Document:

The New York Times Company Supplemental Executive Savings Plan

 Exhibit 10.3 
 THE NEW YORK TIMES COMPANY 
 SUPPLEMENTAL EXECUTIVE
SAVINGS PLAN 
 Effective as of January 1, 2010 

 THE NEW YORK TIMES COMPANY 
 SUPPLEMENTAL EXECUTIVE SAVINGS PLAN 
 Effective as
of January 1, 2010 
 INTRODUCTION 
 The New York Times Company (the “Company”) establishes The New York Times Company Supplemental Executive Savings Plan (the “Plan”) effective as of January 1, 2010 for the benefit
of certain of its Employees. 
 The Company maintains The New York Times Companies Pension Plan (the “Basic Plan”) and
The New York Times Company Supplemental Executive Retirement Plan (“SERP I”) for the benefit of certain of its employees. Effective December 31, 2009, benefit accruals under the Pension Plan and SERP I are frozen. 
 The Plan will provide Supplemental Contributions and Transition Credits to eligible Employees. 
 The Plan is intended to be an unfunded deferred compensation plan maintained for a select group of management or highly compensated
employees. 
 The Plan is intended to comply in all respects with Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”). The Plan shall be interpreted and administered, to the extent possible, in a manner consistent with the foregoing statement of intent. 

 ARTICLE I 
 DEFINITIONS 
 1.1 “Account”
means the bookkeeping account established under the Plan for each Participant. A Participant’s Account shall include his Supplemental Contributions, Transition Credits and gains/losses attributable thereto. 
 1.2 “Basic Plan” means The New York Times Companies Pension Plan. 
 1.3 “Beneficiary” or “Beneficiaries” means the person or persons designated as such
by a Participant. 
 1.4 “Board of Directors” means the Board of Directors of the Company. 

1.5 “Change of Control” shall be deemed to have occurred if: 
  

	 	(a)	A “person” or “group” within the meaning of Section 13(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) other than a
Permitted Holder shall have obtained the right or ability by voting power, contract or otherwise to elect or designate for election at least a majority of the Board of Directors; or 

  

	 	(b)	Consummation of any share exchange, consolidation or merger of the Company pursuant to which the Company’s common stock will be converted into cash, securities or
other property or any sale, lease or other transfer in one transaction or a series of transactions of the consolidated assets of the Company and its subsidiaries substantially as an entirety to any “person” or “group” within the
meaning of Section 13(d) of the Exchange Act, other than one of the Company’s subsidiaries; provided, however, that any such share exchange, consolidation or merger will not be a Change of Control if holders of the Company’s common
stock immediately prior to such transaction collectively own, directly or indirectly, more than 50% of all classes of common equity of the continuing or surviving corporation or transferee or the parent thereof immediately after such transaction in
substantially the same proportion as such ownership immediately prior to such share exchange, consolidation or merger. 

 For purposes of this Section 1.5 of the Plan, “Permitted Holders” shall mean any descendant (or any spouse thereof) of Iphigene Ochs Sulzberger (collectively, the “Family Members”) or any beneficiary or trustee (as
the same may change from time to time) of a trust over 50% of the individual beneficiaries of which are Family Members. 
 1.6 “Code” means the Internal Revenue Code of 1986, as amended. 
 1.7
“Company” means The New York Times Company. 
  

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 1.8 “Compensation” for any calendar year shall include the
Participant’s base salary, annual cash bonuses and sales commissions paid during such year, and shall exclude any other compensation (such as deferred incentive compensation, other than annual cash bonuses, under the Long-Term Incentive Plan,
retirement units and performance awards under the Executive Incentive Award Plan, the 1991 Executive Stock Incentive Plan, 1991 Executive Cash Bonus Plan and any successor plans, and stock options under the 1974 Incentive Stock Option Plan, the
Employee Stock Purchase Plan, the 1991 Executive Stock Incentive Plan and any successor plans), and any contributions to or benefits under this Plan or any other pension, profit-sharing, stock bonus or other plan of deferred compensation; except
that amounts deferred under a non-qualified deferred compensation plan and/or amounts which the Company contributes to a plan on behalf of the Participant pursuant to a salary reduction agreement which are not includible in the Participant’s
gross income under sections 125, 402(e)(3), 492(h) or 403(b) of the Code shall be included. 
 1.9
“Employee” means an employee of the Company. Independent contractors and leased employees (as defined under Section 414(n) of the Code) shall not be treated as Employees under the Plan. 
 1.10 “Participant” means an Employee of the Company who (i) is a participant in SERP I on December 31,
2009, or (ii) who hold a Key Executive Position and is designated by the SERP Committee as eligible to participate in the Plan. 
 1.11 “Plan” means The New York Times Company Supplemental Executive Savings Plan. 
 1.12
“Plan Year” means each twelve (12) consecutive month period commencing each January 1 and ending on the following December 31. 
  

