Document:

Exhibit

EXECUTION VERSION

December 9, 2019

Stuart Rosenstein
Address on file with the Company
Re:     Amendment to Employment Agreement
Dear Stuart:
This letter confirms our recent discussions regarding certain changes to your Employment Agreement, dated October 16, 2017 (the “Employment Agreement”), with Townsquare Media, Inc. (the “Company”).  Except as otherwise set forth herein, the terms and conditions of your Employment Agreement will be unaffected by this letter.  Capitalized terms used but not defined herein will have the meaning set forth in your Employment Agreement. 
		
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	Employment Term.  Effective as of the date of this Amendment to Employment Agreement, the “Employment Term” of your Employment Agreement is hereby extended through the sixth (6th) anniversary of the Commencement Date, subject to your and the Company’s right to terminate your employment in accordance with Section 5 of the Employment Agreement.  For the avoidance of doubt, the initial Employment Term of your Employment Agreement will now end on October 16, 2023, rather than October 16, 2020. 

		
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	A new sentence is added to the end of Section 3(c) of the Employment Agreement as follows:

Equity awards granted to Executive under the 2014 Plan will fully accelerate and vest upon a Change in Control (as defined in the 2014 Plan). 
		
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	Severance.  Section 7(c)(iii) of the Employment Agreement is hereby amended and restated in its entirety as follows:

The Company shall pay Executive as severance pay, in lieu of any other severance compensation under any Company severance plan or policy of general applicability, an amount in cash equal to one (1) times (or, if such termination of employment is within twelve (12) months following a Change in Control, two (2) times) the sum of Executive’s Base Salary and Target Bonus, in each case, as in effect immediately prior to the termination and without regard to any reduction thereto which constitutes Good Reason. In the event Executive’s employment is terminated by the Company without Cause prior to a Change in Control, and the Change in Control is consummated within six (6) months thereafter (such termination, an “Anticipatory Termination”), the Company shall, no later than 30 days following the Change in Control, pay Executive an additional amount in cash equal to one (1) times the sum of Executive’s Base Salary and Target Bonus. For purposes of this Agreement, “Change in Control” shall have the meaning ascribed to such term in the 2014 Plan;

		
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	Section 7(c)(v) of the Employment Agreement is hereby amended and restated in its entirety as follows:

Executive’s outstanding equity awards will be treated in accordance with the terms of 2014 Plan, the applicable award agreements and this Agreement; provided that the Company shall cause the immediate vesting of any outstanding unvested equity-based awards held by Executive as of his termination date that pursuant to their terms would have vested within twelve (12) months following such date; provided further that any outstanding stock option awards, once vested in accordance with their terms and this Section 7(c)(v), will remain exercisable until the earlier to occur of (x) the original expiration date of such stock option award and (y) the date that is twenty-four (24) months following Executive’s termination date. In the event that Executive’s termination constitutes an Anticipatory Termination, the portion (if any) of Executive’s equity awards that remain unvested after giving effect to the previous sentence shall remain outstanding until the earliest to occur of, (i) solely with respect to stock option awards, the original expiration date of such stock option award, (ii) the date that is six (6) months following Executive’s termination date and (iii) a Change in Control.
The changes to your Employment Agreement described above shall become effective as of the date hereof.  
***
We are looking forward to your continued leadership. 
[Signature Page Follows]

TOWNSQUARE MEDIA, INC.

               /s/ David Quick___________ 
By:  David Quick  
Title:  Chair, Compensation Committee

ACCEPTED AND AGREED: 

           /s/ Stuart Rosenstein___________               
Stuart Rosenstein

[Signature Page to Amendment to Rosenstein Employment Agreement]

65330558.5Exhibit

EXECUTION VERSION

December 9, 2019

Erik Hellum
Address on file with the Company
Re:     Amendment to Employment Agreement
Dear Erik:
This letter confirms our recent discussions regarding certain changes to your Employment Agreement, dated October 25, 2017 (the “Employment Agreement”), with Townsquare Media, Inc. (the “Company”).  Except as otherwise set forth herein, the terms and conditions of your Employment Agreement will be unaffected by this letter.  Capitalized terms used but not defined herein will have the meaning set forth in your Employment Agreement. 
		
