Document:

EX-10.3

 Exhibit 10.3 

EMPLOYEE MATTERS AGREEMENT 
 BY
AND BETWEEN 
 TEGNA INC. 
 AND

 CARS.COM INC. 
 DATED AS OF
MAY 31, 2017 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.01.
	  	Definitions	  	 	1	 
	 Section 1.02.
	  	Interpretation	  	 	10	 
		
	 ARTICLE II GENERAL PRINCIPLES FOR ALLOCATION OF LIABILITIES
	  	 	10	 
			
	 Section 2.01.
	  	General Principles	  	 	10	 
	 Section 2.02.
	  	Service Credit	  	 	12	 
	 Section 2.03.
	  	Adoption and Transfer and Assumption of Benefit Plans	  	 	12	 
		
	 ARTICLE III ASSIGNMENT OF EMPLOYEES
	  	 	13	 
			
	 Section 3.01.
	  	Active Employees	  	 	13	 
	 Section 3.02.
	  	No-Hire and Non-Solicitation	  	 	14	 
		
	 ARTICLE IV EQUITY, INCENTIVE AND EXECUTIVE COMPENSATION
	  	 	15	 
			
	 Section 4.01.
	  	Generally	  	 	15	 
	 Section 4.02.
	  	Equity Incentive Awards	  	 	15	 
	 Section 4.03.
	  	Employee Stock Purchase Plan	  	 	21	 
	 Section 4.04.
	  	Non-Equity Incentive Plans	  	 	21	 
	 Section 4.05.
	  	Director Compensation	  	 	21	 
		
	 ARTICLE V 401(K) RETIREMENT PLANS
	  	 	21	 
			
	 Section 5.01.
	  	SpinCo 401(k) Plans	  	 	21	 
	 Section 5.02.
	  	SpinCo Share Fund in Parent 401(k) Plan	  	 	21	 
	 Section 5.03.
	  	Plan Fiduciaries	  	 	21	 
		
	 ARTICLE VI NONQUALIFIED DEFERRED COMPENSATION PLAN
	  	 	22	 
		
	 ARTICLE VII WELFARE BENEFIT PLANS
	  	 	22	 
			
	 Section 7.01.
	  	Welfare Plans	  	 	22	 
	 Section 7.02.
	  	COBRA and HIPAA	  	 	23	 
	 Section 7.03.
	  	Vacation, Holidays and Leaves of Absence	  	 	23	 
	 Section 7.04.
	  	Severance and Unemployment Compensation	  	 	23	 
	 Section 7.05.
	  	Workers’ Compensation	  	 	24	 
	 Section 7.06.
	  	Insurance Contracts	  	 	24	 
	 Section 7.07.
	  	Third-Party Vendors	  	 	24	 
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	24	 
			
	 Section 8.01.
	  	Information Sharing and Access	  	 	24	 
	 Section 8.02.
	  	Preservation of Rights to Amend	  	 	25	 

  
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	 Section 8.03.
	  	Fiduciary Matters	  	 	25	 
	 Section 8.04.
	  	Further Assurances	  	 	26	 
	 Section 8.05.
	  	Counterparts; Entire Agreement; Corporate Power	  	 	26	 
	 Section 8.06.
	  	Governing Law	  	 	27	 
	 Section 8.07.
	  	Assignability	  	 	27	 
	 Section 8.08.
	  	Third-Party Beneficiaries	  	 	27	 
	 Section 8.09.
	  	Notices	  	 	27	 
	 Section 8.10.
	  	Severability	  	 	29	 
	 Section 8.11.
	  	Force Majeure	  	 	29	 
	 Section 8.12.
	  	Headings	  	 	30	 
	 Section 8.13.
	  	Survival of Covenants	  	 	30	 
	 Section 8.14.
	  	Waivers of Default	  	 	30	 
	 Section 8.15.
	  	Dispute Resolution	  	 	30	 
	 Section 8.16.
	  	Specific Performance	  	 	30	 
	 Section 8.17.
	  	Amendments	  	 	30	 
	 Section 8.18.
	  	Interpretation	  	 	30	 
	 Section 8.19.
	  	Limitations of Liability	  	 	31	 
	 Section 8.20.
	  	Mutual Drafting	  	 	31	 

  
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 EMPLOYEE MATTERS AGREEMENT 

This EMPLOYEE MATTERS AGREEMENT, dated as of May 31, 2017 (this “Agreement”), is by and between TEGNA Inc., a Delaware
corporation (“Parent”), and Cars.com Inc., a Delaware corporation (“SpinCo”). 
 R E C I T A L S: 

WHEREAS, the board of directors of Parent (the “Parent Board”) has determined that it is in the best interests of Parent and
its stockholders to create a new publicly traded company that shall operate the SpinCo Business; 
 WHEREAS, in furtherance of the
foregoing, the Parent Board has determined that it is appropriate and desirable to separate the SpinCo Business from the Parent Business (the “Separation”) and, following the Separation, make a distribution, on a pro rata basis, to
holders of Parent Shares on the Record Date of all of the outstanding SpinCo Shares owned by Parent (the “Distribution”); 

WHEREAS, in order to effectuate the Separation and Distribution, Parent and SpinCo have entered into a Separation and Distribution Agreement,
dated as of May 31, 2017 (the “Separation and Distribution Agreement”); 
 WHEREAS, in addition to the matters
addressed by the Separation and Distribution Agreement, the Parties desire to enter into this Agreement to set forth the terms and conditions of certain employment, compensation and benefit matters; and 

WHEREAS, the Parties acknowledge that this Agreement, the Separation and Distribution Agreement and the Ancillary Agreements represent the
integrated agreement of Parent and SpinCo relating to the Separation and Distribution, are being entered into together and would not have been entered into independently. 

NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 
 DEFINITIONS 

Section 1.01. Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below. 

“Action” shall mean any demand, action, claim, dispute, suit, countersuit, arbitration, inquiry, subpoena, proceeding or
investigation of any nature (whether criminal, civil, legislative, administrative, regulatory, prosecutorial or otherwise) by or before any federal, state, local, foreign or international Governmental Authority or any arbitration or mediation
tribunal. 
  

 “Adjusted SpinCo Stock Value” shall mean the product obtained by multiplying
(a) the SpinCo Stock Value by (b) the Distribution Ratio. 
 “Affiliate” shall mean, when used with respect to a
specified Person, a Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such specified Person. For the purpose of this definition, “control” (including
with correlative meanings, “controlled by” and “under common control with”), when used with respect to any specified Person, shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through the ownership of voting securities or other interests, by contract, agreement, obligation, indenture, instrument, lease, promise, arrangement, release, warranty, commitment,
undertaking or otherwise. It is expressly agreed that, prior to, at and after the Effective Time, for purposes of this Agreement (a) no member of the SpinCo Group shall be deemed to be an Affiliate of any member of the Parent Group and
(b) no member of the Parent Group shall be deemed to be an Affiliate of any member of the SpinCo Group. 
 “Agreement”
shall have the meaning set forth in the Preamble to this Agreement and shall include all amendments, modifications, and changes hereto entered into pursuant to Section 8.17. 

“Ancillary Agreements” shall mean all agreements (other than the Separation and Distribution Agreement) entered into by the
Parties or the members of their respective Groups (but as to which no Third Party is a party) in connection with the Separation, the Distribution, or the other transactions contemplated by the Separation and Distribution Agreement, including the
Transition Services Agreement, the Tax Matters Agreement, this Agreement and the Transfer Documents. 
 “Applicable
Exchange” shall mean the securities exchange as may at the applicable time be the principal market for Parent Shares or SpinCo Shares, as applicable. 

“Assets” shall mean, with respect to any Person, the assets, properties, claims and rights (including goodwill) of such
Person, wherever located (including in the possession of vendors or other third Persons or elsewhere), of every kind, character and description, whether real, personal or mixed, tangible, intangible or contingent, in each case whether or not
recorded or reflected or required to be recorded or reflected on the books and records or financial statements of such Person, including rights and benefits pursuant to any contract, license, permit, indenture, note, bond, mortgage, agreement,
concession, franchise, instrument, undertaking, commitment, understanding or other arrangement. 
 “Benefit Plan” shall
mean any contract, agreement, policy, practice, program, plan, trust, commitment or arrangement providing for benefits, perquisites or compensation of any nature from an employer to any Employee, or to any family member, dependent, or beneficiary of
any such Employee, including cash or deferred arrangement plans, profit sharing plans, post-employment programs, pension plans, thrift plans, supplemental pension plans, welfare plans, stock option, stock purchase, stock appreciation rights,
restricted stock, restricted stock units, performance stock units, other equity-based compensation and contracts, agreements, policies, practices, programs, plans, trusts, commitments and arrangements providing for terms of

  
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employment, fringe benefits, severance benefits, change in control protections or benefits, travel and accident, life, accidental death and dismemberment, disability and accident insurance,
tuition reimbursement, adoption assistance, travel reimbursement, vacation, sick, personal or bereavement days, leaves of absences and holidays; provided, however, that the term “Benefit Plan” does not include any
government-sponsored benefits, such as workers’ compensation, unemployment or any similar plans, programs, policies or agreements. 

“COBRA” shall mean the U.S. Consolidated Omnibus Budget Reconciliation Act of 1985, as codified at Section 601 et
seq. of ERISA and at Section 4980B of the Code. 
 “Code” shall mean the Internal Revenue Code of 1986, as
amended. 
 “Distribution” shall have the meaning set forth in the Recitals. 

“Distribution Date” shall mean the date of the consummation of the Distribution, which shall be determined by the Parent
Board in its sole and absolute discretion. 
 “Distribution Ratio” shall mean a number equal to one-third (1/3). 
 “Effective Time” shall mean 11:59 p.m., New York City time, on the
Distribution Date. 
 “Employee” shall mean any Parent Group Employee or SpinCo Group Employee. 

“ERISA” shall mean the U.S. Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated
thereunder. 
 “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended, together with the rules and
regulations promulgated thereunder. 
 “Force Majeure” shall mean, with respect to a Party, an event beyond the reasonable
control of such Party (or any Person acting on its behalf), which event (a) does not arise or result from the fault or negligence of such Party (or any Person acting on its behalf) and (b) by its nature would not reasonably have been
foreseen by such Party (or such Person), or, if it would reasonably have been foreseen, was unavoidable, and includes acts of God, acts of civil or military authority, embargoes, epidemics, war, riots, insurrections, fires, explosions, earthquakes,
floods, unusually severe weather conditions, labor problems or unavailability of parts, or, in the case of computer systems, any significant and prolonged failure in electrical or air conditioning equipment. Notwithstanding the foregoing, the
receipt by a Party of an unsolicited takeover offer or other acquisition proposal, even if unforeseen or unavoidable, and such Party’s response thereto shall not be deemed an event of Force Majeure. 

“Former Employees” shall mean Former Parent Group Employees and Former SpinCo Group Employees. 

“Former Parent Group Employee” shall mean any individual who is a former employee of the Parent Group as of the Effective
Time and who is not a Former SpinCo Group Employee. 

  
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 “Former SpinCo Group Employee” shall mean any individual who is a former
employee of Parent or any of its Subsidiaries or former Subsidiaries as of the Effective Time, in each case, whose most recent employment with Parent was with a member of the SpinCo Group or the SpinCo Business. 

“Gannett EMA” shall have the meaning set forth in Section 4.02(i)(ii). 

“Governmental Authority” shall mean any nation or government, any state, municipality or other political subdivision thereof,
and any entity, body, agency, commission, department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic, foreign or multinational, exercising executive, legislative, judicial, regulatory, administrative
or other similar functions of, or pertaining to, a government and any executive official thereof. 
 “Group” shall mean
either the SpinCo Group or the Parent Group, as the context requires. 
 “HIPAA” shall mean the U.S. Health Insurance
Portability and Accountability Act of 1996, as amended, and the regulations promulgated thereunder. 
 “IRS” shall mean the
U.S. Internal Revenue Service. 
 “Law” shall mean any national, supranational, federal, state, provincial, local or
similar law (including common law), statute, code, order, ordinance, rule, regulation, treaty (including any income Tax treaty), license, permit, authorization, approval, consent, decree, injunction, binding judicial or administrative interpretation
or other requirement, in each case, enacted, promulgated, issued or entered by a Governmental Authority. 
 “Liabilities”
shall mean all debts, guarantees, assurances, commitments, liabilities, responsibilities, Losses, remediation, deficiencies, damages, fines, penalties, settlements, sanctions, costs, expenses, interest and obligations of any nature or kind, whether
accrued or fixed, absolute or contingent, matured or unmatured, accrued or not accrued, asserted or unasserted, liquidated or unliquidated, foreseen or unforeseen, known or unknown, reserved or unreserved, or determined or determinable, including
those arising under any Law, claim (including any Third-Party Claim), demand, Action, or order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority or arbitration tribunal, and those
arising under any contract, agreement, obligation, indenture, instrument, lease, promise, arrangement, release, warranty, commitment or undertaking, or any fines, damages or equitable relief that is imposed, in each case, including all costs and
expenses relating thereto. 
 “Losses” shall mean actual losses (including any diminution in value), costs, damages,
penalties and expenses (including legal and accounting fees and expenses and costs of investigation and litigation), whether or not involving a Third-Party Claim. 

“Non-Solicit Date” shall have the meaning set forth in
Section 3.02. 
 “Parent” shall have the meaning set forth in the Preamble. 

  
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 “Parent 401(k) Plan” shall mean the TEGNA 401(k) Savings Plan. 

“Parent Assets” shall have the meaning set forth in Section 2.2(b) of the Separation and Distribution Agreement. 

“Parent Awards” shall mean Parent Option Awards, Parent Restricted Stock Awards, Parent RSU Awards (Pre-2016), Parent RSU Awards (2016), Parent RSU Awards (2017), Parent Performance Share Awards (Pre-2017) and Parent Performance Share Awards (2017), collectively. 

“Parent Benefit Plan” shall mean any Benefit Plan established, sponsored or maintained by Parent or any of its Subsidiaries
immediately prior to the Effective Time, but excluding any SpinCo Benefit Plan, including any plan transferred to and assumed by SpinCo pursuant to Section 2.03(b). 

“Parent Board” shall have the meaning set forth in the Recitals. 

“Parent Business” shall mean all businesses, operations and activities (whether or not such businesses, operations or
activities are or have been terminated, divested or discontinued) conducted at any time prior to the Effective Time by either Party or any member of its Group, other than the SpinCo Business. 

“Parent Change in Control” shall have the meaning set forth in Section 4.02(h)(i). 

“Parent Compensation Committee” shall mean the Executive Compensation Committee of the Parent Board. 

“Parent ESPP” shall mean the Parent Employee Stock Purchase Plan, as in effect from time to time. 

“Parent Group” shall mean Parent and each Person that is a Subsidiary of Parent (other than SpinCo and any other member of
the SpinCo Group). 
 “Parent Group Employees” shall have the meaning set forth in
Section 3.01(a)(ii). 
 “Parent Liabilities” shall have the meaning set forth in
Section 2.3(b) of the Separation and Distribution Agreement. 
 “Parent Non-Employee
Director” means an individual who serves or served as a non-employee director of the Parent Board. 

“Parent Omnibus Plan” shall mean the TEGNA Inc. 2001 Omnibus Incentive Compensation Plan, as amended and restated as of
May 4, 2010, as amended. 
 “Parent Option Award” shall mean an award of options to purchase Parent Shares granted
pursuant to a Parent Omnibus Plan that is outstanding as of immediately prior to the Effective Time. 

  
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 “Parent Performance Share Award
(Pre-2017)” shall mean a performance share award granted prior to 2017 pursuant to the Parent Omnibus Plan that is outstanding as of immediately prior to the Effective Time. 

“Parent Performance Share Award (2017)” shall mean a performance share award granted in 2017 pursuant to the Parent Omnibus
Plan that is outstanding as of immediately prior to the Effective Time. 
 “Parent Ratio” shall mean the quotient obtained
by dividing (a) the Pre-Separation Parent Stock Value by (b) the Post-Separation Parent Stock Value. 

“Parent Restricted Stock Award” shall mean an award of shares of restricted stock of Parent granted pursuant to the Parent
Omnibus Plan that is outstanding as of immediately prior to the Effective Time. 
 “Parent RSU Award
(Pre-2016)” shall mean an award of time-based restricted stock units granted prior to 2016 pursuant to a Parent Omnibus Plan that is outstanding as of immediately prior to the Effective Time. 

“Parent RSU Award (2016)” shall mean an award of time-based restricted stock units granted in 2016 pursuant to a Parent
Omnibus Plan that is outstanding as of immediately prior to the Effective Time. 
 “Parent RSU Award (2017)” shall mean an
award of time-based restricted stock units granted in 2017 pursuant to a Parent Omnibus Plan that is outstanding as of immediately prior to the Effective Time. 

“Parent Shares” shall mean the shares of common stock, par value $1.00 per share, of Parent. 

“Parent Welfare Plan” shall mean any Parent Benefit Plan which is a Welfare Plan. 

“Parties” shall mean the parties to this Agreement. 

“Person” shall mean an individual, a general or limited partnership, a corporation, a trust, a joint venture, an
unincorporated organization, a limited liability entity, any other entity or any Governmental Authority. 
 “Post-Separation Parent
Awards” shall mean Post-Separation Parent Option Awards, Post-Separation Parent Restricted Stock Awards, Post-Separation Parent RSU Awards (Pre-2016), Post-Separation Parent RSU Awards (2016),
Post-Separation Parent RSU Awards (2017), Post-Separation Parent Performance Share Awards (Pre-2017) and Post-Separation Parent Performance Share Awards (2017), collectively. 

“Post-Separation Parent Option Award” shall mean a Parent Option Award adjusted as of the Effective Time in accordance with
Section 4.02(a). 

