Document:

3rd Amendment to Consent & Waiver to Credit Agreement

 Exhibit 10.1 - Third Amendment, Consent and Waiver to Credit Agreement and First Amendment to Intercompany
Subordination Agreement and Mortgages 
 THIRD AMENDMENT, CONSENT AND WAIVER TO CREDIT AGREEMENT AND FIRST AMENDMENT TO

 INTERCOMPANY SUBORDINATION AGREEMENT AND MORTGAGES 
 THIRD AMENDMENT, CONSENT AND WAIVER TO CREDIT AGREEMENT AND FIRST AMENDMENT TO INTERCOMPANY SUBORDINATION AGREEMENT AND MORTGAGES (this “Amendment”), dated as of February 18, 2009, among LEE
ENTERPRISES, INCORPORATED, a Delaware corporation (the “Borrower”), the lenders party to the Credit Agreement referred to below (the “Lenders”) and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent (in
such capacity, the “Administrative Agent”) and as Collateral Agent (in such capacity, the “Collateral Agent”). Unless otherwise indicated, all capitalized terms used herein and not otherwise defined herein shall
have the respective meanings provided such terms in the Credit Agreement. 
 W I T N E S S E T H : 
 WHEREAS, the Borrower, the Lenders and the Administrative Agent are parties to an Amended and Restated Credit Agreement, dated as of December 21,
2005 (as amended, restated, modified and/or supplemented to, but not including, the date hereof, the “Credit Agreement”); 
 WHEREAS, the Borrower, the Collateral Agent and certain Subsidiaries of the Borrower are parties to an Amended and Restated Credit Intercompany Subordination Agreement, dated as of December 21, 2005 (as amended, restated, modified
and/or supplemented to, but not including, the date hereof, the “Intercompany Subordination Agreement”); 
 WHEREAS, the
Borrower, the Lenders and the Administrative Agent entered into the Second Waiver to Credit Agreement, dated as of December 22, 2008 (the “Second Waiver”), pursuant to which the Lenders had agreed to waive the Specified Events
of Defaults (as defined in the Second Waiver) on the terms and conditions set forth therein; and 
 WHEREAS, subject to the terms, conditions
and agreements herein set forth, the parties hereto have agreed to amend the Credit Agreement and the Intercompany Subordination Agreement, consent to certain actions to be taken under the Credit Agreement and waive the Specified Events of Default
thereunder, in each case as herein provided; 
 NOW, THEREFORE, it is agreed: 
 I. Amendments to the Credit Agreement. 
 1. The definition of “A Term Loan Maturity Date”
appearing in Section 1.01 of the Credit Agreement is hereby restated in its entirety as follows: 
 “A Term Loan Maturity
Date” shall mean April 28, 2012. 

 2. The definition of “Applicable Commitment Commission Percentage” and
“Applicable Margin” appearing in Section 1.01 of the Credit Agreement is hereby restated in its entirety as follows: 
 “Applicable Commitment Commission Percentage” and “Applicable Margin” shall mean: (A) from and after any Start Date to and including the corresponding End Date described below,
(i) with respect to Commitment Commission, the respective per annum percentage set forth in the table below under the column “Applicable Commitment Commission Percentage”, and (ii) with respect to A Term Loans, Revolving Loans
and Swingline Loans, the respective percentage per annum set forth in the table below under the respective Tranche and Type of Loans and (in the case of preceding sub-clauses (i) and (ii)) opposite the respective Level (i.e., Level 1,
Level 2, Level 3, Level 4, Level 5, Level 6 or Level 7, as the case may be) indicated to have been achieved in respect of the respective Start Date (as shown in any respective officer’s certificate delivered in accordance with the following
sentences), (B) with respect to B Term Loans maintained as (i) Base Rate Loans, a percentage per annum equal to 1.50%, and (ii) Eurodollar Loans, a percentage per annum equal to 2.50%, and (C) with respect to any Type of
Incremental Term Loan of a given Tranche that is neither an A Term Loan nor a B Term Loan, that percentage per annum set forth in, or calculated in accordance with, Section 2.14 and the relevant Incremental Term Loan Commitment Agreement:

  

												
	 “Level
	  	 Total Leverage Ratio
	  	A Term Loan,
Revolving Loans and
Swingline Loans
Base Rate Margin	 	 	A Term Loan and
Revolving Loans
Eurodollar Margin	 	 	Applicable
Commitment
Commission
Percentage	 
	 7
	  	Equal to or greater than 6.75 to 1.00	  	3.50	%	 	4.50	%	 	0.50	%
	 6
	  	Equal to or greater than 6.25 to 1.00 but less than 6.75 to 1.00	  	3.00	%	 	4.00	%	 	0.50	%
	 5
	  	Equal to or greater than 5.75 to 1.00, but less than 6.25 to 1.00	  	2.50	%	 	3.50	%	 	0.50	%
	 4
	  	Equal to or greater than 5.00 to 1.00 but less than 5.75 to 1.00	  	2.00	%	 	3.00	%	 	0.50	%
	 3
	  	Equal to or greater than 4.50 to 1.00 but less than 5.00 to 1.00	  	1.875	%	 	2.875	%	 	0.50	%
	 2
	  	Equal to or greater than 4.00 to 1.00 but less than 4.50 to 1.00	  	1.75	%	 	2.75	%	 	0.50	%
	 1
	  	Less than 4.00 to 1.00	  	1.625	%	 	2.625	%	 	0.50	%”;

 The Total Leverage Ratio used in a determination of Applicable Commitment
Commission Percentage and Applicable Margins shall be determined based on the delivery of a certificate of the Borrower (each, a “Quarterly Pricing Certificate”) by an Authorized Officer of the Borrower to the Administrative Agent
(with a copy to be sent 

  

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by the Administrative Agent to each Lender), within (i) 45 days after the last day of each of the first three fiscal quarters in each fiscal year of the
Borrower and (ii) 90 days after the last day of the fourth fiscal quarter of each fiscal year of the Borrower, each of which Quarterly Pricing Certificates shall set forth the calculation of the Total Leverage Ratio as at the last day of the
Test Period ended immediately prior to the relevant Start Date (but determined on a Pro Forma Basis solely to give effect to all Permitted Acquisitions (if any) and all Significant Asset Sales (if any) consummated on or after the first
day of such Test Period and on or prior to the date of delivery of any such Quarterly Pricing Certificate and any Indebtedness incurred, assumed or permanently repaid in connection therewith) and the Applicable Commitment Commission Percentage and
Applicable Margins which shall be thereafter applicable (until same are changed or cease to apply in accordance with the following provisions of this definition); provided that at the time of the consummation of any Permitted Acquisition or
Significant Asset Sale, an Authorized Officer of the Borrower shall deliver to the Administrative Agent a certificate setting forth the calculation of the Total Leverage Ratio on a Pro Forma Basis (solely to give effect to all
Permitted Acquisitions (if any) and all Significant Asset Sales (if any) consummated on or after the first day of such Test Period and on or prior to the date of the delivery of such certificate and any Indebtedness incurred or assumed in connection
therewith) as of the last day of the last Calculation Period ended prior to the date on which such Permitted Acquisition or Significant Asset Sale is consummated for which financial statements have been made available (or were required to be made
available) pursuant to Section 9.01(a) or (b), as the case may be, and the date of such consummation shall be deemed to be a Start Date and the Applicable Commitment Commission Percentage and Applicable Margins which shall be thereafter
applicable (until same are changed or cease to apply in accordance with the following sentences) shall be based upon the Total Leverage Ratio as so calculated. The Applicable Commitment Commission Percentage and Applicable Margins so determined
shall apply, except as set forth in the immediately succeeding sentence, from the relevant Start Date to the earliest of (x) the date on which the next officer’s certificate is delivered to the Administrative Agent, (y) the date on
which the next Permitted Acquisition or Significant Asset Sale is consummated or (z) the date which is 45 days following the last day of the Test Period (or 90 days following the last day of the Test Period in respect of the fourth fiscal
quarter of the Borrower, in either case) in which the previous Start Date occurred (such earliest date, the “End Date”), at which time, if no officer’s certificate has been delivered to the Administrative Agent indicating an
entitlement to new Applicable Commitment Commission Percentage and Applicable Margins (and thus commencing a new Start Date), the Applicable Commitment Commission Percentage and Applicable Margins shall be those applicable to a Total Leverage Ratio
based on a Level 7 until such time as a new Start Date shall commence as provided above. Notwithstanding anything to the contrary contained above in this definition, (x) the Applicable Commitment Commission Percentage and Applicable Margins
shall be those applicable to a Total Leverage Ratio based on a Level 7 at all times during which any Default or Event of Default shall occur and be continuing and (y) (A) for periods prior to the Third Amendment Effective Date, the
Applicable Commitment Commission Percentage and Applicable Margin shall be calculated in accordance with this definition prior to giving effect to the Third Amendment and (B) for the period from and including the Third Amendment
Effective Date until the first Start Date thereafter, the Applicable Commitment Commission Percentage and Applicable Margin shall be those applicable to a Total Leverage Ratio based on Level 5. 
  

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 3. The definition of “Base Rate” appearing in Section 1.01 of the Credit Agreement
is hereby amended by inserting the following new sentence at the end thereof: 
 “Notwithstanding the foregoing, from and
after the Third Amendment Effective Date, in no event shall the Base Rate be less than 1.00% per annum at any time.” 
 4. The
definition of “Consolidated EBITDA” appearing in Section 1.01 of the Credit Agreement is hereby restated in its entirety as follows: 
 “Consolidated EBITDA” shall mean, for any period, Consolidated Net Income for such period plus all amounts deducted in the computation thereof on account of (without duplication) (a) Consolidated
Interest Expense plus the aggregate amount of all PIK Interest, (b) depreciation and amortization expense, (c) income and profits taxes, (d) in the case of any period including the Borrower’s fiscal quarter ending closest to
March 31, 2009, the fees and expenses incurred in connection with the Third Amendment and the PD LLC Notes Amendment, and (e) in the case of any period including any fiscal quarter of the Borrower ending in the Borrower’s fiscal year
ending closest to September 30, 2009, up to the amount of Restructuring Charges actually recorded or accrued during such period. 
 5.
The definition of “Consolidated Indebtedness” appearing in Section 1.01 of the Credit Agreement is hereby restated in its entirety as follows: 
 “Consolidated Indebtedness” shall mean, at any time, the sum of (without duplication) (i) all Indebtedness of the
Borrower and its Subsidiaries (on a consolidated basis) as would be required to be reflected as debt or Capitalized Lease Obligations on the liability side of a consolidated balance sheet of the Borrower and its Subsidiaries in accordance with GAAP,
(ii) all Indebtedness of the Borrower and its Subsidiaries of the type described in clauses (ii), (vii) and (viii) of the definition of Indebtedness and (iii) all Contingent Obligations of the Borrower and its Subsidiaries in
respect of Indebtedness of any third Person of the type referred to in preceding clauses (i) and (ii); provided that (A) the amount of Indebtedness in respect of any Interest Rate Protection Agreements and Other Hedging Agreements
shall be at any time (a) if any such Interest Rate Protection Agreements or Other Hedging Agreements have been closed out, the unamortized termination value thereof, and (b) in all other cases, the unrealized net loss position, if any, of
the Borrower and/or its Subsidiaries thereunder on a marked-to-market basis determined no more than one month prior to such time, and (B) the aggregate unpaid PIK Interest Amount shall be excluded from the calculation of Consolidated
Indebtedness.” 
 6. The definition of “Consolidated Interest Expense” appearing in Section 1.01 of the Credit
Agreement is hereby restated in its entirety as follows: 
 “Consolidated Interest Expense” shall mean, for
any period, the sum for the Borrower and its Subsidiaries for such period, determined on a consolidated basis in 
  

