Document:

EXHIBIT
10.22

 

	 	 
	 	

	 
	Website
    Software and Services Agreement
	 

	 	Licensee:
    	Legal
    Name:	Raycom
    Media, Inc.	Date:
    October 1, 2011	 
	 	 	Address:
    	RSA
    Tower, 20th Floor	 	 
	 	 	 	201
    Monroe Street	 	 
	 	 	 	Montgomery,
    AL 36104	 	 
	 	 	 	 	 	 

	 	Site(s):	See
    attached Exhibit A.	 
	 	 	 	 

	 	Term:
    	The
    Term of this Agreement will commence on January 1, 2012 and end on December 31, 2016 (the “Term”). Notwithstanding
    the foregoing, Licensee may terminate this Agreement on June 30, 2014, provided it gives WorldNow at least 90 days prior written
    notice thereof. The term of the Affiliation Agreement between Licensee and WorldNow dated December 19, 2005 (as amended, the
    “Prior Agreement”) will end on December 31, 2011.	 
	 	 	 	 

	 	Standard
    Services:	WorldNow
    will provide the Standard Services set forth on Exhibit B.	 
	 	 	 	 

	 	Fees:	 	 	 
	 	 	 	 	 
	 	 	Platform
    License Fees	See
    Special Terms below	 
	 	 	Video
    Bandwidth	WorldNow’s
    cost plus 35% per MB streamed each month, payable monthly	 
	 	 	Video
    Storage	WorldNow’s
    cost plus 35% per GB stored each month, payable monthly	 
	 	 	Video
    Encoder	$4,275
    per encoder through December 31, 2012, thereafter, encoders will be available at list price (currently $5,925), payment required
    prior to encoder delivery	 
	 	 	Encoder
    Maintenance	$62.50
    per month ($750 per year) per encoder	 
	 	 	Local
    Ad-Serving	Licensee
    may use WorldNow’s implementation of DART DFP ad management system at the following rates: WorldNow’s cost plus
    35% for local ad calls (WorldNow’s cost plus 15% for mobile ad calls). WorldNow will notify Licensee in writing of the
    new rates when WorldNow’s costs change.	 
	 	 	 	 	 

	 	Billing:	 	 
	 	 	 	 
	 	 	Platform
    and video license fees for each calendar year shall be payable as follows: one half on October 1 of the prior year and one-half
    on February 1 of the current calendar year. (e.g., for the 2012 calendar year, one half of total license fees are due on October
    1, 2011 and the remaining half are due on February 1, 2012) WorldNow acknowledges receipt of Licensee’s October 1, 2011
    payment of one-half of the 2012 license fees. Monthly fees for streaming and storage usage, video encoder maintenance fees
    and monthly optional services fees will be paid by Licensee within 30 days following receipt of WorldNow’s invoice.	 
	 	 	 	 

	 	National Advertising Sales:	 	 
	 	 	 	 	 
	 	 	Inventory
    Split	WorldNow
    is allotted the National Advertising inventory set forth on Exhibit C; all other Site advertising inventory controlled by
    Licensee.	 
	 	 	Revenue
    Share	Licensee
    receives the share of Net Revenues collected from WorldNow’s National Advertising share as specified on Exhibit C; Licensee
    retains all proceeds from its share of ad inventory.	 
	 	 	 	 	 

 

    	 		 

    	 		 

    

 

	 	 	 	 
	 	Optional Services:	At
    Licensee’s option, WorldNow will provide the following Optional Services in exchange for the fees set forth herein:	 
	 	 	 	 	 
	 	 	[  ] Local
Ad Sales	In
    market Direct Sales Support and Production, as outlined below under Local Sales Services and described in more detail in Exhibit
    D.	 

	 

        Special
        Terms:

         

        License
        Fees: The monthly license fees payable by Licensee to WorldNow as platform and video license fees for 2012 and
        2013 are set forth on Exhibit A. For 2013 the amount of such platform and video license fees will increase by an additional
        three percent (3%) from the level of such fees payable in 2012 as set forth on Exhibit A. For 2014 and each year thereafter,
        the platform and video license fees will increase 2% from the prior year’s level. The license fees set forth in
        this Agreement are subject to mutually agreed adjustment in the event that Sites are added or removed from the Agreement.

         

        Most
        Favored Nations: In the event that during the Term WorldNow licenses its Producer platform (CMS + video) or sells
        equipment to a television broadcaster at rates lower than the average price per Site paid by Licensee (excluding the 4
        free Sites on Schedule A and the Sunbelt Ag Site) without Licensee’s prior approval, Licensee shall be entitled
        to receive the same reduction in License Fees or equipment fees, as the case may be, on a prospective basis from the date
        that such lower rates are accorded to another of WorldNow’s licensees. In calculating the Producer license fee charged
        to a third party, WorldNow shall be entitled in its reasonable good-faith judgment to include the rates charged to such
        third party for additional services (such as video bandwidth & storage fees, ad-serving fees, etc.) and the overall
        value of additional consideration provided by such third party (such as increased advertising inventory) or services withheld
        by WorldNow, and shall not be violation of the minimums set forth in this section if the total fees and other consideration
        received from such third party is equal or greater than the average per Site fees payable hereunder by Licensee for a
        comparable menu of services. In addition to television broadcasters, the foregoing Most Favored Nations provisions will
        apply to WorldNow’s licensing of its Producer platform (CMS + video) to (i) the largest newspaper by daily print
        circulation in each DMA, and (ii) the 100 largest newspapers, by daily print circulation, in the United States.

         

        Local
        Sales Services: Commencing on January 1, 2012, WorldNow will transition all local sales programs launched
        under the Prior Agreement to Licensee’s stations and WorldNow will no longer be responsible for selling, production
        or support of those programs. Commissions payable to WorldNow for Category Project Sales made under the Prior Agreement
        will be adjusted as follows:

         

        (a)
        for Sales billings made after January 1, 2012 under advertiser Sales agreements that are first entered on or after January
        1, 2012 or which are in a renewal term that commenced on or after November 1, 2011, WorldNow will receive a 3% commission
        on the collections for such billings in 2012. Additionally, for Licensee’s stations that have launched or will launch
        sales programs that are the same as or similar to WorldNow’s Category Projects, but which do not use WorldNow’s
        direct in-market sales or production support, WorldNow will receive a 3% commission on Licensee’s collections for
        sales billings made in 2012.

         

        (b)
        for Sales billings made after January 1, 2012 under advertiser Sales agreements entered before January 1, 2012 that are
        in their original term or in a renewal term that commenced before November 1, 2011, WorldNow will receive a 15% commission
        on Licensee’s collections for such billings.

         

        (c)
        The commission waiver contained in Section 4(c) of the January 1, 2009 amendment to the Prior Agreement will be discontinued
        on December 31, 2011.

         

        (d)
        After December 31, 2012, Licensee will no longer owe Worldnow any commissions or other amounts for any of the local sales
        programs referred to above.

         

        (e)
        Notwithstanding the foregoing, during the Term WorldNow will be available at Licensee’s request to provide its in-market
        Sales services as an optional service pursuant to the terms of Exhibit D.

         

        27-01
        Queens Plaza North, Suite 502, Long Island City, NY 11101 | T: 212.931.1200 | F: 212.931.1299

         

 

    	 	2	 

    	 		 

    

 

	 

        Additional
        Sites: (a) During the Term, Licensee may use the WorldNow platform and WorldNow’s mobile web platform, to
        operate an agriculture website on a month to month basis, in exchange for a fee of $1,000 per month.

         

        (b)
        During the Term, Licensee may use the WorldNow platform to operate a news website for station WFXG in exchange for a fee
        of $1,000 per month.

         

        (c)
        During the Term, Licensee may use the WorldNow platform to operate four non-news websites (WSFX, WXTX, WUPV and WTNZ)
        without payment of license fees. In the event that one of these websites launches a news department, the parties will
        mutually agree on license fees for that website.

         

        (d)
        Except for the license fee terms set forth above, all of the other provisions of this Agreement will apply to the operation
        of the foregoing additional websites.

         

        Optional
        Mobile Live Streaming: For Sites that have MVA Encoders 8.1 or higher, WorldNow will make available at Licensee’s
        option live streaming for mobile Flash videos in exchange for a $202 per month per Site charge. The monthly fee includes
        250GB of usage, with overages charged at a rate of $0.324 per GB. The foregoing charges reflect pricing equal to WorldNow’s
        cost plus 35%, accordingly, these charges are subject to adjustment in the event that WorldNow’s costs for these
        services change.

         

        This
        Agreement, which consists of this Cover Page, the attached Exhibits and Standard Terms and Conditions, shall become effective
        when signed below by the parties.

         

	 	Raycom
    Media, Inc.	 	Gannaway
    Web Holdings, LLC, d/b/a WorldNow	 
	 	 	 	 	 	 	 
	 	By:	 /s/ Pat LaPlatney  	 	By:	 /s/ Robert Mischel 	 
	 	 	 	 	 	 	 
	 	Name:	 Pat LaPlatney 

	 	Name:	 Robert Mischel 

	 
	 	 	 	 	 	 	 
	 	Title:	 Vice President, Digital Media 

	 	Title:	 Chief Financial Officer and Chief Operating Officer 

	 

	 

        27-01
        Queens Plaza North, Suite 502, Long Island City, NY 11101 | T: 212.931.1200 | F: 212.931.1299

         

 

    	 	3	 

    	 		 

    

 

	 

Exhibit
A

 

