Document:

EX-10.9

 Exhibit 10.9 
  

 
 WARRANT AGREEMENT 

between 
 TRIBUNE COMPANY 

and 
 COMPUTERSHARE INC. 

and 
 COMPUTERSHARE TRUST COMPANY,
N.A. 
 Warrants to Purchase Shares of 

Class A Common Stock or Class B Common Stock 

Dated as of December 31, 2012 
  

 

 THIS WARRANT AGREEMENT (this “Warrant Agreement”), dated as of December 31,
2012, is made by and between Tribune Company, a Delaware corporation (the “Company”), and Computershare Inc., a Delaware corporation (“Computershare”), and its wholly-owned subsidiary Computershare Trust Company,
N.A., a federally chartered, limited purpose trust company (together with Computershare, the “Warrant Agent”). 

W  I  T  N  E  S  S  E  T  H
: 
 WHEREAS, the Company proposes to issue warrants (the “Warrants”) to purchase Class A Common Stock (as defined
below) or Class B Common Stock (as defined below), at the Warrant holders’ election, pursuant to the Fourth Amended Joint Plan of Reorganization for Tribune Company and its Subsidiaries Proposed by the Debtors, the Official Committee of
Unsecured Creditors, Oaktree Capital Management, L.P., Angelo, Gordon & Co., L.P., and JPMorgan Chase Bank, N.A. (the “Plan”), under chapter 11 of title 11 of the United States Code, as amended (the “Bankruptcy
Code”), as confirmed pursuant to the order, dated July 23, 2012, of the United States Bankruptcy Court for the District of Delaware, and the terms and conditions of this Warrant Agreement; 

WHEREAS, the initial Warrants are being issued in an offering in reliance on the exemption afforded by section 1145 of the Bankruptcy Code
from the registration requirements of the Securities Act (as defined below) and of any applicable state securities or “blue sky” laws; and 

WHEREAS, the Company has requested the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing so to act, in
connection with the issuance, division, transfer, exchange and exercise of Warrants pursuant to the terms and conditions of this Warrant Agreement. 

NOW, THEREFORE, in consideration of the premises and the mutual agreements herein set forth, the parties hereto agree as follows: 

1. Definitions. As used in this Warrant Agreement, the following capitalized terms have the respective meanings set forth below: 

“Bankruptcy Code” shall have the meaning specified in the recitals hereto. 

“Business Day” means any day that is not (i) a Saturday or Sunday or a day on which the New York Stock Exchange is
required or permitted to be closed and, (ii) in the event that the Warrants or Common Stock is listed on a national securities exchange other than the New York Stock Exchange, a day on which such national securities exchange is required or
permitted to close. 
 “Cashless Exercise” shall have the meaning set forth in Section 4.1. 

“Cashless Exercise Ratio” shall have the meaning set forth in Section 4.1. 

“Class A Common Stock” means the Class A Common Stock, par value $0.001 per share, of the Company. 

  
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 “Class B Common Stock” means the Class B Common Stock, par value $0.001 per
share, of the Company. 
 “Common Stock” means the Class A Common Stock and the Class B Common Stock. 

“Communications Act” means the Communications Act of 1934, as amended. 

“Company” shall have the meaning specified in the preamble hereof. 

“Current Market Price” as of any date, with respect to a share of Class A Common Stock or Class B Common Stock, as
applicable, shall be deemed to be the average of the closing prices for the ten consecutive Trading Days ending on the Trading Day immediately preceding such date on the principal national securities exchange on which the shares of Class A
Common Stock or Class B Common Stock, as applicable, are listed or admitted to trading or, if not listed or admitted to trading on any national securities exchange, the average of the reported bid and asked prices during such ten Trading Day period
in any over-the-counter quotation system selected by the Company or, if the shares of Class A Common Stock or Class B Common Stock, as applicable, are not then publicly traded, the Current Market Price shall be determined reasonably and in good
faith by the Board of Directors of the Company. 
 “Definitive Warrant” means a Warrant represented by a Warrant
Certificate, in definitive, fully registered form. 
 “DTC” means The Depository Trust Company or any successor clearing
and settlement depositary. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exercise Price” shall be equal to $0.001 per share of Common Stock, as such price may be adjusted pursuant to
Section 6. 
 “Expiration Date” means the twentieth anniversary of the Effective Date. After the Expiration
Date, the Warrants will become void and of no value. 
 “FCC” means the Federal Communications Commission and any successor
governmental agency. 
 “Federal Communications Laws” means any law administered or enforced by the FCC, including, without
limitation, the Communications Act, and regulations thereunder, pertaining to the ownership and/or operation or regulating the business activities of (x) any television or radio station, daily newspaper, cable television system or other medium
of mass communications or (y) any provider of programming content to any such medium. 
 “FINRA” means the Financial
Industry Regulatory Authority Inc. 
 “Officer” means the Chief Executive Officer, President, any Vice-President, the
Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary of the Company. 

  
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 “Other Property” shall have the meaning set forth in Section 6.3.

 “Person” means any individual, sole proprietorship, partnership, joint venture, trust, incorporated organization,
association, corporation, limited liability company, limited liability partnership, institution, public benefit corporation, entity or government (whether federal, state, county, city, municipal or otherwise, including, without limitation, any
instrumentality, division, agency, body or department thereof). 
 “Plan” shall have the meaning specified in the recitals
hereto. 
 “regulations” means not only regulations but rules, published policies and published controlling interpretations
by an administrative agency or body empowered to administer a statutory provision of the Federal Communications Laws. 
 “Securities
Act” means the Securities Act of 1933, as amended. 
 “Trading Day” means (i) if the applicable security is
listed on the New York Stock Exchange, a day on which trades may be made thereon or (ii) if the applicable security is listed or admitted for trading on the NYSE Amex LLC, the NASDAQ Global Select Market, the NASDAQ Global Market or other
national securities exchange or market, a day on which the NYSE Amex LLC, the NASDAQ Global Select Market, the NASDAQ Global Market or such other national securities exchange or market, respectively, is open for business or (iii) if the
applicable security is not so listed, admitted for trading or quoted, any Business Day. 
 “Transaction” shall have the
meaning set forth in Section 6.3. 
 “Transfer Agent” shall have the meaning set forth in
Section 4.2. 
 “Warrants” shall have the meaning specified in the recitals hereto, and shall include all
Warrants issued upon registration of transfer, division or combination of, or in substitution for, any thereof. 
 “Warrant
Agent” shall have the meaning specified in the preamble hereof and shall include any successor Warrant Agent hereunder. 

“Warrant Agent’s Principal Office” means the principal office of the Warrant Agent at 250 Royall Street, Canton,
Massachusetts 02021 (or such other office of the Warrant Agent or any successor thereto hereunder acceptable to the Company as set forth in a written notice provided to the Company and the registered holders of the Warrants). 

“Warrant Agreement” shall have the meaning specified in the preamble hereof. 

“Warrant Certificate” means any certificate representing Warrants, substantially in the form set forth in Exhibit A
attached hereto. 
 “Warrant Price” means an amount equal to (i) the number of shares of Common Stock being purchased
upon exercise of a Warrant pursuant to Section 4.1, multiplied by (ii) the Exercise Price. 

  
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 “Warrant Register” shall have the meaning set forth in Section 3.2.

 “Warrant Registrar” shall have the meaning set forth in Section 3.2. 

Capitalized terms not defined herein have the meanings ascribed to them in the Plan. 

2. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company in accordance with the
instructions set forth in this Warrant Agreement, and the Warrant Agent hereby accepts such appointment. 
 3. Issuance; Registration;
Form and Execution of Warrants. 
 3.1. Issuance. Subject to the provisions of this Warrant Agreement, (i) on the Effective
Date, the Company shall issue, in book-entry form, Warrants to purchase an aggregate of 16,567,796 shares of Common Stock to the parties set forth on Schedule A attached hereto and (ii) from and after the Effective Date and until 5:00
p.m., New York City time, on the Expiration Date, the Company may, from time to time, pursuant to Section C of Article 5 of the Amended and Restated Certificate of Incorporation of the Company, issue such additional Warrants, in book-entry form, as
may be reasonably necessary solely to comply with Federal Communications Laws. The number of Warrants issued pursuant to this Warrant Agreement, the number of shares of Common Stock issuable upon exercise of such Warrants and the Exercise Price are
all subject to adjustment pursuant to Section 6. 
 3.2. Book-Entry Form and Registration. Warrants will be issued in
book-entry form only. Definitive Warrants will not be issued unless required by law or by the rules or procedures of any exchange, trading system, book-entry system or similar organization in which the Company may from time to time seek to have the
Warrants included. A register of the Warrants and of their transfer shall be maintained at the Warrant Agent’s Principal Office by the Warrant Agent (the “Warrant Register”). The Company hereby appoints the Warrant Agent to act
as the registrar with respect to the Warrants (the “Warrant Registrar”). The Warrant Register shall show the names and address of the registered holders of Warrants and the number of Warrants owned by each registered holder. The
Company and the Warrant Agent may deem and treat the Person in whose name a Warrant or Warrants are registered in the Warrant Register as the absolute owner thereof for all purposes whatsoever, and neither the Company nor the Warrant Agent shall be
affected by any notice to the contrary (other than notice of transfer in accordance with the terms hereof). 
 3.3. Form of Warrant
Certificate. Each Warrant Certificate, if any, shall be in substantially the form set forth in Exhibit A hereto and shall have such insertions as are appropriate or required by this Warrant Agreement and may have such letters, numbers or
other marks of identification and such legends and endorsements, stamped, printed, lithographed or engraved thereon, as the Company may deem appropriate and as are not inconsistent with the provisions of this Warrant Agreement, such as may be
required to comply with this Warrant Agreement, any law or any rule of any securities exchange on which Warrants may be listed, and such as may be necessary to conform to customary usage. The terms and provisions contained in any Warrant Certificate
shall constitute, and are hereby expressly made, a part of this Warrant Agreement. The Company and the Warrant Agent, by their execution and delivery of this 

  
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Warrant Agreement, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Warrant Certificate conflicts with the express provisions of
this Warrant Agreement, the provisions of this Warrant Agreement shall govern and be controlling. Each Warrant Certificate shall represent such of the outstanding Warrants as shall be specified therein and shall provide that it shall represent the
number of outstanding Warrants from time to time endorsed thereon and that the number of outstanding Warrants represented thereby may from time to time be modified, as appropriate, to reflect exchanges and exercises. 

3.4. Execution of Warrant Certificates. An Officer shall sign any Warrant Certificate on behalf of the Company by manual or facsimile
signature. If the Officer whose signature is on a Warrant Certificate no longer holds that office at the time a Warrant Certificate is countersigned, the Warrant Certificate shall nevertheless be valid. A Warrant Certificate shall not be valid until
countersigned by the manual signature of the Warrant Agent. The signature by the Warrant Agent shall be conclusive evidence that a Warrant Certificate has been properly issued under this Warrant Agreement. 

The Warrant Agent shall, upon a written order of the Company signed by an Officer, countersign Warrant Certificates for original issue up to
the number stated in Section 3.1. The Warrant Agent may appoint an agent acceptable to the Company to countersign Warrant Certificates. Such an agent may countersign Warrant Certificates whenever the Warrant Agent may do so. Each
reference in this Warrant Agreement to a countersignature by the Warrant Agent includes a countersignature by such agent. Such agent shall have the same rights as the Warrant Agent in dealing with the Company. 

4. Exercise of Warrants. 

4.1 Manner of Exercise. 

Subject to Section 4.5(c), from and after the Effective Date and until 5:00 p.m., New York City time, on the Expiration Date, a
holder of Warrants may exercise such holder’s right to purchase shares of Common Stock (i)(x) by delivering on any Business Day to the Warrant Agent at the Warrant Agent’s Principal Office the Form of Election to Purchase attached as
Exhibit B hereto duly completed and signed by the registered holder thereof or by his, her or its duly appointed legal representative thereof or by a duly authorized attorney, such signature to be guaranteed by an eligible guarantor
institution participating in a signature guarantee program approved by the Securities Transfer Association and any other reasonable evidence of authority that may be required by the Warrant Agent and, in the case of Definitive Warrants, the holder
thereof must surrender for exercise the Warrant Certificates representing such Definitive Warrants at the Warrant Agent’s Principal Office or, (y) in the case of any Warrants held by any Warrant holder through a direct or indirect DTC
participant, by effecting exercise pursuant to the applicable DTC rules for warrant exercises, and in each case (ii) paying the Exercise Price for each share of Common Stock as to which such Warrants are being exercised, which may be made, at
the option of the holder, (A) in United States dollars by certified or official bank check to the order of Computershare for the account of the Company, (B) by a Cashless Exercise (as defined below) or (C) by any combination of
(A) and (B), at the Warrant Agent’s Principal Office. An exercising Warrant holder may elect at the time of 

  
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exercise, by duly completing the Form of Election to Purchase, whether the shares of Common Stock for which such Warrant is being exercised will be for shares of Class A Common Stock, Class
B Common Stock or a combination of Class A Common Stock and Class B Common Stock as set forth in the Form of Election to Purchase. 
 A
“Cashless Exercise” shall mean an exercise of a Warrant in accordance with the immediately following three sentences. To effect a Cashless Exercise, the holder of a Warrant may exercise a Warrant or Warrants without payment of the
Exercise Price in cash by surrendering such Warrant or Warrants and, in exchange therefor, receiving such number of shares of Common Stock equal to the product of (1) that number of shares of Common Stock for which such Warrants are exercisable
and which would be issuable in the event of an exercise with payment in cash of the Exercise Price and (2) the Cashless Exercise Ratio (as defined below). The “Cashless Exercise Ratio” shall equal a fraction, the numerator of
which is the excess of the Current Market Price per share of Class A Common Stock or Class B Common Stock, as applicable, on the date of exercise over the Exercise Price per share of Common Stock as of the date of exercise and the denominator
of which is the Current Market Price per share of Class A Common Stock or Class B Common Stock, as applicable, on the date of exercise. The “date of exercise” shall be the Trading Day upon which all of the requirements set
forth in Section 4.1 are satisfied. 
 The Company acknowledges that the bank accounts maintained by Computershare in connection
with the services provided under this Warrant Agreement will be in Computershare’s name and that Computershare may receive investment earnings in connection with the investment, at Computershare’s risk and for its benefit, of funds held in
those accounts from time to time. Neither the Company nor the registered holders of the Warrants will receive interest on any deposits or Exercise Price. Computershare will promptly remit to the Company any funds received in connection with the
exercise of Warrants 
 Upon surrender of a Definitive Warrant representing more than one Warrant in connection with any exercise thereof,
the registered holder of such Warrants must specify the number of Warrants for which such Definitive Warrant is to be exercised. All provisions of this Warrant Agreement shall be applicable with respect to the exercise of a Definitive Warrant of
less than the full number of Warrants represented thereby. In the case that a registered holder of a Definitive Warrant shall exercise fewer than all Warrants evidenced thereby, a new Definitive Warrant evidencing the number of Warrants equivalent
to the number of Warrants remaining unexercised shall be issued by the Warrant Agent to such holder of such Definitive Warrant or to his duly authorized successors or assigns following completion of the procedures set forth in this
Section 4.1. Except as provided in Section 6, no payment or adjustment shall be made on account of any distributions or dividends on the Common Stock where the record date for holders of Common Stock entitled to receive such
distribution or dividend is a date prior to the date of exercise of a Warrant or such distribution or dividend is issued prior to the date of exercise of a Warrant. 

