	201 N. Harrison St. Ste. 600, Davenport, IA 52801
		
	Lee Procurement Solutions Co.	  	201 N. Harrison St. Ste. 600, Davenport, IA 52801
		
	Sioux City Newspapers, Inc.	  	515 Pavonia Street, Sioux City, IA 51102
		
	Pulitzer Inc.	  	900 N. Tucker Blvd., St. Louis, MO 63101-1099
		
	St. Louis Post-Dispatch LLC	  	900 N. Tucker Blvd., St. Louis, MO 63101-1099
		
	Pulitzer Newspapers, Inc.	  	404 W. 3700 N., Provo, UT 84604
		
	Pulitzer Technologies, Inc.	  	900 N. Tucker Blvd., St. Louis, MO 63101-1099

 ANNEX F 
 Page 2 
  

			
	Napa Valley Publishing Co.	 	1615 2nd Street, Napa, CA 94559
		
	Northern Lakes Publishing Co.	 	201 N. Harrison St., Ste. 600, Davenport, IA 52801
		
	Pantagraph Publishing Co.	 	301 W. Washington Street, Bloomington, IL 61702
		
	Southwestern Oregon Publishing Co.	 	350 Commercial Avenue, Coos Bay, OR 97420

 ANNEX G 
 to 
 PLEDGE AGREEMENT 

Form of Agreement Regarding Uncertificated Securities, Limited Liability 

Company Interests and Partnership Interests 
 AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this “Agreement”), dated as of
[             __, 20__], among the undersigned pledgor (the “Pledgor”), Wilmington Trust, National Association, not in its individual capacity but solely as
Collateral Agent (the “Pledgee”), and [            ], as the issuer of the Issuer Pledged Interests (as defined below) (the “Issuer”). 

W I T N E S S E T H : 

WHEREAS, Lee Enterprises, Incorporated (the “Borrower”), the lenders from time to time party thereto (the
“Lenders”), Deutsche Bank Securities Inc. and Goldman Sachs Lending Partners LLC, as Joint Lead Arrangers and Joint Book Running Managers, and Wilmington Trust, National Association, as administrative agent (together with any
successor administrative agent, the “Administrative Agent”), have entered into a Second Lien Loan Agreement, dated as of
[                    ] (as amended, modified, restated and/or supplemented from time to time, the “Loan Agreement”),
providing for the making and continuation of Loans to the Borrower, all as contemplated therein (the Lenders, the Administrative Agent and the Pledgee are herein called the “Secured Creditors”), the Pledgor has or will pledge to the
Pledgee for the benefit of the Secured Creditors (as defined in the Pledge Agreement), and grant a security interest in favor of the Pledgee for the benefit of the Secured Creditors in, all of the right, title and interest of the Pledgor in and to
any an all [“uncertificated securities” (as defined in Section 8-102(a)(18) of the Uniform Commercial Code, as adopted in the State of New York) (“Uncertificated Securities”)] [Partnership Interests (as defined in the Pledge
Agreement)] [Limited Liability Company Interests (as defined in the Pledge Agreement)], from time to time issued by the Issuer, whether now existing or hereafter from time to time acquired by the Pledgor (with all of such [Uncertificated Securities]
[Partnership Interests] [Limited Liability Company Interests] being herein collectively called the “Issuer Pledged Interests”; and 
 WHEREAS, the Pledgor desires the Issuer to enter into this Agreement in order to perfect the security interest of the Pledgee under the Pledge Agreement in the Issuer Pledged Interests, to vest in the
Pledgee control of the Issuer Pledged Interests and to provide for the rights of the parties under this Agreement; 
 NOW
THEREFORE, in consideration of the premises and the mutual promises and agreements contained herein, and for other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

 1. The Pledgor hereby irrevocably authorizes and directs the Issuer, and the Issuer hereby agrees, to comply with any and all
instructions and orders originated by the Pledgee (and its successors and assigns) regarding any and all of the Issuer Pledged Interests without the further consent by the registered owner (including the Pledgor), and, following its receipt of a
notice from the Pledgee stating that the Pledgee is exercising exclusive control of the 

 Annex G 
 Page 2 
 Issuer Pledged Interests, not to comply with any instructions or orders regarding any or
all of the Issuer Pledged Interests originated by any person or entity other than the Pledgee (and its successors and assigns) or a court of competent jurisdiction. 
 2. The Issuer hereby certifies that (i) no notice of any security interest, lien or other encumbrance or claim affecting the Issuer Pledged Interests (other than the security interest of the Pledgee)
has been received by it, and (ii) the security interest of the Pledgee in the Issuer Pledged Interests has been registered in the books and records of the Issuer. 
 3. The Issuer hereby represents and warrants that (i) the pledge by the Pledgor of, and the granting by the Pledgor of a security interest in, the Issuer Pledged Interests to the Pledgee, for the
benefit of the Secured Creditors, does not violate the charter, by-laws, partnership agreement, membership agreement or any other agreement governing the Issuer or the Issuer Pledged Interests, and (ii) the Issuer Pledged Interests consisting
of capital stock of a corporation are fully paid and nonassessable. 
 4. All notices, statements of accounts, reports,
prospectuses, financial statements and other communications to be sent to the Pledgor by the Issuer in respect of the Issuer will also be sent to the Pledgee at the following address: 

Wilmington Trust, N.A. 
 50 South Sixth Street, Suite 1290 
 Minneapolis, MN 55402 

Attn: Josh James 
 Tel.: (612) 217-5637 
 Fax: (612) 217-5651 

Email: jjames@WilmingtonTrust.com 
 5. Following its receipt of a notice from the Pledgee stating that the Pledgee is exercising exclusive control of the Issuer Pledged Interests and until the Pledgee shall have delivered written notice to
the Issuer that all of the Obligations have been paid in full and this Agreement is terminated, the Issuer will send any and all redemptions, distributions, interest or other payments in respect of the Issuer Pledged Interests from the Issuer for
the account of the Pledgee only by wire transfers to such account as the Pledgee shall instruct. 
 6. Except as expressly
provided otherwise in Sections 4 and 5 above, all notices, instructions, orders and communications hereunder shall be sent or delivered by mail, telegraph, telex, telecopy, cable or overnight courier service and all such notices and communications
shall, when mailed, telexed, telecopied, cabled or sent by overnight courier, be effective when deposited in the mails or delivered to overnight courier, prepaid and properly addressed for delivery on such or the next Business Day, or sent by telex
or telecopier, except that notices and communications to the Pledgee or the Issuer shall not be effective until received. All notices and other communications shall be in writing and addressed as follows: 

 Annex G 
 Page 3 
  

	 	(a)	if to the Pledgor, at: 

  

	 	 	_________________________ 

	 	 	_________________________ 

	 	 	_________________________ 

	 	 	_________________________ 

	 	 	Attention: _________________ 

	 	 	Telephone No.: 

	 	 	Fax No.: 

  

	 	(b)	if to the Pledgee, at the address given in Section 4 hereof; 

  

	 	(c)	if to the Issuer, at: 

  

	 	 	___________________________________ 

	 	 	___________________________________ 

	 	 	___________________________________ 

 or at such
other address as shall have been furnished in writing by any Person described above to the party required to give notice hereunder. As used in this Section 6, “Business Day” means any day other than a Saturday, Sunday, or other
day in which banks in New York are authorized to remain closed. 
 7. This Agreement shall be binding upon the successors and
assigns of the Pledgor and the Issuer and shall inure to the benefit of and be enforceable by the Pledgee and its successors and assigns. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of
which shall constitute one instrument. In the event that any provision of this Agreement shall prove to be invalid or unenforceable, such provision shall be deemed to be severable from the other provisions of this Agreement which shall remain
binding on all parties hereto. None of the terms and conditions of this Agreement may be changed, waived, modified or varied in any manner whatsoever except in writing signed by the Pledgee, the Issuer and the Pledgor. 

8. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its
principles of conflict of laws. 

 Annex G 
 Page 4 
 IN WITNESS WHEREOF, the Pledgor, the Pledgee and the Issuer have caused
this Agreement to be executed by their duly elected officers duly authorized as of the date first above written. 
  

			
	
[                        
                                         
       ],
         as Pledgor

		
	By	 	 
		 	Name:
		 	Title:

  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 not in its individual capacity but solely as Collateral Agent and Pledgee

		
	By	 	 
		 	Name:
		 	Title:

  

			
	
[                        
                                         
       ],
 as the Issuer

		
	By	 	 
		 	Name:
		 	Title:Exhibit 10.11

 Exhibit 10.11 
 EXECUTION COPY 
  

 
  

ST. LOUIS POST-DISPATCH LLC 
 $126,355,000 
 ADJUSTABLE RATE SENIOR NOTES DUE DECEMBER 31, 2015

  
  

NOTE AGREEMENT 
  

 
 Dated as of
January 30, 2012 
  
  

 

 TABLE OF CONTENTS 

(Not Part of Agreement) 
  

							
	 	  	 	  	Page	 
		
	 PARAGRAPH 1. BACKGROUND
	  	 	1	  
		
	 PARAGRAPH 2. AUTHORIZATION AND ISSUANCE OF NOTES
	  	 	2	  
			
	 2A.
	  	Authorization of Notes	  	 	2	  
	 2B.
	  	Issuance of Notes	  	 	2	  
		
	 PARAGRAPH 3. RESTRUCTURING CLOSING DATE
	  	 	2	  
		
	 PARAGRAPH 4. CONDITIONS OF CLOSING
	  	 	3	  
			
	 4A.
	  	Representations and Warranties	  	 	3	  
	 4B.
	  	No Default	  	 	3	  
	 4C.
	  	Compliance Certificates	  	 	3	  
	 4D.
	  	Opinions of Counsel	  	 	3	  
	 4E.
	  	Transactions Permitted by Applicable Laws	  	 	4	  
	 4F.
	  	Consents and Approvals	  	 	4	  
	 4G.
	  	Notes	  	 	4	  
	 4H.
	  	Guaranty Agreement	  	 	4	  
	 4I.
	  	Subsidiary Guaranty	  	 	4	  
	 4J.
	  	Credit Agreement	  	 	4	  
	 4K.
	  	Second Lien Loan Agreement and Other Second Lien Debt Documents	  	 	4	  
	 4L.
	  	Intercreditor Agreement	  	 	5	  
	 4M.
	  	Collateral Documents	  	 	5	  
	 4N.
	  	Lien Searches/Evidence of First Priority Liens	  	 	6	  
	 4O.
	  	Private Placement Number	  	 	6	  
	 4P.
	  	[Reserved]	  	 	6	  
	 4Q.
	  	Consent Fees	  	 	6	  
	 4R.
	  	Evidence of Termination of Certain Accounts and Transfer of Funds	  	 	6	  
	 4S.
	  	Lee Prepayment	  	 	7	  
	 4T.
	  	Tax Sharing Agreement	  	 	7	  
	 4U.
	  	Star Intercompany Obligations	  	 	7	  
	 4V.
	  	Confirmation Order	  	 	7	  
	 4W.
	  	Payment of Fees and Expenses	  	 	7	  
	 4X.
	  	Herald Redemption Agreement	  	 	7	  
	 4Y.
	  	Proceedings and Documents	  	 	7	  
		
	 PARAGRAPH 5. PREPAYMENTS
	  	 	8	  
			
	 5A.
	  	Mandatory Scheduled Prepayments	  	 	8	  
	 5B.
	  	Excess Cash Flow Sweep	  	 	8	  
	 5C.
	  	Optional Prepayments	  	 	9	  
	 5D.
	  	Asset Sale Prepayments	  	 	9	  
	 5E.
	  	Prepayment Upon Change of Control	  	 	9	  
	 5F.
	  	Application of Certain Prepayments	  	 	10	  
	 5G.
	  	Partial Payments Pro Rata	  	 	10	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 5H.
	  	Retirement of Notes	  	 	10	  
	 5I.
	  	Use of Debt to Make Prepayment	  	 	10	  
	 5J.
	  	Prepayment of Interest upon Payment in Full of Notes	  	 	10	  
		
	 PARAGRAPH 6. AFFIRMATIVE COVENANTS
	  	 	10	  
			
	 6A.
	  	Financial Statements	  	 	10	  
	 6B.
	  	Inspection of Properties	  	 	13	  
	 6C.
	  	Covenant to Secure Notes Equally	  	 	14	  
	 6D.
	  	Compliance with Laws and Regulations	  	 	14	  
	 6E.
	  	Patents, Trade Marks and Trade Names	  	 	14	  
	 6F.
	  	Information Required by Rule 144A	  	 	14	  
	 6G.
	  	Payment of Taxes and Other Claims	  	 	15	  
	 6H.
	  	ERISA Compliance	  	 	15	  
	 6I.
	  	Insurance	  	 	15	  
	 6J.
	  	Maintenance of Properties	  	 	15	  
	 6K.
	  	Corporate Existence, Etc.	  	 	16	  
	 6L.
	  	Books and Records	  	 	16	  
	 6M.
	  	Delivery of Deeds of Trust	  	 	16	  
		
	 PARAGRAPH 7. NEGATIVE COVENANTS
	  	 	16	  
			
	 7A.
	  	Change of Business	  	 	16	  
	 7B.
	  	Limitation on Distributions	  	 	16	  
	 7C.
	  	Lien, Debt and Other Restrictions	  	 	16	  
	 7D.
	  	Limitation on Certain Restrictive Agreements	  	 	22	  
	 7E.
	  	Terrorism Sanctions Regulations	  	 	22	  
		
	 PARAGRAPH 8. EVENTS OF DEFAULT
	  	 	22	  
			
	 8A.
	  	Acceleration	  	 	22	  
	 8B.
	  	Rescission of Acceleration	  	 	27	  
	 8C.
	  	Notice of Acceleration or Rescission	  	 	27	  
	 8D.
	  	Other Remedies	  	 	28	  
		
	 PARAGRAPH 9. REPRESENTATIONS, COVENANTS AND WARRANTIES
	  	 	28	  
			
	 9A.
	  	Organization and Qualification; Due Authorization	  	 	28	  
	 9B.
	  	Material Adverse Change	  	 	28	  
	 9C.
	  	Litigation; Observance of Agreements, Statutes and Orders	  	 	29	  
	 9D.
	  	Outstanding Debt	  	 	29	  
	 9E.
	  	Title to Properties	  	 	29	  
	 9F.
	  	Conflicting Agreements and Other Matters	  	 	30	  
	 9G.
	  	Margin Stock	  	 	30	  
	 9H.
	  	ERISA	  	 	30	  
	 9I.
	  	Governmental Authorizations, Etc.	  	 	31	  
	 9J.
	  	Disclosure	  	 	31	  

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 9K.
	  	Foreign Assets Control Regulations, Etc.	  	 	32	  
	 9L.
	  	Solvency	  	 	32	  
	 9M.
	  	Organization and Ownership of Shares of Subsidiaries; Affiliates	  	 	33	  
	 9N.
	  	Compliance with Laws, Other Instruments, Etc.	  	 	33	  
	 9O.
	  	Licenses, Permits, Etc.	  	 	34	  
	 9P.
	  	[Reserved]	  	 	34	  
	 9Q.
	  	Environmental Matters	  	 	34	  
		
	 PARAGRAPH 10. REPRESENTATIONS OF THE PURCHASERS
	  	 	35	  
			
	 10A.
	  	Nature of Purchase	  	 	35	  
	 10B.
	  	Source of Funds	  	 	35	  
	 10C.
	  	Independent Investigation	  	 	37	  
		
	 PARAGRAPH 11. DEFINITIONS; ACCOUNTING MATTERS
	  	 	37	  
			
	 11A.
	  	Yield-Maintenance Terms	  	 	37	  
	 11B.
	  	Other Terms	  	 	38	  
	 11C.
	  	Accounting and Legal Principles, Terms and Determinations	  	 	52	  
		
	 PARAGRAPH 12. MISCELLANEOUS
	  	 	52	  
			
	 12A.
	  	Note Payments	  	 	52	  
	 12B.
	  	Expenses	  	 	53	  
	 12C.
	  	Consent to Amendments	  	 	53	  
	 12D.
	  	Form, Registration, Transfer and Exchange of Notes; Lost Notes	  	 	54	  
	 12E.
	  	Persons Deemed Owners; Participations	  	 	54	  
	 12F.
	  	Survival of Representations and Warranties; Entire Agreement	  	 	55	  
	 12G.
	  	Successors and Assigns	  	 	55	  
	 12H.
	  	Notices	  	 	55	  
	 12I.
	  	Payments due on Non-Business Days	  	 	55	  
	 12J.
	  	Satisfaction Requirement	  	 	55	  
	 12K.
	  	Governing Law	  	 	56	  
	 12L.
	  	Severability	  	 	56	  
	 12M.
	  	Descriptive Headings	  	 	56	  
	 12N.
	  	Counterparts	  	 	56	  
	 12O.
	  	Independence of Covenants	  	 	56	  
	 12P.
	  	Severalty of Obligations	  	 	56	  
	 12Q.
	  	Consent to Jurisdiction; Waiver of Immunities	  	 	56	  
	 12R.
	  	Waiver of Jury Trial	  	 	57	  
	 12S.
	  	Confidential Information	  	 	57	  

  
 iii

 SCHEDULES AND EXHIBITS 

 

					
	 SCHEDULE A
	  	—	  	Purchaser Schedule
	 SCHEDULE 9C
	  	—	  	Litigation
	 SCHEDULE 9D
	  	—	  	Outstanding Debt
	 SCHEDULE 9F
	  	—	  	Agreements Restricting Incurrence of Debt
	 SCHEDULE 9H
	  	—	  	ERISA
	 SCHEDULE 9M
	  	—	  	Subsidiaries of the Company and Ownership of Subsidiary Stock
			
	 EXHIBIT A
	  	—	  	Form of Note
	 EXHIBIT B
	  	—	  	Form of Guaranty Agreement
	 EXHIBIT C
	  	—	  	Form of Subsidiary Guaranty Agreement
	 EXHIBIT D
	  	—	  	Form of Pledge Agreement
	 EXHIBIT E
	  	—	  	Form of Security Agreement
	 EXHIBIT F
	  	—	  	Form of Deeds of Trust
	 EXHIBIT G
	  	—	  	Form of Trademark Security Agreements
	 EXHIBIT H
	  	—	  	Form of Copyright Security Agreements
	 EXHIBIT I
	  	—	  	Form of Compliance Certificate

  
 iv 

 ST. LOUIS POST-DISPATCH LLC 

North Tucker Boulevard 
 St. Louis, Missouri 63101 
 As of January 30, 2012 

TO EACH OF THE PURCHASERS 
 NAMED ON SCHEDULE
A HERETO 
 $126,355,000 Adjustable Rate Senior Notes 
 Ladies and Gentlemen: 
 The undersigned, ST. LOUIS POST-DISPATCH LLC, a Delaware
limited liability company (the “Company”), hereby agrees with each Purchaser as follows: 
 PARAGRAPH 1. BACKGROUND.

 The Company entered into a certain Note Agreement, dated as of May 1, 2000, by and among the Company and each of the
holders of notes issued thereunder, as amended by (a) that certain Amendment No. 1 to Note Agreement, dated as of November 23, 2004, (b) that certain Amendment No. 2 to Note Agreement, dated as of February 1, 2006,
(c) that certain Amendment No. 3 to Note Agreement, dated as of November 19, 2008, (d) that certain Amendment No. 4 and First Amendment to Limited Waiver to Note Agreement and Guaranty Agreement, dated as of January 16,
2009, (e) that certain Limited Waiver and Amendment No. 5 to Note Agreement, dated as of February 18, 2009, (f) that certain Amendment No. 6 to Note Agreement, dated as of April 6, 2011 and (g) that certain
Amendment No. 7 to Note Agreement, dated as of November 7, 2011 (as so amended and in effect immediately prior to the Petition Date (as defined below), the “Prepetition Note Agreement”), pursuant to which, among other
things, the Company issued $306,000,000 in original principal amount of its Adjustable Rate Senior Notes due April 28, 2012 (as in effect immediately prior to the Petition Date (as defined below), the “Prepetition Notes”).

 On December 12, 2011 (the “Petition Date”), Lee and certain of its Subsidiaries including the Company
(collectively, the “Debtors”) filed voluntary petitions for relief under Chapter 11 of Title 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) and
continued in the possession of their property and in the management of their businesses pursuant to Sections 1107 and 1108 of the Bankruptcy Code. 
 On January 23, 2012, the Bankruptcy Court entered an order confirming the Second Amended Joint Prepackaged Plan of Reorganization for the Debtors, dated January 19, 2012 (as in effect on the
date of confirmation thereof pursuant to the Confirmation Order of the 

 
Bankruptcy Court and as it thereafter may be amended in accordance with the Pulitzer Support Agreement, the “Plan of Reorganization”). 

In connection with the implementation of the Plan of Reorganization, and in full and complete satisfaction, settlement, release and
discharge of any PD LLC Notes Claims, the Purchasers (as holders of all of the PD LLC Notes Claims) have agreed to become, or shall be deemed to become, parties to this Agreement on the terms and conditions set forth herein, on the Restructuring
Closing Date. 
 Certain capitalized terms used in this Agreement are defined in paragraph 11; references to a
“Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. 

