Document:

Media General, Inc., ERISA Excess Benefits Plan

 Exhibit 10.06 
 MEDIA GENERAL, INC. 
 ERISA EXCESS BENEFIT PLAN 
 Amended and Restated Effective January 1, 2008 

 Media General, Inc. 
 ERISA Excess Benefit Plan 
 Amended and Restated Effective January 1, 2008 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	INTRODUCTION	  	1
			
	ARTICLE I	  	DEFINITIONS	  	2
	 1.01
	  	 Code
	  	2
	 1.02
	  	 Company
	  	2
	 1.03
	  	 Effective Date
	  	2
	 1.04
	  	 ERISA
	  	2
	 1.05
	  	 Participant
	  	2
	 1.06
	  	 Pension Benefit
	  	2
	 1.07
	  	 Pension Plan
	  	2
	 1.08
	  	 Plan
	  	3
	 1.09
	  	 Unrestricted Benefit
	  	3
	 1.10
	  	 Unrestricted Spousal Benefit
	  	3
			
	ARTICLE II	  	BENEFITS	  	4
	 2.01
	  	 Normal Retirement Benefit
	  	4
	 2.02
	  	 Early Retirement Benefit
	  	4
	 2.03
	  	 Spouse’s Pension Benefit
	  	4
	 2.04
	  	 Date of Payment
	  	4
			
	ARTICLE III	  	ADMINISTRATION OF THE PLAN	  	6
	 3.01
	  	 Administrator
	  	6
	 3.02
	  	 Amendment and Termination
	  	6
	 3.03
	  	 Payments
	  	6
	 3.04
	  	 Non-assignability of Benefits
	  	7
	 3.05
	  	 Unfunded Plan
	  	7
	 3.06
	  	 Claims Procedure
	  	7
	 3.07
	  	 Nonguarantee of Employment
	  	7
	 3.08
	  	 Applicable Law
	  	7
	 3.09
	  	 Anti-Acceleration
	  	8
	 3.10
	  	 Omnibus Provisions
	  	8

  

 i 

 Media General, Inc. 
 ERISA Excess Benefit Plan 
 Amended and Restated Effective January 1, 2008 
 INTRODUCTION 
 Media General, Inc., a
corporation organized and existing under the laws of the Commonwealth of Virginia, adopted this Media General, Inc., ERISA Excess Plan to provide supplemental retirement benefits to certain employees whose benefits under the MG Advantage Retirement
Plan may be limited under Section 415 of the Internal Revenue Code, by the limit on covered compensation under Section 401(a)(17) of the Internal Revenue Code, and as a result of participation in the Media General, Inc. Deferred
Compensation Plan. 
 Effective January 1, 2007, individuals who are hired on or after January 1, 2007, may not become Participants
in the Plan. Effective January 1, 2008, the Plan is amended to conform the written terms of the Plan to the requirements of Section 409A of the Internal Revenue Code of 1986 (the “Code”). The Plan has been operated in good faith
compliance with the requirements of Section 409A of the Code for periods starting January 1, 2005, and through December 31, 2008. Effective January 1, 2008, the Plan is intended to comply with section 409A of the Code and final
regulations thereunder. All questions concerning the Plan should be interpreted in light of the Company’s intention to satisfy the applicable requirements of ERISA and Code section 409A. 
  

 1 

 Media General, Inc. 
 ERISA Excess Benefit Plan 
 Amended and Restated Effective January 1, 2008 
  

 ARTICLE I 
 DEFINITIONS 
  

	1.01	Code  

 Code shall mean the Internal Revenue
Code of 1986, as amended from time to time. 
  

	1.02	Company  

 Company shall mean Media General,
Inc. and any of its subsidiaries or affiliated business entities participating in the Pension Plan. 
  

	1.03	Effective Date  

 Effective date shall mean
January 1, 1991. The Plan was amended and restated, effective November 17, 1994. The Effective Date of this amended and restated Plan is January 1, 2008. 
  

	1.04	ERISA  

 ERISA shall mean the Employee
Retirement Income Security Act of 1974, as from time to time amended. 
  

	1.05	Participant  

 Participant shall mean any
employee of the Company who is an active Participant in the Pension Plan on or after the Effective Date and whose pension benefits determined on the basis of the provisions of such Pension Plan, without regard to the limitations of the Code and
including deferrals made under the Media General, Inc. Deferred Compensation Plan, exceed the benefit payable to such Participant whose benefits are limited under the Pension Plan. An individual who becomes an employee of the Company on or after
January 1, 2007, may not become a Participant in the Plan. 
  

	1.06	Pension Benefit  

 Pension Benefit shall mean
the actuarial equivalent of the monthly benefit paid to a Participant (or his spouse) of the Pension Plan assuming that the benefits under the Pension Plan begin at the same time and in the same manner as benefits are payable under the Plan.

  

	1.07	Pension Plan  

 Pension Plan shall mean the
MG Advantage Retirement Plan. 
  

 2 

 Media General, Inc. 
 ERISA Excess Benefit Plan 
 Amended and Restated Effective January 1, 2008 
  

	1.08	Plan  

 Plan shall mean the Media General,
Inc., ERISA Excess Benefit Plan, as from time to time amended or restated, which shall be an unfunded plan for the benefit of highly compensated or management employees. 
  

