Document:

Agreement for the Sale of Commercial time, dated as of May 9, 2003

 Exhibit 10.2 
  
 Execution Copy 
  
  
 AGREEMENT FOR THE SALE OF COMMERCIAL TIME 
  
 This Agreement for the Sale of Commercial Time (“Agreement”) is
entered into as of May 9, 2003 by and between Mission Broadcasting, Inc., a Delaware corporation (“Mission”), and Nexstar Broadcasting of the Midwest, Inc., a Delaware corporation (“Nexstar”). Nexstar and Mission are referred to
collectively as the “Parties.” 
  
 WHEREAS,
Mission provides programming to television broadcast station WBAK-TV, Terre Haute, Indiana (the “Station”), pursuant to a Time Brokerage Agreement (the “TBA”), and has entered into an Asset Purchase Agreement with Bahakel
Communications, Ltd. and certain other parties (“Bahakel”), pursuant to which it has agreed to acquire substantially all of the assets of WBAK, both agreements being dated as of the date hereof. 
  
 WHEREAS, Nexstar desires to purchase advertising time on the Station.

  
 NOW, THEREFORE, for and in consideration of the mutual
covenants herein contained, the parties hereto agree as follows: 
  
 1.    Term of Agreement.    The term of this Agreement shall commence on the date of execution of this Agreement. The initial term of this Agreement is ten (10) years. Unless
otherwise terminated by either Party, the term of this Agreement shall be extended for an additional ten (10) year term. Either Party may terminate this Agreement at the end of the initial ten year term by six months prior written notice to the
other. Notwithstanding the foregoing, the Agreement will terminate (i) upon the consummation of the purchase and sale of assets of Mission relating to the Station by Nexstar, or an assignee of Nexstar, under the terms of a certain Option Agreement
(the “Option Agreement”) entered into by Mission and Nexstar or an affiliate of Nexstar (the “Optionee”), (ii) at Nexstar’s option, if the assets of Mission relating to the Station are sold to a party other than Optionee, or
(iii) the termination of Mission’s right to operate the Station under the TBA prior to Mission’s acquisition of the Station’s assets. 
  
 2.    Advertising Time.    Mission agrees that during the term of this Agreement, it will
sell to Nexstar, and will permit Nexstar to resell to advertisers, all of the time available for commercial announcements on the Station. All advertising announcements furnished by Nexstar shall comply with applicable federal, state, and local
regulations and pertinent governmental policies, including, but not limited to, lottery restrictions, prohibitions on obscenity and indecency, deceptive advertising, false representations or deception of any kind, and political broadcasting rules.
Nexstar shall notify Mission in advance of the broadcast of any material which promotes or opposes any candidate for public office or any issue to appear on a ballot or takes a position on a controversial issue of public importance. No material
constituting a Personal Attack within the meaning of the FCC’s rules and regulations or which is defamatory, violates any right of privacy, infringes on any intellectual property right of another party, or is not in the English language will be
accepted for broadcast. Nexstar shall furnish Mission with all material required to be made available for public inspection regarding requests for time by political candidates or the broadcast of controversial issue advertising, including
information regarding receipt of any request by or on behalf of a candidate for time and the disposition 

 thereof (whether or not time was furnished and, if so, the terms and conditions thereof), and the names of officers and
directors of any sponsor of controversial issue advertising. All material furnished by Nexstar for broadcast on the Station shall include any and all sponsorship identification announcements as required by Section 317 of the Communications Act of
1934, as amended, and the FCC’s rules and regulations, and Nexstar shall undertake in good faith to determine each instance where such announcements are required. To assist Nexstar in its advertising time sales efforts, Mission shall, during
the term of this Agreement, maintain the same television network affiliation that is in effect on this date, unless ninety (90) days advance written notice of an affiliation change is given to Nexstar. 
  
 3.    Payments.    During the term of this Agreement, Nexstar shall pay Mission the payments set forth on Schedule A hereto. 
  
 4.    Revenues.    Nexstar shall collect on behalf of Mission all of the Station’s accounts receivable pertaining to the Station in existence as of the first day of the term
of this Agreement (the “Accounts Receivable”). Nexstar shall be entitled to all revenues attributable to commercial advertisements sold by Nexstar, and all other advertising time revenue received, in each case with respect to commercial
advertisements broadcast during the term hereof. Notwithstanding anything herein to the contrary, at the request of an advertiser, Mission may set a reasonable rate for time on the Station and sell time in accordance with such rates for the account
of Nexstar for broadcast during the term of this Agreement. 
  
 5.    Mission’s Broadcast Obligations.    During the term of this Agreement, Nexstar shall assume, and undertake the administration and servicing of all of the Station’s
contracts and other agreements which provide for the sale and broadcast of advertising and related activities during the term of this Agreement. All revenues arising from such contracts and agreements for advertising broadcast during the term of
this Agreement shall belong to Nexstar, even though the time was sold by Mission; and all commissions to employees, agencies, or representatives payable on account of advertising broadcast during the term of the Agreement shall be paid by Nexstar
even if the time was sold by Mission. Mission shall remain obligated to pay all fees, commissions or other amounts due under Mission’s contracts and other agreements, including but not limited to, national sales representative fees, that arise
prior to the first day of the term of this Agreement, and that are reimbursed by Nexstar pursuant to Section 4 above. 
  
 6.    Personnel.    Nexstar shall employ and be responsible for the salaries, benefits,
employer taxes, and related costs of employment of a sales staff for the sale of the advertising time and for the collection of accounts receivable with respect to advertising sold by Nexstar pursuant to this Agreement. Mission shall retain
sufficient staff to oversee those aspects of its business and financial matters not specifically delegated to Nexstar hereunder. 
  
 7.    Interruption of Normal Operations.    If the Station suffers loss or damage of any
nature to its transmission facilities which results in the interruption of service or the inability to operate full time at maximum authorized facilities, Mission shall immediately notify Nexstar and shall undertake such repairs as are necessary to
restore the full-time operation of the Station. If the Station does not resume operation with at least 80% of its authorized signal coverage within one hundred twenty (120) hours, Mission shall so notify Nexstar. Upon receipt of such 
  

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 notification, Nexstar may, at its option, terminate this Agreement. In such event, Nexstar shall be entitled to a pro
rata refund of the payments made pursuant to Section 3 hereof. 
  
 8.    Operation of the Station.    During the term of this Agreement, Mission, and during the period from the date hereof until the Closing Date, as defined in the Purchase
Agreement, Bahakel, shall continue to maintain full control over the operations of the Station, including programming, editorial policies, employees of Mission (Bahakel), and Mission (Bahakel)-controlled facilities. Mission, and during the Interim
Period, Bahakel, is responsible for the Station’s compliance with the Communications Act of 1934, as amended, FCC rules, regulations, and policies, and all other applicable laws. Mission shall be solely responsible for and pay in a timely
manner all expenses relating to the operation of the Station other than for the sale of advertising time, including but not limited to, maintenance of the studios and transmitting facilities and all taxes and other costs incident thereto; payments
due under any leases, contracts and agreements; music performance license fees; and all utility costs relating to the operation of the Station. Mission shall also maintain insurance covering the Station’ transmission facilities. Mission, and
during the Interim Period, Bahakel, may, in its sole discretion, decline to accept advertising sold by Nexstar, in the event that it reasonably believes that the broadcast of such advertising would violate applicable laws or regulations, would
damage Mission’s (Bahakel’s) reputation in the community, or would otherwise be contrary to the public interest, or preempt any of the commercial time sold by Nexstar in order to present program material of pressing public interest or
concern. Mission shall promptly notify Nexstar of any such rejection or rescheduling of advertising and shall cooperate with Nexstar in efforts to fulfill Nexstar’s commitments to advertisers. In the event Nexstar sustains any liability or loss
of revenue as a result of the rejection or rescheduling by Mission of any advertising for any reason other than as set forth above, Mission shall promptly indemnify Nexstar for any and all such losses. Nexstar shall not enter into any contract,
without Mission’s (and during the Interim Period, Bahakel’s) approval, that would be violated if Mission (Bahakel) reasonably exercised its foregoing rights. 
  
 9.    Advertising Rates.    The rates for advertising sold by
Nexstar shall be set by Nexstar, provided, however, that Nexstar shall comply with all applicable statutes and regulations regarding access to airtime and rates charged for political advertising and shall indemnify Mission against any liability
incurred by Mission as a result of Nexstar’s failure to comply with such statutes and regulations. 
  
 10.    Delivery of Material for Broadcast.    All advertising material furnished by Nexstar
for broadcast on the Station shall be delivered to the Station on tape cartridges, or other mutually agreeable method, in a format to be agreed upon by Nexstar and Mission, in a form ready for broadcast on the Station’s existing playback
equipment, and with quality suitable for television broadcast. Mission shall not be required to provide production services or to copy, reformat, or otherwise manipulate material furnished by Nexstar other than inserting tape cartridges into
machinery for broadcast. 
  
 11.    Access to Station Premises.    Nexstar shall have access to any available space at the studio and offices of the Station for purposes of selling time and producing
commercial announcements to the extent reasonably necessary or appropriate for Nexstar to exercise its rights and perform its obligations under this Agreement. When on the Station premises, Nexstar’s personnel shall be subject to the direction
and control of Mission’s management 
  

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 personnel and shall not act contrary to the terms of any lease for the premises. If Nexstar utilizes telephone lines
other than those of Mission in connection with its sale of time on the Station, it shall not answer those lines in a way that implies that the lines are those of Mission; but Nexstar may use the Station’s call letters in promotional literature
and in answering the telephone (e.g., “WBAK Sales”). 
  
 12.    Billing.    Nexstar shall keep written records relating to the sale of commercial advertising consistent with Nexstar’s past practices at its existing stations.

  
 13.    Mission’s
Representations and Warranties. 
  
 (a)  Mission
represents and warrants as follows: 
  
 (i)  There is
not now pending, nor to Mission’s best knowledge is there threatened, any action by the FCC or any other party to revoke, cancel, suspend, refuse to renew or otherwise modify any of such licenses, permits or authorizations. 
  
 (ii)  Mission is not in material violation of any statute,
ordinance, rule, regulation, policy, order, or decree of any federal, state, or local entity, court, or authority having jurisdiction over it, the Station, or over any part of their operations or assets, which default or violation would have a
materially adverse effect upon Mission, its assets, the Station, or upon Mission’s ability to perform this Agreement. 
  
