EX-10.3



 Exhibit 10.3 

THIS WARRANT AND THE SECURITIES ISSUABLE ON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES ACT”)
OR THE SECURITIES LAWS OF ANY STATE. THESE SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION THEREFROM UNDER THE SECURITIES ACT AND UNDER APPLICABLE STATE SECURITIES LAWS. THIS WARRANT MAY NOT BE SOLD,
ASSIGNED, TRANSFERRED OR OTHERWISE DISPOSED OF EXCEPT AS DESCRIBED IN THIS WARRANT. 
 MEREDITH CORPORATION 

WARRANT TO PURCHASE CLASS A COMMON STOCK 
  

			
	Warrant No. 1	  	January 31, 2018 (the “Issue Date”)

 Meredith Corporation, an Iowa corporation (the “Company”), for value received, certifies and
agrees (this warrant and any other warrants delivered in substitution or exchange herefor as provided herein, this “Warrant”) that KED MDP Investments, LLC, a Delaware limited liability company (the “Holder”), is
entitled, subject to the terms set forth below, to purchase from the Company 1,625,000 duly authorized, validly issued, fully paid and nonassessable shares of Class A Common Stock (such shares, subject to adjustment as provided herein, the
“Warrant Shares”) for $1.00 per Warrant Share (the “Exercise Price”). Except as otherwise defined herein, capitalized terms in this Warrant have the meanings set forth in Section 21. This
Warrant has been issued pursuant to the terms of the Series A Securities Purchase Agreement. 
 1. Term. Subject to the terms and
conditions hereof, the Holder may exercise this Warrant for all or any part of the Warrant Shares at any time or from time to time after the Issue Date until the Expiration Date (the “Exercise Period”); provided that, subject
to Section 2.2 and Section 10 with respect to a Competition Law Filing, if this Warrant has not been fully exercised by 5:00 p.m., New York City time, on the date described in clause (a) of
the definition of Expiration Date, this Warrant will be deemed automatically exercised pursuant to Section 2.1(b)(i) as of such time without any action required of the Holder or the Company. 

2. Exercise.  

2.1 Method of Exercise. This Warrant may be exercised by the Holder, in whole or in part: 

(a) by surrendering (i) this Warrant and (ii) a duly executed Notice of Exercise in the form of Exhibit A
attached hereto (the “Notice of Exercise”) to the Company (or its agent) via delivery in accordance with Section 16; and 







 (b) by: 

(i) instructing the Company to withhold a number of Warrant Shares then issuable upon exercise of this Warrant equal to
(A) the Aggregate Exercise Price divided by (B) the Per Share Price; 
 (ii) surrendering to the Company a
number of Warrant Shares previously acquired by the Holder equal to (A) the Aggregate Exercise Price divided by (B) the Per Share Price; or 

(iii) any combination of the foregoing. 

In the event of any withholding of Warrant Shares pursuant to this Section 2.1(b) in which the number of shares whose
value is equal to the Aggregate Exercise Price is not a whole number, the Company will withhold a fraction of a Warrant Share such that the value of the total number of Warrant Shares (including such fraction of a Warrant Share) withheld equals the
Aggregate Exercise Price. 
 2.2 Exercise Date. 

(a) Each exercise of this Warrant will be deemed to have been effected immediately prior to the close of business on the day
(i) on which the Notice of Exercise pursuant to Section 2.1 is deemed to be delivered pursuant to Section 16, (ii) if a later date is specified in the Notice of Exercise, such later date, or
(iii) if this Warrant has not previously been exercised prior to the Expiration Date, on the Business Day immediately preceding the Expiration Date, but in any event, if a Competition Law Filing is required to permit the Holder to exercise this
Warrant for Warrant Shares in compliance with applicable Law, not earlier than the date that all applicable waiting periods have expired or been terminated or required approvals have been received, provided that in such instance the
Expiration Date shall automatically be extended until the day following the expiration or termination of any such applicable waiting periods (each such date, an “Exercise Date”). 

(b) At such time, each Person in whose name any certificates for Warrant Shares are issuable upon such exercise as provided in
Section 2.3 will become a holder of record of the Warrant Shares represented by such certificates (or such lesser number of Warrant Shares as specified in the applicable Notice of Exercise). If the Holder determines that no
Competition Law Filings are required, on or prior to the Exercise Date, the Holder shall provide a written representation to the Company that (i) the Holder’s holdings of voting securities of the Company after the exercise of the Warrant
will be below the then applicable size-of-transaction threshold under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) and the
rules and regulations promulgated thereunder or (ii) the Holder will hold the voting securities solely for the purpose of investment, in accordance with 15 U.S.C. §18a(c)(9) and 16 CFR 802.9. 

  
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 2.3 Certificates and New Warrants. As soon as practicable after an
Exercise Date (and in any event within five Business Days thereafter), the Company, at its expense, will cause to be issued in the name of, and delivered to, the Holder, or otherwise as the Holder may direct (subject to
Section 5): 
 (a) a certificate or certificates for the number of shares of Class A Common
Stock to which the Holder is entitled upon such exercise (it being agreed that each certificate so delivered will be in such denominations of shares of Class A Common Stock as may be requested by the Holder) or, in lieu of certificates,
maintaining the Warrant Shares’ inclusion in the book entry settlement system of DTC if the Company is then a participant in such system; and 

(b) if such exercise is in part only, a new Warrant or Warrants substantially identical in form hereto for the purchase of a
number of Warrant Shares equal to the difference of the number of Warrant Shares subject to this Warrant less the number of Warrant Shares that are issued to the Holder pursuant to such partial exercise. 