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 1.13 “Separation from Service” shall occur when a Participant
dies, retires, or otherwise has a Termination from Employment with the Company. 
 1.14 “Supplemental
Contribution” means the amount that is credited to a Participant’s Account pursuant to Section 3.1 of the Plan. 
 1.15 “Surviving Spouse” means the person to whom the Participant is married on the date on which benefits commence (or at his death, if earlier). 
 1.16 “Termination from Employment” shall occur on the date that the Participant ceases to be employed by the Company
and all members of the Company’s controlled group of corporations for any reason other than death. Whether a Termination from Employment has occurred shall be based on the facts and circumstances and determined in accordance with
Section 409A of the Code. 
 1.17 “Transition Credit” means the amount that is credited to a
Participant’s Account pursuant to Section 3.2 of the Plan. 
 1.18 “Year of Service” shall
have the same meaning as such term has under The New York Times Companies Supplemental Retirement and Investment Plan. 
 1.19 For the purposes of this Plan, unless the context requires otherwise, the masculine includes the feminine, the singular the plural, and vice-versa. 
 ARTICLE II 
 PARTICIPATION 
 An Employee who is a participant in SERP I on December 31, 2009 shall become a Participant in the Plan on January 1, 2010.

 Any other Employee who holds a Key Executive Position (as defined by the Company) and is designated by the SERP Committee as
eligible to participate in the Plan shall become a Participant in the Plan on the date so designated by the SERP Committee. 
  

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 ARTICLE III 
 SUPPLEMENTAL CONTRIBUTIONS AND TRANSITION CREDITS 
 3.1 Supplemental Contributions. For each Plan Year, the Company shall credit a Participant’s Account with a Supplemental Contribution equal to: 
  

	 	(a)	10% of Compensation for Participants who were participants in SERP I on December 31, 2009; or 

  

	 	(b)	5% of Compensation for Participants who were not participants in the SERP I on December 31, 2009. 

 If a Participant incurs a Separation from Service during the Plan Year, the amount of his Supplemental Contribution shall be based on his
Compensation through the date he incurs a Separation from Service. 
 The Company shall credit a Participant’s Account,
including the Account of a Participant who incurs a Separation from Service during the Plan Year, with a Supplemental Contribution as soon as administratively practicable following the end of the Plan Year. 
 3.2 Transition Credits. For each Plan Year, Transition Credits equal to 10% of Participants’ Compensation shall be
credited to the Accounts of Participants who were participants in SERP I on December 31, 2009 and who are designated by the SERP Committee as eligible to receive Transition Credits. Notwithstanding the foregoing, no Transition Credits shall be
credited to a Participant’s Account for any Plan Year after the Plan Year in which the Participant attains age 62. 
 If a
Participant incurs a Separation from Service during the Plan Year, the amount of his Transition Credit shall be based on his Compensation through the date he incurs a Separation from Service. 
  

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 The Company shall credit a Participant’s Account, including the Account of a
Participant who incurs a Separation from Service during the Plan Year, with a Transition Credit as soon as administratively practicable following the end of the Plan Year. 
 3.3 Interest. On or about December 31 of each Plan Year, a Participant’s Account shall be credited with interest
based on the Barclays Capital Long Credit index, or such successor index as may determined by the EMC, as of the last business day in October of such Plan Year. 
  

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 ARTICLE IV 
 VESTING, BENEFIT AMOUNT AND PAYMENT 
 4.1
Vesting. A Participant shall become 100% vested in his Account upon attaining age fifty-five (55) and completing ten (10) Years of Service. 
 Notwithstanding the foregoing, upon a Change of Control, all Participants shall become 100% vested in their Accounts. 
 4.2 Benefit Amount. A Participant who is vested in his Account on the date he incurs a Separation from Service, or the Participant’s Beneficiary in the case of his death, shall be
entitled to a benefit equal to the value of his Account, provided that the sum of (a) plus (b) does not exceed (c). In the event that the sum of (a) plus (b) exceeds (c), the amount payable from the Plan shall be reduced by the
amount of such excess. 
  

