Document:

Journal Communications, Inc. Executive Management Incentive Plan

 Exhibit 10.7 
  
 JOURNAL COMMUNICATIONS, INC. 
 Executive Management Incentive Plan 
  
 Plan Objectives: 
  

	 	•	 	Provide a performance-based incentive plan that rewards for shareholder value creation. 

  

	 	•	 	Attract, retain and reward key executives by offering competitive total compensation opportunities. 

  

	 	•	 	Provide a performance-based funding source for achieving stock ownership guidelines. 

  
 Plan Participants and Award Opportunities: 
  

	 	•	 	Key executives of the Company and its Subsidiaries as outlined below. 

  

						
	 Award
 Category

	  	 Positions

	  	 Grant
Guidelines
 Target % of
Salary

	 
	 I
	  	 Chairman and CEO
	  	100	%
	 II
	  	 President
	  	75	%
	 III
	  	 Executive Vice President and CFO
	  	65	%
	 IV
	  	 President-Journal Sentinel
 President-Journal Broadcast Group-Radio
 President-Norlight Telecommunications
	  	55	%
	 V
	  	 Sr. Vice President and General Counsel
 President-Journal Community Publishing
	  	50	%

  
 Plan Description: 

 

	 	•	 	The plan cycle will begin on the first trading day of the plan cycle established by the Compensation Committee of the Board of Directors ( “the Compensation Committee”)
and the end of the last trading day of such plan cycle (“the Performance Period). 

  

	 	•	 	At the start of the Performance Period, each Participant shall receive a number of Performance Units. The number of Performance Units under this Plan shall be determined by
multiplying the Participant’s base salary at the beginning of the Performance Period by their Target % of Salary (see above) then dividing by the initial unit value of $100 per unit. 

  

 Page 1 

	 	•	 	Participants are eligible to earn a Payout at the end of the Performance Period based on the relative Total Shareholder Return (“TSR”) performance of Journal
Communications. 

  

	 	•	 	The actual value of a Performance Unit at the end of the Performance Period may range from 0% to 150% of the initial $100 value (i.e. $0 to $150 per Performance Unit).

  
 Performance Goal and Award Determination: 
  

	 	•	 	Total Shareholder Return, the Performance Measure, shall be measured based on the change in the 10 day average trading price of the common shares on the NYSE exchange at the
beginning of the Performance Period to the 10 day average trading price at the end of the Performance Period including the cumulative dividends, if any, on a reinvested basis. 

  

	 	•	 	The 10 day average trading price will be calculated using the first 5 trading days before and the first 5 trading days after the beginning or end of the Performance Period.

  

	 	•	 	At the end of the Performance Period, if Journal Communications’ 10 day average trading price is not greater than the 10 day average trading price at the beginning of the
Performance Period, no Payouts will be made under this Plan regardless of relative performance levels. 

  

	 	•	 	However, if at the end of the Performance Period, Journal Communications’ TSR meets or exceeds the above performance requirement; Journal Communications’ TSR will be
compared to the TSR of Peer Comparison Group companies to determine a relative performance rank. 

  

	 	•	 	Based on the relative performance rank, an Amount Payable per Performance Unit will be determined as defined below. 

  

						
	 TSR Percentile Rank
 Among the
Peer
 Comparison Group

	  	Performance Factor

	 	 Amount Payable Per
 Performance Unit

	 <30th
	  	0%	 	$	0
	 30th
	  	40%	 	$	40
	 40th
	  	80%	 	$	80
	 50th
	  	100%	 	$	100
	 70th
	  	120%	 	$	120
	 90th
	  	150%	 	$	150
	 >90th
	  	150%	 	$	150

  

 Page 2 

	 	•	 	For relative performance between the levels specified above, the Amount Payable Per Performance Unit will be extrapolated; and provided further that the Compensation Committee
reserves the right to make adjustments to the Amount Payable Per Performance Unit if, in the sole discretion of the Compensation Committee, such adjustments are appropriate in the circumstances having regard to the principal purposes of the Plan.

  

	 	•	 	Payouts for the Performance Period shall be determined by multiplying a participant’s Performance Units by the Amount Payable per Performance Unit. 

