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Exhibit 4.14    
    

 
 

REGISTRATION RIGHTS AGREEMENT    

        THIS
REGISTRATION RIGHTS AGREEMENT (the "Agreement"), dated as of May 29, 2003, by and among Sinclair Broadcast Group, Inc., a Maryland corporation ("Sinclair" or the
"Company"), the Guarantors (as defined below), and J.P. Morgan Securities Inc., Deutsche Bank Securities Inc., Wachovia Securities, Inc., Bear, Stearns & Co. Inc.
and UBS Warburg LLC, as the initial purchasers (the "Initial Purchasers") of the Company's $100,000,000 aggregate principal amount of 8% Senior Subordinated Notes due 2012 (the "Notes"), which are
guaranteed by each of the entities listed on Schedule I hereto (each a "Guarantor" and collectively the "Guarantors"). 

        This
Agreement is made pursuant to the Purchase Agreement, dated May 14, 2003, among the Company, the Guarantors and the Initial Purchasers (the "Purchase Agreement"), which
provides for the sale by the Company to the Initial Purchasers of $100,000,000 aggregate principal amount of the Company's Notes, which Notes are guaranteed (the "Guarantees") to the extent set forth
in the Indenture (as defined below), the Notes and the Guarantees. 

        In
order to induce the Initial Purchasers to enter into the Purchase Agreement, the Company and the Guarantors have agreed to provide to the Initial Purchasers and their direct and
indirect transferees the registration rights with respect to the Notes and the Guarantees as set forth in this Agreement. The execution of this Agreement is a condition to the closing under the
Purchase Agreement. 

        1.    Definitions.    

        As
used in this Agreement, the following capitalized defined terms shall have the following meanings: 

        "Business Day" means any day other than (i) a Saturday or a Sunday, (ii) a day on which banking institutions in Maryland or
The City of New York are authorized or obligated by law or executive order to close or (iii) a day on which the office of the trustee or transfer agent, as the case may be, or an affiliate or
agent thereof at which at any particular time the corporate trust business for the purposes of the Indenture shall be principally administered is closed for business. 

        "Closing Date" shall mean the date on which the Notes are initially issued by the Company and the Guarantees are initially issued by the
Guarantors, in each case, to the Initial Purchasers. 

        "Commission" shall mean the Securities and Exchange Commission, or any other federal agency at the time administering the Exchange Act or
the Securities Act, whichever is the relevant statute for the particular purpose. 

        "Company" shall have the meaning set forth in the preamble. 

        "Effective Period" shall have the meaning set forth in Section 2(b). 

        "Effective Time", in the case of (i) an Exchange Offer, shall mean the time and date as of which the Commission declares the
Exchange Offer Registration Statement effective or as of which the Exchange Offer Registration Statement otherwise becomes effective and (ii) a Shelf Registration, shall mean the time and date
as of which the Commission declares the Shelf Registration effective or as of which the Shelf Registration otherwise becomes effective. 

        "Exchange Act" shall mean the Securities Exchange Act of 1934, or any successor thereto, and the rules, regulations and forms promulgated
thereunder, all as the same shall be amended from time to time. 

        "Exchange Date" shall have the meaning set forth in Section 2(a)(ii). 

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        "Exchange Guarantees" shall have the meaning assigned thereto in Section 2(a) hereof. 

        "Exchange Notes" shall have the meaning assigned thereto in Section 2(a) hereof. 

        "Exchange Offer" shall have the meaning assigned thereto in Section 2(a) hereof. 

        "Exchange Offer Registration" shall mean a registration under the Securities Act effected pursuant to Section 2(a) hereof. 

        "Exchange Offer Registration Statement" shall mean an exchange offer registration statement of the Company and the Guarantors on
Form S-4 (or, if applicable, on another appropriate form) which covers all of the Exchange Securities, and all amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 

        "Exchange Securities" shall have the meaning assigned thereto in Section 2(a) hereof. 

        "Guarantees" shall have the meaning set forth in the preamble. 

        "Guarantors" shall have the meaning set forth in the preamble. 

        "Holder" shall mean any Initial Purchaser for so long as it owns any Registrable Securities, and each of its successors, assigns and
direct and indirect transferees who become registered owners of Registrable Securities; provided, that for purposes of Sections 4 and 5 of this
Agreement, the term "Holder" shall include Participating Broker-Dealers (as defined in Section 4(a)). 

        "Holders' Information" shall have the meaning assigned thereto in Section 5(a) hereof. 

        "Indenture" shall mean the Indenture, dated as of March 14, 2002, as supplemented by the First Supplemental Indenture dated as of
July 26, 2002, the Second Supplemental Indenture dated as of November 8, 2002, the Third Supplemental Indenture dated as of January 17, 2003 and the Fourth Supplemental Indenture
dated as of May 9, 2003, among the Company, the Guarantors and Wachovia Bank, National Association (formerly, First Union National Bank), as trustee, as the same shall be amended from time to
time. 

        "Initial Purchasers" shall have the meaning set forth in the preamble. 

        "Majority Holders" shall mean the Holders of a majority of the aggregate principal amount of outstanding Registrable Securities; provided
that, for purposes of Section 6(a), whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the
Company, its subsidiaries or any of their respective affiliates (as such term is defined in Rule 405 under the Securities Act) (other than the Initial Purchasers or subsequent Holders of
Registrable Securities if such subsequent Holders are deemed to be such affiliates solely by reason of their holding of such Registrable Securities) shall not be counted as outstanding Registered
Securities in determining whether such consent or approval was given by the Holders of such required percentage or amount. 

        "NASD" shall mean the National Association of Securities Dealers, Inc. 

        "Notes" shall have the meaning set forth in the preamble. 

        "Offer Termination Date" shall have the meaning set forth in Section 2(a)(iii). 

        "Participating Broker-Dealer" shall have the meaning set forth in Section 4(a) hereof. 

        "Penalty Interest" shall have the meaning assigned thereto in Section 2(d) hereof. 

        "Person" shall mean an individual, partnership, corporation, trust or unincorporated organization, or a government or agency or political
subdivision thereof. 

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        "Prescribed Time Period" shall have the meaning set forth in Section 2(d)(i). 

        "Prospectus" shall mean the prospectus included in a Registration Statement, including any preliminary prospectus, and any such prospectus
as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf
Registration Statement, and by all other amendments and
supplements to such prospectus, and in each case including all material incorporated by reference therein. 

        "Purchase Agreement" shall have the meaning set forth in the preamble. 

        "Registrable Securities" shall mean the Securities; provided,  however, that any such Securities shall cease to be
Registrable Securities (i) when a Registration Statement with respect to such Registrable
Securities shall have been declared effective under the Securities Act and such Securities shall have been disposed of or exchanged pursuant to such Registration Statement, (ii) upon the
expiration of the Exchange Offer period with respect to any Exchange Offer Registration Statement if all Registrable Securities validly tendered in connection with such Exchange Offer shall have been
exchanged for Exchange Securities, (iii) when such Securities have been sold or are eligible for sale to the public pursuant to Rule 144(k) (or any similar provision then in force, but
not Rule 144A) under the Securities Act or (iv) when such Securities shall have ceased to be outstanding; provided,  however, that if an opinion
of counsel to the effect described in Section 2(d)(i)(B) is delivered to the Company and the Guarantors, then such
Securities held by the Initial Purchasers shall not cease to be Registrable Securities solely by reason of clause (ii) above. 

        "Registration Default" shall have the meaning assigned thereto in Section 2(d) hereof. 

        "Registration Expenses" shall mean any and all expenses incident to performance of or compliance by the Company and the Guarantors with
this Agreement, including without limitation: (i) all Commission, stock exchange or NASD registration and filing fees, (ii) all fees and expenses incurred in connection with compliance
with state securities or blue sky laws, (iii) all expenses of any Person in preparing or assisting in preparing, word processing, printing and distributing, at the request of the Company and
the Guarantors, any Registration Statement, any Prospectus, any amendments or supplements thereto, (iv) all fees and disbursements relating to the qualification of the Indenture and the
Guarantors under applicable securities laws, (v) the fees and disbursements of the Trustee and its counsel and of any escrow agent as custodian, (vi) the fees and disbursements of
counsel for the Company and the reasonable fees and disbursements of one counsel for the Holders in connection with an Exchange Offer Registration Statement and a Shelf Registration Statement,
(vii) the fees and disbursements of the independent public accountants of the Company and the Guarantors, including the expenses of any special audits or "cold comfort" letters required by or
incident to such performance and compliance, but excluding underwriting discounts, if any, and commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by
a Holder and (viii) fees, disbursements and expenses of any "qualified independent underwriter" engaged, if any. 

        "Registration Statement" shall mean any registration statement of the Company and the Guarantors that covers any of the Exchange
Securities or Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such Registration Statement, including post-effective
amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein. 

        "Resale Period" shall have the meaning assigned thereto in Section 2(a) hereof. 

        "Restricted Holder" shall mean (i) a holder that is an affiliate of the Company or any of the Guarantors within the meaning of
Rule 405, (ii) a Holder who acquires Exchange Securities outside the ordinary course of such Holder's business or (iii) a Holder who has arrangements or understandings 

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with
any Person to participate in the Exchange Offer for the purpose of distributing Exchange Securities. 

        "Rule 144," "Rule 144A," "Rule 174," "Rule 405," "Rule 415," and "Rule 424" shall mean, in each
case, such rule promulgated under the Securities Act. 

        "Securities" shall mean collectively, the Notes and the Guarantees. 

        "Securities Act" shall mean the Securities Act of 1933, or any successor thereto, and the rules, regulations and forms promulgated
thereunder, all as the same shall be amended from time to time. 

        "Shelf Registration" shall mean a registration under the Securities Act effected pursuant to Section 2(b) hereof. 

        "Shelf Registration Statement" shall mean a "shelf" registration statement of the Company and the Guarantors pursuant to the provisions of
Section 2(b) of this Agreement which covers all of the Registrable Securities on an appropriate form under Rule 415 under the Securities Act, or any similar rule that may be adopted by
the Commission, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all
exhibits thereto and all material incorporated by reference therein. 

        "Trustee" means Wachovia Bank, National Association (formerly First Union National Bank), as trustee under the Indenture. 

        "Trust Indenture Act" shall mean the Trust Indenture Act of 1939, or any successor thereto, and the rules, regulations and forms
promulgated thereunder, all as the same shall be amended from time to time. 

        Unless
the context otherwise requires, any reference herein to a "Section" or "clause" refers to a Section or clause, as the case may be, of this Agreement, and the words "herein,"
"hereof" and "hereunder" and other words of similar import refer to this Agreement as a whole and not to any particular Section or other subdivision. Unless the context otherwise requires, any
reference to a statute, rule or regulation shall be deemed to be a statute, rule or regulation (including any successor statute, rule or regulation thereto) as it may be amended from time to time. 

        2.    Registration under the Securities Act.    

        (a)   Except
as set forth in Section 2(b) below, the Company and the Guarantors agree to use their best efforts to file under the Securities Act as soon as practicable
after the Closing Date, but in no event later than 120 days after such date, an Exchange Offer Registration Statement relating to an offer by the Company and the Guarantors to exchange (the
"Exchange Offer") (i) any and all of the Notes for a like aggregate amount of notes issued by the Company, which notes are identical in all material respects to the Notes (the "Exchange
Notes"), except that the Exchange Notes have been registered pursuant to an effective registration statement under the Securities Act, do not contain restrictions on transfers (except as they may be
held by Restricted Holders) and provide for the additional interest contemplated in Section 2(d) below for any periods before such exchange and (ii) any and all of the Guarantees for
like guarantees by the Guarantors, which guarantees are identical to the Guarantees (the "Exchange Guarantees," and together with the Exchange Notes, the "Exchange Securities") except that they have
been registered pursuant to an effective registration statement under the Securities Act and do not contain restrictions on transfers. The Company and the Guarantors agree to use their best efforts to
cause the Exchange Offer Registration Statement to become effective under the Securities Act as soon as practicable after the filing of the Exchange Offer Registration Statement but in no event later
than 180 days after the Closing Date. The Exchange Offer will be registered under the Securities Act on the appropriate form and will comply with all applicable tender offer and other rules and
regulations under the Exchange Act. The Company and the Guarantors further agree to use their best efforts 

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to
commence and consummate the Exchange Offer promptly after the Exchange Offer Registration Statement has become effective, hold the Exchange Offer open for not less than 20 Business Days (or longer,
if required by applicable law) after the date notice of the Exchange Offer has been mailed to Holders and exchange Exchange Securities for all Securities that have been properly tendered and not
withdrawn on or prior to the expiration of the Exchange Offer and to consummate such Exchange Offer within 210 days after the Closing Date. The Exchange Offer will be deemed to have been
completed only if the Exchange Securities received by Holders other than Restricted Holders in the Exchange Offer are, upon receipt, transferable by each such Holder without restriction under the
Securities Act and the Exchange Act and without material restrictions under the blue sky or securities laws of the States of the United States of America. The Exchange Offer shall be deemed to have
been completed upon the Company and the Guarantors having exchanged, pursuant to the Exchange Offer, the Exchange Securities for all outstanding Securities, pursuant to the Exchange Offer, properly
tendered and not withdrawn before the expiration of the Exchange Offer, which shall be on a date that is not less than 20 Business Days (or longer, if required by applicable law) following the
commencement of the Exchange Offer. The Company and the Guarantors shall commence the Exchange Offer by mailing the related exchange offer Prospectus and accompanying documents to each Holder stating,
in addition to such other disclosures as are required by applicable law: 

          (i)  that
the Exchange Offer is being made pursuant to this Agreement and that all Registrable Securities validly tendered will be accepted for exchange; 

         (ii)  the
dates of acceptance for exchange (which shall be a period of at least 20 Business Days from the date such notice is mailed) (each such date being an "Exchange
Date"); 

        (iii)  that
a Holder electing to have Registrable Securities exchanged pursuant to the Exchange Offer will be required to surrender such Registrable Securities, together with
the enclosed letters of transmittal, to the institution and at the address specified in the notice prior to the close of business on the last Exchange Date (the "Offer Termination Date"); and 

        (iv)  that
a Holder will be entitled to withdraw his election, not later than the close of business on the Offer Termination Date, by sending to the institution and at the
address specified in the notice a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Registrable Securities delivered for exchange and a
statement that such Holder is withdrawing its election to have such Registrable Securities exchanged. 

        As
soon as practicable after the Offer Termination Date, the Company and the Guarantors shall: 

        (A)  accept
for exchange Registrable Securities or portions thereof tendered and not validly withdrawn pursuant to the Exchange Offer; and 

        (B)  deliver,
or cause to be delivered, to the Trustee for cancellation all Registrable Securities or portions thereof so accepted for exchange by the Company and the
Guarantors and issue, and cause the Trustee to promptly authenticate and mail to each Holder who has properly tendered and not withdrawn Registrable Securities pursuant to the Exchange Offer, an
Exchange Security in aggregate principal amount equal to the aggregate principal amount of the Registrable Securities surrendered by such Holder. The Company shall use its best efforts to complete the
Exchange Offer as provided above and shall comply with the applicable requirements of the Securities Act, the Exchange Act and other applicable laws and regulations in connection with the Exchange
Offer. The Exchange Offer shall not be subject to any conditions, other than that the Exchange Offer does not violate applicable law or any applicable interpretation of the staff of the 

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Commission.
The Company shall inform the Initial Purchasers of the names and addresses of the Holders to whom the Exchange Offer is made, and the Initial Purchasers shall have the right, subject to
applicable law, to contact such Holders and otherwise facilitate the tender of Registrable Securities in the Exchange Offer. 

        Each
Holder of Securities participating in the Exchange Offer shall be required to represent to the Company and the Guarantors that at the time of the consummation of the Exchange Offer
(i) such Holder is not an "affiliate" of the Company or any Guarantor within the meaning of Rule 405 under the Securities Act, (ii) the Exchange Securities being acquired by it
pursuant to the Exchange Offer are being obtained in the ordinary course of the business of the person receiving such Exchange Securities and (iii) such Holder has no arrangement or
understanding with any Person to participate in the distribution of the Exchange Securities. If such Holder is a Participating Broker-Dealer that will receive Exchange Securities for its own account
in exchange for the Registrable Securities that were acquired
as a result of market-making activities or other trading activities, it will be required to acknowledge that it will deliver a prospectus in connection with any resale of such Exchange Securities. 

