Document:

Exhibit 10.4
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OMNIBUS AMENDMENT
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This Omnibus Amendment (this “Amendment”), dated as of December 30, 2020 (the “Amendment Closing Date”), is made by and among BANKERS COMMERCIAL CORPORATION, a California corporation, as Lessor (“Lessor”), MUFG UNION BANK, N.A., as Collateral Agent for the Rent Assignees (“Collateral Agent”), MUFG BANK, LTD., as Administrative Agent for the Participants (“Administrative Agent”), CUBIC CORPORATION, a Delaware corporation, as Lessee and Construction Agent (“Lessee”), and each of the Rent Assignees listed on the signature pages hereof (the “Rent Assignees”).
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W I T N E S S E T H:
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WHEREAS, Lessee, Lessor, the Rent Assignees (together with Lessor, the “Participants”), Collateral Agent and Administrative Agent entered into a Second Amended and Restated Participation Agreement, dated as of May 29, 2020 (the “A&R Participation Agreement” and, as amended by this Amendment, collectively, the “Participation Agreement”);
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WHEREAS, Lessor and Lessee entered into an Amended and Restated Lease Agreement, dated as of June 7, 2019 (the “A&R Lease” and, as amended by this Amendment, collectively, the “Lease”); and
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WHEREAS, Lessee desires to modify the A&R Participation Agreement and the A&R Lease to (i) reflect a change to its intention regarding the accounting treatment of the Overall Transaction (as defined in the Participation Agreement), (ii) amend the insurance requirements, and (iii) obtain certain waivers as more specifically set forth herein, and the Participants, Collateral Agent and Administrative Agent are amenable to such modifications.
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NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
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1.         Defined Terms. All capitalized terms used but not defined in this Amendment shall have the meanings assigned to them in Appendix I to the Participation Agreement and the rules of interpretation set forth in such Appendix shall apply to this Amendment.
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2.         Amendments to the A&R Participation Agreement. The parties thereto hereby agree that the A&R Participation Agreement shall be modified as set forth below:
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(a)        The following definitions are hereby inserted into Appendix I to the Participation Agreement in the appropriate alphabetical order, to read as follows:
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“Omnibus Amendment” shall mean that certain Omnibus Amendment, dated December 30, 2020, by and among the Lessee, the Lessor, the Collateral Agent, the Administrative Agent and the Rent Assignees.
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(b)        The definition of “Escrow Agreement” as set forth in Appendix I to the A&R Participation Agreement is hereby deleted in its entirety and the following is inserted in its place:
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“Escrow Agreement” shall mean that certain Escrow Agreement dated as of the Base Term Commencement Date among the Collateral Agent (in its capacity as escrow agent), the Administrative Agent and Lessee.
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(c)        The definition of “Lease” as set forth in Appendix I to the A&R Participation Agreement is hereby deleted in its entirety and the following is inserted in its place:
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“Lease” shall mean that certain Amended and Restated Lease Agreement dated as of June 7, 2019 between the Lessor and the Lessee, as amended by the Omnibus Amendment.
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(d)        The definition of “Operative Documents” as set forth in Appendix I to the A&R Participation Agreement is hereby amended by adding a document (13) as follows: “(13) the Omnibus Agreement”.
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(e)        The definition of “Return Price Recourse Deficiency Amount” as set forth in Appendix I to the A&R Participation Agreement is hereby deleted in its entirety and the following is inserted in its place:
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“Return Price Recourse Deficiency Amount” shall mean the amount equal to the Return Price Recourse Deficiency Amount set forth on the Lease Supplement.
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(f)        Section 2.5 of the A&R Participation Agreement is hereby amended so that, with respect to the final Advance Request only, such Advance Request shall be required to be delivered to the Construction Consultant and the Administrative Agent at or before 11:00 a.m. New York time on the second (2nd) Business Day prior to the proposed Advance Date, which proposed Advance Date may be, but is not required to be, a Monthly Date.
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(g)        Section 2.9 of the A&R Participation Agreement is hereby amended so that, with respect to the final Advance Request only, the Administrative Agent may provide notice of the applicable LIBOR Rate to the Lessee, the Lessor and each other Participant no later than 11:00 a.m., New York time, one (1) Business Day prior to the effectiveness of such LIBOR Rate with respect to the final Advance Request.
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(h)        Section 2.14(a) of the A&R Participation Agreement is hereby amended by deleting that clause entirely and replacing it with the following:
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(a)        the Overall Transaction constitutes a financing lease for purposes of the Lessee’s financial reporting under GAAP provisions relating to leases including
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without limitation the Accounting Standards Codification (“ASC”) 842 (including 842-10 and 842-40-55).
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3.         Amendments to the A&R Lease. The parties hereto hereby agree that the A&R Lease shall be modified as set forth below:
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(a)        The first sentence of Section 11.1(a) of the A&R Lease is hereby deleted in its entirety and the following is inserted in its place:
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The Lessee will maintain comprehensive general liability insurance, including coverages for contractual liability, against third-party bodily injury, including death, and third-party property damage, written on an occurrence basis, including against Lessor, in an amount at least equal to $30,000,000 per occurrence and $30,000,000 in the aggregate during the Lease Term (which coverage may be met in combination with Primary Commercial General Liability coverage and Umbrella Liability excess coverage).
