Document:

EX-10.3

 Exhibit 10.3 

STANDBY PURCHASE AGREEMENT 

THIS AGREEMENT (the “Agreement”) has been entered into as of October 6, 2014, by and between:

 POSTMEDIA NETWORK CANADA CORP., a corporation governed under the laws of Canada 

(“Postmedia”) 

- and - 

GOLDENTREE ASSET MANAGEMENT LP, a partnership governed under the laws of Delaware, on behalf of itself and each of the
entities referred to in Schedule A 
 (the “Standby Purchaser”) 

WHEREAS Postmedia or an affiliate of Postmedia (the “Purchaser”) is contemporaneously entering into
the Purchase Agreement (as defined below) to acquire the issued and outstanding shares of Quebecor Media Printing Inc. (the “Acquisition”) from Quebecor Media Inc. (the “Vendor”); 

AND WHEREAS Postmedia proposes to effect an offering of transferable rights (“Rights”) to acquire
subscription receipts of Postmedia (“Subscription Receipts”), with each holder of Shares (as defined below) receiving one right per Share held, each Right entitling the holder thereof to subscribe for that number of Subscription
Receipts equal to the Rights Ratio (as defined below) at the Subscription Price (as defined below), and each Subscription Receipt representing the holder’s right to receive one Class NC variable voting share in the capital of Postmedia
(“Variable Voting Shares”) upon the closing of the Acquisition and without payment of additional consideration, to the holders of record of its Shares pursuant to a short form prospectus to raise proceeds to be used to fund a
portion of the purchase price for the Acquisition (the “Rights Offering”) in an amount to be set out in the Final Prospectus (or an amendment thereto) which will be $186,000,000 less the aggregate amount of net proceeds realized
from asset dispositions as permitted by the Trust Indenture (as defined below) completed between the date of this Agreement and the date of the Final Prospectus (the “Offering Amount”); 

AND WHEREAS the Standby Purchaser has agreed to purchase an aggregate of 100% of the Offering Amount of Subscription
Receipts that are not otherwise purchased under the Rights Offering on the terms and conditions set forth in this Agreement;  

NOW THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed as set forth below. 

 Article 1 

INTERPRETATION 
  

	1.1	 Definitions. In this Agreement, unless something in the subject matter is inconsistent therewith: 

“accredited investor” has the meaning set forth in Section 6.1(k); 

“Acquisition” has the meaning set forth in the recitals to this Agreement; 

“Action” means any action, claim, application, investigation, lawsuit, arbitration, order, direction, notice
of non-compliance or proceeding of any nature by or before any Governmental Entity; 
 “Additional Subscription
Privilege” means the entitlement of a holder of Rights, who has exercised his, her or its Basic Subscription Privilege in full, to subscribe for additional Subscription Receipts (if such are available) pursuant to the Rights Offering, as
such entitlement will be further detailed in the Prospectus; 
 “affiliates” has the meaning ascribed
thereto in the Canada Business Corporations Act; 
 “Basic Subscription Privilege” means the
entitlement of a holder of Rights to subscribe for his, her or its pro rata portion of Subscription Receipts under the Rights Offering based on his, her or its holding of Shares on the Record Date; 

“Business Day” means any day, other than a Saturday or a Sunday, upon which banks are open for business in
the cities of Toronto, Ontario and New York, New York; 
 “Closing Date” means two Business Days following
the Expiry Time, or such other date as may be agreed by Postmedia and the Standby Purchaser, which in no event will be later than the Outside Date; 

“Closing Time” means 8:30 a.m. (Toronto time) on the Closing Date or such other time on the Closing Date as
Postmedia and the Standby Purchaser may agree; 
 “Comparison EBITDA” means $[REDACTED][Commercially
sensitive], being Postmedia’s earnings before interest, taxes, depreciation and amortization for the period commencing on September 1, 2013 and ending December 31, 2013, calculated on a basis consistent with past practice and
excluding the impact of restructuring costs and stock based compensation; 
 “Competition Act” means the
Competition Act (Canada), as amended, and the regulations thereunder; 
 “Current EBITDA” means
Postmedia’s earnings before interest, taxes, depreciation and amortization for the period commencing on September 1, 2014 and ending December 31, 2014, calculated on a basis consistent with past practice and excluding

  
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the impact of restructuring costs and stock based compensation, as set out on the EBITDA Certificate; 

“Debt Financing Receipt Indenture” means the subscription receipt indenture dated the date hereof between the
Material Subsidiary and the subscription receipt agent thereunder pursuant to which the Debt Subscription Receipts will be issued; 

“Debt Subscription Receipts” means the debt subscription receipts to be issued pursuant to the Debt Financing
Receipt Indenture entitling each holder thereof to receive the Notes, subject to the terms and conditions set out in the Debt Financing Receipt Indenture and the Trust Indenture; 

“EBITDA Certificate” means the certificate dated the date of the Final Prospectus (or the date any Prospectus
Amendment to the Final Prospectus) and signed on behalf of Postmedia by the Chief Financial Officer of Postmedia in form and content satisfactory to the Standby Purchaser, acting reasonably, addressed to the Standby Purchaser certifying for and on
behalf of Postmedia the Current EBITDA; 
 “Expiry Time” means 5:00 p.m. (Toronto time) on the date to be
set forth in the Final Prospectus, such date and time being the date and time on which the Rights will expire and become null and void and such date being expected to be on or about the 21st day following the date on which the Final Prospectus is
mailed to holders of Shares as of the Record Date; 
 “Final Prospectus” means the (final) short form
prospectus (in the English and French languages) to be filed by Postmedia with the Securities Commissions in connection with the Rights Offering and the distribution of the Securities as amended by any Prospectus Amendment to the Final Prospectus;

 “First Supplemental Indenture” means the first supplemental indenture to the Trust Indenture in
substantially the form attached hereto as Schedule B containing the amendments to the Trust Indenture to permit the issuance of the Debt Subscription Receipts, among other things; 

“Governmental Entity” means any (i) multinational, federal, provincial, territorial, municipal, local or
other governmental or public department, central bank, court, commission, board, bureau, agency or instrumentality, domestic or foreign, (ii) any subdivision or authority of any of the foregoing, or (iii) any quasi-governmental or private
body exercising any regulatory, expropriation or taxing authority under or for the account of any of the above; 

“Issue Price” means, for each of the Subscription Receipts, the lesser of: (i) $1.10, provided that if
the Current EBITDA is less than [REDACTED] [Commercially sensitive]% of the Comparison EBITDA, $0.72; and (ii) if the Issue Price determined pursuant to clause (i) does not represent a “significant discount” (as defined in
Section 614(c)(ii) of the TSX Company Manual) to the market price of the Variable Voting Shares at the time of the filing of the Final Prospectus, the highest price that is sufficient to ensure that the Issue Price represents a significant
discount; 

  
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 “Laws” means any and all applicable laws including all statutes,
codes, ordinances, decrees, rules, regulations, municipal by-laws, judicial or arbitral or administrative or ministerial or departmental or regulatory judgments, orders, decisions, rulings or awards, instruments, policies, guidelines, and general
principles of common law and equity, binding on or affecting the Person referred to in the context in which the word is used; 

“Material Subsidiary” means Postmedia Network Inc.; 

“material change” means a material change for the purposes of Securities Laws; 

“material fact” means a material fact for the purposes of Securities Laws; 

“Misrepresentation” means (a) a “misrepresentation” as defined in section 1(1) of the
Securities Act or (b) as to any document, any untrue statement of a material fact or omission to state any material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading; 
 “Notes” a total of approximately $140 million principal amount of
8.25% senior secured notes to be issued by the Material Subsidiary pursuant to the Trust Indenture in accordance with the terms and conditions of the Debt Financing Receipt Indenture; 

“Offering Amount” has the meaning set forth in the recitals to this Agreement; 

“Outside Date” means June 26, 2015; 

“Postmedia” means Postmedia Network Canada Corp., a corporation governed by the Canada Business
Corporations Act; 
 “Person” means an individual, corporation, partnership, limited partnership,
limited liability partnership, limited liability company, association, trust, estate, custodian, trustee, executor, administrator, nominee or other entity or organization, including a Governmental Entity or political subdivision or an agency or
instrumentality thereof; 
 “Preliminary Prospectus” means the preliminary short form prospectus (in the
English and French Languages) to be filed by Postmedia with the Securities Commissions in connection with the Rights Offering and the distribution of the Securities; 

“Prospectus” means, collectively, the Preliminary Prospectus, the Final Prospectus and any Prospectus
Amendment including, in each case, where the context so permits, all documents incorporated by reference therein; 

“Prospectus Amendment” means any amendment to the Preliminary Prospectus or the Final Prospectus; 

  
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 “Public Documents” means (i) the annual information form
for Postmedia dated November 27, 2013; (ii) management’s discussion and analysis for Postmedia for the year ended August 31, 2013; (iii) the audited consolidated financial statements of Postmedia as at and for the year ended
August 31, 2013, together with the auditors’ reports thereon; (iv) management’s discussion and analysis for Postmedia for the three and nine months ended May 31, 2014; (v) the unaudited interim condensed consolidated
financial statements for the three and nine months ended May 31, 2014; (vi) management proxy circular dated November 27, 2013 in connection with Postmedia’s January 9, 2014 annual and special meeting; (vii) all material
change reports filed by Postmedia since August 31, 2013; and (viii) any other document which is or will be incorporated by reference in the Prospectus; 

“Purchase Agreement” means the purchase agreement to be entered into between the Purchaser and the Vendor in
connection with the Acquisition; 
 “Purchaser” has the meaning set forth in the recitals to this
Agreement; 
 “Qualifying Jurisdictions” means each of the Provinces of Canada other than Quebec and, if
Postmedia elects in its sole discretion, the Province of Quebec; 
 “Receiptholders” means holders of
Subscription Receipts; 
 “Record Date” means the record date for the purpose of the Rights Offering that
will be established by Postmedia in the Final Prospectus; 
 “Regulation S” means Regulation S under the
U.S. Securities Act; 
 “Release Conditions” will include: 

 

	 	(a)	 all conditions to the closing of the Acquisition set forth in the Purchase Agreement have been satisfied or waived by Postmedia or will be
satisfied or waived by Postmedia substantially concurrently with the release of the Offering Amount; 

  

	 	(b)	 the Acquisition will close substantially concurrently with the release of the Offering Amount; 

 

	 	(c)	 the Offering Amount will be used to satisfy a portion of the purchase price under the Purchase Agreement and costs and expenses associated
therewith; 

  
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	 	(d)	 Postmedia will contemporaneously with the closing of the Acquisition pay the standby commitment fee pursuant to Section 2.6(c) to the Standby
Purchaser, or as the Standby Purchaser may otherwise direct; 

  

	 	(e)	 except for frivolous actions or proceedings by a Person other than a Governmental Entity, there are no Actions in progress, or to the knowledge of
Postmedia or the Standby Purchaser, pending or threatened, by any Person in any jurisdiction, to enjoin, restrict or prohibit the issuance of the Shares; 

  

	 	(f)	 the Shares are listed on the TSX, and the TSX has conditionally approved the listing of Shares issuable upon the conversion of the Subscription
Receipts, subject to the filing of customary documents with the TSX; 

  

	 	(g)	 each of the Transaction Agreements (other than this Agreement) shall remain in full force and effect, unamended (except for amendments made with
the prior written consent of the Standby Purchaser, in its sole and absolute discretion), and no condition contained in the Transaction Agreements (other than this Agreement) has become incapable of being satisfied prior to the closing date
specified therein; 

  

	 	(h)	 prior to or concurrently with the release of the Offering Amount, the Notes will have been issued in accordance with the Debt Subscription Receipt
Indenture and the Trust Indenture, and the Notes will remain outstanding; 

  

	 	(i)	 Postmedia and its affiliates will not have waived or agreed to waive (explicitly or by implication) any term, condition, right or benefit under the
Purchase Agreement, the Debt Financing Receipt Indenture or the Subscription Receipt Agreement (except for waivers made with the prior written consent of the Standby Purchaser, in its sole and absolute discretion); 

 

	 	(j)	 no Default (as defined in the Trust Indenture) or Event of Default (as defined in the Trust Indenture) shall have occurred and be continuing under
the Trust Indenture; 

  

	 	(k)	 Postmedia shall not have failed to pay an amount owing to the holders of the Debt Subscription Receipts when required under the Debt Financing
Receipt Indenture; 

  

	 	(l)	 the board of directors of Postmedia will have irrevocably waived the application of the Rights Plan to the Rights Offering, including with respect
to the Securities to be acquired by the Standby Purchaser pursuant to Section 2.3 of this Agreement and upon completion of the transactions contemplated by the Transaction Agreements; 

 

	 	(m)	 the Standby Purchaser will have received at the time of the release of the Offering Amount a certificate or certificates dated on the date of the
release of the Offering Amount and signed on behalf of Postmedia by the Chief Executive Officer and the Chief Financial Officer of Postmedia or such other 

  
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officers of Postmedia acceptable to the Standby Purchaser, acting reasonably, in form and content satisfactory to the Standby Purchaser, acting reasonably, addressed to the Standby Purchaser
certifying for and on behalf of Postmedia after having made due enquiry and after having examined the Prospectus, including all documents incorporated by reference, that: 
  

	 	(i)	 no order, ruling or determination, or change in Law, having the effect of preventing, restricting, suspending the sale or distribution of the
Securities or suspending or ceasing the trading of the Securities or any other securities of Postmedia has been issued by any Governmental Entity and is continuing in effect and no inquiry (whether formal or informal) or other proceedings for that
purpose have been instituted or are pending or, to the knowledge of such officers, contemplated or threatened under any of the Securities Laws or by any Governmental Entity; and 

 

	 	(ii)	 the representations and warranties of Postmedia contained in this Agreement are true and correct in all material respects as of the date of the
release of the Offering Amount with the same force and effect as if made at and as of the date of the release of the Offering Amount, except for such representations and warranties which are stated to be qualified as to materiality, in which case
such representations and warranties will be true and correct in all respects as of the date of the release of the Offering Amount; 

and all such matters will in fact be true and correct as at the time of the release of the Offering Amount; and 

 

	 	(n)	 any other conditions, in a form mutually acceptable to Postmedia and the Standby Purchaser, each acting reasonably, as are customarily included as
release conditions in subscription receipt agreements of this nature; 

 “Rights” has the
meaning set forth in the recitals to this Agreement; 
 “Rights Offering” has the meaning set forth in the
recitals to this Agreement; 
 “Rights Offering Launch Date” means January 26, 2015; 

“Rights Plan” means the Shareholder Rights Plan Agreement dated as of November 8, 2010 between Postmedia
and Computershare Investor Services Inc., as rights agent; 
 “Rights Ratio” means (A/B)/C, where A = the
Offering Amount; B = the Issue Price; and C = the number of Shares outstanding on the date of the Final Prospectus; 

“Rule 144” means Rule 144 under the U.S. Securities Act; 

“SEC” means the U.S. Securities and Exchange Commission; 

  
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 “Second Supplemental Indenture” means the second supplemental
indenture to the Trust Indenture to be entered into between Postmedia, the guarantors and Computershare Trust Company of Canada with respect to the issuance of the Notes pursuant to the Debt Subscription Receipts pursuant to the Debt Financing
Receipt Indenture; 
 “Securities” means, collectively, the Rights, the Subscription Receipts issuable upon
exercise of the Rights (including the Standby Purchaser Rights Offering Subscription Receipts), the Standby Subscription Receipts and the Shares underlying the Subscription Receipts and the Standby Subscription Receipts; 

“Securities Act” means the Securities Act (Ontario), as amended; 

“Securities Commissions” means, collectively, the securities commissions or similar securities regulatory
authorities of all of the Qualifying Jurisdictions; 
 “Securities Laws” means all applicable securities
laws in each of the Qualifying Jurisdictions and the respective regulations and rules under such laws together with applicable published policy statements of the Canadian Securities Administrators and the securities regulatory authorities in the
Qualifying Jurisdictions, and the applicable rules and policies of the TSX, the U.S. Securities Act and the rules and regulations promulgated thereunder, and applicable securities laws of the states of the United States in which the Rights are
offered; 
 “SEDAR” means the System for Electronic Document Analysis and Retrieval (SEDAR) as further
described within National Instrument 13-101 of the Canadian Securities Administrators; 
 “Shares” means,
collectively, the Voting Shares and the Variable Voting Shares; 
 “Standby Commitment” has the meaning set
forth in Section 2.3; 
 “Standby Purchaser” has the meaning set forth on the first page of this
Agreement; 
 “Standby Purchaser Information” means information in the Prospectus relating to the Standby
Purchaser that is provided by the Standby Purchaser in writing for inclusion in the Prospectus and is described in a letter to be provided by the Standby Purchaser to Postmedia on or about the date of each of the Preliminary Prospectus, the Final
Prospectus and any Prospectus Amendment, as applicable; 
 “Standby Purchaser Rights Offering Subscription
Receipts” means the Subscription Receipts issuable to the Standby Purchaser pursuant to the exercise of its Rights; 

“Standby Subscription Receipts” has the meaning set forth in Section 2.3; 

“Subscription Price” means the Issue Price multiplied by the Rights Ratio; 

  
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 “Subscription Receipts” has the meaning set forth in the
recitals to this Agreement; 
 “Subscription Receipt Agent” means Computershare Trust Company of Canada;

 “Subscription Receipt Agreement” means the subscription receipt agreement to be entered into by
Postmedia and the Subscription Receipt Agent in connection with the Rights Offering containing customary terms and conditions for subscription receipts of this nature, including the Release Conditions; 

“Transaction Agreements” means collectively, the Subscription Receipt Agreement, the Purchase Agreement, the
Debt Financing Receipt Indenture and this Agreement; 
 “Trust Indenture” means the Senior Secured Notes
Indenture, dated as of August 16, 2012, among the Material Subsidiary, Postmedia, as guarantor and Computershare Trust Company of Canada, as trustee and collateral agent, which governs the Material Subsidiary’s 8.25% senior secured notes
due 2017, as will be amended pursuant to the First Supplemental Indenture and the Second Supplemental Indenture; 

“TSX” means the Toronto Stock Exchange; 

“U.S. Securities Act” means the U.S. Securities Act of 1933, as amended; 

“Variable Voting Shares” has the meaning set forth in the recitals to this Agreement; 

“Vendor” has the meaning set forth in the recitals to this Agreement; 

“Voting Restriction Agreement” has the meaning set forth in Section 2.8; and 

“Voting Shares” means the Class C voting shares in the capital of Postmedia. 

