Document:

Exhibit

Exhibit 10.2
Execution Version

INCREMENTAL AMENDMENT AGREEMENT No. 1, dated as of September 1, 2015 (this “Amendment Agreement”), among TOWNSQUARE MEDIA, INC., a Delaware corporation (the “Borrower”), ROYAL BANK OF CANADA, as Administrative Agent, ROYAL BANK OF CANADA as the Incremental Term Lender (the “Incremental Term Lender”).
WHEREAS, reference is hereby made to the Credit Agreement dated as of April 1, 2015 (the “Credit Agreement”) among the Borrower, the Administrative Agent, the L/C Issuers from time to time party thereto, the Lenders from time to time party thereto and the various other parties thereto.  Capitalized terms used and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement;

WHEREAS, pursuant to Section 2.19 of the Credit Agreement, the Borrower may, by notice to the Administrative Agent, request a Term Loan Increase (the loans thereunder, the “2015 Incremental Term Loans”);

WHEREAS, the Borrower has notified the Administrative Agent that it is requesting the borrowing of $45,000,000 of 2015 Incremental Term Loans (the “Increase”) pursuant to Section 2.19 of the Credit Agreement, which upon funding shall be in the form of a fungible increase to the Term Loans outstanding under the Credit Agreement immediately prior to the effectiveness of this Amendment Agreement (the “Existing Term Loans”) and shall have the same terms as the Existing Term Loans and subject to the conditions set for the herein and in the Credit Agreement.
WHEREAS the proceeds of the Increase will be used for working capital and general corporate and similar purposes and/or to make capital expenditures, Permitted Acquisitions, restricted payments, or refinancing of indebtedness including, without limitation, to finance the acquisition of North American Midway Entertainment, LLC (“NAME”), pursuant to that certain Securities Purchase Agreement, dated as of August 14, 2015, by and among Townsquare Live Events, LLC, the Borrower, Heartland Group LLC, Danny Huston and Jeffrey Blomsness (the “Acquisition Agreement”), and to pay any fees, expenses and transaction costs in connection with the foregoing (the incurrence of the 2015 Incremental Term Loans, and the purposes specified herein, the “Amendment Transactions”); 
WHEREAS, the Incremental Term Lender has agreed to make the 2015 Incremental Term Loans on the terms set forth herein; 
WHEREAS, pursuant to Section 2.19(f) of the Credit Agreement, the Borrower and the Administrative Agent may amend the Credit Agreement and the other Loan Documents to reflect, among other things, technical changes necessary or appropriate to give effect to the 2015 Incremental Term Loan and the Borrower and the Administrative Agent, together with the Incremental Term Lender, desire to amend the Credit Agreement pursuant to Section 2.19(f) (the “Incremental Amendments”) as set forth below; and
NOW, THEREFORE, in consideration of the premises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

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Section 1.2015 Incremental Term Loans.  
(a)    Each party hereto agrees as follows:
(i)    the Incremental Term Lender shall be considered a Lender for all purposes under the Loan Documents on and from the Incremental Facility Closing Date (as defined herein); 
(ii)    on the Incremental Facility Closing Date, the Incremental Term Lender agrees to be bound by the terms of the Loan Documents and to make 2015 Incremental Term Loans to the Lead Borrower in an aggregate principal amount of $45,000,000;
(iii)    the 2015 Incremental Term Loans shall have terms identical to the Existing Term Loans (including as to maturity) and will constitute Initial Term Loans for all purposes under the Credit Agreement, and the Existing Term Loans and the 2015 Incremental Term Loans will collectively comprise a single class of the Initial Term Loans;
(iv)    the aggregate principal amount of the 2015 Incremental Term Loans made under this Amendment Agreement shall be $45,000,000, which shall be made by the Incremental Term Lender to the Borrower with an initial Interest Period that commences on the Incremental Facility Closing Date and ends on the last day of the Interest Period applicable to the Existing Term Loans (and the Eurodollar Rate applicable to the 2015 Incremental Term Loans shall be the same rate applicable for the Existing Term Loans as of the Incremental Facility Closing Date);
(v)    the Borrower shall use the proceeds of the 2015 Incremental Term Loans as set forth in the recitals to this Amendment Agreement; and
(vi)    the parties shall treat the 2015 Incremental Term Loans as being fungible with the Existing Term Loans for U.S. federal income tax purposes.
(b)    Without limiting the generality of the foregoing and except as set forth in this Amendment Agreement, the 2015 Incremental Term Loans shall: (i) constitute Obligations and have all of the benefits thereof, (ii) have terms, rights, remedies, privileges and protections identical to those applicable to Initial Term Loans under the Credit Agreement and each of the other Loan Documents, (iii) be secured on a pari passu basis by the Liens granted to (I) the Collateral Agent for the benefit of the Secured Parties under the Guaranty and Security Agreement and/or (II) the Secured Parties in their capacity as such (or any of them) and (iv) be guaranteed by the Subsidiaries of the Borrower that guarantee the Initial Term Loans.
Section 2.    Incremental Amendments.  Section 2.6(a) of the Credit Agreement shall be amended and restated in its entirety as follows: 

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Term Loans.  The Borrower shall repay to the Administrative Agent for the ratable account of the Term Lenders (which Term Lenders shall include, for the avoidance of doubt, the Lenders holding any Term Loans outstanding immediately prior to the Incremental Facility Closing Date) (A) beginning on the Incremental Effective Date, in equal consecutive quarterly installments on the last Business Day of each March, June, September and December, an amount (subject to adjustment as provided in Sections 2.07 and 2.08 of the Credit Agreement) equal to $800,281.95 and (B) on the Maturity Date for the Initial Term Loans of each Class, the aggregate principal amount of all Initial Term Loans of such Class outstanding on such date. In the event any other Incremental Term Loans, Refinancing Term Loans or Extended Term Loans are made, such other Incremental Term Loans, Refinancing Term Loans or Extended Term Loans, as applicable, shall be repaid by the Borrower in the amounts and on the dates set forth in the Incremental Amendment, Refinancing Amendment or Extension Amendment with respect thereto and on the applicable Maturity Date thereof.
For the purposes of this Section 2.6(a), the following terms shall have the meanings set forth below: 
“Incremental Facility Closing Date” shall have the meaning given to that term in the Incremental Amendment Agreement;
“Incremental Amendment Agreement” means the document entitled "Incremental Amendment Agreement No. 1" dated as of September 1, 2015 among the Borrower, the other Loan Parties party thereto, the Incremental Term Loan Lender (as defined therein) party thereto and the Administrative Agent; and
“2015 Incremental Term Loans” shall have the meaning given to that term in the Incremental Amendment Agreement.
Section 3.    Representations and Warranties.  By its execution of this Amendment Agreement, each Loan Party party hereto represents and warrants to the Administrative Agent as of the Incremental Facility Closing Date (before and after giving effect to the Increase) that: 
(a)    from and after its delivery to the Administrative Agent, this Amendment Agreement has been duly authorized, executed and delivered by it and constitutes a legal, valid and binding obligation of such Loan Party, enforceable against it in accordance with its terms except as may be limited by bankruptcy, insolvency, reorganization moratorium or similar laws limiting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law;
(b)    the execution, delivery and performance by such Loan Party of the Amendment Agreement is within such Loan Party’s corporate or similar powers, have been, at the time of execution thereof, duly authorized by all necessary corporate or similar action and do not (a) contravene the terms of any of such Person’s Constituent 

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documents, or (b) violate any applicable Requirement of Law, except to the extent that such violation or contravention could not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;
(c)    all representations and warranties set forth in any Loan Document are true and correct, both before and after giving effect to the 2015 Incremental Term Loans, in all material respects (but in all respects if such representation or warranty is qualified by “material” or “Material Adverse Effect”) on and as of the Incremental Facility Closing Date or, to the extent such representations and warranties expressly relate to an earlier date, on and as of such earlier date and except that the representations and warranties contained in Section 4.4(a) of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to Section 6.1(c) of the Credit Agreement, respectively, prior to the Incremental Facility Closing Date; and
(d)    no Default or Event of Default existed or occurred at the time of execution of the Acquisition Agreement or, at the time of execution of the Acquisition Agreement, would have resulted after giving effect to the Amendment Transactions, and no Event of Default under Section 9.1(a) or (e) of the Credit Agreement exists or has occurred and is continuing on and as of the Incremental Facility Closing Date or would result after giving effect to the Amendment Transactions.
Section 4.    Conditions to Effectiveness.  The effectiveness of Sections 1 and 2 of this Amendment Agreement and the obligation of the Incremental Term Lender to make its 2015 Incremental Term Loans hereunder shall be subject to the satisfaction of the following conditions precedent (the date upon which Sections 1 and 2 of this Amendment Agreement become effective, the “Incremental Facility Closing Date”):
(a)    The Administrative Agent shall have received each of the following, each dated the Incremental Facility Closing Date unless otherwise indicated or agreed to by the Administrative Agent and each in form and substance reasonably satisfactory to the Administrative Agent:
(i)    from the Borrower, each other Loan Party and the Incremental Term Lender, duly signed counterparts of this Amendment Agreement; 
(ii)    a Notice of Borrowing executed by the Borrower;
(iii)    a certificate of a Responsible Officer of the Borrower, certifying that the conditions listed in clauses (b), (c) and (e) below have been satisfied;
(iv)    a customary written opinion of Kirkland & Ellis LLP, counsel to the Borrower, addressed to the Administrative Agent, the L/C Issuers and the Lenders, and addressing such matters as the Administrative Agent may reasonably request;

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(v)    either (x) a copy of each Constituent Document of the Borrower that is on file with any Governmental Authority in any jurisdiction, certified as of a recent date by such Governmental Authority or (y) confirmation from the Borrower that there has been no change to such Constituent Document since last delivered to the Administrative Agent on April 1, 2015, together with, if applicable, certificates attesting to the good standing of the Borrower in such jurisdiction; 
(vi)    a certificate of the secretary or other officer of each Loan Party in charge of maintaining books and records of such Loan Party certifying as to (A) the names and signatures of each officer of such Loan Party authorized to execute and deliver this Amendment Agreement, (B) either (x) the Constituent Documents of such Loan Party attached to such certificate are complete and correct copies of such Constituent Documents as in effect on the date of such certification or (y) that there has been no change to such Constituent Document since last delivered to the Administrative Agent on April 1, 2015 and (C) the resolutions of such Loan Party’s board of directors or other appropriate governing body approving and authorizing the execution, delivery and performance of this Amendment Agreement; and
(vii)    a Pledge Amendment (as defined in the Guaranty and Security Agreement), duly executed by the Borrower and/or any existing Guarantor on the date hereof that acquires (A) any Pledged Certificated Stock (as defined in the Guaranty and Security Agreement), (B) any Pledged Debt Instruments (as defined in the Guaranty and Security Agreement) or (C) any new certificates and instruments evidencing Pledged Investment Property (as defined in the Guaranty and Security Agreement), in each case, in connection with the Amendment Transactions; 
(b)    no Default or Event of Default existed or occurred at the time of execution of the Acquisition Agreement or, at the time of execution of the Acquisition Agreement, would have resulted after giving effect to the Amendment Transactions, and no Event of Default under Section 9.1(a) or (e) of the Credit Agreement exists or has occurred and is continuing on and as of the Incremental Facility Closing Date or would result after giving effect to the Amendment Transactions;
(c)    pursuant to Section 2.19(d)(ii)(B) and 2.19(d)(iii)(y), the Borrower and the Restricted Subsidiaries shall be in compliance on a Pro Forma Basis (excluding any cash constituting proceeds of the 2015 Incremental Term Loans) with a (1) First Lien Net Leverage Ratio of no greater than 4.00:100 and (2) Total Leverage Ratio of no greater than 6.00:1.00; 
(d)    the Incremental Term Lender shall have received all fees and other amounts due and payable under Section 6 on, or contemporaneously with, the Incremental Facility Closing Date, to the extent invoiced at least one Business Day prior 

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to such date, in each case, unless otherwise agreed between the Borrower and the Administrative Agent; 
(e)    all representations and warranties set forth in any Loan Document are true and correct, both before and after giving effect to the 2015 Incremental Term Loans, in all material respects (but in all respects if such representation or warranty is qualified by “material” or “Material Adverse Effect”) on and as of the Incremental Facility Closing Date or, to the extent such representations and warranties expressly relate to an earlier date, on and as of such earlier date and except that the representations and warranties contained in Section 4.4(a) of the Credit Agreement shall be deemed to refer to the most recent financial statements furnished pursuant to Section 6.1(c) of the Credit Agreement, respectively, prior to the Incremental Facility Closing Date; and 
(f)    The Administrative Agent shall be reasonably satisfied that, subject only to the funding of the 2015 Incremental Term Loans and the use of proceeds thereof, all obligations under NAME’s existing credit agreement with State Bank of Davis will have been paid in full and the related security interests and liens shall have been terminated and released, as evidenced by a payoff letter, UCC-3 termination statements and other releases, in each case satisfactory to the Administrative Agent.
Section 5.    Post-Closing Covenant.  Notwithstanding anything to the contrary contained in this Incremental Amendment No. 1, and the other Loan Documents, the parties hereto acknowledge and agree that the Borrower shall take the actions specified below as promptly as reasonably practicable, and in any event within the periods after the Incremental Facility Closing Date specified herein:
(a)    The Administrative Agent shall have received each of the following within thirty (30) calendar days of the date of the Incremental Facility Closing Date (or such longer period as the Administrative Agent shall agree in its sole discretion) and each in form and substance reasonably satisfactory to the Administrative Agent:
(i)    a Joinder Agreement (as defined in the Guaranty and Security Agreement), duly executed by NAME and each of its subsidiaries that are required to become Guarantors (together with NAME, the “NAME Guarantors”);
(ii)    copies of recent UCC, Intellectual Property and other appropriate search reports and of all effective prior filings listed therein, together with evidence of the termination of such prior filings other than Permitted Liens and other documents with respect to the priority of the security interest of the Administrative Agent in the Collateral (other than filings relating to Permitted Liens), in each case as may be reasonably requested by the Administrative Agent;
(iii)    a duly executed counterpart of the Supplemental Perfection Certificate; 

