Document:

nxst-ex41_40.htm

 

Exhibit 4.1

FOURTH SUPPLEMENTAL INDENTURE

THIS FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”), dated as of March 17, 2017, is entered into by and among Nexstar Broadcasting, Inc., a Delaware corporation (“NBI”), as successor to LIN Television Corporation, a Delaware corporation (“LIN Television” or the “Issuer”), the Guarantors party thereto and The Bank of New York Mellon, as trustee under the indenture referred to below (the “Trustee”).

W I T N E S S E T H

WHEREAS, an aggregate of $400,000,000 of 5.875% Senior Notes due 2022 (the “Notes”) was issued pursuant to an indenture (the “Original Indenture”), dated as of November 5, 2014, between Media General Financing Sub, Inc., a Delaware corporation (“Financing Sub”), and the Trustee;

WHEREAS, LIN Television, the guarantors named therein and the Trustee entered into a first supplemental indenture to the Original Indenture, dated as of December 19, 2014 (the “First Supplemental Indenture”), pursuant to which LIN Television assumed the obligations of Finance Sub under the Notes and the Indenture and the guarantors named therein agreed to guarantee all of the Issuer’s obligations under the Notes and the Indenture;

WHEREAS, LIN Television, the guarantors named therein and the Trustee entered into a second supplemental indenture to the Original Indenture, dated as of November 4, 2015 (the “Second Supplemental Indenture”), pursuant to which an additional entity guaranteed the Indenture and the Notes;

WHEREAS, LIN Television, the guarantors named therein and the Trustee entered into a third supplemental indenture to the Original Indenture, dated as of January 17, 2017 (the “Third Supplemental Indenture” and together with the First Supplemental Indenture and the Second Supplemental Indenture and the Original Indenture, the “Indenture”), pursuant to which additional entities guaranteed the Indenture and the Notes; 

WHEREAS, the Issuer has merged with and into NBI, with NBI continuing its existence under Delaware law, and the merger has become effective under the laws of the State of Delaware;

WHEREAS, Section 801 of the Indenture provides that the Issuer shall not, in a single transaction or a series of related transactions, consolidate with or merge with or into any other Person or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties and assets to any Person or group of affiliated Persons, if such transaction or transactions, in the aggregate, would result in a sale, assignment, conveyance, transfer, lease or disposition of all or substantially all of the properties and assets of the Issuer and the Subsidiaries on a Consolidated basis to any other Person or group of affiliated Persons, unless at the time and after giving effect thereto, among other things, the Person (if other than the Issuer) into which the Issuer is merged or the Person which acquires by sale, assignment, conveyance, transfer, lease or disposition of all or substantially all of the properties and assets of the Issuer and the Subsidiaries 

on a Consolidated basis (the “Surviving Entity”) shall be a corporation duly organized and validly existing under the laws of the United States of America, any state thereof or the District of Columbia and such Person assumes, by a supplemental indenture in a form reasonably satisfactory to the Trustee, all the obligations of the Issuer under the Notes and the Indenture and the Registration Rights Agreement, and the Indenture and the Registration Rights Agreement shall remain in full force and effect;

WHEREAS, Section 801(a)(iv) provides that each Guarantor, if any, unless it is the other party to the transactions described above, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under the Indenture and the Notes;

WHEREAS, Section 901 of the Indenture provides that the Issuer and the Guarantors, without the consent of any Holders, may enter into a supplemental indenture, in form and substance reasonably satisfactory to the Trustee, for the purposes of evidencing the succession of another Person to the Issuer and the assumption by any such successor of the Issuer’s covenants;

WHEREAS, NBI and the Guarantors have been duly authorized to enter into the Supplemental Indenture; and

WHEREAS, all acts, conditions, proceedings and requirements necessary to make this Fourth Supplemental Indenture a valid and binding agreement enforceable in accordance with its terms for the purposes expressed herein, in accordance with its terms, have been duly done and performed.

