Document:

enhancedexecutiverewards

                                                                                                                                                                                                                                                                                                            Enhanced Executive Rewards Policy                             Revised February 1, 2019      As a member of Gartner’s Operating Committee employed in the United States, you play a vital  role in the overall success of our Company. To that end, your total rewards plan has the  following enhancements that are summarized in this Enhanced Executive Rewards Policy (this  “Policy”):         Deferred Compensation Plan with discretionary match        Charitable match limit of $20,000 per year under the Gartner Gives Program       Special equity vesting provisions in the event of retirement       Stock ownership guidelines       35 Paid Time Off (PTO) days       Enhanced severance benefits           ERISA-Excess Benefit - Deferred Compensation Plan with Discretionary Match    This program allows you to contribute in excess of current 401(k) limits into Gartner’s non- qualified Deferred Compensation Plan (DCP).  OC Members who defer salary or bonus under  this plan may be eligible for an additional Company match in accordance with the terms of the  plan.  The match is discretionary and determined by the Company each year prior to the  enrollment period; refer to the Deferred Compensation Plan enrollment materials for current  details.      Historically, the way this plan has worked, if the Gartner match within the 401(k) plan is 100%  on the first 4% you contribute, subject to an annual limit (which in 2019 = $7,200), the DCP  would provide a mechanism for the match on the first 4% deferred to be not limited by the 401k  match.      To put the value of the DCP match in context, if you elected a 4% deferral on your base salary  and bonus in the DCP and your base and bonus earnings = $700,000, the combination of your  401k match ($7,200) and your DCP match ($20,800) would equal $28,000.  Of course, if your  base and bonus earnings are higher, the match would be higher too.      To be eligible for discretionary excess DCP matching, you must elect your deferral rate during  our end of year deferred compensation enrollment process.  In other words, you would first be  eligible for the plan in the year following the first enrollment period.    Each year, the Company reserves the right to modify the underlying 401(k) plan and the 401(k)  match as well as the enhanced discretionary match within the DCP.                                                                       1    

 

                                                                                                                                                                                                                                                                                   Gartner Gives – Enhanced Match Limit   Gartner is proud to support associates worldwide in their personal philanthropy by providing a  global charity match program.  By providing matching funds to charitable organizations that our  associates personally support, Gartner increases the impact of your donation in areas where  associates live and work to maximize giving. Through your generous donations and fundraising  efforts, we can make a difference!  Gartner associates have a matching opportunity of up to  $5,000 per year.  The Operating Committee has a match limit of $20,000 per calendar year.     Please refer to Gartner at Work for specifics on plan rules and our portal through which you can  make charitable contributions.   Treatment of Equity Awards Upon Retirement     In 2015, for the Operating Committee only, we changed the treatment of equity upon retirement  pursuant to the “Rule of 65” to provide for continued vesting based upon the “feathered-in”  schedule set forth below:               For purposes of this Policy, the “Rule of 65” means that your age is 55 or more, your        years of service total five or more, and the combination of your age and years of service        is equal to 65 or more. Partial years will be counted solely to determine whether you        satisfy the total of 65 or more, but will not be rounded. For purposes of illustration only, if        you are 58 years and eight months old, and have six years and five months of service,        your total age plus years of service would be equal to 65 years and one month (so your        total would be 65). Thus, under this example, you would meet the age requirement (55+)        and the years of service requirement (5+), and your total would be 65, so you would be        considered to satisfy the Rule of 65.       If you retire pursuant to the Rule of 65, then you are eligible for the following treatment        with respect to your outstanding awards under Gartner’s 2014 Long-Term Incentive        Plan, as amended (the “LTIP”):           -  You are eligible for one tranche (12 months) of vesting.           -  If age 60, you are eligible for 1 more tranche (2 total) of continued vesting if you              retire under the Rule of 65.           -  If age 61, you are eligible for 2 more tranches (3 total) of continued vesting if you              retire under the Rule of 65.           -  If age 62, all tranches are eligible for continued vesting if you retire under the              Rule of 65.           -  Notwithstanding anything herein to the contrary, in order to be eligible for              continued vesting, you must sign a non-competition agreement.       For mid-year retirements, the same year’s PSU grant will be pro-rated for purposes of        determining vesting under the Rule of 65.    The treatment of equity awards upon a retirement as summarized in this Policy is unique to the  Operating Committee, so please keep it confidential.                                                                        2    

 

                                                                                                                                                                                                                                                                                   Stock Holding Period Requirement    On May 1st of each year, your stock ownership position will be measured versus your then- current base salary.  The requirement is that the value of your owned shares plus the value of  unvested performance share units and unvested restricted stock units equals or exceeds three  (3) times the value of your base salary.    If your ownership position is under 3 times your base salary, you will be restricted from selling  up to 50% of your released shares until the next May 1st measurement period and until you  satisfy the requirements.    Paid-Time-Off (PTO) Program    Gartner understands the importance of time away from work and how it results in a better frame  of mind to provide outstanding results.  As a senior leader of Gartner, you will be eligible for the  highest level of PTO days, 35 days per year.    If your employment should terminate, you will be paid for any unused PTO in the year of  termination, up to a maximum of 25 days.  The rate is based on your base salary only.    Enhanced Severance Benefits    The role you play as a senior leader has a higher risk/reward than other roles.  In order to  ensure that you are focused on your responsibilities, we have included an enhanced severance  benefit.       If you are terminated without Cause (including as a result of the elimination of your position),  then you will be entitled to receive the following:         your current annual base salary through your termination date (and a lump sum payment        equal to any accrued, unused PTO, up to a maximum of 25 days) plus continued base        salary for a period of twelve months following the termination date, payable in        accordance with Gartner’s regular payroll schedule as in effect from time to time;       the right to exercise all stock appreciation rights and other exercisable rights held by you        that are vested as of the termination date for a period of 90 days following the        termination date (unless more favorable rights are set forth in the award agreements        governing such awards); and       reimbursement for COBRA premiums incurred, minus the contribution paid by active        associates, to continue group health benefits under Gartner’s plan (or, at Gartner’s        election, to obtain substantially similar health benefits through a third party carrier) for        twelve months for you and any other family members (i.e., your spouse and any eligible        children) for whom you have made the appropriate election.   In addition, to refresh your memory, in the event of certain terminations of your employment  (other than a retirement, which is summarized above), your awards under the LTIP will be  treated as follows (more detail can be found in Appendix A):                                          3    