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accordance with GAAP, of all amounts which would be deducted in computing Consolidated Net Income on account of interest on Indebtedness ((x) including
(whether or not so deducted) (i) imputed interest in respect of Capitalized Lease Obligations, (ii) the “deemed interest expense” (i.e., the interest expense which would have been applicable if the respective obligations
were structured as on-balance sheet financing arrangements) with respect to all Indebtedness of the Borrower and its Subsidiaries of the type described in clause (viii) of the definition of “Indebtedness” contained herein (to the
extent same does not arise from a financing arrangement constituting an operating lease), (iii) amortization of debt discount and expense and (iv) all commissions, discounts and other regularly accruing commitment, letter of credit and
other banking fees and charges (including all Commitment Commissions, Letter of Credit Fees and Facing Fees but (y) excluding the aggregate amount of all PIK Interest). 
 7. The definition of “Eurodollar Rate” appearing in Section 1.01 of the Credit Agreement is hereby amended by inserting the
following new sentence at the end thereof: 
 “Notwithstanding the foregoing, from and after the Third Amendment
Effective Date, in no event shall the Eurodollar Rate be less than (i) in the case of a Eurodollar Loan with a one month Interest Period, 1.25% per annum for any such Interest Period, (ii) in the case of a Eurodollar Loan with a two
month Interest Period, 1.75% per annum for any such Interest Period, (iii) in the case of a Eurodollar Loan with a three month Interest Period, 2.00% per annum for any such Interest Period, and (iv) in the case of a Eurodollar
Loan with a six month Interest Period, 2.50% per annum for any such Interest Period.” 
 8. The definition of “Excess Cash
Flow” appearing in Section 1.01 of the Credit Agreement is hereby amended by restating sub-clause (2) of the parenthetical appearing in clause (b)(ii) thereof in its entirety as follows: 
 “(2) repayments of Loans and the PIK Interest Amount, provided that repayments of Loans and the PIK Interest Amount shall be
deducted in determining Excess Cash Flow to the extent such repayments were (x) required as a result of a Scheduled Term Loan Repayment pursuant to Section 5.02(b) or (y) made as a voluntary prepayment pursuant to Section 5.01
with internally generated funds (but in the case of a voluntary prepayment of Revolving Loans or Swingline Loans, only to the extent accompanied by a voluntary reduction of the Total Revolving Loan Commitment in an amount equal to such prepayment)
and”. 
 9. The definition of “Excluded Domestic Subsidiary” appearing in Section 1.01 of the Credit Agreement is hereby
restated in its entirety as follows: 
 “Excluded Domestic Subsidiary” shall mean Pulitzer and each Domestic
Subsidiary of Pulitzer, but only so long as Pulitzer and its Domestic Subsidiaries have not become Subsidiary Guarantors by virtue of the restrictions set forth in any of the PD LLC Notes Documents or in any of the documents evidencing Permitted PD
LLC Notes Refinancing Indebtedness, as the case may be. 
  

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 10. The definition of “Net Sale Proceeds” appearing in Section 1.01 of the Credit
Agreement is hereby amended by restating clause (iii) of said definition in its entirety as follows: 
 “(iii) the
amount of such gross cash proceeds required to be used (x) in the case of any assets of any Excluded Domestic Subsidiary so sold or disposed of, to permanently repay (A) the PD LLC Notes or any Permitted PD LLC Notes Refinancing
Indebtedness pursuant to the terms of the PD LLC Notes Documents or the documents governing such Permitted PD LLC Notes Refinancing Indebtedness or (B) any Indebtedness of any Excluded Domestic Subsidiary (other than Indebtedness of the Lenders
pursuant to this Agreement) that is secured by the respective assets which were sold or otherwise disposed of or (y) in the case of any assets of the Borrower or any of its Subsidiaries (other than any Excluded Domestic Subsidiary) so sold or
disposed of, to permanently repay any Indebtedness (other than Indebtedness of the Lenders pursuant to this Agreement) which is secured by the respective assets which were sold or otherwise disposed of,”. 
 11. The definition of “Obligations” appearing in Section 1.01 of the Credit Agreement is hereby restated in its entirety as
follows: 
 “Obligations” shall mean all amounts owing to the Administrative Agent, the Collateral Agent, any
Issuing Lender, the Swingline Lender or any Lender pursuant to the terms of this Agreement and each other Credit Document, including, without limitation, all amounts in respect of any principal, premium, interest (including PIK Interest, the PIK
Interest Amount and any interest, fees and/or expenses accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in this Agreement, 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 (including Unpaid Drawings with respect to Letters of Credit), damages and other
liabilities, and guarantees of the foregoing amounts. 
 12. The definition of “PD LLC Notes Documents” appearing in
Section 1.01 of the Credit Agreement is hereby restated in its entirety as follows: 
 “PD LLC Notes”
shall mean PD LLC’s Adjustable Rate Senior Notes due 2012 issued pursuant to the PD LLC Notes Agreement, as in effect on the Third Amendment Effective Date (after giving effect to the PD LLC Notes Amendment) and as the same may be further
amended, restated, modified and/or supplemented from time to time in accordance with the terms hereof and thereof. 
 13. The definition of
“PD LLC Notes Agreement” appearing in Section 1.01 of the Credit Agreement is hereby amended by replacing the text “Restatement Effective Date” appearing therein with the text “Third Amendment Effective Date
(after giving effect to the PD LLC Notes Amendment)”. 
  

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 14. The definition of “PD LLC Notes Documents” appearing in Section 1.01 of the
Credit Agreement is hereby amended by (i) inserting the text “(including all Collateral Documents (as defined in the PD LLC Notes Agreement))” immediately after the text “all other documents” appearing therein and
(ii) replacing the text “Restatement Effective Date” appearing therein with the text “Third Amendment Effective Date (after giving effect to the PD LLC Notes Amendment)”. 
 15. The definition of “PD LLC Notes Guaranty” appearing in Section 1.01 of the Credit Agreement is hereby restated in its entirety
as follows: 
 “PD LLC Notes Guaranty” shall mean, collectively, (i) that certain Guaranty Agreement,
dated as of May 1, 2000, as amended by Amendment No. 1 to Guaranty Agreement dated as of August 7, 2000, Amendment No. 2 to Guaranty Agreement dated as of November 23, 2004, Amendment No. 3 to Guaranty Agreement dated
as of June 2005, Amendment No. 4 to Guaranty Agreement dated as of February 1, 2006 and Limited Waiver and Amendment No. 5 to Guaranty Agreement dated as of the Third Amendment Effective Date, made by Pulitzer to the holders from time
to time of the PD LLC Notes as in effect on the Third Amendment Effective Date (after giving effect to the PD LLC Notes Amendment) and as the same may be further amended, restated, modified and/or supplemented from time to time in accordance with
the terms thereof and hereof and (ii) that certain Subsidiary Guaranty Agreement, dated as of the Third Amendment Effective Date, from all of the Subsidiaries of Pulitzer (other than Star Publishing) in favor of the holders from time to time of
the PD LLC Notes, as in effect on the Third Amendment Effective Date (after giving effect to the PD LLC Notes Amendment) and as the same may be further amended, restated, modified and/or supplemented from time to time in accordance with the terms
thereof and hereof. 
 16. The definition of “PD LLC Refinancing Amendment” appearing in Section 1.01 of the Credit
Agreement is hereby deleted in its entirety. 
 17. The definition of “Permitted PD LLC Notes Refinancing Indebtedness”
appearing in Section 1.01 of the Credit Agreement is hereby restated in its entirety as follows: 
 “Permitted PD
LLC Notes Refinancing Indebtedness” shall mean Indebtedness solely of PD LLC so long as (i) the proceeds of such Indebtedness are used solely to refinance in full the PD LLC Notes outstanding at such time and to pay any fees and
expenses incurred in connection with obtaining such Indebtedness, (ii) such Indebtedness does not have any amortization, redemption, sinking fund, maturity or similar requirement prior to April 28, 2013 (other than for interim payments or
prepayments prior to final maturity on terms no more restrictive than those set forth in the PD LLC Notes Documents as in effect on the Third Amendment Effective Date (after giving effect to the PD LLC Notes Amendment)), (iii) the aggregate
principal amount of such Indebtedness shall not be more than the aggregate principal amount of the PD LLC Notes outstanding at such time (plus the amount of any accrued and unpaid interest thereon and the amount of any fees and expenses incurred in
connection with the incurrence thereof), (iv) the restrictions on the ability of Pulitzer and its Subsidiaries to pay cash Dividends and make Intercompany Loans to, and otherwise engage in transactions with, the Borrower and its other
Subsidiaries shall be no more restrictive than those restrictions 
  

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that exist in the PD LLC Notes Documents as in effect on the Third Amendment Effective Date (after giving effect to the PD LLC Notes Amendment) 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 Administrative Agent. 
 18. The definition of “Required Lenders” appearing in Section 1.01 of the Credit Agreement is hereby restated in its entirety as
follows: 
 “Required Lenders” shall mean, at any time, Non-Defaulting Lenders the sum of whose outstanding
Term Loans, respective shares in the PIK Interest Amount and Revolving Loan Commitments at such time (or, after the termination thereof, outstanding Revolving Loans and RL Percentages of (x) outstanding Swingline Loans at such time and
(y) Letter of Credit Outstandings at such time) represents at least a majority of the sum of (i) all outstanding Term Loans of Non-Defaulting Lenders at such time, (ii) the aggregate shares of Non-Defaulting Lenders in the PIK
Interest Amount at such time and (iii) the Total Revolving Loan Commitment in effect at such time less the Revolving Loan Commitments of all Defaulting Lenders at such time (or, after the termination thereof, the sum of the then total
outstanding Revolving Loans of Non-Defaulting Lenders and the aggregate RL Percentages of all Non-Defaulting Lenders of the total outstanding Swingline Loans and Letter of Credit Outstandings at such time). 
 19. The definition of “Revolving Loan Maturity Date” appearing in Section 1.01 of the Credit Agreement is hereby restated in its
entirety as follows: 
 “Revolving Loan Maturity Date” shall mean April 28, 2012. 
 20. Section 1.01 of the Credit Agreement is hereby further amended by inserting the following new definitions in the appropriate alphabetical order:

 “Applicable PIK Interest Rate” shall mean, with respect to each PIK Interest Accrual Period (or portion
thereof) (i) during the period from and including the Third Amendment Effective Date through and including the last day of the Borrower’s fiscal quarter ending closest to March 31, 2010, a rate per annum equal to 1.00%,
(ii) during the period from and including the first day of the Borrower’s fiscal quarter beginning closest to April 1, 2010 through and including the last day of the Borrower’s fiscal quarter ending closest to March 31,
2011, a rate per annum equal to 1.50%, and (iii) thereafter, a rate per annum equal to 2.00%. 
 “A Term Loan
PIK Interest Amount” shall mean (i) the aggregate amount of PIK Interest accrued and/or paid in respect of outstanding A Term Loans pursuant to Sections 2.08(a) and/or 2.08(b) and (ii) the aggregate amount of PIK Interest accrued
and/or paid pursuant to Section 2.08(c) initially in respect of such PIK Interest referred to in preceding clause (i). 
 “Base Rate Basic Interest” shall have the meaning provided in Section 2.08(a). 
  

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 “Base Rate Basic Interest Rate” shall have the meaning provided in
Section 2.08(a). 
 “Base Rate PIK Interest” shall have the meaning provided in Section 2.08(a).

 “Base Rate PIK Interest Rate” shall have the meaning provided in Section 2.08(a). 
 “Basic Interest” shall have the meaning provided in Section 2.08(b). 
 “Eurodollar Rate Basic Interest” shall have the meaning provided in Section 2.08(b). 
 “Eurodollar Rate Basic Interest Rate” shall have the meaning provided in Section 2.08(b). 
 “Eurodollar Rate PIK Interest” shall have the meaning provided in Section 2.08(b). 
 “Eurodollar Rate PIK Interest Rate” shall have the meaning provided in Section 2.08(b). 
 “Lee Procurement” shall mean Lee Procurement Solutions Co., an Iowa corporation and a Qualified Wholly-Owned Domestic
Subsidiary Guarantor. 
 “Pay-Off Date” shall mean the date upon which the Total Commitment has been
terminated, no Note is outstanding, all Loans have been repaid in full in cash, all Letters of Credit have been terminated and all other Obligations then outstanding (other than (i) if prior to the last day of the Borrower’s fiscal year
ending closest to September 30, 2011, the aggregate unpaid PIK Interest Amount, or (ii) if on or after the last day of the Borrower’s fiscal year ending closest to September 30, 2011, 50% of the aggregate unpaid PIK Interest
Amount) have been paid in full in cash. 
 “PD LLC Notes Amendment” shall mean one or more amendments to (or
terminations of and/or additions to, as applicable) the applicable PD LLC Notes Documents collectively containing the principal terms and conditions described in the term sheet attached as Exhibit A to the Third Amendment and otherwise in form and
substance satisfactory to the Administrative Agent. 
 “PIK Interest” shall have the meaning provided in
Section 2.08(b). 
 “PIK Interest Accrual Period” shall mean the period from and after any Start Date to
and including the corresponding End Date, but only in the event that the Total Leverage Ratio indicated to have been achieved in respect of the respective Start Date (as shown in the applicable Quarterly Pricing Certificate) is greater than
7.50:1.00 (it being understood that no PIK Interest Accrual Period shall apply to periods prior to the Third Amendment Effective Date). 
  

