Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

EMPLOYEE MATTERS AGREEMENT 

BY AND AMONG MEREDITH CORPORATION, 

MEREDITH HOLDINGS CORPORATION, and 

GRAY TELEVISION, INC. 

Dated May 3, 2021 
  

 EMPLOYEE MATTERS AGREEMENT 

This EMPLOYEE MATTERS AGREEMENT (this “Agreement”), dated as of May 3, 2021, is by and among Meredith Holdings
Corporation, an Iowa corporation (“SpinCo”), Meredith Corporation, an Iowa corporation (the “Company” or “RemainCo”), and Gray Television, Inc., a Georgia corporation (“Parent”).
Each of SpinCo, the Company, and Parent is sometimes referred to herein as a “Party” and, collectively, as the “Parties.” 

W I T N E S S E T H: 
 WHEREAS,
the Company, Parent, and Gray Hawkeye Stations, Inc., a Delaware corporation (“Merger Sub”), have entered into that certain Agreement and Plan of Merger, dated as of May 3, 2021 (the “Merger Agreement”),
providing for, among other things, the merger of the Company with and into Merger Sub, with the Company surviving such merger (the “Merger”) as a wholly-owned Subsidiary of Parent; 

WHEREAS, in furtherance thereof the Company, SpinCo and Parent have entered into that certain Separation and Distribution Agreement, dated as
of as of May 3, 2021 (the “Separation Agreement”); 
 WHEREAS, as contemplated by the Separation Agreement, the
Company and SpinCo desire to enter into this Agreement to provide for the allocation of assets, Liabilities (as defined below), and responsibilities with respect to certain matters relating to employees, individual independent contractors and
Directors (as defined below) (including employee compensation and benefit plans and programs) between them. 
 NOW, THEREFORE, the Parties,
intending to be legally bound, agree as follows: 
 ARTICLE I 

DEFINITIONS 

Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Separation Agreement. For purposes of this
Agreement, the following terms shall have the following meanings: 
 1.1 “2004 Plan” means the Amended and Restated Meredith
Corporation 2004 Stock Incentive Plan. 
 1.2 “2014 Plan” means the Meredith Corporation 2014 Stock Incentive Plan. 

1.3 “Adjusted Company Awards” means the Adjusted Company Options, the Adjusted Company RSUs and the Adjusted Company
Share-Based Awards. 
 1.4 “Adjusted Company Option” has the meaning set forth in Section 5.2(a)(i). 

1.5 “Adjusted Company RSU” has the meaning set forth in Section 5.2(c)(ii). 

  
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 1.6 “Annual Management Incentive Plan” means the Meredith Corporation
short-term incentive plan. 
 1.7 “Cash LTIP” means the Meredith Corporation cash based long-term incentive plan. 

1.8 “CBAs” has the meaning set forth in Section 2.7. 

1.9 “Closing Company Stock Price” has the meaning set forth in Section 5.2(a)(i)(2). 

1.10 “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. 
 1.11
“Code” means the Internal Revenue Code of 1986, as amended, or any successor federal income tax law. Reference to a specific Code provision also includes any proposed, temporary, or final regulation in force under that provision.

 1.12 “Company Defined Contribution Plan” means the Meredith Corporation Savings and Investment Plan. 

1.13 “Company Equity Plans” means the 2004 Plan, 2014 Plan and the Company Plan for
Non-Employee Directors, each as amended from time to time. 
 1.14 “Company FSAs”
has the meaning set forth in Section 4.3. 
 1.15 “Company Health and Welfare Plans” means the Meredith Corporation
Consolidated Health and Welfare Plan, and any health and welfare plans sponsored and maintained by any of its Subsidiaries immediately prior to the Time of Distribution which provide group health, life, dental, accidental death and dismemberment,
health care reimbursements, dependent care assistance and disability benefits. 
 1.16 “Company Replacement Plan” means the
Meredith Corporation Replacement Benefit Plan, amended and restated as of January 1, 2001. 
 1.17 “Company Retirement Income
Plan” means the Meredith Corporation Employees’ Retirement Income Plan, or “Cash Balance Plan,” as amended and restated effective as of December 31, 2020. 

1.18 “Company Retirement Plans” means the Company Retirement Income Plan, the Company Replacement Plan and the Meredith
Corporation Company Supplemental Plan. 
 1.19 “Company Supplemental Plan” means the Meredith Corporation Supplemental
Benefit Plan, amended and restated as of January 1, 2001. 
 1.20 “Deferred Compensation Plans” means the Meredith
Corporation Deferred Compensation Plan and the Time Inc. Deferred Compensation Plans. 
 1.21 “Director” means a member of
the Board of Directors of the Company. 

  
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 1.22 “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. Reference to a specific provision of ERISA also includes any proposed, temporary, or final regulation in force under that provision. 

1.23 “Former Company Service Provider” means any individual whose employment or, in the case of an individual independent
contractor or Director, service with Meredith Corporation or any of its respective Subsidiaries and Affiliates is or was terminated for any reason before the Time of Distribution, including all Former RemainCo Service Providers and Former SpinCo
Service Providers. 
 1.24 “Former RemainCo Service Provider” means any Former Company Service Provider who was previously a
RemainCo Service Provider or would have been a RemainCo Service Provider based on the services performed prior to termination. 
 1.25
“Former SpinCo Service Provider” means any Former Company Service Provider who is not a Former RemainCo Service Provider. 

1.26 “Time Inc. Deferred Compensation Plans” mean the Deferred Compensation Plans assumed by the Company from Time Inc.,
including provisions applicable to amounts deferred prior to January 1, 2005. 
 1.27 “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. 

1.28 “Meredith Corporation Deferred Compensation Plan” means the Meredith Corporation Deferred Compensation Plan, as amended
and restated effective January 1, 2014, and amended as of December 31, 2020. 
 1.29 “Opening Company Stock Price”
has the meaning set forth in Section 5.2(a)(i)(2). 
 1.30 “Opening SpinCo Stock Price” has the meaning set forth in
Section 5.2(a)(i)(2). 
 1.31 “Option” when immediately preceded by “Company,” means an option to
purchase shares of Company Common Stock granted by the Company prior to the Time of Distribution pursuant to a Company Equity Plan and, when immediately preceded by “SpinCo,” means an option to purchase shares of SpinCo Common
Stock, which option is granted pursuant to the SpinCo Long Term Incentive Plan as part of the adjustment to Company Options as set forth in Section 5.2. 

1.32 “Plan,” when immediately preceded by “Company,” means any plan, policy, program, payroll practice, on-going arrangement, contract, trust, insurance policy or other agreement or funding vehicle (including a Company Health and Welfare Plan, the Company Defined Contribution Plan and the Company Retirement Plan) for
which the eligible classes of participants include current and/or former Directors and employees of the Company or its Subsidiaries (which may include current or former employees of SpinCo Group Members prior to the Time of Distribution) (and their
eligible dependents), and when immediately preceded by “SpinCo,” means any plan, policy, program, payroll practice, on-going arrangement, contract,

  
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trust, insurance policy or other agreement or funding vehicle (including a SpinCo Health and Welfare Plan) for which the eligible classes of participants are limited to current and former
employees (and their eligible dependents) of SpinCo or a SpinCo Group Member, notwithstanding that former Company employees may have vested accrued benefits or other rights under a Plan. 

1.33 “RemainCo Business” means the business and operations conducted by the Local Media Group segment of the Company and its
Subsidiaries, which owns and operates the broadcast television stations set forth on Schedule 1.1(b) of the Separation Agreement, prior to the Time of Distribution, provided, that for the avoidance of doubt, the RemainCo Business shall
not include the business of operations conducted by the National Media Group segment of the Company and its Subsidiaries prior to the Time of Distribution. 

1.34 “RemainCo Group” means, individually or collectively, as the case may be, RemainCo and RemainCo Group Members. 

1.35 “RemainCo Group Member” means RemainCo and any entity that will be an Affiliate or Subsidiary of RemainCo immediately
after the Effective Time. 
 1.36 “RemainCo Participant” means any individual who is a RemainCo Service Provider or a Former
RemainCo Service Provider, and any beneficiary, dependent, or alternate payee of such individual, as the context requires. 
 1.37
“RemainCo Service Provider” means (i) any individual who primarily provides services to the RemainCo Business and, as of immediately prior to the Time of Distribution, is employed by or is an individual independent contractor
for the Company or any of its Subsidiaries, including any individual on a leave of absence or on short-term disability and (ii) the individuals set forth on Schedule 1.37. 

1.38 “Restricted Stock Unit,” when immediately preceded by “Company,” means a unit granted by the Company prior to
the Time of Distribution pursuant to a Company Equity Plan representing a general unsecured promise by the Company to deliver a share of Company Common Stock (or its cash value), including those deferred under a Deferred Compensation Plan and when
immediately preceded by “SpinCo,” means a unit granted by SpinCo representing a general unsecured promise by SpinCo to deliver a share of SpinCo Common Stock (or its cash value), which unit is granted pursuant to the SpinCo Long
Term Incentive Plan as part of the adjustment to the Company Restricted Stock Units as set forth in Section 5.2. 
 1.39
“Retained Deferred Equity Awards” has the meaning set forth in Section 5.2(c)(ii). 
 1.40 “Share-Based
Awards” when immediately preceded by “Company,” means each share of the Company’s restricted stock and each right of any kind, contingent or accrued, to receive shares of Common Stock or benefits measured in whole or
in part by the value of a number of shares of Common Stock granted by the Company outstanding immediately prior to the Effective Time (including any stock equivalent units), other than Company Stock Options and Company Restricted Stock Units and
when immediately preceded by “SpinCo,” means any such award granted by SpinCo representing a general unsecured promise by SpinCo to deliver shares of SpinCo Common Stock granted pursuant to the SpinCo Long Term Incentive Plan as
part of the adjustment to the Company Share-Based Awards as set forth in Section 5.2. 

  
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 1.41 “SpinCo Group” means, individually or collectively, as the case may
be, SpinCo and SpinCo Group Members. 
 1.42 “SpinCo Group Member” means SpinCo and any entity that will be an Affiliate or
Subsidiary of SpinCo immediately after the Effective Time. 
 1.43 “SpinCo Health and Welfare Plan” means the health and
welfare plans sponsored and maintained by SpinCo or any of its Subsidiaries which provide group health, life, dental, accidental death and dismemberment, health care reimbursements, dependent care assistance and disability benefits. 

