Document:

Local Media Management Agreement

 Exhibit 10.35 

MANAGEMENT AND ADVISORY AGREEMENT 

MANAGEMENT AND ADVISORY AGREEMENT (the “Agreement”), is made as of August 27, 2013 (the “Effective Date”)
by and between LOCAL MEDIA GROUP HOLDINGS LLC, a Delaware limited liability company (the “Company”),1 and GATEHOUSE MEDIA, INC., a Delaware corporation (together with its
permitted assignees, the “Manager”). 
 WITNESSETH: 

WHEREAS, the Newcastle Investment Corp. has entered into an agreement (the “SPA”) to purchase all the capital stock of Dow Jones Local Media
Group, Inc. (“LMG”) and designated the Company to serve as the recipient of such stock; and 
 WHEREAS, the Manager has expertise in
managing various aspects of businesses such as those conducted by LMG and its Subsidiaries (collectively, the “Businesses”); and 

WHEREAS, the Company desires to engage the Manager, on the terms and conditions set forth herein, to manage the Businesses and the assets and day to
day operations of LMG and its Subsidiaries (collectively, the “Acquired Companies”). 
 NOW THEREFORE, in consideration of
the mutual agreements herein set forth, the parties hereto agree as follows: 
 SECTION 1. Definitions. The following terms have the meanings
assigned them: 
 “Affiliate” shall have the meaning set forth in Rule 12b-2 under the Exchange Act. 

“Agreement” means this Management and Advisory Agreement, as amended from time to time. 

“Board of Directors” means the Board of Directors of the Company. 

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

“Common Share” means a share of capital stock of the Company now or hereafter authorized as common voting stock of the Company. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Governing Instruments” means, with regard to any entity, the articles of incorporation and bylaws in the case of a corporation, certificate
of limited partnership (if applicable) and the partnership agreement in the case of a general or limited partnership or the articles of formation and the operating agreement in the case of a limited liability company. 

 

	1 	This agreement will be assigned to Local Media Group, Inc. at the closing on September 3, 2013. 

  
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 “Independent Directors” means the members of the Board of Directors who are not directors,
officers, or employees of the Manager. 
 “Manager Change of Control” shall mean the stockholders of the Manager as of the date hereof
ceasing to have the power, directly or indirectly, to vote or direct the voting of securities having a majority of the ordinary voting power for the election of directors of the Manager. 

“Person” shall be construed in the broadest sense and means and includes a natural person, a partnership, a corporation, an association, a
joint stock company, a limited liability company, a trust, a joint venture, an unincorporated organization and any other entity and any federal, state, municipal, foreign or other government, governmental department, commission, board, bureau,
agency or instrumentality, or any private or public court or tribunal. 
 “Subsidiary” means, with respect to any Person, any subsidiary of
such Person and any partnership, the general partner of which is such Person or any subsidiary of such Person and any limited liability company, the managing member of which is such Person or any subsidiary of such Person. 

SECTION 2. Appointment and Duties of the Manager. 
  

	(a)	The Company hereby appoints the Manager to (i) prior to the closing under the SPA (the “Acquisition Date”), assess and do preparatory work for the transition of the Businesses and the Acquired
Companies from the parent entities of LMG (collectively the “Parents”) and (ii) following the Acquisition Date, oversee the transitional services provided by the Parents pursuant to the SPA and related agreements and to manage
the Businesses and the assets and day to day operations of the Acquired Companies subject to the further terms and conditions set forth in this Agreement and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the
duties set forth herein. The Manager shall, in its provision of services hereunder, utilize a standard of duty and care equal to that of a reasonably prudent person acting on its own behalf in similar circumstances. In all events, the Manager shall
perform the services to be performed hereunder and the Manager’s other obligations under this Agreement, (i) in compliance with all applicable laws, rules and regulations in all material respects, (ii) without infringing,
misappropriating or otherwise violating any intellectual property rights of any third parties, (iii) without breaching or violating any third party agreements related to the provision of such services hereunder in any material respect and
(iv) without discriminating in any material respect for or against the Company with respect to the provision of such services or in providing such services taking actions in favor of any other business of the Manager to the detriment of the
Company. The appointment of the Manager shall be exclusive to the Manager except to the extent that the Manager otherwise agrees, in its sole and absolute discretion, and except to the extent that the Manager elects, pursuant to the terms of this
Agreement, to cause the duties of the Manager hereunder to be provided by third parties. 

  

	(b)	The Manager, in its capacity as manager of the Businesses and the assets and the day-to-day operations of the Acquired Companies, at all times will be subject to the supervision of the Company’s Board of Directors
and will have only such functions and authority as the Company may delegate to it including, without limitation, the functions and authority 

  
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identified herein and delegated to the Manager hereby. The Manager will be responsible for the day-to-day operations of the Acquired Companies and its Subsidiaries and will perform (or cause to
be performed) such services and activities relating to the assets and operations of the Acquired Companies as may be appropriate, including, without limitation: 

  

	 	(i)	overseeing the transitional services provided by the Parents pursuant to the SPA and related agreements and any other transitional services necessary to transition from the Parents; 

 

	 	(ii)	providing general management services, including (A) advice concerning the preparation of budgets, forecasts, capital expenditures, financing, and long-range strategic planning; and (B) such other general
management services as the Manager may deem advisable or appropriate or as may from time to time reasonably be requested by the Board of Directors; 

  

	 	(iii)	providing general administrative and technical services, advice and direction, including (A) accounting, including cost accounting, inventory control, tax compliance and reporting systems services; (B) legal,
trademark and intellectual property advice, including advice with respect to compliance with applicable legal regulations, intellectual property protection; (C) market servicing, product pricing and costs controls and evaluations;
(D) preparation of advertising and publicity literature and other materials; (E) providing, training and supervising sales representatives and support staff and providing guidelines and policies for sales representatives and other
direction, as may be necessary, for promoting sales; (F) compensation planning, pension, if any, and human resources services; (G) purchasing services; (H) preparation of reporting forms, reports or filings; and (I) such other
general administrative and technical services as may from time to time reasonably be requested by the Board of Directors. Without limiting the generality of the foregoing, it is understood that any changes in staffing of the Acquired Companies shall
be at the sole cost and expense of the Company and any changes in the staffing of the Manager shall be at the sole cost and expense of the Manager (except as otherwise expressly specified herein); 

 

	 	(iv)	engaging and supervising, on behalf of the Company and at the Company’s expense, independent contractors to provide services as may be required relating to the Acquired Companies and the Businesses;

  

	 	(v)	advising in connection with the negotiation and consummation of agreements, contracts, documents and instruments related to the Acquired Companies or the Businesses; 

 

	 	(vi)	using reasonable measures, at the Company’s costs and expense, for the orderly physical administration, management, and operation of the facilities and properties of the Acquired Companies, including, without
limitation, cleaning, painting, decorating, plumbing, carpeting, grounds care and such other maintenance and repair work as is reasonably necessary; 

  

	 	(vii)	providing executive and administrative personnel, office space and office services required in rendering services to the Company; 

  
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	 	(viii)	administering the day-to-day operations of the Acquired Companies and performing and supervising the performance of such other administrative functions necessary in the management of the Acquired Companies as may be
agreed upon by the Manager and the Board of Directors, including, without limitation, the collection of revenues and the payment of the Acquired Companies’ debts and obligations and maintenance of appropriate computer services to perform such
administrative functions; 

  

	 	(ix)	on behalf of the Acquired Companies, and at the Company’s cost and expense, arranging for, obtaining and maintaining, or causing its agents to maintain, with responsible insurance carriers licenses to do business
in the applicable state, insurance satisfactory to the Manager and the Board of Directors such risks as the Manager deems appropriate, including, with limitation, covering the Businesses and the operations of the Acquired Companies, naming the
appropriate Acquired Companies and the Manager as insured parties. The Manager shall recommend to the Board of Directors the minimum amounts of insurance coverage for the Acquired Companies, which shall be subject to the reasonable approval of the
Board of Directors; 

  

	 	(x)	counseling the Company in connection with human resource, employee, personnel, labor and union relation matters regarding the Acquired Companies; 

 

	 	(xi)	assisting the Company in developing criteria for business development that are specifically tailored to the Company’s objectives and, subject to any confidentiality restrictions, making available to the Company its
knowledge and experience with respect to businesses like the Businesses; 

  

	 	(xii)	monitoring the operating performance of the Acquired Companies and the Businesses and providing periodic reports with respect thereto to the Board of Directors, including comparative information with respect to such
operating and performance and budgeted or projected operating results; 

  

	 	(xiii)	causing the Acquired Companies to retain qualified accountants and legal counsel, as applicable, to assist in developing appropriate accounting procedures, compliance procedures and testing systems with respect to
financial reporting obligations and compliance with applicable local, state and Federal laws, rules and regulations and to conduct quarterly compliance reviews with respect thereto; 

 

	 	(xiv)	causing the Acquired Companies to qualify to do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses and permits; 

 

	 	(xv)	handling and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) in which the Acquired Companies may be involved or to which the
Acquired Companies may be subject arising out of the Acquired Companies day-to-day operations, subject to such limitations or parameters as may be imposed from time to time by the Board of Directors; 

  
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	 	(xvi)	using commercially reasonable efforts to cause expenses incurred by or on behalf of the Acquired Companies to be reasonable or customary and within any budgeted parameters or expense guidelines set by the Board of
Directors from time to time; 

  

	 	(xvii)	performing such other services as may be required from time to time for management and other activities relating to the Businesses and the Acquired Companies as the Board of Directors shall reasonably request or the
Manager shall deem appropriate under the particular circumstances; and 

  

	 	(xviii)	using commercially reasonable efforts to cause the Acquired Companies to comply with all applicable laws, rules and regulations. 

The Manager will provide the services to the Company described in clauses (i) through (xxviii) above, as well as any other services
to be provided by the Manager to the Company and the Acquired Companies pursuant to the terms of this Agreement, in a professional manner using its best business judgment (the “Service Level”). 

 

	(c)	The Manager may enter into agreements with other parties, including its Affiliates, for and on behalf, and at the sole cost and expense, of the Company to provide any of the third party services to the Company with
respect to the Businesses contemplated herein, pursuant to agreement(s) with terms which are then customary for agreements regarding the management of businesses similar in type, quality and value to the Businesses; provided, that any such
agreements entered into with Affiliates of the Manager shall be (i) on terms no more favorable to such Affiliate then would be obtained from a third party on an arms’-length basis and (ii) approved by a majority of Independent
Directors. Without limiting the foregoing, the Manager itself may also enter into agreements or arrangements with the Company to provide any of the third party services to the Company with respect to the Businesses contemplated herein, using the
Manager’s own resources and allocate the costs of such resources on an equitable objective basis. 