PARAGRAPH 2. AUTHORIZATION AND ISSUANCE OF NOTES. 
 2A. Authorization of Notes. Subject to paragraph 2B below, the Company will authorize the issue of its senior guaranteed promissory notes in the aggregate principal amount of $131,355,000, to be
dated the date of issue thereof, to mature December 31, 2015, to bear interest on the unpaid balance thereof from the date thereof until the principal thereof shall have become due and payable at the adjustable rate specified therein and on
overdue payments at the rate specified therein, and to be substantially in the form of Exhibit A attached hereto (the “Notes”). The term “Notes” as used herein shall include each Note delivered pursuant to
any provision of this Agreement and each Note delivered in substitution or exchange for any other Note pursuant to any such provision. 
 2B. Issuance of Notes. Subject to the terms and conditions hereof and to give effect to the Plan of Reorganization and provide for the full and complete satisfaction, settlement, release and
discharge of the PD LLC Notes Claims, the Company will issue to each Purchaser, at the closing provided for in paragraph 3, Notes in the principal amount specified opposite such Purchaser’s name in Schedule A, in an aggregate principal
amount of $126,355,000, provided, that such aggregate amount reflects the application of a prepayment of the Notes to be made substantially concurrently with the issuance of the Notes in accordance with paragraph 5C hereof in an aggregate principal
amount equal to $5,000,000 with the funds paid to the Purchasers as contemplated by paragraph 4S hereof (the “Lee Prepayment”). For administrative convenience, the principal amount of the Notes identified on the cover page and on
page 1 hereof, the principal amount of each of the Notes specified on Schedule A and the principal amount of each of the Notes issued to the Purchasers on the Restructuring Closing Date shall, in each case, be net of the portion of the Lee
Prepayment allocable to each such Note, provided, that, if for any reason the Lee Prepayment is not made substantially concurrently with the issuance of the Notes, the aggregate amount of the Notes shall be $131,355,000. 

PARAGRAPH 3. RESTRUCTURING CLOSING DATE. 
 This Agreement shall become effective, and the issuance of Notes provided for in paragraph 2B shall occur, on or before January 30, 2012 at the office of Bingham McCutchen LLP, 399 Park Avenue, New
York, New York 10022, so long as all of the conditions set forth in paragraph 4 hereof are fulfilled to the satisfaction of the Purchasers on or prior to such date (the 

  
 2 

 
date, if any, on or prior to January 30, 2012 that such conditions are so satisfied being referred to herein as the “Restructuring Closing Date”). 

PARAGRAPH 4. CONDITIONS OF CLOSING. 
 The effectiveness of this Agreement is subject to the fulfillment to each Purchaser’s satisfaction of the following conditions (with each of the documents referred to below being in form, scope and
substance reasonably satisfactory to the Purchasers; it is understood that a requirement to deliver any document to a Purchaser may be satisfied by delivering such document to the Purchasers’ counsel): 

4A. Representations and Warranties. The representations and warranties of the Company and the other Credit Parties in this
Agreement and the other Transaction Documents to which each such Person is a party shall be correct when made and at the time of the Closing. 
 4B. No Default. Both immediately before and after giving effect to the issuance of the Notes, no Default or Event of Default shall have occurred and be continuing. 

4C. Compliance Certificates. 
 4C(1). Officer’s Certificates. Each of the Company and the Guarantor shall have delivered to each Purchaser an Officer’s Certificate, dated the Restructuring Closing Date, certifying,
among other things, that the conditions specified in paragraphs 4A and 4B have been fulfilled. 
 4C(2). Secretary’s
Certificates. Each Credit Party shall have delivered to each Purchaser a certificate of its Secretary or an Assistant Secretary or a Director or other appropriate Person, dated the Restructuring Closing Date, certifying as to (i) such
Person’s organizational documents attached thereto, (ii) the resolutions attached thereto relating to the authorization, execution, delivery and performance by such Person of the Transaction Documents to which it is a party, and
(iii) specimen signatures of the persons authorized to execute such documents on such Person’s behalf. 
 4D.
Opinions of Counsel. Each Purchaser shall have received opinions, dated the Restructuring Closing Date (a) (i) from Sidley Austin LLP, as special counsel for the Guarantor and its Subsidiaries, and (ii) from Lane &
Waterman LLP, general counsel for the Guarantor and its Subsidiaries, each covering such matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel
to deliver such opinions to the Purchasers), (b) (i) Brownstein Hyatt Farber Schreck, LLP, special Nevada counsel for Santa Maria Times, Inc., (ii) Davis Wright Tremaine LLP, special Washington counsel for Flagstaff Publishing Co.,
Hanford Sentinel Inc. and Napa Valley Publishing Co., and special Oregon counsel to Southwestern Oregon Publishing Co., (iii) Parsons Behle & Latimer, special Utah counsel for Homechoice, LLC, and (iv) Snell & Wilmer,
special Arizona counsel for Star Publishing, each covering such matters incident to the transactions contemplated hereby as such Purchaser or its counsel may reasonably request, and (c) (i) from Bingham McCutchen LLP, the Purchasers’
special counsel, and (ii) Bryan Cave LLP, the Purchasers’ special Missouri counsel, each in connection with such transactions, covering such matters incident to such transactions as such Purchaser may reasonably request. 

  
 3 

 4E. Transactions Permitted by Applicable Laws. On the Restructuring Closing Date, the
issuance of the Notes and the consummation of the other transactions contemplated hereby shall not (a) violate any applicable law or governmental regulation (including, without limitation, Section 5 of the Securities Act or Regulation T, U
or X of the Board of Governors of the Federal Reserve System) and (b) subject any Purchaser to any tax, penalty or liability or other onerous condition under or pursuant to any applicable law or governmental regulation. If requested by any
Purchaser, such Purchaser shall have received an Officer’s Certificate from the Company certifying as to such matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine compliance with this condition.

 4F. Consents and Approvals. All necessary corporate, governmental and third party approvals and consents in connection
with the transactions contemplated by this Agreement shall have been obtained. 
 4G. Notes. Each Purchaser shall have
received an original Note or Notes executed by the Company in favor of such Purchaser (as more particularly set forth in Schedule A). 
 4H. Guaranty Agreement. Each Purchaser shall have received a fully executed copy of the Guaranty Agreement substantially in the form of Exhibit B hereto, dated as of the Restructuring
Closing Date, made by the Guarantor in favor of the holders from time to time of the Notes (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty Agreement”). 

4I. Subsidiary Guaranty. Each Purchaser shall have received a fully executed copy of the Subsidiary Guaranty Agreement,
substantially in the form of Exhibit C hereto dated as of the Restructuring Closing Date, made by each Subsidiary Guarantor in favor of the holders from time to time of the Notes (as amended, restated, supplemented or otherwise modified from
time to time, the “Subsidiary Guaranty Agreement”). 
 4J. Credit Agreement. Each Purchaser shall have
received a fully executed copy, certified by a Responsible Officer of the Company as true and complete, of the Exit Credit Agreement, among Lee, various lenders from time to time party thereto and Deutsche Bank Trust Company Americas, as
administrative agent and collateral agent, dated as of the Restructuring Closing Date (as amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof and thereof, the “Credit
Agreement”). Each Purchaser shall have received evidence reasonably satisfactory to it that the conditions precedent to the effectiveness of the Credit Agreement have been satisfied and/or waived and that the Credit Agreement is in full
force and effect. 
 4K. Second Lien Loan Agreement and Other Second Lien Debt Documents. Each Purchaser shall have
received (i) a fully executed copy of the Second Lien Loan Agreement, dated as of the Restructuring Closing Date (as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms hereof and
thereof, except as otherwise specified herein, the “Second Lien Loan Agreement”), by and among Lee, Wilmington Trust, National Association, as administrative agent, and the lenders from time to time party thereto, and
(ii) fully executed copies of all other Second Lien Debt Documents. Each Purchaser shall have received evidence reasonably satisfactory to it that the conditions precedent 

  
 4 

 
to the effectiveness of the Second Lien Loan Agreement have been satisfied and/or waived and that the Second Lien Loan Agreement is in full force and effect. 

4L. Intercreditor Agreement. Each Purchaser shall have received a fully executed copy of the Intercreditor Agreement, dated as of
the Restructuring Closing Date (as the same may be amended, restated, supplemented or otherwise modified from time to time in accordance with the terms thereof, the “Intercreditor Agreement”), by and among the Purchasers, the
lenders that are parties to the Second Lien Loan Agreement, the Collateral Agent, Wilmington Trust, National Association, as administrative agent for the lenders under the Second Lien Loan Agreement, and the Credit Parties. 

4M. Collateral Documents. Subject to paragraph 6M, each Purchaser shall have received fully executed copies of each of the
following Collateral Documents, each dated as of the Restructuring Closing Date: 
 4M(1). Pledge Agreement. A Pledge
Agreement substantially in the form of Exhibit D attached hereto, duly executed by the Guarantor and certain Subsidiaries of the Guarantor in favor of the Collateral Agent for the benefit of the holders from time to time of the Notes (as the
same may be amended, restated, supplemented or otherwise modified from time to time, the “Pledge Agreement”); 

4M(2). Security Agreement. A Security Agreement substantially in the form of Exhibit E attached hereto, duly executed by
the Guarantor, the Company and each of the other Subsidiaries of the Guarantor except for TNI Partners in favor of the Collateral Agent for the benefit of the holders from time to time of the Notes (as the same may be amended, restated, supplemented
or otherwise modified from time to time, the “Security Agreement”); 
 4M(3). Deeds of Trust. (i) A
Deed of Trust substantially in the form set forth as Exhibit F attached hereto (with such changes thereto as may be necessary under applicable state law), duly executed by the Company in favor of the Collateral Agent for the benefit of the
holders from time to time of the Notes with respect to the property located at 11790 Dunlap Industrial Boulevard f/k/a 11790 Dunlap Industrial Boulevard, including 11631 Fairgrove Industrial Boulevard, 11675 Fairgrove Industrial Boulevard and 11695
Fairgrove Industrial Boulevard, Maryland Heights, St. Louis County, Missouri, and (ii) a Deed of Trust substantially in the form set forth as Exhibit F attached hereto, duly executed by the Company and STL Distribution Services LLC in
favor of the Collateral Agent for the benefit of the holders from time to time of the Notes with respect to the property located at 900 N. Tucker Boulevard, St. Louis, Missouri (as such Deeds of Trust may be amended, restated, supplemented or
otherwise modified from time to time, collectively, the “Deeds of Trust”); 
 4M(4). Trademark Security
Agreements. Trademark Security Agreements substantially in the form of Exhibit G attached hereto, duly executed by any Obligor holding one or more trademarks (as the same may be amended, restated, supplemented or otherwise modified from
time to time, collectively, the “Trademark Security Agreements”); 
 4M(5). Copyright Security
Agreements. Copyright Security Agreements substantially in the form of Exhibit H attached hereto, duly executed by any Obligor holding one or more 

  
 5 

 
copyrights (as the same may be amended, restated, supplemented or otherwise modified from time to time, collectively, the “Copyright Security Agreements”); 

4M(6). Account Control Agreement. A deposit account control agreement in form and substance reasonably satisfactory to the
Purchasers, duly executed by the Guarantor, with respect to the operating deposit account of the Guarantor maintained at U.S. Bank National Association (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Account Control Agreement”); 
 4M(7). Collateral Agency Agreement. A Collateral Agency Agreement in
form and substance reasonably satisfactory to the Purchasers, duly executed by the Collateral Agent and the other Purchasers, together with evidence reasonably satisfactory to such Purchaser that all fees thereunder required to be paid to the
Collateral Agent on the Restructuring Closing Date have been paid; and 
 4M(8). Other Documents. Such other documents,
instruments and agreements as any of the Purchasers may reasonably request to grant to the Collateral Agent first priority perfected Liens on the Collateral. 
 4N. Lien Searches/Evidence of First Priority Liens. Each Purchaser shall have received from the Company such Lien searches as it has reasonably requested and evidence reasonably satisfactory to the
Required Holders of the creation and perfection of valid, first priority Liens on the Collateral in favor of the Collateral Agent securing the Secured Obligations pursuant to the Collateral Documents, free and clear of all other Liens (other than
Permitted Liens). 
 4O. Private Placement Number. A Private Placement Number issued by Standard & Poor’s
CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for the Notes. 
 4P. [Reserved]. 

4Q. Consent Fees. 
 (i) On or prior to one Business Day after the Plan Support Effective Date, the Company shall have paid in cash a fee to each Consenting Noteholder in an amount equal to .50% of the outstanding principal
amount of such Consenting Noteholder’s Prepetition Notes as of December 2, 2011 (before giving effect to any prepayment of the Notes made, or required to be made, on or after such date). 

(ii) On the Restructuring Closing Date, the Company shall pay a fee in an amount equal to 1.00% of the outstanding
principal amount of each Consenting Noteholder’s Prepetition Notes as of December 2, 2011 (before giving effect to any prepayment of the Notes made, or required to be made, on or after such date). 

4R. Evidence of Termination of Certain Accounts and Transfer of Funds. Each Purchaser shall have received from the Company
reasonably satisfactory evidence that the Restricted Cash Reserve Account and the Excess Cash Flow Reserve Account (collectively, the 

  
 6 

 
“Accounts”) shall have been terminated and the outstanding balance on deposit in the Asset Sale Proceeds Reserve Account shall have been reduced to an amount not exceeding $500.

 4S. Lee Prepayment. On or prior to the Restructuring Closing Date, the Company shall have paid to the Purchasers an
amount equal to $5,000,000 using only funds provided by Lee to the Company on or prior to such date, and such amount shall be applied as a prepayment of the Notes substantially concurrent with the issuance thereof in accordance with paragraph 2B
hereof. 
 4T. Tax Sharing Agreement. Each Purchaser shall have received (i) a copy of a tax sharing agreement among
the Pulitzer Entities and Lee, dated the date hereof, in form and substance reasonably satisfactory to such Purchaser (the “Tax Sharing Agreement”) and (ii) reasonably satisfactory evidence that the Tax Sharing Agreement is in
full force and effect. 
 4U. Star Intercompany Obligations. Each Purchaser shall have received evidence reasonably
satisfactory to it that the Star Intercompany Notes have been canceled and no liability remains outstanding in respect thereof. 

4V. Confirmation Order. The Confirmation Order shall be in form and substance reasonably satisfactory to the Required Consenting
Noteholders (as such term is defined in the Pulitzer Support Agreement) and shall have been entered, shall not be subject to any stay or injunction, and the conditions precedent to the effectiveness of the Plan of Reorganization shall have been
satisfied (or waived) to the reasonable satisfaction of the Required Consenting Noteholders. The Company shall have delivered an Officer’s Certificate to the Purchasers certifying and attesting that, as of the Restructuring Closing Date, the
Confirmation Order has not been stayed in any manner. 
 4W. Payment of Fees and Expenses. Without limiting the
provisions of paragraph 12B, the Company shall have paid, on or before the Restructuring Closing Date, all outstanding fees and expenses of (a) Bingham McCutchen LLP, the Purchasers’ special counsel, (b) special local counsel to the
Purchasers, and (c) Conway, Del Genio, Gries & Co., LLC, as financial advisor to the Purchasers, in each case to the extent reflected in a statement delivered to the Company at least one Business Day prior to the Restructuring Closing
Date. 
 4X. Herald Redemption Agreement. Each Purchaser shall have received a copy of a Redemption Agreement, dated as
of the Restructuring Closing Date, duly executed by the Company, STL Distribution Services LLC, a Delaware limited liability company, The Herald Publishing Company, LLC, a New York limited liability company, the Guarantor and Pulitzer Technologies,
Inc., a Delaware corporation, substantially in the form of the Redemption Agreement entered into by such Persons as of February 18, 2009. 
 4Y. Proceedings and Documents. All corporate and other proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such transactions
shall be reasonably satisfactory to each Purchaser and its special counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such
special counsel may reasonably request. 

  
 7 

 PARAGRAPH 5. PREPAYMENTS. 
 5A. Mandatory Scheduled Prepayments. On March 20, 2012 and on the 20th day of each June, September, December and March thereafter to and including December 20, 2015, the Company will
prepay the Notes at par and without payment of the Yield-Maintenance Amount or any premium in accordance with the following schedule: 
  

			
	DATES	  	MANDATORY SCHEDULED PREPAYMENT AMOUNTS
		
	December 20th in each Fiscal Year of the Company	  	$800,000 minus the Reduction Amount for the Fiscal Year in which such date falls (but not, in any event, less than zero)
		
	March 20th in each Fiscal Year of the Company	  	$2,400,000 minus the Reduction Amount for the Fiscal Year in which such date falls (but not, in any event, less than zero)
		
	June 20th in each Fiscal Year of the Company	  	$4,400,000 minus the Reduction Amount for the Fiscal Year in which such date falls (but not, in any event, less than zero)
		
	September 20th in each Fiscal Year of the Company	  	$6,400,000 minus the Reduction Amount for the Fiscal Year in which such date falls (but not, in any event, less than zero)

 The Company shall pay the entire remaining outstanding principal amount of the Notes on December 31, 2015.

 5B. Excess Cash Flow Sweep. On or prior to the 45th day after the last day of each fiscal quarter of the Guarantor
(commencing with the first fiscal quarter ending closest to March 31, 2012 through and including the last day of the fiscal quarter ending closest to September 30, 2015), the Company will prepay a principal amount of Notes (an
“Excess Cash Flow Sweep Prepayment”) equal to the greater of (a) zero and (b) an amount equal to (i) 75% of Available Excess Cash Flow for such fiscal quarter (rounded down to the nearest $10,000 increment), plus
(ii) if, after giving effect to a pro forma reduction of Unrestricted Cash as a result of any prepayment required to be made with respect to such fiscal quarter pursuant to the foregoing clause (i), the aggregate amount of Unrestricted Cash
held by the Guarantor and its Subsidiaries as at the last day of such fiscal quarter exceeds $20,000,000, an amount equal to 100% of such excess amount (rounded down to the nearest $10,000 increment). The Excess Cash Flow Sweep Prepayment shall be
made at par and without payment of the Yield-Maintenance Amount or any premium. Simultaneously with each prepayment made pursuant to this paragraph 5B, the Company shall deliver to each holder of Notes the calculation, in reasonable detail, of the
amount of the Excess Cash Flow Sweep Prepayment as of such prepayment date. 

  
 8 

 5C. Optional Prepayments. 

(i) Notwithstanding anything herein to the contrary, the Notes shall be subject to prepayment, in whole at any time or
from time to time in part (in a minimum principal amount of $250,000 and integral multiples of $100,000 above that amount) at the option of the Company, at 100% of the principal amount so prepaid, but without payment of the Yield-Maintenance Amount
or any premium. 
 (ii) The Company shall give the holder of each Note notice (which may be by telephone or
e-mail) of any prepayment pursuant to paragraph 5C(i) not less than 3 Business Days prior to the prepayment date (which shall be a Business Day), specifying such prepayment date and the principal amount of the Notes, and of the Notes held by such
holder, to be prepaid on such date and stating that such prepayment is to be made pursuant to paragraph 5C(i). Notice of prepayment having been given as aforesaid, the principal amount of the Notes specified in such notice (but without the
Yield-Maintenance Amount or any premium) shall become due and payable on such prepayment date unless such notice of prepayment shall be rescinded by the Company on or before such prepayment date. 

5D. Asset Sale Prepayments. Within 5 Business Days of each date on or after the Restructuring Closing Date upon which the
Guarantor or any of its Subsidiaries receives any Asset Sale Proceeds, the Company will prepay a principal amount of Notes (an “Asset Sale Prepayment”) in an amount equal to 100% of the Asset Sale Proceeds (rounded down to the
nearest $10,000 increment) received on such date in accordance with the requirements of paragraphs 5F and 5G. The Company agrees that, on any Business Day on which the Guarantor or any of its Subsidiaries receives any Asset Sale Proceeds, it will
cause such Asset Sale Proceeds to be deposited into the Asset Sale Proceeds Reserve Account, unless it makes the prepayment contemplated by the preceding sentence on such Business Day. 

5E. Prepayment Upon Change of Control. Promptly and in any event within 5 Business Days after the occurrence of a Change of
Control, the Company will give written notice thereof (a “Change of Control Notice”) to the holders of all outstanding Notes, which Change of Control Notice shall (i) refer specifically to this paragraph 5E, (ii) describe
the Change of Control in reasonable detail and specify the Change of Control Prepayment Date and the Response Date (as respectively defined below) in respect thereof and (iii) offer to prepay all outstanding Notes at the price specified below
on the date therein specified (the “Change of Control Prepayment Date”), which shall be a Business Day not more than 15 days after the date of such Change of Control Notice. Each holder of a Note will notify the Company of such
holder’s acceptance or rejection of such offer by giving written notice of such acceptance or rejection to the Company on or before the date specified in such Change of Control Notice (the “Response Date”), which specified date
shall be a Business Day not less than 7 days nor more than 12 days after the date of such Change of Control Notice. The Company shall prepay on the Change of Control Prepayment Date all of the outstanding Notes held by the holders as to which such
offer has been so accepted (it being understood that failure of any holder to accept such offer on or before the Response Date shall be deemed to constitute acceptance by such holder), at the principal amount of each such Note, together with
interest accrued thereon to the Change of Control Prepayment Date but without payment of the Yield-Maintenance Amount or any 

  
 9 

 
premium. If any holder shall reject such offer on or before the Response Date, such holder shall be deemed to have waived its rights under this paragraph 5E to require prepayment of all Notes
held by such holder in respect of such Change of Control but not in respect of any subsequent Change of Control. For purposes of this paragraph 5E, any holder of more than one Note may act separately with respect to each Note so held (with the
effect that a holder of more than one Note may accept such offer with respect to one or more Notes so held and reject such offer with respect to one or more other Notes so held). 