1.44 “SpinCo Long Term Incentive Plan” means the new SpinCo Long Term Incentive Compensation Plan adopted by SpinCo prior to
the Time of Distribution. 
 1.45 “SpinCo Participant” means any individual who is a SpinCo Service Provider or a Former
SpinCo Service Provider (excluding any RemainCo Service Provider or Former RemainCo Service Provider), and any beneficiary, dependent, or alternate payee of such individual, as the context requires. 

1.46 “SpinCo Service Provider” means any individual who as of immediately prior to the Time of Distribution, is employed by,
is an individual independent contractor for, or is a Director of, the Company or any of its Subsidiaries, including any individual on a leave of absence or on short-term or long-term disability; provided, however, that no RemainCo Service Provider
constitutes a SpinCo Service Provider. 
 1.47 “Tax Matters Agreement” means that certain Tax Matters Agreement, dated on or
about the date hereof, by and between the parties hereto. 
 1.48 “Transition Services Agreement” means that certain
Transition Services Agreement, dated on or about the date hereof, by and between the parties hereto. 
 ARTICLE II 

TRANSFER OF SPINCO SERVICE PROVIDERS; GENERAL PRINCIPLES 

2.1 Transfer of Employment and Service of Certain SpinCo Service Providers. The Company and SpinCo will each use reasonable best
efforts to cause the employment of or, with respect to individual independent contractors, the engagement of, (i) each SpinCo Service Provider who is not employed by or, with respect to an individual independent contractor or Director, engaged
by a SpinCo Group Member as of the date hereof; and (ii) any RemainCo Service Provider who is receiving benefits under a SpinCo Plan during any applicable approved leave of absence including on short-term disability at the Time of Distribution
set forth on Schedule 2.1 (the “LOA RemainCo Employees”) to be transferred to a SpinCo Group Member prior to the Time of Distribution. In accordance with the Merger Agreement, the Company, SpinCo and its Subsidiaries, and any SpinCo
Entities agree to cooperate with the transition of any RemainCo Service Providers or benefit plan matters with respect to the RemainCo Service Providers, including providing any background, personnel files, or other information that may be requested
by the Parent or Merger Sub. 

  
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 2.2 Assumption and Retention of Liabilities. 

(a) The Company and SpinCo intend that all employment-related and, with respect to individual independent contractors or Directors,
service-related Liabilities and rights associated with SpinCo Participants are to be assumed by SpinCo or a SpinCo Group Member, in each case, except as specifically set forth herein. Accordingly, as of the Time of Distribution, SpinCo or another
member of the SpinCo Group hereby retains or assumes and agrees to pay, perform, fulfill, and discharge, except as expressly provided in this Agreement, (i) all Liabilities and rights arising under or related to the Company Plans and the SpinCo
Plans with respect to any SpinCo Participant or Former SpinCo Participant, (ii) all employment or service-related Liabilities (including Liabilities relating to transfer of employment or service, terminations of employment or service and any
deemed termination of employment or service) and rights with respect to all SpinCo Participants and (iii) any other Liabilities expressly transferred to SpinCo or a SpinCo Group member under this Agreement. In accordance with Section 7.2
hereof, SpinCo shall indemnify and hold harmless the Company and each RemainCo Group Member against any Liabilities or obligations allocated to, or retained or assumed by, SpinCo or any member of the SpinCo Group pursuant to this Agreement. Any and
all Liabilities relating to any RemainCo Service Providers and Former RemainCo Service Providers, in each case except as specifically set forth herein, shall not be assumed by SpinCo and shall remain with and be retained by RemainCo. 

(b) SpinCo shall use reasonable best efforts to cause any severance eligible Former RemainCo Employees (the “Severance Eligible Former
RemainCo Employees”) and any LOA RemainCo Employees to remain on the applicable SpinCo Plan for the remainder of the applicable severance period or leave of absence, subject to reimbursement by the Company as set forth herein and in the
Transition Services Agreement. SpinCo shall also use reasonable best efforts to cause any Former RemainCo Service Provider who is on SpinCo’s long-term disability plan, set forth on Schedule 2.2 (the “LTD Eligible RemainCo
Employees”) to remain on such Plan after the Time of Distribution subject to reimbursement by the Company as set forth herein. Notwithstanding the foregoing, all Liabilities associated with the Severance Eligible Former RemainCo Employees
and the LTD Eligible RemainCo Employees, except in connection with each such Severance Eligible RemainCo Employee and/or LTD Eligible Former RemainCo Employee remaining on the applicable SpinCo Plan, shall not be assumed by SpinCo and shall remain
with and be retained by the Company. The Company will use reasonable best efforts to cause the LOA RemainCo Employees to become Continuing Employees (as defined in the Merger Agreement) after the applicable leave of absence expires and, except
in connection with each such LOA RemainCo Employees remaining on the applicable SpinCo Plan, all Liabilities associated with the LOA RemainCo Employees shall not be assumed by SpinCo and shall remain with and be retained by the Company. 

2.3 Sponsorship of the SpinCo Plans. 

(a) Except as otherwise provided herein, effective no later than immediately prior to the Time of Distribution, the Company and SpinCo shall
take such actions (if any) as are required to cause SpinCo or a SpinCo Group Member to assume sponsorship of, each Company Plan and each SpinCo Plan and for the Company to transfer and assign sponsorship of all Company Plans to SpinCo or a SpinCo
Group Member. 

  
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 (b) The transfer and assignment of sponsorship of the Company Plans to SpinCo or a SpinCo
Group Member pursuant to this Section 2.3, Article III or other provisions of this Agreement is not intended to transfer or assign ultimate responsibility for the assets and Liabilities associated with the Company Plans with respect to any
RemainCo Participants in a different manner from which they are allocated pursuant to Section 2.2, Article III or other provisions of this Agreement. 

2.4 Reimbursements. From time to time after the Time of Distribution, the Parties shall promptly reimburse one another, upon reasonable
request of the Party requesting reimbursement and the presentation by such Party of such substantiating documentation as the other Party shall reasonably request, for the cost of any Liabilities satisfied or assumed by the Party requesting
reimbursement or its Affiliates that are, pursuant to this Agreement, the responsibility of the other Party or any of its Affiliates. 
 2.5
Approval of Plan. (i) Prior to the Time of Distribution, the Company shall cause SpinCo to adopt the SpinCo Long Term Incentive Plan and (ii) at or prior to the Time of Distribution, the Company and SpinCo shall take all actions
(including actions taken by the Company and/or any of its direct or indirect Subsidiaries as shareholder(s) of SpinCo) as may be necessary or applicable to approve the SpinCo Long Term Incentive Plan and any
non-qualified deferred compensation plan under which equity awards may be granted or will be outstanding after the Time of Distribution in order to satisfy the requirements of the applicable rules and
regulations of the NYSE. 
 2.6 Delivery of Shares; Registration Statement. From and after the Time of Distribution, SpinCo shall have
sole responsibility for delivery of shares of SpinCo Common Stock pursuant to awards issued under a SpinCo Plan in satisfaction of any obligations to deliver such shares under the SpinCo Plans and shall do so without compensation from any RemainCo
Group Member. SpinCo shall cause a registration statement on Form S-8 (or other appropriate form) to be filed with respect to such issued or issuable shares prior to the Time of Distribution and shall cause
such registration to remain in effect for so long as there may be an obligation to deliver SpinCo shares under such SpinCo Plans. 
 2.7
Labor Relations. To the extent required by applicable Law or any agreement with a labor union or similar employee organization, SpinCo shall, or shall cause the applicable member of the SpinCo Group to, provide notice, engage in consultation
and take any similar action which may be required on its part in connection with the consummation of the transactions contemplated by the Separation Agreement. Effective no later than immediately prior to the Time of Distribution, (a) SpinCo
shall, or shall cause the applicable member of the SpinCo Group to, assume the collective bargaining agreements (collectively, the “CBAs”) that cover SpinCo Participants (including the obligation to honor the terms and conditions
thereof and any obligations thereunder requiring a successor to recognize a particular labor union as authorized representative and bargaining agent of an employee group or for any other purpose), (b) SpinCo (or the applicable member of the SpinCo
Group) shall be the “Employer” for purposes of each such CBA, and (c) the SpinCo Group shall have sole responsibility for all Liabilities arising under or related to the CBAs. 

  
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 2.8 Assumption of Employment Agreements. Effective no later than immediately prior to
the Time of Distribution, the Company shall assign to SpinCo or a SpinCo Group Member, and the Company and SpinCo shall take such actions (if any) as are required to cause SpinCo or a SpinCo Group Member to assume, all employment agreements,
individual supplemental benefit agreements and other individual agreements entered into between a SpinCo Participant and the Company or any of its Subsidiaries. In addition, nothing in the Separation Agreement or this Agreement shall be construed to
change the at-will status of any Company or SpinCo employee. 
 2.9 Retention. SpinCo shall be
responsible for the payment of any retention bonus to any RemainCo Services Provider under any retention agreement between the Company and any such RemainCo Services Provider as described on Section 5.1 of the Company Disclosure Letter to the
Merger Agreement who remained employed with the Company through immediately prior to the Time of Distribution. 
 ARTICLE III 

DEFERRED COMPENSATION PLANS 

3.1 Company Defined Contribution Plan. Effective no later than immediately prior to the Time of Distribution, the Company and SpinCo
shall take such actions (if any) as are required to cause SpinCo or a SpinCo Group Member to assume sponsorship of the Company Defined Contribution Plan and for the Company to transfer and assign sponsorship of, and all assets and Liabilities with
respect to, the Company Defined Contribution Plan to SpinCo or a SpinCo Group Member; provided that, if the Company Defined Contribution Plan is amended to provide for a matching contribution on behalf of RemainCo Service Providers who incur a
Severance from Employment, as defined in the Company Defined Contribution Plan, prior to December 31, 2021, the Company shall retain Liabilities to fund such matching contributions for such RemainCo Service Providers. If, and to the extent,
investments under such Plan are comprised of Company Common Stock, SpinCo shall determine the extent to which and when Company Common Stock shall cease to be an investment alternative thereunder. The Company, Parent, SpinCo, and any other Parties
will take all actions necessary to provide for the rollover of any eligible RemainCo Service Provider employee accounts and employee loans into a defined contribution plan sponsored by Parent or its subsidiaries for the benefit of such RemainCo
Service Providers who otherwise meet the eligibility criteria of such plan. 
 3.2 Company Retirement Plans. Effective no later than
immediately prior to the Time of Distribution, the Company and SpinCo shall take such actions (if any) as are required to cause SpinCo or a SpinCo Group Member to assume sponsorship of the Company Retirement Plans, and for the Company to transfer
and assign sponsorship of, the Company Retirement Plans to SpinCo or a SpinCo Group Member, except with respect to Company Retirement Plan assets and liabilities attributable to the accrued benefits of union participants who are RemainCo Service
Providers and Former RemainCo Service Providers (the “RemainCo Union Participants”) that, around the Time of Distribution, may be spun out to a pension plan sponsored by the Company for the benefit of such RemainCo Union Participants. Such
spinoff will be subject to reasonable actuarial assumptions as agreed to by the Parties and in compliance with applicable Law. The Company and SpinCo or a SpinCo Group Member, as applicable, shall file all required notices with the PBGC with respect
to all actions taken pursuant to this Section 3.2. 