4.2 Delivery of Common Stock. Upon satisfaction of the requirements set forth in Section 4.1, the Warrant Agent shall
requisition from the Company’s Common Stock transfer agent (the “Transfer Agent”) for issuance and delivery to or upon the written order of the holder of such Warrant or Warrants and in such name or names as such holder may
designate, the share 

  
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or shares of Common Stock issuable upon the exercise of the Warrant or Warrants. Subject to Section 4.5 and Section 6, upon receipt thereof, the Company shall, as promptly
as practicable, and in any event within three Business Days thereafter, cause to be issued to such holder the aggregate number of whole shares of Common Stock issuable upon such exercise and deliver to such holder written confirmation that such
shares have been duly issued and recorded on the books of the Company as hereinafter provided. Shares of Common Stock will be issuable in book-entry form only unless at the time the Company is issuing shares of Common Stock in certificated form, in
which case such holder shall have the right to obtain shares in certificated form. The shares of Common Stock so issued shall be registered in the name of the Warrant holder or such other name as shall be designated in the Form of Election to
Purchase delivered by the Warrant holder. Subject to Section 4.5, such shares shall be deemed to have been issued and any Person so designated to be named therein shall be deemed to have become the holder of record of such share or
shares of Common Stock as of the Trading Day on which all of the requirements set forth in Section 4.1 are satisfied. Notwithstanding any other provision of this Warrant Agreement, the Company shall not be required to recognize the
exercise of any Warrant acquired in violation of this Warrant Agreement or deliver shares of Common Stock to the holder of such Warrant upon such exercise. 

The Company shall provide to the Warrant Agent an order of the United States Bankruptcy Court for the District of Delaware confirming the
Plan, which approves the issuance of the Warrants and which provides that the Warrants being issued under the Plan are exempt from registration under applicable securities laws, including the Securities Act pursuant to section 1145(a) of the
Bankruptcy Code. 
 The Warrants may be exercised in whole or in part, provided that any exercise in part shall be for a whole number of
Warrants. 
 4.3 Payment of Taxes. The Company shall pay all expenses and costs in connection with the initial issuance of the
Warrants. Each Warrant holder shall be responsible for any and all other taxes or other governmental charges imposed on such holder with respect to any subsequent issuance or delivery of Warrants or any transfer or exercise thereof. 

4.4 Fractional Shares. The Company shall not issue fractional shares of Common Stock upon exercise of any Warrant. Whenever any
distribution of Warrants exercisable into a fractional share of Common Stock would otherwise be called for, the actual distribution thereof shall be rounded as follows: (i) fractions of  1⁄2 or greater shall be rounded to the next higher whole number and (ii) fractions of less than  1⁄2 shall be rounded to
the next lower whole number. 
 4.5 Restrictions on Exercise.  

(a) The Company may restrict the exercise by any Person of Warrants in the event the ownership or proposed ownership of shares of capital
stock of the Company, either alone or in combination with other actual or proposed ownership of other shares of capital stock of the Company or shares of capital stock of any other Person, would (i) be inconsistent with, or in violation of, any
provision of the Federal Communications Laws, (ii) materially limit or materially impair any existing business activity of the Company or any of its subsidiaries 

  
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under the Federal Communications Laws, (iii) materially limit or materially impair under the Federal Communications Laws the acquisition of an attributable interest in a full-power
television station, a full-power radio station or a daily newspaper (which, as used herein, shall mean “daily newspaper” within the meaning of the Federal Communications Laws) by the Company or any of its subsidiaries for which the Company
or its subsidiary has entered into a definitive agreement with a third party or (iv) subject the Company or any of its subsidiaries to any regulation under the Federal Communications Laws having a material effect on the Company or any
subsidiary of the Company to which the Company or any subsidiary of the Company would not be subject but for such ownership or proposed ownership. 

(b) If the Company believes that the proposed ownership of shares of capital stock of the Company by any exercising holder of Warrants, or by
such other Person as such holder may designate pursuant to Section 4.2, that has complied with the procedures set forth in Section 4.1 may (i) result in any inconsistency with or violation of the Federal Communications
Laws as set forth in Section 4.5(a), including, without limitation, any inconsistency with or violation of Section 310(b) of the Communications Act or Section 73.3555 of the FCC’s regulations as set forth in 47 C.F.R.
73.3555, (ii) materially limit or materially impair any existing business activity of the Company or any of its subsidiaries under the Federal Communications Laws, (iii) materially limit or materially impair under the Federal
Communications Laws the acquisition of an attributable interest in a full-power television station, a full-power radio station or a daily newspaper by the Company or any of its subsidiaries for which the Company or its subsidiary is considering
entering into a definitive agreement with a third party, (iv) subject the Company or any of its subsidiaries to any regulation under the Federal Communications Laws having a material effect on the Company or any subsidiary of the Company to
which the Company or any subsidiary of the Company would not be subject but for such proposed ownership or (v) be subject to FCC reporting requirements regarding such Person, such Person shall furnish promptly to the Company such information
(including, without limitation, information with respect to its citizenship, ownership structure, and other ownership interests and affiliations) as the Company shall reasonably request. 

(c) If (i) any Person from whom information is requested pursuant to Section 4.5(b) does not provide all the information
requested by the Company completely and accurately in a timely manner or (ii) the Company shall conclude that the proposed ownership of a Warrant holder, or such other Person as such holder may designate, or that a stockholder’s exercise
of any rights of ownership with respect to, shares of Common Stock, either alone or in combination with other existing or proposed ownership of shares of capital stock of any other Person, would result in (A) an inconsistency with or violation
of the Federal Communications Laws, (B) a material limitation or material impairment of any existing business activity of the Company or any of its subsidiaries under the Federal Communications Laws, (C) a material limitation or material
impairment under the Federal Communications Laws of the acquisition of an attributable interest in a full-power television station, a full-power radio station or a daily newspaper by the Company or any of its subsidiaries for which the Company or
any of its subsidiaries has entered into a definitive agreement with a third party or (D) subjecting the Company or any of its subsidiaries to any regulation under the Federal Communications Laws having a material effect on the Company or any
subsidiary of the Company to which the Company or any subsidiary of the Company would not be subject but for such ownership or proposed ownership, then in the case of either clause (i) or any provision of clause (ii) of this

  
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Section 4.5(c), the Company may (1) refuse to permit the exercise of all or any of the Warrants of such holder, (2) suspend those rights of Warrant ownership the exercise of
which causes or could cause any situation described in any provision of clause (ii) of this Section 4.5(c) to occur, (3) condition the acquisition of shares of Common Stock on the prior consent of the FCC, to the extent such
consent is required, and/or (4) exercise any and all appropriate remedies, at law or in equity, in any court of competent jurisdiction, against any such holder, with a view towards obtaining such information or preventing or curing any
situation described in clause (ii) of this Section 4.5(c) to occur which would cause an inconsistency with or violation of the Federal Communications Laws. Any such refusal to permit or suspension of rights with respect to the
exercise of Warrants pursuant to clauses (1) and (2), respectively, of the immediately preceding sentence shall remain in effect until the earlier of the following to occur: (x) the requested information has been received and the Company
has determined that such exercise will not result in an inconsistency with or violation of the Federal Communications Laws, (y) a binding determination that such exercise will not cause a violation of applicable law, including, without
limitation, a declaratory ruling from the FCC under Section 1.2 of the rules of the FCC promulgated under the Communications Act (or any successor rule) has been obtained to the extent that the Company reasonably deems any such ruling to be
necessary or (z)(A) the holder has provided an opinion in form and substance, and from counsel reasonably satisfactory to the Company, that such exercise will not result in an inconsistency with or violation of the Federal Communications Laws and
(B) if the Company requests, an agreement from the holder reasonably satisfactory to the Company indemnifying the Company against losses in the event the exercise of the Warrant results in a violation of the Federal Communications Laws. 

5. Transfer and Exchanges. 

5.1. Transfer of Warrants. 

(a) Subject to paragraph (b) of this Section 5.1, on any Business Day any Warrant or Warrants may be transferred, entitling
the new Warrant holder to purchase a like number of shares of Common Stock as such holder transferring such Warrant or Warrants is entitled to purchase. Any Warrant holder desiring to transfer any Warrant or Warrants shall make such request by
written instruction of transfer, guaranteed by an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association and any other reasonable evidence of authority that may be required by
the Warrant Agent, in form satisfactory to the Company and the Warrant Agent, duly executed by the registered holder thereof or by his, her or its duly appointed legal representative or duly authorized attorney, or, in the case of Warrants held by
any registered holder through a direct or indirect participant in DTC, any transfer shall be effected through the applicable DTC rules for warrant transfers. Additionally, in the case of Definitive Warrants, a Warrant holder may transfer a
Definitive Warrant only upon surrender of such Definitive Warrant for registration of transfer. Thereupon the Warrant Agent shall record such transfer in the Warrant Register. The requirements for such transfer or for exchanges to be issued in a
name other than the registered holder shall include, inter alia, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association, and any other reasonable
evidence of authority that may be required by the Warrant Agent. 

  
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 (b) No Warrants may be sold, exchanged or otherwise transferred in violation of the Securities
Act or state securities laws. The Company and/or the Warrant Agent may require, as a condition to any sale, exchange or transfer of a Warrant, that the Warrant holder deliver to the Company and the Warrant Agent an opinion of counsel, which opinion
of counsel shall be reasonably satisfactory to the Company, to the effect that such sale, exchange or transfer is made in compliance with the Securities Act and all applicable state securities laws or pursuant to an exempt transaction under the
Securities Act and state securities laws. The provisions of this paragraph (b) shall not apply to the exercise of any Warrant to the extent that the shares of Common Stock issued upon such exercise (and any unexercised portion of the Warrant so
exercised) shall be issued to the same holder that exercised such Warrant. 
 (c) Each Warrant holder acknowledges that each Warrant
Certificate will bear such legends as the Company believes, based upon advice of its counsel, are advisable in light of the securities laws applicable to the Warrant Certificates and transfers thereof. 

5.2. General Provisions Relating to Transfers and Exchanges. 

(a) To permit registrations of transfers and exchanges, the Company shall execute and the Warrant Agent shall countersign, in accordance with
the provisions of Section 3.4, any Warrant Certificates upon the Company’s order or at the Warrant Registrar’s request. 

(b) No service charge shall be made to a Warrant holder for any registration of transfer or exchange, but the Company may require payment of
a sum sufficient to cover any transfer tax or governmental charge payable in connection therewith. 
 (c) All Warrants issued upon any
registration of transfer or exchange of Warrants shall be duly authorized, executed and issued Warrants for Common Stock, not subject to any preemptive rights, and entitled to the same benefits under this Warrant Agreement, as the Warrants
surrendered upon such registration of transfer or exchange. 
 (d) Prior to due presentment for the registration of a transfer of any
Warrant, the Warrant Agent, and the Company may deem and treat the Person in whose name any Warrant is registered on the Warrant Register as the absolute owner of such Warrant for all purposes and neither the Warrant Agent nor the Company shall be
affected by notice to the contrary. 
 5.3. Facsimile Submissions to Warrant Agent. All instructions required to be submitted to the
Warrant Registrar pursuant to this Section 5 to effect a registration of transfer or exchange may be submitted by facsimile or other electronic submission (such as email). 

6. Adjustments. The number of shares of Common Stock for which a Warrant is exercisable and the Exercise Price shall be subject to
adjustment from time to time as set forth in this Section 6. 
 6.1. Stock Dividends, Subdivisions and Combinations. If
at any time the Company shall: (i) take a record of the holders of its Common Stock for the purpose of entitling them to receive a dividend payable in, or other distribution of, additional shares of Common

  
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Stock; (ii) subdivide its outstanding shares of Common Stock into a larger number of shares of Common Stock; or (iii) combine its outstanding shares of Common Stock into a smaller
number of shares of Common Stock; then (a) the number of shares of Common Stock for which a Warrant is exercisable immediately after the occurrence of any such event shall be adjusted to equal the number of shares of Common Stock that a record
holder of the same number of shares of Common Stock for which a Warrant is exercisable immediately prior to the occurrence of such event would own or be entitled to receive after the happening of such event and (b) the Exercise Price shall be
adjusted to equal (1) the Exercise Price prior to such adjustment multiplied by the number of shares of Common Stock for which a Warrant is exercisable immediately prior to the adjustment divided by (2) the number of shares of Common Stock
for which a Warrant is exercisable immediately after such adjustment. 
 6.2. Other Provisions Applicable to Adjustments under this
Section. The following provisions shall be applicable to the making of adjustments of the number of shares of Common Stock for which a Warrant is exercisable and the Exercise Price provided for in this Section 6: 

(a) When Adjustments to Be Made. The adjustments required by this Section 6 shall be made whenever and as often as any
specified event requiring an adjustment shall occur, except that any adjustment of the number of shares of Common Stock for which a Warrant is exercisable that otherwise would be required may be postponed (except in the case of a subdivision or
combination of shares of Common Stock, as provided for in Section 6.1) up to, but not later than the date of exercise if such adjustment either by itself or with other adjustments not previously made would result in an increase or
decrease, as the case may be, of less than 1% of the shares of Common Stock for which a Warrant is exercisable immediately prior to the making of such adjustment. Any adjustment representing a change of less than such minimum amount (except as
aforesaid) which is postponed shall be carried forward and made as soon as such adjustment, together with any other adjustments required by this Section 6 and not previously made, would result in a minimum adjustment or on the date of
exercise. For the purpose of any adjustment, any specified event shall be deemed to have occurred at the close of business on the date of its occurrence. 

