Document:

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

Non-transferable
G R
A N T  T O  

_____________________________

(“Grantee”)  

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

[______________________________]  

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

pursuant to and subject to the
provisions of the Journal Communications, Inc. 2003 Equity Incentive Plan, as amended (the
“Plan”), and to the terms and conditions set forth on the following page (the
“Terms and Conditions”). Capitalized terms used herein and not otherwise defined
shall have the meanings assigned to such terms in the Plan. 

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

	Years of Service	Percent of SARs Vested
	after Date of Grant

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

JOURNAL COMMUNICATIONS, INC. 

	By:___________________________________________________	Grantee:___________________________________________________
		
Grant Date:_________________________________________________

2003 Equity Incentive
Plan SAR 

TERMS AND CONDITIONS 

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

2.    Vesting
of SARs. The SARs shall vest (become exercisable) in accordance           with the
schedule shown on the cover page of this Agreement. Notwithstanding the           vesting
schedule, upon Grantee’s death or Disability, or upon a Change in           Control,
all SARs shall become fully vested and exercisable.  

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

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

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

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

         (d)       
          5:00 p.m., Central Time, on the Expiration Date in the case of Grantee’s
          Retirement. 

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

If Grantee returns to service with
the Company during the designated post-termination exercise period, then Grantee shall be
restored to the status Grantee held prior to such termination but no vesting credit will
be earned for any period Grantee was not providing services to the Company. If Grantee or
his or her beneficiary exercises an SAR after termination of service, the SARs may be
exercised only with respect to the SARs that were otherwise vested on Grantee’s
termination of service. 

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

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

6.    Limitation
of Rights. The SARs do not confer to Grantee or Grantee’s           beneficiary
designated pursuant to Paragraph 5 any rights of a shareholder of           the Company
unless and until shares of Class B Common Stock are in fact issued           to such
person in connection with the exercise of the SARs. Nothing in this           Agreement
shall interfere with or limit in any way the right of the Company or           any
Affiliate to terminate Grantee’s service at any time, nor confer upon
          Grantee any right to continue in the service of the Company or any Affiliate.  

7.    Restrictions
on Transfer and Pledge. The SARs are transferable by Grantee           pursuant to
the laws of descent and distribution upon Grantee’s death or,           during
Grantee’s lifetime, to permissible transferees as defined in Section           11 of
the Plan. The SARs may be exercised during the lifetime of Grantee only by
          Grantee or any permitted transferee.  

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

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

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

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

Non-transferable
G R
A N T  T O  

_____________________________

(“Grantee”)  

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

     [________________________] 

shares of its Class B Common Stock,
$0.01 par value (the “SARs”), having an escalating base value per share (the
“Base Value”). The beginning Base Value shall be $_____ per share, and the Base
Value shall increase by 6% per year for each year that the SARs remain outstanding,
starting on the first anniversary of the Grant Date. 

The SARs are granted pursuant to and
subject to the provisions of the Journal Communications, Inc. 2003 Equity Incentive Plan,
as amended (the “Plan”), and to the terms and conditions set forth on the
following page (the “Terms and Conditions”). Capitalized terms used herein and
not otherwise defined shall have the meanings assigned to such terms in the Plan. 

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

	Years of Service	Percent of SARs Vested
	after Date of Grant

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

JOURNAL COMMUNICATIONS, INC. 

	By:___________________________________________________	Grantee:___________________________________________________
	 	
Grant Date:_________________________________________________

2003 Equity Incentive
Plan Escalating-Price SAR  

TERMS AND CONDITIONS  

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

2.    Vesting
of SARs. The SARs shall vest (become exercisable) in accordance           with the
schedule shown on the cover page of this Agreement. Notwithstanding the           vesting
schedule, upon Grantee’s death or Disability, or upon a Change in           Control,
all SARs shall become fully vested and exercisable.  

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

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

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

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

         (d)       
          5:00 p.m., Central Time, on the Expiration Date in the case of Grantee’s
          Retirement. 

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

If Grantee returns to service with
the Company during the designated post-termination exercise period, then Grantee shall be
restored to the status Grantee held prior to such termination but no vesting credit will
be earned for any period Grantee was not providing services to the Company. If Grantee or
his or her beneficiary exercises an SAR after termination of service, the SARs may be
exercised only with respect to the SARs that were otherwise vested on Grantee’s
termination of service. 

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

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

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

7.    Restrictions
on Transfer and Pledge. The SARs are transferable by Grantee           pursuant to
the laws of descent and distribution upon Grantee’s death or,           during
Grantee’s lifetime, to permissible transferees as defined in Section           11 of
the Plan. The SARs may be exercised during the lifetime of Grantee only by
          Grantee or any permitted transferee.  

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

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

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

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

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