Document:

Amended and Restated Pledge Agreement, dated as of February 28, 2007

 Exhibit 10.3 
 AMENDED AND RESTATED PLEDGE AGREEMENT 
 THIS AMENDED AND RESTATED PLEDGE AGREEMENT (this
“Pledge Agreement”), is entered into as of February 28, 2007, among GATEHOUSE MEDIA HOLDCO, INC., a Delaware corporation (“Holdco”), GATEHOUSE MEDIA OPERATING, INC., a Delaware corporation (the
“Company”), GATEHOUSE MEDIA MASSACHUSETTS I, INC., a Delaware corporation (“GateHouse I”), GATEHOUSE MEDIA MASSACHUSETTS II, INC., a Delaware corporation (“GateHouse II”), and ENHE
ACQUISITION, LLC, a Delaware limited liability company (“ENHE” and, together with GateHouse I and GateHouse II, collectively the “Subsidiary Borrowers” and individually a “Subsidiary Borrower”),
each of the Restricted Subsidiaries from time to time party hereto (together with Holdco, collectively the “Guarantors” and individually a “Guarantor”; the Guarantors, together with the Company and the Subsidiary
Borrowers, collectively the “Pledgors” and individually an “Pledgor”), and WACHOVIA BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent under the Credit Agreement referred to below (in such
capacity, the “Administrative Agent”) for the several banks and other financial institutions as may from time to time become parties to such Credit Agreement (individually a “Lender” and collectively the
“Lenders”). 
 RECITALS 
 WHEREAS, the Borrowers, the Guarantors, certain financial institutions, as lenders, and the Administrative Agent are parties to a First Lien Credit Agreement dated as of June 6, 2006 (as amended, modified,
extended, renewed, restated, replaced or supplemented prior to the date hereof, the “Existing Credit Agreement”); 
 WHEREAS, in connection with the Existing Credit Agreement, the Borrowers, the Guarantors and the Administrative Agent entered into that certain First Lien Pledge Agreement dated as of June 6, 2006 (as amended, modified,
extended, renewed, restated, replaced or supplemented prior to the date hereof, the “Existing Pledge Agreement”); 
 WHEREAS, the Borrowers, the Guarantors, the Lenders and the Administrative Agent have entered into that certain Amended and Restated Credit Agreement dated as of the date hereof (as amended, modified, extended, renewed, restated,
replaced or supplemented from time to time, the “Credit Agreement”), pursuant to which the Existing Credit Agreement has been amended and restated and the obligations under the Existing Credit Agreement have been continued; and

 WHEREAS, in connection with the Credit Agreement, the Lenders and the Pledgors have agreed to amend and restate (but not effect a
novation of) the Existing Pledge Agreement in accordance with the terms of this Pledge Agreement. 

 NOW, THEREFORE, in consideration of these premises and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions. Unless otherwise
defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in the Credit Agreement, and the following terms that are defined in the Uniform Commercial Code from time to time in effect in the State of New York (the
“UCC”) are used herein as so defined: Certificated Security, Control, Entitlement Order, Financial Asset, Investment Company Security, Securities Account, Security, Security Entitlement, Securities Intermediary and Uncertificated
Security. For purposes of this Pledge Agreement, the term “Lender” shall include any Hedging Agreement Provider. 
 2. Pledge
and Grant of Security Interest. To secure the prompt payment and performance in full when due, whether by lapse of time or otherwise, of the Secured Obligations (as defined in Section 3 hereof), each Pledgor hereby pledges and grants to the
Administrative Agent, for the ratable benefit of the Lenders, a continuing security interest in any and all right, title and interest of such Pledgor in and to the following, whether now owned or existing or owned, acquired, or arising hereafter
(collectively, the “Pledged Collateral”): 
 (a) Pledged Capital Stock. (i) 100% (or, if less,
the full amount owned by such Pledgor) of the issued and outstanding Capital Stock owned by such Pledgor of each Domestic Subsidiary set forth on Schedule 2(a) attached hereto and (ii) 65% (or, if less, the full amount owned by such
Pledgor) of each class of the issued and outstanding Capital Stock entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) (“Voting Equity”) and 100% (or, if less, the full amount owned by such Pledgor) of
each class of the issued and outstanding Capital Stock not entitled to vote (within the meaning of Treas. Reg. Section 1.956-2(c)(2)) (“Non-Voting Equity”) owned by such Pledgor of each first-tier Foreign Subsidiary set forth
on Schedule 2(a) attached hereto (collectively, together with the Capital Stock and other interests described in clauses (y) and (z) and in Sections 2(b) and 2(c) below, the “Pledged Capital Stock”), including, but
not limited to, the following: 
 (y) subject to the percentage restrictions described above and in Section 2(b) below,
all shares, securities, membership interests or other equity interests representing a dividend on any of the Pledged Capital Stock, or representing a distribution or return of capital upon or in respect of the Pledged Capital Stock, or resulting
from a stock split, revision, reclassification or other exchange therefor, and any subscriptions, warrants, rights or options issued to the holder of, or otherwise in respect of, the Pledged Capital Stock; and 
 (z) subject to the percentage restrictions described above and in Section 2(b) below and without affecting the obligations of the
Pledgors under any provision prohibiting such action hereunder or under the Credit Agreement, in the event of any consolidation or merger involving the issuer of any Pledged Capital Stock and in which such issuer is not the surviving entity, all
shares of each class of the Capital Stock of the successor entity formed by or resulting from such consolidation or merger. 
 (b) Additional Interests. (i) 100% (or, if less, the full amount owned by such Pledgor) of each class of the issued and outstanding Capital Stock of any Person which 

  

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hereafter becomes a Domestic Subsidiary and (ii) 65% (or, if less, the full amount owned by such Pledgor) of the Voting Equity and 100% (or, if less,
the full amount owned by such Pledgor) of the Non-Voting Equity of any Person which hereafter becomes a first-tier Foreign Subsidiary, including, without limitation, the certificates representing such Capital Stock. 
 (c) Other Equity Interests. Subject to the percentage restrictions described above, any and all other Capital Stock or other equity
interests owned by the Pledgors in any Domestic Subsidiary or any first-tier Foreign Subsidiary. 
 (d) Proceeds. All
proceeds and products of the foregoing, however and whenever acquired and in whatever form. 
 Without limiting the generality of the
foregoing, it is hereby specifically understood and agreed that a Pledgor may from time to time hereafter pledge and deliver additional shares of Capital Stock or other interests to the Administrative Agent as collateral security for the Secured
Obligations. Upon such pledge and delivery to the Administrative Agent, such additional shares of Capital Stock or other interests shall be deemed to be part of the Pledged Collateral of such Pledgor and shall be subject to the terms of this Pledge
Agreement whether or not Schedule 2(a) is amended to refer to such additional shares. 
 3. Security for Secured Obligations.
The security interest created hereby in the Pledged Collateral of each Pledgor constitutes continuing collateral security for all of the following, whether now existing or hereafter incurred (the “Secured Obligations”): (a) all
of the Credit Party Obligations (including obligations under Secured Hedging Agreements), howsoever evidenced, created, incurred or acquired, whether primary, secondary, direct, contingent, or joint and several and (b) all expenses and charges,
legal and otherwise, incurred by the Administrative Agent and the Lenders in collecting or enforcing any of the Credit Party Obligations or in realizing on or protecting any security therefor, including without limitation the security granted
hereunder. 
 4. Delivery of the Pledged Collateral; Perfection of Security Interest. Each Pledgor hereby agrees that: 
 (a) Delivery of Certificates and Instruments. Each Pledgor shall deliver as security to the Administrative Agent (subject to the
percentage limitations set forth in Section 2 above), (i) simultaneously with or prior to the execution and delivery of this Pledge Agreement, all certificates representing the Pledged Capital Stock owned by such Pledgor and
(ii) concurrently with the delivery of the next financial statement referred to in Section 5.1(b) of the Credit Agreement after the receipt thereof by or on behalf of a Pledgor, all other certificates and instruments constituting Pledged
Collateral owned by a Pledgor. Prior to delivery to the Administrative Agent, all such certificates and instruments constituting Pledged Collateral of a Pledgor shall be held in trust by such Pledgor for the benefit of the Administrative Agent
pursuant hereto. All such certificates shall be delivered in suitable form for transfer by delivery or shall be accompanied by duly executed instruments of transfer or assignment in blank, substantially in the form provided in Exhibit 4(a)
attached hereto. 
  

