Document:

Senior Credit Facilities Commitment Letter

 Exhibit 10.5 
 

 
  

	
	CIT Finance LLC
	CIT Lending Services Corporation
	CIT Capital Securities LLC
	1 CIT Drive
	Livingston, New Jersey 07039
	
	11 West 42nd Street
	New York, New York 10036
	
	November 15, 2012

 Senior Credit Facilities 

Commitment Letter 

InterMedia Outdoors Holdings, LLC 
 405
Lexington Avenue, 48th Floor 
 New York, NY 10174 
 Attention: Peter Kern, Managing Partner 
 Ladies and Gentlemen: 

InterMedia Outdoors Holdings, LLC (“IM”, also referred to herein as “you”) has advised CIT Finance LLC
(“CITFL” or “Agent”), CIT Lending Servicing Corporation (“CITLSC”) and CIT Capital Securities LLC (“CITCS” or “Arranger”, and together with CITFL, CITLSC or any of
their respective affiliates that becomes a lender or Agent with respect to the credit facilities hereunder being the “Commitment Parties”; sometimes referred to herein as “we” or “us”) that each of
(i) IM, parent of InterMedia Outdoors Holdings, Inc. and The Sportsman Channel, Inc. and (ii) Outdoor Channel Holdings, Inc. (“OUTD” and together with IM, the “Merger Parties” and each a “Merger
Party”) intend to, pursuant to the transactions contemplated by the Merger Agreement (as defined below), become subsidiaries of Outdoor Borrower, LLC (the “Borrower”), a wholly-owned subsidiary of Outdoor Guarantor, LLC
(“Holdco”), itself a wholly-owned subsidiary of InterMedia Outdoor Holdings, Inc. (the “Parent”), a newly-formed public company of which IM is a shareholder, and through consummation of such merger, shall be
indirectly controlled by IM through the Parent (the “Transaction”). 
  

	1.	Commitments. 

 IM has requested
that the Commitment Parties commit to provide senior credit facilities in the aggregate amount of $150,000,000 (to be comprised of a term loan facility in an aggregate principal amount of $140,000,000 and a revolving credit facility in an aggregate
principal amount of $10,000,000) (collectively, the “Senior Credit Facilities”), and that CITCS agree to arrange and syndicate such Senior Credit Facilities to a group of lenders. The proceeds of loans made under the Senior Credit
Facilities will be used: (i) to refinance certain existing indebtedness of IM and its subsidiaries; (ii) to finance the cash consideration for the Transaction; (iii) to fund ongoing working capital requirements; (iv) to pay for fees and expenses
associated with the Transaction; and (v) for general corporate purposes. 

  
 Securities
and investment banking services provided through CIT Capital Securities LLC, an affiliate of CIT. 

 Based upon and subject to the terms and conditions set forth in this commitment letter (the
“Commitment Letter”), the Summary of Indicative Terms and Conditions attached hereto as Appendix A (the “Term Sheet”) and the fee letter of even date herewith (the “Fee Letter”, and together
with the Commitment Letter and the Term Sheet, the “Commitment”), (i) CITFL is pleased to advise you of its commitment (acting directly or through one or more affiliates) to provide $75,000,000 of the Senior Credit Facilities, (ii)
CITLSC is pleased to advise you of its commitment (acting directly or through one or more affiliates) to provide $75,000,000 of the Senior Credit Facilities, (iii) CITFL is pleased to advise you of its agreement (acting directly or through one or
more affiliates) to act as the administrative agent and collateral agent in respect of the Senior Credit Facilities and (iv) CITCS is pleased to advise you of its agreement to act as the arranger and sole bookrunner for the Senior Credit Facilities
and to use commercially reasonable efforts to syndicate all or a portion of the Senior Credit Facilities to a syndicate of Lenders. CITFL or an affiliate will act as the sole administrative agent and sole collateral agent and CITCS will act as the
sole lead arranger and sole bookrunner for the Senior Credit Facilities. You agree that no other agents or arrangers will be appointed, and no other titles or compensation (other than as set forth in the Fee Letter) will be awarded or paid, in
connection with the Senior Credit Facilities unless approved by the Commitment Parties. 
 In consideration of the commitments and agreements of
the Commitment Parties hereunder, you agree to pay or cause to be paid the fees (refundable and nonrefundable, as the case may be) described in the Term Sheet and the Fee Letter. 
 2. Conditions. 
 The Commitment does not set forth all of the terms and
conditions of the proposed financing; rather, it only summarizes the major points of understanding which will be the basis of the final financing agreements and related documentation (which are collectively referred to herein as the “Loan
Documentation”) which will be drafted by, and will be, to the extent not consistent with the Commitment, in form and substance reasonably satisfactory to, the Commitment Parties and their counsel for senior debt financing transactions of
this kind. All terms used in this Commitment Letter and not otherwise defined herein shall have the meanings ascribed to them in the Term Sheet. The Commitment is issued by the Commitment Parties based upon the financial and other information
regarding the Holdco, the Borrower, the Merger Parties and their respective subsidiaries and the Transaction previously provided to the Commitment Parties. The Commitment is subject solely to the fulfillment of the conditions set forth on
Appendix B. 
 3. Syndication. 
 We reserve the right, prior to or after the execution of the Loan Documentation, to syndicate all or a portion of the Senior Credit Facilities (including, in our discretion, all or a portion of our
commitments hereunder) to a group of financial institutions (together with CITFL, CITLSC or their respective affiliates, the “Lenders”) identified by us in consultation with you and subject to your reasonable consent. We intend to
commence syndication efforts promptly upon the execution of this Commitment Letter, and you agree actively to assist us in completing a satisfactory syndication. Such assistance shall include (a) your using commercially reasonable efforts to ensure
that any syndication efforts benefit materially from your existing lending and investment banking relationships and the existing lending and investment banking relationships of you, the Holdco, the Borrower and the Merger Parties, (b) direct contact
between senior management, representatives and advisors of you, the Holdco, the Borrower and IM (and your using commercially reasonable efforts to cause direct contact between senior management representatives and

  
 Securities
and investment banking services provided through CIT Capital Securities LLC, an affiliate of CIT. 

