Document:

EX-10.1

 Exhibit 10.1 
  

 
 EXECUTIVE EMPLOYMENT AGREEMENT 

for 
 Kevin Conley

 This Executive Employment Agreement (“Agreement”), made between Everspin Technologies, Inc. (the
“Company”) and Kevin Conley (“Executive”) (collectively, the “Parties”), is effective as of August 18, 2017. It is expected that Executive’s start date will be September 1,
2017. 
 WHEREAS, Executive has been performing services for the Company as a member of the Board of
Directors pursuant to the terms of an offer letter from the Company dated March 14, 2017 (the “Offer Letter”); and 

WHEREAS, the Company desires for Executive to continue providing services to the Company, and Executive
is willing to continue such employment by the Company, on the amended and restated terms and conditions set forth in this Agreement, which terms shall replace and supersede the terms of the Offer Letter in their entirety; 

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein and
for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereto agree as follows: 

1. Employment by the Company. 

1.1 Position. Executive shall serve as the Company’s President and Chief Executive Officer. During Executive’s
employment with the Company, Executive will devote Executive’s best efforts and substantially all of Executive’s business time and attention to the business of the Company, except for approved vacation periods and reasonable periods of
illness or other incapacities permitted by the Company’s general employment policies. 
 1.2 Duties and Location.
Executive shall perform such duties as are required by the Company’s Board of Directors (the “Board”), to whom Executive will report. Executive shall regularly spend time at the Company’s locations in Chandler, Arizona and
Austin, Texas; however, Executive is expected to travel frequently and shall perform his duties in other locations as reasonably necessary. The Company may modify Executive’s job title and duties as it deems necessary and appropriate in light
of the Company’s needs and interests from time to time; provided, however, that changing Executive’s title to a position other than Chief Executive Officer or limiting Executive’s duties in a manner inconsistent with the CEO title
will be deemed Good Reason for Executive to resign from his employment with Company pursuant to Sections 3.2 and 6.2 of this Agreement. 

  
 1. 

 1.3 Policies and Procedures. The employment relationship between the Parties shall
be governed by the general employment policies and practices of the Company, except that when the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control.

 2. Compensation. 

2.1 Salary. For services to be rendered hereunder, Executive shall receive a base salary at the rate of four hundred thousand
dollars ($400,000) per year (the “Base Salary”), subject to standard payroll deductions and withholdings and payable in accordance with the Company’s regular payroll schedule. Thereafter, Executive’s Base Salary shall be
reviewed by the Board for possible adjustment annually. 
 2.2 Bonus. Executive will be eligible for an annual discretionary
bonus of up to 65% of Executive’s Base Salary (the “Bonus Target”). Starting January 1, 2018, Executive’s annual target bonus percentage, whether Executive receives an annual bonus for any given year, and the amount of any
such annual bonus, will be determined by the Board in its sole discretion based upon the Company’s and Executive’s achievement of objectives and milestones to be determined on an annual basis by the Board in consultation with Executive;
provided, however, that Executive’s 2017 annual bonus will be guaranteed to be at least two hundred sixty thousand dollars ($260,000), prorated for the period from the Employment Start Date to December 31, 2017, subject to standard
deductions and withholdings (the “Initial Bonus”). Bonuses are generally paid by March 15 following the applicable bonus year, and Executive must be an active employee on the date any Annual Bonus is paid in order to earn any
such Annual Bonus. Executive will not be eligible for, and will not earn, any Annual Bonus (including a prorated bonus) if Executive’s employment terminates for any reason before the date Annual Bonuses are paid. 

2.3 Standard Company Benefits. Executive shall be entitled to participate in all employee benefit programs for which Executive is
eligible under the terms and conditions of the benefit plans that may be in effect from time to time. The Company reserves the right to cancel or change the benefit plans or programs it offers to its employees at any time. 

2.4 Expenses. The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive
in furtherance or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense reimbursement policy and requirements of the Internal Revenue Service as in effect from time to time. In
addition, the Company will reimburse Executive for reasonable expenses incurred in traveling to the company’s offices in Chandler, Arizona and Austin, Texas, and the Company will pay for accommodations in the Chandler, Arizona area. 

2.5 Equity. The Company will recommend that the Board grant to Executive (i) options to purchase four hundred thousand
(400,000) shares (“New Option”) and (ii) a restricted stock unit for ten thousand (10,000) shares (“RSU”). The New Option, RSU and the Executives existing options shall be governed in all respects by the
governing plan documents, grant notices and stock option agreements; provided, however, that the RSU shall have a one-year vesting period. Executive shall be eligible to receive further stock grants
and/or stock option awards in the sole discretion of the Board. 

  
 2. 

 2.6 Sign On Bonus. Executive shall receive a
one-time sign on bonus of fifty thousand dollars ($50,000), which Executive must pay back if Executive resigns without Good Reason within twelve (12) months of the Employment Start Date. The sign on bonus
contemplated herein shall be paid at the same time as Executive’s first paycheck, to be paid on the Company’s regular payroll schedule. 

3. Termination of Employment; Severance. 

3.1 At-Will Employment. Executive’s employment relationship is at-will. Either Executive or the Company may terminate the employment relationship at any time, with or without Cause or advance notice. 

3.2 Termination Without Cause; Resignation for Good Reason. 

(i) The Company may terminate Executive’s employment with the Company at any time without Cause (as defined below). Further,
Executive may resign at any time for Good Reason (as defined below). 
 (ii) In the event Executive’s employment with the
Company is terminated by the Company without Cause, or Executive resigns for Good Reason, then provided such termination constitutes a “separation from service” (as defined under Treasury Regulation
Section 1.409A-1(h), without regard to any alternative definition thereunder, a “Separation from Service”), and provided Executive remains in compliance with all contractual obligations
to the Company, then the Company shall provide Executive with the following severance benefits, subject to the terms and conditions set forth in Section 4: 

(a) The Company shall pay Executive severance in the form of continuation of Executive’s Base Salary for twelve (12) months
after the date of Executive’s Separation from Service. These salary continuation payments will be paid on the Company’s regular payroll schedule, subject to standard deductions and withholdings, over the twelve (12) month period
following Executive’s Separation from Service; provided, however, that no payments will be made prior to the 60th day following Executive’s Separation from Service. On the 60th day following Executive’s Separation from Service,
the Company will pay Executive in a lump sum the salary continuation payments that Executive would have received on or prior to such date under the original schedule with the balance of the cash severance being paid as originally scheduled. 

