Document:

ex10-1.htm

	
 
	Exhibit 10.1
	 	Execution Copy

 

NOTE SALE AND PURCHASE AGREEMENT

 

THIS NOTE SALE AND PURCHASE AGREEMENT (this “Agreement”) is entered into effective as of the 9th day of December, 2015, by and between LAKES JAMUL DEVELOPMENT, LLC, a Minnesota limited liability company (“Seller”), and San Diego Gaming Ventures, LLC, a Delaware limited liability company (“Buyer”).

 

RECITALS

 

A.    Borrower (as defined below), Seller and Penn National Gaming, Inc., a Pennsylvania corporation (“Senior Lender”) entered into a Subordination and Intercreditor Agreement dated as of August 29, 2012 (as amended by that certain Amendment No. 1 to Subordination and Intercreditor Agreement dated as of April 24, 2014, the “Intercreditor Agreement”), by which payment of indebtedness (and liens securing such indebtedness) of the Jamul Indian Village (f.k.a., Jamul Indian Village of California), a federally recognized Indian tribe (“Borrower”), to Seller (the “Loans”) have been subordinated to the payment of indebtedness (and liens securing such indebtedness) of Borrower to Senior Lender, as more fully described in the Intercreditor Agreement. 

 

B.     Pursuant to the Intercreditor Agreement, Borrower and Seller entered into a Modification Agreement dated as of April 24, 2014 (the “Modification Agreement”), pursuant to which the parties provided for the modification of the terms of the Loans to be consistent in certain respects with the provisions of the Intercreditor Agreement, the issuance of a new promissory note to replace the existing promissory notes evidencing the Loans, and the continued effectiveness of the Amended Operative Documents (as defined therein).

 

C.     In connection with the execution and delivery of the Modification Agreement, Borrower executed and delivered to Seller that certain Consolidated Restated Promissory Note of the Borrower dated as of April 24, 2014, to be effective as of August 29, 2012 (the “Note”), to evidence the Loans. 

 

D.    The payment and performance of the Note are secured by certain of the Amended Operative Documents, including the Collateral Documents, and are otherwise subject to the Amended Operative Documents (each as defined in the Modification Agreement). 

 

E.     Buyer desires to purchase and Seller desires to sell all of the indebtedness evidenced by the Note, as secured by the Collateral Documents and as otherwise subject to the Amended Operative Documents and the Intercreditor Agreement, such purchase and sale to be effective as of the Effective Date.

 

 

 

 

 

AGREEMENT

 

IN CONSIDERATION of the foregoing premises and the mutual covenants 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:

 

1.     Purchase and Sale.

 

a.     Subject to the terms and conditions of this Agreement, Seller shall sell, assign, and transfer to Buyer, and Buyer shall purchase and accept from Seller, the Purchased Assets (as defined below).

 

b.     Effective upon receipt by Seller of $24,000,000 in immediately available funds (such amount being referred to herein as the “Purchase Price”) on or before December 31, 2015 (the date of Seller’s receipt of Buyer’s payment of the Purchase Price being herein referred to as the “Effective Date”), Seller will sell, assign and transfer to Buyer, without recourse (except with respect to the representations and warranties of Seller set forth in Section 3 below), and Buyer will purchase and accept from Seller, all of Seller’s right, title, and interests arising out of or related (i) to the Loans, the Note, and the other Amended Operative Documents, (ii) to any benefits under the Loans, the Note or the other Amended Operative Documents arising out of or related to the gaming project currently under construction in Jamul, California (the “Project”), but, for avoidance of doubt, excluding (A) any net operating losses that have been incurred or have otherwise arisen in connection with the Project, (B) any real estate currently owned by Seller or any of its affiliates, and (C) any contractual rights with respect to such real estate (collectively, the “Excluded Assets”), (iii) to the right to enforce the Loans, the Note, and the other Amended Operative Documents, and (iv) to the security interests in the collateral subject to the Collateral Documents (the “Collateral”) (clauses (i) through (iv) above, collectively, the “Purchased Assets”), in each case as of the Effective Date and subject to the terms of the Intercreditor Agreement. Without limiting the generality of the foregoing, Buyer agrees that, with respect to the Loans. the Note and the other Amended Operative Documents, it will be deemed to be bound (and will be so bound), as of and from and after the Effective Date, by the Intercreditor Agreement as the Subordinate Lender (as defined therein) thereunder.

 

c.     Buyer may extend the date on which the occurrence of the Effective Date is required to occur by this Agreement on a month-by-month basis, from January 1, 2016 until no later than June 30, 2016 (the “Outside Date”); provided that the Purchase Price shall increase to the amount set forth in the chart below, based on the actual date on which the Purchase Price is paid by Buyer and received by Seller and the Effective Date accordingly occurs: 

  

	
Effective Date
	
Purchase Price

	
January 1, 2016-January 31, 2016
	
$25,000,000

	
February 1, 2016-February 29, 2016
	
$25,500,000

	
March 1, 2016-March 31, 2016
	
$26,000,000

	
April 1, 2016-April 30, 2016
	
$26,500,000

	
May 1, 2016-May 31, 2016
	
$27,000,000

	
June 1, 2016-June 30, 2016
	
$27,500,000

 

 

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In any event, Buyer’s payment of the Purchase Price shall be due and payable no later than the earlier to occur of (i) within 10 business days after the date on which funding of Refinancing Indebtedness (as defined in the Intercreditor Agreement) or other financing for the construction of or refinancing of existing indebtedness relating to the Project exceeds $400,000,000 in the aggregate, or (ii) the Outside Date.

 

d.     Notwithstanding anything to the contrary in the Note, the other Amended Operative Documents, or the Intercreditor Agreement, Seller shall not assign, participate, delegate or transfer any of its rights or obligations under the Note, the other Amended Operative Documents, or the Intercreditor Agreement prior to the Outside Date.

 

e.      BUYER ACKNOWLEDGES, WARRANTS, AND REPRESENTS THAT, EXCEPT WITH RESPECT TO THE REPRESENTATIONS AND WARRANTIES OF SELLER SET FORTH IN SECTION 3 BELOW, THE SALE OF THE PURCHASED ASSETS SUBJECT TO THE INTERCREDITOR AGREEMENT AS CONTEMPLATED HEREBY SHALL BE MADE ON AN “AS-IS”, “WHERE-IS” AND “WITH ALL FAULTS” BASIS.

 

f.      In connection therewith, Buyer, contemporaneously with Seller’s receipt of Buyer’s payment of the Purchase Price on the Effective Date, will be deemed to have assumed any and all of Seller’s rights and obligations with respect to the Loans and the Purchased Assets and other obligations of Seller under the Amended Operative Documents and the Intercreditor Agreement arising from and after the Effective Date.

  

	 	2.	Documentation. On or prior to the Effective Date, Seller shall deliver, duly executed where appropriate, to Buyer or its designee the following documents:
	 	 	 
	 	
a.
	
The original Note, assigned without recourse by Seller in favor of Buyer by operation of an Allonge dated as of the Effective Date and otherwise in the form of Exhibit A.

	 	 	 
	 	b.	An as-executed copy of each of the other Amended Operative Documents.
	 	 	 
	 	c.	Such other documents and instruments as may be necessary to effect the sale, assignment and assumption contemplated by this Agreement and as may be reasonably requested by Buyer, provided that Buyer makes such request in writing at least five (5) business days prior to the anticipated Effective Date.

 

 

-3-

 

 

	 	3.	Warranties of Seller. Seller hereby warrants and represents to Buyer as follows with respect to the Loans and Amended Operative Documents:
	 	 	 
	 	
a.
	
