Document:

Exhibit
10.3

 

SECOND
AMENDED AND RESTATED

REGISTRATION AGREEMENT

 

THIS
SECOND AMENDED AND RESTATED REGISTRATION AGREEMENT (this “Agreement”), dated as of July 29, 2014, is made by and
among (i) Townsquare Media, Inc., a Delaware corporation (the “Company”), (ii) OCM POF IV AIF GAP Holdings,
L.P., a Delaware limited partnership (“OCM POF Fund”), (iii) OCM PF/FF Radio Holdings PT, L.P, a Delaware limited
partnership (“OCM PF/FF Fund” and, together with OCM POF Fund and any other investment vehicle or fund managed,
directly or indirectly, by Oaktree Capital Management, L.P. that at any time executes a counterpart to, or otherwise agrees to
be bound by, this Agreement, “OCM”), and (iv) each of the other Persons signatory hereto and each other
Person who, at any time, acquires securities of the Company and, with the written consent of OCM, executes a counterpart of this
Agreement or otherwise agrees to be bound by this Agreement (such Persons, together with each other Person identified as an “Other
Securityholder” on the Schedule of Securityholders attached hereto, the “Other Securityholders”).
OCM and the Other Securityholders are collectively referred to herein as the “Securityholders.” Capitalized
terms used but not defined herein have the meanings set forth in Section 9 below.

 

This
Agreement amends and restates in its entirety the Amended and Restated Registration Agreement of the Townsquare Media, LLC (of
which the Company is the corporate successor), effective as of August 12, 2010 (the “Original Agreement”),
in accordance with Section 10(e) of the Original Agreement.

 

In
consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:

 

1.           Demand
Registrations.

 

(a)          Requests
for Registration.  At any time and from time to time, the holders of a majority of the OCM Registrable Securities
may request registration under the Securities Act of all or part of their Registrable Securities on Form S-1 or any similar long-form
registration (“Long-Form Registrations”) or, if available, on Form S-3 (including pursuant to Rule 415 under
the Securities Act) or any similar short-form registration (“Short-Form Registrations”). All registrations
requested pursuant to this Section 1(a) are referred to herein as “Demand Registrations.” Each
request for a Demand Registration shall specify the approximate number of Registrable Securities requested to be registered and
the anticipated per share price range for such offering. Within five (5) days after receipt of any such request, the Company shall
give written notice of such requested registration to all other holders of Registrable Securities and, subject to Section 1(d),
will include in such registration all Registrable Securities with respect to which the Company has received written requests for
inclusion therein from such Persons within fifteen (15) days after the receipt of the Company’s notice.

 

(b)          Long-Form
Registrations.  The holders of a majority of the OCM Registrable Securities shall be entitled to request an unlimited
number of Long-Form

 

    	 

    	 

    

 

Registrations
in which the Company shall pay all Registration Expenses (as defined below in Section 5). All Long-Form Registrations shall
be underwritten registrations.

 

(c)          Short-Form
Registrations.   In addition to the Long-Form Registrations provided pursuant to Section 1(b), the holders
of a majority of the OCM Registrable Securities shall be entitled to request an unlimited number of Short-Form Registrations in
which the Company shall pay all Registration Expenses. Demand Registrations will be Short-Form Registrations whenever the Company
is permitted to use any applicable short form. After the Company has become subject to the reporting requirements of the Securities
Exchange Act, the Company shall use its best efforts to make Short-Form Registrations on Form S-3 available for the sale of Registrable
Securities. All Short-Form Registrations shall be underwritten registrations, unless otherwise agreed to by the holders of a majority
of OCM Registrable Securities included in such registration. If the Company, pursuant to the request of the holder(s) of a majority
of OCM Registrable Securities, is qualified to and has filed with the Securities and Exchange Commission a registration statement
under the Securities Act on Form S-3 pursuant to Rule 415 under the Securities Act (the “Required Registration”),
then the Company shall use reasonable best efforts to cause the Required Registration to be declared effective under the Securities
Act as soon as practicable after filing, and, once effective, the Company shall cause such Required Registration to remain effective
until the date on which all OCM Registrable Securities included in such registration have been sold pursuant to the Required Registration.

 

(d)          Priority
on Demand Registrations.   The Company shall not include in any Demand Registration any securities which are
not Registrable Securities without the prior written consent of the holders of a majority of the OCM Registrable Securities included
in such registration. If a Demand Registration is an underwritten offering and the managing underwriters advise the Company in
writing that, in their opinion, the number of Registrable Securities and, if permitted hereunder, other securities requested to
be included in such offering exceeds the number of Registrable Securities and other securities, if any, which can be sold in an
orderly manner in such offering within the price range acceptable to the holders of a majority of the Registrable Securities initially
requesting such registration, the Company will include in such registration, (i) first, the Registrable Securities requested
to be included in such registration that, in the opinion of such underwriters, can be sold in an orderly manner within such price
range, pro rata among the respective holders thereof on the basis of the number of Registrable Securities owned by each such holder,
and (ii) second, other securities requested (and permitted) to be included in such registration, if any, that, in the opinion
of such underwriters, can be sold in an orderly manner within such price range, pro rata among the holders of such securities
on the basis of the number of such securities owned by each such holder.

 

(e)          Restrictions
on Demand Registrations.   The Company shall not be obligated to effect any Long-Form Registration within 90
days after the effective date of a previous Long-Form Registration or a previous registration in which the holders of Registrable
Securities were given piggyback rights pursuant to Section 2 and in which there was no reduction in the number of Registrable
Securities requested to be included. The Company may postpone for up to six months the filing or the effectiveness of, or suspend
the use of, a registration statement for a Demand Registration if the Company determines in good faith (after consultation with
legal counsel) that such Demand Registration would reasonably be expected to have a material adverse effect on the Company or
its business or on any proposal or plan by the

 

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Company
or any of its Subsidiaries to acquire financing, engage in any acquisition of assets (other than in the ordinary course of business)
or engage in any merger, consolidation, tender offer, reorganization or similar transaction; provided that, in such event, the
Company shall pay all Registration Expenses in connection with such registration. The Company may delay a Demand Registration
hereunder only twice in any twelve-month period, provided that the aggregate length of time that such a Demand Registration
may be delayed hereunder shall not exceed six months.

 

(f)          Selection
of Underwriters.  The holders of a majority of the OCM Registrable Securities included in any Demand Registration
shall have the right to select the investment banker(s) and managing underwriter(s) to administer the offering.

 

2.           Piggyback
Registrations.

 

(a)          Right
to Piggyback.  Whenever the Company proposes to register any of its equity securities (including any proposed registration
of the Company’s securities by any third party) under the Securities Act (other than (i) pursuant to a Demand Registration,
which is governed by Section 1 or (ii) pursuant to a registration on Form S-4 or S-8 or any successor or similar forms,
or (iii) in connection with the Company’s initial public offering of equity securities), whether or not for sale for its
own account, and the registration form to be used may be used for the registration of Registrable Securities (a “Piggyback
Registration”), the Company shall give prompt written notice to all holders of Registrable Securities of its intention
to effect such a registration and will include in such registration all Registrable Securities with respect to which the Company
has received written requests for inclusion therein from such Persons within fifteen (15) days after the receipt of the Company’s
notice.

 

(b)          Piggyback
Expenses.  The Registration Expenses of the holders of Registrable Securities shall be paid by the Company in all
Piggyback Registrations, whether or not such registration is consummated.

 

(c)          Priority
on Primary Registrations.   If a Piggyback Registration is an underwritten primary registration on behalf of
the Company, and the managing underwriters advise the Company in writing that, in their opinion, the number of securities requested
to be included in such offering exceeds the number which can be sold in an orderly manner in such offering within a price range
acceptable to the Company, then the Company shall include in such registration (i) first, the securities the Company proposes
to sell that, in the opinion of such underwriters, can be sold in an orderly manner within such price range, (ii) second,
the Registrable Securities requested to be included in such registration, if any, that, in the opinion of such underwriters, can
be sold in an orderly manner within such price range, pro rata among the respective holders thereof on the basis of the number
of Registrable Securities owned by each such holder, and (iii) third, other securities requested (and permitted) to be
included in such registration, if any, that, in the opinion of such underwriters, can be sold in an orderly manner within such
price range, pro rata among the holders of such securities on the basis of the number of such securities owned by each such holder.

 

(d)          Priority
on Secondary Registrations.   If a Piggyback Registration is an underwritten secondary registration on behalf
of holders of the Company’s securities other than

 

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holders
of Registrable Securities (it being understood that secondary registrations on behalf of holders of Registrable Securities are
addressed in Section 1 rather than this Section 2(d)), and the managing underwriters advise the Company in writing
that, in their opinion, the number of securities requested to be included in such registration exceeds the number which can be
sold in an orderly manner in such offering within a price range acceptable to the holders of a majority of the securities initially
requested to be included in such registration, then the Company shall include in such registration (i) first, the securities
requested to be included therein by the holders requesting such registration and the Registrable Securities requested to be included
in such registration, in each case that, in the opinion of such underwriters, can be sold in an orderly manner within such price
range, pro rata among the holders of such securities and the holders of such Registrable Securities on the basis of the number
of securities owned by each such holder, and (ii) second, other securities requested (and permitted) to be included in
such registration, if any, that, in the opinion of such underwriters, can be sold in an orderly manner within such price range.

 

(e)          Selection
of Underwriters.    If any Piggyback Registration is an underwritten offering, the selection of the investment
banker(s) and managing underwriter(s) for the offering must be approved by the holders of a majority of the Registrable Securities
included in such Piggyback Registration, which approval shall not be unreasonably withheld.

 

(f)          Other
Registrations.   If the Company has previously filed a registration statement with respect to Registrable Securities
pursuant to Section 1 or pursuant to this Section 2, and if such previous registration has not been withdrawn or
abandoned, then, unless such previous registration statement is a Required Registration, the Company shall not file or cause to
be effected any other registration of any of its equity securities or securities convertible or exchangeable into or exercisable
for its equity securities under the Securities Act (except on Form S-4 or S-8 or any successor form), whether on its own behalf
or at the request of any holder or holders of such securities, until a period of at least six months has elapsed from the effective
date of such previous registration.

 

3.           Holdback
Agreements.

 

(a)          Each
holder of Registrable Securities agrees that in connection with the Company’s initial public offering of the Company’s
equity securities and any Demand Registration or Piggyback Registration that is an underwritten public offering of the Company’s
equity securities, he, she or it shall not (i) offer, sell, contract to sell, pledge or otherwise dispose of (including sales
pursuant to Rule 144), directly or indirectly, any equity securities of the Company (“Securities”) (including
Securities which may be deemed to be owned beneficially by such holder in accordance with the rules and regulations of the Securities
and Exchange Commission), or any securities, options, or rights convertible into or exchangeable or exercisable for Securities
(“Other Securities”), (ii) enter into a transaction which would have the same effect as described in clause
(i) of this Section 3(a), (iii) enter into any swap, hedge or other arrangement that transfers, in whole or in part, any
of the economic consequences or ownership of any Securities or Other Securities, whether such transaction is to be settled by
delivery of such Securities or Other Securities, in cash or otherwise, or (iv) publicly disclose the intention to enter into any
transaction described in clause (i), (ii) or (iii) above, from the date on which the Company gives notice to the holders of Registrable
Securities that a preliminary prospectus has

 

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been
circulated for the underwritten public offering to the date that is (A) 180-days following the date of the final prospectus for
such underwritten public offering, if such public offering is the Company’s initial public offering, or (B) 90 days following
the date of the final prospectus for such underwritten public offering, if such public offering is not the Company’s initial
public offering (in each case, or such longer period as agreed to by the underwriters designated as “book-runners”
managing such registered public offering), unless such book-runners otherwise agree in writing (such period, the “Holdback
Period”); provided that the holdback obligations set forth in this Section 3(a) shall not be effective
or shall be reduced, as applicable, if, in any underwritten offering, the managing underwriter indicates in writing to the Company
that such holdback obligations are not necessary or may be shortened in the applicable initial public offering, Demand Registration
or Piggyback Registration. If (x) the Company issues an earnings release or other material news or a material event relating to
the Company and its Subsidiaries occurs during the last 17 days of the Holdback Period or (y) prior to the expiration of the Holdback
Period, the Company announces that it will release earnings results during the 16-day period beginning upon the expiration of
the Holdback Period, then to the extent necessary for a managing or co-managing underwriter of a registered offering required
hereunder to comply with FINRA Rule 2711(f)(4), the Holdback Period shall be extended until 18 days after the earnings release
or the occurrence of the material news or event, as the case may be (such period referred to herein as the “Holdback
Extension”). The Company may impose stop-transfer instructions with respect to its securities that are subject to the
foregoing restriction until the end of such period, including any period of Holdback Extension. The holdback obligations set forth
in this Section 3(a) will automatically terminate upon any release or termination of such holdback obligations for the
holders of a majority of the OCM Registrable Securities.

 

(b)          In
addition to the holdback obligations provided for in Section 3(a) above, in connection with any underwritten public offering
of the Company’s equity securities, each holder of Registrable Securities agrees to enter into any lockup or similar agreement
requested by the underwriters managing the registered public offering that the holders of a majority of the OCM Registrable Securities
agree to enter into; provided, that such lockup or similar arrangement will automatically terminate upon any release or
termination of the lockup or similar arrangement entered into by the holders of a majority of the OCM Registrable Securities;
provided, further, that in no event shall such lockup or similar agreement provide for a holdback period that is
longer than the duration of the Holdback Period (including any Holdback Extension) as determined pursuant to Section 3(a)
above.

 

(c)          The
Company (i) agrees not to effect any Public Sale or distribution of its equity securities, or any securities convertible into
or exchangeable or exercisable for such securities, during the seven days prior to and during the 90-day period beginning on the
effective date of any Demand Registration or any underwritten Piggyback Registration (except as part of such underwritten registration
or pursuant to registrations on Form S-4 or S-8 or any successor form) or, in the event of a Holdback Extension, for such longer
period until the end of such period of Holdback Extension, unless the underwriters managing the registered public offering otherwise
agree, and (ii) to the extent not inconsistent with applicable law, except as otherwise permitted by the holders of a majority
of the OCM Registrable Securities, shall cause each other holder of its Class A Common Stock, or any securities convertible into
or exchangeable or exercisable for Class A Common Stock, purchased from the Company at any time after the date of this Agreement
(other than in a registered public offering) and who is not party to this

 

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Agreement
to agree not to effect any Public Sale or distribution (including sales pursuant to Rule 144) of any such securities during such
period (as extended by any Holdback Extension) except as part of such underwritten registration, if otherwise permitted, unless
the underwriters managing the registered public offering otherwise agree.

 

(d)          Notwithstanding
any other provision contained in this Agreement, the Company shall not include in any underwritten Demand Registration or underwritten
Piggyback Registration any portion of Registrable Securities held by any officers or employees of the Company or any of its Subsidiaries
the inclusion of which the underwriter of such Demand Registration or Piggyback Registration, as the case may be, determines is
likely to adversely affect such offering.

 

(e)          Notwithstanding
anything to the contrary herein, except in the case of (i) a transfer to the Company or (ii) a Public Sale which does not violate
Sections 3(a) or 3(b) (clauses (i) through (ii), a “Permitted Transfer”), prior to transferring
any Registrable Securities to any Person not already a party to this Agreement (including by operation of law), the transferring
Securityholder shall cause the prospective transferee to execute and deliver to the Company a counterpart of this Agreement thereby
agreeing to be bound by the terms hereof. Any transfer or attempted transfer of any Registrable Securities in violation of any
provision of this Agreement shall be void ab initio, and the Company shall not record such transfer on its books or treat
any purported transferee of such securities as the owner of such securities for any purpose. Other than in the case of a Permitted
Transfer, whether or not any such transferee has executed a counterpart hereto, such transferee shall be subject to the obligations
of the transferor hereunder.

 

(f)          Each
certificate evidencing any Securities or Other Securities held by a Securityholder and each certificate issued in exchange for
or upon the transfer of any such securities (unless such securities are permitted to be transferred pursuant to this Agreement
and, if such securities were Registrable Securities, would no longer be Registrable Securities after such transfer) shall be stamped
or otherwise imprinted with a legend in substantially the following form (together with any other legend that may be required
pursuant to applicable law or the Company’s certificate of incorporation or other organizational documents):

 

THE
SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED ON JULY 29, 2014 AND HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER ANY OTHER APPLICABLE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN
THE ABSENCE OF EFFECTIVE REGISTRATION UNDER SUCH ACT AND LAWS OR EXEMPTION THEREFROM.

 

IN
ADDITION, THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS SET
FORTH IN THE SECOND AMENDED AND RESTATED REGISTRATION AGREEMENT DATED AS OF JULY 29, 2014, AMONG THE COMPANY AND CERTAIN
OF THE COMPANY’S

 

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SECURITYHOLDERS,
AS AMENDED AND MODIFIED FROM TIME TO TIME PURSUANT TO ITS TERMS. A COPY OF SUCH REGISTRATION AGREEMENT WILL BE FURNISHED WITHOUT
CHARGE BY THE COMPANY TO THE HOLDER HEREOF UPON WRITTEN REQUEST.

 

The
Company shall imprint such legend on certificates evidencing Securities and Other Securities outstanding prior to the date hereof.
The legend set forth above shall be removed from the certificates evidencing any securities which are transferred pursuant to
a Permitted Transfer.

 

4.           Registration
Procedures.  Whenever the holders of Registrable Securities have requested that any Registrable Securities be registered
pursuant to this Agreement, the Company shall use its reasonable best efforts to effect the registration and the sale of such
Registrable Securities in accordance with the intended method of disposition thereof and pursuant thereto the Company will as
expeditiously as possible:

 

(a)          in
accordance with the Securities Act and all applicable rules and regulations promulgated thereunder, prepare and (within sixty
(60) days after the end of the period within which requests for registration may be given to the Company) file with the Securities
and Exchange Commission a registration statement with respect to such Registrable Securities and thereafter use its reasonable
best efforts to cause such registration statement to become effective as soon as practicable thereafter (provided that before
filing a registration statement or prospectus or any amendments or supplements thereto, the Company shall furnish to the counsel
selected by the holders of a majority of the OCM Registrable Securities covered by such registration statement copies of all such
documents proposed to be filed, which documents shall be subject to the review and comment of such counsel);

 

(b)          notify
in writing each holder of Registrable Securities of the effectiveness of each registration statement filed hereunder and prepare
and file with the Securities and Exchange Commission such amendments and supplements to such registration statement and the prospectus
used in connection therewith as may be necessary to keep such registration statement effective for a period of either (i) not
less than six months (subject to extension pursuant to Section 7(b)) or, if such registration statement relates to an underwritten
offering, such longer period as in the opinion of counsel for the underwriters a prospectus is required by law to be delivered
in connection with sales of Registrable Securities by an underwriter or dealer or (ii) such shorter period as will terminate when
all of the securities covered by such registration statement have been disposed of in accordance with the intended methods of
disposition by the seller or sellers thereof set forth in such registration statement (but in any event not before the expiration
of any longer period required under the Securities Act), and to comply with the provisions of the Securities Act with respect
to the disposition of all securities covered by such registration statement until such time as all of such securities have been
disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration
statement;

 

(c)          furnish
to each seller of Registrable Securities thereunder such number of copies of such registration statement, each amendment and supplement
thereto, the prospectus included in such registration statement (including each preliminary prospectus), each Free

 

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Writing
Prospectus and such other documents as such seller may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by such seller;

 

(d)          use
its reasonable best efforts to register or qualify such Registrable Securities under such other securities or blue sky laws of
such jurisdictions as any seller reasonably requests and do any and all other acts and things which may be reasonably necessary
or advisable to enable such seller to consummate the disposition in such jurisdictions of the Registrable Securities owned by
such seller (provided that the Company shall not be required to (i) qualify generally to do business in any jurisdiction where
it would not otherwise be required to qualify but for this Section 4(d), (ii) subject itself to taxation in any such jurisdiction
or (iii) consent to general service of process in any such jurisdiction);

 

(e)          notify
in writing each seller of such Registrable Securities (i) promptly after it receives notice thereof, of the date and time
when such registration statement and each post-effective amendment thereto has become effective or a prospectus or supplement
to any prospectus relating to a registration statement has been filed and when any registration or qualification has become effective
under a state securities or blue sky law or any exemption thereunder has been obtained, (ii) promptly after receipt thereof,
of any request by the Securities and Exchange Commission for the amendment or supplementing of such registration statement or
prospectus or for additional information, and (iii) at any time when a prospectus relating thereto is required to be delivered
under the Securities Act, of any event as a result of which the prospectus included in such registration statement (x) contains
an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading in light of the
circumstances under which they were made or (y) is otherwise not legally available to support sales of Registrable Securities;

 

(f)           prepare
and file promptly with the Securities and Exchange Commission, and notify such holders of Registrable Securities prior to the
filing of, such amendments or supplements to such registration statement or prospectus as may be necessary to correct any statements
or omissions if, at the time when a prospectus relating to such securities is required to be delivered under the Securities Act,
any event has occurred as the result of which any such prospectus or any other prospectus as then in effect would include an untrue
statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements
therein not misleading, and, in case any of such holders of Registrable Securities or any underwriter for any such holders is
required to deliver a prospectus at a time when the prospectus then in circulation is not in compliance with the Securities Act
or the rules and regulations promulgated thereunder, the Company shall use its best efforts to prepare promptly upon request of
any such holder or underwriter such amendments or supplements to such registration statement and prospectus as may be necessary
in order for such prospectus to comply with the requirements of the Securities Act and such rules and regulations;

 

(g)         cause
all such Registrable Securities to be listed on each securities exchange on which similar securities issued by the Company are
then listed;

 

(h)          provide
a transfer agent and registrar for all such Registrable Securities not later than the effective date of such registration statement;

 

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(i)           enter
into and perform such customary agreements (including underwriting agreements in customary form) and take all such other actions
as the holders of a majority of the OCM Registrable Securities being included in such registration or the underwriters, if any,
reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including participation
in “road shows”, investor presentations and marketing events and effecting a share or unit split or a combination
of shares or units);

 

(j)           make
available for inspection by any underwriter participating in any disposition pursuant to such registration statement, and any
attorney, accountant, or other agent retained by any such underwriter, all financial and other records, pertinent corporate documents
and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply
all information reasonably requested by any such underwriter, attorney, accountant, or agent in connection with such registration
statement and assist and, at the request of any participating underwriter, use reasonable best efforts to cause such officers
or directors to participate in presentations to prospective purchasers;

 

(k)          take
all reasonable actions to ensure that any Free-Writing Prospectus utilized in connection with any Demand Registration or Piggyback
Registration hereunder complies in all material respects with the Securities Act, is filed in accordance with the Securities Act
to the extent required thereby, is retained in accordance with the Securities Act to the extent required thereby and, when taken
together with the related prospectus, will not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

 

(l)           otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Securities and Exchange Commission,
and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at
least 12 months beginning with the first day of the Company’s first full calendar quarter after the effective date of the
registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule
158 thereunder;

 

(m)         use
its reasonable best efforts to prevent the issuance of any stop order suspending the effectiveness of a registration statement,
or of any order suspending or preventing the use of any related prospectus or suspending the qualification of any securities included
in such registration statement for sale in any jurisdiction, and in the event of the issuance of any such stop order or other
such order the Company shall advise such holders of Registrable Securities of such stop order or other such order promptly after
it shall receive notice or obtain knowledge thereof and shall use its best efforts promptly to obtain the withdrawal of such order;

 

(n)          obtain
one or more cold comfort letters, dated the effective date of such registration statement (and, if such registration includes
an underwritten public offering, dated the date of the closing under the underwriting agreement and addressed to the underwriters),
from the Company’s independent public accountants in customary form and covering such matters of the type customarily covered
by cold comfort letters as the holders of a majority of the OCM Registrable Securities included in such registration reasonably
request; and

 

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(o)        
provide a legal opinion of the Company’s outside counsel, dated the effective date of such registration statement (or, if
such registration includes an underwritten public offering, dated the date of the closing under the underwriting agreement), with
respect to the registration statement, each amendment and supplement thereto, the prospectus included therein (including the preliminary
prospectus) and such other documents relating thereto in customary form and covering such matters of the type customarily covered
by such opinions, which opinions shall be addressed to the underwriters. The Company may require each seller of Registrable Securities
as to which any registration is being effected to furnish the Company such information regarding such seller and the distribution
of such securities as the Company may from time to time reasonably request in writing.

 

5.           Registration
Expenses.

 

(a)          All
expenses incident to the Company’s performance of or compliance with this Agreement, including all registration and filing
fees, fees and expenses of compliance with securities or blue sky laws, printing expenses, travel expenses, filing expenses, messenger
and delivery expenses, fees and disbursements of custodians, and fees and disbursements of counsel for the Company and of all
independent certified public accountants, underwriters including, if necessary, a “qualified independent underwriter”
within the meaning of the rules of the Financial Industry Regulatory Authority, Inc. (in each case, excluding discounts and commissions),
and other Persons retained by the Company or by the holders of OCM Registrable Securities or their Affiliates on behalf of the
Company (all such expenses being herein called “Registration Expenses”), shall be borne as provided in this
Agreement, except that the Company shall, in any event, pay its internal expenses (including all salaries and expenses of its
officers and employees performing legal or accounting duties), the expense of any annual audit or quarterly review, the expense
of any liability insurance and the expenses and fees for listing the securities to be registered on each securities exchange on
which similar securities issued by the Company are then listed. Each Person that sells securities pursuant to a Demand Registration
or Piggyback Registration hereunder shall bear and pay all underwriting discounts and commissions applicable to the securities
sold for such Person’s account.

 

(b)          In
connection with each Demand Registration and each Piggyback Registration, the Company shall reimburse the holders of Registrable
Securities included in such registration for the reasonable fees and disbursements of one counsel chosen by the holders of a majority
of the OCM Registrable Securities included in such registration.

 

(c)          To
the extent Registration Expenses are not required to be paid by the Company, each holder of securities included in any registration
hereunder shall pay those Registration Expenses allocable hereunder to the registration of such holder’s securities so included,
and any Registration Expenses not so allocable shall be borne by all sellers of securities included in such registration in proportion
to the aggregate selling price of each seller’s securities to be so registered.

 

6.           Indemnification.

 

(a)          The
Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, each holder of Registrable Securities,
its officers, directors, managers, agents,

 

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and
employees and each Person who controls such holder (within the meaning of the Securities Act) (each an “Indemnitee”
and, collectively, the “Indemnitees”) against any losses, claims, damages or liabilities, joint or several,
together with reasonable costs and expenses (including reasonable attorneys’ fees), to which such Indemnitee may become
subject under the Securities Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings,
whether commenced or threatened, in respect thereof) arise out of, are based upon, are caused by or result from (i) any untrue
or alleged untrue statement of material fact contained (A) in any registration statement, prospectus or preliminary prospectus
or any amendment thereof or supplement thereto or (B) in any application or other document or communication (in this Section
6 collectively called an “application”) executed by or on behalf of the Company or based upon written information
furnished by or on behalf of the Company filed in any jurisdiction in order to qualify any securities covered by such registration
statement under the “blue sky” or securities laws thereof, or (ii) any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, and the Company will reimburse
each such Indemnitee for any legal or any other expenses incurred by him, her or it in connection with investigating or defending
any such loss, claim, damage, expense, liability, action or proceeding; provided, however, that the Company shall not be liable
in any such case to any such Person to the extent that any such loss, claim, damage, liability (or action or proceeding in respect
thereof) or expense arises out of, is based upon, is caused by or results from an untrue statement or alleged untrue statement,
or omission or alleged omission, made in such registration statement, any such prospectus or preliminary prospectus or any amendment
or supplement thereto, or in any application, in reliance upon, and in conformity with, written information prepared and furnished
to the Company by such holder expressly for use therein. In connection with an underwritten offering, the Company shall indemnify
the underwriters, their officers and directors and each Person who controls such underwriters (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.

 

(b)          In
connection with any registration statement in which a holder of Registrable Securities is participating, each such holder shall
furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with
any such registration statement or prospectus and, to the fullest extent permitted by law, shall indemnify and hold harmless the
other holders of Registrable Securities and the Company, and their respective directors, officers, managers, agents and employees
and each other Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages
or liabilities, joint or several, together with reasonable costs and expenses (including reasonable attorney’s fees), to
which such indemnified party may become subject under the Securities Act or otherwise, insofar as such losses, claims, damages
or liabilities (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of, are based upon,
are caused by or result from (i) any untrue statement of material fact contained in the registration statement, prospectus or
preliminary prospectus or any amendment thereof or supplement thereto or in any application or (ii) any omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such
untrue statement or omission is made in such registration statement, any such prospectus or preliminary prospectus or any amendment
or supplement thereto, or in any application, in each case, in reliance upon and in conformity with written information prepared
and furnished to the Company by such holder expressly for use therein; provided, however, that the obligation to

 

    	11

    	 

    

 

indemnify
will be several and not joint, as to each holder and will be limited to the net amount of proceeds received by such holder from
the sale of Registrable Securities pursuant to such registration statement.

 

(c)          Any
Person entitled to indemnification hereunder will (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to
indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (ii) unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect
to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the
indemnified party. If such defense is assumed, the indemnifying party will not be subject to any liability for any settlement
made by the indemnified party without its consent (but such consent will not be unreasonably withheld, conditioned or delayed).
An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim will not be obligated to pay the
fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim,
unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and
any other of such indemnified parties with respect to such claim.

 

(d)          The
indemnifying party shall not, except with the approval of each indemnified party, consent to entry of any judgment or enter into
any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to each indemnified
party of a release from all liability in respect to such claim or litigation without any payment or consideration provided by
such indemnified party.

 

(e)          If
the indemnification provided for in this Section 6 is unavailable to or is insufficient to hold harmless an indemnified
party under the provisions above in respect to any losses, claims, damages or liabilities referred to therein, then each indemnifying
party shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or
liabilities (i) in such proportion as is appropriate to reflect the relative fault of the Company on the one hand and the sellers
of Registrable Securities and any other sellers participating in the registration statement on the other hand or (ii) if the allocation
provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the
relative faults referred to in clause (i) above but also the relative benefit of the Company on the one hand and of the sellers
of Registrable Securities and any other sellers participating in the registration statement on the other in connection with the
registration statement or omissions which resulted in such losses, claims, damages or liabilities, as well as any other relevant
equitable considerations. The relative benefits received by the Company on the one hand and the sellers of Registrable Securities
and any other sellers participating in the registration statement on the other shall be deemed to be in the same proportion as
the total net proceeds from the offering (before deducting expenses) to the Company bear to the total net proceeds from the offering
(before deducting expenses) to the sellers of Registrable Securities and any other sellers participating in the registration statement.
The relative fault of the Company on the one hand and of the sellers of Registrable Securities and any other sellers participating
in the registration statement on the other shall be determined by reference to, among other things, whether the untrue statement
or alleged omission to state a material fact

 

    	12

    	 

    

 

relates
to information supplied by the Company or by the sellers of Registrable Securities or other sellers participating in the registration
statement and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission.

 

(f)          The
Company and the sellers of Registrable Securities agree that it would not be just and equitable if contribution pursuant to this
Section 6 were determined by pro rata allocation (even if the sellers of Registrable Securities were treated as one entity
for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to
in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims,
damages and liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations
set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or
defending any such action or claim. Notwithstanding the provisions of this Section 6, no seller of Registrable Securities
shall be required to contribute any amount in excess of the net proceeds received by such seller from the sale of Registrable
Securities covered by the registration statement filed pursuant hereto. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.

 

(g)          The
indemnification and contribution by any such party provided for under this Agreement shall be in addition to any other rights
to indemnification or contribution which any indemnified party may have pursuant to law or contract and will remain in full force
and effect regardless of any investigation made or omitted by or on behalf of the indemnified party or any officer, director or
controlling Person of such indemnified party and will survive the transfer of securities.

 

7.           Participation
in Underwritten Registrations.

 

(a)          No
Person may participate in any registration hereunder which is underwritten unless such Person (i) agrees to sell such Person’s
securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve
such arrangements (including pursuant to the terms of any over-allotment or “green shoe” option requested by the managing
underwriter(s), provided that no holder of Registrable Securities will be required to sell more than the number of Registrable
Securities that such holder has requested the Company to include in any registration) and (ii) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents reasonably required under the terms of such underwriting
arrangements; provided that no holder of Registrable Securities included in any underwritten registration shall be required
to make any representations or warranties to the Company or the underwriters (other than representations and warranties regarding
such holder and such holder’s intended method of distribution) or to undertake any indemnification obligations to the Company
or the underwriters with respect thereto, except as otherwise provided in Section 6 hereof.

 

(b)          Each
Person that is participating in any registration hereunder agrees that, upon receipt of any notice from the Company of the happening
of any event of the kind described in Section 4(e), such Person will forthwith discontinue the disposition of its Registrable
Securities pursuant to the registration statement until such Person’s receipt of the

 

    	13

    	 

    

 

copies
of a supplemented or amended prospectus as contemplated by Section 4(e); provided that the Company shall cause the
period from and including the date of the giving of such notice pursuant to this Section 7 to and including the date when
each seller of Registrable Securities covered by such registration statement shall have received the copies of the supplemented
or amended prospectus contemplated by Section 4(e) (the “Suspension Period”) not to exceed 180 days
in any twelve-month period. In the event the Company shall give any such notice, the applicable time period mentioned in Section
4(b) during which a Registration Statement is to remain effective shall be extended by the number of days during the Suspension
Period.

 

8.           Current
Public Information.  At all times after the Company has filed a registration statement with the Securities and Exchange
Commission pursuant to the requirements of either the Securities Act or the Securities Exchange Act, the Company shall file all
reports required to be filed by it under the Securities Act and the Securities Exchange Act and the rules and regulations adopted
by the Securities and Exchange Commission thereunder, and will take such further action as any holder or holders of Registrable
Securities may reasonably request, all to the extent required to enable such holders to sell Registrable Securities pursuant to
Rule 144 adopted by the Securities and Exchange Commission under the Securities Act (as such rule may be amended from time to
time, “Rule 144”) or any similar rule or regulation hereafter adopted by the Securities and Exchange Commission. At
all times after the Company has filed a registration statement with the Securities and Exchange Commission pursuant to the requirements
of either the Securities Act or the Securities Exchange Act, if requested by any holder of Registrable Securities, the Company
shall deliver to such holder of Registrable Securities a written statement that the Company has complied with all Rule 144 filing
requirements.

 

9.           Definitions.

 

“Affiliate”
means, with respect to any Person, any other Person that controls, is controlled by, or is under common control with such Person;
the term “control,” as used in this definition, means the power to direct or cause the direction of the management
and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise,
and “controlled” and “controlling” have meanings correlative to the foregoing.

 

“Agreement”
has the meaning set forth in the preamble.

 

“application”
has the meaning set forth in Section 6.

 

“Class
A Common Stock” means the Class A Common Stock, $0.01 par value per share, of the Company.

 

“Class
B Common Stock” means the Class B Common Stock, $0.01 par value per share, of the Company.

 

“Class
C Common Stock” means the Class C Common Stock, $0.01 par value per share, of the Company.

 

“Company”
has the meaning set forth in the preamble.

 

    	14

    	 

    

 

“Demand
Registrations” has the meaning set forth in Section 1(a).

 

“Designated
Securityholder” means each of GE Capital Equity Holdings, Inc., GE Business Financial Services Inc., Antares Capital
Corporation, SOF Investments, L.P., and SOF Investments, L.P. - Private V, and each of their respective Affiliates.

 

“Free
Writing Prospectus” means a free-writing prospectus, as defined in Rule 405 of the Securities Act.

 

“Holdback
Extension” has the meaning set forth in Section 3(a).

 

“Holdback
Period” has the meaning set forth in Section 3(a).

 

“Indemnittee”
and “Indemnitees” have the meanings set forth in Section 6(a).

 

“Long-Form
Registrations” has the meaning set forth in Section 1(a).

 

“OCM”
has the meaning set forth in the preamble.

 

“OCM
Registrable Securities” means (i) Class A Common Stock held by OCM, (ii) Class A Common Stock issued or issuable upon
the conversion of Class B Common Stock or upon the conversion of Class C Common Stock, in each case held by OCM, (iii) Class A
Common Stock issued or issuable in respect of warrants held by OCM that are exercisable for shares of Class A Common Stock, and
(iv) common equity securities of the Company issued or issuable with respect to the securities referred to in clause (i), (ii)
or (iii) above by way of dividend, distribution, split or combination of securities, or any recapitalization, merger, consolidation
or other reorganization,. As to any particular OCM Registrable Securities, such securities shall cease to be OCM Registrable Securities
when they (a) have been effectively registered under the Securities Act and disposed of in accordance with the registration statement
covering them, (b) have been sold to the public through a broker, dealer or market maker in compliance with Rule 144 under the
Securities Act (or any similar rule then in force), (c) have been purchased or otherwise acquired by any employee of the Company
or any of its Subsidiaries or (d) have been repurchased by the Company or any Subsidiary. For purposes of this Agreement, a Person
shall be deemed to be a holder of OCM Registrable Securities, and the OCM Registrable Securities shall be deemed to be in existence,
whenever such Person has the right to acquire directly or indirectly such OCM Registrable Securities (upon conversion or exercise
in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of
such right), whether or not such acquisition has actually been effected, and such Person shall be entitled to exercise the rights
of a holder of OCM Registrable Securities hereunder.

 

“Other
Registrable Securities” means (i) Class A Common Stock held by the Other Securityholders, and (ii) Class A Common Stock
issued or issuable upon the conversion of Class B Common Stock or upon the conversion of Class C Common Stock, in each case held
by the Other Securityholders, (iii) Class A Common Stock issued or issuable in respect of warrants held by the Other Securityholders
that are exercisable for shares of Class A Common Stock, and (iv) common equity securities of the Company issued or issuable with
respect to the securities referred to in clause (i), (ii) or (iii) above by way of dividend, distribution, split or combination

 

    	15

    	 

    

 

of
securities, or any recapitalization, merger, consolidation or other reorganization. As to any particular Other Registrable Securities,
such securities shall cease to be Other Registrable Securities when they (a) have been effectively registered under the Securities
Act and disposed of in accordance with the registration statement covering them, (b) have been purchased or otherwise acquired
by OCM, (c) have been sold to the public through a broker, dealer or market maker in compliance with Rule 144 under the Securities
Act (or any similar rule then in force), (d) except with respect to Registrable Securities held by a Designated Securityholder,
have become eligible to be sold to the public through a broker, dealer, or market maker pursuant to Rule 144 (or any similar provision
then in force), during a single 90-day period or (e) have been repurchased by the Company or any Subsidiary. For purposes of this
Agreement, a Person shall be deemed to be a holder of Other Registrable Securities, and the Other Registrable Securities shall
be deemed to be in existence, whenever such Person has the right to acquire directly or indirectly such Other Registrable Securities
(upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations
upon the exercise of such right), whether or not such acquisition has actually been effected, and such Person shall be entitled
to exercise the rights of a holder of Other Registrable Securities hereunder.

 

“Other
Securities” has the meaning set forth in Section 3(a).

 

“Other
Securityholders” has the meaning set forth in the preamble.

 

“Permitted
Transfer” has the meaning set forth in Section 3(e).

 

“Person”
means an individual, a partnership, a joint venture, an association, a joint stock company, a corporation, a limited liability
company, a trust, an unincorporated organization, an investment fund, any other business entity or a governmental entity or any
department, agency or political subdivision thereof.

 

“Piggyback
Registration” has the meaning set forth in Section 2(a).

 

“Public
Sale” means any sale of Registrable Securities to the public (i) pursuant to an offering effectively registered under
the Securities Act or (ii) through a broker, dealer or market maker pursuant to the provisions of Rule 144 (or any similar provision
then in effect) adopted under the Securities Act after an initial public offering and sale of equity securities of the Company.

 

“Registration
Expenses” has the meaning set forth in Section 5(a).

 

“Registrable
Securities” means, collectively, the OCM Registrable Securities and the Other Registrable Securities.

 

“Required
Registration” has the meaning set forth in Section 1(c).

 

“Rule
144” has the meaning set forth in Section 8.

 

“Securities”
has the meaning set forth in Section 3(a).

 

    	16

    	 

    

 

“Securities
Act” means the Securities Act of 1933, as amended, or any similar federal law then in force.

 

“Securities
and Exchange Commission” means the United States Securities and Exchange Commission and includes any governmental body
or agency succeeding to the functions thereof.

 

“Securities
Exchange Act” means the Securities Exchange Act of 1934, as amended, or any similar federal law then in force.

 

“Securityholders”
has the meaning set forth in the preamble.

 

“Short-Form
Registrations” has the meaning set forth in Section 1(a).

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership, association, or business entity of
which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers, or trustees thereof is at the time owned or controlled, directly
or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if
a limited liability company, partnership, association, or other business entity (other than a corporation), a majority of partnership
or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or
more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a
majority ownership interest in a limited liability company, partnership, association, or other business entity (other than a corporation)
if such Person or Persons shall be allocated a majority of limited liability company, partnership, association, or other business
entity gains or losses or shall be or control any managing member, board of managers or general partner of such limited liability
company, partnership, association, or other business entity.

 

“Suspension
Period” has the meaning set forth in Section 7(b).

 

10.         Miscellaneous.

 

(a)          Notices.  All
notices, demands, or other communications to be given or delivered under or by reason of the provisions of this Agreement shall
be in writing and shall be deemed to have been given or made (a) when delivered personally to the recipient, (b) when telecopied
to the recipient (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day)
if telecopied before 5:00 p.m. local time of the recipient on a business day, and otherwise on the next business day, or (c) one
business day after being sent to the recipient by reputable overnight courier service (charges prepaid). Such notices, demands,
and other communications shall be sent to the Company at the address set forth below and to any other recipient at the address
indicated on the Schedule of Securityholders attached hereto or to such other address or to the attention of such other
Person as the recipient party has specified by prior written notice to the sending party. The Company’s address is as follows:

 

    	17

    	 

    

 

Townsquare
Media, Inc.

60
Arch Street

Greenwich,
CT 06830

Attention:  Chief
Executive Officer

Facsimile:  (203)
861-0920

with
copies (which shall not constitute notice) to:

Oaktree
Capital Management, L.P.

333
S. Grand Ave., 28th Floor

Los
Angeles, California 90071

Attention:  
Andrew Salter

Facsimile:  (213)
830-6394

and

 

Kirkland
& Ellis LLP

333
South Hope Street

Los
Angeles, California 90071

Attention:
John A. Weissenbach

   Tana
M. Ryan

Facsimile:
(213) 680-8500

and

 

Kirkland
& Ellis LLP

300
North LaSalle

Chicago,
Illinois 60654

Attention:
Christopher J. Greeno

Facsimile:
(312) 862-2200

(b)          No
Inconsistent Agreements.  The Company will not hereafter enter into any agreement with respect to its securities
which is inconsistent with or violates the rights granted to the holders of Registrable Securities in this Agreement. Except as
provided in this Agreement, the Company shall not grant to any Persons the right to request the Company to register any equity
securities of the Company, or any securities, options, or rights convertible or exchangeable into or exercisable for such securities,
which rights are inconsistent with the rights granted hereunder.

 

(c)          Adjustments
Affecting Registrable Securities.  The Company will not take any action, or permit any change to occur, with respect
to its securities which would materially and adversely affect the ability of the holders of Registrable Securities to include
such Registrable Securities in a registration undertaken pursuant to this Agreement or which would adversely affect the marketability
of such Registrable Securities in any such registration (including effecting a stock split, combination of shares or other recapitalization).

 

(d)          Remedies.   Any
Person having rights under any provision of this Agreement shall be entitled to enforce such rights specifically to recover damages
caused by

 

    	18

    	 

    

 

reason
of any breach of any provision of this Agreement and to exercise all other rights granted by law. The parties hereto agree and
acknowledge that money damages may not be an adequate remedy for any breach of the provisions of this Agreement and that any party
may in its sole discretion apply to any court of law or equity of competent jurisdiction (without posting any bond or other security)
for specific performance and for other injunctive relief in order to enforce or prevent violation of the provisions of this Agreement.

 

(e)          Amendments
and Waivers.   Except as otherwise provided herein, no modification, amendment or waiver of any provision of
this Agreement shall be effective against the Company or the holders of Registrable Securities unless such modification, amendment
or waiver is set forth in writing and approved in writing by the the Company and holders of a majority of the OCM Registrable
Securities; provided that no such amendment or modification that would adversely affect the rights, preferences or privileges
of any class or group of Other Registrable Securities in a manner disproportionate to the effect of such amendment or modification
on the rights, preferences or privileges of holders of OCM Registrable Securities (without regard to any effect resulting from
the individual circumstances of any holder of such class or group of Other Registrable Securities) shall be effective against
any holder whose rights, preferences or privileges are so affected thereby without the prior written consent of the holders of
a majority of each class or group of Other Registrable Securities so affected; provided further, that no amendment or modification
of any provision of this Agreement that materially increases the obligations of any holder of Registrable Securities shall be
effective against such holder unless such modification or amendment is approved in writing by such holder. Notwithstanding the
foregoing, Section 6 (Indemnification) and this Section 10(e) (Amendments and Waivers) may only be amended, modified
or waived by a written instrument signed by holders of at least sixty-six and two thirds percent (66 2/3%) of the Registrable
Securities (except (i) for the first proviso in the immediately preceding sentence, which would require the written consent of
the holders of a majority of each class or group of Other Registrable Securities so affected, and (ii) for the second proviso
in the immediately preceding sentence, which would require the written consent of each such affected holder). No failure by any
party to insist upon the strict performance of any covenant, duty, agreement, or condition of this Agreement or to exercise any
right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement,
or condition. Notwithstanding the foregoing, an amendment or modification of this Agreement to add a party hereto and to grant
such party registration rights will be effective against the Company and all holders of Registrable Securities if such modification,
amendment or waiver is approved in writing by the Company (as applicable) and the holders of a majority of the OCM Registrable
Securities. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver
of such provisions and shall not affect the right of such party thereafter to enforce each and every provision in accordance with
its terms.

 

(f)          Securityholder
Status.  Notwithstanding anything to the contrary that may be set forth herein, at such time as any Securityholder
ceases to hold any Registrable Securities, such Securityholder shall be deemed to no longer be a Securityholder for purposes of
this Agreement and shall no longer be entitled to the rights or subject to the obligations of a Securityholder as set forth herein.

 

    	19

    	 

    

 

(g)          Successors
and Assigns; Third-Party Beneficiaries.  This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto (and the Persons specifically identified in Section 6) and their respective successors
and assigns. In addition, and whether or not any express assignment shall have been made, the provisions of this Agreement which
are for the benefit of the holders of Registrable Securities (or any portion thereof) as such shall be for the benefit of and
enforceable by any subsequent holder of any Registrable Securities (or of such portion thereof); provided, that such subsequent
holder of Registrable Securities shall be required to execute a joinder to this Agreement agreeing to be bound by its terms.

 

(h)          Severability.  Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law
or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or the effectiveness
or validity of any provision in any other jurisdiction, and this Agreement shall be reformed, construed and enforced in such jurisdiction
as if such invalid, illegal or unenforceable provision had never been contained herein.

 

(i)           Entire
Agreement.  Except as otherwise expressly set forth herein, this document embodies the complete agreement and understanding
among the parties hereto with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements
or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way, including
without limitation the Original Agreement.

 

(j)           Counterparts;
Facsimile Signature.   This Agreement may be executed in two or more counterparts, any one of which need not
contain the signatures of more than one party, but all such counterparts taken together will constitute one and the same Agreement.
This Agreement may be executed by facsimile signature.

 

(k)          Descriptive
Headings.   The descriptive headings of this Agreement are inserted for convenience only and do not constitute
a part of this Agreement.

 

(l)           Governing
Law.   All issues and questions concerning the relative rights and obligations of the Company and the Securityholders
under this Agreement and the construction, validity, interpretation and enforceability of this Agreement shall be governed by,
and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of
law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws
of any jurisdiction other than the State of Delaware.

 

(m)         Consent
to Jurisdiction.  Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the United States
District Court for the State of Delaware and the state courts of the State of Delaware for the purposes of any suit, action or
other proceeding arising out of or relating to this Agreement or any transaction contemplated hereby. Each of the parties hereto
further agrees that service of any process, summons, notice or document by United States certified or registered mail to such
party’s respective address set forth in Section 10(a) and the Schedule of Securityholders attached hereto,
or such other address or to the attention of such other person as the recipient party has specified by prior written notice to
the sending party, shall

 

    	20

    	 

    

 

be
effective service of process in any action, suit or proceeding in the State of Delaware with respect to any matters to which it
has submitted to jurisdiction as set forth above in the immediately preceding sentence. Each of the parties hereto irrevocably
and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement
or the transactions contemplated hereby in the United States District Court for the State of Delaware or the state courts of the
State of Delaware and hereby irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any
such action, suit or proceeding brought in such court has been brought in an inconvenient forum.

 

(n)          Mutual
Waiver of Jury Trial.  Because disputes arising in connection with complex
transactions are most quickly and economically resolved by an experienced and expert person and the parties wish applicable state
and federal laws to apply (rather than arbitration rules), the parties desire that their disputes be resolved by a judge applying
such applicable laws. Therefore, to achieve the best combination of the benefits of the judicial system and of arbitration, each
party to this Agreement hereby waives all rights to trial by jury in any action, suit or proceeding brought to resolve any dispute
between or among any of the parties hereto, whether arising in contract, tort or otherwise, arising out of, connected with, related
or incidental to this Agreement or the transactions contemplated hereby.

 

(o)          Business
Days.   If any time period for giving notice or taking action hereunder expires on a day which is a Saturday,
Sunday or legal holiday in the state in which the Company’s chief-executive office is located, the time period shall automatically
be extended to the business day immediately following such Saturday, Sunday or legal holiday.

 

*
* * * *

 

    	21

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Second Amended and Restated Registration Agreement as of the day and year
first above written.

		TOWNSQUARE MEDIA, INC.
	 	 
	 	By:	/s/ Erik Hellum
	 	 	Name: 	Erik Hellum
	 	 	Title: 	EVP

  

[Signature
Page - Second Amended and Restated Registration Agreement]

 

    	 

    	 

    

 

		OCM POF IV AIF GAP HOLDINGS, L.P.
	 	 
	 	By: OCM/GAP Holdings IV, Inc.
	 	Its: General Partner
	 	 
	 	By:	/s/ B. James
    Ford
	 	 	Name: 	B. James Ford
	 	 	Title: 	Authorized Signatory
	 	 	 	 
	 	By:	/s/ David
    Quick
	 	 	Name: 	David Quick
	 	 	Title: 	Authorized Signatory

  

	  	OCM POF IV AIF GAP HOLDINGS, L.P.
	 	 
	 	By:	Oaktree Fund AIF Series,
    L.P. – Series D and
	 	 	Oaktree Fund AIF Series,
    L.P. – Series I
	 	Its:	General Partners
	 	 	 
	 	By:	Oaktree Fund GP AIF, LLC
	 	Its:  	General Partner
	 	 
	 	By:	Oaktree Fund GP III, L.P.
	 	Its:	Managing Member
	 	 	 
	 	By:	/s/ B. James
    Ford
	 	 	Name: 	B. James Ford
	 	 	Title: 	Authorized Signatory
	 	 	 	 
	 	By:	/s/ David
    Quick
	 	 	Name: 	David Quick
	 	 	Title: 	Authorized Signatory

 

[Signature
Page - Second Amended and Restated Registration Agreement]

 

    	 

    	 

    

 

	 	GE CAPITAL EQUITY HOLDINGS,
    INC.
	 	 
	 	By	/s/
    William     S. Yulo
	 	Name	William S. Yulo
	 	Its	Duly Authorized Signatory

 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

	 	GE BUSINESS FINANCIAL
    SERVICES, INC.
	 	 
	 	By	/s/
    William     S. Yulo
	 	Name	William S. Yulo
	 	Its	Duly Authorized Signatory

 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

 

	 	ANTARES CAPITAL CORPORATION
	 	 
	 	By	/s/
    William     S. Yulo
	 	Name	William S. Yulo
	 	Its	Duly Authorized Signatory

 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

	 	SOF
    Investments, L.P.
	 	 
	 	By:	/s/
    Marcello Liguori
	 	Name:	Marcello Liguori
	 	Its:	Authorized Signatory

 

	 	SOF
    Investments, L.P. – Private V
	 	 
	 	By:	/s/
    Marcello Liguori
	 	Name:	Marcello Liguori
	 	Its:	Authorized Signatory

 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

Signature:

	 	FIVEWIRE MEDIA VENTURES
    LLC
	 	 
	 	By:	/s/
    Steven Price
	 	Name:	Steven Price
	 	Title:	Chairman & CEO

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

	 	Signature:	 
	 	 	 
	 	/s/ Steven
    Price	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Steven
    Price	 

 

[Signature
Page - Second Amended and Restated Registration Agreement]

 

    	 

    	 

    

	 	Signature:	 
	 	 	 
	 	/s/ Stuart
    Rosenstein	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Stuart
    Rosenstein 	 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

	 	Signature:	 
	 	 	 
	 	/s/ Alex
    Berkett	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Alex
    Berkett	 
	 	Executive Vice President	 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

	 	Signature:	 
	 	 	 
	 	/s/ Dhruv
    A. Prasad	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Dhruv
    A. Prasad	 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

 

	 	Signature:	 
	 	 	 
	 	/s/ Scott
    Schatz	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Scott
    Schatz	 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

	 	Signature:	 
	 	 	 
	 	/s/ Bill
    Wilson	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Bill
    Wilson	 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

	 	Signature:	 
	 	 	 
	 	/s/ Erik
    Hellum	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Erik
    Hellum	 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

	 	Signature:	 
	 	 	 
	 	/s/ Mark
    Stewart	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Mark
    Stewart	 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

	 	Signature:	 
	 	 	 
	 	/s/ Claire
    Messner	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Claire
    Messner	 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

	 	Signature:	 
	 	 	 
	 	/s/ Sun
    Sachs	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Sun Sachs	 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

 

	 	Signature:	 
	 	 	 
	 	/s/ Jared
    Willig	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Jared
    Willig	 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

 

	 	Signature:	 
	 	 	 
	 	/s/ Robert
    McCuin	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Robert
    McCuin	 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

 

	 	Signature:	 
	 	 	 
	 	/s/ Linda
    Lie	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Linda
    Lie	 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

	 	Signature:	 
	 	 	 
	 	/s/ Michael
    Josephs	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Michael
    Josephs	 

[Signature
Page - Second Amended and Restated Registration Agreement]

    	 

    	 

    

  

	 	Bay Street Holdings, LLC Series 10 - Regent Communications
	 	 	 
	 	By:	/s/ John T.
    Rudy
	 	Name:	John T. Rudy
	 	Its:	President

 

[Signature
Page - Second Amended and Restated Registration Agreement]

 

    	 

    	 

    

  

	 	BCM 2005-I ETB, Inc.
	 	BCM 2005-II ETB, Inc.
	 	BCM 2005-III ETB, Inc.
	 	BCM 2006-I ETB, Inc.
	 	BCM 2006-II ETB, Inc.
	 	BCM 2007-I ETB, Inc.
	 	BCM Mid-Market ETB, Inc.
	 	BCM Sapphire Valley ETB, Inc.
	 	By: Babson Capital Management LLC under power of attoney

 

	 	By:	/s/ Thomas
    Q. McDonnell
	 	Name:	Thomas Q. McDonnell
	 	Its:	M.D.

 

	 	MASSACHUSETTS MUTUAL LIFE INSURANCE
	 	COMPANY
	 	By: Babson Capital Management LLC as Investment Adviser

 

	 	By:	/s/ Thomas
    Q. McDonnell
	 	Name:	Thomas Q. McDonnell
	 	Its:	M.D.

 

[Signature
Page - Second Amended and Restated Registration Agreement]

 

    	 

    	 

    

 

	 	DOUBLE O CORPORATION

 

	 	By:	/s/ Paul McNicol
	 	Name:	Paul McNicol
	 	Its:	Senior Vice President

 

[Signature
Page - Second Amended and Restated Registration Agreement]

 

    	 

    	 

    

 

	 	Credit Suisse Securities (USA) LLC

 

	 	By:	/s/ Kenneth
    Hoffman
	 	Name:	Kenneth Hoffman
	 	Its:	Managing Director

 

[Signature
Page - Second Amended and Restated Registration Agreement]

 

    	 

    	 

    

 

	 	Series K of
    Special Asset Equity Holdings Series, LLC
	 	

 

	 	By:	/s/ William
    J. Fitzgerald
	 	Name:	William J. Fitzgerald
	 	Its:	Series Vice President

 

	 	By:	/s/ John S.
    Yusi III
	 	Name:	John S.
    Yusi III
	 	Its:	Vice President

 

 

[Signature
Page - Second Amended and Restated Registration Agreement]Exhibit 10.4

 

 

 

STOCKHOLDERS AGREEMENT

 

AMONG

 

TOWNSQUARE MEDIA, INC.

 

AND

 

CERTAIN STOCKHOLDERS OF TOWNSQUARE MEDIA, INC.

 

DATED AS OF July 29, 2014

 

 

 

    	 

    	 

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	1.	EFFECTIVENESS; DEFINITIONS.	1
	 	1.1	Closing	1
	 	1.2	Definitions	1
	 	 	 
	2.	GOVERNANCE	1
	 	2.1	Board of Directors	1
	 	2.2	Termination of Governance Provisions	2
	 	 	 
	3.	REMEDIES.	2
	 	3.1	Generally	2
	 	 	 
	4.	AMENDMENT, TERMINATION, ETC.	2
	 	4.1	Written Modifications	2
	 	4.2	Effect of Termination	2
	 	 	 
	5.	DEFINITIONS.  For purposes of this Agreement:	3
	 	5.1	Certain Matters of Construction	3
	 	5.2	Definitions	3
	 	 	 
	6.	MISCELLANEOUS.	4
	 	6.1	Authority; Effect	4
	 	6.2	Notices	4
	 	6.3	Binding Effect, Etc	5
	 	6.4	Descriptive Headings	5
	 	6.5	Counterparts	5
	 	6.6	Severability	5
	 	 	 
	7.	GOVERNING LAW.	5
	 	7.1	Governing Law	5
	 	7.2	Consent to Jurisdiction	5
	 	7.3	WAIVER OF JURY TRIAL	5
	 	7.4	Exercise of Rights and Remedies	6

 

    	i

    	 

    

 

STOCKHOLDERS AGREEMENT

 

This Stockholders Agreement (the “Agreement”)
is made as of July 29, 2014 by and among:

 

(i)             Townsquare
Media, Inc., a Delaware corporation (the “Company”);

 

(ii)            each
of OCM POF IV AIF GAP Holdings, L.P., a Delaware limited partnership, and OCM PF/FF Radio Holdings PT, L.P, a Delaware limited
partnership (collectively, “Oaktree”); and

 

(iii)           each
of FiveWire Media Ventures, LLC, Steven Price, Stuart Rosenstein, Alex Berkett, Scott Schatz and Dhruv Prasad (collectively, the
“FiveWire Holders”).

 

RECITALS

 

		1.	On or about the date hereof, the Company is consummating an Initial Public Offering.

 

		2.	The Company and certain other parties previously entered into an Amended and Restated Securityholders Agreement dated August
12, 2010, which will be terminated in connection with an Initial Public Offering.

 

		3.	The parties believe that it is in the best interests of the Company, Oaktree and the FiveWire Holders to set forth their agreements
on certain matters.

 

AGREEMENT

 

Therefore, the parties hereto hereby agree as follows:

 

		1.	EFFECTIVENESS; DEFINITIONS.

 

1.1           Closing.
This Agreement shall become effective upon the closing of the Initial Public Offering (referred to herein as the “Closing”).

 

1.2           Definitions.
Certain terms are used in this Agreement as specifically defined herein. These definitions are set forth or referred to in Section 6
hereof.

 

		2.	GOVERNANCE

 

2.1           Board
of Directors.

 

(a)                        Concurrently
with the effectiveness of this Agreement, the Company, Oaktree and the FiveWire Holders shall take all Necessary Action to cause
the board of directors of the Company (the “Board of Directors”) to
be comprised of seven (7) directors, (i) three (3) of whom shall be designated by Oaktree (each such director, an “Oaktree
Director”), (ii) one (1) of whom shall be the Chief Executive Officer (or equivalent) of the Company (the “Company
Director”) and (iii) three (3) of whom shall be nominated by the Company’s Nominating and Corporate Governance
Committee and shall initially be David Lebow, Gary Ginsberg and Amy Miles. Each of the foregoing directors shall be divided into
three classes of directors, each of whose members shall serve for staggered three-year terms as follows:

 

		·	the class I directors shall be B. James Ford and David Lebow, and their term will expire at the annual meeting of stockholders
to be held in 2015;

 

		·	the class II directors shall be the Chief Executive Officer, Steven Price, Gary Ginsberg and David Quick, and their term will
expire at the annual meeting of stockholders to be held in 2016; and

 

		·	the class III directors shall be Stephen Kaplan and Amy Miles, and their term will expire at the annual meeting of stockholders
to be held in 2017.

 

(b)           For
so long as Oaktree Beneficially Owns (directly or indirectly) at least one-third (1/3) of the number of shares of Common Stock
it Beneficially Owned as of the Closing, the Company hereby agrees to

 

    	 

    	 

    

 

include in the slate of nominees recommended by
the Board of Directors for election as directors at each applicable annual or special meeting of shareholders at which directors
are to be elected that number of individuals designated by Oaktree that, if elected, will result in three (3) Oaktree Directors
each serving in a separate class of directors on the Board of Directors. For so long as Oaktree Beneficially Owns (directly or
indirectly) at least one-third (1/3) of the number of shares of Common Stock it Beneficially Owned (directly or indirectly) as
of the Closing, each FiveWire Holder hereby agrees to take all Necessary Action tocause the election of such Oaktree Directors
to the Board of Directors.

 

(c)           For
the avoidance of doubt, each Oaktree Director shall constitute an “Oaktree Director” for purposes of, and as such term
is used in, the Company’s Certificate of Incorporation, and shall be entitled to cast the number of votes as set forth therein.

 

(d)           In
the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal of any Oaktree Director,
the Company and each FiveWire Holder hereby agrees to take all Necessary Action to cause the vacancy created thereby to be filled
as soon as practicable by an Oaktree Director.

 

(e)           The
Company shall reimburse the members of the Board of Directors for all reasonable out-of-pocket expenses incurred in connection
with their attendance at meetings of the Board of Directors and any committees thereof, including without limitation travel, lodging
and meal expenses.

 

(f)           The
Company shall obtain customary director and officer liability insurance on commercially reasonable terms.

 

2.2           Termination
of Governance Provisions. The provisions of this Section 2 shall terminate upon the written consent of Oaktree.

 

		3.	VOTING PROXY.

 

3.1           Grant
of Proxy. Each FiveWire Holder hereby grants to Oaktree a proxy that is irrevocable and coupled with an interest to vote their
shares of Class B Common Stock, including in any action by written consent, which proxy shall be valid and remain in effect for
so long Oaktree Beneficially Owns (directly or indirectly) at least fifty percent (50.0%) of the number of shares of Common Stock
it Beneficially Owned as of the Closing. Oaktree may exercise the irrevocable proxy granted to it hereunder at any time that the
vote, consent or approval of any holder of Class B Common Stock may be required. This proxy shall be assignable by Oaktree to any
transferee of all of the shares of Common Stock Beneficially Owned (directly or indirectly) by Oaktree as of the Closing, without
any further action required by any FiveWire Holder.

 

		4.	REMEDIES.

 

4.1           Generally.
The Company and each party hereto shall have all remedies available at law, in equity or otherwise in the event of any breach
or violation of this Agreement or any default hereunder by the Company or any party hereto. The parties acknowledge and agree
that in the event of any breach of this Agreement, in addition to any other remedies which may be available, each of the parties
hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other
equitable remedies (including, without limitation, preliminary or temporary relief) as may be appropriate in the circumstances.

 

		5.	AMENDMENT, TERMINATION, ETC.

 

5.1           Written
Modifications. This Agreement may be amended, modified
or extended, and the provisions hereof may be waived, only by an agreement in writing signed by Oaktree; provided, however, that
the consent of the FiveWire Majority Holders shall be required for any amendment, modification, extension or waiver which has
an adverse effect on the rights of the FiveWire Holders under this Agreement. Each such amendment, modification, extension and
waiver shall be binding upon each party hereto. In addition, each party hereto may waive any right hereunder by an instrument
in writing signed by such party or holder.

 

5.2           Effect
of Termination. No termination under this Agreement shall relieve any Person of liability for breach prior to termination.

 

    	2

    	 

    

 

		6.	DEFINITIONS. For purposes of this Agreement:

 

6.1           Certain
Matters of Construction. In addition to the definitions referred to or set forth below in this Section 6:

 

(a)          The
words “hereof,” “herein,” “hereunder” and words of similar import shall refer to this Agreement
as a whole and not to any particular Section or provision of this Agreement;

 

(b)          Definitions
shall be equally applicable to both nouns and verbs and the singular and plural forms of the terms defined;

 

(c)          The
masculine, feminine and neuter genders shall each include the other; and

 

(d)          References
to Sections, unless otherwise specified, shall refer to Sections of this Agreement.

 

6.2           Definitions.
The following terms shall have the following meanings:

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Beneficial
Ownership” means beneficial ownership within the meaning of Rule 13d-3 under the Exchange Act, or any successor
provision. The term “Beneficially Own” shall have a correlative meaning.
For the avoidance of doubt, a Person shall be deemed to Beneficially Own shares of Common Stock underlying warrants to purchase
such shares, which warrants were owned by such Person as of the Closing.

 

“Board
of Directors” has the meaning set forth in Section 2.1.

 

“Class B Common Stock” has
the meaning set forth in the Certificate of Incorporation of the Company, as it may be amended from time to time.

 

“Closing”
has the meaning set forth in Section 1.1.

 

“Common
Stock” means the capital stock of the Company that is designated as “Common Stock” pursuant to the
Certificate of Incorporation of the Company, as it may be amended from time to time.

 

“Company”
has the meaning set forth in the Preamble.

 

“Company
Director” has the meaning set forth in Section 2.1.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as in effect from time to time.

 

“FiveWire
Holders” has the meaning set forth in the Preamble.

 

“FiveWire Majority Holders”
means FiveWire Holders that collectively beneficially own a majority of the voting power of the shares of capital stock of the
Company that are then beneficially owned by the FiveWire Holders in the aggregate.

 

“Initial
Public Offering” means the initial underwritten public offering registered on Form S-1 (or any successor
form under the Securities Act), after which a class of the Common Stock is listed on a national securities exchange.

 

“Necessary
Action” means, with respect to a specified result, all actions permitted by law necessary to cause such result,
including (i) in the case of a stockholder of the Company, to vote or provide a written consent or proxy with respect to the Common
Stock, (ii) causing members of the Board of Directors (to the extent such members were nominated or designated by the Person obligated
to undertake the Necessary Action, and subject to any fiduciary duties that such members may have as directors of the Company)
to act in a certain manner or causing them to be removed in the event they do not act in such a manner and to adopt resolutions
consistent with the foregoing, (iii) executing agreements and instruments, and (iv) making, or causing to be made, with governmental,
administrative or regulatory authorities, all filings, registrations or similar actions that are required to achieve such result.

 

    	3

    	 

    

 

“Oaktree”
has the meaning set forth in the Preamble.

 

“Oaktree
Director” has the meaning set forth in Section 2.1.

 

“Oaktree
Supplemental Director” has the meaning set forth in Section 2.1.

 

“Person”
means any individual, partnership, corporation, company, association, trust, joint venture, limited liability company, unincorporated
organization, entity or division, or any government, governmental department or agency or political subdivision thereof.

 

“Securities
Act” means the Securities Act of 1933, as in effect from time to time.

 

		7.	MISCELLANEOUS.

 

7.1           Authority;
Effect. Each party hereto represents and warrants to, and agrees with each other party that, the execution and delivery of
this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party
and do not violate any agreement or other instrument applicable to such party or by which its assets are bound. This Agreement
does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute
any of such parties members of a joint venture or other association.

 

7.2           Notices.
All notices, requests, demands, claims and other communications required or permitted to be delivered, given or otherwise provided
under this Agreement must be in writing and must be delivered, given or otherwise provided to the address (or facsimile number)
listed below.

 

If to the Company, to:

Townsquare Media, Inc.

240 Greenwich Avenue

Greenwich, CT 06830

Facsimile: (203) 861-0920

Attention: Steven Price

 

with a copy to:

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Facsimile: (212) 446-4943

Attention: Joshua Korff

 Christopher Kitchen

 

If to Oaktree, to:

Oaktree Capital Management, L.P.

333 S. Grand Ave., 28th Floor

Los Angeles, CA 90071

Facsimile: (213) 830-6394

Attention: Andrew Salter

 

with a copy to:

Kirkland & Ellis LLP

333 South Hope Street

Los Angeles, CA 90071

Facsimile: (213) 680-8500

Attention: John Weissenbach

 Tana Ryan

 

If to the FiveWire Holders, to:

c/o FiveWire Media Ventures LLC

240 Greenwich Avenue

Greenwich, Connecticut 06830

 

    	4

    	 

    

 

Facsimile: (203) 861-0920

Attention: Steven Price

 

with a copy to:

Kirkland & Ellis LLP

601 Lexington Avenue

New York, NY 10022

Facsimile: (212) 446-6460

Attention: Joshua N. Korff

 

Each of the parties hereto shall be entitled
to specify a different address by giving notice as aforesaid to each of the other parties hereto.

 

7.3           Binding
Effect, Etc. This Agreement constitutes the entire agreement of the parties with respect to its subject matter, supersedes
all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter and shall be binding
upon and inure to the benefit of the parties hereto and their respective heirs, representatives, successors and assigns.

 

7.4           Descriptive
Headings. The descriptive headings of this Agreement are for convenience of reference only, are not to be considered a part
hereof and shall not be construed to define or limit any of the terms or provisions hereof.

 

7.5           Counterparts.
This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one instrument.

 

7.6           Severability.
In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any respect, the parties hereto
will negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible
in an acceptable manner, to the end that the transactions and relationships contemplated hereby are fulfilled to the fullest possible
extent.

 

		8.	GOVERNING LAW.

 

8.1           Governing
Law. This Agreement shall be governed by and construed in accordance with the domestic substantive laws of the State of Delaware
without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive
laws of any other jurisdiction.

 

8.2           Consent
to Jurisdiction. Each party to this Agreement, by its execution hereof, (a) hereby irrevocably submits to the exclusive
jurisdiction of the state and federal courts sitting in the State of Delaware for the purpose of any action, claim, cause of action
or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or
relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by applicable law, and agrees not to assert,
and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any
claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that any such proceeding brought in one of the above-named courts is improper or that this Agreement
or the subject matter hereof or thereof may not be enforced in or by such court and (c) hereby agrees neither to commence or maintain
any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out
of or based upon this Agreement, or relating to the subject matter hereof or thereof, other than before one of the above-named
courts, nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action,
claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation to any court other than
one of the above-named courts, whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, to the
extent that any party hereto is or becomes a party in any litigation in connection with which it may assert indemnification rights
set forth in this agreement, the court in which such litigation is being heard shall be deemed to be included in clause (a) above.
Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by Delaware law, and agrees
that service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section
7.2 hereof is reasonably calculated to give actual notice.

 

8.3           WAIVER
OF JURY TRIAL. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND
COVENANTS

 

    	5

    	 

    

 

THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF,
DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT
(IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT
MATTER HEREOF, OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER
NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS
SECTION 8.3 CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND WILL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY
HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 8.3 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH
SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

 

8.4           Exercise
of Rights and Remedies. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result
of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be
construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor
shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring
before or after that waiver.

 

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left blank.]

 

    	6

    	 

    

 

IN WITNESS WHEREOF, each of the undersigned
has duly executed this Agreement (or caused this Agreement to be executed on its behalf by its officer or representative thereunto
duly authorized) under seal as of the date first above written.

 

	THE COMPANY:	TOWNSQUARE MEDIA, INC.
	 	 
	 	By:	/s/ Stuart Rosenstein
	 	 	Name: 	Stuart Rosenstein
	 	 	Title: 	EVP/CFO

 

[Signature Page -
Stockholders’ Agreement]

 

    	 

    	 

    

 

		OCM POF IV AIF GAP HOLDINGS, L.P.
	 	 
	 	By: OCM/GAP Holdings IV, Inc.
	 	Its: General Partner
	 	 
	 	By:	/s/ B. James Ford
	 	 	Name: 	B. James Ford
	 	 	Title: 	Authorized Signatory
	 	 	 	 
	 	By:	/s/ David Quick
	 	 	Name: 	David Quick
	 	 	Title: 	Authorized Signatory

 

	  	OCM PF/FF RADIO HOLDINGS PT, L.P.
	 	 
	 	By:	Oaktree Fund AIF Series, L.P. – Series D and
	 	 	Oaktree Fund AIF Series, L.P. – Series I
	 	Its:	General Partners
	 	 	 
	 	By:	Oaktree Fund GP AIF, LLC
	 	Its:  	General Partner
	 	 
	 	By:	Oaktree Fund GP III, L.P.
	 	Its:	Managing Member
	 	 	 
	 	By:	/s/ B. James Ford
	 	 	Name: 	B. James Ford
	 	 	Title: 	Authorized Signatory
	 	 	 	 
	 	By:	/s/ David Quick
	 	 	Name: 	David Quick
	 	 	Title: 	Authorized Signatory

 

[Signature Page -
Stockholders’ Agreement]

 

    	 

    	 

    

 

	Signature:	 
	 	 
		FIVEWIRE MEDIA VENTURES LLC
	 	 
	 	By:	/s/ Steven Price
	 	Name:	Steven Price
	 	Title:	Chairman & CEO

  

[Signature Page -
Stockholders’ Agreement]

 

    	 

    	 

    

  

	 	Signature:	 
	 	 	 
	 	/s/ Steven Price	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Steven Price	 

 

[Signature Page -
Stockholders’ Agreement]

 

    	 

    	 

    

 

 

	 	Signature:	 
	 	 	 
	 	/s/ Stuart Rosenstein	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Stuart Rosenstein 	 

 

[Signature Page -
Stockholders’ Agreement]

 

    	 

    	 

    

  

	 	Signature:	 
	 	 	 
	 	/s/ Alex Berkett	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Alex Berkett	 
	 	Executive Vice President	 

 

[Signature Page -
Stockholders’ Agreement]

 

    	 

    	 

    

  

	 	Signature:	 
	 	 	 
	 	/s/ Scott Schatz	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Scott Schatz	 

 

[Signature Page -
Stockholders’ Agreement]

 

    	 

    	 

    

  

	 	Signature:	 
	 	 	 
	 	/s/ Dhruv A.
    Prasad	 
	 	 	 
	 	Print Name:	 
	 	 	 
	 	Dhruv A. Prasad	 

 

[Signature Page -
Stockholders’ Agreement]

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