	1.09	Unrestricted Benefit  

 Unrestricted Benefit
shall mean the Pension Benefit that would have been payable to a Participant if the determination of such Pension Benefit was made without regard to (i) the limit on covered compensation contained in Section 401(a)(17) of the Code, and
(ii) the limit on benefits payable under Section 415 of the Code, and by treating the amount of any compensation that is deferred by the Participant under the Media General, Inc. Deferred Compensation Plan as a component of covered
compensation in the year in which such deferrals occur. Only Years of Service (as defined in the Pension Plan) taken into account under the Pension Plan shall be considered under this Plan in determining a Participant’s Unrestricted Benefit.

  

	1.10	Unrestricted Spousal Benefit  

 Unrestricted
Spousal Benefit shall mean the Pension Benefit that would have been payable to a Participant’s spouse if the determination of such Pension Benefit was made without regard to (i) the limit on covered compensation contained in
Section 401 of the Code, and (ii) the limit on benefits payable under Section 415 of the Code, and by treating the amount of any compensation that is deferred by the Participant under the Media General, Inc. Deferred Compensation Plan
as a component of covered compensation in the year in which such deferrals occur. Only Years of Service (as defined in the Pension Plan) taken into account under the Pension Plan shall be considered under this Plan in determining the Unrestricted
Spousal Benefit. 
  

 3 

 Media General, Inc. 
 ERISA Excess Benefit Plan 
 Amended and Restated Effective January 1, 2008 
  

 ARTICLE II 
 BENEFITS 
  

	2.01	Normal Retirement Benefit  

 Upon the Normal
Retirement of a Participant, as provided under the Pension Plan, such Participant shall be entitled to a monthly benefit equal in amount to his Unrestricted Benefit less his Pension Benefit, which shall commence at the time and in the form described
in Plan section 2.04. 
  

	2.02	Early Retirement Benefit 

 (a) Except as
provided in subsection (b) below, upon the Early Retirement of a Participant, as provided under the Pension Plan, such Participant shall be entitled to a monthly benefit equal to his Unrestricted Benefit less his Pension Benefit, which shall
commence at the time and in the form described in Plan section 2.04. 
 (b) A Participant who has a vested benefit under the Plan as of
December 31, 2006, may elect to receive his Early Retirement Benefit under the Plan at any age following his attainment of Early Retirement Age (as defined in the Pension Plan), but no later than the attainment of age 65, provided that the
Participant has Separated from Service as of such date and subject to the six-month delay described in Plan Section 2.04(a). Such election must be made no later than December 31, 2008. Notwithstanding the foregoing, a Participant may
change his election by filing a subsequent election with the Company, provided that any such election (i) may not take effect for twelve (12) months after it is made and (ii) must postpone payment or commencement of Participant’s
benefit for at least five (5) years from the date the benefit was otherwise scheduled to be paid or to commence. 
  

	2.03	Spouse’s Pension Benefit 

 Upon the
death of a Participant whose spouse is eligible for a Pre- or Post-retirement surviving spouse benefit under the Pension Plan, the Participant’s Surviving Spouse shall be entitled to a monthly benefit equal in amount to the Unrestricted Spousal
Benefit less the Pension Benefit payable to such spouse. 
  

	2.04	Date of Payment 

 (a) Except as provided in
subsection (b) below, the benefit payment computed under this Article II shall be an annual amount which shall be payable in monthly installments commencing on the first day of the first month following the six-month anniversary of the
Participant’s Separation from Service or death (if applicable) with the Company and terminating with the last installment paid 

  

 4 

 Media General, Inc. 
 ERISA Excess Benefit Plan 
 Amended and Restated Effective January 1, 2008 
  

 
prior to the Participant’s or Surviving Spouse’s death. Any payments that would have been made during the six-month period commencing on the
Participant’s Separation from Service and ending on the date monthly payments begin shall be accumulated and paid on the date of the first payment. 
 (b) In lieu of receiving a benefit under the Plan in the form of a life annuity described in subsection (a) above, a Participant who has a vested benefit under the Plan as of December 31, 2006, may elect
prior to the date benefits begin to receive benefits in an actuarial equivalent form of benefit provided under the Pension Plan, in accordance with procedures announced by the Company and on a form provided by the Company. 
 (c) For purposes of the Plan, Separation from Service means either: (i) the complete cessation of the performance of services by the Participant for
the Company for whatever reason, or (ii) a diminished level of services where the Participant is expected to perform services at a level equal to twenty percent (20%) or less of the average level of service provided during the immediately
preceding thirty-six (36) months. 
  

 5 

 Media General, Inc. 
 ERISA Excess Benefit Plan 
 Amended and Restated Effective January 1, 2008 
  

 ARTICLE III 
 ADMINISTRATION OF THE PLAN 
  

	3.01	Administrator  

 The Plan shall be
administered by the Company, or such person, entity or committee as it may appoint from time to time, which shall have the authority to interpret the Plan and issue such regulations as it deems appropriate. The Administrator shall have the duty and
responsibility of maintaining records, making the requisite calculations and disbursing the payments hereunder. The Administrator’s interpretations, determinations, regulations and calculations shall be final and binding on all persons and
parties concerned. 
 In discharging the duties assigned to it under the Plan, the Committee and each other fiduciary with respect to the
Plan has the discretion to interpret the Plan; adopt, amend and rescind rules and regulations pertaining to its duties under the Plan; and to make all other determinations necessary or advisable for the discharge of its duties under the Plan. Each
fiduciary’s discretionary authority is absolute and exclusive if exercised in a uniform and nondiscriminatory manner with respect to similarly situated individuals. The express grant in the Plan of any specific power to a fiduciary with respect
to any duty assigned to it under the Plan must not be construed as limiting any power or authority of the fiduciary to discharge its duties. A fiduciary’s decision is final and conclusive unless it is established that the fiduciary’s
decision constituted an abuse of its discretion. 
  

