Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 EMPLOYEE MATTERS
AGREEMENT 
 by and between 

TRIBUNE MEDIA COMPANY 
 and 

TRIBUNE PUBLISHING COMPANY 
 Dated
as of August 4, 2014 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE I.	  
	
	DEFINITIONS	  
			
	 Section 1.1.
	  	 Definitions
	  	 	1	  
	
	ARTICLE II.	  
	
	EMPLOYEES; ASSUMPTION OF LIABILITIES	  
			
	 Section 2.1.
	  	 Employees
	  	 	6	  
	 Section 2.2.
	  	 Assumption and Retention of Liabilities
	  	 	7	  
	 Section 2.3.
	  	 General Terms of Publishing Participation in Benefit Plans
	  	 	7	  
	 Section 2.4.
	  	 Time Off
	  	 	9	  
	 Section 2.5.
	  	 Payroll Taxes and Reporting
	  	 	9	  
	 Section 2.6.
	  	 No Solicitation of Employees
	  	 	9	  
	
	ARTICLE III.	  
	
	HEALTH AND WELFARE	  
			
	 Section 3.1.
	  	 Transition Period
	  	 	10	  
	 Section 3.2.
	  	 Establishment of Publishing Health and Welfare Plans
	  	 	10	  
	 Section 3.3.
	  	 COBRA and HIPAA Compliance
	  	 	11	  
	 Section 3.4.
	  	 Retiree Medical Coverage and Retiree Life Insurance
	  	 	11	  
	 Section 3.5.
	  	 Long-Term Disability
	  	 	11	  
	 Section 3.6.
	  	 Workers’ Compensation Liabilities
	  	 	12	  
	
	ARTICLE IV.	  
	
	PENSION PLANS	  
			
	 Section 4.1.
	  	 Treatment of Defined Benefit Pension Plans
	  	 	13	  
	
	ARTICLE V.	  
	
	COLLECTIVE BARGAINING AGREEMENTS	  
			
	 Section 5.1.
	  	 Continuation of Publishing CBAs
	  	 	14	  
	
	ARTICLE VI.	  
	
	401(K) PLAN	  
			
	 Section 6.1.
	  	 Publishing 401(k) Plan
	  	 	14	  

  
 i 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	ARTICLE VII.	  
	
	EQUITY AWARDS	  
			
	 Section 7.1.
	  	 General Treatment of Outstanding Equity Awards
	  	 	15	  
	 Section 7.2.
	  	 Tribune Option Adjustments
	  	 	15	  
	 Section 7.3.
	  	 Tribune RSU Adjustments
	  	 	16	  
	 Section 7.4.
	  	 Tax Withholding and Reporting Relating to Equity Awards
	  	 	16	  
	 Section 7.5.
	  	 Miscellaneous Option and RSU Terms
	  	 	17	  
	 Section 7.6.
	  	 Adoption of the Publishing Omnibus Incentive Plan
	  	 	17	  
	 Section 7.7.
	  	 Section 16(b) of the Securities Exchange Act
	  	 	17	  
	
	ARTICLE VIII.	  
	
	SHORT TERM CASH INCENTIVES, ETC.	  
			
	 Section 8.1.
	  	 Publishing Bonus Awards
	  	 	17	  
	
	ARTICLE IX.	  
	
	GENERAL AND ADMINISTRATIVE	  
			
	 Section 9.1.
	  	 Sharing of Information
	  	 	18	  
	 Section 9.2.
	  	 Cooperation
	  	 	18	  
	 Section 9.3.
	  	 Consent of Third Parties
	  	 	19	  
	 Section 9.4.
	  	 No Third Party Beneficiaries
	  	 	19	  
	 Section 9.5.
	  	 Fiduciary Matters
	  	 	19	  
	 Section 9.6.
	  	 Notices
	  	 	20	  
	 Section 9.7.
	  	 Incorporation of Separation Agreement Provisions
	  	 	20	  

  
 ii 

 EMPLOYEE MATTERS AGREEMENT 

This EMPLOYEE MATTERS AGREEMENT (this “Agreement”) is made as of August 4, 2014, by and between Tribune Media Company, a
Delaware Corporation (“Tribune”), and Tribune Publishing Company, a Delaware corporation (“Publishing”) (each a “Party” and together, the “Parties”). 

RECITALS 
 WHEREAS,
Tribune and Publishing have entered into that certain Separation and Distribution Agreement, dated as of August 3, 2014 (the “Separation Agreement”), that will govern the terms and conditions relating to the separation between
Tribune and Publishing; 
 WHEREAS, pursuant to the Separation Agreement, the parties thereto agreed to separate from Tribune the Publishing
Business, which will be owned, operated and conducted, directly or indirectly, by Publishing; and 
 WHEREAS, in connection with the
Distribution, the Parties have agreed to enter into this Agreement for the purpose of allocating between them current and former employees and employment related assets, liabilities and responsibilities with respect to employee compensation and
benefits, and other employment matters related to Tribune and Publishing Entities; 
 NOW, THEREFORE, in consideration of the mutual
agreements, provisions and covenants contained in this Agreement and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows: 

ARTICLE I. 
 DEFINITIONS 

Section 1.1. Definitions 

“Affiliate” has the meaning given in the Separation Agreement. 

“Agreement” has the meaning given in the preamble. 

“Approved Leave of Absence” means an absence from active service (a) due to an individual’s inability to
perform his or her regular duties by reason of illness or injury and resulting in eligibility to receive benefits pursuant to the terms of a short-term disability plan in effect prior to the Distribution Effective Time, or (b) pursuant
to an 

 
approved leave policy with a guaranteed right of restatement. For the avoidance of doubt, any employee who is not at work on the day of the Distribution Effective Time due to vacation, sickness
or accident that has not qualified the individual for short-term disability or accident benefits, workers’ compensation or other temporary absence, but whose employment continues in accordance with the Tribune Group’s or Publishing
Group’s employment policies (such as due to the use of personal days), shall be considered to be actively at work on the day of the Effective Time. 

“Baltimore Sun Pension Plans” means The Baltimore Sun Company Retirement Plan for Mailers and The Baltimore Sun Company
Employees’ Retirement Plan. 
 “Benefit Plan” means any plan, policy, program, payroll practice, on-going arrangement,
contract, trust, insurance policy or other agreement or funding vehicle, whether written or unwritten, providing compensation or benefits to Publishing Employees, Former Publishing Employees, Tribune Employees or Former Tribune Employees, as the
case may be, in respect to their services for any member of the Publishing Group or Tribune Group. When immediately preceded by “Tribune”, Benefit Plan means any Benefit Plan sponsored, maintained or contributed to by Tribune or any
Benefit Plan with respect to which a Tribune Entity is a party. When immediately preceded by “Publishing”, Benefit Plan means any Benefit Plan sponsored, maintained or contributed to by Publishing or any Benefit Plan with respect to which
a Publishing Entity is a party. 
 “COBRA” means the continuation coverage requirements for “group health plans”
under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and as codified in Code Section 4980B and ERISA Sections 601 through 608. 

“Code” means the United States Internal Revenue Code of 1986, as amended. 

“Discontinued Business” means a business previously operated or owned by a Tribune Entity that was divested, sold, abandoned,
shut down or otherwise disposed of prior to the Distribution Date. 
 “Discontinued Business Employee” means any person
whose last employment with a Tribune Entity or Publishing Entity was primarily related to the business and operations of a Discontinued Business. 

“Distribution” has the meaning given in the Separation Agreement. 

“Distribution Date” has the meaning given in the Separation Agreement. 

“Distribution Effective Time” has the meaning given in the Separation Agreement. 

  
 2 

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended,
and regulations promulgated thereunder. 
 “Former Publishing Employee” means any former employee of a Publishing Entity or
Tribune Entity whose last employment with such entities was with a Publishing Entity, including any former employee on benefit continuation as of the Distribution Date. For the avoidance of doubt, “Former Publishing Employees” shall not
include any Discontinued Business Employee. 
 “Former Tribune Employee” means any former employee of a Publishing Entity
or Tribune Entity whose last employment with such entities was with a Tribune Entity and all Discontinued Business Employees. 

“Governmental Authority” has the meaning given in the Separation Agreement. 

“H&W Transition End Date” means December 31, 2014 or, if applicable, such other date provided in the Transition
Services Agreement for the termination of coverage provided to any Publishing Employees after the Distribution Effective Time under a Tribune Welfare Plan. 

“HIPAA” means the health insurance portability and accountability requirements for “group health plans” under the
Health Insurance Portability and Accountability Act of 1996, as amended. 
 “Law” has the meaning given in the Separation
Agreement. 
 “Liability” has the meaning given in the Separation Agreement. 

“Multiemployer Plan” means a multiemployer plan within the meaning of section 4001(a)(3) of ERISA. 

“Option” (x) when immediately preceded by “Tribune” means an option to purchase shares of Tribune
Common Stock pursuant to the Tribune Equity Incentive Plan and (y) when immediately preceded by “Publishing” means an option to purchase shares of Publishing Common Stock following the Distribution Effective Time pursuant to
the Publishing Omnibus Incentive Plan. 
 “Party” has the meaning given in the preamble. 

“Publishing” has the meaning given in the preamble. 

“Publishing 401(k) Plan” means a qualified defined contribution plan containing a cash or deferred arrangement sponsored by a
Publishing Entity in which eligible Publishing Employees may elect to participate, effective upon the Distribution Effective Time. 

  
 3 

 “Publishing Business” has the meaning given in the Separation Agreement. 

“Publishing CBA” means any and all collective bargaining agreements in effect as of the date hereof governing the wages,
hours, terms and conditions of employment of any Publishing Employee, including, but not limited to, MOAs, MOUs, letters of agreement and letters of understanding, and any extensions or replacements thereof and all collective bargaining practices of
a Publishing Entity to the extent such collective bargaining practices are binding on a Publishing Entity. 
 “Publishing Common
Stock” means the common stock, par value $0.01 per share, of Publishing. 
 “Publishing Employee” means any
individual (x) who immediately prior to the Distribution Effective Time, is either actively employed by, or then on an Approved Leave of Absence from, a Publishing Entity or (y) designated as a Publishing Employee as of the
Distribution Effective Time by Tribune and Publishing in writing. “Publishing Employee” shall also include the beneficiaries and dependents of an individual described in the first sentence of this definition. 

“Publishing Entity” means a member of the Publishing Group. For the avoidance of doubt, for purposes of this Agreement, any
entity that primarily relates to a Discontinued Business shall not be treated as a Publishing Entity. 
 “Publishing Omnibus
Incentive Plan” means the Tribune Publishing Company 2014 Omnibus Incentive Plan, as amended from time to time. 

“Publishing Group” has the meaning given in the Separation Agreement. 

“Publishing Ratio” means the quotient obtained by dividing the Tribune Unaffected Stock Value by the Publishing
Post-Distribution Stock Value. 
 “Publishing Post-Distribution Stock Value” means the closing per share price of
Publishing Common Stock on the when-issued market on the Distribution Date (or, if the Distribution Date is not a trading day, on the first trading day following the Distribution Date). 

“Publishing Welfare Plan” has the meaning given in Section 3.2. 

“Represented Employee” means any Publishing Employee whose wages, hours, terms and conditions of employment are governed by a
Publishing CBA. 
 “RSU” (x) when immediately preceded by “Tribune” means units issued under the
Tribune Equity Incentive Plan representing a general unsecured promise by Tribune to pay the value of shares of Tribune Common Stock in cash or shares of Tribune Common Stock and (y) when immediately preceded by “Publishing”
means units issued 

  
 4 

 
under the Publishing Omnibus Incentive Plan representing a general unsecured promise by Publishing to pay the value of shares of Publishing Common Stock in cash or shares of Publishing Common
Stock. For the avoidance of doubt, “RSUs” includes performance-vesting RSUs. 
 “Subsidiary” has the meaning
given in the Separation Agreement. 
 “Transition Services Agreement” has the meaning given in the Separation Agreement.

 “Tribune” has the meaning given in the preamble. 

“Tribune 401(k) Plan” has the meaning given in Section 6.1. 

“Tribune Committee” means the Compensation Committee of the Tribune Board of Directors. 

“Tribune Common Stock” means class A common stock and class B common stock, each having a par value of $0.001 per share, of
Tribune. 
 “Tribune Employee” means any individual who, immediately prior to the Distribution Effective Time, is either
actively employed by, or then on an Approved Leave of Absence from, any Tribune Entity, but excluding any Publishing Employees. 

“Tribune Entity” means a member of the Tribune Group. 

“Tribune Equity Incentive Plan” means the Tribune Company 2013 Equity Incentive Plan, as amended from time to time. 

“Tribune Group” means Tribune and its Subsidiaries (other than any Publishing Entity). 

“Tribune Post-Distribution Stock Value” means the closing per share price of Tribune Common Stock on the regular-way market
on the Distribution Date (or, if the Distribution Date is not a trading day, on the first trading day following the Distribution Date). 

“Tribune Ratio” means the quotient obtained by dividing the Tribune Unaffected Stock Value by the Tribune Post-Distribution
Stock Value. 
 “Tribune Short-Term Incentive Plans” means any of the annual or short term incentive plans of Tribune, all
as in effect as of the time applicable to the applicable provisions of this Agreement. 

  
 5 

 “Tribune Unaffected Stock Value” means the sum of (x) the closing
per share price of Tribune Common Stock on the ex-distribution market and (y) one quarter ( 1⁄4) of the closing per share price of Publishing
Common Stock on the when-issued market, in each case on the last trading day prior to the Distribution Date. 
 “Tribune Welfare
Plan” has the meaning given in Section 3.1. 
 ARTICLE II. 

EMPLOYEES; ASSUMPTION OF LIABILITIES 

Section 2.1. Employees. 

(a) Employment of Publishing Employees. As of the Distribution Effective Time, all employees actively engaged on a regular basis in the
Publishing Business are Publishing Employees. All Publishing Employees shall continue to be employees of their respective Publishing Entity immediately after the Distribution Effective Time. 

(b) No Termination of Employment, Etc. Except as otherwise expressly provided herein or as otherwise required by applicable Law, no
provision of this Agreement or the Separation Agreement shall be construed to create any right, or accelerate any entitlement, to any compensation or benefit whatsoever on the part of any Publishing Employee. Without limiting the foregoing, a
Publishing Employee shall not be deemed to have terminated employment or become entitled to severance pay or benefits in connection with or in anticipation of the Distribution. The Publishing Group shall be solely responsible for all Liabilities in
respect of all costs arising out of payments and benefits relating to the termination or alleged termination of any Publishing Employee or Former Publishing Employee’s employment that occurs prior to, as a result of, in connection with or
following the Distribution, including any amounts required to be paid (including any payroll or other taxes), and the costs of providing benefits, under any applicable severance, separation, redundancy, termination or similar Plan. 

(c) No Right to Continued Employment. Nothing contained in this Agreement shall confer any right to continued employment on any Tribune
Employee or Publishing Employee. Except as specifically provided otherwise herein, this Agreement shall not limit the ability of Tribune or Publishing to change the position, compensation or benefits of any of its employees for performance-related,
business or any other reason or require any such entity continue the employment of any such employee for any particular period of time. 

  
 6 

 Section 2.2. Assumption and Retention of Liabilities. 

