Document:

Exhibit
10.3

EXECUTION
COPY

DISTRIBUTION
AGREEMENT

By and
Among

TMCT II,
LLC,

TRIBUNE
COMPANY,

FORTIFICATION
HOLDINGS CORPORATION,

WICK
HOLDINGS CORPORATION,

EAGLE NEW
MEDIA INVESTMENTS, LLC,

EAGLE
PUBLISHING INVESTMENTS, LLC,

CHANDLER
TRUST NO. 1,

and

CHANDLER
TRUST NO.2

September
21, 2006

DISTRIBUTION AGREEMENT

This Distribution Agreement (the “Agreement”), dated
as of September 21, 2006, is by and among TMCT II, LLC, a Delaware limited
liability company (the “Company”), Tribune Company, a Delaware corporation (“Tribune”),
Fortification Holdings Corporation, a Delaware corporation (“Fortification”), Wick Holdings Corporation, a Delaware corporation (“Wick”),
Eagle New Media Investments, LLC, a Delaware limited liability company (“Eagle
1”), Eagle Publishing Investments, LLC, a Delaware limited liability company (“Eagle
2” and, collectively with Tribune, Fortification, Wick and Eagle 1, the “Tribune
Members”), Chandler Trust No. 1 (“Trust 1”) and Chandler Trust No. 2 (“Trust 2”
and, collectively with Trust 1, the “Trust Members”).  The Tribune Members and the Trust Members are
collectively referred to herein as the “Members.”  Capitalized terms used herein but not
otherwise defined shall have the meanings ascribed to them in the Amended and
Restated Limited Liability Company Agreement of the Company, dated as of
September 3, 1999 (as further amended on August 14, 2000 and August 28, 2002,
the “Operating Agreement”).

R
E C I T A L S

WHEREAS, the Company desires to
make distributions to Tribune, Eagle 1 and Eagle 2 (the “Distributions”); and

WHEREAS, concurrently with the
Distributions, the Members desire to amend and restate the Operating Agreement.

A G R E E
M E N T

NOW, THEREFORE, in
consideration of the mutual promises, covenants and conditions hereinafter set
forth, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

Distribution

1.1          Distribution.  On the Closing Date (as defined below), the
Company shall make distributions to (a) Tribune in respect of the Interest held
by Tribune by delivering to Tribune (i) certificates representing
11,107,595 shares of the common stock, $.01 par value per share, of Tribune
(the “Common Stock”) and (ii) certificates representing in the aggregate
488,429 shares of any combination of the Series D-1 Preferred Stock, no par
value, of Tribune (the “D-1 Preferred Stock”) and the Series D-2 Preferred
Stock, no par value, of Tribune (the “D-2 Preferred Stock” and, collectively
with the D-1 Preferred Stock, the “Preferred Stock”), (b) Eagle 1 in respect of
the Interest held by Eagle 1 by delivering to Eagle 1 (i) certificates
representing 6,529,444 shares of Common Stock and (ii) certificates
representing in the aggregate 52,940 shares of any combination of the D-1
Preferred stock and the D-2 Preferred Stock and (c) Eagle 2 in respect of the
Interest held by Eagle 2 by delivering to Eagle 2 (i) certificates
representing 11,542,423 shares of Common Stock and (ii) certificates
representing in the aggregate 84,703 shares of any combination of the D-1
Preferred Stock and the D-2 Preferred Stock. 
All such shares shall be distributed, transferred and delivered to
Tribune, Eagle 1 and Eagle 2 free and clear of any lien (statutory or other), claim,
charge, security interest, 

 

pledge, hypothecation, assignment, conditional sale or other title
retention agreement, preference, priority or other security agreement or
preferential arrangement of any kind or nature. 
Concurrently with the Distributions, the Members will enter into a Second
Amended and Restated Limited Liability Company Agreement for the Company in the
form attached hereto as Exhibit A (the “Amended Operating Agreement”).  Each of the Members acknowledges and agrees
that the sole interest of such Member in the Company following the Closing Date
shall be the Interest of such Member as provided in, and governed by, the terms
of the Amended Operating Agreement.

1.2          Consent
to Transactions. 
For all purposes of the Operating Agreement, including, without
limitation, Section 6.5 of the Operating Agreement, each of the Members hereby
agrees and consents to the transactions described in this Agreement, including,
without limitation, the Distributions. 
Each of the Members further agrees to execute and deliver the Amended
Operating Agreement in order to carry out the purpose and intent of this
Agreement.  Each of the Members (other
than Tribune, Eagle 1 and Eagle 2) acknowledges that the Distributions provided
for in this Agreement are being made solely to Tribune, Eagle 1 and Eagle 2 and
hereby waives any right it may have to receive a concurrent distribution in
accordance with the provisions of Article IX of the Operating Agreement
due to or on account of the Distributions.

1.3          Continuation
of Company. 
Each of the Members hereby agrees that at all times relevant hereto the
Company shall continue and shall not be dissolved or deemed dissolved or
terminated due to or on account of the Distributions or any of the transactions
herein or any other reason.  Each of the
Members agrees that it will not claim or assert in any forum a position which
is contrary to the purpose and intent of this Section 1.3.

ARTICLE
II

Closing

2.1          Closing
Date and Location. 
Subject to the provisions of this Agreement, the closing of the
transactions contemplated hereby (the “Closing”) shall be held on September 22,
2006 or at such other time on or before September 22, 2006 as may be mutually
agreed upon in writing by the parties. 
The date of the Closing is sometimes referred to herein as the “Closing
Date.”  The Closing shall take place at
the Offices of Gibson, Dunn & Crutcher LLP, 333 South Grand Avenue, Los
Angeles, California 90071.

2.2          Deliveries
by the Tribune Members.  In addition to, and without limiting any
other provision of this Agreement, the Tribune Members agree to deliver or
cause to be delivered to the Company and the Trust Members at or prior to the
Closing the following:

(a)           Authorizations.  Certified resolutions of the Board of
Directors or Managers, as applicable, of each of the Tribune Members
authorizing the execution, delivery and performance of this Agreement and the
transactions contemplated herein; and

(b)           Amended
Operating Agreement.  A
copy of the Amended Operating Agreement duly executed by each of the Tribune
Members.

 2
 

 

2.3          Deliveries by the Company  In addition to, and without limiting any
other provision of this Agreement, the Company agrees to deliver or cause to be
delivered at or prior to the Closing the share certificates to Tribune, Eagle 1
and Eagle 2 described in Section 1.1, in the amounts and at the times indicated
in Section 1.1, together with any stock or other applicable powers, duly
executed on behalf of the Company, as may be necessary to register the transfer
of the shares represented by such certificates.

2.4          Deliveries by the Trust Members  In addition to, and without limiting any
other provision of this Agreement, the Trust Members agree to deliver or cause
to be delivered to the Company and the Tribune Members at or prior to the
Closing a copy of the Amended
Operating Agreement duly executed by each of the Trust Members.

2.5          Conditions
Precedent.

(a)           Conditions to Obligations of the Company.  The obligation of the Company to consummate
the transactions provided for hereby are subject to the satisfaction, on or
prior to the Closing Date, of each of the following conditions, any of which
may be waived by the Company:  (i) the
representations and warranties made by the Members herein shall be true and
correct in all material respects as of the date hereof and (ii) the Members
shall have performed and complied with all agreements, obligations and
conditions contained in this Agreement that are required to be performed or
complied with by the Members hereunder through and including the Closing Date,
and shall have obtained all approvals, consents and qualifications necessary to
complete the transactions described herein.

(b)           Conditions to Obligations of the Tribune Members.  The obligation of the Tribune Members to
consummate the transactions provided for hereby are subject to the
satisfaction, on or prior to the Closing Date, of each of the following
conditions, any of which may be waived by the Tribune Members:  (i) the representations and warranties made
by the Company and the Trust Members herein shall be true and correct in all
material respects as of the date hereof and (ii) the Company and the Trust
Members shall have performed and complied with all agreements, obligations and
conditions contained in this Agreement that are required to be performed or
complied with by the Company and the Trust Members hereunder through and
including the Closing Date, and shall have obtained all approvals, consents and
qualifications necessary to complete the transactions described herein.

(c)           Conditions to Obligations of the Trust Members.  The obligation of the Trust Members to
consummate the transactions provided for hereby are subject to the
satisfaction, on or prior to the Closing Date, of each of the following
conditions, any of which may be waived by the Trust Members:  (i) the representations and warranties made
by the Company and the Tribune Members herein shall be true and correct in all
material respects as of the date hereof and (ii) the Company and the Tribune
Members shall have performed and complied with all agreements, obligations and
conditions contained in this Agreement that are required to be performed or
complied with by the Company and the Tribune Members hereunder through and
including the Closing Date, and shall have obtained all approvals, consents and
qualifications necessary to complete the transactions described herein.

 3
 

 

ARTICLE
III

Representations And Warranties

3.1          Representations
and Warranties of Tribune Members.  Each of the Tribune Members, jointly and
severally, represents and warrants to the Company and the Trust Members as
follows:

(a)           Organization and Good Standing.  Each of the Tribune Members is duly
organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite power and
authority to own its properties and assets and to carry on its business as now
conducted and as presently proposed to be conducted.

(b)           Due Authorization.  All action on the part of each of the Tribune
Members, its officers, directors, members, managers and stockholders necessary
for the authorization, execution and delivery of, and the performance of all
obligations of such Tribune Member under, this Agreement has been taken.  Each of the Tribune Members has duly
authorized, executed and delivered this Agreement, and this Agreement is a valid
and binding obligation of each of the Tribune Members enforceable in accordance
with its terms, subject, as to enforcement of remedies, to applicable
bankruptcy, insolvency, moratorium, reorganization and similar laws affecting
creditors’ rights generally and to general equitable principles.

(c)           No
Conflicts. 
Neither the execution and delivery of this Agreement or the consummation
of any of the transactions contemplated hereby, nor compliance with or
fulfillment of the terms, conditions and provisions hereof, by any of the
Tribune Members will conflict with, result in a breach of the terms, conditions
or provisions of, or constitute a default, an event of default or an event
creating rights of acceleration, termination or cancellation or a loss of rights
under (a) the certificate of incorporation, by-laws, operating agreement or
other constitutional documents of such Tribune Member (b) any material
agreement, note, instrument, mortgage, lease, license, franchise, permit or
other authorization, right, restriction or obligation to which such Tribune
Member is a party or any of its respective assets or business is subject or by
which such Tribune Member is bound, (c) any order, writ, injunction or decree
to which such Tribune Member is a party or any of its assets or business is
subject or by which such Tribune Member is bound or (d) any applicable laws
affecting such Tribune Member or its respective assets or business.

(d)           Consents.  No consent, approval
or authorization of, declaration to, or filing or registration with, any
governmental or regulatory authority, or any other person, is required to be
made or obtained by the Tribune Members or any of their affiliates in
connection with the execution, delivery and performance by the Tribune Members
of this Agreement and the consummation of the transactions contemplated hereby,
other than filings that Tribune may make pursuant to the requirements of the
Securities Exchange Act of 1934, as amended.

(e)           Representations
of Tribune as Managing Member.

(i)            Financial Statements.  Tribune heretofore has delivered to the
Members true and correct copies of (A) the Company’s audited balance sheet
dated as of December 31, 2004 and unaudited balance sheet dated as of December
31, 2005 and (B) the 

 4
 

 

related statements of the Member’s capital
accounts for each of the years ended December 31, 2004 and December 31, 2005
(collectively, the “Financial Statements”).  The Financial Statements (1)
have been prepared in all respects in accordance with the terms of the
Operating Agreement (except that all Financial Statements have been prepared on
a tax basis not in accordance with generally accepted accounting principles),
(2) are in accordance with the books and records of the Company and
(3) fairly present the financial position of the Company as of the
respective dates thereof.  The Company
keeps books, records and accounts that, in reasonable detail, accurately and
fairly reflect in all material respects the transactions and dispositions of
assets of the Company.

(ii)           Schedule of Members.  Attached hereto as Exhibit B is a true,
complete and accurate copy of the Schedule of Members as of the date hereof as
required by the Operating Agreement.

(iii)         Compliance with Operating
Agreement.  To the
knowledge of Tribune, since January 1, 2005, the Company has been operated in
compliance with the Operating Agreement in all material respects.

(iv)          Tax Elections.  No election under Section 754 of the Internal
Revenue Code of 1986, as amended (the “Code”), is in effect with respect to the
Company.

(f)            Rights Plan.  None of the transactions contemplated
hereby, or the direct or indirect acquisition of beneficial ownership of
additional securities of Tribune by the Company or the Trust Members as a
result of the consummation of the transactions contemplated hereby, shall cause
either of the Trust Members or the Company to be an “Acquiring Person” pursuant
to that certain Rights Agreement, between Tribune and First Chicago Trust
Company of New York, dated as of December 12, 1997 and as amended by Amendment
No. 1 on June 12, 2000 and Amendment No. 2 on September 21, 2006 (the “Rights
Plan”).

3.2          Representations
and Warranties of Trust Members.  Each of the Trust Members, jointly and
severally, represents and warrants to the Company and the Tribune Members as
follows:

(a)           Due Authorization.  All action on the part of each of the Trust
Members and its trustees necessary for the authorization, execution and
delivery of, and the performance of all obligations of such Trust Members
under, this Agreement has been taken. 
Each of the Trust Members has duly authorized, executed and delivered
this Agreement, and this Agreement is a valid and binding obligation of each of
the Trust Members enforceable in accordance with its terms, subject, as to
enforcement of remedies, to applicable bankruptcy, insolvency, moratorium,
reorganization and similar laws affecting creditors’ rights generally and to
general equitable principles.

(b)           No
Conflicts. 
Neither the execution and delivery of this Agreement or the consummation
of any of the transactions contemplated hereby, nor compliance with or
fulfillment of the terms, conditions and provisions hereof, by any of the Trust
Members will conflict with, result in a breach of the terms, conditions or
provisions of, or constitute a default, an event of default or an event
creating rights of acceleration, termination or cancellation or a loss of
rights under (a) the constitutional documents of such Trust Member, (b) any
material 

 5
 

 

agreement, note, instrument, mortgage, lease, license, franchise,
permit or other authorization, right, restriction or obligation to which such
Trust Member is a party or any of its respective assets or business is subject
or by which such Trust Member is bound, (c) any order, writ, injunction or
decree to which such Trust Members is a party or any of its assets or business
is subject or by which such Trust Members is bound or (d) any applicable laws
affecting such Trust Members or its respective assets or business.

(c)           Consents.  No consent, approval
or authorization of, declaration to, or filing or registration with, any
governmental or regulatory authority, or any other person, is required to be
made or obtained by the Trust Members or any of their affiliates in connection
with the execution, delivery and performance by the Trust Members of this
Agreement and the consummation of the transactions contemplated hereby.

(d)           Lack
of Knowledge of Certain Actions.  To the knowledge of each Trust Member (i) the
Company, since January 1, 2005, has been operated in compliance with the
Operating Agreement in all material respects and (ii) Tribune has not engaged
at any time prior to the date of this Agreement, and is not currently engaged
as of the date hereof, in any misconduct in its capacity as Managing Member of
the Company.