(b) Provided that Executive timely elects continued coverage under COBRA, the Company shall pay Executive’s COBRA premiums to
continue Executive’s coverage (including coverage for eligible dependents, if applicable) (“COBRA Premiums”) through the period (the “COBRA Premium Period”) starting on the Executive’s Separation from
Service and ending on the earliest to occur of: (i) twelve (12) months following Executive’s Separation from Service; (ii) the date Executive 

  
 3. 

 
becomes eligible for group health insurance coverage through a new employer; or (iii) the date Executive ceases to be eligible for COBRA continuation coverage for any reason, including plan
termination. In the event Executive becomes covered under another employer’s group health plan or otherwise cease to be eligible for COBRA during the COBRA Premium Period, Executive must immediately notify the Company of such event.
Notwithstanding the foregoing, if the Company determines, in its sole discretion, that it cannot pay the COBRA Premiums without a substantial risk of violating applicable law, the Company instead shall pay to Executive, on the first day of each
calendar month remaining in the COBRA Premium Period, a fully taxable cash payment equal to the applicable COBRA premiums for that month, subject to applicable tax withholdings, which Executive may, but is not obligated to, use toward the cost of
COBRA premiums. 
 (c) The vesting of Executive’s Options shall be accelerated such that the shares subject to the Options that
would have vested in the twelve (12) month period following Executive’s Separation from Service shall be deemed immediately vested and exercisable as of Executive’s last day of employment; provided, however, that if
Executive’s termination without Cause or resignation for Good Reason occurs within eighteen (18) months following the effective date of a Change of Control (as defined below), then the Company will accelerate the vesting of the Options
such that 100% of the shares subject to the Options will vest and be immediately exercisable. 
 3.3 Termination for Cause; Resignation
Without Good Reason; Death or Disability. 
 (i) The Company may terminate Executive’s employment with the Company at any
time for Cause. Further, Executive may resign at any time without Good Reason. Executive’s employment with the Company may also be terminated due to Executive’s death or disability. 

(ii) If Executive resigns without Good Reason, or the Company terminates Executive’s employment for Cause, or upon
Executive’s death or disability, then (i) Executive will no longer vest in the Options, (ii) all payments of compensation by the Company to Executive hereunder will terminate immediately (except as to amounts already earned), and
(c) Executive will not be entitled to any severance benefits, including (without limitation) the Severance, COBRA Premiums, Special Cash Payments or Accelerated Vesting. In addition, Executive shall resign from all positions and terminate any
relationships as an employee, advisor, officer or director with the Company and any of its affiliates, each effective on the date of termination.  

4. Conditions to Receipt of Severance Benefits. Executive’s receipt of the severance benefits described in Section 3.2
is contingent upon Executive signing and not revoking a separation agreement and release of claims in a form reasonably satisfactory to the Company (the “Separation Agreement”). No severance benefits will be paid or provided until
the Separation Agreement becomes effective. Executive shall also resign from all positions and terminate any relationships as an employee, advisor, officer or director with the Company and any of its affiliates, each effective on the date of
termination. 

  
 4. 

 5. Section 409A. It is intended that all of the severance benefits and other
payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Internal Revenue Code Section 409A provided under Treasury Regulations
1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as
consistent with those provisions, and to the extent no so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A. For purposes of Code Section 409A (including, without
limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any installment payments under this Agreement (whether severance payments, reimbursements or
otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in
this Agreement, if Executive is deemed by the Company at the time of Executive’s Separation from Service to be a “specified employee” for purposes of Code Section 409A(a)(2)(B)(i), and if any of the payments upon Separation from
Service set forth herein and/or under any other agreement with the Company are deemed to be “deferred compensation”, then to the extent delayed commencement of any portion of such payments is required in order to avoid a prohibited
distribution under Code Section 409A(a)(2)(B)(i) and the related adverse taxation under Section 409A, such payments shall not be provided to Executive prior to the earliest of (i) the expiration of the
six-month period measured from the date of Executive’s Separation from Service with the Company, (ii) the date of Executive’s death or (iii) such earlier date as permitted under
Section 409A without the imposition of adverse taxation. Upon the first business day following the expiration of such applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Paragraph shall be paid in a lump
sum to Executive, and any remaining payments due shall be paid as otherwise provided herein or in the applicable agreement. No interest shall be due on any amounts so deferred. 

6. Definitions. 

6.1 Cause. For purposes of this Agreement, “Cause” for termination of Executive’s employment will mean:
(a) commission of any felony or crime involving fraud, dishonesty or moral turpitude under the laws of the United States or any state thereof; (b) attempted commission of, or participation in, a fraud or act of dishonesty against the
Company; (c) intentional, material violation of any contract or agreement between Executive and the Company or of any statutory duty owed to the Company, which breach or violation is not cured within ten (10) business days of written
notice to Executive thereof; (d) intentional, unauthorized use or disclosure of the Company’s confidential information or trade secrets; or (e) gross misconduct. 

6.2 Good Reason. For purposes of this Agreement, Executive shall have “Good Reason” for resignation from
employment with the Company if any of the following actions are taken by the Company or a successor corporation or entity without Executive’s prior written consent: (a) a material reduction in Executive’s total target compensation,
which the Parties agree is a reduction of at least 10% of Executive’s Base Salary plus the amount that could be earned by achieving the Bonus Target (unless 

  
 5. 

 
pursuant to a compensation reduction program applicable generally to the Company’s similarly situated employees); (b) a change in Executive’s job title, a material reduction in
Executive’s duties (including responsibilities and/or authorities), or a change in reporting structure such that Executive is reporting to anyone other than the Board. In order to resign for Good Reason, Executive must provide written notice to
the Board within 30 days after the first occurrence of the event giving rise to Good Reason setting forth the basis for Executive’s resignation, allow the Company at least 30 days from receipt of such written notice to cure such event, and if
such event is not reasonably cured within such period, Executive must resign from all positions Executive then holds with the Company not later than 30 days after the expiration of the cure period. 