  
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 “Post-Separation Parent Performance Share Award
(Pre-2017)” shall mean a Parent Performance Share Award (Pre-2017) adjusted as of the Effective Time in accordance with
Section 4.02(f). 
 “Post-Separation Parent Performance Share Award (2017)” shall mean a Parent
Performance Share Award (2017) adjusted as of the Effective Time in accordance with Section 4.02(g). 

“Post-Separation Parent Restricted Stock Award” shall mean a Parent Restricted Stock Award as adjusted as of the Effective
Time in accordance with Section 4.02(b). 
 “Post-Separation Parent RSU Award (Pre-2016)” shall mean a Parent RSU Award (Pre-2016) adjusted as of the Effective Time in accordance with Section 4.02(c). 

“Post-Separation Parent RSU Award (2016)” shall mean a Parent RSU Award (2016) as adjusted as of the Effective Time in
accordance with Section 4.02(d). 
 “Post-Separation Parent RSU Award (2017)” shall mean a Parent
RSU Award (2017) as adjusted as of the Effective Time in accordance with Section 4.02(e). 

“Post-Separation Parent Stock Value” shall mean the simple average of the volume weighted average per-share price of Parent Shares trading on the Applicable Exchange during each of the first five (5) full Trading Sessions immediately after the Effective Time. 

“Pre-Separation Parent Stock Value” shall mean the simple average of the volume
weighted average per-share price of Parent Shares trading “regular way with due bills” on the Applicable Exchange during each of the last five (5) full Trading Sessions immediately prior to the
Effective Time. 
 “Record Date” shall mean the close of business on the date to be determined by the Parent Board as the
record date for determining holders of Parent Shares entitled to receive SpinCo Shares pursuant to the Distribution. 
 “Securities
Act” shall mean the U.S. Securities Act of 1933, as amended, together with the rules and regulations promulgated thereunder. 

“Separation” shall have the meaning set forth in the Recitals. 

“Separation and Distribution Agreement” shall have the meaning set forth in the Recitals. 

“SpinCo” shall have the meaning set forth in the Preamble. 

“SpinCo 401(k) Plans” shall mean the Cars.com, LLC 401(k) Retirement Plan and the DealerRater.Com LLC 401(k) P/S
Plan & Trust. 

  
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 “SpinCo Awards” shall mean SpinCo Restricted Stock Awards, SpinCo Performance
Share Awards, SpinCo RSU Awards (Pre-2016), SpinCo RSU Awards (2016) and SpinCo RSU Awards (2017), collectively. 

“SpinCo Benefit Plan” shall mean any Benefit Plan established, sponsored, maintained or contributed to by a member of the
SpinCo Group as of or after the Effective Time, including any Benefit Plans retained or adopted by SpinCo pursuant to Section 2.03(a) and Section 2.03(b). 

“SpinCo Board” shall mean the Board of Directors of SpinCo. 

“SpinCo Business” shall mean (a) the business, operations and activities of the Cars.com business unit of Parent
conducted at any time prior to the Effective Time by either Party or any of their current or former Subsidiaries and (b) any terminated, divested or discontinued businesses, operations and activities that, at the time of termination,
divestiture or discontinuation, primarily related to the business, operations or activities described in clause (a) as then conducted, including those set forth on Schedule 1.4 of the Separation and Distribution Agreement, excluding, in
the case of each of clauses (a) and (b), the business, operations and activities primarily related to the Parent Assets. 

“SpinCo Change in Control” shall have the meaning set forth in Section 4.02(h)(i).  

“SpinCo Designees” shall mean any entities (including corporations, general or limited partnerships, trusts, joint ventures,
unincorporated organizations, limited liability entities or other entities) designated by Parent that will be members of the SpinCo Group as of immediately prior to the Effective Time. 

“SpinCo Group” shall mean (a) prior to the Effective Time, SpinCo and each Person that will be a Subsidiary of SpinCo as
of immediately after the Effective Time, including the Transferred Entities, even if, prior to the Effective Time, such Person is not a Subsidiary of SpinCo; and (b) on and after the Effective Time, SpinCo and each Person that is a Subsidiary
of SpinCo. 
 “SpinCo Group Employees” shall have the meaning set forth in Section 3.01(a). 

“SpinCo Liabilities” shall have the meaning set forth in Section 2.3(a) of the Separation and Distribution Agreement.

 “SpinCo Omnibus Plan” shall mean the Cars.com Inc. Omnibus Incentive Compensation Plan, as established by SpinCo as of
the Effective Time pursuant to Section 2.03(a) and Section 4.01. 
 “SpinCo
Performance Share Award” shall mean an award of performance shares assumed by SpinCo pursuant to the SpinCo Omnibus Plan in accordance with Section 4.02(f). 

“SpinCo Ratio” shall mean the quotient obtained by dividing (a) the
Pre-Separation Parent Stock Value by (b) the SpinCo Stock Value. 

  
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 “SpinCo Restricted Stock Award” shall mean an award of shares of restricted
stock of SpinCo assumed by SpinCo pursuant to the SpinCo Omnibus Plan in accordance with Section 4.02(b). 

“SpinCo RSU Award (Pre-2016)” shall mean an award of time-based restricted stock
units assumed pursuant to the SpinCo Omnibus Plan in accordance with Section 4.02(c). 
 “SpinCo RSU Award
(2016)” shall mean an award of time-based restricted stock units assumed pursuant to the SpinCo Omnibus Plan in accordance with Section 4.02(d). 

“SpinCo RSU Award (2017)” shall mean an award of time-based restricted stock units assumed pursuant to the SpinCo Omnibus
Plan in accordance with Section 4.02(e). 
 “SpinCo Share Fund” shall have the meaning set forth
in Section 5.02. 
 “SpinCo Shares” shall mean the shares of common stock, par value $0.01 per
share, of SpinCo. 
 “SpinCo Stock Value” shall mean the simple average of the volume weighted average per-share price of SpinCo Shares trading on the Applicable Exchange during each of the first five (5) full Trading Sessions immediately after the Effective Time. 

“SpinCo Welfare Plan” shall mean a Welfare Plan established, sponsored, maintained or contributed to by any member of the
SpinCo Group for the benefit of SpinCo Group Employees and Former SpinCo Group Employees. 
 “Subsidiary” shall mean, with
respect to any Person, any corporation, limited liability company, joint venture or partnership of which such Person (a) beneficially owns, either directly or indirectly, more than fifty percent (50%) of (i) the total combined voting power
of all classes of voting securities, (ii) the total combined equity interests or (iii) the capital or profit interests, in the case of a partnership, or (b) otherwise has the power to vote, either directly or indirectly, sufficient
securities to elect a majority of the board of directors or similar governing body. 
 “Tax” shall have the meaning set
forth in the Tax Matters Agreement. 
 “Tax Matters Agreement” shall mean the Tax Matters Agreement to be entered into by
and between Parent and SpinCo or any members of their respective Groups in connection with the Separation, the Distribution or the other transactions contemplated by this Agreement. 

“Third Party” shall mean any Person other than the Parties or any members of their respective Groups. 

“Third-Party Claim” shall have the meaning set forth in Section 4.5(a) of the Separation and Distribution Agreement.

 “Trading Session” shall mean the period of time during any given calendar day, commencing with the determination of the
opening price on the Applicable Exchange and ending with the determination of the closing price on the Applicable Exchange, in which trading in Parent Shares or SpinCo Shares (as applicable) is permitted on the Applicable Exchange. 

  
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 “Transfer Documents” shall have the meaning set forth in Section 2.1(b) of
the Separation and Distribution Agreement. 
 “Transferred Director” shall mean each SpinCo
non-employee director as of the Effective Time who served on the Parent Board immediately prior to the Effective Time. 

“Transferred Entities” shall mean the entities set forth on Schedule 1.9 of the Separation and Distribution Agreement.

 “U.S.” shall mean the United States of America. 

“Welfare Plan” shall mean any “welfare plan” (as defined in Section 3(1) of ERISA) or a “cafeteria
plan” under Section 125 of the Code, and any benefits offered thereunder, and any other plan offering health benefits (including medical, prescription drug, dental, vision, mental health, substance abuse and retiree health), disability
benefits, or life, accidental death and dismemberment, and business travel insurance, pre-Tax premium conversion benefits, dependent care assistance programs, employee assistance programs, paid time-off programs, contribution funding toward a health savings account, flexible spending accounts, supplemental unemployment benefits or severance. 

Section 1.02. Interpretation. Section 10.15 of the Separation and Distribution Agreement is hereby incorporated by reference.

 ARTICLE II 
 GENERAL
PRINCIPLES FOR ALLOCATION OF LIABILITIES 
 Section 2.01. General Principles. 

(a) Acceptance and Assumption of SpinCo Liabilities. Except as otherwise provided by this Agreement, on or prior to the Effective Time,
but in any case prior to the Distribution, SpinCo and the applicable SpinCo Designees shall accept, assume and agree faithfully to perform, discharge and fulfill all of the following Liabilities in accordance with their respective terms (each of
which shall be considered a SpinCo Liability), regardless of when or where such Liabilities arose or arise, or whether the facts on which they are based occurred prior to or subsequent to the Effective Time, regardless of where or against whom such
Liabilities are asserted or determined (including any Liabilities arising out of claims made by Parent’s or SpinCo’s respective directors, officers, Employees, Former Employees, agents, Subsidiaries or Affiliates against any member of the
Parent Group or the SpinCo Group) or whether asserted or determined prior to the date hereof, and regardless of whether arising from or alleged to arise from negligence, recklessness, violation of Law, fraud or misrepresentation by any member of the
Parent Group or the SpinCo Group, or any of their respective directors, officers, Employees, Former Employees, agents, Subsidiaries or Affiliates: 

  
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 (i) any and all wages, salaries, incentive compensation, equity compensation, commissions,
bonuses and any other employee compensation or benefits payable to or on behalf of any SpinCo Group Employees and Former SpinCo Group Employees after the Effective Time, without regard to when such wages, salaries, incentive compensation, equity
compensation, commissions, bonuses or other employee compensation or benefits are or may have been awarded or earned; 
 (ii) any and all
Liabilities whatsoever with respect to claims under a SpinCo Benefit Plan, taking into account the SpinCo Benefit Plan’s assumption of Liabilities with respect to SpinCo Group Employees and Former SpinCo Group Employees that were originally the
Liabilities of the corresponding Parent Benefit Plan with respect to periods prior to the Effective Time; and 
 (iii) any and all
Liabilities expressly assumed or retained by any member of the SpinCo Group pursuant to this Agreement. 
 (b) Acceptance and Assumption
of Parent Liabilities. Except as otherwise provided by this Agreement, on or prior to the Effective Time, but in any case prior to the Distribution, Parent and certain members of the Parent Group designated by Parent shall accept, assume and
agree faithfully to perform, discharge and fulfill all of the following Liabilities in accordance with their respective terms (each of which shall be considered a Parent Liability), regardless of when or where such Liabilities arose or arise, or
whether the facts on which they are based occurred prior to or subsequent to the Effective Time, regardless of where or against whom such Liabilities are asserted or determined (including any Liabilities arising out of claims made by Parent’s
or SpinCo’s respective directors, officers, Employees, Former Employees, agents, Subsidiaries or Affiliates against any member of the Parent Group or the SpinCo Group) or whether asserted or determined prior to the date hereof, and regardless
of whether arising from or alleged to arise from negligence, recklessness, violation of Law, fraud or misrepresentation by any member of the Parent Group or the SpinCo Group, or any of their respective directors, officers, Employees, Former
Employees, agents, Subsidiaries or Affiliates: 
 (i) any and all wages, salaries, incentive compensation, equity compensation, commissions,
bonuses and any other employee compensation or benefits payable to or on behalf of any Parent Group Employees and Former Parent Group Employees after the Effective Time, without regard to when such wages, salaries, incentive compensation, equity
compensation, commissions, bonuses or other employee compensation or benefits are or may have been awarded or earned; 
 (ii) any and all
Liabilities whatsoever with respect to claims under a Parent Benefit Plan, taking into account a corresponding SpinCo Benefit Plan’s assumption of Liabilities with respect to SpinCo Group Employees and Former SpinCo Group Employees that were
originally the Liabilities of such Parent Benefit Plan with respect to periods prior to the Effective Time; and 
 (iii) any and all
Liabilities expressly assumed or retained by any member of the Parent Group pursuant to this Agreement. 

  
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 (c) Unaddressed Liabilities. To the extent that this Agreement does not address particular
Liabilities under any Benefit Plan and the Parties later determine that they should be allocated in connection with the Distribution, the Parties shall agree in good faith on the allocation, taking into account the handling of comparable Liabilities
under this Agreement. 
 Section 2.02. Service Credit. As of the Effective Time, the SpinCo Benefit Plans shall, and SpinCo
shall cause each member of the SpinCo Group to, recognize for each SpinCo Group Employee who is employed immediately following the Effective Time by a member of the SpinCo Group and each Former SpinCo Group Employee full service with Parent or any
of its Subsidiaries or predecessor entities at or before the Effective Time, to the same extent that such service was recognized by Parent for similar purposes prior to the Effective Time as if such full service had been performed for a member of
the SpinCo Group, for purposes of eligibility, vesting and determination of level of benefits under any such SpinCo Benefit Plan. 

Section 2.03. Adoption and Transfer and Assumption of Benefit Plans. 

(a) Adoption by SpinCo of Benefit Plans. As of no later than the Effective Time, SpinCo shall adopt Benefit Plans (and related trusts,
if applicable) as contemplated and in accordance with the terms of this Agreement. 
 (b) Retention by SpinCo of SpinCo Plans. From
and after the Effective Time, SpinCo shall retain all of the SpinCo Benefits Plans, including all related Liabilities and Assets, and any related trusts and other funding vehicles and insurance contracts of any of such plans other than as
specifically provided in this Agreement; provided, however, that SpinCo may make such changes, modifications or amendments to such SpinCo Benefit Plans as may be required by applicable Law or to reflect the Separation and Distribution
Agreement, including limiting participation in any such SpinCo Benefit Plan to SpinCo Group Employees and Former SpinCo Group Employees who participated in the corresponding Benefit Plan immediately prior to the Effective Time. Nothing in this
Agreement shall preclude SpinCo, at any time after the Effective Time, from amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any SpinCo Benefit Plan, any benefit under any SpinCo Benefit Plan or
any trust, insurance policy or funding vehicle related to any SpinCo Benefit Plan, or any employment or other service arrangement with SpinCo Group Employees, independent contractors or vendors (to the extent permitted by law). 

(c) Plans Not Required to Be Adopted. With respect to any Benefit Plan not addressed in this Agreement, the Parties shall agree
in good faith on the treatment of such plan taking into account the handling of any comparable plan under this Agreement and, notwithstanding that SpinCo shall not have an obligation to continue to maintain any such plan with respect to the
provision of future benefits from and after the Effective Time, SpinCo shall remain obligated to pay or provide any previously accrued or incurred benefits to the SpinCo Group Employees and Former SpinCo Group Employees consistent with Section
2.01(a) of this Agreement. 
 (d) Information and Operation. Each Party shall use its commercially reasonable efforts to provide
the other Party with information describing each Benefit Plan election made by an Employee or Former Employee that may have application to such Party’s Benefit Plans from and after the Effective Time, and each Party shall use its commercially
reasonable efforts to administer its Benefit Plans using those elections. Each Party shall, upon reasonable request, use its commercially reasonable efforts to provide the other Party and the other Party’s respective Affiliates, agents, and
vendors all information reasonably necessary to the other Party’s operation or administration of its Benefit Plans. 

  
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 (e) No Duplication or Acceleration of Benefits. Notwithstanding anything to the contrary
in this Agreement, the Separation and Distribution Agreement or any Ancillary Agreement, no participant in any Benefit Plan shall receive service credit or benefits to the extent that receipt of such service credit or benefits would result in
duplication of benefits provided to such participant by the corresponding Benefit Plan or any other plan, program or arrangement sponsored or maintained by a member of the Group that sponsors the corresponding Benefit Plan. Furthermore, unless
expressly provided for in this Agreement, the Separation and Distribution Agreement or in any Ancillary Agreement or required by applicable Law, no provision in this Agreement shall be construed to create any right to accelerate vesting
distributions or entitlements under any Benefit Plan sponsored or maintained by a member of the Parent Group or member of the SpinCo Group on the part of any Employee or Former Employee. 

(f) Beneficiaries. References to Parent Group Employees, Former Parent Group Employees, SpinCo Group Employees, Former SpinCo Group
Employees, and current and former non-employee directors of either Parent or SpinCo shall be deemed to refer to their beneficiaries, dependents, survivors and alternate payees, as applicable. 

ARTICLE III 
 ASSIGNMENT OF
EMPLOYEES 
 Section 3.01. Active Employees. 

(a) Assignment and Transfer of Employees. Effective as of no later than the Effective Time and except as otherwise agreed by the
Parties, (i) the applicable member of the Parent Group shall have taken such actions as are necessary to ensure that each individual who is intended to be an employee of the SpinCo Group as of immediately after the Effective Time (including any
such individual who is not actively working as of the Effective Time as a result of an illness, injury or leave of absence approved by the Parent Human Resources department or otherwise taken in accordance with applicable Law) (collectively, the
“SpinCo Group Employees”) is employed by a member of the SpinCo Group as of immediately after the Effective Time and (ii) the applicable member of the Parent Group shall have taken such actions as are necessary to ensure that
each individual who is intended to be an employee of the Parent Group as of immediately after the Effective Time (including any such individual who is not actively working as of the Effective Time as a result of an illness, injury or leave of
absence approved by the Parent Human Resources department or otherwise taken in accordance with applicable Law) and any other individual employed by the Parent Group as of the Effective Time who is not a SpinCo Group Employee (collectively, the
“Parent Group Employees”) is employed by a member of the Parent Group as of immediately after the Effective Time. Each of the Parties agrees to execute, and to seek to have the applicable Employees execute, such documentation, if
any, as may be necessary to reflect such assignment and/or transfer. 

