Document:

EX-10.3

 Exhibit 10.3 

EMPLOYEE MATTERS AGREEMENT 
 by
and between 
 TRIBUNE COMPANY 

and 
 TRIBUNE PUBLISHING COMPANY

 Dated as of [            ], 2014 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I.	  			
		
	DEFINITIONS	  			
	 Section 1.1.
	 	Definitions	  	 	1	  
		
	ARTICLE II.	  			
		
	EMPLOYEES; ASSUMPTION OF LIABILITIES	  			
			
	 Section 2.1.
	 	Employees	  	 	6	  
	 Section 2.2.
	 	Assumption and Retention of Liabilities	  	 	6	  
	 Section 2.3.
	 	General Terms of Publishing Participation in Benefit Plans	  	 	7	  
	 Section 2.4.
	 	Time Off	  	 	8	  
	 Section 2.5.
	 	Payroll Taxes and Reporting	  	 	9	  
	 Section 2.6.
	 	No Solicitation of Employees	  	 	9	  
		
	ARTICLE III.	  			
		
	HEALTH AND WELFARE	  			
			
	 Section 3.1.
	 	Transition Period	  	 	10	  
	 Section 3.2.
	 	Establishment of Publishing Health and Welfare Plans	  	 	10	  
	 Section 3.3.
	 	COBRA and HIPAA Compliance	  	 	10	  
	 Section 3.4.
	 	Retiree Medical Coverage and Retiree Life Insurance	  	 	11	  
	 Section 3.5.
	 	Long-Term Disability	  	 	11	  
	 Section 3.6.
	 	Workers’ Compensation Liabilities	  	 	12	  
		
	ARTICLE IV.	  			
		
	PENSION PLANS	  			
			
	 Section 4.1.
	 	Treatment of Defined Benefit Pension Plans	  	 	13	  
		
	ARTICLE V.	  			
		
	COLLECTIVE BARGAINING AGREEMENTS	  			
			
	 Section 5.1.
	 	Continuation of Publishing CBAs	  	 	14	  
		
	ARTICLE VI.	  			
		
	401(K) PLAN	  			
			
	 Section 6.1.
	 	Publishing 401(k) Plan	  	 	14	  

  
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 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	ARTICLE VII.	  			
		
	EQUITY AWARDS	  			
			
	 Section 7.1.
	 	General Treatment of Outstanding Equity Awards	  	 	15	  
	 Section 7.2.
	 	Tribune Option Adjustments	  	 	15	  
	 Section 7.3.
	 	Tribune RSU Adjustments	  	 	16	  
	 Section 7.4.
	 	Tax Withholding and Reporting Relating to Equity Awards	  	 	16	  
	 Section 7.5.
	 	Miscellaneous Option and RSU Terms	  	 	16	  
	 Section 7.6.
	 	Adoption of the Publishing Omnibus Incentive Plan	  	 	17	  
	 Section 7.7.
	 	Section 16(b) of the Securities Exchange Act	  	 	17	  
		
	ARTICLE VIII.	  			
		
	SHORT TERM CASH INCENTIVES, ETC.	  			
			
	 Section 8.1.
	 	Publishing Bonus Awards	  	 	17	  
		
	ARTICLE IX.	  			
		
	GENERAL AND ADMINISTRATIVE	  			
			
	 Section 9.1.
	 	Sharing of Information	  	 	18	  
	 Section 9.2.
	 	Cooperation	  	 	18	  
	 Section 9.3.
	 	Consent of Third Parties	  	 	18	  
	 Section 9.4.
	 	No Third Party Beneficiaries	  	 	19	  
	 Section 9.5.
	 	Fiduciary Matters	  	 	19	  
	 Section 9.6.
	 	Notices	  	 	19	  
	 Section 9.7.
	 	Incorporation of Separation Agreement Provisions	  	 	20	  

  
 ii 

 EMPLOYEE MATTERS AGREEMENT 

This EMPLOYEE MATTERS AGREEMENT (this “Agreement”) is made as of
[            ], 2014, by and between Tribune Company, a Delaware Corporation (“Tribune”), and Tribune Publishing Company, a Delaware corporation
(“Publishing”) (each a “Party” and together, the “Parties”). 
 RECITALS 

WHEREAS, Tribune and Publishing have entered into that certain Separation and Distribution Agreement, dated as of the date hereof (the
“Separation Agreement”) that will govern the terms and conditions relating to the separation between Tribune and Publishing; 

WHEREAS, pursuant to the Separation Agreement, the parties thereto agreed to separate from Tribune the Publishing Business, which will be
owned, operated and conducted, directly or indirectly, by Publishing; and 
 WHEREAS, in connection with the Distribution, the Parties have
agreed to enter into this Agreement for the purpose of allocating between them current and former employees and employment related assets, liabilities and responsibilities with respect to employee compensation and benefits, and other employment
matters related to Tribune and Publishing Entities; 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained in this Agreement and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows: 

ARTICLE I. 
 DEFINITIONS 

Section 1.1. Definitions 

“Affiliate” has the meaning given in the Separation Agreement. 

“Agreement” has the meaning given in the preamble. 

“Approved Leave of Absence” means an absence from active service (a) due to an individual’s inability to
perform his or her regular duties by reason of illness or injury and resulting in eligibility to receive benefits pursuant to the terms of a short-term disability plan in effect prior to the Distribution Effective Time, or (b) pursuant
to an 

 
approved leave policy with a guaranteed right of restatement. For the avoidance of doubt, any employee who is not at work on the day of the Distribution Effective Time due to vacation, sickness
or accident that has not qualified the individual for short-term disability or accident benefits, workers’ compensation or other temporary absence, but whose employment continues in accordance with the Tribune Group’s or Publishing
Group’s employment policies (such as due to the use of personal days), shall be considered to be actively at work on the day of the Effective Time. 

“Baltimore Sun Pension Plans” means The Baltimore Sun Company Retirement Plan for Mailers and The Baltimore Sun Company
Employees’ Retirement Plan. 
 “Benefit Plan” means any plan, policy, program, payroll practice, on-going arrangement,
contract, trust, insurance policy or other agreement or funding vehicle, whether written or unwritten, providing compensation or benefits to Publishing Employees, Former Publishing Employees, Tribune Employees or Former Tribune Employees, as the
case may be, in respect to their services for any member of the Publishing Group or Tribune Group. When immediately preceded by “Tribune”, Benefit Plan means any Benefit Plan sponsored, maintained or contributed to by Tribune or any
Benefit Plan with respect to which a Tribune Entity is a party. When immediately preceded by “Publishing”, Benefit Plan means any Benefit Plan sponsored, maintained or contributed to by Publishing or any Benefit Plan with respect to which
a Publishing Entity is a party. 
 “COBRA” means the continuation coverage requirements for “group health plans”
under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and as codified in Code Section 4980B and ERISA Sections 601 through 608. 

“Code” means the United States Internal Revenue Code of 1986, as amended. 

“Discontinued Business” means a business previously operated or owned by a Tribune Entity that was divested, sold, abandoned,
shut down or otherwise disposed of prior to the Distribution Date. 
 “Discontinued Business Employee” means any person
whose last employment with a Tribune Entity or Publishing Entity was primarily related to the business and operations of a Discontinued Business. 

“Distribution” has the meaning given in the Separation Agreement. 

“Distribution Date” has the meaning given in the Separation Agreement. 

“Distribution Effective Time” has the meaning given in the Separation Agreement. 

  
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 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended,
and regulations promulgated thereunder. 
 “Former Publishing Employee” means any former employee of a Publishing Entity or
Tribune Entity whose last employment with such entities was with a Publishing Entity, including any former employee on benefit continuation as of the Distribution Date. For the avoidance of doubt, “Former Publishing Employees” shall not
include any Discontinued Business Employee. 
 “Former Tribune Employee” means any former employee of a Publishing Entity
or Tribune Entity whose last employment with such entities was with a Tribune Entity and all Discontinued Business Employees. 

“Governmental Authority” has the meaning given in the Separation Agreement. 

“H&W Transition End Date” means December 31, 2014 or, if applicable, such other date provided in the Transition
Services Agreement for the termination of coverage provided to any Publishing Employees after the Distribution Effective Time under a Tribune Welfare Plan. 

“HIPAA” means the health insurance portability and accountability requirements for “group health plans” under the
Health Insurance Portability and Accountability Act of 1996, as amended. 
 “Law” has the meaning given in the Separation
Agreement. 
 “Liability” has the meaning given in the Separation Agreement. 

“Multiemployer Plan” means a multiemployer plan within the meaning of section 4001(a)(3) of ERISA. 

“Option” (x) when immediately preceded by “Tribune” means an option to purchase shares of Tribune
Common Stock pursuant to the Tribune Equity Incentive Plan and (y) when immediately preceded by “Publishing” means an option to purchase shares of Publishing Common Stock following the Distribution Effective Time pursuant to
the Publishing Omnibus Incentive Plan. 
 “Party” has the meaning given in the preamble. 

“Publishing” has the meaning given in the preamble. 

“Publishing 401(k) Plan” means a qualified defined contribution plan containing a cash or deferred arrangement sponsored by a
Publishing Entity in which eligible Publishing Employees may elect to participate, effective upon the Distribution Effective Time. 

  
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 “Publishing Business” has the meaning given in the Separation Agreement. 

“Publishing CBA” means any and all collective bargaining agreements in effect as of the date hereof governing the wages,
hours, terms and conditions of employment of any Publishing Employee, including, but not limited to, MOAs, MOUs, letters of agreement and letters of understanding, and any extensions or replacements thereof and all collective bargaining practices of
a Publishing Entity to the extent such collective bargaining practices are binding on a Publishing Entity. 
 “Publishing Common
Stock” means the common stock, par value $0.01 per share, of Publishing. 
 “Publishing Employee” means any
individual (x) who immediately prior to the Distribution Effective Time, is either actively employed by, or then on an Approved Leave of Absence from, a Publishing Entity or (y) designated as a Publishing Employee as of the
Distribution Effective Time by Tribune and Publishing in writing. “Publishing Employee” shall also include the beneficiaries and dependents of an individual described in the first sentence of this definition. 

“Publishing Entity” means a member of the Publishing Group. For the avoidance of doubt, for purposes of this Agreement, any
entity that primarily relates to a Discontinued Business shall not be treated as a Publishing Entity. 
 “Publishing Omnibus
Incentive Plan” means the Tribune Publishing Company Omnibus Incentive Plan, as amended from time to time. 
 “Publishing
Group” has the meaning given in the Separation Agreement. 
 “Publishing Ratio” means the quotient obtained by
dividing the Tribune Stock Value by the Publishing Post-Distribution Stock Value. 
 “Publishing Post-Distribution Stock
Value” means the closing per share price of Publishing Common Stock on the Distribution Date (or, if the Distribution Date is not a trading day, on the first trading day following the Distribution Date). 

“Publishing Welfare Plan” has the meaning given in Section 3.2. 

“Represented Employee” means any Publishing Employee whose wages, hours, terms and conditions of employment are governed by a
Publishing CBA. 
 “RSU” (x) when immediately preceded by “Tribune” means units issued under the
Tribune Equity Incentive Plan representing a general unsecured promise by Tribune to pay the value of shares of Tribune Common Stock in cash or shares of Tribune Common Stock and (y) when immediately preceded by “Publishing”
means units issued under the Publishing Omnibus Incentive Plan representing a general unsecured promise by Publishing to pay the value of shares of Publishing Common Stock in cash or shares of Publishing Common Stock. For the avoidance of doubt,
“RSUs” includes performance-vesting RSUs. 

  
 4 

 “Subsidiary” has the meaning given in the Separation Agreement. 

“Transition Services Agreement” has the meaning given in the Separation Agreement. 

“Tribune” has the meaning given in the preamble. 

“Tribune 401(k) Plan” has the meaning given in Section 6.1. 

“Tribune Committee” means the Compensation Committee of the Tribune Board of Directors. 

“Tribune Common Stock” means class A common stock and class B common stock, each having a par value of $0.001 per share, of
Tribune. 
 “Tribune Employee” means any individual who, immediately prior to the Distribution Effective Time, is either
actively employed by, or then on an Approved Leave of Absence from, any Tribune Entity, but excluding any Publishing Employees. 

“Tribune Entity” means a member of the Tribune Group. 

“Tribune Equity Incentive Plan” means the Tribune Company 2013 Equity Incentive Plan, as amended from time to time. 

“Tribune Group” means Tribune and its Subsidiaries (other than any Publishing Entity). 

“Tribune Post-Distribution Stock Value” means the closing per share price of Tribune Common Stock on the Distribution Date
(or, if the Distribution Date is not a trading day, on the first trading day following the Distribution Date). 
 “Tribune
Ratio” means the quotient obtained by dividing the Tribune Stock Value by the Tribune Post-Distribution Stock Value. 

“Tribune Short-Term Incentive Plans” means any of the annual or short term incentive plans of Tribune, all as in effect as of
the time applicable to the applicable provisions of this Agreement. 
 “Tribune Stock Value” means the closing per share
price of Tribune Common Stock on the last trading day prior to the Distribution Date. 
 “Tribune Welfare Plan” has the
meaning given in Section 3.1. 

  
 5 

 ARTICLE II. 

EMPLOYEES; ASSUMPTION OF LIABILITIES 

Section 2.1. Employees. 

(a) Employment of Publishing Employees. As of the Distribution Effective Time, all employees actively engaged on a regular basis in the
Publishing Business are Publishing Employees. All Publishing Employees shall continue to be employees of their respective Publishing Entity immediately after the Distribution Effective Time. 

(b) No Termination of Employment, Etc. Except as otherwise expressly provided herein or as otherwise required by applicable Law, no
provision of this Agreement or the Separation Agreement shall be construed to create any right, or accelerate any entitlement, to any compensation or benefit whatsoever on the part of any Publishing Employee. Without limiting the foregoing, a
Publishing Employee shall not be deemed to have terminated employment or become entitled to severance pay or benefits in connection with or in anticipation of the Distribution. The Publishing Group shall be solely responsible for all Liabilities in
respect of all costs arising out of payments and benefits relating to the termination or alleged termination of any Publishing Employee or Former Publishing Employee’s employment that occurs prior to, as a result of, in connection with or
following the Distribution, including any amounts required to be paid (including any payroll or other taxes), and the costs of providing benefits, under any applicable severance, separation, redundancy, termination or similar Plan. 

(c) No Right to Continued Employment. Nothing contained in this Agreement shall confer any right to continued employment on any Tribune
Employee or Publishing Employee. Except as specifically provided otherwise herein, this Agreement shall not limit the ability of Tribune or Publishing to change the position, compensation or benefits of any of its employees for performance-related,
business or any other reason or require any such entity continue the employment of any such employee for any particular period of time. 

Section 2.2. Assumption and Retention of Liabilities. 

(a) Liabilities Generally. Except as expressly provided herein or in the Transition Services Agreement or required by applicable Law,
following the Distribution Effective Time: 
 (i) the Publishing Group shall be solely responsible for all Liabilities
arising or that have arisen with respect to the employment of Publishing Employees or Former Publishing Employees, whether arising prior to, on, or 

  
 6 

 
following the Distribution Effective Time, including, without limitation, Liabilities arising or that have arisen from the participation of Publishing Employees or Former Publishing Employees in
Tribune Benefit Plans prior to the Distribution Effective Time; and 
 (ii) the Tribune Group shall be solely responsible for
all Liabilities arising or that have arisen with respect to the employment of Tribune Employees or Former Tribune Employees, whether arising prior to, on, or following the Distribution Effective Time. 

(b) Limited Transfer of Plan Assets and Liabilities. Except as otherwise expressly provided in this Agreement or required by applicable
Law, nothing herein shall require or result in (x) the transfer by any Tribune Entity, or assumption by any Publishing Entity, of any assets or Liabilities of a Tribune Entity or a Tribune Benefit Plan or (y) the transfer by
any Publishing Entity, or assumption by any Tribune Entity, of any assets or Liabilities of a Publishing Entity or a Publishing Benefit Plan. 

Section 2.3. General Terms of Publishing Participation in Benefit Plans. 

(a) Publishing Participation in Tribune Benefit Plans. Except as expressly provided in this Agreement and the Transition Services
Agreement or required by applicable Law, effective as of the Distribution Effective Time, Publishing Employees, Former Publishing Employees and Publishing Entities shall cease to participate or be eligible to participate in Tribune Benefit Plans,
and Tribune and Publishing shall take all necessary action to effectuate such cessation as participants. To the extent that, following the Distribution Effective Time, a Publishing Entity is a participating employer in a Tribune Benefit Plan
pursuant to the Transition Services Agreement or a Publishing Employee or Former Publishing Employee is a participant in a Tribune Benefit Plan, (x) Tribune shall, or shall cause its Subsidiaries to, continue to administer, or cause to
be administered, in accordance with their terms and applicable Law, the Tribune Benefit Plan, and shall have the sole and absolute discretion and authority to interpret the Tribune Benefit Plan, as set forth therein, and discretion and authority to
engage other entities to provide services to the Tribune Benefit Plan and to delegate its administrative responsibilities over the Tribune Benefit Plan to others and (y) such Publishing Entity shall perform, with respect to its
participation (or the participation of Publishing Employees or Former Publishing Employees) in the Tribune Benefit Plans, the duties of a participating employer as set forth in each such applicable Benefit Plan or any procedures adopted pursuant
thereto, including, without limitation, cooperating fully with auditors, benefit personnel and benefit vendors; preserving the confidentiality of all financial arrangements and participant information and to the extent requested by the claims
administrators of the applicable Tribune Benefit Plan, assisting in the administration of claims. 