 (iii)  During the term of this Agreement, Mission shall not take any action or omit to take any action which would put it in material violation
of or in default under any agreement to which Mission or its owners is a party, which default or violation would have a material adverse impact upon Mission, its assets, or the Station or upon Mission’s ability to perform this Agreement.

  
 (iv)  To the knowledge of Mission, all material
reports and applications required to be filed with the FCC or any other governmental body prior to the date hereof have been filed in a timely and complete manner. During the term of this Agreement, Mission will file all reports and applications
required to be filed with the FCC or any other governmental body in a timely and complete manner. Mission will maintain the Station’s facilities in accord with good engineering practice and in compliance in all material respects with the
engineering requirements set forth in the Station’s FCC licenses, including broadcasting at substantially maximum authorized power (except at such time that reduction of power is required for routine or emergency maintenance). 
  
 (v)  Mission may, during the term of this Agreement, dispose of
any of its assets or properties, so long as: (1) such action does not adversely affect Mission’s ability to perform its obligations hereunder; and (2) such action does not abrogate any of Nexstar’s rights hereunder. 
  
 (b)  Nexstar and Mission each represent and warrant to the other
that it has the power and authority to enter into this Agreement and to engage in the transactions contemplated by this Agreement. Each of Mission and Nexstar is a corporation which is in good standing in the state of its formation and qualified to
do business in the State of Indiana. The signatures 
  

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 appearing for Nexstar and Mission, respectively, at the end of this Agreement have been affixed pursuant to such specific
authority as, under applicable law, is required to bind them. Neither the execution, delivery, nor performance by Mission or Nexstar of this Agreement conflicts with, results in a breach of, or constitutes a default or ground for termination under
any agreement or judicial or governmental order or decree to which Mission or Nexstar, respectively, is a party or by which it is bound. 
  
 14.    Events of Default.    The following shall, after the expiration of the applicable cure
periods, constitute Events of Default under the Agreement: 
  
 (a)  Non-Payment.    Nexstar’s failure to remit to Mission any payment described in Section 3 above in a timely manner. 
  
 (b)  Default in Covenants.    The default by either party hereto in the material
observance or performance of any material covenant, condition, or agreement contained herein, or if any material misrepresentation or warranty herein made by either party to the other shall prove to have been false or misleading as of the time made.

  
 15.    Cure Period and
Termination upon Default.    An Event of Default shall not be deemed to have occurred until ten (10) business days after the nondefaulting party has provided the defaulting party with written notice specifying the event
or events which if not cured would constitute an Event of Default and specifying the actions necessary to cure within such ten day period. The notice period provided in this Section shall not preclude Mission from at any time preempting or refusing
to broadcast any advertising furnished by Nexstar. If Nexstar has defaulted in the performance of its obligations and has failed to cure such default within the applicable time period, Mission shall be under no further obligation to make commercial
time available to Nexstar, and all amounts then due and payable to Mission shall immediately be paid to Mission. 
  
 16.    Other Agreements.    Mission will not enter into any other commercial time sales
(except as permitted by Section 4 hereof), time brokerage, local marketing or similar agreement for the Station with any third party during the term of this Agreement. Mission will also not purchase or accept for broadcast on the Station any
programming that includes commercial advertising sold by any third party without Nexstar’s consent, excluding national advertising time sold in network programming and nationally syndicated barter programming aired on the Station. 

 
 17.    Liabilities after
Termination.    After the expiration or termination of this Agreement for any reason other than an assignment of the Station’s assets to Nexstar or any assignee of Nexstar, (i) Mission shall be responsible for
broadcasting such advertising on the Station as may be required under advertising contracts entered into by Nexstar during the term of this Agreement and (ii) Mission shall be entitled to any revenues for advertising broadcast after termination of
this Agreement. 
  
 18.    TBA.    This Agreement is subject to the terms of the TBA. 
  
 19.    Indemnification; Insurance.    Nexstar shall indemnify and hold Mission and its
officers, directors, stockholders, agents, and employees harmless against any and all liability for 
  

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 libel, slander, illegal competition or trade practice, infringement of trademarks, trade names, or program titles,
violation of rights of privacy, and infringement of copyrights and proprietary rights resulting from or relating to the advertising or other material furnished by Nexstar for broadcast on the Station, along with any fine or forfeiture imposed by the
FCC because of the content of material furnished by Nexstar or any conduct of Nexstar. Mission shall indemnify and hold Nexstar and its officers, directors, members, agents, and employees harmless from any failure by Mission to broadcast advertising
material furnished by Nexstar except as permitted by Section 8 of this Agreement. Indemnification shall include all liability, costs, and expenses, including counsel fees (at trial and on appeal). The indemnification obligations under this Section
shall survive any termination of this Agreement. The obligation of each party to indemnify is conditioned on the receipt of notice from the party making the claim for indemnification in time to allow the defending party to timely defend against the
claim and upon the reasonable cooperation of the claiming party in defending against the claim. The party responsible for indemnification shall select counsel and control the defense, subject to the indemnified party’s reasonable approval,
provided, however, that no claim may be settled by an indemnifying party without the consent of the indemnified party, and provided further, that if an indemnifying party and a claimant agree on a settlement and the indemnified party rejects the
settlement unreasonably, the indemnifying party’s liability will be limited to the amounts the claimant agreed to accept in settlement. Nexstar and Mission shall each carry (A) comprehensive general liability insurance with reputable companies
covering their activities under this Agreement, in an amount not less than One Million Dollars ($1,000,000.00); (B) worker’s compensation and/or disability insurance; and (C) libel/defamation/First Amendment liability insurance, with a
deductible of no more than $100,000. Each Party will name the other party as an additional insured on these policies. 
  
 20.    No Partnership or Joint Venture.    The Agreement is not intended to be, and shall not
be construed as, an agreement to form a partnership, agency relationship, or a joint venture between the parties. Except as otherwise specifically provided in the Agreement, neither party shall be authorized to act as an agent of or otherwise to
represent the other party. 
  
 21.    Successors and Assigns.    Neither party may assign its rights and obligations under this Agreement, either in whole or in part, without the prior written consent of the
other; however, such consent shall not be unreasonably withheld. The covenants, conditions and provisions hereof are and shall be for the exclusive benefit of the parties hereto and their permitted successors and assigns, and nothing herein, express
or implied, is intended or shall be construed to confer upon or to give any person or entity other than the parties hereto and their permitted successors and assigns any right, remedy or claim, legal or equitable, under or by reason of this
Agreement. This Agreement shall be binding upon and inure to the benefit of the parties and their respective permitted successors and assigns. 
  
 22.    Authority; Construction; Entire Agreement.    Both Mission and Nexstar represent that
they are legally qualified and able to enter into this Agreement, which shall be construed in accordance with the laws of the State of Indiana without regard to principles of conflict of laws. This Agreement, the Shared Services Agreement which the
Parties have entered into on the date hereof, and the Option Agreement embody the entire agreement between the parties with respect to the subject matter hereof and thereof, and there are not other agreements, representations, or understandings,
oral or written, between them with respect thereto. 
  

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 23.    Modification and Waiver.    No
modification or waiver of any provision of the Agreement shall be effective unless in writing and signed by the party against whom such modification or waiver is asserted, and no failure to exercise any right, power, or privilege hereunder shall
operate to restrict the exercise of the same right, power, or privilege upon any other occasion nor to restrict the exercise of any other right, power, or privilege upon the same or any other occasion. The rights, powers, privileges, and remedies of
the parties hereto are cumulative and are not exclusive of any rights, powers, privileges, or remedies which they may have at law, in equity, by statute, under this Agreement, or otherwise. 
  
 24.    Unenforceability.    If any provision of this Agreement or the application thereof to any person or circumstances shall be invalid or unenforceable to any extent, the
remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law, except that if such invalidity or unenforceability
should change the basic economic positions of the Parties, they shall negotiate in good faith such changes in other terms as shall be practicable in order to restore them to their prior positions. In the event that the FCC alters or modifies its
rules or policies in a fashion which would raise substantial and material questions as to the validity of any provision of this Agreement, the Parties shall negotiate in good faith to revise any such provision of this Agreement in an effort to
comply with all applicable FCC rules and policies, while attempting to preserve the intent of the Parties as embodied in the provisions of this Agreement. The Parties agree that, upon the request of either of them, they will join in requesting the
view of the staff of the FCC, to the extent necessary, with respect to the revision of any provision of this Agreement in accordance with the foregoing. If the Parties are unable to negotiate a mutually acceptable modified Agreement, then either
party may terminate this Agreement upon written notice to the other, and each Party shall be relieved of any further obligations, one to the other. 
  
 25.    Notices.    Any notice required hereunder shall be in writing and any payment, notice,
or other communication shall be deemed given when delivered personally or, in the case of communications other than payments, delivered by facsimile as follows: 
  

	 	To Mission:	 	Mission Broadcasting, Inc. 

	 	    	 	544 Red Rock Drive 

	 	    	 	Wadsworth, OH 44281 

	 	    	 	Attention:    David S. Smith, President 

  
 With a copy (which shall not constitute notice) to: 
  
 Drinker Biddle & Reath LLP 
 1500 K Street, N.W., Suite 1100 
 Washington, D.C. 20005-1209 
 Attention: Howard M. Liberman 
  

	 	To Nexstar:	 	Nexstar Broadcasting Group, L.L.C. 

	 	    	 	909 Lake Carolyn Parkway 

	 	    	 	Suite 1450 

	 	    	 	Irving, TX 75039 

	 	    	 	Attention: Perry Sook, President & CEO 

  

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 With a copy (which shall not constitute notice) to: 
  
 John L. Kuehn, Esq. 
 Kirkland & Ellis 
 Citicorp Center 
 153 East 53rd Street 
 New York, NY 10022-4675 
  
 26.    Counterparts.    This Agreement may be executed in counterparts, each of which shall
be deemed an original and all of which together shall constitute one and the same instrument. 
  
 27.    Headings.    The headings are for convenience only and will not control or affect the meaning or construction of the provisions of this Agreement.

  
 28.    Schedules.    Any schedules attached hereto are an integral part of this Agreement with the same force and effect as if set forth in full in the text of the Agreement.

  
 29.    Waiver of Jury
Trial.    AS A SPECIFICALLY BARGAINED INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT (EACH PARTY HAVING HAD OPPORTUNITY TO CONSULT COUNSEL), EACH PARTY EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY
LAWSUIT OR PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREIN. 
  
  
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 SIGNATURE PAGE TO 
 AGREEMENT FOR THE SALE OF COMMERCIAL TIME 
  
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written. 
  