 

	1.2	 Headings, etc. The division of this Agreement into articles, sections, paragraphs and clauses and the provision of headings are for the
convenience of reference only and will not affect the construction or interpretation of this Agreement. The terms “this Agreement”, “hereof”, “hereunder” and similar expressions refer to this Agreement as a whole and
not to any particular article, section, paragraph, clause or other portion hereof and include any agreement or instrument supplemental or ancillary hereto. Unless something in the subject matter or context is inconsistent therewith, references
herein to articles, sections, paragraphs or clauses are to articles, sections, paragraphs or clauses of this Agreement. 

  

	1.3	 Plurality and Gender. Words importing the singular number only will include the plural and vice versa, words importing the masculine gender
will include the feminine and neuter genders and vice versa and the words importing persons will include individuals, partnerships, trusts, corporations, governments and governmental authorities and vice versa. 

  
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	1.4	 Currency. Unless otherwise specifically stated, all references to dollars and cents in this Agreement are to the lawful currency of Canada.

  

	1.5	 Governing Law. This Agreement will be governed by, interpreted and enforced in accordance with the laws of the Province of Ontario and the
federal laws of Canada applicable therein. Each party hereby unconditionally and irrevocably submits to the non-exclusive jurisdiction of the courts of the Province of Ontario in respect of all matters arising out of this Agreement.

  

	1.6	 Severability. If any provision of this Agreement is determined to be invalid or unenforceable in whole or in part, such invalidity or
unenforceability will attach only to such provision or part thereof and the remaining part of such provision and all other provisions hereof will continue in full force and effect. The parties hereto agree to negotiate in good faith a substitute
provision which will be as close as possible to the intention of any invalid or unenforceable provision as may be valid or enforceable. The invalidity or unenforceability of any provision in any particular jurisdiction will not affect its validity
or enforceability in any other jurisdiction where it is valid or enforceable. 

  

	1.7	 Statutes. Any reference to a statute, act or law will include and will be deemed to be a reference to such statute, act or law and to the
regulations, instruments and policies made pursuant thereto, with all amendments made thereto and in force from time to time, and to any statute, act or law that may be passed which has the effect of supplementing or superseding such statute, act or
law so referred to. 

  

	1.8	 Accounting Terms. All accounting terms not specifically defined in this Agreement are to be interpreted in accordance with generally
accepted accounting principles as set out in the Canadian Institute of Chartered Accountants Handbook – Accounting, as applicable to Postmedia, at the relevant time applied on a consistent basis. 

Article 2 
 STANDBY
COMMITMENT 
  

	2.1	 Conduct of Rights Offering. Subject to and in accordance with the terms hereof, Postmedia agrees to offer, in accordance with Securities
Laws, the Rights, the Subscription Receipts issuable upon the exercise of the Rights and the Shares underlying the Subscription Receipts pursuant to the Prospectus to Persons that are the holders of record of Shares on the Record Date (i) in
the Qualifying Jurisdictions; (ii) in the United States of America, provided that Postmedia shall not be required to make an offer in any state where such state’s securities commission would conduct a substantive review of the Preliminary
Prospectus or the Final Prospectus or where such filing would result, in the reasonable judgment of Postmedia, in undue expense or delay to the closing of the Rights Offering; and (iii) in any other jurisdiction that Postmedia has satisfied
itself is entitled to receive the Securities under the Rights Offering in accordance with the Laws of such jurisdiction without obliging Postmedia to register the Securities or file a prospectus or other similar disclosure document or to make any
other filings or become subject to any reporting or disclosure obligations that Postmedia is not otherwise already obligated to make. 

  
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	2.2	 Proceeds. All proceeds from the exercise of Rights will be held by the Subscription Receipt Agent in escrow in accordance with
the terms of the Subscription Receipt Agreement. As provided in the Subscription Receipt Agreement, if the conditions set out therein are satisfied on or before the date set out therein, each holder of a Subscription Receipt will automatically
receive, without the payment of any additional consideration, one Variable Voting Share for each Subscription Receipt held by the Receiptholder. As further set out in the Subscription Receipt Agreement, if the Subscription Receipts have not been
exchanged for Shares before the Outside Date or if the Subscription Receipt Agreement is terminated, all issued and outstanding Subscription Receipts will be automatically terminated and cancelled and each Receiptholder will, on the third Business
Day following the occurrence of such event, be entitled to receive an amount equal to the full Issue Price for each Subscription Receipt held by such Receiptholder and its pro rata share of any earned interest, less applicable withholding taxes, if
any, and the Subscription Receipt Agent shall pay such amount to the Receiptholders by certified cheque or wire transfer of immediately available funds on such date. 

 

	2.3	 Standby Commitment. Subject to and in accordance with the limitation set out in this Section 2.3 and the other terms hereof, if
Postmedia proceeds with the Rights Offering, the Standby Purchaser hereby agrees to purchase from Postmedia, and Postmedia hereby agrees to sell to the Standby Purchaser, at the Issue Price and on the Closing Date, any Subscription Receipts that are
not otherwise subscribed for in the Rights Offering by holders of Rights prior to the Expiry Time (the “Standby Subscription Receipts”). In this regard and to the extent that the Rights Offering is made in the applicable
jurisdiction of residence of the Standby Purchaser, the Standby Purchaser agrees to exercise its Basic Subscription Privilege. The aggregate number of Subscription Receipts required to be purchased pursuant to this Section 2.3 will be equal to:
(i) the number of Subscription Receipts authorized to be issued on the Record Date pursuant to the exercise of the Rights, minus (ii) the number of Subscription Receipts subscribed for and taken up under the Rights Offering by holders of
Rights (including, for greater certainty and without limitation, pursuant to the Additional Subscription Privilege) (such commitment referred to as the “Standby Commitment”). 

 

	2.4	 Timing of Rights Offering. Subject to and in accordance with the terms hereof, Postmedia agrees that it will file: 

 

	 	(a)	 with the Securities Commissions, the Preliminary Prospectus on or as soon as reasonably practicable after the Rights Offering Launch Date;

  

	 	(b)	 with the Securities Commissions, the Final Prospectus on the day which is two Business Days following the date on which all necessary approvals and
consents are received from the Securities Commissions and the TSX which are necessary or advisable, in Postmedia’s opinion, acting reasonably, to proceed with the filing of the Final Prospectus and completion of the Rights Offering.

  
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	 	(c)	 with the SEC, the Form F-7 registration statement no later than the date on which the Final Prospectus is mailed to holders of record of Shares on
the Record Date; and 

  

	 	(d)	 with applicable state securities commissions, any required filings; provided that Postmedia shall not be required to make any filing with any state
securities commission (i) where such commission would conduct a substantive review of the Preliminary Prospectus or the Final Prospectus or (ii) which would result, in the reasonable judgment of Postmedia, in undue expense or delay to the
closing of the Rights Offering. 

 Postmedia will use commercially reasonable efforts to obtain a receipt
(or analogous decision document) as soon as possible following the filing of each of the Preliminary Prospectus and Final Prospectus (and any Prospectus Amendment) with the Securities Commissions. 

 

	2.5	 Payment for Standby Subscription Receipts. Subject to and in accordance with the terms hereof, on the Closing Date, the Standby Purchaser
will pay, in immediately available funds by wire transfer to an account designated by Postmedia the aggregate purchase price that is payable for the Standby Subscription Receipts to be purchased by it hereunder in accordance with Section 2.3
hereof and Postmedia will issue the Standby Subscription Receipts to the Standby Purchaser. 

  

	2.6	 Fees to the Standby Purchaser. Subject to successful completion of the Rights Offering and performance by the Standby Purchaser of its
obligations hereunder, in consideration solely for the Standby Commitment, Postmedia will pay, and the Standby Purchaser will be entitled to receive, a payment: 

 

	 	(a)	 $1,860,000 on the date hereof, in immediately available funds by wire transfer to an account(s) designated by the Standby Purchaser;

  

	 	(b)	 equal to 1% of the Offering Amount on the Closing Date, in accordance with Section 7.1, in immediately available funds by wire transfer to an
account(s) designated by the Standby Purchaser; and 

  

	 	(c)	 equal to 2% of the Offering Amount on the closing date of the Acquisition, in immediately available funds by wire transfer to an account(s)
designated by the Standby Purchaser. 

  

	2.7	 Rights of Set-Off. In satisfaction of all or any portion of the payment being made by the Standby Purchaser in accordance with
Section 2.5, the Standby Purchaser will have the right to set-off amounts owed by Postmedia to the Standby Purchaser, including amounts owing by Postmedia to the Standby Purchaser pursuant to Section 2.6 and Section 12.1.

  

	2.8	 Voting Restriction Agreement. In the event that on the Closing Date it is determined by the parties hereto that immediately following the
closing of the Acquisition the Standby Purchaser will own Shares carrying 33 1/3% or more of the outstanding voting rights in respect of all of the issued and outstanding Shares, each

  
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of the Standby Purchaser and Postmedia will, on the Closing Date, enter into an agreement (in the form of agreement agreed to by the parties as of the date hereof) pursuant to which the Standby
Purchaser will agree to not vote more than that number of its Shares that represent 33 1/3%, less one Share, of the outstanding voting rights in respect of all of the issued and outstanding Shares (the “Voting Restriction
Agreement”). 
 Article 3 

COVENANTS OF POSTMEDIA 
  

	3.1	 Subject to and in accordance with the terms hereof, Postmedia undertakes and agrees with and in favour of the Standby Purchaser that:

  

	 	(a)	 Preliminary Prospectus. As set forth in Section 2.4, it will prepare, and on or as soon as reasonably practicable after the Rights
Offering Launch Date, it will file with the Securities Commissions, the Preliminary Prospectus relating to the proposed distribution of the Securities. 

  

	 	(b)	 Final Prospectus and Qualification. As set forth in Section 2.4, it will prepare and file with the Securities Commissions the Final
Prospectus relating to the proposed distribution of the Securities, and take all other steps and proceedings that may be necessary in order to qualify the distribution of the Securities in each of the Qualifying Jurisdictions in which the Final
Prospectus has been filed. Prior to the filing the Final Prospectus, Postmedia will deliver to the Standby Purchaser the EBITDA Certificate. 

  

	 	(c)	 Registration Statement on Form F-7 and State Securities Law Filings. As set forth in Section 2.4, it will prepare, and file with the
SEC, the Form F-7 registration statement relating to the Rights Offering, and will make such other state securities law filings as are necessary in order to enable holders of Shares in such states to participate in the Rights Offering, subject to
the limitations set forth in Section 2.4. 

  

	 	(d)	 Supplementary Material. If required by Securities Laws, it will prepare any amendments to the Prospectus or the Form F-7 registration
statement or any documentation supplemental thereto or any amending or supplemental documentation or any similar document required to be filed by it under the Securities Laws. It will also promptly, and in any event within any applicable time
limitation, comply with all applicable filing and other requirements under the Securities Laws as a result of any material change. 

  

	 	(e)	 Consents and Approvals. It will use its commercially reasonable efforts to obtain all necessary consents, approvals or exemptions for the
creation, offering and issuance of the Securities and the entering into and performance by it of this Agreement and the transaction contemplated herein and in the other Transaction Agreements (including, for greater certainty, the issuance of the
Rights, the Subscription Receipts issuable upon the exercise of such Rights and the Shares underlying such Subscription Receipts, as well as the 

  
 13 

 
issuance to the Standby Purchaser of the Standby Subscription Receipts, and the Variable Voting Shares underlying such Standby Subscription Receipts). 

 

	 	(f)	 Cease Trade Order or Other Investigation. From the date hereof through the earlier of (i) the Closing Date, and (ii) the
termination of this Agreement, it will immediately notify the Standby Purchaser in writing of any written demand, request or inquiry (formal or informal) by any Securities Commission, the TSX, the SEC or other Governmental Entity that concerns any
matter relating to the affairs of Postmedia that may affect the Rights Offering, the transactions contemplated herein and in the other Transaction Agreements, or any other matter contemplated by this Agreement, or that relates to the issuance, or
threatened issuance, by any such authority of any order suspending or preventing the use of the Prospectus or any cease trading or similar order or ruling relating to any securities of Postmedia. Any notice delivered to the Standby Purchaser
pursuant to this Section 3.1(f) will contain reasonable details of the notice, demand, request, inquiry, correspondence, order or ruling in question. Postmedia will use all reasonable efforts to prevent the issuance of any orders contemplated
in this Section 3.1(f) and, if issued, to obtain their prompt withdrawal. 

  

	 	(g)	 TSX Listing. It will take all action as may be required and appropriate so that each of the Rights, the Subscription Receipts issuable upon
exercise of the Rights, the Shares underlying the Subscription Receipts, the Standby Subscription Receipts and the Variable Voting Shares underlying the Standby Subscription Receipts have been conditionally approved for listing on the TSX, subject
to receipt of customary final documentation. 

  

	 	(h)	 Securities Laws. It will take all action as may be necessary and appropriate so that the Rights Offering and the transactions contemplated
in this Agreement and in the other Transaction Agreements will be effected in accordance with Securities Laws. It will consult with the Standby Purchaser and its advisors upon its reasonable request regarding the manner in which the Rights Offering
and the other transactions contemplated herein and in the other Transaction Agreements will comply with applicable Securities Laws, and it will provide to the Standby Purchaser and its advisors copies of any documents that are to be submitted by it
to any Securities Commission, the TSX, the SEC or other regulatory authority for such purpose prior to being so submitted and it will give the Standby Purchaser and its advisors an opportunity to comment on same, and Postmedia will not file the
Preliminary Prospectus, the Final Prospectus or any Prospectus Amendment, or the Form F-7 registration statement or any amendment thereto, without first obtaining approval from the Standby Purchaser after consultation with the Standby Purchaser with
respect to the form and content thereof, which approval will not be unreasonably withheld or delayed. 

  

	 	(i)	 Corporate Existence. In the event of a merger, consolidation or sale of all or substantially all of its assets, Postmedia will ensure that
the surviving successor entity in such transaction assumes its obligations hereunder. 

  
 14 

	 	(j)	 Obtaining of Report. It will cause the Subscription Receipt Agent to deliver to the Standby Purchaser, as soon as is practicable following
the Expiry Time, but in any event before the Closing Date, details concerning the total number of Rights duly subscribed and paid for by holders of Rights under the Rights Offering, including those Rights subscribed and paid for pursuant to the
Additional Subscription Privilege. 

  

	 	(k)	 Use of Proceeds. The net proceeds (net of all dealer-manager, rights agency, legal, accounting and standby fees and expenses related to the
Rights Offering) received by Postmedia in connection with the Rights Offering and the sale and issuance by Postmedia of Standby Subscription Receipts to the Standby Purchaser under this Agreement will be used by Postmedia to fund a portion of the
purchase price for the Acquisition pursuant to the Purchase Agreement as will be described under the heading “Use of Proceeds” in the Prospectus and for no other purpose, unless otherwise agreed in writing by the Standby Purchaser.

  

	 	(l)	 Due Diligence. Prior to the filing of each of the Preliminary and Final Prospectus and up until the Closing Time, Postmedia will permit the
Standby Purchaser and its advisors to participate fully in the preparation of the Prospectus and will allow the Standby Purchaser and its advisors to conduct all due diligence investigations which the Standby Purchaser reasonably requires to assist
the Standby Purchaser in determining whether the Final Prospectus contains any Misrepresentation. 

  

	 	(m)	 Mailing of Materials. It will effect and complete the mailing of commercial copies of the Final Prospectus to each of the registered holders
of the Shares in the Qualifying Jurisdictions as soon as practicable following the Record Date and to the beneficial holders of Shares in the manner contemplated by National Instrument 54-101 — Communication with Beneficial Owners of
Securities of a Reporting Issuer as soon as practicable following the Record Date. 

  

	 	(n)	 Subscription Receipt Agreement. It will enter into the Subscription Receipt Agreement on or prior to the filing of the Final Prospectus
providing for the creation and issue of the Subscription Receipts. 

 Article 4 

CHANGES 
  

	4.1	 Material Change During Distribution. During the period from the date of this Agreement to the Closing Date, Postmedia will promptly notify
the Standby Purchaser in writing of: 

  

	 	(a)	 any material change (actual, anticipated, contemplated or threatened, financial or otherwise) in the business, affairs, operations, assets,
liabilities (contingent or otherwise) or capital of Postmedia and its subsidiaries taken as a whole; 

  
 15 

	 	(b)	 any material fact that has arisen or been discovered and that would be required to be disclosed in the Prospectus if filed on such date; and

  

	 	(c)	 any change in any material fact (which for the purposes of this Agreement will be deemed to include the disclosure of any previously undisclosed
material fact) contained in the Prospectus, including all documents incorporated by reference, which fact or change is, or may be, of such a nature as to render any statement in the Prospectus misleading or untrue or which would result in a
Misrepresentation in the Prospectus or which would result in the Prospectus not complying with Securities Laws. 

Postmedia will promptly, and in any event within any applicable time limitation, comply, to the reasonable satisfaction of the
Standby Purchaser, with all applicable filings and other requirements under the Securities Laws as a result of such fact or change. However, Postmedia will not file any Prospectus Amendment, amendment to the Form F-7 registration statement or other
document without first obtaining approval from the Standby Purchaser, after consultation with the Standby Purchaser with respect to the form and content thereof, which approval will not be unreasonably withheld or delayed. Postmedia will in good
faith discuss with the Standby Purchaser any fact or change in circumstances (actual, anticipated, contemplated or threatened, financial or otherwise) which is of such a nature that there is reasonable doubt whether written notice need be given
under this Section 4.1. 
  

	4.2	 Change in Securities Laws. If prior to the Closing Time, there is any change in the Securities Laws which, in the opinion of the Standby
Purchaser, requires the filing of a Prospectus Amendment or amendment to the Form F-7 registration statement, Postmedia will, to the satisfaction of the Standby Purchaser, acting reasonably, promptly prepare and file such Prospectus Amendment with
the appropriate securities regulatory authority in each of the Qualifying Jurisdictions where such filing is required, or amendment to the Form F-7 registration statement, as applicable, with the SEC. 

 

	4.3	 Change in Closing Date. If a material change or a change in a material fact occurs prior to the Closing Date, then, subject to
Article 9, the Closing Date will be, unless Postmedia and the Standby Purchaser otherwise agree in writing, the sixth Business Day following the date on which all applicable filings or other requirements of the Securities Laws with respect to
such material change or change in a material fact have been complied with in all Qualifying Jurisdictions and any appropriate decision documents obtained for such filings and notice of such filings from Postmedia or Postmedia’s counsel have
been received by the Standby Purchaser; however, in no event will the Closing Date be later than the Outside Date. 

Article 5 

REPRESENTATIONS AND WARRANTIES OF POSTMEDIA 
  

	5.1	 Postmedia represents and warrants to the Standby Purchaser that: 

  
 16 

	 	(a)	 Each of Postmedia and the Material Subsidiary has been duly incorporated and is validly existing and in good standing under the Laws of Canada.

  

	 	(b)	 Each of Postmedia and the Material Subsidiary is duly qualified to own its properties and assets and to carry on its business as presently
conducted, is in good standing in each jurisdiction in which the conduct of its business or the ownership, leasing or operation of its business, properties and assets require such qualification. 

 

	 	(c)	 Each of Postmedia and the Material Subsidiary is conducting its business in compliance in all material respects with all applicable Laws of each
jurisdiction in which its business is carried on and holds all licences, permits, approvals, consents, certificates, registrations and authorizations, whether governmental, regulatory or otherwise, to enable its business to be carried on, in all
material respects, as presently conducted and its properties and assets to be owned, leased and operated. 

  

	 	(d)	 The authorized capital of Postmedia consists of an unlimited number of Voting Shares and an unlimited number of Variable Voting Shares. As of the
date hereof, 938,519 Voting Shares and 39,271,100 Variable Voting Shares are issued and outstanding. 

  

	 	(e)	 Postmedia has all requisite power and authority to carry out its obligations under this Agreement. 

 

	 	(f)	 Postmedia is the direct beneficial and registered owner of all of the issued and outstanding shares in the capital of the Material Subsidiary.

  

	 	(g)	 All issued and outstanding shares of Postmedia have been duly authorized and validly issued, and are fully paid and non-assessable shares in the
capital of Postmedia. When issued and delivered to the respective purchaser and paid for by the respective purchaser in accordance with the terms and conditions of the Rights Offering and/or the terms and conditions of this Agreement, the Securities
will be validly issued, fully paid and non-assessable and will be free and clear of all liens, pledges, claims, encumbrances, security interests and other restrictions, except for any restrictions on resale or transfer imposed by applicable Laws.
The issuance of the Securities will not be subject to any pre-emptive or similar rights (it being acknowledged by the Standby Purchaser that the number of Standby Subscription Receipts that it may be entitled to receive pursuant to this Agreement
will depend on the number of Subscription Receipts to be issued to those Persons who have exercised Rights prior to the Expiry Time, including pursuant to the Additional Subscription Privilege). 

 

	 	(h)	 Except as described in this Section 5.1(h) and other than in connection with the Rights Offering or to the Standby Purchaser under this
Agreement, no person, firm or corporation has any agreement, option, right or privilege (whether by law, pre-emptive, contractual or otherwise) with or against Postmedia for the purchase, subscription or issuance of any shares or other

  
 17 

 
securities of Postmedia, other than pursuant to outstanding options granted under Postmedia’s stock option plan to acquire an aggregate of 1,710,000 Shares and outstanding restricted share
units granted under Postmedia’s restricted share unit plan to acquire an aggregate of 600,000 Shares. 
  

	 	(i)	 The execution, delivery and performance by each of Postmedia and the Material Subsidiary of those Transaction Agreements to which it is a party and
the consummation of the transactions contemplated hereby and thereby have been, or in the case of the Subscription Receipt Agreement will prior to the Closing Date be, duly authorized by all necessary action on Postmedia’s and the Material
Subsidiary’s part, as applicable, and do not and will not result in a breach by Postmedia or the Material Subsidiary of, and do not create a state of facts which, after notice or lapse of time or both, will result in a breach by Postmedia or
the Material Subsidiary of and do not and will not conflict with or constitute a default under: 

  

	 	(i)	 the constating documents or by-laws of Postmedia or the Material Subsidiary, any of the terms, conditions or provisions of the resolutions of the
board of directors (or any committee thereof) or shareholders of Postmedia or the Material Subsidiary or any of the terms, conditions or provisions of any material contract, material indenture, mortgage, note, joint venture or partnership
arrangement, agreement (written or oral), instrument or lease to which Postmedia or the Material Subsidiary is party or by which Postmedia or the Material Subsidiary is bound; or 

 

	 	(ii)	 any Law or any judgment or decree of any other governmental body, agency or court having jurisdiction over Postmedia or the Material Subsidiary or
any material license or permit required to enable Postmedia or the Material Subsidiary to own its assets or carry on its business as described in the Prospectus. 

 

	 	(j)	 In respect of the proposed Acquisition: 

  

	 	(i)	 the Standby Purchaser has been provided access to all material documents and due diligence materials in the possession of Postmedia which relate to
the Acquisition; and 

  

	 	(ii)	 the completion of the Acquisition will not result in a breach of the by-laws, the constating documents or any material agreement to which Postmedia
or the Material Subsidiary is a party. 

  

	 	(k)	 This Agreement has been duly executed and delivered by Postmedia and constitutes a legal, valid and binding obligation of Postmedia, enforceable
against it in accordance with its terms, subject only to (i) any limitation under applicable Laws relating to bankruptcy, insolvency, arrangements or other laws of general application affecting the enforcement of creditors’ rights, and
(ii) the discretion that a court may exercise in the granting of equitable remedies such as specific performance and injunction. 

  
 18 

	 	(l)	 As of the date of this Agreement, Postmedia is a reporting issuer (or equivalent where applicable) in good standing in all of the Qualifying
Jurisdictions other than Quebec, and at the Closing Time Postmedia will be a reporting issuer (or equivalent where applicable) in good standing in all of the Qualifying Jurisdictions. Postmedia is in compliance in all material respects with all
continuous and timely disclosure obligations under applicable Securities Laws. 

  

	 	(m)	 Postmedia will, as of the date of the Preliminary Prospectus, be qualified to file a prospectus in the form of a short form prospectus pursuant to
the provisions of National Instrument 44-101 — Short Form Prospectus Distributions. Postmedia is eligible to file a Form F-7 registration statement. 

 

	 	(n)	 Each of the consolidated financial statements of Postmedia contained in the Public Documents, including each Public Document filed after the date
hereof until the Closing Date, (i) complies or, when filed, will comply as to form in all material respects with the Securities Laws, (b) has been or, when filed, will have been prepared in accordance with Canadian generally accepted
accounting principles applied on a consistent basis throughout the periods involved (except as may be indicated in the notes thereto or, in the case of unaudited interim financial statements, as may be permitted by applicable Securities Laws) and
(c) fairly presents, or when filed will fairly present, in all material respects, the consolidated financial position of Postmedia and its subsidiaries as at the respective dates thereof and the consolidated results of operations and cash flows
for the periods indicated, except that the unaudited interim financial statements may omit footnotes which are not required in unaudited financial statements and are subject to normal year end adjustments. 

 

	 	(o)	 The Public Documents were, at their respective time of issue, filing or publication and at the date of this Agreement (except as subsequently
amended or superseded by a filing prior to the date of this Agreement), true and correct in all material respects, contained no Misrepresentations and were prepared in accordance with and complied with the Securities Laws applicable to each such
document. 

  

	 	(p)	 Except as disclosed in the Public Documents, none of the directors or officers of Postmedia or any associate or affiliate of the foregoing has any
interest, direct or indirect, in any material transaction or any proposed material transaction with Postmedia which, as the case may be, materially affects, is material to or will materially affect Postmedia. 

 

	 	(q)	 There is no action, suit, proceeding or investigation pending or, to the knowledge of the officers of Postmedia, threatened against or affecting
Postmedia or any of its subsidiaries or any of the properties or assets of Postmedia or of any of its subsidiaries or before any Governmental Entity, which is, or would reasonably be expected to be, material and adverse to Postmedia and its
subsidiaries, on a consolidated basis, or does, or would 

  
 19 

 
reasonably be expected to, materially and adversely affect the consummation of the transactions contemplated by the Transaction Agreements. 

 

	 	(r)	 No consent, approval, order or authorization of, or declaration with any Governmental Entity or any third party is required by or with respect to
Postmedia or any of its affiliates in connection with the execution and delivery of the Transaction Agreements or the consummation of the transactions by Postmedia and its affiliates contemplated hereby and thereby, other than, in the case of this
Agreement, the consents, approvals, or authorizations that may be required by the Securities Laws and in the case of the other Transaction Agreements, the consents, approvals, or authorizations identified in such agreements. 

 

	 	(s)	 At the time of its filing and as at the Closing Date, the Prospectus will comply, in all material respects, with the requirements of the Securities
Laws in the Qualifying Jurisdictions, and will comply with the requirements of the Securities Act; and at the time of its filing and as at the Closing Date, the information and statements contained therein, together with the documents incorporated
by reference, will be true and correct in all material respects, contain no Misrepresentations and will constitute full, true and plain disclosure of all material facts relating to the Securities; provided that the foregoing will not apply to any
information or statements contained in the Prospectus relating solely to the Standby Purchaser which the Standby Purchaser has specifically provided to Postmedia in writing for inclusion in such Prospectus. 

 

	 	(t)	 At the Closing Date and subject to the completion of the filings and other matters contemplated herein, the distribution of the Securities by
Postmedia will comply with applicable Securities Laws. 

  

	 	(u)	 At the date of filing the Final Prospectus (and any Prospectus Amendment to the Final Prospectus) and at the Closing Date the information contained
in the EBITDA Certificate will be true and correct in all respects. 

  

	 	(v)	 Postmedia is not in violation in any material respect of any of the rules and policies of the TSX, including the applicable listing requirements of
the TSX, and its Shares are currently listed thereon. 

  

	5.2	 Survival. All representations and warranties of Postmedia contained herein or contained in any document delivered pursuant to this Agreement
or in connection with the Rights Offering herein contemplated, will survive the completion of the purchase of Securities by the Standby Purchaser and will continue in full force and effect for a period of two years notwithstanding any investigation,
inquiry or other steps which may be taken by or on behalf of the Standby Purchaser. 

 Article 6 

REPRESENTATIONS WARRANTIES AND AGREEMENTS OF THE STANDBY 

PURCHASER 

  
 20 

	6.1	 Representations. The Standby Purchaser represents and warrants to Postmedia that: 

 

	 	(a)	 It is limited partnership organized and existing under the Laws of Delaware and that it has the power to enter into and perform its obligations
under this Agreement. 

  

	 	(b)	 The execution, delivery and performance by the Standby Purchaser of this Agreement: 

 

	 	(i)	 has been duly authorized by all necessary action on its part; 

 

	 	(ii)	 does not (or would not with the giving of notice, the lapse of time or the happening of any other event or condition) result in a breach or a
violation of, or conflict with, any of the terms or provisions of any material contract which it is a party or pursuant to which any of its material assets or property may be affected; and 

 

	 	(iii)	 will not result in the violation of any applicable Law. 

 

	 	(c)	 This Agreement has been duly executed and delivered by the Standby Purchaser and constitutes a legal, valid and binding obligation of the Standby
Purchaser, enforceable against it in accordance with its terms, subject only to (i) any limitation under applicable Laws relating to bankruptcy, insolvency, arrangement or other laws of general application affecting the enforcement of
creditors’ rights, and (ii) the discretion that a court may exercise in the granting of equitable remedies such as specific performance and injunction. 

 

	 	(d)	 No consent, approval, order or authorization of, or declaration with, any Governmental Entity is required by or with respect to the Standby
Purchaser or any of its affiliates in connection with the execution and delivery of this Agreement or the consummation of the transactions by the Standby Purchaser contemplated hereby, other than consents, approvals, or authorizations that may be
required by any Securities Commissions or under the Competition Act. 

  

	 	(e)	 Subject to the provisions of this Agreement, it has had access to such information concerning Postmedia as it has considered necessary to enter
into this Agreement and to undertake its obligations hereunder. 

  

	 	(f)	 Provided Postmedia has complied with the provisions of this Agreement required to be complied with on or prior to the Expiry Date, it will exercise
(and cause each of its affiliates to exercise) its Basic Subscription Privilege in full. 

  

	 	(g)	 It has knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the
Standby Purchaser Rights Offering Subscription Receipts and the Standby Subscription Receipts in accordance with this Agreement and is able to bear the economic risks of such investment. 

  
 21 

	 	(h)	 If required under applicable Laws or Securities Laws, it will execute, deliver and file and otherwise assist Postmedia in filing such required
reports and such other required documents with respect to the issue of the Securities, provided that Postmedia acknowledges and agrees that it has not engaged the Standby Purchaser to act as underwriter (as defined under applicable Securities Laws)
and the Standby Purchaser will not be required to sign a certificate in the Prospectus in that capacity or any other capacity. 

  

	 	(i)	 On the Closing Date the Standby Purchaser will have (regardless of the number of Rights that are exercised by the holders of Rights prior to the
Expiry Time) the financial ability and sufficient funds to make and complete the payment for the Standby Subscription Receipts and the availability of such funds is not and will not be subject to the consent, approval or authorization of any other
Person(s), and the Standby Purchaser acknowledges that it will, in conjunction with Postmedia, be required in accordance with Section 6.1 of National Instrument 45-101 — Rights Offerings, to deliver evidence of its financial ability
to pay for all of the Standby Subscription Receipts to the Securities Commissions at or prior to the time of filing of the Prospectus with the Securities Commissions. 

 

	 	(j)	 It has acknowledged and agreed that (i) the Standby Purchaser Rights Offering Subscription Receipts and the Standby Subscription Receipts that
it purchases, and the Variable Voting Shares underlying the Standby Purchaser Rights Offering Subscription Receipts and the Standby Subscription Receipts, are being offered and sold to it pursuant to an exemption from the registration requirements
of the U.S. Securities Act and are restricted securities within the meaning of Rule 144; (ii) the Standby Purchaser Rights Offering Subscription Receipts and the Standby Subscription Receipts, and the Variable Voting Shares underlying the
Standby Purchaser Rights Offering Subscription Receipts and the Standby Subscription Receipts, may only be sold outside of the United States in accordance with Regulation S, or within the United States pursuant to Rule 144, if available, or, upon
receipt of a legal opinion addressed to Postmedia of independent counsel reasonably satisfactory to Postmedia, pursuant to a transaction otherwise exempt from registration under the U.S. Securities Act; and (iii) the Standby Purchaser Rights
Offering Subscription Receipts and the Standby Subscription Receipts, and the Variable Voting Shares underlying the Standby Purchaser Rights Offering Subscription Receipts and the Standby Subscription Receipts, shall bear a U.S. Securities Act
legend setting forth the resale restrictions described in clause (ii). 

  

	 	(k)	 The Standby Purchaser is an “accredited investor” within the meaning of Rule 501 under the U.S. Securities Act (an “accredited
investor”). 

  

	6.2	 Agreements. The Standby Purchaser agrees that it will not sell the Standby Purchaser Rights Offering Subscription Receipts and the Standby
Subscription Receipts, or the Variable Voting Shares underlying the Standby Purchaser Rights Offering Subscription Receipts and the Standby Subscription receipts, (i) outside the

  
 22 

 
United States other than in accordance with Regulation S or (ii) within the United States, except pursuant to Rule 144, if available, or, upon receipt of a legal opinion addressed to
Postmedia of independent counsel reasonably satisfactory to Postmedia, pursuant to a transaction otherwise exempt from registration under the U.S. Securities Act. 
  

	6.3	 Subscription Receipt Agreement. The Standby Purchaser will enter into the Subscription Receipt Agreement on or prior to the filing of the
Final Prospectus providing for the creation and issue of the Subscription Receipts. 

  

	6.4	 Survival. All representations, warranties and agreements of the Standby Purchaser contained herein or contained in any document delivered
pursuant to this Agreement or in connection with the Rights Offering herein contemplated, will survive the completion of the purchase of Securities by the Standby Purchaser and will continue in full force and effect for a period of two years
notwithstanding any investigation, inquiry or other steps which may be taken by or on behalf of Postmedia. 

Article 7 
 CLOSING
AND CONDITIONS 
  

	7.1	 Closing Time. The closing of the purchase by the Standby Purchaser and sale by Postmedia of the Standby Subscription Receipts to be
purchased by the Standby Purchaser hereunder will be completed at the Toronto offices of Goodmans LLP at the Closing Time. At such time, and upon payment being made by the Standby Purchaser in accordance with Section 2.5, definitive
certificates representing the number of Subscription Receipts that is equal to the number of Standby Subscription Receipts to be purchased by the Standby Purchaser hereunder will be delivered to the Standby Purchaser by Postmedia and such
certificates will be registered in the name of the Standby Purchaser, one or more designees of the Standby Purchaser provided that any such designee is an accredited investor with respect to whom the Standby Purchaser or one of its affiliates has
discretionary investment authority. Postmedia will contemporaneously pay the standby commitment fee pursuant to Section 2.6(b) to the Standby Purchaser, or as the Standby Purchaser may otherwise direct. 

 

	7.2	 Mutual Conditions. The respective obligations of each of Postmedia and the Standby Purchaser to complete the issuance by Postmedia and the
purchase by the Standby Purchaser of the Standby Subscription Receipts are subject to the following conditions being satisfied in full: 

  

	 	(a)	 Except for frivolous actions or proceedings by a Person other than a Governmental Entity, there are no Actions in progress, or to the knowledge of
Postmedia or the Standby Purchaser, pending or threatened, by any Person in any jurisdiction, to enjoin, restrict or prohibit the Rights Offering or the issuance of any of the Securities. 

  
 23 

	 	(b)	 The Rights and Shares are listed on the TSX, and the TSX has conditionally approved the listing of the Subscription Receipts and Shares issuable
upon the conversion of the Subscription Receipts, subject to the filing of customary documents with the TSX. 

  

	7.3	 Conditions in Favour of Standby Purchaser. The obligation of the Standby Purchaser to complete the purchase of the Standby Subscription
Receipts is subject to the following conditions being satisfied in full, which conditions are for the exclusive benefit of the Standby Purchaser, any of which may be waived, in whole or in part, by the Standby Purchaser, in its sole and absolute
discretion: 

  

	 	(a)	 All actions required to be taken by or on behalf of Postmedia including the passing of all requisite resolutions of the directors of Postmedia and
all requisite filings with any Governmental Entity will have occurred on or prior to the Closing Date, so as to validly authorize the execution and filing of the Preliminary Prospectus, the Final Prospectus and any Prospectus Amendment and to create
and issue the Securities, in each case having, in all material respects, the attributes contemplated by the Prospectus, and Postmedia will have taken all requisite actions, including the passing of all requisite resolutions of the directors of
Postmedia, and have made and/or obtained all necessary filings, approvals, orders, rulings and consents of all relevant securities regulatory authorities and other Governmental Entities required in connection with the Rights Offering, the other
transactions contemplated herein and the purchase of Standby Subscription Receipts by the Standby Purchaser as contemplated by this Agreement (but excluding, for greater certainty, such filings, approvals, orders, rulings and consents, as may be
needed to permit the Standby Purchaser to acquire all of the Variable Voting Shares that may be issued to it on conversion of all Subscription Receipts acquired by it pursuant to this Agreement). 

 

	 	(b)	 The Standby Purchaser will have received, with respect to such matters as it may reasonably request, a legal opinion dated as of the Closing Date
from Canadian counsel to Postmedia, acceptable in form and substance to the Standby Purchaser’s counsel, acting reasonably, as to matters of law (who may rely on the opinion of counsel acceptable to them as to matters governed by the laws of
jurisdictions other than the Province of Ontario or the laws of Canada applicable therein, and who may rely, to the extent appropriate in the circumstances, as to matters of fact, on certificates of officers of Postmedia). 

 

	 	(c)	 The terms of the Rights Offering will not have been changed from those set out herein and Postmedia will not have terminated the Rights Offering or
publically announced its intention to do so. 

  

	 	(d)	 Postmedia or one of its affiliates, as applicable, will have entered into each of the Purchase Agreement, the Debt Financing Receipt Indenture and
the Subscription Receipt Agreement in the form of each such document as provided to the Standby Purchaser, which agreements will remain in full 

  
 24 

 
force and effect, unamended, as at the Closing Time (except for amendments made with the prior written consent of the Standby Purchaser, in its sole and absolute discretion), and no condition
contained in the Transaction Agreements (other than this Agreement) has become incapable of being satisfied prior to the closing date specified therein. 
  

	 	(e)	 The Debt Subscription Receipts will be issued and outstanding or, if the Debt Subscription Receipts have been replaced by the Notes in accordance
with the Debt Financing Receipt Indenture and the Trust Indenture, the Notes shall be issued and outstanding. 

  

	 	(f)	 Postmedia and its affiliates will not have waived or agreed to waive (explicitly or by implication) any term, condition, right or benefit under the
Purchase Agreement, the Debt Financing Receipt Indenture or the Subscription Receipt Agreement (except for waivers made with the prior written consent of the Standby Purchaser, in its sole and absolute discretion).

  

	 	(g)	 No Default (as defined in the Trust Indenture) or Event of Default (as defined in the Trust Indenture) shall have occurred and be continuing under
the Trust Indenture. 

  

	 	(h)	 Postmedia shall not have failed to pay an amount owing to the holders of the Debt Subscription Receipts when required under the Debt Financing
Receipt Indenture. 

  

	 	(i)	 The board of directors of Postmedia will have irrevocably waived the application of the Rights Plan to the Rights Offering, including with respect
to the Securities to be acquired by the Standby Purchaser pursuant to Section 2.3 of this Agreement and upon completion of the transactions contemplated by the Transaction Agreements. 

 

	 	(j)	 The Standby Purchaser will have received at the Closing Time a certificate or certificates dated the Closing Date and signed on behalf of Postmedia
by the Chief Executive Officer and the Chief Financial Officer of Postmedia or such other officers of Postmedia acceptable to the Standby Purchaser, acting reasonably, in form and content satisfactory to the Standby Purchaser, acting reasonably,
addressed to the Standby Purchaser certifying for and on behalf of Postmedia after having made due enquiry, with respect to the following matters: 

  

	 	(i)	 its constating documents; 

  

	 	(ii)	 the resolutions of its board of directors relevant to the approval of the Prospectus and the signing and filing thereof, the allotment, issue and
sale of the Securities and the authorization of this Agreement and the other Transaction Agreements and transactions contemplated herein and therein; and 

  
 25 

	 	(iii)	 the incumbency and signatures of its authorized signing officers. 

 

	 	(k)	 The Standby Purchaser will have received at the Closing Time a certificate or certificates dated the Closing Date and signed on behalf of Postmedia
by the Chief Executive Officer and the Chief Financial Officer of Postmedia or such other officers of Postmedia acceptable to the Standby Purchaser, acting reasonably, in form and content satisfactory to the Standby Purchaser, acting reasonably,
addressed to the Standby Purchaser certifying for and on behalf of Postmedia after having made due enquiry and after having examined the Prospectus, including all documents incorporated by reference, that: 

 

	 	(i)	 since the respective dates as of which information is given in the Final Prospectus, as amended or supplemented by any Prospectus Amendment, there
has been no material change (actual, anticipated, contemplated or threatened, whether financial or otherwise) in the business, affairs, operations, assets, liabilities (contingent or otherwise) or capital of Postmedia and its subsidiaries on a
consolidated basis, and none of the management or the board of directors of Postmedia or any of its subsidiaries has approved any transaction out of the ordinary course of business, other than in each case as disclosed in the Final Prospectus
(including the documents incorporated by reference therein) or any Prospectus Amendment (including the documents incorporated by reference therein); 

  

	 	(ii)	 no order, ruling or determination, or change in Law, having the effect of preventing, restricting, suspending the sale or distribution of the
Securities or suspending or ceasing the trading of the Securities or any other securities of Postmedia has been issued by any Governmental Entity and is continuing in effect and no inquiry (whether formal or informal) or other proceedings for that
purpose have been instituted or are pending or, to the knowledge of such officers, contemplated or threatened under any of the Securities Laws or by any Governmental Entity; 

 

	 	(iii)	 Postmedia has duly performed or complied, in all material respects, with all terms, conditions and covenants of this Agreement on its part to be
complied with or to be satisfied by it up until Closing; and 

  

	 	(iv)	 the representations and warranties of Postmedia contained in this Agreement are true and correct in all material respects as of the Closing Time
with the same force and effect as if made at and as of the Closing Date, except for such representations and warranties which are stated to be qualified as to materiality, in which case such representations and warranties will be true and correct in
all respects as of the Closing Date; 

 and all such matters will in fact be true and correct as at the
Closing Time. 

  
 26 

	7.4	 Condition in Favour of Postmedia. The obligation of Postmedia to issue the Standby Subscription Receipts to the Standby Purchaser is subject
to the following conditions being satisfied in full which conditions are for the exclusive benefit of Postmedia, and which may be waived, in whole or in part, by Postmedia, in its sole and absolute discretion: 

 

	 	(a)	 Postmedia will have received at the Closing Time a certificate or certificates dated the Closing Date and signed on behalf of the Standby Purchaser
by such officers of the Standby Purchaser acceptable to Postmedia, acting reasonably, addressed to Postmedia certifying for and on behalf of the Standby Purchaser after having made due enquiry that: 

 

	 	(i)	 the Standby Purchaser has duly complied, in all material respects, with the terms, conditions and covenants of this Agreement on its part to be
complied with up until Closing; and 

  

	 	(ii)	 the representations and warranties of the Standby Purchaser contained in this Agreement are true and correct in all material respects as of the
Closing Date with the same force and effect as if made at and as of the Closing Date except for such representations and warranties which are stated to be qualified as to materiality, in which case such representations and warranties will be true
and correct in all respects as of the Closing Date; 

 and all such matters will in fact be true and
correct as at the Closing Time. 
  

	 	(b)	 If the Standby Purchaser and Postmedia are obligated to enter into the Voting Restriction Agreement pursuant to Section 2.8, the Voting
Restriction Agreement shall have been entered into by the Standby Purchaser and, unless terminated or repudiated by Postmedia shall remain in full force and effect. 

 

	7.5	 Each of Postmedia and the Standby Purchaser agrees that it will use commercially reasonable efforts to cause the conditions set forth in this
Article 7 to be satisfied to the extent that such conditions relate to acts to be performed or caused to be performed by such party. 

Article 8 
 PUBLIC
ANNOUNCEMENT 
  

	8.1	 Public Announcement. Postmedia will make a public announcement regarding this Agreement (in a form satisfactory to the Standby Purchaser,
acting reasonably) contemporaneously with (or that will be included within) the public announcement to be made by Postmedia regarding the Acquisition, the Debt Financing Receipt Indenture and the Rights Offering, and the parties acknowledge that a
copy of this Agreement is required to be filed electronically on SEDAR following its execution by the parties hereto and on EDGAR as an exhibit to the Form F-7 registration statement. 

  
 27 

 Article 9 

TERMINATION 
  

	9.1	 Termination by Postmedia or Standby Purchaser. Either Postmedia or the Standby Purchaser may terminate and cancel its obligations under this
Agreement, without any liability on its part, if any of the conditions set out in Section 7.2 is not satisfied on or before the Closing Date. 

  

	9.2	 Termination by Postmedia. Postmedia may terminate and cancel its obligations under this Agreement, without any liability on its part, if the
Purchase Agreement is terminated. 

  

	9.3	 Termination by the Standby Purchaser. The Standby Purchaser may terminate and cancel its obligations under this Agreement, without any
liability on its part, if: 

  

	 	(a)	 the Shares, the Subscription Receipts or the Rights are de-listed or suspended or halted for trading for a period of four or more consecutive
Business Days for any reason by the TSX at any time prior to the Closing Date; 

  

	 	(b)	 the Preliminary Prospectus, the Final Prospectus or any Prospectus Amendment is not in a form approved by the Standby Purchaser in accordance with
Section 3.1(h); 

  

	 	(c)	 the conditions to closing in favour of the Standby Purchaser referred to in Section 7.3 above have not been satisfied on or before the Outside
Date, and/or have, at any time and for any reason, become incapable of being satisfied by the Outside Date; or 

  

	 	(d)	 Postmedia is in material breach of or in material default under any provision, term or condition contained in the Debt Financing Receipt Indenture
or any replacement thereof. 

 The rights of termination contained in this Section 9.3 may be
exercised by the Standby Purchaser and, subject to Section 9.4, are in addition to any other rights or remedies the Standby Purchaser may have in respect of any default, act or failure to act of Postmedia in respect of any matters contemplated
by this Agreement. 
  

	9.4	 Notwithstanding any other provision hereof, should Postmedia or the Standby Purchaser validly terminate this Agreement pursuant to, and in
accordance with, this Article 9: (i) the obligations of Postmedia and the Standby Purchaser under this Agreement will terminate and there will be no further liability on the part of the Standby Purchaser to Postmedia or on the part of Postmedia
to the Standby Purchaser hereunder (except for any liability of any party that exists at such time or that may arise thereafter pursuant to Article 10 or Section 12.1 hereof); and (ii) the Standby Purchaser shall be entitled to retain the
amount paid by Postmedia to the Standby Purchaser pursuant to Section 2.6(a). In the event that the Purchase Agreement is terminated following the Closing Date, the Standby Purchaser shall be entitled to retain the amounts paid by Postmedia to
the Standby Purchaser pursuant to Section 2.6(a) and Section 2.6(b). 

  
 28 

 Article 10 

INDEMNIFICATION 
  

	10.1	 Postmedia covenants and agrees to protect, indemnify and hold harmless the Standby Purchaser for and on behalf of itself and for and on behalf of
and in trust for each of its affiliates and its and their respective directors, officers, employees, agents, partners and shareholders from and against any and all losses, claims, damages, liabilities, costs or expenses caused or incurred:

  

	 	(a)	 by reason of or in any way arising, directly or indirectly, out of any Misrepresentation or alleged Misrepresentation in the Prospectus other than
any Misrepresentation or alleged Misrepresentation relating to any Standby Purchaser Information; and/or 

  

	 	(b)	 by reason of or in any way arising, directly or indirectly, out of any order made or inquiry, investigation or proceeding commenced or threatened
by any Securities Commission, or other competent authority in Canada or before or by any Governmental Entity, based upon or relating to the Rights Offering or the other transactions contemplated in this Agreement including, without limitation, any
actions taken or statements made by or on behalf of Postmedia in connection with the Rights Offering or the other transactions contemplated in this Agreement or any Misrepresentation or alleged Misrepresentation in the Prospectus other than any
Misrepresentation or alleged Misrepresentation relating to any Standby Purchaser Information; 

  

	 	(c)	 the non-compliance or alleged non-compliance by Postmedia with any requirement of the Securities Laws or any other applicable Laws in connection
with the Rights Offering or the other transactions contemplated in this Agreement, including Postmedia’s non-compliance with any statutory requirement to make any document available for inspection; and/or 

 

	 	(d)	 by reason of, or in any way arising, directly or indirectly, out of any breach or default of or under any representation, warranty, covenant or
agreement of Postmedia contained herein. 

  

	10.2	 The Standby Purchaser covenants and agrees to protect, indemnify and hold harmless Postmedia for and on behalf of itself and for and on behalf of
and in trust for each of its directors, officers, employees and agents from and against any and all losses, claims, damages, liabilities, costs or expenses caused or incurred by reason of, or in any way arising, directly or indirectly, out of any
breach or default of or under any representation, warranty, covenant or agreement of the Standby Purchaser contained herein or by reason of or in any way arising, directly or indirectly, out of any Misrepresentation or alleged Misrepresentation
relating to any Standby Purchaser Information. 

  

	10.3	 In the event that any claim, action, suit or proceeding, including, without limitation, any inquiry or investigation (whether formal or informal),
is brought or instituted against any of the Persons in respect of which indemnification is or might reasonably 

  
 29 

	 	 
be considered to be provided for herein, such Person (an “Indemnified Party”) will promptly notify the Person from whom indemnification is being sought (being either Postmedia
under Section 10.1 or the Standby Purchaser under Section 10.2, as the case may be (the “Indemnifying Party”)) and the Indemnifying Party will promptly retain counsel who will be reasonably satisfactory to the Indemnified
Party to represent the Indemnified Party in such claim, action, suit or proceeding, and the Indemnifying Party will pay all of the reasonable fees and disbursements of such counsel relating to such claim, action, suit or proceeding.

  

	10.4	 In any such claim, action, suit or proceeding, the Indemnified Party will have the right to retain other counsel to act on his, her or its behalf,
provided that the fees and disbursements of such other counsel will be paid by the Indemnified Party unless: 

  

	 	(a)	 the Indemnifying Party and the Indemnified Party will have mutually agreed to the retention of such other counsel; or 

 

	 	(b)	 the named parties to any such claim, action, suit or proceeding (including any added, third or impleaded parties) include both the Indemnifying
Party and the Indemnified Party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them (such as the availability of different defenses). 

 

	10.5	 Subject to Section 10.4, it is understood and agreed that the Indemnifying Party will not, in connection with any such claim, action, suit or
proceeding in the same jurisdiction, be liable for the reasonable fees and expenses of more than one separate legal firm for all Persons in respect of which indemnification is or might reasonably be considered to be provided for herein and such firm
will be designated in writing by the Indemnified Party (on behalf of itself and its directors, officers, employees, agents and shareholders). 

  

	10.6	 Notwithstanding anything herein contained, no Indemnified Party will agree to any settlement of any such claim, action, suit, proceeding, inquiry
or investigation in respect of which indemnification is or might reasonably be considered to be provided for herein, unless the Indemnifying Party has consented in writing thereto, and the Indemnifying Party will not be liable for any settlement of
any such claim, action, suit, proceeding, inquiry or investigation unless it has consented in writing thereto. 

  

	10.7	 If the indemnification provided for in this Article 10 is held by a court of competent jurisdiction to be unavailable to an Indemnified Party
with respect to any losses, claims, damages or liabilities referred to herein, the Indemnifying Party, in lieu of indemnifying such Indemnified Party thereunder, will to the extent permitted by applicable law contribute to the amount paid or payable
by such Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with
the act or omission that resulted in such loss, claim, damage or liability, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the

  
 30 

 
Indemnified Party will be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of material fact or the omission to state a material
fact relates to information supplied by the Indemnifying Party or by the Indemnified Party (which in the case of the Standby Purchaser and each of its affiliates and its and their respective directors, officers, employees, agents, partners and
shareholders, is limited to the Standby Purchaser Information) and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission provided, however, that no person guilty of
fraudulent misrepresentation will be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. 
  

	10.8	 The obligations of Postmedia and the Standby Purchaser under this Article 10 will survive completion of any offerings described herein and the
termination of this Agreement. No Indemnifying Party, in the defense of any such claim or litigation, will, except with the consent of the Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. 

Article 11 
 NOTICE

  

	11.1	 Notice. Any notice or other communication required or permitted to be given hereunder will be in writing and will be personally delivered or
sent by facsimile transmission or other means of electronic transmission as set forth below, or to such other address, facsimile number or person as may be designated by notice. 

 

	 	(a)	 In the case of Postmedia: 

Postmedia Network Canada Corp. 

365 Bloor Street East 

12th Floor 

Toronto, Ontario M4W 3L4 

Attention: Doug Lamb, Executive Vice President and Chief Financial Officer and Jeffrey Haar, Executive Vice President, Legal
and General Counsel 
 Fax: (416) 383-2463 

With a copy (which will not constitute notice) to: 

Goodmans LLP 

333 Bay Street, Suite 3400 

Toronto, Ontario M5H 2S7 

Attention: Dale Lastman and Michael Partridge 

Fax: (416) 979-1234 
  

	 	(b)	 In the case of the Standby Purchaser: 

  
 31 

 GoldenTree Asset Management LP 

300 Park Avenue 

21st Floor 

New York NY 10022 

United States of America 

Attention: Peter Alderman 

Fax: (212) 847-3496 

With a copy (which will not constitute notice) to: 

Stikeman Elliott LLP 

5300 Commerce Court West 

199 Bay Street 

Toronto, Ontario M5L 1B9 

Attention: Brian M. Pukier 

Fax: (416) 947-0866 
  

	11.2	 Receipt of Notice. Notice will be deemed to be given on the day of actual delivery or the day of facsimile transmission or other means of
electronic transmission, as the case may be, or if not a Business Day, on the next Business Day. 

 Article 12

 MISCELLANEOUS 
  

	12.1	 Expenses. Postmedia will be responsible for all expenses related to the Rights Offering, whether or not it is completed, including, without
limitation, all fees and disbursements of its legal counsel, fees and disbursements of its accountants and auditors, all expenses related to roadshows and marketing activities and any marketing documents or materials (including, without limitation,
slide presentations and videos, if any), printing costs, translation fees and filing fees. In addition, Postmedia will reimburse the Standby Purchaser for the reasonable fees and disbursements of legal counsel to the Standby Purchaser and for other
reasonable out-of-pocket expenses incurred by the Standby Purchaser in connection with this Agreement. 

  

	12.2	 Further Assurances. The parties hereto agree to do all such things and take all such actions as may be necessary or desirable to give full
force and effect to the matters contemplated by this Agreement. 

  

	12.3	 Assignment. This Agreement may not be assigned by any party hereto, by operation of law or otherwise, without the prior written consent of
the other parties hereto, provided, however, that the rights and obligations of the Standby Purchaser to purchase Standby Subscription Receipts hereunder may be assigned in whole or in part to one or more affiliates or funds managed by the Standby
Purchaser or its 

  
 32 

 
affiliates designated in writing by the Standby Purchaser, to the extent permitted by applicable law, which assignment will not release the Standby Purchaser from its obligations hereunder. 

 

	12.4	 Enurement. This Agreement will enure to the benefit of and be binding upon the parties hereto and their respective successors and permitted
assigns. 

  

	12.5	 Waiver. Failure by any party hereto to insist in any one or more instances upon the strict performance of any one of the covenants or rights
contained herein will not be construed as a waiver or relinquishment of such covenant. No waiver by either party hereto of any such covenant or right will be deemed to have been made unless expressed in writing and signed by the waiving party.

  

	12.6	 Amendments. No term or provision hereof may be amended, discharged or terminated except by an instrument in writing signed by the party
against which the enforcement of the amendment, discharge or termination is sought; provided that the Standby Purchaser may, from time to time and without the consent of Postmedia, amend Schedule A by providing Postmedia with written notice of such
amendment. 

  

	12.7	 Counterparts. This Agreement may be signed in one or more counterparts, each of which once signed will be deemed to be an original. All such
counterparts together will constitute one and the same instrument. Notwithstanding the date of execution of any counterpart, each counterpart will be deemed to bear the effective date first written above. This Agreement, any and all agreements and
instruments executed and delivered in accordance herewith, along with any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine or other means of electronic transmission, will be treated in all manner and
respects and for all purposes as an original signature, agreement or instrument and will be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person 

 

	12.8	 Time. Time will be of the essence of this Agreement. 

 

	12.9	 Entire Agreement. This Agreement and any other agreements and other documents referred to herein and delivered in connection herewith,
constitute the entire agreement between the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, between the parties with respect to the
subject matter hereof. 

  

	12.10	 Language. The parties hereby confirm their express wish that this document and all documents and agreements directly or indirectly related
thereto be drawn up in English. Les parties aux présentes reconnaissent qu’à leur demande le présent document ainsi que tous les documents et conventions qui s’y rattachent directement ou indirectement sont
rédigés en langue anglaise. 

  
 33 

 [The remainder of this page is intentionally left blank.] 

  
 34 

 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be
duly executed and delivered by their authorized officers as of the date first written above. 
  

			
	POSTMEDIA NETWORK CANADA CORP.
		
	Per:	 	 “Doug Lamb”

	 Name:
	 	 Doug Lamb

	 Title:
	 	 Executive Vice President and Chief

Financial Officer

  

			
		
	Per:	 	 “Jeffrey Haar”

	 Name:
	 	 Jeffrey Haar

	 Title:
	 	 Executive Vice President, Legal and

General Counsel

  

			
	GOLDENTREE ASSET MANAGEMENT LP
		
	Per:	 	 “Peter Alderman”

	 Name:
	 	 Peter Alderman

	 Title:
	 	 Authorized Signatory

 Schedule A – Standby Purchaser Entities 

[REDACTED] [Commercially sensitive] 

  
 A-1 

 Schedule B – First Supplemental Indenture 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
[                    ] [    ], 2014, by and among, POSTMEDIA NETWORK INC., a corporation incorporated under the
Canada Business Corporations Act, as issuer (the “Issuer”), POSTMEDIA NETWORK CANADA CORP., a corporation incorporated under the Canada Business Corporations Act, as guarantor (the
“Guarantor”) and COMPUTERSHARE TRUST COMPANY OF CANADA, as trustee (the “Trustee”), and COMPUTERSHARE TRUST COMPANY OF CANADA, as collateral agent. 

W I T N E S S E T H 

WHEREAS, each of the Issuer and the Guarantors has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of August 16, 2012, providing for the issuance of an unlimited aggregate principal amount of 8.25% Senior Secured Notes due 2017 (the “Notes”). 

AND WHEREAS Section 9.02 of the Indenture permits the Issuer, the Guarantors, the Trustee and the Collateral Agent
to amend or supplement the Indenture for the purpose of giving effect to any amendments, the substance of which have been consented to by the Holders of a majority principal amount of the Notes. 

AND WHEREAS, Section 13.12 of the Indenture permits all actions which may be taken and all powers that may be
exercised by the Holders at a meeting held as set out in Article 13 of the Indenture also to be taken and exercised by the holders of not less than 50% of the aggregate principal amount of the outstanding Notes, by a signed instrument in one or
more counterparts and the expression “resolution” when used in the Indenture shall include an instrument so signed. 

AND WHEREAS, the holders of not less than 50% of the aggregate principal amount of the outstanding Notes have executed
a resolution or other instrument in writing authorizing the modification of the Indenture as provided for herein. 
 AND
WHEREAS, pursuant to the Indenture, the Trustee and the Collateral Agent are authorized to execute and deliver this Supplemental Indenture. 

AND WHEREAS all necessary acts and proceedings have been done and taken and all necessary resolutions have been passed
to authorize the execution and delivery of this Supplemental Indenture by the Issuer, to make this Supplemental Indenture effective and binding upon the Issuer. 

AND WHEREAS the foregoing recitals are made as representations and statements of fact by the Issuer and not by the
Trustee. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Secured Parties as follows: 

  
 B-1 

 Article 1 

INTERPRETATION 
 Section 1.01
Definitions 
 Capitalized terms used herein without definition shall have the meanings assigned to them in the
Indenture: 
 Section 1.02 General Rule 

Subject to the terms and conditions herein contained, the Indenture is hereby amended to the extent necessary to give effect
to the provisions of this First Supplemental Indenture and to incorporate the provisions of this First Supplemental Indenture into the Indenture. 

Section 1.03 Currency 

Unless otherwise noted, all dollar amounts expressed in this Supplemental Indenture are expressed in Canadian Dollars. 

Article 2 

AMENDMENTS TO INDENTURE 

Section 2.01 Amendments to Indenture 
  

	 	(a)	 The defined terms “Sun Acquisition” and “Sun Acquisition Closing Date” are hereby added to Section 1.01 in
its appropriate alphabetical order as follows: 

 “Sun Acquisition” means the
purchase or other acquisition by Issuer of all or substantially all of the issued and outstanding Capital Stock of a direct or indirect subsidiary or subsidiaries of Quebecor Media Inc. to which all or a substantial portion of the assets related to
Quebecor Media Inc.’s Sun Media English language newspapers and Islington print facility are to be transferred, pursuant to the purchase agreement dated on or around October 6, 2014, between the Issuer and Quebecor Media Inc., as amended,
supplemented, waived or otherwise modified from time to time. 
 “Sun Acquisition Relevant Date”
means the earlier of (a) date of the closing of the Sun Acquisition and (b) the date the Sun Acquisition is abandoned by the Issuer. 
  

	 	(b)	 The definition of “Asset Disposition” in Section 1.01 is hereby amended by deleting the word “and” at the end of
clause (20), replacing the period at the end of clause (21) with a semi-colon, and adding a new clause (22) and (23) as follows: 

  
 B-2 

 “(22) the disposition of the facility located at 7001 rue St. Jacques,
Montreal, provided that, (i) such disposition is announced prior to November 30, 2014 and (ii) the net proceeds of such disposition are held in a segregated account and (A) are used to fund a portion of the purchase price for the
Sun Acquisition (in such case such amount may, but shall not be required to, reduce the amount of the equity contribution required for the Sun Acquisition), or (B) if not so used by the Sun Acquisition Relevant Date, applied in the manner
required by section 4.10 as if the net proceeds were derived from an Asset Disposition; and 
 (23) the disposition of
the facility located at 215-16th Street, 315-16th Street and 1790-3rd Avenue, SE Calgary,
provided that, (i) such disposition is completed prior to the Sun Acquisition Closing Date; (ii) the Consolidated First-Lien Leverage Ratio at the time of such disposition is not greater than 2.0 to 1.0 (with a deduction to the numerator
in the Consolidated First-Lien Leverage Ratio for cash on hand of the Parent and Issuer at such time, up to a maximum of $25 million, for the purposes of this clause (23) only); and (iii) the net proceeds of such disposition are held in a
segregated account and (A) are used to fund a portion of the purchase price for the Sun Acquisition (in such case such amount shall reduce the amount of the equity contribution required for the Sun Acquisition), or (B) if not so used by
the Sun Acquisition Relevant Date, applied in the manner required by section 4.10 as if the net proceeds were derived from an Asset Disposition. 
  

	 	(c)	 The definition of “Excluded Contribution” in Section 1.01 is hereby amended by inserting the following immediately prior to
the period at the end thereof: 

 “; provided, however, the net cash proceeds received by the Issuer
from any equity rights offering or other equity offering of any kind completed in connection with, and applied to the financing of, the Sun Acquisition shall be deemed to be an Excluded Contribution” 

 

	 	(d)	 The definition of “Permitted Liens” in Section 1.01 is hereby amended by deleting “and” at the end of
clause (41), replacing the period at the end of clause (42) with “; and” and adding a new clause (43) as follows: 

“(43) Liens (including without limitation, Liens ranking pari-passu with the Notes) securing the Sun Indebtedness.”

  

	 	(e)	 The defined term “Sun Indebtedness” is hereby added to Section 1.02 in its appropriate alphabetical order as follows:

  

			
	 Term
	 	Defined in Section
	 “Sun Indebtedness”
	 	Section 4.09(b)(19)

  

	 	(f)	 Section 3.08 is hereby amended by adding the following language as a new paragraph prior to the definition of “Excess Cash Flow”:

  
 B-3 

 “For clarity, the numerator in the “Consolidated First-Lien Leverage
Ratio” shall not include any Sun Indebtedness evidenced by subscription receipts for which proceeds are being held in escrow or another similar type of arrangement pending closing of the Sun Acquisition.” 

 

	 	(g)	 Section 4.09(b) is hereby amended as follows: 

  

	 	(i)	 Deleting the word “and” at the end of Section 4.09(b)(18) and adding a new Section 4.09(b)(19), as follows, with the subsequent
section renumbered accordingly: 

 “the incurrence of an additional principal amount of Indebtedness
not to exceed $140.0 million, which may (without limitation) comprise of Additional Notes, Pari Passu Indebtedness including senior secured notes and/or bridge loans (including subscription receipts or similar arrangements therefor) in
connection with the Sun Acquisition and costs and Expenses associated therewith (the “Sun Indebtedness”); and” 
  

	 	(ii)	 Section 4.09(b)(19) is hereby amended by deleting “(18)” in the first line thereof and replacing it with “(19)”, replacing
“4.09(b)(19)” with “4.09(b)(20)” in the fourth line thereof. 

  

	 	(h)	 Section 10.05 is hereby amended by (i) deleting the word “leased” in Section 10.05(ii) and replacing it with
“Material Leases entered into” and (ii) adding the following after the words “Issue Date” in the last paragraph of Section 10.05 “or date of acquisition or lease, as applicable”. 

Article 3 

MISCELLANEOUS PROVISIONS 

Section 3.01 Confirmation of Existing Security 

Each of the Issuer and the Guarantor acknowledges and confirms that notwithstanding the execution of this Supplemental
Indenture each of the existing Collateral Documents that Issuer and Guarantor have executed in favour of Collateral Agent (i) remains in full force and effect and has not been terminated discharged or released, (ii) constitutes legal valid
and binding obligation of Issuer and Guarantor enforceable against Issuer and Guarantor under the laws governing the applicable security document in accordance with its terms, subject to applicable bankruptcy insolvency and other laws of general
application limiting the enforceability of creditors rights and (iii) continues to stand as valid and enforceable security for the Obligations, as amended hereby. 

Section 3.02 Supplemental to the Note Indenture 

This Supplemental Indenture is supplemental to the Indenture and the Supplemental Indenture shall hereafter be read together
and shall have effect, so far as practicable, with respect to the Notes as if all the provisions of the Indenture and this Supplemental Indenture were combined in one instrument. This Supplemental Indenture shall, unless the

  
 B-4 

 
context otherwise requires, be subject to the interpretation provisions contained in Section 1.03 of the Indenture. The Indenture is and shall remain in full force and effect with regards to
all matters governing the Notes, except as modified or supplemented by this Supplemental Indenture. Notwithstanding the foregoing, in the event any term or provision contained herein shall conflict with or be inconsistent with any term or provision
of the Indenture, the terms and provisions of this Supplemental Indenture shall govern, but for greater certainty this paramountcy clause shall not be operative with respect to any other Supplemental Indenture executed on the date hereof and all
such Supplemental Indentures shall be interpreted in a manner consistent with each other. 
 Section 3.03 Future Reference to the Note
Indenture 
 On and after the date of this First Supplemental Indenture, each reference in the Indenture to
“this Indenture”, “hereunder”, “hereof”, “herein” or words of like import referring to the Indenture, and each reference in any related document to the Indenture, “thereunder”, “thereof”,
“therein” or words of like import referring to the Indenture shall mean and be a reference to the Indenture as amended hereby. The Indenture, as amended hereby, is and shall continue to be in full force and effect and is hereby in all
respects ratified and confirmed. 
 Section 3.04 Governing Law 

THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE PROVINCE OF ONTARIO AND THE
FEDERAL LAWS IF CANADA APPLICABLE THEREIN. 
 Section 3.05 Waiver of Jury Trial 

EACH OF ISSUER, THE COLLATERAL AGENT AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 

Section 3.06 Counterparts 

The parties may sign any number of copies of this Supplemental Indenture. Each signed copy (whether by original, facsimile or
other electronic method of transmission) shall be considered an original, but all of them together represent the same agreement. 
 Section 3.07
Headings 
 The headings of the Sections of this Supplemental Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

[Signatures on following page] 

  
 B-5 

 IN WITNESS WHEREOF the parties hereto have caused this Supplemental
Indenture to be executed on their behalf, effective as of the day and year first written above. 
  

			
	POSTMEDIA NETWORK INC., as Issuer
		
	By:  	 	 
		 	 Name:
 Title:

  

			
		
	By:  	 	 
		 	 Name:
 Title:

  

			
		
	By:  	 	 
		 	 Name:
 Title:

  

			
	POSTMEDIA NETWORK CANADA CORP., as Guarantor
		
	By:  	 	 
		 	 Name:
 Title:

  

			
		
	By:  	 	 
		 	 Name:
 Title:

  

			
		
	By:  	 	 
		 	 Name:
 Title:

  
 B-6 

 
			
	COMPUTERSHARE TRUST COMPANY OF CANADA, as Trustee and Collateral Agent
		
	By:  	 	 
		 	 Name:
 Title:

  

			
		
	By:  	 	 
		 	 Name:
 Title:

  

			
		
	By:  	 	 
		 	 Name:
 Title:

  
  

6378340 

  
 B-7EX-4.1

 Exhibit 4.1 
  

 
 INVESTOR RIGHTS AGREEMENT

 BY AND AMONG 

RENTRAK CORPORATION, 

COMPETITIVE MEDIA REPORTING, LLC 

AND 
 WPP LUXEMBOURG
GAMMA THREE S.À R.L. 
  
  

Dated as of October 8, 2014 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE 1
	 	 DEFINITIONS
	  	 	2	  
			
	 1.1
	 	Defined Terms	  	 	2	  
			
	 ARTICLE 2
	 	 TRANSFER RESTRICTIONS; STANDSTILL
	  	 	6	  
			
	 2.1
	 	Transfer Restrictions	  	 	6	  
			
	 2.2
	 	Standstill	  	 	8	  
			
	 2.3
	 	Third Party Offers	  	 	10	  
			
	 2.4
	 	Voting of Shares	  	 	10	  
			
	 ARTICLE 3
	 	 BOARD OBSERVER AND INFORMATION RIGHTS
	  	 	11	  
			
	 3.1
	 	Board Observer	  	 	11	  
			
	 3.2
	 	Disclosure and Confidentiality	  	 	11	  
			
	 3.3
	 	Nonpublic Information	  	 	12	  
			
	 3.4
	 	Costs and Expenses	  	 	12	  
			
	 3.5
	 	Transfer; Additional Observer Rights	  	 	12	  
			
	 ARTICLE 4
	 	 REPRESENTATIONS OF THE INVESTOR
	  	 	13	  
			
	 4.1
	 	Due Organization, Authorization	  	 	13	  
			
	 4.2
	 	No Conflicts	  	 	13	  
			
	 4.3
	 	Short Sales and Confidentiality Prior to the Date Hereof	  	 	13	  
			
	 ARTICLE 5
	 	 REGISTRATION RIGHTS
	  	 	14	  
			
	 5.1
	 	Demand Registrations	  	 	14	  
			
	 5.2
	 	Piggyback Registrations	  	 	15	  
			
	 5.3
	 	Obligations of the Investor With Respect to the Underwriting Agreement and Prospectuses	  	 	15	  
			
	 5.4
	 	Expenses of Registration	  	 	16	  
			
	 5.5
	 	Registration Procedures	  	 	17	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 5.6
	 	Indemnification	  	 	18	  
			
	 5.7
	 	Hold-Back Agreements	  	 	20	  
			
	 ARTICLE 6
	 	 CERTAIN ADDITIONAL COVENANTS
	  	 	20	  
			
	 6.1
	 	Tax Matters	  	 	20	  
			
	 6.2
	 	Insider Trading	  	 	21	  
			
	 ARTICLE 7
	 	 MISCELLANEOUS
	  	 	21	  
			
	 7.1
	 	Headings; Construction	  	 	21	  
			
	 7.2
	 	Entire Agreement	  	 	21	  
			
	 7.3
	 	Further Actions; Cooperation	  	 	21	  
			
	 7.4
	 	Notices	  	 	22	  
			
	 7.5
	 	Fees and Expenses	  	 	23	  
			
	 7.6
	 	Governing Law; Jurisdiction; Waiver of Jury Trial	  	 	23	  
			
	 7.7
	 	Survival	  	 	23	  
			
	 7.8
	 	Severability	  	 	23	  
			
	 7.9
	 	Replacement of Securities	  	 	23	  
			
	 7.10
	 	Successors and Assigns	  	 	24	  
			
	 7.11
	 	No Third-Party Beneficiaries	  	 	24	  
			
	 7.12
	 	Amendments; Waiver	  	 	24	  
			
	 7.13
	 	Counterparts	  	 	24	  
			
	 7.14
	 	Specific Performance	  	 	24	  
			
	 7.15
	 	Adjustments in Share Numbers and Prices	  	 	24	  
			
	 7.16
	 	Effectiveness; Termination	  	 	24	  

  
 ii 

 INVESTOR RIGHTS AGREEMENT 

OF 
 RENTRAK CORPORATION

 THIS INVESTOR RIGHTS AGREEMENT (this “Agreement”) is made as of October 8, 2014, by and among Rentrak
Corporation, an Oregon corporation (the “Company”), Competitive Media Reporting, LLC, a Delaware limited liability company (“CMR”) and WPP Luxembourg Gamma Three S.à r.l., a private limited liability company
(société à responsabilité limitée) incorporated under the laws of the Grand Duchy of Luxembourg (“WPP Luxembourg”; together with CMR, the “Investor”). Capitalized terms used
but not defined in Section 1.1 of this Agreement have the same meanings given such terms in the Stock Purchase Agreement between the Company and WPP Luxembourg, entered into as of the date hereof (the “Purchase
Agreement”). Unless otherwise indicated, references to articles and sections shall be to articles and sections of this Agreement. 

WHEREAS, concurrent with the execution of this Agreement, CMR and the Company, are entering into that certain Asset Purchase Agreement (the
“Asset Purchase Agreement”), pursuant to which, and subject to the terms and conditions contained therein, the Company will purchase substantially all of the assets of the Business (as defined in the Asset Purchase Agreement) from
CMR and, in exchange for such assets, the Company will issue to the Investor shares of Common Stock that will represent eleven percent (11%) of the issued and outstanding shares of Common Stock (after giving effect to such issuance) (such
shares of Common Stock to be issued by the Company pursuant to the Asset Purchase Agreement are sometimes referred to in this Agreement as the “Stock Consideration”); 

WHEREAS, concurrent with the execution of this Agreement, WPP Luxembourg is entering into the Purchase Agreement pursuant to which, and
subject to the terms and conditions contained therein, the Company will issue and sell to WPP Luxembourg shares of Common Stock (collectively with the Stock Consideration, the “Shares”), and WPP Luxembourg will purchase and receive
such shares from the Company in an amount that will represent six and 37/100 percent (6.37%) of the issued and outstanding Common Stock (after giving effect to such issuance); 

WHEREAS, immediately following the issuance of the Stock Consideration under the Asset Purchase Agreement and the Common Stock under the
Purchase Agreement, the Investor will hold sixteen and 67/100 percent (16.67%) of the then issued and outstanding Common Stock; and 

WHEREAS, the Investor and the Company deem it to be in their best interests to set forth certain of their respective rights and obligations in
connection with the Shares. 

  
 - 1 - 

 NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for
other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the Company and the Investor hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS

 1.1 Defined Terms. For purposes of this Agreement, the following terms shall have the following meanings: 

(a) “Activist Investor” means a Person who Beneficially Owns a number of shares of Common Stock, or securities convertible
into (or exercisable for) shares of Common Stock, such that such Person is required to file Schedule 13D with the Commission and who the Investor actually knows has the intention of replacing members of the Board, effecting a Change of Control, or
otherwise advocating the Company to take or refrain from taking any like action. 
 (b) “Affiliate” means any Person that,
directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 144; provided that (i) the Company shall not be deemed
to be an Affiliate of the Investor and (ii) the Investor shall not be deemed to be an Affiliate of the Company. 
 (c)
“Agreement” has the meaning given in the preamble. 
 (d) “Asset Purchase Agreement” has the meaning given
in the recitals. 
 (e) A Person shall be deemed to “Beneficially Own” (or have “Beneficial Ownership” of)
securities: 
 (i) which such Person or any of such Person’s Affiliates, directly or indirectly, owns or has the right
to acquire (whether such right is exercisable immediately or only after the passage of time or upon the satisfaction of one or more conditions whether or not within the control of such Person, compliance with regulatory requirements or otherwise)
pursuant to any agreement, arrangement or understanding (whether or not in writing) or upon the exercise of conversion rights, exchange rights, other rights, warrants or options, or otherwise; or 

(ii) which such Person or any of such Person’s Affiliates, directly or indirectly, has the right to vote or dispose of or
has “Beneficial Ownership” of (as determined pursuant to Rule 13d-3 under the Exchange Act), including pursuant to any agreement, arrangement or understanding, whether or not in writing. 

(f) “Board” means the board of directors of the Company. 

(g) “Business Day” means any day that is not a Saturday, a Sunday or any other day on which commercial banks generally are
required or authorized to be closed in New York, New York. 
 (h) “Change of Control” means a single transaction or a
series of related transactions, whether by way of purchase, acquisition, tender, exchange or other similar offer or recapitalization, reclassification, consolidation, merger, amalgamation, share exchange or other

  
 - 2 - 

 
business combination transaction, in which any Person or Group (other than the Company or a holding company formed by the Company) becomes the Beneficial Owner of (i) more than thirty
percent (30%) of the combined outstanding Voting Power of the Company or (ii) substantially all of the consolidated assets of the Company and its subsidiaries. 

(i) “Closing” has the meaning given in the Purchase Agreement. 

(j) “Closing Date” has the meaning given in the Purchase Agreement. 

(k) “CMR” has the meaning given in the preamble. 

(l) “Commission” means the United States Securities and Exchange Commission or any successor agency. 

(m) “Common Stock” means the common stock of the Company, par value $0.001 per share, and any and all securities of any kind
whatsoever of the Company that may be issued and outstanding on or after the Closing Date in respect of, in exchange for, or upon conversion of Common Stock pursuant to a merger, consolidation, stock split, stock dividend or recapitalization of the
Company or otherwise. 
 (n) “Company” has the meaning given in the preamble. 

(o) “Company Notice” has the meaning given in Section 2.1(e). 

(p) “Company ROFR” has the meaning given in Section 2.1(e). 

(q) “Company Securities” means (i) any Common Stock and (ii) any other securities of the Company entitled to vote
generally in the election of directors of the Company. 
 (r) “Demand Registration” has the meaning given in Section
5.1(a). 
 (s) “Excess Shares” has the meaning given in Section 2.2(d). 

(t) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

(u) “Government Approval” means any authorization, consent, approval, waiver, exception, variance, order, exemption,
publication, filing, declaration, concession, grant, franchise, agreement, permission, permit, or license of, from or with any Governmental Body, the giving of notice to or registration with any Governmental Body or any other action in respect of
any Governmental Body. 
 (v) “Governmental Body” means any government or any agency, bureau, board, commission, court,
department, official, political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign. 

(w) “Group” has the meaning given in Section 13(d) of the Exchange Act as in effect on the Closing Date. 

  
 - 3 - 

 (x) “Indemnified Party” has the meaning given in Section 5.6(c) 

(y) “Indemnifying Party” has the meaning given in Section 5.6(c). 

(z) “Investor” has the meaning given in the preamble; provided, that, except where the context otherwise requires, any
reference to the Investor shall also refer to the Affiliates of the Investor. 
 (aa) “Investor Notice” has the meaning
given in Section 2.1(e). 
 (bb) “Law” means any statute, law, ordinance, regulation, rule, code, order,
constitution, treaty, common law, judgment, decree, other requirement or rule of law of any Governmental Body. 
 (cc) “Long-Form
Registrations” has the meaning given in Section 5.1(a). 
 (dd) “Losses” has the meaning given in
Section 5.6(a). 
 (ee) “NASDAQ” means the NASDAQ Global Market. 

(ff) “Notice Period” has the meaning given in Section 2.1(e). 

(gg) “Observer” has the meaning given in Section 3.1(a). 

(hh) “Ownership Cap” has the meaning given in Section 2.2(b). 

(ii) “Permitted Transferee” means any Person who comes to own Common Stock in a Transfer of Common Stock permitted by
Section 2.1(a). 
 (jj) “Person” means any individual or corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or any court or other federal, state, local or other governmental authority or other entity of any kind. 

(kk) “Piggyback Registration” has the meaning given in Section 5.2(a). 

(ll) “Prospective Transferee” has the meaning given in Section 2.1(e). 

(mm) “Prospectus” means the prospectus included in the Registration Statement (including, without limitation, a prospectus
that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus supplement, with
respect to the terms of the offering of any portion of the Registrable Securities covered by the Registration Statement, and all other amendments and supplements to the Prospectus including post effective amendments, and all material incorporated by
reference or deemed to be incorporated by reference in such Prospectus. 

  
 - 4 - 

 (nn) “Public Offering” means an offering of equity securities of the Company
pursuant to an effective registration statement under the Securities Act, including an offering in which the Investor is entitled to sell Common Stock pursuant to the terms of this Agreement. 

(oo) “Purchase Agreement” has the meaning given in the preamble. 

(pp) “Registration Expenses” has the meaning given in Section 5.4(a). 

(qq) “Registrable Securities” means any Common Stock issued or issuable pursuant to the Purchase Agreement or the Asset
Purchase Agreement, together with any securities issued or issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; provided, however, that Registrable Securities
shall cease to be Registrable Securities when (i) such shares of Common Stock have been disposed of in accordance with the Registration Statement or (ii) such shares of Common Stock are eligible to be transferred pursuant to Rule 144 under
the Securities Act without any limitation on the number of shares that may be sold at any one time or during any period. 
 (rr)
“Registration Statement” means each registration statement required to be filed under Article 5, including (in each case) the Prospectus, amendments and supplements to such registration statement or Prospectus, including pre-
and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

(ss) “Requested Information” has the meaning given in Section 5.6(f). 

(tt) “Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such rule. 

(uu) “SEC Reports” means all reports the Company has filed under the Exchange Act (whether or not required), including
pursuant to Section 13(a) or 15(d) thereof, for the two (2) years preceding the date hereof. 
 (vv) “Securities
Act” means the Securities Act of 1933, as amended. 
 (ww) “Selling Expenses” has the meaning given in Section
5.4(a). 
 (xx) “Shares” has the meaning given in the recitals. 

(yy) “Short-Form Registrations” has the meaning given in Section 5.1(a). 

(zz) “Stock Consideration” has the meaning given in the recitals. 

(aaa) “Third Party Offer” means a bona fide offer to enter into a transaction that would (if consummated) result in a Change
of Control by a Person, other than (i) the Investor or any of its Affiliates or (ii) any other Person acting on behalf of or as part of a Group with the Investor. 

  
 - 5 - 

 (bbb) “Transaction Documents” has the meaning given in the Asset Purchase
Agreement. 
 (ccc) “Transfer” means, with respect to any Shares, (i) when used as a verb, to sell, assign, dispose
of, exchange, pledge, charge, encumber, hypothecate or otherwise transfer such Shares or any participation or interest therein, whether directly or indirectly (including by means of any hedging or derivative transactions that may have a similar
effect to the foregoing), or agree or commit to do any of the foregoing and (ii) when used as a noun, a direct or indirect sale, assignment, disposition, exchange, pledge, charge, encumbrance, hypothecation, or other transfer of such Shares or
any participation or interest therein (or any hedging or derivative transactions that may have a similar effect to the foregoing) or any agreement or commitment to do any of the foregoing, other than, in the case of each of clauses
(i) and (ii) above any blanket liens on all or substantially all of the assets of the Investor and its Affiliates pursuant to a credit facility or similar arrangement. 

(ddd) “Underwritten Offering” means a sale of securities of the Company to an underwriter or underwriters for reoffering to
the public. 
 (eee) “Voting Power of the Company” means the total number of votes that may be cast in the election of
directors of the Company if all securities of the Company entitled to vote in the election of directors were present and voted at a meeting held for such purpose 

(fff) “WPP Luxembourg” has the meaning given in the preamble. 

ARTICLE 2 
 TRANSFER
RESTRICTIONS; STANDSTILL 
 2.1 Transfer Restrictions. 

(a) The Investor shall not, directly or indirectly, Transfer any Shares to any other Person, other than the Company, until the later of
(x) the date that is six (6) months after the Closing Date or (y) the time when the Investor Beneficially Owns less than five percent (5%) of the outstanding Common Stock of the Company (in the case of clause (y) other than
as a result of a Transfer in violation of this Section 2.1), except for: 
 (i) Transfers effected through
widely-distributed underwritten transactions to unknown purchasers; 
 (ii) Transfers in a block, or series of related
blocks, representing in the aggregate less than two percent (2%) of the Company’s Common Stock to a Beneficial Owner of less than five percent (5%) of the Company’s Common Stock; provided that the transferee in a Transfer
under this Section 2.1(a)(ii) is not an Activist Investor; 
 (iii) Transfers otherwise approved by the Board; or

 (iv) so long as the Company is notified in advance in writing, Transfers to any Affiliate of the Investor that is a direct
or indirect wholly-owned subsidiary of WPP plc. 

  
 - 6 - 

 Any Transfer by the Investor to a Permitted Transferee permitted under (x) clause (i), shall be made
pursuant to an effective registration statement under the Securities Act, or (y) clause (ii) shall be subject to Section 2.1(e) (unless the provisions of Section 2.2 apply) and shall be made in accordance
with Rule 144 (including the volume and manner-of-sale limitations of Rule 144, if such limitations are applicable to such Transfer) and otherwise in compliance with the Securities Act. 

(b) Any Permitted Transferee (other than a Permitted Transferee who becomes a Permitted Transferee pursuant to Section 2.1(a)(i))
shall agree in writing to be bound by the provisions that apply to the Investor under this Agreement, and all references in this Agreement to the Investor shall be deemed to include such Permitted Transferee upon consummation of any Transfer of
Shares by the Investor to the Permitted Transferee. 
 (c) Nothing in this Section 2.1 shall restrict the Investor’s
ability to Transfer any Shares as otherwise expressly permitted or required in Section 2.2 of this Agreement. 
 (d) The
Investor agrees to the imprinting, so long as is required by this Section 2.1(d), of the following legend on any certificate evidencing Registrable Securities: 

THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE, IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS. 

Certificates evidencing the Registrable Securities shall not be required to contain such legend or any other legend (i) while a
Registration Statement covering the resale of such Registrable Securities is effective under the Securities Act, or (ii) following any sale of such Registrable Securities pursuant to Rule 144, or (iii) if such legend is not required under
applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission). 

(e) Except with respect to a Transfer proposed to be made pursuant to Section 2.1(a)(i), (iii) or (iv) or
pursuant to Section 2.2(d) or (e), the Investor hereby unconditionally and irrevocably grants to the Company a right of first refusal (the “Company ROFR”) to purchase all of the Shares that the Investor may
propose to Transfer pursuant to an arm’s length, bona fide 

  
 - 7 - 

 
offer by a Person, other than the Investor or any of its Affiliates (such person a “Prospective Transferee”), at the same price and on the same terms and conditions as those
offered to the Prospective Transferee. The Investor proposing to make such a Transfer must deliver notice to the Company not later than forty-five (45) Business Days prior to the consummation of such Transfer (an “Investor
Notice”). Such Investor Notice shall contain the material terms and conditions (including price and form of consideration) of the proposed Transfer, the identity of the Prospective Transferee and the intended date of the proposed Transfer.
To exercise the Company ROFR under this Section 2, the Company must deliver notice to the Investor within thirty (30) days after delivery of the Investor Notice (the “Notice Period”) stating the Company’s
desire to purchase the shares that are the subject of the proposed Transfer on the terms and subject to the conditions set forth in the Investor Notice (the “Company Notice”). The closing of the purchase of the Shares that are set
forth in the Investor Notice shall take place, and all payments from the Company shall have been delivered to the Investor, by the later of (i) the date specified in the Investor Notice as the intended date of the proposed Transfer and
(ii) thirty (30) Business Days after delivery of the Investor Notice. If the Company does not deliver the Company Notice prior to the expiration of the Notice Period, the Investor may, during a period of ninety (90) Business Days
following the expiration of the Notice Period, Transfer all of the Shares described in the Investor Notice to the Prospective Transferee on terms and conditions no more favorable to such transferee than those set forth in the Investor Notice. If the
Investor does not Transfer the Shares described in the Investor Notice within such period, the Company’s rights provided in this paragraph (e) with respect to the Shares described in the Investor Notice shall be revived and such
Shares shall again be subject to the Company ROFR. 
 2.2 Standstill. 

(a) Except as specifically approved by the Board, the Investor shall not, directly or indirectly: (i) by purchase or otherwise (including
through hedging or derivative transactions), acquire, agree to acquire or offer to acquire Company Securities or direct or indirect rights or options to acquire Company Securities (including any voting trust certificates representing such
securities) that would result in the Investor Beneficially Owning more than twenty percent (20%) of the Common Stock outstanding at the time of any of the foregoing actions; (ii) enter, propose to enter into, solicit or support any merger,
business combination or similar transaction involving the Company or any of its subsidiaries, or purchase, acquire, propose to purchase or acquire or solicit or support the purchase or acquisition of any portion of the business or assets of the
Company or any of its subsidiaries, in each case, if such forgoing transaction would result in a Change of Control; (iii) initiate or propose any shareholder proposal without the approval of the Board granted in accordance with this Agreement
or make, or in any way participate in, any “solicitation” of “proxies” (as such terms are used in the proxy rules promulgated by the Commission under the Exchange Act) to vote, or seek to advise or influence any Person with
respect to the voting of, any Company Securities or request or take any action to obtain any list of shareholders of the Company for such purposes with respect to any matter (or, as to such matters, solicit any Person in a manner that would require
the filing of a proxy statement under Regulation 14A of the Exchange Act); (iv) form, join or in any way participate in a Group formed for the purpose of (A) acquiring, holding, voting or disposing of or taking any other action with
respect to Company Securities or (B) effecting a Change of Control of the 

  
 - 8 - 

 
Company; (v) deposit any Company Securities in a voting trust or enter into any voting agreement or arrangement with respect thereto (other than this Agreement); (vi) seek
representation on the Board, the removal of any directors from the Board, or a change in the size or composition of the Board; (vii) make any request to amend or waive any provision of this Section 2.2, except to the extent such
request is made on a confidential basis solely to the Board; (viii) disclose any intent, purpose, plan, arrangement or proposal inconsistent with the foregoing (including any such intent, purpose, plan, arrangement or proposal that is
conditioned on or would require the waiver, amendment, nullification or invalidation of any of the foregoing) or take any action that would require public disclosure of any such intent, purpose, plan, arrangement or proposal; (ix) take any
action challenging the validity or enforceability of this Section 2.2; or (x) assist, advise, encourage or negotiate with any Person with respect to, or seek to do, any of the foregoing. 

(b) The restrictions in Section 2.2(a) shall not prevent the Investor, following the Closing Date, from purchasing
shares of the Common Stock in the secondary market in an amount such that (after giving effect to any such purchases) the Investor Beneficially Owns no more than twenty percent (20%) of the then outstanding Common Stock
(the “Ownership Cap”). 
 (c) Nothing in this Section 2.2 shall prohibit or restrict the Investor
from: (i) responding to any inquiries from any shareholders of the Company as to the Investor’s intention with respect to the voting of any Company Securities Beneficially Owned by the Investor so long as such response is consistent with
the terms of this Agreement; or (ii) making any confidential proposals to the Board in respect of any matter, so long as such proposal does not require a public announcement by the Company, the Investor or any Affiliate of the Investor. 