	•
	Employment Term.  Effective as of the date of this Amendment to Employment Agreement, the “Employment Term” of your Employment Agreement is hereby extended through the sixth (6th) anniversary of the Commencement Date, subject to your and the Company’s right to terminate your employment in accordance with Section 5 of the Employment Agreement.  For the avoidance of doubt, the initial Employment Term of your Employment Agreement will now end on October 25, 2023, rather than October 25, 2020. 

		
	•
	A new sentence is added to the end of Section 3(c) of the Employment Agreement as follows:

Equity awards granted to Executive under the 2014 Plan will fully accelerate and vest upon a Change in Control (as defined in the 2014 Plan). 
		
	•
	Severance.  Sections 7(c)(iii), (iv) and (v) of the Employment Agreement are hereby amended and restated in its entirety as follows:

(iii)  The Company shall pay Executive as severance pay, in lieu of any other severance compensation under any Company severance plan or policy of general applicability, an amount in cash equal to one (1) times (or, if such termination of employment is within twelve (12) months following a Change in Control, two (2) times) the sum of Executive’s Base Salary and Target Bonus, in each case, as in effect immediately prior to the termination and without regard to any reduction thereto which constitutes Good Reason. In the event Executive’s employment is terminated by the Company without Cause prior to a Change in Control, and the Change in Control is consummated within six (6) months thereafter (such termination, an “Anticipatory Termination”), the Company shall, no later than 30 days following the Change in Control, pay Executive an additional amount in cash equal to one (1) times the sum of Executive’s Base Salary and Target Bonus. For purposes of this Agreement, “Change in Control” shall have the meaning ascribed to such term in the 2014 Plan;
 (iv)  The Company shall pay Executive for the full amount of COBRA premiums incurred by Executive during the 18-month period following the date of termination for Executive and his eligible dependents; and
(v)  Executive’s outstanding equity awards will be treated in accordance with the terms of 2014 Plan, the applicable award agreements and this Agreement; provided that the Company shall cause the immediate vesting of any outstanding unvested equity-based awards held by Executive as of his termination date that pursuant to their terms would have vested within twelve (12) months following such date; provided further that any outstanding stock option awards, once vested in accordance with their terms and this Section 7(c)(v), will remain exercisable until the earlier to occur of (x) the original expiration date of such stock option award and (y) the date that is twenty-four (24) months following Executive’s termination date. In the event that Executive’s termination constitutes an Anticipatory Termination, the portion (if any) of Executive’s equity awards that remain unvested after giving effect to the previous sentence shall remain outstanding until the earliest to occur, of (i) solely with respect to stock option awards, the original expiration date of such stock option award, (ii) the date that is six (6) months following Executive’s termination date and (iii) a Change in Control.
The changes to your Employment Agreement described above shall become effective as of the date hereof.
***
We are looking forward to your continued leadership. 
[Signature Page Follows]

TOWNSQUARE MEDIA, INC.

               /s/ David Quick___________ 
By:  David Quick 
Title:  Chair, Compensation Committee

ACCEPTED AND AGREED: 

               /s/ Erik Hellum___________
Erik Hellum

[Signature Page to Amendment to Hellum Employment Agreement]

64955621.11Exhibit

EXECUTION VERSION

December 9, 2019

Steven Price

Address on file with the Company 
Re:     Amendment to Letter Agreement
Dear Steven:
This letter confirms our recent discussions regarding certain changes to your Letter Agreement, dated October 16, 2017 (the “Letter Agreement”), with Townsquare Media, Inc. (the “Company”).  Except as otherwise set forth herein, the terms and conditions of your Letter Agreement will be unaffected by this letter.  Capitalized terms used but not defined herein will have the meaning set forth in your Letter Agreement. 
		