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(iv)    short-form intellectual property security agreements and assignments required to be delivered pursuant to the Guaranty and Security Agreement and other documents that the Administrative Agent reasonably requests with respect thereto;
(v)    a customary written opinion of Kirkland & Ellis LLP, counsel to the Borrower, addressed to the Administrative Agent, the L/C Issuers and the Lenders, and addressing such matters as the Administrative Agent may reasonably request with respect to the joinder of the NAME Guarantors; 
(vi)    a copy of each Constituent Document of each NAME Guarantor that is on file with any Governmental Authority in any jurisdiction, certified as of a recent date by such Governmental Authority, together with, if applicable, certificates attesting to the good standing of such NAME Guarantor in such jurisdiction; and
(vii)    a certificate of the secretary or other officer of each NAME Guarantor in charge of maintaining books and records of such NAME Guarantor certifying as to (A) the names and signatures of each officer of such NAME Guarantor authorized to execute and deliver this Amendment Agreement, (B) the Constituent Documents of such NAME Guarantor attached to such certificate are complete and correct copies of such Constituent Documents as in effect on the date of such certification and (C) the resolutions of such NAME Guarantor’s board of directors or other appropriate governing body approving and authorizing the execution, delivery and performance of this Amendment Agreement.
(b)    The Administrative Agent shall have received the following within ten (10) Business Days of the date of the Incremental Facility Closing Date (or such longer period as the Administrative Agent shall agree in its sole discretion) and each in form and substance reasonably satisfactory to the Administrative Agent:
(i)    from the Borrower and/or any of the existing Guarantors on the date hereof, in suitable form for transfer and in form and substance reasonably satisfactory to the Administrative Agent, (A) all Pledged Certificated Stock (as defined in the Guaranty and Security Agreement), (B) all Pledged Debt Instruments (as defined in the Guaranty and Security Agreement) and (C) all new certificates and instruments evidencing Pledged Investment Property (as defined in the Guaranty and Security Agreement), in each case, acquired in connection with the Amendment Transactions and accompanied by duly executed instruments of transfer or assignment in blank. 
Section 6.    Fees.  
(a)    The Borrower shall pay (or procure the payment of) the following to the Incremental Term Lender (i) any fees set out in a separate agreement dated on or about the date of this Amendment Agreement between the Borrower and the Lead Arrangers (as 

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defined below), and (ii) as compensation for the funding of the Incremental Term Lender’s 2015 Incremental Term Loan, a fee (which may be in the form of original issue discount) in an amount equal to 0.375% of the Incremental Term Lender’s participation in the Increase which is made on the Incremental Facility Closing Date.  Such fees will be in all respects fully earned, due and payable on the Incremental Facility Closing Date, to the extent such Incremental Term Lender funds its 2015 Incremental Term Loan, and non-refundable and non-creditable thereafter and may be netted against 2015 Incremental Term Loans made by such Incremental Term Lender.
(b)    The Borrower shall pay the reasonable fees, disbursements and other charges of Cahill Gordon & Reindel LLP, counsel for the Administrative Agent.
Section 7.    Acknowledgement and Affirmation
(a)    Each Loan Party confirms for the benefit of the Secured Parties that the guarantee and indemnities under the Credit Agreement and the Guaranty and Security Agreement, as applicable, given by such Loan Party (the “Guaranty Obligations”) shall remain in full force and effect notwithstanding the occurrence of the Incremental Facility Closing Date or any other additions, amendments, substitution, or supplements of or to the Loan Documents and the imposition of any amended, new or more onerous obligations under the Loan Documents in relation to any Loan Party and that the Guaranty Obligations extend to any new obligations assumed by any Loan Party under the Loan Documents (including without limitation the 2015 Incremental Term Loans and the Credit Agreement as amended by this Amendment Agreement), subject to the limitations set out in any Guaranty.
(b)    Each Loan Party confirms for the benefit of the Administrative Agent, the Collateral Agent and the Secured Parties that:
(i)    any Lien in respect of the obligations of any of the Loan Parties under the Loan Documents (or any of them) which has been created by such Loan Party in favor of the Collateral Agent or the Secured Parties, as the case may be, pursuant to the Guaranty and Security Agreement and each other document to which such Loan Party is a party that purports to grant a Lien in favor of the Collateral Agent or the Secured Parties (together with the Guaranty and Security Agreement, the “Collateral Documents”) shall remain and continue in full force and effect in accordance with its terms notwithstanding the occurrence of the Incremental Facility Closing Date and shall extend to any new obligations assumed by any Loan Party under the 2015 Incremental Term Loans, the Credit Agreement as amended by this Amendment Agreement and this Amendment Agreement (including, for the avoidance of doubt, any guaranty), subject to the limitations set out in those Collateral Documents or any other Loan Document;
(ii)    the obligations of the Loan Parties arising under the 2015 Incremental Term Loans, the Credit Agreement as amended by this Amendment Agreement and this Amendment Agreement (including, for the avoidance of 

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doubt, any guaranty) are included in the Obligations subject to any limitations set out in any Loan Document;
(iii)    it undertakes with respect to paragraph (a) above and this paragraph (b), to do all such acts or execute all such documents the Collateral Agent may reasonably require in order to ensure that the existing Liens under the Collateral Documents continues to be in full force and effect and extends to any new Obligations assumed by any Loan Party under the 2015 Incremental Term Loans, the Credit Agreement, as amended by this Amendment Agreement, and this Amendment Agreement (including, for the avoidance of doubt, any guaranty); and
(iv)    all references to the “Credit Agreement”, “Loan Documents”, “Loan” or its equivalent in the existing Collateral Documents or in any guaranty is a reference to the Credit Agreement as amended by this Amendment Agreement to inter alia include the 2015 Incremental Term Loans.
(c)    No part of this Amendment Agreement is intended to or will create a registrable Lien.
Section 8.    Counterparts.  This Amendment Agreement may be executed in any number of counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  This Amendment Agreement shall become effective when it has been executed by the Administrative Agent and when the Administrative Agent has received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Amendment Agreement by telecopier, .pdf or other electronic means shall be effective as delivery of a manually executed counterpart of this Amendment Agreement.  
Section 9.    Applicable Law.  THIS AMENDMENT AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL, EXCEPT AS OTHERWISE PROVIDED IN THE LOAN DOCUMENTS, BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK (WITHOUT RESPECT TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK).
Section 10.    Headings Descriptive.  The headings of the several Sections and subsections of this Amendment Agreement are inserted for convenience only and shall not in any way affect the meaning or construction of any provision of this Amendment Agreement.  
Section 11.    Effect of Amendment Agreement.  Except as expressly set forth herein, this Amendment Agreement shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of the Credit Agreement or any other Loan Document, all of which are 

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ratified and affirmed in all respects and shall continue in full force and effect.  As of the Incremental Facility Closing Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,” “hereof,” “herein,” or words of like import, and each reference in the other Loan Documents to the Credit Agreement (including, without limitation, by means of words like “thereunder,” “thereof” and words of like import), shall mean and be a reference to the Credit Agreement as amended hereby, and this Amendment Agreement and the Credit Agreement shall be read together and construed as a single instrument.  This Amendment Agreement shall constitute a Loan Document. The parties hereto hereby consent to the Increase upon the terms set forth herein. Upon the effectiveness of this Amendment Agreement, all conditions and requirements set forth in the Credit Agreement or the other Loan Documents relating to the Increase shall be deemed satisfied and the Increase shall be deemed arranged and consummated in accordance with the terms of the Credit Agreement and the other Loan Documents.  
Section 12.    Roles.  It is agreed that each of RBC Capital Markets, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Jefferies Finance LLC will act as joint lead arrangers and joint bookrunners for the 2015 Incremental Term Loans (collectively, the “Lead Arrangers”). 
[signature pages follow]

IN WITNESS WHEREOF, the parties hereto have caused this Amendment Agreement to be duly executed as of the date first above written.

TOWNSQUARE MEDIA, INC., 
as the Borrower 
 

		
	By:
	 /s/ Stuart Rosenstein      

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

[Signature Page to Incremental Amendment Agreement No. 1]

BRYTON ACQUISITION COMPANY, LLC
GAP BROADCASTING BURLINGTON LICENSE, LLC
GAP BROADCASTING BURLINGTON, LLC
GAP BROADCASTING MIDLAND-ODESSA LICENSE, LLC
GAP BROADCASTING MIDLAND-ODESSA, LLC
LYLA ACQUISITION COMPANY, LLC
LYLA INTERMEDIATE HOLDING, LLC 
MILLENNIUM ATLANTIC CITY II HOLDCO, LLC
REGENT LICENSEE OF CHICO, INC.
REGENT LICENSEE OF ERIE, INC.
REGENT LICENSEE OF FLAGSTAFF, INC. 
REGENT LICENSEE OF KINGMAN, INC.
REGENT LICENSEE OF LAKE TAHOE, INC. 
REGENT LICENSEE OF LEXINGTON, INC. 
REGENT LICENSEE OF PALMDALE, INC. 
REGENT LICENSEE OF REDDING, INC. 
REGENT LICENSEE OF SAN DIEGO, INC.
REGENT LICENSEE OF SOUTH CAROLINA, INC. 
REGENT LICENSEE OF WATERTOWN, INC. 
SPECIAL EVENTS MANAGEMENT, LLC 
TOWNSQUARE ACTIVE EVENTS, LLC 
TOWNSQUARE BEVERAGE, LLC
TOWNSQUARE COMMERCE, LLC 
TOWNSQUARE EXPERIENTIAL, LLC 
TOWNSQUARE EXPOS, LLC 
TOWNSQUARE INTERACTIVE, LLC 
TOWNSQUARE LIFESTYLE EVENTS, LLC
TOWNSQUARE LIVE EVENTS COLORADO, LLC 
TOWNSQUARE LIVE EVENTS INTERNATIONAL, LLC
TOWNSQUARE LIVE EVENTS MINNESOTA, LLC 
TOWNSQUARE LIVE EVENTS MONTANA, LLC 
TOWNSQUARE LIVE EVENTS TEXAS, LLC 
TOWNSQUARE LIVE EVENTS WISCONSIN, LLC 
TOWNSQUARE LIVE EVENTS, LLC 
TOWNSQUARE LIVE PRODUCTIONS, LLC 
TOWNSQUARE MANAGEMENT COMPANY, LLC 
TOWNSQUARE MEDIA 2010, INC. 
TOWNSQUARE MEDIA ABILENE LICENSE, LLC 
TOWNSQUARE MEDIA ABILENE, LLC 
TOWNSQUARE MEDIA ACQUISITION III, LLC 
TOWNSQUARE MEDIA ACQUISITION IV, LLC

[Signature Page to Incremental Amendment Agreement No. 1]

TOWNSQUARE MEDIA AMARILLO LICENSE, LLC 
TOWNSQUARE MEDIA AMARILLO, LLC 
TOWNSQUARE MEDIA ATLANTIC CITY II LICENSE, LLC
TOWNSQUARE MEDIA ATLANTIC CITY II, LLC
TOWNSQUARE MEDIA ATLANTIC CITY III HOLDCO, LLC
TOWNSQUARE MEDIA ATLANTIC CITY III LICENSE, LLC
TOWNSQUARE MEDIA ATLANTIC CITY III, LLC 
TOWNSQUARE MEDIA ATLANTIC CITY LICENSE, LLC
TOWNSQUARE MEDIA ATLANTIC CITY, LLC 
TOWNSQUARE MEDIA AUGUSTA WATERVILLE LICENSE, LLC
TOWNSQUARE MEDIA AUGUSTA WATERVILLE, LLC
TOWNSQUARE MEDIA BANGOR LICENSE, LLC
TOWNSQUARE MEDIA BANGOR, LLC 
TOWNSQUARE MEDIA BATTLE CREEK LICENSE LLC
TOWNSQUARE MEDIA BATTLE CREEK LLC 
TOWNSQUARE MEDIA BILLINGS LICENSE, LLC 
TOWNSQUARE MEDIA BILLINGS, LLC 
TOWNSQUARE MEDIA BINGHAMPTON LICENSE, LLC
TOWNSQUARE MEDIA BINGHAMPTON, LLC 
TOWNSQUARE MEDIA BISMARCK LICENSE, LLC 
TOWNSQUARE MEDIA BISMARCK, LLC 
TOWNSQUARE MEDIA BOISE LICENSE, LLC 
TOWNSQUARE MEDIA BOISE, LLC 
TOWNSQUARE MEDIA BOZEMAN LICENSE, LLC 
TOWNSQUARE MEDIA BOZEMAN, LLC 
TOWNSQUARE MEDIA BROADCASTING, LLC 
TOWNSQUARE MEDIA CASPER LICENSE, LLC 
TOWNSQUARE MEDIA CASPER, LLC 
TOWNSQUARE MEDIA CEDAR RAPIDS LICENSE LLC
TOWNSQUARE MEDIA CEDAR RAPIDS LLC 
TOWNSQUARE MEDIA CHEYENNE LICENSE, LLC
TOWNSQUARE MEDIA CHEYENNE, LLC 
TOWNSQUARE MEDIA DANBURY LICENSE LLC 

[Signature Page to Incremental Amendment Agreement No. 1]

TOWNSQUARE MEDIA DANBURY LLC 
TOWNSQUARE MEDIA DUBUQUE LICENSE, LLC 
TOWNSQUARE MEDIA DUBUQUE, LLC 
TOWNSQUARE MEDIA DULUTH LICENSE, LLC 
TOWNSQUARE MEDIA DULUTH, LLC 
TOWNSQUARE MEDIA FARIBAULT LICENSE LLC 
TOWNSQUARE MEDIA FARIBAULT LLC 
TOWNSQUARE MEDIA GRAND JUNCTION LICENSE, LLC
TOWNSQUARE MEDIA GRAND JUNCTION, LLC
TOWNSQUARE MEDIA KALAMAZOO LICENSE LLC
TOWNSQUARE MEDIA KALAMAZOO LLC 
TOWNSQUARE MEDIA KILLEEN-TEMPLE LICENSE, LLC
TOWNSQUARE MEDIA LAKE CHARLES LICENSE, LLC
TOWNSQUARE MEDIA LAKE CHARLES, LLC 
TOWNSQUARE MEDIA LANSING LICENSE LLC 
TOWNSQUARE MEDIA LANSING LLC 
TOWNSQUARE MEDIA LARAMIE LICENSE, LLC 
TOWNSQUARE MEDIA LARAMIE, LLC 
TOWNSQUARE MEDIA LAWTON LICENSE, LLC 
TOWNSQUARE MEDIA LAWTON, LLC 
TOWNSQUARE MEDIA LICENSEE OF ALBANY AND LAFAYETTE, INC.
TOWNSQUARE MEDIA LICENSEE OF PEORIA, INC.
TOWNSQUARE MEDIA LICENSEE OF ST. CLOUD, INC.
TOWNSQUARE MEDIA LICENSEE OF UTICA/ROME, INC.
TOWNSQUARE MEDIA LUBBOCK LICENSE, LLC 
TOWNSQUARE MEDIA LUBBOCK, LLC 
TOWNSQUARE MEDIA LUFKIN LICENSE, LLC 
TOWNSQUARE MEDIA LUFKIN, LLC 
TOWNSQUARE MEDIA MISSOULA LICENSE, LLC 
TOWNSQUARE MEDIA MISSOULA, LLC
TOWNSQUARE MEDIA MONMOUTH-OCEAN LICENSE, LLC
TOWNSQUARE MEDIA MONMOUTH-OCEAN,
LLC

