Legal Protection Wrapper — Third Rail Backbone

Legal Protection Wrapper (woven throughout)

Note on style. Every page of this document carries a running header and footer. The full notice below appears (a) in the cover section, (b) at every major section break, and (c) on the last page. The short header/footer lines appear on every page. This is intentional — if a single page is forwarded, copied, photographed, or screenshotted, it carries its own protection.

Running header — top of every page

CONFIDENTIAL · ATTORNEY WORK PRODUCT · DRAFT — NOT FOR DISTRIBUTION

Property of Gray Media, Inc. · Authored by Ricky D. Burns · © 2026

Running footer — bottom of every page

This document is a confidential, pre‑decisional internal working draft. Unauthorized possession, forwarding, copying, photographing, screenshotting, paraphrasing, or use of any portion is strictly prohibited and may result in disciplinary, contractual, and legal action. See full notice on the cover page.

§A — Authorship & Ownership

This document — including its structure, organization, frameworks, dependency model, scenario matrices, operating playbook, status dashboards, and every original concept herein — was researched, conceived, and authored by Ricky D. Burns in his capacity as an officer of Gray Media, Inc., as part of his ongoing duties to advance and protect the interests of Gray Media and its shareholders. All rights, title, and interest in the work product belong to Gray Media. Nothing in this document conveys, licenses, or transfers any right of authorship, ownership, or use to any party — including any reader, recipient, partner, vendor, contractor, advisor, lender, or counterparty — by any means, including by receipt, forwarding, summary, paraphrase, or independent re‑creation.

The author asserts authorship for the dual purpose of (i) clarity of accountability inside Gray Media and (ii) protection of original work product against external repurposing. This assertion is consistent with, and made in furtherance of, the author's fiduciary duties as an officer of Gray Media.

§B — Confidentiality

This document contains confidential, proprietary, and competitively sensitive information of Gray Media, Inc. It may also contain or reference material non‑public information (MNPI) about Gray Media (NYSE: GTN) and may incidentally touch on Atlantic American Corporation (NASDAQ: AAME). It is shared only with named, intended internal recipients. It is not for distribution to vendors, contractors, developers, owner's representatives, leasing brokers, agency partners, third‑party operators, or any external party — including any party that is in a counterparty relationship with Gray Media or Assembly Atlanta on any matter referenced herein.

§C — Attorney Work Product & Privilege

Portions of this document reflect strategic analysis prepared in anticipation of, and in connection with, ongoing legal, governance, and compliance matters being handled with the assistance and oversight of Gray Media legal counsel. To the maximum extent permitted by law, the document is asserted as attorney work product, attorney‑client privileged where prepared at the direction of counsel, and protected under all applicable privileges. Disclosure to any third party may waive privilege. Recipients are reminded that forwarding any portion of this document outside the named recipient list — including to assistants, executive assistants, family members, advisors, or counterparties — without express written authorization may constitute waiver of privilege and is prohibited.

§D — Securities Law Notice

Gray Media, Inc. is a publicly traded company. This document contains forward‑looking statements, internal strategic thinking, indicative financial frameworks, and pre‑decisional analysis that may constitute material non‑public information (MNPI) within the meaning of U.S. securities laws. Recipients are reminded of obligations under Regulation FD, Rule 10b‑5, and applicable insider trading rules. Do not trade in Gray Media (GTN), Atlantic American (AAME), or any related security on the basis of any information in this document. Do not selectively disclose any portion of this document. Any concern about possible inadvertent disclosure must be reported immediately to Gray Media's General Counsel and Investor Relations.

§E — Recipient Acknowledgments

By accepting, opening, or continuing to read this document, each recipient acknowledges and agrees that:

1. The document is confidential, proprietary, attorney work product where applicable, and the original authored work of Ricky D. Burns on behalf of Gray Media.

2. The recipient will not forward, copy, photograph, screenshot, transmit, summarize, paraphrase, or otherwise distribute this document or its contents — in whole or in part — to any party other than expressly named recipients without prior written authorization from the author.

3. The recipient will not share the document with any vendor, contractor, developer, owner's representative, leasing broker, advisor, lender, agency partner, third‑party operator, or counterparty, regardless of relationship to Gray Media.

4. The recipient will not use the frameworks, structures, dependency model, scenario analysis, or operating playbook contained herein to advance any third‑party interest.

5. The recipient will report any inadvertent or unauthorized disclosure to the author and to Gray Media's General Counsel immediately.