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 “PIK Interest Amount” shall mean, collectively, the A Term Loan PIK
Interest Amount and the Revolving Loan PIK Interest Amount. 
 “Pulitzer Free Cash Flow” shall mean
“Excess Cash Flow” under, and as defined in, the PD LLC Note Documents (as in effect on the Third Amendment Effective Date (after giving effect to the PD LLC Notes Amendment)). 
 “Restricted Cash Reserve Account” shall have the meaning provided in the PD LLC Note Agreement as in effect on the Third
Amendment Effective Date (after giving effect to the PD LLC Notes Amendment). 
 “Revolving Loan PIK Interest
Amount” shall mean (i) the aggregate amount of PIK Interest accrued and/or paid in respect of outstanding Revolving Loans pursuant to Sections 2.08(a) and/or 2.08(b) and (ii) the aggregate amount of PIK Interest accrued and/or
paid pursuant to Section 2.08(c) initially in respect of such PIK Interest referred to in preceding clause (i). 
 “Star Publishing” shall mean Star Publishing Company, an Arizona corporation and a Subsidiary of Pulitzer. 
 “Third Amendment” shall mean the Third Amendment, Consent and Waiver to this Agreement, dated as of February 18, 2009. 
 “Third Amendment Effective Date” shall have the meaning provided in the Third Amendment.” 
 21. Section 2.08 of the Credit Agreement is hereby restated in its entirety as follows: 
 “2.08. Interest. (a) The Borrower agrees to pay interest in respect of the unpaid principal amount of each Base Rate Loan from the date of Borrowing thereof until the earlier of (i) the maturity thereof (whether by
acceleration or otherwise) and (ii) the conversion of such Base Rate Loan to a Eurodollar Loan pursuant to Section 2.06 or 2.09, as applicable, at a rate per annum which shall be equal to the sum of (I) the relevant Applicable Margin
plus the Base Rate (the “Base Rate Basic Interest Rate,” and such interest at the Base Rate Basic Interest Rate, the “Base Rate Basic Interest”) as in effect from time to time, plus (II) during each
PIK Interest Accrual Period (but otherwise subject to the last sentence of Section 2.08(e)), the Applicable PIK Interest Rate (the “Base Rate PIK Interest Rate,” and such interest at the Base Rate PIK Interest Rate, the
“Base Rate PIK Interest”). 
 (b) The Borrower agrees to pay interest in respect of the unpaid principal
amount of each Eurodollar Loan from the date of Borrowing thereof until the earlier of (i) the maturity thereof (whether by acceleration or otherwise) and (ii) the conversion of such Eurodollar Loan to a Base Rate Loan pursuant to
Section 2.06, 2.09 or 2.10, as applicable, at a rate per annum which shall, during each Interest Period applicable thereto, be equal to the sum of (I) the relevant Applicable Margin plus the Eurodollar Rate for such Interest Period
(the “Eurodollar Rate Basic Interest Rate,” and such interest at the Eurodollar Rate 
  

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Basic Interest Rate, the “Eurodollar Rate Basic Interest;” and the Eurodollar Rate Basic Interest and the Base Rate Basic Interest are
collectively referred to as the “Basic Interest”) plus (II) during each PIK Interest Accrual Period (but otherwise subject to the last sentence of Section 2.08(e)), the Applicable PIK Interest Rate (the
“Eurodollar Rate PIK Interest Rate,” and such interest at the Eurodollar Rate PIK Interest Rate, the “Eurodollar Rate PIK Interest;” and the Eurodollar Rate PIK Interest and the Base Rate PIK Interest, together with
any interest on the unpaid PIK Interest Amount pursuant to Section 2.08(c), are collectively referred to as the “PIK Interest”). 
 (c) The Borrower agrees to pay interest in respect of the unpaid PIK Interest Amount from time to time outstanding (subject to the last sentence of Section 2.08(e)) at a rate of 6.0% per annum.
 (d) Notwithstanding anything to the contrary contained in this Agreement, the unpaid principal amount of each Loan and the unpaid PIK
Interest Amount shall bear interest at a rate per annum equal to the rate which is 2% in excess of the rate otherwise applicable to such Loan or such PIK Interest Amount, as applicable, at all times that an Event of Default shall have occurred and
be continuing. In addition (but without duplication of any amounts payable pursuant to the immediately preceding sentence), overdue principal and, to the extent permitted by law, overdue interest in respect of each Loan and the unpaid PIK Interest
Amount shall, in each case, bear interest at a rate per annum equal to (A) in the case of Loans, the greater of (x) the rate which is 2% in excess of the rate then borne by such Loans and (y) the rate which is 2% in excess of the rate
otherwise applicable to Base Rate Loans of the respective Tranche from time to time, (B) in the case of the PIK Interest Amount, at a rate of 8% per annum, and (c) in the case of other overdue amounts payable hereunder and under any
other Credit Document, at a rate per annum equal to the rate which is 2% in excess of the rate applicable to Revolving Loans that are maintained at Base Rate Loans from time to time. Interest that accrues under this Section 2.08(d) shall be
payable on demand. Payment or acceptance of the increased rates of interest provided for in this Section 2.08(d) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice
or limit any rights or remedies of the Administrative Agent or any Lender. 
 (e) Accrued (and theretofore unpaid) interest
shall be payable (in the case of Basic Interest, in cash, and in the case of PIK Interest, by having the amount of such PIK Interest added to the applicable PIK Interest Amount then in effect and continue to accrue (with interest thereon) for the
account of the respective Lenders as described below) (i) in respect of each Base Rate Loan, (x) quarterly in arrears on each Quarterly Payment Date, (y) on the date of any repayment or prepayment in full of all outstanding Base Rate
Loans, and (z) at maturity (whether by acceleration or otherwise) and, after such maturity, on demand, (ii) in respect of each Eurodollar Loan, (x) on the last day of each Interest Period applicable thereto and, in the case of an
Interest Period in excess of three months, on each date occurring at three month intervals after the first day of such Interest Period, (y) on the date of any repayment or prepayment (on the amount repaid or prepaid), and (z) at maturity
(whether by acceleration or otherwise) and, after such maturity, on demand, and (iii) in respect of (x) Base Rate PIK Interest, on each date when Base Rate Basic Interest is otherwise payable on the respective Base Rate Loans as provided
in clause (i) above in this 

  

 -11- 

 
Section 2.08(e), (y) Eurodollar Rate PIK Interest, on each date when Eurodollar Rate Basic Interest is otherwise payable on the respective
Eurodollar Rate Loans as provided in clause (ii) above, and (z) PIK Interest payable under Section 2.08(c), (A) quarterly in arrears on each Quarterly Payment Date, (B) on the date of any repayment or prepayment in full of
the unpaid A Term Loan PIK Interest Amount or Revolving Loan PIK Interest Amount, as the case may be, and (C) at maturity (whether by acceleration or otherwise) and, after such maturity, on demand. Base Rate Basic Interest and Eurodollar Rate
Basic Interest payable under Sections 2.08(a) and 2.08(b), respectively, shall be payable in cash, and PIK Interest payable under Sections 2.08(a), 2.08(b) and 2.08(c) shall be payable by adding the amount thereof on each date when such PIK Interest
is due to increase the unpaid amount of the A Term Loan PIK Interest Amount or the Revolving Loan PIK Interest Amount, as applicable; provided, however, notwithstanding the foregoing, all accrued and unpaid PIK Interest shall be
payable in cash at maturity (whether by acceleration or otherwise). 
 Notwithstanding anything to the contrary contained
above in this Section 2.08 or elsewhere in this Agreement, (A) to the extent that either (x) the Pay-off Date occurs prior to the last day of the Borrower’s fiscal year ending closest to September 30, 2011 (other than as a
result of a repayment following the Obligations being declared, or otherwise becoming, due and payable pursuant to Section 11) or (y) the Total Leverage Ratio as of the last day of the Borrower’s fiscal year ending closest to
September 30, 2011 is less than 6.00:1.00, 100% of the aggregate unpaid PIK Interest Amount at such time shall be forgiven and shall no longer be considered outstanding and no further PIK Interest shall accrue or be paid pursuant to this
Section 2.08 and (B) to the extent that the Pay-off Date occurs on or after the last day of the Borrower’s fiscal year ending closest to September 30, 2011 but before April 28, 2012 (other than as a result of a repayment
following the Obligations being declared, or otherwise becoming, due and payable pursuant to Section 11), 50% of the aggregate unpaid PIK Interest Amount at such time shall be forgiven and shall no longer be considered outstanding (and with
such reduction to be applied ratably to the unpaid A Term Loan PIK Interest Amount and the Revolving Loan PIK Interest Amount). 
 (f) Upon each Interest Determination Date, the Administrative Agent shall determine the Eurodollar Rate for each Interest Period applicable to the respective Eurodollar Loans and shall promptly notify the Borrower and the Lenders thereof.
Each such determination shall, absent manifest error, be final and conclusive and binding on all parties hereto.” 
 22. Section 5.01(a)
of the Credit Agreement is hereby amended by restating clause (v) of said Section in its entirety as follows: 
 “and (v) each
voluntary prepayment of any Tranche of Term Loans pursuant to this Section 5.01(a) shall be applied to reduce the remaining Scheduled Term Loan Repayments of such Tranche of Term Loans in inverse order of maturity.” 
  

 -12- 

 23. Section 5.01 of the Credit Agreement is hereby further amended by inserting the following new clause
(c) at the end thereof: 
 “(c) The Borrower shall have the right to prepay the unpaid PIK Interest Amount, without premium or
penalty, in whole or in part any time and from time to time on the following terms and conditions: (i) no Loans shall be outstanding; (ii) the Borrower shall give the Administrative Agent prior to 12:00 Noon (New York time) at the Notice
Office at least one Business Day’s prior written notice (or telephonic notice promptly confirmed in writing) of its intent to prepay the unpaid PIK Interest Amount, which notice shall specify whether the A Term Loan PIK Interest Amount and/or
the Revolving Loan PIK Interest Amount shall be prepaid and the amount of such prepayment, and which notice the Administrative Agent shall promptly transmit to each of the Lenders; (ii) each partial prepayment of the unpaid PIK Interest Amount
pursuant to this Section 5.01(c) shall be in the aggregate amount of at least $1,000,000 (or such lesser amount as is acceptable to the Administrative Agent); and (ii) each voluntary prepayment of the unpaid PIK Interest Amount made
pursuant to this Section 5.01(c) shall be allocated between the A Term Loan PIK Interest Amount and the Revolving Loan PIK Interest Amount on a pro rata basis (based on the respective aggregate unpaid amounts thereof).”

 24. Section 5.02(b) of the Credit Agreement is hereby amended by deleting the table appearing in clause (i) of said Section in
its entirety and inserting the following new table in lieu thereof: 
  

				
	 “Scheduled A Term Loan Repayment Date
	  	Amount
	 The last Business Day of the Borrower’s fiscal quarter ending closest to September 30, 2006
	  	$	11,875,000
		
	 The last Business Day of the Borrower’s fiscal quarter ending closest to December 31, 2006
	  	$	11,875,000
		
	 The last Business Day of the Borrower’s fiscal quarter ending closest to March 31, 2007
	  	$	11,875,000
		
	 The last Business Day of the Borrower’s fiscal quarter ending closest to June 30, 2007
	  	$	11,875,000
		
	 The last Business Day of the Borrower’s fiscal quarter ending closest to September 30, 2007
	  	$	11,875,000
		
	 The last Business Day of the Borrower’s fiscal quarter ending closest to December 31, 2007
	  	$	11,875,000

  

 -13- 

				
	 “Scheduled A Term Loan Repayment Date
	  	Amount
	 The last Business Day of the Borrower’s fiscal quarter ending closest to March 31, 2008
	  	$	11,875,000
		
	 The last Business Day of the Borrower’s fiscal quarter ending closest to June 30, 2008
	  	$	11,875,000
		
	 The last Business Day of the Borrower’s fiscal quarter ending closest to September 30, 2008
	  	$	35,625,000
		
	 The last Business Day of the Borrower’s fiscal quarter ending closest to December 31, 2008
	  	$	35,625,000
		
	 July 20, 2009
	  	$	22,100,000
		
	 October 20, 2009
	  	$	32,800,000
		
	 January 20, 2010
	  	$	15,000,000
		
	 April 20, 2010
	  	$	15,000,000
		
	 July 20, 2010
	  	$	15,000,000
		
	 October 20, 2010
	  	$	15,000,000
		
	 January 20, 2011
	  	$	15,000,000
		
	 April 20, 2011
	  	$	15,000,000
		
	 July 20, 2011
	  	$	20,000,000
		
	 October 20, 2011
	  	$	20,000,000

  

 -14- 

				
	 “Scheduled A Term Loan Repayment Date
	  	Amount
	 January 20, 2012
	  	$	25,000,000
		
	 April 20, 2012
	  	$	25,000,000
		
	 A Term Loan Maturity Date
	  	$	502,525,000

 The Borrower and the Lenders hereby acknowledge and agree that the amounts set forth in the table
above from and after the Third Amendment Effective Date already take into account any prepayments made by the Borrower prior to the Third Amendment Effective Date.” 
 25. Section 5.02(g) of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 “(g) (I) Each amount required to be applied pursuant to Sections 5.02(c), (d), (e) and (f) in accordance with this Section 5.02(g) shall be applied (1) first, to repay principal of
outstanding Term Loans and shall be allocated among each Tranche of outstanding Term Loans on a pro rata basis, with each Tranche of Term Loans to be allocated its Term Loan Percentage of the amount of the respective repayment, and
(2) second, to the extent in excess of the amounts required to be applied pursuant to preceding clause (1), to repay the unpaid PIK Interest Amount. 
 (II) The amount of each principal repayment of each Tranche of Term Loans pursuant to this Section 5.02(g) shall be applied to reduce the then remaining Scheduled Term Loan repayments of such Tranche of Term
Loans in inverse order of maturity.” 
 26. Section 5.02(h) of the Credit Agreement is hereby amended by inserting the following
new sentence at the end thereof: 
 “Each repayment of the PIK Interest Amount required by this Section 5.02 shall
be applied ratably to the unpaid A Term Loan PIK Interest Amount and Revolving Loan PIK Interest (based on the respective aggregate amounts thereof).” 
 27. Section 5.02(i) of the Credit Agreement is hereby restated in its entirety as follows: 
 “(i) In addition to any other mandatory repayments pursuant to this Section 5.02, (i) all then outstanding Swingline Loans shall be repaid in full on the Swingline Expiry Date, (ii) all then outstanding Loans shall
be repaid in full on the respective Maturity Date for such Tranche of Loans, (iii) the aggregate unpaid PIK Interest Amount shall be repaid in full on April 28, 2012 and (iv) unless the Required Lenders otherwise agree in writing, all
then outstanding Loans and other Obligations shall be repaid in full on the date on which a Change of Control occurs.” 
  

 -15- 

 28. Section 7 of the Credit Agreement is hereby amended by inserting the following new
Section 7.03 immediately after Section 7.02 thereof: 
 “7.03. No Excess Cash. The obligation of each
Lender to make Revolving Loans (other than pursuant to a Mandatory Borrowing), and the obligation of the Swingline Lender to make Swingline Loans, in each case, shall be subject to the satisfaction of the condition that the Borrower shall have
delivered to the Administrative Agent together with the relevant Notice of Borrowing, a certificate of an Authorized Officer of the Borrower certifying (x) in detail reasonably satisfactory to the Administrative Agent, as to the use of the
proceeds of such Borrowing, and (y) that as of the date of such requested Borrowing, the aggregate amount of Unrestricted cash and Cash Equivalents owned or held by the Borrower and its Subsidiaries (other than Excluded Domestic Subsidiaries),
determined after giving pro forma effect to such Borrowing and the application of proceeds therefrom (which application shall be made within two Business Days of the date of such Borrowing and the proceeds thereof applied in a manner
consistent with the foregoing certifications) and from any other Unrestricted cash and Cash Equivalents then held or owned by the Borrower and its Subsidiaries (other than Excluded Domestic Subsidiaries) (to the extent such proceeds and/or other
Unrestricted cash and Cash Equivalents are to be utilized by the Borrower and its Subsidiaries (other than Excluded Domestic Subsidiaries) within two Business Days of such date for a permitted purpose under this Agreement other than an Investment in
Unrestricted cash and Cash Equivalents or in a Subsidiary of the Borrower), shall not exceed $10,000,000.” 
 29. Section 9.01(b)
of the Credit Agreement is hereby amended by restating the parenthetical appearing in clause (i) thereof in its entirety as follows: 
 “(which audit shall be without a “going concern” or like qualification or exception and without any qualification or exception as to scope of audit; provided, however, the audit opinion in respect of the
Borrower’s fiscal year ending closest to September 30, 2011 may contain a “going concern” qualification as a result of the PD LLC Notes being treated as current obligations on the Borrower’s consolidated balance sheet and/or
the financing arrangements under this Agreement and the PD LLC Notes )”. 
 30. Section 9.01 of the Credit Agreement is hereby
further amended by inserting the following new clause (j) at the end of said Section: 
 “(j) Monthly
Reports. Within 30 days after the end of each fiscal month of the Borrower, the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal month and the related consolidated statements of income 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.” 
  

 -16- 

 31. Section 9.12(a) of the Credit Agreement is hereby restated in its entirety as follows:

 “9.12. Excluded Domestic Subsidiaries; Further Assurances; etc. (a) The Borrower will cause each Excluded
Domestic Subsidiary (whether existing on the Third Amendment Effective Date or thereafter created, established or acquired, but excluding Star Publishing unless it is (or becomes) a Wholly-Owned Domestic Subsidiary) that has not entered into
the Subsidiaries Guaranty, the Security Agreement and/or the Pledge Agreement because to have done so would have violated the terms and conditions contained in the applicable PD LLC Notes Documents (as in effect on the Third Amendment Effective
Date (after giving effect to the PD LLC Notes Amendment) or the Permitted PD LLC Notes Refinancing Indebtedness, to take all actions required for such Excluded Domestic Subsidiary to become a party to the Subsidiaries Guaranty, the Security
Agreement and/or the Pledge Agreement in accordance with the terms of the Subsidiaries Guaranty, the Security Agreement and/or the Pledge Agreement upon the date upon which the restrictions set forth in the applicable PD LLC Notes Documents or
Permitted PD LLC Notes Refinancing Indebtedness, as the case may be, cease to apply to such Excluded Domestic Subsidiary. On the date on which any Excluded Domestic Subsidiary becomes a party to the Subsidiaries Guaranty, the Security Agreement and
the Pledge Agreement pursuant to this Section 9.12(a), such Excluded Domestic Subsidiary shall no longer be an “Excluded Domestic Subsidiary” but instead shall be a “Subsidiary Guarantor” for all purposes of this Agreement
and each other Credit Document.” 
 32. Section 9 of the Credit Agreement is hereby further amended by inserting the following new
Section 9.19 at the end of said Section: 
 “9.19. Pulitzer Distributions; Restricted Cash Reserve Account.
(a) No later than the 45th day after the end of each fiscal quarter of Pulitzer ending after the Third Amendment Effective Date (commencing with the Pulitzer’s fiscal quarter ending closest to March 31, 2009), the Borrower will cause
Pulitzer, to the maximum extent permitted pursuant to the PD LLC Note Documents (as in effect on the Third Amendment Effective Date (after giving effect to the PD LLC Notes Amendment)), to distribute not less than 80% of Pulitzer Free Cash Flow for
each fiscal quarter of Pulitzer to the Borrower and/or the Qualified Wholly-Owned Subsidiary Guarantors, which distribution, however, may be made in the form of an unsecured Intercompany Loan to Lee Procurement. 
 (b) On the Third Amendment Effective Date, Pulitzer will deposit $9,000,000 into the Restricted Cash Reserve Account, which cash may
only be applied (x) solely during the period from the Third Amendment Effective Date through and including April 28, 2009, for the general corporate purposes of Pulitzer and its Subsidiaries and (y) at any time (I) to the extent
required to satisfy a shortfall in cash at Pulitzer and its Subsidiaries required to make scheduled interim repayments of principal at par and/or interest in respect of the PD LLC Notes or payments of principal at par and/or interest in respect of
the PD LLC Notes due upon maturity, in each case required to be made pursuant to the PD LLC Note Agreement as in effect on the Third Amendment Effective Date (after giving effect to the PD LLC Notes Amendment), (II) to fund the principal repayment
on 
  

 -17- 

 
the PD LLC Notes at par on October 28, 2010 as required pursuant to Section 4A(ii) of the PD LLC Note Agreement as in effect on the Third Amendment
Effective Date (after giving effect to the PD LLC Notes Amendment) in an aggregate principal amount not to exceed $4,500,000 or (III) by the collateral agent under the PD LLC Notes Documents in satisfaction of obligations owing under the PD LLC
Notes Agreement or any of the other PD LLC Notes Documents in connection with the exercise of remedies following the occurrence of any event of default thereunder, provided that any such cash applied as provided in preceding clause
(x) shall be reimbursed to the Restricted Cash Reserve Account on prior to April 28, 2009 so that the aggregate amount of cash deposited in the Restricted Cash Reserve Account on April 28, 2009 is $9,000,000 less the amount, if any,
used by PD LLC to make an interest payment on such date. 
 33. Section 10.01 of the Credit Agreement is hereby amended by
(i) deleting the word “and” appearing at the end of clause (xvi) thereof, (ii) deleting the period appearing at the end of clause (xvii) thereof and inserting “; and” in lieu thereof and (iii) inserting
the following new clause (xviii) at the end thereof: 
 “(xviii) Liens solely on the assets of Pulitzer and its
Subsidiaries (other than the assets of Star Publishing) to secure their respective obligations in respect of the PD LLC Notes Documents and any Permitted PD LLC Notes Refinancing Indebtedness (including any guaranty or pledge thereof by Pulitzer
and/or one or more of its Subsidiaries).” 
 34. Section 10.02(iv) of the Credit Agreement is hereby amended by restating the
existing clause (z) of said Section in its entirety as follows: 
 “(z) the assets sold pursuant to this clause (iv) shall
not, in the aggregate, be comprised of assets that generated in any fiscal year of the Borrower more than 5% of the Consolidated EBITDA for the immediately preceding fiscal year of the Borrower.” 
 35. Section 10.02(ix) of the Credit Agreement is hereby amended by inserting the text “(other than an Excluded Domestic Subsidiary)”
immediately after the text “any Subsidiary of the Borrower” appearing therein. 
 36. Section 10.03(iii) of the Credit
Agreement is hereby amended by deleting the amount “$1,000,000” appearing therein and inserting the amount “$250,000” in lieu thereof. 
 37. The text of each of clauses (v), (vi), (vii), (viii) and (ix) of Section 10.03 of the Credit Agreement is hereby deleted in its entirety and replaced in each such clause with the text
“(Intentionally omitted).” 
 38. Sections 10.04(xi) and (xii) of the Credit Agreement are hereby restated in their
entirety as follows: 
 “(xi) Indebtedness of PD LLC under the PD LLC Notes and the other PD LLC Notes Documents and
of Pulitzer and one or more of its other Subsidiaries (other than Star Publishing) under the PD LLC Notes Guaranty and the other PD LLC Notes Documents, in an aggregate principal amount (without duplication in the case of amounts owing by Pulitzer
and its other Subsidiaries under the PD LLC Notes Guaranty) not to exceed $186,000,000 (less the amount of any repayments of principal thereof after the Third Amendment Effective Date); 
  

 -18- 

 (xii) Indebtedness of PD LLC incurred pursuant to the Permitted PD LLC Notes
Refinancing Indebtedness and of Pulitzer and one or more of its other Subsidiaries (other than Star Publishing) under a guaranty thereof complying with the requirements set forth in the definition of “Permitted PD LLC Notes Refinancing
Indebtedness” in Section 1.01; and”. 
 39. Section 10.05(ii) of the Credit Agreement is hereby restated in its entirety
as follows: 
 “(ii) the Borrower and its Subsidiaries may acquire and hold cash and Cash Equivalents, provided
that during any time that Revolving Loans or Swingline Loans are outstanding, the aggregate amount of Unrestricted cash and Cash Equivalents permitted to be held by the Borrower and its Subsidiaries (excluding Excluded Domestic Subsidiaries)
shall not exceed $10,000,000 for any period of five consecutive Business Days;”. 
 40. Section 10.05(v) of the Credit Agreement is
hereby amended by deleting the amount “$10,000,000” appearing therein and inserting the amount “$2,500,000” in lieu thereof. 
 41. Section 10.06 of the Credit Agreement is hereby amended by inserting the following new sentence at the end thereof: 
 “Notwithstanding anything to the contrary contained in this Agreement, except to the extent expressly permitted by clauses (i) through (vi) above, the transactions between the Borrower and its
Subsidiaries (other than Pulitzer and its Subsidiaries) on the one hand, and Pulitzer and its Subsidiaries on the other hand, shall be limited to those activities described on Exhibit B to the Third Amendment.” 
 42. Section 10.08 of the Credit Agreement is hereby restated in its entirety as follows: 
 “10.08. Interest Expense Coverage Ratio. The Borrower will not permit the Interest Expense Coverage Ratio for any Test Period
ending on the last day of a fiscal quarter of the Borrower ending closest to the relevant date set forth below to be less than the ratio set forth opposite such fiscal quarter below: 
  

			
	 Fiscal Quarter Ending Closest to
	  	Ratio
	 On or prior to June 30, 2008
	  	2.50:1.00

  

 -19- 

			
	 Fiscal Quarter Ending Closest to
	  	Ratio
	 September 30, 2008 through and including December 31, 2008
	  	2.00:1.00
	 March 31, 2009
	  	2.25:1.00
	 June 30, 2009
	  	1.85:1.00
	 September 30, 2009
	  	1.60:1.00
	 December 31, 2009
	  	1.40:1.00
	 March 31, 2010
	  	1.40:1.00
	 June 30, 2010
	  	1.45:1.00
	 September 30, 2010
	  	1.55:1.00
	 December 31, 2010
	  	1.60:1.00
	 March 31, 2011
	  	1.70:1.00
	 June 30, 2011
	  	1.80:1.00
	 September 30, 2011
	  	1.95:1.00
	 December 31, 2011
	  	2.10:1.00
	 March 31, 2012
	  	2.25:1.00”.

 43. Section 10.09 of the Credit Agreement is hereby restated in its entirety as follows:

 “10.09 Total Leverage Ratio. The Borrower will not permit the Total Leverage Ratio at any time during a period
set forth below to be greater than the ratio set forth opposite such period below: 
  

			
	 Period
	  	Ratio
	 From the Original Effective Date through and including the last day of the Borrower’s fiscal quarter ending closest to September 30,
2005
	  	6.25:1.00
	 The first day of the Borrower’s fiscal quarter beginning closest to October 1, 2005 through and including the last day of the
Borrower’s fiscal quarter ending closest to June 30, 2006
	  	6.00:1.00
	 The first day of the Borrower’s fiscal quarter beginning closest to July 1, 2006 through and including the last day of the
Borrower’s fiscal quarter ending closest to September 30, 2007
	  	5.75:1.00
	 The first day of the Borrower’s fiscal quarter beginning closest to October 1, 2007 through and including the day before the last
day of the Borrower’s fiscal quarter ending closest to September 30, 2008
	  	5.25:1.00

  

 -20- 

			
	 Period
	  	Ratio
	 The last day of the Borrower’s fiscal quarter ending closest to September 30, 2008 through and including the day before the last day
of the Borrower’s fiscal quarter ending closest to December 31, 2008
	  	6.25:1.00
	 The last day of the Borrower’s fiscal quarter ending closest to December 31, 2008 through and including the day before the last day
of the Borrower’s fiscal quarter ending closest to March 31, 2009
	  	6.50:1.00
	 The last day of the Borrower’s fiscal quarter ending closest to March 31, 2009 through and including the day before the last day of
the Borrower’s fiscal quarter ending closest to June 30, 2009
	  	7.25:1.00
	 The last day of the Borrower’s fiscal quarter ending closest to June 30, 2009 through and including the day before the last day of
the Borrower’s fiscal quarter ending closest to December 31, 2009
	  	8.25:1.00
	 The last day of the Borrower’s fiscal quarter ending closest to December 31, 2009 through and including the day before the last day
of the Borrower’s fiscal quarter ending closest to June 30, 2010
	  	8.75:1.00
	 The last day of the Borrower’s fiscal quarter ending closest to June 30, 2010 through and including the day before the last day of
the Borrower’s fiscal quarter ending closest to September 30, 2010
	  	8.50:1.00
	 The last day of the Borrower’s fiscal quarter ending closest to September 30, 2010 through and including the day before the last day
of the Borrower’s fiscal quarter ending closest to December 31, 2010
	  	7.75:1.00
	 The last day of the Borrower’s fiscal quarter ending closest to December 31, 2010 through and including the day before the last day
of the Borrower’s fiscal quarter ending closest to March 31, 2011
	  	7.50:1.00
	 The last day of the Borrower’s fiscal quarter ending closest to March 31, 2011 through and including the day before the last day of
the Borrower’s fiscal quarter ending closest to June 30, 2011
	  	7.25:1.00
	 The last day of the Borrower’s fiscal quarter ending closest to June 30, 2011 through and including the day before the last day of
the Borrower’s fiscal quarter ending closest to September 30, 2011
	  	7.00:1.00

  

 -21- 

			
	 Period
	  	Ratio
	 The last day of the Borrower’s fiscal quarter ending closest to September 30, 2011 through and including the day before the last day
of the Borrower’s fiscal quarter ending closest to December 31, 2011
	  	6.75:1.00
	 The last day of the Borrower’s fiscal quarter ending closest to December 31, 2011 through and including the day before the last day
of the Borrower’s fiscal quarter ending closest to March 31, 2012
	  	6.50:1.00
	 The last day of the Borrower’s fiscal quarter ending closest to March 31, 2012 and thereafter
	  	6.25:1.00”.

 44. Section 10.10 of the Credit Agreement is hereby amended by (i) restating clauses
(iv) and (v) thereof in their entirety as follows: 
 “(iv) make (or give any notice in respect of) any
voluntary or optional payment or prepayment on or redemption, repurchase or acquisition for value of (including, without limitation, by way of depositing with the trustee with respect thereto or any other Person money or securities before due for
the purpose of paying when due), or any prepayment or redemption as a result of any asset sale or similar event of, the PD LLC Notes, the PD LLC Notes Guaranty or the Permitted PD LLC Notes Refinancing Indebtedness, provided that (v) PD
LLC may make a principal repayment on the PD LLC Notes on the Third Amendment Effective Date at par in an aggregate principal amount of $120,000,000, (w) PD LLC may make payments on the PD LLC Notes at par (A) in connection with a Change
of Control (as defined in the PD LLC Notes Agreement) as required pursuant to Section 4E of the PD LLC Notes Agreement as in effect on the Third Amendment Effective Date (after giving effect to the PD LLC Notes Amendment) or (B) with
proceeds of Asset Sales and/or Recovery Events to the extent representing proceeds from assets of Pulitzer and its Subsidiaries, (x) on or after June 28, 2009, PD LLC may make quarterly amortization payments at par in a principal amount of
no greater than $4,000,000 as required pursuant to Section 4A(i) of the PD LLC Notes Agreement as in effect on the Third Amendment Effective Date (after giving effect to the PD LLC Notes Amendment), (y) on or after October 28, 2010,
PD LLC may make the principal repayment on the PD LLC Notes at par as required pursuant to Section 4A(ii) of the PD LLC Notes Agreement as in effect on the Third Amendment Effective Date (after giving effect to the PD LLC Notes Amendment) in an
aggregate principal amount not to exceed $4,500,000 and (z) contemporaneous with the payment by Pulitzer of all distributions required to be made pursuant to Section 9.19 during each fiscal quarter of Pulitzer, PD LLC may make payments on
the PD LLC Notes at par in an aggregate principal amount not to exceed 20% of Pulitzer Free Cash Flow for such fiscal quarter; 
 (v) amend or modify, or permit the amendment or modification of, any provision of any PD LLC Note Document or any indenture, purchase agreement, loan agreement, security document or other agreement or instrument relating to the
Permitted PD LLC Notes Refinancing Indebtedness, other than the PD LLC Notes Amendment and any such other amendments or modifications with the prior written consent of the Administrative Agent which are not adverse to the Lenders in any material
respect”; 
  

 -22- 

 and (ii) adding the following new sentence at the end thereof: 
 “Notwithstanding anything to the contrary contained herein or in any other Credit Document, in no event shall (x) the Borrower
or any of its Subsidiaries (other than Pulitzer and its Subsidiaries) be permitted to pay any fee to the holders of the PD LLC Notes (or any agent or advisor in respect thereof) in connection with any amendment, modification, change or waiver of, or
forbearance with respect to, any term or provision of any PD LLC Notes Document or Permitted PD LLC Notes Refinancing Indebtedness or, except as otherwise permitted in Section 10.06, make any other payment on behalf of Pulitzer or any of its
Subsidiaries, (y) the Borrower or any of its Subsidiaries (other than Pulitzer and its Subsidiaries) be permitted to prepay or repay any amounts (including in respect of interest) owing to Pulitzer or any of its Subsidiaries in respect of any
Intercompany Loans or other Intercompany Debt (other than the set-off and netting arrangements as, and to the extent, described on Exhibit B to the Third Amendment) or (z) the Borrower or any of its Subsidiaries be permitted to make any
payments (whether in cash, property or securities) to Herald or any of its Affiliates in connection with the amendment of the PD LLC Operating Agreement and the termination of the PD LLC Indemnity Agreement on the Third Amendment Effective Date or
otherwise (and/or settlement of Herald’s capital account in PD LLC) until after April 28, 2013 and then in accordance with the terms of the PD LLC Notes Amendment, provided that (A) such payment shall be settled through a
phantom equity interest in PD LLC, (B) no such payment shall be made unless all Letters of Credit and the Total Commitment have been terminated and all Obligations (other than indemnities described in Section 13.13 which are not then due
and payable) have been repaid in full in cash and (C) notwithstanding preceding sub-clause (B), the phantom equity interest issued to Herald or any of its Affiliates under preceding sub-clause (A) may be redeemed for common stock of the
Borrower at any time.” 
 45. Section 10.11(iii) of the Credit Agreement is hereby restated in its entirety as follows: 
 “(iii) the PD LLC Notes Documents (as in effect on the Third Amendment Effective Date (and after giving effect to the PD LLC Notes
Amendment)) and the Permitted PD LLC Notes Refinancing Indebtedness (as in effect at the time of the issuance or incurrence thereof so long as such restrictions are no more restrictive in any material respect than those restrictions set forth in the
PD LLC Notes Documents as in effect on the Third Amendment Effective Date (and after giving effect to the PD LLC Notes Amendment)), in each case so long as such restrictions apply solely to Pulitzer and/or its applicable Subsidiaries”.

 46. Section 10.12 of the Credit Agreement is hereby amended by (i) restating the parenthetical appearing in clause (a) thereof
in its entirety as follows: 
 “(other than Qualified Preferred Stock of the Borrower and/or the phantom equity interest in PD LLC
permitted under Section 10.10 on terms reasonably satisfactory to the Administrative Agent)”; and 
  

 -23- 

 (ii) deleting clause (c) thereof in its entirety. 
 47. Section 11.04 of the Credit Agreement is hereby amended by deleting the amount “$25,000,000” appearing therein and inserting the amount
“$10,000,000” in lieu thereof. 
 48. Section 13.04(b) of the Credit Agreement is hereby amended by inserting the following new
sentence at the end thereof: 
 “Each assignment of outstanding Term Loans and Revolving Loan Commitments (or, if the Total Revolving
Loan Commitment has terminated, outstanding Revolving Loans) pursuant to this Section 13.04(b) shall be accompanied by a proportionate assignment of such assignor Lender’s interest in the unpaid A Term Loan PIK Interest Amount or Revolving
Loan PIK Amount, as the case may be.” 
 49. Section 13.06(b) of the Credit Agreement is hereby amended by inserting the text
“PIK Interest Amount,” immediately after the text “the Loans,” appearing therein. 
 50. Section 13.12(a) of the
Credit Agreement is hereby amended by (i) restating clause (i) thereof in its entirety as follows: 
 “(i) (x) extend the
final scheduled maturity of any Loan, Note or PIK Interest Amount or extend the stated expiration date of any Letter of Credit beyond the Revolving Loan Maturity Date, or reduce the rate or extend the time of payment of interest or Fees thereon
(except in connection with the waiver of applicability of any post-default increase in interest rates), or reduce the principal amount thereof (it being understood that any amendment or modification to the financial definitions in this Agreement or
to Section 13.07(a) shall not constitute a reduction in the rate of interest or Fees for the purposes of this clause (i)), or (y) reduce the amount of, or extend the date of, any Scheduled Term Loan Repayment of a given Tranche of Term
Loans”; 
 (ii) deleting the word “or” appearing immediately preceding the text “(6)” appearing in said Section and
(iii) inserting the following new text immediately preceding the period at the end of said Section: 
 “, or (7) without the
written consent of the Majority Lenders with Revolving Loans and/or Revolving Loan Commitments, amend, modify or waive any condition precedent set forth in Section 7 with respect to the making of Revolving Loans, Swingline Loans or the issuance
of Letters or Credit”. 
  

