Document:

Second Amendment, dated as of November 14, 2012, to the Credit Agreement

 Exhibit 10.1 
 [EXECUTION VERSION] 
 TOWN SPORTS INTERNATIONAL HOLDINGS, INC. 

TOWN SPORTS INTERNATIONAL, LLC 
 SECOND AMENDMENT 
 TO 

CREDIT AGREEMENT 
 This SECOND AMENDMENT TO CREDIT AGREEMENT (this “Second Amendment”) is dated as of November 14, 2012 and entered into by and among TOWN SPORTS INTERNATIONAL HOLDINGS,
INC., a Delaware corporation (“Holdings”), TOWN SPORTS INTERNATIONAL, LLC, a New York limited liability company (the “Borrower”), the Subsidiary Guarantors listed on the signature pages hereto (each, a
“Subsidiary Guarantor” and, collectively, the “Subsidiary Guarantors”), the financial institutions listed on the signature pages hereof and executing this Second Amendment (the “Lenders”) and
DEUTSCHE BANK TRUST COMPANY AMERICAS (“DBTCA”), as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) and is made with reference to that certain Credit Agreement, dated as of
May 11, 2011, as amended by that certain First Amendment to Credit Agreement, dated as of August 22, 2012 (as so amended, the “Credit Agreement”), by and among Holdings, the Borrower, the Lenders (as defined in the Credit
Agreement) and the Administrative Agent. Capitalized terms used herein without definition shall have the same meanings herein as set forth in the Credit Agreement. 
 RECITALS 
 WHEREAS, Holdings, the Borrower and each Lender party
hereto desire to amend the Credit Agreement to increase the aggregate amount of Incremental Term Loan Commitments available thereunder and to make certain other changes to the Credit Agreement, in each case, as provided herein; 

NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto
agree as follows: 
 SECTION 1. AMENDMENTS TO THE CREDIT AGREEMENT 

 

	1.1	Amendments to Section 1.01: Defined Terms. 

 A. Section 1.01 of the Credit Agreement is hereby amended by adding thereto the following new definitions, which definitions shall be inserted in proper alphabetical order: 

“Dividend Bonus Payments” shall mean the cash bonus payments made to certain directors, officers and
other employees of Holdings or any of its Subsidiaries who hold options to purchase Holdings’ Common Stock in an aggregate amount not to exceed $5,000,000 for all such directors, officers and other employees so long as all such cash bonus
payments are paid on or prior to December 31, 2016 (although no such payments may be made prior to the payment of the Dividend pursuant to Section 10.03(x)). 

“Second Amendment” shall mean the Second Amendment to Credit Agreement, dated as of November 14,
2012, among Holdings, the Borrower, the Subsidiary Guarantors party thereto, the Lenders party thereto and the Administrative Agent. 
 “Second Amendment Effective Date” shall have the meaning provided in the Second Amendment, which date is November 14, 2012. 

 B. The definition of “Consolidated EBITDA” appearing in
Section 1.01 of the Credit Agreement is hereby amended by (i) deleting the word “and” appearing at the end of clause (A)(x) of the first sentence thereof and (ii) inserting the following text immediately after the
text “any retirement of Indebtedness,” appearing at the end of clause (A)(xi) of the first sentence thereof: 
 “(xii) the aggregate amount of the Dividend Bonus Payments expensed during such period, and (xiii) the aggregate amount of fees, costs and expenses incurred in connection with any amendment,
modification or waiver of any Credit Document, any Permitted Acquisition or similar Investment, or any equity or debt issuance (in each case, (a) not prohibited under this Agreement and (b) whether or not consummated) during such
period,” 
 C. The definition of “Cumulative Retained Excess Cash Flow Amount” appearing in
Section 1.01 of the Credit Agreement is hereby amended by inserting the following text at the end of such definition: 
 “Notwithstanding the foregoing, the amount of Excess Cash Flow for the Excess Cash Flow Payment Period ending December 31, 2012 shall be disregarded in calculating Cumulative Retained Excess
Cash Flow Amount.”. 
 D. The definition of “Incremental Commitment Requirements” appearing in
Section 1.01 of the Credit Agreement is hereby amended by inserting the following text immediately prior to the text “a Secured Leverage Ratio” appearing in clause (ii)(II) of such definition: 

“except with respect to the incurrence of Incremental Term Loans pursuant to
Section 2.14(a)(v)(B),”. 
 E. The definition of “Maximum Incremental Commitment
Amount” appearing in Section 1.01 of the Credit Agreement is hereby amended by inserting the following text immediately after the text “Section 2.14 prior to such date” appearing in clause (b)(I) of such
definition: 
 “(other than Incremental Term Loans incurred pursuant to clause (v)(B) of
Section 2.14(a))”. 
  

	1.2	Amendments to Section 2.14: Incremental Term Loan Commitments. 

 A. Section 2.14(a) of the Credit Agreement is hereby amended by deleting clause (v) thereof in its entirety and replacing it with the following text: 

“(v) the aggregate amount of all Incremental Term Loan Commitments provided pursuant to this Section 2.14
and the aggregate principal amount of all Incremental Term Loans to be made pursuant thereto shall not exceed the sum of (A) the Maximum Incremental Commitment Amount at such time and (B) $60,000,000 so long as, in the case of this
sub-clause (B), such amount is incurred within 10 Business Days after the Second Amendment Effective Date,”. 

  
 2 

	1.3	Amendments to Section 4.01: Fees. 

 A. Section 4.01(h) of the Credit Agreement is hereby amended by deleting the text “August 23, 2013” appearing therein and inserting the text “November 14, 2013” in
lieu thereof. 
  

	1.4	Amendments to Section 5.01: Voluntary Prepayments. 

 A. Section 5.01(a)(vi) of the Credit Agreement is hereby amended by deleting the text “August 23, 2013” appearing therein and inserting the text “November 14, 2013”
in lieu thereof. 
  

	1.5	Amendments to Section 5.02: Mandatory Repayments. 

 A. Section 5.02(b)(i) of the Credit Agreement is hereby amended by inserting the following text immediately after the text “$3,750,000 (with such amount to be” appearing
therein: 
 “(x) increased to the extent that any Incremental Term Loans are added to, and constitute a part
of, the Initial Term Loans as provided in Section 2.14(c) (and with such increase to be in an amount equal to 5% of the principal amount of the respective Incremental Term Loans) and (y)”. 

B. Section 5.02(e) of the Credit Agreement is hereby amended by inserting the following text at the end thereof:

 “Notwithstanding the foregoing, the Borrower shall not be required to make any mandatory repayment
pursuant to this Section 5.02(e) in respect of the Excess Cash Flow Payment Period ending December 31, 2012.”. 
  

	1.6	Amendments to Section 10.03: Dividends. 

 A. Section 10.03 of the Credit Agreement is hereby amended by (i) inserting the text “(other than a Dividend in the form of a repurchase of stock of Holdings as part of a
stock buy-back or similar program approved by the Board of Directors of Holdings)” immediately after the text “prior to the payment or making of such cash Dividend” appearing in each of clauses (vi) and (vii) thereof,
(ii) deleting the word “and” appearing at the end of clause (viii) thereof, (iii) deleting the period appearing at the end of clause (ix) thereof and inserting “; and” in lieu thereof and (iv) inserting
the following new clause (x) immediately following clause (ix) thereto: 
 “(x) (A) the
Borrower may pay a one-time cash Dividend to Holdings, and Holdings may use such proceeds to pay a one-time cash Dividend, in an aggregate amount not to exceed $75,000,000, so long as (i) no Default or Event of Default exists on the date that
such Dividend is declared and authorized by the Board of Directors of Holdings or would exist immediately after giving effect to such declaration and authorization (but, for this purpose, assuming that the full amount of such Dividend is paid at
such time), (ii) no Default or Event of Default under Section 11.05 exists at the time of payment of such Dividend or would result therefrom, (iii) such Dividend is paid on or prior to December 31, 2012 and (iv) no
proceeds of Revolving Loans or Swingline Loans are used to fund such Dividend and (B) to the extent constituting a Dividend, Holdings and its Subsidiaries may pay the Dividend Bonus Payment.” 

  
 3 

	1.7	Amendments to Section 10.06: Transactions with Affiliates. 

 A. Section 10.06(iv) of the Credit Agreement is hereby amended by inserting the following text immediately after the text “ordinary course of business” appearing therein:

 “and Holdings and its Subsidiaries may pay the Dividend Bonus Payment”. 

SECTION 2. CONDITIONS TO EFFECTIVENESS 
 Section 1 of this Second Amendment shall become effective only upon the satisfaction of all of the following conditions precedent (the date of satisfaction of such conditions being referred to
herein as the “Second Amendment Effective Date”): 
 A. Amendment. Holdings, the Borrower, the
Subsidiary Guarantors and the Required Lenders shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile (or other electronic) transmission) their signed counterparts
to the Administrative Agent. 
 B. Amendment Fee. On or prior to the Second Amendment Effective Date, the Borrower shall
have paid to the Administrative Agent, for the ratable benefit of each Lender that has executed a counterpart to this Second Amendment and delivered the same to the Administrative Agent on or prior to 12:00 Noon (New York time) on November 14,
2012, an amendment fee equal to 0.25% of the sum of (I) the aggregate principal amount of the outstanding Initial Term Loans held by each such consenting Lender on the Second Amendment Effective Date (but determined immediately prior to any
incurrence of Incremental Term Loans on such date) and (II) the amount of each such consenting Lender’s Revolving Loan Commitment on the Second Amendment Effective Date (such fee, the “Amendment Fee”). For the avoidance of
doubt, the Amendment Fee shall not be payable unless and until the other conditions set forth in Section 2 have been met, except for the payment of fees pursuant to this Section 2B. 

C. Other Fees and Expenses. The Borrower shall have paid all other costs, fees, expenses and other amounts due and payable
pursuant to the Credit Documents and any other fee due and payable to the Administrative Agent or any affiliate thereof as may have been separately agreed to by the Borrower and the Administrative Agent or such Affiliate in connection with this
Second Amendment, including the reasonable fees and expenses of White & Case LLP. 
 SECTION 3. CREDIT PARTY
REPRESENTATIONS AND WARRANTIES 
 In order to induce the Lenders to enter into this Second Amendment and to amend the Credit
Agreement in the manner provided herein, each Credit Party represents and warrants to each Lender that the following statements are true and correct: 
 A. Power and Authority. Each Credit Party has the corporate, partnership or limited liability company power and authority, as the case may be, to execute, deliver and perform the terms and
provisions of this Second Amendment and has taken all necessary corporate, partnership or limited liability company action, as the case may be, to authorize the execution, delivery and performance by it of this Second Amendment. Each Credit Party
has duly executed and delivered this Second Amendment, and this Second Amendment constitutes its legal, valid and binding obligation enforceable in accordance 

  
 4 

 
with its terms, except to the extent that the enforceability hereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws generally affecting
creditors’ rights and by equitable principles (regardless of whether enforcement is sought in equity or at law). 
 B.
Approvals. No order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption by, any governmental or public body or authority, or any subdivision thereof, is required to be obtained or
made by, or on behalf of, any Credit Party to authorize, or is required to be obtained or made by, or on behalf of, any Credit Party in connection with, (i) the execution, delivery and performance of this Second Amendment or (ii) the
legality, validity, binding effect or enforceability of this Second Amendment (except for those that have otherwise been obtained or made). 
 C. No Violation. Neither the execution, delivery or performance by any Credit Party of this Second Amendment, nor compliance by it with the terms and provisions hereof, (i) will contravene in
any material respect any provision of any law, statute, rule or regulation or any order, writ, injunction or decree of any court or governmental instrumentality, (ii) will conflict with or result in any breach of any of the terms, covenants,
conditions or provisions of, or constitute a default under, or result in the creation or imposition of (or the obligation to create or impose) any Lien upon any of the property or assets of any Credit Party or any of its Subsidiaries pursuant to the
terms of any indenture, mortgage, deed of trust, credit agreement or loan agreement, or any other material agreement, contract or instrument, in each case to which any Credit Party or any of its Subsidiaries is a party or by which it or any its
property or assets is bound or to which it may be subject, or (iii) will violate any provision of the certificate or articles of incorporation, certificate of formation, limited liability company agreement, partnership agreement or by-laws (or
equivalent organizational documents), as applicable, of any Credit Party or any of its Subsidiaries. 
 D. Incorporation of
Representations and Warranties From Credit Agreement. The representations and warranties contained in Section 8 of the Credit Agreement are and will be true and correct in all material respects on and as of the Second Amendment
Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case they were true and correct in all material respects on and as of
such earlier date; provided, that, if a representation and warranty is qualified as to materiality, with respect to such representation and warranty the materiality qualifier set forth above shall be disregarded for purposes of this
condition. 
 E. Absence of Default. No event has occurred and is continuing or will result from the consummation of the
transactions contemplated by this Second Amendment that would constitute a Default or an Event of Default. 
 SECTION 4.
ACKNOWLEDGMENT AND CONSENT 
 Each of Holdings, the Borrower and each Subsidiary Guarantor has read this Second Amendment and
consents to the terms hereof and hereby acknowledges and agrees that any Guaranty and any Security Document to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid
and enforceable in accordance with their respective terms, except to the extent that the enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws relating to or affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law, and shall not be impaired or limited by the execution or effectiveness of this Second Amendment.

  
 5 

 Each Subsidiary Guarantor acknowledges and agrees that (i) notwithstanding the
conditions to effectiveness set forth in this Second Amendment, such Subsidiary Guarantor is not required by the terms of the Credit Agreement or any other Credit Document to consent to the amendments to the Credit Agreement effected pursuant to
this Second Amendment and (ii) nothing in the Credit Agreement, this Second Amendment or any other Credit Document shall be deemed to require the consent of any Subsidiary Guarantor to any future amendments to the Credit Agreement as amended
hereby. 
 SECTION 5. MISCELLANEOUS 
 A. Reference to and Effect on the Credit Agreement and the Other Credit Documents. 
 (i) On and after the Second Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like
import referring to the Credit Agreement, and each reference in the other Credit Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a
reference to the Credit Agreement as amended hereby. 
 (ii) The parties hereto agree that this Second Amendment is a Credit
Document. 
 (iii) Except as specifically amended by this Second Amendment, the Credit Agreement and the other Credit
Documents shall remain in full force and effect and are hereby ratified and confirmed. 
 (iv) The execution, delivery and
performance of this Second Amendment shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of Administrative Agent or any Lender under, the Credit Agreement or
any of the other Credit Documents. 
 B. Headings. Section and subsection headings in this Second Amendment are included
herein for convenience of reference only and shall not constitute a part of this Second Amendment for any other purpose or be given any substantive effect. 
 C. Applicable Law. THIS SECOND AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 D. Counterparts. This Second Amendment may be executed in any number of counterparts and by different parties hereto
in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. Any party delivering an executed counterpart of this Second Amendment by telefacsimile or electronic mail also shall deliver
an original executed counterpart of this Second Amendment but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Second Amendment. 

  
 6 

 [Remainder of page intentionally left blank] 

  
 7 

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

			
	TOWN SPORTS INTERNATIONAL HOLDINGS, INC.
		
	By:	 	 

	Name:	 	 Daniel G Gallagher

	Title:	 	 Chief Financial Officer

	
	TOWN SPORTS INTERNATIONAL, LLC
		
	By:	 	 

	Name:	 	 Daniel G Gallagher

	Title:	 	 Chief Financial Officer

  
 [Signature
Page to Second Amendment to Credit Agreement – Town Sports] 

 
					
	TSI 217 BROADWAY, LLC
	TSI ALEXANDRIA, LLC
	TSI ALEXANDRIA WEST, LLC
	TSI ALLSTON, LLC
	TSI ANDOVER, LLC
	TSI ARDMORE, LLC
	TSI ARTHRO-FITNESS SERVICES, LLC
	TSI ASTORIA, LLC
	TSI BATTERY PARK, LLC
	TSI BAY RIDGE 86TH STREET, LLC
	TSI BAYONNE, LLC
	TSI BAYRIDGE, LLC
	TSI BENSONHURST, LLC
	TSI BETHESDA, LLC
	TSI BOYLSTON, LLC
	TSI BROADWAY, LLC
	TSI BROOKLYN BELT, LLC
	TSI BRUNSWICK, LLC
	TSI BULFINCH, LLC
	 TSI BUTLER, LLC,

each as a Subsidiary Guarantor

		
	By:	 	 

		 	Name	 	Daniel G. Gallagher
		 	Title:	 	Senior Vice President – Chief Financial Officer

  
 [Signature
Page to Second Amendment to Credit Agreement – Town Sports] 

					
	TSI CARMEL, LLC
	TSI CASH MANAGEMENT, LLC
	TSI CENTRAL SQUARE, LLC
	TSI CHERRY HILL, LLC
	TSI CHEVY CHASE, LLC
	TSI CLARENDON, LLC
	TSI CLIFTON, LLC
	TSI COBBLE HILL, LLC
	TSI COLONIA, LLC
	TSI COLUMBIA HEIGHTS, LLC
	TSI COMMACK, LLC
	TSI CONNECTICUT AVENUE, LLC
	TSI COURT STREET, LLC
	TSI CROTON, LLC
	TSI DANBURY, LLC
	TSI DAVIS SQUARE, LLC
	TSI DEDHAM, LLC
	TSI DEER PARK, LLC,
	 TSI DOBBS FERRY, LLC

TSI DOWNTOWN CROSSING, LLC,

	each as a Subsidiary Guarantor
		
	By:	 	 

		 	Name:	 	Daniel G. Gallagher
		 	Title:	 	Senior Vice President – Chief Financial Officer

  
 [Signature
Page to Second Amendment to Credit Agreement – Town Sports] 

 
					
	TSI DUPONT CIRCLE, INC.
	TSI DUPONT II, INC.
	TSI EAST 23, LLC
	TSI EAST 31, LLC
	TSI EAST 34, LLC
	TSI EAST 36, LLC
	TSI EAST 41, LLC
	TSI EAST 48, LLC
	TSI EAST 51, LLC
	TSI EAST 59, LLC
	TSI EAST 76, LLC
	TSI EAST 86, LLC
	TSI EAST 91, LLC
	TSI EAST BRUNSWICK, LLC
	TSI EAST MEADOW, LLC
	TSI ENGLEWOOD, LLC
	TSI F STREET, LLC
	TSI FAIRFAX, LLC
	TSI FENWAY, LLC
	TSI FIRST AVENUE, LLC
	 TSI FOREST HILLS, LLC,
 each as a Subsidiary Guarantor

		
	By:	 	 

		 	Name:	 	Daniel G. Gallagher
		 	Title	 	Senior Vice President – Chief Financial Officer

  
 [Signature
Page to Second Amendment to Credit Agreement – Town Sports] 

 
					
	TSI FORT LEE, LLC
	TSI FRAMINGHAM, LLC
	TSI FRANKLIN (MA), LLC
	TSI FRANKLIN PARK, LLC
	TSI FREEHOLD, LLC
	TSI GALLERY PLACE, LLC
	TSI GARDEN CITY, LLC
	TSI GARNERVILLE, LLC
	TSI GEORGETOWN, LLC
	 TSI GERMANTOWN, LLC

TSI GLENDALE, LLC

	TSI GLOVER, LLC
	TSI GRAND CENTRAL, LLC
	TSI GREAT NECK, LLC
	TSI GREENPOINT, LLC
	TSI GREENWICH, LLC
	TSI HARTSDALE, LLC
	TSI HAWTHORNE, LLC
	TSI HERALD, LLC
	TSI HICKSVILLE, LLC
	 TSI HIGHPOINT, LLC,

each as a Subsidiary Guarantor

		
	By:	 	 

		 	Name:	 	Daniel G. Gallagher
		 	Title:	 	Senior Vice President – Chief Financial Officer

  
 [Signature
Page to Second Amendment to Credit Agreement – Town Sports] 

 
					
	TSI HOBOKEN, LLC
	TSI HOBOKEN NORTH, LLC
	TSI HOLDINGS (CIP), LLC
	TSI HOLDINGS (DC), LLC
	TSI HOLDINGS (IP), LLC
	TSI HOLDINGS (MA), LLC
	TSI HOLDINGS (MD), LLC
	TSI HOLDINGS (NJ), LLC
	TSI HOLDINGS (PA), LLC
	TSI HOLDINGS (VA), LLC
	TSI HUNTINGTON, LLC
	TSI INTERNATIONAL, INC
	TSI IRVING PLACE, LLC
	TSI JAMAICA ESTATES, LLC
	TSI JERSEY CITY, LLC
	TSI K STREET, LLC
	 TSI LARCHMONT, LLC

TSI LEXINGTON (MA), LLC

	TSI LINCOLN, LLC
	 TSI LIVINGSTON, LLC,

each as a Subsidiary Guarantor

		
	By:	 	 

		 	Name	 	Daniel G Gallagher
		 	Title:	 	Senior Vice President – Chief Financial
		 		 	Officer

  
 [Signature
Page to Second Amendment to Credit Agreement – Town Sports] 

 
					
	TSI LONG BEACH, LLC
	TSI LYNNFIELD, LLC
	TSI M STREET, LLC
	TSI MAHWAH, LLC
	TSI MAMARONECK, LLC
	TSI MARKET STREET, LLC
	TSI MARLBORO, LLC
	TSI MATAWAN, LLC
	TSI MERCER STREET, LLC
	TSI MIDWOOD, LLC
	TSI MONTCLAIR, LLC
	TSI MORRIS PARK, LLC
	TSI MURRAY HILL, LLC
	TSI NANUET, LLC
	TSI NATICK, LLC
	TSI NEW ROCHELLE, LLC
	TSI NEWARK, LLC
	TSI NEWBURY STREET, LLC,
	TSI NEWTON, LLC
	 TSI NO SWEAT, LLC,

each as a Subsidiary Guarantor

		
	By:	 	 

		 	Name:	 	Daniel G. Gallagher
		 	Title:	 	Senior Vice President – Chief Financial Officer

  
 [Signature
Page to Second Amendment to Credit Agreement – Town Sports] 

 
					
	TSI NORTH BETHESDA, LLC
	TSI NORWALK, LLC
	TSI OCEANSIDE, LLC
	TSI OLD BRIDGE, LLC
	TSI PARSIPPANY, LLC
	 TSI PLAINSBORO, LLC

TSI PORT JEFFERSON, LLC

	TSI PRINCETON, LLC
	TSI PRINCETON NORTH, LLC
	TSI PROVIDENCE DOWNTOWN, LLC
	TSI PROVIDENCE EASTSIDE, LLC
	TSI RADNOR, LLC
	TSI RAMSEY, LLC
	TSI READE STREET, LLC
	TSI REGO PARK, LLC
	TSI RIDGEWOOD, LLC
	TSI RODIN PLACE, LLC
	TSI SCARSDALE, LLC
	TSI SEAPORT, LLC
	TSI SHERIDAN, LLC
	 TSI SILVER SPRING, LLC,
 each as a Subsidiary Guarantor

		
	By:	 	 

		 	Name:	 	Daniel G Gallagher
		 	Title:	 	Senior Vice President – Chief Financial Officer

  
 [Signature
Page to Second Amendment to Credit Agreement – Town Sports] 

 
					
	TSI SMITHTOWN, LLC
	TSI SOCIETY HILL, LLC
	TSI SOHO, LLC
	TSI SOMERS, LLC
	TSI SOMERSET, LLC
	TSI SOUTH BETHESDA, LLC
	TSI SOUTH END, LLC
	TSI SOUTH PARK SLOPE, LLC
	TSI SOUTH STATION, LLC
	TSI SPRINGFIELD, LLC
	TSI STAMFORD DOWNTOWN, LLC
	TSI STAMFORD POST, LLC
	TSI STAMFORD RINKS, LLC
	TSI STATEN ISLAND, LLC
	TSI STERLING, LLC
	TSI SUNNYSIDE, LLC
	TSI SYOSSET, LLC
	TSI UNIVERSITY MANAGEMENT, LLC
	TSI VARICK STREET, LLC
	 TSI WALL STREET, LLC,
 each as a Subsidiary Guarantor

		
	By:	 	 

		 	Name:	 	Daniel G Gallagher
		 	Title:	 	Senior Vice President – Chief Financial Officer

  
 [Signature
Page to Second Amendment to Credit Agreement – Town Sports] 

 
					
	TSI WALTHAM, LLC
	TSI WASHINGTON, INC.
	TSI WATER STREET, LLC
	TSI WATERTOWN, LLC
	TSI WAYLAND, LLC
	TSI WELLESLEY, LLC
	TSI WELLINGTON CIRCLE, LLC
	TSI WEST 14, LLC
	TSI WEST 16, LLC
	TSI WEST 23, LLC
	 TSI WEST 38, LLC

TSI WEST 41, LLC

	TSI WEST 44, LLC
	TSI WEST 48, LLC
	TSI WEST 52, LLC
	TSI WEST 73, LLC
	TSI WEST 76, LLC
	TSI WEST 80, LLC
	TSI WEST 94, LLC
	 TSI WEST 115TH STREET, LLC,
 each as a Subsidiary Guarantor

		
	By:	 	 

		 	Name:	 	Daniel G. Gallagher
		 	Title:	 	Senior Vice President – Chief Financial Officer

  
 [Signature
Page to Second Amendment to Credit Agreement – Town Sports] 

 
					
	TSI WEST 125, LLC
	TSI WEST 145TH STREET, LLC
	TSI WEST CALDWELL, LLC
	TSI WEST HARTFORD, LLC
	TSI WEST NEWTON, LLC
	TSI WEST NYACK, LLC
	TSI WEST SPRINGFIELD, LLC
	TSI WESTBOROUGH, LLC
	TSI WESTPORT, LLC
	TSI WESTWOOD, LLC
	TSI WEYMOUTH, LLC
	TSI WHITE PLAINS, LLC
	TSI WHITE PLAINS CITY CENTER, LLC
	TSI WHITESTONE, LLC
	TSI WILLIAMSBURG, LLC
	TSI WOBURN, LLC
	 TSI WOODMERE, LLC,

each as a Subsidiary Guarantor

		
	By:	 	 

		 	Name:	 	Daniel G. Gallagher
		 	Title:	 	Senior Vice President – Chief Financial Officer

  
 [Signature
Page to Second Amendment to Credit Agreement – Town Sports] 

 
			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent
		
	By:	 	 

		
	Name:	 	 Erin Morrissey

		
	Title:	 	 Director

		
	By:	 	 

		
	Name:	 	 Carin Keegan

		
	Title:	 	 Director

  
 [Signature
Page to Second Amendment to Credit Agreement – Town Sports] 

 SIGNATURE PAGE TO THE SECOND AMENDMENT (the “Second Amendment”), DATED AS
OF THE DATE FIRST WRITTEN ABOVE, TO THE CREDIT AGREEMENT, DATED AS OF MAY 11, 2011, AS AMENDED BY THAT CERTAIN FIRST AMENDMENT, DATED AUGUST 22, 2012 (the “Credit Agreement”), AMONG TOWN SPORTS INTERNATIONAL HOLDINGS, INC., TOWN
SPORTS INTERNATIONAL, LLC, DEUTSCHE BANK TRUST COMPANY AMERICAS, AS ADMINISTRATIVE AGENT AND VARIOUS LENDERS PARTY THERETO 
 By
executing this signature page as an existing Lender (a “Consenting Lender”), the undersigned institution agrees to the terms of the Second Amendment and the Credit Agreement (as amended by the Second Amendment). 

 

			
	Deutsche Bank Trust Company Americas
		
	By:	 	DB Services New Jersey, Inc.

 Executing as a CONSENTING LENDER: 

					
			
	By:	 	  
	  	
	Name:	 		  	
	Title:	 		  	
	By:	 	  
	  	
	Name:	 		  	
	Title:	 		  	

  
 [Signature
Page to Second Amendment to Credit Agreement – Town Sports]EX-10.12

 Exhibit 10.12 
 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT WITH RESPECT TO THE OMITTED PORTIONS. OMITTED PORTIONS ARE INDICATED BY [***]. 
 DIVERSITY RECRUITMENT PARTNERSHIP
AGREEMENT 
 This Diversity Recruitment Partnership Agreement (the “Agreement”), dated
as of the 6th of November, 2012 (the “Effective
Date”), is made by and between Professional Diversity Network, LLC, a Delaware corporation (“PDN”), and LinkedIn Corporation, a Delaware corporation (“LinkedIn”). In this Agreement, PDN and LinkedIn are
each sometimes referred to individually as a “Party” and collectively as the “Parties.” In consideration of the mutual promises contained herein, PDN and LinkedIn hereby agree as follows: 

RECITALS 

WHEREAS, PDN owns or operates various web sites, collectively known as the “Professional Diversity Network,” that focus
on professional networking for diverse Americans. 
 WHEREAS, LinkedIn provides the LinkedIn websites, including regional
variations thereof and successors thereto and services that enable enterprises to post jobs openings and recruit for candidates on the LinkedIn websites and third party websites. 

WHEREAS, LinkedIn and PDN desire to make diversity recruitment services from PDN available to LinkedIn’s customers.

 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and obligations contained
herein, and intending to be legally bound hereby as of the date hereof, LinkedIn and PDN agree as follows: 
 1. DEFINITIONS. When the
following terms are used in this Agreement with initial letters capitalized, they will have the meanings set forth below unless otherwise specified in this Agreement: 
 “Affiliates” means, as used with respect to a Party, any corporation or entity worldwide that Controls such Party, that such Party Controls, or that is under common Control with such
Party. 
 “Brand Marks” means either the LinkedIn Brand Marks or PDN Brand Marks, as applicable. 

“Change of Control” means a transaction (or series of related transactions) resulting in a change of Control of an
entity. For the avoidance of doubt, PDN’s initial public offering or PDN’s reorganization as a corporation in connection therewith as described in PDN’s registration statement (Form S-1) shall not constitute a Change of Control.

 “Control” means (1) the possession, directly or indirectly, of more than 50% of the issued and
outstanding share capital, stock or other securities of, or the voting rights in an entity; or (2) the possession, directly or indirectly, of the right to appoint or remove the majority of the board of directors of an entity direct or indirect
ownership of fifty percent (50%) or more of the common stock or other voting interests in an entity. 

“Customer” means a customer of LinkedIn’s hiring and recruitment products and solutions. 

“Intended Launch Date” means January 1, 2013. 

“JYMBII Ad Unit” means LinkedIn’s Jobs You May Be Interested In recruitment advertising product, whereby LinkedIn
Customers pay for their job posts to be displayed to certain end users based on a matching algorithm done between the LinkedIn member data and the job description. 

  
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 “LinkedIn Brand Marks” means those trademarks, service marks, logos and
other distinctive brand features of LinkedIn that are provided by LinkedIn to PDN via the LinkedIn Branding Guidelines, or otherwise provided to PDN by LinkedIn, for PDN’s use in accordance with this Agreement. 

“LinkedIn Branding Guidelines” means the guidelines governing the usage and display of the LinkedIn Brand Marks,
currently available at http://developer.linkedin.com/docs/DOC-1101. 
 “LinkedIn Competitors” means any entity,
including a PDN Partner, which engages in the provision of job search or talent management services to enterprises. 

“LinkedIn PDN Products” has the meaning set forth in Exhibit A. 

“PDN Advertisement” has the meaning set forth in Exhibit A. 

“PDN Branding Guidelines” means the guidelines governing the usage and display of the PDN Brand Marks, currently
available at http://prodivnet.com/partners/branding-guidelines. 
 “PDN Brand Marks” means those trademarks,
service marks, logos and other distinctive brand features of PDN (including the PDN Network Channels) that are provided by PDN to LinkedIn for LinkedIn’s use in accordance with this Agreement. 

“PDN JYMBII Ad Unit” has the meaning set forth in Exhibit A. 

“PDN Job Post” has the meaning set forth in Exhibit A. 

“PDN Network Channels” has the meaning set forth in Exhibit B-1. 

“PDN Partners” has the meaning set forth in Exhibit B-2. 

“Restricted Accounts” means the Customer accounts set forth in Exhibit F. 

“Term” has the meaning set forth in Section 7.1. 

“Territory” means United States. 

“Unauthorized Code” means any virus, Trojan horse, spy-ware, worm, or any other software routines or hardware components
designed to permit unauthorized access to disable, erase, or otherwise harm software, hardware, or data or to perform any other such actions. 

1. RESALE OF LINKEDIN PDN PRODUCTS. 
 1.1. Reseller Appointment. PDN grants LinkedIn a nonexclusive, non-transferable (except in conjunction with an assignment permitted by this Agreement) license in the Territory during the Term to
resell the LinkedIn PDN Products to its Customers. LinkedIn has no obligation to resell the LinkedIn PDN Products, and if LinkedIn chooses to do so, it is not obligated to do so for all PDN Network Channels. PDN will display the sold LinkedIn PDN
Products on the PDN Network Channels according to the parameters (dates, frequency, sizes, etc.) sold by LinkedIn to LinkedIn Customers pursuant to this Agreement. 
 1.2. Launch. LinkedIn will use commercially reasonable efforts to start reselling the LinkedIn PDN Products on the Intended Launch Date. LinkedIn’s failure to meet the Intended Launch Date
will not constitute a breach of this Agreement. LinkedIn has no obligation to resell the LinkedIn PDN Products. 
 1.3.
Suggested Prices. The Parties will agree to suggested retail prices for the LinkedIn PDN Products but they shall not be bound by such prices. 

  
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 1.4. Limited Exclusivity. From the Intended Launch Date throughout the Term, PDN
will not, directly or indirectly, permit the LinkedIn Competitors to resell any PDN products or advertising on PDN Network Channels, or permit the LinkedIn Competitors to advertise their products or services on PDN Network Channels, with the
following exceptions: 
 1.4.1. Fulfillment Sales. PDN may fulfill orders for PDN products or advertising on PDN Network
Channels that were placed prior to December 31, 2012, provided that such fulfillment must be completed by December 31, 2013 (“Fulfillment Period”). PDN will use commercially reasonable efforts to provide LinkedIn the following
report by January 7, 2013 (and in no event later than January 31, 2013): a detailed report of its fulfillment obligations during the Fulfillment Period, to the extent that PDN has, following its request for such information, received it
from the party that possesses it (i.e., a party to which PDN is contractually obligated through December 31, 2012 (“Third Party Contract”) and PDN is permitted to share such information with LinkedIn pursuant to the terms of the Third
Party Contract. [***] All reports may be provided by email. If LinkedIn reasonably believes that the foregoing reports contain material inaccuracies, it may retain a third party auditor to audit the applicable PDN records under a duty of
confidentiality, provided that PDN shall not share information with LinkedIn that PDN is prohibited from disclosing pursuant to the terms of a third party contract. 
 1.4.2. PDN Partners. PDN has arrangements with PDN Partners pursuant to which (i) each party (i.e., PDN and the PDN Partner) may promote the other, through advertising or events or other
means, and/or (ii) PDN may resell advertising inventory, recruitment products and services of the PDN Partner. For clarity, PDN will not permit PDN Partners to post job posts on the PDN Network Channels or serve as resellers of PDN or PDN
Network Channels’ products or advertising inventory. In addition, PDN will not engage its sales force to resell recruitment products or services of the PDN Partners to the Restricted Accounts, but for clarity, PDN shall not be restricted from
transacting ecommerce for PDN Partners on the PDN Partners’ websites. 
 1.4.3. PDN Network Channels. For clarity,
PDN’s arrangements with the PDN Network Channels permitting mutual promotion and the inclusion of PDN Network Channel’s advertising inventory and recruitment products and services may be included in PDN’s advertising inventory and
recruitment products and services, does not violate Section 2.4.1. 
 1.5. Restricted Accounts. From the Intended
Launch Date through the Term, and for one (1) year following the Term, (a) PDN will not, directly or indirectly, sell PDN products or recruitment advertising inventory to the Restricted Accounts and (b) inquiries received by PDN,
directly or indirectly, from the Restricted Accounts regarding diversity-based recruitment products and advertising inventory, must be referred to LinkedIn; provided that (x) the number of Restricted Accounts shall not exceed [***], and
(y) upon termination of this Agreement, an entity shall be removed from the list of Restricted Accounts and the restrictions set forth in this Section 2.5 shall no longer apply to such entity if LinkedIn has not sold diversity-based media
products or services to such entity during the immediately preceding period of one (1) year. 
 1.6. Sales Support.
PDN will support sales efforts by LinkedIn as follows: (a) provide sales training about the LinkedIn PDN Products, (b) provide initial draft collateral for LinkedIn’s sales team to consider, and (c) dedicate a partner manager to
LinkedIn. PDN will provide these support services with diligence, exercising prompt response times to LinkedIn requests. 
 2. OTHER
RESPONSIBILITIES OF THE PARTIES. 
 2.1. Integration. The Parties will comply with the integration requirements set
forth in Exhibit D. 
 2.2. Service Level Requirements. PDN will comply with the service level requirements set
forth in the Service Level Agreement, attached hereto as Exhibit E. 

  
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 2.3. Customer and User Support. Unless mutually agreed otherwise in a particular
instance (email acceptable), (a) LinkedIn shall be the point of contact for all communications with Customers, and (b) PDN shall be the point of contact for all communications with end users of PDN Network Channels. Each Party shall
reasonably assist the other, if necessary, in the resolution of Customer issues (in the case of assistance provided by PDN) and end user issues (in the case of assistance provided by LinkedIn). 

2.4. Marketing. During the Term PDN will, at its own expense, engage in efforts to market and promote the PDN Network Channels as
websites for diverse job seekers and employers seeking diverse employees. Such efforts will be no less than what PDN engaged in the year prior to the Intended Launch Date. 
 2.5. PDN Brand Marks. PDN will provide LinkedIn with copies of all of the logos of the PDN Network Channels promptly following the Effective Date. Subject to the terms of this Agreement, PDN grants
LinkedIn a limited, nonexclusive, non-transferable (except in conjunction with an assignment permitted by this Agreement) license in the Territory during the Term to use, reproduce, and display the PDN Brand Marks online and offline for marketing
and fulfilling LinkedIn’s role as a reseller of the LinkedIn PDN Products to its Customers and prospective customers. LinkedIn’s license rights herein are subject to the terms of the PDN Branding Guidelines. 

2.6. LinkedIn Brand Marks. Subject to the terms of this Agreement, LinkedIn grants PDN a limited, nonexclusive, non-transferable
(except in conjunction with an assignment permitted by this Agreement) license in the Territory during the Term to use, reproduce, and display the LinkedIn Brand Marks online and offline for marketing LinkedIn’s role as a reseller of the
LinkedIn PDN Products, provided that LinkedIn approves each use of the LinkedIn Brand Marks in advance. PDN’s license rights herein are subject to the terms of the LinkedIn Branding Guidelines. 

2.7. Reporting. Each week during the Term and Wind Down Period, PDN will provide LinkedIn with a written report indicating the
following data for the prior week (such report will be provided via email or other method and in formats mutually agreed upon by the Parties): 
  

	 	•	 	 Reporting of PDN JYMBII Ad Units and PDN Job Posts: 

 

	 	•	 	 Jobs Posted 

  

	 	•	 	 Active Jobs 

  

	 	•	 	 Expired Jobs 

  

	 	•	 	 Job Views 

  

	 	•	 	 Job Applications Click Apply 

  

	 	•	 	 Job Applications Completed (provided that the Customer shares such information with PDN) 

 

	 	•	 	 Reporting of PDN Advertisements: 

  

	 	•	 	 Impression allocation by creative unit 

  

	 	•	 	 Pace of Impression delivery by creative unit 

  

	 	•	 	 impressions served by website 

  

	 	•	 	 Clicks 

  

	 	•	 	 Clickthrough rate (as a percentage) 

 2.8. PDN Career Data. PDN will provide all applicant data submitted on PDN Job Posts to LinkedIn. The frequency, method and format of such data transfer will be mutually agreed to by the Parties.

 2.9. Security. Each Party shall make commercially reasonable efforts to ensure that they do not introduce any
Unauthorized Code into the other Party’s systems. 
 2.10. Compliance with Laws. Each Party will comply with all
applicable laws and regulations in its performance of this Agreement. 

  
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 2.11. Separate API Agreement. The Parties acknowledge that this Agreement has no
bearing on PDN’s license to LinkedIn’s APIs available at, and pursuant to the terms of use at https://developer.linkedin.com/. 

3. FEES. 
 3.1.
Fees. The Parties agree to the fee provisions set forth in Exhibit C.  
 3.2. Costs. Each Party shall bear
its own costs for compliance with this Agreement. 
 3.3. Currency. All amounts owed pursuant to this Agreement shall be
paid in United States dollars. 
 3.4. Audit. From time to time upon reasonable advance notice not less than two
(2) weeks prior to the audit, and during normal business hours, each Party (or its agents and representatives under a duty of confidentiality) shall have the right to inspect the books and records of the other Party specifically relating to
this Agreement in order to verify the amount and proper payment of fees owed pursuant to Section 4.1 (in the case of audit by PDN), the reporting obligations of Section 3.7 (in the case of audit by LinkedIn). Any breaches or deficiencies
noted in such audit shall be promptly corrected. Audits may not be conducted by a Party more than once per year, unless a breach or deficiency is discovered, in which case they may be conducted twice per year. The results of all audits shall be the
confidential information of the Parties. 
 3.5. Taxes. PDN shall pay any sales, use, property, license, value added,
withholding, excise or similar tax whether federal, state or local, properly payable as a result of LinkedIn’s payment of fees hereunder, and any related duties, tariffs and similar charges, exclusive of taxes based on the net income of
LinkedIn. 
 4. INTELLECTUAL PROPERTY. 
 4.1. LinkedIn Ownership. As between the Parties, and except as expressly licensed herein, LinkedIn is the sole and exclusive owner of all right, title and interest in and to the LinkedIn Brand
Marks, and any intellectual property rights therein and derivative works thereof, including patent, copyright, trademark, service mark, or trade secret right and any other intellectual property or proprietary right in any jurisdiction. 

4.2. PDN Ownership. As between the Parties, and except as expressly licensed herein, PDN is the sole and exclusive owner of all
right, title and interest in and to the PDN Brand Marks, and any intellectual property rights therein and derivative works thereof including patent, copyright, trademark, service mark, or trade secret right and any other intellectual property or
proprietary right in any jurisdiction. 
 4.3. Feedback and Development. Either Party may from time to time elect, in its
sole discretion, to provide suggestions, comments, improvements, ideas or other feedback to the other Party related to such other Party’s products and services (“Feedback”). Such Feedback is provided on an “as is”
basis with no warranties of any kind and the receiving Party will have a non-exclusive, worldwide, perpetual and irrevocable right and license to use such Feedback. Each Party agrees not to provide Feedback that it knows is subject to any
intellectual property claim by a third party or any license terms which would require products or services derived from such Feedback to be licensed to or from, or shared with, any third party. 

4.4. Reservation. Except as expressly stated in this Agreement, each Party reserves all right, title and interest in its
materials. 
 5. CONFIDENTIALITY. 
 5.1. Confidential Information and Nondisclosure. If either Party (“Receiving Party”) under this Agreement gains access to certain confidential information of the other Party
(“Disclosing Party”) concerning the Disclosing Party’s prices, business, plans, technology, products, and other non-public information of the Disclosing Party 

  
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(collectively, “Confidential Information”), then the terms of this Section 6 will apply. Confidential Information includes all information in tangible or intangible form that is
marked or designated as confidential by the Disclosing Party or that, under the circumstances of its disclosure, should be considered confidential. For clarity, the existence of this Agreement and its terms and conditions are Confidential
Information of both Parties. The Disclosing Party owns all right, title and interest, including all intellectual property rights in Disclosing Party’s Confidential Information. Each Party agrees that it will not use in any way, for its own
benefit or the benefit of any third party, except as expressly permitted by, or as required to implement, this Agreement, nor disclose to any third party (except as required by law or to such Party’s attorneys, accountants and other advisors as
reasonably necessary), any Confidential Information of the Disclosing Party. Each Party will take reasonable precautions to protect the confidentiality of the Confidential Information of the Disclosing Party that are at least as stringent as it
takes to protect its own Confidential Information. 
 5.2. Exceptions. Information will not be deemed Confidential
Information under this Agreement if it is (a) known to the Receiving Party prior to its receipt from the Disclosing Party from a source other than one having an obligation of confidentiality to the Disclosing Party; (b) to have become
publicly known, except through a breach of this Agreement by the Receiving Party; (c) to have been entirely independently developed by the Receiving Party without use of or reference to the Confidential Information of the Disclosing Party; or
(d) information that any Corporate User provides to LinkedIn while utilizing the LinkedIn services (i.e. pursuant to the User Agreement). If legally obligated to do so, the Receiving Party may disclose Confidential Information pursuant to the
requirements of applicable law, regulations, or a governmental agency, and in such a situation, the Receiving Party shall provide the Disclosing Party prior written notice and permit the Disclosing Party to seek confidential treatment of the
material being disclosed 
 6. TERM AND TERMINATION. 
 6.1. Term. The term of this Agreement commences on the Effective Date and will continue until the third anniversary of the Intended Launch Date (“Initial Term”), unless earlier
terminated by either Party as permitted herein. Following the Initial Term, this Agreement shall automatically renew for successive one (1) year periods (each a “Renewal Term”) unless either Party terminates at the end of the
Initial Term or then-current Renewal Term by giving written notice to the other Party not less than ninety (90) days prior to the expiration of the Initial Term or then-current Renewal Term. The Initial Term and the Renewal Terms shall make up
the “Term”. 
 6.2. Termination by Either Party. Either Party may terminate this Agreement (a) if
the other Party files a voluntary petition for bankruptcy or a petition or answer seeking a reorganization; (b) if the other Party has filed against it an involuntary petition for bankruptcy that has not been dismissed within sixty
(60) days thereof; (c) if the other Party becomes insolvent, admits in writing its inability to pay its debts as they mature, or makes an assignment for the benefit of its creditors; (d) if the other Party applies for or consents to
the appointment of a receiver, trustee or liquidator for substantially all of its assets or such receiver, trustee or liquidator is appointed for the other Party; or (e) upon the occurrence of a material breach of this Agreement by the other
Party, if such breach is not cured within thirty (30) days after written notice identifying the matter constituting the material breach is received by the breaching Party. 

6.3. Termination by LinkedIn. 
 6.3.1. Termination by LinkedIn At Date Six Months Following Intended Launch Date. LinkedIn may elect to terminate this Agreement effective six (6) months after the Intended Launch Date,
provided that LinkedIn must give written notice to PDN of such intention to terminate by such date which is five (5) months after the Intended Launch Date. 
 6.3.2. Termination by LinkedIn at Any Anniversary of the Intended Launch Date. During the fourth calendar quarter of the first and second years of the Term of this Agreement, LinkedIn may
elect to terminate this Agreement by giving written notice to PDN not less than ninety (90) days prior written notice. For clarity, the earliest that a termination pursuant to this Section will be effective is December 31, 2013.
LinkedIn’s payment obligations pursuant to Exhibit C shall continue during the ninety (90) day notice period. For example, if LinkedIn provides notice of termination on November 1, 2013, the Agreement shall continue, including
LinkedIn’s payment obligations through January 29, 2014 (provided that any Guaranteed Amount owed shall be prorated for a partial calendar quarter pursuant to Section 2 of Exhibit C). 

  
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 6.3.3. Termination for PDN Change of Control. LinkedIn may terminate this
Agreement upon written notice if PDN experiences a Change of Control. 
 6.4. Effect of Termination. Upon
termination of this Agreement LinkedIn shall cease all sales of the LinkedIn PDN Products, but PDN shall fulfill all orders of LinkedIn PDN Products by Customers placed during the Term (“Wind Down Period”); provided that PDN shall
not be obligated to fulfill orders of LinkedIn PDN Products for more than twelve (12) months following the termination of this Agreement. The Parties’ rights and obligations shall survive during the Wind Down Period to the extent necessary
to accomplish such sales fulfillment. For clarity, following the termination of this Agreement, LinkedIn shall continue to be obligated to pay Commissions to PDN in respect of orders of LinkedIn PDN Products fulfilled by PDN during the Wind Down
Period as set forth in Section A of Exhibit C. Upon termination of this Agreement, and except to the extent necessary to fulfill the Parties’ obligations during the Wind Down Period, (a) all rights and licenses granted will
terminate immediately, and (b) upon request, each Party will promptly return to the other Party all Confidential Information of such Party in its possession, custody or control, except for Confidential Information of the other Party that
reasonably may be required for legal and auditing purposes. Neither Party will be liable for any costs, expenses, or damages as a result of termination of this Agreement. 
 6.5. Survival. The definitions and the rights, duties and obligations of the Parties that by their nature continue and survive will survive any termination of this Agreement and the Wind
Down Period, including Sections 2.5, 3.7 (as to reports for the previous calendar quarter or portion thereof), 4.1 (as to earned and unpaid fees), 5, 6, 7.4, 7.5, and 8-11. 
 7. WARRANTIES. 
 7.1. Warranties by PDN. PDN represents and warrants:
(a) PDN is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Illinois; (b) PDN has full corporate power and authority to enter into this Agreement and to consummate the
transactions contemplated hereby; and (c) PDN has duly executed and delivered this Agreement and the execution, delivery and performance by PDN of this Agreement will not conflict with or violate any provision of any agreement or instrument to
which PDN is a party or by which PDN is bound. 
 7.2. Warranties by LinkedIn. PDN represents and warrants:
(a) LinkedIn is a corporation duly organized, validly existing and presently subsisting under the laws of the State of Delaware; (b) LinkedIn has full corporate power and authority to enter into this Agreement and to consummate the
transactions contemplated hereby; and (c) LinkedIn has duly executed and delivered this Agreement and the execution, delivery and performance by LinkedIn of this Agreement will not conflict with or violate any provision of any agreement or
instrument to which LinkedIn is a party or by which LinkedIn is bound. 
 7.3. DISCLAIMER OF WARRANTIES. EXCEPT AS
EXPRESSLY SET FORTH HEREIN, THE PARTIES DISCLAIM ALL WARRANTIES. EACH PARTY’S PRODUCTS, SERVICES, PRODUCTS, INFORMATION, CONTENT AND OTHER MATERIALS PROVIDED IN CONNECTION WITH THIS AGREEMENT ARE PROVIDED ON AN “AS IS,” “AS
AVAILABLE” BASIS. NEITHER PARTY MAKES ANY WARRANTY THAT ITS SERVICE WILL BE UNINTERRUPTED, SECURE, OR ERROR FREE, OR THAT DEFECTS IN EITHER PARTY’S MATERIALS WILL BE CORRECTED. EACH PARTY SPECIFICALLY DISCLAIMS, TO THE MAXIMUM EXTENT
PERMITTED BY APPLICABLE LAW, ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, REGARDING ANY CONTENT OR MATERIALS PROVIDED UNDER THIS AGREEMENT, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT, TITLE, COMPATIBILITY, OR ANY IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING OR PERFORMANCE. 

  
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 8. THIRD PARTY INDEMNIFICATION. 

8.1. Indemnification by PDN. PDN will defend, hold harmless, and indemnify LinkedIn and its Affiliates (and their respective
employees, directors and representatives) from all claims by a third party, including all damages, liabilities, costs and expenses, including reasonable attorneys’ fees, to the extent resulting from, alleged to have resulted from or in
connection with: (a) PDN’s breach of its obligations herein; and (b) the infringement or misappropriation of any copyright, trademark, service mark, trade secret or United States patent by the PDN Network Channels or PDN Brand Marks.

 8.2. Indemnification by LinkedIn. LinkedIn will defend, hold harmless, and indemnify PDN and its Affiliates
(and their respective employees, directors and representatives) from all claims by a third party, including all damages, liabilities, costs and expenses, including reasonable attorneys’ fees, to the extent resulting from, alleged to have
resulted from or in connection with: (a) LinkedIn’s breach of its obligations herein; and (b) the infringement or misappropriation of any copyright, trademark, service mark, trade secret or United States patent by the LinkedIn Brand
Marks. 
 8.3. Indemnification Procedure. In connection with any claim or action described in this Section 9, the
indemnified Party will: (a) give the indemnifying Party prompt written notice of the claim or action; provided that any delay in notification will not relieve the indemnifying Party of its obligations hereunder except to the extent that the
delay impairs its ability to defend; (b) cooperate reasonably with the indemnifying Party, at the indemnifying Party’s expense, in connection with the defense and settlement of the claim or action; and (c) permit the indemnifying
Party to control the defense and settlement of the claim or action; provided that the indemnified Party will have the right to reasonably approve the attorneys that the indemnifying Party will retain for any claim. Further, the indemnified Party at
its sole expense may participate in the defense and settlement of the claim or action with counsel of its own choosing. 
 9. LIMITATION OF
LIABILITY. EXCEPT FOR A PARTY’S BREACH OF SECTION 6 (CONFIDENTIALITY) OR FOR A PARTY’S OBLIGATIONS PURSUANT TO SECTION 9 (THIRD PARTY INDEMNIFICATION), OR FOR A PARTY’S WILLFUL MISCONDUCT, NEITHER PARTY NOR ANY OF ITS AFFILIATES
WILL BE LIABLE (WHETHER IN CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE) TO THE OTHER PARTY OR ANY THIRD PARTY FOR DAMAGES FOR LOSS OF PROFIT, REVENUE, BUSINESS, FUTURE OPPORTUNITIES OR DATA, OR FOR ANY INDIRECT, INCIDENTAL, OR
CONSEQUENTIAL DAMAGES ARISING OUT OF OR RELATING TO THIS AGREEMENT, EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. EXCEPT FOR A PARTY’S BREACH OF SECTION 6 (CONFIDENTIALITY), OR FOR A PARTY’S OBLIGATIONS PURSUANT
TO SECTION 9 (THIRD PARTY INDEMNIFICATION), OR FOR A PARTY’S WILLFUL MISCONDUCT, THE AGGREGATE LIABILITY OF EACH PARTY AND ITS AFFILIATES ARISING OUT OF OR RELATING TO THIS AGREEMENT, WHETHER IN CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE)
OR OTHERWISE WILL NOT EXCEED AMOUNTS PAID BY LINKEDIN TO PDN IN THE TWELVE MONTHS PRECEDING THE EVENT GIVING RISE TO THE CLAIM. 
 10.
MISCELLANEOUS. 
 10.1. Publicity. Neither Party shall make any statement or press release about this Agreement, or
the relationship herein described, without the prior written consent of the other Party. 
 10.2. Entire Agreement. This
Agreement (including all documents incorporated herein by reference): (a) represents the entire agreement between the Parties with respect to the subject matter hereof and supersedes any proposals, representations, previous or contemporaneous
oral or written agreements and any other communications between the Parties regarding such subject matter; and (b) may be amended or modified only by a written instrument signed by a duly authorized agent of each Party. 

  
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 10.3. Independent Contractors. The Parties are entering this Agreement as
independent contractors, and this Agreement will not be construed to create a partnership, joint venture or employment relationship between them. Neither Party will represent itself to be an employee or agent of the other or enter into any agreement
or legally binding commitment or statement on the other’s behalf of or in the other’s name. 
 10.4. Choice of
Law; Jurisdiction. This Agreement will be construed and enforced in accordance with the laws of the State of New York without reference to its choice of laws rules. The Parties agree that non-exclusive jurisdiction over and venue of any claim,
action or proceeding arising out of or relating to this Agreement will be in the state and federal courts of New York City, New York. 
 10.5. Assignment. PDN may not assign this Agreement, in whole or in part, by operation of law or otherwise, without LinkedIn’s prior written consent. Any assignment in violation of this
section is null and void. LinkedIn may assign this Agreement upon notice to PDN, including assigning this Agreement in whole or in part to an Affiliate of LinkedIn. This Agreement shall be binding upon and inure to the benefit of the Parties and
their respective successors and permitted assigns. 
 10.6. Waiver. To be effective, any waiver by a Party of any of its
rights or the other Party’s obligations under this Agreement must be made in a writing signed by the Party to be charged with the waiver. Waiver of any breach of any term or condition of this Agreement will not be deemed a waiver of any prior
or subsequent breach. No failure or forbearance by either Party to insist upon or enforce performance by the other Party of any of the provisions of this Agreement or to exercise any rights or remedies under this Agreement or otherwise at law or in
equity will be construed as a waiver or relinquishment to any extent of such Party’s right to assert or rely upon any such provision, right or remedy in that or any other instance; rather, the same will be and remain in full force and effect.

 10.7. Severability. If any provision of this Agreement is invalid or unenforceable in any jurisdiction, the other
provisions herein will remain in full force and effect in such jurisdiction and will be liberally construed in order to effectuate the purpose and intent of this Agreement, and the invalidity or unenforceability of any provision of this Agreement in
any jurisdiction will not affect the validity or enforceability of any such provision in any other jurisdiction. 
 10.8.
Headings; Construction. The headings of Sections and subsections of this Agreement are for convenience of reference only and are not intended to affect the interpretation or construction of any provision of this Agreement. Whenever used in this
Agreement, unless otherwise specified, the terms “includes,” “including,” “e.g.,” “for example” and other similar terms are deemed to include the term “without limitation” immediately thereafter. In
resolving any dispute or construing any provision hereunder, there will be no presumptions made or inferences drawn: (a) because one of the Parties (or its representatives) drafted the Agreement; or (b) because of the drafting history of
the Agreement; and each Party hereby waives application of, or any rights under, any law that would require the interpretation of any ambiguities in this Agreement against the Party that drafted it or otherwise based on its drafting history.

 10.9. Notices. Except for notices for which an alternative procedure is identified in this Agreement, any notice or
other communication under this Agreement given by either Party to the other Party will be in writing and, to be effective, must be delivered by personal delivery or certified mail or commercial overnight courier to the recipient’s address set
forth below. Either Party may change such address(es) by giving the other Party notice of such change in accordance with this Section 10.9. 

  
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 CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT HAS BEEN OMITTED AND FILED SEPARATELY WITH
THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WITH RESPECT TO THE OMITTED PORTIONS. OMITTED PORTIONS ARE INDICATED BY [***]. 
  

 If to PDN: 

Professional Diversity Network 
 150 North Wacker Drive, Suite 2360 
 Chicago, IL 60606 

Attn: James R. Kirsch, CEO 
 With a copy to: 
 Patzik, Frank & Samotny Ltd. 

150 S. Wacker Drive, Suite 1500 
 Chicago, IL 60606 
 Attn: Chadwick I. Buttell, Esq. 

If to LinkedIn: 
 LinkedIn Corporation 
 2029 Stierlin Court 

Mountain View, CA 94043 
 Attn: General Counsel 
 10.10. Counterparts; Transmitted Copies. This
Agreement may be executed in multiple counterparts, including by electronic signature, pdf or facsimile, each of which will be deemed an original, but all of which taken together will constitute one instrument. 

10.11. Force Majeure. In the event of fire, flood, lockout, transportation delay, war, acts of God, acts of terrorism,
governmental rule or order, strikes or other labor difficulties, or other causes beyond its reasonable control (a “Force Majeure Event”), which prevents or delays a party’s performance hereunder, the affected party shall be excused
from the performance thereby prevented or delayed. However, in such event, both parties shall resume performance promptly after the Force Majeure Event has ceased. 

  
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THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WITH RESPECT TO THE OMITTED PORTIONS. OMITTED PORTIONS ARE INDICATED BY [***]. 
  

 IN WITNESS WHEREOF, PDN and LinkedIn hereby agree to all the terms and conditions
of this Diversity Recruitment Partnership Agreement, and execute this Agreement by their respective authorized signatories as of the Effective Date. 
  

													
	Professional Diversity Network, LLC	 	LinkedIn Corporation
					
	Signed:	 	 	 		 	Signed:	 	 
					
	Print Name:	 	 	 		 	Print Name:	 	 
					
	Title:	 	 	 		 	Title:	 	 
					
	Date:	 	 	 		 	Date:	 	 

  
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THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WITH RESPECT TO THE OMITTED PORTIONS. OMITTED PORTIONS ARE INDICATED BY [***]. 
  

 EXHIBIT A 
 LINKEDIN PDN PRODUCTS 
 “LinkedIn PDN Products” means, collectively, the
following advertising or job listing products that will appear on PDN Network Channels that LinkedIn may resell pursuant to this Agreement. This Exhibit may be expanded by mutual written consent, to be recorded in an amendment to this Agreement.

  

	 	(1)	“PDN Advertisements” means display advertising that LinkedIn sells to its Customers for display on the PDN Network Channels or PDN Partners’
websites pursuant to this Agreement. PDN Advertisements must be recruitment related, not general consumer advertising. 

  

	 	(2)	“PDN JYMBII Ad Units” means JYMBII Ad Units that LinkedIn sells to its Customers for display on the PDN Websites pursuant to this Agreement.

  

	 	(3)	“PDN Job Posts” means job posts that LinkedIn sells to its Customers for display on the PDN Websites pursuant to this Agreement.

  
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THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WITH RESPECT TO THE OMITTED PORTIONS. OMITTED PORTIONS ARE INDICATED BY [***]. 
  

 EXHIBIT B-1 

PDN NETWORK CHANNELS 

“PDN Network Channels” means the websites owned or operated by PDN, or with which PDN has a license or similar agreement. As of the
Effective Date, the PDN Network Channels are listed in this Exhibit. PDN, in its sole and absolute discretion, may expand its PDN Network Channels and amend this Exhibit by written notice to LinkedIn. 

www.ProfessionalDiversityNetwork.com 

www.iHispano.com 
 www.AMightyRiver.com

 www.WomensCareerChannel.com 

www.ProAble.net 
 www.Military2Career.com

 www.Education2Career.com 

www.ACareers.net 
 www.OutProNet.com 

  
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THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WITH RESPECT TO THE OMITTED PORTIONS. OMITTED PORTIONS ARE INDICATED BY [***]. 
  

 EXHIBIT B-2 

PDN PARTNERS 

“PDN Partners” means a not-for-profit website or professional association that has an arrangement with PDN. As of the Effective Date,
the PDN Partners are listed in this Exhibit. PDN, in its sole and absolute discretion, may expand or reduce its PDN Partners and amend this Exhibit by written notice to LinkedIn. 
 ALPFA (Association Latino Professionals Finance & Accounting) 
 NAHJ (National Association
Hispanic Journalist) 
 HACE (Hispanic Association Career Enhancement) 
 NHCLC (National Hispanic Christian Leadership Conference) 
 LISTA (Latino Information
Science & Technology Association) 
 NCLR (National Council La Raza) 
 LATISM (Latinos in Social Media) 
 Rainbow Push - (The Wall Street Project) 

NAAMBA - (National Association of Asian MBA’s) 
 BDPA (Black Data Processors Association) 
 NSBE (National Society of Black Engineers) 

  
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THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WITH RESPECT TO THE OMITTED PORTIONS. OMITTED PORTIONS ARE INDICATED BY [***]. 
  

 EXHIBIT C 
 FEES 
 [****] 

  
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THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WITH RESPECT TO THE OMITTED PORTIONS. OMITTED PORTIONS ARE INDICATED BY [***]. 
  

 EXHIBIT D 
 INTEGRATION REQUIREMENTS 
  

	 	•	 	 General Product Integration specifications 

 

	 	•	 	 PDN will display LinkedIn content according to LinkedIn’s guidelines 

 

	 	•	 	 PDN will provide product and technical support for product integrations including integration of job posts from LinkedIn and the display of JYMBII ads
(including managing ad inventory and LinkedIn member targeting, where possible) 

  

	 	•	 	 PDN will adhere to all branding guidelines set forth by LinkedIn for LinkedIn products displayed on PDN sites 

 

	 	•	 	 Job Post Integration 

  

	 	•	 	 Employers will tag their jobs posted on LinkedIn as “Diversity Jobs” 

 

	 	•	 	 LinkedIn will create a feed of the job posts that PDN can directly scrape from or PDN will scrape tagged Diversity Jobs directly from the LinkedIn
website 

  

	 	•	 	 For Diversity jobs that are not posted on LinkedIn but sold through LinkedIn, PDN will scrape those jobs directly from the employer website or use an
XML feed, if provided by the customer 

  

	 	•	 	 Diversity Job posts should be updated daily, Monday – Friday 

 

	 	•	 	 JYMBII Ads 

  

	 	•	 	 PDN will display all JYMBII ads above the fold on the PDN Diversity websites 

 

	 	•	 	 If a customer purchases a JYMBII ad campaign from LinkedIn for display on PDN sites, the JYMBII ad widget or feed will be used for the display on PDN
sites 

  

	 	•	 	 If a customer purchases a JYMBII ad campaign, the widget will display all jobs that the viewer is a match for at the applicable customer which may
include jobs not posted on PDN 

  
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THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WITH RESPECT TO THE OMITTED PORTIONS. OMITTED PORTIONS ARE INDICATED BY [***]. 
  

 EXHIBIT E 
 SERVICE LEVEL AGREEMENT 
  

	 	•	 	 PDN will use commercially reasonable efforts to maintain a website uptime of at least 99.5% (excluding scheduled downtime) for all of the PDN Network
Channels 

  

	 	•	 	 If a PDN job post or a PDN JYMBII ad unit is displayed incorrectly or not according to Exhibit D, PDN will correct the errors or provide a
work-around in accordance with the LinkedIn specifications (including specifications received from LinkedIn customers when the error pertains to their materials) within 1 business day 

 

	 	•	 	 PDN will refresh job posts on a daily basis from Monday-Friday 

 

	 	•	 	 Scheduled downtime for maintenance of the PDN Network Channels shall not exceed 1 (one) hour per every 1 (one) month and will occur during non-peak
hours. PDN shall provide LinkedIn with at least 7 (seven) days notice of scheduled maintenance via email. 

  

	 	•	 	 PDN agrees that within 30 (thirty) days following the Effective Date that they will designate a technical response team to respond to issues raised by
the LinkedIn team, as well as designating initial and interval response times.

  
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THE SECURITIES AND EXCHANGE COMMISSION (THE “SEC”) PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT WITH RESPECT TO THE OMITTED PORTIONS. OMITTED PORTIONS ARE INDICATED BY [***]. 
  

 EXHIBIT F 
 RESTRICTED ACCOUNTS 
 [***] 

  
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