Seller is the sole owner of the Note and the Loans, free and clear of liens and encumbrances, and there has been no prior assignment, sale or pledge thereof by Seller.

	 	 	 
	 	b.	Seller does not intend to retain any rights under the Note or the other Amended Operative Documents associated with or related to the Project, other than such as may comprise the Excluded Assets, following the Effective Date. 
	 	 	 
	 	c.	Seller has full power and authority to execute and deliver this Agreement and to effect the transactions contemplated hereby. This Agreement constitutes a legal, valid and binding obligation of Seller, enforceable against Seller in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

  

Except as set forth above, Seller makes no warranty or representation about the Loans, the Amended Operative Documents, any other Purchased Assets, or the Intercreditor Agreement. Without limiting the generality of the foregoing, Seller makes no representation or warranty as to the collectability of the Loans, the creditworthiness of Borrower, the adequacy of the Collateral securing the Loans, any financial statements submitted by or for Borrower, or any risk of loss with respect to this transaction.

      

	 	4.	Warranties of Buyer. Buyer hereby warrants and represents to Seller as follows with respect to the Loans and the Amended Operative Documents:
	 	 	 
	 	
a.
	
Buyer has full power and authority to execute and deliver this Agreement and to effect the transactions contemplated hereby. This Agreement constitutes a legal, valid and binding obligation of Buyer, enforceable against Buyer in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

	 	 	 
	 	b.	Buyer has received a copy of the Note and such other documents and information as it deems appropriate to make its own decision to enter into this Agreement and to purchase the Loans and the other Purchased Assets. Buyer has, independently and without reliance on Seller and based on such documents and information as it has deemed appropriate, made its own decision to enter into this Agreement and to purchase the Loans and the other Purchased Assets.

 

 

 

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5.
	
Waiver of Limitations on Senior Loan Obligations. Seller hereby waives, but only from the date of this Agreement through and including the Effective Date, the limitation on the Senior Loan Obligations (as defined in the Intercreditor Agreement) referred to in Section 11(b) of the Intercreditor Agreement. The foregoing waiver shall expire on the Outside Date if the Effective Date has not then occurred, whereupon such limitation shall be deemed to be in full force and effect from and after the Outside Date with effect as if such limitation had never been so waived.

	 	 	 
	 	6.	Miscellaneous. 
	 	 	 
	 	a.	Notices. Any notice required or permitted to be given by any party is given in accordance with this Agreement if it is directed to the party and either delivered or mailed to such party at its address, as follows:

 

	
If to Seller:
	
Lakes Jamul Development, LLC 

	
 
	
c/o Golden Entertainment, Inc. 

	
 
	
6595 Jones Blvd. 

	
 
	
Las Vegas, NV 89118 

	
 
	
Attn: Matthew Flandermeyer 

	
 
	
 

	
 
	
 

	
If to Buyer:
	
William J. Fair, EVP and Chief Development Officer 

	
 
	
Penn National Gaming, Inc. 

	
 
	
825 Berkshire Blvd. 

	
 
	
Wyomissing, PA 19610 

	
 
	
With a copy to Penn National Gaming, Inc., c/o General Counsel 

	
 
	
 

 

	

	
Any party may change its address for the service of notice by giving written notice of such change to the other party, in any manner above specified.

 

	 	
b.
	
Captions. The paragraph headings or captions appearing in this Agreement are for convenience only, are not a part of this Agreement and are not to be considered in interpreting this Agreement.

 

	 	
c.
	
Entire Agreement; Modification. This written Agreement constitutes the complete agreement between the parties and supersedes any prior oral or written agreements between the parties regarding the subject matter of this Agreement. There are no verbal agreements that change this Agreement and no waiver of any of its terms will be effective unless in a written agreement executed by the parties.

 

 

-5-

 

 

	 	
d.
	
Controlling Law. This Agreement has been made under the laws of the State of New York, and such laws will control its interpretation. Any dispute between the parties arising out of or related to this Agreement must be brought in the State Courts of New York or, to the fullest extent permitted by applicable law, the Federal Courts of New York.

 

	 	
d.
	
Counterparts. It is understood and agreed that this Agreement may be executed in separate counterparts, each of which shall, for all purposes, be deemed an original, and all of such counterparts, taken together, shall constitute one and the same agreement, even though all of the parties hereto may not have executed the same counterpart of this Agreement.

 

	 	
e.
	
Successors and Assigns. This Agreement is binding upon the parties and their successors and assigns.

 

	 	
f.
	
Cooperation. The parties each agree to execute and deliver, or to cause to be executed and delivered, such documents and to do, or cause to be done, such other acts and things as might reasonably be requested by any party to this Agreement to assure that the benefits of this Agreement are realized by the parties.

 

[Signature Pages Follow]

 

 

-6-

 

 

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

 

	
SELLER: 
	
 

	 	 
	
LAKES JAMUL DEVELOPMENT, LLC
	 
	
 
	
 

	
By /s/ Matthew W. Flandermeyer
	
 

	
Its Chief Financial Manager, Treasurer and Secretary 
	
 

 

 

-7-

 

 

	
BUYER: 
	
 

	 	 
	SAN DIEGO GAMING VENTURES, LLC	 
	
 
	
 

	
By PENN NATIONAL GAMING, INC.,
	
 

	
its sole member 
	
 

	 	 
	
By /s/ Carl Sottosanti
	
 

	
Its SVP, General Counsel, Secretary 
	
 

 

 

-8-

 

 

CONSENT

 

The undersigned, the holder, directly or indirectly, of all outstanding membership interests or other equity interests in or of Seller, solely in such capacity and not as a party to the foregoing Agreement, hereby executes and delivers this Consent solely for the purpose of confirming that it consents to the foregoing Agreement and the transactions contemplated thereby.

 

	
GOLDEN ENTERTAINMENT, INC. 
	
 

	
 
	
 

	
By   /s/ Matthew W. Flandermeyer 
	
 

	
Its Executive Vice President and Chief Financial Officer 
	
 

 

 

-9-

 

 

GUARANTY

 

The undersigned, the holder, directly or indirectly, of all outstanding membership interests or other equity interests in or of Buyer, solely in such capacity and not as a party to the foregoing Agreement, in consideration of the significant benefit, direct and indirect, it will derive from and as a result of the consummation of the transaction contemplated by the foregoing Agreement, hereby unconditionally guarantees the prompt payment and performance by Buyer of its obligations under the foregoing Agreement.

 

	
PENN NATIONAL GAMING, INC. 
	
 

	
 
	
 

	
By /s/ Timothy J. Wilmott 
	
 

	Its CEO and President	 

 

 

-10-

 

 

ACKNOWLEDGMENT

 

Borrower hereby acknowledges the dispositions contemplated by the foregoing Agreement. In connection therewith, and effective as of the Effective Date, (i) Borrower confirms that Borrower has no defense to payment of the Loans, and (ii) each of Borrower and Seller confirm that it is not aware of any breach by the other party under or with respect to the Loans, the Note, the other Amended Operating Documents, any other Purchased Assets, or the Intercreditor Agreement.

 

Each of the undersigned hereby acknowledges that, from and after the Effective Date, Seller shall not have any rights or obligations with regard to the Purchased Assets, Buyer being the sole party entitled to the benefits and burdens thereof after giving effect to the consummation of the transaction contemplated by the foregoing Agreement.

 

 

	
BORROWER: 
	
 

	
 
	
 

	
JAMUL INDIAN VILLAGE 
	
 

	
(f.k.a., Jamul Indian Village of California) 
	
 

	
 
	
 

	
By /s/ Erica Pinto 
	
 

	
Its Chairwoman 
	
 

	
 
	
 

	
SELLER: 
	
 

	
 
	
 

	
LAKES JAMUL DEVELOPMENT, LLC 
	
 

	
 
	
 

	
By /s/ Matthew W. Flandermeyer 
	
 

	
Its Chief Financial Manager, Treasurer and Secretary 
	
 

	
 
	
 

	
SENIOR LENDER: 
	
 

	
 
	
 

	
PENN NATIONAL GAMING, INC. 
	