(b) Fractional Interests. In computing adjustments pursuant to this Section 6 (but subject to Section 4.4),
fractional interests in Common Stock shall be taken into account to the nearest 1/1000th of a share. 
 6.3. Reorganization,
Reclassification, Merger, Consolidation or Sale of Substantially all Assets of the Company. If the Company (or any other Person, the stock or other securities of which are at the time receivable on the exercise of the Warrants) shall reorganize
its capital or reclassify its capital stock or consolidate or merge with or into another Person or there shall occur any sale or conveyance to a third party of all or substantially all of the Company’s assets or any statutory share exchange
(each such event hereinafter referred to as a “Transaction”), and pursuant to the terms of any such Transaction, the consideration to be paid or distributed to or otherwise received by the holders of Common Stock consists of shares
of common stock of the surviving or resulting Person and/or any cash, shares of stock (not constituting common stock) or other securities or property of any nature whatsoever (including warrants or other subscription or purchase rights) (such
non-common stock property hereinafter 

  
 - 11 - 

 
referred to as “Other Property”), then each holder of a Warrant shall have the right thereafter to receive, upon exercise of a Warrant, solely the number of shares of common
stock of the surviving or resulting Person and/or such amount of Other Property receivable pursuant to such Transaction by a holder of the number of shares of Common Stock for which a Warrant is exercisable immediately prior to the effective time of
such Transaction. In the case of any Transaction of the type described in the preceding sentence, it shall be a condition precedent to consummation of the Transaction that (i) the surviving or resulting Person assume the due and punctual
observance and performance of each and every covenant and condition of this Warrant Agreement and the Warrants to be performed and observed by the Company and all the obligations and liabilities hereunder, subject to such modifications as may be
deemed appropriate (as determined by resolution of the Board of Directors of the Company) in order to provide for adjustments of shares of Common Stock for which a Warrant is exercisable which shall be as nearly equivalent as practicable to the
adjustments provided for in this Section 6.3 and (ii) an Officer’s certificate and opinion of counsel, each stating that the Transaction complies with the provisions of this Warrant Agreement, have been delivered to the Warrant
Agent. For purposes of this Section 6.3, “common stock of the surviving or resulting Person” shall include stock, limited liability company interests or other ownership interests, of such Person of any class which does not have
a preference as to dividends or assets over any other class or series of stock, limited liability company interests or other ownership interests, of such Person and which is not subject to redemption and shall also include any evidences of
indebtedness, shares of stock, limited liability company interests or other ownership interests or other securities which are convertible into or exercisable or exchangeable for any such stock, limited liability company interests or other ownership
interests, either immediately or after the lapse of any prescribed time period or the occurrence of a specified event, and any warrants or other rights to subscribe for or purchase any such stock, limited liability company interests or other
ownership interests. The foregoing provisions of this Section 6.3 shall similarly apply to successive Transactions. 
 7.
Distributions. The Company shall make a pro rata distribution, other than as provided in Section 6, to the holders of the Warrants concurrently with any distribution made to the holders of Common Stock in an amount equal to the
aggregate number of shares of Common Stock issuable upon the exercise of Warrants outstanding multiplied by the aggregate amount of such distribution made to the holders of Common Stock and divided by the number of shares of Common Stock entitled to
such distribution made to the holders of Common Stock, provided that no such distribution shall be made to holders of Warrants if (x) an FCC ruling, regulation or policy prohibits such distribution to holders of Warrants or (y) the
Company’s FCC counsel opines that such distribution is reasonably likely to cause (i) the Company to violate any applicable FCC rules or regulations or (ii) any such holder of Warrants to be deemed to hold an attributable interest in
the Company. 
 8. Notice to Warrant Holders. Whenever the number of shares of Common Stock or other securities or Other Property for
which a Warrant is exercisable or whenever the Exercise Price shall be adjusted pursuant to Section 6, the Company shall forthwith prepare a certificate setting forth, in reasonable detail, the event requiring the adjustment and the
method by which such adjustment was calculated, specifying the number of shares of Common Stock for which a Warrant is exercisable and describing the number and kind of any other shares of stock, limited liability company interests, other ownership
interests or Other Property for which a Warrant is exercisable, and any change in the Exercise Price, after giving effect to such adjustment or 

  
 - 12 - 

 
change. The Company shall promptly cause a signed copy of such certificate to be delivered to the Warrant Agent in accordance with Section 15.2. The Company shall keep at its office
or agency designated by the Company pursuant to Section 13 copies of all such certificates and cause the same to be available for inspection at said office during normal business hours by any registered holder of Warrants or any
prospective purchaser of a Warrant designated by a registered holder thereof. 
 9. No Impairment. The Company shall not by any
action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issuance or sale of securities or any other voluntary action, avoid or seek to
avoid the observance or performance of any of the terms of this Warrant Agreement or any Warrant Certificate. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any shares of Common Stock
receivable upon the exercise of a Warrant above the amount payable therefor upon such exercise immediately prior to such increase in par value and (ii) take all such action as may be necessary or appropriate in order that the Company may
validly and legally issue fully paid and nonassessable shares of Common Stock upon the exercise of any Warrant. 
 10. Reservation and
Authorization of Common Stock. From and after the date hereof, the Company shall at all times reserve and keep available for issue upon the exercise of Warrants such number of its authorized but unissued shares of Common Stock as will be
sufficient to permit the exercise in full of all outstanding Warrants. All shares of Common Stock which shall be so issuable, when issued upon exercise of any Warrant and payment therefor in accordance with the terms of this Warrant Agreement and
such Warrant, shall be duly and validly issued and fully paid and nonassessable, and not subject to preemptive rights. 
 11. Stock and
Warrant Transfer Books. The Company will not at any time, except upon dissolution, liquidation or winding up of the Company, close its stock transfer books or Warrant transfer books so as to result in preventing or delaying the exercise or
transfer of any Warrant. 
 12. Loss or Mutilation. Upon receipt by the Company and the Warrant Agent from any registered holder of
Warrants of an affidavit and the posting of a corporate bond of indemnity satisfactory to the Warrant Agent, as well as any other evidence reasonably satisfactory to them of the ownership of and the loss, theft, destruction or mutilation of such
holder’s Warrant Certificate and, in case of mutilation, upon surrender and cancellation thereof, the Company will execute and the Warrant Agent will countersign and deliver in lieu thereof a new Warrant Certificate of like tenor and
representing an equal number of Warrants to such holder; provided, in the case of mutilation, no bond of indemnity shall be required if such Warrant Certificate in identifiable form is surrendered to the Company or the Warrant Agent for
cancellation. Applicants for such substitute Warrant Certificates shall also comply with such other reasonable regulations and pay such other reasonable charges as the Warrant Agent may prescribe and as required by Section 8-405 of the Uniform
Commercial Code as in effect in the State of Delaware. 

  
 - 13 - 

 13. Office of Company. As long as any of the Warrants remain outstanding, the Company
shall maintain an office or agency (which may be the principal executive offices of the Company) where the Warrants may be presented for exercise, registration of transfer, division or combination as provided in this Warrant Agreement. The Company
shall initially maintain such an agency at the Warrant Agent’s Principal Office. 
 14. Warrant Agent. 

14.1. Merger or Consolidation or Change of Name of Warrant Agent. Any Person into which the Warrant Agent may be merged or with which it
may be consolidated, or any Person resulting from any merger or consolidation to which the Warrant Agent shall be a party, or any Person succeeding to all or substantially all of the shareholder services business of the Warrant Agent, shall be the
successor to the Warrant Agent hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto. If, at the time such successor by merger or consolidation to the Warrant Agent shall succeed to the
agency created by this Warrant Agreement, any Warrant Certificate shall have been countersigned but not delivered, any such successor to the Warrant Agent may adopt the countersignature of the predecessor Warrant Agent and deliver such Warrant
Certificate so countersigned; and if at that time any Warrant Certificate shall not have been countersigned, any successor to the Warrant Agent may countersign such Warrant Certificate either in the name of the predecessor Warrant Agent or in the
name of the successor Warrant Agent; and in all such cases Warrants shall have the full force provided in the Warrants and in this Warrant Agreement. If at any time the name of the Warrant Agent shall be changed and at such time any Warrant
Certificate shall have been countersigned but not delivered, the Warrant Agent may adopt the countersignatures under its prior name and deliver such Warrant Certificate so countersigned; and if at that time any of the Warrant Certificate shall not
have been countersigned as provided in Section 3.4, the Warrant Agent may countersign such Warrant Certificate either in its prior name or in its changed name; and in all such cases such Warrant Certificate shall have the full force
provided in such Warrant Certificate and in this Warrant Agreement. 
 14.2. Certain Terms and Conditions Concerning the Warrant
Agent. The Warrant Agent undertakes the express (and not implied) duties and obligations imposed by this Warrant Agreement upon the following terms and conditions, by all of which the Company and the holders of Warrants, by their acceptance of
Warrants, shall be bound: 
 (a) Correctness of Statements. The statements contained herein and in the Warrants shall be taken as
statements of the Company, and the Warrant Agent assumes no responsibility for the correctness of any of the same. The Warrant Agent assumes no responsibility with respect to the distribution of the Warrants except as herein expressly provided. 

(b) Breach of Covenants. The Warrant Agent shall not be responsible for any failure of the Company to comply with any of the covenants
contained in this Warrant Agreement or in the Warrants to be complied with specifically by the Company. 
 (c) Performance of
Duties. The Warrant Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys or agents (which shall not include its employees) and shall not be
responsible for the misconduct or negligence of any agent appointed with due care. 

  
 - 14 - 

 (d) Reliance on Counsel. The Warrant Agent may consult at any time with legal counsel
satisfactory to it, and the Warrant Agent shall incur no liability or responsibility to the Company or to any holder of Warrants in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance with the opinion or
the advice of such counsel provided that such counsel shall have been selected with due care. 
 (e) Compensation and
Indemnification. The Company agrees to pay to the Warrant Agent the mutually agreed to fees for all services rendered by the Warrant Agent in the performance of this Warrant Agreement, to reimburse the Warrant Agent for all documented
out-of-pocket expenses, actually and reasonably incurred by the Warrant Agent in the performance of this Warrant Agreement and to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and
reasonable attorney’s fees, for anything done or omitted by the Warrant Agent in the performance of its duties and powers under this Warrant Agreement, except for such liabilities that arise as a result of the Warrant Agent’s negligence,
willful misconduct or bad faith. 
 (f) Legal Proceedings. The Warrant Agent shall be under no obligation to institute any action,
suit or legal proceeding or to take any other action likely to involve expense unless the Company or one or more holders of Warrants shall furnish the Warrant Agent with reasonable security and indemnity for any costs and expenses that may be
incurred, but this provision shall not affect the power of the Warrant Agent to take such action as the Warrant Agent may consider proper, whether with or without any such security or indemnity. All rights of action under this Warrant Agreement or
under any of the Warrants may be enforced by the Warrant Agent without the possession of any of the Warrants or the production thereof at any trial or other proceeding relative thereto, and any such action, suit or proceeding instituted by the
Warrant Agent shall be brought in its name as Warrant Agent, and any recovery of judgment shall be for the ratable benefit of the holders of Warrants, as their respective rights or interests may appear. 

(g) Other Transactions in Securities of the Company. Except as prohibited by law, the Warrant Agent and any stockholder, director,
officer or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to
the Company or otherwise act as fully and freely as though it were not Warrant Agent under this Warrant Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other Person. 

(h) Liability of Warrant Agent. The Warrant Agent shall act hereunder solely as agent, and its duties shall be determined solely by
the provisions hereof. The Warrant Agent shall not be liable for anything that it may do or refrain from doing in accordance with the terms of this Warrant Agreement except for its gross negligence, recklessness, fraud, willful misconduct or bad
faith. Notwithstanding anything contained herein to the contrary, except to the extent arising out of the Warrant Agent’s bad faith, recklessness, fraud or willful misconduct, the Warrant Agent’s aggregate liability during any term of this
Warrant Agreement with respect to, arising from, or arising in connection with this Warrant Agreement, or from all services provided or omitted to be provided under this Warrant Agreement, whether in contract, or in tort, or otherwise, is limited
to, and shall not exceed, the amounts paid hereunder by the Company to Warrant Agent as fees and charges, but not including reimbursable expenses. 

  
 - 15 - 

 (i) Reliance on Documents. The Warrant Agent will not incur any liability or
responsibility to the Company or to any holder of Warrants for any action taken in reliance on any notice, resolution, waiver, consent, order, certificate, or other paper, document or instrument reasonably believed by it to be genuine and to have
been signed, sent or presented by the proper party or parties. 
 (j) Validity of Agreements. The Warrant Agent shall not be under
any responsibility in respect of the validity of this Warrant Agreement or the execution and delivery hereof (except the due execution and delivery hereof by the Warrant Agent) or in respect of the validity or execution of any Warrant (except its
countersignature and delivery thereof); nor shall the Warrant Agent by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Common Stock (or other stock or other property) to be issued
pursuant to this Warrant Agreement or any Warrant, or as to whether any Common Stock (or other stock or other property) will, when issued, be validly issued, fully paid and nonassessable, or as to the Warrant Price or the number or amount of Common
Stock or other securities or other property issuable upon exercise of any Warrant. 
 (k) Instructions from Company. The Warrant
Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from an Officer, and to apply to such Officers for advice or instructions in connection with its duties, and shall not be liable
for, any action taken or suffered to be taken by it in good faith in accordance with instructions of any such Officer or Officers. 
 14.3.
Change of Warrant Agent. The Warrant Agent may resign and be discharged from its duties under this Warrant Agreement by giving to the Company 30 days’ advance notice in writing. The Warrant Agent may be removed by like notice to the
Warrant Agent from the Company. If the Warrant Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Warrant Agent. If the Company shall fail to make such appointment within a
period of 30 days after such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Warrant Agent, then any holder of Warrants, may apply to a court of competent jurisdiction for the
appointment of a successor to the Warrant Agent. Pending the appointment of the successor warrant agent, the Company shall perform the duties of the Warrant Agent. After appointment, the successor warrant agent shall be vested with the same powers,
rights, duties and responsibilities as if it had been originally named as Warrant Agent without further act or deed; provided, however, the former Warrant Agent shall be required to deliver and transfer to the successor warrant agent any property at
the time held by it hereunder, and execute and deliver any further assurance, conveyance, act or deed necessary to facilitate succession. In the event of such resignation or removal, the successor warrant agent shall mail, first class, to each
holder of Warrants, written notice of such removal or resignation and the name and address of such successor warrant agent. Failure to file any notice provided for in this Section 14.3, however, or any defect therein, shall not affect
the legality or validity of the resignation or removal of the Warrant Agent or the appointment of the successor warrant agent, as the case may be. 