(a) Liabilities Generally. Except as expressly provided herein or in the Transition Services Agreement or required by applicable Law,
following the Distribution Effective Time: 
 (i) the Publishing Group shall be solely responsible for all Liabilities
arising or that have arisen with respect to the employment of Publishing Employees or Former Publishing Employees, whether arising prior to, on, or following the Distribution Effective Time, including, without limitation, Liabilities arising or that
have arisen from the participation of Publishing Employees or Former Publishing Employees in Tribune Benefit Plans prior to the Distribution Effective Time; and 

(ii) the Tribune Group shall be solely responsible for all Liabilities arising or that have arisen with respect to the
employment of Tribune Employees or Former Tribune Employees, whether arising prior to, on, or following the Distribution Effective Time. 

(b) Limited Transfer of Plan Assets and Liabilities. Except as otherwise expressly provided in this Agreement or required by applicable
Law, nothing herein shall require or result in (x) the transfer by any Tribune Entity, or assumption by any Publishing Entity, of any assets or Liabilities of a Tribune Entity or a Tribune Benefit Plan or (y) the transfer by
any Publishing Entity, or assumption by any Tribune Entity, of any assets or Liabilities of a Publishing Entity or a Publishing Benefit Plan. 

Section 2.3. General Terms of Publishing Participation in Benefit Plans. 

(a) Publishing Participation in Tribune Benefit Plans. Except as expressly provided in this Agreement and the Transition Services
Agreement or required by applicable Law, effective as of the Distribution Effective Time, Publishing Employees, Former Publishing Employees and Publishing Entities shall cease to participate or be eligible to participate in Tribune Benefit Plans,
and Tribune and Publishing shall take all necessary action to effectuate such cessation as participants. To the extent that, following the Distribution Effective Time, a Publishing Entity is a participating employer in a Tribune Benefit Plan
pursuant to the Transition Services Agreement or a Publishing Employee or Former Publishing Employee is a participant in a Tribune Benefit Plan, (x) Tribune shall, or shall cause its Subsidiaries to, continue to administer, or cause to
be administered, in accordance with their terms and applicable Law, the Tribune Benefit Plan, and shall have the sole and absolute discretion and authority to interpret the Tribune Benefit Plan, as set forth therein, and discretion and authority to
engage other entities to provide services to the Tribune Benefit Plan and to delegate its administrative responsibilities over the Tribune Benefit Plan to others and (y) such Publishing Entity shall perform, with respect to its
participation (or the participation of Publishing 

  
 7 

 
Employees or Former Publishing Employees) in the Tribune Benefit Plans, the duties of a participating employer as set forth in each such applicable Benefit Plan or any procedures adopted pursuant
thereto, including, without limitation, cooperating fully with auditors, benefit personnel and benefit vendors; preserving the confidentiality of all financial arrangements and participant information and to the extent requested by the claims
administrators of the applicable Tribune Benefit Plan, assisting in the administration of claims. 
 (b) Terms of Participation by
Publishing Employees in Publishing Benefit Plans. Tribune and Publishing shall agree on methods and procedures, including, without limitation, amending the respective Benefit Plan documents, to prevent Publishing Employees from receiving
duplicative benefits from the Tribune Benefit Plans and the Publishing Benefit Plans. With respect to Publishing Employees, each Publishing Benefit Plan that succeeds to a Tribune Benefit Plan in which Publishing Employees participated immediately
prior to the Distribution Effective Time shall provide that all service, all compensation and all other benefit-affecting determinations that, as of the Distribution Effective Time, were recognized under such Tribune Benefit Plan shall, as of
immediately after the Distribution Effective Time or any subsequent effective date for such Publishing Benefit Plan, receive full recognition, credit and validity and be taken into account under such Publishing Benefit Plan to the same extent as if
such items occurred under such Publishing Benefit Plan, except to the extent that duplication of benefits would result. The Publishing Group shall be solely responsible for all Publishing Benefit Plans that are in effect immediately after the
Distribution Effective Time, and continue to maintain, administer and contribute to such Publishing Benefit Plans in accordance with their terms. 

(c) Power to Amend, Etc. Nothing in this Agreement shall amend or shall be construed to amend any Benefit Plan described in or
contemplated by this Agreement. In addition, except as expressly provided in this Agreement, nothing in this Agreement shall preclude any Tribune Entity or Publishing Entity, at any time after the Distribution Effective Time, from amending, merging,
modifying, terminating, eliminating, reducing, or otherwise altering in any respect any Benefit Plan, any benefit under any Benefit Plan, or any trust, insurance policy or funding vehicle related to any Publishing Benefit Plan. 

(d) Beneficiary Designations and Elections. Except with respect to any Publishing 401(k) Plan, all beneficiary designations and
elections made by Publishing Employees or Former Publishing Employees under a Publishing or Tribune Benefit Plan in effect on the Distribution Effective Time, to the extent applicable, shall be transferred to and be in full force and effect under
such Benefit Plan or a corresponding successor Tribune or Publishing Benefit Plan in which the Publishing Employees and Former Publishing Employees participate after the Distribution Effective Time until the earliest of (1) unless otherwise
determined by the plan administrator, the end of the H&W Transition Period, and (2) the date on which beneficiary designations and elections are replaced or revoked by the Publishing Employees or Former Publishing Employees who made the
beneficiary designations and elections. 

  
 8 

 (e) Compensation and Benefits of Represented Employees. Notwithstanding anything else
contained in this Agreement to the contrary and subject to Section 5.1, following the Distribution Effective Time, the compensation, benefits, hours and terms and conditions of employment of Publishing Employees who are Represented Employees
shall continue to be determined in accordance with the applicable Publishing CBAs. 
 Section 2.4. Time Off. As of the
Distribution Effective Time, Publishing or its Subsidiaries shall credit (or shall continue to credit) each Publishing Employee with the amount of accrued but unused vacation time, paid time off and other time off benefits as such Publishing
Employee had with the Tribune Group and Publishing Group immediately prior to the Distribution Effective Time. (For the avoidance of doubt, the Distribution shall not entitle any Publishing Employee to a payment in respect of accrued but unused
vacation time, paid time off, or other time off benefits.) Following the Distribution Effective Time, Publishing Employees shall be subject to vacation and paid time off policies of the Publishing Entity employing the Publishing Employee. 

Section 2.5. Payroll Taxes and Reporting. Except as provided in the Transition Services Agreement, each of Tribune and Publishing
shall, and shall cause each of its Subsidiaries to satisfy its obligations for payroll tax obligations and for the proper reporting to the appropriate Governmental Authorities of compensation earned by its current and former employees after the
Effective Distribution Time, including compensation related to the exercise of Options and the vesting and/or settlement of RSUs. In connection with the foregoing, the Parties agree to follow the “Alternative Procedure” set forth in
Section 5 of Revenue Procedure 2004-53. 
 Section 2.6. No Solicitation of Employees. 

(a) Publishing Employees. Except as otherwise mutually agreed upon between the Parties, for the period commencing on the date hereof
and ending twelve (12) months from the Distribution Effective Time, in respect of Publishing Employees, neither Tribune nor any member of the Tribune Group shall, directly or indirectly, induce or attempt to induce any Publishing Employee to
leave the employ of the Publishing Group or violate the terms of their contracts or any employment arrangements with any member of the Publishing Group; provided, however, that neither Tribune nor any member of the Tribune Group shall
be deemed to be in violation of this Section 2.6(a) solely by reason of a general job posting internal to members of the Tribune Group and Publishing Group made prior to the Distribution Date or a general solicitation to the public or general
advertising. 
 (b) Tribune Employees. Except as otherwise mutually agreed upon between the Parties, for the period commencing on the
date hereof and ending twelve (12) months 

  
 9 

 
from the Distribution Effective Time, in respect of Tribune Employees, neither Publishing nor any member of the Publishing Group shall, directly or indirectly, induce or attempt to induce any
Tribune Employee to leave the employ of the Tribune Group or violate the terms of their contracts or any employment arrangements with any member of the Tribune Group; provided, however, that neither Publishing nor any member of the
Publishing Group shall be deemed to be in violation of this Section 2.6(b) solely by reason of a general job posting internal to members of the Tribune Group and Publishing Group made prior to the Distribution Date or a general solicitation to
the public or general advertising. 
 ARTICLE III. 

HEALTH AND WELFARE 

Section 3.1. Transition Period. Tribune maintains health and welfare Benefit Plans for the benefit of eligible Publishing
Employees (the “Tribune Welfare Plans”). To the extent provided in the Transition Services Agreement and subject to applicable Law, Tribune will cause the Tribune Welfare Plans that are in effect on and after the Distribution Date
to provide coverage to Publishing Employees from and after the Distribution Date until the H&W Transition End Date on substantially the same basis as immediately prior to the Distribution Date and in accordance with the terms of the Tribune
Welfare Plans (except to the extent that changes are made to the coverage applicable to similarly situated Tribune Employees), and, to the extent necessary, the Publishing Group will be added as participating employers in the Tribune Welfare Plans
for the benefit of eligible Publishing Employees. 
 Section 3.2. Establishment of Publishing Health and Welfare Plans.
Effective as of the first day immediately following the H&W Transition End Date (it being understood that separate dates may apply to different benefits) and subject to applicable Law, Publishing shall adopt, or shall cause to be adopted for the
benefit of Publishing Employees, health and welfare Benefit Plans (“Publishing Welfare Plans”). The Publishing Group shall be responsible for all Liabilities relating to, arising out of or resulting from health and welfare coverage
(including COBRA continuation coverage) or claims incurred by or on behalf of Publishing Employees, Former Publishing Employees or their covered dependents under the Publishing Welfare Plans. Publishing shall cause the Publishing Welfare Plans to
(i) waive all limitations as to preexisting conditions, exclusions, service conditions and waiting period limitations, and any evidence of insurability requirements applicable to any Publishing Employees eligible to participate in such
Publishing Welfare Plans other than such limitations, exclusions, and conditions that were in effect with respect to such Publishing Employees as of the Distribution Date under the corresponding Tribune Welfare Plan and (ii) honor any
deductibles, out-of-pocket maximums and co-payments incurred by Publishing Employees under the corresponding Tribune Welfare Plan in satisfying the applicable deductibles, out-of-pocket expenses or co-payments under such Tribune Welfare Plan for the
calendar year in which the Distribution Date occurs. 

  
 10 

 Section 3.3. COBRA and HIPAA Compliance. Subject to Section 2.2(a)(i), Tribune
shall be responsible for administering compliance with the health care continuation requirements of COBRA, the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the Tribune Health and Welfare Plans with
respect to Tribune Employees and Former Tribune Employees and their covered dependents who incur a COBRA qualifying event or loss of coverage under the Tribune Welfare Plans at any time before, on or after the H&W Transition End Date. On and
after the H&W Transition End Date, Publishing or another Publishing Entity shall be responsible (and shall assume the responsibility) for administering compliance with the health care continuation requirements of COBRA, the certificate of
creditable coverage requirements of HIPAA, and the corresponding provisions of the Publishing Welfare Plans with respect to Publishing Employees and Former Publishing Employees who incur a COBRA qualifying event or loss of coverage under the
Publishing Welfare Plans. The Parties agree that the Distribution shall not constitute a COBRA qualifying event for any purpose of COBRA. 

Section 3.4. Retiree Medical Coverage and Retiree Life Insurance. Immediately following the H&W Transition End Date and
subject to applicable Law, (x) Tribune and the Tribune Welfare Plans shall cease to provide post-employment health benefits (other than COBRA) and post-employment life insurance benefits to all Publishing Employees and Former Publishing
Employees who received, or were eligible to receive, such benefits under a Tribune Welfare Plan immediately prior to the H&W Transition End Date and (y) Publishing shall, or shall cause another Publishing Entity to, provide such
Publishing Employees and Former Publishing Employees with post-employment health benefits or post-employment life insurance benefits under a corresponding Publishing Welfare Plan. Following the H&W Transition End Date, no Publishing Employee or
Former Publishing Employee shall receive, or be eligible to receive, post-employment health benefits (other than COBRA) or post-employment life insurance benefits under any Tribune Welfare Plan 

Section 3.5. Long-Term Disability. 

(a) Disability Events Occurring Prior to the Distribution. 

(i) Insured Coverage. Except for self-insured benefits described in Section 3.5(a)(ii) and subject to applicable
Law, following the H&W Transition End Date, (x) Tribune shall continue to provide insurance coverage short-term and/or long-term disability benefits (as applicable) under a Tribune Welfare Plan and medical benefits under a Tribune
Welfare Plan during the period of such coverage of disability benefits to all Publishing Employees and Former Publishing Employees who received, or were eligible to receive, short-term or long-term 

  
 11 

 
disability benefits immediately prior to the H&W Transition End Date as a result of an event that occurred prior to the H&W Transition Date, and (y) Publishing shall, or shall
cause another Publishing Entity to, reimburse Tribune for its out-of-pocket cost for any such continued short-term disability, long-term disability and medical benefits, as applicable coverage. 

(ii) Self-Insured Coverage. Following the Distribution Effective Time and subject to applicable Law, Tribune shall
continue to provide, and retain the Liability for providing, coverage for long-term disability benefits (and medical benefits to the extent applicable) to all Publishing Employees and Former Publishing Employees who received long-term disability
benefits immediately prior to the H&W Transition End Date under a self-insured Tribune Welfare Plan and who did not return to work for any Publishing Entity. 

(b) Disability Events Occurring After the Distribution. With respect to any event occurring after the H&W Transition End Date that
results in a disability of a Publishing Employee and subject to applicable Law, (x) Publishing shall, or shall cause another Publishing Entity to, provide coverage to Publishing Employees with long-term disability benefits (and medical
benefits) under a Publishing Welfare Plan and (y) no Publishing Employee shall receive, or be eligible to receive, coverage for long-term disability benefits (or medical benefits) under any Tribune Welfare Plan. 

Section 3.6. Workers’ Compensation Liabilities. Immediately upon the Distribution Effective Time and subject to applicable
Law, (x) Publishing shall assume full responsibility for all Liabilities for Publishing Employees and Former Publishing Employees related to any and all workers’ compensation claims and coverage, whether arising under any Law of any
state, territory, or possession of the U.S. or the District of Columbia and whether arising before or after the Distribution Effective Time, and the administration of all such claims, whether made prior to, on or after the Distribution Effective
Time and (y) Tribune shall use commercially reasonable efforts to cause the interests and rights of Publishing and the Publishing Entities as of the Distribution Effective Time under all workers’ compensation insurance policies
relating to coverage for such claims and Liabilities to survive the Distribution Effective Time on the same terms, conditions and limitations in accordance with and pursuant to the provisions of Article VIII of the Separation Agreement. Without
limiting the foregoing, Publishing shall be responsible for providing all collateral required by insurance carriers in connection with workers’ compensation claims for which Liability is allocated to the Publishing Group under this
Section 3.6, in accordance with and pursuant to Article V, Section 5.9 of the Separation Agreement. The Parties shall cooperate with respect to any notification to appropriate Governmental Authorities of the Distribution Effective
Time and the issuance of new, or the transfer of existing, workers’ compensation insurance policies and claims handling contracts. 

  
 12 

 ARTICLE IV. 

