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FIRST AMENDMENT TO AMENDEDAND RESTATED EMPLOYMENT AGREEMENT

        This First Amendment (this “Amendment”) is entered into as of February 20, 2020, between Entercom Communications Corp., a Pennsylvania corporation (the “Company”), and Andrew Sutor (“Employee” or “You”) in order to amend as follows that certain Amended and Restated Employment Agreement, effective as of August 3, 2017, between the Company and Executive (the “Employment Agreement”).

        WHEREAS, the parties agree to amend the Employment Agreement to extend the term and alter certain terms thereof, with such amendments effective as of January 1, 2020, unless otherwise provided below;

        NOW THEREFORE, in consideration of the mutual covenants set forth below, the receipt and sufficiency of which are hereby acknowledged, the parties agree to amend the Employment Agreement as follows:

        1 Term.  Section 3 of the Employment Agreement is hereby amended in its entirety to read as follows:

“1.    Term. The initial term of this Agreement shall commence as of January 1, 2020, and continue through December 31, 2023, subject to termination or extension as provided herein. This Agreement shall automatically renew from year to year thereafter, unless either party gives at least sixty (60) days prior written notice of his or its election to either terminate or to renegotiate the terms of this Agreement at the end of the initial term or any then current renewal term.”

        2. Compensation.  

2.1. Section 2(a) and Section 2(b) of the Employment Agreement are hereby amended to read as follows:

        “(a) For the period from January 1, 2020, to December 31, 2020, you will be paid, on a semi-monthly basis, an annualized salary of $575,000.”
 
        “(b) Commencing January 1, 2021, and each January 1 thereafter, your salary shall be increased by not less than three percent (3%) or such greater amount as may be determined by the Company in its sole discretion.”

        3. Annual Incentive Bonus.  Effective for Employee’s Annual Incentive Bonus relating to periods from and after January 1, 2020 (i.e., specifically excluding any Annual Incentive Bonus relating to 2019), Section 3 of the Employment Agreement is hereby amended to strike the number “$150,000” and replace it with “$325,000.”

        4. Future Equity Grants.  Section 4 of the Employment Agreement is hereby amended to strike the penultimate sentence which presently reads:

 ETM:115037 1

“Subject to your continued employment with the Company, such equity grants shall vest as follows: 50% on the second anniversary of the date of grant and 25% on each of the third and fourth anniversaries of the date of grant.”

         And replace it with the following:

“Subject to your continued employment with the Company, such equity grants shall vest as determined by the Compensation Committee of the Board in its discretion.”

  5. Signing Bonus.  Promptly following the execution of this Amendment, the Company will grant you a signing bonus of 100,000 RSUs under the Entercom Equity Compensation Plan.  These RSUs will vest: (i) 50% on January 5, 2022; (ii) 25% on January 5, 2023; and (iii) 25% on January 5, 2024.

        6. Termination.  Section 6 of the Employment Agreement is hereby amended as follows:

         a. Subsection 6(b) is amended to delete the parenthetical “(and other than due to disability).”

         b. The first sentence of Subsection 6(c) is amended to strike the clause “May 15, 2021 or any May 15” and replace it with “December 31, 2023 or any December 31.”

c. A new Subsection 6(d) is added to read as follows:

“(d) In the event of: (A) a termination of this Agreement and your employment hereunder without Cause pursuant to Section 6(a), (B) the termination of this Agreement where the Company has not made a Qualified Offer (or has made a Qualified Offer which materially diminishes your rights and/or duties hereunder) and your employment with the Company terminates as a result therefrom pursuant to Section 6(c), or (C) a termination of this Agreement by the Company in breach of this Agreement; then: (I) all of your then-outstanding Company stock based rights which are subject to vesting, shall become vested, exercisable and payable with respect to all of the equity subject thereto; and (II) all options and similar rights shall remain exercisable with respect to such equity for up to an additional two (2) years from the termination date, but in no event longer than for the original term of the options.”

        7. No Other Changes to the Employment Agreement.  Except as expressly amended by this Amendment, all of the terms of the Employment Agreement shall remain in full force and effect.

[Signature Page Follows]

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        IN WITNESS WHEREOF, the parties have entered into this Amendment as of the date first set forth above.
             
Entercom Communications Corp.

By: /s/ David J. Field 
Name: David J. Field
Title: Chief Executive Officer
Date:  February 20, 2020