2.4 Conditional Exercise. Notwithstanding the foregoing, if an exercise of any portion of this Warrant is to be made in
connection with a public offering or a sale of the Company (pursuant to a merger, sale of stock, or otherwise), such exercise may at the election of the Holder be conditioned upon the consummation of such transaction, in which case the Exercise Date
will be the date of such consummation and such exercise will not be deemed to be effective until immediately prior to such consummation on the Exercise Date. 

2.5 Company Redemption Right. Notwithstanding any of the provisions in this Section 2 (other
than Section 2.6(c)), the Company may elect, by delivery of written notice (the “Redemption Notice”) to the Holder no later than two Business Days after receipt of the Notice of Exercise, to pay to the
Holder (in lieu of delivery of the applicable number of Warrant Shares) an amount per such Warrant Share equal to the greater of (a) the volume weighted average price (rounded to the nearest one-hundredth
of one cent) of the Class A Common Stock on the New York Stock Exchange for the 30 trading days immediately preceding the date on which the Holder delivers the Notice of Exercise, as calculated by Bloomberg Financial LP under the function
“VWAP” or any successor page or function, and (b) the closing price of the Class A Common Stock on the New York Stock Exchange on the date the Company delivers the Redemption Notice (such greater amount, the “Redemption
Share Price”). Any such election will not be for less than all of the Warrant Shares to be issued in connection with such Notice of Exercise. Such cash payment to Holder will be made by wire transfer of immediately available funds to the
account(s) provided by Holder, no later than ten Business Days following the delivery of the Redemption Notice. 

  
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 2.6 Ownership Cap. 

(a) Notwithstanding anything herein to the contrary, unless and until the Company obtains the Shareholder Approval, the Company
shall not issue to the Holder any Warrant Shares to the extent such Warrant Shares, after giving effect to such issuance and when added to the number of shares of Class A Common Stock issued and issuable upon conversion of the Series A
Preferred Stock or exercise of the Options, would (a) exceed 19.9% of the number of shares of Common Stock outstanding as of the date of the Closing Date (the “Maximum Aggregate Ownership Amount”) or (b) exceed 19.9% of
the total voting power of the Company’s securities outstanding as of the date of the Closing Date that are entitled to vote on a matter being voted on by holders of the Common Stock (the “Maximum Aggregate Voting Amount”). 

(b) For purposes of this Section 2, beneficial ownership shall be determined in accordance with
Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. 
 (c) If any attempted exercise
of this Warrant would result in the issuance of Warrant Shares exceeding the Maximum Aggregate Ownership Amount or the Maximum Aggregate Voting Amount, and the Company has not obtained the Shareholder Approval prior to the time of such exercise (the
“Excess Condition”), then (i) the Company will issue to the Holder such number of Warrant Shares as may be issued below the Maximum Aggregate Ownership Amount or Maximum Aggregate Voting Amount, as the case may be, and
(ii) at the election of the Holder made at any time while the Excess Condition exists, either (A) the Company will pay to the Holder by wire transfer of immediately available funds (in lieu of delivery of the Excess Shares or of
replacement Warrant) an amount per Excess Share equal to the Redemption Share Price as of the date of such election or (B) this Warrant will be deemed to have not been exercised with respect to the remaining portion of the Warrant Shares (the
“Excess Shares”). Notwithstanding anything to the contrary contained in this Warrant, if the Excess Condition exists as of the Expiration Date, the Expiration Date will be extended until the date that is 30 days after the Excess
Condition no longer exists. 
 (d) Prior to the first annual meeting of shareholders of the Company to occur following the
fourth anniversary of the Closing Date (the “Shareholder Meeting”), the Company will provide each holder of Common Stock or other securities entitled to vote at such meeting a proxy statement meeting the requirements of
Section 14 of the Exchange Act and the related rules and regulations promulgated thereunder (the “Proxy Statement”) soliciting each such shareholder’s affirmative vote at the Shareholder Meeting for approval of resolutions
approving the Company’s issuance of the Warrant Shares and Class A Common Stock issuable upon conversion of the Series A Preferred Stock or exercise of the Options in excess of the Maximum Aggregate Ownership Amount and Maximum Aggregate
Voting Amount in accordance with their respective terms (the “Shareholder Approval”) in accordance with applicable rules and regulations of the New York Stock Exchange (or any other applicable successor entity), the Articles of
Incorporation, the Company’s bylaws and applicable Iowa and New York law, and the Company shall use its reasonable best efforts to solicit its shareholders’ approval of such resolutions and to cause the Board to


  
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recommend to the shareholders that they approve such resolutions. If any Warrant Shares are issued prior to the time the Shareholder Approval is obtained, such Warrant Shares will not be voted in
connection with any subsequent meeting of shareholders of the Company, to the extent owned by Holder at such time, to obtain the Shareholder Approval in accordance with applicable rules and regulations of the New York Stock Exchange. 

(e) The Proxy Statement shall be in a form reasonably acceptable to the Holder and accordingly, the Company shall provide the
Holder and a single counsel designated by the Holder with reasonable opportunity to review and comment on the relevant portions of the Proxy Statement. The Company shall keep the Holder apprised of the status of matters relating to the Proxy
Statement and the Shareholder Meeting, including promptly furnishing the Holder and its counsel with copies of notices or other communications related to the Proxy Statement, the Shareholder Meeting or the transactions contemplated hereby received
by the Company from the Securities and Exchange Commission or the New York Stock Exchange. 
 (f) If, despite the
Company’s best efforts, Shareholder Approval is not obtained at the Shareholder Meeting, the Company shall, unless otherwise agreed in writing by the Holder, cause an additional meeting of shareholders of the Company to be held every six months
thereafter until such Shareholder Approval is obtained, and the Company will hire a reputable proxy solicitor for the purpose of pursuing such approval. 