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 (b) Additional Securities. Subject to the percentage restrictions set forth in
Section 2, if such Pledgor shall receive by virtue of its being or having been the owner of any Pledged Collateral, any (i) certificate, including without limitation, any certificate representing a dividend or distribution in connection
with any increase or reduction of capital, reclassification, merger, consolidation, sale of assets, combination of shares of Capital Stock, stock splits, spin-off or split-off, promissory notes or other instruments; (ii) option or right,
whether as an addition to, substitution for, or an exchange for, any Pledged Collateral or otherwise; (iii) dividends payable in Capital Stock; or (iv) distributions of Capital Stock or other equity interests in connection with a partial
or total liquidation, dissolution or reduction of capital, capital surplus or paid-in surplus, then such Pledgor shall receive such certificate, instrument, option, right or distribution in trust for the benefit of the Administrative Agent, shall
segregate it from such Pledgor’s other property and shall deliver it, concurrently with the delivery of the next financial statement referred to in Section 5.1(b) of the Credit Agreement, to the Administrative Agent, in the exact form
received accompanied by duly executed instruments of transfer or assignment in blank, substantially in the form provided in Exhibit 4(a) attached hereto, to be held by the Administrative Agent, as Pledged Collateral and as further collateral
security for the Secured Obligations. 
 (c) Financing Statements; Other Perfection Actions. Each Pledgor hereby
authorizes the Administrative Agent to prepare and file such financing statements (including continuation statements) or amendments thereof or supplements thereto or other instruments as the Administrative Agent may from time to time deem reasonably
necessary or appropriate in order to perfect and maintain the security interests granted hereunder in accordance with the UCC, including, without limitation, any financing statement that describes the Pledged Collateral as “all personal
property” or “all assets” of such Pledgor or that describes the Pledged Collateral in some other manner as the Administrative Agent deems necessary or advisable. Each Pledgor shall also execute and deliver to the Administrative Agent
and/or file such agreements, assignments or instruments (including affidavits, notices, reaffirmations, amendments and restatements of existing documents and any documents as may be necessary if the law of any jurisdiction other than New York
becomes or is applicable to the Collateral or any portion thereof, in each case as the Administrative Agent may reasonably request) and do all such other things as the Administrative Agent may reasonably deem necessary or appropriate (i) to
assure to the Administrative Agent its security interests hereunder are perfected, including such financing statements (including continuation statements) or amendments thereof or supplements thereto or other instruments as the Administrative Agent
may from time to time reasonably request in order to perfect and maintain the security interests granted hereunder in accordance with the UCC and any other personal property security legislation in the appropriate jurisdictions, (ii) to
consummate the transactions contemplated hereby and (iii) to otherwise protect and assure the Administrative Agent of its rights and interests hereunder. 
 (d) Provisions Relating to Uncertificated Securities, Security Entitlements and Securities Accounts. The Pledgors shall
concurrently with the delivery of the next 

  

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financial statement referred to in Section 5.1(b) of the Credit Agreement, notify the Administrative Agent of any Pledged Collateral consisting of an
Uncertificated Security or a Security Entitlement or any Pledged Collateral held in a Securities Account. With respect to any such Pledged Collateral, (i) the applicable Pledgor and the applicable issuer of the Uncertificated Security or the
applicable Securities Intermediary shall enter into, upon the request of the Administrative Agent, an agreement with the Administrative Agent granting Control to the Administrative Agent (on behalf of the Lenders) over such Pledged Collateral, such
agreement to be in form and substance reasonably satisfactory to the Administrative Agent (a “Control Agreement”) and (ii) the Administrative Agent shall be entitled, upon the occurrence and during the continuance of a Default
or an Event of Default, to notify the applicable issuer of the Uncertificated Security or the applicable Securities Intermediary that it should follow the instructions or the Entitlement Orders, respectively, of the Administrative Agent and no
longer follow the instructions or the Entitlement Orders, respectively, of the applicable Pledgor. Upon receipt by a Pledgor of notice from a Securities Intermediary of its intent to terminate the Securities Account of such Pledgor held by such
Securities Intermediary, prior to the termination of such Securities Account the Pledged Collateral in such Securities Account shall be (i) transferred to a new Securities Account, upon the request of the Administrative Agent, which shall be
subject to a control agreement as provided above or (ii) transferred to an account held by the Administrative Agent (in which it will be held until a new Securities Account in the name of the Pledgor and subject to a Control Agreement is
established). 
 5. Representations and Warranties. Each Pledgor hereby represents and warrants to the Administrative Agent, for the
benefit of the Lenders, that so long as any of the Secured Obligations (other than contingent indemnity obligations that survive termination of the Credit Documents pursuant to the stated terms thereof) remain outstanding, any Credit Document or
Secured Hedging Agreement is in effect, and until all of the Commitments shall have been terminated: 
 (a) Title. Each
Pledgor has good and indefeasible title to the Pledged Collateral of such Pledgor and will at all times be the legal and beneficial owner of such Pledged Collateral free and clear of any Lien, other than Permitted Liens. There exists no
“adverse claim” within the meaning of Section 8-102 of the UCC with respect to the Pledged Capital Stock of such Pledgor. 
 (b) Exercising of Rights. The exercise by the Administrative Agent of its rights and remedies hereunder will not violate any law or governmental regulation or any material contractual restriction binding on or
affecting a Pledgor or any of its property. 
 (c) Pledgor’s Authority. No authorization, approval or action by,
and no notice or filing with any Governmental Authority, the issuer of any Pledged Capital Stock or third party is required either (i) for the pledge made by a Pledgor or for the granting of the security interest by a Pledgor pursuant to this
Pledge Agreement or (ii) for the exercise by the Administrative Agent or the Lenders of their rights and remedies hereunder (except as may be required by laws affecting the offering and sale of securities). 
  

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 (d) Security Interest/Priority. This Pledge Agreement creates a valid security
interest in favor of the Administrative Agent, for the ratable benefit of the Lenders, in the Pledged Collateral of such Pledgor. The taking possession by the Administrative Agent of the certificates (if any) representing the Pledged Capital Stock
and all other certificates and instruments constituting Pledged Collateral will perfect and establish the Administrative Agent’s first priority security interest in all certificated Pledged Capital Stock and such certificates and instruments.
Upon the filing of UCC financing statements in the location of each Pledgor’s State of organization, the Administrative Agent shall have a first priority perfected security interest in all uncertificated Pledged Capital Stock consisting of
partnership or limited liability company interests that do not constitute a Security pursuant to Section 8-103(c) of the UCC. With respect to any Pledged Collateral consisting of an Uncertificated Security or a Security Entitlement or any
Pledged Collateral held in a Securities Account, upon execution and delivery by the applicable Pledgor, the Administrative Agent and the applicable Securities Intermediary or the applicable issuer of the Uncertificated Security of an agreement
granting Control to the Administrative Agent over such Pledged Collateral, the Administrative Agent shall have a first priority perfected security interest in such Pledged Collateral. Except as set forth in this Section, no action is necessary to
perfect the Administrative Agent’s security interest. 
 (e) No Other Capital Stock. Except as set forth on
Schedule 2(a) attached hereto, no Pledgor owns any Capital Stock of the Borrower or any of its Domestic Subsidiaries as of the Effective Date. 
 (f) Partnership and Limited Liability Company Interests. Except as disclosed to the Administrative Agent, none of the Pledged Capital Stock consisting of partnership or limited liability company interests
(i) is dealt in or traded on a securities exchange or in a securities market, (ii) by its terms expressly provides that it is a Security governed by Article 8 of the UCC, (iii) is an Investment Company Security, (iv) is held in a
Securities Account or (v) constitutes a Security or a Financial Asset. 
 6. Covenants. Each Pledgor hereby covenants, that so
long as any of the Secured Obligations (other than contingent indemnity obligations that survive termination of the Credit Documents pursuant to the stated terms thereof) remain outstanding, any Credit Document or Secured Hedging Agreement is in
effect, and until all of the Commitments shall have been terminated, such Pledgor shall: 
 (a) Defense of Title.
Warrant and defend title to and ownership of the Pledged Collateral of such Pledgor at its own expense against the material claims and demands of all other parties claiming an interest therein; keep the Pledged Collateral free from all Liens, other
than Permitted Liens; and not sell, exchange, transfer, assign, lease or otherwise dispose of Pledged Collateral of such Pledgor or any interest therein, except as permitted under the Credit Agreement and the other Credit Documents. 
  

