Document:

Purchase Agreement dated as of October 13, 2003

 EXHIBIT 10.3 
  
 PURCHASE AGREEMENT 
  
 BY AND BETWEEN 
  
 NEXSTAR FINANCE, L.L.C. 
  
 AND 
  
 JDG TELEVISION,
INC. 
  
 Dated as of October 13, 2003 

 TABLE OF CONTENTS 
  

	 ARTICLE I DEFINITIONS
	  	1
	 	 	 1.1
	  	 Definitions
	  	1
	 	 	 1.2
	  	 Singular/Plural; Gender
	  	9
		
	 ARTICLE II PURCHASE AND SALE
	  	9
	 	 	 2.1
	  	 Purchase and Sale
	  	9
	 	 	 2.2
	  	 Payment of Purchase Price.
	  	9
	 	 	 2.3
	  	 Closing Date Deliveries
	  	9
	 	 	 2.4
	  	 Proration; Adjustments to Purchase Price.
	  	10
	 	 	 2.5
	  	 Taxes
	  	12
	 	 	 2.6
	  	 Risk of Loss
	  	12
	 	 	 2.7
	  	 Allocation of Purchase Price
	  	12
	 	 	 2.8
	  	 Access.
	  	12
	 	 	 2.9
	  	 Accounts Receivable.
	  	13
	 	 	 2.10
	  	 Noncompete Agreement
	  	14
		
	 ARTICLE III GOVERNMENTAL APPROVALS AND CONTROL OF STATIONS
	  	14
	 	 	 3.1
	  	 FCC Consent
	  	14
	 	 	 3.2
	  	 Control Prior to Closing
	  	15
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SELLER
	  	15
	 	 	 4.1
	  	 Organization
	  	15
	 	 	 4.2
	  	 Authorization; Enforceability
	  	15
	 	 	 4.3
	  	 Absence of Conflicting Agreements
	  	15
	 	 	 4.4
	  	 Purchased Assets
	  	16
	 	 	 4.5
	  	 Title to Purchased Assets; Liens and Encumbrances
	  	16
	 	 	 4.6
	  	 Equipment
	  	16
	 	 	 4.7
	  	 The Contracts
	  	17
	 	 	 4.8
	  	 Intangible Property
	  	17
	 	 	 4.9
	  	 Real Property
	  	18
	 	 	 4.10
	  	 The Leases
	  	19
	 	 	 4.11
	  	 Financial Statements and Interim Financial Statements.
	  	19
	 	 	 4.12
	  	 No Changes
	  	20
	 	 	 4.13
	  	 No Litigation; Labor Disputes; Compliance with Laws
	  	20
	 	 	 4.14
	  	 Taxes
	  	21
	 	 	 4.15
	  	 Governmental Authorizations
	  	21
	 	 	 4.16
	  	 Compliance with FCC Requirements
	  	22
	 	 	 4.17
	  	 Insurance
	  	22
	 	 	 4.18
	  	 Brokers
	  	22
	 	 	 4.19
	  	 Employees
	  	22
	 	 	 4.20
	  	 Financial Benefit Plans
	  	23
	 	 	 4.21
	  	 Environmental Compliance.
	  	23
	 	 	 4.22
	  	 Affiliation Agreement
	  	24

  

 -i- 

	 ARTICLE V REPRESENTATIONS AND WARRANTIES OF BUYER
	  	24
	 	 	 5.1
	  	 Organization
	  	24
	 	 	 5.2
	  	 Authorization; Enforceability
	  	24
	 	 	 5.3
	  	 Absence of Conflicting Laws and Agreements
	  	25
	 	 	 5.4
	  	 Brokers
	  	25
	 	 	 5.5
	  	 Absence of Litigation
	  	25
	 	 	 5.6
	  	 Qualifications
	  	25
		
	 ARTICLE VI CERTAIN MATTERS PENDING THE CLOSING
	  	26
	 	 	 6.1
	  	 Notice of Adverse Changes
	  	26
	 	 	 6.2
	  	 Operations Pending Closing
	  	26
	 	 	 6.3
	  	 FCC Reports
	  	27
	 	 	 6.4
	  	 Consents
	  	27
	 	 	 6.5
	  	 Cooperation; Reasonable Efforts; Release
	  	27
	 	 	 6.6
	  	 Tax Returns and Payments.
	  	27
	 	 	 6.7
	  	 Release of Liens
	  	27
	 	 	 6.8
	  	 Public Announcement
	  	28
	 	 	 6.9
	  	 Exclusivity
	  	28
	 	 	 6.10
	  	 Real Estate Matters.
	  	28
	 	 	 6.11
	  	 Access and Information
	  	29
		
	 ARTICLE VII CONDITIONS PRECEDENT TO THE OBLIGATIONS OF BUYER
	  	29
	 	 	 7.1
	  	 Compliance with Agreement
	  	29
	 	 	 7.2
	  	 Representations and Warranties
	  	29
	 	 	 7.3
	  	 Deliveries at Closing
	  	30
	 	 	 7.4
	  	 Other Documents
	  	30
	 	 	 7.5
	  	 Required Approvals and Consent
	  	30
	 	 	 7.6
	  	 Absence of Investigations and Proceedings
	  	30
	 	 	 7.7
	  	 FCC Consent
	  	30
	 	 	 7.8
	  	 Licenses
	  	30
	 	 	 7.9
	  	 Release of Liens
	  	30
		
	 ARTICLE VIII CONDITIONS PRECEDENT TO THE OBLIGATIONS OF SELLER
	  	30
	 	 	 8.1
	  	 Compliance with Agreement
	  	31
	 	 	 8.2
	  	 Representations and Warranties
	  	31
	 	 	 8.3
	  	 Deliveries at Closing
	  	31
	 	 	 8.4
	  	 Other Documents
	  	31
	 	 	 8.5
	  	 Absence of Investigations and Proceedings
	  	31
	 	 	 8.6
	  	 Governmental Consents
	  	31
		
	 ARTICLE IX INDEMNIFICATION
	  	31
	 	 	 9.1
	  	 Survival of Representations and Warranties
	  	31
	 	 	 9.2
	  	 Survival of Covenants and Agreements
	  	32
	 	 	 9.3
	  	 Indemnification by Seller
	  	32
	 	 	 9.4
	  	 Indemnification by Buyer
	  	32

  

 -ii- 

	 	 	 9.5
	  	 Indemnification Procedures.
	  	33
	 	 	 9.6
	  	 Remedies
	  	34
	 	 	 9.7
	  	 Certain Limitations of Liability
	  	34
	 	 	 9.8
	  	 Survival
	  	34
	 	 	 9.9
	  	 Determination of Loss and Amount
	  	35
		
	 ARTICLE X FURTHER AGREEMENTS
	  	35
	 	 	 10.1
	  	 Event of Loss
	  	35
	 	 	 10.2
	  	 Stations Employees
	  	35
		
	 ARTICLE XI TERMINATION; MISCELLANEOUS
	  	36
	 	 	 11.1
	  	 Termination
	  	36
	 	 	 11.2
	  	 Rights on Termination; Waiver.
	  	37
	 	 	 11.3
	  	 Further Assurances
	  	37
	 	 	 11.4
	  	 Survival
	  	38
	 	 	 11.5
	  	 Entire Agreement; Amendment; Waivers; No Third Party Beneficiaries
	  	38
	 	 	 11.6
	  	 Expenses
	  	38
	 	 	 11.7
	  	 Benefit; Assignment
	  	38
	 	 	 11.8
	  	 Confidentiality.
	  	39
	 	 	 11.9
	  	 Notices
	  	40
	 	 	 11.10
	  	 Counterparts; Headings
	  	40
	 	 	 11.11
	  	 Income Tax Position
	  	41
	 	 	 11.12
	  	 Severability
	  	41
	 	 	 11.13
	  	 No Reliance
	  	41
	 	 	 11.14
	  	 Judicial Interpretation
	  	41
	 	 	 11.15
	  	 Saturdays, Sundays and Legal Holidays
	  	41
	 	 	 11.16
	  	 Governing Law
	  	41

  
 EXHIBITS

  

	 Assumption Agreement
	  	Exhibit A
		
	 Bill of Sale and Assignment
	  	Exhibit B
		
	 Buyer’s Closing Certificate
	  	Exhibit C
		
	 Buyer’s Performance Certificate
	  	Exhibit D
		
	 Assignment and Assumption of Contracts
	  	Exhibit E
		
	 Assignment and Assumption of Leases
	  	Exhibit F
		
	 Seller’s Closing Certificate
	  	Exhibit G
		
	 Seller’s Performance Certificate
	  	Exhibit H

  

 -iii- 

 SCHEDULES 
  

	 1.1
	  	 Assumed Liabilities

	 1.2
	  	 Contracts

	 1.3
	  	 Copyrights

	 1.4
	  	 Equipment

	 1.5
	  	 Leases

	 1.6
	  	 Licenses

	 1.7
	  	 Motor Vehicles

	 1.8
	  	 Permitted Liens

	 1.9
	  	 Real Property

	 1.10
	  	 Retained Assets

	 1.11
	  	 Trademarks

	 4.3
	  	 Conflicting Agreements of Seller

	 4.5
	  	 Title Exceptions/Locations – Personal Property

	 4.7
	  	 Contract Exceptions

	 4.8
	  	 Intangible Property Exceptions

	 4.9
	  	 Real Property Exceptions

	 4.10
	  	 Lease Exceptions

	 4.11(a)
	  	 Financial Statements

	 4.11(b)
	  	 Interim Financial Statements

	 4.12
	  	 Changes

	 4.13
	  	 Litigation

	 4.14
	  	 Tax Exceptions

	 4.15
	  	 FCC License Exceptions

	 4.16
	  	 FCC Equipment Exceptions

	 4.19
	  	 Employees

	 4.20
	  	 Financial Benefit Plans

	 4.21
	  	 Environmental Compliance

	 7.5
	  	 Required Approvals and Consents

  
  

 -iv- 

 PURCHASE AGREEMENT 
  
 THIS PURCHASE AGREEMENT is made this 13th day of October, 2003, by and between JDG Television, Inc.
(“Seller”), and Nexstar Finance, L.L.C. (“Buyer”). 
  
 R E C I T A L S: 
  
 A. Seller owns all of
the assets of commercial television broadcast stations KPOM-TV, Fort Smith, Arkansas and KFAA-TV, Rogers, Arkansas (the “Stations”), including those licenses, permits and authorizations issued by the FCC for the operation of the Stations.

  
 B. Seller is willing to sell to Buyer and Buyer is
willing to purchase from Seller, substantially all of the assets, business, properties and rights of Seller related to the conduct of the Stations, other than the Retained Assets, on the terms and subject to the conditions set forth herein.

  
 C. Seller and Buyer are entering into a Time Brokerage
Agreement (“TBA”) simultaneously with the execution and delivery of this Agreement pursuant to which Buyer will provide programming to the Stations and sell advertising time related to such programming, and Seller will air such programming
and advertising, subject to the terms of the TBA. 
  
 NOW,
THEREFORE, in consideration of the Recitals and of the mutual covenants, conditions and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed
as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 1.1 Definitions. Except as specified otherwise, when used in this Agreement, the following terms shall have the meanings specified: 
  
 “Accounts Payable” shall mean all accounts payable of Seller
(other than Tradeout Payables) related to the Stations as of any date or time of determination as determined in accordance with generally accepted accounting principles and Section 2.4; 
  
 “Accounts Receivable” shall mean all accounts receivable of Seller
(other than Tradeout Receivables) related to the Stations as of any date or time of determination as determined in accordance with generally accepted accounting principles and Section 2.4; 
  
 “Adjustment Amount” shall have the meaning set forth in Section
2.4(d); 
  
 “Adjustment List” shall have the meaning set
forth in Section 2.4(d); 
  
 “Adjustment Time” shall
have the meaning set forth in Section 2.4(a); 
  
 “Affiliate” shall have the meaning set forth in Section 10.4; 

 “Affiliation Agreements” shall mean the network affiliation agreement by and between NBC and
Seller, dated as of January 1, 2002, as amended and supplemented. 
  
 “Agreement” shall mean this Purchase Agreement, together with the Schedules and the Exhibits attached hereto, as the same shall be amended from time to time in accordance with the terms hereof; 
  
 “Assumed Contract” shall mean any Contract described in clause (b)
of the definition of the term “Assumed Liabilities”; 
  
 “Assumed Liabilities” shall mean (a) the liabilities of Seller, if any, listed on Schedule 1.1; (b) the obligations of Seller under (i) the Contracts listed on Schedule 1.2, (ii) Contracts not required pursuant to
Section 4.7 to be listed on Schedule 1.2 (other than Contracts described in clause (iii) of Section 4.7(a)), (iii) Contracts entered into after the date hereof and prior to the Closing Date in accordance with this Agreement, and (iv) the
Leases, in each case to the extent such obligations arise from and accrue with respect to the operation of the Stations after the Closing Date, and in each case except those Contracts and Leases, if any, included in the Retained Assets; (c) the
liabilities, obligations and claims resulting from the operation of the Stations following the Adjustment Time; and (d) liabilities under Permitted Liens; provided that, Assumed Liabilities shall not include (A) liabilities of Seller arising out of
any facts, circumstances or actions that constitute a misrepresentation or breach of any warranty or covenant by Seller made in this Agreement or the TBA, (B) Seller’s obligations under this Agreement or the TBA, (C) liabilities arising out of
the termination of employees of the Stations prior to the Adjustment Time, (D) any indebtedness for borrowed money of Seller, (E) all taxes of Seller that result from or have accrued in connection with the operation of the Stations prior to the
Closing and any income taxes incurred by Seller during the period of operations under the TBA, (F) any liabilities of Seller resulting from, or arising out of, relating to, in the nature of or caused by any breach of contract, breach of warranty,
tort, infringement, claim or lawsuit relating to the period prior to the Adjustment Time, (G) the liabilities of Seller for the accrued vacation of its employees, (H) severance liabilities with respect to terminated employees as described in Section
10.2, (I) the Pre-TBA Payables, (J) all liabilities related to Stations Employee Benefit Plans and (K) all liabilities relating to the matters set forth on Schedule 4.13; 
  
 “Assumption Agreement” shall mean an instrument in the form of Exhibit “A” attached hereto by
which the Assumed Liabilities shall be assumed by Buyer; 
  
 “Benefit Arrangements” shall mean a benefit program or practice providing for bonuses, incentive compensation, vacation pay, severance pay, insurance, restricted stock, stock options, employee discounts, company cars, tuition
reimbursement or any other perquisite or benefit (including, without limitation, any fringe benefit under Section 132 of the Code) to employees, officers or independent contractors that is not a Plan; 
  
 “Bill of Sale and Assignment” shall mean an instrument in the form
of Exhibit “B” attached hereto, by which Seller shall convey to Buyer title to the Customer Lists, the Equipment, the Intangible Property, the Licenses, the Miscellaneous Assets, the Motor Vehicles, the Records and the Trade
Secrets; 
  

 -2- 

 “Buyer’s Closing Certificate” shall mean the certificate of Buyer in the form of
Exhibit “C” attached hereto; 
  
 “Buyer’s Performance Certificate” shall mean the certificate of Buyer in the form of Exhibit “D” attached hereto; 
  
 “Cable Act” shall mean the Cable Television Consumer Protection and Competition Act of 1992, Pub. L. No. 102-385, 106 Stat. 1460 (1992), as
amended; 
  
 “Cash” shall mean all moneys of Seller,
whether in the form of cash, cash equivalents, marketable securities, short-term investments or deposits in bank or other financial institution accounts of any kind; 
  
 “Closing” shall mean the conference to be held at 10:00 a.m., New York, New York time on the Closing Date at such
place as the parties may mutually agree to in writing, at which time the transactions contemplated by this Agreement shall be consummated; 
  
 “Closing Date” shall mean the date on which the Closing occurs which shall be (a) February 16, 2004 or such later date which is 10 days after
the date on which the FCC Consent becomes a Final Order, or (b) such other date as Buyer and Seller may agree upon in writing. The Closing shall be deemed effective as of 12:01 a.m., Forth Smith, Arkansas time, on the Closing Date; 
  
 “Code” shall mean the Internal Revenue Code of 1986, as amended;

  
 “Collection Period” shall have the meaning set forth
in Section 2.9; 
  
 “Communications Act” means the
Communications Act of 1934, as amended, together with the rules and published policies of the FCC; 
  
 “Contract Assignment” shall mean the Assignment and Assumption of Contracts, in the form of Exhibit “E” attached hereto, by
which Seller shall assign the Assumed Contracts to Buyer and Buyer shall assume the Assumed Liabilities arising under such Contracts; 
  
 “Contracts” shall mean those agreements (other than those included in the Retained Assets and other than the Leases) under which the business of
the Stations is conducted by Seller, whether written, oral or implied, including all contractual obligations incurred by Seller for the Program Rights, including without limitation those agreements listed on Schedule 1.2; 
  
 “Copyrights” shall mean all rights of Seller to copyrights and
copyright applications related to the Stations, including without limitation those items described on Schedule 1.3; 
  
 “Customer Lists” shall mean all lists, documents, written information and computer tapes and programs and other computer readable media used by
or in Seller’s possession concerning past, present and potential purchasers of advertising or services from the Stations; 
  
 “Environmental Laws” shall mean the rules and regulations of the FCC, the Environmental Protection Agency and any other federal, state or local
government authority 

  

 -3- 

 
pertaining to human exposure to RF radiation and all applicable rules and regulations of federal, state and local laws, including statutes, regulations,
ordinances, codes, and rules, as amended, relating to the discharge or removal of air pollutants, water pollutants or process waste water or hazardous or toxic substances, including, but not limited to, the Federal Solid Waste Disposal Act, the
Federal Clean Air Act, the Federal Clean Water Act, the Federal Resource Conservation and Recovery Act of 1976, the Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980, and the Occupational Safety and Health Act of
1970, each as amended, regulations of the Environmental Protection Agency, regulations of the Nuclear Regulatory Agency, regulations of the Occupational Safety and Health Administration and regulations of any state department of natural resources or
state environmental protection agency, now in effect; 
  
 “Equipment” shall mean all machinery, equipment, furniture, fixtures, furnishings, toolings, parts, blank tapes and other items of tangible personal property owned or leased by Seller which are used or useable in the operation of
the Stations, including without limitation to those items listed on Schedule 1.4; 
  
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended; 
  
 “Event of Loss” shall mean any loss, taking, condemnation, damage or destruction of or to any of the Purchased Assets or the Stations;

  
 “FCC” means the Federal Communications Commission;

  
 “FCC Consent” shall mean action or actions by the
FCC granting its consent to the assignment of the Licenses from Seller to Buyer; 
  
 “Final Order” shall mean an FCC Consent, with respect to which no action, request for stay, petition for rehearing or reconsideration, appeal or review by the FCC on its own motion is pending and as to which
the time for filing or initiation of any such request, petition, appeal or review has expired; 
  
 “Financing Lease” shall mean any Lease that is properly characterized as a capitalized lease obligation in accordance with generally accepted accounting principles; 
  
 “Fort Smith Studio/Office Space” shall have the meaning set forth
in Section 6.10(c); 
  
 “Fort Smith Studio/Office Lease”
shall have the meaning set forth in Section 6.10(c). 
  
