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                                                                    EXHIBIT 10.1

                               ARBITRATION NOTICE:
 THIS AGREEMENT IS SUBJECT TO ARBITRATION PURSUANT TO THE SOUTH CAROLINA UNIFORM
          ACT (SC CODE SS.15-48-10 ET SEQ.) AND ANY AMENDMENTS THERETO,
                              AS MODIFIED HEREIN.

                               EMPLOYMENT CONTRACT

         THIS EMPLOYMENT AGREEMENT, entered into the 4th day of March, 2000, by
and between Beach First National Bancshares, Inc. and Beach First National Bank,
hereinafter referred to as "Bank", and Walt Standish, hereinafter referred to as
the "Executive".

                            W I T N E S S E T H THAT:

         WHEREAS, the Bank desires to employ Executive as the President and CEO
of Beach First National Bank and President of Beach First National Bancshares,
Inc., and Executive desires such employment upon the terms and conditions set
forth herein below.

         NOW, THEREFORE, for and in consideration of the mutual covenants and
agreements set forth herein, the parties agree as follows:

         1.       Employment: The Bank agrees to employ Executive as President
and Chief Executive Officer of Beach First National Bank and President of Beach
First National Bancshares, Inc., for a period of two (2) years commencing on
March 20, 2000, unless terminated by either party in accordance with the terms
herein. In the event Change in Control of the Bank occurs within the two (2)
year employment period, the Executive's employment will automatically extend for
an additional three (3) years. For the purposes of this Contract, a Change in
Control of the Bank shall mean that as of the date of this Contract, there is a
change in the members of the Board of Directors in that a majority of the
members are new members and have never served as members of the Bank Board or
that the Shareholders of the Bank approved a merger, consolidation or
reorganization unless such merger, consolidation or reorganization is as a
result of a complete liquidation or dissolution of the Bank or an agreement for
the sale or other disposition of all or substantially all of the assets of the
Bank to any entity other than a transfer to a subsidiary of the Bank. In the
event there occurs a change in control, any restrictions on any outstanding
incentive awards (included restricted stock), granted to the Executive under any
incentive plan or arrangement shall lapse and such incentive award or awards
shall immediately become one hundred (100%) percent vested; all stock options
and stock appreciation rights granted to the Executive shall become immediately
exercisable and shall become one hundred (100%) percent vested; and any
performance units granted to the Executive shall become one hundred (100%)
percent vested.

         2.       Performance: During the term of this Contract and any renewals
or extensions hereof, if any, Executive agrees to devote substantially all of
his full business time, attention and efforts to the performance of his duties
for the Bank, it being understood that the Executive's

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duties are executive and administrative and subject to definition and direction
by the Bank's Board of Directors. Provided, nothing herein contained shall
restrict or prevent Executive from personally, on his own account and solely for
his own benefit, investing in stocks, bonds, commodities, real estate or other
forms of investment and provided further, that Executive may engage in other
activities, such as professional, charitable, educational, religious and similar
types of organizations, speaking engagements, which are not, or are not likely
to become, in competition, directly or indirectly, with the Bank, and similar
type activities to the extent that such other activities do not inhibit or
prohibit the performance of Executive's duties or conflict with the business of
the Bank.

         The Executive shall use his best efforts to assure (1) that Beach First
National Bank is operated in a manner that will achieve satisfactory ratings in
reports of examination by the Office of the Comptroller of the Currency and (2)
that the Bank and its holding company comply with the reporting requirements of
the applicable government agencies.

         3.       Compensation: As remuneration for the full-time services, the
Executive shall receive a salary of One Hundred Twenty-five and no/100
($125,000.00) Dollars per annum from which the appropriate employment taxes
shall be paid and said salary shall be paid bi-weekly.

         4.       Bonuses: On January 31 following the first year of the
agreement, the Executive will receive an eight (8%) percent cash bonus of the
net pre-tax income of the Bank for the year 2000. On January 31 following the
second year of the contract, the Executive will receive a five (5%) percent cash
bonus of the net pre-tax income of the Bank for the year 2001. As used in this
Section "net pre-tax income" shall mean income computed according to generally
accepted accounting principles plus the amount of any accrual for the bonus that
may be due to the Executive under this Section.

         5.       Other Benefits: The Bank shall make available to the Executive
the life insurance, dental and health insurance, disability insurance,
retirement benefits and such other benefits or plans as are provided to the Bank
employees and the Executive may participate in said programs if eligible and the
cost for participation will be the same as applicable to all other similarly
situated employees. If the Executive is continuously employed by the Bank for
ten (10) years and then leaves such employment, the Executive will be permitted,
to the extent allowed by the applicable insurers/providers, to continue to
participate in health and dental insurance and other employee benefits, at his
own expense (this obligation shall survive the termination of this Agreement).

