Document:

Stockholder Agreement dated as of March 29, 2007

 Exhibit 10.9 
 STOCKHOLDERS AGREEMENT 
 by and among 
 Broadcasting Media Partners, Inc. 
 Broadcast Media Partners Holdings, Inc. 

Umbrella Acquisition, Inc. 
 and

 Certain Stockholders of Broadcasting Media Partners, Inc. 
 Dated as of March 29, 2007 
  

 STOCKHOLDERS AGREEMENT 
 This Stockholders Agreement (the “Agreement”) is made as of March 29, 2007 by and among: 
  

	 	(i)	Broadcasting Media Partners, Inc., a Delaware corporation (f/k/a Umbrella Holdings, LLC, and together with its successors and permitted assigns, the “Company”);

  

	 	(ii)	Broadcast Media Partners Holdings, Inc., a Delaware corporation (together with its successors and permitted assigns, “Midco”); 

  

	 	(iii)	Umbrella Acquisition, Inc., a Delaware corporation (“Acquisition Sub”); and 

  

	 	(iv)	each Person executing this Agreement as a Principal Investor (collectively with their Permitted Transferees and for so long as they are members of a Principal Investor Group, the
“Principal Investors”); 

  

	 	(v)	each Person executing this Agreement as a Bank Investor (collectively with their Permitted Transferees, the “Bank Investors”); 

  

	 	(vi)	each Person executing this Agreement as an Other Investor (collectively with their Permitted Transferees and with Persons who executed this Agreement as Principal Investors who have
ceased to be members of a Principal Investor Group, the “Other Investors” and, together with the Principal Investors and the Bank Investors, the “Investors”); 

  

	 	(vii)	each Person executing this Agreement as a Manager and such other Persons, if any, that from time to time become party hereto as Managers (collectively, the
“Managers”); and 

  

	 	(viii)	such other Persons, if any, that from time to time become party hereto as transferees of Shares pursuant to Section 3.2 (collectively, together with the Investors and the
Managers, the “Stockholders”) in accordance with the terms hereof. 

 RECITALS 
 1. Each of the Company, Midco and Acquisition Sub, has been formed for the purpose of engaging in a transaction in which Acquisition Sub will be merged
with and into Univision Communications Inc. (“Univision”), with Univision surviving (the “Merger”) pursuant to an Agreement and Plan of Merger between the Company, Acquisition Sub and Univision dated as of
June 26, 2006 (as amended from time to time, the “Merger Agreement”). The rights and obligations of “Opco” hereunder shall refer to the rights and obligations of Acquisition Sub at all times prior to the
consummation of the Merger, and thereafter shall refer to the rights and obligations of Univision, as a successor entity to Acquisition Sub, and its successors and permitted assigns. 
  

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 2. On the date hereof, certain Stockholders will, in exchange for cash, acquire Class A Stock and
Class L Stock from the Company and Preferred Stock from Midco. The cash proceeds received by the Company in exchange for such Class A Stock and Class L Stock are referred to as the “Class A and L Proceeds”. The cash
proceeds received by Midco in exchange for such Preferred Stock are referred to collectively with the Class A and L Proceeds as the “Proceeds”. Prior to the Closing (as defined below), the Company will contribute all the
Class A and L Proceeds and all the issued and outstanding common stock of Acquisition Sub to Midco in exchange for common stock of Midco, and the Company will thereby hold all of the issued and outstanding common stock of Midco, and Acquisition
Sub will thereby become a wholly owned subsidiary of Midco. Thereafter, Midco will contribute all the Proceeds to Acquisition Sub. 
 3. Upon
the Closing, shares of common stock of Acquisition Sub shall be automatically converted into shares of common stock of Univision, and Midco will thereby hold all of the issued and outstanding common stock of Univision. 
 4. Immediately following the Closing, the Common Stock, the Preferred Stock and all Convertible Securities (as defined below) will be held as set forth
on Schedule I hereto. 
 5. The parties believe that it is in the best interests of the Company, Midco, Opco and the Stockholders to
set forth their agreements on certain matters. 
 AGREEMENT 
 Therefore, the parties hereto hereby agree as follows: 
 1. EFFECTIVENESS; DEFINITIONS. 
 1.1 Closing. This Agreement shall become effective upon the initial issuance of Stock to the Stockholders in anticipation of the
consummation of the closing under the Merger Agreement (the “Closing”). 
 1.2 Definitions. Certain
terms are used in this Agreement as specifically defined herein. These definitions are set forth or referred to in Section 9 hereof. 
 2. VOTING
AGREEMENT. 
 2.1 Significant Transactions. For so long as there are any Principal Investors remaining, each holder
of Shares (other than the Bank Investors) hereby appoints each Principal Investor as its proxy to vote such holder’s Shares, whether at a meeting or by written consent in accordance with such holder’s agreements contained in this
Section 2.1, which proxy shall be valid and remain in effect until the applicable provisions of this Section 2.1 expire pursuant to Section 2.6; provided, that at any time a Principal Investor that is not eligible to vote its
Shares or consent on any of the matters contained in this Section 2.1, such Principal Investor shall not be eligible to act as proxy in connection with such matter. The power and authority to exercise the proxy granted hereby shall be exercised
if and only if the matter to be voted on has been approved by the Majority Principal Investors and shall be exercised on terms consistent with such approval. The proxy granted hereby is irrevocable and coupled with an interest sufficient in law to
support an irrevocable power. Each Principal 

  

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Investors who is granted such proxy agrees that it shall only be voted in a manner consistent with such holder’s agreements with respect to voting
contained, in this Section 2.1. 
 2.1.1 Change of Control Transactions and Strategic Investor Transaction. If a
vote of holders of Shares (or any class or series of Shares) is required under any applicable law or stock exchange regulations in connection with a Change of Control transaction or Strategic Investor Transaction being implemented pursuant to
Section 4.2 or is determined to be otherwise desirable by the Majority Principal Investors in connection with a transaction being implemented pursuant to Section 4.2, each holder of Shares agrees to cast all votes to which such holder is
entitled in respect of the Shares, whether at any annual or special meeting, by written consent or otherwise, in such manner as the Majority Principal Investors may instruct by written notice to approve any sale, merger, consolidation,
reorganization or any other transaction or series of transactions involving the Company or its subsidiaries (or all or any portion of their respective assets) in connection with, or in furtherance of, the exercise by the Majority Principal Investors
of their rights under Section 4.2 and in all cases consistent with the provisions of such Section. 
 2.1.2
Recapitalization Transactions. If a vote of holders of Shares (or any class or series of Shares) is required under any applicable law or stock exchange regulations in connection with a Recapitalization Transaction being implemented pursuant
to Section 4.3 or is determined to be otherwise desirable by the Majority Principal Investors in connection with a Recapitalization Transaction being implemented pursuant to Section 4.3, each holder of Shares agrees to cast all votes to
which such holder is entitled in respect of the Shares, whether at any annual or special meeting, by written consent or otherwise, in such manner as the Majority Principal Investors may instruct by written notice to approve any aspect or aspects of
such Recapitalization Transaction in connection with, or in furtherance of, the exercise by the Majority Principal Investors of their rights under Section 4.3 and in all cases consistent with the provisions of such Section. 
 2.1.3 Election of Members of the Board. If a vote of holders of Shares (or any class or series of Shares) is required under any
applicable law or stock exchange regulations in connection with the election of members of the Board, each holder of Shares agrees to cast all votes to which such holder is entitled in respect of the Shares, whether at any annual or special meeting,
by written consent or otherwise, in such manner as the Majority Principal Investors may instruct by written notice to approve such election. 
 2.1.4 Certificate of Incorporation Amendments. Each holder of Shares agrees to cast all votes to which such holder is entitled in respect of the Shares, whether at any annual or special Meeting, by written
consent or otherwise, in such manner as the Majority Principal Investors may instruct by written notice to approve any amendment to the certificate of incorporation of the Company that is approved by the Majority Principal Investors and if
applicable, by a Majority in Interest of the holders of any class of Shares to the extent such amendment, by its terms, Discriminates against such class of Shares. 
  

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 2.2 Consent to Amendment. Each holder of Shares agrees to cast all votes to which
such holder is entitled in respect of the Shares, whether at any annual or special meeting, by written consent or otherwise, in such manner as the Majority Principal Investors may instruct by written notice to increase the number of authorized
shares of Class A Stock or Class L Stock to the extent necessary to permit the Company to comply with the provisions of its certificate of incorporation with respect to the conversion of shares of Common Stock. For so long as there are any
Principal Investors remaining, each holder of Shares (other than the Bank Investors) hereby appoints each Principal Investor as its proxy to vote such holder’s Shares, whether at a meeting or by written consent in accordance with such
holder’s agreements contained in this Section 2.2, which proxy shall be valid and remain in effect until the applicable provisions of this Section 2.2 expire pursuant to Section 2.6. The power and authority to exercise the proxy
granted hereby shall be exercised if and only if the matter to be voted on has been approved by the Majority Principal Investors and shall be exercised on terms consistent with such approval. The proxy granted hereby is irrevocable and coupled with
an interest sufficient in law to support an irrevocable power. Each Principal Investors who is granted such proxy agrees that it shall only be voted in a manner consistent with such holder’s agreements with respect to voting contained in this
Section 2.2. 
 2.3 Limitation of Proxy. For the avoidance of doubt, except as expressly contemplated by this
Section 2, none of the Principal Investors has been granted a proxy to exercise the rights of any Stockholder under this Agreement or the Participation, Registration Rights and Coordination Agreement. 
 2.4 Bank Investors’ Voting Agreement. For so long as there are any Principal Investors remaining, until the applicable
provisions of this Section 2.4 expire pursuant to Section 2.6, each Bank Investor agrees to cast all votes to which such holder is entitled in respect of the Shares, whether at any annual or special meeting, by written consent or
otherwise, in such manner as the Majority Principal Investors may instruct by written notice with respect to the matters set forth in Sections 2.1.1, 2.1.2, 2.1.3 and 2.1.4. 
 2.5 The Company and Midco. The Company and Midco will not give effect to any action by any holder of Shares or any other Person
which is in contravention of this Section 2. 
 2.6 Period. Each of the foregoing provisions of this
Section 2 shall expire on the earlier of (a) a Change of Control, (b) (i) in the case of Sections 2.1.2, 2.1.3 and 2.1.4 (and the provisions of Section 2.4 relating to such matters), the Qualified Public Offering and
(ii) in the case of Section 2.1.1 (and the provisions of Section 2.4 relating to such matter), the third anniversary of the Qualified Public Offering and (c) with respect to any particular provision, the last date permitted by
applicable law (including the rules of the Commission and any exchange upon which equity securities of the Company are listed). 
 3. TRANSFER
RESTRICTIONS. 
 3.1 Transfers Allowed. Until the expiration of the provisions of this Section 3 and subject
to Section 3.6, no holder of Shares shall Transfer any of such holder’s Shares to any other Person except as follows: 
 3.1.1 Permitted Transferees. Subject to Section 3.3, but without regard to any other restrictions on transfer contained elsewhere in this Agreement, any holder of Shares may Transfer any or all of such Shares to such
holder’s Permitted Transferees, so long as such Permitted Transferees agree to be bound by the terms of this Agreement in accordance with Section 3.2 (if not already bound hereby) and by the terms of the Subscription Agreements to which
the transferor is a party. 
  

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 3.1.2 Distributions and Bona Fide Charitable Contributions. At or after the
closing of the Qualified Public Offering, (a) any Investor may Transfer any or all of such Shares in a pro rata Transfer to its partners, members, managers or stockholders and (b) any holder of Shares may Transfer any or all of such
Shares, to a Charitable Organization as a bona fide charitable contribution, in each case without regard to any other restrictions on transfer contained elsewhere in this Agreement (other than the provisions of Sections 3.6 and 5, if applicable).
Any Shares so Transferred shall conclusively be deemed thereafter not to be Shares under this Agreement. 
 3.1.3 Public
Transfers. Any holder of Shares may Transfer any or all of such Shares: (a) in any Public Offering up to and including the Qualified Public Offering (but only to the extent, the Majority Principal Investors, if there are any Principal
Investors remaining, and otherwise, the Company, so determine; provided that the Majority Principal Investors or the Company, as applicable, shall grant or withhold such consent on an equitable basis with respect to holders of Shares who wish
to Transfer Shares in a particular Public Offering) or in a Public Offering subsequent to the Qualified Public Offering, or (b) after the closing of the Qualified Public Offering, pursuant to a block sale to a financial institution in the
ordinary course of its trading business or Rule 144, in each case in compliance with Section 3.3, but without regard to any other restrictions on transfer contained elsewhere in this Agreement (other than the provisions of Sections 3.6 and
5, if applicable). Shares Transferred pursuant to this Section 3.1.3 shall conclusively be deemed thereafter not to be Shares under this Agreement. 
 3.1.4 Tag Along and Drag Along. 
 (a) A Stockholder may Transfer any or all of such
Shares pursuant to Section 4.2, without regard to any other restrictions on transfer contained elsewhere in this Agreement (other than the provisions of Section 5, if applicable). Shares so Transferred shall conclusively be deemed
thereafter not to be Shares under this Agreement. 
 (b) Each Stockholder may exchange, convert or Transfer any or all of its
Shares pursuant to Section 4.3, without regard to any other restrictions on transfer contained elsewhere in this Agreement. Shares received upon such exchange, conversion or Transfer shall conclusively be deemed thereafter to be Shares under
this Agreement. 
 (c) A Participating Seller may Transfer Shares pursuant to and in accordance with the provisions of
Section 4.1 without regard to any other restrictions on transfer contained elsewhere in this Agreement (other than the 

  

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provisions of Sections 3.6 and 5, if applicable) so long as each transferee agrees to be bound by the terms of this Agreement in accordance with
Section 3.2 (if not already bound hereby) and by the terms of the Subscription Agreements to which the transferor is a party. 
 (d)(i) The Principal Investor Groups may Transfer shares of Common Stock and Preferred Stock valued, in the aggregate for all such Principal Investor Groups, at an initial cost of up to $3,000,000, and (ii) the SCG Investor Group may
Transfer shares of Class A Common Stock valued, in the aggregate at an initial cost of up to $5,000,000; in each case to BMPI Services LLC, without regard to any other restrictions on transfer contained elsewhere in this Agreement (for the
avoidance of doubt, including without regard to the provisions of Section 4). Shares so Transferred shall conclusively be deemed thereafter to be Other Investor Shares and not to be Principal Investor Shares under this Agreement. 
 3.1.5 Other Private Transfers. In addition to any Transfers made in accordance with Sections 3.1.1, 3.1.2, 3.1.3 or 3.1.4, any
holder of Shares may Transfer any or all of such Shares of a single class or of multiple classes subject to the prior written consent of the Majority Principal Investors (so long as there are any Principal Investors remaining); provided that
such Transfer is in compliance with Sections 3.2, 3.3, 3.6 and 4; and provided, further, that following the earlier of (i) closing of a Qualified Public Offering, and (ii) fifth anniversary of the Closing, the consent of the
Majority Principal Investors (if there are any Principal Investors remaining) shall not be required for such Transfer (so long as such Transfer complies with Sections 3.2, 3.3, 3.6 and 4). Any Shares so Transferred to a Person other than a
Stockholder or a Permitted Transferee shall conclusively be deemed thereafter not to be Shares under this Agreement. 
 3.2
Certain Transferees to Become Parties. Any transferee receiving Shares in a Transfer pursuant to Sections 3.1.1, 3.1.4(b) or (c) or, prior to the closing of a Qualified Public Offering, Section 3.1.5 shall become a Stockholder
party to this Agreement and be subject to the terms and conditions of, and be entitled to enforce, this Agreement and the Subscription Agreements to which the Stockholder that Transfers such Shares is a party, to the same extent, and in the same
capacity, as the Stockholder that Transfers such Shares to such transferee; provided, that only a Permitted Transferee of a Principal Investor will be deemed to be a “Principal Investor” for purposes of this Agreement (but not under
any other agreement, unless specifically so provided therein), only a Permitted Transferee of a Bank Investor will be deemed to be a “Bank Investor” for purposes of this Agreement, only a Permitted Transferee of an Other Investor will be
deemed to be an “Other Investor” for purposes of this Agreement and only a Permitted Transferee of a Manager will be deemed to be a “Manager” for purposes of this Agreement. Prior to the initial Transfer of any Shares to any
transferee pursuant to Sections 3.1.1, 3.1.4(b) or (c) or, prior to the closing of a Qualified Public Offering, Section 3.1.5, and as a condition thereto, each holder of Shares effecting such Transfer (or in the case of a Transfer
being effectuated pursuant to Section 4.1, the Prospective Selling Stockholder) shall (a) cause such transferee to deliver to the Company and each of the Principal Investor Groups (other than the Principal Investor Group of which the
transferor is a member, if applicable) its written agreement, in form and substance reasonably satisfactory to the Company, to be bound by the terms and conditions of this Agreement and the Subscription 

  

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Agreements to which such transferor is a party, to the extent described in the preceding sentence, and (b) if such Transfer is to a Permitted
Transferee, remain directly liable for the performance by such Permitted Transferee of all obligations of such transferee under this Agreement. 
 3.3 Restrictions on Transfers to Competitors. In addition to any other provision of this Agreement, no holder of Shares shall Transfer any Shares pursuant to Sections 3.1.1, 3.1.3(b) or 3.1.5 of this
Agreement to a Competitor without the approval of the Majority Principal Investors. If any Prospective Selling Stockholder proposes to Transfer any Shares pursuant to Sections 3.1.1, 3.1.3(b) or 3.1.5 to any Prospective Buyer, the Prospective
Selling Stockholder shall furnish a written notice (which notice may be the same notice as the Tag Along Notice, if any, delivered pursuant to Section 4.1 or the Sale Notice, if any, delivered pursuant to Section 4.5, in each case so long
as such notice includes all of the information required by the next sentence) to the Company and each Principal Investor Group at least ten business days prior to such proposed Transfer. Such notice shall set forth the principal terms of the
proposed Transfer, including (a) the number and class of the Shares to be Transferred, (b) the per share purchase price or the formula by which such price is to be determined and (c) the name and address of the Prospective Buyer. If
the Prospective Buyer (or an Affiliate thereof) has previously been determined by the Majority Principal Investors to be a Competitor and such determination has not been reversed by written notice to all holders of Shares, the Prospective Selling
Stockholder shall not Transfer any Shares to such Prospective Buyer without the written approval of the Majority Principal Investors. If the Prospective Buyer (or an Affiliate thereof) has not previously been determined by the Majority Principal
Investors to be a Competitor, the Prospective Selling Stockholder may Transfer Shares to such Prospective Buyer unless, within seven (7) business days after the date of delivery of the notice required by the second preceding sentence, the
Majority Principal Investors deliver written notice to the Prospective Selling Stockholder that such Prospective Buyer has been designated a Competitor. If, within such time period, a notice designating such Prospective Buyer a Competitor is
delivered, then the Prospective Selling Stockholder shall not Transfer any Shares to such Prospective Buyer without the approval of the Majority Principal Investors. In the event any proposed Transfer to a Competitor is approved in accordance with
the foregoing, such approval shall also apply to Transfers made to such Prospective Buyer by any Tag Along Sellers. Notwithstanding anything in this Agreement to the contrary, the restrictions in this Section 3.3 shall not apply to any
Transfers (v) to the Company or any of its subsidiaries, (w) to any Principal Investor, (x) to any Affiliated Fund of any Principal Investor, (y) pursuant to Rule 144 effected as “brokers’ transactions” (as defined
in Rule 144); provided that this Section 3.3. shall not apply to any Transfer by Bank Investors pursuant to Rule 144, whether or not effected as “brokers’ transactions”, or (z) pursuant to an underwritten Public
Offering or, following the Qualified Public Offering, pursuant to Rule 144 directly to a “market maker” (as defined in Rule 144) or pursuant to a block sale to a financial institution in the ordinary course of its trading business
(provided that this Section 3.3. shall not apply to any Transfer by Bank Investors pursuant to an underwritten Public Offering or, following the Qualified Public Offering, pursuant to Rule 144, whether or not made directly to
“market makers”), in each case under this clause (z) in which, to the knowledge of the Prospective Selling Stockholder, the underwriter(s), market maker(s) (if applicable) or block sale purchaser(s) are not acquiring such Shares for
the intended purpose of reselling such Shares to any Person that, after giving effect to such resale, would own, directly or indirectly, more than five percent (5%) of the then outstanding shares of the applicable class of Shares or to any
Person who is a Competitor. 
  

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 3.4 Impermissible Transfer. Any attempted Transfer of Shares not permitted under
the terms of this Section 3 shall be null and void, and neither the Company nor Midco shall in any way give effect to any such impermissible Transfer. 
 3.5 Notice of Transfer. To the extent any Stockholder or Permitted Transferee shall Transfer any Shares pursuant to Section 3.1.1 or 3.1.5, such Stockholder or Permitted Transferee shall, within five
business days following consummation of such Transfer, deliver notice thereof to the Company and each Principal Investor Group, provided, however, that such notice shall be provided only to the Company if prior notice of such
transaction was previously provided to the Principal Investor Groups in accordance with Section 3.2 or 3.3. 
 3.6
Other Restrictions on Transfer. The restrictions on Transfer contained in this Agreement, including pursuant to Section 7.5 hereof, are in addition to any other restrictions on Transfer to which a Stockholder maybe subject, including,
without limitation, any restrictions on transfer contained in the Company’s, Midco’s or Opco’s certificate of incorporation, a restricted stock agreement, stock option agreement, stock subscription agreement or other agreement to
which such Stockholder is a party or by which it is bound. 
 3.7 Period. Each of the foregoing provisions of this
Section 3 shall expire upon a Change of Control, provided that Section 3.3 shall expire at such time as there are no Principal Investors remaining, if earlier. 
 4. “TAG ALONG” AND “DRAG ALONG” RIGHTS AND RIGHT OF FIRST OFFER. 
 4.1 Tag Along. Subject to prior compliance with Section 4.5, if any Prospective Selling Stockholder proposes to Sell any Shares of a single class or of multiple classes to any Prospective Buyer(s) (including a First Offer
Purchaser pursuant to Section 4.5) in a Transfer that is subject to Section 3.1.5 prior to the closing of the Qualified Public Offering: 
 4.1.1 Notice. The Prospective Selling Stockholder shall, prior to any such proposed Transfer, furnish a written notice (the “Tag Along Notice”) to the Company, which shall promptly furnish the
Tag Along Notice to each Investor (other than any Investor that is the Prospective Buyer or a member of the Prospective Buyer’s Principal Investor Group, if applicable, or a member of the Prospective Selling Stockholder’s Principal
Investor Group, if applicable), and each Manager who holds Tag Eligible Shares (each, a “Tag Along Holder”). The Tag Along Notice shall include: 
 (a) the principal terms and conditions of the proposed Sale, including (i) the number and class of the Shares to be purchased from
the Prospective Selling Stockholder, (ii) the fraction(s) expressed as a percentage, determined by dividing the number of Shares of each class to be purchased from the Prospective Selling Stockholder by the total number of Tag Eligible Shares
of each such class held by the Prospective Selling Stockholder (for each class, the “Tag Along Sale Percentage”) (it being understood that the Company shall reasonably cooperate 

  

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with the Prospective Selling Stockholder in respect of the determination of each applicable Tag Along Sale Percentage), (iii) the per share purchase
price or the formula by which such price is to be determined and the payment terms, including a description of any non-cash consideration sufficiently detailed to permit valuation thereof, (iv) the name and address of each Prospective Buyer and
(v) if known, the proposed Transfer date; and 
 (b) an invitation to each Tag Along Holder to make an offer to include
in the proposed Sale to the applicable Prospective Buyer(s) Tag Eligible Shares of the same class(es) being sold by the Prospective Selling Stockholder held by such Tag Along Holder (not in any event to exceed the Tag Along Sale Percentage of the
total number of Tag Eligible Shares of the applicable class held by such Tag Along Holder), on the same terms and conditions (subject to Section 4.4.4 in the case of Convertible Securities and subject to Section 4.4.1 under all
circumstances), with respect to each Share Sold, as the Prospective Selling Stockholder shall Sell each of its Shares. For purposes of this Section 4.1, the Class A Stock will be treated as a single class and the Class L Stock will be
treated as a single class and, subject to Section 4.4.4, all Convertible Securities will be treated as the same class of Shares for which they may be exercised. 
 4.1.2 Exercise. Within seven (7) (ten (10), if the proposed Transfer is not also the subject of a currently effective Sale
Notice under Section 4.5) business days after the date of delivery of the Tag Along Notice by the Company to each applicable Investor or Manager, each Tag Along Holder desiring to make an offer to include Tag Eligible Shares of the same
class(es) being sold by the Prospective Selling Stockholder in the proposed Sale (each a “Participating Seller” and, together with the Prospective Selling Stockholder, collectively, the “Tag Along Sellers”) shall
furnish a written notice (the “Tag Along Offer”) to the Prospective Selling Stockholder indicating the number of Tag Eligible Shares of the same class(es) being sold by the Prospective Selling Stockholder which such Participating
Seller desires to have included in the proposed Sale (not in any event to exceed the Tag Along Sale Percentage of the total number of Tag Eligible Shares of the applicable Class held by such Tag Along Holder). If the proposed Sale involves shares of
multiple classes, each Participating Seller must include Tag Eligible Shares of each class in the same proportions as are being sold by the Prospective Selling Stockholder. Each Tag Along Holder who does not make a Tag Along Offer in compliance with
the above requirements, including the time period, shall have waived and be deemed to have waived all of such holder’s rights with respect to such Sale, and, the Tag Along Sellers shall thereafter be free to Sell to the Prospective Buyer, at a
per share price no greater than the per share price set forth in the Tag Along Notice and on other principal terms and conditions which are not materially more favorable to the Tag Along Sellers than those set forth in the Tag Along Notice, without
any further obligation to such non-accepting Tag Along Holder pursuant to this Section 4.1. 
 4.1.3 Irrevocable
Offer. The offer of each Participating Seller contained in such holder’s Tag Along Offer shall be irrevocable, and, to the extent such offer is accepted, such Participating Seller shall be bound and obligated to Sell in the proposed Sale on
the same terms and conditions, with respect to each Share Sold (subject to 

  

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Section 4.4.4 in the case of Convertible Securities), as the Prospective Selling Stockholder, up to such number of Tag Eligible Shares as such
Participating Seller shall have specified in such holder’s Tag Along Offer; provided; however, that if, prior to consummation, the terms of such proposed Sale shall change with the result that the per share price shall be less
than the per share price set forth in the Tag Along Notice or the other principal terms and conditions shall be materially less favorable to the Tag Along Sellers than those set forth in the Tag Along Notice (including, for the avoidance of doubt, a
material portion of the cash consideration being modified to non-cash consideration), the acceptance by each Participating Seller shall be deemed to be revoked, and it shall be necessary for a separate Tag Along Notice to be furnished, and the terms
and provisions of this Section 4.1 separately complied with, in order to consummate such Sale pursuant to this Section 4.1; provided, further, that in such case of a separate Tag Along Notice, the applicable period to which
reference is made in Section 4.1.2 shall be two (2) business days. 
 4.1.4 Reduction of Shares Sold. The
Prospective Selling Stockholder shall attempt to obtain the inclusion in the proposed Sale of the entire number of Tag Eligible Shares which each of the Tag Along Sellers requested to have included in the Sale (as evidenced in the case of the
Prospective Selling Stockholder by the Tag Along Notice and in the case of each Participating Seller by such Participating Seller’s Tag Along Offer). In the event the Prospective Selling Stockholder shall be unable to obtain the inclusion of
such entire number of Tag Eligible Shares in the proposed Sale, the number of Tag Eligible Shares to be sold in the proposed Sale shall be allocated among the Tag Along Sellers in proportion, as nearly as practicable, as follows: 
 (a) there shall be first allocated to each Tag Along Seller a number of Tag Eligible Shares equal to the lesser of (i) the number of
Tag Eligible Shares offered (or proposed, in the case of the Prospective Selling Stockholder) to be included by such Tag Along Seller in the proposed Sale pursuant to this Section 4.1, and (ii) a number of Tag Eligible Shares equal to such
Tag Along Seller’s Pro Rata Portion; and 
 (b) the balance, if any, not allocated pursuant to clause (a) above
shall be allocated to those Tag Along Sellers which offered to sell a number of Tag Eligible Shares of the applicable class in excess of such Person’s Pro Rata Portion pro rata to each such Tag Along Seller based upon the amount of such excess,
or in such other manner as the Tag Along Sellers may otherwise agree. 
 In the event that the number of Shares that each Participating Seller
will be permitted to sell in a particular Sale is reduced in accordance with clauses (a) and (b) above, the Prospective Selling Stockholder shall be responsible for determining the total number of Shares to be sold by each Participating
Seller in the proposed Sale in accordance with this Section 4.1.4, and shall provide notice to each Participating Seller of the number of Shares that such Participating Seller will be selling in such Sale no later than three business days prior
to the consummation of such Sale. 
  

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 4.1.5 Additional
Compliance. If prior to consummation, the terms of the proposed Sale shall change with the result that the per share price to be paid in such proposed Sale shall be greater than the per share price set forth in the Tag Along Notice or the other
principal terms of such proposed Sale shall be materially more favorable to the Tag Along Sellers than those set forth in the Tag Along Notice, the Tag Along Notice shall be null and void, and it shall be necessary for a separate Tag Along Notice to
be furnished, and the terms and provisions of this Section 4.1 separately complied with, in order to consummate such proposed Sale pursuant to this Section 4.1; provided, however, that in the case of such a separate Tag Along
Notice, the applicable period to which reference is made in Section 4.1.2 shall be two (2) business days. In addition, if the Prospective Selling Stockholders have not completed the proposed Sale by the end of the 120th day after the date of delivery of: (a) if the proposed Transfer is also the subject of a currently effective Sale Notice
under Section 4.5, such Sale Notice, and (b) otherwise, the Tag Along Notice by the Company, each Participating Seller shall be released from such holder’s obligations under such holder’s Tag Along Offer, the Tag Along Notice
shall be null and void, and it shall be necessary for a separate Tag Along Notice to be furnished, and the terms and provisions of this Section 4.1 separately complied with, in order to consummate such proposed Sale pursuant to this
Section 4.1, unless the failure to complete such proposed Sale resulted directly from either (a) any failure by any Participating Seller to comply with the terms of this Section 4, or (b) any failure by the FCC to consent to such
transfer; provided, that such consent is received within sixty (60) days of such 120th day. 
 4.2 Change of
Control and Strategic Investor Transaction Drag Along. Each Stockholder agrees, if requested in writing by the Majority Principal Investors at any time, and from time to time, prior to the third (3) anniversary of the closing of the
Qualified Public Offering, to Sell a percentage of one or more classes of Shares held by such Stockholder that is equal to the percentage of such Shares owned by the Prospective Selling Stockholders that are proposed to be Sold by the Prospective
Selling Stockholders (which may be of a single class or of multiple classes) to a Prospective Buyer which would result in a Change of Control or in a Strategic Investor Transaction (as adjusted pursuant to Section 4.2.2. below, the
“Drag Along Sale Percentage”), in the manner and on the terms set forth in this Section 4.2 (any such sale, a “Drag Along Sale”); provided, however, that this Section 4.2 shall not apply to a
Change of Control or a Strategic Investor Transaction if (a) the applicable Prospective Buyer is a member of a Principal Investor Group or an entity in which any Principal Investor or any Affiliate thereof has a material interest (other than a
member of the Company or any subsidiary thereof in connection with a Strategic Investor Transaction) and (b) such Change of Control or Strategic Investor Transaction has not been approved by vote or written consent of the Principal Investor
Majority. For purposes of this Section 4.2, the Class A Stock will be treated as a single class and the Class L Stock will be treated as a single class. Subject to Section 4.4.4, all Convertible Securities will be the same class
of Shares for which they may be exercised or into which they may be converted. All Shares to be sold pursuant to Section 4.2 shall be included in determining whether or not a proposed transaction constitutes a Change of Control. 
 4.2.1 Exercise in a Change of Control Transaction and/or Strategic Investor Transaction. The Prospective Selling Stockholders shall
furnish a written notice (the 

  

 11 

 
“Drag Along Sale Notice”) to the Company at least ten (10) business days prior to the consummation of the Change of Control transaction
or the Strategic Investor Transaction, as applicable, and the Company shall promptly furnish such Drag Along Sale Notice to each Stockholder other than the Prospective Selling Stockholder. The Drag Along Sale Notice shall set forth the principal
terms and conditions of the proposed Sale, including (a) the number and class of Shares to be acquired from the Prospective Selling Stockholders, (b) the Drag Along Sale Percentage for each class, (c) the per share consideration to be
received in the proposed Sale for each class, including the form of consideration (if other than cash), (d) the name and address of the Prospective Buyer and (e) if known, the proposed Sale date. If the Prospective Selling Stockholders
consummate the proposed Sale to which reference is made in the Drag Along Sale Notice, each other Stockholder (each, a “Participating Seller,” and, together with the Prospective Selling Stockholders, collectively, the “Drag
Along Sellers”) shall: (x) be bound and obligated to Sell the Drag Along Sale Percentage of such Stockholder’s Shares of each class in the proposed Sale on the same terms and conditions, with respect to each Share Sold (subject to
Section 4.4.4 in the case of Convertible Securities) as the Prospective Selling Stockholders shall Sell (subject to Section 4.4.4 in the case of Convertible Securities, and subject to Section 4.4.1 under all circumstances in
connection with a Change of Control transaction); and (y) except as provided in Section 4.4.1, shall receive the same form and amount of consideration per Share to be received by the Prospective Selling Stockholders for the corresponding
class of Shares (on an as converted basis, if applicable) provided that any securities received as consideration may differ with respect to rights relating to the election of directors. Except as provided in Section 4.4.1, if any Stockholders
holding Shares of any class are given an option as to the form and amount of consideration to be received (other than with respect to any roll-over option given to any or all holders of Management Shares), all Stockholders holding Shares of such
class will be given the same option. Unless otherwise agreed by each Drag Along Seller, any non-cash consideration shall be allocated among the Drag Along Sellers pro rata based upon the aggregate amount of consideration to be received by such Drag
Along Sellers. If at the end of the 270th day after the date of delivery of the Drag Along Sale Notice the Prospective Selling Stockholders have not completed the proposed Sale, the Drag Along Sale Notice shall be null and void, each Participating
Seller shall be released from such holder’s obligation under the Drag Along Sale Notice and it shall be necessary for a separate Drag Along Sale Notice to be furnished and the terms and provisions of this Section 4.2 separately complied
with, in order to consummate such proposed Sale pursuant to this Section 4.2, unless the failure to complete such proposed Sale resulted directly from the failure by the FCC to consent to such transfer; provided, that such consent is
received within one hundred and eighty (180) days of such 270th day. The right of a holder of Unvested Shares to receive consideration for such Unvested Shares pursuant to this Section 4.2 shall be subject to the vesting and other terms of
such Unvested Shares. 
 4.2.2 Adjustment of Drag Along Percentage. Notwithstanding the foregoing, the following Shares
may be excluded from a Drag Along Sale: 
 (a) if agreed by the Majority Principal Investors, Shares held by (i) the
management of the Company and its subsidiaries, and/or (ii) BMPI Services LLC, may be excluded from any Drag Along Sale; 
  

