Document:

Employment Agreement, dated as of April 28, 2006

 Exhibit 10.3 

EMPLOYMENT AGREEMENT 
 This Agreement is between The Sportsman Channel, Inc., a Delaware corporation (“Company”), and Todd D. Hansen (“Employee”), and shall be effective as of April 28, 2006 (the
“Effective Date”). 
 1. Appointment. Employee shall serve as Company’s Senior Vice
President and Director of Marketing or in such other position(s) as Employee and the Board of Directors (the “Board”) of Company shall mutually agree. Employee agrees to be a loyal employee of Company, and shall at all times faithfully and
to the best of Employee’s abilities and experience, and in accordance with the standards of the business in which Company is engaged, perform substantially all duties that may reasonably be required of Employee by this Agreement and
Company’s policies and procedures and the reasonable directives of the Board, which policies, procedures and directives shall be consistent with Employee’s position set forth herein. 

2. Compensation. 
 a. Salary and Salary Review. Employee’s initial base salary shall be $208,000 per year, payable in equal installments in accordance with Company’s standard payroll practices and
schedule, and subject to upward adjustment as and when Company deems appropriate; provided, however, that on each anniversary of the Effective Date during the Term (as defined below), Employee’s base salary shall automatically
increase at a rate of not less than four percent (4%) and shall not at any time be decreased from the then effective amount. 
 b. Annual Bonus. Employee shall be eligible for an annual performance bonus in an amount up to $30,000 (the “Performance Bonus”). The Performance Bonus will be based in equal part upon
Company achieving or exceeding (i) its budgeted EBITDA (earnings before interest, taxes, depreciation and amortization) for such fiscal year (up to 33.33% of the total Performance Bonus opportunity), (ii) its budgeted revenue for such
fiscal year (up to 33.33% of the total Performance Bonus opportunity), and (iii) its target number of full-time cable subscribers of the Company as of the end of such fiscal year (up to 33.33% of the total Performance Bonus opportunity) (each
of (i), (ii) and (iii), a “Performance Target”). The Performance Bonus, if any, will be paid to Employee based on the actual performance of Company in relation to each Performance Target as outlined below: 

 

			
	 Actual Percentage of Performance Target Achieved
	  	 Percentage of Bonus Due Employee

		
	 Less than 95% of a Performance Target
	  	0% for such Performance Target
		
	 95%-95.9% of a Performance Target
	  	10% for such Performance Target
		
	 96%-96.9% of a Performance Target
	  	20% for such Performance Target
		
	 97%-97.9% of a Performance Target
	  	30% for such Performance Target

			
		
	 98%-98.9% of a Performance Target
	  	40% for such Performance Target
		
	 99%-99.9% of a Performance Target
	  	50% for such Performance Target
		
	 100%-100.9% of a Performance Target
	  	60% for such Performance Target
		
	 101%-101.9% of a Performance Target
	  	70% for such Performance Target
		
	 102%-102.9% of a Performance Target
	  	80% for such Performance Target
		
	 103%-103.9% of a Performance Target
	  	90% for such Performance Target
		
	 104% or greater of a Performance Target
	  	100% for such Performance Target

 Each Performance Target will be established by, and mutually agreeable to, the Board and Employee prior to or within
thirty (30) calendar days after the beginning of each fiscal year, with the 2006 Performance Targets set forth on Exhibit A hereto. Notwithstanding the foregoing, the Performance Bonus opportunity (initially $30,000 on the Effective
Date) shall automatically increase at a rate of not less than four percent (4%) on each anniversary of the Effective Date during the Term and shall not at any time be decreased from the then effective amount. The Performance Bonus, if any, will
be prorated, in good faith by the Board, with respect to any partial year of employment, whether or not such partial year is caused by the beginning or end of Employee’s employment with Company, based on the number of days that Employee is
employed during such year. The Performance Bonus, if any, will be paid within thirty (30) calendar days following the completion of the Company’s annual audited financial statements for the relevant fiscal year. 

3. Fringe benefits. 
 a. Insurance. Employee and Employee’s dependents shall be eligible for coverage under the group insurance plans made available from time to time to Company’s executive and management
employees, including, without limitation, life insurance and health insurance. Company agrees to pay one hundred percent (100%) of the group health insurance premiums necessary for Employee and Employee’s dependents to participate in
Company’s group health insurance plan during the Term. 
 b. Expenses. Subject to Company’s regular policies
and procedures for the reimbursement of business expenses incurred by its executive and management employees, Company shall reimburse Employee for all reasonable and necessary expenses incurred by Employee in connection with Employee’s
performance of Employee’s duties under this Agreement; provided, however, that Company shall in all cases have the right to reasonably require Employee to document, in a manner satisfactory to Company, all expenses for which Employee seeks
reimbursement under this subsection. 

  
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 c. Miscellaneous Benefits. Employee shall receive all fringe benefits that Company
may from time to time make available generally to its executive and management employees, including, without limitation, Company’s 401(k) profit sharing plan together with its Company matching and profit sharing contributions. 

4. Paid Leave. 
 a. Vacation. During each calendar year of continuous, full-time employment (including calendar year 2006), Employee will be eligible to earn up to twenty-five (25) days of paid vacation time.
Vacation time shall be earned incrementally during the calendar year, so that, upon termination, for whatever reason, of Employee’s employment, Company shall pay Employee the cash value of Employee’s vacation entitlement earned during the
year of termination, less the value of the vacation time used during that calendar year, plus all unused vacation entitlement from prior calendar years but not in excess of the Accrual Cap (as defined below). Vacation time unused during the calendar
year in which it is earned shall carry over to the following years until used or paid in the manner set forth above up to a maximum of ten (10) days of unused vacation time (the “Accrual Cap”), after which any vacation time unused
during such prior calendar year shall be forfeited. Paid vacation is a benefit of time, not money; therefore, Employee shall not be entitled to payment in lieu of taking earned vacation time, except on termination of Employee’s employment with
Company in the manner set forth above. Except with Company’s prior written consent and in Company’s sole discretion, Employee shall not use more than ten (10) consecutive business days of vacation time at any one time. No vacation
time shall accrue during any paid or unpaid leave of more than thirty (30) calendar days. Employee hereby expressly agrees that upon the termination, for whatever reason, of Employee’s employment, Company may deduct from any sum that
otherwise would be payable to Employee the value of any paid vacation time taken by Employee in excess of the paid vacation time earned by Employee during the calendar year in which such termination occurs. 

b. Sick Leave and Holidays. Employee shall receive paid sick leave and holidays under the guidelines for such leave applicable
from time to time to Company’s executive and management employees. 
 5. Confidential Information; Conflicting
Activities. As a condition to the Company’s entry into this Agreement, Employee agrees to enter into and comply with the terms of that certain Agreement to Protect Confidential Information, Assign Inventions and Prevent Unfair
Competition and Unfair Solicitation provided to Employee herewith (“Restrictive Covenant Agreement”). 
 6.
Confidentiality. During and after the term of this Agreement, Employee shall not disclose any material term of this Agreement to any person or entity, except that Employee may disclose any such information as required by subpoena or court
order, or to an attorney or tax or financial adviser to the extent necessary to obtain professional advice or to enforce this Agreement. In addition, Employee may disclose such information to members of Employee’s immediate family.
Notwithstanding any provision hereof to the contrary, Employee shall not be restricted in any fashion from giving truthful testimony in any legal or regulatory proceeding, making any necessary or appropriate filings with any governmental entity or
from truthfully 

  
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discussing any matter with any representative or agent of the United States Government or any of its agencies; provided that Employee shall at the earliest practicable date provide a copy of any
subpoena or court order requesting or compelling such testimony to Company’s Secretary, it being the parties’ intention to give Company a fair opportunity to take appropriate steps to prevent the unnecessary and/or improper use or
disclosure of any such information or giving of testimony. 
 7. Source of Payments. All payments to be made to
Employee under this Agreement shall be paid from Company’s general funds. No special or separate fund shall be established and no other segregation of assets shall be made to assure payment. Neither this Agreement nor any action taken hereunder
shall be construed to create a trust of any kind. To the extent that any person has any right to receive payments from Company under this Agreement, that right shall be no greater than the right of any unsecured creditor of Company, except to the
extent otherwise provided by applicable law with respect to wages and benefits due Company’s employees generally. 
 8.
Relationship Between this Agreement and Other Company Publications. In the event of any conflict between any term of this Agreement and any Company contract, policy, procedure, guideline or other publication, the terms of this Agreement
shall control; provided, however, that with regard to Company retirement plans that are qualified under § 401(a) of the Internal Revenue Code of 1986, as amended, and Company welfare benefit plans, the summary plan descriptions and plan
documents associated with each such plan shall control over the terms of this Agreement, with the exception of Company’s agreement to pay one hundred percent (100%) of health insurance premiums as provided in Section 3(a), above.