  

	(d)	The Manager may retain, for and on behalf, and at the sole cost and expense of the Company, such services of accountants, legal counsel, appraisers, insurers, brokers, transfer agents, registrars, developers, investment
banks, financial advisors, banks and other lenders and others as the Manager deems necessary or advisable in connection with the management and operations of the Acquired Companies and to the extent necessary or advisable in accordance with the
Service Level required to be provided by the Manager and the applicable Annual Budget (as defined below). Amounts paid by the Company to the Manager pursuant to this clause (d) shall be separate from and in addition to amounts paid by the
Company to the Manager pursuant to Section 8 of this Agreement. 

  

	(e)	 The Manager shall, not less than 15 days after the commencement of each full or partial fiscal year of the Company, submit to the Board of Directors
for its approval a proposed operating budget and annual plan for the ensuing full or partial fiscal year, as the case may be (the “Annual Budget”). The Annual Budget shall include a projected income statement, balance sheet, and
projection of cash flow for the Acquired Companies on a consolidated basis, with detailed explanations of the assumptions used therein. If any proposed Annual Budget contains disputed or objectionable budget item(s), the Board of Directors and the
Manager agree to cooperate with each other in good faith to resolve the disputed or objectionable proposed item(s). If the Board of Directors and the Manager are unable to 

  
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resolve the disputed or objectionable item(s) prior to the commencement of the applicable fiscal year, the undisputed portions of the proposed Annual Budget shall be deemed to be adopted and
approved and the corresponding line item(s) contained in the Annual Budget for the preceding fiscal year shall be adjusted as set forth herein and shall be substituted in lieu of the disputed item(s) in the proposed Annual Budget. Those line items
that are in dispute shall be determined by increasing the preceding fiscal year’s actual expense for the corresponding line items by a percentage amount determined by the Manager which does not exceed the percentage change in the Consumer Price
Index for All Urban Consumers published by the Bureau of Labor Statistics of the United States Department of Labor, U.S. City Average, all items (1982-84 = 100) for the fiscal year prior to the fiscal year with respect to which the adjustment to the
line item(s) is being calculated or any successor or replacement index thereto. The resulting Annual Budget obtained in accordance with the preceding sentence shall be deemed to be the Annual Budget in effect until such time as the Manager and the
Board of Directors have resolved the items objected to by the Board of Directors. The Manager may, after notice to and approval by the Board of Directors, revise the Annual Budget from time to time, as necessary, to reflect any unpredicted
significant changes, variables or events or to include significant, additional, unanticipated items of expense. Expenditures shall not materially vary from the approved budgets nor exceed the aggregate Annual Budget (as approved by the Board of
Directors, and revised with the reasonable approval of the Board of Directors) absent the written consent of the Board of Directors; provided that the Board of Directors recognizes that (i) the absolute amounts of expenditures may exceed
budgeted amounts if the volume of the Businesses exceeds projections, (ii) the relative amounts of income and expense may vary from budgeted amounts if the volume of the Businesses is less than projected, and (iii) the Manager does not
guarantee the economic performance shown in Annual Budgets. The Manager shall submit a revision of the Annual Budget to the Board of Directors for review on a quarterly or other appropriate basis as the Manager may deem appropriate.

  

	(f)	As frequently as the Manager may deem necessary or advisable, or at the direction of the Board of Directors, the Manager shall, at the sole cost and expense of the Company, prepare, or cause to be prepared, reports and
information on the Acquired Companies’ operations and performance and other information reasonably requested by the Board of Directors of the Company. 

  

	(g)	The Manager shall prepare regular reports for the Board of Directors to enable the Board of Directors to review the Acquired Companies’ operations, credit quality, performance and compliance with the policies
approved by the Board of Directors. 

  

	(h)	Notwithstanding anything contained in this Agreement to the contrary, except to the extent that the payment of additional monies is proven by the Company to have been required as a direct result of the Manager’s
acts or omissions which result in the right of the Company to terminate this Agreement pursuant to Section 15 of this Agreement, the Manager shall not be required to expend money (“Excess Funds”) in excess of that contained in
any applicable Company Account (as herein defined) or otherwise made available by the Company to be expended by the Manager hereunder. Failure of the Manager to expend Excess Funds out-of-pocket shall not give rise or be a contributing factor to the
right of the Company under Section 13(a) of this Agreement to terminate this Agreement due to the Manager’s unsatisfactory performance. 

  
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	(i)	In performing its duties under this Section 2, the Manager shall be entitled to rely reasonably on qualified experts hired by the Manager. 

 

	(j)	The Company shall fully cooperate (and shall cause the Acquired Companies to) with the Manager and make the Acquired Companies’ personnel, assets and resources available to the Manager as reasonably requested by
the Manager in connection with the performance of its services. 

  

	(k)	The Manager shall be authorized and directed by the Board of Directors to execute such agreements or other instruments, file or cause to be filed any reports or other documents with any governmental body or agency, and
to take or cause to be taken any action deemed necessary or appropriate by the Manager in its reasonable judgment to fulfill the duties of the Manager set forth in this Agreement. 

SECTION 3. Devotion of Time; Competition; Additional Activities. 
  

	(a)	The Company acknowledges that the Manager may, without the Company’s consent, engage in any locally focused media business, whether or not in direct competition with the business activities of any of the Businesses
of the Company or its Subsidiaries in any market in the United States provided that such activity by the Manager does not otherwise violate the terms or conditions hereof. Subject to the preceding proviso, nothing herein shall prevent the Manager or
any of its Affiliates or any of the officers and employees of any of the foregoing from engaging in other businesses or from rendering services of any kind to any other person or entity, including, but not limited to, investment in, or advisory
service to others investing in, any type of locally focused media or news business. 

  

	(b)	The Manager agrees that during the term of this Agreement, the Manager shall not directly, without the Company’s consent, (i) solicit or induce any officer, director, or employee of the Acquired Companies or
any of its successors, assigns, or Subsidiaries to terminate his, her or its employment or other relationship with the Company or its successors, assigns , (ii) solicit or induce any individual who was an officer, director or employee of the
Acquired Companies at any time during the immediately preceding six (6) month period to associate with any locally focused media competitor of the Acquired Companies (a “Competitor”) or (iii) hire any individual who left
the employ of the Acquired Companies during the immediately preceding six (6) month period. 

  

	(c)	The Company shall have the benefit of the Manager’s best judgment and effort in rendering services and, in furtherance of the foregoing, the Manager shall not undertake activities which, in its judgment, will
substantially adversely affect the performance of its obligations under this Agreement. 

  

	(d)	The Manager further covenants and agrees that the restrictive covenants set forth above are reasonable as to duration, terms and geographical area and that the same protects the legitimate interests of the Company in
the Acquired Companies, imposes no undue hardship on the Manager, is not injurious to the public, and that any violation of this restrictive covenant shall be specifically enforceable in any court with jurisdiction upon short notice.

  

	(e)	 Managers, members, partners, officers, employees, consultants and agents of the Manager or Affiliates of the Manager may serve as directors, officers,
employees, agents, nominees or 

  
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signatories for the Acquired Companies, to the extent permitted by their respective Governing Instruments, or by any resolutions duly adopted by the Board of Directors pursuant to the
Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Acquired Companies, such persons shall use their respective titles in the Acquired Companies. 

SECTION 4. Agency; Power of Attorney. 
  

	(a)	The Manager shall act as agent of the Acquired Companies in performing its duties under this Agreement, including operating the Acquired Companies, acquiring or disposing of the assets of the Acquired Companies in the
ordinary course, disbursing and collecting the Acquired Companies funds, executing or filing documents on behalf of the Acquired Companies, paying the debts and fulfilling the obligations of the Acquired Companies, supervising the performance of
professionals engaged by or on behalf of the Acquired Companies and handling, prosecuting and settling any claims of or against the Acquired Companies. 

  

	(b)	Upon the execution of this Agreement, the Company hereby consents and appoints each of the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, and General Counsel of the Manager (solely in their
capacity as officers of the Manager, collectively, the “Signatories”) as its true and lawful attorney, coupled with an interest in the Company’s name, place and stead to sign, execute, acknowledge, swear to and file any and all
documents which in the discretion of such attorney are required to be signed, executed, acknowledged, sworn to or filed by the Company to discharge the purposes and duties of the Manager as hereinabove stated. The grant of authority set forth
herein: (i) is a special power of attorney coupled with an interest, is irrevocable during the term of this Agreement and shall survive the death, incapacity, liquidation or dissolution of the Company; and (ii) may be exercised by any
Signatory for the Company by a facsimile signature or by listing the Company with the signature of the Signatory, as attorney in fact for the Company. Notwithstanding anything to the contrary in this agreement, the Signatories shall have only the
authority set forth in the delegation of authorities as set forth and approved by the Board of Directors from time to time. Any such power of attorney described herein shall terminate immediately upon a Manager Change in Control. 

SECTION 5. Bank Accounts. The Board of Directors hereby directs the Manager to establish and maintain one or more bank accounts in the name of the
Acquired Companies (any such account, a “Company Account”), and to collect and deposit funds into any such Company Account or Company Accounts, and disburse funds from any such Company Account or Company Accounts, under such terms
and conditions as the Board of Directors may direct from time to time; and the Manager shall from time to time render appropriate accountings of such collections and payments to the Board of Directors and, upon request, to the auditors of the
Company or the Acquired Companies. 
 SECTION 6. Records; Confidentiality. The Manager shall maintain appropriate books of accounts and records
relating to services performed under this Agreement, and such books of account and records shall be accessible for inspection by representatives of the Company or the Acquired Companies at any time during normal business hours upon one
(1) business day’s advance written notice. The Manager shall keep confidential any and all information obtained in connection with the services rendered under this Agreement and shall not disclose any such information to non-Affiliated
third parties except with the prior written consent of the Board of Directors. 

  
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 SECTION 7. Obligations of Manager; Restrictions. 