	 	(a)	The present value of the Participant’s actual SERP I benefit on the date he incurs a Separation from Service. 

  

	 	(b)	The value of the Participant’s Account on the date he incurs a Separation from Service. 

  

	 	(c)	The present value of the Participant’s SERP I benefit that the Participant would have been entitled to receive on the date he incurs a Separation from Service had
SERP I not been frozen. 

 For purposes of determining the present value of the Participant’s SERP I benefit,
the actuarial assumptions under the Basic Plan for purposes of determining lump sum payments shall be applied. 
 4.3
Payment Upon Termination From Employment. A Participant who is vested in his Account on the date he incurs a Termination from Employment shall receive a lump sum payment equal to the value of his Account, as adjusted under
Section 4.2 of the Plan, within 90 days following the date of the Participant’s Termination from Employment. 
  

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 Notwithstanding anything in the Plan to the contrary, if the Participant is determined by
the Compensation Committee of the Board of Directors, or its delegee, to be a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, payment of such Participant’s benefit shall be delayed to the extent
necessary to comply with Section 409A of the Code. 
 4.4 Payment Upon Death. If a Participant, who is vested
in his Account, dies before his Account is paid, the Participant’s Account, as adjusted under Section 4.2 of the Plan, shall be paid to his Beneficiary in a lump sum. The lump sum payment to the Participant’s Beneficiary shall be made
within 90 days of the Participant’s death. 
 ARTICLE V 
 PAYEE DESIGNATION 
 5.1 Beneficiaries. A
Participant shall have the right, at any time, to designate any person or persons as Beneficiary (both primary and contingent) to whom payment under the Plan shall be made in the event of the Participant’s death in the manner prescribed by the
ERISA Management Committee (“EMC”). If a Participant fails to designate a Beneficiary or if every person designated as Beneficiary predeceases the Participant or dies prior to complete distribution of the Participant’s Account, then
the Participant’s Account shall be paid to his Surviving Spouse, or if there is no Surviving Spouse, to his estate. 
 5.2 Payments on Behalf of Persons Under Incapacity. In the event that any amount becomes payable under the Plan to a person who, in the sole judgment of the EMC, is considered by reason of physical or mental condition to be
unable to give a valid receipt therefore, the EMC may direct that such payment be made to any person found by the EMC, in its sole judgment, to have assumed the care of such person. Any payment made pursuant to such determination shall constitute a
full release and discharge of any and all liability of the EMC and the Company under the Plan. 
  

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 ARTICLE VI 
 ADMINISTRATION 
 6.1 Committee. The EMC
shall be responsible for the administration of the Plan. The members of the EMC shall serve without compensation. 
 6.2
Responsibilities and Powers of the EMC. The Plan shall be administered by the EMC. The EMC may adopt rules and regulations to assist it in the administration of the Plan and may appoint and/or employ individuals to assist it in the
administration of the Plan and any other agents it seems advisable, including legal and actuarial counsel. In addition, the EMC Committee may, in its discretion, delegate any of its authority, duties and responsibilities hereunder to any other
individual or individuals. 
 6.3 Indemnification. The individuals serving on the EMC shall, except as prohibited
by law, be indemnified and held harmless by the Company from any and all liabilities, costs, and expenses (including legal fees), to the extent not covered by liability insurance arising out of any action taken by any individual of the EMC with
respect to this Plan, unless such liability arises from the individual’s claim for such individual’s own benefit, the proven gross negligence, bad faith, or (if the individual had reasonable cause to believe such conduct was unlawful) the
criminal conduct of such individual. This indemnification shall continue as to an individual who has ceased to be a member of the EMC and shall inure to the benefit of the heirs, executors and administrators of such an individual. 
 6.4 Claims and Review Procedure. If any Participant, Beneficiary or other properly interested party is in disagreement with
any determination that has been made under the Plan, a claim may be presented, but only in accordance with the procedures set forth herein. 
  