 9. Term and Termination. 
 a. Term. The term (the “Term”) of this Agreement shall be five (5) years commencing on the Effective Date, unless terminated earlier pursuant to the terms herein. 

b. Termination by Company Without Cause. Company may in its sole discretion terminate this Agreement at any time without Cause
(as defined below). If Company does so, following Employee’s execution of (i) a legal release in the form attached hereto as Exhibit B, (ii) an acknowledgement of Employee’s continuing obligations regarding the
confidentiality of Company’s proprietary information and trade secrets as set forth herein, and (iii) an agreement in a form reasonably satisfactory to Company to treat as confidential information of Company the circumstances of
Employee’s separation from Company and compensation received by Employee in connection with that separation: (A) Company shall continue to pay Employee’s then-current annual base salary until the later of (i) the end of the Term
or (ii) nine (9) months following the date of termination, payable in equal installments, less legally required withholdings, pursuant to Company’s normal payroll practices and schedule; (B) Company shall pay Employee, no later
than the first regular Company pay date following the date of termination, for any vacation that he has accrued but not used in the manner set forth in Section 4(a), above; (C) Company shall pay Employee the prorated portion of
Employee’s Performance Bonus, if any, in the calendar year in which the termination occurs; (D) all unvested Company stock options or restricted Company stock held by Employee will, as of the date of

  
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termination, notwithstanding any contrary term contained in the award or restricted stock agreements applicable thereto, immediately and automatically vest or all restrictions applicable thereto
will lapse, as the case may be, provided that any right to exercise any vested options will be as set forth in Employee’s applicable stock option grant notice, stock option agreement and the Company’s 2006 Stock Incentive Plan or other
applicable stock incentive plan; (E) Company shall pay the total cost of group health insurance continuation coverage for Employee and his dependents under Title X of the Consolidated Budget Reconciliation Act of 1985, as amended
(“COBRA”), through the later of (i) the end of the Term or (ii) nine (9) months following the date of termination; provided, however, that Employee and his dependents will be solely responsible for electing such COBRA
coverage within the required time periods; and (E) Company will pay Employee all payments required to satisfy any exercise of the Put Option set forth in Section 10 hereof. Because this subsection is intended to provide compensation and
benefits to enable Employee to support himself in the event of Employee’s loss of employment under certain circumstances specified herein, Employee’s right to compensation and benefits under this subsection shall not be triggered solely by
a Change of Control (as defined below), except as provided in Section 9(e), below. 
 c. Termination by Employee.
Employee may terminate this Agreement at any time upon thirty (30) calendar days’ prior written notice to Company with Company’s only obligations following the date of termination being the payment of base salary and accrued, unused
vacation compensation earned through the date of termination and any other amounts due upon such a termination pursuant to any other agreement between Employee and Company and the satisfaction of Company’s obligations with respect to the Put
Option (and, in the Company’s discretion, the Repurchase Option) set forth in Section 10 hereof, and without liability for severance compensation of any kind. Vesting of any options held by Employee shall cease as of the date of
termination. 
 d. Termination by Death or Disability. This Agreement shall terminate upon the death of Employee or upon
the Disability (as defined below) of Employee. If this Agreement is terminated for any reason set forth in this subsection, then Employee shall be entitled to receive the severance compensation and benefits set forth in Section 9(b) above. For
purposes of this subsection, “Disability” shall mean that Employee, due to physical or mental illness, becomes incapable of performing the essential functions of his position, for three months in the aggregate during any period of six
consecutive months as reasonably determined by the Board. 
 e. Termination for Good Reason. If, without the prior
written consent of Employee, (A) a significant reduction occurs in the Employee’s status, title, position, responsibilities, compensation or benefits, including the opportunity to earn a bonus; (B) any material breach by the Company
of this Agreement occurs; (C) Company, or any successor to Company, as a result of a Change of Control, shall fail to continue or assume, as the case may be, the Company’s material obligations under this Agreement in connection with such
Change of Control; (D) a mandatory relocation of Employee’s employment with the Company to a location greater than fifty (50) miles away from the Big Bend, Wisconsin area occurs where such mandatory relocation is approved by a Board
comprised of a majority of members appointed by InterMedia Partners VII, L.P. or its affiliates, except for travel required in performance of 

  
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Employee’s duties and responsibilities, and in any of instances (A), (B), (C) or (D) above, Company or its successor, as the case may be, has not cured such material breach or
condition within thirty (30) calendar days after receipt of written notice thereof given by Employee, this Agreement may be terminated by Employee subject to the notice and time limitations set forth in Section 9(c), above. For purposes of
this Agreement, any termination of this Agreement by Employee in accordance with the terms of this subsection shall be defined as a termination for “Good Reason” and, notwithstanding Section 9(c), above, shall be deemed to constitute
a termination of this Agreement by Company without Cause pursuant to Section 9(b), above. For purposes of this Agreement, “Change of Control” means any transaction or series of related transactions (i) the result of which is that
any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than the Stockholders (as defined in the Stockholders’ Agreement dated as of the
date hereof among Company and the Stockholders party thereto, as amended from time to time (the “Stockholders’ Agreement”)), or persons controlling, controlled by or under common control with a Stockholder, becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), of 50% or more of the issued and outstanding Voting Stock (as defined below) of Company, (ii) that results in the sale of all or substantially all of the assets of
Company, or (iii) that results in any consolidation or merger of the Company with or into any other person, other than the Stockholders or persons controlling, controlled by or under common control with a Stockholder, or any other corporation
reorganization, in which the holders of all equity interests of the Company immediately prior to such merger, consolidation or reorganization own equity interests of the entity surviving such merger, consolidation or reorganization representing less
than 50% of the combined voting power of the outstanding securities of such entity immediately after such consolidation, merger or reorganization. As used herein, “Voting Stock” means any capital stock of any class of Company which has the
right to vote on all matters submitted to holders of shares of the voting common stock, $0.001 par value per share, of Company (the “Common Stock”), and (ii) any security, right, option, warrant or agreement convertible into or
exercisable to obtain any Common Stock or capital stock of any class of Company which has the right to vote on all matters submitted to holders of Common Stock. 
 f. Termination by Company for Cause. The Board may terminate this Agreement, effective immediately, for Cause (as defined below) with Company’s only obligations being the payment of base
salary and accrued, unused vacation compensation earned through the date of termination, together with any other amounts due Employee as a result of such termination under any other agreement between Company and Employee and the satisfaction of
Company’s obligations with respect to the Put Option (and, in the Company’s discretion, the Repurchase Option) set forth in Section 10 hereof, and without liability for severance compensation of any kind. For purposes of this
Agreement, “Cause” means: (i) violation by Employee of any material term of this Agreement or the Restrictive Covenant Agreement; or (ii) Employee’s engagement in any of the following forms of misconduct: commission of any
felony or misdemeanor where such misdemeanor involves dishonesty or materially adversely impacts the Company; theft of Company property; use of alcohol on Company’s premises or appearing during business hours on such premises while intoxicated,
other than in connection with a Company-sponsored social event; illegal use of any controlled substance; illegal discriminatory or harassing behavior; or falsifying any document or willfully 