  
 Peer Comparison Group 
  

	 	•	 	The Peer Comparison Group will consist of the following companies: 

  

			
	Alltel Corp	 	Journal Register Co
	Belo Corp	 	Knight-Ridder Inc
	Centurytel Inc	 	Lee Enterprises
	Cincinnati Bell Inc	 	McClatchy Co
	Citizens Communications	 	Media General
	Cox Radio Inc	 	Meredith Corp
	Emmis Communications	 	New York Times Co
	Entercom Communications	 	Primedia Inc.
	EW Scripps	 	Time Warner Telecom Inc
	Gannett Co	 	Tribune Co
	Hearst-Argyle Television	 	Washington Post
	IDT Corp	 	 

  

	 	•	 	If during the Performance Period, one of the above companies is no longer publically traded on a national exchange, it shall be removed from the Peer Comparison Group for the entire
Performance Period. 

  

	 	•	 	If more than three companies are removed from the Peer Comparison Group, additional companies will be added to replace the removed companies. Companies shall be selected by the
Compensation Committee based on industry, business match, and size. 

  
 Payments: 
  

	 	•	 	Any Payouts under this Plan shall be 50% in cash and 50% in Class B common stock of Journal Communications. Any applicable withholdings taxes will be withheld from the cash portion
of the Payout. Shares will be issued under the Journal Communications Company 2003 Equity Incentive Plan. 

  

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	 	•	 	Participants of the plan will be subject to stock ownership guidelines which are as follows: 

  

			
	 Position

	  	# of Shares

	 CEO
	  	175,000
	 President
	  	100,000
	 Executive Vice President and CFO
	  	70,000
	 Other Participants (Depending on Position)
	  	20,000-35,000

  

	 	•	 	Except for individuals who have satisfied the stock ownership guidelines, Payouts in Class B common stock under this plan must be held until guidelines are fully satisfied unless
otherwise approved by the Compensation Committee. 

  

	 	•	 	The stock ownership guidelines may be satisfied in any of the following ways: 

  

	 	•	 	Shares owned by the executive or his/her immediate family members residing in the same household 

  

	 	•	 	Shares purchased under the Employee Stock Purchase Plan 

  

	 	•	 	Shares held in trust 

  

	 	•	 	Shares held in 401(k) 

  
 Termination Provisions: 
  

	 	•	 	In the event of a Change-in-Control, all Performance Units shall become payable in cash, and Payouts shall be calculated using the TSR of the Company as of the date of the
Change-in-Control compared to the TSR among the Peer Comparison Group. The Performance Units shall be payable in a pro-rata portion of the amount equal to the cash value calculated in accordance with the preceding sentence. The pro-rata portion will
be determined based on the number of full months between the beginning of the Performance Period and Change-in-Control The TSR shall be measured based on the change in the 10 day average trading price of the common shares on the NYSE exchange at the
beginning of the Performance Period to the closing price on the date of the Change-in-Control, including cumulative dividends, if any, on a reinvested basis. 

  

	 	•	 	Upon termination for retirement, death or disability, all Performance Units shall become payable in cash. Payouts shall be calculated using the TSR of the Company as of the date of
the retirement, death, or disability compared to the TSR among the Peer Comparison Group. The Performance Units shall be payable in a pro-rata portion of the amount equal to the cash value calculated in accordance with the preceding sentence. The
pro-rata portion will be determined based on the number of 

  

 Page 4 

 full months between the beginning of the Performance Period and termination event. The TSR shall be
measured based on the change in the 10 day average trading price of the common shares on the NYSE exchange at the beginning of the Performance Period to the 10 day average trading price at retirement, death or disability, including the cumulative
dividends, if any, on a reinvested basis. 
  

	 	•	 	Upon termination of employment for all other reasons, no Payouts shall be made to the Participant and all Performance Units shall be forfeited. 

  
 Plan Administration: 
  

	 	•	 	This plan will be administered in accordance to rules of the Journal Communications Company 2003 Equity Incentive Plan, unless otherwise specified. 

  

	 	•	 	The plan shall be administered by the Compensation Committee of the Board of Directors. The Compensation Committee is authorized, subject to the provisions of the plan, to establish
such rules and regulations as it deems necessary for the proper administration of the plan and to make whatever determinations and interpretations in connection with the plan it deems necessary or advisable, each of which shall be conclusive and
binding on participants. 

  

 Page 5Employment Agreement, dated February 8, 2005, - Steven J. Smith

 Exhibit 10.13 
  
 EMPLOYMENT AGREEMENT 
  
 THIS AGREEMENT by and between Journal Communications, Inc., a Wisconsin corporation (the “Company”), and Steven J. Smith (the
“Executive”) is hereby made as of the 8th day of February, 2005. 
  