6.3 Change of Control. For purposes of this Agreement, “Change of Control” shall be as defined in the Everspin
2008 Equity Incentive Plan. 
 7. Proprietary Information Obligations. Executive shall remain bound by the terms of the
Employee Proprietary Information and Inventions Assignment Agreement that Executive previously executed. 
 8. Outside Activities During
Employment. 
 8.1 Non-Company Business. Except with the prior written consent of
the Board, Executive will not during Executive’s employment with the Company undertake or engage in any other employment, occupation or business enterprise, other than ones in which Executive is a passive investor. Executive may engage in civic
and not-for-profit activities so long as such activities do not materially interfere with the performance of Executive’s duties hereunder. 

8.2 No Adverse Interests. Executive agrees not to acquire, assume or participate in, directly or indirectly, any position,
investment or interest known to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise. 
 9.
Dispute Resolution. To ensure timely and economical resolution of any disputes that may arise in connection with Executive’s employment with the Company, as a condition of Executive’s employment, Executive and the Company hereby
agree that any and all claims, disputes or controversies of any nature whatsoever arising out of, or relating to, this letter, or its interpretation, enforcement, breach, performance or execution, Executive’s employment with the Company, or the
termination of such employment, shall be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration conducted before a single arbitrator by the American Arbitration Association (“AAA”) under the
then-applicable AAA employment arbitration rules (which can be found at http://www.adr.org/). The arbitration shall take place in Phoenix, Arizona; provided, however, that if the arbitrator determines there will be an undue hardship to
Executive to have the arbitration in such location, the arbitrator will choose an alternative appropriate location. Executive and the Company each acknowledge that by agreeing to this arbitration procedure, both Executive and the Company waive
the right to resolve any such dispute, claim or demand through a trial by jury or judge or by administrative proceeding. Executive will have the right to be represented by legal counsel at Executive’s expense at any arbitration proceeding.
The arbitrator shall: (i) have 

  
 6. 

 
the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be available under applicable law in a court proceeding; and
(ii) issue a written statement signed by the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which
the award is based. The arbitrator, and not a court, shall also be authorized to determine whether the provisions of this paragraph apply to a dispute, controversy, or claim sought to be resolved in accordance with these arbitration procedures. The
Company shall pay all costs and fees in excess of the amount of court fees that Executive would be required to incur if the dispute were filed or decided in a court of law. Nothing in this Agreement is intended to prevent either Executive or the
Company from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any arbitration. 
 10. General
Provisions. 
 10.1 Notices. Any notices provided must be in writing and will be deemed effective upon the earlier of
personal delivery (including personal delivery by fax) or the next day after sending by overnight carrier, to the Company at its primary office location and to Executive at the address as listed on the Company payroll. 

10.2 Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect
any other provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction to the extent possible in keeping with the intent of the parties. 

10.3 Waiver. Any waiver of any breach of any provisions of this Agreement must be in writing to be effective, and it shall not
thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 
 10.4
Complete Agreement. This Agreement constitutes the entire agreement between Executive and the Company with regard to this subject matter and is the complete, final, and exclusive embodiment of the Parties’ agreement with regard to this
subject matter. This Agreement is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations, including
(without limitation) the Offer Letter. It is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended except in a writing signed by a duly authorized officer of
the Company. 
 10.5 Counterparts. This Agreement may be executed in separate counterparts, any one of which need not contain
signatures of more than one party, but all of which taken together will constitute one and the same Agreement. 

  
 7. 

 10.6 Headings. The headings of the paragraphs hereof are inserted for convenience
only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 
 10.7 Successors and Assigns.
This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign any of his duties
hereunder and he may not assign any of his rights hereunder without the written consent of the Company, which shall not be withheld unreasonably. 

10.8 Tax Withholding and Indemnification. All payments and awards contemplated or made pursuant to this Agreement will be subject
to withholdings of applicable taxes in compliance with all relevant laws and regulations of all appropriate government authorities. Executive acknowledges and agrees that the Company has neither made any assurances nor any guarantees concerning the
tax treatment of any payments or awards contemplated by or made pursuant to this Agreement. Executive has had the opportunity to retain a tax and financial advisor and fully understands the tax and economic consequences of all payments and awards
made pursuant to the Agreement. 
 10.9 Choice of Law. All questions concerning the construction, validity and interpretation
of this Agreement will be governed by the laws of the State of Arizona. 
 IN WITNESS
WHEREOF, the Parties have executed this Agreement on the day and year first written above. 
  

			
	EVERSPIN TECHNOLOGIES, INC.
		
	By:	 	 /s/ Stephen Socolof

		 	Stephen Socolof
		 	Member, Board of Directors
	
	EXECUTIVE
	
	 /s/ Kevin Conley

	Kevin Conley

  
 8.Exhibit

Exhibit 10.1

    
EXECUTIVE EMPLOYMENT AGREEMENT
This Executive Employment Agreement (this “Agreement”) is entered into by and between Ross Levinsohn (“Executive”), an individual, and Tribune Interactive, LLC (the “Company”), a Delaware limited liability company.  In consideration of the mutual promises and covenants contained herein, and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Executive and the Company (collectively the “Parties” and as to each or either, a “Party”) agree as follows:
1.EMPLOYMENT TERM.  
The term of Executive’s employment hereunder shall commence on August 21, 2017 (the “Effective Date”) and, unless terminated pursuant to Section 8 below, shall continue through August 20, 2020 (the “Employment Term”).
2.FREEDOM TO ENTER INTO THIS AGREEMENT.  
Executive represents and covenants that: (a) the execution, delivery and performance of this Agreement by Executive does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which Executive is bound; and (b) Executive is not a party to or bound by any employment agreement, noncompetition agreement, non-solicitation agreement, confidentiality agreement or other agreement or obligation with any other person or entity that would in any way restrict or otherwise affect Executive’s performance of this Agreement.
3.TITLE AND EMPLOYMENT DUTIES.  
During the Employment Term and subject to the terms of this Agreement:
(a)    Executive’s title will be Publisher & CEO, Los Angeles Times. Executive will have such duties and responsibilities as are customarily exercised by someone serving in such a capacity as well as such other duties commensurate with Executive’s title and position as the Company may assign Executive from time to time and will report directly to the CEO of Tronc. More specifically, Executive will oversee all aspects of the Los Angeles Times and all of its assets including development of a national and international offering. 
(b)    Executive agrees to devote Executive’s full business time, attention, and energies to the business of the Company (with such exceptions agreed to in writing by the Company) and further agrees that Executive will perform Executive’s duties in a diligent, lawful and trustworthy manner, that Executive will act in accordance with Executive’s title and responsibilities and that Executive will act in accordance with the written business and employee policies and practices of the Company as applicable.
(c)    Executive will be based in and will work out of the Company’s office in Los Angeles, California.  Executive acknowledges that significant travel will be required.