  
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 (b) At-Will Status. Nothing in this Agreement
shall create any obligation on the part of any member of the Parent Group or any member of the SpinCo Group to (i) continue the employment of any Employee or permit the return from a leave of absence for any period after the date of this
Agreement (except as required by applicable Law) or (ii) change the employment status of any Employee from “at-will,” to the extent that such Employee is an
“at-will” employee under applicable Law. 
 (c) Severance. The Parties acknowledge
and agree that the Separation, the Distribution and the assignment, transfer or continuation of the employment of Employees as contemplated by this Section 3.01 shall not be deemed an involuntary termination of employment
entitling any SpinCo Group Employee or Parent Group Employee to severance payments or benefits. 
 (d) Not a Change in Control.
The Parties acknowledge and agree that neither the consummation of the Separation, the Distribution nor any transaction contemplated by this Agreement, the Separation and Distribution Agreement or any other Ancillary Agreement shall be deemed a
“change in control,” “change of control” or term of similar import for purposes of any Benefit Plan sponsored or maintained by any member of the Parent Group or member of the SpinCo Group. 

(e) Payroll and Related Taxes. SpinCo shall (i) be responsible for all payroll obligations, Tax withholding and reporting
obligations for all SpinCo Group Employees and (ii) furnish a Form W-2 or similar earnings statement to all SpinCo Group Employees, in each case, with respect to periods before and following the
Distribution Date. 
 Section 3.02. No-Hire and
Non-Solicitation. Each Party agrees that, for a period of one (1) year from the Distribution Date, such Party shall not hire or solicit for employment any individual who is a Parent Group Employee or
a Former Parent Group Employee whose employment was terminated during the thirty (30) days prior to the Effective Time (the “Non-Solicit Date”), in the case of SpinCo, or a SpinCo Group
Employee or a Former SpinCo Group Employee whose employment was terminated during the thirty (30) days prior to the Effective Time, in the case of Parent; provided, however, without limiting the generality of the foregoing
prohibition on solicitation and hiring Employees of the other Party, this Section 3.02 shall not prohibit (a) hiring resulting from generalized solicitations that are not directed to specific Persons or Employees of
the other Party, or (b) the solicitation and hiring of a Person whose employment was involuntarily terminated by the other Party. Except as provided in clause (b) of the immediately preceding sentence with respect to involuntary
terminations, without regard to the use of the term “Employee” or “employs,” the restrictions under this Section 3.02 shall be applicable to the applicable Employee or Former Employee until the date that
is six (6) months after such Employee or Former Employee’s last date of employment with Parent or SpinCo, as applicable. For the avoidance of doubt, the restrictions under this Section 3.02 shall not apply to
Former Parent Group Employees or Former SpinCo Group Employees whose most recent employment with Parent and its Subsidiaries was terminated prior to the Non-Solicit Date. 

  
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 ARTICLE IV 

EQUITY, INCENTIVE AND EXECUTIVE COMPENSATION 

Section 4.01. Generally. Each Parent Award granted that is outstanding as of immediately prior to the Effective Time shall be
adjusted as described below; provided, however, effective immediately prior to the Effective Time, the Parent Compensation Committee may provide for different adjustments with respect to some or all Parent Awards to the extent that the
Parent Compensation Committee deems such adjustments necessary and appropriate. Any adjustments made by the Parent Compensation Committee pursuant to the foregoing sentence shall be deemed incorporated by reference herein as if fully set forth below
and shall be binding on the Parties and their respective Affiliates. Before the Effective Time, the SpinCo Omnibus Plan shall be established, with such terms as are necessary to permit the implementation of the provisions of
Section 4.02. 
 Section 4.02. Equity Incentive Awards. 

(a) Option Awards. Each Parent Option Award that is outstanding as of immediately prior to the Effective Time shall be converted, as of
the Effective Time, into a Post-Separation Parent Option Award and shall, except as otherwise provided in this Section 4.02, be subject to the same terms and conditions (including with respect to vesting and expiration)
after the Effective Time as were applicable to such Parent Option Award immediately prior to the Effective Time; provided, however, that from and after the Effective Time: 

(i) the number of Parent Shares subject to such Post-Separation Parent Option Award shall be equal to the product, rounded down to the nearest
whole share, obtained by multiplying (A) the number of Parent Shares subject to the corresponding Parent Option Award immediately prior to the Effective Time by (B) the Parent Ratio; and 

(ii) the per-share exercise price of such Post-Separation Parent Option Award shall be equal to the
quotient, rounded up to the nearest cent, obtained by dividing (A) the per-share exercise price of the corresponding Parent Option Award immediately prior to the Effective Time by (B) the Parent
Ratio. 
 Notwithstanding anything to the contrary in this Section 4.02(a), the exercise price, the number of Parent Shares
subject to each Post-Separation Parent Option Award and the terms and conditions of exercise of such options shall be determined in a manner consistent with the requirements of Section 409A of the Code. 

(b) Restricted Stock Awards. Each Parent Restricted Stock Award that is outstanding as of immediately prior to the Effective Time shall
be converted, as of the Effective Time, into a Post-Separation Parent Restricted Stock Award and a SpinCo Restricted Stock Award and each such award shall, except as otherwise provided in this Section 4.02, be subject to
the same terms and conditions (including with respect to vesting) after the Effective Time as were applicable to such Parent Restricted Stock Award prior to the Effective Time; provided, however, that from and after the Effective Time
the number of shares subject to (i) the Post-Separation Parent Restricted Stock Award shall be equal to the number of Parent Shares subject to the corresponding Parent Restricted Stock Award immediately prior to the Effective Time and
(ii) the SpinCo Restricted Stock Award shall be equal to the product, rounded to the nearest whole share, obtained by multiplying (A) the number of Parent Shares subject to the Parent Restricted Stock Award immediately prior to the
Effective Time by (B) the Distribution Ratio. 

  
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 (c) RSU Awards (Pre-2016). Each Parent RSU Award (Pre-2016) that is outstanding as of immediately prior to the Effective Time shall be converted, as of the Effective Time, into a Post-Separation Parent RSU Award (Pre-2016)
and a SpinCo RSU Award (Pre-2016) and each such award shall, except as otherwise provided in this Section 4.02, be subject to the same terms and conditions (including with respect to
vesting) after the Effective Time as were applicable to such Parent RSU Award (Pre-2016) prior to the Effective Time; provided, however, that from and after the Effective Time the number of
shares subject to (i) the Post-Separation Parent RSU Award (Pre-2016) shall be equal to the number of Parent Shares subject to the corresponding Parent RSU Award
(Pre-2016) immediately prior to the Effective Time, and (ii) the SpinCo RSU Award (Pre-2016) shall be equal to the product, rounded to the nearest whole share,
obtained by multiplying (A) the number of Parent Shares subject to the Parent RSU Award (Pre-2016) immediately prior to the Effective Time by (B) the Distribution Ratio. 

(d) RSU Awards (2016). Each Parent RSU Award (2016) that is outstanding as of immediately prior to the Effective Time shall be
treated as follows: 
 (i) If the holder is not a SpinCo Group Employee, Former SpinCo Group Employee or a Parent Non-Employee Director, such award shall be converted, as of the Effective Time, into a Post-Separation Parent RSU Award (2016), and shall, except as otherwise provided in this Section 4.02,
be subject to the same terms and conditions (including with respect to vesting and expiration) after the Effective Time as were applicable to such Parent RSU Award (2016) immediately prior to the Effective Time; provided, however,
that from and after the Effective Time, the number of Parent Shares subject to such Post-Separation Parent RSU Award (2016) shall be equal to the product, rounded to the nearest whole share, obtained by multiplying (A) the number of Parent
Shares subject to the corresponding Parent RSU Award (2016) immediately prior to the Effective Time by (B) the Parent Ratio. 

(ii) If the holder is a SpinCo Group Employee or Former SpinCo Group Employee, such award shall be converted, as of the Effective Time, into a
SpinCo RSU Award (2016), and shall, except as otherwise provided in this Section 4.02, be subject to the same terms and conditions (including with respect to vesting and expiration) after the Effective Time as were
applicable to such Parent RSU Award (2016) immediately prior to the Effective Time; provided, however, that from and after the Effective Time, the number of SpinCo Shares subject to such SpinCo RSU Award (2016) shall be equal
to the product, rounded to the nearest whole share, obtained by multiplying (A) the number of Parent Shares subject to the corresponding Parent RSU Award (2016) immediately prior to the Effective Time by (B) the SpinCo Ratio. 

(iii) If the holder is a Parent Non-Employee Director, such award shall be converted, as of the
Effective Time, into a Post-Separation Parent RSU Award (2016) and a SpinCo RSU Award (2016) and each such award shall, except as otherwise provided in this Section 4.02, be subject to the same terms and
conditions after the Effective Time as were applicable to such Parent RSU Award (2016) prior to the Effective Time; provided, however, that the number of shares subject to (A) the Post-Separation Parent RSU Award
(2016) shall be equal to the number of Parent Shares subject to the corresponding Parent RSU Award (2016) immediately prior to the Effective Time, and (B) the SpinCo RSU Award (2016) shall be equal to the product, rounded to the
nearest whole share, obtained by multiplying (x) the number of Parent Shares subject to the Parent RSU Award (2016) immediately prior to the Effective Time by (y) the Distribution Ratio. 

  
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 (e) RSU Awards (2017). Each Parent RSU Award (2017) that is outstanding as of
immediately prior to the Effective Time shall be treated as follows: 
 (i) If the holder is not a SpinCo Group Employee, Former SpinCo
Group Employee or a Transferred Director, such award shall be converted, as of the Effective Time, into a Post-Separation Parent RSU Award (2017), and shall, except as otherwise provided in this Section 4.02, be subject to
the same terms and conditions (including with respect to vesting and expiration) after the Effective Time as were applicable to such Parent RSU Award (2017) immediately prior to the Effective Time; provided, however, that from and
after the Effective Time, the number of Parent Shares subject to such Post-Separation Parent RSU Award (2017) shall be equal to the product, rounded to the nearest whole share, obtained by multiplying (A) the number of Parent Shares
subject to the corresponding Parent RSU Award (2017) immediately prior to the Effective Time by (B) the Parent Ratio. 
 (ii) If
the holder is a SpinCo Group Employee, Former SpinCo Group Employee or Transferred Director, such award shall be converted, as of the Effective Time, into a SpinCo RSU Award (2017), and shall, except as otherwise provided in this
Section 4.02, be subject to the same terms and conditions (including with respect to vesting and expiration) after the Effective Time as were applicable to such Parent RSU Award (2017) immediately prior to the
Effective Time; provided, however, that from and after the Effective Time, the number of SpinCo Shares subject to such SpinCo RSU Award (2017) shall be equal to the product, rounded to the nearest whole share, obtained by
multiplying (A) the number of Parent Shares subject to the corresponding Parent RSU Award (2017) immediately prior to the Effective Time by (B) the SpinCo Ratio. 

(f) Performance Share Awards (Pre-2017). Each Parent Performance Share Award (Pre-2017) that is outstanding as of immediately prior to the Effective Time shall be converted, as of the Effective Time, into a Post-Separation Parent Performance Share Award and a SpinCo Performance Share Award
and each such award shall, except as otherwise provided in this Section 4.02, be subject to the same terms and conditions (including with respect to vesting and applicable performance criteria) after the Effective Time as
were applicable to such Parent Performance Share Award prior to the Effective Time; provided, however, that from and after the Effective Time: 

(i) the number of shares subject to (A) the Post-Separation Parent Performance Share Award shall be equal to the number of Parent Shares
subject to the corresponding Parent Performance Share Award immediately prior to the Effective Time, and (B) the SpinCo Performance Share Award shall be equal to the product, rounded to the nearest whole share, obtained by multiplying
(1) the number of Parent Shares subject to the Parent Performance Share Award immediately prior to the Effective Time by (2) the Distribution Ratio; 

  
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 (ii) for purposes of any such award with a performance period that has not been completed as of
the Effective Time, the value of dividends taken into account for purposes of the calculation of total shareholder return, shall be (A) the value of any cash dividends paid on Parent Shares during the performance period and (B) the product
obtained by multiplying (1) the value of any cash dividends paid on SpinCo Shares during the portion of the performance period occurring after the Effective Time by (2) the Distribution Ratio; and 

(iii) for purposes of any such award with a performance period that has not been completed as of the Effective Time, the stock price at the
end of the performance period used to determine total shareholder return shall be the sum of (A) the price per share of Parent Shares on the relevant measurement dates, and (B) the product obtained by multiplying (1) the price per
share of SpinCo Shares on the relevant measurement dates by (2) the Distribution Ratio. 
 (g) Performance Share Awards (2017).
Each Parent Performance Share Award (2017) that is outstanding as of immediately prior to the Effective Time shall be converted, as of the Effective Time, into a Post-Separation Parent Performance Share Award (2017), and shall, except as
otherwise provided in this Section 4.02 and the terms of the award agreement governing the applicable Parent Performance Share Award (2017), be subject to the same terms and conditions (including with respect to vesting and
applicable performance goals as determined and established by the Compensation Committee of the Parent Board) after the Effective Time as were applicable to such Parent Performance Share Award (2017) immediately prior to the Effective Time;
provided, however, that from and after the Effective Time, the number of Parent Shares subject to such Post-Separation Parent Performance Share Award (2017) shall be equal to the product, rounded to the nearest whole share,
obtained by multiplying (A) the number of Parent Shares subject to the corresponding Parent Performance Share Award (2017) immediately prior to the Effective Time by (B) the Parent Ratio. 

(h) Miscellaneous Award Terms. 

(i) With respect to Post-Separation Parent Awards and SpinCo Awards, (A) employment with or service to the Parent Group shall be treated
as employment with or service to SpinCo with respect to SpinCo Awards held by a Parent Group Employee who is employed by a member of the Parent Group immediately following the Effective Time or a Parent
Non-Employee Director who is a non-employee director of the Parent Board immediately following the Effective Time, and (B) employment with or service to the SpinCo
Group shall be treated as employment with or service to Parent with respect to Post-Separation Parent Awards held by a SpinCo Group Employee who is employed by a member of the SpinCo Group immediately following the Effective Time or a Transferred
Director who is a director of SpinCo immediately following the Effective Time. In addition, none of the Separation, the Distribution or any employment transfer described in Section 3.01(a) shall constitute a termination of
employment for any Employee for purposes of any Post-Separation Parent Award or any SpinCo Award. After the Effective Time, for any award adjusted under this Section 4.02, any reference to a “change in control,”
“change of control” or similar definition in an award agreement, employment agreement or Parent Omnibus Plan applicable to such award, (x) with respect to Post-Separation Parent Awards, shall be deemed to refer to a “change in
control,” “change of control” or similar definition as set forth in the applicable award agreement, employment agreement or Parent Omnibus Plan (a “Parent Change in Control”), and (y) with respect to SpinCo
Awards, shall be deemed to refer to a “Change in Control” as defined in the SpinCo Omnibus Plan a (“SpinCo Change in Control”). Without limiting the foregoing, with respect to provisions related to vesting of awards, a
Parent Change in Control shall be treated as a SpinCo Change in 

  
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Control for purposes of SpinCo Awards held by Parent Group Employees, Former Parent Group Employees and Parent Non-Employee Directors (other than
Transferred Directors), and a SpinCo Change in Control shall be treated as a Parent Change in Control for purposes of Post-Separation Parent Awards held by SpinCo Group Employees, Former SpinCo Group Employees and Transferred Directors. 

(ii) Any determination in respect of a Post-Separation Parent RSU Award (Pre-2016) and SpinCo RSU
Award (Pre-2016) or Post-Separation Parent Performance Share Award (Pre-2017) and SpinCo Performance Share Award, in each case, granted to the holder pursuant to the
Parent Omnibus Plan or the SpinCo Omnibus Plan, as applicable, and this Section 4.02, shall be made by the Compensation Committee of the Board of Directors of the Party to which the holder provides services immediately
after the Effective Time (Parent or SpinCo, as applicable); provided that any such determination shall apply uniformly to both the applicable Post-Separation Parent Award and the corresponding SpinCo Award held by such holder. 

(i) Settlement; Tax Reporting and Withholding. 

(i) Except as otherwise provided in this Section 4.02(i) or Article VI, after the
Effective Time, Post-Separation Parent Awards, regardless of by whom held, shall be settled by Parent, and SpinCo Awards, regardless of by whom held, shall be settled by SpinCo. 

(ii) Upon the vesting, payment or settlement, as applicable, of SpinCo Awards, SpinCo shall be solely responsible for ensuring the
satisfaction of all applicable Tax withholding requirements on behalf of each SpinCo Group Employee or Former SpinCo Group Employee and for ensuring the collection and remittance of applicable employee withholding Taxes to the Parent Group with
respect to each Parent Group Employee or Former Parent Group Employee (with Parent Group being responsible for remittance of the applicable employee Taxes and payment and remittance of the applicable employer Taxes relating to Parent Group Employees
and Former Parent Group Employees to the applicable Governmental Authority). Upon the vesting, payment or settlement, as applicable, of Post-Separation Parent Awards, Parent shall be solely responsible for ensuring the satisfaction of all applicable
Tax withholding requirements on behalf of each Parent Group Employee or Former Parent Group Employee and for ensuring the collection and remittance of applicable employee withholding Taxes to the SpinCo Group with respect to each SpinCo Group
Employee or Former SpinCo Group Employee (with SpinCo Group being responsible for remittance of the applicable employee Taxes and payment and remittance of the applicable employer Taxes relating to SpinCo Group Employees and Former SpinCo Group
Employees to the applicable Governmental Authority). Following the Effective Time, Parent shall be responsible for all income Tax reporting in respect of Post-Separation Parent Awards and SpinCo Awards held by Parent Group Employees, Former Parent
Group Employees and Parent Non-Employee Directors (other than Transferred Directors), and SpinCo shall be responsible for all income Tax reporting in respect of Post-Separation Parent Awards and SpinCo Awards
held by SpinCo Group Employees, Former SpinCo Group Employees and Transferred Directors. Parent shall seek the cooperation of Gannett Co., Inc. under the Employee Matters Agreement by and between Parent (formerly known as Gannett Co., Inc.) and
Gannett Co., Inc. (formerly known as Gannett SpinCo, Inc.), dated as of June 26, 2015 (the “Gannett EMA”), with respect to the collection and remittance of applicable employee withholding Taxes and income Tax reporting in
respect of SpinCo Awards held by current or former employees or directors of Gannett Co., Inc. 