  
 - 16 - 

 14.4. Disposition of Proceeds on Exercise of Warrants; Inspection of Records. The Warrant
Agent shall account promptly to the Company with respect to Warrants exercised and concurrently pay to the Company in immediately available funds all amounts received by the Warrant Agent for the purchase of shares of Common Stock through the
exercise of such Warrants. The Warrant Agent shall, upon request of the Company from time to time, deliver to the Company such complete reports of registered ownership of the Warrants and such complete records of transactions with respect to the
Warrants as the Company may request. The Warrant Agent shall also make available to the Company for inspection by the Company’s agents or employees, from time to time as the Company may request, such original books of accounts and records
maintained by the Warrant Agent in connection with the issuance and exercise of Warrants hereunder, such inspections to occur at the Warrant Agent’s Principal Office. The Warrant Agent shall keep copies of this Warrant Agreement and any notices
given or received hereunder available for inspection by the Company or the holders of Warrants at the Warrant Agent’s Principal Office. The Company shall supply the Warrant Agent from time to time with such numbers of copies of this Warrant
Agreement as the Warrant Agent may request. 
 14.5. Cancellation. The Warrant Agent shall cancel all Warrant Certificates properly
surrendered for exercise, exchange, substitution, or transfer. The Warrant Agent shall destroy all cancelled Warrant Certificates and, if requested, deliver a certificate of such destruction to the Company. 

14.6. Survival. This Section 14 shall survive the resignation or removal of the Warrant Agent and the termination of this
Warrant Agreement. 
 15. Miscellaneous. 

15.1. Rights of Holders. Holders of unexercised Warrants are not entitled to (i) receive notice of or vote at any meeting of the
stockholders, (ii) consent to any action of the stockholders, (iii) exercise any preemptive right, or (iv) exercise any other right granted to stockholders of the Company, other than those rights set forth in this Warrant Agreement or
a Warrant Certificate. 
 15.2. Notice Generally. Any notice, demand, request, consent, approval, declaration, delivery or other
communication hereunder to be made pursuant to the provisions of this Warrant Agreement shall be sufficiently given or made if in writing and either delivered in person with receipt acknowledged or sent by overnight courier, registered or certified
mail, return receipt requested, postage prepaid or by facsimile, addressed as follows: 
 If to any holder of a Warrant or holder of shares
of Common Stock, at its last known address appearing on the Warrant Register of the Company maintained for such purpose. 
 If to the
Company at: 
 Tribune Company 

435 N. Michigan Avenue 
 Chicago,
IL 60611 
 Attention: General Counsel 

Telephone: (312) 222-9100 

Fax: (312) 222-4206 

  
 - 17 - 

 If to the Warrant Agent at: 

Computershare Trust Company, N.A. 

c/o Computershare Inc. 

Attention: Corporate Actions Department 

Telephone: 781-575-2000 
 Fax:
781-575-2901 
 or at such other address as may be substituted by notice given as herein provided. The giving of any notice required hereunder may be waived
in writing by the party entitled to receive such notice. Every notice, demand, request, consent, approval, declaration, delivery or other communication hereunder shall be deemed to have been duly given or served on the date on which personally
delivered, the first Business Day after delivery by overnight courier or facsimile, receipt acknowledged, or the third Business Day after deposit in the United States mail, whichever is earliest. 

15.3. Confidentiality. The Warrant Agent and the Company agree that all books, records, information and data pertaining to the business
of the other party, including inter alia, personal, non-public Warrant holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Warrant Agreement, including the fees for services mutually
agreed to, shall remain confidential, and shall not be voluntarily disclosed to any other Person, except as may be required by law, rule or regulation or any securities exchange. 

15.4. Successors and Assigns. All covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the
Warrant Agent shall bind and inure to the benefit of their respective successors and assigns hereunder. 
 15.5. Supplements and
Amendment. This Warrant Agreement constitutes the entire agreement and supersedes all other prior agreements and understandings, both written and oral, among the parties and any holder of Warrants, or any of them, with respect to the subject
matter hereof and may not be amended, except in a writing signed by both of the Company and the Warrant Agent. 
 The Company and the
Warrant Agent may from time to time supplement or amend this Warrant Agreement (a) without the approval of any holders of Warrants in order to cure any ambiguity, manifest error or other mistake in this Warrant Agreement, or to correct or
supplement any provision contained herein that may be defective or inconsistent with any other provision herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and the Warrant Agent may deem
necessary or desirable (including any provision relating to legends or other notations the Company determines are required on any Warrant or Warrant Certificate and any provision necessary or desirable to comply with the policies or procedures of
DTC) and that shall not materially and adversely affect, alter or change the legal rights of the holders of the Warrants or (b) with the prior written consent of holders of the Warrants exercisable for a majority of the Common Stock then
issuable upon exercise of the Warrants then outstanding; provided, however, that each amendment or supplement that decreases the Warrant Agent’s rights or increases its duties and responsibilities hereunder shall also require the prior written
consent of the Warrant Agent. 

  
 - 18 - 

 15.6. Benefits of this Warrant Agreement. Nothing in this Warrant Agreement shall be
construed to give to any Person other than the Company, the Warrant Agent and the registered holders of the Warrants any legal or equitable right, remedy or claim under this Warrant Agreement, and this Warrant Agreement shall be for the sole and
exclusive benefit of the Company, the Warrant Agent and the registered holders of the Warrants. 
 15.7. Severability. Wherever
possible, each provision of this Warrant Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant Agreement shall be prohibited by or invalid under applicable law, such
provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Warrant Agreement. 

15.8. Headings. The headings used in this Warrant Agreement are for the convenience of reference only and shall not, for any purpose,
be deemed a part of this Warrant Agreement. 
 15.9. Governing Law. This Warrant Agreement and the Warrants shall be governed by the
laws of the State of Delaware, without regard to the provisions thereof relating to conflict of laws. 
 15.10. Counterparts. This
Warrant Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

[Signature Page Follows] 

  
 - 19 - 

 IN WITNESS WHEREOF, each of the Company and the Warrant Agent has caused this Warrant Agreement
to be executed by its duly authorized officers as of the date first above written. 
  

			
	TRIBUNE COMPANY
		
	By:	 	 /s/ Chandler Bigelow III

	Name:	 	Chandler Bigelow III
	Title:	 	 Executive Vice President and Chief
 Financial
Officer

	
	 COMPUTERSHARE INC. and 

COMPUTERSHARE TRUST COMPANY, N.A.
 collectively, as Warrant
Agent

	For both entities:
		
	By:	 	 /s/ Thomas Borbely

	Name:	 	THOMAS BORBELY
	Title:	 	MANAGER, CORPORATE ACTIONS

 Signature Page to Warrant Agreement 

 Schedule A 

[Attached] 

 Exhibit A 

[Form of Warrant Certificate] 

WARRANT 
 TO PURCHASE CLASS A OR
CLASS B COMMON STOCK 
 OF 

TRIBUNE COMPANY 
  

			
	Certificate No.:            	 	Number of Warrants:                    

 Exercisable from and after the date hereof until 5:00 p.m., New York City time on the twentieth anniversary of
the Effective Date (as defined in the Warrant Agreement) (the “Expiration Date”). 
 [INSERT FORM OF LEGEND, IF ANY, AS
DIRECTED BY THE COMPANY FROM TIME TO TIME] 
 The sale, encumbrance or other disposition of the Warrants and any securities acquired upon
exercise of the Warrants is subject to the provisions of the Warrant Agreement (as defined below), a copy of which will be made available to any registered Holder or owner of a beneficial interest in a Warrant upon request to the Warrant Agent (or
successor warrant agent) at the address provided in Section 15.2 of the Warrant Agreement or obtained from the Company without charge. No registration or transfer of the securities issuable pursuant to the Warrant will be recorded on the
books of the Company until such provisions have been complied with. 
 This Warrant Certificate certifies that
                    , or its registered assigns, is the registered holder (“Holder”) of the number of Warrants set forth above
expiring at 5:00 p.m., New York City time, on the Expiration Date (the “Warrants”) to purchase Class A Common Stock or Class B Common Stock (collectively, the “Common Stock”) of Tribune Company, a Delaware
corporation (the “Company”). Each Warrant entitles the Holder, upon exercise thereof, to purchase from the Company at any time from and after the date hereof until 5:00 p.m., New York City time, on the Expiration Date, one
(1) share of Common Stock at the Exercise Price of $0.001 per share subject to adjustment and the other terms and conditions set forth herein and in the Warrant Agreement dated as of [Insert Date of Warrant Agreement] (the
“Warrant Agreement”) by and between the Company and [Warrant Agent], a [Jurisdiction/Entity], as warrant agent (the “Warrant Agent”). Such purchase shall be payable in
United States dollars by certified or official bank check to the order of the Warrant Agent for the account of the Company at the Warrant Agent’s Principal Office (as defined in the Warrant Agreement), or by Cashless Exercise (as defined in the
Warrant Agreement), subject to the conditions set forth herein and in the Warrant Agreement. The number of shares of Common Stock for which each Warrant is exercisable, and the Exercise Price, are subject to adjustment upon the occurrence of certain
events as set forth in the Warrant Agreement. Whenever the number of shares of Common Stock for which a Warrant is exercisable, or the Exercise Price, is adjusted pursuant to the Warrant Agreement, the Company shall prepare a certificate setting
forth, in reasonable detail the event requiring the adjustment and the method by which such adjustment was calculated. The Company shall promptly cause a signed copy of such certificate to be delivered to the Warrant Agent. 

 The exercise of each Warrant is subject to the restrictions set forth in Section 4.5
of the Warrant Agreement. 
 No Warrant may be exercised after 5:00 p.m., New York City time, on the Expiration Date, and to the extent not
exercised by such time such Warrants shall be void. 
 Reference is hereby made to the further provisions of this Warrant Certificate set
forth on the reverse side hereof, and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Warrant Certificate is not valid unless countersigned by the Warrant Agent. 

Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Warrant Agreement. 

THIS WARRANT CERTIFICATE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE PROVISIONS THEREOF RELATING TO CONFLICT
OF LAWS. 
 In witness whereof, the undersigned, duly authorized officer of the Company has caused this Warrant Certificate to be signed as
of this      day of                 ,     . 

 

			
	TRIBUNE COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	COUNTERSIGNED:
	
	 [Warrant Agent]
 as
Warrant Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

 [Form of Reverse of Warrant Certificate] 

The Warrants evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants expiring at 5:00 p.m., New York City time,
on the Expiration Date, entitling the Holder, on exercise, to purchase shares of Common Stock of the Company, and are issued or to be issued pursuant to the Warrant Agreement, which Warrant Agreement is hereby incorporated by reference and made a
part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and the holders of Warrants. A copy of the Warrant Agreement may
be obtained by the Holder hereof upon written request to the Company or the Warrant Agent at the addresses set forth below. 
 The exercise
of each Warrant is subject to the restrictions set forth in Section 4.5 of the Warrant Agreement. 
 Warrants may be exercised
by surrendering this Warrant Certificate, with the Election to Purchase set forth hereon properly completed and executed, together with payment of the Exercise Price by certified or official bank check payable to the order of the Warrant Agent for
the account of the Company or by Cashless Exercise as provided in the Warrant Agreement. In the event that the number of Warrants exercised shall be less than the total number of Warrants evidenced hereby, there shall be issued to the Holder hereof
or his duly authorized successors or assigns a new Warrant Certificate evidencing the number of Warrants not exercised. 
 The Warrant
Agreement provides that the number of shares of Common Stock for which each Warrant is exercisable, and the price at which such shares may be purchased upon exercise of each Warrant, are subject to adjustment upon the occurrence of certain events as
set forth in the Warrant Agreement. The Company shall not issue fractional shares of Common Stock upon the exercise of any Warrant, and the Company shall round fractions of less than  1⁄2 down to the nearest share of Common Stock as provided in the Warrant Agreement. 
 Warrant
Certificates, when surrendered at the Warrant Agent’s Principal Office by the registered Holder thereof in person or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations
provided in the Warrant Agreement for another Warrant Certificate or Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 

Upon due presentation for registration of transfer of this Warrant Certificate at the office of the Warrant Agent, a new Warrant Certificate
or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement. 

**** 
  

			
	COMPANY:	  	WARRANT AGENT:
		
	Tribune Company	  	Computershare Trust Company, N.A.
		