	3.02	Amendment and Termination  

 The Company
reserves the right at any time to amend, modify or terminate the Plan, in whole or in part. Any such amendment, modification or termination of the Plan shall be made by a resolution adopted by the Board of Directors and communicated to Participants
within a reasonable time from the later of the date of adoption or the effective of such action; provided, however, that the Company shall not amend the Plan retroactively in such a manner as to reduce any benefit payable to any Participant or
Beneficiary to the extent that such benefit was accrued and vested prior to the amendment, modification or termination, unless such Participant consents in writing to such reduction. The Plan shall not be terminated unless such termination is
permitted and administered in accordance with Treasury Regulation section 1.409A-3(j)(4)(ix). 
  

	3.03	Payments  

 The Company will pay all benefits
arising under this Plan and all costs, charges and expenses relating thereto. 
  

 6 

 Media General, Inc. 
 ERISA Excess Benefit Plan 
 Amended and Restated Effective January 1, 2008 
  

	3.04	Non-assignability of Benefits  

 The benefits
payable hereunder or the right to receive future benefits under the Plan may not be anticipated, alienated, pledged, encumbered, or subjected to any charge or legal process and if any attempt is made to do so, or a person eligible for any benefits
becomes bankrupt, the interest under the Plan of the person affected may be terminated by the Administrator which, in its sole discretion, may cause the same to be held or applied for the benefit of one or more of the dependents of such person or
make any other disposition of such benefits that it deems appropriate. 
  

	3.05	Unfunded Plan  

 The Plan shall be unfunded
for federal income tax purposes and for purposes of Title I of ERISA. The Plan constitutes a mere promise by the Company to make future benefit payments. Nevertheless, for the convenience of the Company, a trust fund may be established to segregate
certain assets for the purpose of paying benefits under the Plan. The Company shall be the beneficial owner of such assets, and no Participant or Beneficiary shall have any right, title or interest in or to any such assets. 
  

	3.06	Claims Procedure  

 Any claim by a
Participant or his Beneficiary for benefits shall be submitted to the Administrator. The Administrator shall be responsible for deciding whether such claim properly relates to benefits provided by the Plan and for providing a final decision with
respect to such claim. In addition, the Administrator shall provide a full and fair review of the claim, in accordance with the procedures required by ERISA. 
 For all purposes under the Plan, the decision with respect to a claim (if no review is requested) or the decision with respect to a claim review (if review is requested) shall be final, binding and conclusive on all
interested parties. 
  

	3.07	Nonguarantee of Employment  

 Nothing
contained in this Plan shall be construed as a contract of employment between the Company and any Participant, or as a right of any Participant to be continued in employment of the Company, or as a limitation on the right of the Company to discharge
any of its employees, with or without cause. 
  

	3.08	Applicable Law  

 This Plan shall be
construed in accordance with applicable federal law and, to the extent otherwise applicable, the laws of Virginia. 
  

 7 

 Media General, Inc. 
 ERISA Excess Benefit Plan 
 Amended and Restated Effective January 1, 2008 
  

	3.09	Anti-Acceleration  

 Notwithstanding anything
in the Plan to the contrary, no change submitted on an election form shall be accepted by the Company if the change accelerates the time over which distributions shall be made to the Participant (except as other permitted under Code section 409A).
The Company shall deny any change made to an election if the Company determines that the change violates the requirement under Code section 409A. 
 Notwithstanding the preceding, the Company, in its discretion, may accelerate distributions under the Plan in accordance with each of the payment events contained in Treasury Regulation section 1.409A-3(j)(4)(ii) through (xiv). 

 

	3.10	Omnibus Provisions  

 (a) Any benefit,
payment or other right provided by the Plan shall be provided or made in a manner, and at such time, in such form and subject to such election procedures (if any), as complies with the applicable requirements of Code section 409A to avoid a plan
failure described in Code section 409A(a)(1), including without limitation, deferring payment until the occurrence of a specified payment event described in Code section 409A(a)(2). Notwithstanding any other provision hereof or document pertaining
hereto, the Plan shall be so construed and interpreted to meet the applicable requirements of Code section 409A to avoid a plan failure described in Code section 409A(a)(1). 
 (b) It is specifically intended that all elections, consents and modifications thereto under the Plan will comply with the requirements of Code section
409A (including any transition or grandfather rules thereunder). The Company is authorized to adopt rules or regulations deemed necessary or appropriate in connection therewith to anticipate and/or comply the requirements of Code section 409A
(including any transition or grandfather rules thereunder and to declare any election, consent or modification thereto void if non-compliant with Code section 409A 
  

 8Media General, Inc., Executive Supplemental Retirement Plan

 Exhibit 10.07 
 MEDIA GENERAL, INC. 
 EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN 
 Amended and Restated 
 Effective
January 1, 2008 

 Media General, Inc. 
 Executive Supplemental Retirement Plan 
 Amended and Restated Effective January 1, 2008 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
			