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(b)        Section 11.1(b) of the A&R Lease is hereby amended solely to require that coverage for the perils of earth movement (including but not limited to earthquake and landslide) shall be in an amount not less than the replacement cost of the Facility (including any costs that may be required to cause the Facility to be reconstructed to comply with then current Applicable Laws and Regulations).
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(c)        The last sentence of Section 11.1(c) of the A&R Lease is hereby deleted in its entirety and the following is inserted in its place:
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The automobile liability insurance shall have no self-insurance amounts and shall have deductibles not in excess of $100,000.
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(d)        Section 23.18 of the A&R Lease is hereby deleted in its entirety and the following is inserted in its place:
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It is the intention of the parties that the Overall Transaction constitutes a financing lease for purposes of the Lessee’s financial reporting under GAAP provisions relating to leases and variable interest entities including without limitation the Accounting Standards Codification (“ASC”) 842 (including 842-10 and 842-40-
55).
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4.         Waivers. Lessee hereby acknowledges that, in connection with each Advance, it delivered an Advance Certificate which stated, among other things, that all conditions precedent to such Advance had been satisfied, but in each case, Lessee failed to satisfy the requirements of Section 3.1(h) of the Participation Agreement in connection with any Advance. Each such false certification constitutes an Event of Default under clause (e) of the definition thereof (collectively, the “Advance Certificate Defaults”), and hereby requests that the Participants, Collateral Agent and Administrative Agent waive such Advance Certificate Defaults. Collateral
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Agent, Administrative Agent and each Participant hereby waives the Advance Certificate Defaults in connection with any Advance that has occurred prior to the date hereof; provided, that Lessee shall provide a true, complete and correct Advance Certificate, including compliance with the requirements of Section 3.1(h) of the Participation Agreement, in connection with the final Advance. This waiver will not operate as a waiver of any other default, Material Default or Event of Default that occurs as a result of Lessee’s actions or as any future waiver of the Participants’, Collateral’s Agent or Administrative Agent’s rights and remedies in that regard or be interpreted or construed as creating any course of conduct as between Lessee, on the one hand, and the Participants, Collateral Agent and Administrative Agent, on the other hand. Further, this letter is not intended to act as a justification for any expectation of Lessee with respect to the Participation Agreement should any default, Material Default or Event of Default arise in the future and does not preclude any Participant’s exercise of its available rights and remedies under the Operative Documents in the future with respect to any such default, Material Default or Event of Default. This Amendment shall not be construed to be a waiver of any existing or future defaults, Material Defaults or Events of Default under the Participation Agreement or the other Operative Documents other than the Advance Certificate Defaults and, other than as specified herein, shall not be construed to be a modification of any provision, term or condition of the Participation Agreement or any other Operative Document, and the Participants, Collateral Agent and Administrative Agent hereby reserve all of their rights and remedies.
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5.         Representations  and  Warranties.     Lessee hereby represents and warrants to Lessor, Administrative Agent, Collateral Agent and the Rent Assignees that as of the date hereof:
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(a)        Lessee is duly incorporated and is validly existing and in good standing under the laws of the State of Delaware, has the power and authority to own its properties and to carry on its business as now being and hereafter proposed to be conducted and is duly qualified and authorized to do business in the State of California and each other jurisdiction in which the character of its properties or the nature of its business requires such qualification and authorization, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.
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(b)        Lessee has the right, power and authority and has taken all necessary corporate and other action to authorize the execution, delivery and performance of this Amendment and the related Operative Documents to which it is a party. This Amendment has been duly executed and delivered by a Responsible Officer of Lessee, and this Amendment and the related Operative Documents to which it is a party constitute the legal, valid and binding obligations of Lessee, each enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies.
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(c)        The execution, delivery and performance by Lessee of this Amendment and the transactions contemplated hereby and under the related Operative Documents to
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which it is a party do not and will not, by the passage of time, the giving of notice or otherwise, (i) violate any Applicable Laws and Regulations relating to Lessee, (ii) conflict with, result in a breach of or constitute a default under the charter or bylaws of Lessee, or any material agreement, judgment, injunction, order, decree or other material instrument binding upon Lessee, or any Governmental Action relating to Lessee, except, in any case, as could not reasonably be expected to have a Material Adverse Effect, or (iii) result in or require the creation or imposition of any Lien upon or with respect to the Leased Property or the Site (except as contemplated by the Operative Documents) or any material Lien upon or with respect to any other property now owned or hereafter acquired by Lessee.
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(d)        All representations and warranties of Lessee contained in the Operative Documents to which it is a party are true and correct in all material respects on and as of the date hereof (except with respect to representations and warranties expressly made only as of an earlier date, which representations were true and correct in all material respects as of such earlier date).