[Signature Page to Incremental Amendment Agreement No. 1]

TOWNSQUARE MEDIA NEW BEDFORD LICENSE, LLC
TOWNSQUARE MEDIA NEW BEDFORD, LLC 
TOWNSQUARE MEDIA ODESSA-MIDLAND II LICENSE, LLC
TOWNSQUARE MEDIA ODESSA-MIDLAND II,
LLC
TOWNSQUARE MEDIA ODESSA-MIDLAND LICENSE, LLC
TOWNSQUARE MEDIA ODESSA-MIDLAND, LLC 
TOWNSQUARE MEDIA OF ALBANY AND LAFAYETTE, INC.
TOWNSQUARE MEDIA OF ALBANY, INC.
TOWNSQUARE MEDIA OF BUFFALO, INC.
TOWNSQUARE MEDIA OF EL PASO, INC.
TOWNSQUARE MEDIA OF EVANSVILLE/OWENSBORO, INC.
TOWNSQUARE MEDIA OF FLINT, INC. 
TOWNSQUARE MEDIA OF FT. COLLINS AND GRAND RAPIDS, LLC
TOWNSQUARE MEDIA OF FT. COLLINS, INC. 
TOWNSQUARE MEDIA OF GRAND RAPIDS, INC. 
TOWNSQUARE MEDIA OF KILLEEN-TEMPLE, INC.
TOWNSQUARE MEDIA OF LAFAYETTE, LLC
TOWNSQUARE MEDIA OF MIDWEST, LLC 
TOWNSQUARE MEDIA OF PRESQUE ISLE, INC. 
TOWNSQUARE MEDIA OF ST. CLOUD, INC. 
TOWNSQUARE MEDIA OF UTICA/ROME, INC. 
TOWNSQUARE MEDIA ONEONTA LICENSE, LLC 
TOWNSQUARE MEDIA ONEONTA, LLC 
TOWNSQUARE MEDIA POCATELLO LICENSE, LLC
TOWNSQUARE MEDIA POCATELLO, LLC 
TOWNSQUARE MEDIA PORTLAND LICENSE LLC 
TOWNSQUARE MEDIA PORTLAND LLC 
TOWNSQUARE MEDIA PORTSMOUTH LICENSE LLC
TOWNSQUARE MEDIA PORTSMOUTH LLC 
TOWNSQUARE MEDIA POUGHKEEPSIE LICENSE, LLC
TOWNSQUARE MEDIA POUGHKEEPSIE, LLC 
TOWNSQUARE MEDIA PRESQUE ISLE LICENSE, LLC

[Signature Page to Incremental Amendment Agreement No. 1]

TOWNSQUARE MEDIA QUAD CITIES LICENSE LLC
TOWNSQUARE MEDIA QUAD CITIES LLC 
TOWNSQUARE MEDIA QUINCY-HANNIBAL LICENSE, LLC
TOWNSQUARE MEDIA QUINCY-HANNIBAL, LLC 
TOWNSQUARE MEDIA ROCHESTER LICENSE LLC
TOWNSQUARE MEDIA ROCHESTER LLC 
TOWNSQUARE MEDIA ROCKFORD LICENSE LLC 
TOWNSQUARE MEDIA ROCKFORD LLC 
TOWNSQUARE MEDIA SAN ANGELO LICENSE, LLC
TOWNSQUARE MEDIA SAN ANGELO, LLC 
TOWNSQUARE MEDIA SEDALIA LICENSE, LLC 
TOWNSQUARE MEDIA SEDALIA, LLC 
TOWNSQUARE MEDIA SHELBY LICENSE, LLC 
TOWNSQUARE MEDIA SHELBY, LLC 
TOWNSQUARE MEDIA SHREVEPORT LICENSE, LLC
TOWNSQUARE MEDIA SHREVEPORT, LLC
TOWNSQUARE MEDIA SIOUX FALLS LICENSE, LLC
TOWNSQUARE MEDIA SIOUX FALLS, LLC 
TOWNSQUARE MEDIA TEXARKANA LICENSE,
LLC
TOWNSQUARE MEDIA TEXARKANA, LLC 
TOWNSQUARE MEDIA TRENTON LICENSE, LLC 
TOWNSQUARE MEDIA TRENTON, LLC 
TOWNSQUARE MEDIA TRI-CITIES LICENSE, LLC
TOWNSQUARE MEDIA TRI-CITIES, LLC 
TOWNSQUARE MEDIA TUSCALOOSA LICENSE, LLC
TOWNSQUARE MEDIA TUSCALOOSA, LLC 
TOWNSQUARE MEDIA TWIN FALLS LICENSE, LLC
TOWNSQUARE MEDIA TWIN FALLS, LLC 
TOWNSQUARE MEDIA TYLER LICENSE, LLC 
TOWNSQUARE MEDIA TYLER, LLC 
TOWNSQUARE MEDIA VICTORIA LICENSE, LLC 
TOWNSQUARE MEDIA VICTORIA, LLC 
TOWNSQUARE MEDIA WATERLOO LICENSE LLC 
TOWNSQUARE MEDIA WATERLOO LLC 

[Signature Page to Incremental Amendment Agreement No. 1]

TOWNSQUARE MEDIA WEST CENTRAL HOLDINGS, LLC
TOWNSQUARE MEDIA WEST CENTRAL INTERMEDIATE HOLDINGS, LLC 
TOWNSQUARE MEDIA WEST CENTRAL RADIO BROADCASTING, LLC
TOWNSQUARE MEDIA WICHITA FALLS LICENSE, LLC
TOWNSQUARE MEDIA WICHITA FALLS, LLC 
TOWNSQUARE MEDIA YAKIMA LICENSE, LLC 
TOWNSQUARE MEDIA YAKIMA, LLC 
TOWNSQUARE MMN, LLC
TOWNSQUARE NEW JERSEY HOLDCO, LLC 
TOWNSQUARE NEXT, LLC
TOWNSQUARE RADIO HOLDINGS, LLC 
TOWNSQUARE RADIO, INC. 
TOWNSQUARE RADIO, LLC
ZADER ACQUISITION COMPANY LLC,
each as a Loan Party 
 
		
	By:
	 /s/ Stuart Rosenstein      

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

[Signature Page to Incremental Amendment Agreement No. 1]

ROYAL BANK OF CANADA, 
as Administrative Agent 

		
	By:
	 /s/ Susan Kokher       
Name:  Susan Kokher 
Title:  Manager, Agency 

[Signature Page to Incremental Amendment Agreement No. 1]

ROYAL BANK OF CANADA 
as Incremental Term Lender

		
	By:
	 /s/ Alfonse Simone       
Name:  Alfonse Simone 
Title:  Authorized Signatory

[Signature Page to Incremental Amendment Agreement No. 1]MW Italia S.r.l.

Via Pavia, 72

10090 Cascina Vica, Rivoli, Torino (Italy)

To the kind attention of the Board of Directors

Coils Lamiere Nastri - C.L.N. S.p.A.

Corso Susa 13/15

10040 Caselette, Torino (Italy)

To the kind attention of Gabriele Perris Magnetto, CEO

Milan, November 3, 2015

RE: Investment Agreement - Acceptance

Dear Sirs,

We have received your proposal in connection with the investment agreement concerning Gianetti Ruote S.r.l., that we reproduce in full below.

* * *

MW Italia S.r.l.

Via Pavia 72

10090 Cascine Vica, Rivoli

Torino (Italy) P.IVA00486690019

Capitale sociale Euro 40.000.000,00 i.v.

Accuride Corporation

Office Circle 7140

10040 Caselette, Indiana (USA)

To the kind attention of the Board of Directors

Coils Lamiere Nastri - C.L.N. S.p.A.

Corso Susa 13/15

10040 Caselette, Torino (Italy)

To the kind attention of Gabriele Perris Magnetto, CEO

Milan, November 3, 2015

Subject: Investment Agreement

Dear Sirs,

Further to our recent discussions and in connection with an envisaged transaction according to which Accuride is supposed to perform an investment in Gianetti Ruote S.r.l. against the subscription of a newly issued quota of the corporate capital, we hereby submit to you our proposal as to an investment Agreement.

  

***

INVESTMENT AGREEMENT

By And Between

ACCURIDE CORPORATION

And

MW ITALIA S.R.L.

And

C.L.N. S.P.A.

TABLE OF CONTENTS

	
Section I - Recital, Annexes and Definitions  

	
5

	
1.        Recitals and Annexes  

	
5

	
2.        Definitions  

	
5

	
Section II - Subject Matter  

	
11

	
3.        The Investment  

	
11

	
4.        Capital Decrease And Capital Increase. Other resolutions

	
11

	
5.        Additional Funds  

	
12

	
6.        Commercial Agreements  

	
13

	
7.        Position Of CLN  

	
14

	
8.        Shareholders' Agreement  

	
14

	
9.        Right To Designate  

	
14

	
Section III – Specific Undertakings  

	
15

	
10.        Specific Undertakings On The Current Consolidated Fiscal Agreement

	
15

	
11.        Specific Provisions And Undertakings On Certain Assets, Permits, Environmental And Real Estate Matters

	
15

	
12.        Other Specific Undertakings  

	
16

	
Section IV – Closing And Post-Closing Adjustment  

	
17

	
13.        Closing  

	
17

	
14.        Closing Adjustments  

	
20

	
Section V - Representations And Warranties And Indemnifications

	
22

	
15.        Representations and Warranties by MW Italia  

	
22

	
16.        Payment Obligation  

	
22

	
17.        Procedure To Submit A Claim  

	
25

	
18.        Representations and Warranties by Accuride  

	
26

	
19.        Representations and Warranties by CLN  

	
27

	
Section VI - Miscellanea  

	
27

	
20.        Effectiveness Of The Agreement And Duration Of Certain Undertakings

	
27

	
21.        Entire Agreement and Amendments  

	
28

	
22.        Assignment Of The Agreement  

	
28

	
23.        Expenses  

	
28

	
24.        Confidentiality And Press Releases  

	
28

	
25.        Notices  

	
28

	
26.        Post-Closing Covenants  

	
30

	
27.        Annexes  

	
31

2

	
28.        Applicable Law And Jurisdiction  

	
32

	
Section VII – Annexes  

	
32

 

3

INVESTMENT AGREEMENT

by and between

Accuride Corporation, a corporation incorporated under the laws of the State of Delaware (U.S.A.), having its registered office at 7140 Office Circle, Evansville, Indiana (U.S.A.), U.S. tax identification number 61-1109077 ("Accuride"), hereby represented by Scott Douglas Hazlett, in his capacity as attorney-in-fact, duly empowered through a special power of attorney dated November 3, 2015 granted by Stephen Albert Martin, duly empowered through a resolution of the Board of Directors;

- on the one hand -

and

MW Italia S.r.l., a limited liability company (società a responsabilità limitata) incorporated under the laws of the Republic of Italy, having its registered office at Via Pavia 72, 10090 Cascine Vica, Rivoli, Turin (Italy), enrolled with the Register of Enterprises of Turin (Italy), registration number and Italian tax code 00486690019, corporate capital equal to Euro 40,000,000.00, fully paid-in ("MW Italia"), hereby represented by Andrea Rodella, in his capacity as Director, duly empowered through a board resolution dated October 23, 2015; and

Coils Lamiere Nastri - C.L.N. S.p.A., a joint stock company (società per azioni) incorporated under the laws of the Republic of Italy, having its registered office at Corso Susa 13/15, 10040 Caselette, Turin (Italy), enrolled with the Register of Enterprises of Turin (Italy), registration number and Italian tax code 00521230011, corporate capital equal to Euro 235,000,000.00 fully paid-in ("CLN"), hereby represented by Gabriele Perris Magnetto, in his capacity as CEO, duly empowered through a board resolution dated 14 October 2015;

- on the other hand -

(Accuride, MW Italia and CLN, are defined as the "Parties" and, each of them, severally, as a "Party").

WHEREAS

	
(A)

	
Gianetti Ruote S.r.l. is a limited liability company (società a responsabilità limitata) incorporated under the laws of the Republic of Italy, having its registered office at Via Stabilimenti 31, 20816 Ceriano Laghetto (Monza e Brianza - Italy), enrolled with the Register of Enterprises of Monza e Brianza, registration number and Italian tax code 04450780012, corporate capital ("capitale sociale sottoscritto") equal to Euro 8,798,316.00, fully paid-in (the "Company"), active in the Automobiles & Parts business (ICB) and, namely, in the production of wheels for trucks, commercial vehicles, and motorcycles;

	
(B)

	
The Company is wholly-owned by MW Italia, which – in its turn – is controlled by CLN. As of the date of this Agreement, CLN exercises the activity of direction and coordination (direzione e coordinamento) over the Company, pursuant to Section 2497 and ff. of the Italian Civil Code;

	
(C)

	
The Company's business is complementary to Accuride's business and, therefore, with the aim to develop the mutual businesses of Accuride, MW Italia and the Company, the Parties intend to establish through the Company a corporate joint venture between Accuride and MW Italia pursuant to the terms of this Agreement;

	
(D)

	
For the above purposes, Accuride intends to invest in the Company through the investment in new capital equipment and the improvement of existing capital equipment, such investment being

4

	
(E)

	
 aimed at improving the Company's facility located in Ceriano Laghetto (Monza e Brianza – Italy) and its manufacturing capabilities;

	
(F)

	
By means of this Agreement, the Parties intend to regulate:

	
(1)

	
The terms and conditions of Accuride's investment in the Company for an aggregate amount of Euro 19,750,000.00, to be paid in installments pursuant to a pre-agreed timeline, and the issuance at Closing in favor of Accuride of an Equity Interest (quota) in the Company, equal to seventy percent. (70.00%) of the relevant corporate capital as resulting after the completion of the Capital Increase;

	
(2)

	
The entry into certain commercial agreements between the Company, on the one hand, and Accuride, MW Italia, CLN and/or AMCLN Distribuzione S.r.l., on the other hand.

	
(G)

	
Accuride, MW Italia and CLN will also enter into a Shareholders' Agreement relating to the governance of the Company, ruling the future relationship of Accuride and MW Italia as equity-holders of the Company, and providing for certain agreements to be executed by the Company, on the one hand, and MW Italia or CLN, or Accuride, on the other hand.

NOW, THEREFORE, in consideration of the above, the Parties, intending to be legally and definitively bound, hereby covenant and agree as set forth below.

 

Section I - Recital, Annexes and Definitions

	
1.

	
Recitals and Annexes

	
1.1.

	
The Recitals above, the Annexes and the Schedule hereto are an integral and substantial part of this Agreement.

	
2.

	
Definitions

	
2.1.