4.COMPENSATION.  During the Employment Term and subject to the terms of this Agreement:
(a)Base Salary.  For the services rendered by Executive under this Agreement, the Company will pay Executive a gross base salary of Six Hundred Thousand Dollars and Zero Cents ($600,000) per annum (the “Base Salary”).  Executive’s Base Salary shall be payable, less all authorized or required deductions, in accordance with the Company’s then-effective payroll practices.  The Company will periodically review Executive’s salary and may provide for salary increases during the Employment Term, such increases to be given, if given, in the discretion of the Company.   In the event that Executive’s Base Salary is increased by the Company in its discretion at any time during the Employment Term, such increased amount shall thereafter constitute the Base Salary. 
(b)Bonus.  Subject to Section 8 below, Executive shall have the opportunity to earn a discretionary annual management incentive bonus (“Annual Bonus”), with a target bonus opportunity of one hundred and sixty-six and two-thirds percent (166 2/3%) of Executive’s Base Salary (the “Target Bonus”) under a bonus plan established by the Company, and based upon the achievement of annual Company and individual performance objectives as established by the Company.  Executive shall be eligible to receive a pro-rated Annual Bonus if less than 100% of the performance objectives are achieved (e.g., 75% of the Target Bonus if 75% of the performance objectives are achieved).  If the Agreement expires at the end of the Employment Term, Executive shall be eligible to receive a pro-rated Annual Bonus for calendar year 2020.  The Annual Bonus payable for any calendar year shall be paid, if paid, less all required or authorized deductions, at the time and in the manner such bonuses are paid to other similarly situated executives receiving annual bonus payments, in the calendar year following the year for which the bonus was earned, but in no event later than June 30 of the year following the year for which the bonus was earned.  The first Annual Bonus the employee will be eligible to participate in will be for fiscal year 2017. Further, subject to Section 8 below, Executive will be entitled to receive a quarterly payment (“Sign On Bonus”) in the amount of $100,000, payable on the first day of each quarter (with the first payment pro-rated for Executive’s Effective Date). Additionally, while employed, you will be eligible to receive payment of up to 10% of the gross dollars received by Tronc or its wholly owned affiliates from the syndication of content outside of the United States or licensing and distribution of the Los Angeles Times content and brand, “License Transaction”. Each License Transaction shall be approved by the CEO or Chairman of the Board of Directors or Tronc in their sole and absolute discretion. It is at your discretion to direct or allocate all or a portion of the 10% gross dollar amount, if earned, to others who may have contributed to the License Transaction. 
(c)Eligibility for Equity Award.  During the Employment Term, Executive shall be eligible to participate in the tronc, Inc. 2014 Omnibus Incentive Plan or any successor plan, subject to the terms of such plan or successor plan, as determined by the Board of Directors of tronc, Inc. or the applicable Committee of the Board, in its discretion. Subject to approval by the tronc Board of Directors, you shall be granted a one-time grant of 400,000 Restricted Stock Units “RSU’s” and 200,000 Stock Options which will vest over a three-year period commencing one year after your Effective Date (i.e. 33 1/3% will be vested on each of August 21, 2018, August 21, 2019, and on the final day of the Executive’s employment term August 20, 2020). 

5.BENEFITS.
(a)While employed by the Company, Executive (and Executive’s family) shall be entitled to participate in the benefit plans and programs (including without limitation such medical, dental, vision, life, disability, retirement and other health and welfare plans), as the Company may have or establish from time to time for its employees in which Executive would be entitled to participate pursuant to their then-existing terms, in accordance with the terms and requirements of such plans.  The foregoing, however, is not intended and shall not be construed to require the Company to establish any such plans or to prevent the modification or termination of such plans once established, and no such action or failure thereof shall affect this Agreement.  It is further understood and agreed that all benefits Executive may be entitled to while employed by the Company shall be based upon Executive’s Base Salary and not upon any bonus, incentive or equity compensation due, payable, or paid to Executive, except where, if at all, the benefit plan provides otherwise.
(b)Executive will be eligible to receive paid time off to be scheduled and approved in advance and taken in accordance with the Company’s policies and practices for executives at the similar levels. 
6.BUSINESS EXPENSES.  
During the Employment Term, the Company shall reimburse Executive for reasonable travel and other expenses incurred in the performance of Executive’s duties hereunder as are customarily reimbursed to employees in accordance with the then-applicable expense reimbursement policies of the Company for executives at the similar levels. 
7.RESTRICTIVE AGREEMENTS.
(a)No Conflicting Activities.  During Executive’s employment with the Company (whether or not such employment continues beyond the Employment Term), Executive agrees that Executive’s employment is on an exclusive basis and that Executive: i) will not engage in any activity which is in conflict with Executive’s duties and obligations hereunder, whether or not such activity is pursued for gain, profit, or other pecuniary advantage; and ii) will not engage in any other activities which could harm the business or reputation of the Company or any of its affiliates with the exception of responsibilities agreed to in writing by the Company pursuant  to Section 3(b) and otherwise approved in advance by the CEO or Chairman of Tronc.  During the Employment Term, Executive will request approval for any future investment in the media or entertainment sector; provided approval shall not be required for investments of less than one percent (1%) of the outstanding capital stock of any corporation whose stock is publicly traded.
(b)Employee Non-Solicitation and Non-Interference.  Executive agrees that during Executive’s employment with the Company (whether or not such employment continues beyond the Employment Term) and for twelve (12) months after the date on which Executive’s employment with the Company ends for any or no reason (whether terminated by Executive or by the Company), except as required in the performance of Executive’s duties for the Company, Executive will not: i) solicit, either directly or indirectly, any person employed by, the Company or 

