Document:

EX-10.3

 Exhibit 10.3 

AMENDMENT TO 
 FOURTH
AMENDED AND RESTATED 
 LIMITED LIABILITY COMPANY AGREEMENT 

This Amendment (this “Amendment”) to the Fourth Amended and Restated Limited Liability Company Agreement dated as of
May 16, 2018 (as amended from time to time, collectively, the “LLC Agreement”), of Pluralsight Holdings, LLC, a Delaware limited liability company (the “Company”), is made and entered into as of March 7,
2021, by and among the Company and the Members of the Company who are signatories hereto. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the LLC Agreement. 

RECITALS 
 WHEREAS, in
accordance with Section 16.03 of the LLC Agreement, the LLC Agreement may be amended or modified as set forth herein upon the consent of Pluralsight, Inc. (the “Corporation”) and a majority of the Common Units entitled to vote
then outstanding (excluding for purposes of such calculation all Common Units held directly or indirectly by the Corporation) (collectively the “Requisite Members”); 

WHEREAS, the undersigned Members desire to amend and modify the terms of the LLC Agreement as set forth herein; and 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual agreements set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, constituting the Corporation and the Requisite Members, agree as follows: 

1. Amendments to Section 10.09 of the LLC Agreement. Section 10.09 of the LLC Agreement
shall be amended and restated to read in its entirety as follows: 
 (a) In the event that a tender offer, share exchange offer, issuer bid,
take-over bid, recapitalization or similar transaction with respect to Class A Common Stock (a “Pubco Offer”) is proposed by the Corporation or is proposed to the Corporation or its stockholders and approved by the
Corporate Board or is otherwise effected or to be effected with the consent or approval of the Corporate Board, the Common Unitholders shall be permitted to participate in such Pubco Offer by delivery of a Redemption Notice to be effective only as
of immediately prior to the expiration of the Pubco Offer (or at such other time as may be reasonably determined by the Corporation in order to facilitate the consummation of the Pubco Offer) and tendering the shares of Class A Common Stock
issuable in respect of such Redemption Notice into the Pubco Offer prior to the scheduled expiration time of the Pubco Offer; provided that any such Redemption Notice and the redemption effected thereby shall be void nunc pro tunc and deemed
not to have occurred if the Pubco Offer in connection with which it was delivered is not consummated. In the case of a Pubco Offer proposed by the Corporation, the Corporation will use its reasonable best efforts expeditiously and in good faith to
take all such actions and do all such things as are necessary or desirable to enable and permit the Common Unitholders to participate in such Pubco Offer to the same extent or on an economically equivalent basis as the holders of shares of
Class A Common Stock without discrimination; provided, that without limiting the generality of this sentence (and without limiting the ability of any Member holding Common Units to consummate a Redemption at any time pursuant to the terms of
this Agreement), the Manager will use its reasonable best efforts expeditiously and in good faith to ensure that either (i) such Common Unitholders may participate in such Pubco Offer without being required to have their Common Units and shares
of Class B Common Stock or Class C Common Stock, as the case may be, redeemed or (ii) if such redemption is necessary or advisable, to ensure that any such redemption shall be effective only as of immediately prior to the expiration
of the Pubco Offer (or at such other time as may be reasonably 

 determined by the Corporation in order to facilitate the consummation of the Pubco Offer and that such
shares of Class A Common Stock issuable in respect of such redemption are tendered into the Pubco Offer prior to the scheduled expiration time of the Pubco Offer), but shall be void nunc pro tunc and deemed not to have occurred if
the Pubco Offer in connection with which it was delivered is not consummated. The Company may establish additional procedures and requirements as it deems necessary or advisable to facilitate the participation in the Pubco Offer of shares of
Class A Common Stock delivered in respect of a Redemption Notice delivered pursuant to this Section 10.09(a) and the consummation of the Pubco Offer, and to otherwise carry out the intent of this
Section 10.09(a). For the avoidance of doubt, in no event shall Common Unitholders be entitled to receive in such Pubco Offer aggregate consideration for each Common Unit that is greater than the consideration payable in
respect of each share of Class A Common Stock in connection with a Pubco Offer (it being understood that payments under or in respect of the Tax Receivable Agreement shall not be considered part of any such consideration). 

(b) The Corporation shall send written notice to the Company and the Common Unitholders at least twenty (20) Business Days prior to the
closing of the transactions contemplated by the Pubco Offer notifying them of their rights pursuant to this Section 10.09, and setting forth (i) a copy of the written proposal or agreement pursuant to which the Pubco
Offer will be effected, (ii) the consideration payable in connection therewith, (iii) the terms and conditions of transfer and payment and (iv) the date and location of and procedures for selling Common Units or shares of Class A
Common Stock delivered in respect of a Redemption Notice delivered pursuant to Section 10.09(a). A public filing by the Corporation or by the Person making such Pubco Offer with the Securities and Exchange Commission
containing the information set forth in the prior sentence shall constitute sufficient notice for purposes of this Section 10.09(b). In the event that the information set forth in such notice changes from that set forth in
the initial notice, a subsequent notice shall be delivered by the Corporation no less than five (5) Business Days prior to the closing of the Pubco Offer. 