  
 7 

 (b) Terms of Participation by Publishing Employees in Publishing Benefit Plans. Tribune
and Publishing shall agree on methods and procedures, including, without limitation, amending the respective Benefit Plan documents, to prevent Publishing Employees from receiving duplicative benefits from the Tribune Benefit Plans and the
Publishing Benefit Plans. With respect to Publishing Employees, each Publishing Benefit Plan that succeeds to a Tribune Benefit Plan in which Publishing Employees participated immediately prior to the Distribution Effective Time shall provide that
all service, all compensation and all other benefit-affecting determinations that, as of the Distribution Effective Time, were recognized under such Tribune Benefit Plan shall, as of immediately after the Distribution Effective Time or any
subsequent effective date for such Publishing Benefit Plan, receive full recognition, credit and validity and be taken into account under such Publishing Benefit Plan to the same extent as if such items occurred under such Publishing Benefit Plan,
except to the extent that duplication of benefits would result. The Publishing Group shall be solely responsible for all Publishing Benefit Plans that are in effect immediately after the Distribution Effective Time, and continue to maintain,
administer and contribute to such Publishing Benefit Plans in accordance with their terms. 
 (c) Power to Amend, Etc. Nothing in this
Agreement shall amend or shall be construed to amend any Benefit Plan described in or contemplated by this Agreement. In addition, except as expressly provided in this Agreement, nothing in this Agreement shall preclude any Tribune Entity or
Publishing Entity, at any time after the Distribution Effective Time, from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any Benefit Plan, any benefit under any Benefit Plan, or any trust,
insurance policy or funding vehicle related to any Publishing Benefit Plan. 
 (d) Beneficiary Designations and Elections. Except with
respect to any Publishing 401(k) Plan, all beneficiary designations and elections made by Publishing Employees or Former Publishing Employees under a Publishing or Tribune Benefit Plan in effect on the Distribution Effective Time, to the extent
applicable, shall be transferred to and be in full force and effect under such Benefit Plan or a corresponding successor Tribune or Publishing Benefit Plan in which the Publishing Employees and Former Publishing Employees participate after the
Distribution Effective Time until the earliest of (1) unless otherwise determined by the plan administrator, the end of the H&W Transition Period, and (2) the date on which beneficiary designations and elections are replaced or revoked
by the Publishing Employees or Former Publishing Employees who made the beneficiary designations and elections. 
 (e) Compensation and
Benefits of Represented Employees. Notwithstanding anything else contained in this Agreement to the contrary and subject to Section 5.1, following the Distribution Effective Time, the compensation, benefits, hours and terms and conditions
of employment of Publishing Employees who are Represented Employees shall continue to be determined in accordance with the applicable Publishing CBAs. 

Section 2.4. Time Off. As of the Distribution Effective Time, Publishing or its Subsidiaries shall credit (or shall continue to
credit) each Publishing Employee with the amount of accrued but unused vacation time, paid time off and other time off benefits as 

  
 8 

 
such Publishing Employee had with the Tribune Group and Publishing Group immediately prior to the Distribution Effective Time. (For the avoidance of doubt, the Distribution shall not entitle any
Publishing Employee to a payment in respect of accrued but unused vacation time, paid time off, or other time off benefits.) Following the Distribution Effective Time, Publishing Employees shall be subject to vacation and paid time off policies of
the Publishing Entity employing the Publishing Employee. 
 Section 2.5. Payroll Taxes and Reporting. Except as provided in the
Transition Services Agreement, each of Tribune and Publishing shall, and shall cause each of its Subsidiaries to satisfy its obligations for payroll tax obligations and for the proper reporting to the appropriate Governmental Authorities of
compensation earned by its current and former employees after the Effective Distribution Time, including compensation related to the exercise of Options and the vesting and/or settlement of RSUs. In connection with the foregoing, the Parties agree
to follow the “Alternative Procedure” set forth in Section 5 of Revenue Procedure 2004-53. 
 Section 2.6. No
Solicitation of Employees. 
 (a) Publishing Employees. Except as otherwise mutually agreed upon between the Parties, for the
period commencing on the date hereof and ending twelve (12) months from the Distribution Effective Time, in respect of Publishing Employees, neither Tribune nor any member of the Tribune Group shall, directly or indirectly, induce or attempt to
induce any Publishing Employee to leave the employ of the Publishing Group or violate the terms of their contracts or any employment arrangements with any member of the Publishing Group; provided, however, that neither Tribune nor any
member of the Tribune Group shall be deemed to be in violation of this Section 2.6(a) solely by reason of a general job posting internal to members of the Tribune Group and Publishing Group made prior to the Distribution Date or a general
solicitation to the public or general advertising. 
 (b) Tribune Employees. Except as otherwise mutually agreed upon between the
Parties, for the period commencing on the date hereof and ending twelve (12) months from the Distribution Effective Time, in respect of Tribune Employees, neither Publishing nor any member of the Publishing Group shall, directly or indirectly,
induce or attempt to induce any Tribune Employee to leave the employ of the Tribune Group or violate the terms of their contracts or any employment arrangements with any member of the Tribune Group; provided, however, that neither
Publishing nor any member of the Publishing Group shall be deemed to be in violation of this Section 2.6(b) solely by reason of a general job posting internal to members of the Tribune Group and Publishing Group made prior to the Distribution
Date or a general solicitation to the public or general advertising. 

  
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 ARTICLE III. 

HEALTH AND WELFARE 

Section 3.1. Transition Period. Tribune maintains health and welfare Benefit Plans for the benefit of eligible Publishing
Employees (the “Tribune Welfare Plans”). To the extent provided in the Transition Services Agreement and subject to applicable Law, Tribune will cause the Tribune Welfare Plans that are in effect on and after the Distribution Date
to provide coverage to Publishing Employees from and after the Distribution Date until the H&W Transition End Date on substantially the same basis as immediately prior to the Distribution Date and in accordance with the terms of the Tribune
Welfare Plans (except to the extent that changes are made to the coverage applicable to similarly situated Tribune Employees), and, to the extent necessary, the Publishing Group will be added as participating employers in the Tribune Welfare Plans
for the benefit of eligible Publishing Employees. 
 Section 3.2. Establishment of Publishing Health and Welfare Plans.
Effective as of the first day immediately following the H&W Transition End Date (it being understood that separate dates may apply to different benefits) and subject to applicable Law, Publishing shall adopt, or shall cause to be adopted for the
benefit of Publishing Employees, health and welfare Benefit Plans (“Publishing Welfare Plans”). The Publishing Group shall be responsible for all Liabilities relating to, arising out of or resulting from health and welfare coverage
(including COBRA continuation coverage) or claims incurred by or on behalf of Publishing Employees, Former Publishing Employees or their covered dependents under the Publishing Welfare Plans. Publishing shall cause the Publishing Welfare Plans to
(i) waive all limitations as to preexisting conditions, exclusions, service conditions and waiting period limitations, and any evidence of insurability requirements applicable to any Publishing Employees eligible to participate in such
Publishing Welfare Plans other than such limitations, exclusions, and conditions that were in effect with respect to such Publishing Employees as of the Distribution Date under the corresponding Tribune Welfare Plan and (ii) honor any
deductibles, out-of-pocket maximums and co-payments incurred by Publishing Employees under the corresponding Tribune Welfare Plan in satisfying the applicable deductibles, out-of-pocket expenses or co-payments under such Tribune Welfare Plan for the
calendar year in which the Distribution Date occurs. 
 Section 3.3. COBRA and HIPAA Compliance. Subject to
Section 2.2(a)(i), Tribune shall be responsible for administering compliance with the health care continuation requirements of COBRA, the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the Tribune
Health and Welfare Plans with respect to Tribune Employees and Former Tribune Employees and their covered dependents who incur a COBRA qualifying event or loss of coverage under the Tribune Welfare Plans at any time before, on or after the H&W
Transition End Date. On and 

  
 10 

 
after the H&W Transition End Date, Publishing or another Publishing Entity shall be responsible (and shall assume the responsibility) for administering compliance with the health care
continuation requirements of COBRA, the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the Publishing Welfare Plans with respect to Publishing Employees and Former Publishing Employees who incur a COBRA
qualifying event or loss of coverage under the Publishing Welfare Plans. The Parties agree that the Distribution shall not constitute a COBRA qualifying event for any purpose of COBRA. 

Section 3.4. Retiree Medical Coverage and Retiree Life Insurance. Immediately following the H&W Transition End Date and
subject to applicable Law, (x) Tribune and the Tribune Welfare Plans shall cease to provide post-employment health benefits (other than COBRA) and post-employment life insurance benefits to all Publishing Employees and Former Publishing
Employees who received, or were eligible to receive, such benefits under a Tribune Welfare Plan immediately prior to the H&W Transition End Date and (y) Publishing shall, or shall cause another Publishing Entity to, provide such
Publishing Employees and Former Publishing Employees with post-employment health benefits or post-employment life insurance benefits under a corresponding Publishing Welfare Plan. Following the H&W Transition End Date, no Publishing Employee or
Former Publishing Employee shall receive, or be eligible to receive, post-employment health benefits (other than COBRA) or post-employment life insurance benefits under any Tribune Welfare Plan 

Section 3.5. Long-Term Disability. 

(a) Disability Events Occurring Prior to the Distribution. 

(i) Insured Coverage. Except for self-insured benefits described in Section 3.5(a)(ii) and subject to applicable
Law, following the H&W Transition End Date, (x) Tribune shall continue to provide insurance coverage short-term and/or long-term disability benefits (as applicable) under a Tribune Welfare Plan and medical benefits under a Tribune
Welfare Plan during the period of such coverage of disability benefits to all Publishing Employees and Former Publishing Employees who received, or were eligible to receive, short-term or long-term disability benefits immediately prior to the
H&W Transition End Date as a result of an event that occurred prior to the H&W Transition Date, and (y) Publishing shall, or shall cause another Publishing Entity to, reimburse Tribune for its out-of-pocket cost for any such
continued short-term disability, long-term disability and medical benefits, as applicable coverage. 
 (ii) Self-Insured
Coverage. Following the Distribution Effective Time and subject to applicable Law, Tribune shall continue to provide, and retain the Liability for providing, coverage for long-term disability benefits (and medical benefits to the extent
applicable) to all Publishing Employees and Former Publishing Employees who received long-term disability benefits immediately prior to the H&W Transition End Date under a self-insured Tribune Welfare Plan and who did not return to work for any
Publishing Entity. 

  
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 (b) Disability Events Occurring After the Distribution. With respect to any event
occurring after the H&W Transition End Date that results in a disability of a Publishing Employee and subject to applicable Law, (x) Publishing shall, or shall cause another Publishing Entity to, provide coverage to Publishing
Employees with long-term disability benefits (and medical benefits) under a Publishing Welfare Plan and (y) no Publishing Employee shall receive, or be eligible to receive, coverage for long-term disability benefits (or medical benefits)
under any Tribune Welfare Plan. 
 Section 3.6. Workers’ Compensation Liabilities. Immediately upon the Distribution
Effective Time and subject to applicable Law, (x) Publishing shall assume full responsibility for all Liabilities for Publishing Employees and Former Publishing Employees related to any and all workers’ compensation claims and
coverage, whether arising under any Law of any state, territory, or possession of the U.S. or the District of Columbia and whether arising before or after the Distribution Effective Time, and the administration of all such claims, whether made prior
to, on or after the Distribution Effective Time and (y) Tribune shall use commercially reasonable efforts to cause the interests and rights of Publishing and the Publishing Entities as of the Distribution Effective Time under all
workers’ compensation insurance policies relating to coverage for such claims and Liabilities to survive the Distribution Effective Time on the same terms, conditions and limitations in accordance with and pursuant to the provisions of Article
VIII of the Separation Agreement. Without limiting the foregoing, Publishing shall be responsible for providing all collateral required by insurance carriers in connection with workers’ compensation claims for which Liability is allocated to
the Publishing Group under this Section 3.6, in accordance with and pursuant to Article V, Section 5.9 of the Separation Agreement. The Parties shall cooperate with respect to any notification to appropriate Governmental Authorities of the
Distribution Effective Time and the issuance of new, or the transfer of existing, workers’ compensation insurance policies and claims handling contracts. 

  
 12 

 ARTICLE IV. 

PENSION PLANS 
 Section 4.1.
Treatment of Defined Benefit Pension Plans. 
 (a) Generally. Without limiting the other provisions of this Article IV and
subject to applicable Law, Tribune shall or shall cause a Tribune Benefit Plan to agree to retain, assume, pay, perform, fulfill and discharge all Liabilities relating to any benefits accrued by a Publishing Employee or Former Publishing Employee
under any tax-qualified defined benefit pension plan sponsored, maintained or assumed by the Tribune Group immediately prior to the Distribution Effective Time (including the Baltimore Sun Pension Plans) (“Tribune Pension Plans”);
provided that Tribune shall not retain or assume any Liabilities associated with a Multiemployer Plan to which contributions were or are made under a Publishing CBA. No assets of any such defined benefit plan shall be transferred to
Publishing or any Publishing Benefit Plan in connection with the Distribution. As sponsor of the Tribune Pension Plans following the Distribution Effective Time, Tribune will be solely responsible for satisfying the funding obligations with respect
to the Tribune Pension Plans in accordance with applicable provisions of ERISA and the Code and will retain the sole discretion to determine the amount and timing of any contributions required to satisfy such funding obligations. Tribune will also
retain the right, in its sole discretion, to terminate any or all of the Tribune Pension Plans and to provide for the payment of accrued benefits under such Tribune Pension Plans through insurance contracts or otherwise. In no event shall any
Publishing Employee or Former Publishing Employee accrue any additional benefits under such Benefit Plan following the Distribution Date. The Distribution will cause the Publishing Employees who participate in the Tribune Pension Plan to have a
separation from service for purposes of commencing benefits under certain of the Tribune Pension Plans, which will cause their accrued benefits in those Tribune Pension Plans to become fully vested as of the Distribution Date. 

(b) Multiemployer Plans. Tribune shall retain all Liabilities relating to the participation of any Tribune Employee or Former Tribune
Employee in any Multiemployer Plan with respect to which a Tribune Entity is or was a participating employer. Publishing shall retain all Liabilities relating to the participation of any Publishing Employee or Former Publishing Employee in any
Multiemployer Plan with respect to which a Publishing Entity is or was a participating employer. 
 (c) No Establishment of Mirror Plans
by Publishing. Except as to any Multiemployer Plans that are maintained or contributed to pursuant to a Publishing CBA, Publishing shall not be required to establish, maintain, administer or contribute to any defined benefit pension plan or
related trust qualified under section 401(a) and section 501(a) of the Code in connection with the Distribution. 
 (d) Assumption of
Baltimore Sun Pension Plans by Tribune. As of immediately prior to the Distribution Effective Time and subject to applicable Law, Tribune shall assume, and Publishing shall cause the applicable trusts to assign to the Tribune Company Master
Trust for Pension Plans (if not already held by such trust) all of their rights and obligations under, the Baltimore Sun Pension Plans and all assets and Liabilities thereunder. 

  
 13 

 ARTICLE V. 

COLLECTIVE BARGAINING AGREEMENTS 

Section 5.1. Continuation of Publishing CBAs. At the Distribution Effective Time, Publishing shall cause the appropriate
Publishing Entities to (1) continue to employ the Represented Employees in accordance with the Publishing CBAs, and (2) continue to honor the Publishing CBAs, including but not limited to, (i) continuing to
recognize the unions representing those Represented Employees as their collective bargaining representative in accordance with the Publishing CBAs and (ii) continuing uninterrupted the compensation of such Represented Employees in
accordance with the Publishing CBAs. Without limiting the foregoing, following the Distribution Effective Time, Publishing shall cause the appropriate Publishing Entities to continue in respect of the Represented Employees the same benefits and
compensation as is provided immediately prior to the Distribution Date, except to the extent that Publishing may make such a change (A) without violating the terms and conditions of the applicable Publishing CBA or
(B) subject to an amendment to such Publishing CBA or with the consent of the representative of the Represented Employee, in each case as shall be required or provided in accordance with such Publishing CBA and applicable Law. For the
avoidance of doubt, all Liabilities under Multiemployer Plans pursuant to Publishing CBAs shall continue to be Liabilities of the Publishing Group. 