§F — Consequences of Unauthorized Disclosure

Unauthorized possession, forwarding, copying, transmission, paraphrase, or use of this document — including by any executive assistant, intermediary, or agent of a recipient — may result in any or all of the following, at Gray Media's sole discretion:

Disciplinary action under Gray Media employment policies, up to and including termination for cause.
Contractual action including immediate termination of any agreement (consulting, advisory, leasing, JV, vendor, broker, owner's rep, or partnership) with the relevant party or party's employer, with cause and without limitation of remedies.
Civil action for breach of confidentiality, misappropriation of trade secrets (under the federal Defend Trade Secrets Act, 18 U.S.C. § 1836, and applicable state law), tortious interference, breach of fiduciary duty (where applicable), and copyright infringement.
Equitable relief including injunctive relief and disgorgement of any benefit obtained by the unauthorized recipient.
Privilege waiver assertions challenging any attempted use of inadvertently disclosed material.
Securities law referral to Gray Media's General Counsel, the Audit Committee, and where appropriate, regulatory authorities, in cases involving MNPI.
Mandatory written acknowledgment by the recipient and the recipient's principal of receipt, non‑use, and destruction of the document.

This is not boilerplate. The protections here are deliberate, are part of Gray Media's normal handling of confidential material, and are not subject to verbal waiver.

§G — A Word for Executive Assistants and Intermediaries

If you are reading this and you are not the named recipient — for example, you are an executive assistant, scheduler, or intermediary who received this on someone else's behalf — stop, do not forward, do not summarize, and notify the named recipient that they should review the document directly. The handling instructions are not negotiable and the consequences described in §F apply regardless of intent.

§H — A Word About Counterparties

Several parties referenced in this document — including but not limited to the developer of record, the owner's representative, the leasing advisor, vendors, AV partners, catering partners, agency partners, and third‑party operators — are counterparties to Gray Media on one or more active matters. No portion of this document is to be shared with any counterparty under any circumstance without prior written authorization from Gray Media legal counsel. The frameworks and analyses herein reflect Gray Media's internal strategic posture; sharing them with a counterparty would be inconsistent with the duty of loyalty owed to Gray Media and could materially prejudice Gray Media's negotiating position.

§I — Scope, Status, and Living‑Document Acknowledgment

This is a living, working document. It is not a final plan, a board‑approved strategy, an offer, a commitment, or a representation of fact about any specific contract, transaction, or relationship. It is the author's good‑faith effort to pull together what already exists, what has been built, what is planned, and what is open — for internal alignment. Many sections are explicitly marked DRAFT, PROPOSED, TBD, or CONFIRM. Readers are responsible for noticing these labels and treating the marked content accordingly.

The fact that the work in this document appears extensive is itself worth noting: a significant amount has already been built, decided, and executed across the Assembly Atlanta program. This document is the first complete attempt to assemble that record in one place. Where the record is incomplete, it is because the underlying documentation is being assembled or has not yet been provided — not because the work was not done.

§J — Custody, Versioning, and Distribution Log

Custodian of record: Author (Ricky D. Burns), with backup custody by Gray Media General Counsel's designee.
Version control: Each version is dated and time‑stamped. Prior versions are retained.
Distribution log: A log of every named recipient, date of distribution, and acknowledgment (where applicable) is maintained separately by the author.
Retention: This document is retained under Gray Media's record‑retention policy and applicable legal holds.

§K — Severability and Governing Law

If any provision of this notice is held to be unenforceable, the remaining provisions remain in full force and effect. This notice is governed by the laws of the State of Georgia, without regard to conflict‑of‑laws principles. Any dispute arising from the unauthorized use of this document will be brought in the state or federal courts located in Fulton County, Georgia.

One‑Paragraph Summary (for cover page)

This document is the confidential and proprietary work product of Ricky D. Burns, prepared on behalf of Gray Media, Inc. as part of his duties as an officer of the company. It is shared only with named internal recipients. It is not to be forwarded, copied, photographed, screenshotted, summarized, paraphrased, or shared with any third party — including any executive assistant, intermediary, vendor, contractor, developer, owner's representative, leasing broker, advisor, lender, agency partner, or counterparty — without prior written authorization. Unauthorized disclosure may result in disciplinary, contractual, civil, and where applicable regulatory consequences. By continuing to read, the recipient acknowledges these terms.