	
In addition to other terms defined elsewhere in this Agreement, the following terms, when capitalized, shall have the meaning attributed to them under this Clause 2.1:

"2014 Financial Statements" means the financial statements of the Company as of December 31, 2014, as approved by the equity-holders' meeting of the Company on April 30, 2015, attached hereto as Annex 2.1(a);

"Accounting Principles" means the accounting principles set forth in the Civil Code, as integrated by, interpreted and applied in accordance with, the accounting principles issued by the Italian Accounting Board (Organismo Italiano di Contabilità, known as "OIC"), as applied by the Company in the preparation of the 2014 Financial Statements, consistently with past practice;

"Accuride" has the meaning set forth in the header of this Agreement.

"Additional Funds" has the meaning set forth in Clause 5.1;

"Affiliate" means, with respect to any specified Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with such specified Person.  For purposes of this definition, the terms "control" and "controlled" means: (a) the possession, directly or indirectly, of more than fifty percent. (50%) of the outstanding voting rights in the ordinary equity-holders' meeting of such Person, or (b) the power to direct the

5

 management and policies of a Person, directly or indirectly, through the ownership of voting securities or partnership or other equity interests;

"Agreement" means this Investment Agreement, including its Recitals, Annexes and Schedules;

"Assets" means any tangible and intangible assets of any kind owned, used, possessed, leased, exploited by, or licensed to, the Company, including machineries or equipment, and Properties;

"Authority" means any public authority, including, without limitation, local, governmental, foreign or other governmental, or political subdivision thereof, or any agency, department, commission, board, bureau, or other non-governmental regulatory authority or quasi-governmental authority (to the extent that the rules, regulations or orders enacted by them have the force of Law), or any court, tribunal or arbitration panel of any competent jurisdiction;

"Business Day" means any calendar day – other than Saturdays, Sundays or Italian or U.S. national holidays - on which retail banks are generally open for business to the public both in Milan (Italy) and New York City (U.S.A.);

"Capital Decrease" has the meaning set forth in Clause 4.1.1;

"Capital Increase" has the meaning set forth in Clause 4.1.2;

"CIT" means the Italian Corporate Income Tax, currently ruled by the DPR 917/86 TUIR.

"Claim" has the meaning set forth in Clause 17;

"CLN" has the meaning set forth in the header of this Agreement.

 "Closing" has the meaning set forth in Clause 13.2;

"Closing Adjustment Amounts" has the meaning set forth in Clause 14.3.1;

"Closing Amount Objection" has the meaning set forth in Clause 14.3.2;

"Closing Date" has the meaning set forth in Clause 13.1;

"Closing Net Financial Position" means the Net Financial Position as of October 31, 2015;

"Closing Net Working Capital" means the Net Working Capital as of October 31, 2015;

"Collective Bargaining Agreements" means labor collective bargaining agreements (contratti collettivi), either at national, local or at group or Company level (contratti collettivi aziendali), or other similar contracts with any trade union, employee association, or other labor group;

"Commercial Agreements" has the meaning set forth in Clause 6.1;

"Company" has the meaning set forth in the header of this Agreement.

"Contract" means any legal instrument, contract, agreement, deed, or other legally binding relationship, whether written or oral;

"Dangerous Substance" means any natural or artificial substance or thing (whether in the form of a solid, liquid, gas, vapor or any other form) which is (i) capable (alone or in combination) of causing harm to man or any other living organism, or capable of damaging the Environment or public health or welfare, including but not limited to controlled, special, hazardous, polluting, toxic,

6

 or dangerous substances and/or radiation, electricity or heat; and/or (ii) regulated by or under Environmental Law;

"Dispute" has the meaning set forth in Clause 14.4.1;

"Employees" means the employees of the Company, including temporary or fixed-term employees;

"Encumbrance" means any diritto reale, diritto reale di garanzia, or diritto reale di godimento, as well as any similar rights, including, without limitations, mortgages, hypothecations, pledges, liens (statutory or otherwise), burdens, easements, charges, security interests, encumbrances, assessments, adverse rights, interest, claims, licenses, covenants, title defects, option rights, pre-emption rights, rights of first refusal, or other restriction or limitation of any nature whatsoever, including any voting trusts, agreements, or proxies;

"Environment" means all or any of the following media: air (including air within buildings or other natural or man-made structures whether above or below ground), water (including surface waters, underground waters, groundwater, coastal and inland waters and water within any natural or man-made structures), land (including soil and river beds under any water, surface land and sub-surface land), flora, fauna, and man.  "Environmental" has a consistent meaning;

"Environmental Law" means any Laws: (i) concerning the protection of the Environment or human health and welfare or conditions in, or in the vicinity of, the workplace; (ii) relating to pollution (or the Environmental Remediation) or the protection, replacement or restoration of, or injury to, natural resources, endangered or threatened species, human health or safety, occupational safety and health or sanitation, or the Environment (including ambient air, soil, surface water or groundwater, wetlands, land surface or subsurface strata); or (iii) concerning the release or presence of, exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, monitoring, use, reuse, treatment, generation, discharge, transportation, processing, labeling, sale, distribution, handling, production, disposal, leaching, migration, emission, or remediation of any Dangerous Substance, together with any Law, Environmental Permit, or any notice or demand letter issued, entered, promulgated or approved thereunder;

"Environmental Permit" means any Permit provided for, or required by, any applicable Environmental Law;

"Environmental Remediation" means any activity or action to (i) contain, abate, clean-up or remove Dangerous Substance from the Environment, or carry out any other activity for the purpose of decontaminating any pollution of the Environment in compliance with the Environmental Laws; (ii) prevent, minimize or mitigate the release (or threatened release) of any Dangerous Substance into the Environment, or the injury or damage from such release, and/or (iii) comply with the requirements of any Environmental Law, Environmental Permits, and settlements or other contracts, undertakings, and instruments with any Authority with respect to the Environment;

"Equity Interest" means any equity interest in the Company;

"Independent Accountants" has the meaning set forth in Clause 14.4.2;

"Intellectual Property" means whether registered or unregistered, any and all patents, ornamental and utility models, industrial inventions, trademarks, de facto trademarks, relevant claims, copyrights, trade secrets, technology, know-how (including methods, proceedings, technologies, trade secrets, secret proceedings and formula as well as relevant documents and 

7

technical reports on whatever carrier), computer software, database, internet domains, including business names and trademarks, as well as the relevant registrations and/or filings or applications for their release, renewal or amendments;

"Inventory" means all raw and packaging materials, works-in-progress, finished goods, consumable supplies used in the production process, and sellable Scrap inventory, owned by the Company and held in any locations (including all such items that are in transit while owned by the Company, whether to or from the Company or a third party at the Company's direction), as well as any such inventory held by third parties pursuant to a bailment arrangement, or otherwise;

"Insurance Policies" means insurance policies of fire, liability, workers' compensation, property, casualty and other forms of insurance owned or held by or on behalf of the Company;

"Investment" has the meaning set forth in Clause 3.1;

"Law" or "Laws" means any laws, regulations, rules (usi), decrees, ordinances or directives issued by any Authority, including the Italian Antitrust Authority (Autorità garante per la concorrenza e il mercato) and the European Commission or Council, as well as international treaties applicable in Italy;

"Loss" has the meaning set forth in Section 1223 of the Italian Civil Code;

"Material Adverse Effect" means any event, circumstance, occurrence, development, fact or state of facts, condition, change or effect that, individually or in the aggregate, (a) has, or would reasonably be expected to have a material adverse effect on the Assets, liabilities, operations, business, financial condition (situazione finanziaria o patrimoniale), results of operations or condition of the Company, (b) materially decreases, or would reasonably be expected to materially decrease, the aggregate value of the Company, or (c) prevents, materially delays or materially impedes, or would be reasonably expected to prevent, materially delay or materially impede, the Company or the Parties from consummating the transactions contemplated hereby on the Closing Date;

"Material Contract" means: (i) all Contracts for the employment for any period of time or in regard to the employment, or restricting the employment, of any employee of the Company, including severance agreements; (ii) all Collective Bargaining Agreements; (iii) all Contracts that (a) restrict in any manner the Company's, or any of the Company employee's, right to compete with any Person, conduct any line of business, or solicit any employee, customer or other Person, (b) restrict the right of any other Person to compete with the Company, conduct any line of business, or solicit any employee or customer of the Company, or (c) contain "most favored nation," "most favored customer, or similar provisions; (iv) all Contracts between the Company, on the one hand, and any Related Party, on the other hand; (v) all Contracts which cannot be cancelled by the Company without penalty or without more than ninety (90) day advance notice; (vi) all Contracts for the repair, maintenance or service of any of the Company's Assets, where the annual service charge to the Company under any such Contract exceeds Euro 75,000; (vii) all loan or credit agreements, pledge agreements, notes, security agreements, mortgages, performance or other type of bonds, debentures, indentures, factoring agreements, letters of credit or other evidence of indebtedness; (viii) all broker, distributor, dealer, manufacturer's representative, franchise, agency, sales promotion, marketing consulting or advertising Contracts; (ix) all government contracts and government bids; (x) all Contracts relating to the Company's ownership of, or investment in, any Person, including partnership, joint venture or similar Contracts; (xi) all Contracts for the lease or use of personal property (whether as lessor or lessee); (xii) all Contracts relating to the purchase of Inventory involving any remaining consideration, termination charge or other expenditure in 

8

excess of Euro 75,000 to any one supplier or group of affiliated suppliers; (xiii) all Contracts relating to the sale of goods or services by the Company that aggregate in excess of Euro 75,000 to any one customer or group of affiliated customers; (xiv) all guarantees of the payment or performance of any Person, agreement to indemnify any Person (except under Contracts entered into by the Company in the ordinary course of business) or to act as a surety, or otherwise agreed to be contingently or secondarily liable for the obligations of any Person; (xv) all consulting, development, joint development or similar Contracts relating to, or any Contract requiring the assignment of any interest in, any of the Company's Intellectual Property; (xvi) all Contracts relating to any individual capital expenditure or group of related capital expenditures having a value of more than Euro 75,000; (xvii) all Contracts relating to the acquisition (by merger, purchase of stock or assets or otherwise) by the Company of any operating business or material assets or the capital stock of any other Person; (xviii) all Contracts requiring the Company to indemnify or hold harmless any of its directors, officers, employees, related party or agents or any other Person; and/or (xix) all other Contracts which individually provide for the receipt or expenditure of more than Euro 75,000;

"MW Aftermarket" means MW Aftermarket S.r.l., a limited liability company (società a responsabilità limitata) incorporated under the laws of the Republic of Italy having its registered office at Via Pavia 72, 10090 Cascine Vica, Rivoli, Turin (Italy) enrolled with the Register of Enterprises of Turin (Italy), registration number and tax code 10461580010, corporate capital Euro 10,000.00, fully paid-in.;

"MW France" means MW France S.A., a company incorporated under the laws of the Republic of France having its registered office at 33 Boulevard du 32ème Régiment d'Infanterie, Zone Industrielle Les Certels, 02700 Tergnier (France), enrolled with the RCS Chauny, registration number 330263948, fiscal code (VAT) FR 03330263948, corporate capital equal to Euro 15,191,155, fully paid-in;

"MW Italia" has the meaning set forth in the header of this Agreement.

"MW Romania" means MW ROMÂNIA S.A., a company incorporated under the laws of the Romania having its registered office at 778 Tudor Vladimirescu Street, Valcea County, Dragasani (Romania), enrolled with the Valcea (Romania) Trade Registry Office, registration number J38/484/1991, fiscal code RO 1485931, corporate capital equal to Lei 29,323,711.9, fully paid-in.

"Negative Closing Adjustment" has the meaning set forth in Clause 14.2.3;

"Net Financial Position" means the net debt position of the Company determined according to the following items of the balance sheet: (i) cash and cash equivalents; (ii) marketable securities; (iii) bank overdraft; (iv) short term loans; (v) current portion of mid and long term loans; (vi) accounts payable to suppliers to the extent they are past due for over 31 days as from their due date; and (vii) intergroup accounts payable and receivable, to the extent they are not in line with their relevant terms and conditions (in either case where they are past due for over 31 days). Annex 2.1(b) describes the said definition;

"Net Variance" has the meaning set forth in Clause 14.2.3;

"Net Working Capital" means the aggregate current assets of the Company minus the aggregate current liabilities of the Company according to the following items of the balance sheet: (i) accounts receivable; (ii) inventory; (iii) accounts payables; and (iv) other receivables and payables. Annex 2.1(c) describes the said definition;

9

"NOL" means the accrued net operating tax losses carry-forward (perdite fiscali portate a nuovo) of the Company, equal to Euro 11,149,935.00, which have been transferred from the Company to CLN pursuant to the Tax Consolidation Agreement;

"Party" means either Accuride, MW Italia or CLN, severally, as the context may require, and "Parties" means all of them, jointly;

"Permit" means any consent, approval, license, registration, authorization, concession, certification, listing, permission, certificate (including fire prevention certificate), building permits, zoning plan or similar authorization or other approval, issued, granted, given or otherwise made available by, or under the authority of, any Authority or pursuant to any Law, including the relevant filing or registration;

"Person" means any (a) individual (persona fisica) or (b) entity (persona giuridica), with or without legal capacity (personalità giuridica), including, without limitations, joint stock corporations or limited liability companies (società di capitali), partnerships (società di persone), trusts, associations (associazioni riconosciute o non riconosciute), consortia (consorzi) corporate and non-corporate joint ventures, as well as any public entity;

"Properties" means any and all real estate properties, lands, buildings or plants, owned, leased, possessed, or otherwise used, by the Company;

"Reference Net Financial Position" means the Net Financial Position equal to Euro 7,850,000.00;

"Representations and Warranties" has the meaning set forth in Clause 15.1;

"Reference Net Working Capital" means the Net Working Capital equal to Euro 6,400,000.00;

"Scrap" means the resalable remnants, fines, or some piece of the raw material that has a marketable value and is normally held for resale;

"Self-Employed Consultants" means the self-employed consultants and agents of the Company (including collaboratori coordinati e continuativi, collaboratori a progetto);

"Shareholders' Agreement" has the meaning set forth in Clause 8;

"Tax" or "Taxes" means all taxes (tasse), direct or indirect taxes (imposte dirette o indirette), including, without limitation, valued added taxes (IVA) (whether payable directly or by withholding).  By way of example, this definition includes also income, duty, levy, license, occupation, use, custom, personal or real property, capital gain, transfer, tariff, sale, registration, or occupation taxes; withholdings; as well as any other similar charges, however denominated, imposed by any Tax Authority or any other Authority (without limitation, at governmental or local level), together with all interest, penalties or addition thereto.  All the above, either applicable in Italy or abroad.

"Tax Consolidation Agreement" means the Tax Consolidation Agreement executed between CLN and the Company on 2 January 2012, as amended on 4 June 2013 and on 2 January 2014 - 3 January 2014, attached hereto as Annex 10.1.