ARTICLE VI. 
 401(K) PLAN 

Section 6.1. Publishing 401(k) Plan. Prior to the Distribution Date, Publishing has established Publishing 401(k) Plans and a
related trust. Following the Distribution Date and subject to applicable Law, Publishing Employees shall be eligible to participate in Publishing 401(k) Plans in accordance with their terms, and the Publishing Group shall be solely responsible for
all Liabilities arising under the Publishing 401(k) Plans. Without limiting the foregoing, the Publishing Group shall be responsible for taking or causing to be taken all necessary, reasonable, and appropriate action to establish, maintain, and
administer the Publishing 401(k) Plan so that it qualifies under Section 401(a) of the Code and the related trust thereunder is exempted from Federal income taxation under Section 501(a)(1) of the Code. Each Publishing Employee and Former
Publishing Employee who participated in a tax-qualified defined contribution plan of Tribune (a “Tribune 401(k) Plan”) immediately prior to the Distribution Effective Time shall remain a participant in such Tribune 401(k) Plan
following the Distribution Effective Time, and during such time, the account balance for such Publishing Employee or Former Publishing Employee shall be credited with applicable earnings and such current or former employee shall have the right to
withdraw any portion of his or her account balance in accordance with the terms of the Tribune 401(k) Plan. 

  
 14 

 ARTICLE VII. 

EQUITY AWARDS 
 Section 7.1.
General Treatment of Outstanding Equity Awards. Under Section 11 of the Tribune Equity Incentive Plan, if and to the extent necessary or appropriate to reflect any extraordinary dividend or other similar transaction affecting Tribune
Common Stock (such as the Distribution to holders of Tribune Common Stock), the Tribune Committee is authorized to proportionately adjust the number, class, exercise price (if applicable) or other terms of any outstanding (whether vested or
unvested) Tribune Options and Tribune RSUs. The adjustments set forth below shall be the sole adjustments made with respect to Tribune Options and Tribune RSUs in connection with the Distribution. Except as otherwise provided in this Article VII,
Tribune Options and Tribune RSUs that are converted into Publishing Options or Publishing RSUs, as applicable, shall be subject to substantially equivalent terms and conditions (including with respect to vesting) after giving effect to the
Distribution as the terms and conditions applicable to such Tribune Option or Tribune RSU immediately prior to the Distribution Effective Time. For the avoidance of doubt, the Distribution does not constitute a “change in control”,
“change of control” or similar term within the meaning of the Tribune Equity Incentive Plan. 
 Section 7.2. Tribune
Option Adjustments. On or before the date hereof, the Tribune Committee has approved, and Tribune and Publishing (as applicable) shall take or cause to be taken all actions necessary to cause, the following adjustments to be made to Tribune
Options outstanding on the Distribution Date but subject to the consummation of the Distribution: 
 (i) each Tribune Option
(whether vested or unvested) then held by a Tribune Employee or Former Tribune Employee shall be adjusted by (x) multiplying the number of shares of Tribune Common Stock underlying such Tribune Option by the Tribune Ratio, and rounding
down the resulting number of shares to the nearest whole share and (y) dividing the per share exercise price of such Tribune Option by the Tribune Ratio, and rounding up the resulting per share exercise price to the nearest whole cent;
and 
 (ii) each Tribune Option (whether vested or unvested) then held by a Publishing Employee or Former Publishing Employee
shall be converted to a Publishing Option, with (x) the number of shares of Publishing Common Stock underlying such Publishing Option, rounded down to the nearest whole share, to be determined by multiplying the number of shares of
Tribune Common Stock underlying the Tribune Option by the Publishing Ratio, and (y) the per share exercise price of such Publishing Option, rounded up to the nearest whole cent, to be determined by dividing the per share exercise price
of the Tribune Option by the Publishing Ratio. 

  
 15 

 Section 7.3. Tribune RSU Adjustments. On or before the date hereof, the Tribune
Committee has approved, and Tribune and Publishing (as applicable) shall take or cause to be taken all actions necessary to cause, the following adjustments to be made to Tribune RSUs outstanding on the Distribution Date but subject to the
consummation of the Distribution: 
 (i) each Tribune RSU (whether vested or unvested) then held by a Tribune Employee or
Former Tribune Employee shall be adjusted by multiplying the number of shares of Tribune Common Stock underlying such Tribune RSU by the Tribune Ratio, and rounding down the resulting number of shares to the nearest whole share; and 

(ii) each Tribune RSU (whether vested or unvested) then held by a Publishing Employee or Former Publishing Employee shall be
converted to a Publishing RSU, with the number of shares of Publishing Common Stock underlying such Publishing RSU, rounded down to the nearest whole share, to be determined by multiplying the number of shares of Tribune Common Stock underlying the
Tribune RSU by the Publishing Ratio. 
 To the extent that any Tribune RSUs outstanding on the Distribution Date are subject to
performance-vesting criteria, the Tribune Committee shall in good faith make any such adjustments to such performance criteria that it shall deem necessary or appropriate to take into account the Distribution. 

Section 7.4. Tax Withholding and Reporting Relating to Equity Awards. Tribune and Publishing agree that, unless prohibited by
applicable Law, (a) Tribune will be responsible for all tax withholding and reporting obligations that arise in connection with the grant, vesting, exercise transfer or other settlement of any equity incentive award held by Tribune
Employees and Former Tribune Employees, and (b) Publishing will be responsible for all tax withholding and reporting obligations that arise in connection with the grant, vesting, exercise, transfer or other settlement of any equity
incentive award held by the Publishing Employees and Former Publishing Employees. Tribune and Publishing agree to enter into any necessary agreements regarding the subject matter of this Section 7.4 to enable Tribune and Publishing to fulfill
their respective obligations hereunder, including but not limited to compliance with all applicable Laws and regulations regarding the reporting, withholding or remitting of income. 

Section 7.5. Miscellaneous Option and RSU Terms. After the Distribution Effective Time, Tribune Options and Tribune RSUs adjusted
pursuant to this Article VII shall be settled by Tribune pursuant to the terms of the Tribune Equity Incentive Plan, and Publishing Options and Publishing RSUs shall be settled by Publishing pursuant to the terms of the Publishing Omnibus Incentive
Plan. Accordingly, it is intended that, to the extent of the issuance of such Publishing Options and Publishing RSUs in connection with the adjustment provisions of this Article VII, the Publishing Omnibus Incentive Plan

  
 16 

 
shall be considered a successor to the Tribune Equity Incentive Plan and to have assumed the obligations of the applicable Tribune Equity Incentive Plan to make the adjustment of the Tribune
Options and Tribune RSUs as set forth in this Article VII. The Distribution Effective Time shall not constitute a termination of employment for any Publishing Employees for purposes of any Tribune Option or Tribune RSU. 

Section 7.6. Adoption of the Publishing Omnibus Incentive Plan. In connection with the Distribution, prior to the Distribution
Effective Time, Publishing shall adopt the Publishing Omnibus Incentive Plan for purposes of granting the Publishing Options and Publishing RSUs provided for in this Article VII and awarding certain Publishing employees, officers and non-employee
directors equity-based compensation, each on the terms and conditions set forth in the Publishing Omnibus Incentive Plan and an applicable award agreement. 

Section 7.7. Section 16(b) of the Securities Exchange Act. By its approval of this Agreement and by the Tribune
Committee’s approval of the equity adjustments provided in this Article VII, the respective Boards of Directors of Tribune and Publishing intend to exempt from the short-swing profit recovery provisions of Section 16(b) of the Securities
Exchange Act of 1934, by reason of the application of Rule 16b-3 thereunder, all acquisitions and dispositions of equity incentive awards by directors and officers of Publishing and also intend expressly to approve, in respect of any equity-based
award, the use of any method for the payment of an exercise price and the satisfaction of any applicable Tax withholding (specifically including the actual or constructive tendering of shares in payment of an exercise price and the withholding of
option shares from delivery in satisfaction of applicable Tax withholding requirements) to the extent such method is permitted under the Publishing Omnibus Incentive Plan and any award agreement. 

ARTICLE VIII. 
 SHORT TERM CASH
INCENTIVES, ETC. 
 Section 8.1. Publishing Bonus Awards. Publishing shall be responsible for determining all bonus awards that
would otherwise be payable under the Tribune Short-Term Incentive Plans or any individual retention bonus arrangements to Publishing Employees for the year in which the Distribution Effective Time occurs. Publishing shall also determine for
Publishing Employees (i) the extent to which established performance criteria (as interpreted by Publishing, in its sole discretion, and as reasonably adjusted by Publishing in good faith to take into account the Distribution) have been
met and (ii) the payment level for each Publishing Employee. Publishing shall assume all Liabilities with respect to any such bonus awards payable to Publishing Employees for the year in which the Distribution Effective Time occurs and
thereafter. 

  
 17 

 ARTICLE IX. 

GENERAL AND ADMINISTRATIVE 

Section 9.1. Sharing of Information. Subject to any consents required or any other restrictions imposed at law, each Party shall
each provide to any other Party and its agents and vendors all information that such other Party may reasonably request to enable the requesting party to administer efficiently and accurately each of its Plans and to determine the scope of, and to
fulfill, its obligations under this Agreement. Publishing shall provide Tribune or its designees, on a timely basis, such information, including dates of termination, length of service and last known addresses, and other assistance as it or they
shall reasonably request from time to time to administer its on-going obligations under this Agreement with respect to Publishing Employees and Former Publishing Employees. Any information shared or exchanged pursuant to this Agreement shall be kept
confidential by the Parties and used only for and to the extent necessary to establish, maintain and administer the plans, programs and agreements as contemplated by this Agreement. 

Section 9.2. Cooperation. 

(a) On-Going Plan Administration. Tribune may from time to time establish reasonable administrative guidelines or procedures to be
followed by Publishing to facilitate the operation of any Tribune Plan under which there are continuing obligations to Publishing Employees or Former Publishing Employees following the Distribution Date. 

(b) General Cooperation. Each of the Parties hereto will use its commercially reasonable efforts to promptly take, or cause to be taken,
any and all actions and to do, or cause to be done, any and all things necessary, proper and advisable (including, without limitation, any actions required under applicable Laws and regulations) to fulfill their respective duties obligations
contemplated by this Agreement. The actions described in the immediately preceding sentence shall include, without limitation, adopting plans or plan amendments and the payment of compensation due to any Tribune Employee, any Publishing Employee or
any Former Publishing Employee. Each of the Parties hereto shall cooperate fully on any issue relating to the duties and obligations contemplated by this Agreement for which the other Party seeks a determination letter or any other filing, consent,
or approval with respect to Governmental Authorities. 
 Section 9.3. Consent of Third Parties. If any provision of this
Agreement is dependent on the consent of any third party (such as a vendor) and such consent is withheld, the Parties shall use their commercially reasonable efforts to implement the applicable provisions of this Agreement to the full extent
practicable. If any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the Parties shall negotiate in good faith to implement the provision in a mutually satisfactory manner. The phrase
“commercially reasonable efforts” as used in this Agreement shall not be construed to require the incurrence of any non-routine or unreasonable expense or liability or the waiver of any right. 

  
 18 

 Section 9.4. No Third Party Beneficiaries. 

(a) Nothing in this Agreement shall confer upon any person (nor any beneficiary thereof) any rights under or with respect to any plan, program
or arrangement described in or contemplated by this Agreement and each person (and any beneficiary thereof) shall be entitled to look only to the express terms of any such plan, program or arrangement for his or her rights thereunder. In particular,
but not in limitation of the foregoing, nothing in this Agreement shall give rise to the creation or amendment of any employee benefit plan, program or arrangement under ERISA and no person participating in any employee benefit plan that is covered
by this Agreement shall have any claim or right under such plan or ERISA derived from the terms, conditions or provisions of this Agreement. 

(b) Nothing in this Agreement shall create any right of any Person to object or to refuse to assent to Tribune’s or Publishing’s
assumption of, succession to or creation of any agreement or plan, program or arrangement relating to employment, employment separation, severance or employee benefits, nor shall this Agreement be construed as recognizing that any such rights exist.

 Section 9.5. Fiduciary Matters. The Parties acknowledge that actions contemplated to be taken pursuant to this Agreement may
be subject to fiduciary duties or standards of conduct under ERISA or other applicable Law, and no party shall be deemed to be in violation of this Agreement if such party fails to comply with any provisions hereof based upon such party’s good
faith determination, based on the advice of outside legal counsel, that to do so would violate such a fiduciary duty or standard. 

Section 9.6. Notices. 

(a) Any notice, demand, claim, or other communication under this Agreement shall be in writing and shall be deemed given to a Party when
(i) delivered to the appropriate address by hand or by nationally recognized overnight courier services (costs prepaid); (ii) sent by facsimile with conformation or transmission; (iii) received or rejected by the
addressee, if sent by certified mail, return receipt requested, in each case to the following addresses and facsimile numbers and marked to the attention of the person designated below (or to such other address, facsimile number or person as a party
may designate by notice to the other Parties): 
 (b) If to Tribune, to: 

Tribune Company 
 435 North
Michigan Avenue 
 Chicago, Illinoi 60611 

Attn.: General Counsel 

Facsimile: (312) 222-4206 

Email: elazarus@tribune.com 

  
 19 

 (c) If to Publishing, to: 

Tribune Publishing Company 

[Address] 
 Attn.:
[            ] 
 Facsimile:
[            ] 
 Email:
[            ] 
 Section 9.7. Incorporation of Separation Agreement
Provisions. The following provisions of the Separation Agreement are hereby incorporated herein by reference, and unless otherwise expressly specified herein, such provisions shall apply as if fully set forth herein mutatis mutandis (references
in this Section 9.7 to a “Section” shall mean a section of the Separation Agreement, and references in the material incorporated herein by reference shall be references to the Separation Agreement): Sections 14.3, 14.6 through 14.8
and 14.10 through 14.17. 

  
 20 

 IN WITNESS WHEREOF, each Party has caused its dully authorized officer to execute this Agreement,
as of the date first written above. 
  

			
	TRIBUNE COMPANY
		
	By:	 	  

		 	 Name:
 Title:

	
	TRIBUNE PUBLISHING COMPANY
		
	By:	 	  

		 	 Name:
 Title:

  
 21EX-10.5

 Exhibit 10.5 

Tribune Publishing Company 

2014 Omnibus Incentive Plan 
 1.
Purpose. The purpose of the Tribune Publishing Company 2014 Omnibus Incentive Plan is to provide a means through which the Company and its Affiliates may attract and retain key personnel, including the services of experienced and
knowledgeable non-executive directors, and to provide a means whereby directors, officers, employees, consultants, and advisors (and prospective directors, officers, employees, consultants, and advisors) of the Company and its Affiliates can acquire
and maintain an equity interest in the Company, or be paid incentive compensation, including but not limited to incentive compensation measured by reference to the value of Common Stock or the results of operations of the Company, thereby
strengthening their commitment to the welfare of the Company and its Affiliates and aligning their interests with those of the Company’s shareholders. 

2. Definitions. The following definitions shall be applicable throughout the Plan. 

“Adjusted EBITDA” has the meaning given such term in Section 12(d). 

“Affiliate” means (i) any person or entity that, directly or indirectly, controls, is controlled by, or is under
common control with the Company or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest. The term “control” (including, with correlative meaning, the terms
“controlled by” and “under common control with”), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or
entity, whether through the ownership of voting or other securities, by contract, or otherwise. 
 “Alternative Award” has
the meaning given in Section 15(a). 
 “Applicable Law” means the requirements relating to the administration of stock
option, restricted stock, restricted stock unit and other equity-based compensation plan sunder U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed
or quoted and the applicable laws of any other country or jurisdiction where Awards are granted under the Plan. 
 “ASC
718” has the meaning given such term in Section 14. 
 “Award” means, individually or collectively, an
Option, a Stock Appreciation Right, Restricted Stock, a Restricted Stock Unit, Performance Share, Performance Unit, Dividend Equivalent, Cash Award or Other Stock-Based Award granted under the Plan including an Award combining two or more types of
Awards into a single grant. 
 “Award Agreement” means either (i) a written agreement entered into by the
Company or an Affiliate and a Participant setting forth the terms and conditions applicable to Awards granted under the Plan, or (ii) a written statement issued by the Company or an Affiliate to a Participant describing the terms and
provisions of such Award. In either case, such writing may take electronic form. 

 “Beneficial Owner” (including, with correlative meaning, the term
“Beneficial Ownership”) has the meaning set forth in Rule 13d-3 promulgated under Section 13 of the Exchange Act. 