 W I T N E S S E T H   T H A T 
  
 WHEREAS, the Company wishes to provide for the employment by the Company of the Executive, and the Executive wishes to serve the Company and its affiliates, in the capacities and on the terms and conditions set
forth in this Agreement. 
  
 NOW, THEREFORE, it is hereby
agreed as follows: 
  
 1. Employment
Period. The Company shall employ the Executive, and the Executive shall serve the Company, on the terms and conditions set forth in this Agreement, commencing on the date of this Agreement. The term of this Agreement will automatically renew on
a day-by-day basis such that it always has a three-year term. Either party hereto may give written notice of its or his intent to terminate the “rolling” nature of this Agreement, in which case the term shall end as of the date immediately
preceding the third anniversary of the delivery of such notice. The term during which the Executive is employed by the Company hereunder is hereafter referred to as the “Employment Period.” 
  
 2. Position and Duties. 
  
 (a) During the Employment Period, the Executive shall serve
as Chairman of the Board of Directors and Chief Executive Officer of the Company, in each case with such duties and responsibilities as are customarily assigned to such positions, and such other duties and responsibilities not inconsistent therewith
as may from time to time be assigned to him by the Board of Directors of the Company (the “Board”). 
  
 (b) During the Employment Period, and excluding any periods of vacation and sick leave to which the Executive is entitled, the Executive
shall devote substantially all of his business time, attention and effort to the business and affairs of the Company and its affiliates and, to the extent necessary to discharge the responsibilities assigned to the Executive under this Agreement,
use the Executive’s reasonable best efforts to carry out such responsibilities faithfully and efficiently. It shall not be considered a violation of the foregoing for the Executive to serve on corporate, industry, civic or charitable boards or
committees, so long as such activities do not significantly interfere with the performance of the Executive’s responsibilities as an employee of the Company and its affiliates in accordance with this Agreement. 

 3. Compensation. 
  
 (a) Base Salary. The Executive’s compensation during the Employment Period shall be determined
by the Board upon the recommendation of the Compensation Committee (or other appropriate committee) of the Board, subject to this Section 3. During the Employment Period, the Executive shall receive an annual base salary (“Annual Base
Salary”) of not less than his aggregate annual base salary from the Company and its affiliates as in effect immediately before the date of this Agreement. The Annual Base Salary shall be payable in accordance with the Company’s regular
payroll practice for its senior executives, as in effect from time to time. During the Employment Period, the Annual Base Salary shall be reviewed for possible increase at least annually. Any increase in the Annual Base Salary shall not limit or
reduce any other obligation of the Company under this Agreement. The Annual Base Salary shall not be reduced after any such increase, and the term “Annual Base Salary” shall thereafter refer to the Annual Base Salary as so increased.

  
 (b) Incentive Compensation. During the
Employment Period, the Executive shall continue to participate in short-term incentive compensation plans and long-term incentive compensation plans (the latter to consist of plans offering stock options, restricted stock and other long-term
incentive compensation) offered by the Company and its present or future affiliates which shall provide him with the opportunity to earn, on a year-by-year basis, short-term and long-term incentive compensation (the “Incentive
Compensation”). The annual and long-term incentive target opportunities for the Executive will be equal to or higher than the targets set for other senior executives of the Company. 
  
 (c) Other Benefits. In addition, and without limiting the generality of the foregoing, during the
Employment Period and thereafter as applicable: (i) the Executive shall be entitled to participate in all applicable incentive, savings and retirement plans, practices, policies and programs of the Company and its affiliates to the same extent as
other senior executives of the Company, and (ii) the Executive and/or the Executive’s family, as the case may be, shall be eligible for all applicable welfare benefit plans, practices, policies and programs provided by the Company and its
affiliates, other than severance plans, practices, policies and programs but including, without limitation, medical, prescription, dental, disability, salary continuance, employee life insurance, group life insurance, accidental death and travel
accident insurance plans and programs, to the same extent as other senior executives of the Company. 
  
 (d) Perquisites. During the Employment Period, the Executive shall be entitled to receive such perquisites as the Company may
establish from time to time which are commensurate with his position and at least comparable to those received by other senior executives at the Company. 
  
 (e) Expense Reimbursement. The Company shall reimburse the Executive for all reasonable and documented expenses incurred by the
Executive in the performance of the Executive’s duties under this Agreement and for a period of one (1) year following any termination, reasonable office and administrative support. 
  