"Third Party Claim" means any demand, claim, suit, action, cause of action, proceeding, assessment, lawsuit, arbitration or litigation brought by any third party against any Party or the Company, whether or not ultimately determined to be valid.

10

Section II - Subject Matter

	
3.

	
The Investment

	
3.1.

	
Pursuant to the terms and conditions under this Agreement, Accuride undertakes to invest in the Company, in exchange for an Equity Interest in the Company of at least 70.00% of the relevant corporate capital, an aggregate amount of Euro 19,750,000.00 (the "Investment") as follows:

	
3.1.1.

	
Euro 15,000,000.00 shall be invested in the Company as subscription of the Capital Increase, at the terms and conditions provided for under Clause 4;

	
3.1.2.

	
Euro 4,750,000.00 shall be invested in the Company as Additional Funds, at the terms and conditions provided for under Clause 5;

both amounts to be paid, without prejudice to the Closing Adjustments, pursuant to the timeline provided under Clauses 4 and 5.

	
3.2.

	
The cash from the Investment:

	
3.2.1.

	
Shall be, and shall remain, deposited and maintained in a segregated bank account, separate from any other Company's bank account;

	
3.2.2.

	
Shall be used by the Company only and for the sole purposes of improving the facility and manufacturing capabilities of the Company's plant located in Ceriano Laghetto (Monza e Brianza Italy) and, in particular, for the specific purposes listed in Annex 3.2.2; and

	
3.2.3.

	
Except as otherwise permitted under this Agreement, shall not be used by the Company, at any time, in order to, inter alia, cover working capital needs or cash shortage, pay distributions, dividends, receivables or any other amounts to the Parties or any of their Affiliates or Related Parties, or for any other purposes, other than the purposes listed in Annex 3.2.2.

It remaining understood that, if, once completed all the activities listed in Annex 3.2.2, it results that the completion of these activities have required less cash than the Investment, the balance will be used by the Company for any other possible purposes related to its activities and needs.

	
4.

	
Capital Decrease And Capital Increase. Other resolutions

	
4.1.

	
MW Italia, also in its capacity as sole equity-holder of the Company undertakes to procure that the Company holds on the Closing Date an equity-holders' meeting in order to, in a single resolution:

	
4.1.1.

	
Favorably resolve upon a capital decrease from Euro 8,798,316.00 to Euro 6,428,571.00, by off-setting part of the previously accrued losses (perdite civilistiche) for an amount of Euro 2,369,745.00, pursuant to Section 2482-bis of the Italian Civil Code (the "Capital Decrease"), it being acknowledged and agreed that, after such off-set, the Company shall remain in the condition described under Articles 2482-bis, first and second paragraph; as a consequence thereof, the corporate capital of the Company shall be reduced from Euro 8,798,316.00 to Euro 6,428,571.00; and, at the same equity-holders' meeting

	
4.1.2.

	
Favorably resolve upon a non-gratuitous increase of the Company's corporate capital, from Euro 6,428,571.00 to Euro 21,428,571.00, and therefore for an amount of nominal value of Euro 15,000,000.00 (the "Capital Increase"), to be subscribed without any share premium (sovrapprezzo), corresponding to the seventy percent. (70.00%) of the corporate capital of the Company after the Capital Increase, reserved to Accuride pursuant to Section 2481-bis, first paragraph, second part, of the Italian Civil Code, waiving in full and without consideration, at the above equity-holders' meeting, any and all options or pre-emption rights, as well as any other rights MW Italia may have in connection with the Capital Increase, including the right of withdrawal pursuant to Section 2481-bis, first paragraph, second part, of the Italian Civil Code;

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4.1.3.

	
Favorably resolve upon the adoption of the new By-laws of the Company;

	
4.1.4.

	
Favorably resolve upon all other resolutions to be approved at Closing according to this Agreement.

	
4.2.

	
At Closing and during the above equity-holders' meeting, Accuride shall subscribe in full the Capital Increase and pay, pursuant to Article 2481-bis, fourth paragraph, of the Italian Civil Code, only twenty-five percent. (25.00%) of the relevant amount, equal to Euro 3,750,000.00; the remaining seventy-five percent. (75.00%), equal to Euro 11,250,000.00, will be paid-up by Accuride, in a manner so as to foster the specific purposes described under Annex 3.2.2, pursuant to the following timeline, or upon written request of the Board of Directors of the Company, to be delivered to Accuride, with 20 (twenty) Business Days advance notice:

	
4.2.1.

	
An amount of Euro 5,392,000.00 shall be paid no later than 31 December 2016;

	
4.2.2.

	
An additional amount of Euro 5,858,000.00 shall be paid no later than 30 June 2017;

it being agreed that Accuride shall make the payments described above no later that each term even though the Board of Directors of the Company fails, for any reasons whatsoever, to send the said notice.

	
4.2.3.

	
Accordingly, upon Closing and after the Capital Increase:

	
(a)

	
Accuride shall own an Equity Interest in the Company with a par value of Euro 15,000,000.00, representing seventy percent. (70.00%) of the Company's corporate capital, paid-in as per Euro 3,750,000.00; and

	
(b)

	
MW Italia shall own an Equity Interest in the Company with a par value of Euro 6,428,571.00, representing thirty percent. (30.00%) of the Company's corporate capital, fully paid-in.

	
5.

	
Additional Funds

	
5.1.

	
The remaining part of the Investment not paid to the Company under the Capital Increase (the "Additional Funds"), equal to Euro 4,750,000.00, shall be contributed by Accuride, in a manner so as to foster the specific purposes described under Annex 3.2.2, to the Company as equity, pursuant to the following timeline or upon written request of the Board of Directors of the Company, such notice to be delivered to Accuride with twenty (20) Business Days' notice:

	
5.1.1.

	
An amount of Euro 3,285,000.00 shall be paid no later than December 31, 2017;

	
5.1.2.

	
An additional amount of Euro 1,466,000.00 shall be paid no later than June 30, 2018;

it being agreed that Accuride shall make the payments described above no later that each term even though the Board of Directors of the Company fails, for any reasons whatsoever, to send said notice.

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5.2.

	
The Additional Funds shall be paid by Accuride to the Company as equity contribution (versamento a fondo perduto), or any other different means of equity funding that Accuride and MW Italia may agree considering the most efficient tax treatment from time to time in the best interest of both Accuride and the Company.

	
6.

	
Commercial Agreements

	
6.1.

	
At Closing, the Parties shall enter, and MW Italia shall cause the Company, CLN, ArcelorMittal CLN Distribuzione Italia S.r.l., as applicable, to enter into the following commercial agreements (the "Commercial Agreements"):

	
6.1.1.

	
A Steel Consultancy Agreement between the Company and CLN, according to the terms and conditions attached hereto as Annex 6.1.1;

	
6.1.2.

	
A Last Call Agreement between the Company and ArcelorMittal CLN Distribution Italia S.r.l., according to the terms and conditions attached hereto as Annex 6.1.2;

	
6.1.3.

	
A Transition Services Agreement between the Company and MW Italia, according to the terms and conditions attached hereto as Annex 6.1.3;

	
6.1.4.

	
A Purchasing Services Agreement between the Company and CLN, according to the terms and conditions attached hereto under Annex 6.1.4; and

	
6.1.5.

	
A Management Secondment Agreement and a Service Agreement between the Company and Accuride according to the terms and conditions attached hereto as Annex 6.1.5(a) and Annex 6.1.5(b).

	
6.2.

	
The Parties further acknowledge and agree that the commercial business relationships between the Company and each of (i) MW Aftermarket (with respect to steel wheels and rims) and (ii) MW France and MW Romania (with respect to steel disc and rims) shall continue on the basis of individual orders for a period of at least six (6) months after Closing, provided however that, only with respect to steel wheels and rims which are sold to MW Aftermarket, such sales shall be substantially consistent with past sales volumes during the period between September 30, 2014 and September 30, 2015 (as described under Annex 6.2) and with past customers of such products during the same period. After such a period, the Company and each of MW Aftermarket, MW France and MW Romania shall discuss in good faith with the Company if an agreement in writing is necessary, as well as its relevant terms and conditions.

	
6.3.

	
MW Italia and Accuride acknowledge and agree that, at Accuride's or MW Italia's request after Closing, they shall consider in good faith the advisability of having the Company entering into the following additional commercial agreements:

	
6.3.1.

	
A commercial mediator/marketing agreement between the Company and Accuride, MW Italia and/or CLN, or their subsidiaries and Affiliates, as the case may be, to provide certain marketing support to the Company and to have the Company providing marketing support to Accuride;

	
6.3.2.

	
A technical services agreement between the Company and Accuride, MW Italia and/or CLN, or their subsidiaries and Affiliates, as the case may be, to provide design and engineering services to the Company; and/or

	
6.3.3.

	
An intellectual property licensing agreement between the Company and Accuride;

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upon the terms and conditions that will be negotiated in good faith between the Parties, provided, however, that any such services shall be rendered at competitive market prices and in compliance with all applicable Tax rules and principles.

	
7.

	
Position Of CLN

	
7.1.

	
CLN hereby undertakes to:

	
7.1.1.

	
Cause MW Italia to fulfill its obligations under this Agreement;

	
7.1.2.

	
Ensure that MW Italia, as long as it is a CLN Affiliate, is provided with sufficient resources to comply with its obligations arising from this Agreement; and

	
7.1.3.

	
Act as guarantor solely and exclusively with respect to any and all obligations of MW Italia, in the event that MW Italia does not fulfill its relevant obligations arising from breaches of the following Representations and Warranties of MW Italia under this Agreement (regardless of whether they require a payment or an obligation to carry out, or not carry out, specific actions): (i) Environmental, as described under Clause 11 of this Agreement and 19 of Annex 15.1; (ii) Labor matters as described under Clause 17 of Annex 15.1, and (iii) Tax matters as described under Clause 10 of this Agreement and Clause 7 of Annex 15.1;

it remaining understood that, except as expressly provided elsewhere in this Agreement, CLN executes this Agreement for the only purposes of this Clause 7.

	
8.

	
Shareholders' Agreement

At Closing, Accuride, CLN and MW Italia shall enter into a Shareholders' Agreement governing their future relationships as equity-holders of the Company (the "Shareholders' Agreement"), pursuant to the draft attached hereto as Annex 8.

	
9.

	
Right To Designate

	
9.1.

	
The Parties hereby acknowledge and agree that Accuride shall have the right to designate, pursuant to Section 1401 of the Italian Civil Code, an Affiliate in order to assume all rights and obligations of Accuride under this Agreement, provided, however, that such designation is made in accordance with the following provisions:

	
9.1.1.

	
Anything in Section 1402 of the Italian Civil Code to the contrary notwithstanding, the designation shall be communicated in writing to the other Parties on or before the Closing Date;

	
9.1.2.

	
Anything in Section 1403 of the Italian Civil Code to the contrary notwithstanding, the designation shall be sufficiently made if communicated in writing, together with the written acceptance of the designated entity; and

	
9.1.3.

	
Accuride shall remain a party to this Agreement and shall be jointly and severally liable with the designated entity for any and all duties and obligations under this Agreement.

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Section III – Specific Undertakings

	
10.

	
Specific Undertakings On The Current Consolidated Fiscal Agreement

	
10.1.

	
Prior to the Closing CLN shall transfer-back (riattribuire) to the Company any and all the accumulated NOL.

	
10.2.

	
MW Italia hereby represents and warrants that the NOL amount to Euro 11,149,935.00 and, pursuant to the Tax Consolidation Agreement, the NOL are freely transferrable back from CLN to the Company without the Company incurring in any Tax liability, provided, however, that all the requirements of Article 84 of TUIR are complied with by the Company after Closing. In particular, the transfer of the NOL shall be made in compliance with the Law and the provisions of the Tax Consolidation Agreement, so that, for the effect, the Company will be in a position to (a) duly indicate them in the Company corporate income tax return (Modello Unico 2016 relating to the fiscal year 2015), and (b) use the same to offset its CIT taxable income.

	
10.3.

	
It remains understood that any liability arising for the Company from the transaction described under Clause 10.2, including Tax liabilities related thereto, shall be the responsibility of CLN only and, accordingly, CLN shall indemnify the Company for any Tax liability or any other negative consequence for the Company arising therefrom, without any limitation in time and amount and as a separate obligation from those allocated to MW Italia under Clause 16 of this Agreement.

	
10.4.

	
The NOL will be transferred in full to the Company and shall be treated and used by the Company as follows:

	
10.4.1.

	
Euro 6,064,197.00 shall be used by the Company for its own legal purposes, without any relation with the provisions of this Agreement;

	
10.4.2.

	
The balance between the overall amount of the NOL and the amount of Euro 6,064,197.00 shall be used:

	
(a)

	
To off-set possible future CIT Tax claims for which MW Italia and CLN may have a liability or a payment obligation under this Agreement; and

	
(b)

	
The balance of NOL remaining after the off-set with any amount under letter (a) above shall be used by the Company against CIT taxable income generated by the Company according to the following order: (i) the NOL under Clause 10.4.1 amounting to Euro 6,064,197; (ii) those NOL which are transferred by CLN to the Company in excess of the said amount of Euro 6,064,197, it being agreed that the value of Taxes which are not paid as a result of the said relevant off-set shall be reimbursed to CLN in an equivalent amount, at the time on which the Company actually enjoys the Tax benefit.  Any fiscal losses that the Company may have generated and/or accrued after the Closing Date shall be used only thereafter.

	
11.

	
Specific Provisions And Undertakings On Certain Assets, Permits, Environmental And Real Estate Matters

	
11.1.

	
The following actions shall occur after Closing, provided, however, that MW Italia shall retain and bear any and all Loss, liability, costs, charges, fines, penalties and assessments or reimburse the Company for any and all Loss, liability, costs, charges, fines, penalties and assessments, without any limitation in time (including for related work completed prior to or after Closing) and amount and as a separate obligations from those allocated to MW Italia elsewhere in this Agreement and, in particular, in Clause 16 of this Agreement:

15

	
11.1.1.

	
The Company shall secure proper air emissions permit to cover all emission points;

	
11.1.2.

	
The Company shall complete the process with the Regione Lombardia to receive new abstraction well permits covering three wells;

	
11.1.3.

	
The Company shall remediate any asbestos in the Company's premises (to this purposes, MW Italia has provided Accuride with data from the March asbestos survey that was completed on boiler and pipes);

	
11.1.4.

	
The Company will remove or, if not possible, either close unused underground storage tanks (USTs) or ensure their integrity for continued use, all in accordance with ARPA Lombardia regulations;

Notwithstanding the foregoing, the Parties have agreed that a portion of the Accuride Investment (Euro 1,200,000.00) has been allocated to asbestos remediation and sewer issues as referenced in Annex 3.2.2 and shall be paid by the Company out of the Investment pursuant to the time schedule listed in Annex 3.2.2 simultaneously with any payment to be possibly made by MW Italia in connection with asbestos remediation and sewer issues.