        (b)   In
the event that (i) due to a change in applicable law or current interpretations by the Commission, the Company and the Guarantors are not permitted to effect
the Exchange Offer for all of the Securities, (ii) the Exchange Offer for all of the Securities is not for any other reason consummated within 210 days after the Closing Date, or
(iii) any Holder shall, within 30 days after consummation of the Exchange Offer, notify the Company and the Guarantors that such Holder (x) is prohibited by applicable law or
Commission policy from participating in the Exchange Offer, (y) may not resell Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and that
the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder or (z) is a broker-dealer and holds Securities acquired
directly from the Company and Guarantors or an "affiliate" of the Company or any Guarantor, then in addition to or in lieu of conducting the Exchange Offer contemplated by Section 2(a), or
(iv) at the request of any of the Initial Purchasers, the Company and the Guarantors will be required to file a "shelf" registration statement (a "Shelf Registration Statement") covering
resales (a) by the Holders of Registrable Securities in the event the Company and the Guarantors are not permitted to effect the Exchange Offer pursuant to the foregoing clause (i) or
the Exchange Offer is not consummated within 210 days after the Closing Date pursuant to the foregoing clauses (i) or (ii) or (b) by the Holders of Registrable Securities
with respect to which the Company and the Guarantors receive notice pursuant to the foregoing clauses (iii) or (iv). The Trustee will promptly deliver to the Holders written notice that the
Company and the Guarantors will be complying with the provisions of this Section 2(b). The Company and the Guarantors agree to use their best efforts to cause the Shelf Registration to become
or be declared effective and to keep such Shelf Registration continuously effective for a period of time ending on the second anniversary of the Effective Time (the "Effective Period") or such shorter
period that will terminate when all of the Registrable Securities covered by the Shelf Registration Statement have been sold pursuant to the Shelf Registration Statement. The Company and the
Guarantors shall, if they file a Shelf Registration Statement, provide to each Holder of the Registrable Securities copies of the Prospectus contained therein and notify each such Holder when
the Shelf Registration Statement has become effective. The Company and the Guarantors further agree to supplement or make amendments to the Shelf Registration Statement, as and when required by the
rules, regulations or instructions applicable to the registration form used by the Company and the Guarantors for such Shelf Registration Statement or by the Securities Act or rules and regulations
thereunder for shelf registrations, and the Company and the Guarantors agree to furnish to the Holders of the Registrable Securities copies of any such supplement or amendment prior to its being used
or promptly following its filing with the Commission. 

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        (c)   The
Company and the Guarantors shall, jointly and severally, pay all Registration Expenses in connection with the registration pursuant to Section 2(a) or
Section 2(b). Each Holder shall pay all underwriting discounts, if any, and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder's Registrable Securities
pursuant to the Exchange Offer Registration Statement or a Shelf Registration Statement, as the case may be. 

        (d)   An
Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a Shelf Registration Statement pursuant to Section 2(b) hereof will not be
deemed to have become effective unless it has been declared effective by the Commission; provided,  however, that, if, after it has been declared effective,
the offering of Registrable Securities pursuant to an Exchange Offer Registration Statement or
a Shelf Registration Statement is interfered with by any stop order, injunction or other order or requirement of the Commission or any other governmental agency or court, such Registration Statement
will be deemed not to have been effective during the period of such interference until the offering of Registrable Securities pursuant to such Registration Statement may legally resume. If the Company
and the Guarantors shall fail to comply with this Agreement or if the Exchange Offer Registration Statement or the Shelf Registration fails to become effective (any such event, a "Registration
Default"), then, as liquidated damages, registration default interest (the "Penalty Interest"), shall become payable in respect of the Notes as follows: 

          (i)  (A)
if an Exchange Offer Registration Statement or, in the event of a change in applicable law or due to current interpretations by the Commission the Company and the
Guarantors are not permitted to effect the Exchange Offer, a Shelf Registration Statement, is not filed within 120 days following the Closing Date, (B) in the event that within the
30 days after consummation of the Exchange Offer, any Holder of the Registrable Securities shall notify the Company and the Guarantors that such Holder (x) is prohibited by applicable
law or Commission policy from participating in the Exchange Offer, (y) may not resell Exchange Securities acquired by it in the Exchange Offer to the public without delivering a prospectus and
that the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder or (z) is a broker-dealer and holds Securities
acquired directly from the Company and the Guarantors or an "affiliate" of the Company or any Guarantor and a Shelf Registration Statement is not filed within 120 days after such notice or
(C) upon the request of an Initial Purchaser, a Shelf Registration Statement is not filed within 120 days after such request, then commencing on either the 121st day after
the Closing Date or the expiration of either of the 120-day time periods set forth in clauses (B) and (C) above (either, a "Prescribed Time Period"), as the case may be,
Penalty Interest shall be accrued on the Notes over and above the stated payment rates thereon at a rate of .50% per annum for the first 90 days immediately following either the
120th day after the Closing Date or the expiration of the Prescribed Time Period, as the case may be, such Penalty Interest rate increasing by an additional .25% per annum at the
beginning of each subsequent 90-day period; 

         (ii)  if
an Exchange Offer Registration Statement or a Shelf Registration Statement is filed pursuant to clause (i) of the preceding full paragraph and is not declared
effective within either 180 days following the Closing Date or 60 days following the expiration of the Prescribed Time Period, as the case may be, then commencing on the
181st day after either the Closing Date or the 61st day following the expiration of the Prescribed Time Period, as the case may be, Penalty Interest shall be accrued on the
Notes over and above the accrued stated payment rates thereon at a rate of .50% per annum for the first 90 days immediately following the 181st day after either the Closing Date
or the 61st day after the expiration of the Prescribed Time Period, as the case may be, such Penalty Interest rate increasing by an additional .25% per annum at the beginning of each
subsequent 90-day period; and 

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        (iii)  if
either (A) the Company and the Guarantors have not exchanged Exchange Securities for all Securities validly tendered in accordance with the terms of the
Exchange Offer on or prior to 210 days after the Closing Date, or (B) if applicable, a Shelf Registration Statement has been declared effective and such Shelf Registration Statement
ceases to be effective prior to the end of the Effective Period, or such shorter period that will terminate when all of the Securities covered by the Shelf Registration Statement have been sold
pursuant to the Shelf Registration Statement, then, subject to certain exceptions, Penalty Interest shall be accrued on the Notes over and above the stated payment rates at a rate of .50% per annum
for the first 90 days immediately following the (x) the 211th day after the Closing Date, in the case of (A) above or (y) the day such Shelf Registration
Statement ceases to be effective in the case of (B) above, such Penalty Interest rate increasing by an additional .25% per annum at the beginning of each subsequent 90-day period; 

provided, however, that the Penalty Interest rate on any of the applicable Notes may not exceed 1.5% per
annum; and provided further, that (1) upon the filing of the Exchange Offer Registration Statement or a Shelf Registration Statement (in the case
of (i) above), (2) upon the effectiveness of the Exchange Offer Registration Statement or a Shelf Registration Statement (in the case of (ii) above), or (3) upon the
exchange of Exchange Securities for all Securities tendered into the Exchange Offer or upon the effectiveness of the Shelf Registration Statement which had ceased to remain effective prior to the end
of the Effective Period (in the case of (iii) above), Penalty Interest as a result of such clause (i), (ii) or (iii) shall cease to accrue. 

        Any
Penalty Interest due pursuant to clause (i), (ii) or (iii) above will be payable in cash on the various payment dates related to the Notes and, if any Penalty
Interest has accrued and is owed at the time the Notes are to be exchanged for Exchange Notes, such Penalty Interest shall be paid in cash no later than the date of and prior to any such exchange. The
Penalty Interest will be determined by multiplying the applicable Penalty Interest rate by the principal amount of the Notes multiplied by a fraction, the numerator of which is the number of days such
Penalty Interest rate was applicable during such period, and the denominator of which is 360. 

        If
the Company and the Guarantors effect the Exchange Offer, the Company and the Guarantors will be entitled to close the Exchange Offer provided that it has accepted all Registrable
Securities theretofore validly tendered in accordance with the terms of the Exchange Offer. Registrable Securities not tendered in the Exchange Offer shall bear interest at the same rate as in effect
at the time of issuance of the Registrable Securities. 

        (e)   Without
limiting the remedies available to the Initial Purchasers and the Holders, the Company and the Guarantors acknowledge that any failure by the Company and the
Guarantors to comply with their obligations under Section 2(a) and Section 2(b) hereof may result in material irreparable injury to the
Holders for which there is no adequate remedy at law, that it will not be possible to measure damage for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or
any Holder may obtain such relief as may be required to specifically enforce the Company's and the Guarantors' obligations under Section 2(a) and Section 2(b) hereof. 

        3.    Registration Procedures.    

        In
connection with the obligations of the Company and the Guarantors with respect to the Registration Statements pursuant to Section 2(a) and Section 2(b) hereof, the
Company and the Guarantors shall as promptly as practicable: 

        (a)   prepare
and file with the Commission a Registration Statement on the appropriate form under the Securities Act, which form shall (x) be selected by the Company
and the Guarantors, (y) in the case of a Shelf Registration, be available for the sale of the Registrable Securities by the 

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selling
Holders thereof and (z) comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by the Commission to be
filed therewith or incorporated by reference therein, as the case may be, and use their best efforts to cause such Registration Statement to become effective and remain effective as promptly as
practicable in accordance with Section 2 hereof; 

        (b)   prepare
and file with the Commission such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such
Registration Statement effective for the applicable period and cause each Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed pursuant to
Rule 424 under the Securities Act or, in the case of a Shelf Registration, file, or cause to be filed, promptly all reports required to be filed pursuant to Section 13(a), 13(c), 14 or
15(d) of the Exchange Act required to be incorporated by reference therein; and keep each Prospectus current during the period described under Section 4(3) and Rule 174 under the
Securities Act that is applicable to transactions by brokers or dealers with respect to the Registrable Securities or Exchange Securities; 

        (c)   in
the case of a Shelf Registration, furnish to each Holder of Registrable Securities to which such Shelf Registration Statement relates, to counsel for the Initial
Purchasers and to counsel for the Holders, without charge, one conformed copy of the Shelf Registration Statement (and any post-effective amendment thereto) and exhibits thereto and as
many copies of each Prospectus, including each preliminary Prospectus and any amendment or supplement thereto, reasonably requested to facilitate the public sale or other disposition of the
Registrable Securities; and the Company's and the Guarantors' consent to the use of such Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the selling
Holders of Registrable Securities in connection with the offering and sale of the Registrable Securities covered by and in the
manner described in such Prospectus or any amendment or supplement thereto in accordance with applicable law; 

        (d)   use
their best efforts (i) to register or qualify the Registrable Securities under all applicable state securities or blue sky laws or such jurisdictions as any
Holder of Registrable Securities covered by a Registration Statement shall reasonably request in writing by the time the applicable Registration Statement is declared effective by the Commission,
(ii) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions during the period
the Shelf Registration Statement is required to remain effective under Section 2(b) above and for so long as may be necessary to enable any such Holder, agent or underwriter to complete its
distribution of the Securities pursuant to such Registration Statement but in no event longer than two years and (iii) to cooperate with such Holders in connection with any filings required to
be made with the NASD and do any and all other acts and things which may be reasonably necessary or advisable to enable such Holder to consummate the disposition in each such jurisdiction of such
Registrable Securities owned by such Holder; provided, however, that the Company and the Guarantors
shall not be required to (A) qualify as foreign corporations or as dealers in securities in any jurisdiction where they would not otherwise be required to qualify but for this
Section 3(d), (B) file any general consent to service of process or to take any action that would subject it to general service of process in any such jurisdiction where it is not then
so subject or (C) subject themselves to taxation in any such jurisdiction if they are not so subject; 

        (e)   in
the case of a Shelf Registration, notify each Holder of Registrable Securities, counsel for the Holders and for the Initial Purchasers (or, if applicable, separate
counsel for the Holders) and, if requested by such Persons, confirm such advice in writing, (i) when the Shelf Registration Statement has become effective and when any
post-effective amendment thereto has been filed and becomes effective, (ii) of any request by the Commission or any state securities authority for amendments and supplements to the
Shelf Registration Statement and Prospectus or for additional 

9

 

information
after the Shelf Registration Statement has become effective, (iii) of the issuance by the Commission or any state securities authority of any stop order suspending the effectiveness
of the Shelf Registration Statement or the initiation of any proceedings for that purpose, (iv) if the Company or any Guarantor receives any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (v) of the happening of any event during the period a Shelf
Registration Statement is effective which makes any statement made in such Shelf Registration Statement or the related Prospectus untrue in any material respect or which requires the making of any
changes in such Shelf Registration Statement or document incorporated by reference therein in order to make the statements therein not misleading or which requires the making of any changes in the
Prospectus or documents incorporated by reference therein in order to make the statements therein, in light of the circumstances under which they were made, not misleading and (vi) of any
determination by the Company and the Guarantors that a post-effective amendment to the Shelf Registration Statement would be appropriate; 

        (f)    use
their best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement at the earliest possible moment and provide prompt
notice to each Holder of the withdrawal of any such order; 

        (g)   in
the case of a Shelf Registration, cooperate with the selling Holders of Registrable Securities to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold and not bearing any restrictive legends (unless required by applicable securities laws) and enable such Registrable Securities to be in such
denominations (consistent with the provisions of the Indenture) and registered in such names as the selling Holders may reasonably request at least two Business Days prior to the closing of any sale
of Registrable Securities; 

        (h)   in
the case of a Shelf Registration, upon the occurrence of any event contemplated by Section 3(e)(v) hereof, use their best efforts to prepare a
supplement or post-effective amendment to the Shelf Registration Statement or the related Prospectus or any document incorporated therein by reference or file any other required document
so that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact necessary to
make the statements therein, in light of the circumstances under which they were made, not misleading; provided that the Company and the Guarantors
agree to notify the Holders to suspend use of the Prospectus as promptly as practicable after the occurrence of such an event, and the Holders hereby agree to suspend use of the Prospectus until the
Company and the Guarantors have amended or supplemented the Prospectus or any document incorporated by reference therein to correct such misstatement or omission; 

        (i)    a
reasonable time prior to the filing of any Registration Statement, any Prospectus, any amendment to a Registration Statement or amendment or supplement to a Prospectus
or any document incorporated by reference therein, provide copies of such document to the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, counsel for the
Holders) and make such of the representatives of the Company and the Guarantors as shall be reasonably requested by the Initial Purchasers or their counsel (and, in the case of a Shelf Registration
Statement, counsel for the Holders) available for discussion of such document, and shall not at any time file or make any amendment to the Registration Statement, any Prospectus or any amendment of or
supplement to a Registration Statement or a Prospectus, of which the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, counsel for the Holders) shall not have
previously been advised and furnished a copy or to which the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, counsel for the Holders) shall reasonably object
promptly in light of the circumstances in which made; 

10

 

        (j)    subject
to clause (t) hereof, obtain a CUSIP number for all Exchange Securities or Registrable Securities (if applicable), as the case may be, not later than the
Effective Time; 

        (k)   cause
the Indenture and the Guarantees to be qualified or to maintain their qualifications under the Trust Indenture Act in connection with the registration of the
applicable Exchange Securities or applicable Registrable Securities, as the case may be, cooperate with the Trustee and the Holders to effect such changes to the Indenture and the Guarantees as may be
required for the Indenture and the Guarantees to be so qualified or to maintain their qualifications in accordance with the terms of the Trust Indenture Act and execute, and use their best efforts to
cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and documents required to be filed with the Commission to enable the Indenture and the
Guarantees, as the case may be, to be so qualified in a timely manner or to maintain their qualifications; 

        (l)    in
the case of a Shelf Registration, make reasonably available for inspection by one representative of the Holders of the Registrable Securities, counsel for the Holders
and accountants designated by the Holders and reasonably acceptable to the Company and the Guarantors, at reasonable times and in a reasonable manner and subject to the execution of customary
confidentiality agreements, all financial and other records, pertinent documents and properties of the Company and the Guarantors, and cause the respective officers, directors and employees of the
Company and the Guarantors to supply all information reasonably requested, and as is customary for similar due diligence examinations, by any such representative, attorney or accountant in connection
with a Shelf Registration Statement; 

        (m)  if
requested by any Holder of Registrable Securities covered by a Registration Statement, (i) promptly include in a Prospectus supplement or
post-effective amendment or document incorporated by reference in such Prospectus such information with respect to such Holder as such Holder requests to be included therein and
(ii) make all required filings of such Prospectus supplement or such post-effective amendment as soon as the Company and the Guarantors have received notification of the matters to
be included in such filing; and 

        (n)   in
the case of a Shelf Registration or an Exchange Offer Registration, if the Initial Purchasers on behalf of the Holders shall so request, enter into such customary
agreements and take all such other reasonable actions in connection therewith (including, those reasonably requested by counsel for the Holders) in order to expedite or facilitate the disposition of
such Registrable Securities and in such connection, (i) to the extent possible, make such representations and warranties to the Holders of such Registrable Securities with respect to the
business of the Company, the Guarantors and their respective subsidiaries, the Registration Statement, the Prospectus and documents deemed incorporated by reference, if any, in each case, in form,
substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested, (ii) use their best efforts to obtain opinions of
counsel to the Company and the Guarantors (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to counsel to the Holders) addressed to each selling Holder of
Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings, (iii) use their best efforts to obtain "cold comfort" letters from the
independent certified public accountants of the Company and the Guarantors (and, if necessary, any other certified public accountant of any subsidiary of the Company, any Guarantor or any business
acquired by the Company or Guarantor for which financial statements and financial data are or are required to be included or incorporated by reference in the Registration Statement) addressed to each
selling Holder of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in "cold comfort" letters in connection with underwritten offerings
and (iv) deliver such documents and certificates as may be reasonably requested by counsel for the Holders to evidence the continued validity of the representations and 

11

 

warranties
of the Company and the Guarantors made pursuant to clause (i) above and to evidence compliance with any customary conditions in an underwriting agreement. 