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

“Cash Award” means an Award granted under Section 12, the value of which is denominated in cash as determined by the
Committee and which is not any other form of Award described in the Plan. 
 “Cause” means, in the case of a particular
Award, unless the applicable Award Agreement states otherwise, (i) circumstances providing the Company or an Affiliate the ability to terminate a Participant’s employment or service with “cause,” as defined in any
employment, consulting, change in control, severance, or any other agreement between the Participant and the Company or an Affiliate in effect at the time of such termination or (ii) in the absence of any such employment, consulting,
change in control, severance, or other agreement (or the absence of any definition of “cause” or term of similar meaning therein), (A) the Participant’s failure to follow the lawful instructions of the Board or his direct
superiors, in each case other than as a result of his incapacity due to physical or mental illness or injury, which failure has resulted in, or could reasonably be expected to result in, harm (whether financial, reputational, or otherwise) to the
Company or an Affiliate, (B) the Participant’s engaging in conduct harmful (whether financially, reputationally, or otherwise) to the Company or an Affiliate, (C) the Participant’s conviction of, or plea of guilty
or no contest to, a felony or any crime involving as a material element fraud or dishonesty, (D) the willful misconduct or gross neglect of the Participant that has resulted in or could reasonably be expected to result in harm (whether
financial, reputational, or otherwise) to the Company or an Affiliate, (E) the willful violation by the Participant of the written policies of the Company or any of its Affiliates that has resulted in, or could reasonably be expected to
result in, harm (whether financial, reputational, or otherwise) to the Company or an Affiliate, (F) the Participant’s fraud or misappropriation, embezzlement, or misuse of funds or property belonging to the Company (other than good
faith expense account disputes), (G) the Participant’s act of personal dishonesty involving personal profit in connection with the Participant’s employment or service with the Company or an Affiliate, (H) the
Participant’s material breach of any Award Agreement, employment, consulting or severance agreement or noncompetition, nonsolicitation or nondisclosure agreement to which the Participant is a party or is bound, or (I) the willful
breach by the Participant of fiduciary duty owed to the Company or an Affiliate; provided, however, that the Participant shall be provided a 10-day period to cure any of the events or occurrences described in the immediately preceding
clause (A) hereof to the extent capable of cure during such 10-day period. Any determination of whether Cause exists shall be made by the Committee in its sole discretion. 

“Change in Control” shall, in the case of a particular Award, unless the applicable Award Agreement (or any employment,
consulting, change in control, severance, or other agreement between a Participant and the Company or an Affiliate) states otherwise or contains a different definition of “Change in Control,” be deemed to occur upon the first to occur of
any of the following events after the Distribution Date: 

  
 2 

 (i) the acquisition, through a transaction or series of transactions (other than through a
public offering of the Common Stock under the Securities Act or similar law or regulation governing the offering and sale of securities in a jurisdiction other than the United States), by any Person of Beneficial Ownership of more than 35 % (on
a fully diluted basis) of either (A) the then-outstanding shares of common stock of the Company taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of
convertible stock or debt, and the exercise of any similar right to acquire such Common Stock (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company
entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); 
 (ii) the date
upon which individuals who, during any consecutive 24-month period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board; provided that any person becoming a
director subsequent to the date hereof whose election or nomination for election was approved by a vote of at least two thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the
Company in which such person is named as a nominee for director, without written objection to such nomination) shall be deemed an Incumbent Director; provided further, however, that no individual initially elected or nominated as a
director of the Company as a result of an actual or threatened election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, with respect to directors or as a result of any other actual or threatened
solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed an Incumbent Director; 

(iii) the approval by the shareholders of the Company of a plan of complete dissolution or liquidation of the Company; or 

(iv) the consummation of a reorganization, recapitalization, merger, amalgamation, consolidation, statutory share exchange, or similar
form of corporate transaction involving the Company (a “Business Combination”), or sale, transfer, or other disposition of all or substantially all of the business or assets of the Company to an entity that is not an Affiliate of
the Company (a “Sale”), that in each case requires the approval of the Company’s stockholders (whether for such Business Combination or Sale or the issuance of securities in such Business Combination or Sale), unless
immediately following such Business Combination or Sale, (A) 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 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 Company Voting Securities that were outstanding immediately
prior to such Business Combination or Sale (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted or exchanged pursuant to such Business Combination or Sale), (B) no Person 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 (C) at least a majority of the members of the board of directors (or the 

  
 3 

 
analogous governing body) of the 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 Board
members at the time of the Board’s approval of the execution of the definitive agreement providing for such Business Combination or Sale; 
 In
addition, notwithstanding the foregoing, a “Change in Control” shall not be deemed to occur if the Company files for bankruptcy, liquidation or reorganization under the United States Bankruptcy Code or as a result of any restructuring that
occurs as a result of any such proceeding. 
 “Change in Control Price” means the price per share of Common Stock offered
in conjunction with any transaction resulting in a Change in Control. If any part of the offered price is payable other than in cash, or if more than one price per share of Common Stock is paid in conjunction with such transaction, the Change in
Control Price shall be determined in good faith by the Committee as constituted immediately prior to the Change in Control. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. Reference in the
Plan to any section of the Code shall be deemed to include any regulations and other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations, or guidance. 

“Committee” means the Compensation Committee of the Board or such other committee, if any, as be appointed or designated by
the Board to administer all or any portion of the Plan under Section 4(a). Notwithstanding the foregoing, at any time prior to the time at which a class of the capital stock of the Company is registered under Section 12 of the Act, the
Committee shall mean the Compensation Committee of the Board of Directors of the Tribune Company. 
 “Common Stock” means
the common stock, par value $0.01 per share, of the Company. 
 “Company” means the Tribune Publishing Company, a Delaware
corporation, and any successor thereto. 
 “Data” has the meaning given such term in Section 17(e). 

“Date of Grant” means the date on which the granting of an Award is authorized or such other date as may be specified in such
authorization or, if there is no such date, the date indicated on the applicable Award Agreement. 
 “Designated Foreign
Subsidiary” means an Affiliate organized under the laws of any jurisdiction or country other than the United States of America that may be designated by the Board or the Committee from time to time. 

“Disability” means, in the case of a particular Award, unless the applicable Award Agreement states otherwise,
(i) circumstances providing the Company or an Affiliate the ability to terminate a Participant’s employment or service on account of “disability,” as defined in any employment, consulting, change in control, severance, or
any other agreement between the 

  
 4 

 
Participant and the Company or an Affiliate in effect at the time of such termination or (ii) in the absence of any such employment, consulting, change in control, severance, or other
agreement (or the absence of any definition of “disability” or term of similar meaning therein), a Participant’s total disability meeting any of the following criteria and (to the extent required by Section 409A of the Code)
determined in a manner consistent with Section 409A of the Code: (A) the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be
expected to result in death or can be expected to last for a continuous period of not less than 12 months; (B) the Participant is determined to be totally disabled by the Social Security Administration, or (C) the Participant
is determined to be disabled in accordance with a disability insurance program maintained by the Company. 
 “Distribution
Date” has the meaning given in the Separation Agreement. 
 “EBITDA” has the meaning given in Section 12(d).

 “Effective Date” has the meaning given in Section 3. 

“Eligible Person” means any (i) individual employed by the Company or an Affiliate who satisfies all of the
requirements of Section 6; provided, however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless such eligibility is set forth in such collective bargaining agreement or in an
agreement or instrument relating thereto, (ii) director or officer of the Company or an Affiliate, (iii) consultant or advisor to the Company or an Affiliate who may be offered securities registrable on Form S-8 under the
Securities Act, and (iv) any prospective employee, director, officer, consultant, or advisor who has accepted an offer of employment or consultancy from the Company or its Affiliates (and would satisfy the provisions of clauses
(i) through (iii) above once he begins employment with or providing services to the Company or its Affiliates); provided that no such prospective service provider may receive payment under or exercise any right relating to an Award
hereunder until such person has commenced services with the Company or its Affiliates. Notwithstanding the foregoing, (x) Incentive Stock Options may only be granted to those individuals who satisfy clause (i) above, and (y) with
respect to any Award that is (A) an Incentive Stock Option or (B) is intended to qualify as a “stock right” that does not provide for a “deferral of compensation” within the meaning of Section 409A of the Code, the
term Affiliate as used in this definition of Eligible Person shall include only those corporations or other entities in the unbroken chain of corporations or other entities beginning with the Company where each of the corporations in the unbroken
chain other than the last corporation owns stock possessing at least 50% or more of the total combined voting power of all classes of stock in one of the other corporations in the chain. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto. Reference in the Plan to any
section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations, and other interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations,
or guidance. 
 “Exercise Price” has the meaning given such term in Section 8. 

  
 5 

 “Fair Market Value” means, on a given date with respect to a share of Common
Stock, 
 (i) if the Common Stock is listed on a national securities exchange, the closing sales price of the Common Stock reported on the
primary exchange on which the Common Stock is listed and traded on such date, or if there is no such sale on that date, then on the last preceding date on which such a sale was reported, 

(ii) if the Common Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last
sale basis, the average between the closing bid price and ask price reported on such date, or if there is no such sale on that date, then on the last preceding date on which a sale was reported, or 

(iii) if the Common Stock is not listed on a national securities exchange or quoted in an inter-dealer quotation system on a last sale
basis, or if the Committee determines in its sole discretion that the shares of Common Stock are too thinly traded for Fair Market Value to be determined pursuant to clause (i) or (ii), the amount determined by the Committee in good faith (and,
with respect to setting the Exercise Price or Strike Price of an Option or SAR, respectively, that is intended to qualify as a “stock right” that does not provide for a “deferral of compensation” within the meaning of
Section 409A of the Code, in a manner consistent with Section 409A of the Code) to be the fair market value of the Common Stock. 

“Immediate Family Members” shall have the meaning set forth in Section 17(a)(ii). 

“Incentive Stock Option” means an Option which qualifies under Section 422 of the Code and is expressly designated as an
Incentive Stock Option in the Award Agreement. 
 “Indemnifiable Person” shall have the meaning set forth in
Section 4(f). 
 “Non-Qualified Stock Option” means an Option which is not an Incentive Stock Option. 

“Option” means an option to purchase a share of Common Stock granted under Section 8. The term “Option”
includes both an Incentive Stock Option and a Non-Qualified Stock Option. 
 “Option Period” has the meaning given such
term in Section 8(d). 
 “Other Stock-Based Award” means an Award granted pursuant to Section 13. 

“Participant” means an Eligible Person who has been granted an Award under the Plan or, if applicable, such other person or
entity that holds an Award granted hereunder as a Permitted Transferee. A person shall not cease to be a Participant in the case of (a) any leave of absence approved by the Company or (b) transfers between locations of the Company or
between the Company, any of its Affiliates, or any successor to the foregoing; provided, however, that for purposes of Incentive Stock Options, no such leave may exceed three (3) months, unless reemployment upon expiration of such
leave is guaranteed by statute or contract. If 

  
 6 

 
reemployment upon expiration of a leave of absence approved by the Company or an Affiliate is not so guaranteed, the employment relationship shall be deemed to have terminated on the first day
immediately following such three (3) month period, and such Incentive Stock Option held by the Participant shall cease to be treated as an Incentive Stock Option and shall be treated for tax purposes as a Non-Qualified Stock Option on the first
day immediately following a three (3) month period from the date the employment relationship is deemed terminated. 

“Performance Award” means Performance Shares, Performance Units and all other Awards, including Cash Awards, that vest (in
whole or in part) upon the achievement of specified Performance Goals. 
 “Performance Cycle” means the period of time
selected by the Committee during which performance is measured for the purpose of determining the extent to which a Performance Award has been earned or vested. 

“Performance Goals” means the objectives established by the Committee for a Performance Cycle pursuant to Section 12 for
the purpose of determining the extent to which a Performance Award has been earned or vested. 
 “Performance Share” means
an Award of a share of Common Stock granted pursuant to Section 12 that is subject to the achievement, in whole or in part, of applicable Performance Goals and any other specified restrictions. 

“Performance Unit” means an unfunded and unsecured promise granted pursuant to Section 12 to deliver a share of Common
Stock, cash, other securities, or other property, subject to the achievement, in whole or in part, of applicable Performance Goals and any other specified restrictions. 

“Permitted Transferee” has the meaning given in Section 17(a)(ii). 

“Person” has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d)
thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) any employee benefit plan of the Company or any of its Affiliates or any related trust, trustee, or other fiduciary holding
securities thereunder, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially
the same proportions as their ownership of Common Stock of the Company. 
 “Plan” means this Tribune Publishing Company
2014 Omnibus Incentive Plan, as amended from time to time. 
 “Released Unit” shall have the meaning assigned to it in
Section 11(c)(ii). 
 “Restricted Period” means the period of time determined by the Committee during which Restricted
Stock or any Restricted Stock Units or a portion thereof is subject to forfeiture and/or restrictions. Unless the Committee shall establish a different period, the Restricted Period for any applicable Award shall begin on the date of grant and end
on the vesting date applicable to such Award (or a stated portion of such Award). 

  
 7 

 “Restricted Stock” means an Award of shares of Common Stock granted pursuant to
Section 10 that is subject to certain specified restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous services and restrictions on transferability for a specified
period of time). 
 “Restricted Stock Unit” means an unfunded and unsecured promise granted pursuant to Section 10 to
deliver a share of Common Stock, cash, other securities, or other property, subject to certain restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a
specified period of time). 
 “Retirement” means, unless another definition is incorporated into the applicable Award
Agreement, a termination of the Participant’s employment or service with the Company and Affiliates at or after the Participant’s normal retirement age or earlier retirement date established under any qualified retirement plan maintained
by the Company or Affiliate; provided that if a Participant is a party to an employment, consulting or individual severance agreement with the Company or an Affiliate that defines the term “Retirement” then, with respect to any
Award made to such Participant, “Retirement” shall have the meaning set forth in such employment, consulting or severance agreement. 

“SAR Period” has the meaning given such term in Section 9(c)(i). 

“Securities Act” means the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any
section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations, and other interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules,
regulations, or guidance. 
 “Separation Agreement” means that certain Separation and Distribution Agreement, dated as of
[•], 2014, between Tribune Company and the Company. 
 “Stock Appreciation Right” or “SAR” means an
Award granted pursuant to Section 9 of the right to receive a payment from the Company in cash and/or shares of Common Stock equal to the product of (i) the excess, if any, of the Fair Market Value of one share of Common Stock on
the exercise date over the Strike Price, multiplied by (ii) a stated number of shares of Common Stock. 
 “Strike
Price” has the meaning given such term in Section 9(b). 
 “Substitute Award” has the meaning given such term
in Section 5(e). 
 “Sub-Plans” has the meaning given such term in Section 4(d). 

3. Effective Date; Duration. The effective date of the Plan is the date it was adopted by the Company’s Board of Directors and the Tribune Company,
as the Company’s then sole shareholder (the “Effective Date”). The expiration date of the Plan, on and after which date no Awards may be granted hereunder, shall be the tenth anniversary of the Effective Date; provided,
however, that such expiration shall not affect Awards then outstanding, and the terms and 

  
 8 

 
conditions of the Plan shall continue to apply to such Awards. Following the Effective Date, the Plan shall be approved by a majority of the votes cast at a duly constituted meeting of the
shareholders of the Company or by a duly effective written consent of the shareholders in lieu thereof. 
 4. Administration. 

(a) General. The Plan shall be administered by the Committee. To the extent required to comply with the provisions of Rule 16b-3
promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan) or necessary to obtain the exception for performance-based compensation under Section 162(m) of the Code, as applicable, it is intended that each
member of the Committee shall, at the time he or she takes any action with respect to an Award under the Plan, be (i) a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act and (ii) an “outside director” within the meaning of Section 162(m) of the Code and (iii) an “independent director” under the rules of the
NYSE or any other securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted, or a person meeting any similar requirement under any successor rule or regulation. However, the fact that a Committee member shall
fail to satisfy any such requirement shall not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan. A majority of the members of the Committee shall constitute a quorum. The acts of a majority of the
members present at any meeting at which a quorum is present or acts approved in writing by a majority of the Committee shall be deemed the acts of the Committee. 

