Document:

Exhibit 10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this “Agreement”) made and entered into this 29th day of July, 2010
by and between JOHN E. HASKELL, residing at 8400 Pewter Lane, Manlius, New York 13104 (the
“Employee”) and BAILEY & HASKELL ASSOCIATES, INC. (formerly known as Oneida Associates, Inc.), a
New York Corporation with its principal office at 131 Main Street, Oneida, New York (the
“Corporation”).

RECITALS

WHEREAS, the Corporation (a subsidiary of Oneida Savings Bank (the “Bank”)) entered into an
employment agreement with the Employee, dated October 2, 2000, which was further amended, effective
January 1, 2008, in accordance with Amendment No. 1 (collectively referred to as the “Prior
Employment Agreement”) to comply with Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), and the regulations promulgated thereunder; and

WHEREAS, the parties hereto have terminated the Prior Employment Agreement in accordance with
the Termination and Release Agreement entered into by and between the Employee and the Corporation
on July 29, 2010; and

WHEREAS, the parties hereto desire to enter into the Agreement, such that this Agreement shall
supersede and replace the Prior Agreement.

 

 

 

NOW, THEREFORE, in consideration of the premises contained herein, it is agreed by and between
the parties as follows:

1. EMPLOYMENT.

Corporation hereby employs Employee as an officer of the Corporation, and Employee hereby
accepts such employment with Corporation and agrees to serve upon the terms and conditions
hereinafter set forth. The Employee shall render administrative, management, and production
services as are customarily performed by persons situated in similar capacities, and shall have
such other powers and duties as the Board of Directors of the Corporation (the “Board of
Directors”) may prescribe from time to time, and as are set forth in Paragraph 4 hereof.

2. TERM.

The term of this Agreement shall be for a period of 17 months (the “Initial Term”) commencing
as of July 29, 2010(“Commencement Date”), unless Employee’s employment terminates prior thereto, as
provided in Paragraphs 6 and 7. Thereafter, this Agreement shall be renewed automatically for
successive periods of one (1) year unless either party shall give the other at least 60 days prior
written notice of its intent not to renew, whereupon it shall terminate as of the expiration of the
then existing term. Any renewal terms shall also be subject to termination as provided in
Paragraph 6 and 7. On an annual basis following the Initial Term, the Board of Directors will
conduct a comprehensive performance evaluation and review of Employee’s performance for purposes of
determining whether to extend this Agreement.

3. COMPENSATION.

3.1. Base Salary. The Corporation agrees to pay the Employee during the term of this
Agreement a salary of not less than that set forth in Exhibit A annexed hereto, (“Base Salary”),
payable in accordance with the normal payroll practices of the Corporation. All amounts received
by Employee as compensation shall be subject to federal, state and local tax withholding by the
Corporation. The Base Salary shall be paid at the same time as salary is paid
to other employees of the Corporation. The amount of the Employee’s Base Salary shall be
reviewed by the Board of Directors on an annual basis, but may not be reduced below that set forth
in such Exhibit A. Adjustments in Base Salary or other compensation shall not limit or reduce any
other obligation of the Corporation under this Agreement. The Corporation shall have no further
obligation to the Employee for compensation after termination of employment. Employee shall be
entitled to receive only that portion of such compensation due to the Employee for services
rendered if employment is terminated under Paragraphs 6 or 7.

 

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3.2 Expenses. The Employee shall be entitled to receive prompt reimbursement for all
reasonable expenses incurred by the Employee in performing services under this Agreement in
accordance with the policies and procedures applicable to the Corporation, provided
that the Employee accounts for such expenses as required under such policies and
procedures. Any reimbursement shall be paid to the Employee as soon as practicable but no later
than December 31 of the calendar year following the year in which the Employee pays such reasonable
expenses in performing services under this Agreement.

3.3. Benefits. The Employee shall participate in such plans relating to pension,
thrift, profit-sharing, group life and disability insurance, medical and dental coverage,
education, cash bonuses, and other retirement or employee benefits or combinations thereof as shall
be determined in the discretion of the Board of Directors, which benefit plans and programs may be
modified from time to time in the discretion of the Board of Directors; provided, however, the
benefits set forth and described in Exhibit B attached hereto shall be provided permanently and
continuously during the term of this Agreement unless changed by an agreement in writing executed
by the Employee and Corporation.

3.4. Vacation. The Employee shall be entitled to annual paid vacation as is set forth
on the attached Exhibit C.

 

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4. DUTIES AND RESPONSIBILITIES.

4.1. So long as he is employed hereunder, Employee agrees to sell and service insurance and
such other financial services and products as the Corporation may from time to time sell in the
manner described in Subparagraph 4.3 and shall perform those types of services associated with
current account production responsibility and any other duties assigned by Corporation, including,
but not limited to, appropriate activities to maintain and improve Corporation’s reputation in the
community and the insurance industry. The Employee shall perform all duties in accordance with
Corporation standards and guidelines.

4.2. All funds, included but not limited to, premiums, fees and charges on all insurance and
all other financial services and products business transacted through the efforts of Employee shall
be invoiced to the insured or purchaser by Corporation or any insurance company it represents. All
checks or bank drafts received by the Employee from an insured purchaser shall be made payable to
Corporation or any insurance company it represents; and all premiums shall be collected by Employee
in the name of and on behalf of Corporation.

4.3. Except as otherwise provided herein, so long as Employee is employed hereunder, Employee
shall faithfully execute, to the best of his ability, the duties set forth in Paragraphs 1 and 4
and devote his full attention and use his ability and influence to promote its success. The
foregoing is not intended to restrict the passive investment activities of Employee. All insurance
business transacted through the efforts of Employee shall be the sole property of Corporation and
Employee shall have no right to share in any commission resulting from such business, except as may
be specifically provided hereby.

 

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5. DISABILITY.

In the event the Employee is determined to be disabled (as determined pursuant to the policy
of the Corporation established from time to time by the Board of Directors), the Employee shall be
entitled to receive his Base Salary in accordance with the regular payroll practices of the
Corporation for a period of 90 days following the date on which the Employee is determined to be
disabled. All disability payments to Employee thereafter shall be made pursuant to the
[Employee’s] long-term disability policy.

6. TERMINATION.

This Agreement shall terminate upon the occurrence of any of the following:

(a) The death of the Employee;

(b) The disability of the Employee which renders him unable to perform his duties hereunder
for a period of at least twenty-four (24) months. For purposes hereof, the Employee shall be deemed
to be disabled when any insurance carrier carrying disability income insurance for the Employee
shall determine under its policy that the Employee is totally disabled;

(c) The written agreement of the parties hereto;

(d) Pursuant to the provisions regarding notice and term set forth in Paragraph 2;

(e) Termination for Cause. Corporation shall have the right to terminate this Agreement upon
five days prior written notice, in the event Corporation discharges Employee for “Cause.” For
purpose of this Agreement, “Cause” shall mean, (i) Employee’s insurance agent or broker license
shall have been revoked or suspended by the State of New York, (ii) Employee is convicted of,
pleads guilty to, any act of fraud, misappropriation or embezzlement or to any felony, (iii)
Employee has engaged in a dishonest act to the damage or detriment of Corporation or (iv) Employee
otherwise fails to comply with the terms of this Agreement and, after written notice from
Corporation of such failure, Employee at any time thereafter again fails to comply
with such terms. Upon receipt of written notice hereunder, Employee shall cease rendering
services on behalf of Corporation and shall have no authority to bind the Corporation as a result
of any subsequent actions.

 

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7. EFFECT OF TERMINATION.

(a) As of the effective date of the termination of this Agreement, the Corporation shall have
no further obligation to pay any further salary to the Employee hereunder (except the annual salary
shall be prorated to the date of termination) or any other benefits hereunder and the Employee
shall have no further obligation to perform his duties and responsibilities hereunder, other than
the covenant not to compete contained in Paragraph 8 hereof. Notwithstanding the foregoing,
following the termination of the Employee’s active employment, the Employee shall be entitled to
receive continued non-taxable health coverage from the Corporation until the later of age 65, or
the date on which the Employee is eligible for Medicare coverage.

(b) Employee acknowledges and agrees that all client accounts are owned by Corporation and all
accounts obtained by Employee during his employment shall be Corporation accounts and all
expiration lists, renewals, customer lists and records related thereto are and shall be the sole
property of Corporation. Upon termination of Employee’s employment for any reason whatsoever, with
or without Cause, such customer accounts, expiration lists, renewals, customer lists and records
shall continue to remain the property of Corporation.

(c) To the extent necessary to comply with Code Section 409A, the Employee’s termination of
active employment shall be construed to require a “Separation from Service” as defined in Code
Section 409A and the Treasury Regulations promulgated thereunder, such that the Corporation and
Employee reasonably anticipate that the level of bona fide services Employee would perform after
termination would permanently decrease to a level that is less
than 50% of the average level of bona fide services performed (whether as an employee or an
independent contractor) over the immediately preceding 36-month period.

 

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8. COVENANTS AGAINST DISCLOSURE OF SECRET AND/OR CONFIDENTIAL INFORMATION AND COMPETITION.

Employee represents and acknowledges that in the course of his employment with Corporation he
will become familiar with secret and/or confidential information of Corporation, including the
secret and/or confidential information of affiliates or subsidiaries of the Corporation
(hereinafter referred to as “Affiliates”), including, but not limited to, lists of agents, brokers
and policyholders, expiration and renewal dates, inspection and credit reports, other insurance
data on various risks written by Corporation or said Affiliates, all of which secret and/or
confidential information is hereby acknowledged by Employee to be the exclusive property of
Corporation and its Affiliates, and is hereinafter referred to as “secret and/or confidential
information,” and therefore, Employee hereby covenants and agrees as follows:

(a) Employee shall not, during the period of his employment by Corporation or at any time
thereafter, disclose to any person, firm or corporation, nor shall Employee use for any purpose
whatsoever, except as directed by Corporation or disclosed in the ordinary course of business of
Corporation, any of the secret and/or confidential information.

(b) Upon the termination, for any reason whatsoever, of Employee’s employment by Corporation,
Employee shall return and deliver forthwith to Corporation any and all papers, books, records,
documents, memoranda and manuals, including copies thereof, belonging to Corporation or its
Affiliates; further, Employee shall not retain or remove any secret and confidential information of
any type or description without the express written consent of Corporation.

 

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(c) In the event of the termination of Employee’s employment for Cause, or in the event of the
voluntary termination of employment by the Employee, Employee covenants and agrees that Employee
will not for a period of three (3) years from the date of such termination (the “Noncompete
Period”), directly or indirectly, in any manner whatsoever, or in any way, transact insurance,
financial products and/or services business in the three counties of Central New York (Madison,
Oneida, and Onondaga counties) or directly or indirectly solicit or accept as a customer for the
purpose of selling any type of insurance or financial products or services, any person,
corporation, limited liability company, municipality and/or any other person or entity who was a
customer of the Corporation at the time of termination during the Noncompete Period set forth in
this subparagraph. For purposes of this subparagraph, the term “insurance financial products or
services business” is defined as any such business that Corporation and/or Affiliates is writing,
procuring or negotiating at the time of Employee’s termination.

(d) Although the parties consider the covenants provided in this Paragraph 8 reasonable, in
the event that any court of competent jurisdiction deems any of the provisions of this Paragraph 8
as unreasonable or unenforceable, then such covenants shall apply to the broadest business, longest
period, and largest geographic territory as may be considered reasonable by such court, and this
Paragraph 8, as so amended, shall be enforced.

(e) Any breach or threatened breach by Employee of paragraphs (a), (b) and/or (c) of this
Paragraph 8 will irreparably injure Corporation that any remedy at law for any breach or threatened
breach by Employee of the provisions contained in paragraphs (a), (b) and/or (c) of this Paragraph
8 shall be inadequate, and the Corporation shall be entitled to injunctive relief in addition to
any other remedy it might have under this Agreement or at law or in equity. The
Employee further agrees that the grant of such injunctive relief and the enforcement of the
terms of this Agreement shall not deprive Employee of his ability to earn a living.

 

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9. GOVERNING LAW.

The terms of this Agreement shall be governed by the laws of the State of New York.

10. NOTICE.

For the purposes of this Agreement, notices and all other communications provided for in the
Agreement shall be in writing and shall be deemed to have been duty given when personally delivered
or sent by certified mail, return receipt requested, postage prepaid, to the Corporation at its
home office, to the attention of the Board of Directors with a copy to the Secretary of the
Corporation, or, if to the Employee, to such home or other address as the Employee has most
recently provided in writing to the Corporation.

11. NON-WAIVER CLAUSE.

The waiver by either party of any breach of any provision of this Agreement by the other shall
not be construed as a waiver of any subsequent breach by the other or as a waiver of any other
clause of this Agreement.

12. ASSIGNMENT.

This Agreement may not be assigned by the Employee or the Corporation, but it shall inure to
the benefit of and shall be binding upon the heirs and legal representatives of the Employee and
upon the successors of the Corporation.

 

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13. ENTIRE AGREEMENT.

This Agreement contains the entire understanding between the parties concerning the employment
of the Employee by the Corporation and may not be changed or terminated except by an agreement in
writing signed by both parties.

14. ARBITRATION.

In case any disagreement, difference or controversy shall arise between the Employee, his
heirs or legal representative, on the one hand, and the Corporation on the other hand, with respect
to any matter in relation to or arising out of or under this Agreement, whether as to the
construction or operation thereof, or the respective rights and liabilities of the Employee or the
Corporation, and the parties to the controversy cannot mutually agree thereon for a period of
thirty (30) days, then such disagreement, difference or controversy shall be determined by
arbitration as follows: the parties shall mutually agree upon a single arbitrator. If they are
unable to agree on a single arbitrator, each party shall select an arbitrator. Both of such
arbitrators so chosen shall select a third arbitrator. The power hereby given to the arbitrators
shall not terminate or be revoked by the death of the Employee and the arbitrators shall proceed
with the arbitration notwithstanding such death. Any award made by a majority of the arbitrators
shall be final, binding and conclusive upon the parties and those claiming under them. The
arbitrators shall have no power to make any award inconsistent with or contrary to the terms and
provisions of this Agreement. The costs and expenses of any arbitration shall be borne and paid as
the arbitrators shall, by their award, direct.

 

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15. SEVERABILITY.

The provisions of this Agreement shall be deemed severable and the invalidity or
unenforceability of any provision shall not affect the validity or enforceability of the other
provisions hereof.

16. SOURCE OF PAYMENTS.

All payments provided in this Agreement shall be timely paid in cash or check from the general
funds of the Corporation. The Bank, however, guarantees payment and provision of all amounts and
benefits due hereunder to Employee and, if any such amounts and benefits are not timely paid or
provided by the Corporation, such amounts and benefits shall be paid or provided by the Bank.

 

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IN WITNESS WHEREOF, the parties have set their hands and seals on the date first above
written.

	 	 	 	 	 
	 	Bailey & Haskell Associates, Inc.

 	 
	 	By:  	/s/ John E. Haskell
 	 
	 	 	Title: CEO 	 
	 	 	 
	 	     /s/ John E. Haskell
 	 
	 	John E. Haskell, Employee 	 
	 	 	 
	 	Oneida Savings Bank

 	 
	 	By:  	/s/ Michael R. Kallet
 	 
	 	 	Title:      President 	 

 

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Exhibit A

Employment Agreement

John E. Haskell

Compensation, Paragraph 3.1

Base salary of one hundred ninety-nine thousand four hundred fifty and 00/100 dollars ($199,450.00)

 

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Exhibit B

Employment Agreement

John E. Haskell

Compensation, Paragraph 3.3

Benefits

	1.	 	The Employee will be eligible to participate in any employer health insurance plan then
offered to age 65, or until eligible for Medicare, whichever occurs later, participation to be
continued irrespective of employment status with the Corporation. While actively employed, the
Employee will participate in a manner consistent with that available to other active employees
of the Corporation, or the Employee may at his option receive a payment from the employer in
an amount consistent with the employer’s contribution for a health insurance premium on a
single life. Following the Employee’s active employment, the Employee is responsible for the
entire health insurance premium for the selected coverage under the plan.

	2.	 	Club memberships, dues and similar privileges relating to general business relations and
development will be provided in a manner consistent with other senior executives of the
Corporation and Bank, and/or as otherwise determined and approved by the Board of Directors of
the Corporation.

 

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Exhibit C

Employment Agreement

John E. Haskell

Vacation, Paragraph 3.4

Ten (10) weeks annual paid vacation.

 

15Exhibit 4.1

Exhibit 4.1

Execution Version

WESTWOOD ONE, INC.

THIRD AMENDMENT TO SECURITIES PURCHASE AGREEMENT AND FIRST AMENDMENT TO INVESTOR RIGHTS AGREEMENT

THIS THIRD AMENDMENT TO SECURITIES PURCHASE AGREEMENT AND FIRST AMENDMENT TO INVESTOR RIGHTS
AGREEMENT (this “Amendment”), is made and entered into as of August 17, 2010, by and among Westwood
One, Inc., a Delaware corporation (the “Company”), and the financial institutions that hold the
Notes (collectively, the “Noteholders”). Capitalized terms used and not defined herein have the
respective meanings ascribed thereto in the Securities Purchase Agreement (defined below).

WITNESSETH:

WHEREAS, the Company and the Noteholders are parties to that certain Securities Purchase
Agreement, dated as of April 23, 2009, as amended by that certain Waiver and First Amendment to
Securities Purchase Agreement dated as of October 14, 2009 and that certain Second Amendment to
Securities Purchase Agreement dated as of March 30, 2010 (as so amended and in effect on the date
hereof, the “Existing Securities Purchase Agreement” and as in effect after giving effect to this
Amendment, the “Securities Purchase Agreement”), pursuant to which the Company issued $117,500,000
of its 15% Senior Secured Notes due July 15, 2012 (the “Notes”);

WHEREAS, the Company is also party to a certain Credit Agreement, dated as of April 23, 2009
(as amended from time to time, the “Credit Agreement”) with Wells Fargo Capital Finance, LLC
(formerly known as Wells Fargo Foothill, LLC), as the Arranger and Administrative Agent, and the
other financial institutions or entities from time to time parties thereto (the “Banks”);

WHEREAS, the Company has requested that the Banks amend certain provisions of the Credit
Agreement as more particularly provided in that certain Third Amendment to Credit Agreement (the
“Third Bank Amendment”), dated as of August 17, 2010, by and between the Company and the Banks;

WHEREAS, the Company is also party to a certain Investor Rights Agreement, dated as of April
23, 2009, by and among the Company, Gores Radio, the Noteholders and each of the other investors
from time to time party thereto (as in effect on the date hereof, the “Existing Investor Rights
Agreement” and as in effect after giving effect to this Amendment, the “Investor Rights
Agreement”);

WHEREAS, the Company has requested that the Noteholders, in their capacity as holders of the
Notes and in their capacity as holders of Equity Interests of the Company,
amend certain terms and provisions of the Existing Securities Purchase Agreement and the Existing
Investor Rights Agreement as more particularly provided herein; and

 

 

WHEREAS, subject to the satisfaction of the conditions set forth in Section 3 hereof, the
Noteholders are willing to agree to amend such provisions of the Existing Securities Purchase
Agreement and the Existing Investor Rights Agreement on the terms set forth herein;

NOW, THEREFORE, for good and valuable consideration, the sufficiency and receipt of all of
which are hereby acknowledged, the Company and the Noteholders agree as follows:

1. Amendments to Securities Purchase Agreement. The Existing Securities Purchase
Agreement is hereby amended as follows (the “Securities Purchase Agreement Amendments”):

(a) Section 8 of the Existing Securities Purchase Agreement is hereby amended by inserting a
new Section 8.9 at the end thereof to read as follows:

“Section 8.9. Sale of DG FastChannel Stock. The Company will use commercially
reasonable efforts to sell, in one or more transactions and at prices and terms deemed
advisable by the Company, all of the shares of capital stock of DG FastChannel, Inc. held
by it as promptly as practicable after the Third Amendment Effective Date and, in any
event, not later than November 30, 2010, subject to the terms of Section 9.9(f) hereof.”

(b) Section 9.1 of the Existing Securities Purchase Agreement is hereby amended by inserting
the word “and” at the end of clause (vii) thereof and inserting a new clause (viii) to read as
follows:

“(viii) the issuance and sale by the Company to Gores Radio of up to an aggregate of
$15,000,000 of common stock of the Company in accordance with the terms and provisions of
the 2010 Purchase Agreement.”

(c) Section 9.3 of the Existing Securities Purchase Agreement is hereby amended and restated
in its entirety to read as follows:

“Section 9.3. Maintenance of Senior Debt Leverage Ratio. The Company will not permit
the Senior Debt Leverage Ratio as of any date specified below to be greater than the ratio
set forth opposite such date:

	 	 	 
	Date	 	Ratio
	March 31, 2010
	 	8.00 to 1.0
	June 30, 2010
	 	7.50 to 1.0
	September 30, 2010
	 	11.25 to 1.0
	December 31, 2010
	 	11.25 to 1.0
	March 31, 2011
	 	11.25 to 1.0
	June 30, 2011
	 	11.00 to 1.0
	September 30, 2011
	 	10.00 to 1.0
	December 31, 2011
	 	9.00 to 1.0
	March 31, 2012
	 	8.00 to 1.0
	June 30, 2012
	 	7.50 to 1.0”

 

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(d) Section 9.6 of the Existing Securities Purchase Agreement is hereby amended by deleting
the word “and” immediately following clause (e) thereof, by deleting the period at the end of
clause (f) thereof and inserting “; and” in lieu thereof and inserting a new clause (g) to read as
follows:

“(g) any acquisition of assets of, or Equity Interests in, any Person (other than an
Affiliate of the Company or Gores) during the period from August 17, 2010 through and
including July 15, 2012 solely in exchange for the issuance of Qualified Equity Interests
of the Company, so long as the fair market value of all such acquired assets and Equity
Interests (determined as of the date of the acquisition thereof) does not, in the
aggregate, exceed (i) $20,000,000 during the period commencing on August 17, 2010 through
and including August 16, 2011, and (y) $20,000,000 during the period commencing on August
17, 2011 through and including July 15, 2012.”

(e) Section 9.9 of the Existing Securities Purchase Agreement is hereby amended by deleting
the word “and” immediately following clause (d) thereof, by deleting the period at the end of
clause (e) thereof and inserting “; and” in lieu thereof and inserting a new clause (f) to read as
follows:

“(f) the sale of the shares of capital stock of DG FastChannel, Inc. held by the
Company in accordance with Section 8.9 hereof; provided that upon the sale of such shares
of capital stock the Company shall exercise its option under Section 7.3 of the Securities
Purchase Agreement to prepay the Notes in an aggregate principal amount equal to the Net
Cash Proceeds from the sale of such shares.”

(f) Section 9 of the Existing Securities Purchase Agreement is hereby amended by inserting a
new Section 9.14 at the end thereof to read as follows:

“Section 9.14. Amendment of 2010 Purchase Agreement. The Company will not, without
the consent of the Required Holders, amend, modify, change or waive, or consent or agree to
any amendment, modification, change or waiver to, the dates by which the purchase and sale
of the shares under the 2010 Purchase Agreement must be made, the price per share of such
 shares, the aggregate purchase price for such shares or any other terms of the 2010 Purchase
Agreement in a manner that is adverse to any holder of a Note (in its capacity as a holder
of a Note).”

 

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(g) Section 10 of the Existing Securities Purchase Agreement is hereby amended by deleting the
period at the end of clause (l) thereof and inserting “; or” in lieu thereof and inserting a new
clause (m) to read as follows:

“(m) the 2010 Stock Purchase (as defined in the Third Amendment) is not consummated on
or prior to September 7, 2010 or the 2011 Stock Purchase (as defined in the Third
Amendment) is not consummated on or prior to February 28, 2011, in each case, in accordance
with the terms and provisions of the 2010 Purchase Agreement; provided that the Company and
Gores Radio shall have no obligation to consummate the 2011 Stock Purchase in the event
that on or prior to February 28, 2011 the Company and its Subsidiaries shall have received
Net Cash Proceeds of at least $10,000,000 from the issuance and sale of Qualified Equity
Interests of the Company to any Person (other than any Subsidiary), other than in
connection with (i) the 2010 Stock Purchase, and (ii) any stock or option grant to an
employee of the Company or any Subsidiary under a stock option plan or other similar
incentive or compensation plan of the Company or its Subsidiaries or upon the exercise
thereof.”

(h) The following definitions set forth in Schedule B (“Defined Terms”) to the Existing
Securities Purchase Agreement are hereby amended and restated in their entirety to read as follows:

“Permitted Amounts” means (i) an aggregate of $20,000,000 with respect to all Debt
under revolving credit commitments incurred under the New Loan Agreement Documents (and any
amendments, refinancings, refundings, renewals or extensions thereof) and (ii) an aggregate
of $23,500,000 (plus the amount of any interest capitalized and added to interest in
accordance with the Subordination Agreements) with respect to all other Debt incurred under
the New Loan Agreement Documents (and any amendments, refinancings, refundings, renewals or
extensions thereof).

“Financing Documents” means this Agreement, the Notes, the Amended and Restated
Guarantee, the Gores Limited Guaranty, the Security Documents, the New Term Loan
Subordination Agreement, the Gores Subordination Agreement, the Master Mutual Release
Agreement and the 2010 Purchase Agreement, as each may be amended, restated or otherwise
modified from time to time, and all other documents to be executed and/or delivered in
favor of any holder of Notes, or all of them, by the Company, any of its Subsidiaries, or
any other Person in connection with this Agreement.

 

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(i) Schedule B (“Defined Terms”) to the Existing Securities Purchase Agreement is hereby
amended by adding the following new definitions in their appropriate alphabetical order:

“Disqualified Equity Interests” means any Equity Interests of the Company that (a)
require the payment of any dividends, (b) mature or are mandatorily redeemable or subject
to mandatory repurchase or redemption or repurchase at the option of the holders thereof,
in each case in whole or in part and whether upon the occurrence of any event, pursuant to
a sinking fund obligation on a fixed date or otherwise (including as the result of a
failure to maintain or achieve any financial performance standards) in each case, prior to
the one year anniversary of the maturity date of the Notes, or (c) are convertible or
exchangeable, automatically or at the option of any holder thereof, into any Debt, Equity
Interests or other assets other than Qualified Equity Interests.

“Net Cash Proceeds” means (a) with respect to any issuance and sale of Equity
Interests by the Company or its Subsidiaries, the excess of (i) the sum of the cash and
Cash Equivalents received in connection with such equity issuance, less (ii) the
underwriting discounts and commissions, and other reasonable out-of-pocket expenses
(including, without limitation, reasonable legal and accounting expenses), incurred by the
Company and its Subsidiaries in connection with such equity issuance; and (b) with respect
to any asset disposition, the excess, if any, of (i) the sum of cash and Cash Equivalents
received in connection with such disposition, less (ii) the sum of (A) the outstanding
principal amount of, premium or penalty, if any, and accrued interest on any Debt (other
than Debt under this Agreement and the other Financing Documents) that is secured by a Lien
on such asset permitted by this Agreement and that is required to be repaid in connection
with the sale thereof, (B) the reasonable out-of-pocket expenses incurred by the Company or
any Subsidiary in connection with such disposition (including, without limitation,
reasonable fees, commissions and legal expenses), and (C) taxes reasonably estimated to be
actually payable within two years of the date of such disposition as a result of any gain
recognized in connection therewith.

“Qualified Equity Interests” means any Equity Interests of the Company that do not
constitute Disqualified Equity Interests.

“Third Amendment” means that certain Third Amendment to Securities Purchase Agreement,
dated as of August 17, 2010, by and among the Company and the New Noteholders parties
thereto.

“Third Amendment Effective Date” means the “Effective Date” as defined in the Third
Amendment.

“2010 Purchase Agreement” means that certain Purchase Agreement, dated as of August
17, 2010, by and between Gores Radio and the Company.

 

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2. Amendment to Investor Rights Agreement. Clause (vi) of the definition of “Eligible
Offering” in Section 1.01 of the Existing Investor Rights Agreement is hereby amended and restated
in its entirety to read as follows (the “Investor Rights Agreement Amendment”):

“(vi) pursuant to the transactions contemplated by (x) the Securities Purchase
Agreement (as amended through the Third Amendment), including, without limitation, the 2010
Stock Purchase (as defined in the Third Amendment) and the 2011 Stock Purchase (as defined
in the Third Amendment), (y) the Purchase Agreement and (z) the 2010 Purchase Agreement (as
defined in the Third Amendment).”

3. Conditions to Effectiveness of this Amendment. Notwithstanding any other provision
of this Amendment and without affecting in any manner the rights of the Noteholders hereunder, it
is understood and agreed that this Amendment shall not become effective, and the Company shall have
no rights hereunder, until satisfaction of the condition set forth in the first sentence following
clause (e) of this Section 3 and until each Noteholder shall have received:

(a) a copy of this Amendment executed by the Company, the Subsidiary Guarantors and the
Required Holders;

(b) a copy of the fully executed Third Bank Amendment in form and substance reasonably
satisfactory to the Required Holders (a true, correct and complete copy of which is attached hereto
as Annex 1), which, among other things, provides for an increase in the aggregate Revolver
Commitments (as defined in the New Loan Agreement) thereunder from $15,000,000 to $20,000,000;

(c) a fully executed copy of that certain Purchase Agreement, dated as of the date hereof (the
“2010 Purchase Agreement”), by and between Gores Radio and the Company in form and substance
satisfactory to the Required Holders (a true, correct and complete copy of which is attached hereto
as Annex 2), which provides, among other things for (i) the purchase by Gores Radio, in
cash, of not less than $5,000,000 of new shares of common stock of the Company on or prior to
September 7, 2010 at a purchase price equal to $6.50 per share and otherwise on terms and
conditions reasonably satisfactory to the Required Holders (the “2010 Stock Purchase”); and (ii)
subject to the terms of Section 2.1(b) of the 2010 Purchase Agreement (as in effect on the date
hereof), the purchase by Gores Radio, in cash, of not less than $10,000,000 of new shares of common
stock of the Company on or prior to February 28, 2011 (or such earlier date as may be necessary to
remedy any liquidity shortfall of the Company on the terms and conditions set forth in the 2010
Purchase Agreement) at a purchase price per share equal to the Fair Market Value (as defined below)
thereof and otherwise on terms and conditions reasonably satisfactory to the Required Holders (the
“2011 Stock Purchase”);

(d) the representations and warranties set forth in Section 4 of this Amendment shall be true
and correct as of the date hereof; and

(e) payment of the reasonable fees, charges and disbursements of counsel to, and the financial
advisor for, the Noteholders and incurred in connection with this Amendment (as set forth in
invoices provided by Bingham McCutchen LLP and Conway, Del Genio, Gries & Co., LLC, respectively,
to the Company on or prior to the date hereof).

 

6

 

In addition, all corporate and other proceedings in connection with the transactions contemplated
by this Amendment and all documents and instruments incident to such transactions shall be
reasonably satisfactory to the Required Holders and their special counsel (such satisfaction to be
established by the execution and delivery of this Amendment by the Required Holders). The date on
which all such conditions to the effectiveness of this Amendment have been met is referred to
herein as the “Effective Date”.

For purposes of clause (c) above, the “Fair Market Value” per share of common stock of the
Company on a given date shall mean (x) if the shares of common stock of the Company are publicly
traded in the over-the-counter market, then the average of the per share volume-weighted average
price for the Company’s Primary Exchange as displayed under the heading “VWAP” on the Bloomberg
Financial Markets Information Service (or, if Bloomberg ceases to publish such price, any successor
service reasonably chosen by the Company) page “WWON<Equity> VWAP” (or the equivalent
successor if such page is not available), in respect of the period from the open of trading on the
relevant trading day until the close of trading on such trading day, for the thirty (30)
consecutive trading days ended on the trading day immediately preceding such date, or (y) if no
such quotations are available, the fair value of such shares as of such date as determined by
mutual agreement of the Board of Directors of the Company and the Required Holders, or, if they
shall fail to agree within 10 Business Days (or a further period on written agreement of all such
parties), by an independent internationally-recognized investment banking firm selected by the
Board of Directors with the consent of the Required Holders (the fees and expenses of which shall
be paid by the Company). Notwithstanding the foregoing, if the Fair Market Value of the shares of
common stock of the Company determined in accordance with clause (x) or (y) of the preceding
sentence, as applicable, is less than $4.00 per share, the Fair Market Value of each share of
Common Stock shall be deemed to be $4.00 per share for purposes of the 2011 Stock Purchase, and if
the Fair Market Value of the shares of common stock of the Company determined in accordance with
clause (x) or (y) of the preceding sentence, as applicable, is greater than $9.00 per share, the
Fair Market Value of each share of Common Stock shall be deemed to be $9.00 per share for purposes
of the 2011 Stock Purchase. For purposes hereof, the “Primary Exchange” means the “Primary
Exchange” identified on page 2 on the Bloomberg Financial Markets Information Service (or, if
Bloomberg ceases to publish such price, any successor service reasonably chosen by the Company)
page “WWON<Equity> DES” (or the equivalent successor if such page is not available).

 

7

 

4. Representations and Warranties. To induce the Noteholders to enter into this
Amendment, the Company hereby represents and warrants to the Noteholders that:

(a) The execution and delivery by the Company of this Amendment, and the performance by the
Company of this Amendment, the Third Bank Amendment and the Securities Purchase Agreement (i) are
within the Company’s power and authority; (ii) have been duly authorized by all necessary corporate
action; (iii) are not in contravention of any provision of the Company’s certificate of
incorporation or bylaws or other organizational documents; (iv) do not violate any law or
regulation, or any order or decree of any Governmental Authority applicable to the Company or any Subsidiary; (v) except
as set forth on Schedule 3(e) hereto, do not conflict with or result in the breach or
termination of, constitute a default under or accelerate any performance required by, any
indenture, mortgage, deed of trust, lease, agreement or other instrument to which the Company or
any of its Subsidiaries is a party or by which the Company or any such Subsidiary or any of their
respective property is bound; (vi) do not result in the creation or imposition of any Lien upon any
of the property of the Company or any of its Subsidiaries (except pursuant to the Security
Documents); and (vii) except as set forth on Schedule 3(e) hereto and except for such
consents or approvals as have already been obtained, do not require the consent or approval of any
Governmental Authority or any other Person.

(b) This Amendment has been duly executed and delivered by the Company and this Amendment
constitutes, a legal, valid and binding obligation of the Company, enforceable against the Company
in accordance with its terms except as the enforceability hereof may be limited by bankruptcy,
insolvency, reorganization, moratorium and other laws affecting creditors’ rights and remedies in
general or by general principles of equity.

(c) Except to the extent resulting from the failure, if any, of the Company to comply with the
5% Minimum Requirement (as defined below) in connection with (A) the prepayment of the Notes
required by Section 5(b) of the First Amendment, and (B) the prepayment of the Notes required by
Section 4 of the Second Amendment, no Default or Event of Default has occurred and is continuing as
of the date hereof and as of the Effective Date.

(d) Other than (i) payment of the reasonable fees, charges and disbursements of counsel to the
Banks incurred in connection with the Third Bank Amendment, and (ii) payment of an amendment fee in
the amount of $75,000 to the Banks pursuant to the terms of the Third Bank Amendment, no
consideration has been paid or is payable by the Company to any other Person, in its capacity as
lender and/or guarantor, as an inducement to the Company’s or such Person’s execution and delivery
of the Third Bank Amendment.

(e) Except as set forth on Schedule 3(e) hereto, the representations and warranties of
the Company and each other Obligor contained in the Securities Purchase Agreement and each of the
other Financing Documents are true and correct as of the date hereof as if made on the date hereof
(other than those which, by their terms, specifically are made as of certain dates prior to the
date hereof, which are true and correct as of such dates).

 

8

 

5. Waiver. In connection with any optional prepayment of the Notes to be made by the
Company pursuant to Section 9.9(f) of the Securities Purchase Agreement that results in a
prepayment of less than 5% of the aggregate principal amount of the Notes then outstanding, the
Company shall request that each of the Noteholders waive the requirement under Section 7.3 of the
Securities Purchase Agreement that any partial prepayment of the Notes be not less than 5% of the
aggregate principal amount of the Notes then outstanding (the “5% Minimum Requirement”) solely with respect to any such
prepayment. In the event that the Company is unable to obtain such waiver from the Noteholders
prior to the date any such partial prepayment is required, each of the undersigned Noteholders
hereby waives any right it may have to take action under Section 11.1(b) or Section 11.2 with
respect to any Default or Event of Default arising solely as a result of the failure of the Company
to comply with the 5% Minimum Requirement in connection with such optional prepayment, so long as,
if the Credit Agreement includes a cross default to the Securities Purchase Agreement, at the time
such prepayment is made, the Banks shall have similarly agreed not to take action with respect to
any such cross default that exists under the Credit Agreement as a result of such prepayment. The
waiver set forth in the preceding sentence is a limited waiver and shall not be deemed to
constitute a waiver of any other Default or Event of Default or, except as specifically set forth
in the preceding sentence, any future breach or violation of the Securities Purchase Agreement, any
of the other Financing Documents or any document entered into in connection therewith. Except as
expressly provided herein, the foregoing waiver shall not constitute (a) a modification or
alteration of the terms, conditions or covenants of the Securities Purchase Agreement, any of the
other Financing Documents or any document entered into in connection therewith, or (b) a waiver,
release or limitation upon the exercise by the Noteholders of any of their rights, legal or
equitable, hereunder or under the Securities Purchase Agreement, any Financing Document or any
document entered into in connection therewith. Except as set forth above, each of the undersigned
Noteholders reserves any and all rights and remedies which it has had, has or may have under the
Securities Purchase Agreement, each Financing Document and any document entered into in connection
therewith. Each of the undersigned Noteholders stipulates that the remedies at law of the Company
in the event of any default or threatened default by such undersigned Noteholders in the
performance of or compliance with the terms of this Section 5 solely with respect to its waiver of
any right it may have to take action under Section 11.1(b) or Section 11.2 with respect to any
Default or Event of Default arising solely as a result of the failure of the Company to comply with
the 5% Minimum Requirement as provided above are not and will not be adequate and that, to the
fullest extent permitted by law, such terms may be specifically enforced by a decree for the
specific performance of any agreement contained herein or by an injunction against a violation of
any of the terms hereof or otherwise. The foregoing notwithstanding, the Company does not concede
that any payment made in connection with any optional prepayment of the Notes to be made by the
Company pursuant to Section 9.9(f) of the Securities Purchase Agreement that results in a
prepayment of less than 5% of the aggregate principal amount of the Notes then outstanding would
constitute a breach of the 5% Minimum Requirement or otherwise entitle any Noteholders to assert
the same. For the avoidance of doubt, the Company will make the prepayments required by Section
9.9(f) of the Securities Purchase Agreement regardless of whether the waiver referred to in this
Section 5 is obtained.

 

9

 

6. Effect of Amendment. Except as set forth expressly herein, all terms of the
Existing Securities Purchase Agreement, as amended hereby, the Existing Investor Rights Agreement,
as amended hereby, each other Financing Document and any document entered into in connection
therewith, shall be and remain in full force and effect. The execution, delivery and effectiveness
of this Amendment shall not operate as a waiver of any right, power or remedy of the Noteholders under the Existing Securities
Purchase Agreement, the Existing Investor Rights Agreement, any other Financing Document or any
other documents entered into in connection therewith, nor constitute a waiver of any provision of
the Existing Securities Purchase Agreement, the Existing Investor Rights Agreement, any other
Financing Document or any other documents entered into in connection therewith. Any and all
notices, requests, certificates and other instruments executed and delivered after the execution
and delivery of this Amendment may refer to the Existing Securities Purchase Agreement and/or the
Existing Investor Rights Agreement without making specific reference to this Amendment, but
nevertheless all such references shall include this Amendment unless the context otherwise
requires.

7. Confirmation of Amended and Restated Guarantee. By executing this Amendment each
of the Subsidiary Guarantors acknowledges and confirms that (a) the Amended and Restated Guarantee
continues in full force and effect notwithstanding the Securities Purchase Agreement Amendments and
(b) the indebtedness, liabilities and obligations of the Company under the Securities Purchase
Agreement, each other Financing Document and this Amendment constitute indebtedness, liabilities
and obligations guaranteed under the Amended and Restated Guarantee. Nothing in this Amendment
extinguishes, novates or releases any right, claim, or entitlement of any of the Noteholders
created by or contained in the Securities Purchase Agreement, the Notes or the Amended and Restated
Guarantee nor is the Company or any Subsidiary Guarantor released from any covenant, warranty or
obligation created by or contained herein or therein, except as such covenants and obligations are
specifically amended by this Amendment.

8. Waiver of Preemptive Rights and Consents. Subject to the satisfaction of the
conditions set forth in Section 3 hereof:

(a) Each of the undersigned Noteholders hereby (a) waives all rights to notice which would
otherwise be required by the Company under the Investor Rights Agreement (including, without
limitation, Section 4.03 thereof) solely in connection with the 2010 Stock Purchase and the 2011
Stock Purchase; provided that on the date that the 2011 Stock Purchase is consummated under the
terms of the 2010 Purchase Agreement, the Company shall provide to each of the Noteholders a
reasonably detailed calculation of the Fair Market Value of the shares to be sold in connection
therewith, (b) waives any preemptive rights that the Noteholders may have under the Investor Rights
Agreement (including, without limitation, Section 4.03 thereof) solely in connection with the 2010
Stock Purchase and the 2011 Stock Purchase and (c) notwithstanding anything to the contrary
contained in the Securities Purchase Agreement, consents to the issuance and sale by the Company of
common stock of the Company in connection with the 2010 Stock Purchase and the 2011 Stock Purchase.

 

10

 

(b) The Noteholders consent to the execution and delivery of the Third Bank Amendment in the
form attached as Annex 1, including without limitation the increase in the Maximum Revolver Amount
and aggregate Revolver Commitments under the Credit Agreement from $15,000,000 to $20,000,000 as
set forth therein, agree that all liabilities
pertaining to such increased Maximum Revolver Amount and aggregate Revolver Commitments shall
constitute “Revolver Debt” under the New Term Loan Subordination Agreement and therefore do not
constitute “Subordinated Debt” under the New Term Loan Subordination Agreement, and agree that
Wells Fargo Capital Finance, LLC and the Banks can rely on this consent as intended third party
beneficiaries without the need to independently verify whether any of the conditions precedent to
the effectiveness of this Amendment have been satisfied and this sentence may not be amended,
modified or supplemented without the prior written consent of the Wells Fargo Capital Finance, LLC
and the Banks.

9. Release.

(a) In consideration of the agreements of the Noteholders contained herein and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each of
the Company and each Subsidiary Guarantor, on behalf of itself and its successors, assigns, and
other legal representatives, hereby absolutely, unconditionally and irrevocably releases, remises
and forever discharges the Noteholders, and their successors and assigns, and their present and
former shareholders, affiliates, subsidiaries, divisions, predecessors, directors, officers,
attorneys, financial advisors, employees, agents and other representatives (each Noteholder and all
such other Persons being hereinafter referred to collectively as the “Releasees” and individually
as a “Releasee”), of and from all demands, actions, causes of action, suits, covenants, contracts,
controversies, agreements, promises, sums of money, accounts, bills, reckonings, damages and any
and all other claims, counterclaims, defenses, rights of set-off, demands and liabilities
whatsoever (individually, a “Claim” and collectively, “Claims”) of every name and nature, either
known or suspected, both at law and in equity, which the Company, any Subsidiary Guarantor or any
of their successors, assigns, or other legal representatives may now or hereafter own, hold, have
or claim to have against the Releasees or any of them for, upon, or by reason of any circumstance,
action, cause or thing whatsoever which arises at any time on or prior to the day and date of this
Amendment, including, without limitation, for or on account of, or in relation to, or in any way in
connection with any of the Securities Purchase Agreement, any of the other Financing Documents or
any other documents entered into in connection therewith or transactions thereunder or related
thereto.

(b) Each of the Company and each Subsidiary Guarantor understands, acknowledges and agrees
that the release set forth above may be pleaded as a full and complete defense and may be used as a
basis for an injunction against any action, suit or other proceeding which may be instituted,
prosecuted or attempted in breach of the provisions of such release.

10. Governing Law. This Amendment shall be governed by, and construed in accordance
with, the internal laws of the State of New York excluding choice-of-law principles of the law of
such State that would require the application of the laws of a jurisdiction other than such State.

 

11

 

11. No Novation. This Amendment is not intended by the parties to be, and shall not
be construed to be, a novation of the Existing Securities Purchase Agreement or an accord and
satisfaction in regard thereto.

12. Fees and Expenses. Whether or not the Securities Purchase Agreement Amendments
become effective, the Company will, in accordance with Section 14.1 of the Existing Securities
Purchase Agreement, promptly (and in any event within 30 days of receiving any statement or invoice
therefor) pay all reasonable fees, expenses and costs of the Noteholders relating to this
Amendment, including, without limitation, the reasonable fees and disbursements of the Noteholders’
special counsel, Bingham McCutchen LLP, and financial advisor, Conway, Del Genio, Gries & Co., LLC.

13. Counterparts. This Amendment may be executed by one or more of the parties hereto
in any number of separate counterparts, each of which shall be deemed an original and all of which,
taken together, shall be deemed to constitute one and the same instrument. Delivery of an executed
counterpart of this Amendment by facsimile transmission or by electronic mail in pdf form shall be
as effective as delivery of a manually executed counterpart hereof.

14. Binding Nature. This Amendment shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns.

15. Entire Understanding. This Amendment and the other Financing Documents set forth
the entire understanding of the parties with respect to the matters set forth herein and therein,
and shall supersede any prior negotiations or agreements, whether written or oral, with respect
thereto.

16. Headings. The headings of the sections of this Amendment are inserted for
convenience only and shall not be deemed to constitute a part of this Amendment.

[Signature Pages To Follow]

 

12

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	COMPANY:

WESTWOOD ONE, INC.

 	 
	 	By:  	/s/ Roderick M. Sherwood, III
 	 
	 	 	Name:  	Roderick M. Sherwood, III 	 
	 	 	Title:  	President and CFO 	 

[Signature page to Third Amendment to Securities Purchase Agreement]

 

 

 

	 	 	 	 	 	 	 
	 	 	SUBSIDIARY GUARANTORS:	 	 
	 
	 	 	 	 	 	 
	 	 	METRO NETWORKS COMMUNICATIONS, INC.	 	 
	 
	 	 	 	 	 	 
	 	 	METRO NETWORKS COMMUNICATIONS, LIMITED PARTNERSHIP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	METRO NETWORKS
COMMUNICATIONS, INC.,

as General Partner	 	 
	 
	 	 	 	 	 	 
	 	 	METRO NETWORKS, INC.	 	 
	 
	 	 	 	 	 	 
	 	 	METRO NETWORKS SERVICES, INC.	 	 
	 
	 	 	 	 	 	 
	 	 	SMARTROUTE SYSTEMS, INC.	 	 
	 
	 	 	 	 	 	 
	 	 	WESTWOOD NATIONAL RADIO CORPORATION	 	 
	 
	 	 	 	 	 	 
	 	 	WESTWOOD ONE PROPERTIES, INC.	 	 
	 
	 	 	 	 	 	 
	 	 	WESTWOOD ONE RADIO, INC.	 	 
	 
	 	 	 	 	 	 
	 	 	WESTWOOD ONE RADIO NETWORKS, INC.	 	 
	 
	 	 	 	 	 	 
	 	 	WESTWOOD ONE STATIONS — NYC, INC.	 	 
	 
	 	 	 	 	 	 
	 	 	TLAC, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Roderick M. Sherwood, III	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Roderick M. Sherwood, III	 	 
	 

	 	 	 	Title: Authorized Signatory	 	 

[Signature page to Third Amendment to Securities Purchase Agreement]

 

 

 

The foregoing is hereby agreed to as of the date thereof.

	 	 	 	 	 
	ALLSTATE LIFE INSURANCE COMPANY	 	 
	 
	 	 	 	 
	By:

	 	/s/ Steven E. Shebik	 	 
	 

	 	 	 	 
	 

	 	Name: Steven E. Shebik	 	 
	 

	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 
	By:

	 	/s/ Mark Cloghessy	 	 
	 

	 	 	 	 
	 

	 	Name: Mark Cloghessy	 	 
	 

	 	Title: Authorized Signatory	 	 

[Signature page to Third Amendment to Securities Purchase Agreement]

 

 

 

	 	 	 	 	 	 	 
	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY	 	 
	By:	 	Babson Capital Management LLC

as Investment Adviser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark Ackerman	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Mark Ackerman	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	C.M. LIFE INSURANCE COMPANY	 	 
	By:	 	Babson Capital Management LLC

as Investment Adviser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark Ackerman	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Mark Ackerman	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	MASSMUTUAL ASIA LIMITED	 	 
	By:	 	Babson Capital Management LLC

as Investment Adviser	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Mark Ackerman	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Mark Ackerman	 	 
	 

	 	 	 	Title: Managing Director	 	 

[Signature page to Third Amendment to Securities Purchase Agreement]

 

 

 

	 	 	 	 	 
	NATIONWIDE LIFE INSURANCE COMPANY

NATIONWIDE MUTUAL INSURANCE COMPANY	 	 
	NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY	 	 
	NATIONWIDE LIFE INSURANCE COMPANY OF AMERICA 

SCOTTSDALE INSURANCE COMPANY	 	 
	 
	 	 	 	 
	By:

	 	/s/ Thomas A. Gleason	 	 
	 

	 	 	 	 
	 

	 	Name: Thomas A. Gleason	 	 
	 

	 	Title: Authorized Signatory	 	 

[Signature page to Third Amendment to Securities Purchase Agreement]

 

 

 

	 	 	 	 	 	 	 
	HARTFORD FIRE INSURANCE COMPANY	 	 
	By:	 	Hartford Investment Management Company, 

Its Agent and Attorney-in-Fact	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ William N. Holm, Jr.	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: William N. Holm, Jr.	 	 
	 

	 	 	 	Title: Executive Vice President	 	 

[Signature page to Third Amendment to Securities Purchase Agreement]

 

 

 

	 	 	 	 	 	 	 
	PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY	 	 
	By:	 	Prudential Investment Management, Inc., 
as investment manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Paul H. Procyk	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Paul H. Procyk	 	 
	 

	 	 	 	Title: Vice President	 	 

[Signature page to Third Amendment to Securities Purchase Agreement]

 

 

 

	 	 	 	 	 
	JPMORGAN CHASE BANK, N.A.  
	 
	 	 	 	 
	By:

	 	/s/ Ann Kurinskas	 	 
	 

	 	 	 	 
	 

	 	Name: Ann Kurinskas	 	 
	 

	 	Title: Managing Director	 	 

[Signature page to Third Amendment to Securities Purchase Agreement]

 

 

 

	 	 	 	 	 
	BANK OF AMERICA, N.A.  
	 
	 	 	 	 
	By:

	 	/s/ F.A. Zagar	 	 
	 

	 	 	 	 
	 

	 	Name: F.A. Zagar	 	 
	 

	 	Title: Senior Vice President	 	 

[Signature page to Third Amendment to Securities Purchase Agreement]

 

 

 

	 	 	 	 	 
	SUNTRUST BANK

	 	 
	 
	 	 	 	 
	By:

	 	/s/ Kip Hurd	 	 
	 

	 	 	 	 
	 

	 	Name: Kip Hurd	 	 
	 

	 	Title: First Vice President	 	 

[Signature page to Third Amendment to Securities Purchase Agreement]

 

 

 

	 	 	 	 	 
	THE BANK OF NEW YORK MELLON  
	 
	 	 	 	 
	By:

	 	/s/ Gordon B. Berger	 	 
	 

	 	 	 	 
	 

	 	Name: Gordon B. Berger	 	 
	 

	 	Title: Managing Director	 	 

[Signature page to Third Amendment to Securities Purchase Agreement]

 

 

 

	 	 	 	 	 
	UNION BANK, N.A.  
	 
	 	 	 	 
	By:

	 	/s/ Daniel J. Isenberg	 	 
	 

	 	 	 	 
	 

	 	Name: Daniel J. Isenberg	 	 
	 

	 	Title: Vice President	 	 

[Signature page to Third Amendment to Securities Purchase Agreement]

 

 

 

ANNEX 1

Third Bank Amendment

See Exhibit 10.1

 

Annex 1-1

 

ANNEX 2

2010 Purchase Agreement

See Exhibit 10.2

 

Annex 2-1

 

Schedule 3(e)

Exceptions to Representations and Warranties

Pursuant to Section 4 of the Second Amendment, the Company agreed to prepay the Notes on the dates
and in the amounts set forth in Section 4 thereof. To the extent any such prepayment did not equal
or exceed the 5% Minimum Requirement (as defined in this Amendment), such prepayment, in the
absence of a waiver by each Noteholder regarding such optional prepayment on or prior to the date
of prepayment, could be deemed a conflict under the terms of the Securities Purchase Agreement
solely as a result of the failure of the Company to comply with the 5% Minimum Requirement in
connection with such prepayment. The Company’s representations and warranties are qualified in
their entirety by reference to such conflict described in Section 4(c) of the Second Amendment. To
the knowledge of the Company, the failure of the Company to comply with the 5% Minimum Requirement
in connection with the prepayment of the Notes contemplated by Section 4 of the Second Amendment
would not result in the breach of any representation or warranty contained in Section 4 of the
Securities Purchase Agreement, except with respect to Section 4.6(a)(i) thereof to the extent that
Section 4 of the Second Amendment is deemed to constitute a conflict with the 5% Minimum
Requirement set forth in the Securities Purchase Agreement.

In addition, pursuant to Section 9.9(f) of the Securities Purchase Agreement, the Company has
agreed to prepay the Notes with the Net Cash Proceeds from the sale of the shares of capital stock
of DG FastChannel, Inc. held by the Company in accordance with Section 8.9 hereof. To the extent
any such prepayment does not equal or exceed the 5% Minimum Requirement (as defined in this
Amendment), such prepayment, in the absence of a waiver by each Noteholder regarding such optional
prepayment on or prior to the date of prepayment, could be deemed a conflict under the terms of the
Securities Purchase Agreement solely as a result of the failure of the Company to comply with the
5% Minimum Requirement in connection with such prepayment. The Company’s representations and
warranties are qualified in their entirety by reference to such conflict described in Section 5 of
the Amendment. To the knowledge of the Company, the failure of the Company to comply with the 5%
Minimum Requirement in connection with the prepayment of the Notes contemplated by Section 9.9(f)
of the Securities Purchase Agreement would not result in the breach of any representation or
warranty contained in Section 4 of the Securities Purchase Agreement, except with respect to
Section 4.6(a)(i) thereof to the extent that a prepayment made pursuant to Section 9.9(f) of the
Securities Purchase Agreement is deemed to constitute a conflict with the 5% Minimum Requirement
set forth in the Securities Purchase Agreement.

 

Schedule 3(e)-1

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