 -24- 

 II. Consents and Waiver to the Credit Agreement. 
 1. The Lenders hereby consent to the $120,000,000 aggregate prepayment at par of the PD LLC Notes on the Third Amendment Effective Date (but immediately
after giving effect thereto) and the amendments and other modifications to, and termination of, the applicable PD LLC Notes Documents pursuant to the PD LLC Notes Amendment. 
 2. The Lenders hereby waive any Default or Event of Default that may arise under the Credit Agreement solely as a result of the Specified Events of
Default. 
 3. The Lenders hereby agree that the provisions of Section 2 of the Second Waiver shall no longer be applicable except for
the provisions of clauses (iii), (iv)(II) and (v) thereof, which clauses shall remain in full force and effect on and after the Third Amendment Effective Date except to the extent otherwise agreed by the Required Lenders. 
 III. Amendments to Intercompany Subordination Agreement and Mortgages. 
 1. The definition of “Intercompany Debt” appearing in Section 7 of the Intercompany Subordination Agreement is hereby restated in its entirety as follows: 
 “Intercompany Debt” shall mean any Indebtedness, payables or other obligations, whether now existing or hereinafter
incurred, owed by the Borrower or any Subsidiary Guarantor to the Borrower or any Subsidiary of the Borrower, provided that no such payables or other obligations incurred by any Credit Party after the Third Amendment Effective Date and owing
to Pulitzer or any of its Subsidiaries shall constitute Intercompany Debt. For the avoidance of doubt, all such Intercompany Debt outstanding on the Third Amendment Effective Date and owed to Pulitzer or any of its Subsidiaries (after giving effect
to any netting arrangements as, and to the extent, described on Exhibit B to the Third Amendment and leaving an Intercompany Debt balance of approximately $245,000,000 in the aggregate as of February 1, 2009) shall continue to be subordinated
on, and subject to, the terms of this Agreement. 
 2. The definition of “Default Interest Rate” appearing in
each of the Mortgages heretofore executed is hereby amended by deleting the reference to “Section 2.08(c)” appearing therein and inserting the reference to “Section 2.08(d)” in lieu thereof. 
 IV. Miscellaneous Provisions. 
 1. In order to induce
the Lenders to enter into this Amendment, the Borrower hereby represents and warrants that (i) no Default or Event of Default exists as of the Third Amendment Effective Date (as defined below), both immediately before and immediately after
giving effect to this Amendment on such date (other than the Specified Events of Default for periods prior to the Third Amendment Effective Date), and (ii) all of the representations and warranties contained in the Credit Agreement and in the
other Credit Documents are true and correct in all material respects on the Third Amendment Effective Date, both immediately before and immediately after giving effect to this Amendment on such date, with the same effect as though such
representations and warranties had been made on and as of the Third Amendment Effective Date (it being understood that any representation or warranty made as of a specific date shall be true and correct in all material respects as of such specific
date). 
  

 -25- 

 2. The Credit Parties acknowledge and agree that the Credit Agreement (as modified hereby) and each other
Credit Document, and all Obligations and Liens thereunder, are valid and enforceable against the Credit Parties in every respect and all of the terms and conditions thereof are legally binding upon the Credit Parties, in each case all without
offset, counterclaims or defenses of any kind. 
 3. In further consideration of the Lenders’ execution of this Amendment, each Credit
Party unconditionally and irrevocably acquits and fully forever releases and discharges each Lender, each Issuing Lender, the Administrative Agent, the Collateral Agent and all affiliates, partners, subsidiaries, officers, employees, agents,
attorneys, principals, directors and shareholders of such Persons, and their respective heirs, legal representatives, successors and assigns (collectively, the “Releasees”) from any and all claims, demands, causes of action,
obligations, remedies, suits, damages and liabilities of any nature whatsoever, whether now known, suspected or claimed, whether arising under common law, in equity or under statute, which such Credit Party ever had or now has against any of the
Releasees and which may have arisen at any time prior to the Third Amendment Effective Date and which were in any manner related to this Amendment, the Credit Agreement, any other Credit Document or related documents, instruments or agreements or
the enforcement or attempted or threatened enforcement by any of the Releasees of any of their respective rights, remedies or recourse related thereto (collectively, the “Released Claims”). Each Credit Party covenants and agrees
never to commence, voluntarily aid in any way, prosecute or cause to be commenced or prosecuted against any of the Releasees any action or other proceeding based upon any of the Released Claims. 
 4. This Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit Agreement or
any other Credit Document. 
 5. This Amendment may be executed in any number of counterparts and by the different parties hereto on separate
counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. A complete set of counterparts shall be lodged with the Borrower and the
Administrative Agent. 
 6. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE INTERNAL LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 
 7. This Amendment shall
become effective on the date (the “Third Amendment Effective Date”) when each of the following conditions shall have been satisfied: 
 (i) the Borrower, each other Credit Party and each Lender shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile or other electronic
transmission) the same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036 Attention: May Yip (facsimile number: 212-354-8113 / e-mail address: myip@whitecase.com); 
  

 -26- 

 (ii) the Borrower shall have paid to the Administrative Agent and the Lenders all
fees, costs and expenses (including, without limitation, the fees and expenses of White & Case LLP and Alvarez & Marsal North America, LLC) payable to the Administrative Agent and the Lenders to the extent then due; 
 (iii) the PD LLC Notes Amendment shall have become (or concurrently with the Third Amendment Effective Date shall become) effective
in accordance with the terms hereof and thereof; 
 (iv) the Administrative Agent shall have received all information and
copies of all certificates, documents and papers, including good standing certificates, bring-down certificates, resolutions and any other records of Company proceedings and governmental approvals, if any, which the Administrative Agent reasonably
may have requested in connection with this Third Amendment and the transactions contemplated herein, such documents and papers, where appropriate, to be certified by proper Company or governmental authorities; 
 (v) the Administrative Agent shall have received from counsel to the Credit Parties reasonably satisfactory to the Administrative
Agent an opinion or opinions addressed to the Administrative Agent and each of the Lenders and dated the Third Amendment Effective Date in form and substance satisfactory to the Administrative Agent and covering such matters incident to this Third
Amendment and the transactions contemplated herein as the Administrative Agent may reasonably request; 
 (vi) the PD LLC
Operating Agreement shall have been amended and the PD LLC Indemnity Agreement shall have been terminated in each case in accordance with the PD LLC Notes Amendment and neither the Borrower nor any of its Subsidiaries shall have any further
obligations to Herald or any of its Affiliates thereunder (whether pursuant to Section 3.11(b) or Section 7.2 of the PD LLC Operating Agreement or otherwise), other than as set forth in Section 10.10 of the Credit Agreement after
giving effect to this Amendment; and 
 (vii) the Borrower shall have paid to the Administrative Agent for the account of
each Lender which has executed and delivered to the Administrative Agent (or its designee) a counterpart hereof, a non-refundable cash fee (the “Amendment Fee”) in Dollars in an amount equal to 50 basis points (0.50%) on an amount
equal to the sum of (i) the aggregate principal amount of all Term Loans of such Lender outstanding on the Third Amendment Effective Date plus (ii) the Revolving Loan Commitment of such Lender as in effect on the Third Amendment
Effective Date. The Amendment Fee shall not be subject to counterclaim or set-off, or be otherwise affected by, any claim or dispute relating to any other matter. 
 8. By executing and delivering a counterpart hereof, each Credit Party hereby agrees that all Obligations of the Credit Parties shall be fully guaranteed pursuant to the Subsidiaries Guaranty and shall be fully
secured pursuant to the Security Documents, in each case, in accordance with the respective terms and provisions thereof and that this Amendment does not in any manner constitute a novation of any Obligations under any of the Credit Documents.

  

 -27- 

 9. From and after the Third Amendment Effective Date, all references in the Credit Agreement and
each of the other Credit Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement as modified hereby. 
 *    *    * 
  

 -28- 

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver
this Amendment as of the date first above written. 
  

			
	LEE ENTERPRISES, INCORPORATED, as a Borrower
		
	By:	 	 /s/    Carl G. Schmidt

	Name:	 	Carl G. Schmidt
	Title:	 	Vice President, Chief Financial Officer and Treasurer

  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	    Individually and as Administrative Agent
		
	By:	 	 /s/    Susan LeFevre

	Name:	 	Susan LeFevre
	Title:	 	Director
		
	By:	 	 /s/    Dusan Lazarov

	Name:	 	Dusan Lazarov
	Title:	 	Vice President

 Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the Credit Agreement
referenced in the foregoing Amendment, hereby consents to the entering into of the Amendment and agrees to all of the provisions thereof (including, without limitation, Sections 2, 3 and 8 of Part IV thereof). THE FOREGOING CONSENT BY EACH
SUBSIDIARY GUARANTOR SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES. 
  

			
	ACCUDATA, INC.,
		
	By:	 	 /s/    C. D. Waterman III

	Name:	 	C. D. Waterman III
	Title:	 	Secretary
	
	INN PARTNERS, L.C.,
		
	By:	 	 /s/    C. D. Waterman III

	Name:	 	C. D. Waterman III
	Title:	 	Secretary
	
	JOURNAL – STAR PRINTING CO.,
		
	By:	 	 /s/    C. D. Waterman III

	Name:	 	C. D. Waterman III
	Title:	 	Secretary
	
	K. FALLS BASIN PUBLISHING, INC.,
		
	By:	 	 /s/    C. D. Waterman III

	Name:	 	C. D. Waterman III
	Title:	 	Secretary
	
	LEE CONSOLIDATED HOLDINGS CO.,
		
	By:	 	 /s/    C. D. Waterman III

	Name:	 	C. D. Waterman III
	Title:	 	Secretary

			
	LEE PUBLICATIONS, INC.,
		
	By:	 	 /s/    C. D. Waterman III

	Name:	 	C. D. Waterman III
	Title:	 	Secretary
	
	LEE PROCUREMENT SOLUTIONS CO.,
		
	By:	 	 /s/    C. D. Waterman III

	Name:	 	C. D. Waterman III
	Title:	 	Secretary
	
	LINT CO.,
		
	By:	 	 /s/    C. D. Waterman III

	Name:	 	C. D. Waterman III
	Title:	 	Secretary
	
	SIOUX CITY NEWSPAPERS, INC.,
		
	By:	 	 /s/    C. D. Waterman III

	Name:	 	C. D. Waterman III
	Title:	 	Secretary
	
	TARGET MARKETING SYSTEMS, INC.,
		
	By:	 	 /s/    C. D. Waterman III

	Name:	 	C. D. Waterman III
	Title:	 	Secretary

			
	 SIGNATURE PAGE TO THE THIRD AMENDMENT TO THE CREDIT AGREEMENT, DATED AS OF THE DATE FIRST REFERENCED ABOVE, AMONG LEE ENTERPRISES,
INCORPORATED, VARIOUS LENDERS AND DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT
  
 ALLIED IRISH BANKS, p.l.c

		
	By:	 	 /s/    Jim Dennehy

	Name:	 	Jim Dennehy
	Title:	 	Director
		
	By:	 	 /s/    Joseph Augustini

	Name:	 	Joseph Augustini
	Title:	 	Senior Vice President
	
	ASSOCIATED BANK, N.A.
		
	By:	 	 /s/    Michael A. McPeek

	Name:	 	Michael A. McPeek
	Title:	 	Senior Vice President
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/    John W. Woodiel III

	Name:	 	John W. Woodiel III
	Title:	 	Senior Vice President
	
	THE BANK OF NOVA SCOTIA
		
	By:	 	 /s/    Thane Rattew

	Name:	 	Thane Rattew
	Title:	 	Managing Director
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	 /s/    Lily A. Dastur

	Name:	 	Lily A. Dastur
	Title:	 	Vice President

  

			
	 BANK OF COMMUNICATIONS CO., LTD.,
 NEW YORK
BRANCH

		
	By:	 	 /s/    Shelley He

	Name:	 	Shelley He
	Title:	 	Deputy General Manager
	
	BANK OF THE WEST
		
	By:	 	 /s/    Michael Creith

	Name:	 	Michael Creith
	Title:	 	Vice President
	
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD, NEW YORK BRANCH
		
	By:	 	 /s/    Jose Carlos

	Name:	 	Jose Carlos
	Title:	 	Authorized Signatory
	
	CITIBANK N.A.
		
