EXECUTIVE EMPLOYMENT AGREEMENT

  Death or Disability.  On the date of Executive's death or Executive's physical or mental disability which prevents Executive from performing the essential functions of Executive's duties as an employee of Company, with or without reasonable accommodation as defined by the Americans with Disabilities Act, as amended.

Without Cause.  By either party, for any reason, upon not less than thirty (30) days' advance written notice.

With Cause.  Termination by Company for Cause, upon fifteen (15) days' written notice to Executive; provided that, Executive shall have a period of fifteen (15) days following the receipt of notice from Company to cure the reason constituting Cause to the extent such reason is susceptible to cure.  For purposes of this Agreement, "Cause" shall mean Executive's (i) conviction of any felony or conviction of a misdemeanor involving material dishonesty, disloyalty or fraud with respect to Company or any of its subsidiaries or affiliates; (ii) any failure of Executive to satisfactorily perform the commercially reasonable duties assigned to Executive, as determined by Company; (iii) violation of Company policy; (iv) breach of fiduciary duty or gross negligence with respect to Company or any of its subsidiaries or affiliates; (v) any other breach of any written agreement between Company (or its subsidiaries or affiliates); or (vi) intentionally aiding or abetting a direct competitor to the disadvantage or detriment of Company or its subsidiaries or affiliates.  The foregoing notwithstanding, Company acknowledges that Executive's continued ownership in the entities set forth on Exhibit "B" attached hereto and incorporated herein by this reference (the "Excluded Entities") and Executive continuing to provide incidental services as a director or otherwise to such entities shall not be considered a violation of subsection (vi) above; provided that, Executive may not directly or indirectly engage in any sales or marketing activities with respect to space on the billboards owned or leased by these entities during the Employment Term.

Good Reason.  At Executive's election, this Agreement may be immediately terminated for Good Reason, upon fifteen (15) days' written notice to Company; provided that, Company shall have a period of fifteen (15) days following the receipt of notice from Executive to cure the reason constituting Good Reason to the extent such reason is susceptible to cure.  For purposes of this Agreement, "Good Reason" shall mean: (i) Company has not completed a minimum of $65 million in acquisitions / investments by March 31, 2019 and Executive notifies Company in writing of Executive's intent to terminate this Agreement for Good Reason no later than April 15, 2019; (ii) Company has not completed a minimum of $100 million in acquisitions / investments by December 31, 2020 and Executive notifies Company in writing of Executive's intent to terminate this Agreement for Good Reason no later than January 15, 2021; (iii) a material reduction in the Base Salary (other than in connection with any across-the-board reduction that is applied consistently to similarly situated executives); (iv) a material diminution in the Executive's duties and responsibilities in Executive's role as President/Chief Executive Officer; (v) a material change in Executive's reporting structure; or (vi) a change in control of Company where Executive is not offered employment with the successor to Company on compensation terms substantially similar to Executive's compensation terms as set forth in this Agreement.  For purposes of the minimum amounts specified in sub-sections (i) and (ii) above, Executive acknowledges that Company has already invested $26 million toward acquisitions / investments which shall count toward the applicable threshold amounts.

Notices.  Any and all notices permitted or required to be given under this Agreement must be in writing.  Notices will be deemed given (i) when personally received or when sent and confirmed by facsimile transmission (to the receiving party's facsimile number), (ii) on the first business day after having been sent by commercial overnight courier with written verification of receipt, or (iii) on the third business day after having been sent by registered or certified mail, return receipt requested, postage prepaid, whichever occurs first.  All notices shall be addressed, if to Company, at Company's then home office address, and if to Executive, at Executive's then-current home address as indicated in Company's then-current payroll records.

Reformation and Severability.  Executive and Company intend and agree that if a court of competent jurisdiction determines that the scope of any provision of this Agreement is too broad to be enforced as written, the court should reform such provision(s) to such narrower scope as it determines to be enforceable.  Executive and Company further agree that if any provision of this Agreement is determined to be unenforceable for any reason, and such provision cannot be reformed by the court as anticipated above, such provision shall be deemed separate and severable and the unenforceability of any such provision shall not invalidate or render unenforceable any of the remaining provisions hereof.