  
 2 

 
advisors of OUTD) and the proposed Lenders, (c) assistance by you, the Borrower, the Holdco and IM (and your using commercially reasonable efforts to cause the assistance by OUTD) in the
preparation of a Confidential Information Memorandum for the Senior Credit Facilities and other marketing materials to be used in connection with the syndication, and (d) the hosting, with CITCS, of one or more meetings of prospective Lenders.

 CITCS will manage all aspects of any syndication, including decisions as to the selection of institutions to be approached and when they will
be approached, when their commitments will be accepted, which institutions will participate and any applicable titles, the allocation of the commitments among the Lenders and the amount and distribution of fees among the Lenders. To assist CITCS in
its syndication efforts, you agree promptly to prepare and provide (and to use commercially reasonable efforts to cause the Borrower, the Holdco and the Merger Parties to provide) to CITCS all information with respect to the Borrower, the Holdco and
the Merger Parties and their respective subsidiaries, the Transaction and the other transactions contemplated hereby, including all financial information and projections (the “Projections”), as we may reasonably request. The
agreements in this paragraph shall survive termination of this Commitment and the closing of the Senior Credit Facilities. 
 At our request,
you agree to prepare versions of the information package and presentation and other marketing materials to be used in connection with the syndication that do not contain material non-public information concerning the Holdco, the Borrower or the
Merger Parties, their respective affiliates or their securities. In addition, you agree that unless specifically labeled “Public — Does Not Contain Non-Public Information,” information, documentation or other data disseminated to
prospective Lenders in connection with the syndication of the Senior Credit Facilities, whether through an internet website (including, without limitation, an IntraLinks workspace), electronically, in presentations at meetings or otherwise, will be
treated by such prospective Lenders as containing material non-public information concerning the Holdco, the Borrower or the Merger Parties, their respective affiliates and their securities. 
 4. Information. 
 You hereby represent and covenant that (i) all written
information (other than Projections, forward looking information and information of a general economic or industry specific nature) which has been or is hereafter made available to the Commitment Parties by or on behalf of either of IM, the Holdco,
the Borrower or OUTD or their respective representatives or affiliates in connection with the transactions contemplated hereby (“Information”) is, or when furnished will be, when taken as a whole, complete and correct in all
material respects and does not and will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein not materially misleading in light of the circumstances under which such
statements are made, and (ii) the Projections that have been or will be made available to the Commitment Parties have been and will be prepared in good faith based upon assumptions that are reasonable at the time made and at the time made available
to the Commitment Parties. You hereby agree to supplement, and to cause the Holdco, the Borrower and the Merger Parties to supplement, the Information and the Projections from time to time and to promptly advise us of all developments materially
affecting IM, the Holdco, the Borrower, OUTD, any of their respective subsidiaries or affiliates or the transactions contemplated hereby until the Close Date so that the representation and warranty in the preceding sentence is correct on the Close
Date. In structuring and entering into the Senior Credit Facilities, the Commitment Parties will be using and relying on the Information and the Projections without independent verification thereof. 

5. Indemnity and Expenses. 

IM, InterMedia Outdoors Holdings, Inc., and The Sportsman Channel, Inc., jointly and severally, agree (a) to indemnify and hold harmless each
Commitment Party and the Lenders and their respective affiliates 

  
 Securities
and investment banking services provided through CIT Capital Securities LLC, an affiliate of CIT. 

  
 3 

 
and controlling persons and the respective officers, directors, employees, agents, attorneys, members and successors and assigns of each of the foregoing (each, an “Indemnified
Person”) from and against any and all losses, claims, damages, liabilities and expenses (collectively, “Losses”), joint or several, to which any such Indemnified Person may become subject arising out of or in connection
with this Commitment Letter (including the Term Sheet), the Fee Letter, the Transaction, the Senior Credit Facilities or the syndication thereof or any related transaction or any claim, litigation, investigation or proceeding relating to any of the
foregoing, regardless of whether any such Indemnified Person is a party thereto, and to reimburse each of the Indemnified Persons upon demand for the reasonable legal or other expenses incurred in connection with investigating or defending any of
the foregoing (limited, in the case of legal expenses, to the fees and expenses of one firm of counsel for all Indemnified Persons (and, if necessary, one firm of local counsel to all Indemnified Persons in each appropriate jurisdiction, regulatory
counsel to all Indemnified Persons, and additional counsel in light of actual or potential conflicts of interest or the availability of different claims or defenses)); provided that the foregoing indemnity will not, as to any Indemnified
Person, apply to (i) Losses to the extent they are found in a final, non-appealable judgment of a court of competent jurisdiction to have resulted from (1)(x) the bad faith, willful misconduct or gross negligence of such Indemnified Person or any of
its affiliates or any of the partners, directors, officers, employees or advisors of any affiliate of such Indemnified Person (collectively, such Indemnified Persons’ “Related Parties”) or (y) such Indemnified Person’s
material breach of this Commitment Letter or the Loan Documentation or (2) claims among Indemnified Persons not involving an act or omission by IM, InterMedia Outdoors Holdings, Inc. or The Sportsman Channel, Inc. or any of their affiliates (other
than any claim against the Agent or the Arranger in its capacity as such) or (ii) any settlement of any proceeding entered into by any Indemnified Person without your written consent (not to be unreasonably withheld or delayed), and (b) to reimburse
each of the Commitment Parties from time to time, upon presentation of a summary statement, for all reasonable out-of-pocket expenses (including but not limited to expenses of the Commitment Parties’ due diligence investigation, syndication
expenses, travel expenses, reasonable fees, disbursements and other charges of one firm of counsel to the Commitment Parties (and, if necessary, one firm of local counsel to the Commitment Parties in each appropriate jurisdiction, regulatory counsel
to the Commitment Parties, and additional counsel in light of actual or potential conflicts of interest or the availability of different claims or defenses)), in each case incurred in connection with the Senior Credit Facilities and the preparation
of this Commitment Letter, the Fee Letter, the Loan Documentation and any security arrangements in connection therewith and the administration, amendment, modification or waiver thereof (or any proposed amendment, modification or waiver thereof),
whether or not the Close Date occurs or any Loan Documentation is executed and delivered or any extensions of credit are made under any of the Senior Credit Facilities. Notwithstanding any other provision of this Commitment Letter, no Indemnified
Person shall be liable for (i) any damages arising from the use by others of information or other materials obtained through electronic, telecommunications or other information transmission systems, except to the extent such damages are found in a
final, non-appealable judgment of a court of competent jurisdiction to have resulted from the bad faith, willful misconduct or gross negligence of such Indemnified Person or (ii) any indirect, special, punitive or consequential damages in connection
with its activities related to the Senior Credit Facilities. 
 6. Other Services. 