 “Hazardous Materials” shall mean any wastes, substances, or materials (whether solids, liquids or gases) that are deemed hazardous, toxic, pollutants, or contaminants, including without limitation, substances defined as
“hazardous wastes,” “hazardous substances,” “toxic substances,” “radioactive materials,” or other similar designations in, or otherwise subject to regulation under, any Environmental Laws. “Hazardous
Materials” includes but is not limited to polychlorinated biphenyls (PCB’s) asbestos, lead-based paints, infectious wastes, radioactive materials and wastes and petroleum and petroleum products (including, without limitation, crude oil or
any fraction thereof); 
  

 -4- 

 “Intangible Property” shall mean: (a) the Copyrights; (b) the Trademarks; (c) the Trade
Secrets; (d) all of the rights of Seller in and to the call letters “KPOM-TV,” “KPOM,” “KFAA-TV,” and “KFAA”; and (e) all rights of Seller in and to all slogans, phrases or logos of the Stations; and (f) all
goodwill associated therewith and with the Purchased Assets; 
  
 “Internet Web Sites” means all internet Domain Leases and Domain names of the Stations, the unrestricted right to the use of HTML content relating to the Stations located and publicly accessible from those Domain names, and the
“visitor” data base for those sites 
  
 “Knowledge
of Seller” or “to Seller’s Knowledge” shall mean, collectively, the actual knowledge of (i) John Griffin, (ii) Marti Killingsworth, and (iii) David Needham; 
  
 “Lease Assignment” shall mean the Assignment and Assumption of Leases in the form of Exhibit “F”
attached hereto, by which Seller shall assign to Buyer the Leases or in the case of Leases of Real Property, in such other form as is reasonably acceptable to the Title Company; 
  
 “Leases” shall mean those leases of Real Property and Equipment related to the Stations as listed on Schedule
1.5; 
  
 “Licenses” shall mean all licenses, permits
and authorizations issued by the FCC to Seller for the operation of the Stations and all auxiliary facilities licensed by the FCC for operation in connection with the Stations, as listed on Schedule 1.6; 
  
 “Lien” shall mean any mortgage, deed of trust, pledge,
hypothecation, security interest, encumbrance, claim, lien, lease (including any capitalized lease) or charge of any kind, whether voluntarily incurred or arising by operation of law or otherwise, affecting any of the Purchased Assets or the
Stations, including any agreement to give or grant any of the foregoing, any conditional sale or other title retention agreement and the filing of or agreement to give any financing statement with respect to any of the Purchased Assets or the
Stations under the Uniform Commercial Code of the State of Arkansas or comparable law of any jurisdiction; 
  
 “Material Adverse Effect” shall mean a material adverse effect on the present or future business, operations, financial condition or results of
operations of the Stations or on the ability of Seller to perform its material obligations under this Agreement or the TBA; 
  
 “Miscellaneous Assets” shall mean all tangible and intangible assets owned by, leased by or licensed to Seller and used or useable in the
operation of the Stations and not otherwise specifically referred to in this Agreement, including any warranties related to any of the Purchased Assets, excepting therefrom only the Retained Assets; 
  
 “Motor Vehicles” shall mean all motor vehicles owned by Seller
related to the operation of the Stations including without limitation those listed on Schedule 1.7; 
  
 “Motor Vehicle Title Certificates” shall mean the official evidences of title to the Motor Vehicles; 
  
 “Parent” shall mean Nexstar Broadcasting Group, LLC; 
  

 -5- 

 “Permitted Liens” shall mean (i) Liens imposed by any governmental authority for Taxes not yet
due and/or which are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of Seller in accordance with generally accepted accounting principles; (ii) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other non-consensual Liens arising in the ordinary course of business and securing amounts not yet due and payable or which are being contested in good faith and by
appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of Seller in accordance with generally accepted accounting principles; (iii) pledges or deposits in connection with worker’s compensation,
unemployment insurance and other social security legislation; (iv) deposits to secure the performance of any or all of the following: bids, trade contracts (other than for borrowed money), leases, statutory obligations, surety and appeal bonds,
performance bonds and other obligations of a like nature incurred in the ordinary course of business; (v) easements, rights-of-way, restrictions and other similar encumbrances on real property incurred in the ordinary course of business, and
encroachments (whether or not in the ordinary course of business), which do not secure any monetary amount and which do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary
conduct of the business thereon; and (vi) all of the exceptions reflected in Schedule 1.8 or the title insurance policies attached thereto, provided the Liens on the Purchased Assets granted to Bank of Oklahoma, N.A. are to be released at
Closing. Schedule 1.8 also sets forth a list of the Liens described in clauses (i) and (ii) above as Liens which are being contested in good faith; 
  
 “Person” shall mean any natural person, general or limited partnership, corporation, limited liability company or other entity; 
  
 “Plan” shall mean any plan, program or arrangement, whether or not
written, that is or was (a) an “employee benefit plan” as such term is defined in Section 3(3) of ERISA and (i) which was or is established or maintained by Seller; (ii) to which Seller contributed or was obligated to contribute or to fund
or provide benefits; or (iii) which provides or promises benefits to any person who performs or who has performed services for Seller and because of those services is or has been (A) a participant therein or (B) entitled to benefits thereunder; (b)
an “employee pension benefit plan” as such term is defined in Section 3(2) of ERISA, including, without limitation, any such plan that satisfies, or is intended by Seller to satisfy, the requirements for tax qualification described in
Section 401 of the Code; (c) a “multiemployer plan” as such term is defined in Section 3(37) of ERISA; or (d) an “employee welfare benefit plan” as such term is defined in Section 3(1) of ERISA; 
  
 “Pre-TBA Payables” shall mean the Accounts Payable of Seller as of
the Adjustment Time other than Tradeout Payables; 
  
 “Pre-TBA Receivables” shall mean the Accounts Receivable of Seller as of the Adjustment Time other than Tradeout Receivables; 
  
 “Program Payments” shall have the meaning set forth in Section 2.4(b); 
  
 “Program Rights” shall mean all rights of Seller presently existing or obtained prior to the Closing, in
accordance with this Agreement, to broadcast television programs or shows as part of the Stations’ programming and for which Seller is or will be obligated to compensate the vendor of such Program Rights, including all film and program barter
agreements; 
  

 -6- 

 “Purchased Assets” shall mean all rights of Seller in, to and under all assets used or useable
in the operation of the Stations, including but not limited to (a) the Contracts; (b) the Customer Lists; (c) the Equipment; (d) the Intangible Property; (e) the Leases; (f) the Licenses; (g) the Miscellaneous Assets; (h) the Motor Vehicles; (i) the
Real Property; (j) the Records; and (k) Internet Web Sites; in each case, other than the Retained Assets; 
  
 “Purchase Price” shall mean the sum of Sixteen Million Dollars ($16,000,000.00) adjusted pursuant to Section 2.4; 
  
 “Real Property” shall mean the real property owned in fee simple or
leasehold by Seller more particularly described on Schedule 1.9, and all buildings, improvements and fixtures thereon, together with all strips and gores, rights of way, easements, strips and gores privileges and appurtenances pertaining
thereto, including any right, title and interest of Seller in and to any street adjoining any portion of the Real Property; 
  
 “Records” shall mean files and records, including schematics, technical information and engineering data, programming information,
correspondence, books of account, employment records, customer files, purchase and sales records and correspondence, advertising records, files and literature, and FCC logs, files and records and other written materials of Seller relating to the
Stations other than those that are Retained Assets; provided, however, that Records shall not mean or include the certificates of formation, limited liability company agreements, bylaws, qualifications to conduct business as a foreign
limited liability company, arrangements with registered agents relating to foreign qualification, taxpayer and other identification numbers, seals, minute books, and other documents and records relating to the organization, maintenance and existence
of Seller as limited liability companies; 
  
 “Retained
Assets” shall mean (a) Cash; (b) Pre-TBA Receivables (subject to Buyer’s right to collect and use the proceeds of same as provided in Section 2.9 hereof); (c) any and all claims of Seller with respect to transactions prior to the Closing
Date including, without limitation, claims for tax refunds and refunds of fees paid to the FCC, except to the extent any such item was taken into account in adjusting the Purchase Price pursuant to Section 2.4 or relates to Assumed Liabilities or
the Purchased Assets; (d) all contracts of insurance entered into by Seller; (e) all rights and obligations under any agreements listed on Schedule 1.10; (f) those other assets, if any, described on Schedule 1.10; (g) all assets
related to Seller’s Stations Employee Benefit Plans; (h) the records and other documents described in the proviso to the definition of Records above; (i) those employment contracts relating to employees of Seller whom Buyer does not hire as
provided in Section 10.2; (j) any Griffin Foods memorabilia; (k) the Fort Smith Studio/Office Space (for purposes of clarification, the two microwave towers located at the Fort Smith Studio/Office Space are Retained Assets; provided, however, the
related antennas and transmission system associated with the Fort Smith Studio/Office Space shall be included within the Equipment), and (l) any of the rights of Seller under this Agreement, the TBA and under any agreement or documents executed or
to be executed in connection herewith or therewith or any side agreement between Seller and Buyer entered into on or after the date of this Agreement; 
  

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 “Retained Liabilities” shall mean all the obligations and liabilities of Seller whether now
existing or previously or hereafter incurred other than the Assumed Liabilities; 
  
 “Schedules” shall mean those schedules referenced to in this Agreement which have been bound in that separate volume executed by or on behalf of the parties, and delivered concurrently with the execution of
this Agreement, which schedules and volume are hereby incorporated herein and made a part hereof; 
  
 “Seller’s Closing Certificate” shall mean the certificate of Seller in the form of Exhibit “G” attached hereto;

  
 “Seller’s Opinion of Counsel” means the legal
opinion of counsel to Seller addressed to Buyer in a form reasonably acceptable to Buyer; 
  
 “Seller’s Performance Certificate” shall mean the certificate of Seller in the form of Exhibit “H” attached hereto; 
  
 “Stations” shall have the meaning set forth in the Recitals; 
  
 “Stations Employee Benefit Plans” shall mean any Plan or Benefit
Arrangement in which any current, former or retired employee of Seller participates; 
  
 “Studio Site” shall mean the “Studio Site” as identified on Schedule 1.10; 
  
 “TBA” shall have the meaning set forth in the recitals; 
  

“Title Commitment” shall have the meaning set forth in Section 6.2; 
  
 “Title Company” shall mean First American Title Insurance Company, or such other title insurance company
reasonably acceptable to Buyer; 
  
 “Title Policy” shall
have the meaning set forth in Section 6.2; 
  
 “Trade
Secrets” shall mean all proprietary or confidential information of Seller relating to the Stations; 
  
 “Trademarks” shall mean all of those names, trademarks, service marks, jingles, slogans, logos, trademark and service mark registrations and
trademark and service mark applications owned, used, held for use, licensed by or leased by Seller relating to the Stations including without limitation those set forth on Schedule 1.11; 
  
 “Tradeout Agreement” shall mean any Contract pursuant to which
Seller has sold or traded commercial air time of the Stations in consideration for any property or services in lieu of or in addition to Cash, excluding film and program barter agreements; 
  
 “Tradeout Payables” means all obligations of Seller arising under
any Tradeout Agreement, whenever made; 
  

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 “Tradeout Receivables” means all current assets of Seller which are goods or services
receivable by any Seller arising under any Tradeout Agreement, whenever made; 
  
 “Warranty Deed” shall mean a special or limited warranty deed in a form acceptable to the Title Company pursuant to which Seller shall convey to Buyer at the Closing the Real Property owned by Seller,
subject only to Permitted Liens. 
  
 1.2 Singular/Plural;
Gender. Where the context so requires or permits, the use of the singular form includes the plural, and the use of the plural form includes the singular, and the use of any gender includes any and all genders. Except as specifically set forth
herein, all Section and Article references are to Sections and Articles of this Agreement. 
  
 ARTICLE II 
 PURCHASE AND SALE 
  
 2.1 Purchase and Sale. At the Closing on the Closing Date, and upon all of the terms and subject to all of the
conditions of this Agreement, Seller shall sell, assign, convey, transfer and deliver to Buyer, and Buyer shall purchase the Purchased Assets, including all of Seller’s legal and equitable interests therein. Notwithstanding any provision of
this Agreement to the contrary, Seller shall not transfer, convey or assign to Buyer, but shall retain, all of its right, title and interest in and to the Retained Assets. 
  
 2.2 Payment of Purchase Price. 
  
 (a) Provided there shall not have occurred a Material Adverse Effect during the period commencing on the date hereof and
ending on October 16, 2003, on October 16, 2003, Buyer shall pay to Seller, by wire transfer in immediately available funds, the sum of Ten Million Dollars ($10,000,000.00); provided that if a Material Adverse Effect shall have occurred as described
above and such payment is not made, this Agreement shall terminate and neither party shall have any liability to the other; 
  
 (b) At Closing, Buyer shall pay to Seller, by wire transfer in immediately available funds, an amount equal to the Purchase Price (as adjusted pursuant to
Section 2.4 below), less the amount paid pursuant to Section 2.2(a); and 
  
 (c) At Closing, Buyer shall assume the Assumed Liabilities pursuant to the Assumption Agreement. 
  
 2.3 Closing Date Deliveries. At the Closing on the Closing Date: 
  
 (a) Seller shall deliver, or cause to be delivered to Buyer, properly executed and dated as of the Closing Date: (i) the
Assumption Agreement; (ii) the Bill of Sale and Assignment; (iii) the Contract Assignment; (iv) the Lease Assignment; (v) the Motor Vehicle Title Certificates; (vi) Seller’s Closing Certificate; (vii) Seller’s Opinion of Counsel; (viii)
Seller’s Performance Certificate; (ix) the Warranty Deed; (x) a certificate of existence or good standing with respect to Seller from the Secretaries of State of Oklahoma and Arkansas; (xi) the Fort Smith Studio/Office Lease; and (xii) such
other documents as provided in Article VII hereof or as Buyer shall reasonably request; and 
  

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 (b) In addition to the payments described in Section 2.2, Buyer shall deliver, or cause to be delivered
to Seller, properly executed and dated as of the Closing Date: (i) the Assumption Agreement; (ii) the Bill of Sale and Assignment; (iii) Buyer’s Closing Certificate; (iv) Buyer’s Performance Certificate; (v) the Contract Assignment; (vi)
the Lease Assignment; (vii) a certificate of existence or good standing with respect to Buyer from the Secretaries of State of Delaware and Arkansas; (viii) the Fort Smith Studio/Office Lease; and (ix) such other documents as provided in Article
VIII hereof or as Seller shall reasonably request. 
  
 2.4
Proration; Adjustments to Purchase Price. 
  
 (a) For the
purposes of (i) identifying the Purchased Assets, Retained Assets, Assumed Liabilities and Retained Liabilities, (ii) determining the adjustment to the Purchase Price, if any, to be made pursuant to this Section 2.4, and (iii) identifying the
Pre-TBA Receivables for the purpose of Section 2.9, all prepaid or deferred revenue, prepaid expenses, accrued income and accrued expenses of the Stations as of 12:01 a.m., Forth Smith, Arkansas time on October 16, 2003 (the “Adjustment
Time”) shall, except as otherwise expressly provided herein, be adjusted and allocated between Seller and Buyer to reflect the principle that all revenue, income and expenses (including, without limitation, accrued liabilities for vacation pay,
sick pay, compensatory pay and similar amounts, and amounts that may become payable in respect of unlicensed software, whether or not Seller’s normally accrue such amounts) arising from the operation of the Stations or relating to the Purchased
Assets before the Adjustment Time shall be for the account of Seller, and all revenue, income and expenses arising from the operation of the Stations or relating to the Purchased Assets from and after the Adjustment Time shall be for the account of
Buyer under this Agreement or the TBA. Any and all rebates which, under any agreements in effect as of the Adjustment Time, may be payable after such date to any advertiser or other user of the Stations’ facilities, based in part on business,
advertising or services prior to the Closing Date, shall be borne by Seller and Buyer ratably in proportion to revenues received or volume of business done by each during the applicable period. Any and all agency commissions which are subject to
adjustment after the Adjustment Time based on revenue, volume of business done or services rendered in part before the Adjustment Time and in part after the Adjustment Time shall be shared by Seller, on the one hand, and Buyer, on the other hand,
ratably in proportion to the revenue, volume of business done or services rendered, as the case may be, by each during the applicable period. Notwithstanding anything else herein to the contrary, for purposes of this Section 2.4(a), the expenses of
the Stations for the month of October shall be allocated 50% to Seller and 50% to Buyer, provided that all such expenses must have been incurred in the ordinary course of business consistent with the past practices of the Stations. 
  
 (b) Notwithstanding anything to the contrary set forth in Section 2.4(a)
above, as between Buyer and Seller with respect to all Contracts relating to Program Rights (“Program Contracts”), obligations to make cash payments of license and usage fees pursuant to each such Program Contract will be prorated between
Seller and Buyer based on the number of days during the term of such Program Contract elapsed as of the Adjustment Time vis a vis the number of days during the term of such Program Contract occurring after the Adjustment Time. 
  

 -10- 

 (c) To the extent not inconsistent with the express provisions of this Agreement, the allocations made
pursuant to Sections 2.4(a) and (b) above shall be made in accordance with generally accepted accounting principles. 
  
 (d) Net settlement of the adjustments contemplated under Section 2.4(e) shall be made at the Closing by increasing or decreasing the Purchase Price
appropriately, if feasible based on Seller’s and Buyer’s good faith estimates. For items not readily subject to ascertainment at the Closing, the following procedures shall apply. Buyer shall prepare and deliver to Seller within thirty
(30) business days following the Closing Date, or such earlier or later date as shall be mutually agreed to by Seller and Buyer, an itemized list (the “Adjustment List”) of all sums which, as described in Section 2.4(e) below, shall
increase or decrease the Purchase Price, with a brief explanation thereof. Such list shall show the net amount of the increase or decrease to the Purchase Price (the “Adjustment Amount”). If the Adjustment Amount is a decrease to the
Purchase Price, Seller shall pay such amount without interest to Buyer. If the Adjustment Amount is an increase to the Purchase Price, Buyer shall pay such amount without interest to Seller. Except as provided otherwise in Section 2.4(f), payment of
the Adjustment Amount shall be made not later than fifteen (15) business days following the delivery of the Adjustment List. 
  
 (e) The items set forth on the Adjustment List and the calculation of the Adjustment Amount shall each reflect the understanding that the Purchase Price
shall be: 
  
 (i) decreased by the amount
of all Accounts Payable existing as of the Adjustment Time actually paid or assumed by Buyer under this Agreement or otherwise or reimbursed by Buyer to Seller under the TBA; 
  
 (ii) decreased by the amount, if any, by which Tradeout Payables as of the Adjustment Time exceed
Tradeout Receivables as of the Adjustment Time by more than $5,000 or increased by that amount, if any, by which Tradeout Receivables as of the Adjustment Time exceed Tradeout Payables as of the Adjustment Time by more than $5,000; and 

 
 (iii) decreased by the amount of all liabilities
under Financing Leases, if any, existing as of the Adjustment Time. 
  
 (f) Not later than fifteen (15) business days following the delivery of the Adjustment List, Seller may furnish Buyer with written notification of any dispute concerning any items shown thereon or omitted therefrom together with a detailed
explanation in support of Seller’s position in respect thereof. If Seller does not furnish Buyer such a written notification during such fifteen (15) business day period, then Buyer’s determination of the Adjustment Amount (as set forth in
the Adjustment List) will be final and binding on Buyer and Seller as of the last day of such fifteen (15) business day period. If Seller does furnish Buyer such a written notification during such fifteen (15) business day period, then Buyer and
Seller shall consult to resolve any such dispute for a period of fifteen (15) business days following the notification thereof. In the event of any such dispute, that portion of the Adjustment Amount that is not in dispute shall be paid to the party
entitled to receive the same on the day for payment provided in Section 2.4(d). If such fifteen (15) business day consultation period expires and the dispute has 

  

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not been resolved, the matter shall be referred to an independent “Big Five” public accounting firm mutually agreed upon by Seller and Buyer (the
“Accountants”), which shall resolve the dispute and shall render its decision (together with a brief explanation of the basis therefor) to Buyer and Seller not later than twenty (20) business days following submission of the dispute to it;
provided, however, if Buyer and Seller are unable to mutually agree upon an independent public accounting firm, then Buyer and Seller shall each choose an independent public accounting firm and those firms shall appoint a third
independent public accounting firm to act as the Accountants. The Accountants’ determination of the disputed portion of the Adjustment Amount (the “Disputed Amount”) will become final and binding on Buyer and Seller on the business
day after the date upon which a written report setting forth such determination is delivered to Seller and Buyer. The Disputed Amount shall be paid by the party required to pay the same without interest within five (5) business days after the
delivery of a copy of such decision to Seller and Buyer. The fees and expenses of the Accountants shall be shared equally by Seller, on the one hand, and Buyer on the other hand. 
  
 (g) The Adjustment List to the extent not disputed within the specified period by Seller, any mutually agreed written
settlement of any such dispute concerning the Adjustment List and any determination of disputed items by the Accountants shall be final, conclusive and binding on the parties hereto absent manifest error. 
  
 2.5 Taxes. All federal, state, local and other transfer, sales and use
taxes and recording costs applicable to, imposed upon or arising out of the transfer to Buyer of the Purchased Assets as contemplated by this Agreement shall be the responsibility of and paid by Buyer. 
  
 2.6 Risk of Loss. The risk of all Events of Loss prior to the Closing
shall be upon Seller and the risk of all Events of Loss at or subsequent to the Closing shall be upon Buyer. 
  
 2.7 Allocation of Purchase Price. The Purchase Price will be allocated among each item or class of the Purchased Assets based upon (i) the mutual
agreement of Buyer and Seller, or (ii) in the event Buyer and Seller fail to agree, an appraisal to be paid for by Buyer, to be conducted by a nationally-recognized appraisal firm experienced in appraising, for tax purposes, small-to-medium market
television stations selected by Buyer and which is reasonably acceptable to Seller, under the residual method of allocating assets, which allocation shall be incorporated in a schedule to be provided by Buyer and executed by the parties within
ninety (90) days after the Closing. Buyer and Seller each agree to report such allocation to the Internal Revenue Service in the form required by Treasury Regulations Section 1.1060-1; provided, however that nothing contained herein shall require
Buyer or Seller to contest or litigate in any forum any proposed deficiency or adjustment by any taxing authority or agency that may challenge the allocation determined pursuant to this Section 2.7. 
  
 2.8 Access. 
  
 (a) Subject to Section 11.8(b), Seller and its authorized agents, officers
and representatives, upon prior written request, shall have access to the appropriate records of Buyer to conduct such examination and investigation as Seller deems necessary to assure compliance with this Article 2, and to permit Seller to comply
with its tax reporting compliance 

  

 -12- 

 
requirements, provided that such examination and investigation shall be at Seller’s sole cost and expense and shall be during the Stations’ normal
business hours, shall not unreasonably interfere with the Stations’ operations and activities and shall not, after the consummation of the Closing, constitute Seller’s exercising control over the Stations under the Communications Act.