	435 N. Michigan Avenue	  	250 Royall St
		
	Chicago, IL 60611	  	Canton MA 02021

 **** 

 Exhibit B 

[FORM OF] 
 ELECTION TO
PURCHASE 
 The undersigned hereby irrevocably elects to exercise      Warrants, to purchase
             shares of Class A Common Stock of Tribune Company, a Delaware corporation (the “Company”), and
             shares of Class B Common Stock of the Company and herewith makes payment therefor, all at the price and on the terms and conditions specified in that certain Warrant Agreement
dated [    ], 2012 (the “Warrant Agreement”) between the Company and [                    ], as warrant agent,
and requests that certificates for the shares of Class A Common Stock and/or Class B Common Stock hereby purchased (and any securities or other property issuable upon such exercise) be issued in and delivered to the name and address specified
below. 
 The undersigned acknowledges that the exercise of each Warrant is subject to the restrictions set forth in Section 4.5
of the Warrant Agreement and certifies to the Company that, within the meaning of the Communications Act and the rules and policies of the Federal Communications Commission (“FCC”) (collectively, the “Communications
Laws”): 
 (1) the undersigned (a) is not the representative of any foreign government or foreign person; (b) if a
natural person, is a citizen of the United States; and (c) if an entity, has (i) less than 25% aggregate direct and indirect ownership by foreign persons or entities and (ii) less than 25% of its voting rights exercised directly or
indirectly by non-U.S. persons or entities; and 
 (2) either (a) the acquisition of Common Stock by the undersigned pursuant to
this election to purchase will not cause the undersigned or any person or entity with which its interests must be aggregated pursuant to the FCC’s broadcast attribution rules to acquire an attributable interest in the Company (generally a 5% or
greater voting interest in the Class A Common Stock) or (b) the undersigned has previously provided the Company, in writing, to the Company’s satisfaction, with all information and reports reasonably necessary for the Company
(i) to demonstrate that the holding of such an attributable interest will not cause the Company or the undersigned to violate or be inconsistent with the rules or policies of the FCC, (ii) to comply with all applicable reporting
obligations to the FCC with respect to such attributable interest and (iii) to determine to forbear from exercising its rights under Section 4.5 of the Warrant Agreement to, among other permitted actions, decline to permit the requested
exercise. 
 If you are unable to make the foregoing acknowledgment and certification, you may submit an Election to Purchase accompanied by
a foreign ownership questionnaire to Tribune Company, 435 N. Michigan Avenue, Chicago, IL 60611, Attention: General Counsel, Fax: (312) 222-4206. A foreign ownership questionnaire may be obtained upon request to Computershare, Attn: Stock
Option Department, 250 Royall Street, Canton, MA 02021. 
 REQUEST FOR CASHLESS EXERCISE 

 

	 ̈	 Please check if the undersigned, in lieu of tendering the cash payment, as aforesaid, hereby requests the delivery of a number of shares of
Class A Common Stock and/or Class B Common Stock equal to the number of shares of Common Stock for which such Warrants are exercisable and which would be issuable in the event of an exercise with

	 	
payment in cash multiplied by the Cashless Exercise Ratio within the meaning of Section 4.1 of the Warrant Agreement. 

 

							
		 		 	  
	 	
		 		 	Name	 	
				
		 		 	  
	 	
		 		 	Address	 	
				
		 		 	  
	 	
		 		 	Delivery Address (if different)	 	
				
	  
	 		 	  
	 	
	 Social Security or Other
 Taxpayer
Identification
 Number of Holder
	 		 	Signature	 	

 (Name must conform in all respects to the name of the registered holder of the Warrant specified in the Warrant Register.)

  

	
	Signature Guarantee:
	
	  

 Signature must be guaranteed by an eligible guarantor institution participating in a signature guarantee program approved by
the Securities Transfer Association. 
 NOTE: The exercise of any Warrants held by any holder of Warrants through a direct or indirect DTC participant shall
be effected through the applicable DTC rules for warrant exercises. 
 Defined terms used herein but not otherwise defined shall have the meaning ascribed
to such terms in the Warrant Agreement. 
 ****EX-10.10

 Exhibit 10.10 

Tribune Company 
 2013
Equity Incentive Plan 
 1. Purpose. The purpose of the Tribune Company 2013 Equity Incentive Plan is to provide a means through which the
Company and its Affiliates may attract and retain key personnel, including the services of experienced and knowledgeable non-executive directors, and to provide a means whereby directors, officers, employees, consultants, and advisors (and
prospective directors, officers, employees, consultants, and advisors) of the Company and its Affiliates can acquire and maintain an equity interest in the Company, or be paid incentive compensation, including but not limited to incentive
compensation measured by reference to the value of Common Stock or the results of operations of the Company, thereby strengthening their commitment to the welfare of the Company and its Affiliates and aligning their interests with those of the
Company’s shareholders. This Plan document is an omnibus document, which includes, in addition to the Plan, separate sub-plans (“Sub-Plans”) that permit offerings of grants to employees of certain Designated Foreign
Subsidiaries. Offerings under the Sub-Plans may be made in particular locations outside the United States of America and shall comply with local laws applicable to offerings in such foreign jurisdictions. The Plan shall be a separate and independent
plan from the Sub-Plans, but the total number of shares of Common Stock authorized to be issued under the Plan applies in the aggregate to both the Plan and the Sub-Plans. 

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

“Affiliate” means (i) any person or entity that, directly or indirectly, controls, is controlled by, or is under common
control with the Company or (ii) to the extent provided by the Committee, any person or entity in which the Company has a significant interest. The term “control” (including, with correlative meaning, the terms “controlled
by” and “under common control with”), as applied to any person or entity, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether
through the ownership of voting or other securities, by contract, or otherwise. 
 “ASC 718” has the meaning given such
term in Section 11 below. 
 “Award” means, individually or collectively, an Option, a Stock Appreciation Right,
Restricted Stock, a Restricted Stock Unit, or an Other Stock-Based Award granted under the Plan. 
 “Beneficial Owner”
(including, with correlative meaning, the term “Beneficial Ownership”) has the meaning set forth in Rule 13d-3 promulgated under Section 13 of the Exchange Act. 

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

“Cause” means, in the case of a particular Award, unless the applicable Award agreement states otherwise,
(i) circumstances providing the Company or an Affiliate the ability to terminate a Participant’s employment or service with “cause,” as defined in any employment, consulting, change in control, severance, or any other agreement
between the Participant and the Company or an Affiliate in effect at the time of such termination or (ii) in the absence of any 

 
such employment, consulting, change in control, severance, or other agreement (or the absence of any definition of “cause” or term of similar meaning therein), (A) the
Participant’s failure to follow the lawful instructions of the Board or his direct superiors, in each case other than as a result of his incapacity due to physical or mental illness or injury, which failure has resulted in, or could reasonably
be expected to result in, harm (whether financial, reputational, or otherwise) to the Company or an Affiliate, (B) the Participant’s engaging in conduct harmful (whether financially, reputationally, or otherwise) to the Company or an
Affiliate, (C) the Participant’s conviction of, or plea of guilty or no contest to, a felony or any crime involving as a material element fraud or dishonesty, (D) the willful misconduct or gross neglect of the Participant that has
resulted in or could reasonably be expected to result in harm (whether financial, reputational, or otherwise) to the Company or an Affiliate, (E) the willful violation by the Participant of the written policies of the Company or any of its
Affiliates that has resulted in, or could reasonably be expected to result in, harm (whether financial, reputational, or otherwise) to the Company or an Affiliate, (F) the Participant’s fraud or misappropriation, embezzlement, or misuse of
funds or property belonging to the Company (other than good faith expense account disputes), (G) the Participant’s act of personal dishonesty involving personal profit in connection with the Participant’s employment or service with
the Company or an Affiliate, or (H) the willful breach by the Participant of fiduciary duty owed to the Company or an Affiliate; provided, however, that the Participant shall be provided a 10-day period to cure any of the events or occurrences
described in the immediately preceding clause (A) hereof to the extent capable of cure during such 10-day period. Any determination of whether Cause exists shall be made by the Committee in its sole discretion. 

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

(i) the acquisition, through a transaction or series of transactions (other than through a public offering of the Common Stock under the
Securities Act or similar law or regulation governing the offering and sale of securities in a jurisdiction other than the United States), by any Person of Beneficial Ownership of more than 50% (on a fully diluted basis) of either (A) the
then-outstanding shares of common stock of the Company taking into account as outstanding for this purpose such Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any
similar right to acquire such Common Stock (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of
directors (the “Outstanding Company Voting Securities”); 
 (ii) the date upon which individuals who, during any
consecutive 24-month period, constitute the Board (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board; provided, that any person becoming a director subsequent to the date hereof whose
election or nomination for election was approved by a vote of at least two thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee
for director, without written objection to such nomination) shall be deemed an Incumbent Director; provided further, however, that no individual initially elected or nominated as a director of the Company

  
 2 

 
as a result of an actual or threatened election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, with respect to directors or as a result of
any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed an Incumbent Director; 

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

(iv) the consummation of a reorganization, recapitalization, merger, amalgamation, consolidation, statutory share exchange, or similar
form of corporate transaction involving the Company (a “Business Combination”), or sale, transfer, or other disposition of all or substantially all of the business or assets of the Company to an entity that is not an Affiliate of
the Company (a “Sale”), that in each case requires the approval of the Company’s stockholders (whether for such Business Combination or Sale or the issuance of securities in such Business Combination or Sale), unless
immediately following such Business Combination or Sale, (A) 50% or more of the total voting power of (x) the entity resulting from such Business Combination or the entity that has acquired all or substantially all of the business or
assets of the Company in a Sale (in either case, the “Surviving Company”), or (y) if applicable, the ultimate parent entity that directly or indirectly has Beneficial Ownership of sufficient voting securities eligible to elect
a majority of the board of directors (or the analogous governing body) of the Surviving Company (the “Parent Company”), is represented by the Outstanding Company Voting Securities that were outstanding immediately prior to such
Business Combination or Sale (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted or exchanged pursuant to such Business Combination or Sale), and such voting power among the holders
thereof is in substantially the same proportion as the voting power of the Outstanding Company Voting Securities among the holders thereof immediately prior to the Business Combination or Sale, (B) no Person is or becomes the beneficial owner,
directly or indirectly, of more than 50% of the total voting power of the outstanding voting securities eligible to elect members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company,
the Surviving Company), and (C) at least a majority of the members of the board of directors (or the analogous governing body) of the Parent Company (or, if there is no Parent Company, the Surviving Company) following the consummation of the
Business Combination or Sale were Board members at the time of the Board’s approval of the execution of the initial agreement providing for such Business Combination or Sale. 

“Class A Common Stock” means the Class A Common Stock, par value $0.001 per share, of the Company (and any stock or
other securities into which such common stock may be converted or exchanged). 
 “Class B Common Stock” means the Class B
Common Stock, par value $0.001 per share, of the Company (and any stock or other securities into which such common stock may be converted or exchanged). 

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

  
 3 

 “Committee” means the Compensation Committee of the Board or, if no such
Compensation Committee exists, the Board. 
 “Common Stock” means the Class A Common Stock or the Class B Common
Stock, as applicable. 
 “Company” means the Tribune Company, a Delaware corporation, and any successor thereto. 

“Data” has the meaning given such term in Section 15(f) below. 

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

“Disability” means, in the case of a particular Award, unless the applicable Award agreement states otherwise,
(i) circumstances providing the Company or an Affiliate the ability to terminate a Participant’s employment or service on account of “disability,” as defined in any employment, consulting, change in control, severance, or any
other agreement between the Participant and the Company or an Affiliate in effect at the time of such termination or (ii) in the absence of any such employment, consulting, change in control, severance, or other agreement (or the absence of any
definition of “disability” or term of similar meaning therein), a Participant’s total disability meeting any of the following criteria and (to the extent required by Section 409A of the Code) determined in a manner consistent
with Section 409A of the Code: (A) the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than 12 months; (B) the Participant is determined to be totally disabled by the Social Security Administration, or (C) the Participant is determined to be disabled in accordance with a
disability insurance program maintained by the Company. 
 “Effective Date” means the date the Plan is adopted by the
Board. 
 “Eligible Person” means any (i) individual employed by the Company or an Affiliate who satisfies all of the
requirements of Section 6 below; provided, however, that no such employee covered by a collective bargaining agreement shall be an Eligible Person unless such eligibility is set forth in such collective bargaining agreement or in an agreement
or instrument relating thereto, (ii) director or officer of the Company or an Affiliate, (iii) consultant or advisor to the Company or an Affiliate who may be offered securities registrable on Form S-8 under the Securities Act, and
(iv) any prospective employee, director, officer, consultant, or advisor who has accepted an offer of employment or consultancy from the Company or its 

  
 4 

 
Affiliates (and would satisfy the provisions of clauses (i) through (iii) above once he begins employment with or providing services to the Company or its Affiliates); provided, that no
such prospective service provider may receive payment under or exercise any right relating to an Award hereunder until such person has commenced services with the Company or its Affiliates. Notwithstanding the foregoing, with respect to any Award
that is intended to qualify as a “stock right” that does not provide for a “deferral of compensation” within the meaning of Section 409A of the Code, the term Affiliate as used in this definition of Eligible Person shall
include only those corporations or other entities in the unbroken chain of corporations or other entities beginning with the Company where each of the corporations in the unbroken chain other than the last corporation owns stock possessing at least
50% or more of the total combined voting power of all classes of stock in one of the other corporations in the chain. 
 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations, and other
interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations, or guidance. 

“Exercise Price” has the meaning given such term in Section 7 below. 

“Fair Market Value” means, on a given date with respect to a share of Common Stock, (i) if the Common Stock is listed on
a national securities exchange, the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or if there is no such sale on that date, then on the last preceding date on
which such a sale was reported, (ii) if the Common Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last sale basis, the average between the closing bid price and ask price reported
on such date, or if there is no such sale on that date, then on the last preceding date on which a sale was reported, or (iii) if the Common Stock is not listed on a national securities exchange or quoted in an inter-dealer quotation system on
a last sale basis, or if the Committee determines in its sole discretion that the shares of Common Stock are too thinly traded for Fair Market Value to be determined pursuant to clause (i) or (ii), the amount determined by the Committee in good
faith (and, with respect to setting the Exercise Price or Strike Price of an Option or SAR, respectively, that is intended to qualify as a “stock right” that does not provide for a “deferral of compensation” within the meaning of
Section 409A of the Code, in a manner consistent with Section 409A of the Code) to be the fair market value of the Common Stock. 

“Immediate Family Members” shall have the meaning set forth in Section 15(b)(ii) below. 

“Indemnifiable Person” shall have the meaning set forth in Section 4(f) below. 

“Lock-Up Period” shall have the meaning set forth in Section 14(a) below. 

“Non-Employee Director” means a member of the Board who is not an employee of the Company or any Affiliate. 

“Option” means an Award granted pursuant to Section 7. 

  
 5 

 “Option Period” has the meaning given such term in Section 7(c)(i) below.

 “Other Stock-Based Award” means an Award granted pursuant to Section 10. 

“Participant” means an Eligible Person who has been granted an Award under the Plan or, if applicable, such other person or
entity that holds an Award granted hereunder as a Permitted Transferree. 
 “Permitted Transferee” shall have the meaning
set forth in Section 15(b)(ii) below. 
 “Permitted 12h-1(f) Transferee” shall have the meaning set forth in
Section 15(g)(i) below. 
 “Person” has the meaning given in Section 3(a)(9) of the Exchange Act, as modified and
used in Sections 13(d) and 14(d) thereof, except that such term shall not include (i) the Company or any of its subsidiaries, (ii) any employee benefit plan of the Company or any of its Affiliates or any related trust, trustee, or other
fiduciary holding securities thereunder, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of Common Stock of the Company. 
 “Plan” means this Tribune Company
2013 Equity Incentive Plan. 
 “Released Unit” shall have the meaning assigned to it in Section 9(e)(ii) below. 

