Document:

Fiscal Year 2010 Performance Bonus Plan

 Exhibit 10.46 
 NOTE: Portions of this Exhibit are the subject of a Confidential Treatment Request by KLA-Tencor Corporation to the Securities and Exchange Commission (the “SEC”). Such portions have been
redacted and are marked with a “**” in place of the redacted language. The redacted information has been filed separately with the SEC. 
  
 

 
 FY10 PERFORMANCE BONUS PLAN 
 (Annual Executive Bonus) 
 Plan Summary 
 The KLA-Tencor Performance Bonus Plan (the “Plan”) is intended to motivate senior executives to achieve short-term and long-term
corporate objectives by providing a competitive bonus for target performance and the appropriate upside opportunity to reward outstanding performance. 
 Plan Period 
 This Plan is effective for the fiscal year period from July 1, 2009 through June 30,
2010. Newly eligible employees (e.g. employees promoted to an incentive-eligible position for the first time or a new hire) must be in an eligible position on or before April 1 of the fiscal year in order to qualify for participation in this
fiscal year. 
 Eligible Positions  
 The Company’s Chief Executive Officer (CEO) and Executives holding a position at X02 level and above are eligible to participate in the Plan. 
 Program Payments 
 Bonus
payments, based on performance during the Plan Period, will be paid within 90 days following June 30, 2010. Bonus calculations are based on paid base salary for the applicable Plan Period. Paid base salary includes base salary and seasonal
bonuses paid in some countries if the seasonal bonus is considered a component of the employee’s annual salary. Paid base salary does not include relocation allowances and reimbursements, tuition reimbursements, car/transportation allowances,
expatriate allowances, commissions, long-term disability payments, or bonuses paid during the fiscal year. A participant must be a regular, active employee of the Company on the date of the payout in order to receive payment. Employees who are
promoted or hired into an eligible position during the year (on or before April 1) will have their payouts calculated on paid salary from the effective date of the promotion or hire. If an employee’s target bonus changes during the year,
the payout will be prorated. 
 Target Bonus 
 A target bonus is established as a percent of base salary for each Plan participant. 
 Funding
Threshold 
 Total available funding for the Plan will be determined by performance against a threshold level of profit from
operations (“PFO”) performance for the fiscal year. The Plan will be fully funded (equivalent to the sum of 3.00 times each Plan participant’s target bonus percentage and base salary) upon achievement of a performance threshold of
[omitted]** PFO or greater (including Share-based compensation and excluding acquisitions, 1-time charges, 
  
  
 ** This information has been omitted
pursuant to a request for confidential treatment and has been filed separately with the SEC. 
  

			
	KLA-Tencor: FY2010 Performance Bonus Plan	 	Effective July 1, 2009

 
and deal-related amortization). This performance threshold constitutes the performance threshold for purposes of Section 162(m) of the Internal Revenue Code (Section 162(m)). This fully
funded amount represents the maximum bonus opportunity for each Plan participant and the maximum total cost of the Plan. 
 Performance
Matrix and Determination of Funding Available for Bonus Payments 
 Upon achievement of the funding threshold, the level of
funding available for payment to participating executives will be based on performance as measured against the Corporate Balanced Scorecard (“BSC”) and operating margin performance, as provided in the table (“FY10 Executive Bonus
Payout Table”) below. Amounts in the table represent the multiple of each Executive’s target bonus available for allocation of bonus payments. Executives may receive up to 40% of targeted bonuses based on the Compensation Committee’s
(and in the case of the CEO, the company’s Board of Directors’) evaluation of the company’s performance against BSC metrics. 
  

																																					
	FY10
Executive Bonus Payout Table
	  	 	  	 	Additional Bonus Opportunity Resulting from Incremental
Operating Margin Performance
	 	 																	 
	 Operating Margin Performance
	 	**	 	**	  	**	  	**	  	**	  	**	  	**	  	**	  	**	  	**	  	**	  	**	  	**	  	**	  	**	  	**	  	**	  	**
	 	 																	 
	 Level of Bonus Achievement

	 	 Up to  
40% 
	 	5%	  	10%	  	15%	  	20%	  	30%	  	40%	  	50%	  	60%	  	80%	  	100%	  	120%	  	140%	  	160%	  	180%	  	200%	  	230%	  	260%

 Individual Performance and Determination of Executive Bonus Payments 
 Each individual Executive’s actual bonus payment amount will be based on the CEO’s assessment of the Executive’s performance
for the year and determination of an Individual Performance Multiplier (“IPM”) ranging from 80-120%. The IPM is multiplied by the Executive’s target bonus and the multiple achieved from the Performance Matrix to determine the actual
bonus payment amount (see bonus calculation below). Each Executive’s performance will be evaluated based on how effectively they led their organization as demonstrated against the key Balanced Scorecard measures and objectives for the
Executive’s respective organization. The IPM and final bonus payments for each Plan participant, with the exception of the CEO, will be recommended by the CEO and reviewed and approved by the Compensation Committee. The IPM and final bonus for
the CEO will be determined by the company’s Board of Directors. 
 Bonus Calculation 
 The formula for a participant’s bonus calculation is: 
 Paid Base Salary for Incentive Period 
 × Target Bonus 
 × Executive Bonus Payout Table 
 × Individual
Performance Multiplier (IPM) 
 In no event can an individual bonus payment to a participant exceed 3.00 times such
participant’s Target Bonus. 
  
  
 ** This information has been omitted pursuant to a request for confidential treatment and has been filed separately with the SEC. 
  

			
	KLA-Tencor: FY2010 Performance Bonus Plan	 	Effective July 1, 2009

 General Provisions 
 The Compensation Committee (or the independent members of the Company’s Board of Directors, within the meaning set forth in Section 162(m) (the “Independent Directors”)) shall be the
Plan Administrator. The Compensation Committee (or the Independent Directors) shall make such rules, regulations, interpretations and computations and shall take such other action to administer the Plan as it may deem appropriate. The establishment
of the Plan shall not confer any legal rights upon any employee or other person for a continuation of employment, nor shall it interfere with the rights of the Company to discharge any employee and to treat him or her without regard to the effect
which that treatment might have upon him or her as a participant in the Plan. 
 This Plan shall be construed, administered and
enforced by the Compensation Committee (or the Independent Directors), in its sole discretion. The laws of the State of California will govern any legal dispute involving the Plan. The Compensation Committee (or the Independent Directors) may at any
time alter, amend or terminate the Plan, subject to the requirements of Section 162(m). 
  

			
	KLA-Tencor: FY2010 Performance Bonus Plan	 	Effective July 1, 2009Waiver 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

  

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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. 
  

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 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. 
  

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 [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]

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