                 
Andrew P. Sutor, IV

/s/ Andrew P. Sutor, IV  
Date:  February 20, 2020

 ETM:115037 3Exhibit

Exhibit 4.3

DESCRIPTION OF COMMON STOCK REGISTERED PURSUANT TO 
SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

General
The following is a description of our common stock, par value $0.331⁄3 per share (“common stock”).  The following summary is not meant to be complete and is qualified by reference to our Restated Articles of Incorporation (the “Articles”) and our Third Amended and Restated By-Laws (the “By-Laws”), which are incorporated by reference as exhibits to this Annual Report on Form 10-K.
We have authorized the issuance of 150,000,000 shares of common stock and 1,000,000 shares of preferred stock, $1.00 par value share (“preferred stock”).
Common Stock
The holders of common stock are entitled to one vote per share on all matters submitted to a vote of the stockholders.  Holders of common stock do not have cumulative voting rights.  Therefore, holders of more than 50% of the shares of common stock are able to elect all of our directors eligible for election in a given year.  The holders of common stock are entitled to dividends and other distributions out of assets legally available if and when declared by the board of directors.  Upon our liquidation, dissolution or winding up, the holders of common stock are entitled to share pro rata in the distribution of all of our assets remaining available for distribution after satisfaction of all liabilities, including any prior rights of any preferred stock which may be outstanding.  There are no redemption or sinking fund provisions applicable to the common stock.
Our common stock is traded on the New York Stock Exchange under the symbol “DY.”
Potential Issuances of Preferred Stock
Under the Articles, series of the preferred stock may be created and issued from time to time by our board of directors, with such rights and preferences as they may determine.
Although our board of directors has no intention at the present time of doing so, it could issue a class or series of preferred stock that could, depending on the terms of such class or series, impede completion of a merger, tender offer or other takeover attempt that some, or a majority, of stockholders might believe to be in their best interests or in which stockholders might receive a premium for their shares over the then-current market price of such shares.
Material Provisions of our Articles of Incorporation, By-Laws and Other Agreements
Classified Board. The Articles provide that the board of directors is divided into three classes, as nearly equal in number as possible, with one class of directors being elected each year for a three-year term.  The classification of the board may have the effect of delaying a change in a majority of the members of our board of directors.
Shareholder Approval. The Articles require approval of 80% of the outstanding shares of our capital stock entitled to vote in elections of directors for any merger with or into another corporation or any sale or transfer of all or a substantial part of our assets to, or any sale or transfer to us or any subsidiary in exchange for our securities or any assets (except assets valued at less than $1,000,000) of, any other corporation or person, if at the time such other corporation or person is the beneficial owner, or is affiliated with the beneficial owner, of more than 20% of the outstanding shares of our capital stock entitled to vote in elections of directors. This requirement is not applicable to any such transaction with another corporation which was approved by our board of directors prior to the time that such other corporation became a holder of more than 20% of the outstanding shares of our capital stock.
Change of Control Agreements. We have agreements with certain of our executive officers which provide for substantial compensation (in general terms, continuation of up to eighteen months the officer’s base salary and vesting of all equity-based awards awarded to the officer pursuant to any of our long-term incentive plans), upon our termination of the officer’s employment without cause or the officer’s resignation of his employment for good reason on or prior to the second anniversary following the consummation of a change of control in our company.  A change of control is defined as any person’s acquisition of more than 20% of our outstanding securities, the sale or transfer of substantially all of our assets to someone other than one of our wholly-owned subsidiaries, or a change of control of the board of directors.

Indemnification. Our By-Laws require us to indemnify each of our directors and officers to the fullest extent permitted by law and limits the liability of our directors and stockholders for monetary damages in certain circumstances.
Anti-Takeover Effects of Florida Law
Control Shares. The Florida Business Corporation Act contains provisions eliminating the voting rights of “control shares,” which are defined as shares which give any person, directly or indirectly, ownership of, or the power to direct the exercise of voting power with respect to, 20% or more of the outstanding voting power of an “issuing public corporation.”  A corporation is an issuing public corporation if it has at least 100 shareholders, its principal place of business, principal office or substantial assets are in Florida and either more than 10% of its shareholders reside in Florida, more than 10% of its shares are owned by Florida residents or 1,000 shareholders reside in Florida.  The voting rights of control shares are not eliminated if the articles of incorporation or the bylaws of the corporation prior to the acquisition provide that the statute does not apply.  Voting rights are restored to control shares if, subsequent to their acquisition, the corporation’s shareholders (other than the holder of control shares, officers of the corporation and employee directors) vote to restore such voting rights.
Affiliated Transactions. The Florida Business Corporation Act also restricts “affiliated transactions” (mergers, consolidations, transfers of assets and other transactions) between “interested shareholders” (the beneficial owners of 10% or more of the corporation’s outstanding shares) and the corporation or any subsidiary.  Affiliated transactions must be approved by two-thirds of the voting shares not beneficially owned by the interested shareholder or by a majority of the corporation’s “disinterested” directors.  The statutory restrictions do not apply if the corporation has had fewer than 300 shareholders of record for three years, the interested shareholder has been the beneficial owner of at least 80% of the outstanding shares for five years, the interested shareholder is the beneficial owner of at least 90% of the corporation’s outstanding voting shares, exclusive of shares acquired directly from the corporation in a transaction not approved by a majority of the disinterested directors, or certain consideration is paid to all shareholders.
The provisions of the Articles and By-Laws and the change of control agreements and the application of the anti-takeover provisions of the Florida Business Corporation Act could have the effect of discouraging, delaying or preventing a change of control not approved by the board of directors which could affect the market price of our common stock.

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