  

	 MISSION BROADCASTING, INC.

		
	 By:
	 	/S/    DAVID S. SMITH
	 	 	

	 Name:
	 	David S. Smith
	 Title:
	 	President
	
	 NEXSTAR BROADCASTING OF THE
 MIDWEST, INC.

		
	 By:
	 	/S/    PERRY SOOK
	 	 	

	 Name:
	 	Perry Sook
	 Title:
	 	President

 SCHEDULE A 
  
 Nexstar will pay to Mission the sum of $100,000 per month, subject to an equitable adjustment reasonably acceptable to both
parties to assure that the amount of any such monthly payment shall be equal to Mission’s Expenses (as defined below) for such month (the “Equitable Adjustment”). Except for the Equitable Adjustment, if any, which shall be paid by the
first of the following month, all payments hereunder shall be payable in advance on or before the first calendar day of such month. For purposes of this Section, the term “Expenses” shall include reasonable and prudent operating costs
associated with the Station as may be incurred by Mission in the ordinary course of business consistent with past practice and debt service, plus $10,000 per month; or as may be required to be paid by Mission under FCC rules and policies.

  

 A-1Option Agreement, dated as of May 9, 2003

 EXHIBIT 10.3 
  
 EXECUTION COPY 
  
 OPTION AGREEMENT 
  
 AMONG 
  
 MISSION
BROADCASTING, INC., 
  
 DAVID SMITH 
  
 and 
  
 NEXSTAR BROADCASTING OF THE MIDWEST, INC. 
  
 DATED AS OF 
  
 May 9, 2003 

 TABLE OF CONTENTS 
  

	 ARTICLE I    GRANT OF OPTION; GENERAL TERMS OF SALE
	  	1
	 1.1
	  	Option Grant; Assets Covered	  	1
	 	  	(a)	 	FCC Authorizations	  	2
	 	  	(b)	 	Tangible Personal Property	  	2
	 	  	(c)	 	Real Property	  	2
	 	  	(d)	 	Agreements for Sale of Time	  	2
	 	  	(e)	 	Program Contracts	  	2
	 	  	(f)	 	Other Contracts	  	2
	 	  	(g)	 	Trademarks, etc	  	2
	 	  	(h)	 	Programming Copyrights	  	2
	 	  	(i)	 	FCC Records	  	2
	 	  	(j)	 	Files and Records	  	3
	 	  	(k)	 	Goodwill	  	3
	 	  	(l)	 	Prepaid Items	  	3
	 	  	(m)	 	Cash	  	3
	 	  	(n)	 	Receivables and Other Claims	  	3
	 1.2
	  	Excluded Assets	  	3
	 	  	(a)	 	Insurance	  	3
	 	  	(b)	 	Name	  	3
	 	  	(c)	 	Certain Contracts	  	3
	 	  	(d)	 	Corporate Books and Records	  	3
	 	  	(e)	 	Transaction Documents	  	4
	 1.3
	  	Option Exercise	  	4
	 1.4
	  	Liabilities.	  	4
	 	  	(a)	 	Permitted Encumbrances	  	4
	 	  	(b)	 	Assumption of Liabilities Generally	  	4
		
	 ARTICLE II    CLOSING
	  	5
	 2.1
	  	Exercise Price.	  	5
	 	  	(a)	 	Payment	  	5
	 	  	(b)	 	Definition of Cash Purchase Price	  	5
	 	  	(c)	 	Determination of Cash Purchase Price	  	5
	 	  	(d)	 	Allocation of Cash Purchase Price after Sale	  	5
	 2.2
	  	The Closing	  	6
	 2.3
	  	Deliveries at Closing	  	6
	 	  	(a)	 	Deliveries by Seller	  	6
	 	  	(b)	 	Deliveries by Buyer	  	7
		
	 ARTICLE III    REPRESENTATIONS AND WARRANTIES OF SELLER
	  	7
	 3.1
	  	Incorporation; Power	  	7
	 3.2
	  	Corporate Action	  	7
	 3.3
	  	No Defaults	  	8
	 3.4
	  	Brokers	  	8

  

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	 ARTICLE IV    REPRESENTATIONS AND WARRANTIES OF PARENT
	  	8
	 4.1
	  	Capacity	  	8
	 4.2
	  	Action	  	8
	 4.3
	  	No Defaults	  	8
	 4.4
	  	Brokers	  	8
		
	 ARTICLE V    REPRESENTATIONS AND WARRANTIES OF BUYER
	  	9
	 5.1
	  	Incorporation	  	9
	 5.2
	  	Action	  	9
	 5.3
	  	No Defaults	  	9
	 5.4
	  	Brokers	  	9
		
	 ARTICLE VI    COVENANTS OF SELLER AND PARENT
	  	9
	 6.1
	  	Covenants of Seller and Parent Generally	  	9
	 	  	(a)	  	FCC Authorizations and Other Matters	  	9
	 	  	(b)	  	Restrictions	  	10
	 	  	(c)	  	Reports; Access to Facilities, Files, and Records	  	10
	 	  	(d)	  	Notice of Proceedings	  	10
	 	  	(e)	  	Notice of Certain Developments	  	11
	 	  	(f)	  	Issuance or other Transfer of Stock or Equivalents	  	11
	 	  	(g)	  	No Premature Assumption of Control	  	11
	 6.2
	  	Covenants of Seller and Parent during the Exercise Period	  	11
	 	  	(a)	  	Application for Commission Consent	  	11
	 	  	(b)	  	Consents	  	12
	 	  	(c)	  	Consummation of Sale	  	12
	 	  	(d)	  	Hart-Scott-Rodino	  	12
		
	 ARTICLE VII    COVENANTS OF BUYER
	  	12
	 7.1
	  	Covenants of Buyer Generally	  	12
	 7.2
	  	Covenants of Buyer during Exercise Period	  	12
		
	 ARTICLE VIII    CONDITIONS TO SELLER'S OBLIGATIONS ON THE CLOSING DATE
	  	13
	 8.1
	  	Representations, Warranties, Covenants	  	13
	 8.2
	  	Proceedings	  	13
	 8.3
	  	FCC Authorization	  	13
	 8.4
	  	Hart-Scott-Rodino	  	13
	 8.5
	  	Other Instruments	  	14
		
	 ARTICLE IX    REMEDIES
	  	14
	 9.1
	  	Bulk Sales Indemnity	  	14
	 9.2
	  	Acknowledgment by Buyer	  	14
		
	 ARTICLE X    TERMINATION/MISCELLANEOUS
	  	15
	 10.1
	  	Termination of Agreement Prior to the Closing Date	  	15
	 	  	(a)	  	By Parent	  	15

  

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	 	  	 (b)
	  	By Buyer	  	15
	 10.2
	  	Remedies	  	15
	 10.3
	  	Expenses	  	15
	 10.4
	  	Assignments; Exercise in Part	  	15
	 10.5
	  	Further Assurances	  	16
	 10.6
	  	Notices	  	16
	 10.7
	  	Captions	  	17
	 10.8
	  	Law Governing	  	17
	 10.9
	  	Waiver of Provisions	  	17
	 10.10
	  	Counterparts	  	17
	 10.11
	  	Entire Agreement/Amendments	  	17
	 10.12
	  	Access to Books and Records.	  	18
	 10.13
	  	Public Announcements	  	18
	 10.14
	  	Definitional Provisions	  	19
	 	  	 (a)
	  	Terms Defined in Appendix	  	19
	 	  	 (b)
	  	Gender and Number	  	19
	 10.15
	  	Arbitration	  	19
	 	  	 (a)
	  	Generally	  	19
	 	  	 (b)
	  	Notice of Arbitration	  	19
	 	  	 (c)
	  	Selection of Arbitrator	  	19
	 	  	 (d)
	  	Conduct of Arbitration	  	19
	 	  	 (e)
	  	Enforcement	  	20
	 	  	 (f)
	  	Expenses	  	20

  

 iii 

 OPTION AGREEMENT 
  
 THIS OPTION AGREEMENT is dated as of May 9, 2003, and is entered into among Mission Broadcasting, Inc., a Delaware
corporation (“Seller”), David S. Smith (“Parent”), and Nexstar Broadcasting of the Midwest, Inc., a Delaware limited liability company (“Buyer”). Other capitalized terms not otherwise defined herein
are defined in the Appendix to this Agreement. 
  
  
 RECITALS 
  
 WHEREAS, Seller has entered into a Time Brokerage Agreement and a Purchase and Sale Agreement with Bahakel Communications, Ltd. and certain other parties
thereto pursuant to which it currently provides programming to, and will eventually purchase, broadcast television station WBAK-TV, Terre Haute, Indiana (the “Station”); 
  
 WHEREAS, Parent is the sole stockholder of Seller; and 
  
 WHEREAS, Seller has agreed to grant to Buyer an option to acquire the Station Assets described in more detail below, all on
the terms described below and consistent with the rules and regulations of the FCC; 
  
 NOW, THEREFORE, in consideration of the foregoing and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  
  
 ARTICLE I 
 GRANT OF OPTION; GENERAL TERMS OF SALE 
  
 1.1    Option Grant; Assets Covered.    Seller hereby grants to Buyer,
and Buyer hereby accepts Seller’s grant of, an option (the “Option”) to acquire the Station Assets, upon the terms and conditions set forth in this Agreement. This Option is granted in return for, among other consideration, the
payment by Buyer to Seller of $1.00 and Buyer’s guarantee of Seller’s debt. Upon and subject to the terms and conditions stated in this Agreement, on the Closing Date, Seller, as its interests may appear, shall convey, transfer, and
deliver to Buyer, and Buyer shall acquire from Seller, all of Seller’s rights in, to and under the assets and properties of Seller, real and personal, tangible and intangible, of every kind and description which are used or useful in connection
with the business and operations of the Station, as a going concern, including, without limitation, rights under contracts and leases, real and personal property, plant and equipment, inventories, intangibles, licenses and goodwill, but excluding
all such assets and properties which constitute Excluded Assets. The rights, assets, property, and business of Seller with respect to the Station to be transferred to Buyer pursuant to this Section 1.1 in connection with the exercise of the Option
are referred to as the “Station Assets,” and the purchase and sale of the Station Assets pursuant to this Agreement in connection with the exercise of the Option is referred to as the “Sale.” Subject to Section 1.2,
the Station Assets include, without limitation, Seller’s rights in, to and under the following, in each case if and to the extent in existence and held by Seller immediately prior to the Closing: 

 (a)  FCC Authorizations.    All licenses,
construction permits and authorizations issued by the FCC to Seller with respect to the Station (the “FCC Authorizations”), and all applications therefor, together with any renewals, extensions, or modifications thereof and
additions thereto. 
  
 (b)  Tangible
Personal Property.    All equipment, vehicles, furniture, fixtures, transmitting towers, antennas, transmitters, satellite earth stations, office materials and supplies, spare parts and other tangible personal property of
every kind and description used in connection with the business and operations of the Station. 
  
 (c)  Real Property.    All real property interests held by Seller and all buildings,
structures, towers, and improvements thereon used in the business and operations of the Station, and all other rights under any Contracts relating to real property (the “Realty Contracts”); provided that, in the event of
destruction of or damage to any such real property interest, any improvement thereon or any property described in Section 1.1(b) which is not repaired or restored prior to the Closing Date, then at the Closing Seller shall assign to Buyer all of
Seller’s interest, if any, in the proceeds (the “Proceeds”) of any insurance covering such damage or destruction. 
  
 (d)  Agreements for Sale of Time.    All orders, agreements and other Contracts for the sale of
advertising time (including Trades) on the Station (collectively, the “Time Sales Contracts”), to the extent unperformed as of the Closing Date. 
  
 (e)  Program Contracts.    All program licenses and other Contracts
under which Seller is authorized to broadcast film product or programs on the Station (collectively, the “Program Contracts”). 
  
 (f)  Other Contracts.    All affiliation agreements and other Contracts relating to the Station to
which Seller is a party with respect to the Station (other than any Contract described in Section 1.1(c), 1.1(d) or 1.1(e) hereof) (collectively, the “Other Assumed Contracts”). 
  
 (g)  Trademarks,
etc.    All trademarks, service marks, trade names, jingles, slogans, logotypes, the goodwill associated with the foregoing, and patents, owned and used by Seller in connection with the business and operations of the Station,
including, without limitation, all Seller’s rights to use the call letters “WBAK” and any related or other call letters, names and phrases used in connection with the Station. 
  
 (h)  Programming
Copyrights.    All program and programming materials and elements of whatever form or nature owned by Seller and used solely in connection with the business and operations of the Station, whether recorded on tape or any other
substance or intended for live performance, and whether completed or in production, and all related common law and statutory copyrights owned by or licensed to Seller and used in connection with the business and operations of the Station.

  
 (i)  FCC
Records.    Subject to Section 10.12, all FCC logs and other compliance records of Seller that relate to the operations of the Station. 
  

 2 

 (j)  Files and Records.    Subject to Section 10.12,
all files and other records of Seller relating to the business and operations of the Station prior to the Closing Date, including, without limitation, all books, records, accounts, checks, payment records, tax records (including, without limitation,
payroll, unemployment, real estate, and other tax records), and other such similar books and records of Seller, for five (5) fiscal years immediately preceding the Closing Date (collectively, the “Seller’s Recent Station
Records”). 
  
 (k)  Goodwill.    All of Seller’s goodwill in, and going concern value of, the Station. 
  
 (l)  Prepaid Items.    All prepaid expenses relating to the Station. 
  
 (m)  Cash.    All cash,
cash equivalents, and cash items of any kind whatsoever, certificates of deposit, money market instruments, bank balances, and rights in and to bank accounts, marketable and other securities held by Seller. 
  
 (n)  Receivables and Other
Claims.    All notes and accounts receivable and other receivables of Seller relating to or arising out of the operation of the Station prior to the Closing, all security, insurance, and similar deposits, and all other claims
of Seller with respect to transactions or other conduct of the business of the Station prior to the Closing, including, without limitation, claims for tax refunds and claims of Seller under all Contracts with respect to events for the period prior
to the Closing. 
  
 1.2    Excluded
Assets.    There shall be excluded from the Station Assets and, to the extent in existence on the Closing Date, retained by Seller, the following assets (the “Excluded Assets”): 
  
 (a)  Insurance.    Subject to Section 1.1(c), all contracts of insurance and all insurance plans and the assets thereof, together with all rights and claims thereunder. 
  
 (b)  Name.    All of
Seller’s rights to use the name “Mission Broadcasting,” any variation thereof, or any related logo, name or phrase. 
  
 (c)  Certain Contracts.    All Realty Contracts, Time Sales Contracts, Program Contracts and Other
Assumed Contracts which expire and are not renewed, or which otherwise terminate, on or prior to the Closing Date. 
  
 (d)  Corporate Books and Records.    Subject to Section 10.12, all account books of original entry
other than duplicate copies of such files and records, if any, that are maintained at any executive office of Seller or the offices of Seller’s direct or indirect equity owners, and all materials of Seller which constitute attorney work product
or contain information which is protected by attorney-client privilege, wherever located, relating to matters at or prior to the Closing; provided that Seller will provide Buyer access to such work product or privileged information to the
extent necessary for Buyer to defend any claim brought against Buyer by a Person which is not, or is not an Affiliate of, a party to this Agreement. 
  

 3 

 (e)  Transaction Documents.    All rights of Seller,
or any successor to Seller, pursuant to any Transaction Document. 
  
 1.3    Option Exercise.    Each exercise of the Option will be permitted solely in accordance in all respects with the Communications Act and all applicable rules, regulations and policies of
the FCC. In order to exercise the Option, Buyer must deliver to Seller (prior to the Option Expiration Date) written notice (an “Exercise Notice”) of Buyer’s intention to do so. Buyer may withdraw any Exercise Notice prior to the
Closing by written notice to that effect to Seller. No such withdrawal (and no withdrawal of any subsequent Exercise Notice) will affect Buyer’s right subsequently to exercise the Option by delivering to Seller (prior to the Option Expiration
Date) one or more other Exercise Notices, subject in all events to compliance with the Communications Act and all applicable rules, regulations and policies of the FCC. Upon the withdrawal of any Exercise Notice, Buyer shall reimburse Seller for all
reasonable out-of-pocket expenses (including reasonable attorneys’ fees) incurred by Seller in connection with its compliance with Section 6.2 with respect to such Exercise Notice. 
  
 1.4    Liabilities. 
  
 (a)  Permitted Encumbrances.    At the Closing, after the application
of the Cash Purchase Price as may be required to repay the Existing Station Indebtedness, the Station Assets shall be sold and conveyed to Buyer free and clear of all Liens (including all Liens which secure the repayment of Existing Station
Indebtedness), other than (i) Liens for current taxes in respect of the Station and the Station Assets and other amounts which are not then due and payable and which arise by operation of law, (ii) Liens on the Station Assets which are in existence
on the date of this Agreement and which do not secure indebtedness or borrowed money, (iii) Liens on the Station’s assets arising by operation of law or in the ordinary course of Seller’s business after the date of this Agreement and not
securing indebtedness for borrowed money, and (iv) Liens on the Station Assets which, in the aggregate, would not be expected to have a material effect on the Station Assets after the Sale. 
  
 (b)  Assumption of Liabilities
Generally.    The “Assumed Liabilities” will be all liabilities and obligations of Seller or Parent relating to the operation of the Station or the ownership or operation of the Station Assets, in each case
as of the Closing Date, whether contingent or absolute, known or unknown, accrued or not accrued, or matured or unmatured, including all liabilities and obligations pursuant to any Realty Contract, Time Sales Contract, Program Contract or Other
Assumed Contract (collectively, the “Assumed Contracts”) in effect on the Closing Date. On the Closing Date, Buyer will assume and agree to pay, satisfy, perform and discharge all Assumed Liabilities. From and after the Closing,
Buyer will discharge and reimburse and hold harmless Seller against, and Seller will not be responsible or otherwise liable for, any Assumed Liability. Without limiting the foregoing, except as otherwise provided in this Agreement, the
“Assumed Liabilities” will not include, and on the Closing Date Buyer shall not assume or thereafter be liable for, any liability or obligation of Seller relating to any Existing Station Indebtedness (it being understood that all
Existing Station Indebtedness will be satisfied prior to, or contemporaneously with, the consummation of the Sale). The 
  

 4 

 revenues, expenses and liabilities of Seller or attributable to the Station and the Station Assets will not be prorated
between Buyer and Seller in connection with the Sale. 
  
  
 ARTICLE II 
 CLOSING

  
 2.1    Exercise Price.

  
 (a)  Payment.    In consideration of the transfer and delivery of the Station Assets to Buyer at the Closing, (i) Buyer will pay to Seller an amount which is equal to the Cash Purchase Price, and (ii)
Buyer will assume the Assumed Liabilities. The Cash Purchase Price shall be paid by Buyer to Seller on the Closing Date by wire transfer of immediately available funds to such bank account(s) as Seller may designate on or prior to the Closing Date.

  
 (b)  Definition of Cash Purchase
Price.    The “Cash Purchase Price” shall be an amount equal to the greater of: 
  

	 	(1)	 	(x) the product of seven (7) and the amount of the cash flow generated by the Station during the twelve (12) months completed prior to the date upon which the Exercise Notice is
given, reduced by (y) without duplication, the amount of the Existing Station Indebtedness as of the date of the Closing and any amount owing as of the date of the Closing by Seller to Buyer or any of its affiliates; and 

  

	 	(2)	 	the sum, without duplication, of the amount of the Existing Station Indebtedness as of the date of the Closing and any amount owing as of the date of the Closing by Seller to Buyer
or any of its affiliates. 

  
 (c)  Determination of Cash Purchase Price; Non-Termination.    For purposes of determining the Cash Purchase Price, the amount of the cash flow referred to in clause (b)(1)(x) above will be determined in
accordance with generally accepted accounting principles, applied on a basis that is consistent with the application of those principles by the parties as of the date of this Agreement. Each of Buyer, Seller and Parent will use reasonable efforts to
assist in the determination of the Cash Purchase Price. Notwithstanding Section 10.1(a) of this Agreement, neither Seller nor Parent may terminate this Agreement at any time at which an Exercise Notice has been given (and not withdrawn) and the
amount of the Cash Purchase Price has not been determined, or during the twenty business days after any such determination. 
  
 (d) Allocation of Cash Purchase Price after Sale.    Buyer and Seller will allocate the Cash Purchase Price
among the Station Assets in accordance with a report of such allocation prepared in good faith by Buyer based upon the valuation report of an independent appraiser retained by Buyer and in accordance with all applicable provisions of the Internal
Revenue Code of 1986, as in effect from time to time. Buyer will submit such reports of Buyer and such independent appraiser to Seller prior to the Closing of the 
  

 5 

 Sale. Buyer and Seller agree to file (at such times and in such manner as may be required by applicable
Legal Requirements) all relevant returns and reports (including, without limitation, Forms 8594, Asset Acquisition Statements, and all income and other tax returns) on the basis of such allocations. 
  