You acknowledge that the Commitment Parties and their affiliates may be providing debt financing, equity capital or other services (including financial
advisory services) to other persons in respect of which you may have conflicting interests regarding the transactions described herein and otherwise. Neither the Commitment Parties nor any of their affiliates will use confidential information
obtained from you by virtue of the transactions contemplated by this Commitment Letter or their other relationships with you in connection with the performance by them of services for other persons, and neither the Commitment Parties nor any of
their affiliates will furnish any such information to other persons. You also acknowledge that neither the Commitment Parties nor any of their affiliates have any obligation to use in connection with the transactions contemplated by this Commitment
Letter, or to furnish to you, confidential information obtained by them from other persons. 

  
 Securities
and investment banking services provided through CIT Capital Securities LLC, an affiliate of CIT. 

  
 4 

 You hereby agree that, on or after the closing of the Senior Credit Facilities, the Commitment Parties or
any of their affiliates may place “tombstone” advertisements (which may include any of IM, the Holdco and/or Borrower’s trade names or corporate logos and a brief description of the Senior Credit Facilities and the Transaction) in
publications or other media of their choice (including without limitation “e-tombstones” published or otherwise circulated in electronic form and related hyperlinks to IM, the Holdco and/or the Borrower’s corporate website) at such
Commitment Party’s own expense. In addition, any Commitment Party may disclose the information about the Senior Credit Facilities and the Transaction to market data collectors and similar service providers to the financing community.

 7. Confidentiality. 
 This Commitment Letter is delivered to you on the understanding that none of this Commitment Letter, the Term Sheet or the Fee Letter nor any of their terms or substance shall be disclosed by you,
directly or indirectly, to any other person except (a) to your respective officers, employees, attorneys, accountants and advisors on a confidential and need-to-know basis, (b) as required by applicable law or compulsory legal process or to the
extent requested or required by governmental or regulatory authorities (in which case you agree to inform us promptly thereof, so long as such notice is not prohibited by law or by the relevant governmental or regulatory authority); provided that
you may disclose this Commitment Letter, the Term Sheet and the contents hereof and thereof and the Fee Letter (but not the fees, syndication flex and related provisions set forth therein) to the Merger Parties and their respective attorneys,
accountants and advisors on a confidential and need-to-know basis; provided, however, that such disclosure shall be made only on the condition that such matters may not, except as required by law or to the extent requested or required
by governmental or regulatory authorities, be further disclosed. None of this Commitment Letter, the Term Sheet or the Fee Letter nor any of their terms or substance shall be disclosed by IM, the Holdco or the Borrower directly or indirectly to any
other potential source of financing without the prior written consent of the Commitment Parties. No person, other than the parties hereto, is entitled to rely upon this Commitment Letter or any of its contents or have any beneficial or legal right,
remedy, or claim hereunder. No person shall, except as required by law, use the name of, or refer to, any Commitment Party, or any of their affiliates, in any correspondence, discussions, press release, advertisement or disclosure made in connection
with the Senior Credit Facilities without the prior written consent of such Commitment Party. 
 Each Commitment Party shall use all non-public
information received by it in connection with the Transaction solely for the purposes of providing the services that are the subject of this Commitment Letter and shall treat confidentially all such information; provided, however, that
nothing herein shall prevent any Commitment Party from disclosing any such information (a) to any Lenders or participants or prospective Lenders or participants, (b) as required by applicable law or compulsory legal process or to the extent
requested or required by governmental or regulatory authorities (in which case we agree to inform you promptly thereof, so long as such notice is not prohibited by law or by the relevant governmental or regulatory authority), (c) to its officers,
employees, attorneys, accountants and advisors on a confidential and need-to-know basis and (d) to any of its affiliates (provided that any such affiliate is advised of its obligation to retain such information as confidential, and that each
Commitment Party shall be responsible for its affiliates’ compliance with this paragraph) solely in connection with the Transaction; provided that the disclosure of any such information to any Lenders or prospective Lenders or
participants or prospective participants referred to above shall be made subject to the acknowledgment and acceptance by such Lender or prospective Lender or participant or prospective participant that such information is being disseminated on a
confidential basis (on substantially the terms set forth in this paragraph or as is otherwise reasonably acceptable to you and the Commitment Parties, including, without 

  
 Securities
and investment banking services provided through CIT Capital Securities LLC, an affiliate of CIT. 

  
 5 

 
limitation, as agreed in any confidential information memorandum or other marketing materials) in accordance with the standard syndication processes of such Commitment Party or customary market
standards for dissemination of such type of information. 
 8. Survival. 