  
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making any materially false or materially misleading statement relating to Employee’s employment by Company; or (iii) Employee’s failure to cure, within thirty (30) calendar
days after receipt by Employee of notice from Company regarding, in each case under this Subsection 9(f)(iii), any material injury to the economic or ethical welfare of Company caused by Employee’s willful malfeasance, willful misconduct or
material inattention to Employee’s duties and responsibilities under this Agreement, or any material failure to comply with the Company’s reasonable performance expectations. For purposes of this Agreement, no act, or failure to act, on
Employee’s part will be deemed “willful” unless done, or omitted to be done, by Employee intentionally and not in good faith. 
 10. Put and Repurchase Option. 
 a. Put Option for Termination
Without Cause or by Death or Disability or for Resignation with or without Good Reason. Following Employee’s termination of employment without Cause, for Good Reason or by reason of death or Disability or Employee’s resignation with or
without Good Reason, Employee or his estate, as the case may be, shall have the right, for a period of ninety (90) calendar days from the date of such termination, to cause Company (the “Put Option”) to purchase from Employee and his
Permitted Transferees (as defined in the Stockholders’ Agreement), estate and beneficiaries that received shares from him, all or a portion of the equity securities (including vested options) held by Employee and such Permitted Transferees,
estate and beneficiaries (collectively, the “Shares”) at the Fair Market Value (as defined herein) as of the date of Employee’s termination of employment by delivering to Company written notice (the “Put Notice”) specifying
the number of Shares to be sold to Company pursuant to the Put Option. Except with respect to termination by reason of death as specified in Section 9(d), above, after receipt of the Put Notice, the parties shall consummate the sale of stock,
and Company will pay one-half of the total purchase price to Employee, at a closing to occur within the later of (i) sixty (60) calendar days of the date of the Put Notice or (ii) ten (10) calendar days after the determination of
the Fair Market Value, and will pay the remainder within twelve (12) months of such date. The closing of a Put Option exercised after the death of Employee shall be governed by Section 10(c) below. 

b. Put and Repurchase Option for Termination for Cause. Following the termination of Employee’s employment by Company for
Cause, Employee shall have a Put Option identical to that set forth in Section 10(a) above; provided, that the repurchase price pursuant to the Put Option shall be equal to 90% of the Fair Market Value as of the date of termination of
Employee’s employment. Notwithstanding the foregoing, following the termination of Employee’s employment by Company for Cause, Company will have the right, for a period of ninety (90) calendar days from the date of such termination,
to repurchase all or a portion of the Shares at a repurchase price equal to 90% of the Fair Market Value as of the date of termination of Employee’s employment (the “Repurchase Option”) by delivering to Employee written notice (the
“Repurchase Notice”) specifying the number of Shares which Company intends to purchase from Employee pursuant to the Repurchase Option. If Employee exercises the Put Option or Company exercises the Repurchase Option, as the case may be,
the parties shall consummate the sale of stock, and Company will pay (i) one-third of the total repurchase price of the Shares covered by such Put Option or Repurchase Option to Employee at 

  
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 a closing to occur within the later of (A) sixty (60) calendar days of the date of the Put Notice
or the Repurchase Notice or (B) ten (10) calendar days after the determination of the Fair Market Value, (ii) one-third on the one-year anniversary of such closing date, and (iii) the balance of the total repurchase price on the
two-year anniversary of such closing date. If the Company determines that a repurchase price with respect to either the Put Option or the Repurchase Option equal to 90% of the Fair Market Value as of the date of Employee’s termination of
employment would make any payments to the Employee subject to a tax imposed on Employee pursuant to Internal Revenue Code Section 409A (or any successor thereto), the repurchase price with respect to either the Put Option or the Repurchase
Option shall be equal to 100% of the Fair Market Value as of the date of Employee’s termination of employment. 
 c.
Life Insurance. The Company will maintain a “key-person” term life insurance policy on the life of Employee in accordance with the terms of the Stockholders’ Agreement. If Employee’s estate exercises the Put Option
following the death of Employee, Company will pay the repurchase price for the Shares covered by the Put Option (whether shares of Employee’s estate or other beneficiaries or Employee’s Permitted Transferees) to the full extent of the
key-person term life insurance proceeds within ten (10) business days following receipt of such proceeds and the remaining repurchase price for the Shares covered by the Put Option will be payable in accordance with the timetable set forth in
Section 10(a), above. Company agrees to use its reasonable best efforts to collect all such insurance proceeds as soon as is commercially reasonable after the death of Employee for use in accordance with the terms hereof. 

d. Deferred Payments. Any deferred payment obligation from Company to Employee resulting from the exercise of the Put
Option or Repurchase Option will be secured by the grant to Employee of a collateral pledge of all repurchased Shares. Employee will be entitled to hold all stock certificates representing the repurchased Shares until payment in full of all such
deferred obligations. 
 e. Fair Market Value. The “Fair Market Value” of the Shares for
purposes of the Put Option or Repurchase Option will be the fair market value as agreed to by Company and Employee (or Employee’s estate, as the case may be) at the time of the Put Option or Repurchase Option. If the parties cannot agree on the
fair market value of the Shares within thirty (30) calendar days of the notice of the exercise of the Put Option or the Repurchase Option, as the case may be, an appraisal will be obtained by Company from an appraiser chosen by Company with
approval from Employee not to be unreasonably withheld, at Company’s expense, to conclusively establish the Fair Market Value; provided, that for purposes of such determination by the appraiser, the “Fair Market Value” shall be
considered to be the aggregate price at which a willing buyer and a willing seller, with neither acting under compulsion, would buy and sell all of the Shares which are subject to the Put Option or the Repurchase Option, as the case may be;
provided further, that in no event shall the appraiser apply any discount to the shares subject to the Repurchase Option in excess of 15% of the Fair Market Value of the Shares (the “Discount Cap”). The parties will instruct the
appraiser to make a final determination of the Fair Market Value within thirty (30) calendar days of being retained by Company. Company and Employee will have the right to present the appraiser, in writing or otherwise, with work papers,
schedules and any other documents which such party reasonably 

  
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believes to be pertinent to the appraiser’s duties under this subsection; provided, however, that neither party shall be permitted to notify the appraiser of the existence or amount
of the Discount Cap or instruct the appraiser to apply or not apply any discount. Company and Employee will execute any and all engagement letters, confidentiality agreements and similar documents reasonably requested by the appraiser in connection
with such engagement. 
 11. Successors and Assigns. Company, its successors and assigns may assign this
Agreement to any person or entity, with or without Employee’s consent, who acquires all or substantially all of Company’s assets or Voting Stock in any transactions giving rise to a Change in Control. This Agreement thereafter shall bind,
and inure to the benefit of, Company’s successor or assign. The Company shall not otherwise assign this Agreement, any interest therein or any of its rights hereunder. Employee shall not assign either this Agreement or any right or obligation
arising thereunder, except that any expectancy of Employee hereunder shall be assignable by will or the laws of descent and distribution. 
 12. Notices. For purposes hereof, delivery of written notice shall be complete upon personal delivery, or upon mailing if mailed with proper postage prepaid by United States
registered or certified mail, addressed to the party at the address set forth below, or to such other mailing address as the parties hereto may designate by written notice given in accordance with this section. Notice may also be given upon receipt
of electronic facsimile; provided, however, that any facsimile notice shall only be deemed received if (a) the transmission thereof is confirmed, and (b) facsimile notice is followed by written notice, made either by (i) personal
delivery thereof, or (ii) via deposit in registered or certified mail, postage prepaid, within three (3) business days following the facsimile notice. Notices shall be addressed to the parties as follows: 

 

					
		 	 Company:
	  	The Sportsman Channel, Inc.
		 		  	 W236 S7050 Big Bend Drive

Suite 6
 Big Bend, WI 53103

Attention: Secretary
 Facsimile: (262)
662-3890

			
		 	 with a copy to:
	  	InterMedia Partners VII, L.P.
		 		  	 3033 E. First Avenue
 Suite
550
 Denver, Colorado 80206
 Facsimile:
(303) 339-7543
 Attention: David B. Koff

			
		 		  	and
			
		 		  	 InterMedia Partners, L.P.

405 Lexington Avenue,
48th Floor

New York, New York 10174
 Facsimile: (212)
503-2879
 Attention: Mark J. Coleman, Esq.

			
		 	 Employee:
	  	To the address listed on the signature page hereto.