 2.2    The Closing.    Subject
to Section 10.1, the closing of the Sale, and the assumption of the Assumed Liabilities (the “Assumption”), and the consummation of all related transactions to be consummated contemporaneously therewith pursuant to this Agreement
(the “Closing”), shall be held after the satisfaction or Seller’s waiver in writing of each of the conditions set forth in Article VIII and at the time and location and on the date specified by Buyer in writing to Seller
delivered not less than fifteen business days prior to such date, or at such other place and/or at such other time and day as Seller and Buyer may agree in writing. 
  
 2.3    Deliveries at Closing.    All actions at the Closing shall be deemed
to occur simultaneously, and no document or payment to be delivered or made at the Closing shall be deemed to be delivered or made until all such documents and payments are delivered or made to the reasonable satisfaction of Buyer, Seller and their
respective counsel. 
  
 (a)  Deliveries by Seller.    At the Closing, Seller shall deliver to Buyer such instruments of conveyance and other customary documentation as shall in form and substance be reasonably satisfactory to
Buyer and its counsel in order to effect the Sale, including, without limitation, the following: 
  

	 	(1)	 	one or more bills of sale or other instruments (including assignments of FCC Authorizations, call letters, service marks, leases and other contracts) conveying the Station Assets;

  

	 	(2)	 	any releases of Liens that are necessary in order to transfer the Station Assets in the manner contemplated by Section 1.4(a); 

  

	 	(3)	 	a certified copy of the resolutions or proceedings of Seller’s board of directors and stockholders (or similar Persons) authorizing Seller’s consummation of the Sale;

  

	 	(4)	 	a certificate as to the existence and/or good standing of Seller issued by the Secretary of State of each state under the laws of which Seller is incorporated, organized, formed or
authorized to do business, in each case dated on or after the fifth Business Day prior to the Closing Date, certifying as to the good standing and/or qualification of Seller in such jurisdiction; 

  

	 	(5)	 	a receipt for the Cash Purchase Price; 

  

	 	(6)	 	all Consents received by Seller through the Closing Date; 

  

	 	(7)	 	a certificate of Seller to the effect that, except as set forth in such certificate, each of the representations and warranties of Seller contained in this Agreement is true and
accurate in all material 

  

 6 

	 	    	 	respects (except to the extent changes are permitted orcontemplated pursuant to this Agreement) as if made on and as of the Closing Date; and 

  

	 	(8)	 	such other documents as Buyer may reasonably request. 

  
 (b)  Deliveries by Buyer.    At the Closing, Buyer shall deliver to Seller the Cash Purchase Price as
provided in Section 2.1 and such instruments of assumption and other customary documentation as shall in form and substance be reasonably satisfactory to Seller and its counsel in order to effect the Sale and the Assumption, including, without
limitation, the following: 
  

	 	(1)	 	a certificate of Buyer dated the Closing Date to the effect that the conditions set forth in Article VIII have been fulfilled; 

  

	 	(2)	 	if Buyer is not a natural person, then a certified copy of the resolutions or proceedings of Buyer authorizing the consummation of the Sale and the Assumption;

  

	 	(3)	 	if Buyer is not a natural person, then a certificate issued by the Secretary of State of the state under the laws of which Buyer is incorporated, organized or formed (and in any
event, if qualification of Buyer to conduct business in the State of Indiana is required in order for Buyer to hold the Station Assets after the Sale, then of the Secretary of the State of Indiana), in each case dated on or after the fifth Business
Day prior to the Closing Date, certifying as to the organization and/or qualification of Buyer in each such jurisdiction; and 

  

	 	(4)	 	such other documents as Seller may reasonably request. 

  
  
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF SELLER 
  
 Seller represents and warrants to Buyer as follows: 
  
 3.1    Incorporation; Power.    Seller is a corporation duly organized, validly existing, and in good
standing under the laws of the State of Delaware and in good standing under the laws of the State of Indiana. Seller has the corporate power to enter into and consummate the transactions contemplated by this Agreement. Parent is the beneficial and
record owner of all of the issued and outstanding capital stock of Seller, and there are not outstanding any Equity Securities of Seller (other than its capital stock of which Parent is the beneficial and record owner). 
  
 3.2    Corporate
Action.    All actions necessary to be taken by or on the part of Seller in connection with the execution and delivery of this Agreement and the consummation of transactions contemplated hereby to be consummated and presently
necessary to make the same effective have been duly and validly 
  

 7 

 authorized, executed, and delivered by Seller and constitutes a valid and binding agreement, enforceable against Seller
in accordance with and subject to its terms. 
  
 3.3    No Defaults.    On the Closing Date (after giving effect to all Consents which have been obtained), neither the execution and delivery by Seller of this Agreement, nor the consummation
by Seller of the transactions contemplated by this Agreement to be consummated on or prior to the Closing Date, will constitute, or, with the giving of notice or the passage of time or both, would constitute, a material violation of or would
conflict in any material respect with or result in any material breach of or any material default under, any of the terms, conditions, or provisions of any Legal Requirement to which Seller is subject, or of Seller’s certificate of
incorporation or by-laws or similar organizational documents, or of any material contract, agreement, or instrument to which Seller is a party or by which Seller is bound. 
  
 3.4    Brokers.    There is no broker or finder or other Person who would
have any valid claim against Seller for a commission or brokerage fee in connection with this Agreement or the transactions contemplated hereby as a result of any agreement or understanding of or action taken by Seller or any Affiliate of Seller.

  
  
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF PARENT 
  
 Parent represents and warrants to Buyer as follows: 
  
 4.1    Capacity.    Parent
has the legal capacity to enter into and consummate the transactions contemplated by this Agreement. 
  
 4.2    Action.    All actions necessary to be taken by or on the part of Parent in connection with the
execution and delivery of this Agreement and the consummation of transactions contemplated hereby to be consummated and presently necessary to make the same effective have been duly and validly taken. This Agreement has been duly executed and
delivered by Parent, and constitutes a valid and binding agreement that is enforceable against Parent in accordance with and subject to its terms. 
  
 4.3    No Defaults.    On the Closing Date (after giving effect to all Consents which have been obtained),
neither the execution and delivery by Parent of this Agreement, nor the consummation by Parent of the transactions contemplated by this Agreement to be consummated on or prior to the Closing Date, will constitute, or, with the giving of notice or
the passage of time or both, would constitute, a material violation of or would conflict in any material respect with or result in any material breach of or any material default under, any of the terms, conditions, or provisions of any Legal
Requirement to which Parent is subject, or of any material contract, agreement, or instrument to which Parent is a party or by which Parent is bound. 
  
 4.4    Brokers.    There is no broker or finder or other Person who would have any valid claim against
Seller or Parent for a commission or brokerage fee in connection with this Agreement or the transactions contemplated hereby as a result of any agreement or understanding of or action taken by Seller or Parent or any Affiliate of Seller or Parent.

  

 8 

 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES OF BUYER 
  
 Buyer represents and warrants to Seller and Parent as follows: 
  
 5.1    Incorporation.    If Buyer is not a natural person, then Buyer is a corporation, partnership,
limited liability company or other entity duly organized or constituted, validly existing, and in good standing under the laws of the state under whose laws Buyer is purported to have been organized or constituted and will be qualified as a foreign
corporation in the State of Indiana by the Closing Date, and Buyer has the corporate or other power (or, if Buyer is a natural person, then Buyer has the legal capacity) to enter into and consummate the transactions contemplated by this Agreement.

  
 5.2    Action.    All actions necessary to be taken by or on the part of Buyer in connection with the execution and delivery of this Agreement and the consummation of transactions contemplated
hereby to be consummated and presently necessary to make the same effective have been duly and validly taken. This Agreement has been duly and validly authorized (if Buyer is not a natural person), executed and delivered by Buyer and constitutes a
valid and binding agreement, enforceable against Buyer in accordance with and subject to its terms. 
  
 5.3    No Defaults.    On the Closing Date (after giving effect to all approvals and consents which have
been obtained), neither the execution and delivery by Buyer of this Agreement, nor the consummation by Buyer of the transactions contemplated by this Agreement to be consummated on or prior to the Closing Date, will constitute, or, with the giving
of notice or the passage of time or both, would constitute, a material violation of or would conflict in any material respect with or result in any material breach of or any material default under, any of the terms, conditions, or provisions of any
Legal Requirement to which Buyer is subject, or of Buyer’s certificate of incorporation or by-laws or similar organizational documents, if any, or of any material contract, agreement, or instrument to which Buyer is a party or by which Buyer is
bound. 
  
 5.4    Brokers.    There is no broker or finder or other Person who would have any valid claim against Seller for a commission or brokerage fee in connection with this Agreement or the
transactions contemplated hereby as a result of any agreement or understanding of or action taken by Buyer or any Affiliate of Buyer. 
  
  
 ARTICLE VI 
 COVENANTS OF SELLER AND PARENT 
  
 6.1    Covenants of Seller and Parent Generally.    Seller and Parent covenant and agree, from the date of
this Agreement until the Closing, except as Buyer may otherwise consent, to act or refrain from acting as follows: 
  
 (a)  FCC Authorizations and Other Matters.    Seller will promptly execute any necessary applications
for renewal of FCC Authorizations necessary for the operation of the Station as presently conducted and will use reasonable efforts to cooperate with Buyer in any other respect in which Buyer may reasonably request in order to enhance, 

 

 9 

 protect, preserve or maintain the Station Assets and/or the business and operation of the Station.

  
 (b)    Restrictions.    Seller will not (to the extent the following restrictions are permitted by the FCC and all other applicable Legal Requirements), and Parent will not cause or permit
Seller to: 
  

	 	(1)	 	other than in the ordinary course of business, sell, lease (as lessor), transfer, or agree to sell, lease (as lessor), or transfer any material Station Assets (other than in the
ordinary course of its business) without replacement thereof with functionally equivalent or superior assets; 

  

	 	(2)	 	enter into any amendment or other modification of any agreement, instrument or other document governing or relating to Existing Station Indebtedness; 

  

	 	(3)	 	apply to the FCC for any construction permit that would materially restrict the Station’s present operations or make any material adverse change in the buildings or leasehold
improvements owned by Seller; or 

  

	 	(4)	 	incur, or suffer or permit to exist, any Lien on any Station Asset(s) such that, after any application of the Cash Purchase Price that may be necessary at the time of the Closing to
repay Existing Station Indebtedness, the Station Assets could not be conveyed as described in Section 1.4(a). 

