SPLIT DOLLAR LIFE INSURANCE AGREEMENT
AGREEMENT made the 24th day of January, 2002, by and among PULITZER
INC., a Delaware corporation (the "Company"), and WESLEY R. TURNER, as trustee
("Trustee"), under the Indenture of Trust for The Robert C. Woodworth and Joyce
A. Woodworth Survivorship Insurance Trust, made the 24th day of January, 2002.
WHEREAS, Robert C. Woodworth ("Executive") is employed as President of
the Company; and
WHEREAS, the Trustee is the owner of a survivorship life insurance
policy, No. 2007081-9 (the "Policy"), issued by John Hancock Variable Life
Insurance Company (the "Insurer") on the joint lives of the Executive and his
wife (the "Insureds") with a face amount of $5,000,000; and
WHEREAS, in connection with Executive's employment, the Company desires
to provide for the funding of the Policy, subject to and in accordance with the
provisions hereof.
NOW, THEREFORE, the parties agree as follows:
1. Payment of Premiums. The Company will pay $74,174 to the Insurer as
an initial Policy premium and, thereafter, will make eight annual payments to
the Insurer, each for $74,174, provided, however, that the Company will have no
obligation to make premium payments under the Policy following the termination
of this agreement. The Trustee may make premium payments under the Policy at any
time and from time to time. The amount of the Company's premium obligation for
any year will be reduced by the amount, if any, of the premium paid by the
Trustee for the year, but only to the extent that the amount paid by the Trustee
is not more than the value of current life insurance protection provided by the
Policy. For the purposes hereof and for related income and gift tax purposes,