 

                                                                                                                                                                                                                                                                                        Termination due to death or Disability results in full and complete vesting of outstanding        and unvested equity awards under the LTIP.       If you are terminated without Cause in the 12 months following a Change of Control, you        are eligible for full and complete vesting of any outstanding and unvested equity awards        under the LTIP.       “Cause,” “Change of Control” and “Disability” are each as defined in the LTIP.   In order to receive any enhanced severance benefits under this Policy (including, but not limited  to, the enhanced equity award treatment described herein), you must execute and deliver a  release of claims acceptable to Gartner within 60 days following termination.  Payment of  amounts that are exempt from Section 409A (see Appendix B) will begin upon the expiration of  the release’s revocation period, but payment of any Section 409A “deferred compensation” will  begin only upon the expiration of the 60-day period (subject to any further delay required under  Appendix B).    Except as provided in this Policy, you shall not be entitled to any other compensation,  severance or other benefits upon a termination of your employment with Gartner, other than  potential enhanced equity vesting under the LTIP in the event of certain terminations of  employment, as described in this Policy (or as set forth in the award agreements under the  LTIP, as applicable).    In Conclusion    These benefits are being offered to you to supplement the current benefits package offered to  all associates.  You are not required to utilize these additional benefits, but may choose the  ones that best meet your individual requirements.        The receipt of these benefits is contingent upon your signature below.  By signing below, you  acknowledge and agree that this Enhanced Executive Rewards Policy, together with those non- severance benefits offered generally to all Gartner associates, shall be the only benefits to  which you are entitled, and that any and all other benefits or arrangements, whether oral or in  writing, previously existing between you and Gartner have been superseded and extinguished  by this Policy.    Benefits provided under this Policy are subject to Appendix A (Treatment of Equity Upon Certain  Terminations of Employment) and B (Compliance with Code Section 409A), each of which are  attached hereto and are incorporated by reference into this Policy.    Acknowledged      By:_______________________   Print name:                                              4    

 

                                                                                                                                                                                                                                                                                                                    APPENDIX A             Treatment of Equity Upon Certain Terminations of Employment      Termination without Cause following a Change of Control.               For all grants under the LTIP made before January 1, 2019, if your employment is        terminated without Cause (including as a result of the elimination of your position) during        the 12-month period following a Change of Control, then, in addition to the payments        and benefits described above under “Enhanced Severance Benefits,” all outstanding        equity awards shall vest in full and all outstanding equity awards with an exercise feature        shall be immediately exercisable, and shall remain exercisable for 12 months following        the termination date.  For purposes of this Policy, in connection with a Change of Control        only, “outstanding equity awards” includes all outstanding time-vesting equity awards        and all outstanding performance-based equity awards as to which the performance        criteria have not been certified, as of the termination date, by the Compensation        Committee, and the performance criteria applicable to such performance-based equity        awards shall be deemed achieved at target.       For grants under the LTIP made on or after January 1, 2019, vesting in the event of a        termination of your employment without Cause in connection with a Change of Control        and exercisability of outstanding equity awards with an exercisability feature are the        same as set forth in the first bullet point above. These terms are set forth in the award        agreements under the LTIP governing such awards.    Death and Disability. All vesting restrictions lapse in the event of death or Disability, as set forth  in the award agreements under the LTIP.          Order of Operations for Treatment of Equity Awards Upon Terminations of Employment While  Retirement-Eligible. For the avoidance of doubt, if you are eligible for a retirement pursuant to  this Policy and your employment terminates without Cause (either not in connection with or  within 12 months following a Change of Control), your equity awards will be treated as follows:         Termination without Cause (No Change of Control): In the event that your employment        terminates without Cause and you are retirement-eligible under the Rule of 65 as set        forth in this Policy, your termination will be treated as a retirement under the Rule of 65,        such that you will receive the equity award vesting treatment applicable to retirements        under the Rule of 65.       Termination without Cause (Within 12 Months Following Change of Control):           o  2015-2018 Awards: If your employment terminates without Cause within the 12-             month period following a Change of Control, your awards will be treated as set              forth above in the first bullet point under “Termination without Cause Following a              Change of Control” Such treatment will apply regardless of whether you qualify              for a retirement under the Rule of 65.           o  Post-2018 Awards: If your employment terminates without Cause within the 12-             month period following a Change of Control, your awards will be treated as set              forth in the award agreements under the LTIP with respect to a “Qualifying              Termination.” Such treatment will apply regardless of whether you qualify for a              retirement under the Rule of 65.                                                                                                               

 