 12 

 (b) if the Drag Along Sale is in connection with a Strategic Investor Transaction,
(i) is consummated on or prior to September 30, 2008, the SCG Investors shall not be obligated to Sell Shares in such Drag Along Sale which would result, after giving effect to such Strategic Investor Transaction, in the SCG Investors, in
the aggregate, holding Shares valued at an initial cost of less than $250,000,000; and (ii) if agreed by the Majority Principal Investors, Shares held by one or more Investors other than the members of the Principal Investor Groups may be
excluded from such Drag Along Sale; 
 provided, that this Section 4.2.2(b) shall not derogate from any Investor’s rights
pursuant to Section 4.1; 
 provided, further, that upon such exclusion, the Drag Along Sale Percentage of each Stockholder
shall be increased to reflect such Shares that the management, SCG Investors or other Investors are not required to Sell. 
 4.2.3 Waiver of Appraisal Rights. Each Drag Along Seller agrees not to demand or exercise appraisal rights under Section 262 of the DGCL with respect to a transaction subject to this Section 4.2 as to which such appraisal
rights are available. 
 4.2.4 Miscellaneous Provisions. The provisions of Section 4.4 shall apply to any Sale
under this Section 4.2 to the extent, and on the terms, provided therein. 
 4.3 Recapitalization Transaction Drag
Along. Each Stockholder hereby agrees, if requested by the Majority Principal Investors at any time, and from time to time, prior to the third (3) anniversary of the closing of the Qualified Public Offering, to exchange, convert or Transfer
a percentage of one ore more classes of Shares held by such Stockholder that is equal to the percentage of such Shares owned by the applicable Majority Principal Investors which are proposed to be exchanged, converted or Transferred by the Majority
Principal Investors in a Recapitalization Transaction (as adjusted pursuant to Section 4.3.6 below, the “Drag Along Recapitalization Percentage”), in the manner and on the terms set forth in this Section 4.3 (any such
sale, a “Drag Along Recapitalization Sale”). For purposes of this Section 4.3, the Class A Stock will be treated as a single class and the Class L Stock will be treated as a single class and, subject to
Section 4.3.4, all Convertible Securities will be treated as the same class of Shares for which they may be exercised. 
 4.3.1 Exercise in a Recapitalization Transaction. The Company (solely at the direction of the Majority Principal Investors) shall furnish a written notice (the “Drag Along Recapitalization Notice”) to each
Stockholder at least ten (10) business days prior to the consummation of the Recapitalization Transaction. The Drag Along Recapitalization Notice shall set forth the principal terms and conditions of the proposed Recapitalization Transaction,
including (a) the number and class of Shares to be exchanged, converted or Transferred in the Recapitalization Transaction, (b) the Drag 

  

 13 

 
Along Recapitalization Percentage for each class and (c) the new form of securities to be received upon exchange, conversion or Transfer of Shares of
each class of Shares being exchanged, converted or Transferred. If the Recapitalization Transaction described in such Drag Along Recapitalization Notice is consummated, each Stockholder shall: (x) be bound and obligated to exchange, convert or
Transfer the Drag Along Recapitalization Percentage of such Stockholder’s Shares of each class included in the proposed Recapitalization Transaction on the same terms and conditions, with respect to each Share being exchanged, converted or
Transferred (subject to Section 4.3.4 in the case of Convertible Securities) as the other holders of such Shares (subject to Section 4.3.4 in the case of Convertible Securities and subject to Section 4.3.2 under all circumstances);
and (y) except as provided in Section 4.3.2, shall receive the same securities or other consideration per Share exchanged, converted or Transferred (provided, that holders of Shares with voting rights will receive voting securities,
and holders of non-voting Shares will receive non-voting securities). If at the end of the 270th day after the date of delivery of the Drag Along Recapitalization Notice the Recapitalization Transaction has not been completed, the Drag Along
Recapitalization Notice shall be null and void, each Stockholder shall be released from such Stockholder’s obligation under the Drag Along Recapitalization Notice and it shall be necessary for a separate Drag Along Recapitalization Notice to be
furnished and the terms and provisions of this Section 4.3.1 separately complied with, in order to consummate such proposed Recapitalization Transaction pursuant to Section 4.3, unless the failure to complete such proposed Recapitalization
Transaction resulted directly from the failure by the FCC to consent to such transfer; provided, that such consent is received within one hundred and eighty (180) days of such 270th day. The right of a holder of Unvested Shares to
receive securities upon exchange, conversion or Transfer of such Unvested Shares pursuant to this Section 4.3.1 shall be subject to the vesting and other terms of such Unvested Shares. 
 4.3.2 Certain Legal Requirements. In the event the receipt of securities to be received in exchange for, or upon conversion or
Transfer of, Shares in a proposed Recapitalization Transaction pursuant to Section 4.3 by a Stockholder would require under applicable law (a) the registration or qualification of such securities or of any Person as a broker or dealer or
agent with respect to such securities where such registration or qualification is not otherwise required for the Recapitalization Transaction, or (b) the provision to any Stockholder of any specified information regarding the Company or array
of its subsidiaries, such securities or the issuer thereof that is not otherwise required to be provided for the Recapitalization Transaction by the Company, then, at the election of the Majority Principal Investors, such Stockholder shall not have
the right to exchange, convert or Transfer Shares in such proposed Recapitalization Transaction. In such event, the Company shall have the obligation to cause to be paid to such Stockholder in lieu thereof, against surrender of the Shares (in
accordance with Section 4.3.5 hereof) which would have otherwise been exchanged, converted or Transferred by such Stockholder in the Recapitalization Transaction, an amount in cash equal to the Fair Market Value of such Shares as of the
effective date of the Recapitalization Transaction. 
 4.3.3 Further Assurances. Each Stockholder shall take or cause
to be taken all such actions as may be necessary or reasonably desirable to expeditiously 

  

 14 

 
consummate any Recapitalization Transaction and any related transactions, including executing, acknowledging and delivering consents, assignments, waivers
and other documents or instruments and otherwise cooperating with the Company; provided that no Stockholder shall be required in connection therewith or as a condition thereto to (i) qualify to do business or to file a general consent to
service of process in any such states or jurisdictions, unless such Stockholder is already subject to service in such jurisdiction and except as may be required by the Securities Act, (ii) make joint representations or warranties, (iii) be
liable as to any representations, warranties, covenants and other agreements in excess of the proceeds received by such Stockholder in connection with such Transfer, or (iv) make any representations or warranties in connection with the business
or condition of the Company or any of its subsidiaries (provided, that without limitation to paragraphs (i), (ii) and (iii) or this sentence, such Stockholder’s liability in connection with the condition of the Company or any
of its subsidiaries shall not be limited by virtue of the lack of such representations or warranties; and provided, further, that in no event will a Stockholder be responsible for more than its pro rata share of any indemnification
obligations). Without limiting the generality of the foregoing, each Stockholder agrees to execute and deliver such agreements as may be reasonably specified by the Company, including agreements to (a) make individual representations,
warranties, covenants and other agreements as to the unencumbered title to its Shares and the power, authority and legal right to Transfer such Shares and the absence of any Adverse Claim with respect to such Shares, (b) be liable as to such
representations, warranties, covenants and other agreements, in each case to the same extent as the other Stockholder(s) are liable for the comparable representations, warranties, covenants and agreements made by them or on their behalf;
provided, that such liability shall not exceed the proceeds received by such Stockholder in connection with such Transfer; provided, further, that no Bank Investor shall be required to enter into restrictive covenants that bind
their Affiliates (other than with respect to such Affiliates that are limited partners of the Bank Investors), and (c) at the request of the Majority Principal Investors, immediately prior to the consummation of the Recapitalization Transaction
convert any voting securities held by such Stockholder into non voting securities, and vice versa. Each Stockholder (other than the Bank Investors) hereby constitutes and appoints each member of the Majority Principal Investors who requested such
Recapitalization Transaction, or any of them, with full power of substitution, as such Stockholder’s true and lawful representative and attorney-in-fact, in such Stockholder’s name, place and stead, to execute and deliver any and all
agreements that the members of the Majority Principal Investors who requested such Recapitalization Transaction reasonably believe are consistent with this Section 4.3.3, and such member of the Majority Principal Investors shall provide a copy
of such agreements to such Stockholder within five (5) business days of execution; provided, however, that failure to deliver such documents within such time period shall not impair or affect the validity of such agreements. The
foregoing power of attorney is coupled with an interest and shall continue in full force and effect notwithstanding the subsequent death, incapacity, bankruptcy or dissolution of any Stockholder. In connection with any FCC approval required with
regards to any Recapitalization Transaction, the Company shall file such FCC applications as it is required to file in order to obtain such FCC approval, and each Stockholder shall cooperate with the Company and promptly provide it with any and all
information 

  

 15 

 
necessary or as otherwise reasonably requested by the Company to complete the filing of such applications and to obtain such FCC approval. The Company shall
use its reasonable best efforts to obtain such FCC approval, including (a) diligently prosecuting such applications, including opposing any petitions to deny, or other objections filed with respect to, such FCC applications, and
(b) promptly taking all other actions reasonably requested by the Majority Principal Investors as necessary, desirable and/or appropriate to facilitate obtaining such FCC approval. 
 4.3.4 Treatment of Convertible Securities. If any Stockholder shall exchange, convert or Transfer Convertible Securities in any
Recapitalization Transaction pursuant to this Section 4.3, such Stockholder shall receive in exchange for such Convertible Securities, as the case may be, with substantially similar terms (including with respect to the spread between the fair
market value of the relevant security and the exercise price to purchase such security) as the Convertible Securities being exchanged, converted or Transferred, and which are exercisable or convertible for securities of the same nature as are being
issued to the Stockholders in the Recapitalization Transaction in exchange for the Shares which the Convertible Securities in question were initially exercisable for, or convertible into. 
 4.3.5 Closing. The closing of a Recapitalization Transaction to which this Section 4.3 applies shall take place (a) on
the proposed exchange, conversion or Transfer date, if any, specified in the Drag Along Recapitalization Notice (provided that consummation of any Transfer may be extended beyond such date to the extent necessary to obtain any applicable
governmental approval or other required approval or to satisfy other conditions) or (b) if no proposed Transfer date was specified in the Drag Along Recapitalization Notice, at such time as the Company shall specify by reasonable notice to each
Stockholder: At the closing of such Recapitalization Transaction, each Stockholder shall deliver the certificates evidencing the Shares to be exchanged, converted or Transferred by such Stockholder, duly endorsed, or with stock (or equivalent)
powers duly endorsed, for transfer with signature guaranteed, free and clear of any liens or encumbrances, with any stock (or equivalent) transfer tax stamps affixed, against delivery of the applicable consideration and any comparable transfer
materials for any Convertible Securities to be exchanged, converted or Transferred. 
 4.3.6 Adjustment of Drag Along
Recapitalization Percentage. Notwithstanding the foregoing, the following Shares may be excluded from a Drag Along Recapitalization Sale: 
 (a) if agreed by the Majority Principal Investors, Shares held by (i) the management of the Company and its subsidiaries, and/or (ii) BMPI Services LLC, may be excluded from any Drag Along Recapitalization
Sale; 
 (b) if the Drag Along Recapitalization Sale is in connection with a Strategic Investor Transaction, (i) is
consummated on or prior to September 30, 2008, the SCG Investors shall not be obligated to Sell Shares in such Drag Along Recapitalization Sale which would result, after giving effect to such Strategic Investor Transaction, in the SCG
Investors, in the aggregate, holding Shares 

  

 16 

 
valued at an initial cost of less than $250,000,000; and (ii) if agreed by the Majority Principal Investors, Shares held by one or more Investors other
than members of the Principal Investor Groups may be excluded from such Drag Along Recapitalization Sale; 
 provided, that this
Section 4.3.6(b) shall not derogate from any Investor’s rights pursuant to Section 4.1; 
 provided, further,
that upon such exclusion, the Drag Along Sale Recapitalization Percentage of each Stockholder shall be increased to reflect such Shares that the management, SCG Investors or other Investors are not required to Sell. 
 4.4 Miscellaneous Sale Provisions. The following provisions shall be applied to any proposed Sale to which Sections 4.1, 4.2
or 4.5 apply: 
 4.4.1 Certain Legal Requirements. In the event the consideration to be paid in exchange for Shares in
a proposed Sale pursuant to Section 4.1 or Section 4.2 includes any securities, and the receipt thereof by a Participating Seller would require under applicable law (a) the registration or qualification of such securities or of any
Person as a broker or dealer or agent with respect to such securities where such registration or qualification is not otherwise required for the Sale by the Prospective Selling Stockholder(s) or (b) the provision to any Tag Along Seller or Drag
Along Seller of any specified information regarding the Company or any of its subsidiaries, such securities or the issuer thereof that is not otherwise required to be provided for the Sale by the Prospective Selling Stockholder(s), then such
Participating Seller shall not have the right to Sell Shares in such proposed Sale. In such event, the Prospective Selling Stockholder(s) shall (x) in the case of a Sale pursuant to Section 4.1, have the right, but not the obligation, and
(y) in the case of a Sale pursuant to Section 4.2, have the obligation, to cause to be paid to such Participating Seller in lieu thereof, against surrender of the Shares (in accordance with Section 4.4.5 hereof) which would have
otherwise been Sold by such Participating Seller to the Prospective Buyer in the proposed Sale, an amount in cash equal to the Fair Market Value of such Shares as of the date such securities would have been issued in exchange for such Shares.

 4.4.2 Further Assurances. Each Participating Seller and First Offer Purchaser shall take or cause to be taken all
such actions as may be necessary or reasonably desirable in order expeditiously to consummate each Sale pursuant to Section 4.1, Section 4.2 or Section 4.5 and any related transactions, including executing, acknowledging and
delivering consents, assignments, waivers and other documents or instruments, furnishing information and copies of documents, filing applications, reports, returns, filings and other documents or instruments with governmental authorities, and
otherwise cooperating with the Prospective Selling Stockholder(s) and the Prospective Buyer; provided, however, that Participating Sellers shall be obligated to become liable in respect of any representations, warranties, covenants,
indemnities or otherwise to the Prospective Buyer solely to the extent provided in the immediately following sentence; provided, further, that in connection with a Sale pursuant to Section 4.2, no Stockholder shall be required in
connection therewith or as a condition thereto to (i) qualify to do 

  

 17 

 
business or to file a general consent to service of process in any such states or jurisdictions, unless such Stockholder is already subject to service in
such jurisdiction and except as may be required by the Securities Act, (ii) make joint representations or warranties, (iii) be liable as to any representations, warranties, covenants and other agreements in excess of the proceeds received
by such Stockholder in connection with such Transfer, or (iv) make any representations or warranties in connection with the business or condition of the Company or any of its subsidiaries (provided, that without limitation to paragraphs
(i), (ii) and (iii) or this sentence, such Stockholder’s liability in connection with the condition of the Company or any of its subsidiaries shall not be limited by virtue of the lack of such representations or warranties; and
provided, further, that in no event will a Stockholder be responsible for more than its pro rata share of any indemnification obligations). Without limiting the generality of the foregoing, each Participating Seller agrees to execute
and deliver such agreements as may be reasonably specified by the Prospective Selling Stockholder(s) to which such Prospective Selling Stockholder(s) will also be party, including agreements to (i) make individual representations, warranties,
covenants and other agreements as to the unencumbered title to its Shares and the power, authority and legal right to Transfer such Shares and the absence of any Adverse Claim with respect to such Shares, (ii) be liable as to such
representations, warranties, covenants and other agreements, in each case to the same extent as the Prospective Selling Stockholder(s) are liable for the comparable representations, warranties, covenants and agreements made by them or on their
behalf; provided, that in connection with a Sale pursuant to Section 4.2, such liability shall not exceed the proceeds received by such Stockholder in connection with such Transfer; provided, further, that in connection
with a Sale pursuant to Sections 4.1 or 4.2, no Bank Investor shall be required to enter into restrictive covenants that bind their Affiliates (other than with respect to such Affiliates that are limited partners of the Bank Investors), and
(iii) at the request of the Majority Principal Investors, immediately prior to the consummation of the Sale convert any voting securities held by such Participating Seller into non voting securities, and vice versa. Each Participating Seller
(other than the Bank Investors) hereby constitutes and appoints each of the Prospective Selling Stockholders, or any of them, with full power of substitution, as such Participating Seller’s true and lawful representative and attorney-in-fact,
in such Participating Seller’s name, place and stead, to execute and deliver any and all agreements that such Prospective Selling Stockholder reasonably believes are consistent with this Section 4.4.2 and such member of the Prospective
Selling Stockholder shall provide a copy of such agreements to such Stockholder within five (5) business days of execution; provided, however, that failure to deliver such documents within such time period shall not impair or
affect the validity of such agreements. The foregoing power of attorney is coupled with an interest and shall continue in full force and effect notwithstanding the subsequent death, incapacity, bankruptcy or dissolution of any Participating Seller.
In connection with any FCC approval required with regards to any Sale pursuant to Sections 4.1, 4.2 and/or 4.5, the Company shall file such FCC applications as it is required to file in order to obtain such FCC approval, and each Stockholder shall
cooperate with the Company and promptly provide it with any and all information necessary or as otherwise reasonably requested by the Company to complete the filing of such applications and to obtain such FCC approval. The Company shall use its
reasonable best efforts to obtain such FCC 

  

 18 

 
approval, including (a) diligently prosecuting such applications, including opposing any petitions to deny, or other objections filed with respect to,
such FCC applications, and (b) promptly taking all other actions reasonably requested by the Prospective Selling Stockholders as necessary, desirable and/or appropriate to facilitate obtaining such FCC approval. 
 4.4.3 Sale Process. The Majority Principal Investors, in the case of a proposed Sale pursuant to Section 4.2, or the
Prospective Selling Stockholder, in the case of a proposed Sale pursuant to Section 4.1 shall, in their sole discretion, decide whether or not to pursue, consummate, postpone or abandon any proposed Sale and the terms and conditions thereof. No
holder of Shares nor any Affiliate of any such holder shall have any liability to any other holder of Shares or the Company arising from, relating to or in connection with the pursuit, consummation, postponement, abandonment or terms and conditions
of any proposed Sale except to the extent such bolder shall have failed to comply with the provisions of this Section 4. 
 4.4.4 Treatment of Convertible Securities. If any Participating Seller shall Sell Convertible Securities in any Sale pursuant to Section 4, such Participating Seller shall receive in exchange for such Convertible Securities
consideration in the amount (if greater than zero) equal to the purchase price received by the Prospective Selling Stockholder(s) in such Sale for the number of shares of each class of Stock that would be issued upon exercise, conversion or exchange
of such Convertible Securities less the exercise price, if any, of such Convertible Securities (to the extent exercisable, convertible or exchangeable at the time of such Sale), subject to reduction for any tax or other amounts required to be
withheld under applicable law. 
 4.4.5 Closing. The closing of a Sale to which Section 4.1, 4.2 or 4.5 applies
shall take place (a) on the proposed Transfer date, if any, specified in the Tag Along Notice, Drag Along Sale Notice or Sale Notice, as applicable (provided that consummation of any Transfer maybe extended beyond such date to the extent
necessary to obtain any applicable governmental approval or other required approval or to satisfy other conditions), (b) if no proposed Transfer date was required to be specified in the applicable notice, at such time as the Prospective Selling
Stockholders shall specify by notice to each Participating Seller and (c) at such place as the Prospective Selling Stockholder(s) shall specify by notice to each Participating Seller or First Offer Purchaser, as applicable. At the closing of
such Sale, each Participating Seller shall deliver the certificates evidencing the Shares to be Sold by such Participating Seller, duly endorsed, or with stock (or equivalent) powers duly endorsed, for transfer with signature guaranteed, free and
clear of any liens or encumbrances, with any stock (or equivalent) transfer tax stamps affixed, against delivery of the applicable consideration, and any comparable transfer materials for any Convertible Securities to be Sold. 
 4.5 Right of First Offer. If any Prospective Selling Stockholder proposes to Sell any Shares, in a Transfer that is subject to
Section 3.1.5 (including to another Stockholder or the Company or any of its subsidiaries) prior to the closing of the Qualified Public Offering: 
  

 19 

 4.5.1 Notice. The Prospective Selling Stockholder shall furnish a written notice
of such proposed Sale (a “Sale Notice”) to each Principal Investor Group (other than any Principal Investor Group of which the Prospective Selling Stockholder is a member) (each such Principal Investor Group, a “First Offer
Holder”) prior to any such proposed Transfer. The Sale Notice shall include: 
 (a)(i) the number and class(es) of
Shares proposed to be sold by the Prospective Selling Stockholder (the “Subject Shares”), (ii) the per share cash purchase price or the formula by which such cash price is to be determined and (iii) the proposed Transfer
date, if known; and 
 (b) an invitation to each First Offer Holder to make an offer to purchase, subject to
Section 4.5.6 below, any number of the Subject Shares at such price. 
 4.5.2 Exercise. 
 (a) Within twenty (20) business days after the date of delivery of the Sale Notice (the “First Offer Deadline”),
each First Offer Holder may make an offer to purchase any number of the Subject Shares at the price set forth in the Sale Notice by furnishing a written notice (the “First Offer Notice”) of such offer specifying a number of Subject
Shares offered to be purchased from the Prospective Selling Stockholder (each such Person delivering such notice, a “First Offer Purchaser”). The receipt of consideration by any Prospective Selling Stockholder selling Shares in
payment for the transfer of such Shares pursuant to this Section 4.5.2 shall be deemed a representation and warranty by such Prospective Selling Stockholder that (i) such Prospective Selling Stockholder has full right, title and interest
in and to such Shares; (ii) such Prospective Selling Stockholder has all necessary power and authority and has taken all necessary actions to sell such Shares as contemplated by this Section 4.5.2; and (iii) such Shares are free and
clear of any and all liens or encumbrances except pursuant to this Agreement. 
 (b) Each First Offer Holder not furnishing a
First Offer Notice that complies with the above requirements, including the applicable time periods, shall be deemed to have waived all of such First Offer Holder’s rights to purchase such Subject Shares under this Section 4.5.2 and the
Prospective Selling Stockholder shall thereafter be free to Sell the Subject Shares to the First Offer Purchasers and/or any Prospective Buyer, at a per share purchase price no less than the price set forth in the Sale Notice, without any further
obligation to such First Offer Holder pursuant to this Section 4.5. 
 4.5.3 Irrevocable Offer. The offer of each
First Offer Purchaser contained in a First Offer Notice shall be irrevocable, and, subject to Section 4.5.6 below, to the extent such offer is accepted, such First Offer Purchaser shall be bound and obligated to purchase the number of Subject
Shares set forth in such First Offer Purchaser’s First Offer Notice. 
  

 20 

 4.5.4 Acceptance of Offers. Within ten (10) business days after the First
Offer Deadline, the Prospective Selling Stockholder shall inform each First Offer Purchaser, by written notice (the “Acceptance Notice”), of whether or not the Prospective Selling Stockholder will accept all (but not less than all)
offers of the First Offer Purchasers. In the event the Prospective Selling Stockholder fails to furnish the Acceptance Notice within the specified time period, the Prospective Selling Stockholder shall be deemed to have decided not to Sell the
Subject Shares to the First Offer Purchasers. If the Prospective Selling Stockholder decides not to Sell the Subject Shares to the First Offer Purchasers, each First Offer Purchaser shall be released from such holder’s obligations under such
holder’s irrevocable offer. Acceptance of such offers by the Prospective Selling Stockholder is without prejudice to the Prospective Selling Stockholder’s discretion under Section 4.4.3 to determine whether or not to consummate any
Sale. 
 4.5.5 Additional Compliance. If at the end of the
120th day after the date of delivery of the Sale Notice, the Prospective Selling Stockholder and First Offer
Purchasers or Prospective Buyer (if not a First Offer Purchaser), if any, have not completed the Sale of the Subject Shares (other than due to the failure of any First Offer Purchaser to perform its obligations under this Section 4.5), each
First Offer Purchaser shall be released from such holder’s obligations under such holder’s irrevocable offer, the Sale Notice shall be null and void, and it shall be necessary for a separate Sale Notice to be furnished, and the terms and
provisions of this Section 4.5 separately complied with, in order to consummate a Transfer of such Subject Shares; provided, however, that in the case of such a separate Sale Notice in which the classes of Subject Shares and the
per share price are unchanged and the number of Subject Shares is substantially the same, the applicable period to which reference is made in Sections 4.5.2 and 4.5.4 shall be three business days and two (2) business days, respectively,
unless the failure to complete such proposed Sale resulted directly from any failure by the FCC to consent to such transfer; provided, that such consent is received within sixty (60) days of such 120th day. 
 4.5.6 Determination of the Number of Subject Shares to be Sold. 
 (a) In the event that, as of the First Offer Deadline, the number of Subject Shares offered to be purchased by the First Offer Purchasers
is less than the number of Subject Shares, the Prospective Selling Stockholder shall provide notice of such shortfall to the First Offer Purchasers. Each First Offer Purchaser shall provide notice to the Prospective Selling Stockholder within two
(2) business days of receipt of the notice from the Prospective Selling Stockholder if it wishes to purchase all or any portion of the Subject Shares comprising such shortfall. In the event that, after such two (2) additional business
days, the number of Subject Shares offered to be purchased by the First Offer Purchasers is still less than the number of Subject Shares, (i) the Prospective Selling Stockholder may accept the offers of the First Offer Purchasers and, at the
option of the Prospective Selling Stockholder, sell any remaining Subject Shares which the First Offer Purchasers did not elect to purchase to one or more Prospective Buyers at a price per share that is no less than the price set forth in the Sale
Notice or (ii) if a single Prospective Buyer or group of Prospective Buyers is unwilling to 

  

 21 

 
purchase less than all of the Subject Shares, the Prospective Selling Stockholder may Sell all (but not less than all) of the Subject Shares to such
Prospective Buyer or group of Prospective Buyers at a price per share that is no less than the price set forth-in the Sale Notice rather than Sell any Subject Shares to the First Offer Purchasers. Such sales, if any, to Prospective Buyer(s) other
than the First Offer Purchasers in accordance with clause (a) above shall be consummated together with the sale to the First Offer Purchasers. 
 (b) In the event that the Prospective Selling Stockholder has accepted the offers of the First Offer Purchasers and the aggregate number of Subject Shares offered to be purchased by (and to be sold to) the First Offer
Purchasers is equal to or exceeds the aggregate number of Subject Shares, the Subject Shares shall be sold to the First Offer Purchasers as follows: 
 (i) there shall be first allocated to each First Offer Purchaser a number of Shares of each applicable class equal to the lesser of (A) the number of Shares of such class offered to be purchased by such First
Offer Purchaser pursuant such holder’s First Offer Notice and any subsequent notice delivered by such First Offer Purchaser pursuant to the second sentence of Section 4.5.6(a), and (B) a number of Shares of such class equal to such
First Offer Purchaser’s Pro Rata Portion; and 
 (ii) the balance, if any, not allocated pursuant to clause
(i) above shall be allocated to those First Offer Purchasers which offered to purchase a number of Shares of the applicable class in excess of such Person’s Pro Rata Portion pro rata to each such First Offer Purchaser based upon the amount
of such excess, or in such other manner as the First Offer Purchasers may otherwise agree. 
 In the event that the number of
Subject Shares that each First Offer Purchaser will be permitted to purchase in a particular Sale is reduced in accordance with clauses (i) and (ii) above, the Prospective Selling Stockholder shall be responsible for determining the total
number of Shares to be purchased by each First Offer Purchaser in the proposed Sale in accordance with this Section 4.5.6, and shall provide notice to each First Offer Purchaser of the number of Shares that such First Offer Purchaser will be
purchasing in such Sale no later than three (3) business days prior to the consummation of such Sale. 
 In the event
any holders of Shares exercise such holders’ rights under Section 4.1 to sell Shares in connection with a Sale to First Offer Purchasers pursuant to this Section 4.5, such Shares (as the case may be, reduced in accordance with
Section 4.1.5) shall be deemed to be Subject Shares for purposes of this Section 4.5 and shall be allocated among the First Offer Purchasers in accordance with this Section 4.5.6. 
 4.5.7 Exempt Transaction. The parties hereto acknowledge and agree that the provisions of this Section 4.5 shall not apply in
the event one or more Transfers in connection with a Change of Control and/or Strategic Investor Transaction pursuant to Section 4.2, or a Recapitalization Transaction pursuant to Section 4.3. 
  

 22 

 4.6 Period. The provisions of Section 4 shall expire as to any Share on the
earlier of (i) a Change of Control, or (ii) the closing of the Qualified Public Offering (or in the case of Sections 4.2 and 4.3, the third anniversary of the closing of the Qualified Public Offering). 
 5. HOLDER LOCK UP. 
 In connection
with each underwritten Public Offering, each Stockholder hereby agrees, at the request of the Company or the managing underwriters, to be bound by and/or to execute and deliver, a lock-up agreement with the underwriter(s) of such Public Offering
restricting such Stockholder’s right to (a) Transfer, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable for such Common Stock or (b) enter into any swap or other
arrangement that transfers to another any of the economic consequences of ownership of Common Stock, in each case to the extent that such restrictions are agreed to by the Majority Principal Investors (or a majority of the shares of Class A
Stock if there are no Principal Investors remaining) with the underwriter(s) of such Public Offering (the “Principal Lock-Up Agreement”); provided, however, that no Stockholder shall be required by this Section 5
to be bound by a lock-up agreement covering a period of greater than 90 days (180 days in the case of the Initial Public Offering) following the effectiveness of the related registration statement. Notwithstanding the foregoing, such lock-up
agreement shall not apply to (a) transactions relating to shares of Common Stock or other securities acquired in (i) open market transactions or block purchases after the completion of the Initial Public Offering or (ii) a Public
Offering, (b) Transfers to Permitted Transferees of such Stockholder permitted in accordance with the terms of this Agreement, (c) conversions of shares of Stock into other classes of Stock or securities without change of holder and
(d) during the period preceding the execution of the underwriting agreement, Transfers to a Charitable Organization permitted in accordance with the terms of this Agreement. 
 6. REMEDIES. 
 6.1 Generally. The parties shall have all remedies available at
law, in equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies which may be
available, each of the parties hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate in
the circumstances. 
 6.2 Deposit. Without limiting the generality of Section 6.1, if any Stockholder fails to
(a) deliver to the purchaser thereof the certificate or certificates evidencing Shares to be Sold pursuant to Section 4 or (b) deliver to the Company or Midco, as the case may be, an affidavit of the registered owner of such Shares
with respect to the ownership and the loss, theft, destruction or mutilation of the certificate evidencing such Shares accompanied by an indemnity reasonably satisfactory to the Company or Midco, as the case may be (it being understood that if the
holder is a Qualified Institutional Investor, any other holder of Shares 

  

 23 

 
which is an entity regularly engaged in the business of investing in companies and meeting such requirements of creditworthiness as may reasonably be imposed
by the Company or Midco, as the case may be, such Person’s own agreement will be satisfactory) such that the Company or Midco, as the case may be, is willing to issue a new certificate to the purchaser evidencing the Shares being Sold (a
“Affidavit and Indemnity”), then such purchaser may, provided it signs an agreement agreeing to be bound by the terms of this Section 6.2 if it is not otherwise already agreeing to be bound by the terms of this Agreement
generally, at its option and in addition to all other remedies it may have, deposit the purchase price for such Shares with any national bank or, trust company having combined capital, surplus and undivided profits in excess of One Hundred Million
Dollars ($100,000,000) (the “Escrow Agent”) and the Company or Midco, as the case may be, shall cancel on its books the certificate or certificates representing such Shares and thereupon all of such holder’s rights in and to
such Shares (other than the right to receive the applicable purchase price in accordance with the terms of this Section 6.2) shall terminate. Thereafter, upon delivery to such purchaser by such holder of the certificate or certificates
evidencing such Shares (duly endorsed, or with stock powers duly endorsed, for transfer, with signature guaranteed, free and clear of any liens or encumbrances, and with any transfer tax stamps affixed) or upon delivery by such bolder of an
Affidavit and indemnity to the Company or Midco, as the case maybe, such purchaser shall instruct the Escrow Agent to deliver the purchase price for such Shares (without any interest from the date of the closing to the date of such delivery, any
such interest to accrue to such purchaser), less the reasonable fees and expenses of the Escrow Agent, to such holder. Each Stockholder hereby constitutes and appoints each Principal Investor, or any of them, with full power of substitution, as such
Stockholder’s true and lawful representative and attorney-in-fact, in such Stockholder’s name, place and stead, to execute and deliver any escrow agreement in customary form entered into with respect to such Stockholder in accordance with
this Section 6.2, and such Principal Investor shall provide a copy of such agreement to such Stockholder within five business days of execution; provided, however, that failure to deliver such documents within such time period
shall not impair or affect the validity of such agreements. The foregoing power of attorney is coupled with an interest and shall continue in full force and effect notwithstanding the subsequent death, incapacity, bankruptcy or dissolution of any
Stockholder. 
 7. LEGENDS. 
 7.1 Restrictive Legend. Each certificate representing Shares shall have the following legend endorsed conspicuously thereupon: 
 “THE VOTING OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE, AND THE SALE, ENCUMBRANCE OR OTHER DISPOSITION THEREOF, ARE SUBJECT TO THE PROVISIONS OF A STOCKHOLDERS AGREEMENT TO WHICH THE ISSUER AND CERTAIN OF ITS
STOCKHOLDERS ARE PARTY. SUCH AGREEMENT INCLUDES RESTRICTIONS AND LIMITATIONS ON THE TRANSFER OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE. A COPY OF SUCH AGREEMENT MAY 

  