3.3          Representations
and Warranties of the Company.  The Company represents and warrants to the
Tribune Members and the Trust Members as follows:

(a)           Organization and Good Standing.  The Company is a limited liability company
duly organized, validly existing and in good standing under the laws of the
State of Delaware and has all
requisite power and authority to own its properties and assets and to carry on
its business as now conducted and as presently proposed to be conducted.

(b)           Due Authorization.  All action on the part of the Company, its
officers, managers and members necessary for the authorization, execution and
delivery of, and the performance of all obligations of the Company under, this
Agreement has been taken.  The Company
has duly authorized, executed and delivered this Agreement, and this Agreement
is a valid and binding obligation of the Company enforceable in accordance with
its terms, subject, as to enforcement of remedies, to applicable bankruptcy,
insolvency, moratorium, reorganization and similar laws affecting creditors’
rights generally and to general equitable principles.

(c)           No
Conflicts. 
Neither the execution and delivery of this Agreement or the consummation
of any of the transactions contemplated hereby, nor compliance with or
fulfillment of the terms, conditions and provisions hereof, by the Company will
conflict with, result in a breach of the terms, conditions or provisions of, or
constitute a default, an event of default or an event creating rights of
acceleration, termination or cancellation or a loss of rights under (a) the
certificate of formation or other constitutional documents of the Company, (b)
any material agreement, note, instrument, mortgage, lease, license, franchise,
permit or other authorization, right, restriction or obligation to which the
Company is a party or any of its respective assets or business is subject or by
which the Company is bound, (c) any order, writ, injunction or decree to which
the Company is a party or any of its assets or business is subject or by which
the Company is bound or (d) any applicable laws affecting the Company or its
respective assets or business.

 6
 

 

(d)           Consents.  No consent, approval
or authorization of, declaration to, or filing or registration with, any
governmental or regulatory authority, or any other person, is required to be
made or obtained by the Company or any of their affiliates in connection with
the execution, delivery and performance by the Company of this Agreement and
the consummation of the transactions contemplated hereby.

ARTICLE
IV

Covenants of the Parties

4.1          Further Assurances.  The parties hereto shall execute and deliver
such other documents, certificates, agreements and other writings and shall
take such other actions as may be reasonably necessary or desirable in order to
consummate or implement expeditiously the transactions contemplated by this
Agreement, including, without limitation, the transfer to the Tribune Members
of ownership of the shares as provided in Section 1.1.

4.2          Confidentiality; Public Announcements.  The parties hereto shall use their best
efforts to keep this Agreement and the execution and terms hereof confidential,
and shall consult with each other before issuing any press release or making
any public statement with respect to this Agreement or the transactions
contemplated hereby.  The foregoing
obligations of confidentiality do not pertain to the disclosure of information
which is available publicly, is required to be disclosed by any court or any
party discloses, upon advice of counsel, in order to comply with applicable law
or the applicable rules of the New York Stock Exchange.  The parties agree to jointly prepare and to
distribute (singly or jointly) a press release disclosing the execution and
delivery of this Agreement and the substance of the transactions contemplated
hereby.

4.3          Tax
Matters.

(a)           Treatment
of Distributions. 
All payments to Tribune, Eagle 1 and Eagle 2 pursuant to this Agreement
shall be treated as distributions pursuant to Section 731(a) and Section 732(a)
of the Code and the corresponding provisions of any applicable state or local
tax laws.

(b)           Allocations.  Each of the Tribune Members’ distributive
share of the Company’s income, gain, loss and deduction for the taxable year of
the Company that includes the Closing Date shall be determined on the basis of
an interim closing of the books of the Company as of the close of business on
the Closing Date.  Such items shall be
allocated to the Members based on the Operating Agreement in effect prior to
the Closing Date.  Furthermore, all cash
held back by the Company that is attributable to income earned or accrued prior
to the Closing Date shall be distributed to the Members on or before December
14, 2006 in accordance with Article IX of the Operating Agreement as in effect
prior to the Closing Date.  For the month
of September 2006, ordinary income and dividends from the Fixed Income
Portfolio, Equity Portfolio and UPREIT shall be pro-rated based on the number
of days before, up to and including the Closing Date and the number of days
after the Closing Date.  The parties have
tried to reflect all allocations and distributions from the operations of the
Company from January 1, 2006 until the Closing Date in the Capital Accounts as
described in subsection (d)(ii) below. 
To the extent that the ultimate allocations of the Company’s gain, loss,
income or deduction for the 

 7
 

 

period January 1, 2006 until and including the Closing result in
Capital Account balances immediately prior to the Distributions (having given
effect to all such allocations as well as the allocations of unrealized gain or
loss as described in subsection (d)(ii) below) that are different than the
Capital Account balances agreed to by the parties pursuant to subsection
(d)(ii) below, the relevant Members shall contribute cash to the Company or the
Company shall distribute cash to the relevant Members to the extent necessary
to eliminate such discrepancies.  The
parties agree to effect the foregoing promptly once the Company has obtained
the information to enable the necessary computations.  The parties shall cooperate in good faith in
obtaining the necessary information and making the foregoing determinations.

(c)           Tax
Returns. 
The parties shall each file all required Federal, state and local income
tax returns and related returns and reports in a manner consistent with the
foregoing provisions of this Agreement.

(d)           Capital
Accounts. 
For purposes of determining the Capital Accounts, as defined in section
4.3 of the Operating Agreement, before and after the Distributions, the parties
hereby agree as follows:

(i)            The fair market values of the assets of the
Company immediately prior to the Distributions are as follows:

	
  Fixed Income Portfolio

  	
   

  	
  $

  	
  76,887,630

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Equity Portfolio

  	
   

  	
  $

  	
  317,622,502

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  UPREIT Portfolio

  	
   

  	
  $

  	
  590,746,986

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Trust Portfolio

  	
   

  	
  $

  	
  25,648,062

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Tribune Common Stock

  	
   

  	
  $

  	
  1,204,055,710

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Tribune
  Preferred Stock

  	
   

  	
  $

  	
  295,654,089

  	
   

  

 

(ii)           The Company shall compute gain and loss with
respect to such assets as if such assets were to be sold for their agreed fair
market values set forth above.  Any gain
or loss shall be allocated to the Members in accordance with Article VIII of
the Operating Agreement.  Based on such
allocations, the parties agree that the resulting Capital Accounts immediately
prior to the Distributions shall be as follows:

	
  Tribune

  	
   

  	
  $

  	
  606,878,465

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Eagle 1

  	
   

  	
  $

  	
  241,347,473

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Eagle 2

  	
   

  	
  $

  	
  413,884,265

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Wick

  	
   

  	
  $

  	
  1,033,700

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Fortification

  	
   

  	
  $

  	
  1,033,700

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Trust 1

  	
   

  	
  $

  	
  442,385,868

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Trust
  2

  	
   

  	
  $

  	
  804,050,039

  	
   

  

 

 8
 

 

(iii)         The fair market value of the Common Stock to be
distributed to Tribune, Eagle 1 and Eagle 2 pursuant to Section 1.1 is
$344,224,376, $202,347,473 and $357,699,674, respectively.  The fair market value of the Preferred Stock
to be distributed to Tribune, Eagle 1 and Eagle 2 pursuant to Section 1.1 is
$230,654,089, $25,000,000 and $40,000,000, respectively.  The Capital Accounts of Tribune, Eagle 1 and
Eagle 2 immediately prior to the Distributions, as agreed above, shall be
reduced by the amounts of such distributions. 
There shall be no changes to the Capital Accounts of the other Members
as described above.

(iv)          Immediately after the Distributions,
the Members’ Capital Accounts will be as follows:

	
  Tribune

  	
   

  	
  $

  	
  32,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Eagle 1

  	
   

  	
  $

  	
  14,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Eagle 2

  	
   

  	
  $

  	
  16,184,592

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Wick

  	
   

  	
  $

  	
  1,033,700

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Fortification

  	
   

  	
  $

  	
  1,033,700

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Trust 1

  	
   

  	
  $

  	
  442,385,868

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Trust
  2

  	
   

  	
  $

  	
  804,050,038

  	
   

  

 

4.4          Indemnification
by Tribune.

(a)           Indemnification.  Subsequent to the Closing, Tribune shall
indemnify the Company, the Trust Members and their respective affiliates (“Indemnified Parties”) against, and
hold each of the Indemnified Parties harmless from, any damage, claim, loss,
cost, liability or expense, including without limitation, interest, penalties,
reasonable attorneys’ fees and expenses of investigation, consequential
damages, response action, removal action or remedial action (collectively “Damages”) incurred by such Indemnified
Party that arise out of or relate to, whether directly or indirectly, the
willful misconduct of Tribune in its capacity as Managing Member of the Company
during any period prior to the Closing. 
Notwithstanding anything contained herein to the contrary, (i) the
rights of Tribune to exculpation, indemnification, expense reimbursement or
insurance in accordance with the terms of the Operating Agreement shall not be
adversely affected or otherwise reduced by the provisions of this Section 4.4
and (ii) the foregoing indemnification provisions are in addition to, and not
in derogation of, any statutory, equitable or common law remedy any party may
have for breach of representation, warranty, covenant or agreement.

(b)           Procedures.  Any Indemnified Party seeking indemnification
hereunder shall give to Tribune a notice (a “Claim Notice”) describing in reasonable detail the facts giving
rise to any claims for indemnification hereunder and shall include in such
Claim Notice (if then 

 9
 

 

known) the amount or the method of computation of the amount of such
claim; provided, that a Claim Notice in respect
of any action at law or suit in equity by or against a third person as to which
indemnification will be sought shall be given promptly after the action or suit
is commenced; and provided further, that failure to
give such notice shall not relieve Tribune of its obligations hereunder except
to the extent it shall have been prejudiced by such failure.  Tribune shall have thirty days after the
giving of any Claim Notice pursuant hereto to (i) agree to the amount or
method of determination set forth in the Claim Notice and to pay such amount to
such Indemnified Party in immediately available funds or (ii) to provide
such Indemnified Party with notice that it disagrees with the amount or method
of determination set forth in the Claim Notice (the “Dispute Notice”).  Within fifteen days after the giving of the
Dispute Notice, a representative of Tribune and such Indemnified Party shall
negotiate in a bona fide attempt to resolve the
matter.  In the event that the
controversy is not resolved within thirty days of the giving of the Dispute
Notice, the parties shall proceed to binding arbitration pursuant to the
following procedures:

(1)                   Any party may send another party written notice
identifying the matter in dispute and invoking the procedures of this Section
4.4(b).  Within 14 days, each party
involved in the dispute shall meet at a mutually agreed location in Denver,
Colorado, for the purpose of determining whether they can resolve the dispute
themselves by written agreement, and, if not, whether they can agree upon a
third-party arbitrator to whom to submit the matter in dispute for final and
binding arbitration.

(2)                   If such parties fail to resolve the dispute by
written agreement or agree on the arbitrator within said 14-day period, any
such party may make written application to the American Arbitration Association
(“AAA”)
for the appointment of a panel of three arbitrators (collectively, the “Arbitrator”) to resolve the dispute by
arbitration.  At the request of AAA the
parties involved in the dispute shall meet with AAA at its offices within ten
calendar days of such request to discuss the dispute and the qualifications and
experience which each party respectively believes the Arbitrator should have; provided, however,
that the selection of the Arbitrator shall be the exclusive decision of AAA and
shall be made within 30 days of the written application to AAA.

(3)                   Within 120 days of the selection of the
Arbitrator, the parties involved in the dispute shall meet in Denver, Colorado
with such Arbitrator at a place and time designated by such Arbitrator after
consultation with such parties and present their respective positions on the
dispute.  The arbitration proceeding
shall be held in accordance with the rules for commercial arbitration of the
AAA in effect on the date of the initial request for appointment of the
Arbitrator, that gave rise to the dispute to be arbitrated (as such rules are
modified by the terms of this Agreement or may be further modified by mutual
agreement of the parties).  Each party
shall have no longer than five days to present its position, the entire
proceedings before the Arbitrator shall be no more than ten consecutive days,
and the decision of the Arbitrator shall be made in writing no more than 30
days following the end of the proceeding. 
Such an award shall be a final and binding determination of the dispute
and shall be fully enforceable as an arbitration decision in any court having
jurisdiction and venue over such parties. 
The prevailing party (as determined by the Arbitrator) shall in addition
be awarded by the Arbitrator such party’s own attorneys’ fees and expenses in
connection with such proceeding.  The
non-prevailing party (as determined by the Arbitrator) shall pay the Arbitrator’s
fees and expenses.

 10
 

 

(c)           Third Person Claims.  If a claim by a third person is made against
an Indemnified Party, and if such party intends to seek indemnity with respect
thereto under this Section 4.4, such Indemnified Party shall promptly notify
Tribune in writing of such claims, setting forth such claims in reasonable
detail.  Tribune shall have 20 days after
receipt of such notice to undertake, conduct and control, through counsel of
its own choosing and at its own expense, the settlement or defense thereof, and
the Indemnified Party shall cooperate with it in connection therewith; provided that the Indemnified Party may participate in such
settlement or defense through counsel chosen by such Indemnified Party and paid
at its own expense; and provided further
that, if in the opinion of counsel for such Indemnified Party, there is a
reasonable likelihood of a conflict of interest between Tribune and the
Indemnified Party, Tribune shall be responsible for reasonable fees and
expenses of one counsel to such Indemnified Party in connection with such
defense.  So long as Tribune is
reasonably contesting any such claim in good faith, the Indemnified Party shall
not pay or settle any such claim without the consent of Tribune.  If Tribune does not notify the Indemnified
Party within ten days after receipt of the Indemnified Party’s notice of a
claim of indemnity hereunder that it elects to undertake the defense thereof,
the Indemnified Party shall have the right to undertake, at Tribune’s cost,
risk and expense, the defense, compromise or settlement of the claim but shall
not thereby waive any right to indemnity therefore pursuant to this
Agreement.  Tribune shall not, except
with the consent of the Indemnified Party, enter into any settlement that does
not include as an unconditional term thereof the giving by the person or
persons asserting such claim to all Indemnified Parties of an unconditional
release from all liability with respect to such claim or consent to entry of any
judgment.

4.5          Rights
Agreement.  Tribune shall
take all action reasonably necessary in order to prevent the Company or the
Trust Members from becoming “Acquiring Persons” under the Rights Plan as a
result of the consummation of the transactions contemplated hereby.

4.6          Post-Closing Distribution; Voting.

(a)           No
later than 30 days following the Closing Date, the Trust Members shall cause
the Company to distribute all shares of Common Stock held by the Company to the
Members in accordance with their Percentage Interests.

(b)           The
Trust Members agree that, for a period beginning on the date of such
distribution and ending on the first anniversary of such distribution, with
respect to any proposal submitted for approval to the stockholders of Tribune
(including any proposal for the election of directors), the Trust Members shall
vote, or cause to be voted, all shares of Common Stock distributed to the Trust
Members pursuant to Section 4.6(a) for or against, or abstain or withhold from
voting, in the same proportion as the capital stock of Tribune held by all
Tribune stockholders is voted with respect to such proposal.  In addition, each Trust Member agrees that it
will not grant a proxy with respect to the shares of Common Stock distributed
to it pursuant to Section 4.6(a) that is inconsistent with this Section
4.6(b).  In the event that, at any time
that the provisions of this Section 4.6 remain in effect, any of the
shares of Common Stock subject to this Section 4.6 are distributed to
beneficiaries of the Trust Members, the Trust Members, as a condition to any
such distribution, shall cause such beneficiaries to agree to vote such shares
in accordance with this Section 4.6.

 11
 

 

ARTICLE V

Miscellaneous

5.1          Transaction
Costs. 
Except as otherwise provided herein or otherwise agreed to by the
parties, each party to this Agreement shall pay all of its costs and expenses
(including attorneys’ fees and other legal costs and expenses and accountants’
fees and other accounting costs and expenses) incurred in connection with this
Agreement and the transactions contemplated hereby.

5.2          Entire
Agreement. 
This Agreement (including the Exhibits hereto) represents the entire
understanding and agreement among the parties with respect to the subject
matter hereof, and supersedes all other negotiations, understandings and
representations (if any) made by and among such parties.

5.3          Amendments.  The provisions of this Agreement may not be
amended, supplemented, waived or changed orally, but only by a writing signed
by each of the parties.

5.4          Assignments.  This Agreement shall be binding on and inure
to the benefit of the successors and assigns of the parties to this
Agreement.  No party hereto shall assign
its rights or obligations under this Agreement without the prior written
consent of the other parties to this Agreement, which consent shall not be
unreasonably withheld.

5.5          Headings.  The headings
contained in this Agreement are for convenience of reference only, are not to
be considered a part hereof and shall not limit or otherwise affect in any way
the meaning or interpretation of this Agreement.

5.6          Notices.  Any notice or communication hereunder must be
in writing and will be deemed to have been duly given when (a) delivered by
hand (with written confirmation of receipt), (b) sent by telecopier (with
written confirmation of receipt), provided that a copy is mailed by registered
mail, return receipt requested, or (c) received by the addressee, if sent by
United States mail or by a nationally recognized overnight delivery service (receipt
requested), in each case to the appropriate addresses and telecopier numbers
set forth in Section 15.2 of the Amended Operating Agreement.  Notices or other communications given to one
party hereunder shall be simultaneously given to all other parties hereunder.

5.7          Severability.  If any provision of this Agreement or the
application of any such provisions to any person or circumstance shall be held
invalid, illegal, or unenforceable in any respect by a court of competent
jurisdiction, such invalidity, illegality, or unenforceability shall not affect
any other provision of the Agreement.

5.8          Waivers.  The failure or delay of any party at any time
to require performance by another party of any provision of this Agreement,
even if known, shall not affect the right of such party to require performance
of that provision or to exercise any right, power or remedy hereunder.  Any waiver by any party of any breach of any
provision of this Agreement should not be construed as a waiver of any
continuing or succeeding breach of such provision, a waiver of the provision
itself, or a waiver of any right, power or remedy under this Agreement.  No notice to or demand on any party in any
case shall, of itself, entitle such party to any other or further notice or
demand in similar or other circumstances.

 12
 

 

5.9          Third
Parties. 
Unless expressly stated herein to the contrary, nothing in this
Agreement, whether express or implied, is intended to confer any rights or
remedies under or by reason of this Agreement on any persons other than the
parties hereto and their respective administrators, executors, other legal
representatives, heirs, successors and permitted assigns.  Nothing in this Agreement is intended to
relieve or discharge the obligation or liability of any third persons to any
party to this Agreement, nor shall any provision give any third persons any
right of subrogation or action over or against any party to this Agreement.

5.10        Counterparts.  This Agreement may be executed by facsimile
and in one or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.

5.11        Governing
Law.  This
Agreement and all transactions contemplated by this Agreement shall be governed
by, and construed and enforced in accordance with, the internal laws of the
State of Delaware without regard to principles of conflicts of laws.

5.12        Survival.  All representations, warranties, covenants
and agreements made herein or otherwise made in writing by any party pursuant
hereto shall survive the execution and delivery of this Agreement and the
consummation of the transactions contemplated hereby.

 13

 

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

 

	
  

  	
  TMCT II, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
   

  	
  Name: 
  Chandler Bigelow

  
	
   

  	
   

  	
  Title:  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TRIBUNE COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
   

  	
  Name: 
  Chandler Bigelow

  
	
   

  	
   

  	
  Title:  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  FORTIFICATION HOLDINGS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
   

  	
  Name: 
  Chandler Bigelow

  
	
   

  	
   

  	
  Title:  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WICK HOLDINGS CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
   

  	
  Name: 
  Chandler Bigelow

  
	
   

  	
   

  	
  Title:  Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EAGLE NEW MEDIA INVESTMENTS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
   

  	
  Name: 
  Chandler Bigelow

  
	
   

  	
   

  	
  Title:  Vice
  President

  

 

[Signature Page to
Distribution Agreement]

 

 

	
  

  	
  EAGLE PUBLISHING INVESTMENTS, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
   

  	
  Name: 
  Chandler Bigelow

  
	
   

  	
   

  	
  Title:  Vice
  President

  

 

[Signature Page to
Distribution Agreement]

 

 

	
  

  	
  CHANDLER TRUST NO. 1

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Susan Babcock

  	
   

  
	
   

  	
   

  	
  Susan Babcock, as Trustee of Chandler 

  Trust No. 1 under Trust Agreement dated 

  June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey Chandler

  	
   

  
	
   

  	
   

  	
  Jeffrey Chandler, as Trustee of Chandler 

  Trust No. 1 under Trust Agreement dated 

  June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Camilla Chandler Frost

  	
   

  
	
   

  	
   

  	
  Camilla Chandler Frost, as Trustee of 

  Chandler Trust No. 1 under Trust 

  Agreement dated June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Roger Goodan

  	
   

  
	
   

  	
   

  	
  Roger Goodan, as Trustee of Chandler Trust 

  No. 1 under Trust Agreement dated June 26, 

  1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William Stinehart, Jr.

  	
   

  
	
   

  	
   

  	
  William Stinehart, Jr., as Trustee of 

  Chandler Trust No. 1 under Trust 

  Agreement dated June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Judy C. Webb

  	
   

  
	
   

  	
   

  	
  Judy C. Webb, as Trustee of Chandler Trust 

  No. 1 under Trust Agreement dated June 26, 

  1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren B. Williamson

  	
   

  
	
   

  	
   

  	
  Warren B. Williamson, as Trustee of 

  Chandler Trust No. 1 under Trust 

  Agreement dated June 26, 1935

  

 

[Signature Page to
Distribution Agreement]

 

 

	
  

  	
  CHANDLER TRUST NO. 2

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Susan Babcock

  	
   

  
	
   

  	
   

  	
  Susan Babcock, as Trustee of Chandler 

  Trust No. 2 under Trust Agreement dated 

  June 26, 

  1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey Chandler

  	
   

  
	
   

  	
   

  	
  Jeffrey Chandler, as Trustee of Chandler 

  Trust No. 2 under Trust Agreement dated 

  June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Camilla Chandler Frost

  	
   

  
	
   

  	
   

  	
  Camilla Chandler Frost, as Trustee of 

  Chandler Trust No. 2 under Trust 

  Agreement dated June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Roger Goodan

  	
   

  
	
   

  	
   

  	
  Roger Goodan, as Trustee of Chandler Trust 

  No. 2 under Trust Agreement dated June 26, 

  1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William Stinehart, Jr.

  	
   

  
	
   

  	
   

  	
  William Stinehart, Jr., as Trustee of 

  Chandler Trust No. 2 under Trust 

  Agreement dated June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Judy C. Webb

  	
   

  
	
   

  	
   

  	
  Judy C. Webb, as Trustee of Chandler Trust 

  No. 2 under Trust Agreement dated June 26, 

  1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren B. Williamson

  	
   

  
	
   

  	
   

  	
  Warren B. Williamson, as Trustee of 

  Chandler Trust No. 2 under Trust 

  Agreement dated June 26, 1935

  

 

[Signature Page to
Distribution Agreement]Exhibit
10.4

EXECUTION
COPY

SECOND AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

TMCT II, LLC

 

Dated as of September 22, 2006

 

 

	
  ARTICLE I DEFINED TERMS

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 1.1 Definitions

  	
   

  	
  1

  
	
  Section 1.2 Headings

  	
   

  	
  6

  
	
   

  	
   

  	
   

  
	
  ARTICLE II FORMATION AND TERM

  	
   

  	
  6

  
	
   

  	
   

  	
   

  
	
  Section 2.1 Formation

  	
   

  	
  6

  
	
  Section 2.2 Name

  	
   

  	
  7

  
	
  Section 2.3 Term

  	
   

  	
  7

  
	
  Section 2.4 Registered
  Agent and Office

  	
   

  	
  7

  
	
  Section 2.5 Principal Place
  of Business

  	
   

  	
  7

  
	
  Section 2.6 Qualification
  in Other Jurisdictions

  	
   

  	
  7

  
	
   

  	
   

  	
   

  
	
  ARTICLE III PURPOSE AND POWERS OF THE COMPANY

  	
   

  	
  7

  
	
   

  	
   

  	
   

  
	
  Section 3.1 Purpose

  	
   

  	
  7

  
	
  Section 3.2 Powers of the
  Company

  	
   

  	
  8

  
	
  Section 3.3 Limitations on
  Company Powers

  	
   

  	
  9

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV CAPITAL CONTRIBUTIONS, INTERESTS AND
  CAPITAL ACCOUNTS

  	
   

  	
  10

  
	
   

  	
   

  	
   

  
	
  Section 4.1 Capital
  Contributions

  	
   

  	
  10

  
	
  Section 4.2 Member’s
  Interest

  	
   

  	
  10

  
	
  Section 4.3 Capital
  Accounts

  	
   

  	
  10

  
	
   

  	
   

  	
   

  
	
  ARTICLE V MEMBERS

  	
   

  	
  11

  
	
   

  	
   

  	
   

  
	
  Section 5.1 Powers of Members

  	
   

  	
  11

  
	
  Section 5.2 Reimbursements

  	
   

  	
  11

  
	
  Section 5.3 Partition

  	
   

  	
  11

  
	
  Section 5.4 Assignments by
  and Withdrawal of Members

  	
   

  	
  11

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI MANAGEMENT

  	
   

  	
  13

  
	
   

  	
   

  	
   

  
	
  Section 6.1 Management of
  the Company

  	
   

  	
  13

  
	
  Section 6.2 Powers of the
  Managing Member

  	
   

  	
  13

  
	
  Section 6.3 Investment
  Committee

  	
   

  	
  14

  
	
  Section 6.4 Trusts
  Portfolio Committee

  	
   

  	
  16

  
	
  Section 6.5 Actions
  Requiring Mutual Agreement

  	
   

  	
  16

  
	
  Section 6.6 Reliance by
  Third Parties

  	
   

  	
  16

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII MEETINGS OF MEMBERS

  	
   

  	
  17

  
	
   

  	
   

  	
   

  
	
  Section 7.1 Meetings of the
  Members

  	
   

  	
  17

  
	
  Section 7.2 Place of Meetings;
  Participation by Telephone

  	
   

  	
  17

  
	
  Section 7.3 Notice of
  Meetings

  	
   

  	
  17

  
	
  Section 7.4 Action Without
  Meeting

  	
   

  	
  17

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII ALLOCATIONS

  	
   

  	
  17

  
	
   

  	
   

  	
   

  
	
  Section 8.1 Allocations of
  Profits and Losses

  	
   

  	
  17

  
	
  Section 8.2 Regulatory Allocations

  	
   

  	
  18

  
	
  Section 8.3 Tax Allocations;
  Section 704(c) of the Code

  	
   

  	
  18

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX DISTRIBUTIONS

  	
   

  	
  19

  
	
   

  	
   

  	
   

  
	
  Section 9.1 Distributions
  Generally

  	
   

  	
  19

  
	
  Section 9.2 Trusts
  Portfolio

  	
   

  	
  19

  
	
  Section 9.3 Tax
  Distributions

  	
   

  	
  19

  
	
  Section 9.4 Liquidating
  Distributions

  	
   

  	
  20

  
	
  Section 9.5 Limitation on
  Distributions

  	
   

  	
  20

  
	
   

  	
   

  	
   

  
	
  ARTICLE X BOOKS AND RECORDS

  	
   

  	
  21

  
	
   

  	
   

  	
   

  
	
  Section 10.1 Books, Records
  and Financial Statements

  	
   

  	
  21

  

 

 i
 

 

 

	
  Section 10.2 Accounting Method

  	
   

  	
  22

  
	
  Section 10.3 Audit

  	
   

  	
  22

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI TAX MATTERS

  	
   

  	
  22

  
	
   

  	
   

  	
   

  
	
  Section 11.1 Tax Matters
  Member

  	
   

  	
  22

  
	
  Section 11.2 Right to Make
  Section 754 Election

  	
   

  	
  23

  
	
  Section 11.3 Taxation as
  Partnership

  	
   

  	
  23

  
	
   

  	
   

  	
   

  
	
  ARTICLE XII LIABILITY, EXCULPATION AND
  INDEMNIFICATION

  	
   

  	
  23

  
	
   

  	
   

  	
   

  
	
  Section 12.1 Liability

  	
   

  	
  23

  
	
  Section 12.2 Exculpation

  	
   

  	
  23

  
	
  Section 12.3 Duties and
  Liabilities of Covered Persons

  	
   

  	
  24

  
	
  Section 12.4
  Indemnification

  	
   

  	
  24

  
	
  Section 12.5 Expenses

  	
   

  	
  24

  
	
  Section 12.6 Insurance

  	
   

  	
  25

  
	
  Section 12.7 Outside
  Business

  	
   

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIII DISSOLUTION, LIQUIDATION AND
  TERMINATION

  	
   

  	
  25

  
	
   

  	
   

  	
   

  
	
  Section 13.1 Dissolution

  	
   

  	
  25

  
	
  Section 13.2 Notice of
  Dissolution

  	
   

  	
  25

  
	
  Section 13.3 Liquidation

  	
   

  	
  25

  
	
  Section 13.4 Termination

  	
   

  	
  26

  
	
  Section 13.5 Claims of the
  Members

  	
   

  	
  26

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIV REPRESENTATIONS, WARRANTIES AND
  COVENANTS OF THE MEMBERS

  	
   

  	
  26

  
	
   

  	
   

  	
   

  
	
  Section 14.1
  Representations

  	
   

  	
  26

  
	
  Section 14.2
  Confidentiality

  	
   

  	
  27

  
	
   

  	
   

  	
   

  
	
  ARTICLE XV MISCELLANEOUS

  	
   

  	
  27

  
	
   

  	
   

  	
   

  
	
  Section 15.1 Amendments

  	
   

  	
  27

  
	
  Section 15.2 Notices

  	
   

  	
  28

  
	
  Section 15.3 Failure to
  Pursue Remedies

  	
   

  	
  28

  
	
  Section 15.4 Cumulative
  Remedies

  	
   

  	
  28

  
	
  Section 15.5 Binding Effect

  	
   

  	
  28

  
	
  Section 15.6 Interpretation

  	
   

  	
  28

  
	
  Section 15.7 Severability

  	
   

  	
  28

  
	
  Section 15.8 Counterparts

  	
   

  	
  28

  
	
  Section 15.9 Integration

  	
   

  	
  28

  
	
  Section 15.10 Governing Law

  	
   

  	
  29

  
	
  Section 15.11 Consent to Jurisdiction
  and Forum Selection

  	
   

  	
  29

  
	
  Section 15.12 Attorneys’
  Fees

  	
   

  	
  29

  

 

 ii

SECOND AMENDED AND RESTATED

LIMITED LIABILITY COMPANY AGREEMENT

OF

TMCT II, LLC

This Second Amended and Restated Limited Liability
Company Agreement of TMCT II, LLC (the “Company”) is made as of
September 22, 2006 (this “Agreement”), by and among:

A.                                   Tribune
Company, a Delaware corporation (“Tribune”), Fortification Holdings
Corporation, a Delaware corporation (“Fortification”), Wick Holdings
Corporation, a Delaware corporation (“Wick”), Eagle New
Media Investments, LLC, a Delaware limited liability company (“Eagle 1”),
and Eagle Publishing Investments, LLC, a Delaware limited liability company (“Eagle 2,”
and collectively with Tribune, Fortification, Wick and Eagle 1, the “Tribune
Members”), and

B.                                     Chandler
Trust No. 1 (“Trust 1”) and Chandler Trust No. 2 (“Trust 2”), as
Members of the Company.

WHEREAS, the Company was formed as a limited liability
company pursuant to the Delaware Limited Liability Company Act, 6 Del. C.
§ 18-101, et seq., as amended from time to
time (the “Delaware Act”), by filing a Certificate of Formation of the
Company with the office of the Secretary of State of the State of Delaware on
August 26, 1999 and entering into a Limited Liability Company Agreement
(as amended and restated on September 3, 1999, the “Initial Agreement”); and

WHEREAS, the Members wish to amend and restate the
Initial Agreement of the Company in its entirety.

NOW, THEREFORE, in consideration of the agreements and
obligations set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Members hereby
agree as follows:

ARTICLE I

DEFINED
TERMS

Section 1.1                                   Definitions.  Unless the context otherwise requires, the
terms defined in this Article I shall, for the purposes of this Agreement, have
the meanings herein specified.

“Affiliate” means with respect to a specified
Person, any Person that directly or indirectly controls, is controlled by, or
is under common control with, the specified Person, including (A) all
lineal descendants and spouses of such Person; (B) all trusts for the
benefit of such Person or any person described in clause (A) and the trustees
of such trusts; (C) all trustees or other legal representatives of such
Person or any person or trust described in clauses (A) or (B); (D) all
partnerships, corporations, limited liability companies or other entities
controlling, controlled by or under common control with such Person or any
person, trust or other entity described in clauses (A), (B) or (C).  “Control” for these purposes shall
mean the possession,

 

 

direct or indirect, of
the power to direct or cause the direction of the management and policies of
any person or entity, whether through the ownership of voting securities, by
contract, or otherwise.

“Agreement” means this Amended and Restated
Limited Liability Company Agreement of the Company, as further amended,
modified, supplemented or restated from time to time.

“Adjusted Capital Account Deficit” means, with
respect to any Member, the deficit balance, if any, in such Member’s Capital
Account as of the end of the relevant Fiscal Year, after giving effect to the
following adjustments:

(i)                                     Credit
to such Capital Account any amounts which such Member is obligated to restore
pursuant to any provision of this Agreement or is deemed to be obligated to
restore pursuant to the penultimate sentences of Treasury Regulations Sections
1.704-2(g)(1) and 1.704-2(i)(5); and

(ii)                                  Debit
to such Capital Account the items described in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6) of the
Treasury Regulations.

The foregoing definition of Adjusted Capital Account
Deficit is intended to comply with the provisions of Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations and shall be interpreted
consistently therewith.

“Capital Account” means, with respect to any
Member, the account maintained for such Member in accordance with the
provisions of Section 4.3 hereof.  Each
Member’s Capital Account as of the date hereof is set forth in Schedule A
attached hereto.

“Capital Contribution” means, with respect to
any Member, the aggregate value of cash and the initial Gross Asset Value of
any property (other than cash) contributed to the Company pursuant to Section
4.1 of the Initial Agreement.

“Certificate” means the Certificate of Formation
of the Company and any and all amendments thereto and restatements thereof
filed on behalf of the Company with the office of the Secretary of State of the
State of Delaware pursuant to the Delaware Act.

“Code” means the Internal Revenue Code of 1986,
as amended from time to time, or any corresponding federal tax statute enacted
after the date of this Agreement.

“Company” means TMCT II, LLC, the limited
liability company formed under and pursuant to the Delaware Act and this
Agreement.

“Covered Person” means (i) any Member, any
Affiliate of a Member or any officers, directors, trustees, shareholders,
beneficiaries, partners, employees, representatives or agents of a Member or
its respective Affiliates, (ii) any officer of the Company, or (iii) any
employee or agent of the Company or its Affiliates who is designated as a
Covered Person by the Managing Member.

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“Delaware Act” means the Delaware Limited
Liability Company Act, 6 Del. C. § 18-101, et seq., as amended from time
to time.

“Depreciation” means, for each Fiscal Year or
other period, an amount equal to the depreciation, amortization or other cost
recovery deduction allowable under the Code with respect to an asset for such
Fiscal Year or other period; provided, however, that if the Gross Asset Value
of an asset differs from its adjusted basis for federal income tax purposes at
the beginning of such Fiscal Year or other period, Depreciation shall be an
amount that bears the same ratio to such beginning Gross Asset Value as the
federal income tax depreciation, amortization or other cost recovery deduction
with respect to such asset for such Fiscal Year or other period bears to such
beginning adjusted tax basis; and provided further, that if the federal income
tax depreciation, amortization or other cost recovery deduction for such Fiscal
Year or other period is zero, Depreciation shall be determined with reference
to such beginning Gross Asset Value using any reasonable method selected by the
Managing Member.

“Exchange Act” means the Securities Exchange
Act of 1934, as amended from time to time, and any successor statute thereto.

“Fiscal Year” means (i) a twelve (12) month
period commencing on January 1 and ending on December 31, or
(ii) any portion of the period described in clause (i) of this sentence
for which the Company is required to allocate items of Company income, gain,
expense, loss or deduction pursuant to Article VIII hereof.

“Gross Asset Value” means, with respect to any
asset, such asset’s adjusted basis for federal income tax purposes, except as
follows:

(a)                                  the
initial Gross Asset Value of any asset contributed by a Member to the Company
shall be the gross fair market value of such asset, as set forth on Schedule
A hereto;

(b)                                 the
Gross Asset Value of all Company assets shall be adjusted to equal their
respective gross fair market values, as determined by the Managing Member, as
of the following times:  (i) the
distribution by the Company to a Member of more than a de
minimis amount of Company assets as
consideration for part or all of such Member’s Interest; (ii) the
contribution to the Company by a Member of more than a de minimis
amount of assets in exchange for an Interest; and (iii) the liquidation of
the Company within the meaning of Treasury Regulation
§ 1.704-1(b)(2)(ii)(g); and

(c)                                  the
Gross Asset Value of any Company asset distributed to any Member shall be the
gross fair market value of such asset on the date of distribution, as
determined by the Managing Member.

If the Gross Asset Value of an asset has been
determined or adjusted pursuant to paragraph (a) or paragraph (b)
above, such Gross Asset Value shall thereafter be adjusted by the Depreciation
taken into account with respect to such asset for purposes of computing items
of income, gain, expense, loss or deduction.

“Interest” means, with respect to any Member at
any time, a Member’s limited liability company interest in the Company, which
represents a Member’s share of the items of

 3
 

 

 

income, gain, expense, loss or deduction of the
Company, as provided in Article VIII, and a Member’s right to receive
distributions of the Company’s assets, as provided in Article IX,
including a Member’s right to any and all benefits to which such Member may be
entitled as provided in this Agreement, together with the obligations of such
Member to act in accordance  with all of
the terms and provisions of this Agreement and the Delaware Act.

“Investment Committee” means the Investment
Committee appointed by the Members in accordance with Section 6.3.

“Investment Company Act” means the Investment Company
Act of 1940, as amended from time to time and any successor statute thereto.

“Managing Member” means the Member appointed to
manage the affairs of the Company pursuant to Section 6.1, which shall be Trust
1.  The Managing Member shall be deemed
to be a “manager” within the meaning of the Delaware Act.

“Member” means one or more of Trust 1,
Trust 2 or any of the Tribune Members individually, when acting in the
capacity of each as a member of the Company and includes any other Person
admitted to the Company as a Member of the Company in accordance with this
Agreement, and “Members” means Trust 1, Trust 2 and each of the Tribune Members
and includes any other Person admitted to the Company as a Member of the
Company in accordance with this Agreement, collectively, when acting in their
capacities as members of the Company. 
For all purposes of the Delaware Act, all Members shall constitute a
single class or group of members.

“Mutual Agreement” means the agreement of
(i) Tribune, or, if Tribune is no longer a Member or, if no Tribune
Affiliate is a Member, the Members holding a majority in interest, if any, of
the Interests initially held by the Tribune Members on the date hereof, and
(ii) (A) each of Trust 1 and Trust 2 until the Trust
Termination, (B) thereafter, the Representatives; (C) provided, however, if
Trust 1 and Trust 2 and each of their respective Transferees through
a Permitted Disposition are no longer Members of the Company, the holders, if
any, of a majority in interest of the Interests initially held by the Trust
Members.

“Other Tribune Members” means Eagle 1,
Eagle 2, Fortification, Wick and any successors in interest to
Eagle 1, Eagle 2, Fortification or Wick who acquire their interests
in a Permitted Disposition.

“Percentage Interest” means, with regard to
each Member, the percentage set forth opposite its name on Schedule A attached
hereto.

“Permitted Disposition” means a Transfer
(a) of a Tribune Member’s Interest by a Tribune Member to another Tribune
Member or to one or more Affiliates of such Tribune Member, (b) by a Tribune
Member, at any time, to any Person reasonably acceptable to the Managing Member
(provided that if any such consent of the Managing Member is sought prior to
the first anniversary of the date hereof, such Person must be acceptable to the
Managing Member in its sole discretion), (c) in whole or in part by
Trust 1 or Trust 2 to any sub-trust with the same trustees as, and
with a term measured by the same lives as, Trust 1 or Trust 2,
respectively, or (d) upon the Trust Termination, in whole or in part by
Trust 1 or Trust 2 or by

 4
 

 

 

any sub-trust that received its Interest pursuant to a
Permitted Disposition to the beneficiaries of such Trusts or sub-trusts;
provided that any such Transfer pursuant to clauses (a) and (b) must include a
Transfer of such Tribune Member’s entire Interest in order to be deemed a
Permitted Disposition.

“Person” means any individual, corporation,
association, partnership (general or limited), joint venture, trust, estate,
limited liability company, or other legal entity or organization.

“Portfolio” means any Securities owned by the
Company as of the date hereof that are not Tribune Shares and any Securities
bought and sold by the Company hereafter, in accordance with Section 6.3 under
the direction of the Investment Committee, that are not Tribune Shares.

“Representatives” means no less than two and no
more than five Persons who shall act as representatives of the Trust Members
with respect to this Agreement and the rights of Trust Members hereunder
following the Trust Termination, who are Trust Members and who are elected as
such by Trust Members holding, in the aggregate, a majority of the interest in
the Company initially held by Trust 1 and Trust 2.  The presence of Trust Members holding a
majority in interest of the Interests initially held by the Trust Members shall
be required to constitute a quorum for the transaction of business to elect
Representatives.  All matters shall be
deemed approved by the Trust Members at any meeting duly called and held, a
quorum being present, by the affirmative vote of Trust Members holding a
majority in interest of the Interests initially held by the Trust Members.  Any action required or permitted to be taken
at any meeting of the Trust Members may be taken without prior notice and
without a vote, if a consent in writing, setting forth the action so taken,
shall be signed by Trust Members holding a majority in interest of the
Interests initially held by the Trust Members and such written consent is filed
with the minutes of the Trust.

“SEC” means the Securities and Exchange
Commission or any successor entity charged with enforcing the Securities Act.

“Securities” shall mean capital stock, limited
or general partnership interests, limited liability company interests, bonds,
notes, debentures and other obligations, investment contracts and other
instruments or evidences of indebtedness commonly referred to as securities and
any rights, warrants and options related thereto.

“Securities Act” means the Securities Act of
1933, as amended from time to time, and any successor statute thereto.

“Tax Matters Member” shall be the Member
designated to act as Tax Matters Member pursuant to Section 11.1(b), which
shall be Trust 1.

“Transfer” shall have the meaning set forth in
Section 5.4 of the Agreement.  The terms “Transferring,”
“Transferor,” “Transferee” and “Transferred” shall have meanings correlative to
the meaning of “Transfer.”

 5
 

 

 

“Treasury Regulations” means the income tax
regulations, including temporary regulations, promulgated under the Code, as
such regulations may be amended from time to time (including corresponding
provisions of succeeding regulations).

“Tribune Shares” means (a) any shares of the
common stock or preferred stock of Tribune owned by the Company as of the date
hereof, (b) any shares of the common stock or preferred stock of Tribune issued
as (or issuable upon the conversion or exercise of any warrant, right or other
security which is issued as) a dividend or other distribution with respect to,
or in exchange for or in replacement of, any shares of common stock or
preferred stock of Tribune owned by the Company and (c) any other shares of
common stock or preferred stock of Tribune owned or hereafter acquired by the
Company.

“Trust Interest” means the Interest held by
Trust Members.

“Trust Members” or “Trusts” means Trust 1,
Trust 2 and any successors in interest to Trust 1 or Trust 2 who
acquire their interests in a Permitted Disposition.

“Trusts Portfolio” means the properties
purchased by the Company with the cash transferred to such Trusts Portfolio
pursuant to Section 9.2 hereof and other properties bought and sold by the
Company thereafter in accordance with Section 9.2 under the direction of the
Trusts Portfolio Committee.

“Trust Termination” means the termination of
Trust 1, Trust 2 and any sub-trust thereof in accordance with their respective
terms.

Section 1.2                                   Headings.  The headings and subheadings in this
Agreement are included for convenience and identification only and are in no
way intended to describe, interpret, define or limit the scope, extent or
intent of this Agreement or any provision hereof.

ARTICLE
II

FORMATION
AND TERM

Section 2.1                                   Formation.

(a)                                  The
Company was formed as a limited liability company under and pursuant to the
provisions of the Delaware Act and the Members agree that the rights, duties
and liabilities of the Members shall be as provided in the Delaware Act, except
as otherwise provided herein.  Pursuant
to Section 18-201(d) of the Delaware Act, this Agreement shall be effective
as of the date hereof.

(b)                                 The
name and mailing address of each Member and the amount contributed to the
capital of the Company shall be listed on Schedule A attached hereto.  Each Member is required to provide any
changes to its information set forth on Schedule A to the Managing Member who
shall be required to update Schedule A from time to time as necessary to
accurately reflect the information therein.

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(c)                                  The
Managing Member of the Company, as an authorized person within the meaning of
the Delaware Act, shall execute, deliver and file any and all amendments or
restatements to the Certificate.

Section 2.2                                   Name.  The name of the limited liability company
continued hereby and formed by the filing of the Certificate is TMCT II,
LLC.  The business of the Company may be
conducted upon compliance with all applicable laws under any other name
designated by the Managing Member (other than any name that includes the word “Tribune”).

Section
2.3                                   Term.  The term of the Company commenced on the date
of the filing of the Certificate in the office of the Secretary of State of the
State of Delaware and shall continue perpetually unless the Company is
dissolved in accordance with the provisions of this Agreement.  The existence of the Company as a separate
legal entity shall continue until cancellation of the Certificate in the manner
required by the Delaware Act.

Section
2.4                                   Registered Agent
and Office.  The Company’s
registered agent and office in Delaware shall be Corporation Service Company,
1013 Centre Road, Wilmington, County of Newcastle, Delaware 19805.  At any time, the Managing Member may
designate another registered agent and/or registered office.

Section
2.5                                   Principal Place
of Business.  The
principal place of business of the Company shall be at 350 West Colorado Blvd.
Suite 230, Pasadena, California 
91105.  At any time, the Managing
Member may change the location of the Company’s principal place of business;
provided that such location is within the United States of America.

Section 2.6                                   Qualification in
Other Jurisdictions.  The
Managing Member shall cause the Company to be qualified, formed or registered
under assumed or fictitious name statutes or similar laws in any jurisdiction
in which the Company transacts business in which such qualification, formation
or registration is required or desirable. 
The Managing Member, as an authorized person within the meaning of the
Delaware Act, shall execute, deliver and file any certificates (and any
amendments and/or restatements thereof) necessary for the Company to qualify to
do business in a jurisdiction in which the Company may wish to conduct
business.

ARTICLE
III

PURPOSE
AND POWERS OF THE COMPANY

Section 3.1                                   Purpose.  The Company is formed for the object and
purpose of, and the nature of the business to be conducted and promoted by the
Company is, acquiring and owning securities for investment purposes and
managing the assets of the Company in accordance with the provisions of this
Agreement, and engaging in any lawful act or activity for which limited liability
companies may be formed under the Delaware Act which is necessary, convenient,
desirable or incidental to the foregoing. 
Notwithstanding anything herein to the contrary, nothing set forth
herein shall be construed as authorizing the Company to possess any purpose or
power, or to do any act or thing, forbidden by law to a limited liability
company formed under the Delaware Act. 
The Members intend that the Company shall conduct its business in a
manner

 7
 

 

 

that will cause
the Company to qualify at all times as an investment partnership within the
meaning of Section 731(c) of the Code.

Section 3.2                                   Powers of the
Company.

(a)                                  The
Company shall have the power and authority to take any and all actions
necessary, appropriate, proper, advisable, convenient or incidental to or for
the furtherance of the purpose set forth in Section 3.1, including, but not
limited to, the power:

(i)                                     to
conduct its business, carry on its operations and have and exercise the powers
granted to a limited liability company by the Delaware Act, any other law, or
this Agreement in any state, territory, district or possession of the United
States, or in any foreign country that may be necessary, convenient or
incidental to the accomplishment of the purpose of the Company;

(ii)                                  to
acquire by purchase, lease, contribution of property or otherwise, own, hold,
operate, maintain, finance, improve, lease, sell, convey, mortgage, transfer,
demolish or dispose of any real or personal property that may be necessary,
convenient or incidental to the accomplishment of the purpose of the Company;

(iii)                               to
enter into, perform and carry out contracts of any kind, including, without
limitation, contracts with any Member or any Affiliate thereof, or any agent of
the Company necessary to, in connection with, convenient to, or incidental to
the accomplishment of the purpose of the Company;

(iv)                              to
invest and reinvest its funds, and to take and hold real and personal property
for the payment of funds so invested;

(v)                                 to
sue and be sued, complain and defend, and participate in administrative or
other proceedings, in its name;

(vi)                              to
appoint employees and agents of the Company, and define their duties and fix
their compensation;

(vii)                           to
indemnify any Person in accordance with the Delaware Act and to obtain any and
all types of insurance;

(viii)                        to
negotiate, enter into, renegotiate, extend, renew, terminate, modify, amend,
waive, execute, acknowledge or take any other action with respect to any lease,
contract or security agreement in respect of any assets of the Company;

(ix)                                to
borrow money and issue evidences of indebtedness, and to secure the same by a
mortgage, pledge or other lien on the assets of the Company;

(x)                                   to
pay, collect, compromise, litigate, arbitrate or otherwise adjust or settle any
and all other claims or demands of or against the Company or to hold such
proceeds against the payment of contingent liabilities;

 8
 

 

 

(xi)                                to
make, execute, acknowledge and file any and all documents or instruments
necessary, convenient or incidental to the accomplishment of the purpose of the
Company;

(xii)                             to
purchase, take, receive, subscribe for or otherwise acquire, own, hold, vote,
use, employ, sell, mortgage, lend, pledge, or otherwise dispose of, and
otherwise use and deal in and with, equity interests in or obligations of
domestic or foreign corporations, associations, general or limited partnerships
(including the power to be admitted as a partner thereof and to exercise the
rights and perform the duties created thereby), trusts, limited liability
companies (including the power to be admitted as a member or appointed as a
manager thereof and to exercise the duties created thereby), or individuals or
direct or indirect obligations of the United States or of any government,
state, territory, governmental district or municipality or of any
instrumentality of any of them;

(xiii)                          to
lend money for any proper purpose, to invest and reinvest its funds, and to
take and hold real and personal property for the payment of funds so loaned or
invested; and

(xiv)                         to
cease its activities and cancel its Certificate.

(b)                                 The
Managing Member, subject to any limitations set forth in this Agreement, may
authorize any Person (including, without limitation, any other Member) to enter
into any agreement or instrument on behalf of the Company and to perform or
cause to be performed the Company’s obligations thereunder.

(c)                                  The
Company may merge with, or consolidate into, another Delaware limited liability
company or other business entity (as defined in Section 18-209(a) of the
Delaware Act) upon the consent of the Trust Members.

(d)                                 Nothing
in this Section 3.2 shall be deemed to authorize the officers, the Investment
Committee or the Managing Member to authorize the Company to take any action
set forth above in this Section 3.2 without the required approval of the
members of the Investment Committee pursuant to Section 6.3 or the Members
pursuant to Section 6.5 or any other provisions of this Agreement.

(e)                                  Nothing
in this Section 3.2 shall be deemed to authorize the officers, the Investment Committee
or the Managing Member to authorize the Company to acquire any assets or take
any other action, without Mutual Agreement, that would cause the Company not to
qualify as an investment partnership within the meaning of Section 731(c) of
the Code.

Section 3.3                                   Limitations on
Company Powers.  Notwithstanding
the foregoing provisions of Section 3.2, the Company shall not do business in
any jurisdiction that would jeopardize the limitation on liability afforded to
the Members under the Delaware Act or this Agreement.

 9
 

 

ARTICLE IV

CAPITAL CONTRIBUTIONS, INTERESTS 

AND CAPITAL ACCOUNTS

Section 4.1                                   Capital
Contributions.

Each Member previously made a Capital Contribution
pursuant to the Initial Agreement.  No
Member shall be required to make any additional Capital Contribution to the
Company.

Section 4.2                                   Member’s Interest.  A Member’s Interest shall for all purposes be
personal property.  A Member has no
interest in specific Company property. 
All property of the Company, whether real or personal, tangible or intangible,
shall be deemed to be owned by the Company as an entity, and no Member,
individually, shall have any direct ownership in such property.

Section 4.3                                   Capital Accounts.

(a)                                  A
separate Capital Account will be maintained for each Member.

(b)                                 Each
Member’s Capital Account will be increased by:

(i)                                     The
amount of cash contributed by the Member to the Company;

(ii)                                  The
Gross Asset Value of real, personal, tangible and intangible property (other
than cash) contributed by the Member to the Company pursuant to
Section 4.1;

(iii)                               Allocations
to the Member of items of income or gain (other than allocations under
Section 8.3); and

(iv)                              The
amount of any liabilities of the Company assumed by such Member or liabilities
that are secured by any property distributed to such Member.

(c)                                  Each
Member’s Capital Account will be decreased by:

(i)                                     The
amount of cash distributed to the Member by the Company;

(ii)                                  The
Gross Asset Value of property (other than cash) distributed to the Member by
the Company;

(iii)                               Allocations
to the Member of items of deduction, loss or expense (other than allocations
under Section 8.3); and

(iv)                              (iv)                              The
amount of any liabilities of such Member assumed by the Company or liabilities
that are secured by any property contributed by such Member.

 10
 

 

 

(d)                                 In
the event the Gross Asset Value of any asset of the Company is adjusted as
provided in paragraph (b) under the definition of Gross Asset Value, any
resulting gain or loss shall be allocated among the Members in accordance with
Article VIII.

(e)                                  In
the event of a sale or exchange of all or part of an Interest, a pro rata
portion of the Capital Account of the transferor shall become the Capital
Account of the transferee to the extent it relates to the transferred Interest
in accordance with Treasury Regulation Section 1.704-1(b)(2)(iv)(l).

(f)                                    The
manner in which Capital Accounts are to be maintained pursuant to this Section
4.3 is intended to comply with the requirements of Code Section 704(b) and
the Treasury Regulations promulgated thereunder, including, without limitation,
Treasury Regulation Section 1.704-1(b)(2)(iv).  If the manner in which Capital Accounts are
to be maintained pursuant to this Article IV should be modified to comply with
Code Section 704(b) and the Treasury Regulations thereunder, then,
notwithstanding anything to the contrary, the method in which Capital Accounts
are maintained shall be so modified to the minimum extent required to comply
with such regulations; provided, however, that any change in the
manner of maintaining Capital Accounts shall not alter the economic agreement
between or among the Members without Mutual Agreement.

ARTICLE V

MEMBERS

Section 5.1                                   Powers of Members.  The Members shall have the power to exercise
any and all rights or powers granted to the Members pursuant to the express
terms of this Agreement.  No Member shall
have the power to act for or on behalf of, or to bind, the Company without the
prior written approval of the Managing Member. 
All Members shall constitute one class or group of members of the Company
for all purposes of the Delaware Act.

Section 5.2                                   Reimbursements.  The Company shall reimburse the Members and
officers of the Company for all ordinary, reasonable and necessary
out-of-pocket expenses incurred by the Members or such officers on behalf of
the Company with the approval of the Managing Member.  Such reimbursement shall be treated as an
expense of the Company and shall be allocated in accordance with Article VIII,
and shall not be deemed to constitute a distributive share of income or a distribution
or return of capital to any Member.

Section 5.3                                   Partition.  Each Member waives any and all rights that it
may have to maintain an action for partition of the Company’s property.

Section 5.4                                   Assignments by
and Withdrawal of Members.

(a)                                  Prohibited
Transfers.  No Member may resign or
withdraw from the Company without the consent of the Managing Member.  No Member shall sell, transfer, assign,
convey, pledge, mortgage, encumber, hypothecate or otherwise dispose of or
suffer the creation of an interest in or lien on (a “Transfer”) all or
any part of its Interest without the consent of the Managing Member; provided,
however, that such consent shall not be necessary with respect to any
proposed Transfer which constitutes a Permitted Disposition.

 11
 

 

 

(b)                                 Conditions
to Transfer.  Any purported Transfer
of all or any part of its Interest by a Member shall require the Member to
notify the Company of such Transfer, including the name and address of the
Transferee.  Any Transfer by the Tribune
Members shall also be conditioned on compliance with Section 5.4(f)(iv)(A).

(c)                                  Nonconforming
Transfers Void.  Any actual or
purported Transfer of all or part of the Interest of any Member that does not
comply with the provisions of Section 5.4 shall be void and shall not bind
the Company.  The Company shall incur no
liability for distributions made to any Transferor prior to compliance with
Section 5.4 with respect to the Interest or portion thereof that is the
subject of any such actual or purported Transfer.

(d)                                 Transferee
of Trust Members.  Subject to
Subsection (f) below, any Transferee of an Interest in the Company upon a
Permitted Disposition by the Trust Members shall automatically become a Member
with respect to such transferred Interest, subject to applicable law and upon
execution of this Agreement, a counterpart of this Agreement or other documents
agreeing to be bound by the provisions of this Agreement.

(e)                                  Transferee
of Tribune Members.  Subject to
Subsection (f) below, any Transferee of a Tribune Member that is a Member
shall automatically become a Member with respect to the Interest so
transferred.  A Transferee of a Tribune
Member that is not a Member shall not be admitted as a Member without the
consent of the Managing Member, provided that no such consent shall be required
with respect to a Permitted Disposition, subject to Subsection (f) below and
applicable law, and upon execution of this Agreement, a counterpart of this
Agreement or other documents agreeing to be bound by the provisions of this
Agreement, such Transferee in a Permitted Deposition shall automatically become
a Member with respect to such transferred Interest.  Other than as provided in the foregoing
sentences, no Transferee of a Tribune Member’s Interest or portion thereof
shall be admitted as a Member without the consent of the Managing Member.

(f)                                    Conditions
for Admissions.  No Transferee shall
be admitted as a Member without satisfying the following conditions (any one or
more of which may be waived by the Managing Member):

(i)                                     the
Transferor or Transferee shall undertake to pay all expenses incurred by the
Company in connection therewith;

(ii)                                  the
Company shall receive from the Person to whom such Transfer is to be made a
counterpart of this Agreement executed by or on behalf of such Person and such
other documents, instruments and certificates as may reasonably be requested by
the Managing Member pursuant to which such Transferee shall become bound by
this Agreement with respect to the Interest, or portion thereof, so
Transferred;

(iii)                               the
Company shall receive from the proposed Transferor and Transferee such
documents, opinions, instruments and certificates as reasonably required by the
Managing Member;

 12
 

 

 

(iv)                              the
Company shall receive an opinion of counsel to the Company substantially to the
effect that the admission of the Transferee as a Member (or in the case of
Section 5.4(b), the consummation of such Transfer):

(A)                              will
not cause the Company to be terminated pursuant to Section 708 of the Code if
such termination would have a material adverse effect on any Member, to lose
its status as a partnership for United States federal and state income tax
purposes, or to be considered a publicly traded partnership under Section
7704(b) of the Code; and

(B)                                complies
with all applicable laws and regulations, including, without limitation,
applicable federal and state securities laws and the Hart-Scott-Rodino
Antitrust Improvements Act of 1976, as amended.

(v)                                 The
Members hereby waive the requirements of this Subsection (f) with respect
to any Transfer by any Tribune Member of its Interest to Tribune or any
Affiliate of Tribune.

(g)                                 Transfer
of Control.  Tribune shall not,
without the consent of the Managing Member (which shall not be unreasonably
withheld), Transfer Control of Fortification, Wick, Eagle 1 or
Eagle 2, or any other entity substantially all of the value of which is
attributable to its Interests in the Company, to any Person that is not an
Affiliate of Tribune.

ARTICLE
VI

MANAGEMENT

Section 6.1                                   Management of the
Company.  Trust 1 shall be the
Managing Member and, in such capacity, subject to the management of the
Portfolio by the Investment Committee in accordance with Section 6.3
hereof and the requirements set forth in Section 6.4 hereof, shall manage
the Company in accordance with this Agreement until such time as Trust 1 elects
to resign as Managing Member (after providing not less than three (3) months’
prior written notice to all other Members), in which event the Trust Members
shall elect a Managing Member to replace Trust 1.  Except as otherwise set forth in this
Agreement, the Managing Member shall have full, exclusive and complete
discretion to manage and control the business and affairs of the Company, to
make all decisions affecting the business and affairs of the Company and to
take all such actions as the Managing Member deems necessary or appropriate to
accomplish the purpose of the Company set forth herein.  The Managing Member may appoint individuals
as officers or employees of the Company with such titles as it may elect, including
but not limited to President, Treasurer and Secretary.  Except as provided herein, the officers of
the Company shall have such powers and duties in the management of the Company
as may be prescribed in a resolution by the Managing Member and, to the extent
not provided as generally pertains to their respective offices, as if the
Company were a corporation governed by the General Corporation Law of the State
of Delaware, subject to the control and removal by the Managing Member.

Section 6.2                                   Powers of the
Managing Member.  Subject to the
limitations otherwise set forth in this Agreement, the Managing Member shall
have the right, power and authority, in

 13
 

 

 

the management of the business and affairs of the Company, to do or
cause to be done any and all acts, at the expense of the Company, deemed by the
Managing Member to be necessary or appropriate to effectuate the business,
purposes and objectives of the Company. 
Without limiting the generality of the foregoing, the Managing Member
shall have the power and authority to:

(a)                                  establish
a record date with respect to all actions to be taken hereunder that require a
record date be established, including with respect to allocations and
distributions;

(b)                                 bring
and defend on behalf of the Company actions and proceedings at law or in equity
before any court or governmental, administrative or other regulatory agency,
body or commission or otherwise; and

(c)                                  execute
all documents or instruments, perform all duties and powers and do all things
for and on behalf of the Company in all matters necessary, desirable,
convenient or incidental to the purpose of the Company, including, without
limitation, all documents, agreements and instruments related thereto and the
consummation of all transactions contemplated thereby.

The expression of any power or authority of the
Managing Member in this Agreement shall not in any way limit or exclude any
other power or authority which is not specifically or expressly set forth in
this Agreement.

Section 6.3                                   Investment
Committee.

(a)                            Number
of Investment Committee Members.  The
number of members of the Investment Committee shall be three.  Tribune shall have the right to designate one
member of the Investment Committee (the “Tribune Designated Investment
Committee Member”), of which the initial member shall be Chandler
Bigelow.  Trust 1 and Trust 2
shall have the right to designate two members (the “Trust Designated
Investment Committee Members”), of which the initial members shall be
William Stinehart and Warren Williamson; provided, however,
that following the Trust Termination, the Trust Designated Investment Committee
Members shall be designated by the Representatives.  Notwithstanding the foregoing, if at any time
Tribune is no longer a Member, any member of the Investment Committee
designated by Tribune shall be removed and replaced with an additional designee
of the Trust Member and, thereafter, all three members of the Investment
Committee shall be designated by the Trust Members.  Each member of the Investment Committee shall
hold office until his or her successor shall have been designated pursuant to
paragraph (d) below or until such member of the Investment Committee shall
resign or shall have been removed in the manner provided herein.  All members of the Investment Committee shall
be either (i) Members of the Company, (ii) officers, directors, trustees,
employees or beneficiaries of a Member of the Company or (iii) after the Trust
Termination, the Representatives.

(b)                                 Removal
of Investment Committee Members.  Any
member of the Investment Committee may be removed at any time, with or without
cause, by the Member(s) then entitled to designate such member of the
Investment Committee.

 14
 

 

 

(c)                                  Resignation.  Any Person may resign as a member of the
Investment Committee at any time by giving written notice to the Investment
Committee.  Any such resignation shall
take effect at the time specified therein, or, if the time is not specified,
immediately upon its receipt by the Investment Committee.  Acceptance of such resignation shall not be
necessary to make it effective.

(d)                                 Vacancies.  Any vacancy on the Investment Committee,
whether because of death, resignation, disqualification, removal, expiration of
term or any other cause shall be filled by designation by the Member(s) who
appointed the member of the Investment Committee whose departure created such
vacancy.  Such designation shall be
effected by notice delivered to the Investment Committee.  Each member of the Investment Committee so
chosen to fill a vacancy shall remain a member of the Investment Committee
until his or her successor shall have been designated or until he or she shall
resign or shall have been removed in the manner herein provided.

(e)                                  Powers
of Investment Committee.  The
Investment Committee shall have full, exclusive and complete authority with
respect to the management of the Portfolio. 
It is expressly acknowledged by each of the Members that the power and
authority of the Managing Member includes the sole power and authority to
transfer, dispose of, direct the vote of or take any other action with respect
to, the Tribune Shares and that the Investment Committee shall have no
authority to act with respect to the Tribune Shares.

(f)                                    Meetings;
Place of Meetings; Telephonic Participation.  Meetings of the Investment Committee may be
held at such times and places within or without the State of Delaware as the
Investment Committee may from time to time by resolution designate or as shall
be designated by the Person or Persons calling the meeting in the notice or
waiver of notice of any such meeting. 
Regular meetings of the Investment Committee shall be held not less than
quarterly.  Special meetings of the
Investment Committee shall be held whenever called by a member of the
Investment Committee or the Managing Member.  Notice of the time and place of each such
special meeting shall be sent by facsimile transmission, telegraph or cable or
be delivered personally or mailed to and received by each member of the
Investment Committee not less than 24 hours before the time at which the
meeting is to be held.  Notice of the
purpose of a special meeting need not be given. 
Notice of any meeting of the Investment Committee shall not be required
to be given to any member of the Investment Committee who waives such notice in
writing or who is present at such meeting. 
At the request of any Investment Committee member, any or all Investment
Committee members may participate in any meeting of the Investment Committee by
means of conference telephone or similar communications equipment pursuant to
which all Persons participating in the meeting of the Investment Committee can
hear each other, and such participation shall constitute presence in person at
such meeting.  Minutes of the meetings
shall be recorded.

(g)                                 Manner
of Acting and Quorum.  Except as
otherwise provided in this Agreement or the Delaware Act, the presence of a
majority of the members of the Investment Committee shall be required to
constitute a quorum for the transaction of business at any meeting of the
Investment Committee.  The Investment
Committee members shall act only as an Investment Committee, and the individual
members shall have no power as such. 
Each member shall have one vote. 
All matters shall be deemed approved by the Investment Committee at any

 15
 

 

 

meeting duly
called and held, a quorum being present, by the affirmative vote of a majority
of the authorized number of members of the Investment Committee.

(h)                                 Action
Without Meeting.  Any action required or permitted
to be taken or which may be taken at any meeting of the Investment Committee
may be taken without a meeting, without prior notice and without a vote, if a
consent in writing, setting forth the action so taken, shall be signed by a
majority of the authorized number of members of the Investment Committee and
such written consent is filed with the minutes of proceedings of the Investment
Committee.

Section 6.4                                   Trusts Portfolio
Committee.  The Trusts Portfolio
Committee shall consist of the Trust Designated Investment Committee Members
and shall have full, exclusive and complete authority with respect to the
management of the Trusts Portfolio.

Section 6.5                                   Actions Requiring
Mutual Agreement.  The following
actions and other actions so designated throughout this Agreement shall not be
taken by the Company, whether at the direction of the Managing Member or at the
direction of the Investment Committee, without Mutual Agreement:

(a)                                  Any
change in the business purpose of the Company; or

(b)                                 The
incurrence of any indebtedness by the Company (other than indebtedness incurred
in the management of the securities portfolios as approved by the Managing
Member).

Section 6.6                                   Reliance by Third
Parties.  Any Person dealing with
the Company may rely upon a certificate signed by the Managing Member or any
officer of the Company appointed by the Managing Member including, but not
limited to, the President, any Vice President, the Secretary or the Treasurer
as to:

(a)                                  the
identity of the members of the Investment Committee or any Member hereof;

(b)                                 the
existence or non-existence of any fact or facts which constitute a condition
precedent to acts by the Company or in any other manner germane to the affairs
of the Company;

(c)                                  the
Persons who are authorized to execute and deliver any instrument or document of
or on behalf of the Company; or

(d)                                 any
act or failure to act by the Company or as to any other matter whatsoever
involving the Company or any Member.

 16
 

 

 

ARTICLE VII

MEETINGS OF MEMBERS

Section 7.1                                   Meetings of the
Members.  Meetings of the Members
may be called at any time by the Managing Member.  Each meeting of Members shall be conducted by
such Person that the Managing Member may designate or, if the Managing Member
fails to do so, by such other Person that a majority of the Members present in
person or by proxy specify.

Section 7.2                                   Place of
Meetings; Participation by Telephone. 
All meetings of the Members of the Company shall be held at such places,
within or without the State of Delaware, as may from time to time be designated
by the Managing Member and specified in the respective notices or waivers of
notice thereof.  Participation in any
meeting may be by means of conference telephone or similar communications
equipment pursuant to which all persons participating in the meeting can hear
each other, and such participation shall constitute presence in person at such
meeting.  Minutes of the meetings shall
be recorded.

Section 7.3                                   Notice of
Meetings.  Notice of each meeting
of the Members of the Company shall be given not less than ten (10) days
nor more than sixty (60) days before the date of the meeting to each Member of
record by delivering a typewritten or printed notice thereof to such Member
personally, or by depositing such notice in the U.S. mail, in a postage prepaid
envelope, directed to such Member at such Member’s post office address
furnished by such Member to the Secretary of the Company for such purpose or,
if such Member shall not have furnished to the Secretary of the Company an
address for such purpose, then at such Member’s post office address last known
to the Company, or by transmitting a notice thereof to such Member at such
address by facsimile, telegraph or cable. 
Every notice of a meeting of the Members shall state the place, date and
hour of the meeting, and the purpose or purposes for which the meeting is
called.  Notice of any meeting of Members
shall not be required to be given to any Member who shall have waived such
notice, and such notice shall be deemed waived by any Member who shall attend
such meeting in person or by proxy, except for any Member who shall attend such
meeting for the express purpose of objecting, at the beginning of the meeting,
to the transaction of any business because the meeting is not lawfully called
or convened.  Except as otherwise expressly
required by law, notice of any adjourned meeting of the Members need not be
given if the time and place thereof are announced at the meeting at which the
adjournment is taken.

Section 7.4                                   Action Without
Meeting.  Any action required to
be taken or which may be taken at any meeting of Members of the Company may be
taken without a meeting, without prior notice and without a vote, if there is
an instrument in writing, setting forth the action so taken.

ARTICLE
VIII

ALLOCATIONS

Section 8.1                                   Allocations of
Profits and Losses.  Net profits
and net losses of the Company shall be allocated 95% to the Trusts and 5% to
the other Members, except that all net

 17
 

 

 

profits and losses with respect to the Trusts Portfolio shall be
allocated 100% to the Trusts. 
Allocations among the other members shall be made in proportion to their
respective Percentage Interests. 
Allocations between the Trusts shall be made in a manner consistent with
the distribution of cash to the Trusts pursuant to Section 9.6.

Section 8.2                                   Regulatory
Allocations.  (a)  The
foregoing provisions of this Article VIII shall be subject to the
following limitation:  no Member shall be
allocated any items of loss, expense or deduction hereunder if such allocation
results in a an Adjusted Capital Account Deficit for such Member.  Any balance of such items of loss, expense or
deduction shall be specially allocated to the other Members in proportion to
their positive Capital Account balances.

(b)                                 Notwithstanding
the foregoing provisions of this Article VIII, in the event any Member
unexpectedly receives any adjustments, allocations or distributions described
in Sections 1.704(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6) of the Treasury Regulations, items of income and gain
shall be specially allocated to each such Member in an amount and manner
sufficient to eliminate, to the extent required by the Treasury Regulations,
the Adjusted Capital Account Deficit of such Member as quickly as possible,
provided that an allocation pursuant to this Section 8.2(b) shall be made only
if and to the extent that such Member would have an Adjusted Capital Account
Deficit after all other allocations provided for in this Article VIII have
been tentatively made as if this Section 8.2(b) were not in the Agreement.

(c)                                  The
allocations set forth in Sections 8.2(a) and (b) (the “Regulatory
Allocations”) are intended to comply with certain requirements of the
Treasury Regulations.  It is the intent
of the Members that, to the extent possible, all  Regulatory Allocations shall be offset either
with other Regulatory Allocations or with special allocations of other items of
income, gain, loss or deduction pursuant to this Section 8.2.  Therefore, notwithstanding any other
provision of this Article VIII (other than the Regulatory Allocations),
the Managing Member shall make such offsetting special allocations of income,
gain, loss or deduction in whatever manner they determine is appropriate so
that, after such offsetting allocations are made, each Member’s Capital Account
balance is, to the extent possible, equal to the Capital Account balance such
Member would have had if the Regulatory Allocations were not part of the
Agreement and all items were allocated pursuant to Article VIII (other
than Sections 8.2(a) and (b)).

Section 8.3                                   Tax Allocations;
Section 704(c) of the Code.

(a)                                  In
accordance with Section 704(c) of the Code and the Treasury Regulations
thereunder, income, gain, loss and deduction with respect to any property
contributed to the capital of the Company shall, solely for income tax
purposes, be allocated among the Members so as to take account of any variation
between the adjusted basis of such property to the Company for federal income
tax purposes and its initial Gross Asset Value (computed in accordance with
paragraph (a) of the definition of “Gross Asset Value” contained in
Section 1.1 hereof).

(b)                                 In
the event the Gross Asset Value of any Company asset is adjusted pursuant to
paragraph (b) of the definition of “Gross Asset Value” contained in
Section 1.1

 18
 

 

 

hereof, subsequent allocations of income, gain, loss and deduction with
respect to such asset shall take account of any variation between the adjusted
basis of such asset for federal income tax purposes and its Gross Asset Value
in the same manner as under Section 704(c) of the Code and the Treasury
Regulations thereunder.

(c)                                  Any
elections or other decisions relating to allocations under this
Section 8.3, shall be made by the Managing Member in any manner that
reasonably reflects the purpose and intention of this Agreement.  All items relevant under Section 704(c)
of the Code shall be allocated based on the “traditional method” defined
in Treasury Regulations Section 1.704-3(b).  Allocations pursuant to this Section 8.3
are solely for purposes of federal, state and local taxes and shall not affect,
or in any way be taken into account in computing, any Member’s Capital Account,
other items or distributions pursuant to any provision of this Agreement.

(d)                                 The
Members are aware of the income tax consequences of the allocations made by
this Article VIII and hereby agree to be bound by the provisions of this
Article VIII in reporting their shares of Company income and loss for all
income tax purposes.

ARTICLE
IX

DISTRIBUTIONS

Section 9.1                                   Distributions
Generally.

Payments shall be made to the Members by the Company
at such times as are determined by the Managing Member, but in no event less
frequently than once per calendar quarter. 
The amounts so advanced to the Members shall be treated as advances or
drawings of money against their distributive shares of Company income and as
current distributions made on the last day of the Company’s taxable year.  Except in connection with a liquidation of
the Company (which shall be governed by Section 9.4), any distribution shall be
made 95% to the Trusts and 5% to the other Members.  Distributions among the other Members shall
be in proportion to their Percentage Interests. 
Distributions between the Trusts shall be in accordance with Section 9.6
below.

Section 9.2                                   Trusts Portfolio.

The Trusts shall have the right to have the Company
transfer any distributions to which the Trusts are otherwise entitled under
this Agreement to a separate Company account designated as the Trusts
Portfolio.  The Trusts Portfolio shall be
invested as determined by a committee comprised of the Trust Designated
Investment Committee Members (the “Trusts Portfolio Committee”).  The Trusts Portfolio Committee shall have the
right to require the distribution to the Trust Members of all or a portion of
the assets or proceeds in the Trusts Portfolio at any time and from time to
time.

Section 9.3                                   Tax Distributions.

Notwithstanding anything herein to the contrary, the
Company shall use commercially reasonable efforts (which shall not require the
incurrence of debt by the Company) to distribute

 19
 

 

 

to each Member with
respect to each Fiscal Year an amount of cash (taking into account all other
distributions that the Member has received with respect to such Fiscal Year)
equal to the “Tax Distribution” with respect to that Member for that Fiscal
Year.  The Tax Distribution, if any, with
respect any Member for any Fiscal Year shall be made no later than March 31
following each Fiscal Year, and shall be made more frequently if the Managing
Member determines that more frequent distributions are necessary in order to
correspond to the Member’s estimated tax obligations.  “Tax Distribution” with respect to any
Member for any Fiscal Year means the net federal taxable income of the Company,
if any, allocable to such Member with respect to such Fiscal Year, multiplied
by the maximum combined federal and state income tax rate applicable to a
corporate member.  Amounts distributed
pursuant to this Section 9.3 shall be treated as advance distributions of
amounts to which the Member otherwise would be entitled to pursuant to Section
9.1.

Section 9.4                                   Liquidating
Distributions.

Liquidating distributions shall be made in accordance
with the Member’s positive Capital Account balances.  Prior to any liquidating distributions, the
assets of the Company shall be appraised at fair market value by an appraiser
selected by the Managing Member.  Any
items of income, gain, loss, expense or deduction that would have resulted had
such assets been sold at such appraised fair market value shall be allocated to
the Members in accordance with Article VIII. 
Each Member shall then be entitled to receive cash and property with a
fair market value equal to the positive balance in such Member’s Capital
Account after the foregoing allocations. 
No Member shall have the right to receive any particular asset of the
Company, and the nature of the assets to be distributed to each Member shall be
determined by the Managing Member.  No
Member shall have the obligation to restore or repay any negative balance in
its Capital Account.

Section 9.5                                   Limitation on
Distributions.

Notwithstanding any provision to the contrary
contained in this Agreement, the Company, and the Managing Member on behalf of
the Company, shall not be required to make a distribution to any Member on
account of its Interests if such distribution would violate Sections 18-607 or
18-804(a)(1) of the Delaware Act or other applicable law.

Section 9.6                                   Distributions to Trusts.

All amounts distributable
to the Trusts pursuant to Section 9.1, Section 9.2 and Section 9.3 shall be
aggregated and divided among the Trust Members as follows:

(a)                                  (i)  cash distributed to the Trusts in the first
quarter of any Fiscal Year shall be distributed first to Trust 2 until such
time as the amount of cash distributed to Trust 2 in such quarter under this Section
9.6(a)(i) is equal to $6,600,000; and (ii) the remainder of the cash
distributed to the Trusts in such quarter shall be distributed 47.63% to Trust
1 and 52.37% to Trust 2;

(b)                                 (i)  cash distributed to the Trusts in the second
quarter of any Fiscal Year shall be distributed first to Trust 2 until such
time as the amount of cash distributed to Trust 2 in such Fiscal Year under
Section 9.6(a)(i) and this Section 9.6(b)(i) is equal to $13,200,000; and

 20
 

 

 

(ii)  the remainder of the cash distributed to the Trusts
in such quarter shall be distributed 47.63% to Trust 1 and 52.37% to Trust 2;

(c)                                  (i)  cash distributed to the Trusts in the third
quarter of any Fiscal Year shall be distributed first to Trust 2 until such
time as the amount of cash distributed to Trust 2 in such Fiscal Year under
Sections 9.6(a)(i) and 9.6(b)(i) and this Section 9.6(c)(i) is equal to
$19,800,000; and (ii)  the remainder of
the cash distributed to the Trusts in such quarter shall be distributed 47.63%
to Trust 1 and 52.37% to Trust 2; and

(d)                                 (i)  cash distributed to the Trusts in the fourth
quarter of any Fiscal Year shall be distributed first to Trust 2 until such
time as the amount of cash distributed to Trust 2 in such Fiscal Year under
Sections 9.6(a)(i), 9.6(b)(i) and 9.6(c)(i) and this Section 9.6(d)(i) is equal
to $26,400,000; and (ii)  the remainder
of the cash distributed to the Trusts in such quarter shall be distributed
47.63% to Trust 1 and 52.37% to Trust 2.

ARTICLE X

BOOKS AND
RECORDS

Section 10.1                            Books, Records and Financial
Statements.

(a)                                  At
all times during the continuance of the Company, the Company shall maintain, at
its principal place of business, separate books of account for the Company that
shall show a true and accurate record of all costs and expenses incurred, all
charges made, all credits made and received and all income derived in
connection with the operation of the Company business on a tax basis, and, to
the extent inconsistent therewith, in accordance with this Agreement.  In accordance with Section 18-305 of the
Delaware Act, such books of account, together with a copy of this Agreement and
of the Certificate, shall at all times be open to inspection and examination at
reasonable times by each Member and its duly authorized representative for any
purpose reasonably related to such Member’s interest as a member of the
Company.

(b)                                 The
following financial information shall be transmitted by the Managing Member to
each Member:

(i)                                     within
three (3) months after the close of each Fiscal Year (or such later date as
necessary due to the timing of the receipt of similar information from
partnerships the interests in which are held by the Company in the Portfolio):

(A)                              an
audited balance sheet of the Company as of the close of such Fiscal Year;

(B)                                an
audited statement of Company profits and losses for such Fiscal Year;

 21
 

 

 

(C)                                a
statement of such Member’s Capital Account as of the close of such Fiscal Year,
and changes therein during such Fiscal Year; and

(D)                               a
statement indicating such Member’s share of each item of Company income, gain,
loss, deduction or credit for such Fiscal Year for income tax purposes.

(ii)                                  within
90 days after the close of each quarter:

(A)                              an
unaudited balance sheet as of the close of such quarter; and

(B)                                an
unaudited statement of Company profits and losses for such quarter.

(iii)                               within
30 days after the close of each calendar month, a report of Company profit and
loss for such month.

Section 10.2                            Accounting Method.  For both financial and tax reporting purposes
and for purposes of determining profits and losses, the books and records of
the Company shall be kept on the accrual method of accounting applied in a
consistent manner and shall reflect all Company transactions and be appropriate
for the Company’s business.

Section 10.3                            Audit.  At any time and in the sole discretion of the
Managing Member, the financial statements of the Company may be audited by
independent certified public accountants selected by the Managing Member, with
such audit to be accompanied by a report of such accountant containing its
opinion.  The cost of such audits will be
an expense of the Company.  A copy of any
such audited financial statements and accountant’s report will be made
available for inspection by the Members.

ARTICLE XI

TAX MATTERS

Section 11.1                            Tax Matters Member.

(a)                                  The
Tax Matters Member shall arrange for the preparation of and timely filing of
all returns relating to Company income, gains, losses, deductions and credits,
as necessary for federal, state and local income tax purposes.  Each Member agrees to furnish the Company
with any representations and forms as shall reasonably be requested by the
Company to assist it in determining the extent of and in fulfilling its tax
obligations.  The Tribune Members shall
have a right to review in draft form all tax returns of the Company at least 10
days prior to the Company filing such tax returns.

(b)                                 Trust
1 is hereby designated as “Tax Matters Member” of the Company for
purposes of § 6231(a)(7) of the Code and is authorized and required to
represent the Company in connection with any administrative proceeding at the
Company level with the

 22
 

 

 

Internal Revenue Service relating to the determination of any item of
Company income, gain, loss, deduction or credit for federal income tax
purposes.  If for any reason the Tax
Matters Member resigns or can no longer serve in that capacity, the Managing
Member may designate another Member to be the Tax Matters Member.

(c)                                  The
Tax Matters Member shall, within ten (10) days of the receipt of any notice
from the Internal Revenue Service in any administrative proceeding at the
Company level relating to the determination of any Company item of income,
gain, loss, deduction or credit, mail a copy of such notice to each Member.

Section 11.2                            Right to Make Section
754 Election.  The Tax Matters
Member may make or revoke, on behalf of the Company, all elections in
accordance with Section 754 of the Code, so as to adjust the basis of
Company property in the case of a distribution of property within the meaning
of Section 734 of the Code, and in the case of a transfer of a Company
interest within the meaning of Section 743 of the Code.  Each Member shall, upon request of the Tax
Matters Member, supply the information necessary to give effect to such an
election.  Any Trust Member or Representative
has the right to require the Tax Matters Member to make a Section 754
election.

Section 11.3                            Taxation as Partnership.  The Company shall be treated as a partnership
for U.S. federal income tax purposes.

ARTICLE
XII

LIABILITY,
EXCULPATION AND INDEMNIFICATION

Section 12.1                            Liability.  Except as otherwise provided by the Delaware
Act, the debts, obligations and liabilities of the Company, whether arising in
contract, tort or otherwise, shall be solely the debts, obligations and
liabilities of the Company, and no Covered Person shall be obligated personally
for any such debt, obligation or liability of the Company solely by reason of
being a Covered Person.

Section 12.2                            Exculpation.

(a)                                  No
Covered Person shall be liable to the Company or any other Covered Person for
any loss, damage or claim incurred by reason of any act or omission performed
or omitted by such Covered Person in good faith on behalf of the Company and in
a manner reasonably believed to be in, or not opposed to, the best interests of
the Company and provided that such action or omission does not constitute fraud
or willful misconduct by the Covered Person.

(b)                                 A
Covered Person shall be fully protected in relying in good faith upon the
records of the Company and upon such information, opinions, reports or
statements presented to the Company by any Person as to matters the Covered
Person reasonably believes are within such other Person’s professional or
expert competence and who has been selected with reasonable care by or on
behalf of the Company, including information, opinions, reports or statements
as to the value and amount of the assets, liabilities, profits, losses, or any
other facts

 23
 

 

 

pertinent to the existence and amount of assets from which
distributions to Members might properly be paid.

Section 12.3                            Duties and Liabilities
of Covered Persons.

(a)                                  To
the extent that, at law or in equity, a Covered Person has duties (including
fiduciary duties) and liabilities relating thereto to the Company or to any
other Covered Person, a Covered Person acting under this Agreement shall not be
liable to the Company or to any other Covered Person for its good faith
reliance on the provisions of this Agreement. 
The provisions of this Agreement, to the extent that they restrict the
duties and liabilities of a Covered Person otherwise existing at law or in
equity, are agreed by the parties hereto to replace such other duties and
liabilities of such Covered Person.

(b)                                 Unless
otherwise expressly provided herein, (i) whenever a conflict of interest exists
or arises between Covered Persons, or (ii) whenever this Agreement or any other
agreement contemplated herein provides that a Covered Person shall act in a
manner that is, or provides terms that are, fair and reasonable to the Company
or any Member, the Covered Person shall resolve such conflict of interest,
taking such action or providing such terms, considering in each case the
relative interest of each party (including its own interest), such conflict,
agreement, transaction or situation and the benefits and burdens relating to
such interests, any customary or accepted industry practices, and any
applicable generally accepted accounting practices or principles.  In the absence of bad faith by the Covered
Person, the resolution, action or term so made, taken or provided by the
Covered Person shall not constitute a breach of this Agreement or any other
agreement contemplated herein or of any duty or obligation of the Covered
Person at law or in equity or otherwise.

(c)                                  Whenever
in this Agreement a Covered Person is permitted or required to make a decision
(i) in its “discretion” or under a grant of similar authority or
latitude, the Covered Person shall be entitled to consider such interests and
factors as it desires, including its own interests, and shall have no duty or
obligation to give any consideration to any interest of or factors affecting
the Company or any other Person, or (ii) in its “good  faith” or
under another express standard, the Covered Person shall act under such express
standard and shall not be subject to any other or different standard imposed by
this Agreement or other applicable law.

Section 12.4                            Indemnification.  To the fullest extent permitted by applicable
law, a Covered Person shall be entitled to indemnification from the Company for
any loss, damage or claim incurred by such Covered Person by reason of any act
or omission performed or omitted by such Covered Person in good faith on behalf
of the Company and in a manner reasonably believed to be within the scope of
authority conferred on such Covered Person by this Agreement; provided,  however, that any indemnity under
this Section 12.4 shall be provided out of and to the extent of Company assets
only, and no Covered Person shall have any personal liability on account
thereof.

Section 12.5                            Expenses.  To the fullest extent permitted by applicable
law, expenses (including legal fees) incurred by a Covered Person in defending
any claim, demand, action, suit or proceeding shall, from time to time, be
advanced by the Company prior to the final disposition of such claim, demand,
action, suit or proceeding upon receipt by the Company of an

 24
 

 

 

undertaking by or
on behalf of the Covered Person to repay such amount if it shall be determined
that the Covered Person is not entitled to be indemnified as authorized in
Section 12.4 hereof.

Section 12.6                            Insurance.  The Company may purchase and maintain
insurance, to the extent and in such amounts as the Managing Member shall deem
reasonable, on behalf of Covered Persons and such other Persons as the Managing
Member shall determine, against any liability that may be asserted against or
expenses that may be incurred by any such Person in connection with the
activities of the Company or such indemnities, regardless of whether the
Company would have the power to indemnify such Person against such liability
under the provisions of this Agreement. 
The Managing Member and the Company may enter into indemnity contracts
with Covered Persons and adopt written procedures pursuant to which
arrangements are made for the advancement of expenses and the funding of
obligations under Section 12.5 hereof and containing such other procedures
regarding indemnification as are appropriate.

Section 12.7                            Outside Business.  Any Member or Affiliate thereof may engage in
or possess an interest in other business ventures of any nature or description
independently or with others, similar or dissimilar to the business of the
Company, and the Company and the Members shall have no rights by virtue of this
Agreement in and to such independent ventures or the income or profits derived
therefrom, and the pursuit of any venture, even if competitive with the
business of the Company, shall not be deemed wrongful or improper.  No Member or Affiliate thereof shall be
obligated to present any particular investment opportunity to the Company even
if such opportunity is of a character that, if presented to the Company, could
be taken by the Company, and any Member or Affiliate thereof shall have the
right to take for its own account (individually or as a partner, shareholder,
fiduciary or otherwise) or recommend to others any such particular investment
opportunity.

ARTICLE XIII

DISSOLUTION, LIQUIDATION AND TERMINATION

Section 13.1                            Dissolution.  The Company shall be dissolved and its
affairs shall be wound up upon the occurrence of any of the following events:

(a)                                  at
any time there are no Members of the Company, unless the Company is continued
in accordance with the Delaware Act;

(b)                                 the
entry of a decree of judicial dissolution under Section 18-802 of the Delaware
Act; or

(c)                                  upon
consent of the Trust Members.

Section 13.2                            Notice of Dissolution.  Upon the dissolution of the Company, the
Managing Member shall promptly notify the Members of such dissolution.

Section 13.3                            Liquidation.  Upon dissolution of the Company, such
person(s) who shall be selected by the Managing Member, as liquidating
trustee(s), shall immediately commence to wind up the Company’s affairs; provided,
however, that a reasonable time shall be allowed for

 25
 

 

 

the orderly liquidation of the assets of the Company and the
satisfaction of liabilities to creditors so as to enable the Members to
minimize the normal losses attendant upon a liquidation.  In the period of dissolution and liquidation
of the Company, the Members shall be allocated all items as specified in
Article VIII hereof, and shall receive distributions of cash as provided
by Section 9.1; provided, however, that the liquidating trustees shall
have the discretion to set aside adequate reserves for the payment of the Company’s
expenses and liabilities including all contingent, conditional or unmatured
liabilities of the Company.  The proceeds
of liquidation shall be distributed in accordance with Section 9.4 after
satisfaction of the liabilities of the Company, whether by payment or the
making of reasonable provision for the payment thereof.

Section 13.4                            Termination.  The Company shall terminate when all of the
assets of the Company have been distributed in the manner provided for in this
Article XIII, and the Certificate shall have been canceled in the manner
required by the Delaware Act.

Section 13.5                            Claims of the Members.  Members and former Members shall look solely
to the Company’s assets for the return of their Capital Contributions, and if
the assets of the Company remaining after payment of or due provision for all
debts, liabilities and obligations of the Company are insufficient to return
such Capital Contributions, the Members and former Members shall have no
recourse against the Company or any other Member.

ARTICLE
XIV

REPRESENTATIONS,
WARRANTIES AND

COVENANTS OF THE MEMBERS

Section 14.1                            Representations.  Each Member represents and warrants to and
covenants with the other Members and the Company as follows:

(a)                                  If
such Member is an entity, it is duly organized, validly existing and in good
standing under the laws of its jurisdiction of incorporation or formation with
all requisite power and authority to enter into this Agreement and to perform
its obligations hereunder.

(b)                                 This
Agreement constitutes the legal, valid and binding obligation of such Member
enforceable against such Member in accordance with its terms.

(c)                                  No
consents or approvals from, or notification of or filings with any governmental
authority or other Person are required for such Member to enter into this Agreement.  All action on the part of such Member
necessary for the authorization, execution and delivery of this Agreement and
the consummation of the transactions contemplated hereby, have been duly taken.

(d)                                 The
execution and delivery of this Agreement by such Member and the consummation of
the transactions contemplated hereby by such Member do not conflict with or
contravene the provisions of any organizational document, agreement or
instrument by which such Member or such Member’s properties are bound or any
law, rule, regulation, order or decree to which such Member or such Member’s
properties are subject.

 26
 

 

 

Section 14.2                            Confidentiality.

(a)                                  Confidential Information.  Each Member shall, except as may be
specifically permitted hereunder, (i) use its best efforts to protect the
proprietary or confidential information of the Company in the same manner it
protects its own proprietary or confidential information, (ii) not
disclose to any other Person (other than to Affiliates or the beneficiaries of
the Trusts who have a legitimate need for or right to such information and who
are advised of the confidential nature of such information; provided, however,
that such Member shall be liable for any disclosure or use of such information
by such Affiliate or beneficiary as if such Member had so disclosed or used
such information) the existence or terms of this Agreement, or any other
contract or agreement between the Company, the Members or the Members’
Affiliates, unless the Managing Member has consented thereto, and
(iii) not use the confidential and proprietary information of the others
except to the extent and for the purposes contemplated in this Agreement or
permitted by any other contract or agreement between the Company, the Members
or any of the Members’ Affiliates.

(b)                                 Exceptions.  The obligations of confidentiality and nonuse
imposed under this Section 14.2 shall not apply to any confidential or
proprietary information of the disclosing party which:

(i)                                     is
or becomes public or available to the general public otherwise than through any
act or default of the non-disclosing party;

(ii)                                  is
obtained or derived from a third party which, to the best knowledge of the
non-disclosing party, is lawfully in possession of such information and does
not hold such information subject to any confidentiality or nonuse obligations;
or

(iii)                               is
required or appropriate to be disclosed by one of the parties pursuant to
applicable law (including, without limitation, disclosure required or
appropriate under the Securities Act or the Securities Exchange Act); provided,
however, that (A) the obligations of confidentiality and nonuse
shall continue to the fullest extent not in conflict with such law or order,
and (B) if and when a party is required to disclose such confidential or
proprietary information pursuant to any such law or order, such party shall use
its best efforts to (1) give the other party prompt notice of such
requirement so as to permit such party time in which to appeal, oppose or take
other protective action and (2) obtain a protective order or take such
other actions as will prevent or limit, to the fullest extent possible, public
access to, or disclosure of, such confidential or proprietary information.

ARTICLE
XV

MISCELLANEOUS

Section 15.1                            Amendments.  Any amendment to this Agreement shall be
adopted and be effective as an amendment hereto if approved by Mutual
Agreement; provided, however, that no amendment shall be made,
and any such purported amendment shall be void and ineffective, to the extent
the result thereof would be to cause the Company to be treated as anything
other than a partnership for purposes of United States income taxation.

 27
 

 

 

Section 15.2                            Notices.  All notices provided for in this Agreement
shall be in writing, duly signed by the party giving such notice, and shall be
delivered, telecopied or mailed by registered or certified mail, as follows.

(a)                                  If
given to the Company, in care of the Managing Member at the Company’s mailing
address set forth below:

Chandler Trust No. 1

350 West Colorado Blvd. Suite 230

Pasadena, California  91105

(b)                                 If
given to any Member, at the address set forth on Schedule A or, if a
current address does not appear on Schedule A, on the books and records of
the Company.

All such notices shall be deemed to have been given
when received.

Section 15.3                            Failure to Pursue
Remedies.  The failure of any
party to seek redress for violation of, or to insist upon the strict
performance of, any provision of this Agreement shall not prevent a subsequent
act, which would have originally constituted a violation from having the effect
of an original violation.

Section 15.4                            Cumulative Remedies.  The rights and remedies provided by this
Agreement are cumulative and the use of any one right or remedy by any party
shall not preclude or waive its right to use any or all other remedies.  Said rights and remedies are given in
addition to any other rights the parties may have by law, statute, ordinance or
otherwise.

Section 15.5                            Binding Effect.  This Agreement shall be binding upon and
inure to the benefit of all of the parties and, to the extent permitted by this
Agreement, their successors, legal representatives and assigns.

Section 15.6                            Interpretation.  Throughout this Agreement, nouns, pronouns
and verbs shall be construed as masculine, feminine, neuter, singular or
plural, whichever shall be applicable. 
All references herein to “Articles,” “Sections” and “Paragraphs”
shall refer to corresponding provisions of this Agreement.

Section 15.7                            Severability.  The invalidity or unenforceability of any
particular provision of this Agreement shall not affect the other provisions
hereof, and this Agreement shall be construed in all respects as if such
invalid or unenforceable provision were omitted.

Section 15.8                            Counterparts.  This Agreement may be executed in any number
of counterparts with the same effect as if all parties hereto had signed the
same document.  All counterparts shall be
construed together and shall constitute one instrument.

Section 15.9                            Integration.  This Agreement, together with that certain
letter agreement of even date herewith among the Members, constitutes the
entire agreement among the parties hereto pertaining to the subject matter
hereof and supersedes all prior agreements and understandings pertaining
thereto.

 28
 

 

Section 15.10                     Governing Law.  This Agreement and the rights of the
parties hereunder shall be interpreted in accordance with the laws of the State
of Delaware, and all rights and remedies shall be governed by such laws without
regard to principles of conflict of laws.

 

Section 15.11                     Consent to Jurisdiction and
Forum Selection.  To the fullest
extent permitted by law, the parties hereto agree that all actions or
proceedings arising in connection with this Agreement shall be tried and
litigated exclusively in the State and Federal courts located in the County of
Los Angeles, State of California or the State of Delaware.  The aforementioned choice of venue is
intended by the parties to be mandatory and not permissive in nature, thereby
precluding the possibility of litigation between the parties with respect to or
arising out of this Agreement in any jurisdiction other than that specified in
this paragraph.  To the fullest extent
permitted by law, each party hereby waives any right it may have to assert the
doctrine of forum non conveniens or similar doctrine or to object to venue with
respect to any proceeding brought in accordance with this paragraph, and
stipulates that the State and Federal courts located in the County of Los
Angeles, State of California or the State of Delaware shall have personal
jurisdiction and venue over each of them for the purpose of litigating any
dispute, controversy, or proceeding arising out of or related to this
Agreement.  To the fullest extent
permitted by law, each party hereby authorizes and accepts service of process
sufficient for personal jurisdiction in any action against it as contemplated
by this paragraph by registered or certified mail, return receipt requested,
postage prepaid, to its address for the giving of notices as set forth in this
Agreement.

Section 15.12                     Attorneys’ Fees.  If either party to this Agreement shall bring
any action, suit, counterclaim, appeal or arbitration for any relief against
the other to enforce the terms hereof or to declare rights hereunder
(collectively, an “Action”), the losing party shall pay to the
prevailing party a reasonable sum for attorneys’ fees and costs incurred in
bringing and prosecuting such Action and/or enforcing any judgment, order,
ruling, or award.  For the purposes of
this paragraph, attorneys’ fees shall include, without limitation, fees
incurred in discovery, postjudgment motions and collection actions, and
bankruptcy litigation.  “Prevailing party”
within the meaning of this paragraph includes, without limitation, a party who
agrees to dismiss an Action on the other party’s payment of the sums allegedly
due or performance of the covenants allegedly breached, or who obtains
substantially the relief sought by it.

 29

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement the date first above stated.

MEMBERS:

	
   

  	
  TRIBUNE COMPANY,

  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
  Name:

  	
  Chandler Bigelow

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  FORTIFICATION HOLDINGS CORPORATION,

  a Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
  Name:

  	
  Chandler Bigelow

  
	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WICK HOLDINGS CORPORATION, a Delaware

  corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
  Name:

  	
  Chandler Bigelow

  
	
   

  	
  Title:

  	
  Vice President

  
					

 

 

[Signature Page to Second Amended
and Restated LLC Agreement of TMCT II, LLC]

 

 

 

	
  

  	
  EAGLE NEW MEDIA INVESTMENTS, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Chandler Bigelow

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EAGLE PUBLISHING INVESTMENTS, LLC,

  
	
   

  	
  a Delaware limited liability company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Chandler Bigelow

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Chandler Bigelow

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  

 

[Signature Page to Second Amended
and Restated LLC Agreement of TMCT II, LLC]

 

 

	
  

  	
  CHANDLER TRUST NO. 1

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Susan Babcock

  	
   

  
	
   

  	
   

  	
  Susan Babcock, as Trustee of Chandler

  Trust No. 1 under Trust Agreement dated

  June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey Chandler

  	
   

  
	
   

  	
   

  	
  Jeffrey Chandler, as Trustee of Chandler

  Trust No. 1 under Trust Agreement dated

  June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Camilla Chandler Frost

  	
   

  
	
   

  	
   

  	
  Camilla Chandler Frost, as Trustee of

  Chandler Trust No. 1 under Trust

  Agreement dated June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Roger Goodan

  	
   

  
	
   

  	
   

  	
  Roger Goodan, as Trustee of Chandler Trust

  No. 1 under Trust Agreement dated June 26,

  1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William Stinehart, Jr.

  	
   

  
	
   

  	
   

  	
  William Stinehart, Jr., as Trustee of

  Chandler Trust No. 1 under Trust

  Agreement dated June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Judy C. Webb

  	
   

  
	
   

  	
   

  	
  Judy C. Webb, as Trustee of Chandler Trust

  No. 1 under Trust Agreement dated June 26,

  1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren B. Williamson

  	
   

  
	
   

  	
   

  	
  Warren B. Williamson, as Trustee of Chandler

  Trust No. 1 under Trust Agreement dated

  June 26, 1935

  

 

[Signature Page to Second Amended
and Restated LLC Agreement of TMCT II, LLC]

 

 

	
  

  	
  CHANDLER TRUST NO. 2

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Susan Babcock 

  	
   

  
	
   

  	
   

  	
  Susan Babcock, as Trustee of Chandler

  Trust No. 2 under Trust Agreement dated

  June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeffrey Chandler 

  	
   

  
	
   

  	
   

  	
  Jeffrey Chandler, as Trustee of Chandler

  Trust No. 2 under Trust Agreement dated

  June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Camilla Chandler Frost 

  	
   

  
	
   

  	
   

  	
  Camilla Chandler Frost, as Trustee of

  Chandler Trust No. 2 under Trust

  Agreement dated June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Roger Goodan 

  	
   

  
	
   

  	
   

  	
  Roger Goodan, as Trustee of Chandler Trust

  No. 2 under Trust Agreement dated June 26,

  1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ William Stinehart, Jr.

  	
   

  
	
   

  	
   

  	
  William Stinehart, Jr., as Trustee of

  Chandler Trust No. 2 under Trust

  Agreement dated June 26, 1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Judy C. Webb 

  	
   

  
	
   

  	
   

  	
  Judy C. Webb, as Trustee of Chandler Trust

  No. 2 under Trust Agreement dated June 26,

  1935

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Warren B. Williamson

  	
   

  
	
   

  	
   

  	
  Warren B. Williamson, as Trustee of Chandler

  Trust No. 2 under Trust Agreement dated

  June 26, 1935

  

 

[Signature Page to Second Amended
and Restated LLC Agreement of TMCT II, LLC]

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