  
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 3.3 Non-Qualified Deferred Compensation
Plans. Except as provided in Section 5.2, effective no later than immediately prior to the Time of Distribution, the Company and SpinCo shall take such actions (if any) as are required to cause SpinCo or a SpinCo Group Member to assume
sponsorship of, the Deferred Compensation Plans and for the Company to transfer and assign sponsorship of the Deferred Compensation Plans to SpinCo or a SpinCo Group Member For purposes of determining when a distribution is required from the SpinCo
Plans described in this Section 3.3, SpinCo Service Providers who were participants in such plans will be treated as not having experienced a separation from service until such employees have separated from service from all SpinCo Group
Members. RemainCo Service Providers who were participants in such plans will be considered to experience a separation from service for distribution purposes at the time of such transfer and assignment of the Deferred Compensation Plans to SpinCo or
a SpinCo Group Member. For the avoidance of doubt, RemainCo will reimburse SpinCo for any Liabilities incurred by SpinCo for the provision of benefits to RemainCo Service Providers under this Section 3.3 in accordance with Section 2.4.

 3.4 Multiemployer Pension Plan. As Parent and/or RemainCo shall remain the “Employer” for purposes of any CBA that SpinCo
does not assume pursuant to Section 2.7, Parent and RemainCo shall be responsible for making all required payments, or causing the RemainCo Group Member to make all such required payments, to all multiemployer pension plans, including but not
limited to the AFTRA Retirement Plan, in which a RemainCo Service Provider participates, from and after the Closing, and for paying any withdrawal liability that may arise in the future with respect to any such multiple employer plans. Parent
and RemainCo shall indemnify and hold harmless SpinCo from and against any liabilities which may be incurred or suffered (i) under the CBAs arising out of, or relating to, any material violations Parent and/or RemainCo incurred on or after the
Closing, (ii) as a result of any withdrawal liability from any such multiple employer plan on or after the consummation of the Transaction. 

ARTICLE IV 
 HEALTH
AND WELFARE PLANS 
 4.1 Cessation of Participation in Company Health and Welfare Plans. Prior to the Time of Distribution,
SpinCo shall assume and the Company shall assign to SpinCo the Company Health and Welfare Plans. The transfer of employment from the Company to SpinCo or a SpinCo Group Member prior to or as of the Time of Distribution shall not be treated as a
“status change” with respect to any SpinCo Participant under the Company Health and Welfare Plans. SpinCo will assume full responsibility for all retiree health and welfare benefits and associated Liabilities, including any benefits
covering former RemainCo Service Providers, subject to reimbursement by the Company as set forth herein and in the Transition Services Agreement. 

  
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 4.2 Allocation of Health and Welfare Plan Liabilities. All outstanding Liabilities
relating to, arising out of or resulting from health and welfare coverage or claims incurred by or on behalf of SpinCo Participants or Former SpinCo Service Providers or their covered dependents under the Company Health and Welfare Plans or the
SpinCo Health and Welfare Plans on, before or after the Time of Distribution shall be assumed or retained, as applicable, by SpinCo upon the Time of Distribution. All outstanding Liabilities relating to, arising out of or resulting from health and
welfare coverage or claims incurred by or on behalf of RemainCo Participants or Former RemainCo Service Providers or their covered dependents under the Company Health and Welfare Plans or the RemainCo Health and Welfare Plans, on, before or after
the Time of Distribution, including claims liabilities under a union-sponsored Health and Welfare Plan shall be assumed or retained, as applicable, by RemainCo upon the Time of Distribution. For the avoidance of doubt, RemainCo will reimburse SpinCo
for any such Liabilities incurred by SpinCo in accordance with Section 2.4. 
 4.3 Flexible Spending Plan Treatment. Effective no
later than immediately prior to the Time of Distribution, the Company and SpinCo shall take such actions (if any) as are required to cause SpinCo or a SpinCo Group Member to assume sponsorship of, and all assets and Liabilities with respect to,
dependent care and medical care flexible spending accounts (the “Company FSAs”) and for the Company to transfer and assign sponsorship of, and all assets and Liabilities with respect to, Company FSAs to SpinCo or a SpinCo Group
Member. The transfer of employment from the Company to SpinCo or a SpinCo Group Member prior to or as of the Time of Distribution shall not be treated as a “status change” with respect to any SpinCo Participant under the Company Health and
Welfare Plans. 
 4.4 Workers’ Compensation Liabilities. All workers’ compensation Liabilities relating to, arising out of,
or resulting from any claim by SpinCo Participants that result from an accident or from an occupational disease which is incurred or becomes manifest, as the case may be, on or before the Time of Distribution and while such individual was employed
by the Company or its Subsidiaries or by SpinCo or any SpinCo Group Member shall be assumed or retained, as applicable, by SpinCo or a SpinCo Group Member as of the Time of Distribution. SpinCo and each SpinCo Group Member shall also be solely
responsible for all workers’ compensation Liabilities relating to, arising out of, or resulting from any claim incurred for a compensable injury sustained by a SpinCo Participant that results from an accident or from an occupational disease
which is incurred or becomes manifest, as the case may be, after the Time of Distribution. The Company, each RemainCo Group Member, SpinCo and each SpinCo Group Member shall cooperate with respect to any notification to appropriate governmental
agencies of the disposition and the issuance of new, or the transfer of existing, workers’ compensation insurance policies and claims handling contracts. 

4.5 Payroll Taxes and Reporting. The Company and SpinCo (i) shall, to the extent practicable, treat SpinCo (or a SpinCo Group
Member designated by SpinCo) as a “successor employer” and the Company (or the appropriate RemainCo Group Member) as a “predecessor,” within the meaning of Sections 3121(a)(1) and 3306(b)(1) of the Code, with respect to SpinCo
Service Providers for purposes of taxes imposed under the United States Federal Unemployment Tax Act or the United States Federal Insurance Contributions Act, and (ii) hereby agree to use commercially reasonable efforts to implement the
alternate procedure described in Section 5 of Revenue Procedure 2004-53. Except as otherwise provided in the Merger Agreement, SpinCo and each SpinCo Group Member shall bear its responsibility for payroll
tax obligations with regard to SpinCo Service Providers and for the proper reporting to the appropriate governmental authorities of compensation earned after the Time of Distribution by SpinCo Service Providers. 

  
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 4.6 COBRA and HIPAA Compliance. As of the Time of Distribution, SpinCo shall assume
and 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 Company Health and Welfare Plans and the
SpinCo Health and Welfare Plans with respect to SpinCo Participants who incur a COBRA qualifying event or loss of coverage under the Company Health and Welfare Plans or the SpinCo Health and Welfare Plans at any time on or before the Time of
Distribution. SpinCo shall also 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 SpinCo Health
and Welfare Plans with respect to SpinCo Participants who incur a COBRA qualifying event or loss of coverage under the SpinCo Health and Welfare Plans at any time after the Time of Distribution. 

4.7 Vacation and Paid Time Off. As of the Time of Distribution, the applicable SpinCo Group Member shall credit each SpinCo Service
Provider with the unused vacation days and other paid time off days (including any personal and sickness days) that such individual has accrued prior to the Time of Distribution in accordance with the vacation, paid time off and personnel policies
applicable to such employee immediately prior to the Time of Distribution. 
 4.8 Cooperation. The Parties shall cooperate in the
exchange of information in order to allow Parent and/or RemainCo to onboard the RemainCo Employees on Parent health and welfare benefit plans, including access to RemainCo Employees. The Company, SpinCo and its Subsidiaries, and any SpinCo Entities,
further agree to cooperate with the transition of any RemainCo Service Providers or benefit plan matters with respect to the RemainCo Service Providers, including with respect to a potential conversion of the FSAs for applicable RemainCo Service
Providers. 
 ARTICLE V 

INCENTIVE COMPENSATION, EQUITY COMPENSATION AND OTHER BENEFITS 

5.1 Cash-Based Incentive Awards. SpinCo shall pay each SpinCo Service Provider who is participating in cash incentive programs of the
Company, including the Annual Management Incentive Plan and Cash LTIP, such SpinCo Service Provider’s payments under any such plan, based on actual performance under each such plan in the ordinary course and subject to applicable plan award
terms, as may be adjusted by SpinCo to reflect the Time of Distribution or otherwise. 
 5.2 Awards under Company Equity Plans. The
Company and SpinCo and each of their successors shall use their commercially reasonable efforts to take all actions necessary or appropriate so that each outstanding Company Option, each Company Restricted Stock Unit and each Company Share-Based
Award outstanding immediately prior to the Time of Distribution shall be adjusted as set forth in this Section 5.2. All share rounding described below shall be done on an aggregated award by award basis. 

  
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 (a) Options. 

(i) Conversion. Each Company Option which is outstanding immediately prior to the Time of Distribution will be converted upon
the Time of Distribution into two separate options, an adjusted Company Option (each, an “Adjusted Company Option”) and a SpinCo Option, as set forth below. 

