Document:

Filed by Bowne Pure Compliance

 

Exhibit
10.6

L E A S E

THIS
LEASE is made as of the 3rd day of March 2008, between CBS BROADCASTING INC.,
a New York corporation (“Landlord”), and WESTWOOD ONE, INC., a Delaware corporation
(“Tenant”).

RECITALS

WHEREAS, CBS Radio Inc., formerly known as Infinity Broadcasting Corporation (“CBS
Radio”), an affiliate of Landlord, and Tenant previously entered into a Technical Services
Agreement, dated as of March 30, 1999 (the “Existing TSA”), for the provision of CBS
Radio’s facilities and employees to originate and distribute programming, including day-of-air
operation services, and commercial continuity services in support of the gathering, editing,
assembly and production of programming; and

WHEREAS, CBS Radio and Tenant desire to modify their existing business relationship by
terminating or amending and restating certain agreements (including the Existing TSA), documenting
certain existing practices between the parties and entering into new agreements (the “New
Transaction Documents”, as more particularly described in the Master Agreement, dated as of
October 2, 2007 (the “Master Agreement”), and the Amended and Restated Technical Services
Agreement, dated as of the date hereof (the “TSA”)), including, without limitation, the
leasing by Landlord to Tenant of certain premises in the building owned by Landlord located at 524
West 57th Street, New York, New York, known as the CBS Broadcast Center (the “524
West 57th Street Building”) in accordance with the terms set forth in this Lease.

NOW, THEREFORE, as contemplated by the Master Agreement and the TSA and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant
agree as follows:

1. PREMISES:

(a) For and in consideration of the payment by Tenant of the rent hereinafter reserved and the
performance by Tenant of the covenants and agreements hereinafter agreed to be performed by it,
Landlord hereby leases to Tenant and Tenant hereby leases from Landlord, throughout the term
hereof, upon and subject to the terms, covenants and conditions set forth herein, (i) exclusive use
of the portion of the Building (as defined below) described on Exhibit “A” attached hereto
(the “Premises”), (ii) non-exclusive use, along with Landlord, of that portion of the
Building known as office #1E44 (the “Master Control Room”) and (iii) non-exclusive use of
the Common Areas. The “Common Areas” shall mean those portions of the Building that,
consistent with Past Practice (as defined in the TSA), are not exclusively leased or allocated to
any one tenant or user (including Landlord), including common entrances, lobbies, hallways,
walkways, restrooms, elevators, elevator lobbies, stairways, access ways, ramps, passage ways,
loading docks, trash areas and sidewalks, but expressly excluding the roof of the Building.
Landlord shall have the right at any time during the term to change the Common Areas, provided that
such change does not unreasonably interrupt the services being provided to Tenant pursuant to the
TSA or otherwise materially adversely affect Tenant’s access to or use of the Premises, the Master
Control Room, the Rooftop Equipment (as defined below) or the Leased Equipment (as defined below).

 

 

 

(b) In addition, in consideration of the Base Rent (as defined below) payable by Tenant under
Section 3(a), Tenant shall have the right, throughout the term hereof, to use that certain
equipment owned by Landlord and located in the Master Control Room, listed on Exhibit “B”
attached hereto and any and all additions thereto and replacements and substitutions thereof made
by Landlord (the “Leased Equipment”). Tenant shall have the right to terminate its lease
of the Leased Equipment at any time during the term hereof upon providing Landlord with no less
than sixty (60) days prior written notice (it being understood that such termination shall not
affect Tenant’s obligation to pay Base Rent in accordance with Section 3(a)).

2. TERM; TERMINATION:

(a) The term of this Lease (the “Term”) shall commence on the date hereof (the
“Commencement Date”) and shall expire on March 31, 2017 unless Tenant’s right to use and
occupy the Premises is either earlier terminated or extended pursuant to and in accordance with the
terms of this Lease, the Master Agreement and the TSA (March 31, 2017, or such earlier or later
date to which Tenant’s right to use and occupy the Premises shall have been accelerated or
extended, as applicable, the “Expiration Date”). Tenant shall have no right to extend the
term of this Lease beyond the Expiration Date.

(b) This Lease may be terminated prior to March 31, 2017 (i) by mutual written consent of
Landlord and Tenant or (ii) pursuant to the provisions of Section 2(c), 11, 12, 14 or 15(b) of this
Lease.

(c) Notwithstanding the foregoing, (i) this Lease shall automatically terminate (subject to
the last sentence of this Section 2(c)) in the event of a termination of the Master Agreement, the
expiration or termination of the News Agreement (as such term is defined in the TSA) or the
expiration or termination of the TSA, subject to the Transition Rights (as defined below), in each
case, pursuant to the applicable termination provisions thereof, provided that, in the event that
(x) such automatic termination is the result of the termination or expiration of the News
Agreement, Tenant shall have a one (1)-year transition period from the date of such automatic
termination to quit and surrender to Landlord the Premises, or (y) such automatic termination is
the result of a termination by CBS Radio of the Master Agreement pursuant to Section 27(a)(ii)
through (v) or Section 27(b) thereof, Tenant shall have a six (6)-month transition period from the
date of such automatic termination to quit and surrender to Landlord the Premises; and (ii) this
Lease may be terminated by Landlord if any person or entity engaged in the radio network business,
whether or not a Competitor (as defined in the Master Agreement), acquires or enters into an
agreement to acquire more than fifty percent (50%) of the equity or voting interests of Tenant, all
or substantially all of the assets of Tenant or all or substantially all of the assets comprising
any significant business unit or division of Tenant, in each case, in a single transaction or
series of related transactions, provided that in such case Tenant shall have a one (1)-year
transition period from the date of such termination to quit and surrender to Landlord the Premises.
Notwithstanding the foregoing, if the TSA is terminated, this Lease shall terminate at the end of
the transition periods that are the subject of the Monetary Breach Transition Right, Breach
Transition Right, Natural Expiration Transition Right or Short Term Transition Right, as applicable
(each as set forth in Section 5 of the TSA and, collectively, the “Transition Rights”). Landlord
and Tenant agree that, during any of the transition periods herein provided, Tenant shall have the
right to continue its use of the Leased Equipment and
Rooftop Equipment in accordance with the provisions of this Lease (including, without
limitation, all obligations of Tenant hereunder, which obligations shall continue to apply to
Tenant until the expiration of such applicable transition period).

 

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3. RENT:

(a) Tenant shall pay to Landlord base rent (the “Base Rent”) during the Term in the
following amounts:

	 	 	 	 	 	 	 	 	 
	Time Period	 	Annual Rent Amount ($)	 	Monthly Rent Amount ($)
	 
	 	 	 	 	 	 	 	 
	Commencement Date to
One-Year Anniversary
	 	 	474,000.00	 	 	 	39,500.00	 
	One-Year Anniversary
to Two-Year
Anniversary
	 	 	490,400.40	 	 	 	40,866.70	 
	Two-Year Anniversary
to Three-Year
Anniversary
	 	 	656,779.77	 	 	 	54,731.65	 
	Three-Year Anniversary
to Four-Year
Anniversary
	 	 	679,438.68	 	 	 	56,619.89	 
	Four-Year Anniversary
to Five-Year
Anniversary
	 	 	700,705.11	 	 	 	58,392.09	 
	Five-Year Anniversary
to Six-Year
Anniversary
	 	 	723,057.60	 	 	 	60,254.80	 
	Six-Year Anniversary
to Seven-Year
Anniversary
	 	 	746,123.14	 	 	 	62,176.93	 
	Seven-Year Anniversary
to Eight-Year
Anniversary
	 	 	769,924.46	 	 	 	64,160.37	 
	Eight-Year Anniversary
to Nine-Year
Anniversary
	 	 	794,485.05	 	 	 	66,207.09	 
	Nine-Year Anniversary
to Ten-Year
Anniversary
	 	 	819,829.13	 	 	 	68,319.09	 

(b) Any additional sum Tenant is required to pay to Landlord under the terms of this Lease
shall be deemed “Additional Rent.” Base Rent and Additional Rent shall be referred to
together as “Rent.” Rent for any partial month shall be pro-rated based upon the actual
number of days in such partial month.

(c) All Base Rent shall be payable monthly in advance on the first day of each month. All
Additional Rent shall be payable within thirty (30) days of Tenant’s receipt of an invoice
therefor, unless otherwise provided herein. All Rent shall be delivered to Landlord at 524 West
57th Street, New York, NY 10019, Attention: Director of General Accounting.

(d) If any Rent shall not be paid within fifteen (15) days after the same is due, in addition
to, and without waiving or releasing any other rights or remedies of Landlord, a late charge of
five percent (5%) per annum of the amount of such delinquent Rent shall become immediately due and
payable to Landlord as liquidated damages.

 

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4. CONDITION:

Tenant is currently in possession of the Premises and the Leased Equipment and is fully
familiar with the condition thereof. Tenant shall accept possession of the Premises and the Leased
Equipment in their current “AS IS” condition without any representation or warranty as
to condition and without any obligation on the part of Landlord to prepare the Premises or the
Leased Equipment for Tenant’s occupancy or use. Tenant acknowledges that no additional demising
walls, partition walls or other improvements shall be installed by Landlord between the Premises,
on the one hand, and the remainder of the Building including the Common Areas and space in the
Building used and occupied by Landlord and/or CBS Radio, on the other hand; provided that Landlord,
at its option and with notice to Tenant, may install such additional demising walls, partition
walls or other improvements so long as such installations do not unreasonably or adversely affect
Tenant’s use and occupancy of the Premises.

5. USE OF PREMISES; COMPLIANCE WITH LAWS:

(a) Tenant shall use and occupy the Premises for the origination, production and distribution
of programming, general office use and other lawful uses related to such uses consistent with Past
Practice, but for no other purpose (the “Permitted Use”). Landlord acknowledges that
Tenant’s use of the Premises on the date of this Lease is a Permitted Use.

(b) Tenant will use the Premises in compliance with any and all applicable laws statutes,
codes, ordinances, rules, orders and regulations of any municipal or governmental authority
(collectively, the “Laws”), which are applicable to or arise from the conduct of Tenant’s
specific business at the Premises; provided, however, in no event shall Tenant be required to
perform any capital improvements or repairs or to remedy any non-compliance by the Premises with
Laws unless such capital improvements or repairs or remedy are required because of the negligence
or willful misconduct of Tenant or Tenant’s employees or agents.

(c) Tenant agrees to comply with the rules and regulations currently in effect for the
Premises, a copy of which is attached hereto as Exhibit “C” and such modifications thereof
and additions thereto as Landlord may hereafter make, in Landlord’s reasonable discretion, provided
written notice thereof is given to Tenant (the “Rules and Regulations”) and provided that
such modifications do not adversely affect Tenant’s use of the Premises, the Common Areas, the
Leased Equipment or the Master Control Room. Landlord agrees that it will (i) enforce such Rules
and Regulations consistently and equitably in a non-discriminatory manner, and (ii) promptly notify
Tenant in writing of any alleged non-compliance by Tenant with the Rules and Regulations.

(d) Tenant acknowledges that Landlord is a party to collective bargaining agreements
(“CBAs”) with several unions. To the extent that Landlord has any obligations pursuant to
the CBAs which relate to the Premises and informs Tenant of such obligations, Tenant agrees to
comply with said obligations and abide by the CBAs and Landlord agrees to use commercially
reasonable efforts consistent with Past Practice, at Tenant’s cost, to assist Tenant with its
compliance with such obligations.

(e) Landlord acknowledges and agrees that, notwithstanding anything in this Lease to the
contrary, Tenant shall have similar access and use rights in and to the Premises, the Leased
Equipment, the Common Areas (subject to Section 1(a)) and the Master Control Room as Tenant has had
prior to the date hereof consistent with Past Practice and otherwise necessary to operate the
Business (as such term is defined in the Trademark License Agreement which is included in the New
Transaction Documents), and that such access and use is permitted, and a Permitted Use, under this
Lease.

 

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6. ROOF RIGHTS:

(a) In consideration of the Base Rent payable by Tenant under Section 3(a), Tenant shall have
the right to operate and maintain, at Tenant’s sole cost and expense, on the roof of the 524 West
57th Street Building and on the roof of the building located at 530 West 57th
Street, New York, New York 10019 (the “530 West 57th Street Building” and
together with the 524 West 57th Street Building, the “Building”), at such
locations as shown on Exhibit “D” attached hereto, the rooftop equipment described on
Exhibit “E” attached hereto (together with any and all additions thereto and replacements,
substitutions and upgrades thereof, in each case, to the extent permitted hereunder, the
“Rooftop Equipment”). Tenant shall have the right to replace any or all of the Rooftop
Equipment with the same or substantially similar equipment that meets the specifications set forth
in the TSA and is not substantially greater in size than the replaced item(s); provided, however,
such other equipment shall not damage the structural integrity of the Building, shall not involve
any actions which would result in a breach of any applicable roof warranty for the Building, and
shall comply in all respects with all Laws. Any other replacements of the Rooftop Equipment shall
require the prior written consent of Landlord, which consent may be withheld or granted in
Landlord’s sole discretion. When requesting such consent, Tenant shall provide Landlord with all
information reasonably requested by Landlord, including, but not limited to, make and model of such
equipment and detailed plans and specifications for the proposed installation of such equipment.

(b) Tenant shall give Landlord prior written notice of any proposed changes to the Rooftop
Equipment (whether or not such changes require Landlord’s consent). Any installation, removal or
maintenance of the Rooftop Equipment, including the location and installation of all cables in the
Building’s conduits, risers or equipment room, shall be (i) performed by a contractor approved by
Landlord, which approval shall not be unreasonably withheld, (ii) coordinated and scheduled with
Landlord and (iii) performed in a good and workmanlike manner in compliance with all Laws and all
governmental building, electric, communications and safety codes, ordinances, standards,
regulations and requirements now in effect or hereafter promulgated and in a manner that will not
damage the structural integrity of the Building, and (x) shall not result in a breach of any
applicable roof warranty for the Building or (y) be performed in a manner so as to result in
technical interference with the broadcasting and transmissions to and from the Building by
Landlord, Landlord’s affiliates and Landlord’s other licensees and users of the Building.

