ASSET PURCHASE AGREEMENT

THIS ASSET PURCHASE AGREEMENT (the “Agreement”) is entered into as of this 29th day of April, 2021 (the “Effective Date”) by and among METRO RADIO, INC., a corporation (“Buyer”), CENTENNIAL II, LLC, a North Carolina limited liability company (“CBL”), and CENTENNIAL LICENSING II, LLC, a North Carolina limited liability company (“CLL”, and collectively and jointly and severally with CBL, “Seller”) (each a “Party” and, collectively, the “Parties”).

RECITALS

WHEREAS, Seller is the licensee and operator of radio stations WZFC-FM, Strasburg, Virginia (FCC Facility ID # 60362) (“WZFC-FM”), and WINC-FM, Berryville, Virginia (FCC Facility ID # 60363) (with WZFC-FM, collectively, the “Stations”), holding valid authorizations for the operation thereof from the Federal Communications Commission (the “FCC”), and Seller owns other assets used in connection with the operation of the Stations; and

WHEREAS, on the terms and conditions described herein, Seller desires to sell and Buyer desires to purchase or assume certain of the assets owned or leased by Seller and used in connection with the operation of the Stations.

NOW, THEREFORE, taking the foregoing into account, and in consideration of the mutual covenants and agreements set forth herein, the sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, hereby agree to the following terms and conditions:

ARTICLE 1: SALE AND PURCHASE

1.1 Assets. Subject to the terms and conditions herein contained, Seller shall grant, convey, sell, assign, transfer and deliver to Buyer on the Closing Date (as defined below) all of the assets, properties, interests, and rights, both tangible and intangible, real, personal or mixed, that are owned, leased, or held by Seller and used or held for use exclusively in connection with the present operations of the Stations and which are specifically described below, but excluding the Excluded Assets described in Section 1.2 (collectively, the “Assets”):

(a) Licenses and Authorizations. All licenses, authorizations, permits and approvals issued with respect to the Stations by the FCC (the “FCC Authorizations”), as set forth on Schedule 1.1(a) attached hereto.

(b) Tangible Pe rsonal Prope rty.

(i) All studio equipment, computers, studio furniture and fixtures that are exclusively used or held for use in the operation of the Stations, and any additions and improvements thereto prior to the Closing Date, that are located at 520 North Pleasant Valley Road, Winchester, Virginia (the “Winchester Studio Site”);

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(ii) The tower and improvements (“WZFC Tower”) located on private farm land off of Route 623, Davis District, Shenandoah, Virginia (the “WZFC Transmitter Site”), together with the tower foundation, equipment shelter, generator, tower grounding system, waveguides, light monitoring system, security system or alarm, power protection, utilities, fences, landscaping and other related improvements in which Seller has an ownership interest and which are located on the WZFC Transmitter Site, or on or appurtenant to the WZFC Tower (collectively the “WZFC Tower Facilities”); provided, however, that the WZFC Tower Facilities shall not include any equipment cabinets, shelters, generators, or broadcast related equipment nor any real property owned or leased by any third party;

(iii) All broadcasting equipment including transmitters, antennas, cables, fixtures, spare parts and other tangible personal property of every kind and description of Seller that are located at the WZFC Transmitter Site, at the Private Farm Land off Route 613 that is approximately two and on-half (2.5) miles south of Berryville, Virginia (the “WINC Transmitter Site”) or at the transmitter site at Linden Mountain (the “WZFC STL Relay Site”) that are used or held for use in the operation of the Stations, and any additions and improvements thereto prior to the Closing Date, except for any retirements or dispositions thereof made between the date hereof and the Closing Date in the ordinary course of business and consistent with the terms of this Agreement; and

(iv) The following motor vehicles: 2010 Subaru VIN Number JF2SH6AC7AH722437 and 1996 Ford Van VIN Number 1FTJS34H1THA07805.

The items described in clauses (i) – (iv) are collectively referred to as the “Tangible Personal Property”. The items listed on Schedule 1.1(b) materially represent the items comprising the Tangible Personal Property, provided that Seller makes no representation or warranty as to the accuracy or completeness of such list.

(c) Intangible Property. All intangible property used exclusively in the operation of the Stations, including, without limitation, the Stations’ respective call letters, copyrights, programming materials, trademarks, service marks, slogans, jingles, logos, internet domain names, websites, Facebook, Twitter, Instagram and other social media accounts, the content located and publicly accessible from such domain names and websites, “visitor” email databases, trade secrets, choses in action relating primarily to the respective Stations, and goodwill relating to the respective Stations; and further including the intangible property listed and described on Schedule 1.1(c) attached hereto, and any additions and improvements thereto between the Effective Date and the Closing Date (collectively, the “Intangible Personal Property”).

(d) Leased and Licensed Re al Prope rty. All of Seller’s interests in the real property leased or licensed by Seller that is described on Schedule 1.1(d) pertaining to the WZFC Transmitter Site, the WINC Transmitter Site and the WZFC STL Relay Site (the “Leased and Licensed Real Property”).

(e) Contracts and Leases. Those contracts and leases specifically listed in Schedule 1.1(e), other than any Non-Assigned Contracts (as herein defined) (the “Contracts and Leases”).

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(f) Trade and Barte r Agre ements. The trade and barter agreements relating exclusively to each of the Stations and listed in Schedule 1.1(f) together with such other trade and barter agreements entered into by Seller during the month of April, 2021 up to and including the Effective Date (collectively, the “Trade and Barter Agreements”).

(g) Books and Records. Certain of the books and records of Seller relating to the business and operations of the Stations and maintained in the ordinary course of business at the Winchester Studio Site, as follows: technical operating data, customer lists, sales literature, advertising and promotional materials, and all FCC logs, the FCC local public inspection and political files, and engineering records (the “Books and Records”).

1.2 Excluded Assets. Seller will retain all of its assets not listed in Section 1.1, which shall include, without limitation, Seller’s right, title and interest in the Winchester Studio Site, all assets used or held for use by Seller exclusively in connection with the broadcasting of radio station WINC-AM (Facility ID # 41809) (“WINC-AM”), all assets located in the offices of Bruce Simel or Joyce Stifler as of the Closing Date and including the computers used by such individuals, the Non-Assigned Contracts, all contracts that are not listed on Schedule 1.1(e), all cash, cash equivalents, accounts receivable, security deposits, reserves, prepaid expenses, bank deposits, and checking, savings and other bank accounts, marketable securities, advances to employees, officers or directors, assets related to its employee benefit plans, insurance contracts and claims against insurers, its governing instruments or other corporate records, documents and identification numbers, and leases, contracts, commitments, understandings and agreements, whether oral or written, not specifically identified in Schedule 1.1(d), or Schedule 1.1(e) (collectively “Excluded Assets”).

1.3 Liabilities.

(a) The Assets shall be transferred by Seller to Buyer free and clear of all debts, security interests, mortgages, trusts, claims, pledges, conditional sales agreements, equipment leases, and other liens, liabilities and encumbrances of every kind and nature (“Liens”), other than the following (the “Permitted Liens”):

(i) Liens for taxes not yet due and payable;

(ii) Liens that will be discharged prior to Closing;

(iii) easements and other restrictions that do not materially adversely affect the full use and enjoyment of the Leased and Licensed Real Property for the purposes for which it is currently used or materially detract from its value;

(iv) imperfections of title and encumbrances, if any, which are not material, do not materially detract from the marketability or value of the properties subject thereto, and do not materially impair the operations of the owner thereof; and

(v) Liens for carriers, warehousemen, materialmen, landlords and the like that do not materially adversely affect the full use and enjoyment, or detract from the marketability or value, of the properties subject thereto.

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(b) Buyer shall assume and undertake to pay, discharge and perform all obligations and liabilities relating to the Contracts and Leases and other Assets arising or occurring after Closing (“Assumed Liabilities”). Buyer shall not assume (i) any obligations or liabilities under the Contracts and Leases or other Assets relating to the period prior to Closing; (ii) any obligations or liabilities of Seller that are unrelated to the Assets; (iii) any obligations or liabilities relating to employees of Seller, except to the extent arising or occurring after Closing in connection with any employees of Seller that are employed or engaged by Buyer at or after Closing; (iv) any obligations or liabilities relating to the Excluded Assets; (v) any federal, state or local franchise, income or other taxes of Seller; or (vi) any other obligations or liabilities of Seller, including obligations or liabilities arising from Seller’s failure to obtain any required license, permit, or other authorization to conduct the operation of the Stations prior to Closing (collectively, the “Retained Obligations”).

1.4 Purchase Price.

(a) Purchase Price. The purchase price to be paid for the Assets will be Two Hundred and Twenty-Five Thousand Dollars ($225,000) (the “Purchase Price”), payable by Buyer in cash by wire transfer of immediately available funds as follows:

(i) Escrow Deposit. Simultaneously with the execution and delivery of this Agreement, Buyer will deposit Fifty Thousand Dollars ($50,000) (the “Escrow Amount”) of the Purchase Price into escrow. The Escrow Amount shall be held and disbursed by Truist Bank, as the escrow agent (the “Escrow Agent”) pursuant to the terms of a Deposit Escrow Agreement substantially in the form attached hereto as Exhibit A (the “Escrow Agreement”). The Parties agree to share equally the costs of all fees due to the Escrow Agent pursuant to the Escrow Agreement, provided however, that Buyer’s portion of such fees shall not exceed One Thousand Dollars ($1,000).

(ii) Closing. At the Closing, Buyer shall pay to Seller the balance of the Purchase Price of One Hundred Seventy-Five Thousand Dollars ($175,000), plus or minus any adjustments made at the Closing pursuant to Section 1.5 and Section 1.7 of this Agreement.

1.5 Prorations. The Parties agree to prorate all expenses arising out of the operation of each Station which are incurred, accrued, or payable, as of 11:59 p.m. local time of the day immediately preceding the Closing Date so that Seller shall be entitled to all income with respect to advertisements airing on and after the Closing Date and responsible for all expenses and costs allocable for the period prior to and on such time, and Buyer shall be entitled to all income with respect to advertisements airing on and after the Closing Date (but specifically excluding any Excluded Assets) and responsible for all expenses and costs allocable for the period after such time. The items of expense to be prorated shall include, without limitation, FCC regulatory fees (based on the most recent publicly available information about the cost of such regulatory fees for each Station), tower rent, and the Trade and Barter Agreements as provided in Section 1.7. The prorations shall, insofar as feasible, be determined and paid on the Closing Date, with final settlement and payment to be made within sixty (60) days after the Closing Date. In the event of any disputes between the Parties as to such prorations and adjustments, the amounts not in dispute shall nonetheless be prorated at Closing, and such disputes shall be determined by an independent certified public accountant or other party mutually acceptable to the Parties whose

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determination shall be final. The fees and expenses of such accountant or other party shall be paid one-half by Buyer and one-half by Seller.

1.6 Allocation of Purchase Price. Buyer and Seller shall allocate the Purchase Price to the Assets for all purposes, including federal and state tax reporting purposes, in the manner set forth on Schedule 1.6. Filings with the Internal Revenue Service shall made by Seller and Buyer consistent with Schedule 1.6.

1.7 Adjustment for Trade and Barte r Agre e me nts. If, as of the Closing Date, the aggregate net liabilities of Seller under all the Trade and Barter Agreements exceed Two Thousand Five Hundred Dollars ($2,500), then Buyer shall receive a Purchase Price credit equal to the amount of the excess over such amount. For example, if the trade advertising due to customers is Fifteen Thousand Dollars ($15,000) at Closing for both Stations (collectively), and the net goods and services due to both Stations (collectively) equals Three Thousand Dollars ($3,000), then a net liability of Twelve Thousand Dollars ($12,000) exists. In such case, Buyer would receive a Nine Thousand Five Hundred Dollar ($9,500) credit against the Purchase Price. The parties agree that in the event there is any credit against the Purchase Price, for purposes of allocation of the Purchase Price, such credit will reduce the allocation of the Purchase Price to the FCC Authorizations. Included on Schedule 1.1(e) attached hereto is a true and complete summary of the current Trade and Barter Agreements as of March 31, 2021, together with a list of all related airtime obligations and merchandise or services paid or due in connection therewith (the “Trade and Barter Statement”). Seller shall prepare and submit to Buyer, no later than five (5) business days prior to the Closing Date, a written good faith estimate of the aggregate net liabilities of Seller under the Trade and Barter Agreements as of the Closing Date, and Buyer shall receive a Purchase Price credit to the extent applicable at Closing. In the event Buyer and Seller shall be in dispute with respect to the determination of the aggregate net liabilities of Seller under the Trade and Barter Agreements as of the Closing Date, the determination and Buyer’s credit at Closing, to the extent applicable, shall be based on Seller’s good faith estimate, and any dispute concerning such estimate shall be settled following the Closing in the manner set forth in the last two sentences of Section 1.5.

ARTICLE 2: FCC CONSENT; CLOSING

2.1 FCC Consent; Assignment Application. Buyer and Seller shall execute, file, and vigorously prosecute an application to the FCC (the “Assignment Application”) requesting the FCC’s consent (the “FCC Consent”) to the assignment from Seller to Buyer of all FCC Authorizations pertaining to each Station. The Assignment Application shall be filed not later than five (5) days after the Effective Date. Buyer and Seller shall take all reasonable steps to cooperate with each other and with the FCC in order to secure such FCC Consent without delay and to promptly consummate the transactions contemplated in this Agreement; provided, however, that no Party hereto shall be required to take any action which such Party reasonably determines would have a material adverse effect upon such Party. Buyer shall reimburse Seller for one-half of the FCC filing fee paid in connection with the FCC application. Each Party shall be responsible for all of its other costs with respect to the preparation, filing and prosecution of the Assignment Application. Buyer and Seller shall promptly notify each other of, and provide copies of, all documents filed with or received from the FCC or any other governmental agency with respect to this Agreement, the Assignment Application or the transactions contemplated

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hereby. If Buyer or Seller becomes aware of any fact which would prevent or delay the FCC Consent or the Final Order (as defined below), it shall promptly notify the other Party.

2.2 Closing Date; Closing Place. The closing (the “Closing”) of the transactions contemplated in this Agreement shall occur on the date (the “Closing Date”) that is the first business day on or after ten (10) business days following the date the FCC shall have published its Public Notice of FCC Consent having been granted in its Daily Digest or such other date as shall be agreed in writing by Buyer and Seller, provided that the other conditions to closing set forth in Sections 8 and 9 have either been waived or satisfied. The Closing shall be held by exchange of documents via the electronic exchange of documents and signature pages in “portable document format” simultaneously, or as Seller and Buyer may otherwise agree. In the event the Closing occurs and, prior to the FCC Consent becoming a Final Order, the FCC rescinds the FCC Consent and orders an unwinding of the Closing, Buyer shall return the Assets to Seller and Seller shall return the Purchase Price to Buyer, and each of Seller and Buyer shall take all other steps reasonably required to return the Parties to the status quo ante existing immediately prior to the Closing on the Closing Date. For purposes of this Agreement, the term “Final Order” means action by the FCC consenting to the Assignment Application, and such consent shall not have been reversed, stayed, enjoined, set aside, annulled, or suspended, and with respect to which action no timely request for stay, petition for rehearing, petition for reconsideration, application for review, or notice of appeal is pending, and as to which the times for filing any such request, petition, application, notice, or appeal, or for reconsideration or review by the FCC on its own motion, shall have expired.

ARTICLE 3: REPRESENTATIONS AND WARRANTIES OF SELLER

Seller makes the following representations and warranties to Buyer:

3.1 Organization and Authorization. Each Seller is a limited liability company duly organized and validly existing under the laws of the State of North Carolina. Seller has the power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby on Seller’s part have been duly and validly authorized by Seller, and no other proceedings on the part of Seller are necessary to authorize the execution and delivery of, or the performance of Seller’s obligations under, this Agreement, or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by Seller. This Agreement constitutes the legal, valid, and binding obligation of Seller enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, or other laws affecting generally the enforcement of creditors’ rights or the application of principles of equity.

3.2 No Defaults. The execution, delivery, and performance of this Agreement by Seller will not (i) constitute a violation of, or conflict with, either Seller’s articles of organization, operating agreement, or other similar organizational documents, (ii) result in a default (or give rise to any right of termination, cancellation, or acceleration) under, or conflict with, any of the terms, conditions, or provisions of any note, bond, mortgage, indenture, agreement, lease, or other instrument or obligation relating to the Stations and to which Seller or any of the Assets may be subject, (iii) violate any statute, regulation, order, injunction, or decree

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of any federal, state, or local governmental authority or agency which is applicable to Seller or any of the Assets, or (iv) result in the creation or imposition of any lien, charge, or encumbrance of any nature whatsoever upon any of the Assets, other than Permitted Liens

3.3 Title. Seller owns and has good and marketable title to the Assets, subject only to Permitted Liens. BUYER ACKNOWLEDGES AND AGREES THAT THE ASSETS ARE BEING TRANSFERRED AND SOLD TO BUYER HEREUNDER “AS IS, WHERE IS” AND “WITH ALL FAULTS”, AND SELLER HEREBY EXPRESSLY DISCLAIMS THE EXISTENCE OF ANY WARRANTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, AS TO CONDITION, MERCHANTABILITY, COLLECTABILITY, OPERATION, FITNESS FOR A PARTICULAR PURPOSE, WARRANTY OF NON-INFRINGEMENT, OR AS TO ANY OTHER MATTER WHATSOEVER, EXCEPT AS EXPRESSLY PROVIDED IN ARTICLE 3 HEREOF.

3.4 Intangible Personal Property. To Seller’s knowledge, Seller’s use of the Intangible Property does not infringe upon any third party rights in any material respect; none of the Intangible Property is being infringed by any third party; and Seller has not received any written notice that its use of the Intangible Property at either Station is unauthorized or violates or infringes upon the rights of any other party or challenging the ownership, use, validity or enforceability of any Intangible Property.

3.5 FCC Authorizations and Other Licenses. Schedule 1.1(a) hereto contains a true and complete list of the FCC Authorizations and all other licenses, permits, or other authorizations from governmental or regulatory authorities that are required for the lawful conduct of the business and operations of the Stations in the manner and to the extent that the Stations are presently operated. The FCC Authorizations and other licenses, permits, and authorizations listed on Schedule 1.1(a) are in full force and effect, unimpaired by any act or omission of CLL. CLL lawfully holds each of the FCC Authorizations and the other licenses, permits, and authorizations listed on Schedule 1.1(a), none of which is subject to any restrictions or conditions or, to Seller’s knowledge, pending proposals that would limit or, to Seller’s knowledge, change in any material respect the operations of the Station, other than (i) as may be set forth on the faces of such FCC Authorizations and other licenses, permits, and authorizations, or (ii) as may be applicable to substantial segments of the industry. There are not now pending, or, to Seller’s knowledge, threatened, any action by or before the FCC to revoke, cancel, rescind, modify, or refuse to renew any of such FCC Authorizations. All material reports, filings, and fees required to be filed with or paid to the FCC by Seller with respect to the operation of each Station have been timely filed, and all such reports and filings are accurate and complete in all material respects.

3.6 Pe rformance of Contracts and Leases. Seller has delivered to Buyer, electronically through the Winchester Data Room on Dropbox, true, correct and complete copies of the Contracts and Leases listed on Schedule 1.1(e). Each of the Contracts and Leases is in full force and effect, there has not been, and is not, any default or breach under any of the Contracts and Leases by Seller in any material respect, and, to the knowledge of Seller, there has not been, and is not, any default or breach under any of the Contracts and Leases by any other party to any of the Contracts and Leases in any material respect.

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3.7 Approvals and Consents. The execution, delivery and performance by Seller of this Agreement and the consummation by Seller of the transactions contemplated hereby will not require any consent, permit, license or approval of any person, entity or government or regulatory authority other than the FCC Consent and any third party consents required in connection with the assignment of the Contracts and Leases as so designated on Schedule 1.1(e) as to which Seller shall obtain any necessary consents set forth on Schedule 1.1(e) in order to assign such Contracts and Leases prior to the Closing.

3.8 Taxes. Seller has duly, timely, and in the required manner filed all federal, state, and local income, franchise, sales, use, property, excise, payroll, and other tax returns and forms required to be filed for all periods ending on or before the Closing Date, and has paid in full or discharged all taxes, assessments, excises, interest, penalties, deficiencies, and losses required to be paid for all periods ending on or before the Closing Date. To Seller’s knowledge, no event has occurred prior to the Closing Date which could impose upon Buyer any liability for any taxes, penalties, or interest due or to become due from Seller from any taxing authority.

3.9 Broke rs. Other than BIA Capital Strategies, LLC, Seller has retained no broker or finder or other person who would have any valid claim for a commission or a brokerage fee in connection with this Agreement or the transactions contemplated hereby as a result of any agreement, understanding, or action on the part of Seller. Seller will be solely responsible for all fees due to BIA Capital Strategies, LLC in connection with the transactions contemplated by this Agreement.

3.10 No Other Representations. Seller disclaims any and all other representations and warranties (express or implied, oral or written), except as expressly set forth in this Article 3. Buyer specifically acknowledges that Seller shall not be deemed to have made, and Buyer is in no way relying upon, any representation or warranty not expressly set forth in this Article 3, including with respect to projections, estimates or budgets, if any, previously delivered or made available to Buyer concerning future revenues, expenses, results or anticipated results of operations or the financial condition of the Stations.

ARTICLE 4: REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer represents and warrants to Seller:

4.1 Organization and Authorization. Buyer is a corporation duly organized, validly existing, and in good standing under the laws of the Commonwealth of Virginia and qualified to do business in the Commonwealth of Virginia. Buyer has the power and authority to execute and deliver this Agreement, and to consummate the transactions contemplated hereby. The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby on Buyer’s part have been duly and validly authorized by Buyer, and no other proceedings on the part of Buyer are necessary to authorize the execution and delivery of, or the performance of Buyer’s obligations under this Agreement, or to consummate the transactions contemplated hereby. This Agreement has been duly and validly executed and delivered by Buyer. This Agreement constitutes the legal, valid, and binding agreement of Buyer enforceable in accordance with its terms, except as may be limited by bankruptcy,

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insolvency, or other laws affecting generally the enforcement of creditors’ rights or the application of principles of equity.

4.2 No Defaults. The execution, delivery, and performance of this Agreement by Buyer will not (i) conflict with or result in any breach of any provision of the articles of incorporation or bylaws of Buyer, or (ii) result in a default (or give rise to any right of termination, cancellation, or acceleration) under, or conflict with, any of the terms, conditions, or provisions of any note, bond, mortgage, indenture, agreement, lease, or other instrument or obligation relating to Buyer or its business, except for such defaults (or rights of termination, cancellation, or acceleration) or conflicts as to which requisite waivers or consents have been obtained and delivered to Seller, or (iii) violate any statute, regulation, order, injunction, or decree of any federal, state, or local governmental authority or agency which is applicable to Buyer.

4.3 Buyer’s Qualification. Buyer is legally, financially, and technically qualified to acquire, and to become the FCC licensee of, the Stations and, upon satisfaction of the conditions precedent to Closing set forth in Articles 8 and 9 below, to perform its obligations under this Agreement.

4.4 Approvals and Consents. The execution, delivery and performance by Buyer of this Agreement and the consummation by Buyer of the transactions contemplated hereby will not require any consent, permit, license or approval of any person, entity or government or regulatory authority other than the FCC Consent. Buyer is not subject to nor a party to any order, writ, injunction, judgment, litigation, arbitration, decision, or decree having a binding effect which restrains or enjoins, or purports to retrain or enjoin, or could reasonably be expected to restrain or enjoin, the transactions contemplated hereby or which could provide the basis for the refusal of the FCC to grant the FCC Consent.

4.5 Broke rs. Buyer has retained no broker or finder or other person who would have any valid claim for a commission or a brokerage fee in connection with this Agreement or the transactions contemplated hereby as a result of any agreement, understanding, or action on the part of Buyer.

4.6 Independent Investigation. Buyer has conducted its own independent investigation, review and analysis of the Stations and the Assets, and acknowledges that it has been provided adequate access to the personnel, properties, assets, premises, books and records and other documents and data of Seller for such purpose. Buyer acknowledges and agrees that: (a) in making its decision to enter into this Agreement and to consummate the transactions contemplated hereby, Buyer has relied solely upon its own investigation and the express representations and warranties of Seller set forth in Article 3 of this Agreement (including related portions of the Disclosure Schedules); and (b) neither Seller nor any other person or entity has made any representation or warranty as to Seller, the Stations, the Assets or this Agreement, except as expressly set forth in Article 3 of this Agreement (including the related portions of the Disclosure Schedules).

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ARTICLE 5: COVENANTS OF SELLER

Seller covenants and agrees that:

5.1 Representations and Warranties. From the Effective Date and until the completion of the Closing, Seller shall give detailed written notice to Buyer promptly upon learning of the occurrence of any event that would cause or constitute a breach or would have caused a breach had such event occurred or been known to Seller prior to the Effective Date, of any of the representations and warranties of Seller contained in this Agreement.

5.2 Consummation of Agreement. Seller shall use all commercially reasonable efforts to fulfill and perform all conditions and obligations on its part to be fulfilled and performed under this Agreement, and to cause the transactions contemplated by this Agreement to be fully carried out.

5.3 Call Signs. Seller is the licensee and operator of radio station WINC-AM 1400, Winchester, VA (FCC Facility ID 41809) and, to the extent consistent with FCC rules and regulations, covenants to make the WINC call sign available to Buyer at Closing.

5.4 Station Operations: From the date hereof until Closing, Seller shall:

(a) operate the Stations in accordance with the terms of the FCC Authorizations and in compliance with The Communications Act of 1934, FCC rules, regulations and policies, and all other applicable laws, rules and regulations, and maintain the FCC Authorizations in full force and effect;

(b) keep all Tangible Personal Property in the same operating condition (ordinary wear and tear excepted) that exists as of the Effective Date; and

(c) not enter into new contracts that will impose obligations upon Buyer after Closing (including with respect to any new trade and barter agreements) or amend any existing Contracts or Leases.

ARTICLE 6: COVENANTS OF BUYER

Buyer covenants and agrees that:

6.1 Representations and Warranties. From the Effective Date until the completion of the Closing, Buyer shall give detailed written notice to Seller promptly upon learning of the occurrence of any event that would cause or constitute a breach or would have caused a breach had such event occurred or been known to Buyer prior to the Effective Date, of any of the representations and warranties of Buyer contained in this Agreement.

6.2 Consummation of Agreement. Buyer shall use all commercially reasonable efforts to fulfill and perform all conditions and obligations on its part to be fulfilled and performed under this Agreement, and to cause the transactions contemplated by this Agreement to be fully carried out.

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6.3 FCC Eligibility. Buyer shall not take any action or omit to take any action that would cause it to become unqualified to purchase the Stations or cause the FCC to withhold the FCC Consent.

ARTICLE 7: COVENANTS

7.1 Collection of Receivables. Following the Closing, Seller shall continue to collect all cash, receivables and other amounts due to Seller in connection with Seller’s operation of the Stations in advance of the Closing (collectively, the “Receivables”). Following Closing and until Buyer vacates the Winchester Studio Site pursuant to Section 7.2, Seller shall have the right to continued use of and access to the traffic computer for the Stations and for WINC-AM, for the purpose of posting payments on Seller’s account and generating statements of Seller’s client accounts outstanding. Seller shall, as of the Effective Time, create a separate file on the traffic system, with one such file being for the account of Seller and the other for the account of Buyer such that each party may track and credit to their respective accounts. Buyer covenants and agrees to provide commercially reasonable assistance to Seller as may be requested from time to time by Seller in Seller’s collection of Receivables. In the event Buyer shall receive or otherwise come into possession of any such Receivables, Buyer shall remit to Seller all amounts so collected by Buyer within ten (10) calendar days of receipt thereof by Buyer.

7.2 Winchester Studio Site License. Effective as of the Closing Date, Seller hereby grants to Buyer a non-exclusive, revocable, non-assignable license to utilize and access the studios of the Stations presently located at the Winchester Studio Site and one or more sales offices as may be designated by Seller for the exclusive purpose of operating the Stations pending Buyer’s relocation of the Station operations to another facility (the “License”). Buyer shall not use the Winchester Studio Site for any purpose other than as expressly provided herein and shall have no authority to, and shall not, in any way, interfere with or impair the efficient workflow of Seller’s employees, contractors and invitees nor restrict Seller’s use and enjoyment of the Winchester Studio Site. Buyer will take good care of and will maintain in good condition the portions of the Winchester Studio Site to which it shall require access, will not suffer any waste or injury thereto and will not make any modifications or alterations thereto. Buyer will conduct all of its operations while at the Winchester Studio Site in accordance with all applicable laws. The License shall automatically expire on the sixtieth (60th) day following the Closing Date (the “License Expiration Date”). On or before the License Expiration Date or upon the earlier revocation of the License for any breach of these terms by Buyer, Buyer shall have removed all of its employees, contractors, agents and property (including any Assets) and shall peaceably surrender its right of access to any and all portions of the Winchester Studio Site and leave the same in substantially the order and condition which they are as of the Closing Date. Buyer agrees to reimburse Seller promptly and in no more than ten (10) days upon presentation for payment for fifty percent (50%) of the costs actually paid by Seller for power, gas and water at the Winchester Studio Site during the effectiveness of the License. Effective as of the Closing Date and until the License Expiration Date or earlier revocation of the License, Buyer shall maintain in full force and effect with one or more reputable insurance companies acceptable to Seller and licensed to do business in the Commonwealth of Virginia one or more policies of insurance acceptable to Seller for commercial general liability, property, auto and worker’s compensation naming Seller as additional insureds. Buyer shall provide Seller at Closing with a certificate of insurance evidencing the foregoing coverages (the “Certificates of Insurance”).

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7.3 Removal of Assets. Effective as of the License Expiration Date or earlier revocation of the License, Buyer shall have removed all Assets from the Winchester Studio Site. Any Assets not so removed by Buyer may be disposed by Seller without any liability to Seller.

7.4 Control. Consistent with FCC rules, control, supervision and direction of the operation of the Stations prior to Closing shall remain the responsibility of Seller as the holder of the FCC Authorizations.

7.5 Lease Assignments. Seller shall endeavor to include in the Lease Assignments (as herein defined) that pertain to the leases for which consent to assign is required, representations from the applicable landlord that the rent due and payable thereunder by Seller has been paid in full and that Seller is not in breach of the applicable lease.

7.6 Barte re d Airtime . Beginning on the Closing Date and continuing for a period of sixty (60) days thereafter, Buyer covenants and agrees to air the bartered airtime on the applicable Stations pursuant to the Non-Assigned Contracts listed on Schedule 1.1(e) on the terms and conditions set forth in such Non-Assigned Contracts. Buyer acknowledges and agrees that it is not a current licensee of the software licensed thereunder.

ARTICLE 8: CONDITIONS TO THE OBLIGATIONS OF SELLER

The obligations of Seller under this Agreement are subject to the fulfillment of the following conditions prior to or on the Closing Date. Upon the Closing, each such condition shall be deemed to have been satisfied.

8.1 Representations, Warranties and Covenants.

(a) Each of the representations and warranties of Buyer contained in this Agreement was true and correct, in all material respects, as of the date when made and is deemed to be made again on and as of the Closing Date and is then true and correct, in all material respects, except to the extent changes are permitted or contemplated pursuant to this Agreement.

(b) Buyer shall have performed and complied, in all material respects, with each and every covenant and agreement required by this Agreement to be performed or complied with by it prior to or on the Closing Date.

8.2 Proceedings. Neither Seller nor Buyer shall be subject to any restraining order or injunction (or similar action) restraining or prohibiting the consummation of the transactions contemplated hereby.

8.3 FCC Consent. The FCC Consent shall have been initially granted or shall have become a Final Order.

8.4 Deliveries. Buyer shall have complied with each and every one of its obligations set forth in Section 10.2.

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ARTICLE 9: CONDITIONS TO THE OBLIGATIONS OF BUYER

The obligations of Buyer under this Agreement are subject to the fulfillment of the following conditions prior to or on the Closing Date. Upon the Closing, each such condition shall be deemed to have been satisfied.

9.1 Representations, Warranties and Covenants.

(a) Each of the representations and warranties of Seller contained in this Agreement was true and correct, in all material respects, as of the date when made and is deemed to be made again on and as of the Closing Date and is then true and correct, in all material respects, except to the extent changes are permitted or contemplated pursuant to this Agreement.

(b) Seller shall have performed and complied, in all material respects, with each and every covenant and agreement required by this Agreement to be performed or complied with by it prior to or on the Closing Date.

9.2 Proceedings. Neither Seller nor Buyer shall be subject to any restraining order or injunction (or similar action) restraining or prohibiting the consummation of the transactions contemplated hereby.

9.3 FCC Consent. The FCC Consent shall have been granted or shall have become a Final Order.

9.4 Deliveries. Seller shall have complied with each and every one of the obligations set forth in Section 10.1.

9.5 Material Contracts. Seller shall have obtained any necessary consents required to assign the Contracts and Leases to Buyer designated on Schedule 1.1(e) as “Material Contracts”. For the avoidance of doubt, it shall not be a condition to Closing that Seller shall have obtained consent to assign to Buyer the two Mr. Master AIM Software License Agreements listed on Schedule 1.1(e).

ARTICLE 10: ITEMS TO BE DELIVERED AT CLOSING

10.1 Deliveries by Seller. At Closing, Seller shall deliver to Buyer, duly executed by Seller or such other signatory as may be required by the nature of the document:

(a) a bill of sale and assignment sufficient to sell, convey, transfer and assign the Assets (including the FCC Authorizations) to Buyer free and clear of any Liens, other than Permitted Liens, in a form reasonably acceptable to Buyer and Seller (the “Bill of Sale and Assignment”);

(b) certified copies of appropriate resolutions, duly adopted, which shall be in full force and effect at the time of the Closing, authorizing the execution, delivery and performance by Seller of this Agreement, and the consummation of the transactions contemplated hereby;

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(c) a certificate dated as of the Closing Date and duly executed by an officer of Seller to the effect that the conditions set forth in Section 9.1 have been satisfied;

(d) joint instructions to the Escrow Agent directing the payment of the Escrow Deposit to Seller;

(e) to the extent not addressed in the Bill of Sale and Assignment, an Assignment and Assumption Agreement duly executed by Seller with respect to the Contracts and Leases in a form reasonably acceptable to Buyer and Seller (the “Assignment and Assumption Agreement”);

(f) to the extent not addressed in the Bill of Sale and Assignment, an assignment of each applicable lease or license sufficient for the assignment and assumption of the Leased and Licensed Real Property and Seller’s rights and obligations thereunder, in a form reasonably acceptable to Buyer and Seller (the “Lease Assignments”);

(g) the login information, including passwords, for the Stations’ social media accounts listed on Schedule 1.1(c); and

(h) such additional documents, instruments, and agreements as Buyer may reasonably request in connection with the consummation of the transactions contemplated by this Agreement.

10.2 Deliveries by Buyer. At the Closing, Buyer shall deliver to Seller, duly executed by Buyer or such other signatory as may be required by the nature of the document:

(a) the payment of the Purchase Price in accordance with Section 1.4;

(b) the Bill of Sale and Assignment;

(c) certified copies of resolutions, duly adopted, which shall be in full force and effect at the time of the Closing, authorizing the execution, delivery and performance by Buyer of this Agreement, and the consummation of the transactions contemplated hereby;

(d) a certificate dated as of the Closing Date and duly executed by and officer Buyer to the effect that the conditions set forth in Section 8.1 have been satisfied;

(e) joint instructions to the Escrow Agent directing the payment of the Escrow Deposit to Seller;

(f) the Assignment and Assumption Agreement (if applicable);

(g) the Lease Assignments (if applicable);

(h) the Certificates of Insurance; and

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(i) such additional documents, instruments, and agreements as Seller may reasonably request in connection with the consummation of the transactions contemplated by this Agreement.

ARTICLE 11: SURVIVAL AND INDEMNITY

The rights and obligations of Buyer and Seller under this Agreement shall be subject to the following terms and conditions:

11.1 Survival. The representations and warranties of Buyer and Seller contained in this Agreement shall survive and may be enforced by the Party benefitting from such representation or warranty after the Closing for nine (9) months from the Closing Date. Neither Seller nor Buyer shall have any liability whatsoever with respect to any representation or warranty unless a claim is made hereunder or an action at law or in equity is commenced prior to expiration of the nine-month survival period for such representation or warranty. The covenants and agreements in this Agreement shall survive Closing until performed.

11.2 General Agreement to Indemnify.

(a) Seller on the one hand, and Buyer on the other hand, shall indemnify, defend and hold harmless each other and any employee, representative, agent, director, officer, affiliate or permitted assign of each other (each, an “Indemnified Party”) from and against any and all claims, actions, suits, proceedings, liabilities, obligations, losses and damages, interest, costs and expenses (including reasonable attorneys’ fees, court costs and other out-of-pocket expenses incurred in investigating, preparing or defending the foregoing) (collectively, “Losses”) asserted against, incurred or suffered by any Indemnified Party as a result of a third party claim, action, suit or proceeding (a “Third Party Claim”) arising out of or relating to: (i) the failure in any material respect of any representation or warranty of the Indemnifying Party made in the Agreement to have been true and correct when made or as of the Closing Date as though such representation or warranty were made at and as of the Closing Date; or (ii) the breach by the Indemnifying Party in any material respect of any covenant or agreement of such Party contained in this Agreement or any collateral agreement to the extent not waived by the other Party hereto.

(b) Seller further agrees to indemnify and hold harmless Buyer and any other Indemnified Party of Buyer from and against any Losses asserted against, incurred or suffered by Buyer or any other Indemnified Party of Buyer arising out of, resulting from, or relating to any liabilities or obligations of Seller or the ownership or operations of the Stations or the Assets prior to the Closing other than the Assumed Liabilit ies.

(c) Buyer further agrees to indemnify and hold harmless Seller and any other Indemnified Party of Seller from and against any Losses asserted against, incurred or suffered by Seller or any other Indemnified Party of Seller arising out of, resulting from, or relating to the Assumed Liabilities, or the ownership or operations of the Stations or the Assets after the Closing.

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11.3 General Procedures for Indemnification.

(a) The Indemnified Party seeking indemnification under this Agreement shall promptly notify in writing the Party or Parties against whom indemnification is sought (the “Indemnifying Party”) of the assertion and basis or the commencement and basis of any Third Party Claim in respect of which indemnity may be sought hereunder and will give the Indemnifying Party such information with respect thereto as the Indemnifying Party may reasonably request, but failure to give such notice shall not relieve the Indemnifying Party of any liability hereunder (unless the Indemnifying Party has suffered material prejudice by such failure). The Indemnifying Party shall have the right, but not the obligation, exercisable by written notice to the Indemnified Party within thirty (30) days of receipt of notice from the Indemnified Party of the commencement of a Third Party Claim, to assume the defense and control the settlement of such Third Party Claim that involves (and continues to involve) solely money damages. Failure by the Indemnifying Party to so notify the Indemnified Party shall be deemed a waiver by the Indemnifying Party of its right to assume the defense of such claim.

(b) Whether or not the Indemnifying Party chooses to defend or prosecute any Third Party Claim, the Parties hereto shall cooperate in the defense or prosecution thereof and shall furnish such records, information and testimony, and attend such conferences, discovery proceedings, hearings, trials and appeals, as may be reasonably requested in connection therewith.

(c) The Indemnifying Party or the Indemnified Party, as the case may be, shall have the right to participate in (but not control), at its own expense, the defense of any Third Party Claim that the other is defending, as provided in this Agreement.

(d) The Indemnifying Party, if it has assumed the defense of any Third Party Claim as provided in this Agreement, shall not consent to, or enter into, any compromise or settlement of, or consent to the entry of any judgment arising from, any such Third Party Claim (which compromise, settlement, or judgment: (i) commits the Indemnified Party to take, or to forbear to take, any action; or (ii) does not provide for a complete release by such Third Party of the Indemnified Party) without the Indemnified Party’s prior written consent. If the conditions set forth herein are met but the Indemnified Party refused to settle any Third Party Claim, the Indemnifying Party may tender the settlement amount and be relieved of further liability.

(e) The Indemnifying Party shall not be entitled to require that any action be brought against any other person before action is brought against it hereunder by the Indemnified Party, but shall be subrogated to any right of action to the extent that it has paid or successfully defended against any Third Party Claim.

11.4 Limitations on Liability.

(a) Notwithstanding anything to the contrary contained in this Agreement, in no event shall Seller’s liability pursuant to this Article 11 exceed twenty percent (20%) of the Purchase Price, both for each individual claim and in the aggregate.

(b) In no event will either Party have any liability under this Article 11 or otherwise for any particular Losses unless such Party has received detailed written notice

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describing such Losses within nine (9) months after the Closing Date, except in the case of any claim by Seller pursuant to Section 11.2(c), which may be made indefinitely following Closing.

(c) In no event will any Indemnifying Party have any liability to any Indemnified Party, under this Article 11 or otherwise, for any indirect, incidental, consequential, punitive, special, exemplary, or other similar types of damages, including, without limitation, lost profits and diminution in value.

(d) The amount payable by an Indemnifying Party to an Indemnified Party with respect to a Loss shall be reduced by the amount of any insurance proceeds received by the Indemnified Party with respect to the Loss, and each of the Parties hereby agrees to use commercially reasonable efforts to collect any and all insurance proceeds to which it may be entitled in respect of any Loss.

(e) Seller shall not be liable to Buyer or any Indemnified Party of Buyer under this Article 11 or otherwise for any Loss resulting from any inaccuracy in any representation or warranty, any breach of any covenant or agreement, or any other fact or circumstance that Buyer knew of, or should be reasonably expected to have known of, at the time of Closing.

(f) The limitations in this Section 11.4 shall not apply to any Loss arising from fraud or intentional breach or misrepresentation.

11.5 Exclusive Remedy. After the Closing, the rights provided in this Article 11 shall be the sole remedy, exclusive of any other rights or remedies arising under contract, at law, in equity, or otherwise, available to the Parties against one another for any claims in any way arising out of or relating to this Agreement or the transactions contemplated hereby.

ARTICLE 12: TERMINATION

12.1 Termination. This Agreement may be terminated at any time prior to Closing:

(a) by the mutual written consent of Seller and Buyer;

(b) by written notice of Seller to Buyer if Buyer: (i) does not satisfy the conditions or perform the obligations to be satisfied or performed by Buyer on or before the Closing Date in any material respect; (ii) breaches in any material respect any of Buyer’s representations or warranties; or (iii) defaults in any material respect in the performance of any of Buyer’s covenants or agreements under this Agreement; and in any of which events such breach or default is not cured within the Cure Period (as herein defined), if applicable;

(c) by written notice of Buyer to Seller if Seller: (i) does not satisfy the conditions or perform the obligations to be satisfied or performed by Seller on or before the Closing Date in any material respect; (ii) breaches in any material respect any of Seller’s representations or warranties; or (iii) defaults in any material respect in the performance of any of Seller’s covenants or agreements under this Agreement; and in any of which events such breach or default is not cured within the Cure Period, if applicable; or

(d) by written notice of either Party to the other if:

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(i) the Closing has not been consummated on or before one (1) year from the Effective Date; provided, however, that such right to terminate this Agreement shall not be available to any Party whose breach of this Agreement has been the cause of, or resulted in, the failure of the Closing to occur on or before such date;

(ii) the FCC denies or dismisses the Assignment Application and such denial or dismissal has become a Final Order;

(iii) the Assignment Application is designated for an evidentiary hearing;

(iv) if a judicial appeal is taken from the grant of FCC Consent; or

(v) if there shall be in effect any judgment, final decree or order that would prevent or make unlawful the Closing of this Agreement.

12.2 Cure Pe riod. The term “Cure Period” as used herein means a period commencing with the date that Buyer or Seller receives from the other Party written notice of breach or default hereunder and continuing until thirty (30) days thereafter; provided, however, that if the breach or default cannot reasonably be cured within such period but can be cured before the Closing Date, and if diligent efforts to cure promptly commence, then the Cure Period shall continue as long as such diligent efforts to cure continue, but not beyond the Closing Date. Except as set forth below and subject to the limitations set forth in Section 11.4, the termination of this Agreement shall not relieve any Party of any liability for breach or default under this Agreement prior to the date of termination.

12.3 Liability; Right to Terminate. A termination of this Agreement shall not relieve any party hereto of any liability for which it otherwise would be subject. Notwithstanding anything in this Agreement to the contrary, no Party that is in material breach of this Agreement shall be entitled to terminate this Agreement except with the written consent of the other Party.

12.4 Payment of Escrow Amount.

(a) Buyer’s De fault. Upon a termination of this Agreement by Seller pursuant to Section 12.1(b), Seller’s sole remedy shall be delivery to Seller of the Escrow Amount, including all interest earned thereon, from the Escrow Agent, as liquidated damages. Seller and Buyer each acknowledge that these liquidated damages are reasonable in light of the anticipated harm that would be caused by Buyer’s breach of any of its material obligations under this Agreement and the difficulty of ascertaining damages and proof of loss and that these damages are not a penalty.

(b) Seller’s De fault. Upon a termination of this Agreement by Buyer pursuant to Section 12.1(c), Buyer shall be entitled to the return to Buyer of the Escrow Amount, including all interest earned thereon.

(c) Other Termination. Upon a termination of this Agreement for any reason as set forth in Section 12.1, Buyer shall be entitled to the return to Buyer of the Escrow

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Amount, including all interest earned thereon, and thereafter neither Party shall have any further obligation to the other under this Agreement.

ARTICLE 13: MISCELLANEOUS

13.1 Governing Law. The construction and interpretation of this Agreement shall at all times and in all respects be governed by the laws of the Commonwealth of Virginia (exclusive of those relating to conflicts of laws). Any action at law, suit in equity or judicial proceeding arising directly, indirectly, or otherwise in connection with, out of, related to or from this Agreement, or any provision hereof, shall be litigated only in the courts located in Roanoke, Virginia. The Parties hereby consent to the personal and subject matter jurisdiction of such courts and waive any right to transfer or change the venue of any litigation between them.

13.2 Expenses. Each Party hereto shall bear all of its expenses incurred in connection with the transactions contemplated by this Agreement, including without limitation, accounting, engineering and legal fees incurred in connection herewith.

13.3 Entire Agreement; Amendment; No Waiver. This Agreement, including the schedules and exhibits hereto, contain the entire agreement and understanding by and between the Parties, and no other representations, promises, agreements, or understanding, written or oral, not contained herein shall be of any force or effect, including the Offer to Purchase by and between Buyer and Seller dated as of March 10, 2021 (as amended), the terms of which are superseded and replaced by this Agreement. This Agreement may only be amended in a writing signed by the Parties. No oral agreement shall have any effect. No failure or delay in exercising any right hereunder shall be deemed or construed to be a waiver of such right, either prospectively or in the particular instance. This Agreement has been prepared by all of the Parties hereto, and no inference of ambiguity against the drafter of a document therefore applies against any Party hereto.

13.4 Confidentiality. Buyer and each Seller shall keep confidential all information obtained by it with respect to the other Parties in connection with this Agreement, except where such information is known through other lawful sources or where its disclosure is required in accordance with applicable law, including requirements of the FCC pursuant to the Assignment Application. If the transactions contemplated hereby is not consummated for any reason, Buyer and Seller shall return to each other, without retaining a copy thereof in any medium whatsoever, any schedules, documents or other written information, including all financial information, obtained from the other in connection with this Agreement and the transactions contemplated hereby.

13.5 Public Announcements.

(a) Prior to the Closing Date, no Party shall, without the approval of the other Party hereto, make any press release or other public announcement concerning the transactions contemplated by this Agreement, except as and to the extent that such Party shall be so obligated by law or in connection with the Assignment Application, in which case such Party shall give advance notice to the other Party and the Parties shall use their best efforts to cause a mutually agreeable release or announcement to be issued.

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(b) Notwithstanding the foregoing, the Parties acknowledge that the rules and regulations of the FCC require that local public notice of the transactions contemplated by this Agreement be made after the Assignment Application has been filed with the FCC.

13.6 Risk of Loss. The risk of loss to any of the Assets on or prior to the Closing shall be upon Seller.

13.7 Successors and Assigns. Except as otherwise expressly provided herein, this Agreement shall be binding upon and inure to the benefit of the Parties hereto, and their respective representatives, successors and assigns. Neither Party may assign this Agreement or any part hereof without the prior written consent of the other Party.

13.8 Notices. All notices, requests, demands and other communications required or permitted under this Agreement shall be in writing (which shall include notice by facsimile transmission) and shall be deemed to have been duly made and received when personally served, or when delivered by Federal Express or a similar overnight courier service, expenses prepaid, or, if sent by facsimile communications equipment, delivered by such equipment, addressed as set forth below:

If to Seller, then to:

Steven H. Watts Executive Vice President/CFO , LLC 6201 Towncenter Drive Suite 210 Clemmons, NC, 27012 Email: [email protected]

and to (which shall not constitute notice):

Womble Bond Dickinson (US) LLP Attention: Randall A. Hanson, Esq. 300 North Greene Street, Suite 1900 Greensboro, NC 27401 E-mail: [email protected]

If to Buyer, then to:

Bruce Houston Metro Radio, Inc. 11240 Waples Mill Rd., Suite 405 Fairfax, VA 22030 Email: [email protected]

With a copy to: Edinger Associates, PLLC

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Attn: Scott Woodworth 1725 I Street NW, Suite 300 Washington, DC 20006 Direct: 202.747.1694 Email: [email protected]

Any Party may change the address to which communications are to be sent by giving notice of such change of address in conformity with the provisions of this Section 13.8 providing for the giving of notice.

13.9 Knowledge. Whenever used herein with respect to a party, the term “Seller’s knowledge” or “knowledge of Seller” shall mean the actual knowledge of Allen Shaw and Steven H. Watts.

13.10 Further Assurances. From time to time prior to, on and after the Closing Date, each Party hereto will execute all such instruments and take all such actions as any other Party shall reasonably request, without payment of further consideration, in connection with carrying out and effectuating the intent and purpose hereof and all transactions contemplated by this Agreement, including without limitation the execution and delivery of any and all confirmatory and other instruments in addition to those to be delivered on the Closing Date, and any and all actions which may reasonably be necessary to complete the transactions contemplated hereby. The Parties shall cooperate fully with each other and with their respective counsel and accountants in connection with any steps required to be taken as part of their respective obligations under this Agreement.

13.11 Partial Invalidity. Wherever possible, each provision hereof shall be interpreted in such manner as to be effective and valid under applicable law, but in case any provision contained herein, or its application to any particular circumstance shall, for any reason, be held to be invalid or unenforceable by a court of competent jurisdiction, such provision or such application shall be ineffective to the extent of such invalidity or unenforceability in such jurisdiction, without invalidating the remainder of such provision or any other provisions hereof, or its application in any other circumstance, unless such a construction would be unreasonable, and without invalidating such provision or its application in any other jurisdiction.

13.12 Closing Efforts. Each Party agrees to use its commercially reasonable efforts to satisfy the conditions to the Closing set forth in this Agreement and otherwise to consummate the transactions contemplated by this Agreement. Specifically, but without limiting the generality of the foregoing, the Parties shall use their commercially reasonable efforts to make or obtain all consents, approvals, authorizations, registrations and filings with all federal, state or local judicial or governmental authorities or administrative agencies as are required in connection with the consummation of the transactions contemplated by this Agreement.

13.13 Facsimile; Counterparts. This Agreement may be executed by facsimile or email transmission and in counterparts, each of which shall constitute an original but together will constitute a single document.

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[Signatures Appear on Following Page]

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IN WITNESS WIHREOF, the Parties have duly executed this Agreement as of the date first above written.

SELLER: CENTENNIAL BROADCA-STING 11, LLC

Executive Vice President/CFO

CENTHNNIAL LICHNSING H, LLC

Steven H. Watts Executive Vice President/CFO

BUYER: METRO RADIO, INC.

David Houston CEO

[Signature Page to Asset Purchase Agreement -WINC-FM and WZFC-FM]