The compensation, reimbursement, expense, indemnification, confidentiality (including as set forth in the first paragraph of section 7 hereof), governing
law, forum and waiver of jury trial provisions contained herein and in the Fee Letter shall remain in full force and effect regardless of whether definitive financing documentation shall be executed and delivered and notwithstanding the termination
of this Commitment Letter or the commitments of the Commitment Parties. 
 9. Assignments; Amendments; Governing Law, Etc.

 The Commitment shall not be assignable by you without the prior written consent of the Commitment Parties. The Commitment is intended to
be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or to create any rights in favor of, any person other than the parties hereto (and Indemnified Persons) and you agree that it does not create a
fiduciary relationship among the parties hereto. The Commitment Parties may assign their commitments hereunder to any of their affiliates or any Lender. Any such assignment to an affiliate or a Lender will not relieve the Commitment Parties from any
of their obligations hereunder unless and until such affiliate or Lender shall have funded the portion of the commitment so assigned, except that any such an assignment of any portion of the revolving credit facility shall relieve the relevant
Commitment Parties from their obligations hereunder as of the Close Date. Any and all obligations of, and services to be provided by, the Commitment Parties hereunder (including, without limitation, the Commitment) may be performed and any and all
rights of the Commitment Parties hereunder may be exercised by or through any of their affiliates or branches. THIS COMMITMENT LETTER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK; PROVIDED, THAT THE IM
MATERIAL ADVERSE EFFECT AND THE OUTD MATERIAL ADVERSE EFFECT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE. 
 EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS COMMITMENT
OR THE PERFORMANCE OF SERVICES HEREUNDER. 
 Each of the parties hereto hereby irrevocably and unconditionally (a) submits, for itself and its
property, to the non-exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to
this Commitment Letter or the transactions contemplated hereby, or for recognition or enforcement of any judgment, and agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the
extent permitted by law, in such Federal court, (b) waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or
relating to this Commitment Letter or the transactions contemplated hereby in any New York State or in any such Federal court and (c) waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such
action or proceeding in any such court. 
 This Commitment Letter, together with the Term Sheet and the Fee Letter, embodies the entire
understanding among the parties hereto relating to the matters discussed herein and therein and supersedes all prior discussions, negotiations, proposals, agreements and understandings, whether oral or written, relating to the subject matter hereof
and thereof. No course of prior conduct or dealings between 

  
 Securities
and investment banking services provided through CIT Capital Securities LLC, an affiliate of CIT. 

  
 6 

 
the parties hereto, no usage of trade, and no parole or extrinsic evidence of any nature, shall be used or be relevant to supplement, explain or modify any term used herein. Any modification or
waiver of the Commitment or the terms hereof must be in writing, must be stated to be such and must be signed by an authorized representative of each party hereto. 
 10. Patriot Act. 
 Each of the Commitment Parties hereby notifies you that,
pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56 (signed into law on October 26, 2001) (the “Patriot Act”), it is required to obtain, verify and record information that identifies IM, the Borrower,
each Guarantor and each Merger Party, which information includes names and addresses and other information that will allow such party to identify any of the foregoing parties in accordance with the Patriot Act. 

11. Acceptance of Commitment; Termination. 
 If you wish to accept the Commitment, please return executed counterparts of this Commitment Letter and the Fee Letter to CITFL on or before 5:00 p.m., New York City time, on November 15, 2012; otherwise,
the offer set forth herein shall automatically terminate on such date and time and be of no further force or effect. In the event that the initial borrowing in respect of the Senior Credit Facilities does not occur on or before May 15, 2013 or the
closing of the Transaction without the use of the Senior Credit Facilities, then this Commitment Letter and the commitment and undertakings of each Commitment Party hereunder shall automatically terminate unless the Commitment Parties shall, in
their discretion, agree to an extension. Before such date, any Commitment Party may terminate its obligations under this Commitment Letter if any event occurs or information becomes available that, in its judgment, results or is likely to result in
the failure to satisfy any condition precedent set forth or referred to herein or in the Term Sheet or the other exhibits hereto. 
 [Signature Pages Follow] 

  
 Securities
and investment banking services provided through CIT Capital Securities LLC, an affiliate of CIT. 

  
 7 

 This Commitment Letter may be executed in any number of counterparts, each of which, when so executed, shall
be deemed to be an original, but all such counterparts shall together constitute but one and the same agreement. Delivery of an executed counterpart of a signature page of this Commitment Letter by facsimile or electronic transmission shall be
effective as a delivery of a manually executed counterpart of this Commitment Letter. 
 Very truly yours, 

CIT FINANCE LLC 

			
		
	By:	 	/S/ CIT FINANCE LLC
		 	Name:
		 	Title:

 CIT LENDING SERVICES CORPORATION 

			
		
	By:	 	/S/ CIT LENDING SERVICES CORPORATION
		 	Name:
		 	Title:

 CIT CAPITAL SECURITIES LLC 

			
		
	By:	 	/S/ CIT CAPITAL SECURITIES LLC
		 	Name:
		 	Title:

  
 Securities
and investment banking services provided through CIT Capital Securities LLC, an affiliate of CIT. 

 The Foregoing Is Hereby Accepted And 
 Agreed To In All Respects By The Undersigned: 
 INTERMEDIA OUTDOORS HOLDINGS, LLC

			
		
	By:	 	/s/ InterMedia Outdoors Holdings, LLC
		 	Name:
		 	Title:

 INTERMEDIA OUTDOOR HOLDINGS, INC. 

			
		
	By:	 	/s/ InterMedia Outdoor Holdings, Inc.
		 	Name:
		 	Title:

 THE SPORTSMAN CHANNEL, INC. 