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6.         Representations and Warranties of Lessor. Lessor represents and warrants to each of the other parties hereto that, as of the date hereof:
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(a)        Lessor is duly incorporated and validly existing under the laws of the jurisdiction of its incorporation and has full power and authority to own its properties, to enter into and perform its obligations as Lessor under this Amendment and the related Operative Documents, and to carry on its business as now being and hereafter proposed to be conducted.
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(b)        This Amendment and each related Operative Document have been or will be duly authorized, executed and delivered by or on behalf of Lessor (in its individual capacity) and are, or upon execution and delivery will be, legal, valid and binding obligations of Lessor, enforceable against it in accordance with their respective terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting creditors’ rights generally and by general equitable principles.
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(c)        The execution and delivery by Lessor of this Amendment are not and will not be, and the performance by Lessor of its obligations under this Amendment and the related Operative Documents (i) are not and will not be, inconsistent with the organizational documents of Lessor; (ii) do not and will not contravene any Applicable Laws and Regulations applicable to Lessor and (iii) do not and will not conflict with result in a breach of, or a default under, the charter documents or resolutions of Lessor or any indenture or other material agreement or instrument to which Lessor is party, or any Governmental Action relating to Lessor, except in any case, as could not reasonably be expected to have a material adverse effect on the ability of Lessor to perform its obligations pursuant to the Operative Documents.
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(d)        all representations and warranties of Lessor contained in the Operative Documents (as amended hereby) are true and correct in all material respects on and as of the date hereof (except with respect to representations and warranties expressly made only as of an earlier date, which representations were true and correct in all material respects as of such earlier date).
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7.         Conditions Precedent. This Amendment shall become effective as of the first date (the “Effective Date”) on which each of the following conditions shall have been satisfied:
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(a)        each representation and warranty of Lessee and Lessor contained herein shall be true and correct in all material respects on and as of the Amendment Closing Date;
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(b)        since September 30, 2020, there has been no Material Adverse Effect with respect to the Site or in the financial position or operations of Lessee, except as otherwise disclosed to the Participants and Administrative Agent;
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(c)        the requirements of Section 3.4 of the Participation Agreement shall have been satisfied;
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(d)        each of Administrative Agent, Lessee and Collateral Agent shall have received counterparts of the Escrow Agreement, duly executed and delivered by each of the parties thereto; and
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(e)        each of the Participants, Lessee, Collateral Agent and Administrative Agent shall have received (except as otherwise set forth below) counterparts of this Amendment, duly executed and delivered by each of the parties hereto.
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8.         Effect of Amendment. Except as expressly set forth herein, this Amendment shall not by implication or otherwise limit, impair, constitute a waiver of, or otherwise affect the rights and remedies of the Rent Assignees, Lessor, Collateral Agent or Administrative Agent under the Participation Agreement or any other Operative Document, and shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Lease or the Participation Agreement or any other Operative Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. Nothing herein shall be deemed to entitle Lessee to a consent to, or a waiver, amendment, modification or other change of, any of the terms, conditions, obligations, covenants or agreements contained in the Lease or the Participation Agreement or any other Operative Document in similar or different circumstances. This Amendment shall apply and be effective only with respect to the provisions of the A&R Participation Agreement, the A&R Lease and each other Operative Document specifically referred to herein. On and after the Effective Date, any reference to the Lease or the Participation Agreement contained in the Operative Documents shall mean the Lease or the Participation Agreement, respectively, as modified hereby. If there is a conflict between the provisions of any of the A&R Lease or the A&R Participation Agreement and this Amendment, the provisions of this Amendment will control.
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9.         Expenses. Lessee agrees to reimburse Lessor, Administrative Agent, Collateral Agent and the Rent Assignees for their reasonable, properly documented, out-of-pocket expenses in connection with this Amendment, including the reasonable fees, charges and disbursements of counsel.
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10.       Governing Law. This Amendment and the rights and obligations of the parties hereto shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.
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11.       Headings. The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.
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12.       Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original instrument, but all of which together shall constitute but one and the same instrument. The words “executed,” “signed,” “signature,” and words of like import in this Amendment or in any other certificate, agreement or document related to this transaction shall include, in addition to manually executed signatures, images of manually executed signatures transmitted by electronic format (including, without limitation, “pdf”) and other electronic signatures (including, without limitation, any electronic sound, symbol, or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record). The use of electronic signatures and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code.
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[signature pages follow]
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first written above.
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	CUBIC CORPORATION, as

