Pulitzer Inc. Stock Option Award Certificate for Alan G. Silverglat (2003 Incentive Plan)

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Summary

Pulitzer Inc. grants Alan G. Silverglat an option to purchase 10,000 shares of its common stock at $52.92 per share under the 2003 Incentive Plan. The option vests fully on December 31, 2009, unless accelerated by performance or certain employment events, and expires on December 10, 2013. If employment ends due to death, disability, or retirement, vesting accelerates and the option may be exercised for three years. For other terminations, non-vested options are forfeited and vested options must be exercised within 60 days.

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EX-10.49 8 c83475exv10w49.txt STOCK OPTION AWARD FOR ALAN G. SILVERGLAT EXHIBIT: 10.49 PULITZER INC. STOCK OPTION CERTIFICATE This Certificate represents an option ("Option") to purchase shares of common stock of Pulitzer Inc. (the "Company") granted to you on 12/10/2003 under the Pulitzer Inc. 2003 Incentive Plan (the "Plan"). The basic features of this Option grant are indicated below (and are subject to correction by the Company if and to the extent this Certificate does not accurately reflect the terms of the Option grant). This Option is governed by the terms and conditions of the official Plan document. To accept this Option and its terms, you must sign and return one copy of this Certificate to Pulitzer Inc., 900 North Tucker Boulevard, St. Louis, Missouri 63101, Attention: Mr. James V. Maloney. By executing this certificate, you acknowledge receipt of the Plan document and the Summary Description of the Plan. Name of Optionee: Alan G. Silverglat Social Security Number: Grant Date: December 10, 2003 Number of Shares: 10,000 Exercise Price per Share: $52.9200 Vesting Schedule: Subject to continuing employment or service with the Company, 100% on December 31, 2009, unless and except to the extent vesting is accelerated (a) in accordance with the performance-based vesting conditions described in Exhibit A (attached), as construed and applied by the Compensation Committee of the Board of Directors of the Company, or (b) upon the occurrence of an event that would cause the acceleration of vesting under the terms of the Executive Transition Agreement dated as of January 1, 2002 between the Company and the Executive.
INCREMENTAL AGGREGATE DATE VESTING VESTING ---- ----------- --------- 12/31/2009 10,000 10,000
Termination of Employment: Death, disability, retirement after age 65 or with Company consent--vesting accelerates; 3 years to exercise Other termination of employment-- forfeit non-vested options; 60 days to exercise vested options Expiration of Option: December 10, 2013--even if still employed or post-termination exercise period (see above) is still open Accepted and Agreed to by: PULITZER INC. Signature: By: --------------------- ----------------------------- Alan G. Silverglat James V. Maloney, Secretary