Bill Wilson - 18 Jan 2023 Form 4 Insider Report for Townsquare Media, Inc. (TSQ)

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	TSQ	Class A Common Units	Award	$0	+165,563	+10%	$0.000000	1,813,165	18 Jan 2023	Direct	F1
transaction	TSQ	Class A Common Units	Award	$0	+165,563	+9.1%	$0.000000	1,978,728	18 Jan 2023	Direct	F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	The Reporting Person's time-based restricted stock units reported in this row will vest as to 33.33% on the first anniversary of the Grant Date, 33.33% on the second anniversary of the Grant Date, and 33.34% on the third anniversary of the Grant Date, in each case, subject to the Reporting Person's continued service through each applicable vesting date.
F2	The Reporting Person's performance-based restricted stock units reported in this row will vest subject to the achievement of a specified volume weighted average trading price ("VWAP") measured over the last 20 trading days of the performance period that begins on the Grant Date and ends on Jannuary 18, 2026, subject to the Reporting Person's continued service through the end of the performance period. Subject to the foregoing conditions, achievement of a VWAP of $8.74, $10.75 and $13.05, will result in the vesting of 55,188, 55,188 and 55,187 of the performance-based restricted stock units, respectively.
F3	Includes 443,232 shares of Class A common stock that are not subject to vesting or transfer restrictions and 1,204,370 options to purchase Class A common stock that are fully vested and not subject to transfer restrictions.