	
11.2.

	
Accuride acknowledges and agrees that the Representations and Warranties relating to Title and Conditions of Assets (to the extent they are related to Properties), Properties and Permits may not be true, complete and correct, and therefore complied with, at the Closing Date and thereafter. MW Italia hereby undertakes to ensure that all the circumstances that currently render untrue, non-complete or non-correct the Representations and Warranties listed above shall be fully remedied in the shortest possible time, under costs and expenses of MW Italia (which will ensure that the Company, if necessary, will have the appropriate funds by way of versamenti a fondo perduto when these Loss, liability, costs, charges, fines, penalties and assessments become payable and upon simple request by the Company's Board). Therefore, any liability of MW Italia under this Agreement shall arise solely in the event MW Italia does not remedy (through the Company) to the said circumstances. MW Italia shall remain liable for any liabilities, costs, charges, assessments, penalties, fines, damages, either direct and indirect, which might be suffered by Accuride or the Company in connection with acts, facts omissions, fines, sanctions or circumstances arising from such untruthfulness or incompleteness, or incorrectness for (i) the period before Closing, and (ii) the period after Closing and through the time on which the remediation of such issues or findings will take place.  Without limiting the generality of the above, the Parties shall ensure that the Company adopts any actions (including, but not limited to, filing applications, requests, or documents; signing projects, agreements, and orders; appointing experts and granting powers of attorneys; issuing statements, and the like) that may be requested by MW Italia so as to arrive at a situation where the relevant Representations and Warranties are materially complied with.

	
12.

	
Other Specific Undertakings

	
12.1.

	
The Parties acknowledge that prior to Closing, Accuride has been allowed to carry out a physical Inventory count in the Company, on or near the Closing Date for the purposes of the calculation of the Net Working Capital at Closing.

	
12.2.

	
The Parties acknowledge that:

16

	
12.2.1.

	
Banca Popolare di Milano ("BPM"), has agreed to accept a standby letter of credit from Accuride in the amount of Euro 5,250,000 to guaranty payment of CLN's existing credit line with BPM that is allocated to the Company, such standby letter of credit to be provided so that it is effective as of Closing, and that at Closing, BPM shall:

	
(a)

	
Issue a facility letter (lettera conferma fidi), confirming to CLN, Accuride and the Company that a new credit line (supported by Accuride's standby letter of credit) in favor of the Company in the amount of Euro 5.250.000 has been provided and that it will be valid for at least one year;

	
(b)

	
Confirm in writing to CLN that the Euro 5,250,000 credit line allocated to the Company prior to Closing will be free for CLN to use for other corporate uses; and

	
(c)

	
Confirm in writing to CLN that all prior commitments regarding its BPM credit facility are finally terminated.

	
12.3.

	
Accuride represents and warrants to MW Italia and CLN that at Closing it shall deliver to BPM a standby letter of credit in the amount of Euro 5,250,000 to guaranty payment of CLN's existing credit line with BPM that is allocated to the Company, effective as of Closing.

	
12.4.

	
The Parties acknowledge that up until December 31, 2015 the Company shall remain covered by the CLN group's insurance policies, subject to Accuride executing in writing to AON the letter agreed by the Parties, pursuant to which Accuride declares that it agrees with the terms and conditions of the insurance policies currently in place.  Accuride shall ensure that the Company shall enter into new insurance agreements effective as of January 1, 2016 and as from such a date the Company will be no longer part of the CLN group's insurance.

	
12.5.

	
Accuride hereby undertakes (and it shall ensure that all of its relevant Affiliates shall comply with this provision) not to approve, resolve, submit, flank, propose or however take any actions against any of the current and/or previous members of the Board of Directors of the Company), thus undertaking to indemnify and hold harmless any such individuals for any losses, payments, actions, claims, damages of any nature whatsoever they may incur as a result of any actions for claims brought against them by Accuride or Accuride's Affiliates.

Section IV – Closing And Post-Closing Adjustment

	
13.

	
Closing

	
13.1.

	
The Closing shall take place at 10:00 a.m., Italian time, of November 3, 2015, at offices of the law firm Gianni, Origoni, Grippo, Cappelli & Partners, located in Milan (Italy), Piazza Belgioioso 2, or such other date and place the Parties may agree in writing (the "Closing Date"), before the notary public appointed by Accuride.

	
13.2.

	
On the Closing Date, in addition to the execution and exchange of all documents and agreements and the performance and consummation of all obligations and transactions respectively required to be executed and exchanged and performed and consummated on the Closing Date pursuant to this Agreement, MW Italia and Accuride shall carry out the following activities, in the order provided herein below (the "Closing"):

	
13.2.1.

	
Each Party shall deliver to the other Parties evidence of its duly incorporation, valid existence and good standing;

17

	
13.2.2.

	
MW Italia shall provide Accuride reasonable evidence that the transactions, actions or facts mentioned under Clauses 10 have been complied with, while Accuride shall provide MW Italia reasonable evidence that the actions described under Clauses 12.2 and 12.3 have been complied with;

	
13.2.3.

	
CLN shall, and shall cause the Company to, terminate with immediate effects the Tax Consolidation Agreement and, as a consequence thereof, after the Closing Date the Company shall not be bound thereby or have any liability thereunder; in this respect, CLN shall complete all relevant filing with the competent Tax Authorities within 30 days after Closing, and shall provide Accuride with the relevant evidence;

	
13.2.4.

	
MW Italia shall deliver to Accuride a copy of the resignation letters executed by each of the Company's current Directors and the Statutory Auditor (sindaco unico) from their respective offices;

	
13.2.5.

	
MW Italia shall attend the Company's equity-holders meeting under Clause 4.1 and favorably resolve upon:

	
(a)

	
The Capital Decrease and the Capital Increase so that Accuride shall subscribe in full, and pay twenty-five percent. (25%) of, the Capital Increase pursuant to Clause 4.2 above;

	
(b)

	
Without prejudice for the rights of both Accuride and MW Italia under the Shareholders' Agreement, the appointment of a new Board of Directors, for a one (1)-year term, and therefore until the approval by the equity-holders' meeting of the Company's financial statements as of December 31, 2016 and without any remuneration, composed as follows:

	
(i)

	
Scott Hazlett, as Chairman of the Board of Directors;

	
(ii)

	
Michael Prendeville, as director;

	
(iii)

	
Joseph Brodzinski, as director;

	
(iv)

	
Adrian Gordon, as director;

	
(v)

	
Andrea Rodella, as director;

	
(c)

	
Without prejudice for the rights of both Accuride and MW Italia under the Shareholders' Agreement, the appointment of a Statutory Auditor for a three (3)-year term, and therefore until the approval by the equity-holders' meeting of the Company's financial statements as of December 31, 2017, and in the person of Mr. Pedro Palau.

	
(d)

	
The approval of new corporate by-laws, in the text attached hereto as Annex 13.2.5(d);

	
13.2.6.

	
Subject to Accuride declaring in writing to AON that they agree with the terms and conditions of the insurance policies currently in place , MW Italia shall provide Accuride with a letter from AON confirming that the insurance companies have accepted to maintain in place the insurance policies currently in force through December 31, 2015, except with regard to the D&O insurance policies.

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13.2.7.

	
Accuride shall procure that BPM delivers to MW Italia all letters and statements to be delivered by BPM as described under Clause 12.212.3.

	
13.2.8.

	
Accuride and MW Italia shall enter into the Shareholders' Agreement;

	
13.2.9.

	
The Parties shall arrange to have the Notary Public filing the resolution of the Capital Decrease and the Capital Increase with the competent Register of Enterprises immediately after its approval;

	
13.2.10.

	
The Commercial Agreements shall be executed by and between the relevant parties thereof; MW Italia shall deliver to Accuride all Commercial Agreements executed, in original, by all parties to them other than Accuride, and Accuride shall execute and deliver the Commercial Agreements to which it or its Affiliates are a party to;

	
13.2.11.

	
MW Italia and Accuride shall require the newly appointed Board of Directors of the Company to hold a meeting in order to:

	
(a)

	
Appoint Joseph Brodzinski as managing director and General Manager granting him the powers listed in Annex 13.2.11(a);

	
(b)

	
Terminate the powers of attorney currently granted in favor of Messrs. Angelo Piatti, Osvaldo Blanc, Duilio Trovò, Andrea Tola, and Elena Porta, Paolo Massola, Andrea Rodella;

	
(c)

	
Appoint new attorneys-in-fact;

	
(d)

	
Confirm those Commercial Agreements the Company is a party to;

	
(e)

	
Appoint a new Organismo di Vigilanza pursuant to the provisions of Law 231, composed of the following Persons: Renato Martinelli, Eleonora Montani and Mara Vanzetta;

	
(f)

	
Approve (i) the confirmation to be sent to BPM immediately after the Board of Directors meeting as to the subscription of the Capital Increase by Accuride and the relevant payment, as described under Clause 13.2.5(a), has been made, and (ii) the granting of powers to Scott Hazlett to accept and send to BPM, immediately after the Board of Directors meeting, the acceptance of the "lettera conferma fidi";

	
(g)

	
Accuride shall execute, and shall cause the Company to execute, the Management Secondment Agreement, as per Clause 6.1.5.

	
13.3.

	
The Parties agree that the documents to be executed to implement the Capital Decrease and the Capital Increase and the other actions provided for by this Clause 13, will be executed, performed and delivered solely for the purpose of giving effect to the Capital Decrease and the Capital Increase and to Closing in general, provided, however, that (i) the wording or provisions of such documents shall in no way impair or alter the rights and obligations of the Parties arising from this Agreement, and (ii) in case of discrepancy, the provisions of this Agreement shall prevail between the Parties over the provisions of the documents executed solely to give effect to the Capital Decrease and the Capital Increase.

	
13.4.

	
The Parties acknowledge that all actions, fulfillments, transactions and activities concerning the Closing, notwithstanding their plurality and variety (also with reference to the obligated parties), for the purposes of the Closing shall be considered as a single transaction, so that (unless otherwise agreed by Accuride and MW Italia), in the event of failure to perform any one of these, the Closing shall be considered as not performed and, failing the achievement of a mutual satisfactory agreement within fifteen (15) Business Days from the Closing Date, terminated, without prejudice to any potential liability of either Party for any breach of the obligations to be performed hereunder.

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14.

	
Closing Adjustments

	
14.1.

	
As an inducement to Accuride to subscribe the Capital Increase, MW Italia has accepted to inject some cash in the Company should the Closing Net Financial Position differ from the Reference Net Financial Position and/or the Closing Net Working Capital differ from the Reference Net Working Capital, pursuant to the following provisions.

	
14.2.

	
In the event that:

	
14.2.1.

	
the Closing Net Financial Position differs from the Reference Net Financial Position; and/or

	
14.2.2.

	
the Closing Net Working Capital differs from the Reference Net Working Capital;

	
14.2.3.

	
then MW Italia shall be responsible for paying to the Company, in cash by wire transfer of immediately available funds, the Net Variance, should it results in a negative closing adjustment (the "Negative Closing Adjustment"), calculated pursuant to the following formula:

(CNWC – RNWC) + (RNFP – CNFP) = "Net Variance"

If Net Variance < or = Euro 145,000 (i.e., 10% * (RNFP - RNWC)): MW Italia shall not have to pay any Negative Closing Adjustment.

If Net Variance > Euro 145,000 (i.e., 10% * (RNFP - RNWC)): MW Italia shall pay as Negative Closing Adjustment any amount in excess of 10%*(RNFP - RNWC),

as detailed under the examples contained in Annex 14.3.1,

Where:

CNWC means the Closing Net Working Capital;

RNWC means the Reference Net Working Capital

RNFP means the Reference Net Financial Position

CNFP means the Closing Net Financial Position

	
14.3.

	
Determination of Closing Adjustment Amounts:

	
14.3.1.

	
Within thirteen (13) Business Days starting from the Closing Date, Gianetti shall provide MW Italia with, and insert in the Hyperion software managed by MW Italia the accounting data at Closing.  In the following five (5) Business Days MW Italia shall elaborate such data in the Hyperion software and provide them to Accuride.  Within forty (40) Business Days after receipt from MW Italia of the data at Closing elaborated by the Hyperion software, Accuride or the Company shall prepare, or cause to be prepared, and delivered to MW Italia a calculation setting forth: (i) the amount of the Closing Net Financial Position; (ii) the amount of the Closing Net Working Capital; and (iii) the amount of the Negative Closing Adjustment, if any, net of the ten percent (10%) allowance as shown in Annex 14.3.1 (collectively referred to as the "Closing Adjustment Amounts"). If no calculation is delivered by Accuride within the said forty 40 Business Day term, no Closing Adjustment Amount shall have to be paid by MW Italia.

20

	
14.3.2.

	
Objection to the Closing Adjustment Amounts. After the Closing Adjustment Amounts have been delivered, MW Italia shall review it and respond to the Closing Adjustment Amounts by delivering written notice to Accuride (the "Closing Amount Objection") within twenty (20) Business Days, setting forth a specific description of the basis of the Closing Amount Objection and the adjustments that MW Italia believe should be made.  If no Closing Amount Objection is delivered to Accuride within such twenty (20) Business Day period, then MW Italia shall be deemed to have accepted the Closing Adjustment Amounts and the Closing Adjustment Amount shall be considered final and binding to the Parties and the relevant amount paid within ten 10 Business Days, provided, however, that MW Italia shall in any case at least pay any undisputed amount.

	
14.3.3.

	
Response to Closing Amount Objection.  If a Closing Amount Objection is delivered to Accuride pursuant to the above provision, then Accuride shall review it and respond to the Closing Amount Objection by delivering written notice to MW Italia within twenty (20) Business Days, specifying the scope of its disagreement with the information contained therein.  If no such written notice is delivered to MW Italia within such twenty (20) Business Day period, then Accuride shall be deemed to have accepted the Closing Amount Objection and the relevant amount shall be paid by MW Italia within ten 10 Business Days, provided, however, that MW Italia shall in any case at least pay any undisputed amount.

	
14.4.

	
Dispute Resolution Following Objection.

	
14.4.1.

	
Negotiation. If Accuride delivers a written notice to MW Italia in response to a Closing Amount Objection, then Accuride and MW Italia shall promptly meet (in person, by telephone, or otherwise) and attempt in good faith to resolve any dispute or disagreement relating to the Closing Adjustment Amounts (the "Dispute") provided, however, that MW Italia shall in any case at least pay any undisputed amount.

	
14.4.2.