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	Lessee and Construction Agent

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	By:
	/s/ Anshooman Aga

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	Name: Anshooman Aga

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	Title:   Executive Vice President and Chief Financial Officer

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	By:
	/s/ Rhys V. Williams

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	Name: Rhys V. Williams

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	Title:   Vice President and Treasurer

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[Signature Page to Omnibus Amendment]

Acknowledged and Agreed as of the date first above written: 
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	BANKERS COMMERCIAL CORPORATION,

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	as Lessor

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	By:
	/s/ Robert J. Hoegter

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	Name: Robert J. Hoegter

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	Title:   Vice President 

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[Signature Page to Omnibus Amendment]

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	MUFG UNION BANK, N.A.,

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	as Collateral Agent

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	By:
	/s/ Keith Sevigny

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	Name: Keith Sevigny

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	Title:   Vice President 

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[Signature Page to Omnibus Amendment]

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	MUFG BANK, LTD.,

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	as Administrative Agent

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	By:
	/s/ Lawrence Blat

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	Name: Lawrence Blat

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	Title:   Authorized Signatory

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[Signature Page to Omnibus Amendment]

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	BA LEASING BSC, LLC

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	as a Rent Assignee

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	By: 
	/s/ John P. White, Sr.

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	Name: John P. White, Sr.

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	Title:   Vice President

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[Signature Page to Omnibus Amendment]nxst-ex107_131.htm

EXHIBIT 10.7

EXECUTIVE EMPLOYMENT AGREEMENT

THIS EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is made as of September 5, 2019 by and between Dana Zimmer (“Executive”), and Nexstar Media Group, Inc., a Delaware corporation (the “Company”).

The Company desires to retain the services of Executive as Executive Vice President & Chief Distribution and Strategy Officer, and Executive desires to be employed by the Company in such capacity on the terms and conditions set forth in this Agreement.

In consideration of the mutual promises set forth herein and the mutual benefits to be derived from this Agreement, the parties hereto, intending to be legally bound, hereby agree as follows:

1.Positions and Duties.  Subject to the terms and conditions of this Agreement, during the term of this Agreement, which will commence on the date of the closing of the merger agreement between the Company and Tribune Media Company (the “Closing Date”), the Company will employ Executive and Executive will serve as Executive Vice President & Chief Distribution and Strategy Officer, reporting directly and solely to the Company’s chief executive officer (the “CEO”).  In such position, Executive will perform such duties of a managerial nature as are assigned to her from time to time by the CEO and/or the Company’s board of directors (the “Board”).  Executive will devote her best efforts to her employment with the Company and will devote substantially all of her business time and attention to the performance of her duties under this Agreement; provided that the foregoing will not preclude Executive from devoting reasonable time to the supervision of her personal investments, civic and charitable affairs, so long as such activities do not materially interfere with the performance of Executive’s duties hereunder.  This position will be based at the Company’s corporate offices in Philadelphia, Pennsylvania.