	By:	 	 /s/    Kate Kang

	Name:	 	Kate Kang
	Title:	 	Vice President
	
	COMERICA BANK
		
	By:	 	 /s/    Sarah R. West

	Name:	 	Sarah R. West
	Title:	 	Vice President
	
	ERSTE GROUP BANK AG
		
	By:	 	 /s/    Robert J. Wagman

	Name:	 	Robert J. Wagman
	Title:	 	Director
		
	By:	 	 /s/    Bryan Lynch

	Name:	 	Bryan Lynch
	Title:	 	Executive Director

			
	FORTIS CAPITAL SA/NV, NEW YORK BRANCH
		
	By:	 	 /s/    Barbara E. Nash

	Name:	 	Barbara E. Nash
	Title:	 	Managing Director & Group Head
		
	By:	 	 /s/    Douglas Riahi

	Name:	 	Douglas Riahi
	Title:	 	Managing Director
	
	HSH NORDBANK AG, NEW YORK BRANCH
		
	By:	 	 /s/    Garry Weiss

	Name:	 	Garry Weiss
	Title:	 	Authorized Signatory
		
	By:	 	 /s/    Roland Kiser

	Name:	 	Roland Kiser
	Title:	 	General Manager
	
	JPMORGAN CHASE BANK, NA
		
	By:	 	 /s/    Phillip D. Martin

	Name:	 	Phillip D. Martin
	Title:	 	Senior Vice President
	
	MEGA INTERNATIONAL COMMERCIAL BANK, NEW YORK BRANCH
		
	By:	 	 /s/    Tsang-Pei Hsu

	Name:	 	Tsang-Pei Hsu
	Title:	 	VP & Deputy Manager
	
	MIZUHO CORPORATE BANK, LTD.
		
	By:	 	 /s/    Raymond Ventura

	Name:	 	Raymond Ventura
	Title:	 	Deputy General Manager
	
	MORGAN STANLEY BANK, N.A.
		
	By:	 	 /s/    Melissa James

	Name:	 	Melissa James
	Title:	 	Authorized Signatory

			
	NATIONAL CITY BANK
		
	By:	 	 /s/    Derek R. Cook

	Name:	 	Derek R. Cook
	Title:	 	Senior Vice President
	
	THE NORTHERN TRUST COMPANY
		
	By:	 	 /s/    Thomas Hasenauer

	Name:	 	Thomas Hasenauer
	Title:	 	Vice President
	
	QUAD CITY BANK AND TRUST COMPANY
		
	By:	 	 /s/    Rebecca E. Skafidas

	Name:	 	Rebecca E. Skafidas
	Title:	 	Assistant Vice President
	
	 COÖPERATIEVE CENTRALE
 RAIFFEISEN-BOERENLEENBANK B.A., “RABOBANK NEDERLAND”, NEW YORK BRANCH

		
	By:	 	 /s/    Eric Hurshman

	Name:	 	Eric Hurshman
	Title:	 	Managing Director
		
	By:	 	 /s/    Brett Delfino

	Name:	 	Brett Delfino
	Title:	 	Executive Director
	
	SCOTIABANC INC.
		
	By:	 	 /s/    J.F. Todd

	Name:	 	J.F. Todd
	Title:	 	Managing Director
	
	SUMITOMO MITSUI BANKING CORPORATION
		
	By:	 	 /s/    Leo E. Pagarigan

	Name:	 	Leo E. Pagarigan
	Title:	 	General Manager

			
	SUNTRUST
		
	By:	 	 /s/    Amanda K. Parks

	Name:	 	Amanda K. Parks
	Title:	 	SVP
	
	UNION BANK OF CALIFORNIA
		
	By:	 	 /s/    Daniel J. Isenberg

	Name:	 	Daniel J. Isenberg
	Title:	 	Vice President
	
	 UNITED OVERSEAS BANK LIMITED,
 NEW YORK
AGENCY

		
	By:	 	 /s/    Philip Cheong

	Name:	 	Philip Cheong
	Title:	 	Deputy General Manager
		
	By:	 	 /s/    Mario Sheng

	Name:	 	Mario Sheng
	Title:	 	Assistant Vice President
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/    Dale L. Welke

	Name:	 	Dale L. Welke
	Title:	 	Vice President
	
	WACHOVIA BANK, N.A.
		
	By:	 	 /s/    Joe Mynatt

	Name:	 	Joe Mynatt
	Title:	 	Director
	
	WEBSTER BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/    John Gilsenan

	Name:	 	John Gilsenan
	Title:	 	Vice President
	
	WELLS FARGO BANK, N.A.
		
	By:	 	 /s/    Ronald P. Christenson

	Name:	 	Ronald P. Christenson
	Title:	 	Vice President

			
	WEST LB
		
	By:	 	 /s/    Petra Beckert

	Name:	 	Petra Beckert
	Title:	 	Executive Director
		
	By:	 	 /s/    E. Keith Min

	Name:	 	E. Keith Min
	Title:	 	Executive DirectorAmended & Restated Pledge Agreement

 Exhibit 10.2 - Amended and Restated Pledge Agreement 
 EXHIBIT I 
 AMENDED AND RESTATED
PLEDGE AGREEMENT 
 AMENDED AND RESTATED PLEDGE AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this
“Agreement”), dated as of December 21, 2005, among 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”) and Deutsche Bank Trust Company Americas, 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 Credit 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 SunTrust Capital Markets, Inc. as Joint Lead Arrangers, Deutsche Bank Securities Inc., as Book
Running Manager, SunTrust Bank, as Syndication Agent, Bank of America, N.A., The Bank of New York and The Bank of Tokyo-Mitsubishi, Ltd., Chicago Branch, as Co-Documentation Agents, and Deutsche Bank Trust Company Americas, as administrative agent
(together with any successor administrative agent, the “Administrative Agent”), have entered into an Amended and Restated Credit Agreement, dated as of December 21, 2005 (as amended, modified, restated and/or supplemented from
time to time, the “Credit Agreement”), providing for the making and continuation of Loans to, and the issuance and maintenance of, and participation in, Letters of Credit for the account of, the Borrower, all as contemplated therein
(the Lenders, each Issuing Lender, the Administrative Agent, the Pledgee and each other Agent are herein called the “Lender Creditors”); 
 WHEREAS, the Borrower and/or one or more of its Qualified Wholly-Owned Domestic Subsidiaries have heretofore entered into, and/or may at any time and from time to time after the date hereof enter into, one or more
Interest Rate Protection Agreements or Other Hedging Agreements with one or more Lenders or any affiliate thereof (each such Lender or affiliate, even if the respective Lender subsequently ceases to be a Lender under the Credit Agreement for any
reason, together with such Lender’s or affiliate’s successors and assigns, if any, collectively, the “Other Creditors” and, together with the Lender Creditors, the “Secured Creditors”; and with each such
Interest Rate Protection Agreement and/or Other Hedging Agreement with an Other Creditor being herein called a “Secured Hedging Agreement”); 
 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, the Pledgors have heretofore entered into a Pledge Agreement, dated June 3, 2005 (as amended, restated, supplemented and/or
modified to, but not including, the date hereof, the “Original Pledge Agreement”); 

 Exhibit I 
 Page 2 
  

 WHEREAS, it is a condition precedent to the making and continuation of Loans to the Borrower and the
issuance and maintenance of, and participation in, Letters of Credit for the account of the Borrower under the Credit Agreement and to the Other Creditors entering into and maintaining Secured Hedging Agreements that each Pledgor shall have executed
and delivered to the Pledgee this Agreement; and 
 WHEREAS, each Pledgor desires to execute this Agreement to satisfy the conditions
described in the preceding paragraph and to amend and restate the Original Pledge Agreement in the form of this Agreement; 
 WHEREAS, each
Pledgor will obtain benefits from the incurrence and continuation of Loans by the Borrower and the issuance and maintenance of, and participation in, Letters of Credit for the account of the Borrower under the Credit Agreement and the entering into
and maintaining by the Borrower and/or one or more of its Qualified Wholly-Owned Domestic Subsidiaries of Secured Hedging Agreements 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 and continue Loans to the Borrower and issue, maintain, and/or participate in, Letters of Credit for the account of the Borrower and the Other Creditors to maintain and/or enter into Secured Hedging
Agreements with the Borrower and/or one or more of its Qualified Wholly-Owned Domestic Subsidiaries; 
 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: 
 1. SECURITY FOR OBLIGATIONS. This
Agreement is made by each Pledgor for the benefit of the Secured Creditors to secure: 
 (i) the full and prompt 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), reimbursement obligations under Letters of Credit, fees, costs and indemnities) of such Pledgor owing to the Lender 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 (all such obligations, liabilities and indebtedness under this clause (i), except
to the extent consisting of obligations, liabilities or indebtedness with respect to the Secured Hedging Agreements being herein collectively called the “Credit Document Obligations”); 

 Exhibit I 
 Page 3 
  

 (ii) the full and prompt payment when due (whether at stated maturity, by
acceleration or otherwise) of all obligations, liabilities and indebtedness (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) owing by such Pledgor to the
Other Creditors now existing or hereafter incurred under, arising out of or in connection with each Secured Hedging Agreement, whether such Secured Hedging Agreement is now in existence or hereinafter arising (including, in the case of a Pledgor
that is a Subsidiary Guarantor, all obligations, liabilities and indebtedness of such Pledgor under the Subsidiaries Guaranty in respect of each Secured Hedging Agreements), and the due performance and compliance by such Pledgor with all of the
terms, conditions and agreements contained in each Secured Hedging Agreement (all such obligations, liabilities and indebtedness under this clause (ii) being herein collectively called the “Other Obligations”); 
 (iii) 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; 
 (iv) in the event of any proceeding for the collection or enforcement of any indebtedness,
obligations or liabilities of such Pledgor referred to in clauses (i) and (ii) 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; 
 (v) all amounts paid by any Indemnitee as to which such Indemnitee has the right to reimbursement under Section 11 of this
Agreement; and 
 (vi) all amounts owing to any Agent or any of its affiliates pursuant to any of the Credit Documents in
its capacity as such; 
 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. (a) Unless otherwise defined herein,
all capitalized terms used herein and defined in the Credit Agreement shall be used herein as therein defined. Reference to singular terms shall include the plural and vice versa. 
 (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. 

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 “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. 
 “Class” shall have the meaning provided in Section 22 hereof. 
 “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. 
 “Credit Agreement” shall have the meaning set forth in the recitals hereto. 
 “Credit Document Obligations” shall have the meaning set forth in Section 1(i) 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 Credit 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. 
 “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. 
 “Lender Creditors” shall have the meaning set forth in the recitals hereto. 
 “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. 

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 “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. 
 “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. 
 “Original Pledge
Agreement” shall have the meaning set forth in the recitals hereto. 
 “Other Creditors” shall have the meaning set
forth in the recitals hereto. 
 “Other Obligations” shall have the meaning set forth in Section 1(ii) 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. 
 “Primary Obligations” shall have the meaning provided in Section 9 hereof. 
 “Pro Rata Share” shall have the meaning provided in Section 9 hereof. 
 “Proceeds” shall have the meaning given such term in Section 9-102(a)(64) of the UCC. 
 “Registered Organization” shall have the meaning given such term in Section 9-102(a)(70) of the UCC. 
 “Representative” shall have the meaning provided in Section 9(e) hereof. 
 “Required Secured Creditors” shall mean (i) at any time when any Credit Document Obligations or Letters of Credit are outstanding
or any Commitments under the Credit 

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Agreement exist, the Required Lenders (or, to the extent provided in Section 13.12 of the Credit Agreement, each of the Lenders) and (ii) at any
time after all of the Credit Document Obligations have been paid in full and all Commitments and Letters of Credit under the Credit Agreement have been terminated and no further Commitments and Letters of Credit may be provided thereunder, the
holders of a majority of the Other Obligations. 
 “Requisite Creditors” shall have the meaning provided in Section 22
hereof. 
 “Secured Creditors” shall have the meaning set forth in the recitals hereto. 
 “Secured Debt Agreements” shall mean and includes (x) this Agreement, (y) the other Credit Documents and (z) the Secured
Hedging Agreements. 
 “Secured Hedging Agreements” 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. 
 “Securities Act” shall mean the Securities Act of 1933, as amended, as in effect from time to time. 
 “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.