        In
the case of a Shelf Registration Statement, the Company and the Guarantors may require each Holder of Registrable Securities to promptly furnish to the Company and the Guarantors such
information regarding the Holder and the proposed distribution by such Holder of such Registrable Securities as the Company and the Guarantors may from time to time reasonably request in writing and
the Company and the Guarantors may exclude from such registration the Registrable Securities of any Holder that unreasonably fails to furnish such information within a reasonable time after receiving
such request. 

        In
the case of a Shelf Registration Statement, each Holder agrees that, upon receipt of any notice from the Company and the Guarantors of the happening of any event of the kind described
in Section 3(e)(ii) through (v) hereof, such Holder will forthwith discontinue disposition of Registrable Securities pursuant to such Shelf Registration Statement until such
Holder's receipt of the copies of the supplemented or amended Prospectus contemplated by Section 3(h) hereof, and, if so directed by the Company and the Guarantors, such Holder will deliver to
the Company and the Guarantors (at its expense) all copies in its possession, other than permanent file copies then in such Holder's possession, of the Prospectus covering such Registrable Securities
current at the time of receipt of such notice. Each Holder agrees to indemnify the Company, the Guarantors, the Initial Purchasers and the other selling Holders and each of their respective officers
and directors who sign the Shelf Registration Statement and each Person, if any, who controls any such Person for any losses, claims, damages and liabilities caused by the failure of such Holder to
discontinue disposition of Registrable Securities after receipt of the notice referred to in the preceding sentence or the failure of such Holder to comply with
applicable prospectus delivery requirements with respect to any Prospectus (including, but not limited to, any amended or supplemented Prospectus) provided by the Company and the Guarantors for such
use. 

        (o)   comply,
as to all matters within the Company's and the Guarantors' control, with the provisions of the Securities Act with respect to the disposition of all of the
Registrable Securities covered by such Registration Statement in accordance with the intended methods of disposition by the Holders thereof provided for in such Registration Statement; 

        (p)   use
their best efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or local, which may be required to be obtained
by the Company and the Guarantors to effect the Shelf Registration or the offering or sale of Securities in connection therewith or to enable the selling Holder or Holders to offer, or to consummate
the disposition of, their Registrable Securities; 

        (q)   notify
in writing each Holder of Registrable Securities of any proposal by the Company and the Guarantors to amend or waive any provision of this Agreement pursuant to
Section 7(b) hereof and of any amendment or waiver effected pursuant thereto, each of which notices shall contain the text of the amendment or waiver proposed or effected, as the case may be; 

        (r)   in
the event that any broker-dealer registered under the Exchange Act shall underwrite any Registrable Securities or participate as a member of an underwriting syndicate
or selling group or "assist in the distribution" (within the meaning of the Conduct Rules and the By-Laws of the NASD or any successor thereto, as amended from time to time) thereof,
whether as a Holder of such Registrable Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect thereof, or otherwise, assist such broker-dealer in complying with
the requirements of such Rules and By-Laws, including by (A) if such Conduct Rules or By-Laws shall so require, permitting a "qualified independent underwriter" (as
defined in such Conduct Rules or By-Laws (or any successor thereto)) to participate in the preparation of the Registration Statement relating to such Registrable Securities, to exercise
usual standards of due diligence in respect thereto and, 

12

 

if
any portion of the offering contemplated by such Registration Statement is an underwritten offering or is made through a placement or sales agent, to recommend the yield of such Registrable
Securities, (B) indemnifying any such qualified independent underwriter to the extent of the indemnification of underwriters provided in Section 5 hereof and (C) providing such
information to such broker-dealer as may be required in order for such broker-dealer to comply with the requirements of the Conduct Rules or By-Laws of the NASD; 

        (s)   make
generally available to its security holders as soon as practicable but in any event not later than eighteen months after the effective date of such Registration
Statement, an earnings statement of the Company and its subsidiaries complying with Section 11(a) of the Securities Act (including, at the option of the Company, Rule 158 thereunder);
and 

        (t)    use
their best efforts to ensure that the Exchange Securities issued pursuant to the Exchange Offer Registration Statement and/or the Registrable Securities registered
on the Shelf Registration Statement are fungible with and exchangeable for (and have the same CUSIP number as) (i) the Company's outstanding $300 million aggregate principal amount of
the 8% Senior Subordinated Notes due 2012, (ii) the $125 million aggregate principal amount of the Company's 8% Senior Subordinated Notes due 2012, upon the completion of the exchange
offer of the $125 million aggregate principal amount of such notes issued on November 8, 2002 and (iii) the $125 million aggregate principal amount of the Company's 8%
Senior Subordinated Notes due 2012, upon the completion of the exchange offer of the $125 million aggregate principal amount of such notes issued on December 31, 2002, including
providing any such documentation or letter of representation or taking any such action as The Depository Trust Company may request in order to effectuate the foregoing. 

        4.    Participation of Broker-Dealers in Exchange Offer.    

        (a)   Each
of the Company and the Guarantors understands that the staff of the Commission has taken the position that any broker-dealer that receives Exchange Securities for
its own account in the Exchange Offer in exchange for Securities that were acquired by such broker-dealer as a result of market-making or other trading activities (a "Participating Broker-Dealer"),
may be deemed to be an "underwriter" within the meaning of the Securities Act in connection with any resale of such Exchange Securities and, therefore, must deliver a prospectus meeting the
requirements of the Securities Act in connection with any resales of the Exchange Securities received by it in the Exchange Offer. 

        Each
of the Company and the Guarantors understands that it is the staff's position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of
distribution containing a statement to the above effect and the means by which Participating Broker-Dealers may resell the Exchange Securities, without naming the Participating Broker-Dealers or
specifying the amount of Exchange Securities owned by them, such Prospectus may be delivered by Participating Broker-Dealers to satisfy their prospectus delivery obligations under the Securities Act
in connection with resales of Exchange Securities for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 

        (b)   In
light of the above, notwithstanding the other provisions of this Agreement, the Company and the Guarantors agree: to cause the Exchange Offer Registration Statement
to remain effective for a period of 120 days after the Offer Termination Date (or such earlier date as each Participating Broker-Dealer shall have notified the Company and the Guarantors in
writing that such Participating Broker-Dealer has resold all such Exchange Securities received in the Exchange Offer) and shall amend or supplement the Prospectus or document incorporated by reference
therein, as the case may be, contained in the Exchange Offer Registration Statement, as would otherwise be contemplated by Section 3(h) for such a period, and Participating Broker-Dealers shall
not be authorized by the Company and the Guarantors to deliver and shall not 

13

 

deliver
such Prospectus after such period in connection with the resales contemplated by this Section 4. 

        (c)   The
Initial Purchasers shall have no liability to the Company, the Guarantors or any Holder for costs and expenses of the Exchange Offer Registration with respect to any
request that they make pursuant to Section 4(b) above. 

        5.    Indemnification and Contribution.    

        (a)   The
Company and the Guarantors, jointly and severally, agree to indemnify and hold harmless the Initial Purchasers, each Holder and each Person, if any who controls the
Initial Purchasers or any Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages,
liabilities and expenses (including the reasonable fees and expenses of counsel and other expenses in connection with investigating, defending or settling such action or claim) arising out of or based
upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment or supplement thereto) pursuant to which Exchange Securities or
Registrable Securities were registered under the Securities Act (including all documents incorporated therein by reference) or arising out of or based upon any omissions or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or arising out of or based upon any untrue statement or alleged untrue statement of a
material fact contained in any Prospectus (as amended or supplemented if the Company and the Guarantors shall have furnished any amendments or supplements thereto), or arising out of or based upon any
omission or alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, except insofar as such
losses, claims, damages, liabilities or expenses arise out of or are based upon any untrue statement or omission or alleged untrue statement or omission which has been made therein or omitted
therefrom in reliance upon and in conformity with the information furnished in writing to the Company and the Guarantors by or on behalf of any Holder expressly for use in connection therewith
("Holders' Information"); provided, however, that the indemnification contained in this
paragraph (a) with respect to any preliminary Prospectus shall not inure to the benefit of the Holders (or to the benefit of any Person controlling any Holder) on account of any such loss,
claim, damage, liability or expense arising from the sale of such Registrable Securities or Exchange Securities by the Holders to any Person if a copy of such preliminary Prospectus shall not have
been delivered or sent to such Person at or prior to written confirmation of such sale, and the untrue statement or alleged untrue statement or omission or alleged omission of a material fact
contained in the
preliminary Prospectus was corrected in the Prospectus; provided that the Company and the Guarantors have delivered the Prospectus to the Holders in
requisite quantity on a timely basis to permit delivering and sending. The foregoing indemnity agreement shall be in addition to any liability which the Company and the Guarantors may otherwise have. 

        (b)   If
any action, suit or proceeding shall be brought against the Holders or any Person controlling the Holders in respect of which indemnity may be sought against the
Company and the Guarantors, such Holders or such controlling Person shall promptly notify the parties against whom indemnification is being sought (the "indemnifying parties"), and such indemnifying
parties shall assume the defense thereof, including the employment of counsel and payment of all fees and expenses. Such Holders or any such controlling Person shall have the right to employ separate
counsel in any such action, suit or proceeding and to participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Holders or such controlling Person
unless (i) the indemnifying parties have agreed in writing to pay such fees and expenses, (ii) the indemnifying parties have failed to assume the defense and employ counsel, or
(iii) the named parties to any such action, suit or proceeding (including any impleaded parties) include 

14

 

both
such Holders or such controlling Person and the indemnifying parties and such Holders or such controlling Person shall have been advised by its counsel that representation of such indemnified
party and any indemnifying party by the same counsel would be inappropriate under applicable standards of professional conduct (whether or not such representation by the same counsel has been
proposed) due to actual or potential differing interests between them (in which case the indemnifying party shall not have the right to assume the defense of such action, suit or proceeding on behalf
of such Holders or such controlling Person). It is understood, however, that the indemnifying parties shall, in connection with any one such action, suit or proceeding or separate but substantially
similar or related actions, suits or proceedings in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of only one
separate firm of attorneys (in addition to any local counsel) at any time for such Holders and controlling Persons not having actual or potential differing interests with such Holder or among
themselves, which firm shall be designated in writing by J.P. Morgan Securities Inc., and that all such fees and expenses shall be reimbursed as they are incurred. The indemnifying parties
shall not be liable for any settlement of any such action, suit or proceeding effected without their written consent, but if settled with such written consent, or if there be a final judgment for the
plaintiff in any such action, suit or proceeding, the indemnifying parties agree to indemnify and hold harmless any Holders, to the extent provided in the preceding paragraph, and any such controlling
Person from and against any loss, claim, damage, liability or expense by reason of such settlement or judgment. 

        (c)   Each
Holder agrees, severally and not jointly, to indemnify and hold harmless each of the Company, the Guarantors, each of their respective directors and officers, and
any Person who controls the Company or any of the Guarantors within the meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, to the same extent as the
foregoing indemnity from the Company and the Guarantors to each Holder, but only with respect to the Holders' Information. If any action, suit or proceeding shall be brought against the Company, any
of the Guarantors, any of their respective directors or officers, or any such controlling Persons based on any Registration Statement (or any amendment thereto) or any Prospectus (or any amendment or
supplement thereto), and in respect of which indemnity may be sought against any Holder pursuant to this paragraph (c), such Holder shall have the rights and duties given to the Company and the
Guarantors by paragraph (b) above (except that if the Company and the Guarantors shall have assumed the defense thereof such Holder shall not be required to do so, but may employ separate
counsel therein and participate in the defense thereof, but the fees and expenses of such counsel shall be at such Holder's expense), and the Company, the Guarantors, their respective directors and
officers, and any such controlling Persons shall have the rights and duties given to the Holders by paragraph (b) above. The foregoing indemnity agreement shall be in addition to any liability
which any Holders may otherwise have. 

15

  

        (d)   If
the indemnification provided for in this Section 5 is unavailable or insufficient to hold an indemnified party under paragraphs (a) or (c) hereof
harmless in respect of any losses, claims, damages, liabilities or expenses referred to therein, then an indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the
amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses (i) in such proportion as is appropriate to reflect the relative benefits
of the Company and the Guarantors on the one hand, the Holders on another hand, and the Initial Purchasers on another hand, from the offering of the Securities or (ii) if the allocation
provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also
the relative fault of the Company and the Guarantors on the one hand, the Holders on another hand, and the Initial Purchasers on another hand, in connection with the statements or omissions that
resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative benefits received by the Company and the Guarantors from the
offering of the Securities included in any Registration Statement shall in each case be deemed to include the proceeds received by the Company in connection with the offering of the Securities
pursuant to the Purchase Agreement. The parties hereto agree that any underwriting discount or commission or reimbursement of fees paid to the Initial Purchasers pursuant to the Purchase Agreement
shall not be deemed to be a benefit received by the Initial Purchasers in connection with the offering of the Securities included in any Registration Statement. The relative fault of the Company and
the Guarantors on the one hand, the Holders on another hand, and the Initial Purchasers on another hand, shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company and the Guarantors on the one hand, by the Holders on another
hand, and the Initial Purchasers on another hand, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

        (e)   The
Company, the Guarantors and each Holder agree that it would not be just or equitable if contribution pursuant to this Section 5 were determined by pro rata
allocation or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an indemnified party
as a result of the losses, claims, damages, liabilities and expenses referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or
other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 5, no Holder
shall be required to indemnify or contribute any amount in excess of the amount by which the total price at which Registrable Securities were sold by such Holder exceeds the amount of any damages that
such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The Holders' obligations to contribute
pursuant to this Section 5 are several in proportion to the aggregate principal amount of Securities purchased by such Holder and not joint. 

        (f)    No
indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action, suit or proceeding in
respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (i) includes an
unconditional release of such indemnified party from all liability or claims that are the subject matter of such action, suit or proceeding and (ii) does not include a statement as to, or an
admission of, fault, culpability or a failure to act by or on behalf of any indemnified party. 

16

 

        (g)   Any
losses, claims, damages, liabilities or expenses (including counsel fees pursuant to paragraph (b) above) for which an indemnified party is entitled to
indemnification or contribution under this Section 5 shall be paid by the indemnifying party to the indemnified party as such losses, claims, damages, liabilities or expenses are incurred. The
indemnity and contribution agreements contained in this Section 5 shall remain operative and in full force and effect, regardless of (i) any investigation made by or on behalf of any
Holder or any Person controlling any Holder, the Company's or any Guarantor's directors or officers or any Person controlling the Company or any Guarantor, (ii) acceptance of any Exchange
Securities and (iii) any sale of Registrable Securities pursuant to a Shelf Registration Statement. 

        6.    Underwritten Offerings; Rule 144.    

        (a)    Selection of Underwriters.    If any of the Registrable Securities covered by the Shelf Registration are to be
sold pursuant to an underwritten offering, the managing underwriter or underwriters thereof shall be designated by the Holders of at least a majority in aggregate principal amount of the Registrable
Securities to be included in such offering, provided that such designated managing underwriter or underwriters is or are reasonably acceptable to the Company. 

        (b)    Participation by Holders.    Each Holder of Registrable Securities hereby agrees with each other such Holder
that no such Holder may participate in any underwritten offering hereunder unless such Holder (i) agrees to sell such Holder's Registrable Securities on the basis provided in any underwriting
arrangements approved by the Persons entitled hereunder to approve such arrangements and (ii) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements
and other documents reasonably required under the terms of such underwriting arrangements. 