PENSION PLANS 
 Section 4.1.
Treatment of Defined Benefit Pension Plans. 
 (a) Generally. Without limiting the other provisions of this Article IV and
subject to applicable Law, Tribune shall or shall cause a Tribune Benefit Plan to agree to retain, assume, pay, perform, fulfill and discharge all Liabilities relating to any benefits accrued by a Publishing Employee or Former Publishing Employee
under any tax-qualified defined benefit pension plan sponsored, maintained or assumed by the Tribune Group immediately prior to the Distribution Effective Time (including the Baltimore Sun Pension Plans) (“Tribune Pension Plans”);
provided that Tribune shall not retain or assume any Liabilities associated with a Multiemployer Plan to which contributions were or are made under a Publishing CBA. No assets of any such defined benefit plan shall be transferred to
Publishing or any Publishing Benefit Plan in connection with the Distribution. As sponsor of the Tribune Pension Plans following the Distribution Effective Time, Tribune will be solely responsible for satisfying the funding obligations with respect
to the Tribune Pension Plans in accordance with applicable provisions of ERISA and the Code and will retain the sole discretion to determine the amount and timing of any contributions required to satisfy such funding obligations. Tribune will also
retain the right, in its sole discretion, to terminate any or all of the Tribune Pension Plans and to provide for the payment of accrued benefits under such Tribune Pension Plans through insurance contracts or otherwise. In no event shall any
Publishing Employee or Former Publishing Employee accrue any additional benefits under such Benefit Plan following the Distribution Date. The Distribution will cause the Publishing Employees who participate in the Tribune Pension Plan to have a
separation from service for purposes of commencing benefits under certain of the Tribune Pension Plans, which will cause their accrued benefits in those Tribune Pension Plans to become fully vested as of the Distribution Date. 

(b) Multiemployer Plans. Tribune shall retain all Liabilities relating to the participation of any Tribune Employee or Former Tribune
Employee in any Multiemployer Plan with respect to which a Tribune Entity is or was a participating employer. Publishing shall retain all Liabilities relating to the participation of any Publishing Employee or Former Publishing Employee in any
Multiemployer Plan with respect to which a Publishing Entity is or was a participating employer. 
 (c) No Establishment of Mirror Plans
by Publishing. Except as to any Multiemployer Plans that are maintained or contributed to pursuant to a Publishing CBA, Publishing shall not be required to establish, maintain, administer or contribute to any defined benefit pension plan or
related trust qualified under section 401(a) and section 501(a) of the Code in connection with the Distribution. 

  
 13 

 (d) Assumption of Baltimore Sun Pension Plans by Tribune. As of immediately prior to the
Distribution Effective Time and subject to applicable Law, Tribune shall assume, and Publishing shall cause the applicable trusts to assign to the Tribune Company Master Trust for Pension Plans (if not already held by such trust) all of their rights
and obligations under, the Baltimore Sun Pension Plans and all assets and Liabilities thereunder. 
 ARTICLE V. 

COLLECTIVE BARGAINING AGREEMENTS 

Section 5.1. Continuation of Publishing CBAs. At the Distribution Effective Time, Publishing shall cause the appropriate
Publishing Entities to (1) continue to employ the Represented Employees in accordance with the Publishing CBAs, and (2) continue to honor the Publishing CBAs, including but not limited to, (i) continuing to
recognize the unions representing those Represented Employees as their collective bargaining representative in accordance with the Publishing CBAs and (ii) continuing uninterrupted the compensation of such Represented Employees in
accordance with the Publishing CBAs. Without limiting the foregoing, following the Distribution Effective Time, Publishing shall cause the appropriate Publishing Entities to continue in respect of the Represented Employees the same benefits and
compensation as is provided immediately prior to the Distribution Date, except to the extent that Publishing may make such a change (A) without violating the terms and conditions of the applicable Publishing CBA or
(B) subject to an amendment to such Publishing CBA or with the consent of the representative of the Represented Employee, in each case as shall be required or provided in accordance with such Publishing CBA and applicable Law. For the
avoidance of doubt, all Liabilities under Multiemployer Plans pursuant to Publishing CBAs shall continue to be Liabilities of the Publishing Group. 

ARTICLE VI. 
 401(K) PLAN 

Section 6.1. Publishing 401(k) Plan. Prior to the Distribution Date, Publishing has established Publishing 401(k) Plans and a
related trust. Following the Distribution Date and subject to applicable Law, Publishing Employees shall be eligible to participate in Publishing 401(k) Plans in accordance with their terms, and the Publishing Group shall be solely responsible for
all Liabilities arising under the Publishing 401(k) Plans. Without limiting the foregoing, the Publishing Group shall be responsible for taking or causing to be taken all necessary, reasonable, and appropriate action to establish, maintain, and
administer the Publishing 401(k) Plan so that it qualifies under Section 401(a) of the Code and the related trust thereunder is exempted from Federal income taxation under Section 501(a)(1) of the Code. Each Publishing Employee and Former
Publishing Employee who participated in a tax-qualified defined contribution plan of 

  
 14 

 
Tribune (a “Tribune 401(k) Plan”) immediately prior to the Distribution Effective Time shall remain a participant in such Tribune 401(k) Plan following the Distribution Effective
Time, and during such time, the account balance for such Publishing Employee or Former Publishing Employee shall be credited with applicable earnings and such current or former employee shall have the right to withdraw any portion of his or her
account balance in accordance with the terms of the Tribune 401(k) Plan. 
 ARTICLE VII. 

EQUITY AWARDS 
 Section 7.1.
General Treatment of Outstanding Equity Awards. Under Section 11 of the Tribune Equity Incentive Plan, if and to the extent necessary or appropriate to reflect any extraordinary dividend or other similar transaction affecting Tribune
Common Stock (such as the Distribution to holders of Tribune Common Stock), the Tribune Committee is authorized to proportionately adjust the number, class, exercise price (if applicable) or other terms of any outstanding (whether vested or
unvested) Tribune Options and Tribune RSUs. The adjustments set forth below shall be the sole adjustments made with respect to Tribune Options and Tribune RSUs in connection with the Distribution. Except as otherwise provided in this Article VII,
Tribune Options and Tribune RSUs that are converted into Publishing Options or Publishing RSUs, as applicable, shall be subject to substantially equivalent terms and conditions (including with respect to vesting) after giving effect to the
Distribution as the terms and conditions applicable to such Tribune Option or Tribune RSU immediately prior to the Distribution Effective Time. For the avoidance of doubt, the Distribution does not constitute a “change in control”,
“change of control” or similar term within the meaning of the Tribune Equity Incentive Plan. 
 Section 7.2. Tribune
Option Adjustments. On or before the date hereof, the Tribune Committee has approved, and Tribune and Publishing (as applicable) shall take or cause to be taken all actions necessary to cause, the following adjustments to be made to Tribune
Options outstanding on the Distribution Date but subject to the consummation of the Distribution: 
 (i) each Tribune Option
(whether vested or unvested) then held by a Tribune Employee or Former Tribune Employee shall be adjusted by (x) multiplying the number of shares of Tribune Common Stock underlying such Tribune Option by the Tribune Ratio, and rounding
down the resulting number of shares to the nearest whole share and (y) dividing the per share exercise price of such Tribune Option by the Tribune Ratio, and rounding up the resulting per share exercise price to the nearest whole cent;
and 
 (ii) each Tribune Option (whether vested or unvested) then held by a Publishing Employee or Former Publishing Employee
shall be converted to a 

  
 15 

 
Publishing Option, with (x) the number of shares of Publishing Common Stock underlying such Publishing Option, rounded down to the nearest whole share, to be determined by multiplying
the number of shares of Tribune Common Stock underlying the Tribune Option by the Publishing Ratio, and (y) the per share exercise price of such Publishing Option, rounded up to the nearest whole cent, to be determined by dividing the
per share exercise price of the Tribune Option by the Publishing Ratio. 
 Section 7.3. Tribune RSU Adjustments. On or before
the date hereof, the Tribune Committee has approved, and Tribune and Publishing (as applicable) shall take or cause to be taken all actions necessary to cause, the following adjustments to be made to Tribune RSUs outstanding on the Distribution Date
but subject to the consummation of the Distribution: 
 (i) each Tribune RSU (whether vested or unvested) then held by a
Tribune Employee or Former Tribune Employee shall be adjusted by multiplying the number of shares of Tribune Common Stock underlying such Tribune RSU by the Tribune Ratio, and rounding down the resulting number of shares to the nearest whole share;
and 
 (ii) each Tribune RSU (whether vested or unvested) then held by a Publishing Employee or Former Publishing Employee
shall be converted to a Publishing RSU, with the number of shares of Publishing Common Stock underlying such Publishing RSU, rounded down to the nearest whole share, to be determined by multiplying the number of shares of Tribune Common Stock
underlying the Tribune RSU by the Publishing Ratio. 
 To the extent that any Tribune RSUs outstanding on the Distribution Date are subject
to performance-vesting criteria, the Tribune Committee shall in good faith make any such adjustments to such performance criteria that it shall deem necessary or appropriate to take into account the Distribution. 

Section 7.4. Tax Withholding and Reporting Relating to Equity Awards. Tribune and Publishing agree that, unless prohibited by
applicable Law, (a) Tribune will be responsible for all tax withholding and reporting obligations that arise in connection with the grant, vesting, exercise transfer or other settlement of any equity incentive award held by Tribune
Employees and Former Tribune Employees, and (b) Publishing will be responsible for all tax withholding and reporting obligations that arise in connection with the grant, vesting, exercise, transfer or other settlement of any equity
incentive award held by the Publishing Employees and Former Publishing Employees. Tribune and Publishing agree to enter into any necessary agreements regarding the subject matter of this Section 7.4 to enable Tribune and Publishing to fulfill
their respective obligations hereunder, including but not limited to compliance with all applicable Laws and regulations regarding the reporting, withholding or remitting of income. 

  
 16 

 Section 7.5. Miscellaneous Option and RSU Terms. After the Distribution Effective
Time, Tribune Options and Tribune RSUs adjusted pursuant to this Article VII shall be settled by Tribune pursuant to the terms of the Tribune Equity Incentive Plan, and Publishing Options and Publishing RSUs shall be settled by Publishing pursuant
to the terms of the Publishing Omnibus Incentive Plan. Accordingly, it is intended that, to the extent of the issuance of such Publishing Options and Publishing RSUs in connection with the adjustment provisions of this Article VII, the Publishing
Omnibus Incentive Plan shall be considered a successor to the Tribune Equity Incentive Plan and to have assumed the obligations of the applicable Tribune Equity Incentive Plan to make the adjustment of the Tribune Options and Tribune RSUs as set
forth in this Article VII. The Distribution Effective Time shall not constitute a termination of employment for any Publishing Employees for purposes of any Tribune Option or Tribune RSU. 

Section 7.6. Adoption of the Publishing Omnibus Incentive Plan. In connection with the Distribution, prior to the Distribution
Effective Time, Publishing shall adopt the Publishing Omnibus Incentive Plan for purposes of granting the Publishing Options and Publishing RSUs provided for in this Article VII and awarding certain Publishing employees, officers and non-employee
directors equity-based compensation, each on the terms and conditions set forth in the Publishing Omnibus Incentive Plan and an applicable award agreement. 

Section 7.7. Section 16(b) of the Securities Exchange Act. By its approval of this Agreement and by the Tribune
Committee’s approval of the equity adjustments provided in this Article VII, the respective Boards of Directors of Tribune and Publishing intend to exempt from the short-swing profit recovery provisions of Section 16(b) of the Securities
Exchange Act of 1934, by reason of the application of Rule 16b-3 thereunder, all acquisitions and dispositions of equity incentive awards by directors and officers of Publishing and also intend expressly to approve, in respect of any equity-based
award, the use of any method for the payment of an exercise price and the satisfaction of any applicable Tax withholding (specifically including the actual or constructive tendering of shares in payment of an exercise price and the withholding of
option shares from delivery in satisfaction of applicable Tax withholding requirements) to the extent such method is permitted under the Publishing Omnibus Incentive Plan and any award agreement. 

ARTICLE VIII. 
 SHORT TERM CASH
INCENTIVES, ETC. 
 Section 8.1. Publishing Bonus Awards. Publishing shall be responsible for determining all bonus awards that
would otherwise be payable under the Tribune Short-Term Incentive Plans or any individual retention bonus arrangements to Publishing Employees for the year in which the Distribution Effective Time occurs. Publishing shall also determine for
Publishing Employees (i) the extent to which established performance criteria (as interpreted by Publishing, in its sole discretion, and as reasonably adjusted by 

  
 17 

 
Publishing in good faith to take into account the Distribution) have been met and (ii) the payment level for each Publishing Employee. Publishing shall assume all Liabilities with
respect to any such bonus awards payable to Publishing Employees for the year in which the Distribution Effective Time occurs and thereafter. 

ARTICLE IX. 
 GENERAL AND
ADMINISTRATIVE 
 Section 9.1. Sharing of Information. Subject to any consents required or any other restrictions imposed at
law, each Party shall each provide to any other Party and its agents and vendors all information that such other Party may reasonably request to enable the requesting party to administer efficiently and accurately each of its Plans and to determine
the scope of, and to fulfill, its obligations under this Agreement. Publishing shall provide Tribune or its designees, on a timely basis, such information, including dates of termination, length of service and last known addresses, and other
assistance as it or they shall reasonably request from time to time to administer its on-going obligations under this Agreement with respect to Publishing Employees and Former Publishing Employees. Any information shared or exchanged pursuant to
this Agreement shall be kept confidential by the Parties and used only for and to the extent necessary to establish, maintain and administer the plans, programs and agreements as contemplated by this Agreement. 

Section 9.2. Cooperation. 

(a) On-Going Plan Administration. Tribune may from time to time establish reasonable administrative guidelines or procedures to be
followed by Publishing to facilitate the operation of any Tribune Plan under which there are continuing obligations to Publishing Employees or Former Publishing Employees following the Distribution Date. 

(b) General Cooperation. Each of the Parties hereto will use its commercially reasonable efforts to promptly take, or cause to be
taken, any and all actions and to do, or cause to be done, any and all things necessary, proper and advisable (including, without limitation, any actions required under applicable Laws and regulations) to fulfill their respective duties obligations
contemplated by this Agreement. The actions described in the immediately preceding sentence shall include, without limitation, adopting plans or plan amendments and the payment of compensation due to any Tribune Employee, any Publishing Employee or
any Former Publishing Employee. Each of the Parties hereto shall cooperate fully on any issue relating to the duties and obligations contemplated by this Agreement for which the other Party seeks a determination letter or any other filing, consent,
or approval with respect to Governmental Authorities. 

  
 18 

 Section 9.3. Consent of Third Parties. If any provision of this Agreement is
dependent on the consent of any third party (such as a vendor) and such consent is withheld, the Parties shall use their commercially reasonable efforts to implement the applicable provisions of this Agreement to the full extent practicable. If any
provision of this Agreement cannot be implemented due to the failure of such third party to consent, the Parties shall negotiate in good faith to implement the provision in a mutually satisfactory manner. The phrase “commercially reasonable
efforts” as used in this Agreement shall not be construed to require the incurrence of any non-routine or unreasonable expense or liability or the waiver of any right. 

Section 9.4. No Third Party Beneficiaries. 

(a) Nothing in this Agreement shall confer upon any person (nor any beneficiary thereof) any rights under or with respect to any plan, program
or arrangement described in or contemplated by this Agreement and each person (and any beneficiary thereof) shall be entitled to look only to the express terms of any such plan, program or arrangement for his or her rights thereunder. In particular,
but not in limitation of the foregoing, nothing in this Agreement shall give rise to the creation or amendment of any employee benefit plan, program or arrangement under ERISA and no person participating in any employee benefit plan that is covered
by this Agreement shall have any claim or right under such plan or ERISA derived from the terms, conditions or provisions of this Agreement. 

(b) Nothing in this Agreement shall create any right of any Person to object or to refuse to assent to Tribune’s or Publishing’s
assumption of, succession to or creation of any agreement or plan, program or arrangement relating to employment, employment separation, severance or employee benefits, nor shall this Agreement be construed as recognizing that any such rights exist.

 Section 9.5. Fiduciary Matters. The Parties acknowledge that actions contemplated to be taken pursuant to this Agreement may
be subject to fiduciary duties or standards of conduct under ERISA or other applicable Law, and no party shall be deemed to be in violation of this Agreement if such party fails to comply with any provisions hereof based upon such party’s good
faith determination, based on the advice of outside legal counsel, that to do so would violate such a fiduciary duty or standard. 