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	Severance.  A new section entitled “Severance Benefits” is hereby added to the Letter Agreement as follows:

		
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	Severance Benefits.  The Company wishes to provide you with certain severance benefits in the event that you experience a qualifying termination following a Change in Control (as defined in the Company’s 2014 Omnibus Incentive Plan) of the Company, as follows:

In the event that the Company terminates your service without Cause or you terminate your service for Good Reason, in either case, within 12 months following a Change in Control, then, subject to the Release Condition (each, as defined below), you will be entitled to receive one times your total annual base salary as in effect immediately prior to the date of such termination, without regard to any reduction thereto that constitutes Good Reason.
In the event that the Company terminates your service without Cause prior to a Change in Control, and a Change in Control is consummated within 6 months following the date of such termination (such termination an “Anticipatory Termination”), then, subject to the Release Condition, you will be entitled to receive 0.5 times your total annual base salary as in effect immediately prior to the date of such termination.
“Cause” means (1) conviction of, or plea of guilty or nolo contendere to, any felony or other criminal act involving fraud, moral turpitude or dishonesty; (2) commission of any act of fraud, embezzlement, or theft in dealings with the Company or its affiliates; (3) willful misconduct that is materially injurious to the Company; (4) material violation of Company policies and directives, which is not cured after written notice and a reasonable opportunity for cure; (5) your willful and continued refusal to substantially perform your duties (other than such failure resulting from your incapacity due to physical or mental illness) after written notice identifying the deficiencies and a reasonable opportunity for cure; (6) your material violation of any material provision of your Letter Agreement or any other material covenants to the Company; or (7) your habitual intoxication or continued use of illegal drugs.
“Good Reason” means (1) any material reduction in your duties or responsibilities as in effect immediately prior thereto, or assignment of duties materially inconsistent with your title and authority; (2) any material reduction in your base salary; (3) any relocation of your primary place of business by 50 miles or more; or (4) any other material breach by the Company of any material provision of the Letter Agreement. You may terminate your service for Good Reason by delivering to the Company a notice of termination not less than 30 days prior to the termination of your service for Good Reason. The Company will have the option to terminate of your duties and responsibilities prior to the expiration of such thirty-day notice period. For purposes of the Letter Agreement, “Good Reason” means the occurrence of any of the events or conditions described in the immediately preceding subsections (1) through (4), without your consent and that are not cured by the Company (if susceptible to cure by the Company) within 30 days after the written notice thereof has been given by you to the Company setting forth in reasonable detail the particular events or conditions that constitute Good Reason; provided that such notice must be given to the Company within 30 days of you becoming aware of such condition.
“Release Condition” means your execution and non-revocation within 55 days following your termination of service (or, in the event of an Anticipatory Termination, within 55 days following a Change of Control) of a general release of claims against the Company on the Company’s standard form of release for senior executives.  The Company will provide any severance payments to which you are entitled, promptly after you deliver such release to the Company, but in no event later than 60 days following your termination date with the Company (or, in the event of an Anticipatory Termination, in no event later than 60 days following a Change of Control).  
		
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	Non-Compete.  The covenant not to compete set forth in Annex A to your Letter Agreement under the sub-heading “Covenant not to Compete” shall be extended such that it shall apply during the Term and for a period of 12 (rather than six) months thereafter.

The changes to your Letter Agreement described above shall become effective as of the date hereof.
***
We are looking forward to your continued leadership. 
[Signature Page Follows]

TOWNSQUARE MEDIA, INC.

               /s/ David Quick___________ 
By:  David Quick  
Title:  Chair, Compensation Committee

ACCEPTED AND AGREED: 

           /s/ Steven Price___________               
Steven Price

[Signature Page to Amendment to Price Letter Agreement]

64955206.6

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