WARD LLOYD D 4

4 · BELO CORP · Filed May 12, 2011

Form 4

Period: 2011-05-10

Director

Transactions

Exercise/Conversion
Restricted Stock Units (Time-Based)
2011-05-10−3,431→ 0 total
→ Series A Common Stock (3,431 underlying)
Exercise/Conversion
Series A Common Stock
2011-05-10+3,431→ 26,792 total
Disposition to Issuer
Series A Common Stock
2011-05-10$7.87/sh−1,372$10,798→ 25,420 total
Disposition to Issuer
Series A Common Stock
2011-05-10$7.87/sh−3,590$28,253→ 30,804 total
Exercise/Conversion
Restricted Stock Units (Time-Based)
2011-05-10−8,974→ 0 total
→ Series A Common Stock (8,974 underlying)
Exercise/Conversion
Series A Common Stock
2011-05-10+8,974→ 34,394 total
Award
Restricted Stock Units (Time-Based)
2011-05-10+8,895→ 8,895 total
→ Series A Common Stock (8,895 underlying)

Footnotes (10)

[F1]The number of shares shown represents the time-based restricted stock units (TBRSUs) that vested on May 12, 2009 and were settled on May 10, 2011. These TBRSUs were awarded on May 13, 2008.
[F10]These TBRSUs vest 100% on the date of the Company's 2012 annual meeting of shareholders and are settled on or within 10 business days of the vesting date.
[F2]Each TBRSU represents a contingent right to receive the value of one share of Belo Corp. Series A Common Stock. These TBRSUs are valued as of the date of settlement and are paid 60% in shares of Belo Corp. Series A Common Stock and 40% in cash.
[F3]The number of shares shown represents settlement of the 40% cash portion of TRBSUs that vested on May 12, 2009 and were settled on May 10, 2011. Settlement of the cash portion is, pursuant to SEC guidance, deemed to be a sale of shares to the Company.
[F4]The number of shares shown represents the TBRSUs that vested on May 10, 2011 and were settled on the same date. These TBRSUs were awarded on May 11, 2010.
[F5]The number of shares shown represents settlement of the 40% cash portion of TRBSUs that vested on May 10, 2011 and settled the same date. Settlement of the cash portion is, pursuant to SEC guidance, deemed to be a sale of shares to the Company.
[F6]These TBRSUs were awarded on May 13, 2008.
[F7]These TBRSUs vested 100% on May 12, 2009 and were settled on May 10, 2011.
[F8]These TBRSUs were awarded on May 11, 2010.
[F9]These TBRSUs vested 100% on May 10, 2011 and settled same date.

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