  
 19 

 Section 9.6. Notices. 

(a) Any notice, demand, claim, or other communication under this Agreement shall be in writing and shall be deemed given to a Party when
(i) delivered to the appropriate address by hand or by nationally recognized overnight courier services (costs prepaid); (ii) sent by facsimile with conformation or transmission; (iii) received or rejected by the
addressee, if sent by certified mail, return receipt requested, in each case to the following addresses and facsimile numbers and marked to the attention of the person designated below (or to such other address, facsimile number or person as a party
may designate by notice to the other Parties): 
 (b) If to Tribune, to: 

Tribune Media Company 
 435 North
Michigan Avenue 
 Chicago, Illinoi 60611 

Attn.: General Counsel 

Facsimile: (312) 222-4206 

Email: elazarus@tribune.com 
 (c)
If to Publishing, to: 
 Tribune Publishing Company 

202 West First Street 
 Los
Angeles, California 90012 
 Attn.: Julie Xanders 

Facsimile: (213) 237-4401 

Email: Julie.Xanders@latimes.com 

Section 9.7. Incorporation of Separation Agreement Provisions. The following provisions of the Separation Agreement are hereby
incorporated herein by reference, and unless otherwise expressly specified herein, such provisions shall apply as if fully set forth herein mutatis mutandis (references in this Section 9.7 to a “Section” shall mean a section of the
Separation Agreement, and references in the material incorporated herein by reference shall be references to the Separation Agreement): Sections 14.3, 14.6 through 14.8 and 14.10 through 14.17. 

  
 20 

 IN WITNESS WHEREOF, each Party has caused its dully authorized officer to execute this Agreement,
as of the date first written above. 
  

					
	TRIBUNE MEDIA COMPANY
		
	By:	 	 /s/ Steven Berns

		 	Name:	 	Steven Berns
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	TRIBUNE PUBLISHING COMPANY
		
	By:	 	 /s/ Steven Berns

		 	Name:	 	Steven Berns
		 	Title:	 	President and Chief Executive Officer

 [Signature Page to Employee Matters Agreement]EX-10.4

 Exhibit 10.4 

EXECUTION VERSION 
 REGISTRATION
RIGHTS AGREEMENT 
 dated as of 

August 4, 2014 

among 
 TRIBUNE
PUBLISHING COMPANY, 
 and 

CERTAIN OTHER PARTIES LISTED HEREIN 

 TABLE OF CONTENTS 

 
  

							
	 	 	 	  	PAGE	 
	
	ARTICLE 1	  
	DEFINITIONS	  
			
	Section 1.01.	 	 Definitions
	  	 	1	  
	Section 1.02.	 	 Other Definitional and Interpretative Provisions
	  	 	6	  
	
	ARTICLE 2	  
	REGISTRATION RIGHTS	  
			
	Section 2.01.	 	 Demand Registration
	  	 	7	  
	Section 2.02.	 	 Shelf Registration
	  	 	10	  
	Section 2.03.	 	 Piggyback Registration
	  	 	14	  
	Section 2.04.	 	 Lock-Up Agreements
	  	 	15	  
	Section 2.05.	 	 Registration Procedures
	  	 	16	  
	Section 2.06.	 	 Indemnification by the Company
	  	 	22	  
	Section 2.07.	 	 Indemnification by Registering Stockholders
	  	 	22	  
	Section 2.08.	 	 Conduct of Indemnification Proceedings
	  	 	23	  
	Section 2.09.	 	 Contribution
	  	 	24	  
	Section 2.10.	 	 Participation in Public Offering
	  	 	24	  
	Section 2.11.	 	 Other Indemnification
	  	 	25	  
	Section 2.12.	 	 Cooperation by the Company
	  	 	25	  
	Section 2.13.	 	 Transfer of Registration Rights
	  	 	25	  
	Section 2.14.	 	 Limitations on Subsequent Registration Rights
	  	 	25	  
	Section 2.15.	 	 Free Writing Prospectuses
	  	 	26	  
	Section 2.16.	 	 Information from Registering Stockholders; Obligations of Registering Stockholders
	  	 	26	  
	
	ARTICLE 3	  
	TERMINATION	  
			
	Section 3.01.	 	 Termination
	  	 	27	  
	
	ARTICLE 4	  
	MISCELLANEOUS	  
			
	Section 4.01.	 	 Successors and Assigns
	  	 	27	  
	Section 4.02.	 	 Notices
	  	 	28	  
	Section 4.03.	 	 Amendments and Waivers
	  	 	30	  
	Section 4.04.	 	 Governing Law
	  	 	30	  
	Section 4.05.	 	 Jurisdiction
	  	 	30	  

  
 i 

							
	 	 	 	  	PAGE	 
			
	Section 4.06.	 	 WAIVER OF JURY TRIAL
	  	 	30	  
	Section 4.07.	 	 Specific Enforcement
	  	 	31	  
	Section 4.08.	 	 Counterparts; Effectiveness; Third Party Beneficiaries
	  	 	31	  
	Section 4.09.	 	 Entire Agreement
	  	 	31	  
	Section 4.10.	 	 Severability
	  	 	31	  
	Section 4.11.	 	 Sophisticated Parties; Advice of Counsel
	  	 	31	  
	Section 4.12.	 	 Certificate of Incorporation Supersedes
	  	 	32	  
			
	Exhibit A	 	 Joinder Agreement
	  			
	Schedule 1	 	 JPMorgan Parties
	  			
	Schedule 2	 	 Angelo Gordon Funds
	  			
	Schedule 3	 	 Oaktree Funds
	  			

  
 ii 

 REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT dated as of August 4, 2014 (this “Agreement”) among (i) Tribune
Publishing Company, a Delaware corporation (the “Company”), (ii) the parties listed on Schedule 1, (iii) the parties listed on Schedule 2, (iv) the parties listed on Schedule 3 and (v) other stockholders party
hereto from time to time. 
 W I T N E S S E T H: 

WHEREAS, Tribune Media Company (f/k/a Tribune Company) and each Stockholder Group (as defined below) are parties to a registration rights
agreement, dated December 31, 2012, providing specified registration rights to each Stockholder Group with respect to securities of Tribune Media Company; 

WHEREAS, such registration rights agreement gives each Stockholder Group specified registration rights with respect to, among others, any
securities received as a dividend or a distribution in respect of common stock of Tribune Media Company; 
 WHEREAS, Tribune Media Company
is effecting the Spin-off (as defined below), pursuant to which it will distribute to its shareholders, including each Stockholder Group, shares of Common Stock (as defined below); 

WHEREAS, the parties hereto are entering into this Agreement to provide certain registration rights under the Securities Act (as defined
below) and applicable state securities laws to each Stockholder Group with respect to Registrable Securities (as defined below) each may hold; and 

NOW, THEREFORE, in consideration of the covenants and agreements contained herein, the parties hereto agree as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. (a) As used herein, the following terms have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling, controlled by or under
common control with such Person; provided that no securityholder of the Company shall be deemed an Affiliate of any other securityholder solely by reason of any investment in the Company. For the purpose of this definition, the term
“control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as used with

  
 1 

 
respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of
voting securities, by contract or otherwise. 
 “Angelo Gordon Stockholder” means, collectively, (i) each Stockholder
listed on Schedule 2 under the heading “Angelo Gordon Funds,” (ii) their respective Affiliates and (iii) any transferee to whom any registration right hereunder held by the Persons in the foregoing clauses (i) and
(ii) are assigned pursuant to Section 2.13. 
 “Automatic Shelf Registration Statement” means an
“automatic shelf registration statement” as defined in Rule 405 promulgated under the Securities Act. 
 “Board”
means the board of directors of the Company or any committee thereof. 
 “Business Day” means any day except a Saturday,
Sunday or other day on which commercial banks in New York City are authorized by law to close. 
 “Certificate of
Incorporation” means the Amended and Restated Certificate of Incorporation of the Company, as the same may be amended, modified or restated from time to time. 

“Common Stock” means (i) the Common Stock, par value $0.01 per share, of the Company, (ii) any other common stock
of the Company, (iii) any securities of the Company or any successor or assign of the Company into which such stock described in clauses (i) and (ii) is reclassified or reconstituted or into which such stock is converted or otherwise
exchanged in connection with a combination of shares, recapitalization, merger, sale of assets, consolidation or other reorganization or otherwise or (iv) any securities received as a dividend or a distribution in respect of the securities
described in clauses (i), (ii) and (iii) above. 
 “Company Securities” means (i) the Common Stock,
(ii) securities convertible into or exchangeable for Common Stock and (iii) any options, warrants or other rights to acquire Common Stock. 

“Effective Date” means the date the Spin-off is completed. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder.

 “FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Free Writing Prospectus” means any “free writing prospectus” as defined in Rule 405 promulgated under the
Securities Act relating to the Registrable Securities included in the applicable Registration Statement. 

  
 2 

 “JPMorgan Stockholder” means collectively, (i) each Stockholder
listed on Schedule 1 under the heading “JPMorgan Parties,” (ii) their respective Affiliates and (iii) any transferee to whom any registration right hereunder held by the Persons in the foregoing clauses (i) and (ii) are
assigned pursuant to Section 2.13. 
 “Oaktree Stockholder” means, collectively, (i) each
Stockholder listed on Schedule 3 under the heading “Oaktree Funds,” (ii) their respective Affiliates and (iii) any transferee to whom any registration right hereunder held by the Persons in the foregoing clauses (i) and
(ii) are assigned pursuant to Section 2.13. 
 “Person” means an individual, corporation,
partnership, limited liability company, association, trust or other entity or organization, including a government or political subdivision or an agency or instrumentality thereof, and shall include any successor (by merger or otherwise) thereto.

 “Public Offering” means an underwritten public offering of Registrable Securities (or in the case of the
Company, Company Securities) pursuant to an effective registration statement under the Securities Act, other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form under the Securities Act. 

“Registrable Securities” means, at any time, any Company Securities until (i) a registration statement covering
such securities has been declared effective by the SEC and such securities have been disposed of pursuant to such effective registration statement, (ii) such securities are sold pursuant to Rule 144 (or any similar provisions then in force) or
(iii) such securities are otherwise transferred, assigned, sold, conveyed or otherwise disposed of and thereafter such securities may be resold without subsequent registration under the Securities Act. 

“Registration Expenses” means any and all expenses incident to the performance of or compliance with any registration
or marketing of Registrable Securities, regardless of whether such Registration Statement is declared effective, including all (i) registration and filing fees, and all other fees and expenses payable in connection with the listing of
securities on any securities exchange or automated interdealer quotation system, (ii) fees and expenses incurred in complying with any securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection
with “blue sky” qualifications of the Registrable Securities as may be set forth in any underwriting agreement), (iii) expenses in connection with the preparation, printing, mailing and delivery of any registration statements,
prospectuses and other documents in connection therewith and any amendments or supplements thereto, (iv) security engraving and printing expenses, (v) internal expenses of the Company 

  
 3 

 
(including all salaries and expenses of its officers and employees performing legal or accounting duties), (vi) reasonable fees and disbursements of counsel for the Company and customary
fees and expenses for independent certified public accountants retained by the Company (including the expenses relating to any comfort letters or costs associated with the delivery by independent certified public accountants of any
“comfort” letters requested pursuant to Section 2.05(h) or any special audits incidental to or required by any registration or qualification), (vii) reasonable fees and expenses of any special experts retained by the
Company in connection with such registration, (viii) reasonable fees, out-of-pocket costs and expenses of one firm of counsel selected by the holder(s) of a majority of the Registrable Securities covered by each Registration Statement (the
“Holders’ Counsel”) up to a maximum amount of $50,000 per Registration Statement, (ix) fees and expenses in connection with any review by FINRA of the underwriting arrangements or other terms of the offering, and all fees
and expenses of any qualified independent underwriter, including the reasonable fees and expenses of any counsel thereto, (x) fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding any
underwriting fees, discounts and commissions attributable to the sale of Registrable Securities, (xi) costs of printing and producing any agreements among underwriters, underwriting agreements, any “blue sky” or legal investment
memoranda and any selling agreements and other documents in connection with the offering, sale or delivery of the Registrable Securities, (xii) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other
agent or trustee appointed in connection with such offering, (xiii) expenses relating to any analyst or investor presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable
Securities, (xiv) fees and expenses payable in connection with any ratings of the Registrable Securities, including expenses relating to any presentations to rating agencies, (xv) all out-of pocket costs and expenses incurred by the
Company or its appropriate officers in connection with their compliance with Section 2.05(m) and (xvi) any liability insurance or other premiums for insurance obtained in connection with any Demand Registration, Piggyback
Registration or Shelf Registration pursuant to the terms of this Agreement. 
 “Registration Statement” means
any registration statement of the Company under the Securities Act that covers any of the Registrable Securities pursuant to the provisions of this Agreement, including an Automatic Shelf Registration Statement. 

“Requesting Stockholder” means, with respect to a Demand Registration or Shelf Registration, as applicable, any
Stockholder Group holding at least 5% of the Common Stock. 
 “Rule 144” means Rule 144 (or any successor
provisions) under the Securities Act. 
 “Seasoned Issuer” means an issuer eligible to use Form S-3 or F-3 under the
Securities Act for a primary offering in reliance on General Instruction I.B.1 to those Forms and who is not an “ineligible issuer” as defined in Rule 405 promulgated under the Securities Act. 

  
 4 

 “SEC” means the Securities and Exchange Commission or any successor governmental
agency. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC
promulgated thereunder. 
 “Shares” means shares of Common Stock. 

“Shelf Registered Securities” means any Registrable Securities whose offer and sale is registered pursuant to a Registration
Statement filed in connection with a Shelf Registration (including an Automatic Shelf Registration Statement). 
 “Specified
Period” means, with regard to the period after the effective date of a Registration Statement, ninety (90) days; provided that if (i) the Company issues an earnings release or other material news or a material event
relating to the Company and its Subsidiaries occurs during the last seventeen (17) days of such period or (ii) prior to the expiration of such period, the Company announces that it will release earnings results during the 16-day period
beginning upon the expiration of such period, then to the extent necessary for a managing or co-managing underwriter of a registered offering required hereunder to comply with NASD Rule 2711(f)(4), if applicable to the Company, such period
shall be extended until eighteen (18) days after the earnings release or the occurrence of the material news or event, as the case may be. 

“Spin-off” means the distribution by Tribune Media Company, a Delaware corporation, and registration of the Common Stock
pursuant to the Company’s Form 10 filed with and declared effective by the SEC. 
 “Stockholder” means at any time,
any Person (other than the Company) who shall be a party to or bound by this Agreement, so long as such Person shall be the “beneficial owner” (as such term is defined in Rule 13d-3 of the Exchange Act) any Company Securities. 

“Stockholder Group” means any of the JPMorgan Stockholder, the Angelo Gordon Stockholder and the Oaktree Stockholder. 

“Subsidiary” means, with respect to any Person, any entity of which securities or other ownership interests having ordinary
voting power to elect a majority of the board of directors or other persons performing similar functions at the time are directly or indirectly owned by such Person. 

