Document:

Exhibit
10.1

 

February 14, 2006

 

 

Granite Broadcasting Corporation

767 Third Avenue

34th Floor

New York, NY 10017

Attention: Lawrence I. Wills

Senior Vice President-Chief
Financial Officer

 

Dear Mr. Wills:

 

Reference is made to that
certain Purchase and Sale Agreement (the “Purchase Agreement”)
dated as of September 8, 2005
among AM Broadcasting KBWB, Inc. (the “Buyer”),
Granite Broadcasting Corporation (“Granite”),
KBWB, Inc. (“KBWB”) and KBWB License, Inc., as
amended by that certain Amendment dated September 22, 2005, as further amended
by that certain Amendment dated October 13, 2005 (the “KBWB
Licensee” and together with Granite and KBWB, the “Sellers”).  Capitalized terms not otherwise
defined herein shall have the meaning set forth in the Purchase Agreement.

 

Sellers and Buyer hereby acknowledge and agree that the Purchase
Agreement is hereby amended as follows:

 

1.             No Shop.  Section 6.2 of the Purchase Agreement is
hereby deleted in its entirety.

 

2.             Termination Rights.  Sections 17.1 and 17.2  of the Purchase Agreement is hereby deleted
in its entirety and replaced with the following:

 

“17.1  Events
of Termination.

 

17.1.1      Termination By Either Party.  The Buyer and the Sellers shall each have the
right to terminate the Purchase Agreement, at any time, by providing written
notice to the other party.

 

17.1.2      Automatic Termination.  The Agreement shall terminate automatically
without further action or notice by either party upon the first of either (a)
the expiration of the FCC Consent and any extensions thereof, or (b) May 1,
2006.

 

17.2  Effect
of Termination.  If this Agreement is
terminated pursuant to Section 17.1, this Agreement will forthwith become null
and void, and there will be no liability or obligation on the part of any party
hereto (or any of their respective officers, directors, employees, agents or
other representatives or Affiliates), except that the provisions with respect
to the expenses in Article XVI hereof and public announcements and
confidentiality in Sections 19.14 and 19.15 hereof will continue to apply
following any such termination.”

 

3.             Confidentiality.  Notwithstanding the provisions of Section
18.2 to the contrary, the Sellers shall be permitted to disclose information
relating to the Business to any Potential Acquirer in connection with any offer
or proposal for the purchase and sale of the Broadcasting

 

 

Assets or any
interests of KBWB or KBWB Licensee, or with respect to any merger, acquisition,
combination, consolidation or similar transaction involving, KBWB, KBWB Licensee,
the Station or the Broadcasting Assets.

 

4.             Mutual Release.  Buyer, for itself and its successors in
interest, predecessors in interest, assigns, Affiliates, and each of their
respective officers, directors, shareholders, partners, members, employees,
representatives, insurers, attorneys, consultants, accountants and agents (“Related Parties”) will and hereby does, release and
discharge each of Sellers and their Related Parties from any and all claims,
losses, debts, charges, damages, demands, obligations, causes, actions or
rights of action of whatever kind or nature in law, equity or otherwise,
whether now known or unknown, suspected or unsuspected, which have existed,
which do exist or which hereafter can, shall or may exist, based on any facts,
circumstances, events, actions or omissions occurring on or before the date of
this Letter Agreement relating to or arising out of the Purchase Agreement and
the transactions contemplated thereby (“Released Claims”).  Each of Sellers, for themselves and their Related
Parties, will and hereby does, release and discharge Buyer and its Related
Parties from any and all Released Claims. 
The parties each warrant and represent that they have not previously
transferred or assigned any Released Claims. 
The parties each represent and covenant that they shall forever refrain
from bringing any legal action with respect to, or otherwise pursue, any
Released Claims.

 

5.             Prior Agreements and
Understandings.  This Letter
Agreement constitutes the final agreement of the parties concerning the matters
referred to herein, and supersedes all prior agreements and understandings with
respect to the matters covered by this Letter Agreement.

 

6.             Continuing Effect.  Except as set forth herein, all terms and
conditions of the Purchase Agreement shall remain in full force and effect,
which terms and conditions the parties hereby ratify and affirm.

 

7.             Governing Law.  This Letter Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York applicable
to contracts made and to be performed therein.

 

8.             Miscellaneous.  This Letter Agreement may not be amended except by
an instrument in writing signed on behalf of each of the parties hereto.  This Letter Agreement shall be binding upon,
and shall be enforceable by and inure solely to the benefit of, the parties
hereto and their respective successors and assigns; provided, however, that
neither this Letter Agreement nor any of the Sellers’ rights or obligations
hereunder may be assigned by any Seller without the prior written consent of
the Buyer, and any attempted assignment of this Letter Agreement or any of such
rights by any Seller without such consent shall be void and of no effect.  Any rule of construction to the effect that
ambiguities are to be resolved against the drafting party shall not be applied
in the construction or interpretation of this Letter Agreement.  This Letter Agreement may be executed
in two or more counterparts, each of which shall be deemed an original and all
of which taken together shall constitute one and the same agreement..