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	 	(a)	Original Claim. Any Participant, Beneficiary or other properly interested party may, if he/she so desires, file with the EMC, or its delegee, a written claim for
benefits or a determination under the Plan. Within ninety (90) days after the filing of such a claim, the EMC, or its delegee, shall notify the claimant in writing whether the claim is upheld or denied in whole or in part or shall furnish the
claimant a written notice describing specific special circumstances requiring a specified amount of additional time (but not more than one hundred eighty (180) days from the date the claim was filed) to reach a decision in the claim. If the
claim is denied in whole or in part, the EMC, or its delegee, shall state in writing: 

  

	 	(i)	The reasons for the denial; 

  

	 	(ii)	The references to the pertinent provisions of this Plan on which the denial is based; 

  

	 	(iii)	A description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is
necessary; and 

  

	 	(iv)	An explanation of the claims review procedure set forth in this section. 

  

	 	(b)	Claim Review Procedure. Within sixty (60) days after receipt of notice that a claim has been denied in whole or in part, the claimant may file with the EMC a
written request for a review and may, in conjunction therewith, submit written issues and comments. Within sixty (60) days after the filing of such a request for review, the EMC shall notify the claimant in writing whether, upon review, the
claim was upheld or denied in whole or in part or shall furnish the claimant a written notice describing specific special circumstances requiring a specified amount of additional time (but not more than one hundred twenty (120) days from the
date the request for review was filed) to reach a decision on the request for review. 

  

	 	(c)	General Rules. 

  

	 	(i)	No inquiry or question shall be deemed to be a claim or a request for a review of a denied claim unless made in accordance with the foregoing claims procedure. The EMC
may require that any claim for benefits and any request for a review of a denied claim be filed on forms to be furnished by the EMC upon request. 

  

	 	(ii)	All decisions on claims and on requests for a review of denied claims shall be made by the EMC. The EMC, from time to time, may request from employees other than
members of the EMC information that is relevant to the Participant’s claim or request for review. The decisions of the EMC shall be final, binding and conclusive upon all persons. 

  

	 	(iii)	 The decision of the EMC on a claim and on a request for a review of a denied claim shall be served on the claimant in writing. If a decision or

  

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notice is not received by a claimant within the time specified, the claim or request for a review of a denied claim shall be deemed to have been denied. 

  

	 	(iv)	Prior to filing a claim or a request for a review of a denied claim, the claimant or the claimant’s representative shall have a reasonable opportunity to review a
copy of this Plan and all other pertinent documents in the possession of the Company and the EMC. 

 ARTICLE
VII 
 MISCELLANEOUS 
 7.1 Benefits Payable by the Company. All benefits payable under this Plan constitute an unfunded obligation of the Company. Payments shall be made, as due, from the general funds of the
Company. At its discretion, the Company may establish one or more grantor trusts and/or insurance contracts for the purpose of providing for payment of benefits under the Plan. Such trusts shall be irrevocable, but the assets thereof shall be
subject to the claims of the Company’s creditors. Benefits paid to the Participant from any such trust or insurance contract shall be considered paid by the Company for purposes of meeting the obligations of the Company under the Plan.

 7.2 Amendment or Termination. The Compensation Committee may, in its sole discretion, terminate, suspend or
amend this Plan at any time or from time to time, in whole or in part, provided however, that the EMC shall adopt administrative amendments that do not result in a change in benefits. However, no amendment or suspension of the Plan will affect a
retired Participant’s right or the right of the retired Participant’s Beneficiary to receive a benefit in accordance with the terms of the Plan. 
 7.3 Status of Employment. Nothing herein contained shall be construed as conferring any rights upon any Participant or any person for a continuation of employment, nor shall it be construed
as limiting in any way the right of the Company to discharge any Participant or to treat him without regard to the effect which such treatment might have upon the rights of the Participant or any other person to a payment or a benefit under the
Plan. 
  

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 7.4 Successors and Assigns. The Plan shall be binding on the Company and its
successors and assigns. In furtherance of the foregoing, the Company may assign its obligations to make payments under this Plan to any successor to all or substantially all of the Company’s business. 
 7.5 Inalienability of Benefits. The right of any person to any benefit or payment under the Plan shall not be subject to
voluntary or involuntary transfer, alienation or assignment, and, to the fullest extent permitted by law, shall not be subject to attachment, execution, garnishment, sequestration or other legal or equitable process. In the event a person who is
entitled to receive a benefit under the Plan attempts to assign, transfer or dispose of such right, or if an attempt is made to subject said right to such process, such assignment, transfer or disposition shall be null and void. 
 7.6 Governing Law. Except to the extent preempted by federal law, the provisions of the Plan will be construed according to
the laws of the State of New York. 
  