  
 (b) Subject to Section 11.8(a), Buyer and its authorized
agents, officers and representatives, upon prior written request, shall have access to the appropriate records of Seller to conduct such examination and investigation as Buyer deems necessary to assure compliance with this Article 2, and to permit
Buyer to comply with its tax reporting compliance requirements, provided that such examination and investigation shall be at Buyer’s sole cost and expense and shall be during Seller’s normal business hours and shall not unreasonably
interfere with Seller’s operations and activities. Without limiting the foregoing Seller will (i) give Buyer and its authorized agents, officers and representatives such access to such books and records pertaining to Seller and the Station as
may reasonably be required in order to perform any audit or other review and any disclosure that they may deem appropriate in connection with any offering of securities by Buyer or any Affiliate thereof, and Seller (to the extent such consent is
necessary) hereby consents to the use of information contained in such books and records for any such purpose, and (ii) use reasonable efforts to assist Buyer and its authorized agents, officers and representative in the conduct of such audit or
other review. 
  
 2.9 Accounts Receivable. 
  
 (a) From and after the Adjustment Time until the earlier of (i) the Closing
Date, and (ii) the termination of this Agreement prior to the Closing (the “Collection Period”), Buyer agrees to use reasonable efforts to collect, as agent for Seller, the Pre-TBA Receivables in the manner regularly pursued by Buyer with
respect to the collection of its accounts receivable and in the ordinary course of business. Within five (5) business days after the end of each broadcast calendar month during the Collection Period, Buyer shall furnish Seller with a list of
uncollected Pre-TBA Receivables that have been outstanding for more than sixty (60) days. Buyer shall hold the proceeds collected from Pre-TBA Receivables (which may be commingled with other funds of Buyer and/or used by Buyer for its own purposes)
pending remittance to Seller as provided in Section 2.4(e) or this Section 2.9. 
  
 (b) Within twenty (20) days following the last day of the Collection Period, Buyer will deliver to Seller all records of uncollected Pre-TBA Receivables (provided that Buyer may retain copies of such records). In the
collection of accounts receivable, all payments received by Buyer from account debtors will be applied first to the Pre-TBA Receivables and then to Buyer’s accounts receivable, in the order of origination (i.e., “first-in,
first-out”), unless the account debtor specifies otherwise, in which case the proceeds shall be applied as specifically designated by the account debtor. Buyer will take no action to encourage an account debtor to dispute its obligation to pay
any billing that relates to a Pre-TBA Receivable or to specify that any payment be applied to billings other than in chronological order. Buyer or Seller will promptly deliver to the other a true copy of any notice of a dispute as to the validity or
enforceability of a Pre-TBA Receivable received from an account debtor. Buyer shall not agree to any settlement, discount or reduction of any Pre-TBA Receivable without the prior written consent of Seller. Buyer’s collection obligation under
this Section 2.9 shall not include any obligation to bring suit, engage a collection agent or take any legal action for the collection of 

  

 -13- 

 
any Pre-TBA Receivable. After the last day of the Collection Period, Buyer shall, if requested by Seller, execute and deliver letters, in form and substance
reasonably satisfactory to Seller and Buyer, to the effect that the respective account debtor should send payments on the Pre-TBA Receivables to Seller’s designee. Notwithstanding anything herein to the contrary, Seller may take whatever
actions it reasonably deems necessary or advisable in order to protect its interest in the Pre-TBA Receivables including, without limitation, bringing suit, engaging a collection agent or taking other legal action for the collection of any Pre-TBA
Receivable; provided, however, Seller shall notify Buyer and cooperate in good faith with Buyer in connection with such collection efforts. 
  
 (c) The proceeds of all Pre-TBA Receivables collected by Buyer from and after the Adjustment Time and prior to the Closing Date shall be paid to the
Seller on the Closing Date in immediately available funds. In the event this Agreement is terminated prior to the Closing for any reason, subject to Section 11.2, within twenty (20) days thereafter, Buyer shall deliver to Seller, in immediately
available funds, an amount equal to (i) the proceeds of all Pre-TBA Receivables collected by Buyer from and after the Adjustment Time less (ii) all Accounts Payables as of the Adjustment Time actually paid by Buyer or reimbursed by Buyer to Seller
under the TBA. 
  
 2.10 Noncompete Agreement.
Contemporaneously with the Closing, Buyer and John Griffin shall enter into a Noncompetition Agreement in a form reasonably acceptable to the parties thereto pursuant to which Buyer shall pay Mr. Griffin the aggregate sum of $1,000,000 in 16 equal
installments on a quarterly basis with the first payment made on the Closing Date. Mr. Griffin shall agree that he will not, directly or indirectly, for a period of four (4) years from and after the Closing Date own, manage, operate, control, be
employed by, participate in or be engaged in any manner (in each case either individually or through or in connection with any other Person) with the operation of a television broadcast station in the Stations’ Designated Market Areas.

  
 (b) Such Noncompetition Agreement shall further prohibit Mr.
Griffin or any entity controlled by him (which shall include any entity in which Mr. Griffin holds at least 40% of the stock or other ownership interests on a fully diluted basis), during such four (4) year period from contacting, approaching or
soliciting for the purpose of offering employment to or hiring (whether as an employee, consultant, agent, independent contractor or otherwise) or actually hiring any person who is employed in the operation of the Stations on the date hereof, or
inducing or attempting to induce any customer or other business relation of the Stations to cease doing business with Buyer or the Stations. 
  
 ARTICLE III 
 GOVERNMENTAL APPROVALS
AND CONTROL OF STATIONS 
  
 3.1 FCC Consent. It is
specifically understood and agreed by Buyer and Seller that the Closing shall be in all respects subject to, and conditioned upon, the receipt of prior FCC Consent. Buyer and Seller shall prepare and file with the FCC, as soon as practicable but in
no event later than five (5) business days after the execution of this Agreement, all requisite applications and other necessary instruments and documents to request the FCC Consent and any necessary extensions thereof to comply with the Closing
Date. After the aforesaid applications, 

  

 -14- 

 
instruments and documents have been filed with the FCC, Buyer and Seller shall prosecute such applications with all reasonable diligence and take all steps
reasonably necessary to obtain the requisite FCC Consent. No party hereto shall take any action that such party knows or should know would adversely affect obtaining the FCC Consent, or adversely affect the FCC Consent from becoming a Final Order.
Buyer shall pay all FCC filing or transfer fees relating to the transactions contemplated hereby irrespective of whether the transactions contemplated by this Agreement are consummated and irrespective of whether such fees are assessed before or
after the Closing. 
  
 3.2 Control Prior to Closing.
Between the date hereof and the Closing Date, Buyer shall not directly or indirectly control, supervise or direct, or attempt to control, supervise or direct, the operation of the Stations. Such operation, including complete control and supervision
of all programs, employees and policies, shall be the sole responsibility of Seller. 
  
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES OF SELLER 
  
 Seller represents and warrants to Buyer that the statements contained in this
Article IV are true, correct and complete as of the date of this Agreement, as follows: 
  
 4.1 Organization. Seller is a corporation organized, validly existing and in good standing under the law of the State of Oklahoma and is qualified to do business as a foreign limited liability company in the
State of Arkansas. Seller has the power and authority to own, lease, and operate its properties and to conduct its business as it is now being conducted. 
  
 4.2 Authorization; Enforceability. The execution, delivery and performance of this Agreement and the TBA and all of the documents and instruments
required hereby by Seller are within the power of Seller and have been duly authorized by all necessary action by Seller. This Agreement and the TBA are, and the other documents and instruments required hereby will be, when executed and delivered by
Seller, the valid and binding obligations of Seller, enforceable against Seller in accordance with their respective terms, subject only to bankruptcy, insolvency, reorganization, moratorium or similar laws at the time in effect affecting the
enforceability or rights of creditors generally and by general equitable principles which may limit the right to obtain equitable remedies. 
  
 4.3 Absence of Conflicting Agreements. Except for the FCC Consent or as described on Schedule 4.3, neither the execution, delivery or
performance of this Agreement or the TBA in accordance with their respective terms by Seller nor the consummation of the sale and purchase of the Purchased Assets or any other transaction contemplated by this Agreement (including, without
limitation, the commencement or continuation of operations under the TBA), does or will, with or without the giving of notice, or the lapse of time or both, or otherwise: 
  
 (a) conflict with, result in a breach of, or constitute a default under, the organizational documents of Seller, or any
federal, state or local law, statute, ordinance, rule or regulation applicable to Seller, or any court of administrative order or process applicable to Seller, or any material contract, agreement, arrangement, commitment or plan to which Seller is a
party or by which Seller is bound and which relates to, the ownership or operation of the Stations or the Purchased Assets; 
  

 -15- 

 (b) result in the creation of any Lien upon any of the Purchased Assets, except for Permitted Liens;

  
 (c) terminate, amend or modify, or give any other Person the
right to terminate, amend, modify, abandon or refuse to perform any material contract, agreement, arrangement, commitment or plan to which Seller is a party and which relates to, the ownership or operation of the Stations or the Purchased Assets;

  
 (d) accelerate or modify, or give any party the right to
accelerate or modify, the time within which, or the terms under which, any duties or obligations are to be performed, or any rights or benefits are to be received, under any material contract, agreement, arrangement, commitment or plan to which
Seller is a party and which relates to the ownership or operation of the Stations or the Purchased Assets; 
  
 (e) require the consent, waiver, approval, permit, license, clearance or authorization of, or any declaration or filing with, any court or governmental or
public agency or other authority other than the FCC; or 
  
 (f)
require the consent of any Person under any material agreement, arrangement or commitment of any nature to which Seller is party, by which Seller is bound, or by which the Purchased Assets are bound or subject. 
  
 4.4 Purchased Assets. The Purchased Assets include all of the assets,
properties and rights of every type and description, real, personal and mixed, tangible and intangible, that are necessary for the business of owning and operating the Stations as currently conducted, with the exception of the Retained Assets. All
inventories of supplies, tubes and spare parts necessary or appropriate for the operation of the Stations are at levels at least equal to the Stations’ usual and customary levels. 
  
 4.5 Title to Purchased Assets; Liens and Encumbrances. Except as set forth on Schedule 4.5, Seller owns good
and marketable title to or has valid leasehold interests in all of the Purchased Assets (other than the Real Property as to which the provisions of Section 4.9 shall apply and the Intangible Property as to which the provisions of Section 4.8 shall
apply) free and clear of any and all Liens except for Permitted Liens. 
  
 4.6 Equipment. To the Knowledge of Seller, each of the material items of Equipment (other than the Stations’ transmitters) is in good condition and repair, ordinary wear and tear excepted, and is not in need of imminent repair
or replacement, is operating and has been serviced and maintained by Seller in accordance with normal industry standards and practices and FCC rules and published policies. The Stations’ transmitters shall be operational for use in the
operation of the Stations as of the Adjustment Time. 
  

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 4.7 The Contracts. Except as set forth on Schedule 4.7: 
  
 (a) Schedule 1.2 lists all agreements relating to properties,
undertakings or commitments to or for third parties in the operation and conduct of the Stations except for (i) agreements (other than Tradeout Agreements) for the sale of time on the Stations, (ii) other agreements which are cancelable by Seller or
its assignee without breach or penalty on not more than thirty (30) days notice or which do not extend by their terms for more than twelve (12) months after the date hereof, and which involve average annual payments or receipts by the Stations of
less than Ten Thousand Dollars ($10,000.00) in the case of any single contract and Fifty Thousand Dollars ($50,000.00) in the aggregate, and (iii) Seller’s senior loan agreement with Bank of Oklahoma, N.A. and all related agreements, documents
and instruments; 
  
 (b) Seller has performed, or is in compliance
with, each material term, covenant and condition of each of the Contracts required to be listed on Schedule 1.2, and no material event of default on the part of Seller, and to the Knowledge of Seller, any other party thereto, exists under any
of the Contracts required to be listed on Schedule 1.2; 
  
 (c)
each of the Contracts listed on Schedule 1.2 is in full force and effect, unimpaired by any acts or omissions of Seller, and constitutes the legal and binding obligation of, and is enforceable against Seller, and to the Knowledge of Seller,
against each other party thereto in accordance with its terms, subject only to bankruptcy, insolvency, reorganization, moratorium or similar laws at the time in effect affecting the enforceability or rights of creditors generally and by general
equitable principles which may limit the right to obtain equitable remedies; 
  
 (d) Seller has furnished or made available to Buyer true and complete copies of all written Contracts required to be listed on Schedule 1.2, including all amendments, modifications and supplements thereto, and
Schedule 1.2 contains summaries of the following provisions of all oral Contracts which involve Five Thousand Dollars ($5,000.00) or more in the case of any single oral Contract and Fifteen Thousand Dollars ($15,000.00) or more in the
aggregate: the parties thereto, and the nature and value of the goods and services to be provided thereunder; 
  
 (e) Schedule 1.2 sets forth an accurate and complete list of all Tradeout Agreements, and sets forth for each Tradeout Agreement the parties
thereto, the value of broadcast time required to be provided on the Stations from and after the date shown on such Schedule and the value of goods and services to be provided to the Stations from and after such date. 
  
 4.8 Intangible Property. Except as set forth on Schedule 4.8:

  
 (a) there are no claims, demands or proceedings instituted,
pending or, to the Knowledge of Seller, threatened by any Person pertaining to or challenging Seller’s right to use any of the Intangible Property; 
  
 (b) to the Knowledge of Seller, Seller is not infringing upon or otherwise acting adversely to any trademark, trade name, patent or copyright owned by a
third party; 
  

 -17- 

 (c) there are no royalty agreements between Seller and any third party relating to any of the Intangible
Property; 
  
 (d) the Intangible Property constitutes all of the
intangible and intellectual property interests used in the operation of the Stations (other than Copyrights and Trademarks with respect to Program Rights); and 
  

(e) all Copyrights and Trademarks are listed on Schedule 1.3 and Schedule 1.11, respectively, and all Intangible Property is transferable
to Buyer by the sole act of Seller. 
  
 4.9 Real
Property. Except as disclosed on Schedule 4.9: 
  
 (a) Seller has good, marketable and insurable fee simple or leasehold interests, as applicable, in the Real Property, and such Real Property includes all real property, other than the Retained Assets, necessary for the business of the
Stations as currently conducted or used in the operation of the Stations. Attached to Schedule 4.9 are all policies of title insurance currently existing in favor of Seller with respect to the Real Property. Except for Permitted Liens and the
items set forth on Schedule 4.9, there are no Liens on any portion of the Real Property. No Lien set forth or required to be set forth on Schedule 4.9 materially interferes with the operation of the Stations as currently operated;

  
 (b) Seller has not received notice of any pending condemnation
or similar proceeding affecting the Real Property or any portion thereof, and to the Knowledge of Seller, no such action is presently contemplated or threatened; 
  
 (c) Seller has not received any written notice from any insurance company of any defects or inadequacies in the Real
Property or any part thereof, which would materially adversely affect the insurability of the Real Property or the premiums for the insurance thereof. Seller has not received any notice from any insurance company which has issued or refused to issue
a policy with respect to any portion of the Real Property or by any board of fire underwriters (or other body exercising similar functions) requiring the performance of any repairs, alterations or other work with which compliance has not been made;

  
 (d) there are no parties in possession of any portion of the
Real Property other than Seller, whether as lessees, tenants at will, trespassers or otherwise; 
  
 (e) to the Knowledge of Seller, there is no law, ordinance, order, regulation or requirement now in existence, (other than Environmental Laws) which would
require any material expenditure to remediate, remedy, remove, modify or improve any of the Real Property in order to bring it into substantial compliance therewith; 
  
 (f) the Real Property has adequate direct access to and from completed, dedicated and accepted public roads, and there is no
pending or, to the Knowledge of Seller, threatened governmental proceeding which would impair or curtail such access; and 
  
 (g) to the Knowledge of Seller, there are no material structural, electrical, mechanical, plumbing, air conditioning, heating or other defects in the
buildings or towers located on the Real Property and the roofs of the buildings located on the Real Property are free from leaks and in good condition, ordinary wear and tear excepted. 
  

 -18- 

 4.10 The Leases. Except as set forth on Schedule 4.10: 
  
 (a) the Leases described on Schedule 1.5 constitute all of the lease
agreements between Seller and third parties relating to the operation of the Stations or the Purchased Assets; 
  
 (b) Seller has performed each material term, covenant and condition of each of the Leases which is required to be performed by Seller at or before the
date hereof, and no material default or event which with the passing of time or giving of notice or both would constitute a default on the part of Seller and, to the Knowledge of Seller, on the part of any other party thereto, exists under any
Lease; 
  
 (c) each of the Leases is in full force and effect,
unimpaired by any acts or omissions of Seller, and constitutes the legal and binding obligation of, and is legally enforceable against Seller, and to the Knowledge of Seller, against each other party thereto in accordance with its terms, subject
only to bankruptcy, insolvency, reorganization, moratorium or similar laws at the time in effect affecting the enforceability or rights of creditors, generally and by general equitable principles which may limit the right to obtain equitable
remedies; 
  
 (d) Seller has furnished or made available to Buyer
true and complete copies of the Leases, including any and all amendments thereto; 
  
 (e) there are no leasing commissions or similar payments due, arising out of, resulting from or with respect to any Lease which are owned by Seller; and 
  
 (f) each of Seller’s Financing Leases is listed as such on Schedule 4.10. 
  
 4.11 Financial Statements and Interim Financial Statements.

  
 (a) Attached as Schedule 4.11(a) are true and
complete copies of the audited consolidated balance sheets of Seller, as of June 30, 2001 and the related consolidated statements of income for the fiscal year then ended (collectively, the “Financial Statements”). The Financial Statements
are in accordance with the books and records of Seller, have been prepared in accordance with generally accepted accounting principles applied on a basis consistent with preceding years and present fairly in all material respects the financial
condition of Seller as of the date indicated and the results of the Stations’ operations and changes in cash flows for the period then ended. 
  
 (b) Attached as Schedule 4.11(b) are true and complete copies of the unaudited consolidated balance sheets of Seller as of June 30, 2002 and June
30, 2003, and the related consolidated statements of income for the 12-month periods then ended (collectively, the “Interim Financial Statements”). The Interim Financial Statements are in accordance with the books and records of Seller,
have been prepared in accordance with generally accepted accounting principles applied on a basis consistent with the Financial Statements and present fairly in all material respects the financial condition of Seller as of the date indicated and the
results of the Stations’ operations for the period then ended; subject, however, to year-end adjustments which, in the aggregate, will not be materially adverse and provided that the Interim Financial Statements do not contain footnotes and
lack other presentation items. 
  

 -19- 

 4.12 No Changes. Except as set forth on Schedule 4.12 or as otherwise contemplated by this
Agreement, since June 30, 2003 through the Adjustment Time, there has not been any: 
  
 (a) material amendment or termination of any Contract, Lease or License to which Seller is a party with respect to the Stations except in the ordinary course of business; 
  
 (b) increase in compensation paid, payable or to become payable by Seller to
any of its employees at the Stations, except in the ordinary course of business; 
  
 (c) extraordinary losses (whether or not covered by insurance) or waiver by Seller of any extraordinary rights of value; 
  
 (d) commitment to or liability to any labor organization which represents, or proposes to represent, employees of the Stations; 
  
 (e) notice from any of the Stations’ sponsors or any customers
(determined on the basis of the Stations’ revenues for the trailing twelve (12) month period) as to any of such sponsor’s or customer’s intention not to conduct business with the Stations, the result of which loss or losses of
business, individually or in the aggregate, has had, or could reasonably be expected to have, a Material Adverse Effect; 
  
 (f) sale, assignment, lease or other transfer or disposition of any of the Purchased Assets or properties of the Stations except in the ordinary course of
business or in connection with the acquisition of similar property or assets in the ordinary course of business; 
  
 (g) adverse change in cable carriage or channel position on which either Station is carried (on any cable system with more than 1,000 subscribers);

  
 (h) period of four (4) consecutive days or more during which
either Station was off the air for any reason or a period of fifteen (15) days or more during which either Station operated at substantially reduced power; 
  
 (i) termination of the Affiliation Agreement or loss by the Stations of the NBC network affiliation; or 
  
 (j) change in the financial condition, business, assets or results of
operation of the Stations which has had a Material Adverse Effect. 
  
 4.13 No Litigation; Labor Disputes; Compliance with Laws. Except as set forth on Schedule 4.13: 
  
 (a) except for FCC rulemaking proceedings generally affecting the television broadcasting industry, there is no decree, judgment, order, litigation at law
or in equity, arbitration proceeding or other proceeding before or by any commission, agency or other administrative or regulatory body or authority pending or, to the Knowledge of Seller, threatened, to which Seller is a party or otherwise relating
to the Stations or the Purchased Assets which could reasonably be expected to have a Material Adverse Effect; 
  

 -20- 

 (b) to the Knowledge of Seller, there is no material investigation by any commission, agency or other
administrative or regulatory body or authority pending or threatened, which is specifically concerned with the operations, business or affairs of Seller, the Stations or the Purchased Assets; 
  
 (c) the Stations are not subject to or bound by any labor agreement, there is
no labor dispute, grievance, controversy, strike or request for union representation pending or to the Knowledge of Seller threatened against Seller relating to or affecting the business or operations of the Stations and, to the Knowledge of Seller,
Seller has not experienced any of the matters described in this Section 4.13(c); and 
  
 (d) Seller has carried on and conducted the business and affairs of the Stations in material compliance with all applicable federal, foreign, state and local laws, statutes, ordinances, rules and regulations, and all
applicable court or administrative orders or processes, including but not limited to the FCC, Occupational Safety and Health Administration, Equal Employment Opportunity Commission (“EEOC”), National Labor Relations Board and Environmental
Protection Agency a violation of which has had or may reasonably be expected to have a Material Adverse Effect. The Stations comply in all material respects with all applicable statutes, rules and regulations pertaining to equal employment
opportunity. 
  