	 	 	 	2012	 	 	2013	 	 
	 	STATION	 	PLATFORM	 	 	VIDEO	 	 	TOTAL	 	 	PLATFORM	 	 	VIDEO	 	 	TOTAL	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	KAIT	 	 	21,567.60	 	 	 	16,524.00	 	 	 	38,091.60	 	 	 	22,214.63	 	 	 	17,019.72	 	 	 	39,234.35	 	 
	 	KCBD	 	 	35,953.20	 	 	 	16,524.00	 	 	 	52,477.20	 	 	 	37,031.80	 	 	 	17,019.72	 	 	 	54,051.52	 	 
	 	KFVS	 	 	40,489.20	 	 	 	16,524.00	 	 	 	57,013.20	 	 	 	41,703.88	 	 	 	17,019.72	 	 	 	58,723.60	 	 
	 	KHNL	 	 	44,744.40	 	 	 	16,524.00	 	 	 	61,268.40	 	 	 	46,086.73	 	 	 	17,019.72	 	 	 	63,106.45	 	 
	 	KLTV	 	 	32,961.60	 	 	 	16,524.00	 	 	 	49,485.60	 	 	 	33,950.45	 	 	 	17,019.72	 	 	 	50,970.17	 	 
	 	KOLD	 	 	35,845.20	 	 	 	16,524.00	 	 	 	52,369.20	 	 	 	36,920.56	 	 	 	17,019.72	 	 	 	53,940.28	 	 
	 	KPLC	 	 	21,567.60	 	 	 	16,524.00	 	 	 	38,091.60	 	 	 	22,214.63	 	 	 	17,019.72	 	 	 	39,234.35	 	 
	 	KSLA	 	 	38,599.20	 	 	 	16,524.00	 	 	 	55,123.20	 	 	 	39,757.18	 	 	 	17,019.72	 	 	 	56,776.90	 	 
	 	KTRE	 	 	21,567.60	 	 	 	16,524.00	 	 	 	38,091.60	 	 	 	22,214.63	 	 	 	17,019.72	 	 	 	39,234.35	 	 
	 	WAFB	 	 	52,974.00	 	 	 	16,524.00	 	 	 	69,498.00	 	 	 	54,563.22	 	 	 	17,019.72	 	 	 	71,582.94	 	 
	 	WAFF	 	 	33,037.20	 	 	 	16,524.00	 	 	 	49,561.20	 	 	 	34,028.32	 	 	 	17,019.72	 	 	 	51,048.04	 	 
	 	WALB	 	 	29,959.20	 	 	 	16,524.00	 	 	 	46,483.20	 	 	 	30,857.98	 	 	 	17,019.72	 	 	 	47,877.70	 	 
	 	WAVE	 	 	66,873.60	 	 	 	16,524.00	 	 	 	83,397.60	 	 	 	68,879.81	 	 	 	17,019.72	 	 	 	85,899.53	 	 
	 	WBTV	 	 	68,850.00	 	 	 	16,524.00	 	 	 	85,374.00	 	 	 	70,915.50	 	 	 	17,019.72	 	 	 	87,935.22	 	 
	 	WBRC	 	 	44,852.40	 	 	 	16,524.00	 	 	 	61,376.40	 	 	 	46,197.97	 	 	 	17,019.72	 	 	 	63,217.69	 	 
	 	WCSC	 	 	68,850.00	 	 	 	16,524.00	 	 	 	85,374.00	 	 	 	70,915.50	 	 	 	17,019.72	 	 	 	87,935.22	 	 
	 	WDAM	 	 	22,334.40	 	 	 	0.00	 	 	 	22,334.40	 	 	 	23,004.43	 	 	 	0.00	 	 	 	23,004.43	 	 
	 	WECT	 	 	20,822.40	 	 	 	16,524.00	 	 	 	37,346.40	 	 	 	21,447.07	 	 	 	17,019.72	 	 	 	38,466.79	 	 
	 	WFIE	 	 	44,949.60	 	 	 	16,524.00	 	 	 	61,473.60	 	 	 	46,298.09	 	 	 	17,019.72	 	 	 	63,317.81	 	 
	 	WFLX	 	 	50,014.80	 	 	 	16,524.00	 	 	 	66,538.80	 	 	 	51,515.24	 	 	 	17,019.72	 	 	 	68,534.96	 	 
	 	WFXG	 	 	10,800.00	 	 	 	0.00	 	 	 	10,800.00	 	 	 	11,124.00	 	 	 	0.00	 	 	 	11,124.00	 	 
	 	WISTV	 	 	57,412.80	 	 	 	16,524.00	 	 	 	73,936.80	 	 	 	59,135.18	 	 	 	17,019.72	 	 	 	76,154.90	 	 
	 	WLBT	 	 	44,949.60	 	 	 	16,524.00	 	 	 	61,473.60	 	 	 	46,298.09	 	 	 	17,019.72	 	 	 	63,317.81	 	 
	 	WLOX	 	 	32,961.60	 	 	 	16,524.00	 	 	 	49,485.60	 	 	 	33,950.45	 	 	 	17,019.72	 	 	 	50,970.17	 	 
	 	WMBF	 	 	33,048.00	 	 	 	16,524.00	 	 	 	49,572.00	 	 	 	34,039.44	 	 	 	17,019.72	 	 	 	51,059.16	 	 
	 	WMCTV	 	 	71,852.40	 	 	 	16,524.00	 	 	 	88,376.40	 	 	 	74,007.97	 	 	 	17,019.72	 	 	 	91,027.69	 	 
	 	WOIO	 	 	100,980.00	 	 	 	16,524.00	 	 	 	117,504.00	 	 	 	104,009.40	 	 	 	17,019.72	 	 	 	121,029.12	 	 
	 	WSFA	 	 	44,949.60	 	 	 	16,524.00	 	 	 	61,473.60	 	 	 	46,298.09	 	 	 	17,019.72	 	 	 	63,317.81	 	 
	 	WTOC	 	 	41,925.60	 	 	 	16,524.00	 	 	 	58,449.60	 	 	 	43,183.37	 	 	 	17,019.72	 	 	 	60,203.09	 	 
	 	WTOL	 	 	60,922.80	 	 	 	16,524.00	 	 	 	77,446.80	 	 	 	62,750.48	 	 	 	17,019.72	 	 	 	79,770.20	 	 
	 	WTVM	 	 	23,662.80	 	 	 	16,524.00	 	 	 	40,186.80	 	 	 	24,372.68	 	 	 	17,019.72	 	 	 	41,392.40	 	 
	 	WWBT	 	 	68,850.00	 	 	 	16,524.00	 	 	 	85,374.00	 	 	 	70,915.50	 	 	 	17,019.72	 	 	 	87,935.22	 	 
	 	WXIX	 	 	76,269.60	 	 	 	16,524.00	 	 	 	92,793.60	 	 	 	78,557.69	 	 	 	17,019.72	 	 	 	95,577.41	 	 
	 	SunbeltAgNet	 	 	10,800.00	 	 	 	0.00	 	 	 	10,800.00	 	 	 	11,124.00	 	 	 	0.00	 	 	 	11,124.00	 	 
	 	Total License Fee	 	 	1,476,198.00	 	 	 	512,244.00	 	 	 	1,988,442.00	 	 	 	1,520,483.94	 	 	 	527,611.32	 	 	 	2,048,095.26	 	 

	 

        27-01
        Queens Plaza North, Suite 502, Long Island City, NY 11101 | T: 212.931.1200 | F: 212.931.1299

         

 

    	 	4	 

    	 		 

    

 

	 

        Exhibit
        B

         

        Standard
        Services:

         

        I.
        Technology

         

        Users
        and Site Hosting

         

	 	●	An
    unlimited number of users at each Property with access to the WorldNow Producer 	 
	 	 	 	 
	 	●	Unlimited
    site hosting and bandwidth on a scalable and secure platform	 
	 	 	 	 
	 	●	All
    site hosting and bandwidth costs, with the exception of video storage and streaming bandwidth as outlined, are included in
    the Producer platform license fees. 	 
	 	 	 	 
	 	●	Access
    to an FTP server or site for storage of Licensee files to be used in connection with the Sites, such as images, code snippets
    and pdfs.	 

	 

        The
        Producer – An intuitive, browser-based content management system which enables content producers to control
        complex publishing, interactive features and site management tasks. The Producer provides the ability to, among other
        things, create, publish and manage content including text content, images and video, control elements of site design and
        layout, integrate and manage third-party content, and syndicate content.

         

	 	Key
    Interactive Features Of The Producer Include:	 
	 	 	 	 
	 	Outbound
    Direct Email	RSS
    & MRSS Feeds	 
	 	 	 	 
	 	Slide
    Shows	Form
    and Contest Builder	 
	 	 	 	 
	 	Member
    Center/Registration	User
    Comments/Ratings	 
	 	 	 	 
	 	Content
    Sharing/Syndication	Weather
    Alerts	 
	 	 	 	 
	 	Polls	Search	 

	 

        Technical
        Support – At no additional charge, the WorldNow Affiliate Communications and Technology team (ACT) will provide
        unlimited technical support, issue resolution and real-time response to software or hardware-related questions and problems,
        24 hours a day, seven days a week. The ACT team is responsible for responding to, tracking and resolving any technology
        issues that Properties may encounter.

         

        Software
        Enhancements/Online Training – WorldNow will provide unlimited access to online self-service video tutorials
        in addition to quarterly scheduled group training sessions in the WorldNow Learning Series. WorldNow shall also provide
        telephone-training sessions, at Licensee’s request, upon the delivery of each major upgraded version of the Producer.

         

        Video
        Encoder - Use of the Video Producer may require purchase of a video encoder for each Site, which WorldNow provides
        for the amount set forth on the Cover Page. The video encoder includes hardware, indexing software and customization,
        additional components, testing, and shipping. The video encoder is subject to normal industry obsolesce, and upgrades
        and replacements shall be at Licensee’s expense. Licensee shall not install any third party software on the video
        encoder.

         

        27-01
        Queens Plaza North, Suite 502, Long Island City, NY 11101 | T: 212.931.1200 | F: 212.931.1299

         

 

    	 	5	 

    	 		 

    

 

	 

        The
        codecs currently supported by the WorldNow Video Producer are:

         

        Ingest
        Formats:

         

	 	●	Windows
    Media (Planar YUV, S-Mpeg4 v3, Windows Media 9, Screen Video, WMPv7, WMPv8, WMPv9) 	 
	 	 	 	 
	 	●	Quicktime
    (Apple Graphics, H.264 mp4v, ITU H.263, Sorenson Video 1, Sorenson Video 3, AVC, ISO MPEG-4) 	 
	 	 	 	 
	 	●	MPEG-1;
    MPEG-2; MPEG-4 (H.264/MPEG-4 AVC, ISO MPEG-4)	 
	 	 	 	 
	 	●	AVI
    (BI_RGB Raw Bitmap, DVC/DV Video, Matrox DVCPRO, Matrox DVCPRO50, Microsoft Video 1, RAW I420, S-Mpeg 4 version 2); and MXF.
    	 
	 	 	 	 

	Output
                                         Formats:

         

	 	●	FLV
    (VP6) 	 
	 	 	 	 
	 	●	H.264;
    3GP 	 
	 	 	 	 
	 	●	Windows
    Mobile: MPEG-2 and MPEG-4 	 
	 	 	 	 
	 	●	Additional
    codecs may require additional fees.	 
	 	 	 	 

	Analytics
                                         – WorldNow currently provides site and video reporting through WebTrends at
                                         no additional cost, although WorldNow may change analytics providers from time to time.

         

        Ad
        Serving – WorldNow provides a license for ad serving through DoubleClick DART at no additional cost, other than
        the ad-serving fee for local ad calls set forth on the Cover Page.

         

        Application
        Programming Interfaces - During the Term, WorldNow will make available to Licensee our Applications Programming Interfaces
        (“APIs”) for use in connection with the WorldNow Video Software. The APIs will allow Licensee to develop various
        features and functions that interface with the WorldNow platform for new or modified software services. There is no additional
        cost for use of the APIs, which Licensee may discontinue at any time. There are, however, some important restrictions
        that govern use of the APIs. The APIs may only be used in connection the WorldNow Software and the license to use the
        APIs is co-terminus with your license herein to use the WorldNow Software. Moreover, all of the restrictions and warranty
        limitations contained in this Agreement for use of the WorldNow Software apply to use of the APIs. The APIs are designed
        for experienced developers/software engineers and are supported with appropriate documentation. WorldNow does not provide
        training or support for the APIs.