2. Miscellaneous. 

(a) The amendment to Section 10.09 above shall be effective as of date hereof. 

(b) The parties hereto hereby consent to the amendment of the LLC Agreement as set forth herein, such consent constituting the requisite
consent of the Corporation and the Requisite Members necessary to effect such amendment pursuant to Section 16.03 of the LLC Agreement. Except as expressly modified herein, the LLC Agreement is unchanged and remains in full force and effect.

 (c) This Amendment and any dispute arising out of or relating to this Amendment shall be governed by, and construed in accordance with,
the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other
than the State of Delaware. 
 (d) Facsimile or electronic transmission of any signed original document and/or retransmission of any signed
facsimile or electronic transmission will be deemed the same as delivery of an original. This Amendment may be executed in counterparts, each of which when executed shall be deemed to be an original, and all of which shall constitute one and the
same agreement. 
 (e) This Amendment shall be binding upon, and shall inure to the benefit of, the parties to this Amendment and their
respective heirs, personal representatives, executors, successors and permitted assigns. 
 [Remainder of Page Intentionally Left Blank;
Signature Pages Follow] 

  
 2 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	PLURALSIGHT, INC.
		
	By:	 	 /s/ Aaron Skonnard

	Name:	 	Aaron Skonnard
	Title:	 	Chief Executive Officer

  

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

	
	ARNE DUNCAN
	
	 /s/ Arne Duncan

  

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

	
	AARON SKONNARD
	
	 /s/ Aaron Skonnard

  

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

	
	BRAD RENCHER
	
	 /s/ Brad Rencher

  

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

	
	 GARY CRITTENDEN

	
	 /s/ Gary Crittenden

  

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

	
	KARENANN TERRELL
	
	 /s/ Karenann Terrell

  

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

	
	SCOTT DORSEY
	
	 /s/ Scott Dorsey

  

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

	
	TIM MAUDLIN
	
	 /s/ Tim Maudlin

  

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	SKONNARD CONSULTING, INC.
		
	By:	 	 /s/ Aaron Skonnard

	Name:	 	Aaron Skonnard
	Title:	 	Chief Executive Officer

  

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	THE SKONNARD FAMILY GRAT 2021
		
	By:	 	 /s/ Aaron Skonnard

	Name:	 	Aaron Skonnard
	Title:	 	Trustee

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	THE TRUE NORD TRUST
		
	By:	 	 /s/ Stephen Sargent

	Name:	 	Stephen Sargent
	Title:	 	Trustee

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	AARON & MONICA SKONNARD REVOCABLE TRUST
		
	By:	 	 /s/ Aaron Skonnard

	Name:	 	Aaron Skonnard
	Title:	 	Trustee
		
	By:	 	 /s/ Monica Skonnard

	Name:	 	Monica Skonnard
	Title:	 	Trustee

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	CENTERPINE LLC
		
	By:	 	 /s/ Brad Rencher

	Name:	 	Brad Rencher
	Title:	 	Manager

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	FREDERICK A. ONION REVOCABLE TRUST
		
	By:	 	 /s/ Frederick Onion

	Name:	 	Frederick Onion
	Title:	 	Co-Trustee

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	ONION CONSULTING, INC.
		
	By:	 	 /s/ Frederick Onion

	Name:	 	Frederick Onion
	Title:	 	President

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	BEAR MOUNTAIN RANCH ASSET MANAGEMENT, LLC
		
	By:	 	 /s/ Gary Crittenden

	Name:	 	Gary Crittenden
	Title:	 	Managing Member

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	KAREN A TERRELL LIVING TRUST
		
	By:	 	 /s/ Karenann Terrell

	Name:	 	Karenann Terrell
	Title:	 	Trustee

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	AERO VENTURES, LLC
		
	By:	 	 /s/ Scott Dorsey

	Name:	 	Scott Dorsey
	Title:	 	Manager

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	TIMOTHY I. MAUDLIN REVOCABLE TRUST
		
	By:	 	 /s/ Tim Maudlin

	Name:	 	Tim Maudlin
	Title:	 	Trustee

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	JANICE K. MAUDLIN REVOCABLE TRUST
		
	By:	 	 /s/ Tim Maudlin

	Name:	 	Tim Maudlin
	Title:	 	Trustee
		
	By:	 	 /s/ Janice Maudlin

	Name:	 	Janice Maudlin
	Title:	 	Trustee

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	TIMOTHY I. MAUDLIN 2019 TRUST
		
	By:	 	 /s/ Tim Maudlin

	Name:	 	Tim Maudlin
	Title:	 	Trustee

  
 [Signature Page to
Amendment to LLC Agreement] 

 IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Amendment as of
the date first written above. 
  

			
	TIMOTHY I. MAUDLIN 2020 TRUST
		
	By:	 	 /s/ Tim Maudlin

	Name:	 	Tim Maudlin
	Title:	 	Trustee

  
 [Signature Page to
Amendment to LLC Agreement]Document

AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT

This   AMENDMENT   TO   EXECUTIVE   EMPLOYMENT   AGREEMENT   (this
“Amendment”) is made as of February 15, 2021 by and between Tribune Publishing Company, LLC, a Delaware limited liability company (the “Company”), and Terry Jimenez (“Executive”).

WHEREAS, the Company and Executive entered into that certain Executive Employment Agreement dated March 13, 2018 (the “Agreement”) and wish to amend the Agreement through this Amendment, effective as of the date hereof. Capitalized terms used herein but not defined shall have the respective meanings ascribed to such terms in the Agreement.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the Parties, the Company and Executive hereby agree as follows:

1.AMENDMENTS

(a)Section 1 of the Agreement is hereby deleted and replaced in its entirety with the following:

Employment Term. The term of Executive’s employment hereunder shall commence on April 4, 2018 (the “Effective Date”) and, unless terminated pursuant to Section 8 below, shall continue through April 3, 2021 (the “Employment Term”); provided, however, that commencing on April 3, 2021, the Employment Term shall be indefinitely extended, unless terminated pursuant to Section 8 below.

(b)The first sentence of Section 3(a) is hereby deleted and replaced in its entirety with the following:

Executive’s title will be Chief Executive Officer and President.

(c)The first sentence of Section 4(a) is hereby deleted and replaced in its entirety with the following:

For the services rendered by Executive under this Agreement, the Company will pay Executive a gross base salary of $517,500 per annum (the “Base Salary”).

(d)The first sentence of Section 4(b) is hereby deleted and replaced in its entirety with the following:

Subject to Section 8 below, Executive shall have the opportunity to earn a discretionary annual management incentive bonus (the “Annual Bonus”), with a target bonus opportunity of 112.5% of Executive’s Base Salary (the “Target Bonus”) under a bonus plan established by the Company, and based upon the achievement of annual Company and individual performance objectives as established by the Company.

(e)Section 8(c) is hereby deleted and replaced in its entirety with the following:

Termination By the Company Without Cause or Termination by Executive With Good Reason. Executive’s employment may be terminated at any time by the Company with or without Cause upon forty-five (45) days’ prior written notice thereof by the Company, or by the Executive with or without Good Reason as defined in Exhibit A. If during (and not after) the Employment Term, the Company terminates Executive’s employment other than for Cause or Disability or if Executive resigns for Good Reason, the Company will provide Executive within ten (10) days after the date on which Executive’s employment terminates with a Waiver and General Release of any and all legally-waivable claims against the Company and its past, present, and future parents, divisions, subsidiaries, partnerships, other affiliates, and other related entities (whether or not they are wholly owned); and the past, present, and future owners, trustees, fiduciaries, administrators, shareholders, directors, officers, partners, agents, representatives, members, associates, employees, and attorneys of each entity listed above in a form reasonably acceptable to the Company (a “Waiver”), and provided that on or within twenty one (21) days after the date on which Executive receives the Waiver or such longer period as may be applicable under the Age Discrimination in Employment Act, as amended (“ADEA”), Executive: i) signs, dates and returns the Waiver to the Company; and ii) then does not revoke the Waiver in accordance with its terms, the Company will, as liquidated damages, pay (or commence paying, as the case may be) Executive as consideration not later than fifteen (15) days following the expiration (without revocation) of the revocation period applicable to Executive’s release of ADEA claims: (x) an amount equal to Executive’s Base Salary; (y) any unpaid Annual Bonus with respect to the fiscal year immediately preceding the fiscal year of termination of employment; and (z) a pro-rata amount of the Annual Bonus based on actual year-to-date performance of Adjusted EBITDA relative to the Board approved Adjusted EBITDA plan with respect to the fiscal year of termination of employment, based on the number of days in such fiscal year elapsed through the termination date, said pro-rated Annual Bonus payment to be paid as soon as practicable following the termination date (collectively, the “Severance Benefits”). For the avoidance of doubt, if at any time Executive’s employment is terminated by the Company without Cause or by Executive with Good Reason, Executive shall be entitled to the Severance Benefits in accordance with this Section 8(c).

(f)Section 10(a) is hereby deleted and replaced in its entirety with the following:

if given to the Company, to Tribune Publishing Company, c/o Chairman of the Board of Directors, 560 West Grand Avenue, Chicago, IL 60654;

1.EFFECTIVENESS OF AMENDMENT; COUNTERPARTS

This Amendment shall become effective on the date hereof. Except as amended by the terms of this Amendment, the Agreement shall remain in full force and effect in accordance with its  terms.  This  Amendment  may be  executed  by electronic  transmission  (i.e.,  facsimile  or

electronically transmitted portable document (PDF) or DocuSign or similar electronic signature) and in counterparts any one of which need not contain the signature of more than one Party, but all such counterparts taken together will constitute one and the same instrument.

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[Remainder of Page Left Intentionally Blank]

				
		
		

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

THE COMPANY:

TRIBUNE PUBLISHING COMPANY , LLC

									
	 	 	 
	 	 	 
		By: 	/s/ Michael N. Lavey
	 	 	Michael N. Lavey
	 	 	Interim Chief Financial Officer, Chief Accounting Officer and Controller

EXECUTIVE:

						
		/s/ Terry Jimenez
	 	Terry Jimenez

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