2.Term of Employment.  Unless terminated earlier as provided in Paragraph 3, the Company’s employment of Executive under this Agreement will continue for four (4) years from the Closing Date, 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 the fourth anniversary of the Closing Date) 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.

3.Termination.  The Company’s employment of Executive under this Agreement will terminate prior to the end of the term specified in Paragraph 2 only under the following circumstances:

(a)Death.  Executive’s death, in which case Executive’s employment will terminate on the date of death;

(b)Disability.  If Executive’s illness, physical or mental disability or other incapacity results in Executive’s inability to perform, with or without reasonable accommodation (as defined under the Americans with Disabilities Act), Executive’s duties under this Agreement for any period of six (6) consecutive months, and within thirty (30) days after written notice of 

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termination is given by the Company to Executive (which may occur before or after the end of such six-month period), Executive does not return to the performance of Executive’s duties hereunder on a full-time basis, then the Company may terminate Executive’s employment hereunder effective on or after the later of (i) the expiration of such six (6) month period or (ii) the thirty-first (31st) day after written notice of termination is given by the Company;

(c)Consolidation, Merger or Comparable Transaction.  In the event that the Company consolidates with or merges with and into any other person, effects a share exchange, enters into a comparable capital transaction or has any or all of its equity securities sold to one or more third parties, in each case such that a person becomes the beneficial owner of a majority of the voting power represented by the securities of the Company (treating any such person and the affiliates of such person as being one and the same person), or if the Company sells all or substantially all of its consolidated assets, then Executive’s employment may, by written notice of termination, be terminated by the Company or Executive simultaneously with the consummation of such consolidation, merger, share exchange, asset sale, stock sale or comparable transaction;

(d)Termination by the Company for Cause.  The Company may terminate Executive’s employment at any time for Cause (as defined herein), such termination to be effective as of the date stated in a written notice of termination delivered by the CEO to Executive.  Any termination pursuant to this Paragraph 3(d) will not also be deemed to be a termination pursuant to Paragraph 3(e).  For the purposes of this Agreement, “Cause” is defined to mean any of the following activities by Executive:  (i) the conviction of Executive for a felony or a crime involving moral turpitude or the commission of any act involving dishonesty, disloyalty or fraud with respect to the Company or any of its subsidiaries or affiliates; (ii) substantial repeated failure to perform duties which are reasonably directed by the CEO or the Board and which are consistent with the terms of this Agreement and the position specified in Paragraph 1; (iii) gross negligence or willful misconduct with respect to the Company or any of its subsidiaries or affiliates, in each instance which has caused or is reasonably likely to cause material harm to the Company; or (iv) any other material breach by Executive of a material provision of this Agreement, which is not cured within thirty (30) days after written notice thereof to Executive;

(e)Termination by the Company Other Than for Cause.  The Company may terminate Executive’s employment for any reason or for no reason upon thirty (30) days prior written notice to Executive, subject to payment of the termination payments specified in Paragraph 6.  Such termination will be effective as of the date stated in a written notice of termination delivered by the CEO to Executive;

(f)Termination by Executive With Good Reason.  Executive may terminate her employment hereunder at any time for Good Reason (as defined herein), such termination to be effective as of the date stated in a written notice of termination delivered by Executive to the Company (or such earlier date after the delivery of such notice as the Company may elect).  For purposes of this Agreement, “Good Reason” will mean (i) a material reduction in the duties or position of Executive, or (ii) a material breach by the Company of a material provision of this Agreement which adversely affects Executive and which has not been cured by the breaching entity within thirty (30) days after Executive gives written notice of noncompliance to the Company; or,

			
	
 
	
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(g)Termination by Executive Without Good Reason.  Executive may terminate her employment hereunder for any reason or for no reason upon thirty (30) days prior written notice to the Company.  Such termination will be effective as of the date stated in a written notice of termination delivered by Executive to the Company (or such earlier date after the delivery of such notice as the Company may elect.