         

        27-01
        Queens Plaza North, Suite 502, Long Island City, NY 11101 | T: 212.931.1200 | F: 212.931.1299

         

 

    	 	6	 

    	 		 

    

 

	 

        II.
        Strategic Support / Sales Training

         

        Client
        Services – Licensee will receive the support of a dedicated Client Services Manager who acts as a “front-line”
        day-to-day contact for each Property and the group. WorldNow’s CS team will manage the site launch process for new
        Sites, and provide in-market training. WorldNow’s Client Services team will provide consulting support focused on
        the continued growth and strategic plan for each Site. This will include the creation of monthly audience development
        reports, annual site reviews, working with Licensee to develop strategies for increasing page views, providing industry
        best practices on layout, use of social media and SEO.

         

        III.
        Custom Development Work and Support Services*

         

        Site
        Design – The toolset WorldNow provides will allow for the client to control primary graphics, site navigation
        and the opportunity to create custom HTML or JS elements throughout the site. In consultation with Licensee, WorldNow
        will provide custom design work.

         

        Custom
        Features Development – WorldNow will provide development and consultative services for custom features such
        as top story rotators, weather display applications and more. Our design and production teams will work with your staff
        to define requirements, design elements, and develop functionality for these types of features.

         

        Custom
        Integration/ Content Migration – WorldNow will provide custom integrations and content migration as requested
        by Licensee.

         

        Site
        Training –Upon Licensee’s request for on-site training, Licensee will reimburse WorldNow for reasonable
        travel and lodging expenses associated with on-site training.

         

        *Third
        Party Application Integration - Unless an inordinate amount of time and resources are required, WorldNow normally
        performs the work necessary to integrate third-party applications and content, and provide custom design work, at no additional
        charge. In the event that integration or custom development would require additional costs, WorldNow present a timeline
        and estimated hours to complete the work required. WorldNow will bear the responsibility of delivering work within
        the proposed fixed fee rate structure and timelines.

         

        27-01
        Queens Plaza North, Suite 502, Long Island City, NY 11101 | T: 212.931.1200 | F: 212.931.1299

         

 

    	 	7	 

    	 		 

    

 

	 

        IV.
        National Content Feeds and Channels**

         

        WorldNow
        provides without additional cost a bundle of consumer focused news and information content packages built to supplement
        local content offering. Content seamlessly flows through the sites, where it can be enhanced and “localized”
        using The Producer.

         

        AP
        State Feeds: As long as Licensee has the corresponding AP license, WorldNow will provide AP state news feeds.

         

        AP
        Online Premium: As long as Licensee has the corresponding AP license, WorldNow will provide the AP Online Premium
        content package, which consists of national and international news, entertainment and specialty content. Licensee controls
        all advertising inventory on the AP Online Premium content pages except for one 728x90 leaderboard unit, two 300x250 island
        ad units and one 500x300 unit with the net ad revenue collected by WorldNow from the sale of such units shared back to
        Licensee pursuant to Exhibit B after payment to AP of its revenue share.

         

        Optional
        Lifestyle Channels: At Licensee’s option, WorldNow will provide its suite of Lifestyle Content Channels. Licensee
        and WorldNow will mutually agree on the navigation and promotion for the Lifestyle Channels on the Sites that elect to
        display them. Lifestyle Channels are underwritten by national advertising and WorldNow will share, pursuant to Exhibit
        B, the net national revenue actually received by WorldNow from its sale of ad inventory that is allocable to the Lifestyle
        Content Channels displayed on the Site. In some instances, Licensee’s access to shared advertising inventory on
        Lifestyle Content Channel pages may be reduced or eliminated due to content provider restrictions.

         

        Specialty
        Products: Content initiatives that are smaller in scope than a dedicated channel, and may be presented as a stand-alone
        product or as part of a dedicated product. Examples include: Lottery Results, 401k Investing and Pollen Report.

         

        Seasonal
        Packages: Seasonal packages may or may not include National advertisers. The main goal of these packages is to increase
        event driven and seasonal Site traffic. Examples include but not limited to Holiday packages, Mothers Day and Back to
        School.

         

        Promotional
        Block: The Lifestyle Channels shall (and the Specialty Products and Seasonal Packages may) also include a promotion
        block, provided that Licensee may determine the display location for such block.

         

        Weather:
        WorldNow provides supplemental weather data at no additional cost, including the following: extended day forecast information
        for your DMAs, automated county by county alerts from the National Weather Service, more than 200 regularly updated local,
        regional and national satellite and radar images and seasonal weather content packages.

         

        **Note
        regarding third-party content advertising inventory – Licensee acknowledges that some of the third-party
        content supplied by WorldNow for use on the Sites is made available to WorldNow from third parties on an advertising revenue-share
        basis, with either WorldNow or such third party having the exclusive right to sell advertising in connection with the
        display of such content.

         

        27-01
        Queens Plaza North, Suite 502, Long Island City, NY 11101 | T: 212.931.1200 | F: 212.931.1299

         

 

    	 	8	 

    	 		 

    

 

	 

                                Exhibit
C

 

National
Advertising and Promotion

 

	 	Ad
    Unit	 	Allocation	 	Comments	 
	 	 	 	 	 	 	 
	 	Two
    300x250 Rectangle Ads 	 	2012:
    60% Licensee / 40% WorldNow 	 	*Appears
    on all pages (Unit 1 to the right and above the fold, Unit 2 generally below the fold). 	 
	 	 	 	2013
                                         & beyond:

        65%
        Licensee / 35% WorldNow
	 	*300x250
    Rectangle “A” unit on story pages, is flexible to any IAB ad unit up to 300x600.	 
	 	 	 	 	 	*WorldNow
    retains 50% of the Net Revenue from sale of WorldNow units	 
	 	 	 	 	 	 	 
	 	728x90
    Leaderboard Ad	 	2012:
    60% Licensee / 40% WorldNow	 	*Appears
    above branding on all pages. 	 
	 	 	 	2013
                                         & beyond:

        65%
        Licensee / 35% WorldNow
	 	*Licensee
    has the option to exclude from Site homepages	 
	 	 	 	Homepage:
    70% Licensee / 30% WorldNow	 	*WorldNow
    retains 50% of the Net Revenue from sale of WorldNow units	 
	 	 	 	 	 	 	 
	 	Rich
    Media*	 	2012:
    60% Licensee / 40% WorldNow	 	*
    Example: auto expanding units, page takeovers, peel backs, 850x30 pencil/pushdown 	 
	 	 	 	2013
                                         & beyond:

        65%
        Licensee / 35% WorldNow
	 	*
    WorldNow will communicate with Licensee prior to each sale by it of the 850x30 unit and will give preference to Licensee’s
    locally sold deals in order to avoid conflicts	 
	 	 	 	 	 	*WorldNow
    campaigns will be subject to Licensee approval	 
	 	 	 	 	 	*WorldNow
    retains 50% of the Net Revenue from sale of WorldNow units	 
	 	 	 	 	 	 	 
	 	WorldNow
    3rd Party Supplied Video	 	100%
    WorldNow	 	*
    Inventory on all video content such a pre-rolls, companion ads, overlays, flyouts and other formats, supplied by WorldNow	 
	 	 	 	 	 	*WorldNow
    retains 50% of the Net Revenue from sale of WorldNow units	 
	 	 	 	 	 	 	 
	 	Licensee
    Supplied Video	 	70%
                                         Licensee /

        30%
        WorldNow
	 	*
    Inventory on all video content such as pre-rolls, companion ads, overlays, flyout and other formats, supplied by Licensee	 
	 	 	 	 	 	*
    Video pre-roll (not to exceed :15 seconds).	 
	 	 	 	 	 	*
    If WorldNow has not sold particular inventory in a premium campaign, Licensee will have the right to buy back such inventory
    for use in sponsorships in exchange for a fee not to exceed $10 CPM.	 
	 	 	 	 	 	*
    Net Revenue share of 70% back to Licensee.	 
	 	 	 	 	 	 	 
	 	Text
    Links	 	100%
    WorldNow	 	*
    Net Revenue share of 60% back to Licensee.	 
	 	 	 	 	 	 	 
	 	Google
    Search	 	100%
    WorldNow	 	*
    Net Revenue share of 60% back to Licensee	 

	 

        *
        Rich Media Inventory: WorldNow shall have the right to run “Rich Media” ads as herein defined. Rich Media
        is now defined by the IAB and for the purpose of this Agreement as: advertisements with which users can interact (as opposed
        to solely animation and excluding click-through functionality) in a web page format. These advertisements can be used
        either singularly or in combination with various technologies, including but not limited to; Sound, Video or Flash, and
        with programming languages such as Java, JavaScript, and DHTML.

         

        27-01
        Queens Plaza North, Suite 502, Long Island City, NY 11101 | T: 212.931.1200 | F: 212.931.1299

         

 

    	 	9	 

    	 		 

    

 

	 

        Rich
        Media where the user experience expands beyond the confines of the ad space or has an audio component must be user initiated.
        Any Rich Media ads not adhering to this guideline will be rejected by WorldNow. All rich media formats used by WorldNow
        will be subject to Licensee’s prior approval.

         

        In
        addition, WorldNow will use all reasonable efforts to identify and reject ads which it considers offensive or inappropriate
        including: provocative ads (scantily clad men or women or sexually explicit); network affiliate logos (ABC, CBS, NBC,
        FOX, CW); Spyware (no spyware or automatic downloads); TV programming ads (no news or information, weather or tune-in
        TV programming ads); misleading ads (ads which trap the viewer into a false premise such as “you are the 100th visitor”
        or “catch the spider and win a free computer”). Rich Media Ads that require the advertising to run in a unit
        not otherwise allowed under this Agreement will be subject to approval by Licensee on a case-by-case basis, at Licensee’s
        sole discretion.

         

        National
        Advertising Sales

         

        (a)
        Advertising Inventory – WorldNow may exclusively sell national advertising on the Site in the national advertising
        inventory spaces allotted to it as set forth above. All of the other advertising inventory units on the Site will be allocated
        to Licensee for its sole use. The parties will coordinate and consult with each other to avoid, if possible, sales that
        compete or conflict. WorldNow will work with Licensee to pull national ads off of Site pages that are built exclusively
        for local advertisers. As used in this Agreement, Net Revenue means the total amounts collected by WorldNow from the sale
        hereunder of national advertising, less third-party revenue shares, third party agency commissions, rep fees and ad-serving
        costs. The parties will work together in good faith to develop a plan for either party from time to time to buy display
        inventory that is allocated to the other party, with the goal of optimizing the advertising revenue for both parties.
        In connection with the foregoing, Licensee will assign to WorldNow the right during the Term to include the Sites’
        traffic in WorldNow’s network traffic reports (e.g., comScore).