 

	
 
	
 

	By /s/ Timothy J. Wilmott	 
	
Its President and CEO 
	
 

 

 

 

 

EXHIBIT A

 

ALLONGE 

 

 

This ALLONGE is affixed to and made a part of that certain Consolidated Restated Promissory Note dated April 24, 2014 (effective as of August 29, 2012) of Jamul Indian Village (f.k.a., Jamul Indian Village of California), a federally recognized Indian tribe, payable to the order of Lakes Jamul Development, LLC, a Minnesota limited liability company.

 

PAY TO THE ORDER OF SAN DIEGO GAMING VENTURES, LLC (“BUYER”), WITHOUT RECOURSE, REPRESENTATION OR WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, EXCEPT AS EXPRESSLY PROVIDED IN THAT CERTAIN NOTE SALE AND PURCHASE AGREEMENT, DATED AS OF [DECEMBER __, 2015], BETWEEN LAKES JAMUL DEVELOPMENT, LLC AND BUYER.

 

	
Dated:          ______________ 1
	
 

	
 
	
 

	
SELLER: 
	
 

	
 
	
 

	
LAKES JAMUL DEVELOPMENT, LLC 
	
 

	
 
	
 

	
By________________________________  
	
 

	
Its________________________________ 
	
 

 

 

 

 

1 Insert Effective Date.EX-10.1

 Exhibit 10-1 

TEGNA INC. 
 2015 CHANGE
IN CONTROL SEVERANCE PLAN 

 Table of Contents 
  

							
	 	  	Page	 
		
	INTRODUCTION	  			
			
	1.	 	PURPOSE OF THE PLAN	  	 	1	  
			
	2.	 	EFFECTIVE DATE	  	 	1	  
			
	3.	 	ADMINISTRATION OF THE PLAN	  	 	1	  
			
		 	 (a)    The Committee
	  	 	1	  
		 	 (b)    Determinations by the Committee
	  	 	2	  
		 	 (c)    Delegation of Authority
	  	 	2	  
			
	4.	 	PARTICIPATION IN THE PLAN	  	 	3	  
			
		 	 (a)    Designation of Participants
	  	 	3	  
		 	 (b)    Terminating Status as a Participant
	  	 	3	  
			
	5.	 	CHANGE IN CONTROL	  	 	3	  
			
	6.	 	ELIGIBILITY FOR BENEFITS UNDER THE PLAN	  	 	4	  
			
		 	 (a)    General
	  	 	4	  
		 	 (b)    Cause
	  	 	5	  
		 	 (c)    Good Reason
	  	 	5	  
		 	 (d)    Certain Terminations Prior to a Change in Control
	  	 	6	  
		 	 (e)    No Waiver
	  	 	6	  
		 	 (f)     Notice of Termination After a Change in Control
	  	 	6	  
		 	 (g)    Date of Termination
	  	 	7	  
			
	7.	 	OBLIGATIONS OF THE COMPANY UPON TERMINATION	  	 	7	  
			
		 	 (a)    Cause; Other than for Good Reason
	  	 	7	  
		 	 (b)    Termination Without Cause; Good Reason Terminations
	  	 	7	  
		 	 (c)    Timing of Payments
	  	 	10	  
			
	8.	 	MITIGATION	  	 	10	  
			
	9.	 	RESOLUTION OF DISPUTES	  	 	10	  
			
	10.	 	LEGAL EXPENSES AND INTEREST	  	 	10	  
			
	11.	 	FUNDING	  	 	11	  
			
	12.	 	NO CONTRACT OF EMPLOYMENT	  	 	11	  
			
	13.	 	NON-EXCLUSIVITY OF RIGHTS	  	 	11	  
			
		 	 (a)    Future Benefits under Company Plans
	  	 	11	  
		 	 (b)    Benefits of Other Plans and Agreements
	  	 	12	  
			
	14.	 	SUCCESSORS; BINDING AGREEMENT	  	 	12	  
			
	15.	 	TRANSFERABILITY AND ENFORCEMENT	  	 	12	  
			
	16.	 	NOTICES	  	 	13	  
			
	17.	 	AMENDMENT OR TERMINATION OF THE PLAN	  	 	13	  
			
	18.	 	WAIVERS	  	 	13	  
			
	19.	 	VALIDITY	  	 	13	  
			
	20.	 	GOVERNING LAW	  	 	13	  
			
	21.	 	SECTION 409A	  	 	14	  
			
	22.      	 	HEADINGS	  	 	14	  

  
 i 

 TEGNA INC. 

2015 CHANGE IN CONTROL SEVERANCE PLAN 

1. Purpose of the Plan. The Board of Directors (the “Board”) of TEGNA Inc. (the “Company”) considers the
establishment and maintenance of a strong and vital management to be essential to protecting and enhancing the best interests of the Company and its stockholders. 

As is the case with most publicly held corporations, the possibility of a Change in Control (as defined below) of the Company exists, and that
possibility, and the uncertainty and questions which it may raise among key executives concerning future employment, may result in the departure or distraction of key executives, to the detriment of the Company and its stockholders. 

The purpose of the Plan (as defined below) is to assure the Company that it will have the continued dedication of, and the availability of
objective advice and counsel from, key executives of the Company and its affiliates (as defined below) notwithstanding the possibility, threat or occurrence of a Change in Control. 

In the event that the Company or its stockholders receive any proposal from a third party concerning a possible business combination with the
Company or an acquisition of the Company’s equity securities, the Board believes it imperative that the Company and the Board be able to rely upon key executives to continue in their positions and be available for advice, if requested, without
concern that those individuals might be distracted by the personal uncertainties and risks created by such a proposal. 
 Should the Company
receive any such proposal, in addition to their regular duties, such key executives may be called upon to assist in the assessment of such proposal, advise management and the Board as to whether such proposal would be in the best interest of the
Company and its stockholders, and to take such other actions as the Board might determine to be appropriate. 
 Therefore, in order to
accomplish these objectives, the Board has adopted the 2015 Change in Control Severance Plan (the “Plan”). 
 2. Effective
Date. The Plan shall become effective on December 8, 2015. 
 3. Administration of the Plan. 

(a) The Committee. The Plan shall be administered (i) by such committee of non-employee directors as the Board shall appoint, or
(ii) in the absence of such appointment or if the committee is unable to act, by the Board (the “Committee”). The members of the Committee shall be entitled to all of the rights to indemnification and payment of expenses and costs set
forth in the Bylaws of the Company. In no event may the protection afforded the Committee members in this Section 3(a) be reduced in anticipation of or following a Change in Control. 

 (b) Determinations by the Committee. Subject to the express provisions of the Plan and to
the rights of the Participants (as defined below) pursuant to such provisions, the Committee shall have the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall, from time to time,
deem advisable; to designate persons to be covered by the Plan; to revoke such designations; to interpret the terms and provisions of the Plan (and any notices or agreements relating thereto); and otherwise to supervise the administration of the
Plan in accordance with the terms hereof. Prior to a Change in Control, all decisions made by the Committee pursuant to the Plan shall be made in its sole discretion and shall be final and binding on all persons, including the Company and
Participants. The Committee’s determinations need not be uniform, and may be made selectively among eligible employees and among Participants, whether or not they are similarly situated. Notwithstanding any provision in the Plan to the
contrary, however, following a Change in Control, any act, determination or decision of the Company or the Committee, as applicable, with regard to the administration, interpretation and application of the Plan must be reasonable, as viewed from the
perspective of an unrelated party and with no deference paid to the actual act, determination or decision of the Company or the Committee, as applicable. Furthermore, following a Change in Control, any decision by the Company or the Committee, as
applicable, shall not be final and binding on a Participant. Instead, following a Change in Control, if a Participant disputes a decision of the Company or the Committee relating to the Plan and pursues legal action, the court shall review the
decision under a “de novo” standard of review. In addition, following a Change in Control, in the event that (i) the Company’s common stock is no longer publicly traded and (ii) any securities of the Company’s Ultimate
Parent (as defined below) are publicly traded, then any decisions by the Board with respect to whether a Participant was terminated for “Cause” shall be made by the board of directors of the Ultimate Parent. For purposes of the Plan,
“Ultimate Parent” means a publicly traded corporation or entity which, directly or indirectly through one or more affiliates, beneficially owns at least a plurality of the then-outstanding voting securities of the Company (including any
successor to the Company by reason of merger, consolidation, the purchase of all or substantially all of the Company’s assets or otherwise). 