3. Shares to be Fully Paid; Reservation of Shares. The Company represents, warrants, covenants and agrees that: 

(a) this Warrant is, and any Warrant issued in substitution for or replacement of this Warrant will be, upon issuance, duly
authorized and validly issued; 
 (b) all Warrant Shares issued upon the exercise of this Warrant will, upon issuance, be
validly issued, fully paid and nonassessable, and free from preemptive or similar rights and free from all taxes, liens and charges with respect thereto (other than liens and charges arising solely from the actions and circumstances of the Holder or
holder of such Warrant Shares); 
 (c) the Company will at all times during the Exercise Period have authorized, and
reserved, free from preemptive or similar rights and solely for the purpose of effecting the exercise of this Warrant, out of its authorized but unissued Class A Common Stock, a sufficient number of shares of Class A Common Stock to
provide for the exercise of the rights represented by this Warrant, which shares have not been subscribed for or otherwise committed to be issued; 

  
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 (d) the Company will take all such action as may be necessary to ensure that the
par value per Warrant Share will at all times during the Exercise Period be less than or equal to the applicable Exercise Price; 

(e) the Company will take all such actions as may be necessary to ensure that all such Warrant Shares are issued without
violation by the Company of any applicable Law or any requirements of any securities exchange upon which shares of Common Stock or other securities constituting Warrant Shares may be listed at the time of such exercise (except for official notice of
issuance which will be immediately delivered by the Company upon each such issuance); 
 (f) the Company will use its best
efforts to cause the Warrant Shares, immediately upon such exercise, to be listed on any securities exchange upon which shares of Class A Common Stock or other securities constituting Warrant Shares are listed at the time of such exercise; and

 (g) the Company will pay all expenses in connection with, and all taxes and other governmental charges that may be imposed
with respect to, the issuance or delivery of Warrant Shares upon exercise of this Warrant; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, the Company may, as a
condition thereto, require the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. 
 4. Adjustment.
To prevent dilution of the exercise rights granted under this Warrant, the number of Warrant Shares issuable upon exercise of this Warrant will be subject to adjustment from time to time as set forth in this Section 4 (in
each case, after taking into consideration any prior adjustments pursuant to this Section 4). 

4.1 Adjustment to Number of Warrant Shares Upon Subdivision or Combination of Class A Common Stock.

 (i) If Company at any time subdivides (by stock split, recapitalization or otherwise) its outstanding number of shares of
Class A Common Stock into a greater number of shares of Class A Common Stock, the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to any such subdivision shall be proportionately increased. 

(ii) If Company at any time combines or reclassifies (by reverse stock split, combination or otherwise) its outstanding number
of shares of Class A Common Stock into a smaller number of shares of Class A Common Stock, the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to such combination shall be proportionately decreased. 

(iii) Any adjustment under this Section 4.1 shall be conditioned on, and become effective immediately
upon, the effectiveness of the subdivision or combination. 

  
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 4.2 Business Combination. In the event of any Business Combination,
(i) this Warrant will, immediately after such Business Combination, remain outstanding and thereafter, in lieu of or in addition to (as the case may be) the number of Warrant Shares then exercisable under this Warrant, be exercisable for the
kind and number of shares of stock or other securities or assets of the Company or of the successor Person (including cash) resulting from such Business Combination to which the Holder would have been entitled upon such Business Combination if the
Holder had exercised this Warrant in full immediately prior to the time of such Business Combination and acquired the applicable number of Warrant Shares then issuable hereunder as a result of such exercise (without taking into account any
limitations or restrictions on the exercisability of this Warrant) and (ii) in such case, appropriate adjustment (in form and substance satisfactory to the Holder) will be made with respect to the Holder’s rights under this Warrant to
ensure that the provisions of this Section 4 are thereafter applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or assets thereafter acquirable upon exercise of this Warrant.
The Company will not effect any Business Combination described in this Section 4.2 unless either, prior to the consummation thereof, the successor Person (if other than the Company) resulting from such Business Combination,
will assume, by written instrument substantially similar in form and substance to this Warrant and satisfactory to the Holder, the obligation to deliver to the Holder such shares of stock, securities or assets that, in accordance with this
Section 4, the Holder will be entitled to receive upon exercise of this Warrant, or upon consummation thereof, the Holder will be entitled to receive the same kind and number of shares of stock or other securities or assets
(including cash) resulting from such Business Combination as the Holder would have been entitled upon such the Business Combination if the Holder had exercised this Warrant in full immediately prior to the time of such Business Combination and
acquired the applicable number of Warrant Shares then issuable hereunder (assuming exercise pursuant to Section 2.1(b)). Notwithstanding anything to the contrary contained herein, with respect to any Business Combination, the Holder will have
the right to elect prior to the consummation of such Business Combination, to give effect to the exercise rights contained in Section 2 instead of giving effect to the provisions contained in this
Section 4.2 with respect to this Warrant. 
 4.3 Certain Events. If any event of the type
contemplated by Section 4.1 or 4.2 but not expressly provided for by this Section 4 occurs, then the Board and the Holder will jointly determine in good faith an appropriate adjustment in
the number of Warrant Shares issuable upon exercise of this Warrant so as to protect the rights of the Holder in a manner consistent with this Section 4. 

4.4 Adjustment to Exercise Price. In connection with any adjustment described in this
Section 4, the Exercise Price per Warrant Share shall be automatically adjusted so that the aggregate Exercise Price for all outstanding Warrant Shares as of immediately prior to such adjustment shall equal the aggregate
Exercise Price for all outstanding Warrant Shares as of immediately following such conversion. 
 4.5 Dividends and
Distributions. If the Company, at any time after the issuance of this Warrant, makes or declares, or fixes a record date for the determination of holders of Class A Common Stock entitled to receive, a dividend or any other


  
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distribution payable in securities of the Company, cash or other property, then, and in each such event, the Holder will receive at the same time as the holders of Class A Common Stock, the
kind and amount of securities of the Company, cash or other property which the Holder would have been entitled to receive had the Warrant been exercised in full into Warrant Shares on the date of such event (and the record date therefor). 