In no event will the termination of Executive’s employment affect the rights and obligations of the parties set forth in this Agreement, except as expressly set forth herein.  Any termination of Executive’s employment pursuant to this Paragraph 3 will be deemed to include a resignation by Executive of all positions with the Company and its subsidiaries and affiliates.

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:

		
	
Period
	
Base Salary

	
Year One
	
$700,000.00

	
Year Two
	
$725,000.00

	
Year Three
	
$750,000.00

	
Year Four and thereafter
	
$775,000.00

	
 
	
 

(b)Bonus.  After the end of each Company fiscal year during the term of this Agreement, Executive will be eligible to receive an annual bonus (the “Bonus”), in an amount, if any, up to one hundred percent (100%) 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 (the “Compensation Committee”), may determine is appropriate), 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, with the approval of the Compensation Committee, based on, among other things, whether the Company achieved the budgeted revenue and profit goals for such fiscal year.

(c)Payment.  Executive’s Base Salary will be paid ratably during each 12-month period under this Agreement on a basis consistent with other Company executives.  The Bonus provided in Paragraph 4(b), if granted by the CEO with the approval of the Compensation Committee, will be paid in a single payment within thirty (30) days after the independent certified public accountants regularly employed by the Company have made available to the Company the Company’s audited financial statements for the appropriate fiscal year.  All payments under this Agreement will be subject to withholding or deduction by reason of the Federal Insurance Contribution Act, as amended, federal income tax, state income tax and all other applicable laws and regulations.

5.Fringe Benefits.

(a)During the term of this Agreement, Executive will be entitled to receive, at the Company’s expense, other insurance coverage and paid leave as described in the Company’s 

			
	
 
	
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employee guidebook.  Executive’s date of hire for purposes of benefits eligibility, including paid leave, will be her service date as recognized by Tribune Media Company.

(b)During the term of this Agreement, the Company will reimburse Executive for all approved business expenses which Executive incurs on the Company’s behalf, upon presentation of appropriate documentation.

(c)During the term of this Agreement, Executive will receive $750.00 per month for automobile allowance and $100.00 per month for a cell phone stipend.

6.Termination Payments.  Executive (or Executive’s estate if this Agreement is terminated pursuant to Paragraph 6(a)) will be entitled to receive the following payments upon termination of Executive’s employment hereunder:

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

		
	
Paragraph 3(a)
	
[Death]

	
Paragraph 3(b)
	
[Disability]

	
Paragraph 3(d)
	
[By the Company for Cause]

	
Paragraph 3(g)
	
[By Executive Without Good Reason]

the Company will pay to Executive (or Executive’s estate, as the case may be) as soon as practicable following such termination all accrued and unpaid Base Salary as of the date of termination as provided in Paragraph 4 and an amount (calculated at the rate of the Base Salary in effect on such date) in respect of all accrued but unutilized vacation time as of such date.

(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)
	
[By Executive With 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.

7.Covenant Not to Compete and Non-Disclosure.

(a)During the term of Executive’s employment pursuant to this Agreement and for a period of one (1) year thereafter, Executive covenants and agrees that Executive will not within any DMA (as determined from time to time by the A.C. Nielsen Company or its successor) in 

			
	
 
	
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which the Company operates a television broadcast facility on the date that Executive’s employment by the Company terminates (or in which the Company has agreed to acquire, or the Board has approved pursuing (and the Company has not abandoned) the acquisition of, a television broadcast facility on or prior to such date) whether directly or indirectly, with or without compensation, (x) enter into or engage in the business of television broadcasting, (y) be employed by, act as a consultant to, act as a director of or own beneficially five percent (5%) or more of any class of equity or debt securities of any corporation or other commercial enterprise in the business of television broadcasting, or (z) solicit or do any business with respect to television broadcasting with any then-existing customers of the Company.  During the one (1) year after Executive’s employment with the Company terminates, neither Executive nor any of Executive’s affiliates will hire, solicit, employ or contract with respect to employment any officer or employee of the Company.  For purposes of this Paragraph 7, the term “Company” will include the Company and each of its subsidiaries or other affiliates, and each such entity is an express third-party beneficiary of this Agreement.