        (c)    Rule 144.    For so long as the Company is subject to the reporting requirements of Section 13 or
15 of the Exchange Act, the Company covenants to the Holders of Registrable Securities that the Company shall timely file the reports required to be filed by it under the Exchange Act or the
Securities Act (including the reports under Sections 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by the Commission under the Securities Act) and the
rules and regulations adopted by the Commission thereunder, that if it ceases to be so required to file such reports, it will
upon the request of any Holder of Registrable Securities (i) make publicly available such information as is necessary to permit sales pursuant to Rule 144 under the Securities Act,
(ii) deliver such information to a prospective purchaser as is necessary to permit sales pursuant to Rule 144 under the Securities Act and it will take such further action as any Holder
of Registrable Securities may reasonably request, and shall take such further action as any Holder of Registrable Securities may reasonably request, all to the extent required from time to time to
enable such Holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by Rule 144 under the Securities Act, as such
Rule may be amended from time to time, or any similar or successor rule or regulation hereafter adopted by the Commission. Upon the request of any Holder of Registrable Securities in connection with
that Holder's sale pursuant to Rule 144, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements. 

        7.    Miscellaneous.    

        (a)    No Inconsistent Agreements.    The Company and the Guarantors have not entered into, and on or after the date
of this Agreement will not enter into, any agreement which is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions
hereof. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company's other issued and outstanding
securities under any such agreements. 

17

 

        (b)    Entire Agreement; Amendments and Waivers.    This Agreement and the other writings referred to herein or
delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to its subject matter. This Agreement supersedes all prior agreements and
understandings between the parties with respect to its subject matter. The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given unless the Company and the Guarantors have obtained the written consent of the Majority Holders;  provided, however, that no departure from the provisions of Section 5 hereof shall be effective
as against any Holder of Registrable Securities unless consented to in writing by such Holder. 

        (c)    Notices.    All notices and other communications provided for or permitted hereunder shall be made in writing
by hand-delivery, registered first-class mail, telex, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder
to the Company and the Guarantors by means of a notice given in accordance with the provisions of this Section 7(c), which address initially is, with respect to the Initial Purchasers, the
address set forth in the Purchase Agreement; and (ii) if to the Company or the Guarantors at the Company's address set forth in the Purchase Agreement and thereafter at such other address,
notice of which is given in accordance with the provisions of this Section 7(c). 

        All
such notices and communications shall be deemed to have been duly given at the time delivered, if personally delivered; five Business Days after being deposited in the mail, postage
pre-paid, if mailed; when answered back, if telexed; when receipt is acknowledged, if telecopied; and on the next Business Day if timely delivered to an air courier guaranteeing overnight
delivery. 

        Copies
of all such notices, demands, or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture. 

        (d)    Successors and Assigns.    This Agreement shall inure to the benefit of and be binding upon the successors,
assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment or assumption, subsequent Holders; provided that nothing herein shall be
deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Purchase Agreement. If any transferees of any Holder shall acquire Registrable
Securities, in any manner, whether by operation of law or otherwise, such Registrable Securities, shall be held subject to all of the terms of this Agreement, and by taking and holding such
Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be entitled to
receive the benefits hereof. The Initial Purchasers shall have no liability or obligation to the Company or the Guarantors with respect to any failure by a Holder (other than the Initial Purchasers)
to comply with, or any breach by any Holder of, the obligations of such Holder under this Agreement. 

        (e)    Third Party Beneficiary.    The Holders shall be third party beneficiaries to the agreements made hereunder
between the Company, the Guarantors and the Initial Purchasers and shall have the right to enforce such agreements directly to the extent they deem such enforcement necessary or advisable to protect
their rights hereunder. 

        (f)    Counterparts.    This Agreement may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

        (g)    Headings.    The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. 

        (h)    Governing Law.    This Agreement shall be governed by laws of the State of New York. 

        (i)    Severability.    In the event that one or more of the provisions contained herein, or the application thereof
in any circumstances, is held invalid, illegal or unenforceable, the validity, legality and
enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 

18

 

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

	 	 	SINCLAIR BROADCAST GROUP, INC.
	

 	
 	

By	

 
	 	 	 	
 Name:  David B. Amy

Title:    Executive Vice President and

             Chief Financial Officer
	

 	
 	
GUARANTORS
	

 	
 	

CHESAPEAKE TELEVISION, INC.

KSMO, INC.

WCGV, INC.

SINCLAIR ACQUISITION IV, INC.

WLFL, INC.

SINCLAIR MEDIA I, INC.

WSMH, INC.

SINCLAIR MEDIA II, INC.

WSTR LICENSEE, INC.

WGME, INC.

SINCLAIR MEDIA III, INC.

WTTO, INC.

WTVZ, INC.

WYZZ, INC.

KOCB, INC.

KSMO LICENSEE, INC.

WDKY, INC.

WYZZ LICENSEE, INC.

KLGT, INC.

SINCLAIR TELEVISION COMPANY II, INC.

SINCLAIR COMMUNICATIONS, INC.

WSYX LICENSEE, INC.

WGGB, INC.

WTWC, INC.

SINCLAIR COMMUNICATIONS II, INC.

SINCLAIR HOLDINGS I, INC.

SINCLAIR HOLDINGS II, INC.

SINCLAIR HOLDINGS III, INC.

SINCLAIR TELEVISION COMPANY, INC.

SINCLAIR TELEVISION OF BUFFALO, INC.

SINCLAIR TELEVISION OF CHARLESTON, INC.

SINCLAIR TELEVISION OF NASHVILLE, INC.

19

 

	 	 	SINCLAIR TELEVISION OF NEVADA, INC.

SINCLAIR TELEVISION OF TENNESSEE, INC.

SINCLAIR TELEVISION LICENSE HOLDER, INC.

SINCLAIR TELEVISION OF DAYTON, INC.

SINCLAIR ACQUISITION VII, INC.

SINCLAIR ACQUISITION VIII, INC.

SINCLAIR ACQUISITION IX, INC.

SINCLAIR ACQUISITION X, INC.

SINCLAIR ACQUISITION XI, INC.

SINCLAIR ACQUISITION XII, INC.

MONTECITO BROADCASTING CORPORATION

CHANNEL 33, INC.

WNYO, INC.

NEW YORK TELEVISION, INC.

BIRMINGHAM (WABM-TV) LICENSEE, INC.

RALEIGH (WRDC-TV) LICENSEE, INC.

SAN ANTONIO (KRRT-TV) LICENSEE, INC.

WVTV LICENSEE, INC.

SINCLAIR ACQUISITION XIII, INC.

SINCLAIR ACQUISITION XIV, INC.

SINCLAIR ACQUISITION XV, INC.

SINCLAIR TELEVISION GROUP, INC.

SINCLAIR PROPERTIES, LLC

SINCLAIR PROPERTIES II, LLC

KBSI LICENSEE L.P.

KETK LICENSEE L.P.

WMMP LICENSEE L.P.

WSYT LICENSEE L.P.
	

 	
 	

By:	

Sinclair Properties, LLC, General Partner
	

 	
 	

WEMT LICENSEE L.P.

WKEF LICENSEE L.P.
	

 	
 	

By:	

Sinclair Properties II, LLC, General Partner
	

 	
 	

WGME LICENSEE, LLC
	

 	
 	

By:	

WGME, Inc., Member
	

 	
 	

WICD LICENSEE, LLC

WICS LICENSEE, LLC

KGAN LICENSEE, LLC
	

 	
 	

By:	

Sinclair Acquisition IV, Inc., Member
	

 	
 	

WSMH LICENSEE, LLC
	

 	
 	

By:	

WSMH, Inc., Member

20

 

	

 	
 	

WPGH LICENSEE, LLC

KDNL LICENSEE, LLC

WCWB LICENSEE, LLC
	

 	
 	

By:	

Sinclair Media I, Inc., Member
	

 	
 	

WTVZ LICENSEE, LLC
	

 	
 	

By:	

WTVZ, Inc., Member
	

 	
 	

CHESAPEAKE TELEVISION LICENSEE, LLC

KABB LICENSEE, LLC

SCI - SACRAMENTO LICENSEE, LLC

WLOS LICENSEE, LLC
	

 	
 	

By:	

Chesapeake Television, Inc., Member
	

 	
 	

KLGT LICENSEE, LLC
	

 	
 	

By:	

KLGT, Inc., Member
	

 	
 	

WCGV LICENSEE, LLC
	

 	
 	

By:	

WCGV, Inc., Member
	

 	
 	

SCI - INDIANA LICENSEE, LLC

KUPN LICENSEE, LLC

WEAR LICENSEE, LLC
	

 	
 	

By:	

Sinclair Media II, Inc., Member
	

 	
 	

WRDC, LLC

WLFL LICENSEE, LLC
	

 	
 	

By:	

WLFL, Inc., Member
	

 	
 	

WTTO LICENSEE, LLC
	

 	
 	

By:	

WTTO, Inc., Member
	

 	
 	

WTWC LICENSEE, LLC
	

 	
 	

By:	

WTWC, Inc., Member
	

 	
 	

WGGB LICENSEE, LLC
	

 	
 	

By:	

WGGB, Inc., Member
	

 	
 	

KOCB LICENSEE, LLC
	

 	
 	

By:	

KOCB, Inc., Member
	

 	
 	

KOKH, LLC

WDKY LICENSEE, LLC
	

 	
 	

By:	

WDKY, Inc., Member

21

 

	 	 	KOKH LICENSEE, LLC
	

 	
 	

By:	

KOKH, LLC, Member of KOKH Licensee, LLC
	

 	
 	

By:	

WDKY, Inc., Member of KOKH, LLC
	

 	
 	

WUPN LICENSEE, LLC

WUTV LICENSEE, LLC

WXLV LICENSEE, LLC
	

 	
 	

By:	

Sinclair Television of Buffalo, Inc., Member
	

 	
 	

WUXP LICENSEE, LLC
	

 	
 	

By:	

Sinclair Television of Tennessee, Inc., Member
	

 	
 	

WCHS LICENSEE, LLC
	

 	
 	

By:	

Sinclair Media III, Inc., Member
	

 	
 	

SINCLAIR FINANCE HOLDINGS, LLC

SINCLAIR FINANCE, LLC
	

 	
 	

By:	

KLGT, Inc., Member
	

 	
 	

WZTV LICENSEE, LLC

WVAH LICENSEE, LLC
	

 	
 	

By:	

Sinclair Television of Nashville, Inc., Member
	

 	
 	

WMSN LICENSEE, LLC

WUHF LICENSEE, LLC
	

 	
 	

By:	

Sinclair Television Company, Inc., Member
	

 	
 	

WTAT LICENSEE, LLC

WRLH LICENSEE, LLC
	

 	
 	

By:	

Sinclair Television of Charleston, Inc., Member
	

 	
 	

WRGT LICENSEE, LLC
	

 	
 	

By:	

Sinclair Television of Dayton, Inc., Member
	

 	
 	

SINCLAIR NEWSCENTRAL, LLC
	

 	
 	

By:	

Sinclair Communications, Inc., Member
	

 	
 	

SINCLAIR COMMUNICATIONS, LLC

SINCLAIR PROGRAMMING COMPANY, LLC
	

 	
 	

By:	

Sinclair Broadcast Group, Inc., Member
	

 	
 	

By:	

 
	 	 	 	
 David B. Amy, in each case, as

Secretary or Manager, as the case may be

22

 

	Confirmed as of the date first

above mentioned.	 	 
	

J.P. MORGAN SECURITIES INC.

DEUTSCHE BANK SECURITIES INC.

WACHOVIA SECURITIES, INC.

BEAR, STEARNS & CO. INC.

UBS WARBURG LLC	
 	

 
	

By:	

J.P. Morgan Securities Inc.	
 	

 
	

By:	

 	
 	

 
	 	
 Name:

Title:	 	 

23

  

 
 

SCHEDULE I    
    
    GUARANTORS    

Chesapeake
Television, Inc., a Maryland corporation,

KSMO, Inc., a Maryland corporation,

WCGV, Inc., a Maryland corporation,

Sinclair Acquisition IV, Inc., a Maryland corporation,

WLFL, Inc., a Maryland corporation,

Sinclair Media I, Inc., a Maryland corporation,

WSMH, Inc., a Maryland corporation,

Sinclair Media II, Inc., a Maryland corporation,

WSTR Licensee, Inc., a Maryland corporation,

WGME, Inc., a Maryland corporation,

Sinclair Media III, Inc., a Maryland corporation,

WTTO, Inc., a Maryland corporation,

WTVZ, Inc., a Maryland corporation,

WYZZ, Inc., a Maryland corporation,

Sinclair Acquisition XIII, Inc., a Maryland corporation,

Sinclair Acquisition XIV, Inc., a Maryland corporation,

Sinclair Acquisition XV, Inc., a Maryland corporation,

KOCB, Inc., an Oklahoma corporation,

KSMO Licensee, Inc., a Delaware corporation,

WDKY, Inc., a Delaware corporation,

WYZZ Licensee, Inc., a Delaware corporation,

KLGT, Inc., a Minnesota corporation,

Sinclair Television Company II, Inc., a Delaware corporation,

Sinclair Communications, Inc., a Maryland corporation,

WSYX Licensee, Inc., a Maryland corporation,

WGGB, Inc., a Maryland corporation,

WTWC, Inc., a Maryland corporation,

Sinclair Communications II, Inc., a Delaware corporation,

Sinclair Holdings I, Inc., a Virginia corporation,

Sinclair Holdings II, Inc., a Virginia corporation,

Sinclair Holdings III, Inc., a Virginia corporation,

Sinclair Television Company, Inc., a Delaware corporation,

Sinclair Television of Buffalo, Inc., a Delaware corporation,

Sinclair Television of Charleston, Inc., a Delaware corporation,

Sinclair Television of Nashville, Inc., a Tennessee corporation,

Sinclair Television of Nevada, Inc., a Nevada corporation,

Sinclair Television of Tennessee, Inc., a Delaware corporation,

Sinclair Television of License Holder, Inc., a Nevada corporation,

Sinclair Television of Dayton, Inc., a Delaware corporation,

Sinclair Acquisition VII, Inc., a Maryland corporation,

Sinclair Acquisition VIII, Inc., a Maryland corporation,

Sinclair Acquisition IX, Inc., a Maryland corporation,

Sinclair Acquisition X, Inc., a Maryland corporation,

Sinclair Acquisition XI, Inc., a Maryland corporation,

Sinclair Acquisition XII, Inc., a Delaware corporation,

Montecito Broadcasting Corporation, a Delaware corporation,

Channel 33, Inc., a Nevada corporation,

WNYO, Inc., a Delaware corporation,

I-1

 

New
York Television, Inc., a Maryland corporation,

Sinclair Properties, LLC, a Virginia limited liability company,

Sinclair Properties II, LLC, a Virginia limited liability company,

KBSI Licensee L.P., a Virginia limited partnership,

KETK Licensee L.P., a Virginia limited partnership,

WMMP Licensee L.P., a Virginia limited partnership,

WSYT Licensee L.P., a Virginia limited partnership,

WEMT Licensee L.P., a Virginia limited partnership,

WKEF Licensee L.P., a Virginia limited partnership,

WGME Licensee, LLC, a Maryland limited liability company,

WICD Licensee, LLC, a Maryland limited liability company,

WICS Licensee, LLC, a Maryland limited liability company,

KGAN Licensee, LLC, a Maryland limited liability company,

WSMH Licensee, LLC, a Maryland limited liability company,

WPGH Licensee, LLC, a Maryland limited liability company,

KDNL Licensee, LLC, a Maryland limited liability company,

WCWB Licensee, LLC, a Maryland limited liability company,

WTVZ Licensee, LLC, a Maryland limited liability company,

Chesapeake Television Licensee, LLC, a Maryland limited liability company,

KABB Licensee, LLC, a Maryland limited liability company,

SCI-Sacramento Licensee, LLC, a Maryland limited liability company,

WLOS Licensee, LLC, a Maryland limited liability company,

KLGT Licensee, LLC, a Maryland limited liability company,

WCGV Licensee, LLC, a Maryland limited liability company,

SCI-Indiana Licensee, LLC, a Maryland limited liability company,

KUPN Licensee, LLC, a Maryland limited liability company,

WEAR Licensee, LLC, a Maryland limited liability company,

WLFL Licensee, LLC, a Maryland limited liability company,

WTTO Licensee, LLC, a Maryland limited liability company,

WTWC Licensee, LLC, a Maryland limited liability company,

WGGB Licensee, LLC, a Maryland limited liability company,

KOCB Licensee, LLC, a Maryland limited liability company,

WDKY Licensee, LLC, a Maryland limited liability company,

KOKH Licensee, LLC, a Maryland limited liability company,

WUPN Licensee, LLC, a Maryland limited liability company,

WUXP Licensee, LLC, a Maryland limited liability company,

WCHS Licensee, LLC, a Maryland limited liability company,

Sinclair NewsCentral LLC, a Maryland limited liability company,

Sinclair Finance, LLC, a Minnesota limited liability company,

Birmingham (WABM-TV) Licensee, Inc., a Maryland corporation,

Raleigh (WRDC-TV) Licensee, Inc., a Maryland corporation,

San Antonio (KRRT-TV) Licensee, Inc., a Maryland corporation,

WVTV Licensee, Inc., a Maryland corporation,

WUHF Licensee, LLC, a Nevada limited liability company,

WMSN Licensee, LLC, a Nevada limited liability company,

WRLH Licensee, LLC, a Nevada limited liability company,

WUTV Licensee, LLC, a Nevada limited liability company,

WXLV Licensee, LLC, a Nevada limited liability company,

WZTV Licensee, LLC, a Nevada limited liability company,

WTAT Licensee, LLC, a Nevada limited liability company,

WVAH, Licensee, LLC, a Nevada limited liability company,

I-2

 

WRGT
Licensee, LLC, a Nevada limited liability company,

KOKH, LLC, a Nevada limited liability company,

WRDC, LLC, a Nevada limited liability company,

Sinclair Television Group, Inc., a Maryland corporation,

Sinclair Communications, LLC, a Maryland limited liability company,

Sinclair Finance Holdings, LLC, a Minnesota limited liability company and

Sinclair Programming Company, LLC, a Maryland limited liability company. 