 4.14 Taxes. Except as disclosed on
Schedule 4.14: 
  
 (a) Seller has duly filed all required
federal, state and local tax returns, reports and estimates for all years and periods (and portions thereof) for which any such returns, reports and estimates were due to be filed by Seller (taking into account any permitted extensions), and any and
all amounts shown on such returns and reports to be due and payable have been paid in full except as may be contested in good faith. All of such returns, reports and estimates are true and complete in all material respects. Seller has withheld all
taxes required to be withheld under applicable law and regulations, and such withholdings have either been paid to the proper governmental agency or set aside in accounts for such purpose, or accrued, reserved against and entered upon the books of
Seller, as the case may be; and 
  
 (b) There are, and after the
date of this Agreement will be, no tax deficiencies (including penalties and interest) of any kind assessed against or relating to Seller or the Purchased Assets with respect to any taxable periods ending on or before, or including, the Closing Date
of a character or nature that would result in Liens or claims on any of the Purchased Assets or on Buyer’s title or use of the Purchased Assets or that would result in any claim against Buyer or the Purchased Assets; provided, however, that
Seller shall not be deemed to make any representations or warranty with respect to any Liens or claims arising by reason of, or attributable to, Buyer’s use or operation of the Stations or the Purchased Assets on or after the Adjustment Time.

  
 4.15 Governmental Authorizations. Seller holds, and, on
the Closing Date Seller will hold, all regular and valid licenses, permits and authorizations issued by the FCC to operate 

  

 -21- 

 
the Stations as television broadcast stations with the power disclosed on Schedule 1.6. Such licenses, permits and authorizations constitute all of
the licenses, permits and authorizations that are necessary under the Communications Act for the operation of the Stations. The Licenses are in full force and effect. Except as set forth on Schedule 4.15, no qualifications, registrations,
filings, privileges, franchises, licenses, permits, approvals or authorizations other than the Licenses and those as set forth on Schedule 4.15 are required for Seller to own and operate the Stations in the manner operated on the date hereof.
As of the date hereof, (i) no action or proceeding is pending or, to the Knowledge of Seller, threatened before the FCC or any other governmental authority to revoke, refuse to renew or materially and adversely modify the Licenses (except for FCC
rulemaking proceedings generally affecting the television broadcasting industry), and (ii) there is no pending, issued or outstanding or, to the Knowledge of Seller, threatened investigation, order to show cause, cease and desist order, notice of
violation, notice of apparent liability, notice or forfeiture, petition or complaint with respect to the Stations or any of the Licenses. 
  
 4.16 Compliance with FCC Requirements. Except as set forth on set forth on Schedule 4.16, the Stations, their physical facilities,
electrical and mechanical systems and transmitting and studio equipment are being and have been operated in all material respects in accordance with the specifications of the Licenses, and the Stations are in compliance in all material respects with
the Communications Act. Except as set forth on Schedule 4.16, all obligations, reports and other filings required by the FCC with respect to the Stations, including, without limitation, material required to be placed in the Stations’
public inspection files, have been properly and timely filed. Except as set forth on Schedule 4.16, no cable television system or satellite service provider has notified Seller of any signal quality deficiency or copyright indemnity or other
prerequisite to cable or satellite carriage of the Stations’ signals, and no cable television system or satellite service provider has notified Seller that it has declined or threatened to decline such carriage or failed to respond to a request
for carriage or sought any form of relief from carriage from the FCC. To the Knowledge of Seller, KPOM’s main transmitting tower located on Cartwright Mountain (i) has the structural capacity to hold, or (ii) is otherwise suitable for,
additional DTV antennae and other equipment necessary for DTV operations of KPOM. 
  
 4.17 Insurance. Seller has such amounts and types of insurance coverage as is reasonable and customary for a broadcast television Stations such as the Stations. Seller is not in material default with respect to
any of its insurance policies, nor has Seller failed to give any notice or present any claim under any policies in a due and timely fashion. 
  
 4.18 Brokers. Except for Marvin A. Shirley d/b/a Birdsong Associates which shall be compensated solely by Seller, neither this Agreement nor the
sale and purchase of the Purchased Assets or any other transaction contemplated by this Agreement was induced or procured through any Person acting on behalf of or representing Seller as broker, finder, investment banker, financial advisor or in any
similar capacity. 
  
 4.19 Employees. Schedule 4.19
is a true and complete list of all of Seller’s employees as of the date of this Agreement, which list identifies the name of such employees, and the following compensation information with respect to each of them: (i) current annual base
salary; (ii) accrued vacation and sick leave time and; (iii) the dates and amounts of the last increase in compensation. Except as set forth on Schedule 4.19 hereto, or as otherwise provided by 

  

 -22- 

 
applicable state law, the employment of all employees of the Stations is terminable at will by such employer without any penalty or severance obligations
incurred by such employer. Except as set forth in Schedule 4.19, Seller is not bound by any collective bargaining agreement, and to the Knowledge of Seller, there exists no organizational effort presently being made or, threatened by or on
behalf of any labor union with respect to employees of the Stations. 
  
 4.20 Financial Benefit Plans. Schedule 4.20 lists each “employee pension benefit plan,” as such term is defined in Section 3(2) of ERISA and “employee welfare benefit plan,” as such term is defined in
Section 3(1) of ERISA, which is or has been entered into, maintained, administered or contributed to by Seller and covers any employee of Seller (all of the foregoing are collectively referred to herein as the (“Employee Benefit Plans”).
Each Employee Benefit Plan is in all material respects maintained, funded and administered in compliance with ERISA, the Code, and other applicable law. Seller has never maintained a pension plan subject to Section 412 of the Code or Title IV of
ERISA, and has never maintained, contributed to or been required to contribute to any employee benefit plan that is a “multiemployer plan” (as defined in Section 3(37)(A) or (D) of ERISA) as amended by the Multiemployer Pension Plan
Amendments Acts of 1980. 
  
 4.21 Environmental Compliance.
Except as set forth in Schedule 4.21 (including the reports attached thereto): 
  
 (a) To the Knowledge of Seller, Seller has complied in all material respects and is in material compliance with all Environmental Laws; 
  
 (b) Seller is not a party to any litigation or administrative proceeding and, to the Knowledge of Seller, nor is any
litigation or administrative proceeding threatened against them, which in either case (i) asserts or alleges that Seller violated any Environmental Laws, (ii) asserts or alleges that Seller is required to clean up, remove or take remedial or other
response action due to the disposal, depositing, discharge, leaking or other release of any Hazardous Materials at the Real Property, or (iii) asserts or alleges that Seller is required to pay all or a portion of the cost of any past, present or
future cleanup, removal or remedial or other response action which arises out of or is related to the disposal, depositing, discharge, leaking or other release of any Hazardous Materials by Seller at any of the Real Property; 
  
 (c) with respect to the period during which Seller owned or occupied the Real
Property, and, to the Knowledge of Seller with respect to the time before Seller owned or occupied the Real Property, no person has caused or permitted Hazardous Materials to be stored, deposited, treated, recycled or disposed of on, under or at any
Real Property owned, leased, used or occupied by Seller which would subject Seller to liability for the cleanup, removal or some other remedial action under Environmental Laws; 
  
 (d) there are not now, nor, to the Knowledge of Seller, have there previously been, tanks or other facilities on, under, or
at the Real Property which contained any Hazardous Materials which, if known to be present in soils or ground water, would subject any owner or operator of such Real Property to liability for cleanup, removal or some other remedial action under
Environmental Laws; 

  

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 (e) to the Knowledge of Seller, there are no conditions existing currently which would subject any owner
or operator to the Real Property to damages, penalties, injunctive relief or cleanup costs under any Environmental Laws or which require or are likely to require cleanup, removal, remedial action or other response pursuant to Environmental Laws;

  
 (f) Seller is not subject, as a result of its interest in the
Real Property, to any existing judgment, order or citation related to or arising out of any Environmental Laws and, to the Knowledge of Seller, has not been named or listed as a potentially responsible party by any governmental body or agency in a
matter related to or arising out of any Environmental Laws; and 
  
 (g) the operation of the Stations does not exceed the permissible levels of exposure to RF radiation specified in either the FCC’s current rules, regulations and policies concerning RF radiation. 
  
 4.22 Affiliation Agreement. As of the date of this Agreement, (i) the
Affiliation Agreement is in full force and effect and (ii) NBC has not given Seller written or verbal notice of any type of NBC’s intention to terminate or fail to renew the Affiliation Agreement or that NBC is considering such possible
termination or failure to renew the Affiliation Agreement. 
  
 Items disclosed on any Schedule attached hereto shall be deemed to be disclosed for the purposes of each other Schedule attached hereto to the extent such item is disclosed with such specificity that a reasonable person would know from
the face of such disclosure that such item applied to such other Schedule(s). 
  
 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES OF BUYER 
  
 Buyer represents and warrants to Seller that the statements contained in this
Article V are true, correct and complete as of the date of this Agreement, as follows: 
  
 5.1 Organization. Buyer is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and on the Closing Date Buyer shall be duly qualified to do
business as a foreign entity in Arkansas, and Buyer has full power to purchase the Purchased Assets pursuant to this Agreement. Parent is a limited liability company duly organized, validly existing and in good standing under the laws of the State
of Delaware. 
  
 5.2 Authorization; Enforceability. The
execution, delivery and performance of this Agreement and the TBA and all of the documents and instruments required hereby by Buyer are within the power of Buyer and have been duly authorized by all necessary action by Buyer. This Agreement and the
TBA are, and the other documents and instruments required hereby will be, when executed and delivered by Buyer, the valid and binding obligations of Buyer enforceable against Buyer in accordance with their respective terms, subject only to
bankruptcy, insolvency, reorganization, moratorium or similar laws at the time in effect affecting the enforceability or right of creditors generally and by general equitable principles which may limit the right to obtain equitable remedies. The
execution, delivery and performance of this Agreement (for the limited purposes described on the signature pages hereto) are within the power of Parent and 

  

 -24- 

 
have been duly authorized by all necessary action by Parent. The guarantee described on the signature pages hereto is a valid and binding obligation of
Parent enforceable against Parent, subject only to bankruptcy, insolvency, reorganization, moratorium or similar laws at the time in effect affecting the enforceability or right of creditors generally and by general equitable principles which may
limit the right to obtain equitable remedies. 
  
 5.3 Absence
of Conflicting Laws and Agreements. Neither the execution, delivery or performance of this Agreement or the TBA by Buyer (nor the execution, delivery and performance of this Agreement by Parent (for the limited purposes described on the
signature pages hereto)) nor the consummation of the sale and purchase of the Purchased Assets or any other transaction contemplated by this Agreement or the TBA does or will, with or without the giving of notice, or the lapse of time, or otherwise:

  
 (a) conflict with, result in a breach of, or constitute a
default under, the organizational documents of Buyer or Parent, as the case may be, or any federal, state or local law, statute, ordinance, rule or regulation, or any court or administrative order or process, or any material contract, agreement,
arrangement, commitment or plan to which Buyer or Parent, as the case may be, is a party or by which Buyer or Parent, as the case may be, or either of their assets is bound; 
  
 (b) require the consent, waiver, approval, permit, license, clearance or authorization of, or any declaration or filing
with, any court or governmental or public agency other than the FCC Consent; or 
  
 (c) require the consent of any Person under any material agreement, material arrangement or material commitment of any nature to which Buyer or Parent, as the case may be, is a party or by which it is bound.

  
 5.4 Brokers. Neither this Agreement nor the sale and
purchase of the Purchased Assets or any other transaction contemplated by this Agreement was induced or procured through any Person acting on behalf of or representing Buyer or Parent as broker, finder, investment banker, financial advisor or in any
similar capacity. 
  
 5.5 Absence of Litigation. There is
no decree, judgment, order, litigation at law or in equity, arbitration proceeding or proceeding before or by any commission, agency or other administrative or regulatory body or authority pending or, to the knowledge of Buyer or Parent, threatened
to which Buyer or Parent, as the case may be, is a party and which could materially and adversely affect Buyer’s ability to purchase the Purchased Assets under this Agreement or to perform its obligations under the TBA. 
  
 5.6 Qualifications. Neither Buyer nor Parent is aware of any fact,
allegation, condition or circumstance that could reasonably be expected to prevent the prompt grant of the FCC Consent (other than such facts, allegations, conditions and circumstances affecting the broadcast industry in general) and Buyer is
qualified to be the licensee of the Stations under the Communications Act. 
  

 -25- 

 ARTICLE VI 
 CERTAIN MATTERS PENDING THE CLOSING 
  
 From and after the date of this Agreement and until the Closing (unless otherwise provided herein): 
  
 6.1 Notice of Adverse Changes. Pending the Closing, Seller shall give Buyer prompt written notice of the occurrence of any of the following as it
gains Knowledge thereof: 
  
 (a) the commencement of any
proceeding or litigation at law or in equity or before the FCC or any other commission, agency or administrative or regulatory body or authority which involves any of the Licenses or which could reasonably be expected to have a Material Adverse
Effect, other than proceedings or litigation of general applicability to the television broadcasting industry; or 
  
 (b) any material violation by Seller, or written notice of any alleged material violation by Seller, of any federal, state or local law, statute,
ordinance, rule or regulation. 
  
 6.2 Operations Pending
Closing. Subject to the provisions of Section 3.2 regarding control of the Stations, after the date hereof and prior to the Closing and subject to the TBA, Seller shall, except with Buyer’s prior written consent: 
  
 (a) operate the Stations in all material respects in accordance with the
Communications Act and make all filings necessary to make the representation in Section 4.15 true and correct at Closing; 
  
 (b) maintain the Equipment in good working order, ordinary wear and tear and usage excepted; 
  
 (c) not sell, lease, mortgage, pledge or otherwise dispose of any of the Purchased Assets except for transactions in the
ordinary and regular course of the operation of the Stations where the proceeds of such disposition are used to replace such Purchased Assets; 
  
 (d) not enter into, or become obligated under, amend or otherwise modify any agreement or commitment on behalf of the Stations; 
  
 (e) maintain in full force and effect policies of liability and casualty
insurance of substantially the same type, character and coverage as the policies currently carried with respect to the business, operations and assets of the Stations; 
  
 (f) take all commercially reasonable action to protect the present service areas of the Stations from increased electrical
interference from other stations, existing or proposed, and take all commercially reasonable action to maintain carriage, if any, of the Stations’ signals on all cable television systems or satellite systems; 
  
 (g) promptly notify Buyer of any attempt or actual collective bargaining
organizing activity with respect to any employee of the Stations; and, 
  

 -26- 

 (h) except as required by law, not enter into any collective bargaining agreement or modify the
employment terms applicable to any employee of the Stations. 
  
 Notwithstanding any provision of this Agreement or the TBA to the contrary, none of the following shall be deemed (i) a breach of Seller’s agreements or covenants under this Section 6.2 or under the TBA or of the representations and
warranties contained in Article IV hereof, or (ii) a failure of any of the conditions set forth in Article VII to be satisfied: any fact or circumstance that occurs as a result of either any action or omission to act of Buyer pursuant to the TBA or
any other agreement or arrangement, or by virtue of Buyer’s activities or operations with respect to the Stations. 
  
 6.3 FCC Reports. Seller will furnish to Buyer within ten (10) days after filing all reports filed with the FCC with respect to the Stations after
the date hereof. 
  
 6.4 Consents. Seller will use its
commercially reasonable efforts to obtain all consents and approvals required from third Persons, whose consent or approval is required pursuant to any Contract or Lease prior to the Closing Date as a result of the purchase and sale of the Purchased
Assets as contemplated herein. Anything to the contrary in this Agreement notwithstanding, Seller shall not be required to pay any fees or provide or deliver any other consideration to any such Person in order to obtain such consent or approval.

  
 6.5 Cooperation; Reasonable Efforts; Release. Buyer and
Seller will cooperate in all respects in connection with and use commercially reasonable efforts to: (a) secure any nongovernmental approvals, consents and waivers of third parties listed in Schedule 4.3; (b) give notices to any governmental
authority, or secure the permission, approval, determination, consent or waiver of any governmental authority, required by law in connection with the transfer of the Purchased Assets from Seller to Buyer; and (c) cause all of the conditions set
forth in Article VII and Article VIII to be satisfied (but not waived). Buyer specifically agrees not to take any action to intentionally cause its representations and warranties in Section 5.6 to be inaccurate or untrue in any respect on or prior
to Closing. 
  
 6.6 Tax Returns and Payments. 

 
 (a) All tax returns, estimates and reports with respect to the Purchased
Assets or operation of the Stations that are required to be filed by Seller prior to the Closing Date or relating to periods prior to the Closing Date will be timely filed when due with the appropriate governmental agencies or extensions will have
been granted; and 
  
 (b) All taxes pertaining to ownership of the
Purchased Assets or operation of the Stations prior to the Closing Date will be paid by Seller when due and payable unless protested in good faith. 
  
 6.7 Release of Liens. Except for the Permitted Liens, at or prior to the Closing, Seller shall obtain the release of all Liens disclosed in the
Schedules hereto and any other Liens on the Purchased Assets and shall duly file releases or terminations of all such Liens in each governmental agency or office in which any such Lien or evidence thereof shall have been previously filed.

  

 -27- 

 6.8 Public Announcement. Seller shall publish and broadcast a public notice concerning the filing
of the application for assignment of the Licenses in accordance with the requirements of Section 73.3580 of the FCC’s rules. As to any other announcements, no party hereto shall issue any press release or public announcement or otherwise
divulge the existence of this Agreement or the transactions contemplated hereby without prior approval of the other parties hereto (which shall not be unreasonably withheld) except as and to the extent that such party shall be obligated by law, rule
or regulation, in which case the other party shall be so advised and the parties shall use commercially reasonable efforts to cause a mutually agreeable release or announcement to be issued. 
  
 6.9 Exclusivity. Seller agrees and covenants that until Closing or
this Agreement expires or is terminated, neither Seller nor any of its representatives, will discuss, negotiate or offer (or solicit offers) regarding a sale, transfer or other disposition of the Stations or the Purchased Assets or any merger,
combination, restructuring, refinancing or similar transaction involving Seller (a “Sale”) with another Person or provide any information to any other Person regarding the Stations or Seller in that connection. Seller represents that it is
not a party to or bound by any agreement with respect to a Sale except for this Agreement. Seller will disclose to Buyer the existence or occurrence of any proposal or contract whether written or oral which it may receive during the term of this
Agreement in respect of any such competing transaction. 
  
 6.10 Real Estate Matters. 
  
 (a) Prior to the
Closing, Seller will cooperate with Buyer so that Buyer may obtain, for the benefit of and at the cost of Buyer, all documents reasonably required (including estoppel certificates, owner’s affidavits, indemnities and GAP undertakings) for a
final commitment for an ALTA Owners Policy of Title Insurance, as the case may be, Form B-1970, for each parcel of Real Property, issued by a title insurer designated by Buyer (the “Title Insurer”), in such amount as Buyer reasonably
determines to be the fair market value thereof, insuring Buyer’s interest in such parcel, subject only to the Permitted Liens, and with such other endorsements and other terms and conditions as Buyer may reasonably request. 
  
 (b) At Buyer’s request, Seller will cooperate with Buyer so that Buyer
may procure for the benefit of and at the cost of Buyer, in preparation for the Closing, current surveys of each parcel of Real Property disclosing no survey defects or encroachments which materially interfere with the current business and operation
of the Stations, prepared by a licensed surveyor and conforming to 1992 ALTA/ACSM Minimum Detail Requirements for Urban Land Title Surveys, and such standards as the Title Insurer may reasonably require as a condition to the removal of any survey
exceptions from the commitment for the title insurance policy described in Section 6.10(a), and certified to Buyer, Buyer’s lenders and the Title Insurer, in a form sufficient to permit the issuance of the title policies described above in
Section 6.10(a). 
  
 (c) Seller and Buyer will execute a lease
agreement (the “Fort Smith Studio/Office Lease”) on the Closing Date pursuant to which Seller leases to Buyer, and Buyer leases from Seller, the Fort Smith Studio/Office Space identified on Schedule 1.9 (the “Fort Smith
Studio/Office Space”). The Fort Smith Studio/Office Lease shall have a term commencing on the Closing Date and ending on the one year anniversary of the Adjustment Time (the “Initial Termination Date”); provided that Buyer shall have
the option to extend the 

  

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term until the two year anniversary of the Adjustment Time by providing Seller with written notice of such extension at least 30 days prior to the Initial
Termination Date. The Fort Smith Studio/Office Lease shall provide for a rent of $1.00 for the period through the Initial Termination Date and $4,500 per month (partial months to be pro-rated) for the period commencing on the day after the Initial
Termination Date through the end of the term. At the end of the term Buyer shall vacate the premises and have no further right or obligation with respect to the Fort Smith Studio/Office Space. 
  