	 INTRODUCTION
	  		  	1
			
	 ARTICLE I
	  	 PURPOSE
	  	1
			
	 ARTICLE II
	  	 ADMINISTRATION OF PLAN
	  	1
			
	 ARTICLE III
	  	 ELIGIBILITY AND PARTICIPATION
	  	2
			
	 ARTICLE IV
	  	 SUPPLEMENTAL RETIREMENT BENEFIT
	  	2
			
	 ARTICLE V
	  	 SUPPLEMENTAL DISABILITY BENEFIT
	  	6
			
	 ARTICLE VI
	  	 DEATH BENEFIT
	  	7
			
	 ARTICLE VII
	  	 ELECTION OF IN-SERVICE DISTRIBUTIONS
	  	8
			
	 ARTICLE VIII
	  	 NON-COMPETE PROVISION
	  	10
			
	 ARTICLE IX
	  	 MISCELLANEOUS PROVISIONS
	  	10
			
	 ARTICLE X
	  	 WAIVER OF VESTING AND BENEFIT ACCRUAL LIMITATIONS
	  	11
			
	 ARTICLE XI
	  	 ANTI-ACCELERATION
	  	11
			
	 ARTICLE XII
	  	 CLAIMS PROCEDURE
	  	12
			
	 ARTICLE XIII
	  	 OMNIBUS PROVISIONS
	  	12

  

 i 

 Media General, Inc. 
 Executive Supplemental Retirement Plan 
 Amended and Restated Effective January 1, 2008 
 INTRODUCTION 
 Media General,
Inc., hereby amends and restates the Media General, Inc., Executive Supplemental Retirement Plan (the “Plan”) for the benefit of the eligible officers and executive employees of Media General, Inc., and its wholly owned subsidiaries
(collectively the “Company”) that was originally adopted on May 24, 1979, and amended and restated from time to time since its original effective date. 
 Effective January 1, 2008, the Plan is amended to conform the written terms of the Plan to the requirements of Section 409A of the Internal Revenue Code of 1986 (the “Code”). The Plan has been
operated in good faith compliance with the requirements of Section 409A of the Code for periods starting January 1, 2005, and through December 31, 2008. Effective January 1, 2008, the Plan is intended to comply with section 409A
of the Code and final regulations thereunder. 
 ARTICLE I 
 PURPOSE 
 The Plan is intended to advance the interests of the Company by providing certain of
its officers and other key executive employees with supplemental retirement benefits and thus an additional incentive to promote the success of the Company and to encourage the employees to remain employed by the Company. The Plan is intended to be
(and shall be construed and administered as) an “employee pension benefit plan” under the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), which is unfunded and maintained by the Company solely to
provide retirement income to a select group of management or highly compensated employees, as such group is described under Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA. The Plan also is intended to comply in form and operation with the
requirements of Section 409A of the Internal Revenue Code of 1986 (the “Code”). All questions concerning the Plan should be interpreted in light of the Company’s intention to satisfy the applicable requirements of ERISA and Code
section 409A. 
 ARTICLE II 
 ADMINISTRATION OF PLAN 
 The Plan shall be administered by the Compensation Committee of the Board of Directors of
the Company (the “Committee”). 
 In discharging the duties assigned to it under the Plan, the Committee and each other fiduciary
with respect to the Plan has the discretion to interpret the Plan; adopt, amend and rescind rules and regulations pertaining to its duties under the Plan; and to make all other determinations necessary or advisable for the discharge of its duties
under the Plan. Each fiduciary’s discretionary authority is 

  

 1 

 Media General, Inc. 
 Executive Supplemental Retirement Plan 
 Amended and Restated Effective January 1, 2008 
  

 
absolute and exclusive if exercised in a uniform and nondiscriminatory manner with respect to similarly situated individuals. The express grant in the Plan
of any specific power to a fiduciary with respect to any duty assigned to it under the Plan must not be construed as limiting any power or authority of the fiduciary to discharge its duties. A fiduciary’s decision is final and conclusive unless
it is established that the fiduciary’s decision constituted an abuse of its discretion. 
 ARTICLE III 
 ELIGIBILITY AND PARTICIPATION 
 Any salaried executive employee of the Company shall be eligible to participate in the Plan. 
 From the employees eligible to
participate in the Plan, the Committee may from time to time select those employees whom the Committee shall recommend to the Board for participation in the Plan. In selecting those employees who shall be recommended at any time, the Committee shall
consider the position and responsibilities of the eligible employees, the value of their services to the Company and such other factors as the Committee deems pertinent. 
 As promptly as practicable after the Committee shall have made recommendations to the Board, the Board shall review the recommendations of the Committee and in the Board’s discretion designate all or any number
of those employees as shall have been recommended by the Committee as participants in the Plan. Set forth in Exhibit A and in Exhibits B and C attached hereto are the Participants and Special Participants, respectively, who have been designated from
time to time. 
 ARTICLE IV 
 SUPPLEMENTAL RETIREMENT BENEFIT 
 (a) The Company shall pay a supplemental retirement benefit to each Participant
upon his Separation from Service after attaining age fifty-five (55). Upon the death of a Participant, a death benefit will be paid to his spouse or designated beneficiary in accordance with the provisions of Article VI hereof. 
 (b) Subject to the provisions of (c), (d), (e) and (f) of this Article IV, the amount of the supplemental retirement benefit payable to a
Participant shall be equal to the difference between the amounts determined under (1) and (2), as follows: 
  

 2 

 Media General, Inc. 
 Executive Supplemental Retirement Plan 
 Amended and Restated Effective January 1, 2008 
  