(b) Authority of the Committee. Subject to the provisions of the Plan and Applicable Law, the Committee shall have sole and plenary
authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to: 
 (i) designate Participants;

 (ii) determine the type or types of Awards to be granted to a Participant; 

(iii) determine the number of shares of Common Stock to be covered by, or with respect to which payments, rights, or other matters are to be
calculated in connection with, Awards; 
 (iv) determine the terms and conditions of any Award; 

(v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, shares of Common Stock, other
securities, other Awards, or other property, or canceled, forfeited, or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; 

(vi) determine whether, to what extent, and under what circumstances the delivery of cash, Common Stock, other securities, other Awards or
other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant or of the Committee; 

  
 9 

 (vii) determine all matters and questions related to the termination of employment or service of
a Participant with respect to any Award granted to him under the Plan, including, but not limited to, all questions of whether a termination of employment or service of a particular Participant resulted from discharge for Cause; 

(viii) approve forms of Award Agreements for use under the Plan, which need not be identical for each Participant; 

(ix) interpret, administer, reconcile any inconsistency in, correct any defect in, and supply any omission in the Plan and any instrument or
agreement relating to, or Award granted under, the Plan; 
 (x) establish, amend, suspend, or waive any rules and regulations and appoint
such agents as the Committee shall deem appropriate for the proper administration of the Plan; 
 (xi) suspend or accelerate the vesting,
delivery, or exercisability of, or the payment for or lapse of restrictions on, or waive any condition in respect of, Awards; and 
 (xii)
make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 

Notwithstanding the foregoing, without the express approval of shareholders (or as may otherwise be expressly permitted in the context of a corporate
transaction within the meaning of Section 424 of the Code or pursuant to the authority granted under Section 14 or Section 15), the Committee may not cancel any outstanding Option or SAR and replace it with a new Option or SAR (with a
lower Exercise Price or Strike Price, as the case may be) or other Award or cash in a manner that would either (A) be reportable on the Company’s proxy statement as an Option that has been “repriced” (as such term is used
in Item 402 of Regulation S-K promulgated under the Exchange Act) or (B) result in any “repricing” for financial statement reporting purposes (or otherwise cause the Award to fail to qualify for equity accounting
treatment), and (iii) the Committee may not take any other action that is considered a “repricing” for purposes of the shareholder approval rules and regulations of the securities exchange or inter-dealer quotation system on
which the Common Stock is listed or quoted, if any. 
 (c) Allocation and Delegation of Duties. Except to the extent prohibited by
Applicable Law or the applicable rules and regulations of the securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted, if any, the Committee may allocate all or any portion of its responsibilities and
powers to any one or more of its members and, other than with respect to Awards to officers or directors of the Company subject to the reporting requirements of Section 16(a) of the Exchange Act, may delegate all or any part of its
responsibilities and powers to any person or persons selected by it, including the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election that is the responsibility of or that is allocated to the
Committee. 
 (d) Participants Based Outside the United States. The Committee shall have the authority to amend the Plan (including by
the adoption of appendices or separate sub-plans (“Sub-Plans”) that permit offerings of grants to employees of certain Designated Foreign 

  
 10 

 
Subsidiaries) and the terms and conditions relating to an Award to the extent necessary to permit participation in the Plan by Eligible Persons who are located outside of the United States on
terms and conditions comparable to those afforded to Eligible Persons located within the United States; provided, however, that such offerings shall comply with local laws applicable to offerings in such foreign jurisdictions and no
such action shall be taken without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan or any such Sub-Plan. The Sub-Plans shall be operated and administered separately and
independently from the Plan, but shares of Common Stock subject to awards granted under the Sub-Plans shall be counted against the total number of shares of Common Stock authorized to be issued under Section 5 of the Plan. 

(e) Binding Nature of Committee Determinations. Unless otherwise expressly provided in the Plan, all designations, determinations,
interpretations, and other decisions under or with respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the Plan shall be within the sole discretion of the Committee, may be made at any time, and shall be final,
conclusive, and binding upon all persons or entities, including, without limitation, the Company, each Affiliate, each Participant, each holder or beneficiary of any Award, and each shareholder of the Company. 

(f) No Liability of Committee Members and Delegates. No member of the Board or the Committee or any employee or agent of the Company
(each such person, an “Indemnifiable Person”) shall be liable for any act, omission, interpretation, construction or determination made with respect to the Plan or any Award hereunder (unless constituting fraud or a willful criminal
act or omission). Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from all losses, costs, liabilities, and expenses (including attorneys’ fees) that may be imposed upon or incurred by such
Indemnifiable Person in connection with or resulting from any claim, action, suit, or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be
taken or determination made under the Plan or any Award Agreement and against and from any and all amounts paid by such Indemnifiable Person with the Company’s approval (not to be unreasonably withheld) in settlement thereof, or paid by such
Indemnifiable Person in satisfaction of any judgment in any such action, suit, or proceeding against such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses promptly upon written request (which request
shall include an undertaking by the Indemnifiable Person to repay the amount of such advance if the amount of any such advance exceeds such Indemnifiable Person’s actual expenses or if it shall ultimately be determined as provided below that
the Indemnifiable Person is not entitled to be indemnified); provided, however, that the Company shall have the right, at its own expense, to assume and defend any such action, suit, or proceeding, and once the Company gives notice of
its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final
judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions or determinations of such Indemnifiable Person giving rise to the indemnification claim
resulted from such Indemnifiable Person’s fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by Applicable Law or by the Company’s Certificate of Incorporation or Bylaws. The foregoing
right of indemnification shall not be exclusive of or otherwise supersede 

  
 11 

 
any other rights of indemnification to which such Indemnifiable Persons may be entitled as a matter of law or under the Company’s Certificate of Incorporation or Bylaws, an individual
indemnification agreement or contract, or otherwise, or any other power that the Company may have to indemnify or hold harmless such Indemnifiable Persons. 

(g) Residual Board Authority. Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at
any time and from time to time, grant Awards and administer the Plan with respect to such Awards. Any such actions by the Board shall be subject to the applicable rules and regulations of the securities exchange or inter-dealer quotation system on
which the Common Stock is listed or quoted, if any. In any such case, the Board shall have all the authority granted to the Committee or to any other Person under the Plan. 

5. Grant of Awards; Shares Subject to the Plan; Limitations. 

(a) General. The Committee may, from time to time, grant one or more Awards to one or more Eligible Persons. 

(b) Shares Available for Delivery. Subject to Section 14 and Section 5(e), the aggregate number of shares of Common Stock that
may be issued under the Plan is [•], all of which may be issued in the form of Incentive Stock Options under the Plan.1 For the avoidance of doubt, each share of Common Stock underlying and
issued in settlement of an Award hereunder shall reduce the share reserve by one share. 
 (c) Share Counting Rules. Shares of Common
Stock shall be deemed to have been used in settlement of Awards whether or not they are actually delivered; provided, however, that if the Fair Market Value equivalent of such shares is paid in cash, such shares shall again become
available for other Awards under the Plan. In addition, shares of Common Stock issued upon exercise, vesting, or settlement of an Award, or shares of Common Stock owned by a Participant, in either case that are surrendered or tendered to the Company
(either directly or by means of attestation) in payment of the Exercise Price or Strike Price of an Award or any taxes required to be withheld in respect of an Award, in each case in accordance with the terms and conditions of the Plan and any
applicable Award Agreement, such surrendered or tendered shares shall again become available for other Awards under the Plan. In accordance with (and without limitation upon) the preceding sentence, if and to the extent that an Award under the Plan
expires, terminates, or is canceled or forfeited for any reason whatsoever, including if shares are not issued on the settlement of Awards, without the Participant’s having received any benefit therefrom, the shares covered by such Award shall
again become available for other Awards under the Plan. For purposes of the foregoing sentence, a Participant shall not be deemed to have received any “benefit” (i) in the case of forfeited Restricted Stock by reason of having enjoyed
voting rights and dividend rights prior to the date of forfeiture or (ii) in the case of an Award canceled by reason of a new Award being granted in substitution therefor. 

(d) Source of Shares for Delivery. Shares of Common Stock delivered by the Company in settlement of Awards may be authorized and
unissued shares, shares held in the treasury of the Company, shares purchased on the open market or by private purchase, or a combination of the foregoing. 
  

 

	1 	Note to Draft: The maximum number of shares available to be issued under the Plan will equal 10% of the outstanding shares of the Company immediately after giving effect to the spin-off.

  
 12 

 (e) Substitute Awards. In connection with a corporate transaction (as defined for purposes
of Section 424 of the Code), the Committee is expressly authorized to grant awards in replacement or substitution of awards in respect of the equity of the Tribune Company or any entity that directly or indirectly acquired by the Company or
with which the Company combines (“Substitute Awards”). Except to the extent that any Substitute Awards are granted in replacement of awards in respect of the equity of the Tribune Company, the number of shares of Common Stock
underlying any Substitute Awards shall not be counted against the aggregate number of shares of Common Stock available for Awards under the Plan. Subject to applicable stock exchange requirements, available shares under a stockholder-approved plan
of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect the acquisition or combination transaction) may be used for Awards under the Plan and shall not reduce the number of
shares of Common Stock available for delivery under the Plan. 
 6. Eligibility. Participation shall be limited to Eligible Persons who have entered
into an Award Agreement or who have received written notification from the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan. 

7. Individual Award Limitations. Subject to Section 5(b) and Section 14, the following individual Award limits shall apply to the extent
Section 162(m) of the Code is applicable to the Plan, and for those Awards intended to qualify as performance-based compensation under Section 162(m) of the Code: 

(a) No Participant may be granted more than 250,000 Options, SARs or any other Award based solely on the increase in value of the Common Stock
from the Date of Grant under the Plan in any calendar year; 
 (b) No Participant may be granted more than 200,000 Performance Shares,
Performance Units to be settled in Common Stock or Other Stock-Based Awards under the Plan in any calendar year. The limit set forth herein states the number of shares of Common Stock that may be issuable when measured upon achievement of the
performance objectives at targeted levels of performance, it being understood that any such Awards that are subject to performance based vesting criteria may provide that, for performance above such targeted levels, up to twice such number of shares
may be payable. 
 (c) No Participant may be granted Performance Units to be settled in cash or Cash Awards under the Plan in any calendar
year with a value of more than U.S. $3,000,000 (or the equivalent of such amount denominated by in the Participant’s local currency). 
 8.
Options. 
 (a) General. Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted
shall be subject to the conditions set forth in this Section 8 and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. 

  
 13 

 (b) Qualification of Incentive Stock Options. No Eligible Person may be granted an
Incentive Stock Option under the Plan if such Eligible Person, at the time the Incentive Stock Option is granted, owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any then existing
Affiliate of the Company or “parent corporation” (within the meaning of Section 424(e) of the Code) unless such Incentive Stock Option conforms to the applicable provisions of Section 422 of the Code. Subject to Section 16
of the Plan, any Incentive Stock Option granted under the Plan may be modified by the Committee, without the consent of the Participant, even if such modification would result in the disqualification of such Option as an “incentive stock
option” under Section 422 of the Code. Award Agreements evidencing Incentive Stock Options shall contain such terms and conditions as may be necessary to qualify such Options as “incentive stock options” under Section 422 of
the Code. 
 (c) Exercise Price. Except as otherwise provided by the Committee in the case of a Substitute Award, the exercise price
(“Exercise Price”) per share of Common Stock for each Option shall not be less than 100% of the Fair Market Value of such share (determined as of the Date of Grant). Any modification to the Exercise Price of an outstanding Option
shall be subject to the prohibition on repricing set forth in Section 4(b). 
 (d) Vesting and Expiration. 

(i) Options shall vest and become exercisable in such manner and on such date or dates determined by the Committee and shall expire after such
period, not to exceed 10 years, as may be determined by the Committee (the “Option Period”); provided, that, with respect to an Incentive Stock Option in the case of a Participant owning (within the meaning of
Section 424(d) of the Code), at the time the Incentive Stock Option was granted, more than 10% of the total combined voting power of all classes of stock of the Company or any Affiliate, no Incentive Stock Option may be exercised after the
expiration of five (5) years from the date the Incentive Stock Option was granted; provided, further, that if the Option Period would expire at a time when trading in the shares of Common Stock is prohibited by the Company’s
insider trading policy (or Company-imposed “blackout period”) or otherwise prohibited by Applicable Law, the Option Period shall be automatically extended until the 30th day following
the expiration of such prohibition but only to the extent that such extension would not violate Section 409A of the Code. Notwithstanding any vesting or exercisability dates set by the Committee, the Committee may, in its sole discretion,
accelerate the vesting or exercisability of any Option at any time, which acceleration shall not affect the terms and conditions of such Option other than with respect to vesting or exercisability, as applicable. 

(ii) The aggregate Fair Market Value (determined as of the time the Option is granted) of all shares of Common Stock with respect to which
Incentive Stock Options are first exercisable by a Participant in any calendar year may not exceed $100,000 or such other limitation as imposed by Section 422(d) of the Code. To the extent that Incentive Stock Options are first exercisable by a
Participant in excess of such limitation, the excess shall be considered Non-Qualified Stock Options. 

  
 14 

 (iii) Notwithstanding anything to the contrary in the Plan, except as otherwise provided in the
applicable Award Agreement or any applicable employment, consulting, change in control, severance, or other agreement between a Participant and the Company or an Affiliate: 

(A) Upon termination of employment or service of the Participant to whom the Option was granted by reason of such
Participant’s death or Disability, all of the Option shall fully vest and remain exercisable for one (1) year (or such greater or lesser period of time as the Committee may specify) following termination of employment or service, but not
later than the expiration of the Option Period. 
 (B) Upon termination of employment or service of the Participant to whom
the Option was granted by reason of such Participant’s Retirement, the unvested portion of an Option shall fully vest upon termination of employment or service, and the vested portion of such Option shall remain exercisable for three
(3) years (or such greater or lesser period of time as the Committee may specify) following termination of employment or service, but not later than the expiration of the Option Period. 

(C) Upon a termination of employment or service of the Participant to whom the Option was granted for Cause, all of such
Participant’s Options shall expire at the time of such termination, whether or not then vested. 
 (D) Upon termination
of employment or service of the Participant to whom the Option was granted for any reason other than due to death, Disability, Retirement or for Cause, the unvested portion of an Option shall expire upon termination of employment, and the vested
portion of such Option shall remain exercisable for 90 days (or such greater or less period of time as the Committee may specify) following termination of employment or service, but not later than the expiration of the Option Period. 

(e) Other Terms and Conditions. Except as specifically provided otherwise in an Award Agreement, each Option granted under the Plan
shall be subject to the following terms and conditions: 
 (i) Each Option or portion thereof that is exercisable shall be exercisable for
the full amount or for any part thereof. 
 (ii) Each share of Common Stock purchased through the exercise of an Option shall be paid for in
full at the time of the exercise or at such time as shall otherwise be permitted under the exercise procedures approved by the Committee. Each Option shall cease to be exercisable, as to any share, when the Participant purchases the share or when
the Option expires. 
 (iii) Except to the extent provided in accordance with the exercise of the Committee’s authority pursuant to
Section 14, no Dividend Equivalents shall be payable in respect of any Option. 

  
 15 

 (iv) Subject to Section 17(a), an Option shall not be transferable by the Participant except
by will or the laws of descent and distribution and shall be exercisable during the Participant’s lifetime only by the Participant. 

(f) Method of Exercise and Form of Payment. No shares of Common Stock shall be delivered pursuant to any exercise of an Option until
payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to all federal, state, local, and non-U.S. income and employment taxes required to be withheld. An Option that has
become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company or its designee (including a third-party administrator), or telephonic instructions to the extent provided by the Committee, in accordance
with the terms of the applicable Award Agreement accompanied by payment of the Exercise Price. The Exercise Price and all applicable required withholding taxes shall be payable in any manner approved by the Committee in writing in its sole
discretion or provided in the applicable Award Agreement, which may include, without limitation, (i) in cash, check, cash equivalent, or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised
(including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares of Common Stock in lieu of actual delivery of such shares to the Company), or any combination thereof;
provided that such shares of Common Stock are not subject to any pledge or other security interest, (ii) in other property having a fair market value on the date of exercise equal to the Exercise Price and all applicable required
withholding taxes, (iii) if there is a public market for the shares of Common Stock at such time, by means of a broker-assisted “cashless exercise” in accordance with rules and procedures established by the Committee for this
purpose, pursuant to which the Company is delivered (including telephonically to the extent permitted by the Committee) a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise deliverable upon the exercise of
the Option and to deliver promptly to the Company an amount equal to the Exercise Price and all applicable required withholding taxes, or (iv) by means of a “net exercise” procedure effected by withholding the minimum number of
shares of Common Stock otherwise deliverable in respect of an Option that are needed to pay for the Exercise Price and all applicable required withholding taxes. Notwithstanding the foregoing, if any option is still outstanding on the last day of
the Option Period, the Fair Market Value exceeds the Exercise Price and the Option may be exercised using the net exercise method described in clause (iv) of the immediately preceding sentence, such Option shall be deemed to have been exercised
by the Participant on such last day of the Option Period using the next exercise method. Any fractional shares of Common Stock resulting from any exercise of any Option shall be settled in cash. The Committee may require each Participant to give the
Company prompt notice of any disposition of shares of Common Stock acquired by exercise of an Incentive Stock Option, within two (2) years from the date of granting such Option or one (1) year after the transfer of such shares of Common
Stock to such Participant. 
 (g) Compliance with Laws. Notwithstanding the foregoing, in no event shall a Participant be permitted to
exercise an Option in a manner that the Committee determines would violate any Applicable Law or the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of the securities exchange or
inter-dealer quotation system on which the Common Stock is listed or quoted, if any. 