 2 

 4. Termination of Employment. 
  
 (a) Death or Disability. The Executive’s
employment shall terminate automatically upon the Executive’s death during the Employment Period. The Company shall be entitled to terminate the Executive’s employment because of the Executive’s Disability during the Employment
Period. “Disability” means that (i) the Executive has been unable, for a period of 180 consecutive business days, to perform the Executive’s duties under this Agreement, as a result of physical or mental illness or injury, and (ii) a
physician selected or approved by the Company has determined that it is either not possible to determine when such inability to perform will cease or that it appears probable that such inability will be permanent during the remainder of the
Executive’s life. A termination of the Executive’s employment by the Company for Disability shall be communicated to the Executive by written notice, and shall be effective on the 30th day after receipt of such notice by the Executive (the
“Disability Effective Date”), unless the Executive returns to full-time performance of the Executive’s duties before the Disability Effective Date. 
  
 (b) By the Company. 
  
 (i) The Company may terminate the Executive’s employment during the Employment Period for Cause or
without Cause. “Cause” means: 
  
 A.
the willful and continued failure of the Executive substantially to perform the Executive’s duties under this Agreement (other than as a result of physical or mental illness or injury), after the Board delivers to the Executive a written demand
for substantial performance that specifically identifies the manner in which the Board believes that the Executive has not substantially performed the Executive’s duties; or 
  
 B. illegal conduct or gross misconduct by the Executive, in either case that is willful and results in
material and demonstrable damage to the business or reputation of the Company. 
  
 No act or failure to act on the part of the Executive shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the
Executive’s action or omission was in the best interests of the Company. Any act or failure to act that is based upon authority given pursuant to a resolution duly adopted by the Board, or the advice of counsel for the Company, shall be
conclusively presumed to be done, or omitted to be done, by the Executive in good faith and in the best interests of the Company. 
  

 3 

 (ii) A termination of the Executive’s employment for Cause shall be effected in
accordance with the following procedures. The Company shall give the Executive written notice (“Notice of Termination for Cause”) of its intention to terminate the Executive’s employment for Cause, setting forth in reasonable detail
the specific conduct of the Executive that it considers to constitute Cause and the specific provision(s) of this Agreement on which it relies, and stating the date, time and place of the Special Board Meeting for Cause. The “Special Board
Meeting for Cause” means a meeting of the Board called and held specifically for the purpose of considering the Executive’s termination for Cause, that takes place not less than ten (10) and not more than twenty (20) business days after
the Executive receives the Notice of Termination for Cause. The Executive shall be given an opportunity, together with counsel, to be heard at the Special Board Meeting for Cause. The Executive’s termination for Cause shall be effective when
and if a resolution is duly adopted at the Special Board Meeting for Cause by a majority vote of the entire membership of the Board, excluding employee directors, stating that in the good faith opinion of the Board, the Executive is guilty of the
conduct described in the Notice of Termination for Cause, and that conduct constitutes Cause under this Agreement. 
  
 (iii) A termination of the Executive’s employment without Cause shall be effected in accordance with the following procedures. The
Company shall give the Executive written notice (“Notice of Termination without Cause”) of its intention to terminate the Executive’s employment without Cause, stating the date, time and place of the Special Board Meeting without
Cause. The “Special Board Meeting without Cause” means a meeting of the Board called and held specifically for the purpose of considering the Executive’s termination without Cause, that takes place not less than ten (10) and not more
than twenty (20) business days after the Executive receives the Notice of Termination without Cause. The Executive shall be given an opportunity, together with counsel, to be heard at the Special Board Meeting without Cause. The Executive’s
termination without Cause shall be effective when and if a resolution is duly adopted at the Special Board Meeting without Cause by a majority vote of the entire membership of the Board, excluding employee directors, stating that the Executive is
terminated without Cause. 
  
 (c) Good
Reason. 
  
 (i) The Executive may terminate
employment for Good Reason or without Good Reason. “Good Reason” means: 
  
 A. the assignment to the Executive of any duties inconsistent in any respect with paragraph (a) of Section 2 of this Agreement, or any
other action by the Company that results in a diminution in the Executive’s position, authority, duties or responsibilities, other than an isolated, insubstantial and 
  

 4 

 inadvertent action that is not taken in bad faith and is remedied by the Company promptly after receipt
of notice thereof from the Executive; 
  
 B. any
failure by the Company to comply with any provision of Section 3 of this Agreement, other than an isolated, insubstantial and inadvertent failure that is not taken in bad faith and is remedied by the Company promptly after receipt of notice thereof
from the Executive; 
  
 C. any failure by the
Company to comply with paragraph (c) of Section 9 of this Agreement; or 
  
 D. delivery by the Company of written notice of nonrenewal under Section 1. 
  
 E. any other substantial breach of this Agreement by the Company that either is not taken in good faith or is not remedied by the Company
promptly after receipt of notice thereof from the Executive. 
  