			
		
	By:	 	/s/ The Sportsman Channel, Inc.
		 	Name:
		 	Title:

  
 Securities
and investment banking services provided through CIT Capital Securities LLC, an affiliate of CIT.The Sportsman Channel, Inc. 2006 Stock Incentive Plan

 Exhibit 10.6 
 Option No.: 2 
 THE SPORTSMAN CHANNEL, INC. 

2006 STOCK INCENTIVE PLAN 
 NONQUALIFIED STOCK OPTION AGREEMENT 
 The Sportsman Channel, Inc., a
Delaware corporation (the “Company”), grants an option to purchase shares of its common stock, $.001 par value, (the “Stock”) to the optionee named below. The terms and conditions of the option are set forth in this cover sheet,
in the attachment and in the Company’s 2006 Stock Incentive Plan (the “Plan”). 
 Grant Date: April 28, 2006 

Name of Optionee: Todd D. Hansen 

Optionee’s Employee Identification Number: ###-##-#### 
 Number of Shares Covered by Option: 114 
 Option Price per Share: $1,000.00 

Vesting Start Date: April 28, 2006 
 By signing this cover sheet, you agree to all of the terms and conditions described in the attached Agreement and in the Plan, a copy of which is also attached. You acknowledge that you have
carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent. 
  

			
		
	Optionee:	 	/s/ Todd D. Hansen
		 	(Signature)
		
	Company:	 	/s/ C. Michael Cooley
		 	(Signature)
		
		 	Title: C. Michael Cooley, Chief Executive Officer
		
	Attachment	 	

 This is not a stock certificate or a negotiable instrument 

 THE SPORTSMAN CHANNEL, INC. 

2006 STOCK INCENTIVE PLAN 
 NONQUALIFIED STOCK OPTION AGREEMENT 
  

			
	Nonqualified Stock Option	  	This option is not intended to be an incentive stock option under Section 422 of the Internal Revenue Code and will be interpreted accordingly.
		
	Vesting	  	This option is only exercisable before it expires and then only with respect to the vested portion of the option. Subject to the preceding sentence, you may exercise this option,
in whole or in part, to purchase a whole number of vested shares not less than 100 shares, unless the number of shares purchased is the total number available for purchase under the option, by following the procedures set forth in the Plan and below
in this Agreement.
		
		  	Your right to purchase shares of Stock under this option vests as to one-fifth (1/5) of the total number of shares covered by this option, as shown on the cover sheet (the
“Option Shares”), on the one-year anniversary of the Vesting Start Date (“Anniversary Date”), provided you then continue in Service. Thereafter, for each Anniversary Date that you remain in Service, one-fifth (1/5) of the Option
Shares vest. The resulting aggregate number of vested shares will be rounded to the nearest whole number, and you cannot vest in more than the number of shares covered by this option.
		
		  	No additional shares of Stock will vest after your Service has terminated for any reason.
		
		  	Notwithstanding the preceding, if either your Service is terminated by the Company without Cause or you terminate your Service for Good Reason, death or Disability, your right to
purchase shares of Stock under this Option will immediately vest as to 100% of the Option Share.

  
 2 

			
		  	For purposes of this Agreement, your termination of Service is for “Good Reason” if without your prior written consent (A) a significant reduction occurs in your
status, title, position, responsibilities, compensation or benefits, including the opportunity to earn a bonus; (B) any material breach by the Company of your employment agreement, as then in effect, occurs; (C) Company, or any successor to Company,
as a result of a Change of Control, shall fail to continue or assume, as the case may be, the Company’s material obligations under your employment agreement, as then in effect, in connection with such Change of Control; (D) a mandatory
relocation of your employment with the Company to a location greater than fifty (50) miles away from the Big Bend, Wisconsin area occurs where such mandatory relocation is approved by a Board comprised of a majority of members appointed by
InterMedia Partners VII, L.P. and its affiliates, except for travel required in performance of your duties and responsibilities, and in any of instances (A), (B), (C) or (D) above, Company or its successor, as the case may be, has not cured such
material breach or condition within thirty (30) calendar days after receipt of written notice thereof given by you.
		
	Term	  	Your option will expire in any event at the close of business at Company headquarters on the day before the 10th anniversary of the Grant Date, as shown on the cover sheet. Your
option will expire earlier (but never later) if your Service terminates, as described below.
		
	Regular Termination	  	If your Service terminates for any reason, other than death, Disability or Cause, then your option will expire at the close of business at Company headquarters on the 90th day after your termination date.
		
	Termination for Cause	  	If your Service is terminated for Cause, then you shall immediately forfeit all rights to your option and the option shall immediately expire.

  
 3 

			
	Death	  	If your Service terminates because of your death, then your option will expire at the close of business at Company headquarters on the date twelve (12) months after the date of
death. During that twelve month period, your estate or heirs may exercise the vested portion of your option.
		
		  	In addition, if you die during the 90-day period described in connection with a regular termination (i.e., a termination of your Service not on account of your death, Disability
or Cause), and a vested portion of your option has not yet been exercised, then your option will instead expire on the date twelve (12) months after your termination date. In such a case, during the period following your death up to the date twelve
(12) months after your termination date, your estate or heirs may exercise the vested portion of your option.
		
	Disability	  	If your Service terminates because of your Disability, then your option will expire at the close of business at Company headquarters on the date twelve (12) months after your
termination date.
		
	Leaves of Absence	  	For purposes of this option, your Service does not terminate when you go on a bona fide employee leave of absence that was approved by the Company in writing, if the terms
of the leave provide for continued Service crediting, or when continued Service crediting is required by applicable law. However, your Service will be treated as terminating 90 days after you went on employee leave, unless your right to return to
active work is guaranteed by law or by a contract. Your Service terminates in any event when the approved leave ends unless you immediately return to active employee work.
		