  
 16 

 9. Stock Appreciation Rights. 

(a) General. Each SAR granted under the Plan shall be evidenced by an Award Agreement. Each SAR so granted shall be subject to the
conditions set forth in this Section 9 and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. Any Option granted under the Plan may include tandem SARs. The Committee also may award
SARs to Eligible Persons independent of any Option. 
 (b) Strike Price. Except as otherwise provided by the Committee in the case of
a Substitute Award, the strike price (“Strike Price”) per share of Common Stock for each SAR shall not be less than 100% of the Fair Market Value of such share (determined as of the Date of Grant). Notwithstanding the foregoing, a
SAR granted in tandem with (or in substitution for) an Option previously granted shall have a Strike Price equal to the Exercise Price of the corresponding Option. Any modification to the Strike Price of an outstanding SAR shall be subject to the
prohibition on repricing set forth in Section 4(b). 
 (c) Vesting and Expiration. 

(i) A SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting schedule and expiration
provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed
10 years, as may be determined by the Committee (the “SAR Period”). Notwithstanding any vesting or exercisability dates set by the Committee, the Committee may, in its sole discretion, accelerate the vesting or exercisability of any
SAR at any time, which acceleration shall not affect the terms and conditions of such SAR other than with respect to vesting or exercisability, as applicable. If the SAR Period would expire at a time when trading in the shares of Common Stock is
prohibited by the Company’s insider trading policy (or the Company-imposed “blackout period”) or otherwise prohibited by Applicable Law, the SAR Period shall be automatically extended until the 30th day following the expiration of such prohibition but only to the extent that such extension would not violate Section 409A of the Code. 

(ii) Notwithstanding anything to the contrary in the Plan, except as otherwise provided in the applicable Award Agreement or any applicable
employment, consulting, change-in-control, severance, or other agreement between a Participant and the Company or an Affiliate: 

(A) Upon termination of employment or service of the Participant to whom the SAR was granted by reason of such
Participant’s death or Disability, all of the SAR shall fully vest and remain exercisable for one (1) year (or such greater or lesser period of time as the Committee may specify) following termination of employment or service, but not
later than the expiration of the SAR Period. 
 (B) Upon termination of employment or service of the Participant to whom the
SAR was granted by reason of such Participant’s Retirement, the unvested portion of an SAR shall fully vest upon termination of employment or service, and the vested portion of such SAR shall remain exercisable for three (3) years (or such
greater or lesser period of time as the Committee may specify) following termination of employment or service, but not later than the expiration of the SAR Period. 

  
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 (C) Upon a termination of employment or service of the Participant to whom the
SAR was granted for Cause, all of such Participant’s SARs shall expire at the time of such termination, whether or not then vested. 

(D) Upon termination of employment or service of the Participant to whom the SAR was granted for any reason other than due to
death, Disability, Retirement or for Cause, the unvested portion of an SAR shall expire upon termination of employment, and the vested portion of such SAR shall remain exercisable for 90 days (or such greater or lesser period of time as the
Committee may specify) following termination of employment or service, but not later than the expiration of the SAR Period. 
 (d) Other
Terms and Conditions. Except as specifically provided otherwise in an Award Agreement, each SAR granted under the Plan shall be subject to the following terms and conditions: 

(i) Each SAR or portion thereof that is exercisable shall be exercisable for the full amount or for any part thereof. 

(ii) Except to the extent provided in accordance with the exercise of the Committee’s authority pursuant to Section 14, no Dividend
Equivalents shall be payable in respect of any SAR. 
 (iii) Subject to Section 17(a), a SAR shall not be transferable by the
Participant except by will or the laws of descent and distribution and shall be exercisable during the Participant’s lifetime only by the Participant. 

(e) Method of Exercise. A SAR that has become exercisable may be exercised by delivery of written or electronic notice of exercise to
the Company or its designee (including a third-party administrator), or telephonic instructions to the extent provided by the Committee, in accordance with the terms of the applicable Award Agreement, specifying the number of shares with respect to
which such SAR is to be exercised and the Date of Grant of such SAR. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case of a SAR independent of an Option, the SAR Period), the Fair Market Value exceeds the Strike
Price, the Participant has not exercised the SAR or the corresponding Option (if applicable), and neither the SAR nor the corresponding Option (if applicable) has expired, such SAR shall be deemed to have been exercised by the Participant on such
last day and the Company shall make the appropriate payment therefor. 
 (f) Settlement. Upon the exercise of a SAR, the Company shall
pay to the Participant an amount equal to the number of shares with respect to which the SAR is being exercised multiplied by the excess, if any, of the Fair Market Value of one share of Common Stock on the exercise date over the Strike Price, less
an amount equal to all federal, state, local, and non–U.S. income and employment taxes required to be withheld. The Company shall pay such amount in cash, in shares of Common Stock valued at Fair Market Value, or any combination thereof, as
determined by the Committee. Any fractional shares of Common Stock shall be settled in cash. 

  
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 (g) Substitution of SARs for Options. The Committee shall have the authority in its sole
discretion to substitute, without the consent of the affected Participant or any holder or beneficiary of a SAR settled in shares of Common Stock (or settled in shares or cash in the sole discretion of the Committee) for an outstanding Option,
provided that (i) the substitution shall not otherwise result in a modification of the terms of any such Option, (ii) the number of shares of Common Stock underlying the substituted SAR shall be the same as the number
of shares of Common Stock underlying such Option, and (iii) the Strike Price of the substituted SAR shall be equal to the Exercise Price of such Option; provided, however, that if, in the opinion of the Company’s
independent public auditors, the foregoing provision creates adverse accounting consequences for the Company, such provision shall be considered null and void. 

10. Restricted Stock and Restricted Stock Units. 

(a) General. Each grant of Restricted Stock and Restricted Stock Units granted under the Plan shall be evidenced by an Award Agreement.
Each Restricted Stock and Restricted Stock Unit grant shall be subject to the conditions set forth in this Section 10 and to such other conditions not inconsistent with the Plan as determined by the Committee and may be reflected in the
applicable Award Agreement. The Committee shall establish restrictions applicable to such Restricted Stock and Restricted Stock Units, including the Restricted Period, and the time or times at which Restricted Stock or Restricted Stock Units shall
be granted or become vested. These restrictions may lapse separately or in combination at such times, pursuant to such circumstances, in such installments, or otherwise, as the Committee determines at the time of the Date of Grant or thereafter.

 (b) Forfeiture. Restricted Stock and Restricted Stock Units awarded to a Participant shall be subject to forfeiture until the
expiration of the Restricted Period, and Restricted Stock shall be subject to the following provisions in addition to such other terms and conditions as may be set forth in the applicable Award Agreement: (i) if an escrow arrangement is
used, the Participant shall not be entitled to delivery of the stock certificate, and (ii) the shares shall be subject to the restrictions on transferability set forth in the Award Agreement. Unless otherwise provided by the Committee in
an Award Agreement or any applicable employment, consulting, change in control, severance, or other agreement between a Participant and the Company or an Affiliate, (A) upon termination of employment or service of the Participant granted
the applicable Award for any reason other than by reason of death, Disability or Retirement, the unvested portion of Restricted Stock and Restricted Stock Units shall terminate and be forfeited and (B) upon termination of employment or
service of the Participant granted the applicable Award by reason of death, Disability or Retirement, the unvested portion of Restricted Stock and Restricted Stock Units shall become fully vested and nonforfeitable as of the date of the
Participant’s termination of employment or service. In the event of any forfeiture of Restricted Stock, the stock certificates shall be returned to the Company and all rights of the Participant to such shares and as a shareholder shall
terminate without further action or obligation on the part of the Company. In the event of any forfeiture of Restricted Stock Units, all rights of the Participant to such Restricted Stock Units shall terminate without further action or obligation on
the part of the Company. The Committee may in its sole discretion accelerate the lapse of any or all of the restrictions on the Restricted Stock and Restricted Stock Units at any time, which acceleration shall not affect any other terms and
conditions of such Awards. 

  
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 11. Provisions Applicable to Restricted Stock, Restricted Stock Units, Performance Shares and Performance
Units.  
 (a) Stock Certificates; Escrow or Similar Arrangement. Upon the grant of Restricted Stock or Performance Shares, the
Committee shall cause share(s) of Common Stock to be registered in the name of the Participant and held in book-entry form subject to the Company’s directions and, if the Committee determines that the Restricted Stock or Performance Shares
shall be held by the Company or in escrow rather than delivered to the Participant pending vesting and the release of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company
(i) an escrow agreement satisfactory to the Committee, if applicable, and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted Stock or Performance Shares, as applicable, covered by such
agreement. If a Participant shall fail to execute and deliver an agreement evidencing an Award of Restricted Stock or Performance Shares and, if applicable, an escrow agreement and blank stock power within the amount of time specified by the
Committee, the Award shall be null and void. Subject to the restrictions set forth in the Plan and the applicable Award Agreement, the Participant shall generally have the rights and privileges of a shareholder as to such Restricted Stock and
Performance Shares, including without limitation the right to vote such Restricted Stock and Performance Shares (provided that, except as set forth in any applicable Award Agreement, any dividends payable on such shares of Restricted Stock or
Performance Shares shall be held by the Company and delivered (without interest) to the Participant within 15 days following the date on which such Restricted Stock or Performance Shares, as applicable, vest, and the right to any such accumulated
dividends shall be forfeited upon the forfeiture of the Restricted Stock or Performance Shares to which such dividends relate). The Committee shall also be permitted to cause a stock certificate registered in the name of the Participant to be
issued. To the extent that shares of Restricted Stock or Performance Shares are forfeited, any stock certificates issued to the Participant evidencing such shares shall be returned to the Company, and all rights of the Participant to such shares and
as a shareholder with respect thereto shall terminate without further obligation on the part of the Company. 
 (b) Dividend
Equivalents. No shares shall be issued at the time an Award of Restricted Stock Units or Performance Units is made, and the Company will not be required to set aside a fund for the payment of any such Award. At the discretion of the Committee,
each Restricted Stock Unit awarded to a Participant may be credited with cash and stock dividends paid in respect of one share of Common Stock (“Dividend Equivalents”). Subject to Section 17(b), at the discretion of the
Committee, Dividend Equivalents may be either currently paid to the Participant or withheld by the Company for the Participant’s account, and interest may be credited on the amount of cash Dividend Equivalents withheld at a rate and subject to
such terms as determined by the Committee. Dividend Equivalents credited to a Participant’s account and attributable to any particular Restricted Stock Unit (and earnings thereon, if applicable) shall be distributed to the Participant upon
settlement of such Restricted Stock Unit or, and if such Restricted Stock Unit is forfeited, the Participant shall have no right to such Dividend Equivalents. 

  
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 (c) Delivery of Restricted Stock and Settlement of Restricted Stock Units. 

(i) Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock or the achievement of Performance Goals
applicable to any Performance Shares and any other applicable vesting criteria established by the Committee, the restrictions set forth in the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as
set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Participant, or his beneficiary without charge a notice evidencing a book entry notation (or, if applicable, the
stock certificate) evidencing the shares (rounded down to the nearest full share) of Restricted Stock or Performance Shares, as applicable, that have not then been forfeited and with respect to which the Restricted Period has expired or the
Performance Goals achieved, as applicable. Dividends, if any, that may have been withheld by the Committee and attributable to any particular share of Restricted Stock or Performance Share shall be distributed to the Participant in cash or, at the
sole discretion of the Committee, in shares of Common Stock having a Fair Market Value (on the date of distribution) equal to the amount of such dividends, upon the release of restrictions on such share and, if such share is forfeited, the
Participant shall have no right to such dividends. 
 (ii) Unless otherwise provided by the Committee in an Award Agreement, upon the
expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the achievement of Performance Goals applicable to any Performance Units and the attainment of all other applicable vesting criteria established by the
Committee, the Company shall deliver to the Participant, or his beneficiary, without charge, one share of Common Stock (or other securities or other property, as applicable) for each such outstanding Restricted Stock Unit or Performance Unit, as
applicable, that has not then been forfeited and with respect to which the Restricted Period has expired or the Performance Goals achieved, as applicable, and all other such vesting criteria are attained (“Released Unit”);
provided, however, that the Committee may, in its sole discretion, elect to (i) pay cash or part cash and part Common Stock in lieu of delivering only shares of Common Stock in respect of such Released Units or
(ii) defer the delivery of Common Stock (or cash or part Common Stock and part cash, as the case may be) beyond the vesting date if such extension would not cause adverse tax consequences under Section 409A of the Code. If a cash
payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal to the Fair Market Value of the underlying Common Stock as of the date on which such Restricted Stock Units or Performance Units vested, less an
amount equal to all federal, state, local, and non–U.S. income and employment taxes required to be withheld. 
 (d) Legends on
Restricted Stock and Performance Shares. Each certificate representing Restricted Stock or Performance Shares awarded under the Plan, if any, shall bear a legend substantially in the form of the following in addition to any other information the
Company deems appropriate until the lapse of all restrictions or the achievement of applicable Performance Goals respect to such Common Stock: 

TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE TRIBUNE PUBLISHING COMPANY 2014
OMNIBUS INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT, DATED AS OF 

  
 21 

 
            , BETWEEN TRIBUNE PUBLISHING COMPANY AND             . A COPY
OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF TRIBUNE PUBLISHING COMPANY. 
 12. Performance Awards. 

(a) Grants of Performance Awards. All Performance Awards granted under the Plan (including Performance Shares, Performance Units and
Cash Awards) shall be evidenced by an Award Agreement. Each Performance Award so granted shall be subject to the conditions set forth in this Section 12 and to such other conditions not inconsistent with the Plan as may be reflected in the
applicable Award Agreement. 
 (b) Issuance and Restrictions. The Committee shall have the authority to determine the Participants who
shall receive Performance Awards, the number of Performance Shares, the number and value of Performance Units and the amount of cash, as applicable, with respect to any such Performance Award for any Performance Cycle, and the applicable Performance
Goals. The Committee shall determine the duration of each Performance Cycle (the duration of Performance Cycles of different Performance Awards may differ from one another), and there may be more than one Performance Cycle in existence at any one
time. 
 (c) Earned Performance Awards. Performance Awards shall become earned, in whole or in part, based upon the attainment of
specified Performance Goals or the occurrence of any event or events, as the Committee shall determine, either in an Award Agreement or thereafter on terms more favorable to the Participant to the extent consistent with Section 162(m). In
addition to the achievement of the specified Performance Goals, the Committee may condition payment of Performance Awards on such other conditions as the Committee shall specify in an Award Agreement. The Committee may also provide in an Award
Agreement for the completion of a minimum period of service (in addition to the achievement of any applicable Performance Goals) as a condition to the vesting of any Performance Award. 

(d) Performance Goals. The Committee shall establish the Performance Goals that must be satisfied in order for a Participant to receive
an Award for a Performance Cycle or for a Performance Award to be earned or vested. At the discretion of the Committee, the Performance Goals may be based upon (alone or in combination): (A) net or operating income (before or after
taxes); (B) earnings before taxes, interest, depreciation and/or amortization (“EBITDA”); (C) net income before equity in earnings of unconsolidated Affiliates, income tax expense, loss on early debt
extinguishment, interest and other (expense) income, realized gain (loss) on investments, interest expense, equity-based compensation expense, related party management fees, restructuring charges and depreciation and amortization expense and net
income attributable to noncontrolling interests (“Adjusted EBITDA”); (D) basic or diluted earnings per share or improvement in basic or diluted earnings per share; (E) sales (including, but not limited to,
total sales, net sales and revenue growth); (F) net operating profit; (G) financial return measures (including, but not limited to, return on assets, capital, invested capital, equity, sales and revenue); (H) cash
flow measures (including, but not limited to, operating cash flow, free cash flow, cash flow return on equity and cash flow return on investment); (I) productivity ratios (including, but not limited to, measuring liquidity, profitability
and leverage); (J) share price 

  
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(including, but not limited to, growth measures and total shareholder return); (K) expense/cost management targets; (L) margins (including, but not limited to, operating
margin, net income margin, cash margin, gross, net or operating profit margins, EBITDA margins and Adjusted EBITDA margins); (M) operating efficiency; (N) market share or market penetration; (O) customer targets
(including, but not limited to, customer growth and customer satisfaction); (P) working capital targets or improvements; (Q) economic value added; (R) balance sheet metrics (including, but not limited to,
inventory, inventory turns, receivables turnover, net asset turnover, debt reduction, retained earnings, year-end cash, cash conversion cycle and ratio of debt to equity or to EBITDA); (S) workforce targets (including, but not limited
to, diversity goals, employee engagement or satisfaction, employee retention and workplace health and safety goals); (T) implementation, completion or attainment of measurable objectives with respect to research and development, key
products or key projects, lines of business, acquisitions and divestitures and strategic plan development and/or implementation; (U) comparisons with various stock market indices, peer companies or industry groups or classifications with
regard to one more of these criteria, or, for any period of time in which Section 162(m) is not applicable to the Company and the Plan, or at any time in the case of (x) persons who are not “covered employees” under
Section 162(m) of the Code or (y) Awards (whether or not to “covered employees”) not intended to qualify as performance-based compensation under Section 162(m) of the Code, such other criteria as may be determined by
the Committee. 
 Performance Goals may be established on a Company-wide basis or with respect to one or more business units, divisions,
Affiliates, or products and may be expressed in absolute terms, or relative to (i) current internal targets or budgets, (ii) the past performance of the Company (including the performance of one or more Subsidiaries,
divisions or operating units), (iii) the performance of one or more similarly situated companies, (iv) the performance of an index covering a peer group of companies or (v) other external measures of the selected
performance criteria. Any performance objective may measure performance on an individual basis, as appropriate. The Committee may provide for a threshold level of performance below which no Common Stock or compensation will be granted or paid in
respect of Performance Awards, and a maximum level of performance above which no additional Common Stock or compensation will be granted or paid in respect of Performance Awards, and it may provide for differing amounts of Common Stock or
compensation to be granted or paid in respect of Performance Awards for different levels of performance. When establishing Performance Goals for a Performance Cycle, the Committee may determine that any or all “extraordinary items” as
determined under U.S. generally accepted accounting principles and as identified in the financial statements, notes to the financial statements or management’s discussion and analysis in the annual report, including, but not limited to, the
charges or costs associated with restructurings of the Company, discontinued operations, extraordinary items, capital gains and losses, dividends, repurchase of shares, other unusual or non-recurring items, and the cumulative effects of accounting
changes shall be excluded from the determination as to whether the Performance Goals have been met. Except in the case of Awards to “covered employees” intended to be performance-based compensation under Section 162(m) of the Code,
the Committee may also adjust the Performance Goals for any Performance Cycle as it deems equitable in recognition of unusual or non-recurring events affecting the Company, changes in applicable tax laws or accounting principles, or such other
factors as the Committee may determine. 