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 (b) Further Assurances. Promptly execute and deliver at its expense all further
instruments and documents and take all further action that may be necessary and desirable or that the Administrative Agent may request in order to (i) perfect and protect the security interest created hereby in the Pledged Collateral of such
Pledgor (including, without limitation, execution and delivery of one or more control agreements reasonably acceptable to the Administrative Agent, filing of UCC financing statements and any and all other actions reasonably necessary to satisfy the
Administrative Agent that the Administrative Agent has obtained a first priority perfected security interest in all Pledged Collateral); (ii) enable the Administrative Agent to exercise and enforce its rights and remedies hereunder in respect
of the Pledged Collateral of such Pledgor; and (iii) otherwise effect the purposes of this Pledge Agreement, including, without limitation and if requested by the Administrative Agent, delivering to the Administrative Agent irrevocable proxies
in respect of the Pledged Collateral of such Pledgor. 
 (c) Amendments. Not make or consent to any amendment or other
modification or waiver with respect to any of the Pledged Collateral of such Pledgor or enter into any agreement or allow to exist any restriction with respect to any of the Pledged Collateral of such Pledgor other than pursuant hereto or as may be
permitted under the Credit Agreement. 
 (d) Compliance with Securities Laws. File all reports and other information
now or hereafter required to be filed by such Pledgor with the United States Securities and Exchange Commission and any other state, federal or foreign agency in connection with the ownership of the Pledged Collateral of such Pledgor. 
 (e) Issuance or Acquisition of Capital Stock. Not without executing and delivering, or causing to be executed and delivered, to the
Administrative Agent such agreements, documents and instruments as the Administrative Agent may reasonably require, issue or acquire any Capital Stock that consists of an interest in a partnership or a limited liability company which (i) is
dealt in or traded on a securities exchange or in a securities market, (ii) by its terms expressly provides that it is a Security governed by Article 8 of the UCC, (iii) is an Investment Company Security, (iv) is held in a Securities
Account or (v) constitutes a Security or a Financial Asset. 
 7. Performance of Obligations; Advances by Administrative Agent.
Upon the occurrence and continuance of an Event of Default the Administrative Agent may, at its sole option and in its sole discretion, perform or cause to be performed the covenants and agreements contained herein that such Pledgor failed to
perform and in so doing may expend such sums as the Administrative Agent may reasonably deem advisable in the performance thereof, including, without limitation, the payment of any insurance premiums, the payment of any taxes, a payment to obtain a
release of a Lien or potential Lien, expenditures made in defending against any adverse claim and all other expenditures which the Administrative Agent may make for the protection of the security interest hereof or may be compelled to make by
operation of law. All such sums and amounts so expended shall be repayable by the Pledgors on a joint and several basis promptly upon timely notice thereof and demand therefor, shall constitute additional Secured Obligations and shall bear interest
from the date said amounts are expended at the ABR Default Rate. No such 

  

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performance of any covenant or agreement by the Administrative Agent on behalf of any Pledgor, and no such advance or expenditure therefor, shall relieve the
Pledgors of any default under the terms of this Pledge Agreement, the other Credit Documents or any Secured Hedging Agreement. The Administrative Agent may make any payment hereby authorized in accordance with any bill, statement or estimate
procured from the appropriate public office or holder of the claim to be discharged without inquiry into the accuracy of such bill, statement or estimate or into the validity of any tax assessment, sale, forfeiture, tax lien, title or claim except
to the extent such payment is being contested in good faith by a Pledgor in appropriate proceedings and against which adequate reserves are being maintained in accordance with GAAP. 
 8. Events of Default. The occurrence of an event which under the Credit Agreement would constitute an Event of Default shall be an event of
default hereunder (an “Event of Default”). 
 9. Remedies. 
 (a) General Remedies. Upon the occurrence of an Event of Default and during the continuation thereof, the Administrative Agent
shall have, in respect of the Pledged Collateral of any Pledgor, in addition to the rights and remedies provided herein, in the other Credit Documents, in any Secured Hedging Agreement or by law, the rights and remedies of a secured party under the
UCC or any other applicable law. 
 (b) Sale of Pledged Collateral. Upon the occurrence of an Event of Default and
during the continuation thereof, without limiting the generality of this Section and without notice, the Administrative Agent may, in its sole discretion, sell or otherwise dispose of or realize upon the Pledged Collateral, or any part thereof, in
one or more parcels, at public or private sale, at any exchange or broker’s board or elsewhere, at such price or prices and on such other terms as the Administrative Agent may deem commercially reasonable, for cash, credit or for future
delivery or otherwise in accordance with applicable law. To the extent permitted by law, any Lender may in such event, bid for the purchase of such securities. Each Pledgor agrees that, to the extent notice of sale shall be required by law and has
not been waived by such Pledgor, any requirement of reasonable notice shall be met if notice, specifying the place of any public sale or the time after which any private sale is to be made, is personally served on or mailed, postage prepaid, to such
Pledgor, in accordance with the notice provisions of Section 9.2 of the Credit Agreement at least ten (10) days before the time of such sale. The Administrative Agent shall not be obligated to make any sale of Pledged Collateral of such
Pledgor regardless of notice of sale having been given. The Administrative Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the
time and place to which it was so adjourned. 
 (c) Private Sale. Upon the occurrence of an Event of Default and during
the continuation thereof, the Pledgors recognize that the Administrative Agent may deem it impracticable to effect a public sale of all or any part of the Pledged Collateral and that the Administrative Agent may, therefore, determine to make one or
more private sales of 

  

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any such Pledged Collateral to a restricted group of purchasers who will be obligated to agree, among other things, to acquire such Pledged Collateral for
their own account, for investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private sale may be at prices and on terms less favorable to the seller than the prices and other terms which might
have been obtained at a public sale and, notwithstanding the foregoing, agrees that such private sale shall be deemed to have been made in a commercially reasonable manner and that the Administrative Agent shall have no obligation to delay sale of
any such Pledged Collateral for the period of time necessary to permit the issuer of such Pledged Collateral to register such Pledged Collateral for public sale under the Securities Act of 1933. Each Pledgor further acknowledges and agrees that any
offer to sell such Pledged Collateral which has been (i) publicly advertised on a bona fide basis in a newspaper or other publication of general circulation in the financial community of New York, New York (to the extent that such offer may be
advertised without prior registration under the Securities Act of 1933) or (ii) made privately in the manner described above shall be deemed to involve a “public sale” under the UCC, notwithstanding that such sale may not constitute a
“public offering” under the Securities Act of 1933, and the Administrative Agent may, in such event, bid for the purchase of such Pledged Collateral. 
 (d) Retention of Pledged Collateral. In addition to the rights and remedies hereunder, upon the occurrence of an Event of Default
and during the continuation thereof, the Administrative Agent may, after providing the notices required by Sections 9-620 and 9-621 of the UCC (or any successor sections of the UCC) or otherwise complying with the notice requirements of applicable
law of the relevant jurisdiction, accept or retain all or any portion of the Pledged Collateral in satisfaction of the Secured Obligations. Unless and until the Administrative Agent shall have provided such notices, however, the Administrative Agent
shall not be deemed to have retained any Pledged Collateral in satisfaction of any Secured Obligations for any reason. 
 (e)
Deficiency. In the event that the proceeds of any sale, collection or realization are insufficient to pay all amounts to which the Administrative Agent or the Lenders are legally entitled, the Pledgors shall be jointly and severally liable
for the deficiency, together with interest thereon at the rate of interest applicable thereto pursuant to Section 2.10(b) of the Credit Agreement, together with the costs of collection and the reasonable fees of any attorneys employed by the
Administrative Agent to collect such deficiency. Any surplus remaining after the full payment and satisfaction of the Secured Obligations shall be returned to the Pledgors or to whomsoever a court of competent jurisdiction shall determine to be
entitled thereto. 
 (f) Other Security. To the extent that any of the Secured Obligations are now or hereafter secured
by property other than the Pledged Collateral (including, without limitation, real and other personal property owned by a Pledgor), or by a guarantee, endorsement or property of any other Person, then the Administrative Agent shall have the right to
proceed against such other property, guarantee or endorsement upon the occurrence and during the continuation of any Event of Default, and the Administrative Agent shall have the right, in its sole discretion, to determine which rights, security,

  

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Liens, security interests or remedies the Administrative Agent shall at any time pursue, relinquish, subordinate, modify or take with respect thereto,
without in any way modifying or affecting any of them or any of the Administrative Agent’s rights or the Secured Obligations under this Pledge Agreement, under any other of the Credit Documents or under any Secured Hedging Agreement.