5F. Application of Certain Prepayments. Any prepayment of the Notes pursuant to any provision hereof (other than paragraph 5E
hereof) shall be applied to reduce the minimum cumulative principal prepayments required by paragraph 5A in the order of maturity of such prepayments under paragraph 5A, provided that, for the avoidance of doubt, the foregoing portion of this
sentence shall not apply to any prepayment that is made pursuant to paragraph 5A or that is part of the Reduction Amount to the extent applied to reduce such minimum cumulative principal prepayments. Any prepayment of the Notes pursuant to paragraph
5E shall be applied ratably to reduce the minimum cumulative principal prepayments required by paragraph 5B (including, without limitation, the payment due on the maturity date of the Notes). 

5G. Partial Payments Pro Rata. Upon any partial prepayment of the Notes pursuant to any provision hereof (other than paragraph
5E), the principal amount so prepaid shall be allocated to all Notes at the time outstanding in proportion to the respective outstanding principal amounts thereof. 
 5H. Retirement of Notes. The Company shall not, and shall not permit any of its Subsidiaries or any Company Affiliate to, prepay or otherwise retire in whole or in part prior to their stated final
maturity (other than by prepayment pursuant to this paragraph 5 or upon acceleration of such final maturity pursuant to paragraph 8A), or purchase or otherwise acquire, directly or indirectly, Notes held by any holder. 

5I. Use of Debt to Make Prepayment. No prepayment of less than the entire outstanding principal amount of the Notes will be made
with the proceeds of any Debt incurred by the Guarantor, the Company or any of the Guarantor’s other Subsidiaries, except unsecured Debt subordinated to payment of the Notes on terms and conditions satisfactory to the Required Holders.

 5J. Prepayment of Interest upon Payment in Full of Notes. Any payment or prepayment of any Notes pursuant to this
paragraph 5 which results in the payment or prepayment of the entire outstanding principal amount of such Notes shall be made together with all accrued and unpaid interest thereon as of the date of such payment or prepayment. No interest shall
otherwise be paid together with any such payment or prepayment unless such payment or prepayment is made on a date when interest is scheduled to be paid. 
 PARAGRAPH 6. AFFIRMATIVE COVENANTS. 
 So long as any Note shall remain
unpaid, the Company covenants as follows: 
 6A. Financial Statements. The Company will deliver or cause the Guarantor to
deliver to each holder of a Note in duplicate or in electronic format (it being understood that the 

  
 10 

 
Company need not duplicate delivery by the Guarantor of the financial statements or other items required to be delivered under Section 4.1 of the Guaranty Agreement): 

(i) as soon as practicable and in any event within 45 days after the end of each quarterly period (other than the last
quarterly period) of Lee in each fiscal year, a consolidating and consolidated statement of income and a consolidated statement of cash flows of the Guarantor and its Subsidiaries (including the Company) for such quarterly period and for the period
from the beginning of the current fiscal year to the end of such quarterly period, and a consolidating and consolidated balance sheet of the Guarantor and its Subsidiaries (including the Company) as at the end of such quarterly period, setting forth
in each case in comparative form figures for the corresponding period in the preceding fiscal year (if applicable, in the case of the Company and its Subsidiaries), all in reasonable detail and certified by an authorized financial officer of Lee,
subject to changes resulting from year-end adjustments; 
 (ii) as soon as practicable and in any event within 90
days after the end of each fiscal year of Lee, a consolidating and consolidated statement of income and a consolidating and consolidated balance sheet of the Guarantor and its Subsidiaries (including the Company) as at the end of such year and
consolidated statements of cash flows and stockholders’ equity of the Guarantor and its Subsidiaries (including the Company) for such year, setting forth in each case in comparative form corresponding consolidated figures from the preceding
annual audit, all in reasonable detail and satisfactory in scope to the Required Holder(s) and, as to the consolidated statements, audited by independent public accountants of recognized standing selected by the Guarantor whose opinion shall be in
scope and substance satisfactory to the Required Holder(s) and shall not in any event include any scope limitation or any going concern or other material qualification (except that such opinion for the Guarantor’s fiscal year ending in
September 2015 may include a going concern limitation related to the refinancing of the Notes and/or the Debt outstanding under the Credit Agreement or the Second Lien Loan Agreement) and, as to the consolidating statements, certified by an
authorized financial officer of Lee; 
 (iii) promptly upon transmission thereof, copies of all such financial
statements, proxy statements, notices and reports as the Guarantor shall send to its stockholders and copies of all registration statements (without exhibits) and all reports (other than reports as to which the Guarantor shall receive confidential
treatment) which the Guarantor or any Subsidiary (including the Company) files with the Securities and Exchange Commission (or any governmental body or agency succeeding to the functions of the Securities and Exchange Commission); 

(iv) promptly upon receipt thereof, a copy of each other report submitted to the Guarantor or any Subsidiary (including
the Company) by independent accountants in connection with any annual, interim or special audit made by them of the books of the Guarantor or any Subsidiary (including the Company); 

(v) within 30 days after the end of each fiscal month of Lee, the consolidated balance sheet of Lee and its Subsidiaries
as at the end of such fiscal month and the related 

  
 11 

 
consolidated statements of income and, to the extent prepared, statements of cash flows for such fiscal month and for the elapsed portion of the fiscal year ended with the last day of such fiscal
month, in each case setting forth comparative figures for the corresponding fiscal month in the prior fiscal year; 
 (vi) to the extent prepared by the Company or the Guarantor, within 30 days after the end of each fiscal month of the Guarantor, consolidated and consolidating balance sheets of the Guarantor and its
Subsidiaries as at the end of such fiscal month and the related consolidated and consolidating statements of income and cash flows for such fiscal month and for the elapsed portion of the Fiscal Year ended with the last day of such fiscal month, in
each case setting forth comparative figures for the corresponding fiscal month in the prior Fiscal Year; 
 (vii)
no later than the first Business Day of every other week (beginning on the first Monday after the Restructuring Closing Date), a forecast for the succeeding 13-week period of the projected consolidated cash flows of (x) Lee and its
Subsidiaries, and (y) the Guarantor and its Subsidiaries, each taken as a whole (such forecast to contain the same level of detail used in such forecasts delivered to the holders of the Prepetition Notes commencing in October, 2011), together
with a variance report of actual cash flow for the immediately preceding period for which a forecast was delivered against the then current forecast for such preceding period; 

(viii) promptly, and in any event within 45 days following the end of each fiscal quarter in each fiscal year of Lee, a
written report of a Responsible Officer, in form and scope reasonably satisfactory to the Required Holders (such satisfaction to be presumed in the absence of an objection delivered to the Company within 30 days after the receipt of such report),
setting forth a summary in reasonable detail of all Restricted Intercompany Charges, including cash and non-cash activities, organized by category of intercompany activity, by and among (x) Lee and its Subsidiaries (other than the Pulitzer
Entities), on one hand, and the Pulitzer Entities, on the other hand, and (y) the Pulitzer Entities and Star Publishing, and a reconciliation of intercompany balances with respect to each of (x) and (y); 

(ix) promptly, and in any event within 90 days following the end of each Fiscal Year (or following such shorter intervals
as the same may be prepared), an update, in a directly comparable format, of the financial model delivered to the Purchasers on the Restructuring Closing Date, setting forth the projected financial performance of the Guarantor and its Subsidiaries
for the current Fiscal Year (prepared on a month-by-month basis) and for each of the next four (4) Fiscal Years (prepared on an annual basis); 
 (x) promptly, and in any event within 45 days following the end of each Fiscal Year (or following such shorter intervals as the same may be prepared), a pension valuation/status report, in form and scope
reasonably satisfactory to the Required Holders (such satisfaction to be presumed in the absence of an objection delivered to the Company within 30 days after the receipt of such update), setting forth in reasonable detail the extent to which the
pension obligations of the Guarantor and its Subsidiaries are 

  
 12 

 
funded, together with revised projections of future cash payments in respect of such pension obligations; 
 (xi) promptly, and in any event within 30 days following the end of each fiscal month of Lee, a management report describing the financial performance and operations of Lee and its subsidiaries in a form
consistent with, and containing the same level of detail as, reports made available to the holders of the Prepetition Notes commencing in October, 2011; and 
 (xii) with reasonable promptness, such other information and documents as any holder may reasonably request. 
 Together with each delivery of financial statements required by clauses (i) and (ii) above, the Company will deliver to each holder a Compliance Certificate, substantially in the form of
Exhibit I attached hereto, executed on behalf of the Company and demonstrating (with computations in reasonable detail) compliance by the Company and its Subsidiaries with the provisions of paragraph 7C(4) of this Agreement and stating that
there exists no Event of Default or Default, or, if any Event of Default or Default exists, specifying the nature and period of existence thereof and what action the Company proposes to take with respect thereto. Together with each delivery of
financial statements required by clause (ii) above, the Company will use reasonable efforts to deliver or cause to be delivered to each holder a certificate of such accountants stating that, in making the audit necessary for their report on
such financial statements, they have obtained no knowledge of any Event of Default or Default or, if they have obtained knowledge of any Event of Default or Default, specifying the nature and period of existence thereof. Such accountants, however,
shall not be liable to anyone by reason of their failure to obtain knowledge of any Event of Default or Default which would not be disclosed in the course of an audit conducted in accordance with generally accepted auditing standards. Together with
all financial statements of the Guarantor and its Subsidiaries required to be delivered pursuant to this paragraph 6A, the Company will deliver or cause to be delivered a reconciliation reflecting the changes that would be required to such financial
statements had they been prepared in accordance with the GAAP and policies used to prepare the audited financial statements of the Guarantor for the Guarantor’s fiscal year ended September 25, 2011. The Company also covenants that
immediately after any Responsible Officer obtains knowledge of an Event of Default or Default, it will deliver to each holder an Officer’s Certificate specifying the nature and period of existence thereof and what action the Company has taken,
is taking or proposes to take with respect thereto. Each holder is hereby authorized to deliver a copy of any financial statement delivered to such holder pursuant to this paragraph 6A to any regulatory body having jurisdiction over such holder.
Nothing herein shall require, or be deemed to require, the Company to deliver any audited financial statements, or a certificate of accountants related to any Event of Default or Default, for the Company. 

6B. Inspection of Properties. The Company will permit any Person designated by any holder in writing, at such holder’s
expense if no Event of Default then exists and at the Company’s expense if an Event of Default then exists, to visit and inspect any of the properties of the Company and its Subsidiaries, to examine the limited liability company or corporate
books and financial records of the Company and its Subsidiaries and make copies thereof or extracts therefrom and to discuss the affairs, finances and accounts of any of such limited liability

  
 13 

 
companies or corporations with the principal officers of the Company and its independent public accountants, all at such reasonable times and as often as such holder may reasonably request;
provided, however, that, so long as no Event of Default shall have occurred, no holder of Notes shall exercise rights pursuant to this paragraph 6B without the written approval of the Required Holders (to be given or withheld in their sole
discretion) and (ii) no more than two such inspections shall be conducted in any calendar year. 
 6C. Covenant to
Secure Notes Equally. The Company will, if it or any Subsidiary shall create or assume any Lien upon any of its property or assets, whether now owned or hereafter acquired, other than Liens permitted by the provisions of paragraph 7C(l) (unless
prior written consent to the creation or assumption thereof shall have been obtained pursuant to paragraph 12C), make or cause to be made effective provision whereby the Notes will be secured by such Lien equally and ratably with any and all other
Debt thereby secured, so long as any such other Debt shall be so secured; provided that the creation and maintenance of such equal and ratable Lien shall not in any way limit or modify the right of the holders of the Notes to enforce the
provisions of paragraph 7C(1). 
 6D. Compliance with Laws and Regulations. The Company will, and will cause each
Subsidiary to, be in material compliance with all laws, ordinances or governmental rules or regulations to which each of them is subject (including, without limitation, the laws and regulations that are referred to in paragraph 9K, and those
relating to equal employment opportunity and employee health and safety) which are now in effect or may be legally imposed in the future in any jurisdiction in which the Company and any Subsidiary is doing business other than those laws and
regulations which the Company or such Subsidiary is contesting in good faith by appropriate proceedings; provided, however, (i) the Company or such Subsidiary continues to operate any affected business free of any requirement to
escrow or sequester any material amount of such business’ profits or revenues pending resolution of such proceedings, or (ii) any non-compliance with any law or regulation could not reasonably be expected to have a Material Adverse Effect.

 6E. Patents, Trade Marks and Trade Names. The Company will and will cause each Subsidiary to continue to own, or hold
and maintain in effect, all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the use of, all copyrights, franchises, licenses, marketing rights,
patents, service marks, trade marks, trade names, and rights in any of the foregoing, as in the aggregate are necessary for the conduct of its business in the manner in which such business is being conducted as of the date hereof except where
failure to continue to own or hold such licenses could not reasonably be expected to have a Material Adverse Effect. 
 6F.
Information Required by Rule 144A. The Company will, upon the request of the holder of any Note, provide such holder, and any qualified institutional buyer designated by such holder, such financial and other information as such holder may
reasonably determine to be necessary in order to permit compliance with the information requirements of Rule 144A under the Securities Act in connection with the resale of Notes, except at such times as the Company is subject to the reporting
requirements of section 13 or 15(d) of the Exchange Act. For the purpose of this paragraph 6F, the term “qualified institutional buyer” shall have the meaning specified in Rule 144A under the Securities Act. 

  
 14 

 6G. Payment of Taxes and Other Claims. The Company will, and will cause each of its
Subsidiaries to, file all income tax or similar tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable by the Company or its Subsidiaries on such returns and all other taxes, assessments,
governmental charges, levies, trade accounts payable and claims for work, labor or materials (all the foregoing being referred to collectively as “Claims”) payable by any of them, to the extent such Claims have become due and
payable and before they have become delinquent (including, without limitation, Claims for which sums have become due and payable that have or might become a Lien on properties or assets of the Company or any Subsidiary); provided, that
neither the Company nor any Subsidiary need pay any Claim if (i) the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or
such Subsidiary has established adequate reserves therefor in accordance with GAAP on its books or (ii) the nonpayment of all such Claims in the aggregate could not reasonably be expected to have a Material Adverse Effect. 

6H. ERISA Compliance. The Company will, and will cause each ERISA Affiliate controlled by the Company to, at all times:

 (i) with respect to each Plan, make timely payments of contributions required to meet the minimum funding
standard set forth in ERISA or the Code with respect thereto and, with respect to any Multiemployer Plan, make timely payment of contributions required to be paid thereto as provided by Section 515 of ERISA, and 

(ii) comply with all other provisions of ERISA, 
 except for such failures to make contributions and failures to comply as could not reasonably be expected to have a Material Adverse Effect. 

6I. Insurance. The Company will, and will cause each of its Subsidiaries to, maintain, with financially sound and reputable
insurers, (i) insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate
reserves are maintained with respect thereto) as is customary in the case of entities of established reputations engaged in the same or a similar business and similarly situated and (ii) such other insurance coverages as may be required under
the terms of the Collateral Documents. 
 6J. Maintenance of Properties. The Company will, and will cause each of its
Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be
properly conducted at all times, provided that this paragraph shall not (i) prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the
conduct of its business and the Company has concluded that such discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect or (ii) be interpreted to require the Company to make Capital
Expenditures in respect of maintenance in excess of the amounts permitted to be spent on Capital Expenditures under the Guaranty Agreement. 

  
 15 

 6K. Corporate Existence, Etc. Subject to paragraph 7C(6), the Company will at all
times preserve and keep its corporate existence in full force and effect. Subject to paragraphs 7C(4) and 7C(6), the Company will at all times preserve and keep in full force and effect the corporate existence of each of its Subsidiaries (unless
merged into the Company or a Subsidiary) and all rights and franchises of the Company and its Subsidiaries unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such corporate
existence, right or franchise could not, individually or in the aggregate, have a Material Adverse Effect. 
 6L. Books and
Records. The Company will, and will cause each of its Subsidiaries to, maintain proper books of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over
the Company or such Subsidiary, as the case may be. 
 6M. Delivery of Deeds of Trust. To the extent that the Company is
unable to satisfy the condition set forth in paragraph 4M(3) hereto on or prior to the Restructuring Closing Date, the Company will deliver to the Purchasers the Deeds of Trust, as referenced in such paragraph, as soon as commercially reasonable but
no later than 30 calendar days after the Restructuring Closing Date or by such later date to which the Required Holders may agree. 

PARAGRAPH 7. NEGATIVE COVENANTS. 
 So long as any Note shall remain unpaid, the Company covenants as follows: 

7A. Change of Business. The Company will not change, and will not permit any Material Subsidiary to change, in any material
respect the purpose of its business or operations from that of owning and operating the St. Louis Post-Dispatch and other businesses directly or indirectly related thereto. 

7B. Limitation on Distributions. Neither the Company nor any Subsidiary will declare or make, or incur any liability to declare or
make, any distributions or payments in respect of its Equity Interests, except distributions or payments to the Guarantor, the Company or any Subsidiary of the Company. 
 7C. Lien, Debt and Other Restrictions. The Company will not, and will not permit any Subsidiary to: 
 7C(1). Liens. Directly or indirectly, create, assume or suffer to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any of its property or assets, whether now
owned or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey the right to receive income or profits (whether or not provision is made for the equal and ratable securing of the Notes in accordance with the provisions
of paragraph 6C), except: 
 (i) mechanics’, workmen’s, repairmen’s, warehousemen’s,
carriers’ or other like Liens arising or incurred in the ordinary course of business for amounts which are not delinquent or are being actively contested in good faith by appropriate proceedings; 

  
 16 

 (ii) with respect to real property, (a) easements, quasi-easements,
licenses, covenants, rights-of-way and other similar restrictions, including any other agreements, conditions, restrictions or other matters which would be shown by a current title report or other similar report or listing, (b) any conditions
that would be shown by a current survey or physical inspection and (c) zoning, building and other similar restrictions; 
 (iii) Liens for taxes or assessments or other governmental charges or levies not yet due or which are being actively contested in good faith by appropriate proceedings if adequate reserves with respect
thereto are maintained on the books of the Company or its Subsidiaries, as the case may be, in accordance with GAAP; 
 (iv) Liens on property or assets of a Subsidiary to secure obligations of such Subsidiary to the Company or another Subsidiary; 

(v) to the extent the Debt secured thereby is permitted under clause (vi) of paragraph 7C(2), (a) Liens securing
Capitalized Lease Obligations of the Company or its Subsidiaries, (b) Liens securing other Debt of the Company or its Subsidiaries to finance the purchase price or cost of property acquired, constructed or improved by the Company or any
Subsidiary after the Restructuring Closing Date (including, without limitation, pursuant to purchase price conditional sales contracts) or (c) Liens existing on any property of any Person at the time it becomes a Subsidiary, or existing prior
to the time of acquisition upon any property acquired by the Company or any Subsidiary through purchase, merger, or consolidation or otherwise, whether or not assumed by the Company or such Subsidiary, provided that any such Lien shall not
encumber any other property of the Company or such Subsidiary; 
 (vi) any Liens renewing, extending or refunding
any Lien permitted by clause (v) above, provided that the principal amount secured is not increased and the Lien is not extended to other property; 
 (vii) Liens consisting of financing statements filed under the Uniform Commercial Code of any jurisdiction solely for precautionary or notice purposes with respect to equipment leases; 

(viii) other Liens which were not incurred in connection with the borrowing of money or the obtaining of advances or
credit, and which do not in the aggregate materially impair the use of such property and assets in the operation of the business of the Company and its Subsidiaries, or materially detract from the value of such property or assets for the purpose of
the business of the Company and its Subsidiaries, taken as a whole; 
 (ix) Liens in favor of the Collateral
Agent to secure the Secured Obligations; and 
 (x) Liens (other than Liens on the Excluded TNI Assets) securing
Debt permitted by paragraph 7C(2)(iii) hereof, provided that such Liens are subject to the terms of the Intercreditor Agreement. 