4.6 Certificates. 

(a) Adjustment Certificates. As promptly as practicable following any adjustment of the number of Warrant Shares
issuable upon the exercise of the Warrant (but in any event not later than five Business Days thereafter), the Company will furnish to the Holder a certificate reasonably satisfactory to the Holder executed by a duly authorized officer thereof
(i) certifying the Exercise Price then in effect and the number of Warrant Shares or the amount, if any, of other shares of stock, securities or assets then issuable upon exercise of the Warrant and (b) setting forth in reasonable detail
such adjustment and the facts upon which it is based and certifying the calculation thereof. 
 4.7 Notices. In the
event, prior to the earlier of the Expiration Date and the date on which this Warrant has been exercised in full, (a) that the Company sets a record date (or a record date will otherwise occur) for any (i) dividend or other distribution,
(ii) vote at a meeting (or action by written consent), (iii) right to subscribe for or purchase any shares of capital stock of any class or any other securities or (iv) right to receive any other security or right in or to a security, or
(b) of a potential Business Combination or the voluntary or involuntary dissolution, liquidation or winding up of the Company, then the Company will send or cause to be sent to the Holder at least 15 days prior to the applicable record date or
the expected effective date, as applicable, for the event described above, a written notice in accordance with Section 16 specifying, as applicable, (A) the record date for such dividend, distribution, meeting or
consent or other right or action and a description of such dividend, distribution or other right or such action to be taken at such meeting or by written consent or (B) the effective date on which such Business Combination or dissolution,
liquidation or winding up is proposed to take place, and the date, if any is to be fixed, as of which the books of the Company will close or a record will be taken with respect to which the holders of record of Class A Common Stock (or such
other capital stock or securities at the time issuable upon exercise of the Warrant) will be entitled to exchange their shares of Class A Common Stock (or such other capital stock or securities) for securities or other property deliverable upon
such Business Combination or dissolution, liquidation or winding up, and the amount per share and character of such exchange applicable to the Warrant and the Warrant Shares. To the extent the Company discloses any of these matters to its
stockholders by means of a press release or SEC filing, the Company’s notice obligations to the Holder under this Section 4.7 will be deemed satisfied. 

4.8 Successive Adjustments. Any adjustments made pursuant to this Section 4 will be made
successively whenever an event referred to in this Section 4 occurs. 

  
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 5. Warrant Register; Transfer. 

5.1 Warrant Register. The Company will keep and properly maintain at its principal executive office books and records
for the registration of this Warrant and any transfers thereof. The Company (i) may deem and treat the Person in whose name this Warrant is registered on such books as the Holder thereof for all purposes and (ii) will not be affected by
any notice to the contrary, except any assignment, division, combination or other transfer of this Warrant effected in accordance with the provisions hereof. 

5.2 Warrant Transfer. This Warrant is freely transferable (a) upon surrender of this Warrant to the Company at its
then principal executive offices with a properly completed and duly executed warrant transfer agreement in the form attached hereto as Exhibit B, (b) subject to compliance with applicable securities Laws (including the Securities Act and
any applicable state securities or “blue sky” laws), and (c) with the prior written consent of the Company, which consent will not be unreasonably conditioned, delayed or withheld; provided (i) any conditioning, delaying
or withholding of consent to a proposed transfer to an Activist Fund or any transferee that is primarily engaged in television broadcasting or print or digital media publishing will not be deemed to be unreasonable and (ii) no prior written
consent is required with respect to a transfer to an Affiliate of the transferring Holder so long as such Affiliate is not primarily engaged in television broadcasting or print or digital media publishing (except that the requirements with respect
to such businesses will not apply to the extent the Company is not engaged in such businesses as of the time of the transfer) and such Affiliate is not an Activist Fund. Upon request of a Holder, the Company will use reasonable best efforts to
assist such Holder in any sale without registration of all or any portion of this Warrant (a “Resale”) under the Securities Act in accordance with applicable securities Laws including any sale under any of Rule 144, Rule 144A or
Regulation S promulgated under the Securities Act. The Company will cooperate with and assist each such Holder in connection with any Resale by such Holder, including, subject to prospective purchasers’ execution of a customary confidentiality
agreement in a form acceptable to the Company, by (A) providing direct contact between its senior management and advisors and prospective purchasers, (B) responding to reasonable inquiries of, and providing answers to, prospective
purchasers, (C) providing assistance in completion of the prospective purchasers’ reasonable due diligence review, (D) hosting one or more meetings of prospective purchasers at the Company’s facilities or such other location
selected by the Company, provided that the Company shall not be required to host more than two of such meetings with respect to any single prospective purchaser and (E) providing all reasonable information and access required or advisable to
comply with applicable securities Laws. Upon such compliance, surrender and delivery, the Company will (1) execute and deliver a new Warrant or Warrants in the name of the transferee or transferees and in the denominations specified in such
instrument of transfer, (2) issue to the transferor a new Warrant evidencing the portion of this Warrant, if any, not so transferred and (3) promptly cancel this Warrant. 

  
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 5.3 Warrant Share Transfer. 