  
 (c)    Reports; Access to Facilities, Files, and Records.    From time to time, at the
request of Buyer, Seller and Parent shall give or cause to be given to the officers, employees, accountants, counsel, and representatives of Buyer: 
  

	 	(1)	 	access, upon reasonable prior notice, during normal business hours, to all facilities, property, accounts, books, deeds, title papers, insurance policies, licenses, agreements,
contracts, commitments, records, equipment, machinery, fixtures, furniture, vehicles, accounts payable and receivable, and inventories of Seller related to the Station, and 

  

	 	(2)	 	all such other information in Seller’s or Parent’s possession concerning the affairs of the Station as Buyer may reasonably request, 

  
 provided that the foregoing does not disrupt or interfere with the business and operations of
Seller or Parent or the Station. 
  
 (d)    Notice of Proceedings.    Each of Seller and Parent will promptly notify Buyer in writing upon becoming aware of any order or decree or any complaint praying 

  

 10 

	 	 
for an order or decree restraining or enjoining the consummation of the Sale, or upon receiving any notice from any governmental department, court, agency,
or commission of its intention to institute an investigation into or institute a suit or proceeding to restrain or enjoin the consummation of the Sale, or to nullify or render ineffective this Agreement (or the Sale, if consummated).

  
 (e)    Notice of Certain Developments.    Each of Seller and Parent shall give prompt written notice to Buyer, promptly after it or becomes aware of the same, (1) if the Station Assets shall
have suffered damage on account of fire, explosion, or other cause of any nature which is sufficient to prevent operation of the Station in any material respect for more than ten (10) consecutive days, or (2) if the regular broadcast transmission of
the Station in the normal and usual manner in which it heretofore has been operating is interrupted in a material manner for a period of more than ten (10) consecutive days. 
  
 (f)    Issuance or other Transfer of Stock or
Equivalents.    Seller will not issue any shares of its capital stock or any Equity Security of Seller, and Parent will not sell or otherwise transfer or dispose of any Equity Security of Seller, to any Person, unless (i)
such Person is a party to this Agreement or thereupon becomes a party to this Agreement with respect to all Equity Securities of Seller that such Person holds by executing and delivering to Buyer a counterpart of this Agreement by which such Person
agrees to be treated as an additional “Parent” hereunder and (ii) each applicable representation or warranty set forth in Article IV is true and correct in all respects with respect to such Person. The execution of any such counterpart of
this Agreement by any such Person will be deemed to constitute a representation and warranty of such Person to the effect that all applicable representations and warranties set forth in Article IV are true and correct with respect to such Person in
all respects; provided that this Section 6.1(f) shall not apply to any transfer or disposal of Equity Securities of Seller pursuant to any pledge agreement entered into by Seller or Parent to secure any Existing Station Indebtedness (a
“Pledge Agreement”). 
  
 (g)    No Premature Assumption of Control.    Nothing contained in this Section 6.1 shall give Buyer any right to control the programming, operations, or any other matter relating to the
Station prior to the Closing Date, and Seller shall have complete control of the programming, operations, and all other matters relating to the Station up to the time of the Closing. 
  
 6.2    Covenants of Seller and Parent during the Exercise Period.    Each of
Seller and Parent covenants and agrees that, after its receipt of each and every Exercise Notice and until either the Closing occurs or such Exercise Notice is withdrawn pursuant to Section 1.3: 
  
 (a)    Application for Commission
Consent.    As promptly as practicable, Seller will complete the seller’s or transferor’s portion of all necessary applications to the FCC requesting the Required FCC Consents (if any), and upon receipt of
Buyer’s portion of such applications, will promptly file such applications with the FCC jointly with Buyer. Seller will diligently take or cooperate in the taking of all reasonable steps that are necessary, proper, or desirable to expedite the
preparation of such applications (including withdrawal and/or re-filing, or any amendment or supplement thereto, which Buyer may 
  

 11 

 request) and their prosecution to a final grant. Each of Seller and Parent will promptly provide Buyer
with a copy of any pleading, order, or other document served on Seller and Parent relating to such applications. 
  
 (b)    Consents.    Seller will use reasonable efforts (without being required to make any
payment not specifically required by the terms of any licenses, leases, and other contracts) to assist Buyer to (1) obtain or cause to be obtained prior to the Closing Date all Consents or, in the absence of any Consent, one or more replacement
agreements which would be effective on or prior to the Closing and would grant Buyer (after the Closing) substantially the same benefits with respect to the Station as Seller enjoys with respect to the Station immediately prior to the Closing under
the replaced Contract(s), and (2) cause each Consent or replacement agreement to become effective as of the Closing Date (whether it is granted or entered into prior to or after the Closing). 
  
 (c)    Consummation of
Sale.    Subject to the provisions of Article VIII and Section 10.1, each of Seller and Parent shall use reasonable efforts to fulfill and perform all conditions and obligations on its part to be fulfilled and performed under
this Agreement and to cause the conditions set forth in Article VIII to be fulfilled and cause the Sale and the Assumption to be consummated. 
  
 (d)    Hart-Scott-Rodino.    As and when Buyer reasonably requests, each of Seller and
Parent shall prepare and file such documents with the Federal Trade Commission and the United States Department of Justice as may be required to comply with the Hart-Scott-Rodino Act in connection with the Sale and the Assumption, and shall promptly
furnish all materials thereafter requested by any of the regulatory agencies having jurisdiction over such filings, in connection with the Sale and the Assumption. Each of Seller and Parent will take all reasonable actions, and will file and use
reasonable efforts to have declared effective or approved all such documents and notifications (when filed) with any governmental or regulatory bodies, as may be necessary or may reasonably be requested under federal antitrust laws for the
consummation of the Sale and the Assumption. 
  
 ARTICLE VII

 COVENANTS OF BUYER 
  
 7.1    Covenants of Buyer Generally.    Buyer covenants and agrees that Buyer will promptly notify Seller
in writing upon becoming aware of any order or decree or any complaint praying for an order or decree restraining or enjoining the consummation of the Sale or the Assumption, or upon receiving any notice from any governmental department, court,
agency, or commission of its intention to institute an investigation into or institute a suit or proceeding to restrain or enjoin the consummation of the Sale or the Assumption, or to nullify or render ineffective this Agreement or the Sale or the
Assumption if consummated. 
  
 7.2    Covenants of Buyer during Exercise Period.    Buyer covenants and agrees that, after it gives any Exercise Notice and unless and until such Exercise Notice is withdrawn pursuant to
Section 1.3, Buyer will use reasonable efforts (both prior to and after the Closing Date) jointly with Seller to obtain or cause to be obtained prior to the Closing Date all Consents 
  

 12 

 and to execute such assumption instruments as may be required or requested in connection with obtaining any Consent (or,
in the alternative, enter into one or more replacement agreements which would be effective on or prior to the Closing and would grant Buyer substantially the same benefits with respect to the Station as Seller enjoys with respect to the Station
under the replaced Contract(s) immediately prior to the Closing). 
  
 ARTICLE VIII 
 CONDITIONS TO SELLER’S OBLIGATIONS ON THE CLOSING DATE 
  
 The obligation of Seller to consummate the Sale on the Closing Date is, at Seller’s
option, subject to the fulfillment of the following conditions at or prior to the time of the Closing: 
  
 8.1    Representations, Warranties, Covenants. 
  
 (a)    Each of the representations and warranties of Buyer contained in this Agreement
shall be true and accurate in all material respects (except to the extent changes are permitted or contemplated pursuant to this Agreement) as if made on and as of the Closing Date; and 
  
 (b)    Buyer shall have performed and complied in all material respects with each and
every covenant and agreement required by this Agreement to be performed or complied with by it prior to or at the Closing (including the delivery of the Cash Purchase Price). 
  
 8.2    Proceedings. 
  
 (a)    No action or proceeding shall have been instituted and be pending before any
court or governmental body to restrain or prohibit, or to obtain a material amount of damages in respect of, the consummation of the Sale or the Assumption that, in the reasonable opinion of Seller, may reasonably be expected to result in a
preliminary or permanent injunction against such consummation or, if the Sale or the Assumption were consummated, an order to nullify or render ineffective this Agreement or the Sale or the Assumption or for the recovery against Seller of a material
amount of damages; and 
  
 (b)    none of the parties to this Agreement shall have received written notice from any governmental body of (i) such governmental body’s intention to institute any action or proceeding to restrain or enjoin or
nullify this Agreement or the Sale or the Assumption, or to commence any investigation (other than a routine letter of inquiry, including, without limitation, a routine Civil Investigative Demand) into the consummation of the Sale or the Assumption,
or (ii) the actual commencement of such an investigation, in each case which remains pending or open. 
  
 8.3    FCC Authorization.    The FCC Approval Date shall have occurred with respect to all Required FCC
Consents and all Required FCC Consents shall be in full force and effect. 
  
 8.4    Hart-Scott-Rodino.    Any applicable waiting period under the Hart-Scott-Rodino Act shall have expired or been terminated. 
  

 13 

 8.5    Other Instruments.    Buyer shall have delivered,
or shall stand ready to deliver, to Seller such instruments, documents, and certificates as are contemplated by Section 2.3(b). 
  
 ARTICLE IX 
 REMEDIES

  
 9.1    Bulk Sales
Indemnity.    Buyer and Seller have jointly determined that there will be no attempt to comply with the notice provisions of any bulk sales law which may apply to the purchase and sale of the Station Assets pursuant to this
Agreement. Buyer will indemnify and hold Seller harmless from and against any and all damages, claims, losses, expenses, costs, obligations, and liabilities, including, without limiting the generality of the foregoing, liabilities for reasonable
attorneys’ fees and expenses, suffered directly or indirectly by Seller by reason of or arising out of non-compliance with any such bulk sales law. 
  