                                                                                                                                                                                                                                                                                                                    APPENDIX B                         Compliance with Code Section 409A    Section 409A of the Internal Revenue Code and the accompanying regulations (“Section 409A”)  govern the payment of nonqualified deferred compensation.  Payments and benefits under this  Policy are intended to be exempt from Section 409A to the maximum possible extent and, if not  exempt, are intended to comply with the requirements of Section 409A.     The payments and benefits provided under this Policy are intended to be exempt from Section  409A under the short-term deferral and separation pay exceptions to the maximum permissible  extent; accordingly, each installment payment (i.e., the amount due on each payroll date) will be  treated as a separate payment.      For any amounts provided under this Policy that are “deferred compensation” within the  meaning of Section 409A (i.e., not exempt from Section 409A):       (a) if payable as a result of termination of employment and you are a “Specified Employee”        (as determined by Gartner under Section 409A, which generally will include all U.S. OC        Members) at that time, amounts that otherwise would be paid during the first six months        following termination will be delayed and accumulated for a period of six months and        paid in a lump sum on the first day of the seventh month;           (b) “termination of employment” means the date you experience a “separation from service”        within the meaning of Section 409A; and       (c) Gartner will not accelerate any such payment except to the extent permitted under        Section 409A.    Any reimbursements or in-kind benefits provided under this Policy will be administered in  accordance with Section 409A, such that:  (a) the amount of expenses eligible for  reimbursement or in-kind benefits provided during one year will not affect the expenses eligible  for reimbursement or the in-kind benefits provided in any other year; (b) reimbursement of  eligible expenses will be made on or before December 31 of the year following the year in which  the expense was incurred; and (c) the right to reimbursement or in-kind benefits is not subject to  liquidation or to exchange for another benefit.      Nothing in the Policy or this Appendix B should be interpreted as an entitlement to or guarantee  of any particular tax treatment, and in no event shall Gartner be liable for any tax, interest or  penalty imposed on you under Section 409A or any damages for failing to comply with Section  409A.Exhibit

AMENDMENT NO. 4
AMENDMENT NO. 4, dated as of April 30, 2019 (this “Amendment”), to the Credit Agreement, dated as of April 1, 2015 (as amended by the Incremental Amendment Agreement No. 1 dated as of September 1, 2015, Amendment No. 2 dated as of February 8, 2017, Amendment No. 3 dated as of October 20, 2017 and as further amended, supplemented, amended and restated or otherwise modified from time to time) (the “Credit Agreement”), among TOWNSQUARE MEDIA, INC., a Delaware corporation (the “Borrower”), each lender from time to time party thereto (collectively, the “Lenders” and individually, a “Lender”), ROYAL BANK OF CANADA, as administrative agent and collateral agent (in such capacity, the “Administrative Agent”), and the other parties thereto. Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement.
RECITALS
WHEREAS, the Borrower has requested that all of the Revolving Credit Commitments under the Credit Agreement immediately prior to giving effect to this Amendment (the “Existing Revolving Credit Commitments”) be amended to extend the Revolving Credit Maturity Date with respect to all of such Existing Revolving Credit Commitments (any such Existing Revolving Credit Commitments which have been so amended, the “Amendment No 4. Extended Revolving Credit Commitments”) as provided in Section 2 hereof and pursuant to Section 2.21 of the Credit Agreement (the “Extension”);
WHEREAS Section 2.21 of the Credit Agreement permits the Extension with the consent of the Administrative Agent, the Borrower and each Revolving Credit Lender (each, an “Amendment No. 4 Extending Revolving Credit Lender”) wishing to have all of its Existing Revolving Credit Commitments amended into Amendment No. 4 Extended Revolving Credit Commitments;
WHEREAS, the Borrower has requested the amendment of certain other provisions of the Credit Agreement as set forth herein;
WHEREAS, Section 11.1 of the Credit Agreement permits the amendments of the Credit Agreement as set forth in Section 1 hereof with consent of the Administrative Agent, the Borrower and the Required Lenders;
WHEREAS, (i) the Administrative Agent, the Borrower and the Amendment No. 4 Extending Revolving Credit Lenders consent to the Extension and (ii) the Borrower and the Required Lenders consent to the additional amendments set forth in Section 1 hereof, in each case, on the terms and subject to the conditions set forth herein;
NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:
Section 1.Amendments.
Effective as of the Amendment No. 4 Effective Date, the Credit Agreement is hereby amended as follows:
(a)    The following defined terms shall be added to Section 1.01 of the Credit Agreement in alphabetical order:
“Amendment No. 3” means Amendment No. 3 to the Credit Agreement dated as of October 20, 2017.
“Amendment No. 4” means Amendment No. 4 to the Credit Agreement dated as of April 30, 2019.
“Amendment No. 4 Effective Date” has the meaning assigned to such term in Amendment No. 4.
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
(b)    The definition of “Benefit Plan” in Section 1.1 of the Credit Agreement and each reference thereto in the Credit Agreement is hereby replaced with a reference to “Employee Benefit Plan.”  
(c)    The definition of “Loan Documents” in Section 1.1 of the Credit Agreement is hereby amended by deleting such definition and replacing it with the following:
““Loan Documents” means, collectively, this Agreement, any Notes, the Guaranty and Security Agreement, the Mortgages, the Fee Letter, the L/C Reimbursement Agreements, each Perfection Certificate, the Incremental Amendment Agreement, Amendment No. 2, each Amendment No. 2 Joinder, Amendment No. 3, Amendment No. 4 and, when executed, each document executed by a Loan Party and delivered to the Administrative Agent, any Lender or any L/C Issuer in connection with or pursuant to any of the foregoing or the Obligations, together with any modification of any term, or any waiver with respect to, any of the foregoing, excluding in any event Secured Hedging Agreements and Secured Cash Management Agreements.”
(d)    Section 1.5 of the Credit Agreement is hereby amended by adding the following as clause (d):
“Any reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).”
(e)    Clause (i) in Section 2.8(c) of the Credit Agreement is hereby amended by deleting such clause and replacing it with the following:
“any Sale by any Group Member of any of its property pursuant to clause (r), (u), (ee) or (ff) (in the case of clause (ff), with respect to any cash or Cash Equivalents received in excess of the value of any cash or Cash Equivalents sold or exchanged in connection with such Permitted Asset Swap) of Section 8.4”
(f)    Section 8.4(ee) of the Credit Agreement is hereby amended by deleting such section and replacing it with the following:
“(ee)    as long as no Default or Event of Default is continuing or would result therefrom, any Sale of property by any Loan Party so long as (i) the Borrower or Restricted Subsidiary, as the case may be, receives consideration (including by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise) at least equal to the fair market value (such fair market value to be determined on the date of contractually agreeing to such Sale), as determined in good faith by the Board of Directors of the applicable Loan Party, of the shares and assets subject to such Sale, (ii) in any such Sale, or series of related Sales, at least 75% of the consideration from such Sale (including by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise) received by the Borrower or such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents or Designated Non-Cash Considerations to the extent that all Designated Non-Cash Considerations at such time does not exceed the greater of (x) $20,000,000 and (y) 2.25% of Total Assets (with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and without giving effect to subsequent changes in value) and (iii) the Net Cash Proceeds are applied as set forth in Section 2.8 as and when required thereby; and”
(g)    Section 8.4(ff) of the Credit Agreement is hereby amended by deleting such section and replacing it with the following:
“(ff)    so long as no Default or Event of Default is continuing or would result therefrom, any Permitted Asset Swap by any Loan Party so long as the Borrower or Subsidiary, as the case may be, receives consideration (including by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise) at least equal to the fair market value (such fair market value to be determined on the date of contractually agreeing to such Permitted Asset Swap), as determined in good faith by the Board of Directors of the applicable Loan Party, of the shares and assets subject to such Permitted Asset Swap.”
(h)    Section 8.4 of the Credit Agreement is hereby amended by deleting clause (gg) thereof. 
(i)    Article 10 of the Credit Agreement is hereby amended by adding the following as Section 10.12:
“(a)  Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that at least one of the following is and will be true: 
(i) such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement,