  
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 13. Disputes. Any action arising from or relating in any way to this
Agreement, or otherwise arising from or relating to Employee’s employment with Company, shall be tried only in the state or federal courts situated in Milwaukee County, Wisconsin. The parties consent to jurisdiction and venue in those courts to
the greatest extent possible under law. 
 14. Miscellaneous. 

a. Governing Law. This Agreement, and all other disputes or issues arising from or relating in any way to Company’s
relationship with Employee, shall be governed by the internal laws of the State of Wisconsin, irrespective of the choice of law rules of any jurisdiction. 
 b. Withholdings. All payments made or payable under this Agreement shall be subject to legally required withholdings. 

c. Severability. If any court of competent jurisdiction declares any provision of this Agreement invalid or unenforceable,
the remainder of the Agreement shall remain fully enforceable. To the extent that any court concludes that any provision of this Agreement is void or voidable, the court shall reform such provision(s) to render the provision(s) enforceable, but only
to the extent absolutely necessary to render the provision(s) enforceable. 
 d. Integration. This Agreement and
the Restrictive Covenant Agreement constitute the entire agreement of the parties and a complete merger of prior negotiations and agreements and, except as provided in the preceding subsection, shall not be modified by word or deed, except in a
writing signed by Employee and Company. Employee hereby expressly acknowledges that this Agreement is a complete novation of any and all prior employment agreements between Company and Employee. 

e. Waiver. No provision of this Agreement shall be deemed waived, nor shall there be an estoppel against the enforcement
of any such provision, except by a writing signed by the party charged with the waiver or estoppel. No waiver shall be deemed continuing unless specifically stated therein, and the written waiver shall operate only as to the specific term or
condition waived, and not for the future or as to any act other than that specifically waived. 
 f.
Construction. Headings in this Agreement are for convenience only and shall not control the meaning of this Agreement. Whenever applicable, masculine and neutral pronouns shall equally apply to the feminine genders; the singular shall
include the plural and the plural shall include the singular. The parties have reviewed and understand this Agreement, and 

  
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each has had a full opportunity to negotiate the Agreement’s terms and to consult with counsel of their own choosing. Therefore, the parties expressly waive all applicable common law and
statutory rules of construction that any provision of this Agreement should be construed against the agreement’s drafter, and agree that this Agreement and all amendments thereto shall be construed as a whole, according to the fair meaning of
the language used. 
 g. Counterparts. This Agreement may be executed in one or more counterparts, each of which
when executed and delivered shall be an original, and all of which when executed shall constitute one and the same instrument. 

[Remainder of page left intentionally blank] 

  
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	 Employee:
	 		  	The Sportsman Channel, Inc.
				
	 /s/ Todd D. Hansen
	 		  	By:	  	/s/ C. Michael Cooley
	 Todd D. Hansen
	 		  		  	 C. Michael Cooley
 President
and Chief Executive Officer

 [Signature Page to Employment Agreement] 

  
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 Exhibit A 

2006 Performance Targets 

The “Performance Targets” for Company’s 2006 fiscal year shall be as follows: 
 EBITDA $(5,385,000) 
 Revenue $2,909,600 
 Subscriber 3,125,000 
 The parties acknowledge and agree that the “Performance Targets”
for Company’s fiscal years subsequent to 2006 shall be determined by mutual written agreement of InterMedia Partners VII, L.P. and Company on or prior to February 1st of each fiscal year and, in the absence of such agreement, shall be
determined by reference to Company’s Business Plan dated as of April 28, 2006. 

  
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 Exhibit B 

Form of Release 
 Employee, on behalf of Employee and Employee’s heirs, personal representatives and assigns, and any other person or entity that could or might act on behalf of Employee, including, without
limitation, Employee’s counsel (all of whom are collectively referred to as “Employee Releasers”), hereby fully and forever releases and discharges the Company, its present and future affiliates and subsidiaries, and each of its and
their past, present and future officers, directors, employees, shareholders, independent contractors, attorneys and insurers, of and from any and all actions, causes of action, claims, demands, costs and expenses, including attorneys’ fees, of
every kind and nature whatsoever, in law or in equity, whether now known or unknown, that Employee Releasers, or any person acting under any of them, may now have, or claim at any future time to have, based in whole or in part upon any act or
omission occurring on or before the effective date of Employee’s termination of employment (the “Separation Date”), without regard to present actual knowledge of such acts or omissions, including specifically, but not by way of
limitation, matters which may arise at common law, such as breach of contract, express or implied, promissory estoppel, wrongful discharge, tortious interference with contractual rights, infliction of emotional distress or defamation, or under
federal, state or local laws, such as the Fair Labor Standards Act, the Employee Retirement Income Security Act, the National Labor Relations Act, Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the
Rehabilitation Act of 1973, the Equal Pay Act, the Americans with Disabilities Act, the Family and Medical Leave Act, and any civil rights law of any state or other governmental body; PROVIDED, HOWEVER, that notwithstanding the foregoing or
anything else contained in this Agreement, the release set forth herein shall not extend to: (i) any rights arising under the Employment Agreement between Company and Employee, including, without limitation, Company’s obligations with
respect to the Put Option (and, in Company’s discretion, the Repurchase Option), any termination benefits to be paid to Employee on or after the date of termination; (ii) any vested rights under any pension, retirement, profit sharing or
similar plan; (iii) Employee’s rights, if any, to indemnification, and/or defense under any applicable law or Company certificate of incorporation, bylaw and/or policy or procedure, or under any insurance contract, in connection with
Employee’s acts and omissions within the course and scope of Employee’s employment with the Company; (iv) any unpaid indebtedness of the Company to Employee existing at the time of termination; or (v) any claims Employee may have
against InterMedia Partners VII, L.P., a Delaware limited partnership (and any successor thereto or assignee thereof, “InterMedia”), under that certain Stock Purchase and Contribution Agreement dated April 7, 2006 among Employee,
InterMedia and certain other parties, or any of the agreements, instruments, documents or certificates executed and delivered in connection therewith. 
 Employee hereby warrants that Employee has not assigned or transferred to any person any portion of any claim which is released, waived and discharged above. Employee further states and agrees that
Employee is not aware of any illness, injury, or disability of Employee that is compensable or recoverable under the worker’s compensation laws of any state that was not reported to the Company by Employee before the Separation Date. Employee
understands and 

  
 1 

 
agrees that by signing this Agreement Employee is, except as set forth above, giving up any right to bring any legal claim against the Company concerning, directly or indirectly, Employee’s
employment relationship with the Company, including Employee’s separation from employment. Employee agrees that this legal release is intended to be interpreted in the broadest possible manner in favor of the Company, to include all actual or
potential legal claims that Employee may have against the Company, except as specifically provided otherwise in this Release 

  
 2 

 ADDENDUM TO EMPLOYMENT AGREEMENT 

THIS ADDENDUM TO EMPLOYMENT AGREEMENT (“Addendum”), dated as of April 29, 2011, by and between THE SPORTSMAN
CHANNEL, INC. (the “Company”) and TODD D. HANSEN (the “Employee”). 
 W I T N E S S E T
H: 
 WHEREAS, the parties entered into that certain Employment Agreement dated as of April 28, 2006 (the
“Employment Agreement”) (all terms not otherwise defined herein have the meanings given in the Employment Agreement); and 
 WHEREAS, the parties desire to extend the Term for one (1) year pursuant to the terms of this Addendum. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual promises, representations and undertakings of the parties set forth herein, the adequacy and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows. 
 1. Term. The Term is hereby extended for one (1) years, to April 28,
2012 (the “Renewal Term”. 
 2. Compensation. Section 2(c) is hereby added to the Employment
Agreement to read in its entirety as follows: 
 “During the Renewal Term, Employee’s base salary shall
be $225,000 per year, payable in equal installments in accordance with Company’s standard payroll practices and schedule. During the Renewal Term, the Performance Bonus shall be an amount up to twenty-five percent (25%) of the base salary
(or $56,250), calculated in accordance with the procedures contained in Section 2(a). Each Performance Target for the Renewal Term has been established by the Board in the 2011 budget for the Company. The Performance Bonus, if any, will be
prorated, in good faith by the Board, in the event the Employee is terminated during the Renewal Term without Cause. During the Renewal Term, the Performance Bonus is based on the calendar year 2011 and not on the Company’s fiscal year.”