“Restricted Period” means the period of time determined by the Committee during which an Award or a portion thereof is
subject to restrictions or, as applicable, the period of time within which performance is measured for purposes of determining whether an Award has been earned. 

“Restricted Stock” means Common Stock granted pursuant to Section 9 that is subject to certain specified restrictions
(including, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time). 

“Restricted Stock Unit” means an unfunded and unsecured promise granted pursuant to Section 9 to deliver shares of
Common Stock, cash, other securities, or other property, subject to certain restrictions (including, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time).

 “Rule 12h-1(f)” means Rule 12h-1(f) promulgated under the Exchange Act, as amended from time to time. 

“SAR Period” has the meaning given such term in Section 8(c)(i) below. 

  
 6 

 “Securities Act” means the Securities Act of 1933, as amended, and any successor
thereto. Reference in the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations, and other interpretative guidance under such section or rule, and any amendments or successor
provisions to such section, rules, regulations, or guidance. 
 “Stock Appreciation Right” or “SAR” means
an Award granted pursuant to Section 8. 
 “Strike Price” has the meaning given such term in Section 8(b) below.

 “Substitute Award” has the meaning given such term in Section 5(e) below. 

“Sub-Plans” has the meaning given such term in Section 1 above. 

3. Effective Date; Duration. The Plan shall be effective as of the Effective Date. The expiration date of the Plan, on and after which date no Awards
may be granted hereunder, shall be the tenth anniversary of the Effective Date; provided, however, that such expiration shall not affect Awards then outstanding, and the terms and conditions of the Plan shall continue to apply to such Awards. 

4. Administration. 
 (a) General.
The Committee shall administer the Plan. A majority of the members of the Committee shall constitute a quorum. The acts of a majority of the members present at any meeting at which a quorum is present or acts approved in writing by a majority of the
Committee shall be deemed the acts of the Committee. 
 (b) Authority of the Committee. Subject to the provisions of the Plan and
applicable law, the Committee shall have sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to (i) designate Participants, (ii) determine the type or types of Awards
to be granted to a Participant, (iii) determine the number and class of shares of Common Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards, (iv) determine
the terms and conditions of any Award, (v) determine whether, to what extent, and under what circumstances Awards may be settled or exercised in cash, shares of Common Stock, other securities, other Awards, or other property, or canceled,
forfeited, or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended, (vi) determine whether, to what extent, and under what circumstances the delivery of cash, Common Stock, other
securities, other Awards or other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant or of the Committee, (vii) interpret, administer, reconcile any
inconsistency in, correct any defect in, and supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan, (viii) establish, amend, suspend, or waive any rules and regulations and appoint such
agents as the Committee shall deem appropriate for the proper administration of the Plan, (ix) accelerate the vesting, delivery, or exercisability of, or the payment for or lapse of restrictions on, or waive any condition in respect of, Awards,
and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan. 

  
 7 

 (c) Allocation and Delegation of Duties. Except to the extent prohibited by applicable law
or the applicable rules and regulations of the securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted, if any, the Committee may allocate all or any portion of its responsibilities and powers to any one or
more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the
foregoing, the Committee may delegate to one or more officers of the Company or any Affiliate the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election that is the responsibility of or that is
allocated to the Committee herein and that may be so delegated as a matter of law. 
 (d) Authority to Amend. The Committee shall
have the authority to amend the Plan (including by the adoption of appendices or Sub-Plans) and the terms and conditions relating to an Award to the extent necessary to permit participation in the Plan by Eligible Persons who are located outside of
the United States on terms and conditions comparable to those afforded to Eligible Persons located within the United States; provided, however, that no such action shall be taken without shareholder approval if such approval is necessary to comply
with any tax or regulatory requirement applicable to the Plan or any such Sub-Plan. 
 (e) Binding Nature of Committee
Determinations. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award or any documents evidencing Awards granted pursuant to the
Plan shall be within the sole discretion of the Committee, may be made at any time, and shall be final, conclusive, and binding upon all persons or entities, including, without limitation, the Company, each Affiliate, each Participant, each holder
or beneficiary of any Award, and each shareholder of the Company. 
 (f) No Liability of Committee Members and Delegates. No member
of the Board or the Committee or any employee or agent of the Company (each such person, an “Indemnifiable Person”) shall be liable for any action taken or omitted to be taken or any determination made with respect to the Plan or
any Award hereunder (unless constituting fraud or a willful criminal act or omission). Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from all losses, costs, liabilities, and expenses (including
attorneys’ fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit, or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may
be involved by reason of any action taken or omitted to be taken or determination made under the Plan or any Award agreement and against and from any and all amounts paid by such Indemnifiable Person with the Company’s approval (not to be
unreasonably withheld) in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit, or proceeding against such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person
any such expenses promptly upon written request (which request shall include an undertaking by the Indemnifiable Person to repay the amount of such advance if the amount of any such advance exceeds such Indemnifiable Person’s actual expenses or
if it shall ultimately be determined as provided below 

  
 8 

 
that the Indemnifiable Person is not entitled to be indemnified); provided, however, that the Company shall have the right, at its own expense, to assume and defend any such action, suit, or
proceeding, and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company’s choice. The foregoing right of indemnification shall not be available to an
Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts or omissions or determinations of such Indemnifiable
Person giving rise to the indemnification claim resulted from such Indemnifiable Person’s fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by law or by the Company’s Certificate of
Incorporation or Bylaws. The foregoing right of indemnification shall not be exclusive of or otherwise supersede any other rights of indemnification to which such Indemnifiable Persons may be entitled as a matter of law or under the Company’s
Certificate of Incorporation or Bylaws, an individual indemnification agreement or contract, or otherwise, or any other power that the Company may have to indemnify or hold harmless such Indemnifiable Persons. 

(g) Residual Board Authority. Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at
any time and from time to time, grant Awards and administer the Plan with respect to such Awards. Any such actions by the Board shall be subject to the applicable rules and regulations of the securities exchange or inter-dealer quotation system on
which the Common Stock is listed or quoted, if any. In any such case, the Board shall have all the authority granted to the Committee under the Plan. 
 5.
Grant of Awards; Shares Subject to the Plan; Limitations. 
 (a) General. The Committee may, from time to time, grant one or
more Awards to one or more Eligible Persons. 
 (b) Shares Available for Delivery. Subject to Section 11 below and
subsection (e) below, no more than 5,263,158 shares of Class A Common Stock and Class B Common Stock, in the aggregate, may be delivered pursuant to Awards granted under the Plan. For the avoidance of doubt, Awards may be granted under the
Plan in respect of either Class A Common Stock or Class B Common Stock, as determined by the Committee in its sole discretion at the time of grant, and each share of Common Stock underlying and issued in settlement of an Award hereunder shall
reduce the share reserve by one share, regardless of whether such share is a share of Class A Common Stock or Class B Common Stock. 

(c) Share Counting Rules. Shares of Common Stock shall be deemed to have been used in settlement of Awards whether or not they are
actually delivered; provided, however, that if the Fair Market Value equivalent of such shares is paid in cash, such shares shall again become available for other Awards under the Plan. In addition, shares of Common Stock issued upon exercise,
vesting, or settlement of an Award, or shares of Common Stock owned by a Participant, in either case that are surrendered or tendered to the Company (either directly or by means of attestation) in payment of the Exercise Price or Strike Price of an
Award or any taxes required to be withheld in respect of an Award, in each case in accordance with the terms and conditions of the Plan and any applicable Award agreement, such surrendered or tendered shares shall again become available for other
Awards under the Plan. In accordance with (and without limitation 

  
 9 

 
upon) the preceding sentence, if and to the extent that an Award under the Plan expires, terminates, or is canceled or forfeited for any reason whatsoever, including if shares are not issued on
the settlement of SARs, without the Participant’s having received any benefit therefrom, the shares covered by such Award shall again become available for other Awards under the Plan. For purposes of the foregoing sentence, a Participant shall
not be deemed to have received any “benefit” (i) in the case of forfeited Restricted Stock by reason of having enjoyed voting rights and dividend rights prior to the date of forfeiture or (ii) in the case of an Award canceled by
reason of a new Award being granted in substitution therefor. 
 (d) Source of Shares for Delivery. Shares of Common Stock delivered
by the Company in settlement of Awards may be authorized and unissued shares, shares held in the treasury of the Company, shares purchased on the open market or by private purchase, or a combination of the foregoing. 

(e) Substitute Awards. Subject to Section 13(b) below, Awards may, in the sole discretion of the Committee, be granted under the
Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity directly or indirectly acquired by the Company or with which the Company combines (“Substitute Awards”). The number of shares of
Common Stock underlying any Substitute Awards shall not be counted against the aggregate number of shares of Common Stock available for Awards under the Plan. Subject to applicable stock exchange requirements, available shares under a
stockholder-approved plan of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect the acquisition or combination transaction) may be used for Awards under the Plan and
shall not reduce the number of shares of Common Stock available for delivery under the Plan. 
 6. Eligibility. Participation shall be limited to
Eligible Persons who have entered into an Award agreement or who have received written notification from the Committee, or from a person designated by the Committee, that they have been selected to participate in the Plan. 

7. Options. 
 (a) General. Each
Option granted under the Plan shall be evidenced by an Award agreement. Each Option so granted shall be subject to the conditions set forth in this Section 7 and to such other conditions not inconsistent with the Plan as may be reflected in the
applicable Award agreement. Options granted under the Plan are not intended to qualify as “incentive stock options” described in Section 422 of the Code. 

(b) Exercise Price. Except as otherwise provided by the Committee in the case of a Substitute Award, the exercise price
(“Exercise Price”) per share of Common Stock for each Option shall not be less than 100% of the Fair Market Value of such share (determined as of the Date of Grant). Any modification to the Exercise Price of an outstanding Option
shall be subject to the prohibition on repricing set forth in Section 13(b) below. 
 (c) Vesting and Expiration. 

(i) Options shall vest and become exercisable in such manner and on such date or dates determined by the Committee and shall expire after such
period, not to exceed ten 

  
 10 

 
years, as may be determined by the Committee (the “Option Period”); provided, that if the Option Period would expire at a time when trading in the shares of Common Stock is
prohibited by the Company’s insider trading policy (or Company-imposed “blackout period”) or otherwise prohibited by law, the Option Period shall be automatically extended until the
30th day following the expiration of such prohibition but only to the extent that such extension would not violate Section 409A of the Code. Notwithstanding any vesting or exercisability
dates set by the Committee, the Committee may, in its sole discretion, accelerate the vesting or exercisability of any Option at any time, which acceleration shall not affect the terms and conditions of such Option other than with respect to vesting
or exercisability, as applicable. 
 (ii) Notwithstanding anything to the contrary in the Plan, except as otherwise provided in the
applicable Award agreement or any applicable employment, consulting, change in control, severance, or other agreement between a Participant and the Company or an Affiliate, the unvested portion of an Option shall expire upon termination of
employment or service of the Participant to whom the Option was granted, and the vested portion of such Option shall remain exercisable for either (A) one year following termination of employment or service with the Company and its Affiliates
by reason of such Participant’s death or Disability, but not later than the expiration of the Option Period, or (B) 90 days following termination of employment or service with the Company and its Affiliates for any reason other than such
Participant’s death or Disability, but not later than the expiration of the Option Period. Notwithstanding the foregoing, upon a termination of a Participant’s employment or service with the Company and its Affiliates by the Company or an
Affiliate for Cause, all of such Participant’s Options shall expire at the time of such termination, whether or not then vested. 
 (d)
Other Terms and Conditions. Except as specifically provided otherwise in an Award agreement, each Option granted under the Plan shall be subject to the following terms and conditions: 

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

(ii) Each share of Common Stock purchased through the exercise of an Option shall be paid for in full at the time of the exercise. Each Option
shall cease to be exercisable, as to any share, when the Participant purchases the share or when the Option expires. 
 (iii) Subject to
Section 15(b) below, an Option shall not be transferable by the Participant except by will or the laws of descent and distribution and shall be exercisable during the Participant’s lifetime only by the Participant. 

(e) Method of Exercise and Form of Payment. No shares of Common Stock shall be delivered pursuant to any exercise of an Option until
payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to all federal, state, local, and non–U.S. income and employment taxes required to be withheld. An Option that
has become exercisable may be exercised by delivery of written or electronic notice of exercise to the Company or its designee (including a third-party administrator), or telephonic instructions to the extent provided by the Committee, in accordance
with the terms of the Option accompanied by payment of the Exercise Price. The Exercise Price 

  
 11 

 
and all applicable required withholding taxes shall be payable in any manner approved by the Committee in writing in its sole discretion, which may include, without limitation, (i) in cash,
check, cash equivalent, or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares
of Common Stock in lieu of actual delivery of such shares to the Company), or any combination thereof; provided, that such shares of Common Stock are not subject to any pledge or other security interest, (ii) in other property having a fair
market value on the date of exercise equal to the Exercise Price and all applicable required withholding taxes, (iii) if there is a public market for the shares of Common Stock at such time, by means of a broker-assisted “cashless
exercise” pursuant to which the Company is delivered (including telephonically to the extent permitted by the Committee) a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise deliverable upon the
exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price and all applicable required withholding taxes, or (iv) by means of a “net exercise” procedure effected by withholding the minimum
number of shares of Common Stock otherwise deliverable in respect of an Option that are needed to pay for the Exercise Price and all applicable required withholding taxes. Any fractional shares of Common Stock shall be settled in cash. 

(f) Compliance with Laws. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner
that the Committee determines would violate the Sarbanes-Oxley Act of 2002, or any other applicable law or the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of the securities
exchange or inter-dealer quotation system on which the Common Stock is listed or quoted, if any. 
 8. Stock Appreciation Rights. 

(a) General. Each SAR granted under the Plan shall be evidenced by an Award agreement. Each SAR so granted shall be subject to the
conditions set forth in this Section 8 and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award agreement. Any Option granted under the Plan may include tandem SARs. The Committee also may award
SARs to Eligible Persons independent of any Option. 
 (b) Strike Price. Except as otherwise provided by the Committee in the case of
a Substitute Award, the strike price (“Strike Price”) per share of Common Stock for each SAR shall not be less than 100% of the Fair Market Value of such share (determined as of the Date of Grant). Notwithstanding the foregoing, a
SAR granted in tandem with (or in substitution for) an Option previously granted shall have a Strike Price equal to the Exercise Price of the corresponding Option. Any modification to the Strike Price of an outstanding SAR shall be subject to the
prohibition on repricing set forth in Section 13(b) below. 
 (c) Vesting and Expiration. 