(c) Delegation of Authority. The Committee may delegate to one or more officers or employees of the Company such duties in connection
with the administration of the Plan as it deems necessary, advisable or appropriate. 

  
 -2- 

 4. Participation in the Plan. 

(a) Designation of Participants. The Committee shall from time to time select the employees who are to participate in the Plan (the
“Participants”) from among those management or highly compensated employees of the Company and its affiliates it determines to be appropriate to include as Participants, given the purposes of the Plan and the potential effects on the
employee of a Change in Control. The Company shall notify each Participant in writing of his or her participation in the Plan. For purposes of the Plan, the term “affiliate” has the meaning set forth in Rule 12b-2 of the General Rules and
Regulations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and includes any partnership or joint venture of which the Company or any of its affiliates are general partners or co-venturers. 

(b) Terminating Status as a Participant. A person shall cease to be a Participant upon (i) the termination of his or her employment
by the Company and any affiliate for any reason prior to a Change in Control, or (ii) the date that the Company notifies the Participant in writing that such individual’s status as a Participant has been revoked; provided that such
revocation shall not become effective until 12 months from the date that the revocation notice is provided. Except as specifically provided herein, the Committee shall have absolute discretion in the selection of Participants and in revoking their
status as Participants. Notwithstanding the foregoing, no revocation by the Committee of any person’s designation as a Participant shall be effective if made (i) on the day of, or within 24 months after, a Change in Control,
(ii) prior to a Change in Control, but at the request of any third party participating in or causing the Change in Control or (iii) otherwise in connection with, in relation to, or in anticipation of a Change in Control. 

5. Change in Control. For purposes of the Plan, “Change in Control” means the first to occur of the following: 

the acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) (a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (i) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (ii) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that,
for purposes of this Section, the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Company, (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or
related trust) sponsored or maintained by the Company or one of its affiliates or (D) any acquisition pursuant to a transaction that complies with Sections 5(c)(i), 5(c)(ii) and 5(c)(iii); 

individuals who, as of the Effective Date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at
least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual
or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

  
 -3- 

 consummation of a reorganization, merger, statutory share exchange or consolidation or similar
corporate transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its
subsidiaries (each, a “Business Combination”), in each case, unless, following such Business Combination, (i) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common
Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the
then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation or entity resulting from such Business Combination (including, without limitation, a corporation or entity that, as a
result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business
Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any employee benefit plan (or related trust) of the Company or any corporation or entity resulting
from such Business Combination) beneficially owns, directly or indirectly, 20% or more of, respectively, the then-outstanding shares of common stock of the corporation or entity resulting from such Business Combination or the combined voting power
of the then-outstanding voting securities of such corporation or entity, except to the extent that such ownership existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors of the
corporation or entity resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 

approval by the stockholders of the Company of a complete liquidation or dissolution of the Company. 

No Participant in this Plan who participates in any group conducting a management buyout of the Company under the terms of which the Company ceases to be a
public company may claim that such buyout is a Change in Control under this Plan and no such Participant shall be entitled to any payments or other benefits under this Plan as a result of such buyout. For purposes of the Plan, no Participant in this
Plan shall be deemed to have participated in a group conducting a management buyout of the Company unless, following the consummation of the transaction, such Participant was the beneficial owner of more than 10% of the then-outstanding voting
securities of the Company or any successor corporation or entity resulting from such transaction. 
 6. Eligibility for Benefits under the
Plan. 
 (a) General. If a Change in Control shall have occurred, each person who is a Participant on the date of the Change in
Control shall be entitled to the compensation and benefits provided in Section 7(b) upon the subsequent termination of the Participant’s employment, provided that such termination occurs prior to the second anniversary of the Change in
Control, unless such termination is (i) because of the Participant’s death or disability (as determined under the Company’s Long Term Disability Plan in effect immediately prior to the Change in Control), (ii) by the Company or
its affiliate for Cause, or (iii) by the Participant other than for Good Reason. 

  
 -4- 

 (b) Cause. For purposes of the Plan, “Cause” means: 

(i) any material misappropriation of funds or property of the Company or its affiliate by the Participant; 

(ii) unreasonable and persistent neglect or refusal by the Participant to perform his or her duties which is not remedied
within thirty (30) days after receipt of written notice from the Company; 
 (iii) conviction, including a plea of
guilty or of nolo contendere, of the Participant of a securities law violation or a felony. 
 Notwithstanding the foregoing provisions of
this Section 6(b), the Participant shall not be deemed to have been terminated for Cause after a Change in Control unless and until there shall have been delivered to the Participant a copy of a resolution duly adopted by the affirmative vote
of not less than three quarters of the entire membership of the Board at a meeting of the Board (after reasonable notice to the Participant and an opportunity for Participant, together with his or her counsel, to be heard before the Board), finding
that, in the good faith opinion of the Board, the Participant was guilty of conduct set forth above in this Section 6(b) and specifying the particulars thereof in detail. 

(c) Good Reason. For purposes of the Plan, “Good Reason” means the occurrence after a Change in Control of any of the
following circumstances without the Participant’s express written consent, unless such circumstances are fully corrected prior to the Date of Termination (as defined below) specified in the Notice of Termination (as defined below) given in
respect thereof: 
 (i) the material diminution of the Participant’s duties, authorities or responsibilities from those
in effect immediately prior to the Change in Control; 
 (ii) a reduction in the Participant’s base salary or target
bonus opportunity as in effect on the date immediately prior to the Change in Control; 
 (iii) failure to provide the
Participant with an annual long-term incentive opportunity whose grant date value is equivalent to or greater in value than Participant’s regular annual long-term incentive opportunity in effect on the date of the Change of Control (counting
only normal long-term incentive awards made as a part of the regular annual pay package, not special awards not made on a regular basis), calculated using widely recognized valuation methodologies by an experienced compensation consultant at a
nationally recognized firm; 

  
 -5- 

 (iv) the relocation of the Participant’s office from the location at which
the Participant is principally employed immediately prior to the date of the Change in Control to a location 35 or more miles farther from the Participant’s residence immediately prior to the Change in Control, or the Company’s requiring
the Participant to be based anywhere other than the Company’s offices at such location, except for required travel on the Company’s business to an extent substantially consistent with the Participant’s business travel obligations
prior to the Change in Control; 
 (v) the failure by the Company or its affiliate to pay any compensation or benefits due to
the Participant; 
 (vi) the failure of the Company to obtain a satisfactory agreement from any successor to assume and agree
to perform the Plan, as contemplated in Section 14; or 
 (vii) any purported termination of the Participant’s
employment that is not effected pursuant to a Notice of Termination satisfying the requirements of the Plan. 
 (d) Certain Terminations
Prior to a Change in Control. Anything in the Plan to the contrary notwithstanding, if a Change in Control occurs and if the Participant’s employment with the Company terminated prior to the date on which the Change in Control occurs, and
if it is reasonably demonstrated by the Participant that such termination of employment (i) was at the request of any third party participating in or causing the Change in Control or (ii) otherwise arose in connection with, in relation to,
or in anticipation of the Change in Control, then the Participant shall be entitled to all payments and benefits under the Plan as though the Participant had terminated his or her employment for Good Reason on the day after the Change in Control.
For purposes of this Section 6(d), a Change in Control means a Change in Control that is also a change in ownership or effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company within
the meaning of Section 409A(a)(2)(A)(v) of the Internal Revenue Code of 1986, as amended, (the “Code”) and the Treasury regulations and guidance issued thereunder (“Section 409A”). 