 24 

 
BE INSPECTED AT THE PRINCIPAL OFFICE OF THE ISSUER OR OBTAINED FROM THE ISSUER WITHOUT CHARGE UPON REQUEST.” 
 Any Person who acquires Shares which are not subject to all or part of the terms of this Agreement shall have the right to have such legend (or the
applicable portion thereof) removed from certificates representing such Shares. 
 7.2 1933 Act Legends. Each
certificate representing Shares shall have the following legend endorsed conspicuously thereupon: 
 “THE SECURITIES REPRESENTED BY
THIS CERTIFICATE WERE ISSUED IN A PRIVATE PLACEMENT, WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE SOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED (A) IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION UNDER THE ACT COVERING THE TRANSFER, OR (B) IN A TRANSACTION WHICH IS EXEMPT FROM REGISTRATION UNDER THE PROVISIONS OF THE ACT; PROVIDED THAT THE ISSUER MAY REQUIRE THE TRANSFEROR TO DELIVER AN OPINION OF COUNSEL
REASONABLY SATISFACTORY TO THE ISSUER REGARDING THE AVAILABILITY OF SUCH AN EXEMPTION.” 
 7.3 Stop Transfer
Instruction. The Company or Midco will instruct any transfer agent not to register the Transfer of any Shares until the conditions specified in the foregoing legends and this Agreement are satisfied. 
 7.4 Termination of 1933 Act Legend. The requirement imposed by Section 7.2 hereof shall cease and terminate as to any
particular Shares (a) when, in the opinion of counsel reasonably acceptable to the Company, such legend is no longer required in order to assure compliance by the Company and Midco with the Securities Act, or (b) when such Shares have been
registered pursuant to an effective registration statement under the Securities Act or transferred pursuant to Rule 144. Whenever (x) such requirement shall cease and terminate as to any Shares or (y) such Shares shall be transferable
under paragraph (k) of Rule 144, the holder thereof shall be entitled to receive from the Company or Midco, as the case may be, without expense, new certificates not bearing the legend set forth in Section 7.2 hereof. 
 7.5 Transfer of Common Stock. Prior to the consummation of the Initial Public Offering, unless the prior written consent of the
Majority Principal Investors shall have been given, no holder of Shares shall Transfer any shares of Common Stock pursuant to this Agreement, the Participation, Registration Rights and Coordination Agreement or any other applicable agreement, unless
one (1) shares of Class L Stock are Transferred together with every nine (9) share of Class A Stock Transferred to the applicable transferee; provided that such restriction on Transfer shall not limit the right of any
individual to transfer one or more shares of Class L Stock or Class A Stock for the purposes of estate planning; provided, further, 

  

 25 

 
that at the discretion of the Board, such restriction on Transfer shall not limit the right of any Manager to transfer one or more shares of Class A
Stock that are Incentive Shares; and provided, further, that conversions of (i) Class A-1 Common Stock to Class A-2 Common Stock, (ii) Class A-2 Common Stock to Class A-1 Common Stock, (iii) Class L-1
Common Stock to Class L-2 Common Stock, and (iv) Class L-2 Common Stock to Class L-1 Common Stock, shall not be deemed a Transfer. 
 7.6 Shares held by Co-Investment Vehicles. Each Principal Investor Group agrees to convert any shares of Class A-1 Common Stock and any shares of Class L-1 Common Stock held by the Co-Investment Vehicles
of such Principal Investor Group at any time into shares of Class A-2 Common Stock and shares of Class L-2 Common Stock, respectively, upon the receipt thereof by such Co-Investment Vehicle. 
 8. AMENDMENT, TERMINATION, ETC. 
 8.1
Oral Modifications. This Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver of any of its terms be effective. 
 8.2 Written Modifications. Except as provided in the second sentence of this Section 8.2, this Agreement may be amended,
modified, extended, terminated or waived (“Amendment”), only by an agreement in writing signed by the Company and the Majority Principal Investors (or Stockholders holding a majority of the shares of Class A Stock held by
Stockholders party hereto if there are no Principal Investors remaining). The consent of a Majority in Interest of the Bank Investor Shares shall be required for any Amendment that, by its terms, Discriminates against the holders of Bank Investor
Shares as such under this Agreement, and the consent of any holder of Bank Investor Shares shall be required for any Amendment that, by its terms, Discriminates against such holder of Bank Investor Shares as such (compared to other holders of Bank
Investor Shares) under this Agreement; provided that it is understood and agreed that, for the purposes of interpreting and enforcing this amendment and waiver provision, Amendments that affect all Stockholders will not be deemed to
Discriminate against the holders of Bank Investor Shares as such simply because holders of Bank Investor Shares (i) own or hold more or less Shares than any other Stockholders, (ii) invested more or less money in the Company or its direct
or indirect subsidiaries than any other Stockholders or (iii) have greater or lesser voting rights or powers than any other Stockholders. The consent of a Majority in Interest of the Other Investor Shares shall be required for any Amendment
that, by its terms, Discriminates against the holders of Other Investor Shares as such under this Agreement; provided that it is understood and agreed that, for the purposes of interpreting and enforcing this amendment and waiver provision,
Amendments that affect all Stockholders will not be deemed to Discriminate against the holders of Other Investor Shares as such simply because holders of Other Investor Shares (i) own or hold more or less Shares than any other Stockholders,
(ii) invested more or less money in the Company or its direct or indirect subsidiaries than any other Stockholders or (iii) have greater or lesser voting rights or powers than any other Stockholders. A copy of each such Amendment shall be
sent to each Stockholder and shall be binding upon each party hereto and each holder of Shares subject hereto except to the extent otherwise required by law; provided that the failure to deliver a copy of such Amendment shall not impair or
affect the validity of such Amendment. The consent of a Majority in Interest of the Management Shares held by 

  

 26 

 
Managers then employed by the Company shall be required for any Amendment that, by its terms, Discriminates against the holders of Management Shares as such
under this Agreement; provided that it is understood and agreed that, for the purposes of interpreting and enforcing this amendment and waiver provision, Amendments that affect all Stockholders will not be deemed to Discriminate against the
holders of Management Shares as such simply because holders of Management Shares (i) own or hold more or less Shares than any other Stockholders, (ii) invested more or less money in the Company or its direct or indirect subsidiaries than
any other Stockholders, or (iii) have greater or lesser voting rights or powers than any other Stockholders. A copy of each such Amendment shall be sent to each Stockholder and shall be binding upon each party hereto and each holder of Shares
subject hereto except to the extent otherwise required by law; provided that the failure to deliver a copy of such Amendment shall not impair or affect the validity of such Amendment. In addition, each party hereto and each holder of Shares
subject hereto may waive any right hereunder by an instrument in writing signed by such party or holder. To the extent the Amendment of any Section of this Agreement would require a specific consent pursuant to this Section 8.2, any Amendment
to the definitions used in such Section as applied to such Section shall also require the specified consent. Notwithstanding anything to the contrary herein, transferees or purchasers of Shares or Convertible Securities (including in
connection with a Strategic Investor Transaction) that have complied with the provisions of Sections 3 and 4 hereof or Section 2 of the Participation, Registration Rights and Coordination Agreement shall be added as parties to this Agreement
without obtaining any additional consent of the parties hereto 
 8.3 Withdrawal from Agreement. If the Company
consummates an Initial Public Offering, then on and after the first date on which the holders of Shares immediately prior to the Initial Public Offering own less than fifty (50%) of the then outstanding Common Stock (“Aggregate Sell
Down Percentage”), any holder of Shares that, together with its Affiliates, holds less than one percent (1%) of the then outstanding shares of Common Stock may elect (on behalf of itself and all of its Affiliates that hold Shares)
(“Individual Sell Down Percentage”), by written notice to the Company and the Principal Investor Groups, to (a) withdraw all Shares held by such holder and all of its Affiliates from this Agreement (shares withdrawn pursuant to
this clause (a), the “Withdrawn Shares”) and (b) terminate this Agreement with respect to such holder and its Affiliates (holders and Affiliates withdrawing pursuant to this clause (b), the “Withdrawing
Holders”). From the date of delivery of such withdrawal notice, the Withdrawn Shares shall cease to be Shares subject to this Agreement and, if applicable, the Withdrawing Holders shall cease to be parties to this Agreement and shall no
longer be subject to the obligations of this Agreement or have rights under this Agreement; provided, however, that such Withdrawing Holders, if they are members of a Principal Investor Group, shall comply with, and cause the other
members of such Principal Investor Group to comply with, such Principal Investor Group’s obligations under Section 4.5.6 of the Company’s certificate of incorporation to cause the removal or resignation of any directors designated by
such Principal Investor Group; provided, further, that the Withdrawing Holders shall nonetheless be obligated under Section 5 with respect to any Pending Underwritten Offering to the same extent that they would have been obligated
if they had not withdrawn. The Company shall make best efforts to provide all Investors a written notice promptly following the first date on which the holders of Shares immediately prior to the Initial Public Offering own less than fifty
(50%) of the then outstanding Common Stock. 

  

 27 

 
Any amendment to this Section 8.3 adversely affecting the Bank Investors (including, without limitation, decreasing the Aggregate Sell Down Percentage
or the Individual Sell Down Percentage) shall require the consent of the Majority in Interest of the holders of Bank Investor Shares. 
 8.4 Effect of Termination. No termination under this Agreement (including pursuant to Section 8.3) shall relieve any Person of liability for breach prior to termination. 
 9. DEFINITIONS. For purposes of this Agreement: 
 9.1 Certain Matters of Construction. In addition to the definitions referred to or set forth below in this Section 9: 
 (a) The words “hereof”, “herein”, “hereunder” and words of similar import shall refer to this Agreement as
a whole and not to any particular Section or provision of this Agreement, and reference to a particular Section of this Agreement shall include all subsections thereof; 
 (b) The word “including” shall mean including, without limitation; 
 (c) Definitions shall be equally applicable to both nouns and verbs and the singular and plural forms of the terms defined; and

 (d) The masculine, feminine and neuter genders shall each include the other. 
 9.2 Definitions. The following terms shall have the following meanings: 
 “Acceptance Notice” shall have the meaning set forth in Section 4.5.4. 
 “Acquisition Sub” shall have the meaning set forth in the Preamble. 
 “Adverse Claim” shall have the meaning set forth in Section 8-102 of the applicable Uniform Commercial Code.

 “Affidavit and Indemnity” shall have the meaning set forth in Section 6.2. 
 “Affiliate” shall mean, with respect to any specified Person, (a) any other Person which directly or indirectly
through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person; provided, however, that neither the Company nor any of its subsidiaries shall be deemed an Affiliate of any of
the Stockholders (and vice versa), (b) if such specified Person is a private equity investment fund, any other private equity investment fund the primary investment advisor to which is the primary investment advisor to such specified Person or
an Affiliate thereof and (c) if such specified Person is a natural Person, any Family Member of such natural Person. 
  

 28 

 “Affiliated Fund” shall mean, with respect to any specified Person, a
private equity investment fund that is an Affiliate of such Person or that is advised by the same investment adviser as such Person or by an Affiliate of such investment adviser. 
 “Aggregate Sell Down Percentage” shall have the meaning set forth in Section 8.3. 
 “Agreement” shall have the meaning set forth in the Preamble. 
 “Amendment” shall have the meaning set forth in Section 8.2. 
 “Bank Investor” shall have the meaning set forth in the preamble. 
 “Bank Investor Shares” shall mean all Shares held by a Bank Investor. Any Bank Investor Shares that are Transferred by
the holder thereof to such holder’s Permitted Transferees shall remain Bank Investor Shares in the hands of such Permitted Transferee. 
 “BMPI Services LLC” shall mean any Person designated by the Majority Principal Investors, through which Haim Saban and/or any of his Affiliates provides services to the Company and its subsidiaries
and/or through which Haim Saban and/or any of his Affiliate will receive equity incentives in connection with the Company and its subsidiaries. 
 “Board” shall mean the board of directors of the Company, or any duly authorized committee thereof. 
 “Business” means the business of the Company and its subsidiaries conducted at the any given time or which the Board has authorized the Company to develop or pursue (by acquisition or otherwise),
which currently consist of Spanish-language media in the U.S., including Spanish-language television broadcast networks, Spanish-language radio broadcast networks, ownership and operation of Spanish-language television and radio stations,
Spanish-language music recording and music publishing, and Spanish-language Internet portals. 
 “business
day” shall mean any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by law to be closed in the City of New York. 
 “Change of Control” shall mean the occurrence of (a) any consolidation or merger of the Company with or into any
other Person, or any other corporate reorganization, transaction or Transfer of securities of the Company by its stockholders, or series of related transactions (including the acquisition of capital stock of the Company), whether or not the Company
is a party thereto, in which the stockholders of the Company immediately prior to such consolidation, merger, reorganization or transaction, own, directly or indirectly, capital stock either (i) representing directly, or indirectly through one
or more entities, less than fifty percent (50%) of the equity (measured by economic value or voting power) of the Company or other surviving entity immediately after such consolidation, merger, reorganization or transaction or (ii) that
does not directly, or 

  

 29 

 
indirectly through one or more entities, have the power to elect a majority of the entire board of directors or other similar governing body of the Company
or other surviving entity immediately after such consolidation, merger, reorganization or transaction, (b) any transaction or series of related transactions, whether or not the Company is a party thereto, after giving effect to which in excess
of fifty percent (50%) of the Company’s voting power is owned directly, or indirectly through one or more entities, by any Person and its “affiliates” or “associates” (as such terms are defined in the Exchange Act
Rules) or any “group” (as defined in the Exchange Act Rules), other than Qualified Institutional Investors (and in the case of a “group”, excluding a percentage of such “group” equal to the percentage of the voting
power of such -group controlled by any Qualified Institutional Investors), excluding, in any case referred to in clause (a) or (b) any Initial Public Offering or any bona fide primary or secondary public offering following the occurrence
of an Initial Public Offering; or (c) a sale, lease or other disposition of all or substantially all of the consolidated assets of the Company. For the avoidance of doubt, none of the following shall, in and of itself, constitute a “Change
of Control”: (x) a spin-off or sale of one of the businesses of the Company or any subsidiary thereof, or a comparable transaction, or (y) a transaction in which, after giving effect thereto, the Principal Investors and their
Affiliates continue to own, directly or indirectly, more than fifty percent (50%) of the equity (measured by economic value or voting power) (i) of the Company or other surviving entity in the case of a transaction of the sort described in
clause (a) above, (ii) of the Company in the case of a transaction of the sort described in clause (b) above or (iii) of the acquiring entity in the case of a transaction of the sort described in clause (c) above. The
parties hereto acknowledge and agree that a Strategic Investor Transaction shall not constitute a Change of Control for the purposes of this Agreement. 
 “Charitable Organization” shall mean a charitable organization as described by Section 501(c)(3) of the Internal Revenue Code of 1986, as in effect from time to time. 
 “Class A Stock” shall mean the Class A Common Stock, par value $.001 per share, of the Company, which is comprised
of Class A-1 Common Stock and Class A-2 Common Stock. 
 “Class A and L Proceeds” shall have the
meaning set forth in the Recitals. 
 “Class L Stock” shall mean the Class L Common Stock, par value $.001
per share, of the Company, which is comprised of Class L-1 Common Stock and Class L-2 Common Stock. 
 “Closing” shall have the meaning set forth in Section 1.1. 
 “Co-Investment
Vehicle” shall mean any one of (a) the MDP Co-Investment Vehicles, collectively, (b) the PEP Co-Investment Vehicles, collectively, (c) the THL Co-Investment Vehicles, collectively, and (d) the TPG Co-Investment Vehicles,
collectively. 
 “Commission” shall mean the Securities and Exchange Commission. 
  

 30 

 “Common Stock” shall mean the common stock of the Company, including the
Class A Stock and the Class L Stock. 
 “Company” shall have the meaning set forth in the Preamble.

 “Competitor” shall mean, with respect to any portion of the Business (i.e. product or service provided in
a given geographic area), any Person that is determined, in good faith, by the Board, after consultation with the Company’s senior management and competition counsel, to be (a) in the same product or service (for illustration purposes
only, music distribution, Internet portals, radio broadcasting and television broadcasting, whether or not in the same format, for illustration purposes only, Hispanic or English) and general geographic markets as such portion of the Business,
(b) a provider of a material amount of programming to the Business or provides any other critical goods or services to the Business, other than a Strategic Investor approved in writing by the Majority Principal Investors, and (c) an
Affiliate of any Person specified in clauses (a) or (b), provided, however, that a Permitted Transferee of a Stockholder that acquires Shares from such Stockholder pursuant to Section 3.1.1 shall not be a Competitor with
respect to such Shares or Shares subsequently acquired by such Permitted Transferee pursuant to this Agreement with respect to such Shares if such Permitted Transferee (x) agrees in writing to hold the Shares being acquired in the applicable
Transfer and any Shares subsequently acquired by such Permitted Transferee from time to time solely for passive investment purposes, (y) does not operate or “control” (as defined in the definition of Affiliate) an operating business
and (z) agrees that the Company, at the direction of the Majority Principal Investors, may limit or restrict the rights otherwise available to such Permitted Transferee under this Agreement or any other agreement by virtue of it holding Shares
if the Majority Principal Investors determine that doing so is in the best interest of the Company and its subsidiaries. The decision of the Board, after consultation with the Company’s senior management and competition counsel, as to a Person
that constitutes a Competitor shall be final and binding upon the Stockholders and their Affiliates and Permitted Transferees. 
 “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 
 “Convertible Securities” shall mean any evidence of indebtedness, shares of stock, options, warrants or other securities
which are directly or indirectly convertible into or exchangeable or exercisable for shares of Stock, including any Options and Warrants. 
 “DGCL” means the Delaware General Corporation Law, as amended. 
 “Discriminate(s)” and “Discrimination” mean, with respect to a specified party, to discriminate against such specified party as compared to other applicable parties in a manner that is, or is reasonably
expected to be, materially and disproportionately adverse to the specified party. 
  

 31 

 “Drag Along Recapitalization Notice” shall have the meaning set forth in
Section 4.3.1. 
 “Drag Along Recapitalization Percentage” shall have the meaning set forth in
Section 4.3. 
 “Drag Along Recapitalization Sale” shall have the meaning set forth in Section 4.3.

 “Drag Along Sale” shall have the meaning set forth in Section 4.2. 
 “Drag Along Sale Notice” shall have the meaning set forth in Section 4.2.1. 
 “Drag Along Sale Percentage” shall have the meaning set forth in Section 4.2. 
 “Drag Along Sellers” shall have the meaning set forth in Section 4.2.1. 
 “Equivalent Shares” shall mean, at any date of determination, (a) as to any outstanding shares of Stock, such number
of shares of Stock and (b) as to any outstanding Convertible Securities which constitute Shares, the maximum number of shares of Stock for which or into which such Convertible Securities may at the time be exercised, converted or exchanged (or
which will become exercisable, convertible or exchangeable on or prior to, or by reason of, the transaction or circumstance in connection with which the number of Equivalent Shares is to be determined). 
 “Escrow Agent” shall have the meaning set forth in Section 6.2. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 
 “Exchange Act Rules” shall mean the rules adopted by the Commission under the Exchange Act. 
 “Fair Market Value” shall mean, as of any date, as to any Share, the Board’s good faith determination of the fair
market value of such Share (which, in the case of Options, shall equal the Fair Market Value of the share underlying such Option less the exercise price for such Option) as of the applicable reference date. 
 “Family Member” shall mean, with respect to any natural Person, (a) any lineal descendant or ancestor or sibling (by
birth or adoption) of such natural Person, (b) any spouse or former spouse of any of the foregoing, (c) any legal representative or estate of any of the foregoing, or the ultimate beneficiaries of the estate of any of the foregoing, if
deceased and (d) any trust or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing Persons described in clauses (a) through (c) above. 
  

 32 

 “FCC” shall mean the Federal Communications Commission or any successor
entity. 
 “First Offer Deadline” shall have the meaning set forth in Section 4.5.2. 
 “First Offer Holder” shall have the meaning set forth in Section 4.5.1. 
 “First Offer Notice” shall have the meaning set forth in Section 4.5.2. 
 “First Offer Purchaser” shall have the meaning set forth in Section 4.5.2. 
 “Incentive Shares” shall mean all Shares and Options held by a Manager that are subject to vesting or other service or
performance based conditions to ownership, treating such Options as a number of Incentive Shares equal to the maximum number of Shares for which such Options may at the time be exercised. 
 “Individual Sell Down Percentage” shall have the meaning set forth in Section 8.3. 
 “Initial Public Offering” shall mean the initial underwritten Public Offering registered on Form S-1 (or any successor
form under the Securities Act). 
 “Investors” shall have the meaning set forth in the Preamble. 

“Majority in Interest” shall mean with respect to Shares of one or more class(es), a majority in number of such Shares
of the applicable class(es). 
 “Majority MDP Investors” shall mean, as of any date, the holders of a
Majority in Interest of the Shares held by the MDP Investors. 
 “Majority PEP Investors” shall mean, as of
any date, the holders of a Majority in Interest of the Shares held by the PEP Investors. 
 “Majority Principal
Investors” shall mean, as of any applicable time, (a) Principal Investor Groups (excluding, in each case, Co-Investment Vehicles that constitute part of such Principal Investor Group) that, in the aggregate, hold at least 60% of the
outstanding Common Stock then held by all Principal Investor Groups (without taking into account Shares held by Co-Investment Vehicles that are part of such Group) and (b) a majority of the Principal Investor Groups; provided, that if
the aggregate number of Principal Investor Groups is an even number and a majority of the Principal Investor Groups has not reached agreement or consented with respect to a matter, the term “Majority Principal Investors” shall have the
meaning set in paragraph (a) of this definition only; and provided, further, that for purposes of Sections 2, 4.2, 4.3 and 4.4, at such time as there are no Principal Investors remaining, Investors holding at least 60%
majority of the outstanding Class A Stock then held by Investors party to this Agreement. 
 “Majority SCG
Investors” shall mean, as of any date, the holders of a Majority in Interest of the Shares held by the SCG Investors. 
  

 33 

 “Majority THL Investors” shall mean, as of any date, the holders of a
Majority in Interest of the Shares held by the THL Investors. 
 “Majority TPG Investors” shall mean, as of
any date, the holders of a Majority in Interest of the Shares held by the TPG Investors. 
 “Management
Shares” shall mean all Shares held by a Manager. Any Management Shares that are Transferred by the holder thereof to such holder’s Permitted Transferees shall remain Management Shares in the hands of such Permitted Transferee.

 “Managers” shall have the meaning set forth in the Preamble. 
 “MDP” shall mean, as of any date, Madison Dearborn Capital Partners IV, L.P., MDCPIV Intermediate (Umbrella), L.P.,
Madison Dearborn Capital Partners V-A, L.P., MDCPV Intermediate (Umbrella), L.P. and their respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds any Shares. 
 “MDP Co-Investment Vehicles” shall mean, as of any date, MDCP Foreign Co-Investors (Umbrella), L.P., MDCP US Co-Investors
(Umbrella), L.P. and their respective successor entities, and any Affiliated Fund thereof if, in each case, (i) substantially all of the equity thereof (including amounts paid for the acquisition of any Convertible Securities to subscribe for,
purchase or otherwise acquire such equity) has not been contributed by the same investors, partners and members as contributed to the equity of MDP, (ii) such entity has been formed for the main purpose of investing in the Company or any
Affiliate thereof, and (iii) such entity is a Stockholder and owns Shares. For the avoidance of doubt, neither MDCPIV Intermediate (Umbrella), L.P., MDCPV Intermediate (Umbrella), L.P., nor any successor thereof shall be deemed to be a
Co-Investment Vehicle for the purposes of this Agreement. 
 “MDP Investors” shall mean, as of any date, MDP,
the MDP Co-Investment Vehicles, and their respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds any Shares. 
 “Merger” shall have the meaning set forth in the Recitals. 
 “Merger
Agreement” shall have the meaning set forth in the Recitals 
 “Midco” shall have the meaning set
forth in the Preamble. 
 “Minimum Total Combined Investment” means shares of Common Stock valued at an
initial cost of $120,000,000 as of March 29, 2007, subject to reduction effective immediately prior to any Proportionate Reduction Event; provided, however, that no such reduction shall be made to the extent that the effect of
such Proportionate Reduction Event is to offset the effect of any Proportionate Increase Event occurring since the later of: (x) the most recent Proportionate Reduction Event, if any, for which a reduction was made, and (y) the date of the
Closing. 
 “Opco” shall have the meaning set forth in the Recitals. 
  

 34 

 “Options” shall mean any options to subscribe for, purchase or otherwise
directly acquire Stock, other than any such option held by the Company, Midco or any direct or indirect subsidiary thereof, or any right to purchase shares pursuant to this Agreement. 
 “Other Investor Shares” shall mean all Shares held by an Other Investor. Any Other Investor Shares that are Transferred
by the holder thereof to such holder’s Permitted Transferees shall remain Other Investor Shares in the hands of such Permitted Transferee. 
 “Other Investors” shall have the meaning set forth in the Preamble. 
 “Participating Seller” shall have the meaning set forth in Sections 4.2.1. 
 “Participation, Registration Rights and Coordination Agreement” shall mean the Participation, Registration Rights and Coordination Agreement of even date herewith among the Company, Midco and certain stockholders of the
Company and Midco. 
 “Pending Underwritten Offering” means, with respect to any Withdrawing Holder
withdrawing from this Agreement pursuant to Section 8.3, any underwritten Public Offering for which a registration statement relating thereto is or has been filed with the Commission either prior to, or not later than the sixtieth day after,
the effectiveness of such Withdrawing Holder’s withdrawal from this Agreement. 
 “PEP” shall mean, as
of any date, Providence Equity Partners V (Umbrella US) L.P., Providence Equity Partners VI (Umbrella US) L.P., Providence Investors V (Univision) L.P., Providence Investors VI (Univision) L.P. and their respective Permitted Transferees, in each
case only if such Person is then a Stockholder and holds any Shares. 
 “PEP Co-Investment Vehicles” shall
mean, as of any date, Providence Co-Investors (Univision) L.P., Providence Co-Investors (Univision US) L.P. and their respective successor entities, and any Affiliated Fund thereof if, in each case, (i) substantially all of the equity thereof
(including amounts paid for the acquisition of any Convertible Securities to subscribe for, purchase or otherwise acquire such equity) has not been contributed by the same investors, partners and members as contributed to the equity of PEP,
(ii) such entity has been formed for the main purpose of investing in the Company or any Affiliate thereof, and (iii) such entity is a Stockholder and owns Shares. For the avoidance of doubt, neither Providence Investors V (Univision)
L.P., Providence Investors VI (Univision) L.P., nor any successor thereof shall be deemed to be a Co-Investment Vehicle for the purposes of this Agreement. 
 “PEP Investors” shall mean, as of any date, PEP, the PEP Co-Investment Vehicles, and their respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds any
Shares. 
 “Permitted Transferee” shall mean, in respect of (a) any Investor, (i) any Affiliate of
such Investor or (ii) any successor entity or with respect to an investor organized as a trust, any successor trustee or co-trustee of such trust, (b) any SCG Investor, (i) any Person which is controlled by or for the benefit of Haim
Saban or Cheryl Saban (or in the 

  

 35 

 
event of their divorce, their subsequent respective spouses) (collectively “Saban”) or their Family Members, (ii) then-current or
former officers and/or employees of Saban or entities controlled by Saban who were issued such interests as a result of or in connection with their employment by Saban, or such officers’ and/or employees’ Family Members to the extent they
receive such transferred interests initially issued to such officer or employee as a result of or in connection with his or her employment by Persons controlled by Saban (iii) any trust, custodianship or other entity created for estate or tax
planning purposes all of the beneficiaries of which are any of the persons listed in clause (i) to (iii) of this paragraph (b), (c) any Manager, any Family Member of such Manager, the Company or any subsidiary thereof, and
(d) any holder of Shares who is a natural person, (i) upon the death of such natural person, such person’s estate, executors, administrators, personal representatives, heirs, legatees or distributees in each case acquiring the Shares
in question pursuant to the will or other instrument taking effect at death of such holder or by applicable laws of descent an distribution and (ii) any Person acquiring such Shares pursuant to a qualified domestic relations order; in each case
described in clauses (a) through (d), only to the extent such transferee agrees to be bound by the terms of this Agreement in accordance with Section 3.2 (it being understood that any Transfer not meeting the foregoing conditions but
purporting to rely on Section 3.1.1 shall be null and void). In addition, any Stockholder shall be a Permitted Transferee of the Permitted Transferees of itself and any member of a Principal Investor Group shall be a Permitted Transferee of any
other member of such Principal Investor Group. 
 “Person” shall mean any individual, partnership,
corporation, company, association, trust, joint venture, limited liability company, unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 
 “Preferred Stock” shall mean the 8.64% Cumulative Preferred Stock, par value $.001 per share, of Midco. 
 “Principal Investor” shall have the meaning set forth in the preamble. 
 “Principal Investor Group” shall mean any one of (a) the MDP Investors, collectively, (b) the PEP Investors,
collectively, (c) the SCG Investors, collectively, (d) the THL Investors, collectively, and (e) the TPG Investors, collectively; provided, however, that any such Principal Investor Group shall cease to be a Principal
Investor Group at such time after the Closing, and at all times thereafter, as such Principal Investor Group ceases to hold Shares representing a Total Combined Investment of at least the Minimum Total Combined Investment (excluding, in each case,
Shares held by Co-Investment Vehicles that constitute part of such Principal Investor Group); provided, further, that no adjustment or modification to the term “Minimum Total Combined Investment” shall cause any former
Principal Investor Group to again become a Principal Investor Group. Where this Agreement provides for the vote, consent or approval of any Principal Investor Group, such vote, consent or approval shall be determined by the Majority MDP Investors,
the Majority PEP Investors, the Majority THL Investors, the Majority TPG Investors, or the Majority SCG Investors, as the case may be, except as otherwise specifically set forth herein. 
  

 36 

 “Principal Investor Majority” shall mean, with respect to a transaction
between the Company or one of its subsidiaries on the one hand and a Principal Investor Group (or any member thereof) or one of its, or their, Affiliates on the other (a “Group Related Affiliate”), (a) Principal Investor Groups
that are not and whose Affiliates are not Group Related Affiliates and who, in the aggregate, hold a Majority in Interest of the Common Stock then held by all Principal Investor Groups that are not and whose Affiliates are not a Group Related
Affiliate with respect to such transaction, or (b) if each Principal Investor Group and/or an Affiliate of each Principal Investor Group is a Group Related Affiliate with respect to such transaction, the Majority Principal Investors.

 “Principal Lock-Up Agreement” shall have the meaning set forth in Section 5. 
 “Pro Rata Portion” shall mean. 
 (a) for purposes of Section 4.1.4, with respect to each Tag Along Seller, a number of Shares equal to the aggregate number of Shares
of the applicable class that the Prospective Buyer is willing to purchase in the proposed Sale, multiplied by a fraction, the numerator of which is the aggregate number of Tag Eligible Shares of the applicable class held by such Tag Along Seller and
the denominator of which is the aggregate number of Tag Eligible Shares of the applicable class held by all Tag Along Sellers; and 
 (b) for purposes of Section 4.5.6, with respect to each First Offer Purchaser, a number of Shares equal to the aggregate number of Subject Shares of the applicable class multiplied by a fraction, the numerator of which is the aggregate
number of Shares of the applicable class held by such First Offer Purchaser and the denominator of which is the aggregate number of Shares of the applicable class held-by all First Offer Purchasers. 
 “Proceeds” shall have the meaning set forth in the Recitals. 
 “Proportionate Event” shall mean, at any time that immediately prior thereto there is more than one Principal Investor
Group, the consummation of any transaction or series of related transactions (including pursuant to a Recapitalization Transaction), whether or not the Company is a party thereto, that effects a reduction (a “Proportionate Reduction
Event”) or increase (a “Proportionate Increase Event”) in the Total Combined Investment of the Principal Investor Group’s holdings that, in the good faith determination of the Majority Principal Investors (identified
as of immediately prior to such consummation), is substantially proportionate with respect to each such Principal Investor Group’s holdings. 
 “Proportionate Increase Event” shall have the meaning set forth in the definition of Proportionate Event. 
 “Proportionate Reduction Event” shall have the meaning set forth in the definition of Proportionate Event. 
  

 37 

 “Prospective Buyer” shall mean any Person, including the Company or any
of its subsidiaries or any other Stockholder, proposing to purchase or otherwise acquire Shares from a Prospective Selling Stockholder. 
 “Prospective Selling Stockholder” shall mean-. 
 (a) for purposes of
Section 3.3, any Investor that proposes to Transfer any Shares to any Prospective Buyer; 
 (b) for purposes of
Section 4.1, any Stockholder that proposes to Transfer any Shares to any Prospective Buyer, including a First Offer Purchaser pursuant to Section 4.5; 
 (c) for purposes of Section 4.2, any Stockholder forming part of the acting Majority Principal Investors that has elected to
exercise the drag along right provided by such Section; and 
 (d) for purposes of Section 4.5, any Stockholder that
proposes to Transfer any Shares in a transaction that is subject to such Section. 
 “Public Offering” shall
mean a public offering and sale of Common Stock for cash pursuant to an effective registration statement under the Securities Act. 
 “Qualified Institutional Investors” shall mean each of the Principal Investors, the Bank Investors and the respective Affiliates of the foregoing Persons. 
 “Qualified Public Offering” shall mean the first underwritten Public Offering (other than any Public Offering or sale
pursuant to a registration statement on Form S-4, S-8 or a comparable form) in which (i) the aggregate price to the public of all Common Stock sold in such offering in combination with the aggregate price to the public of all Common Stock sold
in any previous underwritten Public Offerings (other than any Public Offering or sale pursuant to a registration statement on Form S-4, S-8 or any comparable form) shall exceed One Billion Dollars ($1,000,000,000), and (ii) at least 20% of the
Common Stock of the Company shall have been sold in such offerings. 
 “Recapitalization Transaction” shall
mean a transaction approved by the Majority Principal Investors in which one or more classes of securities issued by the Company or any of its direct or indirect subsidiaries are, in whole or in part, converted into, or exchanged for, cash or
securities in another form issued by the Company, any of its direct or indirect subsidiaries, a newly formed parent or affiliated Persons, including a Strategic Investor Transaction. 
 “Rule 144” shall mean Rule 144 under the Securities Act (or any successor Rule). 
 “Sale” shall mean a Transfer for value and the terms “Sell” and “Sold” shall have
correlative meanings. 
 “Sale Notice” shall have the meaning set forth in Section 4.5.1. 
  