 3. Paid Leave. Section 4(a) of the Employment Agreement is deleted in its entirety and is revised in its entirety
to read as follows: 
 “During the Renewal Term, Employee will receive twenty (20) business days’
of paid vacation leave. Employee will use his best efforts to schedule his vacation during times that will have least negative effect on the Company, and in no event will Employee take more than ten (10) consecutive days of vacation. Paid
vacation is a benefit of time, not money. Any vacation leave not taken during the Renewal Term will be forfeited, regardless of whether the Renewal Term is terminated early pursuant to the terms of the Employment Agreement. In no event will Employee
be entitled to payment on account of entitlement for paid leave.” 

  
 1 

 4. Term and Termination. Section 9(g) is hereby added to the Employment
Agreement to read in its entirety as follows: 
 “During the Renewal Term, in the event of termination
without Cause as provided for in Section 9(b), Company shall continue to pay Employee’s base salary through the end of the Renewal Term only, notwithstanding the provisions of Section 9(b)(A), and Company shall pay the cost of health
insurance through the end of the Renewal Term through the end of the Renewal Term only, notwithstanding the provisions of Section 9(b)(E). During the Renewal Term, Section 9(e) relating to termination for Good Reason shall not apply.”

 5. Put and Repurchase Option. Section 10(f) is hereby added to the Employment Agreement to read in its entirety
as follows: 
 “During the Renewal Term, there shall be no Put Option or Repurchase Option. During the
Renewal Term, Sections 10(a) through 10(e) shall not apply.” 
 6. Acknowledgment. Company and Employee each
acknowledge and agree that except as amended, the provisions of the Employment Agreement shall remain in full force and effect and the Employment Agreement, as amended hereby, is a binding obligation of each of the parties. The Employment Agreement,
as amended hereby, may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties, and there are no unwritten oral agreements between the parties. No modification, rescission, waiver, release or amendment
of any provision of the Employment Agreement or this Addendum shall be made, except by a written agreement signed by Company and Employee. 
 IN WITNESS WHEREOF, the parties have hereunto executed this Extension as of the day and year first above written. 

 

			
	THE SPORTSMAN CHANNEL, INC.
		
	By:	 	/S/    THE SPORTSMAN CHANNEL,
INC.
		
	By:	 	/S/    TODD D. HANSEN
		 	            TODD D. HANSEN

  
 2 

 SECOND ADDENDUM TO EMPLOYMENT AGREEMENT 

THIS ADDENDUM TO EMPLOYMENT AGREEMENT (“Addendum”), dated as of April 28, 2012, by and between THE SPORTSMAN
CHANNEL, INC. (the “Company”) and TODD D. HANSEN (the “Employee”). 
 W I T N E S S E T
H: 
 WHEREAS, the parties entered into that certain Employment Agreement dated as of April 28, 2006, as extended
by that Addendum to Employment Agreement dated as of April 29, 2011 (the “Employment Agreement”) (all terms not otherwise defined herein have the meanings given in the Employment Agreement); and 

WHEREAS, the parties desire to extend the Term for one (1) year pursuant to the terms of this Addendum. 

NOW, THEREFORE, in consideration of the foregoing and the mutual promises, representations and undertakings of the parties set forth
herein, the adequacy and sufficiency of which are hereby acknowledged, the parties hereto agree as follows. 
 1. Term.
The Term is hereby extended for one (1) year, to April 28, 2013 (the “Renewal Term”. 
 2.
Compensation. Section 2(c) is hereby added to the Employment Agreement to read in its entirety as follows: 
 “During the Renewal Term, Employee’s base salary shall be $230,000 per year, payable in equal installments in accordance with Company’s standard payroll practices and schedule. During the
Renewal Term, the Performance Bonus shall be an amount up to twenty-five percent (25%) of the base salary (or $57,500), calculated in accordance with the procedures contained in Section 2(a). Each Performance Target for the Renewal Term
has been established by the Board in the 2012 budget for the Company. The Performance Bonus, if any, will be prorated, in good faith by the Board, in the event the Employee is terminated during the Renewal Term without Cause. During the Renewal
Term, the Performance Bonus is based on the calendar year 2012 and not on the Company’s fiscal year.” 
 3. Paid
Leave. Section 4(a) of the Employment Agreement is deleted in its entirety and is revised in its entirety to read as follows: 
 “During the Renewal Term, Employee will receive twenty (20) business days’ of paid vacation leave. Employee will use his best efforts to schedule his vacation during times that will have
least negative effect on the Company, and in no event will Employee take more than ten (10) consecutive days of vacation. Paid vacation is a benefit of time, not money. Any vacation leave not taken during the Renewal Term will be forfeited,
regardless of whether the Renewal Term is terminated early pursuant to the terms of the Employment Agreement. In no event will Employee be entitled to payment on account of entitlement for paid leave.” 

  
 1 

 4. Term and Termination. Section 9(g) is hereby added to the Employment
Agreement to read in its entirety as follows: 
 “During the Renewal Term, in the event of termination
without Cause as provided for in Section 9(b), Company shall continue to pay Employee’s base salary through the end of the Renewal Term only, notwithstanding the provisions of Section 9(b)(A), and Company shall pay the cost of health
insurance through the end of the Renewal Term through the end of the Renewal Term only, notwithstanding the provisions of Section 9(b)(E). During the Renewal Term, Section 9(e) relating to termination for Good Reason shall not apply.”

 5. Put and Repurchase Option. Section 10(f) is hereby added to the Employment Agreement to read in its entirety
as follows: 
 “During the Renewal Term, there shall be no Put Option or Repurchase Option. During the
Renewal Term, Sections 10(a) through 10(e) shall not apply.” 
 6. Acknowledgment. Company and Employee each
acknowledge and agree that except as amended, the provisions of the Employment Agreement shall remain in full force and effect and the Employment Agreement, as amended hereby, is a binding obligation of each of the parties. The Employment Agreement,
as amended hereby, may not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the parties, and there are no unwritten oral agreements between the parties. No modification, rescission, waiver, release or amendment
of any provision of the Employment Agreement or this Addendum shall be made, except by a written agreement signed by Company and Employee. 
 IN WITNESS WHEREOF, the parties have hereunto executed this Extension as of the day and year first above written. 

 

			
	THE SPORTSMAN CHANNEL, INC.
		
	By:	 	/S/ THE SPORTSMAN CHANNEL, INC.
		
	By:	 	/S/ TODD D. HANSEN
		 	        TODD D. HANSEN

  
 2Separation Agreement, dated as of August 1, 2011

 Exhibit 10.4 
 SEPARATION AGREEMENT 
 This Separation Agreement (this “Agreement”) is
made and entered into by and between C. Michael Cooley (the “Executive”) and The Sportsman Channel, Inc., a Delaware corporation (the “Company”) as of August 1, 2011. 

WHEREAS, the Executive was employed on an active, full-time, exclusive basis by the Company as initially as President and Chief Executive
Officer and subsequently as Chairman of the Company, pursuant to an Employment Agreement between the Executive and Company dated as of April 28, 2006 (the “Employment Agreement”); 

WHEREAS, the Board of Directors has received from the Executive a resignation notice effective April 28, 2011 (the “Resignation
Date”) pursuant to which the Executive has provided his unqualified resignation, effective as of that date, from his position as Chairman and as an employee of the Company; and 

WHEREAS, the Executive and the Company desire to enter into certain arrangements in connection with the Executive’s resignation.

 NOW, THEREFORE, in consideration of the covenants and mutual promises contained in this Agreement and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

Section 1.         Resignation. The Company and the Executive mutually agree to and
acknowledge the Executive’s resignation, effective as of the Resignation Date hereof, from his position as President and Chief Executive Officer and employee of the Company. The Executive has, independently and without reliance on the Company
or anyone else, made his own analysis of the Company, taking into account such factors he deems appropriate, and he has elected not to exercise the Put Option referred to in Section 10 of the Employment Agreement (the “Put Option”).

 Section 2.         Consideration. 

(a)        Payments. For a period of two (2) consecutive years from the date hereof
(the “Term”), the Company shall pay to the Executive the annual sum of fifty-two thousand dollars ($52,000) (the “Annual Payment”) for his service as Non-Executive Chairman referred to below. Notwithstanding anything else to the
contrary contained herein, and regardless of whether the Executive ceases to serve as Non-Executive Chairman, the Company’s obligation to pay the Annual Payment shall continue. The exclusive event that shall give rise to the termination of the
Annual Payment shall be the Executive’s conviction or plea of guilty or no contest to a crime of moral turpitude. The Annual Payment shall be payable one-twelfth (1/12th) on the first day of each month during the time it is payable, or on
such other schedule as the Company and the Executive may reasonably agree. 