 6.11 Access and Information. From the date hereof, Buyer and its
financing sources shall be entitled to make or cause to be made such reasonable investigation of the Purchased Assets as Buyer and its financing sources deem necessary or advisable, and Seller shall reasonably cooperate with any such investigation.
In furtherance of the foregoing, but not in limitation thereof, Seller will provide Buyer and its financing sources and their respective agents and representatives, or cause them to be provided, with reasonable access to any and all of its
management personnel, accountants, representatives, premises, properties, contracts, commitments, book, records and other information of Seller upon reasonable notice and during regular business hours and shall furnish such financial and operating
data, projections, forecasts, business plans, strategic plans and other data related to Seller and its business as Buyer, its financing sources and their respective agents, representatives and advisors shall reasonably request from time to time.
Seller and its Affiliates agree to use their reasonable efforts to cause their respective officers, employees, consultants, agents, accountants and attorneys to reasonably cooperate with Buyer, its financing sources, representatives and advisors in
connection with such review and the financing of the transactions contemplated hereby, including the preparation by Buyer and its financing sources of any offering memorandum, bank book, registration statement or related documents or other documents
related to such financing; provided that Buyer shall be responsible and shall promptly pay for any out of pocket expenses incurred by Seller in such regard. 
  
 ARTICLE VII 
 CONDITIONS PRECEDENT TO
THE OBLIGATIONS OF BUYER 
  
 Each and every obligation of
Buyer to be performed on the Closing Date shall be subject to the satisfaction prior to or at the Closing of the following express conditions precedent: 
  
 7.1 Compliance with Agreement. Seller shall have performed and complied in all material respects with all of Seller’s obligations under this
Agreement and the TBA which are to be performed or complied with by it prior to or at the Closing. 
  
 7.2 Representations and Warranties. The representations and warranties made by Seller shall be true and correct as of the date hereof and as of the
Closing Date, except for (A) matters which have not had and could not reasonably be expected to have a Material Adverse Effect and (B) changes permitted or contemplated by this Agreement, or contemplated or effected as a result of the TBA or
Buyer’s operations, activities, acts or omissions with respect to the Stations. 
  

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 7.3 Deliveries at Closing. Seller shall have delivered or caused to be delivered to Buyer the
documents, each properly executed and dated as of the Closing Date as required pursuant to Section 2.3(a). 
  
 7.4 Other Documents. Seller shall have delivered to Buyer such documents and certificates of officers of Seller and public officials as shall be
reasonably requested by Buyer’s counsel to establish the existence and good standing of Seller and the due authorization of this Agreement and the transactions contemplated hereby by Seller. 
  
 7.5 Required Approvals and Consent. There shall have been secured such
permissions, approvals, determinations, consents and waivers, as may be listed on Schedule 7.5. 
  
 7.6 Absence of Investigations and Proceedings. Except for governmental proceedings relating to the television broadcast industry generally, there
shall be no claim, suit, action or other proceeding pending or threatened before or by any court, governmental agency, arbitrator or other entity against any of the parties to this Agreement the effect of which would make it reasonably likely to be
unlawful to consummate the transactions contemplated by this Agreement to be performed prior to or at the Closing. 
  
 7.7 FCC Consent. The FCC Consent for the Stations’ main broadcast television licenses (KPOM-TV and KFAA-TV) (without any conditions materially
adverse to Buyer other than those generally applicable to assignees of such licenses) shall have been issued, and shall, at Closing, be a Final Order and in full force and effect. 
  
 7.8 Licenses. Seller shall be the holder of the Licenses and there shall not have been any modification of any of
such Licenses which has had or could reasonably be expected to have a Material Adverse Effect. The Stations shall be operating in material compliance with the Communications Act, and, except for governmental proceedings relating to the television
broadcast industry generally, no proceeding shall be pending or, to the Knowledge of Seller, threatened, the effect of which would be to revoke, cancel, fail to renew, suspend or modify materially and adversely any of the Licenses. 
  
 7.9 Release of Liens. All Liens (other than Permitted Liens) on the
Purchased Assets shall be released as provided in Section 6.7. 
  
 If any of the conditions set forth in this Article VII have not been satisfied prior to or at the Closing, Buyer may (without waiving any other right or remedy under this Agreement or the TBA) in its sole discretion waive any such condition
(other than as set forth in Section 7.7) and elect to proceed with the consummation of the transactions contemplated hereby. 
  
 ARTICLE VIII 
 CONDITIONS PRECEDENT TO
THE OBLIGATIONS OF SELLER 
  
 Each and every obligation of
Seller to be performed on the Closing Date shall be subject to the satisfaction prior to or at the Closing of the following express conditions precedent: 
  

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 8.1 Compliance with Agreement. Buyer shall have performed and complied in all material respects
with all of its obligations under this Agreement and the TBA which are to be performed or complied with by it prior to or at the Closing. 
  
 8.2 Representations and Warranties. The representations and warranties made by Buyer in this Agreement shall be true and correct in all material
respects as of the Closing Date with the same force and effect as though such representations and warranties had been made on the Closing Date. 
  
 8.3 Deliveries at Closing. Buyer shall have delivered, or caused to be delivered, to Seller the documents, each properly executed and dated as of
the Closing Date, required pursuant to Section 2.3(b). Buyer shall also have made the payments described in Section 2.2. 
  
 8.4 Other Documents. Buyer shall have delivered, or caused to be delivered, to Seller such documents and certificates of officers of Buyer and of
public officials as shall be reasonably requested by Seller’s counsel to establish the existence and good standing of Buyer and the due authorization of this Agreement and the transactions contemplated hereby by Buyer. 
  
 8.5 Absence of Investigations and Proceedings. Except for governmental
proceedings relating to the television broadcast industry generally, no claim, suit, action or other proceeding shall be pending or threatened before or by any court, governmental agency, arbitrator or other entity against any of the parties to this
Agreement the effect of which would make it reasonably likely to be unlawful to consummate the transactions contemplated by this Agreement to be performed prior to or at the Closing. 
  
 8.6 Governmental Consents. The FCC Consent shall have been issued and shall be in full force and effect. All other
material authorizations, consents or approvals of any and all governmental regulatory authorities necessary in connection with the consummation of the transactions contemplated by this Agreement shall have been obtained and be in full force and
effect. 
  
 If any of the conditions set forth in this Article
VIII have not been satisfied, Seller may (without waiving any other right or remedy under this Agreement or the TBA) in its sole discretion waive any of such conditions (other than with respect to the FCC Consent) and elect to proceed with the
consummation of the transactions contemplated hereby. 
  
 ARTICLE IX 
 INDEMNIFICATION 
  

9.1 Survival of Representations and Warranties. All of the representations and warranties of the parties hereto contained in the Agreement shall
survive the Closing (regardless of any investigation or inquiry of any party and even if the damaged party knew or had reason to know of any misrepresentation or breach of warranty at the time of Closing) and continue in full force and effect until
the second annual anniversary of the Closing Date; provided, however, that (i) the representations and warranties contained in Sections 4.20 and 4.21 shall survive the Closing and continue in full force and effect until the fifth
annual anniversary of the Closing Date; (ii) the representations and warranties contained in Sections 4.5 and 4.14 shall survive the Closing and continue in full force and effect until the second anniversary of the Closing Date or 

  

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for a period expiring 60 days after the expiration of the applicable statutes of limitation, whichever is longer, and (iii) the representations and
warranties contained in the first sentence of Section 4.2 and Section 4.18 shall continue in full force and effect forever. Any claim with respect to a breach of a representation or warranty under Section 9.3 or 9.4 must be asserted in writing with
reasonable particularity by the party making such claim within the applicable survival period in which case such representation and warranty shall survive until such claim is finally resolved; provided that each party shall use reasonable efforts to
provide the other party with such writing within a reasonable period of time after becoming aware that the claim exists (provided that the failure to do so shall not relieve the other party from its indemnity obligations hereunder except to the
extent such other party is actually prejudiced by such failure). 
  
 9.2 Survival of Covenants and Agreements. The respective covenants and agreements of the parties contained in this Agreement shall survive the Closing. 
  
 9.3 Indemnification by Seller. Subject to (a) the survival provisions set forth in Section 9.1 and (b) the other
limitations set forth in this Article IX, Seller shall indemnify and hold harmless Buyer, its Affiliates, and their successors and assigns (collectively, “Buyer Indemnified Parties”) from and against any and all losses, damages, costs,
expenses, liabilities, obligations and claims of any kind (including, without limitation, reasonable attorneys’ fees) (“Losses”) which Buyer Indemnified Parties may at any time suffer or incur, or become subject to, as a result of or
in connection with: 
  
 (i) any breach of the
representations and warranties made by Seller in or pursuant to this Agreement, or in any instrument, certificate or affidavit delivered by Seller at the Closing in accordance with the provisions of this Agreement; 
  
 (ii) any failure by Seller to carry out, perform, or
otherwise fulfill or comply with any covenant, agreement, undertaking, or obligation under this Agreement or the TBA; 
  
 (iii) the Retained Liabilities; 
  
 (iv) without limiting clause (iii) above, any and all losses, liabilities or damages resulting from the litigation required to be listed
on Schedule 4.13; or 
  
 (v) any suit,
action or other proceeding brought by any governmental authority or other Person arising out of, or in any way related to, any of the matters referred to in Sections 9.3(i), 9.3(ii), 9.3(iii), or 9.3(iv). 
  
 9.4 Indemnification by Buyer. Subject to the survival provisions set
forth in Section 9.1, Buyer agrees to indemnify and hold harmless Seller and its respective successors and assigns (individually a “Seller Indemnitee,” and collectively the “Seller Indemnified Parties”) from,
against and in respect of any and all Losses, which Seller Indemnified Parties may at any time suffer or incur, or become subject to, as a result of or in connection with: 
  
 (i) any breach of the representations and warranties of Buyer contained in this Agreement or in any
instrument, certificate or affidavit delivered by or on behalf of Buyer at the Closing in accordance with this Agreement; and 
  

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 (ii) any failure by Buyer to perform or otherwise fulfill or comply with any covenant,
undertaking, agreement or obligation to be performed, fulfilled, or complied with by Buyer hereunder and under the TBA prior to, on or after the Closing; 
  
 (iii) the Assumed Liabilities; 
  
 (iv) the operation of the Stations from and after the Closing; or 
  
 (v) any suit, action or other proceeding brought by any governmental authority or Person arising out of, or
in any way related to, any of the matters referred to in 9.4(i), 9.4(ii), 9.4(iii) or 9.4(iv); 
  
 9.5 Indemnification Procedures. 
  
 (a) Notice of Third Party Claim. Any party making a claim for indemnification under Sections 9.3 or 9.4 (the “Indemnified Party”) will notify the party from whom indemnification is claimed (the “Indemnifying
Party”) of the claim in writing promptly after receiving written notice of any action, lawsuit, proceeding, investigation or other claim against it by a third party. Such notice will describe the claim, the amount thereof (to the extent
then known and quantifiable), and the basis therefor, in each case to the extent known to the Indemnified Party. The failure to so notify the Indemnifying Party will not relieve the Indemnifying Party of its obligations under Sections 9.3 or 9.4, as
the case may be, except to the extent that such failure actually prejudices the Indemnifying Party. 
  
 (b) Assumption of Defense. With respect to any third party claim which gives rise or is alleged to give rise to a claim for indemnity under
Sections 9.3 or 9.4 and which involves only the payment of money damages to such third party and which does not concern any FCC Authorization, the Indemnifying Party, at its option (subject to the limitations set forth below), will be entitled to
control and assume responsibility for the defense of such claim and to appoint a competent and reputable counsel reasonably acceptable to the Indemnified Party to act as lead counsel of such defense. Prior to the Indemnifying Party’s assuming
control of such defense, the Indemnifying Party must first furnish the Indemnified Party with evidence which, in the Indemnified Party’s reasonable judgment, establishes that the Indemnifying Party is and will be able to satisfy any such
liability. 
  
 (c) Limits of Assumption of Defense. An
Indemnifying Party’s rights under Section 9.5(b) will be subject to the following additional limitations: 
  
 (i) with respect to any claim the defense of which the Indemnifying Party has assumed, the Indemnified Party will be entitled to
participate in the defense of such claim and to employ counsel of its choice for such purpose, and the fees and expenses of such separate counsel will be borne by the Indemnified Party; 
  
 (ii) the Indemnifying Party will not be entitled to assume (or retain, as applicable) control of such
defense if (A) the claim for indemnification relates to or arises in connection with any criminal proceeding, action, indictment, allegation or investigation against the Indemnified Party, (B) the Indemnified Party reasonably concludes in good faith
that, in light of any actual or potential conflict of interest, it 

  

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would be inappropriate for legal counsel selected by the Indemnifying Party to represent the Indemnified Party, (C) the Indemnified Party reasonably believes
in good faith that an adverse determination with respect to the action, lawsuit, investigation, proceeding or other claim giving rise to such claim for indemnification would be materially detrimental to or materially injure the Indemnified
Party’s reputation or future business prospects (or, in the case of a claim by Buyer, a Stations’ or a Company’s reputation or business prospects), or (D) upon the Indemnifying Party failing to vigorously prosecute or defend such
claim in good faith or failing to begin such prosecution or defense in a timely manner; and 
  
 (iii) if the Indemnifying Party assumes control of the defense of any such claim, then the Indemnifying Party will obtain the prior
written consent of the Indemnified Party before entering into any settlement of such claim, if such settlement does not expressly and unconditionally release the Indemnified Party from all liabilities and obligations with respect to such claim.

  
 If the Indemnifying Party has the right to, but does not,
assume control of the defense of any claim in accordance with this Section 9.5, then the Indemnifying Party may nonetheless participate (at its own expense) in the defense of such claim and at the Indemnifying Party’s request the Indemnified
Party will consult in a reasonable manner with the Indemnifying Party in respect of such defense. As used in this Article IX, the term “settlement” refers to any settlement, compromise, consent or similar decree, or election to permit
default judgment to be entered, in respect of any claim. 
  
 9.6 Remedies. The indemnification provisions of this Article IX are the sole and exclusive post-Closing remedy of Buyer and Seller for a breach or nonperformance of any representations, warranties or covenants contained in this
Agreement or in any related agreement, document, instrument or certificate (other than (i) the rights and remedies contained in the TBA, which shall be deemed non-exclusive herewith, (ii) in the case of fraud, and (iii) rights to seek specific
performance). 
  
 9.7 Certain Limitations of Liability. Any
provision of this Agreement to the contrary notwithstanding, Seller shall have no obligation to indemnify any Buyer Indemnified Parties for any Losses suffered or incurred by Buyer Indemnified Party for a breach of the representations or warranties
of Seller made under this Agreement or in any instrument, certificate or affidavit delivered by or on behalf of Seller under this Agreement (a) until such Losses exceed an aggregate deductible of Eighty Five Thousand Dollars ($85,000.00) (the
“Indemnity Deductible”) (after which point Seller shall be obligated to indemnify Buyer from and against all Losses in excess of the Indemnity Deductible), and (b) to the extent such Losses exceed the sum of Five Million Dollars
($5,000,000.00); provided that such limitations shall not apply to Losses related to breaches of representations and warranties contained in the first sentence of Section 4.2 and Section 4.18. 
  
 9.8 Survival. Notwithstanding any other provision to the contrary in
this Agreement, this Article IX shall survive termination of this Agreement without limitation. 
  

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 9.9 Determination of Loss and Amount. In view of the limitation set forth in Section 9.7(a), for
purposes of (and only for purposes of) determining whether any Loss has occurred, or the amount of such Loss, the representations, warranties, covenants and agreements of the parties set forth in this Agreement will be considered without regard to
any materiality qualification set forth therein. 
  
 ARTICLE X

 FURTHER AGREEMENTS 
  
 10.1 Event of Loss. If prior to Closing the Stations shall suffer an Event of Loss, at Closing, Seller shall assign to Buyer all its rights under
any insurance and all proceeds of insurance (excluding business interruption proceeds for periods prior to the Closing Date) covering the property damage, destruction or loss not repaired, replaced or restored prior to Closing. 
  
 10.2 Stations Employees Buyer shall offer employment as of November 1,
2003 to each employee of Seller employed in connection with the Stations’ business other than David Needham, Michael Cleveland, Carol Sharem and Pamela Pense (those employees who accept employment with Buyer, the “Transferred
Employees”) on substantially the same terms and conditions as such persons are presently employed by Seller. Buyer understands, acknowledges and agrees that upon hire by Buyer, the Transferred Employees shall no longer be entitled to
participate in Seller’s Station Employee Benefit Plans, and Buyer or its affiliates shall cover those Transferred Employees under Buyer’s (or an affiliate’s) employee benefit plans. Notwithstanding anything to the contrary contained
herein, unless otherwise provided under the terms of a written employment agreement, each Transferred Employee shall be employed by Buyer on an at will basis and nothing shall prohibit Buyer from terminating such employment at any time after the
date hereof. Notwithstanding the foregoing, prior to the Closing Buyer shall not discharge any Transferred Employee without providing Seller with reasonable advance notice of its intent to do so and obtaining Seller’s approval thereof which
shall not be unreasonably withheld or delayed. Any notification required by any federal, state or local law governing mass layoffs or terminations, including without limitation the federal Worker Adjustment and Retraining Notification Act of 1988,
shall be given by Seller. Compliance with all such laws shall be Sellers’ sole responsibility and liability. Seller shall indemnify, defend and hold Buyer harmless from and against all liabilities, claims and causes of action (including,
without limitation, reasonable attorney fees and other legal costs and expenses) arising out of the violation, or alleged violation, of any such laws, any other laws or otherwise arising out of any such termination of any of the employees. At the
Closing, Buyer shall offer employment to Michael Cleveland, Carol Sharem and Pamela Pense on substantially the same terms and conditions as such persons are presently employed by Seller. Buyer understands, acknowledges and agrees that upon hire by
Buyer, such employees shall no longer be entitled to participate in Seller’s Stations Employee Benefit Plans, and Buyer or its affiliates shall cover those employees under Buyer’s (or an Affiliate’s) employee benefit plans. Buyer
shall recognize all past service to Seller of each Transferred Employee for purposes of determining eligibility to participate in, eligibility for benefit commencement under, and vesting purposes of each employee benefit program of Buyer. Buyer
shall make available to the Transferred Employees all employee benefit programs of Buyer generally made available to its other employees and shall permit the Transferred Employees to participate therein on the same general terms as its other
employees. 
  
  

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 ARTICLE XI 
 TERMINATION; MISCELLANEOUS 
  
 11.1 Termination. This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time prior to the consummation of the Closing, as follows: 
  
 (a) by mutual written agreement of Seller and Buyer; or 
  
 (b) at any time after February 16, 2004, 
  
 (i) by Seller, by written notice to Buyer, if each condition
set forth in Article VII has been satisfied (or will be satisfied by the delivery of documents by the parties prior to the Closing) or waived in writing on such date and Buyer has nonetheless failed to consummate the transactions contemplated
hereby; or 
  
 (ii) by Buyer, by written notice
to Seller, if each condition set forth in Article VIII has been satisfied (or will be satisfied by the delivery of documents by the Parties prior to the Closing) or waived in writing on such date and Seller has nonetheless failed to consummate the
transactions contemplated hereby; or 
  
 (c) at any time after
the date hereof, 
  
 (i) by Buyer, by written
notice to Seller, if the representations and warranties of Seller set forth in Article IV were not true and correct at and as of the Adjustment Time and at all times through the Closing, except with respect to facts and circumstances that, in the
aggregate, have not had and could not reasonably be expected to have a Material Adverse Effect; or 
  
 (ii) by Seller, by written notice to Buyer, if the representations and warranties of Buyer set forth in Article V were not true and
correct in all material respects at and as of the Adjustment Time and at all times through the Closing; or 
  
 (d) by Buyer, by written notice to Seller, if Buyer is not then in material breach of this Agreement or the TBA and Seller is then in material breach of
this Agreement or the TBA, and such breach remains uncured for fifteen (15) days after receipt of written notice thereof from Buyer; or 
  
 (e) by Seller, by written notice to Buyer, if Seller is not then in material breach of this Agreement or the TBA and Buyer is then in material breach of
this Agreement or the TBA, and such breach remains uncured for fifteen (15) days after receipt of written notice thereof from Seller; or 
  
 (f) by Buyer or Seller, by written notice to the other, upon termination (other than in connection with Closing) of the TBA in accordance with the terms
thereof; or 
  

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 (g) by Buyer or Seller, by written notice to the other, at any time after the one (1) year anniversary of
the date hereof, provided the party seeking to terminate this Agreement is not in material breach of this Agreement. 
  
 11.2 Rights on Termination; Waiver. 
  
 (a) If this Agreement is terminated pursuant to Sections 11.1(a), 11.1(f) (and neither party is in material default under the TBA), or 11.1(g), all
further obligations of the parties under or pursuant to this Agreement shall immediately terminate without further liability of any party to the other and the initial payment of $10,000,000.00 without interest made pursuant to Section 2.2 hereof
shall be returned promptly to Buyer. 
  