(a) All Warrant Shares issuable upon exercise of this Warrant will be freely transferable subject to registration pursuant to
the Registration Rights Agreement and compliance with applicable securities Laws. Subject to the Registration Rights Agreement, the Company will take all action necessary to ensure all Warrant Shares are, upon issuance hereunder, freely
transferrable by the holder thereof. Compliance by the Company with its obligations under the Registration Rights Agreement and the other provisions of this Warrant will satisfy the Company’s obligations under this
Section 5.3(a). 
 (b) Upon request of a Holder of Warrant Shares, the Company will use reasonable
best efforts to assist such Holder in any sale of all or any portion of any Warrant Shares owned by such Holder (a “Share Resale”) under the Securities Act in accordance with applicable securities Laws, including any sale under any
of Rule 144, Rule 144A or Regulation S promulgated under the Securities Act, including (i) maintaining the Warrant Shares’ inclusion in the book entry settlement system of DTC, (ii) complying with all obligations set forth in the
Company’s representations letter to DTC relating to such inclusion and (iii) maintaining appropriate CUSIP numbers for the Warrant Shares. The Company will cooperate with and assist each such holder in connection with any Share Resale by
such Holder, including by (A) providing direct contact between its senior management and advisors and prospective purchasers, (B) responding to reasonable inquiries of, and providing answers to, prospective purchasers, (C) providing
assistance in completion of the prospective purchasers’ reasonable due diligence review, (D) hosting one or more meetings of prospective purchasers at the Company’s facilities or such other location selected by the Company, provided
that the Company shall not be required to host more than two of such meetings with respect to any single prospective purchaser and (E) providing all reasonable information and access required or advisable to comply with applicable securities
Laws. 
 (c) Any certificate representing Warrant Shares issued during the applicable
one-year holding period required by Rule 144 (the “Rule 144 Holding Period”) will bear a customary restrictive legend, and will be subject to the restrictions set forth therein
(provided, that that the Company will use its reasonable best efforts to remove such legend once the Rule 144 Holding Period has lapsed or as is otherwise available in connection with a transfer of the applicable Warrant Shares), and any
certificate representing Warrant Shares issued following the Rule 144 Holding Period will bear such legend only if the Company determines in good faith that the Rule 144 resale requirements have not been met (provided, that the Company will
use its reasonable best efforts to remove such legend as soon as possible thereafter). 
 6. [Reserved.]  

  
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 7. Holder Not Deemed a Shareholder; Limitations on Liability. Except as otherwise
specifically provided herein, prior to the issuance to the Holder of the Warrant Shares to which the Holder is then entitled to receive upon the exercise of this Warrant in accordance with the terms hereof, the Holder (in its capacity as such) will
not be entitled to vote or be deemed the holder of shares of capital stock of the Company for any purpose, and nothing in this Warrant will be construed to confer upon the Holder (in its capacity as such) any of the rights of a shareholder of the
Company or any right to vote, give or withhold consent to any corporate action (whether any Business Combination or issuance or reclassification of stock), receive notice of meetings, receive dividends or subscription rights, or otherwise. Nothing
in this Warrant will be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a shareholder of the Company, whether such liabilities are asserted by the Company, creditors
of the Company or any other third Persons. 
 8. Effect of Violation. Any action or attempted action by the Company in violation of
this Warrant will be null and void ab initio and of no force or effect whatsoever. 
 9. Replacement of Warrant. Upon receipt of
evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of a customary indemnity agreement or (in the case of mutilation) upon
surrender and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of the same tenor and date. 
 10.
Competition Law Filings. Upon at least 15 Business Days’ notice, at the request of the Holder, the Company will, in consultation and cooperation with the Holder, file or submit, and assist the Holder with any filing, submission or
notification it makes, in connection with the exercise of this Warrant (alone or in conjunction with the exercise of any options held by the Holder) with or to any governmental entity any filing, report or notification necessary or advisable in
connection with any antitrust, competition or merger control Law applicable to such exercise, including the notification and report form, if any, required to be filed with the U.S. Federal Trade Commission (the “FTC”) and the U.S.
Department of Justice (the “DOJ”) under the HSR Act (such applicable Laws, collectively, “Competition Laws,” and such filings and submissions, collectively, the “Competition Law Filings”). Any such
Competition Law Filings made by each of the Holder and the Company will be in substantial compliance with the requirements of the Competition Laws. Each of the Holder and the Company will use its reasonable best efforts, and cooperate with each
other, to obtain as promptly as practicable all approvals, authorizations, terminations of applicable periods and clearances in connection with the Competition Law Filings, including (a) cooperating and consulting with each other and furnishing
to each other or each other’s counsel information and reasonable assistance as each may request in connection with the preparation of any Competition Law Filing, (b) giving the other reasonable prior notice of, and the opportunity to
review and discuss in advance (including considering in good faith the views of the other), any such Competition Law Filings to be made and, to the extent reasonably practicable, of any communication with, or any responses to inquiries or requests
for additional information from, the FTC, the DOJ and any other governmental entity regarding such Competition Law Filings or the transactions contemplated by this Warrant, (c) permitting the other or the other’s counsel to participate in
all communications and meetings with any governmental entity to the extent not prohibited by such governmental entity and (d) subject to clauses (b) and (c) of this Section 10, responding as promptly as


  
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practicable to all requests of any governmental entity and providing all requested information to such governmental entity. The Company will pay any expenses associated with, and any filing fees
required under the Competition Laws in connection with, the Competition Law Filings. 
 11. Entire Agreement; Parties in Interest.
This Warrant, the Series A Securities Purchase Agreement, the Registration Rights Agreement and the Series A Investors Rights Agreement constitute the entire agreement of, and supersede all other prior agreements and understandings (both written and
oral and including, without limitation, that certain commitment letter and fee letter relating to the terms hereof) between, the parties hereto with respect to the subject matter hereof. In the event of any inconsistency between this Warrant, the
Series A Securities Purchase Agreement and the Series A Investors Rights Agreement with respect to the subject matter hereof, this Warrant will control. This Warrant will be binding upon and inure solely to the benefit of the Company and the Holder
and their respective successors and permitted assigns, and nothing in this Warrant, express or implied, is intended to or will confer upon any other Person any rights, benefits or remedies of any nature whatsoever under or by reason of this Warrant.