         

        (b)
        Exclusively Local Ad Pages -WorldNow will be allotted national advertising inventory on all pages of the Sites,
        including Links Plus pages, except exclusively localized pages of which Licensee gives WorldNow notice, such as locally
        originated directories and sponsored content pages, where the content in the pages exists for the sole benefit of local
        sponsors, and other exclusively local sponsor pages such as, but not limited to, Local Lifestyle, Local Guides, Local
        Classifieds (i.e., locally managed), Contests, Local Online Stores, Featured Station Talent, Community Events and Community
        Guides, Local Health Category Page and Local Radar Page. Licensee may, however, elect to allow national advertising inventory
        on otherwise exclusively localized pages. Notwithstanding the foregoing, the Sites’ homepages, news pages, weather
        pages and National Lifestyle Channel pages that WorldNow permits Licensee to localize with local content, shall not be
        considered exclusively localized pages.

         

        (c)
        Licensee’s National Sales - Licensee may sell directly to regional and national advertisers, however, except
        as set forth below in section (d), Licensee will not make such inventory available to national online agencies or online
        aggregators such as; Centro, Internet Broadcasting, COX Digital Sales, Mediaspan, ITN Networks, Lion New Media, Red McCombs,
        Novus, however nothing in this Agreement will prevent Licensee from selling advertising inventory on the Site directly
        to local, regional or national advertisers. Notwithstanding the foregoing, only in the event Licensee is presented with
        the opportunity to make inventory available to national online agencies and/or online aggregators under circumstances
        which do not directly or indirectly compete with WorldNow then WorldNow shall not unreasonably withhold its consent to
        Licensee providing inventory to such agencies or aggregators.

         

        27-01
        Queens Plaza North, Suite 502, Long Island City, NY 11101 | T: 212.931.1200 | F: 212.931.1299

         

 

    	 	10	 

    	 		 

    

 

	 

        (d)
        Online Display & Video Remnant Backfill - WorldNow will provide remnant backfill advertising for Sites’
        local display and video inventory. For local display and video backfill WorldNow’s Net Revenue will be divided 85%
        to Licensee and 15% to WorldNow. Any such backfill may be pre empted by Licensee at any time. In the event that Licensee
        uses WorldNow for remnant backfill, then Licensee will not use any other party for backfill services during the time that
        Licensee uses WorldNow to provide such services. Notwithstanding anything to the contrary herein, Licensee may sell its
        share of inventory hereunder to COX Digital Sales for use in connection with COX’s targeted vertical national sales
        product.

         

        (e)
        Mobile Inventory Sales: Licensee will control all of the mobile advertising inventory on the Sites. During the Term
        and upon Licensee’s request, WorldNow will make available premium and remnant advertising for Licensee’s mobile
        inventory on the Sites. For premium mobile advertising inventory sales, WorldNow’s Net Revenue will be divided 70%
        to Licensee and 30% to WorldNow and for mobile backfill advertising sales, WorldNow’s Net Revenue will be divided
        75% to Licensee and 25% to WorldNow.

         

        (f)
        Revenue Reports – Following the end of each calendar quarter during the term of this Agreement, WorldNow
        shall deliver to Licensee a Revenue Report regarding the regional/national sales made by WorldNow hereunder accompanied
        by a payment of the amount shown to be due to Licensee.

         

        27-01
        Queens Plaza North, Suite 502, Long Island City, NY 11101 | T: 212.931.1200 | F: 212.931.1299

         

 

    	 	11	 

    	 		 

    

 

	 

        Exhibit
        D

         

        Optional
        In Market Direct Sales Support and Production:

         

        (a)
        In Market Support: At Licensee’s request, WorldNow Regional Sales Directors (RSDs) will be available to make
        trips to the market of the Sites in support of local convergence sales. The primary purpose of these Property visits is
        to build momentum by going on sales calls, making presentations and closing new business in connection with WorldNow’s
        packaged sales programs launched for the Site (“Category Projects”). Licensee shall assist WorldNow’s
        RSD in lead generation, scheduling appointments with advertisers and other aspects of market set-up as outlined in WorldNow
        Travel Commitment Accord which we ask to be reviewed before committing to market trips. RSD in-market sales trips confirmed
        in writing with Licensee and cancelled on less than 30 days prior written notice will be subject to a $2,500 cancellation
        fee. For each Category Project launched, Licensee must maintain a minimum of 8 clients or WorldNow reserves the right
        to cancel that Category Project.

         

        (b)
        WorldNow Commissions: In connection with WorldNow’s Optional Direct Sales Support, WorldNow will be entitled
        to receive a 15% commission on the amount of Sales and renewals thereof made hereunder by WorldNow’s RSDs, or by
        Licensee in conjunction with WorldNow’s materials or support, for the Category Projects launched by WorldNow for
        the Site and including the portion of such Sales made during the Term that are invoiced after the expiration of the Term.
        WorldNow’s commission will be computed upon the monthly gross Sales amounts billed by Licensee net only of advertising
        agency commissions and third party production costs. Advertising sales for the Site made by Licensee’s sales staff
        and independent of any WorldNow Category Projects launched on the Site shall not be subject to WorldNow’s commission
        under this Agreement.

         

        (c)
        Sales Definition: As used in this Agreement the term “Sales” shall mean the total price to be paid
        pursuant to contracts (including insertion orders) for the purchase of online and/or convergent advertising (convergent
        advertising is online and on-air advertising sold together for a single price) and/or website sponsorships for the Category
        Projects. Convergent advertising packages for WorldNow Category Projects that are converted to on-air only packages during
        the original term of the agreement for such category project will continue to be subject to WorldNow’s Sale’s
        commission for the remainder of the original term. All Sales will be subject to Licensee’s prior approval. Licensee
        will promote each Category Project with advertising and/or content inventory located above the fold on the home and main
        section pages of the Site.

         

        (d)
        Sponsorship Production Services: WorldNow will provide the Sponsorship Production Services without charge for all
        Sales for the Site made in connection with WorldNow’s Direct Sales Support/Category Projects. In the event an advertiser
        cancels before the executed launch of their site, Licensee will be responsible for a production fee of $1,200.

         

        (e)
        Travel Expense: Licensee shall have approval over WorldNow’s travel and lodging expenses in connection with
        WorldNow’s in-market visits to provide sales consulting and sales services and to provide strategic support services,
        and Licensee shall pay for such expenses or reimburse WorldNow for such expenses.

         

        (f)
        Licensee Reporting Licensee will deliver a report to WorldNow within 15 days following the end of each month detailing
        the amount of Sales made in such month, broken down by advertiser and showing the amounts invoiced to each advertiser
        in such month. If such reporting is not received, any credits or discounts offered will be voided for that month.

         

        27-01
        Queens Plaza North, Suite 502, Long Island City, NY 11101 | T: 212.931.1200 | F: 212.931.1299

         

 

    	 	12	 

    	 		 

    

 

	 

        Standard
        Terms and Conditions

         

	 	1.	Licensee’s
    Website - This Agreement applies only to the website(s) for Licensee’s television Property(s) set forth on the Cover
    Page of this Agreement (the “Sites”). In the event that there is a conflict between the provisions of these Standard
    Terms and Conditions and any other provision of this Agreement, the provisions of these Standard Terms and Conditions shall
    control.	 
	 	 	 	 
	 	2.	License
    Grant - WorldNow hereby grants Licensee the right during the Term of this Agreement to use WorldNow’s proprietary
    Producer and Video Producer software (the “Software”) to create and maintain the Sites. The Software, among other
    things, will allow Licensee staff to publish and manage content on the Sites. Licensee shall retain ownership of all material
    Licensee furnishes for the Sites, including the URLs, Property branding and logos, and all of Licensee’s content published
    on the Sites. During the Term, Licensee will use WorldNow exclusively for hosting of the Sites.	 
	 	 	 	 
	 	3.	Term
    - WorldNow will host the Sites for you during the Term of this Agreement, which shall commence on the date set forth on
    the Cover Page and continue for the period of years set forth on the Cover Page (the “Term”). 	 
	 	 	 	 
	 	4.	Audit
    – Each party will maintain and retain complete and accurate books and records with respect to amounts payable to
    the other hereunder for a period of at least three (3) years following the receipt of such revenue. During the Term, upon
    at least thirty (30) days advance written notice, a party may inspect the books and records of the other party at such other
    party’s principal place of business for the purpose of verifying the accuracy of any Revenue Reports rendered hereunder.	 
	 	 	 	 
	 	5.	Contests
    - If Licensee features contests or sweepstakes on the Sites, Licensee is responsible for compliance with all of the laws
    and regulations and for attaining appropriate legal advice in connection with any such sweepstakes or contests. The laws governing
    contests and sweepstakes vary from state to state so WorldNow cannot be responsible for them even though the Producer software
    will enable Licensee to run contests.	 
	 	 	 	 
	 	6.	Representations
    & Warranties – Each party represents and warrants to the other that any material it places on the Sites will
    not be libelous, defamatory, or obscene, and will not infringe or violate the rights of third parties, including intellectual
    property rights such as trademark and copyright. WorldNow may remove any such material on the Sites, but will have no duty
    to monitor the Sites for such material. Each party also represents and warrants that it is not subject to any contractual
    restriction that would be violated by its entry or performance of this Agreement. Each party will indemnify and defend the
    other, including their affiliates, and the directors, employees and agents of each of them, from any third party claim arising
    out of the indemnifying party’s breach of this Agreement. Additionally, Licensee will indemnify and defend WorldNow
    from any third party claims arising out of material posted on the Sites by Site users. Additionally, Licensor will indemnify,
    defend and hold Licensee, including its affiliates, and the directors, employees and agents of each of them, harmless from
    any third party claims arising out of the technology provided by Worldnow under this Agreement.	 

	 

        27-01
        Queens Plaza North, Suite 502, Long Island City, NY 11101 | T: 212.931.1200 | F: 212.931.1299

         

 

    	 	13	 

    	 		 

    

 

	 	 	 	 
	 	7.	Limitation
    of Liability - Subject to the parties’ respective obligations and undertakings of Section 6 above, Licensee acknowledges
    that WorldNow software and services are provided “as is” and that in no event and under no circumstances, shall
    a party be liable to the other party for any special, incidental, consequential or punitive damages arising out of or in connection
    with this Agreement, even if advised of the possibility of such damages. WorldNow makes no warranties or guarantees, expressed
    or implied, relating to the Producer or other software or services, including any implied warranty of merchantability or fitness
    for a particular purpose. Due to the limitations of the Internet, WorldNow can make no warranties to Licensee or the users
    of the Sites that access to the Sites or to any particular service shall be available at any particular time. Notwithstanding
    anything to the contrary herein, WorldNow makes no representations or warranties that the use of the WorldNow Video Services
    and/or WorldNow Video Producer Software will not violate any patents concerning video coding standards or the process and/or
    concept of streaming audio and/or video over the Internet. Either party may terminate the video services if the owners of
    such patents or their agents seek to license such patents to or enforce such patents against such party. 	 
	 	 	 	 