(c) The Rooftop Equipment shall remain the personal property of Tenant and shall be removed by
Tenant at its own expense at the expiration or earlier termination of this Lease. Tenant shall
repair any damage caused by such removal, including the patching of any holes to match, as closely
as reasonably possible, the color surrounding the area where the equipment and appurtenances were
attached. Tenant shall, throughout the term of this Lease, maintain the Rooftop Equipment in
proper operating condition consistent with Past Practice and, in any event, in accordance with all
Laws. Tenant shall have access to the roof of the Building for the purpose of weekly maintenance
of the Rooftop Equipment and otherwise consistent with Past Practice, and otherwise after
reasonable notice to Landlord or a designated CBS employee.

 

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(d) Tenant shall operate the Rooftop Equipment in compliance with all applicable Laws
(including the laws, requirements and regulations of the Federal Communications
Commission and the Federal Aviation Authority). Landlord shall be responsible for maintaining
all permits necessary for the operation of the Rooftop Equipment (except for any permits that relate
solely to Tenant, which permits shall be Tenant’s sole responsibility to maintain) and shall supply
such permits to Tenant upon request therefor. Any costs incurred pursuant to this Section 6(d)
that relate solely to Tenant’s use of the Rooftop Equipment or the maintenance of any permits in
connection therewith shall be the sole responsibility of Tenant.

(e) Tenant acknowledges that Landlord’s use of the roof for the broadcast and transmittal of
signals for CBS Network Television, as conducted on the Commencement Date or in the future, is
primary, but Landlord acknowledges and agrees that such use by Landlord will continue to allow
Tenant to use the roof consistent with Past Practice. Tenant will not knowingly operate the
Rooftop Equipment in such a manner as to interfere with, electronically or otherwise, Landlord’s
use of the roof for such broadcasting purposes or for the purpose of operating the Building, or
with other users of equipment on the roof of the Building and agrees that, in the event of any such
interference (whether occurring with or without Tenant’s knowledge), upon its knowledge of any such
interference (whether obtained on its own or via notice received), Tenant will promptly modify its
operation of the Rooftop Equipment in a manner that would no longer cause such interference.
Landlord will not knowingly operate any Building rooftop equipment or allow any other user to
operate any Building rooftop equipment in such a manner as to interfere with, electronically or
otherwise, Tenant’s use of the roof and Rooftop Equipment consistent with Past Practice and agrees
that, in the event of any such interference (whether occurring with or without Landlord’s
knowledge), upon its knowledge of any such interference (whether obtained on its own or via notice
received), Landlord will promptly modify its operation, or use reasonable efforts to cause other
users to modify their operation, as applicable, of Building rooftop equipment in a manner that
would no longer cause such interference.

(f) Tenant shall indemnify and hold Landlord harmless from and against any and all costs,
damages, causes of action and liability (including reasonable attorneys’ fees and court costs but
excluding any consequential damages) which may arise by reason of any occurrence attributable to or
arising out of the maintenance, repair, operation or removal of any of the Rooftop Equipment (other
than any maintenance, repair, operation or removal of any of the Rooftop Equipment pursuant to
Landlord’s request and solely for the purpose of accommodating Landlord’s operation or maintenance
of Landlord’s rooftop equipment). Landlord shall indemnify and hold Tenant harmless from and
against any and all costs, damages, causes of action and liability (including reasonable attorneys’
fees and court costs but excluding any consequential damages) which may arise by reason of any
occurrence attributable to or arising out of the maintenance, repair, operation or removal of any
of Landlord’s rooftop equipment (other than any maintenance, repair, operation or removal of any of
Landlord’s rooftop equipment pursuant to Tenant’s request and solely for the purpose of
accommodating Tenant’s operation or maintenance of the Rooftop Equipment).

 

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7. SERVICES:

(a) Landlord shall provide, at Landlord’s expense (except as otherwise provided in the TSA),
all Building services at such level as is consistent with Past Practice, including without
limitation the following services:

(i) heat, ventilation and air-conditioning required in Landlord’s reasonable judgment for the
comfortable use and occupation of the Premises, twenty-four (24) hours per day, seven (7) days per
week;

(ii) water for ordinary lavatory purposes and any kitchen included in the Premises or Common
Areas;

(iii) necessary elevator facilities in order to access the Premises;

(iv) janitor service for the Premises, including trash removal, Mondays through Fridays, legal
holidays excepted;

(v) electric current sufficient for Building standard illumination and for the operation of
standard office equipment, the Leased Equipment, the Rooftop Equipment and all other equipment used
by Tenant on the Premises consistent with Past Practice, twenty-four (24) hours per day, seven (7)
days per week;

(vi) unrestricted access to the Premises, Master Control Room, the Leased Equipment, the
Rooftop Equipment (subject to Section 6(c)) and Common Areas on a twenty-four (24) hours a day,
seven (7) days a week basis (subject to reasonable Building security and badge requirements);

(vii) mail delivery services Mondays through Fridays;

(viii) maintenance of the Common Areas; and

(ix) cable services (including T-1, internet, cable connections for the Leased
Equipment located in the Master Control Room and for the Rooftop Equipment).

(b) Tenant covenants and agrees that at all times its use of electric current shall never
exceed the greater of (i) Tenant’s usage consistent with Past Practice and otherwise necessary to
operate the Business, and (ii) the Premises’ proportionate share of the capacity of existing
feeders to the Building or the risers or wiring installation. Any riser or wiring required to meet
Tenant’s electrical requirements in excess of the foregoing, upon written request of Tenant, will
be installed by Landlord, at the sole cost and expense of Tenant if, in Landlord’s reasonable
judgment, the same will not cause permanent damage or injury to the Building or the Premises or
cause or create a dangerous or hazardous condition or unreasonably interfere with or disturb other
tenants or occupants of the Building.

(c) Except for such services as are rendered by Landlord or its affiliates under the terms of
the TSA (which shall be provided in accordance with the terms of the TSA), in the event that Tenant
requests additional work or services from Landlord, Landlord shall, to the extent such additional
services are available, as reasonably determined by Landlord, provide such services to Tenant,
provided that Tenant gives Landlord reasonable advance notice of the request for such extra
service. Tenant shall pay to Landlord within fifteen (15) days of receipt of Landlord’s statement
therefor, Landlord’s prevailing cost for providing such additional services. Landlord shall
provide to Tenant a good faith estimate of such cost for Tenant’s approval before proceeding with
any such services.

 

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(d) It is understood that Landlord does not warrant that any of the services referred to
above, or any other services which Landlord may supply, will be free from interruption, Tenant
acknowledging that any one or more such services may be suspended by reason of accident or of
repairs, alterations or improvements necessary to be made, or by strikes or lockouts, or by reason
of operation of law, or causes beyond the reasonable control of Landlord. In such event, Landlord
will use reasonable efforts to restore such service as soon as reasonably possible. Any such
interruption or discontinuance of service shall not be deemed an eviction or disturbance of
Tenant’s use and possession of the Premises, or any part thereof, or render Landlord liable to
Tenant for damages by abatement of rent or otherwise unless caused by the negligence or willful
misconduct of Landlord.

8. ALTERATIONS AND IMPROVEMENTS:

Tenant shall not have the right to make any alterations, additions, or improvements in or to
the Premises without the prior written consent of Landlord, which consent shall not be unreasonably
withheld with regard to non-structural work only. Should Tenant desire to perform alterations or
improvements upon the Premises, it shall, prior to commencing the work, transmit a reasonably
detailed description of the work to Landlord, including drawings and/or plans. Within ten (10)
business days of receipt of the same, Landlord shall notify Tenant as to its approval or
disapproval of the proposed alteration, addition or improvement. If Landlord rejects such proposed
alteration, addition or improvement and Tenant submits revised plans, then Landlord shall have five
(5) business days after receipt to reject or approve the alteration, addition or improvement
described in such revised plans. All work on such improvements shall be performed at Landlord’s
election by either (i) Landlord’s employees or its designated agents or contractors or
(ii) contractors selected by Tenant and reasonably approved by Landlord. If Tenant’s contractor is
used for such work, Tenant shall provide Landlord with (x) evidence of contractor’s and
subcontractors’ insurance in amounts reasonably required by Landlord, naming Landlord as an
additional insured party and (y) any security for the performance of the work in amounts reasonably
required by Landlord. All such work that Tenant is entitled to make hereunder, shall be done in a
good and workmanlike manner and shall not impair the structural integrity of the Building. Any
mechanic’s lien filed against the Premises or the Building for work claimed to have been done for,
or materials claimed to have been furnished to, Tenant shall be discharged by Tenant within thirty
(30) days after Tenant receives notice thereof, at Tenant’s expense, by payment or filing the bond
required by law. Tenant shall obtain all required building permits prior to commencing any
construction in the Premises and arrange for all required municipal or governmental inspections
upon completion of any construction. Upon the termination of this Lease, any or all such
alterations, additions or improvements shall, at the option of Landlord, (1) become the property of
Landlord or (2) be removed by Tenant; provided that, at the time of Tenant’s request for Landlord’s
consent to make such alterations, additions or improvements, Tenant may request Landlord to specify
at such time whether such alterations, additions or improvements, if consented to by Landlord,
would become the property of Landlord or be required to be removed by Tenant upon the termination
of this Lease and Landlord shall comply with such request and abide by its decision accordingly.
Notwithstanding the foregoing, all of Tenant’s trade fixtures and equipment shall remain its
property and shall be removed at the termination of this Lease. Tenant shall repair all damage or
defacement to the Premises, the Building and the fixtures, appurtenances and equipment of Landlord,
caused by Tenant’s
removal of its furniture, fixtures, equipment, machinery and the like and the removal of any
improvements or alterations.

 

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9. INSURANCE:

(a) Tenant shall, at its sole cost and expense, procure and maintain throughout the term of
this Lease or any renewal or extension thereof, insurance of the following character on the
Premises:

(i) Commercial general liability insurance (which shall include, inter alia, an endorsement or
rider for contractual liability coverage), with a limit of not less than $1,000,000.00 per
occurrence and $2,000,000.00 aggregate for injury (or death) or damage to property.

(ii) Insurance against loss or damage by fire, lightning and all other perils covered by the
“all risk” endorsement then in use in the State of New York covering all tenant improvements made
by Tenant and trade fixtures and equipment contained from time to time in the Premises, as well as
the Leased Equipment and the Rooftop Equipment, in an amount not less than one hundred percent
(100%) of their actual replacement cost.

(iii) All such insurance required pursuant to clauses (i) and (ii) above shall be secured from
an insurance company reasonably acceptable to Landlord that is licensed to do business in the State
of New York, and shall contain a clause that the insurer will not cancel or change said policy(ies)
without giving Landlord at least thirty (30) days’ prior written notice. Tenant shall provide
Landlord with a copy of each such policy or certificate of said insurance referenced in clauses (i)
and (ii) above upon the execution of this Lease and subsequently on the renewal or extension date
of such policy. Tenant’s liability policy shall name Landlord as an additional insured.

(b) Nothing contained in this Lease shall be construed to require either party to repair,
replace, reconstruct, or pay for any property of the other party which may be damaged or destroyed
by fire, flood, windstorm, earthquake, strikes, riots, civil commotions, acts of public enemy, acts
of God, or other casualty, and each party hereby waives, on behalf of itself and its insurer, all
rights of subrogation and claims against the other party for all loss or damage arising out of
perils normally insured against by standard fire and extended coverage insurance. Each casualty
insurance policy required pursuant to this Lease and/or carried by either Tenant or Landlord shall
have a provision wherein the insurer waives all right of recovery by way of subrogation against the
other party hereto.

 

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10. MAINTENANCE AND REPAIRS; LANDLORD’S ACCESS:

(a) Subject to Landlord’s maintenance and repair obligations set forth in subsection (b)
below, Tenant shall maintain the interior of the Premises in good condition and shall not commit
waste therein, and shall maintain the Leased Equipment as set forth in the TSA and in good
operating condition and repair. Tenant shall cause all damage to the Premises and the Leased
Equipment caused by the negligence or willful misconduct of Tenant, its servants, agents, invitees
or employees, and all other repairs which otherwise are required of Tenant pursuant to the terms of
this Lease, to be remedied and/or completed promptly following such damage.

(b) Landlord shall maintain and keep in good condition and repair (in each case, in a timely
manner), the Common Areas and all elements and systems of the Building and the Premises (except
otherwise provided for in Section 10(a)), including without limitation, heating, ventilation and
air conditioning systems (except for any system or unit installed by Tenant), the roof, plumbing
(except if installed by Tenant), and electrical systems, fire detection and sprinkler systems (to
the extent there are fire detection and sprinkler systems in the Premises, it being understood and
acknowledged that Landlord shall have no obligation to upgrade or change such systems or install
additional such systems unless required by Laws), except for such maintenance, repairs, and
replacements necessitated by the negligence or willful misconduct of Tenant, its servants, agents,
invitees or employees or as a result of legal requirements arising from Tenant’s particular manner
of use or occupancy of the Premises, the Leased Equipment or the Rooftop Equipment if such manner
of use and occupancy by Tenant is not consistent with Past Practice. Landlord shall further be
responsible to promptly correct any violation of law for which it receives a notice of violation
from the applicable governmental authority, except to the extent such violation was created by
Tenant or arises as a specific result of Tenant’s particular manner of use or occupancy of the
Premises, the Leased Equipment or the Rooftop Equipment, in which case Tenant shall promptly
correct such violation.

(c) Any maintenance or repair required to be performed by Tenant under this Section 10 to life
safety systems, distribution systems or structural portions of the Building shall be performed by
Landlord’s employees or contractors. To the extent Tenant is responsible for the cost of such
maintenance, Tenant shall pay Landlord all reasonable, direct out-of-pocket costs of such service.