 12. Governing Law. This Warrant, and all Proceedings (whether based in contract, tort or statute) that may be based upon, arise
out of or relate to this Warrant or the negotiation, execution or performance of this Warrant, will be governed by and construed and enforced in accordance with the Laws of the State of New York without regard to the Laws of the State of New York or
any other jurisdiction that would call for the application of the substantive Laws of any jurisdiction other than the State of New York. 

13. Jurisdiction. Each Party hereby irrevocably and unconditionally, for itself and its property, submits to the exclusive jurisdiction
of any New York State court or Federal court of the United Stated of America sitting, in each case in the Borough of Manhattan in New York City, and any appellate court from any thereof (such courts in such jurisdictional priority, the
“Forum”), in any Proceeding (whether based in contract, tort or statute) based upon, arising out of or relating to this Warrant or the negotiation, execution or performance of this Warrant, or any transaction contemplated hereby,
and agrees that all claims in respect of such Proceeding may be heard and determined in the Forum, and each of the Company and the Holder hereby irrevocably and unconditionally (a) agrees not to commence any such Proceeding except in the Forum,
(b) agrees that any claim in respect of any such Proceeding may be heard and determined in the Forum, (c) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of
venue of any such Proceeding in the Forum, and (d) waives, to the fullest extent it may legally and effectively do so, the defense of an inconvenient forum to the maintenance of such Proceeding in the Forum. Each of the Company and Holder
hereby agrees that service of summons, complaint or other process in connection with any Proceedings contemplated hereby may be made by registered or certified mail addressed to such Person at the address specified pursuant to
Section 16, and that service so made will be effective as if personally made in the State of New York. 
 14.
Waiver of Jury Trial. EACH OF THE COMPANY AND THE HOLDER IRREVOCABLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) BETWEEN OR AMONG SUCH PERSONS ARISING OUT OF OR RELATING TO THIS WARRANT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
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 15. Remedies. 

(a) Remedies Cumulative. Except as set forth in Section 15(a), all remedies available under
this Warrant, at Law, in equity or otherwise will be deemed cumulative and not alternative or exclusive of other remedies, and the exercise by any party hereto of a particular remedy will not preclude the exercise of any other remedy. 

(b) Injunctive Relief. The Company acknowledges and agrees that the Holder would be irreparably damaged if any of the
provisions of this Warrant are not performed in accordance with their specific terms and that any breach of this Warrant by the Company could not be adequately compensated in all cases by monetary damages alone. Accordingly, in addition to any other
right or remedy to which the Holder may be entitled, at Law or in equity, it will be entitled to enforce any provision of this Warrant by a decree of specific performance and temporary, preliminary and permanent injunctive relief to prevent breaches
or threatened breaches of any of the provisions of this Warrant, without posting any bond or other undertaking. 
 16. Notice. 

(a) Any notice or other communication required or permitted to be delivered to any party under this Warrant will be in writing
and delivered by (i) email or (ii) overnight delivery via a national courier service to the following email address or physical address, as applicable: 

If to the Company, to: 

Meredith Corporation 

1716 Locust Street 

Des Moines, Iowa 50309-3023 

Attention: John S. Zieser 

with a copy (which will not constitute notice) to: 

Cooley LLP 

1299 Pennsylvania Avenue, NW, Suite 700 

Washington, DC 20004 

Attention: J. Kevin Mills 

Email: kmills@cooley.com 

If to the Holder, to: 

KED MDP Investments, LLC 

c/o Koch Equity Development LLC 

  
 -13- 








 4111 East 37th Street North 

Wichita, Kansas 67220 

Attention: Brett Watson; Matthew Hewitt; Adam Schaeffer 

Email: brett.watson@kochind.com; matthew.hewitt@kochind.com; adam.schaeffer@kochps.com 

with a copy (which will not constitute notice) to: 

Jones Day 

1420 Peachtree Street 

Atlanta, Georgia 30309 

Attention: Bryan E. Davis 

Email: bedavis@jonesday.com 

(b) Notice or other communication pursuant to Section 16(a) will be deemed given or received when
delivered, except that any notice or communication received by email transmission on a non-Business Day or on any Business Day after 5:00 p.m. addressee’s local time or by overnight delivery on a non-Business Day will be deemed to have been given and received at 9:00 a.m. addressee’s local time on the next Business Day. Any party may specify a different address, by written notice to the other party. The
change of address will be effective upon the other party’s receipt of the notice of the change of address. 
 17. Amendments;
Waivers. Any provision of this Warrant may be amended or waived if, and only if, such amendment or waiver is in writing and signed, in the case of an amendment, by the Company and the Holder, or in the case of a waiver, by the party against whom
the waiver is to be effective. No knowledge, investigation or inquiry, or failure or delay by the Company or the Holder in exercising any right hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any
other or further exercise of any other right hereunder. 
 18. Counterparts. This Warrant may be executed in two or more
counterparts, each of which constitutes an original, and all of which taken together constitute one instrument. 
 19. Assignment by the
Company. The Company may not, without the prior written consent of the Holder, sell, transfer (by operation of Law or otherwise, except in connection with a Business Combination in compliance herewith) or assign this Warrant or any of its rights
or obligations hereunder. 
 20. Severability. If any provision of this Warrant, or the application thereof becomes or is declared by
a court of competent jurisdiction to be illegal, void, invalid or unenforceable, the remainder of this Warrant will continue in full force and effect and the application of such provision to other Persons or circumstances will be interpreted so as
reasonably to effect the intent of the parties hereto. The parties hereto further agree to replace such illegal, void, invalid or unenforceable provision of this Warrant with a legal, valid and enforceable provision that achieves, to the extent
possible, the economic, business and other purposes of such illegal, void, invalid or unenforceable provision. 