  
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 7C(2). Debt. Create, incur, assume, guarantee or in any way become liable for any
Debt except: 
 (i) Debt represented by the Transaction Documents; 

(ii) Debt or indebtedness of the Company owing to the Guarantor or any of its Subsidiaries that are Credit Parties or Debt
or indebtedness owing by any Credit Party to another Credit Party; provided that such Debt is unsecured; 

(iii) Debt in respect of any guarantee by the Credit Parties of Debt of Lee under and in respect of the Second Lien Loan
Agreement (or any Permitted Refinancing Debt in respect of the Second Lien Loan Agreement), so long as (a) the Intercreditor Agreement is in full force and effect, and (ii) the aggregate principal amount of the Debt which is guaranteed by
any Credit Party in respect of the Second Lien Loan Agreement (or any Permitted Refinancing Debt in respect thereof) shall not exceed $175,000,000; 
 (iv) Debt or indebtedness of the Company or any of its Subsidiaries permitted under paragraph 7C(3); 
 (v) Debt of the Company and its Subsidiaries consisting of trade payables incurred in the ordinary course of business; 

(vi) (a) Debt of the Company and its Subsidiaries constituting Capitalized Lease Obligations, (b) other Debt of the
Company or its Subsidiaries to finance the purchase price or cost of property acquired, constructed or improved by the Company or any Subsidiary after the Restructuring Closing Date, or (c) Debt secured by Liens existing on any property of any
Person at the time it becomes a Subsidiary, or existing prior to the time of acquisition upon any property acquired by the Company or any Subsidiary through purchase, merger, or consolidation or otherwise, and assumed by the Company or such
Subsidiary, in each case to the extent such Liens are permitted under clause (v) of paragraph 7C(1), provided that the aggregate principal amount of all such Debt described in subclauses (a), (b) and (c) of this clause
(vi) at any time outstanding shall not exceed $5,000,000; 
 (vii) Debt or indebtedness secured by Liens
permitted under clauses (iv) and (vi) of paragraph 7C(1) (provided, in the case of Liens permitted under clause (vi) of paragraph 7C(1) that renew, extend or refund any Lien permitted under clause (v) of paragraph 7C(1),
that such Liens shall be permitted only to the extent the Debt or indebtedness secured thereby is permitted under clause (vi) of this paragraph 7C(2)); 
 (viii) unsecured Debt in respect of the reimbursement obligations of letters of credit issued or in respect of worker’s compensation arrangements not to exceed $5,000,000 outstanding at any time; and

 (ix) unsecured Debt (other than the Debt permitted by paragraph 7C(2)(iii) hereof) which is subordinated to
the Secured Obligations on terms and conditions satisfactory to the Required Holders. 

  
 18 

 7C(3). Loans, Advances and Investments. Make, or permit to remain outstanding, any
loan or advance to, or own, purchase or acquire any stock, obligations or securities of, or any interest in, or make any capital contribution to, any Person, except that the Company or any Subsidiary may: 

(i) [reserved]; 
 (ii) make or permit to remain outstanding any loans, advances or capital contributions from any Credit Party to another Credit Party; 

(iii) own, purchase or acquire stock, obligations or securities of or other equity interests in a Subsidiary or a Person
which immediately after such purchase or acquisition will be a Subsidiary; 
 (iv) make and permit to remain
outstanding investments in notes receivable or other consideration to the extent permitted by paragraph 7C(4) but only to the extent that the aggregate uncollected amount of all such notes receivable and other consideration, together with all such
notes receivable and other consideration of the Guarantor and its Subsidiaries, would be permitted under clause (iv) of Section 5.4 of the Guaranty Agreement; 

(v) make and permit to remain outstanding loans, advances and other investments received in settlement of debts (created
in the ordinary course of business) owing to the Company or any Subsidiary; 
 (vi) own, purchase or acquire
commercial paper issued by any corporation or bankers’ acceptances issued by any member bank of the Federal Reserve System, in either case, maturing within one year of the date of purchase and rated, by at least two of S&P, Moody’s and
Fitch Investors Service, Inc., “A-1”, “P-1” and “F-1”, respectively, and payable in the United States in United States dollars; 
 (vii) own, purchase or acquire certificates of deposit in any member bank of the Federal Reserve System having, or which is the principal banking subsidiary of a bank holding company having, a long-term
unsecured debt rating of at least “A” or the equivalent thereof from S&P or “A2” or the equivalent thereof from Moody’s, all due within one year from the date of original issue thereof and payable in the United States in
United States dollars; 
 (viii) own, purchase or acquire repurchase agreements of any member bank of the Federal
Reserve System having, or which is the principal banking subsidiary of a bank holding company having, a long-term unsecured debt rating of at least “A” or the equivalent thereof from S&P or “A2” or the equivalent thereof from
Moody’s, for terms of less than one year in respect of commercial paper and certificates of deposit referred to in the foregoing clauses (vi) and (vii) and obligations referred to in clause (ix) and (x) below; 

(ix) own, purchase or acquire obligations of the United States government or any agency thereof; 

  
 19 

 (x) own, purchase or acquire obligations guaranteed by the United States
government or any agency thereof; 
 (xi) own, purchase or acquire investments in stocks of investment companies
registered under the Investment Company Act of 1940 which invest primarily in obligations of the type described in clauses (vi), (vii), (viii), (ix) or (x) above, provided that any such investment company shall have an aggregate net
asset value of not less than $500,000,000; 
 (xii) own, purchase or acquire investments in money market funds
that are classified as current assets in accordance with GAAP, and that are rated “AAAm” or the equivalent by S&P, Moody’s or Fitch Investors Service, Inc., which funds are managed by either (a) Persons having capital and
surplus, or net worth, in excess of $500,000,000 or (b) any Person that is a direct or indirect subsidiary of a Person described in the foregoing clause (a); 

(xiii) own, purchase or acquire (a) asset-backed securities, mortgage-backed securities and collateralized mortgage
obligations issued by any entity and rated at least Aa3 by Moody’s or AA- by S&P and (b) notes and bonds issued by any domestic corporate issuer and rated at least A3 by Moody’s or A- by S&P; 

(xiv) endorse negotiable instruments for collection in the ordinary course of business; 

(xv) make or permit to remain outstanding travel and other like advances to officers and employees in the ordinary course
of business; 
 (xvi) make or permit to remain outstanding investments in demand deposit accounts maintained by
the Company or any Subsidiary in the ordinary course of its business; 
 (xvii) make or permit to remain
outstanding investments consisting of Eurodollar time deposits, maturing within three months after the making thereof, with any branch of a United States commercial bank having capital and surplus of not less than $1 billion in the aggregate;

 (xviii) make or permit to remain outstanding investments in municipal obligations having a rating of
“Aaa” by Moody’s, or “AAA” by S&P; 
 (xix) own, purchase or acquire investments in
commingled funds/portfolios that invest primarily in U.S. dollar denominated obligations, with a weighted average portfolio maturity of 120 days or less, and rated “AAA” or the equivalent, by at least two of S&P, Moody’s and Fitch
Investors Service, Inc., which funds are managed by either (a) Persons having capital and surplus, or net worth, in excess of $500,000,000 or (b) any Person that is a direct or indirect subsidiary of a Person described in the foregoing
clause (a); 

  
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 (xx) make or permit to be made payments in connection with the redemption by
the Company of the “phantom equity interests” held by Herald referred to in clause (iii) of the definition of “Change of Control” with common stock of Lee or cash contributed by Lee to the Company for purposes of making such
payment (it being understood that any such cash contributed by Lee shall reduce the Lee Payable (as defined in the Guaranty Agreement) by an amount equal to such cash contribution); and 

(xxi) make or permit to remain outstanding any other loan or advance to, or own, purchase or acquire any other stock,
obligations or securities of, or any other interest in, or make any other capital contribution to any Person, provided that the aggregate amount thereof, together with the aggregate amount of all such loans, advances and investments of the
Guarantor and its Subsidiaries, would be permitted under Section 5.4 of the Guaranty Agreement. 
 7C(4). Asset
Sales. Engage in any Asset Sale (i) if the aggregate amount of Asset Sale Proceeds in respect of any one transaction or series of related transactions would be equal to or less than $1,000,000 unless at least 75% of such Asset Sale Proceeds
consist of cash or (ii) if the aggregate amount of Asset Sale Proceeds in respect of any one transaction or series of related transactions would be more than $1,000,000 unless such Asset Sale Proceeds consist only of cash and the Required
Holders have given their prior written consent thereto; provided, however, that notwithstanding the foregoing, no Asset Sale shall involve the sale of any Equity Interests in Star Publishing or the Equity Interests of TNI Partners held by
Star Publishing. 
 7C(5). Sale and Lease-Back. Enter into any arrangement with any lender or investor or under which
such lender or investor is a party, providing for the leasing or other similar arrangement by the Company or any Subsidiary of real or personal property used by the Company or any Subsidiary in the operations of the Company or any Subsidiary, which
has been or is sold or transferred by the Company or any Subsidiary to such lender or investor or to any Person to whom funds have been or are to be advanced by such lender or investor on the security of such rental obligations of the Company or
such Subsidiary. 
 7C(6). Merger. Merge or consolidate with any other Person, except that any Subsidiary may merge or
consolidate with the Company (provided that the Company shall be the continuing or surviving Person) or any one or more other Subsidiaries; provided that nothing in this paragraph 7C(6) shall restrict the ability of any Subsidiary which is
not a Material Subsidiary to merge or consolidate with any Person (so long as in connection with any such merger with a Person which is not the Company, the Guarantor or another Subsidiary, the Company or a Subsidiary shall have received only cash
consideration for such merger). 
 7C(7). Transactions With Affiliates. Directly or indirectly enter into or be a party
to any transaction or arrangement, including, without limitation, the purchase, sale, exchange or use of any property or asset, or any interest therein, whether real, personal or mixed, or tangible or intangible, or the rendering of any service,
with any Company Affiliate, except (i) transactions in the ordinary course of and pursuant to the reasonable requirements of the Company’s and each Subsidiary’s business, as the case may be, and upon fair and reasonable terms
that are no less favorable to the Company and its Subsidiaries, as the case may be, than those which might be obtained in an arm’s length transaction with a Person not a Company Affiliate, (ii) transactions 

  
 21 

 
specifically permitted by Section 5.8(ii) of the Guaranty Agreement, (iii) transactions involving the allocation of costs and expenses among the Guarantor and its Subsidiaries
(including the Company and its Subsidiaries) in respect of insurance, technical support, compensation and benefits, overhead allocation and other similar administrative costs and expenses, and (iv) payment by the Company of its Allocable Share
of the Lee/Pulitzer Restructuring Costs. For avoidance of doubt, the reference in this paragraph 7C(7) to transactions with “any Company Affiliate” shall be understood to exclude both (i) transactions between the Company and any
Subsidiary and (ii) transactions between a Subsidiary of the Company and any other Subsidiary of the Company. 
 7C(8).
Issuance or Sale of Stock of Subsidiaries. Issue, sell or otherwise dispose of, or part with control of, any shares of stock of or other equity interests in any Subsidiary (other than a Subsidiary which is not a Material Subsidiary),
except to the Company or another Subsidiary. 
 7C(9). Sale or Discount of Receivables. Sell with recourse,
discount (other than to the extent of finance and interest charges included therein) or otherwise sell for less than face value thereof, any of its notes or accounts receivable, except notes or accounts receivable of the Company or its Subsidiaries
the collection of which is doubtful in accordance with GAAP. 
 7D. Limitation on Certain Restrictive Agreements. The
Company will not and will not permit any of its Subsidiaries to enter into or suffer to exist any contractual obligation, other than this Agreement, which in any way restricts the ability of the Company or any of its Subsidiaries to (a) create,
incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, (b) make any payments in respect of the Notes required under this Agreement, (c) make any dividends or distributions or (d) transfer any of its
property or assets to the Company or a Subsidiary of the Company except for any such restrictions set forth in the Credit Agreement and the Second Lien Loan Agreement or in any documents, instruments or agreements evidencing any Permitted
Refinancing Debt thereof, as applicable, in each case, as in effect on the date hereof, or, with respect to any Permitted Refinancing Debt, on the date of the incurrence or issuance thereof. 

7E. Terrorism Sanctions Regulations. The Company will not and will not permit any Controlled Entity to (a) become a Blocked
Person or (b) have any investments in or engage in any dealings or transactions with any Blocked Person if such investments, dealings or transactions would cause any holder of a Note to be in violation of any laws or regulations that are
applicable to such holder. 
 PARAGRAPH 8. EVENTS OF DEFAULT. 
 8A. Acceleration. If any of the following events shall occur and be continuing for any reason whatsoever (and whether such occurrence shall be voluntary or involuntary or come about or be effected
by operation of law or otherwise): 
 (i) the Company defaults in the payment of any principal of or
Yield-Maintenance Amount payable with respect to any Note when the same shall become due, either by the terms thereof or otherwise as herein provided; or 

  
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 (ii) the Company defaults in the payment of any interest on any Note or any
other amounts due under the Transaction Documents for more than 5 Business Days after the date due; or 
 (iii)
any representation or warranty made by the Company in any of the Transaction Documents or in any writing furnished in connection with or pursuant to any of the Transaction Documents shall be false in any material respect on the date as of which
made; or 
 (iv) the Company fails to perform or observe any covenant or agreement contained in paragraph 7; or

 (v) the Company fails to perform or observe any other agreement, term or condition contained herein (other
than those referred to in clauses (i), (ii) or (iv)) and such failure shall not be remedied within 30 days after any Responsible Officer of the Company obtains actual knowledge thereof; or 

(vi) the Company or any Material Subsidiary makes an assignment for the benefit of creditors or is generally not able to
pay its debts as such debts become due; or 
 (vii) any decree, judgment, or order for relief in respect of the
Company or any Material Subsidiary is entered under any bankruptcy, reorganization, compromise, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law, whether now or hereafter in effect (herein called the
“Bankruptcy Law”), of any jurisdiction; or 
 (viii) the Company or any Material Subsidiary
petitions or applies to any tribunal for, or consents to, the appointment of, or taking possession by, a trustee, receiver, custodian, liquidator or similar official of the Company or any Material Subsidiary, or of any substantial part of the assets
of the Company or any Material Subsidiary, or commences a voluntary case under the Bankruptcy Law of the United States or any proceedings (other than proceedings for the voluntary liquidation and dissolution of a Material Subsidiary) relating to the
Company or any Material Subsidiary under the Bankruptcy Law of any other jurisdiction; or 
 (ix) any such
petition or application is filed, or any such proceedings are commenced, against the Company or any Material Subsidiary and the Company or such Material Subsidiary by any act indicates its approval thereof, consent thereto or acquiescence therein,
or an order, judgment or decree is entered appointing any such trustee, receiver, custodian, liquidator or similar official, or approving the petition in any such proceedings, and such order, judgment or decree remains unstayed and in effect for
more than 60 days; or 
 (x) any order, judgment or decree is entered in any proceedings against the Company or
any Material Subsidiary decreeing the dissolution of the Company or such Material Subsidiary and such order, judgment or decree remains unstayed and in effect for more than 60 days; or 

  
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 (xi) one or more final judgments in an aggregate amount in excess of
$10,000,000 is rendered against the Guarantor, the Company or any of their respective Subsidiaries and, within 60 days after entry thereof, any such judgment is not discharged or execution thereof stayed pending appeal, or within 60 days after the
expiration of any such stay, such judgment is not discharged; or 
 (xii) (a) any Plan shall fail to satisfy the
minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is requested or granted under section 412 of the Code, (b) a notice of intent to terminate
any Plan in a distress termination (within the meaning of ERISA section 4041(c)) shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a
trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a Plan may become a subject of such proceedings, (c) the aggregate “amount of unfunded benefit liabilities” (within the meaning of
section 4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA, shall exceed $76,000,000, (d) the Company or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to
Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, (e) the Company or any ERISA Affiliate is assessed liability for a partial or complete withdrawal from any Multiemployer Plan, or
(f) the Company or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a manner that would increase the liability of the Company or any Subsidiary thereunder; and any such
event or events described in clauses (a) through (f) above, either individually or together with any other such event or events, could reasonably be expected to have a Material Adverse Effect; or 

(xiii) any provision of the Guaranty Agreement shall for any reason cease to be valid and binding on the Guarantor or the
Guarantor shall so assert in writing or any of the Transaction Documents shall cease for any reason to be in full force and effect, or any party thereto shall purport to disavow its obligations thereunder, claim that it does not have any further
obligation thereunder or contest the validity or enforceability thereof; or 
 (xiv) a Guaranty Event of Default
shall have occurred and be continuing (it being understood that no Guaranty Event of Default shall exist or arise as a result of non-compliance with Section 5.1(i) or Section 5.1(iii) of the Guaranty Agreement prior to the occurrence of
the earlier of (a) an election of the Guarantor pursuant to the first sentence after clause (iii) of Section 5.1 and (b) the expiration of the 45 day period referred to in such sentence, so long as an election as to the maximum
amount permissible under such first sentence would be sufficient to cure such non-compliance); or 
 (xv) any
Collateral Document shall cease for any reason (other than pursuant to the terms thereof) to create a valid Lien in the collateral purported to be covered thereby or such Lien shall for any reason cease to be a perfected and first priority Lien
(subject only to Liens permitted by paragraph 7C(1)), and, in the case of any failure of the validity, perfection or priority of any such Lien which results from the actions or inaction of the Collateral Agent, such failure shall continue for a
period of 30 days from the 

  
 24 

 
earlier of (i) the date on which written notice of such failure is provided to the Company from any Purchaser or the Collateral Agent or (ii) actual knowledge of such failure by any
Credit Party; or 
 (xvi) (a) Lee or any of its Subsidiaries shall (1) default in any payment of any
Debt (other than the Note Obligations) beyond the period of grace, if any, provided in an instrument or agreement under which such Debt was created or (2) default in the observance or performance of any agreement or condition relating to any
Debt (other than the Note Obligations) or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist, the effect of which default or other event or condition is to cause, or
to permit the holder or holders of such Debt (or a trustee or agent on behalf of such holder or holders) to cause (determined without regard to whether any notice is required), any such Debt to become due (and/or, in the case of an Interest Rate
Protection Agreement or Other Hedging Agreement, to be terminated) prior to its stated maturity, or (b) any Debt (other than the Note Obligations) of Lee or any of its Subsidiaries shall be declared to be (or shall become) due and payable
(and/or, in the case of an Interest Rate Protection Agreement or Other Hedging Agreement, to be terminated), or required to be prepaid (and/or terminated, as the case may be) other than by a regularly scheduled required prepayment, prior to the
stated maturity thereof, provided that it shall not be a Default or an Event of Default under this clause (xvi) unless the aggregate principal amount of all Debt as described in the preceding clauses (a) and (b) is at least
$10,750,000 or unless such Debt is in respect of the Credit Agreement or the Second Lien Loan Agreement or any Permitted Refinancing Debt or any Additional Permitted Indebtedness (as defined in the Second Lien Loan Agreement); provided, however,
that with respect to any breach or default under Sections 10.08 or 10.09 of the Credit Agreement (as in effect on the date hereof) or any successor provisions or analogous financial covenants in any documentation relating to any Permitted
Refinancing Debt, such breach or default shall only constitute an Event of Default under this clause (xvi) if such breach or default occurs and is not cured or waived within 30 days after the occurrence of such breach or default; or 

(xvii) Lee or any Material Lee Subsidiary shall commence a voluntary case concerning itself under any Bankruptcy Law; or
an involuntary case is commenced against Lee or any Material Lee Subsidiary, and the petition is not controverted within 15 days, or is not dismissed within 60 days after the filing thereof; or a custodian (as defined under Title 11 of the United
States Code) is appointed for, or takes charge of, all or substantially all of the property of Lee or any Material Lee Subsidiary, to operate all or any substantial portion of the business of Lee or any Material Lee Subsidiary; or Lee or any
Material Lee Subsidiary commences any other proceeding under any Bankruptcy Law relating to Lee or any Material Lee Subsidiary, or there is commenced against Lee or any Material Lee Subsidiary any such proceeding which remains undismissed for a
period of 60 days after the filing thereof; or Lee or any Material Lee Subsidiary is adjudicated insolvent or bankrupt; or any order for relief or other order approving any such case or proceeding is entered; or Lee or any Material Lee Subsidiary
makes a general assignment for the benefit of creditors; or any action is taken by Lee or any Material Lee Subsidiary for the purpose of effecting any of the foregoing; or 

  
 25 

 (xviii) any Credit Party shall fail to perform or observe any other
agreement, term or condition contained in any Transaction Document to which it is a party (other than this Agreement, the Notes or the Guaranty Agreement) and such failure shall not be remedied within thirty (30) days after any Responsible
Officer obtains knowledge thereof; or 
 (xix) any Lee Company shall be a party to any agreement that restricts
the Guarantor or any of its Subsidiaries from compliance in full with all provisions of all Transaction Documents; or 
 (xx) with respect to any Fiscal Year ending after September 25, 2011, the Lee Companies shall fail to contribute to any qualified or non-qualified pension, retirement or similar employee compensation
plans of the Guarantor and its Subsidiaries (including, without limitation, split-dollar insurance policies) an amount equal to the lesser of (a) $2,000,000 or (b) that amount necessary to meet minimum funding requirements of the Guarantor
and its Subsidiaries with respect to any such plan for such Fiscal Year in accordance with applicable laws and regulations and consistent with the Guarantor’s past practices; or 

(xxi) Lee or any of its Subsidiaries shall enter into an amendment or modification to (a) the Credit Agreement, any
guaranty, security agreement or other document relating thereto or any indenture, purchase agreement, loan agreement, security agreement or other agreement or instrument relating to any Permitted Refinancing Debt in respect of the Credit Agreement,
or (b) any Second Lien Debt Document or any indenture, purchase agreement, loan agreement, security agreement or other agreement or instrument relating to any Permitted Refinancing Debt in respect of the Second Lien Loan Agreement, in each case
without the prior written consent of the Required Holders except, an amendment or modification which could not reasonably be expected to be adverse to the holders of Notes in any material respect; or 

(xxii) (a) any payment or demand for payment (satisfying the requirements for the making of such demand for payment) is
made under any guarantee executed by any Credit Party in respect of the Second Lien Loan Agreement or any indenture, purchase agreement, loan agreement, security agreement or other agreement or instrument relating to any Permitted Refinancing Debt
in respect of the Second Lien Loan Agreement, or (b) the Liens securing Debt under or in respect of the Second Lien Debt Documents (or any Permitted Refinancing Debt in respect thereof) shall cease, for any reason, to be validly subordinated to
the Liens securing the Note Obligations as provided in the Intercreditor Agreement or the Intercreditor Agreement or any provision thereof shall cease to be in full force or effect, or the Guarantor, any Subsidiary of the Company or any Person
acting for or on behalf of the Guarantor or any Subsidiary of the Guarantor shall deny or disaffirm the Guarantor’s or such Subsidiary’s obligations under the Intercreditor Agreement or the Guarantor or any of its Subsidiaries shall
default in the due performance or observance of any material term, covenant or agreement on its part to be performed or observed pursuant to the Intercreditor Agreement. 
 then (A) if such event is an Event of Default specified in clause (i) or (ii) of this paragraph 8A, the holder of any Note (other than the Company or any of its Subsidiaries or any Company

  
 26 

 
Affiliate) may at its option during the continuance of such Event of Default, by notice in writing to the Company, declare such Note to be, and such Note shall thereupon be and become,
immediately due and payable at par, together with interest accrued thereon and together with any Yield-Maintenance Amount with respect thereto and any other fees or amounts owing to such holder under the Transaction Documents, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Company, (B) if such event is an Event of Default specified in clause (vii), (viii) or (ix) of this paragraph 8A with respect to the Company, all of
the Notes at the time outstanding shall automatically become immediately due and payable, together with interest accrued thereon and the Yield-Maintenance Amount, if any, with respect to each Note and any other fees or amounts then owing under the
Transaction Documents, without presentment, demand, protest or notice of any kind, all of which are hereby waived by the Company, and (C) with respect to any event constituting an Event of Default (including an event described in clause
(A) above), the holder or holders of at least 66 2/3% of the aggregate principal amount of Notes then outstanding may at its or their option, by notice in writing to the Company, declare all of the Notes to be, and all of the Notes shall
thereupon be and become, immediately due and payable together with interest accrued thereon and together with the Yield-Maintenance Amount, if any, with respect to each Note and any other fees or amounts then owing under the Transaction Documents,
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company. 
 The Company
acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for payment of the
Yield-Maintenance Amount by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances. 

8B. Rescission of Acceleration. At any time after any or all of the Notes shall have been declared immediately due and
payable pursuant to paragraph 8A, the holder or holders of at least 66 2/3% of the aggregate principal amount of Notes then outstanding may, by notice in writing to the Company, rescind and annul such declaration and its consequences if (i) the
Company shall have paid all overdue interest on the Notes, the principal of the Notes which has become due otherwise than by reason of such declaration, and interest on such overdue interest and overdue principal at the rate specified in the Notes,
(ii) the Company shall not have paid any amounts which have become due solely by reason of such declaration, (iii) all Events of Default and Defaults, other than non-payment of amounts which have become due solely by reason of such
declaration, shall have been cured or waived pursuant to paragraph 12C, and (iv) no judgment or decree shall have been entered for the payment of any amounts due pursuant to the Notes or this Agreement. No such rescission or annulment shall
extend to or affect any subsequent Event of Default or Default or impair any right arising therefrom. 
 8C. Notice of
Acceleration or Rescission. Whenever any Note shall be declared immediately due and payable pursuant to paragraph 8A or any such declaration shall be rescinded and annulled pursuant to paragraph 8B, the Company shall forthwith give written
notice thereof to the holder of each Note at the time outstanding. 

  
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 8D. Other Remedies. If any Event of Default or Default shall occur and be
continuing, the holder of any Note may proceed to protect and enforce its rights (or instruct the Collateral Agent to act, as the case may be) under this Agreement, such Note and the other Transaction Documents by exercising such remedies as are
available to such holder in respect thereof under applicable law, either by suit in equity or by action at law, or both, whether for specific performance of any covenant or other agreement contained in this Agreement or in any other Transaction
Document or in aid of the exercise of any power granted in this Agreement or in any other Transaction Document. No remedy conferred in this Agreement or in any other Transaction Document upon the holder of any Note is intended to be exclusive of any
other remedy, and each and every such remedy shall be cumulative and shall be in addition to every other remedy conferred herein or now or hereafter existing at law or in equity or by statute or otherwise. 

PARAGRAPH 9. REPRESENTATIONS, COVENANTS AND WARRANTIES. 
 The Company represents, covenants and warrants to each Purchaser as follows: 

9A. Organization and Qualification; Due Authorization. The Company is a limited liability company duly organized and
existing in good standing under the laws of the State of Delaware. Each Material Subsidiary is duly organized and existing in good standing under the laws of the jurisdiction in which it is incorporated or otherwise organized. The Company has and
each Material Subsidiary has the limited liability company or corporate power, as applicable, to own its respective property and to carry on its respective business as now being conducted, and the Company is and each Material Subsidiary is duly
qualified as a foreign limited liability company or foreign corporation, as applicable, to do business and in good standing in every jurisdiction in which the nature of the respective business conducted or property owned by it makes such
qualification necessary, except where the failure to so qualify would not have a Material Adverse Effect. Each of the Company and the Subsidiaries has the limited liability company power and authority to execute and deliver this Agreement, the Notes
and each of the other Transaction Documents to which it is a party and to perform the provisions hereof and thereof. The execution, delivery and performance by the Company of this Agreement and the Notes have been duly authorized by all necessary
limited liability company action, and this Agreement constitutes, and upon execution and delivery thereof, each Note and each other Transaction Document to which any Credit Party is a party will constitute, a legal, valid and binding obligation of
such Credit Party enforceable against such Credit Party in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the
enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

9B. Material Adverse Change. Since September 25, 2011, nothing has occurred that has had, or could reasonably be expected to
have, a Material Adverse Effect (it being understood that the filing of the voluntary petitions by the Debtors under Chapter 11 of the Bankruptcy Code on the Petition Date shall not, in and of itself, be deemed to have had or, reasonably be expected
to have, a Material Adverse Effect). 
 9C. Litigation; Observance of Agreements, Statutes and Orders. 

  
 28 

 (i) Except as set forth in Schedule 9C (it being understood that
disclosure on Schedule 9C is not a representation that the matter to which the disclosure relates is expected to have a Material Adverse Effect), there are no actions, suits, investigations or proceedings pending or, to the knowledge of the
Company, threatened against or affecting the Company or any Subsidiary or any property of the Company or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect. 
 (ii) Neither the Company nor any
Subsidiary is (a) in default under any term of any agreement or instrument to which it is a party or by which it is bound, (b) in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or
(c) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including, without limitation, Environmental Laws, the USA Patriot Act or any of the other laws and regulations that are referred to in
paragraph 9K), which default or violation, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 9D. Outstanding Debt. 
 (i) Except as described therein,
Schedule 9D sets forth a complete and correct list of all outstanding Debt of the Company and its Subsidiaries as of September 25, 2011 (including a description of the obligors and obligees, principal amount outstanding and collateral
therefor, if any, and guaranty thereof, if any), since which date there has been no material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Debt of the Company or its Subsidiaries. Neither the Company
nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Debt of the Company or such Subsidiary and no event or condition exists with respect to any Debt of the Company or
any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Debt to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

 (ii) Except as disclosed in Schedule 9D, neither the Company nor any Subsidiary has agreed or consented
to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by paragraph 7C(1). 

9E. Title to Properties. The Company has and each of its Material Subsidiaries has good and marketable title to its
respective real properties (other than properties which it leases) and good title to all of its other respective properties and assets, subject to no Lien of any kind except Liens permitted by paragraph 7C(l). All leases necessary in any material
respect for the conduct of the respective businesses of the Company and its Subsidiaries are valid and subsisting and are in full force and effect. 
 9F. Conflicting Agreements and Other Matters. Neither the Company nor any of its Subsidiaries is a party to any contract or agreement or subject to any charter or other limited

  
 29 

 
liability company or corporate restriction which materially and adversely affects the business, property or assets, or financial condition of the Company and its Subsidiaries, taken as a whole.
Neither the execution nor delivery of this Agreement or the Notes, nor the issuance of the Notes, nor fulfillment of nor compliance with the terms and provisions hereof and of the Notes and the other Transaction Documents will conflict with, or
result in a breach of the terms, conditions or provisions of, or constitute a default under, or result in any violation of, or result in the creation of any Lien upon any of the properties or assets of the Company or any of its Subsidiaries pursuant
to, the limited liability company agreement, charter, by-laws or other organizational documents of the Company or any of its Subsidiaries, any award of any arbitrator or any agreement (including any agreement with members or stockholders),
instrument, order, judgment, decree, statute, law, rule or regulation to which the Company or any of its Subsidiaries is subject, except to the extent any such conflict, breach, defaults, violation or creation of a Lien could not reasonably be
expected to have a Material Adverse Effect. Except as set forth in the Limited Liability Company Agreement (as in effect on the date hereof) and as set forth on Schedule 9F, neither the Company nor any of its Subsidiaries is a party to, or
otherwise subject to any provision contained in, any instrument evidencing indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other contract or agreement (including its limited liability company agreement, charter
or other organizational documents) which limits the amount of, or otherwise imposes restrictions on the incurring of, Debt of the Company of the type evidenced by the Notes. 
 9G. Margin Stock. Neither the Company nor any Subsidiary owns or has any present intention of acquiring any “margin stock” as defined in Regulation U (12 CFR Part 221) of the Board
of Governors of the Federal Reserve System (“margin stock”). Neither the Company nor any agent acting on its behalf has taken or will take any action which might cause this Agreement or the Notes to violate Regulation U, Regulation
T or any other regulation of the Board of Governors of the Federal Reserve System or to violate the Exchange Act, in each case as in effect now or as the same may hereafter be in effect. 

9H. ERISA. Except as stated in Schedule 9H (it being understood that disclosure on Schedule 9H is not a
representation that the matter to which the disclosure relates is expected to have a Material Adverse Effect), 

(i) the Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws
except for such instances of noncompliance as have not resulted in and could not reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any ERISA Affiliate has incurred any liability (including actual or
contingent withdrawal liability under section 4201 or 4204 of ERISA in respect of Multiemployer Plans) pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans (as defined in section 3
of ERISA), and no event, transaction or condition has occurred or exists that could reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the
rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or Federal law or section 4068 of
ERISA or by 

  
 30 

 
the granting of a security interest in connection with the amendment of a Plan, other than such liabilities or Liens as would not be individually or in the aggregate material. 

(ii) The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), as
reflected in the September 25, 2011 actuarial valuation report of the Plans per GAAP and determined as of September 25, 2011 on the basis of the actuarial assumptions specified for accounting purposes in such report, did not exceed the
aggregate current value of the assets of such Plan allocable to such benefit liabilities by more than $38,000,000 in the case of any single Plan and by more than $72,000,000 in the aggregate for all Plans. The term “benefit
liabilities” has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA. 

(iii) The expected postretirement benefit obligation (determined as of the last day of the Company’s most recently
ended Fiscal Year in accordance with Financial Accounting Standards Board Accounting Standards Codification 715-60, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Company and its
Subsidiaries is not material. 
 (iv) The execution and delivery of this Agreement and the issuance of the Notes
hereunder will not involve any transaction that is subject to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code. The representation by the
Company to each Purchaser in the first sentence of this clause (v) of paragraph 9H is made in reliance upon and subject to the accuracy of such Purchaser’s representation in paragraph 10B as to the sources of the funds used to acquire the
Prepetition Notes held by such Purchaser on the Petition Date. 
 9I. Governmental Authorizations, Etc. No
consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Credit Parties of this Agreement, the Notes or any other
Transaction Document which has not been obtained or made on or prior to the Restructuring Closing Date. 
 9J.
Disclosure. All factual information (taken as a whole) theretofore furnished by or on behalf of Lee and its Subsidiaries in writing to the Purchasers (including, without limitation, all information contained in the Transaction Documents, the
Plan of Reorganization and the Disclosure Statement) for purposes of or in connection with this Agreement, the other Transaction Documents or any transaction contemplated herein or therein is true and accurate in all material respects on the date as
of which such information is dated or certified and not incomplete by omitting to state any fact necessary to make such information (taken as a whole) not misleading in any material respect at such time in light of the circumstances under which such
information was provided, it being understood and agreed that for purposes of this paragraph 9J, such factual information shall not include any projections or any pro forma financial information. There is no fact peculiar to the Company or
any of its Subsidiaries which materially adversely affects or in the future may (so far as the Company can now foresee) materially adversely affect the business, property or assets, or financial condition of the

  
 31 

 
Company and its Subsidiaries taken as a whole and which has not been set forth in this Agreement or in the other documents, certificates and statements furnished to you by or on behalf of the
Company on or prior to the date hereof in connection with the transactions contemplated hereby. 
 9K. Foreign Assets Control
Regulations, Etc. 
 (i) Neither the Company nor any Controlled Entity is (i) a Person whose name
appears on the list of Specially Designated Nationals and Blocked Persons published by the Office of Foreign Assets Control, U.S. Department of Treasury (“OFAC”) (an “OFAC Listed Person”) or (ii) a department,
agency or instrumentality of, or is otherwise controlled by or acting on behalf of, directly or indirectly, (x) any OFAC Listed Person or (y) any Person, entity, organization, foreign country or regime that is subject to any OFAC Sanctions
Program (each OFAC Listed Person and each other Person, entity, organization and government of a country described in clause (ii), a “Blocked Person”). 

(ii) Neither the Company nor any Controlled Entity has any investments in, or engages in any dealings or transactions
with, any Person where such investments, dealings or transactions would cause the purchase, holding, or receipt of any payment or exercise of any rights in respect of, any Note by the holder thereof to be in violation of any of the laws or
regulations identified in this paragraph 9K. 
 (iii) To the Company’s actual knowledge after making due
inquiry, neither the Company nor any Controlled Entity (i) is under investigation by any Governmental Authority for, or has been charged with, or convicted of, money laundering, drug trafficking, terrorist-related activities or other money
laundering predicate crimes under any applicable law (collectively, “Anti-Money Laundering Laws”), (ii) has been assessed civil penalties under any Anti-Money Laundering Laws or (iii) has had any of its funds seized or
forfeited in an action under any Anti-Money Laundering Laws. The Company has taken reasonable measures appropriate to the circumstances (in any event as required by applicable law) to ensure that the Company and each Controlled Entity is and will
continue to be in compliance with all applicable current and future Anti-Money Laundering Laws. 
 (iv) The
Company has taken reasonable measures appropriate to the circumstances (in any event as required by applicable law) to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable current and future
anti-corruption laws and regulations. 
 9L. Solvency. On and as of the Restructuring Closing Date, and
after giving effect to all debt being incurred or assumed and Liens created by the Credit Parties in connection with this Agreement, the Notes and the other Transaction Documents, (i) the sum of the assets, at a fair valuation, of the Company
(on a stand-alone basis) and of the Guarantor and its Subsidiaries (taken as a whole) will exceed its or their respective debts, (ii) the Company (on a stand-alone basis) and the Guarantor and its Subsidiaries (taken as a whole) has or have not
incurred and does or do not intend to incur, and does or do not believe that it or they will incur, debts beyond 

  
 32 

 
its or their respective ability to pay such debts as such debts mature, and (iii) the Company (on a stand-alone basis) and the Guarantor and its Subsidiaries (taken as a whole) will have
sufficient capital with which to conduct its or their respective businesses. For purposes of this paragraph 9L, “debt” means any liability on a claim, and “claim” means (a) right to payment, whether or not such a right is
reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured or (b) right to an equitable remedy for breach of performance if such breach gives rise to a
payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured or unsecured. The amount of contingent liabilities at any time shall be computed as the amount
that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability. 
 9M. Organization and Ownership of Shares of Subsidiaries; Affiliates. 
 (i) Schedule 9M contains (except as noted therein) a complete and correct list of the Company’s Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of
its organization, and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Company and each other Subsidiary. 

(ii) All of the outstanding shares of capital stock or similar Equity Interests of each Subsidiary shown in Schedule
9M as being owned by the Company and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in Schedule 9M).

 (iii) Each Subsidiary is a corporation or other legal entity duly organized, validly existing and, where
applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in good standing in each jurisdiction in which such qualification is
required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary has the
corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact. 

(iv) No Subsidiary is a party to, or otherwise subject to any legal, regulatory, contractual or other restriction (other
than this Agreement, the agreements listed on Schedule 9M and customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar
distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary. 
 9N. Compliance with Laws, Other Instruments, Etc. The execution, delivery and performance by each Credit Party of the Tax Sharing Agreement, or this Agreement, the Notes, the Guaranty
Agreement, the Subsidiary Guaranty Agreement, the Security Agreement, the 

  
 33 

 
Pledge Agreement, the Deeds of Trust, the Account Control Agreement, the Trademark Security Agreements, the Copyright Security Agreements, or any other Transaction Document to which such Credit
Party is a party, does not (i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company or any Subsidiary under, any indenture, mortgage, deed of trust,
loan, purchase or credit agreement, lease, corporate charter or by-laws, or any other agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be
bound or affected, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary
or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary, except, in the case of the other Transaction Documents not specifically enumerated above, to
the extent such contravention, conflict, breach or violation, individually or in the aggregate, could not reasonably be expected to cause a Material Adverse Effect. 
 9O. Licenses, Permits, Etc. The Company and each of its Subsidiaries owns or has the right to use all the patents, trademarks, permits, domain names, service marks, trade names, copyrights,
licenses, franchises, inventions, trade secrets, proprietary information and know-how of any type, whether or not written (including, but not limited to, rights in computer programs and databases) and formulas, or rights with respect to the
foregoing, and has obtained assignments of all leases, licenses and other rights of whatever nature, necessary for the present conduct of its business, without any known conflict with the rights of others which, or the failure to own or have which,
as the case may be, either individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 

9P. [Reserved]. 
 9Q. Environmental Matters. 
 (i) Neither the Company nor any
Subsidiary has knowledge of any claim or has received any notice of any claim, and no proceeding has been instituted raising any claim against the Company or any of its Subsidiaries or any of their respective real properties now or formerly owned,
leased or operated by any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. 

(ii) Neither the Company nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or
private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each
case, such as could not reasonably be expected to result in a Material Adverse Effect. 
 (iii) Neither the
Company nor any Subsidiary has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them 

  
 34 

 
and has not disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that could reasonably be expected to result in a Material Adverse Effect.

 (iv) All buildings on all real properties now owned, leased or operated by the Company or any Subsidiary are
in compliance with applicable Environmental Laws, except where failure to comply could not reasonably be expected to result in a Material Adverse Effect. 
 PARAGRAPH 10. REPRESENTATIONS OF THE PURCHASERS. 
 10A. Nature of
Purchase. Each Purchaser severally represents that it is acquiring the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and not with a view to
the distribution thereof, provided that the disposition of the property of such Purchaser or trust funds shall at all times be within such Purchaser’s or funds’ control. 