 11Waiver and First Amendment to Securities Purchase Agreement

 EXHIBIT 4.3.1 
 WESTWOOD ONE, INC. 
 WAIVER AND FIRST AMENDMENT
TO SECURITIES PURCHASE 
 AGREEMENT 
 THIS WAIVER AND FIRST AMENDMENT TO SECURITIES PURCHASE AGREEMENT (this “Amendment”), is made and entered into as of
October 14, 2009, 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 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 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 New Loan Agreement as more particularly provided in that certain Waiver and First Amendment to Credit Agreement (the
“Bank Amendment”), dated as of October 14, 2009, by and between the Company and the Banks; 
 WHEREAS, the
Company has requested a waiver of the Company’s compliance with the Senior Debt Leverage Ratio under Section 9.3 of the Securities Purchase Agreement for the fiscal quarter ending December 31, 2009 (the “Potential Event of
Default”); and 
 WHEREAS, the Company has requested that the Noteholders waive the Potential Event of Default and
amend certain provisions of the Existing Securities Purchase 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 waive the Potential Event of Default and amend such provisions of the Existing Securities Purchase 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. Waiver. Subject to the
terms and conditions set forth in Section 3 below, the undersigned Noteholders constituting the Required Holders hereby waive the Potential Event of Default (the “Waiver”). This is a limited waiver and shall not be deemed to
constitute a waiver of any other Default or Event of Default or 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 herein, each of the 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. 
 2. Amendments. The Existing Securities Purchase Agreement is hereby amended as
follows (the “Securities Purchase Agreement Amendments”): 
 (a) Clause (c) of Section 10
(“Events of Default”) of the Existing Securities Purchase Agreement is hereby amended and restated in its entirety to read as follows: 
 “(c) the Company defaults in the performance of or compliance with any term contained in (i) Sections 8.6, 8.8 or 9 hereof or (ii) Section 5 of the First Amendment; or”

 (b) Schedule B (“Defined Terms”) to the Existing Securities Purchase Agreement is hereby amended by
adding the following new definition in its appropriate alphabetical order: 
 “‘First
Amendment’ means that certain Waiver and First Amendment to Securities Purchase Agreement, dated as of October 14, 2009, by and among the Company and the Noteholders parties thereto.” 
 (c) Clauses (b) and (e) of Section 9.9 (“Limitation on Sale of Assets”) of the Existing Securities
Purchase Agreement are hereby amended and restated in their entirety to read as follows: 
 “(b)
[Intentionally Omitted.]” 
 “(e) the sale of 
  

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 (i) assets set forth on Schedule 9.9(e), provided that, promptly upon
receipt thereof, the Company shall apply 50% of the net cash proceeds of any such asset sale to prepay the Notes pursuant to Section 7.3 hereof; and 
 (ii) Culver City in accordance with Section 8.7, provided that, if the sale of Culver City closes on or before March 31, 2010 and a Qualified Public Offering (as defined in the First Amendment)
has not been consummated on or before March 31, 2010, the Company shall apply $3,500,000 of the net cash proceeds of such sale to prepay the Notes pursuant to Section 7.3 hereof (it being understood, for the avoidance of doubt and
notwithstanding any provision of any Transaction Document to the contrary, that if the sale of Culver City does not close on or before March 31, 2010 or if a Qualified Public Offering has closed on or before March 31, 2010 (and, in
connection with such offering, the Company has prepaid the Notes as contemplated by Section 5(a) of the First Amendment), then the proceeds of such sale may be re-invested by the Company in its business and need not be applied to repay the
Notes).” 
 (d) Clause (a) of Section 12.2 (“Transfer and Exchange of Notes”) to the
Existing Securities Purchase Agreement is hereby amended and restated in its entirety to read as follows: 
 “(a) Upon surrender of any Note at the principal executive office of the Company for registration of transfer or exchange (and in the case of a surrender for registration of transfer, duly endorsed or accompanied by a written
instrument of transfer duly executed by the registered holder of such Note or its attorney duly authorized in writing and accompanied by the address for notices of each transferee of such Note or part thereof and, in the case of a transfer of any
Note held by any holder of the Notes that was a party to the First Amendment and to the extent applicable at such time, an agreement by the transferee thereof to be bound by the waiver set forth in Section 5(b) of the First Amendment 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 thereunder) the Company shall execute and deliver, at the Company’s expense (except as
provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, and in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person
as such holder may request and shall be substantially in the form of Exhibit 1. Each such new Note shall be dated and bear interest from the date to which interest shall have been last paid on the surrendered Note or dated the date of the
surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in
denominations of less than $500,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one Note may be in a denomination of less than $500,000.” 
  