  
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 (e) Special Rule for Performance Goals. If, at the time of grant, the Committee intends a
Performance Award to qualify as performance-based compensation within the meaning of Section 162(m) of the Code, the Committee must establish Performance Goals for the applicable Performance Cycle prior to the 91st day of the Performance Cycle (or by such other date as may be required under Section 162(m) of the Code) but not later than the date on which 25% of the Performance Cycle has elapsed. 

(f) Negative Discretion. Notwithstanding anything in this Section 12 to the contrary, the Committee shall have the right, in its
absolute discretion, (i) to reduce or eliminate the amount otherwise payable to any Participant under Section 12(h) based on individual performance or any other factors that the Committee, in its discretion, shall deem appropriate
and (ii) to establish rules or procedures that have the effect of limiting the amount payable to each Participant to an amount that is less than the maximum amount otherwise authorized under the Award or under the Plan. 

(g) Affirmative Discretion. Notwithstanding any other provision in the Plan to the contrary, but subject to the maximum number of shares
of Common Stock available for issuance under Section 5 of the Plan, the Committee shall have the right, in its discretion, to grant an Award in cash, Common Stock or other Awards, or in any combination thereof, to any Participant (except for
Awards intended to qualify as performance-based compensation under Section 162(m) of the Code, to the extent Section 162(m) of the Code is applicable to the Company and the Plan) in a greater amount than would apply under the applicable
Performance Goals, based on individual performance or any other criteria that the Committee deems appropriate. Notwithstanding any provision of the Plan to the contrary, in no event shall the Committee have, or exercise, discretion with respect to a
Performance Award intended to qualify as performance-based compensation under Section 162(m) of the Code if such discretion or the exercise thereof would cause such qualification not to be available. 

(h) Certification of Attainment of Performance Goals. As soon as practicable after the end of a Performance Cycle and prior to any
payment or vesting in respect of such Performance Cycle, the Committee shall certify in writing the number and value of Performance Awards that have been earned or vested on the basis of performance in relation to the established Performance Goals.

 (i) Payment of Awards. Payment or delivery of Common Stock with respect to earned Performance Awards shall be made to the
Participant or, if the Participant has died, to the Participant’s beneficiary, as soon as practicable after the expiration of the Performance Cycle and the Committee’s certification under Section 12(h) and (unless an applicable Award
Agreement shall set forth one or more other dates) in any event no later than the earlier of (i) 90 days after the end of the fiscal year in which the Performance Cycle has ended and (ii) 90 days after the expiration of the
Performance Cycle. The Committee shall determine and set forth in the applicable Award Agreement whether earned Performance Shares and the value of earned Performance Units are to be distributed in the form of cash, shares of Common Stock or in a
combination thereof, with the value or number of shares of Common Stock payable to be determined based on the Fair Market Value of the Common Stock on the date of the Committee’s certification under Section 12(h) or such other date
specified in the Award Agreement. The Committee may, in an Award Agreement with respect to the award or delivery of Common Stock, condition the vesting of such Common Stock on the performance of additional service. 

  
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 (j) Termination of Employment or Service. Unless otherwise provided by the Committee in an
Award Agreement or any applicable employment, consulting, change in control, severance, or other agreement between a Participant and the Company or an Affiliate, (i) upon termination of employment or service of the Participant granted a
Performance Award for any reason (other than death, Disability or Retirement), the unvested Performance Awards shall immediately terminate and be forfeited, and (ii) upon termination of employment or service of the Participant by reason
of death, Disability or Retirement, (A) unvested or otherwise unpaid outstanding Performance Awards with a Performance Cycle in progress as of the date of the Participant’s termination of employment or service shall be deemed to be
earned and become vested and/or paid out on the basis of actual achievement of the Performance Goals for such Performance Cycle, prorated for the portion of the Performance Cycle coming before the Participant’s termination of employment, and
the remaining portion of such Performance Awards shall immediately terminate and be forfeited, and (B) unvested Cash Awards shall terminate and be forfeited. 

(k) Newly Eligible Participants. Notwithstanding anything in this Section 12 to the contrary, the Committee shall be entitled to
make such rules, determinations and adjustments as it deems appropriate with respect to any Participant who becomes eligible to receive Performance Awards after the commencement of a Performance Cycle. 

(l) Adjustment of Calculation of Performance Goals. In the event that, during any Performance Cycle, any recapitalization,
reorganization, merger, acquisition, divestiture, consolidation, spin-off, combination, sale of assets or other similar corporate transaction or event, or any other extraordinary event or circumstance occurs which has the effect, as determined by
the Committee, in its sole and absolute discretion, of distorting the applicable performance criteria involving the Company, including, without limitation, changes in accounting standards, the Committee may adjust or modify, as determined by the
Committee, in its sole and absolute discretion, the calculation of the Performance Goals, to the extent necessary to prevent reduction or enlargement of the Participants’ Awards under the Plan for such Performance Cycle attributable to such
transaction, circumstance or event. All determinations that the Committee makes pursuant to this Section 12(l) shall be conclusive and binding on all persons for all purposes. 

13. Other Stock-Based Awards. The Committee may issue to Eligible Persons other types of equity-based or equity-related Awards (the “Other
Stock-Based Awards”) not otherwise described by the terms of the Plan in such amounts and subject to such terms or conditions as the Committee shall determine. All Other Stock-Based Awards shall be evidenced by an Award Agreement. Each
Other Stock-Based Award so granted shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. Such Other Stock-Based Awards may entail the transfer of actual shares of Common Stock, or
payment in cash or otherwise of amounts based on the value of shares of Common Stock and may include, but not be limited to, Awards designed to comply with or take advantage of the Applicable Laws of jurisdictions other than the United States.
Unless otherwise provided by the Committee in an Award Agreement or any applicable employment, consulting, change in control, severance, or 

  
 25 

 
other agreement between a Participant and the Company or an Affiliate, upon termination of employment or service of the Participant granted the applicable Other Stock-Based Award for any reason,
the unvested or otherwise unpaid outstanding Other Stock-Based Award shall be deemed to be unearned and shall lapse and be forfeited as of the date of termination of employment or service. 

14. Changes in Capital Structure and Similar Events. In the event of (A) any dividend (other than regular cash dividends) or other
distribution (whether in the form of cash, shares of Common Stock, other securities, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, spin-off, combination,
repurchase or exchange of shares of Common Stock or other securities of the Company, issuance of warrants or other rights to acquire shares of Common Stock or other securities of the Company, or other similar corporate transaction or event
(including, without limitation, a Change in Control) that affects the shares of Common Stock, or (B) unusual or nonrecurring events (including, without limitation, a Change in Control) affecting the Company, any Affiliate, or the
financial statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations, or other requirements of any governmental body or securities exchange or inter-dealer quotation system, accounting principles, or law, such
that in any case an adjustment is determined by the Committee in its sole discretion to be necessary or appropriate, then the Committee shall make any such adjustments in such manner as it may deem equitable, including without limitation any or all
of the following: 
 (i) adjusting any or all of (A) the number of shares of Common Stock or other securities of the Company (or
number and kind of other securities or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including, without limitation, adjusting any or all of the limitations under
Section 5 of the Plan) and (B) the terms of any outstanding Award, including, without limitation, (i) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or
other property) subject to outstanding Awards or to which outstanding Awards relate, (ii) the Exercise Price or Strike Price with respect to any Award, and (iii) any applicable performance measures; 

(ii) providing for a substitution or assumption of Awards (or awards of an acquiring company), accelerating the delivery, vesting, or
exercisability of, lapse of restrictions, or other conditions on, or termination of, Awards or providing for a period of time (which shall not be required to be more than 10 days) for Participants to exercise outstanding Awards prior to the
occurrence of such event (and any such Award not so exercised shall terminate upon the occurrence of such event); and 
 (iii) canceling any
one or more outstanding Awards (or awards of an acquiring company) and causing to be paid to the holders thereof the value of such Awards, if any, as determined by the Committee (which if applicable may be based upon the price per share of Common
Stock received or to be received by other shareholders of the Company in such event), including without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of
a date specified by the Committee) of the shares of Common Stock subject to such Option or SAR over the aggregate Exercise Price or Strike Price, respectively, of such Option or SAR (it being understood that, in

  
 26 

 
such event, any Option or SAR having a per share Exercise Price or Strike Price equal to, or in excess of, the Fair Market Value of a share of Common Stock subject thereto may be canceled and
terminated without any payment or consideration therefor). Notwithstanding the discretion given to the Committee in this paragraph (iii), the Committee shall upon a Change in Control, subject to Section 17(u)(iii), be required to take the
actions described in this paragraph with respect to each Award that is subject to Section 409A of the Code on the Date of Grant of such Award. 

Payments to holders pursuant to paragraph (iii) above shall be made in cash or, in the sole discretion of the Committee, in the form of
such other consideration necessary for a Participant to receive property, cash, or securities (or a combination thereof) as such Participant would have been entitled to receive upon the occurrence of the transaction if the Participant had been,
immediately prior to such transaction, the holder of the number of shares of Common Stock covered by the Award at such time (less any applicable Exercise Price or Strike Price). In addition, in connection with any such transaction, prior to any
payment or adjustment contemplated under this Section 14, the Committee may require a Participant to (A) represent and warrant as to the unencumbered title to his Awards, (B) bear such Participant’s pro-rata share
of any post-closing indemnity obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Common Stock, and (C) deliver
customary transfer documentation as reasonably determined by the Committee. Any adjustment of an Award pursuant to this Section 14 shall be effected in compliance with Section 409A of the Code to the extent applicable. 

Notwithstanding the foregoing, in the case of any “equity restructuring” (within the meaning of the Financial Accounting Standards
Board Accounting Standards Codification Topic 718 (or any successor pronouncement thereto, “ASC 718”), the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring. The
Company shall give each Participant notice (including by placement on the Company’s website) of an adjustment hereunder, and upon notice, such adjustment shall be conclusive and binding for all purposes. 

15. Effect of Change in Control. Unless otherwise determined by the Committee, as otherwise provided in this Section 15, or as otherwise provided
in an Award Agreement or any applicable employment, consulting, change in control, severance, or other agreement between a Participant and the Company or an Affiliate, in the event of a Change in Control, 

(a) no cancellation, acceleration of exercisability or vesting, lapse of any Restricted Period or settlement or other payment shall occur with
respect to any Award if the Committee reasonably determines in good faith, prior to the occurrence of a Change in Control, that the outstanding Awards shall be honored, assumed or new rights substituted therefor following the Change in Control (such
honored, assumed or substituted award, an “Alternative Award”), provided that any Alternative Award must: 
 (i)
provide the Participant rights and entitlements substantially equivalent to or better than the rights, terms and conditions applicable under such Award, including, but not limited to, an identical or better schedule as to vesting and/or
exercisability, and for Alternative Awards that are stock options, identical or better methods of payment of the exercise price thereof; and 

  
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 (ii) have terms and conditions which provide that, in the event that the Participant’s
employment is terminated without Cause within the 12 months following the occurrence of a Change in Control, 
 (A) the
outstanding Alternative Awards held by such terminated Participant, whether vested or unvested, shall immediately vest in full and become exercisable, any vesting restrictions on such Alternative Awards shall lapse; and 

(B) such Participant shall be provided with either cash or marketable stock equal to the Fair Market Value of the stock subject
to the Alternative Awards on the date of termination (and, in the case of Alternative Awards that are stock options or stock appreciation rights, in excess of the exercise price or base price that the Participant would be required to pay in respect
of such Alternative Award). 
 (b) subject to Section 15(c) and Section 17(u), if the Committee reasonably determines in good
faith, prior to the occurrence of a Change in Control, that no Alternative Awards will be provided: 
 (i) all unvested Awards (other than
Performance Awards) shall vest and the Restricted Period on all such outstanding Awards shall lapse; 
 (ii) each outstanding Option and SAR
shall vest and be canceled in exchange for a cash payment equal to (x) the excess, if any, of the Change in Control Price over the exercise price of such Option or SAR, multiplied by (y) the aggregate number of shares of Common Stock
covered by such Award; 
 (iii) each outstanding Performance Award with a Performance Cycle in progress at the time of the Change in Control
shall be deemed to be earned and become vested and paid out in an amount equal to the product of (x) such Participant’s target award opportunity with respect to such Award for the Performance Cycle in question and
(y) the percentage of Performance Goals achieved as of the date of the Change in Control (which Performance Goals shall be pro-rated, if necessary or appropriate, to reflect the portion of the Performance Cycle that has been completed),
and all other Performance Awards shall terminate and be forfeited upon consummation of the Change in Control; 
 (iv) shares of Common Stock
underlying all Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units, and Other Stock-Based Awards that are vested (as provided in this Section 15 or otherwise) shall be issued or released to the Participant holding
such Award, except to the extent that the Committee has determined, in accordance with authority granted to it by the Plan or the applicable Award Agreement to settle such Award in cash in lieu of shares; and 

(v) Cash Awards that are vested but unpaid (as provided in this Section 15 or otherwise) shall be paid in cash. 

  
 28 

 (c) Section 409A. Notwithstanding anything in Section 15, if any Award is
subject to Section 409A of the Code and an Alternative Award would be deemed a non-compliant modification of such Award under Section 409A, then no Alternative Award shall be provided and such Award shall instead be treated as provided in
Section 15(a)(ii) or in the Award Agreement (or in such other manner determined by the Committee that is a compliant modification under Section 409A). 

16. Amendments and Termination of Plan or Award Agreements. 

(a) Amendment and Termination of Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at
any time; provided that no such amendment, alteration, suspension, discontinuation, or termination shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the
Plan (including, without limitation, as necessary to comply with any rules and regulations of the securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted, if any, or for changes in U.S. generally accepted
accounting principles to new accounting standards); provided, further, that any such amendment, alteration, suspension, discontinuance, or termination that would materially and adversely affect the rights of any Participant or any
holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder, or beneficiary. Notwithstanding the foregoing, no amendment shall be made to the last paragraph of
Section 4(b) without stockholder approval. 
 (b) Amendment of Award Agreements. The Committee may, to the extent not
inconsistent with the terms of any applicable Award Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel, or terminate any Award theretofore granted or the associated Award Agreement,
prospectively or retroactively (including after a Participant’s termination of employment or service with the Company); provided that any such waiver, amendment, alteration, suspension, discontinuance, cancelation, or termination that
would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted shall not to that extent be effective without the written consent of the affected Participant. 

17. General. 
 (a) Nontransferability of
Awards. 
 (i) Each Award shall be exercisable only by a Participant during the Participant’s lifetime, or if permissible under
Applicable Law, by the Participant’s legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold, or otherwise transferred or encumbered by a Participant other than by will or by the laws of descent and
distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer, or encumbrance shall be void and unenforceable against the Company or an Affiliate; provided that the designation of a beneficiary shall not
constitute an assignment, alienation, pledge, attachment, sale, transfer, or encumbrance. 

