Exhibit (a)(1)(K)
FORM OF COMMUNICATION REGARDING THE RESULTS OF THE OPTION EXCHANGE OFFER
TO: | Eligible Participants |
FROM: | Chris Kitchen, Executive Vice President and General Counsel |
SUBJECT: | Results of the Option Exchange Offer Program |
The option exchange offer expired at 11:59 p.m., Eastern Time, on August [16], 2018. Pursuant to the exchange offer, eligible option holders tendered, and Townsquare accepted for cancellation, eligible options to purchase an aggregate of [●] shares of Townsquare common stock from [●] participants, representing approximately [●]% of the total shares of common stock underlying options eligible for exchange in the exchange offer. Of the [●] eligible options tendered in the exchange offer, approximately [●]% were exercisable for shares of Townsquare's Class A common stock and approximately [●]% were exercisable for shares of Townsquare's Class B common stock. On August [17], 2018, Townsquare granted replacement options to eligible option holders to purchase [●] shares of Class A common stock and [●] shares of Class B common stock in exchange for the cancellation of the tendered eligible options. The exercise price per share of the replacement options granted in the exchange offer was $[●], the closing price of Townsquare’s Class A common stock as reported on the NYSE on August [16], 2018 plus $0.50. The exchange ratios applicable to the eligible options tendered in the exchange offer were as follows:
Exchange Ratios | |||
Exercise Price of Eligible Option | Grant Date of Eligible Option | Shares Subject to Eligible Options Surrendered in Option Exchange | Shares Subject to Replacement Options Granted in Option Exchange |
$9.63 | July 24, 2014 | [●] | 1 |
$9.63 | August 22, 2014 | [●] | 1 |
$9.63 | September 10, 2014 | [●] | 1 |
$9.63 | June 12, 2015 | [●] | 1 |
$9.63 | August 19, 2015 | [●] | 1 |
$9.63 | August 26, 2015 | [●] | 1 |
$8.96 | January 26, 2016 | [●] | 1 |
$10.62 | January 25, 2017 | [●] | 1 |
$8.24 | December 21, 2017 | [●] | 1 |