 9.2    Acknowledgment by Buyer.    Buyer has conducted, to its satisfaction, an independent investigation
and verification of the financial condition, results of operations, assets, liabilities, properties and projected operations of the Station and the Station Assets. In determining to proceed with the transactions contemplated by this Agreement, Buyer
has relied, and will rely, on the representations, warranties and covenants of Seller and Parent set forth in this Agreement and the results of such independent investigation and verification. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN
ANY OTHER PROVISIONS OF THIS AGREEMENT, IT IS THE EXPLICIT INTENT OF EACH PARTY HERETO THAT THE SELLER AND PARENT ARE NOT MAKING ANY REPRESENTATION OR WARRANTY EXPRESS, IMPLIED, AT COMMON LAW, STATUTORY OR OTHERWISE IN CONNECTION WITH THE
TRANSACTIONS CONTEMPLATED HEREBY OTHER THAN AS EXPRESSLY SET FORTH IN THIS AGREEMENT. SUBJECT TO SUCH REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS AGREEMENT, BUYER TAKES THE STATION ASSETS “AS IS AND WHERE IS.” WITHOUT LIMITING THE
IMMEDIATE TWO SENTENCES, SELLER AND PARENT HEREBY EXPRESSLY DISCLAIM AND NEGATE (AND BUYER UNDERSTANDS, ACKNOWLEDGES AND AGREES WITH SUCH DISCLAIMERS AND NEGATION) ANY REPRESENTATION OR WARRANTY, EXPRESS, IMPLIED, AT COMMON LAW, STATUTORY OR
OTHERWISE, RELATING TO (1) THE CONDITION OF THE REAL OR TANGIBLE PERSONAL PROPERTIES (INCLUDING ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OR OF CONFORMITY TO MODELS OR SAMPLES OR MATERIALS); (2) ANY
INFRINGEMENT BY SELLER OR ANY OF ITS AFFILIATES OF ANY PATENT, INTELLECTUAL PROPERTY OR PROPRIETARY RIGHT OF ANY THIRD PARTY; AND (3) THE ACCURACY, COMPLETENESS OR MATERIALITY OF ANY ESTIMATES, PROJECTIONS AND EVALUATIONS, INCLUDING, WITHOUT
LIMITATION, THE PROJECTED, FUTURE OR HISTORICAL FINANCIAL CONDITION, RESULTS OR OPERATIONS, ASSETS OR LIABILITIES RELATING TO THE STATION. 
  

 14 

 ARTICLE X 
 TERMINATION/MISCELLANEOUS 
  
 10.1    Termination of Agreement Prior to the Closing Date.    This Agreement may be terminated at any time on or prior to the Closing as follows: 
  
 (a) By Parent.    By Parent, by
written notice (a “Termination Notice”) to Buyer at any time after the Option Expiration Date, if (I) the Closing has not occurred on or prior to the date upon which such Termination Notice is given, and (II) there is no condition
to closing set forth in Article VIII that both (x) has not been either satisfied or waived by Seller and (y) the absence of satisfaction of which has been caused solely by a breach by Seller and/or Parent of its or his obligations under this
Agreement. 
  
 (b) By
Buyer.    By Buyer, by written notice to Parent, at any time. 
  
 Neither Buyer, Seller nor Parent shall have any liability to any of the other of them for costs, expenses, damages (consequential or otherwise), loss of anticipated profits, or otherwise as a result of a termination pursuant to this Section
10.1. This Article X will survive the termination of this Agreement pursuant to this Section 10.1. 
  
 10.2    Remedies.    In the event of a breach of any of Seller’s or Parent’s obligations under
this Agreement, Buyer, in addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Agreement. The parties hereto agree that
monetary damages would not be adequate compensation for any loss incurred by reason of a breach of any such obligations of Seller or Parent. 
  
 10.3    Expenses.    Except as otherwise expressly provided in this Agreement, each of Seller, Parent and
Buyer shall bear all of its expenses incurred in connection with the transactions contemplated by this Agreement, including, without limitation, accounting and legal fees incurred in connection herewith; provided that (a) Buyer will reimburse Seller
and Parent for all reasonable out-of-pocket expenses incurred by them in connection with the preparation, negotiation and implementation of this Agreement and all related agreements, (b) Buyer will reimburse Seller and Parent for all reasonable
out-of-pocket expenses incurred by them in connection with or in preparation for the Closing (including those incurred in performing their respective obligations under Section 6.2), and (c) Buyer will pay all filing fees associated with any filing
contemplated by Section 6.2(a) or Section 6.2(d). 
  
 10.4    Assignments; Exercise in Part.    This Agreement shall not be assigned by Seller or Parent without the prior written consent of Buyer; provided that after the Closing, Seller or Parent
may assign its rights pursuant to this Agreement to any other Person in connection with the dissolution, liquidation or winding up or administration of its affairs; and further provided that, whether or not any requisite consent of Buyer has been
obtained, this Agreement will be binding upon all respective successors of Seller and Parent, whether by operation of law or otherwise (except that this proviso shall not apply to any transfer or disposal pursuant to a Pledge Agreement). Any attempt
by Seller or Parent to assign this Agreement without first obtaining the consent of Buyer shall be void. This Agreement shall be binding upon and inure to the 
  

 15 

 benefit of the parties hereto and their respective successors and permitted assigns. This Agreement may be assigned in
whole or in part by Buyer without the prior written consent of Seller or Parent to any Person (provided that no such assignment shall relieve the assigning Person of any of its obligations or liabilities hereunder), and Buyer will inform Seller and
Parent of any such assignment. Any assignee of Buyer will be deemed to be “Buyer” for purposes of this Agreement as to the rights assigned to such assignee. 
  
 10.5    Further Assurances.    From time to time prior to, at, and after the
Closing Date, each party hereto will execute all such instruments and take all such actions as another party hereto, being advised by counsel, shall reasonably request in connection with carrying out and effectuating the intent and purpose hereof,
and all transactions and things contemplated by this Agreement, including, without limitation, the execution and delivery of any and all confirmatory and other instruments, in addition to those to be delivered on the Closing Date, as the case may
be, and any and all actions which may reasonably be necessary to complete the transactions contemplated hereby. 
  
 10.6    Notices.    All notices, demands, and other communications which may or are required to be given
hereunder or with respect hereto shall be in writing, shall be delivered personally or sent by nationally recognized overnight delivery service, charges prepaid, or by registered or certified mail, return-receipt requested, and shall be deemed to
have been given or made when personally delivered, the next business day after delivery to such overnight delivery service, three (3) days after deposited in the mail, first class postage prepaid, as the case may be, addressed as follows:

  
 (a)    If to Seller or Parent: 

 
 c/o Mr. David Smith 
 544 Red Rock Drive 
 Wadsworth, OH 44281 
  
 with a copy
(which will not constitute notice to Seller or Parent) to: 
  
 Drinker Biddle & Reath, LLP 
 1500 K Street, N.W., Suite 1100 
 Washington, D.C. 20005-1209 
 Attention: Howard M. Liberman 
  
 or to such other
address and/or with such other copies as Seller or Parent may from time to time designate by notice to Buyer given in accordance with this Section 10.6; and 
  
 (a)    If to Buyer: 
  
 Nexstar Broadcasting Group, L.L.C. 
 909 Lake Carolyn Parkway 
 Suite 1450 
 Irving, TX 75039 
 Attention: Perry Sook, President & CEO 
  

 16 

 with a copy (which will not constitute notice to Buyer) to: 
  
 Kirkland & Ellis 
 153 East 53rd Street 
 New York, NY 10022 
 Attention: John L. Kuehn, Esq. 
  
 or to such other address and/or with such other copies as Buyer may from time to time designate by notice to Parent given in accordance with
this Section 10.6. 
  
 10.7    Captions.    The captions of Articles and Sections of this Agreement are for convenience only, and shall not control or affect the meaning or construction of any of the provisions of
this Agreement. 
  
 10.8    Law
Governing.    THIS AGREEMENT SHALL BE GOVERNED BY, CONSTRUED, AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF INDIANA, WITHOUT REFERENCES TO ITS PRINCIPLES OF CONFLICT OF LAWS, EXCEPT TO THE EXTENT THAT THE FEDERAL
LAW OF THE UNITED STATES GOVERNS THE TRANSACTIONS CONTEMPLATED HEREBY. 
  
 10.9    Waiver of Provisions.    The terms, covenants, representations, warranties, and conditions of this Agreement may be waived only by a written instrument executed by the Person waiving
compliance. The failure of Buyer, Seller or Parent at any time or times to require performance of any provision of this Agreement shall in no manner affect the right at a later date to enforce the same. No waiver by Buyer, Seller or Parent of any
condition or the breach of any provision, term, covenant, representation, or warranty contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of
any such condition or of the breach of any other provision, term, covenant, representation, or warranty of this Agreement. 
  
 10.10    Counterparts.    This Agreement may be executed in two (2) or more counterparts, and all
counterparts so executed shall constitute one (1) agreement binding on all of the parties hereto, notwithstanding that all the parties hereto are not signatory to the same counterpart. 
  
 10.11    Entire Agreement/Amendments.    This Agreement (including the
Schedules hereto) constitutes the entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes any and all prior and contemporaneous agreements, understandings, negotiations, and discussions, whether oral or
written, between them relating to the subject matter hereof. No amendment or waiver of any provision of this Agreement shall be binding unless executed in writing by the party to be bound thereby. The parties intend that this Agreement be in full
compliance with all published rules, policies and orders of the FCC. If the FCC orders that the parties change any term of this Agreement, then the parties will attempt to do so, consistent with said FCC order and the overall intent of this
Agreement. 
  

 17 

         10.12    Access to Books and
Records. 
  
 (a)  Buyer shall
preserve for not less than seven (7) years after the Closing Date all books and records included in the Station Assets. After such five-year period, Buyer will not destroy any books or records relating to the conduct of business of the Station prior
to the Closing unless Buyer first offers to transfer such books and records to Parent, and if Buyer is requested to do so, Buyer will transfer such books or records to Parent. 
  
 (b)  After the Closing, neither Seller nor Parent will destroy any books or records relating to
the conduct of business of the Station prior to the Closing Date unless Parent first offers to transfer such books and records to Buyer, and if Parent is requested to do so, Parent transfer such books or records to Buyer. 
  
 (c)  At the request of any other party to this
Agreement, Buyer, Seller and Parent will permit each other (including such other party’s officers, employees, accountants, and counsel) any access, upon reasonable prior written notice during normal business hours, to all of its property,
accounts, books, contracts, records, accounts payable and receivable, records of employees, FCC logs and other information concerning the affairs or operation of the Station as such other party to this Agreement may reasonably request for any
reasonable purpose, and to make extracts or copies from the foregoing at the requesting party’s expense. 
  