(d) Landlord shall have the right to enter upon the Premises from time to time upon reasonable
notice (except in the case of emergency and to perform regularly scheduled Building services when
no notice is required) in order to inspect the same and to perform any maintenance, repairs, and
replacements which it is required to make under the provisions of this Lease subject to the terms
hereof. Such entry shall in no event be considered a constructive eviction of Tenant. Tenant shall
have the right to have a representative present during any such entry (except in the event of an
emergency). In addition Landlord may, upon prior reasonable notice, show the Premises to any
prospective purchaser or lender of the Building. Except in the event of an emergency, Landlord
shall use reasonable efforts not to disrupt Tenant’s business activities in the performance of such
maintenance or otherwise with respect to any such entry into the Premises and, in the absence of an
emergency, Landlord shall cooperate with Tenant in scheduling any such entry or maintenance.
Landlord shall be responsible for any damage to Tenant’s property or the Premises or injury to
persons caused by Landlord’s negligent acts or willful misconduct during such entry upon the
Premises.

 

10

 

11. DAMAGE TO OR DESTRUCTION OF PREMISES:

(a) If, during the Term, the Premises or any other portion of the Building (including, without
limitation, the rooftop) is damaged by fire, flood, windstorm, strikes, riots, civil commotions,
acts of public enemy, acts of God, or other casualty (collectively, a “Casualty”) so that
the Premises are rendered wholly or substantially unfit for occupancy or unsuitable for the conduct
of the Business, such that the Premises cannot be repaired within one hundred eighty (180) days
from the time of such damage, then this Lease, at the option of the Landlord or Tenant, may be
terminated as of the date of such damage. Landlord shall give Tenant written notice within thirty
(30) days of the date of damage if such damage cannot be repaired within one hundred eighty (180)
days and whether it will elect to terminate this Lease or repair or rebuild the Premises. Should
Landlord notify Tenant that the damages cannot be repaired within one hundred eighty (180) days and
that it has elected to perform such repairs, Tenant shall have thirty (30) business days from
receipt of such notice to notify Landlord in writing that it has elected to terminate this Lease.
Likewise if a substantial portion of the Building (but not a substantial portion of the Premises)
is so damaged such that Landlord determines that it will not repair such damages, and/or restore
the Building, then Landlord at its sole option within sixty (60) days after such Casualty, may
terminate this Lease upon written notice to Tenant. In the event that either Landlord or Tenant
elects to terminate this Lease, then Tenant shall pay the Rent apportioned to the time of damage,
and Tenant shall immediately surrender the Premises on the effective date of the termination of
this Lease to Landlord who may enter upon and repossess the same and all further rights and
obligations of the parties hereunder will terminate. If the Lease is not terminated pursuant to
the terms hereof, Landlord shall repair or replace as required such damage to the Premises (but not
any tenant improvements made by Tenant) and this Lease shall not be affected in any manner, except
that the Rent shall be suspended from the date of such damage until the earlier of thirty (30) days
from the date Landlord delivers the Premises to Tenant for the purpose of Tenant making tenant
improvements thereto or the date the Premises are substantially ready for occupancy by Tenant.

(b) If said Premises shall be so slightly damaged by any Casualty as not to be rendered unfit
for occupancy or unsuitable for the conduct of the Business to any substantial extent and the same
shall be repairable within one hundred eighty (180) days from the time of such damage, Landlord
shall repair the Premises (but not any tenant improvements made by Tenant) and during the period
from the date of such damage until the repairs are completed the Rent shall be apportioned so that
Tenant shall pay as Rent an amount which bears the same ratio to the entire monthly rent as the
portion of the Premises which Tenant is able to occupy or use for its Business during such period
bears to the entire Premises; provided, however, Landlord shall not be required to make such
repairs to the Premises if, due to damage to the Building, Landlord determines, in its reasonable
discretion, that it is not economically feasible to repair the Premises.

(c) If Landlord terminates this Lease following any Casualty or pursuant to Section 12 below
following any Taking, and in any event for any temporary relocation due to any Casualty or Taking,
Landlord shall use or shall cause its affiliates to use commercially reasonable efforts to provide
Tenant with comparable space in alternative premises to which Landlord or CBS Radio relocates on
substantially the same terms as this Lease. For purposes hereof, “comparable space” shall mean
space sufficient for Tenant to operate the Business (as
such term is defined in the Amended and Restated Trademark License Agreement, dated as of even
date herewith, by and between CBS Radio and Tenant).

 

11

 

12. CONDEMNATION:

In the event that any exercise of the power of eminent domain by any governmental authority or
by any other party vested by law with such power shall at any time prevent the full use and
enjoyment of the Premises or any other portion of the Building (including, without limitation, the
rooftop) such that the Premises or any other portion of the Building is rendered wholly or
substantially unsuitable for the conduct of the Business (a “Taking”), Landlord (subject to
clause (c) of Section 11 above) or Tenant shall have the right thereupon to terminate this Lease.
In addition, if a material portion of the Building otherwise is subject to an eminent domain
proceeding, Landlord (subject to clause (c) of Section 11 above) may terminate this Lease. In the
event of any such action, Landlord shall have the right to claim, recover, and retain from the
governmental authority or other party taking such action any award for the value of the Premises
except that Tenant shall be entitled to any claim for the leasehold value of the Premises as well
as the value of any of Tenant’s tenant improvements and trade fixtures. Tenant may make a separate
claim for the value of its personal property and fixtures which are taken or its moving expenses,
and any other damages available to Tenant to the extent it does not diminish any award payable to
Landlord.

13. FIXTURES AND SIGNS:

(a) Tenant shall have the right to install in or place on the Premises trade or moveable
fixtures, or other equipment as it may choose provided such fixtures or equipment do not exceed the
weight permitted by the floor structure. Such trade fixtures, machines, tools, or other equipment
shall at all times remain the personal property of Tenant regardless of the manner or degree of
attachment thereof to the Premises and may be removed at any time by Tenant whether at the
termination of this Lease or otherwise, provided, however, that Tenant shall make restoration of
the Premises and the Building in the event that any damage is done thereto in the removal of such
property.

(b) Tenant shall not have the right to affix any signs in, on or about the Premises or the
Building without Landlord’s consent (if visible from outside the Building) except to the extent
consistent with Tenant’s Past Practice.

14. DEFAULT; REMEDIES:

(a) Tenant shall be in default hereunder if:

(i) Tenant shall fail to pay any undisputed Rent payment or other charges payable under this
Lease by Tenant following thirty (30) days written notice from Landlord;

(ii) Tenant shall fail to pay any Rent payment or other charges payable under this Lease by
Tenant that was previously disputed but has since been determined by arbitration pursuant to
Section 24(j) or mutual agreement between Landlord and Tenant to be owed to Landlord under this
Lease, within fifteen (15) days of such arbitration award or following fifteen (15) days written
notice of such mutual agreement;

 

12

 

(iii) (x) two (2) or more disputed Rent payments or other charges payable under this Lease by
Tenant are submitted to arbitration under Section 24(j) during the term of this Lease, (y) such
disputed Rent payments or other charges payable under this Lease by Tenant are not deposited with a
third party escrow agent reasonably acceptable to Landlord and Tenant within five (5) business days
following submission to arbitration and (z) the arbitrator(s) finds in each case that the amount
claimed by Landlord to be properly payable by Tenant to Landlord under this Lease is in fact
properly payable to Landlord under this Lease; or

(iv) (x) Landlord notifies Tenant in writing that Tenant is in material breach of one or more
of its material covenants (other than payment covenants) under this Lease and such breach is not
cured within thirty (30) days of receipt of such written notice, (y) Landlord submits to
arbitration under Section 24(j) such breach or breaches and requests termination as a remedy and
(z) the arbitrator(s) determines (A) that Tenant has in fact materially breached one or more
material covenants (other than payment covenants) under this Lease, (B) that such breach or
breaches have not been cured and have caused significant harm to Landlord and (C) that termination
of this Lease is an appropriate remedy (after considering other appropriate remedies short of
termination).

(b) If Tenant is in default hereunder pursuant to Section 14(a) above, then Landlord shall
have the right, in addition to all other rights and remedies available to it at law or in equity,
to terminate this Lease upon written notice to Tenant (at least thirty (30) days written notice in
the case of a default under Section 14(a)(iii)) and, on the date specified in such notice, this
Lease and the term hereby demised and all rights of Tenant hereunder shall expire and terminate and
Tenant shall thereupon quit and surrender possession of the Premises to Landlord (x) no later than
six (6) months following such termination by Landlord in the event of a default under Section
14(a)(i) through (iii) and (y) no later than nine (9) months following such termination by Landlord
in the event of a default under Section 14(a)(iv), in each case, in the condition required in this
Lease, provided that Tenant shall remain bound by the terms and conditions of this Lease during the
time Tenant retains possession of the Premises following a termination of this Lease, it being the
intention of the parties hereto to create a conditional limitation upon the happening of a default.

(c) In any case in which (i) this Lease shall have been terminated in accordance with the
express provisions of this Lease or the Master Agreement and (ii) Landlord shall have elected to
recover any unpaid Rent or other charges payable under this Lease by Tenant and any portion of such
sum shall remain unpaid, subject to any applicable advance notice or transition provisions set
forth herein, in the TSA or in the Master Agreement, Landlord may, without further notice, enter
upon and repossess the Premises, by summary proceedings, ejectment or otherwise, and may dispossess
Tenant and remove Tenant and all other persons and property from the Premises and may have, hold
and enjoy the Premises and the rents and profits therefrom. Landlord may, in its own name, as
agent for Tenant if this Lease has not been terminated, or on its own behalf if this Lease has been
terminated, re-let the Premises or any part thereof for such term and on such terms (which may
include concessions of free rent) as Landlord in its sole discretion may determine. Landlord may,
in connection with any such re-letting, cause the Premises to be redecorated, altered, divided,
consolidated with other space or otherwise changed or prepared for re-letting. No re-letting shall
be deemed a surrender of the Premises.

 

13

 

(d) Landlord shall be in default hereunder if Tenant notifies Landlord in writing that
Landlord is in material breach of one or more of its material covenants (other than payment
covenants) under this Lease and such breach is not cured within thirty (30) days of receipt of such
written notice, (y) Tenant submits to arbitration under Section 24(j) such breach or breaches and
requests termination as a remedy and (z) the arbitrator(s) determines (A) that Landlord has in fact
materially breached one or more material covenants (other than payment covenants) under this Lease,
(B) that such breach or breaches have not been cured and have caused significant harm to Tenant and
(C) that termination of this Lease is an appropriate remedy (after considering other appropriate
remedies short of termination). In the event of Landlord’s default hereunder, Tenant shall have
the right to terminate this Lease in accordance with the provisions of this Section 14(d) upon
written notice to Landlord.

(e) If either party institutes a suit against the other party for violation of, or to enforce
any covenant, term or condition of, this Lease, the prevailing party shall be entitled to
reimbursement of all of its costs and expenses, including, without limitation, reasonable
attorneys’ fees, except to the extent that arbitration is required under Section 24(j) below, in
which event fees shall be paid as determined in such arbitration.

15. ASSIGNMENT; SUBLETTING:

(a) Tenant shall not have the right to assign this Lease or to sublet the Premises or any part
thereof, without the prior written consent of Landlord; provided that, subject to Section 26 of the
Master Agreement and Section 2(c) of this Lease, Tenant may assign all or any of its rights and
related obligations hereunder to a third party who acquires (i) all or substantially all of the
assets of Tenant or (ii) all or substantially all of the assets comprising any significant business
unit or division of Tenant that conducts its principal businesses and activities primarily at the
Premises, in each case, without the prior consent of Landlord (provided that any such assignment is
made only to a single assignee). Any purported assignment or transfer in violation of the
provisions of this Section 15 is null and void and of no force or effect. Notwithstanding anything
to the contrary in this Section 15, no assignment or subletting shall release Tenant nor relieve
Tenant from its duty to perform fully all of the agreements, covenants, and conditions set forth in
this Lease.

(b) Landlord shall have the right at any time during the term of this Lease to sell the
Building, which sale shall be subject to this Lease and the rights of the Tenant hereunder unless
Landlord terminates this Lease in accordance with the following. In the event Landlord sells the
Building to an entity not affiliated with Landlord, Landlord shall have the right to terminate this
Lease upon not less than one (1) year’s notice to Tenant.

16. HAZARDOUS MATERIALS:

(a) “Hazardous Materials” shall mean any material or substance (i) which is regulated
as a “hazardous substance,” “hazardous waste,” oil, petroleum, or oil or petroleum products or
byproducts, asbestos, polychlorinated byphenyls (“PCBs”), or “extremely hazardous
substance,” “hazardous chemical,” “toxic substance,” “pollutant,” “contaminant” or the like under
any Environmental Laws (as hereafter defined), (ii) which contains PCBs, (iii) which contains
asbestos, (iv) which is radioactive or (v) the presence of which requires investigation or
remediation under any Environmental Law, as well as any toxic or otherwise hazardous
substance, material or waste which is or becomes regulated as such by any Environmental Law during
the term of this Lease.

 

14

 

(b) Tenant shall conduct all of its operations at the Premises, and Landlord shall conduct all
of its operations at the Building, in substantial compliance with all federal, state and local
statutes (including, but not limited to the Comprehensive Environmental Response, Compensation, and
Liability Act, 42 U.S.C. Section 9601 et seq., as amended, (CERCLA); the Resource Conservation and
Recovery Act, 42 U.S.C. Section 6901 et seq., as amended (RCRA); the Clean Air Act, 42 U.S.C. 7401
et seq., as amended; the Clean Water Act, 33 U.S.C. Section 1251 et seq., as amended, the
environment related provisions of the Occupational Health and Safety Act, 29 U.S.C. Section 651 et
seq., as amended) and all applicable federal, state and local statutes protecting the environment
now or hereafter enacted and any additions and amendments thereto and regulations enacted
thereunder, ordinances, orders and requirements of common law governing pollution or protection of
human heath or the environment, including (i) discharges to the air, soil, surface or ground water
and (ii) handling, utilizing, storage, treatment or disposal of any Hazardous Materials as defined
therein (collectively, the “Environmental Laws”). Tenant and Landlord shall provide
promptly to the other copies of any permits, licenses, approvals, notices of violations, summons,
orders, complaints or other documents received by them pertaining to compliance with the
Environmental Laws at the Premises.