(1) Number of Shares Subject to Options. The number of shares of Company Common Stock subject to each of the Adjusted Company
Options will be equal to the number of shares of Company Common Stock subject to the Company Option immediately prior to the Time of Distribution. The number of shares of SpinCo Common Stock subject to the SpinCo Option will be equal to the number
of shares of Company Common Stock subject to the Company Option immediately prior to the Time of Distribution. 
 (2) Exercise
Price. The per share exercise price of the Adjusted Company Option shall be equal to the product of (A) the per share exercise price of the Company Option immediately prior to the Time of Distribution multiplied by (B) a fraction,
the numerator of which shall be the Opening Company Stock Price and the denominator of which shall be the Closing Company Stock Price, which product shall be rounded up to the nearest whole cent. The per share exercise price of the SpinCo Option
(the “Adjusted Exercise Price”) shall be equal to the product of (x) the per share exercise price of the Company Option immediately prior to the Time of Distribution multiplied by (y) a fraction, the numerator of which
shall be the Opening SpinCo Stock Price (as defined below) and the denominator of which shall be the Closing Company Stock Price, which product shall be rounded up to the nearest whole cent. The “Opening Company Stock Price” shall
mean the Closing Company Stock Price less the Opening SpinCo Stock Price. The “Opening SpinCo Stock Price” shall mean the per share closing “when-issued” trading price of SpinCo Common Stock on the last trading day
immediately preceding the Time of Distribution. The “Closing Company Stock Price” shall be the per share closing trading price of Company Common Stock trading on the “regular way” basis on the last trading day immediately
prior to the Time of Distribution. 
 (ii) Option Terms. 

(1) Subject to the terms of the Company Equity Plans, each Adjusted Company Option shall be treated in accordance with the applicable
provisions of the Merger Agreement. 
 (2) Each unvested SpinCo Option issued pursuant to this Section 5.2(a) and held by a RemainCo
Participant, shall automatically and without any action on the part of the holder thereof be cancelled and shall only entitle the holder of such SpinCo Option to receive a cash payment from SpinCo equal to the excess, if any, of (A) the Opening
SpinCo Stock Price over (B) the Adjusted Exercise Price. Each vested SpinCo Option issued pursuant to this Section 5.2(a) shall be subject to the same terms and conditions as set forth in the related Company Stock Option award before the
Time of Distribution. 
 (b) Restricted Stock Units. 

(i) Restricted Stock Units. Upon the Time of Distribution, holders of Company Restricted Stock Unit awards will receive SpinCo
Restricted Stock Unit awards with respect to a number of shares of SpinCo Common Stock equal to the number of shares of Company Common Stock subject to the corresponding Company Restricted Stock Unit awards immediately prior to the Time of
Distribution. 

  
 12 

 (ii) Restricted Stock Unit Award Terms. Subject to the terms of the Company
Equity Plans, each Company Restricted Stock Unit outstanding immediately following the Time of Distribution (each, an “Adjusted Company RSU”) shall be treated in accordance with the Merger Agreement. Each SpinCo Restricted Stock
Unit issued pursuant to this Section 5.2(b) shall be subject to the same terms and conditions as set forth in the related Company Restricted Stock Unit award before the Time of Distribution, provided however, each unvested SpinCo Restricted
Stock Unit held by a RemainCo Participant, shall automatically and without any action on the part of the holder thereof be cancelled and shall only entitle the holder of such SpinCo Restricted Stock Unit to receive a cash payment from SpinCo equal
to the Opening SpinCo Stock Price. 
 (c) Share-Based Awards. 

(i) Share-Based Awards. Upon the Time of Distribution, holders of Company Share-Based Awards will receive SpinCo Share-Based
Awards with respect to a number of shares of SpinCo Common Stock equal to the number of shares of Company Common Stock subject to the corresponding Company Share-Based Awards immediately prior to the Time of Distribution. Notwithstanding the
foregoing, in lieu of providing SpinCo Share-Based Awards, the Company may otherwise equitably adjust the Company-Share Based Awards in accordance with the applicable Company Plan, which may include a cash payment or increase to the number of
Company-Share Based Awards. 
 (ii) Share-Based Award Terms. Subject to the terms of the Company Equity Plans, each Company
Share-Based Award outstanding immediately following the Time of Distribution (each, an “Adjusted Company Share-Based Award”) shall be treated in accordance with the Merger Agreement. Each
Spin-Co Share-Based Award issued pursuant to this Section 5.2(c) shall be subject to the same terms and conditions as set forth in the related Company Share-Based Award before the Time of Distribution.

 5.3 Employee Stock Purchase Plan. Prior to the Time of Distribution, the Board of Directors of the Company and/or an appropriate
committee thereof, shall adopt such resolutions providing for, and take all other actions necessary to accelerate and settle any accrued balances and matching contributions due pursuant to the terms of the Meredith Corporation Employee Stock
Purchase Plan (the “Company ESPP”). For the avoidance of doubt, any shares of Company Stock issued to participants under the Company ESPP shall be treated in accordance with the terms of Section 3.4 of the Separation Agreement and
Section 2.6 of the Merger Agreement. 
 5.4 No Effect on Subsequent Awards. The provisions of this Article 5 shall have no effect
on the terms and conditions of equity and equity-based awards granted following the Time of Distribution by the Company or SpinCo. 
 5.5
Company Actions. Prior to the transfer of employment described in Section 2.1, the Board of Directors of the Company and/or an appropriate committee thereof (including the “Committee” as defined under 2004 Plan or the
2014 Plan) shall adopt such resolutions providing for, and take all other actions necessary to effectuate, the treatment of the Adjusted Company Awards pursuant to Section 2.5 of the Merger Agreement. 

  
 13 

 ARTICLE VI 

GENERAL AND ADMINISTRATIVE 

6.1 Sharing of Participant Information. To the maximum extent permitted under applicable Law, the Company and SpinCo shall share, and
shall cause each member of its respective Group to share, with each other and their respective agents and vendors all participant information reasonably necessary for the efficient and accurate administration of each of the Company Plans and the
SpinCo Plans. The Company and SpinCo and their respective authorized agents shall, subject to applicable laws on confidentiality, be given reasonable and timely access to, and may make copies of, all information relating to the subjects of this
Agreement in the custody of the other Party, to the extent necessary for such administration. Until the Time of Distribution, all participant information shall be provided in the manner and medium applicable to participating companies in the Company
Plans generally, and thereafter until the time at which the Parties subsequently determine, all participant information shall be provided in a manner and medium that are compatible with the data processing systems of the Company as in effect as of
the Time of Distribution, unless otherwise agreed to by the Company and SpinCo. 
 6.2
Non-Termination of Employment; No Third Party Beneficiaries. No provision of this Agreement or the Separation Agreement shall be construed to create any right, or accelerate entitlement, to any
compensation or benefit whatsoever on the part of any future, present, or former employee or other service provider of the Company, SpinCo, or a SpinCo Group Member under any Company Plan or SpinCo Plan or otherwise; provided, however, in the event
that such transfer of employment or service of any SpinCo Service Provider results in any compensation or benefit (including severance, vacation or other paid time off payment, or other separation payment), SpinCo or a SpinCo Group Member will be
solely responsible for all such Liabilities. Except as expressly provided in this Agreement, nothing in this Agreement shall preclude SpinCo or any SpinCo Group Member, at any time after the Time of Distribution, from amending, merging, modifying,
terminating, eliminating, reducing, or otherwise altering in any respect any SpinCo Plan, any benefit under any SpinCo Plan or any trust, insurance policy or funding vehicle related to any SpinCo Plan. 

6.3 Audit Rights with Respect to Information Provided. Each of the Company and SpinCo, and their duly authorized representatives, shall
have the right to conduct reasonable audits with respect to all information provided to it by the other Party. The Parties shall cooperate to determine the procedures and guidelines for conducting audits under this Section 6.3, which shall
require reasonable advance notice by the auditing Party. The auditing Party shall have the right to make copies of any records at its expense, subject to applicable Law. 

  
 14 

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

6.5 Consent of Third Parties. If any provision of this Agreement is dependent on the consent of any third party (such as a vendor or
Governmental Authority) and such consent is withheld, the Company and SpinCo shall use 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 Company and SpinCo shall negotiate in good faith to implement the provision in a mutually satisfactory manner. The phrase “commercially reasonable efforts” as used
herein shall not be construed to require the incurrence of any non-routine or unreasonable expense or liability or the waiver of any right. 

ARTICLE VII 

GOVERNING LAW; INCORPORATION OF SEPARATION AGREEMENT PROVISIONS 

7.1 Governing Law. This Agreement and the legal relations between the Parties hereto shall be governed by and construed in accordance
with the laws of the State of Delaware, without regard to the conflict of laws rules thereof to the extent such rules would require the application of the law of another jurisdiction. 

7.2 Incorporation of Separation Agreement Provisions. The following provisions of the Separation Agreement are hereby incorporated
herein by reference, and unless otherwise expressly specified herein, without limiting the indemnification provisions of the Separation Agreement, such provisions shall apply to indemnification obligations described herein as if fully set forth
herein mutatis mutandis (references in this sentence of Section 7.2 to an “Article” or “Section” shall mean Articles or Sections of the Separation Agreement, and references in the material incorporated herein by
reference shall be references to the Separation Agreement): Section 5.2 (General Indemnification by SpinCo); Section 5.3 (General Indemnification by the Company); Section 5.4 (Indemnification Obligations Net of Insurance Proceeds and
Other Amounts); Section 5.5 (Procedures for Indemnification of Third-Party Claims); Section 5.6 (Additional Matters); Section 5.7 (Remedies Cumulative; Limitations of Liabilities); Section 5.8 (Survival of Indemnities). 

ARTICLE VIII 

MISCELLANEOUS 
 8.1
Complete Agreement; Construction. This Agreement, together with the Separation Agreement, the Tax Matters Agreement, the Transition Services Agreement and the Merger Agreement (including the Schedules and Exhibits hereto and thereto),
constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, between on behalf of the Parties with respect to such subject matter. 

  
 15 

 8.2 Survival of Agreements. Except as otherwise contemplated by this Agreement, any
covenants and agreements of the Parties contained in this Agreement shall survive the Time of Distribution and remain in full force and effect in accordance with their applicable terms. 

8.3 Notices. All notices, requests, claims, demands and other communications under this Agreement shall be in writing and shall be given
or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile or electronic transmission with receipt confirmed (followed by delivery of an original via overnight courier
service) or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this
Section 8.3): 
 If to Parent, to: 

Gray Television, Inc. 

Attention: Legal Department 

445 Dexter Avenue, Suite 7000 

Montgomery, Alabama 36104 

Email:
                                 

with a copy to (which shall not constitute notice): 

Eversheds Sutherland (US) LLP 

700 Sixth St. NW, Suite 700 

Washington, DC 20001 
 Attention:
William Dudzinsky 
 Email:
                                 

If to SpinCo, to: 
 Meredith
Holdings Corporation 
 1716 Locust Street 

Des Moines, Iowa 50309-3023 

Attention: John S. Zieser 

Email:                       
              
 with a copy to (which shall not constitute notice): 

Cooley LLP 
 1299 Pennsylvania
Ave., NW 
 Suite 700 

Washington, DC 20004 
 Attention:
Kevin Mills and Aaron Binstock 
 Email:
                                         

  
 16 

 if to the Company or a member of the RemainCo Group, to: 

Gray Television, Inc. 

Attention: Legal Department 

445 Dexter Avenue, Suite 7000 

Montgomery, Alabama 36104 

Email:
                                     

with a copy to (which shall not constitute notice): 

Eversheds Sutherland (US) LLP 

700 Sixth St. NW, Suite 700 

Washington, DC 20001 
 Attention:
William Dudzinsky 
 Email:
                                     

8.4 Termination. This Agreement may not be terminated except by an agreement in writing signed by each of the Parties to this Agreement;
provided that, notwithstanding any provision to the contrary, if the Merger Agreement has been terminated in accordance with its terms, this Agreement may be terminated at any time prior to the Time of Distribution by and in the sole discretion of
the Company without the prior approval of any Person, including SpinCo or Parent. In the event of such termination, this Agreement shall become void and no Party, or any of its officers and directors, shall have any liability to any Person by reason
of this Agreement. After the Time of Distribution, this Agreement may not be terminated except by an agreement in writing signed by each of the Parties. 

8.5 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced under any Law or
as a matter of public policy, all other conditions and provisions of this Agreement shall remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, 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 a mutually acceptable manner in order that the transactions contemplated by this Agreement be consummated as originally
contemplated to the greatest extent possible. 
 8.6 Assignment; No Third-Party Beneficiaries. This Agreement shall not be assigned by
any Party without the prior written consent of the other Parties, except that SpinCo may assign (i) any or all of its rights and obligations under this Agreement to any of its Affiliates and (ii) any or all of its rights and obligations
under this Agreement in connection with a sale or disposition of any assets or entities or lines of business of SpinCo; provided, however, that, in each case, no such assignment shall release SpinCo from any liability or obligation
under this Agreement. This Agreement is for the sole benefit of the Parties and their permitted successors and assigns and nothing in this Agreement, express or implied, (A) is intended to or shall confer upon any other Person any legal or
equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement, (B) shall confer any right to employment or continued employment for any period or terms of employment, (C) be interpreted to prevent or
restrict the Parties from modifying or terminating any Company Plan or SpinCo Plan or the employment or terms of employment of any SpinCo Service Provider, or (D) shall establish, modify or amend any Company Plan or SpinCo Plan covering a
Company participant, SpinCo Participant, any collective bargaining agreements, national collective bargaining agreements, or the terms and conditions of employment applicable to a SpinCo Service Provider. 

  
 17 

 8.7 Specific Performance. Subject to the provisions of Article VII of this Agreement,
in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party which is or is to be thereby aggrieved shall have the right to specific performance and injunctive or other
equitable relief (on an interim or permanent basis) of its rights under this Agreement, in addition to any and all other rights and remedies at Law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the
remedies at Law for any breach or threatened breach, including monetary damages, may be inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at Law would be adequate is waived. Any
requirements for the securing or posting of any bond with such remedy are waived by each of the Parties. 
 8.8 Amendment. No
provision of this Agreement may be amended or modified except by a written instrument signed by all the Parties. No waiver by any Party of any provision of this Agreement shall be effective unless explicitly set forth in writing and executed by the
Party so waiving; provided that, unless the Merger Agreement has been terminated in accordance with its terms, no Party may waive any provision of this Agreement without Parent’s prior written consent (which consent shall not be
unreasonably withheld, conditioned or delayed). The waiver by any Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other subsequent breach. 

8.9 Rules of Construction. Interpretation of this Agreement shall be governed by the following rules of construction: (i) words in
the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the context re-quires, (ii) references to the terms Article, Section,
paragraph, clause, Exhibit and Schedule are references to the Articles, Sections, paragraphs, clauses, Exhibits and Schedules of this Agreement unless otherwise specified, (iii) the terms “hereof,” “herein,”
“hereby,” “hereto,” and derivative or similar words refer to this entire Agreement, including the Schedules and Exhibits hereto, (iv) references to “$” shall mean U.S. dollars, (v) the word
“including” and words of similar import when used in this Agreement shall mean “including without limitation,” unless otherwise specified, (vi) the word “or” shall not be exclusive, (vii) references to
“written” or “in writing” include in electronic form, (viii) provisions shall apply, when appropriate, to successive events and transactions, (ix) the table of contents and headings contained in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement, (x) the Company and SpinCo have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question of
interpretation should arise, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or burdening either Party by virtue of the authorship of any of the provisions in this
Agreement or any interim drafts of this Agreement, and (xi) a reference to any Person includes such Person’s successors and permitted assigns. 

  
 18 

 8.10 Counterparts. This Agreement may be executed in counterparts, and by the
different Parties in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this
Agreement by facsimile or portable document format (PDF) shall be as effective as delivery of a manually executed counterpart of any such Agreement. 

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

  
 19 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed on the date
first written above by their respective duly authorized officers. 
  

			
	MEREDITH CORPORATION
		
	By	 	/s/ Jason Frierott
	Name:	 	Jason Frierott
	Title:	 	Chief Financial Officer
	
	MEREDITH HOLDINGS CORPORATION
		
	By	 	/s/ Jason Frierott
	Name:	 	Jason Frierott
	Title:	 	Vice President, Secretary and Treasurer

 [Signature Page to Employee Matters Agreement] 

 
			
	GRAY TELEVISION, INC.
		
	By	 	/s/ Hilton H. Howell, Jr.
	Name:	 	Hilton H. Howell, Jr.
	Title:	 	Executive Chairman and Chief Executive Officer

 [Signature Page to Employee Matters Agreement]EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
  

TAX MATTERS AGREEMENT 

DATED AS OF May 3, 2021 

BY AND AMONG 
 MEREDITH
HOLDINGS CORPORATION 
 MEREDITH CORPORATION 

AND 
 GRAY TELEVISION,
INC. 
  
  

 
  

 TAX MATTERS AGREEMENT 

THIS TAX MATTERS AGREEMENT (this “Agreement”), dated as of May 3, 2021 with effectiveness as of the Closing Date under
the Merger Agreement (“Effective Date”), is by and among Meredith Holdings Corporation, an Iowa corporation, an Iowa corporation (“SpinCo”), Meredith Corporation, an Iowa corporation (the “Company”)
and Gray Television, Inc., a Georgia corporation (“Parent”). Each of SpinCo, the Company, and Parent is sometimes referred to herein as a “Party” and, collectively, as the “Parties.” 

WHEREAS, the board of directors of the Company has determined, among other things, that it is in the best interests of the Company’s
shareholders (i) to create a new publicly traded company that shall own the SpinCo Assets, and distribute, on a pro rata basis, all of the issued and outstanding shares of the common stock of SpinCo, par value $1.00 per share (the
“SpinCo Common Stock”) and the class B common stock of SpinCo, par value $1.00 per share (the “SpinCo Class B Stock”) to the Company’s shareholders, after which (ii) a newly formed
Subsidiary of Parent, which will be a Delaware corporation (“Merger Sub”), will merge, pursuant to the terms of the Agreement and Plan of Merger by and among the Company, Parent and Merger Sub (as defined below), dated as of
May 3, 2021 (the “Merger Agreement”), with and into the Company with the Company surviving such merger (the “Merger”) as a wholly-owned Subsidiary of Parent; 

WHEREAS, the Company, SpinCo and Parent will enter into the Separation and Distribution Agreement, a form of which is attached to the Merger
Agreement (the “Separation and Distribution Agreement”), pursuant to which, among other things, (i) (a) the Company will, and will cause its Subsidiaries to, transfer the SpinCo Assets to SpinCo and its Subsidiaries,
(b) SpinCo or certain of its Subsidiaries will assume certain liabilities of the Company comprising the SpinCo Liabilities; and (c) engage in such other transactions as are described in the Plan of Separation (the transactions described in
this clause (i), together with certain related transactions, the “Separation”); and (ii) the Company will distribute, on a pro rata basis, (x) all of the issued and outstanding shares of SpinCo Common Stock owned by the
Company to record holders of shares of common stock, par value $1.00 per share (“Company Common Stock”), of the Company and (y) all of the issued and outstanding shares of SpinCo Class B Stock owned by the Company to
record holders of shares of class B common stock, par value $1.00 per share (“Company Class B Stock”), of the Company (together, the “Distribution”); 

WHEREAS, the Company, Parent and Merger Sub have entered into the Merger Agreement pursuant to which Merger Sub will merge with and into the
Company, with the Company surviving the Merger as a wholly owned Subsidiary of Parent; and 
 WHEREAS, in connection with the Separation and
the Merger, the Parties wish to provide for the payment of Tax liabilities and entitlement to Refunds, allocate responsibility for, and cooperation in, the filing of Tax Returns, and provide for certain other matters relating to Taxes. 

  
 1. 

 NOW, THEREFORE, in consideration of the foregoing and the terms, conditions, covenants and
provisions of this Agreement, each of the Parties mutually covenants and agrees as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01 General. As used in this Agreement, the following terms shall have the following meanings: 

“Accounting Firm” has the meaning set forth in Section 3.02(a). 

“Adjustment” means an adjustment of any item of income, gain, loss, deduction, credit or any other item affecting Taxes of a
taxpayer pursuant to a Final Determination. 
 “Affiliate” has the meaning set forth in the Separation and Distribution
Agreement. 
 “Agreement” has the meaning set forth in the preamble to this Agreement. 

“Closing Date” means the date on which the Merger is consummated. 

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

“Commissioner” shall mean the Commissioner of the IRS. 

“Company” has the meaning set forth in the preamble to this Agreement. 

“Company Group Member” means any entity that was an Affiliate or Subsidiary of the Company during the Pre-Closing Period. 
 “Company Group” means collectively the Company and Company Group
Members. 
 “Company Taxes” means any (a) Taxes of the Company Group or any Company Group Member that will not be a
SpinCo Group Member in the Post-Closing Period, in each case other than Pre-Closing Period Taxes; and (b) any Taxes of the SpinCo Group or the Company Group resulting from a Matrix Station Divestiture
(calculated in accordance with Section 2.05(a)). 
 “Controlling Party” has the meaning set forth in
Section 5.03. 
 “Distribution” has the meaning set forth in the recitals to this Agreement. 