	 	8.	Software
    Restrictions - Licensee may not make or distribute copies of the software provided by WorldNow hereunder (the “Software”),
    or electronically transfer the Software to another business. Licensee may not port, de-compile, reverse engineer, disassemble,
    or otherwise reduce the Software to a human-perceivable form or otherwise attempt to derive the source code thereof. Licensee
    may not modify, sell, rent, transfer, resell for profit, distribute or create derivative works based upon the Software or
    any part thereof. Licensee shall not remove or alter any WorldNow copyright or patent notices or marks, trade name, trademark
    or logo appearing or published on the WorldNow video player. Licensee shall not install any third party software on the video
    encoder used to stream video hereunder without WorldNow’s prior written permission. The license granted hereunder with
    respect to the WorldNow video software only allows Licensee to install and use the video software on the computers supplied
    by WorldNow hereunder. This video software license and all rights granted hereunder will terminate immediately upon Licensee’s
    breach of this paragraph as it applies to the video software licensed hereunder and Licensee shall, at WorldNow’s direction,
    destroy or return all copies of the video software. As required by On2 Technologies, Inc. (“On2”), On2 shall have
    the right to enforce the terms of this paragraph against Licensee to the extent that Licensee’s violation of this Section
    relates to the software and algorithms owned by On2 that are incorporated in the video software licensed hereunder.	 
	 	 	 	 
	 	9.	Confidential
    Information - If the parties exchange information during the course of negotiation and/or performance of this Agreement
    that either of party reasonably designates as confidential, then the recipient promises to keep that information confidential
    and not to disclose it to others. Licensee hereby acknowledges that WorldNow considers the Producer, its features and manner
    of its operation confidential and proprietary. WorldNow also considers this Agreement and its provisions confidential. Provided,
    however, that no information shall be deemed confidential or be required to be treated as confidential if it is in the public
    domain or enters the public domain without the fault of the party to whom such otherwise confidential information was disclosed.
    Each party may disclose confidential information to governmental agencies having jurisdiction, its Board of Directors, Board
    of Managers, shareholders or unit holders, provided that such persons agree to be bound by the confidentiality provisions
    hereof.	 

	 

        27-01
        Queens Plaza North, Suite 502, Long Island City, NY 11101 | T: 212.931.1200 | F: 212.931.1299

         

 

    	 	14	 

    	 		 

    

 

	 	 	 	 
	 	10.	Insurance
    - During the term of this Agreement, both you and we shall maintain an errors and omissions type policy of insurance in
    effect which policy of insurance shall contain a waiver of subrogation in favor of the additional insureds and will provide
    a minimum of $5,000,000 of coverage per occurrence. Each party will be named as an additional insured under the other party’s
    E&O insurance policy.	 
	 	 	 	 
	 	11.	Service
    Level – Except for the servers or hardware located on Licensee’s premises, WorldNow will ensure that the servers
    it uses to provide the services hereunder will function at 99.5 % reliability (i.e., that its “Uptime” of the
    servers will not be less than 99.5%) measured on a calendar monthly basis. For purposes of this Agreement, Uptime will not
    include any time when WorldNow’s services are not available. Notwithstanding the foregoing, hours of scheduled maintenance
    (which will not exceed 12 hours per calendar month) will not be factored into the analysis of Uptime percentages. To the extent
    reasonably possible, maintenance will be scheduled on weekend mornings between 12:00 am and 12:00 pm EST. In the event that
    Uptime for a Site in a month is less than 99.5%, WorldNow will adjust the License Fee payable for that Site for that month
    as follows:	 
	 	 	 	 

	 	Uptime%	Credit%	 
	 	99.499
    – 96	5%	 
	 	94-96	10%	 
	 	92-94	15%	 
	 	<92	50%	 
	 	 	 	 

	 	12.	Miscellaneous
    - No party shall have the right to assign this Agreement, or any of its rights or obligations hereunder, without the prior
    written consent of the other party, except that each party shall have the right to transfer or assign this Agreement to a
    legally related entity (i.e., parent, subsidiary, etc.) or to any party who acquires all or substantially all of the
    assets or business of either party. In the event of transfer of ownership of a Site, Raycom will provide WorldNow with advance
    notice of such transfer and use commercially reasonable efforts to cause the purchaser to assume this Agreement with respect
    to that Site for the balance of the Term of this Agreement. In the event that notwithstanding Raycom’s exercise of commercially
    reasonable efforts to cause the purchaser to assume this Agreement, the purchaser declines to do so, then Raycom will have
    the right to terminate this Agreement as to the Site so transferred (or to be transferred) with effect from the date of the
    transfer of ownership upon reasonable written notice to WorldNow. No breach of this Agreement shall be deemed material unless
    such breach remains uncured for a period of 10 days following receipt of written notice thereof or, with respect to breaches
    that are incapable of being cured within 10 days, cure of such breach is not commenced within such 10-day period and completed
    promptly thereafter. This Agreement, which supersedes any prior agreements between the parties regarding the subject matter
    hereof, shall be governed by the law of the State of New York applicable to agreements made and performed therein, and shall
    bind and inure to the benefit of the parties hereto and their respective permitted successors and assigns. 	 
	 	 	 	 

	[[
                                         END OF AGREEMENT ]]

                                                                       

        27-01
        Queens Plaza North, Suite 502, Long Island City, NY 11101 | T: 212.931.1200 | F: 212.931.1299

         

 

    	 	15	 

    	 		 

    

 

Gannaway
Web Holdings LLC

d/b/a
WorldNow

27-01
Queens Plaza North, Suite 502

Long
Island City, NY 11101

 

Dated
as of October 1, 2014

 

Mr.
Paul McTear

Raycom
Media, Inc.

RSA
Tower, 20th Floor

Montgomery,
AL 36104

 

	 	Re:	Website
    Software Agreement - Amendment

 

Dear
Paul:

 

Reference
is made to the Website Software and Services Agreement dated October 1, 2011 (the “Agreement”) between Gannaway Web
Holdings LLC (“WorldNow”) and Raycom Media, Inc. (“Licensee”). When signed below, the Agreement will be
amended as follows:

 

	 	1.	Term:
    The Term of the Agreement is hereby extended until December 31, 2017, provided that Licensee may terminate the Agreement for
    convenience on December 31, 2016 upon written notice delivered to WorldNow at least 120 days prior to that date. 
	 	 	 
	 	2.	Fees:
    

 

	 	a.	Platform
    License Fees - Commencing on January 1, 2015, in lieu of the platform license fees rates set forth in the Agreement, Licensee
    will pay WorldNow an annual platform license fee in the amount of $2,987,000. This amount will be subject to mutually agreed
    adjustment in the event that Sites are added or removed from the Agreement. The annual platform license fee for 2015 will
    be payable one-half within 10 days following the full execution of this Amendment and one-half on or before February 1, 2015.
    In exchange for the foregoing pre-payments, the platform license fees for 2015 will be reduced by $125,000. For 2016 and 2017,
    annual platform license fees will be payable in equal calendar quarterly installments, due for each month by wire transfer
    on the first day of such quarter.
	 	 	 
	 	b.	Video
    Bandwidth and Storage Fees – Commencing on January 1, 2015, in lieu of the rates set forth in the Agreement, the
    rates charged by WorldNow for video streaming and bandwidth will be reduced to WorldNow’s cost. WorldNow will provide
    Licensee with quarterly copies of its vendor invoicing that documents the cost paid by WorldNow.
	 	 	 
	 	c.	Encoder
    Maintenance Fees - Commencing on January 1, 2015, the $62.50 per month per encoder fee will be eliminated.
	 	 	 
	 	d.	Local
    Ad Serving Fees – Commencing on January 1, 2015, in lieu of the rates set forth in the Agreement, the rates charged
    by WorldNow for local ad serving will be reduced to WorldNow’s cost. WorldNow will provide Licensee with quarterly copies
    of its vendor invoicing that documents the cost paid by WorldNow.

 

    	 	1	 

    	 		 

    

 

	 	e.	Sailthru
    License Fees – WorldNow has replaced outbound direct email with the optional Sailthru email platform. In the event
    that Licensee elects to use the Sailthru email platform, Licensee will pay WorldNow an annual license fee in the amount of
    $60,000 for use of the Sailthru email platform on the Sites. Licensee may discontinue use of the Sailthru platform at any
    time upon 30 days prior written notice to WorldNow.
	 	 	 
	 	f.	Site
    Delivery/Premium API usage/Akamai SDK Fees - Commencing on January 1, 2015, the, WorldNow will not charge fees for the
    following: Site delivery, WorldNow Premium API, and Akamai analytics SDK fees. 
	 	 	 
	 	g.	Closed
    Captioning Fee – In consideration of WorldNow’s implementation of upgrades to make its video Software complaint
    through 2014 with the FCC’s regulations for closed captioning of internet protocol-delivered video programming, Licensee
    will pay to WorldNow a one-time closed captioning upgrade fee in the amount of $306,000, payable within 10 days following
    full execution of this Amendment.
	 	 	 
	 	h.	Local
    Sales Settlement Fee – WorldNow waives payment of the $44,000 outstanding amount due to it from Licensee for local
    sales vertical buybacks.
	 	 	 
	 	i.	Mobile
    Responsive Design – Commencing on January 1, 2015, WorldNow will provide its mobile responsive design platform for
    the Sites without charge other than the cost of streaming bandwidth and storage used in connection therewith.
	 	 	 
	 	j.	comScore
    SDK - $33.75 per million server calls billed monthly for analytics reporting for third party sites not hosted by WorldNow.

 

	 	3.	Specialty
    Sites: Commencing on November 1, 2014, Licensee may use the WorldNow platform to operate up to three additional specialty
    (non-news) sites beyond the number of such sites currently provided for in the Agreement, without payment of additional license
    fees, provided that there will be a $5,000 one-time set-up fee for each such additional Site, and all of the other provisions
    of the Agreement, (including usage fees and advertising allocations) will apply to such additional Sites. 
	 	 	 
	 	4.	National
    Advertising: 

 

(a)
Local Site Inventory : Subject to Sections 4 (b), 4(c) and 4(d) below, commencing on January 1, 2015, Licensee will control
all of the advertising inventory on the Sites.

 

(b)
WorldNow Premium Direct Sales – Commencing on January 1, 2015, Worldnow will have the right to sell national/multimarket
Premium direct advertising for all Site advertising inventory accessed through desktop, mobile devices and apps and WorldNow’s
rights with respect to the foregoing will be exclusive for the entities listed on the annexed Exhibit A. With respect to entities
other than those listed on the annexed Exhibit A, Licensee may make direct national advertising sales, however, it may not make
national advertising sales for the Sites using third-party representatives (other than Licensee’s primary broadcast television
advertising sales representative). The parties will use reasonable efforts to avoid competing national advertising sales for the
Sites. As used herein, “Premium” means Site inventory that is sold directly to national/multi-market advertising agencies,
advertisers or advertising aggregators (such as Centro) on a scheduled and/or guaranteed basis. Licensee will make Site inventory
available to WorldNow for Premium sales to the extent requested by WorldNow, provided that Licensee will not be required to make
available any inventory that has been sold by Licensee (or in the case of Video, that Licensee expects to sell) at a rate that
is equal to or greater than the gross Premium CPMs being offered by WorldNow at that time. Any gross CPM rate offered by WorldNow
that is less than $5 for display ads and $25 for video pre-roll will be subject to Licensee’s prior written approval. Additionally,

 

    	 	2	 

    	 		 

    

 

	 	i.	Worldnow
    will prevent local advertisers from being sold as Premium and will direct all such local advertiser inquiries to the local
    stations.
	 	 	 
	 	ii.	Worldnow’s
    national ad team will have access to view Licensee Site inventory for the purposes of determining available inventory and
    responding to RFPs and will schedule approved campaigns.
	 	 	 
	 	iii.	Worldnow’s
    national ad team will have one contact, a central Licensee resource to work with and discuss instances where there might be
    an order for inventory that is not available.
	 	 	 
	 	iv.	The
    parties will work together to develop guidelines for dealing with channel conflicts. 

