Document:

Asset Purchase Agreement dated as of March 18, 2004

 EXHIBIT 10.21 
  
 ASSET PURCHASE AGREEMENT 
  
 Among 
  
 A.M. & P.M. BROADCASTERS, LLC 
  
 LBI MEDIA, INC. 
  
 LIBERMAN BROADCASTING OF DALLAS, INC. 
  
 AND

  
 LIBERMAN BROADCASTING OF DALLAS LICENSE CORP.

  
 RELATING TO THE ACQUISITION OF KNOR(FM) 

 
 Dated March 18, 2004 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	 ARTICLE I
	 	         DEFINITIONS
	  	1
			
	  1.1
	 	 Definitions
	  	1
			
	  1.2
	 	 Knowledge
	  	5
			
	 ARTICLE II
	 	         PURCHASE AND SALE OF ASSETS
	  	5
			
	  2.1
	 	 Assets to Be Conveyed
	  	5
			
	  2.2
	 	 Excluded Assets and Liabilities
	  	6
			
	 ARTICLE III
	 	         PURCHASE PRICE; METHOD OF PAYMENT; ESCROW DEPOSIT
	  	6
			
	  3.1
	 	 Purchase Price
	  	6
			
	  3.2
	 	 Liabilities Assumed
	  	8
			
	  3.3
	 	 Escrow Deposit
	  	8
			
	  3.4
	 	 Buyer’s Remedies
	  	9
			
	  3.5
	 	 Allocation
	  	9
			
	  3.6
	 	 Prorations
	  	9
			
	 ARTICLE IV
	 	         REPRESENTATIONS AND WARRANTIES BY SELLER
	  	9
			
	  4.1
	 	 Organization and Standing
	  	10
			
	  4.2
	 	 Authorization
	  	10
			
	  4.3
	 	 FCC Licenses
	  	10
			
	  4.4
	 	 Purchased Assets
	  	12
			
	  4.5
	 	 Insurance
	  	13
			
	  4.6
	 	 Litigation
	  	13
			
	  4.7
	 	 Contracts
	  	13
			
	  4.8
	 	 Insolvency
	  	13
			
	  4.9
	 	 Reports
	  	13
			
	  4.10
	 	 No Defaults
	  	13
			
	  4.11
	 	 Disclosures
	  	14
			
	  4.12
	 	 Environmental Compliance
	  	14
			
	  4.13
	 	 Intellectual Property
	  	14
			
	  4.14
	 	 Brokers
	  	15
			
	  4.15
	 	 Prepaid Expenses
	  	15

  

 i 

					
	  4.16
	 	 Employees.
	  	15
			
	  4.17
	 	 Taxes.
	  	16
			
	  4.18
	 	 No Interference with Signal.
	  	16
			
	 ARTICLE V
	 	         REPRESENTATIONS AND WARRANTIES BY BUYER AND LBI MEDIA
	  	16
			
	  5.1
	 	 Status
	  	16
			
	  5.2
	 	 No Defaults
	  	16
			
	  5.3
	 	 Authorization
	  	16
			
	  5.4
	 	 Brokers
	  	17
			
	  5.5
	 	 Qualification as a Broadcast Licensee
	  	17
			
	  5.6
	 	 Litigation
	  	17
			
	  5.7
	 	 Approvals and Consents
	  	17
			
	  5.8
	 	 Sufficiency of Funds
	  	17
			
	 ARTICLE VI
	 	         COVENANTS OF SELLER
	  	17
			
	  6.1
	 	 Affirmative Covenants of Seller
	  	17
			
	  6.2
	 	 Negative Covenants of Seller
	  	19
			
	  6.3
	 	 Lease Amendment
	  	20
			
	  6.4
	 	 Agreement to Modify Pending Application
	  	20
			
	 ARTICLE VII
	 	         ADDITIONAL AGREEMENTS
	  	20
			
	  7.1
	 	 Application for Commission Consent; Other Consents
	  	20
			
	  7.2
	 	 Mutual Right to Terminate
	  	21
			
	  7.3
	 	 Buyer’s Right to Terminate
	  	21
			
	  7.4
	 	 Seller’s Right to Terminate
	  	21
			
	  7.5
	 	 Risk of Loss
	  	22
			
	  7.6
	 	 Transfer Taxes and FCC Filings; Expenses; Bulk Sales.
	  	23
			
	 ARTICLE VIII
	 	         CLOSING CONDITIONS
	  	23
			
	  8.1
	 	 Conditions Precedent to Buyer’s Obligations
	  	23
			
	  8.2
	 	 Conditions Precedent to Seller’s Obligations
	  	25
			
	 ARTICLE IX
	 	         ITEMS TO BE DELIVERED AT THE CLOSING
	  	26
			
	  9.1
	 	 Seller’s Performance at Closing
	  	26

  

 ii 

					
	  9.2
	 	 Buyer’s Performance at Closing
	  	27
			
	 ARTICLE X
	 	         INDEMNIFICATION
	  	28
			
	 10.1
	 	 Indemnification by Seller
	  	28
			
	 10.2
	 	 Indemnification by LBI Media and Buyer
	  	29
			
	 10.3
	 	 Third-Party Claims
	  	29
			
	 10.4
	 	 Holdback.
	  	30
			
	 10.5
	 	 Survival of Representations and Warranties
	  	30
			
	 ARTICLE XI
	 	         MISCELLANEOUS PROVISIONS
	  	30
			
	 11.1
	 	 Notices
	  	30
			
	 11.2
	 	 Benefit and Assignment
	  	31
			
	 11.3
	 	 Public Announcements
	  	32
			
	 11.4
	 	 Other Documents
	  	32
			
	 11.5
	 	 Appendices
	  	32
			
	 11.6
	 	 Attorneys’ Fees
	  	32
			
	 11.7
	 	 Construction
	  	32
			
	 11.9
	 	 Counterparts
	  	34
			
	 11.10
	 	 Headings
	  	34
			
	 11.11
	 	 Entire Agreement
	  	34

  

					
	 EXHIBIT A
	  	 LEGAL OPINION OF SELLER’S COUNSEL
	  	1
			
	 EXHIBIT B
	  	 LEGAL OPINION OF SELLER’S FCC COUNSEL
	  	1
			
	 EXHIBIT C
	  	 LEGAL OPINION OF LBI ENTITIES COUNSEL
	  	1

  

			
	 SCHEDULE I
	  	 Identification of Contracts to be Assumed

	 SCHEDULE II
	  	 List of all Permits and FCC Licenses

	 SCHEDULE III
	  	 List of Required Consents

	 SCHEDULE IV
	  	 Identification of Principal Items of Tangible Personal Property

	 SCHEDULE V
	  	 Insurance Coverage Maintained by Seller on the Purchased Assets

	 SCHEDULE VI
	  	 Identification of Intellectual Property

	 SCHEDULE VII
	  	 Prepaid Expenses

  

			
	 EXHIBIT A
	 	 Legal Opinion of Seller’s Counsel

	 EXHIBIT B
	 	 Legal Opinion of Seller’s FCC Counsel

	 EXHIBIT C
	 	 Legal Opinion of LBI Entities’ Counsel

	 EXHIBIT D
	 	 Form of Estoppel and Consent

	 EXHIBIT E
	 	 Form of Escrow Agreement

  
  

 iii 

 ASSET PURCHASE AGREEMENT 
  
 THIS ASSET PURCHASE AGREEMENT is made and entered into this 18 day of March, 2004, by and among A.M. & P.M.
Broadcasters, LLC, a Texas limited liability company (“Seller”), on the one hand, and LBI Media, Inc., a California corporation (“LBI Media”); Liberman Broadcasting of Dallas, Inc., a California corporation
(“LBI”); and Liberman Broadcasting of Dallas License Corp., a California corporation (“LBI Sub”), on the other. LBI and LBI Sub are referred to collectively as “Buyer.” 
  
 W I T N E S S E T H: 
  
 WHEREAS, Seller owns certain assets used or held for use in connection
with the operation of radio station KNOR(FM), (93.7 FM, Krum, Texas) and its auxiliary facilities (the “Station”) and Seller desires to sell and assign to Buyer the Station and its related assets, and the licenses, permits and other
authorizations issued by the Federal Communications Commission (the “FCC” or “Commission”) for or in connection with the operation of the Station, including any and all pending applications therefor (the
“FCC Licenses”); and 
  
 WHEREAS, LBI Sub
desires to acquire the FCC Licenses, and LBI desires to acquire from Seller all the other assets relating to the Station and all of its assets; and 
  
 WHEREAS, the FCC Licenses may not be assigned to LBI Sub without the prior written consent of the Commission. 
  
 NOW, THEREFORE, in consideration of the mutual promises and covenants
herein contained, the Parties, intending to be legally bound, agree as follows: 
  
 ARTICLE I 
 DEFINITIONS 
  
 1.1 Definitions. Unless otherwise stated in this Agreement, the following terms shall have the following meanings:

  
 “Agreement” means this Asset Purchase
Agreement, and references to “Articles,” “Sections,” “Schedules” and “Exhibits” are to the Articles and Sections of this Agreement and to the Schedules and Exhibits attached hereto.

  
 “Assignment Application” means the
application which Seller and Buyer will join in and file with the Commission requesting its written consent to the assignment of the FCC Licenses from Seller to LBI Sub. 
  
 “Assumed Contracts” means only (i) those Contracts listed on Schedule I, (ii) any other contract
which LBI specifically agrees to assume in connection with this Agreement in its sole discretion, and (iii) those Contracts entered into by Seller in the ordinary course of business between the date hereof and the Closing Date which LBI specifically
agrees in writing to assume. 

 “Buyer” has the meaning set forth in the first paragraph of this Agreement. 

 
 “Closing Date” means (i) 5:00 p.m. PST on the 10th
business day following the Final Order Day, or (ii) such other time mutually agreed to in writing by the Parties.  
  
 “Closing Place” means the offices of O’Melveny & Myers LLP, 400 South Hope Street, 15th Floor, Los Angeles, California 90071, or such other place mutually agreed to in writing by the Parties. 
  
 “Commission” has the meaning set forth in the recitals
hereto. 
  
 “Communications Act” means the
Communications Act of 1934, as amended, or any successor statute or statutes thereto, and all rules, regulations, written policies, orders and decisions of the FCC thereunder, in each case as from time to time in effect. 
  
 “Contracts” means any agreement, written or oral, between
Seller and any third party related to the Station or the Purchased Assets that creates a right or obligation for either side to make payment or provide goods or services or otherwise grants rights or creates obligations, including but not limited to
advertising contracts and sales orders. 
  
 “Damages” means any and all claims, demands, liabilities, obligations, actions suits, proceedings, losses, damages, costs, expenses, assessments, judgments, recoveries and deficiencies, including interest, penalties and
reasonable attorneys’ fees, of every kind and description, contingent or otherwise. 
  
 “Encumbrance” means any option, pledge, security interest, lien, charge, mortgage, claim, debt, liability, obligation, encumbrance or restriction (whether on voting, sale, transfer or disposition),
whether imposed by agreement, understanding, law, rule or regulation; and, with respect to real property assets, including the Transmitter Buildings and Towers, it also means any leases, licenses or other occupancy agreements relating thereto or
covering any portion thereof or any liens or encumbrances existing with respect to Seller’s interest under such documents. 
  
 “Entravision” means Entravision Communications Corporation, a Delaware corporation. 
  
 “Escrow Agent” means Commonwealth Land Title Company, a
California corporation. 
  

 2 

 “Escrow Agreement” means the Corporate Custodial Agreement Relating to Earnest Money
dated March     , 2004 executed by the Escrow Agent, LBI Media and Seller substantially in the form of Exhibit E attached hereto. 
  
 “Escrow Deposit” has the meaning set forth in Section 3.3. 
  
 “Excluded Assets” has the meaning set forth in Section
2.2.1. 
  
 “FCC” has the meaning set forth in
the recitals hereto. 
  
 “FCC Licenses” has the
meaning set forth in the recitals hereto. 
  
 “Final
Order Day” means the date on which the Initial Grant has become a final order, which date shall be the forty-first day following issuance by the Commission of a public notice announcing the Initial Grant, unless the Initial Grant has during
the preceding forty-day period become subject to any administrative or judicial stay, appeal, review, reconsideration or rehearing. In such a case, the Final Order Day shall not be deemed to occur until such administrative or judicial stay, appeal,
review, reconsideration or rehearing shall have been resolved by a final, unappealable order (by the Commission or by a court of competent jurisdiction) which preserves intact the Initial Grant without any conditions materially adverse to Buyer.

  
 “Governmental Authority” shall mean any
court, arbitrator, department, commission, board, bureau, agency, authority, instrumentality or other body, whether federal, state, municipal, foreign or other. 
  
 “Hazardous Substance” has the meaning set forth in Section 4.12. 
  
 “Holdback” has the meaning set forth in Section 3.1.1.

  
 “Holdback Amount” shall mean $50,000.

  
 “HSRA” means the Hart-Scott-Rodino Antitrust
Improvement Act of 1976, as amended, and the regulations thereunder, as in effect from time to time. 
  
 “Indemnified Party” and “Indemnifying Party” have the meanings specified in Section 10.3. 
  
 “Initial Grant” means, with respect to the Assignment
Application, the Commission’s written consent to the assignment of the FCC Licenses associated with the Station to LBI Sub pursuant to the Assignment Application (including without limitation, by the Audio Services Division or the Media Bureau
by delegated authority) without any conditions materially adverse to any Party. 
  

 3 

 “Initial Grant Day” means the day on which the Commission publishes public notice of an
Initial Grant with respect to the Assignment Application. 
  
 “Intellectual Property” has the meaning set forth in Section 4.13.1. 
  
 “LBI,” “LBI Media” and “LBI Sub” have the meanings specified in the first paragraph of this Agreement.

  
 “Lease” means that Lease Agreement dated as
of March 28, 2003 by and between Entravision and Seller. 
  
 “Leasehold Interests” means all right title and interest of lessee under the Lease. 
  
 “Letter of Intent” means that Letter Agreement dated February     , 2004 by and between Liberman Broadcasting,
Inc. and Seller, as it may be amended from time to time. 
  
 “Party” means any of Seller, LBI Media, LBI or LBI Sub, as the context requires, and the term “Parties” means all such entities; provided, however, that Seller, on the one hand, and LBI Media and Buyer, on
the other, shall each be considered a single Party for purposes of Sections 7.3, 7.4, 10.3 and 11.8. 
  
 “Permits” means the licenses, permits, approvals, authorizations, consents, variances and orders of any federal, state or local
Governmental Authority used, useful or required in connection with the operation of the Station (including the FCC Licenses) and all pending requests and applications therefor, including without limitation those listed on Schedule II.

  
 “Proceeds” has the meaning set forth in
Section 7.5.1. 
  
 “Purchased Assets” means all
the assets to be conveyed to Buyer by Seller pursuant to the terms of this Agreement. 
  
 “Real Property” means the Leasehold Interests. 
  
 “Required Consents” means the FCC consents to the assignment of the FCC Licenses and the other governmental consents, third-party
consents, approvals or waivers in form and substance satisfactory to Buyer, necessary to sell, convey or otherwise sell or assign the Purchased Assets to Buyer, including without limitation those set forth on Schedule III. 
  
 “Seller” has the meaning set forth in the first paragraph
of this Agreement. 
  
 “Station” has the
meanings set forth in the recitals hereto. 
  

 4 

 “Tangible Personal Property” has the meaning set forth in Section 2.1.1. 
  
 “Taxes” means all federal, state and local taxes (including
income, profit, franchise, sales, use, real-property, personal-property, ad valorem, excise, employment, social-security and wage-withholding taxes) and installments of estimated taxes, assessments, deficiencies, levies, imports, duties, license
fees, registration fees, withholdings, or other similar charges of every kind, character or description imposed by any Governmental Authorities. 
  
 “Towers” means the radio broadcast towers located at the applicable Transmitter Site upon which is located the Station broadcast antenna.

  
 “Transmitter Buildings” means the studio and
transmitter buildings located at the Transmitter Sites. 
  
 “Transmitter Sites” means the transmitter and antenna sites located at the Real Property. 
  
 1.2 Knowledge. The term “knowledge,” as it relates to a Party, shall mean the knowledge of such Party after reasonable
investigation, including due inquiry of such Party’s employees and contractors. 
  
 ARTICLE II 
 PURCHASE AND SALE OF ASSETS 
  
 2.1 Assets to Be Conveyed. On the Closing Date at the Closing Place,
Seller will sell, assign, convey, transfer and deliver (i) to LBI Sub, the FCC Licenses, the Permits and all applications therefor, together with any renewals, extensions, additions or modifications thereof, and (ii) to LBI, all (except the Excluded
Assets) of Seller’s right, title and interest in and to the assets, properties and rights of every kind and nature, whether tangible or intangible, absolute or contingent, wherever located and used or usable in connection with the operation of
the Station (which, together with the FCC Licenses, the Permits and applications therefor, are collectively referred to as the “Purchased Assets”). Such sale, assignment, conveyance, transfer and delivery is to be made by
instruments of conveyance in form reasonably satisfactory to Buyer and is to be free and clear of all Encumbrances. The Purchased Assets include the following: 
  

2.1.1 All tangible personal property, furniture, fixtures, improvements and office equipment and any other equipment used or useful in the
operation of the Station (including without limitation all furniture and inventory in the Transmitter Buildings, the transmitter facilities, transmission lines (including the “Transmission Line” as defined in the Lease), all Towers,
antennas, main and back-up transmitters, generators and antennas, STL’s, data links for transmitter telemetry, wireless microphone and other equipment and tangible personal 
  

 5 

 property located or otherwise intended for use at the Transmitter Sites), all the principal items of
which are listed on Schedule IV, together with any replacements thereof or additions thereto made between the date hereof and the Closing Date, less any retirements made in the ordinary and usual course of the Station’s business
(collectively, the “Tangible Personal Property”); 
  
 2.1.2 The transmitter facilities located at the Transmitter Sites; 
  
 2.1.3 Seller’s Leasehold Interests; 
  
 2.1.4 All prepaid expenses made by Seller under the Assumed Contracts; 
  
 2.1.5 The Assumed Contracts and all of Seller’s rights thereunder relating to periods and events occurring on and after the Closing Date;

  
 2.1.6 Such files, records and logs pertaining to any
of the Purchased Assets or the operation of the Station as Buyer may reasonably require, including the Station’s public inspection files and other records relating to the FCC Licenses and other filings with the Commission; notwithstanding this
conveyance, Buyer agrees to allow Seller reasonable access to such records of the Station as Seller may reasonably require from and after the Closing Date; and 
  

2.1.7 All Intellectual Property. 
  
 2.2 Excluded Assets and Liabilities. 
  
 2.2.1 Excluded Assets. It is understood and agreed that the Purchased Assets do not include any assets of Seller that are not used or useful in the
operation of the Station, cash (other than the amounts described in Section 2.1.4), cash equivalents, deposits made by Seller under any contracts (other than the amounts described in Section 2.1.4), accounts receivable of Seller, causes of action,
tax refunds, insurance claims or proceeds, employee benefit plans, employment records and contracts with employees, in each case (for such accounts receivable, causes of action, tax refunds and insurance claim and proceeds, employee benefit plans,
employment records and contracts with employees) accruing prior to the closing (all the foregoing of which are referred to as the “Excluded Assets”). 
  
 2.2.2 Liabilities Not Assumed. Except for the liabilities and obligations specifically assumed by Buyer pursuant to
Section 3.2, Buyer and LBI Media will not assume and will not be or become liable for, any liabilities or obligations of Seller of any kind or nature whatsoever, whether absolute, contingent, accrued, known or unknown, related to the ownership of
the Purchased Assets, the Excluded Assets, the operation of the Station, Seller’s employees or otherwise. 
  