 (ii) A termination of employment by the Executive for Good Reason shall be effectuated by giving the Company written notice (“Notice of Termination for Good Reason”) of the termination within six months of
the event constituting Good Reason, setting forth in reasonable detail the specific conduct of the Company that constitutes Good Reason and the specific provision(s) of this Agreement on which the Executive relies. A termination of employment by the
Executive for Good Reason shall be effective on the fifth business day following the date when the Notice of Termination for Good Reason is given, unless the notice sets forth a later date (which date shall in no event be later than thirty (30) days
after the notice is given). 
  
 (iii) A
termination of the Executive’s employment by the Executive without Good Reason shall be effected by giving the Company written notice of the termination. 
  

(d) Date of Termination. The “Date of Termination” means the last day of the Employment Period, the date of the
Executive’s death, the Disability Effective Date, the date on which the termination of the Executive’s employment by the Company for Cause or without Cause or by the Executive for Good Reason is effective, or the later of the date on which
the Executive gives the Company notice of a termination of employment without Good Reason, as the case may be, or such later date as is acceptable to the Board. 
  

 5 

 5. Obligations of the Company upon Termination. 
  
 (a) By the Company other than for Cause or Disability; by
the Executive for Good Reason. If, during the Employment Period, (i) the Company terminates the Executive’s employment, other than for Cause or Disability or (ii) the Executive terminates employment for Good Reason, the Company shall
continue to provide the Executive with the compensation and benefits set forth in paragraphs (a), (b) and (c) of Section 3 as if he had remained employed by the Company pursuant to this Agreement for the remainder of the Employment Period (for this
purpose, such period the “Severance Period”). For this purpose, the Incentive Compensation for the Severance Period shall be equal to the average Incentive Compensation that the Executive earned for the two calendar years immediately
preceding the Date of Termination. Provided, however, that in the event this Agreement has been terminated by the Executive under Section 4, paragraph (c)(i)(D) on or after April 30, 2012, compensation shall be limited to 50% of the amount otherwise
payable under paragraphs 3(a), 3(b) and 3(c)(ii) (other than salary continuance). In lieu of stock options, restricted stock and other stock-based awards, the Executive shall be paid cash equal to the fair market value (without regard to any
restrictions) of the stock options, restricted stock and other stock-based awards that would otherwise have been granted. To the extent any benefits described in paragraph (c) of Section 3 cannot be provided pursuant to the plan or program
maintained by the Company for its executives, the Company shall provide such benefits outside such plan or program at no additional cost (including without limitation tax cost) to the Executive and his family. During any period when the Executive is
eligible to receive health and similar benefits under another employer-provided plan, the benefits provided by the Company under this paragraph (a) of Section 5 may be made secondary to those provided under such other plan. In addition to the
foregoing, any restricted stock outstanding on the Date of Termination shall be fully vested as of the Date of Termination, all options outstanding on the Date of Termination shall be fully vested and exercisable and shall remain in effect and
exercisable through the end of their respective terms, without regard to the termination of the Executive’s employment, and any performance shares or units shall be governed by the terms and conditions of the Company’s long-term incentive
plan under which they were awarded. The payments and benefits provided pursuant to this paragraph (a) of Section 5 are intended as liquidated damages for a termination of the Executive’s employment by the Company other than for Cause or
Disability or for the actions of the Company leading to a termination of the Executive’s employment by the Executive for Good Reason, and shall be the sole and exclusive remedy therefor. 
  
 (b) Death. If the Executive’s employment is
terminated by reason of the Executive’s death during the Employment Period, the Company shall pay to the Executive’s designated beneficiaries (or, if there is no such beneficiary, to the Executive’s estate or legal representative),
any portion of the Executive’s Annual Base Salary through the Date of Termination that has not yet been paid. 
  

 6 

 (c) Disability. If the Executive’s employment is terminated by reason of the
Executive’s Disability during the Employment Period, the Executive shall be entitled to any potion of the Executive’s Annual Base Salary through the Date of Termination that has not yet been paid and to such other, nonduplicative benefits
as may be provided by the Company’s current disability program. 
  