 10. Rights of the Administrative Agent. 
 (a) Power of Attorney. Each Pledgor hereby designates and appoints the Administrative Agent, on behalf of the Lenders, and each of
its designees or agents as attorney-in-fact of such Pledgor, irrevocably and with power of substitution, with authority to take any or all of the following actions upon the occurrence and during the continuation of an Event of Default: 

(i) to demand, collect, settle, compromise, adjust and give discharges and releases concerning the Pledged Collateral of such Pledgor,
all as the Administrative Agent may reasonably determine in respect of such Pledged Collateral; 
 (ii) to commence and
prosecute any actions at any court for the purposes of collecting any of the Pledged Collateral and enforcing any other right in respect thereof; 
 (iii) to defend, settle, adjust or compromise any action, suit or proceeding brought with respect to the Pledged Collateral and, in connection therewith, give such discharge or release as the Administrative Agent may
deem reasonably appropriate; 
 (iv) to pay or discharge taxes, Liens, security interests, or other encumbrances levied or
placed on or threatened against the Pledged Collateral; 
 (v) to direct any parties liable for any payment under any of the
Pledged Collateral to make payment of any and all monies due and to become due thereunder directly to the Administrative Agent or as the Administrative Agent shall direct; 
 (vi) to receive payment of and receipt for any and all monies, claims, and other amounts due and to become due at any time in respect of
or arising out of any Pledged Collateral of such Pledgor; 
 (vii) to sign and endorse any drafts, assignments, proxies, stock
powers, verifications, notices and other documents relating to the Pledged Collateral of such Pledgor; 
 (viii) to execute
and deliver and/or file all assignments, conveyances, statements, financing statements, continuation statements, pledge agreements, 

  

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affidavits, notices and other agreements, instruments and documents that the Administrative Agent may determine necessary in order to perfect and maintain
the security interests and Liens granted in this Pledge Agreement and in order to fully consummate all of the transactions contemplated herein; 
 (ix) to exchange any of the Pledged Collateral of such Pledgor or other property upon any merger, consolidation, reorganization, recapitalization or other readjustment of the issuer thereof and, in connection
therewith, deposit any of the Pledged Collateral of such Pledgor with any committee, depository, transfer agent, registrar or other designated agency upon such terms as the Administrative Agent may determine; 
 (x) to vote for a shareholder, partner or member resolution, or to sign an instrument in writing, sanctioning the transfer of any or all
of the Pledged Collateral of such Pledgor into the name of the Administrative Agent or into the name of any transferee to whom the Pledged Collateral of such Pledgor or any part thereof may be sold pursuant to Section 9 hereof; and 

(xi) to do and perform all such other acts and things as the Administrative Agent may reasonably deem to be necessary, proper or
convenient in connection with the Pledged Collateral of such Pledgor. 
 This power of attorney is a power coupled with an interest and shall
be irrevocable for so long as any of the Secured Obligations (other than contingent indemnity obligations that survive termination of the Credit Documents pursuant to the stated terms thereof) remain outstanding, any Credit Document or Secured
Hedging Agreement is in effect, and until all of the Commitments shall have been terminated. The Administrative Agent shall be under no duty to exercise or withhold the exercise of any of the rights, powers, privileges and options expressly or
implicitly granted to the Administrative Agent in this Pledge Agreement, and shall not be liable for any failure to do so or any delay in doing so. The Administrative Agent shall not be liable for any act or omission or for any error of judgment or
any mistake of fact or law in its individual capacity or its capacity as attorney-in-fact except acts or omissions resulting from its gross negligence or willful misconduct. This power of attorney is conferred on the Administrative Agent solely to
perfect, protect, preserve and realize upon its security interest in the Pledged Collateral. 
 (b) Assignment by the
Administrative Agent. The Administrative Agent may from time to time assign the Secured Obligations or any portion thereof and/or the Pledged Collateral or any portion thereof to a successor Administrative Agent, and the assignee shall be
entitled to all of the rights and remedies of the Administrative Agent under this Pledge Agreement in relation thereto. 
 (c)
Duty of Care. Other than the exercise of reasonable care to assure the safe custody of the Pledged Collateral while being held by the Administrative Agent hereunder, the Administrative Agent shall have no duty or liability to preserve rights
pertaining thereto, it being understood and agreed that Pledgors shall be responsible for 

  

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preservation of all rights in the Pledged Collateral of such Pledgor, and the Administrative Agent shall be relieved of all responsibility for the Pledged
Collateral upon surrendering it or tendering the surrender of it to the Pledgors. The Administrative Agent shall be deemed to have exercised reasonable care in the custody and preservation of the Pledged Collateral in its possession if such Pledged
Collateral is accorded treatment substantially equal to that which the Administrative Agent accords its own property, which shall be no less than the treatment employed by a reasonable and prudent agent in the industry, it being understood that the
Administrative Agent shall have no responsibility for (i) ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Pledged Collateral, whether or not the Administrative
Agent has or is deemed to have knowledge of such matters; or (ii) taking any necessary steps to preserve rights against any parties with respect to any Pledged Collateral. 
 (d) Voting Rights in Respect of the Pledged Collateral. 
 (i) So long as no Event of Default shall have occurred and be continuing, to the extent permitted by law, each Pledgor may exercise any
and all voting and other consensual rights pertaining to the Pledged Collateral of such Pledgor or any part thereof for any purpose not in violation of the terms of this Pledge Agreement or the Credit Agreement. 
 (ii) Subject to subsection (e) of this Section, upon the occurrence and during the continuance of a Default or an Event of Default,
all rights of a Pledgor to exercise the voting and other consensual rights which it would otherwise be entitled to exercise pursuant to paragraph (i) of this subsection (d) shall cease and all such rights shall thereupon become vested in
the Administrative Agent which shall then have the sole right to exercise such voting and other consensual rights. 
 (e)
Dividend and Distribution Rights in Respect of the Pledged Collateral. 
 (i) So long as no Event of Default shall have
occurred and be continuing, each Pledgor may receive and retain any and all dividends (other than dividends payable in the form of Capital Stock and other dividends constituting Pledged Collateral which are required to be delivered to the
Administrative Agent pursuant to Section 4 above), distributions or interest paid in respect of the Pledged Collateral to the extent they are allowed under the Credit Agreement. 
 (ii) Upon the occurrence and during the continuation of an Event of Default: 
 (A) all rights of a Pledgor to receive the dividends, distributions and interest payments which it would otherwise be authorized to
receive and retain pursuant to paragraph (i) of this subsection (e) shall cease and all such rights shall thereupon be vested in the Administrative Agent 

  

 12 

 
which shall then have the sole right to receive and hold as Pledged Collateral such dividends, distributions and interest payments; and 
 (B) all dividends, distributions and interest payments which are received by a Pledgor contrary to the provisions of clause (A) of
this subsection (ii) shall be received in trust for the benefit of the Administrative Agent, shall be segregated from other property or funds of such Pledgor, and shall be forthwith paid over to the Administrative Agent as Pledged Collateral in
the exact form received, to be held by the Administrative Agent as Pledged Collateral and as further collateral security for the Secured Obligations. 
 (f) Release of Pledged Collateral. The Administrative Agent may release any of the Pledged Collateral from this Pledge Agreement or may substitute any of the Pledged Collateral for other Pledged Collateral
without altering, varying or diminishing in any way the force, effect, Lien, pledge or security interest of this Pledge Agreement as to any Pledged Collateral not expressly released or substituted, and this Pledge Agreement shall continue as a first
priority Lien on all Pledged Collateral not expressly released or substituted. 
 11. Application of Proceeds. After the exercise of
remedies by the Administrative Agent or the Lenders pursuant to Section 7.2 of the Credit Agreement (or after the Commitments shall automatically terminate and the Loans (with accrued interest thereon) and all other amounts under the Credit
Documents shall automatically become due and payable in accordance with the terms of such Section), any proceeds of the Pledged Collateral, when received by the Administrative Agent or any of the Lenders in cash or its equivalent, will be applied in
reduction of the Secured Obligations in the order set forth in Section 2.13(b) of the Credit Agreement, and each Pledgor irrevocably waives the right to direct the application of such payments and proceeds and acknowledges and agrees that the
Administrative Agent shall have the continuing and exclusive right to apply and reapply any and all such proceeds in the Administrative Agent’s sole discretion, notwithstanding any entry to the contrary upon any of its books and records.