 

	(a)	The Manager shall refrain from any action that, in its sole judgment made in good faith, would adversely affect the status of the Acquired Companies as a corporation in good standing or a foreign corporation in good
standing in such jurisdictions in which the Acquired Companies are required to so qualify or that, in its sole judgment made in good faith, would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the
Acquired Companies or that would otherwise not be permitted by such entity’s respective Governing Instruments. If the Manager is ordered to take any such action by the Board of Directors, the Manager shall promptly notify the Board of Directors
of the Manager’s judgment that such action would adversely affect such status or violate any such law, rule or regulation or the Governing Instruments. Notwithstanding the foregoing, the Manager, its directors, officers, stockholders and
employees shall not be liable to the Company or Acquired Companies, the Board of Directors, or the Company’s or any Acquired Company’s stockholders, employees or partners for any act or omission by the Manager, its directors, officers,
stockholders or employees except as provided in Section 11 of this Agreement. 

  

	(b)	The Manager shall not (i) consummate any transaction which would involve the acquisition by the Acquired Companies of property in which the Manager or any Affiliate thereof has an ownership interest or the sale by
the Acquired Companies of property to the Manager or any Affiliate thereof, or (ii) under circumstances where the Manager is subject to an actual or potential conflict of interest because it manages both the Acquired Companies and another
Person (not an Affiliate of the Company) with which the Acquired Companies has a contractual relationship, take any action constituting the granting to such Person of a waiver, forebearance or other relief, or the enforcement against such Person of
remedies, under or with respect to the applicable contract, unless such transaction or action, as the case may be and in each case, is approved by a majority of the Independent Directors. 

 

	(c)	The Board of Directors periodically reviews the Acquired Companies’ operations and assets and transactions undertaken by the Acquired Companies. If any transaction involved the acquisition of an asset from the
Manager or an Affiliate of the Manager that was not approved in advance by a majority of the Independent Directors, then the Manager may be required to repurchase the asset at the purchase price (plus closing costs) to the Company.

  

	(d)	The Manager shall at all times during the term of this Agreement (including the initial term and any renewal term) maintain “errors and omissions” insurance coverage and other insurance coverage which is
customarily carried for consultants, advisors or managers performing functions similar to those of the Manager under this Agreement with respect to businesses to the Businesses, in an amount which is comparable to that customarily maintained by
other managers of such similar businesses. 

 SECTION 8. Compensation. 

 

	(a)	 During the term of this Agreement, as the same may be extended from time to time, the Manager will receive compensation as follows: (i) for the
period from the Effective Date up to and including the Acquisition Date a monthly fee of Forty Thousand Dollars ($40,000), 

  
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prorated for partial calendar months (the “Monthly Fee”) and (ii) for the period following the Acquisition Date an annual management fee (the “Management
Fee”) of One Million One Hundred Thousand Dollars ($1,100,000). The Monthly Fees shall be paid in full on the earlier to occur of the Acquisition Date and the termination or abandonment of the SPA and Manager hereby acknowledges and agrees
that such payment shall be deemed to satisfy in full any and all obligations for monies owing to the Manager prior to Acquisition Date for services performed for and/or on behalf of the Company. The Management Fee shall be calculated and paid
quarterly in arrears on the last business day of each calendar quarter during the term of this Agreement, provided that the first such installment shall be prorated for the days remaining in the calendar quarter following the Acquisition
Date. The Management Fee shall be adjusted in arrears (iii) on each anniversary of the Acquisition Date to equal (A) a fraction equal to (1) the total annual revenues of the Acquired Companies, on a consolidated basis, for the
Contract Year just ended, divided by (2) the total annual revenues of the Manager, on a consolidated basis, for the same period multiplied by (B) the actual base salaries and benefit costs of the following employees of the
Manager for such period (or the functional equivalent thereof): Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, General Counsel, Chief Information Officer, Vice President of Production, Controller, Vice President of Human
Resources and Vice President of Sales and Marketing plus (C) the sum of the actual compensation (inclusive of base salaries, bonuses and benefit costs) for one IT employee and two corporate finance employees who will be dedicated
solely to the Businesses (in the case of each of clauses (B) and (C), subject to reasonable increases), and (iv) any increases in out-of-pocket third party costs included in the Management Fee that are actually or anticipated to be
incurred by the Manager directly in connection with providing or obtaining the services hereunder, such adjustments being made pursuant to Section 8(b) below. Each consecutive 12 month period following the Acquisition Date or any anniversary
thereof during the term of this Agreement is referred to as a “Contract Year”. Notwithstanding anything to the contrary herein, the Management Fee shall not be increased to an amount greater than $1,210,000 per annum without the
prior written approval of the Board of Directors. 

  

	(b)	The Manager shall compute any adjustment, (i) as provided in Section 8(a)(iii) above, with respect to the Management Fee for the Contract Year just ended, within 30 days after the end of the Contract Year with
respect to which such Management Fee was paid and as provided in Section 8(a)(iv) above, with respect to any installment of the Management Fee, within 15 days after the end of the calendar quarter with respect to which such installment is paid.
A copy of the computations made by the Manager to calculate such adjustments shall thereafter, for informational purposes only, promptly be delivered to the Board of Directors or such person designated by the Board of Directors to receive such
computations and, upon such delivery, payment of such adjustment of the Management Fee shown therein shall be due and payable no later than the earlier to occur of (i) the date on which the next upcoming installment is payable and (ii) the
date which is two (2) business days after the date of delivery to the Board of Directors of such computations. 

  

	(c)	 In addition to the Management Fee otherwise payable hereunder, the Company shall pay the Manager annual incentive compensation (the “Incentive
Compensation”) within 90 days following the end of each of the Company’s full or partial fiscal years during the term equal to 12.5% of the EBIDTA of LMG on a consolidated basis, for the fiscal year just ended (as reflected on
LMG’s audited financial statements for such fiscal year and normalized for any partial fiscal year) that is in excess of the EBIDTA of LMG, on a consolidated basis, as 

  
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reflected in the Annual Budget for such fiscal year (normalized for any partial fiscal year), as such EBITDA is approved by LMG’s Board of Directors and reasonably agreed to by the Manager.
The Incentive Compensation shall be earned and accrued throughout the fiscal year; provided, however, that the Incentive Compensation payment shall be calculated with respect to the partial fiscal year beginning on the Acquisition Date
and normalized as provided above. 

  

	(d)	The Company and GateHouse Media Ventures, Inc. d/b/a Propel Marketing agree to use commercially reasonable efforts to enter into an agreement whereby Propel Marketing will provide digital marketing services to the
Acquired Companies following the Acquisition Date at the prevailing rates. It being understood that the final terms and conditions of such agreement shall be in form and substance acceptable to the Board of Directors and Propel Marketing Services in
each party’s sole and absolute discretion. 

  

	(e)	The obligation of the Company to pay the unpaid portion of the Management Fee and the unpaid portion of Incentive Compensation, if any, shall survive the expiration or earlier termination of this Agreement.

 SECTION 9. Expenses of the Company. The Company shall pay all of its expenses and shall reimburse the Manager (or at the
Manager’s request, pay directly) for documented out-of-pocket expenses of the Manager incurred on behalf of the Company or the Acquired Companies’ that are not included as part of the Management Fee (collectively, the
“Expenses”). Expenses include all reasonable costs and expenses which are expressly designated elsewhere in this Agreement as the Company’s, together with the following: 

 

	(a)	Expenses in connection with the transaction costs incident to the acquisitions, disposition and financing of assets in the ordinary course or any Businesses development activity; 

 

	(b)	travel and other Expenses incurred by managers, officers, employees and agents of the Manager in connection with the Businesses; 

  

	(c)	Expenses of legal, accounting, tax, auditing, administrative and other similar services rendered for the Acquired Companies by providers retained by the Manager; 

 

	(d)	Expenses of liability insurance to indemnify the Acquired Companies’ directors and officers; 

  

	(e)	Expenses associated with any computer software or hardware that is used solely for the Acquired Companies or to the extent used for the Acquired Companies; 

 

	(f)	Expenses incurred in contracting with third parties, including Affiliates of the Manager, for the servicing and special servicing of assets or operations of the Acquired Companies; 

 

	(h)	Expenses relating to the Businesses, including, without limitation, Expenses of acquiring, owning, protecting, maintaining, developing and disposing of the Acquired Companies’ assets, including appraisal,
reporting, audit and legal fees; 

  

	(i)	all insurance Expenses incurred in connection with the operation of the Acquired Companies and the Businesses except for the costs attributable to the insurance that the Manager elects or is required to carry for itself
and its employees; 

  
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	(j)	Expenses relating to any office or office facilities maintained for the Acquired Companies or any of their respective operations separate from the office or offices of the Manager; and 

 

	(k)	all other Expenses incurred by the Manager which are determined by an executive officer of the Manager as reasonably necessary for the performance by the Manager of its duties and functions under this Agreement.

 Without regard to the amount of compensation received under this Agreement by the Manager, the Manager shall bear the following expenses
(which are included as part of the Management Fee): (i) wages and salaries of the Manager’s officers and employees; (ii) rent attributable to the space occupied by the Manager; and (iii) all other customary “overhead”
expenses of the Manager. 
 SECTION 10. Calculations of Expenses. The Manager shall prepare a statement documenting the Expenses of the Acquired
Companies and the Expenses incurred by the Manager on behalf of the Company during each calendar month, and shall deliver such statement to the Company within 20 days after the end of each calendar month. Expenses incurred by the Manager on behalf
of the Acquired Companies shall be reimbursed monthly to the Manager on the tenth business day of the month immediately following the date of delivery of such statement. 

SECTION 11. Limits of Manager Responsibility; Indemnification. 
  