 

Net
Revenue from Worldnow’s Premium advertising sales billings for the Sites will be shared with Licensee as follows: Licensee
50% and WorldNow 50%.

 

(c)
Optional WorldNow Remnant Sales – Licensee will have the option to engage WorldNow as its exclusive representative
for national remnant (non-guaranteed) inventory on the Sites. For advertising sales made by WorldNow in this capacity, WorldNow
will pay Licensee a mutually agreed guaranteed CPM based on 100% fill, based on inventory unit size and type, for Site remnant
advertising sales made by WorldNow. WorldNow’s appointment will be for periods of two consecutive calendar quarters at a
time, each of which will automatically renew for an additional period of two consecutive quarters, provided that the parties mutually
agree in writing at least 60 days prior to the end of the period then in effect with respect to CPM rates to be paid by WorldNow
for the succeeding two-quarter period. If the parties do not agree on the applicable CPM rate payable by WorldNow, WorldNow’s
appointment as sales representative will terminate at the end of the two-quarter period then in effect. WorldNow’s appointment
as exclusive remnant advertising sales representative for the Sites will be subject to a written advertising block list to be
approved in advance by Licensee. Licensee and WorldNow will use their best effort to mutually agree by December 5, 2014, on the
CPM rates for appointment of WorldNow exclusive representative hereunder for the sale of Licensee’s inventory of remnant
advertising on the Sites for the period commencing January 1, 2015 and ending June 30, 2015 pursuant to the terms of the annexed
Exhibit B.

 

(d)
Text Links – Commencing on January 1, 2015, the “Text Links” inventory unit will be removed from Exhibit C of
the Agreement and Licensee will have the sole right to this inventory unit.

 

    	 	3	 

    	 		 

    

 

(e)
WorldNow-Supplied Content – With respect to the content supplied by WorldNow for the Sites under Section IV of Exhibit
B to the Agreement (National Content Feeds and Channels), the advertising inventory allocations set forth in Exhibits B and C
of the Agreement will continue to apply and the revenue share provisions of Exhibit C will continue to apply to the inventory
allocated to WorldNow on Site pages containing such content. The inventory and revenue share allocations for search and text links
will continue as set forth on Exhibit C of the Agreement.

 

(f)
Advertising Accounting – Within 30 days following the end of each month in which there are sales of Site inventory
by WorldNow, WorldNow will provide Licensee with a statement for such prior month detailing the amount of sales and amount due
to Licensee. WorldNow will use its best efforts to provided estimated reports of premium and remnant sales within ten days following
the end of each month. Calculation and payment of amounts due will be subject to adjustment for impression discrepancies, uncollectable
accounts, discounts, make-goods and other similar advertiser/agency accommodations. Within 45 days after each calendar quarter,
Worldnow will issue Licensee a report showing each month’s revenue within the calendar quarter along with a check for Licensee’s
share of the calendar quarterly Site advertising revenue due hereunder.

 

	 	5.	Professional
    Services: Commencing on January 1, 2015, in lieu of the “Third Party Application Integration” language set
    forth in Section III of Exhibit B of the Agreement, Worldnow will provide a statement of work, cost breakdown and project
    timeline for professional services requests that are specific to Licensee in the following areas: 

 

	 	●	Custom
    feature development
	 	 	 
	 	●	Content
    & third party integrations and support
	 	 	 
	 	●	API/SDK
    development, integrations and support
	 	 	 
	 	●	Custom
    database reports

 

Hours
of Professional Services expended by Worldnow will be billed at a rate of $125/hr for Design, Development and Production resources
and $75/hr for QA resources. Fees for other labor-intensive requests that fall outside the scope of professional services and
daily support services (e.g. extensive DBA queries, topics deletion across all sites, etc.) may also be charged at the Professional
Services or negotiated rate, provided a statement of work is issued and agreed to by Licensee prior to the start of such work.

 

	 	6.	Most
    Favored Nations: Commencing on January 1, 2015, the “Most Favored Nations” language contained on page 2 of
    the Agreement will be deleted. Notwithstanding such deletion, WorldNow will use its best efforts to maximize the amount of
    license and other fees it charges customers for its products and services. 
	 	 	 
	 	7.	Service
    Level Agreement: Commencing on October 1, 2014, Section 11 of the Agreement’s Standard Terms and Conditions will
    be replaced by the language set forth on Exhibit C annexed hereto.
	 	 	 
	 	8.	Privacy:
    Licensee will be solely responsible for Site terms of service, privacy policies and compliance with applicable privacy and
    other laws and regulations regarding Site users. 
	 	 	 
	 	9.	Sales
    Tax: Licensee will be solely responsible for payment of applicable sales and/or use taxes in connection with the Software
    and services provided under the Agreement.

 

    	 	4	 

    	 		 

    

 

Except
as amended herein, the Agreement will remain in full force and effect.

 

If
you are in agreement with the foregoing, please return a fully executed copy of this letter amendment to us at your earliest convenience.

 

	 	Gannaway Web Holdings, LLC
	 	 	 
	 	By:	 /s/ Albert
                                         C. Gannaway 

	 	Name:	 Albert Gannaway 

	 	Title:	 Chief Executive Officer 

 

	Accepted and Agreed:	 
	 	 	 
	Raycom Media, Inc.	 
	 	 	 
	By:	 /s/ Paul
                                         McTear 

	 
	Name:	 Paul McTear 

	 
	Title:
    	 President and Chief Executive Officer 

	 

 

    	 	5	 

    	 		 

    

 

Exhibit
A

 

	 	●	Centro
	 	●	Gamut
    
	 	●	Lion
    New Media
	 	●	LIN
    Digital (provided that Licensee may use LIN Digital for mobile advertising sales)
	 	●	Kargo
	 	●	MNI
    Targeted Media
	 	●	BCF
	 	●	Stepleader
    
	 	●	RMM
    Online
	 	●	3
    Interactive
	 	●	Nextmark
	 	●	Katz360
    (provided that Licensee may use Katz 360 for the sale of “pop-under” units)
	 	●	Local
    Yokel Media
	 	●	Mansi
    Media
	 	●	GYK
    Marketing
	 	●	Division
    D
	 	●	Collective
	 	●	Local
    Media Consortium 

 

*Successors
of the foregoing entities will be deemed included in this Exhibit 

and
WorldNow may add entities to this Exhibit with Licensee’s consent.

 

    	 	6	 

    	 		 

    

 

Exhibit
B

 

WorldNow
Remnant Sales:

 

Q1
2015

 

	Inventory
    Unit	 	Guaranteed
    CPM (net portion payable to Licensee)
	 	 	 
	728x90
    (top of page)	 	$tbd
	 	 	 
	468x60	 	$tbd
	 	 	 
	300x250
    	 	$tbd
	 	 	 
	Video
    Preroll	 	$tbd

 

Q2
2015

 

	Inventory
    Unit	 	Guaranteed
    CPM (net portion payable to Licensee)
	 	 	 
	728x90
    (top of page)	 	$tbd
	 	 	 
	468x60	 	$tbd
	 	 	 
	300x250
    	 	$tbd
	 	 	 
	Video
    Preroll	 	$tbd

 

    	 	7	 

    	 		 

    

 

Exhibit
C

 

Service
Level Agreement:

 

	 	A.	Guaranteed
    Uptime: WorldNow agrees that (i) the system it provides to Licensee to create and manage content for the Sites (the “System”)
    will be available at least 99.8% of the time (i.e., that the System “Uptime” will not be less than 99.8% of the
    time), and (ii) the Sites will function and be available at least 99.99% of the time (i.e., that the Sites’ “Uptime”
    will not be less than 99.99%) measured on a monthly basis. The Uptime guarantee will be met with respect to (i) the System,
    if System users are able to update primary Site news content, and (ii) the Sites, if major Site components are available to
    Site end users. Services unavailability due to hours of ordinary scheduled maintenance and outages occurring other than from
    the failure of WorldNow System will not be factored into the analysis of System Uptime percentages (but will be factored into
    Site Uptime percentages). Therefore, WorldNow will calculate System Uptime percentages based on the total number of hours
    in a given month, minus any unavailability during hours of scheduled maintenance. Sites will be available during hours of
    normally scheduled maintenance. WorldNow will monitor the total number of hours that the System and Sites are available and,
    when requested, provide Licensee with reports summarizing the downtime in sufficient detail for purposes of determining its
    compliance with this provision. WorldNow will provide notice of any scheduled outages that may be necessary at least seventy-two
    (72) hours in advance. WorldNow will use its best efforts to schedule outages between the hours of 3:00 a.m. and 9:00 a.m.
    Eastern Time, weekend mornings. Licensee acknowledges that from time to time it may be necessary to deviate from the foregoing
    in circumstances where immediate action is required to maintain system stability and integrity. WorldNow will perform 24 hour,
    7 day monitoring and management of the System. Independent failures of third-party services integrated into the System that
    provide features, limited to content feeds, ad-serving, traffic reporting, and email, will not be included in the Uptime calculation.
    Failures of third party services integrated into the System at Licensee’s request will not be included in the Uptime
    calculation. Failures of WorldNow’s co-location vendor that result in Site or Services unavailability will be included
    in the Uptime calculation, provided that System or Site unavailability solely due to major failures of the services provided
    by Akamai will not be included in the Uptime calculation.
	 	 	 
	 	B.	Excessive
    Outage: If Sites are unavailable by reason of the failure of the WorldNow System (i.e., Site or major components of Site
    are not available to end users) or System malfunctions prevent updating of primary Site news content, WorldNow shall reduce
    the monthly license fee as outlined in the schedule below and issue Licensee a credit equivalent to the percentage set forth
    below of the current month’s License Fee for the affected Site and will apply such reduction and credit against Licensee’s
    next monthly Licensing Fee payment. The following chart indicates the credit percentages to be applied to monthly Uptime levels
    less than 99.8% for the System and 99.99% for the Sites: 

 

	System:	 	 	 	 
	%
    Uptime	 	Credit%	 	Comment
    
	96-99.8
    	 	+
    5%	 	Applicable
    if more than one occurrence over 9 months.
	94-95.99	 	+
    10%	 	 
	92-93.99	 	+
    15%	 	 
	<
    92	 	+
50%		 

 

	Sites:	 	 	 	 
	%
    Uptime	 	Credit%	 	Comment
    
	96-99.989
    	 	+
    5%	 	Applicable
    if more than one occurrence over 9 months.
	94-95.99	 	+
    10%	 	 
	92-93.99	 	+
    15%	 	 
	<
    92	 	+
50%	 	 

 

    	 	8	 

    	 		 

    

 

If
the Services or Sites become unavailable for any reason other than because of a scheduled outage, then WorldNow shall use its
best efforts to determine the cause of the unavailability and take all available steps to fully restore the Services or Sites
at the earliest possible date. In the event the Uptime guarantee set forth herein is not met in four (4) months of any rolling
twelve (12) month period, then Licensee may, in its sole discretion, terminate this Agreement with one hundred eighty (180) days
prior written notice to WorldNow.