(b)        Non-Executive Chairman. The Executive shall have the title of”Non-Executive
Chairman” until the Company otherwise determines in its sole discretion. Notwithstanding the Executive’s title as Non-Executive Chairman of the Company pursuant to this Agreement, the Executive and the Company agree and acknowledge this is
an honorary position and the Executive (i) shall have no duties as Non-Executive Chairman and no rights or power to act for or on behalf of, or to bind the 

  
 1 

 Company as Non-Executive Chairman or otherwise, (ii) shall not be a member of the
Board of Directors or an employee of the Company and (iii) except as specifically provided in this Agreement, shall not be eligible to receive from the Company any compensation or benefits or be eligible for any new grants of the Company’s
profits interest, stock options or similar grants. 
 (c)        Welfare Plans.
During the Term, the Executive and his dependents shall be eligible for coverage and shall be covered under the Company’s health and medical insurance plan(s) in effect from time to time. During the Term, the Company agrees to pay one hundred
percent (100%) of the group health and medical insurance premiums necessary for the Executive and his dependents to participate in Company’s group health and medical insurance plan(s). 

(d)        No Office. The Executive shall not be entitled to an office space at the
Company’s offices. The Executive shall visit the Company’s offices only upon the invitation of the Company’s Chief Executive Officer. 
 Section 3.         Return of Property. As of the date the Executive executes this Agreement, the Executive hereby affirms that, to the best of the
Executive’s knowledge and after reasonable investigation, the Executive has returned to the Company all confidential and proprietary information and all computer hardware or software, files, memoranda, correspondence, vendor and customer lists,
financial data, keys and security access cards, business records, papers, computer data and documents generated by, or derived from, the Company Released Parties (as defined below) or kept or made by the Executive relating to the business of the
Company Released Parties and acknowledges and agrees that all such property shall remain the exclusive property of the Company Released Parties (the “Proprietary Property”). Proprietary Property shall include any information or materials
that are derived from information or materials that would otherwise constitute Proprietary Property. The Executive hereby acknowledges and agrees that (i) all Proprietary Property that was in the Executive’s possession or dominion on or
prior to the Resignation Date has been returned to the Company in its full and correct form, (ii) the Executive has relinquished to the Company and all copies of Proprietary Property, whether electronically or otherwise, that were in the
Executive’s possession or dominion on the date hereof and (iii) to the best of the Executive’s knowledge and except as the Executive has otherwise disclosed to the Company in writing, no such property has been destroyed, has become
defective or has been damaged in any way during the period that such property has been in the possession or dominion of the Executive. 
 Section 4.         Mutual Release and Waiver of Certain Claims. 
 (a)        For purposes of this Agreement, (i) the Company and its present, former and future shareholders, partners, limited partners, affiliates, members,
parents, subsidiaries, directors, officers, executives, agents, attorneys, successors and assigns are each referred to herein individually as a “Company Released Party” and collectively as the “Company Released Parties”, and
(ii) the Executive and his present, former and future affiliates, heirs, personal and legal representatives, agents, attorneys, successors and assigns are each referred to herein individually as an “Executive Released Party” and
collectively as the “Executive Released Parties”. 

(b)        (i)         In consideration of the
covenants undertaken herein by the Company, the Executive hereby unconditionally and forever releases and discharges the Company Released Parties and 

  
 2 

 
waives any and all claims, liabilities, demands, actions, causes of action, suits, costs, controversies, judgments, decrees, verdicts, attorney’s fees, damages, indemnities and obligations
of every kind and nature, in law, equity or otherwise, known or unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to the agreements, events, acts or conduct at any time prior to and including the
execution date hereof against the Company or any of the other Company Released Parties, including without limitation, that certain Series and License Agreement dated January 2003 (the “Old Series and License Agreement”) between the Company
and Rocky Trail Productions, LLC, a Wisconsin limited liability company (“Rocky Trail”) and the Put Option, other than in all cases the Excluded Company Obligations (as defined below) (the “Released Executive Claims”). The
Released Executive Claims include any and all matters relating to the Executive’s employment with the Company and his engagement as an officer and director including, but not limited to, Title VII of the Civil rights Act of 1964, as amended;
the Civil Rights Act of 1991; the Americans with Disabilities Act; claims under the Employee Retirement Income Security Act of 1974, as amended, the Equal Pay Act, the Fair Labor Standards act, as amended, the Family and Medical Leave Act of 1993,
as amended, and any other federal, state or local law or regulation, including, without limitation, the NYS Human Rights Law, the NYS Labor Law and the New York City Administrative Code, each as amended, the Wisconsin equivalent or analogous law to
any of the foregoing, or the laws of any country governing discrimination in employment, the payment of wages or benefits, or any other aspect of employment. The Released Executive Claims also include claims for wrongful discharge, fraud or
misrepresentation under any statute, rule or regulation or under the common law and any other claims under the common law. Notwithstanding the foregoing or any contrary term herein, the Executive does not release, discharge or waive and this
subsection (b) shall not apply with respect to (A) any rights to payments and benefits provided under this Agreement, (B) any rights under that certain Series and License Agreement between the Company and Rocky Trail effective
January 1, 2011 (the “New Series and License Agreement”), a copy of which is attached as Exhibit A, (C) any rights under the NSOs (as hereinafter defined) or as an equity holder of the Company or InterMedia Outdoors Holdings, LLC
or any successor thereto or assignee thereof (the “Company Parent”), including without limitation, any rights under any stockholders, operating, limited liability company, investors’ rights or similar agreement relating to any such
equity and under applicable law, and/or (D) any rights under the Noncompete Agreement (as hereinafter defined) (the “Excluded Company Obligations”). 
 (ii)         In consideration of the covenants undertaken herein by the Executive, the Company hereby unconditionally and forever releases and discharges the
Executive Released Parties and waives any and all claims, liabilities, demands, exactions, causes of action, suits, costs, controversies, judgments, decrees, verdicts, attorney’s fees, damages indemnities and obligations of every kind and
nature, in law, equity and otherwise, known or unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts or conduct at any time prior to and including the execution date hereon
against the Executive or any of the other Executive Released Parties, including without limitation, the Old Series and License Agreement, other than in all cases the Excluded Executive Obligations (as defined below) (the “Released Company
Claims”). The Released Company Claims include any and all matters relating to the Executive’s employment with the Company and his engagement as an officer and director including but not limited to, the Employment Agreement, claims or
demands related to salary, bonuses, commissions, stock, options, or any other ownership interest in the Company or its affiliates. The Released Company Claims do not include claims for fraud 

  
 3 

 or misrepresentation or criminal violations under any law or under the common law. Notwithstanding the
foregoing or any contrary term herein, the Company does not release, discharge or waive and this subsection (c) shall not apply with respect to (A) any rights to payments and benefits provided under this Agreement, (B) any rights
under the New Series and License Agreement, (C) any rights as the issuer of any equity or rights to acquire equity of the Company or the Company Parent, and/or (D) any rights under the Noncompete Agreement (the “Excluded Executive
Obligations”). 
 Section 5.         Release and Waiver of Claims under the
Age Discrimination in Employment Act. The release in Section 4(b)(i) of this Agreement specifically includes a waiver and release of any and all claims which the Executive has or may have, as of the date hereof, under the Age Discrimination
in Employment Act of 1967, as amended, (“ADEA”) based on the Executive’s employment with the Company, or termination thereof, or any act or omission occurring on or before the date on which the Executive executes this Agreement. The
Executive acknowledges that the Company has hereby advised him to consult with his attorney with respect to possible claims under the ADEA, and the Executive acknowledges that he understands that ADEA is a federal statute that prohibits
discrimination on the basis of age in employment, benefits, and benefit plans. The Executive further understands that, by signing this Agreement, he is in fact waiving, releasing, and forever giving up any claim under the ADEA against the Company
that may have existed on or prior to the date hereof. The Executive acknowledges that the Company has informed him that he has, at his option, twenty-one (21) days following the date hereof in which to sign the waiver of this claim under the
ADEA, which option the Executive may waive by signing this Agreement prior to the end of such twenty-one (21) day period. The Executive also understands that he has seven (7) days following the date on which he signs this Agreement within
which to revoke the release contained in this Section 5 (the “ADEA Revocation Period”) by providing to the Company a written notice of his revocation of the release and waiver contained in this Section 5. The Executive further
understands that this right to revoke the release contained in this Section 5 relates only to this Section 5 and does not act as a revocation of any other term of this Agreement. 

Section 6.         Proceedings. 

(a)        The Executive has not filed, and agrees not to initiate or cause to be initiated on
his behalf, any complaint, charge, claim or proceeding against the Company or any other Company Released Party before any local, state or federal agency, court or other body relating to the Executive’s employment with the Company or any other
Company Released Party before any local, state or federal agency, court or other body relating to the Executive’s employment with the Company or the termination of such employment, excluding in each case the Company Excluded Obligations (each,
individually, an “Executive Proceeding”), and agrees to not participate voluntarily in any Executive Proceeding. The Executive waives any right he may have to benefit in any manner from any relief (whether monetary or otherwise) arising
out of any Executive Proceeding. 
 (b)        The Company has not filed, and agrees
not to initiate or cause to be initiated on its behalf, any complaint, charge, claim or proceeding against the Executive or any other Executive Released Party before any local, state or federal agency, court or other body relating to the
Executive’s employment with the Company or any other Company Released Party before any local, state or federal agency, court or other body relating to the Executive’s employment with the Company or the termination of such employment,
excluding in each case the Executive Excluded Obligations (each, individually, a 

  
 4 

 
“Company Proceeding”), and agrees to not participate voluntarily in any Company Proceeding. The Company waives any right it may have to benefit in any manner from any relief (whether
monetary or otherwise) arising out of any Company Proceeding. 
 Section 7.        
Remedies. In the event the Executive initiates or voluntarily participates in any Proceeding, or if the Executive fails to abide by any of the terms of this Agreement or if the Executive revokes the ADEA release contained in Section 5 of
this Agreement within the seven (7)-day period provided under Section 5, the Company may, in addition to any other remedies it may have, reclaim any amounts paid to the Executive under this Agreement or terminate any benefits or payments that
are subsequently due under this Agreement, without waiving the release granted herein. 

Section 8.         Further Cooperation. The Executive agrees that the Executive shall
cooperate fully with the Company, the other Released Parties or any of their respective subsidiaries or affiliates if so requested, with respect to any internal or external investigation as well as any issues, claims, proceedings or litigation
(whether or not currently pending) involving the Company, or any other Company Released Party, and any third party(ies), including providing information and assistance and making the Executive reasonably available for both pre-trial discovery and
trial proceedings at no cost to the Company other than as set forth below and as required under law. This obligation is subject to the Executive’s reasonable availability and to the extent such cooperation is not inconsistent with any
obligations the Executive may have at the time, and the Company’s obligation to reimburse the Executive for any reasonable out-of­pocket expenses and costs with respect to such cooperation requested by the Company, including, but not
limited, to the counsel of his choice. The Executive further agrees that, except as required by law and excluding the Excluded Company Obligations, he shall not assist any other proceeding or litigation against the Company or any other Released
Party. 
 Section 9.         No Assignment of Claims. 

(a)        The Executive represents and agrees that Executive has not heretofore assigned or
transferred any Released Executive Claim or Released Executive Claims against the Company or any other Company Released Party, or any portion thereof or interest therein and agrees to indemnify, defend and hold harmless the Company and the other
Company Released Parties against any and all Released Executive Claim or Released Executive Claims against the Company or any other Company Released Party, or any portion thereof or interest therein, and agrees to indemnity, defend and hold harmless
the Company and the other Company Released Parties against any and all Released Executive Claim or Released Executive Claims based on, arising out of or in connection with, any such transfer or assignment of any such Released Executive Claim or
Released Executive Claims or any portion thereof or interest therein. This Agreement and all of its terms shall binding upon the Executive’s heirs, estate, personal representatives, executors and administrators. 

(b)        The Company represents and agrees that Company has not heretofore assigned or
transferred any Released Company Claim or Released Company Claims against the Executive or any other Executive Released Party, or any portion thereof or interest therein and agrees to indemnity, defend and hold harmless the Executive and the other
Executive Released Parties against any and all Released Company Claim or Released Company Claims against the Executive or any other Executive Released Party, or any portion thereof or interest therein, and agrees to indemnity, defend and hold
harmless the Executive and the other Executive Released Parties against any and all Released Company Claim or 

  
 5 

 
Released Company Claims based on, arising out of or in connection with, any such transfer or assignment of any such Released Company Claim or Released Company Claims or any portion thereof or
interest therein. This Agreement and all of its terms shall binding upon the Company and its successors and assigns. 

Section 10.         Confidentiality. 

(a)          The Executive agrees that he shall not publicly or privately comment upon
or disclose any information or circumstances concerning the termination of the Executive’s employment from the Company and the terms of this Agreement to any person, including, but not limited to, any past, present or prospective employee, or
applicant for employment, of the Company or any other Released Party provided that the Executive may comment upon or disclose such information or circumstances to (i) his legal and financial advisors or members or his immediate family, to the
extent any such person is advised of this confidentiality obligation and agrees to abide by it, (ii) to the extent such comment or disclosure is required by law, (iii) to the extent such information or circumstances is already public or
becomes public other than as a result of a breach by the Executive of his confidentiality obligations herein or (iv) with the Company’s express written permission. 
 (b)          The Company agrees that it shall not, and shall cause its directors and executive officers or any other Released Party to not, publicly or
privately comment upon or disclose any and all information and circumstances concerning the termination of the Executive’s employment from the Company and the terms of this Agreement to any person, including, but not limited to, any past,
presser or prospective employee, or applicant for employment, of the Company or any other Released Party provided that the Company, its directors or executive officers or any other Released Party may comment upon or disclose such information or
circumstances (i) to their legal and financial advisors to the extent any such person is advised of this confidentiality obligation and agrees to abide by it, (ii) to the extent that such comment or disclosure is required by law,
(iii) to the extent such information or circumstance is already public or becomes public other that as a result of a breach by the Company or its directors or executive officers or any other Released Party of their confidentiality obligations
herein or (iv) with the Executive’s express written permission 

(c)          Acknowledgment. The Executive acknowledges and affirms that his
obligations under the Agreement to Protect Confidential Information, Assign Inventions and Prevent Unfair Competition and Unfair Solicitation dated April 28, 2006, between the Company and Executive (the “Noncompete Agreement”), shall
survive this Agreement in accordance with its terms. In addition, in consideration of the covenants and mutual promises contained in this Agreement and for other good and valuable consideration, during the Term, the Executive shall not, without the
prior written consent of the Company, directly or indirectly, whether as an officer, employee, partner, stockholder, consultant or otherwise, invest or acquire an equity interest in, engage in the operations of, or act as a consultant to, any
television network a significant portion of whose programming is focused on hunting or fishing; provided, however, that this Section 10(c) shall not proscribe the Executive’s ownership, either directly or indirectly, of up to one
percent (1%) of any class of securities which are listed on a national securities exchange or quoted on the automated quotation system of the National Association of Securities Dealers, Inc. 

  
 6 

 Section 11.         Non-disparagement. 

(a)          The Executive shall not make, participate in the making of, or encourage
any other person to make, and shall cause the other Executive Released Parties not to make, participate in the making of, or encourage any other person to make, any statements, written or oral, which criticize, disparage, or defame the goodwill or
reputation of, or which are intended to embarrass or adversely affect the Company, the other Company Released Parties or any of their respective subsidiaries, affiliates or employees, including the senior executives thereof. Notwithstanding the
foregoing, this Subsection (a) shall not apply to the extent of any litigation or other adversarial proceedings between the Executive Released Parties and the Company Released Parties with respect to any Excluded Company Obligations.