 12. Costs of Counsel. If at any time hereafter, whether upon the occurrence of an Event of Default or not, the Administrative Agent
employs counsel to prepare or consider amendments, waivers or consents with respect to this Pledge Agreement, or to take action or make a response in or with respect to any legal or arbitral proceeding relating to this Pledge Agreement or relating
to the Pledged Collateral, or to protect the Pledged Collateral or exercise any rights or remedies under this Pledge Agreement or with respect to the Pledged Collateral, then the Pledgors agree to promptly pay upon demand any and all such reasonable
documented costs and expenses of the Administrative Agent or the Lenders, all of which costs and expenses shall constitute Secured Obligations hereunder. 
 13. Continuing Agreement. 
 (a) This Pledge Agreement shall be a continuing agreement
in every respect and shall remain in full force and effect so long as any of the Secured Obligations (other 

  

 13 

 
than contingent indemnity obligations that survive termination of the Credit Documents pursuant to the stated terms thereof) remain outstanding, any Credit
Document or Secured Hedging Agreement is in effect, and until all of the Commitments shall have been terminated. Upon such payment and termination, this Pledge Agreement shall be automatically terminated and the Administrative Agent and the Lenders
shall, upon the request and at the expense of the Pledgors, forthwith release all of the Liens and security interests granted hereunder and shall deliver all UCC termination statements and/or other documents reasonably requested by the Pledgors
evidencing such termination. Notwithstanding the foregoing, all releases and indemnities provided hereunder shall survive termination of this Pledge Agreement. 
 (b) This Pledge Agreement shall continue to be effective or be automatically reinstated, as the case may be, if at any time payment, in
whole or in part, of any of the Secured Obligations is rescinded or must otherwise be restored or returned by the Administrative Agent or any Lender as a preference, fraudulent conveyance or otherwise under any bankruptcy, insolvency or similar law,
all as though such payment had not been made; provided that in the event payment of all or any part of the Secured Obligations is rescinded or must be restored or returned, all reasonable costs and expenses (including without limitation any
reasonable legal fees and disbursements) incurred by the Administrative Agent or any Lender in defending and enforcing such reinstatement shall be deemed to be included as a part of the Secured Obligations. 
 14. Amendments; Waivers; Modifications. This Pledge Agreement and the provisions hereof may not be amended, waived, modified, changed, discharged
or terminated except as set forth in Section 9.1 of the Credit Agreement. 
 15. Successors in Interest. This Pledge Agreement
shall create a continuing security interest in the Pledged Collateral and shall be binding upon each Pledgor, its successors and assigns and shall inure, together with the rights and remedies of the Administrative Agent, to the benefit of the
Administrative Agent and the Lenders and their successors and permitted assigns; provided, however, that none of the Pledgors may assign its rights or delegate its duties hereunder without the prior written consent of each Lender or
the Required Lenders, as required by the Credit Agreement. To the fullest extent permitted by law, each Pledgor hereby releases the Administrative Agent and each Lender, each of their respective officers, employees and agents and each of their
respective successors and assigns (each an “Indemnified Party”), from any liability for any act or omission relating to this Pledge Agreement or the Pledged Collateral, except, with respect to any Indemnified Party, for any
liability arising from the gross negligence or willful misconduct of such Indemnified Party or its affiliates, officers, employees or agents, in each case as determined by a court of competent jurisdiction pursuant to a final non-appealable
judgment. 
 16. Notices. All notices required or permitted to be given under this Pledge Agreement shall be in conformance with
Section 9.2 of the Credit Agreement. 
 17. Counterparts. This Pledge Agreement may be executed in any number of counterparts,
each of which where so executed and delivered shall be an original, but all of 

  

 14 

 
which shall constitute one and the same instrument. It shall not be necessary in making proof of this Pledge Agreement to produce or account for more than
one such counterpart. Delivery of executed counterparts of the Pledge Agreement by telecopy shall be effective as an original and shall constitute a representation that an original shall be delivered upon the request of the Administrative Agent.

 18. Headings. The headings of the sections and subsections hereof are provided for convenience only and shall not in any way affect
the meaning, construction or interpretation of any provision of this Pledge Agreement. 
 19. Governing Law; Submission to Jurisdiction
and Service of Process; Waiver of Jury Trial; Venue. THIS PLEDGE AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). The terms of Sections 9.14 and 9.17 of the Credit Agreement are incorporated herein by reference, mutatis mutandis,
and the parties hereto agree to such terms. 
 20. Severability. If any provision of this Pledge Agreement is determined to be
illegal, invalid or unenforceable, such provision shall be fully severable and the remaining provisions shall remain in full force and effect and shall be construed without giving effect to the illegal, invalid or unenforceable provisions.

 21. Entirety. This Pledge Agreement, the other Credit Documents and any Secured Hedging Agreement represent the entire agreement of
the parties hereto and thereto, and supersede all prior agreements and understandings, oral or written, if any, including any commitment letters or correspondence relating to this Pledge Agreement, the other Credit Documents, any such Secured
Hedging Agreement or the transactions contemplated herein and therein. 
 22. Survival. All representations and warranties of the
Pledgors hereunder shall survive the execution and delivery of this Pledge Agreement, the other Credit Documents and any Secured Hedging Agreement, the delivery of the Notes and the making of the Loans and the issuance of the Letters of Credit under
the Credit Agreement. 
 23. Joint and Several Obligations of Pledgors. 
 (a) Each of the Pledgors is accepting joint and several liability hereunder in consideration of the financial accommodations to be
provided by the Lenders under the Credit Agreement, for the mutual benefit, directly and indirectly, of each of the Pledgors and in consideration of the undertakings of each of the Pledgors to accept joint and several liability for the obligations
of each of them. 
 (b) Each of the Pledgors, jointly and severally hereby irrevocably and unconditionally accepts, not merely
as a surety but also as a co-debtor, joint and several 

  

 15 

 
liability with the other Pledgors with respect to the payment and performance of all of the Secured Obligations arising under this Pledge Agreement, the
other Credit Documents and any Hedging Agreement, it being the intention of the parties hereto that all the Secured Obligations shall be the joint and several obligations of each of the Pledgors without preferences or distinction among them.

 (c) Notwithstanding any provision to the contrary contained herein, in any other of the Credit Documents or in any Secured
Hedging Agreement, to the extent the obligations of a Pledgor shall be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or
transfers) then the obligations of such Pledgor hereunder shall be limited to the maximum amount that is permissible under applicable law (whether federal or state and including, without limitation, the Bankruptcy Code). 
 24. Rights of Required Lenders. All rights of the Administrative Agent hereunder, if not exercised by the Administrative Agent, may be exercised
by the Required Lenders. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
  

 16 

 Each of the parties hereto has caused a counterpart of this Pledge Agreement to be duly executed and
delivered as of the date first above written. 
  

									
	COMPANY:	 		 	 GATEHOUSE MEDIA OPERATING, INC.,
 a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
			
	SUBSIDIARY BORROWERS:	 		 	 GATEHOUSE MEDIA MASSACHUSETTS I, INC.,
 a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	President & Chief Executive Officer
				
		 		 		 	 GATEHOUSE MEDIA MASSACHUSETTS II, INC.,
 a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	President & Chief Executive Officer
				
		 		 		 	 ENHE ACQUISITION, LLC,
 a Delaware
limited liability company

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	President & Chief Executive Officer
			
	HOLDCO:	 		 	 GATEHOUSE MEDIA HOLDCO, INC.,
 a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer

									
	GUARANTORS:	 		 	 GATEHOUSE MEDIA ARIZONA HOLDINGS,
 INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
			
		 		 	 GATEHOUSE MEDIA GROUP ARKANSAS
 HOLDINGS, INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	 GATEHOUSE MEDIA CALIFORNIA
 HOLDINGS, INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	 GATEHOUSE MEDIA COLORADO HOLDINGS,
 INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer

									
		 		 	 GATEHOUSE MEDIA CORNING HOLDINGS,
 INC., a Nevada corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
			
		 		 	 GATEHOUSE MEDIA FREEPORT HOLDINGS,
 INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	 GATEHOUSE MEDIA ILLINOIS HOLDINGS,
 INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	 GATEHOUSE MEDIA IOWA HOLDINGS, INC.,
 a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	 GATEHOUSE MEDIA KANSAS HOLDINGS,
 INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer

									
		 		 	 GATEHOUSE MEDIA LANSING PRINTING,
 INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
			
		 		 	 GATEHOUSE MEDIA LOUISIANA HOLDINGS,
 INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	 GATEHOUSE MEDIA MANAGEMENT
 SERVICES, INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	 GATEHOUSE MEDIA MICHIGAN HOLDINGS,
 INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	 GATEHOUSE MEDIA MINNESOTA HOLDINGS,
 INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer

									
		 		 	 GATEHOUSE MEDIA MISSOURI HOLDINGS,
 INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
			
		 		 	 GATEHOUSE MEDIA NEBRASKA HOLDINGS,
 INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	 GATEHOUSE MEDIA NEVADA HOLDINGS,
 INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	 GATEHOUSE MEDIA NEW YORK HOLDINGS,
 INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	 GATEHOUSE MEDIA NORTH DAKOTA
 HOLDINGS, INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer

									
		 		 	 GATEHOUSE MEDIA PENNSYLVANIA
 HOLDINGS, INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
			
		 		 	 GATEHOUSE MEDIA SUBURBAN
 NEWSPAPERS, INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	 LIBERTY SMC, L.L.C.,
 a Delaware
limited liability company

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	 MINERAL DAILY NEWS TRIBUNE, INC.,
 a
West Virginia corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
				
		 		 		 	 NEWS LEADER, INC.,
 a Louisiana
corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer

									
		 		 	 TERRY NEWSPAPERS, INC.,
 an Iowa
corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	Chief Executive Officer
			
		 		 	 ENTERPRISE NEWSMEDIA HOLDING, LLC,
 a
Delaware limited liability company

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	President & Chief Executive Officer
				
		 		 		 	 ENTERPRISE NEWSMEDIA, LLC,
 a Delaware
limited liability company

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	President & Chief Executive Officer
				
		 		 		 	 LRT FOUR HUNDRED, LLC,
 a Delaware
limited liability company

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	President & Chief Executive Officer
				
		 		 		 	 GEORGE W. PRESCOTT PUBLISHING
 COMPANY, LLC, a Delaware limited liability company

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	President & Chief Executive Officer

									
		 		 	 LOW REALTY, LLC,
 a Delaware limited
liability company

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	President & Chief Executive Officer
			
		 		 	 ENTERPRISE PUBLISHING COMPANY, LLC,
 a
Delaware limited liability company

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	President & Chief Executive Officer
				
		 		 		 	 GATEHOUSE MEDIA DIRECTORIES
 HOLDINGS, INC., a Delaware corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	President & Chief Executive Officer
				
		 		 		 	 SUREWEST DIRECTORIES,
 a California
corporation

					
		 		 		 	By:	 	/s/ Michael E. Reed
		 		 		 	Name:	 	Michael E. Reed
		 		 		 	Title:	 	President & Chief Executive Officer

 Accepted and agreed to as of the date first above written: 
  

			
	 WACHOVIA BANK, NATIONAL ASSOCIATION,
 as Administrative Agent

		
	By:	 	/s/ John D. Brady
	Name:	 	John D. Brady
	Title:	 	DirectorRetention Agreement between Registrant and Thomas H. Silberg

 Exhibit 10.24 
 RETENTION AGREEMENT 
 This RETENTION AGREEMENT (the “Retention Agreement”), dated as
of November 20, 2006 (the “Effective Date”), is entered into by and between Abraxis BioScience, Inc., a Delaware corporation (the “Company”), and Thomas Silberg (the “Employee”). 
 WHEREAS, the Employee possesses skills, experience and knowledge that are of value to the Company; and 
 WHEREAS, the Company desires to retain the services of the Employee and, subject to the terms and conditions of this Agreement, intends to provide the
Employee with the additional compensation set forth herein in order to retain the services of the Employee; 
 NOW, THEREFORE, in
consideration of the mutual covenants contained herein and other valid consideration the amount and sufficiency of which are acknowledged, the parties hereto agree as follows: 
 Section 1.     Increase in Base Salary. Effective as of September 8, 2006 and commencing the first day
following the day that the Employee executes this Agreement and returns it to the Company, the Company shall commence to pay to the Employee a salary at an annual rate of $400,000.00, payable in accordance with the Company’s standard payroll
policies, and as may be periodically adjusted upward or downward by the Company in its discretion during its periodic review of base salaries (as adjusted, the “Base Salary”). 
 Section 2.     Cash Retention Bonus. Subject to the terms and conditions of this Agreement, the Employee is hereby
awarded a cash retention bonus of $200,000.00 (the “Cash Bonus”), payable in installments on the following dates: 
  

	 	(a)	a first installment of 10% of the Cash Bonus shall be paid on the first payroll date occurring after the day that the Employee executes this Agreement and returns it to the Company;

  

	 	(b)	a second installment of 15% of the Cash Bonus shall be paid on the first payroll date occurring after July 30, 2007; and 

  

	 	(c)	the final installment of the balance of the Cash Bonus shall be paid on the first payroll date occurring after the first anniversary of the Effective Date. 

In order to receive an unpaid installment of the Cash Bonus, the Employee must remain an employee of the Company or a subsidiary or affiliate of the Company
continuously from the Effective Date through the payment date; provided, however, that in the event of the termination of the Employee’s employment by the Company prior to the payment of the final installment of the Cash Bonus
other than (i) for Cause or (ii) by reason of the Employee’s disability (as determined under the Company’s long-term disability plan as in effect from time to time), then, as soon as practicable following the date of such
termination and subject to the Employee executing, delivering, and not-revoking, a release of claims in a form to be provided to the 

 
Employee by the Company at the time of termination, the Employee shall be paid all unpaid installments of the Cash Bonus. Upon any other termination of the
Employee’s employment, the Employee shall forfeit any right to receive all unpaid installments of the Cash Bonus. 
 Section 3.    Grant of Restricted Stock Units. As soon as practicable after the Effective Date, the Company shall grant the Employee $600,000.00 restricted stock units (the “Restricted Stock
Units”) pursuant to the Company’s 2001 Stock Incentive Plan (the “Plan”); provided, that such grant shall not be made earlier than the date that the Board of Directors of the Company adopts an amendment to the Plan permitting
such awards to be granted thereunder (and such grant shall be conditioned on the adoption of such amendment). Each Restricted Stock Unit shall represent the right of the Employee to receive, upon the vesting thereof, one share of common stock, par
value $0.001 per share, of the Company. Subject to the terms and conditions of this Agreement and the Restricted Stock Unit Agreement, the Restricted Stock Units shall vest on the following dates (each, a “Vesting Date”): 
  

	 	(a)	as to 10% of the Restricted Stock Units, on the later of the first day following the day that the Employee executes this Agreement and returns it to the Company or the date of
grant; 

  

	 	(b)	as to an additional 40% of the Restricted Stock Units, on July 30, 2007; 

  

	 	(c)	as to an additional 25% of the Restricted Stock Units, on the first anniversary of the Effective Date; and 

  

	 	(d)	as to the final 25% of the Restricted Stock Units, on the second anniversary of the Effective Date. 

 The grant of Restricted Stock Units shall be evidenced by a form of grant agreement to be provided to the Employee by the Company (the “Restricted Stock Unit Agreement”). The Restricted Stock Unit
Agreement shall provide that, in order for Restricted Stock Units to vest on any of the foregoing Vesting Dates, the Employee must remain an employee of the Company or a subsidiary or affiliate of the Company continuously from the Effective Date
through such Vesting Date; provided, however, that in the event of the termination of the Employee’s employment prior to the final Vesting Date by the Company other than (i) for Cause or (ii) by reason of the
Employee’s disability (as determined under the Company’s long-term disability plan as in effect from time to time), then, subject to the Employee executing, delivering, and not-revoking, a release of claims in a form to be provided to the
Employee by the Company at the time of termination, all of the then-unvested Restricted Stock Units shall vest. Upon any other termination of the Employee’s employment, the Employee shall forfeit all then-unvested Restricted Stock Units.

 Section 4.    Severance Payment. 
 4.1.    Termination of Employment. In the event of a Qualifying Termination of the Employee’s employment on or before the
second anniversary of the Effective Date, then the Company shall pay the Employee severance pay in an amount equal to two times 

  

 2 

 
the Employee’s then-current Base Salary (the “Severance Payment”). The Severance Payment shall be paid in the form of substantially
equal installments through the second anniversary of the Employee’s termination date in accordance with the Company’s standard payroll practices with respect to active employees but not less frequently than monthly. Notwithstanding the
preceding sentence, if Section 409A of the Internal Revenue Code of 1986, as amended, would cause the imposition of the additional tax thereunder on the severance payment if paid as aforesaid, then payment of such installments shall commence
upon the earliest date that complies with Section 409A without the imposition of such additional tax, and the first such installment shall include all installments that would have been paid but for the application of Section 409A thereto.
The Company’s obligations to make the payments set forth in this Section 4 shall be conditioned upon (x) the Employee’s continued compliance with his or her obligations under Section 5 of this Retention Agreement and
(y) the Employee’s execution, delivery and non-revocation of a release of claims in a form to be provided to the Employee by the Company at the time of termination. In the event that the Employee breaches any of the covenants set forth in
Section 5 of this Retention Agreement, the Employee will immediately return to the Company any portion of the Severance Payment that has been previously paid to the Employee. 
 4.2.    Exclusive Remedy. Payments upon termination of the Employee’s employment pursuant to Section 2, if any, and
this Section 4 shall constitute the exclusive severance payments due to the Employee upon a termination of his or her employment on or before the second anniversary of the Effective Date and shall be in lieu of severance payments under any
other severance program of the Company or any of its subsidiaries or affiliates. Severance payments made hereunder shall not be taken into account under any employee benefit plan, program or arrangement of the Company or any subsidiary or affiliate.

 4.3.    Resignation from All Positions. Upon the termination of the Employee’s employment with the Company
for any reason, the Employee shall be deemed to have resigned, as of the date of such termination, from all positions he or she then holds as an officer, director, employee of the Company and each of its subsidiaries and affiliates, as applicable.

 4.4.    Definitions. For purposes of this Agreement, the following terms shall have the following meanings:

 (a)    Qualifying Termination. A “Qualifying Termination” shall mean a termination of the
Employee’s employment by the Company during the Severance Protection Period and following a Change in Control other than (i) for Cause or (ii) by reason of the Employee’s disability (as determined under the Company’s
long-term disability plan as in effect from time to time). For purposes of applying this definition, a termination of the Employee’s employment will not be deemed to have occurred if, in connection with a sale of all or substantially all of the
assets of the Company, the Employee is offered employment (whether or not the Employee accepts such offer) with the purchaser of any of the assets of the Company. 
 (b)    Cause. “Cause” shall mean that the Employee has engaged in any of the following: (i) dishonesty, willful misconduct or gross negligence in the 

  

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performance of his or her duties to the Company or any of its affiliates or subsidiaries; (ii) willful misrepresentation at any time to the Company or
any of its affiliates or subsidiaries; (iii) intentional failure or refusal to perform his or her reasonably assigned duties; (iv) any felony, or any other crime (whether or not a felony) involving dishonesty, fraud or breach of trust;
(v) willful or grossly negligent failure to comply with any written rules, regulations, policies or procedures of the Company or any of its affiliates or subsidiaries; or (vi) a breach of the Employee’s covenants contained in
Section 5 this Agreement. 
 (c)     Severance Protection Period. The “Severance Protection
Period” shall mean the twenty-four-month period commencing on the Effective Date. 
 (d)     Change in
Control. “Change in Control” shall mean (i) a merger, consolidation, reorganization or recapitalization pursuant to which the holders of the voting capital stock of the Company immediately prior to such transaction cease to
beneficially own more than thirty-five percent (35%) of voting capital stock of the Company or its successor (or, if there is a parent of the Company following such transaction, of the ultimate parent) immediately following such transaction or
(ii) the Company sells all or substantially all of its assets to a third party. 
 Section 5.    
Unauthorized Disclosure; Non-Solicitation; Non-Competition; Proprietary Rights. 
 5.1.     Unauthorized
Disclosure. The Employee agrees and understands that in the Employee’s position with the Company, the Employee has been and will be exposed to and has and will receive information relating to the confidential affairs of the Company and its
affiliates, including, without limitation, technical information, intellectual property, business and marketing plans, strategies, customer information, software, other information concerning the products, promotions, development, financing,
expansion plans, business policies and practices of the Company and its affiliates and other forms of information considered by the Company and its affiliates to be confidential and in the nature of trade secrets (including, without limitation,
ideas, research and development, know-how, formulas, technical data, designs, drawings, specifications, customer and supplier lists, pricing and cost information and business and marketing plans and proposals) (collectively, the
“Confidential Information”); provided, that information that is or becomes generally available to the public other than as a result of a breach of this Retention Agreement by the Employee shall not be considered to be
Confidential Information. The Employee agrees that at all times during the Employee’s employment with the Company and thereafter, the Employee shall not disclose such Confidential Information, either directly or indirectly, to any individual,
corporation, partnership, limited liability company, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof (each, a “Person”) without the prior
written consent of the Company and shall not use or attempt to use any such information in any manner other than in connection with his or her employment with the Company, unless required by law to disclose such information, in which case the
Employee shall provide the Company with written notice of such requirement as far in advance of such anticipated disclosure as possible so as to enable the Company to seek an appropriate protective order or confidential treatment. This
confidentiality 

  

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covenant has no temporal, geographical or territorial restriction. Upon termination of the Employee’s employment with the Company, the Employee shall
promptly supply to the Company all property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data and any other tangible product or document which
has been produced by, received by or otherwise submitted to the Employee during or prior to the Employee’s employment with the Company, and any copies thereof in his or her (or capable of being reduced to his or her) possession. 
 5.2.    Non-Competition. By and in consideration of the Company’s entering into this Retention Agreement and the payments
to be made and benefits to be provided by the Company hereunder, and in further consideration of the Employee’s exposure to the Confidential Information of the Company and its affiliates, the Employee agrees that the Employee shall not, during
the Employee’s employment with the Company and for a twelve-month period thereafter (the “Restriction Period”), directly or indirectly, own, manage, operate, join, control, be employed by, or participate in the ownership,
management, operation or control of, or be connected in any manner with, including, without limitation, holding any position as a stockholder, director, officer, consultant, independent contractor, employee, partner, or investor in, any Restricted
Enterprise (as defined below); provided, that in no event (i) shall ownership by the Employee of five percent (5%) or less of the outstanding securities of any class of any issuer whose securities are registered under the Securities
Exchange Act of 1934, as amended, standing alone, be prohibited by this Section 5.2, so long as the Employee does not have, or exercise, any rights to manage or operate the business of such issuer other than rights as a stockholder thereof, nor
(ii) shall being employed by a Person that is a Restricted Enterprise, standing alone, be prohibited by this Section 5.2, so long as (A) such Person has more than one discrete and readily distinguishable part of its business,
(B) the Employee’s duties are not at or involving the part of such Person that is the Restricted Enterprise, including, without limitation, serving in a capacity where any Person involved in the Restricted Enterprise reports to the
Employee and (C) the Employee notifies the Company of employment with such Person prior to commencement of his or her employment with such Person. For purposes of this paragraph, “Restricted Enterprise” shall mean any Person
that is engaged, directly or indirectly, in (or intends or proposes to engage in, or has been organized for the purpose of engaging in) the generic injectible pharmaceutical industry. During the one-year period following the termination of the
Employee’s employment with the Company, upon request of the Company, the Employee shall notify the Company of the Employee’s then-current employment status. 
 5.3.    Non-Solicitation of Employees. During the Restriction Period, the Employee shall not directly or indirectly contact, induce or solicit (or assist any Person to contact, induce or
solicit) for employment any person who is, or within 12 months prior to the date of such solicitation was, an employee of the Company or any of its affiliates. 
 5.4.    Non-Solicitation of Customers. During the Restriction Period, the Employee shall not (i) contact, induce or solicit (or assist any Person to contact, induce or solicit) any
Person which has a business relationship with the Company or of any of its affiliates to terminate, curtail or otherwise limit such business relationship, or (ii) solicit, other than on behalf of the Company and its affiliates, any Person that
the Employee knows or should have known (x)

  

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is a current customer of the Company or any of its affiliates, (y) was, within 12 months prior to the date of such solicitation, a customer of the
Company or any of its affiliates or (z) is a Person with respect to which the Company or any of its affiliates has, within the 12 months prior to the date of such solicitation, devoted more than de minimis resources in an effort to cause
such Person to become a customer of the Company or any of its affiliates. 
 5.5.    Extension of Restriction
Period. The Restriction Period shall be tolled for any period during which the Employee is in breach of any of Sections 5.2, 5.3 and 5.4 hereof. 
 5.6.    Proprietary Rights. The Employee shall disclose promptly to the Company any and all inventions, discoveries, and improvements (whether or not patentable or registrable under
copyright or similar statutes), and all patentable or copyrightable works, initiated, conceived, discovered, reduced to practice, or made by him or her, either alone or in conjunction with others, during the Employee’s employment with the
Company and related to the business or activities of the Company and its affiliates (the “Developments”). Except to the extent any rights in any Developments constitute a work made for hire under the U.S. Copyright Act, 17 U.S.C.
§ 101 et seq., that are owned ab initio by the Company and/or its applicable affiliate, the Employee assigns all of his or her right, title and interest in and to all Developments (including all intellectual property rights therein) to the
Company or its nominee without further compensation, including all rights or benefits therefor, including without limitation the right to sue and recover for past and future infringement. The Employee acknowledges that any rights in any developments
constituting a work made for hire under the U.S. Copyright act, 17 U.S.C § 101 et seq., are owned upon creation by the Company and/or its applicable affiliate as the Employee’s employer. Whenever requested to do so by the Company, the
Employee shall execute any and all applications, assignments or other instruments which the Company shall deem necessary to apply for and obtain trademarks, patents or copyrights of the United States or any foreign country or otherwise protect the
interests of the Company and its affiliates therein. These obligations shall continue beyond the end of the Employee’s employment with the Company, subject to Section 7.3 hereof, with respect to inventions, discoveries, improvements or
copyrightable works initiated, conceived or made by the Employee while employed by the Company, and shall be binding upon the Employee’s employers, assigns, executors, administrators and other legal representatives. In connection with his or
her execution of this Retention Agreement, the Employee has informed the Company in writing of any interest in any inventions or intellectual property rights that he or she holds as of the date hereof. If the Company is unable for any reason, after
reasonable effort, to obtain the Employee’s signature on any document needed in connection with the actions described in this Section 5.6, the Employee hereby irrevocably designates and appoints the Company and its duly authorized officers
and agents as the Employee’s agent and attorney in fact to act for and in the Employee’s behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of this section with the
same legal force and effect as if executed by the Employee. 
 5.7.    Remedies. The Employee agrees that any
breach of the terms of this Section 5 would result in irreparable injury and damage to the Company for which the Company would have no adequate remedy at law; the Employee therefore also agrees that in the 

  

 6 

 
event of said breach or any threat of breach, the Company shall be entitled to an immediate injunction and restraining order to prevent such breach and/or
threatened breach and/or continued breach by the Employee and/or any and all Persons acting for and/or with the Employee, without having to prove damages, in addition to any other remedies to which the Company may be entitled at law or in equity,
including, without limitation, the obligation of the Employee to return to the Company any portion of the severance payment that has been paid to him or her. The terms of this paragraph shall not prevent the Company from pursuing any other available
remedies for any breach or threatened breach hereof, including, without limitation, the recovery of damages from the Employee. The Employee and the Company further agree that the provisions of the covenants contained in this Section 5 are
reasonable and necessary to protect the businesses of the Company and its affiliates because of the Employee’s access to Confidential Information and his or her material participation in the operation of such businesses. 
 Section 6.    Withholding. All amounts paid to the Employee under this Retention Agreement shall be subject to
withholding and other employment taxes imposed by applicable law. 
 Section 7.    Miscellaneous.