any of its affiliates unless at such time such person is not then and has not been employed by the Company or any of its subsidiaries, business units, or other affiliates for at least six (6) months with the exception of Mickie Rosen should she be hired, to terminate or refrain from renewing or extending their employment with the Company or any of its subsidiaries, business units, or other affiliates; or ii) use Confidential Information to, directly or indirectly, interfere with the relationship of the Company with any person or entity who or which is a customer, client, supplier, developer, subcontractor, licensee or licensor or other business relation of the Company, or assist any other person or entity in doing so.  
(c)Confidentiality.  As a consequence of Executive’s employment by the Company, Executive will be privy to the highest level of confidential and proprietary business information of the Company and its affiliates, not generally known by the public or within the industry and which, thereby, gives the Company and its affiliates a competitive advantage and which has been the subject of reasonable efforts by the Company and its affiliates to maintain such confidentiality.  Except as required by law or as expressly authorized by the Company in furtherance of Executive’s employment duties, Executive shall not at any time, during Executive’s employment with the Company (whether or not such employment continues beyond the Employment Term) or thereafter, directly or indirectly use, disclose, or take any action which may result in the use or disclosure of, any Confidential Information.  “Confidential Information” as used in this Agreement, includes all non-public confidential competitive, pricing, marketing, proprietary and other information or materials relating or belonging to the Company or any of its affiliates (whether or not reduced to writing), including without limitation all confidential or proprietary information furnished or disclosed to or otherwise obtained by Executive in the course of Executive’s employment, and further includes without limitation: computer programs; patented or unpatented inventions, discoveries and improvements; marketing, organizational, operating and business plans; strategies; research and development; policies and manuals; sales forecasts; personnel information (including without limitation the identity of Company employees, their responsibilities, competence and abilities, and compensation); medical information about employees; pricing and nonpublic financial information; current and prospective customer lists and information on customers or their employees; information concerning planned or pending acquisitions, investments or divestitures; and information concerning purchases of major equipment or property.  Confidential Information does not include information that lawfully is or becomes generally and publicly known outside of the Company and its affiliates other than through Executive’s breach of this Agreement or breach by any person of some other obligation.  Nothing herein prohibits Executive from disclosing Confidential Information as legally required pursuant to a validly issued subpoena or order of a court or administrative agency of competent jurisdiction, provided that Executive shall first promptly notify the Company if Executive receives a subpoena, court order or other order requiring any such disclosure, to allow the Company to seek protection therefrom in advance of any such legally compelled disclosure.
(d)Inventions.  Executive hereby acknowledges and agrees that the Company owns the sole and exclusive right, title and interest in and to any and all Works (as defined below), including without limitation all copyrights, trademarks, service marks, trade names, slogans, inventions (whether patentable or not), patents, trade secrets and other intellectual property and/or proprietary rights therein, including without limitation all rights to sue for infringement thereof 

(collectively, “IP Rights”).  The Company’s right, title and interest in and to the Works includes, without limitation, the sole and exclusive right to secure and own copyrights and maintain renewals throughout the world, the right to modify and create derivative works of or from the Works without any payment of any kind to Executive, and the right to exclusively register or record any IP Rights in the Works in the Company’s name.  Executive agrees that all Works shall be “works made for hire” for the Company as that term is defined in the copyright laws of the United States or other applicable laws.  To the extent that any of the Works is determined not to constitute a work made for hire, or if any rights in any of the Works do not accrue to the Company as a work made for hire, Executive agrees that Executive’s signature on this Agreement constitutes an assignment (without any further consideration) to the Company of any and all of Executive’s respective IP Rights and other rights, title and interest in and to any and all Works.  “Works” means any inventions, invention disclosures, developments, improvements, trade secrets, brands, logos, drawings, trademarks, service marks, trade names, documents, memoranda, data, software programs, object code, source code, ideas, original works of authorship, or other information that Executive conceives, creates, develops, discovers, makes or acquires, in whole or in part, either solely or jointly with another or others, during or pursuant to the course of Executive’s employment by the Company or its affiliates, and that relate directly or indirectly to the Company or any of its affiliates or their respective businesses, or to the Company’s or any of its affiliates’ actual or demonstrably anticipated research or development, and that are made through the use of any of the Company’s or any of its affiliates’ equipment, facilities, supplies, trade secrets or time, or that result from any work performed for the Company or any of its affiliates, or that is based on any information of, or provided to Executive by, the Company or any of its affiliates. Executive hereby is and has been notified by the Company, and understands that the foregoing provisions of this Section 7(d), shall not apply to an invention that Executive developed entirely on Executive’s own time without using the Company’s equipment, supplies, facilities, or trade secret information except for those inventions that either: (1) relate at the time of conception or reduction to practice of the invention to the Company’s business, or actual or demonstrably anticipated research or development of the Company; or (2) result from any work performed by Executive for the Company or any of its affiliates.
(e)Reasonableness of Restrictions.  It is mutually agreed and stipulated between Executive and the Company that the covenants set forth in Sections 7(a) through 7(d) of this Agreement are necessary to protect the legitimate business interests of the Company and its affiliates and are reasonable, including without limitation in time and scope. 
(f)Remedies.  The amount of actual or potential damages resulting from Executive’s breach of any provision of Section 7(a) through 7(d) of this Agreement will be inherently difficult to determine with precision and, further, any breach could not be reasonably or adequately compensated in money damages.  Accordingly, any breach by Executive of any provision of Section 7(a) through 7(d) of this Agreement will result in immediate and irreparable injury and harm to the Company and its affiliates for which the Company and its affiliates will have no adequate remedy at law.  The Company and/or its affiliates, thus, will be entitled to temporary, preliminary and permanent injunctive relief to prevent any such actual or threatened breach, without posting a bond or other security.  The Company’s and/or its affiliates’ resort to such equitable relief will not waive any other rights that any of them may have to damages or other relief, and the Company and/or its affiliates shall be entitled to reasonable attorney’s fees and costs incurred in such an action.  