 

[signatures on next page]

 

2

 

If the above reflects your understanding of the
parties’ agreement, please acknowledge your acceptance of the foregoing by executing
the countersignature below.

 

	
   

  	
  AM BROADCASTING KBWB, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kenneth R. Brotman

  	
   

  
	
   

  	
  Name: Kenneth R. Brotman

  
	
   

  	
  Title:   President

  
	
   

  	
  Address: 1133 Connecticut Avenue, N.W.

  
	
   

  	
   

  	
  Suite 700

  
	
   

  	
   

  	
  Washington, D.C. 20036

  
	
   

  	
  Facsimile: (202) 454-1101

  
					

 

[additional signature
pages to follow]

 

 

	
  ACKNOWLEDGED AND AGREED:

  
	
   

  
	
  GRANITE BROADCASTING
  CORPORATION

  
	
   

  
	
   

  
	
  By: 

  	
  /s/ Lawrence I. Wills

  	
   

  
	
  Name:

  	
  Lawrence I. Wills

  
	
  Title:

  	
  Senior Vice President-Chief
  Financial Officer

  
	
   

  
	
   

  
	
  Address: Granite Broadcasting Corporation

  
	
  767 Third Avenue

  
	
  34th Floor

  
	
  New York, New York 10017

  
	
  Facsimile:  (212) 826-2858

  
	
   

  
	
  KBWB, INC.

  
	
   

  
	
   

  
	
  By: 

  	
  /s/ Lawrence I. Wills

  	
   

  
	
  Name:

  	
  Lawrence I. Wills

  
	
  Title:

  	
  Vice President

  
	
   

  
	
  Address: c/o Granite Broadcasting Corporation

  
	
  767 Third Avenue

  
	
  34th Floor

  
	
  New York, New York 10017

  
	
  Facsimile: (212) 826-2858

  
	
   

  
	
   

  
	
  KBWB LICENSE, INC.

  
	
   

  
	
   

  
	
  By: 

  	
  /s/ Lawrence I. Wills

  	
   

  
	
  Name:

  	
  Lawrence I. Wills

  
	
  Title:

  	
  Vice President

  
	
   

  
	
  Address: c/o Granite Broadcasting Corporation

  
	
  767 Third Avenue

  
	
  34th Floor

  
	
  New York, New York 10017

  
	
  Facsimile: (212) 826-2858Exhibit 10.2

 

February 14,
2006

 

 

Granite
Broadcasting Corporation

767
Third Avenue

34th
Floor

New
York, NY 10017

Attention:
Lawrence I. Wills

Senior Vice President-Chief Financial Officer

 

Dear Mr. Wills:

 

Reference is made to that certain Purchase and Sale
Agreement (the “Purchase Agreement”) dated as of September 8, 2005 among AM
Broadcasting WDWB, Inc. (the “Buyer”),
Granite Broadcasting Corporation (“Granite”), WXON, Inc.
(“WDWB”) and WXON License, Inc., as
amended by that certain Amendment dated September 22, 2005, and as further
amended by that certain Amendment dated October 13, 2005  (the “WDWB Licensee”
and together with Granite and WDWB, the “Sellers”).  Capitalized terms not otherwise defined herein
shall have the meaning set forth in the Purchase Agreement.

 

Sellers and Buyer
hereby acknowledge and agree that the Purchase Agreement is hereby amended as
follows:

 

1.             No
Shop.  Section 6.2 of the
Purchase Agreement is hereby deleted in its entirety.

 

2.             Termination
Rights.  Sections 17.1 and 17.2  of the Purchase Agreement is hereby deleted
in its entirety and replaced with the following:

 

“17.1  Events of Termination.

 

17.1.1      Termination
By Either Party.  The Buyer and the
Sellers shall each have the right to terminate the Purchase Agreement, at any
time, by providing written notice to the other party.

 

17.1.2      Automatic
Termination.  The Agreement shall
terminate automatically without further action or notice by either party upon
the first of either (a) the expiration of the FCC Consent and any extensions
thereof, or (b) May 1, 2006.

 

17.2  Effect of Termination.  If this Agreement is terminated pursuant to Section 17.1,
this Agreement will forthwith become null and void, and there will be no
liability or obligation on the part of any party hereto (or any of their
respective officers, directors, employees, agents or other representatives or
Affiliates), except that the provisions with respect to the expenses in Article XVI
hereof and public announcements and confidentiality in Sections 19.14 and 19.15
hereof will continue to apply following any such termination.”

 

3.             Confidentiality.  Notwithstanding the provisions of Section 18.2
to the contrary, the Sellers shall be permitted to disclose information
relating to the Business to any Potential

 

 

Acquirer in connection with any offer or proposal for
the purchase and sale of the Broadcasting Assets or any interests of WDWB or
WDWB Licensee, or with respect to any merger, acquisition, combination,
consolidation or similar transaction involving, WDWB, WDWB Licensee, the
Station or the Broadcasting Assets.