 

Producer
Latency

 

WorldNow
represents that:

 

	 	a.	the
    time between 1) completion of Site content changes made using the Producer tool and 2) display of those changes on the corresponding
    Sites, will take no longer than eleven (11) minutes; and
	 	 	 
	 	b.	updates
    to premium feeds on the Sites using the Producer tool will take no longer than three and one-half minutes (3.5) minutes, to
    appear on the Sites following the completion of the inputting of such updates. 

 

Latency
Service Credits: In the event that the Producer Latency timeframes set forth above in (a) or (b) are not met for a Site five
or more times in a particular month due to separate malfunctions with durations of one or more hours each that affect either the
ability to publish the majority of text content, the majority image content or the majority of video content and such latency
affects all or substantially all of the Sites, then, (i) if such failure is of the section (a) timeframe, the License Fee for
that Site for that month will be reduced by five percent (5%), and (ii) if such failure is of the section (b) timeframe, the monthly
fee charged to Licensee for Premium Feeds will be reduced by 25% for that Site for that month. In the event that the timeframes
set forth above (a) or (b) are not met such that the foregoing fee reductions apply in three months of any twelve-month period,
then Licensee will have the right to terminate the Agreement upon one-hundred eighty (180) days prior written notice to WorldNow.

 

For
purposes of computing Uptime or the compliance with the timeframes set forth above in (a) and (b), failures or latency due to
the following causes will not be included in the calculations: Licensee equipment failure, failures of Licensee or end-user internet
connectivity, major failures of Akamai’s content distribution network, user error, failure of Licensee to follow best practices
recommended by WorldNow or Licensee errors in operation of the Software that contribute to such failure or latency.

 

    	 	9	 

    	 		 

    

 

Gannaway
Web Holdings LLC

d/b/a
WorldNow

27-01
Queens Plaza North, Suite 502

Long
Island City, NY 11101

 

August
20, 2015

 

Mr.
Paul McTear

Raycom
Media, Inc.

RSA
Tower, 20th Floor

Montgomery,
AL 36104

 

	 	Re:	Website
    Software Agreement - Amendment

 

Dear
Paul:

 

Reference
is made to the Website Software and Services Agreement dated October 1, 2011 (as previously amended, the “Agreement”)
between Gannaway Web Holdings LLC (“WorldNow”) and Raycom Media, Inc. (“Licensee”). Reference is also
made to the Unit Purchase Agreement dated July 28, 2015, (the “Purchase Agreement”), between Frankly, Inc. and the
holders of the outstanding equity in WorldNow, including Licensee, whereby such holders have agreed to sell their interests in
WorldNow to Frankly, Inc. The Purchase Agreement is conditioned upon the Term of the Agreement being extended for a period of
five years. Accordingly, when signed below, the Agreement will be further amended as follows:

 

Term:
Upon closing of the sale transaction set forth in the Purchase Agreement, the Term of the Agreement will be automatically extended
for a period of five years, ending on December 31, 2022, provided that this extension will not affect Licensee’s right to
terminate the Agreement for convenience on December 31, 2016, upon written notice delivered to WorldNow at least 120 days prior
to that date. . Additionally, Licensee will have the right to terminate the Agreement (1) at any time pursuant to the termination
provisions of the Service Level Agreement set forth in Exhibit C of the Agreement and (2) on June 30, 2019, if, in the sole judgment
of Licensee, the products and services offered by WorldNow are not as good or better than the products and services offered by
other providers considered by Licensee, upon written notice delivered to WorldNow by February 28, 2019.

 

Except
as amended herein, the Agreement will remain in full force and effect.

 

If
you are in agreement with the foregoing, please return a fully executed copy of this letter amendment to us at your earliest convenience.

 

	 	 	Gannaway Web Holdings, LLC
	 	 	 	 
	 	 	By:	 /s/ John
                                         Wilk 

	 	 	Name:	 John Wilk 

	 	 	Title:	 General Counsel 

 

	Accepted and Agreed:	 	 
	 	 	 	 
	Raycom Media, Inc.	 	 
	 	 	 	 
	By:	 /s/ Paul
                                         McTear 

	 	 
	Name:	 Paul McTear 

	 	 
	Title:
    	 President and Chief Executive Officer 

	 	 

 

    	 	1Form of Medium-Term Notes, Series K, Linked to the MSCI EAFE Index

 Exhibit 4.1 

[Face of Note] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the
registered owner hereof, Cede & Co., has an interest herein. 
  

	 CUSIP NO. 94986R3W9 
	
FACE AMOUNT: $                   
          

 REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the MSCI EAFE Index® 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, an amount equal to the Cash
Settlement Amount (as defined below), in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, on the Stated Maturity Date. The “Stated Maturity
Date” shall be November 9, 2018. If the Determination Date (as defined below) is postponed, the Stated Maturity Date will be postponed to the third Business Day (as defined below) after the Determination Date as postponed. This
Security shall not bear any interest. 
 Any payments on this Security at Maturity will be made against presentation of this
Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota and at any other office or agency maintained by the Company for such purpose. 

“Face Amount” shall mean, when used with respect to this Security, the amount set forth on the face of this
Security as its “Face Amount.” 

 Determination of Cash Settlement Amount and Certain Definitions 

The “Cash Settlement Amount” of this Security will equal: 

 

	 	•	 	 if the Final Underlier Level is greater than or equal to the Cap Level, the Maximum Settlement Amount;

  

	 	•	 	 if the Final Underlier Level is greater than the Initial Underlier Level, but less than the Cap Level, the sum
of (i) the Face Amount plus (ii) the product of (a) the Face Amount times (b) the Upside Participation Rate times (c) the Underlier Return; 

 

	 	•	 	 if the Final Underlier Level is equal to or less than the Initial Underlier Level but greater than or equal to
the Buffer Level, the Face Amount; or 

  

	 	•	 	 if the Final Underlier Level is less than the Buffer Level, the sum of (i) the Face Amount plus
(ii) the product of (a) the Buffer Rate times (b) the sum of the Underlier Return plus the Buffer Amount times (c) the Face Amount. 

All calculations with respect to the Cash Settlement Amount will be rounded to the nearest one hundred-thousandth, with five one-millionths
rounded upward (e.g., 0.000005 would be rounded to 0.00001); and the Cash Settlement Amount will be rounded to the nearest cent, with one-half cent rounded upward. 

The “Underlier” shall mean the MSCI EAFE Index®.

 The “Trade Date” shall mean January 25, 2017. 

The “Initial Underlier Level” is 1,741.71, the Closing Level of the Underlier on the Trade Date. 

The “Closing Level” of the Underlier on any Trading Day means the official closing level of the Underlier
reported by the Underlier Sponsor on such Trading Day, as obtained by the Calculation Agent on such Trading Day from the licensed third-party market data vendor contracted by the Calculation Agent at such time; in particular, taking into account the
decimal precision and/or rounding convention employed by such licensed third-party market data vendor on such date, subject to the provisions set forth below under “Discontinuance of The Underlier; Alteration of Method of Calculation” and
“Market Disruption Events.” 
 The “Final Underlier Level” will be the Closing Level of the
Underlier on the Determination Date. 
 The “Underlier Return” will be the quotient of (i) the Final
Underlier Level minus the Initial Underlier Level divided by (ii) the Initial Underlier Level, expressed as a percentage. 

The “Cap Level” is 2,020.3836, which is equal to 116% of the Initial Underlier Level. 

  
 2 

 The “Buffer Level” is 1,523.99625, which is equal to 87.5% of
the Initial Underlier Level. 
 The “Maximum Settlement Amount” is 124% of the Face Amount of this
Security. 
 The “Buffer Amount” is 12.5%. 

The “Buffer Rate” is equal to the Initial Underlier Level divided by the Buffer Level. 

The “Upside Participation Rate” is 1.5. 

“Underlier Sponsor” shall mean MSCI, Inc. 

“Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day
on which banking institutions are authorized or required by law or regulation to close in New York, New York. 
 A
“Trading Day” means a day, as determined by the Calculation Agent, on which (i) the Underlier Sponsor is scheduled to publish the level of the Underlier and (ii) each Related Futures or Options Exchange is scheduled to be
open for trading for its regular trading session. 
 A “Relevant Stock Exchange” for any security
underlying the Underlier means the primary exchange or quotation system on which such security is traded, as determined by the Calculation Agent. 

The “Related Futures or Options Exchange” for the Underlier means an exchange or quotation system where
trading has a material effect (as determined by the Calculation Agent) on the overall market for futures or options contracts relating to the Underlier. 

The “Determination Date” shall be November 6, 2018. If such day is not a Trading Day, the Determination
Date will be postponed to the next succeeding Trading Day. The Determination Date is also subject to postponement due to the occurrence of a Market Disruption Event. See “–Market Disruption Events” below. 

“Calculation Agent Agreement” shall mean the Calculation Agent Agreement dated as of March 18, 2015
between the Company and the Calculation Agent, as amended from time to time. 
 “Calculation Agent” shall
mean the Person that has entered into the Calculation Agent Agreement with the Company providing for, among other things, the determination of the Final Underlier Level and the Cash Settlement Amount, which term shall, unless the context otherwise
requires, include its successors under such Calculation Agent Agreement. The initial Calculation Agent shall be Wells Fargo Securities, LLC. Pursuant to the Calculation Agent Agreement, the Company may appoint a different Calculation Agent from time
to time after the initial issuance of this Security without the consent of the Holder of this Security and without notifying the Holder of this Security. 

  
 3 

 Discontinuance Of The Underlier; Alteration Of Method Of Calculation 

If the Underlier Sponsor discontinues publication of the Underlier, and the Underlier Sponsor or another entity publishes a
successor or substitute equity index that the Calculation Agent determines, in its sole discretion, to be comparable to the Underlier (a “Successor Underlier”), then, upon the Calculation Agent’s notification of that
determination to the Trustee and the Company, the Calculation Agent will substitute the Successor Underlier as calculated by the Underlier Sponsor or any other entity and calculate the Final Underlier Level as described above. Upon any selection by
the Calculation Agent of a Successor Underlier, the Company will cause notice to be given to the Holder of this Security. 

