AMENDMENT OF OPTION AGREEMENT
Exhibit 10.87
AMENDMENT OF OPTION AGREEMENT
This Amendment to Stock Option Agreement (“Amendment”) is entered into as of November 15, 2019 by and between Mission Broadcasting, Inc. (“Mission”), Xxxxxx Xxxxxxxx (“Xxxxxxxx”), Xxxxxx X. Xxxxx (“Xxxxx”), and Nexstar Broadcasting, Inc. (“Nexstar”). Each of the foregoing 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 stations located throughout the United States (the “Station”).
WHEREAS, Nexstar, Mission, Xxxxxxxx and Xxxxx are parties that certain Stock Option Agreement dated as of November 29, 2011, which outlines the terms and conditions upon which Nexstar may purchase the stock of Mission from Xxxxx and Xxxxxxxx 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, the Option Agreement’s expiration date is the eighth anniversary of the Option Agreement.
WHEREAS, the parties desire to extend the Option Agreement for an additional one (1) year term.
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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Option Expiration Date. The parties hereby agree to extend the expiration date of the Option Agreement to November 30, 2020. |
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No Other Amendment. No terms of the Stock Option Agreement, other than the Option Expiration Date, are amended or modified by this Amendment, and the Stock 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
/s/ Xxxxxx Xxxxxxxx __________ Xxxxxx Xxxxxxxx
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NEXSTAR BROADCASTING, INC.
By:_/s/ Xxxxxx X. Carter________ Xxxxxx X. Xxxxxx EVP & Chief Financial Officer
_/s/ Xxxxxx X. Smith____________ Xxxxxx X. Xxxxx |