(d) If the Board shall, at any time and in good faith, reasonably determine that the Investor Beneficially Owns shares of Common Stock in
excess of the Ownership Cap, the Company shall ask the Investor to reduce the level of such Beneficial Ownership to an amount below the Ownership Cap. If the Investor does not effect such reduction within ten (10) Business Days of the date on
which it is so advised by the Company, the Company shall have the power (i) to call for the purchase by the Company from the Investor of a number of shares of Common Stock sufficient to bring such Beneficial Ownership to no more than the
Ownership Cap (such number of shares of Common Stock being the “Excess Shares”), and (ii) to refuse to transfer or issue Company Securities to the Investor until such time that such Beneficial Ownership is equal to or less than
the Ownership Cap. The purchase price per share for the Excess Shares shall be equal to the weighted-average closing sales price per share for the Common Stock as reported by NASDAQ or other national securities exchange on which the Common Stock are
then listed for the five (5) trading days preceding such purchase. Payment of the purchase price shall be made in cash by the Company no later than five (5) Business Days after the Company has provided written notice to the Investor that
the Company intends to exercise its call right pursuant to this paragraph (d). From and after the payment of such purchase price by the Company, the Beneficial Owner of the Excess Shares shall cease to be entitled to distributions,
voting rights and other benefits with respect to such Excess Shares. If the Company does not grant an exemption from the ownership restrictions set forth in this Section 2.2, then any action described in Section 2.2(a) that
would result in the Investor 

  
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Beneficially Owning shares of Common Stock in excess of the amounts permitted by this Section 2.2 shall be deemed void ab initio and the Investor shall be deemed never to have had an
interest in the applicable Company Securities. If the foregoing provision is determined to be void or invalid by virtue of any legal decision, judgment, statute, rule or regulation, then the Investor shall be deemed, at the option of the Company, to
have acted as agent on behalf of the Company in acquiring such Company Securities and to hold such Company Securities on behalf of the Company. 

(e) Notwithstanding the Company’s rights under Section 2.2(d) above, if the Investor shall, at any time and in good faith,
reasonably determine that the Investor Beneficially Owns shares of Common Stock in excess of the Ownership Cap as a result of any action taken by Company (including, without limitation, any share buy-back), the Investor shall have the right (but not
the obligation) to (i) sell to the Company, and the Company shall be obligated to purchase from the Investor, the Excess Shares or (ii) sell the Excess Shares in the market subject to compliance with applicable law. For purposes of
the immediately preceding clause (i), the purchase price per share for the Excess Shares shall be equal to the average closing sales price per share for the Common Stock as reported by NASDAQ or other national securities exchange on which the
Common Stock are then listed for the five (5) trading days preceding such purchase. Payment of the purchase price shall be made in cash by the Company no later than five (5) Business Days after the Investor has provided written notice to
the Company that the Investor intends to exercise its put right pursuant to this paragraph (e). 
 2.3 Third Party
Offers. In the event that the Company becomes the subject of a Third Party Offer: 
 (a) the Investor shall not support such Third Party
Offer, vote in favor of such Third Party Offer or tender or sell its Company Securities to the Person making such Third Party Offer, unless such Third Party Offer is approved by the Board; and 

(b) the Investor shall have the right to make an offer to enter into a transaction that would result in a Change of Control of the Company
within twenty (20) trading days of the date on which such Third Party Offer is publicly announced; provided that, the Company will notify the Investor of a Third Party Offer that is not publicly announced within two (2) trading days
of the Board’s decision to proceed with such Third Party Offer (if the terms of such Third Party Offer do not prevent such disclosure), and the Investor shall have the right to make an offer under this Section 2.3(b) as if the Third
Party Offer had been publicly announced on the date the Company notifies the Investor of such offer. 
 2.4 Voting of Shares. At each
meeting of shareholders of the Company occurring (or in connection with any action by written consent of shareholders of the Company) during the term of this Agreement with respect to any Third Party Offer, any shareholder proposal or other third
party proxy proposal (including nominees for election to the Board) that is to be voted upon at such meeting (or acted upon in such written consent), the Investor shall vote any of the Company Securities it then Beneficially Owns as recommended by
the Board. 

  
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 ARTICLE 3 

BOARD OBSERVER AND INFORMATION RIGHTS 

3.1 Board Observer. 
 (a)
The Investor shall be entitled to designate a representative (the “Observer”) to attend any Board meetings in accordance with the terms and conditions set forth herein so long as the Investor Beneficially Owns at least five
percent (5%) of the shares of Common Stock then outstanding. 
 (b) The Company shall deliver to the Observer, subject to the terms and
conditions herein, notice of all meetings of the Board; and the Observer shall be entitled to attend all meetings of the Board in a non-voting, observer capacity, other than any meetings (or portions thereof) where the Board determines in good
faith, upon the advice of counsel, (i) that the attendance of the Observer at such meeting (or portion thereof) would adversely affect the attorney-client privilege between the Company and its counsel, (ii) that the exclusion of the
Observer from such meeting (or portion thereof) is necessary to protect the Company’s trade secrets, (iii) that the attendance of the Observer at such meeting (or portion thereof) would cause competitive harm, or (iv) that the
exclusion of the Observer from such meeting (or a portion thereof) is necessary in order to discuss a Third Party Offer; provided that, in the event the Observer is excluded from any portion of such meeting, the Observer will be allowed to
rejoin the remainder of such meeting after the Board ceases its discussions on the matters that gave rise to excluding the Observer pursuant to foregoing clauses (i) through (iv) of this Section 3.1(b). The
Company shall deliver to the Observer copies of all minutes, consents and any other material that the Company provides to the members of the Board, except for such minutes, consents and other material that the Board determines in good faith, upon
the advice of counsel, (w) would, if delivered to the Observer, adversely affect the attorney-client privilege between the Company and its counsel, (x) should not be provided to the Observer in order to protect the Company’s trade
secrets, (y) would cause competitive harm to the Company if provided to the Observer, or (z) concern a Third Party Offer. 
 (c)
All Board meetings shall be duly constituted notwithstanding the absence of the Observer for any reason or no reason. No Board meeting shall be subject to delay and the Company shall not be in breach of its obligations hereunder, provided
that the Company has provided notice of such Board meeting to the Observer in the same manner as notice was provided to the directors. 

3.2 Disclosure and Confidentiality. Each of the Investor and the Observer shall, and shall cause its representatives to, keep
confidential any materials or information regarding the Company that has been communicated pursuant to the terms of this Agreement (including any materials or information provided at or in connection with any Board meetings) or any other Transaction
Document, unless (a) such materials or information is or becomes generally available to the public other than as a result of disclosure by the Company or its Affiliates or their respective representatives in breach of this
Section 3.2; (b) such materials or information was within the possession of or actually known to the Investor or its representatives on a non-confidential basis prior to its disclosure to the Investor or its representatives by the
Company or 

  
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its Affiliates or their respective representatives pursuant to this Agreement or any other Transaction Document; (c) such materials or information becomes available to the Investor or its
representatives other than pursuant to this Agreement or any other Transaction Document, and other than as a result of a breach of a legal, contractual or fiduciary obligation owed by such source to the Company of which the Investor or the Observer
knows, or should reasonably be expected to know, at the time of such disclosure; or (d) the Investor or the Observer or their respective representatives, as the case may be, become compelled by law or direction of a Governmental Body having
jurisdiction over the Investor or the Observer or their representatives, as the case may be, to disclose any such materials or information; provided, however, that (i) the Investor or the Observer or their respective
representatives, as the case may be, will provide the Company, prior to such disclosure, to the extent practicable without prejudicing the legal rights, privileges or legal obligations of the Investor, Observer or their respective representatives,
as the case may be, and as otherwise permitted by law, with reasonably prompt written notice so that the Company may seek a protective order or appropriate remedy; (ii) the Investor, the Observer and their respective representatives, as the
case may be, shall cooperate with the Company’s reasonable requests, at the Company’s expense, so that the Company may obtain such protective order; and (iii) in the event that a protective order or other remedy is not obtained, the
Investor, the Observer and their respective representatives, as the case may be, will furnish only the portion of the materials or information that is legally required to be disclosed. The Investor will be responsible for any breach of this
paragraph by it, the Observer or any of their respective Affiliates or their respective directors, officers, employees or other representatives. 

3.3 Nonpublic Information. The Investor acknowledges that it is aware, and that it will advise its Affiliates and their respective
representatives who receive undisclosed material information regarding the Company, that securities Laws prohibit any Person who has non-public material information from purchasing or selling Common Stock or other securities of the Company from or
to any uninformed third party or from communicating such information to any uninformed third party under circumstances in which it is reasonably foreseeable that such Person is likely to purchase or sell such Common Stock or other securities. 

3.4 Costs and Expenses. Except as provided in Section 3.2, all costs and expenses of the Observer in connection with the
exercise of the rights of the Investor set forth in this Article 3 shall be borne by the Investor. 
 3.5 Transfer;
Additional Observer Rights. The rights of the Investor set forth in this Article 3 are personal to the Investor and shall not be transferred with the disposition of any Common Stock by the Investor or by any other means, except for
transfers to Affiliates pursuant to Section 2.1. In the event that another major advertising holding company Beneficially Owns at least five percent (5%) of the outstanding Common Stock, the Company may, in its sole discretion,
grant such shareholder observer rights equal to, but no greater than, the rights granted to the Investor under this Article 3. 

  
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 ARTICLE 4 

REPRESENTATIONS OF THE INVESTOR 

The Investor hereby represents and warrants to the Company: 

4.1 Due Organization, Authorization. The Investor is an entity duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization with the requisite power and authority to enter into and to complete the transactions contemplated by this Agreement and otherwise to carry out its obligations hereunder. The execution, delivery and performance
of this Agreement by the Investor has been duly authorized by all necessary action on the part of the Investor. This Agreement has been duly executed and delivered by the Investor and constitutes the valid and binding obligation of the Investor,
enforceable against it in accordance with its terms, except as may be limited by bankruptcy, reorganization, insolvency, moratorium and similar laws of general applications relating to or affecting the enforcement of rights of creditors, and except
as enforceability of the obligations hereunder are subject to general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or law). 

4.2 No Conflicts. The execution, delivery and performance of this Agreement by the Investor and the consummation by the Investor of the
transactions contemplated hereby will not (a) result in a violation of, be in conflict with or constitute a default (with or without notice or lapse of time or both) under (i) any law applicable to the Investor or any of its assets,
(ii) any provision of the Investor’s organizational documents, (iii) any order or judgment of any court or other Governmental Body applicable to the Investor or any of its assets or (iv) any contractual restriction binding on or
affecting the Investor or any of its assets or (b) result in the creation or imposition of any lien, mortgage, pledge, claim, right, charge, security interest or other restriction or encumbrance upon any of the Investor’s assets, including
the Company Securities. 
 4.3 Short Sales and Confidentiality Prior to the Date Hereof. Other than the transaction contemplated by
the Purchase Agreement, the Investor has not directly or indirectly, nor has any Person acting on behalf of, or pursuant to, any understanding with the Investor, executed any disposition, including short sales (as such term is defined in Rule 200 of
Regulation SHO under the Exchange Act), in the securities of the Company during the period commencing from the time that the Investor first received a term sheet (written or oral) from the Company or any other Person setting forth the material terms
of the transaction contemplated by the Purchase Agreement until the date hereof. Other than to Affiliates of the Investor and to representatives and advisors of the Investor and such Affiliates, the Investor has maintained the confidentiality of all
disclosures made to it in connection with the transaction contemplated hereunder (including the existence and terms of such transaction). 

  
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 ARTICLE 5 

REGISTRATION RIGHTS 
 5.1
Demand Registrations. 
 (a) Requests for Registration. At any time and from time to time after the third anniversary of the
Closing, the Investor may request that the Company effect a registration under the Securities Act with respect to a minimum of five percent (5%) of the Company’s Common Stock then outstanding, and the Company shall effect such registration
(i) on Form S-1 or any similar form (a “Long-Form Registration”), or (ii) on Form S-3 or any similar form, if available (a “Short-Form Registration”; and each a “Demand Registration”).

 (b) Long-Form Registrations. All Long-Form Registrations shall be underwritten registrations. 

(c) Deferral of Demand Registration. The Company shall file a registration statement with respect to each Demand Registration requested
pursuant to Section 2.1(a) as soon as practicable after receipt of the demand of the Investor; provided, however, that if in the good faith judgment of the Board of Directors of the Company, a requested Demand Registration
would be detrimental to the Company in that such registration would interfere with a proposed primary registration of securities by the Company or any other pending material corporate transaction or event and the Board of Directors concludes, as a
result, that it is advisable to defer the filing of such registration statement at such time, then the Company shall have the right to defer such filing for the period during which such registration would be detrimental; provided,
however, that (i) the Company may not defer the filing for a period of more than ninety (90) days after receipt of the demand of the Investor, (ii) the Company shall not exercise its right to defer a Demand Registration more
than once in any three hundred sixty-five (365)-day period, and (iii) if the Company undertakes a primary registration following an exercise of its deferral right, the Investor shall have “piggyback” rights under
Section 5.2 hereof with respect to not less than one-fourth (1/4) of the number of shares of Common Stock to be sold in such offering. 

(d) Underwriting. If the Investor intends to distribute the Registrable Securities covered by a Demand Registration by means of an
underwriting, it shall so advise the Company as a part of its demand made pursuant to Section 5.1(a). The Company shall have the right to select the managing underwriter(s) for an underwritten Demand Registration, which managing
underwriters shall be reasonably acceptable to the Investor. The right of the Investor to participate in an underwritten Demand Registration shall be conditioned upon the Investor’s participation in such underwriting in accordance with the
terms and conditions thereof, and the Company and the Investor will enter into an underwriting agreement in customary form. 
 (e)
Priorities. If other securities are included in any Demand Registration that is an underwritten offering, and the managing underwriter for such offering advises the Company that in its opinion the amount of securities to be included exceeds
the amount of securities that can be sold in such offering without adversely affecting the marketability or pricing thereof, the Company will include in such registration all Registrable Securities requested to be included therein prior to the
inclusion of any other securities. 

  
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 (f) Restrictions on Demand Registrations. The Company shall not be obligated to effect any
Demand Registration if (i) at least two (2) Demand Registrations have been effected in the then prior twelve (12)-month period, (ii) such Demand Registration would be effected within ninety (90) days after the effective date of a
previous Demand Registration, or (iii) the Company, in effecting such registration, would be required to execute a general consent to service of process in a particular jurisdiction, unless the Company is already subject to service in such
jurisdiction and except as may be required under the Securities Act. The Company may postpone for up to ninety (90) days the filing or the effectiveness of a registration statement for a Demand Registration if a certificate signed by the
Company’s chief financial officer is furnished by the Company to the Investor stating that in the good faith judgment of the Company’s senior management such Demand Registration would reasonably be expected to have a material adverse
effect on any proposal or plan by the Company to acquire financing, engage in any acquisition of assets (other than in the ordinary course of business), or engage in any merger, consolidation, tender offer, reorganization, disposition or similar
transaction. 
 5.2 Piggyback Registrations. 

(a) Request for Inclusion. If the Company shall determine to register any of its securities for its own account or for the account of
other security holders of the Company (other than the Investor pursuant to Section 5.1) on any registration form (other than Form S-4 or S-8) that permits the inclusion of Registrable
Securities (a “Piggyback Registration”), the Company will promptly give the Investor written notice thereof and, subject to Section 5.2(c), shall include in such registration all the Registrable Securities requested to
be included therein pursuant to the written requests of the Investor received within twenty (20) days after delivery of the Company’s notice. 

(b) Underwriting. If the Piggyback Registration relates to an underwritten public offering, the Company shall so advise the Investor as
a part of the written notice given pursuant to Section 5.2(a). In such event, the right of the Investor to participate in such registration shall be conditioned upon the Investor’s participation in such underwriting in accordance
with the terms and conditions thereof. The Investor shall (together with the Company) enter into an underwriting agreement in customary form with the representative of the underwriter or underwriters selected by the Company. 

(c) Priorities. If such proposed Piggyback Registration is an underwritten offering and the managing underwriter for such offering
advises the Company that the securities requested to be included therein exceed the amount of securities that can be sold in such offering without adversely affecting the marketability or pricing thereof, the securities that the Company determined
to register under Section 5.2(a) (either for its own account or for the account of other security holders of the Company, provided that such other security holders are then exercising demand registration rights with respect to the
securities to be so registered) shall have priority over any Registrable Securities requested to be included in the Piggyback Registration by the Investor. 

5.3 Obligations of the Investor With Respect to the Underwriting Agreement and Prospectuses. The Investor shall cease using any
prospectus after receipt of written notice from 

  
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the Company of the happening of any event as a result of which such prospectus (a) contains an untrue statement of a material fact or omits any fact necessary to make the statements therein
not misleading in the light of the circumstances under which they were made or (b) is otherwise not legally available to support sales of the Registrable Securities. The Investor shall cooperate with the Company (as reasonably requested by the
Company) in connection with the preparation of the registration statement, and, for so long as the Company is obligated to file and keep effective such registration statement, the Investor shall provide to the Company, in writing, for use in the
applicable registration statement, all such information regarding the Investor and its plan of distribution for such securities as may be reasonably necessary to enable the Company to prepare the registration statement and prospectus covering such
securities, to maintain the effectiveness thereof and otherwise to comply with all applicable requirements of law in connection therewith. The Investor further agrees to become a party to any underwriting agreement entered into by the Company in
connection with an offering pursuant to a Demand Registration that is an underwritten offering. 
 5.4 Expenses of Registration. 

(a) Subject to Sections 5.4(b), 5.4(c) and 5.5, all registration and filing fees, fees and expenses of compliance with
securities or blue sky laws, fees and disbursements of counsel for the Company and of all independent certified public accountants for the Company, and fees and expenses of underwriters including, if necessary, a “qualified independent
underwriter” within the meaning of the rules of the National Association of Securities Dealers, Inc. (in each case, excluding Selling Expenses (as defined below), which shall be borne by the Investor with respect to the Investor’s
Registrable Securities to be offered pursuant to the applicable registration statement), and other Persons retained by the Company (all such expenses being herein called “Registration Expenses”), incurred in connection with up to
two (2) Demand Registrations during any given twelve (12) month period, and all Piggyback Registrations, shall be borne by the Company; provided, however, that (i) no Demand Registration shall count as one of the
Company-paid Demand Registrations unless such registration is declared effective by the Commission and remains continuously effective for a period of one hundred twenty (120) days (or such shorter period as is required to effect the complete
distribution of the Registrable Securities covered thereby), and (ii) if the Investor requests more than two (2) Demand Registrations during any given twelve (12) month period, then the Investor shall bear all Registration Expenses
associated with such additional Demand Registrations. All underwriting discounts and selling commissions applicable to the sale of Registrable Securities (“Selling Expenses”) subject to any Demand or Piggyback Registration shall be
borne by the Investor. 
 (b) To the extent expenses are not required to be paid by the Company in Section 5.4(a) above, the
Investor shall pay those expenses allocable to its securities that are the subject of the Demand Registration or Piggyback Registration, and any expenses not so allocable shall be borne by all other sellers of securities included in such Demand
Registration or Piggyback Registration in proportion to the aggregate selling price of the securities to be so registered. 
 (c)
Notwithstanding Section 5.4(a) above, the Company shall not be required to pay for any expenses of registration begun pursuant to this Article 5 if the registration request is subsequently withdrawn at the request of the Investor
(in which case, the Investor shall bear all such expenses). 