         In addition, the Bank shall designate the Executive as the authorized
user of the Dunes Club membership for so long as the Executive remains the
President and CEO of Beach First National Bank.

         6.       Vacation: The Executive may take the minimum amount of
vacation permitted in accordance with the then applicable policies of the Office
of the Comptroller of the Currency, which shall be a minimum of fifteen (15)
days annually.

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         7.       Moving Expenses: The Executive shall be reimbursed his
reasonable moving expenses from Charlotte, North Carolina to Myrtle Beach, South
Carolina. He shall obtain two (2) estimates of his moving expenses and present
them to the Bank Personnel Committee for approval. The Executive will also be
eligible for temporary housing for a period of ninety (90) days in the maximum
amount of Three Thousand and no/100 ($3,000.00) Dollars. Executive must present
invoices or receipts for any reimbursement hereunder.

         8.       Grant of Options: The Bank will grant to the Executive options
under the Bank's incentive stock option plan to purchase five thousand (5,000)
shares of the Bank's common stock for an exercise price of Twelve and 50/100
($12.50) Dollars per share; provided, however, that options for two thousand
five hundred (2,500) shares shall not be exercisable for one (1) year and shall
lapse and not ever be exercisable if during the year Beach First National Bank
receives a less than satisfactory overall rating on a safety and soundness
examination conducted by the Office of the Comptroller of the Currency and the
Board of Directors does not find that the Executive made reasonable efforts to
avoid such a rating and is taking appropriate steps to cure the deficiencies
which led to such rating; and, provided further, that the options for the other
two thousand five hundred (2,500) shares shall not be exercisable for two (2)
years and shall likewise lapse if a less than satisfactory rating is received
during the second year and the Board of Directors not make such a funding.
Provided however, that if the Bank does not meet the criteria for any year, the
options may vest in the sole discretion of the Board of Directors and the Board
shall notify the Executive in writing if the options are to be vested. In
addition:

                  1.       Options shall be subject to immediate vesting in the
                           event of a change in control;

                  2.       All options shall be exercisable in accordance with
                           the Bank's stock option plan, as may be amended from
                           to time.

                  3.       All options shall be exercisable at any time during
                           the ten (10) years following their vesting at the
                           Twelve and 50/100 ($12.50) Dollars per share price;
                           except all unexercised options will expire thirty
                           (30) days after termination of employment other than
                           as a result of death. In such event, Executive's
                           representative shall have the right to exercise said
                           options within six (6) months thereafter; and

                  4.       All options are to be non-transferable and
                           non-assignable except upon death and then only by
                           Executive's Will.

          In addition, the parties understand that the Bank may adopt an
incentive stock option plan after the effective date of this Agreement.

         9.       Expenses: The Executive shall be promptly reimbursed, against
presentation of vouchers or receipts, for all authorized expenses properly and
reasonably incurred by him on behalf of the Bank. In addition, the Bank will
provide the Executive with an automobile with approval of the Bank Personnel
Committee.

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         10.      Confidential Information and Related Matters: Executive
acknowledges that the Bank has information which is proprietary, confidential
and information which constitutes trade secrets which the Bank uses in its
business and which is essential to the Bank's continued ability to compete and
be successful. Executive also acknowledges that the release of such information
would cause serious and irreparable harm to the Bank's business and the Bank has
expended considerable time, resources and capital in the development of this
information.

          The term "Trade Secrets", shall be defined as set forth in the South
Carolina Uniform Trade Secrets Act which defines Trade Secrets as information,
including a formula, pattern, compilation, program, device, method, technique,
or process that (i) derives independent economic value, actual or potential,
from not being generally known to, and not being readily ascertainable by proper
means by other persons who can obtain economic value from its disclosure or use,
and (ii) is subject to efforts that are reasonable under the circumstances to
maintain its secrecy. The term "Confidential Information", shall mean Bank
materials and information to which the public does not have ready access to and
the Executive receives access or which Executive develops, individually or in
collaboration with others, as a result of or in the course of his employment or
through the use of any of Bank's facilities or resources. The following
constitutes "Trade Secrets" and "Confidential Information":

                  1.       The internal computer software and Bank designed
                           programs utilized for marketing development, sales,
                           customer and event profiles;

                  2.       Marketing and advertising plans and techniques,
                           purchasing information price lists, price policies,
                           vendors' lists, profit margin information, quoting
                           procedures, daily, weekly, monthly and yearly
                           financial reports, customer profiles, customer
                           contacts, security procedures and existing and
                           potential customer data;

                  3.       Personnel information such as employee's names and
                           addresses, salary and wage information, performance
                           criteria and job descriptions, performance
                           evaluations, personnel forms and procedures, training
                           programs and procedures;

                  4.       All contracts, proposals, and accounts with vendors,
                           suppliers, and customers;

                  5.       Private telephone numbers, facsimile numbers and
                           e-mail's;

                  6.       Customer/account lists/databases for business
                           contacts.

         Confidential information shall not include any materials or information
to the extent that such materials or information are publicly known (through no
wrongful act of Executive) or generally utilized by others engaged in the same
business or activities as the Bank or were known by Executive but not as a
result of due to his employment hereunder. Failure to designate any Confidential
Information as "confidential" shall not affect its status as Confidential
Information under the terms of this Contract.