NOW THEREFORE, in consideration of the foregoing and for good and valuable consideration, the receipt of which is hereby acknowledged, NBI, the Guarantors, and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

1.Capitalized Terms.  Unless otherwise defined in this Fourth Supplemental Indenture, capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2.Succession to Indenture. Upon consummation of the merger of the Issuer with and into NBI, NBI agrees to succeed to, and be substituted for, and may exercise every right and power of, the Issuer under the Indenture with the same effect as if NBI had been named as the Issuer as the case may be therein. NBI hereby assumes the due and punctual payment of the principal of, premium, if any, and interest and other amounts payable, if any, on all the Notes and the performance of every covenant of the Indenture on the part of the Issuer to be performed or observed.

3.Guarantors. Each Guarantor confirms that its Guarantee shall apply to NBI’s obligations under the Indenture and the Notes.

4.NEW YORK LAW TO GOVERN. THE INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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5.Counterparts. The parties may sign any number of copies of this Fourth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

6.Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

7.The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Fourth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by NBI.

8.No Recourse against Others. No recourse for the payment of the principal of, premium, if any, or interest on any of the Notes or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of any obligor in the Indenture, or in any of the Notes or Guarantees or because of the creation of any Indebtedness represented thereby, shall be had against any incorporator, stockholder, officer, director, employee or controlling person of the Company or any Guarantor or of any Subsidiary or of any successor Person thereof. Each Holder, by accepting the Notes, waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws.

9.Ratification of Indenture; Fourth Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Fourth Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly executed and attested, all as of the date first above written.

ISSUER

NEXSTAR BROADCASTING, INC., as successor to LIN Television Corporation

By: /s/ Thomas E. Carter  
Name: Thomas E. Carter 
Title: Chief Financial Officer

[Signature page to Fourth Supplemental Indenture]

 

 

   

 

 

   GUARANTORS:

Lin Television of Texas, Inc.

By: /s/ Elizabeth Ryder

Name: Elizabeth Ryder

Title:   Secretary

[Signature Page to Fourth Supplemental Indenture to Lin 2022 Notes]

 

 

 

 

 

GUARANTORS:

NES II, Inc.

By: /s/ Elizabeth Ryder

Name: Elizabeth Ryder

Title:   Secretary

 

[Signature Page to Fourth Supplemental Indenture to Lin 2022 Notes]

 

 

 

 

 

TRUSTEE:

THE BANK OF NEW YORK MELLON, as Trustee

By: /s/ Laurence J. O’Brien

Name: Laurence J. O’Brien

Title:   Vice President

[Signature Page to Fourth Supplemental Indenture to Lin 2022 Notes]nxst-ex101_41.htm

Exhibit 10.1

 

SECOND AMENDMENT

TO EXECUTIVE EMPLOYMENT AGREEMENT

 

The Executive Employment Agreement dated May 30, 2008, by and between Timothy Busch (“Executive”) and Nexstar Broadcasting Group, Inc., a Delaware corporation (“Company”) as amended on June 3, 2013, (the “Agreement”) is hereby further amended effective as of January 17, 2017, (the “Effective Date”) as follows:

 

1.Effective as of the Effective Date, all references to “Nexstar Broadcasting Group, Inc.” are amended to read “Nexstar Broadcasting, Inc.” and all references to “Company” or “the Company” are amended to refer to “Nexstar Broadcasting, Inc.”

2.The preamble and Paragraph 1 of the Agreement are amended to reflect that Executive is being retained to serve in the role of President of Nexstar Broadcasting, Inc. instead of Executive Vice President and Co-Chief Operating Officer of Nexstar Broadcasting Group, Inc.  All references to “Executive Vice President and Co-Chief Operating Officer” are amended to refer to “President of Nexstar Broadcasting, Inc.”

