ASSET PURCHASE AND CONTRIBUTION AGREEMENT for the SALE of TELEVISION STATIONS KJNB-LD and KJNE-LD, Jonesboro, AR Unbuilt Construction Permits K14SW-D and K34QK-D, Jonesboro, AR WPBI-LD and WPBY-LD, Lafayette, IN WNBJ-LD, Jackson, TN RADIO STATIONS WAZY-FM, Lafayette, IN WBPE(FM), Brookston, IN WSHY(AM), Lafayette, IN WYCM(FM), Attica, IN W222AS, West Lafayette, IN W282CJ, Lafayette, IN and NEWS PRODUCTION BUSINESS NewsHub by, between and among Jonesboro TV, LLC, Star City Broadcasting, LLC, SagamoreHill of Jackson, LLC, SagamoreHill Broadcasting, LLC, The News Hub, LLC, Waypoint Media, LLC, Coastal Television of Arkansas LLC, Coastal Television of Indiana LLC, Coastal Television of Tennessee LLC, Coastal News Group LLC, Coastal Television Broadcasting Holdings LLC and the Seller Representatives named herein July 19, 2021 TABLE OF CONTENTS ARTICLE I DEFINITIONS ...................................................................................................................... 2 Section 1.01 Definitions ..................................................................................................................... 2 Section 1.02 Terms Generally; Neutral Construction ...................................................................... 14 ARTICLE II CONTRIBUTION, PURCHASE AND SALE ............................................................ 14 Section 2.01 Contribution, Purchase and Sale ................................................................................. 15 Section 2.02 Excluded Assets .......................................................................................................... 16 Section 2.03 Assumed Liabilities ..................................................................................................... 18 Section 2.04 Excluded Liabilities .................................................................................................... 18 Section 2.05 Assignment of Contracts and Rights ........................................................................... 19 Section 2.06 Purchase Price; Consideration..................................................................................... 19 Section 2.07 Escrow Deposit ........................................................................................................... 20 Section 2.08 Closing ........................................................................................................................ 20 Section 2.09 Purchase Price Adjustments; Prorations ..................................................................... 22 Section 2.10 Multi-Station Contracts ............................................................................................... 25 ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLERS .................................. 25 Section 3.01 Existence and Power ................................................................................................... 25 Section 3.02 Authorization; Voting Requirements .......................................................................... 25 Section 3.03 Governmental Authorization; Non-Contravention...................................................... 26 Section 3.04 FCC and Programming Distribution Matters .............................................................. 26 Section 3.05 Taxes ........................................................................................................................... 28 Section 3.06 Tangible Personal Property ......................................................................................... 29 Section 3.07 Real Property............................................................................................................... 29 Section 3.08 Contracts ..................................................................................................................... 31 Section 3.09 Environmental ............................................................................................................. 33 Section 3.10 Intellectual Property .................................................................................................... 33 Section 3.11 Employees; Labor Matters; Employee Benefit Plans ................................................. 34 Section 3.12 Insurance ..................................................................................................................... 36 Section 3.13 Compliance with Law; Governmental Authorizations ................................................ 36 Section 3.14 Litigation ..................................................................................................................... 37 Section 3.15 Financial Statements ................................................................................................... 37 Section 3.16 No Undisclosed Liabilities .......................................................................................... 37 Section 3.17 Sufficiency of Assets .................................................................................................. 38 Section 3.18 Absence of Effects ...................................................................................................... 38 Section 3.19 No Brokers .................................................................................................................. 38 Section 3.20 Related Party Transactions .......................................................................................... 38 Section 3.21 Shared Services ........................................................................................................... 38 i Section 3.22 Data Incidents ............................................................................................................. 38 Section 3.23 Investment Representations and Agreements ............................................................. 38 Section 3.24 Sellers’ Investigation; No Other Holdings or Buyer Representations or Warranties .. 39 Section 3.25 No Additional Representations; Limitations on Warranties ....................................... 39 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYERS .................................... 40 Section 4.01 Existence and Power ................................................................................................... 40 Section 4.02 Authorization .............................................................................................................. 40 Section 4.03 Governmental Authorization ....................................................................................... 40 Section 4.04 Noncontravention ........................................................................................................ 40 Section 4.05 Absence of Litigation .................................................................................................. 41 Section 4.06 Qualifications .............................................................................................................. 41 Section 4.07 No Brokers .................................................................................................................. 41 Section 4.08 Compliance with Law ................................................................................................. 41 Section 4.09 Sufficient Funds .......................................................................................................... 41 ARTICLE IVA REPRESENTATIONS AND WARRANTIES OF HOLDINGS .......................... 41 Section 4A.01 Existence and Power ................................................................................................... 41 Section 4A.02 Authorization .............................................................................................................. 42 Section 4A.03 Governmental Authorization ....................................................................................... 42 Section 4A.04 Noncontravention ........................................................................................................ 42 Section 4A.05 Absence of Litigation .................................................................................................. 42 Section 4A.06 No Brokers .................................................................................................................. 42 Section 4A.07 Compliance with Law ................................................................................................. 42 Section 4A.08 Capitalization .............................................................................................................. 42 Section 4A.09 Issuance of the Preferred Units ................................................................................... 43 ARTICLE V COVENANTS OF SELLERS ........................................................................................ 43 Section 5.01 Operations Pending Closing ........................................................................................ 43 Section 5.02 Financing Cooperation ................................................................................................ 46 Section 5.03 Risk of Loss ................................................................................................................ 46 Section 5.04 Environmental Assessment ......................................................................................... 47 Section 5.05 [Intentionally Omitted] ............................................................................................... 48 Section 5.06 Exclusivity .................................................................................................................