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         Executive agrees that during the term of his employment, Executive
shall not use or disclose any Trade Secrets or Confidential Information of the
Bank, except as an employee of the Bank and with the consent of the Bank.

         11.      Covenant Not to Solicit Bank's Customers: During Executive's
employment and in the event of termination, for whatever reason, for a period of
two (2) years thereafter Executive will not directly or indirectly, alone or in
association with or on behalf of any other person or entity, solicit, divert or
take away or attempt to solicit, divert or take away from Beach First National
Bank any of its customers or potential customers for any business purpose
similar to the Bank except in the course of performing duties assigned to him or
her by the Bank. "Customers" shall mean any person, firm, corporation or other
entity for which Bank has performed services during the three (3) year period
immediately preceding Executive's termination. "Potential customers" shall mean
any person, firm, corporation or other entry which Bank has solicited or
identified for solicitation during Executive's employment with Bank.

         12.      Covenant Not to Compete: For a period of two (2) years after
the termination of employment, if such termination is by the Bank for cause as
set out in Section 13 or by the Executive for any reason other than a material
breach of this Agreement by the Bank, Executive will not, directly or
indirectly, for himself or on behalf of, or in conjunction with, any other
person, persons, employer, partnership or corporation be engaged or be employed
in a similar business or venture as the Bank' business in which Executive was
employed by Bank within the County of Horry.

         Executive acknowledges that the two (2) year restriction and the
geographical restriction are fair and reasonable for the protection of the Bank.
The restrictions do not impose any undue hardship and would not deprive
Executive of the ability to earn a livelihood.

         13.      Termination: The Bank shall have the right to terminate this
Agreement for cause if any of the following events occur and the Executive is
given not less than seven (7) days notice that the Bank proposes to terminate
for cause and the Executive is given the opportunity to appear before the Board
of Directors of the Bank and, if the event is curable, the Executive is given a
reasonable opportunity to cure:

                  1.       The permanent disability of the Executive;

                  2.       Executive's failure or refusal to comply with the
                           policies, standards and regulations of the Bank from
                           time to time established by the Board of Directors;

                  3.       Executive's fraud, dishonesty or other misconduct in
                           the performance of his duties on behalf of the Bank;

                  4.       The Executive is convicted of a felony or any other
                           crime involving fraud or dishonest, or any act of
                           misconduct which relates directly or indirectly to
                           the duties of the Executive;

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                  5.       A judgment is entered against Executive for:
                           embezzlement, fraud, breach of trust, theft,
                           violation of laws respecting controlled substances or
                           other misconduct which adversely affects the Bank or
                           the Executive's ability to perform his duties under
                           this Agreement and such judgment becomes final and
                           unappealable.

                  6.       Any acts or conduct which amount to fraud,
                           dishonesty, willful misconduct, or unethical behavior
                           which adversely affects the Bank or the Executive's
                           ability to perform his duties under this Agreement;

                  7.       Executive becomes bankrupt or insolvent;

                  8.       Absenteeism not related to injury, illness, sickness
                           or permitted vacation.

         14.      Automatic Termination: The Bank has no obligation to provide
Executive notice more than once for any acts or matters for which Executive has
received any written warning or for which Executive has been provided an
opportunity to cure. In such event, termination can be automatic. Except for the
Bank's obligation to pay accrued benefits or salary earned, this Agreement shall
terminate upon the death of the Executive.

         15.      Arbitration: In the event of any controversy or claim arising
out of or relating to this Agreement, or the breach, termination or validity
thereof, the parties will attempt in good faith to resolve such controversy or
claim. If the matter has not been resolved within sixty (60) days of the
commencement of such discussions (which period may be extended by mutual
agreement), then the parties hereby agree to immediately submit the controversy
to binding arbitration. The arbitration shall be conducted by a single
arbitrator in accordance with the American Arbitration Association. Judgment
upon the award rendered by the arbitrator may be entered by a court having
jurisdiction thereof. Arbitration shall take place in Horry County, South
Carolina. Each of the parties shall use all reasonable efforts to insure that
any arbitration proceeding is completed with in sixty (60) days following notice
of a request for arbitration hereunder.

         16.      Board of Directors: The Bank will cause the Executive to be
elected to the Board of Directors of the Bank as a voting member and the
Executive shall serve thereon during his employ hereunder. The Bank will cause
the Executive to be a management nominee for election to the Bank's Board of
Directors during the term of this Agreement. Upon termination of Executive's
employment hereunder, Executive shall automatically resign any positions with
the Bank including Board membership.