 (b) If this Agreement is
terminated (or terminable in the case of clause (i) below) by Buyer pursuant to Sections 11.1(b)(ii), 11.1(c)(i), 11.1(d), or pursuant to Section 11.1(f) (and Seller is in material default under the TBA), then Buyer shall be entitled to (i) pursue
the legal remedy of specific performance (in lieu of terminating this Agreement), or (ii) claim and be paid by Seller as its sole liquidated damages hereunder and under the TBA, a return of the initial payment of $10,000,000.00 without interest made
pursuant to Section 2.2 hereof, plus an amount equal to its direct and actual damages, not to exceed the sum of Ten Million Dollars ($10,000,000.00). 
  
 (c) If this Agreement is terminated by Seller pursuant to Sections 11.1(b)(i), 11.1(c)(ii), 11.1(e), or pursuant to Section 11.1(f) (and Buyer is in
material default under the TBA), then Seller shall be entitled to claim and be paid as its sole liquidated damages hereunder and under the TBA, the sum of Ten Million Dollars ($10,000,000.00), which payment shall be satisfied by Seller retaining the
initial payment described in Section 2.2(a). 
  
 (d) The parties
agree that the liquidated damages provided in Sections (b) and (c) above are intended to limit the claims that a non-defaulting party hereto may have against a defaulting party hereto in the circumstances described therein. The parties acknowledge
and agree that the liquidated damages provided in such Sections bear a reasonable relationship to the anticipated harm, which would be caused by a breach of this Agreement and the TBA. The parties further acknowledge and agree that the amount of
actual loss caused by a breach of this Agreement is incapable and difficult of precise estimation and that there would not be a convenient and adequate alternative to liquidated damages hereunder. 
  
 (e) Notwithstanding anything herein to the contrary, in the event this
Agreement is terminated prior to the Closing for any reason, Buyer shall pay Seller or Seller shall pay Buyer, as the case may be, any amounts payable pursuant to Section 2.9. 
  
 11.3 Further Assurances. From time to time after the Closing Date, upon the reasonable request of a party, the other
party shall execute such documents and take such actions to effectuate the transactions contemplated by this Agreement. By way of example not limitation, Seller shall execute and deliver or cause to be executed and delivered such further instruments
of conveyance, assignment and transfer and take such further action as Buyer may reasonably request in order more effectively to sell, assign, convey, transfer, reduce to possession and record title to Buyer to any of the Purchased Assets. Seller
agrees to cooperate 

  

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with Buyer in all reasonable respects to assure to Buyer the continued title to and possession of the Purchased Assets in the condition and manner
contemplated by this Agreement; provided, however, Seller shall not be required to spend any additional sums of money in connection therewith. 
  
 11.4 Survival. The obligations to indemnify contained in Article IX hereof, the agreements contained herein and, as limited by Article IX hereof,
the representations and warranties made in this Agreement or made pursuant hereto shall survive the Closing and the consummation of the transactions contemplated by this Agreement, and any dissolution, merger or consolidation of Buyer or Seller and
shall bind the legal representatives, assigns and successors of Buyer and Seller. 
  
 11.5 Entire Agreement; Amendment; Waivers; No Third Party Beneficiaries. This Agreement, the TBA and the documents required to be delivered pursuant hereto constitute the entire agreement between the parties
pertaining to the subject matter hereof, and supersede all prior and contemporaneous agreements, understandings, negotiations and discussions of the parties, whether oral or written, and there are no warranties, representations or other agreements
between the parties in connection with the subject matter hereof, except as specifically set forth herein. No amendment, supplement, modification, waiver or termination of this Agreement shall be binding unless executed in writing by the party to be
bound thereby. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision of this Agreement, whether or not similar, unless otherwise expressly provided. The parties hereto are intended
to be the sole beneficiaries of the provisions of this Agreement and the parties expressly intend that no other persons or entities are entitled to enforce or otherwise be the beneficiaries of this Agreement. 
  
 11.6 Expenses. Except as otherwise specifically provided herein,
whether or not the transactions contemplated by this Agreement are consummated, each of the parties shall pay the fees and expenses of its respective counsel, accountants and other experts incident to the negotiation, drafting and execution of this
Agreement, the TBA and consummation of the transactions contemplated hereby. 
  
 11.7 Benefit; Assignment. This Agreement shall be binding upon and inure to the benefit of and shall be enforceable by Buyer and Seller and its respective proper successors and permitted assigns. This Agreement
(and any rights, obligations or liabilities hereunder) may not be assigned or delegated in whole or in part by any party without the prior written consent of the other party; provided, however, that Buyer may, without such consent, (a)
prior to the Closing, (i) assign any or all of its rights and any claims under this Agreement to one or more of its creditors, (ii) assign any or all of its rights and interests hereunder to one or more of its Affiliates, (iii) designate one or more
of its Affiliates to perform its obligations hereunder, and (iv) in the event of a termination of the TBA pursuant to or in response to a Governmental Termination Event (as defined in the TBA), assign its rights hereunder, within 120 days of such
Governmental Termination Event, to a Person which Seller and Buyer believe in good faith is legally, technically, financially and otherwise qualified under the Communications Act to acquire the Licenses and own and operate the Stations, and (b)
after the Closing, assign any or all of its rights and any claims under this Agreement to any other Person. In the event Buyer assigns its rights hereunder pursuant to this Section 11.7, Seller shall reasonably cooperate with 
  

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Buyer and its assignee to consummate the transactions contemplated hereby with such assignee; provided, however, if Buyer assigns its rights hereunder Buyer
shall (i) provide Seller with advance written notice of such assignment together with an agreement by the assignee to be bound by this Agreement, and (ii) Buyer shall remain liable, jointly and severally, with such assignee, for all of its
obligations under this Agreement notwithstanding such assignment. 
  
 11.8 Confidentiality. 
  
 (a) Buyer agrees that
prior to Closing, Buyer and its Affiliates, respective agents and representatives shall only use for its or their own benefit (except when required by law, rule or regulation and except for use in connection with Buyer’s financing of the
transaction and Buyer’s investigation of the Stations and its assets in connection with this Agreement), and shall hold in strict confidence and not disclose (unless required under applicable laws or pursuant to a duly issued subpoena, provided
in such event Buyer shall endeavor to furnish Seller with advance written notice of such disclosure so that Seller may have a reasonable opportunity to contest the same if it determines to do so), (i) any data or information relating to Seller, its
Affiliates, or the Stations obtained from Seller or any of its directors, officers, employees, agents or representatives in connection with this Agreement, or (ii) any data and information relating to the business, customers, financial statements,
conditions or operations of the Stations which is confidential in nature and not generally known to the public (clauses (i) and (ii) together, “Seller’s Information”). If the transactions contemplated in this Agreement are not
consummated for any reason, Buyer shall return to Seller all data, information and any other written material obtained by Buyer from Seller in connection with this transaction and any copies, summaries or extracts thereof, and shall refrain from
disclosing any of Seller’s Information to any third party or using any of Seller’s Information for its own benefit or that of any other person, other than in connection with the filing of tax returns applicable to the Purchased Assets.

  
 (b) Seller agree that Seller and its Affiliates, agents and
representatives shall only use for its or their own benefit (except when required by law, rule or regulation and except for use in connection with their investigations and review of Buyer in connection with this Agreement), and shall hold in strict
confidence and not disclose (unless required under applicable laws or pursuant to a duly issued subpoena or in connection with obtaining any required third party consents or approvals or filing any tax returns), (i) any data or information, relating
to Buyer or its Affiliates obtained from Buyer, or from any of its directors, officers, employees, agents or representatives, in connection with this Agreement, or (ii) any data and information relating to the business, customers, financial
statements, conditions or operations of the Stations or Buyer (including, without limitation, of the Stations’ operations under the TBA) which is confidential in nature and not generally known to the public (clauses (i) and (ii) together
“Buyer’s Information”). If the transactions contemplated in this Agreement are not consummated for any reason, Seller shall return to Buyer all data, information and any other written material obtained by Seller from Buyer in
connection with this transaction and any copies, summaries or extracts, thereof and shall refrain from disclosing any of Buyer’s Information to any third party or using any of Buyer’s Information for its own benefit or that of any other
person other than in connection with the filing of tax returns. 
  
 (c) Notwithstanding any other provision to the contrary herein, the provisions of this Section 11.8 shall survive the termination of this Agreement. 
  

 -39- 

 11.9 Notices. All communications or notices required or permitted by this Agreement shall be in
writing and shall be deemed to have been given (i) on the date of personal delivery to an officer of the other party, or (ii) if sent by telecopy or facsimile machine to the number shown below, on the date of such confirmed facsimile or telecopy
transmission, or (iii) when properly deposited for delivery by commercial overnight delivery service, prepaid, or by deposit in the United States mail, certified or registered mail, postage prepaid, return receipt requested, on the date that is two
days after the date set forth in the records of such delivery service or on the return receipt and addressed as follows, unless and until either of such parties notifies the other in accordance with this Section of a change of address or change of
telecopy number: 
  
 If to Buyer: 
  
 Nexstar Broadcasting Group, L.L.C. 
 909 Lake Carolyn Parkway, Suite 1450 
 Irving, TX 75039 
 Attention: Perry Sook, President & CEO 
 Telecopier No.: (972) 373-8888 
  
 With a copy to (which shall not constitute notice to Buyer): 
  
 Kirkland & Ellis 
 153 East 53rd Street

 New York, NY 10022 
 Attention: John L. Kuehn, Esq. 
 Telecopier No.: (212) 446-4900 
  
 If to Seller: 
  
 JDG Television, Inc. 
 111 South Cherokee

 Muskogee, OK 74402 
 Attention: Mr. John Griffin 
 Telecopier No.: (918) 687-1571 
  
 With a copy to (which shall not constitute notice to Seller): 
  
 McAfee & Taft A Professional Corporation 
 Tenth Floor, Two Leadership Square 
 211 North Robinson 
 Oklahoma City, OK 73102 
 Attention: Robert
L. Garbrecht, Esq. 
 Telecopier No.: (405) 235-0439 
  
 11.10 Counterparts; Headings. This Agreement may be executed in several counterparts, each of which shall be deemed
an original, but such counterparts shall together constitute but one and the same Agreement. This Agreement may be executed and delivered in counterpart signature pages executed and delivered via facsimile transmission, and any such 

  

 -40- 

 
counterpart executed and delivered via facsimile transmission shall be deemed an original for all intents and purposes. The Table of Contents and Article and
Section headings in this Agreement are inserted for convenience of reference only and shall not constitute a part hereof. 
  
 11.11 Income Tax Position. Neither Buyer nor Seller shall take a position for income tax purposes which is inconsistent with this Agreement;
provided, however that nothing contained herein shall require Buyer or Seller to contest or litigate in any forum any proposed deficiency or adjustment by any taxing authority or agency that may challenge the manner in which the transactions under
this Agreement are treated. 
  
 11.12 Severability. If any
provision, clause or part of this Agreement or the application thereof under certain circumstances is held invalid, or unenforceable, the remainder of this Agreement, or the application of such provision, clause or part under other circumstances,
shall not be affected thereby. 
  
 11.13 No Reliance.
Except for (i) successors and any assignees permitted by Section 11.7 of this Agreement and (ii) lenders (and their successors and assigns) providing financing for the consummation of the transactions contemplated by this Agreement: 
  
 (a) no third party is entitled to rely on any of the representations,
warranties or agreements of Buyer or Seller contained in this Agreement; and 
  
 (b) Buyer and Seller assume no liability to any third party because of any reliance on the representations, warranties or agreements of Buyer and Seller contained in this Agreement. 
  
 11.14 Judicial Interpretation. Should any provision of this Agreement
require judicial interpretation, the parties hereto agree that the court interpreting or construing the same shall not apply a presumption that the terms hereof shall be more strictly construed against one party by reason of the rule of construction
that a document is to be construed more strictly against the party which itself or through its agent prepared the same, it being agreed that the agents of each party have participated in the preparation hereof. 
  
 11.15 Saturdays, Sundays and Legal Holidays. If the time period by
which any acts or payments required hereunder must be performed or paid expires on a Saturday, Sunday or legal holiday, then such time period shall be automatically extended to the close of business on the next regularly scheduled business day.

  
 11.16 Governing Law. This Agreement shall be construed
and interpreted according to the laws of the State of Arkansas, without regard to the conflict of law principles thereof. 
  

 -41- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

  

	“BUYER”
	
	NEXSTAR FINANCE, L.L.C.
		
	 By:
	 	 /s/ Perry Sook

	 	 	 Name: Perry Sook

	 	 	 Title:   President

	
	“SELLER”
	
	JDG TELEVISION, INC.
		
	 By:
	 	 /s/ John W. Griffin

	 	 	 Name: John W. Griffin

	 	 	 Title:   President

  
  
 The undersigned joins in the execution of this Agreement for the purpose of jointly, severally and directly guaranteeing to Seller the full and prompt
payment and performance of all of the obligations of Buyer under and with respect to this Agreement and the TBA. 
  

	NEXSTAR BROADCASTING GROUP, L.L.C.
		
	 By:
	 	 /s/ Perry Sook

	 	 	 Name: Perry Sook

	 	 	 Title:   PresidentTime Brokerage Agreement, dated as of October 13,2003

 EXHIBIT 10.4 
  
 TIME BROKERAGE AGREEMENT 
  
 By and Between 
  
 NEXSTAR FINANCE, L.L.C. 
  
 and 
  
 JDG TELEVISION, INC.

  
 October 13, 2003 

 TABLE OF CONTENTS 
  

	 1.
	  	 Overall Purpose and Term
	  	1
			
	 2.
	  	 Station Facilities
	  	2
			
	 3.
	  	 Revenue
	  	2
			
	 4.
	  	 Compensation
	  	2
			
	 5.
	  	 Responsibilities.
	  	2
			
	 6.
	  	 Revenues and Deposits.
	  	4
			
	 7.
	  	 Handling of Station Communications
	  	4
			
	 8.
	  	 The Owner’s Compliance With FCC Rules and Published Policies
	  	4
			
	 9.
	  	 Programming and the Public Interest.
	  	5
			
	 10.
	  	 Special Programs
	  	6
			
	 11.
	  	 Stations Identification
	  	6
			
	 12.
	  	 Station Facilities.
	  	6
			
	 13.
	  	 Political Advertising
	  	7
			
	 14.
	  	 Children’s Programming
	  	7
			
	 15.
	  	 The Owner’s Responsibility For Compliance with FCC Technical Rules
	  	8
			
	 16.
	  	 Force Majeure
	  	8
			
	 17.
	  	 Trade Secrets and Proprietary Information
	  	8
			
	 18.
	  	 Payola and Conflicts of Interest
	  	9
			
	 19.
	  	 The Broker’s Compliance with Law
	  	9
			
	 20.
	  	 Indemnification.
	  	9
			
	 21.
	  	 Termination.
	  	10
			
	 22.
	  	 Authorizations
	  	11
			
	 23.
	  	 Advanced Television/High Definition Television
	  	11
			
	 24.
	  	 Notices
	  	12

  

 -i- 

	 25.
	  	 Modification and Waiver
	  	13
			
	 26.
	  	 Construction
	  	13
			
	 27.
	  	 Headings; Interpretation
	  	13
			
	 28.
	  	 Assignment
	  	13
			
	 29.
	  	 Counterparts
	  	13
			
	 30.
	  	 Entire Agreement
	  	13
			
	 31.
	  	 No Partnership or Joint Venture Created
	  	14
			
	 32.
	  	 Severability
	  	14
			
	 33.
	  	 Legal Effect
	  	14
			
	 34.
	  	 No Party Deemed Drafter
	  	14

  
  

 ii 

 TIME BROKERAGE AGREEMENT 
  
 This TIME BROKERAGE AGREEMENT (this “Agreement”) is entered into as of October 13, 2003, by and among JDG
Television, Inc. (the “Owner”), and Nexstar Finance, L.L.C. (the “Broker”). Capitalized terms used but not defined herein will have the meaning set forth in the Purchase Agreement (as defined below). 
  
 WHEREAS, the Owner is the owner and operator of television broadcast stations
KPOM-TV, Forth Smith, Arkansas, and KFAA-TV, Rogers, Arkansas, and assets relating thereto (the “Stations”), pursuant to authorizations issued by the Federal Communications Commission (“FCC”); 
  
 WHEREAS, the parties hereto have carefully considered the Communications Act
of 1934, as amended (the “Communications Act”), and the FCC’s rules and policies adopted pursuant thereto, and intend that this Agreement in all respects complies with said Communications Act and FCC rules and policies; 
  
 WHEREAS, the Owner desires to enter into this Agreement to provide a regular
source of diverse programming and income to sustain the operations of the Stations; 
  
 WHEREAS, the Broker desires to provide an over-the-air program service to the Forth Smith, Fayetteville, Springdale and Rogers, Arkansas area using the facilities and personnel of the Stations; 
  
 WHEREAS, the Owner agrees to provide time on the Stations exclusively to the
Broker on terms and conditions that conform to policies of the Owner and the FCC for time brokerage arrangements and that are as set forth herein; 
  
 WHEREAS, the Broker agrees to provide broadcast programming of the Broker’s selection that conforms with the policies of the Owner and with all rules
and published policies of the FCC, and as set forth herein; 
  
 WHEREAS, the Owner maintains, and will continue to maintain during the term of this Agreement, ultimate control over the Stations’ facilities including control over the Stations’ finances and programming and the Owner’s
personnel; and 
  
 WHEREAS, contemporaneously herewith, the Owner
and the Broker have entered into a Purchase Agreement (the “Purchase Agreement”) pursuant to which the Broker will, subject to FCC consent and certain other terms and conditions, purchase substantially all of the assets of the Stations;

  
 NOW, THEREFORE, in consideration of the foregoing, and of the
mutual promises set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which the Owner and the Broker hereby acknowledge, the Owner and the Broker, intending to be bound legally, hereby agree as follows:

  
 1. Overall Purpose and Term. In accordance with the
terms and subject to the limitations set forth herein: (a) the Broker will provide programming to the Owner for the 

 
Stations, promote the Stations and their programming, sell commercial and other time on the Stations and bill for and collect the payments for time sales on
the Stations; and (b) the Owner will maintain the Stations’ transmitting and microwave relay facilities, and make such facilities available to the Broker for the purposes described herein. Subject to the terms of this Agreement, each party
hereby warrants and covenants that it will fulfill said obligations, and their other obligations specified herein, to the fullest extent permitted by law (including the FCC’s rules and published policies) in a diligent, reasonable manner. The
Broker will begin its time brokerage activities with regard to the Stations pursuant to this Agreement at 12:01 AM, Forth Smith, Arkansas time, on October 16, 2003, and such date is referred to in this Agreement as the “Commencement Date.”
The term of this Agreement will be the period from the Commencement Date until the Closing (as such term is defined in the Purchase Agreement) or the earlier termination of this Agreement (the “Term”). 
  
 2. Station Facilities. During the Term, the Owner will make the
Stations’ television broadcasting transmission facilities available to the Broker for broadcast on the Stations of programs selected by the Broker in accordance with the terms and conditions hereof, and advertising/commercial announcements sold
by the Broker, which may originate from the Stations’ studios, the Broker’s studios or from other sources contracted for by the Broker. In addition, the Owner will make available to the Broker, at no additional cost, during the Term,
exclusive use (other than the Owner’s own use for the Stations pursuant to this Agreement) of all of the Owner’s studio and production facilities and other assets, for the Broker’s use in its activities with regard to the Stations
pursuant to this Agreement. 
  
 3. Revenue. The Broker will
be entitled to all revenues resulting from the sale of advertising and other time on the Stations during the Term, including, without limitation, all revenue from the sale of advertising and other time during the Owner’s public service
programming or other programming provided by the Owner pursuant to Sections 9 and 10, or otherwise resulting from the operation of the Stations during the Term. 
  

4. Compensation. As consideration for the Owner permitting the Broker to broadcast the Broker’s programming on the Stations pursuant to the
terms of this Agreement, the Broker will pay to the Owner the amounts described on Exhibit A. 
  
 5. Responsibilities. 
  
 (a) The Broker’s Responsibilities. 
  

	 	(i)	The Broker will employ and be responsible for paying the salaries, commissions, payroll taxes, insurance and all other related costs for employees of the Broker engaged in the
Broker’s time brokerage activities under this Agreement. 

  

	 	(ii)	The Broker will be responsible for utilizing the Broker’s and the Owner’s employees to operate and maintain the Owner’s studio, production and master control
facilities and to acquire, compile, produce, broadcast and sell the Stations’ programming and commercial messages. 

  

 2 

	 	(iii)	In performing its obligations under this Agreement, the Broker will use its commercially reasonable efforts to adhere to and fulfill all of the terms, conditions and obligations
under all Contracts and Leases. 