 (1) An amount equal to fifty-five percent (55%) of the Participant’s
average annual compensation for the five calendar years of his employment by the Company prior to his death or Separation from Service during which his compensation was the highest. If the Participant has been employed by the Company for less than
five years, the average compensation for such number of years shall be used in this computation. 
 (2) An amount equal to the
total of the annual retirement benefits the Participant is entitled to receive under the MG Advantage Retirement Plan (the “Retirement Plan”) and all other retirement plans or benefit arrangements providing for a pension payable with
respect to the Participant’s employment by the Company or any other employer (collectively, the “Pension Plans”) assuming that the Participant commences his benefits under the Pension Plans at the same time that benefits begin under
this Plan. For purposes of this Plan, the joint and survivor annuity provided under such Retirement Plan and the comparable form of benefit under any other retirement plan or benefit arrangement taken into account in this computation shall be deemed
to be the applicable form of benefit. Distributions under the MG Advantage 401(k) Plan or Media General, Inc. Deferred Compensation Plan shall not be taken into account in this computation, and in the case of Participants who are admitted to the
Plan on or after January 1, 1991, benefits provided under a plan or arrangement that is sponsored by an employer other than the Company shall not be included in the determination of the amount under this Article IV(b)(2). 
 No benefit shall be payable if the amount computed under (2) equals or exceeds the amount computed under (1). 
 For purposes of the Plan, a Participant’s compensation for a calendar year shall mean the sum of (i) a Participant’s highest base rate
salary that is payable during the calendar year and (ii) the Incentive Bonus that is payable to such Participant with respect to the prior calendar year. The determination of compensation shall be made for each calendar year during which a
Participant is employed by the Company irrespective of the number of days during each such calendar year that the Participant is actually employed by the Company. In the case of a Participant who is entitled to receive supplemental disability
payments under Article V, the benefit payable under Article V shall be treated as compensation for purposes of Article IV. 
 (c) The benefit
payments provided in Article IV(b) shall be reduced if such payments commence upon the Participant’s Separation from Service prior to attaining age sixty-three (63). If a Participant Separates from Service prior to attaining age sixty-three
(63), the benefit payment shall be an amount equal to the amount of the benefit payment computed as provided in Article IV(b) multiplied by the applicable factor in the table set forth below: 
  

 3 

 Media General, Inc. 
 Executive Supplemental Retirement Plan 
 Amended and Restated Effective January 1, 2008 
  

				
	 Age at Separation from Service
	  	Reduced Benefit Factor	 
	 62
	  	92.3	%
	 61
	  	84.6	%
	 60
	  	76.9	%
	 59
	  	70.7	%
	 58
	  	64.6	%
	 57
	  	58.4	%
	 56
	  	53.8	%
	 55
	  	49.2	%

 The reduction of any benefit payment required by this Article IV(c) can be waived by the Committee in its sole
discretion. 
 (d) If a Participant who enters the Plan on or after January 1, 1991, Separates from Service, other than on account of
his death or disability, prior to completing fifteen (15) full years of service to the Company after his admission to the Plan, the percentage of average annual compensation used to determine the amount in paragraph 4(b)(1) shall be reduced to
the following percentage: 
  

				
	 Years of Service (in Plan)
	  	Benefit Percentage	 
	 14
	  	54	%
	 13
	  	53	%
	 12
	  	52	%
	 11
	  	51	%
	 10
	  	50	%
	 9
	  	45	%
	 8
	  	40	%
	 7
	  	35	%
	 6
	  	30	%
	 5
	  	25	%
	 4
	  	20	%
	 3
	  	15	%
	 2
	  	10	%
	 1
	  	5	%
	 0
	  	0	%

 (e) If a Participant who entered the Plan prior to January 1, 1991, terminates his employment
with the Company prior to January 1, 1996, other than on account of his death or disability, the percentage of average annual compensation provided in Article IV(b)(1) shall be reduced to the following percentage: 
  

 4 

 Media General, Inc. 
 Executive Supplemental Retirement Plan 
 Amended and Restated Effective January 1, 2008 
  

				
	 Year Employment Terminates
	  	Benefit Percentage	 
	 1995
	  	54	%
	 1994
	  	53	%
	 1993
	  	52	%
	 1992
	  	51	%
	 1991
	  	50	%

 (f) The benefit payment computed under Article IV(b), as reduced by Article IV(c) and (d), shall
be an annual amount which shall be payable in monthly installments commencing on the first day of the first month following the six-month anniversary of the Participant’s Separation from Service from the Company on or after age fifty-five
(55) and terminating with the last installment paid prior to the Participant’s death. Any payments that would have been made during the six-month period commencing on the Participant’s Separation from Service and ending on the date
monthly payments begin shall be accumulated and paid on the date of the first payment. 
 (g) At the Participant’s option, he may elect
to receive reduced benefit payments in exchange for the Company’s agreement to make one hundred and twenty (120) monthly payments under the Plan irrespective of the death of the Participant and/or his spouse. Such election must be made no
later than December 31, 2008, for individuals who are Participants in the Plan on such date; provided, however, that any election made in calendar year 2008 may not apply to payments commencing in 2008. For individuals who become Participants
on and after January 1, 2009, such election must be made within thirty (30) days after the individual first becomes eligible to participate in the Plan. The amount of the reduction of the benefit to be paid to the Participant and to his
spouse upon his death will be determined by an actuarial consulting firm selected by the Company. The Participant shall designate who shall be the recipient of the guaranteed payments upon the death of the survivor of the Participant and his spouse.
In the absence of such designation, payments shall be made to the Participant’s estate. Notwithstanding the foregoing, a Participant may change his election by filing a subsequent election with the Committee, provided that any such election
(i) may not take effect for twelve (12) months after it is made and (ii) must postpone payment or commencement of the Participant’s benefit for at least five (5) years from the date the benefit was otherwise scheduled to be
paid or to commence. 
 (h) For purposes of the Plan, Separation from Service means either: (i) the complete cessation of the
performance of services by the Participant for the Company for whatever reason, or (ii) a diminished level of services where the Participant is expected to perform services at a level equal to twenty percent (20%) or less of the average
level of service provided during the immediately preceding thirty-six (36) months. 
  