  
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 (iii) SpinCo shall be responsible for the settlement of cash dividends or dividend equivalents
on any Post-Separation Parent Restricted Stock Award or SpinCo Restricted Stock Award held by a Transferred Director. Prior to the date any such settlement is due, Parent shall pay SpinCo in cash amounts required to settle (A) any dividends or
dividend equivalents with respect to Post-Separation Parent Restricted Stock Awards and (B) any dividends or dividend equivalents accrued prior to the Effective Time with respect to SpinCo Restricted Stock Awards. Parent shall be responsible
for the settlement of cash dividends or dividend equivalents on any Post-Separation Parent Restricted Stock Awards or SpinCo Restricted Stock Awards held by a Parent Non-Employee Director (other than any
Transferred Director). Prior to the date any such settlement is due, SpinCo shall pay Parent in cash amounts required to settle any dividends or dividend equivalents accrued following the Effective Time with respect to SpinCo Restricted Stock
Awards. For the avoidance of doubt, the term “dividend equivalents” shall not include any dividend equivalents that are deemed reinvested in SpinCo Shares or Parent Shares, consistent with the practice with respect to the applicable award
prior to the Separation, and Parent or SpinCo, as applicable, shall adjust the number of shares subject to the applicable Post-Separation Parent Award or SpinCo Award, as applicable, to reflect such deemed reinvestment in the manner set forth in the
applicable award agreement. 
 (iv) Following the Effective Time, if any Post-Separation Parent Award shall fail to become vested, such
Post-Separation Parent Award shall be forfeited to Parent, and if any SpinCo Award shall fail to become vested, such SpinCo Award shall be forfeited to SpinCo. 

(j) Cooperation. Each of the Parties shall establish an appropriate administration system to administer, in an orderly manner,
(i) exercises of vested Post-Separation Parent Options, (ii) the vesting and forfeiture of unvested Post-Separation Parent Awards and SpinCo Awards, and (iii) the withholding and reporting requirements with respect to all awards. Each
of the Parties shall work together to unify and consolidate all indicative data and payroll and employment information on regular timetables and make certain that each applicable Person’s data and records in respect of such awards are correct
and updated on a timely basis. The foregoing shall include employment status and information required for vesting and forfeiture of awards and Tax withholding/remittance, compliance with trading windows and compliance with the requirements of the
Exchange Act and other applicable Laws. With respect to the foregoing matters, Parent shall seek the cooperation of Gannett Co., Inc. under the Gannett EMA in respect of SpinCo Awards held by current or former employees or directors of Gannett Co.,
Inc. 
 (k) Registration and Other Regulatory Requirements. SpinCo agrees to file Forms S-1
and S-8 registration statements with respect to, and to cause to be registered pursuant to the Securities Act, the SpinCo Shares authorized for issuance under the SpinCo Omnibus Plan, as required pursuant to
the Securities Act, not later than the Effective Time and in any event before the date of issuance of any SpinCo Shares pursuant to the SpinCo Omnibus Plan. The Parties shall take such additional actions as are deemed necessary or advisable to
effectuate the foregoing provisions of this Section 4.02(k). Parent agrees to facilitate the adoption and approval of the SpinCo Omnibus Plan consistent with the requirements of Treasury Regulations Section 1.162-27(f)(4)(iii). 

  
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 Section 4.03. Employee Stock Purchase Plan. The administrator of the Parent
ESPP shall take all actions necessary and appropriate to provide that all payroll deductions and other contributions of the participants in the Parent ESPP who are SpinCo Group Employees shall cease on or before the Distribution Date. 

Section 4.04. Non-Equity Incentive Plans. From and following the Effective Time,
the SpinCo Group shall retain pursuant to Section 2.03(b) any incentive plan for the exclusive benefit of SpinCo Group Employees and Former SpinCo Group Employees, whether or not sponsored by the SpinCo Group, and, from and
after the Effective Time, shall be solely responsible for all Liabilities thereunder. 
 Section 4.05. Director Compensation.
Parent shall be responsible for the payment of any fees for service on the Parent Board that are earned at, before, or after the Effective Time, and SpinCo shall not have any responsibility for any such payments, except as otherwise provided in
Section 4.02 or Article VI. With respect to any SpinCo non-employee director, SpinCo shall be responsible for the payment of any fees for service on the SpinCo Board that are earned at any time
after the Effective Time and Parent shall not have any responsibility for any such payments. Notwithstanding the foregoing, SpinCo shall commence paying quarterly cash retainers to SpinCo non-employee
directors in respect of the quarter in which the Effective Time occurs; provided that (a) if Parent has already paid such quarter’s cash retainers to Parent Non-Employee Directors prior to the
Effective Time, then within thirty (30) days after the Distribution Date, SpinCo shall pay Parent an amount equal to the portion of such payment that is attributable to Transferred Directors’ service to SpinCo after the Distribution Date
(other than any amount that is subject to a deferral election and is credited or will be credited to any such director’s account under the Cars.com Deferred Compensation Plan), and (b) if Parent has not yet paid such quarter’s cash
retainers to Parent Non-Employee Directors prior to the Effective Time, then within thirty (30) days after the Distribution Date, Parent shall pay SpinCo an amount equal to the portion of such payment
that is attributable to Transferred Directors’ service to Parent on and prior to the Distribution Date. 
 ARTICLE V 

401(K) RETIREMENT PLANS 

Section 5.01. SpinCo 401(k) Plans. From and following the Distribution Date, (a) SpinCo shall retain pursuant to
Section 2.03(b) the SpinCo 401(k) Plans and related trust thereunder, including all related Assets and Liabilities and (b) Parent shall retain the Parent 401(k) Plan and related trust thereunder, including all related
Assets and Liabilities. 
 Section 5.02. SpinCo Share Fund in Parent 401(k) Plan. SpinCo Shares
distributed in connection with the Distribution in respect of Parent Shares transferred to the Parent 401(k) Plan accounts of Parent Group Employees or Former Parent Group Employees who participate in the Parent 401(k) Plan shall be deposited in a
Share Fund for SpinCo Shares (the “SpinCo Share Fund”) under the Parent 401(k) Plan, and such participants in the Parent 401(k) Plan shall be prohibited from increasing their holdings in such SpinCo Share Fund under the Parent
401(k) Plan and may elect to liquidate their holdings in such SpinCo Share Fund and invest those monies in any other investment fund offered under the Parent 401(k) Plan. 

Section 5.03. Plan Fiduciaries. For all periods on and after the Distribution Date, the Parties agree that the applicable
fiduciaries of each of the Parent 401(k) Plan and the SpinCo 401(k) Plans, respectively, shall have the authority with respect to the Parent 401(k) Plan and the SpinCo 401(k) Plans, respectively, to determine the investment alternatives, the terms
and conditions with respect to those investment alternatives and such other matters as are within the scope of their duties under ERISA and the terms of the applicable plan documents. 

  
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 ARTICLE VI 

NONQUALIFIED DEFERRED COMPENSATION PLAN 

Effective as of no later than the Effective Time, the SpinCo Group shall establish the Cars.com Deferred Compensation Plan, which shall
assume, as of no later than the Effective Time, all Liabilities under the TEGNA Inc. Deferred Compensation Plan related to the Transferred Directors, and the TEGNA Inc. Deferred Compensation Plan shall have no further obligations related to the
Transferred Directors from and following the Effective Time. Notwithstanding any provision of this Agreement to the contrary, from and following the Effective Time, (a) the Parent Group shall retain all Assets and Liabilities related to the
TEGNA Inc. Deferred Compensation Plan and (b) the SpinCo Group shall retain all Assets and Liabilities related to the Cars.com, LLC Long Term Incentive Plan, The Cars.com Share Appreciation Rights Plan and the Cars.com Deferred Compensation
Plan. Subject to the immediately following sentence, as of the Effective Time, all Parent Shares notionally credited to participants’ accounts under the TEGNA Inc. Deferred Compensation Plan and the Cars.com Deferred Compensation Plan shall be
notionally credited with SpinCo Shares as determined by applying the Distribution Ratio in the same way as if the notionally credited Parent Shares were outstanding and vested as of the Effective Time. As of the Effective Time, all Parent Awards
that have been deferred and credited to participants’ accounts under the TEGNA Inc. Deferred Compensation Plan and the Cars.com Deferred Compensation Plan shall be notionally adjusted in the manner contemplated by
Section 4.02 with respect to each such award. As of no later than the Effective Time, the TEGNA Inc. Deferred Compensation Plan shall be amended to provide that (x) any notional SpinCo Shares or SpinCo Awards credited
to participants’ accounts under such plan that would ordinarily be settled in SpinCo Shares shall be settled for cash, (y) vested SpinCo Awards may, at the election of the applicable participant, be notionally invested into an investment
alternative other than SpinCo Shares and (z) participants in the TEGNA Inc. Deferred Compensation Plan shall be prohibited from increasing their investments in notional SpinCo Shares under the TEGNA Inc. Deferred Compensation Plan and may elect
to liquidate their holdings in such notional SpinCo Shares and invest those monies in any other investment fund offered under the TEGNA Inc. Deferred Compensation Plan. As of no later than the Effective Time, the Cars.com Deferred Compensation Plan
shall provide that any notional Parent Shares or Post-Separation Parent Awards that would ordinarily be settled in Parent Shares shall be settled for cash, and Parent Shares and vested Post-Separation Parent Awards may, at the election of the
applicable participant, be notionally invested into an investment alternative other than Parent Shares. 
 ARTICLE VII 

WELFARE BENEFIT PLANS 

Section 7.01. Welfare Plans. 

(a) Retention of SpinCo Welfare Plans. Except as otherwise provided in this Article VII, as of
the Effective Time, SpinCo shall retain the SpinCo Welfare Plans pursuant to Section 2.03(b). 

  
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 (b) Allocation of Welfare Plan Assets and Liabilities. Effective as of the Effective Time,
the Parent Group shall retain or assume, as applicable, and be responsible for all Assets (including any insurance contracts, policies or other funding vehicles) and Liabilities relating to, arising out of or resulting from health and welfare
coverage or claims incurred by or on behalf of Parent Group Employees or Former Parent Group Employees before, at, or after the Effective Time, and the SpinCo Group shall retain or assume, as applicable, and be responsible for all Assets (including
any insurance contracts, policies or other funding vehicles) and Liabilities relating to, arising out of or resulting from health and welfare coverage or claims incurred by or on behalf of SpinCo Group Employees or Former SpinCo Group Employees
before, at, or after the Effective Time. No SpinCo Welfare Plan shall provide coverage to any Parent Group Employee or Former Parent Group Employee after the Effective Time, and no Parent Welfare Plan shall provide coverage to any SpinCo Group
Employee or Former SpinCo Group Employee after the Effective Time. 
 Section 7.02. COBRA and HIPAA. The Parent Group shall
continue to be responsible for complying with, and providing coverage pursuant to, the health care continuation requirements of COBRA, and the corresponding provisions of the Parent Welfare Plans with respect to any Parent Group Employees and any
Former Parent Group Employees (and their covered dependents) who incur a qualifying event under COBRA before, as of, or after the Effective Time. The SpinCo Group shall continue to be responsible for complying with, and providing coverage pursuant
to, the health care continuation requirements of COBRA, and the corresponding provisions of the SpinCo Welfare Plans with respect to any SpinCo Group Employees or Former SpinCo Group Employees (and their covered dependents) who incur a qualifying
event or loss of coverage under the SpinCo Welfare Plans and/or the Parent Welfare Plans before, as of, or after the Effective Time. The Parties agree that the consummation of the transactions contemplated by the Separation and Distribution
Agreement shall not constitute a COBRA qualifying event for any purpose of COBRA. 
 Section 7.03. Vacation, Holidays and Leaves of
Absence. From and following than the Effective Time, (a) the SpinCo Group shall retain all Liabilities with respect to vacation, holiday, annual leave or other leave of absence, and required payments related thereto, for each SpinCo Group
Employee, unless otherwise required by applicable Law, and (b) the Parent Group shall retain all Liabilities with respect to vacation, holiday, annual leave or other leave of absence, and required payments related thereto, for each Parent Group
Employee. 
 Section 7.04. Severance and Unemployment Compensation. From and following than the Effective Time, (a) the
SpinCo Group shall retain any and all Liabilities to, or relating to, SpinCo Group Employees and Former SpinCo Group Employees in respect of severance, and unemployment compensation, regardless of whether the event giving rise to the Liability
occurred before, at or after the Effective Time, and (b) the Parent Group shall retain any and all Liabilities to, or relating to, Parent Group Employees and Former Parent Group Employees in respect of severance, and unemployment compensation,
regardless of whether the event giving rise to the Liability occurred before, at or after the Effective Time. 

  
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 Section 7.05. Workers’ Compensation. With respect to claims for
workers’ compensation in the U.S., (a) the SpinCo Group shall be responsible for claims in respect of SpinCo Group Employees and Former SpinCo Group Employees, whether occurring before, at or after the Effective Time, and (b) the
Parent Group shall be responsible for all claims in respect of Parent Group Employees and Former Parent Group Employees, whether occurring before, at or after the Effective Time. The treatment of workers’ compensation claims by SpinCo with
respect to Parent insurance policies shall be governed by Section 5.1 of the Separation and Distribution Agreement. 

Section 7.06. Insurance Contracts. To the extent that any Welfare Plan is funded through the purchase of an insurance contract or
is subject to any stop loss contract, the Parties shall cooperate and use their commercially reasonable efforts to replicate such insurance contracts for SpinCo or Parent as applicable (except to the extent that changes are required under applicable
Law or filings by the respective insurers) and to maintain any pricing discounts or other preferential terms for both Parent and SpinCo for a reasonable term. Neither Party shall be liable for failure to obtain such insurance contracts, pricing
discounts, or other preferential terms for the other Party. Each Party shall be responsible for any additional premiums, charges, or administrative fees that such Party may incur pursuant to this Section 7.06. 

Section 7.07. Third-Party Vendors. Except as provided below, to the extent that any Welfare Plan is administered by a third-party
vendor, the Parties shall cooperate and use their commercially reasonable efforts to replicate any contract with such third-party vendor for Parent or SpinCo, as applicable and to maintain any pricing discounts or other preferential terms for both
Parent and SpinCo for a reasonable term. Neither Party shall be liable for failure to obtain such pricing discounts or other preferential terms for the other Party. Each Party shall be responsible for any additional premiums, charges, or
administrative fees that such Party may incur pursuant to this Section 7.07. 
 ARTICLE VIII 

MISCELLANEOUS 
 Section 8.01.
Information Sharing and Access. 
 (a) Sharing of Information. Subject to any limitations imposed by applicable Law, each of
Parent and SpinCo (acting directly or through members of the Parent Group or the SpinCo Group, respectively) shall provide to the other Party and its authorized agents and vendors all information necessary (including information for purposes of
determining benefit eligibility, participation, vesting, calculation of benefits) on a timely basis under the circumstances for the Party to perform its duties under this Agreement. Such information shall include information relating to equity
awards under stock plans. To the extent that such information is maintained by a third-party vendor, each Party shall use its commercially reasonable efforts to require the third-party vendor to provide the necessary information and assist in
resolving discrepancies or obtaining missing data. 
 (b) Transfer of Personnel Records and Authorization. Subject to any limitation
imposed by applicable Law and to the extent that it has not done so before the Effective Time, Parent shall transfer to SpinCo any and all employment records (including any Form I-9, Form W-2 or other IRS forms) with respect to SpinCo Group Employees and Former SpinCo Group Employees and other records reasonably required by SpinCo to enable SpinCo properly to carry out its obligations under this
Agreement. Such transfer of records generally shall occur as soon as administratively practicable at or after the Effective Time. Each Party shall permit the other Party reasonable access to its Employee records, to the extent reasonably necessary
for such accessing Party to carry out its obligations hereunder. 

  
 -24- 

 (c) Access to Records. To the extent not inconsistent with this Agreement, the Separation
and Distribution Agreement or any applicable privacy protection Laws or regulations, reasonable access to Employee-related and benefit plan related records after the Effective Time shall be provided to members of the Parent Group and members of the
SpinCo Group pursuant to the terms and conditions of Article VI of the Separation and Distribution Agreement. 
 (d) Maintenance of
Records. With respect to retaining, destroying, transferring, sharing, copying and permitting access to all Employee-related information, Parent and SpinCo shall comply with all applicable Laws, regulations and internal policies, and shall
indemnify and hold harmless each other from and against any and all Liability, Actions, and damages that arise from a failure (by the indemnifying Party or its Subsidiaries or their respective agents) to so comply with all applicable Laws,
regulations and internal policies applicable to such information. 
 (e) Cooperation. Each Party shall use commercially reasonable
efforts to cooperate and work together to unify, consolidate and share (to the extent permissible under applicable privacy/data protection Laws) all relevant documents, resolutions, government filings, data, payroll, employment and benefit plan
information on regular timetables and cooperate as needed with respect to (i) any claims under or audit of or litigation with respect to any employee benefit plan, policy or arrangement contemplated by this Agreement, (ii) efforts to seek
a determination letter, private letter ruling or advisory opinion from the IRS or U.S. Department of Labor on behalf of any employee benefit plan, policy or arrangement contemplated by this Agreement, (iii) any filings that are required to be
made or supplemented to the IRS, U.S. Pension Benefit Guaranty Corporation, U.S. Department of Labor or any other Governmental Authority, and (iv) any audits by a Governmental Authority or corrective actions, relating to any Benefit Plan, labor
or payroll practices; provided, however, that requests for cooperation must be reasonable and not interfere with daily business operations. 