	(a)	 The Manager assumes no responsibility under this Agreement other than to render the services called for under this Agreement in good faith and shall
not be responsible for any action of the Board of Directors in following or declining to follow any advice or recommendations of the Manager, including as set forth in Section 7(b) of this Agreement. The Manager, its members, managers,
officers, affiliates, consultants, agents and employees will not be liable to the Company or the Acquired Companies, to the Board of Directors, or the Company’s or any Acquired Companies’ stockholders or partners for any acts or omissions
by the Manager, its members, managers, officers, affiliates, consultants, agents or employees, pursuant to or in accordance with this Agreement, except by reason of acts constituting bad faith, willful misconduct, gross negligence or reckless
disregard of the Manager’s duties under this Agreement. The Company shall, to the full extent lawful, reimburse, indemnify and hold the Manager, its members, managers, officers, affiliates, consultants, agents and employees and each other
Person, if any, controlling the Manager (each, a “Manager Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including reasonable
attorneys’ fees) in respect of or arising from any acts or omissions of such Manager Indemnified Party made in good faith in the performance of the Manager’s duties under this Agreement and not constituting such Manager Indemnified
Party’s bad faith, willful misconduct, gross negligence or reckless disregard of the Manager’s duties under this Agreement. The Company will reimburse any Manager Indemnified Party for all reasonable costs and expenses (including
reasonable attorneys’ fees and expenses) as they are incurred in connection with the investigation of, preparation for or defense of any pending or threatened claim for which the Manager Indemnified Party would be entitled to indemnification
under the terms of the previous sentence, or any action or proceeding arising therefrom, whether or not such Manager Indemnified Party is a party hereto, provided that, subject to the following sentence, the Company shall be entitled to assume the
defense thereof at its own expense, with counsel satisfactory to such Manager Indemnified Party in its 

  
 12 

	 	
reasonable judgment. Any Manager Indemnified Party may, at its own expense, retain separate counsel to participate in such defense, and in any action, claim or proceeding in which the Company, on
the one hand, and an Manager Indemnified Party, on the other hand, is, or is reasonably likely to become, a party, such Manager Indemnified Party shall have the right to employ separate counsel at the Company’s expense and to control its own
defense of such action, claim or proceeding if, in the reasonable opinion of counsel to such Manager Indemnified Party, a conflict or potential conflict exists between the Company, on the one hand, and such Manager Indemnified Party, on the other
hand, that would make such separate representation advisable. The Company agrees that it will not, without the prior written consent of the applicable Manager Indemnified Party, settle, compromise or consent to the entry of any judgment in any
pending or threatened claim, action or proceeding relating to the matters contemplated hereby (if any Manager Indemnified Party is a party thereto or has been actually threatened to be made a party thereto) unless such settlement, compromise or
consent includes a reasonably acceptable release of the applicable Manager Indemnified Party and each other Manager Indemnified Party from all liability arising or that may arise out of such claim, action or proceeding. Provided that the Company is
not in breach of its indemnification obligations hereunder, no Manager Indemnified Party shall settle or compromise any claim subject to indemnification hereunder without the prior written consent of the Company. 

 

	(b)	The Manager shall, to the full extent lawful, reimburse, indemnify and hold the Company, its shareholders, directors, officers and employees and each other Person, if any, controlling the Company (each, a
“Company Indemnified Party”), harmless of and from any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever (including attorneys’ fees) in respect of or arising from the
Manager’s bad faith, willful misconduct, gross negligence or reckless disregard of its duties under this Agreement. 

 SECTION 12. No
Joint Venture. Nothing in this Agreement shall be construed to make the Company and the Manager partners or joint venturers or impose any liability as such on either of them. 

SECTION 13. Term; Termination Without Cause. 
  

	(a)	Until this Agreement is terminated in accordance with its terms, this Agreement shall be in effect until the second anniversary of the Acquisition Date, and thereafter this Agreement shall be deemed renewed
automatically for additional consecutive two-year periods unless a majority of the Board of Directors deliver to the Manager a notice of the Company’s intent to terminate this Agreement at least 30 days prior to renewal date. 

 

	(b)	In the event that this Agreement is terminated in accordance with the provisions of Section 13(a) of this Agreement, the Company shall pay to the Manager, on the date on which such termination is effective, a
termination fee (the “Termination Fee”) equal to the sum of (i) the average of the current Management Fee for the previous three full Contract Years (or such lesser number of full Contract Years as have elapsed) and
(ii) all accrued but unpaid Incentive Compensation (including for the then current fiscal year). The obligation of the Company to pay the Termination Fee shall survive the termination of this Agreement. 

  
 13 

	(c)	At least thirty (30) days prior to the end of the initial term or any renewal term after the end of the initial term, the Manager may deliver written notice to the Company informing it of the Manager’s
intention not to renew the Agreement, whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective on the end of the then current initial term or renewal term, as the case may be. 

 

	(d)	In addition, the Manager may at any time, deliver written notice to the Company terminating this Agreement (and specifying the effective termination date) if so ordered by court processes or orders. In such event the
Manager will make commercially reasonable efforts to give the Company advance notice. Upon such termination, the Company shall pay the Manager, on the date on which the termination is effect, all additional amounts owed to the Manager, including but
not limited to all accrued but unpaid Incentive Compensation (including for the then current fiscal year). 

  

	(e)	This Agreement will terminate automatically, without further action by any party, if (i) the SPA is terminated or abandoned or (ii) the Acquired Companies or the Businesses are merged with or the assets of
which are otherwise combined with or into the Manager. 

  

	(f)	This Agreement will terminate at the election of the Board of Directors in their sole discretion if a Manager Change of Control shall have occurred or will occur with the passage of time without giving effect to closing
conditions or other contingencies if the Manager has entered into a definitive agreement a result of which will be a Manager Change of Control if the subject transaction is consummated. 

 

	(g)	If this Agreement is terminated pursuant to this Section 13, such termination shall be without any further liability or obligation of either party to the other, except as provided in Sections 13(b) and (d) and
Section 16 of this Agreement. In addition, Section 11 of this Agreement shall survive termination of this Agreement. 

  

	(h)	The Termination Fee is in addition to, and not in lieu of, all other compensation earned or accrued by the Manager through the effective termination date. 

Notwithstanding anything to the contrary herein, no Termination Fee shall be due and payable in the event this Agreement is terminated pursuant to clause
(e) or (f) above or Section 14(a) below. 
 SECTION 14. Assignment. 

 

	(a)	Except as set forth in Section 14(b) of this Agreement, this Agreement shall terminate automatically in the event of its assignment, in whole or in part, by the Manager, and any attempted assignment shall be null
and void unless such assignment is consented to in writing by the Company with the consent of a majority of the Independent Directors. Any such permitted assignment shall bind the assignee under this Agreement in the same manner as the Manager is
bound, and the Manager shall be liable to the Company for all errors or omissions of the assignee under any such assignment. In addition, the assignee shall execute and deliver to the Company a counterpart of this Agreement naming such assignee as
Manager. This Agreement shall not be assigned by the Company without the prior written consent of the Manager, and any attempted assignment shall be null and void; provided, however, that the Company may assign this agreement to LMG on
or after the Acquisition Date without the consent of the Manager. 

  
 14 

	(b)	Notwithstanding any provision of this Agreement, the Manager may subcontract and assign any or all of its responsibilities under this Agreement to any of its Affiliates in accordance with the terms of this Agreement
applicable to any such subcontract or assignment, and the Company hereby consents to any such assignment and subcontracting. In addition, provided that the Manager provides prior written notice to the Company for informational purposes only, nothing
contained in this Agreement shall preclude any pledge, hypothecation or other transfer of any amounts payable to the Manager under this Agreement. 

SECTION 15. Termination for Cause. 
  

	(a)	The Company may terminate this Agreement effective upon five (5) days prior written notice of termination from the Company to the Manager, without payment of any Termination Fee, if any act of fraud,
misappropriation of funds, or embezzlement against the Company or the Acquired Companies or other willful violation of this Agreement by the Manager in its corporate capacity (as distinguished from the acts of any employees of the Manager which are
taken without the complicity of any of the Manager) under this Agreement or in the event of any gross negligence on the part of the Manager in the performance of its duties under this Agreement. 

 

	(b)	The Manager may terminate this Agreement immediately upon written notice of termination of the Company in the event that the Company shall default in the payment of any fees or other amounts owed to the Manager under
this Agreement and such default shall continue for a period of fifteen (15) days after written notice thereof specifying such default and requesting that the same be remedied in such fifteen (15) day period. The Manager may terminate this
Agreement effective upon sixty (60) days prior written notice of termination to the Company in the event that the Company shall default in the performance or observance of any material term, condition or covenant contained in this Agreement and
such default shall continue for a period of thirty (30) days after written notice thereof specifying such default and requesting that the same be remedied in such thirty (30) day period. 

 

	(c)	In the event that this Agreement is terminated for any reason, including pursuant to Section 13 or Section 15, the Company shall remain liable to pay the Manager all unpaid Monthly Fees, Management Fees,
Incentive Compensation, and Expenses earned or accrued through the effective termination date, as well as, if applicable, the Termination Fee. 

SECTION 16. Action Upon Termination. 
 From and after the
effective date of termination of this Agreement, pursuant to Sections 13, 14, or 15 of this Agreement, the Manager shall not be entitled to compensation for further services or reimbursement of expenses under this Agreement, but shall be paid all
compensation (Monthly Fees, Management Fee and Incentive Compensation), and Expenses, in each case accruing or earned to the date of termination and, if terminated pursuant to Section 13 or Section 15(b), the applicable Termination Fee.
Upon such termination, the Manager shall forthwith: 

  
 15 

	(a)	after deducting any accrued but unpaid Monthly Fees, Management Fees, Incentive Compensation, Expenses, and Termination Fees, if any to which it is then entitled, pay over to the Company or the Acquired Companies all
money collected and held for the account of or owed to the Company or the Acquired Companies pursuant to this Agreement; 

  

	(b)	deliver to the Board of Directors a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting
furnished to the Board of Directors with respect to the Acquired Companies through the date on which the report is furnished to the Board of Directors; and 

  

	(c)	deliver to the Board of Directors all property and documents of the Company or any Subsidiary then in the custody of the Manager. 

SECTION 17. Books and Records. Each of the Company and the Manager shall keep true and complete books and records in which all EBTIDA and
expenses of the Acquired Companies and other fee-generating or cost-reimburseable activities shall be reflected along with the amounts payable to the other party under the terms of this Agreement. Each party shall maintain such books and records
with respect to each month during the term and for a period of at least three years after the end of such month. During the term and for a period of one year after the last month in which any party is obligated to pay fees, expenses or compensation
to the other hereunder, such party (the “Examining Party”) shall have the right, at its expense and upon reasonable notice to the other party (the “Examined Party”), to examine, or have examined by its authorized
representative, the Examined Party’s books and records, at the Examined Party’s principal place of business, in order to determine or verify amounts due, and the accuracy of any reports furnished by the Examined Party to the Examining
Party under this Agreement. The Examining Party shall not make any such examination more than twice in any calendar year. In the event that an error is discovered in the calculation of the amounts payable to the Examining Party, the party that
received the benefit of the error shall promptly thereafter pay to the other the amount of overpayment or underpayment, as the case may be. An underpayment on an error in such calculation shall not be deemed to be a breach of this Agreement so long
as the calculation was made in good faith. If any underpayment by the Examined Party for a period examined by the Examining Party is 20% or more, the Examined Party shall pay the Examining Party’s reasonable out-of-pocket costs with respect to
such examination and the next subsequent reexamination. Receipt or acceptance by any party of any statement, or any of the sums paid hereunder, shall not preclude such party from challenging the correctness of a statement, or any part or portion
thereof, at any time. 
 SECTION 18. Release of Money or Other Property Upon Written Request. The Manager agrees that any money or other property of
the Acquired Companies held by the Manager under this Agreement shall be held by the Manager as custodian for the Acquired Companies, and the Manager’s records shall be appropriately marked clearly to reflect the ownership of such money or
other property by the Acquired Companies. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Acquired Companies any money or other property then held by
the Manager for the account of the Acquired Companies under this Agreement, the Manager shall release such money or other property 

  
 16 

 
to the Acquired Companies within a reasonable period of time, but in no event later than sixty (60) days following such request. The Manager shall not be liable to the Company, any
Subsidiary, any Director or the Company’s or the Acquired Companies stockholders or partners for any acts performed or omissions to act by the Company or the Acquired Companies in connection with the money or other property released to the
Acquired Companies in accordance with the first sentence of this Section 18. The Company and any Subsidiary shall indemnify the Manager and its members, managers, officers, affiliates, consultants, agents and employees against any and all
expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever, which arise in connection with the Manager’s release of such money or other property to the Acquired Companies in accordance with the terms of this
Section 18. Indemnification pursuant to this provision shall be in addition to any right of the Manager to indemnification under Section 11 of this Agreement. 