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 (e) Schedule 8.7 (“Sale-Leaseback Transaction Terms”) to the
Existing Securities Purchase Agreement is hereby amended and restated in its entirety as set forth on Annex 1 attached hereto. 
 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 penultimate sentence 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 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 2); 
 (c) the representations and warranties set
forth in Section 4 of this Amendment shall be true and correct as of the date hereof; 
 (d) payment of the
reasonable fees, charges and disbursements of counsel to the Noteholders incurred in connection with this Amendment (as set forth in an invoice provided by Bingham McCutchen LLP to the Company on or prior to the date hereof); and 
 (e) a fully executed copy of the Financial Advisor Fee, Indemnification and Confidentiality Letter, dated as of October 2, 2009
(the “CDG Fee Letter”), by and between the Company and Conway, Del Genio, Gries & Co., LLC (“CDG”) and confirmation from CDG that all outstanding fees and expenses of CDG (as set forth in an invoice
provided by CDG to the Company on or prior to the date hereof) have been paid in full. 
 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”. 
 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 and the Securities Purchase Agreement (i) are within the Company’s power and authority; (ii) have been duly authorized by all

  

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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 4(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 4(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) 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 payment of the reasonable fees, charges
and disbursements of counsel to the Banks incurred in connection with the 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 Bank Amendment. 
 (e) Except as set forth on
Schedule 4(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). 
 (f) After giving effect to the transactions contemplated hereby and by the Bank Amendment (including without limitation after giving effect to the Qualified Public Offering), neither a Change of
Control nor a Loss of Gores Control (as defined in the Gores Parties’ Guaranty executed in connection with the Credit Agreement) shall occur. 
 5. Qualified Public Offering. 
 (a) Upon the sale or issuance
by the Company of any of its capital stock or other Equity Interests pursuant to a Qualified Public Offering at any time through and including March 31, 2010, the Company shall exercise its option under Section 7.3 of the

  

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Securities Purchase Agreement to prepay the Notes in an aggregate principal amount equal to (i) if the gross proceeds of such Qualified Public Offering are less than $40,000,000, $15,000,000
(even if the gross proceeds from such Qualified Public Offering are less than $15,000,000); or (ii) if the gross proceeds of such Qualified Public Offering are equal to or greater than $40,000,000, an amount equal to $20,000,000, plus
such additional proceeds as the Company may, in its sole discretion, elect to apply as an optional prepayment of the Notes under Section 7.3 of the Securities Purchase Agreement. Any prepayment under this Section 5 shall be made within 5
Business Days following the receipt by the Company of the proceeds of any Qualified Public Offering (or if no Qualified Public Offering is consummated, at the time set forth in Section 5(b) below) and shall be applied as an optional prepayment
under Section 7.3 of the Securities Purchase Agreement. For purposes of this Section 5, a “Qualified Public Offering” shall mean a public offering of the capital stock or other Equity Interests of the Company pursuant to
an effective registration statement under the Securities Act on Form S-1 (or any successor thereto) or on any other form available to the Company (other than Form S-8 or Form S-4 or any successor thereto). 
 (b) Notwithstanding the foregoing, if neither a Qualified Public Offering nor the sale of Culver City in accordance with
Section 9.9(e) of the Securities Purchase Agreement has been consummated on or before March 31, 2010, 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 $3,500,000 on or before March 31, 2010. In connection therewith, 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 such optional prepayment. In the event that the Company is unable to
obtain such waiver from the Noteholders, 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 the optional prepayment to be made by the Company pursuant to the first sentence hereof, so long as, if the Credit Agreement is amended on or after the
date hereof to include 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

  