 (b)          The Company shall not make, participate in the making of, or
encourage any employees or any other person to make, and shall cause its directors and executive officers and the other Company Released Parties not to make, participate in the making of, or encourage any employees or any other person to make, any
statements, written or oral, which criticize, disparage, or defame the reputation of, or which are intended to embarrass, the Executive or the other Executive Released Parties. Notwithstanding the foregoing, (i) this Subsection (b) shall
not apply to the extent of any litigation or other adversarial proceedings between the Executive Released Parties and the Company Released Parties with respect to any Excluded Company Obligations and (ii) nothing in this Subsection
(b) shall prohibit any of the Company’s directors or executive officers from making any non-public statements to one another in the course of carrying out their duties as such. 

(c)          Notwithstanding the foregoing, nothing in this Section 11 shall
prohibit any person from making truthful statements when required by order of a court or other body having jurisdiction, or as otherwise may be required by law. 
 Section 12.         Amendment of NSOs and Tag-Along Rights. 
 (a)          Amendment of NSOs. The Company and the Executive are parties to those certain Nonqualified Stock Option Agreements dated April 28,
2006 covering shares of the Company’s capital stock (the “NSOs”). Notwithstanding any contrary term in the NSOs and/or in the Company’s 2006 Stock Incentive Plan, the Company and the Executive acknowledge and agree that the
section of the NSOs titled “Regular Termination” shall be amended by changing the reference therein which currently reads “the 901 day after your termination date” to “April 27, 2016”. Except as specifically set forth
herein, this Agreement shall not be deemed to amend or modify the NSOs in any respect and the NSOs shall remain in full force and effect in accordance with their terms. 
 (b)          Tag-Along Rights. The Company shall give the Executive not less than thirty (30) days’ prior written notice (the “Sale
Notice”) of the occurrence of any Sale Event (as defined below), specifying in reasonable detail the material terms of the Sale Event. In connection with any Stock Transaction (as defined below), the Executive may elect to participate in such
Sale Event with respect to any Shares (as defined below) held by the Executive, by delivering to the Company a written notice of such election (the “Tag Notice”) within the fifteen (15) day period following receipt of the Sale Notice.
If the Executive elects to participate in such Sale Event, the Executive will be entitled to sell in such Sale Event, on the same terms and conditions (including form of consideration), a number of Shares included 

  
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in such Sale Event equal to the proportional number of equity securities being sold by the Transferor(s) (as defined below) in such Sale Event i.e. if the Transferor(s) are selling fifty percent
(50%) of their equity securities in such Sale Event, the Executive shall have the right and option under this Subsection (b) to sell fifty percent (50%) of his Shares in such Sale Event. The Executive’s rights under this
Subsection (b) shall exist and survive so long as the Executive holds any Shares. The Company represents and warrants to the Executive that the Company Parent is the direct holder of one hundred percent (100%) of the issued and outstanding
capital stock of the Company as of the date hereof (excluding for purposes of this representation the NSOs). For purposes hereof: 
 (i)          “Sale Event” means, on one transaction or a series of related transactions (A) a sale, transfer or other disposition of issued
and outstanding equity securities of the Company and/or the Company Parent, as the case may be, to an individual or entity who is not an equity holder of the Company or the Company Parent as of the date of this Agreement (each, a
“Non-Affiliate”); (ii) any consolidation or merger of the Company and/or the Company Parent with or into any Non-Affiliate; (iii) a sale, transfer, lease or other disposition of all or substantially all of the assets of the
Company and/or the Company Parent to a Non-Affiliate; and/or (iv) the dissolution or liquidation of the Company and/or the Company Parent. The transactions described in clauses (i) and (ii), above, are hereinabove referred to,
interchangeably, as a “Stock Transaction.” 

(ii)          “Shares” means the NSOs and any shares of the issued and
outstanding capital stock of the Company received upon the exercise of the NSOs. To the extent consistent with the Company’s and the Company Parent’s contractual agreements and not otherwise causing a violation of the Internal Revenue Code
of 1986, as amended, or other applicable law, the Company shall, upon the Executive’s written request, use its commercially reasonable efforts to afford the Executive the right and option to sell, exchange or liquidate the NSOs in the Sale
Event in a manner that affords the Executive the equivalent of a cashless exercise transaction. 

(iii)          “Transferor” means any equity holder of the Company Parent or
the Company who sells, transfers or otherwise disposes of equity securities in the applicable Sale Event. 

Section 13.         Nonadmission. Nothing contained in this Agreement will be deemed or
construed as an admission of wrongdoing or liability on the part of any party. 

Section 14.         Governing Law. The validity, interpretation, construction and
performance of this Agreement and disputed or controversies arising with respect to the transactions contemplated herein shall be governed by the laws of the State of New York, irrespective of New York’s choice of law principles that would
apply the law of any other jurisdiction. 
 Section 15.         Whole Agreement;
All Agreements Superseded; No Third Party Beneficiaries. 

(a)          No agreements, representations or other understandings (whether oral or
written and whether express or implied) that are not expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter hereof. 

(b)          The Executive hereby acknowledges and agrees that this Agreement
supersedes in its entirety all agreements between the Company and Executive, including, but not limited to, the 

  
 8 

 
Employment Agreement, provided that the Noncompete Agreement and the New Series and License Agreement shall survive this Agreement in accordance with their terms. 

(c)          This Agreement, except for Sections 4, 8, 9, 10 and 11 with respect to
the Company Released Parties or the Executive Released Parties, as applicable, is not intended to confer upon any person other than the parties hereto any rights or remedies. 
 Section 16.         Arbitration. Except as otherwise provided in Section 7 above, any dispute or controversy arising out of this Agreement or the
Executive’s employment or the termination thereof shall be settled exclusively by arbitration in accordance with the National Rules for Resolution of Employment Disputes of the American Arbitration Association then in effect by a panel of three
arbitrators, one chosen by each of the Executive and the Company, with the third arbitrator to be chosen by the other two arbitrators. Judgment may be entered on the arbitrator’s award in any court having jurisdiction and attorney fees will be
awarded to the prevailing party. 
 Section 17.         Severability. In the
event any provision or part of this Agreement is found to be invalid or unenforceable, only that particular provision or part so found, and not the entire Agreement, will be inoperative. 

Section 18.         Assignment. Neither this Agreement nor any of the rights,
interests or obligations under this Agreement shall be assigned, in whole or in part, by operation or law or otherwise by any of the parties without the prior written consent of the other parties. 

Section 19.         Interpretation. When a reference is made in this Agreement to a Section
or Exhibit, such reference shall be to a Section of, or Exhibit to this Agreement unless otherwise indicated. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of
this Agreement. 
 Section 20.         Counterparts. This Agreement may be
executed in counterparts and/or by the exchange of original, facsimile and/or Portable Document Format (.PDF) signature pages, and each counterpart, when executed, shall have the efficacy of a signed original. 

[Signatures follow.] 

  
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 Execution Copy 
 EACH PARTY ACKNOWLEDGES THAT IT HAS CAREFULLY READ AND FULLY UNDERSTANDS THIS AGREEMENT, AND THAT IT HAS HAD THE OPPORTUNITY TO RAISE WITH THE OTHER PARTY QUESTIONS, CONCERNS OR ISSUES IT MAY HAVE IN
CONNECTION WITS THE AGREEMENT OR ITS TERMS. EACH PARTY FURTHER ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY, AND TAKEN IT TO THE EXTENT IT DEEMED APPROPRIATE AND NECESSARY, TO CONSULT LEGAL COUNSEL OF ITS CHOICE, IN CONNECTION WITH THIS AGREEMENT
AND CONSENTS TO ALL THE TERMS AND PROVISIONS CONTAINED HEREIN KNOWINGLY, VOLUNTARILY AND WITHOUT ANY RESERVATION WHATSOEVER. ACCORDINGLY, ANY RULE OF LAW OR ANY LEGAL DECISION THAT WOULD REQUIRE INTERPRETATION OF ANY CLAIMED AMBIGUITIES IN THIS
AGREEMENT AGAINST THE PARTY THAT DRAFTED IT HAS NO APPLICATION AND IS EXPRESSLY WAIVED. 
 IN WITNESS WHEREOF, the Executive and
the Company have executed this Agreement as of the date first set forth above. 
 C. MICHAEL COOLEY

 /s/ C. Michael Cooley 

THE SPORTSMAN CHANNEL, INC. 
 /s/ The Sportsman Channel, Inc. 

  
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