(b)Executive agrees to disclose promptly to the Company and does assign and agree to assign to the Company, free from any obligation to Executive, all Executive’s right, title and interest in and to any and all ideas, concepts, processes, improvements and inventions made, conceived, written, acquired, disclosed or developed by Executive, solely or in concert with others, during the term of Executive’s employment by the Company, which relate to the business, activities or facilities of the Company, or resulting from or suggested by any work Executive may do for the Company or at its request.  Executive further agrees to deliver to the Company any and all drawings, notes, photographs, copies, outlines, specifications, memoranda and data relating to such ideas, concepts, processes, improvements and inventions, to cooperate fully during Executive’s employment and thereafter in the securing of copyright, trademark or patent protection or other similar rights in the United States and foreign countries, and to give evidence and testimony and to execute and deliver to the Company all documents requested by it in connection therewith.

(c)Except as expressly set forth below, Executive agrees, whether during Executive’s employment pursuant to this Agreement or thereafter, except as authorized or directed by the Company in writing or pursuant to the normal exercise of Executive’s responsibilities hereunder, not to disclose to others, use for Executive’s or any other Person’s (as defined herein) benefit, copy or make notes of any confidential information or trade secrets or any other information of or relating to the business, activities or facilities of the Company which may come to Executive’s knowledge prior to or during Executive’s employment pursuant to this Agreement or thereafter.  Executive will not be bound to this obligation of confidentiality and nondisclosure if:

(i)the information in question has become part of the public domain by publication or otherwise through no fault of Executive;

(ii)the information in question is disclosed to the recipient by a third party and Executive reasonably believes such third party is in lawful possession of the information and has the lawful right to make disclosure thereof; or

(iii)Executive is required to disclose the information in question pursuant to applicable law or by a court of competent jurisdiction.

			
	
 
	
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(d)Upon termination of employment pursuant to this Agreement, Executive will deliver to the Company all records, notes, data, memoranda, photographs, models and equipment of any nature which are in Executive’s possession or control and which are the property of the Company.

(e)The parties understand and agree that the remedies at law for breach of the covenants in this Paragraph 7 would be inadequate and that the Company will be entitled to injunctive or such other equitable relief as a court may deem appropriate for any breach of these covenants.  If any of these covenants will at any time be adjudged invalid to any extent by any court of competent jurisdiction, such covenant will be deemed modified to the extent necessary to render it enforceable.

8.Entire Agreement.  This instrument 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.

9.No Assignment.  This Agreement will not be assigned by Executive without the prior written consent of the Company and any attempted assignment without such prior written consent will be null and void and without legal effect; provided that in the case of Executive’s death or disability this Agreement may be enforced by Executive’s executors, personal representatives or guardians, to the extent applicable.  This Agreement will not be assigned by the Company without the prior written consent of Executive except to any other person or entity which may acquire or conduct the business of the Company and/or their respective subsidiaries.

10.Notices.  All notices, requests, demands and other communications hereunder will be deemed to have been duly given when (i) delivered by hand or if mailed, by certified or registered mail, with postage prepaid; (ii) hand delivered; or (iii) sent overnight mail or overnight courier:

(a)If to Executive, then to her address on file with the Company’s Payroll Department, or as Executive may otherwise specify by prior written notice to the Company; and

(b)If to the Company, then to Nexstar Broadcasting, Inc., 545 E. John Carpenter Freeway, Suite 700, Irving, TX 75062, Attention: Perry A. Sook or as the Company may otherwise specify by prior written notice to Executive.

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

12.Counterparts.  This Agreement 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.

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

14.Severability.  The parties agree that if any provision of this Agreement will under any circumstances be deemed invalid or inoperative, the Agreement will be construed with the 

			
	
 
	
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invalid or inoperative provision deleted, and the rights and obligations of the parties will be construed and enforced accordingly.

15.Governing Law.  This Agreement will be 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 provision or rule that would cause the laws of any jurisdiction other than the State of Delaware to be applied.

16.Legal Fees.  In the event of any litigated dispute between or among any of the parties to this Agreement, the reasonable legal fees and expenses of the party successful in such dispute (whether by way of a decision by a court or other tribunal) will be paid promptly by the unsuccessful party upon presentation by the successful party of an invoice therefor.

17.Representations.  Executive represents and warrants to the Company that Executive is not a party to or bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or entity.

18.Strict Construction.  The parties to this Agreement have participated jointly in the negotiation and drafting of this Agreement.  In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties, and no presumption or burden of proof will arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

19.Binding Arbitration.