 7.1.    Amendments and Waivers. This Retention Agreement and any of the provisions hereof may be
amended, waived (either generally or in a particular instance and either retroactively or prospectively), modified or supplemented, in whole or in part, only by written agreement signed by the parties hereto; provided, that, the observance of
any provision of this Retention Agreement may be waived in writing by the party that will lose the benefit of such provision as a result of such waiver. The waiver by any party hereto of a breach of any provision of this Retention Agreement shall
not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach, except as otherwise explicitly provided for in such waiver. Except as otherwise expressly provided herein, no failure on
the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such
right, power or remedy by such party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 
 7.2.    Assignment. This Retention Agreement, and the Employee’s rights and obligations hereunder, may not be assigned by the Employee, and any purported assignment by the Employee in violation hereof shall
be null and void. The Company may, without the consent of the Employee, assign this Agreement to any entity that is the successor to (i) all or substantially all of the business and/or assets of the Company or (ii) that portion of the
business and/or assets of the Company to which the Employee’s services as an employee relate. For purposes of this Agreement, (x) any reference to “the Company” herein shall be deemed to be a reference to any such successor to
the Company, and (y) no transfer of the Employee’s employment that occurs in connection with any event that results in such a successor shall be deemed to be a termination of the Employee’s employment for any purpose under this
Agreement or otherwise. 
  

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 7.3.    Cooperation. Following the termination of the Employee’s
employment with the Company for any reason, the Employee agrees to reasonably cooperate with the Company upon reasonable request of the Company and to be reasonably available to the Company with respect to matters arising out of the Employee’s
services to the Company and its subsidiaries. The Company shall reimburse the Employee for expenses reasonably incurred in connection with such matters as agreed by the Employee and the Company. 
 7.4.    No Right to Continued Employment. Nothing in this Agreement shall be interpreted or construed to confer upon the
Employee any right with respect to continuance of employment by the Company or any of its affiliates, nor interfere in any way with the right of the Company or any such affiliate to terminate the Employee’s employment at any time. For purposes
of this Agreement, the Employee shall be considered to be continuously an Employee of the Company if he or she is an employee of a subsidiary or affiliate and his or her status as an employee shall not be deemed to have been interrupted by reason of
the transfer of the Employee’s employment among the Company and/or its subsidiaries and affiliates. 
 7.5.    No
Third-Party Beneficiaries. Nothing in this Retention Agreement shall confer upon any Person not a party to this Retention Agreement, or the legal representatives of such Person, any rights or remedies of any nature or kind whatsoever under or by
reason of this Retention Agreement. 
 7.6.    Notices. Unless otherwise provided herein, all notices, requests,
demands, claims and other communications provided for under the terms of this Retention Agreement shall be in writing. Any notice, request, demand, claim or other communication hereunder shall be sent by (i) personal delivery (including
receipted courier service) or overnight delivery service, (ii) facsimile during normal business hours, with confirmation of receipt, to any facsimile number the Employee provides to the Company for purposes of receipt of notice,
(iii) reputable commercial overnight delivery service courier or (iv) registered or certified mail, return receipt requested, postage prepaid and addressed to the intended recipient as set forth below: 
  

	 	(a)	If to the Employee, to the last home address the Company maintains in its records for the Employee 

  

	 	(b)	If to the Company, to: 

 Abraxis
BioScience, Inc. 
 Attention: General Counsel 
 11755 Wilshire Blvd., 20th Floor 
 Los Angeles, CA 90025 
 Facsimile: 310.883.3146 
 All such notices, requests, consents and other communications shall be deemed to have been given when received. Any party may change its facsimile number
or its address to which notices, requests, demands, claims and other communications hereunder are to be delivered by giving the other parties hereto notice in the manner then set forth. 
  

 8 

 7.7.     Governing Law; Dispute Resolution. 
 (a)     Governing Law. This Retention Agreement shall be construed and enforced in accordance with, and the rights and
obligations of the parties hereto shall be governed by, the laws of the State of Illinois, without giving effect to the conflicts of law principles thereof. 
 (b)     Dispute Resolution. Except as set forth in Section 5.7 hereof, the parties hereto agree that any controversy or claim arising out of or relating to this Retention Agreement or
the breach thereof, shall be settled by binding arbitration by an arbitrator, who shall be selected in accordance with the then-current arbitrator selection procedures of the American Arbitration Association. Such arbitration shall be conducted
within 25 miles of the Employee’s most recent primary office location (absent mutual agreement by the parties to do otherwise) pursuant to the national rules for the resolution of employment disputes of the American Arbitration Association then
in effect. The decision or award in any such arbitration will be final and binding upon the parties and judgment upon such decision or award may be entered in any court of competent jurisdiction or application may be made to any such court for
judicial acceptance of such decision or award and an order of enforcement. In the event that any procedural matter is not covered by the aforesaid rules, the procedural law of Illinois will govern. The parties shall each bear their own costs in the
arbitration, except that each shall pay fifty percent of all fees and expenses of any type assessed by the American Arbitration Association. 
 7.8.     Severability. Whenever possible, each provision or portion of any provision of this Retention Agreement, including those contained in Section 5 hereof, will be interpreted in such manner as to be
effective and valid under applicable law but the invalidity or unenforceability of any provision or portion of any provision of this Retention Agreement in any jurisdiction shall not affect the validity or enforceability of the remainder of this
Retention Agreement in that jurisdiction or the validity or enforceability of this Retention Agreement, including that provision or portion of any provision, in any other jurisdiction. In addition, should a court or arbitrator determine that any
provision or portion of any provision of this Retention Agreement, including those contained in Section 5 hereof, is not reasonable or valid, either in period of time, geographical area, or otherwise, the parties hereto agree that such
provision should be interpreted and enforced to the maximum extent which such court or arbitrator deems reasonable or valid. 
 7.9.     Entire Agreement. This Retention Agreement, and, when executed and delivered by the parties hereto, the Restricted Stock Unit Agreement, shall constitute the entire agreement between the parties, and
shall supersede all prior representations, agreements and understandings (including any prior course of dealings), both written and oral, between the parties with respect to the subject matter hereof and thereof. 
  

 9 

 7.10.    Counterparts. This Retention Agreement may be executed in any number
of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute one and the same instrument. 
 7.11.    Binding Effect. This Retention Agreement shall inure to the benefit of, and be binding on, the successors and assigns of each of the parties, including, without limitation, the Employee’s heirs and
the personal representatives of the Employee’s estate and any successor to all or substantially all of the business and/or assets of the Company. 
 7.12.    General Interpretive Principles. The headings of the sections, paragraphs, subparagraphs, clauses and subclauses of this Retention Agreement are for convenience of reference only
and shall not in any way affect the meaning or interpretation of any of the provisions hereof. Words of inclusion shall not be construed as terms of limitation herein, so that references to “include”, “includes” and
“including” shall not be limiting and shall be regarded as references to non-exclusive and non-characterizing illustrations. 
 7.13.    Mitigation. Notwithstanding any other provision of this Retention Agreement, (a) the Employee will have no obligation to mitigate damages for any breach or termination of this Retention Agreement by
the Company, whether by seeking employment or otherwise and (b) the amount of any benefit due the Employee after the date of such breach or termination shall not be reduced or offset by any payment or benefit that the Employee may receive from
any other source. 
 [signature page follows] 
  

 10 

 IN WITNESS WHEREOF, the undersigned have executed this Retention Agreement as of the date first written
above. 
  

					
	 	 	ABRAXIS BIOSCIENCE, INC.
			
	 /s/ Thomas Silberg
	 	By:	 	 /s/ Richard E. Maroun

	Thomas Silberg	 	Name:	 	Richard E. Maroun
		 	Title:	 	Chief Administrative Officer

  

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