		  	The Company determines, in its sole discretion, which leaves count for this purpose, and when your Service terminates for all purposes under the Plan.

  
 4 

			
	Notice of Exercise	  	 When you wish to exercise this option, you must notify the Company by filing the proper “Notice of Exercise” form at the
address given on the form. Your notice must specify how many shares you wish to purchase, but no less than 100 shares unless there are less than 100 shares then subject to this option. Your notice must also specify how your shares of Stock should be
registered (in your name only or in your and your spouse’s names as joint tenants with right of survivorship or as tenants in common). The notice will be effective when it is received by the Company.

 
 If someone else wants to exercise this option after your death, that person must
prove to the Company’s satisfaction that he or she is entitled to do so.

		
	Form of Payment	  	When you submit your notice of exercise, you must include payment of the Option Price for the shares you are purchasing. Payment may be made in one (or a combination) of the
following forms:
		
		  	 •   Cash, your personal check, a cashier’s check, a money order or another cash equivalent acceptable
to the Company.

		
		  	 •   Shares of Stock which are surrendered to the Company either in certificate form or by attestation. The
value of the shares, determined as of the effective date of the option exercise, will be applied to the Option Price.

		
		  	 •   To the extent a public market for the Stock exists as determined by the Company, by delivery (on a
form prescribed by the Company) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell Stock and to deliver all or part of the sale proceeds to the Company in payment of the aggregate Option Price and any
withholding taxes.

  
 5 

			
	Withholding Taxes	  	You will not be allowed to exercise this option unless you make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the option exercise
or sale of Stock acquired under this option, including, if the Company consents, payment by the delivery of Stock. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to
the exercise or sale of shares arising from this grant, the Company shall have the right to require such payments from you, or withhold such amounts from other payments due to you from the Company or any Affiliate.
		
	Transfer of Option	  	During your lifetime, only you (or, in the event of your legal incapacity or incompetency, your guardian or legal representative) may exercise the option. You cannot transfer or
assign this option. For instance, you may not sell this option or use it as security for a loan. If you attempt to do any of these things, this option will immediately become invalid. You may, however, dispose of this option in your will or it may
be transferred upon your death by the laws of descent and distribution.
		
		  	Regardless of any marital property settlement agreement, the Company is not obligated to honor a notice of exercise from your spouse, nor is the Company obligated to recognize
your spouse’s interest in your option in any other way.

  
 6 

			
	Market Stand-off Agreement	  	In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act,
including the Company’s initial public offering, you agree not to sell, make any short sale of, loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose or transfer for value or agree to engage in any of the
foregoing transactions with respect to any shares of Stock without the prior written consent of the Company or its underwriters, for such period of time after the effective date of such registration statement as may be requested by the Company or
the underwriters (not to exceed 180 days in length).
		
	Investment Representation	  	If the sale of Stock under the Plan is not registered under the Securities Act, but an exemption is available which requires an investment or other representation, you shall
represent and agree at the time of exercise that the Stock being acquired upon exercise of this option is being acquired for investment, and not with a view to the sale or distribution thereof, and shall make such other representations as are deemed
necessary or appropriate by the Company and its counsel.
		
	Retention Rights	  	Neither your option nor this Agreement give you the right to be retained by the Company (or any parent, Subsidiaries or Affiliates) in any capacity. The Company (and any parent,
Subsidiaries or Affiliates) reserve the right to terminate your Service at any time and for any reason.
		
	Shareholder Rights	  	You, or your estate or heirs, have no rights as a shareholder of the Company until a certificate for your option’s shares has been issued (or an appropriate book entry has
been made). No adjustments are made for dividends or other rights if the applicable record date occurs before your stock certificate is issued (or an appropriate book entry has been made), except as described in the Plan.

  
 7 

			
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in the Stock, the number of shares covered by this option and the option price per share may be adjusted (and
rounded down to the nearest whole number) pursuant to the Plan. Your option shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate activity.
		
	Legends	  	All certificates representing the Stock issued upon exercise of this option shall, where applicable, have endorsed thereon the following legends:
		
		  	“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY
AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER OF RECORD OF THE
SHARES REPRESENTED BY THIS CERTIFICATE.”
		
		  	“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION,
AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION OR QUALIFICATION THEREOF UNDER SUCH ACT AND SUCH APPLICABLE STATE OR OTHER JURISDICTION’S SECURITIES LAWS OR AN OPINION OF COUNSEL, SATISFACTORY TO THE
COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION AND QUALIFICATION IS NOT REQUIRED.”

  
 8 

			
	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Agreement to the substantive law of another jurisdiction.
		
	The Plan	  	The text of the Plan is incorporated in this Agreement by reference. Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning set forth in
the Plan.
		
		  	This Agreement and the Plan constitute the entire understanding between you and the Company regarding this option. Any prior agreements, commitments or negotiations concerning
this option are superseded.
		
	Other Agreements	  	You agree, as a condition of the grant of this option, that in connection with the exercise of the option, you will execute such document(s) as necessary to become a party to any
shareholder agreement or voting trust as the Company may require.

 By signing the cover sheet of this Agreement, you agree to all of the terms and conditions
described above and in the Plan. 

  
 9 

 Option No.: 4 
 THE SPORTSMAN CHANNEL, INC. 
 2006 STOCK INCENTIVE PLAN 

NONQUALIFIED STOCK OPTION AGREEMENT 
 The Sportsman Channel, Inc., a Delaware corporation (the “Company”), grants an option to purchase shares of its common stock, $.001 par value, (the “Stock”) to the optionee named
below. The terms and conditions of the option are set forth in this cover sheet, in the attachment and in the Company’s 2006 Stock Incentive Plan (the “Plan”). 
 Grant Date: April 28, 2006 
 Name of Optionee: Todd D. Hansen 

Optionee’s Employee Identification Number: ###-##-#### 
 Number of Shares Covered by Option: 36 
 Option Price per Share: $1,000.00 

By signing this cover sheet, you agree to all of the terms and conditions described in the attached Agreement and in the Plan, a
copy of which is also attached. You acknowledge that you have carefully reviewed the Plan, and agree that the Plan will control in the event any provision of this Agreement should appear to be inconsistent. 