(e) No Waiver. The Participant’s continued employment shall not constitute consent to, or a waiver of rights with respect to, any
circumstance constituting Good Reason hereunder. 
 (f) Notice of Termination After a Change in Control. Any termination by the
Company, or by the Participant for Good Reason, shall be communicated by Notice of Termination given in accordance with the Plan. For purposes of the Plan, a “Notice of Termination” means a written notice that (i) indicates the
specific termination provision in the Plan relied upon, and (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Participant’s employment under the
provision so indicated. With respect to a Notice of Termination given by a Participant in connection with a termination for “Good Reason” such notice must be provided within ninety (90) days after the event that created the “Good
Reason”. 

  
 -6- 

 (g) Date of Termination. For purposes of the Plan, “Date of Termination” means
(i) if the Participant’s employment is terminated by the Company for Cause, the date on which the Notice of Termination is given or any later date specified therein (which, however, shall not be more than 15 days later), (ii) if the
Participant’s employment is terminated by the Participant for Good Reason, the date specified in the Notice of Termination (which, however, shall not be less than 30 days or more than 45 days later than the date on which the Notice of
Termination is given), or (iii) if the Participant’s employment is terminated by the Company other than for Cause, the date on which the Company notifies the Participant of such termination. In all instances, the Date of Termination shall
mean the date of the Participant’s separation from service within the meaning of Section 409A. 
 7. Obligations of the Company
upon Termination. 
 (a) Cause; Other than for Good Reason. If the Participant’s employment shall be terminated for Cause, or
if the Participant terminates his or her employment other than for Good Reason, the Company shall pay the Participant his or her annual salary through the Date of Termination, to the extent not already paid, at the rate in effect at the time Notice
of Termination is given, plus all other amounts to which the Participant is entitled under any compensation, benefit or other plan or policy of the Company at the time such amounts are due, and the Company shall have no further obligations to the
Participant under the Plan. 
 (b) Termination Without Cause; Good Reason Terminations. Any Participant who becomes eligible for
compensation and benefits pursuant to Section 6(a) shall be paid or provided the following: 
 (i) his or her annual
base salary through the Date of Termination, to the extent not already paid, at the rate in effect at the time Notice of Termination is given, plus all other amounts to which the Participant is entitled under any compensation, benefit or other plan
or policy of the Company at the time such amounts are due, including without limitation the annual bonus for the fiscal year prior to the Date of Termination, to the extent not already paid; 

(ii) as severance pay and in lieu of any further salary or bonus for the period following the Date of Termination, the
Participant shall receive a lump sum payment equal to his or her “Annual Compensation” (as defined below) multiplied by the “Multiplier” (as defined below). 

For purposes of the Plan, (i) for a Participant who is the Chief Executive Officer of the Company on the date of the
Change in Control, “Multiplier” means three (3); (ii) for a Participant who on the date of the Change in Control is a member of the Company Leadership Team and also reports directly to the Company’s Chief Executive Officer,
“Multiplier” means two (2); and (iii) for other Participants the “Multiplier” shall be one (1). 

  
 -7- 

 For purposes of the Plan, “Annual Compensation” means the sum of
(A) the Participant’s annual base salary at the highest rate of salary during the 12-month period immediately prior to the Date of Termination or, if higher, during the 12 month period immediately prior to the Change in Control (in each
case, as determined without regard for any reduction for deferred compensation, 401(k) Plan contributions and similar items), and (B) the higher of (1) the average annual bonus the Participant earned with respect to the three fiscal years
immediately prior to the fiscal year in which the Change in Control occurs; and (2) the average annual bonus the Participant earned with respect to three fiscal years immediately prior to the fiscal year in which the Date of Termination occurs;

 (iii) a prorated annual bonus for the portion of the fiscal year elapsed prior to the Date of Termination in an amount
equal to the average annual bonus the Participant earned with respect to the three fiscal years immediately prior to the fiscal year in which the Date of Termination occurs prorated for the portion of the fiscal year elapsed prior to the Date of
Termination; 
 (iv) an amount equal to the monthly COBRA cost of the Participant’s medical and dental coverage in
effect as of the Termination Date multiplied by the lesser of (1) 18; or (2) 24 minus the number of full months between the date of the Change in Control and the Date of Termination; 

(v) It is the object of this subsection to provide for the maximum after-tax income to each Participant with respect to any
payment or distribution to or for the benefit of the Participant, whether paid or payable or distributed or distributable pursuant to the Plan or any other plan, arrangement or agreement, that would be subject to the excise tax imposed by
Section 4999 of the Code or any similar federal, state or local tax that may hereafter be imposed (a “Payment”) (Section 4999 of the Code or any similar federal, state or local tax are collectively referred to as the “Excise
Tax”). Accordingly, before any Payments are made under this Plan, a determination will be made as to which of two alternatives will maximize such Participant’s after-tax proceeds, and the Company must notify the Participant in writing of
such determination. The first alternative is the payment in full of all Payments potentially subject to the Excise Tax. The second alternative is the payment of only a part of the Participant’s Payments so that the Participant receives the
largest payment and benefits possible without causing the Excise Tax to be payable by the Participant. This second alternative is referred to in this subsection as “Limited Payment”. The Participant’s Payments shall be paid only to
the extent permitted under the alternative determined to maximize the Participant’s after-tax proceeds, and the Participant shall have no rights to any greater payments on his or her Payments. If Limited Payment applies, Payments shall be
reduced in a manner that would not result in the Participant incurring an additional tax under Section 409A. Accordingly, Payments not constituting nonqualified deferred compensation under Section 409A shall be reduced first, in this order
but only to the extent that doing so avoids the Excise Tax (e.g., accelerated vesting or payment provisions in an award will be ignored to the extent that such provisions would trigger the Excise Tax): 

 

	 	•	 	Payment of the severance amounts under Section 7(b)(ii)-(iv) hereof to the extent such payments do not constitute deferred compensation under Section 409A. 

  
 -8- 

	 	•	 	Performance-based awards in accordance with Sections 15.3 and 15.4 of the Company’s 2001 Omnibus Incentive Compensation Plan (Amended and Restated as of May 4, 2010) (or any predecessor or successor plan)
(the “Omnibus Plan”), but excluding Section 409A Awards (as defined in such Plan). 

  

	 	•	 	Non-performance, service-based awards in accordance with Sections 15.3 and 15.4 of the Omnibus Plan, but excluding Section 409A Awards (as defined in such Plan). 

 

	 	•	 	Awards of Options and SARs under the Omnibus Plan in accordance with Sections 15.3 and 15.4 of the Omnibus Plan. 

Then, if the foregoing reductions are insufficient, Payments constituting deferred compensation under Section 409A shall
be reduced, in this order: 
  

	 	•	 	Payment of the severance amounts under Section 7(b)(ii)-(iv) hereof to the extent such payments constitute deferred compensation under Section 409A. 

 

	 	•	 	Performance-based Section 409A Awards in accordance with Sections 15.3 and 15.4 of the Omnibus Plan. 

  

	 	•	 	Non-performance, service-based Section 409A awards in accordance with Sections 15.3 and 15.4 of the Omnibus Plan. 

In the event of conflict between the order of reduction under this Plan and the order provided by any other Company document governing a
Payment, then the order under this Plan shall control. 
 All determinations required to be made under this Section 7(b)(v) shall be
made by Ernst & Young LLP, or, if Ernst & Young LLP is not the Company’s nationally recognized independent accounting firm immediately prior to the Change in Control, such other nationally recognized accounting firm serving as
the Company’s independent accounting firm (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Company and the Participant within ten (10) business days of the termination of employment giving
rise to benefits under the Plan, or such earlier time as is requested by the Company. All fees, costs and expenses (including, but not limited to, the costs of retaining experts) of the Accounting Firm shall be borne by the Company. In the event the
Accounting Firm determines that the Payments shall be reduced, it shall furnish the Participant with a written opinion to such effect. The determination by the Accounting Firm shall be binding upon the Company and the Participant. 