(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or 

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

(b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto).”

Section 2.    Extension of the Revolving Credit Facility Maturity Date. Effective as of the Amendment No. 4 Effective Date, the definition of “Revolving Credit Facility Maturity Date” in Section 1.1 of the Credit Agreement is hereby amended by deleting such definition and replacing it with the following:
““Revolving Credit Facility Maturity Date” means the seventh (7th) anniversary of the Closing Date; provided that if the Term Loan Maturity Date has not been extended to a date that is at least six (6) months following the Term Loan Maturity Date (prior to giving effect to this Amendment), the Revolving Credit Facility Maturity Date shall be the date that is six (6) months prior to the Term Loan Maturity Date.”
Section 3.    Representations and Warranties. By its execution of this Amendment, each Loan Party party hereto represents and warrants to the Administrative Agent as of the Amendment No. 4 Effective Date (before and after giving effect to this Amendment) that:
(a)    from and after its delivery to the Administrative Agent, this Amendment has been duly authorized, executed and delivered by it and constitutes a legal, valid and binding obligation of such Loan Party, enforceable against it in accordance with its terms except as may be limited by bankruptcy, insolvency, reorganization moratorium or similar laws limiting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law;
(b)    the execution, delivery and performance by such Loan Party of the Amendment is within such Loan Party’s corporate or similar powers, have been, at the time of execution thereof, duly authorized by all necessary corporate or similar action and do not (a) contravene the terms of any of such Person’s Constituent Documents, or (b) violate any applicable Requirement of Law, except to the extent that such violation or contravention could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;
(c)    all representations and warranties set forth in any Loan Document are true and correct, both before and after giving effect to this Amendment, in all material respects (but in all respects if such representation or warranty is qualified by “material” or “Material Adverse Effect”) on and as of the Amendment No. 4 Effective Date or, to the extent such representations and warranties expressly relate to an earlier date, on and as of such earlier date and except that the representations and warranties contained in Section 4.4(a) of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to Section 6.1(c) of the Credit Agreement, respectively, prior to the Amendment No. 4 Effective Date; 
(d)    (i) no Default or Event of Default has occurred and is continuing and (ii) no Event of Default occurred and was continuing at the time a draft of this Amendment was first delivered to each Lender of the Existing Revolving Credit Commitments; and
(e)    the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects.
Section 4.    Conditions to Effectiveness.
This Amendment shall become effective on the date (the “Amendment No. 4 Effective Date”) on which each of the following conditions is satisfied:
(a)    The Administrative Agent’s receipt of executed counterparts of this Amendment from the Borrower, the Guarantors, the Required Lenders (solely with respect to the amendments set forth in Section 1 hereof) and (solely with respect to the Extension) the Amendment No. 4 Extending Revolving Credit Lenders, the Swingline Lender and the L/C Issuer, which shall be originals or facsimiles or electronic copies.
(b)    The Administrative Agent’s receipt of the following, each of which shall be originals or facsimiles or electronic copies (followed promptly by originals) unless otherwise specified;
(1)    an opinion of Kirkland & Ellis LLP, counsel for the Borrower (addressed to the Administrative Agent and the Lenders and dated the Amendment No. 4 Effective Date);
(2)    either (x) a copy of each Constituent Document of each Loan Party that is on file with any Governmental Authority in any jurisdiction, certified as of a recent date by such Governmental Authority, or (y) confirmation from each Loan Party that there has been no change to such Constituent Document since last delivered to the Administrative Agent or certified as unchanged since last delivered to the Administrative Agent, together with, if applicable, certificates attesting to the good standing (to the extent available in such jurisdiction) of each Loan Party in such jurisdiction, other than for those Guarantors where the failure to be in good standing could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;
(3)    a certificate of the secretary or other officer of each Loan Party in charge of maintaining books and records of such Loan Party certifying as to (A) the names and signatures of each officer of such Loan Party authorized to execute and deliver this Amendment, (B) either (x) the Constituent Documents of such Loan Party attached to such certificate are complete and correct copies of such Constituent Documents as in effect on the date of such certification or (y) that there has been no change to such Constituent Document since last delivered to the Administrative Agent or certified as unchanged since last delivered to the Administrative Agent and (C) the resolutions of such Loan Party’s board of directors or other appropriate governing body approving and authorizing the execution, delivery and performance of this Amendment; and
(4)    a good standing certificate (to the extent such concept is known in the relevant jurisdiction) from the applicable Governmental Authority of the Borrower’s and the Guarantors’ respective jurisdiction of incorporation, organization or formation dated a recent date prior to the Amendment No. 4 Effective Date, other than for those Guarantors where the failure to be in good standing could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
(c)    To the extent invoiced at least three business days prior to the Amendment No. 4 Effective Date, all reasonable, documented and invoiced out-of-pocket fees and expenses due to the Administrative Agent and the Lenders required to be paid on the Amendment No. 4 Effective Date (including pursuant to Section 5 hereof) shall have been paid.
(d)    (i) No Default or Event of Default shall exist, or would result from the Amendment and related Borrowing or from the application of the proceeds therefrom and (ii) no Event of Default occurred and was continuing at the time a draft of this Amendment was first delivered to each Lender of the Existing Revolving Credit Commitments.
(e)    The representations and warranties set forth Section 2 are true and correct.
(f)    At least three (3) Business Days prior to the Amendment No. 4 Effective Date, any Loan Party that qualifies as a “legal entity customer” under 31 C.F.R. § 1010.230 shall have delivered, to each Lender that so requests, a certification (the “Beneficial Ownership Certification”) regarding beneficial ownership required by 31 C.F.R. § 1010.230 in relation to such Loan Party.
(g)    The Administrative Agent shall have received, (i) for the ratable account of each Term Lender that consents to this Amendment, a consent fee equal to 0.05% of the aggregate outstanding principal amount of its Term B Loans immediately prior to the effectiveness of this Amendment and (ii) for the ratable account of each Revolving Credit Lender that is an Amendment No. 4 Extending Revolving Credit Lender, an extension fee equal to 0.20% of the aggregate principal amount of its Amendment No. 4 Extended Revolving Credit Commitments.
The Administrative Agent shall notify the Borrower and the Lenders of the Amendment No. 4 Effective Date and such notice shall be conclusive and binding.
Section 5.    Expenses.
The Borrower agrees to reimburse the Administrative Agent for its reasonable, documented and invoiced out-of-pocket expenses incurred by it in connection with this Amendment, including the reasonable, documented and invoiced fees, charges and disbursements of Cahill Gordon & Reindel LLP, counsel for the Administrative Agent.
Section 6.    Execution in Counterparts.
This Amendment may be executed in any number of counterparts and by different parties hereto in different counterparts, each of which shall constitute an original, but all of which when taken together shall constitute one and the same agreement. Signature pages may be detached from multiple separate counterparts and attached to a single counterpart. This Amendment shall become effective when it has been executed by the Administrative Agent and when the Administrative Agent has received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Amendment by telecopier, .pdf or other electronic means shall be effective as delivery of an original executed counterpart of this Amendment.
Section 7.    Governing Law and Waiver of Right to Trial by Jury.
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (WITHOUT RESPECT TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK). The jurisdiction and waiver of right to trial by jury provisions in Sections 11.14 and 11.15 of the Credit Agreement are incorporated herein by reference mutatis mutandis.
Section 8.    Headings.
The headings of the several Sections and subsections of this Amendment are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Amendment.
Section 9.    Effect of Amendment.
Except as expressly set forth herein, this Amendment shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document, all of which are ratified and affirmed in all respects and shall continue in full force and effect. As of the Amendment No. 4 Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Loan Documents to the Credit Agreement (including, without limitation, by means of words like “thereunder,” “thereof” and words of like import), shall mean and be a reference to the Credit Agreement as amended hereby, and this Amendment and the Credit Agreement shall be read together and construed as a single instrument. This Amendment shall constitute a Loan Document, a Revolver Extension Request and an Extension Amendment. The parties hereto hereby consent to the Amendment upon the terms set forth herein. The parties hereto acknowledge and agree that the amendment of the Credit Agreement pursuant to this Amendment and all other Loan Documents amended and/or executed and delivered in connection herewith shall not constitute a novation of the Credit Agreement and the other Loan Documents as in effect prior to the Amendment No. 4 Effective Date.