I-3

SINCLAIR BROADCAST GROUP, INC., 

THE
GUARANTORS NAMED HEREIN, AND 

J.P.
MORGAN SECURITIES INC.

DEUTSCHE BANK SECURITIES INC.

WACHOVIA SECURITIES, INC.

BEAR, STEARNS & CO. INC.

UBS WARBURG LLC 

REGISTRATION
RIGHTS AGREEMENT 

Dated
May 29, 2003 

QuickLinks

Exhibit 4.14

REGISTRATION RIGHTS AGREEMENT

SCHEDULE I GUARANTORSQuickLinks
 -- Click here to rapidly navigate through this document
Exhibit 4.15  

REGISTRATION RIGHTS AGREEMENT  

 between  

 SINCLAIR BROADCAST GROUP, INC.  

 and  

 BEAR, STEARNS & CO. INC.,  

 UBS WARBURG LLC,  

 J.P. MORGAN SECURITIES INC.,  

 DEUTSCHE BANK SECURITIES INC.  

 and  

 WACHOVIA SECURITIES, INC.  

 Dated as of May 20, 2003  

        This REGISTRATION RIGHTS AGREEMENT, dated as of May 20, 2003, is between SINCLAIR BROADCAST GROUP, INC., a Maryland corporation (together with any
successor entity, herein referred to as the "Issuer"), and BEAR, STEARNS & CO. INC., UBS WARBURG LLC, J.P. MORGAN SECURITIES INC.,
DEUTSCHE BANK SECURITIES INC. and WACHOVIA SECURITIES, INC. (collectively, the "Initial Purchasers"). 

        Pursuant
to the Purchase Agreement, dated May 14, 2003, between the Issuer and the Initial Purchasers (the "Purchase Agreement"), the Initial Purchasers have agreed to purchase
from the Issuer $125,000,000 aggregate principal amount at maturity of Convertible Subordinated Notes due 2018 (the "Firm Notes") and have the option to purchase, solely for the purpose of covering
over-allotments in connection with the sale of the Firm Notes, up to an additional $25,000,000 aggregate principal amount at maturity of the Issuer's Convertible Subordinated Notes due
2018 (the "Optional Notes" and, together with the Firm Notes, the "Convertible Notes"). The Convertible Notes will be convertible into fully paid, nonassessable class A common stock, par value
$0.01 per share, of the Issuer (the "Common Stock") on the terms, and subject to the conditions, set forth in the Indenture (as defined herein). To induce the Initial Purchasers to purchase the
Convertible Notes, and in satisfaction of a condition to the Initial Purchasers' obligations under the Purchase Agreement, the Issuer has agreed to provide the registration rights set forth in this
Agreement. 

        The
Company agrees with the Initial Purchasers (i) for their benefit as Initial Purchasers and (ii) for the benefit of the beneficial owners (including the Initial
Purchasers) from time to time of the Convertible Notes and the beneficial owners from time to time of the Common Stock issued upon conversion of the Convertible Notes (each of the foregoing a
"Holder"), as follows: 

        1.    Definitions.    As used in this Agreement, the following capitalized terms shall have the following meanings: 

        "Additional Interest": As defined in Section 3(a) hereof. 

        "Additional Interest Payment Date": Each interest payment date with respect to the Convertible Notes and each January 15 and
July 15 in the case of the Common Stock. 

        "Advice": As defined in Section 4(c)(ii) hereof. 

        "Affiliate": With respect to any specified Person, means an "Affiliate," as defined in
Rule 144 under the Securities Act, of such Person. 

        "Agreement": This Registration Rights Agreement, as it may be amended from time to time in accordance with the terms hereof. 

        "Blue Sky Application": As defined in Section 6(a)(i) hereof. 

        "Broker-Dealer": Any broker or dealer registered under the Exchange Act. 

        "Business Day": Each day of the year other than a Saturday or Sunday or other day on which banking institutions in the City of New York
are required or authorized by law or regulation to close. 

        "Closing Date": The date of this Agreement. 

        "Commission": The United States Securities and Exchange Commission. 

        "Common Stock": The shares of class A common stock, par value $0.01 per share, of the Issuer and any other shares of capital stock
that may constitute "Common Stock" for purposes of the Indenture. 

        "Control": With respect to a Person, the possession, directly or indirectly, of the power to direct or cause the direction of the
management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise. 

        "Convertible Notes": As defined in the preamble hereto, including both the $125,000,000 aggregate principal amount at issuance of the Firm
Notes and up to $25,000,000 aggregate principal amount at 

 

issuance
of the Optional Notes which the Initial Purchasers may purchase if they elect to exercise their overallotment option. 

        "Effectiveness Period": As defined in Section 2(a)(iii) hereof. 

        "Effectiveness Target Date": As defined in Section 2(a)(ii) hereof. 

        "Exchange Act": The Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder. 

        "Holder": A Person who owns, beneficially or otherwise, Registrable Securities. 

        "Indemnified Party": As defined in Section 6(a) hereof. 

        "Indenture": The Indenture, dated as of May 20, 2003, between the Issuer and Wachovia Bank, National Association (formerly First
Union National Bank), as trustee (the "Trustee"), pursuant to which the Convertible Notes are to be issued, as such Indenture is amended, modified or
supplemented from time to time in accordance with the terms thereof. 

        "Initial Purchasers": As defined in the preamble hereto. 

        "Issuer": As defined in the preamble hereto. 

        "Majority of Holders": Holders holding over 50% of the aggregate principal amount at issuance of Convertible Notes outstanding; provided
that, for purposes of this definition, a Holder of shares of Common Stock that constitute Registrable Securities and that were issued upon conversion of the Convertible Notes shall be deemed to hold
an aggregate principal amount of Convertible Notes (in addition to the principal amount at issuance of Convertible Notes held by such Holder) equal to the product of (x) the number of such
shares of Common Stock held by such Holder and (y) the prevailing conversion price, such prevailing conversion price determined by dividing $1,000 by the prevailing Conversion Rate as
determined in accordance with the Indenture. 

        "NASD": National Association of Securities Dealers, Inc. 

        "Person": An individual, partnership, corporation, unincorporated organization, trust, joint venture or a government or agency or
political subdivision thereof. 

        "Prospectus": The prospectus included in a Shelf Registration Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 415 promulgated under the Securities Act), as amended or supplemented
by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all materials incorporated by reference or deemed to be incorporated by reference
into such Prospectus. 

        "Questionnaire Deadline": As defined in Section 2(b) hereof. 

        "Record Holder": With respect to any Additional Interest Payment Date, each Person who is a Holder on the record date with respect to the
interest payment date on which such Additional Interest Payment Date shall occur. In the case of a Holder of shares of Common Stock issued upon conversion of the Convertible Notes,
"Record Holder" shall mean each Person who is a Holder of shares of Common Stock that constitute Registrable Securities on the January 1 or
July 1 immediately preceding the Additional Interest Payment Date. 

        "Registrable Securities": Each Convertible Note and each share of Common Stock issued upon conversion of Convertible Notes, and any
securities into or for which such Common Stock has been converted, and any security issued with respect thereto upon any stock dividend, split or similar event, until, in the case of any such
security, (A) the earliest of (i) its effective registration under the Securities Act and resale in accordance with the Registration Statement covering it, (ii) expiration of 

2

 

the
holding period that would be applicable thereto under Rule 144(k) under the Securities Act were it not held by an Affiliate of the Issuer, (iii) its sale to the public pursuant to
Rule 144 under the Securities Act and (iv) the date that is two years after the later of the original issuance of the Convertible Notes and the last date that the Issuer or any of its
Affiliates was the owner of any such Convertible Notes (or any predecessor thereto), and (B) as a result of the event or circumstance described in any of the foregoing clauses
(i) through (iv), the legends with respect to transfer restrictions required under the Indenture are removed or removable in accordance with the terms of the Indenture or such legend, as the
case may be. 

        "Registration Default": As defined in Section 3(a)(iii) hereof. 

        "Registration Statement": Means any registration statement of the Issuer that covers any of the Registrable Securities pursuant to the
provisions of this Agreement including the Prospectus, amendments and supplements to such registration statement, including post-effective amendments, all exhibits, and all materials
incorporated by reference or explicitly deemed to be incorporated by reference in such registration statement. 

        "Sale Notice": As defined in Section 4(e) hereof. 

        "Securities Act": The Securities Act of 1933, as amended, and the rules and regulations promulgated by the Commission thereunder. 

        "Shelf Filing Deadline": As defined in Section 2(a)(i) hereof. 

        "Shelf Registration Statement": As defined in Section 2(a)(i) hereof. 

        "Suspension Period": As defined in Section 4(b)(i) hereof. 

        "TIA": The Trust Indenture Act of 1939, as in effect on the date the Indenture is qualified under that Act. 

        "Underwriting Majority": On any date, Holders holding at least 662/3% of the aggregate principal amount of the Registrable
Securities outstanding on such date; provided, that for the purpose of this definition, a holder of shares of Common Stock that constitute Registrable
Securities and issued upon conversion of Convertible Notes shall be deemed to hold an aggregate principal amount of Registrable Securities (in addition to the principal amount of Convertible Notes
held by such holder) equal to (x) the number of such shares of Common Stock that are Registrable Securities held by such holder multiplied by (y) the then applicable conversion price
which shall be determined by dividing $1,000 by the prevailing Conversion Rate as determined in the Indenture. 

        "Underwritten Registration" or "Underwritten Offering": Any transaction in which the
Issuer sells securities pursuant to an effective Registration Statement in an underwritten public offering. 

        2.    Shelf Registration.    

        (a)    The
Issuer shall: 

        (i)    as
soon as practicable but not later than 120 days after the date hereof (the "Shelf Filing Deadline"), cause to
be filed with the Commission a registration statement pursuant to Rule 415 under the Securities Act (the "Shelf Registration Statement"), which
Shelf Registration Statement shall provide for resales from time to time of all Registrable Securities held by the Holders thereof; 

        (ii)    use
its reasonable best efforts to cause the Shelf Registration Statement to be declared effective by the Commission as promptly as is practicable but in any event no
later than 210 days after the date hereof (the "Effectiveness Target Date"); and 

        (iii)    subject
to Section 4(b)(i) hereof, use its best efforts to keep the Shelf Registration Statement continuously effective, supplemented and amended as
required by the provisions of 

3

 

Section 4(b)
hereof to the extent necessary to ensure that (A) it is available for resales by the Holders of Registrable Securities entitled to the benefit of this Agreement and
(B) conforms with the requirements of this Agreement and the Securities Act and the rules and regulations of the Commission promulgated thereunder as announced from time to time for a period
(the "Effectiveness Period") ending on the earliest of: 

        (1)    two
years after the later of the last date of original issuance of any of the Convertible Notes and the date on which we or any of our Affiliates owned any of the
Convertible Notes; 

        (2)    the
date on which Holders of Registrable Securities are able to sell all of the Registrable Securities immediately without restriction pursuant to Rule 144(k)
under the Securities Act; 

        (3)    the
date when all of the Registrable Securities of those Holders that have provided the information required pursuant to the terms of Section 2(b) hereof are
registered under the Shelf Registration Statement and disposed of in accordance with the terms of the Shelf Registration Statement; and 

        (4)    the
date when all of the Registrable Securities of those Holders that have provided the information required pursuant to the terms of Section 2(b) hereof have
ceased to be outstanding (whether as a result of redemption, repurchase and cancellation, conversion or otherwise). 

        (b)    No
Holder of Registrable Securities may include any of its Registrable Securities in the Shelf Registration Statement pursuant to this Agreement unless such Holder
furnishes to the Issuer in writing, prior to or on the 30th Business Day after receipt of a request therefor (the "Questionnaire Deadline"), such
information as the Issuer may reasonably request for use in connection with the Shelf Registration Statement or Prospectus or preliminary Prospectus included therein and in any application to be filed
with or under state securities laws. In connection with all such requests for information from Holders of Registrable Securities, the Issuer shall notify such Holders of the requirements set forth in
the preceding sentence. Each Holder as to which the Shelf Registration Statement is being effected agrees to furnish promptly to the Issuer all information required to be disclosed in order to make
information previously furnished to the Issuer by such Holder not materially misleading. Each Holder that delivers the required information to the Issuer on a timely basis shall be entitled to have
its Registrable Securities included in the Shelf Registration Statement. 

        3.    Additional Interest.    

        (a)    If: 

        (i)    the
Shelf Registration Statement has not been filed with the Commission prior to or on the Shelf Filing Deadline, 

        (ii)    the
Shelf Registration Statement has not been declared effective by the Commission prior to or on the Effectiveness Target Date, 

        (iii)    subject
to the provisions of Section 4(b)(i) hereof, the Shelf Registration Statement is filed and declared effective but, during the Effectiveness
Period and after the Effectiveness Target Date, shall thereafter cease to be effective (without being succeeded immediately by an additional registration statement filed and declared effective) or
fail to be usable for its intended purpose for a period of time (including any Suspension Period) that shall exceed 30 days in the aggregate in any 3-month period or 60 days
in the aggregate in any 365-day period (each such event referred to in foregoing clauses (i) through (iii), a "Registration
Default"), 

4

 

then
the Issuer hereby agrees to pay additional interest ("Additional Interest") to each Holder from and including the day following the Registration Default to but excluding the day on which the
Registration Default has been cured in an amount equal to: 

        (A)    with
respect to such Holder's Convertible Notes, for the first 90-day period during which a Registration Default shall have occurred and be continuing but
excluding the day on which all Registration Defaults have been cured, an amount equal to 0.25% per annum on the applicable principal amount of such Holder's then outstanding and not converted
Convertible Notes, increasing to an amount per annum on the applicable principal amount of such Holder's then outstanding and not converted Convertible Notes equal to 0.50% on the 91st day, provided
that in no event shall the aggregate Additional Interest pursuant to this clause accrue at a rate per annum exceeding 0.50% of the sum of the applicable principal amount of the then outstanding
Convertible Notes; 

        (B)    with
respect to such Holder's Common Stock issued upon conversion of Convertible Notes for the first 90-day period during which a Registration Default shall
have occurred and be continuing but excluding the day on which all Registration Defaults have been cured, an amount equal to 0.25% per annum on the applicable principal amount of such Holder's
converted Convertible Notes, increasing to an amount per annum on the applicable principal amount of such Holder's converted Convertible Notes equal to 0.50% on the 91st day, provided that in no event
shall the aggregate Additional Interest pursuant to this clause accrue at a rate per annum exceeding 0.50% of the sum of the applicable principal amount of the then converted Convertible Notes; 

provided
that for purposes of this section the term "applicable principal amount" means, as of any date of determination, with respect to each $1,000 principal amount at issuance of Convertible Notes,
the Accreted Principal Price (as defined in the Indenture) with respect to such Convertible Notes through the date of determination. 