 

			
	Optionee:	 	/s/ Todd D. Hansen
		 	(Signature)
		
	Company:	 	/s/ C. Michael Cooley
		 	(Signature)
		
		 	Title: C. Michael Cooley, Chief Executive Officer

 Attachment 
 This is not a stock certificate or a negotiable instrument 

 THE SPORTSMAN CHANNEL, INC. 

2006 STOCK INCENTIVE PLAN 
 NONQUALIFIED STOCK OPTION AGREEMENT 
  

			
	Nonqualified Stock Option	  	This option is not intended to be an incentive stock option under Section 422 of the Internal Revenue Code and will be interpreted accordingly.
		
	Vesting	  	This option is only exercisable before it expires and then only with respect to the vested portion of the option. Subject to the preceding sentence, you may exercise this option,
in whole or in part, to purchase a whole number of vested shares not less than 100 shares, unless the number of shares purchased is the total number available for purchase under the option, by following the procedures set forth in the Plan and below
in this Agreement.
		
		  	Your right to purchase shares of Stock under this option vests as to one-fifth (1/5) of the total number of shares covered by this option, as shown on the cover sheet (the
“Option Shares”), upon the consummation of the Subsequent Closing (as defined in that certain Stock Purchase and Contribution Agreement entered into by and among The Sportsman Channel, LLC (the Company’s predecessor), C. Michael
Cooley, Todd D. Hansen and InterMedia Partners VII, L.P. dated as of April 7, 2006 (the “Investment Date”), provided you then continue in Service. Thereafter, for each anniversary of the Investment Date that you remain in Service,
one-fifth (1/5) of the Option Shares vest. The resulting aggregate number of vested shares will be rounded to the nearest whole number, and you cannot vest in more than the number of shares covered by this option.
		
		  	No additional shares of Stock will vest after your Service has terminated for any reason.
		
		  	Notwithstanding the preceding, if, after the Investment Date, either your Service is terminated by the Company without Cause or you terminate your Service for Good Reason, death
or Disability, your right to purchase shares of Stock under this Option will immediately vest as to 100% of the Option Share.

  
 2 

			
		  	For purposes of this Agreement, your termination of Service is for “Good Reason” if without your prior written consent (A) a significant reduction occurs in your
status, title, position, responsibilities, compensation or benefits, including the opportunity to earn a bonus; (B) any material breach by the Company of your employment agreement, as then in effect, occurs; (C) Company, or any successor to Company,
as a result of a Change of Control, shall fail to continue or assume, as the case may be, the Company’s material obligations under your employment agreement, as then in effect, in connection with such Change of Control; (D) a mandatory
relocation of your employment with the Company to a location greater than fifty (50) miles away from the Big Bend, Wisconsin area occurs where such mandatory relocation is approved by a Board comprised of a majority of members appointed by
InterMedia Partners VII, L.P. and its affiliates, except for travel required in performance of your duties and responsibilities, and in any of instances (A), (B), (C) or (D) above, Company or its successor, as the case may be, has not cured such
material breach or condition within thirty (30) calendar days after receipt of written notice thereof given by you.
		
	Term	  	Your option will expire in any event at the close of business at Company headquarters on the day before the 10th anniversary of the Grant Date, as shown on the cover sheet. Your
option will expire earlier (but never later) if your Service terminates, as described below.
		
	Regular Termination	  	If your Service terminates for any reason, other than death, Disability or Cause, then your option will expire at the close of business at Company headquarters on the 90th day after your termination date.
		
	Termination for Cause	  	If your Service is terminated for Cause, then you shall immediately forfeit all rights to your option and the option shall immediately expire.

  
 3 

			
	Death	  	If your Service terminates because of your death, then your option will expire at the close of business at Company headquarters on the date twelve (12) months after the date of
death. During that twelve month period, your estate or heirs may exercise the vested portion of your option.
		
		  	In addition, if you die during the 90-day period described in connection with a regular termination (i.e., a termination of your Service not on account of your death, Disability
or Cause), and a vested portion of your option has not yet been exercised, then your option will instead expire on the date twelve (12) months after your termination date. In such a case, during the period following your death up to the date twelve
(12) months after your termination date, your estate or heirs may exercise the vested portion of your option.
		
	Disability	  	If your Service terminates because of your Disability, then your option will expire at the close of business at Company headquarters on the date twelve (12) months after your
termination date.
		
	Leaves of Absence	  	For purposes of this option, your Service does not terminate when you go on a bona fide employee leave of absence that was approved by the Company in writing, if the terms
of the leave provide for continued Service crediting, or when continued Service crediting is required by applicable law. However, your Service will be treated as terminating 90 days after you went on employee leave, unless your right to return to
active work is guaranteed by law or by a contract. Your Service terminates in any event when the approved leave ends unless you immediately return to active employee work.
		
		  	The Company determines, in its sole discretion, which leaves count for this purpose, and when your Service terminates for all purposes under the Plan.

  
 4 

			
	Notice of Exercise	  	When you wish to exercise this option, you must notify the Company by filing the proper “Notice of Exercise” form at the address given on the form. Your notice must
specify how many shares you wish to purchase, but no less than 100 shares unless there are less than 100 shares then subject to this option. Your notice must also specify how your shares of Stock should be registered (in your name only or in your
and your spouse’s names as joint tenants with right of survivorship or as tenants in common). The notice will be effective when it is received by the Company.
		