Section 10.    Acknowledgement and Affirmation. Each Loan Party confirms for the benefit of the Secured Parties that the guarantee and indemnities under the Credit Agreement and the Guaranty and Security Agreement, as applicable, given by such Loan Party (the “Guaranty Obligations”) shall remain in full force and effect notwithstanding the occurrence of the Amendment No. 4 Effective Date or any other additions, amendments, substitution, or supplements of or to the Loan Documents and the imposition of any amended, new or more onerous obligations under the Loan Documents in relation to any Loan Party, subject to the limitations set out in any Guaranty.
(a)    Each Loan Party confirms for the benefit of the Administrative Agent, the Collateral Agent and the Secured Parties that:
(i)    any Lien in respect of the obligations of any of the Loan Parties under the Loan Documents (or any of them) which has been created by such Loan Party in favor of the Collateral Agent or the Secured Parties, as the case may be, pursuant to the Guaranty and Security Agreement and each other document to which such Loan Party is a party that purports to grant a Lien in favor of the Collateral Agent or the Secured Parties (together with the Guaranty and Security Agreement, the “Collateral Documents”) shall remain and continue in full force and effect in accordance with its terms notwithstanding the occurrence of the Amendment No. 4 Effective Date and shall extend to the Credit Agreement as amended by this Amendment and this Amendment (including, for the avoidance of doubt, any guaranty), subject to the limitations set out in those Collateral Documents or any other Loan Document;
(ii)    it undertakes with respect to paragraph (a) above and this paragraph (b), to do all such acts or execute all such documents the Collateral Agent may reasonably require in order to ensure that the existing Liens under the Collateral Documents continues to be in full force and effect (including, for the avoidance of doubt, any guaranty); and
(iii)    all references to the “Credit Agreement”, “Loan Documents”, “Loan” or its equivalent in the existing Collateral Documents or in any guaranty is a reference to the Credit Agreement as amended by this Amendment.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the date first above written.
TOWNSQUARE MEDIA, INC.,  
as Borrower
		
	By:
	      /s/ Stuart Rosenstein                                                 

Name: Stuart Rosenstein 
Title:   Executive Vice President and Chief Financial
 Officer