        (b)    All
accrued Additional Interest shall be paid in arrears to Record Holders by the Issuer on each Additional Interest Payment Date by wire transfer of immediately
available funds or by federal funds check; provided that any Additional Interest accrued with respect to any Registrable Securities or portion thereof called for redemption on a redemption date or
converted into Common Stock on a conversion date prior to the Additional Interest Payment Date shall, in any such event, be paid instead to the Holder who submitted such Convertible Note or portion
thereof for redemption or conversion on the applicable redemption date or conversion date, as the case may be, on such date (or promptly following the conversion date, in the case of conversions).
Following the cure of all Registration Defaults relating to any particular Convertible Note or share of Common Stock, the accrual of Additional Interest with respect to such Convertible Note or share
of Common Stock will cease. ` 

        The
Trustee shall be entitled, on behalf of Holders of Convertible Notes, to seek any available remedy for the enforcement of this Agreement, including for the payment of any Additional
Interest. All obligations of the Issuer set forth in this Section 3 that are outstanding with respect to any Registrable Security at the time such security ceases to be a Registrable Security
shall survive until such time as all such obligations with respect to such Registrable Security shall have been satisfied in full. The parties hereto agree that the Additional Interest provided for in
this section constitutes a reasonable estimate of the damages that may be incurred by Holders of Registrable Securities by reason of the failure of the Shelf Registration Statement to be filed or
declared effective or available for effecting resales of Registrable Securities in accordance with the provisions hereof. 

        4.    Registration Procedures.    

        (a)    In
connection with the Shelf Registration Statement, the Issuer shall prepare and file with the Commission a Shelf Registration Statement on Form S-1
or Form S-3 or on any other 

5

 

appropriate
form under the Securities Act permitting registration of the Registrable Securities for resale by the Holders thereof in accordance with the reasonable methods of distribution elected by
them, and use its best efforts to cause such Shelf Registration Statement to become effective and remain effective as provided herein. At the time the Shelf Registration Statement is declared
effective, each Holder shall be named as a selling securityholder in the Shelf Registration Statement and the related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to
purchasers of Registrable Securities in accordance with applicable law. 

        (b)    In
connection with the Shelf Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Registrable Securities, the Issuer
shall: 

        (i)    Subject
to any notice by the Issuer in accordance with this Section 4(b) of the existence of any fact or event of the kind described in
Section 4(b)(iii)(D), use its reasonable best efforts to keep the Shelf Registration Statement continuously effective during the Effectiveness Period; upon the occurrence of any event that
would cause the Shelf Registration Statement or the Prospectus contained therein (A) to contain a material misstatement or omission or (B) not be effective and usable for resale of
Registrable Securities during the Effectiveness Period, the Issuer shall file promptly an appropriate amendment to the Shelf Registration Statement, a prospectus supplement or a report filed with the
Commission pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act, in the case of clause (A), correcting any such misstatement or omission, and, in the case of either
clause (A) or (B), use its reasonable best efforts to cause such amendment to be declared effective and the Shelf Registration Statement and the related Prospectus to become usable for their
intended purposes as soon as practicable thereafter. Notwithstanding the foregoing, the Issuer may, by written notice to the Holders, suspend the Holders' use of the Prospectus for a period not to
exceed an aggregate of 30 days in any three-month period (each such period, a "Suspension Period") if: 

        (x)    an
event occurs and is continuing as a result of which the Shelf Registration Statement would, in the Issuer's reasonable judgment, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and 

        (y)    the
Issuer reasonably determines in good faith that the disclosure of such event at such time would have a material adverse effect on the business of the Issuer (and its
subsidiaries, if any, taken as a whole); 

provided, that the Suspension Periods shall not exceed an aggregate of 60 days in any 365-day period. The Effectiveness Period shall
be extended by the number of days
beginning on the date the Issuer gives the Holders notice of the Suspension Period to and including the date on which the Holders receive copies of the supplemented or amended Prospectus or the date
on which the Holders are advised in writing by the Issuer that the Prospectus may be used. Each Holder, by its acceptance of a Registrable Security, agrees to hold in confidence any communication by
the Issuer relating to an event described in Section 4(b)(i)(x) and (y) or Section 4(b)(iii)(D). 

        (ii)    Prepare
and file with the Commission such amendments and post-effective amendments to the Shelf Registration Statement as may be necessary to keep the Shelf
Registration Statement effective during the Effectiveness Period; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to
Rule 424 under the Securities Act, and to comply fully with the applicable provisions of Rules 424 and 430A under the Securities Act in a timely manner, if required by the Securities Act
or as reasonably requested by the Initial Purchasers or by the Trustee on behalf of the Holders of the Registrable Securities covered by such Shelf Registration 

6

 

Statement;
and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by the Shelf Registration Statement during the applicable period in accordance
with the intended method or methods of distribution by the sellers thereof set forth in the Shelf Registration Statement or supplement to the Prospectus. 

        (iii)    As
promptly as practicable give notice to the Initial Purchasers, the Holders, counsel for the Holders and for the Initial Purchasers (or, if applicable, separate
counsel for the Holders), and any underwriters and, if requested by such Persons, confirm such advice in writing: 

        (A)    when
the Shelf Registration Statement, Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to the Shelf
Registration Statement or any post-effective amendment thereto, when the same has become effective, 

        (B)    of
any request by the Commission or any other federal or state governmental authority for amendments to the Shelf Registration Statement or amendments or supplements to
the Prospectus or for additional information relating thereto, 

        (C)    of
the issuance by the Commission or any other federal or state authority of any stop order suspending the effectiveness of the Shelf Registration Statement under the
Securities Act or of the suspension by any state securities commission of the qualification of the Registrable Securities for offering or sale in any jurisdiction, or the initiation of any proceeding
for any of the preceding purposes, or 

        (D)    of
the existence of any fact or the happening of any event, during the Effectiveness Period, that makes any statement of a material fact made in the Shelf Registration
Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions to or changes in the Shelf
Registration Statement or the Prospectus in order to make the statements therein not misleading. 

        If
at any time the Commission shall issue any stop order suspending the effectiveness of the Shelf Registration Statement, or any state securities commission or other regulatory
authority shall issue an order suspending the qualification or exemption from qualification of the Registrable Securities under state securities or Blue Sky laws, or the Shelf Registration Statement
ceases to be effective for any reason at any time during the Effectiveness Period, the Issuer shall use its reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest
possible time, and in any event shall within thirty (30) days of such cessation of effectiveness amend the Shelf Registration Statement in a manner reasonably expected to obtain the withdrawal
of the order suspending the effectiveness thereof, or file an additional Shelf Registration Statement covering all of the securities that as of the date of such filing are Registrable Securities. If a
subsequent Shelf Registration Statement is filed, the Issuer shall use its best efforts to cause such Shelf Registration Statement to become effective as promptly as is practicable after such filing
and to keep such Shelf Registration Statement continuously effective until the end of the Effectiveness Period. 

        (iv)    Furnish
to the Initial Purchasers, counsel for the Initial Purchasers, one counsel for the selling Holders and each of the underwriter(s), if any, before filing with
the Commission, a copy of the Shelf Registration Statement and copies of any Prospectus included therein or any amendments or supplements to either of the Shelf Registration Statement or Prospectus
(other than documents incorporated by reference after the initial filing of the Shelf Registration Statement), which documents will be subject to the review of such persons, counsel and
underwriter(s), if any, for a period of two Business Days, and the Issuer will not 

7

 

file
the Shelf Registration Statement or Prospectus or any amendment or supplement to the Shelf Registration Statement or Prospectus (other than documents incorporated by reference) to which such
counsel or the underwriter(s), if any, shall reasonably object within two Business Days after the receipt thereof. Such counsel or underwriter, if any, shall be deemed to have reasonably objected to
such filing if the Shelf Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains a material misstatement or omission. 

        (v)    Subject
to the execution of a confidentiality agreement reasonably acceptable to the Issuer, make available at reasonable times for inspection by one or more
representatives of the selling Holders, designated in writing by a Majority of Holders whose Registrable Securities are included in the Shelf Registration Statement, any underwriter, if any,
participating in any distribution pursuant to the Shelf Registration Statement, and any attorney or accountant retained by the Majority of Holders or any of the underwriter(s), all financial and other
records, pertinent corporate documents and properties of the Issuer as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the Issuer's
officers, directors, managers and employees to supply all
information reasonably requested by any such representative or representatives of the selling Holders, underwriter, attorney or accountant in connection with the Shelf Registration Statement;  provided, however, that any information designated by the Issuer as confidential at the time of delivery of such information shall be kept confidential
by the recipient thereof. 

        (vi)    If
requested by the Initial Purchasers or their counsel, any Holder or the underwriter(s), if any, incorporate in the Shelf Registration Statement or Prospectus,
pursuant to a supplement or post-effective amendment if necessary, such information as such Initial Purchasers, counsel, Holder or underwriter(s), if any, may reasonably request to have
included therein, including, without limitation: (1) the name and identity of the Holder, the number or amount of Securities held, and information relating to the "Plan
of Distribution" of the Registrable Securities, (2) information with respect to the principal amount of Convertible Notes or number of shares of Common Stock being sold,
(3) the purchase price being paid therefor and (4) any other terms of the offering of the Registrable Securities to be sold in such offering; and make all required filings of such
Prospectus supplement or post-effective amendment as soon as reasonably practicable after the Issuer is notified of the matters to be incorporated in such Prospectus supplement or
post-effective amendment. 

        (vii)    As
promptly as practicable furnish to each selling Holder, the Initial Purchasers and their counsel, and each of the underwriter(s), if any, without charge, at least
one copy of the Shelf Registration Statement, as first filed with the Commission, and of each amendment thereto (and any documents incorporated by reference therein or exhibits thereto (or exhibits
incorporated in such exhibits by reference) as such Person may request in writing). 

        (viii)    Deliver
to each selling Holder, the Initial Purchasers and their counsel, and each of the underwriter(s), if any, without charge, as many copies of the Prospectus
(including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; subject to any notice by the Issuer in accordance with this Section 4(b)
of the existence of any fact or event of the kind described in Section 4(b)(iii)(D), the Issuer hereby consents to the use of the Prospectus and any amendment or supplement thereto by each of
the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Registrable Securities covered by the Prospectus or any amendment or supplement thereto. 

8

  

        (ix)    If
an underwriting agreement is entered into and the registration is an Underwritten Registration, the Issuer shall: 

        (A)    upon
request, furnish to each selling Holder and each underwriter, if any, in such substance and scope as they may reasonably request and as are customarily made by
issuers to underwriters in primary underwritten offerings, upon the date of closing of any sale of Registrable Securities in an Underwritten Registration: 

        (1)    a
certificate, dated the date of such closing, signed by (y) the Chairman of the Board, the Chief Executive Officer, the President or a Vice President and
(z) the Chief Financial Officer of the Issuer confirming, as of the date thereof, such matters as such parties may reasonably request; 

        (2)    opinions,
each dated the date of such closing, of counsel to the Issuer covering such matters as are customarily covered in legal opinions to underwriters in connection
with primary underwritten offerings of securities; and 

        (3)    customary
comfort letters, dated the date of such closing, from the Issuer's independent accountants (and from any other accountants whose report is contained or
incorporated by reference in the Shelf Registration Statement), in the customary form and covering matters of the type customarily covered in comfort letters to underwriters in connection with primary
underwritten offerings of securities; 

        (B)    set
forth in full in the underwriting agreement, if any, indemnification provisions and procedures which provide rights no less protective than those set forth in
Section 6 hereof with respect to all parties to be indemnified; and 

        (C)    deliver
such other documents and certificates as may be reasonably requested by such parties to evidence compliance with clause (A) above and with any customary
conditions contained in the underwriting agreement or other agreement entered into by the selling Holders pursuant to this clause (ix). 

        (x)    Before
any public offering of Registrable Securities, cooperate with the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the
registration and qualification
of the Registrable Securities under the securities or Blue Sky laws of such jurisdictions as the selling Holders or underwriter(s), if any, may reasonably request and do any and all other acts or
things necessary or advisable to enable the disposition in such jurisdictions of the Registrable Securities covered by the Shelf Registration Statement; provided,
however, that the Issuer shall not be required (A) to register or qualify as a foreign corporation or a dealer of securities where it is not now so qualified or to take
any action that would subject it to the service of process in any jurisdiction where it is not now so subject or (B) to subject itself to taxation in any such jurisdiction if it is not now so
subject. 

        (xi)    Cooperate
with the selling Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities
to be sold and not bearing any restrictive legends (unless required by applicable securities laws); and enable such Registrable Securities to be in such denominations and registered in such names as
the Holders or the underwriter(s), if any, may reasonably request at least two Business Days before any sale of Registrable Securities. 

        (xii)    Use
its reasonable best efforts to cause the Registrable Securities covered by the Shelf Registration Statement to be registered with or approved by such other U.S.
governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter(s), if any, to consummate the disposition of such Registrable Securities, subject to
the proviso in clause (x) above. 

9

 

        (xiii)    Subject
to Section 4(b)(i) hereof, if any fact or event contemplated by Section 4(b)(iii)(D) hereof shall exist or have occurred, use its
reasonable best efforts to prepare a supplement or post-effective amendment to the Shelf Registration Statement or related Prospectus or any document incorporated therein by reference or
file any other required document so that, as thereafter delivered to the purchasers of Registrable Securities, the Prospectus will not contain an untrue statement of a material fact or omit to state
any material fact required to be stated therein or necessary to make the statements therein not misleading. 

        (xiv)    Provide
CUSIP numbers for all Registrable Securities not later than the effective date of the Shelf Registration Statement and provide the Trustee under the Indenture
with certificates for the Convertible Notes that are in a form eligible for deposit with The Depository Trust Company. 

        (xv)    Cooperate
and assist in any filings required to be made with the NASD and in the performance of any due diligence investigation by any underwriter that is required to
be retained in accordance with the rules and regulations of the NASD. 

        (xvi)    Otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Commission and all reporting requirements under the rules and
regulations of the Exchange Act and make generally available to its security holders earning statements (which need not be audited) satisfying the provisions of Section 11(a) of the Securities
Act and Rule 158 thereunder no later than 45 days after the end of any 12 month period (or 90 days after the end of any 12-month period if such period is a
fiscal year) commencing on the first day of the first fiscal quarter of the Issuer commencing after the effective date of a Shelf Registration Statement, which statements shall c over said
12-month periods. 

        (xvii)    Cause
the Indenture to be qualified under the TIA not later than the effective date of the Shelf Registration Statement required by this Agreement, and, in connection
therewith, cooperate with the Trustee and the holders of Convertible Notes to effect such changes to the Indenture as may be required for such Indenture to be so qualified in accordance with the terms
of the TIA; and execute and use its reasonable best efforts to cause the Trustee thereunder to execute all documents that may be required to effect such changes and all other forms and documents
required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner. 

        (xviii)    Cause
all Registrable Securities covered by the Shelf Registration Statement to be listed or quoted, as the case may be, on each securities exchange or automated
quotation system on which securities issued by the Issuer of the same series are then listed or quoted. 

        (xix)    Provide
promptly to each Holder upon written request each document filed with the Commission pursuant to the requirements of Section 13 and Section 15 of
the Exchange Act after the effective date of the Shelf Registration Statement, unless such documents are available from EDGAR. 

        (xx)    If
requested by the underwriters in an Underwritten Offering, make appropriate officers of the Issuer reasonably available to the underwriters for meetings with
prospective purchasers of the Registrable Securities and prepare and present to potential investors customary "road show" material in a manner consistent with other new issuances of other securities
similar to the Registrable Securities. 

        (xxi)    Enter
into such customary agreements and take all such other necessary actions in connection therewith (including those requested by the holders of a majority of the
Registrable Securities being sold) in order to expedite or facilitate disposition of such Registrable Securities. 

10

 

        (xxii)    Upon
the filing of the Shelf Registration Statement and the effectiveness of the Shelf Registration Statement, announce the same by issuing a news release to Reuters
Economic Services and Bloomberg Business News. 

        (c)    Each
Holder agrees by acquisition of a Registrable Security that, upon receipt of any notice from the Issuer of the existence of any fact of the kind described in
Section 4(b)(iii)(D) hereof, such Holder will, and will use its reasonable best efforts to cause any underwriter(s) in an Underwritten Offering to, forthwith discontinue disposition of
Registrable Securities pursuant to the Shelf Registration Statement until: 

        (i)    such
Holder has received copies of the supplemented or amended Prospectus contemplated by Section 4(b)(xiii) hereof; or 

        (ii)    such
Holder is advised in writing (the "Advice") by the Issuer that the use of the Prospectus may be resumed, and has
received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. 

If
so directed by the Issuer, each Holder will deliver to the Issuer (at the Issuer's expense) all copies, other than permanent file copies then in such Holder's possession, of the Prospectus covering
such Registrable Securities that was current at the time of receipt of such notice of suspension. 