8.TERMINATION/POST-TERMINATION PAYMENTS.  
Either Executive or the Company may terminate Executive’s employment with the Company (the effective date of separation being the “Termination Date”) for any reason or no reason, subject to the following:
(a)Death.  This Agreement, except for Section 7(d) above and this Section 8(a), will automatically terminate if Executive dies.  In such case, (i) the benefits available to Executive’s estate, heirs and beneficiaries shall be determined in accordance with the applicable benefit plans and programs then in effect; and (ii) within sixty (60) days of the date of death, the Company shall pay Executive any unpaid Base Salary and any other amounts due under this Agreement through the date of death.  Except as set forth above, the Company shall not have any further obligations under this Agreement.  This Agreement, except for Section 7(d) above and this Section 8(a), will not survive Executive’s death, and will not inure to the benefit of Executive’s heirs, assigns and/or designated beneficiaries.
(b)Termination by the Company for Cause or Termination by Executive Without Good Reason.  Upon termination for Cause, or termination by Executive without Good Reason, except for such other obligations as may be required by law, the Company shall have no obligation to Executive other than the payment of Executive’s earned and unpaid Base Salary as of the Termination Date.  For purposes of this Agreement, “Cause” shall be determined by the Company in its unfettered good faith discretion, but shall mean the occurrence of any one or more of the following (it being acknowledged and agreed that a Disability1 of the Executive shall not be deemed to be Cause):
i.a material failure by Executive to perform Executive’s duties of employment in a manner reasonably satisfactory to the Company after having been notified in writing of such specific performance deficiencies and having not less than thirty (30) days to correct the deficiencies;
ii.failure or refusal to implement or follow reasonable and lawful directives of the Company, if such breach is not cured (if curable) within 20 days after written notice thereof to the Executive by the Company;
iii.a material breach of any material provisions of this Agreement, or a material violation of the then existing policies, procedures or rules of the Company, as applicable, if such breach is not cured (if curable) within 20 days after written notice thereof to the Executive by the Company;
____________________________
1 “Disability” means Executive would be entitled to long-term disability benefits under the Company’s long term disability plan as in effect from time to time, without regard to any waiting or elimination period under such plan and assuming for the purpose of such determination that Executive is actually participating in such plan at such time. If the Company does not maintain a long-term disability plan, “Disability” means Executive’s inability to perform Executive’s duties and responsibilities hereunder due to physical or mental illness or incapacity that lasts for a consecutive period of 90 days or for a collective period of 120 days in any 365 day period. 

iv.the commission of an act of fraud, embezzlement, theft, material misappropriation (whether or not related to employment with the Company) or the commission of or nolo contendere or guilty plea to any felony; 
v.intentional misconduct materially injurious to the Company, its affiliates or subsidiaries, either monetarily or otherwise; or
vi.violation of the requirement in Section 3(b) to devote Executive’s full business time, attention and energies to the business of the Company (with such exceptions agreed to in writing by the Company) or the requirement regarding investment in the media or entertainment sector set forth in the last sentence of Section 7(a), after having been notified in writing of such violation and having not less than ten (10) days to correct the violation.
(c)Termination By the Company Without Cause or Termination by Executive With Good Reason.  Executive’s employment may be terminated at any time by the Company with or without Cause, or by the Executive with or without Good Reason as defined in Exhibit A.  If during (and not after) the Employment Term, the Company terminates Executive’s employment other than for Cause or Disability or if Executive resigns for Good Reason, the Company will provide Executive within ten (10) days after the date on which Executive’s employment terminates with a Waiver and General Release of any and all legally-waivable claims against the Company and its past, present, and future parents, divisions, subsidiaries, partnerships, other affiliates, and other related entities (whether or not they are wholly owned), and the past, present, and future owners, trustees, fiduciaries, administrators, shareholders, directors, officers, partners, agents, representatives, members, associates, employees, and attorneys of each entity listed above in a form reasonably acceptable to the Company (a “Waiver”), and provided that on or within twenty one (21) days after the date on which Executive receives the Waiver or such longer period as may be applicable under the Age Discrimination in Employment Act, as amended (“ADEA”), Executive: i) signs, dates and returns the Waiver to the Company; and ii) then does not revoke the Waiver in accordance with its terms, the Company will, as liquidated damages, pay Executive as consideration not later than 15 days following the expiration (without revocation) of the revocation period applicable to Executive’s release of ADEA  claims: (x) a lump sum amount equal to Executive’s Base Salary and Sign On  Bonus remaining due under the Employment Term, less all required or authorized deductions, (y) any unpaid Annual Bonus with respect to the calendar year immediately preceding the calendar year of termination of employment; and (z) a pro-rata amount of the Annual Bonus based on actual performance with respect to the calendar year of termination of employment, based on the number of days worked in such calendar year, said pro-rated Annual Bonus payment to be made at the time and in the same manner as other executive officers of the Company. Executive and eligible family members will continue to receive medical, dental and vision coverage throughout the salary continuance or severance period (i.e., through the end of the Employment Term).  The Executive will continue to remain responsible for the employee’s contribution throughout the salary continuance or severance period.  (collectively, the “Severance Benefits”).
(d)The Parties further agree that the Company’s payment of Severance Benefits pursuant to Section 8(c) precludes Executive from eligibility for or entitlement to any and all other payments, including but not limited to compensation, benefits or perquisites, subject to any benefits 

that may be vested under the terms of applicable benefit plans in which Executive participates.  Notwithstanding any other provision of this Agreement, Executive shall not participate in or be eligible under (and Executive hereby waives participation in) any other severance or severance-related plan or program of the Company or any of its affiliates in effect at any time (whether Executive’s employment terminates or is terminated with or without Cause during the Employment Term).
(e)Notwithstanding the preceding, if the review and revocation period for the Waiver following Executive’s termination of employment spans two calendar years, the Severance Benefits shall be paid within the first 10 calendar days in the calendar year following the year of termination of employment rather than the calendar year of termination of employment to the extent necessary to have such amounts comply with or be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).
9.COMPLIANCE WITH IRS CODE SECTIOM 409A.  
It is intended that any amounts and benefits payable under this Agreement will be exempt from or comply with Section 409A of the Code, so as not to subject Executive to the payment of any interest and tax penalty which may be imposed under Section 409A of the Code, and this Agreement shall be interpreted and construed accordingly, provided, however, that the Company and its affiliates shall not be responsible for any such interest and tax penalties.  All references in this Agreement to Executive’s termination of employment shall mean a separation from service within the meaning of Section 409A of the Code.  The timing of the payments or benefits provided herein may be modified to so comply with Section 409A of the Code.  Any reimbursement payable to Executive pursuant to this Agreement shall be conditioned on the submission by Executive of all expense reports reasonably required by the Company under any applicable expense reimbursement policy, and shall be paid to Executive in accordance with Company practices following receipt of such expense reports (or invoices), but in no event later than the last day of the calendar year following the calendar year in which Executive incurred the reimbursable expense.  Notwithstanding any other provision in this Agreement, if on the date of Executive’s separation from service (as defined in Section 409A of the Code) (i) the Company or any of its affiliates is a publicly traded corporation and (ii) Executive is a “specified employee,” as defined in Section 409A of the Code, then to the extent any amount payable under this Agreement upon Executive’s separation from service constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, that under the terms of this Agreement would be payable prior to the six (6) month anniversary of Executive’s separation from service, such payment shall be delayed until the earlier to occur of (x) the first day of the month following the six (6) month anniversary of Executive’s separation from service or (y) the date of Executive’s death.
10.NOTICES.  
Any notice, request, or other communication required or permitted to be given hereunder shall be made to the following addresses or to any other address designated by either of the parties hereto by notice similarly given: (a) if to the Company, to Tribune Publishing Company, LLC, c/o Chief Human Resources Officer, 202 W. First Street, Los Angeles, CA 90012; and (b) if to Executive, to Executive’s last known home address in the Company’s records, with a copy to 