10B. Source of Funds. Each Purchaser severally represents that at least one of the following statements is an accurate
representation as to each source of funds (a “Source”) used by such Purchaser to acquire the Prepetition Notes held by it immediately prior to the Petition Date: 

(i) the Source was an “insurance company general account” (as the term is defined in the United States
Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60 (issued July 12, 1995)) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the
National Association of Insurance Commissioners (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the
general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the
total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or 

(ii) the Source was a separate account that is maintained solely in connection with such Purchaser’s fixed
contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant))
are not affected in any manner by the investment performance of the separate account; or 
 (iii) the Source was
either (a) an insurance company pooled separate account, within the meaning of PTE 90-1 or (b) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing
pursuant to this clause (iii), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 

  
 35 

 
10% of all assets allocated to such pooled separate account or collective investment fund; or 
 (iv) the Source constituted assets of an “investment fund” (within the meaning of Part V of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset
manager” or “QPAM” (within the meaning of Part V of the QPAM Exemption), no employee benefit plan’s assets that were included in such investment fund, when combined with the assets of all other employee benefit plans established
or maintained by the same employer or by an affiliate (within the meaning of Section V(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, exceeded 20% of the total client assets managed by
such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption were satisfied, as of the last day of its most recent calendar quarter ended prior to July 31, 2006, the QPAM did not own a 10% or more interest in the Company and no
person controlling or controlled by the QPAM (applying the definition of “control” in Section V(e) of the QPAM Exemption) owned 20% or more interest in the Company (or less than 20% but greater than 10%, if such person exercised control
over the management or policies of the Company by reason of its ownership interest) and (a) the identity of such QPAM and (b) the names of all employee benefit plans whose assets were included in such investment fund have been disclosed to
the Company in writing pursuant to this clause (iv); or 
 (v) the Source constituted assets of a
“plan(s)” (within the meaning of Section IV of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV of the INHAM exemption), the conditions
of Part I(a), (g) and (h) of the INHAM Exemption were satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Section IV(d) of the INHAM Exemption) owned 5% or
more interest in the Company and (a) the identity of such INHAM and (b) the name(s) of the employee benefit plan(s) whose assets constitute the Source were disclosed to the Company in writing pursuant to this clause (v); or 

(vi) the Source was a governmental plan; or 

(vii) the Source was one or more employee benefit plans, or a separate account or trust fund comprised of one or more
employee benefit plans, each of which was identified to the Company in writing pursuant to this clause (vii); or 

(viii) the Source did not include assets of any employee benefit plan, other than a plan exempt from the coverage of
ERISA. 
 As used in this paragraph 10B, the terms “employee benefit plan,” “governmental plan,” and “separate
account” shall have the respective meanings assigned to such terms in section 3 of ERISA. 
 10C. Independent
Investigation. Each Purchaser made its own independent investigation of the condition (financial and otherwise), prospects and affairs of the Guarantor, 

  
 36 

 
the Company and their respective Subsidiaries in connection with its acquisition of the Notes and has made and shall continue to make its own appraisal of the creditworthiness of the Company and
the Guarantor. No holder of Notes shall have any duty or responsibility to any other holder of Notes, either initially or on a continuing basis, to make any such investigation or appraisal or to provide any credit or other information with respect
thereto. No holder of Notes is acting as agent or in any other fiduciary capacity on behalf of any other holder of Notes. 
 PARAGRAPH 11.
DEFINITIONS; ACCOUNTING MATTERS. 
 For the purpose of this Agreement, the terms defined in paragraphs 11A and 11B (or within
the text of any other paragraph) shall have the respective meanings specified therein and all accounting matters shall be subject to determination as provided in paragraph 11C. 

11A. Yield-Maintenance Terms. 
 “Business Day” shall mean any day on which banks are open for business in New York City (other than a Saturday, a Sunday or a legal holiday in the States of New York or New Jersey).

 “Called Principal” shall mean, with respect to any Note, the principal of such Note that has become or is
declared to be immediately due and payable pursuant to paragraph 8A. 
 “Discounted Value” shall mean, with
respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called
Principal, in accordance with accepted financial practice and at a discount factor (as converted to reflect the periodic basis on which interest on the Notes is payable, if interest is payable other than on a semi-annual basis) equal to the
Reinvestment Yield with respect to such Called Principal. 
 “Reinvestment Yield” shall mean, with respect to
the Called Principal of any Note, 0.50% over the yield to maturity implied by the yield(s) reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display
designated as “Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run U.S. Treasury securities (“Reported”) having a maturity equal
to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined
by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between the yields Reported for the applicable most recently issued actively traded
on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of
decimal places as appears in the interest rate of the applicable Note. 
 If such yields are not Reported or the yields Reported
as of such time are not ascertainable (including by way of interpolation), then “Reinvestment Yield” means, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the U.S.

  
 37 

 
Treasury constant maturity yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called
Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there
is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury constant maturity so reported with the term
closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal
places as appears in the interest rate of the applicable Note. 
 “Remaining Average Life” shall mean, with
respect to any Called Principal, the number of years obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect
to such Called Principal by (b) the number of years, computed on the basis of a 360-day year composed of twelve 30-day months, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such
Remaining Scheduled Payment. 
 “Remaining Scheduled Payments” shall mean, with respect to the Called Principal
of any Note, all payments of such Called Principal and interest thereon that would be due on or after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date.

 “Settlement Date” shall mean, with respect to the Called Principal of any Note, the date on which such
Called Principal has become or is declared to be immediately due and payable pursuant to paragraph 8A. 

“Yield-Maintenance Amount” shall mean, with respect to any Note, an amount equal to the excess, if any, of the
Discounted Value of the Called Principal of such Note over the sum of (i) such Called Principal plus (ii) interest accrued thereon as of (including interest due on) the Settlement Date with respect to such Called Principal. The
Yield-Maintenance Amount shall in no event be less than zero. 
 11B. Other Terms. 

“Account Control Agreement” shall have the meaning specified in paragraph 4M(6). 

“Accounts” shall have the meaning specified in paragraph 4R. 

“Accumulated Cash Flow Deficit” shall mean, for any fiscal quarter ending after the Restructuring Closing Date, the
greater of (i) zero and (ii) an amount equal to (a) the Accumulated Cash Flow Deficit for the prior fiscal quarter (for the avoidance of doubt, after giving effect to any reduction thereof as the result of the application thereto of
Excess Cash Flow for such prior fiscal quarter), provided that, for the first fiscal quarter ending after the Restructuring Closing Date, the amount under this clause (a) shall be equal to zero, plus (b) the Cash Flow Deficit (for this
purpose, calculated without reference to the $10,000,000 floor 

  
 38 

 
referenced in clauses (i)(b)(B) and (ii)(b)(B) of the definition thereof) for such fiscal quarter, minus (c) the Excess Cash Flow for such fiscal quarter. 

“Affiliate” shall mean any Person directly or indirectly controlling, controlled by, or under direct or indirect common
control with, another Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power to direct or cause the direction of the management and policies of such other Person, whether through the
ownership of voting securities, by contract or otherwise. 
 “Agreement” shall have the meaning specified in
paragraph 12C. 
 “Allocable Share of the Lee/Pulitzer Restructuring Costs” shall mean that amount of the
aggregate amount of fees and expenses payable to counsel for, and financial advisers to, Lee and its Subsidiaries (including the Credit Parties) in connection with the issuance of the Notes as contemplated hereby and each of the other transactions
contemplated under this Agreement, the Pulitzer Support Agreement, the Plan of Reorganization and the Support Agreement dated as of August 11, 2011, by and among Lee, certain subsidiaries of Lee and the lenders party thereto from time to time,
as shall be allocated to the Company for payment by the Company, with the approval of the Required Holders in their reasonable business judgment. 
 “Anti-Money Laundering Laws” shall have the meaning specified in paragraph 9K(iii). 
 “Asset Sale” shall have the meaning specified in the Guaranty Agreement. 
 “Asset Sale Prepayment” shall have the meaning specified in paragraph 5D. 
 “Asset Sale Proceeds” shall have the meaning specified in the Guaranty Agreement. 
 “Asset Sale Proceeds Reserve Account” shall have the meaning set forth in the Prepetition Security Agreement. 
 “Available Excess Cash Flow” shall mean, for any fiscal quarter ending after the Restructuring Closing Date, the Excess Cash Flow for such fiscal quarter, minus the Accumulated Cash Flow
Deficit as of the last day of the immediately preceding fiscal quarter. 
 “Bankruptcy Court” shall have the
meaning specified in paragraph 1. 
 “Bankruptcy Law” shall have the meaning specified in clause (vii) of
paragraph 8A. 
 “Blocked Person” shall have the meaning specified in paragraph 9K(i). 

“Capitalized Lease Obligations” shall mean, with respect to any Person, all rental obligations of such Person which,
under GAAP, are or will be required to be capitalized on the books of such Person, in each case taken at the amount thereof accounted for as indebtedness in accordance with such principles. 

“Carryforward Amount” shall mean, in determining the Reduction Amount applicable to any Fiscal Year, an amount equal to
the lesser of (i) $2,400,000 and (ii) to the extent in excess 

  
 39 

 
of $16,000,000, the aggregate amount of all prepayments of principal of the Notes made in the immediately preceding Fiscal Year pursuant to paragraphs 5B and 5C and all other prepayments;
provided that, notwithstanding the foregoing, the Carryforward Amount shall be equal to zero for purposes of determining the Reduction Amount applicable to any date occurring during the Fiscal Year ending in September, 2012. 

“Cash Equivalents” shall mean, as to any Person, (i) securities issued or directly and fully guaranteed or insured
by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof) having maturities of not more than twelve months from the date of acquisition,
(ii) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof maturing within twelve months from the date of acquisition thereof and, at the time
of acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s, (iii) dollar denominated time deposits, certificates of deposit and bankers acceptances of any commercial bank having, or which is the
principal banking subsidiary of a bank holding company having, a long-term unsecured debt rating of at least “A” or the equivalent thereof from S&P or “A2” or the equivalent thereof from Moody’s with maturities of not
more than twelve months from the date of acquisition by such Person, (iv) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clause (i) above entered into with any bank
meeting the qualifications specified in clause (iii) above, (v) commercial paper issued by any Person incorporated in the United States rated at least A-1 or the equivalent thereof by S&P or at least P-1 or the equivalent thereof by
Moody’s and in each case maturing not more than twelve months after the date of acquisition by such Person, and (vi) investments in money market funds substantially all of whose assets are comprised of securities of the types described in
clauses (i) through (v) above. 
 “Cash Flow Deficit” shall mean (i) for the fiscal quarter
ending March 25, 2012, the amount by which (A) the aggregate amount of all Unrestricted Cash held by the Guarantor and its Subsidiaries on a consolidated basis as at the close of business on the Restructuring Closing Date (immediately
prior to giving effect to the issuance of the Notes as contemplated by paragraph 2B) exceeded (B) the aggregate amount of all Unrestricted Cash and Cash Equivalents held by the Guarantor and its Subsidiaries on a consolidated basis as at the
close of business on March 25, 2012, and (ii) for each fiscal quarter of the Guarantor ending thereafter, an amount equal to (A) the amount by which (1) the aggregate amount of all Unrestricted Cash held by the Guarantor and its
Subsidiaries on a consolidated basis as at the close of business on the last day of the immediately preceding fiscal quarter exceeded (2) the aggregate amount of all Unrestricted Cash and Cash Equivalents held by the Guarantor and its
Subsidiaries on a consolidated basis as at the close of business on the last day of the fiscal quarter then ending. 

“Change of Control” shall mean (i) any “person” or “group” (as such terms are used in Sections
13(d) and 14(d) of the Exchange Act as in effect on the Restructuring Closing Date) (A) is or shall become the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act as in effect on the Restructuring
Closing Date), directly or indirectly, of 50% or more on a fully diluted basis of the Voting Equity Interests of Lee or (B) shall have obtained the power (whether or not exercised) to elect a majority of Lee’s directors, (ii) the
board of directors of Lee shall cease to consist of a majority of Continuing Directors (as defined in the Credit Agreement), (iii) the failure of Lee to directly or indirectly hold 100% of the Equity Interests of

  
 40 

 
the Company (it being understood that the “phantom equity interests” to be held by Herald, as contemplated by the Redemption Agreement (as in effect on the Restructuring Closing Date),
shall be deemed not to be an Equity Interest for purposes of this definition) or (iv) a “change of control” or similar event shall occur as provided in the Credit Agreement, the Second Lien Loan Agreement, any Permitted Refinancing
Debt (or any documentation governing the same) or any other agreement evidencing Debt of Lee or any Subsidiary of Lee with an aggregate outstanding principal amount of at least $25,000,000. 

“Change of Control Notice” shall have the meaning specified in paragraph 5E. 

“Change of Control Prepayment Date” shall have the meaning specified in paragraph 5E. 

“Claims” shall have the meaning specified in paragraph 6G. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Collateral Agent” shall mean The Bank of New York Mellon Trust Company, N.A. in its capacity as collateral agent for
the holders from time to time of the Notes, together with its successors and assigns in such capacity. 
 “Collateral
Documents” shall mean the Security Agreement, the Pledge Agreement, the Deeds of Trust, the Trademark Security Agreements, the Copyright Security Agreements, the Account Control Agreement and each of the other security agreements, pledge
agreements, trademark security agreements, copyright security agreements, deeds of trust, mortgages, leasehold mortgages, account control agreements or other agreements or instruments from time to time executed and delivered pursuant to the terms
hereof or thereof which grants a Lien in favor of the Collateral Agent securing the obligations of the Credit Parties under any of the Notes and the other Transaction Documents, as each may be amended, restated, supplemented or otherwise modified
from time to time, together with all financing statements or comparable documents filed with respect thereto under the Uniform Commercial Code of any jurisdiction or comparable law. 

“Company” shall have the meaning specified in the introductory paragraph of this Agreement. 

“Company Affiliate” shall mean any Affiliate of the Company, except a Subsidiary. 

“Confirmation Order” shall have the meaning provided to such term in the Plan of Reorganization. 

“Consenting Noteholders” shall mean each holder of Notes that executed the Pulitzer Support Agreement on or before the
date it became effective in accordance with its terms. 
 “Controlled Entity” means any of the Subsidiaries of
the Company and any of their or the Company’s respective Controlled Company Affiliates. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the

  
 41 

 
management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 
 “Copyright Security Agreements” shall have the meaning specified in paragraph 4M(5). 
 “Credit Agreement” shall have the meaning specified in paragraph 4J. 
 “Credit Party” shall mean the Guarantor, the Company and the Subsidiary Guarantors. 
 “Debt” shall mean and include without duplication: 

(i) all obligations for borrowed money or obligations represented by notes payable and drafts accepted representing
extensions of credit, all obligations evidenced by bonds, debentures, notes or other similar instruments and all obligations upon which interest charges are customarily paid; 

(ii) Capitalized Lease Obligations; 

(iii) indebtedness secured by any Lien existing on property owned by the Company or any Subsidiary subject to such Lien,
whether or not the indebtedness secured thereby shall have been assumed by the Company or any Subsidiary; 
 (iv)
guarantees, endorsements (other than endorsements of negotiable instruments for collection in the ordinary course of business) and other contingent liabilities (whether direct or indirect) in connection with the obligations, stock or dividends of
any Person; 
 (v) obligations under any contract providing for the making of loans, advances or capital
contributions to any Person, or for the purchase of any property from any Person, in each case in order to enable such Person primarily to maintain working capital, net worth or any other balance sheet condition or to pay debt, dividends or
expenses; 
 (vi) obligations under any contract for the purchase of materials, supplies or other property from
any Person if such contract (or any related document) requires that payment for such materials, supplies or other property shall be made regardless of whether or not delivery of such materials, supplies or other property is ever made or tendered;

 (vii) obligations under any contract to rent or lease (as lessee) any real or personal property if such
contract (or any related document) provides that the obligation to make payments thereunder is absolute and unconditional under conditions not customarily found in commercial leases then in general use or requires that the lessee purchase or
otherwise acquire securities or obligations of the lessor; 
 (viii) obligations under any contract for the sale
or use of materials, supplies or other property, or the rendering of services, if such contract (or any related document) 

  
 42 

 
requires that payment for such materials, supplies or other property, or the use thereof, or payment for such services, shall be subordinated to any indebtedness (of the purchaser or user of such
materials, supplies or other property or the Person entitled to the benefit of such services) owed or to be owed to any Person; 
 (ix) obligations under any other contract which, in economic effect, is substantially equivalent to a guarantee; 
 (x) all Off-Balance Sheet Liabilities; and 
 (xi) all Swaps;

 provided, however, that Debt shall not include (a) loans, advances and capital contributions by any Credit Party to any
other Credit Party, (b) the guaranty of the obligations of the Company or a Subsidiary under an executory contract to purchase or sell a business, or (c) the obligation to redeem the phantom equity interests referred to in clause
(iii) of the definition of “Change of Control”. 
 “Debtors” shall have the meaning specified in
paragraph 1. 
 “Deeds of Trust” shall have the meaning specified in paragraph 4M(3). 

“Default” shall mean any of the events specified in paragraph 8A, whether or not any requirement for such event to
become an Event of Default has been satisfied. 
 “Disclosure Statement” shall mean the disclosure statement
relating to the Plan of Reorganization in the form approved by the Bankruptcy Court on January 23, 2012. 

“Environmental Laws” shall mean any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances,
rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment,
including but not limited to those related to Hazardous Materials. 
 “Equity Interests” of any Person shall
mean any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any common stock, any preferred stock, any limited or general
partnership interest and any limited liability company membership interest. 
 “ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as amended. 
 “ERISA Affiliate” shall mean any Person which is a
member of the same controlled group of Persons as the Company within the meaning of section 414(b) of the Code, or any trade or business which is under common control with the Company within the meaning of section 414(c) of the Code. 

  
 43 

 “Event of Default” shall mean any of the events specified in paragraph 8A,
provided that there has been satisfied any requirement in connection with such event for the giving of notice, or the lapse of time, or the happening of any further condition, event or act. 

“Excess Cash Flow” shall mean an amount, if positive, equal to (i) for the fiscal quarter ending March 25,
2012, (a) the aggregate amount of all Unrestricted Cash held by the Guarantor and its Subsidiaries on a consolidated basis as at the close of business on March 25, 2012, minus (b) the greater of (A) the aggregate amount of all
Unrestricted Cash held by the Guarantor and its Subsidiaries on a consolidated basis as at the close of business on the Restructuring Closing Date and (B) $10,000,000 and (ii) for each fiscal quarter of the Guarantor ending thereafter,
(a) the aggregate amount of all Unrestricted Cash held by the Guarantor and its Subsidiaries on a consolidated basis as at the close of business on the last day of the fiscal quarter then ending, minus (b) the greater of (A) the
aggregate amount of all Unrestricted Cash held by the Guarantor and its Subsidiaries on a consolidated basis as at the close of business on the last day of the immediately preceding fiscal quarter and (B) $10,000,000. 

“Excess Cash Flow Reserve Account” shall have the meaning set forth in the Prepetition Security Agreement. 

“Excess Cash Flow Sweep Prepayment” shall have the meaning specified in paragraph 5B. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the
rules and regulations of the United States Securities and Exchange Commission promulgated thereunder, all as the same shall be in effect from time to time. 
 “Excluded TNI Assets” shall mean all Equity Interests in TNI Partners, all real and personal property which is leased to or used in the operations or business of TNI Partners, and all
proceeds of any of the foregoing. 
 “Fiscal Year” shall mean the fiscal year of the Company ending on the last
Sunday of September of each calendar year. 
 “Foreign Subsidiary” of any Person shall mean any Subsidiary of
such Person not incorporated or organized in the United States or any State thereof or the District of Columbia. 

“GAAP” means generally accepted accounting principles in the United States, as in effect from time to time. 

“Governmental Authority” shall mean 

(a) the government of 
 (i) the United States of America and any state or other political subdivision thereof; or 

  
 44 

 (ii) any other jurisdiction in which the Guarantor or a Subsidiary of the
Guarantor conducts all or any part of its business, or that properly asserts any jurisdiction over the conduct of the affairs of or the property of the Guarantor or any of its Subsidiaries; and 

(b) any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to,
any such government. 
 “Guarantor” shall mean Pulitzer Inc., a Delaware corporation. 

“Guaranty Agreement” shall have the meaning specified in paragraph 4H. 

“Guaranty Event of Default” shall mean an “Event of Default” under the Guaranty Agreement (as such term is
defined therein). 
 “Hazardous Materials” shall mean any and all pollutants, toxic or hazardous wastes or
other substances that pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release,
discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law, including, without limitation, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum
products, lead based paint, radon gas or similar restricted, prohibited or penalized substances. 
 “Herald”
shall mean The Herald Company, LLC, a New York limited liability company and the successor to The Herald Company, Inc., a New York corporation. 
 “including” shall mean, unless the context clearly requires otherwise, “including without limitation”. 
 “INHAM Exemption” shall have the meaning specified in paragraph 10B(v). 
 “Institutional Investor” means (a) any Purchaser, (b) any holder of a Note holding (together with one or more of its affiliates) more than 3% of the aggregate principal amount
of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar financial
institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

“Intercompany Debt” shall mean any Debt, payables or other obligations, whether now existing or hereafter incurred, owed
by Lee or any Subsidiary Guarantor (as defined in the Second Lien Loan Agreement) to the Company or any of its Subsidiaries. 

“Intercreditor Agreement” shall have the meaning specified in paragraph 4L. 

“Interest Rate Protection Agreement” shall mean any interest rate swap agreement, interest rate cap agreement, interest
collar agreement, interest rate hedging agreement or other similar agreement or arrangement. 

  
 45 

 “Lee” shall mean Lee Enterprises, Incorporated, a Delaware corporation.