	
Resolution By Independent Accountants. If Accuride and MW Italia are unable to resolve the Dispute (or any portion thereof) within twenty (20) Business Days following the delivery of a Closing Amount Objection, then, at any time thereafter, Accuride or MW Italia may elect to have the Dispute resolved by a nationally recognized firm of independent public accountants as to which Accuride and MW Italia mutually agree (or, failing such agreement with ten 10 Business Days, appointed by the Chairman of the Ordine dei Commercialisti di Milano upon request of the most diligent Party) (the "Independent Accountants"), which shall, acting as an expert and not as an arbitrator, determine on the basis of appropriate Accounting Principles and the specific provisions of this Agreement, whether and to what extent, if any, the Closing Adjustment Amounts require adjustment. In connection with the engagement of the Independent Accountants, each Party shall execute reasonable engagement letters and supply such other documents and information as the Independent Accountants may reasonably require or as such Party deems appropriate. The Independent Accountants shall be instructed to use every reasonable effort to perform its services within fifteen (15) Business Days after submission of the Dispute to it and, in any case, as soon as practicable. MW Italia shall pay the amount, if any, determined by the Independent Accountant within ten 10 Business Days.  All fees and expenses of the Independent Accountants in connection with the services shall be shared 50% by Accuride and 50% by MW Italia.

21

Section V - Representations And Warranties And Indemnifications

	
15.

	
Representations and Warranties by MW Italia

	
15.1.

	
Subject to the specific provisions and undertakings under Clause 11.2, MW Italia grants in favor of Accuride the Representations and Warranties set forth in Annex 15.1 hereof (the "Representations and Warranties"), subject to and limited by the provisions thereunder, acknowledges that such Representations and Warranties so qualified are true, correct and accurate in all material respect on the Closing Date (except for those Representations and Warranties that are given with reference to a specific date, which shall be true, correct and accurate as of such date) and assumes the relevant payment obligations set forth by Clause 16 below.

	
15.2.

	
MW Italia represents that neither MW Italia nor CLN omitted or failed to disclose anything that, according to the diligence required considering their respective positions, they should have known in relation to any material facts or circumstances which are the subject matter of the Representations and Warranties.

	
15.3.

	
MW Italia further represents that neither MW Italia nor CLN have failed or neglected to disclose to Accuride any material fact or event known to it, or which should have been known to it after reasonable inquiry, which would provide Accuride with complete and accurate information about the Company. There are no circumstances or information of which MW Italia or CLN are aware, or should be aware after reasonable inquiry, which has not been communicated in writing to Accuride and that could reasonably result in a Material Adverse Effect.

	
15.4.

	
The Parties acknowledge and agree that:

	
15.4.1.

	
Other than the Representations and Warranties specifically contained in this Agreement, there are no other Representations and Warranties of the Parties, whether expressed or implied, with respect to the Company and/or the transaction contemplated herein;

	
15.4.2.

	
MW Italia makes no representations or warranties to Accuride with respect to any projections, estimate or budgets related to the Company and its business activity.

	
16.

	
Payment Obligation

	
16.1.

	
Without prejudice to other payment obligations set forth by this Agreement, MW Italia agrees to pay:

	
16.1.1.

	
Any liabilities of the Company existing at the date hereof to the extent that they are not fully reflected in the relevant accounting books and, to the extent applicable, in the 2014 Financial Statements, provided, however, that they are related to a breach of the Representations and Warranties that may generate a liability of MW Italia hereunder;

	
16.1.2.

	
Any total or partial capital loss or minor value (minusvalenza totale o parziale) of any item recorded in the Company's accounting books at the date hereof or, to the extent applicable, in 2014 Financial Statements of the Company, provided, however, that they are related to a breach of the Representations and Warranties that may generate a liability of MW Italia hereunder;

22

	
16.1.3.

	
Any Loss suffered or incurred by the Company, as well, any other additional Loss incurred by Accuride, deriving from the occurrence or non-occurrence – with reference to circumstances or omissions however occurred prior to Closing, even if manifested prior or after the Closing Date – of any event or events that is, or are, in violation or breach of the Representations and Warranties, or make the same not true, correct or accurate;

	
16.1.4.

	
Any Third Party Claims brought against Accuride or the Company, to the extent (i) attributable to the operation of the Company's business prior to the Closing, and (ii) guaranteed or covered under the Representations and Warranties and under Clauses 15 and 16, provided, however, that the Representation and Warranties relating to (i) product liability, (ii) recall of products, and (iii) breach of contracts with customers and/or suppliers, shall not be deemed as qualified or limited by the Data Room, or any other qualification, disclosure, or mitigation contained in this Agreement or in the Representations and Warranties.

	
16.2.

	
The amount of the payment obligations under Clause 16.1 above shall be paid:

	
16.2.1.

	
In connection with any Losses directly affecting Accuride or its Affiliates other than the Company, to Accuride for the entire amount of such Losses; and

	
16.2.2.

	
In connection with any Losses directly affecting the Company, to the Company for the entire amount of such Losses.

	
16.3.

	
MW Italia shall not be liable under this Clause 16:

	
16.3.1.

	
If the sum due in connection with any single occurrence (or group of same or substantially similar occurrences deriving from the same or similar facts, behaviors or omissions) giving rise to MW Italia's liability thereto does not exceed Euro 10,000 (ten-thousand), which are finally and irrevocably waived by Accuride hereunder; and

	
16.3.2.

	
For Losses (or group of same or similar occurrences deriving from the same or substantially similar facts, behaviors or omissions) each of a value in excess of Euro 10,000 (ten-thousand) that give rise to payment obligations pursuant to this Clause 16.1 or otherwise, until the aggregate amount of Losses exceeds Euro 75,000 (seventy-five thousand), provided, however, that, if such limit is exceeded, MW Italia shall be liable for the entire amount and not only for the portion in excess of Euro 75,000 (seventy-five thousand).

	
16.4.

	
In any case, MW Italia's maximum aggregate liability under this Clause 16 shall be limited to Euro 5,000,000 (five million) (the "Cap"), provided, however, that environmental issues arising from soil and groundwater issues or contamination shall have a separate and independent cap of Euro 10,000,000 (ten million).

	
16.5.

	
The payments relating to following known issues: (i) asbestos, (ii) EU Integrated Pollution Prevention and Control Permits, (iii) Air Emission, (iv) Underground Storage Tanks, (v) Water Supply, (vi) Wastewater Discharge, (vii) Permits And Sewers Issues, will be excluded from any cap and time limitation and, therefore, there will be full liability of MW Italia for any amount related to them, other than that portion of the Investment (Euro 1,200,000) that is allocated to asbestos and sewer remediation work as described in Annex 3.2.1.

	
16.6.

	
Without prejudice to the above, any indemnification due under this Clause 16 shall be reduced (or returned to MW Italia, to the extent already paid) by the amount of: (i) any adjustment under the Closing Adjustment, to the extent that it relates to the subject matter of a claim or potential claim, (ii) any insurance proceeds or any other amounts which the Company or Accuride may receive, if and when received, from any third parties in relation to the subject matter of a claim, and (iii) any Tax benefit or other positive effect on the Company or Accuride, the latter with respect to indemnification directly received.

23

	
16.7.

	
In no event shall the same Loss be indemnified more than once.

	
16.8.

	
The liability of MW Italia for indemnification under this Clause 16 shall be exonerated or mitigated pursuant to Section 1227 of the Italian Civil Code.

	
16.9.

	
MW Italia's indemnification obligations under this Clause 16 shall be excluded to the extent any Losses arise because of a change in any applicable Laws after Closing.

	
16.10.

	
MW Italia's liability under this Clause 16 shall survive the Closing for a period of two (2) years thereafter (it remaining understood that, once a Claim is sent by Accuride to MW Italia, the relevant indemnification obligations shall remain effective until the relevant obligation is fully satisfied or definitely ascertained groundless), except for:

	
16.10.1.

	
MW Italia's liability deriving from the inaccuracy, incompleteness, untruthfulness or breach of any of the Representations and Warranties concerning the following Sections of Annex 15.1 Representations and Warranties: 1) Standing of MW Italia, 2) The Company, and 3) Corporate Capital and Ownership and 24) Absence of Intermediaries, which shall not be subject to any cap in the amount or time limitation;

	
16.10.2.

	
(a) Tax and currency-related issues occurred before Closing, and (b) labor and/or social-security issues occurred before Closing, including pre-Closing issues arising from any possible dismissal of employees in the future (including Redundant Employees), which shall remain in force up to the maturity date of the relevant statute of limitations provided under applicable term for Third Party Claims connected with the Claim;

	
16.10.3.

	
Environmental issues arising from soil and groundwater contamination (with exclusion of all known Environmental issues listed in Clause 11.1 above and (ii) below), which will remain in force up the tenth (10th) anniversary of the Closing Date, provided, however, that:

	
(i)

	
No "dig" analysis (or however any other analysis or survey of any nature relating to soil and groundwater contamination) will be conducted by the Company and/or Accuride unless (a) as a result of an action in the ordinary course of business, (b) mandatory required under any applicable Laws and regulations, including ARPA Lombardia regulations, (c) necessary in order to ensure health and safety of the Company's employees, (d) necessary in compliance with the Company Directors' duties, and in particular in order to prevent a significant Environmental issue, or (e) required in connection with more general refurbishment activities carried out at the Company's premises; with the exception of the above paragraphs (a) through (e), in the event a "dig" or other analysis on the soil and groundwater contamination is carried out, the liability of MW Italia (and CLN) set forth hereunder shall be deemed as immediately and irrevocably waived and terminated with respect to the outcome of the analysis arising from the said analysis, survey and or dig activities;

	
(ii)

	
For the purposes of this Clause 16.10.3, all definitions of Dangerous Substance, Environment, Environmental Law, Environmental Permit, Environmental Remediation, Third Party Claim, as well as any other definition which may be related thereto, shall be reduced and deemed to be strictly limited to soil and groundwater contamination, it being acknowledged and agreed by the Parties that the aim of this Clause 16.10.3 is that of limiting the purpose of the circumstances and possible breaches of the Representations and Warranties covered by it.

24

	
(iii)

	
All Environmental issues listed in Clause 11.1 (including without limitation, asbestos underground storage tanks, permit and sewer issues) will be excluded from the ten (10) year time limitation and MW Italia's indemnity for such issues will continue indefinitely.

	
16.10.4.

	
No liability for Losses shall exist, whether under Clause 16.10.3 or under the Representations and Warranties under Clause 19 of Annex 15.1 and related matters, in the event the Company ceases operations in full at the Company's Properties located in Ceriano Laghetto and these Properties are repurposed to an activity other than industrial activities.

	
17.

	
Procedure To Submit A Claim

	
17.1.

	
Any Losses giving rise to indemnification shall be specifically claimed by Accuride to MW Italia and/or CLN (the latter to the applicable extent) by written notice (the "Claim") to be sent within sixty (60) Business Days from the date on which (i) Accuride and/or (ii) the Directors of the Company appointed upon Accuride's designation, became actually aware of such Loss.

	
17.2.

	
Within thirty (30) Business Days from the receipt of a Claim, MW Italia shall communicate in writing to Accuride its intention to accept, or reject, the Claim, it being understood that, if no such communication is sent, the Claim shall be deemed accepted. It is also understood that, should MW Italia agree on the existence of the indemnification obligations associated with the Losses, and on the calculation of the relevant amount, the payment of the agreed indemnification shall be carried out within five (5) Business Days from the entry into such agreement, unless otherwise agreed by Accuride and MW Italia.

	
17.3.

	
In the event the Claim is not accepted, wholly or partially, Accuride and MW Italia shall undertake to reach in good faith an agreement which regulates their respective positions in an equitable manner. If, within thirty (30) Business Days from the receipt by Accuride of the communication of objection to the Claim, no such agreement is achieved, Accuride and MW Italia are entitled to defend their respective positions pursuant to Clause 28 below.

	
17.4.

	
The Parties acknowledge and agree that the indemnification obligations set out under Clause 16 constitute an independent and additional contractual remedy of Accuride – separate and autonomous from the remedies provided under Sections 1490, 1491, 1492, 1493, 1493, 1494, 1495 and 1497 of the Italian Civil Code in terms of warranty on quantities and lack of defects, whose provisions shall accordingly not apply to the Representations and Warranties and the indemnifications of MW Italia under this Agreement.

	
17.5.

	
Except in the event of gross negligence or wilful misconduct, the indemnification provided in Clause 16 and this Clause 17 shall be, after Closing, the exclusive remedy of Accuride against MW Italia (and, to the extent applicable to it, CLN) in respect to any breach of any covenant, undertaking, representation or warranty, and the Parties hereby waive any right or defence (also by way of eccezione di inadempimento as per Section 1460 of the Italian Civil Code), including termination or avoidance (annullamento) and any other remedy of termination (or to modify the terms of this Agreement, also pursuant to Section 1467 of Italian Civil Code) it may have under applicable law (whether in contract or tort or otherwise).

25

	
17.6.

	
In the event of actions or challenges by third parties, including the Tax Authority, which may give rise to any indemnification obligations by MW Italia, Accuride and MW Italia shall exchange any reasonable information in relation to such claims with respect to any Third Party Claim, MW Italia shall have the right, at its own expense, to participate in or assume control of the defence of the Third Party Claim of Payment, in case MW Italia elects to assume such control, it shall recognise that the Third Party Claim has to be indemnified by MW Italia. If MW Italia elects to assume such control, Accuride shall have the right to participate in the defence of such Third Party Claim and to retain counsel to act on its behalf, at its own expense. If MW Italia, having elected to assume such control, thereafter fails to defend the Third Party Claim within a reasonable time, Accuride shall be entitled to assume such control, and MW Italia shall be bound by the results obtained by Accuride with respect to such Third Party Claim. If MW Italia elects not to assume such control or fails to respond to Accuride's Claim, then Accuride shall notify MW Italia in writing of the counsel that Accuride or the Company, as the case may be, intends to retain to defend the relevant Third Party Claim. In all cases of a proposed settlement of a Third Party Claim, the defending Party shall need the prior written consent of the other Party to close such settlement, it being understood that (i) the proposed settlement shall provide that the third party which brought the relevant Third Party Claim will have nothing further to claim in connection therewith and that the aforesaid proposed settlement shall therefore be final and binding to such third party, and (ii) the non-defending Party's consent shall not be unreasonably withheld.

	
18.

	
Representations and Warranties by Accuride

	
18.1.

	
Accuride grants in favor of MW Italia the Representations and Warranties set out hereunder, which shall be true and correct in all material respect also as of, and as though made on, the Closing Date.

	
18.2.

	
Accuride: (i) is a corporation duly incorporated and organized, validly existing under the Laws of the State of Delaware; (ii) is in good standing, not subject to insolvency procedures of any kind, and no actions or requests are pending that could declare Accuride bankrupt or insolvent or subject to any other kind of insolvency procedures; (iii) has not entered into arrangements by which its assets have been or must be transferred to its creditors; and (iv) has not stopped, in the aggregate, paying its debts as they fall due.