 6 

 
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(b) 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. 
 (c) The prospectus relating to the Qualified Public Offering will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Noteholder, such Noteholder’s officers,
directors and agents, and each Person who controls such Noteholder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses incurred in connection with the offer or sale of Equity Interests of the
Company in the Qualified Public Offering caused by, or relating to any action or proceeding to the extent arising out of or based upon, any untrue or alleged untrue statement of a material fact contained in the prospectus or any registration
statement relating to the Qualified Public Offering, or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not materially misleading, except insofar as the same are caused by
or contained in any information furnished in writing to the Company by such Noteholder expressly for use therein. In connection with such Qualified Public Offering, each Noteholder participating in such offering shall furnish to the Company in
writing such information as the Company reasonably requests for use in connection with any such registration statement or prospectus and, to the fullest extent permitted by law, shall indemnify the Company, its directors and officers and each Person
who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses resulting from any untrue or alleged untrue statement of material fact contained in the registration statement,
prospectus or preliminary prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the
extent that such untrue statement or omission is contained in any information so furnished in writing by such Noteholder to the Company expressly for use therein; provided that the obligation to indemnify shall be individual, not joint
and several, for each Noteholder and shall be limited to the net amount of proceeds received by such Noteholder from the sale of the Equity Interests pursuant to such registration statement. 
  

 7 

 6. Effect of Amendment and Waiver. Except as set forth expressly herein, all
terms of the Existing Securities Purchase 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, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Noteholders under the Existing Securities Purchase 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, 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 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 the Waiver 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. 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, 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

  

 8 

 
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.

 9. 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. 
 10. 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. 
 11. Fees and Expenses. Whether or not the Securities Purchase Agreement Amendments or the
Waiver 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. 
 12. 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. 
 13. Binding Nature. This Amendment
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 
 14.
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. 
 15. 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. 
  

 9 

 [Signature Pages To Follow] 
  

 10 

 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
		 	Title:   President and CFO
	
	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.

  

 [Signature page to Waiver and First Amendment to Securities Purchase Agreement] 

			
	By:	 	   /s/ Roderick M. Sherwood, III

		 	Name: Roderick M. Sherwood
		 	Title:   Authorized Signatory

  

 [Signature page to Waiver and First Amendment to Securities Purchase Agreement] 

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

					
	GORES RADIO HOLDINGS, LLC
	By:	 	The Gores Group, LLC, its Manager
			
		 	By:	 	   /s/ Steven G. Eisner

		 	Name:   Steven G. Eisner
		 	Title:     Vice President

  

 [Signature page to Waiver and First Amendment to Securities Purchase Agreement] 

					
	NEW YORK LIFE INSURANCE COMPANY
		
	By:	 	   /s/  A. Post Howland

					
	Name:   A. Post Howland
	Title:     Corporate Vice President
	
	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
	By:	 	New York Life Investment Management LLC,
		 	its Investment Manager
			
		 	By:	 	   /s/ A. Post Howland

		 	Name:   A. Post Howland
		 	Title:     Director
	
	NEW YORK LIFE INSURANCE AND ANNUITY
	CORPORATION INSTITUTIONALLY OWNED
	LIFE INSURANCE SEPARATE ACCOUNT (BOLI 3)
	By:	 	New York Life Investment Management LLC,
		 	its Investment Manager
			
		 	By:	 	   /s/ A. Post Howland

		 	Name:   A. Post Howland
		 	Title:     Director

  

 [Signature page to Waiver and First Amendment to Securities Purchase Agreement] 

			
	MONUMENTAL LIFE INSURANCE COMPANY
		
	By:	 	   /s/ Josh Prieskorn

	Name:   Josh Prieskorn
	Title:     Vice President

  

 [Signature page to Waiver and First Amendment to Securities Purchase Agreement] 

					
	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
	By:	 	Babson Capital Management LLC
		 	as Investment Adviser
			
		 	By:	 	   /s/ Elisabeth A. Perenick

		 	Name:   Elisabeth A. Perenick
		 	Title:     Managing Director
	
	C.M. LIFE INSURANCE COMPANY
	By:	 	Babson Capital Management LLC
		 	as Investment Adviser
			
		 	By:	 	   /s/ Elisabeth A. Perenick

		 	Name:   Elisabeth A. Perenick
		 	Title:     Managing Director
	
	MASSMUTUAL ASIA LIMITED
	By:	 	Babson Capital Management LLC
		 	as Investment Adviser
			
		 	By:	 	   /s/ Elisabeth A. Perenick

		 	Name:   Elisabeth A. Perenick
		 	Title:     Managing Director

  