 “Lee Company” shall mean any Person (other than the Guarantor or any of its Subsidiaries) a majority of the
outstanding equity interests of which are owned directly or indirectly by Lee. 
 “Lee Prepayment” shall have
the meaning specified in paragraph 2B. 
 “Lien” shall mean any mortgage, pledge, security interest,
encumbrance, lien or charge of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, any lease in the nature thereof, and the filing of or agreement to give any financing statement
under the Uniform Commercial Code of any jurisdiction) or any other type of preferential arrangement for the purpose, or having the effect, of protecting a creditor against loss or securing the payment or performance of an obligation,
provided, that in no event shall the term “Lien” include any right, title or interest of a lessor with respect to any lease of real or personal property under which the lessee’s obligations are not Capitalized Lease
Obligations. 
 “Limited Liability Company Agreement” shall mean the Operating Agreement of the Company, dated
as of May 1, 2000, entered into by and among the Guarantor, Pulitzer Technologies, Inc. and Herald, as amended by Amendment No. 1 to Operating Agreement dated as of June 1, 2001 and Amendment Number 2 to Operating Agreement dated as
of February 18, 2009 and as the same may be further amended, restated, supplemented or otherwise modified from time to time. 
 “Material Adverse Effect” shall mean a material adverse effect on (a) the business, financial condition, assets or properties of the Guarantor and its Subsidiaries taken as a whole,
or (b) the ability of the Company, the Guarantor or the Credit Parties (taken as a whole) to perform its or their obligations under this Agreement, the Notes or any other Transaction Document, or (c) the validity or enforceability of this
Agreement, the Notes or any other Transaction Document. 
 “Material Lee Subsidiary” shall mean Lee Procurement
Solutions Co., Lee Publications, Inc. and each other Subsidiary of Lee whose revenues represent 25% of consolidated revenues of Lee or whose assets represent 25% of consolidated assets of Lee, in each case as determined on a consolidated basis in
accordance with GAAP. 
 “Material Subsidiary” shall mean (i) postnet.com LLC, (ii) SCR Associates
LLC and (iii) any other Subsidiary of the Company (whether now existing or hereafter acquired or organized) which has gross assets of more than $10,000,000 or has contributed more than 5% of the consolidated revenues of the Company and its
Subsidiaries (in each case as reflected in the consolidated and consolidating financial statements of the Guarantor and its Subsidiaries as of the end of the most recently concluded Fiscal Year). 

“Moody’s” shall mean Moody’s Investors Service, Inc. 

“Multiemployer Plan” shall mean any employee pension benefit plan which is a “multiemployer plan” (as such
term is defined in section 4001(a)(3) of ERISA). 

  
 46 

 “NAIC” means the National Association of Insurance Commissioners or any
successor thereto. 
 “NAIC Annual Statement” shall have the meaning specified in paragraph 10B(i). 

“Note Obligations” shall mean all amounts owing to any holder of Notes pursuant to the terms of this Agreement and each
other Transaction Document, including, without limitation, all amounts in respect of any principal, premium, interest (including any interest, fees and/or expenses accruing subsequent to the filing of a petition in bankruptcy, reorganization or
similar proceeding, whether or not such interest, fees and/or expenses are an allowed claim under any such proceeding or under applicable state, federal or foreign law), penalties, fees, expenses, indemnifications, reimbursements, damages and other
liabilities, and guarantees of the foregoing amounts. 
 “Notes” shall have the meaning specified in paragraph
2A and shall include each Note delivered pursuant to any provision of this Agreement, as each such Note may be amended, restated or otherwise modified from time to time. 
 “OFAC” shall have the meaning specified in paragraph 9K(i). 

“OFAC Listed Person” shall have the meaning specified in paragraph 9K(i). 

“OFAC Sanctions Program” shall mean any economic or trade sanction that OFAC is responsible for administering and
enforcing. A list of OFAC Sanctions Programs may be found at http://www.ustreas.gov/offices/enforcement/ofac/programs/. 

“Off-Balance Sheet Liabilities” of any Person shall mean (i) any repurchase obligation or liability of such Person
with respect to accounts or notes receivable sold by such Person, (ii) any liability of such Person under any sale and leaseback transactions that do not create a liability on the balance sheet of such Person, (iii) any obligation under a
Synthetic Lease or (iv) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such Person.

 “Officer’s Certificate” shall mean a certificate signed in the name of the Company or the
Guarantor, as applicable, by its President, one of its Vice Presidents or its Treasurer. 
 “Other Hedging
Agreements” shall mean any foreign exchange contracts, currency swap agreements, commodity agreements or other similar arrangements, or arrangements designed to protect against fluctuations in currency values or commodity prices.

 “PBGC” shall mean the Pension Benefit Guaranty Corporation, or any successor or replacement entity thereto
under ERISA. 
 “PD LLC Notes Claims” shall have the meaning assigned to such term in the Plan of
Reorganization. 

  
 47 

 “Permitted Refinancing Debt” shall mean Debt solely of the Lee Companies so
long as (i) the proceeds of such Debt are used solely to refinance in full the Debt outstanding under the Credit Agreement or the Second Lien Loan Agreement at such time and to pay reasonable fees and expenses incurred in connection with
obtaining such Debt, (ii) such Debt does not have any amortization, redemption, sinking fund, maturity or similar requirement prior to the maturity date of the Debt under the Credit Agreement or the Second Lien Loan Agreement (as applicable) as
in effect on, and after giving effect to, the Restructuring Closing Date or as thereafter amended or modified in accordance with the terms thereof and hereof, other than for amortization payments or prepayments prior to final maturity on terms, in
the aggregate, no more restrictive than those set forth in the Credit Agreement or the Second Lien Loan Agreement as in effect on, and after giving effect to, the Restructuring Closing Date or as thereafter amended or modified in accordance with the
terms thereof and hereof, (iii) in the case of any refinancing of the Second Lien Loan Agreement, the aggregate principal amount of such Permitted Refinancing Debt shall not be more than $175,000,000, (iv) the terms thereof are no less
favorable to, and no more burdensome on, the Credit Parties than those set forth in the Credit Agreement or the Second Lien Loan Agreement (as applicable) in any material respect, in each case than the terms of such agreements as in effect on, and
after giving effect to, the Restructuring Closing Date or as thereafter amended or modified in accordance with the terms thereof and hereof, and (v) all of the other terms and conditions thereof (and the documentation with respect thereto) are
in form and substance reasonably satisfactory to the Required Holders. 
 “Person” shall mean and include an
individual, a partnership, a joint venture, a firm, a corporation, an association, a limited liability company, a trust or other enterprise or any government or political subdivision or any department, agency or instrumentality thereof. 

“Petition Date” shall have the meaning specified in paragraph 1. 

“Plan” shall mean any “employee pension benefit plan” (as such term is defined in section 3 of ERISA) which is
or has been established or maintained, or to which contributions are or have been made, by the Company or any ERISA Affiliate, other than a Multiemployer Plan. 
 “Plan of Reorganization” shall have the meaning specified in paragraph 1. 
 “Plan Support Effective Date” shall mean the “Effective Date” as such term is defined in the Pulitzer Support Agreement. 

“Pledge Agreement” shall have the meaning specified in paragraph 4M(1). 

“Prepetition Note Agreement” shall have the meaning specified in paragraph 1. 

“Prepetition Notes” shall have the meaning specified in paragraph 1. 

“Prepetition Security Agreement” shall mean that certain Security Agreement, dated February 18, 2009, made by the
Guarantor, the Company and each of the other Subsidiaries of the Guarantor (except for Star Publishing) in favor of the Collateral Agent for the benefit of the holders from time to time of the Notes. 

  
 48 

 “Prohibited Transaction” shall have the meaning assigned to such term in
Section 4975 of the Code and Section 406 of ERISA. 
 “PTE” shall have the meaning specified in
paragraph 10B(i). 
 “Pulitzer Entities” shall mean all Credit Parties with the exception of Star Publishing.

 “Pulitzer Support Agreement” shall mean that certain Support Agreement dated as of December 2, 2011, by
and among the Credit Parties and the Consenting Noteholders. 
 “QPAM Exemption” shall have the meaning
specified in paragraph 10B(iv). 
 “Redemption Agreement” means the Redemption Agreement, dated as of
February 18, 2009, among the Company, STL Distribution Services LLC, a Delaware limited liability company, The Herald Publishing Company, LLC, a New York limited liability company, the Guarantor and Pulitzer Technologies, Inc. a Delaware
corporation. 
 “Reduction Amount” shall mean, as of any date, the sum of each of the following (without
duplication): 
 (i) all prepayments of principal theretofore paid pursuant to paragraph 5A in the Fiscal Year in
which such date falls; 
 (ii) all Excess Cash Flow Sweep Prepayments theretofore paid in the Fiscal Year in
which such date falls; 
 (iii) any Carryforward Amount calculated for the Fiscal Year immediately preceding the
Fiscal Year in which such date falls; and 
 (iv) all other prepayments in respect of the Notes (and, to the
extent applicable, the Prepetition Notes) theretofore paid in the Fiscal Year in which such date falls, other than (a) the Lee Prepayment and (b) the prepayment in respect of the Prepetition Notes in the amount of not less than $5,145,000
made not later than one Business Day following the Plan Support Effective Date by applying all amounts in the Accounts and the Asset Sale Proceeds Reserve Account, if any, to such prepayment (rounded down to the nearest $10,000 increment) and, to
the extent of any shortfall in such amounts, by applying other funds available to the Company to such prepayment of the Prepetition Notes. 
 “Related Fund” means, with respect to any holder of any Note, any fund or entity that (i) invests in securities or bank loans, and (ii) is advised or managed by such holder, the
same investment advisor as such holder or by an affiliate of such holder or such investment advisor. 
 “Required
Holders” shall mean, (i) at any time that there are more than two non-affiliated holders of Notes, the holders of at least 60% of the aggregate principal amount of the Notes from time to time outstanding, so long as at least two of
such holders are not affiliates and (ii) otherwise, the holders of 51% of the aggregate principal amount of the Notes. 

“Response Date” shall have the meaning specified in paragraph 5E. 

  
 49 

 “Responsible Officer” shall mean the chief executive officer, chief
operating officer, chief administrative officer or chief financial officer of any Credit Party or any other officer of such Credit Party involved principally in its financial administration or its controllership function. 

“Restricted Cash Reserve Account” shall have the meaning set forth in the Prepetition Security Agreement. 

“Restructuring Closing Date” shall have the meaning specified in paragraph 3. 

“S&P” shall mean Standard & Poor’s Ratings Services, a division of McGraw-Hill, Inc. 

“Sandler V Assets” means all of the assets of Sandler Capital Partners V, L.P., a Delaware limited partnership, held by
such limited partnership on November 30, 2011, together with any subsequent additions to such assets (whether by earnings, contributions or otherwise). 
 “Second Lien Debt Documents” shall have the meaning set forth by the term “Credit Documents” in the Second Lien Loan Agreement (as in effect on the date hereof). 

“Second Lien Loan Agreement” shall have the meaning specified in paragraph 4K. 

“Secured Obligations” shall have the meaning specified in the Security Agreement. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Security Agreement” shall have the meaning specified in paragraph 4M(2). 

“Source” shall have the meaning specified in paragraph 10B. 

“Star Intercompany Notes” shall mean, collectively, (i) the intercompany note issued by the Guarantor in favor of
Star Publishing, dated as of January 11, 2000, in the original principal amount of $180,000,000, (ii) the intercompany note issued by the Guarantor in favor of Star Publishing, dated as of June 12, 2000, in the original principal
amount of $15,000,000, (iii) the intercompany note issued by the Guarantor in favor of Star Publishing, dated as of August 10, 2000, in the original principal amount of $175,000,000, and (iv) the intercompany note issued by the
Guarantor in favor of Star Publishing, dated as of August 25, 2000, in the original principal amount of $20,000,000. 

“Star Publishing” shall mean Star Publishing Company, an Arizona corporation. 

“Subsidiary” shall mean, as to the Company (or any other Person), any other corporation, limited liability company,
association or other business entity organized under the laws of any state of the United States of America, Canada or any province of Canada which conducts the major portion of its business in and makes the major portion of its sales to Persons
located in the United States of America or Canada, and all of the stock of every class of which (except directors’ qualifying shares) or other equity interests in which shall, at the time as of which any determination is being made, be owned by
the Company (or such other Person), either 

  
 50 

 
directly or through Subsidiaries. Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company. 

“Subsidiary Guarantors” shall mean all Subsidiaries of the Guarantor (other than TNI Partners) that are parties to the
Subsidiary Guaranty Agreement. 
 “Subsidiary Guaranty Agreement” shall have the meaning specified in paragraph
4I. 
 “SVO” means the Securities Valuation Office of the NAIC or any successor to such Office. 

“Swap” shall mean, with respect to any Person, payment obligations with respect to interest rate swaps, currency swaps
and similar obligations obligating such Person to make payments, whether periodically or upon the happening of a contingency. 

“Synthetic Lease” shall mean a lease transaction under which the parties intend that (i) the lease will be treated
as an “operating lease” by the lessee and (ii) the lessee will be entitled to various tax and other benefits ordinarily available to owners (as opposed to lessees) of like property. 

“Tax Sharing Agreement” shall have the meaning specified in paragraph 4T. 

“TNI Agreement” shall mean that certain Amended and Restated Partnership Agreement, dated as of November 30, 2009,
by and among Star Publishing and Citizen Publishing Company. 
 “TNI Partners” shall mean TNI Partners, a
general partnership formed under the laws of the State of Arizona pursuant to the terms of the TNI Agreement. 

“Trademark Security Agreements” shall have the meaning specified in paragraph 4M(4). 

“Transaction Documents” shall mean this Agreement, the Notes, the Guaranty Agreement, the Subsidiary Guaranty Agreement,
the Collateral Documents and any and all other agreements and certificates from time to time executed and delivered by or on behalf of any Credit Party related thereto. 
 “Transferee” shall mean any institutional investor that is a direct or indirect transferee of all or any part of any Note issued under this Agreement. 

“Unrestricted Cash” means the aggregate amount of all cash and Cash Equivalents held by the Guarantor and its
Subsidiaries that are not (i) subject to an escrow arrangement in favor of one or more Persons (other than a Credit Party) whose consent is necessary for the release of such cash and/or Cash Equivalents from such escrow, or (ii) required
to be maintained by the Guarantor or its Subsidiaries by reason of applicable corporate law requirements as to capital maintenance, solvency or related matters. 

  
 51 

 “USA Patriot Act” means United States Public Law 107-56, Uniting and
Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.

 “Voting Equity Interests” shall mean, as to any Person, any class or classes of outstanding Equity Interests
of such Person pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of the board of directors of such Person. 

11C. Accounting and Legal Principles, Terms and Determinations. All accounting terms used herein which are not expressly
defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and
(ii) all financial statements shall be prepared in accordance with GAAP; provided that, except as otherwise specifically provided herein, all computations of “Excess Cash Flow” and all computations and definitions used in determining
compliance with financial covenants shall utilize GAAP and policies in conformity with those used to prepare the audited financial statements of the Guarantor for the Guarantor’s fiscal year ended September 25, 2011. For purposes of
determining compliance with the financial covenants contained in this Agreement, any election by the Company or the Guarantor to measure any financial liability using fair value (as permitted by Accounting Standard Codification Topic
No. 825-10-25 – Fair Value Option or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. 
 PARAGRAPH 12. MISCELLANEOUS 
 12A. Note Payments. So long as
any Purchaser or its nominee shall be the holder of any Note, the Company will make payments of principal of, interest on and any Yield-Maintenance Amount payable with respect to such Note, which comply with the terms of this Agreement, by wire
transfer of immediately available funds for credit (not later than 1:00 p.m., New York City time, on the date due) to such Purchaser’s account or accounts as specified in Schedule A attached hereto, or such other account or accounts in
the United States as such Purchaser may designate in writing, notwithstanding any contrary provision herein or in any Note with respect to the place of payment. Each Purchaser agrees that, before disposing of any Note, it will make a notation
thereon (or on a schedule attached thereto) of all principal payments previously made thereon and of the date to which interest thereon has been paid. The Company agrees to afford the benefits of this paragraph 12A to any Transferee which shall have
made the same agreement as the Purchasers have made in this paragraph 12A. No holder shall be required to present or surrender any Note or make any notation thereon, except that upon written request of the Company made concurrently with or
reasonably promptly after payment or prepayment in full of any Note, the applicable holder shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office. 

12B. Expenses. Whether or not the transactions contemplated hereby shall be consummated, the Company shall pay, and save
each Purchaser and any Transferee harmless 

  
 52 

 
against liability for the payment of, all out-of-pocket expenses arising in connection with such transactions, including: 

(i) (a) all stamp and documentary taxes and similar charges and (b) costs of obtaining a private placement number for
the Notes; 
 (ii) document production and duplication charges and the fees and expenses of any special counsel
engaged by such Purchaser or such Transferee in connection with (a) this Agreement and the transactions contemplated hereby and (b) any subsequent proposed waiver, amendment or modification of, or proposed consent under, this Agreement,
whether or not such the proposed action shall be effected or granted; and 
 (iii) the costs and expenses,
including attorneys’ fees, incurred by such Purchaser or such Transferee in enforcing (or determining whether or how to enforce) any rights under this Agreement, the Guaranty Agreement or the Notes or in responding to any subpoena or other
legal process served upon such Person in connection with this Agreement or the transactions contemplated hereby or by reason of such Purchaser or such Transferee having acquired any Note, including without limitation costs and expenses incurred in
any workout, restructuring or renegotiation proceeding or bankruptcy case. 
 The obligations of the Company under this paragraph 12B shall
survive the transfer of any Note or portion thereof or interest therein by any Purchaser or Transferee and the payment of any Note. 
 12C. Consent to Amendments. This Agreement (or any amendment hereto) may be amended or any provision hereof (or of any amendment) may be waived, and the Company may take any action herein
prohibited, or omit to perform any act herein required to be performed by it, if the Company shall obtain the written consent to such amendment, waiver, action or omission to act, of the Required Holder(s) except that, without the written consent of
the holder or holders of all Notes at the time outstanding, no amendment to this Agreement shall change the maturity of any Note, or change the principal of, or the rate, method of computation or time of payment of interest on or any
Yield-Maintenance Amount payable with respect to any Note, or affect the time, amount or allocation of any prepayments, or change the proportion of the principal amount of the Notes required with respect to any consent, amendment, waiver or
declaration. For the avoidance of doubt, neither a waiver of the Company’s failure to make a principal payment required by paragraph 5A (or any other provision of paragraph 5), nor any amendment of such paragraph (or any other provision of
paragraph 5) (to the extent such amendment would affect the timing, amount or allocation of any prepayments), shall be effective without the consent of the holders of all Notes then outstanding and any such failure, if not waived, would constitute
an Event of Default having the effect, inter alia, of prohibiting the making of the senior unsecured loans and advances referred to in Section 5.4(xxiv) of the Guaranty Agreement. Each holder of any Note at the time or thereafter
outstanding shall be bound by any consent authorized by this paragraph 12C, whether or not such Note shall have been marked to indicate such consent, but any Notes issued thereafter may bear a notation referring to any such consent. No course of
dealing between the Company and the holder of any Note nor any delay in exercising any rights hereunder or under any Note shall operate as a 

  
 53 

 
waiver of any rights of any holder of such Note. The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee
or otherwise, or grant any security, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes or any waiver or amendment of any of the terms and provisions hereof (or any amendment hereto) unless
such remuneration is concurrently paid, or security is concurrently granted, on the same terms, ratably to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment. To the extent that any fees paid to any
Consenting Noteholder pursuant to paragraph 4Q are determined by a court of competent jurisdiction, pursuant to a final judgment not subject to appeal, to be subject to the preceding sentence and, in connection therewith, any Consenting Noteholder
is required to disgorge all or any part of such fees, the Company shall pay to such Consenting Noteholder such additional amount so that, after taking into account such additional amount and such disgorgement, such Consenting Noteholder shall have
received and retained the full amount of the fees payable pursuant to such paragraph. As used herein and in the Notes, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended
or supplemented. 
 12D. Form, Registration, Transfer and Exchange of Notes; Lost Notes. The Notes are issuable as
registered notes without coupons in denominations of at least $100,000, except as may be necessary to (i) reflect any principal amount not evenly divisible by $100,000 or (ii) enable the registration of transfer by a holder of its entire
holding of Notes. The Company shall keep at its principal office a register in which the Company shall provide for the registration of Notes and of transfers of Notes. Upon surrender for registration of transfer of any Note at the principal office
of the Company, the Company shall, at its expense, execute and deliver one or more new Notes of like tenor and of a like aggregate principal amount, registered in the name of such transferee or transferees. At the option of the holder of any Note,
such Note may be exchanged for other Notes of like tenor and of any authorized denominations, of a like aggregate principal amount, upon surrender of the Note to be exchanged at the principal office of the Company. Whenever any Notes are so
surrendered for exchange, the Company shall, at its expense, execute and deliver the Notes which the holder making the exchange is entitled to receive. Every Note surrendered for registration of transfer or exchange shall be duly endorsed, or be
accompanied by a written instrument of transfer duly executed, by the holder of such Note or such holder’s attorney duly authorized in writing. Any Note or Notes issued in exchange for any Note or upon transfer thereof shall carry the rights to
unpaid interest and interest to accrue which were carried by the Note so exchanged or transferred, so that neither gain nor loss of interest shall result from any such transfer or exchange. Upon receipt of written notice from the holder of any Note
of the loss, theft, destruction or mutilation of such Note and, in the case of any such loss, theft or destruction, upon receipt of such holder’s unsecured indemnity agreement, or in the case of any such mutilation upon surrender and
cancellation of such Note, the Company will make and deliver a new Note, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Note. 
 12E. Persons Deemed Owners; Participations. Prior to due presentment for registration of transfer, the Company may treat the Person in whose name any Note is registered as the owner and
holder of such Note for the purpose of receiving payment of principal of, interest on and any Yield-Maintenance Amount payable with respect to such Note and for all other purposes whatsoever, whether or not such Note shall be overdue, and the
Company shall 

  
 54 

 
not be affected by notice to the contrary. Subject to the preceding sentence, the holder of any Note may from time to time grant participations in such Note to any Person on such terms and
conditions as may be determined by such holder in its sole and absolute discretion, provided that any such participation shall be in an amount of at least $100,000, provided that no such granting of a participation shall increase or otherwise
affect the obligations of the Company hereunder. 
 12F. Survival of Representations and Warranties; Entire
Agreement. All representations and warranties contained herein or made in writing by or on behalf of the Company in connection herewith shall survive the execution and delivery of this Agreement and the Notes, the transfer by a Purchaser of any
Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any Transferee, regardless of any investigation made at any time by or on behalf of any Purchaser or any Transferee. Subject to the preceding
sentence, this Agreement, the Notes and the Transaction Documents embody the entire agreement and understanding between the Purchasers and the Company and supersede all prior agreements and understandings relating to the subject matter hereof.