         10.13    Public Announcements.    Prior to the Closing, no
party to this Agreement shall, except by mutual agreement with all other parties to this Agreement (including agreement as to content, text and method or distribution or release), make any press release or other public announcement or disclosure
concerning the transactions contemplated by this Agreement, except as may be required by any Legal Requirement (including, without limitation, filings and reports required to be made with or pursuant to the rules of the Securities and Exchange
Commission); provided that, prior to making any such announcement or disclosure required by any Legal Requirement, to the extent practicable, the disclosing Person gives each other party to this Agreement prior written notice of the context, text
and content of, the method of distribution or release of, and all other material facts concerning, such disclosure. After the Closing, neither Seller nor Parent will, except with Buyer’s prior written consent (including agreement as to content,
text and method or distribution or release), make any press release or other public announcement or disclosure concerning the transactions contemplated by this Agreement, except as may be required by any Legal Requirement (including, without
limitation, filings and reports required to be made with or pursuant to the rules of the Securities and Exchange Commission); provided that, prior to making any such announcement or disclosure required by any Legal Requirement, to the extent
practicable, Seller or Parent (as the case may be) gives Buyer prior written notice of the context, text and content of, the method of distribution or release of, and all other material facts concerning, such disclosure. 
  

 18 

         10.14    Definitional
Provisions. 
  
 (a)  Terms
Defined in Appendix.    Each capitalized term which is used and not otherwise defined in this Agreement or any Schedule to this Agreement has the meaning which is specified for such term in the Appendix which is attached to
this Agreement. 
  
 (b)  Gender and
Number.    Words used in this Agreement, regardless of the gender and number specifically used, will be deemed and construed to include any other gender, masculine, feminine or neuter, and any other number, singular or
plural, as the context requires. 
  
         10.15    Arbitration. 
  
 (a)  Generally.    Buyer, Seller and Parent agree that the arbitration procedures described in this
Section 10.15 will be the sole and exclusive method of resolving and remedying any claim for indemnification or other remedy arising under this Agreement (collectively, “Disputes”); provided that nothing in this Section 10.15
will prohibit a party from instituting litigation to enforce any Final Arbitration Award. Buyer, Seller and Parent agree that, except as otherwise provided in the Commercial Arbitration Rules of the American Arbitration Association as in effect from
time to time (the “AAA Rules”), the arbitration procedures described in this Section 10.15 and any Final Arbitration Award will be governed by, and will be enforceable pursuant to, the Uniform Arbitration Act as in effect in the
Commonwealth of Pennsylvania from time to time. No Person will be entitled to claim or recover punitive damages in any such proceeding. 
  
 (b)  Notice of Arbitration.    If Buyer, Seller or Parent asserts that there exists a Dispute, then
such Person (the “Disputing Person”) will give the other party involved in such Dispute a written notice setting forth the nature of the asserted Dispute. If the Persons giving and receiving such notice (the “Disputing
Parties”) do not resolve any such asserted Dispute prior to the tenth Business Day after such notice is given, then either Disputing Party may commence arbitration pursuant to this Section 10.15 by giving the other Disputing Party a written
notice to that effect (an “Arbitration Notice”), setting forth any matters which are required to be set forth therein in accordance with the AAA Rules. 
  
 (c)  Selection of Arbitrator.    The Disputing Parties will attempt to
select a single arbitrator by mutual agreement. If no such arbitrator is selected prior to the twentieth Business Day after the related Arbitration Notice is given, then an arbitrator which is experienced in matters of the type which are the subject
matter of the Dispute will be selected in accordance with the AAA Rules. 
  
 (d)  Conduct of Arbitration.    The arbitration will be conducted under the AAA Rules, as modified by any written agreement between the Disputing Parties. The arbitrator will
conduct the arbitration in a manner so that the final result, determination, finding, judgment or award determined by the arbitrator (the “Final Arbitration Award”) is made or rendered as soon as practicable, and the parties will
use reasonable efforts to cause a Final Arbitration Award to occur not later than the sixtieth day after the arbitrator 

  

 19 

 
is selected. Any Final Arbitration Award will be final and binding upon the Disputing Parties, and there will be no appeal from or reexamination of any Final
Arbitration Award, except in the case of fraud, perjury or evident partiality or misconduct by the arbitrator prejudicing the rights of a Disputing Party or to correct manifest clerical errors. 
  
 (e)  Enforcement.    Buyer, Parent and Seller agree that a Final Arbitration Award may be enforced in any state or federal court having jurisdiction over the subject matter of the related Dispute.

  
 (f)  Expenses.    A prevailing party in any arbitration proceeding in connection with this Agreement shall be entitled to recover from the non-prevailing party its reasonable attorneys’ fees and
disbursements in addition to any damages or other remedies awarded to such prevailing party, and the non-prevailing party also will be required to pay all other costs and expenses associated with the arbitration; provided that if an
arbitrator is unable to determine that a party is a prevailing party in any such arbitration proceeding, then such costs and expenses will be equitably allocated by such arbitrator upon the basis of the outcome of such arbitration proceeding, and if
such arbitrator is unable to allocate such costs and expenses and expenses in such a manner, then the costs and expenses of such arbitration will be paid in equal amounts by the Disputing parties, and each Disputing Party will pay the out-of-pocket
expenses incurred by it. As part of any Final Arbitration Award, the arbitrator may designate the prevailing party for purposes of this Section 10.15. Except as provided in the preceding sentences, each party to this Agreement will bear its own
costs and expenses (including legal fees and disbursements) in connection with any such proceeding or submission. 
  
 * * * * * 
  

 20 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their duly authorized
officers, all as of the day and year first above written. 
  
  

	MISSION BROADCASTING, INC.
		
	 By:
	 	/S/    DAVID S. SMITH
	 	 	

	 	 	Name: David S. Smith
	 	 	Title: President
	 	 	 
	
	 /S/    DAVID S. SMITH
  

	 David S. Smith

	
	NEXSTAR BROADCASTING OF THE MIDWEST, INC.
		
	 By:
	 	/S/    PERRY A. SOOK
	 	 	

	 	 	 Name: Perry A. Sook

	 	 	 Title: President

 APPENDIX 
  

The following capitalized terms have the following meaning when used in this Agreement and the Schedules attached to this Agreement: 
  
 A “Business Day” means any day other than a Saturday, Sunday
or other day upon which banks in Clarks Summit, Pennsylvania, are not open for business. 
  
 “Closing Date” means the date upon which the Closing occurs. 
  
 “Communications Act” means the Communications Act of 1934, as in effect from time to time. 
  
 With respect to any Contract, a “Consent” means any consent
or approval of any Person other than any party to this Agreement which, in accordance with the terms of such Contract, is required to be obtained in order to permit the consummation of the Sale or the Assumption. 
  
 “Contract” means any agreement, lease, arrangement,
commitment, or understanding to which Seller or Parent, with respect to the Station, is a party. 
  
 “Equity Securities” of any Person means (i) any of such Person’s capital stock, partnership, members, joint venture or other
ownership or equity interest, participation or securities (whether voting or non-voting, whether preferred, common or otherwise, and including any stock appreciation, contingent interest or similar right) and (ii) any option, warrant, security or
other right (including debt securities) directly or indirectly convertible into or exercisable or exchangeable for, or otherwise to acquire directly or indirectly, any stock, interest, participation or security described in clause (i) above.

  
 “Existing Station Indebtedness” means (i) the
principal of and interest on all Indebtedness, whether now or hereafter existing or arising, due or to become due to, or held or to be held by the lenders under or pursuant to the Amended and Restated Credit Agreement dated as of February 13, 2003,
among Mission Broadcasting, Inc., Bank of America, N.A., and certain other parties thereto, as amended, supplemented and otherwise modified from time to time, including, without limitation, all extensions, renewals, restatements, rearrangements and
refundings thereof (the “Existing Credit Agreement”), and any and all other amounts payable in connection therewith or in connection with the other Loan Documents (as that term is defined in the Existing Credit Agreement), whether
on account of fees, indemnities, reimbursement obligations in respect of letters of credit, costs, expenses or otherwise; and (ii) the principal of and interest on any Indebtedness, hereafter existing or arising under any amendment, restatement,
supplement, renewal, extension, rearrangement and substitution, in whole or in part, of any obligation described in the preceding clause (i) or this clause (ii). 
  
 “FCC” means the Federal Communications Commission or any successor thereto. 
  
 “FCC Approval Date” means the first day upon which each
Required FCC Consent is effective. 
  

 A-1 

 “Hart-Scott-Rodino Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976,
as in effect from time to time. 
  
 “Indebtedness” means, without duplication, (i) any indebtedness for borrowed money or issued in substitution for or exchange of indebtedness for borrowed money, (ii) any indebtedness evidenced by any note, bond, debenture
or other debt security, (iii) any indebtedness for the deferred purchase price of property or services with respect to which a Person is liable, contingently or otherwise, as obligor or otherwise (other than trade payables and other current
liabilities incurred in the ordinary course of business which are not more than six months past due), (iv) any commitment by which a Person assures a creditor against loss (including, without limitation, contingent reimbursement obligations with
respect to letters of credit), (v) any indebtedness guaranteed in any manner by a Person (including, without limitation, guarantees in the form of an agreement to repurchase or reimburse), (vi) any obligations under capitalized leases with respect
to which a Person is liable, contingently or otherwise, as obligor, guarantor or otherwise, or with respect to which obligations a Person assures a creditor against loss, (vii) any indebtedness secured by a Lien on a Person’s assets and (viii)
any unsatisfied obligation for “withdrawal liability” to a “multiemployer plan” as such terms are defined under ERISA. 
  
 “Legal Requirements” means the Communications Act, the rules, regulations and published policies of the FCC, and all other federal, state
and local laws, rules, regulations, ordinances, judgments, orders and decrees. 
  
 “Lien” means any mortgage, pledge, hypothecation, encumbrance, lien (statutory or otherwise), preference, priority or other security agreement of any kind or nature whatsoever (including any
conditional sale or other title retention agreement and any lease having substantially the same effect as any of the foregoing and any assignment or deposit arrangement in the nature of a security device). 
  
 “Option Expiration Date” means the ninth anniversary of the
date of this Agreement. 
  
 A “Person” means any
individual, partnership, joint venture, corporation, limited liability company, trust, unincorporated association or government or department thereof. 
  
 A “Required FCC Consent” means any action or order by the FCC granting its consent to the consummation of a Sale pursuant to this
Agreement without any condition which in the reasonable judgment of Buyer or Seller is adverse to Buyer or Seller, as the case may be, in any material respect. 
  

“Transaction Documents” means this Agreement and all other documents executed and delivered in connection therewith, in each case as
in effect from time to time. 
  

 A-2

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