Hansen Jacobson et al., 450 N. Roxbury Dr., 8th Floor, Beverly Hills, CA 90210, Attn: Craig Jacobson.  All such notices, requests, or other communications shall be sufficient if made in writing either (i) by personal delivery to the party entitled thereto, (ii) by certified mail, return receipt requested, or (iii) by express courier service with proof of delivery, and shall be effective upon personal delivery, upon the fourth (4th) day after mailing by certified mail, or upon the second (2nd) day after sending by express courier service.
11.COMPANY PROPERTY.  
Except as required in furtherance of Executive’s employment, Executive will not remove from the Company’s premises any property of the Company or its affiliates, including without limitation any documents or things containing any Confidential Information, computer programs and drives or storage devices of any kind (portable or otherwise), files, forms, notes, records, charts, or any copies thereof (collectively, “Property”).  Upon any termination at any time by either party of Executive’s employment for any or no reason, Executive shall return to the Company, and shall not alter, delete or destroy, any and all Property, including without limitation any and all laptops and other computer equipment, iPhones, iPads, laptops, blackberries and similar devices, cellphones, credit cards, keys and other access cards, and electronic and hardcopy files.  
Executive further agrees that, upon termination, Executive will conduct a diligent search of all of the electronic documents and information, electronic devices (including, without limitation, computers, hard drives, flash drives, and mobile devices), remote and virtual storage and file systems, emails and email accounts, voicemails, text messages, instant messaging conversations and systems, and any other devices, facilities, systems, accounts, or media that has electronic data storage or saving capabilities, in Executive’s possession, custody, or control, for any copies or iterations of confidential information, and forward a copy of the same to the Company, and then delete any copies of any such items from Executive’s accounts, systems, or devices.
12.NON-DISPARAGEMENT.  
Executive agrees that Executive will not at any time during Executive’s employment with the Company (whether or not such employment continues beyond the Employment Term) or  for a period of five years thereafter take (directly or indirectly, individually or in concert with others) any actions or make any communications calculated or likely to have the effect of materially undermining, disparaging or otherwise reflecting negatively upon the reputation, goodwill, or standing in the community of the Company, or any of its respective subsidiaries, business units, other affiliates, officers, directors, employees and/or agents, provided that nothing herein shall prohibit Executive from giving truthful testimony or evidence to a governmental entity, or if properly subpoenaed or otherwise required to do so under applicable law.

13.ASSIGNMENT.  
This is an Agreement for the performance of personal services by Executive and may not be assigned by Executive.  This Agreement may be assigned or transferred to, and shall be binding upon and shall inure to the benefit of: (a) the Company, or its subsidiaries, business units, or other affiliates and its/their respective legal successors; and (b) any person or entity that at any time (whether by merger, purchase or otherwise) acquires any of the assets, ownership interests, or business of the Company.  
14.CERTAIN CHANGE IN CONTROL PAYMENTS. 
Notwithstanding any provision of this Agreement to the contrary, if any payments or benefits Executive would receive from the Company under this Agreement or otherwise in connection with the Change in Control (the “Total Payments”) (a) constitute “parachute payments” within the meaning of Section 280G of the Code, and (b) but for this Section 14, would be subject to the excise tax imposed by Section 4999 of the Code, then Executive will be entitled to receive either i) the full amount of the Total Payments or ii) a portion of the Total Payments having a value equal to $1 less than three (3) times such individual’s “base amount” (as such term is defined in Section 280G(b)(3)(A) of the Code), whichever of i) and ii), after taking into account applicable federal, state, and local income taxes and the excise tax imposed by Section 4999 of the Code, results in the receipt by such Executive on an after­tax basis, of the greatest portion of the Total Payments. Any determination required under this Section 14 shall be made in writing by the accountant or tax counsel selected by the Executive.  If there is a reduction pursuant to this Section 14 of the Total Payments to be delivered to the applicable Executive and to the extent that an ordering of the reduction other than by the Executive is required by Section 9 or other tax requirements, the payment reduction contemplated by the preceding sentence shall be implemented by determining the “Parachute Payment Ratio” (as defined below) for each “parachute payment” and then reducing the “parachute payments” in order beginning with the “parachute payment” with the highest Parachute Payment Ratio. For “parachute payments” with the same Parachute Payment Ratio, such “parachute payments” shall be reduced based on the time of payment of such “parachute payments,” with amounts having later payment dates being reduced first.  For “parachute payments” with the same Parachute Payment Ratio and the same time of payment, such “parachute payments” shall be reduced on a pro rata basis (but not below zero) prior to reducing “parachute payments” with a lower Parachute Payment Ratio. For purposes hereof, the term “Parachute Payment Ratio” shall mean a fraction the numerator of which is the value of the applicable “parachute payment” for purposes of Section 280G of the Code and the denominator of which is the actual present value of such payment.
15.GOVERNING LAW; INTERPRESTATION OF THE AGREEMENT;  ARBITRATION.  
This Agreement shall be construed and interpreted in accordance with the laws of the State of California (without giving effect to the choice of law principles thereof).  Executive and the Company acknowledge that each party had an equal opportunity to review and/or modify the provisions set forth in this Agreement.  Thus, in the event of any misunderstanding, ambiguity or dispute concerning this Agreement’s provisions or their interpretation, no rule of construction 