(i) A SAR granted in connection with an Option shall become exercisable and shall expire according to the same vesting schedule and expiration
provisions as the corresponding Option. A SAR granted independent of an Option shall vest and become 

  
 12 

 
exercisable and shall expire in such manner and on such date or dates determined by the Committee and shall expire after such period, not to exceed ten years, as may be determined by the
Committee (the “SAR Period”). Notwithstanding any vesting or exercisability dates set by the Committee, the Committee may, in its sole discretion, accelerate the vesting or exercisability of any SAR at any time, which acceleration
shall not affect the terms and conditions of such SAR other than with respect to vesting or exercisability, as applicable. If the SAR Period would expire at a time when trading in the shares of Common Stock is prohibited by the Company’s
insider trading policy (or the Company-imposed “blackout period”) or otherwise prohibited by law, the SAR Period shall be automatically extended until the 30th day following the
expiration of such prohibition but only to the extent that such extension would not violate Section 409A of the Code. 
 (ii)
Notwithstanding anything to the contrary in the Plan, except as otherwise provided in the applicable Award agreement or any applicable employment, consulting, change-in-control, severance, or other agreement between a Participant and the Company or
an Affiliate, the unvested portion of a SAR shall expire upon termination of employment or service of the Participant to whom the SAR was granted, and the vested portion of such SAR shall remain exercisable for either (A) one year following
termination of employment or service with the Company and its Affiliates by reason of such Participant’s death or Disability, but not later than the expiration of the SAR Period, or (B) 90 days following termination of employment or
service with the Company and its Affiliates for any reason other than such Participant’s death or Disability, but not later than the expiration of the SAR Period. Notwithstanding the foregoing, upon a termination of a Participant’s
employment or service with the Company and its Affiliates by the Company or an Affiliate for Cause, all of such Participant’s SARs shall expire at the time of such termination, whether or not then vested. 

(d) Other Terms and Conditions. Except as specifically provided otherwise in an Award agreement, each SAR granted under the Plan shall
be subject to the following terms and conditions: 
 (i) Each SAR or portion thereof that is exercisable shall be exercisable for the full
amount or for any part thereof. 
 (ii) Subject to Section 15(b) below, a SAR shall not be transferable by the Participant except by
will or the laws of descent and distribution and shall be exercisable during the Participant’s lifetime only by the Participant. 

(iii) At the time of any exercise of a SAR, the Committee may, in its sole discretion, require a Participant to deliver to the Committee a
written representation that the shares of Common Stock to be acquired upon such exercise are to be acquired for investment and not for resale or with a view to the distribution thereof. Upon such a request by the Committee, delivery of such
representation prior to the delivery of any shares issued upon exercise of a SAR shall be a condition precedent to the right of the Participant or such other person to purchase any shares. In the event that certificates for shares are delivered
under the Plan with respect to which such investment representation has been obtained, the Committee may cause a legend or legends to be placed on such certificates to make appropriate reference to such representation and to restrict transfer in the
absence of compliance with applicable federal or state securities laws. 

  
 13 

 (e) Method of Exercise. A SAR that has become exercisable may be exercised by delivery of
written or electronic notice of exercise to the Company or its designee (including a third-party administrator), or telephonic instructions to the extent provided by the Committee, in accordance with the terms of the SAR, specifying the number of
shares with respect to which such SAR is to be exercised and the Date of Grant of such SAR. Notwithstanding the foregoing, if on the last day of the Option Period (or in the case of a SAR independent of an Option, the SAR Period), the Fair Market
Value exceeds the Strike Price, the Participant has not exercised the SAR or the corresponding Option (if applicable), and neither the SAR nor the corresponding Option (if applicable) has expired, such SAR shall be deemed to have been exercised by
the Participant on such last day and the Company shall make the appropriate payment therefor. 
 (f) Settlement. Upon the exercise of
a SAR, the Company shall pay to the Participant an amount equal to the number of shares with respect to which the SAR is being exercised multiplied by the excess, if any, of the Fair Market Value of one share of Common Stock on the exercise date
over the Strike Price, less an amount equal to all federal, state, local, and non–U.S. income and employment taxes required to be withheld. The Company shall pay such amount in cash, in shares of Common Stock valued at Fair Market Value, or any
combination thereof, as determined by the Committee. Any fractional shares of Common Stock shall be settled in cash. 
 (g) Substitution
of SARs for Options. The Committee shall have the authority in its sole discretion to substitute, without the consent of the affected Participant or any holder or beneficiary of a SAR settled in shares of Common Stock (or settled in shares or
cash in the sole discretion of the Committee) for an outstanding Option, provided that (i) the substitution shall not otherwise result in a modification of the terms of any such Option, (ii) the number of shares of Common Stock underlying
the substituted SAR shall be the same as the number of shares of Common Stock underlying such Option, and (iii) the Strike Price of the substituted SAR shall be equal to the Exercise Price of such Option; provided, however, that if, in the
opinion of the Company’s independent public auditors, the foregoing provision creates adverse accounting consequences for the Company, such provision shall be considered null and void. 

9. Restricted Stock and Restricted Stock Units. 

(a) General. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award agreement. Each Restricted Stock
and Restricted Stock Unit grant shall be subject to the conditions set forth in this Section 9 and to such other conditions not inconsistent with the Plan as determined by the Committee and may be reflected in the applicable Award agreement.
The Committee shall establish restrictions applicable to such Restricted Stock and Restricted Stock Units, including the Restricted Period, and the time or times at which Restricted Stock or Restricted Stock Units shall be granted or become vested.

 (b) Stock Certificates; Escrow or Similar Arrangement. Upon the grant of Restricted Stock, the Committee shall cause share(s) of
Common Stock to be registered in the name of the Participant and held in book-entry form subject to the Company’s directions and, if the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than
delivered to the Participant pending vesting and the release of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if
applicable, and (ii) the 

  
 14 

 
appropriate stock power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. If a Participant shall fail to execute and deliver (in a manner permitted under
Section 15(a) below or as otherwise determined by the Committee) an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and blank stock power within the amount of time specified by the Committee, the Award
shall be null and void. Subject to the restrictions set forth in this Section 9 and the applicable Award agreement, the Participant shall generally have the rights and privileges of a shareholder as to such Restricted Stock, including without
limitation the right to vote such Restricted Stock (provided that, except as set forth in any applicable Award agreement, any dividends payable on such shares of Restricted Stock shall be held by the Company and delivered (without interest) to the
Participant within 15 days following the date on which the restrictions on such Restricted Stock lapse, and the right to any such accumulated dividends shall be forfeited upon the forfeiture of the Restricted Stock to which such dividends relate).
The Committee shall also be permitted to cause a stock certificate registered in the name of the Participant to be issued. To the extent that shares of Restricted Stock are forfeited, any stock certificates issued to the Participant evidencing such
shares shall be returned to the Company, and all rights of the Participant to such shares and as a shareholder with respect thereto shall terminate without further obligation on the part of the Company. 

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

(d) Dividend Equivalents. No shares shall be issued at the time an Award of Restricted Stock Units is made, and the Company will not be
required to set aside a fund for the payment of any such Award. At the discretion of the Committee, each Restricted Stock Unit (representing one share of Common Stock) awarded to a Participant may be credited with cash and stock dividends paid in
respect of one share of Common Stock (“Dividend Equivalents”). Subject to Section 15(c) below, at the discretion of the Committee, Dividend Equivalents may be either currently paid to the Participant or withheld by the Company
for the Participant’s account, and interest may be credited on the amount of cash Dividend Equivalents withheld at a rate and subject to such terms as determined by the Committee. Dividend Equivalents credited to a

  
 15 

 
Participant’s account and attributable to any particular Restricted Stock Unit (and earnings thereon, if applicable) shall be distributed to the Participant upon settlement of such
Restricted Stock Unit, and if such Restricted Stock Unit is forfeited, the Participant shall have no right to such Dividend Equivalents. 

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

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

(f) Legends on Restricted Stock. Each certificate representing Restricted Stock awarded under the Plan, if any, shall bear a legend
substantially in the form of the following in addition to any other information the Company deems appropriate until the lapse of all restrictions with respect to such Common Stock: 

TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE TRIBUNE COMPANY 2013 EQUITY INCENTIVE
PLAN AND A RESTRICTED STOCK AWARD AGREEMENT, DATED AS OF                     , BETWEEN 

  
 16 

 
TRIBUNE COMPANY AND                     . A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT
THE PRINCIPAL EXECUTIVE OFFICES OF TRIBUNE COMPANY. 
 10. Other Stock-Based Awards. The Committee may issue to Eligible Persons unrestricted Common
Stock, rights to receive grants of Awards at a future date, or other Awards denominated in Common Stock (including, without limitation, performance shares or performance units), or Awards that provide for cash payments based in whole or in part on
the value or future value of shares of Common Stock under the Plan, alone or in tandem with other Awards, in such amounts as the Committee shall from time to time in its sole discretion determine. Each Other Stock-Based Award granted under the Plan
shall be evidenced by an Award agreement. Each Other Stock-Based Award so granted shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable Award agreement including, without limitation, the payment by
the Participant of the Fair Market Value of such shares of Common Stock on the Date of Grant. 
 11. Changes in Capital Structure and Similar Events.
In the event of (a) any dividend (other than regular cash dividends) or other distribution (whether in the form of cash, shares of Common Stock, other securities, or other property), recapitalization, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, split-off, spin-off, combination, repurchase or exchange of shares of Common Stock or other securities of the Company, issuance of warrants or other rights to acquire shares of Common Stock or other
securities of the Company, or other similar corporate transaction or event (including, without limitation, a Change in Control) that affects the shares of Common Stock, or (b) unusual or nonrecurring events (including, without limitation, a
Change in Control) affecting the Company, any Affiliate, or the financial statements of the Company or any Affiliate, or changes in applicable rules, rulings, regulations, or other requirements of any governmental body or securities exchange or
inter-dealer quotation system, accounting principles, or law, such that in any case an adjustment is determined by the Committee in its sole discretion to be necessary or appropriate, then the Committee shall make any such adjustments in such manner
as it may deem equitable, including without limitation any or all of the following: 
 (i) adjusting any or all of (A) the number of
shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) that may be delivered in respect of Awards or with respect to which Awards may be granted under the Plan (including, without
limitation, adjusting any or all of the limitations under Section 5 of the Plan) and (B) the terms of any outstanding Award, including, without limitation, (I) the number of shares of Common Stock or other securities of the Company
(or number and kind of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate, (II) the Exercise Price or Strike Price with respect to any Award, and (III) any applicable performance
measures; 
 (ii) providing for a substitution or assumption of Awards (or awards of an acquiring company), accelerating the delivery,
vesting, or exercisability of, lapse of restrictions, or other conditions on, or termination of, Awards or providing for a period of time (which shall not be required to be more than 10 days) for Participants to exercise outstanding Awards prior to
the occurrence of such event (and any such Award not so exercised shall terminate upon the occurrence of such event); and 

  
 17 

 (iii) canceling any one or more outstanding Awards (or awards of an acquiring company) and
causing to be paid to the holders thereof the value of such Awards, if any, as determined by the Committee (which if applicable may be based upon the price per share of Common Stock received or to be received by other shareholders of the Company in
such event), including without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the shares of Common Stock subject
to such Option or SAR over the aggregate Exercise Price or Strike Price, respectively, of such Option or SAR (it being understood that, in such event, any Option or SAR having a per share Exercise Price or Strike Price equal to, or in excess of, the
Fair Market Value of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor). Notwithstanding the discretion given to the Committee in this paragraph (iii), the Committee shall upon
a Change in Control, subject to Section 15(w)(iii) below, be required to take the actions described in this paragraph with respect to each Award that is subject to Section 409A of the Code on the Date of Grant of such Award. 

Payments to holders pursuant to paragraph (iii) above shall be made in cash or, in the sole discretion of the Committee, in the form of such other
consideration necessary for a Participant to receive property, cash, or securities (or a combination thereof) as such Participant would have been entitled to receive upon the occurrence of the transaction if the Participant had been, immediately
prior to such transaction, the holder of the number of shares of Common Stock covered by the Award at such time (less any applicable Exercise Price or Strike Price). In addition, in connection with any such transaction, prior to any payment or
adjustment contemplated under this Section 11, the Committee may require a Participant to (A) represent and warrant as to the unencumbered title to his Awards, (B) bear such Participant’s pro-rata share of any post-closing
indemnity obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Common Stock, and (C) deliver customary transfer
documentation as reasonably determined by the Committee. 
 Notwithstanding the foregoing, in the case of any “equity restructuring” (within the
meaning of the Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor pronouncement thereto, “ASC 718”), the Committee shall make an equitable or proportionate adjustment to outstanding
Awards to reflect such equity restructuring. The Company shall give each Participant notice (including by placement on the Company’s website) of an adjustment hereunder, and upon notice, such adjustment shall be conclusive and binding for all
purposes. 
 12. Effect of Change in Control. 

(a) Termination Without Cause. Except to the extent otherwise provided in an Award agreement, or any applicable employment, consulting,
change in control, severance, or other agreement between a Participant and the Company or an Affiliate, in the event of a Change in Control, notwithstanding any provision of the Plan to the contrary, if a Participant’s

  
 18 

 
employment or service is terminated by the Company and its Affiliates other than for Cause (and other than due to death or Disability) within the 12-month period following a Change in Control,
then— 
 (i) all Options and SARs then held by such Participant shall become immediately exercisable as of such Participant’s date
of termination with respect to all of the shares subject to such Option or SAR; 
 (ii) the Restricted Period shall expire as of such
Participant’s date of termination with respect to all of then-outstanding shares of Restricted Stock or Restricted Stock Units then held by such Participant; and 

(iii) Awards then held by such Participant that were previously deferred shall be settled in full as soon as practicable following such
Participant’s date of termination. 
 (b) Time and Manner of Change in Control Treatment. To the extent practicable, the
provisions of this Section 12 shall occur in a manner and at a time that allows affected Participants the ability to participate in the Change in Control transaction with respect to the Common Stock subject to their Awards. 