  
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 21. Definitions. 

21.1 Certain Defined Terms. The following words and phrases have the meanings specified in this Section 21.1:

 “Activist Fund” means any Person identified on the most-recently available “SharkWatch 50” list or any
publicly-disclosed Affiliate of any such Person. 
 “Affiliate” means, as to any Person, any other Person that, directly or
indirectly, controls, is controlled by, or is under common control with, such Person. As used in this definition, “control” (including, with its correlative meanings, “controlled by” and “under common control with”)
means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies of a Person, whether through the ownership of securities or partnership or other ownership interests, by contract or otherwise.

 “Aggregate Exercise Price” means an amount equal to the product of (a) the number of Warrant Shares in respect of
which this Warrant is then being exercised pursuant to Section 2, multiplied by (b) the Exercise Price in effect as of the Exercise Date. 

“Articles of Incorporation” means the articles of incorporation of the Company, as amended. 

“Board” means the board of directors of the Company. 

“Business Combination” means, whether through one transaction or a series of related transactions, any
(a) recapitalization of the Company, (b) reclassification of the stock of the Company (other than (i) a change in par value, from par value to no par value, from no par value to par value or (ii) as a result of a stock dividend
or subdivision, split up or combination of shares), (c) consolidation or merger of the Company with and into another Person or of another Person with and into the Company (whether or not the Company is the surviving corporation of such consolidation
or merger), (d) sale of all or substantially all of the Company’s assets (on a consolidated basis) or capital stock to another Person or (e) other similar transaction (in the case of this clause (e)) other than any such transaction covered
by Section 4.5), in each case, which entitles the holders of Common Stock to receive (either directly or upon subsequent liquidation) stock, securities or assets (including cash) with respect to or in exchange for Common
Stock. 
 “Business Day” means any day ending at 11:59 p.m. (New York City time) other than a Saturday, Sunday or a day on
which the banks in the City of New York are authorized by Law to be closed. 
 “Class A Common Stock”
means the Company’s common stock, par value $1.00 per share, that is not designated in the Articles of Incorporation as class B common stock, and any capital stock into which common stock is converted, exchanged or reclassified following the
Issue Date. 
 “Class B Common Stock” means the Company’s common stock designated in the Articles
of Incorporation as class B common stock, par value $1.00 per share, and any capital stock into which common stock is converted, exchanged or reclassified following the Issue Date. 

  
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 “Closing Date” means January 31, 2018. 

“Common Stock” means, collectively, the Class A Common Stock and Class B Common Stock. 

“Exchange Act” means the Securities Exchange Act of 1934. 

“Expiration Date” means the date that is the latest of (a) the tenth anniversary of the Closing Date, (b) the date
determined in accordance with the proviso contained in Section 2.2(a) and (c) the date after the Exercise Date on which all Warrant Shares have been purchased (or redeemed in accordance with
Section 2.5 or Section 2.6(c)) hereunder, except that, in the case of clause (a), if such date is not a Business Day, on the next Business Day. 

“Law” means any applicable U.S. or foreign, federal, state, provincial, municipal or local law (including common law),
statute, ordinance, rule, regulation, code, policy, directive, standard, license, treaty, judgment, order, injunction, decree or agency requirement of or undertaking to or agreement with any governmental entity. 

“Options” means the options to purchase of up to an aggregate of 875,000 shares of Class A Common Stock, purchased by
the Holder on Closing Date (and any new or replacement options issued pursuant to the terms thereof). 
 “Per Share Price”
means the greater of (a) the volume weighted average price (rounded to the nearest one-hundredth of one cent) of the Class A Common Stock on the New York Stock Exchange for the 30 trading days
immediately preceding the date on which the Holder delivers the applicable Notice of Exercise, as calculated by Bloomberg Financial LP under the function “VWAP” or any successor page or function, and (b) the closing price of the
Class A Common Stock on the New York Stock Exchange on the date the Holder delivers the applicable Notice of Exercise. 

“Person” means an individual, corporation, partnership, limited liability company, association, trust or any other entity,
group (as such term is used in Section 13 of the Exchange Act) or organization, including a governmental entity. 

“Proceeding” means any claim, action, arbitration, mediation, audit, hearing, investigation, proceeding, litigation or suit
(whether civil, criminal, administrative, investigative or informal) commenced, brought, conducted or heard by or before, or otherwise involving, any governmental entity or arbitrator or mediator. 

“Registration Rights Agreement” means the Registration Rights Agreement, dated the Closing Date, by and between the Company
and the Holder. 
 “Series A Investors Rights Agreement” means the Series A Investors Rights Agreement, dated the Closing
Date, by and between the Company and the Holder. 

  
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 “Series A Preferred Stock” means the Series A Preferred Stock of the Company
issued on the Closing Date or as a paid-in-kind dividend on the outstanding shares of Series A Preferred Stock in accordance with the terms of the Statement of
Designation of Series A Preferred Stock of Meredith Corporation (as such instrument is in effect on the Closing Date). 
 “Series A
Securities Purchase Agreement” means the Series A Securities Purchase Agreement, dated the Closing Date, by and between the Company and the Holder. 

“U.S.” means the United States of America. 