  
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 5.5 Registration Procedures. In the case of each registration effected by the Company
pursuant to this Article 5, the Company will keep the Investor advised in writing as to the initiation of such registration and as to the completion thereof. At its expense, the Company will use reasonable efforts to: 

(a) cause such registration to be declared effective by the Commission and, in the case of a Demand Registration, keep such registration
effective for a period of one hundred twenty (120) days or until the Investor has completed the distribution described in the registration statement relating thereto, whichever first occurs; 

(b) prepare and file with the Commission such amendments and supplements to such registration statement and the prospectus used in connection
with such registration statement (including post-effective amendments) as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement; 

(c) obtain appropriate qualifications of the securities covered by such registration under state securities or “blue sky” laws in
such jurisdictions as may be requested by the holders of Registrable Securities; provided, however, that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where it would not otherwise be
required to qualify but for this Section 5.5, (ii) subject itself to taxation in any such jurisdiction, or (iii) consent to general service of process in any such jurisdiction; 

(d) furnish such number of prospectuses and other documents incident thereto, including any amendment of or supplement to the prospectus, as
the Investor from time to time may reasonably request; 
 (e) notify the Investor, at any time when a prospectus relating to the Registrable
Securities is required to be delivered under the Securities Act, of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits
to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in the light of the circumstances then existing, and at the request of the Investor, prepare and furnish to the Investor
a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such shares, such prospectus shall not include an untrue statement of a material fact or
omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing; provided, that upon receiving notice from the Company under this
clause (e), the Investor shall, and shall use its reasonable best efforts to, cause any sales or placement agent or agents for the Registrable Securities and the underwriters, if any, to forthwith discontinue disposition of the Registrable
Securities until such Person shall 

  
 - 17 - 

 
have received copies of such amended or supplemented prospectus and, if so directed by the Company, to destroy all copies, other than permanent file copies, then in its possession of the
prospectus (prior to such amendment or supplement) covering such Registrable Securities as soon as practicable after the Investor’s receipt of such notice.; 

(f) cause all Registrable Securities covered by such registration to be listed on each securities exchange or inter-dealer quotation system on
which similar securities issued by the Company are then listed; 
 (g) provide a transfer agent and registrar for all Registrable Securities
covered by such registration and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration; 

(h) otherwise comply with all applicable rules and regulations of the Commission, and make available to its security holders, as soon as
reasonably practicable, an earnings statement covering the period of at least twelve (12) months, but not more than eighteen (18) months, beginning with the first month after the effective date of the registration statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities Act; and 
 (i) in connection with any underwritten Demand
Registration, the Company will enter into an underwriting agreement in usual and customary form with the managing underwriter(s) of such offering. 

5.6 Indemnification. 

(a) The Company will indemnify, defend and hold harmless the Investor, each of the Investor’s officers, directors, partners, agents,
employees and representatives, and each person controlling the Investor within the meaning of Section 15 of the Securities Act, with respect to each registration, qualification or compliance effected pursuant to this Article 5, against
all expenses, claims, losses, damages and liabilities (or actions, proceedings or settlements in respect thereof) (collectively, the “Losses”) arising out of or based on any untrue statement (or alleged untrue statement) of a
material fact contained in any prospectus, offering circular or other document (including any related registration statement, notification or the like) incident to any such registration, qualification or compliance, or based on any omission (or
alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by the Company of the Securities Act or any rule or regulation thereunder applicable to the
Company and relating to action or inaction required of the Company in connection with any such registration, qualification or compliance, and will reimburse each such indemnified person for any legal and any other expenses reasonably incurred in
connection with investigating and defending or settling any such Losses; provided, however, that the Company will not be liable in any such case to the extent that any such Losses arise out of or are based on any untrue statement or
omission based upon written information furnished to the Company by the Investor and stated to be specifically for use therein. It is agreed that the indemnity agreement contained in this Section 5.6(a) shall not apply to amounts paid in
settlement of any such Losses if such settlement is effected without the consent of the Company (unless such consent has been unreasonably withheld). 

  
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 (b) The Investor shall indemnify, defend and hold harmless the Company, each of its directors,
officers, agents, employees and representatives, and each person who controls the Company within the meaning of Section 15 of the Securities Act, against all Losses arising out of or based on any untrue statement (or alleged untrue statement)
of a material fact contained in any such registration statement, prospectus, offering circular or other document, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the
statements therein not misleading, and will reimburse such indemnified persons for any legal or any other expenses reasonably incurred in connection with investigating or defending any such Losses, in each case to the extent, but only to the extent,
that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, offering circular or other document in reliance upon and in strict conformity with written information
furnished to the Company by the Investor; provided, however, that (i) the Investor shall not be liable hereunder for any amounts in excess of the net proceeds received by the Investor pursuant to such registration, and
(ii) the obligations of the Investor hereunder shall not apply to amounts paid in settlement of any such Losses if such settlement is effected without the consent of the Investor (which consent has not been unreasonably withheld). 

(c) Each party entitled to indemnification under this Section 5.6 (the “Indemnified Party”) shall give
notice to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying
Party to assume the defense of any such claim or any litigation resulting therefrom through counsel approved by the Indemnified Party (whose approval shall not unreasonably be withheld), and the Indemnified Party may participate in such defense at
such party’s expense; provided, however, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this Section 5.6 to the extent such
failure is not prejudicial to the Indemnifying Party. No Indemnifying Party in the defense of any such claim or litigation shall, except with the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which
does not include an unconditional release of such Indemnified Party from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party
may reasonably request in writing and as shall be reasonably required in connection with defense of such claim and litigation resulting therefrom. 

(d) If the indemnification provided for in this Section 5.6 is held by a court of competent jurisdiction to be unavailable to an
Indemnified Party with respect to any Losses referred to therein, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such
Losses in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission to state a material fact relates to information supplied 

  
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by the Indemnifying Party or by the Indemnified Party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
Notwithstanding the foregoing, the Investor shall not be required to contribute amounts in excess of the amounts that such holder would have been required to pay pursuant to the indemnification provisions of this Section 5.6 (assuming
such provisions were enforceable). 
 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and
contribution contained in an underwriting agreement entered into in connection with an underwritten public offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 

(f) Prior to the expected filing date of each registration statement pursuant to this Agreement, the Company shall notify the Investor who has
timely provided the requisite notice hereunder entitling the Investor to register Registrable Securities in such registration statement of the information, documents and instruments from the Investor that the Company or any underwriter reasonably
requests in connection with such registration statement, including, but not limited to a questionnaire, and signatures to a custody agreement, power of attorney, lock-up letter and underwriting agreement, each of which instrument shall be in a form
reasonably acceptable to the Investor (the “Requested Information”). If the Company has not received, on or before the second day before the expected filing date, the Requested Information from the Investor, and provided that
the Company has provided the Investor with reasonable advance notice of the expected filing date, the Company will not be obligated to include any of the Investor’s Registrable Securities in the applicable Registration Statement, and will have
no liability for the failure to so include the Investor’s Registrable Securities. 
 5.7 Hold-Back Agreements. If requested by
the Company or any underwriter of Common Stock of the Company, the Investor shall not sell or otherwise transfer or dispose of any Common Stock (other than pursuant to such registration or, if permitted by any underwriter for such public offering,
in a private transfer to a Permitted Transferee) during the one-hundred eighty (180)-day period following the effective date of such registration statement filed pursuant to a Demand Registration under this Article 5; provided,
however, that, (a) all executive officers and directors of the Company enter into similar agreements, and (b) if any shareholder of the Company is released from any standoff obligation, the Company shall concurrently therewith cause
the same pro rata portion of the Company’s outstanding securities then held by the Investor to be released from any standoff obligations. The obligations described in this Section 5.7 shall not apply to a registration on Form S-4 or
Form S-8 or similar forms. 
 ARTICLE 6 

CERTAIN ADDITIONAL COVENANTS 

6.1 Tax Matters. On or before the Closing (and from time to time thereafter upon the reasonable request of the Company), the Investor
agrees to execute and deliver to the Company one or more executed original IRS Form W-9 or applicable IRS Form W-8, or such other forms, certifications and/or documentation relating to the Investor and any subsidiaries of the Investor that directly
own Shares and its and their owners as requested by the Company to enable the Company to meet its information reporting and withholding obligations under applicable tax 

  
 - 20 - 

 
laws. Investor agrees to provide new forms (or successor forms), certifications and/or documentation upon the expiration or obsolescence of any previously delivered forms, certifications and/or
documentation and agrees to promptly notify the Company of any change in circumstances which would modify or render invalid any portion of any document previously provided under this Section 6.1. 

6.2 Insider Trading. The Observer shall comply with the written policies and procedures regarding insider trading and conflicts of
interest adopted by the Company, in effect on the date hereof, and as such may be amended from time to time with the approval of the Board; provided that the Observer shall not be required to comply with any such amended policy until the
Company has provided a copy of such amended policy to the Observer. The Investor acknowledges that it is aware of such policies and procedures and that it has been provided with a copy of such policies and procedures in effect as of the date of this
Agreement. 
 ARTICLE 7 

MISCELLANEOUS 
 7.1
Headings; Construction. The descriptive headings contained in this Agreement are included for convenience of reference only and will not affect in any way the meaning or interpretation of this Agreement. The parties have participated jointly
in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties, and no presumption or burden of proof will arise
favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. Any reference to any federal, state, local or foreign statute, law or ordinance will be deemed also to refer to all rules and regulations
promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,” and “including” means “including without limitation”; the word “or” means “and/or”; and the
word “any” means “any or all.” The parties intend that each representation, warranty and covenant contained herein will have independent significance. If any party has breached any representation, warranty or covenant contained
herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) that the party has not breached will not detract from or mitigate
the fact that the party is in breach of the first representation, warranty or covenant. 
 7.2 Entire Agreement. This Agreement and
the other Transaction Documents, contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties
acknowledge have been merged into this Agreement and the other Transaction Documents. At or after the Closing, and without further consideration, each party will execute and deliver to the other such further documents as may be reasonably requested
in order to give practical effect to the intention of the parties under this Agreement and the other Transaction Documents. 
 7.3
Further Actions; Cooperation. The Investor agrees to use its reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, and to assist and cooperate with the other parties in doing, all things necessary,
proper or advisable to give effect to the 

  
 - 21 - 

 
transactions contemplated by the Transaction Documents. Without limiting the generality of the foregoing, the Investor (a) acknowledges that it will prepare and file with the Commission
filings under the Exchange Act, including under Section 13(d) of the Exchange Act, relating to its Beneficial Ownership of the Common Stock and (b) agrees to use its reasonable efforts to assist and cooperate with the other parties in
promptly preparing, reviewing and executing any such filings under the Exchange Act, including any amendments thereto. 
 7.4
Notices. Any notice, request or demand or other communication desired or required to be given hereunder will be in writing and will be deemed given upon: (a) actual receipt or personal delivery; (b) confirmed delivery by a standard
overnight courier service, or when delivered by hand; (c) three (3) Business Days after being mailed in the United States by certified or registered mail, postage prepaid; or (d) transmitter’s confirmation of a receipt of an
email or facsimile transmission, in each case addressed as respectively set forth below or to such other address as any party will have previously designated by such a notice. 

 

							
	 To the Company:
  

Rentrak Corporation
 One Airport Center

7700 N.E. Ambassador Place
 Portland, Oregon 97220

Fax: (866) 656-7413
 Attention: Chief Financial Officer

Email:dch@rentrak.com
	  	 To the Investor:
  

Competitive Media Reporting, LLC
 c/o WPP Group USA, Inc.

100 Park Avenue

4th Floor

New York, NY 10017
 Fax: (212) 632-2222

Attention: Chief Financial Officer
 Email: mhowe@wpp.com

 
 and
  

WPP Luxembourg Gamma Three S.à r.l.
 124 boulevard de la
Pétrusse
 L-2330
 Luxembourg

Fax: +352 26 12 07 21
 Attention: Anne Ehrismann / Thierry
Lenders

		 		  	E-mail:	  	anne.ehrismann@wpp.lu
		 		  		  	thierry.lenders@wpp.be
		
	 with a copy (which will not constitute notice) to:
  

Perkins Coie LLP
 1120 NW Couch Street

Tenth Floor
	  	 with a copy (which will not constitute notice) to:
  

Davis & Gilbert LLP
 1740 Broadway

New York, New York 10019

	 Portland, OR 97209
 Fax:
(503) 727-2222
	  	Attention:	  	 Matthew B. Schneider, Esq.
 Curt C. Myers,
Esq.

	Attention:	 	 John Thomas, Esq.
 Darren Nakata,
Esq.
	  	Fax: 212-468-4888
		 	  	Email:	  	mschneider@dglaw.com
	Email:	 	 JRThomas@perkinscoie.com

DNakata@perkinscoie.com
	  		  	cmyers@dglaw.com

  
 - 22 - 

 7.5 Fees and Expenses. Except as expressly set forth in this Agreement to the contrary
(including Article 5 hereof), each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution,
delivery and performance of this Agreement. 
 7.6 Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement will be governed
in all respects, including validity, interpretation, and effect by the laws of the State of New York, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof. Each of the parties hereto irrevocably
submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York located in the borough of Manhattan in the City of New York, or if such court does not have jurisdiction, the Supreme Court of the State
of New York, New York County, for the purposes of any suit, action or other proceeding arising out of or in connection with this Agreement or any transaction contemplated hereby. Each of the parties hereto further agrees that service of any process,
summons, notice or document by U.S. registered mail to such party’s respective address set forth in Section 7.4 shall be effective service of process for any action, suit or proceeding with respect to any matters to which it has
submitted to jurisdiction as set forth above in the immediately preceding sentence. Each of the parties hereto irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this
Agreement or the transactions contemplated hereby in (i) the United States District Court for the Southern District of New York or (ii) the Supreme Court of the State of New York, New York County, and hereby further irrevocably and
unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. Each party hereby irrevocably waives all right to trial by jury
in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this Agreement. 

7.7 Survival. The representations, warranties, agreements and covenants contained herein shall survive the Closing and the delivery of
the Shares, as applicable. 
 7.8 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of
being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement will nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated herein are not
affected in any manner adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties will negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties to the fullest extent possible. 
 7.9 Replacement of Securities. If any certificate or instrument evidencing
any Shares is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor, a new certificate or instrument, but only upon
receipt of evidence reasonably satisfactory to the 

  
 - 23 - 

 
Company of such loss, theft or destruction and customary and reasonable indemnity, if requested. The applicants for a new certificate or instrument under such circumstances shall also pay any
reasonable third-party costs associated with the issuance of such replacement Shares. 
 7.10 Successors and Assigns. This Agreement
shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. Except as otherwise set forth in this Agreement, no party may assign this Agreement or any rights or obligations hereunder without the prior
written consent of the other party. 
 7.11 No Third-Party Beneficiaries. This Agreement is intended for the benefit of the parties
hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person; provided that, the provisions of Section 5.6 are intended for the benefit
of the Persons covered thereby or entitled to payment thereunder. 
 7.12 Amendments; Waiver. This Agreement may be amended, modified
or supplemented at any time, but only pursuant to an instrument in writing signed by the Company and the Investor. The Company or the Investor may (a) extend the time for the performance of any of the obligations or other acts of the other
parties under this Agreement; (b) waive any inaccuracy in the representations and warranties in this Agreement; and (c) waive compliance with any of the agreements, covenants, or conditions in this Agreement. Any extension or waiver
contemplated in this Section 7.12 will be valid only if set forth in an instrument in writing signed by the Company on the one hand, or the Investor on the other hand, as applicable, and will apply only as set forth in such instrument
and will not operate as a waiver of, or estoppel with respect to, any failure to comply with any other obligation, covenant, agreement or condition contained herein. 

7.13 Counterparts. This Agreement may be executed and delivered, including by facsimile or other electronic transmission (e.g.,
“.pdf” or “.tiff”), in one or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one agreement. 

7.14 Specific Performance. The parties acknowledge and agree that any breach of the terms of this Agreement would give rise to
irreparable harm for which money damages would not be an adequate remedy and accordingly the parties agree that, in addition to any other remedies, each will be entitled to enforce the terms of this Agreement by a decree of specific performance
without the necessity of proving the inadequacy of money damages as a remedy. 
 7.15 Adjustments in Share Numbers and Prices. In the
event of any stock split, subdivision, dividend or distribution payable in shares of Common Stock (or other securities or rights convertible into, or entitling the holder thereof to receive directly or indirectly shares of Common Stock), combination
or other similar recapitalization or event occurring after the date hereof, each reference in this Agreement to a number of shares or a price per share shall be amended to appropriately account for such event. 

7.16 Effectiveness; Termination. This Agreement will be effective as of the Closing Date immediately following the Closing and will
terminate (a) if the Purchase Agreement is 

  
 - 24 - 

 
terminated prior to the Closing, as of the time at which the termination of the Purchase Agreement takes effect, (b) upon the mutual written consent of all of the parties hereto, or
(c) if the Investor ceases to Beneficially Own an amount of Common Stock equal to at least five percent (5%) of the Common Stock issued and outstanding; provided, however, that the following shall survive the
termination of this Agreement: Sections 5.6 and 5.7 (in the case of termination pursuant clauses (b) or (c) of this Section 7.16), and Sections 7.5, 7.6, 7.11 and
this Section 7.16. No termination pursuant to this Section 7.16 shall release the Investor or the Company from their respective indemnification and contribution rights and obligations, if any, pursuant
to Section 5.6 herein. 
 [Remainder of page intentionally left blank] 

  
 - 25 - 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed and delivered by their
respective officers thereunto duly as of the date first above written. 
  

			
	RENTRAK CORPORATION
		
	By:	 	 /s/ David I. Chemerow

	Name:	 	David I. Chemerow
	Title:	 	Chief Operating Officer,
		 	Chief Financial Officer and Secretary

 
			
	COMPETITIVE MEDIA REPORTING, LLC
		
	By:	 	 /s/ Kevin Farewell

	Name:	 	Kevin Farewell
	Title:	 	Secretary

 
			
	WPP LUXEMBOURG GAMMA THREE S.À R.L.
		
	By:	 	 /s/ Anne Ehrismann / /s/ Thierry Lenders

	Name:	 	Anne Ehrismann / Thierry Lenders
	Title:	 	Manager / Manager

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