“Well-Known Seasoned Issuer” means a “well-known seasoned issuer” as defined in Rule 405 promulgated under the
Securities Act and which (i) (a) is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition or (b) is a “well-known seasoned issuer” under paragraph (1)(i)(B) of such definition and is
also eligible 

  
 5 

 
to register a primary offering of its securities relying on General Instruction I.B.1 of Form S-3 or Form F-3 under the Securities Act and (ii) is not an “ineligible issuer” as
defined in Rule 405 promulgated under the Securities Act. 
 (b) Each of the following terms is defined in the Section set forth opposite
such term: 
  

			
	 Term
	  	 Section

	Agreement	  	Preamble
	Alternative Transaction	  	2.02(d)
	Company	  	Preamble
	Damages	  	2.06
	Demand Registration	  	2.01(a)
	Determination Date	  	2.02(f)
	Form S-3	  	2.01(a)
	Indemnified Party	  	2.08
	Indemnifying Party	  	2.08
	Inspectors	  	2.05(g)
	Maximum Offering Size	  	2.01(e)
	Piggyback Registration	  	2.03(a)
	Records	  	2.05(g)
	Registering Stockholders	  	2.01(a)(ii)
	Registration Actions	  	2.01(f)
	Requested Shelf Registered Securities	  	2.02(b)
	Shelf Public Offering	  	2.02(b)
	Shelf Public Offering Notice	  	2.02(b)
	Shelf Public Offering Request	  	2.02(b)
	Shelf Public Offering Requesting Stockholder	  	2.02(b)
	Shelf Registration	  	2.02(a)
	Stockholder Parties	  	2.06
	Suspension Notice	  	2.01(f)
	Suspension Period	  	2.01(f)

 Section 1.02. Other Definitional and Interpretative Provisions. The words “hereof”,
“herein” and “hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of
reference only and shall be ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits
and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein,

  
 6 

 
shall have the meaning as defined in this Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words
“include”, “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like
import. “Writing”, “written” and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any Person include the successors and permitted
assigns of that Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. 

ARTICLE 2 

REGISTRATION RIGHTS 

Section 2.01. Demand Registration. (a) At any time following the six-month anniversary of the Effective Date, any
Requesting Stockholder may give a written request to the Company to effect the registration under the Securities Act (other than pursuant to a registration statement on Form S-4 or Form S-8 or any similar or successor form under the Securities Act)
of all or any portion of such Requesting Stockholder’s Registrable Securities, which written request shall specify the number of Registrable Securities to be registered and the intended method of disposition thereof. At any time the Company is
eligible for use of an Automatic Shelf Registration Statement, such registration shall occur on such form. Upon the receipt of such written request, the Company shall promptly give notice (via facsimile or electronic transmission) to the other
Stockholder Groups of such requested registration (each such registration shall be referred to herein as a “Demand Registration”) at least ten (10) Business Days prior to the anticipated filing date of the
Registration Statement relating to such Demand Registration. Thereafter, the Company shall use its commercially reasonable efforts to effect, as soon as possible, the registration under the Securities Act of: 

(i) all Registrable Securities for which the Requesting Stockholder has requested registration under this
Section 2.01; 
 (ii) all other Registrable Securities of the same class or series as those requested to be
registered by the Requesting Stockholder that any other Stockholder Group (all such Stockholder Groups, together with the Requesting Stockholder, and any Stockholder Groups participating in a Piggyback Registration pursuant to
Section 2.03, the “Registering Stockholders”) have requested the Company to register by request received by the Company within ten (10) Business Days after such Stockholder Groups receive the Company’s notice
of the Demand Registration; and 
 (iii) any Company Securities to be offered or sold by the Company; 

  
 7 

 all to the extent necessary to permit the disposition (in accordance with the intended methods thereof as
aforesaid) of the Registrable Securities so to be registered; provided that, subject to Section 2.01(d), the Company shall not be obligated to effect (x) more than five (5) Demand Registrations requested by the Oaktree
Stockholder, three (3) Demand Registrations requested by the JPMorgan Stockholder and three (3) Demand Registrations requested by the Angelo Gordon Stockholder, in each case, other than Demand Registrations to be effected pursuant to a
Registration Statement on Form S-3 (or any successor or similar form) under the Securities Act (“Form S-3”) for which an unlimited number of Demand Registrations shall be permitted, (y) any such Demand Registration
(i) within the Specified Period (or such shorter period as the Company may determine in its sole discretion) after the effective date of any other registration statement of the Company (other than a registration statement filed in connection
with an employee benefit plan or business combination transaction or a registration statement on Form S-4 or Form S-8 or any similar or successor form thereto) or (ii) in accordance with Section 2.01(f) or (z) any Demand
Registration if the aggregate proceeds expected to be received from the sale of the Registrable Securities requested to be included in such Demand Registration is less than $20,000,000. 

(b) Promptly after the expiration of the ten (10) Business Day period referred to in Section 2.01(a)(ii), the Company will
notify all Registering Stockholders of the identities of the other Registering Stockholders and the number of shares of Registrable Securities requested to be included in the Demand Registration by each of them. At any time prior to the effective
date of the Registration Statement relating to such Demand Registration, the Requesting Stockholder may upon notice to the Company, revoke such request in whole or in part with respect to the number of shares of Registrable Securities requested to
be included in such Registration Statement, without liability to any of the other Registering Stockholders. 
 (c) The Company shall
be liable for and pay all Registration Expenses in connection with any Demand Registration, regardless of whether such Demand Registration becomes effective; provided, however, that if the Requesting Stockholder revokes its request in whole
pursuant to Section 2.01(b), the Requesting Stockholder shall reimburse the Company for and/or pay directly all Registration Expenses incurred relating to such Demand Registration. 

(d) A Demand Registration shall not be deemed to have occurred: 

(i) unless the Registration Statement relating thereto (A) has become effective under the Securities Act and (B) has
remained continuously effective for a period of at least (x) one hundred eighty (180) days (or such shorter period in which all Registrable Securities of the Registering Stockholders included in such registration have actually been sold
thereunder) or (y) with respect to a Shelf Registration, until the date set forth in Section 2.05(a)(ii); provided that such Registration Statement shall not be considered a Demand Registration if, after

  
 8 

 
such Registration Statement becomes effective, (1) such Registration Statement is interfered with by any stop order, injunction or other order or requirement of the SEC or other governmental
agency or court and (2) less than 75% of the Registrable Securities included in such Registration Statement have been sold thereunder; or 

(ii) if the Maximum Offering Size is reduced in accordance with Section 2.01(e) such that less than 66 2⁄3% of the Registrable Securities of the Requesting Stockholder sought to be included in such registration are included. 

(e) If a Demand Registration involves a Public Offering and the lead managing underwriter advises the Company and the Requesting Stockholder
that, in its view, the number of shares of Registrable Securities requested to be included in such registration (including any securities that the Company proposes to be included that are not Registrable Securities) exceeds the largest number of
shares that can be sold without having a material and adverse effect on such offering, including the price at which such shares can be sold (the “Maximum Offering Size”), the Company shall include in such registration, in the
priority listed below, up to the Maximum Offering Size: 
 (i) first, all Registrable Securities requested to be registered
by the Requesting Stockholder and all other Registering Stockholders (allocated, if necessary for the offering not to exceed the Maximum Offering Size, to give first priority to the inclusion of the Registrable Securities of the Requesting
Stockholder and, thereafter, pro rata among the remaining Registering Stockholders on the basis of the relative number of shares of Registrable Securities so requested to be included in such registration by each such Registering Stockholder); 

(ii) second, any securities proposed to be registered by the Company; and 

(iii) third, any securities proposed to be registered for the account of any other Persons, with such priorities among them as
the Company shall determine. 
 (f) Notwithstanding anything to the contrary contained in this Agreement, but subject to the limitation set
forth in the next succeeding paragraph, the Company shall be entitled to suspend its obligation to file (but not the preparation of) any Registration Statement in connection with a Demand Registration, any Shelf Registration (including any Shelf
Public Offering), file any amendment to such a Registration Statement, file or furnish any supplement or amendment to a prospectus included in such a Registration Statement, make any other filing with the SEC, cause such a Registration Statement or
other filing with the SEC to become or remain effective or take any similar action (collectively, “Registration Actions”) upon (i) the issuance by the SEC of a stop order 

  
 9 

 
suspending the effectiveness of any such Registration Statement or the initiation of proceedings with respect to such a Registration Statement under Section 8(d) or 8(e) of the Securities
Act, (ii) the Board’s determination, in its good faith judgment, that any such Registration Action should not be taken because it would reasonably be expected to materially interfere with or require the public disclosure of any material
corporate development or plan, including any material financing, securities offering, acquisition, disposition, corporate reorganization or merger or other transaction involving the Company or any of its subsidiaries or (iii) the Company
possessing material non-public information the disclosure of which the Board determines, in its good faith judgment, would reasonably be expected to not be in the best interests of the Company. Upon the occurrence of any of the conditions described
in (i), (ii) or (iii) above in connection with undertaking a Registration Action, the Company shall give prompt notice of such suspension (and whether such action is being taken pursuant to (i), (ii) or (iii) above) (a
“Suspension Notice”) to the Stockholders. Upon the termination of such condition, the Company shall give prompt notice thereof to the Stockholders and shall promptly proceed with all Registration Actions that were suspended pursuant
to this paragraph. 
 The Company may only suspend Registration Actions pursuant to the preceding paragraph on one (1) occasion during
any period of six (6) consecutive months for a reasonable time specified in the Suspension Notice but not exceeding ninety (90) days (which period may not be extended or renewed) (each such occasion, a “Suspension
Period”). Each Suspension Period shall be deemed to begin on the date the relevant Suspension Notice is given to the Stockholders and shall be deemed to end on the earlier to occur of (i) the date on which the Company gives the
Stockholders a notice that the Suspension Period has terminated and (ii) the date on which the number of days during which a Suspension Period has been in effect exceeds the ninety (90) day period. If the filing of any Demand Registration
or Shelf Registration is suspended pursuant to this Section 2.01(f), once the Suspension Period ends the Requesting Stockholder may request a new Demand Registration or a new Shelf Registration (neither such request shall be counted as
an additional Demand Registration for purposes of subclause (x) in the proviso of Section 2.01(a)). Notwithstanding anything to the contrary in this Agreement, the Company shall not be in breach of, or have failed to comply
with, any obligation under this Agreement where the Company acts or omits to take any action in order to comply with applicable law, any interpretation of the staff of the SEC or any order or decree of any court or governmental agency. 

Section 2.02. Shelf Registration. 

(a) At any time when (i) the Company is eligible to use Form S-3 in connection with a secondary public offering of its equity securities
and (ii) a Shelf Registration on a Form S-3 registering Registrable Securities for resale is not then effective (subject to any applicable Suspension Period), upon the written request of any Stockholder Group, the Company shall use its
commercially reasonable efforts to 

  
 10 

 
register, under the Securities Act on Form S-3 for an offering on a delayed or continuous basis pursuant to Rule 415 promulgated under the Securities Act (a “Shelf
Registration”), the offer and sale of all or a portion of the Registrable Securities owned by such Stockholder Group. Upon the receipt of such written request, the Company shall promptly give notice (via facsimile or electronic
transmission) of such requested Shelf Registration at least ten (10) Business Days prior to the anticipated filing date of such Shelf Registration to the other Stockholder Groups, and such notice shall describe the proposed Shelf Registration,
the intended method of disposition of such Registrable Securities and any other information that at the time would be appropriate to include in such notice, and offer such Stockholder Groups the opportunity to register the number of Registrable
Securities as each such Stockholder Group may request in writing to the Company, given within ten (10) Business Days after such Stockholder Groups receive the Company’s notice of the Shelf Registration. The “Plan of Distribution”
section of such Shelf Registration shall permit all lawful means of disposition of Registrable Securities, including firm-commitment underwritten public offerings, block trades, agented transactions, sales directly into the market, purchases or
sales by brokers and sales not involving a public offering. With respect to each Shelf Registration, the Company shall, subject to any Suspension Period, (i) as promptly as practicable after the written request of the Requesting Stockholder,
file a Registration Statement and (ii) use its commercially reasonable efforts to cause such Registration Statement to be declared effective as promptly as practicable, and remain effective until the date set forth in
Section 2.05(a)(ii). No Stockholder shall be entitled to include any of its Registrable Securities in a Shelf Registration unless such Stockholder has complied with Section 2.16. The Company shall not be required to amend a
Shelf Registration (or the related prospectus) to add or change the disclosure regarding selling securityholders during any Suspension Period. The obligations set forth in this Section 2.02(a) shall not apply if the Company has a
currently effective Automatic Shelf Registration Statement covering all Registrable Securities in accordance with Section 2.02(f) and has otherwise complied with its obligations pursuant to this Agreement. 

(b) Upon written request by a Requesting Stockholder holding Shelf Registered Securities (such Stockholder, the “Shelf Public Offering
Requesting Stockholder”), which request (the “Shelf Public Offering Request”) shall specify the class or series and amount of such Shelf Public Offering Requesting Stockholder’s Shelf Registered Securities to be sold
(the “Requested Shelf Registered Securities”), the Company shall (subject to any Suspension Period) perform its obligations hereunder with respect to the sale of such Requested Shelf Registered Securities in the form of a firm
commitment underwritten public offering (unless otherwise consented to by the Shelf Public Offering Requesting Stockholder) (a “Shelf Public Offering”) if the aggregate proceeds expected to be received from the sale of the Requested
Shelf Registered Securities equals or exceeds $20,000,000. Promptly upon receipt of a Shelf Public Offering Request, the Company shall provide notice (the “Shelf Public Offering Notice”) of such proposed Shelf Public Offering (which
notice shall state the material 

  
 11 

 
terms of such proposed Shelf Public Offering, to the extent known, as well as the identity of the Shelf Public Offering Requesting Stockholder) to the other Stockholder Groups holding Shelf
Registered Securities. Such other Stockholder Groups may, by written request to the Company and the Shelf Public Offering Requesting Stockholder, within two (2) Business Days after receipt of such Shelf Public Offering Notice, include up to all
of their Shelf Registered Securities of the same class or series as the Requested Shelf Registered Securities in such proposed Shelf Public Offering; provided, that any such Shelf Registered Securities shall be sold subject to the same terms
as are applicable to the Shelf Registered Securities of the Shelf Public Offering Requesting Stockholder. No Stockholder shall be entitled to include any of its Registrable Securities in a Shelf Public Offering unless such Stockholder has complied
with Section 2.16. The lead managing underwriter or underwriters selected for such Shelf Public Offering shall be selected in accordance with Section 2.05(f)(i). 