shall be applied that would result in having this Agreement interpreted against either party.  The language of all parts in this Agreement shall be construed as a whole, according to fair meaning, and not strictly for or against any party.  The headings provided in boldface are inserted for the convenience of the parties and shall not be construed to limit or modify the text of this Agreement.  The Parties agree that any disputes concerning, relating to, or arising out of this Agreement or its interpretation, Executive’s employment with or termination from the Company, or any other dispute between the Parties (except as excluded pursuant to this Section), shall be resolved by arbitration in accordance with the Company’s arbitration policy as may be in effect from time to time.  Notwithstanding the foregoing, Executive and the Company understand and agree that nothing shall prevent the Company from seeking and obtaining injunctive relief in federal or state court (or any court corresponding to Executive’s residence) in the event of a breach or threatened breach of any of Executive’s obligations under Section 7 of this Agreement.
16.COMPLETE AGREEMENT.  
This Agreement embodies the entire agreement and understanding of the Parties hereto with regard to the matters described herein and supersedes any and all prior and/or contemporaneous agreements and understandings, oral or written, actual or alleged, between said Parties regarding such matters, including without limitation concerning Executive’s compensation arrangements or other terms and conditions of employment (if any), and any actual or alleged prior employment agreements with or involving the Company or any of its affiliates.  This Agreement cannot be amended, modified, supplemented, or altered except by written amendment signed by Executive and another authorized officer of the Company. 
17.SEVERABILITY/REFORMATION.  
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law.  If any provision of this Agreement is found by a court of competent jurisdiction to be unreasonable or otherwise unenforceable, it is the purpose and intent of the parties that any such provision be deemed modified or limited so that, as modified or limited, such provision may be enforced to the fullest extent possible.  If any provision of this Agreement is held to be prohibited by or invalid under applicable law (notwithstanding any attempted modification or limitation pursuant to the preceding sentence), such provision will be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement.
18.SURVIVAL.  
Except as provided in Section 8(a) above, the provisions of Section 2 and of Sections 7 through 11 and 13 through 18 (inclusive) of this Agreement shall survive any expiration of the Employment Term and any termination of Executive’s employment at any time (whether during or after the Employment Term) by either party with or without Cause, and shall not be limited or discharged by any alleged breach or misconduct on the part of the Company.

19.MISCELLANEOUS.  
This Agreement may be executed in two or more counterparts, or by facsimile transmission, each of which shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.  The headings contained in this Agreement are for reference purposes only, and shall not affect the meaning or interpretation of this Agreement.
ACCEPTED AND AGREED:

Ross Levinsohn    Tribune Interactive, LLC 

/s/ Ross Levinsohn             By: /s/ Cindy J. Ballard
Name: Cindy J. Ballard
Its:  Chief Human Resource Officer    
Date:  August 21, 2017       Date: August 21, 2017

EXHIBIT A

“Change in Control” means the occurrence of the following events:
the consummation of a merger, consolidation, or other reorganization of tronc, Inc. (the “Company”) or Tribune Interactive, LLC  with or into (a “Business Combination”), the sale of securities representing a majority of the voting equity securities of the Company or Tribune Interactive, LLC in a tender offer, equity placement, or other transaction, or the sale of all or substantially all of the Company or Tribune Interactive, LLC business and/or assets as an entirety to (“Sale”), one or more entities that are not subsidiaries or affiliates of the Company; unless immediately following such Business Combination or Sale, (i) 50% or more of the total voting power of (x) the entity resulting from such Business Combination or the entity that has acquired all or substantially all of the business or assets of the Company or Tribune Interactive, LLC in a Sale (in either case, the “Surviving Company”), or (y) if a Sale, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the board of directors (or the analogous governing body) of the Surviving Company (the “Parent Company”), is represented by the outstanding common voting securities of the Company or Tribune Interactive, LLC, that were outstanding immediately prior to such Business Combination or Sale (or, if applicable, is represented by shares into which the outstanding common voting securities of the Company or Tribune Interactive, LLC were converted or exchanged pursuant to such Business Combination or Sale), (ii) no Person or entity is or becomes the Beneficial Owner, directly or indirectly, of more than 50% of the total voting power of the outstanding voting securities eligible to elect members of the board of directors (or the analogous governing body) of the Surviving Company (if a Business Combination) or the Parent Company (if a Sale), and (iii) at least a majority of the members of the board of directors (or the analogous governing body) of the Surviving Company (if a Business Combination) or the Parent Company (if a Sale) following the consummation of the Business Combination or Sale were members of the board of directors (or the analogous governing body) at the time of such board’s approval of the execution of the definitive agreement providing for such Business Combination or Sale or recommendation or approval of such tender offer, equity placement, or other transaction (terms capitalized but not otherwise defined in this subsection have the meaning set forth in the tronc, Inc. 2014 Omnibus Incentive Plan).

“Good Reason” means one or more of the following events:
(a)    a reduction in the Base Salary, Sign On Bonus, or Target Bonus;
(b)    a failure by the Company to pay Executive in accordance with the terms of this Agreement;

A-1

(c)    a material diminution or adverse change in Executive’s title, duties, authority, responsibilities, reporting line or positions without Executive’s prior written consent; or a permanent relocation more than 10 miles from the Los Angeles Times’ current office without Executive’s prior written consent; or 
(d)    in the case of a Change in Control, Executive either i) does not receive an offer of employment from the Surviving Company or Parent Company thereof  or ii) receives such an offer of employment from the Surviving Company or Parent Company thereof but such offer of employment (x) does not provide at least the same Base Salary and at least other compensation and benefits substantially comparable in the aggregate to those the Executive had immediately prior to the Change in Control or (y) requires the Executive to locate Executive more than 10 miles from the Company’s office from which Executive was based immediately prior to the Change in Control;  
provided, however, that to constitute Good Reason, Executive prior to resigning for Good Reason shall give written notice to the Company of the facts and circumstances claimed to provide a basis for such resignation not more than thirty (30) days following Executive’s knowledge of such facts and circumstances, and, if curable, the Company shall have thirty (30) days after receipt of such notice to cure such facts and circumstances (and if so cured, then Executive shall not be permitted to resign with Good Reason in respect thereof).  Any resignation with Good Reason shall be communicated to the Company by written notice, which shall include Executive’s date of termination of employment which shall be a date at least ten (10) days after delivery of such notice and the expiration of such cure period and not later than 60 days thereafter.

A-2

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