Document:

Exhibit 10.2

 Exhibit 10.2 
  

  
 GUARANTEE AND COLLATERAL AGREEMENT 
  
 made by 

 
 RADIO ONE, INC. 
  
 and its Restricted Subsidiaries 
  
 in favor of 
  
 WACHOVIA BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent 
  
 Dated
as of June [    ], 2005, 
  

  
 TABLE OF CONTENTS

  

					
	 SECTION 1
	  	 DEFINED TERMS
	  	2
			
	 1.1.
	  	 Definitions
	  	2
	 1.2.
	  	 Other Definitional Provisions
	  	7
			
	 SECTION 2
	  	 GUARANTEE
	  	8
			
	 2.1.
	  	 Guarantee
	  	8
	 2.2.
	  	 Rights of Reimbursement, Contribution and Subrogation
	  	9
	 2.3.
	  	 Amendments, etc. with respect to the Borrower Obligations
	  	10
	 2.4.
	  	 Guarantee Absolute and Unconditional
	  	11
	 2.5.
	  	 Reinstatement
	  	11
	 2.6.
	  	 Payments
	  	12
			
	 SECTION 3
	  	 GRANT OF SECURITY INTEREST; CONTINUING LIABILITY UNDER COLLATERAL
	  	12
			
	 SECTION 4
	  	 REPRESENTATIONS AND WARRANTIES
	  	14
			
	 4.1.
	  	 Representations in Credit Agreement
	  	14
	 4.2.
	  	 Title; No Other Liens
	  	14
	 4.3.
	  	 Perfected First Priority Liens
	  	14
	 4.4.
	  	 Jurisdiction of Organization; Chief Executive Office
	  	15
	 4.5.
	  	 Inventory and Equipment
	  	15
	 4.6.
	  	 Farm Products
	  	15
	 4.7.
	  	 Investment Property
	  	15
	 4.8.
	  	 Receivables
	  	16
	 4.9.
	  	 Intellectual Property
	  	17
	 4.10.
	  	 Letter–of–Credit Rights
	  	18
	 4.11.
	  	 Commercial Tort Claims
	  	19
			
	 SECTION 5
	  	 COVENANTS
	  	19
			
	 5.1.
	  	 Covenants in Credit Agreement
	  	19
	 5.2.
	  	 Delivery and Control of Instruments, Chattel Paper, Negotiable Documents and Investment Property
	  	19
	 5.3.
	  	 Maintenance of Insurance
	  	20
	 5.4.
	  	 Payment of Obligations
	  	21
	 5.5.
	  	 Maintenance of Perfected Security Interest; Further Documentation
	  	21
	 5.6.
	  	 Changes in Locations, Name, Jurisdiction of Incorporation, Etc.
	  	21
	 5.7.
	  	 Notices
	  	22
	 5.8.
	  	 Investment Property
	  	22
	 5.9.
	  	 Receivables
	  	23
	 5.10.
	  	 Intellectual Property
	  	24
	 5.11.
	  	 Commercial Tort Claims
	  	26

  

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	 SECTION 6
	  	 REMEDIAL PROVISIONS
	  	27
			
	 6.1.
	  	 Certain Matters Relating to Receivables
	  	27
	 6.2.
	  	 Communications with Obligors; Grantors Remain Liable
	  	27
	 6.3.
	  	 Pledged Securities
	  	28
	 6.4.
	  	 Proceeds to be Turned Over To Administrative Agent
	  	29
	 6.5.
	  	 Application of Proceeds
	  	30
	 6.6.
	  	 Code and Other Remedies
	  	30
	 6.7.
	  	 Registration Rights
	  	32
	 6.8.
	  	 Waiver; Deficiency
	  	33
			
	 SECTION 7
	  	 THE ADMINISTRATIVE AGENT
	  	33
			
	 7.1.
	  	 Administrative Agent’s Appointment as Attorney-in-Fact, Etc.
	  	33
	 7.2.
	  	 Duty of Administrative Agent
	  	35
	 7.3.
	  	 Execution of Financing Statements
	  	35
	 7.4.
	  	 Authority of Administrative Agent
	  	36
	 7.5.
	  	 Appointment of Co-Collateral Agents
	  	36
			
	 SECTION 8
	  	 MISCELLANEOUS
	  	36
			
	 8.1.
	  	 Amendments in Writing
	  	36
	 8.2.
	  	 Notices
	  	36
	 8.3.
	  	 No Waiver by Course of Conduct; Cumulative Remedies
	  	37
	 8.4.
	  	 Enforcement Expenses; Indemnification
	  	37
	 8.5.
	  	 Successors and Assigns
	  	37
	 8.6.
	  	 Set-Off
	  	37
	 8.7.
	  	 Counterparts
	  	38
	 8.8.
	  	 Severability
	  	38
	 8.9.
	  	 Section Headings
	  	38
	 8.10.
	  	 Integration
	  	38
	 8.11.
	  	 GOVERNING LAW
	  	38
	 8.12.
	  	 Submission to Jurisdiction; Waivers
	  	38
	 8.13.
	  	 Acknowledgments
	  	39
	 8.14.
	  	 Additional Grantors
	  	39
	 8.15.
	  	 Releases
	  	39
	 8.16.
	  	 WAIVER OF JURY TRIAL
	  	40

  

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	 SCHEDULES:

		
	 Schedule 1
	  	Notice Addresses of Guarantors
	 Schedule 2
	  	Description of Pledged Investment Property
	 Schedule 3
	  	Filings and Other Actions Required to Perfect Security Interests
	 Schedule 4
	  	Exact Legal Name, Jurisdiction of Organization and Location of Chief Executive Office
	 Schedule 5
	  	Copyrights, Patents, Trademarks, Intellectual Property Licenses, Other Intellectual Property
	 Schedule 6
	  	Letters of Credit
	 Schedule 7
	  	Commercial Tort Claims

  

			
	 EXHIBITS:

		
	 Exhibit A
	  	Form of Confirmation of Pledge by Issuer
	 Exhibit B-1
	  	Form of Intellectual Property Security Agreement
	 Exhibit B-2
	  	Form of After-Acquired Intellectual Property Security Agreement
	 Exhibit C
	  	Form of Control Agreement (Uncertificated Securities)

  

			
	 ANNEX:

		
	 Annex 1
	  	Assumption Agreement

  

 iii 

  
 GUARANTEE AND COLLATERAL
AGREEMENT 
  
 GUARANTEE AND COLLATERAL AGREEMENT, dated as of
June [    ], 2005, made by each of the signatories hereto in favor of WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent (in such capacity, the “Administrative Agent”) for (i) the
banks and other financial institutions or entities (the “Lenders”) from time to time parties to the Credit Agreement, dated as of June [    ], 2005 (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among RADIO ONE, INC., a Delaware corporation (the “Borrower”), the Lenders, BANK OF AMERICA, N.A., as syndication agent (in such
capacity, the “Syndication Agent”), CREDIT SUISSE, MERRILL LYNCH, PIERCE FENNER & SMITH INCORPORATED, and SUNTRUST BANK, as co-documentation agents (in such capacity, the “Co-Documentation Agents”), and the
Administrative Agent, and (ii) the other Secured Parties (as hereinafter defined). 
  
 RECITALS: 
  
 A. Pursuant
to the Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms and subject to the conditions set forth therein. 
  
 B. The Borrower is a member of an affiliated group of companies that includes each other Grantor (hereinafter defined).

  
 C. The proceeds of the extensions of credit under the Credit
Agreement will be used in part to enable the Borrower to make valuable transfers to one or more of the other Grantors in connection with the operation of their respective businesses. 
  
 D. The Borrower and the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct
and indirect benefit from the making of the extensions of credit under the Credit Agreement. 
  
 E. It is a condition precedent to the Effective Date that the Grantors shall have executed and delivered this Agreement to the Administrative Agent for the ratable benefit of the Secured Parties. 
  

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 NOW, THEREFORE, in consideration of the above premises and to induce the Administrative Agent and the
Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions of credit to the Borrower thereunder, each Grantor hereby agrees with the Administrative Agent, for the ratable benefit of the Secured Parties,
as follows: 
  
 SECTION 1 
  
 DEFINED TERMS 
  
 1.1. Definitions. 
  
 (a) Unless otherwise defined herein, terms defined in the
Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement, and the following terms which are defined in the UCC (as hereinafter defined) on the date hereof are used herein as so defined: Accounts, Account Debtor,
Authenticate, Certificated Security, Chattel Paper, Commercial Tort Claims, Commodity Account, Commodity Contract, Commodity Intermediary, Documents, Electronic Chattel Paper, Entitlement Order, Equipment, Farm Products, Filing Office, Financial
Asset, Financing Statement, Fixtures, Goods, Instruments, Inventory, Letter of Credit Rights, Money, Negotiable Documents, Payment Intangibles, Securities Account, Securities Intermediary, Security, Security Entitlement, Supporting Obligations,
Tangible Chattel Paper and Uncertificated Security. 
  
 (b) The following terms shall have the following meanings: 
  
 “After-Acquired Intellectual Property”: as defined in Section 5.10(k). 
  
 “Agreement”: this Guarantee and Collateral Agreement, as the same may be amended, supplemented, restated, replaced or otherwise modified
from time to time. 
  
 “Borrower Obligations”:
all Obligations (as defined in the Credit Agreement) of the Borrower. 
  
 “Collateral”: as defined in Section 3(a). 
  
 “Collateral Account”: any collateral account established by the Administrative Agent as provided in Section 6.1 or 6.4. 
  
 “Copyright Licenses”: any written agreement naming any Grantor as licensor or licensee (including, without
limitation, those listed in Schedule 5), granting any right under any Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright. 
  
 “Copyrights”: (i) all domestic and foreign copyrights,
whether or not the underlying works of authorship have been published, including but not limited to copyrights in software and databases, all Mask Works (as defined in 17 U.S.C. 901 of the U.S. Copyright Act) and all works of authorship and other
intellectual property rights therein, all copyrights of works based on, incorporated in, derived from or relating to works covered by such copyrights, all right, title and interest to make and exploit all derivative works based on or adopted from
works covered by such copyrights, and all copyright registrations and copyright applications, and any renewals or extensions thereof, including, without limitation, each registration and application identified in Schedule 5, (ii) the rights
to print, publish and distribute any of the foregoing, (iii) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iv) all income, royalties, damages and other payments now and

  

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hereafter due and/or payable with respect thereto (including, without limitation, payments under all Copyright Licenses entered into in connection therewith,
payments arising out of any other sale, lease, license or other disposition thereof and damages and payments for past, present or future infringements thereof), and (v) all other rights of any kind whatsoever accruing thereunder or pertaining
thereto. 
  
 “Deposit Account”: (i) all
“deposit accounts” as defined in Article 9 of the UCC and (ii) all other accounts maintained with any financial institution (other than Securities Accounts or Commodity Accounts), together, in each case, with all funds held therein and all
certificates or instruments representing any of the foregoing. 
  
 “General Intangibles”: all “general intangibles” as such term is defined in Section 9-102(a)(42) of the UCC and, in any event, including, without limitation, with respect to any Grantor, all rights of such Grantor
to receive any tax refunds, all Swap Agreements and all contracts, agreements, instruments and indentures and all Licenses and concessions issued by Governmental Authorities (including without limitation, the FCC) in any form, and portions thereof,
to which such Grantor is a party or under which such Grantor has any right, title or interest or to which such Grantor or any property of such Grantor is subject, as the same may from time to time be amended, supplemented, restated, replaced or
otherwise modified, including, without limitation, (i) all rights of such Grantor to receive moneys due and to become due to it thereunder or in connection therewith, (ii) all rights of such Grantor to receive proceeds of any insurance, indemnity,
warranty or guaranty with respect thereto, (iii) all rights of such Grantor to damages arising thereunder, and (iv) all rights of such Grantor to terminate and to perform, compel performance and to exercise all remedies thereunder (provided,
however, that “General Intangibles” shall include the Licenses issued by the FCC only at such times and to the extent, but only to the extent, that such Grantor is permitted to grant a security interest therein under applicable provisions
of the Communications Act, but nevertheless shall include at all times, to the maximum extent permitted by applicable Law, all rights and remedies incident or appurtenant to such Licenses and all rights to receive all proceeds derived from or in
connection with the Disposition of such Licenses or any Station). 
  
 “Grantor”: the collective reference to the Borrower and each Restricted Subsidiary, together with any other entity that may become a party hereto as a “Grantor” as provided herein. 
  
 “Guarantor Obligations”: with respect to any Guarantor, all
obligations and liabilities of such Guarantor which may arise under or in connection with this Agreement (including, without limitation, Section 2) or any other Loan Document to which such Guarantor is a party, in each case whether on account
of guarantee obligations, reimbursement obligations, fees, indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to any Secured Party that are required to be paid by such Guarantor pursuant
to the terms of this Agreement or any other Loan Document). 
  
 “Guarantors”: the collective reference to each Restricted Subsidiary, together with any other entity that may become a party hereto as a “Guarantor” as provided herein. 
  
 “Intellectual Property”: the collective reference to all
rights, priorities and privileges relating to intellectual property of any Grantor, whether arising under United States, 

  

 3 

 
multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the
Trademarks, the Trademark Licenses, the Trade Secrets and the Trade Secret Licenses, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom.

  
 “Intellectual Property Collateral”: all
Intellectual Property of the Loan Parties, now owned or hereafter acquired, upon which a Lien is purported to be created by the Intellectual Property Security Agreement or this Agreement. 
  
 “Intellectual Property Security Agreement”: all Intellectual Property Security Agreements to be executed
and delivered by the Grantors, each substantially in the form of Exhibit B-1 or B-2 to this Agreement, as the same may be amended, supplemented, restated, replaced or otherwise modified from time to time in accordance with this
Agreement. 
  
 “Insurance”: all insurance
policies covering any or all of the Collateral (regardless of whether the Administrative Agent is the loss payee thereof). 
  
 “Intercompany Note”: any promissory note evidencing loans made by any of the Borrower and its Subsidiaries to any Grantor. 
  
 “Investment Property”: the collective reference to (i) all
“investment property” as such term is defined in Section 9-102(a)(49) of the Uniform Commercial Code in effect in the State of New York on the date hereof including, without limitation, all Certificated Securities and Uncertificated
Securities, all Security Entitlements, all Securities Accounts, all Commodity Contracts and all Commodity Accounts, (ii) security entitlements, in the case of any United States Treasury book-entry securities, as defined in 31 C.F.R. section 357.2,
or, in the case of any United States federal agency book-entry securities, as defined in the corresponding United States federal regulations governing such book-entry securities, and (iii) whether or not constituting “investment property”
as so defined, all Pledged Notes, all Pledged Equity Interests, all Pledged Security Entitlements and all Pledged Commodity Contracts; provided, however, that Investment Property shall not include any Excluded Ownership Interests.

  
 “Issuers”: the collective reference to each
issuer of a Pledged Security. 
  
 “Obligations”:
(i) in the case of the Borrower, the Borrower Obligations, and (ii) in the case of each Guarantor, its Guarantor Obligations. 
  
 “Patent License”: all written agreements providing for the grant by or to any Grantor of any right to manufacture, use or sell any
invention covered in whole or in part by a Patent, including, without limitation, any of the foregoing referred to in Schedule 5. 
  
 “Patents”: (i) all domestic and foreign patents, patent applications and patentable inventions, including, without limitation, each
issued patent and patent application identified in Schedule 5, all certificates of invention or similar property rights, (ii) all inventions and improvements described and claimed therein, (iii) the right to sue or otherwise recover for any
and all past, present and future infringements and misappropriations thereof, (iv) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto 

  

 4 

 
(including, without limitation, payments under all Patent Licenses entered into in connection therewith, payments arising out of any other sale, lease,
license or other disposition thereof and damages and payments for past, present or future infringement thereof), and (v) all reissues, divisions, continuations, continuations-in-part, substitutes, renewals, and extensions thereof, all improvements
thereon and all other rights of any kind whatsoever accruing thereunder or pertaining thereto. 
  
 “Permitted Liens”: the collective reference to Liens permitted by Section 6.03 of the Credit Agreement. 
  
 “Pledged Alternative Equity Interests”: all interests of any Grantor in participation or other interests in any equity or profits of any
business entity and the certificates, if any, representing such interests and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all of such interests and any other warrant, right or option to acquire any of the foregoing (excluding minority Equity Interests in Persons that are not Subsidiaries of any Grantor, but only to
the extent such Person is contractually prohibited from creating a Lien in such minority Equity Interests on the Effective Date); provided, however, that Pledged Alternative Equity Interests shall not include any Pledged Stock, Pledged Partnership
Interests, Pledged LLC Interests and Excluded Ownership Interests. 
  
 “Pledged Commodity Contracts”: all commodity contracts listed on Schedule 2 (as such Schedule may be amended from time to time) and all other commodity contracts to which any Grantor is party from time to time.

  
 “Pledged Debt Securities”: all debt
securities now owned or hereafter acquired by any Grantor, including, without limitation, the debt securities listed on Schedule 2, (as such Schedule may be amended from time to time) together with any other certificates, options, rights or
security entitlements of any nature whatsoever in respect of the debt securities of any Person that may be issued or granted to, or held by, any Grantor while this Agreement is in effect. 
  
 “Pledged Equity Interests”: all Pledged Stock, Pledged LLC Interests, Pledged Partnership Interests and
Pledged Alternative Equity Interests. 
  
 “Pledged LLC
Interests”: all interests of any Grantor now owned or hereafter acquired in any limited liability company including, without limitation, all limited liability company interests listed on Schedule 2 hereto under the heading
“Pledged LLC Interests” (as such schedule may be amended from time to time) and the certificates, if any, representing such limited liability company interests and any interest of such Grantor on the books and records of such limited
liability company and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all
of such limited liability company interests and any other warrant, right or option to acquire any of the foregoing; provided, however, that Pledged LLC Interests shall not include any Excluded Ownership Interests. 
  

 5 

 “Pledged Notes”: all promissory notes now owned or hereafter acquired by any Grantor
(other than promissory notes issued in connection with extensions of trade credit by any Grantor in the ordinary course of business) including, without limitation, those listed on Schedule 2 (as such Schedule may be amended from time to time)
and all Intercompany Notes at any time issued to any Grantor. 
  
 “Pledged Partnership Interests”: all interests of any Grantor now owned or hereafter acquired in any general partnership, limited partnership, limited liability partnership or other partnership including, without
limitation, all partnership interests listed on Schedule 2 hereto under the heading “Pledged Partnership Interests” (as such schedule may be amended from time to time) and the certificates, if any, representing such partnership
interests and any interest of such Grantor on the books and records of such partnership and all dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable
or otherwise distributed in respect of or in exchange for any or all of such partnership interests and any other warrant, right or option to acquire any of the foregoing; provided, however, that Pledged Partnership Interests shall not include
Excluded Ownership Interests. 
  
 “Pledged
Securities”: the collective reference to the Pledged Debt Securities, the Pledged Notes and the Pledged Equity Interests. 
  
 “Pledged Security Entitlements”: all security entitlements with respect to the financial assets listed on Schedule 2 (as such
Schedule may be amended from time to time) and all other security entitlements of any Grantor. 
  
 “Pledged Stock”: all shares of capital stock now owned or hereafter acquired by any Grantor including, without limitation, all shares of capital stock described on Schedule 2 hereto under the
heading “Pledged Stock” (as such schedule may be amended from time to time), and the certificates, if any, representing such shares and any interest of such Grantor in the entries on the books of the issuer of such shares and all
dividends, distributions, cash, warrants, rights, options, instruments, securities and other property or proceeds from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares and any
other warrant, right or option to acquire any of the foregoing; provided, however, that Pledged Stock shall not any Excluded Ownership Interests. 
  
 “Proceeds”: all “proceeds” as such term is defined in Section 9-102(a)(64) of the UCC on the date hereof and, in any event,
shall include, without limitation, all dividends or other income from the Pledged Securities, collections thereon or distributions or payments with respect thereto. 
  
 “Receivable”: all Accounts and any other right to payment for goods or other property sold, leased,
licensed or otherwise disposed of or for services rendered, whether or not such right is evidenced by an Instrument or Chattel Paper or classified as a Payment Intangible and whether or not it has been earned by performance. References herein to
Receivables shall include any Supporting Obligation or collateral securing such Receivable. 
  
 “Secured Parties”: collectively, the Administrative Agent, the Syndication Agent, the Co-Documentation Agents, the Lenders and, with respect to any Swap Agreements entered into 

  

 6 

 
by any Loan Party with any Lender (or any Affiliate of any Lender) that has agreed to be bound by Section 7.2 hereof or Article VIII of the Credit
Agreement as if it were a Lender party thereto; provided that any counterparty to a Swap Agreement that is not a Lender shall have no rights in connection with the management or release of any Collateral or the obligations of any Guarantor,
Grantor under the Loan Documents. 
  
 “Securities
Act”: the Securities Act of 1933, as amended. 
  
 “Trademark License”: any written agreement providing for the grant by or to any Grantor of any right to use any Trademark, including, without limitation, any of the foregoing referred to in Schedule 5. 
  
 “Trademarks”: (i) all domestic and foreign trademarks,
service marks, trade names, corporate names, company names, business names, trade dress, trade styles, logos, or other indicia of origin or source identification, Internet domain names, trademark and service mark registrations, and applications for
trademark or service mark registrations and any renewals thereof, including, without limitation, each registration and application identified in Schedule 5, (ii) the right to sue or otherwise recover for any and all past, present and future
infringements and misappropriations thereof, (iii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all Trademark Licenses entered into in
connection therewith, and damages and payments for past, present or future infringements thereof), and (iv) all other rights of any kind whatsoever accruing thereunder or pertaining thereto, together in each case with the goodwill of the business
connected with the use of, and symbolized by, each of the above. 
  
 “Trade Secret License”: any written agreement providing for the grant by or to any Grantor of any right to use any Trade Secret. 
  
 “Trade Secrets”: (i) all trade secrets and all confidential and proprietary information, including know-how, manufacturing and production
processes and techniques, inventions, research and development information, technical data, financial, marketing and business data, pricing and cost information, business and marketing plans, and customer and supplier lists and information, (ii) the
right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including,
without limitation, payments arising out of the sale, lease, license, assignment or other disposition thereof, and damages and payments for past, present or future infringements thereof), and (iv) all other rights of any kind whatsoever of any
Grantor accruing thereunder or pertaining thereto. 
  
 “UCC”: the Uniform Commercial Code as from time to time in effect in the State of New York. 
  
 “UETA”: as defined in Section 4.3. 
  
 1.2. Other Definitional Provisions. 
  
 (a) The words “hereof”, “herein”, “hereto” and “hereunder” and words of similar import when used
in this Agreement shall refer to this Agreement as a whole and not to 

  

 7 

 
any particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise specified. 
  
 (b) The meanings given to terms defined herein shall be
equally applicable to both the singular and plural forms of such terms. 
  
 (c) Where the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof. 
  
 (d) The expressions “payment in full,” “paid
in full” and any other similar terms or phrases when used herein with respect to the Borrower Obligations or the Guarantor Obligations shall mean the unconditional, final and irrevocable payment in full, in immediately available funds, of all
of the Borrower Obligations or the Guarantor Obligations, as the case may be. 
  
 SECTION 2 
  
 GUARANTEE

  
 2.1. Guarantee. 
  
 (a) Each of the Guarantors hereby, jointly and severally,
unconditionally and irrevocably, guarantees to the Administrative Agent, for the ratable benefit of the Secured Parties and their respective successors, indorsees, transferees and assigns, the prompt and complete payment and performance by the
Borrower when due (whether at the stated maturity, by acceleration or otherwise) of the Borrower Obligations. 
  
 (b) If and to the extent required in order for the Obligations of any Guarantor to be enforceable under applicable federal, state and
other laws relating to the insolvency of debtors, the maximum liability of such Guarantor hereunder shall be limited to the greatest amount which can lawfully be guaranteed by such Guarantor under such laws, after giving effect to any rights of
contribution, reimbursement and subrogation arising under Section 2.2. 
  
 (c) Each Guarantor agrees that Borrower Obligations may at any time and from time to time be incurred or permitted in an amount exceeding the maximum liability of such Guarantor under Section 2.1(b) without
impairing the guarantee contained in this Section 2 or affecting the rights and remedies of any Secured Party hereunder. 
  
 (d) The guarantee contained in this Section 2 shall remain in full force and effect until payment in full of the Obligations,
notwithstanding that from time to time during the term of the Credit Agreement the Borrower may be free from any Borrower Obligations. 
  
 (e) No payment made by the Borrower, any of the Guarantors, any other guarantor or any other Person or received or collected by any
Secured Party from the Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of
the Borrower Obligations shall be deemed to modify, reduce, 

  

 8 

 
release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such
Guarantor in respect of the Borrower Obligations or any payment received or collected from such Guarantor in respect of the Borrower Obligations), remain liable for the Borrower Obligations up to the maximum liability of such Guarantor hereunder
until the Borrower Obligations (other than Obligations in respect of any Swap Agreement) are paid in full, no Letter of Credit shall be outstanding and the Commitments are terminated or have expired. 
  
 2.2. Rights of Reimbursement, Contribution and Subrogation. In case
any payment is made on account of the Obligations by any Grantor or is received or collected on account of the Obligations from any Grantor or its property: 
  
 (a) If such payment is made by the Borrower or from its property, then, if and to the extent such payment is made on account of
Obligations arising from or relating to a Loan made to the Borrower or a Letter of Credit issued for account of the Borrower, the Borrower shall not be entitled (i) to demand or enforce reimbursement or contribution in respect of such payment from
any other Grantor or (ii) to be subrogated to any claim, interest, right or remedy of any Secured Party against any other Person, including any other Grantor or its property; and 
  
 (b) If such payment is made by a Guarantor or from its property, such Guarantor shall be entitled, subject
to and upon payment in full of the Obligations, (i) to demand and enforce reimbursement for the full amount of such payment from the Borrower and (ii) to demand and enforce contribution in respect of such payment from each other Guarantor which has
not paid its fair share of such payment, as necessary to ensure that (after giving effect to any enforcement of reimbursement rights provided hereby) each Guarantor pays its fair share of the unreimbursed portion of such payment. For this purpose,
the fair share of each Guarantor as to any unreimbursed payment shall be determined based on an equitable apportionment of such unreimbursed payment among all Guarantors based on the relative value of their assets and any other equitable
considerations deemed appropriate by a court of competent jurisdiction. 
  
 (c) If and whenever (after payment in full of the Obligations and termination of the Commitments and the Letters of Credit) any right of reimbursement or contribution becomes enforceable by any Grantor against any
other Grantor under Sections 2.2(a) and 2.2(b), such Grantor shall be entitled, subject to and upon payment in full of the Obligations, to be subrogated (equally and ratably with all other Grantors entitled to reimbursement or
contribution from any other Grantor as set forth in this Section 2.2) to any security interest that may then be held by the Administrative Agent upon any Collateral granted to it in this Agreement. Such right of subrogation shall be
enforceable solely against the Grantors, and not against the Secured Parties, and neither the Administrative Agent nor any other Secured Party shall have any duty whatsoever to warrant, ensure or protect any such right of subrogation or to obtain,
perfect, maintain, hold, enforce or retain any Collateral for any purpose related to any such right of subrogation. If subrogation is demanded by any Grantor, then (after payment in full of the Obligations) the Administrative Agent shall deliver to
the Grantors making such demand, or to a representative of such Grantors or of the Grantors generally, an instrument reasonably satisfactory to the Administrative Agent transferring, on a quitclaim basis without any recourse, representation,
warranty or obligation whatsoever, whatever security interest the Administrative 

  

 9 

 
Agent then may hold in whatever Collateral may then exist that was not previously released or disposed of by the Administrative Agent. 
  
 (d) All rights and claims arising under this Section
2.2 or based upon or relating to any other right of reimbursement, indemnification, contribution or subrogation that may at any time arise or exist in favor of any Grantor as to any payment on account of the Obligations made by it or received or
collected from its property shall be fully subordinated in all respects to the prior payment in full of all of the Obligations. Until payment in full of the Obligations, no Grantor shall demand or receive any collateral security, payment or
distribution whatsoever (whether in cash, property or securities or otherwise) on account of any such right or claim. If any such payment or distribution is made or becomes available to any Grantor in any bankruptcy case or receivership, insolvency
or liquidation proceeding, such payment or distribution shall be delivered by the person making such payment or distribution directly to the Administrative Agent, for application to the payment of the Obligations. If any such payment or distribution
is received by any Grantor, it shall be held by such Grantor in trust, as trustee of an express trust for the benefit of the Secured Parties, and shall forthwith be transferred and delivered by such Grantor to the Administrative Agent, in the exact
form received and, if necessary, duly endorsed. 
  
 (e) The obligations of the Grantors under the Loan Documents, including their liability for the Obligations and the enforceability of the security interests granted thereby, are not contingent upon the validity, legality, enforceability,
collectibility or sufficiency of any right of reimbursement, contribution or subrogation arising under this Section 2.2. The invalidity, insufficiency, unenforceability or uncollectibility of any such right shall not in any respect diminish,
affect or impair any such obligation or any other claim, interest, right or remedy at any time held by any Secured Party against any Grantor or its property. The Secured Parties make no representations or warranties in respect of any such right and
shall have no duty to assure, protect, enforce or ensure any such right or otherwise relating to any such right. 
  
 (f) Each Grantor reserves any and all other rights of reimbursement, contribution or subrogation at any time available to it as against
any other Grantor, but (i) the exercise and enforcement of such rights shall be subject to Section 2.2(d) and (ii) neither the Administrative Agent nor any other Secured Party shall ever have any duty or liability whatsoever in respect of any
such right, except as provided in Section 2.2(c). 
  
 2.3.
Amendments, etc. with respect to the Borrower Obligations. Each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor,
any demand for payment of any of the Borrower Obligations made by any Secured Party may be rescinded by such Secured Party and any of the Borrower Obligations continued, and the Borrower Obligations, or the liability of any other Person upon or for
any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, increased, extended, amended, modified, accelerated, compromised, waived,
surrendered or released by any Secured Party, and the Credit Agreement and the other Loan Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as
the Administrative Agent (or the requisite Lenders) may deem advisable from time to time, and any collateral 

  

 10 

 
security, guarantee or right of offset at any time held by any Secured Party for the payment of the Borrower Obligations may be sold, exchanged, waived,
surrendered or released. No Secured Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Borrower Obligations or for the guarantee contained in this Section 2 or any
property subject thereto. 
  
 2.4. Guarantee Absolute and
Unconditional. Each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Borrower Obligations and notice of or proof of reliance by any Secured Party upon the guarantee contained in this Section
2 or acceptance of the guarantee contained in this Section 2; the Borrower Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon
the guarantee contained in this Section 2; and all dealings between the Borrower and any of the Guarantors, on the one hand, and the Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had or consummated
in reliance upon the guarantee contained in this Section 2. Each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Borrower or any of the Guarantors with respect to the
Borrower Obligations. Each Guarantor understands and agrees that the guarantee contained in this Section 2 shall be construed as a continuing, absolute and unconditional guarantee of payment and performance without regard to (a) the validity
or enforceability of the Credit Agreement or any other Loan Document, any of the Borrower Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by any Secured
Party, (b) any defense, set-off or counterclaim (other than a defense of payment or performance hereunder) which may at any time be available to or be asserted by the Borrower or any other Person against any Secured Party, or (c) any other
circumstance whatsoever (with or without notice to or knowledge of the Borrower or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge of the Borrower for the Borrower Obligations, or of such
Guarantor for its Guarantor Obligations, in bankruptcy or in any other instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, any Secured Party may, but shall be under no obligation
to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Borrower, any other Guarantor or any other Person or against any collateral security or guarantee for the Borrower Obligations or any right of
offset with respect thereto, and any failure by any Secured Party to make any such demand, to pursue such other rights or remedies or to collect any payments from the Borrower, any other Guarantor or any other Person or to realize upon any such
collateral security or guarantee or to exercise any such right of offset, or any release of the Borrower, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any
obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of any Secured Party against any Guarantor. For the purposes hereof “demand” shall include
the commencement and continuance of any legal proceedings. 
  
 2.5. Reinstatement. The guarantee contained in this Section 2 shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Borrower Obligations is rescinded
or must otherwise be restored or returned by any Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or

  

 11 

 
conservator of, or trustee or similar officer for, the Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such
payments had not been made. 
  
 2.6. Payments. Each
Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent without set-off or counterclaim in United States dollars in immediately available funds at its offices in Charlotte, North Carolina. 
  
 SECTION 3 
  
 GRANT OF SECURITY INTEREST; 
 CONTINUING LIABILITY UNDER COLLATERAL 
  
 (a) Each Grantor hereby assigns and transfers to the Administrative Agent, and hereby grants to the Administrative Agent, for the ratable benefit of the Secured Parties, a security interest in, all of the personal
property of such Grantor, including, without limitation, the following property, in each case, wherever located and now owned or at any time hereafter acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire
any right, title or interest (collectively, the “Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of such Grantor’s
Obligations: 
  
 (i) all Accounts; 
  
 (ii) all Chattel Paper; 
  
 (iii) all Deposit Accounts; 
  
 (iv) all Documents; 
  
 (v) all Equipment (whether or not constituting Fixtures);

  
 (vi) all General Intangibles; 
  
 (vii) all Instruments; 
  
 (viii) all Insurance; 
  
 (ix) all Intellectual Property; 
  
 (x) all Inventory; 
  
 (xi) all Investment Property; 
  
 (xii) all Letter of Credit Rights; 
  
 (xiii) all Money; 
  
 (xiv) all Goods not otherwise described above; 

 

 12 

 (xv) each Collateral Account; 
  
 (xvi) all Supporting Obligations; 
  
 (xvii) all books, records, ledger cards, files,
correspondence, customer lists, blueprints, technical specifications, manuals, computer software, computer printouts, tapes, disks and other electronic storage media and related data processing software and similar items that at any time evidence or
contain information relating to any of the Collateral or are otherwise necessary or helpful in the collection thereof or realization thereupon; 
  
 (xviii) the Commercial Tort Claims set forth on Schedule 7; and 
  
 (xix) to the extent not otherwise included, all other property of the Grantor (other than Excluded Assets)
and all Proceeds and products accessions, rents and profits of any and all of the foregoing and all collateral security, Supporting Obligations and guarantees given by any Person with respect to any of the foregoing, including, without limitation,
to the maximum extent permitted by applicable Law, the Proceeds derived from or in connection with the Disposition of any FCC License or any Station or any Grantor holding any such License. 
  
 Notwithstanding anything to the contrary in this Agreement, none of the Excluded Assets shall
constitute Collateral. 
  
 (b) Notwithstanding
anything herein to the contrary, (i) each Grantor shall remain liable for all obligations under the Collateral and nothing contained herein is intended or shall be a delegation of duties to the Administrative Agent or any Secured Party, (ii) each
Grantor shall remain liable under each of the agreements included in the Collateral, including, without limitation, any Receivables and any agreements relating to Pledged Partnership Interests or Pledged LLC Interests, to perform all of the
obligations undertaken by it thereunder all in accordance with and pursuant to the terms and provisions thereof, and neither the Administrative Agent nor any Secured Party shall have any obligation or liability under any of such agreements by reason
of or arising out of this Agreement or any other document related thereto nor shall the Administrative Agent nor any Secured Party have any obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have any
obligation to take any action to collect or enforce any rights under any agreement included in the Collateral, including, without limitation, any agreements relating to any Receivables, Pledged Partnership Interests or Pledged LLC Interests and
(iii) the exercise by the Administrative Agent of any of its rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral. 
  

 13 

 SECTION 4 
  
 REPRESENTATIONS AND WARRANTIES 
  
 To induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions of credit to the
Borrower thereunder, each Grantor hereby represents and warrants to the Secured Parties that: 
  
 4.1. Representations in Credit Agreement. In the case of each Guarantor, the representations and warranties set forth in Article III of the Credit Agreement as they relate to such Guarantor or to the Loan
Documents to which such Guarantor is a party, each of which is hereby incorporated herein by reference, are true and correct in all material respects, except for representations and warranties expressly stated to relate to a specific earlier date,
in which case such representations and warranties shall be true and correct in all material respects as of such earlier date, and the Secured Parties shall be entitled to rely on each of them as if they were fully set forth herein, provided that
each reference in each such representation and warranty to the Borrower’s knowledge shall, for the purposes of this Section 4.1, be deemed to be a reference to such Guarantor’s knowledge. 
  
 4.2. Title; No Other Liens. Such Grantor owns each item of the
Collateral free and clear of any and all Liens or claims, except, with respect to Collateral, for Permitted Liens. No financing statement, mortgage or other public notice with respect to all or any part of the Collateral is on file or of record in
any public office, except (a) such as have been filed in favor of the Administrative Agent, for the ratable benefit of the Secured Parties pursuant to this Agreement, (b) Permitted Liens and (c) financing statements for which duly authorized
termination statements have been delivered to the Administrative Agent on or prior to the Effective Date. 
  
 4.3. Perfected First Priority Liens. The security interests granted pursuant to this Agreement (i) upon completion of the filings and other actions
specified on Schedule 3 (all of which, in the case of all filings and other documents referred to on such Schedule, have been delivered to the Administrative Agent in duly completed and duly executed form, as applicable, and may be filed or
delivered by the Administrative Agent at any time), the payment of all filing fees and the obtaining of the prior approval of the FCC for the Administrative Agent, for the ratable benefit of the Secured Parties, to exercise its rights and remedies
with respect to the FCC Licenses and FCC approvals or filings contemplated under Section 6.3(e), will constitute valid fully perfected security interests in all of the Collateral (other than Collateral consisting of vehicles, Deposit
Accounts, Securities Accounts, Commodity Accounts, leasehold interests in real property and Fixtures) in favor of the Administrative Agent, for the ratable benefit of the Secured Parties, as collateral security for such Grantor’s Obligations,
enforceable in accordance with the terms hereof and (ii) are prior to all other Liens on such Collateral except for Permitted Liens. Without limiting the foregoing and except as permitted or provided in Section 5.2, each Grantor has taken all
actions necessary, including without limitation those specified in Section 5.2, to: (A) provided that such actions are requested by the Administrative Agent in accordance with Section 5.2(e), establish the Administrative Agent’s
“control” (within the meanings of Sections 8-106 and 9-106 of the UCC) over any portion of the Collateral constituting Certificated Securities, Uncertificated Securities, Securities Accounts, Securities Entitlements or Commodity Accounts,
(B) provided that such actions are requested by the Administrative Agent in accordance with Section 5.2(e), establish the Administrative Agent’s “control” (within the meaning of Section 9-104 of the UCC) over all Deposit
Accounts of such Grantor, (C) establish the Administrative Agent’s “control” (within the meaning of Section 9-107 of the UCC) over all Letter of Credit Rights of such Grantor to the extent such related letters of credit have face
amounts greater than $450,000 individually or $1,000,000 in the aggregate, (D) establish the Administrative Agent’s control (within the meaning of Section 9-105 of the UCC) over all Electronic Chattel Paper of such Grantor to the extent such
Electronic Chattel 

  

 14 

 
Paper has a value greater than $100,000 individually or $500,000 in the aggregate and (E) establish the Administrative Agent’s “control”
within the meaning of Section 16 of the Uniform Electronic Transaction Act as in effect in the applicable jurisdiction (the “UETA”) over all “transferable records” (as defined in UETA). 
  
 4.4. Jurisdiction of Organization; Chief Executive Office. On the date
hereof, such Grantor’s sole jurisdiction of organization, identification number from the jurisdiction of organization (if any), and the location of such Grantor’s chief executive office or sole place of business or principal residence, as
the case may be, are specified on Schedule 4. Such Grantor has furnished to the Administrative Agent a certified charter, certificate of incorporation or other organization document and, to the extent available, long-form good standing
certificate as of a date that is recent to the date hereof. 
  
 4.5. Inventory and Equipment. 
  
 (a) None of the Inventory or Equipment with a Fair Market Value greater than $100,000 individually or $500,000 in the aggregate is in the possession of an issuer of a negotiable document (as defined in Section 7-104 of the UCC) therefor or
is otherwise in the possession of any bailee or warehouseman. 
  
 (b) No interest in any of the Inventory of any Grantor have been conveyed as part of a securitization or similar transaction. 
  
 4.6. Farm Products. None of the Collateral constitutes, or is the Proceeds of, Farm Products. 
  
 4.7. Investment Property. 
  
 (a) Schedule 2 hereto (as such schedule may be
amended from time to time) sets forth under the headings “Pledged Stock, “Pledged LLC Interests” and “Pledged Partnership Interests,” respectively, all of the Pledged Stock, Pledged LLC Interests and Pledged Partnership
Interests owned by any Grantor and such Pledged Equity Interests constitute the percentage of issued and outstanding shares of stock, percentage of membership interests, percentage of partnership interests or percentage of beneficial interest of the
respective issuers thereof indicated on such Schedule. Schedule 2 hereto (as such schedule may be amended from time to time) sets forth under the heading “Pledged Debt Securities” or “Pledged Notes” all of the Pledged Debt
Securities and Pledged Notes owned by any Grantor and all of such Pledged Debt Securities and Pledged Notes have been duly authorized, authenticated or issued, and delivered and are the legal, valid and binding obligation of the issuers thereof
enforceable in accordance with their terms and are not in default and constitute all of the issued and outstanding inter-company indebtedness evidenced by an instrument or certificated security of the respective issuers thereof owing to such
Grantor. No Grantor has consented to, and no Grantor is otherwise aware of, any Person (other than the Administrative Agent pursuant hereto) having “control” (within the meanings of Sections 8-106, 9-106 and 9-104 of the UCC) over, or any
other interest in, any such Securities Account, Commodity Account or Deposit Account or any securities, commodities or other property credited thereto other than the securities intermediary or depository bank in respect thereof which may have a lien
on any such account being held by it to 

  

 15 

 
secure only the payment of fees and expenses owed to it in respect of the maintenance of such account. 
  
 (b) The shares of Pledged Equity Interests pledged by such
Grantor hereunder constitute all of the issued and outstanding shares of all classes of the Equity Interests of each Issuer owned by such Grantor. 
  
 (c) All the shares of the Pledged Equity Interests have been duly and validly issued and are fully paid and nonassessable. 
  
 (d) The terms of any uncertificated Pledged LLC Interests
and Pledged Partnership Interests do not provide that they are securities governed by Article 8 of the Uniform Commercial Code in effect in any jurisdiction. 
  

(e) The terms of any certificated Pledged LLC Interests and Pledged Partnership Interests do not provide that they are securities
governed by Article 8 of the Uniform Commercial Code in effect in any jurisdiction. 
  
 (f) Such Grantor is the record and beneficial owner of, and has good and marketable title to, the Investment Property and Deposit Accounts
pledged by it hereunder, free of any and all Liens or options in favor of, or claims of, any other Person, except Permitted Liens. 
  
 (g) Each Issuer which is an Affiliate of the Borrower that is not a Grantor hereunder has executed and delivered to the Administrative
Agent a Confirmation of Pledge by Issuer, in substantially the form of Exhibit A, to the pledge of the Pledged Securities pursuant to this Agreement. 
  
 4.8. Receivables. 
  
 (a) No amount payable to such Grantor under or in connection with any Receivable in an outstanding amount greater than $100,000
individually or $500,000 in the aggregate is evidenced by any Instrument or Tangible Chattel Paper which has not been delivered to the Administrative Agent or constitutes Electronic Chattel Paper that has not been subjected to the control (within
the meaning of Section 9-105 of the UCC) of the Administrative Agent. 
  
 (b) The amounts represented by such Grantor to the Secured Parties from time to time as owing to such Grantor in respect of the Receivables will at all times be in accordance with GAAP, subject to reconciliations and
disputes in the ordinary course of business, and except for immaterial errors. 
  
 (c) No interest in any Receivables of any Grantor have been conveyed as part of a securitization or similar transaction. 
  

 16 

 4.9. Intellectual Property. 
  
 (a) Schedule 5 lists all Intellectual Property owned by such Grantor in its own name on the date
hereof and registered with a Governmental Authority. Except as set forth in Schedule 5, such Grantor is the exclusive owner of the entire and unencumbered right, title and interest in and to such Intellectual Property and is otherwise
entitled to use all such Intellectual Property. 
  
 (b) On the date hereof, all Intellectual Property material to such Grantor’s business is valid, subsisting, unexpired and enforceable and has not been abandoned. 
  
 (c) Except as set forth in Schedule 5, on the date hereof (i) none of the Intellectual Property
material to such Grantor’s business is the subject of any licensing or franchise agreement pursuant to which such Grantor is the licensor or franchisor, and (ii) there are no other obligations, orders or judgments which affect the use of any
Intellectual Property material to such Grantor’s business. 
  
 (d) The rights of such Grantor in or to the Intellectual Property do not conflict with or infringe upon the rights of any third party, and no claim has been asserted that the use of such Intellectual Property does or
may infringe upon the rights of any third party, in either case, which conflict or infringement could reasonably be expected to have a Material Adverse Effect. There is currently no infringement or unauthorized use of any item of Intellectual
Property that could reasonably be expected to have a Material Adverse Effect. 
  
 (e) No holding, decision or judgment has been rendered by any Governmental Authority which would limit, cancel or question the validity or enforceability of, or such Grantor’s rights in, any Intellectual Property
in any respect that could reasonably be expected to have a Material Adverse Effect. With respect to any item of Intellectual Property the invalidity or unenforceability of which could reasonably be expected to result in a Material Adverse Effect,
such Grantor is not aware that any such item of Intellectual Property is currently used in a manner that could lead to such item becoming invalid or unenforceable, including, without limitation, unauthorized uses by third parties and uses which were
not supported by the goodwill of the business connected with Trademarks and Trademark Licenses. 
  
 (f) No action or proceeding is pending, or, to the knowledge of an officer of such Grantor, threatened, on the date hereof (i) seeking to
limit, cancel or question the validity of any material Intellectual Property or such Grantor’s ownership interest therein, (ii) alleging that any services provided by, processes used by, or products manufactured or sold by such Grantor infringe
any patent, trademark, copyright, or any other right of any third party, (iii) alleging that any material Intellectual Property is being licensed, sublicensed or used in violation of any patent, trademark, copyright or any other right of any third
party, or (iv) which, if adversely determined, would have a material adverse effect on the value of the Intellectual Property Collateral taken as a whole. To the knowledge of an officer of such Grantor, no Person is engaging in any activity that
infringes upon the Intellectual Property or upon the rights of such Grantor therein which could reasonably be expected to result in a Material Adverse Effect. Except as set forth in Schedule 5 hereto, such Grantor has not granted any license,
release, covenant not to sue, non-assertion assurance, or other right to any person with respect to any 

  

 17 

 
material part of the Intellectual Property. The consummation of the transactions contemplated by this Agreement will not result in the termination or
impairment of any of the Intellectual Property. 
  
 (g) With respect to each Copyright License, Trademark License and Patent License material to such Grantor’s business: (i) such license is valid and binding and in full force and effect and represents the entire agreement between the
respective licensor and licensee with respect to the subject matter of such license; (ii) such license will not cease to be valid and binding and in full force and effect on terms identical to those currently in effect as a result of the rights and
interests granted herein, nor will the grant of such rights and interests constitute a breach or default under such license or otherwise give the licensor or licensee a right to terminate such license; (iii) such Grantor has not received any notice
of termination or cancellation under such license; (iv) such Grantor has not received any notice of a breach or default under such license, which breach or default has not been cured; (v) such Grantor has not granted to any other third party any
rights, adverse or otherwise, under such license; and (vi) such Grantor is not in breach or default in any material respect, and no event has occurred that, with notice and/or lapse of time, would constitute such a breach or default or permit
termination, modification or acceleration under such license. 
  
 (h) Except as set forth in Schedule 5, such Grantor has performed all acts and has paid all required fees and taxes to maintain each and every item of material Intellectual Property in full force and effect and
to protect and maintain its interest therein. Such Grantor has used proper statutory notice in connection with its use of each material Patent, Trademark and Copyright included in the Intellectual Property. 
  
 (i) To the knowledge of an officer of such Grantor, none of
the material Trade Secrets of such Grantor has been used, divulged, disclosed or appropriated to the detriment of such Grantor for the benefit of any other Person. 
  
 (j) Such Grantor has made all filings and recordations that such Grantor in its reasonable business judgment
determines is necessary to adequately protect its interest in its material Intellectual Property including, without limitation, recordation of its interests in the Patents and Trademarks with the United States Patent and Trademark Office and in
corresponding national and international patent offices, and recordation of any of its interests in the Copyrights with the United States Copyright Office and in corresponding national and international copyright offices. 
  
 (k) Such Grantor is not subject to any settlement, consent,
judgment, injunction, order, decree, covenant not to sue, non-assertion assurance or release that would impair the validity or enforceability of, or such Grantor’s rights in, any material Intellectual Property. 
  
 4.10. Letter–of–Credit Rights. No Grantor is a beneficiary
or assignee under any letters of credit that have face amounts greater than $450,000 individually or $1,000,000 in the aggregate other than the letters of credit described on Schedule 6 (as such schedule may be amended from time to time)
hereto. Each Grantor has caused all issuers and nominated persons under letters of credit that have face amounts greater than $450,000 individually or $1,000,000 in 

  

 18 

 
the aggregate in which the Grantor is the beneficiary or assignee to consent to the assignment of such letter of credit to the Administrative Agent and has
agreed that upon the occurrence of an Event of Default it will cause all payments thereunder to be made to the Collateral Account. 
  
 4.11. Commercial Tort Claims. No Grantor has any commercial tort claims with an estimated value greater than $500,000 individually or $2,000,000 in
the aggregate other than (a) as described in Schedule 7 or (b) as to which the actions described in Section 5.11 have been taken. 
  
 SECTION 5 
  
 COVENANTS 
  
 Each of
the Grantors covenants and agrees with the Secured Parties that, from and after the date of this Agreement until the Obligations (other than Obligations in respect of any Swap Agreement) shall have been paid in full, no Letter of Credit shall be
outstanding and the Commitments shall have terminated or expired: 
  
 5.1. Covenants in Credit Agreement. Each Guarantor shall take, or shall refrain from taking, as the case may be, each action that is necessary to be taken or not taken, as the case may be, so that no Default is caused by the failure
to take such action or to refrain from taking such action by such Guarantor or any of its Subsidiaries. 
  
 5.2. Delivery and Control of Instruments, Chattel Paper, Negotiable Documents and Investment Property. 
  
 (a) If any of the Collateral with a Fair Market Value
greater than $250,000 individually or $1,000,000 (including the value of any Collateral excluded as described in Sections 5.2(b) or (c)) in the aggregate is or shall become evidenced or represented by any Instrument, Certificated
Security, Negotiable Document or Tangible Chattel Paper, such Instrument (other than checks received in the ordinary course of business), Certificated Security, Negotiable Documents or Tangible Chattel Paper shall be immediately delivered to the
Administrative Agent, duly endorsed in a manner reasonably satisfactory to the Administrative Agent, to be held as Collateral pursuant to this Agreement. 
  
 (b) If any of the Collateral is or shall become “Electronic Chattel Paper” with a value greater than $250,000 individually or
$1,000,000 (including any Collateral excluded as described in Section 5.2(a) or (c)) in the aggregate, the relevant Grantor shall ensure that (i) a single authoritative copy exists which is unique, identifiable, and unalterable (except
as provided in clauses (iii), (iv) and (v) hereof), (ii) such authoritative copy identifies the Administrative Agent as the assignee and is communicated to and maintained by the Administrative Agent or its designee, (iii) copies
or revisions that add or change the assignee of the authoritative copy can only be made with the participation of the Administrative Agent, (iv) each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy and not the
authoritative copy and (v) any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision. 
  

 19 

 (c) If any of the Collateral is or shall become evidenced or represented by an
Uncertificated Security with a Fair Market Value greater than $250,000 individually or $1,000,000 (including the value of any Collateral excluded as described in Section 5.2(a) or (b)) in the aggregate, such Grantor shall cause the
Issuer thereof either (i) to register the Administrative Agent as the registered owner of such Uncertificated Security, upon original issue or registration of transfer or (ii) to agree in writing with such Grantor and the Administrative Agent that
such Issuer will comply with instructions with respect to such Uncertificated Security originated by the Administrative Agent without further consent of such Grantor, such agreement to be in substantially the form of Exhibit C. 
  
 (d) In addition to and not in lieu of the foregoing, if any
Issuer of any Investment Property with a Fair Market Value greater than $250,000 individually or $1,000,000 in the aggregate is organized under the law of, or has its chief executive office in, a jurisdiction outside of the United States, each of
the Grantors shall take such additional actions, including, without limitation, causing the issuer to register the pledge on its books and records, as may be necessary or as may be reasonably requested by the Administrative Agent, under the laws of
such jurisdiction to insure the validity, perfection and priority of the security interest of the Administrative Agent. 
  
 (e) At the request of the Administrative Agent, such Grantor shall maintain Securities Entitlements, Securities Accounts, Deposit Accounts
and Commodity Accounts only with financial institutions or commodity intermediaries that have agreed to comply with entitlement orders and instructions issued or originated (or in the case of Commodity Accounts, to apply any value distributed on
account of the applicable commodity contract as directed) by the Administrative Agent without further consent of such Grantor, such agreement to be in form and substance satisfactory to the Administrative Agent. 
  
 5.3. Maintenance of Insurance. 
  
 (a) Such Grantor or the Borrower on its behalf will
maintain, with financially sound and reputable insurance companies, insurance on all its property (including, without limitation, all Inventory, Equipment and motor vehicles) in at least such amounts and against at least such risks as are usually
insured against in the same general area by companies engaged in the same or a similar business, and furnish to the Administrative Agent with copies for each Secured Party, upon written request, full information as to the insurance carried. All such
insurance shall (i) provide that no cancellation thereof shall be effective until at least 30 days after receipt by the Administrative Agent of written notice thereof and (ii) be reasonably satisfactory in all other respects to the Administrative
Agent. The Administrative Agent shall be named as additional insured on all such liability insurance policies of such Grantor and the Administrative Agent shall be named as loss payee on all property and casualty insurance policies of such Grantor.

  
 (b) The Borrower shall deliver annually to
the Administrative Agent and the Lenders a certificate of a reputable insurance broker with respect to such insurance as promptly as practicable upon receipt thereof from such insurance broker and such supplemental reports with respect thereto as
the Administrative Agent may from time to time reasonably request. 
  

 20 

 5.4. Payment of Obligations. Such Grantor will pay its obligations, including tax liabilities
that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) such Grantor has set
aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse Effect. 
  
 5.5. Maintenance of Perfected Security Interest; Further
Documentation. 
  
 (a) Such Grantor shall
maintain the security interest created by this Agreement as a perfected security interest having at least the priority described in Section 4.3 and shall defend such security interest against the claims and demands of all Persons whomsoever.

  
 (b) Such Grantor will furnish to the
Administrative Agent from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the assets and property of such Grantor as the Administrative Agent may reasonably request,
all in reasonable detail. 
  
 (c) At any time and
from time to time, upon the written request of the Administrative Agent, and at the sole expense of such Grantor, such Grantor will promptly and duly authorize, execute and deliver, and have recorded, such further instruments and documents and take
such further actions as the Administrative Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including, without limitation, the filing of any
financing or continuation statements under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction with respect to the security interests created hereby. 
  
 5.6. Changes in Locations, Name, Jurisdiction of Incorporation, Etc. Such Grantor will not, except upon 30 days’
prior written notice to the Administrative Agent (or such lesser time as acceptable to the Administrative Agent) and delivery to the Administrative Agent of duly authorized and, where required, authenticated copies of all additional financing
statements and other documents reasonably requested by the Administrative Agent to maintain the validity, perfection and priority of the security interests provided for herein: 
  
 (a) without limiting the prohibitions on mergers involving the Grantors contained in the Credit Agreement,
change its legal name, jurisdiction of organization or the location of its chief executive office or sole place of business from that referred to in Section 4.4; or 
  
 (b) change its legal name, identity or structure to such an extent that any financing statement filed by the
Administrative Agent in connection with this Agreement would become seriously misleading. 
  

 21 

 5.7. Notices. Such Grantor will advise the Administrative Agent promptly, in reasonable detail,
of: 
  
 (a) any Lien (other than any Permitted
Lien) on any material portion of the Collateral which would adversely affect the ability of the Administrative Agent to exercise any of its remedies hereunder; and 
  
 (b) the occurrence of any other event which could reasonably be expected to result in a material adverse
effect on the aggregate value of the Collateral or on the security interests created hereby taken as a whole. 
  
 5.8. Investment Property. 
  
 (a) If such Grantor shall become entitled to receive or shall receive any stock or other ownership certificate (including, without
limitation, any certificate representing a stock dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any reorganization), option or rights in respect of
the Equity Interests or other Pledged Equity Interest of any Issuer, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of or other ownership interests in the Pledged Securities, or otherwise in respect
thereof, such Grantor shall accept the same as the agent of the Secured Parties, hold the same in trust for the Secured Parties and deliver the same forthwith to the Administrative Agent in the exact form received, duly endorsed by such Grantor to
the Administrative Agent, if required, together with an undated stock power covering such certificate duly executed in blank by such Grantor and to be held by the Administrative Agent, subject to the terms hereof, as additional collateral security
for the Obligations. Except as provided in the Credit Agreement, any sums paid upon or in respect of the Pledged Securities upon the liquidation or dissolution of any Issuer shall be paid over to the Administrative Agent to be held by it hereunder
as additional collateral security for the Obligations, and in case any distribution of capital shall be made on or in respect of the Pledged Securities or any property shall be distributed upon or with respect to the Pledged Securities pursuant to
the recapitalization or reclassification of the capital of any Issuer or pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject to a perfected security interest in favor of the Administrative Agent, be
delivered to the Administrative Agent to be held by it hereunder as additional collateral security for the Obligations. Except as provided in the Credit Agreement, if any sums of money or property so paid or distributed in respect of the Pledged
Securities shall be received by such Grantor, such Grantor shall, until such money or property is paid or delivered to the Administrative Agent, hold such money or property in trust for the Secured Parties, segregated from other funds of such
Grantor, as additional collateral security for the Obligations. For the avoidance of doubt, the provisions of this Section 5.8 shall not apply to Excluded Ownership Interests. 
  
 (b) Except as otherwise permitted under the Credit Agreement or with the prior written consent of the
Administrative Agent, such Grantor will not (i) vote to enable, or take any other action to permit, any Issuer to issue any stock, partnership interests, limited liability company interests or other equity securities of any nature or to issue any
other securities convertible into or granting the right to purchase or exchange for any stock, partnership interests, limited liability company interests or other equity securities of any nature of any Issuer (other than as permitted in the Reach
Media Documents), (ii) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, any of the Investment Property or Proceeds thereof or any interest therein (except, in each case, pursuant to a transaction
expressly 

  

 22 

 
permitted by the Credit Agreement), (iii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of
the Investment Property or Proceeds thereof, or any interest therein, except for the security interests created by this Agreement, (iv) enter into any agreement or undertaking restricting the right or ability of such Grantor or the Administrative
Agent to sell, assign or transfer pursuant to the Loan Documents any of the Investment Property or Proceeds thereof or any interest therein or (v) without (A) the prior written notice to the Administrative Agent and (B) such Grantor taking all steps
necessary or advisable to establish the Administrative Agent’s “control” thereof, cause or permit any Issuer of any Pledged Partnership Interests or Pledged LLC Interests which are not securities (for purposes of the UCC) on the date
hereof to elect or otherwise take any action to cause such Pledged Partnership Interests or Pledged LLC Interests to be treated as securities for purposes of the UCC. 
  
 (c) In the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will be bound by the
terms of this Agreement relating to the Pledged Securities issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Administrative Agent promptly in writing of the occurrence of any of the
events described in Section 5.8(a) with respect to the Pledged Securities issued by it and (iii) the terms of Sections 6.3(c) and 6.7 shall apply to it, mutatis mutandis, with respect to all actions that may be required of it
pursuant to Section 6.3(c) or 6.7 with respect to the Pledged Securities issued by it. In addition, each Grantor which is either an Issuer or an owner of any Pledged Security hereby consents to the grant by each other Grantor of the
security interest hereunder in favor of the Administrative Agent and to the transfer of any Pledged Security to the Administrative Agent or its nominee upon the occurrence or during the continuation of an Event of Default and to the substitution of
the Administrative Agent or its nominee as a partner, member or shareholder of the Issuer of the related Pledged Security. The Administrative Agent agrees to notify any Grantor before transferring the Pledged Securities pledged by such Grantor into
the name of the Administrative Agent pursuant to this section. 
  
 5.9. Receivables. 
  
 (a) Other
than in the ordinary course of business consistent with its past practice, such Grantor will not (i) grant any extension of the time of payment of such Receivable, (ii) compromise or settle such Receivable for less than the full amount thereof,
(iii) release, wholly or partially, any Person liable for the payment of such Receivable, (iv) allow any credit or discount whatsoever on such Receivable or (v) amend, supplement or modify such Receivable in any manner that could materially
adversely affect the value thereof; provided, each Grantor may take any action or actions described in clauses (i) through (iv) with respect to Receivables the original invoice or book amount of which do not exceed in the aggregate, as to all
Grantors, $1,000,000 during any fiscal year of Borrower. 
  
 (b) Such Grantor will deliver to the Administrative Agent a copy of each material demand, notice or document received by it that questions or calls into doubt the validity or enforceability of outstanding Receivables
constituting a material portion of the Collateral. 
  

 23 

 5.10. Intellectual Property. 
  
 (a) Such Grantor (either itself or through licensees) will (i) continue to use and license each material
Trademark (and prior to the occurrence and continuance of an Event of Default, such Grantor shall retain such right to use and license such Trademark) in a manner sufficient to maintain such Trademark in full force free from any claim of abandonment
for non-use, unless such Grantor, in its reasonable business judgment, determines that such continued use is no longer desirable in the conduct of such Grantor’s business and cessation of such use could not reasonably be expected to result in a
Material Adverse Effect, (ii) maintain the quality of products and services offered under such Trademark and take all necessary steps as commercially reasonable to ensure that all licensed users of such Trademark maintain as in the past such
quality, (iii) use such Trademark with the appropriate notice of registration and all other notices and legends required by applicable Law, (iv) not adopt or use any mark which is confusingly similar or a colorable imitation of such Trademark unless
the Administrative Agent, for the ratable benefit of the Secured Parties, shall obtain a perfected security interest in such mark pursuant to this Agreement and the Intellectual Property Security Agreement, and (v) except as provided in Section
5.10(i), not (and not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby such Trademark may become invalidated or impaired in any material way. 
  
 (b) Such Grantor (either itself or through licensees) will
not do any act, or omit to do any act, whereby any material Patent may become forfeited, abandoned or dedicated to the public. Prior to the occurrence and continuance of an Event of Default, such Grantor shall retain the right to use such Patent.

  
 (c) Such Grantor (either itself or through
licensees) (i) will employ each material Copyright in the ordinary course of business (and prior to the occurrence and continuance of an Event of Default, such Grantor shall retain such right to employ such Copyright) and (ii) will not (and will not
permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby any material portion of the Copyrights may become invalidated or otherwise impaired. Such Grantor will not (either itself or through licensees) do any
act whereby any material portion of the Copyrights may fall into the public domain. 
  
 (d) Such Grantor will not do any act that knowingly uses any material Intellectual Property to infringe the intellectual property rights
of any other Person. 
  
 (e) Except with respect
to any Patent, Trademark or Copyright the invalidity of which would not result in a Material Adverse Effect, such Grantor (either itself or through licensees) will use proper statutory notice in connection with the use of each Patent, Trademark and
Copyright included in the Intellectual Property. 
  
 (f) Such Grantor will notify the Administrative Agent as promptly as practicable if it knows that any application or registration relating to any material Intellectual Property may become forfeited, abandoned or dedicated to the public, or
of any adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any proceeding in the United States Patent and Trademark Office, the United States Copyright Office or any
court or tribunal in any country) regarding 

  

 24 

 
such Grantor’s ownership of, or the validity of, any material Intellectual Property or such Grantor’s right to register the same or to own and
maintain the same. 
  
 (g) As promptly as
practicable upon such Grantor’s acquisition or creation of any copyrightable work, invention, trademark or other similar property that is determined by such Grantor in its reasonable business judgment to be material to the business of such
Grantor and appropriate for registration, apply for registration thereof with the United States Copyright Office, the United States Patent and Trademark Office and any other appropriate office. Whenever such Grantor, either by itself or through any
agent, employee, licensee or designee, shall file an application for the registration of any Intellectual Property with the United States Patent and Trademark Office, the United States Copyright Office or any similar office or agency in any other
country or any political subdivision thereof, such Grantor shall report such filing to the Administrative Agent promptly (and in any event concurrently with the next delivery of the Compliance Certificate pursuant to Section 5.01(d) of the Credit
Agreement for the fiscal quarter in which such Grantor files such application). Upon request of the Administrative Agent, such Grantor shall execute and deliver, and have recorded, any and all agreements, instruments, documents, and papers as the
Administrative Agent may request to evidence the Secured Parties’ security interest in any Copyright, Patent, Trademark or other Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or represented
thereby. 
  
 (h) Except as provided in Section
5.10(i), such Grantor in such Grantor’s reasonable business judgment will take all prudent steps, including, without limitation, in any proceeding before the United States Patent and Trademark Office or the United States Copyright Office
(or, with respect to any foreign Intellectual Property, any similar office or agency in any other country or any political subdivision thereof), to maintain and pursue each application (and to obtain the relevant registration) in respect of
Intellectual Property and to maintain each registration of Intellectual Property, including, without limitation, the payment of required fees and taxes, the filing of responses to office actions issued by the United States Patent and Trademark
Office and the United States Copyright Office, the filing of applications for renewal or extension, the filing of affidavits of use and affidavits of incontestability, the filing of divisional, continuation, continuation-in-part, reissue, and
renewal applications or extensions, the payment of maintenance fees, and the participation in interference, reexamination, opposition, cancellation, infringement and misappropriation proceedings. 
  
 (i) Such Grantor (either itself or through licensees) will
not, without the prior written consent of the Administrative Agent, discontinue use of or otherwise abandon any Intellectual Property, or abandon any application or any right to file an application for letters patent, trademark, or copyright, unless
such Grantor, in its reasonable business judgment, determines that such use or the pursuit or maintenance of such Intellectual Property is no longer desirable in the conduct of such Grantor’s business and that the loss thereof could not
reasonably be expected to result in a Material Adverse Effect. 
  
 (j) In the event that any material Intellectual Property is infringed, misappropriated or diluted by a third party, such Grantor shall take such actions as such Grantor shall reasonably deem appropriate under the
circumstances to protect such Intellectual Property and promptly notify the Administrative Agent after it takes any action to sue for infringement, misappropriation or dilution, to seek injunctive relief where appropriate. 
  

 25 

 (k) Such Grantor agrees that, should it obtain an ownership interest in any item of
intellectual property which is not now a part of the Intellectual Property Collateral (the “After-Acquired Intellectual Property”), (i) the provisions of Section 3 shall automatically apply thereto, (ii) any such
After-Acquired Intellectual Property, and in the case of trademarks, the goodwill of the business connected therewith or symbolized thereby, shall automatically become part of the Intellectual Property Collateral, (iii) it shall give prompt (and, in
any event concurrently with the next delivery of the Compliance Certificate pursuant to Section 5.01(d) of the Credit Agreement for the fiscal quarter in which such Grantor acquires such ownership interest) written notice thereof to the
Administrative Agent in accordance herewith, and (iv) it shall provide the Administrative Agent promptly (and, in any event concurrently with the next delivery of the Compliance Certificate pursuant to Section 5.01(d) of the Credit Agreement for the
fiscal quarter in which such Grantor acquires such ownership interest) with an amended Schedule 5 hereto and take the actions specified in Section 5.10(m). 
  
 (l) Such Grantor agrees to execute an Intellectual Property Security Agreement with respect to its
Intellectual Property in substantially the form of Exhibit B-1 in order to record the security interest granted herein to the Administrative Agent for the ratable benefit of the Secured Parties with the United States Patent and Trademark
Office, the United States Copyright Office, and, with respect to any foreign Intellectual Property, any other applicable Governmental Authority. 
  
 (m) Such Grantor agrees to execute an After-Acquired Intellectual Property Security Agreement with respect to its After-Acquired
Intellectual Property in substantially the form of Exhibit B-2 in order to record the security interest granted herein to the Administrative Agent for the ratable benefit of the Secured Parties with the United States Patent and Trademark
Office, the United States Copyright Office, and any other applicable Governmental Authority. 
  
 (n) Such Grantor shall take all steps reasonably necessary to protect the secrecy of all material Trade Secrets. 
  
 (o) Each party hereto agrees to take any action reasonably
necessary to correct, amend or modify any filings or recordations made pursuant to the terms of any Loan Document that erroneously have the effect of, or identified as, an assignment (and not a collateral assignment) of such Intellectual Property in
favor of the Administrative Agent or any other Secured Party. 
  
 5.11. Commercial Tort Claims. If such Grantor shall obtain an interest in any Commercial Tort Claim with an estimated value greater than $500,000 individually or $2,000,000 in the aggregate, such Grantor shall within 30 days of
obtaining such interest sign and deliver documentation acceptable to the Administrative Agent granting a security interest under the terms and provisions of this Agreement in and to such Commercial Tort Claim. 
  

 26 

 SECTION 6 
  
 REMEDIAL PROVISIONS 
  
 6.1. Certain Matters Relating to Receivables. 
  
 (a) The Administrative Agent shall have the right to make test verifications of the Receivables in any manner and through any medium that
it reasonably considers advisable, and each Grantor shall furnish all such assistance and information as the Administrative Agent may require in connection with such test verifications. After an Event of Default has occurred and for so long as it is
continuing, at any time and from time to time, upon the Administrative Agent’s request and at the expense of the relevant Grantor, such Grantor shall cause independent public accountants or others reasonably satisfactory to the Administrative
Agent to furnish to the Administrative Agent reports showing reconciliations, aging and test verifications of, and trial balances for, the Receivables. 
  
 (b) The Administrative Agent hereby authorizes each Grantor to collect such Grantor’s Receivables, and each Grantor hereby agrees to
continue to collect amounts due or to become due to such Grantor under the Receivables (subject to Section 5.9) and diligently exercise each material right it may have under any Receivables which have outstanding amounts greater than $100,000
individually or $500,000 in the aggregate and any Supporting Obligation, in each case, at its own expense and in the ordinary course of business; provided, however, that the Administrative Agent may curtail or terminate said authority at any time
after the occurrence and during the continuance of an Event of Default. If required by the Administrative Agent at any time after the occurrence and during the continuance of an Event of Default, to the extent not prohibited by the Communications
Act, any payments of such Receivables, when collected by any Grantor, (i) shall be forthwith (and, in any event, within two Business Days) deposited by such Grantor in the exact form received, duly endorsed by such Grantor to the Administrative
Agent if required, in a Collateral Account maintained under the sole dominion and control of the Administrative Agent, subject to withdrawal by the Administrative Agent for the account of the Secured Parties only as provided in Section 6.5,
and (ii) until so turned over, shall be held by such Grantor in trust for the Secured Parties, segregated from other funds of such Grantor. Each such deposit of Proceeds of such Receivables shall be accompanied by a report identifying in reasonable
detail the nature and source of the payments included in the deposit. 
  
 6.2. Communications with Obligors; Grantors Remain Liable. 
  
 (a) The Administrative Agent in its own name or in the name of others may at any time during reasonable business hours after the occurrence and during the continuance of an Event of Default communicate with obligors
under the Receivables to verify with them to the Administrative Agent’s satisfaction the existence, amount and terms of any Receivables. 
  
 (b) If an Event of Default shall have occurred and be continuing, the Administrative Agent may at any time notify, or require any Grantor
to so notify, the Account Debtor or counterparty on any Receivable of the security interest of the Administrative Agent therein. In addition, after the occurrence and during the continuance of an Event of Default, the Administrative Agent may upon
written notice to the applicable Grantor, notify, or require any 

  

 27 

 
Grantor to notify, the Account Debtor or counterparty to make all payments under the Receivables directly to the Administrative Agent. 
  
 (c) Anything herein to the contrary notwithstanding, each
Grantor shall remain liable under each of the Receivables to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. No Secured
Party shall have any obligation or liability under any Receivable (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by any Secured Party of any payment relating thereto, nor shall any Secured Party
be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any Receivable (or any agreement giving rise thereto), to make any payment, to make any inquiry as to the nature or the sufficiency of any payment
received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to collect the payment of any amounts which may have been assigned to it or to which
it may be entitled at any time or times. 
  
 6.3. Pledged
Securities. 
  
 (a) Unless an Event of
Default shall have occurred and be continuing and the Administrative Agent shall have given notice to the relevant Grantor of the Administrative Agent’s intent to exercise its corresponding rights pursuant to Section 6.3(b), each of the
Grantors shall be permitted to receive all cash dividends paid in respect of the Pledged Equity Interests and all payments made in respect of the Pledged Notes, to the extent permitted in the Credit Agreement, and to exercise all voting and
corporate rights with respect to the Pledged Securities not inconsistent with the purposes of this Agreement; provided, however, that no vote shall be cast or corporate or other ownership right exercised or other action taken which, in the
Administrative Agent’s reasonable judgment, would materially impair the Collateral or which would be inconsistent with or result in any violation of any provision of the Credit Agreement, this Agreement or any other Loan Document. 

 
 (b) Subject to Sections 6.3(e) and 6.6, if
an Event of Default shall occur and be continuing and the Administrative Agent shall give notice of its intent to invoke the provisions of this Section 6.3(b) to the relevant Grantor(s): (i) all rights of each of the Grantors to exercise or
refrain from exercising the voting and other consensual rights which it would otherwise be entitled to exercise pursuant hereto shall cease and all such rights shall thereupon become vested in the Administrative Agent who shall thereupon have the
sole right, but shall be under no obligation, to exercise or refrain from exercising such voting and other consensual rights and (ii) to the extent not prohibited by the Communications Act, the Administrative Agent shall have the right to transfer
all or any portion of the Investment Property to its name or the name of its nominee or agent. In addition, the Administrative Agent shall have the right at any time to exchange any certificates or instruments representing any Investment Property
for certificates or instruments of smaller or larger denominations. In order to permit the Administrative Agent to exercise the voting and other consensual rights which it may be entitled to exercise pursuant hereto and to receive all dividends and
other distributions which it may be entitled to receive hereunder (in each case, after the occurrence and during the continuance of an Event of Default) each of the Grantors shall promptly execute and deliver (or cause to be executed and delivered)
to the Administrative Agent all proxies, dividend payment orders and 

  

 28 

 
other instruments as the Administrative Agent may from time to time reasonably request and each of the Grantors acknowledges that after the occurrence and
during the continuance of an Event of Default the Administrative Agent may utilize the power of attorney set forth herein. 
  
 (c) Each of the Grantors hereby authorizes and instructs each Issuer of any Pledged Securities pledged by such Grantor hereunder, to the
extent not prohibited by the Communications Act, to comply with any written instruction received by it from the Administrative Agent (including an instruction to pay any dividends or other payments with respect to the Pledged Securities directly to
the Administrative Agent) that (i) an Event of Default has occurred and is continuing and (ii) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from such Grantor, and each of the Grantors agrees
that each Issuer shall be fully protected in so complying. 
  
 (d) Notwithstanding anything herein to the contrary, this Agreement, the other Loan Documents and the transactions contemplated hereby and thereby, prior to the occurrence of an Event of Default (i) do not and will
not constitute, create, or have the effect of constituting or creating, directly or indirectly, actual or practical ownership of any Grantor or any Subsidiary of any Grantor by the Administrative Agent or any Lender, or control, affirmative or
negative, direct or indirect, by the Administrative Agent or any Lender over the management or any other aspect of the operation of any Grantor or any Subsidiary of any Grantor which ownership and control remain exclusively and at all times in such
Grantor and (ii) do not and will not constitute the transfer, assignment, or disposition in any manner, voluntarily or involuntarily, directly or indirectly, of any FCC License by any Grantor or any Subsidiary of any Grantor, or the transfer of
control of any Grantor or any Subsidiary of any Grantor within the meaning of Section 310(d) of the Communications Act. 
  
 (e) Notwithstanding any other provision of this Agreement, during the existence of an Event of Default, any foreclosure, sale, transfer,
assignment or other disposition of, or the exercise of any rights and remedies by the Administrative Agent or any Lender with respect to any of the Collateral or any FCC License which would effect or constitute an assignment of any FCC License or
affect the operation or voting or other control of any Grantor or any Subsidiary of any Grantor or any Station of any Grantor or any Subsidiary of any Grantor shall be pursuant to, and in accordance with, the Communications Act, to all other
applicable Laws and to the applicable rules and regulations thereunder and, if and to the extent required thereby, subject to the prior approval of the FCC. 
  
 6.4. Proceeds to be Turned Over To Administrative Agent. In addition to the rights of the Secured Parties specified in Section 6.1 with
respect to payments of Receivables, if an Event of Default shall occur and be continuing, to the extent not prohibited by the Communications Act, all Proceeds received by any Grantor consisting of cash, Cash Equivalents, checks and other near-cash
items shall be held by such Grantor in trust for the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Administrative Agent in the exact form received by such
Grantor (duly endorsed by such Grantor to the Administrative Agent, if required). All Proceeds received by the Administrative Agent hereunder shall be held by the Administrative Agent in a Collateral Account maintained under its sole dominion and
control. All Proceeds while held by the Administrative Agent in a Collateral Account (or by such Grantor in trust for the Secured Parties) shall continue to be held 

  

 29 

 
as collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in Section 6.5. 
  
 6.5. Application of Proceeds. At such intervals as may be agreed upon
by the Borrower and the Administrative Agent, or, if an Event of Default shall have occurred and be continuing, at any time at the Administrative Agent’s election, the Administrative Agent may apply all or any part of the Proceeds constituting
Collateral realized through the exercise by the Administrative Agent of its remedies hereunder and any proceeds of the guarantee set forth in Section 2, in payment of the Obligations then due as provided in and subject to the Credit
Agreement. 
  
 6.6. Code and Other Remedies. 
  
 (a) If an Event of Default shall occur and be continuing,
the Administrative Agent, on behalf of the Secured Parties, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations,
all rights and remedies of a secured party under the UCC or any other applicable law or in equity. Without limiting the generality of the foregoing, the Administrative Agent, without demand of performance or other demand, presentment, protest,
advertisement or notice of any kind (except any notice required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived), may in such circumstances
forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, license, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral or any part
thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of any Secured Party or elsewhere upon such terms and conditions as it may deem advisable and
at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. Each Secured Party shall have the right upon any such public sale or sales, and, to the extent permitted by Law, upon any such
private sale or sales, to purchase the whole or any part of the Collateral so sold, free, to the extent not otherwise prohibited by applicable Law, of any right or equity of redemption in any Grantor, which right or equity is, to the extent not
prohibited by applicable Law, hereby waived and released. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Grantor, and each of the Grantors hereby waives (to the extent
permitted by applicable Law) all rights of redemption, stay and/or appraisal which it now has or may at any time in the future have under any Law now existing or hereafter enacted. Each of the Grantors agrees that, to the extent notice of sale shall
be required by law, at least 10 days notice to such Grantor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Administrative Agent shall not be obligated to
make any sale of Collateral regardless of notice of sale having been given. Except as otherwise required by nonwaivable provisions of applicable Law, the Administrative Agent may adjourn any public or private sale from time to time by announcement
at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. The Administrative Agent may sell the Collateral without giving any warranties as to the Collateral. The
Administrative Agent may specifically disclaim or modify any warranties of title or the like. This procedure will not be considered to adversely effect the commercial reasonableness of any sale of the 

  

 30 

 
Collateral. Each of the Grantors agrees that it would not be commercially unreasonable for the Administrative Agent to dispose of the Collateral or any
portion thereof by using Internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets. Each of the Grantors hereby waives
any claims against the Administrative Agent arising by reason of the fact that the price at which any Collateral may have been sold at such a private sale was less than the price which might have been obtained at a public sale, even if the
Administrative Agent accepts the first offer received and does not offer such Collateral to more than one offeree. Each of the Grantors further agrees, at the Administrative Agent’s request, to assemble the Collateral and make it available to
the Administrative Agent at places which the Administrative Agent shall reasonably select, whether at such Grantor’s premises or elsewhere. Except as otherwise prohibited by applicable Law, the Administrative Agent shall have the right to enter
onto the property where any Collateral is located and take possession thereof with or without judicial process. 
  
 (b) The Administrative Agent shall apply the net proceeds of any action taken by it pursuant to this Section 6.6, after deducting
all reasonable costs and expenses of every kind incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral or in any way relating to the Collateral or the rights of the Secured Parties hereunder, including,
without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Obligations and only after such application and after the payment by the Administrative Agent of any other amount required by any
provision of law, including, without limitation, Section 9-615(a) of the UCC, need the Administrative Agent account for the surplus, if any, to any Grantor. If the Administrative Agent sells any of the Collateral upon credit, such Grantor will be
credited only with payments actually made by the purchaser and received by the Administrative Agent and applied to indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, the Administrative Agent may resell the
Collateral and such Grantor shall be credited with proceeds of the sale. To the extent permitted by applicable Law, each of the Grantors waives all claims, damages and demands it may acquire against any Secured Party arising out of the exercise by
them of any rights hereunder other than in respect of gross negligence or willful misconduct by such Secured Party. 
  
 (c) In the event of any Disposition of any of the Intellectual Property and if an Event of Default shall have occurred and be continuing,
the goodwill of the business connected with and symbolized by any Trademarks subject to such Disposition shall be included, and the applicable Grantor shall supply the Administrative Agent or its designee with such Grantor’s know-how and
expertise, and with documents and things embodying the same, relating to the manufacture, distribution, advertising and sale of products or the provision of services relating to any Intellectual Property subject to such Disposition, and such
Grantor’s customer lists and other records and documents relating to such Intellectual Property and to the manufacture, distribution, advertising and sale of such products and services. 
  
 (d) If the Administrative Agent shall determine to exercise
its rights and remedies to sell all or any of the Collateral pursuant to Section 6.3, each of the Grantors agrees that, upon request of the Administrative Agent, such Grantor will, at its own expense do or cause to be done all such other acts
and things as may be necessary to make such sale of the Collateral or any part thereof valid and binding and in compliance with applicable Law. Without limiting 

  

 31 

 
the generality of the foregoing and subject to Section 6.3(e), if an Event of Default shall have occurred, each of the Grantors shall take any action
which the Administrative Agent may reasonably request in order to effect the transfer of control or assignment to the Administrative Agent, or to such one or more third Persons as such Grantor may designate, or to a combination of the foregoing, of
each FCC License controlled by such Grantor. To enforce this Section 6.6, the Administrative Agent is empowered to request the appointment of a receiver from any court of competent jurisdiction. Such receiver shall be instructed to seek from
the FCC an involuntary transfer of control of each such FCC License for the purpose of seeking a bona fide purchaser to whom control will ultimately be transferred. Each of the Grantors hereby agrees to authorize such an involuntary transfer of
control upon the request of the receiver so appointed and, if such Grantor shall refuse to authorize the transfer, its approval may be required by the court. Upon the occurrence of an Event of Default, each of the Grantors shall further use its best
efforts to assist in obtaining approval of the FCC, if required, for any action or transactions contemplated by this Agreement including, without limitation, the preparation, execution and filing with the FCC of the assignor’s or
transferor’s portion of any application or applications for consent to the transfer or assignment of any such FCC License or transfer of control necessary or appropriate under the FCC’s rules and regulations for approval of the transfer or
assignment of any portion of the Collateral, together with any FCC License controlled by such Grantor. 
  
 6.7. Registration Rights. 
  
 (a) Upon (x) the occurrence and continuance of an Event of Default and (y) the Administrative Agent and the Lenders having declared the
Obligations then outstanding to be due and payable in whole or in part as provided in Section 7.01 of the Credit Agreement, if the Administrative Agent shall determine to exercise its right to sell any or all of the Pledged Equity Interests or the
Pledged Debt Securities pursuant to Section 6.6, and if in the opinion of the Administrative Agent it is necessary or advisable to have the Pledged Equity Interests or the Pledged Debt Securities, or that portion thereof to be sold,
registered under the provisions of the Securities Laws, the relevant Grantor will cause the Issuer thereof to (i) execute and deliver, and cause the directors and officers of such Issuer to execute and deliver, all such instruments and documents,
and do or cause to be done all such other acts as may be, in the opinion of the Administrative Agent, necessary or advisable to register the Pledged Equity Interests or the Pledged Debt Securities, or that portion thereof to be sold, under the
provisions of the Securities Laws, (ii) use its best efforts to cause the registration statement relating thereto to become effective and to remain effective for a period of one year from the date of the first public offering of the Pledged Equity
Interests or the Pledged Debt Securities, or that portion thereof to be sold, provided, that the Administrative Agent shall furnish to the relevant Grantor such information regarding the Administrative Agent as shall be required in connection with
such registration and requested by such Grantor in writing, and (iii) make all amendments thereto and/or to the related prospectus which, in the opinion of the Administrative Agent, are necessary or advisable, all in conformity with the requirements
of the Securities Laws and the rules and regulations of the SEC applicable thereto. Each of the Grantors agrees to cause such Issuer to comply with the provisions of the securities or “Blue Sky” laws of any and all jurisdictions which the
Administrative Agent shall designate and to make available to its security holders, as soon as practicable, an earnings statement (which need not be audited) which will satisfy the provisions of Section 11(a) of the Securities Act. 
  

 32 

 (b) Each of the Grantors recognizes that the Administrative Agent may be unable to effect
a public sale of any or all the Pledged Equity Interests or the Pledged Debt Securities, by reason of certain prohibitions contained in the Securities Laws and applicable state securities laws or otherwise, and may be compelled to resort to one or
more private sales thereof to a restricted group of purchasers which will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Each of the
Grantors acknowledges and agrees that any such private sale may result in prices and other terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have
been made in a commercially reasonable manner. The Administrative Agent shall be under no obligation to delay a sale of any of the Pledged Equity Interests or the Pledged Debt Securities for the period of time necessary to permit the Issuer thereof
to register such securities for public sale under the Securities Laws, or under applicable state securities laws, even if such Issuer would agree to do so. 
  
 (c) Each of the Grantors agrees to use its reasonable efforts to do or cause to be done all such other acts as may be necessary to make
such sale or sales of all or any portion of the Pledged Equity Interests or the Pledged Debt Securities pursuant to this Section 6.7 valid and binding and in compliance with any and all other applicable requirements of Law. Each of the
Grantors further agrees that a breach of any of the covenants contained in this Section 6.7 will cause irreparable injury to the Secured Parties, that the Secured Parties have no adequate remedy at law in respect of such breach and, as a
consequence, that each and every covenant contained in this Section 6.7 shall be specifically enforceable against such Grantor, and each of the Grantors hereby waives and agrees not to assert any defenses against an action for specific
performance of such covenants except for a defense that no Event of Default has occurred and is continuing under the Credit Agreement or a defense of payment. 
  

6.8. Waiver; Deficiency. Each Grantor shall remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral
are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by any Secured Party to collect such deficiency. 
  
 SECTION 7 
  
 THE ADMINISTRATIVE AGENT 
  
 7.1. Administrative Agent’s Appointment as Attorney-in-Fact, Etc. 
  
 (a) Each of the Grantors hereby irrevocably constitutes and appoints the Administrative Agent and any officer or agent thereof, with full
power of substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this
Agreement, to the extent not prohibited by the Communications Act, to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or reasonably desirable to accomplish the purposes of this
Agreement, and, without limiting the generality of the foregoing, each of the Grantors hereby gives the Administrative 

  

 33 

 
Agent the power and right, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following: 
  
 (i) in the name of such Grantor or its own name, or
otherwise, take possession of and endorse and collect any checks, drafts, notes, acceptances or other instruments for the payment of moneys due under any Receivable or with respect to any other Collateral and file any claim or take any other action
or proceeding in any court of law or equity or otherwise deemed appropriate by the Administrative Agent for the purpose of collecting any and all such moneys due under any Receivable or with respect to any other Collateral whenever payable;

  
 (ii) in the case of any Intellectual
Property, execute and deliver, and have recorded, any and all agreements, instruments, documents and papers as the Administrative Agent may request to evidence the Secured Parties’ security interest in such Intellectual Property and the
goodwill and general intangibles of such Grantor relating thereto or represented thereby; 
  
 (iii) pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any repairs or any insurance
called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; 
  
 (iv) execute, in connection with any sale provided for in Section 6.6 or 6.7, any endorsements, assignments or other
instruments of conveyance or transfer with respect to the Collateral; and 
  
 (v) (A) direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due thereunder directly to the Administrative Agent or as the Administrative Agent
shall direct; (B) ask or demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in respect of or arising out of any Collateral; (C) sign and endorse any invoices,
freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other documents in connection with any of the Collateral; (D) commence and prosecute any suits, actions or
proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect of any Collateral; (E) defend any suit, action or proceeding brought against such
Grantor with respect to any Collateral; (F) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or releases as the Administrative Agent may deem appropriate; (G) assign any Copyright,
Patent or Trademark (along with the goodwill of the business to which any such Copyright, Patent or Trademark pertains), throughout the world for such term or terms, on such conditions, and in such manner, as the Administrative Agent shall in its
sole discretion determine; and (H) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as fully and completely as though the Administrative Agent were the absolute owner thereof for
all purposes, and do, at the Administrative Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and things which the Administrative Agent deems necessary to protect, preserve or realize upon the
Collateral and the Secured Parties’ security interests therein and to effect the intent of this Agreement, all as fully and effectively as such Grantor might do. Anything in this Section 7.1(a) to the contrary notwithstanding, the
Administrative Agent agrees that, except as provided in Section 7.1(b), it 

  

 34 

 
will not exercise any rights under the power of attorney provided for in this Section 7.1(a) unless an Event of Default shall have occurred and be
continuing. 
  
 (b) If any Grantor fails to
perform or comply with any of its agreements contained herein, the Administrative Agent, at its option, but without any obligation so to do, may perform or comply, or otherwise cause performance or compliance, with such agreement; provided, however,
that unless an Event of Default has occurred and is continuing or time is of the essence, the Administrative Agent shall not exercise this power without first making demand on such Grantor and such Grantor failing to promptly comply therewith.

  
 (c) The reasonable expenses of the
Administrative Agent incurred in connection with actions undertaken as provided in this Section 7.1, together with interest thereon at a rate per annum equal to the rate per annum at which interest would then be payable on past due Revolving
Loans that are ABR Loans under the Credit Agreement, from the date of payment by the Administrative Agent to the date reimbursed by the relevant Grantor, shall be payable by such Grantor to the Administrative Agent on demand. 
  
 (d) Each of the Grantors hereby ratifies all that said
attorneys shall lawfully do or cause to be done by virtue of the powers of attorney granted pursuant to this Agreement. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this
Agreement is terminated and the security interests created hereby are released. 
  
 7.2. Duty of Administrative Agent. The Administrative Agent’s sole duty with respect to the custody, safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the
UCC or otherwise, shall be to deal with it in the same manner as the Administrative Agent deals with similar property for its own account. Neither the Administrative Agent, nor any other Secured Party nor any of their respective officers, directors,
partners, employees, agents, attorneys and other advisors, attorneys-in-fact or affiliates shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or
otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the Secured Parties hereunder are solely to
protect the Secured Parties’ interests in the Collateral and shall not impose any duty upon any Secured Party to exercise any such powers. The Secured Parties shall be accountable only for amounts that they actually receive as a result of the
exercise of such powers, and neither they nor any of their officers, directors, partners, employees, agents, attorneys and other advisors, attorneys-in-fact or affiliates shall be responsible to any Grantor for any act or failure to act hereunder,
except for their own gross negligence or willful misconduct. 
  
 7.3. Execution of Financing Statements. Each of the Grantors hereby authorizes the Administrative Agent to file or record financing or continuation statements, and assignments and amendments thereto, and other filing or recording
documents or instruments with respect to the Collateral without the signature of such Grantor (to the extent permitted by applicable Law) in such form and in such offices as the Administrative Agent reasonably determines appropriate to perfect or
maintain the perfection of the security interests of the Administrative Agent under this Agreement. Each Grantor agrees that such financing statements may describe the collateral in 

  

 35 

 
the same manner as described in the Loan Documents or as “all assets” or “all personal property” of the undersigned, whether now owned or
hereafter existing or acquired by the undersigned or such other description as the Administrative Agent, in its sole but reasonable judgment, determines is necessary or advisable. A photographic or other reproduction of this Agreement shall be
sufficient as a financing statement or other filing or recording document or instrument for filing or recording in any jurisdiction. Each of the Grantors hereby ratifies any such financing statement filed prior to the date hereof by the
Administrative Agent, if any. 
  
 7.4. Authority of
Administrative Agent. Each of the Grantors acknowledges that the rights and responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the
Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as between the Administrative Agent and the other Secured Parties, be governed by
the Credit Agreement and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Administrative Agent and the Grantors, the Administrative Agent shall be conclusively presumed to be acting as
agent for the Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. 
  
 7.5. Appointment of Co-Collateral Agents. At any time or from time to
time and upon written notice to the Grantors, in order to comply with any requirement of Law, the Administrative Agent may appoint another bank or trust company or one of more other Persons, either to act as co-agent or agents on behalf of the
Secured Parties with such power and authority as may be necessary for the effectual operation of the provisions hereof and which may be specified in the instrument of appointment (which may, in the discretion of the Administrative Agent, include
provisions for indemnification and similar protections of such co-agent or separate agent). 
  
 SECTION 8 
  
 MISCELLANEOUS

  
 8.1. Amendments in Writing. None of the terms or
provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in accordance with Section 9.02 of the Credit Agreement. Each Grantor (other than the Borrower) hereby ratifies, agrees and acknowledges that its
irrevocable power of attorney in favor of the Borrower appointing the Borrower as such Grantor’s attorney–in–fact with respect to the execution of any and all amendments, consents, waivers and modifications to this Agreement and the
related agreements is in full force and in effect, legal and binding and enforceable in accordance with its terms. 
  
 8.2. Notices. All notices, requests and demands to or upon the Administrative Agent or any Grantor hereunder shall be effected in the manner
provided for in Section 9.02 of the Credit Agreement; provided that any such notice, request or demand to or upon any Guarantor shall be addressed to such Guarantor at its notice address set forth on Schedule 1. 
  

 36 

 8.3. No Waiver by Course of Conduct; Cumulative Remedies. Except by a written instrument pursuant
to Section 8.1, no Secured Party shall by any act delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default. No failure to exercise, nor any delay in exercising, on
the part of any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise
of any other right, power or privilege. A waiver by any Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which such Secured Party would otherwise have on any future occasion.
The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law. 
  
 8.4. Enforcement Expenses; Indemnification. 
  
 (a) Each Guarantor agrees to pay or reimburse each Lender and the Administrative Agent (in the case of each
Lender, after the occurrence and during the continuance of an Event of Default) for all its costs and expenses incurred in collecting against such Guarantor under the guarantee contained in Section 2 or otherwise enforcing or preserving any
rights under this Agreement and the other Loan Documents to which such Guarantor is a party, including, without limitation, the fees and disbursements of counsel to each Secured Party and of counsel to the Administrative Agent. 
  
 (b) Each Guarantor agrees to pay, and to save the Secured
Parties harmless from, any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in
connection with any of the transactions contemplated by this Agreement. 
  
 (c) Each Guarantor agrees to pay, and to save the Secured Parties harmless from, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement to the extent the Borrower would be required to do so pursuant to Section 9.03 of the Credit Agreement. 
  
 (d) The agreements in this Section shall survive repayment
of the Obligations and all other amounts payable under the Credit Agreement and the other Loan Documents. 
  
 8.5. Successors and Assigns. This Agreement shall be binding upon the successors and assigns of each Grantor and shall inure to the benefit of the
Secured Parties and their successors and assigns; provided that no Grantor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent of the Administrative Agent. 
  
 8.6. Set-Off. Each of the Grantors hereby irrevocably authorizes each
Secured Party at any time and from time to time while an Event of Default shall have occurred and be continuing, without notice to such Grantor or any other Grantor, any such notice being expressly waived by each Grantor, to set-off and appropriate
and apply any and all deposits (general or 

  

 37 

 
special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct
or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Secured Party to or for the credit or the account of such Grantor, or any part thereof in such amounts as such Secured Party may elect, against and on
account of the Obligations of such Grantor to such Secured Party hereunder and claims of every nature and description of such Secured Party against such Grantor, in any currency, whether arising hereunder, under the Credit Agreement or any other
Loan Document, as such Secured Party may elect, whether or not any Secured Party has made any demand for payment and although such Obligations may be contingent or unmatured. Each Secured Party shall notify such Grantor promptly of any such set-off
and the application made by such Secured Party of the proceeds thereof, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Secured Party under this Section are in addition
to other rights and remedies (including, without limitation, other rights of set-off) which such Secured Party may have. 
  
 8.7. Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts (including
by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
  
 8.8. Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
  
 8.9. Section Headings. The
Section headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
  
 8.10. Integration. This Agreement and the other Loan Documents represent the agreement of the Grantors, the
Administrative Agent and the other Secured Parties with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by any Secured Party relative to subject matter hereof and thereof not
expressly set forth or referred to herein or in the other Loan Documents. 
  
 8.11. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  
 8.12. Submission to Jurisdiction; Waivers. Each of the Grantors hereby irrevocably and unconditionally: 

 
 (a) submits for itself and its property in any legal
action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New
York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof; 
  

 38 

 (b) consents that any such action or proceeding may be brought in such courts and waives
any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 
  
 (c) agrees that service of process in any such action or
proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Grantor at its address referred to in Section 8.2 or at such other address of which the
Administrative Agent shall have been notified pursuant thereto; 
  
 (d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and 
  
 (e) waives, to the maximum extent not prohibited by law, any
right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 
  

8.13. Acknowledgments. Each of the Grantors hereby acknowledges that: 
  
 (a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the
other Loan Documents to which it is a party; 
  
 (b) no Secured Party has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Grantors, on the one hand, and the
Secured Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and 
  
 (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated
hereby among the Secured Parties or among the Grantors and the Secured Parties. 
  
 8.14. Additional Grantors. Each Restricted Subsidiary of the Borrower that is required to become a party to this Agreement pursuant to Section 5.09 of the Credit Agreement shall become a Grantor for all
purposes of this Agreement upon execution and delivery by such Restricted Subsidiary of an Assumption Agreement in the form of Annex 1 hereto. 
  
 8.15. Releases. 
  
 (a) At such time as the Loans, the LC Exposure and the other Obligations (other than Obligations in respect of any Swap Agreement) shall
have been paid in full, the Commitments have been terminated or expired and no Letters of Credit shall be outstanding, the Collateral shall be released from the Liens created hereby, and this Agreement and all obligations (other than those expressly
stated to survive such termination) of the Administrative Agent, each Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the Grantors. At
the request and sole expense of any Grantor following any such termination, the Administrative Agent shall deliver to such Grantor any Collateral held by the Administrative 

  

 39 

 
Agent hereunder, and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 
  
 (b) If any of the Collateral shall be disposed of by any
Grantor in a Disposition permitted by the Credit Agreement, or if any Restricted Subsidiary is designated as an Unrestricted Subsidiary as permitted thereunder, then the Administrative Agent, at the request and sole expense of such Grantor, shall
execute and deliver to such Grantor all releases or other documents reasonably necessary or desirable for the release of the Liens created hereby on such Collateral. At the request and sole expense of the Borrower, a Guarantor shall be released from
its obligations hereunder in the event that all the Equity Interests of such Guarantor shall be disposed of in a Disposition permitted by the Credit Agreement; provided that the Borrower shall have delivered to the Administrative Agent, at least
three Business Days prior to the date of the proposed release (or a lesser time as acceptable to the Administrative Agent), a written request for release identifying the relevant Guarantor and the terms of the Disposition in reasonable detail,
including the price thereof and any expenses in connection therewith, together with a certification by the Borrower stating that such transaction is in compliance with the Credit Agreement and the other Loan Documents and that the Proceeds of such
Disposition will be applied in accordance therewith. 
  
 (c) Each of the Grantors acknowledges that, prior to the termination hereof, payment in full of the Obligations and termination of the Commitments, it is not authorized to file any financing statement or amendment or termination statement
with respect to any financing statement originally filed in connection herewith without the prior written consent of the Administrative Agent subject to such Grantor’s rights under Section 9-509(d)(2) of the UCC. 
  
 8.16. WAIVER OF JURY TRIAL. EACH GRANTOR AND THE ADMINISTRATIVE AGENT
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 
  
 [Remainder of Page Intentionally Left Blank.] 
  

 40 

  
 IN WITNESS WHEREOF, each of
the undersigned has caused this Guarantee and Collateral Agreement to be duly executed and delivered as of the date first above written. 
  

			
	GRANTORS:
	
	 RADIO ONE, INC.
 RADIO ONE
LICENSES, LLC
 BELL BROADCASTING COMPANY
 RADIO ONE OF DETROIT,
LLC
 RADIO ONE OF ATLANTA, LLC
 ROA LICENSES, LLC
 RADIO ONE OF CHARLOTTE, LLC
 CHARLOTTE BROADCASTING, LLC
 RADIO ONE OF NORTH CAROLINA, LLC
 RADIO ONE OF AUGUSTA, LLC
 RADIO ONE OF BOSTON, INC.
 RADIO ONE OF BOSTON LICENSES, LLC
 RADIO ONE OF INDIANA, LLC
 RADIO ONE OF TEXAS I, LLC
 RADIO ONE OF TEXAS II, LLC
 BLUE CHIP MERGER SUBSIDIARY, INC.
 BLUE CHIP BROADCASTING
 LICENSES II, LTD.
 BLUE CHIP BROADCASTING COMPANY
 BLUE CHIP BROADCASTING, LTD.
 BLUE CHIP BROADCASTING LICENSES, LTD.
 SATELLITE ONE, L.L.C.
 HAWES-SAUNDERS BROADCAST
PROPERTIES, INC.
 RADIO ONE OF DAYTON LICENSES, LLC
 NEW MABLETON BROADCASTING
CORPORATION
 RADIO ONE MEDIA HOLDINGS, LLC

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  
 GUARANTEE AND COLLATERAL AGREEMENT – SIGNATURE PAGE 
  

  

					
	 RADIO ONE OF INDIANA, L.P.

		
	 By:
	 	 Radio One, Inc.,
 its general partner

			
	 	 	 By:
	 	 
	 	 	 	 	 Name:

	 	 	 	 	 Title:

	
	 RADIO ONE OF TEXAS, L.P.

		
	 By:
	 	 Radio One of Texas I, LLC,
 its general partner

			
	 	 	 By:
	 	 
	 	 	 	 	 Name:

	 	 	 	 	 Title:

  
 GUARANTEE AND COLLATERAL AGREEMENT – SIGNATURE PAGE 
  

  

			
	ADMINISTRATIVE AGENT:
	
	WACHOVIA BANK, NATIONAL ASSOCIATION,
as Administrative Agent
		
	By:	 	 
	 	 	 Joe Mynatt

	 	 	 Director

  
 GUARANTEE AND COLLATERAL AGREEMENT – SIGNATURE PAGE 
  

  
 SCHEDULE 1 

 
 Notice Addresses of Guarantors 
  

  
 SCHEDULE 2 

 
 Description of Pledged Investment Property 
  
 Pledged Stock: 
  

													
	 Grantor

	  	 Issuer

	  	 Issuer’s Jurisdiction Under UCC
Section 9-305(a)(2)

	  	 Class of Stock

	  	 Stock
Certificate No.

	  	 Percentage
of Shares

	  	 No. of Shares

	 	  	 	  	 	  	 	  	 	  	 	  	 

  
 Pledged Notes: 
  

							
	 Grantor

	  	 Issuer

	  	 Payee

	  	 Principal Amount

	 	  	 	  	 	  	 

  
 Pledged Debt Securities:

  

									
	 Grantor

	  	 Issuer

	  	 Issuer’s Jurisdiction Under UCC
Section 9-305(a)(2)

	  	 Payee

	  	 Principal Amount

	 	  	 	  	 	  	 	  	 

  
 Pledged Security Entitlements:

  

											
	 Grantor

	  	 Issuer of
Financial Asset

	  	 Description of
Financial Asset

	  	 Securities Intermediary
(Name and Address)

	  	 Securities Account
(Number and Location)

	  	 Securities Intermediary’s
Jurisdiction Under UCC
Section
9–305(a)(3)

	 	  	 	  	 	  	 	  	 	  	 

  
 Pledged Commodity Contracts:

  

									
	 Grantor

	  	 Description of
Commodity Contract

	  	 Commodity Intermediary
(Name and Address)

	  	 Commodity Account
(Number and Location)

	  	 Commodity Intermediary’s
Jurisdiction Under UCC
Section 9-305(a)(4)

	 	  	 	  	 	  	 	  	 

  

 1 

 Pledged Partnership Interests: 
  

											
	 Grantor

	  	 Issuer

	  	 Type of
Partnership Interest
(e.g., General or
Limited)

	  	 Certificated (Y/N)

	  	 Certificate No. (if any)

	  	 % of Outstanding
Partnership Interests of
the Partnership

	 	  	 	  	 	  	 	  	 	  	 

  
 Pledged LLC Interests:

  

											
	 Grantor

	  	 Issuer

	  	 Certificated (Y/N)

	  	 Certificate No. (if any)

	  	 No. of Pledged Units

	  	 % of Outstanding LLC
Interests of the Issuer

	 	  	 	  	 	  	 	  	 	  	 

  
 Deposit Accounts: 

 

							
	 Grantor

	  	 Name of Depositary Bank

	  	 Account Number

	  	 Account Name

	 	  	 	  	 	  	 

  

 2 

  
 SCHEDULE 3 

 
 Filings and Other Actions 
 Required to Perfect Security Interests 
  
 Uniform Commercial Code Filings 
  
 [List each office where a financing statement is to be filed] 
  
 Copyright, Patent and Trademark Filings 
  
 [List all filings] 
  
 Actions with respect to Investment Property 
  
 [Describe all actions required to obtain “control” of Investment Property] 
  
 Other Actions 
  
 [Describe other actions to be taken] 
  

  
 SCHEDULE 4 

 
 Exact Legal Name, Jurisdiction of Organization and Location of Chief
Executive Office 
  

							
	 Exact Legal Name

	  	 Jurisdiction of
Organization

	  	 Organizational I.D.

	  	 Location of Chief
Executive Office

	 	  	 	  	 	  	 

  

  
 SCHEDULE 5 

 
 Copyrights 
  
 Patents 
  
 Trademarks 
  
 Intellectual property licenses 
  
 Other intellectual property 
  

  
 SCHEDULE 6 

 
 Letters of Credit 
  

  
 SCHEDULE 7 

 
 Commercial Tort Claims 
  

  
 EXHIBIT A 

 
 FORM OF CONFIRMATION OF PLEDGE BY ISSUER 
  
                     , a
                     (“Issuer”) and
                    , a
                     (“Grantor”), hereby represent and warrant and agree (for the benefit of the Administrative Agent, as
defined below) as follows: 
  
 1. Issuer represents and warrants
that Grantor is the record owner of the equity interest of Issuer described on Schedule 1 (collectively, the “Pledged Interest”) and that Issuer has compared Schedule 1 and Issuer’s records of the equity interest
of Issuer kept for such purposes and Grantor is the record owner of the interest described on Schedule 1. 
  
 2. Grantor hereby informs Issuer that Grantor has granted a security interest in the Pledged Interest to Wachovia Bank, National Association, as
Administrative Agent (in such capacity, “Administrative Agent”), as collateral security for the certain obligations evidenced by and more specifically described in that certain Credit Agreement, dated as of June
[    ], 2005 (as the same may be amended, restated, supplemented or modified from time to time, the “Credit Agreement”), among the Radio One, Inc., a Delaware corporation (the “Borrower”),
the several banks and other financial institutions or entities from time to time parties to the Credit Agreement, Bank of America, N.A., as syndication agent, Credit Suisse, Merrill Lynch, Pierce Fenner & Smith Incorporated, and SunTrust Bank,
as co-documentation agents, and the Administrative Agent. 
  
 3.
Issuer represents and warrants that the pledge of the Pledged Interest has been registered on the books of Issuer kept for such purpose since
                            , 200    , and the name and address for
Administrative Agent as set forth on Schedule 1 have been registered on such books, together with a description of the Pledged Interest. Grantor hereby directs Issuer that, and Issuer agrees, that (a) Issuer shall not effect any transfer of
the Grantor’s interest in any of the Pledged Interest without the prior written consent of the Administrative Agent, (b) Issuer shall hold all Pledged Interest for the benefit of Administrative Agent, subject to the written instructions of the
Administrative Agent, (c) until Issuer receives written instructions from the Administrative Agent to the contrary, Grantor shall continue to exercise all other rights accorded to a record owner of the equity interest of Issuer and (d) until written
notice to the contrary is received by Issuer from the Administrative Agent, Issuer will comply with this Confirmation and all instructions originated by Administrative Agent with respect to the Pledged Interest without necessity of further consent
or authorization of the Grantor or any other person or entity. 
  
 4. Grantor acknowledges and agrees that this Confirmation constitutes the written instructions of the Administrative Agent to Issuer that (a) until written notice to the contrary is received by Issuer from the Administrative Agent, Issuer
shall comply with the terms of this Confirmation and all instructions originated by the Administrative Agent with respect to the Pledged Interest without necessity of further consent or authorization of the Grantor or any other person or entity, (b)
Issuer register the pledge of the Pledged Interest on the books of Issuer, and (c) except with respect to the registration of the pledge of the Pledged Interest by the Grantor to the Administrative Agent, Issuer, unless instructed otherwise in
writing by the Administrative Agent, shall not register any transfer of the Pledged Interest. 
  

 A-1 

  
 IN WITNESS WHEREOF, each of
the undersigned has caused this Confirmation to be duly executed and delivered as of
                            , 20     
  

			
	[NAME OF ISSUER]
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	[NAME OF GRANTOR]
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 A-2 

  
 EXHIBIT B-1

  
 FORM OF INTELLECTUAL PROPERTY SECURITY AGREEMENT

  
 This INTELLECTUAL PROPERTY SECURITY AGREEMENT, dated
as of June [    ], 2005 (as amended, restated, supplemented or otherwise modified from time to time, the “Intellectual Property Security Agreement”), is made by each of the signatories hereto
(collectively, the “Grantors”) in favor of Wachovia Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”) for the Secured Parties (as defined in the Guarantee and
Collateral Agreement referred to below). 
  
 RECITALS:

  
 A. Radio One, Inc., a Delaware corporation (the
“Borrower”), has entered into a Credit Agreement, dated as of June [    ], 2005, (as the same may be amended, restated, supplemented or modified from time to time, the “Credit Agreement”),
among the Borrower, the several banks and other financial institutions or entities from time to time parties to the Credit Agreement, Bank of America, N.A., as syndication agent, Credit Suisse, Merrill Lynch, Pierce Fenner & Smith Incorporated,
and SunTrust Bank, as co-documentation agents, and the Administrative Agent. Capitalized terms used and not defined herein have the meanings given such terms in the Credit Agreement. 
  
 B. It is a condition precedent to the obligation of the Lenders to make their respective extensions of credit to the
Borrower under the Credit Agreement that the Grantors shall have executed and delivered that certain Guarantee and Collateral Agreement, dated as of June [    ], 2005, in favor of the Administrative Agent for the benefit
of the Secured Parties (as the same may be amended, restated, supplemented, replaced or otherwise modified from time to time, the “Guarantee and Collateral Agreement”). 
  
 C. Under the terms of the Guarantee and Collateral Agreement, the Grantors have granted a security interest in certain
property, including, without limitation, certain Intellectual Property of the Grantors to the Administrative Agent for the ratable benefit of the Secured Parties, and have agreed as a condition thereof to execute this Intellectual Property Security
Agreement for recording with the United States Patent and Trademark Office, the United States Copyright Office, and other applicable Governmental Authorities. 
  

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Grantors agree as follows:

  
 Section 1. Collateral Grant of Security. Each Grantor
hereby pledges, grants and collaterally assigns to the Administrative Agent for the ratable benefit of the Secured Parties a continuing security interest in and to all of such Grantor’s right, title and interest in and to the following (the
“Intellectual Property Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise) of such Grantor’s Obligations: 

 
 (a) (i) all United States trademarks, service marks, trade names,
corporate names, company names, business names, trade dress, trade styles, logos, or other indicia of origin or 

  

 B-1 

 
source identification, trademark and service mark registrations, and applications for trademark or service mark registrations and any new renewals thereof,
including, without limitation, each registration and application identified in Schedule 1, (ii) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iii) all income,
royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past, present or future
infringements thereof), and (iv) all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto, together in each case with the goodwill of the business connected with the use of, and symbolized by, each of the
above (collectively, the “Trademarks”); 
  
 (b)
(i) all United States patents, patent applications and patentable inventions, including, without limitation, each issued patent and patent application identified in Schedule 1, (ii) all inventions and improvements described and claimed
therein, (iii) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iv) all income, royalties, damages and other payments now and hereafter due and/or payable with respect
thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past, present or future infringements thereof), and (v) all reissues, divisions, continuations,
continuations-in-part, substitutes, renewals, and extensions thereof, all improvements thereon and all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto (collectively, the “Patents”);

  
 (c) (i) all United States copyrights, whether or not the
underlying works of authorship have been published, and all works of authorship and other intellectual property rights therein, all copyrights of works based on, incorporated in, derived from or relating to works covered by such copyrights, all
right, title and interest to make and exploit all derivative works based on or adopted from works covered by such copyrights, and all copyright registrations and copyright applications, and any renewals or extensions thereof, including, without
limitation, each registration and application identified in Schedule 1, (ii) the rights to print, publish and distribute any of the foregoing, (iii) the right to sue or otherwise recover for any and all past, present and future infringements
and misappropriations thereof, (iv) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and
damages and payments for past, present or future infringements thereof), and (v) all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto (“Copyrights”); 
  
 (d) (i) all trade secrets and all confidential and proprietary information,
including know-how, manufacturing and production processes and techniques, inventions, research and development information, technical data, financial, marketing and business data, pricing and cost information, business and marketing plans, and
customer and supplier lists and information, (ii) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iii) all income, royalties, damages and other payments now and hereafter
due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past, present or future infringements thereof), and (iv) all other rights of any
kind whatsoever of such Grantor accruing thereunder or pertaining thereto (collectively, the “Trade Secrets”); 
  

 B-2 

 (e) (i) all licenses or agreements, whether written or oral, providing for the grant by or to any Grantor
of: (A) any right to use any Trademark or Trade Secret, (B) any right to manufacture, use or sell any invention covered in whole or in part by a Patent, and (C) any right under any Copyright including, without limitation, the grant of rights to
manufacture, distribute, exploit and sell materials derived from any Copyright including, without limitation, any of the foregoing identified in Schedule 1, (ii) the right to sue or otherwise recover for any and all past, present and future
infringements and misappropriations of any of the foregoing, (iii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into
in connection therewith, and damages and payments for past, present or future infringements thereof), and (iv) all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto; and 
  
 (f) any and all proceeds of the foregoing. 
  
 Section 2. Recordation. This Intellectual Property Security Agreement
has been executed and delivered by each Grantor for the purpose of recording the grant of security interest herein with the Register of Copyrights, the Commissioner of Patents and Trademarks and any other applicable government officer. Each Grantor
authorizes and requests that the Register of Copyrights, the Commissioner of Patents and Trademarks and any other applicable government officer record this Intellectual Property Security Agreement. 
  
 Section 3. Execution in Counterparts. This Agreement may be executed
in any number of counterparts (including by telecopy), each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 Section 4. Governing Law. This Intellectual Property Security
Agreement shall be governed by, and construed and interpreted in accordance with, the law of the State of New York. 
  
 Section 5. Conflict Provision. This Intellectual Property Security Agreement has been entered into in conjunction with the provisions of the
Guarantee and Collateral Agreement and the Credit Agreement. The rights and remedies of each party hereto with respect to the security interest granted herein are without prejudice to and are in addition to those set forth in the Guarantee and
Collateral Agreement and the Credit Agreement, all terms and provisions of which are incorporated herein by reference. In the event that any provisions of this Intellectual Property Security Agreement are in conflict with the Guarantee and
Collateral Agreement or the Credit Agreement, the provisions of the Guarantee and Collateral Agreement or the Credit Agreement shall govern. 
  
 [Remainder of Page Intentionally Left Blank.] 
  

 B-3 

  
 IN WITNESS WHEREOF, each of
the undersigned has caused this Intellectual Property Security Agreement to be duly executed and delivered as of the date first above written. 
  

			
	[NAME OF GRANTOR]
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 B-4 

  
 SCHEDULE 1 

 
 Copyrights 
  
 Patents 
  
 Trademarks 
  
 Intellectual Property Licenses 
  

  
 EXHIBIT B-2

  
 FORM OF AFTER-ACQUIRED INTELLECTUAL PROPERTY

 SECURITY AGREEMENT 
 ([FIRST] SUPPLEMENTAL FILING) 
  
 This
INTELLECTUAL PROPERTY SECURITY AGREEMENT ([FIRST] SUPPLEMENTAL FILING), dated as of                     , 200   (as amended,
supplemented or otherwise modified from time to time, the “[First] Supplemental Intellectual Property Security Agreement”), is made by each of the signatories hereto (collectively, the “Grantors”) in favor of
Wachovia Bank, National Association, as administrative agent (in such capacity, the “Administrative Agent”) for the Secured Parties (as defined in the Credit Agreement referred to below). 
  
 RECITALS: 
  
 A. Radio One, Inc., a Delaware corporation (the “Borrower”), has entered into a Credit Agreement, dated as
of June [    ], 2005 (as the same may be amended, supplemented or modified from time to time, the “Credit Agreement”), among the Borrower, the several banks and other financial institutions or entities
from time to time parties to the Credit Agreement, Bank of America, N.A., as syndication agent, Credit Suisse, Merrill Lynch, Pierce Fenner & Smith Incorporated, and SunTrust Bank, as co-documentation agents, and the Administrative Agent.
Capitalized terms used and not defined herein have the meanings given such terms in the Credit Agreement. 
  
 B. It is a condition precedent to the obligation of the Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement
that the Grantors shall have executed and delivered that certain Guarantee and Collateral Agreement, dated as of June [    ], 2005, in favor of the Administrative Agent for the benefit of the Secured Parties (as the same
may be amended, restated, supplemented, replaced or otherwise modified from time to time, the “Guarantee and Collateral Agreement”). 
  
 C. Under the terms of the Guarantee and Collateral Agreement, the Grantors have granted a security interest in certain property, including, without
limitation, certain Intellectual Property, including but not limited to After-Acquired Intellectual Property of the Grantors to the Administrative Agent for the ratable benefit of the Secured Parties, and have agreed as a condition thereof to
execute this [First] Supplemental Intellectual Property Security Agreement for recording with the United States Patent and Trademark Office, the United States Copyright Office, and other applicable Governmental Authorities. 
  
 D. The Intellectual Property Security Agreement was recorded against certain
United States Intellectual Property at [INSERT REEL/FRAME NUMBER] [IF SECOND OR LATER SUPPLEMENTAL, ADD PRIOR REEL/FRAME NUMBERS]. 
  

 B-1 

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Grantors agree as follows: 
  
 Section 1.
Collateral Grant of Security. Each Grantor hereby pledges, grants and collaterally assigns to the Administrative Agent for the ratable benefit of the Secured Parties a continuing security interest in and to all of such Grantor’s right,
title and interest in and to the following (the “Intellectual Property Collateral”), as collateral security for the prompt and complete payment and performance when due (whether at the stated maturity, by acceleration or otherwise)
of such Grantor’s Obligations: 
  
 (a) (i) all United States
trademarks, service marks, trade names, corporate names, company names, business names, trade dress, trade styles, logos, or other indicia of origin or source identification, trademark and service mark registrations, and applications for trademark
or service mark registrations and any new renewals thereof, including, without limitation, each registration and application identified in Schedule 1, (ii) the right to sue or otherwise recover for any and all past, present and future
infringements and misappropriations thereof, (iii) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection
therewith, and damages and payments for past, present or future infringements thereof), and (iv) all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto, together in each case with the goodwill of the
business connected with the use of, and symbolized by, each of the above (collectively, the “Trademarks”); 
  
 (b) (i) all United States patents, patent applications and patentable inventions, including, without limitation, each issued patent and patent application
identified in Schedule 1, (ii) all inventions and improvements described and claimed therein, (iii) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iv) all income,
royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past, present or future
infringements thereof), and (v) all reissues, divisions, continuations, continuations-in-part, substitutes, renewals, and extensions thereof, all improvements thereon and all other rights of any kind whatsoever of such Grantor accruing thereunder or
pertaining thereto (collectively, the “Patents”); 
  
 (c) (i) all United States copyrights, whether or not the underlying works of authorship have been published, and all works of authorship and other intellectual property rights therein, all copyrights of works based on, incorporated in,
derived from or relating to works covered by such copyrights, all right, title and interest to make and exploit all derivative works based on or adopted from works covered by such copyrights, and all copyright registrations and copyright
applications, and any renewals or extensions thereof, including, without limitation, each registration and application identified in Schedule 1, (ii) the rights to print, publish and distribute any of the foregoing, (iii) the right to sue or
otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iv) all income, royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation,
payments under all licenses entered into in connection therewith, and damages and payments for past, present or future infringements thereof), and (v) all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto
(“Copyrights”); 
  

 B-2 

 (d) (i) all trade secrets and all confidential and proprietary information, including know-how,
manufacturing and production processes and techniques, inventions, research and development information, technical data, financial, marketing and business data, pricing and cost information, business and marketing plans, and customer and supplier
lists and information, (ii) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations thereof, (iii) all income, royalties, damages and other payments now and hereafter due and/or payable with
respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past, present or future infringements thereof), and (iv) all other rights of any kind whatsoever of such
Grantor accruing thereunder or pertaining thereto (collectively, the “Trade Secrets”); 
  
 (e) (i) all licenses or agreements, whether written or oral, providing for the grant by or to any Grantor of: (A) any right to use any Trademark or Trade
Secret, (B) any right under any Patent, and (C) any right under any Copyright, (ii) the right to sue or otherwise recover for any and all past, present and future infringements and misappropriations of any of the foregoing, (iii) all income,
royalties, damages and other payments now and hereafter due and/or payable with respect thereto (including, without limitation, payments under all licenses entered into in connection therewith, and damages and payments for past, present or future
infringements thereof), and (iv) all other rights of any kind whatsoever of such Grantor accruing thereunder or pertaining thereto; and 
  
 (f) any and all proceeds of the foregoing. 
  
 Section 2. Recordation. This Intellectual Property Security Agreement has been executed and delivered by each Grantor for the purpose of recording
the grant of security interest herein with the Register of Copyrights, the Commissioner of Patents and Trademarks and any other applicable government officer. Each Grantor authorizes and requests that the Register of Copyrights, the Commissioner of
Patents and Trademarks and any other applicable government officer record this [First] Supplemental Intellectual Property Security Agreement. 
  
 Section 3. Execution in Counterparts. This Agreement may be executed in any number of counterparts (including by telecopy), each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 Section 4. Governing Law. This [First] Supplemental Intellectual Property Security Agreement shall be governed by, and construed and interpreted in
accordance with, the law of the State of New York. 
  
 Section 5.
Conflict Provision. This [First] Supplemental Intellectual Property Security Agreement has been entered into in conjunction with the provisions of the Guarantee and Collateral Agreement and the Credit Agreement. The rights and remedies of
each party hereto with respect to the security interest granted herein are without prejudice to, and are in addition to those set forth in the Guarantee and Collateral Agreement and the Credit Agreement, all terms and provisions of which are
incorporated herein by reference. In the event that any provisions of this [First] Supplemental Intellectual Property Security Agreement are in conflict with the Guarantee and Collateral Agreement or the Credit Agreement, the provisions of the
Guarantee and Collateral Agreement or the Credit Agreement shall govern. 
  

 B-3 

  
 IN WITNESS WHEREOF, each of
the undersigned has caused this [First] Supplemental Intellectual Property Security Agreement to be duly executed and delivered as of the date first above written. 
  

			
	[NAME OF GRANTOR]
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 B-4 

  
 SCHEDULE 1 

 
 Copyrights 
  
 Patents 
  
 Trademarks 
  
 Intellectual Property Licenses 
  

  
 EXHIBIT C 

 
 FORM OF CONTROL AGREEMENT 
  
 This CONTROL AGREEMENT (as amended, restated, supplemented or otherwise
modified from time to time, the “Control Agreement”) dated as of                     , 200  , is made by and
among                     , a
                     (the “Grantor”), Wachovia Bank, National Association, as administrative agent (in such capacity, the
“Administrative Agent”) for the Secured Parties (as defined in the Guarantee and Collateral Agreement referred to below), and
                    , a
                     (the “Issuer”). 
  

WHEREAS, the Grantor has granted to the Administrative Agent for the benefit of the Secured Parties a security interest in the uncertificated
securities of the Issuer owned by the Grantor from time to time (collectively, the “Pledged Securities”), and all additions thereto and substitutions and proceeds thereof (collectively, with the Pledged Securities, the
“Collateral”) pursuant to a Guarantee and Collateral Agreement, dated as of June [    ], 2005 (as the same may be amended, supplemented, replaced or otherwise modified from time to time, the
“Guarantee and Collateral Agreement”), among the Grantor and the other persons party thereto in favor of the Administrative Agent for the benefit of the Secured Parties. 
  
 WHEREAS, the following terms which are defined in Articles 8 and 9 of the Uniform Commercial Code in effect in the State of
New York on the date hereof (the “UCC”) are used herein as so defined: Adverse Claim, Control, Instruction, Proceeds and Uncertificated Security. 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto agree as follows: 
  
 Section 1. Notice of
Security Interest. The Grantor, the Administrative Agent and the Issuer are entering into this Control Agreement to perfect, and to confirm the priority of, the Administrative Agent’s security interest in the Collateral. The Issuer
acknowledges that this Control Agreement constitutes written notification to the Issuer of the Administrative Agent’s security interest in the Collateral. The Issuer agrees to promptly make all necessary entries or notations in its books and
records to reflect the Administrative Agent’s security interest in the Collateral and, upon request by the Administrative Agent, to register the Administrative Agent as the registered owner of any or all of the Pledged Securities. The Issuer
acknowledges that the Administrative Agent has control over the Collateral. 
  
 Section 2. Collateral. The Issuer hereby represents and warrants to, and agrees with the Grantor and the Administrative Agent that (i) the terms of any limited liability company interests or partnership
interests included in the Collateral from time to time shall not expressly provide that they are securities governed by Article 8 of the Uniform Commercial Code in effect from time to time in the State of
[                    ], (ii) the Pledged Securities are uncertificated securities, (iii) the issuer’s jurisdiction is, and during the
term of this Control Agreement shall remain, the State of [                    ], (iv) Schedule 1 contains a true and complete
description of the Pledged Securities as of the date hereof and (v) except for the claims and interests of the Administrative Agent and the Grantor in the Collateral, the Issuer does not know of any claim to or security interest or other interest in
the Collateral. 
  

 C-1 

 Section 3. Control. The Issuer hereby agrees, upon written direction from the Administrative Agent
who shall have provided the Grantor with written notice to such written direction to the Issuer, and without further consent from the Grantor, to the extent not prohibited by applicable Law (as defined in the Guarantee and Collateral Agreement), (a)
to comply with all instructions and directions of any kind originated by the Administrative Agent concerning the Collateral, to liquidate or otherwise dispose of the Collateral as and to the extent directed by the Administrative Agent and to pay
over to the Administrative Agent all proceeds without any setoff or deduction, and (b) except as otherwise directed by the Administrative Agent, not to comply with the instructions or directions of any kind originated by the Grantor or any other
person. 
  
 Section 4. Other Agreements. The Issuer shall
notify promptly the Administrative Agent and the Grantor if any other person asserts any lien, encumbrance, claim (including any adverse claim) or security interest in or against any of the Collateral. In the event of any conflict between the
provisions of this Control Agreement and any other agreement governing the Pledged Securities or the Collateral, the provisions of this Control Agreement shall control. 
  
 Section 5. Protection of Issuer. The Issuer may rely and shall be protected in acting upon any notice, instruction or
other communication that it reasonably believes to be genuine and authorized. 
  
 Section 6. Termination. This Control Agreement shall terminate automatically upon receipt by the Issuer of written notice executed by the Administrative Agent. 
  
 Section 7. Notices. All notices, requests and demands to or upon the
respective parties hereto to be effective shall be in writing (including by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three days after being deposited in the mail,
postage prepaid, or, in the case of telecopy notice, when received, to the Grantor’s and the Administrative Agent’s addresses as set forth in the Guarantee and Collateral Agreement, and to the Issuer’s address as set forth below, or
to such other address as any party may give to the others in writing for such purpose: 
  
 [Name of Issuer] 
  
 [Address of Issuer] 
  
 Attention:
                                        
     
  
 Telephone:
(        )              -              
  
 Telecopy:
(        )              -              
  
 Section 8. Amendments in Writing. None of the terms or provisions of
this Control Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by the parties hereto. 
  
 Section 9. Entire Agreement. This Control Agreement and the Guarantee and Collateral Agreement constitute the entire agreement and supersede all
other prior agreements 

  

 C-2 

 
and understandings, both written and oral, among the parties with respect to the subject matter hereof. 
  
 Section 10. Execution in Counterparts. This Control Agreement may be
executed in any number of counterparts (including by telecopy), each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 Section 11. Successors and Assigns. This Control Agreement will be
binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that the Grantor may not assign, transfer or delegate any of its rights or obligations under this Control Agreement without the prior
written consent of the Administrative Agent. 
  
 Section 12.
Governing Law and Jurisdiction. This Control Agreement has been delivered to and accepted by the Administrative Agent and will be deemed to be made in the State of New York. THIS CONTROL AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. Each of the parties hereto submits for itself and its property in any legal action or proceeding relating to this Control Agreement, or for recognition and enforcement of any
judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof. 
  
 Section 13. WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS CONTROL AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN. 
  
 [Remainder of Page Intentionally Left Blank.] 
  

 C-3 

  
 IN WITNESS WHEREOF, each of
the undersigned has caused this Control Agreement to be duly executed and delivered as of the date first above written. 
  

			
	[NAME OF GRANTOR]
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	WACHOVIA BANK, NATIONAL ASSOCIATION,
as Administrative Agent
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	[NAME OF ISSUER]
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 C-4 

  
 ANNEX 1 
  
 ASSUMPTION AGREEMENT 
  
 ASSUMPTION AGREEMENT, dated as of
                    , 200    , made by
                                        ,
a                      (the “Additional Grantor”), in favor of Wachovia Bank, National Association, as administrative agent
(in such capacity, the “Administrative Agent”) for (i) the banks and other financial institutions and entities (the “Lenders”) parties to the Credit Agreement referred to below, and (ii) the other Secured Parties
(as defined in the Guarantee and Collateral Agreement (as hereinafter defined)). All capitalized terms not defined herein shall have the meaning ascribed to them in such Credit Agreement. 
  
 WITNESSETH: 
  
 WHEREAS, Radio One, Inc. (the “Borrower”), the Lenders and the Administrative Agent have entered into a Credit Agreement dated as of June
[    ], 2005 (as the same may be amended, supplemented or modified from time to time, the “Credit Agreement”), among the Borrower, the Lenders, Bank of America, N.A., as syndication agent, Credit Suisse,
Merrill Lynch, Pierce Fenner & Smith Incorporated and SunTrust Bank, as co-documentation agents, and the Administrative Agent; 
  
 WHEREAS, in connection with the Credit Agreement, the Borrower and its Subsidiaries (other than the Additional Grantor) have entered into the Guarantee
and Collateral Agreement, dated as of June [    ], 2005 (as the same may be amended, supplemented or otherwise modified from time to time, the “Guarantee and Collateral Agreement”) in favor of the
Administrative Agent for the benefit of the Secured Parties; 
  
 WHEREAS, the Credit Agreement requires the Additional Grantor to become a party to the Guarantee and Collateral Agreement; and 
  
 WHEREAS, the Additional Grantor has agreed to execute and deliver this Assumption Agreement in order to become a party to the Guarantee and Collateral
Agreement; 
  
 NOW, THEREFORE, IT IS AGREED: 
  
 1. Guarantee and Collateral Agreement. By executing and delivering
this Assumption Agreement, the Additional Grantor, as provided in Section 8.14 of the Guarantee and Collateral Agreement, hereby becomes a party to the Guarantee and Collateral Agreement as a Grantor and Guarantor thereunder as of the date hereof
and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities of a Grantor and Guarantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the information set forth
in Schedules 1 to 7 to the Guarantee and Collateral Agreement. The Additional Grantor hereby represents and warrants that each of the representations and warranties contained in Section 4 of the Guarantee and Collateral Agreement is
true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as of such date (except for representations and warranties expressly stated to relate to a specific earlier date). 
  

 1 

 2. GOVERNING LAW. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
  
 IN
WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written. 
  

			
	[ADDITIONAL GRANTOR]
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 2 

  
 ANNEX 1-A 

 
 Supplemental InformationBJ's Restaurants, Inc. 2005 Equity Incentive Plan

 Exhibit 10.1 
  
 BJ’S RESTAURANTS, INC. 
 2005 EQUITY INCENTIVE PLAN 
  
 PURPOSE, ADMINISTRATION AND RESERVATION OF SHARES 
  
 PURPOSE OF THE PLAN. The purposes of this Plan are (a) to promote the growth and success of the Company’s business, and (b) to attract and retain the most talented Employees, Officers, Directors and Consultants available,
(i) by aligning the long-term interests of Employees, Officers, Directors and Consultants with those of the shareholders by providing an opportunity to acquire an equity interest in the Company and (ii) by providing both rewards for exceptional
performance and long term incentives for future contributions to the success of the Company and its Subsidiaries. 
  
 The Plan permits the grant of Incentive Stock Options, Nonqualified Stock Options, Restricted Stock, Restricted Stock Units, SARs, and Performance Compensation Awards
(Shares and Units) at the discretion of the Committee and as reflected in the terms of the Award Agreement. Each Award will be subject to conditions specified in the Plan, such as continued employment or satisfaction of performance criteria.

  
 The Committee may elect to establish sub-plans or procedures governing the
grants to Employees, Officers Directors and Consultants and this Plan will serve as the framework for any such sub-plans. The awards granted under the Former Plan shall continue to be administered under the Former Plan until such time as those
options are exercised, expire or become unexercisable for any reason. 
  
 DEFINITIONS. As used herein, the following definitions shall apply: 
  
 “ACTIVE STATUS” shall mean (i) for Employees, the absence of any interruption or termination of service as an Employee, (ii) for Directors, that the Director has not been removed from the Board for
Misconduct and the Director has not failed to be reelected by the shareholders following a Board determination of Misconduct by such Director, and (iii) for Consultants, the absence of any interruption, expiration, or termination of such
person’s consulting or advisory relationship with the Company or any Subsidiary or the occurrence of any termination event as set forth in such person’s Award Agreement. Active Status shall not be considered interrupted (A) for an Employee
in the case of sick leave, maternity leave, infant care leave, medical emergency leave, military leave, or any other leave of absence properly taken in accordance with the policies of the Company or any applicable Subsidiary as may be in effect from
time to time, and (B) for a Consultant, in the case of any temporary interruption in such person’s availability to provide services to the Company or any Subsidiary which has been granted in writing by an authorized Officer of the Company.
Whenever a mandatory severance period applies under applicable law with respect to a termination of service as an Employee, Active Status shall be considered terminated upon such Employee’s receipt of notice of termination in whatever form
prescribed by applicable law. 
  
 “AWARD” shall
mean any award or benefits granted under the Plan, including Options, Restricted Stock, Restricted Stock Units, SARs, Performance Shares and Performance Units. 
  

“AWARD AGREEMENT” shall mean a written or electronic agreement between the Company and the Participant setting forth the terms of the
Award. 
  
 “BENEFICIAL OWNERSHIP” shall have the
meaning set forth in Rule 13d-3 promulgated under the Exchange Act. 
  
 “BOARD” shall mean the Board of Directors of the Company. 
  
 “CHANGE OF CONTROL” shall mean the first day that any one or more of the following conditions shall have been satisfied: 
  
 the sale, liquidation or other disposition of all or substantially all of the Company’s assets in one or a series
of related transactions; 
  
 (ii) an acquisition (other than
directly from the Company) of any outstanding voting securities by any person, after which such person (as the term is used for purposes of Section 13(d) or 14(d) of the Exchange Act) has Beneficial Ownership of fifty percent (50%) or more of the
then outstanding voting securities of the Company, other than a Board-approved transaction; 
  
 (iii) during any 36-consecutive month period, the individuals who, at the beginning of such period, constitute the Board (“Incumbent Directors”) cease for any reason other than death to constitute at
least a majority of the members of the Board; provided however that except as set forth in this Section 2(f)(iii), an individual who becomes a member of the Board subsequent to the beginning of the 36-month period, shall be deemed to have satisfied
such 36-month requirement and shall be deemed an Incumbent Director if such Director was elected by or on the recommendation of or with the approval of at least two-thirds of the Directors who then qualified as Incumbent Directors either actually
(because they were Directors at the beginning of such period) or by operation of 

 the provisions of this section; if any such individual initially assumes office as a result of or in connection with
either an actual or threatened solicitation with respect to the election of Directors (as such terms are used in Rule 14a-12(c) of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitations of proxies or consents
by or on behalf of a person other than the Board, then such individual shall not be considered an Incumbent Director; or 
  
 (iv) a merger, consolidation or reorganization of the Company, as a result of which the shareholders of the Company immediately prior to such merger,
consolidation or reorganization own directly or indirectly immediately following such merger, consolidation or reorganization less than fifty percent (50%) of the combined voting power of the outstanding voting securities of the entity resulting
from such merger, consolidation or reorganization. 
  
 “CODE” shall mean the Internal Revenue Code of 1986, as amended. 
  
 “COMMITTEE” shall mean the Compensation Committee appointed by the Board. 
  
 “COMMON STOCK” shall mean the common stock of the Company, no par value per share. 
  
 “COMPANY” shall mean BJ’s Restaurants, Inc., a
California corporation, and any successor thereto. 
  
 “CONSULTANT” shall mean any person, except an Employee, engaged by the Company or any Subsidiary of the Company, to render personal services to such entity, including as an advisor, pursuant to the terms of a written
agreement. 
  
 “DIRECTOR” shall mean a member of
the Board. 
  
 “DISABILITY” shall mean (i) in the
case of a Participant whose employment with the Company or a Subsidiary is subject to the terms of an employment or consulting agreement that includes a definition of “Disability” as used in this Plan shall have the meaning set forth in
such employment or consulting agreement during the period that such employment or consulting agreement remains in effect; and (ii) in all other cases, the term “Disability” as used in this Plan shall have the same meaning as set forth
under the Company’s long-term disability plan applicable to the Participant as may be amended from time to time, and in the event the Company does not maintain any such plan with respect to a Participant, a physical or mental condition
resulting from bodily injury, disease or mental disorder which renders the Participant incapable of continuing his or her usual and customary employment with the Company or a Subsidiary, as the case may be, for a period of not less than 120 days or
such other period as may be required by applicable law. 
  
 “EFFECTIVE DATE” shall mean the date on which the Company’s shareholders have approved this Plan in accordance with applicable Nasdaq rules. 
  
 “EMPLOYEE” shall mean any person, including an Executive Officer or Officer, who is a common law employee
of, receives remuneration for personal services to, is reflected on the official human resources database as an employee of, and is on the payroll of the Company or any Subsidiary of the Company. A person is on the payroll if he or she is paid from
or at the direction of the payroll department of the Company, or any Subsidiary of the Company. Persons providing services to the Company, or to any Subsidiary of the Company, pursuant to an agreement with a staff leasing organization, temporary
workers engaged through or employed by temporary or leasing agencies, and workers who hold themselves out to the Company, or a Subsidiary to which they are providing services as being independent contractors, or as being employed by or engaged
through another company while providing the services, and persons covered by a collective bargaining agreement (unless the collective bargaining agreement applicable to the person specifically provides for participation in this Plan) are not
Employees for purposes of this Plan and do not and cannot participate in this Plan, whether or not such persons are, or may be reclassified by the courts, the Internal Revenue Service, the U.S. Department of Labor, or other person or entity as,
common law employees of the Company, or any Subsidiary, either solely or jointly with another person or entity. 
  
 “EXCHANGE ACT” shall mean the Securities Exchange Act of 1934, as amended. 
  
 “EXECUTIVE OFFICERS” shall mean the officers of the Company as such term is defined in Rule 16a-1 under the
Exchange Act. 
  
 “FAIR MARKET VALUE” shall mean
the closing price per share of the Common Stock on Nasdaq as to the date specified (or the previous trading day if the date specified is a day on which no trading occurred), or if Nasdaq shall cease to be the principal exchange or quotation system
upon which the shares of Common Stock are listed or quoted, then such exchange or quotation system as the Company elects to list or quote its shares of Common Stock and that the Committee designates as the Company’s principal exchange or
quotation system, or at the discretion of the Committee in the case that the Company ceases to be publicly traded. 
  
 “FASB 123(R)” shall mean Statements of Financial Accounting Standards No. 123, “Stock-Based Payments”, as promulgated by the
Financial Accounting Standards Board. 
  
 “FORMER
PLAN” shall mean the BJ’s Restaurants, Inc. Amended and Restated 1996 Stock Option Plan, as amended. 
  
 “GOVERNANCE AND NOMINATION COMMITTEE” shall mean the Governance and Nomination Committee appointed by the Board. 

 “INCENTIVE STOCK OPTION” shall mean any Option intended to qualify as an incentive stock
option within the meaning of Section 422 of the Code. 
  
 “INDEPENDENT DIRECTOR” shall mean a Director who: (1) meets the independence requirements of Nasdaq, or if Nasdaq shall cease to be the principal exchange or quotation system upon which the shares of Common Stock are listed
or quoted, then such exchange or quotation system as the Company elects to list or quote its shares of Common Stock and that the Committee designates as the Company’s principal exchange or quotation system; (2) qualifies as an “outside
director” under Section 162(m) of the Code; (3) qualifies as a “non-employee director” under Rule 16b-3 promulgated under the Exchange Act; and (4) satisfies independence criteria under any other applicable laws or regulations
relating to the issuance of Shares to Employees. 
  
 “MAXIMUM ANNUAL PARTICIPANT AWARD” shall have the meaning set forth in Section 6(b). 
  
 “MISCONDUCT” shall mean any of the following; provided, however, that with respect to Non-Employee Directors “Misconduct” shall
mean subsection (viii) only: 
  
 any material breach of an
agreement between the Participant and the Company or any Subsidiary; 
  
 willful unauthorized use or disclosure of confidential information or trade secrets of the Company or any Subsidiary by the Participant; 
  
 the Participant’s continued willful and intentional failure to satisfactorily perform Participant’s essential
responsibilities; 
  
 material failure of the Participant
to comply with rules, policies or procedures of the Company or any Subsidiary as they may be amended from time to time, including, without limitation, failure to comply with (1) the Company’s Code of Ethics and Code of Conduct, (2) policies and
procedures of the Company relating to use and maintenance of facilities and equipment, or (3) policies and procedures of the Company relating to the occurrence, reporting or investigation of any harassment or discrimination allegations or
complaints; 
  
 Participant’s dishonesty, fraud or
gross negligence related to the business or property of the Company or any Subsidiary; 
  
 personal conduct that is materially detrimental to the business of the Company or any Subsidiary; 
  
 conviction of or plea of nolo contendere to a felony; 
  
 in the case of Non-Employee Directors, (1) the removal from the Board for cause in accordance with the provisions of Section 302 of the California
Corporations Code, (2) the removal from the Board as a result of a shareholder suit in accordance with the provisions of Section 304 of the California Corporations Code, (3) the determination by at least a majority of the disinterested members of
the Board that such Non-Employee Director has materially breached his or her fiduciary duties or duties of loyalty to the Company or has grossly abused such Non-Employee Director’s authority with respect to the Company, or (4) the determination
by at least a majority of the disinterested members of the Board that such Non-Employee Director has committed fraudulent or dishonest acts which have or could reasonably be expected to have a material adverse effect on the Company; or

  
 intentional or negligent acts or omissions that cause
the Company or any Subsidiary to be subject to a fine, citation, shut down, or other disciplinary action by any federal, state or local governmental agency, including, without limitation, any agency regulating health, occupational safety, alcoholic
beverage control or immigration; 
  
 Participant’s
inducing any customer or supplier to break or terminate any contract with the Company or any Subsidiary; 
  
 Participant’s inducing any principal for whom the Company or any Subsidiary acts as an agent to terminate such agency relationship;

  
 causes a fire, explosion or other catastrophic event
involving the facilities or equipment of the Company or any Subsidiary that could have been reasonably avoided by following the established policies of the Company or any Subsidiary; or 
  
 Participant’s solicitation of any of the Company’s agents or
employees to provide services to any other business or entity. 
  
 “NASDAQ” shall mean The Nasdaq Stock Market, Inc. 
  
 “NON-EMPLOYEE DIRECTOR” shall mean a Director who is not an Employee. 

 “NONQUALIFIED STOCK OPTION” shall mean an Option that does not qualify or is not
intended to qualify as an Incentive Stock Option. 
  
 “OFFICER” shall mean any Executive Officer of the Company as well as any president, vice president, secretary or treasurer duly appointed by the Board, or any other person designated as an officer by the Board or by the
Bylaws of the Company. 
  
 “OPTION” shall mean a
stock option granted pursuant to Section 10 of the Plan, including a Nonqualified Stock Option and an Incentive Stock Option. 
  
 “OPTIONEE” shall mean a Participant who has been granted an Option. 
  
 “PARENT” shall mean a “parent corporation,” whether now or hereafter existing, as defined in
Section 424(e) of the Code. 
  
 “PARTICIPANT”
shall mean an Employee, Officer, Director or Consultant granted an Award. 
  
 “PERFORMANCE COMPENSATION AWARD” means any Awards designated by the Committee as a Performance Compensation Award pursuant to Section 13 of the Plan, including Performance Shares and Performance
Units. 
  
 “PERFORMANCE CRITERIA” shall mean one
or more of the following (as selected by the Committee) criterion or criteria that the Committee shall select for purposes of establishing the Performance Goal(s) for a Performance Period with respect to any Award under the Plan: (i) cash flow; (ii)
earnings per share, including as adjusted (A) to exclude the impact of any (1) significant acquisitions or dispositions of businesses by the Company, (2) one-time, non-operating charges, or (3) accounting changes (including the early adoption of any
accounting change mandated by any governing body, organization or authority); and (B) for any stock split, stock dividend or other recapitalization; (iii) earnings before interest, taxes, and amortization; (iv) return on equity; (v) total
shareholder return; (vi) share price performance; (vii) return on capital; (viii) return on assets or net assets; (ix) revenue; (x) income; (xi) operating income; (xii) operating profit; (xiii) profit margin; (xiv) return on operating revenue; (xv)
return on invested capital; (xvi) market price; (xvii) brand recognition/acceptance; (xviii) customer satisfaction; (xix) productivity; or (xx) sales growth and volume. 
  
 “PERFORMANCE FORMULA” means, for a Performance Period, one or more objective formulas or standards
established by the Committee for purposes of determining whether or the extent to which a Performance Compensation Award has been earned based on the level of performance attained or to be attained with respect to one or more Performance Goals.
Performance Formulae may vary from Performance Period to Performance Period and from Participant to Participant and may be established on a stand-alone basis, in tandem or in the alternative. 
  
 “PERFORMANCE GOAL” means, for a Performance Period, the one
or more goals established by the Committee for the Performance Period based on the Performance Criteria. Performance Goals may be established based on Performance Criteria with respect to the Company or any of its Subsidiaries, divisions or
operational units, or any composition thereof. 
  
 “PERFORMANCE PERIOD” means one or more periods of time as the Committee may designate, over which the attainment of one or more Performance Goals will be measured for the purpose of determining a Participant’s rights
in respect of a Performance Compensation Award. 
  
 “PERFORMANCE SHARE” means a Performance Compensation Award granted pursuant to Section 13 of the Plan that is denominated in a specified number of Shares, which Shares or their future cash equivalent (or a combination of
both) may be paid to the Participant upon achievement of applicable Performance Goals during the relevant Performance Period as the Committee shall establish. 
  

“PERFORMANCE UNIT” means a Performance Compensation Award granted pursuant to Section 13 of the Plan that has a dollar value set by
the Committee (or that is determined by reference to a Performance Formula), which value may be paid to the Participant in cash, in Shares, or such combination of cash and Shares as the Committee may determine in its sole discretion, upon
achievement of applicable Performance Goals during the relevant Performance Period as the Committee shall establish. 
  
 “PLAN” shall mean this BJ’s Restaurants, Inc. 2005 Equity Incentive Plan, including any amendments thereto. 
  
 “REPRICE” shall mean the adjustment or amendment of the
exercise price of Options or SARs previously awarded whether through amendment, cancellation, replacement of grants or any other means. 
  
 “RESIGNATION (OR RESIGN) FOR GOOD REASON” shall mean any voluntary termination by written resignation of the Active Status of any Officer
or Employee of the Company after a Change of Control because of: (1) a material reduction in the Officer’s or Employee’s authority, responsibilities or scope of employment; (2) an assignment of duties to the Officer or Employee
inconsistent with the Officer’s or Employee’s role at the Company (including its Subsidiaries) prior to the Change of Control, (3) a reduction in the Officer’s base salary; (4) solely with respect to an Officer, a material adverse
change in such Officer’s reporting relationship, (5) a material reduction in the Officer’s or Employee’s benefits unless such reduction applies to all Officers or Employees of comparable rank; or (6) the relocation of the
Officer’s or Employee’s primary work location more than fifty (50) miles from the Officer’s primary work location prior to the Change of Control; provided that the Officer’s or Employee’s written notice of voluntary
resignation must be tendered within one (1) year after the Change of Control, and shall specify which of the events described in (1) through (6) resulted in the resignation. 

 “RESTRICTED STOCK” shall mean a grant of Shares pursuant to Section 11 of the Plan.

  
 “RESTRICTED STOCK UNITS” shall mean a grant
of the right to receive Shares in the future or their cash equivalent (or both) pursuant to Section 11 of the Plan. 
  
 “RETIREMENT” shall mean, (i) with respect to any Employee, voluntary termination of employment after attainment of age 55 and at least
ten (10) years of credited service with the Company or any Subsidiary (but only during the time the Subsidiary was a Subsidiary), as determined by the Committee in its sole discretion, and (ii) with respect to any Non-Employee Director, ceasing to
be a Director pursuant to election by the Company’s shareholders or by voluntary resignation with the approval of the Board’s chair after having attained the age of 55 years and served continuously on the Board for at least six years.

  
 “SAR” shall mean a stock appreciation right
awarded pursuant to Section 12 of the Plan. 
  
 “SEC” shall mean the Securities and Exchange Commission. 
  
 “SHARE” shall mean one share of Common Stock, as adjusted in accordance with Section 5 of the Plan. 
  
 “STAND-ALONE SARS” shall have the meaning set forth in Section 12(b) of the Plan. 
  
 “SUBCOMMITTEE” shall have the meaning set forth in Section
3(d). 
  
 “SUBSIDIARY” shall mean (1) in the case
of an Incentive Stock Option a “subsidiary corporation,” whether now or hereafter existing, as defined in Section 424(f) of the Code, and (2) in the case of a Nonqualified Stock Option, Restricted Stock, a Restricted Stock Unit, SAR,
Performance Shares, or Performance Units, in addition to a subsidiary corporation as defined in (1), (A) a limited liability company, partnership or other entity in which the Company controls fifty percent (50%) or more of the voting power or equity
interests, or (B) an entity with respect to which the Company possesses the power, directly or indirectly, to direct or cause the direction of the management and policies of that entity, whether through the Company’s ownership of voting
securities, by contract or otherwise. 
  
 ADMINISTRATION OF THE
PLAN. 
  
 AUTHORITY. The Plan shall
be administered by the Committee. The Committee shall have full and exclusive power to administer the Plan on behalf of the Board, subject to such terms and conditions as the Committee may prescribe. Notwithstanding anything herein to the contrary,
the Committee’s power to administer the Plan, and actions the Committee takes under the Plan, shall be limited by the provisions set forth in the Committee’s charter, as such charter may be amended from time to time, and the further
limitation that certain actions may be subject to review and approval by either the full Board or a panel consisting of all of the Independent Directors of the Company. 
  
 POWERS OF THE COMMITTEE. Subject to the other provisions of this Plan, the Committee shall have the authority, in its
discretion: 
  
 to grant Incentive Stock Options,
Nonqualified Stock Options, Restricted Stock, Restricted Stock Units, SARs, Performance Shares, Performance Units and any other Awards authorized under this Plan to Participants and to determine the terms and conditions of such Awards, including the
determination of the Fair Market Value of the Shares and the exercise price and unit price, and to modify or amend each Award, with the consent of the Participant when required; 
  
 to determine the Participants, to whom Awards, if any, will be granted hereunder, the timing, vesting and exercisability
of such Awards, and the number of Shares to be represented by each Award; 
  
 to construe and interpret the Plan and the Awards granted hereunder; 
  
 to prescribe, amend, and rescind rules and regulations relating to the Plan, including the form of Award Agreement, and manner of acceptance of an
Award, such as correcting a defect or supplying any omission, or reconciling any inconsistency so that the Plan or any Award Agreement complies with applicable law, regulations and listing requirements and to avoid unanticipated consequences deemed
by the Committee to be inconsistent with the purposes of the Plan or any Award Agreement; 
  
 to establish performance criteria for Awards made pursuant to the Plan in accordance with a methodology established by the Committee, and to determine whether performance goals have been attained; 

 
 to accelerate or defer (with the consent of the Participant) the
exercise or vested date of any Award; 
  
 to authorize any
person to execute on behalf of the Company any instrument required to effectuate the grant of an Award previously granted by the Committee; 
  
 to establish sub-plans, procedures or guidelines for the grant of Awards to Employees, Executive Officers, Officers, Directors, Non-Employee Directors
and Consultants; and 
  
 to make all other determinations
deemed necessary or advisable for the administration of the Plan; 

 Provided that, no consent of a Participant is necessary under clauses (i) or (vi) if a modification, amendment,
acceleration, or deferral, in the reasonable judgment of the Committee confers a benefit on the Participant or is made pursuant to an adjustment in accordance with Section 5. 
  
 EFFECT OF COMMITTEE’S DECISION. All decisions, determinations, and interpretations of the Committee shall be
final and binding on all Participants, the Company (including its Subsidiaries), any shareholder and all other persons. 
  
 DELEGATION. Consistent with the Committee’s charter, as such charter may be amended from time to time, the Committee may delegate (i) to one
or more separate committees consisting of members of the Committee or other Directors who are Independent Directors (any such committee a “Subcommittee”), or (ii) to an Executive Officer of the Company, the ability to grant Awards and take
the other actions described in Section 3(b) with respect to Participants who are not Executive Officers, and such actions shall be treated for all purposes as if taken by the Committee; provided that the grant of Awards shall be made in accordance
with parameters established by the Committee. Any action by any such Subcommittee or Executive Officer within the scope of such delegation shall be deemed for all purposes to have been taken by the Committee. 
  
 ADMINISTRATION. The Committee may delegate the administration of the
Plan to an Officer or Officers of the Company, and such administrator(s) may have the authority to directly, or under their supervision, execute and distribute agreements or other documents evidencing or relating to Awards granted by the Committee
under this Plan, to maintain records relating to the grant, vesting, exercise, forfeiture or expiration of Awards, to process or oversee the issuance of Shares upon the exercise, vesting and/or settlement of an Award, to interpret the terms of
Awards and to take such other actions as the Committee may specify. Any action by any such administrator within the scope of its delegation shall be deemed for all purposes to have been taken by the Committee and references in this Plan to the
Committee shall include any such administrator, provided that the actions and interpretations of any such administrator shall be subject to review and approval, disapproval or modification by the Committee. 
  
 (f) INDEMNIFICATION. In addition to such other rights of indemnification as
they may have as Directors or members of the Committee, and to the extent allowed by applicable law, any person(s) acting as administrator(s) and each of the administrator’s consultants shall be indemnified by the Company against the reasonable
expenses, including attorney’s fees, actually incurred in connection with any action, suit or proceeding or in connection with any appeal therein, to which the administrator(s) or any of such administrator’s consultants may be party by
reason of any action taken or failure to act under or in connection with the Plan or any Award granted under the Plan, and against all amounts paid by the administrator(s) or any of such administrator’s consultants in settlement thereof
(provided that the settlement has been approved by the Company, which approval shall not be unreasonably withheld) or paid by the administrator(s) or any of such administrator’s consultants in satisfaction of a judgment in any such action, suit
or proceeding, except in relation to matters as to which it shall be adjudged in such action, suit or proceeding that such administrator(s) or any of such administrator’s consultants did not act in good faith and in a manner which such person
reasonably believed to be in the best interests of the Company, and in the case of a criminal proceeding, had no reason to believe that the conduct complained of was unlawful; provided, however, that within sixty (60) days after institution of any
such action, suit or proceeding, such administrator(s) or any of such administrator’s consultants shall, in writing, offer the Company the opportunity at its own expense to handle and defend such action, suit or proceeding. 
  
 SHARES SUBJECT TO THE PLAN. 
  
 RESERVATION OF SHARES. The shares of Common Stock reserved under this
Plan will include reserved shares of Common Stock as to which an option award granted has been forfeited or terminated without exercise under the Former Plan plus an additional Three Million Five Hundred Thousand (3,500,000) shares of Common Stock.
Subject to the provisions of Sections 5 of the Plan, the maximum aggregate number of Shares (adjusted, proportionately, in the event of any stock split or stock dividend with respect to the Shares) which may be granted as Incentive Stock Options
under the Plan shall not exceed One Million (1,000,000) Shares. The aggregate number of Shares available for issuance under the Plan will be reduced by one Share for each Share delivered in settlement of an Option and by two Shares for each Share
delivered in settlement of any Award of Restricted Stock, Restricted Stock Units, SARs, or Performance Shares or Performance Units unless a greater reduction is specified by the Committee with respect to a specific Award grant. If an Award expires,
is forfeited or becomes unexercisable for any reason without having been exercised in full, the undelivered Shares which were subject thereto shall, unless the Plan shall have been terminated, become available for future Awards under the Plan.
Shares available for issuance under the Plan shall be increased by any shares of Common Stock subject to outstanding awards under the Former Plan on the Effective Date that later cease to be subject to such awards for any reason other than such
awards having been exercised, subject to adjustment from time to time as provided in Section 5, which shares of Common Stock shall, as of the date such shares cease to be subject to such awards, cease to be available for grant and issuance under the
Former Plan, but shall be available for issuance under the Plan. The Shares may be authorized but unissued, or reacquired shares of Common Stock. The Company, during the term of this Plan, will at all times reserve and keep available such number of
Shares as shall be sufficient to satisfy the requirements of the Plan. 
  
 TIME OF GRANTING AWARDS. The date of grant of an Award shall, for all purposes, be the date on which the Company completes the corporate action relating to the grant of such Award and all conditions to the grant have been satisfied,
provided that conditions to the exercise of an Award shall not defer the date of grant. Notice of a grant shall be given to each Participant to whom an Award is so granted within a reasonable time after the determination has been made. 

 
 SECURITIES LAW COMPLIANCE. Shares shall not be issued pursuant to
the exercise of an Award unless the exercise of such Award and the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, including, without 

 limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated under either
such Act, and the requirements of any stock exchange or quotation system upon which the Shares may then be listed or quoted, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
  
 SUBSTITUTIONS AND ASSUMPTIONS. The Board or the Committee shall have
the right to substitute or assume Awards in connection with mergers, reorganizations, separations, or other transactions to which Section 424(a) of the Code applies, provided such substitutions and assumptions are permitted by Section 424 of the
Code and the regulations promulgated thereunder. The number of Shares reserved pursuant to Section 4(a) may be increased by the corresponding number of Awards assumed and, in the case of a substitution, by the net increase in the number of Shares
subject to Awards before and after the substitution. 
  
 ADJUSTMENTS TO
SHARES SUBJECT TO THE PLAN. If any change is made to the Shares by reason of any stock split, stock dividend, recapitalization, combination of shares, exchange of shares or other change affecting the outstanding Shares as a class without the
Company’s receipt of consideration, appropriate adjustments shall be made to (i) the maximum number and/or class of securities issuable under the Plan, (ii) the number and/or class of securities and/or the price per Share covered by outstanding
Awards under the Plan and (iii) the Maximum Annual Participant Award. The Committee may also make adjustments described in (i)-(iii) of the previous sentence in the event of any distribution of assets to shareholders other than a normal cash
dividend, if any. In determining adjustments to be made under this Section 5, the Committee may take into account such factors as it deems appropriate, including the restrictions of applicable law and the potential tax consequences of an adjustment,
and in light of such factors may make adjustments that are not uniform or proportionate among outstanding Awards. Adjustments, if any, and any determinations or interpretations, including any determination of whether a distribution is other than a
normal cash dividend, made by the Committee shall be final, binding and conclusive. For purposes of this Section 5, conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of
consideration.” 
  
 Except as expressly provided herein, no issuance by the
Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Shares subject to an Award. 
  
 TERMS APPLICABLE TO ALL AWARDS 
  
 GENERAL ELIGIBILITY. 
  
 AWARDS. Awards may be granted to Participants who are Employees,
Directors or Consultants; provided however that Incentive Stock Options may only be granted to Employees. 
  
 MAXIMUM ANNUAL PARTICIPANT AWARD. The aggregate number of Shares with respect to which an Award or Awards may be granted to any one Participant in
any one taxable year of the Company (the “Maximum Annual Participant Award”) shall not exceed 300,000 shares of Common Stock (increased, proportionately, in the event of any stock split or stock dividend with respect to the Shares).

  
 NO EMPLOYMENT/SERVICE RIGHTS. Nothing in the Plan shall
confer upon any Participant the right to an Award or to continue in service as an Employee or Consultant for any period of specific duration, or interfere with or otherwise restrict in any way the rights of the Company (or any Subsidiary employing
or retaining such person), or of any Participant, which rights are hereby expressly reserved by each, to terminate such person’s services at any time for any reason, with or without cause. ). 
  
 AWARDS TO NON-EMPLOYEE DIRECTORS; CONTINUATION OF AUTOMATIC GRANTS. The
aggregate number of Shares with respect to which Awards may be granted to Non-Employee Directors under the Plan shall be 500,000 shares of Common Stock (increased proportionately in the event of any stock split or stock dividend with respect to the
Shares). Unless and until amended or terminated by the Board or the Governance and Nomination Committee thereof, the automatic Award grants to Non-Employee Directors contemplated by Section 17.6 of the Former Plan shall terminate under the Former
Plan and continue under the Plan from and after the Effective Date. Notwithstanding anything to the contrary contained in the Former Plan, unless otherwise determined by the Board or the Committee, all Non-Employee Directors shall be eligible to
receive the automatic Award grants contemplated by Section 17.6 of the Former Plan. 
  
 PROCEDURE FOR EXERCISE OF AWARDS; RIGHTS AS A SHAREHOLDER. 
  
 PROCEDURE. An Award shall be exercised when written, electronic or verbal notice of exercise has been given to the Company, or the brokerage firm
or firms approved by the Company to facilitate exercises and sales under this Plan, in accordance with the terms of the Award by the person entitled to exercise the Award and full payment for the Shares with respect to which the Award is exercised
has been received by the Company or the brokerage firm or firms, as applicable. The notification to the brokerage firm shall be made in accordance with procedures of such brokerage firm approved by the Company. Full payment may, as authorized by the
Committee, consist of any consideration and method of payment allowable under Section 7(b) of the Plan. The Company shall issue (or cause to be issued) such share certificate promptly upon exercise of the Award. In the event that the exercise of an
Award is treated in part as the exercise of an Incentive Stock Option and in part as the exercise of a Nonqualified Stock Option pursuant to Section 10(a), the Company shall issue a share certificate evidencing the Shares treated as acquired upon
the exercise of an Incentive Stock Option and a separate share certificate evidencing 

 the Shares treated as acquired upon the exercise of a Nonqualified Stock Option, and shall identify each such certificate
accordingly in its share transfer records. No adjustment will be made for a dividend or other right for which the record date is prior to the date the share certificate is issued, except as provided in Section 5 of the Plan. 
  
 METHOD OF PAYMENT. The consideration to be paid for any Shares to be
issued upon exercise or other required settlement of an Award, including the method of payment, shall be determined by the Committee at the time of settlement and which forms may include: (i) with respect to an Option and subject to any restrictions
or limitations imposed under applicable law, a request that the Company or the designated brokerage firm conduct a cashless exercise of the Option; (ii) cash; and (iii) tender of shares of Common Stock owned by the Participant in accordance with
rules established by the Committee from time to time. Shares used to pay the exercise price shall be valued at their Fair Market Value on the exercise date. Payment of the aggregate exercise price by means of tendering previously-owned shares of
Common Stock shall not be permitted when the same may, in the reasonable opinion of the Company, cause the Company to record a loss or expense as a result thereof. 
  
 WITHHOLDING OBLIGATIONS. To the extent required by applicable federal, state, local or foreign law, the Committee may
and/or a Participant shall make arrangements satisfactory to the Company for the satisfaction of any withholding tax obligations that arise with respect to any Incentive Stock Option, Nonqualified Stock Option, SAR, Restricted Stock or Restricted
Stock Units, Performance Shares, Performance Units or any sale of Shares. The Company shall not be required to issue Shares or to recognize the disposition of such Shares until such obligations are satisfied. These obligations may be satisfied by
having the Company withhold a portion of the Shares that otherwise would be issued to a Participant under such Award or by tendering Shares previously acquired by the Participant in accordance with rules established by the Committee from time to
time. 
  
 SHAREHOLDER RIGHTS. Except as otherwise provided
in this Plan, until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the share certificate evidencing such Shares, no right to vote or receive dividends or any
other rights as a shareholder shall exist with respect to the Shares subject to the Award, notwithstanding the exercise of the Award. 
  
 NON-TRANSFERABILITY OF AWARDS. An Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in exchange for
consideration, except that an Award may be transferred by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant; unless the Committee permits further transferability, on
a general or specific basis, in which case the Committee may impose conditions and limitations on any permitted transferability. 
  
 EXPIRATION OF AWARDS. 
  
 EXPIRATION, TERMINATION OR FORFEITURE OF AWARDS. Unless otherwise provided in the applicable Award Agreement or any severance agreement, vested
Awards granted under this Plan shall expire, terminate, or otherwise be forfeited as follows: 
  
 three (3) months after the effective date of termination of Active Status for a Participant other than a Non-Employee Director, other than in
circumstances covered by (ii), (iii), (iv) or (v) below; or six (6) months after the date a Non-Employee Director ceases to be a Director, other than in circumstances covered by (ii) and (iv) below: 
  
 immediately upon termination of a Participant’s Active Status for
Misconduct; 
  
 twelve (12) months after the date on which
a Participant other than a Non-Employee Director ceased performing services as a result of his or her total and permanent Disability; 
  
 twelve (12) months after the date of the death of a Participant whose Active Status terminated as a result of his or her death; and 
  
 six (6) months after the date on which the Participant ceased performing
services as a result of Retirement. 
  
 EXTENSION OF
TERM. Notwithstanding subsection (a) above, the Committee shall have the authority to extend the expiration date of any outstanding Option, other than an Incentive Stock Option, or SAR in circumstances in which it deems such action to be
appropriate (provided that no such extension shall extend the term of an Option or SAR beyond the date on which the Option or SAR would have expired if no termination of the Employee’s Active Status had occurred). 
  
 EFFECT OF CHANGE OF CONTROL. Notwithstanding any other provision in the Plan to
the contrary, the following provisions shall apply unless otherwise provided in the most recently executed agreement between the Participant and the Company, or specifically prohibited under applicable laws, or by the rules and regulations of any
applicable governmental agencies or national securities exchanges or quotation systems. 
  
 ACCELERATION. Awards of a Participant shall be Accelerated (as defined in Section 9(b) below) as follows: 
  
 With respect to Non-Employee Directors, upon the occurrence of a Change of Control described in Section 2(f); 
  
 With respect to any Employee, upon the occurrence of a Change of Control
described in Section 2(f)(i); 

 With respect to any Employee who Resigns for Good Reason or whose Active Status is terminated, so
long as such resignation or termination occurs within one year after a Change of Control described in Section 2(f)(ii), (iii) or (iv); and 
  
 With respect to any Employee, upon the occurrence of a Change of Control described in Section 2(f)(iv) in connection with which each Award is not
assumed or an equivalent award substituted by such successor entity or a parent or subsidiary of such successor entity. 
  
 DEFINITION. For purposes of this Section 9, Awards of a Participant being “Accelerated” means, with respect to such Participant:

  
 any and all Options and SARs shall become fully vested
and immediately exercisable, and shall remain exercisable for the greater of (1) the time period specified in the original Award (but subject to termination upon termination of Active Status in accordance with the terms of the original Award) or,
(2) one year following the date of such acceleration; 
  
 any restriction periods and restrictions imposed on Restricted Stock or Restricted Stock Units that are not performance-based shall lapse; 
  
 any restriction periods and restrictions imposed on Restricted Stock, Restricted Stock Units, and Performance Compensation Awards that are
performance-based shall lapse, unless such performance-based Awards remain outstanding after the Change of Control (or are assumed by any successor entity) and the applicable Performance Criteria can be accurately tracked following the Change of
Control; and 
  
 the restrictions and deferral limitations
and other conditions applicable to any other Awards shall lapse, and such other Awards shall become free of all restrictions, limitations or conditions and become fully vested and transferable to the full extent of the original grant.

  
 SPECIFIC TERMS APPLICABLE TO OPTIONS, STOCK AWARDS AND
SARS 
  
 GRANT, TERMS AND CONDITIONS OF OPTIONS. 
  
 DESIGNATION. Each Option shall be designated in an Award Agreement as
either an Incentive Stock Option or a Nonqualified Stock Option. However, notwithstanding such designations, to the extent that the aggregate Fair Market Value of the Shares with respect to which Options designated as Incentive Stock Options are
exercisable for the first time by any Employee during any calendar year (under all plans of the Company) exceeds $100,000, such excess Options shall be treated as Nonqualified Stock Options. Options shall be taken into account in the order in which
they were granted. 
  
 TERMS OF OPTIONS. The term of each
Option shall be no more than ten (10) years from the date of grant. However, in the case of an Incentive Stock Option granted to a Participant who, at the time the Option is granted, owns Shares representing more than ten percent (10%) of the voting
power of all classes of shares of the Company or any Parent or Subsidiary, the term of the Option shall be no more than five (5) years from the date of grant. 
  

OPTION EXERCISE PRICES. 
  
 The per Share exercise price under an Incentive Stock Option shall be as follows: 
  
 If granted to an Employee who, at the time of the grant of such Incentive Stock Option, owns shares representing more
than ten percent (10%) of the voting power of all classes of shares of the Company or any Parent or Subsidiary, the per Share exercise price shall be no less than 110% of the Fair Market Value per Share on the date of grant. 
  
 If granted to any other Employee, the per Share exercise price shall be
no less than 100% of the Fair Market Value per Share on the date of grant. 
  
 The per Share exercise price under a Nonqualified Stock Option or SAR shall be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. 
  
 In no event shall the Board or the Committee be permitted to Reprice an
Option after the date of grant without shareholder approval. 
  
 VESTING. To the extent Options vest and become exercisable in increments, such Options shall cease vesting as of the date of the Optionee’s Disability or termination of such Optionee’s Active Status for reasons other than
Retirement or death, in each of which cases such Options shall immediately vest in full. 

 EXERCISE. Any Option granted hereunder shall be exercisable at such times and under such
conditions as determined by the Committee at the time of grant, and as are permissible under the terms of the Plan. An Option may not be exercised for a fraction of a Share. 
  
 GRANT, TERMS AND CONDITIONS OF STOCK AWARDS. 
  
 DESIGNATION. Restricted Stock or Restricted Stock Units may be granted either alone, in addition to, or in tandem
with other Awards granted under the Plan. Restricted Stock or Restricted Stock Units may include a dividend equivalent right, as permitted by Section 5. After the Committee determines that it will offer Restricted Stock or Restricted Stock Units, it
will advise the Participant in writing or electronically, by means of an Award Agreement, of the terms, conditions and restrictions, including vesting, if any, related to the offer, including the number of Shares that the Participant shall be
entitled to receive or purchase, the price to be paid, if any, and, if applicable, the time within which the Participant must accept the offer. The offer shall be accepted by execution of an Award Agreement or as otherwise directed by the Committee.
Restricted Stock Units may be paid as permitted by Section 7(b). The term of each award of Restricted Stock or Restricted Stock Units shall be at the discretion of the Committee. 
  
 PERFORMANCE BASED STOCK AWARDS. The Committee may elect to grant Restricted Stock and/or Restricted Stock Units that
are intended to qualify as “performance based compensation” under Section 162(m) of the Code. Any such performance based Restricted Stock and Restricted Stock Units shall be subject to the attainment of Performance Goals relating to
Performance Criteria selected by the Committee and specified at the time such Restricted Stock and/or Restricted Stock Units are granted. 
  
 VESTING. Subject to the provisions of Section 9 of this Plan, unless the Committee determines otherwise, the Award Agreement shall provide for the
forfeiture of the non-vested Shares underlying Restricted Stock or Restricted Stock Units upon the termination of a Participant’s Active Status. The Committee shall be bound to administer Awards of Restricted Stock or Restricted Stock Units
that are not performance-based with a minimum vesting period of at least three years.  
  
 GRANT, TERMS AND CONDITIONS OF SARS. 
  
 GRANTS. The Committee shall have the full power and authority, exercisable in its sole discretion, to grant SARs to selected Participants. The terms of SARs shall be at the discretion of the Committee. In no
event shall the Board or the Committee be permitted to Reprice a SAR after the date of grant without shareholder approval. 
  
 STAND-ALONE SARS. 
  
 A Participant may be granted stand-alone stock appreciation rights (“Stand-Alone SARs”) that are not tied to any underlying Option under
Section 10 of the Plan. The Stand-Alone SAR shall cover a specified number of Shares and shall be exercisable upon such terms and conditions as the Committee shall establish. Upon exercise of the Stand-Alone SAR, the holder shall be entitled to
receive a distribution from the Company in an amount equal to the excess of (A) the aggregate Fair Market Value (on the exercise date) of the Shares underlying the exercised right over (B) the aggregate base price in effect for those Shares.

  
 (ii) The number of Shares underlying each Stand-Alone SAR
and the base price in effect for those Shares shall be determined by the Committee at the time the Stand-Alone SAR is granted. In no event, however, may the base price per Share be less than the Fair Market Value per underlying Share on the grant
date. 
  
 (iii) The distribution with respect to an exercised
Stand-Alone SAR may be made in Shares valued at Fair Market Value on the exercise date, in cash, or partly in Shares and partly in cash, as the Committee shall deem appropriate. 
  
 EXERCISED SARS. The Shares issued in settlement of any SARs exercised under this Section 12 shall not be available
for subsequent issuance under the Plan. In accordance with Section 4, Shares underlying any exercised SARs that were not issued in settlement of the SAR shall become available for future issuance under the Plan. 
  
 GRANT, TERMS AND CONDITIONS OF PERFORMANCE COMPENSATION AWARDS. 
  
 GRANTS. The Committee shall have the full power and authority,
exercisable in its sole discretion, to grant Performance Compensation Awards in the form of Performance Units or Performance Shares to Employees (including Officers) and shall evidence such grant in an Award Agreement that is delivered to the
Participant setting forth the terms and conditions of the Award. The Committee may, at the time of grant of a Performance Compensation Award, designate such Award as a Performance Compensation Award in order that such Award constitutes
“qualified performance-based compensation” under Code Section 162(m), in which event the Committee shall have the power to grant such Performance Compensation Award upon terms and conditions that qualify it as “qualified
performance-based compensation” within the meaning of Code Section 162(m). 
  
 ELIGIBILITY. The Committee shall, in its sole discretion, designate within the first 90 days of a Performance Period (or, if shorter, within the maximum period allowed under Section 162(m) of the Code) which
Participants will be eligible to receive Performance Compensation Awards in respect of such Performance Period. However, designation of a Participant eligible to receive an Award hereunder for a Performance Period shall not in any manner entitle the
Participant to receive payment in respect of any Performance Compensation Award for such Performance Period. The determination as to whether or not such Participant becomes entitled to payment in respect of any 

 Performance Compensation Award shall be decided solely in accordance with the provisions of this Section 13. Moreover,
designation of a Participant eligible to receive a Performance Compensation Award hereunder for a particular Performance Period shall not require designation of such Participant eligible to receive a Performance Compensation Award hereunder in any
subsequent Performance Period and designation of one person as a Participant eligible to receive a Performance Compensation Award hereunder shall not require designation of any other person as a Participant eligible to receive a Performance
Compensation Award hereunder in such period or in any other period. 
  
 DISCRETION OF COMMITTEE WITH RESPECT TO PERFORMANCE COMPENSATION AWARDS. With regard to a particular Performance Period, the Committee shall have full discretion to select the length of such Performance Period, the type(s) of
Performance Compensation Awards to be issued, the Performance Criteria that will be used to establish the Performance Goal(s), the kind(s) and/or level(s) of the Performance Goals(s) that is (are) to apply, or any combination of the foregoing, and
the Performance Formula. Within the first 90 days of a Performance Period (or, if shorter, within the maximum period allowed under Section 162(m) of the Code), the Committee shall, with regard to the Performance Compensation Awards to be issued for
such Performance Period, exercise its discretion with respect to each of the matters enumerated in the immediately preceding sentence and record the same in writing. 
  
 MODIFICATION OF PERFORMANCE GOALS. The Committee is authorized at any time during the first ninety (90) days of a
Performance Period (or, if shorter, within the maximum period allowed under Section 162(m) of the Code), or any time thereafter (but only to the extent the exercise of such authority after such 90-day period (or such shorter period, if applicable)
would not cause the Performance Compensation Awards granted to any participant for the Performance Period to fail to qualify as “qualified performance-based compensation” under Section 162(m) of the Code), in its sole discretion, to adjust
or modify the calculation of a Performance Goal for such Performance Period to the extent permitted under Section 162(m) of the Code (i) in the event of, or in anticipation of, any unusual or extraordinary corporate item, transaction, event or
development affecting the Company (to the extent applicable to such Performance Goal) or (ii) in recognition of, or in anticipation of, any other unusual or nonrecurring events affecting the Company (to the extent applicable to such Performance
Goal), or the financial statements of the Company (to the extent applicable to such Performance Goal), or of changes in applicable rules, rulings, regulations or other requirements of any governmental body or securities exchange, accounting
principles, law or business conditions. 
  
 PAYMENT OF
PERFORMANCE COMPENSATION AWARDS. 
  
 (i) A Participant must
be employed by the Company on the last day of a Performance Period to be eligible for payment in respect of a Performance Compensation Award for such Performance Period. Notwithstanding the foregoing, in the discretion of the Committee, Performance
Compensation Awards may be paid to Participants in the event of Retirement of such Participant or with respect to a Participant whose Active Status as an employee has terminated after the beginning of the Performance Period for which a Performance
Compensation Award is made, or to the designee or estate of a Participant who died prior to the last day of a Performance Period. 
  
 (ii) A Participant shall be eligible to receive payments in respect of a Performance Compensation Award only to the extent that (1) the Performance
Goal(s) for such period are achieved and certified by the Committee in accordance with Section 13(e)(iii) and (2) the Performance Formula as applied against such Performance Goal(s) determines that all or some portion of such Participant’s
Performance Compensation Award has been earned for the Performance Period. 
  
 (iii) Following the completion of a Performance Period, the Committee shall meet to review and certify in writing whether, and to what extent, the Performance Goals for the Performance Period have been achieved and,
if so, to calculate and certify in writing that amount of the Performance Compensation Awards earned for the period based upon the Performance Formula. The Committee shall then determine the actual size of each Participant’s Performance
Compensation Award for the Performance Period. 
  
 (iv)
[Intentionally omitted]  
  
 (v) The Performance
Compensation Awards granted for a Performance Period shall be paid to Participants as soon as administratively possible following completion of the certifications required by Section 13(e)(iii), unless the Committee shall determine that any
Performance Compensation Award shall be deferred. 
  
 (vi) In no
event shall any discretionary authority granted to the Committee by the Plan be used to (1) grant or provide payment in respect of Performance Compensation Awards for a Performance Period if the Performance Goals for such Performance Period have not
been attained, or (2) increase a Performance Compensation Award for any Participant at any time after the first 90 days of the Performance Period (or, if shorter, the maximum period allowed under Section 162(m)). 

 TERM OF PLAN AND SHAREHOLDER APPROVAL 
  
 TERM OF PLAN. The Plan shall become effective as of the Effective Date. It shall continue in effect until the tenth
(10th) anniversary of the Effective Date or until terminated under Section 15 of the Plan or extended by an
amendment approved by the shareholders of the Company pursuant to Section 15(a). 
  
 AMENDMENT AND TERMINATION OF THE PLAN. 
  
 AMENDMENT AND TERMINATION. The Board or the Committee may amend or terminate the Plan from time to time in such respects as the Board may deem advisable (including, but not limited to amendments which the Board deems appropriate to
enhance the Company’s ability to claim deductions related to stock option exercises); provided that to the extent required by the Code or the rules of Nasdaq or the SEC, shareholder approval shall be required for any amendment of the Plan.
Subject to the foregoing, it is specifically intended that the Board or Committee may amend the Plan without shareholder approval to comply with legal, regulatory and listing requirements and to avoid unanticipated consequences deemed by the
Committee to be inconsistent with the purpose of the Plan or any Award Agreement. 
  
 PARTICIPANTS IN FOREIGN COUNTRIES. The Committee shall have the authority to adopt such modifications, procedures, and sub-plans as may be necessary or desirable to comply with provisions of the laws of foreign
countries in which the Company or its Subsidiaries may operate to assure the viability of the benefits from Awards granted to Participants performing services in such countries and to meet the objectives of the Plan. 
  
 EFFECT OF AMENDMENT OR TERMINATION. Any amendment or termination of
the Plan shall not affect Awards already granted and such Awards shall remain in full force and effect as if this Plan had not been amended or terminated, unless mutually agreed otherwise between the Participant and the Committee, which agreement
must be in writing and signed by the Participant and the Company. 
  
 SHAREHOLDER APPROVAL. The effectiveness of the Plan is subject to approval by the shareholders of the Company in accordance with applicable Nasdaq rules.

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