  
 -9- 

 (c) Timing of Payments and Release Condition. All payments under Sections 7(b)(ii),
7(b)(iii), and 7(b)(iv) shall be due and payable in a lump sum on the 30th day after the Date of Termination; provided that the Participant executes the attached agreement set forth at Exhibit A (or a substantially similar agreement) on or before
the 30th day after the Date of Termination. The Participant shall forfeit all rights under this Plan if such agreement is not executed by that date. The timing of all payments and benefits under this Plan shall be made consistent with the
requirements of Section 409A, and notwithstanding any provision of the Plan to the contrary, any amount or benefit that is payable to a Participant who is a “specified employee” (as defined in Section 409A) shall be delayed until
the date which is first day of the seventh month after the date of such Participant’s termination of employment (or, if earlier, the date of such Participant’s death), if paying such amount or benefit prior to that date would violate
Section 409A. 
 8. Mitigation. Except as provided in Section 13(b), the Participant shall not be required to mitigate the
amount of any payment provided for in the Plan by seeking other employment or otherwise, nor shall the amount of any payment or benefit provided for in the Plan be reduced by any compensation earned by the Participant as a result of employment by
another employer, by retirement benefits, by offset against any amount claimed to be owed by the Participant to the Company, or otherwise. 

9. Resolution of Disputes. If there shall be any dispute between the Company and the Participant (a) in the event of any
termination of the Participant’s employment by the Company, as to whether such termination was for Cause, or (b) in the event of any termination of employment by the Participant, as to whether Good Reason existed, then, unless and until
there is a final, nonappealable judgment by a court of competent jurisdiction declaring that such termination by the Company was for Cause or that the termination by the Participant was not for Good Reason, the Company shall pay all amounts, and
provide all benefits, to the Participant and/or the Participant’s family or other beneficiaries, as the case may be, that the Company would be required to pay or provide pursuant to the Plan as though such termination were by the Company
without Cause or by the Participant with Good Reason; provided, however, that the Company shall not be required to pay any disputed amount pursuant to this Section except upon receipt of a written undertaking by or on behalf of the Participant to
repay all such amounts to which the Participant is ultimately adjudged by such court not to be entitled. Notwithstanding the foregoing, the payment of any amount in settlement of a dispute described in this Section shall be made in accordance with
the requirements of Section 409A. 
 10. Legal Expenses and Interest. 

If, with respect to any alleged failure by the Company to comply with any of the terms of the Plan or any dispute between the Company and the
Participant with respect to the Participant’s rights under the Plan, a Participant in good faith hires legal counsel with respect thereto or institutes any negotiations or institutes or responds to legal action to assert or defend the validity
of, to interpret, enforce his or her rights under, or recover damages for violation of 

  
 -10- 

 
the terms of the Plan, then (regardless of the outcome) the Company shall pay, as they are incurred, the Participant’s actual expenses for attorneys’ fees and disbursements. The Company
agrees to pay such amounts within 10 days following the Company’s receipt of an invoice from the Participant, provided that the Participant shall have submitted an invoice for such amounts at least 30 days before the end of the calendar year
next following the calendar year in which such fees and disbursements were incurred. 
 To the extent permitted by law, the Company shall
pay to the Participant on demand a late charge on any amount not paid in full when due after a Change in Control under the terms of the Plan. Except as otherwise specifically provided in the Plan, the late charge shall be computed by applying to the
sum of all delinquent amounts a late charge rate. The late charge rate shall be a fixed rate per year that shall equal the sum of 3% plus the “prime rate” of Morgan Guaranty Trust Company of New York or successor institution
(“Morgan”) publicly announced by Morgan to be in effect on the Date of Termination, or if Morgan no longer publicly announces a prime rate on such date, any substantially equivalent rate announced by Morgan to be in effect on such date
(or, if Morgan does not exist on such date, the prime rate published by the Wall Street Journal on such date) (provided, however, that such rate shall not exceed any applicable legally permissible rate). 

11. Funding. The Company may, in its discretion, establish a trust to fund any of the payments which are or may become payable to
Participant under the Plan, but nothing included in the Plan shall require that the Company establish such a trust or other funding arrangement. Whether or not the Company sets any assets aside for the purposes of the Plan, such assets shall at all
times prior to payment to Participants remain the assets of the Company subject to the claims of its creditors. Neither the Company nor the Board nor the Committee shall be deemed to be a trustee or fiduciary with respect to any amount to be paid
under the Plan. 
 12. No Contract of Employment. The Participant and the Company acknowledge that, except as may otherwise be
provided under any written agreement between the Participant and the Company, the employment of the Participant by the Company is “at will” and, subject to such payments as may become due under the Plan, such employment may be terminated
by either the Participant or the Company at any time and for any reason. 
 13. Non-exclusivity of Rights. 

(a) Future Benefits under Company Plans. Nothing in the Plan shall prevent or limit the Participant’s continuing or future
participation in any plan, program, policy or practice of the Company or any of its affiliates, nor shall anything herein limit any rights or reduce any benefits the Participant may have under any agreement or arrangement with the Company or any of
its affiliates. Amounts that are vested benefits or that the Participant is otherwise entitled to receive under any plan, policy, practice or program of or any agreement or arrangement with the Company or any of its affiliates at or subsequent to
the Date of Termination shall be payable in accordance with such plan, policy, practice or program or agreement or arrangement except as explicitly modified by the Plan. 

  
 -11- 

 (b) Benefits of Other Plans and Agreements. If the Participant becomes entitled to receive
compensation or benefits under the terms of the Plan, such compensation or benefits will be reduced by other severance benefits payable under any plan, program, policy or practice of or agreement or other arrangement between the Participant and the
Company (not including payments or distributions under the Omnibus Plan). It is intended that the Plan provide compensation or benefits that are supplemental to severance benefits and that are actually received by the Participant pursuant to any
plan, program, policy or practice of or agreement or arrangement between the Participant and the Company, such that the net effect to the Participant of entitlement to any similar benefits that are contained both in the Plan and in any other
existing plan, program, policy or practice of or agreement or arrangement between the Participant and the Company will be to provide the Participant with the greater of the benefits under the Plan or under such other plan, program, policy, practice,
or agreement or arrangement. This Plan is not intended to modify, amend, terminate or otherwise affect the Omnibus Plan, which shall remain a fully independent and separate plan. 

14. Successors; Binding Agreement. The Company will require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume and agree to perform the Plan in the same manner and to the same extent that the Company would be required to perform it if no such
succession had taken place. As used in the Plan, “Company” means the Company as herein defined and any successor to its business and/or assets which assumes and agrees to perform the Plan, by operation of law or otherwise. 

15. Transferability and Enforcement. 

The rights and benefits of the Company under the Plan shall be transferable, but only to a successor of the Company, and all covenants and
agreements hereunder shall inure to the benefit of and be enforceable by or against its successors and assigns. The rights and benefits of Participants under the Plan shall not be transferable other than by the laws of descent and distribution. 

The Company intends the Plan to be enforceable by Participants. The rights and benefits under the Plan shall inure to the benefit of and be
enforceable by any Participant and the Participant’s personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees and legatees. If the Participant should die while any amount would still be payable to
the Participant hereunder had the Participant continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of the Plan to the Participant’s devisee, legatee or other designee or, if there is
no such designee, to the Participant’s estate. 