SECTION 19. Notices. Unless expressly provided otherwise in this Agreement, all notices, requests, demands and other communications required or
permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of (a) personal delivery, (b) delivery by reputable overnight courier,
(c) delivery by facsimile transmission against answerback, (d) delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below: 

 

	 	(a)	If to Company: 

 Local Media Group Holdings LLC 

c/o FIG LLC 
 1345 Avenue of the
Americas 
 46th Floor 

New York, New York 10105 

Attention: Mr. Cameron MacDougall 

Attention: Mr. Ken Riis 
  

	 	(b)	If to the Manager: 

 GateHouse Media, Inc. 

350 WillowBrook Office Park 

Fairport, New York 14450 

Attention: Mr. Mike Reed 

Attention: Ms. Polly Sack 
 Either party
may alter the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the provisions of this Section 19 for the giving of notice. 

SECTION 20. Binding Nature of Agreement; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement. 

  
 17 

 SECTION 21. Entire Agreement; Conflicts. This Agreement contains the entire agreement and understanding
among the parties hereto with respect to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral or written, of any nature whatsoever with
respect to the subject matter of this Agreement. The express terms of this Agreement control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms of this Agreement. This Agreement may not be modified
or amended other than by an agreement in writing. 
 SECTION 22. Controlling Law. 

This Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed, interpreted and
enforced in accordance with the laws of the State of New York, notwithstanding any New York or other conflict-of-law provisions to the contrary. 

SECTION 23. Indulgences Not Waivers. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under
this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any
waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is
signed by the party asserted to have granted such waiver. 
 SECTION 24. Titles Not to Affect Interpretation. The titles of paragraphs and
subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation of this Agreement. 

SECTION 25. Preparation of Agreement. This Agreement was drafted and entered into after careful review and upon the advice of competent counsel; it
shall not be construed more strongly for or against either party. 
 SECTION 26. Consents. Except where expressly indicated that an agreement,
approval or consent is in the sole or unilateral discretion of a party, no agreement, approval or consent under this Agreement shall be unreasonably withheld or delayed. 

SECTION 27. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original as
against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts of this Agreement, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories. 
 SECTION 28. Provisions Separable. The provisions of this Agreement
are independent of and separable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 

  
 18 

 SECTION 29. Gender. Words used herein regardless of the number and gender specifically used, shall be
deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. 

Remainder of page left intentionally blank 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

  

			
	 COMPANY:
 LOCAL MEDIA
GROUP HOLDINGS LLC

		
	By:	 	/s/ Jonathan Brown
	    Name:	 	Jonathan Brown
	    Title:	 	Interim Chief Financial Officer

  

			
	 MANAGER:
 GATEHOUSE MEDIA,
INC.

		
	By:	 	/s/ Michael E. Reed
	    Name:	 	Michael E. Reed
	    Title:	 	Chief Executive Officer

  
 20<![CDATA[Form of NSO & Incentive Award Plan]]>

 Exhibit 10.36 

FORM OF 
 NEW MEDIA
INVESTMENT GROUP INC. 
 NONQUALIFIED STOCK OPTION AND 

INCENTIVE AWARD PLAN 

Adopted as of             , 2014 

 TABLE OF CONTENTS 

 

							
	 	  	PAGE	 
		
	 SECTION 1 PURPOSE OF PLAN; DEFINITIONS
	  	 	1	  
			
	 1.1
	 	 Purpose
	  	 	1	  
	 1.2
	 	 Definitions
	  	 	1	  
		
	 SECTION 2 ADMINISTRATION
	  	 	4	  
			
	 2.1
	 	 Administration
	  	 	4	  
	 2.2
	 	 Duties and Powers of Committee
	  	 	5	  
	 2.3
	 	 Majority Rule
	  	 	5	  
	 2.4
	 	 Delegation of Authority
	  	 	5	  
	 2.5
	 	 Compensation; Professional Assistance; Good Faith Actions
	  	 	5	  
		
	 SECTION 3 STOCK SUBJECT TO PLAN
	  	 	6	  
			
	 3.1
	 	 Number of and Source of Shares
	  	 	6	  
	 3.2
	 	 Unrealized and Tandem Awards
	  	 	6	  
	 3.3
	 	 Adjustment of Awards
	  	 	6	  
		
	 SECTION 4 ELIGIBILITY
	  	 	7	  
		
	 SECTION 5 AWARDS
	  	 	7	  
			
	 5.1
	 	 Stock Options
	  	 	7	  
	 5.2
	 	 Stock Appreciation Rights
	  	 	7	  
	 5.3
	 	 Restricted Stock
	  	 	8	  
	 5.4
	 	 Performance Awards
	  	 	8	  
	 5.5
	 	 Manager Awards and Tandem Awards
	  	 	9	  
	 5.6
	 	 Automatic Non-Officer Director Awards
	  	 	10	  
	 5.7
	 	 Other Awards
	  	 	11	  
		
	 SECTION 6 AWARD AGREEMENTS
	  	 	11	  
			
	 6.1
	 	 Terms of Award Agreements
	  	 	12	  
		
	 SECTION 7 LOANS
	  	 	13	  
		
	 SECTION 8 AMENDMENT AND TERMINATION
	  	 	14	  
		
	 SECTION 9 UNFUNDED STATUS OF PLAN
	  	 	14	  
		
	 SECTION 10 GENERAL PROVISIONS
	  	 	14	  
			
	 10.1
	 	 Securities Laws Compliance
	  	 	14	  

  
 i 

							
	 10.2
	 	 Certificate Legends
	  	 	14	  
	 10.3
	 	 Transfer Restrictions
	  	 	14	  
	 10.4
	 	 Company Actions; No Right to Employment
	  	 	15	  
	 10.5
	 	 Section 409A of the Code
	  	 	15	  
	 10.6
	 	 Payment of Taxes
	  	 	15	  
	 10.7
	 	 Governing Law
	  	 	15	  
		
	 SECTION 11 EFFECTIVE DATE OF PLAN
	  	 	15	  
		
	 SECTION 12 TERM OF PLAN
	  	 	16	  

  
 ii 

 NEW MEDIA INVESTMENT GROUP INC. 

NONQUALIFIED STOCK OPTION AND INCENTIVE AWARD PLAN 

SECTION 1 
 PURPOSE
OF PLAN; DEFINITIONS 
 1.1 Purpose. The purpose of the Plan is (a) to reinforce the long-term commitment to the
Company’s success of those Non-Officer Directors, officers, directors, employees, advisors, service providers, consultants and other personnel who are or will be responsible for such success; to facilitate the ownership of the Company’s
stock by such individuals, thereby reinforcing the identity of their interests with those of the Company’s stockholders; (b) to assist the Company in attracting and retaining individuals with experience and ability, (c) to compensate the
Manager for its successful efforts in raising capital for the Company and to provide performance-based compensation in order to provide incentive to the Manager to enhance the value of the Company’s Stock and (d) to benefit the
Company’s stockholders by encouraging high levels of performance by individuals whose performance is a key element in achieving the Company’s continued success. 

1.2 Definitions. For purposes of the Plan, the following terms shall be defined as set forth below: 

(a) “Award” or “Awards” means an award described in Section 5 hereof. 

(b) “Award Agreement” means an agreement described in Section 6 hereof entered into between the Company and a
Participant, setting forth the terms, conditions and any limitations applicable to the Award granted to the Participant. 
 (c)
“Beneficial Owner” shall have the meaning set forth in Rule 13d-3 under the Exchange Act. 
 (d) “Board”
means the Board of Directors of the Company. 
 (e) “Change in Control” of the Company shall be deemed to have occurred if
an event set forth in any one of the following paragraphs (i)-(iii) shall have occurred unless prior to the occurrence of such event, the Board determines that such event shall not constitute a Change in Control: 

 

	 	(i)	any Person is or becomes a Beneficial Owner, directly or indirectly, of securities of the Company representing thirty percent (30%) or more of the combined voting power of the then outstanding securities of the
Company, excluding (A) any Person who becomes such a Beneficial Owner in connection with a transaction described in clause (x) of paragraph (ii) below, and (B) any Person who becomes such a Beneficial Owner through the issuance
of such securities with respect to purchases made directly from the Company; or 

	 	(ii)	there is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation, other than (x) a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) fifty
percent (50%) or more of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (y) a merger or consolidation effected to
implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing thirty percent (30%) or more of the combined voting
power of the then outstanding securities of the Company; or 

  

	 	(iii)	the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the
assets of the Company. 

 For each Award that constitutes deferred compensation under Section 409A of the Code, to the extent required to
avoid additional tax or other penalty, a Change in Control shall be deemed to have occurred under the Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change in ownership of a substantial
portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code. 
 (f)
“Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. 
 (g)
“Commission” means Securities and Exchange Commission. 
 (h) “Committee” means any committee the Board
may appoint to administer the Plan. To the extent necessary and desirable, the Committee shall be composed entirely of individuals who meet the qualifications referred to in Section 162(m) of the Code and Rule 16b-3 under the Exchange Act. If
at any time or to any extent the Board shall not administer the Plan, then the functions of the Board specified in the Plan shall be exercised by the Committee. 

  
 2 

 (i) “Company” means New Media Investment Group Inc., a Delaware corporation.

 (j) “Disability” means, with respect to any Participant, that such Participant (i) as determined by the
Participant’s employer or service recipient (such determination to be approved by the Committee) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected
to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be
expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering such Participant. 