		  	If someone else wants to exercise this option after your death, that person must prove to the Company’s satisfaction that he or she is entitled to do so.
		
	Form of Payment	  	When you submit your notice of exercise, you must include payment of the Option Price for the shares you are purchasing. Payment may be made in one (or a combination) of the
following forms:
		
		  	 •       Cash, your personal check, a cashier’s check, a money order or another
cash equivalent acceptable to the Company.

		
		  	 •       Shares of Stock which are surrendered to the Company either in certificate
form or by attestation. The value of the shares, determined as of the effective date of the option exercise, will be applied to the Option Price.

		
		  	 •       To the extent a public market for the Stock exists as determined by the
Company, by delivery (on a form prescribed by the Company) of an irrevocable direction to a licensed securities broker acceptable to the Company to sell Stock and to deliver all or part of the sale proceeds to the Company in payment of the aggregate
Option Price and any withholding taxes.

  
 5 

			
	Withholding Taxes	  	You will not be allowed to exercise this option unless you make acceptable arrangements to pay any withholding or other taxes that may be due as a result of the option exercise
or sale of Stock acquired under this option, including, if the Company consents, payment by the delivery of Stock. In the event that the Company determines that any federal, state, local or foreign tax or withholding payment is required relating to
the exercise or sale of shares arising from this grant, the Company shall have the right to require such payments from you, or withhold such amounts from other payments due to you from the Company or any Affiliate.
		
	Transfer of Option	  	During your lifetime, only you (or, in the event of your legal incapacity or incompetency, your guardian or legal representative) may exercise the option. You cannot transfer or
assign this option. For instance, you may not sell this option or use it as security for a loan. If you attempt to do any of these things, this option will immediately become invalid. You may, however, dispose of this option in your will or it may
be transferred upon your death by the laws of descent and distribution.
		
		  	Regardless of any marital property settlement agreement, the Company is not obligated to honor a notice of exercise from your spouse, nor is the Company obligated to recognize
your spouse’s interest in your option in any other way.

  
 6 

			
	Market Stand-off Agreement	  	In connection with any underwritten public offering by the Company of its equity securities pursuant to an effective registration statement filed under the Securities Act,
including the Company’s initial public offering, you agree not to sell, make any short sale of, loan, hypothecate, pledge, grant any option for the purchase of, or otherwise dispose or transfer for value or agree to engage in any of the
foregoing transactions with respect to any shares of Stock without the prior written consent of the Company or its underwriters, for such period of time after the effective date of such registration statement as may be requested by the Company or
the underwriters (not to exceed 180 days in length).
		
	Investment Representation	  	If the sale of Stock under the Plan is not registered under the Securities Act, but an exemption is available which requires an investment or other representation, you shall
represent and agree at the time of exercise that the Stock being acquired upon exercise of this option is being acquired for investment, and not with a view to the sale or distribution thereof, and shall make such other representations as are deemed
necessary or appropriate by the Company and its counsel.
		
	Retention Rights	  	Neither your option nor this Agreement give you the right to be retained by the Company (or any parent, Subsidiaries or Affiliates) in any capacity. The Company (and any parent,
Subsidiaries or Affiliates) reserve the right to terminate your Service at any time and for any reason.
		
	Shareholder Rights	  	You, or your estate or heirs, have no rights as a shareholder of the Company until a certificate for your option’s shares has been issued (or an appropriate book entry has
been made). No adjustments are made for dividends or other rights if the applicable record date occurs before your stock certificate is issued (or an appropriate book entry has been made), except as described in the Plan.

  
 7 

			
	Adjustments	  	In the event of a stock split, a stock dividend or a similar change in the Stock, the number of shares covered by this option and the option price per share may be adjusted (and
rounded down to the nearest whole number) pursuant to the Plan. Your option shall be subject to the terms of the agreement of merger, liquidation or reorganization in the event the Company is subject to such corporate activity.
		
	Legends	  	All certificates representing the Stock issued upon exercise of this option shall, where applicable, have endorsed thereon the following legends:
		
		  	“THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER AND OPTIONS TO PURCHASE SUCH SHARES SET FORTH IN AN AGREEMENT BETWEEN THE COMPANY
AND THE REGISTERED HOLDER, OR HIS OR HER PREDECESSOR IN INTEREST. A COPY OF SUCH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY AND WILL BE FURNISHED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY BY THE HOLDER OF RECORD OF THE
SHARES REPRESENTED BY THIS CERTIFICATE.”

  
 8 

			
		  	“THE SHARES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION,
AND MAY NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION OR QUALIFICATION THEREOF UNDER SUCH ACT AND SUCH APPLICABLE STATE OR OTHER JURISDICTION’S SECURITIES LAWS OR AN OPINION OF COUNSEL, SATISFACTORY TO THE
COMPANY AND ITS COUNSEL, THAT SUCH REGISTRATION AND QUALIFICATION IS NOT REQUIRED.”
		
	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware, other than any conflicts or choice of law rule or principle that might otherwise refer
construction or interpretation of this Agreement to the substantive law of another jurisdiction.
		
	The Plan	  	The text of the Plan is incorporated in this Agreement by reference. Certain capitalized terms used in this Agreement are defined in the Plan, and have the meaning set forth in
the Plan.
		
		  	This Agreement and the Plan constitute the entire understanding between you and the Company regarding this option. Any prior agreements, commitments or negotiations concerning
this option are superseded.
		
	Other Agreements	  	You agree, as a condition of the grant of this option, that in connection with the exercise of the option, you will execute such document(s) as necessary to become a party to any
shareholder agreement or voting trust as the Company may require.

 By signing the cover sheet of this Agreement, you agree to all of the terms and conditions
described above and in the Plan. 

  
 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00210-of-00352.parquet"}]]