AMENDMENT OF OPTION AGREEMENT
Exhibit 10.37
AMENDMENT OF OPTION AGREEMENT
This Amendment to Option Agreement (“Amendment”) is entered into as of November 15, 2014 by and between Mission Broadcasting, Inc. (“Mission”) and Nexstar Broadcasting, Inc. (“Nexstar”). Each of Mission and Nexstar may be referred to herein as a “party” and collectively as the “parties.”
WHEREAS, Mission is the Federal Communications Commission (“FCC”) licensee of television broadcast station WFXP, Erie, Pennsylvania (the “Station”).
WHEREAS, Nexstar, Mission and Xxxxx X. Xxxxx are parties to that certain Option Agreement dated as of December 1, 2005, which outlines the terms and conditions upon which Nexstar may purchase from Mission the assets of the Station consistent with the rules and written policies of the FCC (the “Option Agreement”). Capitalized terms not otherwise defined herein shall have the meaning assigned to such terms in the Option Agreement.
WHEREAS, Xx. Xxxxx passed away on March 28, 2011 and the parties desire to amend the Option Agreement to remove Xx. Xxxxx as a party to the Option Agreement.
WHEREAS, the Option Agreement’s expiration date is the ninth anniversary of the Option Agreement (e.g., November 30, 2014).
WHEREAS, the parties desire to extend the Option Agreement for an additional nine (9) year term.
WHEREAS, the parties desire to amend certain other terms of the agreement as set forth herein.
NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
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1. |
Removal of Xxxxx X. Xxxxx. The parties hereby agree that Xxxxx X. Xxxxx is deemed removed as a party to the Option Agreement. |
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2. |
Option Expiration Date. The parties hereby agree to extend the expiration date of the Option Agreement to November 30, 2023. |
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3. |
Notices. Paragraph 10.6 is hereby revised to update the addresses for delivery of Notices to both parties as follows: |
To Mission:Mission Broadcasting, Inc.
00000 Xxxxxxx Xxxx, Xxxxx 000
Xxxxxxxx, XX 00000
Attention: Xxxxxx Xxxxxxxx
With a copy (which shall not constitute notice) to:
Xxxxx Xxxx LLP
0000 X Xxxxxx, XX
Xxxxxxxxxx, X.X. 00000
Attention: Xxxxxxx Xxxxxxx
To Nexstar:
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Nexstar Broadcasting, Inc. |
With a copy (which shall not constitute notice) to:
Xxxxxx Xxxxx Xxxxxx, Esq.
Xxxxxxxx & Xxxxx
Citicorp Center
000 Xxxx 00xx Xxxxxx
Xxx Xxxx, XX 00000-0000
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4. |
No Other Amendment. No terms of the Option Agreement, other than the Option Expiration Date, are amended or modified by this Amendment, and the Option Agreement, as so extended hereby, remains in full force and effect. |
IN WITNESS WHEREOF, the parties have executed this Amendment as of the day and year first written above.
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MISSION BROADCASTING, INC.
By:/s/ Xxxxxx Xxxxxxxx Xxxxxx Xxxxxxxx President
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NEXSTAR BROADCASTING, INC.
By:/s/ Xxxxxxxxx Xxxxx Xxxxxxxxx Xxxxx Senior Vice President & General Counsel |