“Effective Time” has the meaning set forth in the Merger Agreement. 

“Employee Matters Agreement” has the meaning set forth in the Separation and Distribution Agreement. 

“Final Determination” means the final resolution of liability for any Tax for any taxable period, by or as a result of
(i) a final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed, (ii) a final settlement with the IRS, a closing agreement or accepted offer in compromise under Sections 7121 or
7122 of the Code, or a comparable agreement under the Laws of other jurisdictions, which resolves the entire Tax liability for any taxable period, (iii) any allowance of a refund or credit in respect of an overpayment of Tax, but only after the
expiration of all periods during which such refund or credit may be recovered by the jurisdiction imposing the Tax, or (iv) any other final resolution, including by reason of the expiration of the applicable statute of limitations or the
execution of a pre-filing agreement with the IRS or other Taxing Authority. 
 “Income
Taxes” means any Taxes based upon, measured by, or calculated with respect to: (i) net income, profits, gains or net receipts (including, but not limited to, any capital gains, minimum Tax or any Tax on items of Tax preference, but not
including sales, use, real or personal property, or transfer or similar Taxes) or (ii) multiple bases (including corporate franchise, doing business and occupation Taxes) if one or more bases upon which such Tax may be based, measured by, or
calculated with respect to, is described in clause (i). 

  
 2. 

 “IRS” means the U.S. Internal Revenue Service. 

“Law” means any U.S. or non-U.S. federal, national, supranational, state, provincial,
local or similar statute, law, ordinance, regulation, rule, code, administrative pronouncement, order, requirement or rule of law (including common law). 

“Matrix Station Divestiture” means a Matrix Station Divestiture (as defined in the Merger Agreement) of a station owned by
the Company Group. 
 “Merger” has the meaning set forth in the recitals to this Agreement. 

“Merger Agreement” has the meaning set forth in the recitals to this Agreement. 

“Merger Sub” has the meaning set forth in the recitals to this Agreement. 

“Non-Controlling Party” has the meaning set forth in Section 5.03. 

“Parent” has the meaning set forth in the preamble to this Agreement. 

“Parent Group” means, individually or collectively, as applicable, Parent and Parent Group Members. 

“Parent Group Member” means Parent, the Company Group and any other Affiliate or Subsidiary of Parent. 

“Parent Returns” has the meaning set forth in Section 3.01. 

“Party” and “Parties” have the meaning set forth in the preamble to this Agreement. 

“Person” has the meaning set forth in the Separation and Distribution Agreement. 

“Post-Closing Period” means any taxable period (or portion thereof) beginning after the Closing Date, including the portion
of any Straddle Period beginning after the Closing Date. 
 “Pre-Closing Period”
means any taxable period (or portion thereof) ending on or before the Closing Date, including the portion of any Straddle Period ending on the Closing Date. 

“Prime Rate” means the base rate on corporate loans charged by Citibank, N.A. from time to time, compounded daily on the
basis of a year of 365 or 366 (as applicable) days and actual days elapsed. 
 “Refund” means any refund (or credit in lieu
thereof) of Taxes (including any overpayment of Taxes that can be refunded or, alternatively, applied to other Taxes payable), including any interest paid on or with respect to such refund of Taxes; provided, however, that for purposes
of this Agreement, the amount of any Refund required to be paid to another Party shall be reduced by the net amount of any Income Taxes imposed on, related to, or attributable to, the receipt or accrual of such Refund by the Party otherwise required
to pay such amount. 
 “RemainCo Assets” has the meaning set forth in the Separation and Distribution Agreement. 

  
 3. 

 “Required Party” has the meaning set forth in Section 2.04(a). 

“Separation” has the meaning set forth in the recitals to this Agreement. 

“Separation and Distribution Agreement” has the meaning set forth in the recitals to this Agreement. 

“SpinCo” has the meaning set forth in the preamble to this Agreement. 

“SpinCo Assets” has the meaning set forth in the Separation and Distribution Agreement. 

“SpinCo Common Stock” has the meaning set forth in the recitals to this Agreement. 

“SpinCo Group Member” means SpinCo and any entity that will be an Affiliate or Subsidiary of SpinCo immediately after the
Effective Time. 
 “SpinCo Group” means collectively SpinCo and all SpinCo Group Members. 

“SpinCo Liabilities” has the meaning set forth in the Separation and Distribution Agreement. 

“SpinCo Returns” has the meaning set forth in Section 3.01. 

“SpinCo Taxes” means (a) any Taxes of the Company Group or the SpinCo Group for the
Pre-Closing Period, including, for the avoidance of doubt, any Taxes attributable to the Transactions (except to the extent arising from a Matrix Station Divestiture or as provided in Section 2.03), (b)
any Post-Closing Period Taxes of the SpinCo Group; provided, that any such Taxes described in clause (a) or (b) hereof shall be calculated in accordance with Section 2.05. 

“Straddle Period” means any taxable period beginning on or before the Closing Date and ending after the Closing Date. 

“Subsidiary” has the meaning set forth in the Separation and Distribution Agreement. 

“Tax” means (i) all taxes, charges, fees, duties, levies, imposts, or other similar assessments, including, but not
limited to, net income, gross income, gross receipts, excise, real property, personal property, sales, use, service, service use, license, lease, capital stock, transfer, recording, franchise, business organization, occupation, premium, gaming,
environmental, windfall profits, profits, customs, duties, payroll, wage, withholding, social security, employment, unemployment, insurance, severance, workers compensation, stamp, alternative minimum, estimated, value added, ad valorem, and other
taxes, charges, fees, duties, levies, imposts, or other similar assessments, (ii) any interest, penalties or additions attributable thereto and (iii) all liabilities in respect of any items described in clauses (i) or (ii) payable by
reason of assumption, transferee or successor liability, operation of Law or Treasury Regulation Section 1.1502-6(a) (or any predecessor or successor thereof or any analogous or similar provision under
Law). 
 “Tax Asset” has the meaning set forth in Section 2.08. 

“Tax Attributes” means net operating losses, capital losses, investment tax credit carryovers, earnings and profits, foreign
tax credit carryovers, overall foreign losses, previously taxed income, separate limitation losses, any other losses, deductions, credits or other comparable items, and asset basis, that could affect a Tax liability for any taxable period. 

  
 4. 

 “Tax Matter” has the meaning set forth in Section 6.01. 

“Tax Proceeding” means any communication from a Taxing Authority, audit, assessment of Taxes,
pre-filing agreement, other examination by any Taxing Authority, proceeding, appeal of a proceeding or litigation relating to Taxes, whether administrative or judicial, including proceedings relating to
competent authority determinations. 
 “Tax Rate” means the highest rate of tax under Section 11 of the Code plus
4.5%. 
 “Tax Return” means any return, report, certificate, form or similar statement or document (including any related
or supporting information or schedule attached thereto and any information return, or declaration of estimated Tax) required to be supplied to, or filed with, a Taxing Authority in connection with the payment, determination, assessment or collection
of any Tax or the administration of any Laws relating to any Tax and any amended Tax return or claim for refund. 
 “Taxing
Authority” means any governmental authority or any subdivision, agency, commission or entity thereof or any quasi-governmental or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax
(including the IRS). 
 “Time of Distribution” has the meaning set forth in the Separation and Distribution Agreement. 

“Transaction Deductions” means, without duplication, all items of loss or deduction permitted by applicable Law, whenever
paid or accrued, resulting from or attributable to: (a) the exercise or cash out of stock options or RSUs or other equity-based awards of the Company in accordance with the Merger Agreement, (b) the payment of bonuses or other compensation
in connection with the transactions contemplated by the Merger Agreement or any Employee Matters Agreement; (c) any transaction expenses of the Company Group or the SpinCo Group incurred in connection with the Merger; or (d) any fees,
expenses, premiums and penalties with respect to the prepayment of debt and the write-off of the amortization of deferred financing, in each case with respect to indebtedness repaid at Closing. 

“Transaction Documents” has the meaning set forth in the Separation and Distribution Agreement. 

“Transactions” means the Separation, the Distribution, the Merger, and the other transactions contemplated by the Transaction
Documents and the Merger Agreement. 
 “Transfer Taxes” has the meaning set forth in Section 2.03. 

“Treasury Regulations” means the final and temporary (but not proposed) income Tax regulations promulgated under the Code, as
such regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
 “U.S.”
means the United States of America. 
 Section 1.02 Additional Definitions. Capitalized terms not defined in this Agreement
shall have the meanings ascribed to them in the Separation and Distribution Agreement. 

  
 5. 

 ARTICLE II 

ALLOCATION OF TAX LIABILITIES 

Section 2.01 General Rule. SpinCo shall be liable for, and shall indemnify and hold harmless the Company Group and the Parent
Group from and against any liability for, Taxes that are allocated to SpinCo under this Article II. Parent shall be liable for, and shall indemnify and hold harmless the SpinCo Group from and against any liability for, Taxes that are allocated to
Parent under this Article II. 
 Section 2.02 Liability for Taxes and Related Expenses. Except as otherwise provided in this
Article II, SpinCo shall be liable for any SpinCo Taxes. 
 Section 2.03 Transfer Taxes. Parent shall be liable for any excise,
sales, use, transfer (including real property transfer), stamp, documentary, filing, recordation and other similar Taxes (collectively, “Transfer Taxes”) imposed with respect to the Merger. 

Section 2.04 Indemnity Payments. 

(a) If a Party (or one or more of its Subsidiaries) is required under applicable Tax Law to pay to a Taxing Authority a Tax or other amount
that the other Party (the “Required Party”) is liable for under this Agreement, the Required Party shall reimburse the other Party within twenty (20) days of delivery by the other Party to the Required Party of an invoice for
the amount due, accompanied by evidence of payment and a statement detailing the Taxes paid and describing in reasonable detail the particulars relating thereto. The reimbursement shall include interest on the Tax payment computed at the Prime Rate
based on the number of days from the date of the payment to the Taxing Authority to the date of reimbursement under this Section 2.04. 

(b) For all Tax purposes, the Parties agree to treat (i) any payment required by this Agreement (other than payments with respect to
interest accruing after the Time of Distribution) as either a contribution by the Company to SpinCo or an assumption by SpinCo of a Company liability, as the case may be, occurring immediately prior to the Time of Distribution and (ii) any
payment of interest as taxable or deductible, as the case may be, to the Party entitled under this Agreement to retain such payment or required under this Agreement to make such payment, in either case except as otherwise required by applicable Law.

 Section 2.05 Calculation of Taxes 

(a) Matrix Station Divestiture. The Taxes attributable to a Matrix Station Divestiture that generates income or gain will be calculated
by comparing the amount of Taxes payable with and without such Matrix Station Divestiture, treating such taxable income or gain as the last item of income or gain recognized on any applicable Tax Return. 

(b) Transaction Deductions. Taxes of the Company Group or SpinCo Group for Pre-Closing Periods
shall be calculated by treating all Transaction Deductions as deducted in the Pre-Closing Period. 

Section 2.06 Allocations for Straddle Periods. For purposes of this Article II, the portion of Taxes of a Straddle Period
allocable to the portion of such Straddle Period ending on the Closing Date shall be determined (i) in the case of Income Taxes, via a “closing of the books” as of the Closing Date (with deductions determined on a time basis, such as
depreciation, allocated to the period prior to and after the “closing of the books” on a daily basis consistent with the principles set forth in clause (ii)), and (ii) in the case of other Taxes, by comparing the number of days in
such Straddle Period up to and including the Closing Date to the total number of days in such Straddle Period and allocating on a pro-rata basis. 

  
 6. 

 Section 2.07 Post-Closing Actions. Notwithstanding anything to the contrary
contained herein, SpinCo shall not be liable for any Taxes attributable to any actions undertaken by the Company Group on the Closing Date but after the Effective Time. 

Section 2.08 Treatment of Tax Attributes. Notwithstanding anything herein to the contrary, nothing in this Agreement shall be
construed as a representation or warranty with respect to the amount or availability of any net operating loss, capital loss, deductions, Tax credits, Tax basis or other Tax asset or attribute of the Company Group in any taxable period (“Tax
Assets”), and SpinCo shall not be liable for any Taxes resulting from the amount or unavailability of any Tax Asset unless such Tax is a SpinCo Tax. 

ARTICLE III 

PREPARATION AND FILING OF TAX RETURNS 

Section 3.01 Preparation of Tax Returns. 

(a) SpinCo shall prepare and Parent shall file (or cause to be filed) when due (including extensions) (i) Tax Returns of
(A) the Company Group and (B) Company Group Members that will not be SpinCo Group Members in the Post-Closing Period for Pre-Closing Periods that are not Straddle Periods, and (ii) Tax Returns
of any group that includes a SpinCo Group Member and any Company Group Member that will not be a SpinCo Group Member in the Post-Closing Period for Straddle Periods. SpinCo shall prepare and file (or cause to be filed) when due (including
extensions) Pre-Closing Period Tax Returns of the SpinCo Group and SpinCo Group Members. All Tax Returns prepared by SpinCo pursuant to this Section 3.01(a) shall be referred to herein as “SpinCo
Returns”. SpinCo shall prepare all SpinCo Returns that include Company Group Members that are not SpinCo Group Members in the Post-Closing Period in a manner that is consistent with past practice and in accordance with Schedule 3.01. Parent
shall prepare and file (or cause to be filed) when due (including extensions) any Post-Closing Period Tax Returns of the Company Group and any Straddle Period Tax Returns of any Company Group Member that is not a SpinCo Return
(as described above) (“Parent Returns”). 
 (b) The Parties shall provide, and shall cause their Subsidiaries to
provide, reasonable assistance and cooperation to one another with respect to the preparation and filing of Tax Returns; provided, that SpinCo shall not be required to take any action materially more onerous than its past practice in the preparation
of Tax Returns. 
 Section 3.02 Review of Tax Returns. 

(a) At least thirty (30) days prior to the due date for filing any SpinCo Return except a SpinCo Return the due date for which (with
maximum available extensions) is less than thirty (30) days after the Closing Date, in which case the thirty (30) day period will be reduced to one-third (1/3) of the days between the Closing Date
and the due date, SpinCo shall provide a draft of such SpinCo Return to Parent for its review and comment to the extent such SpinCo Return is a Tax Return of the Company Group for the Pre-Closing
Period. SpinCo shall consider in good faith any such comments made by Parent. The Parties shall negotiate in good faith to resolve all disputed issues. Any disputes that the Parties are unable to resolve shall be resolved by a nationally recognized
independent public accounting firm (the “Accounting Firm”) chosen by agreement of SpinCo and Parent. The Parties shall require the Accounting Firm to resolve all disputes no later than thirty (30) days after the submission of
such dispute to the Accounting Firm, but in no event later than five (5) days before the due date for filing the applicable SpinCo Return, and agree that all decisions by the Accounting Firm with respect thereto shall be final and conclusive
and binding on the Parties. SpinCo and Parent shall equally share all fees and any other charges of the Accounting Firm. 

  
 7. 

 (b) At least thirty (30) days prior to the due date for filing any Parent Return,
except a Parent Return the due date for which (with maximum available extensions) is less than thirty (30) after the Closing Date, in which case the thirty (30) day period will be reduced to
one-third (1/3) of the days between the Closing Date and the due date, Parent shall provide a draft of such Parent Return to SpinCo for its review and comment, to the extent (i) such Parent Return relates
to Taxes for which SpinCo would reasonably be expected to be liable under this Agreement, or (ii) SpinCo reasonably determines and notifies Parent that it must inspect such Tax Return to confirm compliance with the terms of this Agreement.
Parent shall consider in good faith any comments made by SpinCo with respect to such Tax Return. The Parties shall negotiate in good faith to resolve all disputed issues. Any disputes that the Parties are unable to resolve shall be resolved by the
Accounting Firm. The Parties shall require the Accounting Firm to resolve all disputes no later than thirty (30) days after the submission of such dispute to the Accounting Firm, but in no event later than five (5) days before the due date
for filing the applicable Parent Return and agree that all decisions by the Accounting Firm with respect thereto shall be final and conclusive and binding on the Parties. SpinCo and Parent shall equally share all fees and any other charges of the
Accounting Firm. 
 Section 3.03 Transfer Tax Returns. Notwithstanding anything to the contrary herein, Tax Returns relating to
Transfer Taxes shall be prepared and filed when due (including extensions) by the Person obligated to file such Tax Returns under applicable Law. The Parties shall provide, and shall cause their Subsidiaries to provide, assistance and cooperation to
one another with respect to the preparation and filing of such Tax Returns. 
 Section 3.04 Distribution Tax Reporting. The
Parties shall cause the Distribution to be reported to holders of Company Common Stock on IRS Form 1099-DIV. The Parties shall not take any position on any U.S. federal or state income Tax Return or take any
other U.S. tax reporting position that is inconsistent with the treatment of the Distribution as a distribution to which Section 301 of the Code applies, except as otherwise required by applicable Law. 

Section 3.05 Station Divestiture Tax Reporting. Parent shall cause any Matrix Station Divestiture to be reported on the Tax
Returns of the Company Group for the Post-Closing Tax Period, and the Parties shall not take any position on any U.S. federal or state income Tax Return or take any other. U.S. tax reporting position that is inconsistent with this treatment. 

ARTICLE IV 
 REFUNDS,
CARRYBACKS, AND AMENDMENTS 
 Section 4.01 Refunds. 

(a) Parent shall be entitled to (i) all Refunds of Taxes for which Parent is responsible pursuant to Article II and (ii) all Refunds
of Taxes as a result of the carryback of any Tax Attribute from a Post-Closing Period to which SpinCo consented pursuant to Section 4.02, and SpinCo shall be entitled to all Refunds of Taxes for which SpinCo is responsible pursuant to Article
II, including any refund created by the carryback of capital losses incurred in transactions that occur on or before the Closing Date to any Pre-Closing Period. Refunds of Taxes paid on a straddle period
return shall take into account tax credits 

  
 8. 

 
and estimated Taxes of each Party. Without limiting the generality of Section 6.01, the Parties shall use commercially reasonable efforts to obtain any refunds to which any Party is entitled
pursuant to this Section 4.1. A Party receiving a Refund to which the other Party is entitled pursuant to this Agreement shall pay the amount to which such other Party is entitled within ten (10) days after the receipt of the Refund by the
Party otherwise required to pay such amount. 
 (b) To the extent that the amount of any Refund under this Section 4.01 is later reduced
by a Taxing Authority or in a Tax Proceeding, such reduction shall be allocated to the Party to which such Refund was allocated pursuant to this Section 4.01, and an appropriate adjusting payment shall be made within ten (10) days after
that Party is notified of the reduction. 
 Section 4.02 Carrybacks. Unless SpinCo consents in writing, no carryback of any
loss, credit or other Tax Attribute from any Post-Closing Period shall be made to a Pre-Closing Period of any member of the Company Group. 

Section 4.03 Amended Tax Returns and Other Post-Closing Actions. Unless required by a Final Determination, or unless SpinCo
consents in writing, such consent not to be unreasonably withheld, conditioned, or delayed, Parent shall not be permitted to (a) amend any Tax Returns of the Company Group for a Pre-Closing Period,
(b) consent to the waiver or extension of the statute of limitations relating to Taxes of the Company Group for a Pre-Closing Period, (c) make or change any Tax election or change any method of
accounting that has a retroactive effect to any Pre-Closing Period of the Company Group, or (d) initiate or participate in any voluntary compliance, amnesty, self-correction or similar program with
respect to Taxes of the Company Group for Pre-Closing Periods. 
 ARTICLE V 

TAX PROCEEDINGS 

Section 5.01 Notice. SpinCo, on the one hand, and Parent, on the other hand, shall provide prompt notice to the other of any
written communication from a Taxing Authority regarding any pending Tax audit, assessment or proceeding or other Tax Proceeding of which it becomes aware related to Taxes for which it is indemnified by the other Party hereunder or for which it may
be required to indemnify the other Party hereunder. Such notice shall attach copies of the pertinent portion of any written communication from a Taxing Authority and contain factual information (to the extent known) describing any asserted Tax
liability in reasonable detail and shall be accompanied by copies of any notice and other documents received from any Taxing Authority in respect of any such matters. If an indemnified party has knowledge of an asserted Tax liability with respect to
a matter for which it is to be indemnified hereunder and such party fails to give the indemnifying party prompt notice of such asserted Tax liability, such failure shall not relieve the indemnifying party of any liability and/or obligation which it
may have to the indemnified party under this Agreement except to the extent that the indemnifying party was actually harmed by such failure. 