  
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 (ii) Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards to
be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement to preserve the purposes of the Plan, to (A) any person who is a “family
member” of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor form of registration statements promulgated by the Securities and Exchange Commission (collectively, the
“Immediate Family Members”), (B) a trust solely for the benefit of the Participant and his Immediate Family Members, or (C) a partnership or limited liability company whose only partners or shareholders are
the Participant and his Immediate Family Members (each transferee described in any of clauses (A), (B) and (C) above is hereinafter referred to as a “Permitted Transferee”), in each case provided that the
Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan. 

(iii) The terms of any Award transferred in accordance with the immediately preceding paragraph shall apply to the Permitted Transferee, and
any reference in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will
or the laws of descent and distribution, (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form covering the shares of Common
Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate, (C) the Committee or the Company
shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise, and (D) the consequences of the
termination of the Participant’s employment by, or services to, the Company or an Affiliate under the terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Permitted Transferee, including, without
limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award Agreement. 

(b) Dividends and Dividend Equivalents. The Committee may, in its sole discretion, grant dividends or Dividend Equivalents to a
Participant in tandem with other Awards, in addition to other Awards, or freestanding and unrelated to other Awards. Dividends and Dividend Equivalents shall be payable in cash, shares of Common Stock, other securities, other Awards, or other
property, on a current or deferred basis, on such terms and conditions as may be determined by the Committee in its sole discretion, including without limitation, payment directly to the Participant, withholding of such amounts by the Company
subject to vesting of the Award, or reinvestment in additional shares of Common Stock, Restricted Stock, or other Awards; provided that no dividends or Dividend Equivalents shall be payable in respect of outstanding (i) Options or
SARs or (ii) unearned Awards subject to performance conditions (other than or in addition to the passage of time), although dividends and Dividend Equivalents may be accumulated in respect of unearned Awards and paid as soon as
administratively practicable, but no more than 30 days after such Awards are earned and become distributable). 

  
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 (c) Tax Withholding. 

(i) A Participant shall be required to pay to the Company or any Affiliate, and the Company and each Affiliate shall have the right (but not
the obligation) and is hereby authorized to withhold, from any cash, shares of Common Stock, other securities, or other property deliverable under any Award or from any compensation or other amounts owing to a Participant, the amount (in cash,
Common Stock, other securities, or other property) of all required withholding taxes in respect of an Award, its exercise, or any payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion
of the Committee or the Company to satisfy all obligations for the payment of such withholding and taxes. 
 (ii) Without limiting the
generality of paragraph (i) above, the Committee may, in its sole discretion, permit a Participant to satisfy, in whole or in part, the foregoing withholding liability (but no more than the minimum required statutory liability withholding
liability, if required to avoid adverse accounting treatment of the Award as a liability award under ASC 718) by (A) payment in cash, (B) the delivery of shares of Common Stock (which are not subject to any pledge or other
security interest) owned by the Participant having a Fair Market Value equal to such withholding liability, or (C) having the Company withhold from the number of shares of Common Stock otherwise issuable or deliverable pursuant to the
exercise or settlement of the Award a number of shares with a Fair Market Value equal to such withholding liability. 
 (d) No Claim to
Awards; No Rights to Continued Employment; Waiver. No employee of the Company or an Affiliate, or other person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be
selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee’s determinations and interpretations with
respect thereto need not be the same among Participants or any group of Participants and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall be
construed as giving any Participant any right to be retained in the employ or service of the Company or an Affiliate, nor shall the Plan be construed as giving any Participant any rights to continued service on the Board. The Company or any of its
Affiliates may at any time dismiss a Participant from employment or discontinue any consulting or other service relationship, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or any Award
Agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or to damages or severance entitlement related to non-continuation of the Award beyond the
period provided under the Plan or any Award Agreement, notwithstanding any provision to the contrary in any written employment contract or other agreement between the Company and its Affiliates and the Participant, whether any such agreement is
executed before, on, or after the Date of Grant. 
 (e) Data Privacy. As a condition of receipt of any Award, each Participant
explicitly and unambiguously consents to the collection, use, and transfer, in electronic or other form, of personal data as described in this section by and among, as applicable, the Company and its Affiliates for the exclusive purpose of
implementing, administering, and managing the Plan and Awards and the Participant’s participation in the Plan. In furtherance of such implementation, 

  
 31 

 
administration, and management, the Company and its Affiliates may hold certain personal information about a Participant, including, but not limited to, the Participant’s name, home address,
telephone number, date of birth, social security or insurance number or other identification number, salary, nationality, job title(s), information regarding any securities of the Company or any of its Affiliates, and details of all Awards (the
“Data”). In addition to transferring the Data amongst themselves as necessary for the purpose of implementation, administration, and management of the Plan and Awards and the Participant’s participation in the Plan, the Company
and its Affiliates may each transfer the Data to any third parties assisting the Company in the implementation, administration, and management of the Plan and Awards and the Participant’s participation in the Plan. Recipients of the Data may be
located in the Participant’s country or elsewhere, and the Participant’s country and any given recipient’s country may have different data privacy laws and protections. By accepting an Award, each Participant authorizes such
recipients to receive, possess, use, retain, and transfer the Data, in electronic or other form, for the purposes of assisting the Company in the implementation, administration, and management of the Plan and Awards and the Participant’s
participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom the Company or the Participant may elect to deposit any shares of Common Stock. The Data related to a Participant
will be held only as long as is necessary to implement, administer, and manage the Plan and Awards and the Participant’s participation in the Plan. A Participant may, at any time, view the Data held by the Company with respect to such
Participant, request additional information about the storage and processing of the Data with respect to such Participant, recommend any necessary corrections to the Data with respect to the Participant, or refuse or withdraw the consents herein in
writing, in any case without cost, by contacting his local human resources representative. The Company may cancel the Participant’s eligibility to participate in the Plan, and in the Committee’s discretion, the Participant may forfeit any
outstanding Awards if the Participant refuses or withdraws the consents described herein. For more information on the consequences of refusal to consent or withdrawal of consent, Participants may contact their local human resources representative.

 (f) Non–U.S. Participants. Without limiting the generality of Section 4(d), with respect to Participants who reside or
work outside of the United States of America, the Committee may in its sole discretion amend the terms of the Plan or Sub-Plans or appendices thereto, or outstanding Awards, with respect to such Participants in order to conform such terms to the
requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company, or its Affiliates. 
 (g)
Designation and Change of Beneficiary. Each Participant may file with the Committee a written designation of one or more persons as the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any,
due under the Plan upon such Participant’s death. A Participant may, from time to time and subject to Applicable Law, revoke or change his beneficiary designation without the consent of any prior beneficiary by filing a new designation with the
Committee. The last such designation received by the Committee shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the
Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the beneficiary shall be deemed to be his spouse (or domestic partner if such status is
recognized by the Company according to the procedures established by the Company and in such jurisdiction), or if the Participant is otherwise unmarried at the time of death, his estate. After receipt of Options in accordance with this paragraph,
beneficiaries will be able to exercise such Options only in accordance with Section 8(f). 

  
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 (h) Termination of Employment or Service. Except as otherwise provided in an Award
Agreement or any employment, consulting, change in control, severance, or other agreement between a Participant and the Company or an Affiliate, unless determined otherwise by the Committee, (i) neither a temporary absence from employment or
service due to illness, vacation, or leave of absence (including, without limitation, a call to active duty for military service through a Reserve or National Guard unit) nor a transfer from employment or service with the Company to employment or
service with an Affiliate (or vice-versa) shall be considered a termination of employment or service with the Company or an Affiliate, and (ii) if a Participant’s employment with the Company and its Affiliates terminates, but such
Participant continues to provide services to the Company or its Affiliates in a non-employee capacity (including as a member of the Board who is not an employee of the Company or any Affiliate) (or vice versa), such change in status shall not be
considered a termination of employment or service with the Company or an Affiliate for purposes of the Plan. Unless otherwise determined by the Committee, in the event that any Participant’s employer ceases to be an Affiliate of the Company (by
reason of sale, divestiture, spin-off, or other similar transaction), each Participant who is employed by or provides services to such employer shall be deemed to have suffered a termination hereunder as of the date of the consummation of such
transaction, unless the Participant’s employment or service is transferred to the Company or another entity that would constitute an Affiliate immediately following such transaction. 

(i) No Rights as a Shareholder. Except as otherwise specifically provided in the Plan or any Award Agreement, no person shall be
entitled to the privileges of ownership in respect of shares of Common Stock that are subject to Awards hereunder until such shares have been issued or delivered to that person. 

(j) Government and Other Regulations. 

(i) The obligation of the Company to settle Awards in Common Stock or other consideration shall be subject to all Applicable Laws, rules, and
regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from
offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an
opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company
shall be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide that all shares of Common Stock or other securities
of the Company or any Affiliate delivered under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award Agreement, federal securities laws, or the rules,
regulations, and other requirements of the Securities and Exchange Commission, any securities 

  
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exchange or inter-dealer quotation system upon which such shares or other securities of the Company are then listed or quoted, and any other applicable federal, state, local, or non–U.S.
laws, rules, regulations, and other requirements, and without limiting the generality of Section 10, the Committee may cause a legend or legends to be put on any such certificates of Common Stock or other securities of the Company or any
Affiliate delivered under the Plan to make appropriate reference to such restrictions or may cause such Common Stock or other securities of the Company or any Affiliate delivered under the Plan in book-entry form to be held subject to the
Company’s instructions or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan
that it in its sole discretion deems necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject. 

(ii) The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion that legal or contractual restrictions
or blockage or other market considerations would make the Company’s acquisition of shares of Common Stock from the public markets, the Company’s issuance of Common Stock to the Participant, the Participant’s acquisition of Common
Stock from the Company, or the Participant’s sale of Common Stock to the public markets, illegal, impracticable, or inadvisable. If the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, the Company
shall, to the extent permitted by Section 409A of the Code, pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of the shares of Common Stock subject to such Award or portion thereof canceled
(determined as of the applicable exercise date, or the date that the shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any
amount payable as a condition of delivery of shares of Common Stock (in the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancelation of such Award or portion thereof, or at the
time(s) otherwise permitted by Section 409A of the Code. 
 (k) No Section 83(b) Elections Without Consent of Company. No
election under Section 83(b) of the Code or under a similar provision of law may be made unless expressly permitted by the terms of the applicable Award Agreement or by action of the Committee in writing prior to the making of such election. If
a Participant, in connection with the acquisition of shares of Common Stock under the Plan or otherwise, is expressly permitted to make such election and the Participant makes the election, the Participant shall notify the Company of such election
within 10 days of filing notice of the election with the Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to Section 83(b) of the Code or other applicable provision. 

(l) Payments to Persons Other Than Participants. If the Committee shall find that any person to whom any amount is payable under the
Plan is unable to care for his affairs because of illness or accident, or is a minor, or has died, then any payment due to such person or his estate (unless a prior claim therefor has been made by a duly appointed legal representative or a
beneficiary designation form has been filed with the Company) may, if the Committee so directs the Company, be paid to such person’s spouse, child, or relative, an institution maintaining or having custody of such person, or any other person
deemed by the Committee to be a proper recipient on behalf of such person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor. 

  
 34 

 (m) Nonexclusivity of the Plan. The adoption of the Plan shall not be construed as
creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise than under this Plan, and such arrangements may be either
applicable generally or only in specific cases. 
 (n) No Trust or Fund Created. Neither the Plan nor any Award shall create or be
construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other person or entity, on the other hand. No provision of the Plan or any Award shall
require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain
separate bank accounts, books, records, or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of
the Company, except that, insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other employees under general law. 

(o) Reliance on Reports. Each member of the Committee and each member of the Board (and each of his designees) shall be fully justified
in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent public accountant of the Company and its Affiliates or any other
information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than himself. 
 (p)
Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance, or other benefit plan of the Company except as otherwise
specifically provided in such other plan. 
 (q) Purchase for Investment. Each person exercising an Option under the Plan or acquiring
shares under the Plan may be required by the Committee to give a representation in writing that such person is acquiring such shares for investment and not with a view to, or for sale in connection with, the distribution of any part thereof, and
make such other representations, warranties or covenants that the Committee determines to be necessary or appropriate to assure that the grant, terms and/or payment of any Award complies with Applicable Law. Upon such a request by the Committee,
delivery of such representation prior to the delivery of any such shares shall be a condition precedent to the right of the Participant or such other person to purchase any shares. The Company will endorse any necessary legend referring to the
foregoing restriction upon the certificate or certificates representing any shares issued or transferred to the Participant upon the exercise of any Option granted under the Plan. 

  
 35 

 (r) Governing Law. The Plan shall be governed by and construed in accordance with the
internal laws of the State of New York applicable to contracts made and performed wholly within the State of New York, without giving effect to the conflict of laws provisions thereof. 

(s) Severability. If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the Applicable
Law, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, person,
entity, or Award, and the remainder of the Plan and any such Award shall remain in full force and effect. 
 (t) Obligations Binding on
Successors. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation, or other reorganization of the Company, or upon any successor corporation or
organization succeeding to substantially all of the assets and business of the Company. 
 (u) 409A of the Code. 

(i) Notwithstanding any provision of the Plan to the contrary, it is intended that the provisions of this Plan comply with Section 409A of
the Code, and all provisions of this Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible and liable for the
satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with this Plan or any other plan maintained by the Company (including any taxes and penalties under Section 409A of the Code), and
neither the Company nor any Affiliate shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from any or all of such taxes or penalties. With respect to any Award that is considered “deferred
compensation” subject to Section 409A of the Code and that provides for payment upon a termination of employment, references in the Plan to “termination of employment” (and substantially similar phrases) shall mean
“separation from service” within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted under the Plan is designated as separate
payments. 
 (ii) Notwithstanding anything in the Plan to the contrary, if a Participant is a “specified employee” within the
meaning of Section 409A(a)(2)(B)(i) of the Code, no payments or deliveries in respect of any Award that is considered “deferred compensation” subject to Section 409A of the Code and that provides for payment upon a termination of
employment shall be made to such Participant in connection with a termination of employment prior to the date that is six (6) months after the date of such Participant’s “separation from service” (as defined in Section 409A
of the Code) or, if earlier, the Participant’s date of death. Following any applicable delay, all such delayed payments or deliveries will be paid or delivered (without interest) in a single lump sum on the earliest date permitted under
Section 409A of the Code that is also a business day. 

  
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 (iii) Unless otherwise provided by the Committee, in the event that the timing of payments in
respect of any Award that is considered “deferred compensation” subject to Section 409A of the Code would be paid or accelerated upon the occurrence of (A) a Change in Control, no such payment or acceleration shall be permitted
unless the event giving rise to the Change in Control satisfies the definition of a change in the ownership or effective control of a corporation or a change in the ownership of a substantial portion of the assets of a corporation pursuant to
Section 409A of the Code or (B) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of “disability” pursuant to Section 409A of the Code. 

(v) Clawback/Forfeiture. Notwithstanding anything to the contrary contained herein, an Award Agreement may provide that the Committee
may, in its sole discretion, cancel such Award if the Participant, without the consent of the Company, while employed by or providing services to the Company or any Affiliate or after termination of such employment or service, violates a
non-competition, non-solicitation, non-disparagement, or non-disclosure covenant or agreement or has otherwise engaged in or engages in activity that is in conflict with or adverse to the interest of the Company or any Affiliate, including fraud or
conduct contributing to any financial restatements or irregularities, as determined by the Committee in its sole discretion. The Committee may also provide in an Award Agreement that if the Participant has otherwise engaged in or engages in any
activity referred to in the preceding sentence (including any activity constituting Cause hereunder), the Participant shall forfeit any compensation, gain, or other value realized thereafter on the vesting, exercise, or settlement of such Award, the
sale or other transfer of such Award, or the sale of shares of Common Stock acquired in respect of such Award, and shall promptly repay such amounts to the Company. The Committee may also provide in an Award Agreement that if the Participant
receives any amount in excess of what the Participant should have received under the terms of the Award for any reason (including without limitation by reason of a financial restatement, mistake in calculations, or other administrative error), all
as determined by the Committee in its sole discretion, then the Participant shall be required to promptly repay any such excess amount to the Company. To the extent required by Applicable Law (including without limitation Section 304 of the
Sarbanes-Oxley Act and Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act) or the rules and regulations of the securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted, if any,
or if so required pursuant to a written policy adopted by the Company, Awards shall be subject (including on a retroactive basis) to clawback, forfeiture, or similar requirements (and such requirements shall be deemed incorporated by reference into
all outstanding Award Agreements). 
 (w) Deferral of Awards. The Committee may establish procedures pursuant to which the payment of
any Award may be deferred. 
 (x) Expenses. The expenses of administering the Plan shall be borne by the Company and its Affiliates.

 (y) Titles and Headings. The titles and headings of the sections in the Plan are for convenience of reference only, and in the
event of any conflict, the text of the Plan, rather than such titles or headings shall control. 

  
 37

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