 5 

 Media General, Inc. 
 Executive Supplemental Retirement Plan 
 Amended and Restated Effective January 1, 2008 
  

 (i) Notwithstanding the foregoing provisions, Special Participants shall be entitled to receive only
those supplemental retirement benefits specified in Exhibits B and C respectively. 
 ARTICLE V 
 SUPPLEMENTAL DISABILITY BENEFIT 
 (a) In the event a Participant terminates his employment by the Company on account of his Disability, he will not be treated as having retired from the Company during the period of his Disability for purposes of Article IV, and he will be
paid a Supplemental Disability Benefit until the earlier of (i) the date he resumes his employment with the Company in his former position, or (ii) the date he attains the age of sixty-three (63). For purposes of the Plan, a Participant is
considered Disabled if the Participant is (a) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a
continuous period of not less than twelve (12) months, or (b) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company. 
 (b) The Supplemental Disability Benefit shall be an amount equal to the difference between the amounts determined under (1) and (2) below as
follows: 
 (1) An amount equal to the Participant’s base compensation for the year in which he becomes Disabled plus an
amount equal to the incentive bonus, if any, that is payable to such Participant with respect to the calendar year next preceding the year in which he becomes Disabled. Such amount will be increased or decreased for each subsequent calendar year by
a factor that is equal to the increase or decrease in the average covered compensation of all participants in the Employees Retirement Plan of Media General, Inc., from year to year. 
 (2) An amount equal to the aggregate amount of compensation received by the Participant with respect to services performed by the
Participant for the Company and any other employer (including the Participant himself in the case of self-employment income) during the period he is receiving supplemental disability payments hereunder plus an amount equal to the Social Security
benefits, if any, that such Participant is entitled to receive during the period. 
 (c) The Supplemental Disability Benefit payment provided
in Article V(b) shall be an annual amount which shall be payable in monthly installments commencing on the first day of the first month following the suspension of the Participant’s employment by the Company on account of his disability and
continuing until he resumes his employment with the Company in his former position or until he attains the age of sixty-three (63). 
  

 6 

 Media General, Inc. 
 Executive Supplemental Retirement Plan 
 Amended and Restated Effective January 1, 2008 
  

 (d) If a Participant attains the age of sixty-three (63) while he is entitled to receive
Supplemental Disability Benefit payments under the Plan, he will be deemed to have retired from the Company for purposes of Article IV as of such date, and such Supplemental Disability Benefit payments will cease and he will be entitled to receive
the benefit payment computed under Article IV commencing on the first day of the first month following such date. 
 (e) Notwithstanding the
foregoing provisions, Special Participants shall not be entitled to any Supplemental Disability Benefits. 
 ARTICLE VI 
 DEATH BENEFIT 
 (a) Upon the
death of a Participant receiving or entitled to receive benefit payments under the Plan, the Company shall pay a death benefit as hereinafter provided. 
 (b) A spouse’s benefit shall be payable only in the event the Participant was married to the spouse at the time of the Participant’s Separation from Service. 
 (c) The benefit payable to a Participant’s spouse shall be an amount equal to the difference between the amounts computed under (1) and
(2) as follows: 
 (1) An amount equal to 80% of the amount determined under Article IV(b)(1). 
 (2) An amount equal to the total of the benefits the Participant’s spouse is entitled to receive under the Pension Plans taken in
account in computing the amount under Article IV(b)(2). 
 No benefit shall be payable hereunder if the amount computed under (2) above equals or
exceeds the amount computed under (1) above. If the Participant has made an election to receive a reduced benefit pursuant to Article IV(g), the amount of the spouse’s benefit will be determined by an actuarial consulting firm selected by
the Company at the time such election is made. 
 (d) The spouse’s benefit shall be paid to the surviving spouse in monthly installments
commencing on the first day of the first month following the Participant’s death and continuing until the death or remarriage of the surviving spouse. 
 (e) In the event of the death of a Participant prior to his Separation from Service, the spouse’s benefit shall nevertheless be payable as provided herein. 
  