21.2 Terms Defined Elsewhere in this Agreement. For purposes of this Warrant, the following terms have the meanings set
forth in the sections indicated: 
  

			
	 Terms
	  	 Section

	Company	  	Preamble
	Competition Law Filings	  	Section 10
	Competition Laws	  	Section 10
	DOJ	  	Section 10
	DTC	  	Section 5.2
	Excess Condition	  	Section 2.6(c)
	Excess Shares	  	Section 2.6(c)
	Exercise Date	  	Section 2.2(a)
	Exercise Period	  	Section 1
	Exercise Price	  	Preamble
	Forum	  	Section 13
	FTC	  	Section 10
	Holder	  	Preamble
	Issue Date	  	Preamble
	Maximum Aggregate Ownership Amount	  	Section 2.6(a)
	Maximum Aggregate Voting Amount	  	Section 2.6(a)
	Notice of Exercise	  	Section 2.1(a)(ii)
	Proxy Statement	  	Section 2.6(d)
	Redemption Notice	  	Section 2.5
	Redemption Share Price	  	Section 2.5
	Resale	  	Section 5.2
	Rule 144 Holding Period	  	Section 5.3(b)
	Securities Act	  	Legend
	Share Resale	  	Section 5.3(a)
	Shareholder Approval	  	Section 2.6(d)
	Shareholder Meeting	  	Section 2.6(d)
	Warrant	  	Preamble
	Warrant Shares	  	Preamble

 22. Construction. The parties hereto intend that each representation, warranty, covenant and agreement
contained in this Warrant will have independent significance. The headings are for convenience only and will not be given effect in interpreting this Warrant. References to sections or exhibits are to the sections and exhibits contained in or
attached to this Warrant, unless otherwise specified. The words “hereof,” “herein” and “hereunder” and words of similar import, when used in this Warrant, refer to this Warrant as a whole and not to any particular
provision of this Warrant. The words “include,” “includes” and “including” in this Warrant 

  
 -17- 








 
mean “include/includes/including without limitation.” All references to $, currency, monetary values and dollars set forth herein means U.S. dollars. The use of the masculine, feminine
or neuter gender or the singular or plural form of words will not limit any provisions of this Warrant. References to a Person also include its permitted assigns and successors. Any reference to a statute refers to the statute, any amendments or
successor legislation and all rules and regulations promulgated under or implementing the statute, as in effect at the relevant time. Whenever this Warrant refers to a number of days, such number will refer to calendar days unless Business Days are
specified. Whenever any action must be taken hereunder on or by a day that is not a Business Day, then such action may be validly taken on or by the next day that is a Business Day. Any reference herein to any Law or contract will be construed as
referring to such Law or contract as amended or modified or, in the case of a Law, codified or reenacted, in each case, in whole or in part, and as in effect from time to time. The parties hereto acknowledge and agree that (a) each party and
its counsel has reviewed, or has had the opportunity to review, the terms and provisions of this Warrant, (b) any rule of construction to the effect that any ambiguities are resolved against the drafting party will not be used to interpret this
Warrant and (c) the provisions of this Warrant will be construed fairly as to all parties and not in favor of or against any party, regardless of which party was generally responsible for the preparation of this Warrant. 

23. Tax Treatment. The parties hereto agree to treat and report (a) the Holder as owning the Warrant Shares as of the Issue Date
for all U.S. federal, and applicable state and local, income tax purposes and (b) any dividend or distribution made pursuant to Section 4.5 as a distribution on the Warrant Shares under Section 301 of the Internal
Revenue Code or, in the case of a redemption of the Warrant Shares, a share redemption subject to Section 302 of the Internal Revenue Code, and, in each case, the parties hereto agree to take no position inconsistent with such treatment in
their respective dealings with U.S. federal, state and local tax authorities. 
 [Remainder of page intentionally left blank] 

  
 -18- 








 IN WITNESS WHEREOF, the parties hereto have caused this Warrant to be duly executed and
delivered as of the date first written above. 
  

			
	COMPANY:
	
	Meredith Corporation


 
			
		
	By:	 	/s/ Joseph H. Ceryanec
		 	Name: Joseph H. Ceryanec
		 	Title: Chief Financial Officer


 [SIGNATURE PAGE TO CLASS A
COMMON STOCK WARRANT] 







 
			
	HOLDER:
	
	KED MDP Investments, LLC
		
	By:	 	/s/ Matthew Hewitt
		 	Name: Matthew Hewitt
		 	Title: Vice President


 [SIGNATURE PAGE TO CLASS A
COMMON STOCK WARRANT] 







 EXHIBIT A 

Notice of Exercise Form 
 [•] 

Dated: [•] 
 The undersigned,
pursuant to the provisions set forth in the attached Warrant (the “Warrant”), hereby irrevocably elects to purchase [•] Warrant Shares (as such term is defined in the Warrant) and herewith surrenders Warrant Shares with a value
of $[•], representing the full purchase price for such shares at the exercise price per share provided for in such Warrant. 
  

			
	[Holder]
		
	By: 	 	 
		 	Name:
		 	Title:









 EXHIBIT B 

Warrant Transfer Form 

Dated: [•] 
 FOR VALUE
RECEIVED, the undersigned hereby sells, assigns and transfers all of its rights and interest in and to the number of Warrant Shares (as defined in the attached Warrant (the “Warrant”)) set forth below, standing in its name on the
books of the Company and represented by the Warrant, to: 
  

					
	 Name of Transferee
	  	 Address
	  	 No. of Warrant Shares

	[•]	  	[•]	  	[•]

 The undersigned hereby irrevocably instructs and appoints the Secretary of the Company its agent and attorney-in-fact (the “Agent”) to transfer all of such Warrant Shares on the books of the Company, to register each such transferee as the registered owner
thereof and to take all other necessary and appropriate action to effect such transfer and registration, including the issuance of one or more new or replacement Warrants. The Agent may substitute and appoint one or more persons to act on his or her
behalf. 
  

			
	[Holder]
		
	By:	 	 
		 	Name:
		 	Title: