Document:

Severance Agreement between Circor and A. William Higgins

 Exhibit 10.31 
 SEVERANCE AGREEMENT 
 This Severance Agreement (the “Agreement”) is made and
entered into as of March 24, 2008 by and between CIRCOR, Inc. (“CIRCOR”) and A. William Higgins (the “Executive”). 
 WHEREAS, CIRCOR presently employs the Executive in which capacity the Executive serves as an officer of the Company, as President and Chief Executive Officer of its parent, CIRCOR International, Inc. (the
“Parent”) and as an officer and/or director of other direct and indirect subsidiaries of the Parent (for purposes herein, CIRCOR and the Parent shall hereinafter be collectively referred to as the “Company”); and

 WHEREAS, the Company desires to provide severance compensation to the Executive upon the occurrence of certain events; and

 WHEREAS, in exchange for the severance compensation provided for under this Agreement, Executive agrees to certain non-competition
and non-solicitation covenants as set forth herein, 
 NOW, THEREFORE, in consideration of the foregoing and the mutual promises of
the parties herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive hereby covenant and agree with each other as follows: 
 1. Definitions. For purposes of the Agreement, the following terms shall have the following meanings: 
 (a) “Base Salary” shall mean the Executive’s annual base salary. 
 (b) “Disability” shall mean, as a result of Executive’s incapacity due to physical or mental illness, Executive shall have been
absent from his duties with the Company on a full-time basis for 180 calendar days in the aggregate in any twelve month period. 
 (c)
“For Cause” shall mean: (i) conduct by Executive constituting a material act of willful misconduct in connection with the performance of his duties, including, without limitation, misappropriation of funds or property of the
Company or any of its affiliates other than the occasional, customary and de minimis use of Company property for personal purposes; (ii) criminal or civil conviction of Executive, a plea of nolo contendere by Executive or conduct by Executive
that would reasonably be expected to result in material injury to the reputation of the Company if he were retained in his position with the Company, including, without limitation, conviction of a felony involving moral turpitude;
(iii) continued, willful and deliberate non-performance by Executive of his duties hereunder (other than by reason of Executive’s physical or mental illness, incapacity or disability) which has continued for more than thirty (30) days
following written notice of such non-performance from the Board of Directors of the Company (the “Board”); or (iv) a violation by Executive of the Company’s employment policies which has continued following written notice
of such violation from the Board. 

 (d) “Good Reason” shall mean that Executive has complied with the “Good Reason
Process” (hereinafter defined) following the occurrence of any of the following events: (a) a material diminution or other material adverse change, not consented to by Executive, in the nature or scope of Executive’s responsibilities,
authorities, powers, functions or duties; (b) an involuntary material reduction in Executive’s Base Salary except for across-the-board reductions similarly affecting all or substantially all management employees; (c) a material breach
of this Agreement by the Company; or (d) a material change in the geographic location at which the Executive provides services to the Company. 
 “Good Reason Process” shall mean that (i) Executive reasonably determines in good faith that a “Good Reason” event has occurred; (ii) Executive notifies the Company in writing of the occurrence of the
Good Reason event within 60 days of such occurrence; (iii) Executive cooperates in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the
condition; (iv) notwithstanding such efforts, the Good Reason event continues to exist; and (v) the Executive terminates his employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason event during the
Cure Period, Good Reason shall be deemed not to have occurred. 
 (e) “Target Bonus Opportunity” shall mean the percentage
of Base Salary that has been set by the Company’s Compensation Committee as the target level of achievement for Executive in the Company’s annual short-term bonus or other similar plan that affords the Executive the opportunity to achieve
an annual bonus on account of performance against certain goals for a given fiscal year. 
 2. Severance Payment. 
 (a) Termination by the Company For Cause, Death or Disability. Upon termination of the Executive’s employment by the Company for Cause,
death, or Disability, the Company shall, through the Date of Termination (hereinafter defined), pay Executive his accrued and unpaid Base Salary (including compensation for any accrued vacation) at the rate in effect at the time Notice of
Termination is given. Thereafter, the Company shall have no further obligations to Executive except as otherwise expressly provided under this Agreement or as required by law, provided any such termination shall not adversely affect or alter
Executive’s rights under any employee benefit plan of the Company in which Executive, at the Date of Termination, has a vested interest, unless otherwise provided in such employee benefit plan or any agreement or other instrument attendant
thereto. 
 (b) Termination by the Executive other than for Good Reason. If Executive’s employment is terminated by the Executive
other than for Good Reason, then the Company shall, through the Date of Termination, pay Executive his accrued and unpaid Base Salary (including compensation for any accrued vacation) at the rate in effect at the time Notice of Termination is given.
Thereafter, the Company shall have no further obligations to Executive except as otherwise expressly provided under this Agreement, provided any such termination shall not adversely affect or alter Executive’s rights under any employee benefit
plan of the Company in which Executive, at the Date of Termination, has a vested interest, unless otherwise provided in such employee benefit plan or any agreement or other instrument attendant thereto. 
  

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 (c) Termination by the Company Other Than for Cause, Death or Disability or by the Executive for Good
Reason. If Executive’s employment is terminated (i) by the Company other than For Cause or Executive’s death or Disability or (ii) by the Executive for Good Reason, then the Company shall, through the Date of Termination, pay
Executive his accrued and unpaid Base Salary (including compensation for any accrued vacation) at the rate in effect at the time Notice of Termination is given and his accrued and unpaid incentive compensation, if any. In addition, if the Executive
signs a general release of claims in a form and manner satisfactory to the Company (the “Release”) within 21 days of the receipt of the Release and does not revoke such Release during the seven-day revocation period: 
 (i) the Company shall pay Executive a lump sum payment equal to two (2) times the sum of the Executive’s current Base
Salary and Target Bonus Opportunity; 
 (ii) the Company shall pay Executive a lump sum amount equal to the product of
(x) the bonus compensation Executive would have received had he remained with the Company through the entire fiscal year in which the Date of Termination occurs, times (y) a fraction the numerator of which is the number of calendar days
elapsed in the fiscal year as of the Termination Date and the denominator of which is 365; such amount shall be paid at such later time as bonus payments on account of the fiscal year in question are generally paid; and 
 (iii) as required by COBRA, Executive will be given the option to continue medical and dental insurance for a period of up to eighteen
(18) months from the Termination Date or as otherwise provided by law under COBRA. If COBRA coverage is elected, then the Company and Executive each will make payments directly to the COBRA administrator for the cost of such coverage in
accordance with their same percentage contributions made toward medical and dental coverage immediately prior to the Date of Termination. Executive’s eligibility for COBRA coverage (and therefore any obligation on the part of the Company with
respect to such coverage) shall cease on the earlier of eighteen (18) months after the Date of Termination and such date as Executive becomes eligible for medical/dental insurance under another group health insurance plan (as defined by COBRA).

 (d) Termination Covered Under Executive Change of Control Agreement. If Executive’s employment is terminated under
circumstances that would afford Executive certain rights under the Amended and Restated Executive Change of Control Agreement currently in effect between the Company and Executive (or any successor agreement), the provisions of the Amended and
Restated Executive Change of Control Agreement shall govern and this Agreement shall have no force and effect, it being intended that the Amended and Restated Executive Change of Control Agreement shall govern the rights and obligations of the
parties in the event of a termination covered under the Amended and Restated Executive Change of Control Agreement and this Agreement shall govern the rights and obligations of the parties in the event of any other termination. 
 3. Notice of Termination. Any termination of Executive’s employment by the Company or any such termination by Executive shall be communicated by written
Notice of Termination to 

  

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the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice that indicates the specific
termination provision in this Agreement relied upon. 
 4. Date of Termination. The “Date of Termination” shall be the date on which
Notice of Termination is provided by either party or such later date as may be specified in such Notice of Termination. 
 5. Withholding. All
payments made to the Executive under this Agreement shall be net of any tax or other amounts required to be withheld by the Company under applicable law. 
 6. No Mitigation. The Company agrees that, if the Executive’s employment by the Company is terminated during the term of this Agreement, the Executive is not required to seek other employment or to attempt in any way to reduce
any amounts payable to the Executive by the Company pursuant to any provision of this Agreement, including any payment under Section 2. Further, except as otherwise provided herein, the amount of any payment provided for in this Agreement shall
not be reduced by any compensation earned by the Executive as the result of employment by another employer, by retirement benefits, by offset against any amount claimed to be owed by the Executive to the Company or otherwise. 
 7. Non-Competition and Non-Solicitation Covenants; Confidentiality. In consideration of the benefits afforded the Executive under the terms provided in this
Agreement, Executive agrees that 
 (a) during the term of Executive’s employment with the Company and for a period of twenty-four
(24) months thereafter, regardless of the reason for termination of employment, Executive will not, directly or indirectly, as an owner, director, principal, agent, officer, employee, partner, consultant, servant, or otherwise, carry on,
operate, manage, control, or become involved in any manner with any business, operation, corporation, partnership, association, agency, or other person or entity which is engaged in a business that is competitive with any of the Company’s
products which are produced by the Company as of the date of Executive’s termination of employment with the Company, in any area or territory in which the Company or any affiliate conducts operations; provided, however, that the foregoing shall
not prohibit Executive from owning up to one percent (1%) of the outstanding stock of a publicly held company engaged in the Fluid-Control Industry; and 
 (b) during the term of Executive’s employment with the Company and for a period of twenty-four (24) months thereafter, regardless of the reason for termination of employment, Executive will not directly or
indirectly solicit or induce any present or future employee of the Company or any affiliate to accept employment with Executive or with any business, operation, corporation, partnership, association, agency, or other person or entity with which
Executive may be associated, and Executive will not employ or cause any business, operation, corporation, partnership, association, agency, or other person or entity with which Executive may be associated to employ any present or future employee of
the Company or its subsidiaries without providing the Company with ten (10) days’ prior written notice of such proposed employment. 
 (c) in the course of Executive’s employment with the Company (and, if applicable, its predecessors), Executive has been allowed to become, and will continue to be allowed to 

  

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become, acquainted with the Company’s business affairs, information, trade secrets, and other matters which are of a proprietary or confidential nature,
including but not limited to the Company’s and its affiliates’ and predecessors’ operations, business opportunities, price and cost information, finance, customer information, business plans, various sales techniques, manuals,
letters, notebooks, procedures, reports, products, processes, services, and other confidential information and knowledge (collectively the “Confidential Information”) concerning the Company’s and its affiliates’ and
predecessors’ business. The Company agrees to provide on an ongoing basis such Confidential Information as the Company deems necessary or desirable to aid Executive in the performance of his duties. Executive understands and acknowledges that
such Confidential Information is confidential, and he agrees not to disclose such Confidential Information to anyone outside the Company except to the extent that (i) Executive deems such disclosure or use reasonably necessary or appropriate in
connection with performing his duties on behalf of the Company, (ii) Executive is required by order of a court of competent jurisdiction (by subpoena or similar process) to disclose or discuss any Confidential Information, provided that in such
case, Executive shall promptly inform the Company, as appropriate, of such event, shall cooperate with the Company, as appropriate, in attempting to obtain a protective order or to otherwise restrict such disclosure, and shall only disclose
Confidential Information to the minimum extent necessary to comply with any such court order; (iii) such Confidential Information becomes generally known to and available for use in the Company’s industry (the “Fluid-Control
Industry”), other than as a result of any action or inaction by Executive; or (iv) such information has been rightfully received by a member of the Fluid-Control Industry or has been published in a form generally available to the
Fluid-Control Industry prior to the date Executive proposes to disclose or use such information. Executive further agrees that he will not during employment and/or at any time thereafter use such Confidential Information in competing, directly or
indirectly, with the Company. At such time as Executive shall cease to be employed by the Company, he will immediately turn over to the Company, all Confidential Information, including papers, documents, writings, electronically stored information,
other property, and all copies of them provided to or created by him during the course of his employment with the Company. The provisions of this Paragraph 7(c) shall survive termination of this Agreement for any reason. 
 Should Executive violate any of the provisions of this Paragraphs 7(a) or (b), then in addition to all other rights and remedies available to the Company at law or in
equity, the duration of this covenant shall automatically be extended for the period of time from which Executive began such violation until he permanently ceases such violation. 
  

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 8. Notice. For 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 duly given when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, addressed as follows: 
 If to the Executive: 
 At
Executive’s home address as shown in the Company’s personnel records; 
 If to the Company: 
 CIRCOR International, Inc. 
 25 Corporate
Drive, Suite 130 
 Burlington, MA 01803 
 Attn: Chairman of the Board 
 Attn: Vice President-Human Resources 
 or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
 9. Successor to Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business or assets of the Company expressly to assume and agree to perform this Agreement to the same extent that the Company would be required to perform it if no succession had taken place. Failure of the Company to obtain
an assumption of this Agreement at or prior to the effectiveness of any succession shall be a breach of this Agreement and shall constitute Good Reason if the Executive elects to terminate employment. 
 10. Amendment; Other Agreements. No provisions of this Agreement may be amended, modified, or discharged unless such amendment, modification, or discharge is
agreed to in writing and signed by Executive and such officer of the Company as may be specifically designated by the Board. No agreements or representations, oral or otherwise, express or implied, unless specifically referred to herein, with
respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. 
 11. Governing Law. The
validity, interpretation, construction, and performance of this Agreement shall be governed by the laws of the Commonwealth of Massachusetts (without regard to principles of conflicts of laws). 
 12. Counterparts. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will
constitute one and the same instrument. 
 13. Arbitration; Other Disputes. In the event of any dispute or controversy arising under or in connection
with this Agreement, the parties shall first promptly try in good faith to settle such dispute or controversy by mediation under the applicable rules of the American Arbitration Association before resorting to arbitration. In the event such dispute
or controversy remains unresolved in whole or in part for a period of 30 days after it arises, the parties will settle any remaining dispute or controversy exclusively by arbitration in Boston, Massachusetts, in accordance with the rules of the
American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. Notwithstanding the above, the Company shall be entitled to seek a restraining order or injunction in any court
of competent jurisdiction to prevent any continuation of any violation of Section 7 of this Agreement. Furthermore, should a dispute occur concerning Executive’s mental or physical capacity as described in Subparagraph 1(b) or 2(a), a
doctor selected by Executive and a doctor selected by the Company shall be entitled to examine Executive. If the opinion of the Company’s doctor and Executive’s doctor conflict, the Company’s doctor and Executive’s doctor shall
together agree upon a third doctor, whose opinion shall be binding. 
  

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 14. Assignment. Neither the Company nor the Executive may make any assignment of this Agreement or any interest
herein, by operation of law or otherwise, without the prior written consent of the other party, and without such consent any attempted transfer shall be null and void and of no effect. This Agreement shall inure to the benefit of and be binding upon
the Company and the Executive, their respective successors, executors, administrators, heirs and permitted assigns. In the event of the Executive’s death prior to the completion by the Company of all payments due him under this Agreement, the
Company shall continue such payments to the Executive’s beneficiary designated in writing to the Company prior to his death (or to his estate, if the Executive fails to make such designation). 
 15. Litigation and Regulatory Cooperation. During and after Executive’s employment, Executive shall reasonably cooperate with the Company in the defense or
prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company which relate to events or occurrences that transpired while Executive was employed by the Company; provided, however,
that such cooperation shall not materially and adversely affect Executive or expose Executive to an increased probability of civil or criminal litigation. Executive’s cooperation in connection with such claims or actions shall include, but not
be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after Executive’s employment, Executive also shall cooperate fully
with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while Executive was employed by the Company. The
Company shall also provide Executive with compensation on an hourly basis (to be derived from the sum of his Base Salary and Target Bonus Opportunity) for requested litigation and regulatory cooperation that occurs after his termination of
employment, and reimburse Executive for all costs and expenses incurred in connection with his performance under this Paragraph 15, including, but not limited to, reasonable attorneys’ fees and costs. 
 16. Enforceability. If any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction,
then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this
Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 17. Waiver. No waiver of any provision hereof shall be effective
unless made in writing and signed by the waiving party. The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent
enforcement of such term or obligation or be deemed a waiver of any subsequent breach. 
  

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 18. Section 409A. 
 (a) Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s “separation from service” within the meaning of Section 409A of the Internal Revenue Code of 1986,
as amended (the “Code”), the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive
becomes entitled to under this Agreement would be considered deferred compensation subject to the 20 percent additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the
Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (A) six months and one day after the Executive’s separation from service, or (B) the Executive’s death.

 (b) The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any
provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner so that all payments hereunder comply with Section 409A of the Code. The parties agree that this
Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder
without additional cost to either party. 
 (c) The determination of whether and when a separation from service has occurred shall be made in
accordance with the presumptions set forth in Treasury Regulation Section 1.409A-1(h). 
 (d) The Company makes no representation or
warranty and shall have no liability to the Executive or any other person if any provisions of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption from, or the
conditions of, such Section. 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement effective on the date and year first above
written. 
  

			
	CIRCOR, INC.
		
	By:	 	/s/ Frederic M. Burditt
		 	Frederic M. Burditt
		 	Vice President
	
	CIRCOR INTERNATIONAL, INC.
		
	By:	 	/s/ David S. Bloss, Sr.
		 	David S. Bloss, Sr.
		 	Chairman
	
	EXECUTIVE
		
	By:	 	/s/ A. William Higgins
		 	A. William Higgins

  

 9First Amendment to Principal Investors Agreement

 Exhibit 10.11 
 FIRST AMENDMENT TO PRINCIPAL INVESTORS AGREEMENT, 
 PARTICIPATION, REGISTRATION RIGHTS AND
COORDINATION AGREEMENT 
 AND STOCKHOLDERS AGREEMENT 
 This First Amendment (the “Amendment”), dated as of January 29, 2008, to the following agreements: 
 (i) the PRINCIPAL INVESTORS AGREEMENT (the “PIA”), dated as of March 29, 2007, by and among Broadcasting Media Partners, Inc. (the “Company”), Broadcast Media Partners Holdings,
Inc., (“Midco”), Univision Communications Inc., as successor in interest to Umbrella Acquisition, Inc. (“Univision”); and each Person executing the PIA as a Principal Investor (collectively with their Permitted
Transferees and so long as they are members of a Principal Investor Group, the “Principal Investors”); 
 (ii) the PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT (the “RRA”), dated as of March 29, 2007, by and among the Company, Midco, Univision and certain Persons who will be stockholders of the Company;
and 
 (iii) the STOCKHOLDERS AGREEMENT (the “SHA” and together with the PIA and the RRA, the
“Agreements”), dated as of March 29, 2007, by and among the Company, Midco, Univision and certain stockholders of the Company is made by and among the Company, Midco, Univision and the Principal Investors (collectively, the
“Parties”). 
 WHEREAS, the Principal Investors have entered into a Services Agreement, dated as of January 29, 2008
and effective as of March 27, 2007, with SCG Investments IIB LLC (the “Services Agreement”) to employ its services on the terms set forth therein; 
 WHEREAS, in connection with the Services Agreement, the Principal Investors agreed to modify certain terms in the Agreements; 
 WHEREAS, the Parties, pursuant to their authority under Section 7.2 of the PIA, Section 7.2 of the RRA and Section 8.2 of the SHA, desire to effect an amendment to the Agreements to reflect changes
resulting from the Services Agreement; and 
 WHEREAS, capitalized terms used but not defined herein shall have the meanings given thereto in
the Agreements. 
 NOW, THEREFORE, in consideration of the foregoing premises, the parties hereto hereby agree as follows: 
 1. Amendments to the Agreements. 
 (a) Part (iii) of the definitions of Strategic Investor Transaction in each of the PIA, RRA and SHA is hereby amended to read as follows: 
 (iii) if agreements related to such transaction are entered into with a Strategic Investor on or prior to January 25, 2009, the SCG
Investors not being obligated to Sell Shares resulting, after giving effect to such Strategic Investor Transaction, in the SCG Investors, in the aggregate, holding Shares valued at an initial cost of less than $250,000,000); 

 (b) The last sentence of Section 2.1.1(iv) of the PIA is hereby amended and restated
in its entirety to read as follows: 
 For the avoidance of doubt, permitting the SCG Investors to retain Shares after giving
effect to a transaction involving a Strategic Investor (provided that an agreement with respect to such transaction is entered into on or prior to January 25, 2009) that have an initial cost of at least $250,000,000 shall not be deemed
as Discrimination against the rights of a Principal Investor or a Principal Investor Group. 
 (c) Section 2.1.1(iv) of
the PIA is hereby amended to add the following sentences to the end of the revised paragraph: 
 For the further avoidance of
doubt, a Strategic Investor Transaction requires the approval of the Majority Principal Investors, without regard to whether or not a Principal Investor has a conflict of interest with respect to such a transaction. The preceding two sentences
hereof may not be amended without the consent of the SCG Investors. 
 (d) Section 8.3 of the SHA is hereby amended to
add the following to the end of the first sentence: 
 ; provided that any Shares held by BMPI Services LLC shall not
be taken into consideration when calculating Individual Sell Down Percentages. 
 2. Confirmation of the Agreement. Except as herein
expressly amended, the Agreements are ratified and confirmed in all respects and shall remain in full force and effect in accordance with their terms. Each reference in the Amendment to “the PIA,” “the RRA,” “the SHA”
or “the Agreements” shall mean such Agreement as amended by this Amendment, and as hereinafter amended or restated. 
 3.
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and performed in such State without giving effect to the choice of law principles of such state
that would require or permit the application of the laws of another jurisdiction. 
 4. Counterparts. This Amendment may be executed
in one or more counterparts, each of which will be deemed to be an original copy of this Amendment and all of which, when taken together, will be deemed to constitute one and the same agreement. 
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, each of the undersigned has duly executed this Amendment (or caused this Amendment to
be executed on its behalf by its officer or representative thereunto duly authorized) under seal as of the date first written above. 
  

									
	THE COMPANY:	 		 	BROADCASTING MEDIA PARTNERS, INC.
				
		 		 	By: 	 	*
		 		 		 		 	Name:
		 		 		 		 	Title:
			
	MIDCO:	 		 	BROADCAST MEDIA PARTNERS HOLDINGS, INC.
				
		 		 	By: 	 	*
		 		 		 		 	Name:
		 		 		 		 	Title:
			
	UNIVISION:	 		 	UNIVISION COMMUNICATIONS INC.
				
		 		 	By: 	 	*
		 		 		 		 	Name:
		 		 		 		 	Title:
	
	 *  The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on
this page:

					
		 		 		 		 	/s/ C. DOUGLAS KRANWINKLE
		 		 		 		 	Name: C. Douglas Kranwinkle
		 		 		 		 	Title: Executive Vice President, Law
		 		 		 		 	

 [SIGNATURE PAGE TO AMENDMENT 1 TO PRINCIPAL INVESTORS AGREEMENT, REGISTRATION 
 RIGHTS AGREEMENT AND STOCKHOLDERS AGREEMENT] 

 MDP INVESTORS 
  

			
	MADISON DEARBORN CAPITAL PARTNERS IV, L.P.
	
	By: Madison Dearborn Partners IV, L.P., its General Partner
	
	By: Madison Dearborn Partners, LLC, its General Partner
		
	By: 	 	*
	Name: James N. Perry, Jr.
	Its: Managing Director
	
	MDCPIV INTERMEDIATE (UMBRELLA), L.P.
	
	By: Madison Dearborn Partners IV, L.P. its General Partner
	
	By: Madison Dearborn Partners, LLC, its General Partner
		
	By: 	 	*
	Name: James N. Perry, Jr.
	Its: Managing Director
	
	MADISON DEARBORN CAPITAL PARTNERS V-A, L.P.
	
	By: Madison Dearborn Partners V-A&C, L.P., its General Partner
	
	By: Madison Dearborn Partners, LLC, its General Partner
		
	By: 	 	*
	Name: James N. Perry, Jr.
	Its: Managing Director

 [SIGNATURE PAGE TO AMENDMENT 1 TO PRINCIPAL INVESTORS AGREEMENT, REGISTRATION 
 RIGHTS AGREEMENT AND STOCKHOLDERS AGREEMENT] 

			
	MDCPV INTERMEDIATE (UMBRELLA), L.P.
	
	By: Madison Dearborn Partners V-A&C, L.P., its General Partner
	
	By: Madison Dearborn Partners, LLC, its General Partner
		
	By: 	 	*
	Name: James N. Perry, Jr.
	Its: Managing Director
	
	MDCP FOREIGN CO-INVESTORS (UMBRELLA), L.P.
	
	By: Madison Dearborn Partners V-A&C, L.P., its General Partner
	
	By: Madison Dearborn Partners, LLC, its General Partner
		
	By: 	 	*
	Name: James N. Perry, Jr.
	Its: Managing Director
	
	MDCP US CO-INVESTORS (UMBRELLA), L.P.
	
	By: Madison Dearborn Partners V-A&C, L.P., its General Partner
	
	By: Madison Dearborn Partners, LLC, its General Partner
		
	By: 	 	*
	Name: James N. Perry, Jr.
	Its: Managing Director

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” under the heading of MDP INVESTORS: 

  

	
	/s/ JAMES N. PERRY, JR.
	Name: James N. Perry, Jr.
	Title: Managing Director

 [SIGNATURE PAGE TO AMENDMENT 1 TO PRINCIPAL INVESTORS AGREEMENT, REGISTRATION 
 RIGHTS AGREEMENT AND STOCKHOLDERS AGREEMENT] 

 PEP INVESTORS 
  

			
	PROVIDENCE INVESTORS V (UNIVISION) L.P.
	
	By: Providence Umbrella GP L.L.C., its General Partner
		
	By: 	 	*
	Name: Mark Masiello
	Its: Managing Director
	
	PROVIDENCE EQUITY PARTNERS V (UMBRELLA US) L.P.
	
	By: Providence Equity GP V L.P., its General Partner
	
	By: Providence Equity Partners V L.L.C., its General Partner
		
	By: 	 	*
	Name: Mark Masiello
	Its: Managing Director
	
	PROVIDENCE INVESTORS VI (UNIVISION) L.P.
	
	By: Providence VI Umbrella GP L.L.C., its General Partner
		
	By: 	 	*
	Name: Mark Masiello
	Its: Managing Director
	
	PROVIDENCE EQUITY PARTNERS VI (UMBRELLA US) L.P.
	
	By: Providence Equity GP VI L.P., its General Partner
	
	By: Providence Equity Partners VI L.L.C., its General Partner
		
	By: 	 	*
	Name: Mark Masiello
	Its: Managing Director

 [SIGNATURE PAGE TO AMENDMENT 1 TO PRINCIPAL INVESTORS AGREEMENT, REGISTRATION 
 RIGHTS AGREEMENT AND STOCKHOLDERS AGREEMENT] 

			
	PROVIDENCE CO-INVESTORS (UNIVISION) L.P.
	
	By: Providence Umbrella GP L.L.C., its General Partner
		
	By: 	 	*
	Name: Mark Masiello
	Its: Managing Director
	
	PROVIDENCE CO-INVESTORS (UNIVISION US) L.P.
	
	By: Providence Umbrella GP L.L.C., its General Partner
		
	By: 	 	*
	Name: Mark Masiello
	Its: Managing Director

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” under the heading of PEP INVESTORS: 

  

	
	/s/ MARK MASIELLO
	Name: Mark Masiello
	Title: Managing Director

 [SIGNATURE PAGE TO AMENDMENT 1 TO PRINCIPAL INVESTORS AGREEMENT, REGISTRATION 
 RIGHTS AGREEMENT AND STOCKHOLDERS AGREEMENT] 

			
	SCG INVESTMENTS II, LLC, a Delaware LLC
		
	By: 	 	/s/ ADAM CHESNOFF
	Name: Adam Chesnoff
	Title: Manager

 [SIGNATURE PAGE TO AMENDMENT 1 TO PRINCIPAL INVESTORS AGREEMENT, REGISTRATION 
 RIGHTS AGREEMENT AND STOCKHOLDERS AGREEMENT] 

 TPG INVESTORS 
  

			
	TPG UMBRELLA IV, L.P.
	
	By: TPG Advisors IV, Inc., its General Partner
		
	By: 	 	*
	Name: Clive D. Bode
	Title: Vice President
	
	TPG UMBRELLA V, L.P.
	
	By: TPG Advisors V, Inc., its General Partner
		
	By: 	 	*
	Name: Clive D. Bode
	Title: Vice President
	
	TPG UMBRELLA INTERNATIONAL IV, L.P.
	
	By: TPG Advisors IV, Inc., its General Partner
		
	By: 	 	*
	Name: Clive D. Bode
	Title: Vice President

 [SIGNATURE PAGE TO AMENDMENT 1 TO PRINCIPAL INVESTORS AGREEMENT, REGISTRATION 
 RIGHTS AGREEMENT AND STOCKHOLDERS AGREEMENT] 

			
	TPG UMBRELLA INTERNATIONAL V, L.P.
	
	By: TPG Advisors V, Inc., its General Partner
		
	By: 	 	*
	Name: Clive D. Bode
	Title: Vice President
	
	TPG UMBRELLA CO-INVESTMENT, L.P.
	
	By: TPG Advisors V, Inc., its General Partner
		
	By: 	 	*
	Name: Clive D. Bode
	Title: Vice President
	
	TPG UMBRELLA INTERNATIONAL
CO-INVESTMENT, L.P.
	
	By: TPG Advisors V, Inc., its General Partner
		
	By: 	 	*
	Name: Clive D. Bode
	Title: Vice President

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” under the heading of TPG INVESTORS: 

  

					
	By: 	 	/s/ CLIVE D. BODE
		 	Name:	 	Clive D. Bode
		 	Title:	 	Vice President

 [SIGNATURE PAGE TO AMENDMENT 1 TO PRINCIPAL INVESTORS AGREEMENT, REGISTRATION 
 RIGHTS AGREEMENT AND STOCKHOLDERS AGREEMENT] 

 THL INVESTORS 
  

			
	THOMAS H. LEE EQUITY FUND VI, L.P.
	
	By: THL Equity Advisors VI, LLC, its General Partner
	
	By: Thomas H. Lee Partners, L.P., its Sole Member
	
	By: Thomas H. Lee Advisors, LLC, its General Partner
		
	By: 	 	*
	Name: Scott Sperling
	Its: Managing Director
	
	THL EQUITY FUND VI INVESTORS (UNIVISION), L.P.
	
	By: THL Equity Advisors VI, LLC, its General Partner
	
	By: Thomas H. Lee Partners, L.P., its Sole Member
	
	By: Thomas H. Lee Advisors, LLC, its General Partner
		
	By: 	 	*
	Name: Scott Sperling
	Its: Managing Director
	
	THL EQUITY FUND VI INTERMEDIATE INVESTORS (UNIVISION), L.P.
	
	By: THL Equity Advisors VI, LLC, its general partner
	
	By: Thomas H. Lee Partners, L.P., its sole member
	
	By: Thomas H. Lee Advisors, LLC, its general partner
		
	By: 	 	*
	Name: Scott Sperling
	Its: Managing Director

 [SIGNATURE PAGE TO AMENDMENT 1 TO PRINCIPAL INVESTORS AGREEMENT, REGISTRATION 
 RIGHTS AGREEMENT AND STOCKHOLDERS AGREEMENT] 

			
	THL EQUITY FUND VI INTERMEDIATE INVESTORS (UNIVISION US), L.P.
	
	By: THL Equity Advisors VI, LLC, its General Partner
	
	By: Thomas H. Lee Partners, L.P., its Sole Member
	
	By: Thomas H. Lee Advisors, LLC, its General Partner
		
	By: 	 	*
	Name: Scott Sperling
	Its: Managing Director
	
	THL EQUITY FUND VI INVESTORS (GS), LLC
	
	By: THL Equity Advisors VI, LLC, its Manager
		
	By: 	 	*
	Name: Scott Sperling
	Its: Managing Director

  

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” under the heading of THL INVESTORS: 

  

					
	By: 	 	/s/ SCOTT SPERLING
		 	Name:	 	Scott Sperling
		 	Its:	 	Managing Director

 [SIGNATURE PAGE TO AMENDMENT 1 TO PRINCIPAL INVESTORS AGREEMENT, REGISTRATION 
 RIGHTS AGREEMENT AND STOCKHOLDERS AGREEMENT]

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