 7 

 Media General, Inc. 
 Executive Supplemental Retirement Plan 
 Amended and Restated Effective January 1, 2008 
  

 (f) Upon the death of a Participant who has not retired and who is not married at the time of his
death, the Company shall pay to the estate of such Participant a lump sum payment equal to the present value of the benefit payments that would have been made to such Participant pursuant to Article IV during the ten (10) year period following
his death determined as if such Participant had retired at age sixty-three (63) and lived for ten (10) years. In determining such present value, the discount rate shall be a rate equal to the yield on ten (10) year government
obligations determined on the last day of the month next preceding the lump sum payment hereunder, which payment shall be made within ninety (90) days of the date of the Participant’s death. 
 (g) Notwithstanding the foregoing provisions, a surviving spouse of a Special Participant shall be entitled to a spousal benefit only in accordance with
the schedule on Exhibit B. No other benefit shall be payable to any other person. 
 ARTICLE VII 
 ELECTION OF IN-SERVICE DISTRIBUTIONS 
 No elections may be made under this section on and after January 1, 2005. 
 (a) Eligibility. A Participant who has at
least fifteen (15) full years of service with the Company after his admission to the Plan, who has attained the age of sixty-five (65) and who has remained in the employ of the Company may elect to begin in-service distributions of his
supplemental retirement benefit. 
 (b) Election of Benefit. A Participant satisfying the eligibility requirements of Article VII(a)
may make an irrevocable written election to begin receiving in-service payments. Such written election must be filed with the Company not later than the January 1 of the year prior to the year in which the Participant wishes to begin receiving
in-service payments; provided, however, that a Participant who is eligible to make such election as of the effective date of this amendment shall make such an election not later than December 25 of that year in order to receive an initial
distribution in that year. An election made under this Article VII(b) shall override all other provisions of the Plan that set forth distribution rules, and the Participant’s and Spouse’s benefits shall be paid under the provisions of this
Article VII. 
 (c) Definitions 
 (1) Accrued Benefit. Accrued Benefit means the supplemental retirement benefit that a Participant has earned, calculated under Article IV(b), based on his five-year average annual compensation as of the effective date
of benefit determination. 
  

 8 

 Media General, Inc. 
 Executive Supplemental Retirement Plan 
 Amended and Restated Effective January 1, 2008 
  

 (2) Actuarial Equivalent. Actuarial Equivalent means a benefit of equal value
computed using the interest and mortality assumptions specified under the terms of the Retirement Plan. 
 (3) In-Service
Distribution Date. In-Service Distribution Date means the date as of which in-service distributions are calculated and begin. 
 (4) Gross Supplemental Retirement Benefit. Gross Supplemental Retirement Benefit means the benefit calculated prior to any qualified plan offsets (but after any reductions due to a Participant’s prior election to exchange benefits
under this Plan for rights in and to a life insurance contract under the provisions of this Plan prior to November 24, 2003). 
 (d)
Payment of In-Service Distribution. The lump sum present value shall be calculated equal to the Actuarial Equivalent of a Participant’s Accrued Benefit determined as of a Participant’s In-Service Distribution Date. If a Participant
made a prior election to exchange benefits under this Plan for rights in and to a life insurance contract under the provisions of this plan prior to November 24, 2003, that Participant’s lump sum present value shall be reduced by the
premium payments actually made by the Company prior to November 24, 2003. The Participant shall receive payment of the lump sum present value in two parts as follows: 
 (1) 35% of the Participant’s lump sum benefit as of his In-Service Distribution Date shall be payable on, or as soon as
administratively practical following, his In-Service Distribution Date; and, 
 (2) the remaining present value will be paid
as a life annuity in annual installments commencing on the first day of January of the second year following his In-Service Distribution Date. 
 (e) Termination of Employment. Upon the Participant’s termination of employment or retirement following the election of in-service distributions under this Article VII, the Participant shall continue to receive payments of his
benefit in the form elected at his In-Service Distribution Date. 
 (f) Death of Participant. Upon the death of a Participant
receiving benefit payments under this Section VII, a spouse’s benefit shall be payable only in the event the Participant was married to the spouse at the time of the termination of Participant’s employment by the Company. The benefit
payable to the Participant’s spouse shall be an amount equal to the difference between the amounts computed under (1) and (2) as follows: 
 (1) an amount equal to 80% of the Participant’s Gross Supplemental Retirement Benefit determined at the Participant’s In-Service Distribution Date, reduced by the lump sum benefit amount determined under
paragraph 7(d)(1), minus 
  

 9 

 Media General, Inc. 
 Executive Supplemental Retirement Plan 
 Amended and Restated Effective January 1, 2008 
  

 (2) an amount equal to the total of the benefit the Participant’s spouse is
entitled to receive under the Pension Plans determined as of the Participant’s In-Service Distribution Date. 
 The spouse’s benefit shall be paid
to the surviving spouse in annual installments commencing on the later of the first day on which benefits would have been payable to the Participant under Article VII(d)(2) or the first day of the first month following the Participant’s death.
Such benefit shall continue until the death or remarriage of the surviving spouse. 
 (g) Limitation of Benefits. In no event shall
the payments made to an electing Participant pursuant to this Section VII be more than the total payments that Participant would have received pursuant to the Plan had that Participant actually retired from the Company at the time of the
Participant’s Article VII(b) election. The Company specifically shall apply this requirement before making any payments pursuant to Article VII(d) and before making any payments pursuant to Article VII(e) or 7(f). 
 ARTICLE VIII 
 NON-COMPETE
PROVISION 
 A Participant shall not, without the written consent of the Company, directly or indirectly enter into or in any manner
take part in any business, profession or other endeavor which shall be in competition with the business of the Company, either as an employee, agent, independent contractor, owner or otherwise in any state in which the Company is conducting
business. 
 ARTICLE IX 
 MISCELLANEOUS PROVISIONS 
 (a) No Participant or spouse shall have any right to receive benefits under the Plan prior
to the Participant’s Separation from Service. 
 (b) In the event of the termination of a Participant’s employment by the Company
prior to his death, disability or retirement, or in the event a Participant breaches the non-compete provision in Article VIII, all rights of the Participant and his spouse and all obligations of the Company under the Plan shall cease. 