3.Paragraph 2 of the Agreement is deleted in its entirety and replaced with the following:

 

“2.Term of Employment.     Unless terminated earlier as provided in Paragraph 3, the Company’s employment of Executive under this Agreement will continue until May 31, 2021, provided, however, that the term of employment under this Agreement will be automatically renewed for successive one-year periods (the first of which will commence on June 1, 2021) unless, at least ninety (90) days prior to the end of the then current term of employment under this Agreement, Executive or the Company gives written notice to the other of the notifying party’s intent not to renew the term of employment under this Agreement as of the end of the then current term.”

 

4.Paragraphs 4(a) and 4(b) are deleted in their entirety and replaced with the following:

 

“4.Compensation.     

 

(a)Base Salary.     During the term of this Agreement, Executive will be entitled to receive a base salary (“Base Salary” at the annual rate specified below:

 

From the Effective Date through May 31, 2017$625,000

From June 1, 2017 through May 31, 2018$650,000

From June 1, 2018 through May 31, 2019$700,000

From June 1, 2019 through May 31, 2020$725,000

From June 1, 2020 and thereafter$750,000

 

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(b)Target Bonus.     After the end of each Company fiscal year during the term of this Agreement, Executive will be entitled to receive an annual bonus (the "Bonus"), in an amount, if any, up to seventy-five percent (75%) of Executive’s annual base salary in effect at the end of that fiscal year (or in excess of such amount as the CEO, with the approval of the Compensation Committee of the Company’s board of directors may determine is appropriate in their sole discretion), pro-rated for any partial fiscal year during which Executive is employed by the Company pursuant to this Agreement, to be determined by the CEO based on, among other things, whether Executive has achieved the personal goals established for the Executive by the CEO and/or the Board for such fiscal year.”

 

5.Paragraph 6(b) is amended to read as follows:

 

“6.  Termination Payments.

 

(b) In the event of termination of Executive’s employment pursuant to any of the following provisions:

 

Paragraph 3(c)[Consolidation, Merger or Comparable Transaction]

Paragraph 3(e)[By the Company Other Than For Cause]

Paragraph 3(f)[Good Reason]

 

the Company will pay Executive the amounts described in Paragraph 6(a), plus an amount equal to twelve (12) months’ of Executive’s then current salary, plus an additional $20,800.00.

 

Without limiting the remedies available to the Company for breach by Executive of Paragraph 7, if Executive violates the provisions of Paragraph 7 after the termination of Executive’s employment with the Company in a manner reasonably determined by the Board to be injurious to the Company or any of its affiliates, then Executive will forfeit the right to any payments under this Paragraph 6 which are unpaid at the time such violation occurs.”

 

6.  All other terms and conditions will remain unchanged.

 

7.Headings.  The headings in the Paragraphs of this Amendment are inserted for convenience only and will not constitute a part of this Agreement.

8.Severability.  The parties agree that if any provision of this Amendment is under any circumstances deemed invalid or inoperative, the Amendment will be construed with the invalid or inoperative provision deleted, and the rights and obligations of the parties will be construed and enforced accordingly.

9.Governing Law.  This Amendment is governed by and construed in accordance with the internal law of the State of Delaware without giving effect to any choice of law or conflict 

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provision or rule that would cause the laws of any jurisdiction other than the State of Delaware to be applied.

10.Amendment; Modification.  This Amendment may not be amended, modified or supplemented other than in a writing signed by the parties hereto.

11.Entire Agreement.  The Agreement as amended by this Amendment is hereby ratified in full and embodies the entire agreement between the parties hereto with respect to Executive’s employment with the Company, and there have been and are no other agreements, representations or warranties between the parties regarding such matters.

12.Counterparts.  This Amendment may be executed in two or more counterparts, each of which will be deemed an original, but all of which together will constitute but one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year written below.

 

			
	
/s/ Timothy Busch
	
 
	
/s/ Perry A. Sook

	
Timothy Busch
	
 
	
Perry A. Sook

	
Executive
	
 
	
President & Chief Executive Officer

	
 
	
 
	
Nexstar Broadcasting, Inc.

	
 
	
 
	
 

 

 

 

 

 

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