 6 

 ARTICLE III 
 PURCHASE PRICE; METHOD OF PAYMENT; ESCROW DEPOSIT 
  
 3.1 Purchase Price. Subject to Section 7.5.3, the purchase price to be paid to Seller by Buyer for the Purchased Assets will be Fifteen Million Five Hundred Thousand Dollars ($15,500,000) plus the
aggregate amount of prepaid expenses made by Seller for services to be provided to the Station after the Closing Date under the Assumed Contracts as set forth on Schedule VII less any accrued liabilities agreed to be assumed by Buyer
minus the prorated FCC regulatory fees under Section 3.6 (the “Purchase Price”). 
  
 3.1.1 Payment of Purchase Price. Subject to the terms and conditions set forth in this Agreement, on the Closing Date, (a) Buyer will pay Seller an
amount equal to the Purchase Price minus the Escrow Deposit by wire transfer of immediately available funds in accordance with wire-transfer instructions to be provided by Seller to Buyer not less than five business days prior to the Closing Date,
and (b) the Holdback Amount will be retained with the Escrow Agent, to be held under the Escrow Agreement in accordance with Section 3.1.4 hereof and the terms of the Escrow Agreement, in order to secure the indemnification obligations of Seller
under Article X hereof and any other obligations of Seller under this Agreement and related documents (the “Holdback”).  
  
 3.1.2 Release of Escrow Deposit. Also on the Closing Date, concurrently with the wire transfer of the Purchase Price (minus the Escrow
Deposit) in accordance with Section 3.1.1 above, Seller and LBI Media shall jointly execute and deliver to the Escrow Agent written instructions to deliver the entire Escrow Deposit (minus the Holdback Amount) to Seller, and the entire Escrow
Deposit (including the Holdback Amount) shall be counted towards the Purchase Price. 
  
 3.1.3 Post-Closing Proration. Following the Closing Date, the Parties shall determine and make the prorations called for in Section 3.6. 
  
 3.1.4 Holdback 
  
 (a) Subject to the terms and conditions set forth in this Agreement, on the Closing Date, the Holdback in the Holdback Amount shall remain
with the Escrow Agent pursuant to the Escrow Agreement. The Holdback will be held, maintained, administered and disbursed by the Escrow Agent in accordance with the terms and provisions hereof and of the Escrow Agreement, with the terms of the
Escrow Agreement controlling in the event of any conflict. 
  
 (b) LBI Media and/or Buyer will submit claims to Seller by a written notice specifying the amount of the claim (or estimated amount if the claim is not reasonably quantifiable) and describing in reasonable detail the
basis for the claim. If Seller does not notify LBI Media or Buyer, as the case may be, within 15 days after 
  

 7 

 receiving such a notice of Seller’s objection to the claim, LBI Media and Seller shall at the end of
such 15-day period execute and deliver to the Escrow Agent joint written instructions to deliver to Buyer from the Holdback an amount equal to the claimed amount, as determined in accordance with this Section 3.1.4. If Seller gives notice of
objection to LBI Media or Buyer, as the case may be, within the 15-day period and the Parties cannot reach agreement on the claim, LBI Media and Seller shall, at the end of such 15-day period, execute and deliver to the Escrow Agent joint written
instructions to deliver to Buyer from the Holdback an amount equal to the amount not in dispute, and the Parties will attempt in good faith to agree upon the amount in dispute. If the Parties cannot agree within thirty (30) days thereafter, the
Parties will submit such dispute to arbitration. Within three business days of (i) reaching resolution of such dispute as to the amount (if any) that LBI Media and Buyer are entitled to (in the event that the parties reach resolution without
submitting such dispute to an arbitrator) or (ii) an arbitrator determining the amount (if any) that LBI Media and Buyer are entitled to (in the event that such dispute is submitted to an arbitrator), LBI Media and Seller shall execute and deliver
to Escrow Agent joint written instructions to deliver to Buyer from the Holdback an amount equal to such applicable amount. The failure to give notice of a claim hereunder will not constitute an election of remedies and will not limit LBI Media or
Buyer in any manner in the enforcement of other remedies that may be available to it. 
  
 (c) On the one-year anniversary of the consummation of the transaction contemplated by this Agreement on the Closing Date, LBI Media and
Seller shall execute and deliver to the Escrow Agent written instructions to deliver to Seller from the Holdback an amount equal to the Holdback Amount minus the sum of the aggregate amount previously paid since the Closing Date to satisfy claims
asserted by LBI Media and/or Buyer and the aggregate amount required to satisfy claims asserted by LBI Media and/or Buyer since the Closing Date and previously resolved (to the extent the resolution calls for a payment to LBI Media and/or Buyer) or
still pending on the date of such release, in each case pursuant to this Agreement. 
  
 3.2 Liabilities Assumed. As of the Closing Date, Buyer will assume and agree to pay, discharge and perform, all the obligations and liabilities of Seller under the Assumed Contracts insofar as they relate to
the time period on and after the Closing Date and arise out of events occurring on or after the Closing Date. 
  
 3.3 Escrow Deposit. Concurrently with the execution and delivery of this Agreement, LBI Media has deposited Seven Hundred Fifty Thousand Dollars
($750,000) under the Escrow Agreement (together with any interest accrued on such amount, the “Escrow Deposit”). The Escrow Deposit will be held, maintained, administered and disbursed by the Escrow Agent in accordance with the
terms and provisions hereof and of the Escrow Agreement, with the terms of the Escrow Agreement controlling in the event of any conflict. The Escrow Deposit will be disbursed as follows: 
  

 8 

 3.3.1 Delivery to Seller. If Buyer fails to consummate the purchase and sale contemplated by this
Agreement under circumstances that would constitute a material breach by Buyer of this Agreement and if Seller is not then in breach of its representations, warranties or covenants hereunder in any material respect, then the Escrow Deposit,
including accrued interest, will be delivered to Seller, it being understood and agreed that payment to Seller of the full amount of the Escrow Deposit will constitute full payment for any and all damages suffered by Seller by reason of LBI
Media’s or Buyer’s failure to consummate the purchase and sale contemplated by this Agreement. 
  
 THE PARTIES ACKNOWLEDGE AND AGREE IN ADVANCE BY INITIALING THIS AGREEMENT IN THE SPACES PROVIDED [LBI MEDIA’S INITIALS
    /s/ LDL  , BUYER’S INITIALS     /s/ LDL   AND     /s/ LDL  , AND SELLER’S INITIALS     /s/
REW  ] THAT THE ACTUAL DAMAGES SELLER WOULD SUFFER AS A RESULT OF BUYER’S FAILURE TO CONSUMMATE THE PURCHASE AND SALE OF THE PURCHASED ASSETS WOULD BE EXTREMELY DIFFICULT OR IMPOSSIBLE TO CALCULATE; THAT THE FULL AMOUNT OF THE
ESCROW DEPOSIT IS A FAIR AND EQUITABLE AMOUNT TO REIMBURSE SELLER FOR ANY DAMAGES WHICH THE PARTIES ESTIMATE MAY BE SUSTAINED BY SELLER DUE TO BUYER’S FAILURE TO CONSUMMATE THE PURCHASE AND SALE OF THE PURCHASED ASSETS UNDER THE CIRCUMSTANCES
STATED IN THIS SECTION 3.3.1; AND THAT THIS SECTION 3.3.1 SHALL CONSTITUTE A LIQUIDATED-DAMAGES PROVISION, WHICH DAMAGES WILL BE SELLER’S SOLE REMEDY HEREUNDER IN THE EVENT OF LBI MEDIA’S OR BUYER’S FAILURE TO CONSUMMATE THE PURCHASE
AND SALE OF THE PURCHASED ASSETS UNDER THE CIRCUMSTANCES STATED IN THIS SECTION 3.3.1. 
  
 3.3.2 Delivery to LBI Media. The Escrow Deposit shall be delivered to LBI Media if the purchase and sale contemplated by this Agreement is not consummated and Seller is not entitled to receive the Escrow
Deposit in accordance with Section 3.3.1. 
  
 3.3.3 Treatment
of Holdback. Upon consummation of the transaction contemplated by this Agreement, the Parties agree that the Holdback Amount will be retained by the Escrow Agent and will be subject to the terms set forth in Section 3.1.4 of this Agreement.

  
 3.4 Buyer’s Remedies. If the purchase and sale
contemplated by this Agreement is not consummated because of the breach by Seller of its representations, warranties or covenants hereunder in any material respect and if Buyer is not in breach of its representations, warranties or covenants
hereunder in any material respect, Seller agrees that, in 
  

 9 

 addition to any other rights and remedies available at law or in equity, LBI Media and Buyer shall have the following
rights and remedies: (i) Buyer shall have the right to specific performance of Seller’s obligation to sell the Purchased Assets upon the terms and conditions set forth in this Agreement; (ii) LBI Media shall have the right to the return of the
Escrow Deposit; and (iii) LBI Media and Buyer shall have the right to recover money damages for breach of this Agreement, including but not limited to, benefit of the bargain damages and compensation for transaction costs. The Parties agree that a
remedy at law is inadequate and that damages are not adequate to compensate LBI Media and Buyer. 
  
 3.5 Allocation. At least five days prior to Closing Date, Buyer shall allocate the Purchase Price pursuant to Section 1060 of the Internal Revenue
Code of 1986, as amended, subject to the approval of the Seller, whose consent shall not be unreasonably withheld. 
  
 3.6 Prorations. Other than the prepaid expenses set forth on Schedule VII, the operation of the Station and all income, expenses and
liabilities attributable thereto through 11:59 p.m., PST, on the day immediately preceding the Closing Date will be for the account of Seller and thereafter for the account of LBI; and all income and expenses, including such items as power and
utilities charges, rents, and other deferred items will be prorated between Seller and LBI in accordance with generally accepted accounting principles consistently applied, the proration to be made and paid, insofar as feasible, on the Closing Date,
with a final settlement sixty days after the Closing Date, provided that, with respect to FCC regulatory fees, such fees shall be prorated on the Closing Date. Furthermore, no later than the final settlement date Buyer shall pay Seller the amount
held as of the Closing Date as a security deposit under the Lease (in such amount as acknowledged by the lessor) on behalf of Seller that is transferred so that is is on behalf of Buyer. 
  
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES BY SELLER 
  
 Seller hereby represents and warrants to LBI Media and Buyer as follows: 
  
 4.1 Organization and Standing. Seller is a limited liability company duly organized, validly existing and in good standing under the laws of the state of its formation. Seller has the requisite power and
authority to enter into and complete the transactions contemplated by this Agreement. The only members of Seller are Richard Witkovski, Ralph Kerr and Ken Mok, who hold a 60% interest, a 20% interest and a 20% interest in the Seller, respectively.

  
 4.2 Authorization. All necessary corporate actions and
proceedings to duly approve the execution, delivery and performance of this Agreement; the Escrow Agreement; and other agreements, documents and instruments being executed by the Seller in connection herewith or therewith and to approve the
consummation of the transaction contemplated hereby or thereby have been duly and validly taken by Seller. This Agreement; the Escrow Agreement; and other agreements, documents and instruments executed by Seller in connection herewith or 

 

 10 

 therewith has been duly and validly authorized, executed and delivered by Seller and constitutes the legal, valid and
binding obligation of Seller, enforceable against Seller in accordance with and subject to their respective terms. 
  
 4.3 FCC Licenses. 
  
 4.3.1 The FCC Licenses (all of which are listed on Schedule II) constitute all the Permits required for and used in connection with the
Purchased Assets and the operation of the Station. No waivers of the Communications Act are necessary in order to permit Seller’s ownership and operation of the Purchased Assets or the Station. Seller is the holder of all the FCC Licenses.
Other than the Initial Grant of the Assignment Application, no additional order or grant is required from the FCC to consummate the assignment of the FCC Licenses to LBI Sub. Schedule II correctly sets forth the expiration date of each FCC
License. Except as set forth on Schedule II, each FCC License is validly issued and in full force and effect. Seller has taken all actions and performed all of its respective obligations that are necessary to maintain the FCC Licenses without
adverse modification or impairment, and complete and correct copies of the FCC Licenses have been delivered to Buyer. To Seller’s knowledge, no event has occurred which (i) has resulted in, or after notice or lapse of time or both would result
in, revocation, suspension, adverse modification, non-renewal or termination of, or any order of forfeiture with respect to, any FCC License or (ii) materially and adversely affects or in the future may materially and adversely affect any rights of
Seller or any of its assignees or transferees thereunder. None of the FCC Licenses requires that any assignment thereof must be approved by any public or other Governmental Authority other than the FCC. 
  
 4.3.2 Seller is not a party to, and there are no notices of apparent
liability, violations, forfeitures, notices of violation, orders to show cause or other orders or, to Seller’s knowledge, any investigations or complaints, issued by or pending before any court or regulatory body, including, without limitation,
the FCC, or of any other proceedings (other than proceedings relating to the radio industry generally) that could in any manner threaten or adversely affect the validity or continued effectiveness of, or result in the adverse modification of, any of
the FCC Licenses. In the event Seller learns of any such action or the filing or issuance of any such order, notice or complaint, Seller promptly will notify Buyer of the same in writing and will take all reasonable measures to contest in good faith
or seek removal or rescission of such action, order, notice or complaint. The Station is now operating at its licensed power and antenna height, in accordance with the FCC Licenses, and is in compliance with the rules and regulations of the FCC and
the Communications Act, including, without limitation, those rules governing the location of the Station’s respective main studios and rules governing the required contents of the Station’s respective public-inspection files. Seller has no
reason to believe that the FCC Licenses will not be renewed in the ordinary course. 
  

 11 

 4.3.3 None of the Purchased Assets, including the facilities used in connection with the radio
broadcasting operations of Seller relating to the Station (including the Leasehold Interest, the Transmitter Buildings, the Transmitter Sites and the Towers), violate the provisions of any applicable building codes; fire regulations; building
restrictions; or other governmental ordinances, orders or regulations (including, without limitation, any applicable regulation of the Federal Aviation Administration) except where such violation could not impair, impede or affect the continued,
uninterrupted operation of the Station and could not otherwise have an adverse effect on the owner or operator of such Purchased Assets or such facilities; provided, that such representations are only to Seller’s knowledge with respect
to the Towers. Each such facility (including the Real Property) is zoned to permit the commercial uses intended by the owner or occupier thereof. Schedule II identifies any outstanding variances or special use permits materially affecting any
of Seller’s facilities or the uses thereof and Seller is in compliance therewith. Seller has received no notice of any complaint being made against the Station or the Real Property relating to its Tower, its Transmitter Site, its Transmitter
Building or Seller’s operation of the Station (including, without limitation, any complaint relating to the signals broadcast or otherwise transmitted from any Tower, either by Seller or by any person subleasing a portion of any Tower) except
where such complaint would not impair, impede or affect the continued, uninterrupted operation of the Station; provided, that such representations are only to Seller’s knowledge with respect to the Towers. To the knowledge of Seller,
each Tower has been appropriately registered with the Commission, as described in Schedule II. 
  
 4.3.4 Seller is qualified to sell the Station and to assign the FCC Licenses in accordance with the terms of this Agreement and in compliance with
the Communications Act. Seller does not know of any person who has expressed any intention to oppose FCC approval of the assignment of the FCC Licenses to LBI Sub, nor does Seller know of any reason why FCC consent to such assignment might be denied
or delayed. 
  
 4.3.5 Each report or certification filed
by or on behalf of Seller with the FCC, including, without limitation, Seller’s payment of annual FCC regulatory fees, any filing pursuant to 47 C.F.R. § 73.3615 with respect to its ownership of the Station and any other filing relating to
the Station, was timely filed, and was at the time of filing true, correct and complete in all respects. There have been no changes in the ownership of the Station since the filing of the most recent such ownership reports or certifications, and
those ownership reports and certificates are true, correct and complete in all respects. 
  

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 4.3.6 The operation of the Station by the Seller does not cause or result in exposure of workers
or the general public to levels of radio frequency radiation in excess of the applicable limits stated in 47 C.F.R. § 1.1310. 
  
 4.4 Purchased Assets. All material items of the Purchased Assets used in the operation of the Station is listed and described in Schedule IV
to this Agreement. No other affiliate of Seller (including without limitation direct or indirect subsidiaries of Seller) owns or has any rights, title or interest in any Purchased Assets or is in any way involved with the operation of the Station.
On the Closing Date, Seller will have good and valid title to the Purchased Assets, free and clear of all Encumbrances, other than the Encumbrances described in Schedule III, which Encumbrances will be released on the Closing Date
concurrently with the closing. Upon consummation of the transactions set forth in this Agreement, Buyer will have good and valid title to the Purchased Assets, free and clear of all Encumbrances (other than liens granted to Buyer’s lenders).
Schedule III sets forth each release and the UCC Termination Statements that are required in order to release such Encumbrances on the Closing Date. Schedule III also sets forth all UCC Financing Statements and mortgages that have been
filed against any Purchased Asset. Seller has received no notice of noncompliance with any restriction or Encumbrance encumbering the Real Property, including the Leasehold Interest. Seller has maintained and has operated the Real Property, each
Transmitter Site, each Transmitter Building and the Station under and in accordance with the terms of all applicable regulations. To Seller’s knowledge, the owner of the Tower has maintained and has operated the Tower under and in accordance
with all applicable regulations. Seller is not aware of any complaints regarding the Real Property, Transmitter Sites, the Towers, the Transmitter Buildings, the antennas, the radio transmitters, the studio facilities or any other facilities
included in the Purchased Assets. There is no pending or, to the knowledge of Seller, threatened action, event, transaction or proceeding that could interfere with the quiet enjoyment or operation of the Purchased Assets (including the Real
Property) by Seller or, on and after the Closing Date, by Buyer. There are no other persons which have any rights to use the Transmitter Sites or to occupy or use the Transmitter Buildings or the Real Property, whether by lease, sublease, easement,
license or other instrument. Other than other lessees of the Tower and Entravision, to Seller’s knowledge there are no other persons which have any rights to use the Tower, whether by lease, sublease, easement, license or other instrument.
Following the closing, Buyer will have reasonable access to each of the Transmitter Sites and a continuous means of ingress and egress thereto from public roads. The items of Tangible Personal Property are, in all material respects, in good
operating condition for equipment of their age and usage (ordinary wear and tear excepted). The technical equipment, constituting a part of the Tangible Personal Property, has been maintained in accordance with the Station’s past practice and
is operating and complies in all material respects with all applicable rules and regulations of the FCC and the terms of the FCC Licenses and Permits. The Purchased Assets include all the Permits, personal property, real property and assets,
including real-estate rights, necessary to conduct the operation of the Station as now conducted. 
  

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 4.5 Insurance. Seller now has in force insurance on the Purchased Assets as set forth in
Schedule V, and Seller will continue the present insurance at the present limits in full force and effect up through the Closing Date. 
  
 4.6 Litigation. No litigation, action, suit, judgment, proceeding or, to the knowledge of Seller, investigation relating to the Station or the
Purchased Assets is pending or outstanding before any forum, court, or governmental body, department or agency of any kind to which Seller or the Station is subject or is a party and, to the knowledge of Seller, no such litigation, action,
proceeding or investigation is threatened. 
  
 4.7
Contracts. Seller has delivered to Buyer true and complete copies of all Contracts, including the Assumed Contracts. The Assumed Contracts will be enforceable by Buyer after the consummation of the transaction contemplated hereby in accordance
with their respective terms. Seller has not taken any action that would impair the enforceability of the Assumed Contracts and has not omitted to take any action, the omission of which would have such effect. There are no material defaults under any
of the Assumed Contracts, and the consummation of the transaction contemplated hereby will not cause any defaults under any of the Assumed Contracts. Schedule I sets forth all the relevant documents to which Seller is a party with respect to
the Real Property, true, correct and complete copies of which have been delivered to Buyer. 
  
 4.8 Insolvency. No insolvency proceedings of any character including, without limitation, bankruptcy, receivership, reorganization, composition or arrangement with creditors, voluntary or involuntary, affecting
Seller or any of its assets or properties, including the Purchased Assets, are pending or, to the knowledge of Seller, threatened. 
  
 4.9 Reports. All material returns, reports and statements currently required to be filed by Seller with the Commission or with any other
governmental agency have been filed, and each such return, report and statement is true, correct and complete in all material respects. Seller has complied in all material respects with the reporting requirements of the Commission and other
governmental authorities having jurisdiction over the Station and their respective operations. 
  
 4.10 No Defaults. Neither the execution, delivery and performance by Seller of this Agreement, the Escrow Agreement and the other agreements, documents and instruments being executed by Seller in connection
herewith or therewith nor the consummation by Seller of the transaction contemplated hereby or thereby is an event that, of itself or with the giving of notice or the passage of time or both, will (i) conflict with the provisions of the Articles of
Incorporation or Bylaws of Seller, (ii) constitute a violation of, conflict with or result in any breach of or any default under, result in any termination or modification of, or cause any acceleration of any obligation under, any contract,
mortgage, indenture, agreement, lease, license or other instrument to which Seller is a party or by which it is bound, or by which it may be affected, or result in the creation of any Encumbrance on any of the Purchased Assets, (iii) violate any
judgment, decree, order, statute, rule or regulation applicable to Seller or 
  

 14 

 (iv) violate or constitute a breach of any Assumed Contract. The execution, delivery and performance by Seller of this
Agreement, the Escrow Agreement, and the other agreements, documents and instruments being executed by Seller in connection herewith or therewith do not require the consent of any third party other than as listed on Schedule III (which
schedule shall set forth the document under which the consent was required), and a full and complete copy of such consent is attached hereto as Annex A to Schedule III. 
  
 4.11 Disclosures. No covenant, representation or warranty by Seller and no written statement, certificate, appendix
or Schedule furnished by Seller pursuant hereto or in connection with the transaction contemplated hereby contains any untrue statement of a material fact or omits to state any material fact necessary to make the statements contained herein or
therein not materially misleading. 
  
 4.12 Environmental
Compliance. To Seller’s knowledge (i) Seller has not, in connection with its business or assets, including the Purchased Assets, generated, used, transported, treated, stored, released or disposed of, or suffered or permitted anyone else to
generate, use, transport, treat, store, release or dispose of any Hazardous Substance (as defined below) in violation of any applicable environmental law; (ii) there has not been any generation, use, transportation, treatment, storage, release or
disposal of any Hazardous Substance in connection with the Purchased Assets, the Real Property or the operation of the Station or, to the knowledge of Seller, in any properties within 100 yards of its business which has created or might
reasonably be expected to create any material liability under any applicable environmental law or which would require reporting to or notification of any governmental entity; (iii) to the knowledge of Seller, no asbestos or polychlorinated biphenyl
or underground storage tank is contained in or located at any facility used in connection with the operation of the Station or any facility included in the Purchased Assets or the Real Property; and (iv) any Hazardous Substance handled or dealt with
in any way in connection with the operation of the Station or the Real Property has been and is being handled or dealt with in all material respects in compliance with all applicable environmental laws. As used herein, “Hazardous
Substance” means any of the substances that are defined or listed in, or otherwise classified pursuant to, any applicable laws as “hazardous substances,” “hazardous materials,” “hazardous wastes” or “toxic
substances,” or any other formulation of any applicable environmental law intended to define, list or classify substances by reason of deleterious properties such as ignitibility, corrosivity, reactivity, radioactivity, carcinogenicity,
reproductive toxicity or “EP toxicity,” and petroleum and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal energy. 
  
 4.13 Intellectual Property. 
  
 4.13.1 Schedule VI contains a true and complete list of all patents
and trademarks, service marks, station names, alternative station names, slogans, trade names, logos, jingles, assumed names, fictional business names, copyrights, licenses, permits, authorizations and other similar intellectual property rights and
interests applied for, issued to or presently owned or used by Seller (other than the 
  

 15 

 programming and its contents used but not owned by Seller) which are material to the operation of the
Station, including the call letters “KNOR(FM)” and any other call signs (together with the goodwill associated therewith, the “Intellectual Property”). Except as set forth on Schedule VI and subject to the authority
of the FCC, Seller has good and marketable title to all of the Intellectual Property, free and clear of all Encumbrances. To the extent indicated on Schedule VI, such Intellectual Property has been duly registered in, filed in or issued by
the United States Copyright Office or the United States Patent and Trademark Office, as appropriate, the appropriate offices in the various states of the United States and the appropriate offices of such other jurisdictions where such registration,
filing or issuance is necessary to protect such Intellectual Property from infringement and for the operation of the Station. Except as set forth on Schedule VI, all requisite renewals and affidavits of use have been filed with respect to
each of the registrations set forth in Schedule VI, and each is presently in full force and effect, and each of the trade names and trademarks is valid, and is in good standing and active use and none has been abandoned. 
  
 4.13.2 Except as set forth on Schedule VI, Seller is the sole
and exclusive owner of the Intellectual Property, has the sole and exclusive right to use the trade names and trademarks included in the Intellectual Property and has received no notice from any other person or entity pertaining to or challenging
the right of Seller to use any of the Intellectual Property or any rights thereunder. 
  
 4.13.3 Except as set forth on Schedule VI, Seller has not violated or infringed any patent, trademark, trade name, jingle, assumed name, fictional business name, copyright, license, permit or other
similar intangible property right or interest held by others or any license or permit held by Seller. 
  
 4.13.4 Except as set forth on Schedule VI, (i) Seller has not granted any license or other rights and has no obligations to grant licenses
or other rights to any of the Intellectual Property; and (ii) Seller has not made any claim of any violation or infringement by others of its rights to or in connection with any of the Intellectual Property, and there is no basis for the making of
any such claim. 
  
 4.13.5 Except as set forth on
Schedule VI, there are no proceedings, either pending or threatened, in the United States Copyright Office, the United States Patent and Trademark Office or any Federal, state or local court or before any other governmental agency or
tribunal, relating to any pending application with respect to any Intellectual Property. 
  
 4.14 Brokers. No agent, broker, investment or commercial banker, person, or firm acting on behalf of Seller or under the authority of Seller is or
will be entitled to any broker, finder or financial-advisor fee or any other commission or similar fee directly or indirectly in connection with the transaction contemplated by this Agreement, other than George Moore & Associates, whose fee
shall be paid by Seller. 
  

 16 

 4.15 Prepaid Expenses. All prepaid expenses made by Seller for services to be provided to the
Station after the Closing Date under the Assumed Contracts are set forth on Schedule VII.  
  
 4.16 Employees. Seller has complied with all FCC requirements with respect to employees. 
  
 4.17 Taxes. All Tax reports and returns required to be filed by Seller
or relating to the Purchased Assets have been filed with the appropriate Governmental Authority, and there have been paid all Taxes, penalties, interest, deficiencies, assessments or other charges due with respect to such Taxes, as reflected on the
filed returns or claimed to be due by such federal, state or local taxing authorities (other than Taxes, deficiencies, assessments or claims which are being contested in good faith and which in the aggregate are not material). Seller has not
received any written notice of any examinations or audits pending or any unresolved examinations or audit issues with respect to Seller’s federal, state or local Tax returns. All additional Taxes, if any, assessed as a result of such
examinations or audits have been paid, and to Seller’s knowledge, there are no pending claims or proceedings relating to, or asserted for, Taxes, penalties, interest, deficiencies or assessments against the Purchased Assets. 
  
 4.18 No Interference with Signal. Seller has not received any
complaints of actual, harmful interference arising from the Station’s signal. 
  
 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES BY BUYER AND LBI MEDIA 
  
 LBI Media and Buyer represent and warrant to Seller as follows: 

 
 5.1 Status. Each of LBI Media, LBI and LBI Sub is a California
corporation, duly organized, validly existing and in good standing under the laws of the State of California. LBI Media and Buyer each have the requisite corporate power to enter into and perform its obligations. 
  
 5.2 No Defaults. Other than the consents set forth on Schedule
III with respect to Buyer, neither the execution, delivery and performance by LBI Media or Buyer, as applicable, of this Agreement, the Escrow Agreement, and the other agreements, documents and instruments being executed by LBI Media or Buyer in
connection herewith or therewith nor the consummation by Buyer of the transaction contemplated hereby is an event that, of itself or with the giving of notice or the passage of time or both, will (i) conflict with the provisions of the Articles of
Incorporation or Bylaws of LBI Media or Buyer, (ii) constitute a violation of, conflict with or result in any breach of or any default under, result in any termination or modification of, or cause any acceleration of any obligation under, any
material contract, mortgage, indenture, 
  

 17 

 agreement, lease or other instrument to which LBI Media or Buyer is a party or by which it is bound, or by which it may
be affected, or result in the creation of any Encumbrance on any of its assets, except for agreements, indentures and instruments related to the financing of the transaction contemplated by this Agreement, (iii) violate any judgment, decree, order,
statute, rule or regulation applicable to LBI Media or Buyer, or (iv) result in the creation or imposition of any Encumbrance on the Station or the Purchased Assets, except for liens, charges or encumbrances relating to the financing of the
transaction contemplated by this Agreement. 
  
 5.3
Authorization. All necessary corporate actions and proceedings to duly approve the execution, delivery and performance of this Agreement, the Escrow Agreement, and other agreements, documents and instruments being executed by LBI Media or Buyer
in connection herewith or therewith and to approve the consummation of the transaction contemplated hereby or thereby have been duly and validly taken by LBI Media and Buyer. Each of this Agreement, the Escrow Agreement, and other agreements,
documents and instruments executed by LBI Media or Buyer in connection herewith or therewith has been duly and validly authorized, executed and delivered by LBI Media and Buyer and constitutes the legal, valid and binding obligation of LBI Media and
Buyer, enforceable against LBI Media and Buyer as the case may be in accordance with and subject to their respective terms. 
  
 5.4 Brokers. No agent, broker, investment or commercial banker, person, or firm acting on behalf of LBI Media or Buyer or under the authority of
LBI Media or Buyer is or will be entitled to any broker, finder or financial-advisor fee or any other commission or similar fee directly or indirectly in connection with the transaction contemplated by this Agreement, other than John Saunders, whose
fee shall be paid by LBI Media or Buyer. 
  
 5.5 Qualification
as a Broadcast Licensee. Neither LBI Media nor Buyer knows of any fact that would, as of the date hereof, under the Communications Act, disqualify Buyer as owner, operator and licensee of the Station. 
  
 5.6 Litigation. There are no suits, legal proceedings or
investigations of any nature pending or, to the knowledge of LBI Media or Buyer, threatened against or affecting it that would affect the ability of LBI Media or Buyer to carry out the transaction contemplated by this Agreement. 
  
 5.7 Approvals and Consents. To knowledge of LBI Media or Buyer, the
only approvals or consents of persons or entities not a party to this Agreement that are legally or contractually required to be obtained by LBI Media or Buyer in connection with the consummation of the transaction contemplated by this Agreement are
identified on Schedule III. 
  
 5.8 Sufficiency of
Funds. LBI or Buyer has available, or has made arrangements to obtain (through existing credit arrangements or otherwise), sufficient funds to enable it to pay the Purchase Price to Seller on the Closing Date in accordance with this Agreement.

  

 18 

 ARTICLE VI 
 COVENANTS OF SELLER 
  
 6.1 Affirmative Covenants of Seller. Between the date hereof and the Closing Date, except as otherwise expressly permitted by this Agreement: 
  

6.1.1 Maintenance. Seller will continue to operate the Station and the Purchased Assets in substantial conformity with past practices, and in
conformity with the FCC Licenses and the Communications Act and will continue to maintain the Towers in good working order and condition and in compliance with all laws and shall continue to perform all of its obligations under the Lease. 

  
 6.1.2 Preserve Relations. Seller will use its
reasonable efforts to preserve the business of the Station and good relations with the counterparty under any Assumed Contract, with owners of property adjacent to or in the area of the Real Property, the Transmitter Sites, the Transmitter
Buildings, the Towers and others having business relations with Seller in connection with the Station or the Purchased Assets (including but not limited to lessors, advertisers, clients, service providers and municipalities). 
  
 6.1.3 Reasonable Access. Following reasonable advance notification,
Seller will provide Buyer and representatives of Buyer with reasonable access to the employees and the properties, titles, contracts, books, files, logs, records and affairs of the Station and the Purchased Assets, and Seller will furnish or will
cause to be furnished such additional information concerning the Station and the Purchased Assets as Buyer may from time to time reasonably request. Seller agrees that a request by Buyer at least three business days prior to a visit by personnel of
Buyer to the Station during normal business hours shall constitute reasonable advance notification, and Seller shall use its best efforts to make available the documents and the personnel Buyer indicates that its personnel would like to see during
such visit. 
  
 6.1.4 Obtain Consents. Seller shall obtain
the consent of Entravision to the assignment of the Lease to the Buyer or LBI as written. 
  
 6.1.5 Books and Records. Seller will maintain the books and records of the Station consistent with past practices. 
  
 6.1.6 Insurance. Seller will maintain in force the existing insurance policies identified on Schedule V or reasonably equivalent policies.
Seller will use the proceeds of any claims for loss payable under such insurance policies to repair, replace, or restore any of the Purchased Assets destroyed prior to the Closing Date by fire and other casualties to their former condition as soon
as possible after the loss. 
  

 19 

 6.1.7 Notification. Seller will promptly, upon learning of the same, notify Buyer of any order to
show cause, notice of violation, notice of apparent liability or of forfeiture, or the filing or threat of filing of any complaint against the Station the Real Property or any of the Purchased Assets or against Seller in connection with the Station,
the Real Property or any of the Purchased Assets, occurring between the date hereof and the Closing Date, and Seller will respond to any action, order, notice or complaints, and implement procedures to ensure that the complaints or violations will
not recur. Without limiting the generality of the foregoing, Seller will also, promptly upon learning of the same, notify Buyer of any complaint being made against the Station, the Real Property or any of the Purchased Assets relating to its
Tower, Transmitter Site, Transmitter Building or Seller’s ownership or operation of the Station, the Real Property or any of the Purchased Assets (including, without limitation, any complaint related to the signals broadcast or otherwise
transmitted from such Tower, either by Seller or by any person subleasing a portion of such Tower) and of any invoice unpaid by the Station or by Seller in connection with the Station that remains unpaid 60 days after the applicable due date of such
invoice. 
  
 6.1.8 Contracts. Seller will not enter into
any Contract relating to the Station which obligates the Seller to provide programming, advertising or any other services of a duration longer than a month to month basis, or any contract whatsoever which obligates the Station to expend more than
$2,500 in cash, goods or services, without the prior written consent of Buyer, which consent shall not be unreasonably withheld. 
  
 6.1.9 Transition Assistance. Seller will use its best efforts to assist Buyer in transitioning to Buyer third party provided services such as
utilities, phone service, etc. 
  
 6.2 Negative Covenants of
Seller. From the date hereof through consummation of the transaction contemplated hereby on the Closing Date, except as contemplated by this Agreement, Seller will not, without the prior written consent of Buyer: 
  
 6.2.1 Encumbrances. Create or assume any Encumbrance on any of the
Purchased Assets, whether now owned or hereafter acquired, unless discharged or terminated and fully released prior to the Closing Date; 
  
 6.2.2 Transfers. Sell, assign, lease or otherwise transfer or dispose of any of the Purchased Assets, whether now owned or hereafter acquired,
except for retirements in the normal and usual course of business; 
  
 6.2.3 Call Letters. Change the Station’s call letters or modify the Station’s facilities in any material respect; 
  

 20 

 6.2.4 Modification of Contracts. Amend or terminate any of the Assumed Contracts (or waive any
substantial right thereunder); 
  
 6.2.5 Rights. Cancel or
compromise any claim or waive or release any right of Seller relating to the Purchased Assets, except in the ordinary course of business consistent with past practice; 
  
 6.2.6 FCC Licenses and Permits. Cause or permit, by any act or failure on its part, the FCC Licenses or Permits to
expire or to be surrendered or modified; take any action which would cause the FCC or any other Governmental Authority to institute proceedings for the suspension, revocation or adverse modification of any of the FCC Licenses or Permits; fail to
prosecute with due diligence any pending applications to any Governmental Authority in connection with the ownership and operation of the Station or any of the Purchased Assets; or take any other action within Seller’s control which would
result in the Station or any of the Purchased Assets being in non-compliance with the requirements of the Communications Act or any other applicable law material to the ownership and operation of the Station and the Purchased Assets; or 

 
 6.2.7 No Inconsistent Action. Take any other action inconsistent
with its obligations under this Agreement or which could hinder or delay the consummation of the transaction contemplated by this Agreement. 
  
 6.3 Lease Amendment. If LBI or Buyer obtains the agreement (verbal or otherwise) of Entravision to modify the Lease to permit the lessee to
broadcast Spanish language programming while under the Lease, Seller agrees to so amend the Lease upon LBI’s request, so long as such amendment is not conditioned upon any changes to the Lease that are materially adverse to the Seller,
including any change to the Lease rent payable by Seller. Notwithstanding any other provision in this Agreement, however, any failure of Buyer to obtain such agreement of Entravision shall not constitute a default by Seller, nor shall Buyer
obtaining such agreement of Entravision be a condition precedent to Buyer’s obligations under this Agreement, nor does Seller represent or warrant that such an agreement of Entravision can be reached. 
  
 6.4 Agreement to Modify Pending Application. If LBI or Buyer obtains
the agreement of the licensee of KLKX(FM), 93.5 FM, Breckenridge, TX to modify its Class C2 Facilities so as to permit the Station to operate on Channel 229C0 from a new antenna and transmitter site as chosen by Buyer, Seller agrees to amend
Seller’s pending FCC modification application to upgrade the Station to Class C0 upon the request of and in the manner requested by Buyer. 
  

 21 

 ARTICLE VII 
 ADDITIONAL AGREEMENTS 
  
 7.1 Application for Commission Consent; Other Consents. 
  
 7.1.1 FCC Consent. Buyer and Seller agree to proceed as expeditiously as is practical and, in no event later than ten business days after the execution hereof by Buyer and Seller, to file or cause to be filed
the Assignment Application requesting FCC consent to the transaction contemplated by this Agreement. The Parties agree that the Assignment Application will be prosecuted in good faith and with due diligence, including cooperating with all requests
of the Commission and filing amendments and responses as appropriate. The Parties acknowledge that this Agreement, including Schedules and Exhibits, will have to be filed with the FCC. The Parties further acknowledge that the Assignment Application
may have to be amended from time to time prior to the date it is granted to reflect any changes resulting from Buyer’s financing and related arrangements. 
  

7.1.2 Other Governmental Consents. Promptly, but not later than ten business days following the filing of the Assignment Application, the
Parties will proceed to prepare and file with all other appropriate Governmental Authorities (if any), such other requests for approval or waiver as may be required from such Governmental Authorities to permit the transfer of the FCC Licenses,
Permits and the Purchased Assets, or as otherwise required in connection with the transaction contemplated hereby. The Parties will jointly, diligently and expeditiously prosecute, and will cooperate fully with each other in the prosecution of, such
requests for approval or waiver and all proceedings necessary to secure such approvals and waivers. The Parties hereby acknowledge that no filings will be required under the HSRA because both the Purchase Price and the fair market value of the
Purchased Assets and Assumed Contracts are less than $50,000,000. 
  
 7.1.3 Control of the Station. The purchase and sale transaction contemplated by this Agreement shall not be consummated until the Closing Date. Between the date of this Agreement and the Closing Date, Buyer, its employees or its
agents, shall not directly or indirectly control, supervise or direct or attempt to control, supervise or direct the operation of the Station, but such operation will be the sole responsibility and in the complete discretion of Seller. Until the
Closing Date, Buyer’s interest in the Station is limited to its rights under this Agreement and the Assignment Application. 
  
 7.2 Mutual Right to Terminate. Subject to the provisions of Section 7.5.2, if the purchase and sale transaction contemplated by this Agreement has
not occurred on or before the 12 month anniversary of the date hereof, either Buyer or Seller, if such Party is not materially in default hereunder in a manner which has delayed the occurrence of the purchase and sale transaction contemplated by
this Agreement, may terminate this Agreement upon five days’ written notice to the other Party. 
  

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 7.3 Buyer’s Right to Terminate. Buyer, at its option, may terminate this Agreement, so long
as Buyer is not then in material default under or material breach of this Agreement, upon the happening of any of the following events: 
  
 7.3.1 The FCC Licenses or other Permits are modified, or their terms substantially modified, resulting in an adverse change in Buyer’s ability
to operate the Station; provided, however that any modification of the FCC Licenses resulting from FCC action on the pending application to upgrade the Station from a Class C1 to a Class C0 shall not be considered an adverse change;

  
 7.3.2 The Assignment Application is designated for a
hearing before an administrative law judge; 
  
 7.3.3 The
FCC institutes revocation-of-license proceedings against the Station; or 
  
 7.3.4 Seller is in material breach of this Agreement ten business days after Buyer has given Seller written notice of breach; and Seller has not commenced or continued to prosecute diligently a cure therefore,
or such breach is or becomes incurable. 
  
 7.4 Seller’s
Right to Terminate. Seller, at its option, may terminate this Agreement, so long as Seller is not then in material default under or material breach of this Agreement, upon the happening of any of the following events: 
  
 7.4.1 The Assignment Application is designated for a hearing before
an administrative law judge; or 
  
 7.4.2 Buyer is in
material breach of this Agreement ten business days after Seller has given Buyer written notice of breach; and Buyer has not commenced or continued to prosecute diligently a cure therefore, or such breach is or becomes incurable. 
  
 7.5 Risk of Loss. 
  
 7.5.1 The risk of loss and damage, whether by force majeure or for
any other reason, to the Purchased Assets or the operation of the Station between the date of this Agreement and the Closing Date will be on Seller. Seller shall take all reasonable steps to repair, replace and restore the Purchased Assets as soon
as possible after any loss or damage. It is understood and agreed that all insurance proceeds with respect thereto (“Proceeds”) will be applied to or reserved for such 
  

 23 

 replacement, restoration or repair, but that Seller will have no obligation to repair, replace or restore
in excess of the Proceeds (plus any applicable deductible payment), and that Buyer’s sole remedies if Seller elects not to fully repair, replace or restore will be (i) to terminate this Agreement, in which case the Escrow Deposit will be
delivered to LBI Media, or (ii) to close in accordance with Section 7.5.3 below. 
  
 7.5.2 In the event of any event or any damage to the Station or any Purchased Assets that prevents broadcast transmissions of the Station in the normal and usual manner and substantially in accordance with the
FCC Licenses (other than scheduled, ordinary-course maintenance), Seller will give prompt notice thereof to Buyer, and Buyer, in addition to its other rights and remedies, will have the right to postpone the Closing Date until transmission, in
accordance with the FCC Licenses, has been resumed. The postponed Closing Date will be any date within the effective period of the FCC’s consent to assignment of the FCC Licenses to LBI Sub as Buyer may designate by not less than five business
days’ prior written notice to Seller. During the period of postponement, Seller shall use its best efforts to resume broadcast transmissions. In the event transmission in accordance with the FCC Licenses cannot be resumed within the effective
period of the FCC’s consent to assignment of the FCC Licenses to LBI Sub, at Buyer’s request, the Parties will join in requesting the FCC extend the effective period of its consent for one or more periods not to exceed 120 days in the
aggregate. If transmission in accordance with the FCC Licenses has not been resumed so that the Closing Date does not occur within such extended period, or any agreed extension thereof, Buyer will have the right, by giving written notice to Seller
within five business days after the expiration of such 120-day period, or any agreed extension thereof, to terminate this Agreement forthwith without any further obligation, in which case the Escrow Deposit will be delivered to LBI Media.

  
 7.5.3 If any loss of or damage to the Purchased Assets
(including but not limited to the Leasehold Interest, any Tower or any Transmitter Building) occurs prior to the Closing Date, and if full repair, replacement or restoration of all Purchased Assets has not been made on or before the Closing Date (as
the Closing Date may be extended as provided in Section 7.5.2) or the cost thereof is greater than the Proceeds (plus any applicable deductible), then Buyer will be entitled, but not obligated, to accept the Purchased Assets in their then-current
condition and will receive an abatement or reduction in the Purchase Price in an amount equal to the difference between the amount necessary to fully repair or replace the damaged Purchased Assets and the amount of the unused Proceeds, in which case
Buyer will be entitled to all the unused Proceeds and payment of the deductible amount. If Buyer elects to accept damaged Purchased Assets at a reduced Purchase Price, the Parties agree to cooperate in determining the amount of the reduction to the
Purchase Price in accordance with the provisions hereof. 
  

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 7.6 Transfer Taxes and FCC Filings; Expenses; Bulk Sales. 
  
 7.6.1 Transfer Taxes; FCC Filings. All federal, state or local
excise, sales or use taxes, or similar taxes and other costs imposed on or in connection with the sale, purchase or transfer of the Purchased Assets and assumption of the Assumed Contracts by Buyer pursuant hereto will be borne by Seller. All FCC
filing fees will be shared equally by Buyer and Seller. 
  
 7.6.2 Expenses. Except as otherwise provided herein, Buyer and Seller shall each pay its own expenses incident to the negotiation, preparation and performance of this Agreement and consummation of the transaction contemplated hereby,
including but not limited to the fees, expenses and disbursements of its accountants and counsel. 
  
 7.6.3 Compliance with Bulk Sales Laws. Any loss, liability, obligation or cost suffered by Seller or Buyer as the result of the failure of Seller
or Buyer to comply with the provisions of any bulk-sales laws applicable to the transfer of the Purchased Assets as contemplated by this Agreement will be borne by Seller. 
  
 7.7 Invoices. If advertisers whose advertisements air on the Station on or after the Closing Date make payments prior
to, on or after the consummation of the transactions contemplated by this Agreement to Seller rather than to Buyer with respect to such post-Closing date advertisements, Seller shall hold such amounts in trust for Buyer, shall promptly notify Buyer
of the receipt of such funds and shall forward such amounts to Buyer within five business days. If advertisers whose advertisements aired on the Station prior to the applicable Effective Date make payments prior to, on or after the consummation of
the transactions contemplated by this Agreement to Buyer rather than to Seller with respect to such pre-Closing Date advertisements, Buyer shall hold such amounts in trust for Seller, shall promptly notify Seller of the receipt of such funds and
shall forward such amounts to Seller within five business days. 
  
 ARTICLE VIII 
 CLOSING CONDITIONS 
  
 8.1 Conditions Precedent to Buyer’s Obligations. The obligation of Buyer to consummate the transaction
contemplated hereby is subject to the fulfillment prior to and as of the consummation of the transaction contemplated hereby on the Closing Date of each of the following conditions, each of which may be waived (but only by an express written waiver)
in the sole discretion of Buyer: 
  
 8.1.1 Commission
Approval. The definition of Closing Date shall have been satisfied. 
  

 25 

 8.1.2 Representations and Warranties. All representations and warranties of Seller contained in
this Agreement shall be true and correct in all material respects at and as of the Closing Date as if made on the Closing Date except as specifically contemplated by this Agreement. 
  
 8.1.3 Performance. Seller shall have performed and complied in all material respects with the covenants, agreements
and conditions required by this Agreement to be performed or complied with by it prior to and on the Closing Date. There shall not have been any material adverse change in the Station or the Purchased Assets, or any damage, destruction or loss
materially and adversely affecting the Purchased Assets or the operation of the Station. 
  
 8.1.4 FCC Licenses. Seller shall be the holder of the FCC Licenses, and there shall not have been any modification of any of the FCC Licenses or any modification of FCC rules, regulations or policies affecting
the class of holders of FCC licenses to which Seller belongs as the holder of the FCC Licenses, that has or is reasonably likely to have a material, adverse effect on the Station or, after the Closing Date, the conduct of its operations by Buyer. No
proceeding shall be pending, the effect of which would be to revoke, cancel, fail to renew, suspend, impair or modify adversely any of the FCC Licenses specifically or such class of holders generally. 
  
 8.1.5 Consents. All Required Consents shall have been obtained and
delivered to Buyer. Such Required Consents shall include, without limitation, executed consents and releases in form and substance reasonably satisfactory to Buyer from Stillwater National Bank and Trust Company consenting to the transaction
contemplated hereby and releasing their Encumbrances relating to the Purchased Assets (together with executed UCC termination statements, amendments to UCC financing statements, mortgage reconveyances for each mortgage filed against the Leasehold
Interest, if any and other documents and instruments implementing such release). In addition, the lessor under the Lease shall have executed and delivered to Buyer estoppels and consents substantially in the form attached hereto as Exhibit D
with respect to the Lease (including confirmation that the lease is in full force and effect and no defaults exist thereunder and confirmation of the terms of the Lease). 
  
 8.1.6 Litigation and Insolvency. Except for matters affecting the radio-broadcasting industry generally, no
litigation, action, suit, judgment, proceeding, complaint or investigation shall be pending or outstanding before any forum, court, or governmental body, department or agency of any kind, relating to the Purchased Assets or the ownership or
operation of the Station or which has the stated purpose or the probable effect of enjoining or preventing the consummation of this Agreement, or the transaction contemplated hereby or to recover damages by reason thereof, or which questions the
validity of any action taken or to be 
  

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 taken pursuant to or in connection with this Agreement. No insolvency proceedings of any character
including, without limitation, receivership, reorganization, composition or arrangement with creditors, voluntary or involuntary, affecting Seller or any of its assets or properties, shall be pending, and Seller shall not have taken any action in
contemplation of, or which would constitute the basis for, the institution of any such insolvency proceedings. 
  
 8.1.7 Deliveries. All deliveries required under Section 9.1 shall have been completed to the satisfaction of Buyer (including issuance of the legal
opinions). 
  
 8.2 Conditions Precedent to Seller’s
Obligations. The obligation of Seller to consummate the transaction contemplated hereby is subject to the fulfillment prior to and as of the consummation of the transaction contemplated hereby on the Closing Date of each of the following
conditions, each of which may be waived (but only by an express written waiver) in the sole discretion of Seller: 
  
 8.2.1 Commission Approval. The condition set forth in Section 8.1.1 shall have been satisfied. 
  
 8.2.2 Representations and Warranties. All representations and
warranties of LBI Media and Buyer contained in this Agreement shall be true and correct in all material respects at and as of the Closing Date as if made on the Closing Date, except as specifically contemplated by this Agreement. 
  
 8.2.3 Performance. LBI Media and Buyer shall each have performed and
complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed or complied with by it prior to and at the Closing Date. 
  
 8.2.4 Litigation and Insolvency. Except for matters affecting the radio-broadcasting industry generally, no
litigation, action, suit, judgment, proceeding, complaint or investigation shall be pending or outstanding before any forum, court or governmental body, department or agency of any kind which has the stated purpose or the probable effect of
enjoining or preventing the consummation of this Agreement or the transaction contemplated hereby or to recover damages by reason thereof, or which questions the validity of any action taken or to be taken pursuant to or in connection with this
Agreement. No insolvency proceedings of any character including, without limitation, reorganization, receivership, composition or arrangement with creditors, voluntary or involuntary, affecting Buyer or any of its assets or properties shall be
pending, and Buyer shall not have taken any action in contemplation of, or which would constitute the basis for, the institution of any such insolvency proceedings. 
  

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 8.2.5 Deliveries. All deliveries required under Section 9.2 shall have been completed to the
satisfaction of Seller (including issuance of the legal opinions). 
  
 ARTICLE IX 
 ITEMS TO BE DELIVERED AT THE CLOSING 
  
 9.1 Seller’s Performance at Closing. On the Closing Date at the Closing Place, Seller shall have executed and
delivered to Buyer all bills of sale, endorsements, assignments and other instruments of conveyance and transfer reasonably satisfactory in form and substance to Buyer and its counsel, effecting the sale, transfer, assignment and conveyance of the
Purchased Assets to Buyer including, without limitation, the following: 
  
 9.1.1 One or more bills of sale conveying to LBI all of the Tangible Personal Property and Intellectual Property to be acquired by Buyer hereunder; 
  
 9.1.2 An assignment assigning to LBI Sub the FCC Licenses; 
  
 9.1.3 An assignment assigning to LBI each of the Assumed Contracts
together with the Required Consents and the original copies of the Assumed Contracts; 
  
 9.1.4 The data, documents, copies, files, records and logs referred to in Section 2.1.6 (Seller shall have transferred data from Seller’s computer systems to Buyer’s computer systems to the extent
provided in Section 2.1.6); 
  
 9.1.5 Proof of payment of
prepaid expenses made by Seller for services to be provided to the Station after the Closing Date under the Assumed Contracts; 
  
 9.1.6 Opinions of Seller’s counsel and Seller’s FCC counsel, each dated as of the Closing Date substantially in the form of Exhibits
A and B together with such changes as Buyer’s lenders shall reasonably require; 
  
 9.1.7 Copies of resolutions of Seller, executed by all members of Seller and certified by an officer or managing member, authorizing the execution,
delivery and performance of this Agreement, the Escrow Agreement, and the transaction contemplated hereby and thereby; 
  
 9.1.8 A certificate, dated as of the Closing Date, executed by the President and Chief Executive Officer of Seller, to the effect that, (i) the
representations and warranties of Seller contained in this Agreement are true and complete in all material respects on and as of the Closing Date as though made on and as of the Closing Date, except as specifically contemplated by this Agreement;
(ii) Seller has complied with or performed all terms, covenants, agreements and conditions required by this Agreement to be complied with or performed by it prior to and at the Closing Date; (iii) all Required Consents have been obtained by Seller
and 
  

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 delivered to Buyer; (iv) except for matters affecting the radio broadcasting industry generally, no
litigation, action, suit, judgment, proceeding or investigation is pending or outstanding or, to the knowledge of Seller, threatened before any forum, court, or governmental body, department or agency of any kind relating to the operation of the
Station or which has the stated purpose or the probable effect of enjoining or preventing the consummation of this Agreement or the transaction contemplated hereby or to recover damages by reason thereof, or which questions the validity of any
action taken or to be taken pursuant to or in connection with this Agreement; (v) to the knowledge of Seller, no insolvency proceedings of any character including, without limitation, receivership, reorganization, composition or arrangement with
creditors, voluntary or involuntary, affecting Seller or any of its material assets or properties is pending, and Seller has not taken any action in contemplation of, or which would constitute the basis for, the institution of any such insolvency
proceedings; (vi) the aggregate amount of advance payments by advertisers and other advance payments for services to be provided by or for the Station after the applicable Effective Date under the Assumed Contracts referred to in Section 2.1.4
equals the amount paid to Buyer pursuant to Section 9.1.5; and (vii) Seller has performed the requirements of this Section 9.1; 
  
 9.1.9 Written instructions to deliver the Escrow Deposit minus the Holdback to Seller executed by Seller; and 
  
 9.1.10 Such other instruments of transfer, documents or certificates
requested by Buyer as may be necessary or appropriate to transfer to and vest in Buyer all of Seller’s right, title and interest in and to the Purchased Assets or as reasonably may be requested by Buyer to evidence consummation of this
Agreement and the transaction contemplated hereby. 
  
 9.2
Buyer’s Performance at Closing. On the Closing Date at the Closing Place, Buyer will execute and deliver or cause to be delivered to Seller: 
  
 9.2.1 The monies payable as set forth in Section 3.1.1 by wire transfer of federal funds; 
  
 9.2.2 An opinion of Buyer’s counsel dated as of the Closing Date
substantially in the form of Exhibit C; 
  
 9.2.3
Copies of resolutions of the Boards of Directors of LBI Media, LBI and LBI Sub, in each case certified by its Secretary, authorizing the execution, delivery and performance of this Agreement, the Escrow Agreement, and the transaction
contemplated hereby and thereby; 
  

 29 

 9.2.4 A certificate, dated as of the Closing Date, executed by the Executive Vice President or
Chief Financial Officer of LBI Media and Buyer, to the effect that (i) the representations and warranties of LBI Media and Buyer contained in this Agreement are true and complete in all material respects on and as of the Closing Date as though made
on and as of the Closing Date, except as specifically contemplated by this Agreement; (ii) LBI Media and Buyer have each complied in all material respects with or performed in all material respects all terms, covenants, agreements and conditions
required by this Agreement to be complied with or performed by it prior to and at the Closing Date; (iii) except for matters effecting the radio-broadcasting industry generally, no litigation, action, suit, judgment, proceeding or investigation is
pending or outstanding or, to the knowledge of LBI Media and Buyer, threatened before any forum, court or governmental body, department or agency of any kind which has the stated purpose or the probable effect of enjoining or preventing the
consummation of this Agreement or the transaction contemplated hereby or to recover damages by reason thereof, or which questions the validity of any action taken or to be taken pursuant to or in connection with this Agreement; (iv) to the knowledge
of LBI Media and Buyer, no insolvency proceedings of any character including, without limitation, receivership, reorganization, composition or arrangement with creditors, voluntary or involuntary, affecting LBI Media or Buyer or any of their
respective material assets or properties is pending, and neither LBI Media nor Buyer has taken any action in contemplation of, or which would constitute the basis for, the institution of any such insolvency proceedings; and (v) LBI Media and Buyer
have each performed the requirements of this Section 9.2; 
  
 9.2.5 A writing evidencing the assumption by Buyer of each of the Assumed Contracts consistent with the provisions of this Agreement; 
  
 9.2.6 Written instructions to deliver the Escrow Deposit minus the Holdback to Seller executed by Buyer; and 
  
 9.2.7 Such other instruments, documents and certificates as
reasonably may be requested by Seller to consummate this Agreement and the transaction contemplated hereby. 
  
 ARTICLE X 
 INDEMNIFICATION 
  
 10.1 Indemnification by Seller. It is understood and agreed that LBI
Media and Buyer do not assume and will not be obligated to pay any liability of Seller under the terms of this Agreement or otherwise and will not be obligated to perform any obligations of Seller of any kind or manner, except in connection with the
Assumed Contracts and with respect thereto only to the extent such obligations arise subsequent to the consummation of the transaction contemplated hereby on the Closing Date. Seller hereby agrees to indemnify, defend and hold 
  

 30 

 harmless LBI Media and Buyer, their successors and assigns, for a period of one year following the consummation of the
purchase-and-sale transaction contemplated hereby on the Closing Date, from and against: 
  
 10.1.1 Any and all Damages, occasioned by, arising out of or resulting from the Purchased Assets or the ownership or operation of the Station prior to the Closing Date, including, but not limited to, any and
all claims, liabilities and obligations arising or required to be performed prior to the Closing Date under any of the Assumed Contracts or otherwise with respect to Seller’s ownership and operation of the Station prior to the Closing Date; and

  
 10.1.2 Any and all Damages occasioned by, arising out
of or resulting from any material misrepresentation, material breach of warranty or covenant, or material default or material nonfulfillment of any agreement on the part of Seller under this Agreement, or from any material misrepresentation in or
material breach of any certificate, agreement, appendix, Schedule, or other instrument furnished to LBI Media or Buyer pursuant to this Agreement or in connection with the transaction contemplated hereby; provided that any breach of Section
7.7 shall be deemed material regardless of the cash value of such breach. 
  
 10.2 Indemnification by LBI Media and Buyer. LBI Media and Buyer agree to indemnify, defend and hold harmless Seller and its successors and assigns, for a period of one year following the consummation of the
purchase-and-sale transaction contemplated hereby on the Closing Date from and against: 
  
 10.2.1 Any and all Damages occasioned by, arising out of or resulting from the operation of the Station on or subsequent to the Closing Date, including, but not limited to, any and all claims, liabilities and
obligations arising or required to be performed on or subsequent to the Closing Date under any of the Assumed Contracts or otherwise with respect to Buyer’s ownership and operation of the Station from and after the Closing Date; and 

 
 10.2.2 Any and all Damages occasioned by, arising out of or
resulting from any material misrepresentation, material breach of warranty or covenant, or material default or material nonfulfillment, of any agreement on the part of LBI Media or Buyer under this Agreement, or from any material misrepresentation
in or material breach of any certificate, agreement, appendix, Schedule or other instrument furnished to Seller pursuant to this Agreement or in connection with the transaction contemplated hereby; provided that any breach of Section 7.7
shall be deemed material regardless of the cash value of such breach. 
  
 10.3 Third-Party Claims. In the event of third-party claims, each Party (“Indemnified Party”) shall give written notice to the other Party (“Indemnifying Party”) as soon as practicable and in no
event later than ten business days after the Indemnified Party has 
  

 31 

 knowledge, or the discovery, of any facts that, in its opinion, entitle or may entitle it to indemnification under this
Section 10.3. Seller, on the one hand, and LBI Media and Buyer, on the other, shall be considered a single Party for purposes of this Section 10.3. However, failure to give such notice will not preclude the Indemnified Party from seeking
indemnification hereunder, unless, and to the extent that, such failure adversely affects to a material degree the Indemnifying Party’s ability to defend against such a claim. The Indemnifying Party will promptly defend such a claim by counsel
approved by the Indemnified Party, which approval shall not be unreasonably withheld. The Indemnified Party may appear at any proceeding, at its own cost, by counsel of its own choosing and will otherwise reasonably cooperate in the defense of such
claim, provided that the Indemnifying Party shall promptly reimburse the Indemnified Party all reasonable costs, expenses and attorneys’ fees incurred in the course of cooperating in the defense of such claim. The Indemnifying Party shall be
responsible for all costs and expenses of any settlement. If the Indemnifying Party, within ten business days after notice of a claim, fails to defend the Indemnified Party, the Indemnified Party will be entitled to undertake the defense, compromise
or settlement of such claim at the expense of and for the account and risk of the Indemnifying Party. Anything in this Section to the contrary notwithstanding: 
  

10.3.1 If LBI Media or Buyer is the Indemnified Party and in the reasonable judgment of LBI Media or Buyer there is a reasonable probability
that a claim may materially and adversely affect the Indemnified Party or its continued operation of the Station, the Indemnified Party will have the right, at its own cost and expense, to undertake the prosecution, compromise and settlement of such
claim, and the Indemnifying Party will cooperate with the Indemnified Party; 
  
 10.3.2 If the facts giving rise to indemnification hereunder involve a possible claim by the Indemnified Party against a third party, the Indemnified Party will have the right, at its own cost and expense, to
undertake the prosecution, compromise and settlement of such claim; and 
  
 10.3.3 The Indemnifying Party will not, without the consent of the Indemnified Party, enter into or settle or compromise any claim or consent to any entry of judgment which (i) in the reasonable judgment of LBI
Media or Buyer may materially and adversely affect LBI Media or Buyer or their continued operation of the Station, and (ii) does not include as an unconditional provision thereof the giving by the claimant or the plaintiff to the Indemnified Party
of a full and complete release from all liability in respect to such claim. 
  
 10.4 Holdback. LBI Media and Buyer shall be entitled to receive any amounts owing by Seller to LBI Media or Buyer pursuant to this Agreement (including Article X hereof) and documents related hereto from the
Holdback and Seller agrees to promptly give the Escrow Agent written instructions to immediately release such amounts from the Holdback to LBI Media. Buyer agrees to promptly give the Escrow Agent written instructions to immediately release the
amounts as determined by Section 3.1.4(c) in this Agreement to the extent Seller is entitled to receive such amounts. 
  

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 10.5 Survival of Representations and Warranties. The representations and warranties contained in
this Agreement or in any Schedule or Exhibit, or in any certificate or other instrument delivered pursuant to this Agreement, will survive the consummation of the purchase-and-sale transaction contemplated by this Agreement on the Closing Date for a
period of one year; provided that, if a claim or notice is given under this Article X or otherwise with respect to any such representation and warranty prior to such expiration date, such claim shall continue (and such representation and warranty
shall survive) indefinitely until such claim is finally resolved. 
  
 ARTICLE XI 
 MISCELLANEOUS PROVISIONS 
  
 11.1 Notices. All notices, demands and requests, required or permitted to be given under the provisions of this
Agreement shall be in writing and will be deemed duly given if it is received on a business day by facsimile at the facsimile numbers below and a telephone notification is provided by the sending Party to the receiving Party at the time of the
facsimile that such notice is about to be sent (it being understood that a voice mail left on answering machines shall be deemed to satisfy the requirement for such telephone notification): 
  
 If to Seller: 
  
 Richard Witkovski 
 A.M. & P.M. Broadcasters, LLC 
 5946 Club Oaks Drive 
 Dallas, Texas 75248 
  
 Phone: 972 931 6055 
 Fax: 972 931 9141 
  
 Copy (which shall not, by itself, constitute notice) to: 
  
 Trust.Law.Firm, P.C. 
 1201 Elm Street, Suite 5270 
 Dallas, Texas 75270 
 Attn: Alan S. Trust 
  
 Phone: 214 720-0632 
 Fax: 214 720-0636 
  

 33 

 If to LBI Media or Buyer: 
  
 Mr. Lenard D. Liberman 
 Executive Vice President 
 LBI Media 
 1845 Empire Avenue 
 Burbank, California 91504 
 Phone: BOTH (818) 563-5722 and 
   (281) 493-2900 
 Fax: BOTH (818) 558-4244 and 
     (281)759-3963 
  
 Copy (which shall not, by itself, constitute notice) to: 
  
 Joseph K. Kim, Esq. 
 O’Melveny & Myers LLP 
 400 South Hope Street, 15th Floor 
 Los Angeles, California 90071 
 Phone: (213) 430-6000 
 Fax: (213) 430-6407 
  
 or any other such facsimile numbers, telephone
numbers and addresses as any Party may from time to time supply in writing to the other Parties. 
  
 11.2 Benefit and Assignment. This Agreement will be binding upon and inure to the benefit of the Parties, and their respective successors and
assigns. This Agreement will not be assignable by a Party without the prior written consent of all of LBI Media, Buyer and Seller; provided, however, that LBI Media and Buyer may assign their rights and obligations hereunder without Seller’s
consent to any party owned, directly or indirectly, by LBI Media (provided that such entity is financially qualified to close the transaction and such assignment does not delay the Closing Date), and provided that LBI Media and Buyer may assign
their rights hereunder, without Seller’s consent, to any of their lenders (provided that such assignment to such lenders does not violate the Communications Act and does not delay the Closing Date). 
  
 11.3 Public Announcements. LBI Media and Buyer, on the one hand, and
Seller on the other, will consult with, and obtain the approval of (such approval not to be unreasonably withheld or delayed), each other before issuing, and provide each other the opportunity to review, comment upon and concur with, any press
release or other public statement with respect to the transactions contemplated by this Agreement. None shall issue any such press release or make any such public statement prior to such consultation and approval, except as may be required by
applicable law, court process or by obligations pursuant to any listing agreement with any national securities exchange or the National Association of Securities 
  

 34 

 Dealers, Inc or disclosures to advisors and financing sources of each Party and disclosures required in connection with
FCC approvals or under financing documents or as required by any national securities exchange or the Securities and Exchange Commission. 
  
 11.4 Other Documents. The Parties will execute such other documents as may be necessary and desirable to the implementation and consummation of
this Agreement. 
  
 11.5 Appendices. All Schedules and
Exhibits are deemed to be part of this Agreement and are incorporated, where applicable, as if fully set forth herein. Whenever, by the terms of this Agreement or any subsequent agreement of the Parties, any additions or deletions are made to the
Purchased Assets shown on the Schedules, the Schedules affected shall be deemed to be appropriately modified to reflect those changes. 
  
 11.6 Attorneys’ Fees. Each party hereto agrees that, in the event of any and all claims, grievances, demands, controversies, causes of action
or disputes of any nature whatsoever, the prevailing party shall be entitled to recover from the losing party reasonable attorneys’ fees, expenses and costs. 
  
 11.7 Construction. This Agreement will be governed, construed and enforced in accordance with the laws of the State
of Texas. 
  
 11.8 Arbitration. Any dispute, controversy or
other matters as to which the Parties disagree arising out of, relating to or in connection with the provisions of this Agreement or the interpretation, breach or alleged breach hereof shall be settled and decided by arbitration conducted by the
Judicial Arbitration and Mediation Service (“JAMS”), subject to the following: 
  
 11.8.1 Any arbitration as set forth above shall be held and conducted in Dallas, Texas before one arbitrator who shall be selected by mutual
agreement of the parties. If agreement is not reached on the selection of the arbitrator within 30 days after commencement of an arbitration by (i) submission of a matter to the JAMS in accordance with its Commercial Arbitration Rules and (ii)
notice to the other party of the initiating party’s intention to arbitrate, then such arbitrator shall be appointed by the presiding judge of the appropriate Dallas, Texas court. 
  
 11.8.2 The arbitrator appointed must be a former or retired judge, or an attorney with at least 15 years experience
in the broadcast radio industry. 
  
 11.8.3 The prevailing
party shall be awarded reasonable attorneys’ fees, expert and non-expert witness costs and expenses, and other costs and expenses incurred in connection with the arbitration unless the arbitrator, for good cause, determines otherwise.

  
 11.8.4 The dispute shall be heard in accordance with
the rules and procedures of JAMS and the arbitrator’s decision and award shall be final and binding. 
  

 35 

 11.8.5 Costs and fees of the arbitrator (including the cost of the record of transcripts of the
arbitration) shall be borne by the non-prevailing party, unless the arbitrator for good cause determines otherwise. Costs and fees payable in advance shall be advanced equally by the parties, subject to ultimate payment by the non-prevailing party
in accordance with the preceding sentence. 
  
 11.8.6 Any
Party may initiate an arbitration proceeding under this Section 11.8 by written notice to the other Party of its intention to arbitrate, specifying the dispute or controversy to be arbitrated, the amount involved and the remedy sought, and by filing
with the Dallas, Texas office of the JAMS a copy of said notice together with a copy of this Agreement and the fee specified in the JAMS fee schedule. In no event shall a demand for arbitration be made after the date when institution of legal or
equitable proceedings based on the claim, dispute or other matter in question would be barred by the applicable statute of limitations. 
  
 11.8.7 This agreement to arbitrate shall be specifically enforceable under applicable law in any court of competent jurisdiction. The award
rendered by the arbitrator shall be final and judgment may be entered in accordance with applicable law and in any court having jurisdiction thereof. 
  
 11.8.8 Notwithstanding anything contained in this Agreement elsewhere to the contrary, and unless modified by the arbitrator upon a showing of good
cause, the arbitration shall proceed upon the following schedule: (i) within 30 days from the service of the notice of the request to arbitrate, the parties shall select the arbitrator; (ii) within 30 days after selection of the arbitrator, the
parties shall conduct a pre-arbitration conference at which a schedule of pre-arbitration discovery shall be set, all pre-arbitration motions scheduled and any other necessary pre-arbitration matters decided; (iii) all discovery shall be completed
within four months following the pre-arbitration conference; (iv) all pre-arbitration motions shall be filed and briefed so that they may be heard no later than one month following the discovery cut-off; (v) the arbitration shall be scheduled to
commence no later than 30 days after the decision on all pre-arbitration motions but in any event no later than six months following the service of the notice of arbitration; and (vi) the arbitrator shall render his written decision within 30 days
following the submission of the matter. 
  
 11.8.9 Any
monetary award of the arbitrator may include interest at the highest prime rate, as published in the Wall Street Journal, plus two percent, which interest shall accrue from the date the claim, dispute or other matter in question was
rightfully due and payable under this agreement until the date the award is paid to the prevailing party. 
  
 11.8.10 No provision of this Section 11.8 shall limit the right of any Party to this Agreement to exercise self-help remedies or to obtain
provisional or ancillary 
  

 36 

 remedies from a court of competent jurisdiction before, after, or during the pendency of any arbitration
or other proceeding. The exercise of such remedy does not waive the right of any party to resort to arbitration. 
  
 11.9 Counterparts. This Agreement may be signed in any number of counterparts with the same effect as if the signature on each such counterpart
were upon the same instrument. 
  
 11.10 Headings. The
headings of the Sections of this Agreement are inserted as a matter of convenience and for reference purposes only. They in no respect define, limit or describe the scope of this Agreement or the intent of any Section. 
  
 11.11 Entire Agreement. This Agreement, the Escrow Agreement, and all
Schedules and Exhibits hereto and thereto; and all agreements, certificates and instruments delivered by the Parties pursuant to the terms of this Agreement represent the entire understanding and agreement between the Parties with respect to the
subject matter hereof, supersede all prior negotiations and agreements between the Parties, including the Letter of Intent, and can be amended, supplemented, waived or changed only by an amendment in writing which makes specific reference to this
Agreement or the amendment, as the case may be, and which is signed by the Party against whom enforcement of any such amendment, supplement, waiver or modification is sought. 
  

 37 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed and delivered by their
duly authorized officers on the day and year first above written. 
  

					
	 	 	A.M. & P.M. BROADCASTERS, LLC
			
	 	 	 By:
	 	     /s/ Richard E. Witkovski

		
	 	 	LBI MEDIA, INC.
			
	 	 	 By:
	 	     /s/ Lenard D. Liberman

	 	 	 	 	     Lenard D. Liberman

	 	 	 	 	     Executive Vice President

		
	 	 	LIBERMAN BROADCASTING OF DALLAS, INC.
			
	 	 	 By:
	 	     /s/ Lenard D. Liberman

	 	 	 	 	     Lenard D. Liberman

	 	 	 	 	     Executive Vice President

			
	 and            
	 	 	 	 
		
	 	 	LIBERMAN BROADCASTING OF DALLAS LICENSE CORP.
			
	 	 	 By:
	 	     /s/ Lenard D. Liberman

	 	 	 	 	     Lenard D. Liberman

	 	 	 	 	     Executive Vice PresidentWarrant Shares Registration Rights Agreement

 Exhibit 4.5 
  

  
 WARRANT SHARES REGISTRATION RIGHTS AGREEMENT 
  
 dated as
of 
  
 March 29, 2004, 
  
 by and among 
  
 ATP OIL & GAS CORPORATION 
  
 and 
  
 THE HOLDERS FROM TIME TO TIME 
 OF THE WARRANTS REFERRED TO HEREIN 
  

  
 [CS&M Ref No. 5865-238] 

 TABLE OF CONTENTS 
  

					
	 	  	Page

	 ARTICLE I
  
 DEFINITIONS

	  
 ARTICLE II
  
 REGISTRATION UNDER THE SECURITIES ACT

			
	 Section 2.01.
	  	 Demand Registration
	  	5
	 Section 2.02.
	  	 Incidental Registration
	  	8
	 Section 2.03.
	  	 S-3 Registration; Shelf Registration
	  	10
	 Section 2.04.
	  	 Underwritten Offerings
	  	11
	 Section 2.05.
	  	 Expenses
	  	12
	 Section 2.06.
	  	 Postponements
	  	12
	  
 ARTICLE III
  
 HOLDBACK ARRANGEMENTS

			
	 Section 3.01.
	  	 Restrictions on Sale by Holders of Registrable Securities
	  	13
	 Section 3.02.
	  	 Restrictions on Sale by the Company and Others
	  	14
	  
 ARTICLE IV
  
 REGISTRATION PROCEDURES

			
	 Section 4.01.
	  	 Obligations of the Company
	  	14
	 Section 4.02.
	  	 Seller Information
	  	19
	 Section 4.03.
	  	 Notice to Discontinue
	  	20
	  
 ARTICLE V
  
 INDEMNIFICATION; CONTRIBUTION

			
	 Section 5.01.
	  	 Indemnification by the Company
	  	20
	 Section 5.02.
	  	 Indemnification by Holders
	  	21
	 Section 5.03.
	  	 Conduct of Indemnification Proceedings
	  	21
	 Section 5.04.
	  	 Contribution
	  	22
	 Section 5.05.
	  	 Other Indemnification
	  	23
	 Section 5.06.
	  	 Indemnification Payments
	  	23

  

					
	 ARTICLE VI
  

	 GENERAL
  

	 Section 6.01.
	  	 Adjustments Affecting Registrable Securities
	  	23
	 Section 6.02.
	  	 Registration Rights to Others
	  	23
	 Section 6.03.
	  	 Availability of Information; Rule 144; Rule 144A; Other Exemptions
	  	23
	 Section 6.04.
	  	 Amendments and Waivers
	  	24
	 Section 6.05.
	  	 Notices
	  	25
	 Section 6.06.
	  	 Successors and Assigns
	  	25
	 Section 6.07.
	  	 Counterparts
	  	26
	 Section 6.08.
	  	 Descriptive Headings, Etc
	  	26
	 Section 6.09.
	  	 Severability
	  	26
	 Section 6.10.
	  	 Jurisdiction; Consent to Service of Process
	  	26
	 Section 6.11.
	  	 WAIVER OF JURY TRIAL
	  	27
	 Section 6.12.
	  	 Remedies; Specific Performance
	  	27
	 Section 6.13.
	  	 Entire Agreement
	  	27
	 Section 6.14.
	  	 Further Assurances
	  	28
	 Section 6.15.
	  	 No Inconsistent Agreement
	  	28

  

 WARRANT SHARES REGISTRATION RIGHTS AGREEMENT (this “Agreement”) dated as of March
29, 2004, by and among ATP OIL & GAS CORPORATION, a Texas corporation (the “Company”), and each holder of Warrants (as defined below) who is or may from time to time become a party hereto (collectively, the
“Holders”). 
  
 WHEREAS, in connection
with the execution and delivery of the Second Lien Credit Agreement (the “Second Lien Credit Agreement”) dated as of the date hereof, among the Company, the lenders from time to time party thereto and Credit Suisse First
Boston, as administrative agent, and to induce such lenders to make the loans thereunder, the Company has agreed pursuant to a Warrant Agreement dated as of the date hereof among the parties hereto (the “Warrant Agreement”),
to issue and deliver warrants (the “Warrants”) to purchase up to an aggregate of 2,452,336 shares, subject to adjustment, of its common stock, par value $0.001 per share (“Common Stock”). 

 
 WHEREAS, it is a condition to the effectiveness of the Second Lien Credit
Agreement that the Company agrees to provide certain registration rights in respect of the Registrable Securities (as defined below) on the terms and subject to the conditions set forth herein. 
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
  
 ARTICLE I 
  

Definitions 
  
 As used in this Agreement, the following terms shall have the following meanings: 
  
 “Affiliate” shall mean, when used with respect to a specified person, another person that directly,
or indirectly through one or more intermediaries, controls or is controlled by or is under common control with the person specified. 
  
 “Company” shall have the meaning set forth in the preamble to this Agreement. 
  
 “Common Stock” shall have the meaning set forth in
the preamble to this Agreement. 
  
 “Demand
Registration” shall mean a registration required to be effected by the Company pursuant to Section 2.01. 
  

 “Demand Registration Statement” shall mean a registration statement of the
Company which covers the Registrable Securities requested to be included therein pursuant to the provisions of Section 2.01 and all amendments and supplements to such registration statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference (or deemed to be incorporated by reference) therein. 
  

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations
thereunder, or any successor statute.  
  
 “Holders” shall have the meaning set forth in the preamble to this Agreement. The term “Holder” shall include each holder from time to time of any Registrable Securities for so long as it is
the registered owner of any Registrable Securities and such of its heirs, successors and permitted assigns (including any permitted transferees of Registrable Securities) who acquire or are otherwise the transferee of Registrable Securities,
directly or indirectly, from such Holder (or any subsequent Holder), for so long as such heirs, successors and permitted assigns are the registered owner of any Registrable Securities. For purposes of this Agreement, a person will be deemed to be a
Holder whenever such person holds an option to purchase, or a security convertible into or exercisable or exchangeable for, Registrable Securities, whether or not such purchase, conversion, exercise or exchange has actually been effected and
disregarding any legal restrictions upon the exercise of such rights. Registrable Securities issuable upon exercise of an option or upon conversion, exchange or exercise of another security shall be deemed outstanding for the purposes of this
Agreement. 
  
 “Holders’ Counsel”
shall mean one firm of counsel (per registration) to the Holders of Registrable Securities participating in such registration, which counsel shall be selected (i) in the case of a Demand Registration, by the Initiating Holders holding a majority of
the Registrable Securities for which registration was requested in the Request, and (ii) in all other cases, by the Majority Holders of the Registration. 
  
 “Incidental Registration” shall mean a registration required to be effected by the Company pursuant to Section 2.02. 

 
 “Incidental Registration Statement” shall mean a
registration statement of the Company, which covers the Registrable Securities requested to be included therein pursuant to the provisions of Section 2.02 and all amendments and supplements to such registration statement, including post-effective
amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference (or deemed to be incorporated by reference) therein. 
  
 “Initiating Holders” shall mean, with respect to a particular registration, the Holders who
initiated the Request for such registration. 
  
 “Majority Holders” shall mean one or more Holders of Registrable Securities who hold a majority of the Registrable Securities then outstanding. 
  

 2 

 “Majority Holders of the Registration” shall mean, with respect to a particular
registration, one or more Holders of Registrable Securities who hold a majority of the Registrable Securities to be included in such registration. 
  
 “NASD” shall mean the National Association of Securities Dealers, Inc. 
  
 “person” shall mean any individual, firm,
partnership, corporation, trust, joint venture, association, joint stock company, limited liability company, unincorporated organization or any other entity or organization, including a government or agency or political subdivision thereof, and
shall include any successor (by merger or otherwise) of such entity. 
  
 “Prospectus” shall mean the prospectus included in a Registration Statement (including, without limitation, any preliminary prospectus and any 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) and any such Prospectus as amended or supplemented by any prospectus supplement, and all other amendments and
supplements to such Prospectus, including post-effective amendments, and in each case including all material incorporated by reference (or deemed to be incorporated by reference) therein. 
  
 “Registrable Securities” shall mean (i) any Warrant Shares issued upon exercise of or pursuant to
the Warrants and (ii) any other securities of the Company (or any successor or assign of the Company, whether by merger, consolidation, sale of assets or otherwise) which may be issued with respect to, in exchange for, or in substitution of, any
Warrant Shares by reason of any divided, distribution or share split, combination of shares, merger, consolidation, recapitalization, reclassification, reorganization, sale of assets or similar transaction. As to any particular Registrable
Securities, such securities shall cease to be Registrable Securities when (A) a registration statement with respect to the sale of such securities shall have been declared effective under the Securities Act and such securities shall have been
disposed of in accordance with such registration statement, (B) such securities are sold pursuant to Rule 144 (or any similar provisions then in force) under the Securities Act, (C) such securities have been otherwise transferred, a new certificate
or other evidence of ownership for them not bearing the legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of them shall not require registration under the Securities Act, (D) such
securities shall have ceased to be outstanding, or (E) after March 29, 2010. 
  
 “Registration Expenses” shall mean any and all reasonable out of pocket expenses incident to performance of or compliance with this Agreement by the Company and its subsidiaries, including,
without limitation (i) all SEC, stock exchange, NASD and other registration, listing and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws and compliance with the rules of any stock
exchange (including, to the extent requested by any Underwriter, fees and disbursements of counsel in connection with such compliance and the preparation of a blue sky memorandum and legal investment survey), (iii) all printers’ fees and costs
incurred in printing, distributing, mailing and delivering any Registration Statement, any 

  

 3 

 
Prospectus and any other document relating to the performance of or compliance with this Agreement, (iv) the fees and disbursements of counsel for the
Company, (v) the fees and disbursements of one Holders’ Counsel, (vi) the fees and disbursements of all independent public accountants (including the expenses of any audit and/or “cold comfort” letters) and the fees and expenses of
other persons, including experts, retained by the Company, (vii) the expenses incurred in connection with making road show presentations and holding meetings with potential investors to facilitate the distribution and sale of Registrable Securities,
(viii) any fees and disbursements of underwriters customarily paid by issuers or sellers of securities, and (ix) all internal expenses of the Company (including all salaries and expenses of officers and employees performing legal or accounting
duties); provided, however, Registration Expenses shall not include discounts and commissions payable to underwriters, selling brokers, dealer managers or other similar persons engaged in the distribution of any of the Registrable
Securities; and provided further, that in any case where Registration Expenses are not to be borne by the Company, such expenses shall not include salaries of Company personnel or general overhead expenses of the Company or auditing fees of
the Company or other expenses for the preparation of financial statements or other data normally prepared by the Company in the ordinary course of its business or which the Company would have incurred in any event; provided, further,
that if the Company does not register any securities with respect to which it had given written notice of its intention to register to Holders, notwithstanding anything to the contrary in the foregoing, all of the costs incurred by the Holders in
connection with such registration shall be deemed to be Registration Expenses. 
  
 “Registration Statement” shall mean any registration statement of the Company which covers any Registrable Securities and all amendments and supplements to any such Registration Statement,
including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference (or deemed to be incorporated by reference) therein. 
  
 “Request” shall have the meaning set forth in Section
2.01(a). 
  
 “SEC” shall mean the
Securities and Exchange Commission, or any successor agency having jurisdiction to enforce the Securities Act. 
  
 “Second Lien Credit Agreement” shall have the meaning set forth in the preamble to this Agreement. 
  
 “Securities Act” shall mean the Securities Act of
1933, as amended from time to time, and the rules and regulations thereunder, or any successor statute. 
  
 “Shelf Registration” shall have the meaning set forth in Section 2.01(a). 
  
 “Underwriters” shall mean the underwriters, if any,
of the offering being registered under the Securities Act. 
  
 “Underwritten Offering” shall mean a sale of securities of the Company to an Underwriter or Underwriters for reoffering to the public. 
  

 4 

 “Warrant Shares” shall mean (i) any shares of Common Stock or other securities
issued or issuable upon the exercise of any Warrants and (ii) any securities issued or issuable with respect to any of such shares or other securities referred to in clause (i) upon the conversion thereof into other securities or by way of stock
dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization or otherwise. 
  
 “Warrant Agreement” shall have the meaning set forth in the preamble to this Agreement. 
  
 “Warrants” shall have the meaning set forth in the
preamble to this Agreement. 
  
 “Withdrawn Demand
Registration” shall have the meaning set forth in Section 2.01(a). 
  
 “Withdrawn Request” shall have the meaning set forth in Section 2.01(a). 
  
 ARTICLE II 
  
 Registration Under the Securities Act 
  
 Section 2.01. Demand Registration. (a) Right to Demand Registration. Subject to Section 2.01(c), at any time and from time to time, the
Majority Holders shall have the right to request in writing that the Company register the resale of all or part of the Holders’ Registrable Securities (a “Request”) (which Request shall specify the amount of Registrable
Securities intended to be disposed of by such requesting Holders and the intended method of disposition thereof) by filing with the SEC a Demand Registration Statement. As promptly as practicable, but no later than 15 days after receipt of a
Request, the Company shall give written notice of such requested registration to all other Holders of Registrable Securities. Subject to Section 2.01(b), the Company shall include in a Demand Registration (i) the Registrable Securities intended to
be disposed of by the Initiating Holders and (ii) the Registrable Securities intended to be disposed of by any other Holder which shall have made a written request (which request shall specify the amount of Registrable Securities intended to be
disposed of by the requesting Holder and the intended method of disposition thereof) to the Company for inclusion thereof in such registration within 20 days after the receipt of such written notice from the Company. The Company shall, as
expeditiously as possible, following a Request, use commercially reasonable efforts to cause to be filed with the SEC a Demand Registration Statement providing for the registration under the Securities Act of the resale of the Registrable Securities
which the Company has been so requested to register by all such Holders, to the extent necessary to permit the disposition of such Registrable Securities in accordance with the intended methods of disposition thereof specified in such Request or
further requests (including, without limitation, by means of a shelf registration pursuant to Rule 415 under the Securities Act (a “Shelf Registration”) registering the resale from time to time by the Holders thereof of all
of the Registrable Securities upon and following the exercise from time to time of the Warrants, if so 

  

 5 

 
requested and if the Company is then eligible to use such a registration method). The Company shall use its reasonable best efforts to have such Demand
Registration Statement declared effective by the SEC as soon as practicable thereafter and to keep such Demand Registration Statement continuously effective for the period specified in Section 4.01(b). A Request may be withdrawn prior to the filing
of the Demand Registration Statement by the Majority Holders of the Registration (a “Withdrawn Request”) and a Demand Registration Statement may be withdrawn prior to the effectiveness thereof by the Majority Holders of the
Registration (a “Withdrawn Demand Registration”), and such withdrawals shall be treated as a Demand Registration which shall have been effected pursuant to this Section 2.01, unless the Holders of Registrable Securities the
resale of which was to be registered under such Registration Statement reimburse the Company for its reasonable out-of-pocket Registration Expenses relating to the preparation and filing of such Demand Registration Statement (to the extent actually
incurred), in which case such withdrawal shall not be treated as a Demand Registration effected pursuant to this Section 2.01 (and shall not be counted toward the number of Demand Registrations); provided, however, that if a Withdrawn
Request or Withdrawn Registration Statement is made (A) because of a material adverse change in the business, financial condition or prospects of the Company, or (B) because the sole or lead managing Underwriter advises that the amount of
Registrable Securities to be sold in such offering be reduced pursuant to Section 2.01(b) by more than 15% of the Registrable Securities the resale of which was to be registered under such Registration Statement, then such withdrawal shall not be
treated as a Demand Registration effected pursuant to this Section 2.01 (and shall not be counted toward the number of Demand Registrations), and the Company shall pay all Registration Expenses in connection therewith. Any Holder requesting
inclusion in a Demand Registration may, at any time prior to the effective date of the Demand Registration Statement (and for any reason) revoke such request by delivering written notice to the Company revoking such requested inclusion. 

 
 The registration rights granted pursuant to the provisions of this Section
2.01 shall be in addition to the registration rights granted pursuant to the other provisions of Article II hereof. 
  
 (b) Priority in Demand Registrations. If a Demand Registration involves an Underwritten Offering, and the sole or lead managing Underwriter, as the
case may be, of such Underwritten Offering shall advise the Company in writing (with a copy to each Holder requesting registration) on or before the date five days prior to the date then scheduled for such offering that, in its opinion, the amount
of Registrable Securities requested to be included in such Demand Registration exceeds the number which can be sold in such offering within a price range acceptable to the Majority Holders of the Registration (such writing to state the basis of such
opinion and the approximate number of Registrable Securities which, in the opinion of such Underwriter, may be included in such offering without causing the price to be below the bottom of such price range), and the Request is not thereafter
withdrawn, the Company shall include in such Demand Registration, to the extent of the number which the Company is so advised may be included in such offering, the Registrable Securities requested to be included in the Demand Registration by the
Holders allocated pro rata in proportion to 

  

 6 

 
the number of Registrable Securities requested to be included in such Demand Registration by each of them. In the event the Company shall not, by virtue of
this Section 2.01(b), include in any Demand Registration all of the Registrable Securities of any Holder requested to be included in such Demand Registration, such Holder may, upon written notice to the Company given within five days of the time
such Holder first is notified of such matter, further reduce the amount of Registrable Securities it desires to have included in such Demand Registration, whereupon only the Registrable Securities, if any, that it desires to have included will be so
included and the Holders not so reducing shall be entitled to a corresponding pro rata increase in the amount of Registrable Securities to be included in such Demand Registration. 
  
 (c) Limitations on Registrations. The rights of Holders of Registrable Securities to request Demand Registrations
pursuant to Section 2.01(a) are subject to the following limitations: (i) in no event shall the Company be required to effect a Demand Registration after March 29, 2010 and (ii) in no event shall the Company be required to effect, in the aggregate,
more than three Demand Registrations pursuant to this Section 2.01; provided, however, that such number shall be increased to the extent the Company (x) does not include in what would otherwise be the final registration for which the
Company is required to pay Registration Expenses the number of Registrable Securities requested to be registered by the Holders by reason of Section 2.01(b) or (y) terminates a Shelf Registration pursuant to Section 2.03 prior to the time that all
Registrable Securities covered by such Shelf Registration have been sold. 
  
 (d) Underwriting; Selection of Underwriters. Notwithstanding anything to the contrary contained in Section 2.01(a), if the Initiating Holders holding a majority of the Registrable Securities for which
registration was requested in the Request so elect, the offering of such Registrable Securities pursuant to such Demand Registration shall be in the form of a firm commitment Underwritten Offering and such Initiating Holders may require that all
persons (including other Holders) participating in such registration sell their Registrable Securities to the Underwriters at the same price and on the same terms of underwriting applicable to the Initiating Holders. If any Demand Registration
involves an Underwritten Offering, the sole or managing Underwriter and any additional investment bankers and managers to be used in connection with such registration shall be selected by the Company subject to the approval of the Initiating Holders
holding a majority of the Registrable Securities for which registration was requested in the Request (such approval not to be unreasonably withheld or delayed). 
  

(e) Effective Registration Statement; Suspension. A Demand Registration Statement shall not be deemed to have become effective (and the related
registration will not be deemed to have been effected) (i) unless it has been declared effective by the SEC and remains effective in compliance with the provisions of the Securities Act with respect to the disposition of all Registrable Securities
covered by such Demand Registration Statement for the time period specified in Section 4.01(b); (ii) if the offering of any Registrable Securities pursuant to such Demand Registration Statement is unable to proceed as a result of any stop order,
injunction or other order or requirement of the SEC or any other governmental agency or court; or (iii) if, in the case of an Underwritten Offering, the conditions to closing specified in an underwriting agreement 

  

 7 

 
to which the Company is a party are not satisfied (other than by the sole reason of any breach or failure by the Holders of Registrable Securities) and are
not otherwise waived. 
  
 (f) Registration of Other
Securities. Whenever the Company shall effect a Demand Registration, no securities other than the Registrable Securities shall be covered by such registration unless the Majority Holders of the Registration shall have consented in writing to the
inclusion of such other securities (which consent shall not be unreasonably withheld). 
  
 (g) Registration Statement Form. Registrations under this Section 2.01 shall be on such appropriate registration form of the SEC (i) as shall be reasonably selected by the Company, and (ii) which shall be
available for the sale of Registrable Securities in accordance with the intended method or methods of disposition specified in the requests for registration. The Company agrees to include in any such Registration Statement all information which any
selling Holder, upon advice of counsel, shall reasonably request. 
  
 (h) Other Registrations. During the period (i) beginning on the date of a Request and (ii) ending on the date that is 90 days after the date that a Demand Registration Statement filed pursuant to such Request has been declared
effective by the SEC or, if the Holders shall withdraw such Request or such Demand Registration Statement, on the date of such Withdrawn Request or such Withdrawn Registration Statement, the Company shall not, without the consent of the Majority
Holders of the Registration, file a registration statement pertaining to any other securities of the Company. 
  
 Section 2.02. Incidental Registration. (a) Right to Include Registrable Securities. If the Company at any time or from time to time proposes
to register the sale of any of its securities under the Securities Act (other than in a registration on Form S-4 or S-8 or any successor form to such forms and other than pursuant to Section 2.01 or 2.03) whether or not pursuant to registration
rights granted to other holders of its securities and whether or not for sale for its own account, the Company shall deliver prompt written notice (which notice shall be given at least 15 days prior to such proposed registration) to all Holders of
Registrable Securities of its intention to undertake such registration, describing in reasonable detail the proposed registration and distribution (including the anticipated range of the proposed offering price, the class and number of securities
proposed to be registered and the distribution arrangements) and of such Holders’ right to participate in such registration under this Section 2.02 as hereinafter provided. Subject to the other provisions of this paragraph (a) and Section
2.02(b), upon the written request of any Holder made within 15 days after the receipt of such written notice (which request shall specify the amount of Registrable Securities intended to be disposed of by the requesting Holder and the intended
method of disposition thereof), the Company shall effect the registration under the Securities Act of the resale of all Registrable Securities requested by Holders to be so registered (an “Incidental Registration”), to the
extent required to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be registered, by inclusion of such Registrable Securities in the Registration Statement which covers the

  

 8 

 
securities which the Company proposes to register and shall cause such Registration Statement to become and remain effective with respect to such Registrable
Securities in accordance with the registration procedures set forth in Article IV hereof. If an Incidental Registration involves an Underwritten Offering, promptly after notification to the Company from the Underwriter of the price at which such
securities are to be sold, the Company shall so advise each participating Holder. The Holders requesting inclusion in an Incidental Registration may, at any time prior to the effective date of the Incidental Registration Statement (and for any
reason), revoke such request by delivering written notice to the Company revoking such requested inclusion. If at any time after giving written notice of its intention to register the sale of any securities and prior to the effective date of the
Incidental Registration Statement filed in connection with such registration, the Company shall determine for any reason not to register or to delay registration of such sale, the Company may, at its election, give written notice of such
determination to each Holder of Registrable Securities and, thereupon, (A) in the case of a determination not to register, the Company shall be relieved of its obligation to register the resale of any Registrable Securities in connection with such
registration (but not from its obligation to pay the Registration Expenses incurred in connection therewith), without prejudice, however, to the rights of Holders to cause such registration to be effected as a registration under Section 2.01 or
2.03(a) and (B) in the case of a determination to delay such registration, the Company shall be permitted to delay the registration of the resale of such Registrable Securities for the same period as the delay in registering the sale of such other
securities; provided, however, that if such delay shall extend beyond 120 days from the date the Company received a request to include Registrable Securities in such Incidental Registration, then the Company shall again give all
Holders the opportunity to participate therein and shall follow the notification procedures set forth in the preceding paragraph. There is no limitation on the number of such Incidental Registrations pursuant to this Section 2.02 which the Company
is obligated to effect. 
  
 The registration rights granted
pursuant to the provisions of this Section 2.02 shall be in addition to the registration rights granted pursuant to the other provisions of Article II hereof. 
  

(b) Priority in Incidental Registration. If an Incidental Registration involves an Underwritten Offering (on a firm commitment basis), and the
sole or the lead managing Underwriter, as the case may be, of such Underwritten Offering shall advise the Company in writing (with a copy to each Holder requesting registration) on or before the date five days prior to the date then scheduled for
such offering that, in its opinion, the amount of securities (including Registrable Securities) requested to be included in such registration exceeds the amount which can be sold in such offering without materially interfering with the successful
marketing of the securities being offered (such writing to state the basis of such opinion and the approximate number of such securities which may, in the opinion of such Underwriter, be included in such offering without such effect), the Company
shall include in such registration, to the extent of the number which the Company is so advised may be included in such offering without such effect, (i) in the case of a registration initiated by the Company, (A) first, the securities that the
Company proposes to register for its own account, (B) second, the Registrable Securities requested to be included in such registration by the Holders, allocated pro rata in 

  

 9 

 
proportion to the number of Registrable Securities requested to be included in such registration by each of them, and (C) third, other securities of the
Company to be registered on behalf of any other person, and (ii) in the case of a registration initiated by a person other than the Company, (A) first, the securities requested to be included in such registration by any persons initiating such
registration, (B) second, the Registrable Securities requested to be included in such registration by the Holders and securities requested to be included by any other persons (not including Affiliates of the Company), allocated pro rata in
proportion to the number of securities requested to be included in such registration by each of them, and (C) third, the securities that the Company proposes to register for the account of it and its Affiliates, provided, however, that
in the event the Company will not, by virtue of this Section 2.02(b), include in any such registration all of the Registrable Securities of any Holder requested to be included in such registration, such Holder may, upon written notice to the Company
given within three days of the time such Holder first is notified of such matter, reduce the amount of Registrable Securities it desires to have included in such registration, whereupon only the Registrable Securities, if any, it desires to have
included will be so included and the Holders not so reducing shall be entitled to a corresponding pro rata increase in the amount of Registrable Securities to be included in such registration. 
  
 Section 2.03. S-3 Registration; Shelf Registration. (a) S-3
Registration. If at any time (i) the Majority Holder(s) request that the Company file a registration statement on S-3 or any successor form thereto registering the resale from time to time by the Holders of all of the Registrable Securities upon
and following the exercise from time to time of the Warrants, and (ii) the Company is a registrant entitled to use S-3 or any successor form thereto to register the resale of such securities, then the Company shall, as expeditiously as possible
following such Request, use commercially reasonable efforts to register under the Securities Act on S-3 or any successor form thereto, for public sale in accordance with the intended methods of disposition specified in such Request or any subsequent
requests (including, without limitation, by means of a Shelf Registration) the resale of all of the Registrable Securities; provided, that if such registration is for an Underwritten Offering, the terms of Sections 2.01(b) and 2.01(d)
shall apply (and any reference to “Demand Registration” therein shall, for purposes of this Section 2.03, instead be deemed a reference to “S-3 Registration”). Whenever the Company is required by this Section 2.03 to use
commercially reasonable efforts to effect the registration of the resale of Registrable Securities, each of the procedures and requirements of Section 2.01(a) and 2.01(e) (including but not limited to the requirements that the Company (A) notify all
Holders of Registrable Securities from whom such Request for registration has not been received and provide them with the opportunity to participate in the offering and (B) use commercially reasonable efforts to have such S-3 Registration Statement
declared and remain effective for the time period specified herein) shall apply to such registration (and any reference in such Sections 2.01(a) and 2.01(e) to “Demand Registration” shall, for purposes of this Section 2.03, instead be
deemed a reference to “S-3 Registration”). Notwithstanding anything to the contrary contained herein, no Request may be made under this Section 2.03 within 90 days after the effective date of a Registration Statement filed by the Company
covering a firm commitment Underwritten Offering in which the Holders of Registrable Securities shall have been entitled to join pursuant to this Agreement in which there shall have been effectively 

  

 10 

 
registered all Registrable Securities as to which registration shall have been requested. There is no limitation on the number of S-3 Registrations that the
Company is obligated to effect. 
  
 The Company shall include as
selling securityholders under the S-3 Registration Statement all Holders of Registrable Securities who request in accordance with the procedures herein to be so included, and (by filing a prospectus supplement or supplements, if required by law or
SEC rules) such other Holders of Registrable Securities that so request from time to time after the effectiveness of such S-3 Registration Statement, in each case after such Holder provides to the Company such information as the Company shall
request in accordance with Section 4.02. 
  
 The registration
rights granted pursuant to the provisions of this Section 2.03(a) shall be in addition to the registration rights granted pursuant to the other provisions of this Article II; provided, however, that if a S-3 Registration Statement has
been filed and is effective with respect to any Registrable Securities, the Company may satisfy its obligations with respect to a demand registration with respect to such Registrable Securities by utilizing such S-3 Registration Statement if the
offer and sale of such Registrable Securities can be accomplished thereunder. 
  
 (b) Shelf Registration. If a request made pursuant to Section 2.01 or 2.03(a) is for a Shelf Registration, the Company shall use commercially reasonable efforts to keep the Shelf Registration continuously
effective through the date on which all of the Registrable Securities covered by such Shelf Registration may be sold pursuant to Rule 144(k) under the Securities Act (or any successor provision having similar effect); provided,
however, that prior to the termination of such Shelf Registration, the Company shall first furnish to each Holder of Registrable Securities participating in such Shelf Registration (i) an opinion, in form and substance reasonably satisfactory
to the Majority Holders of the Registration, of counsel for the Company reasonably satisfactory to the Majority Holders of the Registration stating that such Registrable Securities are freely saleable pursuant to Rule 144(k) under the Securities Act
(or any successor provision having similar effect) or (ii) a “No-Action Letter” from the staff of the SEC stating that the SEC would not recommend enforcement action if the Registrable Securities included in such Shelf Registration were
sold in a public sale other than pursuant to an effective registration statement. 
  
 Section 2.04. Underwritten Offerings. (a) Demand Underwritten Offerings. If requested by the sole or lead managing Underwriter for any Underwritten Offering effected pursuant to a Demand Registration or
S-3 Registration, the Company shall enter into a customary underwriting agreement with the Underwriters for such offering, such agreement to be reasonably satisfactory in substance and form to the Company and each Holder of Registrable Securities
participating in such offering and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type, including, without limitation, indemnification and contribution to the
effect and to the extent provided in Article V hereof. 
  

 11 

 (b) Holders of Registrable Securities to be Parties to Underwriting Agreement. The Holders of
Registrable Securities to be distributed by Underwriters in an Underwritten Offering contemplated by Article II hereof shall be parties to the underwriting agreement between the Company and such Underwriters and may, at such Holders’ option,
require that any or all of the representations and warranties by, and the other agreements on the part of, the Company to and for the benefit of such Underwriters shall also be made to and for the benefit of such Holders of Registrable Securities
and that any or all of the conditions precedent to the obligations of such Underwriters under such underwriting agreement be conditions precedent to the obligations of such Holders of Registrable Securities; provided, however, that the
Company shall not be required to make any representations or warranties with respect to written information specifically provided by a selling Holder for inclusion in the Registration Statement. No Holder shall be required to make any
representations or warranties to, or agreements with, the Company or (in the case of an Incidental Registration) the Underwriters other than representations, warranties or agreements regarding such Holder, such Holder’s Registrable Securities
and such Holder’s intended method of disposition. 
  
 (c)
Participation in Underwritten Registration. Notwithstanding anything herein to the contrary, no person may participate in any Underwritten Offering hereunder unless such person (i) agrees to sell its securities on the same terms and
conditions provided in any underwriting arrangements approved by the persons entitled hereunder to approve such arrangement and (ii) accurately completes and executes in a timely manner all questionnaires, powers of attorney, indemnities, custody
agreements, underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements. 
  
 Section 2.05. Expenses. Except as stated herein, the Company shall pay all Registration Expenses in connection with any Demand Registration,
Incidental Registration or S-3 Registration or Shelf Registration whether or not such registration shall become effective and whether or not all Registrable Securities originally requested to be included in such registration are withdrawn or
otherwise ultimately not included in such registration, except as otherwise provided with respect to a Withdrawn Request and a Withdrawn Demand Registration in Section 2.01(a). 
  
 Section 2.06. Postponements. The Company shall be entitled to postpone a Demand Registration and S-3 Registration and
to require the Holders of Registrable Securities to discontinue the disposition of their securities covered by a Shelf Registration during any Blackout Period (as defined below) (i) if the Board of Directors of the Company determines in good faith
that effecting such a registration or continuing such disposition at such time would have a material adverse effect upon a proposed sale of any substantial portion of the assets of the Company or a proposed material acquisition of assets by the
Company or a merger, reorganization, recapitalization or similar current transaction materially affecting the capital structure or equity ownership of the Company, or (ii) if the Company is otherwise in possession of material information which the
Board of Directors of the Company determines in good faith it is not in the best interests of the Company to disclose in a registration statement at such time; provided, however, that the Company may only delay a Demand Registration or
S-3 Registration pursuant to this 

  

 12 

 
Section 2.06 by delivery of a Blackout Notice (as defined below) within 10 days of delivery of the request for such Registration under Section 2.01 or
Section 2.03, as applicable, and may delay a Demand Registration or S-3 Registration and require the Holders of Registrable Securities to discontinue the disposition of their securities covered by a Shelf Registration only for a reasonable period of
time not to exceed 45 days (or such earlier time as the applicable transaction is consummated or no longer proposed or the material information has been made public) (the “Blackout Period”). There shall not be more than one
Blackout Period in any 12 month period. The Company shall promptly notify the Holders in writing (a “Blackout Notice”) of any decision to postpone a Demand Registration or S-3 Registration or to discontinue sales of
Registrable Securities covered by a Shelf Registration pursuant to this Section 2.06 and shall include a general statement of the reason for such postponement, an approximation of the anticipated delay and an undertaking by the Company promptly to
notify the Holders as soon as a Demand Registration or S-3 Registration may be effected or sales of Registrable Securities covered by a Shelf Registration may resume. In making any such determination to initiate or terminate a Blackout Period, the
Company shall not be required to consult with or obtain the consent of any Holder, and any such determination shall be the Company’s sole responsibility. Each Holder shall treat all notices received from the Company pursuant to this Section
2.06 in the strictest confidence and shall not disseminate such information. If the Company shall postpone the filing of a Demand Registration Statement or an S-3 Registration Statement, the Majority Holders who were to participate therein shall
have the right to withdraw the request for registration. Any such withdrawal shall be made by giving written notice to the Company within 10 days after receipt of the Blackout Notice. Such withdrawn registration request shall not be treated as a
Demand Registration effected pursuant to Section 2.01 (and shall not be counted towards the number of Demand Registrations effected pursuant to Section 2.01(c)), and the Company shall pay all Registration Expenses in connection therewith.

  
 ARTICLE III 
  
 Holdback Arrangements 
  
 Section 3.01. Restrictions on Sale by Holders of Registrable Securities. Each Holder of Registrable Securities
agrees, by acquisition of such Registrable Securities, if timely requested in writing by the sole or lead managing Underwriter, not to make any short sale of, loan, grant any option for the purchase of or effect any sale or distribution, of any of
the Company’s equity securities (or any security convertible into or exchangeable or exercisable for any of the Company’s equity securities) during the nine business days (as such term is used in Regulation M under the Exchange Act) prior
to, and during the time period reasonably requested by the sole or lead managing Underwriter not to exceed 90 days, beginning on the effective date of the applicable registration statement (except as part of such Underwritten Offering or pursuant to
registrations on Forms S-4 or S-8 or any successor form to such forms), unless the sole or lead managing Underwriter in such Underwritten Offering otherwise agrees. 
  

 13 

 Section 3.02. Restrictions on Sale by the Company and Others. The Company agrees that if timely
requested in writing by the sole or lead managing Underwriter in an Underwritten Offering of any Registrable Securities, not to make any short sale of, loan, grant any option for the purchase of or effect any sale or distribution of any of the
Company’s equity securities (or any security convertible into or exchangeable or exercisable for any of the Company’s equity securities) during the nine business days (as such term is used in Regulation M under the Exchange Act) prior to,
and during the time period reasonably requested by the sole or lead managing Underwriter not to exceed 90 days, beginning on the effective date of the applicable registration statement (except as part of such Underwritten Offering or pursuant to
registrations on Forms S-4 or S-8 or any successor form to such forms), unless the sole or lead managing Underwriter in such Underwritten Offering otherwise agrees. The Company will use its reasonable best efforts to cause each director or officer
of the Company and each holder of 5% or more of the equity securities (or any security convertible into or exchangeable or exercisable for any of its equity securities) of the Company purchased from the Company at any time after the date of this
Agreement (other than in a registered public offering or in a public sale) to so agree. 
  
 ARTICLE IV 
  
 Registration Procedures. 
  
 Section 4.01. Obligations of the Company. Whenever the Company is required to effect the registration of Registrable Securities under the
Securities Act pursuant to Article II of this Agreement, the Company shall use commercially reasonable efforts to, as expeditiously as practicable: 
  
 (a) prepare and file with the SEC (promptly, and in any event within 60 days after receipt of a request to register Registrable
Securities) the requisite Registration Statement to effect such registration, which Registration Statement shall comply as to form in all material respects with the requirements of the applicable form and include all financial statements required by
the SEC to be filed therewith, and the Company shall use commercially reasonable efforts to cause such Registration Statement to become effective (provided, that the Company may discontinue any registration of its securities that are not
Registrable Securities, and, under the circumstances specified in Section 2.02, its securities that are Registrable Securities); provided, however, that before filing a Registration Statement or Prospectus or any amendments or
supplements thereto, or comparable statements under securities or blue sky laws of any jurisdiction, the Company shall (i) provide Holders’ Counsel and any other Inspector (as defined below) with an adequate and appropriate opportunity to
participate in the preparation of such Registration Statement and each Prospectus included therein (and each amendment or supplement thereto or comparable statement) to be filed with the SEC, which documents shall be subject to the review and
comment of Holders’ Counsel, and (ii) not file any such Registration Statement or Prospectus (or amendment or supplement thereto or comparable statement) with the SEC to which Holder’s Counsel, any selling Holder or any other Inspector
shall have 

  

 14 

 
reasonably objected on the grounds that such filing does not comply in all material respects with the requirements of the Securities Act or of the rules or
regulations thereunder; 
  
 (b) prepare and file
with the SEC such amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary (i) to keep such Registration Statement effective during the periods required herein, and (ii) to comply
with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such Registration Statement, in each case until such time as all of such Registrable Securities have been disposed of in accordance
with the intended methods of disposition by the seller(s) thereof set forth in such Registration Statement; provided that except with respect to any Shelf Registration, such period need not extend beyond twelve months after the effective date
of the Registration Statement; and provided further, that with respect to any Shelf Registration, such period need not extend beyond the time period provided in Section 2.03, and which periods, in any event, shall terminate when all
Registrable Securities covered by such Registration Statement have been sold or have otherwise ceased to be Registrable Securities (but not before the expiration of the applicable period referred to in Section 4(3) of the Securities Act and Rule 174
thereunder, if applicable); 
  
 (c) furnish,
without charge, to each selling Holder of such Registrable Securities and each Underwriter, if any, of the securities covered by such Registration Statement, such number of copies of such Registration Statement, each amendment and supplement thereto
(in each case including all exhibits), and the Prospectus included in such Registration Statement (including each preliminary Prospectus) in conformity with the requirements of the Securities Act, and other documents, as such selling Holder and
Underwriter may reasonably request in order to facilitate the public sale or other disposition of the Registrable Securities owned by such selling Holder (the Company hereby consenting to the use in accordance with applicable law of each such
Registration Statement (or amendment or post-effective amendment thereto) and each such Prospectus (or preliminary prospectus or supplement thereto) by each such selling Holder of Registrable Securities and the Underwriters, if any, in connection
with the offering and sale of the Registrable Securities covered by such Registration Statement or Prospectus); 
  
 (d) prior to any public offering of Registrable Securities, use commercially reasonable efforts to register or qualify all Registrable
Securities and other securities covered by such Registration Statement under such other securities or blue sky laws of such jurisdictions as any selling Holder of Registrable Securities covered by such Registration Statement or the sole or lead
managing Underwriter, if any, may reasonably request to enable such selling Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such selling Holder and to continue such registration or qualification in
effect in each such jurisdiction for as long as such Registration 

  

 15 

 
Statement remains in effect (including through new filings or amendments or renewals), and do any and all other acts and things which may be necessary or
advisable to enable any such selling Holder to consummate the disposition in such jurisdictions of the Registrable Securities owned by such selling Holder; provided, however, that the Company shall not be required to consent to general
service of process in any such jurisdiction; 
  
 (e) use commercially reasonable efforts to obtain all other approvals, consents, exemptions or authorizations from such governmental agencies or authorities as may be necessary to enable the selling Holders of such Registrable Securities to
consummate the disposition of such Registrable Securities; 
  
 (f) notify Holders’ Counsel, each Holder of Registrable Securities covered by such Registration Statement and the sole or lead managing Underwriter, if any: (i) when the Registration Statement, any pre-effective
amendment, the Prospectus or any prospectus supplement related thereto or post-effective amendment to the Registration Statement has been filed and, with respect to the Registration Statement or any post-effective amendment, when the same has become
effective, (ii) of any request by the SEC or any state securities or blue sky authority for amendments or supplements to the Registration Statement or the Prospectus related thereto or for additional information, (iii) of the issuance by the SEC of
any stop order suspending the effectiveness of the Registration Statement or the initiation or threat of any proceedings for that purpose, (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of
any Registrable Securities for sale under the securities or blue sky laws of any jurisdiction or the initiation of any proceeding for such purpose, (v) of the existence of any fact of which the Company becomes aware or the happening of any event
which results in (A) the Registration Statement containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statements therein not misleading, or (B) the Prospectus
included in such Registration Statement containing an untrue statement of a material fact or omitting to state a material fact required to be stated therein or necessary to make any statements therein, in the light of the circumstances under which
they were made, not misleading, (vi) if at any time the representations and warranties contained in any underwriting agreement in respect of such offering cease to be true and correct in all material respects, and (vii) of the Company’s
reasonable determination that a post-effective amendment to a Registration Statement would be appropriate or that there exists circumstances not yet disclosed to the public which make further sales under such Registration Statement inadvisable
pending such disclosure and post-effective amendment; and, if the notification relates to an event described in any of the clauses (ii) through (vii) of this Section 4.01(f), (1) each Holder agrees that such Holder will immediately discontinue
disposition of Registrable Securities pursuant to any Registration Statement(s) covering such Registrable Securities until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated below or receipt of notice
that no supplement or amendment is required; provided, that nothing herein shall prevent any Holder, 

  

 16 

 
in connection with any sale of Registrable Securities with respect to which a Holder has entered into a contract for sale prior to the Holder’s receipt
of a notice from the Company hereunder and for which the Holder has not yet settled, from settling such sale and delivering unlegended shares, if applicable, and (2) the Company shall promptly prepare a supplement or post-effective amendment to such
Registration Statement or related Prospectus or any document incorporated therein by reference or file any other required document so that (1) such Registration Statement shall not contain any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements therein not misleading, and (2) as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder, such Prospectus shall not include an
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein in the light of the circumstances under which they were made not misleading (and shall furnish to each
such Holder and each Underwriter, if any, a reasonable number of copies of such Prospectus so supplemented or amended); and if the notification relates to an event described in clause (iii) of this Section 4.01(f), the Company shall take all
reasonable action required to prevent the entry of such stop order or to remove it if entered; 
  
 (g) make available for inspection by any selling Holder of Registrable Securities, any sole or lead managing Underwriter participating in
any disposition pursuant to such Registration Statement, Holders’ Counsel and any attorney, accountant or other agent retained by any such seller or any Underwriter (each, an “Inspector” and, collectively, the
“Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company and any subsidiaries thereof as may be in existence at such time (collectively, the
“Records”) as shall be necessary, in the opinion of such Holders’ and such Underwriters’ respective counsel, to enable them to exercise their due diligence responsibility and to conduct a reasonable investigation
within the meaning of the Securities Act, and cause the Company’s and any subsidiaries’ officers, directors and employees, and the independent public accountants of the Company, to supply all information reasonably requested by any such
Inspectors in connection with such Registration Statement; 
  
 (h) if such registration involves an Underwritten Offering, obtain an opinion from the Company’s counsel and a “cold comfort” letter from the Company’s independent public accountants who have
certified the Company’s audited financial statements included or incorporated by reference in such Registration Statement, dated the date of the closing under the underwriting agreement), in customary form and covering such matters as are
customarily covered by such opinions and “cold comfort” letters delivered to underwriters in underwritten public offerings, which opinion and letter shall be reasonably satisfactory to the sole or lead managing Underwriter, and furnish to
each Underwriter a copy of such opinion and letter addressed to such Underwriter; 
  

 17 

 (i) provide a CUSIP number for all Registrable Securities and provide and cause to be
maintained a transfer agent and registrar for all such Registrable Securities covered by such Registration Statement not later than the effectiveness of such Registration Statement; 
  
 (j) otherwise use commercially reasonable efforts to comply with all applicable rules and regulations of the
SEC and any other governmental agency or authority having jurisdiction over the offering, and make available to its security holders, as soon as reasonably practicable but no later than 90 days after the end of any 12-month period, an earnings
statement (i) commencing at the end of any month in which Registrable Securities are sold to Underwriters in an Underwritten Offering and (ii) commencing with the first day of the Company’s calendar month next succeeding each sale of
Registrable Securities after the effective date of a Registration Statement, which statement shall cover such 12-month periods, in a manner which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder; 
  
 (k) use commercially reasonable efforts to cause all such
Registrable Securities to be duly included for quotation on the Nasdaq Stock Market’s National Market (the “Nasdaq National Market”) if the Company’s securities of such class are at the time included on the Nasdaq
National Market or listed on the principal national securities exchange on which the Company’s securities of such class are then listed, if applicable; 
  
 (l) enter into and perform customary agreements (including, if applicable, an underwriting agreement in customary form) and provide
officers’ certificates and other customary closing documents; 
  
 (m) cooperate with each selling Holder of Registrable Securities and each Underwriter participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings
required to be made with the NASD and make reasonably available its employees and personnel and otherwise provide reasonable assistance to the Underwriters (taking into account the needs of the Company’s businesses and the requirements of the
marketing process) in the marketing of Registrable Securities in any Underwritten Offering; 
  
 (n) cooperate with the selling Holders of Registrable Securities and the sole or lead managing Underwriter, if any, to facilitate the
timely preparation and delivery of certificates not bearing any restrictive legends representing the Registrable Securities to be sold, and cause such Registrable Securities to be issued in such denominations and registered in such names in
accordance with the underwriting agreement prior to any sale of Registrable Securities to the Underwriters or, if not an Underwritten Offering, in accordance with the instructions of the selling Holders of Registrable Securities at least three
business days prior to any sale of Registrable Securities; 
  

 18 

 (o) keep each selling Holder of Registrable Securities advised in writing as to the
initiation and progress of any registration under Article II hereunder; 
  
 (p) upon written request, furnish to each Holder participating in the offering and the sole or lead managing Underwriter, if any, without charge, at least one manually-signed copy of the Registration Statement and any
post-effective amendments thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits (including those deemed to be incorporated by reference); 
  
 (q) if requested by the sole or lead managing Underwriter or
any selling Holder of Registrable Securities, promptly incorporate in a prospectus supplement or post-effective amendment such information concerning such Holder of Registrable Securities, the Underwriters or the intended method of distribution as
the sole or lead managing Underwriter or the selling Holder of Registrable Securities reasonably requests to be included therein and as is appropriate in the reasonable judgment of the Company, including, without limitation, information with respect
to the number of shares of the Registrable Securities being sold to the Underwriters, the purchase price being paid therefor by such Underwriters and with respect to any other terms of the Underwritten Offering of the Registrable Securities to be
sold in such offering; make all required filings of such Prospectus supplement or post-effective amendment as soon as notified of the matters to be incorporated in such Prospectus supplement or post-effective amendment; and supplement or make
amendments to any Registration Statement if requested by the sole or lead managing Underwriter of such Registrable Securities; and 
  
 (r) use commercially reasonable efforts to take all other steps necessary to expedite or facilitate the registration and disposition of
the Registrable Securities contemplated hereby. 
  
 Section 4.02.
Seller Information. The Company may require each selling Holder of Registrable Securities as to which any registration is being effected to furnish to the Company such information regarding such seller and the disposition of such securities
as the Company may from time to time reasonably request in writing; provided, however, that such information shall be used only in connection with such Registration. If any Registration Statement or comparable statement under
“blue sky” laws refers to any Holder by name or otherwise as the Holder of any securities of the Company, then such Holder shall have the right to require (i) the insertion therein of language, in form and substance satisfactory to such
Holder and the Company, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder of the investment quality of the Company’s securities covered thereby and that such holding does
not imply that such Holder will assist in meeting any future financial requirements of the Company, and (ii) in the event that such reference to such Holder by name or otherwise is not in the judgment of the Company, as advised by counsel, required
by the Securities Act or any similar federal statute or any state “blue sky” or securities law then in force, the deletion of the reference to such Holder. 
  

 19 

 Section 4.03. Notice to Discontinue. Each Holder of Registrable Securities agrees by acquisition
of such Registrable Securities that, (i) upon receipt of any notice from the Company of the happening of any event of the kind described in Section 4.01(f)(ii) through 4.01(f)(vii), such Holder shall forthwith discontinue disposition of Registrable
Securities pursuant to the Registration Statement covering such Registrable Securities until such Holder’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 4.01(f) and, if so directed by the Company, such
Holder shall deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession of the Prospectus covering such Registrable Securities which is current at the time of receipt of
such notice. If the Company shall give any such notice, the Company shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement (including, without limitation, the period referred to in
Section 4.01(b)) by the number of days during the period from and including the date of the giving of such notice pursuant to Section 4.01(f) to and including the date when the Holder shall have received the copies of the supplemented or amended
prospectus contemplated by and meeting the requirements of Section 4.01(f). 
  
 ARTICLE V 
  
 Indemnification;
Contribution 
  
 Section 5.01. Indemnification by the
Company. The Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each Holder of Registrable Securities, its officers, directors, partners, members, shareholders, employees, Affiliates, advisers, attorneys and
agents (collectively, “Agents”) and each person who controls such Holder (within the meaning of the Securities Act) and its Agents with respect to each registration which has been effected pursuant to this Agreement, against
any and all losses, claims, damages or liabilities, joint or several, actions or proceedings (whether commenced or threatened) in respect thereof, and expenses (as incurred or suffered and including, but not limited to, any and all expenses incurred
in investigating, preparing or defending any litigation or proceeding, whether commenced or threatened, and the reasonable fees, disbursements and other charges of legal counsel) in respect thereof (collectively, “Claims”),
insofar as such Claims arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement or Prospectus (including any preliminary, final or summary prospectus and any amendment or
supplement thereto) related to any such registration or any omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, or any violation by the Company of the
Securities Act or any rule or regulation thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any such registration, or any qualification or compliance incident thereto; provided,
however, that the Company will not be liable in any such case to the extent that any such Claims arise out of or are based upon any untrue statement or alleged untrue statement of a material fact or omission or alleged omission of a material
fact so made in reliance upon and in conformity with written information furnished to the Company by a Holder, Underwriter or other indemnified person hereunder expressly for use therein. The Company shall also agree to 

  

 20 

 
indemnify any Underwriters of the Registrable Securities, their Agents and each person who controls any such Underwriter (within the meaning of the
Securities Act) to the same extent as provided above with respect to the indemnification of the Holders of Registrable Securities. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of any
person who may be entitled to indemnification pursuant to this Article V and shall survive the transfer of securities by such Holder or Underwriter. 
  
 Section 5.02. Indemnification by Holders. Each Holder, if Registrable Securities held by it are included in the securities as to which a
registration is being effected, agrees to, severally and not jointly, indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors and officers, each other person who participates as an Underwriter in the offering
or sale of such securities and its Agents and each person who controls the Company against any and all Claims, insofar as such Claims arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in any
Registration Statement or Prospectus (including any preliminary, final or summary prospectus and any amendment or supplement thereto) related to such registration, or any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein not misleading, to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with
written information furnished to the Company by a Holder, Underwriter or other indemnified person hereunder expressly for use therein, or any violation by such Holder of the Securities Act or any rule or regulation thereunder applicable to such
Holder and relating solely to action or inaction solely caused by such Holder as required by such Holder in connection with any such registration, or any qualification or compliance incident thereto; provided, however, that the
aggregate amount which any such Holder shall be required to pay pursuant to this Section 5.02 shall in no event be greater than the amount of the net proceeds received by such Holder upon the sale of the Registrable Securities pursuant to the
Registration Statement giving rise to such Claims less all amounts previously paid by such Holder with respect to any such Claims. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of any
person who may be entitled to indemnification pursuant to this Article V and shall survive the transfer of securities by such Holder or Underwriter. 
  
 Section 5.03. Conduct of Indemnification Proceedings. Promptly after receipt by an indemnified party of notice of any Claim or the commencement of
any action or proceeding involving a Claim under this Article V, such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying party pursuant to Article V, (i) notify the indemnifying party in writing of the
Claim or the commencement of such action or proceeding; provided, that the failure of any indemnified party to provide such notice shall not relieve the indemnifying party of its obligations under this Article V, except to the extent the
indemnifying party is materially and actually prejudiced thereby and shall not relieve the indemnifying party from any liability which it may have to any indemnified party otherwise than under this Article V, and (ii) permit such indemnifying party
to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any indemnified 

  

 21 

 
party shall have the right to employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at
the expense of such indemnified party unless (A) the indemnifying party has agreed in writing to pay such fees and expenses, (B) the indemnifying party shall have failed to assume the defense of such claim and employ counsel reasonably satisfactory
to such indemnified party within 20 days after receiving notice from such indemnified party that the indemnified party believes it has failed to do so, or (C) in the reasonable judgment of any such indemnified party, based upon advice of counsel, a
conflict of interest shall exist between such indemnified party and the indemnifying party with respect to such claims; it being understood, however, that the indemnifying party shall not, in connection with any one such action or separate but
substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to no more than
one firm of local counsel) at any time for all such indemnified parties. No indemnifying party shall be liable for any settlement of any such claim or action effected without its written consent, which consent shall not be unreasonably withheld. No
indemnifying party shall, without the consent of the indemnified party, which consent shall not be unreasonably withheld, consent to entry of any judgment or enter into any settlement of any claim or action in respect of which indemnification or
contribution may be sought hereunder, unless such settlement, (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim, (ii) does not include a statement as to or an admission of fault,
culpability or a failure to act, by or on behalf of any indemnified party, and (3) does not provide for any action on the part of any party other than the payment of money damages which is to be paid in full by the indemnifying party. 
  
 Section 5.04. Contribution. If the indemnification provided for in
Section 5.01 or 5.02 from the indemnifying party for any reason is unavailable to (other than by reason of exceptions provided therein), or is insufficient to hold harmless an indemnified party hereunder in respect of any Claim, then the
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 Claim in such proportion as is appropriate to reflect the relative fault of the
indemnifying party, on the one hand, and the indemnified party, on the other hand, in connection with the actions which resulted in such Claim, 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 to state a material fact, has been 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. If, however, the foregoing allocation
is not permitted by applicable law, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party in such proportion as is appropriate to reflect not only such relative faults but also the relative benefits of
the indemnifying party and the indemnified party as well as any other relevant equitable considerations. 
  

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 Section 5.05. Other Indemnification. Indemnification similar to that specified in the preceding
Sections 5.01 and 5.02 (with appropriate modifications) shall be given by the Company and each selling Holder of Registrable Securities with respect to any required registration or other qualification of securities under any Federal or state law or
regulation of any governmental authority, other than the Securities Act. The indemnity agreements contained herein shall be in addition to any other rights to indemnification or contribution which any indemnified party may have pursuant to law or
contract. 
  
 Section 5.06. Indemnification Payments. The
indemnification and contribution required by this Article V shall be made by periodic payments of the amount thereof during the course of any investigation or defense, as and when bills are received or any expense, loss, damage or liability is
incurred. 
  

	ARTICLE	VI 

  
 General 
  
 Section 6.01.
Adjustments Affecting Registrable Securities. The Company agrees that it shall not effect or permit to occur any combination or subdivision of shares or other securities that would adversely affect the ability of the Holder of any Registrable
Securities to include such Registrable Securities in any registration contemplated by this Agreement or the marketability of such Registrable Securities in any such registration. 
  
 Section 6.02. Registration Rights to Others. The Company represents and warrants that it is not currently a party to
any agreement with respect to its securities granting registration rights to persons other than the Holders. If the Company shall at any time hereafter provide to any holder of any securities of the Company rights with respect to the registration of
the sale of such securities under the Securities Act (not including any such rights which have been previously granted), without the prior written consent of the Majority Holders, (i) such rights shall not be in conflict with or adversely affect any
of the rights provided in this Agreement to the Holders and (ii) if such rights are provided on terms or conditions more favorable to such holder than the terms and conditions provided in this Agreement, the Company shall provide (by way of
amendment to this Agreement or otherwise) such more favorable terms or conditions to the Holders. 
  
 Section 6.03. Availability of Information; Rule 144; Rule 144A; Other Exemptions. So long as the Company shall not have filed a registration
statement pursuant to Section 12 of the Exchange Act or a registration statement pursuant to the requirements of the Securities Act, the Company shall, at any time and from time to time, upon the request of any Holder of Registrable Securities and
upon the request of any person designated by such Holder as a prospective purchaser of any Registrable Securities (provided such person agrees to execute a customary confidentiality agreement relating to the Company’s nonpublic information),
furnish in writing to such Holder or such prospective purchaser, as the case may be, a statement as of a date not earlier than 12 months prior to the date of such request of the nature of the business of the Company 

  

 23 

 
and the products and services it offers and copies of the Company’s most recent balance sheet and profit and loss and retained earnings statements,
together with similar financial statements for the two preceding fiscal years, to the extent that the Company shall have been in operation for such time, all such financial statements to be audited to the extent audited statements are reasonable
available; provided that, in any event the most recent financial statements so furnished shall include a balance sheet as of a date less than 16 months prior to the date of such request, statements of profit and loss and retained earnings for
the 12 months preceding the date of such balance sheet, and, if such balance sheet is not as of a date less than 6 months prior to the date of such request, additional statements of profit and loss and retained earnings for the period from the date
of such balance sheet to a date less than 6 months prior to the date of such request. If the Company shall have filed a registration statement pursuant to the requirements of Section 12 of the Exchange Act or a registration statement pursuant to the
requirements of the Securities Act, the Company covenants that it shall timely file any reports required to be filed by it under the Securities Act or the Exchange Act (including, but not limited to, the reports under Sections 13 and 15(d) of the
Exchange Act referred to in subparagraph (c) of Rule 144 under the Securities Act), and that it shall take such further action as any Holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable
such Holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 and Rule 144A under the Securities Act, as such rules may be amended from time to time, or (ii)
any other rule or regulation now existing or hereafter adopted by the SEC. Upon the request of any Holder of Registrable Securities, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements.

  
 Section 6.04. Amendments and Waivers. The provisions of
this Agreement, including the provisions of this sentence, may not be amended, modified, supplemented or terminated, and waivers or consents to departures from the provisions hereof may not be given, without the written consent of the Company and
the Majority Holders; provided, however, that no such amendment, modification, supplement, waiver or consent to departure shall reduce the aforesaid percentage of Registrable Securities without the written consent of all of the Holders
of Registrable Securities; and provided further, that nothing herein shall prohibit any amendment, modification, supplement, termination, waiver or consent to departure the effect of which is limited only to those Holders who have agreed to
such amendment, modification, supplement, termination, waiver or consent to departure. 
  

 24 

 Section 6.05. Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand delivery, telecopier, any recognized overnight delivery service or first class registered or certified mail, return receipt requested, postage prepaid, addressed to the applicable party at the address set forth below
or such other address as may hereafter be designated in writing by such party to the other parties in accordance with the provisions of this Section: 
  
 If to the Company: 
  
 ATP Oil & Gas Corporation 
 4600 Post Oak
Place 
 Suite 200 
 Houston,
Texas 77027 
 Attention: Chief Financial Officer 
 Telephone: 713-622-3311 
 Telecopier: 713-622-5101 
  
 with a copy to: 
  
 ATP Oil & Gas Corporation 
 4600 Post Oak Place 
 Suite 200 
 Houston, Texas 77027 
 Attention: General
Counsel 
 Telephone: 713-622-3311 
 Telecopier: 713-622-0289 
  
 if to any Holder, to the address of such
person as provided to the Company by such person from time to time in accordance with the Warrant Agreement. 
  
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; when receipt is
acknowledged, if telecopied; on the next business day, if timely delivered to a recognized overnight delivery service; and five days after being deposited in the mail, if sent first class or certified mail, return receipt requested, postage prepaid.

  
 Section 6.06. Successors and Assigns. This Agreement
shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, successors and permitted assigns (including any permitted transferee of Warrants or Registrable Securities). Any Holder may at any time and from time to
time assign to any permitted (as determined under the Warrant Agreement) transferee of its Warrants or Registrable Securities (other than a transferee that acquires such Registrable Securities in a registered public offering or pursuant to a sale
under Rule 144 of the Securities Act (or any successor rule)), its rights and obligations under this Agreement. Any such permitted transferee shall automatically be entitled to receive the benefits of and be conclusively deemed to have agreed
to be bound by and to perform all of the terms and provisions of this Agreement as if it were a party hereto (and shall, for all purposes, be deemed a Holder under this Agreement). If the Company shall so request any heir, successor or permitted
assign (including any permitted transferee) wishing to avail itself of the benefits of this Agreement shall agree in writing to acquire and hold the Registrable Securities subject to all of the terms hereof. For purposes of this Agreement,
“successor” for any entity other than a natural person shall mean a successor to such entity as a result of such entity’s merger, consolidation, sale of substantially all of its assets, or similar transaction. Except as provided above
or otherwise permitted by this Agreement, neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by 

  

 25 

 
reason hereof shall be assignable by any Holder or by the Company without the prior written consent of the other parties hereto. 
  
 Section 6.07. Counterparts. This Agreement may be executed in one or
more counterparts, each of which, when so executed and delivered, shall be deemed to be an original, but all of which counterparts, taken together, shall constitute one and the same instrument. 
  
 Section 6.08. Descriptive Headings, Etc. The headings in this
Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning of terms contained herein. Unless the context of this Agreement otherwise requires: (a) words of any gender shall be deemed to include each other
gender; (b) words using the singular or plural number shall also include the plural or singular number, respectively; (c) 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, and Article, Section and paragraph references are to the Articles, Sections and paragraphs of this Agreement unless otherwise specified; (d)
the word “including” and words of similar import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified; (e) “or” is not exclusive; and (f) provisions apply to successive
events and transactions. 
  
 Section 6.09. Severability. In
the event that any one or more of the provisions, paragraphs, words, clauses, phrases or sentences contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the
validity, legality and enforceability of any such provision, paragraph, word, clause, phrase or sentence in every other respect and of the other remaining provisions, paragraphs, words, clauses, phrases or sentences hereof shall not be in any way
impaired, it being intended that all rights, powers and privileges of the parties hereto shall be enforceable to the fullest extent permitted by law. 
  
 Section 6.10. Jurisdiction; Consent to Service of Process. (a) Each of the parties hereto hereby irrevocably and unconditionally submits, for
itself and its property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or
relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in
such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party may otherwise have to bring any action or proceeding relating to this Agreement in the courts of any jurisdiction. 
  
 (b) Each of the parties hereby irrevocably and unconditionally waives, to the
fullest extent it may legally and effectively do so, any objection which it may now or 

  

 26 

 
hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any New York State or Federal court.
Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
  
 (c) Each party to this Agreement irrevocably consents to service of process
in the manner provided for notices in Section 6.05. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
  
 Section 6.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS
AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.11. 
  
 Section 6.12. Remedies; Specific Performance. The Company stipulates that there would be no adequate remedy at law to the Holders in the event of
any default or threatened default by the Company in the performance of or compliance with any of the terms of this Agreement and accordingly, the Company agrees that, in addition to any other remedy to which any Holder may be entitled at law or in
equity, the Holders shall be entitled to specific performance of the obligations of the Company under this Agreement, without the posting of any bond, in accordance with the terms and conditions of this Agreement in any court of the United States or
any State thereof having jurisdiction, and if any action should be brought in equity to enforce any of the provisions of this Agreement, the Company shall not raise the defense that there is an adequate remedy at law. Except as otherwise provided by
law, a delay or omission by any Holder in exercising any right or remedy accruing upon any such breach or threatened breach shall not impair the right or remedy or constitute a waiver of or acquiescence in any such breach. No remedy shall be
exclusive of any other remedy. All available remedies shall be cumulative. 
  
 Section 6.13. Entire Agreement. This Agreement and the Warrant Agreement are intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants or undertakings relating to such subject matter, other than those set
forth or referred to herein or in the Warrant Agreement. This Agreement and the Warrant Agreement supersede all prior agreements 

  

 27 

 
and understandings between the Company and the other parties to this Agreement with respect to such subject matter. 
  
 Section 6.14. Further Assurances. Each party hereto shall do and
perform or cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments and documents as any other party hereto reasonably may request in order to carry out the
intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby. 
  
 Section 6.15. No Inconsistent Agreement. Subject to Sections 2.06 and 6.02, the Company will not hereafter enter into any agreement that restricts,
limits or prohibits the exercise of the rights granted to the Holders in this Agreement or the Company’s ability to perform its obligations hereunder. 
  

 28 

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

			
	 ATP OIL & GAS CORPORATION,

		
	by	 	/s/    T. Paul Bulmahn
	 	 	

	 Name:
	 	T. Paul Bulmahn
	 Title:
	 	President

  

			
	CREDIT SUISSE FIRST BOSTON, as Holder, as escrow agent, of all warrants initially issued under the Warrant Agreement pursuant to a Warrant Escrow Agreement of even date
herewith,
		
	by	 	/s/    James Moran
	 	 	

	 Name:
	 	James Moran
	 Title:
	 	Director

  

			
		
	by	 	/s/    David Dodd
	 	 	

	 Name:
	 	David Dodd
	 Title:
	 	Associate

  

 29

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