 38 

 “SCG Investors” shall mean, as of any date, SCG Investments II, LLC and
their respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds any Shares. 
 “Securities Act” shall mean the Securities Act of 1933 and the rules promulgated thereunder, as amended from time to time. 
 “Shares” shall mean (a) all shares of Stock held by a Stockholder, whenever issued, including all shares of Stock issued upon the exercise, conversion or exchange of any Convertible Securities
and (b) all Convertible Securities held by a Stockholder (treating such Convertible Securities as a number of Shares equal to the number of Equivalent Shares represented by such Convertible Securities for all purposes of this Agreement except
as otherwise specifically set forth herein). Notwithstanding the foregoing, Shares shall include Management Shares for all purposes of this Agreement, provided that, with respect to Section 4.5, (x) Shares held by a Prospective Selling
Stockholder shall include all Management Shares, and (y) Shares held by Persons other than a Prospective Selling Stockholder shall only include Management Shares which are not Incentive Shares. 
 “Stock” shall mean the Common Stock and the Preferred Stock. 
 “Stockholders” shall have the meaning set forth in the Preamble. 
 “Strategic Investor” shall mean any (a) Person that is determined by the Majority Principal Investors to be a
potential strategic investor in the Company or any of its subsidiaries and (b) any Affiliate and/or co-investor of any such Person specified in clause (a). 
 “Strategic Investor Transaction” shall mean a transaction approved by the Majority Principal Investors in which one or
more classes of securities (including Convertible Securities and rights therefore and debt securities) issued by the Company or any of its direct or indirect subsidiaries are to be issued to one or more Strategic Investors and/or required by the
Majority Principal Investors to be Sold by the Stockholders to one or more Strategic Investors; provided, however, that (A) any such transaction is consummated within twenty four (24) months after the Closing Date, and
(B) the reduction in the ownership of the Company or any of its subsidiaries resulting from such transaction shall be on a pro rata basis among all Stockholders (other than (i) de minimis differences, (ii) if agreed by the Majority
Principal Investors, securities held by the management of the Company and its subsidiaries or any other stockholder thereof which is not a Principal Investor being reduced, if at all, on a less than pro rata basis, and (iii) if such transaction
is consummated on or prior to September 30, 2008, the SCG Investors not being obligated to Sell Shares resulting, after giving effect to such Strategic Investor Transaction, in the SCG Investors, in the aggregate, holding Shares valued at an
initial cost of less than $250,000,000); provided, that each Principal Investor Group shall have the right to determine the type and number of Shares and/or other securities that shall be transferred by each member of its own Principal
Investor Group to satisfy its pro rata portion of the securities to be Sold in such transaction. For the purposes of the Bank 

  

 39 

 
Investors only, a transaction shall not be deemed a “Strategic Investor Transaction” (i) if the Strategic Investor is an Affiliate of any of
the Principal Investors immediately prior to such transaction, or (ii) if the consideration per share received by such Bank Investors in connection with the Sale of any Shares held by such Bank Investors pursuant to such transaction is less
than the consideration paid for such Shares issued at Closing that are held by such Bank Investors. 
 “Subject
Shares” shall have the meaning set forth in Section 4.5.1(a). 
 “Subscription Agreements”
shall mean (i) the Subscription Agreements by and among the Company, Midco and the applicable Investors dated as of March 29, 2007, (ii) the Subscription Agreements by and among the Company, Midco and the Managers, dated as of
March 29, 2007, and (iii) any other subscription agreement the Company or Midco enters into, pursuant to which Shares are issued. 
 “subsidiary” of any Person, means any corporation, partnership, joint venture or other legal entity of which such Person (either above or through or together with any other subsidiary), owns, directly
or indirectly, more than 50% of the stock or other equity interests, the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such corporation or other legal entity. 
 “Tag Along Holder” shall have the meaning set forth in Section 4.1.1. 
 “Tag Along Notice” shall have the meaning set forth in Section 4.1.1. 
 “Tag Along Offer” shall have the meaning set forth in Section 4.1.2. 
 “Tag Along Sale Percentage” shall have the meaning set forth in Section 4.1.1(a). 
 “Tag Along Sellers” shall have the meaning set forth in Section 4.1.2. 
 “Tag Eligible Shares” shall mean, at any time, all Shares that (a) are not Management Shares, or (b) are
Management Shares that will be Vested Shares as of the proposed Transfer date specified in the Tag Along Notice, if so specified, and otherwise the anticipated Transfer date as reasonably determined in good faith by the Prospective Selling
Stockholder. 
 “THL” shall mean, as of any date, Thomas H. Lee Equity Fund VI, L.P., THL Equity Fund VI
Investors (Univision), L.P., and their respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds any Shares. 
 “THL Co-Investment Vehicles” shall mean, as of any date, THL Equity Fund VI Intermediate Investors (Univision), L.P., THL Equity Fund VI Intermediate Investors (Univision US), L.P., THL Equity Fund VI
Investors (GS), LLC and their respective successor entities, and any Affiliated Fund thereof if, in each case, (i) substantially all of the equity thereof (including amounts paid for the acquisition of any Convertible Securities, warrants or
options to subscribe for, purchase or otherwise acquire such equity) has not been contributed by the same investors, partners and members as 

  

 40 

 
contributed to the equity of THL, (ii) such entity has been formed for the main purpose of investing in the Company or any Affiliate thereof, and
(iii) such entity is a Stockholder and owns Shares. For the avoidance of doubt, neither THL Equity Fund VI Investors (Univision), L.P. nor any successor thereof shall be deemed to be a Co-Investment Vehicle for the purposes of this Agreement.

 “THL Investors” shall mean, as of any date, THL, the THL Co-Investment Vehicles, and their respective
Permitted Transferees, in each case only if such Person is then a Stockholder and holds any Shares. 
 “Total Combined
Investment” means with respect to a Person or group of Persons at any time, the number of shares of Common Stock then held by such Person or group. 
 “TPG” shall mean, as of any date, TPG Umbrella IV, L.P., TPG Umbrella V, L.P., TPG Umbrella International IV, L.P., TPG
Umbrella International V, L.P. and their respective Permitted Transferees, in each case only if such Person is then a Stockholder and holds any Shares. 
 “TPG Co-Investment Vehicles” shall mean, as of any date, TPG Umbrella Co-Investment, L.P., TPG Umbrella International Co-Investment, L.P. and their respective successor entities, and any Affiliated
Fund thereof if, in each case, (i) substantially all of the equity thereof (including amounts paid for the acquisition of any Convertible Securities, warrants or options to subscribe for, purchase or otherwise acquire such equity) has not been
contributed by the same investors, partners and members as contributed to the equity of TPG, (ii) such entity has been formed for the main purpose of investing in the Company or any Affiliate thereof, and (iii) such entity is a Stockholder
and owns Shares. For the avoidance of doubt, neither TPG Umbrella International IV, L.P., TPG Umbrella International V, L.P. nor any successor thereof shall be deemed to be a Co-Investment Vehicle for the purposes of this Agreement. 
 “TPG Investors” shall mean, as of any date, TPG, the TPG Co-Investment Vehicles, and their respective Permitted
Transferees, in each case only if such Person is then a Stockholder and holds any Shares. 
 “Transfer” shall
mean any sale, pledge, assignment, encumbrance or other transfer or disposition of any Shares (or any voting or economic interest therein) to any other Person, whether directly, indirectly, voluntarily, involuntarily, by operation of law, pursuant
to judicial process or otherwise. For the avoidance of doubt, it shall constitute a “Transfer” subject to the restrictions on Transfer contained or referenced in Section 3 (a) if a transferee is not an individual, a trust or an
estate, and the transferor or an Affiliate thereof ceases to control such transferee (in which case, to the extent such transferee then holds assets in addition to Shares, the determination of the purchase price deemed to have been paid for the
Shares held by such transferee in such deemed Transfer for purposes of the provisions of Sections 3 and 4 shall be made by the Board in good faith) or (b) with respect to a holder of Shares which was formed for the purpose of holding
Shares, there is a Transfer of the equity interests of such holder other than to a Permitted Transferee of such holder or of the party transferring the equity of such holder. For the avoidance of 

  

 41 

 
doubt, a conversion of Class A-1 Stock to Class A-2 Stock, and vice versa, and the conversion of Class L-1 Stock to Class L-2 Stock, and vice
versa, shall not be deemed as a Transfer. 
 “Univision” shall have the meaning set forth in the Recitals.

 “Unvested Shares” shall mean, with respect to a Manager at any time, the Management Shares held by such
Manager which remain subject to vesting requirements or other service or performance based conditions to ownership at such time. 
 “Vested Shares” shall mean, with respect to a Manager at any time, the Management Shares held by such Manager which are not subject to vesting requirements or other service or performance based conditions to ownership at
such time. 
 “Warrants” shall mean any warrants to subscribe for, purchase or otherwise directly acquire
Stock. 
 “Withdrawing Holders” shall have the meaning set forth in Section 8.3. 
 “Withdrawn Shares” shall have the meaning set forth in Section 8.3. 
 10. MISCELLANEOUS. 
 10.1
Authority; Effect. Each party hereto represents and warrants to and agrees with each other party that (a) the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized
on behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are bound and (b) this Agreement constitutes a legal, valid and binding obligation -of such party, enforceable against
such party in accordance with its terms, except to the extent that the enforcement of the rights and remedies created hereby is subject to (i) bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting
the rights and remedies of creditors generally and (ii) general principles of equity. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of
such parties members of a joint venture or other association. The Company and Midco shall be jointly and severally liable for all obligations of each such party pursuant to this Agreement. 
 10.2 Notices. Any notices and other communications required or permitted in this Agreement shall be effective if in writing and
(a) delivered personally, (b) sent by facsimile, or (c) sent by overnight courier, in each case, addressed as follows: 
 If to the Company, Midco or Opco, to it: 
 c/o Univision Communications Inc. 
 1999 Avenue of the Stars, Suite 3050 
 Los Angeles, California 90067 
 Facsimile No.: (310) 556-1526 
 Attention: General Counsel 
  

 42 

 with a copy (which shall not constitute notice) to: 
 Weil, Gotshal & Manges LLP 
 50 Kennedy Plaza, 11th Floor 
 Providence, Rhode Island
02903 
 Facsimile No.: (401) 278-4701 
 Attention: David K. Duffell, Esq. 
 if to a MDP Investor or to the MDP Principal Investor Group, to it: 
 c/o Madison Dearborn
Partners 
 Three First National Plaza, suite 3800 
 Chicago, Illinois, 60602 
 Facsimile No.: (312) 895-1221 
 Attention: James N. Perry, Jr. 
 with a copy (which shall not constitute notice) to: 
 Three First National Plaza, suite 3800 
 Chicago, Illinois, 60602 
 Facsimile No.: (312) 895-1041 
 Attention: Mark Tresnowski, Esq. 
 if to a PEP Investor or to the PEP Principal Investor Group, to it: 
 c/o Providence Equity
Partners Inc. 
 50 Kennedy Plaza, 18th Floor 
 Providence, Rhode Island 02903 
 Facsimile No.: (401) 751-1790 
 Attention: Jonathan M. Nelson 
 with a copy (which shall not constitute notice) to: 
 Weil, Gotshal & Manges LLP

 50 Kennedy Plaza, 11th Floor 
 Providence, Rhode Island
02903 
 Facsimile No.: (401) 278-4701 
 Attention: David K. Duffell, Esq. 
 If to a SCG Investor or to the SCG Principal Investor Group, to it: 
 c/o Saban Capital
Group 
 10100 Santa Monica Boulevard 
 Los Angeles, California 90067 
 Facsimile No.: (310) 557-5100 
 Attention: Adam Chesnoff 
  

 43 

 with a copy (which shall not constitute notice) to: 
 10100 Santa Monica Boulevard 
 Suite 2600 
 Los Angeles, California 90067 
 Facsimile No.: (310) 557-5103 
 Attention: Niveen Tadros, Esq. 
 If to a THL Investor or to the THL Principal Investor Group,
to it: 
 c/o Thomas H. Lee Partners, L.P. 
 100 Federal Street, 35th Floor 
 Boston, Massachusetts
02110 
 Facsimile No.: (617) 227-3514 
 Attention: Scott Sperling 
 with a copy (which shall not constitute notice) to: 
 Weil, Gotshal & Manges LLP

 100 Federal Street, 34th Floor 
 Boston, Massachusetts
02110 
 Facsimile No.: (617) 772-8333 
 Attention: David P. Kreisler, Esq. 
 If to a TPG Investor or to the TPG Principal Investor Group, to it: 
 c/o Texas Pacific
Group 
 301 Commerce Street, Suite 3300 
 Fort Worth, Texas 76102 
 Facsimile No.: (817) 871-4010 
 Attention: Clive D. Bode 
 with a copy (which shall not constitute notice) to: 
 Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, New York 10006 
 Facsimile No.: (212) 225-3999 
 Attention: Paul L. Shim, Esq. 
 If to any other Stockholder, to it at the address set forth on Exhibit A, or if not set forth thereon, in the records of the Company. 
 Notice to the holder of record of any shares of capital stock shall be deemed to be notice to the holder of such shares for all purposes
hereof. 
  

 44 

 Unless otherwise specified herein, such notices or other communications shall be deemed
effective (x) on the date received, if personally delivered, (y) on the date received if delivered by facsimile on a business day, or if not delivered on a business day, on the first business day thereafter and (z) two business days
after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto. 
 10.3 Binding Effect, Etc. Except for restrictions on the Transfer of Shares set forth in other written agreements, plans or
documents and except for other written agreements dated on or about the date of this Agreement, this Agreement constitutes the entire agreement of the parties with respect to its subject matter, supersedes all prior or contemporaneous oral or
written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, successors and permitted assigns. Except as otherwise
expressly provided herein, no Stockholder party hereto may assign any of its respective rights or delegate any of its respective obligations under this Agreement without the prior written consent of the other parties hereto, and any attempted
assignment or delegation in violation of-the foregoing shall be null and void. 
 10.4 Descriptive Heading. The
descriptive headings of this Agreement are for convenience of reference only, are not to be considered a part hereof and shall not be construed to define or limit any of the terms or provisions hereof. 
 10.5 Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of
which taken together shall constitute one instrument. A facsimile signature shall be considered due execution and shall be binding upon. the signatory thereto with the same force and effect as if the signature were an original. 
 10.6 Severability. In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any respect,
such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in the event any provision hereof
should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 
 10.7 No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding the fact that certain of the parties hereto may be corporations, partnerships, limited
liability companies or trusts, each party to this Agreement covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or
future director, officer, employee, general or limited partner, member, manager or trustee of any Stockholder or of any partner, member, manager, trustee, Affiliate or assignee thereof, as such, whether by the enforcement of any assessment or by any
legal or equitable proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current
or future officer, agent or employee of any Stockholder or any current or future member of any Stockholder or any current or future director, officer, 

  

 45 

 
employee, partner, member, manager or trustee of any Stockholder or of any Affiliate or assignee thereof, as such, for any obligation of any Stockholder
under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 
 10.8 Aggregation of Shares. All Shares held by a Stockholder and its Affiliates and Affiliated Funds shall be aggregated together
for purposes of determining the availability of any rights or incurrence of any obligations under Sections 4. Within any Principal Investor Group, the Principal Investors who are members of such Principal Investor Group may allocate the ability
to exercise any rights and/or the incurrence of any obligations under this Agreement in any manner that such Principal Investor Group (by a Majority in Interest of the Shares held by such Principal Investor Group) sees fit. 
 10.9 Obligations of Company, Midco and Opco. Each of the Company, Midco and Opco shall be jointly and severally liable for any
payment obligation of any of the Company, Midco or Opco pursuant to this Agreement. 
 10.10 Confidentiality;
Opportunities. Each Stockholder agrees that it will keep confidential and will not disclose, divulge or use for any purpose, other than to monitor its investment in the Company and its subsidiaries, any confidential information obtained from the
Company, unless such confidential information (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 11.10 by such Stockholder or its Affiliates), (b) is or has been independently
developed or conceived by such Stockholder without use of the Company’s confidential information or (c) is or has been made known or disclosed to such Stockholder by a third party (other than an Affiliate of such Stockholder) without a
breach of any obligation of confidentiality such third party may have to the Company that is known to such Stockholder; provided, however, that a Stockholder may disclose confidential information (v) to its attorneys, accountants,
consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company, (w) to any prospective purchaser of any Shares from such Stockholder as long as such prospective
purchaser agrees to be bound by the provisions of this Section 11.10 as if a Stockholder, (x) to any Affiliate, partner, member or related investment fund of such Stockholder and their respective directors, employees and consultants, in
each case in the ordinary course of business, (y) as may be reasonably determined by such Stockholder to be necessary in connection with such Stockholder’s enforcement of its rights in connection with this Agreement or its investment in
the Company and its subsidiaries or (z) as may otherwise be required by law or legal, judicial or regulatory process, provided that such Stockholder takes reasonable steps to minimize the extent of any required disclosure described in this
clause (z); and provided, further, that the acts and omissions of any Person to whom such Stockholder may disclose confidential information pursuant to clauses (v) through (x) of the preceding proviso shall be attributable to
such Stockholder for purposes of determining such Stockholder’s compliance with this Section 11.10. Each of the parties hereto acknowledge that the Investors or any of their Affiliates and related investment funds may review the business
plans and related proprietary information of any enterprise, including enterprise which may have products or services which compete directly or indirectly with those of the Company, and may trade in the securities of such enterprise. Nothing in this
Section 11.10 shall preclude or in any way restrict the Investors or their Affiliates or related 

  

 46 

 
investment funds from investing or participating in any particular enterprise, or trading in the securities thereof whether or not such enterprise has
products or services that compete with those of the Company. Notwithstanding anything to the contrary herein, the parties expressly acknowledge and agree that: (a) the Investors, members of the Board of Directors designated by such Investors
and Affiliates of such Investors have the right to, and shall have no duty (contractual or otherwise) not to, directly or indirectly, engage in the same or similar business activities or lines of business as the Company, Midco or Opco or any of
their respective Affiliates, including those deemed to be competing with the Company, Midco or Opco or any of their respective Affiliates; and (b) in the event that an Investor, any member of the Board of Directors designated by such Investor
or any Affiliate of such Investor acquires knowledge of a potential transaction or matter that may be a corporate opportunity for any of the Company, Midco, Opco or any Affiliate thereof, such Investor, member of the Board of Directors designated by
such Investor or Affiliate of such Investor shall have no duty (contractual or otherwise) to communicate or present such corporate opportunity to the Company, Midco, Opco or any Affiliate thereof, as the case may be, and, notwithstanding any
provision of this Agreement to the contrary, shall not be liable to the Company, Midco, Opco or any Affiliate thereof or the Stockholders for breach of any duty (contractual or otherwise) by reason of the fact that such Investor, any Affiliate
thereof or related investment fund thereof, directly or indirectly, pursues or acquires such opportunity for itself, directs such opportunity to another person, or does not present such opportunity to the Company. 
 10.11 Opportunities. Subject to Section 10.10, each of the parties hereto acknowledge that the Investors or any of their
Affiliates and related investment funds may review the business plans and related proprietary information of any enterprise, including enterprise which may have products or services which compete directly or indirectly with those of the Company, and
may trade in the securities of such enterprise. Nothing in Section 10.10 shall preclude or in any way restrict the Investors or their Affiliates or related investment funds from investing or participating in any particular enterprise, or
trading in the securities thereof whether or not such enterprise has products or services that compete with those of the Company. Notwithstanding anything to the contrary herein, the parties expressly acknowledge and agree that: (a) the
Investors, members of the Board of Directors designated by such Investors and Affiliates of such Investors, have the right to, and shall have no duty (contractual or otherwise) not to, directly or indirectly, engage in the same or similar business
activities or lines of business as the Company, Midco or Opco or any of their respective Affiliates, including those deemed to be Competitors; (b) in the event an Investor, member(s) of the Board of Directors designated by such Investor or
Affiliates of such Investor (other than Affiliates of the Bank Investors, to the extent such Affiliates are not limited partners of the Bank Investors), directly or indirectly, engage (whether as owner, partner, officer, director, employee,
consultant, investor, lender or otherwise, except as the holder of not more than 1% of the outstanding stock of a publicly-traded company) in the same or similar business activities or lines of business as the Company, Midco or Opco or any of their
respective Affiliates, including those deemed to be Competitors, such Investor shall promptly disclose to the Board, in reasonable detail, the nature and identity of such business activities or lines of business and shall provide the Board
additional information as reasonably requested thereby in connection with such activity, and (c) in the event that an Investor, members of the Board of Directors designated by such Investors or any Affiliate of such Investor acquires knowledge
of a potential transaction or matter that may be a corporate opportunity for any of the Company, 

  

 47 

 
Midco, Opco or any Affiliate thereof, such Investor, members of the Board of Directors designated by such Investors or Affiliate of such Investor shall have
no duty (contractual or otherwise) to communicate or present such corporate opportunity to the Company, Midco, Opco or any Affiliate thereof, as the case may be, and, notwithstanding any provision of this Agreement to the contrary, shall not be
liable to the Company, Midco, Opco or any Affiliate thereof or the Stockholders for breach of any duty (contractual or otherwise) by reason of the fact that such Investor, any Affiliate thereof or related investment fund thereof, directly or
indirectly, pursues or acquires such opportunity for itself, directs such opportunity to another person, or does not present such opportunity to the Company. 
 10.12 Information Rights. 
 10.12.1 Historical Financial Information. The Company will furnish the following to each Stockholder: 
 (a) As soon as available, and in any event within 120 days after the end of each fiscal year of the Company, the consolidated balance sheet of the Company and its subsidiaries as at the end of each such fiscal year
and the consolidated statements of income, cash flows and changes in stockholders’ equity for such year of the Company and its subsidiaries, setting forth in each case in comparative form the figures for the next preceding fiscal year,
accompanied by the report of independent certified public accountants of recognized national standing, to the effect that, except as set forth therein, such consolidated financial statements have been prepared in accordance with generally accepted
accounting principles applied on a basis consistent with prior years and fairly present in all material respects the financial condition of the Company and its subsidiaries at the dates thereof and the results of their operations and changes in
their cash flows and stockholders equity for the periods covered thereby. 
 (b) As soon as available, and in any event
within 60 days after the end of each fiscal quarter of the Company for the first three fiscal quarters of a fiscal year, the consolidated balance sheet of the Company and its subsidiaries as at the end of such quarter and the consolidated statements
of income, cash flows and changes in stockholders’ equity for such quarter and the portion of the fiscal year then ended of the Company and its subsidiaries, setting forth in each case the figures for the corresponding periods of the previous
fiscal year, or, in the case of such balance sheet, for the last day of such fiscal year, in comparative form, all in reasonable detail. 
 10.12.2 Satisfaction. Notwithstanding anything to the contrary in Section 10.12.1, the Company may satisfy its obligation thereunder by (a) providing the financial statements of any of Midco or Opco
to the extent such financial statements reflect the entirety of the operations of the business or (b) filing such financial statements of the Company, Midco or Opco, as applicable, with the Commission on EDGAR or in such other manner as makes
them publicly available. The Company’s obligation to furnish the materials described in Section 10.12.1 shall be satisfied so long as it transmits such materials to the Stockholders within the time periods specified in
Section 10.12.1, notwithstanding that such materials may be actually be received after the expiration of such periods. 
  

 48 

 10.12.3 Period. Each of the foregoing provisions of Section 10.12.1 shall
expire on the earlier of (a) a Change of Control or (b) the closing of the Initial Public Offering. 
 11. GOVERNING LAW. 
 11.1 Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter
hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic
substantive laws of any other jurisdiction. 
 11.2 Consent to Jurisdiction. Each party to this Agreement, by its
execution hereof, (a) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of Delaware for the purpose of any action, claim, cause of action or suit (in contract, tort or otherwise),
inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any
of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or
execution, that any such proceeding brought in one of the above named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (c) hereby agrees not to commence or maintain
any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof or thereof other than before one of the
above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any
court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may
assert indemnification rights set forth in this agreement, the court in which such litigation is being beard shall be deemed to be included in clause (a) above. Notwithstanding the foregoing, any party to this Agreement may commence and
maintain an action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, and agrees that
service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 10.2 hereof is reasonably calculated to give actual notice. 
 11.3 WAIVER OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAVES AND
COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN 

  

 49 

 
RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED
UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN
INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 11.3 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL
COUNTERPART OR A COPY OF THIS SECTION 11.3 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 11.4 Exercise of Rights and Remedies. No delay of or omission in the exercise of any right, power or remedy accruing to any party
as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default
occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 
 [Signature pages follow] 
  

 50 

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

							
	THE COMPANY:	 		 	BROADCASTING MEDIA PARTNERS, INC.
				
		 		 	By:	 	 *

		 		 	Name:	 	James C. Carlisle
		 		 	Title:	 	Vice President
			
	MIDCO:	 		 	BROADCAST MEDIA PARTNERS HOLDINGS, INC.
				
		 		 	By:	 	 *

		 		 	Name:	 	James C. Carlisle
		 		 	Title:	 	Vice President
			
	ACQUISITION SUB:	 		 	UMBRELLA ACQUISITION, INC.
				
		 		 	By:	 	 *

		 		 	Name:	 	James C. Carlisle
		 		 	Title:	 	Vice President

	*	The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page: 

  

			
	 /s/ James C. Carlisle

	Name:	 	James C. Carlisle
	Title:	 	Vice President

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

 THE PRINCIPAL INVESTORS: 
 MDP INVESTORS 
  

			
	MADISON DEARBORN CAPITAL PARTNERS
IV, L.P.
		
	By:	 	Madison Dearborn Partners IV, L.P., its General Partner
		
	By:	 	Madison Dearborn Partners, LLC, its General Partner
		
	By:	 	 *

	Name:	 	James N. Perry, Jr.
	Its:	 	Managing Director
	
	MDCPIV INTERMEDIATE (UMBRELLA), L.P.
		
	By:	 	Madison Dearborn Partners IV, L.P. its General Partner
		
	By:	 	Madison Dearborn Partners, LLC, its General Partner
		
	By:	 	 *

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

	Name:	 	James N. Perry, Jr.
	Its:	 	Managing Director

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

			
	MDCPV INTERMEDIATE (UMBRELLA), L.P.
		
	By:	 	Madison Dearborn Partners V-A&C, L.P., its General Partner
		
	By:	 	Madison Dearborn Partners, LLC, its General Partner
		
	By:	 	 *

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

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

	Name:	 	James N. Perry, Jr.
	Its:	 	Managing Director

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

  

			
	 /s/ James N. Perry, Jr.

	Name:	 	James N. Perry, Jr.
	Title:	 	Managing Director

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

 PEP INVESTORS 
  

			
	PROVIDENCE INVESTORS V (UNIVISION) L.P.
		
	By:	 	Providence Umbrella GP L.L.C., its General Partner
		
	By:	 	 *

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

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

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

	Name:	 	Mark Masiello
	Its:	 	Managing Director

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

			
	PROVIDENCE CO-INVESTORS (UNIVISION) L.P.
		
	By:	 	Providence Umbrella GP L.L.C., its General Partner
		
	By:	 	 *

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

	Name:	 	Mark Masiello
	Its:	 	Managing Director

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

  

			
	 /s/ Mark Masiello

	Name:	 	Mark Masiello
	Title:	 	Managing Director

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

			
	SCG INVESTMENTS II, LLC, a Delaware LLC
		
	By:	 	 /s/ Adam Chesnoff

	Name:	 	Adam Chesnoff
	Title:	 	Manager

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

 TPG INVESTORS 
  

			
	TPG UMBRELLA IV, L.P.
		
	By:	 	TPG Advisors IV, Inc., its general partner
		
	By:	 	 *

	Name:	 	Clive D. Bode
	Title:	 	Vice President
	
	TPG UMBRELLA V, L.P.
		
	By:	 	TPG Advisors V, Inc., its general partner
		
	By:	 	 *

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

	Name:	 	Clive D. Bode
	Title:	 	Vice President

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

			
	TPG UMBRELLA INTERNATIONAL V, L.P.
		
	By:	 	TPG Advisors V, Inc., its general partner
		
	By:	 	 *

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

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

	Name:	 	Clive D. Bode
	Title:	 	Vice President

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

  

			
	By:	 	 /s/ Clive D. Bode

		 	Clive D. Bode

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

 THL INVESTORS 
  

			
	THOMAS H. LEE EQUITY FUND VI, L.P.
		
	By:	 	THL Equity Advisors VI, LLC, its General Partner
		
	By:	 	Thomas H. Lee Partners, L.P., its Sole Member
		
	By:	 	Thomas H. Lee Advisors, LLC, its General Partner
		
	By:	 	 *

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

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

	Name:	 	Scott Sperling
	Its:	 	Managing Director

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

			
	THL EQUITY FUND VI INTERMEDIATE
INVESTORS (UNIVISION US), L.P.
		
	By:	 	THL Equity Advisors VI, LLC, its General Partner
		
	By:	 	Thomas H. Lee Partners, L.P., its Sole Member
		
	By:	 	Thomas H. Lee Advisors, LLC, its General Partner
		
	By:	 	 *

	Name:	 	Scott Sperling
	Its:	 	Managing Director
	
	THL EQUITY FUND VI INVESTORS (GS), LLC
		
	By:	 	THL Equity Advisors VI, LLC, its Manager
		
	By:	 	 *

	Name:	 	Scott Sperling
	Its:	 	Managing Director

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

  

			
	By:	 	 /s/ Scott Sperling

	Name:	 	Scott Sperling
	Its:	 	Managing Director

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

 THE BANK INVESTORS: 
  

			
	BACI INVESTORS INTERMEDIATE (UNIVISION), L.P.
		
	By:	 	Banc of America Capital Management V, L.P.
	Its:	 	General Partner
		
	By:	 	 /s/ Edward A. Balloch

	Name:	 	Edward A. Balloch
	Title:	 	Chief Financial Officer

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

			
	 CREDIT SUISSE INVESTORS INTERMEDIATE
 (UNIVISION), L.P.

		
	By:	 	GSS Holdings (Univision – CS), Inc.
	Its:	 	General Partner
		
	By:	 	 /s/ Jill A. Gordon

	Name:	 	Jill A. Gordon
	Title:	 	Vice President

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

			
	DB INVESTORS INTERMEDIATE (UNIVISION), L.P.
		
	By:	 	DB (Univision), LLC
	Its:	 	General Partner
		
	By:	 	GSS Holdings (Univision), Inc.
	Its:	 	Sole Member
		
	By:	 	 /s/ Jill A. Gordon

	Name:	 	Jill A. Gordon
	Title:	 	Vice President

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

			
	LB INVESTORS INTERMEDIATE (UNIVISION), L.P.
		
	By:	 	LB (Univision), LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Alex Kirk

	Name:	 	Alex Kirk
	Title:	 	Member

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

			
	RBS INVESTORS INTERMEDIATE (UNIVISION), L.P.
		
	By:	 	RBS (Univision), LLC
	Its:	 	General Partner
		
	By:	 	GSS Holdings (Univision – RBS), Inc.
	Its:	 	Sole Member
		
	By:	 	 /s/ Jill A. Gordon

	Name:	 	Jill A. Gordon
	Title:	 	Vice President

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

			
	WCP UNIVISION, L.P.
		
	By:	 	 /s/ Walter Simmons

	Name:	 	Walter Simmons
	Title:	 	Partner

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

 MANAGERS: 
  

	
	ANDREW W. HOBSON
	
	 /s/ Andrew W. Hobson

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

	
	RAY RODRIGUEZ
	
	 /s/ Ray Rodriguez

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

	
	JOSEPH UVA
	
	 /s/ Joseph Uva

 SIGNATURE PAGE TO STOCKHOLDERS AGREEMENT 

 Exhibit A 
  

					
	 Stockholder
	  	 Address
	  	 With Copies to:

	 BACI Investors Intermediate
 (Univision),
L.P.
	  	 c/o Banc of America Capital Investors V, L.P.
 Bank of
America Corporate Center
 100 North Tryon Street, 25th Floor
 Charlotte, NC 28255
 Attn: Craig Elston & Robert Sheridan
 Fax: (704) 386-6432
 Phone: (704) 386-1324
	  	 Kirkland & Ellis LLP
 200 East Randolph
Drive
 Chicago, IL 60601
 Facsimile No. (312) 861-2200

Attention: Margaret A. Gibson, P.C.

			
	 Credit Suisse Investors Intermediate
 (Univision),
L.P.
	  	 c/o Credit Suisse Strategic Partners
 11 Madison
Avenue
 New York, New York 10010
 Attn: Peter Song
 Fax: (646) 935-7048
 Phone: (212) 538-5295
	  	 Credit Suisse Strategic Partners
 305 Park Avenue
South
 New York, New York 10010
 Attn: Stephen
Ramsthaler
 Fax: (646) 935-7704

			
	 DB Investors Intermediate
 (Univision),
L.P.
	  	 c/o DB Investment Partners, Inc.
 attn: Michael Thomas
Iben
 60 Wall St.
 New York, NY 10005
 Phone: (212) 295-2742
 Fax: (212) 797-4876
	  	 Jennifer Leyton
 Deutsche Bank
 60 Wall Street, NY, NY 10005
 Phone: 212-250-4575
 E-mail: Jennifer.leyton@db.com
 Fax: 212-797-4876

			
	 LB Investors Intermediate
 (Univision),
L.P.
	  	 c/o Lehman Brothers
 1301 Avenue of the
Americas
 New York, New York 10019
 Attn: Ashvin Rao

Email: ashvin.rao@lehman.com
 Fax: (646) 834-4769
 Phone: (212) 526-5902
	  	 Kirkland & Ellis LLP
 200 East Randolph
Drive
 Chicago, IL 60601
 Facsimile No. (312) 861-2200

Attention: Margaret A. Gibson, P.C.

			
	 RBS Investors Intermediate (Univision),
 L.P.
	  	 c/o Royal Bank of Scotland, acting through its Equity
 Finance Division
 Global Banking & Markets
 4th Floor, 135 Bishopsgate, London
 EC2M 3UR, United Kingdom
 Attention: Gavin Petken
 Fax: 44(0)20.7085.2258
 Phone: 44(0)20.7085.2248
	  	 Kirkland & Ellis LLP
 200 East Randolph
Drive
 Chicago, IL 60601
 Facsimile No. (312) 861-2200

Attention: Margaret A. Gibson, P.C.

			
	 WCP Investors Intermediate
 (Univision),
L.P.
	  	 Wachovia Capital Partners 2006, LLC
 Attention: Walker
Simmons
 301 South College Street, 12th Floor
 Charlotte, NC
28288-0732
 Fax: (704) 383-6538
 Phone: (704)
383-4991
	  	 Wachovia Capital Partners 2006, LLC
 Attention: Michele
Bailey
 301 South College Street, 12th Floor
 Charlotte, NC
28288-0732
 Fax: (704) 715-6817
 Phone: (704)
715-1543

	Andrew H. Hobson	  	 c/o Univision Communications Inc.
 10100 Santa Monica
Boulevard
 Suite 2600
 Los Angeles, California
90067
	  	
			
	Ray Rodriguez	  	 c/o Univision Communications Inc.
 10100 Santa Monica
Boulevard
 Suite 2600
 Los Angeles, California
90067
	  	
			
	Joseph Uva	  	 c/o Univision Communications Inc.
 10100 Santa Monica
Boulevard
 Suite 2600
 Los Angeles, California
90067
	  	

 SCHEDULE I 
  

											
	 Stockholder Name
	  	 Class A-1
 Common Stock
	  	 Class A-2
 Common Stock
	  	 Class L-1
 Common Stock
	  	 Class L-2
 Common Stock
	  	Preferred Stock
	 MDP Investors
	  		  		  		  		  	
	 Madison Dearborn Capital Partners IV, L.P.
	  	1,504,710	  		  	167,190	  		  	420,235
	 MDCPIV Intermediate (Umbrella), L.P.
	  	311,853	  		  	34,650	  		  	87,094
	 Madison Dearborn Capital Partners V-A, L.P.
	  	1,672,753	  		  	185,861	  		  	467,165
	 MDCPV Intermediate (Umbrella), L.P.
	  	638,181	  		  	70,909	  		  	178,231
	 MDCP US Co-Investors (Umbrella), L.P.
	  		  	567,677	  		  	63,075	  	158,541
	 MDCP Foreign Co-Investors (Umbrella), L.P.
	  		  	865,161	  		  	96,129	  	241,622
		  	 	  	 	  	 	  	 	  	 
	 Total MDP Investors:
	  	4,127,497	  	1,432,838	  	458,610	  	159,204	  	1,552,888

											
	 PEP Investors
	  		  		  		  		  	
	 Providence Equity Partners V (Umbrella US) L.P.
	  	1,558,029	  		  	173,114	  		  	435,126
	 Providence Investors V (Univision) L.P.
	  	753,961	  		  	83,773	  		  	210,566
	 Providence Equity Partners VI (Umbrella US) L.P.
	  	893,713	  		  	99,301	  		  	249,596
	 Providence Investors VI (Univision) L.P.
	  	725,506	  		  	80,612	  		  	202,619
	 Providence Co-Investors (Univision US) L.P.
	  		  	215,511	  		  	23,946	  	60,188
	 Providence Co-Investors (Univision) L.P.
	  		  	1,413,617	  		  	157,069	  	394,794
		  	 	  	 	  	 	  	 	  	 
	 Total PEP Investors
	  	3,931,209	  	1,629,128	  	436,800	  	181,015	  	1,552,889
						
	 SCG Investors
	  		  		  		  		  	
	 SCG Investments II, LLC
	  	2,077,244	  		  	230,805	  		  	580,131
						
	 TPG Investors
	  		  		  		  		  	
	 TPG Umbrella IV, L.P.
	  	1,287,683	  		  	143,076	  		  	359,623
	 TPG Umbrella International IV, L.P.
	  	694,023	  		  	77,114	  		  	193,826
	 TPG Umbrella V, L.P.
	  	2,015,670	  		  	223,963	  		  	562,935
	 TPG Umbrella International V, L.P.
	  	1,513,243	  		  	168,138	  		  	422,618
	 TPG Umbrella Co-Investment, L.P.
	  		  	112,132	  		  	12,459	  	31,316
	 TPG Umbrella International Co-Investment, L.P.
	  		  	416,498	  		  	46,278	  	116,319
		  	 	  	 	  	 	  	 	  	 
	 Total TPG Investors:
	  	5,510,619	  	528,630	  	612,291	  	58,737	  	1,686,637
						
	 THL Investors
	  		  		  		  		  	
	 Thomas H. Lee Equity Fund VI, L.P.
	  	1,674,648	  		  	186,072	  		  	467,695

											
	 THL Equity Fund VI Investors (Univision), L.P.
	  	1,297,911	  		  	144,212	  		  	362,480
	 THL Equity Fund VI Intermediate Investors (Univision US), L.P.
	  		  	591,924	  		  	65,769	  	165,312
	 THL Equity Fund VI Intermediate Investors (Univision), L.P.
	  		  	1,978,608	  		  	219,845	  	552,584
	 THL Equity Fund VI Investors (GS), LLC
	  		  	17,245	  		  	1,916	  	4,816
		  	 	  	 	  	 	  	 	  	 
	 Total THL Investors:
	  	2,972,559	  	2,587,777	  	330,284	  	287,530	  	1,552,887
						
	 Management1
	  		  		  		  		  	
	 Andrew H. Hobson
	  	272,738	  		  	5,301	  		  	13,323
	 Ray Rodriguez
	  	232,630	  		  	4,178	  		  	10,501
	 Joseph Uva
	  	246,362	  		  	4,037	  		  	10,147
						
	 Bank Investors
	  		  		  		  		  	
	 BACI Investors Intermediate (Univision), L.P.
	  	330,284	  		  	36,698	  		  	92,242
	 Credit Suisse Investors Intermediate (Univision), L.P.
	  	82,571	  		  	9,175	  		  	23,060
	 DB Investors Intermediate (Univision), L.P.
	  	165,142	  		  	18,349	  		  	46,121
	 LB Investors Intermediate (Univision), L.P.
	  	429,370	  		  	47,708	  		  	119,914
	 RBS Investors Intermediate (Univision), L.P.
	  	264,227	  		  	29,359	  		  	73,793
	 WCP Investors Intermediate (Univision), L.P.
	  	165,142	  		  	18,349	  		  	46,121

	 1
	 Includes co-investment shares, restricted stock units and restricted shares.

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page
	1.	  	EFFECTIVENESS; DEFINITIONS	  	2
				
		  	1.1	  	Closing	  	2
				
		  	1.2	  	Definitions	  	2
			
	2.	  	VOTING AGREEMENT	  	2
				
		  	2.1	  	Significant Transactions	  	2
				
		  	2.2	  	Consent to Amendment	  	4
				
		  	2.3	  	Limitation of Proxy	  	4
				
		  	2.4	  	Bank Investors’ Voting Agreement	  	4
				
		  	2.5	  	The Company and Midco	  	4
				
		  	2.6	  	Period	  	4
			
	3.	  	TRANSFER RESTRICTIONS	  	4
				
		  	3.1	  	Transfers Allowed	  	4
				
		  	3.2	  	Certain Transferees to Become Parties	  	6
				
		  	3.3	  	Restrictions on Transfers to Competitors	  	7
				
		  	3.4	  	Impermissible Transfer	  	8
				
		  	3.5	  	Notice of Transfer	  	8
				
		  	3.6	  	Other Restrictions on Transfer	  	8
				
		  	3.7	  	Period	  	8
			
	4.	  	“TAG ALONG” AND “DRAG ALONG” RIGHTS AND RIGHT OF FIRST OFFER	  	8
				
		  	4.1	  	Tag Along	  	8
				
		  	4.2	  	Change of Control Drag Along	  	11
				
		  	4.3	  	Recapitalization Transaction Drag Along	  	13
				
		  	4.4	  	Miscellaneous Sale Provisions	  	17
				
		  	4.5	  	Right of First Offer	  	19
				
		  	4.6	  	Period	  	23
			
	5.	  	HOLDER LOCK UP	  	23
			
	6.	  	REMEDIES	  	23
				
		  	6.1	  	Generally	  	23

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page
		  	6.2	  	Deposit	  	23
			
	7.	  	LEGENDS	  	24
				
		  	7.1	  	Restrictive Legend	  	24
				
		  	7.2	  	1933 Act Legends	  	25
				
		  	7.3	  	Stop Transfer Instruction	  	25
				
		  	7.4	  	Termination of 1933 Act Legend	  	25
				
		  	7.5	  	Transfer of Common Stock	  	25
				
		  	7.6	  	Shares held by Co-Investment Vehicles	  	26
			
	8.	  	AMENDMENT, TERMINATION, ETC	  	26
				
		  	8.1	  	Oral Modifications	  	26
				
		  	8.2	  	Written Modifications	  	26
				
		  	8.3	  	Withdrawal from Agreement	  	27
				
		  	8.4	  	Effect of Termination	  	28
			
	9.	  	DEFINITIONS	  	28
				
		  	9.1	  	Certain Matters of Construction	  	28
				
		  	9.2	  	Definitions	  	28
			
	10.	  	MISCELLANEOUS	  	42
				
		  	10.1	  	Authority; Effect	  	42
				
		  	10.2	  	Notices	  	42
				
		  	10.3	  	Binding Effect, Etc	  	45
				
		  	10.4	  	Descriptive Heading	  	45
				
		  	10.5	  	Counterparts	  	45
				
		  	10.6	  	Severability	  	45
				
		  	10.7	  	No Recourse	  	45
				
		  	10.8	  	Aggregation of Shares	  	46
				
		  	10.9	  	Obligations of Company, Midco and Opco	  	46
				
		  	10.10	  	Confidentiality	  	46
				
		  	10.11	  	Opportunities	  	47
				
		  	10.12	  	Information Rights.	  	48

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page
	11.	  	GOVERNING LAW	  	49
				
		  	11.1	  	Governing Law	  	49
				
		  	11.2	  	Consent to Jurisdiction	  	49
				
		  	11.3	  	WAIVER OF JURY TRIAL	  	49
				
		  	11.4	  	Exercise of Rights and Remedies	  	50Participation, Registration Rights, and Coordination Agreement

 Exhibit 10.10 
 PARTICIPATION, REGISTRATION RIGHTS 
 AND COORDINATION AGREEMENT 
 by and among 
 Broadcasting Media Partners,
Inc. 
 Broadcast Media Partners Holdings, Inc. 
 Umbrella Acquisition, Inc. 
 and 
 Certain Persons who will be Stockholders of Broadcasting Media Partners, Inc. 
 Dated as
of March 29, 2007 

							
	 	 	 	  	 	  	Page
	1.	 	EFFECTIVENESS; DEFINITIONS	  	5
				
		 	1.1	  	Closing	  	5
				
		 	1.2	  	Definitions	  	5
			
	2.	 	RIGHT OF PARTICIPATION	  	5
				
		 	2.1	  	Right of Participation	  	5
				
		 	2.2	  	Post-Issuance Notice	  	9
				
		 	2.3	  	Excluded Transactions	  	10
				
		 	2.4	  	Certain Provisions Applicable to Convertible Securities	  	11
				
		 	2.5	  	Acquired Shares	  	11
				
		 	2.6	  	Period	  	11
			
	3.	 	REGISTRATION RIGHTS	  	11
				
		 	3.1	  	Demand Registration Rights for Investor Registrable Securities	  	11
				
		 	3.2	  	Piggyback Registration Rights	  	14
				
		 	3.3	  	Certain Other Provisions	  	16
				
		 	3.4	  	Indemnification and Contribution	  	23
				
		 	3.5	  	Shelf Take-Downs	  	26
				
		 	3.6	  	Coordination Committee	  	27
			
	4.	 	TRANSFER RESTRICTIONS	  	27
				
		 	4.1	  	Permitted Public Transfers and Block Sales	  	27
				
		 	4.2	  	Distributions to Partners, Members or Stockholders	  	28
				
		 	4.3	  	Volume Limit	  	28
				
		 	4.4	  	No 144 Coordination	  	29
				
		 	4.5	  	Period	  	29
				
		 	4.6	  	Opinion of Counsel	  	29
			
	5.	 	REMEDIES	  	29
			
	6.	 	PERMITTED TRANSFEREES	  	29
			
	7.	 	AMENDMENT, TERMINATION, ETC	  	30
				
		 	7.1	  	Oral Modifications	  	30
				
		 	7.2	  	Written Modifications	  	30
				
		 	7.3	  	Withdrawal from Agreement	  	31
				
		 	7.4	  	Effect of Termination	  	31

  

 1 

							
			
	8.	  	LEGENDS	  	31
				
		  	8.1	  	Restrictive Legend	  	31
				
		  	8.2	  	Stop Transfer Instruction	  	32
				
		  	8.3	  	Transfer of Common Stock	  	32
			
	9.	  	DEFINITIONS	  	32
				
		  	9.1	  	Certain Matters of Construction	  	32
				
		  	9.2	  	Definitions	  	33
			
	10.  	  	MISCELLANEOUS	  	45
				
		  	10.1	  	Authority: Effect	  	45
				
		  	10.2	  	Notices	  	45
				
		  	10.3	  	Binding Effect, Etc	  	48
				
		  	10.4	  	Descriptive Heading	  	48
				
		  	10.5	  	Counterparts	  	48
				
		  	10.6	  	Severability	  	48
				
		  	10.7	  	No Recourse	  	48
				
		  	10.8	  	Aggregation of Shares	  	49
				
		  	10.9	  	Obligations of Company, Midco and Opco	  	49
				
		  	10.10	  	Tacking	  	49
			
	11.	  	GOVERNING LAW	  	49
				
		  	11.1	  	Governing, Law	  	49
				
		  	11.2	  	Consent to Jurisdiction	  	49
				
		  	11.3	  	WAIVER OF JURY TRIAL	  	50
				
		  	11.4	  	Exercise of Rights and Remedies	  	50

  

 2 

 EXECUTION COPY 
 PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 
 This Participation, Registration
Rights and Coordination Agreement (the “Agreement”) is made as of March 29, 2007 by and among: 
  

	 	(i)	Broadcasting Media Partners, Inc., a Delaware corporation (f/k/a Umbrella Holdings, LLC, and together with its successors and permitted assigns, the “Company”);

  

	 	(ii)	Broadcast Media Partners Holdings, Inc., a Delaware corporation (together with its successors and permitted assigns, “Midco”); 

  

	 	(iii)	Umbrella Acquisition, Inc., a Delaware corporation (“Acquisition Sub”); and 

  

	 	(iv)	each Person executing this Agreement as a Principal Investor (collectively with their Permitted Transferees and so long as they are members of a Principal Investor Group, the
“Principal Investors”); 

  

	 	(v)	each Person executing this Agreement as a Bank Investor (collectively with their Permitted Transferees, the “Bank Investors”); 

  

	 	(vi)	each Person executing this Agreement as an Other Investor (collectively with their Permitted Transferees and with Persons who executed this Agreement as Principal Investors who have
ceased to be members of a Principal Investor Group, the “Other Investors” and, together with the Principal Investors and the Bank Investors, the “Investors”); and 

  

	 	(vii)	each Person executing this Agreement and listed as a Manager on the signature pages hereto and such other Persons, if any, that from time to time become party hereto as Managers
(collectively, the “Managers” and together with the Investors, the “Holders”). 

  

 3 

 RECITALS 
 1. Each of the Company, Midco and Acquisition Sub, has been formed for the purpose of engaging in a transaction in which Acquisition Sub will be merged with and into Univision Communications Inc.
(“Univision”), with Univision surviving (the “Merger”) pursuant to an Agreement and Plan of Merger between the Company, Acquisition Sub and Univision dated as of June 26, 2006 (as amended from time to time, the
“Merger Agreement”). The rights and obligations of “Opco” hereunder shall refer to the rights and obligations of Acquisition Sub at all times prior to the consummation of the Merger, and thereafter shall refer to
the rights and obligations of Univision, as a successor entity to Acquisition Sub, and its successors and permitted assigns. 
 2. On the
date hereof, certain Holders and certain other investors will, in exchange for cash, acquire Class A Stock and Class L Stock from the Company and Preferred Stock from Midco. The cash proceeds received by the Company in exchange for such
Class A Stock and Class L Stock are referred to as the “Class A and L Proceeds”. The cash proceeds received by Midco in exchange for such Preferred Stock are referred to collectively with the Class A and L Proceeds as the
“Proceeds”. Prior to the Closing (as defined below), the Company will contribute all the Class A and L Proceeds and all the issued and outstanding common stock of Acquisition Sub to Midco in exchange for common stock of Midco,
and the Company will thereby hold all of the issued and outstanding common stock of Midco, and Acquisition Sub will thereby become a wholly owned subsidiary of Midco. Thereafter, Midco will contribute all the Proceeds to Acquisition Sub. 

3. Upon the Closing, shares of common stock of Acquisition Sub shall be automatically converted into shares of common stock of Univision, and Midco
will thereby hold all of the issued and outstanding common stock of Univision. 
 4. Immediately following the Closing, the Common Stock, the
Preferred Stock and all Options (as defined below) will be held as set forth on Schedule I hereto. 
 5. In connection with the
acquisition of such securities, the Company, Midco, Opco, the Holders and certain other stockholders of the Company and Midco have entered into a stockholders agreement dated as of the date hereof (as in effect from time to time, the
“Stockholders Agreement”). 
 6. The parties believe that it is in the best interests of the Company, Midco, Opco and the
Holders to set forth their agreements on certain matters. 
 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT

 AGREEMENT 
 Therefore, the parties hereto hereby agree as follows: 
 1. EFFECTIVENESS; DEFINITIONS. 
 1.1 Closing. This Agreement shall become effective upon the initial issuance of Stock to the Holders in anticipation of the consummation of
the closing under the Merger Agreement (the “Closing”). 
 1.2 Definitions. Certain terms are used in this
Agreement as specifically defined herein. These definitions are set forth or referred to in Section 9 hereof. 
 2. RIGHT OF PARTICIPATION.
Subject to Section 2.3, the Company shall not, and shall not permit any direct or indirect subsidiary of the Company (the Company and each such subsidiary, an “Issuer”) to, issue or sell any shares of any of the Company’s
or its subsidiaries’ capital stock or any securities convertible into or exchangeable for any shares of their respective capital stock, issue or grant any Convertible Securities for the purchase of, or enter into any agreements providing for
the issuance (contingent or otherwise) of, any of their respective capital stock or any stock or securities convertible into or exchangeable for any shares of their respective capital stock, in each case, to any Person (each an
“Issuance” of “Subject Securities”), except in compliance with the provisions of Section 2.1 or Section 2.2. 
 2.1 Right of Participation. 
 2.1.1 Offer. Not fewer than fifteen
(15) business days prior to the consummation of an Issuance, a notice (the “Participation Notice”) shall be furnished by the Issuer to each holder of record of Participation Shares (the “Participation
Offerees”). The Participation Notice shall include: 
 (a) the principal terms and conditions of the proposed
Issuance, including (i) the amount, kind and terms of the Subject Securities to be included in the Issuance, (ii) the number of Equivalent Shares represented by such Subject Securities (if applicable), (iii) the percentage of the
total Purchase Price Value of Shares outstanding immediately prior to giving effect to such Issuance which the Purchase Price Value of Participation Shares held by such Participation Offeree constitutes (the “Participation Portion”)
based on the Issuer’s books and records, (iv) the maximum and minimum cash price (including if applicable, the maximum and minimum Price Per Equivalent Share) per unit of the Subject Securities, (v) the proposed manner of issuance,
(vi) the name and address of the Person(s) to whom the Subject Securities are proposed to be issued (the “Prospective Subscriber”) and (vii) if known, the proposed Issuance date; and 
 (b) an offer by the Issuer to issue to such Participation Offeree such portion of the Subject Securities to be included in the Issuance as
may be requested by such Participation Offeree (not to exceed the Participation Portion of the total amount of Subject Securities to be included in the Issuance), on the same terms and conditions, with respect to each unit of Subject Securities as
each of the Prospective Subscribers is contemplated to be issued in the Issuance. 
 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND
COORDINATION AGREEMENT 

 2.1.2 Exercise. 
 (a) General. Each Participation Offeree desiring to accept the offer contained in the Participation Notice shall accept such offer
by furnishing a written notice of such acceptance to the Issuer within ten (10) business days after the date of delivery of the Participation Notice specifying the amount of Subject Securities (not in any event to exceed the Participation
Portion of the total amount of Subject Securities to be included in the Issuance) which such Participation Offeree desires to be issued to it (each such accepting Participation Offeree, a “Participating Buyer”). Each Participation
Offeree who does not accept such offer in compliance with the above requirements, including the applicable time periods, shall be deemed to have waived all of such Participation Offeree’s rights to participate in such Issuance, and the Issuer
shall thereafter be free to issue Subject Securities in such Issuance to the Prospective Subscriber and any Participating Buyers, at a prices no less than the minimum price set forth in the Participation Notice and on other principal terms not
substantially more favorable to the Prospective Subscriber and the Participating Buyer than those set forth in the Participation Notice, without any further obligation to such non-accepting Participation Offerees pursuant to this Section 2. To
the extent that any Participation Offeree does not offer to purchase its full Participation Portion of the Subject Securities, any such Subject Securities shall be offered to those Participating Buyers who have offered to purchase their full
Participation Portion, pro rata in accordance with the Purchase Price Value of Participation Shares held by such Participating Buyers. Each such Participating Buyer shall provide notice to the Issuer within two (2) business days of receipt of
the offer from the Issuer if it wishes to purchase all or any portion of such Subject Securities. 
 (b) Change in Offer
Terms. If, prior to consummation, the terms of such proposed Issuance shall change with the result that the price shall be less than the minimum price set forth in the Participation Notice or the other principal terms shall be substantially more
favorable to the Prospective Subscriber than those set forth in the Participation Notice, it shall be necessary for a separate Participation Notice to be furnished, and the terms and provisions of this Section 2.1 separately complied with, in
order to consummate such Issuance pursuant to this Section 2.1; provided, however, that in such case of a separate Participation Notice, the applicable period to which reference is made in the first sentence of Section 2.1.1,
in the first sentence of Section 2.1.2(a) and in the last sentence of Section 2.1.2(a) shall be three (3) business days, two (2) business days and one (1) business day, respectively. 
 (c) Irrevocable Acceptance. The acceptance of each Participating Buyer shall be irrevocable except as provided in this
Section 2.1.2(c) and Section 2.1.4, and each such Participating Buyer shall be bound and obligated to acquire in the Issuance on the same terms and conditions, with respect to each 

  

 6 

 
unit of Subject Securities issued, as the Prospective Subscriber, at a cash price not in excess of the maximum price set forth in the Participation Notice
and on other principal terms not substantially less favorable to the Participating Buyer than those set forth in the Participation Notice, such amount of Subject Securities as such Participating Buyer shall have specified in such Participating
Buyer’s written commitment. If, prior to consummation, the terms of such proposed Issuance shall change with the result that the price shall be higher than the maximum price set forth in the Participation Notice or the other principal terms
shall be substantially less favorable to the Prospective Subscriber than those set forth in the Participation Notice, the acceptance by each Participating Buyer shall be deemed to be revoked, and it shall be necessary for a separate Participation
Notice to be furnished, and the terms and provisions of this Section 2.1 separately complied with, in order to consummate such Issuance pursuant to this Section 2.1; provided, however, that in such case of a separate
Participation Notice, the applicable period to which reference is made in the first sentence of Section 2.1.1, in the first sentence of Section 2.1.2(a) and in the last sentence of Section 2.1.2(a) shall be three (3) business
days, two (2) business days and one (1) business day, respectively. 
 (d) Time Limitation. If at the end of
the 270th day after the date of the effectiveness of the Participation Notice the Issuer has not completed the Issuance (unless the failure to complete such Issuance resulted directly from any failure by the FCC to consent to such Issuance;
provided, that such consent is received within one hundred and eighty (180) days of such 270th day), each Participating Buyer shall be released from such Participating Buyer’s obligations under the written commitment, the
Participation Notice shall be null and void, and it shall be necessary for a separate Participation Notice to be furnished, and the terms and provisions of this Section 2.1 separately complied with, in order to consummate such Issuance pursuant
to this Section 2.1; provided, however, that in such case of a separate Participation Notice on substantially the same terms and conditions, the applicable period to which reference is made in the first sentence of
Section 2.1.1, in the first sentence of Section 2.1.2(a) and in the last sentence of Section 2.1.2(a) shall be three (3) business days, two (2) business days and one (1) business day, respectively. 
 2.1.3 Other Securities. The Issuer may condition the participation of the Participation Offerees in an Issuance upon the purchase
by such Participation Offerees of any securities (including debt securities) other than Subject Securities (“Other Securities”) in the event that the participation of the Prospective Subscriber in such Issuance is so conditioned and
the principal terms and conditions of such Other Securities are described in the Participation Notice. In such case, each Participating Buyer shall acquire in the Issuance, together with the Subject Securities to be acquired by it, Other Securities
in the same proportion to the Subject Securities to be acquired by it as the Other Securities being acquired by the Prospective Subscriber in the Issuance bears to the Subject Securities being acquired by the Prospective Subscriber in the Issuance,
on the same terms and conditions, as to each unit of Other Securities to be issued to the Prospective Subscriber in the Issuance. 
  

 7 

 2.1.4 Certain Legal Requirements. In the event that the participation in the
Issuance by a Participation Offeree as a Participating Buyer would require under applicable law (a) the registration or qualification of such securities or of any Person as a broker or dealer or agent with respect to such securities where such
registration or qualification is not otherwise required for the Issuance or (b) the provision to any participant in the Issuance of any specified information regarding the Company or any of its subsidiaries or the Subject or Other Securities
that is not otherwise required to be provided for the Issuance, such Participation Offeree shall not have the right to participate in the Issuance. Without limiting the generality of the foregoing, it is understood and agreed that neither the
Company nor the Issuer shall be under any obligation to effect a registration of such securities under the Securities Act or similar state statutes. 
 2.1.5 Further Assurances. Each Participating Buyer shall take or cause to be taken all such reasonable actions as may be necessary or reasonably desirable to expeditiously consummate each Issuance pursuant to
this Section 2.1, including executing, acknowledging and delivering consents, assignments, waivers and other documents or instruments; filing applications, reports, returns, filings and other documents or instruments with governmental
authorities; and otherwise reasonably cooperating with the issuer and the Prospective Subscriber. Without limiting the generality of the foregoing, each such Participating Buyer agrees to execute and deliver such subscription and other agreements
specified by the Issuer to which the Prospective Subscriber will be party, the form of which is materially consistent with the form provided to such Participating Buyer with the Participation Notice, or is otherwise reasonably acceptable to such
Participating Buyer. In connection with any FCC approval required with regards to any Issuance, the Issuer shall file such FCC applications as it is required to file in order to obtain such FCC approval, and each Participating Buyer shall cooperate
with the Issuer and promptly provide it with any and all information necessary or as otherwise reasonably requested by the Issuer to complete the filing of such applications and to obtain such FCC approval. The Issuer shall use its reasonable best
efforts to obtain such FCC approval, including (a) diligently prosecuting such applications, including opposing any petitions to deny, or other objections filed with respect to, such FCC applications, and (b) promptly taking all other
actions reasonably requested by the Participating Buyers as necessary, desirable and/or appropriate to facilitate obtaining such FCC approval. Without limitation to the above, upon prior written request from a Participating Buyer, the Issuer shall
convert any voting securities to be issued to such Participating Buyer into non-voting securities immediately prior to such issuance. 
 2.1.6 Expenses. All costs and expenses incurred by (i) the Issuer, and (ii) the Principal Investor Groups, in connection with any proposed Issuance of Subject Securities (whether or not consummated),
including all attorney’s fees and charges, all accounting fees and charges and all finders, brokerage or investment banking fees, charges or commissions, shall be paid by the Company or the Issuer. In addition, all fees and charges of one
attorney representing the Participating Buyers (other than the Principal Investor Group) shall be paid by the Company or the Issuer. 
  

 8 

 2.1.7 Closing. The closing of an Issuance pursuant to Section 2.1 shall take
place (a) on the proposed date of Issuance, if any, set forth in the Participation Notice (provided that consummation of any Issuance may be extended beyond such date to the extent necessary to obtain any applicable governmental approval
or other required approval or to satisfy other conditions), (b) if no proposed Issuance date was required to be specified in the Participation Notice, at such time as the Issuer shall specify by notice to each Participating Buyer;
provided that no individual Participating Buyer shall be required, without its consent, to close its particular transaction prior to the date that is fifteen business days after the Issuer issues the applicable Participation Notice and
(c) at such place as the Issuer shall specify by notice to each Participating Buyer. At the closing of any Issuance under this Section 2.1.7, each Participating Buyer shall be delivered the notes, certificates or other instruments
evidencing the Subject Securities and, if applicable, Other Securities) to be issued to such Participating Buyer, registered in the name of such Participating Buyer or such holder’s designated nominee, free and clear of any liens or
encumbrances, with any transfer tax stamps affixed, against delivery by such Participating Buyer of the applicable consideration. 
 2.2
Post-Issuance Notice. Notwithstanding the requirements of Section 2.1, the Issuer may proceed with any Issuance prior to having complied with the provisions of Section 2.1; provided that the Issuer shall: 
 (a) provide to each holder of Shares who would have been a Participation Offeree in connection with such Issuance (i) with prompt
notice of such Issuance and (ii) the Participation Notice described in Section 2.1.1 in which the actual price per unit of Subject Securities and, if applicable, actual Price Per Equivalent Share shall be set forth; 
 (b) offer to issue to such holder of Shares such number of securities of the type issued in the Issuance as may be requested by such
holder of Shares, not to exceed the Participation Portion that such holder of Shares would have been entitled to pursuant to Section 2.1 multiplied by the sum of (a) the number of Subject Securities included in the Issuance and
(b) the maximum aggregate number of shares issuable pursuant to this Section 2.2 with respect to such Issuance, on the same economic terms and conditions with respect to such securities as the subscribers in the Issuance received; and

 (c) keep such offer open for a period of fifteen (15) business days, during which period, each such holder may accept
such offer by sending a written acceptance to the Issuer committing to purchase an amount of such securities (not in any event to exceed the Participation Portion that such holder would have been-entitled to pursuant to Section 2.1 multiplied
by the sum of (a) the number of Subject Securities included in such issuance and (b) the aggregate number of shams issued pursuant to this Section 2.2 with respect to such Issuance). The closing of any such transaction shall occur at
such time as the Issuer specifies, but in any event not prior to the date that is fifteen (15) business days after the Issuer issues the Participation Notice contemplated by Section 2.2(a)(ii). 
  

 9 

 2.3 Excluded Transactions. The provisions of this Section 2 shall not apply to Issuances by
the Company or any subsidiary of the Company as follows: 
 (a) Any Issuance to the Company or any wholly owned subsidiary of
the Company; 
 (b) Any Issuance of securities upon the exercise or conversion of any Stock or Convertible Securities
outstanding on the date hereof or Issued after the date hereof in a transaction that complied with the provisions of this Section 2 (including any conversion of Class A-1 Stock into Class A-2 Stock, and vice versa, and the conversion
of Class L-1 Stock into Class L-2 Stock, and vice versa); 
 (c) Any Issuance of shares of Stock or Convertible Securities, in
each case to the extent approved by the Board or pursuant to an employment benefit plan or arrangement approved by the Board, to officers, employees, directors or consultants (other than an Investor or an Affiliate thereof) of the Company or its
subsidiaries, or to BMPI Services LLC, in connection with such Person’s employment or consulting arrangements with the Company or its subsidiaries; 
 (d) Any Issuance of shares of Stock or Convertible Securities (other than to a Principal Investor or an Affiliate thereof), in each case to the extent approved by the Board, (i) in any business combination or
acquisition transaction involving the Company or any of its subsidiaries, including a Change of Control, (ii) in connection with any joint venture or strategic partnership entered into primarily for purposes other than raising capital (as
determined by the Board in it sole discretion), or (iii) to financial institutions, commercial lenders, broker/finders or any similar party, or their respective designees, in connection with the incurrence or guarantee of indebtedness by the
Company or any of its subsidiaries; 
 (e) Any Issuance of Stock pursuant to a Public Offering; 
 (f) The Issuance of Shares to the Investors, Managers and any other Person who is a party to the Stockholders Agreement in connection with
the Closing; 
 (g) Any Issuance of securities in connection with any stock split, stock dividend paid on a proportionate
basis to all holders of the affected class of Stock or recapitalization (including a Recapitalization Transaction) approved by the Board; 
 (h) Any Issuance of shares of Stock or Convertible Securities, shares of capital stock of any direct or indirect subsidiary of the Company, or any other securities in connection with a Strategic Investor Transaction;

 (i) Any Issuance of shares of Stock or Convertible Securities, shares of capital stock of any direct or indirect subsidiary
of the Company, or any other securities which is approved by the Majority Principal Investors; provided, that such Issuance is not to Principal Investors or their Affiliates; or 
  

 10 

 (j) Any Issuance of shares of capital stock of any direct or indirect subsidiary of the
Company to the stockholders of the Company in order to effect a “spin-off” transaction of a direct or indirect subsidiary of the Company. 
 2.4 Certain Provisions Applicable to Convertible Securities. In the event that the Issuance of Subject Securities shall result in any increase in the number of shares of Stock issuable upon exercise, conversion or exchange of any
Convertible Securities, the number of shares (or Equivalent Shares, if applicable) of Subject Securities and Other Securities, if applicable which the holders of such Convertible Securities, as the case may be, shall be entitled to purchase pursuant
to Section 2.1 or 2.2, as applicable, if any, shall be reduced, share for share, by the amount of any such increase. 
 2.5 Acquired
Shares. Any Subject Securities constituting Stock acquired by any Investor or Manager pursuant to this Section 2 shall be deemed for all purposes hereof to be Shares hereunder and under the Stockholders Agreement. 
 2.6 Period. Each of the foregoing provisions of this Section 2 shall expire on the earlier of (a) a Change of Control or (b) the
closing of the Initial Public Offering. 
 3. REGISTRATION RIGHTS. The Company will perform and comply, and cause each of its subsidiaries to perform
and comply, with such of the following provisions as are applicable to it. Each Holder will perform and comply with such of the following provisions as are applicable to such Holder. 
 3.1 Demand Registration Rights for Investor Registrable Securities. 
 3.1.1 General. One or more current or former Principal Investor Groups (the “Initiating Investors”), by notice to
the Company specifying the amount and intended method or methods of disposition, may request that the Company effect the registration under the Securities Act for a Public Offering (including by means of a shelf registration pursuant to Rule 415 if
so requested by the Initiating Investors if the Company is then eligible to use such registration) of all or a specified part of the Registrable Securities held by such Initiating Investors; provided, however, that (i) until the
second (2nd) anniversary of the Qualified Public Offering, the Initiating Investors must, in the aggregate, hold at least a majority of the Registrable Securities then held by all current or former Principal Investor Groups and on or after the
second (2nd) anniversary of the Qualified Public Offering, the Initiating Investors must, in the aggregate, hold at least one-third of the Registrable Securities then held by all current or former Principal Investor Groups, (ii) the
Company shall not be obligated to file a registration statement relating to any registration request under this Section 3.1.1 within a period of 180 days after the effective date of any other registration statement relating to any registration
request under this Agreement without the consent of the Majority Principal Investors (or the Company if there are no Principal Investors remaining); provided that if the Initiating Investors make a request under this Section 3.1.1, and
the Company determines to include shares for its own account in such 

  

 11 

 
registration statement resulting in the Initiating Investors being permitted to register not more than 50% of the Registrable Securities that they requested
to register, then this clause (ii) shall not limit the ability of any Initiating Investors to make additional requests within such 180 day period, (iii) the value of Registrable Securities that the Initiating Investors propose to sell in
such Public Offering must be at least (A) fifty million dollars ($50,000,000), if such registration could be effected by the filing of a registration statement on Form S-1, (B) thirty million dollars ($30,000,000), if such registration
could be effected by the filing of a registration statement on Form S-3, or (C) such lower amount as agreed by the Majority Principal Investors (or the Company if there are no Principal Investors remaining), and (iv) for so long as there
are any Principal Investors, the Initial Public Offering may not be initiated pursuant to this Section 3.1 without the approval of the Majority Principal Investors. The Company will then use its best efforts to (i) effect the registration
under the Securities Act of the Registrable Securities which the Company has been requested to register by such Initiating Investors together with all other Registrable Securities which the Company has been requested to register pursuant to
Section 3.2 by other Holders, all to the extent requisite to permit the disposition (in accordance with the intended methods thereof as aforesaid and as otherwise specified by the Coordination Committee) of the Registrable Securities which the
Company has been so requested to register, and (ii) when directed by the Coordination Committee, obtain acceleration of the effective date of the registration statement relating to such registration; provided, however, that the
Company shall not be obligated to effect any such registration pursuant to this Section 3.1.1: 
 (a) during the
effectiveness of any Principal Lock-Up Agreement entered into in connection with any registration statement pertaining to an underwritten public offering of securities of the Company; 
 (b) and in any particular jurisdiction in which the Company would be required to qualify to do business or to execute a general consent to
service of process in effecting such registration, qualification or compliance unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act. 
 3.1.2 Form. Except as otherwise provided above or required by law, so long as the Company is eligible and qualified to register
Registrable Securities on Form S-3 (or any successor or similar short form registration statement) each registration requested pursuant to Section 3.1.1 shall be effected by the filing of a registration statement on Form S-3 (or any other form
which includes substantially the same information as would be required to be included in a registration statement on such form as currently constituted); provided that if any registration requested pursuant to this Section 3.1 is
proposed to be effected on Form S-3 (or any successor or similar shortform registration statement) and is in connection with an underwritten offering, and if the managing underwriter shall advise the Company in writing that, in its opinion, it is of
material importance to the success of such proposed offering to file a registration statement on Form S-1 (or any successor or similar registration statement) or to include in such registration statement information not required to be included
pursuant to Form S-3 (or any successor or similar shortform registration statement), then the Company will file a registration statement on Form S-1 or supplement Form S-3 (or any successor or similar shortform registration statement) as reasonably
requested by such managing underwriter. 
  

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 3.1.3 Payment of Expenses. The Company shall pay all Registration Expenses in
connection with registrations of Registrable Securities pursuant to this Section 3.1, including all reasonable expenses (other than fees and disbursements of counsel that do not constitute Registration Expenses) that any Holder incurs in
connection with each registration of Registrable Securities requested pursuant to this Section 3.1. 
 3.1.4
Additional Procedures. In the ease of a registration pursuant to Section 3.1 hereof, whenever the Coordination Committee shall direct that such registration shall be effected pursuant to an underwritten offering, the Company shall
include such information in the written notices to Holders referred to in Section 3.2. In such event, the right of any Holder to have securities owned by such Holder included in such registration pursuant to Section 3.1 shall be
conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed upon by the Coordination Committee and such Holder). If
directed to do so by the Coordination Committee, the Company together with the Holders proposing to distribute their securities through the underwriting will enter into an underwriting agreement with the underwriters for such offering containing
such representations and warranties by the Company and such Holders and such other terms and provisions as are customarily contained in underwriting agreements with respect to secondary distributions, including customary indemnity and contribution
provisions (subject, in each case, to the limitations on such liabilities set forth in this Agreement). 
 3.1.5 Suspension
of Registration. If the filing, initial effectiveness or continued use of a registration statement, including a shelf registration statement pursuant to Rule 415, in respect of a registration pursuant to this Section 3.1 at any time would
require the Company to make a public disclosure of material non-public information, which disclosure in the good faith judgment of the Board (after consultation with external legal counsel) (a) would be required to be made in any registration
statement so that such registration statement would not be materially misleading, (b) would not be required to be made at such time but for the filing, effectiveness or continued use of such registration statement and (c) would have a
material adverse effect on the Company or its business or on the Company’s ability to effect a material proposed acquisition, disposition, financing, reorganization, recapitalization or similar transaction, then the Company may, upon giving
prompt written notice of such action to the Holders participating in such registration, delay the filing or initial effectiveness of, or suspend use of, such registration statement; provided, that the Company shall not be permitted to do so
(x) more than two times during any twelve (12) month period, (y) for a period exceeding forty five (45) days on any one occasion or (z) for periods exceeding, in the aggregate, ninety (90) days in any twelve
(12) month period. In the event the Company exercises its rights under the preceding sentence, such Holders agree to suspend, promptly upon their receipt of the notice referred to above, their use of any Prospectus relating to such registration
in connection with any sale or offer to sell Registrable Securities. The Company shall 

  

 13 

 
promptly notify such Holders of the expiration of any period during which it exercised its rights under this Section 3.1.5. The Company agrees that, in
the event it exercises its rights under this Section 3.1.5, it shall, within forty five (45) days following such Holders’ receipt of the notice of suspension, update the suspended registration statement as may be necessary to permit
the Holders to resume use thereof in connection with the offer and sale of their Registrable Securities in accordance with applicable law. 
 3.2 Piggyback Registration Rights. 
 3.2.1 Piggyback Registration. 
 (a) General. Each time the Company proposes to register any shares of Common Stock under the Securities Act on a form which would
permit registration of Registrable Securities for sale to the public, for its own account and/or for the account of any other Person (pursuant to Section 3.1 or otherwise) for sale in a Public Offering, the Company will give notice of its
intention to do so to each Holder who at such time is not entitled to withdraw from this Agreement pursuant to Section 7.3 (“Piggyback Eligible Holder”). Any Piggyback Eligible Holder may, by written response delivered to the
Company within fifteen (15) days after the date of delivery of such notice, request that all or a specified part of such Piggyback Eligible Holder’s Registrable Securities be included in such registration. The Company thereupon will use
its best efforts to cause to be included in such registration under the Securities Act all Registrable Securities which the Company has been so requested to register by such Piggyback Eligible Holders, to the extent required to permit the
disposition (in accordance with the methods to be used by the Company or, pursuant to Section 3.1, other Holders in such Public Offering) of the Registrable Securities to be so registered; provided that (i) if, at any time after
giving written notice of its intention to register any securities, the Company shall determine for any reason not to proceed with the proposed registration of the securities to be sold by it and/or for the account of any other Person (pursuant to
Section 3.1 or otherwise), the Company may, at its election, give written notice of such determination to each Piggyback Eligible Holder and, thereupon, shall be relieved of its obligation to register any Registrable Securities in connection
with such registration (but not from its obligation to pay the Registration Expenses in connection therewith), and (ii) if such registration involves an underwritten offering, all Piggyback Eligible Holders requesting to be included in the
Company’s registration must sell their Registrable Securities to the underwriters selected by the Coordination Committee on the same terms and conditions as apply to the Company (with such differences as may be customary or appropriate in
combined primary and secondary offerings) or, in the case of a registration initiated pursuant to Section 3.1.1, the Initiating Investors. No registration of Registrable Securities effected under this Section 3.2 shall relieve the Company
of any of its obligations to effect registrations of Registrable Securities pursuant to Section 3.1 hereof. 
  

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 (b) Excluded Transactions. The Company shall not be obligated to effect any
registration of Registrable Securities under this Section 3.2 incidental to the registration of any of its securities in connection with: 
 (i) Any Public Offering relating to employee benefit plans or dividend reinvestment plans; 
 (ii) Any Public Offering relating to the acquisition or merger after the date hereof by the Company or any of its subsidiaries of or with any other businesses except to the extent such Public Offering is for the sale of securities for cash;
or 
 (iii) Any Public Offering up to and including the Qualified Public Offering, except to the extent the Majority
Principal Investors (or the Company if there are no Principal Investors remaining) otherwise determine; provided that the Principal Investors do not participate in such Public Offering. 
 3.2.2 Payment of Expenses. The Company will pay all Registration Expenses in connection with registrations of Registrable
Securities pursuant to this Section 3.2. 
 3.2.3 Additional Procedures. Piggyback Eligible Holders participating
in any Public Offering pursuant to this Section 3.2 shall take all such actions and execute all such documents and instruments that are reasonably requested by the Company to effect the sale of their Registrable Securities in such Public
Offering, including being parties to any underwriting agreement entered into by the Company (as directed by the Coordination Committee) and any other selling shareholders in connection therewith and being liable in respect of the representations and
warranties and the other agreements (including customary selling stockholder representations, warranties, indemnifications and “lock-up” agreements) for the benefit of the underwriters contained therein; provided, however,
that (a) with respect to individual representations, warranties, indemnities and agreements of sellers of Registrable Securities in such Public Offering, the aggregate amount of such liability shall not exceed such Holder’s net proceeds
from such offering and (b) to the extent selling stockholders give further representations, warranties and indemnities in respect of the Company or the business of the Company, then with respect to all other representations, warranties and
indemnities of sellers of shares in such Public Offering, the aggregate amount of such liability shall not exceed the lesser of (i) such Holder’s pro rata portion of any such liability, in accordance with such holder’s portion of the
total number of Registrable Securities included in the offering, and (ii) such Holder’s net proceeds from such offering. 
 3.2.4 Registration Statement Form. The Company shall select the registration statement form for any registration pursuant to this Section 3.2 (other than a registration that is also pursuant to Section 3.1); provided
that if any registration requested pursuant to this Section 3.2 is proposed to be effected on Form S-3 (or any successor form) and is in connection with an underwritten offering, and if the managing 

  

 15 

 
underwriter shall advise the Company in writing that, in its opinion, it is of material importance to the success of such proposed offering to include in
such registration statement information not required to be included pursuant to such form, then the Company will supplement such registration statement as reasonably requested by such managing underwriter. 
 3.3 Certain Other Provisions. 
 3.3.1 Underwriter’s Cutback. In connection with any registration of Shares, the underwriter may determine that marketing factors (including an adverse effect on the per share offering price) require a limitation of the number of
Shares to be underwritten. Notwithstanding any contrary provision of this Section 3 and subject to the terms of this Section 3.3.1, the underwriter may limit the number of Shares which would otherwise be included in such registration by
excluding any or all Registrable Securities from such registration, it being understood that, if the registration in question involves a registration for sale of securities for the Company’s own account, then the number of Shares which the
Company seeks to have registered in such registration shall not be subject to exclusion, in whole or in part, under this Section 3.3.1. Upon receipt of notice from the underwriter of the need to reduce the number of Shares to be included in the
registration, the Company shall advise all holders of the Company’s securities that would otherwise be registered and underwritten pursuant hereto, and the number of Shares of such securities, including Registrable Securities, that may be
included in the registration shall be allocated in the following manner, unless the underwriter shall determine that marketing factors require Manager Holders to be cutback disproportionately: Shares, other than Registrable Securities, requested to
be included in such registration by other stockholders shall be excluded unless the Company, with the consent of the Majority Principal Investors, has granted registration rights which are to be treated on an equal basis with Registrable Securities
for the purpose of the exercise of the underwriter cutback (such shares afforded such equal treatment being “Parity Shares”); and, if a limitation on the number of Shares is still required, the number of Registrable Securities and
Parity Shares that may be included in such registration (as approved by the Majority Principal Investors) shall be allocated among the holders thereof in proportion, as nearly as practicable, as follows: to each such holder requesting that its
Registrable Securities or Parity Shares be registered in such registration a number of such shares to be included in such registration equal to the lesser of (A) the number of such shares of Registrable Securities or Parity Shares requested to
be registered by such holder, and (B) a number of such shares equal to such holder’s Pro Rata Portion. 
 For purposes of any
underwriter cutback, all Registrable Securities held by any Holder shall also include any Registrable Securities held by the partners, retired partners, shareholders or Affiliates of such Holder, or the estates and Family Members of any such Holder
or such partners and retired partners, any trusts for the benefit of any of the foregoing Persons and, at the election of such Holder or such partners, retired partners, trusts or Affiliates, any Charitable Organization, in each case to which any of
the foregoing shall have distributed, transferred or contributed Common Stock prior to the execution of the underwriting agreement in connection with such underwritten offering; provided that, subject to Section 10.8, such distribution,
transfer or contribution occurred 

  

 16 

 
not more than 90 days prior to such execution, and such Holder and other Persons shall be deemed to be a single selling Holder, and any pro rata reduction
with respect to such selling Holder shall be based upon the aggregate amount of Common Stock owned by all entities and individuals included in such selling Holder, as defined in this sentence. No securities excluded from the underwriting by reason
of the underwriter’s marketing limitation shall be included in such registration. 
 Upon delivery of a written request that Registrable
Securities be included in the underwriting pursuant to Section 3.1.1 or 3.2.1(a), the Holder thereof may not thereafter elect to withdraw therefrom without the written consent of the Coordination Committee; provided that, if the managing
underwriter of any underwritten offering shall advise the Holders participating in a registration pursuant to Section 3.1 that the Registrable Securities covered by the registration statement cannot be sold in such offering within a price range
acceptable to the Initiating Investors, then such Initiating Investors shall have the right to notify the Company that they have determined that the registration statement be abandoned or withdrawn, in which event the Company shall abandon or
withdraw such registration statement; provided, further, that if the price to the public at which the Registrable Securities are proposed to be sold will be less than 90% of the average closing price of the class of stock being sold in
the offering during the ten (10) trading days preceding the date on which notice of such offering was given pursuant to Section 3.2.1(a), then a Holder participating in such registration pursuant to Section 3.1 or 3.2 may elect to
withdraw from such registration by written notice to the Company. The Company may, but shall not be required to, extend a similar withdrawal right to other Holders of Registrable Securities or Parity Shares. 
 3.3.2 Registration Procedures. If and in each case when the Company is required to effect a registration of any Registrable
Securities as provided in this Section 3, the Company shall promptly: 
 (a) prepare and, in any event within sixty
(60) days (forty five (45) days in the case of a Form S-3 registration) after the end of the period under Section 3.2.1(a) within which a piggyback request for registration may be given to the Company, file with the Commission a
registration statement with respect to such Registrable Securities and use its best efforts to cause such registration statement to become effective as soon as practicable, and in any event within ninety (90) days after the initial filing;

 (b) prepare and file with the Commission such amendments and supplements to such registration statement and the Prospectus
or Free Writing Prospectus used in connection therewith as may be necessary to keep such registration statement effective for a period not in excess of two hundred and seventy (270) days or two (2) years in the case of shelf registration
statements (or, in either case, such shorter period which will terminate when all Registrable Securities covered by such registration statement have been sold) and to comply with the provisions of the Securities Act and the Exchange Act with respect
to the disposition of all securities covered by such registration statement during such period in accordance with the intended methods of disposition by the seller or 

  

 17 

 
sellers thereof set forth in such registration statement; provided that before filing a registration statement, Prospectus or Free Writing Prospectus, or any
amendments or supplements thereto in accordance with Section 3.1 or 3.2, the Company will furnish to counsel selected pursuant to Section 3.3.3 hereof copies of all documents proposed to be filed, which documents will be subject to the
review of such counsel; 
 (c) furnish to each seller of such Registrable Securities such number of copies of such
registration statement and of each amendment and supplement thereto (in each case including all exhibits filed therewith), such number of copies of the Prospectus or Free Writing Prospectus included in such registration statement (including each
preliminary prospectus and summary prospectus), inconformity with the requirements of the Securities Act, and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable securities by such
seller; 
 (d) use its best efforts to register or qualify such Registrable Securities covered by such registration in such
jurisdictions as each seller shall reasonably request, and do any and all other acts and things which may be reasonably necessary or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities
owned by such seller, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction where, but for the requirements of this clause (d), it would not be obligated
to be so qualified or to consent to general service of process in any such jurisdiction; 
 (e) promptly notify, each seller
of any such Registrable Securities covered by such registration statement, at any time when a Prospectus or a Free Writing Prospectus relating thereto is required to be delivered under the Securities Act, of the Company’s becoming aware that
the Prospectus or the Free Writing Prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in the light of the circumstances then existing, and at the request of any such seller, prepare and furnish to such seller a reasonable number of copies of an amended or supplemental Prospectus or Free Writing
Prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus or Free Writing Prospectus shall not include an 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 not misleading in the light of the circumstances then existing; 
 (f) otherwise use its best efforts to comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as reasonably practicable (but not more than eighteen
(18) months) after the effective date of the registration statement, an earnings statement which shall satisfy the provisions of Section 11(a) of the Securities Act; 
  

 18 

 (g) use its best efforts to (i) list such Registrable Securities on any securities
exchange or authorize for quotation on each other market (including, if applicable, the National Association of Securities Dealers, Inc. (the “NASD”) Automated Quotation System) on which the Common Stock is then listed or authorized
for quotation if such Registrable Securities are not already so listed or authorized for quotation; and to (ii) provide a transfer agent and registrar for such Registrable Securities covered by such registration statement not later than the
effective date of such registration statement; 
 (h) enter into such customary agreements (including an underwriting
agreement in customary form), which may include indemnification provisions in favor of underwriters and other Persons in addition to the provisions of Section 3.4 hereof, and take such other actions as the Coordination Committee or the
underwriters, if any, reasonably requested in order to expedite or facilitate the disposition of such Registrable Securities; 
 (i) obtain a “cold comfort” letter or letters from the Company’s independent public accountants in customary form and covering matters of the type customarily covered by “cold comfort” letters as the Coordination
Committee shall reasonably request; 
 (j) make available for inspection by any seller of such Registrable Securities covered
by such registration statement, by any managing underwriter or underwriters participating in any disposition to be effected pursuant to such registration statement and by any attorney, accountant or other agent retained by any such seller or any
such managing underwriter(s), all pertinent financial and other records, pertinent corporate documents and properties of the Company, and cause all of the Company’s officers, directors and employees to supply all information reasonably
requested by any such seller, underwriter, attorney, accountant or agent in connection with such registration statement (subject to each party referred to in this clause (j) entering into customary confidentiality agreements in a form
reasonably acceptable to the Company); 
 (k) notify counsel (selected pursuant to Section 3.3.3 hereof) for the holders
of Registrable Securities included in such registration statement, the Principal Investors including Registrable Securities in such registration statement, and the managing underwriter or agent, immediately, and confirm the notice in writing
(i) when the registration statement, or any post-effective amendment to the registration statement, shall have become effective, or any supplement to the Prospectus or the Free Writing Prospectus or any amendment to the Prospectus or the Free
Writing Prospectus shall have been filed, (ii) of the receipt of any comments from the Commission, (iii) of any request of the Commission to amend the registration statement or amend or supplement the Prospectus or the Free Writing
Prospectus or for additional information, and (iv) of the issuance by the Commission of any stop order suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary prospectus, or
of the suspension of the qualification of the registration statement for offering or sale in any jurisdiction, or of the institution or threatening of any proceedings for any of such purposes; 
  

 19 

 (l) make commercially reasonable effort to prevent the issuance of any stop order
suspending the effectiveness of the registration statement or of any order preventing or suspending the use of any preliminary Prospectus and, if any such order is issued, to obtain the withdrawal of any such order as soon as practicable;

 (m) if requested by the managing underwriter or agent or any holder of Registrable Securities covered by the registration
statement, incorporate in a Prospectus or Free Writing Prospectus supplement or post-effective amendment such information as the managing underwriter or agent or such Holder reasonably requests to be included therein, including, with respect to the
number of Registrable Securities being sold by such Holder to such underwriter or agent, the purchase price being paid therefor by such underwriter or agent and with respect to any other terms of the underwritten offering of the Registrable
Securities to be sold in such offering; and make all required filings of such Prospectus or Free Writing Prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters incorporated in such Prospectus or
Free Writing Prospectus supplement or post-effective amendment; 
 (n) cooperate with the holders of Registrable Securities
covered by the registration statement and the managing underwriter or agent, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing securities to be sold under the registration
statement, and enable such securities to be in such denominations and registered in such names as the managing underwriter or agent, if any, or such Holders may request; 
 (o) obtain for delivery to the holders of Registrable Securities being registered and to the underwriter or agent an opinion or opinions
from counsel for the Company in customary form and in form, substance and scope reasonably satisfactory to such Holders, underwriters or agents and their counsel; 
 (p) cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition of such
Registrable Securities and their respective counsel in connection with any filings required to be made with the NASD; and 
 (q) use its best efforts to make available the executive officers of the Company to participate with the holders of Registrable Securities and any underwriters in any “road shows” that may be reasonably requested by the Holders in
connection with distribution of the Registrable Securities. 
 3.3.3 Selection of Underwriters and Counsel. The
underwriters and legal counsel to be retained by the Company in connection with any Public Offering requested pursuant to Section 3.1 shall be selected by the Coordination Committee; the 

  

 20 

 
underwriters and legal counsel to be retained by the Company in connection with any other Public Offering to which Section 3.2 applies shall be selected
by the Board with the consent of the Coordination Committee (such consent not be unreasonably withheld). In connection with any registration of Registrable Securities pursuant to Sections 3.1 and 3.2 hereof, the Coordination Committee may select one
counsel to represent all Holders of Registrable Securities, covered by such registration; provided, however, that in the event that the counsel selected as provided above is also acting as counsel to the Company in connection with such
registration, those Investors participating in the offering who are then not entitled to designate a member of the Coordination Committee (each such Investor being referred to as a “Participating Investor”) shall be entitled to
select one additional counsel to represent all such Participating Investors (the “Additional Counsel”). The Additional Counsel shall be approved by the Participating Investors who, in the aggregate, hold a Majority in Interest of
the Common Stock then held by all Participating Investors. 
 3.3.4 Company Lock-Up. If any registration pursuant to
Section 3.1 or 3.2 of this Agreement shall be in connection with an underwritten public offering, the Company agrees not to effect any public sale or distribution of any equity securities of the Company, including any Common Stock or
Convertible Securities (in each case, other than as part of such underwritten public offering and other than pursuant to a registration on Form S-4 or S-8) for its own account, within 90 days (or such shorter period as the managing underwriters may
agree to with the Coordination Committee) after, the effective date of such registration (except as part of such registration). 
 3.3.5 Holders Lock-Up. Each Holder shall comply with the provisions of Section 5 of the Stockholders Agreement applicable to a “Stockholder” as though such Section were set forth herein. 
 3.3.6 Other Agreements. The Company covenants and agrees that, so long as any Person holds any Registrable Securities in respect of
which any registration rights provided for in Section 3.1 or 3.2 of this Agreement remain in effect, the Company will not, directly or indirectly, grant to any Person or agree to or otherwise become obligated in respect of (a) rights of
registration in the nature or substantially in the nature of those set forth in Section 3.1 or 3.2 of this Agreement that would have priority over, or that are pari passu with, the Registrable Securities with respect to the inclusion of such
securities in any registration, without the prior approval of the Majority Principal Investors, or (b) demand registration rights exercisable prior to such time as the current or former Principal Investors can first exercise their rights under
Section 3.1. 
 3.3.7 Other Registration-Related Matters. 
 (a) The Company may require any Holder that is registering Registrable Securities pursuant to Section 3.1 or 3.2 to furnish to the
Company in writing such information regarding such Person and its Affiliates and pertinent to the disclosure requirements relating to the registration and the distribution of the Registrable Securities which are included in such Public Offering as
the Company may from time to time reasonably request in writing. 
  

 21 

 (b) Each Holder agrees that, upon receipt of any notice from the Company of the happening
of any event of the kind described in Section 3.3.2(e), it will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until its receipt of the copies of the
amended or supplemented Prospectus or Free Writing Prospectus contemplated by Section 3.3.2(e) and, if so directed by the Company, each Holder will, subject to applicable law or any direction of the Commission, deliver to the Company or destroy
all copies, other than permanent file copies then in their possession, of the Prospectus or the Free Writing Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company gives any such
notice, the period for which the Company will be required to keep the registration statement effective will be extended by the number of days during the period from and including the date of the giving of such notice pursuant to
Section 3.3.2(e) to and including the date when each seller of Registrable Securities covered by such registration statement has received the copies of the supplemented or amended Prospectus or Free Writing Prospectus contemplated by
Section 3.3.2(e). 
 (c) Each Holder agrees that, upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 3.3.2(k)(iv), it will forthwith discontinue disposition of Registrable Securities pursuant to the registration statement covering such Registrable Securities until the lifting of such stop order, other
order or suspension or the termination of such proceedings and, if so directed by the Company, each Holder will, subject to applicable law or any direction of the Commission, deliver to the Company or destroy all copies, other than permanent file
copies then in its possession, of the Prospectus or the Free Writing Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company gives any such notice, the period for which the Company will
be required to keep the registration statement effective will be extended by the number of days during the period from and including the date of the giving of such notice pursuant to Section 3.3.2(k)(iv) to and including the date when such stop
order, other order or suspension is lifted or such proceedings are terminated. 
 3.3.8 Public Dispositions Without
Registration. With a view to making available the benefits of certain rules and regulations of the Commission which may at any time permit the sale of Registrable Securities to the public without registration after such time as a public market
exists for Common Stock, the Company agrees: 
 (a) to make and keep public information available, as those terms are
understood and defined in Rule 144, at all times after the effective date of the first registration under the Securities Act filed by the Company for an offering of its Common Stock to the public; 
 (b) to use its commercially reasonable efforts to then file with the Commission in a timely manner all reports and other documents
required of the Company under the Securities Act and the Exchange Act any time after it has become subject to such reporting requirements; and 
  

 22 

 (c) so long as a Holder owns any Registrable Securities, to furnish to such Holder
promptly upon request (i) a written statement by the Company as to its compliance with the reporting requirements of Rule 144 (at any time after one hundred and eighty (180) days after the effective date of the first registration statement
filed by the Company for an offering of its Common Stock to the public), and of the Securities Act and the Exchange Act (at any time after it has become subject to such reporting requirements), (ii) a copy of the most recent annual or quarterly
report of the Company, and (iii) such other reports and documents of the Company as such Holder may reasonably request in availing himself of any rule or regulation of the Commission allowing such Holder to sell any such Securities without
registration. 
 3.4 Indemnification and Contribution. 
 3.4.1 Indemnities of the Company. In the event of any registration of any Registrable Securities or other debt or equity securities
of the Company or any of its subsidiaries under the Securities Act pursuant to this Section 3 or otherwise, and in connection with any registration statement or any other disclosure document produced by or on behalf of the Company or any of its
subsidiaries including reports required and other documents filed under the Exchange Act, and other documents pursuant to which any debt or equity securities of the Company or any of its subsidiaries are sold (whether or not for the account of the
Company or its subsidiaries), the Company will, and hereby does, and will cause each of its subsidiaries, jointly and severally, to indemnify and hold harmless each holder of Registrable Securities, any Person who is or might be deemed to be a
controlling Person of the Company or any of its subsidiaries within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, their respective direct and indirect general and limited partners, advisory board
members, directors, officers, employees, trustees, managers, members, affiliates and shareholders, and each other Person, if any, who controls any such holder or any such controlling Person within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act (each such Person being referred to herein as a “Covered Person”), against any losses, claims, damages or liabilities (or actions or proceedings in respect thereof), joint or several, and
reasonable expenses to which such Covered Person may be or become subject under the Securities Act, the Exchange Act, any other securities or other law of any jurisdiction, the common law or otherwise, insofar as such losses, claims, damages or
liabilities or actions or proceedings in respect thereof arise out of or are based upon (a) any untrue statement or alleged untrue statement of any material fact contained or incorporated by reference in the Disclosure Package, registration
statement under the Securities Act, any Prospectus, any Free Writing Prospectus, or any amendment or supplement thereto, or any document incorporated by reference therein, or any other such disclosure document (including reports and other documents
filed under the Exchange Act and any document incorporated by reference therein) or other document or report, (b) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading or (c) any violation or alleged violation 

  

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by the Company or any of its subsidiaries of any federal, state, foreign or common law rule or regulation applicable to the Company or any of its
subsidiaries and relating to action or inaction in connection with any such registration, disclosure document or other document or report, and will reimburse such Covered Person for any legal or any other expenses incurred by it in connection with
investigating or defending any such loss, claim, damage, liability, action or proceeding; provided, however, that neither the Company nor any of its subsidiaries shall be liable to any Covered Person in any such case to the extent that
any such loss, claim, damage, liability, action or proceeding or expense arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, any such Disclosure Package,
registration statement under the Securities Act, Prospectus, Free Writing Prospectus, amendment or supplement, in reliance upon and in conformity with written information furnished to the Company or to any of its subsidiaries through an instrument
duly executed by such Covered Person specifically stating that it is for use in the preparation thereof. The indemnities of the Company and of its subsidiaries contained in this Section 3.4.1 shall remain in full force and effect regardless of
any investigation made by or on behalf of such Covered Person and shall survive any transfer of securities or any termination of this Agreement. 
 3.4.2 Indemnities to the Company. Subject to Section 3.4.4, the Company and any of its subsidiaries may require, as a condition to including any securities in any registration statement filed pursuant to
this Section 3, that the Company and any of its subsidiaries shall have received an undertaking satisfactory to it from the prospective seller of such securities, severally and not jointly, to indemnify and hold harmless in the same manner and
to the same extent as provided in Section 3.4.1, the Company and any of its subsidiaries, each director of the Company or any of its subsidiaries, each officer of the Company or any of its subsidiaries who shall sign such registration statement
and each other Person (other than such seller), if any, who controls the Company and any of its subsidiaries within the meaning of Section 1 of the Securities Act or Section 20 of the Exchange Act and each other prospective seller of such
securities and prospective underwriter with respect to any untrue statement in or omission from such Disclosure Package, registration statement under the Securities Act, Prospectus, Free Writing Prospectus, amendment or supplement, or any other
disclosure document (including reports and other documents filed under the Exchange Act or any document incorporated therein) or other document or report, if such untrue statement or omission was made in reliance upon and in conformity with written
information furnished to the Company or any of its subsidiaries through an instrument executed by such seller specifically stating that it is for use in the preparation of such Disclosure Package, registration statement under the Securities Act,
Prospectus, Free Writing Prospectus, amendment or supplement, or other document or report. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of the Company, any of its subsidiaries or any such
director, officer or controlling Person and shall survive any transfer of securities or any termination of this Agreement. 
 3.4.3 Contribution. If the indemnification provided for in Sections 3.4.1 or 3.4.2 hereof is unavailable to a party that would have been entitled to indemnification pursuant to the foregoing provisions of this Section 3.4 for
reasons other than described 

  

 24 

 
in the proviso to Section 3.4.1 (an “Indemnitee’) in respect of any losses, claims, damages or liabilities (or actions or proceedings
in respect thereof) or expense referred to therein, then each party that would have been an indemnifying party thereunder shall, subject to Section 3.4.4 and in lieu of indemnifying such Indemnitee, contribute to the amount paid or payable by
such Indemnitee as a result of such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) or expense in such proportion as is appropriate to reflect the relative fault of such indemnifying party on the one hand and
such Indemnitee on the other in connection with the untrue statements or omissions which resulted in such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) or expense. The relative fault shall be determined by
reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by such indemnifying party or such Indemnitee and the
parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The parties agree that it would not be just or equitable if contribution pursuant to this Section 3.4.3
were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in the preceding sentence. The amount paid or payable by a contributing party as a result of the
losses, claims, damages or liabilities (or actions or proceedings in respect thereof) or expense referred to above in this Section 3.4.3 shall include any legal or other expenses reasonably incurred by such Indemnitee in connection with
investigating or defending any such action or claim. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation. 
 3.4.4 Limitation on Liability of Holders of Registrable Securities. The liability of
each Holder in respect of any indemnification or contribution obligation of such Holder arising under this Section 3.4 shall not in any event exceed an amount equal to the net proceeds realized by such Holder (after deduction of all
underwriters’ discounts and commissions) from the disposition of the Registrable Securities disposed of by such Holder pursuant to such registration. 
 3.4.5 Indemnification Procedures. Promptly after receipt by an Indemnitee of written notice of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant
to this Section 3.4, such Indemnitee will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such action or proceeding; provided that the failure of the
Indemnitee to give notice as provided herein shall not relieve the indemnifying party of its obligations under this Section 3.4, except to the extent that the indemnifying party is materially prejudiced by such failure to give notice. In case
any such action or proceeding is brought against an Indemnitee, the indemnifying party will be entitled to participate in and to assume the defense thereof (at its expense), jointly with any other indemnifying party similarly notified to the extent
that it may wish, with counsel reasonably satisfactory to such Indemnitee, and after notice from the indemnifying party to such Indemnitee of its election so to assume the defense thereof, the indemnifying party will not be liable to such Indemnitee
for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than 

  

 25 

 
reasonable costs of investigation and shall have no liability for any settlement made by the Indemnitee without the consent of the indemnifying party, such
consent not to be unreasonably withheld. Notwithstanding the foregoing, if in such Indemnitee’s reasonable judgment a conflict of interest between such Indemnitee and the indemnifying parties may exist in respect of such action or proceeding or
the indemnifying party does not assume the defense of any such action or proceeding within a reasonable time after notice of commencement, the Indemnitee shall have the right to assume or continue its own defense and the indemnifying party shall,
subject to Section 3.4.4 (if applicable), be liable for any reasonable expenses therefor, but in no event will bear the expenses for more than one firm of counsel for all Indemnitees in each jurisdiction who shall be approved by the
Coordination Committee in the registration in respect of which such indemnification is sought. No indemnifying party will settle any action or proceeding or consent to the entry of any judgment without the prior written consent of the Indemnitee,
unless such settlement or judgment (a) includes as an unconditional term thereof the giving by the claimant or plaintiff of a release to such Indemnitee from all liability in respect of such action or proceeding and (b) does not involve
the imposition of equitable remedies or the imposition of any obligations on such Indemnitee and does not otherwise adversely affect such Indemnitee, other than as a result of the imposition of financial obligations for which such Indemnitee will be
indemnified hereunder. 
 3.4.6 Non-Exclusivity. The obligations of the parties under this Section 3.4 will be in
addition to any liability, without duplication, which any party may otherwise have to any other party. 
 3.5 Shelf
Take-Downs. At any time that a shelf registration statement covering Registrable Securities pursuant to this Section 3 is effective, if any Holder or group of Holders delivers a notice to the Company and to the Coordination Committee (a
“Take-Down Notice”) stating that it intends to effect an offering of all or part of its Registrable Securities included by it on the shelf registration statement, whether such offering is underwritten or non underwritten (provided
that such non underwritten offering is for more than $5,000,000) (a “Shelf Offering”) and stating the number of the Registrable Securities to be included in the Shelf Offering, then, provided that the Coordination Committee
approves the number of the Registrable Securities to be included in such Shelf Offering, the Company shall amend or supplement the shelf registration statement as may be necessary in order to enable such Registrable Securities to be distributed
pursuant to the Shelf Offering (taking into account the inclusion of Registrable Securities by any other Holders pursuant to this Section 3.5). In connection with any Shelf Offering: 
 (a) such proposing Holder(s) shall also deliver the Take-Down Notice to all other Holders included on such shelf registration statement
and permit each holder to include its Registrable Securities included on the shelf registration statement in the Shelf Offering if such Holder notifies the proposing Holders and the Company within five business days after delivery of the Take-Down
Notice to such Holder, and 
 (b) in the event that the underwriter, if any, determines that marketing factors (including an
adverse effect on the per share offering price) require a 

  

 26 

 
limitation on the number of shares which would otherwise be included in such takedown, the underwriter, if any, may limit the number of shares which would
otherwise be included in such take-down offering in the same manner as is described in Section 3.3.1 with respect to a limitation of shares to be included in a registration. 
 3.6 Coordination Committee. The Principal Investor Groups will create a coordination committee (the “Coordination Committee”)
prior to the closing of the Initial Public Offering and will thereafter maintain such committee for so long as this Agreement remains in effect. Each current or former Principal Investor Groups that holds Registrable Securities having a fair market
value (determined in good faith by the Board) of at least $100,000,000 shall be permitted to designate one (1) representative to participate on the Coordination Committee, and shall be permitted to remove and replace such designee from time to
time; provided that such current or former Principal Investor Group’s designee shall be automatically removed (and not replaced) at such time as such current or former Principal Investor Group ceases to hold Registrable Securities having
a fair market value (determined in good faith by the Board) of at least $100,000,000. Except to the extent specified in this Section 3.6, a majority of the members of the Coordination Committee shall determine, from time to time, the procedures
which govern the conduct of the Coordination Committee; provided that such procedures shall not Discriminate against any particular designee or designees in any material way. Actions of the Coordination Committee shall require the affirmative
vote of a majority of the then designated members of the Coordination Committee. 
 4. TRANSFER RESTRICTIONS. 
 4.1 Permitted Public Transfers and Block Sales. After the closing of the Initial Public Offering, no Holder shall Transfer any or all of its Shares
pursuant to Rule 144, in a block sale to a financial institution or in a private transfer pursuant to Section 3.1.5 of the Stockholders Agreement, in each case other than in compliance with Sections 4.1.1 and 4.1.2 hereof, as applicable, and
the applicable provisions of the Stockholders Agreement, provided that, for the avoidance of doubt the approval of the Coordination Committee shall not be required to approve such Transfers. Shares Transferred pursuant to Rule 144 or in a
block sale to a financial institution in compliance herewith shall conclusively be deemed thereafter not to be Shares under this Agreement. 
 4.1.1 Public Transfers. From time to time after the Initial Public Offering, the Majority Principal Investors may determine to require the Holders to make reasonable efforts to coordinate their efforts to
Transfer Shares pursuant to Rule 144 (“144 Coordination”) or to discontinue such coordination requirement. As of the date of this Agreement, 144 Coordination shall be required until such time, if ever, as the Majority Principal
Investors provide a subsequent notice to the Holders that such coordination is discontinued. Thereafter, the Majority Principal Investors may reinstitute and discontinue 144 Coordination from time to time by providing notice to the Holders.

 (a) For so long as 144 Coordination is in effect, each Registration Stockholder shall promptly notify the Coordination
Committee when it wishes to Sell Shares under Rule 144; provided, that for any given measurement period for 

  

 27 

 
purposes of the Rule 144 group volume limit, except as provided in Section 4.3, no Holder shall be permitted to effect Transfers in excess of their pro
rata share of all Shares that may be Transferred by members of the Related Group during the applicable measurement period based on its percentage ownership of Shares held by all holders of Shares at the start of such measurement period. In the event
any Holder agrees to forego its full pro rata share of the Rule 144 group volume limit by written notice to the Coordination Committee, the remainder shall be re-allocated pro rata among the other Holders in like manner (except that the Shares held
by such forfeiting Holder at the start of such measurement period shall be excluded from such calculation). The Company shall, within three (3) business days following receipt of a written request from a Holder, advise such Holder of the Rule
144 group volume limit applicable at such date; provided, that no Holder or Affiliate thereof shall be permitted to submit such a request more than once every calendar month. 
 (b) The provisions of this Section 4.1.1 shall not apply to any Transfer of Shares (i) in a Public Offering, (ii) to a
Permitted Transferee in a transaction that does not rely on Rule 144, or (iii) at any time with respect to which 144 Coordination is not effective. 
 (c) Notwithstanding the foregoing, a Holder may opt out of 144 Coordination with respect to any period of time if such Holder delivers a notice to the Coordination Committee irrevocably committing not to Transfer
Shares pursuant to Rule 144 or a transaction described in Section 4.1.2 or 4.2 during such period. 
 4.1.2 Certain
Other Transfers. After the Initial Public Offering, each Holder (the “Initiating Transferor”) shall provide reasonable prior notice to the Coordination Committee (or, after the expiration of the term described in
Section 4.5, the other Holders) when it plans to Transfer any or all of its Shares pursuant to (a) a block-sale to a financial institution or (b) a private transfer pursuant to Section 3.1.5 of the Stockholder Agreement.

 4.2 Distributions to Partners, Members or Stockholders. After the Initial Public Offering, and for so long as 144 Coordination is
effective, each Investor shall provide reasonable prior notice to the Coordination Committee prior to any LP Distribution. 
 4.3 Volume
Limit. For purposes of this Agreement, so long as 144 Coordination is effective, Transfers contemplated by Sections 4.1.2(a) and (b), and LP Distributions, will be limited to the number of Shares that the applicable Holder would have been
permitted to Transfer under Rule 144 pursuant to the proviso in Section 4.1.1(a) and will reduce for purposes of this Agreement, on a Share for Share basis, the number of Shares that such Holder is permitted to sell under Rule 144, whether
individually or as part of a Related Group, whether or not such Transfer or LP Distribution is required by law to be so treated. In the event that, while 144 Coordination is in effect, any Holder elects to make a Transfer contemplated by
Section 4.1.2(a) or (b), or, an LP Distribution, and provided that such Transfer or LP Distribution is not required by law to be taken into account for purposes of the Related Group’s volume limit under Rule 144, then each
Holder’s 

  

 28 

 
(including the Holder making such Transfer or LP Distribution) pro rata share of the Related Group’s volume limit for purposes of Section 4.1.2(a)
shall be increased by such Holder’s pro rata share of the Shares that such Holder is no longer permitted to sell under Rule 144 pursuant to the first sentence of this Section 4.3. 
 4.4 No 144 Coordination. Subject, in all cases, to any applicable law, in the event that 144 Coordination is not in effect, no Holder shall, in a
given calendar year, Transfer pursuant to Rule 144, in a block sale to a financial institution or in an LP Distribution, Shares representing more than the lesser of (a) 2% of the total Shares outstanding on the first day of such calendar year,
and (b) 20% of the total Shares owned by such Holder on the first day of such calendar year, in each case without the approval of the Coordination Committee, which such approval shall be granted or withheld with respect to all Holders in a fair
and equitable manner over the course of such calendar year. 
 4.5 Period. Except for Section 4.1.2, the provisions of Sections
4.1 through 4.4 shall terminate with respect to any Share on the earlier of (a) the fifth (5) anniversary of the closing of the Qualified Public Offering, and (b) such time as the Principal Investors, in the aggregate, own less than
20% of the then outstanding Common Stock. The Majority Principal Investors, in their sole discretion, may elect to exclude any holder of Management Shares, Bank Investor Shares or any holder of Other Investor Shares from the provisions of Sections
4.1 through 4.4 at any time. 
 4.6 Opinion of Counsel. The Company shall permit and authorize the transfer agent and registrar for
any Registrable Securities to rely on the written opinion of counsel to a Principal Investor and to act in accordance with such counsel’s written instructions with respect to Registrable Securities of such Principal Investor. 
 4.7 Stockholders Agreement. The provisions of this Section 4 do not derogate or restrict the provisions of the Stockholders Agreement,
including Section 3.1.5 thereof. 
 5. REMEDIES. The parties shall have all remedies available at law, in equity or otherwise in the event of any
breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies which may be available, each of the parties hereto shall be
entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate in the circumstances. 
 6. PERMITTED TRANSFEREES. The rights of an Investor hereunder may be assigned (but only with all related obligations as set forth below) in connection with a
Transfer of Shares effected in accordance with the terms of the Stockholders Agreement and this Agreement (i) to a Permitted Transferee of such Investor, (ii) to a Strategic Investor or any Affiliate or co-investor thereof in connection
with a Strategic Investor Transaction, or (iii) with respect to the provisions of Sections 2 and 3.2 hereof, any other transferee that, together with its Affiliates acquires shares of Registrable Securities in such Transfer either (A) for
consideration of at least $35,000,000 or (B) having a then fair market value (determined in good faith by the Board) of at least $35,000,000. Without prejudice to any other or similar conditions imposed hereunder with respect to any such
Transfer, no assignment permitted under the terms of this Section 6 shall be effective unless the transferee to which such assignment is being made, if not a Holder, has 

  

 29 

 
delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that the Shares in respect of
which such assignment is made shall continue to be deemed Shares and shall be subject to all of the provisions of this Agreement relating to Shares and that such transferee shall be bound by, and shall be a party to, this Agreement to the same
extent, and in the same capacity, as the Holder that Transfers such Shares to such transferee; provided, that only a Permitted Transferee of a Principal Investor will be deemed to be a “Principal Investor” for purposes of this
Agreement, only a Permitted Transferee of a Bank Investor will be deemed to be a “Bank Investor” for purposes of this Agreement, only a Permitted Transferee of an Other Investor will be deemed to be an “Other Investor” for
purposes of this Agreement and only a Permitted Transferee of a Manager will be deemed to be a “Manager” for purposes of this Agreement. 
 7.
AMENDMENT, TERMINATION, ETC. 
 7.1 Oral Modifications. This Agreement may not be orally amended, modified, extended or terminated,
nor shall any oral waiver of any of its terms be effective. 
 7.2 Written Modifications. Except as provided in the second sentence of
this Section 7.2, this Agreement may be amended, modified, extended, terminated or waived (“Amendment”), only by an agreement in writing signed by the Company and the Majority Principal Investors (or Holders holding a majority
of the shares of Class A Stock Holders party hereto if there are no Principal Investors remaining). The consent of a Majority in Interest of the Bank Investor Shares shall be required for any Amendment that, by its terms, Discriminates against
the holders of Bank Investor Shares as such under this Agreement, and the consent of any holder of Bank Investor Shares shall be required for any Amendment that, by its terms, Discriminates against such holder of Bank Investor Shares as such
(compared to other holders of Bank Investor Shares) under this Agreement; provided that it is understood and agreed that, for the purposes of interpreting and enforcing this amendment and waiver provision, Amendments that affect all
Stockholders will not be deemed to Discriminate against the holders of Bank Investor Shares as such simply because holders of Bank Investor Shares (i) own or hold more or less Shares than any other Stockholders, (ii) invested more or less
money in the Company or its direct or indirect subsidiaries than any other Stockholders or (iii) have greater or lesser voting rights or powers than any other Stockholders. The consent of a Majority in Interest of the Other Investor Shares
shall be required for any Amendment that Discriminates against the holders of Other Investor Shares as such under this Agreement; provided that it is understood and agreed that, for the purposes of interpreting and enforcing this amendment
and waiver provision, Amendments that affect all Holders will not be deemed to “Discriminate against” the holders of Other Investor Shares as such simply because holders of Other Investor Shares (i) own or hold more or less Shares
than any other Holder, (ii) invested more or less money in the Company or its direct or indirect subsidiaries than any other Holder, or (iii) have greater or lesser voting rights or powers than any other Holders. The consent of a Majority
in Interest of the Management Shares held by Managers then employed by the Company shall be required for any Amendment that, by its terms, Discriminates against the holders of Management Shares as such under this Agreement; provided that it
is understood and agreed that, for the purposes of interpreting and enforcing this amendment and waiver provision, Amendments that affect all Stockholders will not be deemed to Discriminate against the holders of Management Shares as such simply
because holders of Management Shares (i) own or hold more or less Shares than any 

  

 30 

 
other Stockholders, (ii) invested more or less money in the Company or its direct or indirect subsidiaries than any other Stockholders, or
(iii) have greater or lesser voting rights or powers than any other Stockholders. A copy of each such Amendment shall be sent to each Holder and shall be binding upon each party hereto except to the extent otherwise required by law;
provided that the failure to deliver a copy of such Amendment shall not impair or affect the validity of such Amendment. In addition, each party hereto subject hereto may waive any right hereunder by an instrument in writing signed by such
party or holder. To the extent the Amendment of any Section of this Agreement would require a specific consent pursuant this Section 7.2, any Amendment to the definitions used in such Section as applied to such Section shall also require the
specified consent. Notwithstanding anything to the contrary herein, transferees or purchasers of Shares or Convertible Securities (including in connection with a Strategic Investor Transaction) that have complied with the provisions of
Section 2 hereof or Sections 3 and 4 of the Stockholders Agreement shall be added as parties to this Agreement without obtaining any additional consent of the parties hereto. 
 7.3 Withdrawal from Agreement. Any party hereto that withdraws Shares from the Stockholders Agreement in accordance with Section 8.3 thereof
shall be deemed to have simultaneously withdrawn such Shares from this Agreement from the date of delivery of such Person’s withdrawal notice pursuant to Section 8.3 of the Stockholders Agreement, the withdrawn shares shall cease to be
Shares subject to this Agreement and, if such party does not own any Share that will remain subject to this Agreement (each such holder, a “Withdrawing Holder”), such holder shall cease to be a party to this Agreement and shall no
longer be subject to the obligations of this Agreement or have rights under this Agreement; provided, however, that any such Withdrawing Holder shall retain the indemnification rights pursuant to Section 3.4 hereof with respect to
any matter that (a) may be an indemnified liability thereunder and (b) occurred prior to such withdrawal. Any amendment to this Section 7.3 adversely effecting the Bank Investors shall require the consent of the Majority in Interest
of the holders of Bank Investor Shares. 
 7.4 Effect of Termination. No termination under this Agreement shall relieve any Person of
liability for breach prior to termination. In the event this Agreement is terminated, each Investor shall retain the indemnification, contribution and reimbursement rights pursuant to Section 3.4 hereof with respect to any matter that
(a) may be an indemnified liability thereunder and (b) occurred prior to such termination. 
 8. LEGENDS. 
 8.1 Restrictive Legend. Each certificate representing Shares issued or transferred to a Holder shall have the following legend endorsed
conspicuously thereupon: 
 “THE VOTING OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE, AND THE SALE, ENCUMBRANCE OR OTHER
DISPOSITION THEREOF, ARE SUBJECT TO THE PROVISIONS OF A PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT TO WHICH THE ISSUER AND CERTAIN OF ITS STOCKHOLDERS ARE PARTY. SUCH AGREEMENT INCLUDES 

  

 31 

 
RESTRICTIONS AND LIMITATIONS ON THE TRANSFER OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE. A COPY OF SUCH AGREEMENT MAY BE INSPECTED AT THE
PRINCIPAL OFFICE OF THE ISSUER OR OBTAINED FROM THE ISSUER WITHOUT CHARGE UPON REQUEST.” 
 Any Person who acquires Shares which are
not subject to all or part of the terms of this Agreement, and any Person who withdraws from this Agreement pursuant to the terms of Section 7.3, shall have the right to have such legend (or the applicable portion thereof) removed from
certificates representing such Shares. 
 8.2 Stop Transfer Instruction. The Company or Midco will instruct any transfer agent not to
register the Transfer of any Shares until the conditions specified in the foregoing Legend, this Agreement and the Stockholders Agreement are satisfied. 
 8.3 Transfer of Common Stock. Prior to the consummation of the Initial Public Offering, unless the prior written consent of the Majority Principal Investors shall have been given, no holder of Shares shall
Transfer any shares of Common Stock pursuant to this Agreement, the Participation, Registration Rights and Coordination Agreement or any other applicable agreement, unless one (1) shares of Class L Stock are Transferred together with every nine
(9) share of Class A Stock Transferred to the applicable transferee; provided that such restriction on Transfer shall not limit the right of any individual to transfer one or more shares of Class L Stock or Class A Stock for
the purposes of estate planning; provided, further, that at the discretion of the Board, such restriction on Transfer shall not limit the right of any Manager to transfer one or more shares of Class A Stock that are Incentive
Shares; and provided, further, that conversions of (i) Class A-1 Common Stock to Class A-2 Common Stock, (ii) Class A-2 Common Stock to Class A-1 Common Stock, (iii) Class L-1 Common Stock to Class
L-2 Common Stock, and (iv) Class L-2 Common Stock to Class L-1 Common Stock, shall not be deemed a Transfer. 
 9. DEFINITIONS. For purposes of
this Agreement: 
 9.1 Certain Matters of Construction. In addition to the definitions referred to or set forth below in this
Section 9: 
 (i) The words “hereof, “herein”, “hereunder” and words of similar import shall
refer to this Agreement as a whole and not to any particular Section or provision of this Agreement, and reference to a particular Section of this Agreement shall include all subsections thereof; 
 (ii) The word “including” shall mean including, without limitation; 
 (iii) Definitions shall be equally applicable to both nouns and verbs and the singular and plural forms of the terms defined; and

  

 32 

 (iv) The masculine, feminine and neuter genders shall each include the other.

 9.2 Definitions. The following terms shall have the following meanings: 
 “144 Coordination” shall have the meaning set forth in Section 4.1.1. 
 “Acquisition Sub” shall have the meaning set forth in the Preamble. 
 “Additional Counsel” shall have the meaning set forth in Section 3.3.3. 
 “Affiliate” shall mean, with respect to any specified Person, (a) any other Person which directly or indirectly through one or more
intermediaries controls, or is controlled by, or is under common control with, such specified Person; provided, however, that neither the Company nor any of its subsidiaries shall be deemed an Affiliate of any of the stockholders (and
vice versa), (b) if such specified Person is a private equity investment fund, any other private equity investment fund the primary investment advisor to which is the primary investment advisor to such specified Person or an Affiliate thereof
and (c) if such specified Person is a natural Person, any Family Member of such natural Person. 
 “Affiliated Fund”
shall mean, with respect to any specified Person, a private equity investment fund that is an Affiliate of such Person or that is advised by the same investment adviser as such Person or by an Affiliate of such investment adviser. 
 “Agreement” shall have the meaning set forth in the Preamble. 
 “Amendment” shall have the meaning set forth in Section 7.2. 
 “Bank Investor” shall have the meaning set forth in the preamble. 
 “Bank Investor Shares” shall mean all Shares held by a Bank Investor. Any Bank Investor Shares that are Transferred by the holder
thereof to such holder’s Permitted Transferees shall remain Bank Investor Shares in the hands of such Permitted Transferee. 
 “BMPI Services LLC” shall mean any Person designated by the Majority Principal Investors, through which Haim Saban and/or any of his Affiliates provides services to the Company and its subsidiaries and/or through which Haim
Saban and/or any of his Affiliate will receive equity incentives in connection with the Company and its subsidiaries. 
 “Board” shall mean the board of directors of the Company, or any duly authorized committee thereof. 
 “Business” means the business of the Company and its subsidiaries conducted at the any given time or which the Board has authorized the Company to develop or pursue (by acquisition or otherwise), which currently consist of
Spanish-language media in the U.S., including Spanish-language television broadcast networks, Spanish-language radio broadcast networks, ownership and operation of Spanish-language television and radio stations, Spanish-language music recording and
music publishing, and Spanish-language Internet portals. 
  

 33 

 “business day” shall mean any day that is not a Saturday, a Sunday or other day on which
banks are required or authorized by law to be closed in the City of New York. 
 “Change of Control” shall mean the
occurrence of (a) any consolidation or merger of the Company with or into any other Person, or any other corporate reorganization, transaction or Transfer of securities of the Company by its stockholders, or series of related transactions
(including the acquisition of capital stock of the Company), whether or not the Company is a party thereto, in which the stockholders of the Company immediately prior to such consolidation, merger, reorganization or transaction, own, directly or
indirectly, capital stock either (i) representing directly, or indirectly through one or more entities, less than fifty percent (50%) of the equity (measured by economic value or voting power) of the Company or other surviving entity
immediately after such consolidation, merger, reorganization or transaction or (ii) that does not directly, or indirectly through one or more entities, have the power to elect a majority of the entire board of directors or other similar
governing body of the Company or other surviving entity immediately after such consolidation, merger, reorganization or transaction, (b) any transaction or series of related transactions, whether or not the Company is a party thereto, after
giving effect to which in excess of fifty percent (50%) of the Company’s voting power is owned directly, or indirectly through one or more entities, by any Person and its “affiliates” or “associates” (as such terms are
defined in the Exchange Act Rules) or any “group” (as defined in the Exchange Act Rules), other than Qualified Institutional Investors (and in the case of a “group”, excluding a percentage of such “group” equal to the
percentage of the voting power of such -group controlled by any Qualified Institutional Investors), excluding, in any case referred to in clause (a) or (b) any Initial Public Offering or any bona fide primary or secondary public offering
following the occurrence of an Initial Public Offering; or (c) a sale, lease or other disposition of all or substantially all of the consolidated assets of the Company. For the avoidance of doubt, none of the following shall, in and of itself,
constitute a “Change of Control”: (x) a spin-off or sale of one of the businesses of the Company or any subsidiary thereof, or a comparable transaction or (y) a transaction in which, after giving effect thereto, the Principal
Investors and their Affiliates continue to own, directly or indirectly, more than fifty percent (50%) of the equity (measured by economic value or voting power) (i) of the Company or other surviving entity in the case of a transaction of
the sort described in clause (a) above, (ii) of the Company in the case of a transaction of the sort described in clause (b) above or (iii) of the acquiring entity in the case of a transaction of the sort described in clause
(c) above. The parties hereto acknowledge and agree that a Strategic Investor Transaction shall not constitute a Change of Control for the purposes of this Agreement. 
 “Charitable Organization” shall mean a charitable organization as described by Section 501(c)(3) of the Internal Revenue Code of
1986, as in effect from time to time. 
 “Class A Stock” shall mean the Class A Common Stock, par value $.001 per
share, of the Company, which is comprised of Class A-1 Common Stock and Class A-2 Common Stock. 
 “Class A and L
Proceeds” shall have the meaning set forth in the Recitals. 
 “Class L Stock” shall mean the Class L Common Stock,
par value $.001 per share, of the Company, which is comprised of Class L-1 Common Stock and Class L-2 Common Stock. 
  

 34 

 “Closing” shall have the meaning set forth in Section 1.1. 
 “Co-Investment Vehicle” shall mean any one of (a) the MDP Co-Investment Vehicles, collectively, (b) the PEP Co-Investment
Vehicles, collectively, (c) the THL Co-Investment Vehicles, collectively, and (d) the TPG Co-Investment Vehicles, collectively. 
 “Commission” shall mean the Securities and Exchange Commission. 
 “Common Stock” shall mean the
common stock of the Company, including the Class A Stock and the Class L Stock. 
 “Company” shall have the meaning set
forth in the Preamble. 
 “control” (including, with correlative meanings, the terms “controlling,”
“controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person,
whether through the ownership of voting securities, by agreement or otherwise. 
 “Convertible Securities” shall mean any
evidence of indebtedness, shares of stock, options, warrants or other securities which are directly or indirectly convertible into or exchangeable or exercisable for shares of Stock, including any Options and Warrants. 
 “Coordination Committee” shall have the meaning set forth in Section 3.6. 
 “Covered Person” shall have the meaning set forth in Section 3.4.1. 
 “Disclosure Package” means, with respect to any offering of securities, (i) the preliminary Prospectus, (ii) each Free Writing
Prospectus and (iii) all other information, in each case, that is deemed, under Rule 159 promulgated under the Securities Act, to have been conveyed to purchasers of securities at the time of sale of such securities (including, without
limitation, a contract of sale). 
 “Discriminate(s)” and “Discrimination” mean, with respect to a
specified party, to discriminate against such specified party as compared to other applicable parties in a manner that is, or is reasonably expected to be, materially and disproportionately adverse to the specified party. 
 “Equivalent Shares” shall mean, at any date of determination, (a) as to any outstanding shares of Stock, such number of shares of
Stock and (b) as to any outstanding Convertible Securities which constitute Shares, the maximum number of shares of Stock for which or into which such Convertible Securities may at the time be exercised, converted or exchanged (or which will
become exercisable, convertible or exchangeable on or prior to, or by reason of, the transaction or circumstance in connection with which the number of Equivalent Shares is to be determined). 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 
  

 35 

 “Exchange Act Rules” shall mean the rules adopted by the Commission under the Exchange
Act. 
 “Family Member” shall mean, with respect to any natural Person, (a) any lineal descendant or ancestor or
sibling (by birth or adoption) of such natural Person, (b) any spouse or former spouse of any of the foregoing, (c) any legal representative or estate of any of the foregoing, or the ultimate beneficiaries of the estate of any of the
foregoing, if deceased and (d) any trust or other bona fide estate-planning vehicle the only beneficiaries of which are any of the foregoing Persons described in clauses (a) through (c) above. 
 “FCC” shall mean the Federal Communications Commission or any successor entity. 
 “Free Writing Prospectus” means any “free writing prospectus” as defined in Rule 405 promulgated under the Securities
Act. 
 “Holders” shall have the meaning set forth in the Preamble. 
 “Incentive Shares” shall mean all Shares and Options held by a Manager that are subject to vesting or other service or performance based
conditions to ownership, treating such Options as a number of Incentive Shares equal to the maximum number of Shares for which such Options may at the time be exercised. 
 “Indemnitee” shall have the meaning set forth in Section 3.4.3. 
 “Initial
Public Offering” shall mean the initial underwritten Public Offering registered on Form S-1 (or any successor form under the Securities Act). 
 “Initiating Investors” shall have the meaning set forth in Section 3.1.1. 
 “Initiating Transferor” shall have the meaning set forth in Section 4.1.2. 
 “Investors”
shall have the meaning set forth in the Preamble. 
 “Issuance” shall have the meaning set forth in Section 2.

 “Issuer” shall have the meaning set forth in Section 2. 
 “LP Distribution” means a distribution of Shares by an Investor to its partners, members, managers or shareholders in accordance with
such Investor’s governing documents. 
 “Majority in Interest” shall mean with respect to Shares of one or more
class(es), a majority in number of such Shares of the applicable class(es). 
 “Majority MDP Investors” shall mean, as of
any date, the holders of a Majority in Interest of the Shares held by the MDP Investors. 
 “Majority PEP Investors” shall
mean, as of any date, the holders of a Majority in Interest of the Shares held by the PEP Investors. 
  

 36 

 “Majority Principal Investors” shall mean, as of any applicable time, (a) Principal
Investor Groups (excluding, in each case, Co-Investment Vehicles that constitute part of such Principal Investor Group) that, in the aggregate, hold at least 60% of the outstanding Common Stock then held by all Principal Investor Groups (without
taking into account Shares held by Co-Investment Vehicles that are part of such Group) and (b) a majority of the Principal Investor Groups; provided, that if the aggregate number of Principal Investor Groups is an even number and a
majority of the Principal Investor Groups has not reached agreement or consented with respect to a matter, the term “Majority Principal Investors” shall have the meaning set in paragraph (a) of this definition only. 
 “Majority SCG Investors” shall mean, as of any date, the holders of a Majority in Interest of the Shares held by the SCG Investors.

 “Majority THL Investors” shall mean, as of any date, the holders of a Majority in Interest of the Shares held by the THL
Investors. 
 “Majority TPG Investors” shall mean, as of any date, the holders of a Majority in Interest of the Shares held
by the TPG Investors. 
 “Management Shares” shall mean all Shares held by a Manager. Any Management Shares that are
Transferred by the holder thereof to such holder’s Permitted Transferees shall remain Management Shares in the hands of such Permitted Transferee. 
 “Manager Holder” shall mean any Manager who is, at the time in question, a Holder. 
 “Managers” shall have the meaning set forth in the Preamble. 
 “MDP” shall mean, as of any date,
Madison Dearborn Capital Partners IV, L.P., MDCPIV Intermediate (Umbrella), L.P., Madison Dearborn Capital Partners V-A, L.P., MDCPV Intermediate (Umbrella), L.P. and their respective Permitted Transferees, in each case only if such Person holds any
Shares. 
 “MDP Co-Investment Vehicles” shall mean, as of any date, MDCP Foreign Co-Investors (Umbrella), L.P., MDCP US
Co-Investors (Umbrella), L.P. and their respective successor entities, and any Affiliated Fund thereof if, in each case, (i) substantially all of the equity thereof (including amounts paid for the acquisition of any Convertible Securities to
subscribe for, purchase or otherwise acquire such equity) has not been contributed by the same investors, partners and members as contributed to the equity of MDP, (ii) such entity has been formed for the main purpose of investing in the
Company or any Affiliate thereof, and (iii) such entity owns Shares. For the avoidance of doubt, neither MDCPIV Intermediate (Umbrella), L.P., MDCPV Intermediate (Umbrella), L.P. nor any successor thereof shall be deemed to be a Co-Investment
Vehicle for the purposes of this Agreement. 
 “MDP Investors” shall mean, as of any date, MDP, the MDP Co-Investment
Vehicles, and their respective Permitted Transferees, in each case only if such Person holds any Shares. 
 “Merger” shall
have the meaning set forth in the Recitals. 
  

 37 

 “Merger Agreement” shall have the meaning set forth in the Recitals. 
 “Midco” shall have the meaning set forth in the Preamble. 
 “Minimum Total Combined Investment” means shares of Common Stock valued at an initial cost of $120,000,000 as of March 29, 2007, subject to reduction effective immediately prior to any
Proportionate Reduction Event; provided, however, that no such reduction shall be made to the extent that the effect of such Proportionate Reduction Event is to offset the effect of any Proportionate Increase Event occurring since the
later of: (x) the most recent Proportionate Reduction Event, if any, for which a reduction was made, and (y) the date of the Closing. 
 “NASD” shall have the meaning set forth in Section 3.3.2(g). 
 “Opco” shall have the meaning
set forth in the Recitals. 
 “Options” shall mean any options to subscribe for, purchase or otherwise directly acquire
Stock, other than any such option held by the Company, Midco or any direct or indirect subsidiary thereof, or any right to purchase shares pursuant to this Agreement. 
 “Other Investor Shares” shall mean all Shares held by an Other Investor. Any Other Investor Shares that are Transferred by the holder thereof to such holder’s Permitted Transferees shall remain
Other Investor Shares in the hands of such Permitted Transferee. 
 “Other Investors” shall have the meaning set forth in
the Preamble. 
 “Other Securities” shall have the meaning set forth in Section 2.1.3. 
 “Parity Shares” shall have the meaning set forth in Section 3.3.1. 
 “Participating Buyer” shall have the meaning set forth in Section 2.1.2. 
 “Participating Investor” shall have the meaning set forth in Section 3.3.3. 
 “Participation Notice” shall have the meaning set forth in Section 2.1.1. 
 “Participation Offerees” shall have the meaning set forth in Section 2.1.1. 
 “Participation Portion” shall have the meaning set forth in Section 2.1.1. 
 “Participation Shares” shall mean all Shares held by an Investor and all Vested Shares held by a Manager. 
 “PEP” shall mean, as of any date, Providence Equity Partners V (Umbrella US) L.P., Providence Equity Partners VI (Umbrella US) L.P.,
Providence Investors V (Univision) L.P., Providence Investors VI (Univision) L.P. and their respective Permitted Transferees, in each case only if such Person holds any Shares. 
 “PEP Co-Investment Vehicles” shall mean, as of any date, Providence Co-Investors (Univision) L.P., Providence Co-Investors (Univision
US) L.P. and their respective successor 

  

 38 

 
entities, and any Affiliated Fund thereof if, in each case, (i) substantially all of the equity thereof (including amounts paid for the acquisition of
any Convertible Securities to subscribe for, purchase or otherwise acquire such equity) has not been contributed by the same investors, partners and members as contributed to the equity of PEP, (ii) such entity has been formed for the main
purpose of investing in the Company or any Affiliate thereof, and (iii) such entity owns Shares. For the avoidance of doubt, neither Providence Investors V (Univision) L.P., Providence Investors VI (Univision) L.P., nor any successor thereof
shall be deemed to be a Co-Investment Vehicle for the purposes of this Agreement. 
 “PEP Investors” shall mean, as of any
date, PEP, the PEP Co-Investment Vehicles, and their respective Permitted Transferees, in each case only if such Person holds any Shares. 
 “Permitted Transferee” shall mean, in respect of (a) any Investor, (i) an Affiliate of such Investor or (ii) a successor entity or, with respect to an Investor organized as a trust, any successor trustee or
co-trustee of such trust, (b) (b) any SCG Investor, (i) any Person which is controlled by or for the benefit of Haim Saban or Cheryl Saban (or in the event of their divorce, their subsequent respective spouses) (collectively
“Saban”) or their Family Members, (ii) then-current or former officers and/or employees of Saban or entities controlled by Saban who were issued such interests as a result of or in connection with their employment by Saban, or
such officers’ and/or employees’ Family Members to the extent they receive such transferred interests initially issued to such officer or employee as a result of or in connection with his or her employment by Persons controlled by Saban
(iii) any trust, custodianship or other entity created for estate or tax planning purposes all of the beneficiaries of which are any of the persons listed in clause (i) to (iii) of this paragraph (b), (c) any Manager, a Family
Member of such Manager, the Company and any subsidiary thereof, and (d) any holder of Shares who is a natural person, (i) upon the death of such natural person, such person’s mate, executors, administrators, personal representatives,
heirs, legatees or distributees in each case acquiring the Shares in question pursuant to the will or other instrument taking effect at death of such bolder or by applicable laws of descent an distribution and (ii) any Person acquiring such
Shares pursuant to a qualified domestic relations order in each case described in clauses (a) through (d), only to the extent such transferee agrees to be bound by the terms of this Agreement and the Stockholders Agreement. In addition, any
Holder shall be a Permitted Transferee of the Permitted Transferees of itself and any member of a Principal Investor Group shall be a Permitted Transferee of any other member of such Principal Investor Group. 
 “Person” shall mean any individual, partnership, corporation, company, association, trust, joint venture, limited liability company,
unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 
 “Piggyback Eligible Holder” shall have the meaning set forth in Section 3.2.1(a). 
 “Preferred
Stock” shall mean the 8.64% Cumulative Preferred Stock, par value $.001 per share, of Midco. 
 “Price Per Equivalent
Share” shall mean the Board’s good faith determination of the price per Equivalent Share of any Convertible Securities which are the subject of an issuance pursuant to Section 2 hereof. 
  

 39 

 “Principal Investor” shall have the meaning set forth in the preamble. 
 “Principal Investor Group” shall mean any one of (a) the MDP Investors, collectively, (b) the PEP Investors, collectively,
(c) the SCG Investors, collectively, (d) the THL Investors, collectively, and (e) the TPG Investors, collectively; provided, however, that any such Principal Investor Group shall cease to be a Principal Investor Group at
such time after the Closing, and at all times thereafter, as such Principal Investor Group ceases to hold Shares representing a Total Combined Investment of at least the Minimum Total Combined Investment (excluding, in each case, Shares held by
Co-Investment Vehicles that constitute part of such Principal Investor Group); provided, further, that no adjustment or modification to the term “Minimum Total Combined Investment” shall cause any former Principal Investor
Group to again become a Principal Investor Group. Where this Agreement provides for the vote, consent or approval of any Principal Investor Group, such vote, consent or approval shall be determined by the Majority MDP Investors, the Majority PEP
Investors, the Majority THL Investors, the Majority TPG Investors, or the Majority SCG Investors, as the case may be, except as otherwise specifically set forth herein. 
 “Principal Lock-Up Agreement” shall have the meaning set forth in Section 5 of the Stockholders Agreement. 
 “Pro Rata Portion” shall mean for purposes of Section 3.3, with respect to each holder of Registrable Securities or Parity Shares requesting that such shares be registered in such registration
statement, a number of such shares equal to the aggregate number of shares of Common Stock to be registered in such registration (excluding any shares to be registered for the account of the Company) multiplied by a fraction, the numerator of which
is the aggregate number of Registrable Securities and Parity Shares held by such holder, and the denominator of which is the aggregate number of Registrable Securities and Parity Shares held by all holders requesting that their Registrable
Securities or Parity Shares be registered in such registration. 
 “Proceeds” shall have the meaning set forth in the
Recitals. 
 “Proportionate Event” shall mean, at any time that immediately prior thereto there is more than one Principal
Investor Group, the consummation of any transaction or series of related transactions (including pursuant to a Recapitalization Transaction (as such term is defined in the Stockholders Agreement)), whether or not the Company is a party thereto, that
effects a reduction (a “Proportionate Reduction Event”) or increase (a “Proportionate Increase Event”) in the Total Combined Investment of the Principal Investor Group’s holdings that, in the good faith
determination of the Majority Principal Investors (identified as of immediately prior to such consummation), is substantially proportionate with respect to each such Principal Investor Group’s holdings. 
 “Proportionate Increase Event” shall have the meaning set forth in the definition of Proportionate Event. 
 “Proportionate Reduction Event” shall have the meaning set forth in the definition of Proportionate Event. 
 “Prospective Subscriber” shall have the meaning set forth in Section 2.1.1. 
  

 40 

 “Prospectus” means the prospectus related to any Public Offering (including, without
limitation, a prospectus or prospectus supplement that discloses information previously omitted from a prospectus filed as part of an effective registration statement in reliance on Rule 415, 430A or 430B (or any successor rules or regulations)
under the Securities Act), as amended or supplemented by any amendment or prospectus supplement, including post-effective amendments, and all materials incorporated by reference in such prospectus. 
 “Public Offering.” shall mean a public offering and sale of Common Stock for cash pursuant to an effective registration statement under
the Securities Act. 
 “Purchase Price Value” shall mean: (a) $12.34568, in the case of a share of Class A Stock,
(b) $1,000.00, in the case of a share of Class L Stock and (c) $100.00, in the case of a share of Preferred Stock, in each case appropriately adjusted for any stock split, stock dividend, combination, recapitalization or similar event
involving such class of Stock. 
 “Qualified Institutional Investors” shall mean each of the Principal Investors, the Bank
Investors and the respective Affiliates of the foregoing Persons. 
 “Qualified Public Offering” shall mean the first
underwritten Public Offering (other than any Public Offering or sale pursuant to a registration statement on Form S-4, S-8 or a comparable form) in which (i) the aggregate price to the public of all Common Stock sold in such offering in
combination with the aggregate price to the public of all Common Stock sold in any previous underwritten Public Offerings (other than any Public Offering or sale pursuant to a registration statement on Form S-4, S-8 or any comparable form) shall
exceed One Billion Dollars ($1,000,000,000), and (ii) at least 20% of the Common Stock of the Company shall have been sold in such offerings. 
 “Recapitalization Transaction” shall have the meaning set forth in Section 9.2 of the Stockholders Agreement. 
 “Registrable Securities” shall mean (a) all shares of Class A-1 Stock, (b) all shares of Class A-1 Stock issuable upon exercise, conversion or exchange of any Common Stock or Convertible Security and all
Shares of Class A-1 Stock issued in exchange for securities of any subsidiary of the Company, and (c) all shares of Class A-1 Stock directly or indirectly issuable with respect to the securities referred to in clauses (a) or
(b) above by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization, in each case constituting Participation Shares. As to any particular Registrable
Securities, such shares shall cease to be Registrable Securities when (i) such securities shall have ceased to be Participation Shares hereunder, (ii) a registration statement with respect to the sale of such securities shall have become
effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement, (iii) such securities shall have been Transferred pursuant to Rule 144 or Rule 145, (iv) disposition of such
securities may be made by the Holder thereof under Rule 144 or 145 and the holder of such securities holds no more than one percent of the shares of the applicable class outstanding as shown by the most recent report or statement published by the
Company, but only to the extent such securities are not restricted from transfer by the provisions of Section 4 hereof, (v) subject to the provisions of Section 7.2 hereof, such securities shall have been 

  

 41 

 
otherwise transferred to a Person that is not an Affiliate of the transferor, new certificates for them not bearing a legend restricting further transfer
shall have been delivered by the Company as part of such transfer and subsequent disposition of them shall not require registration of them under the Securities Act and such securities may be distributed without volume limitation or other
restrictions on transfer under Rule 144 or Rule 145 (including without application of paragraphs (c), (e) (f) and (h) of Rule 144), (vi) such securities shall have ceased to be outstanding, or (vii) the holder thereof shall
have withdrawn from this Agreement pursuant to Section 7.3. 
 “Registration Expenses” means any and all expenses
incident to performance of or compliance with Section 3 of this Agreement (other than underwriting discounts and commissions paid to underwriters and transfer taxes, if any), including (a) all Commission and securities exchange or NASD
registration and filing fees, (b) all fees and expenses of complying with securities or blue sky laws (including reasonable fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable
Securities), (c) all printing, messenger and delivery expenses, (d) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or NASD pursuant to Section 3.3.2(g) and all
rating agency fees, (e) the fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any special audits and/or “cold comfort” letters required by or incident to such
performance and compliance, (f) the reasonable fees and disbursements of one counsel for the Holders selected pursuant to the terms of Section 3 and any Additional Counsel, (g) any fees and disbursements of underwriters customarily
paid by the issuers or sellers of securities, including liability insurance if the Company so desires or if the underwriters so require, and the reasonable fees and expenses of any special expert retained in connection with the requested
registration, but excluding underwriting discounts and commissions and transfer taxes, if any, (h) expenses incurred in connection with any road show including the reasonable out-of-pocket expenses of the Holders) and (i) any other fees
and disbursements customarily paid by the issuers of securities. 
 “Related Group” shall mean, with respect to any 144
measurement period, all Holders other than those (a) who have agreed to forego their full pro rata share of the Rule 144 group limit in accordance with the last sentence of Section 4.1.1(a), (b) who have opted out of 144 Coordination
pursuant to Section 4.1.1(c), or (c) who have been excluded from the provisions of Section 4.1 through 4.4 pursuant to the last sentence of Section 4.5, unless, in each case, such person’s sales of Shares are required to be
aggregated with sales of Shares of all Holders not described in clauses (a) through (c) for purposes of clauses (e)(1) or (2) of Rule 144. 
 “Rule 144” shall mean Rule 144 under the Securities Acts (or any successor Rule). 
 “Rule 145” shall mean Rule 145 under the Securities Act (or any successor Rule). 
 “Rule 415”
shall mean Rule 415 under the Securities Act (or any successor Rule). 
 “Sale” shall mean a Transfer for value and the
terms “Sell” and “Sold” shall have correlative meanings. 
 “SCG Investors” shall mean, as
of any date, SCG Investments II, LLC and their respective Permitted Transferees, in each case only if such Person holds any Shares. 
  

 42 

 “Securities Act” shall mean the Securities Act of 1933 and the rules promulgated
thereunder, as amended from time to time. 
 “Shares” shall mean (a) all shares of Stock held by a Holder, whenever
issued, including all shares of Stock issued upon the exercise, conversion or exchange of any Convertible Securities and (b) all Convertible Securities held by a Holder (treating such Convertible Securities as a number of Shares equal to the
number of Equivalent Shares represented by such Convertible Securities for all purposes of this Agreement except as otherwise specifically set forth herein), including, in either case, any securities received in a “Recapitalization
Transaction” in accordance with Section 4.3 of the Stockholders Agreement. 
 “Shelf Offering” has the meaning set
forth in Section 3.5. 
 “Stock” shall mean the Common Stock and the Preferred Stock. 
 “Stockholders Agreement” shall have the meaning set forth in the Recitals. 
 “Strategic Investor” shall mean any (a) Person that is determined by the Majority Principal Investors to be a potential strategic
investor in the Company or any of its subsidiaries and (b) any Affiliate and/or co-investor of any such Person specified in clause (a). 
 “Strategic Investor Transaction” shall mean a transaction approved by the Majority Principal Investors in which one or more classes of securities (including Convertible Securities and rights therefor and debt securities)
issued by the Company or any of its direct or indirect subsidiaries are to be issued to one or more Strategic Investors and/or required by the Majority Principal Investors to be Sold by the Stockholders to one or more Strategic Investors;
provided, however, that (A) any such transaction is consummated within twenty four (24) months after the Closing Date, and (B) the reduction in the ownership of the Company or any of its subsidiaries resulting from such
transaction is on a pro rata basis among all Stockholders (other than (i) de minimis differences, (ii) if agreed by the Majority Principal Investors, securities held by the management of the Company and its Subsidiaries or any other
stockholder thereof which is not a Principal Investor being reduced, if at all, on less than pro rata basis, and (iii) if such transaction is consummated on or prior to September 30, 2008, the SCG Investors not being obligated to Sell
Shares resulting, after giving effect to such Strategic Investor Transaction, in the SCG Investors, in the aggregate, holding Shares valued at an initial cost of less than $250,000,000); provided, that each Principal Investor Group shall have
the right to determine the type and number of Shares and/or other securities that shall be transferred by each member of its own Principal Investor Group to satisfy its pro rata portion of the securities to be Sold in such transaction. For the
purposes of the Bank Investors only, a transaction shall not be deemed a “Strategic Investor Transaction” (i) if the Strategic Investor is an Affiliate of any of the Principal Investors immediately prior to such transaction, or
(ii) if the consideration per share received by such Bank Investors in connection with the Sale of any Shares held by such Bank Investors is less than the consideration paid for such Shares issued at Closing that are held by such Bank
Investors. 
 “Subject Securities” shall have the meaning set forth in Section 2. 
 “subsidiary” of any Person, means any corporation, partnership, joint venture or other legal entity of which such Person (either above
or through or together with any other subsidiary), 

  

 43 

 
owns, directly or indirectly, more than 50% of the stock or other equity interests, the holders of which are generally entitled to vote for the election of
the board of directors or other governing body of such corporation or other legal entity. 
 “Take Down Notice” has the
meaning set forth in Section 3.5. 
 “THL” shall mean, as of any date, Thomas H. Lee Equity Fund VI, L.P., THL Equity
Fund VI Investors (Univision), L.P., and their respective Permitted Transferees, in each case only if such Person holds any Shares. 
 “THL Co-Investment Vehicles” shall mean, as of any date, THL Equity Fund VI Intermediate Investors (Univision), L.P., THL Equity Fund VI Intermediate Investors (Univision US), L.P., THL Equity Fund VI Investors (GS), LLC
and their respective successor entities, and any Affiliated Fund thereof if, in each case, (i) substantially all of the equity thereof (including amounts paid for the acquisition of any Convertible Securities to subscribe for, purchase or
otherwise acquire such equity) has not been contributed by the same investors, partners and members as contributed to the equity of THL, (ii) such entity has been formed for the main purpose of investing in the Company or any Affiliate thereof,
and (iii) such entity owns Shares. For the avoidance of doubt, neither THL Equity Fund VI Investors (Univision), L.P. nor any successor thereof shall be deemed to be a Co-Investment Vehicle for the purposes of this Agreement. 
 “THL Investors” shall mean, as of any date, THL, the THL Co-Investment Vehicles, and their respective Permitted Transferees, in each
case only if such Person holds any Shares. 
 “Total Combined Investment” means with respect to a Person or group of Persons
at any time, the number of shares of Common Stock then held by such Person or group. 
 “TPG” shall mean, as of any date,
TPG Umbrella IV, L.P., TPG Umbrella V, L.P., TPG Umbrella International IV, L.P., TPG Umbrella International V, L.P. and their respective Permitted Transferees, in each case only if such Person holds any Shares. 
 “TPG Co-Investment Vehicles” shall mean, as of any date, TPG Umbrella Co-Investment, L.P., TPG Umbrella International Co-Investment,
L.P. and their respective successor entities, and any Affiliated Fund thereof if, in each case, (i) substantially all of the equity thereof (including amounts paid for the acquisition of any Convertible Securities to subscribe for, purchase or
otherwise acquire such equity) has not been contributed by the same investors, partners and members as contributed to the equity of TPG, (ii) such entity has been formed for the main purpose of investing in the Company or any Affiliate thereof,
and (iii) such entity owns Shares. For the avoidance of doubt, neither TPG Umbrella International IV, L.P., TPG Umbrella International V, L.P. nor any successor thereof shall be deemed to be a Co-Investment Vehicle for the purposes of this
Agreement. 
 “TPG Investors” shall mean, as of any date, TPG, the TPG Co-Investment Vehicles, and their respective
Permitted Transferees, in each case only if such Person holds any Shares. 
 “Transfer” shall mean any sale, pledge,
assignment, encumbrance or other transfer or disposition of any Shares (in each case, including any voting or economic interest therein) to any other 

  

 44 

 
Person, whether directly, indirectly, voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. For the avoidance of doubt,
it shall constitute a “Transfer” subject to the restrictions on Transfer contained or referenced in Section 4 (a) if a transferee is not an individual, a trust or an estate, and the transferor or an Affiliate thereof ceases to
control such transferee or (b) with respect to a holder of Shares which was formed for the purpose of holding Shares, there is a Transfer of the equity interests of such holder other than to a Permitted Transferee of such holder or of the party
transferring the equity of such holder. For the avoidance of doubt, a conversion of Class A-1 Stock to Class A-2 Stock, and vice versa, and the conversion of Class L-1 Stock to Class L-2 Stock, and vice versa, shall not be deemed as a
Transfer. 
 “Univision” shall have the meaning set forth in the Recitals. 
 “Vested Shares” shall mean, with respect to a Manager at any time, the Management Shares held by such Manager which are not subject to
vesting requirements or other service or performance based conditions to ownership at such time. 
 “Warrants” shall mean
any warrants to subscribe for, purchase or otherwise directly acquire Stock. 
 “Withdrawing Holder” shall have the meaning
set forth in Section 7.3. 
 10. MISCELLANEOUS. 
 10.1 Authority: Effect. Each party hereto represents and warrants to and agrees with each other party that (a) the execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are bound and (b) this Agreement constitutes a legal, valid and binding
obligation of such party, enforceable against such party in accordance with its terms, except to the extent that the enforcement of the rights and remedies created hereby is subject to (i) bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting the rights and remedies of creditors generally and (ii) general principles of equity. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of
the parties hereto, or to constitute any of such parties members of a joint venture or other association. The Company and Midco shall be jointly and severally liable for all obligations of each such party pursuant to this Agreement. 
 10.2 Notices. Any notices and other communications required or permitted in this Agreement shall be effective if in writing and (a) delivered
personally, (b) sent by facsimile, or (c) sent by overnight courier, in each case, addressed as follows: 
 If to
the Company, Midco or Opco, to it: 
 c/o Univision Communications Inc. 
 1999 Avenue of the Stars, Suite 3050 
 Los Angeles, California 90067 
 Facsimile No.: (310) 556-1526 
 Attention: General Counsel 
  

 45 

 with a copy (which shall not constitute notice) to: 
 Weil, Gotshal & Manges LLP 
 50 Kennedy Plaza, 11th Floor 
 Providence, Rhode Island
02903 
 Facsimile No.: (401) 278-4701 
 Attention: David K. Duffell, Esq. 
 if to a MDP Investor or to the MDP Principal Investor Group, to it: 
 c/o Madison Dearborn
Partners 
 Three First National Plaza, suite 3800 
 Chicago, Illinois, 60602 
 Facsimile No.: (312) 895-1221 
 Attention: James N. Perry, Jr. 
 with a copy (which shall not constitute notice) to: 
 Three First National Plaza, suite 3800 
 Chicago, Illinois, 60602 
 Facsimile No.: (312) 895-1041 
 Attention: Mark Tresnowski, Esq. 
 if to a PEP Investor or to the PEP Principal Investor Group, to it: 
 c/o Providence Equity
Partners Inc. 
 50 Kennedy Plaza, 18th Floor 
 Providence, Rhode Island 02903 
 Facsimile No.: (401) 751-1790 
 Attention: Jonathan M. Nelson 
 with a copy (which shall not constitute notice) to: 
 Weil, Gotshal & Manges LLP

 50 Kennedy Plaza, 11th Floor 
 Providence, Rhode Island
02903 
 Facsimile No.: (401) 278-4701 
 Attention: David K. Duffell, Esq. 
 If to a SCG Investor or to the SCG Principal Investor Group, to it: 
 c/o Saban Capital Group

 10100 Santa Monica Boulevard 
 Los Angeles, California 90067 
 Facsimile No.: (310) 557-5100 
 Attention: Adam Chesnoff 
  

 46 

 with a copy (which shall not constitute notice) to: 
 10100 Santa Monica Boulevard 
 Suite 2600 
 Los Angeles, California 90067 
 Facsimile No.: (310) 557-5103 
 Attention: Niveen Tadros, Esq. 
 If to a THL Investor or to the THL Principal Investor
Group, to it: 
 c/o Thomas H. Lee Partners, L.P. 
 100 Federal Street, 35th Floor 
 Boston, Massachusetts
02110 
 Facsimile No.: (617) 227-3514 
 Attention: Scott Sperling 
 with a copy (which shall not constitute notice) to: 
 Weil, Gotshal & Manges LLP

 100 Federal Street, 34th Floor 
 Boston, Massachusetts
02110 
 Facsimile No.: (617) 772-8333 
 Attention: David P. Kreisler, Esq. 
 If to a TPG Investor or to the TPG Principal Investor Group, to it: 
 c/o Texas Pacific Group

 301 Commerce Street, Suite 3300 
 Fort Worth, Texas 76102 
 Facsimile No.: (817) 871-4010 
 Attention: Clive D. Bode 
 with a copy (which shall not constitute notice) to: 
 Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, New York 10006 
 Facsimile No.: (212) 225-3999 
 Attention: Paul L. Shim, Esq. 
 If to any other Holder, to it at the address set forth on Exhibit A, or if not set forth thereon, in the records of the Company. 
 Notice to the holder of record of any shares of capital stock shall be deemed to be notice to the holder of such shares for all purposes hereof. 
 Unless otherwise specified herein, such notices or other communications shall be deemed 

  

 47 

 
effective (x) on the date received, if personally delivered, (y) on the date received if delivered by facsimile on a business day, or if not
delivered on a business day, on the first business day thereafter and (z) two (2) business days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as
aforesaid to each of the other parties hereto. 
 10.3 Binding Effect, Etc. Except for restrictions on the Transfer of Shares set
forth in other written agreements, plans or documents, and except for other written agreements dated on or about the date of this Agreement, this Agreement constitutes the entire agreement of the parties with respect to its subject matter,
supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, successors
and permitted assigns. Except as otherwise expressly provided herein, no Holder or other party hereto may assign any of its respective rights or delegate any of its respective obligations under this Agreement without the prior written consent of the
other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void. 
 10.4 Descriptive
Heading. The descriptive headings of this Agreement are for convenience of reference only, are not to be considered a part hereof and shall not be construed to define or limit any of the terms or provisions hereof. 
 10.5 Counterparts. This Agreement maybe executed in multiple counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one instrument. A facsimile signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature were an original. 
 10.6 Severability. In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any respect, such provision
shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in the event any provision hereof should be held
invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof. 
 10.7 No Recourse. Notwithstanding anything that may be expressed or implied in this Agreement, and notwithstanding the fact that certain of the Investors hereto may be corporations, partnerships, limited liability companies or
trusts, each party to this Agreement covenants, agrees and acknowledges that no recourse under this Agreement or any documents or instruments delivered in connection with this Agreement shall be had against any current or future director, officer,
employee, general or limited partner, member, manager or trustee of any Investor or of any partner, member, manager, trustee, Affiliate or assignee thereof, as such, whether by the enforcement of any assessment or by any legal or equitable
proceeding, or by virtue of any statute, regulation or other applicable law, it being expressly agreed and acknowledged that no personal liability whatsoever shall attach to, be imposed on or otherwise be incurred by any current or future officer,
agent or employee of any Investor or any current or future member of any investor or any current or future director, officer, employee, partner, member, manager or trustee of any Investor or of any Affiliate or assignee thereof, as such, for any
obligation of any Investor under this Agreement or any documents or instruments delivered in connection with this Agreement for any claim based on, in respect of or by reason of such obligations or their creation. 
  

 48 

 10.8 Aggregation of Shares. All Shares held by an Investor and its Affiliates and Affiliated Funds
shall be aggregated together for purposes of determining the availability of any rights or incurrence of any obligations under Sections 2, 3 and 4. Within any Principal Investor Group, the Investors may allocate the ability to exercise any rights
and/or the incurrence of any obligations under this Agreement in any manner that such Principal Investor Group (by a Majority in Interest of the Shares held by such Principal Investor Group) sees fit. 
 10.9 Obligations of Company, Midco and Opco. Each of the Company, Midco and Opco shall be jointly and severally liable for any payment obligation
of any of the Company, Midco or Opco pursuant to this Agreement. 
 10.10 Tacking. The Company will use commercially reasonable
efforts to consult the Bank Investors prior to effecting any recapitalization of the Company for purposes of forming a holding company if the Bank Investors would receive securities of such holding company in such recapitalization and such
recapitalization would adversely affect the Bank Investors’ ability to “tack” the holding period of the securities of such holding company received in connection with such recapitalization for purposes of rule 144(d)(iii) under the
Securities Act; provided, that the foregoing shall not limit the Company’s, Midco’s or Opco’s ability to effect any recapitalization that is determined in good faith by the Board to be in the Company’s, Midco’s or
Opco’s best interest. 
 11. GOVERNING LAW. 
 11.1 Governing, Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State
of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 
 11.2 Consent to Jurisdiction. Each party to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the State of Delaware for the purpose of any action, claim, cause of action or suit in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this
Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or
otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such proceeding brought in one of the above-named
courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by such court and (c) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or
otherwise), inquiry, proceeding or investigation arising out of or bated upon this Agreement or relating to the subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking
or intending to cause the transfer or removal of any such action, claim, cause of action or 

  

 49 

 
suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of
inconvenient forum or otherwise. Notwithstanding the foregoing, to the extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights set forth in this agreement, the court in which
such litigation is being heard shall be deemed to be included in clause (a) above. Notwithstanding the foregoing, any party to this Agreement may commence and maintain an action to enforce a judgment of any of the above-named courts in any
court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, and agrees that service of process by registered or certified mail, return receipt requested, at
its address specified pursuant to Section 10.2 hereof is reasonably calculated to give actual notice. 
 11.3 WAIVER OF JURY
TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY ANY FORUM RESPECT OF
ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL
TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS SECTION 11.3 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH
THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 11.3 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH
PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. 
 11.4 Exercise of Rights and Remedies. No delay of or omission in the exercise of
any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach
or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver. 
 [Signature pages to follow] 
  

 50 

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

							
	THE COMPANY:	 	BROADCASTING MEDIA PARTNERS, INC.
				
		 	By:	 	 *
	 	
		 	Name:	 	James C. Carlisle
		 	Title:	 	Vice President
		
	MIDCO:	 	BROADCAST MEDIA PARTNERS HOLDINGS, INC.
				
		 	By:	 	 *
	 	
		 	Name:	 	James C. Carlisle
		 	Title:	 	Vice President
		
	ACQUISITION SUB:	 	UMBRELLA ACQUISITION, INC.
				
		 	By:	 	 *
	 	
		 	Name:	 	James C. Carlisle
		 	Title:	 	Vice President
	
	* The signature appearing immediately below shall serve as a signature at each place indicated with an “*” on this page:
				
		 		 	 /s/ James C. Carlisle
	 	
		 	Name:	 	James C. Carlisle
		 	Title:	 	Vice President

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

 THE PRINCIPAL INVESTORS: 

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

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

									
		 		 	MDCPV INTERMEDIATE (UMBRELLA), L.P.
				
		 		 	By:	 	Madison Dearborn Partners V-A&C, L.P., its General Partner
				
		 		 	By:	 	Madison Dearborn Partners, LLC, its General Partner
					
		 		 	By:	 	 *
	 	
		 		 	Name:	 	James N. Perry, Jr.	 	
		 		 	Its:	 	Managing Director	 	
			
		 		 	MDCP FOREIGN CO-INVESTORS (UMBRELLA), L.P.
				
		 		 	By:	 	Madison Dearborn Partners V-A&C, L.P., its General Partner
				
		 		 	By:	 	Madison Dearborn Partners, LLC, its General Partner
					
		 		 	By:	 	 *
	 	
		 		 	Name:	 	James N. Perry, Jr.	 	
		 		 	Its:	 	Managing Director	 	
			
		 		 	MDCP US CO-INVESTORS (UMBRELLA), L.P.
				
		 		 	By:	 	Madison Dearborn Partners V-A&C, L.P., its General Partner
				
		 		 	By:	 	Madison Dearborn Partners, LLC, its General Partner
					
		 		 	By:	 	 *
	 	
		 		 	Name:	 	James N. Perry, Jr.	 	
		 		 	Its:	 	Managing Director	 	
	
	 *  The signature appearing immediately below shall serve as a signature at each place indicated with an
“*”under the heading of MDP INVESTORS:

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

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

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

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

									
		 		 	PROVIDENCE CO-INVESTORS (UNIVISION) L.P.
				
		 		 	By:	 	Providence Umbrella GP L.L.C., its General Partner
					
		 		 	By:	 	 *
	 	
		 		 	Name:	 	Mark Masiello	 	
		 		 	Its:	 	Managing Director	 	
			
		 		 	PROVIDENCE CO-INVESTORS (UNIVISION US) L.P.
				
		 		 	By:	 	Providence Umbrella GP L.L.C., its General Partner
					
		 		 	By:	 	 *
	 	
		 		 	Name:	 	Mark Masiello	 	
		 		 	Its:	 	Managing Director	 	
	
	 *  The signature appearing immediately below shall serve as a signature at each place indicated with an
“*”under the heading of PEP INVESTORS:

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

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

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

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

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

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

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

  

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

					
			
	By:	 	 /s/ Clive D. Bode
	 	
		 	Clive D. Bode	 	

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

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

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

									
		 		 	 THL EQUITY FUND VI INTERMEDIATE
 INVESTORS (UNIVISION US), L.P.

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

  

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

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

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

 THE BANK INVESTORS: 
  

					
	BACI INVESTORS INTERMEDIATE (UNIVISION), L.P.
		
	By:	 	Banc of America Capital Management V, L.P.
	Its:	 	General Partner
		
	By:	 	 /s/ Edward A. Balloch

	Name:	 	Edward A. Balloch
	Title:	 	Chief Financial Officer

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

					
	CREDIT SUISSE INVESTORS INTERMEDIATE (UNIVISION), L.P.
		
	By:	 	GSS Holdings (Univision – CS), Inc.
	Its:	 	General Partner
		
	By:	 	 /s/ Jill A. Gordon

	Name:	 	Jill A. Gordon
	Title:	 	Vice President

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

					
	DB INVESTORS INTERMEDIATE (UNIVISION), L.P.
		
	By:	 	DB (Univision), LLC
	Its:	 	General Partner
		
	By:	 	GSS Holdings (Univision), Inc.
	Its:	 	Sole Member
		
	By:	 	 /s/ Jill A. Gordon

	Name:	 	Jill A. Gordon
	Title:	 	Vice President

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

					
	LB INVESTORS INTERMEDIATE (UNIVISION), L.P.
		
	By:	 	LB (Univision), LLC
	Its:	 	General Partner
		
	By:	 	 /s/ Alex Kirk

	Name:	 	Alex Kirk
	Title:	 	Member

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

					
	RBS INVESTORS INTERMEDIATE (UNIVISION), L.P.
		
	 By:
	 	 RBS (Univision), LLC

	 Its:
	 	 General Partner

		
	 By:
	 	 GSS Holdings (Univision – RBS), Inc.

	 Its:
	 	 Sole Member

		
	 By:
	 	 /s/ Jill A. Gordon

	 Name:
	 	 Jill A. Gordon

	 Title:
	 	 Vice President

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

					
	WCP UNIVISION, L.P.
		
	By:	 	 /s/ Walter Simmons

	Name:	 	Walter Simmons
	Title:	 	Partner

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

 MANAGERS: 

			
	ANDREW W. HOBSON
		
	 /s/ Andrew W. Hobson
	 	

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

			
	RAY RODRIGUEZ
		
	 /s/ Ray Rodriguez
	 	

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

			
	JOSEPH UVA
		
	 /s/ Joseph Uva
	 	

 SIGNATURE PAGE TO PARTICIPATION, REGISTRATION RIGHTS AND COORDINATION AGREEMENT 

 Exhibit A 
  

					
	 Stockholder
	  	 Address
	  	 With Copies to:

			
	 BACI Investors Intermediate (Univision), L.P.
	  	 c/o Banc of America Capital Investors V, L.P.
 Bank of
America Corporate Center
 100 North Tryon Street, 25th Floor
 Charlotte, NC 28255
 Attn: Craig Elston & Robert Sheridan
 Fax: (704) 386-6432
 Phone: (704) 386-1324
	  	 Kirkland & Ellis LLP
 200 East Randolph
Drive
 Chicago, IL 60601
 Facsimile No. (312) 861-2200

Attention: Margaret A. Gibson, P.C.

			
	 Credit Suisse Investors Intermediate (Univision), L.P.
	  	 c/o Credit Suisse Strategic Partners
 11 Madison
Avenue
 New York, New York 10010
 Attn: Peter Song
 Fax: (646) 935-7048
 Phone: (212) 538-5295
	  	 Credit Suisse Strategic Partners
 305 Park Avenue
South
 New York, New York 10010
 Attn: Stephen
Ramsthaler
 Fax: (646) 935-7704

			
	 DB Investors Intermediate (Univision), L.P.
	  	 c/o DB Investment Partners, Inc.
 attn: Michael Thomas
Iben
 60 Wall St.
 New York, NY 10005
 Phone: (212) 295-2742
 Fax: (212) 797-4876
	  	 Jennifer Leyton
 Deutsche Bank
 60 Wall Street, NY, NY 10005
 Phone: 212-250-4575
 E-mail: Jennifer.leyton@db.com
 Fax: 212-797-4876

			
	 LB Investors Intermediate (Univision), L.P.
	  	 c/o Lehman Brothers
 1301 Avenue of the
Americas
 New York, New York 10019
 Attn: Ashvin Rao

Email: ashvin.rao@lehman.com
 Fax: (646) 834-4769
 Phone: (212) 526-5902
	  	 Kirkland & Ellis LLP
 200 East Randolph
Drive
 Chicago, IL 60601
 Facsimile No. (312) 861-2200

Attention: Margaret A. Gibson, P.C.

			
	 RBS Investors Intermediate (Univision), L.P.
	  	 c/o Royal Bank of Scotland, acting through its Equity
 Finance Division
 Global Banking & Markets
 4th Floor, 135 Bishopsgate, London
 EC2M 3UR, United Kingdom
 Attention: Gavin Petken
 Fax: 44(0)20.7085.2258
 Phone: 44(0)20.7085.2248
	  	 Kirkland & Ellis LLP
 200 East Randolph
Drive
 Chicago, IL 60601
 Facsimile No. (312) 861-2200

Attention: Margaret A. Gibson, P.C.

					
	 Stockholder
	  	 Address
	  	 With Copies to:

	 WCP Investors Intermediate (Univision), L.P.
	  	 Wachovia Capital Partners 2006, LLC
 Attention: Walker
Simmons
 301 South College Street, 12th Floor
 Charlotte, NC
28288-0732
 Fax: (704) 383-6538
 Phone: (704)
383-4991
	  	 Wachovia Capital Partners 2006, LLC
 Attention: Michele
Bailey
 301 South College Street, 12th Floor
 Charlotte, NC
28288-0732
 Fax: (704) 715-6817
 Phone: (704)
715-1543

			
	 Andrew H. Hobson
	  	 c/o Univision Communications Inc.
 10100 Santa Monica
Boulevard
 Suite 2600
 Los Angeles, California
90067
	  	
			
	 Ray Rodriguez
	  	 c/o Univision Communications Inc.
 10100 Santa Monica
Boulevard
 Suite 2600
 Los Angeles, California
90067
	  	
			
	 Joseph Uva
	  	 c/o Univision Communications Inc.
 10100 Santa Monica
Boulevard
 Suite 2600
 Los Angeles, California
90067

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