 (d) By the Company for Cause; By the Executive Other than for Good Reason; End of the Employment Period. If the Executive’s employment is terminated at the end of the Employment Period or by the Company
for Cause during the Employment Period or if the Executive voluntarily terminates employment during the Employment Period other than for Good Reason, the Company shall pay to the Executive any portion of the Executive’s Annual Base Salary
through the Date of Termination that has not yet been paid and the Company shall have no further obligations under this Agreement, except as specified in Section 6 below. 
  
 6. Non-exclusivity of Rights. Nothing in this Agreement shall prevent or limit the Executive’s continuing or
future participation in any plan, program, policy or practice provided by the Company or any of its affiliates for which the Executive may qualify, nor shall anything in this Agreement limit or otherwise affect such rights as the Executive may have
under any contract or agreement with the Company or any of its affiliates relating to subject matter other than that specifically addressed herein. Vested benefits and other amounts that the Executive is otherwise entitled to receive under the
Incentive Compensation program, the Executive’s deferred compensation plan(s), or any other plan, policy, practice or program of, or any contract or agreement with, the Company or any of its affiliates on or after the Date of Termination shall
be payable in accordance with the terms of each such plan, policy, practice, program, contract or agreement, as the case may be, except as explicitly modified by this Agreement. 
  
 7. Full Settlement. The Company’s obligation to make the payments provided for in, and otherwise to perform its
obligations under, this Agreement shall not be affected by any set-off, counterclaim, recoupment, defense or other claim, right or action that the Company may have against the Executive or others. In no event shall the Executive be obligated to seek
other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement. 
  
 8. Non-Compete and Other Restrictions. 
  
 (a) For purposes of this Section 8, the following definitions apply: 
  
 (i) “Company” means the Company and/or one or more of its affiliates. 
  
 (ii) “Confidential Information” means information
of the Company that meets one or more of the following three conditions: (i) it has not been made available generally to the public or to the trade or industry by the Company or by another with the Company’s consent; (ii) it 
  

 7 

 is related to, and useful or valuable in, the current or anticipated business of the Company and its
value could be diminished by unauthorized disclosure or use; or (iii) it either has been identified as confidential to Executive by the Company (orally or in writing) or it has been maintained as confidential from outside parties or is recognized as
intended for internal disclosure only. Confidential Information includes but is not limited to strategic and other business plans and budgets, non-public financial data and forecasts, know-how, research and development programs, personnel
information (including information about the identity, responsibilities, competence, compensation and satisfaction of the Company’s employees), information about planned or pending acquisitions or divestitures, sales methods, customer lists,
customer usages and requirements, customer purchase histories, marketing programs, computer programs and other confidential technical or business information or data. 
  
 (iii) “Trade Secret” means information of the Company, including a formula, pattern, compilation,
program, device, method, technique or process, that derives independent economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can obtain economic value from
its disclosure or use, and that is the subject of efforts to maintain its secrecy that are reasonable under the circumstances. 
  
 (b) During employment with the Company, Executive shall preserve and protect Confidential Information from unauthorized use or disclosure,
and for a period of two (2) years after termination of such employment, Executive shall not use or disclose any Confidential Information in connection with or to benefit any person, company or other enterprise (including Executive) which is engaged
in or is planning to become engaged in direct competition with the Company in any state of the United States of America where, at the time this Agreement is to be enforced, the Company is engaged, or has demonstrable plans to engage that were known
to Executive during employment, in substantial business activities. 
  
 (c) During employment with the Company, Executive shall preserve and protect Trade Secrets from unauthorized use or disclosure, and after termination of such employment, Executive shall not use or disclose any Trade
Secret indefinitely, or for so long as that Trade Secret remains a Trade Secret under applicable law. 
  