BERKSHIRE BROADCASTING, INC.
BRYTON ACQUISITION COMPANY, LLC
GAP BROADCASTING BURLINGTON LICENSE, LLC
GAP BROADCASTING BURLINGTON, LLC
GAP BROADCASTING MIDLAND-ODESSA LICENSE, LLC
GAP BROADCASTING MIDLAND-ODESSA, LLC
LYLA ACQUISITION COMPANY, LLC
LYLA INTERMEDIATE HOLDING, LLC
MILLENNIUM ATLANTIC CITY II HOLDCO, LLC
REGENT LICENSEE OF CHICO, INC.
REGENT LICENSEE OF ERIE, INC.
REGENT LICENSEE OF FLAGSTAFF, INC.
REGENT LICENSEE OF KINGMAN, INC.
REGENT LICENSEE OF LAKE TAHOE, INC.
REGENT LICENSEE OF LEXINGTON, INC.
REGENT LICENSEE OF PALMDALE, INC.
REGENT LICENSEE OF REDDING, INC.
REGENT LICENSEE OF SAN DIEGO, INC.
REGENT LICENSEE OF SOUTH CAROLINA, INC.
REGENT LICENSEE OF WATERTOWN, INC.
SPECIAL EVENTS MANAGEMENT, LLC 
TASTE OF COUNTRY PRODUCTIONS, LLC
TOWNSQUARE ACTIVE EVENTS, LLC
TOWNSQUARE BEVERAGE, LLC
TOWNSQUARE COMMERCE, LLC
TOWNSQUARE EXPERIENTIAL, LLC
TOWNSQUARE EXPOS, LLC
TOWNSQUARE INTERACTIVE, LLC
TOWNSQUARE LIFESTYLE EVENTS, LLC
TOWNSQUARE LIVE EVENTS COLORADO, LLC
TOWNSQUARE LIVE EVENTS INTERNATIONAL, LLC
TOWNSQUARE LIVE EVENTS MINNESOTA, LLC
TOWNSQUARE LIVE EVENTS MONTANA, LLC
TOWNSQUARE LIVE EVENTS TEXAS, LLC
TOWNSQUARE LIVE EVENTS WISCONSIN, LLC
TOWNSQUARE LIVE EVENTS, LLC
TOWNSQUARE LIVE PRODUCTIONS, LLC
TOWNSQUARE MANAGEMENT COMPANY, LLC
TOWNSQUARE MEDIA 2010, INC.
TOWNSQUARE MEDIA ABILENE LICENSE, LLC
TOWNSQUARE MEDIA ABILENE, LLC
TOWNSQUARE MEDIA ACQUISITION III, LLC
TOWNSQUARE MEDIA ACQUISITION IV, LLC
TOWNSQUARE MEDIA AMARILLO LICENSE, LLC
TOWNSQUARE MEDIA AMARILLO, LLC
TOWNSQUARE MEDIA ATLANTIC CITY II LICENSE, LLC
TOWNSQUARE MEDIA ATLANTIC CITY II, LLC
TOWNSQUARE MEDIA ATLANTIC CITY III HOLDCO, LLC
TOWNSQUARE MEDIA ATLANTIC CITY III LICENSE, LLC
TOWNSQUARE MEDIA ATLANTIC CITY III, LLC
TOWNSQUARE MEDIA ATLANTIC CITY LICENSE, LLC
TOWNSQUARE MEDIA ATLANTIC CITY, LLC
TOWNSQUARE MEDIA AUGUSTA WATERVILLE LICENSE, LLC
TOWNSQUARE MEDIA AUGUSTA WATERVILLE, LLC
TOWNSQUARE MEDIA BANGOR LICENSE, LLC
TOWNSQUARE MEDIA BANGOR, LLC
TOWNSQUARE MEDIA BATTLE CREEK LICENSE LLC
TOWNSQUARE MEDIA BATTLE CREEK LLC
TOWNSQUARE MEDIA BILLINGS LICENSE, LLC
TOWNSQUARE MEDIA BILLINGS, LLC
TOWNSQUARE MEDIA BINGHAMPTON LICENSE, LLC
TOWNSQUARE MEDIA BINGHAMPTON, LLC
TOWNSQUARE MEDIA BISMARCK LICENSE, LLC
TOWNSQUARE MEDIA BISMARCK, LLC
TOWNSQUARE MEDIA BOISE LICENSE, LLC
TOWNSQUARE MEDIA BOISE, LLC
TOWNSQUARE MEDIA BOZEMAN LICENSE, LLC
TOWNSQUARE MEDIA BOZEMAN, LLC
TOWNSQUARE MEDIA BROADCASTING, LLC
TOWNSQUARE MEDIA CASPER LICENSE, LLC
TOWNSQUARE MEDIA CASPER, LLC
TOWNSQUARE MEDIA CEDAR RAPIDS LICENSE LLC
TOWNSQUARE MEDIA CEDAR RAPIDS LLC
TOWNSQUARE MEDIA CHEYENNE LICENSE, LLC
TOWNSQUARE MEDIA CHEYENNE, LLC
TOWNSQUARE MEDIA DANBURY LICENSE LLC
TOWNSQUARE MEDIA DANBURY LLC
TOWNSQUARE MEDIA DUBUQUE LICENSE, LLC
TOWNSQUARE MEDIA DUBUQUE, LLC
TOWNSQUARE MEDIA DULUTH LICENSE, LLC
TOWNSQUARE MEDIA DULUTH, LLC
TOWNSQUARE MEDIA FARIBAULT LICENSE LLC
TOWNSQUARE MEDIA FARIBAULT LLC
TOWNSQUARE MEDIA GRAND JUNCTION LICENSE, LLC
TOWNSQUARE MEDIA GRAND JUNCTION, LLC
TOWNSQUARE MEDIA KALAMAZOO LICENSE LLC
TOWNSQUARE MEDIA KALAMAZOO LLC
TOWNSQUARE MEDIA KILLEEN-TEMPLE LICENSE, LLC
TOWNSQUARE MEDIA LAKE CHARLES LICENSE, LLC
TOWNSQUARE MEDIA LAKE CHARLES, LLC
TOWNSQUARE MEDIA LANSING LICENSE LLC
TOWNSQUARE MEDIA LANSING LLC
TOWNSQUARE MEDIA LARAMIE LICENSE, LLC
TOWNSQUARE MEDIA LARAMIE, LLC
TOWNSQUARE MEDIA LAWTON LICENSE, LLC
TOWNSQUARE MEDIA LAWTON, LLC
TOWNSQUARE MEDIA LICENSEE OF ALBANY AND LAFAYETTE, INC.
TOWNSQUARE MEDIA LICENSEE OF PEORIA, INC.
TOWNSQUARE MEDIA LICENSEE OF ST. CLOUD, INC.
TOWNSQUARE MEDIA LICENSEE OF UTICA/ROME, INC.
TOWNSQUARE MEDIA LUBBOCK LICENSE, LLC
TOWNSQUARE MEDIA LUBBOCK, LLC
TOWNSQUARE MEDIA LUFKIN LICENSE, LLC
TOWNSQUARE MEDIA LUFKIN, LLC
TOWNSQUARE MEDIA MISSOULA LICENSE, LLC
TOWNSQUARE MEDIA MISSOULA, LLC
TOWNSQUARE MEDIA MONMOUTH-OCEAN LICENSE, LLC
TOWNSQUARE MEDIA MONMOUTH-OCEAN, LLC
TOWNSQUARE MEDIA NEW BEDFORD LICENSE, LLC
TOWNSQUARE MEDIA NEW BEDFORD, LLC
TOWNSQUARE MEDIA ODESSA-MIDLAND II LICENSE, LLC
TOWNSQUARE MEDIA ODESSA-MIDLAND II, LLC
TOWNSQUARE MEDIA ODESSA-MIDLAND LICENSE, LLC
TOWNSQUARE MEDIA ODESSA-MIDLAND, LLC
TOWNSQUARE MEDIA OF ALBANY AND LAFAYETTE, INC.
TOWNSQUARE MEDIA OF ALBANY, INC.
TOWNSQUARE MEDIA OF BUFFALO, INC.
TOWNSQUARE MEDIA OF EL PASO, INC.
TOWNSQUARE MEDIA OF EVANSVILLE/OWENSBORO, INC.
TOWNSQUARE MEDIA OF FLINT, INC.
TOWNSQUARE MEDIA OF FT. COLLINS AND GRAND RAPIDS, LLC
TOWNSQUARE MEDIA OF FT. COLLINS, INC.
TOWNSQUARE MEDIA OF GRAND RAPIDS, INC.
TOWNSQUARE MEDIA OF KILLEEN-TEMPLE, INC.
TOWNSQUARE MEDIA OF LAFAYETTE, LLC
TOWNSQUARE MEDIA OF MIDWEST, LLC
TOWNSQUARE MEDIA OF PRESQUE ISLE, INC.
TOWNSQUARE MEDIA OF ST. CLOUD, INC.
TOWNSQUARE MEDIA OF UTICA/ROME, INC.
TOWNSQUARE MEDIA ONEONTA LICENSE, LLC
TOWNSQUARE MEDIA ONEONTA, LLC
TOWNSQUARE MEDIA PITTSFIELD LICENSE
TOWNSQUARE MEDIA PITTSFIELD, LLC
TOWNSQUARE MEDIA POCATELLO LICENSE, LLC
TOWNSQUARE MEDIA POCATELLO, LLC
TOWNSQUARE MEDIA PORTLAND LICENSE LLC
TOWNSQUARE MEDIA PORTLAND LLC
TOWNSQUARE MEDIA PORTSMOUTH LICENSE LLC
TOWNSQUARE MEDIA PORTSMOUTH LLC
TOWNSQUARE MEDIA POUGHKEEPSIE LICENSE, LLC
TOWNSQUARE MEDIA POUGHKEEPSIE, LLC
TOWNSQUARE MEDIA PRESQUE ISLE LICENSE, LLC
TOWNSQUARE MEDIA QUAD CITIES LICENSE LLC
TOWNSQUARE MEDIA QUAD CITIES LLC
TOWNSQUARE MEDIA QUINCY-HANNIBAL LICENSE, LLC
TOWNSQUARE MEDIA QUINCY-HANNIBAL, LLC
TOWNSQUARE MEDIA ROCHESTER LICENSE LLC
TOWNSQUARE MEDIA ROCHESTER LLC
TOWNSQUARE MEDIA ROCKFORD LICENSE LLC
TOWNSQUARE MEDIA ROCKFORD LLC
TOWNSQUARE MEDIA SAN ANGELO LICENSE, LLC
TOWNSQUARE MEDIA SAN ANGELO, LLC
TOWNSQUARE MEDIA SEDALIA LICENSE, LLC
TOWNSQUARE MEDIA SEDALIA, LLC
TOWNSQUARE MEDIA SHELBY LICENSE, LLC
TOWNSQUARE MEDIA SHELBY, LLC
TOWNSQUARE MEDIA SHREVEPORT LICENSE, LLC
TOWNSQUARE MEDIA SHREVEPORT, LLC
TOWNSQUARE MEDIA SIOUX FALLS LICENSE, LLC
TOWNSQUARE MEDIA SIOUX FALLS, LLC
TOWNSQUARE MEDIA TEXARKANA LICENSE, LLC
TOWNSQUARE MEDIA TEXARKANA, LLC
TOWNSQUARE MEDIA TRENTON LICENSE, LLC
TOWNSQUARE MEDIA TRENTON, LLC
TOWNSQUARE MEDIA TRI-CITIES LICENSE, LLC
TOWNSQUARE MEDIA TRI-CITIES, LLC
TOWNSQUARE MEDIA TUSCALOOSA LICENSE, LLC
TOWNSQUARE MEDIA TUSCALOOSA, LLC
TOWNSQUARE MEDIA TWIN FALLS LICENSE, LLC
TOWNSQUARE MEDIA TWIN FALLS, LLC
TOWNSQUARE MEDIA TYLER LICENSE, LLC
TOWNSQUARE MEDIA TYLER, LLC
TOWNSQUARE MEDIA VICTORIA LICENSE, LLC
TOWNSQUARE MEDIA VICTORIA, LLC
TOWNSQUARE MEDIA WATERLOO LICENSE LLC
TOWNSQUARE MEDIA WATERLOO LLC
TOWNSQUARE MEDIA WEST CENTRAL HOLDINGS, LLC
TOWNSQUARE MEDIA WEST CENTRAL INTERMEDIATE HOLDINGS, LLC
TOWNSQUARE MEDIA WEST CENTRAL RADIO BROADCASTING, LLC
TOWNSQUARE MEDIA WICHITA FALLS LICENSE, LLC
TOWNSQUARE MEDIA WICHITA FALLS, LLC
TOWNSQUARE MEDIA YAKIMA LICENSE, LLC
TOWNSQUARE MEDIA YAKIMA, LLC
TOWNSQUARE MMN, LLC
TOWNSQUARE NEW JERSEY HOLDCO, LLC
TOWNSQUARE NEXT, LLC
TOWNSQUARE RADIO HOLDINGS, LLC
TOWNSQUARE RADIO, INC.
TOWNSQUARE RADIO, LLC
ZADER ACQUISITION COMPANY LLC
each as a Guarantor
		
	By:
	      /s/ Stuart Rosenstein                                                 

Name: Stuart Rosenstein 
Title:   Executive Vice President and Chief Financial
       Officer 

ROYAL BANK OF CANADA,  
as Administrative Agent
		
	By:
	    /s/ Rodica Dutka__________________                                                             

Name: Rodica Dutka 
Title:   Manager, Agency

ROYAL BANK OF CANADA,  
as a Lender, an Amendment No. 4 Extending Revolving Credit Lender, Swingline Lender and L/C Issuer
		
	By:
	     /s/ Alfonse Simone__________________                                                             

Name: Alfonse Simone 
Title:   Authorized Signatory

  
as a Lender and an Amendment No. 4 Extending Revolving Credit Lender
		
	By:
	                                                                                     

Name:  
Title:   

     1

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