 12G. Successors and Assigns. All covenants and other agreements in this Agreement contained by or on behalf of
either of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto (including, without limitation, any Transferee) whether so expressed or not. 

12H. Notices. All written communications provided for hereunder shall be sent by first class mail or nationwide overnight
delivery service (with charges prepaid) and (i) if to a Purchaser, addressed to it at the address specified for such communications in Schedule A attached hereto, or at such other address as such Purchaser shall have specified to the
Company in writing, (ii) if to any other holder of any Note, addressed to such other holder at such address as such other holder shall have specified to the Company in writing or, if any such other holder shall not have so specified an address
to the Company, then addressed to such other holder in care of the last holder of such Note which shall have so specified an address to the Company, and (iii) if to the Company, addressed to it at 900 North Tucker Boulevard, St. Louis, Missouri
63101, Attention: Senior Vice President-Finance, or at such other address as the Company shall have specified to the holder of each Note in writing. 
 12I. Payments due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding, any payment of principal of or interest on any Note that is due on a date
other than a Business Day shall be made on the next succeeding Business Day. If the date for any payment is extended to the next succeeding Business Day by reason of the preceding sentence, the period of such extension shall not be included in the
computation of the interest payable on such Business Day. 
 12J. Satisfaction Requirement. If any agreement, certificate
or other writing, or any action taken or to be taken, is by the terms of this Agreement required to be satisfactory to any holder of Notes or to the Required Holder(s), the determination of such satisfaction shall be made by such holder of Notes or
the Required Holder(s), as the case may be, in the sole and exclusive judgment (exercised in good faith) of the Person or Persons making such determination. 

  
 55 

 12K. Governing Law. This Agreement shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

 12L. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. 
 12M. Descriptive Headings. The descriptive headings of
the several paragraphs of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. 

12N. Counterparts. This Agreement may be executed in any number of counterparts (or counterpart signature pages), each of
which shall be an original but all of which together shall constitute one instrument. 
 12O. Independence of Covenants.
All covenants hereunder shall be given independent effect so that if a particular action or condition is prohibited by any one of such covenants, the fact that it would be permitted by an exception to, or otherwise be in compliance within the
limitations of, another covenant shall not (i) avoid the occurrence of an Event of Default or Default if such action is taken or such condition exists or (ii) in any way prejudice an attempt by the holders to prohibit (through equitable
action or otherwise) the taking of any action by the Company or a Subsidiary which would result in an Event of Default or Default. 
 12P. Severalty of Obligations. The obligations of the Purchasers under this Agreement are several obligations. No failure by any Purchaser to perform its obligations under this Agreement shall
relieve any other Purchaser or the Company of any of its obligations hereunder, and no Purchaser shall be responsible for the obligations of, or any action taken or omitted by, any other Purchaser hereunder. 

12Q. Consent to Jurisdiction; Waiver of Immunities. The Company hereby irrevocably submits to the jurisdiction of any New
York state or Federal court sitting in New York in any action or proceeding arising out of or relating to this Agreement, and the Company hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined
in New York state or Federal court. The Company hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an inconvenient forum to the maintenance of such action or proceeding. The Company agrees and irrevocably
consents to the service of any and all process in any such action or proceeding by the mailing, by registered or certified U.S. mail, or by any other means or mail that requires a signed receipt, of copies of such process to the Company at its
address set forth in paragraph 12H, and hereby appoints such Person as its agent to receive such service of process. The Company agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this paragraph 12Q shall affect the right of any holder of the Notes to serve legal process in any other manner permitted by law or affect the right of any
holder of the Notes to bring any action or proceeding 

  
 56 

 
against the Company or its property in the courts of any other jurisdiction. To the extent that the Company has or hereafter may acquire immunity from jurisdiction of any court or from any legal
process (whether through service of notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, the Company hereby irrevocably waives such immunity in respect of its
obligations under this Agreement. 
 12R. Waiver of Jury Trial. The Company and the holders of the Notes agree to waive
their respective rights to a jury trial of any claim or cause of action based upon or arising out of this Agreement, the Notes, or any dealings between them relating to the subject matter of this transaction and the lender/borrower relationship that
is being established. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter of this transaction, including without limitation, contract claims, tort
claims, breach of duty claims, and all other common law and statutory claims. The holders of the Notes and the Company each acknowledge that this waiver is a material inducement to enter into this business relationship, that each has already relied
on the waiver in entering into this Agreement, and that each will continue to rely on the waiver in their related future dealings. The holders of the Notes and the Company further warrant and represent that each has reviewed this waiver with its
legal counsel, and that each knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 

12S. Confidential Information. For the purposes of this paragraph 12S, “Confidential Information” means
information delivered, whether to any holder or to any financial advisor retained by special counsel to the holders, by or on behalf of the Company, any Subsidiary, the Guarantor or Lee in connection with the transactions contemplated by or
otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such holder or financial advisor as being confidential information of the Company, such
Subsidiary, the Guarantor or Lee, provided that such term does not include information that (a) was publicly known or otherwise known to such holder prior to the time of such disclosure, (b) subsequently becomes publicly known
through no act or omission by such holder or any person acting on such holder’s behalf, (c) otherwise becomes known to such holder other than through disclosure by any such financial advisor or by the Company, any Subsidiary, the Guarantor
or Lee or (d) constitutes financial statements that are otherwise publicly available. Each holder will maintain the confidentiality of such Confidential Information delivered to it in accordance with procedures adopted by such holder in good
faith to protect confidential information of third parties delivered to such holder, provided that such holder may deliver or disclose Confidential Information described in clause (x) above following the termination of the engagement of
such financial advisor and may deliver or disclose Confidential Information described in clause (x) or (y) above to (i) its directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent such disclosure
reasonably relates to the administration of the investment represented by its Notes), (ii) its financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the
terms of this paragraph 12S, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to
its receipt of such Confidential Information to be bound by the provisions of this paragraph 12S), (v) any Person from which it offers to purchase any security of the Company, the Guarantor or Lee (if

  
 57 

 
such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this paragraph 12S), (vi) any federal or state regulatory authority
having jurisdiction over such holder, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such holder’s investment portfolio, or
(viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such holder, (x) in response to any subpoena or other legal
process, (y) in connection with any litigation to which such holder is a party or (z) if an Event of Default has occurred and is continuing, to the extent such holder may reasonably determine such delivery and disclosure to be necessary or
appropriate in the enforcement or for the protection of the rights and remedies under such holder’s Notes, this Agreement, the Guaranty Agreement or any other Transaction Document or any document relating hereto or thereto. Each holder of a
Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this paragraph 12S as though it were a party to this Agreement. On reasonable request by the Company in connection with the
delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominees), such holder will enter into an
agreement with the Company embodying the provisions of this paragraph 12S. 
 [Remainder of Page Intentionally Left Blank;
Signature Pages Follow] 

  
 58 

 Please sign the form of acceptance on the enclosed counterpart of this letter and return the
same to the Company, whereupon this letter shall become a binding agreement between the Company and each Purchaser. 
  

					
	Very truly yours,
	
	ST. LOUIS POST-DISPATCH LLC 
		
	By:    	 	Pulitzer Inc., Managing Member
			
		 	By:	 	/s/ Carl G. Schmidt
		 	Name:	 	Carl G. Schmidt
		 	Title:	 	Treasurer

 The foregoing Agreement is 
 hereby accepted as of the 
 date first above written. 

 

			
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	/s/ Paul H. Procyk
	Name:	 	Paul H. Procyk
	Title:	 	Vice President

  

			
	PRUCO LIFE INSURANCE COMPANY
		
	By:	 	/s/ Paul H. Procyk
	Name:	 	Paul H. Procyk
	Title:	 	Assistant Vice President

  

					
	PRUDENTIAL ANNUITIES LIFE ASSURANCE CORPORATION
		
	By:    	 	 Prudential Investment Management, Inc.,
 as investment manager

			
		 	By:	 	/s/ Paul H. Procyk
		 	Name:	 	Paul H. Procyk
		 	Title:	 	Vice President

  

					
	FERRY STREET I LLC
		
	By:    	 	 Prudential Investment Management, Inc.,
 as collateral manager

			
		 	By:	 	/s/ Paul H. Procyk
		 	Name:	 	Paul H. Procyk
		 	Title:	 	Vice President

  

			
	PACIFIC LIFE INSURANCE COMPANY
		
	By:	 	/s/ Kevin J. Collins
	Name:	 	Kevin J. Collins
	Title:	 	Assistant Vice President

  

			
	By:	 	/s/ Bernard J. Dougherty
	Name:	 	Bernard J. Dougherty
	Title:	 	Assistant Secretary

  

					
	TCM MPS SERIES FUND LP – Partners Series
		
	By:    	 	Troob Capital Management LLC,
as general partner
			
		 	By:	 	/s/ Douglas Troob
		 	Name:	 	Douglas Troob
		 	Title:	 	Managing Member

  

			
	TCM MPS LTD SPC – Partners Segregated Portfolio
		
	By:	 	/s/ Douglas Troob
	Name:	 	Douglas Troob
	Title:	 	Director

  

			
	ARCHVIEW INVESTMENT GROUP L.P.
on behalf of, and acting solely in its capacity as investment manager to, ARCHVIEW FUND L.P. and ARCHVIEW MASTER FUND
LTD.
		
	By:	 	/s/ Aaron M. Rosen
	Name:	 	Aaron M. Rosen
	Title:	 	Principal

  

					
	MARBLEGATE SPECIAL OPPORTUNITIES MASTER FUND LP
		
	By:    	 	 Marblegate Asset Management LLC,
 its Investment Manager

			
		 	By:	 	/s/ Andrew Milgram
		 	Name:	 	Andrew Milgram
		 	Title:	 	Managing Partner

  

			
	DEUTSCHE BANK SECURITIES INC.
		
	By:	 	/s/ R. Mikel Curreri
	Name:	 	R. Mikel Curreri
	Title:	 	Managing Director

  

			
	By:	 	/s/ Duane Masucci
	Name:	 	Duane Masucci
	Title:	 	Managing Director

  

			
	CANTOR FITZGERALD & CO.
		
	By:	 	/s/ James Bond
	Name:	 	James Bond
	Title:	 	Chief Operating Officer

 SCHEDULE A 
 PURCHASER SCHEDULE 
  

					
	 	  	AGGREGATE
PRINCIPAL
AMOUNT
OF
NOTES
TO BE PURCHASED	  	NOTE
REGISTRATION
NUMBER(S);
NOTE
DENOMINATION(S)
	 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
	  		  	
			
	 On file with Administrator Agent
	  		  	

 Schedule A-1 

 SCHEDULE 9C 
 LITIGATION 

  
 Schedule 9C

 SCHEDULE 9D 
 OUTSTANDING DEBT 

  
 Schedule 9D

 SCHEDULE 9F 
 AGREEMENTS RESTRICTING INCURRENCE OF DEBT 

  
 Schedule 9F

 SCHEDULE 9H 
 ERISA 

  
 Schedule 9H

 SCHEDULE 9M 
 SUBSIDIARIES OF THE COMPANY AND 
 OWNERSHIP OF SUBSIDIARY STOCK

  
 Schedule 9M

 EXHIBIT A 
 [FORM OF NOTE] 
 ST. LOUIS POST-DISPATCH LLC 

ADJUSTABLE RATE SENIOR NOTE DUE DECEMBER 31, 2015 
  

					
	 No.             
	  		  	[Date]
	 $                 
	  		  	PPN 85229* AC0

 FOR VALUE RECEIVED, the undersigned, ST. LOUIS POST-DISPATCH LLC (the
“Company”), a limited liability company organized and existing under the laws of the State of Delaware, hereby promises to pay to _______________________________, or registered assigns, the principal sum of
________________________ DOLLARS on December 31, 2015, with interest (computed on the basis of a 360-day year of 30 day months) (a) on the unpaid balance hereof (i) at the rate of 10.55% per annum on and after the date hereof to,
but not including, January 1, 2013, (ii) at the rate of 11.30% per annum on and after January 1, 2013 to, but not including, January 1, 2014, (iii) at the rate of 12.05% per annum on and after January 1, 2014
to, but not including, January 1, 2015 and (iv) at the rate of 12.80% per annum at all times thereafter, such interest to accrue from the date hereof and to be payable quarterly on the 20th day of March, June, September and December in each year, commencing
with the March, June, September or December next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment of interest and, during the continuance of
an Event of Default (as defined in the Note Agreement referred to below), on such unpaid balance and on any overdue payment of any Yield-Maintenance Amount (as defined in the Note Agreement referred to below), payable quarterly as aforesaid (or, at
the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the greater of (i) 2.0% above the interest rate otherwise in effect at such time pursuant to the foregoing clause (a) or (ii) 2.0%
over the rate of interest publicly announced by The Bank of New York Mellon Corporation from time to time in New York City as its prime rate. 
 Payments of principal of, interest on and any Yield-Maintenance Amount payable with respect to this Note are to be made at the main office of The Bank of New York Mellon Corporation in New York City or at
such other place as the holder hereof shall designate to the Company in writing, in lawful money of the United States of America. 
 This Note is one of a series of Senior Notes (the “Notes”) issued pursuant to a Note Agreement, dated as of January 30, 2012 (the “Agreement”), among the Company and
the holders of the Notes named in Schedule A attached thereto and is entitled to the benefits thereof and to the benefits of the Guaranty Agreement (as defined in the Agreement). Each holder of this Note will be deemed, by its acceptance hereof, to
have made the representation set forth in 

  
 Exhibit A-1

 
paragraph 10B of the Agreement on the date of its purchase of this Note with respect to the source of the funds used by it to purchase this Note. 

Payment of the principal of, and interest and any Yield-Maintenance Amount on, this Note has been guaranteed by Pulitzer Inc. pursuant to
the Guaranty Agreement and by certain Subsidiaries of the Company pursuant to the Subsidiary Guaranty Agreement. This Note is secured by, and entitled to the benefits of, the Collateral Documents. 

This Note is a registered Note and, as provided in the Agreement, upon surrender of this Note for registration of transfer, duly
endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the
name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the
Company shall not be affected by any notice to the contrary. 
 This Note is subject to optional prepayment, in whole or from
time to time in part, on the terms specified in the Agreement. 
 In case an Event of Default, as defined in the Agreement,
shall occur and be continuing, the principal of this Note may be declared or otherwise become due and payable in the manner and with the effect provided in the Agreement. 
 THIS NOTE IS INTENDED TO BE PERFORMED IN THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE INTERNAL LAW OF SUCH STATE. 

 

					
	ST. LOUIS POST-DISPATCH LLC
	By:	 	Pulitzer Inc., Managing Member
			
		 	By:	 	 
		 	Name:	 	C. D. Waterman III
		 	Title:	 	Secretary

  
 Exhibit A-2

 EXHIBIT B 
 [FORM OF GUARANTY AGREEMENT] 

  
 Exhibit B

 EXHIBIT C 
 [FORM OF SUBSIDIARY GUARANTY AGREEMENT] 

  
 Exhibit C

 EXHIBIT D 
 [FORM OF PLEDGE AGREEMENT] 

  
 Exhibit D

 EXHIBIT E 
 [FORM OF SECURITY AGREEMENT] 

  
 Exhibit E

 EXHIBIT F 
 [FORM OF DEEDS OF TRUST] 

  
 Exhibit F

 EXHIBIT G 
 [FORM OF TRADEMARK SECURITY AGREEMENTS] 

  
 Exhibit G

 EXHIBIT H 
 [FORM OF COPYRIGHT SECURITY AGREEMENTS] 

  
 Exhibit H

 EXHIBIT I 
 [FORM OF COMPLIANCE CERTIFICATE] 

  
 Exhibit I

 SCHEDULE 9C 
 LITIGATION 
 No Material Litigation 

  
 Schedule 9C

 SCHEDULE 9D 
 OUTSTANDING DEBT 
 St. Louis Post-Dispatch LLC has a capitalized lease as of 9/25/2011 in the
amount of $569,839.

  
 Schedule 9D

 SCHEDULE 9F 
 AGREEMENTS RESTRICTING INCURRENCE OF DEBT 
 None 

  
 Schedule 9F

 SCHEDULE 9H 
 ERISA 
 The present value of the aggregate benefit liabilities under each of the Plans (other than
Multiemployer Plans), as reflected in the September 25, 2011 actuarial valuation report of the Plans per Generally Accepted Accounting Principles and determined as of September 25, 2011 on the basis of the actuarial assumptions
specified for accounting purposes in such report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit liabilities by more than $38 million in the case of any single Plan and by more than $72 million in the
aggregate for all Plans. 

  
 Schedule 9H

 SCHEDULE 9M 
 SUBSIDIARIES OF THE COMPANY AND 
 OWNERSHIP OF SUBSIDIARY STOCK 

 

							
	 Organization Name
	  	 Percentage Ownership &

Ownership Position
	  	 Type of Equity

Interest
	  	 State of

Incorporation/
 Organization

	Pulitzer Technologies, Inc.	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Common Stock	  	Delaware
				
	St. Louis Post-Dispatch LLC	  	98.95% subsidiary of Pulitzer Inc.; 1.05% subsidiary of Pulitzer Technologies, Inc.	  	Percentage Membership Interest	  	Delaware
				
	Fairgrove LLC	  	100% wholly-owned subsidiary of St. Louis Post-Dispatch LLC	  	Percentage Membership Interest	  	Delaware
				
	STL Distribution Services LLC	  	98.95% subsidiary of Pulitzer Inc.; 1.05% subsidiary of Pulitzer Technologies, Inc.	  	Percentage Membership Interest	  	Delaware
				
	Star Publishing Company	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Common Stock	  	Arizona
				
	Suburban Journals of Greater St. Louis LLC	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Percentage Membership Interest	  	Delaware
				
	Pulitzer Network Systems LLC	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Percentage Membership Interest	  	Delaware
				
	Pulitzer Newspapers, Inc.	  	100% wholly-owned subsidiary of Pulitzer Inc.	  	Common Stock	  	Delaware
				
	Flagstaff Publishing Co.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Washington
				
	Hanford Sentinel Inc.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Washington
				
	HomeChoice, LLC	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Percentage Membership Interest	  	Utah
				
	Kauai Publishing Co.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Delaware

  
 Schedule 9M

  

							
	 Organization Name
	  	 Percentage Ownership &

Ownership Position
	  	 Type of Equity

Interest
	  	 State of

Incorporation/
 Organization

	Napa Valley Publishing Co.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Washington
				
	NVPC LLC	  	100% wholly-owned subsidiary of Napa Valley Publishing Co.	  	Percentage Membership Interest	  	Delaware
				
	NIPC, Inc. f/k/a Northern Illinois Publishing Co., Inc.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Delaware
				
	Northern Lakes Publishing Co.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Delaware
				
	NLPC LLC	  	100% wholly-owned subsidiary of Northern Lakes Publishing Co.	  	Percentage Membership Interest	  	Delaware
				
	Pantagraph Publishing Co.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Delaware
				
	HSTAR LLC	  	100% wholly-owned subsidiary of Pantagraph Publishing Co.	  	Percentage Membership Interest	  	Delaware
				
	Pulitzer Missouri Newspapers, Inc.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Delaware
				
	Pulitzer Utah Newspapers, Inc. (Inactive)	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Delaware
				
	Santa Maria Times, Inc.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Nevada
				
	SHTP LLC	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Percentage Membership Interest	  	Delaware
				
	Southwestern Oregon Publishing Co.	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	Oregon
				
	SOPC LLC	  	100% wholly-owned subsidiary of Southwestern Oregon Publishing Co.	  	Percentage Membership Interest	  	Delaware
				
	Ynez Corporation	  	100% wholly-owned subsidiary of Pulitzer Newspapers, Inc.	  	Common Stock	  	California

  
 Schedule 9M

 The Second Lien Loan Agreement dated as of January 30, 2012, among Lee Enterprises, Incorporated,
various Lenders from time to time party thereto, and Wilmington Trust, N.A., as Administrative Agent and Collateral Agent (“Second Lien Loan Agreement”) may restrict the ability of the Company’s Subsidiaries to pay dividends out of
profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary. 

  
 Schedule 9M

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