 (d) Executive agrees that, at all times during the term of employment hereunder, and for a period ending two (2) years following the Date
of Termination for any reason, Executive will not, in any capacity whatsoever, directly or indirectly, participate in or assist in, the organization, planning, preparation, ownership, financing, management, operation or control, nor have any
beneficial interest in more than 5% of the equity, of any corporation, partnership, association or other person or entity (“Competitive Business”) which directly competes or is planning to directly compete with the Company with 

 

 8 

 respect to the operations of the Company that were within Executive’s management responsibility,
including the responsibility of personnel reporting to Executive, at any time within two (2) years prior to Executive’s termination, if: 
  
 (i) said Competitive Business would utilize Executive’s services for the benefit of any broadcast, cable, print or other
communications media operations serving any Metropolitan Statistical Area, as that term is defined by the United States Government, where during the two (2) years preceding Executive’s termination and at the time this Agreement is to be
enforced, Employer is engaged, or has demonstrable plans to engage that were known to Executive during employment, in broadcast, cable, print or other communications media operations; and 
  
 (ii) Confidential Information acquired by Executive during
the two (2) years preceding Executive’s termination, including such responsibilities as may be assigned to Executive after the date of this Agreement, would reasonably be expected to be useful to the performance of Executive’s duties in
such employment. 
  
 (e) Executive acknowledges
that a duty of loyalty to the Company and a duty to protect the Company’s confidential information are imposed upon Executive by law, including section 134.90 of the Wisconsin Statutes. 
  
 (f) For a period of two (2) years following the Date of
Termination, Executive agrees not to solicit or induce, or to assist anyone else in soliciting or inducing, directly or indirectly, any employee of the Company who was supervised by Executive, or about whom Executive obtained any Confidential
Information, during the last two (2) years of Executive’s employment by the Company, to terminate their employment with the Company or to accept employment with a Competing Business. 
  
 (g) Executive acknowledges that the Company has disclosed
that the Company is now, and may be in the future, subject to duties to third parties to maintain information in confidence and secrecy. By executing this Agreement, Executive consents to be bound by any such duty owed by the Company to any third
party. 
  
 (h) At the Date of Termination,
Executive shall deliver to the Company the original and all copies of all documents, records and property of any nature whatsoever which are in Executive’s possession or control and which are the property of the Company or which relate to the
business activities, facilities or customers of the Company, including any records, documents or property created by Executive in said capacity. Executive agrees to attend an exit interview upon termination of employment to ensure that the terms of
this Agreement are complied with. 
  

 9 

 (i) For the period of two (2) years immediately following the Date of Termination,
Executive will inform each new employer, prior to accepting employment, of the existence of this Section 8 and provide that employer with a copy of it. In addition, Executive hereby authorizes the Company to forward a copy of this Section 8 to any
actual or prospective new employer. 
  
 9.
Successors. 
  
 (a) This Agreement is
personal to the Executive and, without the prior written consent of the Company, shall not be assignable by the Executive. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. 
  
 (b) This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns. 
  
 (c) The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company expressly to assume
and agree to perform this Agreement in the same manner and to the same extent that the Company would have been required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean both the Company
as defined above and any such successor that assumes and agrees to perform this Agreement, by operation of law or otherwise. 
  
 10. Miscellaneous. 
  
 (a) This Agreement shall be governed by, and construed in accordance with, the laws of the State of Wisconsin, without reference to
principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect. This Agreement may not be amended or modified except by a written agreement executed by the parties hereto or
their respective successors and legal representatives. 
  
 (b) All notices and other communications under this Agreement shall be in writing and shall be given by hand delivery to the other party or by registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

  
 If to the Executive: 
  
 Steven J. Smith 
 Journal Communications, Inc. 
 333 West State Street 
 Milwaukee, WI 53203 
  

 10 

 If to the Company: 
  
 Journal Communications, Inc. 
 333 West State Street 
 Milwaukee, WI 53203 
 Attention: Chief Financial Officer 
  
 With a copy to: 
  
 Benjamin F. Garmer, III 
 c/o Foley & Lardner LLP 
 777 East Wisconsin Avenue 
 Milwaukee, WI 53202-5367 
  
 or to such other address as either party furnishes to the other in writing
in accordance with this paragraph (b) of Section 10. Notices and communications shall be effective when actually received by the addressee. 
  
 (c) The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement. If any provision of this Agreement shall be held invalid or unenforceable in part, the remaining portion of such provision, together with all other provisions of this Agreement, shall remain valid and enforceable and
continue in full force and effect to the fullest extent consistent with law. 
  
 (d) Notwithstanding any other provisions of this Agreement, the Company may withhold from amounts payable under this Agreement all federal, state, local and foreign taxes that are required to be withheld by applicable
laws or regulations. 
  
 (e) The Executive’s
or the Company’s failure to insist upon strict compliance with any provisions of, or to assert any right under, this Agreement (including, without limitation, the right of Executive to terminate employment for Good Reason pursuant to paragraph
(c) of Section 4 of this Agreement) shall not be deemed to be a waiver of such provision or right or of any other provision of or right under this Agreement. 
  