(f) Confidentiality. Notwithstanding anything in this Agreement to the contrary, all confidential records and data relating to Employees
to be shared or transferred pursuant to this Agreement shall be subject to Section 6.9 of the Separation and Distribution Agreement and the requirements of applicable Law. 

Section 8.02. Preservation of Rights to Amend. Except as set forth in this Agreement, the rights of each member of the Parent
Group and each member of the SpinCo Group to amend, waive, or terminate any plan, arrangement, agreement, program, or policy referred to herein shall not be limited in any way by this Agreement. 

Section 8.03. Fiduciary Matters. Parent and SpinCo each acknowledges that actions required to be taken pursuant to this Agreement
may be subject to fiduciary duties or standards of conduct under ERISA or other applicable Law, and no Party shall be deemed to be in violation of this Agreement if it fails to comply with any provisions hereof based upon its good-faith
determination (as supported by advice from counsel experienced in such matters) that to do so would violate such a fiduciary duty or standard. Each Party shall be responsible for taking such actions as are deemed necessary and appropriate to comply
with its own fiduciary responsibilities and shall fully release and indemnify the other Party for any Liabilities caused by the failure to satisfy any such responsibility. 

  
 -25- 

 Section 8.04. Further Assurances. Each Party hereto shall take, or cause to be taken,
any and all reasonable actions, including the execution, acknowledgment, filing and delivery of any and all documents and instruments that any other Party hereto may reasonably request in order to effect the intent and purpose of this Agreement and
the transactions contemplated hereby. 
 Section 8.05. Counterparts; Entire Agreement; Corporate Power. 

(a) This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become
effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party. 
 (b) This Agreement, the
Separation and Distribution Agreement and the Ancillary Agreements and the Exhibits, Schedules and appendices hereto and thereto contain the entire agreement between the Parties with respect to the subject matter hereof, supersede all previous
agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings between the Parties other than those set forth or referred to herein or
therein. This Agreement, the Separation and Distribution Agreement and the Ancillary Agreements govern the arrangements in connection with the Separation and Distribution and would not have been entered independently. 

(c) Parent represents on behalf of itself and each other member of the Parent Group, and SpinCo represents on behalf of itself and each other
member of the SpinCo Group, as follows: 
 (i) each such Person has the requisite corporate or other power and authority and has taken all
corporate or other action necessary in order to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby; and 

(ii) this Agreement has been duly executed and delivered by it and constitutes a valid and binding agreement of it enforceable in accordance
with the terms hereof. 
 (d) Each Party acknowledges that it and each other Party is executing this Agreement by facsimile, stamp or
mechanical signature, and that delivery of an executed counterpart of a signature page to this Agreement (whether executed by manual, stamp or mechanical signature) by facsimile or by email in portable document format (PDF) shall be effective
as delivery of such executed counterpart of this Agreement. Each Party expressly adopts and confirms each such facsimile, stamp or mechanical signature (regardless of whether delivered in person, by mail, by courier, by facsimile or by email in
portable document format (PDF)) made in its respective name as if it were a manual signature delivered in person, agrees that it will not assert that any such signature or delivery is not adequate to bind such Party to the same extent as if it were
signed manually and delivered in person and agrees that, at the reasonable request of the other Party at any time, it will as promptly as reasonably practicable cause this Agreement to be manually executed (any such execution to be as of the date of
the initial date thereof) and delivered in person, by mail or by courier. 

  
 -26- 

 Section 8.06. Governing Law. This Agreement (and any claims or disputes arising out
of or related hereto or to the transactions contemplated hereby or to the inducement of any Party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common Law, statute or otherwise) shall be
governed by and construed and interpreted in accordance with the Laws of the State of Delaware, irrespective of the choice of Laws principles of the State of Delaware, including all matters of validity, construction, effect, enforceability,
performance and remedies. 
 Section 8.07. Assignability. This Agreement shall be binding upon and inure to the benefit of the
Parties and their respective successors and permitted assigns; provided, however, that neither Party may assign its rights or delegate its obligations under this Agreement without the express prior written consent of the other Party
hereto. Notwithstanding the foregoing, no such consent shall be required for the assignment of a party’s rights and obligations under this Agreement, the Separation and Distribution Agreement and all other Ancillary Agreements (except as may be
otherwise provided in any such Ancillary Agreement) in whole (i.e., the assignment of a party’s rights and obligations under this Agreement and all Ancillary Agreements all at the same time) in connection with a change of control of a
Party so long as the resulting, surviving or transferee Person assumes all the obligations of the relevant party thereto by operation of Law or pursuant to an agreement in form and substance reasonably satisfactory to the other Party. 

Section 8.08. Third-Party Beneficiaries. The provisions of this Agreement are solely for the benefit of the Parties and are not
intended to confer upon any other Person except the Parties any rights or remedies hereunder. There are no third-party beneficiaries of this Agreement and this Agreement shall not provide any third person with any remedy, claim, Liability,
reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. Nothing in this Agreement is intended to amend any employee benefit plan or affect the applicable plan sponsor’s right to amend or
terminate any employee benefit plan pursuant to the terms of such plan. The provisions of this Agreement are solely for the benefit of the Parties, and no current or former Employee, officer, director, or independent contractor or any other
individual associated therewith shall be regarded for any purpose as a third-party beneficiary of this Agreement. 
 Section 8.09.
Notices. All notices, requests, claims, demands or other communications under this Agreement shall be in writing and shall be given or made (and except as provided herein, shall be deemed to have been duly given or made upon receipt) by
delivery in person, by overnight courier service, by certified mail, return receipt requested, by facsimile, or by electronic mail (“e-mail”), so long as confirmation of receipt of such e-mail is requested and received, to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this
Section 8.09): 

  
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 If to Parent, to: 

TEGNA Inc. 
 7950 Jones Branch
Drive 
 McLean, Virginia 22107 

Attention: Chief Legal and Administrative Officer 

Fax:          (703) 873-6331 

E-mail:      lawdept@tegna.com 

with a copy to: 
 Wachtell,
Lipton, Rosen & Katz 
 51 West 52nd Street 

New York, New York 10019 

Attention: Igor Kirman 

        Victor Goldfeld 

Fax:         (212) 403-2000 

E-mail:    IKirman@wlrk.com 

        VGoldfeld@wlrk.com 

If to SpinCo (prior to the Effective Time), to: 

Cars.com Inc. 
 c/o TEGNA Inc.

 7950 Jones Branch Drive 

McLean, Virginia 22107 

Attention: Chief Legal and Administrative Officer 

Fax:          (703) 873-6331 

E-mail:      lawdept@tegna.com 

with a copy to: 
 Wachtell,
Lipton, Rosen & Katz 
 51 West 52nd Street 

New York, New York 10019 

Attention: Igor Kirman 

         Victor Goldfeld 

Fax:          (212) 403-2000 

E-mail:      IKirman@wlrk.com 

        VGoldfeld@wlrk.com 

and a copy to: 
 Cars.com Inc.

 175 West Jackson Boulevard 

Chicago, Illinois 60604 

Attention: Chief Legal Officer 

Fax:          (312) 601-5865 

E-mail:     legal@cars.com 

  
 -28- 

 If to SpinCo (from and after the Effective Time), to: 

Cars.com Inc. 
 175 West Jackson
Boulevard 
 Chicago, Illinois 60604 

Attention: Chief Legal Officer 

Fax:          (312) 601-5865 

E-mail:     legal@cars.com 

with a copy to: 
 Wachtell,
Lipton, Rosen & Katz 
 51 West 52nd Street 

New York, New York 10019 

Attention: Igor Kirman 

        Victor Goldfeld 

Fax:         (212) 403-2000 

E-mail:     IKirman@wlrk.com 

         VGoldfeld@wlrk.com 

A Party may, by notice to the other Party, change the address to which such notices are to be given. 

Section 8.10. Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is
determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to which it has been held
invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination, the Parties shall negotiate in good faith in an effort to agree upon a suitable and equitable
provision to effect the original intent of the Parties. 
 Section 8.11. Force Majeure. No Party shall be deemed in default of
this Agreement or, unless otherwise expressly provided therein, any Ancillary Agreement for any delay or failure to fulfill any obligation (other than a payment obligation) hereunder or thereunder so long as and to the extent to which any delay or
failure in the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a consequence of circumstances of Force Majeure. In the event of any such excused delay, the time for performance of such obligations (other than a
payment obligation) shall be extended for a period equal to the time lost by reason of the delay. A Party claiming the benefit of this provision shall, as soon as reasonably practicable after the occurrence of any such event, (a) provide
written notice to the other Party of the nature and extent of any such Force Majeure condition; and (b) use commercially reasonable efforts to remove any such causes and resume performance under this Agreement and the Ancillary Agreements, as
applicable, as soon as reasonably practicable. 

  
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 Section 8.12. Headings. The article, section and paragraph headings contained in this
Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

Section 8.13. Survival of Covenants. Except as expressly set forth in this Agreement, the covenants,
representations and warranties contained in this Agreement, and Liability for the breach of any obligations contained herein, shall survive the Separation and Distribution and shall remain in full force and effect. 

Section 8.14. Waivers of Default. Waiver by a Party of any default by the other Party of any provision of this Agreement shall not
be deemed a waiver by the waiving Party of any subsequent or other default, nor shall it prejudice the rights of the other Party. No failure or delay by a Party in exercising any right, power or privilege under this Agreement shall operate as a
waiver thereof, nor shall a single or partial exercise thereof prejudice any other or further exercise thereof or the exercise of any other right, power or privilege. 

Section 8.15. Dispute Resolution. The dispute resolution procedures set forth in Article VII of the Separation and Distribution
Agreement shall apply to any dispute, controversy or claim arising out of or relating to this Agreement. 
 Section 8.16. Specific
Performance. Subject to the provisions of Article VII of the Separation and Distribution Agreement, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party or
Parties who are, or are to be, thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief in respect of its or their rights under this Agreement, in addition to any and all other rights and remedies at
Law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at Law for any breach or threatened breach, including monetary damages, are inadequate compensation for any Loss and that any defense in any
Action for specific performance that a remedy at Law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are hereby waived by each of the Parties. 

Section 8.17. Amendments. No provisions of this Agreement shall be deemed waived, amended, supplemented or modified by a Party,
unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of the Party against whom it is sought to enforce such waiver, amendment, supplement or modification. 

Section 8.18. Interpretation. In this Agreement, (a) words in the singular shall be deemed to include the plural and vice
versa and words of one gender shall be deemed to include the other genders as the context requires; (b) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be
construed to refer to this Agreement as a whole (including all of the Schedules, Exhibits and Appendices hereto) and not to any particular provision of this Agreement; (c) Article, Section, Schedule, Exhibit and Appendix references are to the
Articles, Sections, Schedules, Exhibits and Appendices to this Agreement unless otherwise specified; (d) unless otherwise stated, all references to any agreement shall be deemed to include the exhibits, schedules and annexes to such agreement;
(e) the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified; (f) the word “or” shall not be exclusive;
(g) unless otherwise specified in a 

  
 -30- 

 
particular case, the word “days” refers to calendar days; (h) references to “business day” shall mean any day other than a Saturday, a Sunday or a day on which banking
institutions are generally authorized or required by Law to close in the U.S. or McLean, Virginia; (i) references herein to this Agreement or any other agreement contemplated herein shall be deemed to refer to this Agreement or such other
agreement as of the date on which it is executed and as it may be amended, modified or supplemented thereafter, unless otherwise specified; and (j) unless expressly stated to the contrary in this Agreement, all references to “the date
hereof,” “the date of this Agreement,” “hereby” and “hereupon” and words of similar import shall all be references to May 31, 2017. 

Section 8.19. Limitations of Liability. Notwithstanding anything in this Agreement to the contrary, neither SpinCo or any member
of the SpinCo Group, on the one hand, nor Parent or any member of the Parent Group, on the other hand, shall be liable under this Agreement to the other for any indirect, punitive, exemplary, remote, speculative or similar damages in excess of
compensatory damages of the other arising in connection with the transactions contemplated hereby (other than any such Liability with respect to a Third-Party Claim). 

Section 8.20. Mutual Drafting. This Agreement shall be deemed to be the joint work product of the Parties and any rule of
construction that a document shall be interpreted or construed against a drafter of such document shall not be applicable. 
 [Remainder
of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the Parties have caused this Employee Matters Agreement to be executed by
their duly authorized representatives as of the date first written above. 
  

			
	TEGNA INC.
		
	By:	 	 /s/ Todd A. Mayman

	Name:	 	Todd A. Mayman
	Title:	 	 Executive Vice President, Chief
 Legal and
Administrative Officer

	
	CARS.COM INC.
		
	By:	 	 /s/ Todd A. Mayman

	Name:	 	Todd A. Mayman
	Title:	 	Vice President

 [Signature Page to Employee Matters Agreement]EX-10.4

 Exhibit 10.4 
  

 
  
  

 
  

Cars.com Inc. 
 Omnibus
Incentive Compensation Plan 

 Contents 
  

							
	 Introduction
	  	 	1	 
			
	 Article 1.
	  	 Establishment, Objectives, Duration and Service Credit
	  	 	1	 
			
	 Article 2.
	  	 Definitions
	  	 	2	 
			
	 Article 3.
	  	 Administration
	  	 	7	 
			
	 Article 4.
	  	 Shares Subject to the Plan and Maximum Awards; Adjusted and Substituted Awards
	  	 	7	 
			
	 Article 5.
	  	 Eligibility and Participation
	  	 	10	 
			
	 Article 6.
	  	 Stock Options
	  	 	11	 
			
	 Article 7.
	  	 Stock Appreciation Rights
	  	 	12	 
			
	 Article 8.
	  	 Restricted Stock/Stock Awards
	  	 	14	 
			
	 Article 9.
	  	 Restricted Stock Units, Performance Units, Performance Shares, and Cash-Based Awards
	  	 	15	 
			
	 Article 10.
	  	 Performance Measures
	  	 	16	 
			
	 Article 11.
	  	 Beneficiary Designation
	  	 	18	 
			
	 Article 12.
	  	 Deferrals
	  	 	19	 
			
	 Article 13.
	  	 Rights of Employees/Directors
	  	 	19	 
			
	 Article 14.
	  	 Termination of Employment/Directorship
	  	 	19	 
			
	 Article 15.
	  	 Change in Control
	  	 	19	 
			
	 Article 16.
	  	 Amendment, Modification, Termination and Tax Compliance
	  	 	23	 
			
	 Article 17.
	  	 Withholding
	  	 	24	 
			
	 Article 18.
	  	 Successors
	  	 	25	 
			
	 Article 19.
	  	 General Provisions
	  	 	25	 

  
 i 

 Cars.com Inc. 

Omnibus Incentive Compensation Plan 

Introduction 
 In 2017, TEGNA Inc. (the
“Predecessor Company”) separated its digital automotive marketplace business from its media and other digital businesses. The separation occurred when TEGNA Inc. contributed its digital automotive marketplace businesses to a newly formed
subsidiary, Cars.com Inc. (the “Company”), and distributed the stock of Cars.com Inc. to its shareholders (the “Spin-off”). 

Awards under this Plan include awards granted to employees and directors of the Predecessor Company or its Affiliates under the Predecessor Company’s
2001 Omnibus Incentive Compensation Plan (Amended and Restated as of May 4, 2010), as amended, that have been converted in connection with the Spin-off to awards under this Plan (the “Adjusted
Awards”). The terms of such conversion are generally specified in that certain Employee Matters Agreement by and between the Company and Predecessor Company dated May 31, 2017 (the “Employee Matters Agreement”). Notwithstanding any
other provision of this Plan or the Predecessor Plan (as defined below), no Participant shall be entitled to duplicate benefits under both such Plans with respect to the same period of service or compensation. 

 

	Article 1.	Establishment, Objectives, Duration and Service Credit 

 1.1 Establishment of the
Plan. The Company, a Delaware corporation, hereby adopts this Cars.com Omnibus Incentive Compensation Plan (hereinafter referred to as the “Plan”), as set forth in this document. The Plan permits the grant of Nonqualified Stock
Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Stock Awards, Restricted Stock Units, Performance Shares, Performance Units, and Cash-Based Awards. The Plan shall become effective as of May 31, 2017 (the
“Effective Date”) and shall remain in effect as provided in Section 1.3 hereof. 
 1.2 Objectives of the Plan.
The objectives of the Plan are to optimize the profitability and growth of the Company through annual and long-term incentives that are consistent with the Company’s goals and that link the personal interests of Participants to those of the
Company’s stockholders, to provide Participants with an incentive for excellence in individual performance, and to promote teamwork among Participants. The Plan is further intended to provide flexibility to the Company and its Affiliates in
their ability to motivate, attract, and retain the services of Participants who make significant contributions to the Company’s success and to allow Participants to share in that success. 

1.3 Duration of the Plan. The Plan shall commence on the Effective Date and shall remain in effect, subject to the right of the
Committee to amend or terminate the Plan at any time pursuant to Article 16 hereof, until all Shares subject to it shall have been purchased or acquired according to the Plan’s provisions. However, in no event may an Award be granted under the
Plan on or after the tenth (10th) anniversary of the Effective Date. 

 1.4 Service Credit. For each Employee who is employed immediately following the
date of the Spin-off by the Company or an Affiliate of the Company and each “Former SpinCo Group Employee” (as defined in the Employee Matters Agreement), service shall be recognized with the
Predecessor Company, Gannett Co., Inc. or any of their subsidiaries or predecessor entities at or before the Effective Date, to the same extent that such service was recognized by the Predecessor Company under the Predecessor Plan prior to the date
of the Spin-off as if such service had been performed for the Company for purposes of eligibility, vesting and determination of level of benefits under this Plan. 