 [Signature page to Waiver and First 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 Waiver and First 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:	 	EVP

  

 [Signature page to Waiver and First 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 Waiver and First Amendment to Securities Purchase Agreement] 

					
	AMERITAS LIFE INSURANCE CORP.
	By:	 	Summit Investment Partners, as Agent
			
		 	By:	 	 /s/ Andrew S. White

		 	Name:	 	Andrew S. White
		 	Title:	 	Managing Director - Private Placements
	
	ACACIA LIFE INSURANCE COMPANY
	By:	 	Summit Investment Partners, as Agent
			
		 	By:	 	 /s/ Andrew S. White

		 	Name:	 	Andrew S. White
		 	Title:	 	Managing Director - Private Placements

  

 [Signature page to Waiver and First Amendment to Securities Purchase Agreement] 

			
	JPMORGAN CHASE BANK, N.A.,
		
	By:	 	 /s/ Neil R. Boylan

	Name:	 	Neil R. Boylan
	Title:	 	Managing Director

  

 [Signature page to Waiver and First Amendment to Securities Purchase Agreement] 

			
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Pamela Tsao

	Name:	 	Pamela Tsao
	Title:	 	Assistant Vice President

  

 [Signature page to Waiver and First Amendment to Securities Purchase Agreement] 

			
	SUNTRUST BANK
		
	By:	 	 /s/ Kip Hurd

	Name:	 	Kip Hurd
	Title:	 	First Vice President

  

 [Signature page to Waiver and First Amendment to Securities Purchase Agreement] 

 ANNEX 1 
 Schedule 8.7 has been amended and restated in its entirety as follows: 
 SCHEDULE 8.7 
 SALE-LEASEBACK TRANSACTION TERMS 
 Terms of Sale: 
  

			
	Buildings:	  	8944 Lindblade Street, 8965 Lindblade Street, and 8935 Lindblade Street, Culver City, California
		
	Purchase Price:	  	$8,250,000 payable in cash at closing

 Terms of Lease: 
  

			
	Rent:	  	Initial base rent at $72,963 per month; base rent to increase in years 1-5 by 3.5% and thereafter (years 6-10) each year by the greater of the increase in the CPI or 3.5%; One
(1) month free rent

  

			
	Lease Term:	  	10 years, with two (2) five-year renewal periods at Westwood One, Inc.’s (the “Company”) option
		
	Security Deposit:	  	Three months rent ($218,889) in form of 12-month letter of credit
		
	Management fee:	  	2% of the annual rent plus operating expenses
	
	Required Repairs: The Company to place approximately $515,404 in escrow for purposes of making required repairs, replacements and improvements (per the Company’s
consultant’s plan), which repairs are to be completed within nine (9) months of the closing.
	
	The Company is responsible for all maintenance and repairs to the Buildings and all other improvements (e.g., utility systems, HVAC system, interior walls,
windows/doors, lighting, exterior and structural parts of the Buildings (including foundation and roof). If the roof or other structural elements cannot be repaired other than at a cost which is more than 50% of the replacement cost, then
Landlord shall replace such items and the Company shall pay 1/144th of the replacement cost per month during the remainder of the Lease Term.
	
	Casualty: The Company bears responsibility if Buildings are destroyed or damaged. The Company must repair same unless (provided that such destruction was not due to the
Company’s gross negligence or willful misconduct): (i) Building is destroyed by a cause not required to be insured against under the Lease; (ii) then existing laws do not permit the repair or reconstruction; or (iii) the Building
is substantially destroyed in the last two (2) years of the then remaining term of the Lease.

  

 Annex 1-4 

 ANNEX 2 
 Bank Amendment 
 Refer to Exhibit 10.52.1. 

 

 Annex 2-1 

 SCHEDULE 4(e) 
 Exceptions to Representations and Warranties 
 Pursuant to Section 5(b) of the Amendment of which this Schedule is a part and is incorporated by reference herein, the Company has agreed to prepay the Notes in an aggregate principal amount equal
to $3.5 million on or prior to March 31, 2010 in the event neither a Qualified Public Offering nor the sale of Culver City occurs. 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 are qualified in their entirety by reference to such conflict described in Section 5(b) 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 5(b) of the 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 5(b) of the Amendment is deemed to constitute a conflict with the 5% Minimum Requirement set forth in the Securities Purchase Agreement. 
  

 Annex 1-1

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