  
 (b) The
Owner’s Responsibilities. The Owner will employ and be responsible for paying the salaries, commissions, payroll taxes, insurance and all other related costs of its employees. In this regard, the Owner will employ, at a minimum, David
Needham as the full-time General Manager of Station KPOM-TV, and Michael Cleveland as the full-time Engineering Manager/Chief Engineer/Chief Operator for Station KFAA-TV. Such General Manager and Engineering Manager (the “Managers”) will
be responsible for overseeing all operational aspects of the respective Stations. Owner also will employ, as employees shared with Broker, Carol Sharem as the full-time receptionist at Station KPOM-TV, and Pamela Pense as the full-time receptionist
at Station KFAA-TV. The Owner will be responsible for all (A) lease obligations in connection with property leased (if any) to the Owner, (B) utility bills for utility services at the Stations’ main studio/office location(s) and their
tower/transmitter sites, (C) telephone system maintenance costs and local exchange and long distance telephone service costs for the Owner’s telephone system(s) and usage at the Stations’ main studio/office location(s) and at the
Stations’ tower/transmitter sites, (D) costs of engineering and technical personnel necessary to assure compliance with the FCC’s rules and published policies and maintenance and repair of the Stations’ transmitting and microwave
relay facilities, (E) all liabilities and obligations under all Contracts to which the Owner is a party relating to the business and operations of the Stations, (F) premiums for insurance required to be maintained by the Owner under this Agreement,
(G) real and personal property taxes, (H) business, license and FCC regulatory fees, and (I) reasonable maintenance and repair costs for the Stations’ studio, transmission and production equipment, all of which (with the exception of the salary
and employment costs of David Needham) are subject to reimbursement by Broker and included in the Monthly Costs in accordance with the terms set forth on Exhibit A. 
  
 (c) Additional Responsibilities. 
  
  

	 	(i)	The Broker will be fully responsible for the supervision and direction of its employees, and the Owner will be fully responsible for the supervision and direction of its employees.

  

	 	(ii)	The Broker and the Owner will pay their respective expenses owed to third parties with regard to the Stations and in no event will any such payable remain unpaid for more than
thirty (30) days after it is due unless such payable is being disputed in good faith. 

  

	 	(iii)	Except as otherwise mutually agreed, as between the Owner and the Broker, the Owner is and will continue to be responsible, subject to reimbursement by Broker in accordance with the
terms set forth on Exhibit A, for all its obligations pursuant to any contracts of employment of employees of the Stations and any contracts with labor unions to which the Owner is a party. 

  

 3 

 (d) Renewal, Modification and Cancellation of Contracts. The Owner will comply with all reasonable
requests of the Broker with respect to the renewal and cancellation of Owner contracts (in accordance with their terms) or the entry into or the modification of Owner contracts which affect the Broker’s time brokerage activities with regard to
the Stations pursuant to this Agreement. 
  
 6. Revenues and
Deposits. 
  
 (a) Revenues from Broadcast Time Sales and
Uses of Stations’ Studio/Production Facilities during the Term. The Broker will have the exclusive right to sell, either directly or indirectly through sales representatives, and will be solely responsible for billing and collecting
payments for, all programs and commercials aired on the Stations during the Term (whether during programming selected by Broker or programming selected by the Owner), and production fees for uses of the Stations’ studio/production facilities
during the Term. The Broker may contract and bill in its own name for the sale of broadcast time on the Stations during the Term and uses of the Stations’ studio/production facilities during the Term. The Broker also will have the right to
negotiate for and to receive all compensation due to the Stations during the Term (i) from cable television systems pursuant to the “retransmission consent” provisions of the Cable Television Consumer Protection and Competition Act of
1992, as amended, and the FCC’s rules enacted pursuant thereto, and (ii) from DBS providers pursuant to the Satellite Home Viewer Improvement Act of 1999 and the FCC’s rules enacted pursuant thereto, and the Owner will take, and refrain
from taking, actions as to matters under such Acts and rules from time to time in accordance with the Broker’s reasonable requests. 
  
 (b) Bank Accounts for Revenues from Broker’s Activities/Payments By Broker from Such Revenues. The Broker may deposit any sums it receives
pursuant to Section 6(a) or otherwise with respect to the Stations into a bank account (or accounts) of the Broker established by the Broker, in the Broker’s name, for this purpose (the “Broker Bank Account(s)”), and the funds in the
Broker Bank Account(s) will be the property of the Broker, except as otherwise provided herein or in the Purchase Agreement. The Broker is authorized to endorse payments received in names other than Broker’s (e.g., “KPOM,,”
“KPOM-TV,” “KFAA,” or “KFAA-TV”) in order to deposit such payments into the Broker Bank Account(s). 
  
 7. Handling of Station Communications. The Owner will receive and handle mail, faxes, telephone calls and e-mail from members of the public in
connection with the operation of the Stations. Any such communications received by Broker shall be forwarded promptly to Owner. 
  
 8. The Owner’s Compliance With FCC Rules and Published Policies. The Owner will comply in all material respects with all FCC rules and
published policies applicable to the Stations. Without limiting the foregoing sentence, the Owner’s obligations will include ascertaining the needs and interests of the Stations’ service areas, maintaining the Stations’ political
broadcasting and public inspection files and the Stations’ maintenance logs, setting political advertising policies, meeting equal employment opportunity requirements with regard to the Owner’s employees, preparing the Stations’
quarterly issues/programs lists and making all required FCC filings with regard to the Stations. 
  

 4 

 9. Programming and the Public Interest. 
  
 (a) Throughout the Term, the Broker will program the Stations so as to
maintain a general, advertiser-supported, national-network-affiliated, entertainment/sports format, with some mix permitted of home shopping, religious, foreign language and infomercial programming. The Stations will not become a predominantly home
shopping, religious, foreign language and/or infomercial stations. The programming selected by the Broker will consist of such materials as are determined by the Broker to be appropriate and/or in the public interest including public affairs
programming, children’s programming, public service announcements, entertainment, news, weather reports, sports, promotional material, commercial material and advertising. Without limiting the foregoing sentence, the Broker will program on the
Stations at least a total of four (4) hours per week of news, public affairs, or other non-sports, non-entertainment programming, between the hours of 6:00 AM and 12:00 midnight, local time; and at least three (3) hours per week of “core”
children’s programming between the hours of 7:00 AM and 10:00 PM. 
  
 (b) For the Term, to facilitate the programming of the Stations, the Owner, subject to any relevant contractual provision contained therein, will assign to the Broker its NBC network affiliation agreement and its syndicated programming
agreements and the Broker agrees to perform, consistent with all contractual provisions thereof, the Owner’s contractual obligations thereunder. 
  
 (c) During the Term, the Broker’s management personnel designated by the Broker will meet at least monthly with the Owner’s Managers in order to
help formalize the Owner’s oversight over the Broker’s activities at the Stations. At such meetings, the Owner will, among other things, (i) provide the Broker with the results of the Owner’s ongoing efforts to ascertain the problems,
needs and interests of the Stations’ service areas, so that the programming and public service announcements selected and/or scheduled by the Broker for the Stations will be responsive thereto, (ii) inform the Broker of all views, comments,
suggestions and complaints concerning the Broker’s programming, (iii) provide suggestions for future public service programs and public service announcements, and (iv) review the Broker’s programming for children. In the event the Owner
determines that additional attention should be directed to particular community needs, the Broker will cooperate to assure that the Stations’ locally-produced programming serves those needs. If the Owner acquires syndicated programming or if
the Owner uses Broker’s employees for the production of local programs in addition to the informational and public affairs programming described above in this Section 9, then all expenses for such additional programming will be paid by the
Owner and will not be included in the reimbursements due the Owner under this Agreement. Such programs will be aired on the Stations at a mutually agreeable time between 6:00 AM and 12:00 midnight, local time. 
  
 (d) The Broker will provide the Owner promptly with all documents the Broker
receives which are required to be placed in the Stations’ political or public inspection files. The Broker will, upon reasonable request by the Owner, provide the Owner with information with respect to programs and public service announcements
broadcast on the Stations which are responsive to the problems, needs and issues facing the residents of the Stations’ service areas and the Broker’s programming for children, so as to assist the Owner in the preparation of required
programming reports, and will assist the Owner upon request in 

  

 5 

 
compiling such other information which is reasonably necessary to enable the Owner to prepare other records and reports required by the FCC or other
government agencies. The Broker shall furnish to the Owner upon request any other information that is reasonably necessary to enable the Owner to prepare any records or reports required by the FCC or other governmental entities. 
  
 (e) The Owner will have the full and unrestricted right to reject, delete and
not broadcast any material contained in any part of the programming selected and/or scheduled by the Broker which the Owner in good faith determines would be contrary to law, the public interest or the standards set forth on Exhibit B. The Owner
will retain ultimate control over the Stations’ policies and standards, and, in that regard, has adopted the written standards attached as Exhibit B, for the acceptance of programming material and commercial announcements. The Broker hereby
covenants, warrants and represents that with regard to the Stations it will, at all times during the Term, comply in all material respects with such standards for acceptance of programming material and commercial announcements. 
  
 10. Special Programs. The Owner reserves the right, in good faith, to
preempt the Broker’s programs for the Stations to broadcast special programs on occasion concerning issues or events of local, regional or national importance in the event that the Broker does not broadcast the same on its own initiative or in
the event that the Owner reasonably determines in good faith that the amount of the Broker’s coverage of such issues or events is inadequate; provided that in all such cases the Owner will use its best efforts to give the Broker reasonable
notice of the Owner’s intention to preempt programs scheduled by the Broker. 
  
 11. Stations Identification. The Owner will be responsible for the proper broadcast of FCC-required station identification announcements on the Stations. The Broker, while conducting its activities with regard
to the Stations pursuant to this Agreement, will broadcast all required station identification announcements in form and content approved by the Owner with respect to the Stations in full compliance with FCC rules and published policies. 

 
 12. Station Facilities. 
  
 (a) Operation of the Stations. The Owner agrees that the Stations
will be operated throughout the Term in all material respects in accordance with the authorizations issued by the FCC and all applicable FCC rules and published policies. During the Term, the Owner will make the Stations available to the Broker for
program transmissions, at least at ninety five percent (95%) of the Stations’ currently authorized effective radiated power, for the entire time that the Stations are on the air, except for downtime occasioned by required maintenance and other
interruptions contemplated by Section 12(b) and events described in Section 16. Any routine or non-emergency maintenance work affecting operation of the Stations at full power will be scheduled with at least forty-eight (48) hours prior notice to
the Broker, and, to the extent possible, will not take place during a rating period; and, to the extent possible, the Owner will cause such maintenance work to be performed between the hours of 1:00 AM and 6:00 AM, local time. 
  
 (b) Interruption of Normal Operations. If the Stations suffer any loss
or damage of any nature to their transmission or studio facilities which results in the interruption of service or the inability of the Stations to operate with their maximum authorized facilities, the 

  

 6 

 
Owner will immediately notify the Broker of such loss or damage and the Owner will undertake such repairs as are necessary to restore full-time operation of
the Stations with their maximum authorized facilities as expeditiously as possible following the occurrence of any such loss or damage. If the Owner is unable to or does not commence such repairs as soon as possible, then the Broker may undertake
such repairs at its own expense. 
  
 (c) Studio Location.
The Owner will maintain main studio facilities, within the Stations’ principal community contours and in accordance with the FCC’s rules and published policies, and will staff said main studios consistent with the FCC’s rules and
published policies. 
  
 13. Political Advertising. The
Owner will be responsible ultimately for compliance with the political broadcasting requirements of the Communications Act and the FCC’s rules and published policies promulgated thereunder. The Broker, under the supervision and review of the
Owner, will prepare and distribute appropriate political disclosure statements for the Stations and the Owner and the Broker will jointly determine the Stations’ lowest unit charge for the sale of advertising and program time to legally
qualified candidates. The Broker, while conducting its activities with regard to the Stations pursuant to this Agreement, will comply with said political broadcasting requirements, rules and published policies. The Broker promptly will supply to the
Owner such information as may be reasonably necessary to permit the Owner to verify compliance with the requirements of Section 315 of the Communications Act. To the extent that the Owner believes necessary in the Owner’s sole discretion, the
Broker will release advertising availabilities and program time as required by the FCC’s rules and published policies to permit the Stations to comply with the reasonable access provisions of Section 312(a)(7) of the Communications Act and the
equal opportunities provision of Section 315 of the Communications Act and the rules and published policies of the FCC promulgated thereunder. 
  
 14. Children’s Programming. The Owner will be ultimately responsible for insuring the Stations’ compliance with the Children’s
Television Act of 1990 [47 U.S.C. 303a and 303b], and the rules and published policies of the FCC promulgated thereunder, including ensuring that the Stations comply with the commercial limits established therein and serve the educational and
informational needs of children. The Broker, while conducting its activities with regard to the Stations pursuant to this Agreement, will comply with said Children’s Television Act and FCC rules and published policies by presenting a reasonable
amount of children’s programming, including educational/informational programming, but in any event no less than three (3) hours per week of “core” children’s programming between the hours of 7:00 AM and 10:00 PM, and by strictly
observing the limitations on advertising content and amount. The Broker, under the supervision and review of the Owner, will be responsible for preparing all necessary reports and certifications and for placement of the same in the Stations’
public inspection files. Upon delivery of such reports and certifications, they will be certified by the Broker as true and correct in all material respects. Such reports and certifications will include the following: (a) a quarterly report on
children’s programming pursuant to Section 73.3526(e)(11)(iii) of the FCC’s rules; and (b) a certificate with respect to compliance with advertising limits in children’s programs pursuant to Section 73.3526(e)(11)(ii) of the
FCC’s rules. Such advertising certification will be in the form of the attached Exhibit C. In completing each such quarterly certificate, the Broker will list the titles of all children’s programs carried on 

  

 7 

 
the Stations in the past quarter in which the advertising limits apply, both local and network, all program segments during which the allowed commercial
limits were exceeded, and a separate memo explaining why any excesses occurred. In carrying out its obligations with respect to children’s programming, the Broker will further maintain records with respect to commercial matter in
children’s programming either in the form of logs of programs reflecting the commercial time, tapes of the programs, lists of commercial minutes aired in identified children’s programs, or appropriate certificates from networks and
syndicators with respect to compliance with the FCC’s requirements on commercial limits. 
  
 15. The Owner’s Responsibility For Compliance with FCC Technical Rules. The Owner will employ a Chief Engineer who will be responsible for maintaining the Stations’ transmission facilities. The Owner
will employ a Chief Operator, as that term is defined by the rules and published policies of the FCC (who may also hold the position of Chief Engineer), who will be responsible for ensuring compliance by the Stations with the technical operating and
reporting requirements established by the FCC. 
  
 16. Force
Majeure. Each party will carry standard property and casualty insurance for the property and equipment it owns. The Owner’s policy(ies) for such coverage will have an aggregate policy limit that is not less than the aggregate limit of the
policy(ies) normally maintained by the Owner for such property and equipment prior to the date hereof. If any failure or impairment of facilities or any delay or interruption in the broadcast of programs, or failure at any time to furnish
facilities, in whole or in part, for broadcast, occurs due to causes beyond the control of the Owner, then such failure, impairment, delay or interruption, by itself, will not constitute a breach of or an event of default under this Agreement and
the Owner will not be liable to the Broker for any such failure, impairment, delay or interruption so long as (if the Owner elects to remedy such failure, impairment, delay or interruption) the Owner undertakes and continues reasonable efforts to
remedy any such failure, impairment, delay or interruption by returning the Stations to its condition prior to such damage. Promptly thereafter, if the Owner elects to do so by written notice to the Broker, the Owner will obtain any applicable
insurance proceeds and apply such proceeds to the cost of remedying such failure, impairment, delay or interruption; provided that, if the Owner determines that it will not do so, then the Owner will give the Broker prompt written notice of such
determination. If the Owner elects not to remedy such failure, impairment, delay or interruption (or if the Owner makes no election prior to the tenth (10th) day after such failure, impairment, delay or interruption occurs), then the Broker may
elect to obtain such insurance proceeds and effect such remedy by giving the Owner written notice to that effect. 
  
 17. Trade Secrets and Proprietary Information. In the event that: (a) any trade secrets or other proprietary information of the Broker in
connection with this Agreement becomes known to the Owner, and (b) such trade secrets and or proprietary information are not otherwise available in the public domain or known publicly, the Owner agrees to maintain the confidentiality of such trade
secrets and/or proprietary information and not to use or disclose any such trade secrets and/or proprietary information without the prior written consent of the Broker (except as required by law, rule or regulation, or by order of any government
agency or court). In the event that: (i) any trade secrets or other proprietary information of the Owner in connection with this Agreement become known to the Broker, and (ii) such trade secrets and/or proprietary information are not otherwise
available in the public domain or known publicly, prior 

  

 8 

 
to the Closing the Broker agrees to maintain the confidentiality of such trade secrets and/or proprietary information and not to use or disclose any such
trade secrets and/or proprietary information without the prior written consent of the Owner (except as required by law, rule or regulation, or by order of any government agency or court). The provisions of this Section 17 will survive any
termination of this Agreement. 
  
 18. Payola and Conflicts of
Interest. Each of the Broker and the Owner agrees not to, and to use reasonable efforts to cause its employees who have the ability to cause the broadcast of programs and/or commercial matter on the Stations not to, accept any consideration,
compensation or gift or gratuity of any kind whatsoever, regardless of its value or form, including a commission, discount, bonus, material, supplies or other merchandise, services or labor (collectively, “Consideration”), whether or not
pursuant to written contracts or agreements between the Broker, the Owner and merchants or advertisers, in consideration for the broadcast of any matter on the Stations unless the payor is identified, in the broadcast for which Consideration was
provided, as having paid for or furnished such Consideration, in accordance with Sections 317 and 507 of the Communications Act [47 U.S.C. §§ 317 and 508] and the FCC’s rules and published policies. The Broker agrees to execute, and,
as a condition of each such employee’s employment, to cause each of the Broker’s employees to execute, at least once every calendar year, a payola/conflict of interest affidavit in the form of the attached Exhibit D, and the Broker agrees
to deliver the originals of all such affidavits to the Owner as expeditiously as possible following their execution. 
  
 19. The Broker’s Compliance with Law. The Broker agrees that, throughout the Term, the Broker will comply with all laws, rules, regulations
and policies applicable to the functions performed by it in connection with the Stations, including meeting equal employment opportunity requirements with respect to the Broker’s employees performing duties in connection with the Stations.

  
 20. Indemnification. 
  
 (a) The Broker’s Indemnification of the Owner. The Broker will
indemnify and hold the Owner and the Owner’s employees, agents and contractors harmless, including, without limitation, in respect of reasonable attorney’s fees, from and against all liability, claims, damages and causes of action
(“Losses”) arising out of or resulting from acts or omissions of the Broker involving: (i) libel and slander; (ii) infringement of trade marks, service marks or trade names; (iii) violations of law, rules, regulations, or orders (including
the FCC’s rules and published policies); (iv) invasion of rights of privacy or infringement of copyrights or other proprietary rights; (v) breaches of this Agreement; (vi) the broadcast of programming furnished by Broker, or (vii) Broker’s
sale of advertising and the operation of Broker’s business relating to the Stations. The Broker’s obligation to indemnify and hold the Owner and the Owner’s employees, agents and contractors harmless against the Losses specified above
will survive any termination of this Agreement. 
  
 (b) The
Owner’s Indemnification of the Broker. The Owner will indemnify and hold the Broker and the Broker’s employees, agents and contractors harmless, including, without limitation, in respect of reasonable attorney’s fees, from and
against all Losses arising out of or resulting from acts or omissions of the Owner involving: (i) libel and slander; (ii) 

  

 9 

 
infringement of trademarks, service marks or trade names; (iii) violations of law, rules or regulations (including the FCC’s rules and published
policies); (iv) invasion of rights of privacy or infringement of copyrights and other proprietary rights; (v) the broadcast of programming furnished by the Owner; (vi) the operation of the Owner’s business relating to the Stations; or (vii)
breaches of this Agreement. The Owner’s obligation to indemnify and hold the Broker and the Broker’s employees, agents and contractors harmless against Losses specified above will survive any termination of this Agreement. 
  
 (c) Indemnification Procedures. The procedures for making a claim for
indemnification under Section 20(a) or 20(b) and defending and settling any related third-party claim related hereto will be identical to those set forth in Section 9.5 of the Purchase Agreement as if set forth herein, mutatis mutandis. 

 
 (d) Insurance. The Broker and the Owner each will maintain
broadcasters’ liability insurance policies covering libel, slander, invasion of privacy and the like, general liability, blanket crime, property damage, business interruption, automobile liability, and workers’ compensation insurance in
forms and amounts customary in the television broadcast industry (to the extent commercially reasonable, for example, neither party shall be required to get insurance specifically with respect to property it does not own), and each of the parties
hereto will name the other as an additional insured under such policies to the extent that their respective interests may appear and will provide for notice to the other party prior to cancellation thereof. Upon request, each party will provide the
other with certificates evidencing such insurance, and will further provide certificates evidencing renewal thereof prior to the expiration of such policies. 
  
 21. Termination. 
  
 (a) Termination Upon Closing. Except to the extent otherwise provided in this Agreement, this Agreement will terminate effective upon the Closing
or the earlier termination of the Purchase Agreement. 
  
 (b)
Termination Upon Order of Governmental Authority. A “Governmental Termination Event” will occur if any court or federal, state or local government authority (including the FCC) orders or takes any action which becomes effective and
which requires the termination or material curtailment of the Broker’s activities with respect to the Stations pursuant to this Agreement; provided that such order or action will no longer constitute a Governmental Termination Event if such
action or order is subsequently stayed or ceases to be effective. If any court or federal, state or local government authority announces or takes any other action or proposed action which could result in a Governmental Termination Event, then either
the Broker or the Owner may seek administrative or judicial relief therefrom (in which event the other of them will cooperate with such effort in any reasonable manner requested) and consult with such agency and its staff concerning such matters
and, in the event that this Agreement is not terminated, use their reasonable best efforts and negotiate in good faith a modification to this Agreement which would obviate any such questions as to validity while preserving, to the extent possible,
the intent of the parties and the economic and other benefits of this Agreement and the Purchase Agreement and the portions thereof the validity of which are called into question. If the FCC designates the license renewal application of the Stations
for a hearing as a consequence 

  

 10 

 
of this Agreement or for any other reason, or initiates any revocation or other proceeding with respect to the authorizations issued to the Owner for the
operation of the Stations, then the Owner and the Broker will each use diligent, reasonable efforts to contest such action and will each be responsible for its own expenses incurred as a consequence of such FCC proceeding. The Broker will cooperate
and comply with any reasonable request of the Owner to assemble and provide to the FCC information relating to the Broker’s performance under this Agreement. In the event of termination of the Broker’s activities with respect to the
Stations pursuant to this Agreement as a result of any Governmental Termination Event, the Owner will cooperate reasonably with the Broker to the extent permitted to enable the Broker to fulfill advertising or other programming contracts then
outstanding. If a Governmental Termination Event occurs, then the Term will continue until the date upon which the activities of the Broker and the Owner are required to be ceased, as mandated by the agency or authority which brought about such
Governmental Termination Event. 
  
 (c) Material Breach.
Each party hereto shall have the right to terminate this Agreement if the other party hereto is in material breach of this Agreement and such breach remains uncured for at least ten (10) days after the terminating party has given written notice of
such breach to the breaching party; provided that such right to terminate shall only be in effect during the continuation of such breach. 
  
 (d) Effect of Termination. Upon termination of this Agreement, the Monthly Costs shall be prorated to the effective termination date of this
Agreement. 
  
 22. Authorizations. The Owner owns or holds
all material licenses and other permits and authorizations reasonably necessary for the operation of the Stations (including licenses, permits and authorizations issued by the FCC), and neither the Owner nor the Broker (including their affiliates,
principals, employees and agents) will take any action to impair such licenses, permits and authorizations. 
  
 23. Advanced Television/High Definition Television. 
  
 (a) KPOM-DT. The parties acknowledge that, as of the date hereof, KPOM-DT is operating with facilities less than those authorized in Construction Permit
BPCDT-19991028AEE (the “KPOM-DT CP”) but as authorized by Special Temporary Authority BEDSTA-20030701CQW (the “KPOM-DT STA”). The KPOM-DT STA expires on January 17, 2004 and Owner shall file timely extension requests with the FCC
as necessary prior to the Closing. By virtue of being on the air pursuant to the KPOM-DT STA, the Station is considered to have met the FCC’s May 2002 deadline for completion of construction of the KPOM-DT CP and said construction permit is
thereby extended until further notice by the FCC. 
  
 (b) KFAA-DT.
The parties acknowledge that, as of the date hereof, the KFAA-DT facilities authorized by Construction Permit BMPCDT-20021112ABG (the “KFAA-DT CP”) have not been constructed and an application for extension of time to construct digital
television facilities (File No. BEPCDT-203512ADY) (the “KFAA-DT Facilities”) is pending before the FCC. 
  

 11 

 (c) The Owner will proceed with the timely construction of the KFAA-DT Facilities such that construction
is completed within a time frame to which the Owner and the Broker will subsequently agree or, at the latest, in compliance with the FCC’s rules for the construction of such KFAA-DT Facilities. All reasonable fees and expenses (the “DTV
Fees”) related to the construction of the KFAA-DT Facilities will be subject to reimbursement by the Broker pursuant to the attached Exhibit A; provided that if the Purchase Agreement is terminated prior to the Closing, the Owner will promptly
reimburse the Broker for all DTV Fees and other amounts expended by the Owner with respect to the KFAA-DT Facilities, if any, previously reimbursed to the Owner by the Broker. 
  
 (d) To the extent that the Stations’ digital television channels (the “DTV Channels”) are operational prior
to the Closing, the Broker will have the right to utilize the DTV Channels and the DTV facilities under the terms and conditions set forth in this Agreement for the use of the Stations. If the FCC assesses the Owner any spectrum fees or other
charges for the Broker’s use of the DTV Channels, such FCC fees or other charges will be subject to reimbursement by Broker pursuant to the attached Exhibit A. 
  
 24. Notices. All communications or notices required or permitted by this Agreement shall be in writing and shall be
deemed to have been given (i) on the date of personal delivery to an officer of the other party, or (ii) if sent by telecopy or facsimile machine to the number shown below, on the date of such confirmed facsimile or telecopy transmission, or (iii)
when properly deposited for delivery by commercial overnight delivery service, prepaid, or by deposit in the United States mail, certified or registered mail, postage prepaid, return receipt requested, the date that is two days after the date set
forth in the records of such delivery service or on the return receipt and addressed as follows unless and until either of such parties notifies the other in accordance with this Section of a change of address or change of telecopy number:

  
 If to the Owner: 
  
                     JDG Television, Inc. 
                     111 South Cherokee 
                     Muskogee, OK
74402 
                     Attention: Mr. John Griffin 
                     Telecopy No.
(918) 687-1571 
  
 with a copy (which will not constitute notice
to the Owner) to: 
  
                     McAfee & Tafat 
                     Tenth Floor, Two Leadership Square 
                     Oklahoma City, OK
73102-7103 
                     Attention: Robert L. Garbrecht, Esquire 
                     Telecopy No.
(405) 235-0439 
  

 12 

 If to the Broker: 
  
                     Nexstar Broadcasting Group, L.L.C. 
                     909 Lake Carolyn
Parkway 
                     Suite 1450 
                     Irving, TX 75039 
                     Attention: Perry
Sook, President & CEO 
                     Telecopy No. (972) 373-8888 
  
 with a copy (which will not constitute notice to Broker) to: 
  
                     Kirkland &
Ellis 
                     153 East 53rd Street 
                     New York, NY 10022 
                     Attention: John
L. Kuehn, Esquire 
                     Telecopy No. (212) 446-4900 
  
 25. Modification and Waiver. No amendment, supplement or modification of any provision of this Agreement will be effective unless the same will be
in writing and signed by the party against whom enforcement of any such amendment, supplement or modification is sought, and then such amendment, supplement or modification will be effective only in the specific instance and for the purpose for
which given. 
  
 26. Construction. This Agreement will be
governed by and construed in accordance with the domestic laws of the State of Arkansas, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Arkansas or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of Arkansas. 
  
 27. Headings; Interpretation. The headings in this Agreement are included for ease of reference only and will not control or affect the meaning or construction of the provisions of this Agreement. As used in
this Agreement, “including,” “includes” and the like are not intended to confer any limitation. 
  
 28. Assignment. This Agreement may not be assigned by either party without the express written approval of the other party. However, the prior
approval of the Owner is not required for any assignment by the Broker to an affiliate of the Broker. Where appropriate in the context and consistent with this provision, the term “Broker” as used herein will mean and include such
assignee. 
  
 29. Counterparts. This Agreement may be
signed in any number of counterparts with the same effect as if the signature(s) on each such counterpart were upon the same instrument. This Agreement will be effective as of the date first above written. 
  
 30. Entire Agreement. This Agreement and the Purchase Agreement, and
the documents referred to herein and therein contain the entire agreement between the parties with respect to the subject matter of this Agreement, and supersede any prior understandings, agreements or representations by or between the parties,
written or oral, which may have related to the subject matter hereof in any way. 
  

 13 

 31. No Partnership or Joint Venture Created. Nothing in this Agreement will be construed to create
a partnership or joint venture between the Owner and the Broker or to afford any rights to any third party other than as expressly provided herein. Neither the Owner nor the Broker will have any authority to create or assume in the name or on behalf
of the other party any obligation, express or implied, or to act or purport to act as the agent or legally empowered representative of the other party hereto for any purpose. 
  
 32. Severability. Whenever possible each provision of this Agreement will be interpreted so as to be effective and
valid under applicable law. Subject to the provisions of Section 21(b), if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such prohibition or
invalidity, without invalidating or otherwise affecting the remainder or such provision or the remaining provisions of this Agreement. 
  
 33. Legal Effect. This Agreement will be binding upon and will inure to the benefit of the parties hereto, their heirs, executors, personal
representatives, successors and assigns. 
  
 34. No Party
Deemed Drafter. No party will be deemed the drafter of this Agreement and if this Agreement is construed by a court of law such court should not construe this Agreement or any provision against any party as its drafter. 
  
 *                    *                  
  *                    * 
  

 14 

 IN WITNESS WHEREOF, the parties hereto have executed this Time Brokerage 
  
 Agreement to be effective as of the date above written. 
  

	 JDG TELEVISION, INC.

		
	 By:
	 	 /S/    JOHN W.
GRIFFIN

	 Name:
	 	 John W. Griffin

	 Title:
	 	 President

	
	 NEXSTAR FINANCE, L.L.C.

		
	 By:
	 	 /S/    PERRY
SOOK

	 Name:
	 	 Perry Sook

	 Title:
	 	 President

 EXHIBIT A 
  
 Reimbursement of Expenses 
  
 A. For each calendar month during the Term, the Broker shall pay the Owner a monthly fee of $75,000 (the “Monthly Fee”); provided that the
Broker shall not pay the Monthly Fee, or any portion thereof, with respect to the month of October 2003. The Monthly Fee with respect to November 2003 shall be due and payable on November 3, 2003 and the Monthly Fee with respect to each
following calendar month during the Term shall be due and payable on the first business day of such calendar month; provided that for any calendar month during which this Agreement is not in force for the entire month (other than October 2003), the
Monthly Fee shall be prorated accordingly. 
  
 B. In addition to
the Monthly Fee, at the conclusion of each calendar month during the Term, the Broker will pay the Owner an amount equal to all of the Owner’s monthly costs incurred by the Owner in the ordinary course of business consistent with past practices
in connection with its ownership and operation of the Stations in accordance with the terms and conditions of this Agreement and the Purchase Agreement (the “Monthly Costs”). The Monthly Costs shall be equal to the sum of all such expenses
(including, but not limited to, syndicated programming costs, operating expenses resulting from broadcasting programming provided by Broker, operating expenses otherwise incurred by Owner in connection with the operation of the Stations and the
performance of its obligations hereunder (including but not limited to insurance fees, FCC fees and property taxes), and all capital expenses reasonably incurred in making repairs or replacements to the facilities and equipment used in producing
programming and operating the Stations, provided such capital expenses were approved in writing by the Broker prior to being expended) for each calendar month incurred by Owner in connection with providing air time to Broker. For the purposes of
October 2003 only, the Monthly Costs shall be prorated such that 50% of the expenses relating to the operating of the Stations in October 2003 shall be for the account of Seller, and 50% of the expenses relating to the operation of the Stations in
October 2003 shall be for the account of Buyer. After each calendar month during the Term, the Owner will submit to the Broker an invoice for the Monthly Costs incurred during such month, and the amount of such costs reflected on any such invoice to
the extent not previously advanced to the Owner will be due and payable on the fifth (5th) Business Day after the date upon which such invoice is received. 
  
 C. Notwithstanding the anything in this Agreement or the Purchase Agreement to the contrary, the Broker shall not be responsible for reimbursing the Owner
for (i) compensation paid to employees of the Owner in excess of rates approved by the Broker, (ii) compensation paid to each employee of the Owner with respect to whom the Broker gives two weeks prior written notice to the Owner to the effect that
the Broker no longer considers such employee necessary for the operation of the Stations (provided that the Broker shall reimburse the Owner for regular compensation for such employee accruing through the date which is two weeks after such written
notice is given), and (iii) severance payments to the Owner’s employees. 
  

 A-1 

 D. If the Broker determines that an item appearing on an invoice submitted by the Owner is not properly
payable by the Broker to the Owner under this Agreement, then the Broker shall nonetheless timely pay to the Owner all other items appearing on such invoice which the Broker does not object to, and the Broker shall submit with such timely payment a
written objection to the disputed item which sets forth the specific basis for the Broker’s objection. The Broker’s opportunity to object to an item appearing on an invoice will be lost if the written objection of the disputed item is not
provided within thirty (30) calendar days after the date up on which the applicable invoice is received. With respect to any item subject to a written objection timely submitted by the Broker to the Owner, the Broker and the Owner agree to negotiate
in good faith to reach a mutually agreeable resolution within the ten (10) calendar day period following the Owner’s receipt of such objection. If no resolution is reached within such period, then each party may thereafter pursue its remedies
as permitted by applicable law and this Agreement. 
  

 2 

 EXHIBIT B 
  
 The Broker agrees to cooperate with the Owner in the broadcasting of programs of the highest possible standard of excellence and for this
purpose to observe the following regulations in the preparation, writing and broadcasting of its programs: 
  
 I. Religious Programming. The subject of religion and references to particular faiths, tenants, and customs shall be treated with respect at all times.
Programs shall not be used as a medium for attack on any faith, denomination, or sect or upon any individual or organization. 
  
 II. Controversial Issues. Any discussion of controversial issues or public importance shall be reasonably balanced with the presentation of contrasting
viewpoints in the course of overall programming; no attacks on the honesty, integrity, or like personal qualities of any person or group of persons shall be made during the discussion of controversial issues of public importance; and during the
course of political campaigns, programs are not to be used as a forum for editorializing about individual candidates. If such events occur, the Owner may require that responsive programming be aired. 
  
 III. No Plugola or Payola. The mention of any business activity or
“plug” for any commercial, professional, or other related endeavor, except where contained in an actual commercial message of a sponsor, is prohibited. 
  
 IV. Election Procedures. At least ninety (90) days before the start of any primary or regular election campaign, the Broker
will clear with the Owner’s respective Managers the rate Broker will charge for the time to be sold to candidates for public office and/or their supporters to make certain that the rate charged conforms to all applicable laws and the policy of
the Stations. 
  
 V. Required Announcements. The Broker shall
broadcast (a) an announcement in a form satisfactory to the Owner at the beginning of each hour to identify the Stations, (b) an announcement at the beginning and end of each broadcast day, to indicate that program time has been purchased by the
Broker, and (c) any other announcement that may be required by law, regulation, or the policy of the Stations. 
  
 VI. Credit Terms Advertising. Pursuant to rules of the Federal Trade Commission, any advertising of credit terms shall be made over the Stations in
accordance with all applicable federal and state laws, including Regulations Z and M. 
  
 VII. Commercial Record Keeping. No commercial messages (“plugs”) or undue references shall be made in programming presented over the Stations to any business venture, profit making activity, or other
interest (other than noncommercial announcements for bona fide charities, church activities, or other public service activities) in which the Broker is directly or indirectly interested without the same having been approved in advance by the
Owner’s General Manager and such broadcast being announced and logged as sponsored. 

 VIII. No Illegal Announcements. No announcements or promotion prohibited by federal or state law or
regulation of any lottery or game shall be made over the Stations. Any game, contest, or promotion relating to or to be presented over the Stations must be fully stated and explained in advance to the Owner, which reserves the right in its sole
discretion to reject any game, contest, or promotion. 
  
 IX.
Owner’s Discretion Paramount. In accordance with the Owner’s responsibility under the Communications Act of 1934, as amended, and the rules and regulations of the Federal Communications Commission, the Owner reserves the right to reject or
terminate any advertising proposed to be presented or being presented over the Stations which is in conflict with the policy of the Stations or which in the reasonable judgment of the Owner or its respective Managers would not serve the public
interest. 
  
 X. Programming in Which Broker has a Financial
Interest. The Broker shall advise the respective Managers of the Stations with respect to any programming (including commercial(s)) concerning goods or services in which the Broker has a material financial interest. Any announcements for such goods
and services shall clearly identify the Broker’s financial interest. 
  
 XI. Programming Prohibitions. The Broker shall not broadcast any of the following programs or announcements: 
  
 A. False Claims. False or unwarranted claims for any product or service. 
  
 B. Unfair Imitation. Infringements of another person’s rights through plagiarism or unfair imitation or either program
idea or copy, or any other unfair competition. 
  
 C. Commercial
Disparagement. Any disparagement of competitors or competitive goods. 
  
 D. Profanity. Any programs or announcements that are obscene, profane, vulgar, repulsive or offensive, either in theme or treatment. 
  
 E. Indecency. Any program containing “indecent matter” shall not be broadcast outside the “safe harbor” time, as those terms are
defined by the FCC. 
  
 F. Slander. Any slanderous statements.

  
 G. Unauthenticated Testimonials. Any testimonials which cannot
be authenticated. 
  
 H. Descriptions of Bodily Functions. Any
continuity which describes in a repellent manner internal bodily functions or symptomatic results or internal disturbances, and no reference to matters which are not considered acceptable topics in social groups. 
  
 I. Conflict Advertising. Any advertising matter or announcement which may, in
the reasonable opinion of the Owner, be injurious or prejudicial to the interests of the public, the Stations, or honest advertising and reputable business in general. 
  

 4 

 J. Fraudulent or Misleading Advertisement. Any advertisement matter, announcement, or claim which Broker
knows to be fraudulent, misleading, or untrue. 
  
 Owner may waive
any of the foregoing regulations in specific instances if, in its reasonable opinion, good broadcasting in the public interest will be served thereby. 
  
 In any case where questions of policy or interpretation arise, Broker shall submit the same to Owner for decision before making any commitments in
connection therewith. 
  

 5 

 EXHIBIT C 
  
 CERTIFICATE REGARDING COMMERCIAL LIMITS IN 
 CHILDREN’S TELEVISION PROGRAMMING 
  
                                 
(“Broker”) hereby certifies to
                                        
         (“Owner”) that, with respect to the children’s programs provided by Broker which were broadcast on
                                 (the “Stations”) during the
                 quarter of 200     (ending
                    ) to which the commercial limits set forth in 47 C. F. R. Section 73.670 of the FCC’s rules apply: 
  
 1. the amount of commercial matter aired during such children’s
programs was in compliance with the commercial limits. 
  
 2. the
amount of commercial matter aired during such children’s programs was in compliance with such commercial limits, except for the program segments listed below which exceeded the allowed commercial limits. A separate memo explaining why any
excesses occurred is also attached. 
  

	 [Broker]

		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

 EXHIBIT D 
  
 County of
                             
  
 State of
                                 
  
 ANTI-PAYOLA/PLUGOLA AFFIDAVIT 
  
 (Name)                , being first duly sworn, deposes and says as follows: 
  
 1. I am      (Position)      for [Broker] (“Broker”).

  
 2. I have acted in the above capacity since (date) .

  
 3. No matter has been broadcast by Stations(s) for which
service, money or other valuable consideration has been directly or indirectly paid, or promised to, or charged, or accepted, by me from any person, which matter at the time so broadcast has not been announced or otherwise indicated as paid for or
furnished by such person. 
  
 4. So far as I am aware, no matter
has been broadcast by Stations(s) for which service, money, or other valuable consideration has been directly or indirectly paid, or promised to, or charged, or accepted by Stations(s) by the Broker, or by any independent contractor engaged by the
Broker in furnishing programs, from any person, which matter at the time so broadcast has not been announced or otherwise indicated as paid for or furnished by such person. 
  
 5. In the future, I will not pay, promise to pay, request, or receive any service, money, or any other valuable
consideration, direct or indirect, from a third-party, in exchange for the influencing of, or the attempt to influence, the preparation or presentation of broadcast matter on Stations(s). 
  
 6. Except as may be reflected in paragraph 7 hereof, neither I, my spouse nor any member of my immediate family has any
present direct or indirect ownership interest in any entity engaged in the following business or activities (other than an investment in a corporation whose stock is publicly held), serves as an officer or director of, whether with or without
compensation, or serves as an employee of, any entity engaged in the following business or activities: 
  
 1. The publishing of music; 
  
 2. The production, distribution (including wholesale and retail sales outlets), manufacture or exploitation of music, films, tapes, recordings or
electrical transcriptions of any program material intended for radio broadcast use; 
  

 A-1 

 3. The exploitation, promotion, or management of persons rendering artistic, production and/or other
services in the entertainment field; 
  
 4. The ownership or
operation of one or more radio or television Stations; 
  
 5. The
wholesale or retail sale of records intended for public purchase; 
  
 6. The sale of advertising time other than on Stations(s) or any other Stations owned by the Broker. 
  
 7. A full disclosure of any such interest referred to in paragraph 6, above, is as follows: 
  
  

	 	  	  

	  	 	  	 
	 	  	  

	  	 	  	 
	 	  	  

	  	 	  	 

  

		
	 	 	 
	 	

	 	 	 Affiant

  
 Subscribed and sworn to before me

  
 this
             day of                     ,
200    . 
  

	
	  
	

	Notary Public

  
 My commission expires:
                     
  

 2

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