 

	Article 2.	Definitions 

 Whenever used in the Plan, the following terms shall have the meanings set forth below, and
when the meaning is intended, the initial letter of the word shall be capitalized: 
 2.1 “Affiliate” shall have the meaning
ascribed to such term in Rule 12b-2 of the General Rules and Regulations of the Exchange Act. 

2.2 “Adjusted Award” means Awards granted under the Predecessor Plan that are converted into Awards in respect of
Shares pursuant to the Employee Matters Agreement. 
 2.3 “Award” means, individually or collectively, a grant under this
Plan of Nonqualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, Stock Awards, Restricted Stock Units, Performance Shares, Performance Units, or Cash-Based Awards, and including Adjusted Awards and Substitute
Awards. 
 2.4 “Award Agreement” means a written or electronic agreement entered into by the Company and each Participant or
a written or electronic statement issued by the Company to a Participant, which in either case sets forth the terms and provisions applicable to Awards granted under this Plan. 

2.5 “Beneficial Owner” or “Beneficial Ownership” shall have the meaning ascribed to such term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act. 
 2.6 “Board” or
“Board of Directors” means the Board of Directors of the Company. 
 2.7 “Cash-Based Award” means an Award
granted to a Participant whose value is denominated in cash as described in Article 9 hereof and including for service as a Director, cash-based amounts (including, without limitation, retainers) granted under the Plan. 

2.8 “Change in Control” means the first to occur of the following: 

(a) 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 

  
 2 

 
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 (c)(i), (c)(ii) and (c)(iii) below; 

(b) individuals who, as of the Effective Date, 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; 

(c) 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 

  
 3 

 (d) approval by the stockholders of the Company of a complete liquidation or
dissolution of the Company. 
 Notwithstanding the foregoing, in no event will the Spin-off be
treated as a Change in Control. The Committee may specify that the definition of Change in Control shall also require the event to constitute an event that is 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. 
 2.9 “Code” means the Internal
Revenue Code of 1986, as amended from time to time. 
 2.10 “Committee” means any committee appointed by the Board to
administer Awards to Employees or Directors, as specified in Article 3 hereof. 
 2.11 “Company” means Cars.com Inc., a
Delaware corporation and any successor thereto as provided in Article 18 hereof. 
 2.12 “Covered Employee” means a
Participant who is one of the group of “covered employees,” as defined in the regulations promulgated under Code Section 162(m), or any successor statute, or a Participant who is designated by the Committee to be treated as a “covered
employee”. 
 2.13 “Director” means any individual who is a member of the Board of Directors of the Company; provided,
however, that any Director who is employed by the Company shall be considered an Employee under the Plan. 
 2.14
“Disability” shall have the meaning ascribed to such term in the Award Agreement. If no such definition is provided in the Award Agreement, “Disability” shall mean a medically determinable physical or mental impairment which
can be expected to result in death or has lasted or can be expected to last for a continuous period of not less than six months if such disabling condition renders the person unable to perform the material and substantial duties of his or her
occupation. With respect to Section 409A Awards that become payable upon a disability, such disability must also qualify as a disability within the meaning of Treasury Regulation 1.409A-3(i)(4). 

2.15 “Effective Date” shall have the meaning ascribed to such term in Section 1.1 hereof. 

2.16 “Employee” means any employee of the Company or its Subsidiaries or Affiliates. 

2.17 “Employee Matters Agreement” means the Employee Matters Agreement by and between the Company and Predecessor
Company dated May 31, 2017. 
 2.18 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time,
or any successor act thereto. 

  
 4 

 2.19 “Fair Market Value” as of any date and in respect of any Share means the
then most recent closing price of a Share, provided that, if Shares shall not have been traded on the New York Stock Exchange for more than 10 days immediately preceding such date or if deemed appropriate by the Committee for any other reason, the
fair market value of Shares shall be as determined by the Committee in such other manner as it may deem appropriate, provided that such valuation is consistent with the requirements of Section 409A. In no event shall the fair market value of any
Share be less than its par value. 
 2.20 “Freestanding SAR” means an SAR that is granted independently of any Options, as
described in Article 7 hereof. 
 2.21 “Incentive Stock Option” or “ISO” means an option to purchase Shares
granted under Article 6 hereof and that is designated as an Incentive Stock Option and that is intended to meet the requirements of Code Section 422. To the extent that an option is granted that is intended to meet the requirements of Code
Section 422, but fails to meet such requirements, the option will be treated as a NQSO. 
 2.22 “Insider” shall mean an
individual who is, on the relevant date, an executive officer, director or ten percent (10%) beneficial owner of any class of the Company’s equity securities that is registered pursuant to Section 12 of the Exchange Act, all as defined
under Section 16 of the Exchange Act. 
 2.23 “Nonqualified Stock Option” or “NQSO” means an option to
purchase Shares granted under Article 6 hereof and that is not intended to be treated as an Incentive Stock Option, or that otherwise does not meet such requirements. 

2.24 “Option” means an Incentive Stock Option or a Nonqualified Stock Option, as described in Article 6 hereof. 

2.25 “Option Price” means the price at which a Share may be purchased by a Participant pursuant to an Option. 

2.26 “Participant” means an Employee or Director who has been selected to receive an Award or who has outstanding an Award
granted under the Plan. 
 2.27 “Performance-Based Exception” means the performance-based exception from the tax
deductibility limitations of Code Section 162(m). 
 2.28 “Performance Share” means an Award granted to a Participant
whose value is denominated in Shares and is earned by satisfaction of specified performance goals and such other terms and conditions that the Committee may specify, as described in Article 9 hereof. 

2.29 “Performance Unit” means an Award granted to a Participant whose value is specified by the Committee and is earned
by satisfaction of specified performance goals and such other terms and conditions that the Committee may specify, as described in Article 9 hereof. 

  
 5 

 2.30 “Period of Restriction” means the period during which the transfer
of Shares of Restricted Stock is not permitted (e.g., based on the passage of time, the achievement of performance goals, or upon the occurrence of other events as determined by the Committee, at its discretion), and the Shares are subject to a
substantial risk of forfeiture, pursuant to the Restricted Stock Award Agreement, as provided in Article 8 hereof. 
 2.31
“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof. 

2.32 “Predecessor Company” means TEGNA Inc. 

2.33 “Predecessor Plan” means the TEGNA Inc. 2001 Omnibus Incentive Compensation Plan (Amended and Restated as of
May 4, 2010), as amended, as maintained by the Predecessor Company prior to the Effective Date of this Plan. 
 2.34
“Restricted Stock” means an Award granted to a Participant pursuant to Article 8 hereof. 
 2.35 “Restricted
Stock Units” means an Award granted to a Participant whose value is denominated in Shares and is earned by satisfaction of specified service requirements and such other terms and conditions that the Committee may specify, as described in
Article 9 hereof. 
 2.36 “Retirement” means a termination of employment after attaining age 55 and completing 5
years of service, attaining age 65 or such other definition set forth in an Award Agreement. 
 2.37 “Section 409A” means
Code Section 409A and the regulations and other guidance issued thereunder. 
 2.38 “Section 409A Award” means an Award that
is subject to the requirements of Section 409A. 
 2.39 “Shares” means the Company’s common stock, par value
$0.01 per share. 
 2.40 “Stock Appreciation Right” or “SAR” means an Award, granted alone or in
connection with a related Option, designated as an SAR, pursuant to the terms of Article 7 hereof. 
 2.41 “Stock Award”
means an Award of Shares granted to a Participant pursuant to Section 8.7 hereof. 
 2.42 “Subsidiary” means any
corporation, partnership, limited liability company, joint venture, or other entity in which the Company directly or indirectly has a majority voting interest. 

  
 6 

 2.43 “Substitute Awards” means Awards granted upon assumption of, or in
substitution for, outstanding awards previously granted by a company or other entity (i) all or a portion of the assets or equity of which is acquired by the Company or (ii) with which the Company merges or otherwise combines. 

2.44 “Tandem SAR” means an SAR that is granted in connection with a related Option pursuant to Article 7 hereof, the
exercise of which shall require forfeiture of the right to purchase a Share under the related Option (and when a Share is purchased under the Option, the Tandem SAR shall similarly be canceled). 

 

	Article 3.	Administration 

 3.1 General. Subject to the terms and conditions of the
Plan, the Plan shall be administered by the Committee. The members of the Committee shall be appointed from time to time by, and shall serve at the discretion of, the Board of Directors. The Committee shall have the authority to delegate
administrative duties to officers of the Company. 
 3.2 Authority of the Committee. Except as limited by law or by the
Certificate of Incorporation or Bylaws of the Company, and subject to the provisions herein (including, with respect to Section 409A Awards, the requirements of Section 409A), the Committee shall have full power to select Employees and Directors who
shall participate in the Plan; determine the sizes and types of Awards; determine the terms and conditions of Awards in a manner consistent with the Plan; construe and interpret the Plan and any agreement or instrument entered into under the Plan;
establish, amend, or waive rules and regulations for the Plan’s administration; and amend the terms and conditions of any outstanding Award as provided in the Plan. Further, the Committee shall make all other determinations that it deems
necessary or advisable for the administration of the Plan. As permitted by law and the terms of the Plan, the Committee may delegate its authority herein. No member of the Committee shall be liable for any action taken or decision made in good faith
relating to the Plan or any Award granted hereunder. 
 3.3 Decisions Binding. All determinations and decisions made by the
Committee pursuant to the provisions of the Plan and all related orders and resolutions of the Committee shall be final, conclusive, and binding on all persons, including the Company, its stockholders, Directors, Employees, Participants, and their
estates and beneficiaries, unless changed by the Board. 
  

	Article 4.	Shares Subject to the Plan and Maximum Awards; Adjusted and Substituted Awards 

 4.1
Number of Shares Available for Grants; Share Counting and Reacquired Shares. Subject to Sections 4.2 and 4.4, the number of Shares reserved for issuance to Participants under this Plan is 18,000,000. Shares issued under the Plan
may be authorized but unissued shares or treasury shares. 
 For purposes of counting the number of Shares available for Awards under the
Plan, the full number of shares of the Company’s common stock covered by Freestanding SARs shall be counted against the number of Shares available for Awards (i.e., not the net Shares 

  
 7 

 
issued in satisfaction of a Freestanding SAR Award); provided, however, that Freestanding SARs that may be settled in cash only shall not be so counted. Additionally, if an Option may be settled
by issuing net Shares (i.e., withholding a number of Shares equal to the exercise price), the full number of shares of the Company’s common stock covered by the Option shall be counted against the number of Shares available for Awards, not the
net Shares issued in satisfaction of an Option. If any Award (a) expires or is terminated, surrendered or canceled without having been fully exercised or is forfeited in whole or in part, or (b) results in any Shares not being issued
(including as a result of any Award that was settleable either in cash or in stock actually being settled in cash), the unissued Shares covered by such Award shall again be available for the grant of Awards; provided, however, in the case of
Incentive Stock Options, the foregoing shall be subject to any limitations under the Code. The following Shares shall not be added back to the number of Shares available for the future grant of Awards: (i) shares of the Company’s common
stock tendered to the Company by a Participant to purchase shares of the Company’s common stock upon the exercise of an Award; and (ii) shares of the Company’s common stock repurchased by the Company on the open market using the
proceeds from the exercise of an Award. Subject to the foregoing, the Committee shall determine the appropriate methodology for calculating the number of Shares issued pursuant to the Plan. 

The maximum number of Shares which may be issued under Incentive Stock Options granted under the Plan is 5,000,000. 

The following rules shall apply to grants of Awards under the Plan: 
  

	 	(a)	Stock Options: The maximum aggregate number of Shares that may be granted in the form of Stock Options, pursuant to any Award granted in any one fiscal year to any one Participant shall be 1,000,000.

  

	 	(b)	SARs: The maximum aggregate number of Shares that may be granted in the form of Stock Appreciation Rights, pursuant to any Award granted in any one fiscal year to any one Participant shall be 1,000,000.

  

	 	(c)	Restricted Stock/Stock Awards: The maximum aggregate grant of Shares with respect to Awards of Restricted Stock or Stock Awards granted in any one fiscal year to any one Participant shall be 1,000,000.

  

	 	(d)	Restricted Stock Units, Performance Shares, Performance Units and Cash-Based Awards: The maximum aggregate grant with respect to Awards of Performance Shares or Restricted Stock Units made in any one
fiscal year to any one Participant shall be equal to 1,000,000 Shares; and the maximum aggregate amount awarded with respect to Cash-Based Awards or Performance Units to any one Participant in any one fiscal year may not exceed $10,000,000.

 4.2 Adjustments in Authorized Shares. Upon a change in corporate capitalization, such as a stock split, stock
dividend, or a corporate transaction, such as any merger, consolidation, combination, exchange of shares or the like, separation, including a spin-off, 

  
 8 

 
or other distribution of stock or property of the Company, extraordinary cash dividend, any reorganization (whether or not such reorganization comes within the definition of such term in Code
Section 368) or any partial or complete liquidation of the Company, the Committee shall make an appropriate adjustment in the number and class of Shares that may be delivered under Section 4.1, in the number and class of and/or price of
Shares subject to outstanding Awards granted under the Plan, and in the Award limits set forth in Section 4.1, as may be determined to be equitable by the Committee, in its sole discretion, to prevent dilution or enlargement of rights. 

4.3 Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. The Committee may make adjustments in the
terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in Section 4.2 hereof) affecting the Company or the financial statements of the
Company or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan; provided that, with respect to Awards that are intended to comply with the requirements of the Performance-Based Exception, no such adjustment shall be authorized to the extent that such adjustment would be
inconsistent with the Award’s satisfaction of the Performance-Based Exception. 
 4.4 Adjusted and Substitute Awards. 

 

	 	(a)	Notwithstanding any terms or conditions of the Plan to the contrary, (i) Substitute Awards may have substantially the same terms and conditions, including without limitation provisions relating to vesting, exercise
periods, expiration, payment, forfeiture, and the consequences of termination of service, as the awards that they replace, as determined by the Committee in its sole discretion, and (ii) Adjusted Awards shall have terms consistent with those
set forth in the Employee Matters Agreement, which generally provide the Adjusted Awards will have substantially the same terms and conditions, including without limitation provisions relating to vesting, exercise periods, expiration, payment,
forfeiture, and the consequences of termination of Service, as the awards that they replace which were granted under the Predecessor Plan. 

  

	 	(b)	The recipient or holder of a Substitute Award or an Adjusted Award shall be an eligible Participant hereunder even if not an Employee or Director with respect to the Company or an Affiliate. 

 

	 	(c)	In the case of a Substitute Award, the date of grant may be treated as the effective date of the grant of such Award under the original plan under which the award was authorized, and in the case of an Adjusted Award,
the date of grant shall be the effective date of the grant under the Predecessor Plan. 

  

	 	(d)	 The per share exercise price of an Option that is a Substitute Award or Adjusted Award may be less than 100% of
the Fair Market Value of a Share on the date of grant, provided that such substitution or adjustment complies with applicable laws 

  
 9 

	 	
and regulations, including the listing requirements of the New York Stock Exchange and Section 409A or Section 424 of the Code, as applicable. The per share exercise price of a Freestanding
SAR that is a Substitute Award or an Adjusted Award may be less than 100% of the Fair Market Value of a Share on the date of grant, provided that such substitution or adjustment complies with applicable laws and regulations, including the listing
requirements of the New York Stock Exchange and Section 409A, as applicable. 

  

	 	(e)	Anything to the contrary in this Plan notwithstanding, any Shares underlying Substitute Awards or Adjusted Awards shall not be counted against the limits set forth in Section 4.1(a)-(d). Anything to the contrary in this
Plan notwithstanding, any Shares underlying Substitute Awards shall not be counted against the number of Shares authorized for issuance or the maximum number of Shares which may be issued under Incentive Stock Options, and the lapse, expiration,
termination, forfeiture or cancellation of any Substitute Award without the issuance of Shares or payment of cash thereunder shall not result in an increase the number of Shares available for issuance under the Plan. For the avoidance of doubt,
Adjusted Awards shall be treated as Awards generally (and not as Substitute Awards) for purposes of the preceding sentence. 

4.5 Limit on Compensation Paid to Directors. Except as indicated below, the cash value of all Awards (equity or cash-based) granted to a
single Director, solely with respect to service as a Director, in one calendar year shall not exceed $700,000. Such annual limit shall be measured based on the value of an Award as of the date the Award is first granted (not the date of payment).
Accordingly, the annual limit shall not include the value of an Award in the calendar year when it is paid or vests if such year is different from the year the Award is granted. Notwithstanding the foregoing, if the Director is the Chairman of the
Board, such limit will be $900,000. 
  

	Article 5.	Eligibility and Participation 

 5.1 Eligibility. Persons eligible to
participate in this Plan include all Employees and Directors. 
 5.2 Actual Participation. Subject to the provisions of the
Plan, the Committee may, from time to time, select from all eligible Employees and Directors, those to whom Awards shall be granted and shall determine the nature and amount of each Award. 

5.3 Newly Eligible Employees. The Committee shall be entitled to make such rules, regulations, determinations and awards as it
deems appropriate in respect of any Employee who becomes eligible to participate in the Plan after the commencement of an award or incentive period. 

5.4 Leaves of Absence. The Committee shall be entitled to make such rules, regulations, and determinations as it deems
appropriate under the Plan in respect of any leave of absence taken by the recipient of any award. Without limiting the generality of the foregoing, the Committee shall be entitled to determine: (a) whether or not any such leave

  
 10 

 
of absence shall constitute a termination of employment within the meaning of the Plan; and (b) the impact, if any, of such leave of absence on awards under the Plan theretofore made to any
recipient who takes such leave of absence. Notwithstanding the foregoing, with respect to any Section 409A Award, all leaves of absences and determinations of terminations of employment must be construed and interpreted consistent with the
requirements of Section 409A and the definition of “separation from service” thereunder. 
  