        (d)    The
Issuer is required to send a questionnaire in the form attached hereto as Annex A to each Holder of Registrable Securities at least 30 Business Days before the Shelf
Registration Statement is declared effective. Each Holder who intends to be named as a selling Holder in the Shelf Registration Statement shall furnish to the Issuer in writing, within 30 Business
Days after receipt of a request therefor as set forth in a questionnaire in the form attached hereto as Annex A, such information regarding such Holder
and the proposed distribution by such Holder of its Registrable Securities as the Issuer may reasonably request for use in connection with the Shelf Registration Statement or Prospectus or preliminary
Prospectus included therein. Holders that do not complete the questionnaire and deliver it to the Issuer shall not be named as selling securityholders in the Prospectus or preliminary Prospectus
included in the Shelf Registration Statement and therefore shall not be permitted to sell any Registrable Securities pursuant to the Shelf Registration Statement, so long as the Issuer has diligently
requested such information from such Holder and such Holder has had adequate time to respond to the Issuer's request. Each Holder who intends to be named as a selling Holder in the Shelf Registration
Statement shall promptly furnish to the Issuer in writing all information required to be disclosed in order to make information previously furnished to the Issuer by such Holder not materially
misleading and such other information as the Issuer may from time to time reasonably request in writing. 

        (e)    Upon
the effectiveness of the Shelf Registration Statement, each Holder shall notify the Issuer at least three Business Days prior to any intended distribution of
Registrable Securities pursuant to the Shelf Registration Statement (a "Sale Notice"), which notice shall be effective for five Business Days. Each
Holder of this Security, by accepting the same, agrees to hold any communication by the Issuer in response to a Sale Notice in confidence. 

        5.    Registration Expenses.    

        (a)    All
expenses incident to the Issuer's performance of or compliance with this Agreement shall be borne by the Issuer regardless of whether a Shelf Registration Statement
becomes effective, including, without limitation: 

        (i)    all
registration and filing fees and expenses (including without limitation fees and expenses with respect to filings required to be made with the National Association
of Securities Dealers, Inc.); 

11

 

        (ii)    all
fees and expenses of compliance with federal securities and state Blue Sky or securities laws (including without limitation reasonable fees and disbursements of
counsel for the Holders in connection with blue sky qualifications of the Registrable Securities); 

        (iii)    all
expenses of printing (including printing of Prospectuses and certificates for the Common Stock to be issued upon conversion of the Convertible Notes), messenger
and delivery services, and telephone; 

        (iv)    all
reasonable fees and disbursements of counsel to the Issuer and, subject to Section 5(b) below, the Holders of Registrable Securities; 

        (v)    fees
and disbursements of the Trustee and its counsel and of the registrar and transfer agent for the Common Stock; 

        (vi)    all
application and filing fees in connection with listing (or authorizing for quotation) the Common Stock on a national securities exchange or automated quotation
system pursuant to the requirements hereof; and 

        (vii)    all
fees and disbursements of independent certified public accountants of the Issuer (including the expenses of any special audit and comfort letters required by or
incident to such performance). 

        The
Issuer shall bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal, accounting or other duties), the
expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Issuer. 

        (b)    In
connection with the Shelf Registration Statement required by this Agreement, the Issuer shall reimburse the Initial Purchasers and the Holders of Registrable
Securities being registered pursuant to the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one counsel, which shall be Fried, Frank, Harris,
Shriver & Jacobson or such other counsel chosen by a Majority of Holders for whose benefit the Shelf Registration Statement is being prepared and is reasonably acceptable to the Issuer. The
Issuer shall not be required to pay any underwriter discount, commission or similar fees related to the sale of the Securities. 

        6.    Indemnification and Contribution.    

        (a)    The
Issuer shall indemnify and hold harmless each Holder, their directors, officers, employees, representatives, agents and each person, if any, who controls such Holder
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (each, an "Indemnified Party"), from and against
any loss, claim, damage, expense or liability, joint or several, or any action in respect thereof (including, but not limited to, any loss, claim, damage, expense, liability or action relating to
resales of the Registrable Securities), to which such Indemnified Party may become subject, under the Securities Act or otherwise, insofar as any such loss, claim, damage, expense, liability or action
arises out of, or is based upon: 

        (i)    any
untrue statement or alleged untrue statement of a material fact contained in (A) the Shelf Registration Statement or Prospectus or any amendment or supplement
thereto or any preliminary prospectus or (B) any blue sky application or other document or any amendment or supplement thereto prepared or executed by the Issuer (or based upon written
information furnished by or on behalf of the Issuer expressly for use in such blue sky application or other document or amendment on supplement) filed in any jurisdiction specifically for the purpose
of qualifying any or all of the Registrable Securities under the securities law of any state or other jurisdiction (such application or document being hereinafter called a
"Blue Sky Application"); or 

12

 

        (ii)    the
omission or alleged omission to state in the Shelf Registration Statement or amendment thereto any material fact required to be stated therein or necessary to make
the statements therein not misleading, or the omission or alleged omission to state in the Prospectus or any amendment or supplement thereto or any preliminary prospectus any material fact required to
be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, 

and
shall reimburse each Indemnified Party promptly upon demand for any legal or other expenses reasonably incurred by such Indemnified Party in connection with investigating or defending or preparing
to defend against any such loss, claim, damage, liability or action as such expenses are incurred; provided, however, that the Issuer shall not be
liable to an Indemnified Party in any such case to the extent that any such loss, claim, damage, expense, liability or action arises out of, or is based upon, any untrue statement or alleged untrue
statement or omission or alleged omission made in the Shelf Registration Statement or Prospectus or amendment or supplement thereto or Blue Sky Application in reliance upon and in conformity with
written information furnished to the Issuer by or on behalf of such Indemnified Party specifically for use therein; provided, further, that as to any
preliminary Prospectus, this indemnity agreement shall not inure to the benefit of any Indemnified Party or any officer, employee, representative, agent, director or controlling person of that
Indemnified Party on account of any loss, claim, damage, expense, liability or action arising from the sale of the Registrable Securities sold pursuant to the Shelf Registration Statement to any
person by such Indemnified Party if (i) that Indemnified Party failed to send or give a copy of the Prospectus, as the same may be amended or supplemented, to that person within the time
required by the Securities Act and (ii) the untrue statement or alleged untrue statement of a material fact or omission or alleged omission to state a material fact in such preliminary
Prospectus was corrected in the Prospectus or a supplement or amendment thereto, as the case may be, unless in each case, such failure resulted from noncompliance by the Issuer with Section 4.
The foregoing indemnity agreement is in addition to any liability that the Issuer may otherwise have to any Indemnified Party. 

        (b)    Each
Holder, severally and not jointly, shall indemnify and hold harmless the Issuer, its directors, officers, employees, representatives, agents and each person, if
any, who controls the Issuer within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any loss, claim, damage, expense or liability,
joint or several, or any action in respect thereof, to which the Issuer or any such officer, employee, representative, agent or controlling person may become subject, insofar as any such loss, claim,
damage, expense, liability or action arises out of, or is based upon: 

        (i)    any
untrue statement or alleged untrue statement of any material fact contained in the Shelf Registration Statement or Prospectus or any amendment or supplement thereto
or any Blue Sky Application; or 

        (ii)    the
omission or the alleged omission to state in the Shelf Registration Statement any material fact required to be stated therein or necessary to make the statements
therein not misleading, or the omission or alleged omission to state in the Prospectus any material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, 

but
in each case only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information
furnished to the Issuer by or on behalf of such Holder (or its related Indemnified Party) specifically for use therein, and shall reimburse the Issuer and any such director, officer, employee,
representative, agent or controlling person promptly upon demand for any 

13

 

legal
or other expenses reasonably incurred by the Issuer or any such officer, employee or controlling person in connection with investigating or defending or preparing to defend against any such
loss, claim, damage, liability or action as such expenses are incurred. The foregoing indemnity agreement is in addition to any liability that any Holder may otherwise have to the Issuer and any such
director, officer, employee or controlling person. In no event shall the liability of any selling Holder of Registrable Securities hereunder be greater in amount than the dollar amount of the proceeds
received by such Holder upon the sale of the Registrable Securities pursuant to the Shelf Registration Statement giving rise to such indemnification obligation. 

        (c)    Promptly
after receipt by an indemnified party under this Section 6 of notice of any claim or the commencement of any action, the indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party under this Section 6, notify the indemnifying party in writing of the claim or the commencement of that action;  provided, however, that the failure to notify the indemnifying party shall not relieve it from any liability that it may have under this
Section 6 except to the extent it has been materially prejudiced by such failure and, provided, further, that the failure to notify the indemnifying party shall not relieve it from any
liability that it may have to an indemnified party otherwise than under this Section 6. If any such claim or action shall be brought against an indemnified party, and it shall notify the
indemnifying party thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume
the defense thereof with counsel satisfactory to the indemnified party. After notice from the indemnifying party to the indemnified party of its election to assume the defense of such claim or action,
the indemnifying party shall not be liable to the indemnified party under this Section 6 for any legal or other expenses subsequently incurred by the indemnified party in connection with the
defense thereof other than reasonable costs of investigation; provided, however, that the indemnified party shall have the right to employ counsel to
represent jointly the indemnified party and its respective directors, employees, officers and controlling persons who may be subject to liability arising out of any claim in respect of which indemnity
may be sought by the indemnified party against the indemnifying party under this Section 6 if (1) employment of such counsel has been authorized in writing by the indemnifying party, or
(2) such indemnifying party shall not have employed counsel to have charge of the defense of such proceeding within 30 days of the receipt of notice thereof, or (3) such
indemnified party shall have reasonably concluded that the representation of such indemnified party and those directors, employees, officers and controlling persons by the same counsel representing
the indemnifying party would be inappropriate under applicable standards of professional conduct due to actual or potential differing interests between them or where there may be one or more defenses
available to them that are different from, additional to or in conflict with those available to the indemnifying party, and in any such event ((1), (2) or (3)) the fees and expenses of such
separate counsel shall be paid by the indemnifying party as incurred. It is understood that the indemnifying party shall not be liable for the fees and expenses of more than one separate firm (in
addition to local counsel in each jurisdiction) for all indemnified parties in connection with any proceeding or related proceedings. No indemnifying party shall: 

        (i)    without
the prior written consent of the indemnified parties (which consent shall not be unreasonably withheld) effect any settlement of any pending or threatened action
in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement,
compromise or consent includes an unconditional release of such indemnified party from all liability arising out of such claim, action, suit or proceeding and does not include a statement as to or an
admission of fault, culpability or failure to act by or on behalf of any indemnified party, or 

14

 

        (ii)    be
liable for any settlement of any such action effected without its written consent (which consent shall not be unreasonably withheld), but if settled with its written
consent or if there be a final judgment for the plaintiff in any such action, the indemnifying party agrees to indemnify and hold harmless any indemnified party from and against any loss of liability
by reason of such settlement or judgment in accordance with this Section 6. 

        (d)    If
the indemnification provided for in this Section 6 is unavailable or insufficient to hold harmless an indemnified party under subsections (a) or
(b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims, damages, expenses or liabilities (or actions
in respect thereof) referred to in subsection (a) or (b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or
parties on the one hand and the indemnified party on the other from the registration of the Registrable Securities pursuant to the Shelf Registration, or (ii) if the allocation provided by the
foregoing clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the
relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions that resulted in such losses, claims, damages
or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuer on the one hand or such
Holder or such other indemnified party, as the case may be, on the other, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or
omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence of this subsection (d) shall be deemed to include
any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this subsection (d). The Issuer and
the Holders agree that it would not be just and equitable if contribution pursuant to this Section 6(d) were determined by pro rata allocation or by any other method of allocation which does
not take account of the equitable considerations referred to herein. Notwithstanding any other provision of this Section 6(d), the Holders of the Registrable Securities shall not be required to
contribute any amount in excess of the amount by which the gross proceeds received by such Holders from the sale of the Registrable Securities pursuant to the Shelf Registration Statement exceeds the
amount of damages which such Holders have otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For
purposes of
this paragraph (d), each person, if any, who controls such indemnified party within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as such
indemnified party and each person, if any, who controls the Issuer within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the Issuer. The Holders'
respective obligations to contribute pursuant to this Section 6 are several in proportion to the respective amount of Registrable Securities they have sold pursuant to a Registration Statement
and not joint. The remedies provided for in this Section 6 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any indemnified party at law or in
equity. 

        (e)    If
at any time an indemnified party shall have requested an indemnifying party to reimburse such indemnified party for fees and expenses of counsel as contemplated
herein, then such indemnifying party agrees that it shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than
30 days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have 

15

 

reimbursed
such indemnified party in accordance with such request prior to the date of such settlement, and (iii) such indemnified party shall have given such indemnifying party at least
30 days' prior notice of its intention to settle. 

        (f)    The
indemnity and contribution provisions contained in this Section 6 shall remain operative and in full force and effect regardless of (i) any termination
of this Agreement, (ii) any investigation made by or on behalf of any Initial Purchaser, any Holder or any person controlling any Initial Purchaser or any Holder, or by or on behalf of the
Issuer, its officers or directors or any person controlling the Issuer, and (iii) any sale of Registrable Securities pursuant to the Shelf Registration Statement. 

        7.    Information Requirements.    

        The
Issuer covenants that, if at any time before the end of the Effectiveness Period it is not subject to the reporting requirements of the Exchange Act, it will cooperate with any
Holder of Registrable Securities and take such further action as any Holder of Registrable Securities may reasonably request in writing (including, without limitation, making such representations as
any such Holder may reasonably request), all to the extent required from time to time to enable such Holder to sell Registrable Securities without registration under the Securities Actwithin the
limitations of the exemptions provided by Rule 144, Rule 144A, Regulation S and Regulation D under the Securities Act and customarily taken in connection with sales
pursuant to such exemptions. 

        In
addition, in the event the Issuer is not subject to Section 13 or 15(d) of the Exchange Act, the Issuer hereby agrees with each Holder, for so long as any Registrable
Securities remain outstanding, to make available to any Holder or beneficial owner of Registrable Securities in connection with any sale thereof and any prospective purchaser of such Registrable
Securities from such Holder or beneficial
owner, the information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Registrable Securities pursuant to Rule 144A. 

        The
Issuer shall file the reports required to be filed by it under the Exchange Act and shall comply with all other requirements set forth in the instructions to Form S-1 or
Form S-3, as the case may be, in order to allow the Issuer to be eligible to file registration statements on Form S-1 or Form S-3. 

        8.    Underwritten Registrations.    

        (a)    The
Underwriting Majority may sell its Registrable Securities in an Underwritten Offering pursuant to the Shelf Registration Statement only with the Issuer's consent,
which consent may not be unreasonably withheld, delayed or conditioned. 

        (b)    Participation of Holders. No Holder may participate in any Underwritten Registration hereunder unless such Holder: 

        (i)    agrees
to sell such Holder's Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such
arrangements; and 

        (ii)    completes
and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up letters and other documents
reasonably required under the terms of such underwriting arrangements. 

        (c)    Selection of Underwriters. In any such Underwritten Offering, the investment banker or investment bankers and manager or
managers that will administer the offering will be selected by a Majority of Holders whose Registrable Securities are included in such Underwriting Offering; provided, that such investment bankers and
managers must be reasonably satisfactory to the Issuer. 

        9.    Miscellaneous.    

        (a)    Remedies. The Issuer acknowledges and agrees that any failure by the Issuer to comply with its obligations under
Section 2 hereof may result in material irreparable injury to the Initial 

16

 

Purchasers
or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the
Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Issuer's obligations under Section 2 hereof. The Issuer further agrees to waive the
defense in any action for specific performance that a remedy at law would be adequate. 

        (b)    No Inconsistent Agreements. The Issuer is not a party to, as of the date hereof, and will not enter into, on or after the
date of this Agreement, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. In
addition, the Issuer shall not grant to any of its security holders (other than the holders of Registrable Securities in such capacity) the right to include any of its securities in the Shelf
Registration Statement provided for in this Agreement other than the Registrable Securities. The Issuer has not previously entered into any agreement (which has not expired or been terminated)
granting any registration rights with respect to its securities to any Person, which rights conflict with the provisions hereof. 

        (c)    Adjustments Affecting Registrable Securities. The Issuer shall not, directly or indirectly, take any action with respect
to the Registrable Securities as a class that would adversely affect the ability of the Holders of Registrable Securities to include such Registrable Securities in a registration undertaken pursuant
to this Agreement. 

        (d)    Amendments and Waivers. This Agreement may not be amended, modified or supplemented, and waivers or consents to or
departures from the provisions hereof may not be given, unless the Issuer has obtained the written consent of a Majority of Holders; provided, however,
that no amendment, modification, supplement, waiver or consent to or departure from the provisions of Section 6 that materially and adversely affects a Holder hereof shall be effective as
against any such Holder of Registrable Securities unless consented to in writing by such Holder; provided, further, that with respect to any matter that directly or indirectly adversely affects the
rights of any Initial Purchaser hereunder, the Issuer shall obtain the written consent of each such Initial Purchaser against which such amendment, modification, supplement, waiver or consent is to be
effective. 