 

4.             Mutual
Release.  Buyer, for itself and its
successors in interest, predecessors in interest, assigns, Affiliates, and each
of their respective officers, directors, shareholders, partners, members, employees,
representatives, insurers, attorneys, consultants, accountants and agents (“Related Parties”) will and hereby does, release and
discharge each of Sellers and their Related Parties from any and all claims,
losses, debts, charges, damages, demands, obligations, causes, actions or
rights of action of whatever kind or nature in law, equity or otherwise,
whether now known or unknown, suspected or unsuspected, which have existed,
which do exist or which hereafter can, shall or may exist, based on any facts,
circumstances, events, actions or omissions occurring on or before the date of
this Letter Agreement relating to or arising out of the Purchase Agreement and
the transactions contemplated thereby (“Released Claims”).  Each of Sellers, for themselves and their
Related Parties, will and hereby does, release and discharge Buyer and its
Related Parties from any and all Released Claims.  The parties each warrant and represent that
they have not previously transferred or assigned any Released Claims.  The parties each represent and covenant that
they shall forever refrain from bringing any legal action with respect to, or
otherwise pursue, any Released Claims.

 

5.             Prior
Agreements and Understandings.  This
Letter Agreement constitutes the final agreement of the parties concerning the
matters referred to herein, and supersedes all prior agreements and
understandings with respect to the matters covered by this Letter Agreement.

 

6.             Continuing
Effect.  Except as set forth herein,
all terms and conditions of the Purchase Agreement shall remain in full force
and effect, which terms and conditions the parties hereby ratify and affirm.

 

7.             Governing
Law.  This Letter Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York applicable
to contracts made and to be performed therein.

 

8.             Miscellaneous.  This Letter Agreement may not be amended except by an
instrument in writing signed on behalf of each of the parties hereto.  This Letter Agreement shall be binding upon,
and shall be enforceable by and inure solely to the benefit of, the parties
hereto and their respective successors and assigns; provided, however, that
neither this Letter Agreement nor any of the Sellers’ rights or obligations
hereunder may be assigned by any Seller without the prior written consent of
the Buyer, and any attempted assignment of this Letter Agreement or any of such
rights by any Seller without such consent shall be void and of no effect.  Any rule of construction to the effect
that ambiguities are to be resolved against the drafting party shall not be
applied in the construction or interpretation of this Letter Agreement.  This Letter Agreement may be executed
in two or more counterparts, each of which shall be deemed an original and all
of which taken together shall constitute one and the same agreement.

 

[signatures on next page]

 

2

 

If the above reflects your understanding of the
parties’ agreement, please acknowledge your acceptance of the foregoing by
executing the countersignature below.

 

	
   

  	
  AM
  BROADCASTING WDWB, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Kenneth R. Brotman

  	
   

  
	
   

  	
  Name:
  Kenneth R. Brotman

  
	
   

  	
  Title:   President

  
	
   

  	
  Address: 1133
  Connecticut Avenue, N.W.

  
	
   

  	
   

  	
  Suite 700

  
	
   

  	
   

  	
  Washington, D.C. 20036

  
	
   

  	
  Facsimile: (202) 454-1101

  
					

 

 

[additional signature pages to follow]

 

 

	
  ACKNOWLEDGED
  AND AGREED:

  
	
   

  
	
  GRANITE
  BROADCASTING CORPORATION

  
	
   

  
	
   

  
	
  By: 

  	
  /s/ Lawrence I.
  Wills

  	
   

  
	
  Name:

  	
  Lawrence I.
  Wills

  
	
  Title:

  	
  Senior Vice
  President-Chief Financial Officer

  
	
   

  
	
   

  
	
  Address: Granite
  Broadcasting Corporation

  
	
  767 Third Avenue

  
	
  34th Floor

  
	
  New York, New York
  10017

  
	
  Facsimile:  (212)
  826-2858

  
	
   

  
	
  WXON, INC.

  
	
   

  
	
   

  
	
  By: 

  	
  /s/ Lawrence I.
  Wills

  	
   

  
	
  Name:

  	
  Lawrence I.
  Wills

  
	
  Title:

  	
  Vice President

  
	
   

  
	
  Address: c/o Granite
  Broadcasting Corporation

  
	
  767 Third Avenue

  
	
  34th Floor

  
	
  New York, New York
  10017

  
	
  Facsimile: (212) 826-2858

  
	
   

  
	
   

  
	
  WXON LICENSE,
  INC.

  
	
   

  
	
   

  
	
  By: 

  	
  /s/ Lawrence I.
  Wills

  	
   

  
	
  Name:

  	
  Lawrence I.
  Wills

  
	
  Title:

  	
  Vice President

  
	
   

  
	
  Address: c/o Granite
  Broadcasting Corporation

  
	
  767 Third Avenue

  
	
  34th Floor

  
	
  New York, New York
  10017

  
	
  Facsimile: (212) 826-2858

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