In the event that the Underlier Sponsor discontinues publication of the Underlier prior to, and the discontinuance is
continuing on, the Determination Date and the Calculation Agent determines that no Successor Underlier is available at such time, the Calculation Agent will calculate a substitute Closing Level for the Underlier in accordance with the formula for
and method of calculating the Underlier last in effect prior to the discontinuance, but using only those securities that comprised the Underlier immediately prior to that discontinuance. If a Successor Underlier is selected or the Calculation Agent
calculates a level as a substitute for the Underlier, the Successor Underlier or level will be used as a substitute for the Underlier for all purposes, including the purpose of determining whether a Market Disruption Event exists. 

If on the Determination Date the Underlier Sponsor fails to calculate and announce the level of the Underlier, the Calculation
Agent will calculate a substitute Closing Level of the Underlier in accordance with the formula for and method of calculating the Underlier last in effect prior to the failure, but using only those securities that comprised the Underlier immediately
prior to that failure; provided that, if a Market Disruption Event occurs or is continuing on such day, then the provisions set forth below under “–Market Disruption Events” shall apply in lieu of the foregoing. 

If at any time the Underlier Sponsor makes a material change in the formula for or the method of calculating the Underlier, or
in any other way materially modifies the Underlier (other than a modification prescribed in that formula or method to maintain the Underlier in the event of changes in constituent stock and capitalization and other routine events), then, from and
after that time, the Calculation Agent will, at the close of business in New York, New York, on each date that the Closing Level of the Underlier is to be calculated, calculate a substitute Closing Level of the Underlier in accordance with the
formula for and method of calculating the Underlier last in effect prior to the change, but using only those securities that comprised the Underlier immediately prior to that change. Accordingly, if the method of calculating the Underlier is
modified so that the level of the Underlier is a fraction or a multiple of what it would have been if it had not been modified, then the Calculation Agent will adjust the Underlier in order to arrive at a level of the Underlier as if it had not been
modified. 

  
 4 

 Market Disruption Events 

A “Market Disruption Event” means any of (A), (B), (C) or (D) below, as determined by the Calculation Agent in its
sole discretion: 
  

	 	(A)	 Any of the following events occurs or exists with respect to any security included in the Underlier or any
Successor Underlier, and the aggregate of all securities included in the Underlier or Successor Underlier with respect to which any such event occurs comprise 20% or more of the level of the Underlier or Successor Underlier: 

 

	 	•	 	 a material suspension of or limitation imposed on trading by the Relevant Stock Exchange for such security or
otherwise at any time during the one-hour period that ends at the Scheduled Closing Time for the Relevant Stock Exchange for such security on that day, whether by reason of movements in price exceeding limits permitted by the Relevant Stock Exchange
or otherwise; 

  

	 	•	 	 any event, other than an early closure, that materially disrupts or impairs the ability of market participants
in general to effect transactions in, or obtain market values for, such security on its Relevant Stock Exchange at any time during the one-hour period that ends at the Scheduled Closing Time for the Relevant Stock Exchange for such security on that
day; or 

  

	 	•	 	 the closure on any Exchange Business Day of the Relevant Stock Exchange for such security prior to its
Scheduled Closing Time unless the earlier closing is announced by such Relevant Stock Exchange at least one hour prior to the earlier of (i) the actual closing time for the regular trading session on such Relevant Stock Exchange and
(ii) the submission deadline for orders to be entered into the Relevant Stock Exchange system for execution at the Scheduled Closing Time for such Relevant Stock Exchange on that day. 

 

	 	(B)	 Any of the following events occurs or exists with respect to futures or options contracts relating to the
Underlier or any Successor Underlier: 

  

	 	•	 	 a material suspension of or limitation imposed on trading by any Related Futures or Options Exchange or
otherwise at any time during the one-hour period that ends at the close of trading on such Related Futures or Options Exchange on that day, whether by reason of movements in price exceeding limits permitted by the Related Futures or Options Exchange
or otherwise; 

  

	 	•	 	 any event, other than an early closure, that materially disrupts or impairs the ability of market participants
in general to effect transactions in, or obtain market values for, futures or options contracts relating to the Underlier or Successor Underlier on any Related Futures or Options Exchange at any time during the one-hour period that ends at the close
of trading on such Related Futures or Options Exchange on that day; or 

  
 5 

	 	•	 	 the closure on any Exchange Business Day of any Related Futures or Options Exchange prior to its Scheduled
Closing Time unless the earlier closing time is announced by such Related Futures or Options Exchange at least one hour prior to the earlier of (i) the actual closing time for the regular trading session on such Related Futures or Options
Exchange and (ii) the submission deadline for orders to be entered into the Related Futures or Options Exchange system for execution at the close of trading for such Related Futures or Options Exchange on that day. 

 

	 	(C)	 The relevant underlier sponsor fails to publish the level of the Underlier or any Successor Underlier (other
than as a result of the relevant underlier sponsor having discontinued publication of the Underlier or Successor Underlier and no Successor Underlier being available). 

 

	 	(D)	 Any Related Futures or Options Exchange fails to open for trading during its regular trading session.

 For purposes of determining whether a Market Disruption Event has occurred: 

 

	 	(1)	 the relevant percentage contribution of a security included in the Underlier or any Successor Underlier to the
level of such underlier will be based on a comparison of (x) the portion of the level of such underlier attributable to that security to (y) the overall level of such underlier, in each case using the official opening weightings as
published by the relevant underlier sponsor as part of the market opening data; 

  

	 	(2)	 the “Scheduled Closing Time” of any Relevant Stock Exchange or Related Futures or Options
Exchange on any Trading Day means the scheduled weekday closing time of such Relevant Stock Exchange or Related Futures or Options Exchange on such Trading Day, without regard to after hours or any other trading outside the regular trading session
hours; and 

  

	 	(3)	 an “Exchange Business Day” means any Trading Day on which (i) the relevant underlier
sponsor publishes the level of the Underlier or any Successor Underlier and (ii) each Related Futures or Options Exchange is open for trading during its regular trading session, notwithstanding any Related Futures or Options Exchange closing
prior to its Scheduled Closing Time. 

 If a Market Disruption Event occurs or is continuing on the Determination Date,
then the Determination Date will be postponed to the first succeeding Trading Day on which a Market Disruption Event has not occurred and is not continuing; however, if such first succeeding Trading Day has not occurred as of the eighth Trading Day
after the originally scheduled Determination Date, that eighth Trading Day shall be deemed to be the Determination Date. If the Determination Date has been postponed eight Trading Days after the originally scheduled Determination Date and a Market
Disruption Event occurs or is continuing on such eighth Trading Day, the Calculation Agent will determine the Closing Level of the Underlier on such eighth Trading Day in accordance with the formula for and method of calculating the Closing Level of
the Underlier last in effect prior to commencement of the Market Disruption Event, using the closing price (or, with respect to any relevant security, if a Market Disruption Event 

  
 6 

 
has occurred with respect to such security, its good faith estimate of the value of such security at the time at which the official Closing Level of the Underlier is calculated and published by
the Underlier Sponsor) on such date of each security included in the Underlier. As used herein, “closing price” means, with respect to any security on any date, the Relevant Stock Exchange traded or quoted price of such security as
of the time at which the official Closing Level of the Underlier is calculated and published by the Underlier Sponsor. 
 Calculation Agent

 The Calculation Agent will determine the Cash Settlement Amount and the Final Underlier Level. In addition, the
Calculation Agent will (i) determine if adjustments are required to the Closing Level of the Underlier under the circumstances described in this Security, (ii) if publication of the Underlier is discontinued, select a Successor Underlier
or, if no Successor Underlier is available, determine the Closing Level of the Underlier under the circumstances described in this Security, and (iii) determine whether a Market Disruption Event or non-Trading Day has occurred. 

The Company covenants that, so long as this Security is Outstanding, there shall at all times be a Calculation Agent (which
shall be a broker-dealer, bank or other financial institution) with respect to this Security. 

All determinations made by the Calculation Agent with respect to this Security will be at the sole discretion of the
Calculation Agent and, in the absence of manifest error, will be conclusive for all purposes and binding on the Company and the Holder of this Security. 

Tax Considerations 

The Company agrees, and by acceptance of a beneficial ownership interest in this Security each Holder of this Security will be
deemed to have agreed (in the absence of a statutory, regulatory, administrative or judicial ruling to the contrary), for United States federal income tax purposes to characterize this Security as a prepaid derivative contract that is an “open
transaction.” 
 Redemption and Repayment 

This Security is not subject to redemption at the option of the Company or repayment at the option of the Holder hereof prior
to November 9, 2018. This Security is not entitled to any sinking fund. 
 Acceleration 

If an Event of Default, as defined in the Indenture, with respect to this Security shall occur and be continuing, the Cash
Settlement Amount (calculated as set forth in the next sentence) of this Security may be declared due and payable in the manner and with the effect provided in the Indenture. The amount payable to the Holder hereof upon any acceleration permitted
under the Indenture will be equal to the Cash Settlement Amount hereof calculated as provided herein as though the date of acceleration was the Determination Date. 
  

 

  
 7 

 Reference is hereby made to the further provisions of this Security set forth on
the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual
signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[The remainder of this page has been left intentionally blank] 

  
 8 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 DATED: 
  

					
	WELLS FARGO & COMPANY
		
	By:	 	 
		 	
		 	Its:	 	 

 [SEAL] 
  

					
	Attest:	 	 
		 	
		 	Its:	 	 

  

			
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the within-mentioned Indenture.

	
	 CITIBANK, N.A.,

      as Trustee

		
	By:	 	 
		 	Authorized Signature
	
	OR
	
	 WELLS FARGO BANK, N.A.,

  as Authenticating Agent for the Trustee

		
	By:	 	 
		 	Authorized Signature

  
 9 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Principal at Risk Securities Linked to the MSCI EAFE Index® 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either
(a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Modification and Waivers 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights
and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains 

  
 10 

 
provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a
class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Solely for the purpose of determining whether any consent, waiver, notice or other action
or Act to be taken or given by the Holders of Securities pursuant to the Indenture has been given or taken by the Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security will be deemed to
be equal to the amount set forth on the face hereof as the “Face Amount” hereof. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of
any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of
the Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth
therein, shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate Face Amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form
and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered 

  
 11 

 
form, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this Global
Security will not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders hereof for any purpose under the Indenture. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the
contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the Cash Settlement Amount at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the Cash Settlement Amount, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor corporation, whether by virtue of
any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture
unless otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

  
 12 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they
were written out in full according to applicable laws or regulations: 
  

					
	 TEN COM
	 	  -- 
	 	 as tenants in common

			
	 TEN ENT
	 	  -- 
	 	 as tenants by the entireties

			
	 JT TEN
	 	  -- 
	 	 as joint tenants with right

of survivorship and not
 as
tenants in common

  

									
	 UNIF GIFT MIN ACT
	 	  -- 
	 	 	 	 Custodian
	 	 
		 		 	(Cust)	 		 	(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	   

	(State)

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 

	
	 Please Insert Social Security or
 Other
Identifying Number of Assignee

	
	   

  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 13 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and
appoint                                      attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                                         
        
  

	
	   

  

	
	   

 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the
within instrument in every particular, without alteration or enlargement or any change whatever. 

  
 14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00266-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00266-of-00352.parquet"}]]