Section 5.02 Control. Subject to Section 5.03, (i) SpinCo shall have exclusive control over Tax Proceedings relating to the Pre-Closing Period and Tax Proceedings relating to SpinCo Returns, provided, however, that Parent shall have exclusive control over Tax Proceedings relating to any Tax Return of the Company Group for Pre-Closing Periods if and to the extent SpinCo fails to timely assume control over and resolve such Tax Proceeding after receiving notice thereof from Parent pursuant to Section 5.01, and (ii) Parent
shall have exclusive control over Tax Proceedings relating to Parent Returns. 

  
 9. 

 Section 5.03 Settlement and Participation Rights. The Party in control of a Tax
Proceeding, as determined under Section 5.02 (the “Controlling Party”), shall have the sole right to contest, litigate, compromise and settle such Tax Proceeding, without obtaining the prior consent of whichever of SpinCo or
Parent is not the Controlling Party (the “Non-Controlling Party”). Notwithstanding the foregoing, with respect to any Tax Proceeding relating to Taxes for which the Non-Controlling Party may be liable hereunder or which would reasonably be expected to have an adverse effect on the Non-Controlling Party: 

The Controlling Party shall keep the Non-Controlling Party informed in a timely manner of all substantive actions
taken or proposed to be taken by the Controlling Party in such Tax Proceeding with respect to such Taxes; (ii) the Controlling Party shall timely provide the Non-Controlling Party copies of any written
materials relating to such Tax Proceeding received from any Taxing Authority with respect to such Taxes; (iii) the Controlling Party shall timely provide the Non-Controlling Party with copies of any
correspondence or filings submitted to any Taxing Authority or judicial authority in connection with such Taxes in such Tax Proceeding; (iv) the Controlling Party shall consult with the Non-Controlling
Party and offer the Non-Controlling Party a reasonable opportunity to comment before submitting any written materials prepared or furnished in connection with such potential Taxes in such Tax Proceeding;
(v) the Controlling Party shall defend such Tax Proceeding diligently and in good faith; and (vi) the Controlling Party shall not settle any such Tax Proceeding without the prior written consent of the
Non-Controlling Party, which shall not be unreasonably withheld, conditioned or delayed. The failure of the Controlling Party to take any action specified in the preceding sentence shall not relieve the Non-Controlling Party of any liability and/or obligation which it may have to the Controlling Party under this Agreement except to the extent that the Non-Controlling Party
was actually harmed by such failure. 
 ARTICLE VI 

COOPERATION 

Section 6.01 General Cooperation. The Parties shall each cooperate (and each shall cause its respective Subsidiaries to cooperate)
with all reasonable requests in writing from another Party hereto, or from an agent, representative or advisor to such Party, in connection with the preparation and filing of Tax Returns, claims for Refunds, Tax Proceedings, and calculations of
amounts required to be paid pursuant to this Agreement, in each case, related or attributable to or arising in connection with Taxes of any of the Parties or their respective Subsidiaries covered by this Agreement and the establishment of any
reserve required in connection with any financial reporting (a “Tax Matter”). Such cooperation shall include the provision of any information reasonably necessary or helpful in connection with a Tax Matter and shall include, without
limitation, at each Party’s own cost: 
 (a) the provision of any Tax Returns of the Parties and their respective Subsidiaries, books,
records (including information regarding ownership and Tax basis of property), documentation and other information relating to such Tax Returns, including accompanying schedules, related work papers, and documents relating to rulings or other
determinations by Taxing Authorities; 
 (b) the execution of any document (including any power of attorney) in connection with any Tax
Proceedings of any of the Parties or their respective Subsidiaries, or the filing of a Tax Return or a Refund claim of the Parties or any of their respective Subsidiaries; 

(c) the use of the Party’s reasonable best efforts to obtain any documentation in connection with a Tax Matter; 

(d) the use of the Party’s reasonable best efforts to obtain any Tax Returns (including accompanying schedules, related work papers, and
documents), documents, books, records or other information in connection with the filing of any Tax Returns of any of the Parties or their Subsidiaries; and 

  
 10. 

 (e) the making of the Party’s employees and facilities available on a reasonable and
mutually convenient basis in connection with the foregoing matters; 
 provided, that SpinCo shall not be required to take any action
pursuant to this Section 6.01 that is materially more onerous than its past practice with respect to any Tax Matter. 

Section 6.02 Retention of Records. SpinCo and Parent shall retain or cause to be retained all Tax Returns, schedules and work
papers, and all material records or other documents relating thereto in their possession, until sixty (60) days after the expiration of the applicable statute of limitations (including any waivers or extensions thereof) of the taxable periods
to which such Tax Returns and other documents relate or until the expiration of any additional period that any Party reasonably requests, in writing, with respect to specific material records and documents. A Party intending to destroy any material
records or documents shall provide the other Party with reasonable advance notice and the opportunity to copy or take possession of such records and documents. The Parties hereto will notify each other in writing of any waivers or extensions of the
applicable statute of limitations that may affect the period for which the foregoing records or other documents must be retained. 

ARTICLE VII 

MISCELLANEOUS 

Section 7.01 Notices. Any notices required to be delivered pursuant to this Agreement shall be delivered in accordance with
Section 7.5 of the Separation and Distribution Agreement. 
 Section 7.02 Tax Sharing Agreements. All Tax sharing,
indemnification and similar agreements, written or unwritten, as between SpinCo or an SpinCo Entity, on the one hand, and Parent or a Parent Entity, on the other (other than this Agreement or any other Transaction Document), shall be or shall have
been terminated no later than the Effective Time and, after the Effective Time, none of SpinCo or an SpinCo Entity, or Parent or a Parent Entity shall have any further rights or obligations under any such Tax sharing, indemnification or similar
agreement. 
 Section 7.03 Interest on Late Payments. With respect to any payment between the Parties pursuant to this Agreement
not made by the due date set forth in this Agreement for such payment, the outstanding amount will accrue interest at a rate per annum equal to the rate in effect for large corporate underpayments under Section 6621 of the Code from such due
date to and including the payment date . 
 Section 7.04 Survival of Covenants. Except as otherwise contemplated by this
Agreement, all covenants and agreements of the Parties contained in this Agreement shall survive the Effective Time and remain in full force and effect in accordance with their applicable terms. 

Section 7.05 Termination. This Agreement may not be terminated except by an agreement in writing signed by each of the Parties to
this Agreement; provided, that if the Merger Agreement has been terminated in accordance with its terms, this Agreement may be terminated in the sole discretion of the Company without the prior approval of any Person, including Parent. 

Section 7.06 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
under any Law or as a matter of public policy, all other conditions and provisions of this Agreement shall remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the Parties to this Agreement shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner. 

  
 11. 

 Section 7.07 Joinder of SpinCo. Promptly following the formation of SpinCo, the
Company shall cause SpinCo to execute a joinder to this Agreement in a form reasonably agreed to by the Company and Parent. 

Section 7.08 Entire Agreement. Except as otherwise expressly provided in this Agreement, this Agreement and the Merger Agreement
constitutes the entire agreement of the Parties hereto with respect to the subject matter of this Agreement and supersedes all prior agreements and undertakings, both written and oral, between or on behalf of the Parties hereto with respect to the
subject matter of this Agreement. 
 Section 7.09 Assignment; No Third-Party Beneficiaries. This Agreement shall not be assigned
by any Party without the prior written consent of the other Parties hereto. This Agreement is for the sole benefit of the Parties to this Agreement and their respective Subsidiaries and their permitted successors and assigns and nothing in this
Agreement, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

Section 7.10 Amendment. No provision of this Agreement may be amended or modified except by a written instrument signed by the
Parties to this Agreement. No waiver by any Party of any provision of this Agreement shall be effective unless explicitly set forth in writing and executed by the Party so waiving. The waiver by any Party of a breach of any provision of this
Agreement shall not operate or be construed as a waiver of any other subsequent breach. 
 Section 7.11 Rules of Construction.
Interpretation of this Agreement shall be governed by the following rules of construction: (a) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other gender as the
context requires; (b) references to the terms Article, Section, paragraph, clause, Exhibit and Schedule are references to the Articles, Sections, paragraphs, clauses, exhibits and schedules of this Agreement unless otherwise specified;
(c) the terms “hereof,” “herein,” “hereby,” “hereto,” and derivative or similar words refer to this entire Agreement, including the Schedules and Exhibits hereto; (d) references to “$”
shall mean U.S. dollars; (e) the word “including” and words of similar import when used in this Agreement shall mean “including without limitation,” unless otherwise specified; (f) the word “or” shall not be
exclusive; (g) references to “written” or “in writing” include in electronic form; (h) provisions shall apply, when appropriate, to successive events and transactions; (i) the headings contained in this Agreement
are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement; (j) the Company and Parent have each participated in the negotiation and drafting of this Agreement and if an ambiguity or question
of interpretation should arise, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or burdening either Party by virtue of the authorship of any of the provisions in this
Agreement or any interim drafts of this Agreement; and (k) a reference to any Person includes such Person’s successors and permitted assigns. 

Section 7.12 Counterparts. This Agreement may be executed in counterparts each of which when executed shall be deemed to be an
original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or portable document format (PDF) shall be as effective as delivery of a
manually executed counterpart of any such Agreement. 

  
 12. 

 Section 7.13 Coordination with the Employee Matters Agreement. To the extent any
covenants or agreements between the Parties with respect to employee withholding Taxes are set forth in the Employee Matters Agreement (which is attached to the Merger Agreement as Exhibit B), such Taxes shall be governed exclusively by the Employee
Matters Agreement and not by this Agreement. 
 Section 7.14 Effective Date. This Agreement shall become effective only upon the
Effective Date. 

  
 13. 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed on the day
and year first above written. 
  

			
	MEREDITH CORPORATION
		
	By	 	/s/ Jason Frierott
	Name:	 	Jason Frierott
	Title:	 	Vice President, Secretary and Treasurer
	
	MEREDITH HOLDINGS CORPORATION
		
	By	 	/s/ Jason Frierott
	Name:	 	Jason Frierott
	Title:	 	Vice President, Secretary and Treasurer

 [Signature Page to Tax Matters Agreement] 

 
			
	GRAY TELEVISION, INC.
		
	By	 	/s/ Hilton H. Howell, Jr.
	Name:	 	Hilton H. Howell, Jr.
	Title:	 	Executive Chairman and Chief Executive Officer

 [Signature Page to Tax Matters Agreement]

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