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 “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, 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 

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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 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 

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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 of any and all of the foregoing; 
 provided that (x) except in the circumstances and to the extent provided by Section 9.16 of the Credit 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 65% 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, which Non-Voting Equity Interests shall not be subject to the limitations
described in preceding clause (x). 
 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: 
 (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 

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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 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, 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, 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 Uniform Commercial
Code 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 

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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 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 9.16 of the Credit Agreement, no Pledgor shall be required at any time to
pledge hereunder more than 65% 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 paragraph 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 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. 

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 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, 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
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 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. 

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 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 entitled to exercise all of the rights, powers and remedies (whether vested in it by this Agreement, any other Secured Debt 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 

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 (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. 
 8. REMEDIES, CUMULATIVE, ETC. Each and every right, power and remedy of the Pledgee provided for in this 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 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) 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 follows:

 (i) first, to the payment of all amounts owing to the Pledgee of the type described in clauses (iii),
(iv) and (v) of Section 1 hereof; 
 (ii) second, to the extent proceeds remain after the
application pursuant to the preceding clause (i), to the payment of all amounts owing to the Administrative Agent of the type described in clauses (v) and (vi) of Section 1 hereof; 
 (iii) third, to the extent proceeds remain after the application pursuant to the preceding clauses (i) and (ii), an
amount equal to the outstanding Primary Obligations shall be paid to the Secured Creditors as provided in Section 9(e) hereof, with each Secured Creditor receiving an amount equal to its outstanding Primary Obligations or, if the proceeds are
insufficient to pay in full all such Primary Obligations, its Pro Rata Share of the amount remaining to be distributed; 

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 (iv) fourth, to the extent proceeds remain after the application pursuant to
the preceding clauses (i) through (iii), inclusive, an amount equal to the outstanding Secondary Obligations shall be paid to the Secured Creditors as provided in Section 9(e) hereof, with each Secured Creditor receiving an amount equal to
its outstanding Secondary Obligations or, if the proceeds are insufficient to pay in full all such Secondary Obligations, its Pro Rata Share of the amount remaining to be distributed; and 
 (v) fifth, to the extent proceeds remain after the application pursuant to the preceding clauses (i) through (iv),
inclusive, and following the termination of this Agreement pursuant to Section 20 hereof, to the relevant Pledgor or to whomever may be lawfully entitled to receive such surplus. 
 (b) For purposes of this Agreement, (x) “Pro Rata Share” shall mean, when calculating a Secured Creditor’s portion of any
distribution or amount, that amount (expressed as a percentage) equal to a fraction the numerator of which is the then unpaid amount of such Secured Creditor’s Primary Obligations or Secondary Obligations, as the case may be, and the
denominator of which is the then outstanding amount of all Primary Obligations or Secondary Obligations, as the case may be, (y) “Primary Obligations” shall mean (i) in the case of the Credit Document Obligations, all
principal of, premium, fees and interest on, all Loans, all Unpaid Drawings, the Stated Amount of all outstanding Letters of Credit and all Fees and (ii) in the case of the Other Obligations, all amounts due under each Secured Hedging Agreement
(other than indemnities, fees (including, without limitation, attorneys’ fees) and similar obligations and liabilities) and (z) “Secondary Obligations” shall mean all Obligations other than Primary Obligations. 

(c) When payments to Secured Creditors are based upon their respective Pro Rata Shares, the amounts received by such Secured
Creditors hereunder shall be applied (for purposes of making determinations under this Section 9 only) (i) first, to their Primary Obligations and (ii) second, to their Secondary Obligations. If any payment to any
Secured Creditor of its Pro Rata Share of any distribution would result in overpayment to such Secured Creditor, such excess amount shall instead be distributed in respect of the unpaid Primary Obligations or Secondary Obligations, as
the case may be, of the other Secured Creditors, with each Secured Creditor whose Primary Obligations or Secondary Obligations, as the case may be, have not been paid in full to receive an amount equal to such excess amount multiplied by a fraction
the numerator of which is the unpaid Primary Obligations or Secondary Obligations, as the case may be, of such Secured Creditor and the denominator of which is the unpaid Primary Obligations or Secondary Obligations, as the case may be, of all
Secured Creditors entitled to such distribution. 
 (d) Each of the Secured Creditors, by their acceptance of the benefits hereof,
agrees and acknowledges that if the Lender Creditors receive a distribution on account of undrawn amounts with respect to Letters of Credit issued under the Credit Agreement (which shall only occur after all outstanding Revolving Loans under the
Credit Agreement and Unpaid Drawings have been paid in full), such amounts shall be paid to the Administrative Agent under the Credit Agreement and held by it, for the equal and ratable benefit of the Lender Creditors, as cash security for the
repayment of Obligations owing to the Lender Creditors as such. If any amounts are held as cash security pursuant to the immediately preceding sentence, then upon the termination of all outstanding Letters of Credit under the Credit Agreement, and
after the 

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application of all such cash security to the repayment of all Obligations owing to the Lender Creditors after giving effect to the termination of all such
Letters of Credit, if there remains any excess cash, such excess cash shall be returned by the Administrative Agent to the Pledgee for distribution in accordance with Section 9(a) hereof. 
 (e) All payments required to be made hereunder shall be made (x) if to the Lender Creditors, to the Administrative Agent for the account of the
Lender Creditors and (y) if to the Other Creditors, to the trustee, paying agent or other similar representative (each, a “Representative”) for the Other Creditors or, in the absence of such a Representative, directly to the
Other Creditors. 
 (f) For purposes of applying payments received in accordance with this Section 9, the Pledgee shall be entitled
to rely upon (i) the Administrative Agent and (ii) the Representative or, in the absence of such a Representative, upon the Other Creditors for a determination (which the Administrative Agent, each Representative and the Other Creditors
agree (or shall agree) to provide upon request of the Pledgee) of the outstanding Primary Obligations and Secondary Obligations owed to the Lender Creditors or the Other Creditors, as the case may be. Unless it has received written notice from a
Lender Creditor or an Other Creditor to the contrary, the Administrative Agent and each Representative, in furnishing information pursuant to the preceding sentence, and the Pledgee, in acting hereunder, shall be entitled to assume that no Secondary
Obligations are outstanding. Unless it has written notice from an Other Creditor to the contrary, the Pledgee, in acting hereunder, shall be entitled to assume that no Secured Hedging Agreements are in existence. 
 (g) 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 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, 

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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 Credit Agreement, the termination of all Secured Hedging Agreements and Letters of Credit, 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 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. 

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 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 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 and in Section 12 of the Credit
Agreement. The Pledgee shall act hereunder on the terms and conditions set forth herein and in Section 12 of the Credit Agreement. 
 15. TRANSFER BY THE PLEDGORS. Except as permitted (i) prior to the date all Credit Document Obligations have been paid in full and all Commitments and Letters of Credit under the Credit Agreement have been terminated, pursuant to the
Credit Agreement, and (ii) thereafter, pursuant to the other Secured Debt Agreements, 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. 

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 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); 
 (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) 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 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; 

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 (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 of such Pledgor’s Collateral consisting of Certificated Securities pursuant to this Agreement creates a valid and perfected first priority 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 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; and 
 (viii) “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), 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 

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shall have given to the Collateral Agent not less than 15 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 the respective 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 Collateral Agent 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 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 

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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, 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, may in good faith deem reasonable under the circumstances,
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 

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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 Commitments under the Credit Agreement have been terminated and all Secured Hedging
Agreements entitled to the benefits of this Agreement have been terminated, no Letter of Credit or Note (as defined in the Credit Agreement) is outstanding (and all Loans have been paid in full), all Letters of Credit have been terminated, and all
other Obligations (other than indemnities described in Section 11 hereof and described in Section 13.01 of the Credit 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) (x) at any time prior
to the time at which all Credit Document Obligations have been paid in full and all Commitments and Letters of Credit under the Credit Agreement have been terminated, in connection with a sale or disposition permitted by Section 10.02 of the
Credit Agreement or is otherwise released at the direction of the Required Lenders (or all the Lenders if required by Section 13.12 of the Credit 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 Credit Agreement or such other Secured Debt Agreement, as the case may be, to
the extent required to be so applied, the Pledgee, at the request and expense of such Pledgor, will duly release from the security interest created hereby (and 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. 
 (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 Security
Release Date, the Pledgors shall be automatically released from this Agreement and all security interests created hereunder shall be 

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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 Collateral Agent 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: 
 60 Wall
Street 
 New York, New York 10005 
 Attention: Stephen Cayer 
 Telephone No.: (212) 250-3536 
 Telecopier No.: (212) 797-5904 
 (c) if to any Lender Creditor, either (x) to the Administrative Agent, at the address of the Administrative Agent specified in the Credit Agreement, or (y) at such address as such Lender Creditor shall have specified in the
Credit Agreement; 
 (d) if to any Other Creditor, at such address as such Other Creditor shall have specified in writing to the
Pledgors and the Pledgee; 
 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); provided,
however, that any change, waiver, modification or variance affecting the rights and benefits of a single Class of Secured Creditors (and not all Secured Creditors in a like or similar manner) also shall require the written consent of the
Requisite Creditors of such 

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affected Class. For the purpose of this Agreement, the term “Class” shall mean each class of Secured Creditors, i.e., whether
(x) the Lender Creditors as holders of the Credit Document Obligations or (y) the Other Creditors as the holders of the Other Obligations. For the purpose of this Agreement, the term “Requisite Creditors” of any Class
shall mean each of (x) with respect to the Credit Document Obligations, the Required Lenders (or, to the extent provided in Section 13.12 of the Credit Agreement, each of the Lenders), and (y) with respect to the Other Obligations,
the holders of at least a majority of all Other Obligations outstanding from time to time. 
 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 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 PLEDGOR FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR 

 Exhibit I 
 Page 26 
  

 
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. 
 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. 

 Exhibit I 
 Page 27 
  

 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 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 Credit 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 Credit 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 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. 

 Exhibit I 
 Page 28 
  

 33. AMENDMENT AND RESTATEMENT. Each of the Collateral Agent and each of the Pledgors hereby
acknowledges and agrees that from and after the Restatement Effective Date, this Agreement amends, restates and supersedes the Original Pledge Agreement in its entirety. 
 * * * * 

 Exhibit I 
 Page 29 
  

 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
	Davenport, Iowa 52801
	Attention: Chief Financial Officer
	Tel: (563) 383-2179
	Fax: (563) 327-2600
	
	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
  
 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
  
 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
  
 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
  
 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

  

			
	 LEE ENTERPRISES, INCORPORATED,
     as a Pledgor

		
	By:	 	 /s/    Carl G. Schmidt

	Title:	 	Vice President, Chief Financial Officer and Treasurer
	
	 ACCUDATA, INC.,
     as a
Pledgor

		
	By:	 	 /s/    C. D. Waterman III

	Title:	 	Secretary
	
	 INN PARTNERS, L.C.,
     as a Pledgor

		
	By:	 	 /s/    C. D. Waterman III

	Title:	 	Secretary
	
	 JOURNAL – STAR PRINTING CO.,
     as a Pledgor

		
	By:	 	 /s/    C. D. Waterman III

	Title:	 	Secretary
	
	 K. FALLS BASIN PUBLISHING, INC.,
     as a Pledgor

		
	By:	 	 /s/    C. D. Waterman III

	Title:	 	Secretary
	
	 LEE CONSOLIDATED HOLDINGS CO.,
     as a Pledgor

		
	By:	 	 /s/    C. D. Waterman III

	Title:	 	Secretary

  

 Exhibit I 
 Page 30 
  

	
	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
  
 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
  
 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
  
 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
  
 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

  

			
	 LEE PUBLICATIONS, INC.,
     as a Pledgor

		
	By:	 	 /s/    C. D. Waterman III

	Title:	 	Secretary
	
	 LEE PROCUREMENT SOLUTIONS CO.,
     as a Pledgor

		
	By:	 	 /s/    C. D. Waterman III

	Title:	 	Secretary
	
	 LINT CO.,
     as a
Pledgor

		
	By:	 	 /s/    C. D. Waterman III

	Title:	 	Secretary
	
	 SIOUX CITY NEWSPAPERS, INC.,
     as a Pledgor

		
	By:	 	 /s/    C. D. Waterman III

	Title:	 	Secretary
	
	 TARGET MARKETING SYSTEMS, INC.,
     as a Pledgor

		
	By:	 	 /s/    C. D. Waterman III

	Title:	 	Secretary

  
  

			
	Accepted and Agreed to:
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS
 as Collateral Agent and Pledgee

		
	By:	 	 /s/    Susan L. LeFevre

	Title:	 	Director
		
	By:	 	 /s/    Lana Gifas

	Title:	 	Vice President

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