(k) “Effective Date” means the date provided pursuant to Section 11. 

(l) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(m) “Fair Market Value” means, as of any given date, (i) the closing price of a share of the Company’s Stock on
the principal exchange on which shares of the Company’s Stock are then trading, if any, on the trading day previous to such date, or, if stock was not traded on the trading day previous to such date, then on the next preceding trading day
during which a sale occurred; or (ii) if such Stock is not traded on an exchange but is quoted on NASDAQ or a successor quotation system, (x) the last sales price (if the Stock is then listed as a National Market Issue under the NASDAQ
National Market System) or (y) the mean between the closing representative bid and asked prices (in all other cases) for the Stock on the trading day previous to such date as reported by NASDAQ or such successor quotation system; or
(iii) if such Stock is not publicly traded on an exchange and not quoted on NASDAQ or a successor quotation system, the mean between the closing bid and asked prices for the Stock, on the day previous to such date, as determined in good faith
by the Committee; or (iv) if the Stock is not publicly traded, the fair market value established by the Committee using any reasonable method and acting in good faith. 

(n) “Manager” means FIG LLC, a Delaware limited liability company, or any affiliate of FIG LLC who shall succeed as manager
under that certain Management and Advisory Agreement, dated as of November 26, 2013, by and among the Company and FIG LLC as amended from time to time. 

(o) “Manager Awards” means the Awards granted to the Manager as described in Section 5.5 hereof. 

(p) “Non-Officer Director” means a director of the Company who is not an officer or employee of the Company. 

(q) “Non-Officer Director Restricted Stock” shall have the meaning set forth in Section 5.6. 

  
 3 

 (r) “Non-Officer Director Stock” shall have the meaning set forth in
Section 5.6. 
 (s) “Participant” means any Person selected by the Committee, pursuant to the Committee’s
authority in Section 2 below, to receive Awards, including but not limited to (i) any Non-Officer Director, (ii) the Manager and its affiliates and (iii) any director, officer or employee of the Company, any parent, affiliate or
subsidiary of the Company, or the Manager or any of its affiliates and (iv) any consultant, service provider or advisor to the Company, any parent, affiliate or subsidiary of the Company, or the Manager or any of its affiliates. 

(t) “Person” shall have the meaning set forth in Section 3(a)(9) of the Exchange Act, as modified and used in Sections
13(d) and 14(d) thereof. 
 (u) “Plan” means this New Media Investment Group Inc. Nonqualified Stock Option and Incentive
Award Plan. 
 (v) “Restricted Stock” means Stock as described in Section 5.3 hereof. 

(w) “Securities Act” shall have the meaning set forth in Section 5.5(h). 

(x) “Stock” means the common stock, par value $0.01 per share, of the Company. 

(y) “Stock Appreciation Right” shall have the meaning set forth in Section 5.2 hereof. 

(z) “Stock Option” means any option to purchase shares of Stock granted pursuant to the Plan. The Stock Options granted
hereunder are not intended to qualify as “incentive stock options” within the meaning of Section 422 of the Code. 
 (aa)
“Tandem Awards” shall have the meaning set forth in Section 5.5 herein. 
 SECTION 2 

ADMINISTRATION 

2.1 Administration. The Plan shall be administered in accordance with the requirements of Section 162(m) of the Code (but only to
the extent necessary and desirable to maintain qualification of Awards under the Plan under Section 162(m) of the Code) and, to the extent applicable, Rule 16b-3 under the Exchange Act (“Rule 16b-3”), by the Board or, at the
Board’s sole discretion, by the Committee, which shall be appointed by the Board, and which shall serve at the pleasure of the Board. The Plan is intended to be exempt from, or to comply with, and shall be administered in a manner that is
intended to be exempt from, or comply with, Section 409A of the Code and shall be construed and interpreted in accordance with such intent, to the extent subject thereto. To the extent that an Award and/or issuance and/or payment of an Award is
subject to Section 409A of the Code, it shall be awarded and/or issued or paid in a manner that will comply with Section 409A of the Code, including any applicable regulations or guidance issued by the Secretary of the United States
Treasury Department and the Internal Revenue Service with respect thereto. 

  
 4 

 2.2 Duties and Powers of Committee. The Committee shall have the power and authority to
grant Awards to Participants pursuant to the terms of the Plan, and, in its discretion, to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; to interpret the
terms and provisions of the Plan and any Award issued under the Plan (and any agreements relating thereto); and to otherwise supervise the administration of the Plan. All decisions made by the Committee pursuant to the provisions of the Plan shall
be final, conclusive and binding on all Persons. 
 In particular, the Committee shall have the authority to determine, in a manner
consistent with the terms of the Plan: 
 (a) in addition to the Manager and the Non-Officer Directors, those Participants who shall
receive Awards under the Plan; 
 (b) subject to Section 3, the number of shares of Stock to be covered by each Stock Option granted
hereunder; 
 (c) the terms and conditions of any Award granted hereunder, including, subject to the requirements of Section 409A, the
waiver or modification of any such terms or conditions, consistent with the provisions of the Plan (including, but not limited to, Section 8 of the Plan); and 

(d) the terms and conditions which shall govern all the Award Agreements, including the waiver or modification of any such terms or
conditions. 
 2.3 Majority Rule. The Committee shall act by a majority of its members in attendance at a meeting at which a quorum
is present or by a memorandum or other written instrument signed by all members of the Committee. 
 2.4 Delegation of Authority. To
the extent permitted by applicable law, the Committee or the Board may from time to time delegate to one or more Persons the authority to take administrative actions pursuant to this Section 2. Any delegation hereunder shall be subject to the
restrictions and limitations that the Committee specifies at the time of such delegation, and the Committee may at any time rescind the authority so delegated or appoint a new delegatee. 

2.5 Compensation; Professional Assistance; Good Faith Actions. Members of the Committee may receive such compensation for their
services as members as may be determined by the Board. All expenses and liabilities that members of the Committee or Board may incur in connection with the administration of this Plan shall be borne by the Company. The Committee may, with the
approval of the Board, employ attorneys, consultants, accountants, appraisers, brokers or other Persons. The Committee, the Board, the Company and any officers and directors of the Company shall be entitled to rely upon the advice, opinions or
valuations of any such Persons. All actions taken and all interpretations and determinations made by the Committee or Board in good faith shall be final and binding upon all Participants, the Company and all other interested Persons. No member of
the Committee or Board shall be personally liable for any action, determination or interpretation made in good faith with respect to this Plan 

  
 5 

 
or any Award, and all members of the Committee and Board shall be fully protected and indemnified to the fullest extent permitted by law, by the Company, in respect of any such action,
determination or interpretation. 
 SECTION 3 

STOCK SUBJECT TO PLAN 

3.1 Number of and Source of Shares. The maximum number of shares of Stock reserved and available for issuance under the Plan shall be
15,000,000, as increased during the term of the Plan on the first day of each fiscal year beginning in and after calendar year 2015 by a number of shares of Stock equal to 10% of the number of shares of Stock newly issued by the Company during the
immediately preceding fiscal year (and, in the case of fiscal year 2014, after the Effective Date). The Stock which may be issued pursuant to an Award under the Plan may be treasury Stock, authorized but unissued Stock, or Stock acquired,
subsequently or in anticipation of the transaction, in the open market to satisfy the requirements of the Plan. Awards may consist of any combination of such Stock, or, at the election of the Company, cash. The aggregate number of shares of Stock as
to which Awards may be granted during any calendar year to any Participant who is a “covered employee” for purposes of Section 162(m) of the Code during such calendar year may not be greater than the number of shares initially
reserved for issuance pursuant to this Section 3.1. 
 3.2 Unrealized and Tandem Awards. If any shares of Stock subject to an Award
are forfeited, cancelled, exchanged or surrendered or if an Award otherwise terminates or expires without a distribution of shares to the Participant, the shares of Stock with respect to such Award shall, to the extent of any such forfeiture,
cancellation, exchange, surrender, termination or expiration, again be available for grants under the Plan. The grant of a Tandem Award (as defined herein) shall not reduce the number of shares of Stock reserved and available for issuance under the
Plan. The Company reserves the right to cancel any Stock Option which has a per-share exercise price that is equal to or greater than the Fair Market Value of an underlying share of Stock as of the date of such cancellation, and any shares of Stock
which were subject to such cancelled Stock Option shall again be available for the issuance of Stock Options, including issuance to the Person that held the cancelled Stock Option, irrespective of whether such issuance would be deemed a repricing of
such Stock Option. 
 3.3 Adjustment of Awards. Upon the occurrence of any event which affects the shares of Stock in such a way that
an adjustment of outstanding Awards is appropriate in order to prevent the dilution or enlargement of rights under the Awards (including, without limitation, any extraordinary dividend or other distribution (whether in cash or in kind),
recapitalization, stock split, reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, or share exchange, or other similar corporate transaction or event), the Committee shall make appropriate equitable adjustments,
which may include, without limitation, adjustments to any or all of the number and kind of shares of Stock (or other securities) which may thereafter be issued in connection with such outstanding Awards and adjustments to any exercise price
specified in the outstanding Awards and shall also make appropriate equitable adjustments to the number and kind of shares of Stock (or other securities) authorized by or to be granted under the Plan. Such other substitutions or adjustments shall be
made respecting Awards hereunder as may be determined by the Committee, in its sole discretion. In connection with any 

  
 6 

 
event described in this paragraph, the Committee may provide, in its discretion, for the cancellation of any outstanding Award and payment in cash or other property in exchange therefor, equal to
the difference, if any, between the fair market value of the Stock or other property subject to the Award, and the exercise price, if any. 

SECTION 4 

ELIGIBILITY 
 Each
Participant shall be eligible to receive Awards under the Plan. Additional Participants under the Plan may be selected from time to time by the Committee, in its sole discretion, and the Committee shall determine, in its sole discretion, the number
of shares covered by each Award. 
 SECTION 5 

AWARDS 
 Awards may
include, but are not limited to, those described in this Section 5. The Committee may grant Awards singly, in tandem or in combination with other Awards, as the Committee may in its sole discretion determine. 

5.1 Stock Options. A Stock Option is a right to purchase a specified number of shares of Stock, at a specified price during such
specified time as the Committee shall determine. 
 (a) A Stock Option may be exercised, in whole or in part, by giving written notice of
exercise to the Company, specifying the number of shares of Stock to be purchased. 
 (b) The exercise price of the Stock Option may be
paid in cash or its equivalent, as determined by the Committee. As determined by the Committee, in its sole discretion, or as otherwise set forth in Sections 5.5(b) and 5.5(c) below, payment in whole or in part may also be made (i) by means of
any cashless exercise procedure approved by the Committee (including the withholding of Stock otherwise issuable on exercise), or (ii) in the form of unrestricted Stock already owned by the Participant which has a Fair Market Value on the date
of surrender equal to the aggregate option price of the Stock as to which such Stock Option shall be exercised. No fractional shares of Stock will be issued or accepted. 

5.2 Stock Appreciation Rights. A Stock Appreciation Right is a right to receive, upon surrender of the right, an amount payable in cash
and/or shares of Stock under such terms and conditions as the Committee shall determine. 

  
 7 

 (a) A Stock Appreciation Right may be granted in tandem with part or all of (or in addition to,
or completely independent of) a Stock Option or any other Award under this Plan. A Stock Appreciation Right issued in tandem with a Stock Option may be granted at the time of grant of the related Stock Option or at any time thereafter during the
term of the Stock Option. 
 (b) The amount payable in cash and/or shares of Stock with respect to each right shall be equal in value to a
percentage (including up to 100%) of the amount by which the Fair Market Value per share of Stock on the exercise date exceeds the Fair Market Value per share of Stock on the date of grant of the Stock Appreciation Right. The applicable percentage
shall be established by the Committee. The Award Agreement may state whether the amount payable is to be paid wholly in cash, wholly in shares of Stock, or in any combination of the foregoing; if the Award Agreement does not so state the manner of
payment, the Committee shall determine such manner of payment at the time of payment. The amount payable in shares of Stock, if any, is determined with reference to the Fair Market Value per share of Stock on the date of exercise. 

(c) Stock Appreciation Rights issued in tandem with Stock Options shall be exercisable only to the extent that the Stock Options to which
they relate are exercisable. Upon exercise of the tandem Stock Appreciation Right, and to the extent of such exercise, the Participant’s underlying Stock Option shall automatically terminate. Similarly, upon the exercise of the tandem Stock
Option, and to the extent of such exercise, the Participant’s related Stock Appreciation Right shall automatically terminate. 
 5.3
Restricted Stock. Restricted Stock is Stock that is issued to a Participant and is subject to such terms, conditions and restrictions as the Committee deems appropriate, which may include, but are not limited to, restrictions upon the sale,
assignment, transfer or other disposition of the Restricted Stock and the requirement of forfeiture of the Restricted Stock upon termination of employment or service under certain specified conditions. The Committee may provide for the lapse of any
such term or condition or waive any term or condition based on such factors or criteria as the Committee may determine. Subject to the restrictions stated in this Section 5.3 and in the applicable Award Agreement, the Participant shall have,
with respect to Awards of Restricted Stock, all of the rights of a stockholder of the Company, including the right to vote the Restricted Stock and the right to receive any cash or stock dividends on such Stock. The Company may require that the
stock certificates evidencing Restricted Stock granted hereunder be held in the custody of the Company until the restrictions thereon shall have lapsed, and that, as a condition of any award of Restricted Stock, the Participant shall have delivered
a stock power, endorsed in blank, relating to the Stock covered by such award. 
 5.4 Performance Awards. Performance Awards may be
granted under this Plan from time to time based on such terms and conditions as the Committee deems appropriate provided that such Awards shall not be inconsistent with the terms and purposes of this Plan. Performance Awards are Awards which are
contingent upon the performance of all or a portion of the Company and/or its subsidiaries and/or which are contingent upon the individual performance of a Participant. Performance Awards may be in the form of performance units, performance shares
and such other forms of Performance Awards as the Committee shall determine. The Committee shall determine the performance measurements and criteria for such Performance Awards. The Company may require that the stock certificates evidencing
Performance Awards granted hereunder be held in the custody of the Company until the 

  
 8 

 
restrictions thereon shall have lapsed, and that, as a condition of any award of Performance Awards, the Participant shall have delivered a stock power, endorsed in blank, relating to the Stock
covered by such award. 
 5.5 Manager Awards and Tandem Awards. 

(a) Grant of Compensatory Stock Options. As consideration for the Manager’s role in raising capital for the Company, the Manager
may be awarded Stock Options in connection with any equity issuance by the Company, to acquire that number of shares of Stock up to ten percent (10%) of the equity securities issued by the Company in such equity issuance, subject to the proviso
contained in Section 5.5(f) below. 
 (b) Terms of Manager Awards. The Stock Options referred to in clause (a) above shall
be 100% vested as of the date of grant and become exercisable as to 1/30th of the Stock subject to the Stock Options on the first day of each of the following 30 calendar months following the date of grant. Such Stock Options shall expire on the
tenth anniversary of the date of grant. Such Stock Options shall have a per share price equal to the offering price of the equity issuance in connection with which such Stock Options are awarded (as determined by the Committee), subject to
adjustment as set forth in Section 3.3 hereof. The exercise price of such Stock Options may be paid in cash or its equivalent, as determined by the Committee. Payment in whole or in part may also be made by the following cashless exercise
procedures: (i) by withholding from shares of Stock otherwise issuable upon exercise of such Stock Option, (ii) in the form of unrestricted Stock already owned by the Manager which has a Fair Market Value on the date of surrender equal to
the aggregate option price of the Stock as to which such Stock Option shall be exercised or (iii) by means of any other cashless exercise procedure approved by the Committee. No fractional shares of Stock will be issued or accepted. The Award
Agreement with respect to such Stock Options shall also set forth the vesting and exercise schedule of such Stock Options and such other terms and conditions with respect to such Stock Options and the delivery of shares of Company Stock subject to
such Stock Options as the Committee may determine. 
 (c) Each of the Committee and/or the Manager shall have the authority to direct
awards of Stock Options to such employees of the Manager who act as officers of or perform other services for the Company, which options shall be tandem to the Stock Options that are the subject of outstanding Manager Awards designated by the
Manager—i.e., shares of Stock issuable pursuant to the exercise of the Stock Options that are subject to certain designated Manager Awards would alternatively be issuable pursuant to the exercise of Stock Options that are the subject of
the tandem awards granted to Persons who perform services for or on behalf of the Company, provided that such shares of Stock may be issued pursuant to the exercise of either the designated Manager Awards or the tandem awards but not both (the
“Tandem Awards”). As determined by the Manager, in its sole discretion, payment of the exercise price of such Tandem Award in whole or in part may be made by the following cashless exercise procedures: (i) by withholding from
shares of Stock otherwise issuable upon exercise of such Tandem Award, (ii) in the form of unrestricted Stock already owned by the holder of such Tandem Award which has a Fair Market Value on the date of surrender equal to the aggregate option
price of the Stock as to which such Tandem Award shall be exercised or (iii) by means of any other cashless exercise procedure approved by the Committee. 

  
 9 

 (d) As a condition to the grant of Tandem Awards, the Manager shall be required to agree that so
long as such Tandem Awards remain outstanding, it will not exercise any Stock Options under any designated Manager Award that are related to the options under such outstanding Tandem Awards. If Stock Options under a Tandem Award are forfeited,
expire or are cancelled without being exercised, the related Stock Options under the designated Manager Award shall again become exercisable in accordance with its terms. Upon the exercise of Stock Options under a Tandem Award, the related Stock
Options under the designated Manager Award shall terminate. 
 (e) The terms and conditions of each such Tandem Awards (e.g., the
per share exercise price, the schedule of vesting, exercisability and delivery, etc.) shall be determined by the Committee or the Manager, as the case may be, in its sole discretion and shall be included in an Award Agreement, provided, that
the term of such award may not be greater than the term of its related Manager Award. 
 (f) Other Awards. The Committee may, from
time to time, grant such Awards to the Manager as the Committee deems advisable in order to provide additional incentive to the Manager to enhance the value of the Company’s Stock; provided, however, that no Award shall be awarded
to the Manager (or its designee) in connection with any equity issuance by the Company which provides for the acquisition of a number of equity securities in excess of ten percent (10%) of the maximum number of equity securities then being
proposed to be issued by the Company. 
 (g) Change in Control and Termination Provisions. Notwithstanding anything herein, unless
otherwise provided in any Award Agreement to the contrary, upon a Change in Control or a termination of the Manager’s services to the Company for any reason, all Awards granted to the Manager pursuant to this Plan shall become immediately and
fully exercisable, and all Tandem Awards shall be governed by the terms and conditions of the applicable Award Agreements. 
 (h)
Registration Rights Agreement. The Company shall, upon the Manager’s reasonable request, (i) use commercially reasonable efforts to register under the Securities Act of 1933, as amended (the “Securities Act”) the securities
that may be issued and sold under the Plan or the resale of such securities issued and sold pursuant to the Plan or (ii) enter into a registration rights agreement with the Manager on terms to be mutually agreed upon between the parties. 

5.6 Automatic Non-Officer Director Awards. 

(a) Initial Grant of Non-Officer Director Restricted Stock. Each Non-Officer Director shall be granted a number of shares of Restricted
Stock, the Fair Market Value of which shall equal $75,000 on the date of grant, to (as may be adjusted from time to time and rounded up to the nearest whole share, the “Non-Officer Director Restricted Stock”), upon the date of the
first Board of Directors meeting attended by such Non-Officer Director. The Non-Officer Director Restricted Stock shall vest ratably on each of the first three anniversaries of the date of grant, subject to the Non-Officer Director’s continued
service as a director through each vesting date, pursuant to the terms of the Plan and the applicable Award Agreement. 
 (b) Annual
Grant of Stock. On the first business day after the first annual stockholders’ meeting of the Company following December 31, 2014, and on the first business day after each such annual meeting of the Company thereafter during the term
of the Plan, each Non-Officer Director shall be granted that number of shares of Stock, the Fair Market Value of which shall equal an amount to be determined by the Committee on the date of grant and which shall be fully vested as of such date
(also, the “Non-Officer Director Stock”). 

  
 10 

 (c) Stock Availability. In the event that the number of shares of Stock available for
grant under the Plan is not sufficient to accommodate the Awards of Non-Officer Director Restricted Stock and Non-Officer Director Stock, then the remaining shares of Stock available for such automatic awards shall be granted to each Non-Officer
Director who is to receive such an award on a pro-rata basis. No further grants shall be made until such time, if any, as additional shares of Stock become available for grant under the Plan through action of the Board or the stockholders of the
Company to increase the number of shares of Stock that may be issued under the Plan or through cancellation or expiration of Awards previously granted hereunder. 

(d) Award Agreements. Each recipient of Non-Officer Director Restricted Stock and Non-Officer Director Stock shall enter into an Award
Agreement with the Company, which agreement shall set forth, among other things, the restrictions upon the sale, assignment, transfer or other disposition, the vesting provisions and the rights of the Non-Officer Director as a stockholder of the
Company with respect to the Non-Officer Director Restricted Stock, or, as applicable, the number of shares of Non-Officer Director Stock awarded hereunder, which provisions shall not be inconsistent with the terms of this Section 5.6 and
Section 6.1. The Award Agreement with respect to such Non-Officer Director Restricted Stock and Non-Officer Director Stock shall also set forth such other terms and conditions with respect to Awards to the Non-Officer Director as the Committee
may determine. 
 5.7 Other Awards. 

The Committee may from time to time grant to its Non-Officer Directors Stock, other Stock-based and non-Stock-based Awards under the Plan,
including without limitation those Awards pursuant to which shares of Stock are or may in the future be acquired, Awards denominated in Stock, securities convertible into Stock, phantom securities, dividend equivalents and cash. The Committee shall
determine the terms and conditions of such other Stock, Stock-based and non-Stock-based Awards provided that such Awards shall not be inconsistent with the terms and purposes of this Plan. 

SECTION 6 
 AWARD
AGREEMENTS 
 Each Award under this Plan shall be evidenced by an Award Agreement setting forth the number of shares of Stock or
other securities, and such other terms and conditions applicable to the Award (and not inconsistent with this Plan) as are determined by the Committee. 

  
 11 

 6.1 Terms of Award Agreements. Award Agreements may include the following terms: 

(a) Term. The term of each Award (as determined by the Committee); provided that, no Award shall be exercisable more than ten
years after the date such Award is granted. 
 (b) Exercise Price. The exercise price per share of Stock purchasable under an Award
(as determined by the Committee in its sole discretion at the time of grant); provided that, the exercise price shall not be less than the par value of the Stock provided, further, that Awards intended to qualify as
“performance-based compensation” within the meaning of Section 162(m) of the Code, or exempt from application of Section 409A of the Code under Section 1.409A-1(b)(5)(A), shall not be less than 100% of the Fair Market Value
of the Stock on such date. 
 (c) Exercisability. Provisions regarding the exercisability of Awards (which shall be exercisable at
such time or times and subject to such terms and conditions as shall be determined by the Committee at or after grant). 
 (d) Method of
Exercise. Provisions describing the method of exercising Awards. 
 (e) Delivery. Provisions regarding the timing of the
delivery of Stock subject to Awards. The Award Agreements may provide that such delivery will be delayed to the extent required to avoid the imposition of a tax under Section 409A of the Code. 

(f) Termination of Employment or Service. Provisions describing the treatment of an Award in the event of Disability, death or other
termination of a Participant’s employment or service with the Company, including but not limited to, terms relating to the vesting, time for exercise, forfeiture and cancellation of an Award in such circumstances. 

(g) Rights as Stockholder. A provision that a Participant shall have no rights as a stockholder with respect to any securities covered
by an Award until the date the Participant becomes the holder of record. Except as provided in Section 3.3 hereof, no adjustment shall be made for dividends or other rights, unless the Award Agreement specifically requires such adjustment, in
which case, grants of dividend equivalents or similar rights shall not be considered to be a grant of any other stockholder right. 
 (h)
Nontransferability. A provision that except under the laws of descent and distribution or as otherwise permitted by the Committee, in its sole discretion, or, in respect of Manager Awards, grants of Tandem Awards, the Participant shall not be
permitted to sell, transfer, pledge or assign any Award, and all Awards shall be exercisable, during the Participant’s lifetime, only by the Participant; provided, however, that the Participant shall be permitted to transfer one
or more Stock Options to a trust controlled by the Participant during the Participant’s lifetime for estate planning purposes. 

  
 12 

 (i) Other Terms. Such other terms as are necessary and appropriate to effectuate an Award
to the Participant, including but not limited to, (1) vesting provisions, (2) deferral elections, (3) any requirements for continued employment or service with the Company, (4) any requirement to execute a general release of
claims in a form acceptable to the Company prior to the lapse of any restrictions or conditions on such Award or such Award becoming exercisable, (5) any other restrictions or conditions (including performance requirements) on the Award and the
method by which restrictions or conditions lapse, (6) effect on the Award of a Change in Control, (7) the right of the Company and such other Persons as the Committee shall designate (“Designees”) to repurchase from a
Participant, and such Participant’s permitted transferees, all shares of Stock issued or issuable to such Participant in connection with an Award in the event of such Participant’s termination of employment or service, (8) rights of
first refusal granted to the Company and Designees, if any, (9) holdback and other registration right restrictions in the event of a public registration of any equity securities of the Company and (10) any other terms and conditions which
the Committee shall deem necessary and desirable. 
 SECTION 7 

LOANS 
 To the
extent permitted by applicable law, including the Sarbanes-Oxley Act of 2002, the Company or any parent or subsidiary of the Company may make loans available to Stock Option holders in connection with the exercise of outstanding Stock Options
granted under the Plan, as the Committee, in its discretion, may determine. Such loans shall (i) be evidenced by promissory notes entered into by the Stock Option holders in favor of the Company or any parent or subsidiary of the Company,
(ii) be subject to the terms and conditions set forth in this Section 7 and such other terms and conditions, not inconsistent with the Plan, as the Committee shall determine, (iii) bear interest, if any, at such rate as the Committee
shall determine, and (iv) be subject to Board approval (or to approval by the Committee to the extent the Board may delegate such authority). In no event may the principal amount of any such loan exceed the sum of (x) the exercise price
less the par value of the shares of Stock covered by the Stock Option, or portion thereof, exercised by the holder, and (y) any federal, state, and local income tax attributable to such exercise. The initial term of the loan, the schedule of
payments of principal and interest under the loan, the extent to which the loan is to be with or without recourse against the holder with respect to principal or interest and the conditions upon which the loan will become payable in the event of the
holder’s termination of employment or service shall be determined by the Committee. Unless the Committee determines otherwise, when a loan is made, shares of Stock having a Fair Market Value at least equal to the principal amount of the loan
shall be pledged by the holder to the Company as security for payment of the unpaid balance of the loan, and such pledge shall be evidenced by a pledge agreement, the terms of which shall be determined by the Committee, in its discretion;
provided that, each loan shall comply with all applicable laws, and all regulations and rules of the Board of Governors of the Federal Reserve System and of the U.S. Securities and Exchange Commission and any other governmental agency having
jurisdiction. 

  
 13 

 SECTION 8 

AMENDMENT AND TERMINATION 

The Board may at any time and from time-to-time alter, amend, suspend, or terminate the Plan in whole or in part; provided that, no
amendment which requires stockholder approval in order for the Plan to comply with a rule or regulation deemed applicable by the Committee, shall be effective unless the same shall be approved by the requisite vote of the stockholders of the Company
entitled to vote thereon. Notwithstanding the foregoing, no amendment shall affect adversely any of the rights of any Participant, without such Participant’s consent, under any Award or Loan theretofore granted under the Plan. 

SECTION 9 
 UNFUNDED
STATUS OF PLAN 
 The Plan is intended to constitute an “unfunded” plan for incentive compensation. With respect to any
payments not yet made to a Participant by the Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general creditor of the Company. 

SECTION 10 
 GENERAL
PROVISIONS 
 10.1 Securities Laws Compliance. Shares of Stock shall not be issued pursuant to the exercise of any Award
granted hereunder unless the exercise of such Award and the issuance and delivery of such shares of Stock pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act, the Exchange Act and the
requirements of any stock exchange upon which the Stock may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 

10.2 Certificate Legends. The Committee may require each Person purchasing shares pursuant to a Stock Option to represent to and agree
with the Company in writing that such Person is acquiring the Stock subject thereto without a view to distribution thereof. The certificates for such Stock may include any legend which the Committee deems appropriate to reflect any restrictions on
transfer. 
 10.3 Transfer Restrictions. All certificates for shares of Stock delivered under the Plan shall be subject to such
stock-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Commission, any stock exchange upon which the Stock is then listed, and any applicable federal or state
securities law, and the Committee may cause a legend or legends to be placed on any such certificates to make appropriate reference to such restrictions. 

  
 14 

 10.4 Company Actions; No Right to Employment. Nothing contained in the Plan shall prevent
the Board from adopting other or additional compensation arrangements, subject to stockholder approval if such approval is necessary and desirable; and such arrangements may be either generally applicable or applicable only in specific cases. The
adoption of the Plan shall not confer upon any employee, consultant, service provider or advisor of the Company any right to continued employment or service with the Company, as the case may be, nor shall it interfere in any way with the right of
the Company to terminate the employment or service of any of its employees, consultants or advisors at any time. 
 10.5
Section 409A of the Code. The intent of the parties is that payments and benefits under the Plan be exempt from, or comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum extent
permitted, the Plan shall be interpreted and be administered to be in compliance therewith. Any payments described in the Plan that are due within the “short-term deferral period” as defined in Section 409A of the Code shall not be
treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the contrary in the Plan, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code,
amounts that would otherwise be payable and benefits that would otherwise be provided pursuant to the Plan during the six (6) month period immediately following the Participant’s termination of employment shall instead be paid on the first
business day after the date that is six (6) months following the Participant’s separation from service (or upon the Participant’s death, if earlier). In addition, for purposes of the Plan, each amount to be paid or benefit to be
provided to the Participant pursuant to the Plan, which constitute deferred compensation subject to Section 409A of the Code, shall be construed as a separate identified payment for purposes of Section 409A of the Code. 

10.6 Payment of Taxes. Each Participant shall, no later than the date as of which the value of an Award first becomes includible in the
gross income of the Participant for federal income tax purposes, pay to the Company, or make arrangements satisfactory to the Committee regarding payment of, any federal, state, or local taxes of any kind required by law to be withheld with respect
to the Award. The obligations of the Company under the Plan shall be conditional on the making of such payments or arrangements, and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any
kind otherwise due to the Participant. 
 10.7 Governing Law. The Plan shall be governed by the and construed in accordance with the
laws of the State of Delaware, without giving effect to principles of conflicts of law of such state. 
 SECTION 11 

EFFECTIVE DATE OF PLAN 

The Plan became effective (the “Effective Date”) on             ,
2014, the date the Board formally approved the Plan. 

  
 15 

 SECTION 12 

TERM OF PLAN 
 No
Award shall be granted pursuant to the Plan on or after the tenth anniversary of the Effective Date, but Awards theretofore granted may extend beyond that date. 

  
 16

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