(c) In a Shelf Public Offering, if the lead managing underwriter advises the Company and the Shelf Public Offering Requesting Stockholder
that, in its view, the number of shares of Registrable Securities requested to be included in such Shelf Public Offering (including any securities that the Company proposes to be included that are not Registrable Securities) exceeds the Maximum
Offering Size, the Company shall include in such Shelf Public Offering, in the priority listed below, up to the Maximum Offering Size: 

(i) first, all Shelf Registered Securities requested to be included in the Shelf Public Offering by the Shelf Public Offering
Requesting Stockholder and all other Stockholders, pro rata on the basis of the relative number of shares of Shelf Registered Securities so requested to be included in the Shelf Public Offering by each such Stockholder; 

(ii) second, any securities proposed to be included in the Shelf Public Offering by the Company; and 

(iii) third, any securities proposed to be included in the Shelf Public Offering for the account of any other Persons, with
such priorities among them as the Company shall determine. 
 (d) The Company shall use its commercially reasonable efforts to cooperate in
a timely manner with any request of the Stockholders in respect of any block trade, hedging transaction or other transaction that is registered pursuant to a Shelf Registration that is not a firm commitment underwritten offering (each, an
“Alternative Transaction”), including entering into customary agreements with respect to such Alternative Transactions (and providing customary representations, warranties, covenants and indemnities in such agreements) as well as
providing other reasonable assistance in respect of such Alternative Transactions of the type applicable to a Public Offering subject to Section 2.05, to the extent customary for such transactions. The Company

  
 12 

 
shall bear all Registration Expenses in connection with any Shelf Registration, any Shelf Public Offering or any other transaction (including any Alternative Transaction) registered under a Shelf
Registration pursuant to this Section 2.02, whether or not such Shelf Registration becomes effective or such Shelf Public Offering or other transactions is completed; provided, however, that if the Shelf Public Offering
Requesting Stockholder revokes its request in whole with respect to a Shelf Public Offering, then the Shelf Public Offering Requesting Stockholder shall reimburse the Company for and/or pay directly all Registration Expenses incurred relating to
such Shelf Public Offering. 
 (e) After the Registration Statement with respect to a Shelf Registration is declared effective but subject
to the Suspension Period, upon written request by one or more Stockholders (which written request shall specify the amount of such Stockholders’ Registrable Securities to be registered), the Company shall, as promptly as practicable after
receiving such request, (i) if it is a Seasoned Issuer or Well-Known Seasoned Issuer, or if such Registration Statement is an Automatic Shelf Registration Statement, file a prospectus supplement to include such Stockholders as selling
stockholders in such Registration Statement or (ii) if it is not a Seasoned Issuer or Well-Known Seasoned Issuer, and the Registrable Securities requested to be registered represent more than 5% of the outstanding Registrable Securities and the
aggregate proceeds expected to be received from the sale thereof is at least $10,000,000, file a post-effective amendment to the Registration Statement to include such Stockholders in such Shelf Registration and use commercially reasonable efforts
to have such post-effective amendment declared effective. 
 (f) Upon the Company becoming a Well-Known Seasoned Issuer, (i) the
Company shall give written notice to all of the Stockholders as promptly as practicable but in no event later than ten (10) Business Days thereafter, and such notice shall describe, in reasonable detail, the basis on which the Company has
become a Well-Known Seasoned Issuer, and (ii) the Company shall, as promptly as practicable and subject to any Suspension Period, register, under an Automatic Shelf Registration Statement, the sale of all of the Registrable Securities in
accordance with the terms of this Agreement. The Company shall use its commercially reasonable efforts to file such Automatic Shelf Registration Statement as promptly as practicable, but in no event later than fifteen (15) Business Days after
it becomes a Well-Known Seasoned Issuer, and to cause such Automatic Shelf Registration Statement to remain effective thereafter until the date set forth in Section 2.05(a)(ii). The Company shall give written notice of filing such
Registration Statement to all of the Stockholders as promptly as practicable thereafter. The Company shall not be required to include any Stockholder as a Selling Stockholder in any Registration Statement or prospectus unless such Stockholder has
complied with Section 2.16. At any time after the filing of an Automatic Shelf Registration Statement by the Company, if it is reasonably likely that it will no longer be a Well-Known Seasoned Issuer as of a future determination date
(the “Determination Date”), at least thirty (30) days prior to such Determination Date, the Company shall (A) give written 

  
 13 

 
notice thereof to all of the Stockholders as promptly as practicable but in no event later than ten (10) Business Days prior to such Determination Date and (B) if the Company is
eligible to file a Registration Statement on Form S-3 with respect to a secondary public offering of its equity securities, file a Registration Statement on Form S-3 with respect to a Shelf Registration in accordance with
Section 2.02(a), treating all selling stockholders identified as such in the Automatic Shelf Registration Statement (and amendments or supplements thereto) as Requesting Stockholders and use all commercially reasonable efforts to have
such Registration Statement declared effective prior to the Determination Date. Any registration pursuant to this Section 2.02(f) shall be deemed a Shelf Registration for purposes of this Agreement. 

(g) Notwithstanding anything to the contrary, no Shelf Registration pursuant to this Section 2.02 shall be deemed a Demand
Registration or be counted against the number of Demand Registrations to which a Stockholder Group is entitled under      Section 2.01(a). 

Section 2.03. Piggyback Registration. (a) If, at any time following the six-month anniversary of the Effective Date, the
Company proposes to register any Company Securities under the Securities Act (other than a registration on Form S-8 or Form S-4 or any similar or successor form under the Securities Act, relating to Shares or any other class of Company Securities
issuable upon exercise of employee stock options or in connection with any employee benefit or similar plan of the Company or in connection with a direct or indirect acquisition by the Company of another Person) other than in connection with a
rights offering, whether or not for sale for its own account, the Company shall each such time give prompt notice (via facsimile or electronic transmission) at least ten (10) Business Days prior to the anticipated filing date of the
registration statement relating to such registration to each Stockholder Group, which notice shall set forth such Stockholder Group’s rights under this Section 2.03 and shall offer such Stockholder Group the opportunity to include
in such registration statement the number of Registrable Securities of the same class or series as those proposed to be registered as each such Stockholder Group may request (a “Piggyback Registration”), subject to the
provisions of Section 2.03(b). Upon the request of any such Stockholder Group made within ten (10) Business Days after the receipt of notice from the Company regarding a Piggyback Registration (which request shall specify the number
of Registrable Securities intended to be registered by such Stockholder Group), the Company shall use its commercially reasonable efforts to effect the registration under the Securities Act of all Registrable Securities that the Company has been so
requested to register by all such Stockholder Groups, to the extent requisite to permit the disposition of the Registrable Securities so to be registered in accordance with the plan of distribution intended by the Company for such registration
statement; provided that (i) if such registration involves a Public Offering, all such Registering Stockholders requesting to be included in the registration must sell their Registrable Securities to the underwriters selected as provided
in Section 2.05(f) on the same terms and conditions as apply to the 

  
 14 

 
Company (or, if the Company is not offering any Company Securities, the Persons on whose behalf the registration was initially undertaken) and (ii) if, at any time after giving notice of its
intention to register any Company Securities pursuant to this    Section 2.03(a) and prior to the effective date of the registration statement filed in connection with such registration, the Company shall determine for any
reason not to register such securities, the Company shall give notice to all Registering Stockholders and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection with such registration. No registration
effected under this Section 2.03 shall relieve the Company of its obligations to effect a Demand Registration or Shelf Registration to the extent required by Section 2.01. The Company shall pay all Registration Expenses in
connection with each Piggyback Registration. 
 (b) If a Piggyback Registration involves a Public Offering (other than any Demand
Registration, in which case the provisions with respect to priority of inclusion in such offering set forth in Section 2.01(e) shall apply) and the lead managing underwriter advises the Company that, in its view, the number of
Registrable Securities that the Company and such Registering Stockholders intend to include in such registration exceeds the Maximum Offering Size, the Company shall include in such registration, in the following priority, up to the Maximum Offering
Size: 
 (i) first, so much of the Registrable Securities proposed to be registered for the account of the Company as would
not cause the offering to exceed the Maximum Offering Size; 
 (ii) second, all Registrable Securities requested to be
included in such registration by any Registering Stockholders pursuant to this Section 2.03 (allocated, if necessary for the offering not to exceed the Maximum Offering Size, pro rata among such Stockholder Groups on the basis of the
relative number of shares of Registrable Securities so requested to be included in such registration by each such Stockholder Group); and 

(iii) third, any securities proposed to be registered for the account of any other Persons with such priorities among them as
the Company shall determine. 
 Section 2.04. Lock-Up Agreements. (a) Each Stockholder hereby agrees that it will not
effect any public sale or distribution (including sales pursuant to Rule 144) of Registrable Securities, (i) during (A) the fourteen (14) days prior to and the 90-day period beginning on the effective date of the registration of such
Registrable Securities in connection with a Public Offering (which period following the effective date may, in each case, be extended to the extent required by applicable law, rule or regulation) or (B) such shorter period as the underwriters
participating in such Public Offering may require, and (ii) upon notice from the Company of the commencement of a Public Offering in connection with any Shelf Registration, during (A) fourteen (14) days prior to and the

  
 15 

 
90-day period beginning on the date of commencement of such Public Offering or (B) such shorter period as the underwriters participating in such
Public Offering may require, in each case except as part of such Public Offering. Each Stockholder agrees to execute a lock-up agreement in favor of the underwriters in form and substance reasonably acceptable to the Company and the underwriters to
such effect and, in any event, that the underwriters in any relevant offering shall be third party beneficiaries of this Section 2.04(a). 

(b) The Company shall not effect any public sale or distribution of Registrable Securities (except pursuant to registrations on Form S-8 or
Form S-4 or any similar or successor form under the Securities Act), (i) with respect to any Public Offering pursuant to a Demand Registration or any Piggyback Registration in which the holders of Registrable Securities are participating,
during (A) the fourteen (14) days prior to and the 90-day period beginning on the effective date of such registration (which period following the effective date may, in each case, be extended to the extent required by applicable law, rule
or regulation) or (B) such shorter period as the underwriters participating in such Public Offering may require, and (ii) upon notice from any holder(s) of Registrable Securities subject to a Shelf Registration that such holder(s) intend
to effect a Public Offering of Registrable Securities pursuant to such Shelf Registration (upon receipt of which, the Company will promptly notify all other Stockholders of the date of commencement of such Public Offering), during (A) the
fourteen (14) days prior to and the 90-day period beginning on the date of commencement of such Public Offering and (B) such shorter period as the underwriters participating in such Public Offering may require), in each case except as part
of such Public Offering. 
 Section 2.05. Registration Procedures. Whenever Stockholder Groups request that any
Registrable Securities be registered pursuant to Section 2.01, 2.02 or 2.03, subject to the provisions of such Sections, the Company shall use its commercially reasonable efforts to effect the registration and the sale of
such Registrable Securities in accordance with the intended method of disposition thereof as soon as reasonably practicable, and, in connection with any such request: 

(a) The Company shall as soon as reasonably practicable prepare and file with the SEC a Registration Statement on any form for which the
Company then qualifies or that counsel for the Company shall deem appropriate and which form shall be available for the sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof,
and use its commercially reasonable efforts to cause such filed Registration Statement to become and remain effective for a period of (i) not less than one hundred eighty (180) days (or, if sooner, until all Registrable Securities have
been sold under such Registration Statement), or (ii) in the case of a Shelf Registration, until the earlier of the date (x) on which all of the securities covered by such Shelf Registration are no longer Registrable Securities and
(y) on which the Company cannot extend the effectiveness of such Shelf Registration because it is no longer eligible for use of Form S-3; subject in each case to any Suspension Period. 

  
 16 

 (b) Prior to filing a Registration Statement or related prospectus or any amendment or
supplement thereto (including any documents incorporated by reference therein), or before using any Free Writing Prospectus, the Company shall provide to each Registering Stockholder, the Holders’ Counsel and each underwriter, if any, with an
adequate and appropriate opportunity to review and comment on such Registration Statement, each Prospectus included therein (and each amendment or supplement thereto) and each Free Writing Prospectus proposed to be filed with the SEC, and thereafter
the Company shall furnish to such Registering Stockholder, the Holders’ Counsel and underwriter, if any, such number of copies of such Registration Statement, each amendment and supplement thereto filed with the SEC (in each case including all
exhibits thereto and documents incorporated by reference therein), the prospectus included in such Registration Statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424, Rule 430A,
Rule 430B or Rule 430C under the Securities Act and such other documents as such Registering Stockholder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Registering
Stockholder; provided, however, that in no event shall the Company be required to provide to any Person any materials, information or document required to be filed by the Company pursuant to the Exchange Act prior to its filing other
than in connection with a Public Offering. In addition, the Company shall, as expeditiously as practicable, keep Holders’ Counsel advised in writing as to the initiation and progress of any registration under Sections 2.01, 2.02
and 2.03 and provide Holders’ Counsel with copies of all correspondence (including any comment letter) with the SEC, any self regulatory organization or other governmental agency in connection with any such Registration Statement. Each
Registering Stockholder shall have the right to request that the Company modify any information contained in such Registration Statement, amendment and supplement thereto pertaining to such Registering Stockholder and the Company shall use its
commercially reasonable efforts to comply with such request; provided, however, that the Company shall not have any obligation so to modify any information if the Company reasonably expects that so doing would cause the prospectus to contain
an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading. 

(c) After the filing of the Registration Statement, the Company shall (i) cause the related prospectus to be supplemented by any required
prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act, (ii) comply with the provisions of the Securities Act applicable to the Company with respect to the disposition of all Registrable
Securities covered by such Registration Statement during the applicable period in accordance with the intended methods of disposition by the Registering Stockholder thereof set forth in such Registration Statement or supplement to

  
 17 

 
such prospectus and (iii) promptly notify each Registering Stockholder holding Registrable Securities covered by such Registration Statement and the Holders’ Counsel any stop order
issued or threatened by the SEC or any state securities commission with respect thereto and take all commercially reasonable actions required to prevent the entry of such stop order or to remove it if entered. 

(d) The Company shall use its commercially reasonable efforts to (i) register or qualify the Registrable Securities covered by such
Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States as any Registering Stockholder holding such Registrable Securities reasonably (in light of such Stockholder Group’s intended
plan of distribution) requests, and continue such registration or qualification in effect in such jurisdiction for the shortest of (A) as long as permissible pursuant to the laws of such jurisdiction, (B) as long as any such Registering
Stockholder requests or (C) until all such Registrable Securities are sold and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the
business and operations of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable such Stockholder Group to consummate the disposition of the Registrable Securities owned by such Stockholder
Group; provided that the Company shall not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but for this Section 2.05(d), (B) subject itself to
taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction. 
 (e) The Company shall
immediately notify each Registering Stockholder holding such Registrable Securities covered by such Registration Statement (i) at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon the
discovery that, or upon the occurrence of an event as a result of which, the preparation of a supplement or amendment to such prospectus is required so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus
will not include an untrue statement of a material fact or omit to state any material fact necessary in order to make the statements in light of the circumstances under which they were made not misleading and the Company shall promptly (subject to
any applicable Suspension Period) prepare and make available to each Registering Stockholder and file with the SEC any such supplement or amendment, (ii) as soon as the Company becomes aware of any request by the SEC or any Federal or state
governmental authority for amendments or supplements to a Registration Statement or related prospectus covering Registrable Securities or for additional information relating thereto, (iii) as soon as the Company becomes aware of the issuance or
threatened issuance by the SEC of any stop order suspending or threatening to suspend the effectiveness of a Registration Statement covering the Registrable Securities or (iv) of the receipt by the Company of any notification with respect to
the suspension of the qualification or exemption from qualification of any Registrable Securities for sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose. 

  
 18 

 (f) (i) The Registering Stockholders holding a majority of the Registrable Securities to be
included in a Demand Registration or intended to be sold pursuant to a Public Offering pursuant to a “take down” under a Shelf Registration shall have the right to select an underwriter or underwriters in connection with any Public
Offering resulting from the exercise of a Demand Registration or a Shelf Registration (which underwriter or underwriters may include any Affiliate of any Stockholder Group so long as including such Affiliate would not require that the separate
engagement of a qualified independent underwriter with respect to such offering), subject to the Company’s approval (which shall not be unreasonably withheld, conditioned or delayed) and (ii) the Company shall select an underwriter or
underwriters in connection with any other Public Offering. In connection with any Public Offering, the Company shall enter into customary agreements (including an underwriting agreement in customary form) and take all other actions as are reasonably
required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including, if required, the engagement of a “qualified independent underwriter” in connection with the qualification of
the underwriting arrangements with FINRA. 
 (g) Upon execution of confidentiality agreements in form and substance reasonably satisfactory
to the Board, the Company shall make available for inspection by any Stockholder Group and any underwriter participating in any disposition pursuant to a Registration Statement being filed by the Company pursuant to this Section 2.05 and
any attorney, accountant or other professional retained by any such Stockholder Group or underwriter (collectively, the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company
(collectively, the “Records”) as shall be reasonably necessary or desirable to enable them to exercise their due diligence responsibility, and cause the Company’s officers, directors and employees to supply all information
reasonably requested by any Inspectors in connection with such Registration Statement. Records that the Company determines, in good faith, to be confidential and that it notifies the Inspectors are confidential shall not be disclosed by the
Inspectors unless (i) the disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court
of competent jurisdiction, (iii) disclosure of such Records is necessary to comply with federal or state securities laws or the rules of any securities exchange or trading market on which the Common Stock is listed or traded or is otherwise
required by law, rule, regulation or legal process, (iv) the information in such Records was known to the Inspectors on a non-confidential basis prior to its disclosure by the Company or has been made generally available to the public,
(v) the information in such Records is or becomes available to the public other than as a result of disclosure by any Inspector in violation the confidentiality agreements or (vi) is or was independently developed by any Inspector without
the benefit of the information 

  
 19 

 
in such Records. Each Registering Stockholder agrees that information obtained by it as a result of such inspections shall be deemed confidential and shall not be used by it or its Affiliates for
any other purpose, including as the basis for any market transactions in any securities of the Company, unless and until such information is made generally available to the public. Each Registering Stockholder further agrees that, upon learning that
disclosure of such Records is sought in a court of competent jurisdiction, it shall, to the extent permitted by applicable law, give notice to the Company and allow the Company, at its expense, to undertake appropriate action to prevent disclosure
of the Records deemed confidential. 
 (h) The Company shall furnish to each Registering Stockholder and to each such underwriter, if any, a
signed counterpart, addressed to such Registering Stockholder or underwriter, of (i) an opinion or opinions of counsel to the Company and (ii) a comfort letter or comfort letters from the Company’s independent public accountants, each
in customary form and covering such matters of the kind customarily covered by opinions or comfort letters, as the case may be, any Registering Stockholder or the lead managing underwriter therefor reasonably requests. 

(i) The Company shall otherwise comply with all applicable rules and regulations of the SEC, and make available to its security holders, as
soon as reasonably practicable, an earnings statement or such other document that shall satisfy the provisions of Section 11(a) of the Securities Act and the requirements of Rule 158 thereunder. 

(j) The Company may require each Registering Stockholder promptly to furnish in writing to the Company such information regarding the
distribution of the Registrable Securities as the Company may from time to time reasonably request and such other information as may be reasonably required in connection with such registration. 

(k) Each Registering Stockholder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described
in Section 2.05(e), such Stockholder shall forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement (including any Shelf Registration) covering such Registrable Securities until such
Stockholder’s receipt of (i) copies of the supplemented or amended prospectus from the Company or (ii) further notice from the Company that distribution can proceed without an amended or supplemented prospectus, and, in the
circumstances described in clause (i), if so directed by the Company, such Stockholder shall deliver to the Company all copies, other than any permanent file copies then in such Stockholder’s possession, of the most recent prospectus
covering such Registrable Securities at the time of receipt of such notice. If the Company shall give such notice, the Company shall extend the period during which such registration statement shall be maintained effective (including the period
referred to in Section 2.05(a)) by the number of days during the period from and including the date of the giving of notice pursuant to Section 2.05(e) to the date when the Company shall (x) make available to such
Stockholder a prospectus supplemented or amended to conform with the requirements of Section 2.05(e) or (y) deliver to such Stockholder the notice described in clause (ii). 

  
 20 

 (l) The Company shall use its commercially reasonable efforts to list all Registrable Securities
of any class or series covered by such Registration Statement on any national securities exchange on which any of the Registrable Securities of such class or series are then listed or traded. 

(m) The Company shall have appropriate officers of the Company (i) upon reasonable request and at reasonable times prepare and make
presentations at any “road shows” and before analysts and rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable Securities and (iii) otherwise use its commercially reasonable efforts
to cooperate as requested by the underwriters in the offering, marketing or selling of the Registrable Securities. 
 (n) The Company shall
as soon as possible following its actual knowledge thereof, notify each Registering Stockholder: (i) when a prospectus, any prospectus supplement, a Registration Statement or a post-effective amendment to a Registration Statement has been filed
with the SEC, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective; (ii) of any request by the SEC or any other federal or state governmental authority for amendments or supplements
to a Registration Statement, a related prospectus (including a Free Writing Prospectus) or for any other additional information; or (iii) of the receipt by the Company of any notification with respect to the suspension of the qualification or
exemption from qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceedings for such purpose. 

(o) The Company shall reasonably cooperate with each Registering Stockholder and each underwriter participating in the disposition of such
Registrable Securities and their respective counsel in connection with any filings required to be made by FINRA. 
 (p) The Company shall
take all other steps reasonably necessary to effect the registration of such Registrable Securities and reasonably cooperate with the holders of such Registrable Securities to facilitate the disposition of such Registrable Securities. 

(q) The Company shall, within the deadlines specified by the Securities Act, make all required filings of all prospectuses (including any Free
Writing Prospectus) with the SEC and make all required filing fee payments in respect of any Registration Statement or related prospectus used under this Agreement (and any offering covered hereby). 

(r) The Company shall, if such registration is pursuant to a Registration Statement on Form S-3 or any similar short-form registration,
include in such Registration Statement such additional information for marketing purposes as the managing underwriter reasonably requests. 

  
 21 

 Section 2.06. Indemnification by the Company. The Company agrees to indemnify
and hold harmless each Registering Stockholder holding Registrable Securities covered by a Registration Statement, its partners, Affiliates, stockholders, members, officers, directors, employees and agents, and each Person, if any, who controls such
Registering Stockholder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, “Stockholder Parties”) from and against any and all losses, claims, damages,
liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses) (“Damages”) caused by or relating to any untrue statement or allegedly untrue statement of a
material fact contained in any Registration Statement or prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus or Free
Writing Prospectus relating to the Registrable Securities (including any information that has been deemed to be a part of any prospectus under Rule 159 under the Securities Act), or caused by or relating to any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that the Company shall not be liable to any Stockholder Party for any Damages that are caused by or related
to any such untrue statement or omission or alleged untrue statement or omission so made based upon information furnished in writing to the Company by or on behalf of such Registering Stockholder expressly for use therein. The Company also agrees to
indemnify and hold harmless any underwriters of the Registrable Securities, their respective officers and directors and each Person who controls any underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act on substantially the same basis as that of the indemnification of the Registering Stockholders provided in this Section 2.06. 

Section 2.07. Indemnification by Registering Stockholders. Each Registering Stockholder holding Registrable Securities included in
any Registration Statement agrees, severally but not jointly, to indemnify and hold harmless (i) the Company, (ii) each Person, if any, who controls the Company within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act, (iii) each other Registering Stockholder participating in any offering of Registrable Securities and (iv) the respective partners, Affiliates, stockholders, members, officers, directors, employees and
agents of each of the Persons specified in clauses (i) through (iii) from and against all Damages to the same extent as the foregoing indemnity from the Company to such Registering Stockholder, but only with respect to
information furnished in writing by or on behalf of such Registering Stockholder expressly for use in any Registration Statement or prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any preliminary
prospectus or Free Writing Prospectus relating to the Registrable Securities (including any information that has been deemed to be a part of any prospectus under 

  
 22 

 
Rule 159 under the Securities Act). Each Registering Stockholder also agrees to indemnify and hold harmless any underwriters of the Registrable Securities, their respective officers and directors
and each Person who controls any underwriter within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act on substantially the same basis as that of the indemnification of the Company and the other
Registering Stockholders provided in this Section 2.07. As a condition to including Registrable Securities in any Registration Statement filed in accordance with Article 2, the Company may require that it shall have received an
undertaking reasonably satisfactory to it from any underwriter to indemnify and hold it harmless to the extent customarily provided by underwriters with respect to similar securities and offerings. No Registering Stockholder shall be liable under
this Section 2.07 for any Damages in excess of the net proceeds realized by such Registering Stockholder in the sale of Registrable Securities of such Registering Stockholder to which such Damages relate. 

Section 2.08. Conduct of Indemnification Proceedings. If any proceeding (including any investigation by any governmental
authority) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to Section 2.06 or 2.07, such Person (an “Indemnified Party”) shall promptly notify the Person against whom
such indemnity may be sought (the “Indemnifying Party”) in writing and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume
the payment of all reasonable fees and expenses; provided that the failure of any Indemnified Party so to notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder except to the extent that the
Indemnifying Party is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such
Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) in the reasonable judgment of such Indemnified Party, representation of both parties by the
same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that, in connection with any proceeding or related proceedings in the same jurisdiction, the Indemnifying Party shall not be liable for
the fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed promptly after receipt of an invoice setting
forth such fees and expenses in reasonable detail. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement
of any proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless each Indemnified Party from and against any Damages
(to the extent obligated herein) by reason of such settlement or judgment. Without the prior written consent of each affected Indemnified Party, no Indemnifying Party shall effect any settlement of any pending or threatened proceeding in

  
 23 

 
respect of which such Indemnified Party is or could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional
release of such Indemnified Party from all liability arising out of such proceeding. 
 Section 2.09. Contribution. If
the indemnification provided for in Section 2.06 or 2.07 is unavailable to the Indemnified Parties or insufficient in respect of any Damages, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result of such Damages in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and the Indemnified Parties in connection with such actions
which resulted in such Damages, as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and the Indemnified Parties shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact has been made by, or relates to information supplied by, such Indemnifying Party or the Indemnified Parties
and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such action. 
 The
parties agree that it would not be just and equitable if contribution pursuant to this Section 2.09 were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations
referred to in the immediately preceding paragraph. The amount paid or payable by a party as a result of the Damages referred to in the preceding paragraph shall be deemed to include, subject to the limitations set forth in Sections 2.06 and
2.07, any legal or other expenses reasonably incurred by a party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 2.09, no Registering Stockholder shall be
required to contribute any amount in excess of the net proceeds (after deducting the underwriters’ discounts and commissions) received by such Registering Stockholder in the offering. No Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. Each Registering Stockholder’s obligation to contribute pursuant to this
Section 2.09 is several in the proportion that the proceeds of the offering received by such Registering Stockholder bears to the total proceeds of the offering received by all such Registering Stockholders and not joint. 

Section 2.10. Participation in Public Offering. No Stockholder may participate in any Public Offering hereunder unless such
Stockholder (i) agrees to sell such Stockholder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (ii) completes and executes
all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement in respect of registration rights.

  
 24 

 Section 2.11. Other Indemnification. Indemnification similar to that specified
herein (with appropriate modifications) shall be given by the Company and each Registering Stockholder participating therein with respect to any required registration or other qualification of securities under any federal or state law or regulation
or governmental authority other than the Securities Act. 
 Section 2.12. Cooperation by the Company. At any time
following the six-month anniversary of the Effective Date, if any Stockholder shall transfer, assign, sell, convey or otherwise dispose of any Registrable Securities pursuant to Rule 144, the Company shall reasonably cooperate (subject to the terms
and conditions of the Certificate of Incorporation) with such Stockholder, provide to such Stockholder such information as such Stockholder shall reasonably request and make publicly available information necessary to permit sales pursuant to Rule
144 for so long as necessary. 
 Section 2.13. Transfer of Registration Rights. None of the rights of any
Stockholder Group under this Article 2 shall be transferable or assignable by any Stockholder Group to any Person acquiring Company Securities in any Public Offering or any other registered offering or other transaction pursuant to a
prospectus which is a part of a Registration Statement or pursuant to Rule 144. The rights of a Stockholder Group hereunder may be transferred or assigned in connection with a transfer of Registrable Securities to (i) any Affiliate of a
Stockholder Group or (ii) any Person other than a Stockholder Group if at least 5% of the Common Stock is being transferred to such Person in a single transaction or a series of related transactions; provided, that, such Person shall not
have the right to transfer or assign any rights hereunder in connection with any subsequent transfer or transfers of any Registrable Securities to any Person other than a Stockholder Group. Notwithstanding the foregoing, such rights may only be
transferred or assigned if all of the following additional conditions are satisfied: (x) such transfer or assignment is effected in accordance with applicable securities laws and (y) the Company is given written notice by such transferor
of such transfer or assignment, stating the name and address of the transferee or assignee and identifying the amount of Registrable Securities with respect to which such rights are being transferred or assigned and (z) such transferee or
assignee executes and delivers to the Company an agreement to be bound by this Agreement in the form of Exhibit A. A transferee or assignee of Registrable Securities who satisfies the conditions set forth in this Section 2.13 shall
thenceforth be an “Angelo Gordon Stockholder,” a “JPMorgan Stockholder” or an “Oaktree Stockholder,” as applicable, for purposes of this Agreement. 

Section 2.14. Limitations on Subsequent Registration Rights. The Company agrees that it shall not enter into any agreement with
any holder or prospective holder of any securities of the Company (i) that would allow such holder or prospective holder to include such securities in any Demand Registration, Piggyback Registration or Shelf

  
 25 

 
Registration unless, under the terms of such agreement, such holder or prospective holder may include such securities in any such registration only to the extent that their inclusion would not
reduce the amount of the Registrable Securities of the Stockholder Group included therein or (ii) on terms otherwise more favorable in the aggregate than this Agreement. The Company also represents and warrants to each Stockholder Group that it
has not previously entered into any agreement with respect to any of its securities granting any registration rights to any Person with respect to the Registrable Securities. 

Section 2.15. Free Writing Prospectuses. Except for a prospectus relating to Registrable Securities included in a
Registration Statement, an “issuer free writing prospectus” (as defined in Rule 433 under the Securities Act) or other materials prepared by the Company, each Registering Stockholder represents and agrees that it (i) shall not make
any offer relating to the Registrable Securities that would constitute an issuer free writing prospectus or that would otherwise constitute a Free Writing Prospectus and (ii) has not distributed and will not distribute any written materials in
connection with the offer or sale pursuant to a Registration Statement of Registrable Securities without the prior written consent of the Company and, in connection with any Public Offering, the underwriters. 

Section 2.16. Information from Registering Stockholders; Obligations of Registering Stockholders. 

(a) It shall be a condition precedent to the obligations of the Company to include the Registrable Securities of any Registering Stockholder
that has requested inclusion of its Registrable Securities in any Registration Statement or related prospectus, as the case may be, that such Registering Stockholder shall take the actions described in this Section 2.16. 

(b) Each Registering Stockholder that has requested inclusion of its Registrable Securities in any Registration Statement shall
(i) furnish to the Company (as a condition precedent to such Registering Stockholder’s participation in such registration) in writing such information with respect to such Registering Stockholder, its ownership of Company Securities and
the intended method of disposition of its Registrable Securities as the Company may reasonably request or as may be required by law or regulations for use in connection with any related Registration Statement or prospectus (or amendment or
supplement thereto) and all information required to be disclosed in order to make the information previously furnished to the Company by such Registering Stockholder not contain a material misstatement of fact or necessary to cause such Registration
Statement or prospectus (or amendment or supplement thereto) not to omit a material fact with respect to such Registering Stockholder necessary in order to make the statements therein not misleading and (ii) comply with the Securities Act and
the Exchange Act and all applicable state securities laws and comply with all applicable regulations in connection with the registration and the disposition of Registrable Securities. 

  
 26 

 (c) Each Registering Stockholder shall promptly (i) following its actual knowledge thereof,
notify the Company of the occurrence of any event that makes any statement made in a Registration Statement, prospectus, issuer free writing prospectus or other Free Writing Prospectus regarding such Registering Stockholder untrue in any material
respect or that requires the making of any changes in a Registration Statement, Prospectus or Free Writing Prospectus so that, in such regard, it shall not contain any untrue statement of a material fact or omit any material fact required to be
stated therein or necessary to make the statements not misleading and (ii) provide the Company with such information as may be required to enable the Company to prepare a supplement or post-effective amendment to any such Registration Statement
or a supplement to such prospectus or Free Writing Prospectus. 
 (d) Each Registering Stockholder shall use commercially reasonable efforts
to cooperate with the Company in preparing the applicable Registration Statement and any related prospectus. 
 (e) Each Stockholder agrees
that no Stockholder shall be entitled to sell any Registrable Securities pursuant to a Registration Statement or to receive a prospectus relating thereto unless such Stockholder has furnished the Company with all information required to be included
in such Registration Statement by applicable securities laws in connection with the disposition of such Registrable Securities as reasonably requested by the Company. 

ARTICLE 3 

TERMINATION 

Section 3.01. Termination. This Agreement shall terminate on the 10th
anniversary of the date hereof; provided, however, that any Stockholder Group that ceases to own beneficially any Registrable Securities shall cease to be bound by the terms hereof other than (i) Sections 2.06, 2.07,
2.08, 2.09 and 2.11 applicable to such Stockholder Group with respect to any offering of Registrable Securities completed before the date such Stockholder Group ceased to own any Registrable Securities and (ii) Sections
4.01, 4.02 and 4.04 through 4.12. 
 ARTICLE 4 

MISCELLANEOUS 

Section 4.01. Successors and Assigns. (a) This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective heirs, successors, legal representatives and permitted assigns. 

  
 27 

 (b) Subject to Section 2.13, neither this Agreement nor any right, remedy, obligation
or liability arising hereunder or by reason hereof shall be assignable by any party. 
 (c) Nothing in this Agreement, expressed or implied,
is intended to confer on any Person other than the parties hereto, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

Section 4.02. Notices. All notices, requests and other communications to any party hereunder shall be in writing (including
facsimile or electronic transmission) and shall be given,  
 if to the Company to: 

Tribune Publishing Company 
 202
W. First Street 
 Los Angeles, CA 90012 

Attention: General Counsel 

Facsimile No.: (213) 237-4401 

With a copy to: 

Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, NY
10022 
 Attention: Peter J. Loughran, Esq. 

Facsimile No.: (212) 521-7375 

with a copy to each Stockholder Group at the address listed below. 

if to the JPMorgan Stockholder, to: 

Isolieren Holding Corp. 
 383
Madison Avenue 
 New York, NY 10179 

Attention: Marina S. Levin 

Email: marina.s.levin@jpmorgan.com 

No fax number 
 with a copy to:

 Davis Polk & Wardwell 

450 Lexington Avenue 
 New York,
NY 10017 
 Attention: Donald S. Bernstein 

Email: donald.bernstein@davispolk.com 

Facsimile No.: 212-701-5092 

  
 28 

 if to the Angelo Gordon Stockholder, to: 

Angelo Gordon & Co. L.P. 

245 Park Avenue, 26th Floor 
 New
York, NY 10167 
 Attention: Gavin Baiera 

Email: GBaiera@angelogordon.com 

Facsimile No.: (212) 867-6395 

with a copy to: 
 Paul, Weiss,
Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 

New York, NY 10019-6064 

Attention: Kenneth M. Schneider  

Email: kschneider@paulweiss.com 

Facsimile No: (212) 492-0303 

if to the Oaktree Stockholder, to: 

Oaktree Capital Management, L.P. 

333 South Grand Avenue, 29th Floor 

Los Angeles, CA 90071 
 Attention:
Ken Liang, Managing Director 
 Email: kliang@oaktreecapital.com 

Facsimile No.: (213) 830-8522 

with a copy to: 
 Paul, Weiss,
Rifkind, Wharton & Garrison LLP 
 1285 Avenue of the Americas 

New York, NY 10019-6064 

Attention: Kenneth M. Schneider  

Email: kschneider@paulweiss.com 

Facsimile No: (212) 492-0303 
 or such other
address, facsimile number or electronic mail address as such party may hereafter specify for the purpose by notice to the other parties hereto. All notices, requests and other communications shall be deemed received on the date of receipt by the
recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a 

  
 29 

 
Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of
receipt. Any Person that becomes a Stockholder shall provide its address, facsimile number or electronic mail address to the Company, which shall promptly provide such information to each other Stockholder. 

Section 4.03. Amendments and Waivers. Any provision of this Agreement may be amended or waived if, but only if, such
amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any
right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 Section 4.04.
Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to the choice of law or conflicts of law. 

Section 4.05. Jurisdiction. The parties hereby agree that any suit, action or proceeding seeking to enforce any provision
of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the United States District Court for the Southern District of New York or any New York State court sitting in
New York City, so long as one of such courts shall have subject matter jurisdiction over such suit, action or proceeding, and that any cause of action arising out of this Agreement shall be deemed to have arisen from a transaction of business in the
State of New York, and each of the parties hereby irrevocably consents to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent
permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of
process on such party as provided in Section 4.02 shall be deemed effective service of process on such party. 

Section 4.06. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY
IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 30 

 Section 4.07. Specific Enforcement. Each party hereto acknowledges that the
remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond, and in addition to all other remedies that may be
available, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other equitable remedy that may then be available. 

Section 4.08. Counterparts; Effectiveness; Third Party Beneficiaries. This Agreement may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement shall become effective when each initial party hereto shall have received a counterpart
hereof signed by all of the other initial parties hereto. Until and unless each initial party has received a counterpart hereof signed by the other initial parties hereto, this Agreement shall have no effect and no party shall have any right or
obligation hereunder (whether by virtue of any other oral or written agreement or other communication). No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations, or liabilities hereunder upon any Person other
than the parties hereto and their respective successors and assigns. 
 Section 4.09. Entire Agreement. This
Agreement, together with the Schedules and Exhibit hereto and any documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement among the parties with respect to the subject matter of this Agreement and
supersedes all prior agreements and understandings, both oral and written, among the parties hereto with respect to the subject matter of this Agreement. 

Section 4.10. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or
invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner so that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible. 

Section 4.11. Sophisticated Parties; Advice of Counsel. Each of the parties to this Agreement specifically acknowledges
that (i) it is a knowledgeable, informed, sophisticated Person capable of understanding and evaluating the provisions set forth in this Agreement and (ii) it has been fully advised and represented by legal counsel of its own independent
selection and has relied wholly upon its independent judgment and the advice of such counsel in negotiating and entering into this Agreement. 

  
 31 

 Section 4.12. Certificate of Incorporation Supersedes. Nothing in this
Agreement is intended to conflict with any provision of the Certificate of Incorporation and, in the event of any such conflict, the applicable provision of the Certificate of Incorporation shall supersede the conflicting provision of this
Agreement. Nothing in this Agreement is intended to limit or restrict in any manner whatsoever, the rights or powers of the Company under the Certificate of Incorporation and the exercise of any such right or power by the Company shall not be, and
shall not be construed to be, a breach or violation of, or a default under, this Agreement or any provision hereof. 

[Signature Pages Follow] 

  
 32 

 
							
	Very truly yours,
		
		 	TRIBUNE PUBLISHING COMPANY
			
		 	By:	 	 /s/ Julie Xanders

		 		 	Name:	 	Julie Xanders
		 		 	Title:	 	Secretary

  
 [Tribune Publishing
– Registration Rights Agreement Signature Page] 

 
					
	ISOLIEREN HOLDING CORP.
		
	By:	 	 /s/ Patrick Daniello

		 	Name:	 	Patrick Daniello
		 	Title:	 	Managing Director

  
 [Tribune Publishing
– Registration Rights Agreement Signature Page] 

 
					
	JAMES RIVER INSURANCE COMPANY
	By:	 	Angelo, Gordon & Co., L.P., as attorney-in-fact
		
	By:	 	 /s/ Bruce Martin

		 	Name:	 	Bruce Martin
		 	Title:	 	Managing Director
	
	SUMMER HILL FIXED INCOME AG, LLC
	By: Angelo, Gordon & Co., L.P., as attorney-in-fact
		
	By:	 	 /s/ Bruce Martin

		 	Name:	 	Bruce Martin
		 	Title:	 	Managing Director
	
	NORTHWOODS CAPITAL IV, LIMITED
	By: Angelo, Gordon & Co., L.P., its collateral manager
		
	By:	 	 /s/ Bruce Martin

		 	Name:	 	Bruce Martin
		 	Title:	 	Managing Director
	
	AG CAPITAL RECOVERY PARTNERS IV, L.P.
	 By: AG Capital Recovery IV LLC, its General Partner

By: Angelo, Gordon & Co., L.P., its Manager

		
	By:	 	 /s/ Thomas M. Fuller

		 	Name:	 	Thomas M. Fuller
		 	Title:	 	Authorized Signature

  
 [Tribune Publishing
– Registration Rights Agreement Signature Page] 

 
					
	AG CAPITAL RECOVERY PARTNERS VII, L.P.
	 By: AG Capital Recovery VII LLC, its General Partner

By: Angelo, Gordon & Co., L.P., its Manager

		
	By:	 	 /s/ Thomas M. Fuller

		 	Name:	 	Thomas M. Fuller
		 	Title:	 	Authorized Signature
	
	AGCR MASTER ACCOUNT LP
	 By: AG Capital Recovery V LLC, its General Partner

By: Angelo, Gordon & Co., L.P., its Manager

		
	By:	 	 /s/ Thomas M. Fuller

		 	Name:	 	Thomas M. Fuller
		 	Title:	 	Authorized Signature
	
	AG ELEVEN PARTNERS, L.P.
	 By: AG Eleven LLC, its General Partner

By: Angelo, Gordon & Co., L.P., its Manager

		
	By:	 	 /s/ Thomas M. Fuller

		 	Name:	 	Thomas M. Fuller
		 	Title:	 	Authorized Signature
	
	AG SUPER FUND, L.P.
	 By: AG Super LLC, its General Partner

By: Angelo, Gordon & Co., L.P., its Manager

		
	By:	 	 /s/ Michael L. Gordon

		 	Name:	 	Michael L. Gordon
		 	Title:	 	Authorized Signatory

  
 [Tribune Publishing
– Registration Rights Agreement Signature Page] 

 
					
	AG MM, L.P.
	 By: AG MM LLC, its General Partner

By: Angelo, Gordon & Co., L.P., its Manager

		
	By:	 	 /s/ Michael L. Gordon

		 	Name:	 	Michael L. Gordon
		 	Title:	 	Authorized Signatory
	
	AG SUPER FUND INTERNATIONAL PARTNERS, L.P.
	 By: AG Super Fund International LLC, its General Partner

By: Angelo, Gordon & Co., L.P., its Manager

		
	By:	 	 /s/ Michael L. Gordon

		 	Name:	 	Michael L. Gordon
		 	Title:	 	Authorized Signatory
	
	NUTMEG PARTNERS, L.P.
	 By: Nutmeg Partners LLC, its General Partner

By: Angelo, Gordon & Co., L.P., its Manager

		
	By:	 	 /s/ Michael L. Gordon

		 	Name:	 	Michael L. Gordon
		 	Title:	 	Authorized Signatory
	
	AG PRINCESS, LP
	 By: AG Princess LLC, its General Partner

By: Angelo, Gordon & Co., L.P., its Manager

		
	By:	 	 /s/ Michael L. Gordon

		 	Name:	 	Michael L. Gordon
		 	Title:	 	Authorized Signatory

  
 [Tribune Publishing
– Registration Rights Agreement Signature Page] 

 
					
	AG GLOBAL DEBT STRATEGY PARTNERS, L.P.
	By: AG Global Debt Strategy LLC, its General Partner
	By: Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Bruce Martin

		 	Name:	 	Bruce Martin
		 	Title:	 	Managing Director
	
	AG DIVERSIFIED CREDIT STRATEGIES MASTER, L.P.
	 By: AG Diversified Credit Strategies GP LLC, its General Partner

By: Angelo, Gordon & Co., L.P., its Manager

		
	By:	 	 /s/ Bruce Martin

		 	Name:	 	Bruce Martin
		 	Title:	 	Managing Director
	
	AG CENTRE STREET PARTNERSHIP, L.P.
	 By: AG Centre Street GP LLC, its General Partner

By: Angelo, Gordon & Co., L.P., its Manager

		
	By:	 	 /s/ Thomas M. Fuller

		 	Name:	 	Thomas M. Fuller
		 	Title:	 	Authorized Signature
	
	AG CNG FUND, L.P.
	 By: AG CNG LLC, its General Partner

By: Angelo, Gordon & Co., L.P., its Manager

		
	By:	 	 /s/ Michael L. Gordon

		 	Name:	 	Michael L. Gordon
		 	Title:	 	Authorized Signatory

  
 [Tribune Publishing
– Registration Rights Agreement Signature Page] 

 
					
	PHS PATRIOT FUND, L.P.
	By: PHS Patriot Fund LLC, its General Partner
	By: Angelo, Gordon & Co., L.P., its Manager
		
	By:	 	 /s/ Michael L. Gordon

		 	Name:	 	Michael L. Gordon
		 	Title:	 	Authorized Signatory

  
 [Tribune Publishing
– Registration Rights Agreement Signature Page] 

 
					
	OAKTREE TRIBUNE, L.P.
	By: Oaktree AIF Investments, L.P., its General Partner
		
	By:	 	 /s/ Lisa Arakaki

		 	Name:	 	Lisa Arakaki
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Jeffrey Joseph

		 	Name:	 	Jeffrey Joseph
		 	Title:	 	Authorized Signatory

  
 [Tribune Publishing
– Registration Rights Agreement Signature Page] 

 EXHIBIT A 

JOINDER TO REGISTRATION RIGHTS AGREEMENT 

This Joinder Agreement (this “Joinder Agreement”) is made as of the date written below by the undersigned (the
“Joining Party”) in accordance with the Registration Rights Agreement dated as of             , 20     (the “Registration Rights
Agreement”) among Tribune Publishing Company and the other parties thereto, as the same may be amended from time to time. Capitalized terms used, but not defined, herein shall have the meaning ascribed to such terms in the Registration
Rights Agreement. 
 The Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Joinder Agreement, the
Joining Party shall be deemed to be a party to the Registration Rights Agreement as of the date hereof and shall have all of the rights and obligations of a “Stockholder” thereunder as if it had executed the Registration Rights Agreement.
The Joining Party hereby ratifies, as of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the Registration Rights Agreement. 

IN WITNESS WHEREOF, the undersigned has executed this Joinder Agreement as of the date written below. 

Date:             ,
             
  

			
	[NAME OF JOINING PARTY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	Address for Notices:

 Schedule 1 

JPMorgan Parties 

Isolieren Holding Corp. 

 Schedule 2 

Angelo Gordon Funds 

James River Insurance Company 

Summer Hill Fixed Income AG, LLC 

Northwoods Capital IV, Limited 

AG Capital Recovery Partners VI, L.P. 

AG Capital Recovery Partners VII, L.P. 

AGCR V Master Account LP 
 AG
Eleven Partners, L.P. 
 AG Super Fund, L.P. 

AG MM, L.P. 
 AG Super Fund
International Partners, L.P. 
 Nutmeg Partners, L.P. 

AG Princess, LP 
 AG Global Debt
Strategy Partners, L.P. 
 AG Diversified Credit Strategies Master, L.P. 

AG Centre Street Partnership, L.P. 

AG CNG Fund, L.P. 
 PHS Patriot
Fund, L.P. 

 Schedule 3 

Oaktree Funds 
 Oaktree
Tribune, L.P.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}]]