  
 -12- 

 16. Notices. Any notices referred to herein shall be in writing and shall be deemed given
if delivered in person or by facsimile transmission, or sent by U.S. registered or certified mail to the Participant at his or her address on file with the Company (or to such other address as the Participant shall specify by notice), or to the
Company at its principal executive office, Attn: Secretary. 
 17. Amendment or Termination of the Plan. The Board reserves the right
to amend, modify, suspend or terminate the Plan at any time, provided that: 
 without the written consent of the Participant, no such
amendment, modification, suspension or termination shall adversely affect the benefits or compensation due under the Plan to any Participant whose employment has terminated prior to such amendment, modification, suspension or termination and is
entitled to benefits and compensation under Section 7(b); 
 no such amendment, modification, suspension or termination that has the
effect of reducing or diminishing the right of any Participant to receive any payment or benefit under the Plan will become effective prior to the first anniversary of the date on which written notice of such amendment, modification, suspension or
termination was provided to the Participant, and if such amendment, modification, suspension or termination was effected (i) on the day of or subsequent to the Change in Control, (ii) prior to the Change in Control, but at the request of
any third party participating in or causing a Change in Control or (iii) otherwise in connection with, in relation to, or in anticipation of a Change in Control, such amendment, modification, suspension or termination will not become effective
until the second anniversary of the Change in Control; and 
 the Board’s right to amend, modify, suspend or terminate the Plan is
subject to the requirements of Section 409A to the extent such requirements apply to the Plan. 
 18. Waivers. The
Participant’s or the Company’s failure to insist upon strict compliance with any provision of the Plan or the failure to assert any right the Participant or the Company may have hereunder, including, without limitation, the right of the
Participant to terminate employment for Good Reason, shall not be deemed to be a waiver of such provision or right or any other provision or right under the Plan. 

19. Validity. The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any
other provision of the Plan, and such other provisions shall remain in full force and effect to the extent permitted by law. 
 20.
Governing Law. To the extent not preempted by federal law, all questions pertaining to the construction, regulation, validity and effect of the provisions of the Plan shall be determined in accordance with the laws of the State of Delaware
without regard to the conflict of laws principles thereof. 

  
 -13- 

 21. Section 409A. (a) General. It is intended that payments and
benefits made or provided under this Plan shall not result in penalty taxes or accelerated taxation pursuant to Section 409A, and the Plan shall be interpreted and administered in accordance with that intent. If any provision of the Plan
would otherwise conflict with or frustrate this intent, that provision will be interpreted and deemed amended so as to avoid the conflict. Any payments that qualify for the “short-term deferral” exception, the separation pay exception or
another exception under Section 409A shall be paid under the applicable exception. For purposes of the limitations on nonqualified deferred compensation under Section 409A, each payment of compensation under this Plan shall be treated
as a separate payment of compensation for purposes of applying the exclusion under Section 409A for short-term deferral amounts, the separation pay exception or any other exception or exclusion under Section 409A. In no event may a
Participant, directly or indirectly, designate the calendar year of any payment under this Plan. Despite any contrary provision of this Plan, any references to “termination of employment” or “Date of Termination” or similar
term shall mean and refer to the date of a Participant’s “separation from service,” as that term is defined in Section 409A and Treasury regulation Section 1.409A-1(h). 

(b) Delay of Payment. Notwithstanding any other provision of this Plan to the contrary, if a Participant is considered a
“specified employee” for purposes of Section 409A (as determined in accordance with the methodology established by the Company as in effect on the termination date), any payment that constitutes nonqualified deferred compensation
within the meaning of Section 409A that is otherwise due to a Participant under this Plan during the six (6)-month period immediately following a Participant’s separation from service (as determined in accordance with Section 409A) on
account of a Participant’s separation from service shall be accumulated and paid to such Participant on the first (1st) business day of the seventh (7th) month following such Participant’s separation from service (the
“Delayed Payment Date”). If such Participant dies during the postponement period, the amounts and entitlements delayed on account of Section 409A shall be paid to the personal representative of such Participant’s estate on
the first to occur of the Delayed Payment Date or thirty (30) calendar days after the date of his or her death. 
 (c) Reimbursement
and In-Kind Benefits. Notwithstanding anything to the contrary in this Plan, all reimbursements and in-kind benefits provided under this Plan that are subject to Section 409A shall be made in accordance with the requirements of
Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Participant’s lifetime (or during such other period of time specified in this Plan); (ii) the amount of
expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii) the reimbursement of an
eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another
benefit. 
 22. Headings. The headings and paragraph designations of the Plan are included solely for convenience of reference and
shall in no event be construed to affect or modify any provisions of the Plan. 

  
 -14- 

							
	Dated: December 8, 2015	  		  		  	TEGNA INC.
				
		  		  	By:	  	 /s/ Kevin E. Lord

		  		  	Name:	  	Kevin E. Lord
		  		  	Title:	  	Senior Vice President and Chief Human Resources Officer

  
 -15- 

 Exhibit A 

Release of Claims and Restrictive Covenant Agreement 

This Release of Claims and Restrictive Covenant Agreement (this “Agreement”) is entered into by you
[            ] and TEGNA Inc. (the “Company”) in connection with your separation from employment with the Company and in accordance with the TEGNA Inc. 2015
Change in Control Severance Plan (the “Plan”). Capitalized terms used and not defined herein shall have the meanings provided in the Plan. You and the Company agree to the following: 

(1) Date of Termination. Your final day as an employee of the Company is
            , 20     (the “Date of Termination”). 

(2) Severance Amount. Provided that you execute this Agreement, do not later revoke your acceptance, and that this Agreement
becomes effective on or before             , 20    , you will receive a lump sum cash payment in the amount of
$            , less legally-required withholdings, payable on             .

(3) Release Deadline. You will receive the benefits described in paragraph 2 above only if you sign this Agreement on or
before             , 20    . In exchange for and in consideration of the benefits offered to you by the Company in paragraph 2 above, you agree to the terms of this
Agreement. 
 (4) Release of Claims. You agree that this is a full and complete Release of Claims. Accordingly, you and the
Company agree as follows: 
  

	 	(a)	The Release of Claims means that you agree to give up forever any and all legal claims, or causes of actions, you may have, or think you have, against the Company, any of its subsidiaries, related or affiliated
companies, including any predecessor or successor entities, and their respective directors, officers, and employees (collectively, the “Company Parties”). This Release of Claims includes all legal claims that arose at
any time before or at the time you sign this Agreement; it also includes those legal claims of which you know and are aware, as well as any legal claims of which you may not know or be aware, including claims for breach of contract, claims arising
out of any employment agreement you may have or under the Plan, claims of intentional or negligent infliction of emotional distress, defamation, breach of implied covenant of good faith and fair dealing, and any other claim arising from, or related
to, your employment by the Company. In addition, the Company Parties agree to give up forever any and all legal claims, or causes of action, they may have or think they may have against you, including all legal claims that arose at any time
before or at the time you sign this Agreement, whether known to the Company Parties or not. 

 Notwithstanding the foregoing,
by executing this Release of Claims, (i) you will not forfeit or release your right to receive your vested benefits under the TEGNA Retirement Plan, the TEGNA 401(k) Savings Plan, the TEGNA Supplemental Retirement Plan, the TEGNA Inc. 2001
Omnibus Incentive Compensation Plan 

 
(Amended and Restated as of May 4, 2010) and the TEGNA Inc. Deferred Compensation Plan (but you will forfeit your right to receive any further severance or annual bonus award); any
rights to indemnification and advancement of expenses under the Company’s By-laws and/or directors’ and officers’ liability insurance policies; any other rights under the Plan that are intended to survive a termination of employment;
or any legal claims or causes of action arising out of actions allegedly taken by the Company after the date of your execution of this Agreement; and (ii) none of the Company Parties will forfeit or release any right to recoup compensation
under the claw back provisions of under any plan or policy of the Company or applicable law; any rights under the Plan which are intended to survive a termination of employment (including, but not limited to, your restrictive covenant and
confidentiality obligations); any claims based on your fraud or conduct which was committed in bad faith or arising from your active and deliberate dishonesty; any legal claims or causes of action arising out of actions allegedly taken by you after
the date of your execution of this Agreement; any rights you have under applicable workers compensation laws; any benefits or monies paid in the normal course to employees separating from employment such as payment of accrued but unused vacation and
reimbursement of valid and appropriate business expenses; or any other claims that cannot lawfully be released. The matters referenced in clauses (i) and (ii) of this paragraph are referred to as the “Excluded
Matters.” 
  