 

 10 

 Media General, Inc. 
 Executive Supplemental Retirement Plan 
 Amended and Restated Effective January 1, 2008 
  

 (c) The Plan shall be unfunded for federal income tax purposes and for purposes of Title I of ERISA.
The Plan constitutes a mere promise by the Company to make future benefit payments. Nevertheless, for the convenience of the Company, a trust fund may be established to segregate certain assets for the purpose of paying benefits under the Plan. The
Company shall be the beneficial owner of such assets, and no Participants or Beneficiary shall have any right, title, or interest in or to any such assets. 
 (d) Benefits payable to or for the benefit of a Participant or Beneficiary shall not be assignable and shall not be subject to the claims of creditors of such Participant or Beneficiary. 
 (e) The Company reserves the right at any time to amend, modify or terminate the Plan, in whole or in part. Any such amendment, modification or
termination of the Plan shall be made by a resolution adopted by the Board of Directors and distributed to Participants within sixty (60) days from the later of the date of adoption or the effective of such action; provided, however, that the
Company shall not amend the Plan retroactively in such a manner as to deprive any Participant or Beneficiary of any benefit to the extent that such benefit was accrued and vested prior to the amendment, modification or termination. The Plan shall
not be terminated unless such termination is permitted and administered in accordance with Treasury Regulation section 1.409A-3(j)(4)(ix). 
 (f) A Participant shall not have the power to pledge, transfer, assign, anticipate, mortgage or otherwise encumber or dispose of in advance any interest in amounts payable hereunder or any of the payments provided for herein, nor shall any
interest in amounts payable hereunder or in any payments be subject to seizure for payment of any debts or judgments, or be reached or transferred by operation of law in the event of bankruptcy, insolvency or otherwise. 
 ARTICLE X 
 WAIVER OF VESTING AND
BENEFIT ACCRUAL LIMITATIONS 
 The Board may, in its sole discretion, waive, modify or amend all or any portion of the provisions of
the Plan that have the effect of limiting the amount or the timing of payments that are to be made under the Plan. Such action by the Board may be made on a case by case basis or may be made with respect to all Participants. 
 ARTICLE XI 
 ANTI-ACCELERATION

 Notwithstanding anything in the Plan to the contrary, no change submitted on an election form shall be accepted by the Company if
the change accelerates the time over which distributions shall be made to the Participant (except as other permitted under Code section 409A). The Company shall deny any change made to an election if the Company determines that the change violates
the requirement under Code section 409A. 
  

 11 

 Media General, Inc. 
 Executive Supplemental Retirement Plan 
 Amended and Restated Effective January 1, 2008 
  

 Notwithstanding the preceding, the Company, in its discretion, may accelerate distributions under the
Plan in accordance with each of the payment events contained in Treasury Regulation section 1.409A-3(j)(4)(ii) through (xiv). 
 ARTICLE
XII 
 CLAIMS PROCEDURE 
 Any claim by a Participant or his Beneficiary (hereafter “Claimant”) for benefits shall be submitted to the Committee. The Committee shall be responsible for deciding whether such claim is within the scope provided by the Plan (a
“Covered Claim”) and for providing full and fair review of the decision with respect to such claim. In addition, the Committee shall provide a full and fair review in accordance with ERISA, including without limitation Section 503
thereof. 
 Each Claimant or other interested person shall file with the Committee such pertinent information as the Committee may specify,
and in such manner and form as the Committee may specify and provide, and such person shall not have any rights or be entitled to any benefits or further benefits hereunder, as the case may be, unless such information is filed by the Claimant or on
behalf of the Claimant. Each Claimant shall supply at such times and in such manner as may be required, written proof that the benefit is covered under the Plan. If it is determined that a Claimant has not incurred a Covered Claim or if the Claimant
shall fail to furnish such proof as is requested, no benefits or no further benefits hereunder, as the case may be, shall be payable to such Claimant. 
 For all purposes under the Plan, the decision with respect to a claim if no review is requested and the decision with respect to a claim if review is requested shall be final, binding and conclusive on all interested
parties as to matters relating to the Plan. 
 ARTICLE XIII 
 OMNIBUS PROVISIONS 
 (a) Any benefit, payment or other right provided by
the Plan shall be provided or made in a manner, and at such time, in such form and subject to such election procedures (if any), as complies with the applicable requirements of Code section 409A to avoid a plan failure described in Code section
409A(a)(1), including without limitation, deferring payment until the occurrence of a specified payment event described in Code section 409A(a)(2). Notwithstanding any other provision hereof or document pertaining hereto, the Plan shall be so
construed and interpreted to meet the applicable requirements of Code section 409A to avoid a plan failure described in Code section 409A(a)(1). 
  

 12 

 Media General, Inc. 
 Executive Supplemental Retirement Plan 
 Amended and Restated Effective January 1, 2008 
  

 (b) It is specifically intended that all elections, consents and modifications thereto under the Plan
will comply with the requirements of Code section 409A (including any transition or grandfather rules thereunder). The Company is authorized to adopt rules or regulations deemed necessary or appropriate in connection therewith to anticipate and/or
comply the requirements of Code section 409A (including any transition or grandfather rules thereunder and to declare any election, consent or modification thereto void if non-compliant with Code section 409A. 
  

 13

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