	
18.3.

	
Accuride has all necessary capacity and corporate authority to enter into this Agreement and to perform its obligations hereunder, as well as to consummate this Transaction.  The execution and performance by Accuride of this Agreement have been duly authorized by all requisite corporate actions on the part of Accuride.

	
18.4.

	
The execution and delivery and performance of this Agreement by Accuride, and the performance of this Agreement and the consummation of the Transaction contemplated herein by Accuride: (i) does not, and will not, require any consent, other than any consents or authorizations provided for by this Agreement, and (ii) does not conflict with any Laws, Accuride's By-Laws, court order, Contract or other restriction under which each of Accuride is, or will be, obligated.

	
18.5.

	
This Agreement, duly executed and delivered by Accuride, constitutes legal, valid and binding obligations of it, enforceable against Accuride in accordance with its terms.

26

	
19.

	
Representations and Warranties by CLN

	
19.1.

	
CLN grants in favor of Accuride the Representations and Warranties set out hereunder, which shall be true and correct in all material respect also as of, and as though made on, the Closing Date.

	
19.2.

	
CLN: (i) is a società per azioni (joint stock corporation) duly incorporated and organized, validly existing under the Laws of the Republic of Italy; (ii) is in good standing, not subject to insolvency procedures of any kind, and no actions or requests are pending that could declare CLN bankrupt or insolvent or subject to any other kind of insolvency procedures; (iii) has not entered into arrangements by which its assets have been or must be transferred to its creditors; and (iv) has not stopped, in the aggregate, paying its debts as they fall due.

	
19.3.

	
CLN has all necessary capacity and corporate authority to enter into this Agreement and to perform its obligations hereunder, as well as to consummate this Transaction.  The execution and performance by CLN of this Agreement have been duly authorized by all requisite corporate actions on the part of CLN.

	
19.4.

	
The execution and delivery and performance of this Agreement by CLN, and the performance of this Agreement and the consummation of the Transaction contemplated herein by CLN: (i) does not, and will not, require any consent, other than any consents or authorizations provided for by this Agreement, and (ii) does not conflict with any Laws, CLN's By-Laws, court order, Contract or other restriction under which each of CLN is, or will be, obligated.

	
19.5.

	
This Agreement, duly executed and delivered by CLN, constitutes legal, valid and binding obligations of it, enforceable against CLN in accordance with its terms.

Section VI - Miscellanea

	
20.

	
Effectiveness Of The Agreement And Duration Of Certain Undertakings

	
20.1.

	
Without prejudice to the Conditions Precedent under Clause 12.1 above and except as differently expressly provided under other Clauses hereunder:

	
20.1.1.

	
This Agreement shall take effect on the date hereof;

	
20.1.2.

	
Except as otherwise provided for by this Agreement, the obligations of Accuride under Clause 3, 4 5 and 18 and, in general any and all obligations of Accuride under this Agreement which are purported to be executed after Closing Date shall be in force until the day on which Accuride holds, directly or indirectly, a participation in the Company higher than 10.00% of the Company's corporate capital so that, as long as the participation held by Accuride in the Company falls below such threshold, or Accuride ceases to be, directly or indirectly, an equity-holder of the Company, such obligations shall terminate with immediate effect;

	
20.1.3.

	
The obligations of CLN under Clause 7 shall remain in force until the obligations of MW Italia for the matters mentioned under 7.1.3 expire. The obligations of CLN under Clause 19 shall remain in force without any time limitation;

	
20.1.4.

	
The obligations of MW Italia under Clause 15.2 above shall be in force until the terms provided under Clause 16.9, notwithstanding the fact that Accuride ceased, for any reason, to be an equity-holder of the Company.

27

	
21.

	
Entire Agreement and Amendments

	
21.1.

	
This Agreement and its Schedules and Annexes constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements (if any) relating to the same subject matter.

	
21.2.

	
This Agreement may not be waived, changed, modified or discharged orally, but only by an agreement in writing signed by all the Parties.

	
22.

	
Assignment Of The Agreement

	
22.1.

	
This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of each of the Parties hereto and their respective successors and except as provided for by this Agreement neither Party may assign any of its rights, interests or obligations (including any receivables) hereunder without the prior written consent of the other Parties.

	
23.

	
Expenses

	
23.1.

	
Except as otherwise expressly provided in other Clauses of this Agreement, any cost, tax, impost, duty, or charge arising out of, or in connection with, the transactions contemplated by this Agreement shall be borne as follows:

	
23.1.1.

	
All costs, expenses (including notarial fees), taxes (including registration taxes), duties or charges relating to the Capital Increase and the amendments to the Company's By-Laws shall be borne and paid for by the Company (it being agreed that these shall not be included in the calculation of the Net Financial Position and the Net Working Capital, and therefore, shall not be taken into account for the purposes of the Closing Adjustments);

	
23.1.2.

	
Each of the Parties shall pay their own fees, expenses and disbursements incurred in connection with the negotiation, preparation and implementation of this Agreement, including (without limitation) any fees and disbursements owing to their respective auditors, advisors and legal counsels.

	
24.

	
Confidentiality And Press Releases

	
24.1.

	
Except as otherwise required under any mandatory applicable laws, no publicity, release of announcement concerning the execution or delivery of this Agreement, any of the provisions contained herein or the transactions contemplated hereby shall be issued by the Parties without the prior written consent and approval, as to both form and content, of Accuride, provided, however, that such consent or approval cannot be unreasonably withheld. Notwithstanding the foregoing, Accuride may publicly file this and/or any other transaction document with the United States Securities and Exchange Commission and/or the New York Stock Exchange as it determines, in its sole discretion, is required to comply with applicable rules and regulations applicable to publicly traded companies in the United States or stock exchange listing requirements.

	
25.

	
Notices

	
25.1.

	
Any communication or notice required or permitted to be given under this Agreement shall be made in writing, in English language, by registered mail return receipt, by express courier or delivered by hands, with a courtesy copy sent by e-mail which will not constitute notice, and shall be deemed to have been duly and validly given if addressed, in each case, as follows:

28

	
25.1.1.

	
If to Accuride:

address: 7140 Office Circle, Evansville, Indiana (U.S.A.);

to the attention of; the General Counsel (smartin@accuridecorp.com);

with copy to

Avv. Giovanni Marsili

c/o Gianni, Origoni, Grippo, Cappelli & Partners

Piazza Belgioioso 2

Milan, MI (Italy)

Fax: +39 02 76009628

e-mail: GMarsili@gop.it

	
25.1.2.

	
If to MW Italia:

address: Via Pavia 72, 10090 Cascine Vica, Rivoli, Turin (Italy);

to the attention of: Chief Executive Officer;

with copy to

Avv. Fabio Alberto Regoli

Tosetto, Weigmann e Associati

Corso Galileo Ferraris, 43

10128 Torino (Italy)

Fax: +39 011 5184587

Email: fa.regoli@studiotosetto.it

	
25.1.3.

	
If to CLN:

address: Corso Susa 13/15, 10040 Caselette, Turin (Italy);

to the attention of Chief Executive Officer;

with copy to

Avv. Fabio Alberto Regoli

Tosetto, Weigmann e Associati

Corso Galileo Ferraris, 43

10128 Torino (Italy)

Fax: +39 011 5184587

29

Email: fa.regoli@studiotosetto.it

or at such other address as either Party may hereafter notify to the others Parties by written notice, as herein provided.

	
26.

	
Post-Closing Covenants

	
26.1.

	
From and after the Closing, the Parties shall have the following respective rights and obligations.

	
26.2.

	
Inspection of Records; Cooperation.

	
26.2.1.

	
MW Italia and CLN shall preserve their respective books and records (including work papers in the possession of their respective accountants and any electronic records) with respect to the Company, if any, in a manner consistent with the record retention policies of applicable by Law, as in effect from time to time, and make such books and records available for inspection by any other Party for reasonable and proper business purposes at all reasonable times during normal business hours, for a ten (10)-year period after the Closing Date, with respect to all transactions of the Company occurring prior to and including the Closing and the historical financial condition, Assets, liabilities, operations and cash flows of the Company prior to the Closing Date.  As used in this Clause 26.2.1, the right of inspection includes the right to make extracts or copies at the cost of the Party seeking such extracts or copies.

	
26.2.2.

	
The Parties shall cooperate reasonably with each other with respect to the defense of any Third Party Claim subsequent to the Closing Date which is not subject to the indemnification provisions contained in Clause 16, provided, however, that the Party requesting cooperation shall reimburse the other Party for reasonable out-of-pocket costs and expenses of furnishing such cooperation, except to the extent such other Party is indemnified against such costs and expenses under Clause 16.  Such cooperation shall include making available to the requesting Party, at such times and under such circumstances so as not to unreasonably disrupt business, the relevant information, documents, records and employees of the cooperating Party, allowing the relevant personnel of the cooperating Party to assist the requesting Party in participating in any such matter (including providing testimony in any Proceeding), executing and delivering documents or instruments and taking all such action as the requesting Party reasonably requests in connection with such matter.

	
26.2.3.

	
CLN and MW Italia hereby consent to Accuride's consultation with legal, accounting and other professional advisors to the Company relating to the advice rendered to the Company prior to the Closing Date regarding the Company's business or Assets; provided, however, that such consent shall not apply to Accuride's ability to consult with any legal counsel to CLN and MW Italia (including where such legal counsel has provided advice or services to the Company on behalf or at the request of CLN or MW Italia) unless CLN or MW Italia, as the case may be, separately consents in writing in response to a specific request by Accuride citing the purpose and scope of such requested consultation, which consent shall not be unreasonably withheld or delayed.

	
26.2.4.

	
Notwithstanding anything to the contrary contained in Clause 26.2, (i) no Party shall be obligated to provide any other Party with access to any books, records or other documents pursuant to this Clause 26.2 where such access would violate any applicable Law, (ii) any Party may refuse to provide access to any communication between such Party or any of its Affiliates and its/their legal counsel in order to preserve the attorney-client privilege in respect of such communication, and (iii) if any of the Parties are in an adversarial relationship, including in actual or threatened litigation, the furnishing of information, documents or records in accordance with any provision of this Clause 26.2 shall be subject to applicable rules relating to discovery.

30

	
26.3.

	
Cooperation on Tax Matters. CLN and MW Italia shall provide all the reasonable information related to the period prior to Closing that the Company may require in connection with the filing of Tax returns and any proceeding with respect to Taxes relating to the Company.  Such cooperation shall include the retention and (upon the other Party's request and expense) the provision of records and information, if any, that are reasonably relevant to any such proceeding and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder.  To the extent that such documentation shall not be already in the Company's possession, CLN and MW Italia shall (i) retain all books and records with respect to Tax matters pertinent to the Company relating to any pre-Closing Tax period until the expiration of the statute of limitations of the taxable periods, and (ii) give the Company reasonable written notice prior to transferring, destroying or discarding any such books and records and, if the Company so requests, CLN and MW Italia shall allow the Company, at the Company's expense, to take possession of such books and records.

	
27.

	
Annexes

	
27.1.

	
The following annexes are attached to this Agreement and make a part hereof as full as if written in this Agreement:

Annex 2.1(a) - 2014 Financial Statements;

Annex 2.1(b) - Net Financial Position;

Annex 2.1(c) - Net Working Capital;

Annex 3.2.2 - Permitted Purposes;

Annex 6.1.1 - Template of Steel Consultancy Agreement;

Annex 6.1.2 - Template of Last Call Agreement;

Annex 6.1.3 - Template of Transition Services Agreement;

Annex 6.1.4 - Template of Purchasing Services Agreement;

Annex 6.1.5(a) - Template of Management Secondment Agreement;

Annex 6.1.5(b) - Template of Services Agreement;

Annex 6.2 - Volume Of Sales Towards MW Aftermarket Sales Occurred During The Period Between September 30, 2014 and September 30, 2015

Annex 8 - Shareholders' Agreement

Annex 10.1 - Tax Consolidation Agreement

Annex 13.2.5(d) - New By Laws

Annex 13.2.11(a) - Powers of New Directors and General Manager

31

Annex 14.3.1 - Negative Closing Adjustment

Annex 15.1 - Representations and Warranties

	
28.

	
Applicable Law And Jurisdiction

	
28.1.

	
This Agreement, as well as any act, deed, action or instrument deriving therefrom, shall be governed by, and construed and interpreted in accordance with the law of the Italian Republic, with the exclusion of the rules on conflict of laws.

	
28.2.

	
All disputes (whether of contractual or non-contractual nature) arising out of or in connection with this Agreement shall be submitted to the International Court of Arbitration of the International Chamber of Commerce and finally settled under the Rules of Arbitration of the International Chamber of Commerce by an arbitral tribunal appointed in accordance with the said Rules, it being understood that the arbitral tribunal shall be composed of three arbitrators appointed pursuant to the Rules of the International Court of Arbitration of the International Chamber of Commerce;

	
28.2.1.

	
The place of the arbitration shall be Milan (Italy);

	
28.2.2.

	
The language of the arbitration shall be the English language;

	
28.2.3.

	
Judgment on the award rendered by the arbitral tribunal may be entered and enforced in any court of competent jurisdiction.

	
28.2.4.

	
The prevailing Party in an arbitration proceeding or legal action to enforce any term of this Agreement will be entitled, in addition to any other rights and remedies such Party may have, to recover its costs and reasonable attorneys' fees incurred in such proceeding from the other Party.

	
28.3.

	
All disputes (whether of contractual or non-contractual nature) arising out of or in connection with this Agreement that pursuant to Section 806 and ff. of the Italian Civil Procedure Code cannot be submitted to arbitration shall be submitted to the exclusive jurisdiction of the Courts of Milan (Italy) and finally settled under the rules of the Italian Civil Procedure Code.

Section VII – Annexes

[ANNEXES ON SEPARATE PAGES]

32

* * *

Should you agree with our proposal, please have your duly authorized representative(s) to initial all pages of this letter and execute the same for irrevocable acceptance, which acceptance shall also include acceptance of all annexes listed herein, it being agreed and understood that these annexes will be initialled and signed separately by each of MW Italia S.r.l., Accuride Corporation and CLN S.p.A. but they will however form a part of the agreement set forth under this proposal.

MW Italia S.p.A.

EXECUTED

Name: Andrea Rodella

Office: Director

 Date and Place: Milano, November 3, 2015

* * *

We hereby confirm our full acceptance of the proposed investment agreement set forth above.

Yours faithfully,

Accuride Corporation

/s/ SCOTT DOUGLAS HAZLETT

Name: Scott Douglas Hazlett

Office: Attorney-in-fact

 Date and Place: Milan, November 3, 2015

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