(c) Except as in the ordinary course of business, neither Landlord nor Tenant shall (i) cause,
allow or permit the escape, disposal or release of Hazardous Materials in, on, under, around or
from the Premises or (ii) store, use or allow the storage or use of Hazardous Materials in the
Building in any manner not sanctioned by law or the standards prevailing in the industry for
handling and storage of such Hazardous Materials. Tenant shall not store material or equipment
exterior to the Building.

(d) If Landlord has evidence that there has been a release by Tenant, its agents, servants,
employees or business invitees at the Premises of Hazardous Materials, Landlord may require testing
by an environmental testing entity to ascertain whether there has been a release of Hazardous
Materials. The reasonable costs of such testing shall be reimbursed by Tenant to Landlord. If a
governmental agency requires environmental testing relating to any release of Hazardous Materials
by Tenant, its agents, servants, employees or business invitees at the Premises, then such testing
shall be performed and paid for in the manner described above. Tenant shall execute affidavits or
representations, at Landlord’s request, stating that, to the best of Tenant’s knowledge and belief
after due inquiry, since the time that Tenant took possession of the Premises, there has been no
unauthorized release of Hazardous Materials by Tenant, its agents, servants, employees or business
invitees at the Premises in, on or around the Premises.

(e) Tenant shall defend, indemnify, protect and hold Landlord harmless from and against any
and all demands, claims, actions, assessments, losses, damages, liabilities, fines, penalties,
costs and expenses of every nature (including reasonable attorneys’ fees but excluding any
consequential damages) resulting from or arising out of (i) a breach by Tenant of any of the
provisions of this Section 16; or (ii) any violations of Environmental Laws or releases of
Hazardous Materials by Tenant, its agents, employees, customers or affiliates during the use and
occupancy of the Premises. Notwithstanding anything to the contrary herein, in no event will
Tenant be liable for the existence of any Hazardous Material in, on or around the Premises to the

 

15

 

extent (x) it pre-existed Tenant’s initial occupancy of the Premises under the terms of the
Existing TSA or (y) it was deposited by Landlord or its employees, agents or assigns. Landlord
shall defend, indemnify, protect and hold Tenant harmless from and against any and all demands,
claims, actions, assessments, losses, damages, liabilities, fines, penalties, costs and expenses of
every nature (including reasonable attorneys’ fees but excluding any consequential damages)
resulting from or arising out of (i) a breach by Landlord of any of the provisions of this Section
16; or (ii) any environmental conditions, events or circumstances caused by Landlord, its agents,
employees, customers (other than Tenant) or affiliates during the use and occupancy of the Building
to the extent caused by Landlord. Notwithstanding anything to the contrary herein, in no event
will Landlord be liable for the existence of any Hazardous Material in, on or around the Building
to the extent it was deposited by Tenant or its employees, agents or assigns.

(f) If either party knows, or has reason to know, that an unpermitted Hazardous Material, or
condition involving or resulting from the presence of a Hazardous Material, exists in, on, under or
about the Premises, or that a governmental agency is or has threatened to take action with respect
to the existence of any such condition, such party shall immediately provide written notification
of such fact to the other party. The notifying party shall also immediately provide the other
party with a copy of any statement, report, notice, registration, application, permit, business
plan, license, claim, action or proceeding given to, or received from any governmental authority or
third party, concerning such condition in, on, under or about the Premises.

(g) The provisions of Sections 16(e) and 16(f) shall survive the termination of this Lease.

17. QUIET ENJOYMENT:

So long as Tenant is not in default hereunder beyond the expiration of any applicable notice
or cure periods, Tenant may freely, peaceably and quietly occupy and enjoy the rights granted under
this Lease free from any molestation from Landlord or anyone acting by, through or under Landlord.

18. SURRENDER:

(a) Except as otherwise provided in Section 2(c) or 14(b), upon the expiration or other
termination of the Term, Tenant shall, without notice from Landlord, quit and surrender to Landlord
the Premises, vacant, broom-clean, and (subject to the provisions of Article 8 hereof) in
substantially the same condition and repair as on the Commencement Date, reasonable wear and tear
and damage which Landlord is obligated to repair hereunder excepted, and shall surrender possession
of the Leased Equipment to Landlord in substantially the same order and repair as on the
Commencement Date, reasonable wear and tear excepted. In addition, Tenant shall remove all of its
personal property located at or in the Premises or elsewhere in the Building. Any damage caused to
the Premises or any other portions of the Building as a result of the removal of Tenant’s personal
property shall be repaired by Tenant at its sole cost and expense. Tenant’s obligation to observe
or perform this covenant shall survive the expiration or sooner termination of the Term.

 

16

 

(b) Except for any applicable transition periods pursuant to the Transition Rights,
which for purposes of this Section 18(b) shall not be considered a hold over by Tenant, if Tenant
shall hold over and remain on the Premises or fail to remove any of its personal property beyond
the expiration or earlier termination of this Lease, such holding over shall not be deemed to be an
extension of this Lease, and, in addition to any rights Landlord may have under the terms of this
Lease, or at law or in equity, Landlord shall be entitled to recover any and all damages
(including, without limitation, any out-of-pocket costs associated with any repairs, replacements,
removal of property or other similar costs, but excluding any special, indirect, consequential or
exemplary damages and any loss of business or profits, whether or not foreseeable) suffered by
Landlord as a result of Tenant’s holding over, and Tenant shall also be obligated to pay to
Landlord a per diem amount based on an annual rate equal to two hundred percent (200%) of the Base
Rent payable on the date immediately preceding such holdover for each day thereafter that Tenant
remains in occupancy of the Premises. Subject to the parenthetical in the immediately preceding
sentence regarding the scope of damages, Tenant shall indemnify and hold Landlord harmless from any
liability, loss, costs and expenses, including, but not limited to reasonable attorneys’ fees,
arising out of such holding over by Tenant.

19. INDEMNITY:

(a) To the extent permitted by law, Tenant agrees to indemnify, defend and hold harmless
Landlord and Landlord’s affiliates and their respective officers, directors, affiliates, employees
and agents, and the predecessors, successors and permitted assigns of Landlord, from and against
any and all third party actions, claims and demands (and reasonable costs and expenses, including
reasonable attorneys’ fees, incurred by Landlord by reason of such third party actions, claims and
demands) (collectively, “Claims”), arising out of Tenant’s use and occupancy of the
Building and the Leased Equipment, the undertaking by Tenant of any alterations or repairs to the
Building or Tenant’s equipment, the conduct of Tenant’s business in the Building, any breach or
default on the part of Tenant in the performance of any covenant or agreement on the part of Tenant
to be performed under this Lease, or any willful or negligent act of Tenant, its agents or
employees in or about the Building, but excluding any Claims resulting from the willful misconduct
or negligence of Landlord or Landlord’s agents or employees.

(b) To the extent permitted by law, Landlord agrees to indemnify, defend and hold harmless
Tenant and Tenant’s affiliates and their respective officers, directors, affiliates, employees and
agents, and the predecessors, successors and permitted assigns of Tenant, from and against any and
all Claims arising out of Landlord’s use and occupancy of the Building and the Leased Equipment,
the undertaking by Landlord of any alterations or repairs to the Building or equipment, the conduct
of Landlord’s business in the Building, any breach or default on the part of Landlord in the
performance of any covenant or agreement on the part of Landlord to be performed under this Lease,
or any willful or negligent act of Landlord, its agents or employees in or about the Building, but
excluding any Claims resulting from the willful misconduct or negligence of Tenant or Tenant’s
agents or employees.

 

17

 

20. BROKERAGE:

Tenant and Landlord each represents and warrants that it has dealt with no broker, agent or
other person in connection with this Lease and that no broker, agent or other person brought about
this transaction. Landlord and Tenant each agrees to indemnify and hold the other harmless from
and against any claims by any other broker, agent or other person claiming a commission or other
form of compensation by virtue of having dealt with the indemnifying party with regard to this
Lease. The provisions of this Section 20 shall survive the expiration or earlier termination of
this Lease.

21. NOTICE:

	 	(a)	 	All notices, requests and other communications hereunder must be in writing and
will be deemed to have been duly given only if delivered personally or by facsimile
transmission (with receipt acknowledged) or mailed (registered or certified mail,
return receipt requested) to the parties at the following addresses or facsimile
numbers:

If to Tenant:

Westwood One, Inc.

40 West 57th Street, 15th Floor

New York, New York 10019

Attention: General Counsel

Telecopy: (212) 641-2198

with a copy to:

Skadden, Arps, Slate, Meagher & Flom LLP

300 South Grand Avenue

Los Angeles, California 90071

Attention: Brian J. McCarthy, Esq.

Telecopy: (213) 687-5600

If to Landlord:

CBS Broadcasting Inc.

524
West 57th Street

New York, New York 10019

Attention: COE

Telecopy: (212) 975-3926

with a copy to each of:

CBS Radio Inc.

1515 Broadway, 46th Floor

New York, New York 10036

Attention: Chairman & CEO

Telecopy: (212) 846-2342

 

18

 

CBS Corporation

51 West 52 Street

New York, New York 10019

Attention: General Counsel

Telecopy: (212) 975-4215

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Attention: Howard Chatzinoff, Esq.

                 Michael Lubowitz, Esq.

Telecopy: (212) 310-8007

(b) All such notices, requests and other communications will (i) if delivered personally to
the address as provided in this Section 21, be deemed given upon delivery, (ii) if delivered by
facsimile transmission to the facsimile number as provided in this Section 21, be deemed given upon
confirmation of transmission, and (iii) if delivered by mail in the manner described above to the
address as provided in this Section 21, be deemed given upon receipt (in each case regardless of
whether such notice, request or other communication is received by any other person to whom a copy
of such notice, request or other communication is to be delivered pursuant to this Section 21).
Any party from time to time may change its address, facsimile number or other information for the
purpose of notices to that party by giving notice specifying such change to the other parties
hereto.

22. SUBORDINATION:

(a) The rights of Tenant under this Lease shall be and are subject and subordinate at all
times to all ground leases, and/or underlying leases, if any, now or hereafter in force against the
Building or the land on which the Building sits (a “Ground Lease”), and to the lien of any
mortgage or mortgages now or hereafter in force against such Ground Lease, the Building and/or the
land on which the Building sits, and to all advances made or hereafter to be made upon the security
thereof, and to all renewals, modifications, consolidations, replacements and extensions thereof (a
“Mortgage”). This Section is self-operative and no further instrument of subordination
shall be required. However, in confirmation of such subordination Tenant shall promptly execute
such reasonable further instruments as may reasonably be requested by Landlord.

(b) Landlord hereby represents that as of the date of this Lease there are no Ground Leases or
Mortgages in effect. In the event Landlord does enter into a Ground Lease and/or a Mortgage,
Landlord shall obtain, for the benefit of Tenant, a subordination, non-disturbance and attornment
agreement, in form reasonably acceptable to Tenant and the lessor under such Ground Lease or holder
of such Mortgage (each, a “Lender”), pursuant to which Lender agrees that as long as Tenant
is not in default under this Lease beyond the expiration of any applicable notice or cure period,
Lender will not disturb Tenant in its possession of the Premises, name Tenant as a party to any
foreclosure action or terminate Tenant’s rights hereunder.

 

19

 

23. FORCE MAJEURE:

A party hereto will not have any liability to the other party hereto if performance by such
party hereunder shall be prevented, interfered with or omitted because of labor dispute, failure of
facilities, act of God, government or court action, or any other similar or dissimilar cause beyond
the control of the party so failing to perform hereunder.

24. MISCELLANEOUS:

(a) Entire Agreement. This Lease and the New Transaction Documents (as defined in the
Master Agreement) and the exhibits and schedules hereto and thereto, embody the entire agreement
and understanding of the parties hereto and supersede any and all prior agreements, arrangements
and understandings relating to the matters provided for herein.

(b) Waiver. Any term or condition of this Lease may be waived at any time by the
party that is entitled to the benefit thereof, but no such waiver shall be effective unless set
forth in a written instrument duly executed by or on behalf of the party waiving such term or
condition. No waiver by any party of any term or condition of this Lease, in any one or more
instances, shall be deemed to be or construed as a waiver of the same or any other term or
condition of this Lease on any future occasion. No failure or delay on the part of a party in
exercising any right or power under this Lease shall operate as a waiver thereof, nor shall any
single or partial exercise of any such right or power, or any abandonment or discontinuance of
steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. All remedies, either under this Lease or by law or otherwise
afforded, will be cumulative and not alternative.

(c) Amendment. This Lease may be amended, supplemented or modified only by a written
instrument duly executed by or on behalf of each party hereto.

(d) No Third-Party Beneficiary. The terms and provisions of this Lease are intended
solely for the benefit of each party hereto and their respective successors or permitted assigns,
and it is not the intention of the parties to confer third-party beneficiary rights upon any other
person.

(e) Binding Effect. This Lease shall be binding upon and shall inure to the benefit
of the parties hereto and their respective successors and permitted assigns.

(f) Headings. The headings used in this Lease have been inserted for convenience of
reference only and do not define or limit the provisions hereof.

(g) Invalid Provisions. If any provision of this Lease is held to be illegal, invalid
or unenforceable under any present or future law, and if the rights or obligations of any party
hereto under this Lease will not be materially and adversely affected thereby, (i) such provision
will be fully severable, (ii) this Lease will be construed and enforced as if such illegal, invalid
or unenforceable provision had never comprised a part hereof, (iii) the remaining provisions of
this Lease will remain in full force and effect and will not be affected by the illegal, invalid or
unenforceable provision or by its severance herefrom and (iv) in lieu of such illegal, invalid or
unenforceable provision, there will be added automatically as a part of this Lease a legal, valid
and enforceable provision as similar in terms to such illegal, invalid or unenforceable
provision as may be possible.

 

20

 

(h) Affiliate. When used in this Lease the term “affiliate” shall have the meaning
assigned to such term in Rule 405 promulgated under the Securities Act of 1933, as amended;
provided that, with respect to any affiliates of Landlord, such term shall mean CBS Corporation and
the controlled affiliates of CBS Corporation.

(i) Governing Law. This Lease shall be governed by and construed in accordance with
the laws of the state of New York, its rules of conflict of laws notwithstanding.

(j) Arbitration. Any dispute, controversy or claim arising out of or relating to this
Lease or the breach, termination or validity thereof (“Dispute”), shall on the demand of
any party be finally and exclusively resolved by arbitration in accordance with the then-prevailing
JAMS Comprehensive Arbitration Rules and Procedures as modified herein (the “Rules”);
provided, however, that any party hereto shall have the right to seek injunctive relief against the
other party hereto in the courts of New York, New York, prior to the resolution of any Dispute by
arbitration in accordance with this Section 24(j). There shall be three (3) neutral arbitrators of
whom each party shall select one. The claimant shall select its arbitrator in its demand for
arbitration and the respondent shall select its arbitrator within thirty (30) days after receipt of
the demand for arbitration. The two arbitrators so appointed shall select a third arbitrator to
serve as chairperson within fourteen days of the designation of the second of the two arbitrators.
If any arbitrator is not timely appointed, at the request of any party such arbitrator shall be
appointed by JAMS pursuant to the listing, striking and ranking procedure in the Rules. The place
of arbitration shall be New York, New York. The arbitral tribunal shall be required to follow the
law of the State of New York. The arbitral tribunal is not empowered to award damages in excess of
compensatory damages, and each party hereby irrevocably waives any right to recover punitive,
exemplary or similar damages with respect to any Dispute. Any arbitration proceedings, decision or
award rendered hereunder and the validity, effect and interpretation of this arbitration provision
shall be governed by the Federal Arbitration Act, 9 U.S.C. §1 et seq. The award shall be final and
binding upon the parties and shall be the sole and exclusive remedy between the parties regarding
any claims, counterclaims, issues or accounting presented to the arbitral tribunal. Judgment upon
any award may be entered in any court having jurisdiction.

(k) Counterparts. This Lease may be executed in counterparts and by facsimile
signature, each of which will be deemed an original, but all of which together will constitute one
and the same instrument.

(l) Expenses. Each of Landlord and Tenant shall bear its own expenses relating to
this Lease whether or not the Closing (as defined in the Master Agreement) is consummated.

(m) No Conflict with Other Agreements. Landlord represents and warrants to Tenant
that Landlord’s execution and delivery of this Lease and the performance by Landlord of its
obligations under do not and will not constitute a breach or default under any other agreement to
which Landlord is a party.

[Signature Page Follows.]

 

21

 

IN
WITNESS WHEREOF, Landlord and Tenant have executed this Lease as of the date first written above.

	 	 	 	 	 
	 	

CBS BROADCASTING INC.

 	 
	 	By:  	/s/
Louis J. Briskman 	 
	 	 	Name:  	Louis J. Briskman	 
	 	 	Title:  	EVP & Assistant Secretary	 
	 
	 	

WESTWOOD ONE, INC.

 	 
	 	By:  	/s/
David Hillman 	 
	 	 	Name:  	David Hillman 	 
	 	 	Title:  	CAO & GC 	 
	 

	 	 	 	 	 
	 	Acknowledged, as of the date first written above, by:

CBS RADIO INC.

 	 
	 	By:  	/s/
Louis J. Briskman 	 
	 	 	Name:  	Louis J. Briskman 	 
	 	 	Title:  	EVP & Assistant Secretary
	 
	 

Signature Page to 524 West 57th Street Lease

 

 

 

[Exhibits are intentionally
omitted.]Filed by Bowne Pure Compliance

 

Exhibit 10.7

Execution Version

REGISTRATION RIGHTS AGREEMENT

This Registration Rights Agreement (this “Agreement”) is made and entered into as of March 3,
2008, among Westwood One, Inc., a Delaware corporation (the “Company”), and Gores Radio
Holdings, LLC (together with its designees that are affiliates of The Gores Group, LLC, the
“Purchasers").

WHEREAS, the parties have agreed to enter into this Agreement in connection with, and as a
condition to the Closing under the Purchase Agreement, dated as of February 25, 2008, among the
Company and the Purchasers (the “Purchase Agreement”); and

WHEREAS, pursuant to the Purchase Agreement and concurrently with the execution of this
Agreement, the Purchasers are acquiring from the Company shares of the Company’s 7.50% Series A
Convertible Preferred Stock, par value $0.01 per share, and warrants to purchase shares of the
Company’s common stock, par value $0.01 per share.

NOW, THEREFORE, in consideration of the premises and mutual covenants contained in this
Agreement, the Company and the Purchasers agree as follows:

1. Definitions. In addition to the terms defined elsewhere in this Agreement, (a)
capitalized terms that are not otherwise defined herein have the meanings given to such terms in
the Purchase Agreement, and (b) the following terms have the meanings indicated:

“Automatic Shelf Registration Statement” means an “automatic shelf registration
statement” as defined in Rule 405 promulgated under the Securities Act.

“CBS” means CBS Radio Inc.

“CBS Registrable Securities” means the “Registrable Securities” as defined in the CBS
Registration Rights Agreement.

“CBS Registration Rights Agreement” means the Registration Rights Agreement by and
between the Company and CBS substantially in the form set forth as Exhibit D to the Master
Agreement between the Company and CBS contained in the Company’s Definitive Proxy Statement,
dated December 21, 2007.

“Holder” means any holder, from time to time, of Registrable Securities.

“Purchaser Request” means a written request from Holders that in the aggregate hold a
majority of the Registrable Securities outstanding as of the date of such request.

“Prospectus” means the prospectus included in a Registration Statement (including 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 a
Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material
incorporated by reference in such Prospectus.

 

 

 

“Registrable Securities” means any Common Stock (including Underlying Shares) issued or
issuable to the Purchasers pursuant to the Transaction Documents, together with any
securities issued or issuable upon any stock split, stock dividend or other distribution or
in connection with a combination of shares, recapitalization, merger, consolidation or
similar event with respect to the foregoing; provided, however, that Registrable Securities
shall not include any securities a Holder is permitted to sell pursuant to Rule 144 without
volume limitations or any other restrictions.

“Registration Statement” means any registration statement to be filed under the
Exchange Act, that covers any of the Registrable Securities pursuant to the provisions of
this Agreement, including the Prospectus included therein, all amendments and supplements to
such Registration Statement, including pre- and post-effective amendments, all exhibits and
all material incorporated by reference in such Registration Statement.

“Rule 144,” “Rule 415,” “Rule 424” and “Rule 461” means Rule 144, Rule 415, Rule 424
and Rule 461, respectively, promulgated by the Commission pursuant to the Securities Act, as
such Rules 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.

“Well-Known Seasoned Issuer” means a “well-known seasoned issuer” as defined in Rule
405 of the General Rules and Regulations promulgated under the Securities Act and that (a)
is a “well-known seasoned issuer” under paragraph (1)(i)(A) of such definition or (b) is a
“well-known seasoned issuer” under paragraph (1)(i)(B) of such definition and is also
eligible to register a primary offering of its securities relying on General Instruction
I.B.1 of Form S-3 or Form F-3 under the Securities Act (or any successor instruction or
successor form).

2. Shelf Registration.

(a) If at any time the Company shall receive a Purchaser Request under this Section 2 that the
Company file a shelf registration statement under the Securities Act, then the Company shall,
within 10 days of the receipt thereof, give written notice of such request to all Holders and,
subject to Section 4 below, shall prepare and file (as expeditiously as practicable, and in
any event within 60 days of the receipt of the Purchaser Request) with the Commission a “Shelf”
Registration Statement covering the resale of all Registrable Securities for an offering to be made
on a continuous basis pursuant to Rule 415; provided, however, that the Company
shall have no obligation to file a Registration Statement pursuant to this Section 2 for
less than the total amount of Registrable Securities then held by the Holders if (based on the
current market prices) the remaining Registrable Securities owned by all Holders would not yield
gross proceeds of at least $15,000,000. Such Registration Statement shall be on Form S-3 (except
if the Company is not then eligible to register for resale the Registrable Securities on Form S-3,
in which case such registration shall be on another appropriate form in accordance herewith as the

 

2

 

Holders may consent) and shall contain (except if otherwise directed by the Holders) the “Plan
of Distribution” attached hereto as Annex A. The Company shall use its reasonable best efforts to
cause such Registration Statement to be declared effective under the Securities Act as promptly as
reasonably practicable after the filing thereof, and in any event within 90 days of the filing
thereof (or 120 days if the Commission has determined to review the applicable Registration
Statement) or if the Company is a Well-Known Seasoned Issuer at time of receipt of a Purchaser
Request, Company shall cause the Registration Statement to be filed pursuant to an Automatic Shelf
Registration Statement and, subject to Section 4 below, shall use its reasonable best efforts to
keep such Registration Statement continuously effective under the Securities Act until the earliest
of (i) the fifth anniversary of the effective date of the Registration Statement, (ii) when all
Registrable Securities covered by such Registration Statement have been sold and (iii) the date as
of which each Holder is permitted to sell its Registrable Securities pursuant to Rule 144 without
volume limitations or any other restrictions (the “Effectiveness Period”).

(b) Subject to Section 4, the Company shall be deemed not to have used its reasonable
best efforts to keep the Shelf Registration Statement effective during the requisite period if it
voluntarily takes any action that results in Holders of Registrable Securities covered thereby not
being able to offer and sell such Registrable Securities during the Effectiveness Period, unless
(i) such action is required by law or the applicable interpretations thereof by the Commission’s
staff or (ii) such action is taken by the Company in good faith and for valid business reasons
(which shall not include avoidance of its obligations hereunder), provided, that the
Company on or prior to 45 days thereafter complies with the requirements of Section 6(j) to
the extent permitted by law or interpretation by the Commission’s staff.

3. Demand Underwritten Registration.

(a) If at any time the Company shall receive a Purchaser Request that the Company file a
registration statement under the Securities Act or prepare a prospectus supplement to an effective
Shelf Registration Statement filed pursuant to Section 2 above in order to effect an
underwritten offering, then the Company shall, within 10 days of the receipt thereof, give written
notice of such request to all Holders and, subject to Section 4 below, shall prepare and
file (as expeditiously as reasonably practicable, and in any event within 60 days after the date
the Company receives the Purchaser Request) a Registration Statement with respect to all
Registrable Securities that the Holders request to be registered (which shall be on Form S-3 or
other available form designated by the underwriters) and use its reasonable best efforts to (x)
cause such Registration Statement to become effective and (y) keep such Registration Statement
continuously effective under the Securities Act for a period of not less than 120 days or such
shorter period as is necessary to complete the distribution of the Registrable Securities covered
by such Registration Statement.

(b) If the Holders intend to distribute the Registrable Securities covered by their request by
means of an underwriting, they shall so advise the Company as a part of their request made pursuant
to this Section 3 and the Company shall include such information in the written notice
referred to in Section 3(a). In such event, the right of any Holder to include such
Holder’s Registrable Securities in such registration shall be conditioned upon such Holder’s
participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the
underwriting to the extent provided below. A majority in interest of the Holders of Registrable

 

3

 

Securities participating in the underwriting shall select the managing underwriter or
underwriters in such underwriting subject to the reasonable approval of the Company. All Holders
proposing to distribute their securities through such underwriting shall, together with the Company
as provided in Section 6(n), enter into an underwriting agreement in customary form with
the underwriter or underwriters so selected for such underwriting by a majority in interest of such
Holders; provided, however, that the Holders (or any of their assignees) shall not be
required by the Company to make any representations, warranties or indemnities except as they
relate to such Holder’s ownership of shares and authority to enter into the underwriting agreement
and to such Holder’s intended method of distribution, and the liability of such Holder shall be
limited to an amount equal to the net proceeds from the offering received by such Holder.
Notwithstanding any other provision of this Section 3, if the underwriter advises a Holder
that marketing factors require a limitation of the number of shares to be underwritten, then the
Holder shall so advise the Company and the Company shall so advise all Holders of Registrable
Securities that would otherwise be underwritten pursuant hereto, and the number of shares of
Registrable Securities that may be included in the underwriting shall be allocated as follows: (i)
first, among Holders of Registrable Securities that have elected to participate in such
underwritten offering and CBS to the extent, but only to the extent, CBS elects to participate in
such underwritten offering pursuant to the CBS Registration Rights Agreement, in proportion (as
nearly as practicable) to the aggregate amount of Registrable Securities held by all such Holders
and the amount of CBS Registrable Securities held by CBS, until such Holders have included in the
underwriting all shares requested by such holders to be included, and (ii) thereafter, among all
other holders of Common Stock, if any, that have the right and have elected to participate in such
underwritten offering, in proportion (as nearly as practicable) to the amount of shares of Common
Stock owned by such holders. Without the consent of a majority in interest of the Holders of
Registrable Securities participating in a registration referred to in Section 3(a), no
securities other than Registrable Securities and the CBS Registrable Securities shall be covered by
such registration if the inclusion of such other securities would result in a reduction of the
number of Registrable Securities covered by such registration or included in any underwriting or
if, in the opinion of the managing underwriter, the inclusion of such other securities would
adversely impact the marketing of such offering.

(c) The Company shall be obligated to effect only four registrations (and only if such
registration would include Registrable Securities with an aggregate value of at least $15,000,000,
calculated using the stated offering price disclosed on the cover of the final prospectus covering
such Registrable Securities) pursuant to a Purchaser Request under this Section 3 (except
as provided in the next sentence, an offering that is not consummated and an offering pursuant to
Section 2 above shall not be counted for this purpose); provided, that no more than
two Purchaser Requests shall be made in any 12-month period. The registration of Registrable
Securities under this Section 3 shall not be deemed to have been requested unless such
registration becomes effective (provided that if, within 120 days after it has become effective,
the offering of Registrable Securities pursuant to such registration is interfered with by any stop
order, injunction or other order or requirement of the SEC or other governmental agency or court,
such registration will be deemed not to have become effective unless 80% of such Registrable
Securities have been sold pursuant to such registration), and if the registration has remained
effective for 120 days without such interference such registration shall be deemed to have been
requested regardless of whether any of the Registrable Securities are ultimately sold pursuant to
such registration. In addition to the foregoing, if CBS participates in a registration of

 

4

 

Registrable Securities under this Section 3, such registration shall not be deemed to
have been requested unless 80% of the Registrable Securities originally requested by the Holders to
be included in such registration have been sold pursuant to such registration. The Company may
grant piggyback registration rights with respect to any registration statement demanded pursuant to
this Section 3, provided that any such rights shall be subject to the priority of Holders’
rights under this Section 3.

4. Postponement; Suspension. If at the time a request for registration is made
pursuant to Section 2 or Section 3, or at any time during the Effectiveness Period,
the Company is in the process of or desires to register securities under the Securities Act for
sale by it or has pending or in process a material transaction, the disclosure of which would, in
the good faith judgment of the Board of Directors of the Company, materially and adversely affect
the Company, the Company may defer the filing (but not the preparation) of the requested
Registration Statement, or suspend the use of the Shelf Registration Statement, as the case may be
(a) in the case of another registration statement in process, until the filing or abandonment of
such registration statement but in no event longer than 105 days, and (b) in the case of a material
transaction, for up to 105 days (but the Company shall use its reasonable best efforts to resolve
the transaction and file the Registration Statement as soon as practicable); provided,
however, that the Company may not utilize this right more than once in any 12-month period.

5. Piggy-Back Registrations.

(a) If (but without any obligation to do so) the Company proposes to register (including for
this purpose a registration effected by the Company for stockholders other than the Holders) any of
its stock or other securities under the Securities Act in connection with the public offering of
such securities solely for cash (other than a registration on Form S-8 (or similar or successor
form) relating solely to the sale of securities to participants in a Company stock plan or to other
compensatory arrangements to the extent includable on Form S-8 (or similar or successor form), or a
registration on Form S-4 (or similar or successor form)), the Company shall, at such time, promptly
give each Holder written notice of such registration. Upon the written request of each Holder
given within 30 days after mailing of such notice by the Company in accordance with Section
10(g) below, the Company shall use its reasonable best efforts to cause to be registered under
the Securities Act all of the Registrable Securities that each such Holder has requested to be
registered. The Company shall have no obligation under this Section 5 to make any offering of its
securities, or to complete an offering of its securities that it proposes to make. If the
registration of which the Company gives notice is for a registered public offering involving an
underwriting, the Company shall so advise the Holders as a part of the written notice given
pursuant to this Section 5(a). All Holders requesting to distribute their securities
through such underwriting shall, together with the Company as provided in Section 6(n),
enter into an underwriting agreement in customary form with the underwriter or underwriters for
such underwriting; provided, however, that the Holders (or any of their assignees) shall
not be required by the Company to make any representations, warranties or indemnities except as
they relate to such Holder’s ownership of shares and authority to enter into the underwriting
agreement and to such Holder’s intended method of distribution, and the liability of such Holder
shall be limited to an amount equal to the net proceeds from the offering received by such Holder.

 

5

 

(b) If the registration under this Section 5 is an underwritten registration on behalf
of holders of securities of the Company other than the Holders, and if the underwriter advises the
Company that marketing factors require a limitation of the number of shares to be underwritten, the
underwriter may limit the number of Registrable Securities to be included in the registration and
underwriting. The Company shall so advise all Holders of Registrable Securities that would
otherwise be underwritten pursuant hereto. The number of shares, including Registrable Securities,
that may be included in the registration and underwriting shall be allocated as follows: (i)
first, among holders of securities requesting such registration in proportion (as nearly as
practicable) to the amount of registrable securities held by such holders, (ii) second, among all
of the Holders of Registrable Securities that have elected to participate in such underwritten
offering and CBS, if CBS is not the holder requesting such registration, to the extent, but only to
the extent, CBS elects to participate in such underwritten offering pursuant to the CBS
Registration Rights Agreement, in proportion (as nearly as practicable) to the amount of
Registrable Securities held by such Holders and the amount of CBS Registrable Securities held by
CBS and (iii) thereafter, among all other holders of Common Stock, if any, that have the right and
have elected to participate in such underwritten offering, in proportion (as nearly as practicable)
to the amount of shares of Common Stock owned by such holders.

(c) If the registration under this Section 5 is an underwritten registration on behalf
of the Company and if the underwriter advises a Holder that marketing factors require a limitation
of the number of shares to be underwritten, the underwriter may limit the number of Registrable
Securities to be included in the registration and underwriting. The Holder shall so advise the
Company and the Company shall so advise all Holders of Registrable Securities that would otherwise
be underwritten pursuant hereto. The number of shares, including Registrable Securities, that may
be included in the registration and underwriting shall be allocated as follows: (i) first, the
securities that the Company proposes to sell, (ii) second, among Holders of Registrable Securities
that have elected to participate in such underwritten offering and CBS to the extent, but only to
the extent, CBS elects to participate in such underwritten offering pursuant to the CBS
Registration Rights Agreement, in proportion (as nearly as practicable) to the aggregate amount of
Registrable Securities held by all such holders and the amount of CBS Registrable Securities held
by CBS, until such holders have included in the underwriting all shares requested by such holders
to be included, and (iii) thereafter, among all other holders of Common Stock, if any, that have
the right and have elected to participate in such underwritten offering, in proportion (as nearly
as practicable) to the amount of shares of Common Stock owned by such holders.

(d) Each Holder agrees that if a managing underwriter reasonably determines it is necessary in
order to effect such underwritten public offering, at such managing underwriter’s request, such
Holder will agree not to publicly sell any shares of Registrable Securities that are not included
in an underwritten public offering described in this Section 5 for a period, not to exceed
the lesser of (a) 120 days and (b) the number of days that the Company, any director or officer or
any other selling stockholder is similarly restricted; provided that if any such Person is released
from its obligations to not publicly sell, then all Holders shall be released from their
obligations under this Section 5(d) to the same extent.

6. Registration Procedures. In connection with the Company’s registration obligations
hereunder, the Company shall:

 

6

 

(a) Not less than three Trading Days before the filing of each Registration Statement or any
related Prospectus or any amendment or supplement thereto (including any document that would be
incorporated or deemed to be incorporated therein by reference), the Company shall (i) furnish to
the Holders and Purchaser Counsel copies of all such documents proposed to be filed, which
documents (other than those incorporated or deemed to be incorporated by reference) will be subject
to the review of such Holders and Purchaser Counsel, and (ii) cause its officers and directors,
counsel and independent certified public accountants to respond to such inquiries as shall be
necessary to conduct a reasonable investigation within the meaning of the Securities Act. The
Company shall not file such a Registration Statement or any such Prospectus or any amendments or
supplements thereto to which the Holders of a majority of the Registrable Securities shall
reasonably object.

(b) (i) Prepare and file with the Commission such amendments, including post-effective
amendments, to each Registration Statement and the Prospectus used in connection therewith as may
be necessary to keep such Registration Statement continuously effective as to the applicable
Registrable Securities for the Effectiveness Period and prepare and file with the Commission such
additional Registration Statements in order to register for resale under the Securities Act all of
the Registrable Securities; (ii) cause the related Prospectus to be amended or supplemented by any
required Prospectus supplement, and as so supplemented or amended to be filed pursuant to Rule 424;
(iii) respond as promptly as reasonably practicable, and in any event within 15 Trading Days (or 20
Trading Days in the case of initial comments), to any comments received from the Commission with
respect to any Registration Statement or any amendment thereto and as promptly as reasonably
practicable provide the Holders and Purchaser Counsel true and complete copies of all
correspondence from and to the Commission relating to a Registration Statement; and (iv) comply in
all material respects with the provisions of the Securities Act and the Exchange Act with respect
to the disposition of all Registrable Securities covered by a Registration Statement during the
applicable period in accordance with the intended methods of disposition by the Holders thereof set
forth in the applicable Registration Statement as so amended or in such Prospectus as so
supplemented.

(c) Notify the Holders of Registrable Securities to be sold and Purchaser Counsel as promptly
as reasonably possible, and (if requested by any such Person) confirm such notice in writing no
later than one Trading Day thereafter, of any of the following events: (i) the Commission notifies
the Company whether there will be a “review” of any Registration Statement; (ii) the Commission
comments in writing on any Registration Statement (in which case the Company shall deliver to each
Holder a copy of such comments and of all written responses thereto); (iii) any Registration
Statement or any post-effective amendment is declared effective; (iv) the Commission or any other
Federal or state governmental authority requests any amendment or supplement to a Registration
Statement or Prospectus or requests additional information related thereto; (v) the Commission
issues any stop order suspending the effectiveness of any Registration Statement or initiates any
Proceedings for that purpose; (vi) the Company receives notice of any suspension of the
qualification or exemption from qualification of any Registrable Securities for sale in any
jurisdiction, or the initiation or threat of any Proceeding for such purpose; or (vii) the
financial statements included in any Registration Statement become ineligible for inclusion therein
or any statement made in any Registration Statement or Prospectus or any document incorporated or
deemed to be incorporated therein by reference is untrue in any material respect or any revision to
a Registration Statement, Prospectus or other document is required so that it will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading.

 

7

 

(d) Use its reasonable best efforts to avoid the issuance of or, if issued, obtain the
withdrawal of (i) any order suspending the effectiveness of any Registration Statement or (ii) any
suspension of the qualification (or exemption from qualification) of any of the Registrable
Securities for sale in any jurisdiction, as expeditiously as reasonably practicable.

(e) Furnish to each Holder and Purchaser Counsel, without charge, at least one conformed copy
of each Registration Statement and each amendment thereto, including financial statements and
schedules, all documents incorporated or deemed to be incorporated therein by reference, and all
exhibits to the extent requested by such Person (including those previously furnished or
incorporated by reference) promptly after the filing of such documents with the Commission.

(f) Promptly deliver to each Holder and Purchaser Counsel, without charge, as many copies of
the Prospectus or Prospectuses (including each form of prospectus) and each amendment or supplement
thereto as such Persons may reasonably request. Subject to Section 10(f), the Company
hereby consents to the use of such Prospectus and each amendment or supplement thereto by each of
the selling Holders in connection with the offering and sale of the Registrable Securities covered
by such Prospectus and any amendment or supplement thereto.

(g) In the time and manner required by each Trading Market, if at all, prepare and file with
such Trading Market an additional shares listing application covering all of the Registrable
Securities; (ii) take all steps necessary to cause such Registrable Securities to be approved for
listing on each Trading Market as soon as reasonably practicable thereafter; (iii) to the extent
available to the Company, provide to the Holders evidence of such listing; and (iv) maintain the
listing of such Registrable Securities on each such Trading Market.

(h) Before any public offering of Registrable Securities, use its reasonable best efforts to
register or qualify or cooperate with the selling Holders and Purchaser Counsel in connection with
the registration or qualification (or exemption from such registration or qualification) of such
Registrable Securities for offer and sale under the securities or Blue Sky Laws of such
jurisdictions within the United States as any Holder requests in writing, to keep each such
registration or qualification (or exemption therefrom) effective during the Effectiveness Period
and to do any and all other acts or things necessary or advisable to enable the disposition in such
jurisdictions of the Registrable Securities covered by a Registration Statement.

(i) Cooperate with the Holders to facilitate the timely preparation and delivery of
certificates representing Registrable Securities to be delivered to a transferee pursuant to a
Registration Statement, which certificates shall be free, to the extent permitted by the Purchase
Agreement, of all restrictive legends, and to enable such Registrable Securities to be in such
denominations and registered in such names as any such Holders may request.

 

8

 

(j) Upon the occurrence of any event described in Section 6(c)(iv) through
(vii), as promptly as reasonably possible, prepare a supplement or amendment, including a
post-effective amendment, to such a Registration Statement or a supplement to the related
Prospectus or any document incorporated or deemed to be incorporated therein by reference, and file
any other required document so that, as thereafter delivered, neither such Registration Statement
nor its related Prospectus will contain 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, in light
of the circumstances under which they were made, not misleading.

(k) Cooperate with any due diligence investigation undertaken by the Holders in connection
with the sale of Registrable Securities, including by making available any documents and
information; provided, that the Company will not deliver or make available to any Holder
material, nonpublic information unless such Holder specifically requests in advance to receive
material, nonpublic information and such Holder executes a nondisclosure agreement reasonably
acceptable to the Company.

(l) If Holders of a majority of the Registrable Securities being offered pursuant to a
Registration Statement select underwriters for the offering, the Company shall enter into and
perform its obligations under an underwriting agreement, in usual and customary form, including by
providing customary legal opinions, comfort letters and indemnification and contribution
obligations.

(m) Comply in all material respects with all applicable rules and regulations of the
Commission and make generally available to its stockholders a consolidated earnings statement
(which need not be audited) for the 12 months beginning after the effective date of a Registration
Statement that satisfies the requirements of an earnings statement under Section 11(a) of the
Securities Act as soon as reasonably practicable after the end of such period.

(n) Enter into such customary agreements (including, if requested, an underwriting agreement
in customary form) and take all such other customary actions, if any, as Holders holding a majority
of the Registrable Securities being sold or the managing underwriters (if any) shall reasonably
request in order to facilitate any disposition of Registrable Securities pursuant to such
Registration Statement. If requested by Holders holding a majority of the Registrable Securities
being sold, their counsel or the managing underwriters (if any) in connection with such
Registration Statement, use its reasonable best efforts to cause (i) its counsel to deliver an
opinion relating to the Shelf Registration Statement and Registrable Securities, as applicable, in
customary form, (ii) its officers to execute and deliver all customary documents and certificates
requested by Holders holding a majority of the Registrable Securities being sold, their counsel of
the managing underwriters (if any) and (iii) its independent public accountants to provide a
comfort letter or letters in customary form, subject to receipt of appropriate documentation as
contemplated, and only if permitted, by Statement of Auditing Standards No. 72 or any successor
accounting standard.

(o) Make reasonably available for inspection during normal business hours at the offices where
normally kept by a representative of, and counsel acting for, Holders holding a majority of the
Registrable Securities being sold and any underwriter participating in any disposition of
Registrable Securities pursuant to such Registration Statement, all relevant financial and other records and pertinent corporate documents and properties of the Company
and use its reasonable best efforts to have its officers, directors, employees, accountants and
counsel supply all relevant information reasonably requested by such representative, such counsel
or any such underwriter in connection with such Registration Statement, in either case to the
extent reasonably requested by such representative, such counsel or underwriter for the purpose of
conducting customary due diligence with respect to the Company.

 

9

 

(p) If any broker-dealer registered under the Exchange Act shall underwrite any transfer of
Registrable Securities or participate as a member of an underwriting syndicate or selling group or
“assist in the distribution” (within the meaning of the Rules of Conduct (the “Rules of Conduct”)
of the Financial Industry Regulatory Authority (“FINRA”)), whether as a holder of such Registrable
Securities or as an underwriter, a placement or sales agent or a broker or dealer in respect
thereof, or otherwise, assist such broker-dealer in complying with the requirements of such Rules
of Conduct by (if such Rules of Conduct shall so require) engaging a “qualified independent
underwriter” (as defined in such Rules of Conduct) to participate in the preparation of the
registration statement relating to such Registrable Securities.

(q) Use its reasonable best efforts to make available executive officers of the Company to
participate with the Holders and any underwriters in any “road shows” or other selling efforts that
may be reasonably requested by the Holders in connection with the methods of distribution for the
Registrable Securities.

7. Registration Expenses. All fees and expenses incident to the performance of or
compliance with this Agreement by the Company shall be borne by the Company. The fees and expenses
referred to in the foregoing sentence shall include (a) all registration and filing fees (including
fees and expenses (i) with respect to filings required to be made with any Trading Market, (ii) in
compliance with applicable state securities or Blue Sky Laws (including fees and disbursements of
counsel for the Company in connection with Blue Sky qualifications or exemptions of the Registrable
Securities and determination of the eligibility of the Registrable Securities for investment under
the Laws of such jurisdictions as requested by the Holders) and (iii) FINRA fees and expenses), (b)
all expenses relating to the preparation, printing, distribution and reproduction of each
registration statement required to be filed hereunder, each prospectus included therein or prepared
for distribution pursuant hereto, each amendment or supplement to the foregoing, the certificates
representing the Registrable Securities and all other documents relating thereto, (c) messenger,
telephone and delivery expenses, (d) fees and disbursements of counsel and independent registered
public accounting firm for the Company (including the expenses of any opinions or “cold comfort”
letters required by or incident to such performance and compliance), (e) the reasonable fees and
disbursement of one counsel for the Holders; (f) reasonable fees, disbursements and expenses of any
“qualified independent underwriter” engaged pursuant to Section 6(p); and (g) fees and
expenses of all other Persons retained by the Company in connection with the consummation of the
transactions contemplated by this Agreement. The Company shall not be required to pay stock
transfer taxes or underwriters’ discounts or commissions related to Registrable Securities. The
obligation of the Company to bear the fees and expenses described in clauses (b), (d) and (e) (in
the case of (d) and (e), with respect to counsel only) of this Section 7 shall apply
whether or not any Registrable Securities are sold pursuant to a Registration Statement;
provided, however, that the fees and expenses described in this Section 7 for any
supplements or amendments to a Registration Statement or Prospectus solely resulting from a misstatement furnished in writing to the Company for
inclusion therein by or on behalf of a Holder shall be borne by such Holder.

 

10

 

Notwithstanding the foregoing, the provisions of this Section 7 shall be deemed
amended to the extent necessary to cause these provisions to comply with “blue sky” laws of each
state or the securities laws of any jurisdiction in the United States and its territories in which
the offering is made.

8. Indemnification.

(a) Indemnification by the Company. The Company shall, notwithstanding any
termination of this Agreement, indemnify and hold harmless each Holder, the officers, directors,
partners, members, agents, brokers (including brokers who offer and sell Registrable Securities as
principal as a result of a pledge or any failure to perform under a margin call of Common Stock),
investment advisors and employees of each of them, each Person who controls any such Holder (within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) and the
officers, directors, partners, members, agents and employees of each such controlling Person, to
the fullest extent permitted by applicable Law, from and against any and all Losses, as incurred,
arising out of or relating to any untrue or alleged untrue statement of a material fact contained
in a Registration Statement, any Prospectus or any form of prospectus or in any amendment or
supplement thereto or in any preliminary prospectus, or arising out of or relating to any omission
or alleged omission of a material fact required to be stated therein or necessary to make the
statements therein (in the case of any Prospectus or form of prospectus or supplement thereto, in
light of the circumstances under which they were made) not misleading, except to the extent, but
only to the extent, that (i) such untrue statements or omissions are based upon information
regarding such Holder furnished in writing to the Company by or on behalf of such Holder expressly
for use therein, or to the extent that such information relates to such Holder or such Holder’s
proposed method of distribution of Registrable Securities and was reviewed and approved in writing
by such Holder expressly for use in a Registration Statement, such Prospectus or such form of
Prospectus or in any amendment or supplement thereto or (ii) in the case of an occurrence of an
event of the type specified in Section 6(c)(v)-(vii), the use by such Holder of an outdated
or defective Prospectus after the Company has notified such Holder in writing that the Prospectus
is outdated or defective and before the receipt by such Holder of the Advice contemplated in
Section 10(f). The Company shall notify the Holders promptly of the institution, threat or
assertion of any Proceeding of which the Company is aware in connection with the transactions
contemplated by this Agreement.

(b) Indemnification by Holders. Each Holder shall, severally and not jointly,
indemnify and hold harmless the Company, its directors, officers, agents and employees, each Person
who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of
the Exchange Act), and the directors, officers, agents or employees of such controlling Persons, to
the fullest extent permitted by applicable Law, from and against all Losses (as determined by a
court of competent jurisdiction in a final judgment not subject to appeal or review), arising
solely out of any untrue statement of a material fact contained in any Registration Statement, any
Prospectus, or any form of prospectus, or in any amendment or supplement thereto, or arising solely
out of any omission of a material fact required to be stated therein or necessary to make the
statements therein not misleading to the extent, but only to the

 

11

 

extent, that such untrue statement or omission is contained in any information so furnished in
writing by or on behalf of such Holder to the Company specifically for inclusion in such
Registration Statement or such Prospectus. In no event shall the liability of any selling Holder
hereunder be greater in amount than the dollar amount of the net proceeds received by such Holder
upon the sale of the Registrable Securities giving rise to such indemnification obligation.

(c) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or
asserted against any Person entitled to indemnity hereunder (an “Indemnified Party”), such
Indemnified Party shall promptly notify the Person from whom indemnity is sought (the “Indemnifying
Party”) in writing, and the Indemnifying Party shall assume the defense thereof, including the
engagement of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees
and expenses incurred in connection with defense thereof; provided, that the failure of any
Indemnified Party to give such notice shall not relieve the Indemnifying Party of its obligations
or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally
determined by a court of competent jurisdiction (which determination is not subject to appeal or
further review) that such failure shall have materially adversely prejudiced the Indemnifying
Party.

An Indemnified Party shall have the right to engage separate counsel in any such Proceeding
and to participate in the defense thereof, but the fees and expenses of such counsel shall be at
the expense of such Indemnified Party or Parties unless: (i) the Indemnifying Party has agreed in
writing to pay such fees and expenses; (ii) the Indemnifying Party shall have failed promptly to
assume the defense of such Proceeding; (iii) the Indemnifying Party shall have failed promptly to
engage counsel reasonably satisfactory to such Indemnified Party in any such Proceeding (in each
case, only with respect to such Indemnified Party); or (iv) the named parties to any such
Proceeding (including any impleaded parties) include both such Indemnified Party and the
Indemnifying Party or any of its Affiliates, and such Indemnified Party shall have been advised by
counsel that a conflict of interest is likely to exist if the same counsel were to represent such
Indemnified Party and the Indemnifying Party or such Affiliates (in which case, under any of
clauses (i) through (iv), such counsel shall be at the expense of the Indemnifying Party). The
Indemnifying Party shall not be liable for any settlement of any Proceeding effected without its
written consent, which consent shall not be unreasonably withheld. No Indemnifying Party shall,
without the prior written consent of the Indemnified Party, effect any settlement of any pending
Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability arising out of such Proceeding.

All fees and expenses of the Indemnified Party (including reasonable fees and expenses to the
extent incurred in connection with investigating or preparing to defend such Proceeding in a manner
not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within 10
Trading Days of written notice thereof to the Indemnifying Party (regardless of whether it is
ultimately determined that an Indemnified Party is not entitled to indemnification hereunder;
provided that the Indemnifying Party may require such Indemnified Party to undertake to
reimburse all such fees and expenses to the extent it is finally judicially determined that such
Indemnified Party is not entitled to indemnification hereunder.

 

12

 

(d) Contribution. If a claim for indemnification under Section 8(a) or
8(b) is unavailable to an Indemnified Party (by reason of public policy or otherwise), then
each Indemnifying Party, in lieu of indemnifying such Indemnified Party, 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 and Indemnified Party in
connection with the actions, statements or omissions that resulted in such Losses as well as any
other relevant equitable considerations. The relative fault of such Indemnifying Party and
Indemnified Party shall be determined by reference to, among other things, whether any action in
question, including any untrue or alleged untrue statement of a material fact or omission or
alleged omission of a material fact, has been taken or made by, or relates to information supplied
by, such Indemnifying Party or Indemnified Party, and the parties’ relative intent, knowledge,
access to information and opportunity to correct or prevent such action, statement or omission.
The amount paid or payable by a party as a result of any Losses shall be deemed to include, subject
to the limitations set forth in Section 8(c), any reasonable attorneys’ or other reasonable
fees or expenses incurred by such party in connection with any Proceeding to the extent such party
would have been indemnified for such fees or expenses if the indemnification provided for in this
Section was available to such party in accordance with its terms.

The parties hereto agree that it would not be just and equitable if contribution pursuant to
this Section 8(d) were determined by pro rata allocation or by any other
method of allocation that does not take into account the equitable considerations referred to in
the immediately preceding paragraph. Notwithstanding the provisions of this Section 8(d),
no Holder shall be required to contribute, in the aggregate, any amount in excess of the amount
such Holder would otherwise have been required to pay under Section 8(b) had
indemnification been available. No Person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

The indemnity and contribution agreements contained in this Section are in addition to any
liability which any party may have to any other party.

9. Current Public Information. At all times the Company will file all reports
required to be filed by it under the Securities Act and the Exchange Act, and will take such
further action as any Holder of Registrable Securities may reasonably request, all to the extent
required to enable such Holders to sell Registrable Securities pursuant to Rule 144.

10. Miscellaneous.

(a) Remedies. In the event of a breach by the Company or by a Holder of any of their
obligations under this Agreement, each Holder or the Company, as the case may be, in addition to
being entitled to exercise all rights granted by Law and under this Agreement, including recovery
of damages, will be entitled to specific performance of its rights under this Agreement. The
Company and each Holder agree that monetary damages would not provide adequate compensation for any
losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby
further agrees that, in the event of any action for specific performance in respect of such breach,
it shall waive the defense that a remedy at Law would be adequate.

 

13

 

(b) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents
to departures from the provisions hereof may not be given, unless the same shall be in writing and
signed by the Company and the Holders of a majority of the then outstanding Registrable Securities.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with
respect to a matter that relates exclusively to the rights of certain Holders and that does not
directly or indirectly affect the rights of other Holders may be given by the Holders of at least a
majority of the Registrable Securities to which such waiver or consent relates; provided,
however, that the provisions of this sentence may not be amended, modified, or supplemented
except in accordance with the provisions of the immediately preceding sentence.

(c) No Other Registration Rights Agreements. Except for the CBS Registration Rights
Agreement and any registration rights on Form S-8 in favor of Thomas F.X. Beusse related to the
options granted by the Company to Mr. Beusse under the Stand-Alone Stock Option Agreement, dated as
of January 8, 2008, between the Company and Mr. Beusse, neither the Company nor any Subsidiary has
previously entered into any contract granting any registration rights with respect to any of its
securities to any Person that have not been satisfied in full.

(d) No Piggyback on Registrations. Except as and to the extent specified in Schedule
3.1(g) to the Purchase Agreement, neither the Company nor any of its security holders (other than
the Holders in such capacity pursuant hereto) may include securities of the Company in a
Registration Statement other than the Registrable Securities, and the Company shall not after the
date hereof enter into any contract providing any such right to any of its security holders.

(e) Compliance. Each Holder covenants and agrees that it will comply with the
prospectus delivery requirements of the Securities Act as applicable to it in connection with sales
of Registrable Securities pursuant to a Registration Statement.

(f) Discontinued Disposition. Each Holder agrees by its acquisition of such
Registrable Securities that, upon receipt of a notice from the Company of the occurrence of any
event of the kind described in Sections 6(c)(iv) through 6(c)(vii), such Holder
will forthwith discontinue disposition of such Registrable Securities under a Registration
Statement until such Holder’s receipt of the copies of the supplemented Prospectus and/or amended
Registration Statement contemplated by Section 6(j), or until it is advised in writing (the
"Advice”) by the Company that the use of the applicable Prospectus may be resumed, and, in either
case, has received copies of any additional or supplemental filings that are incorporated or deemed
to be incorporated by reference in such Prospectus or Registration Statement. The Company may
provide appropriate stop orders to enforce the provisions of this paragraph.

(g) Notices. Any and all notices or other communications or deliveries required or
permitted to be provided hereunder shall be in writing and shall be deemed given and effective on
the earliest of (i) the date of transmission, if such notice or communication is delivered via
facsimile at the facsimile number specified in this Section before 5:30 p.m. (New York City time)
on a Trading Day, (ii) the Trading Day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number specified in this Section later
than 5:30 p.m. (New York City time) on any date and earlier than 11:59 p.m. (New York City time) on such date, (iii) the Trading Day following the date of sending, if sent by nationally
recognized overnight courier service, specifying next business day delivery or (iv) upon actual
receipt by the party to whom such notice is required to be given if delivered by hand. The address
and facsimile numbers for such notices and communications shall be as set forth in the Purchase
Agreement.

 

14

 

(h) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors and permitted assigns of each of the parties and shall inure to the
benefit of each Holder. The Company may not assign its rights or obligations hereunder without the
prior written consent of the majority of the Holders. Each Holder may assign its rights and
obligations hereunder in the manner and to the extent permitted under the Purchase Agreement;
provided that the assignee of such Holders acquires at least 2,000,000 shares of the Common
Stock constituting Registrable Securities held by the transferring Holder, and, provided
further, that the Company is given written notice by the transferor of such transfer,
stating the name and address of said transferee or assignee and identifying the securities with
respect to which such registration rights are being assigned. References to a Person are also to
its permitted successors and assigns.

(i) Construction. The headings herein are for convenience of reference only, do not
constitute a part of this Agreement and shall not be deemed to limit or affect any of the
provisions hereof. Whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation.” The words
“hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement. The
definitions contained in this Agreement are applicable to the singular as well as the plural forms
of such terms and to the masculine as well as to the feminine and neuter genders of such term. The
language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party. Any
contract, statute or rule defined or referred to herein means such contract, statute or rule as
from time to time amended, modified or supplemented, including (in the case of contracts) by waiver
or consent and (in the case of statutes or rules) by succession of comparable successor statutes or
rules and references to all attachments thereto and instruments incorporated therein. References
to a Person are also to its permitted successors and assigns.

(j) Execution. This Agreement may be executed in two or more counterparts, all of
which when taken together shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party and delivered to the other party, it being
understood that both parties need not sign the same counterpart. If any signature is delivered by
facsimile transmission, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) the same with the same force and effect
as if such facsimile signature page were an original thereof.

 

15

 

(k) Governing Law; Venue; Waiver Of Jury Trial. All questions
concerning the construction, validity, enforcement and interpretation of this agreement shall be
governed by and construed and enforced in accordance with the internal laws of the State of New
York. Each party agrees that all legal proceedings concerning the interpretations, enforcement and
defense of the transactions (whether brought against a party hereto or its respective affiliates, directors, officers, stockholders, employees or
agents) shall be commenced exclusively in the state and U.S. federal courts sitting in the City of
New York, Borough of Manhattan. Each party hereto hereby irrevocably submits to the exclusive
jurisdiction of the state and U.S. federal courts sitting in the City of New York, Borough of
Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any
transaction contemplated hereby or discussed herein (including with respect to the enforcement of
any of this agreement), and hereby irrevocably waives, and agrees not to assert in any suit, action
or proceeding, any claim that it is not personally subject to the jurisdiction of any such court,
that such suit, action or proceeding is improper. Each party hereto hereby irrevocably waives
personal service of process and consents to process being served in any such suit, action or
proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this agreement
and agrees that such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. Each party hereto 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 agreement or any of the transaction documents or the transactions. If
either party shall commence a proceeding to enforce any provisions of this agreement or any
transaction document, then the prevailing party in such action or proceeding shall be reimbursed by
the other party for its reasonable attorneys fees and other reasonable costs and expenses incurred
with the investigation, preparation and prosecution of such proceeding.

(l) Cumulative Remedies. The remedies provided herein are cumulative and not
exclusive of any remedies provided by Law.

(m) Severability. If any provision of this Agreement is held to be invalid or
unenforceable in any respect, the validity and enforceability of the remaining terms and provisions
of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt
in good faith to agree upon a valid and enforceable provision that is a reasonable substitute
therefor and effects the original intent of the parties as closely as possible, and upon so
agreeing, shall incorporate such substitute provision in this Agreement.

(n) 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, except that each Related Person is
an intended third party beneficiary of Section 7 and (in each case) may enforce the
provisions of Section 7 directly against the parties with obligations thereunder.

(o) No Limitation on Convertible Securities. Nothing in this Agreement shall operate
to limit the right of any Holder to request the registration of Registrable Securities issuable
upon conversion, exchange or exercise of securities held by such Holder notwithstanding the fact
that at the time of such request, such Holder does not hold the Registrable Securities underlying
such securities.

 

16

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGES TO FOLLOW]

 

 

17

 

IN WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the
date first written above.

	 	 	 	 	 
	 	WESTWOOD ONE, INC.

 	 
	 	By:  	/s/ David Hillman
 	 
	 	 	Name:  	David Hillman 	 
	 	 	Title:  	CAO 	 
	 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGES OF PURCHASERS TO FOLLOW]

 

[Signature Page to Registration Rights Agreement]

 

 

 

	 	 	 	 	 
	 	GORES RADIO HOLDINGS, LLC

 	 
	 	By:  	THE GORES GROUP, LLC, its Manager
 	 
	 	 	 	 
	 	 	 
	 	By:  	                                              /s/ Ian R. Weingarten
 	 
	 	 	Name:  	Ian R. Weingarten 	 
	 	 	Title:  	Managing Director 	 
	 

 

[Signature Page to Registration Rights Agreement]

 

 

 

Annex A

Plan of Distribution

The selling stockholders, including their pledgees, donees, transferees, beneficiaries or
other successors in interest, may from time to time offer some or all of the shares of common stock
covered by this prospectus. To the extent required, this prospectus may be amended and
supplemented from time to time to describe a specific plan of distribution.

The selling stockholders will not pay any of the costs, expenses and fees in connection with
the registration and sale of the shares covered by this prospectus, but they will pay all
discounts, commissions or brokers’ fees or fees of similar securities industry professionals and
transfer taxes, if any, attributable to sales of the shares. We will not receive any proceeds from
the sale of the shares of our common stock covered hereby.

The selling stockholders may sell the shares of common stock covered by this prospectus from
time to time, and may also decide not to sell all or any of the shares that they are allowed to
sell under this prospectus. The selling stockholders will act independently of us in making
decisions regarding the timing, manner and size of each sale. The selling stockholders may sell
shares at fixed prices, at market prices prevailing at the time of sale, at prices related to such
prevailing market prices, at varying prices determined at the time of sale, or at privately
negotiated prices. Sales may be made by the selling stockholders in one or more types of
transactions, which may include:

	 	•	 	purchases by underwriters, dealers and agents who may receive compensation
in the form of underwriting discounts, concessions or commissions from the selling
stockholders and/or the purchasers of the shares for whom they may act as agent;
	 
	 	•	 	one or more block transactions, including transactions in which the broker
or dealer so engaged will attempt to sell the shares of common stock as agent but may
position and resell a portion of the block as principal to facilitate the transaction,
or in crosses, in which the same broker acts as an agent on both sides of the trade;
	 
	 	•	 	ordinary brokerage transactions or transactions in which a broker solicits
purchases;
	 
	 	•	 	purchases by a broker-dealer, as principal, and resale by the
broker-dealer for its account;
	 
	 	•	 	the pledge of shares as security for any loan or obligation, including
pledges to brokers or dealers who may from time to time effect distributions of the
 shares or other interests in the shares;
	 
	 	•	 	short sales or transactions to cover short sales relating to the shares;
	 
	 	•	 	one or more exchanges or over the counter market transactions;

 

A-1

 

	 	•	 	through distribution by a selling stockholder or its successor in interest
to its members, partners or shareholders;
	 
	 	•	 	privately negotiated transactions;
	 
	 	•	 	the writing of options, whether the options are listed on an options
exchange or otherwise;
	 
	 	•	 	distributions to creditors and equity holders of the selling stockholders;
and
	 
	 	•	 	any combination of the foregoing, or any other available means allowable
under applicable law.

A selling stockholder may also resell all or a portion of its securities in open market
transactions in reliance upon Rule 144 under the Securities Act of 1933, as amended (the
“Securities Act”) provided it meets the criteria and conforms to the requirements of Rule 144.

The selling stockholders may enter into sale, forward sale and derivative transactions with
third parties, or may sell shares not covered by this prospectus to third parties in privately
negotiated transactions. If the applicable prospectus supplement indicates, in connection with
those sale, forward sale or derivative transactions, the third parties may sell shares covered by
this prospectus and the applicable prospectus supplement, including in short sale transactions and
by issuing securities that are not covered by this prospectus but are exchangeable for or represent
beneficial interests in the common stock. The third parties also may use shares received under
those sale, forward sale or derivative arrangements or shares pledged by the selling stockholder or
borrowed from the selling stockholders or others to settle such third-party sales or to close out
any related open borrowings of common stock. The third parties may deliver this prospectus in
connection with any such transactions. Any third party in such sale transactions will be an
underwriter and will be identified in the applicable prospectus supplement (or a post-effective
amendment to the registration statement of which this prospectus is a part).

In addition, the selling stockholders may engage in hedging transactions with broker-dealers
in connection with distributions of shares or otherwise. In those transactions, broker-dealers may
engage in short sales of shares in the course of hedging the positions they assume with selling
stockholders. The selling stockholders may also sell shares short and redeliver shares to close
out such short positions. The selling stockholders may also enter into option or other
transactions with broker-dealers which require the delivery of shares to the broker-dealer. The
broker-dealer may then resell or otherwise transfer such shares pursuant to this prospectus. The
selling stockholders also may loan or pledge shares, and the borrower or pledgee may sell or
otherwise transfer the shares so loaned or pledged pursuant to this prospectus. Such borrower or
pledgee also may transfer those shares to investors in our securities or the selling stockholders’
securities or in connection with the offering of other securities not covered by this prospectus.

 

A-2

 

To the extent necessary, we may amend or supplement this prospectus from time to time to
describe a specific plan of distribution. We will file a supplement to this prospectus, if
required, upon being notified by the selling stockholders that any material arrangement has been
entered into with a broker-dealer for the sale of shares through a block trade, offering or a purchase by a broker or dealer. The applicable prospectus supplement will set forth the specific
terms of the offering of securities, including:

	 	•	 	the number of shares of common stock offered;
	 
	 	•	 	the price of such shares of common stock;
	 
	 	•	 	the proceeds to the selling stockholders from the sale of such shares;
	 
	 	•	 	the names of the underwriters or agents, if any;
	 
	 	•	 	any underwriting discounts, agency fees or other compensation to
underwriters or agents; and
	 
	 	•	 	any discounts or concessions allowed or paid to dealers.

The selling stockholders may, or may authorize underwriters, dealers and agents to, solicit
offers from specified institutions to purchase shares of common stock from the selling stockholders
at the public offering price listed in the applicable prospectus supplement. These sales may be
made under “delayed delivery contracts” or other purchase contracts that provide for payment and
delivery on a specified future date. Any contracts like this will be described in and be subject
to the conditions listed in the applicable prospectus supplement.

Broker-dealers or agents may receive compensation in the form of commissions, discounts or
concessions from the selling stockholders. Broker-dealers or agents may also receive compensation
from the purchasers of shares for whom they act as agents or to whom they sell as principals, or
both. Compensation as to a particular broker-dealer might be in excess of customary commissions
and will be in amounts to be negotiated in connection with transactions involving shares. In
effecting sales, broker-dealers engaged by the selling stockholders may arrange for other
broker-dealers to participate in the resales.

In connection with sales of our common stock covered hereby, the selling stockholders and any
underwriter, broker-dealer or agent and any other participating broker-dealer that executes sales
for the selling stockholders may be deemed to be an “underwriter” within the meaning of the
Securities Act. Accordingly, any profits realized by the selling stockholders and any compensation
earned by such underwriter, broker-dealer or agent may be deemed to be underwriting discounts and
commissions. Because the selling stockholders may be deemed to be “underwriters” under the
Securities Act, the selling stockholders must deliver this prospectus and any prospectus supplement
in the manner required by the Securities Act. This prospectus delivery requirement may be
satisfied through the facilities of the New York Stock Exchange in accordance with Rule 153 under
the Securities Act.

We and the selling stockholders have agreed to indemnify each other against certain
liabilities, including liabilities under the Securities Act. In addition, we or the selling
stockholders may agree to indemnify any underwriters, broker-dealers and agents against or
contribute to any payments the underwriters, broker-dealers or agents may be required to make with
respect to, civil liabilities, including liabilities under the Securities Act. Underwriters,
broker-dealers and agents and their affiliates are permitted to be customers of, engage in transactions with, or perform services for us and our affiliates or the selling stockholders or
their affiliates in the ordinary course of business.

 

A-3

 

The selling stockholders will be subject to applicable provisions of Regulation M of the
Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, which
provisions may limit the timing of purchases and sales of any of the shares of our common stock by
the selling stockholders. Regulation M may also restrict the ability of any person engaged in the
distribution of the shares of common stock to engage in market-making activities with respect to
the shares of common stock. These restrictions may affect the marketability of such shares.

In order to comply with applicable securities laws of some states, the shares may be sold in
those jurisdictions only through registered or licensed brokers or dealers. In addition, in
certain states the shares may not be sold unless they have been registered or qualified for sale in
the applicable state or an exemption from the registration or qualification requirements is
available. In addition, any shares of a selling stockholder covered by this prospectus that
qualify for sale pursuant to Rule 144 under the Securities Act may be sold in open market
transactions under Rule 144 rather than pursuant to this prospectus.

In connection with an offering of common stock under this prospectus, the underwriters may
purchase and sell securities in the open market. These transactions may include short sales,
stabilizing transactions and purchases to cover positions created by short sales. Short sales
involve the sale by the underwriters of a greater number of securities than they are required to
purchase in an offering. Stabilizing transactions consist of certain bids or purchases made for
the purpose of preventing or retarding a decline in the market price of the securities while an
offering is in progress.

The underwriters also may impose a penalty bid. This occurs when a particular underwriter
repays to the underwriters a portion of the underwriting discount received by it because the
underwriters have repurchased securities sold by or for the account of that underwriter in
stabilizing or short-covering transactions.

These activities by the underwriters may stabilize, maintain or otherwise affect the market
price of the common stock offered under this prospectus. As a result, the price of the common
stock may be higher than the price that otherwise might exist in the open market. If these
activities are commenced, they may be discontinued by the underwriters at any time. These
transactions may be effected on the New York Stock Exchange or another securities exchange or
automated quotation system, or in the over-the-counter market or otherwise.

 

A-4

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