	Article 6.	Stock Options 

 6.1 Grant of Options. Subject to the terms and provisions
of the Plan, Options may be granted to Participants in such number, and upon such terms, and at any time and from time to time as shall be determined by the Committee. Notwithstanding the foregoing, Incentive Stock Options may only be granted to
Employees of the Company or its Affiliates or Subsidiaries; provided that the Affiliate or Subsidiary is a type of entity whose employees can receive such options under Code Sections 422 and 424. 

6.2 Award Agreement. Each Option grant shall be evidenced by an Award Agreement that shall specify the Option Price, the duration
of the Option, the number of Shares to which the Option pertains, and such other provisions as the Committee shall determine which are not inconsistent with the terms of the Plan. 

6.3 Option Price. The Option Price for each grant of an Option under this Plan shall be as determined by the Committee; provided,
however, the per-share exercise price shall not be less than 100 percent of the Fair Market Value of the Shares on the date the Option is granted. 

6.4 Duration of Options. Each Option granted to a Participant shall expire at such time as the Committee shall determine at the
time of grant; provided that the Option must expire on or before the date that is the tenth anniversary of the date of grant. 
 6.5
Exercise of Options. Options granted under this Article 6 shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall in each instance approve, which need not be the same for each grant or
for each Participant. 
 6.6 Payment. Options granted under this Article 6 shall be exercised by the delivery of a written,
electronic or telephonic notice of exercise to the Company, setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment for the Shares. 

The Option Price upon exercise of any Option shall be payable to the Company in full either: (a) in cash or its equivalent; or (b) by
tendering previously acquired Shares having an aggregate Fair Market Value at the time of exercise equal to the total Option Price; or (c) by a combination of (a) and (b); or (d) any other method approved by the Committee in its sole
discretion. The tendering of previously acquired Shares may be done through attestation. No fractional Shares may be tendered or accepted in payment of the Option Price. 

  
 11 

 Cashless exercises are permitted pursuant to Federal Reserve Board’s Regulation T, subject
to applicable securities law restrictions, or by any other means which the Committee determines to be consistent with the Plan’s purpose and applicable law. 

Subject to any governing rules or regulations, as soon as practicable after receipt of notification of exercise and full payment, the Company
shall deliver to the Participant, in the Participant’s name, Share certificates in an appropriate amount based upon the number of Shares purchased under the Option(s). 

Unless otherwise determined by the Committee, all payments under all of the methods indicated above shall be paid in United States dollars.

 6.7 Restrictions on Share Transferability. The Committee may impose such restrictions on any Shares acquired pursuant to the
exercise of an Option granted under this Article 6 as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such Shares are then
listed and/or traded, or under any blue sky or state securities laws applicable to such Shares. 
 6.8 Nontransferability of Options.

  

	 	(a)	Incentive Stock Options. No ISO granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution.
Further, all ISOs granted to a Participant under the Plan shall be exercisable during his or her lifetime only by such Participant. 

  

	 	(b)	Nonqualified Stock Options. Except as otherwise provided in a Participant’s Award Agreement, no NQSO granted under this Article 6 may be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a Participant’s Award Agreement, all NQSOs granted to a Participant under this Article 6 shall be exercisable
during his or her lifetime only by such Participant or such Participant’s legal representative. 

 6.9 Restriction on
Cash Buyouts of Underwater Options. The Company may not purchase, cancel or buy out an underwater Option in exchange for cash without first obtaining Shareholder approval. 

 

	Article 7.	Stock Appreciation Rights 

 7.1 Grant of SARs. Subject to the terms and
conditions of the Plan, SARs may be granted to Participants at any time and from time to time as shall be determined by the Committee. The Committee may grant Freestanding SARs, Tandem SARs, or any combination of these forms of SARs. 

Subject to the terms and conditions of the Plan, the Committee shall have complete discretion in determining the number of SARs granted to each
Participant and, consistent with the provisions of the Plan, in determining the terms and conditions pertaining to such SARs. 

  
 12 

 The grant price of a Freestanding SAR shall not be less than the Fair Market Value of a Share on
the date of grant of the SAR. The grant price of Tandem SARs shall equal the Option Price of the related Option. 
 7.2 SAR
Agreement. Each SAR grant shall be evidenced by an Award Agreement that shall specify the grant price, the term of the SAR, and such other provisions as the Committee shall determine. 

7.3 Term of SARs. The term of an SAR granted under the Plan shall be determined by the Committee, in its sole discretion;
provided that the SAR must expire on or before the date that is the tenth anniversary of the date of grant. 
 7.4 Exercise of
Freestanding SARs. Freestanding SARs may be exercised upon whatever terms and conditions the Committee, in its sole discretion, imposes upon them. 

7.5 Exercise of Tandem SARs. Tandem SARs may be exercised for all or part of the Shares subject to the related Option upon the
surrender of the right to exercise the equivalent portion of the related Option. A Tandem SAR may be exercised only with respect to the Shares for which its related Option is then exercisable. 

7.6 Payment of SAR Amount. Upon exercise of an SAR, a Participant shall be entitled to receive payment from the Company in an
amount determined by multiplying: 
  

	 	(a)	The excess of the Fair Market Value of a Share on the date of exercise over the grant price; by 

  

	 	(b)	The number of Shares with respect to which the SAR is exercised. 

 In the sole discretion of the
Committee, the payment upon SAR exercise may be in cash, in Shares of equivalent value, in some combination thereof, or in any other manner approved by the Committee. The Committee’s determination regarding the form of SAR payout shall be set
forth in the Award Agreement pertaining to the grant of the SAR. 
 7.7 Nontransferability of SARs. Except as otherwise
provided in a Participant’s Award Agreement, no SAR granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as
otherwise provided in a Participant’s Award Agreement, all SARs granted to a Participant under the Plan shall be exercisable during his or her lifetime only by such Participant or such Participant’s legal representative. 

7.8 Restriction on Cash Buyouts of Underwater SARs. The Company may not purchase, cancel or buy out an underwater SAR in exchange
for cash without first obtaining Shareholder approval. 

  
 13 

	Article 8.	Restricted Stock/Stock Awards 

 8.1 Grant of Restricted Stock. Subject to
the terms and provisions of the Plan, the Committee, at any time and from time to time, may grant Shares of Restricted Stock to Participants in such amounts, as the Committee shall determine. 

8.2 Restricted Stock Agreement. Each Restricted Stock grant shall be evidenced by a Restricted Stock Award Agreement that shall
specify the Period(s) of Restriction, the number of Shares of Restricted Stock granted, and such other provisions as the Committee shall determine. 

8.3 Transferability. The Shares of Restricted Stock granted herein may not be sold, transferred, pledged, assigned, or otherwise
alienated or hypothecated until the end of the applicable Period of Restriction established by the Committee and specified in the Restricted Stock Award Agreement, or upon earlier satisfaction of any other conditions, as specified by the Committee
in its sole discretion and set forth in the Restricted Stock Award Agreement. All rights with respect to the Restricted Stock granted to a Participant under the Plan shall be available during his or her lifetime only to such Participant or such
Participant’s legal representative. 
 8.4 Other Restrictions. The Committee shall impose such other conditions and/or
restrictions on any Shares of Restricted Stock granted pursuant to the Plan as it may deem advisable including, without limitation, a requirement that Participants pay a stipulated purchase price for each Share of Restricted Stock, restrictions
based upon the achievement of specific performance goals, time-based restrictions on vesting following the attainment of the performance goals, time-based restrictions, and/or restrictions under applicable federal or state securities laws. 

To the extent deemed appropriate by the Committee, the Company may retain the certificates representing Shares of Restricted Stock in the
Company’s possession until such time as all conditions and/or restrictions applicable to such Shares have been satisfied. 
 Except as
otherwise provided in the Award Agreement, Shares of Restricted Stock covered by each Restricted Stock grant made under the Plan shall become freely transferable by the Participant after the last day of the applicable Period of Restriction. 

8.5 Voting Rights. If the Committee so determines, Participants holding Shares of Restricted Stock granted hereunder may be
granted the right to exercise full voting rights with respect to those Shares during the Period of Restriction. 
 8.6 Dividends.
During the Period of Restriction, Participants holding Shares of Restricted Stock granted hereunder may, if the Committee so determines, be credited with dividends paid with respect to the underlying Shares while they are so held; provided that,
any dividends with respect to the Restricted Stock shall not be paid to the Participant until the Shares of Restricted Stock to which the dividends relate vest. If any Shares of Restricted Stock are forfeited, the Participant shall have no right to
the dividends related to the forfeited Shares. 

  
 14 

 8.7 Stock Award. The Committee may grant and award Shares to a Participant that are
not subject to Periods of Restrictions and which may be subject to such conditions or provisions as the Committee determines. 
  

	Article 9.	Restricted Stock Units, Performance Units, Performance Shares, and Cash-Based Awards 

9.1 Grant of Restricted Stock Units, Performance Units, Performance Shares and Cash-Based Awards. Subject to the terms of the
Plan, Restricted Stock Units, Performance Shares, Performance Units, and/or Cash-Based Awards may be granted to Participants in such amounts and upon such terms, and at any time and from time to time, as shall be determined by the Committee. 

9.2 Award Agreement. At the Committee’s discretion, each grant of Restricted Stock Units, Performance Shares, Performance
Units and Cash-Based Awards may be evidenced by an Award Agreement that shall specify the initial value, the duration of the Award, the performance measures and/or service requirements, if any, applicable to the Award, and such other provisions as
the Committee shall determine which are not inconsistent with the terms of the Plan. 
 9.3 Value of Performance Units/Shares and
Cash-Based Awards. Each Performance Unit shall have an initial value that is established by the Committee at the time of grant. Each Restricted Stock Unit and Performance Share shall have an initial value equal to the Fair Market Value of
a Share on the date of grant. Each Cash-Based Award shall have a value as may be determined by the Committee. The Committee shall set performance goals and/or service requirements in its discretion which, depending on the extent to which they are
met, will determine the number and/or value of Restricted Stock Units, Performance Units, Performance Shares and Cash-Based Awards that will be paid out to the Participant. Generally, a Participant’s right to receive amounts under a Restricted
Stock Unit award shall be based on the Participant’s satisfaction of a service requirement and such other terms and conditions that the Committee may specify. Generally, a Participant’s right to receive amounts under a Performance Unit,
Performance Share or Cash-Based Award shall be based on the satisfaction of a performance requirement and such other terms and conditions that the Committee may specify. The Committee has full discretionary authority to establish performance goals
and/or service requirements, and a performance goal may include a service requirement. For purposes of this Article 9, the time period during which the performance goals and/or service requirements must be met shall be called a “Performance
Period.” 
 9.4 Earning of Restricted Stock Units, Performance Units, Performance Shares and Cash-Based Awards. Subject to
the terms of this Plan and the Award Agreement (if any), after the applicable Performance Period has ended, the holder of Restricted Stock Units, Performance Units, Performance Shares or Cash-Based Awards shall be entitled to receive payout on the
number and value of Restricted Stock Units, Performance Units, Performance Shares or Cash-Based Awards earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance goals
and/or service requirements have been achieved. Unless otherwise 

  
 15 

 
determined by the Committee, notwithstanding any other provision of the Plan, payment of Cash-Based Awards shall only be made for those Participants who are Directors or in the employ of the
Company at the end of the Performance Period or, if none has been specified, the end of the applicable award year. 
 9.5 Form and Timing
of Payment of Restricted Stock Units, Performance Units, Performance Shares and Cash-Based Awards. Payment of earned Restricted Stock Units, Performance Units, Performance Shares and Cash-Based Awards shall be as determined by the
Committee and, if applicable, as evidenced in the related Award Agreement. Subject to the terms of the Plan, the Committee, in its sole discretion, may pay earned Restricted Stock Units, Performance Units, Performance Shares and Cash-Based Awards in
the form of cash or in Shares (or in a combination thereof) that have an aggregate Fair Market Value equal to the value of the earned Restricted Stock Units, Performance Units, Performance Shares and Cash-Based Awards at the close of the applicable
Performance Period. Such Shares may be granted subject to any restrictions deemed appropriate by the Committee. No fractional shares will be issued. The determination of the Committee with respect to the form of payout of such Awards shall be set
forth in the Award Agreement pertaining to the grant of the Award. 
 Unless otherwise provided by the Committee, Participants holding
Restricted Stock Units, Performance Units, or Performance Shares may be entitled to receive dividends or dividend units with respect to dividends declared on Shares underlying such Awards; provided that, any dividends or dividend units with respect
to the Restricted Stock Units, Performance Units, or Performance Shares shall not be paid to the Participant until the Restricted Stock Units, Performance Units, or Performance Shares to which the dividends relate vest. If any Restricted Stock
Units, Performance Units, or Performance Shares are forfeited, the Participant shall have no right to the dividends or dividend units related to the forfeited Awards. 

9.6 Nontransferability. Except as otherwise provided in a Participant’s Award Agreement, Restricted Stock Units, Performance
Units, Performance Shares and Cash-Based Awards may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Further, except as otherwise provided in a
Participant’s Award Agreement, a Participant’s rights under such Awards shall be exercisable during the Participant’s lifetime only by such Participant or such Participant’s legal representative. 

 

	Article 10.	Performance Measures 

 Unless and until the Committee proposes for shareholder vote and shareholders
approve a change in the general performance measures set forth in this Article 10, the attainment of which may determine the degree of payout and/or vesting with respect to Awards to Covered Employees that are designed to qualify for the
Performance-Based Exception, the performance measure(s) to be used for purposes of such grants shall be chosen from among: 
  

	 	(a)	Earnings per share (basic or diluted); 

  
 16 

	 	(b)	Income before income taxes; 

  

	 	(c)	Income from continuing operations; 

  

	 	(d)	Net income or net income attributable to the Company; 

  

	 	(e)	Operating income; 

  

	 	(f)	Cash flow from operating activities, operating cash flow (defined as operating income plus non-cash charges for depreciation, amortization and impairment of operating assets) or
free cash flow; 

  

	 	(g)	EBITDA, or net income attributable to the Company, before interest, taxes, depreciation/amortization; 

  

	 	(h)	Return measures (including, but not limited to, return on assets, equity, capital or investment); 

  

	 	(i)	Cash flow return on investments, which equals net cash flows divided by owner’s equity; 

  

	 	(j)	Internal rate of return or increase in net present value; 

  

	 	(k)	Dividend payments; 

  

	 	(l)	Gross revenues; 

  

	 	(m)	Gross margins; 

  

	 	(n)	Operating measures such as trends in digital metrics and advertising measures; 

  

	 	(o)	Internal measures such as achieving a diverse workforce; 

  

	 	(p)	Share price (including, but not limited to, growth measures and total shareholder return) and market value; 

  

	 	(q)	Debt (including, but not limited to, measures such as debt (book value or face value) outstanding and debt to earnings before interest, taxes, depreciation and amortization); 

 

	 	(r)	Market share; 

  

	 	(s)	Expense management; and 

  

	 	(t)	Any of the above measures compared to peer or other companies. 

 Performance measures may be set either at the
consolidated level, segment level, division level, group level, or the business unit level. Additionally, performance measures may be measured either annually or cumulatively over a period of years or other periods, on an absolute basis or relative
to pre-established targets, to a previous year’s results or to a designated comparison group, in each case as specified by the Committee. 

  
 17 

 Unless the Committee specifies otherwise at the time the performance goals are established (and the Committee may
at such time decide to limit the “ Adjustment Items” for which it will make adjustments, or decide to not make adjustments for any “Adjustment Items”), the Committee shall adjust a performance goal established under a performance
measure set forth above to take into account the effects of “Adjustment Items.” “Adjustment Items” means (1) items presented as “unusual or infrequent items” (or other comparable terms) on the Company’s
audited financial statements, (2) unusual, special or nonrecurring charges, costs, credits or items of gain or loss (including, without limitation, an unbudgeted material expense incurred by or at the direction of the Board of Directors or a
committee of the Board or a material litigation, claim, judgment or settlement), (3) changes in tax or accounting laws or rules or changes in other laws or regulatory rules affecting reported results; (4) expenses related to the Spin-off; (5) reorganization and restructuring costs; (6) costs arising from or related to mergers, acquisitions, divestitures, dispositions, spin-offs or significant actual or potential transactions
(including, without limitation, a corporate merger, consolidation, acquisition of property or stock, reorganization, restructuring charge, or joint venture), in each case regardless whether such transactions have been consummated, and related
transition and integration costs, such as retention bonuses and acquisition-related milestone payments to acquired employees, in addition to consulting, compensation and other incremental costs associated with integration projects;
(7) litigation and dispute settlement charges and expenses; (8) asset write-downs, including impairment of goodwill and intangible assets; (9) discontinued operations and other exit costs; (10) expenses or charges related to any
equity offering, investment, indebtedness or restricted payment or any modification to any instrument of indebtedness, in each case regardless whether such transaction has been consummated; (11) deferred financing costs written off and premiums
paid in connection with any early extinguishment of debt, including hedging obligations or other derivative instruments; (12) non-cash stock based compensation and revenue amortization; (13) cash
proceeds of business interruption insurance and/or (14) cash expenses/charges to the extent fully indemnified by a third party or covered by insurance, each of which are identified in the quarterly and/or annual audited financial statements and
notes thereto or in the “management’s discussion and analysis” of the financial statements in a period report filed with the Securities and Exchange Commission under the Exchange Act. The Committee shall make such adjustments to the
performance goals as shall be equitable and appropriate in order to make the goal, as nearly as practicable, equivalent to the goal immediately prior to such transaction or event. 

 

	Article 11.	Beneficiary Designation 

 The Committee may permit Participants under the Plan to name, from time to
time, any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall
revoke all prior designations by the same Participant, shall be in a form prescribed by the Company, and will be effective only when filed by the Participant in writing with the Company during the Participant’s lifetime. If a beneficiary
designation has not been made, or the beneficiary was not properly designated (in the sole discretion of the Committee), has died or cannot be found, all payments after death shall be paid to the Participant’s estate. In case of disputes over
the proper beneficiary, the Company reserves the right to make any or all payments to the Participant’s estate. 