(a)Generally.  The arbitration procedures described in this Paragraph 19 will be the sole and exclusive method of resolving and remedying any claim under this Agreement (each such claim, a “Dispute”); provided that nothing in this Paragraph 19 will prohibit a Person from instituting litigation to enforce any Final Arbitration Award (as defined herein).  Except as otherwise provided in the Commercial Arbitration Rules of the American Arbitration Association as in effect from time to time (the “AAA Rules”), the arbitration procedures described in this Paragraph 19 and any Final Arbitration Award (as defined herein) will be governed by, and will be enforceable pursuant to, the Uniform Arbitration Act as in effect in the State of Texas from time to time.  “Person” for the purposes of this Agreement means an individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or any governmental entity.

(b)Notice of Arbitration.  If a Person asserts that there exists a Dispute, then such Person (the “Disputing Person”) will give each other Person involved in such Dispute a written notice setting forth the nature of the asserted Dispute.  If all such Persons do not resolve any such asserted Dispute prior to the 10th business day after such notice is given, then any of them may commence arbitration pursuant to this Paragraph 19 by giving each other Person involved in such Dispute a written notice to that effect (an “Arbitration Notice”), setting forth any matters which are required to be set forth therein in accordance with the AAA Rules.

(c)Selection of Arbitrator.  The Persons involved in any Dispute will attempt to select a single arbitrator by mutual agreement.  If no such arbitrator is selected prior to the 10th business day after the related Arbitration Notice is given, then an arbitrator which is experienced in 

			
	
 
	
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matters of the type which are the subject matter of the Dispute will be selected in accordance with the AAA Rules.

(d)Conduct of Arbitration.  The arbitration will be conducted in the Dallas, Texas, metropolitan area under the AAA Rules, as modified by any written agreement among the Persons involved in the Dispute in question.  The arbitrator will conduct the arbitration in a manner so that the final result, determination, finding, judgment or award determined by the arbitrator (the “Final Arbitration Award”) is made or rendered as soon as practicable, and the Persons involved will use reasonable efforts to cause a Final Arbitration Award to occur within ninety (90) days after the arbitrator is selected.  Any Final Arbitration Award will be final and binding upon all Persons and there will be no appeal from or reexamination of any Final Arbitration Award, except in the case of fraud, perjury or evident partiality or misconduct by the arbitrator prejudicing the rights of such Persons or to correct manifest clerical errors.

(e)Enforcement.  A Final Arbitration Award may be enforced in any state or federal court having jurisdiction over the subject matter of the related Dispute.

(f)Expenses.  Each prevailing Person in any arbitration proceeding described in this Paragraph 19 will be entitled to recover from any non-prevailing Person(s) its reasonable attorneys’ fees and disbursements  and other out-of-pocket costs in addition to any damages or other remedies awarded to such prevailing Person, and the non-prevailing Person(s) also will be required to pay all other costs and expenses associated with the arbitration; provided that (i) if an arbitrator is unable to determine that one or more Persons are prevailing Person(s) in any such arbitration proceeding, then such costs and expenses will be equitably allocated by such arbitrator upon the basis of the outcome of such arbitration proceeding, and (ii) if such arbitrator is unable to allocate such costs and expenses in such a manner, then the costs and expenses of such arbitration will be paid one-half by the Company, on the one hand, and one-half by Executive, on the other hand, and each Person involved in such arbitration will pay the out-of-pocket expenses incurred by it.  As part of any Final Arbitration Award, the arbitrator may designate the prevailing Person(s) for purposes of this Paragraph 19.

20.Termination of Previous Agreements.  This Agreement replaces and terminates any previous agreements (including, without limitation, any supplements, addendums or amendments thereto) entered into between the Executive and the Company and/or any of its affiliates and predecessors.

[The remainder of this page is left blank intentionally.  Signature page follows.]

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

 

 

 

 

/s/ Danna Zimmer ______________________________________________________
Dana Zimmer, Executive

 

 

 

ACCEPTED AND AGREED:

NEXSTAR MEDIA GROUP, INC.

/s/ Perry A. Sook

_______________________________________________________
Perry A. Sook
Chairman/CEO/President

Nexstar Media Group, Inc.

 

 

 

 

			
	
 
	
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