13. Amendments and Termination. 
 (a)
Amendment and Termination of Plan. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; provided, that no such amendment, alteration, suspension, discontinuation, or termination shall be
made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan (including, without limitation, as necessary to comply with any rules and regulations of the securities exchange
or inter-dealer quotation system on which the Common Stock is listed or quoted, if any, or for changes in GAAP to new accounting standards); provided, further, that any such amendment, alteration, suspension, discontinuance, or termination that
would materially and adversely affect the rights of any Participant or any holder or beneficiary of any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder, or beneficiary.
Notwithstanding the foregoing, no amendment shall be made to the last proviso of Section 13(b) below without stockholder approval. 

(b) Amendment of Award Agreements. The Committee may, to the extent not inconsistent with the terms of any applicable Award agreement,
waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel, or terminate any Award theretofore granted or the associated Award agreement, prospectively or retroactively (including after a Participant’s
termination of employment or service with the Company); provided that any such waiver, amendment, alteration, suspension, discontinuance, cancelation, or termination that would materially and adversely affect the rights of any Participant with
respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant; provided, further, that without shareholder approval, except as otherwise permitted under Section 11 of the Plan,
(i) no amendment or modification may reduce the Exercise Price of any Option or the Strike Price of any SAR, (ii) the Committee may not cancel any outstanding 

  
 19 

 
Option or SAR and replace it with a new Option or SAR (with a lower Exercise Price or Strike Price, as the case may be) or other Award or cash in a manner that would either (A) be reportable
on the Company’s proxy statement as an Option that has been “repriced” (as such term is used in Item 402 of Regulation S-K promulgated under the Exchange Act) or (B) result in any “repricing” for financial
statement reporting purposes (or otherwise cause the Award to fail to qualify for equity accounting treatment), and (iii) the Committee may not take any other action that is considered a “repricing” for purposes of the shareholder
approval rules and regulations of the securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted, if any. 
 14.
Restrictions on Common Stock. 
 (a) Prohibition on Transfers. If requested by the underwriters managing any public offering
of Common Stock, each Participant agrees to execute a separate agreement to the effect that, except as otherwise approved by the Committee or pursuant to subsection (b) below, shares of Common Stock acquired by a Participant pursuant to the
vesting, exercise, or settlement of any Award granted hereunder may not be sold, transferred, or otherwise disposed of prior to the date following such public offering as so required by such underwriters (the “Lock-Up Period”). The
Company may impose stop-transfer instructions with respect to the Common Stock subject to the foregoing restriction until the end of such Lock-Up Period. 

(b) Permitted Transfers. Notwithstanding anything to the contrary in subsection (a) above, Common Stock acquired upon vesting,
exercise, or settlement of an Award may be transferred only to a Permitted Transferee in accordance with the procedures set forth in Section 15(b) below. 

15. General. 
 (a) Award
Agreements. Each Award under the Plan shall be evidenced by an Award agreement, which shall be delivered to the Participant and shall specify the terms and conditions of the Award and any rules applicable thereto. For purposes of the Plan, an
Award agreement may be in any form (written or electronic) as determined by the Committee (including, without limitation, a Board or Committee resolution, an employment agreement, a notice, a certificate, or a letter). The Committee need not require
an Award agreement to be signed by the Participant or a duly authorized representative of the Company. 
 (b) Nontransferability.

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

  
 20 

 (ii) Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards to
be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award agreement to preserve the purposes of the Plan, to (A) any person who is a “family member”
of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor form of registration statements promulgated by the Securities and Exchange Commission (collectively, the “Immediate Family
Members”), (B) a trust solely for the benefit of the Participant and his Immediate Family Members, (C) a partnership or limited liability company whose only partners or shareholders are the Participant and his Immediate Family
Members, or (D) any other transferee as may be approved either (I) by the Board or the Committee in its sole discretion or (II) as provided in the applicable Award agreement (each transferee described in any of clauses (A), (B), (C), and
(D) above is hereinafter referred to as a “Permitted Transferee”), in each case provided that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the
Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan. 
 (iii) The terms of any
Award transferred in accordance with the immediately preceding paragraph shall apply to the Permitted Transferee, and any reference in the Plan, or in any applicable Award agreement, to a Participant shall be deemed to refer to the Permitted
Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution, (B) Permitted Transferees shall not be entitled to exercise any transferred Option
unless there shall be in effect a registration statement on an appropriate form covering the shares of Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award agreement,
that such a registration statement is necessary or appropriate, (C) the Committee or the Company shall not be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be
given to the Participant under the Plan or otherwise, and (D) the consequences of the termination of the Participant’s employment by, or services to, the Company or an Affiliate under the terms of the Plan and the applicable Award
agreement shall continue to be applied with respect to the Permitted Transferee, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the
applicable Award agreement. Any transfer to a Permitted Transferee shall be limited by the requirements of Section 15(g) hereof to the extent necessary to comply with Rule 12h-1(f). 

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

  
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 (d) Tax Withholding. 

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

  
 22 

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

(g) Compliance with Exemption Provided by Rule 12h-1(f). If (x) the aggregate of the number of holders of Options and the number
of holders of all other outstanding compensatory employee stock options to purchase shares of Common Stock equals or exceeds 500, and (y) the assets of the Company at the end of the Company’s most recently completed fiscal year exceed $10
million, then the following restrictions shall apply during any period during which the Company does not have a class of its securities registered under Section 12 of the Exchange Act and is not required to file reports under Section 15(d)
of the Exchange Act: 
 (i) the Options and, following exercise of the Options, the shares of Common Stock issuable upon exercise of the
Options may not be transferred until the Company is no longer relying on the exemption provided by Rule 12h-1(f), except (A) as permitted by Rule 701(c) promulgated under the Securities Act, (B) to a guardian upon the disability of
the holder of the Option, or (C) to an executor upon the death of the holder of the Option (collectively, the “Permitted 12h-1(f) Transferees”); provided, however, that the following transfers are permitted:
(I) transfers by the holders of Options to the Company and (II) transfers in connection with a change of control or other acquisition involving the Company, if following 

  
 23 

 
such transaction, the Options no longer remain outstanding and the Company is no longer relying on the exemption provided by Rule 12h-1(f); provided further, that any Permitted 12h-1(f)
Transferees may not further transfer the Options or, following exercise of the Options, the Common Stock issuable upon exercise of the Options; 

(ii) except as otherwise provided in paragraph (i) above, the Options and shares of Common Stock issuable upon exercise of the Options
are restricted as to any transfer, including any short position, any “put equivalent position” as defined by Rule 16a-1(h) promulgated under the Exchange Act, or any “call equivalent position” as defined by Rule 16a-1(b)
promulgated under the Exchange Act by the holder of the Options prior to exercise of an Option until the Company is no longer relying on the exemption provided by Rule 12h-1(f); and 

(iii) at any time that the Company is relying on the exemption provided by Rule 12h-1(f), the Company shall deliver to all Participants
(whether by physical or electronic delivery to the Participants or by written notice to the Participants of the availability of the information on an Internet site that may be password-protected and of any password needed to access the information)
the information required by Rule 701(e)(3), (4), and (5) promulgated under the Securities Act every six months, including financial statements that are not more than 180 days old; provided, however, that the Company may condition the delivery
of such information upon the Participant’s agreement to maintain its confidentiality. 
 (h) Non–U.S. Participants. Without
limiting the generality of Section 4(d) above, with respect to Participants who reside or work outside of the United States of America, the Committee may in its sole discretion amend the terms of the Plan or Sub-Plans or appendices thereto, or
outstanding Awards, with respect to such Participants in order to conform such terms to the requirements of local law or to obtain more favorable tax or other treatment for a Participant, the Company, or its Affiliates. 

(i) Designation and Change of Beneficiary. Each Participant may file with the Committee a written designation of one or more persons as
the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon such Participant’s death. A Participant may, from time to time and subject to applicable law, revoke or change
his beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; provided, however, that no designation, or change or
revocation thereof, shall be effective unless received by the Committee prior to the Participant’s death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, the
beneficiary shall be deemed to be his spouse (or domestic partner if such status is recognized by the Company according to the procedures established by the Company and in such jurisdiction), or if the Participant is otherwise unmarried at the time
of death, his estate. After receipt of Options in accordance with this paragraph, beneficiaries will be able to exercise such Options only in accordance with Section 7(e) above. 

(j) Termination of Employment or Service. Except as otherwise provided in an Award agreement or any employment, consulting, change in
control, severance, or other agreement between a Participant and the Company or an Affiliate, unless determined otherwise by the Committee, (i) neither a temporary absence from employment or service due to illness,

  
 24 

 
vacation, or leave of absence (including, without limitation, a call to active duty for military service through a Reserve or National Guard unit) nor a transfer from employment or service with
the Company to employment or service with an Affiliate (or vice-versa) shall be considered a termination of employment or service with the Company or an Affiliate, and (ii) if a Participant’s employment with the Company and its Affiliates
terminates, but such Participant continues to provide services to the Company or its Affiliates in a non-employee capacity (including as a Non-Employee Director) (or vice versa), such change in status shall not be considered a termination of
employment or service with the Company or an Affiliate for purposes of the Plan. Unless otherwise determined by the Committee, in the event that any Participant’s employer ceases to be an Affiliate of the Company (by reason of sale,
divestiture, spin-off, or other similar transaction), each Participant who is employed by or provides services to such employer shall be deemed to have suffered a termination hereunder as of the date of the consummation of such transaction, unless
the Participant’s employment or service is transferred to the Company or another entity that would constitute an Affiliate immediately following such transaction. 

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

(l) Government and Other Regulations. 

(i) The obligation of the Company to settle Awards in Common Stock or other consideration shall be subject to all applicable laws, rules, and
regulations, and to such approvals by governmental agencies as may be required. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from
offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission or unless the Company has received an
opinion of counsel, satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company
shall be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide that all shares of Common Stock or other securities
of the Company or any Affiliate delivered under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award agreement, federal securities laws, or the rules,
regulations, and other requirements of the Securities and Exchange Commission, any securities exchange or inter-dealer quotation system upon which such shares or other securities of the Company are then listed or quoted, and any other applicable
federal, state, local, or non–U.S. laws, rules, regulations, and other requirements, and without limiting the generality of Section 9 above, the Committee may cause a legend or legends to be put on any such certificates of Common Stock or
other securities of the Company or any Affiliate delivered under the Plan to make appropriate reference to such restrictions or may cause such Common Stock or other securities of the Company or any Affiliate delivered under the Plan in book-entry
form to be held subject to the Company’s instructions or subject to appropriate stop-transfer orders. 

  
 25 

 
Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add any additional terms or provisions to any Award granted under the Plan that it in its sole
discretion deems necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject. 

(ii) The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion that legal or contractual restrictions
or blockage or other market considerations would make the Company’s acquisition of shares of Common Stock from the public markets, the Company’s issuance of Common Stock to the Participant, the Participant’s acquisition of Common
Stock from the Company, or the Participant’s sale of Common Stock to the public markets, illegal, impracticable, or inadvisable. If the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, the Company
shall pay to the Participant an amount equal to the excess of (A) the aggregate Fair Market Value of the shares of Common Stock subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date that
the shares would have been vested or delivered, as applicable), over (B) the aggregate Exercise Price or Strike Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of delivery of shares of Common Stock (in
the case of any other Award). Such amount shall be delivered to the Participant as soon as practicable following the cancelation of such Award or portion thereof. 

(m) No Section 83(b) Elections Without Consent of Company. No election under Section 83(b) of the Code or under a similar
provision of law may be made unless expressly permitted by the terms of the applicable Award agreement or by action of the Committee in writing prior to the making of such election. If a Participant, in connection with the acquisition of shares of
Common Stock under the Plan or otherwise, is expressly permitted to make such election and the Participant makes the election, the Participant shall notify the Company of such election within 10 days of filing notice of the election with the
Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to Section 83(b) of the Code or other applicable provision. 

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

(o) Nonexclusivity of the Plan. Neither the adoption of this Plan by the Board nor the submission of this Plan to the shareholders of
the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of stock options otherwise than under
this Plan, and such arrangements may be either applicable generally or only in specific cases. 

  
 26 

 (p) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed
to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any Affiliate, on the one hand, and a Participant or other person or entity, on the other hand. No provision of the Plan or any Award shall require the
Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company maintain separate
bank accounts, books, records, or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the
Company, except that, insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other employees under general law. 

(q) Reliance on Reports. Each member of the Committee and each member of the Board (and each of his designees) shall be fully justified
in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent public accountant of the Company and its Affiliates or any other
information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than himself. 
 (r)
Relationship to Other Benefits. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance, or other benefit plan of the Company except as otherwise
specifically provided in such other plan. 
 (s) Purchase for Investment. Whether or not the Options and shares covered by the Plan
have been registered under the Securities Act, each person exercising an Option under the Plan or acquiring shares under the Plan may be required by the Committee to give a representation in writing that such person is acquiring such shares for
investment and not with a view to, or for sale in connection with, the distribution of any part thereof. Upon such a request by the Committee, delivery of such representation prior to the delivery of any such shares shall be a condition precedent to
the right of the Participant or such other person to purchase any shares. The Company will endorse any necessary legend referring to the foregoing restriction upon the certificate or certificates representing any shares issued or transferred to the
Participant upon the exercise of any Option granted under the Plan. 
 (t) Governing Law. The Plan shall be governed by and construed
in accordance with the internal laws of the State of New York applicable to contracts made and performed wholly within the State of New York, without giving effect to the conflict of laws provisions thereof. 

(u) Severability. If any provision of the Plan or any Award or Award agreement is or becomes or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any person or entity or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable
laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, person,
entity, or Award, and the remainder of the Plan and any such Award shall remain in full force and effect. 

  
 27 

 (v) Obligations Binding on Successors. The obligations of the Company under the Plan shall
be binding upon any successor corporation or organization resulting from the merger, consolidation, or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business
of the Company. 
 (w) 409A of the Code. 

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

(x) Clawback/Forfeiture. Notwithstanding anything to the contrary contained herein, an Award agreement may provide that the Committee
may, in its sole discretion, cancel such Award if the Participant, without the consent of the Company, while employed by or providing 

  
 28 

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

(y) Expenses. The expenses of administering the Plan shall be borne by the Company and its Affiliates. 

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

*        *        * 

As adopted by the Board of Directors of the Company 

on March 1, 2013. 

  
 29

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