  
 18 

	Article 12.	Deferrals 

 Subject to the requirements of Section 409A, the Committee may permit or require a
Participant to defer such Participant’s receipt of the payment of cash or the delivery of Shares that would otherwise be due to such Participant by virtue of the lapse or waiver of restrictions with respect to Restricted Stock, payment of a
Stock Award or the satisfaction of any requirements or goals with respect to Restricted Stock Units, Performance Units/Shares and Cash-Based Awards. If any such deferral election is required or permitted, the Committee shall, in its sole discretion,
establish rules and procedures for such payment deferrals provided that such rules must comply with the requirements of Section 409A. 
  

	Article 13.	Rights of Employees/Directors 

 13.1 Employment. Nothing in the Plan shall
confer upon any Participant any right to continue in the Company’s employ, or as a Director, or interfere with or limit in any way the right of the Company to terminate any Participant’s employment or directorship at any time. 

13.2 Participation. No Employee or Director shall have the right to be selected to receive an Award under this Plan, or, having
been so selected, to be selected to receive a future Award. 
 13.3 Rights as a Stockholder. Except as provided in Sections
8.5, 8.6 and 9.5, a Participant shall have none of the rights of a shareholder with respect to shares of Common Stock covered by any Award until the Participant becomes the record holder of such shares. 

 

	Article 14.	Termination of Employment/Directorship 

 Each Participant’s Award Agreement shall set forth the
extent to which the Participant shall have the right to such Participant’s outstanding Award(s) following termination of the Participant’s employment or directorship with the Company. Such provisions shall be determined in the sole
discretion of the Committee, shall be included in the Award Agreements entered into with each Participant, need not be uniform among all Awards issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination. 

 

	Article 15.	Change in Control 

 15.1 Treatment of Outstanding Awards Other than Cash-Based
Awards. In the event of a Change in Control, unless otherwise specifically prohibited under applicable laws, or by the rules and regulations of any governing governmental agencies or national securities exchanges, or unless the Committee
specifies otherwise in the Award Agreement: 
  

	 	(a)	 Awards to Employees will fully vest if: (i) the Awards are not continued or assumed (e.g., the Awards are
not equitably converted or substituted for awards of 

  
 19 

	 	
a successor entity) in connection with the Change in Control; or (ii) the Employee has a qualifying termination of employment (as defined in the Award Agreement) within two years following
the date of the Change in Control. Additionally, in the event that the Awards are not so continued or assumed in connection with the Change in Control or in the event of a qualifying termination of employment (as defined in the Award Agreement)
within two years following the date of the Change in Control, then upon such Change in Control or such qualifying termination (as the case may be): 

  

	 	(i)	Any and all Options and SARs granted hereunder shall become fully exercisable during their remaining term; and 

  

	 	(ii)	Any restriction periods and restrictions imposed on Restricted Stock that are not performance-based shall lapse; and 

  

	 	(iii)	The target payout opportunities attainable under all outstanding Awards of performance-based Restricted Stock, Performance Units and Performance Shares shall be deemed to have been fully earned for the entire
Performance Period (s) as of the effective date of the Change in Control or such qualifying termination. The vesting of all such Awards denominated in Shares shall be accelerated as of the effective date of the Change in Control or such
qualifying termination and shall be paid out to Participants within thirty (30) days following the effective date of the Change in Control or such qualifying termination based upon an assumed achievement of all relevant target performance goals
(such payment shall be in full satisfaction of the Award). Such Awards denominated in cash shall be paid to Participants in cash within thirty (30) days following the effective date of the Change in Control or such qualifying termination based
on an assumed achievement of all relevant target performance goals (such payment shall be in full satisfaction of the Award). Restricted Stock Units shall be fully vested as of the effective date of the Change in Control or such qualifying
termination, and the full value of such an Award shall be paid out to Participants within thirty (30) days following the effective date of the Change in Control or such qualifying termination. Notwithstanding the foregoing, in the event that
the Award is not so continued or assumed in connection with a Change in Control, the payment of a Section 409A Award will only be accelerated if the Change in Control also constitutes 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 and will not result in additional taxes under Section 409A. 

15.2 Treatment of Cash-Based Awards. In the event of a Change in Control, unless otherwise specifically prohibited under
applicable laws, or by the rules and regulations of any governing governmental agencies or national securities exchanges, or unless the Committee shall provide otherwise in the Award Agreement or resolutions adopted by the Committee, Cash-Based
Awards to Employees will fully vest if: (i) the Awards are not 

  
 20 

 
continued or assumed (e.g., the Awards are not equitably converted or substituted for awards of a successor entity) in connection with the Change in Control; or (ii) the Employee has a
qualifying termination of employment (as defined in the Award Agreement) within two years following the date of the Change in Control. In the event that the Cash-Based Awards are not so continued or assumed or in the event of a qualifying
termination of employment (as defined in the Award Agreement) within two years following the date of the Change in Control, the vesting of all outstanding Cash-Based Awards shall be accelerated as of the date of such event (and, in the case of
performance-based Cash-Based Awards, based on an assumed achievement of all relevant target performance goals), and all Cash-Based Awards shall be paid to Participants in cash within thirty (30) days following the effective date of such event
(such payment shall be in full satisfaction of the Award). Notwithstanding the foregoing, in the event that the Cash-Based Awards is not so continued or assumed in connection with a Change in Control, the payment of a Cash-Based Section 409A Award
will only be accelerated if the Change in Control also constitutes 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
and will not result in additional taxes under Section 409A. 
 15.3 Limitation. 

 

	 	(a)	Intention of Section 15.3: The acceleration or payment of Awards could, in certain circumstances, subject the Participant to the excise tax provided under Section 4999 of the Code. It is
the object of this Section 15.3 to enable each Participant to retain in full the benefits of the Plan and to provide for the maximum after-tax value to each Participant. Accordingly, the Company will
determine, before any payments are made on Awards governed by Section 15.1, which of two alternative forms of acceleration will maximize the Participant’s after-tax proceeds, and must notify the
Participant in writing of its determination. The first alternative is the payment in full of all Awards governed by Section 15.1 and any other payments or benefits potentially subject to the excise tax under Section 4999. The second
alternative is the payment of only a part of the Participant’s Awards (but taking into account any other payments or benefits potentially subject to the excise tax under Section 4999) so that the Participant receives the largest payment
and benefits possible without causing an excise tax to be payable by the Participant under Section 4999 of the Code. This second alternative is referred to in this Section as “Limited Vesting”. 

 

	 	(b)	Limitation on Participant’s Rights: The Participant’s Awards shall be paid only to the extent permitted under the alternative determined by the Company to maximize the Participant’s after-tax proceeds, and the Participant shall have no rights to any greater payments on his or her Awards. For purposes of this determination, the Company shall take into account any rights or benefits the
Participant has under another plan or agreement. 

  

	 	(c)	 Determination to be Conclusive: The determination of whether Limited Vesting is required and the
application of the Limited Vesting rules shall initially be made by the Company in its sole discretion and any such determination shall be 

  
 21 

	 	
conclusive and binding on the Participant unless the Participant proves that it is clearly erroneous. In the latter event, such determination shall be made by the Company in its sole discretion.

  

	 	(d)	Limited Vesting: Notwithstanding Section 15.1, if Limited Vesting applies then the acceleration or payment of an Award shall not exceed the largest amount that can be paid without causing an excise tax to be
payable by the Participant under Section 4999 of the Code. If Limited Vesting applies, awards shall not be accelerated or paid in a manner that maximizes the Participant’s economic position; provided that the reduction shall be made in a
manner consistent with the requirements of Section 409A, and where two economically equivalent amounts are subject to reduction but payable at different times, such amounts shall be reduced on a pro rata basis but not below zero. With respect to
Awards, generally this means that performance-based Awards are reduced before non-performance, service-based Awards are reduced. 

15.4 Expenses. The Company shall pay all legal fees, court costs, fees of experts and other costs and expenses when incurred by a
Participant in connection with any actual, threatened or contemplated litigation or legal, administrative or other proceeding involving the provisions of Section 15.3, whether or not initiated by the Participant. 

The reimbursements of such expenses and costs shall comply with the requirements of Section 409A, which generally require (i) that the
amount of expenses and costs eligible for reimbursement during a calendar year may not affect the expenses and costs eligible for reimbursement in any other taxable year; (ii) the reimbursement of an eligible expense or cost is made on or
before the last day of the calendar year following the calendar year in which the expense or cost was incurred; and (iii) the right to reimbursement is not subject to liquidation or exchange for another benefit. 

15.5 Cancelation of Award. In the case of any Option or SAR with an exercise price that equals or exceeds the price paid for a share of
Common Stock in connection with the Change in Control, the Committee may cancel the Option or SAR without the payment of consideration therefor. 

15.6 Termination, Amendment, and Modifications of
Change-in-Control Provisions. Notwithstanding any other provision of this Plan or any Award Agreement provision, the provisions of this Article 15 may
not be terminated, amended, or modified on or after the date of a Change in Control to affect adversely any Award theretofore granted under the Plan and any rights or benefits provided to a Participant this Article 15 without the prior written
consent of the Participant with respect to said Participant’s outstanding Awards; provided, however, the Committee may terminate, amend, or modify this Article 15 at any time and from time to time prior to the date of a Change in Control. 

  
 22 

	Article 16.	Amendment, Modification, Termination and Tax Compliance. 

 16.1 Amendment,
Modification, and Termination. Subject to the terms of the Plan, the Committee or the Board may at any time and from time to time, alter, amend, suspend, or terminate the Plan in whole or in part. 

16.2 Awards Previously Granted. Notwithstanding any other provision of the Plan to the contrary, no termination, amendment, or
modification of the Plan shall adversely affect in any material way any Award previously granted under the Plan, without the written consent of the Participant holding such Award; provided that no consent is required for any amendment the Committee
deems necessary or appropriate to comply with applicable legal or tax requirements. 
 16.3 Shareholder Approval Required for Certain
Amendments. Shareholder approval will be required for any amendment of the Plan that does any of the following: (a) permits the grant of any Option with an Option Price less than the Fair Market Value of the Shares on the date of
grant; (b) reduces the Option Price of an outstanding Option, either by lowering the Option Price or by canceling an outstanding Option and granting a replacement Option with a lower exercise price; (c) permits the grant of any SAR with a
grant price that is less than the Fair Market Value of the Shares on the date of grant; or (d) reduces the grant price of an outstanding SAR, either by lowering the grant price or by canceling an outstanding SAR and granting a replacement SAR
with a lower exercise price. 
 16.4 Compliance with Code Section 162(m). At all times when Code Section 162(m) is applicable, if and
to the extent the Committee so determines, Awards granted under this Plan to Employees who are or could reasonably become Covered Employees as determined by the Committee shall comply with the requirements of the Performance-Based Exception.
Generally, this requires that the amount paid under such an Award be determined based on the attainment of written, objective performance goals approved by the Committee for a performance period established by the Committee (i) while the
outcome for that performance period is substantially uncertain and (ii) no more than 90 days after the commencement of the performance period to which the performance goal relates or, if less, the number of days which is equal to
25 percent of the relevant performance period. The Committee shall determine whether, with respect to a performance period, the applicable performance goals have been met with respect to a given Participant and, if they have, shall so
certify and ascertain the amount of the applicable Award. No amount will be paid for such performance period until such certification is made by the Committee. The amount actually paid to a given Participant may be less than (but not more than)
the amount determined under the applicable performance formula, at the discretion of the Committee. 
 16.5 Compliance with Section
409A. It is intended that Awards under this Plan are either exempt from Section 409A or are structured to comply with the requirements of Section 409A. The Plan shall be administered and interpreted in accordance with that intent. By way of
example, the following rules shall apply: 

  
 23 

	 	•	 	Any provision of the Plan that would conflict with the requirements of a Section 409A Award shall not apply to a Section 409A Award. 

 

	 	•	 	Any adjustment or modification to an Award shall be made in compliance with Section 409A (e.g., any adjustment to an Option or SAR under Section 4.2 shall be made in accordance with the requirements of Section
409A). 

  

	 	•	 	For Section 409A Awards, all rights to amend, terminate or modify the Plan or any Award are subject to the requirements and limitations of Section 409A. 

 

	 	•	 	For Section 409A Awards, any payment or distribution that is triggered upon termination or cessation of employment or a comparable event shall be interpreted consistent with the definition of “separation from
service” within the meaning of Treasury Regulation Section 1.409A-1(h). 

  

	 	•	 	With respect to amounts payable under a Section 409A Award, in the event that a Participant is a “specified employee” as defined in Section 409A, any amount that is payable in connection with the
Participant’s separation from service shall not be paid prior to the date which is six months after the date the Participant separates from service (or, if earlier, the date the Participant dies). A Participant who is subject to the restriction
described in the previous sentence shall be paid on the first day of the seventh month after the Participant’s separation from service an amount equal to the benefit that the Participant would have received during such six month period absent
the restriction. 

 While the Company intends for Awards to either be exempt from or in compliance with Section 409A, neither
the Company nor the Committee shall be liable to any person for the tax consequences of any failure to comply with the requirements of Section 409A or any other tax consequences relating to Awards under this Plan. 

 

	Article 17.	Withholding 

 The Company shall have the power and the right to deduct or withhold, or require a
Participant to remit to the Company, an amount sufficient to satisfy Federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan; provided that
the amount that is withheld, or may be withheld at the Participant’s discretion with the Company’s consent, cannot exceed the amount of the taxes owed by the Participant using the maximum statutory tax rate in the Participant’s
applicable jurisdiction(s). The Participant may satisfy, totally or in part, his obligations pursuant to this Article by electing to have Shares withheld, to redeliver Shares acquired under an Award, or to deliver previously owned Shares, provided
that the election is made in writing on or prior to (i) the date of exercise, in the case of Options and SAR’s (ii) the date of payment, in respect of Stock Awards, Restricted Stock Units, Performance Units, Performance Shares, or
Cash-Based Awards, and (iii) the expiration of the Period of Restriction, in respect of Restricted Stock. Any election made under this Article shall be irrevocable by the Participant and may be disapproved by the Committee at any time in its
sole discretion. 

  
 24 

	Article 18.	Successors 

 All obligations of the Company under the Plan with respect to Awards granted hereunder shall
be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business, stock and/or assets of the Company.

  

	Article 19.	General Provisions 

 19.1 Gender and Number. Except where otherwise
indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural. 

19.2 Severability. If any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity
shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

19.3 Requirements of Law. The granting of Awards and the issuance of Shares under the Plan shall be subject to all applicable
laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

19.4 Securities Law Compliance. With respect to Insiders, transactions under this Plan are intended to comply with all applicable
conditions of Rule 16b-3 or its successors under the Exchange Act, unless determined otherwise by the Board. To the extent any provision of the Plan or action by the Committee fails to so comply, it shall be
deemed null and void, to the extent permitted by law and deemed advisable by the Board. 
 19.5 Listing. The Company may use
reasonable endeavors to register Shares allotted pursuant to the exercise of an Option with the United States Securities and Exchange Commission or to effect compliance with the registration, qualification, and listing requirements of any national
securities laws, stock exchange, or automated quotation system. 
 19.6 Inability to Obtain Authority. The inability of the
Company to obtain authority from any regulatory body having jurisdiction, which authority is deemed by the Company’s counsel to be necessary to the lawful issuance and sale of any Shares hereunder, shall relieve the Company of any liability in
respect of the failure to issue or sell such Shares as to which such requisite authority shall not have been obtained. 
 19.7 No
Additional Rights. Neither the Award nor any benefits arising under this Plan shall constitute part of an employment contract between the Participant and the Company or any Subsidiary or Affiliate, and accordingly, subject to
Section 16.2, this Plan and the benefits hereunder may be terminated at any time in the sole and exclusive discretion of the Committee without giving rise to liability on the part of the Company or any Affiliate for severance payments. 

  
 25 

 19.8 Employees Based Outside of the United States. Notwithstanding any provision of
the Plan to the contrary, to comply with provisions of laws in other countries in which the Company, its Affiliates, and its Subsidiaries operate or have Employees, the Committee, in its sole discretion, shall have the power and authority to: 

 

	 	(a)	Determine which Affiliates and Subsidiaries will be covered by the Plan or relevant subplans; 

  

	 	(b)	Determine which Employees employed outside the United States are eligible to become Participants in the Plan; 

  

	 	(c)	Modify the terms and conditions of any Award granted to Participants who are employed outside the United States; 

  

	 	(d)	Establish subplans, modified exercise procedures, and other terms and procedures to the extent such actions may be necessary, advisable or convenient, or to the extent appropriate to provide maximum flexibility for the
Participant’s financial planning. Any subplans and modifications to the Plan terms or procedures established under this Section 19.8 by the Committee shall be filed with the Plan document as Appendices; and 

 

	 	(e)	Take any action, before or after an Award is made, which the Committee deems advisable to obtain, comply with, or otherwise reflect any necessary governmental regulatory procedures, exemptions or approvals, as they may
affect this Plan, any subplan, or any Participant. 

 19.9 Uncertificated Shares. To the extent that the Plan
provides for issuance of certificates to reflect the transfer of Shares, the transfer of such Shares may be effected on a noncertificated basis, to the extent not prohibited by applicable law or the rules of any stock exchange. 

19.10 Clawback. Notwithstanding any other provisions in this Plan, any Award which is subject to recovery under any law,
government regulation or stock exchange listing requirement, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or any policy adopted by
the Company pursuant to any such law, government regulation or stock exchange listing requirement). 
 19.11 Governing Law. The
Plan and each Award Agreement shall be governed by the laws of the State of Delaware, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another
jurisdiction. Unless otherwise provided in the Award Agreement, recipients of an Award under the Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts located in Chicago, Illinois, to resolve any and all
issues that may arise out of or relate to the Plan or any related Award Agreement. 

  
 26 

					
	 Dated:

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