(f) The rights and benefits of the Executive under this Agreement may not be anticipated, assigned, alienated or subject to attachment,
garnishment, levy, execution or other legal or equitable process except as required by law. Any attempt by the Executive to anticipate, alienate, assign, sell, transfer, pledge, encumber or charge the same shall be void. 
  
 (g) This Agreement may be executed in several counterparts,
each of which shall be deemed an original, and said counterparts shall constitute but one and the same instrument. 
  

 11 

 11. Arbitration. 
  
 (a) The Company and the Executive agree that any dispute in connection with this Agreement shall be settled
by binding arbitration conducted pursuant to the National Rules for the Resolution of Employment Disputes of the American Arbitration Association (the “AAA”). Notwithstanding the foregoing, (i) the Company and the Executive shall be
responsible for their own attorney’s fees and costs incurred in the matter unless the arbitrator awards the Executive reasonable attorney fees and costs as part of the arbitration award; (ii) the arbitration shall be determined by a single
arbitrator, not a panel; (iii) both the Company and the Executive shall be permitted to seek summary disposition prior to hearing; and (iv) the decision rendered by the arbitrator shall be in writing and set forth findings of fact and conclusions of
law. 
  
 (b) The Executive agrees that his
agreement to submit legal disputes through binding arbitration, includes any claim for any liability or obligation in any way related to this Agreement, for any expense, damage, or losses he might claim based on, among other things, the following:
(i) any discipline, demotion, denied promotion, or discharge; (ii) any Company policy, practice, contract or agreement; (iii) any tort or personal injury; (iv) any policies, practices, laws or agreements governing the payment of wages, commissions
or other compensation; (v) any laws governing employment discrimination including, but not limited to, Sections 1981, 1983 and Title VII of the Civil Rights Act, the Age Discrimination in Employment Act, the Employee Retirement Income Security Act,
the Americans with Disabilities Act, any state laws or statutes (including, but not limited to, the Wisconsin Fair Employment Act), and any ordinance or local authority; (vi) any laws or agreements that provide for punitive, exemplary or statutory
damages; and (vii) any laws or agreements that provide for payment of attorney fees, costs or expenses. 
  
 (c) The Company agrees that it too shall submit all legal disputes that it may have against the Executive in any way related to this
Agreement for exclusive resolution through binding arbitration, and that the resolution of the Executive’s legal dispute(s) through arbitration shall be binding upon it. 
  
 (d) The Company and the Executive acknowledge and agree that this Agreement does not apply to the following:
(i) claims under any state worker’s compensation law; (ii) claims under any state unemployment compensation law; (iii) claims for injunctive relief that may otherwise be available at law for the violation of any state trade secrets act or
unfair competition law; or (iv) any claim that by law may not be required to be resolved by binding arbitration. 
  
 (e) The Company and the Executive acknowledge and agree that damages awarded, if any, in any arbitration shall be limited to those damages
that are otherwise available at law. 
  
 (f) The
Company and Executive acknowledge and agree that by signing this Agreement, they release and waive any right either may have to 
  

 12 

 resolve their legal disputes (including employment disputes and claims of discrimination or unlawful
discharge) by filing a lawsuit in court, and to have the potential opportunity of having their claim heard by a jury, and agree instead that the disputes will be resolved exclusively through binding arbitration. The Company and the Executive
acknowledge that although the Executive agrees to resolve the Executive’s legal dispute(s) exclusively through binding arbitration, nothing in this Agreement shall be interpreted as prohibiting the Executive from filing a charge of
discrimination with an appropriate administrative agency or participating in the investigation or prosecution of such a charge by an appropriate administrative agency; however, this Agreement does prohibit the Executive from seeking and recovering
an award on his own behalf through any administrative process. 
  
 12. Effectiveness of Agreement. This Agreement is effective when executed by the Company and the Executive in the signature spaces provided below. 
  
 IN WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and, pursuant to the authorization of
its Board of Directors, the Company has caused this Agreement to be executed in its name and on its behalf, all as of the day and year first above written. 
  

			
	 /s/ Steven J. Smith

	Steven J. Smith
	
	JOURNAL COMMUNICATIONS, INC.
		
	By	 	 /s/ Douglas G. Kiel

	Name:	 	Douglas G. Kiel
	Title:	 	President

  

 13

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