        (e)    Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by
hand-delivery, first-class mail (registered or certified, return receipt requested), telex, telecopier, or air courier guaranteeing overnight delivery: 

        (i)    if
to a Holder, at the address set forth on the records of the registrar under the Indenture or the transfer agent of the Common Stock, as the case may be; and 

        (ii)    if
to the Issuer: 

Sinclair
Broadcast Group, Inc.

10706 Beaver Dam Road

Hunt Valley, Maryland 21030

Fax No.: (410) 568-1591

Attention: Chief Financial Officer 

With
a copy to: 

Thomas &
Libowitz

100 Light Street, Suite 1100

Baltimore, Maryland 21202

Fax No.: (410) 752-2046

Attention: C. Wayne Davis 

17

 

Wilmer
Cutler & Pickering

100 Light Street, 13th Floor

Baltimore, Maryland 21202

Fax No.: (410) 986-2828

Attention: Jay Watkins & Roger Patterson 

(iii)    if
to the Initial Purchasers: 

c/o
Bear, Stearns & Co. Inc.

383 Madison Avenue

New York, New York 10179

Fax No.: (212) 272-3092

Attention: Convertible Capital Markets

c/o
UBS Warburg LLC, New York

Convertible Bonds Desk (for notice)

299 Park Avenue

New York, New York 10171

Fax No.: (212) 713-3460, and 

UBS
Warburg LLC Legal and

Compliance Department (for information

purposes only)

677 Washington Boulevard

Stamford, CT 06901 

With
a copy to: 

Fried,
Frank, Harris, Shriver & Jacobson

1 New York Plaza

New York, New York 10004

Fax No.: (212) 859-4000

Attention: Valerie Ford Jacob 

All
such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 

Copies
of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture. 

A
document or notice shall be deemed to have been furnished to the Holders of the Registrable Securities if it is provided to the registered holders of the Registrable Securities at the address set
forth in clause (i) above. 

        (f)    Successors and Assigns. Any person who purchases any Registrable Securities from the Initial Purchasers or any Holder
shall be deemed, for purposes of this Agreement, to be an assignee of the Initial Purchasers or such Holder, as the case may be. This Agreement shall inure to the benefit of and be binding upon the
successors, assigns and transferees of each of the parties, including without limitation and without the need for an express assignment, subsequent Holders of Registrable Securities;  provided, however,
that (i) nothing contained herein shall be deemed to permit any assignment, transfer or other disposition of Registrable
Securities in violation of the terms of the Purchase Agreement or the Indenture and (ii) this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder
unless and to the extent such 

18

 

successor
or assign acquired Registrable Securities from such Holder. If any transferee of any Holder shall acquire Registrable Securities, in any manner, whether by operation of law or otherwise,
such Registrable Securities shall be held subject to all of the terms of this Agreement, and by taking and holding such Registrable Securities such person shall be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the benefits hereof. The Initial Purchasers (in their capacity as Initial
Purchasers) shall have no liability or obligation to the Issuer with respect to any failure by a Holder to comply with, or breach by any Holder of, any of the obligations of such Holder under this
Agreement. 

        (g)    Purchases and Sales of Convertible Notes. The Issuer shall not, and shall use its reasonable best efforts to cause its
affiliates (as defined in Rule 405 under the Securities Act) within its Control not to, resell or otherwise transfer any Convertible Notes acquired by the Company or such affiliates, except
pursuant to an effective registration statement under the Securities Act or an exemption therefrom. 

        (h)    Third Party Beneficiary. The Holders shall be third party beneficiaries to the agreements made hereunder between the
Issuer and the Initial Purchasers, and such Initial Purchasers shall have the right to enforce such agreements directly to the extent they deem such enforcement necessary or advisable to protect their
rights or the rights of Holders hereunder. 

        (i)    Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

        (j)    Securities Held by the Issuer or Their Affiliates. Whenever the consent or approval of Holders of a specified percentage
of Registrable Securities is required hereunder, Registrable Securities held by the Issuer or its affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted
in determining whether such consent or approval was given by the Holders of such required percentage. 

        (k)    Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect
the meaning hereof. 

        (l)    Governing Law. This agreement shall be governed by, and construed in accordance with, the laws of the State of New
York.

        (m)    Consent to Jurisdiction. Each party irrevocably agrees that any legal suit, action or proceeding arising out of or based
upon this Agreement or the transactions contemplated hereby ("Related Proceedings") may be instituted in the federal courts of the United States of
America located in the City of New York or the courts of the State of New York in each case located in the Borough of Manhattan in the City of New York (collectively, the
"Specified Courts"), and irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment
of any such court (a "Related Judgment"), as to which such Jurisdiction is non-exclusive) of such courts in any such suit, action or
proceeding. The parties further agree that service of any process, summons, notice or document by mail to such party's address set forth above shall be effective service of process for any lawsuit,
action or other proceeding brought in any such court. The parties hereby irrevocably and unconditionally waive any objection to the laying of venue of any lawsuit, action or other proceeding in the
Specified Courts, and hereby further irrevocably and unconditionally waive and agree not to plead or claim in any such court that any such lawsuit, action or other proceeding brought in any such court
has been brought in an inconvenient forum. 

        (n)    Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is
held invalid, illegal or unenforceable, the validity, legality and 

19

 

enforceability
of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby, and the parties hereto shall use I ts best
efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction, it being intended that all
of the rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 

        (o)    Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a
final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein.
There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Issuer with respect to the
Registrable Securities. This Agreement supersedes all prior agreements and understandings between the parties with respect to such subject matter. 

[Signature
page to follow] 

20

 

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

	 	 	Very truly yours,
	

 	
 	
SINCLAIR BROADCAST GROUP, INC.
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

21

 

        The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date first above written. 

	 	 	BEAR, STEARNS & CO. INC.,

        on behalf of the Initial Purchasers
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

 	
 	
UBS WARBURG LLC,

        on behalf of the Initial Purchasers
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

22

  

 
 

ANNEX A    
    
    Sinclair Broadcast Group, Inc.
  Notice of Registration Statement
  and Selling Securityholder Election and Questionnaire    
    
    Notice    
    

        Sinclair Broadcast Group, Inc. (the "Company") has filed, or intends shortly to file, with the Securities
and Exchange Commission (the "Commission") a registration statement on Form S-3 or such other Form as may be available (the
"Shelf Registration Statement") for the registration and resale under Rule 415 of the Securities Act of 1933, as amended (the
"Securities Act"), of the Company's Convertible Subordinated Notes due 2018 (CUSIP
No.                        ) (the
"Notes"), and class A common stock, par value $0.01 per share, issuable upon conversion and thereof (the
"Shares" and together with the Notes, the "Transfer Restricted Securities") in accordance with the terms
of the Registration Rights Agreement, dated as of May     , 2003 (the "Registration Rights Agreement") between the Company and Bear,
Stearns & Co. Inc., UBS Warburg LLC, J.P. Morgan Securities Inc., Deutsche Bank Securities Inc. and Wachovia Securities, Inc. A copy of the Registration Rights
Agreement is available from the Company. All capitalized terms not otherwise defined herein have the meaning ascribed thereto in the Registration Rights Agreement. 

        To
sell or otherwise dispose of any Transfer Restricted Securities pursuant to the Shelf Registration Statement, a beneficial owner of Transfer Restricted Securities generally will be
required to be named as a selling securityholder in the related Prospectus, deliver a Prospectus to purchasers of Transfer Restricted Securities, be subject to certain civil liability provisions of
the Securities Act and be bound by those provisions of the Registration Rights Agreement applicable to such beneficial owner (including certain indemnification rights and obligations, as described
below). To be included in the Shelf Registration Statement, this Election and Questionnaire must be completed, executed and delivered to the Company at the address set forth herein for receipt  prior to or on the 30th business
day from the receipt hereof (the "Election and Questionnaire
Deadline"). Beneficial Owners that do not complete and return this Election and Questionnaire prior to the Election and Questionnaire Deadline and
deliver it to the Company as provided below will not be named as Selling Securityholders in the Shelf Registration Statement and therefore will not be permitted to sell any Transfer Restricted
Securities pursuant to the Shelf Registration Statement.

        Certain
legal consequences arise from being named as a selling securityholder in the Shelf Registration Statement and the related Prospectus. Accordingly, holders and beneficial owners
of Transfer Restricted Securities are advised to consult their own securities law counsel regarding the consequences of being named or not being named as a selling securityholder in the Shelf
Registration Statement and the related Prospectus. 

A-1

 
ELECTION  

        The undersigned holder (the "Selling Securityholder") of Transfer Restricted Securities hereby elects to include
in the Shelf Registration Statement the Transfer Restricted Securities beneficially owned by it and listed below in Item 3 (unless otherwise specified under Item 3). The undersigned, by signing and
returning this Election and Questionnaire, understands that it will be bound with respect to such Transfer Restricted Securities by the terms and conditions of this Election and Questionnaire and the
Registration Rights Agreement. 

        Pursuant
to the Registration Rights Agreement, the Selling Securityholder has agreed to indemnify and hold harmless the Company, the Company's directors, the Company's officers,
employees, representatives and agents and each person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act,
from and against certain losses arising in connection with statements concerning the Selling Securityholder made in the Shelf Registration Statement or the related Prospectus in reliance upon the
information provided in this Election and Questionnaire. 

        The
Selling Securityholder hereby provides the following information to the Company and represents and warrants that such information is accurate and complete: 

QUESTIONNAIRE  

	1.
	(a)    Full
Legal Name of Selling Securityholder: 

        (b)    Full
legal name of registered holder (if not the same as (a) above) through which Transfer Restricted Securities listed in (3) below are held: 

        (c)    Full
legal name of DTC participant (if applicable and if not the same as (b) above) through which Transfer Restricted Securities listed in (3) are held: 

	2.
	Address
for notices to Selling Securityholders: 

A-2

 

Telephone:
________________________________ Fax: ________________________________ 

Contact
Person:______________________________________________________________ 

	3.
	Beneficial
ownership of Transfer Restricted Securities: 

        (a)    Type
of Transfer Restricted Securities beneficially owned, and principal amount of Notes or Number of shares of Common Stock, as the case may be, beneficially owned: 

        (b)    CUSIP
No(s). of such Transfer Restricted Securities beneficially owned: 

	4.
	Beneficial
ownership of the Company's securities owned by the Selling Securityholder: 

EXCEPT
AS SET FORTH BELOW IN THIS ITEM (4), THE UNDERSIGNED IS NOT THE BENEFICIAL OR REGISTERED OWNER OF ANY SECURITIES OF THE COMPANY OTHER THAN THE TRANSFER RESTRICTED SECURITIES LISTED ABOVE IN
ITEM (3) ("Other Securities"). 

        (a)    Type
and amount of Other Securities beneficially owned by the Selling Securityholder: 

        (b)    CUSIP
No(s). of such Other Securities beneficially owned: 

	5.
	Relationship
with the Company 

        Except
as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (5% or more) has held any position or office or has had any
other material relationship with the Company (or their predecessors or affiliates) during the past three years. 

State
any exceptions here: 

	6.
	Plan
of Distribution: 

        Except
as set forth below, the undersigned (including its donees or pledgees) intends to distribute the Transfer Restricted Securities listed above in Item (3) pursuant to the
Shelf Registration Statement only as follows (if at all). Such Transfer Restricted Securities may be sold from time to time directly by the undersigned or, alternatively, through underwriters,
broker-dealers or agents. If the Transfer Restricted Securities are sold through underwriters or broker-dealers, the Selling Securityholder will be responsible for underwriting discounts or
commissions or agent's commissions. Such Transfer Restricted Securities may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of sale, at varying prices
determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions): 

        (i)    on
any national securities exchange or quotation service on which the Transfer Restricted Securities may be listed or quoted at the time of sale; 

        (ii)    in
the over-the-counter market; 

        (iii)    in
transactions otherwise than on such exchanges or services or in the over-the-counter market; or 

        (iv)    through
the writing of options. 

        In
connection with sales of the Transfer Restricted Securities or otherwise, the undersigned may enter into hedging transactions with broker-dealers, which may in turn engage in short
sales of the 

A-3

 

Transfer
Restricted Securities and deliver Transfer Restricted Securities to close out such short positions, or loan or pledge Transfer Restricted Securities to broker-dealers that in turn may sell
such securities. State any exceptions here: 

Note:
In no event will such method(s) of distribution take the form of an underwritten offering of the Transfer Restricted Securities without the prior agreement of the Company. 

        By
signing below, the Selling Securityholder acknowledges that it understands its obligation to comply, and agrees it will comply, with the provisions of the prospectus delivery and
other provisions of the Securities Act and Exchange Act and the respective rules and regulations promulgated thereunder, particularly Regulation M thereunder (or any successor rules or
regulations), in connection with any offering of Transfer Restricted Securities pursuant to the Shelf Registration Statement. 

        If
the Selling Securityholder transfers all or any portion of the Transfer Restricted Securities listed in Item 3 above after the date on which such information is provided to the
Company, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of its rights and obligations under this Election and Questionnaire and the Registration Rights
Agreement. 

        By
signing below, the Selling Securityholder consents to the disclosure of the information contained herein in its answers to Items (1) through (6) above and the inclusion
of such information in the Shelf Registration Statement and the related Prospectus. The Selling Securityholder understands that such information will be relied upon by the Company in connection with
the preparation or amendment of the Shelf Registration Statement and the related Prospectus. 

        In
accordance with the Selling Securityholder's obligation under the Registration Rights Agreement to provide such information as may be required by law for inclusion in the Shelf
Registration Statement, the Selling Securityholder agrees to promptly notify the Company of any inaccuracies or changes in the information provided herein that may occur subsequent to the date hereof
at any time while the Shelf
Registration Statement remains effective. All notices hereunder and pursuant to the Registration Rights Agreement shall be made in writing at the address set forth below. 

        Once
this Election and Questionnaire is executed by the Selling Securityholders and received by the Company, the terms of this Election and Questionnaire and the representations and
warranties contained herein shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors, heirs, personal representatives and assigns of the Company and the
Selling Securityholder with respect to the Transfer Restricted Securities beneficially owned by such Selling Securityholder and listed in Item 3 above. This Agreement shall be governed by, and
construed in accordance with, the laws of the State of New York. 

        IN
WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Election and Questionnaire to be executed and delivered either in person or by its authorized agent. 

	Dated:	 	Beneficial Owner
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

        Please return the completed and executed Election and Questionnaire for receipt PRIOR TO OR ON THE 30TH BUSINESS DAY FROM RECEIPT HEREOF to Sinclair Broadcast
Group, Inc. at: 

Sinclair
Broadcast Group, Inc.

10706 Beaver Dam Road

Hunt Valley, Maryland 21030

Attention: Chief Financial Officer 

A-4

 

 
 

Exhibit 1 To Annex A
  
    Notice To Transfer Pursuant
  To Registration Statement    
    

Sinclair
Broadcast Group, Inc.

10706 Beaver Dam Road

Hunt Valley, Maryland 21030 

Wachovia
Bank, National Association

Corporate Trust Department VA 9646

1021 East Cary Street, 3rd Floor

Richmond, Virginia 23219 

	Re:
	Sinclair
Broadcast Group, Inc.'s

Convertible Subordinated Notes due 2018 (the "Notes") 

Dear
Sirs: 

        Please
be advised that                        has transferred
$                        aggregate principal amount of the above-referenced Notes
or                        shares of the Company's Common Stock
issued on conversion or repurchase of Notes, pursuant to the Registration Statement on Form S-3 (File
No. 333-                        ) filed by the Company. 

        We
hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933, as amended, have been satisfied with respect to the transfer described above and that
the above named beneficial owner of the Notes or Common Stock is named as a selling securityholder in the Prospectus
dated                        , or in amendments or supplements thereto, and that the
aggregate principal amount of the Notes or number of shares of Common Stock transferred are [all or a portion of] the Notes or Common Stock listed in such Prospectus, as
amended or supplemented, opposite such owner's name. 

	 	 	Very truly yours,
	

 	
 	

[name]
	

 	
 	

By:	

 
	 	 	 	
 (Authorized signature)
	Dated:_____________________________

	 	 	 

A-5

QuickLinks

ANNEX A Sinclair Broadcast Group, Inc. Notice of Registration Statement and Selling Securityholder Election and Questionnaire Notice

Exhibit 1 To Annex A Notice To Transfer Pursuant To Registration Statement

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