	 	(b)	Several laws of the United States and of the Commonwealth of Virginia create claims for employees in various circumstances. These laws include the Age Discrimination in Employment Act of 1967, as amended by the
Older Worker Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Rehabilitation Act of 1973, the Family and Medical Leave Act, the Employee Retirement Income Security Act, the Americans With Disabilities Act, the Genetic
Information Non-discrimination Act, and the Virginia Human Rights Act. Several of these laws also provide for the award of attorneys’ fees to a successful plaintiff. You agree that this Release of Claims specifically includes any
possible claims under any of these laws or similar state and federal laws, including any claims for attorneys’ fees. 

  

	 	(c)	By referring to specific laws we do not intend to limit the Release of Claims to just those laws. All legal claims for money damages, or any other relief that relate to or are in any way connected with your
employment with the Company or any of its subsidiaries, related or affiliated companies, are included within this Release of Claims, even if they are not specifically referred to in this Agreement. The only legal claims that are not covered by
this Release of Claims are the Excluded Matters. 

  

	 	(d)	Except for the Excluded Matters, we agree that neither party will say later that some particular legal claim or claims are not covered by this Release of Claims because we or you were unaware of the claim or claims,
because such claims were overlooked, or because you or we made an error. 

  
 -2- 

	 	(e)	We specifically confirm that, as far as you or the Company know, no one has made any legal claim in any federal, state or local court or government agency relating to your employment, or the ending of your employment,
with the Company. If, at any time in the future, such a claim is made by you or the Company, or someone acting on behalf of you or the Company, or by some other person or a governmental agency, you and the Company agree that each will be
totally and completely barred from recovering any money damages or remedy of any kind, except in the case of any legal claims or causes of action arising out of any of the Excluded Matters. This provision is meant to include claims that are
solely or in part on your behalf, or on behalf of the Company, or claims which you or the Company have or have not authorized. 

  

	 	(f)	This Agreement, and the Release of Claims, will not prevent you from filing any future administrative charges with the United States Equal Employment Opportunity Commission (“EEOC”) or a state
fair employment practices (“FEP”) agency, nor from participating in or cooperating with the EEOC or a state FEP agency in any investigation or legal action undertaken by the EEOC or a state FEP agency. However, this
Agreement, and the Release of Claims, does mean that you may not collect any monetary damages or receive any other remedies from charges filed with or actions by the EEOC or a state FEP agency. 

(5)         Restrictive Covenants. 
  

	 	(a)	You understand and agree that the relationship between the Company and each of its employees constitutes a valuable asset of the Company and may not be converted to your own use. Accordingly, you hereby agree that
for a period of twelve (12) months after the Date of Termination (the “Restricted Period”), you shall not, directly or indirectly, on your own behalf or on behalf of another person, solicit or induce any employee of the Company to
terminate his or her employment relationship with the Company or any affiliate of the Company or to enter into employment with another person or entity. The foregoing shall not apply to employees who respond to solicitations of employment
directed to the general public or who seek employment at their own initiative. 

  

	 	(b)	You agree that you will not make any statements, oral or written, or cause or allow to be published in your name, or under any other name, any statements, interviews, articles, books, web logs, editorials or commentary
(oral or written) that are critical or disparaging of the Company, or any of their operations, or any of their officers, employees or directors. Likewise, the Company agrees that it will not make, and will use reasonable efforts to ensure that
directors and officers of the Company do not make, any statements, oral or written, or cause to be published in the Company’s name, any statements, interviews, articles, editorials or commentary (oral or written) that are critical or
disparaging of you. It is understood that merely because a personal statement is made by a Company employee does not mean that it is made “in the Company’s name”. 

  
 -3- 

	 	(c)	You acknowledge that a breach of this paragraph 5 would cause irreparable injury and damage to the Company which could not be reasonably or adequately compensated by money damages, and the Company acknowledges that a
breach of paragraph 5 would cause irreparable injury and damage to you, which could not be reasonably or adequately compensated by money damages. Accordingly, each of you, the Company acknowledges that the remedies of injunction and
specific performance shall be available in the event of such a breach, and the non-breaching party shall be entitled to money damages, costs and attorneys’ fees, and other legal or equitable remedies, including an injunction pending trial,
without the posting of bond or other security. Any period of restriction set forth in this paragraph 5 shall be extended for a period of time equal to the duration of any breach or violation thereof. 

 

	 	(d)	In the event of your breach of this paragraph 5, in addition to the injunctive relief described above, the Company’s remedy shall include the forfeiture and return to the Company of any payment made to you or on
your behalf under paragraph 2 above. 

  

	 	(e)	During the course of your employment and as part of the performance of your various duties you came into the possession of information which the Company considers to be Confidential and Proprietary Information and which
is not generally disclosed or made known to the trade or public. This includes, but is not limited to, information bearing on strategic planning, finances, shareholder matters, budgets, audience, research, marketing, personnel, management of the
company and its affiliated companies, and relationships with advertisers, vendors and suppliers. You agree that unless duly authorized in writing by the Company, you will not at any time divulge or use in connection with any business activity any
trade secrets or confidential and proprietary information first acquired by you during and by virtue of your employment with the Company. You agree that you will not retain any copies of such materials, whether in hard copy or electronic copy, and
will not use or disclose to anyone any such Confidential or Proprietary Information, in any form. 

  

	 	(f)	In the event that any provision of this paragraph 5 is held to be in any respect an unreasonable restriction, then the court so holding may modify the terms thereof, including the period of time during which it operates
or the geographic area to which it applies, or effect any other change to the extent necessary to render this paragraph 5 enforceable, it being acknowledged by the parties that the representations and covenants set forth herein are of the essence of
this Agreement. 

 (6) Entire Agreement. You agree that this Agreement contains all of the details of the agreement
between you and the Company with respect to the subject matter hereof. Nothing has been promised to you, either in some other written document or orally, by the Company or any of its officers, employees or directors, that is not included in
this Agreement. 
 (7) No Admission. Nothing contained in this Agreement will be deemed or construed as an admission of wrongdoing or
liability on the part of Company Parties. 

  
 -4- 

 (8) Governing Law and Venue. All matters affecting this Agreement, including the validity
thereof, are to be governed by, and interpreted and construed in accordance with, the laws of the State of Delaware applicable to contracts executed in and to be performed in that State. The parties agree to submit to the jurisdiction of the federal
and state courts sitting in Delaware, for all purposes relating to the validity, interpretation, or enforcement of this Agreement. 
 (9)
Time to Consider; Effectiveness. Please review this Agreement carefully. We advise you to talk with an attorney before signing this Agreement. So that you may have enough opportunity to think about this offer, you may keep this
Agreement for twenty-one (21) days from the date of termination of your employment. You acknowledge that this Agreement was made in connection with your participation in the Plan and was available to you both prior to and immediately at
the time of your termination of employment. For that reason you acknowledge and agree that the twenty-one (21)-day consideration period identified in this paragraph commenced to run, without any further action by the Company immediately upon
your being advised of the termination of your employment. Consequently, if you desire to execute this Agreement, you must do so no later than            ,
20    . Should you accept all the terms by signing this Agreement on or before            , 20    , you may nevertheless revoke this Agreement
within seven (7) days after signing it by notifying             in writing of your revocation. We will provide a courtesy copy to your attorney, if you retain one to represent
you. If you choose to retain counsel to review and advise you concerning this Agreement that shall be considered a personal expense on your part and not be reimbursed or indemnified. If you wish to accept this Agreement, please confirm
your acceptance of the terms of the Agreement by signing the original of this Agreement in the space provided below. The Agreement will become effective, and its terms will be carried out beginning on the day following the seven (7)-day
revocation period. 
 (10) Knowing and Voluntary. By signing this Agreement you agree that you have carefully read this Agreement
and understand its terms. You also agree that you have had a reasonable opportunity to think about your decision, to talk with an attorney or advisor of your choice, that you have voluntarily signed this Agreement, and that you fully understand
the legal effect of signing this Agreement. 
  

							
	Date:	 	  
	  		  	  

		 		  		  	EMPLOYEE
				
	Date:	 	  
	  		  	  

		 		  		  	TEGNA INC.
		 		  		  	By:
		 		  		  	Title:

  
 -5-

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