Waivers.  No delay or omission by either party hereto in exercising any right, power or privilege hereunder shall impair such right, power or privileges, nor shall any single or partial exercise of any such right, power or privilege preclude any further exercise thereof or the exercise of any other right, power or privilege.

Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

Entire Agreement.  This Agreement contains the entire understanding of the parties, supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter hereof and may not be amended except by a written instrument hereafter signed by Executive and a duly authorized representative of the Company (other than Executive).  The previous sentence notwithstanding, Executive expressly acknowledges that Executive may be subject to other agreements intended to protect Company's confidential and proprietary information, including, but not limited to, the PMA, and that such agreements are expressly not superseded herein but may be used together with this Agreement to protect Company's interest in its confidential and proprietary information to the fullest extent allowed by law.

"Depreciation of Digitals" shall mean the cost of Company's digital billboards faces divided by ten (10).

"EBITDA" shall mean Company's earnings before interest, tax, depreciation, and amortization in a given calendar year.

"EBITDALDD" shall mean EBITDA less Depreciation of Digitals.

Finder's Fee.  As part of Executive's normal job duties on behalf of Company, Executive shall be responsible for sourcing potential acquisition targets (each, a "Target") for investment in and/or purchase by Company.  Executive is not responsible for sourcing such Targets for Company's affiliate, Boston Omaha Corporation ("BOC").  However, to the extent that Executive does source and introduce a Target to BOC that is purchased by BOC during the Employment Term, excluding outdoor deals, Company shall pay Executive a finder's fee equal to one-half percent (0.5%) of the applicable purchase price paid by BOC to acquire such Target (the "Finder's Fee").  The Finder's Fee shall be paid within thirty (30) days following closing of the transaction between BOC and the applicable Target.

Annual Bonus.  Executive shall be eligible to receive an annual incentive bonus equal to twenty-five percent (25%) of the increase to Company's EBITDALDD from the Growth Baseline (as defined below) on a year to year basis (the "Annual Bonus").  In light of the Commencement Date, Executive's Annual Bonus for 2017 shall be a discretionary amount as determined by Company.  Thereafter, the Annual Bonus shall be as provided above based on Company's EBITDALDD growth from 2017 to 2018; provided that, the Annual Bonus shall not be applicable until Company has reached EBITDALDD of at least $2,000,000.  When Company reaches an increased level of EBITDALDD such that an Annual Bonus payment is triggered, the increased EBITDALDD level shall become the baseline upon which future increases are to be measured (the "Growth Baseline").  In addition, should Company undergo either an acquisition or divestiture that increases or decreases Company's overall EBITDALDD, the parties agree to work in good faith to establish a new Growth Baseline that accounts for the effect on Company's EBITDALDD as a result of such acquisition or divestiture.  In the event EBITDALDD decreases in a particular year and then increases in the following year but not above the Growth Baseline then in effect, Executive shall not be entitled to an Annual Bonus for such increase.  The Annual Bonus shall be paid by March 15 of the year following the year in which it is earned.  Company shall determine EBITDALDD for each calendar year as of December 31 and measure the increase to EBITDALDD as compared to the prior measurement on December 31 of the preceding year.  By way of example, if Company's EBITDALDD as of December 31, 2018 is $5,000,000 and Company's EBITDALDD as of December 31, 2019 is $9,000,000, the applicable increase during 2019 would be $4,000,000.  Accordingly, Executive would receive an Annual Bonus in the amount of $1,000,000 (25% of the $4,000,000) on or before March 15, 2020 and the new Growth Baseline for Annual Bonus measurement purposes would be $9,000,000.

Long-Term Incentive Bonus.  Executive shall also be entitled to receive additional bonus compensation in the event Company achieves specified thresholds of EBITDALDD during the Employment Term in accordance with the following table: