Document:

Amended Governance Guidelines of Tim Hortons Inc.

 Exhibit 10(iv) 
 TIM HORTONS INC. 
 Board of Directors 
 Governance Guidelines 
 Adopted February 2006 
 (Revised July 2006) 
 The Board of Directors (the
“Board”), as elected by the shareholders and, except for matters reserved to the shareholders by law or by the Corporation’s internal legislation, as the ultimate decision-making body of the Corporation, has adopted unanimously its
Principles of Governance – Philosophy, Role and Mission. In order to give effect to those Principles, the Board also has adopted unanimously these Governance Guidelines (“Guidelines”) concerning its structure, membership,
performance, operations, and management oversight. These Guidelines are general expressions of intent rather than a code of regulations; they are intended to be flexible and enabling rather than rigid and limiting. These Guidelines have been
prepared with consideration and effect given to the Sarbanes-Oxley Act of 2002, the Securities and Exchange Commission’s regulations promulgated thereunder, the listing standards of the New York Stock Exchange and the Toronto Stock Exchange,
the regulations of the Ontario Securities Commission and include certain other “best practices” provisions that reflect the dynamic and evolving process related to corporate governance matters. 
 The basic responsibility of each Director is to exercise his or her business judgment in a manner he or she reasonably believes to be in the best interests of the
Corporation and its shareholders. Directors are entitled to rely on the honesty and integrity of the Corporation’s executives and its outside advisors and auditors to the fullest extent permitted by law. 
 BOARD STRUCTURE 
 Within the limitations set by
shareholder vote and legislation, the number of directors should allow for the inclusion of qualified candidates and for the requirements of Board committee staffing. As a general objective, subject to exceptions recommended by the Directors, it is
the Board’s goal that a substantial majority of its members be independent Directors, that is, those who meet the definition of “independent” director under the listing standards of the New York Stock Exchange, as affirmatively
determined by the Board in its business judgment, and have no employee status or business conflict with the Corporation or who meet applicable definitions of law, regulation, rule, charter or other corporate legislation, the Principles or these
Guidelines (collectively, “Requirement[s]”) for Board or particular committee service. 
 The Chief Executive Officer of the Corporation, if not
also Chair of the Board, is expected to be a Director. The Board selects the Corporation’s Chief Executive Officer and the Chair of the Board in a manner that it determines to be in the best interests of the Corporation and its shareholders.
The Board does not have a policy as to whether the role of the Chief Executive Officer and the Chair of the Board should be separate, and if they are separate, whether the Chair of the Board should be selected from the non-management Directors or be
an employee of the Corporation. No senior manager other than Chief Executive Officer is expected or entitled to be a Director solely by virtue of his or her present or past position as senior manager. 
 Absent exceptional circumstances persuasive to the Board, persons to be elected to the Board should be 75 years or younger at the time of their election or re-election.
A non-management Director whose position or responsibility at the time of election changes is expected to tender his or her resignation for consideration by the Nominating and Corporate Governance Committee; a management Director who leaves the
Corporation is expected to resign from the Board. 
 The committees of the Board at present include the Audit Committee, comprised entirely of independent
Directors, the Human Resource and Compensation Committee, the Nominating and Corporate Governance Committee, the Executive Committee, the Finance Committee and such other committees as the Board may create and maintain from time to time. Each
committee is charged to meet the responsibilities set forth in the Requirements and otherwise as determined by the Board. The Board has approved written charters for the Audit, Human Resource and Compensation, and Nominating and Corporate Governance
Committees, and certain key responsibilities of those committees are summarized below: 
  

	 	•	 	Audit Committee. At least one member of the Audit Committee must meet the definition of an “audit committee financial expert” as that term is defined in the rules and
regulations of the Securities and Exchange Commission. The Audit Committee is directly responsible for the appointment, compensation, retention and oversight of the work of the Corporation’s independent auditor. The Audit Committee provides
assistance to the Board in fulfilling its oversight responsibility relating to (a) the integrity of the Corporation’s financial statements, (b) the Corporation’s compliance with legal and regulatory requirements, (c) the
independent auditor’s qualifications and independence, (d) the performance of the Corporation’s internal audit function. 

  

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	 	•	 	Human Resource and Compensation Committee. The Human Resource and Compensation Committee has responsibility to review and approve corporate goals and objectives relevant to Chief
Executive Officer compensation, evaluate the Chief Executive Officer’s performance in light of those goals and objectives and, either as a committee or together with the other independent Directors (as directed by the Board), determine and
approve the Chief Executive Officer’s compensation package. The Human Resource and Compensation Committee also makes recommendations to the Board with respect to the compensation of non-CEO executive officers and with respect to
incentive-compensation plans and equity-based plans. 

  

	 	•	 	Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee is responsible for identifying individuals qualified to become Board members,
consistent with the criteria in these Guidelines, as they may be amended, and to recommend to the Board individuals to be nominated, including a review of any shareholder nominations, as Directors at the Annual Shareholders’ Meeting. The
Nominating and Corporate Governance Committee also reviews and reports to the Board on matters of corporate governance and reviews these Guidelines and recommends revisions as appropriate. 

 Committee membership assignments are determined by the Board, on recommendation of the Nominating and Corporate Governance Committee, taking account of Corporation
needs, individual attributes, service rotation, and other relevant factors. The composition of Director membership on the Human Resource and Compensation Committee and Nominating and Corporate Governance Committee shall be determined in accordance
with the Requirements, which allow “controlled companies” to transition to fully-independent Director membership on these Committees within one year after the “controlled company” ceases to be controlled. Notwithstanding the
latitude afforded by these transition rules, the Human Resource and Compensation Committee and Nominating and Corporate Governance Committee shall be, at all times, comprised of a majority of independent Directors, and, pursuant to the Requirements,
within one year after the Corporation ceases to be controlled, each Director serving on the Human Resource and Compensation Committee and Nominating and Corporate Governance Committee shall be an independent Director. 
 DIRECTOR SELECTION, ORIENTATION AND EVALUATION 
 Director selection and nomination for reelection are a responsibility of the Board, acting on recommendation of the Nominating and Corporate Governance Committee, and giving attention to the following qualifications: 
  

	 	•	 	High personal and professional ethics, integrity, practical wisdom and mature judgment; 

  

	 	•	 	Board training and experience in business, government, education or technology; 

  

	 	•	 	Expertise that is useful to the Corporation and complementary to the background and experience of other Board members; 

  

	 	•	 	Willingness to devote the required amount of time to carrying out the duties and responsibilities of Board membership; 

  

	 	•	 	Commitment to serve on the Board over a period of several years to develop knowledge about the Corporation and its operations; 

  

	 	•	 	Willingness to represent the best interests of all shareholders and objectively appraise management’s performance; and 

  

	 	•	 	Board diversity, and other relevant factors as the Board may determine. 

 Selection of candidates is on the bases of, first, Corporation needs, and, second, identification of persons responsive to those needs. Directors may consider, giving such weight as they deem appropriate, ancillary attributes such as
energy, terms served, change in employment status, and other directorships. 
 Upon the recommendation and under the supervision of the Nominating and
Corporate Governance Committee, the Board establishes and maintains programs for initial and periodic orientation of each director in the obligations of directors generally and the business of the Corporation specifically, including operations,
finance, franchise development and relations, real estate development and management, compliance and auditing, corporate business ethics, and corporate organization. 
 The Directors expect that each of them will attend meetings of the Board and assigned committees and participate actively in the work of the Board. Except in compelling circumstances, any Director who during two
consecutive full calendar years attended fewer than 75% of the total of (a) all Board meetings held during the period for which he or she has been a Director (including regularly scheduled, special and telephonic meetings) and (b) all
meetings held by all committees on which he or she served (during the periods that he or she served) shall be asked to tender his or her resignation from the Board forthwith, and such Director will not be nominated for re-election at the expiration
of his or her then current term. The Directors are invited and expected to attend the Annual Shareholders’ Meeting. 
  

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 The Directors expect that each of them will own stock in the Corporation, with each director’s holdings valued at
least two and one-half times his or her annual compensation received from the Corporation and in any event appropriate to his or her circumstances. 
 As an
alternative to term limits, not less than six months prior to the date on which the Corporation’s nominations to the shareholders for the election and reelection of Directors are due, the Nominating and Corporate Governance Committee will
review the performance of each person potentially standing for election or reelection and make appropriate recommendations to the Board concerning that person’s candidacy. 
 Not less than annually, the Nominating and Corporate Governance Committee will prepare a report to the Board concerning director orientation and evaluation. 
 BOARD OPERATIONS 
 Non-management Director compensation, both form(s) and amount(s), are
determined by the Board, taking into account general and specific demands of Board and committee service, Corporation performance, comparisons with other firms of similar size and complexity, competitive factors, and other factors which it deems
relevant. A management director receives no additional compensation for his or her service as a Director. The Human Resource and Compensation Committee and the Nominating and Corporate Governance Committee will report to the Board not less than
annually on Board compensation matters. 
 The non-management Directors schedule regular executive sessions attendant to each Board meeting. The independent
Directors evaluate Chief Executive Officer performance and, with the recommendation of the Human Resource and Compensation Committee, the performance goals and other criteria on which the Chief Executive Officer and other senior management are
compensated at least once each year. 
 If the Chief Executive Officer serves as Chair of the Board, the Chair of the Nominating and Corporate Governance
Committee shall serve as lead Director, and in that capacity preside at executive sessions of the independent Directors (except where the principal matters to be considered are within the scope of authority of one of the other chairs); coordinate
with the Chief Executive Officer in planning director orientation scheduling and agenda matters generally; and be available to serve as a communication channel between the Board and the Chief Executive Officer. Where the Chair of the Board is an
independent Director, he or she shall also serve as chair of the Nominating and Corporate Governance Committee. In recognizing the roles of Chair of the Board and lead Director, the Board emphasizes that it is not intending to limit individual Board
member responsibility or access and communication to management or to limit management access to individual Board member advice and counsel. 
 Each
committee meets, as determined by its chair with the concurrence of the Board, in sufficient times and durations to satisfy the Requirements and its responsibilities. Each of the committees comprised entirely of independent Directors schedules
regular executive sessions attendant to each Board meeting. Where the Chair of the Board is an independent Director and is not serving as an appointed member of any committee of the Board, he or she shall be an ex officio member of each such
committee and be afforded the opportunity to participate in meetings of such committees, although he or she shall not be entitled to committee attendance fees or to vote with respect to any matter decided by a committee to which he or she is not an
appointed member. 
 The Board, acting on its own initiative or on the recommendation of one or more of its committees or the officers of the Corporation,
may engage experts or consultants where it deems the engagement to be necessary or appropriate to the fulfillment of its responsibilities. 
 Except as
otherwise specified in the Requirements, it is the policy of the Corporation that all major decisions be considered by the Board acting as a whole and references herein to the Board generally are to its actions in that capacity. Except where a
Requirement dictates to the contrary or as delegated to a committee in a written charter approved by the Board, all decisions of any committee are subject to control and direction of the Board. 
 Subject to the Requirements and the approval of the Board and each committee chair in matters within the purview of his or her committee, the Chair and Chief Executive
Officer set the agendas for meetings of the Board. The committee chairs, with the assistance of management, set the agendas for meetings of their committees. With the recommendation of the Chief Executive Officer, presentations on matters considered
by the Board are made by managers responsible for the operations or matters under consideration. 
 The Board, after consulting with counsel, determines
whether conflicts of interest exist on a case-by-case basis, with the objective, among others, that the Directors voting on an issue are not conflicted with respect to that issue. The Directors 
  

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 expect that each of them will disclose actual or potential conflicts to further these objectives. In addition, not less
than annually each Director affirms the existence or absence of actual or potential conflicts and that affirmation is reported to the Nominating and Corporate Governance Committee. 
 MANAGEMENT OVERSIGHT 
 The Board considers its functions to include taking an active role in
strategic and business planning, reviewing management’s performance against plans, and aligning compensation schemes to match Corporate performance, as well as advising and counseling senior management. In fulfilling these functions, Directors
expect to communicate primarily with senior management but have direct access to all officers and employees of the Corporation. 
 Not less than annually,
the Chief Executive Officer reports to the Board (excluding, to the extent appropriate, any affected officer of the Corporation who is a director) on strategic plans and planning processes, long term and emergency senior management succession plans,
performance of senior management, relations with mission critical trading partners, business ethics, compliance with laws, and other matters as the Board may direct. The Corporation’s succession planning also includes policies regarding Chief
Executive Officer selection and performance evaluations, as well as policies regarding Chief Executive Officer succession planning in the event of an emergency or retirement of the Chief Executive Officer. 
 The Chief Executive Officer reports to the Board not less than quarterly on operations, earnings and profits, material and significant events, progress toward meeting
periodic performance or other goals, material transactions not in ordinary course of business, and other matters as the Board may direct. 
 In advance of
scheduled meetings of the Board and its committees, senior management selects and organizes material related to agenda items to allow the Directors to be prepared for discussion of those items. 
 The Directors and senior management communicate between scheduled meetings upon the occurrence of events considered by either to be significant or noteworthy.

 It is the general policy of the Corporation that management speaks for the Corporation. Communications with shareholders, potential investors, customers,
communities, trading partners, creditors, governments, and the public concerning Corporate events and affairs are the responsibility of the Chief Executive Officer and his or her designees, giving due regard to the general oversight of the Board,
the requirements of law, and the interests of the Corporation. The policy is not preclusive of director communications with shareholders, but it is suggested that management be consulted and participate in any such communications. 
 GENERAL 
 The Board approves the Corporation’s
Standards of Business Practices applicable to employees and officers of the Corporation. The Audit Committee monitors that its provisions are being met. The Board also approves the Code of Business Conduct applicable to Directors of
the Corporation. A waiver, if any, of any provision of the Standards of Business Practices for an executive officer, or of any provision of the Code of Business Conduct for a Director, will be approved and disclosed in compliance with
the listing standards of the New York Stock Exchange or other Requirements. 
 Each of the Directors is committed to the principle that the effectiveness of
the Board is dependent upon open, full, and free discussion of issues in an atmosphere of mutual respect and collegiality. 
 These Guidelines are intended
to be consistent with and are subject to applicable requirements of law and regulation, exchange rules, and formal actions of the shareholders and Directors of the Corporation. 
 It is the responsibility of the Chief Executive Officer to educate management of the Corporation on the role of the Board, the Principles of Governance and these Guidelines. 
 These Guidelines are reviewed, and as appropriate revised, by the Board from time to time. 
 These Guidelines are, and any amendments thereto will be, displayed on the Corporation’s website and a printed copy will be made available to any shareholder of the
Corporation who requests such. 
  

 67Termination Agreement, dated September 28, 2006

 Exhibit 10.1 
 TERMINATION AGREEMENT 
 AGREEMENT, dated as of September 28, 2006, between INTEREP NATIONAL
RADIO SALES, INC., New York corporation (the “Company”), and MARC G. GUILD (“Guild”). 
 W I T
N E S S E T H: 
 WHEREAS, Guild has served the Company as a member of its Board of
Directors, a trustee of the Company’s Stock Growth Plan and, pursuant to an Amended and Restated Employment Agreement, dated as of April 1, 2000 (the “Employment Agreement”), as President, Marketing Division, of the Company;

 WHEREAS, the Company and Guild wish to set forth their agreement as to the termination of Guild’s employment; 
 NOW, THEREFORE, in consideration of the premises and of the mutual agreements set forth herein, the parties agree as follows: 
 1. Resignation and Termination of Employment. Effective as of the date of this Agreement (except as provided in Section 2(a)), Guild’s
employment with the Company shall terminate and Guild shall resign from the office of President, Marketing Division, and from all offices and directorships that he holds with any of the Company’s subsidiaries or affiliates. Concurrently with
the execution of this Agreement, Guild has delivered to the Company a signed letter of resignation to such effect. Guild shall continue to serve as a director of the Company through the Company’s 2006 Annual Meeting and possibly thereafter, as
shall be agreed by the Company and Guild. Guild shall also continue to serve as a Trustee of the Interep Radio Store Stock Growth Plan at the pleasure of the Company’s Board of Directors. 
 2. Payments. 
 (a) The period
beginning on August 1, 2006 and ending on March 31, 2013 is referred to as the “Term”. During the first two years of the Term, the Company shall pay Guild consulting fees, and during the remainder of the Term, severance
compensation, at the rate of $360,000 per year, less applicable federal and state withholdings. Subject to the provisions of Section 2(b), the Company shall pay such compensation in equal semi-monthly installments. During the first two years of
the Term, Guild shall provide the Company with such advice, assistance and consulting services regarding aspects of the Company’s business and affairs with respect to which he has been active as the Company shall reasonably request and Guild
shall agree to provide. All of the compensation referred to in this Section 2 shall be paid to Guild by direct deposit to such account as Guild shall designate to the Company. In consideration of the Company’s payment of such consulting
and severance compensation, Guild waives and forever forfeits any payments otherwise payable to him under the Employment Agreement as salary, bonus, severance compensation or consulting fees. 

 (b) If a Change in Control (as defined in Section 2(c)) occurs, Guild or his personal representative
(should he die or become incompetent during the Term) shall have the right to require the Company, at any time during the Term, and on not less than 30 days’ written notice to the Company, to pay to Guild, his designee or his estate or heirs an
amount equal to all of the remaining severance compensation and consulting fees payable to him during the then remainder of the Term, discounted at the Discount Rate (as defined below) to its present value as of the date of such notice (the
“Notice Date”). The Company shall pay such amount to Guild in a lump sum not later than 30 days after the Notice Date. “Discount Rate” means the yield to maturity, as determined on the Notice Date, on U.S. Treasury obligations
having a maturity date then as near as possible to the last day of the Term. 
 (c) For purposes of this Section 2, “Change in
Control”, means the occurrence of any of the following events: 
 (i) any “person,” including a
“group” (as such terms are used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934 (the “Exchange Act”), but excluding the Company, its “Affiliates” (that is, any of its subsidiaries or any parent
corporation), or any employee benefit plan or employees of the Company or any of its Affiliates, or any group of which any of the foregoing is a member, is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange
Act), directly or indirectly, of the Company’s securities representing 30% or more of the combined voting power of its then outstanding securities; 
 (ii) during any period of 24 consecutive months, individuals (A) who on the date of this Agreement constitute the Company’s entire Board of Directors (“Initial Directors”) or (B) whose
election, appointment or nomination for election was approved prior to such election or appointment by a vote of at least two-thirds of the Initial Directors who were in office immediately prior to such election or appointment, cease for any reason
to constitute at least a majority of the Company’s Board of Directors; 
 (iii) the consummation of a merger, business
combination, share exchange, division or other reorganization of the Company with any other corporation, where, following such transaction, (A) a majority of the directors of the surviving entity are persons who (I) were not members of the
Company’s Board of Directors immediately prior to the merger or other combination and (II) are not the Company’s nominees or representatives, (B) the Company’s shareholders immediately prior to such merger or combination
beneficially own, directly or indirectly, less than 60% or more of the combined voting power of the surviving corporation, as well as 60% or more of the total market value of its outstanding equity securities, in substantially the same proportion as
they owned the combined voting power of the Company, (C) any “person,” including a “group” (each as defined in clause (i) above), but excluding the Company, its Affiliates, or any of the Company’s or its
Affiliates’ employee benefit plans or employees, or any group of which any of the foregoing is a member, is or becomes the “beneficial owner” (as defined in Rule 13(d)(3) under the Exchange Act), directly or indirectly, of securities
representing 30% or more of the combined voting power of the surviving corporation or (D) in the case of a division, the Company’s shareholders immediately prior to such division beneficially own, directly or indirectly, less than 60% or
more of the combined voting power of the outstanding voting securities of each entity resulting from the division as well as 60% or more of the total market value of each such entity’s outstanding equity securities, in each case in
substantially the same proportion as such shareholders owned shares of the Company prior to such transaction; 
  

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 (iv) the consummation of a direct or indirect sale or other disposition of all or
substantially all of the Company’s assets; 
 (v) the Company’s adoption of any plan of liquidation providing for
the distribution of all or substantially all of its assets; 
 (vi) any other change in control of the Company of a nature
that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A under the Exchange Act; or 
 (vii) any other event or transaction that is declared by resolution of the Company’s Board of Directors to be a Change in Control. 
 3. Plan Coverage. From and after August 1, 2006 and until the earlier of March 31, 2013 or such time as another employer makes available to Guild medical and dental coverage comparable to that which the Company currently
provides to Guild, the Company, under COBRA, but at its expense, shall provide medical and dental coverage for Guild under, and subject to the terms and conditions of, such group insurance plans as the Company now and in the future makes available
generally for its employees. Nothing in this Section 3 shall be construed to require the Company to institute or maintain any or any particular benefit plan, program or policy. If and to the extent that this Section 3 conflicts with any
COBRA notice or other document issued by the Company at any time, the provisions of this Section 3 shall prevail. 
 4. Certain
Expenses. Promptly after the date of this Agreement, the Company shall reimburse Guild for his reasonable travel, lodging and entertainment expenses incurred by him prior to the date hereof in connection with the business of the Company, in
accordance with the Company’s policies and procedures. Inasmuch as the Company has used Guild’s membership at the Union League to have access to its meeting rooms and dining facilities for client entertainment, meetings, events and
training sessions and wishes to continue to do so, the Company shall, until further notice, pay the dues owed by Guild to such club. Guild shall reimburse the Company for all of his personal use of such club. Guild may retain the company cell phone,
lap top and Blackberry that he has been using and the Company shall continue to pay all related charges through December 31, 2006; provided, however, that Guild shall have no access to the Company’s networks, systems or data through
such equipment on and after the date of this Agreement. 
 5. Other Benefit Plans. Guild shall be entitled to receive all rights,
distributions and benefits which have accrued or shall accrue to him under the Company’s Stock Growth Plan and 401-K Plan, in accordance with the terms of such benefit plans. On and after the date of this Agreement, the Company shall not make
any further contributions to any such benefit plan for Guild’s account and all his benefit plan accounts shall be frozen with a review to roll over or termination. The Company shall use its best efforts to insure that all transfers of
securities or accounts and payments of cash contemplated in the preceding sentence are made as promptly as is 

  

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practicable, consistent with the terms and procedures of such benefit plans. On and after the date of this Agreement, the Company shall not make any further
contributions to any such benefit plan for Guild’s account and all his benefit plan accounts shall be frozen with a view to roll-over or termination. 
 6. Options. The stock options held by Guild to purchase an aggregate of 353,440 shares of Interep Common Stock shall remain exercisable on and after the date of this Agreement, for the respective full terms
thereof as stated in the related option agreements and otherwise in accordance with their terms. 
 7. Automobile Allowance. The
Company shall continue to provide Guild with the use of the automobile it currently leases for him through the end of the current lease on the same terms and conditions that are currently applicable. 
 8. Statements. In any written or oral discussion or disclosure by Guild or the Company regarding the termination of Guild’s employment with
the Company, Guild and the Company shall each characterize such termination as amicable and in a manner consistent with the contents of this Agreement. Further, Guild shall not denigrate or disparage the Company or any of its subsidiaries or
divisions or the businesses, services, officers, directors, employees, agents or shareholders of any of them, or take any action which would tend to cast any of them into disrepute. Similarly, the Company shall not denigrate or disparage Guild or
take any action which would tend to cast him into disrepute. Guild shall maintain the existence and terms of this Agreement in confidence at all times on and after the date hereof; provided, however, that the foregoing shall not restrict him
from making any disclosure about the existence and terms of this Agreement as may be required by applicable law or from testifying truthfully pursuant to a valid subpoena issued by any court or regulatory body having competent jurisdiction.

 9. Confidentiality. At all times on and after the date of this Agreement, Guild shall not disclose to any party or use any
information respecting the Company or its business and affairs which is treated as confidential by the Company, including, without limitation, trade secrets, business and marketing plans and information, financial data, commission rate information,
identity of actual or prospective clients and customers and salary or bonus information relating to any of the Company’s employees; provided, however, that such obligation shall not apply to any information (i) to the extent that it
is or becomes part of public or industry knowledge from authorized sources other than Guild or (ii) which Guild is required by law to disclose (but only to the extent required to be so disclosed); and provided, further, that Guild may
disclose this Agreement and its terms to his or its accountants, tax advisors and legal counsel, provided that any such third party has been informed of, and has agreed to abide by, this confidentiality provision. On or before the date of this
Agreement, Guild shall deliver to the Company all material of a confidential nature (whether or not marked as such), including, without limitation, business plans, budgets, financial statements or projections, commission rate schedules, manuals,
letters, notes, notebooks, reports and customer and supplier lists, and all copies or summaries thereof, relating to the business or affairs of the Company and its subsidiaries that are in Guild’s possession or control. 
  

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 10. Non-Competition. In consideration of the payments and accommodations to be made to Guild
pursuant to this Agreement, Guild agrees that, during the Term, and so long as the Company is not in breach of its obligations under this Agreement, he shall not, anywhere in the United States of America (or for such lesser area or such lesser
period as may be determined by a court of competent jurisdiction to be a reasonable limitation on the competitive activity of Guild), directly or indirectly: 
 (a) act as an officer, director, employee, agent, consultant or in any other capacity for Katz Media Corporation or any of its subsidiaries, parents or affiliates (together, “Katz”); provided,
however, that the foregoing shall not restrict Executive from marketing, promoting or selling products or services to Katz on behalf of third parties other than Katz; 
 (b) engage in any terrestrial or satellite radio or broadcast, cable or satellite television or Internet national sales representation business (“Representation Business”, which shall not include any
representation business other than national sales) on behalf of himself or any third party, including any representation firm or radio or television group; 
 (c) solicit or attempt to solicit Representation Business on behalf of himself or any third party from any parties who are clients or customers of the Company; or to which the Company has made specific proposals for
services, during the 12 months prior to the date of this Agreement and with respect to which Guild either (i) possess confidential information of the Company or (ii) Guild was directly involved as to solicitation, negotiation or servicing
of contracts; 
 (d) solicit or attempt to solicit for any business endeavor any employee of the Company; 
 (e) interfere with the Company or the conduct of its Representation Business or otherwise divert or attempt to divert from Interep any business
whatsoever; or 
 (f) render any services as a joint venturer, partner, consultant or otherwise to, or have any interest as a stockholder,
partner, lender or otherwise in, any person or entity which is engaged in activities which, if performed by Guild, would violate this Section 10. 
 The
foregoing provisions of this Section 10 shall not prevent Guild from purchasing or owning up to 5% of the voting securities of any corporation, the securities of which are publicly-traded. For all purposes of this Section 10, as well as
Section 9 and 11, references to the Company shall include all of its subsidiaries, affiliates and joint ventures. 
 11. Remedies and
Survival. Because the Company would not have an adequate remedy at law to protect its business from unfair competition and its interest in its trade secrets, proprietary or confidential information or similar commercial assets should Guild
breach any provision of Sections 8, 9 or 10, the Company shall be entitled, in the event of such a breach or threatened breach thereof by Guild, to injunctive relief, in addition to such other remedies and relief that would be available to the
Company. In the event of such a breach, in addition to any other remedies, the Company shall be entitled to receive from Guild payment of, or reimbursement for, their reasonable attorneys’ fees and disbursements incurred in successfully
enforcing any such provision. The provisions of Sections 8, 9 and 10 and of this Section 11 shall survive any termination of this Agreement. 
  

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 12. Termination of Prior Agreements. On the date of this Agreement, the Employment Agreement and
any other agreements and understandings between the Company and Guild relating to his employment, other than this Agreement, the benefit plans and options referred to in Sections 5 and 6 of this Agreement and the Indemnification Agreement between
the parties (together, the “Surviving Agreements”), shall terminate and be of no further force or effect; provided, however, that any rights to indemnification, defense and insurance in favor of Guild arising under the Restated
Certificate of Incorporation or By-Laws of the Company, shall continue in full force and effect. Guild shall continue to be covered under such directors and officers liability insurance policies as the Company maintains for its directors so long as
he is eligible to be covered under such policies in accordance with the terms thereof. 
 13. Releases. 
 (a) Guild, in consideration of good and valuable consideration received and to be received from the Company hereunder, the sufficiency of which is
acknowledged, releases and discharges the Company, its subsidiaries and affiliates and its and their respective officers, directors, shareholders, employees, agents, attorneys and affiliates and its and their respective heirs, personal
representatives, successors and assigns (together, the “Company Releasees”), of and from all claims, demands, causes of action, suits, actions, proceedings, judgments, debts, damages, liabilities and obligations, at law, equity or
otherwise, including, without limitation, any federal, state, local or administrative Equal Employment Opportunity or other claims arising under the Civil Rights Acts of 1866, 1870 and 1871, the Equal Pay Act of 1963, Title VII of the Civil Rights
Act of 1964, as amended, the Age Discrimination in Employment Act of 1967, as amended, the Older Workers Benefits Protection Act, the Civil Rights Act of 1968, the Rehabilitation Act of 1973, the Vietnam-Era Veterans’ Readjustment Assistance
Act of 1974, the Veteran’s Reemployment Rights Act, the Immigration Reform and Control Act, the Americans with Disabilities Act of 1990, the Civil Rights Act of 1991, the Family and Medical Leave Act, the Worker Adjustment and Retraining
Notification Act, the Employee Retirement Income Security Act of 1974, as amended, the Fair Labor Standards Act, the New York Executive Law, the New York State Human Rights Law, New York Civil Rights Law, Section 47 et seq., New York
Civil Rights Law, Article 4-C, Section 48 et seq., New York Labor Law Section 201-d, New York Civil Rights Law, Article 4, Section 40-c to 45 and any applicable federal, state, or local anti-discrimination or equal employment
opportunity statues or regulations, including, without limitation, any fair employment or human rights ordinance of any municipality or county in the State of New York; which Guild or his heirs, personal representatives, successors and assigns had,
have or may hereafter have against the Company Releasees for, on or by reason of any matter, cause or thing whatsoever from the beginning of the world to the date hereof; except that, Guild in no way releases or discharges the Company’s
obligations under this Agreement or any of the Surviving Agreements. Nothing herein shall be construed as an admission by the Company that Guild has any claim against it. Guild and his heirs, personal representatives, successors and assigns, further
waive any and all manner of notice, knowledge or discovery of any and all such actual or alleged claims of cause of action. 
 (b) Guild
shall have 21 days to review the release contemplated by Section 13(a) and is advised to consult with an attorney before signing it. After Guild signs this Agreement, he shall have seven days to cancel it. If Guild does not cancel it, the
release contemplated by Section 13(a) shall become effective. 
  

 -6- 

 (c) Subject to the last sentence of this Section 13(c), the Company, in consideration of good and
valuable consideration received and to be received from Guild hereunder, the sufficiency of which is acknowledged, releases and discharges Guild and his heirs, personal representatives, successors and assigns (together, the “Guild
Releasees”), of and from all claims, demands, causes of action, suits, actions, proceedings, judgments, debts, damages, liabilities and obligations, at law, equity or otherwise, which the Company or any of its affiliates and any of their
respective successors or assigns had, have or may hereafter have against the Guild Releasees for, on or by reason of any matter, cause or thing whatsoever from the beginning of the world to the date hereof; except that, the Company in no way
releases or discharges Guild’s obligations under this Agreement and the Surviving Agreements. Nothing herein shall be construed as an admission by Guild that the Company has any claim against him. The Company, its affiliates and their
respective successors and assigns, further waive any and all manner of notice, knowledge or discovery of any and all such actual or alleged claims of cause of action. The foregoing release shall become effective automatically on the effectiveness of
the release contemplated by Section 13(a). 
 14. Litigation Cooperation. From time to time, if requested by the Company, Guild
shall make his time and attention reasonably available to, and shall cooperate with the Company with respect to, any aspect of any litigation or governmental proceedings involving the Company regarding periods during which he was an employee of the
Company and a reasonable period thereafter. The Company shall reimburse Guild for any travel, lodging and other expenses he reasonably incurs in this regard, in accordance with their standard reimbursement policies. 
 15. Entire Agreement. This Agreement sets forth the entire understanding of the parties with respect to its subject matter, merges and supersedes
any prior or contemporaneous understandings with respect to its subject matter, and shall not be modified or terminated except by a written instrument executed by the Company and Guild. Failure of a party to enforce one or more of the provisions of
this Agreement or to require at any time performance of any of the obligations hereunder shall not be construed to be a waiver of such provisions by such party nor to in any way affect the validity of this Agreement or such party’s right
thereafter to enforce any provision of this Agreement, nor to preclude such party from taking any other action at any time which it would legally be entitled to take. Notwithstanding the foregoing, the provisions of this Section 15 and the
release set forth in Section 13(a) shall not apply to the letter agreement, dated June 7, 2006, respecting Guild’s entitlement to a special bonus with respect to the transaction referred to in such letter agreement. 
 16. Severability. If any provision of this Agreement is held to be invalid or unenforceable by any court or tribunal of competent jurisdiction,
the remainder of this Agreement shall not be affected by such judgment, and such provision shall be carried out as nearly as possible according to its original terms and intent to eliminate such invalidity or unenforceability. In this regard, the
Company and Guild agree that the provisions of Section 10, including, without limitation, the scope of its territorial and time restrictions, are reasonable and necessary to protect and preserve the Company’s legitimate interests. If the
provisions of Section 10 are held by a court of competent jurisdiction to be in any respect unreasonable, then such court may reduce the territory or time to which it pertains or otherwise modify such provisions to the extent necessary to
render such provisions reasonable and enforceable. 
  

 -7- 

 17. Successors and Assigns. Guild shall have no right to assign this personal Agreement, or any
rights or obligations hereunder, without the consent of the Company. On the sale of all or substantially all of the assets of the Company to another party, or on the merger of the Company with another corporation, this Agreement shall inure to the
benefit of, and be binding on, both Guild and the party purchasing such assets or surviving such merger in the same manner and to the same extent as though such other party were the Company. Subject to the foregoing, this Agreement shall inure to
the benefit of, be binding on and be enforceable by, the parties and their respective heirs, personal representatives, successors and assigns. 
 18. Communications. All notices, consents and other communications given under this Agreement shall be in writing and shall be deemed to have been duly given (a) when delivered by hand or by FedEx or a similar overnight courier
to, (b) five days after being deposited in any United States post office enclosed in a postage prepaid registered or certified envelope addressed to, or (c) when successfully transmitted by fax (with a confirming copy of such communication
to be sent as provided in (a) or (b) above) to, the party for whom intended, at the address or fax number for such party set forth below, or to such other address or fax number as may be furnished by such party by notice in the manner
provided herein; provided, however, that any notice of change of address or fax number shall be effective only on receipt. 
  

			
	If to the Company:	  	If to Guild:
		
	Interep National Radio Sales, Inc.	  	Mr. Marc G. Guild
	100 Park Avenue	  	107 White Plains Road
	New York, New York 10017	  	Bronxville, New York 10708
	Attention: Mr. Ralph C. Guild	  	Fax No.: (914) 779-2818
	Fax No.: (212) 916-0749	  	

 19. Construction; Counterparts. The headings contained in this Agreement are for
convenience only and shall in no way restrict or otherwise affect the construction of the provisions hereof. References in this Agreement to Sections are to the sections of this Agreement. This Agreement may be executed in multiple counterparts,
each of which shall be an original and all of which together shall constitute one and the same instrument. 
 20. Governing Law. This
Agreement shall be governed by the laws of the State of New York applicable to agreements made and fully to be performed in such state, without giving effect to conflicts of law principles. 
 IN WITNESS WHEREOF, each of the parties has executed this Agreement as of the date first set forth above. 
  

									
	INTEREP NATIONAL RADIO SALES, INC.	 		 	
					
	 By: 
	 	/s/ William J. McEntee	 		 		 	/s/ Marc G. Guild
		 	 William J. McEntee
 Chief Financial
Officer
	 		 		 	MARC G. GUILD

  

 -8-

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