         17.      Payment by the Bank: In the event that any payment required
under this Agreement would be considered a "golden parachute payment" under 12
C.F.R. ss.359.1, the Bank shall not be obligated to make such payment at such
time but shall defer making such payment until such time as the making of the
payment would not be considered to be a "golden parachute payment."

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         18.      Continuation of Employment: Not later than eighteen (18)
months after the date of this Agreement the parties agree to meet and discuss in
good faith the continuation of the Executive's employment after the term of this
Agreement.

         19.      Governing Law: This Agreement shall be governed by and
construed with the laws of the State of South Carolina without regard to
conflicts of laws provisions thereof.

         20.      Prior Agreements: This Agreement supersedes any prior
agreements or understandings by and/or between the parties and constitutes the
entire agreement between the parties and may be modified only by a writing
signed by all of the parties hereto.

         21.      Notice: For the purposes of this Agreement, notices and A
other communications provided for in the Agreement shall be in writing and shall
be deemed duly given when delivered or mailed by the United States Certified or
Registered Mail, Return Receipt Requested, Postage Prepaid, addressed as
follows:

                           Beach First National Bank
                           1550 North Oak Street
                           Myrtle Beach, South Carolina 29577

                           Walt Standish
                           c/o Beach First National Bank
                           1550 North Oak Street
                           Myrtle Beach, South Carolina 29577

or to such other address as either party may have furnished the other in writing
in accordance herewith except that notices or chance of address shall be
effective only upon receipt.

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         IN WITNESS WHEREOF, Bank and the Executive have caused this instrument
to be executed on the date first above written.

                                Bank:

                                Beach First National Bancshares, Inc.

/s/ Katie Huntley               By:      /s/ Dr. Raymond E. Cleary
----------------------------       -----------------------------------------

/s/ Ann W. Jones                Its:     Chairman
----------------------------        ----------------------------------------

                                Beach First National Bank

/s/ Katie Huntley               By:      /s/ Dr. Raymond E. Cleary
----------------------------       -----------------------------------------

/s/ Ann W. Jones                Its:     Chairman
----------------------------        ----------------------------------------

                                Executive:

/s/ Katie Huntley                        /s/ Walter E. Standish, III
----------------------------    --------------------------------------------
/s/ Ann W. Jones                Walter E. Standish, III
----------------------------

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STATE OF SOUTH CAROLINA             )
                                    )
COUNTY OF HORRY                     )                                  PROBATE

           PERSONALLY appeared before me the undersigned witness and made oath
  that (s)he saw the within named Bank by its Raymond E. Cleary III sign, seal
  and as its act and deed deliver the within written Agreement; and that (s)he
  with the other witness subscribed above witnessed the execution thereof.

                                                       /s/ Ann W. Jones
                                              ----------------------------------

SWORN to before me this 4th

day of March  , 2000

         /s/ Linda S. Dickinson
------------------------------------
Notary Public for South Carolina

My Commission Expires:     August 14, 2006

STATE OF SOUTH CAROLINA             )
                                    )
COUNTY OF HORRY                     )                                  PROBATE

         PERSONALLY appeared before me the undersigned witness and made oath
that (s)he saw the within named Walt Standish sign, seal and as his/her act and
deed deliver the within written Agreement; and that (s)he with the other witness
subscribed above witnessed the execution thereof.

                                                       /s/ Ann W. Jones
                                              ----------------------------------

SWORN to before me this 4th

day of March  , 2000

         /s/ Linda S. Dickinson
--------------------------------
Notary Public for South Carolina

My Commission Expires:     August 14, 2006

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                                                                     EXHIBIT 4.1

                               CUMULUS MEDIA INC.
                            2000 STOCK INCENTIVE PLAN

                  1. Objectives. The Cumulus Media Inc. 2000 Stock Incentive
Plan is designed to attract and retain certain selected officers, key employees,
non-employee directors and consultants whose skills and talents are important to
the Company's operations, and reward them for making major contributions to the
success of the Company. These objectives are accomplished by making awards under
the Plan, thereby providing Participants with a proprietary interest in the
growth and performance of the Company.

                  2. Definitions.

                           (a) "Award" shall mean the grant of a Stock Option to
         a Plan Participant pursuant to such terms, conditions, performance
         requirements, and limitations as the Committee may establish in order
         to fulfill the objectives of the Plan.

                           (b) "Award Agreement" shall mean an agreement between
         Cumulus Media Inc. and a Participant that sets forth the terms,
         conditions, performance requirements, and limitations applicable to an
         Award.

                           (c)  "Board" shall mean the Board of Directors of
         Cumulus Media Inc.

                           (d) "Cause" shall mean termination of a Participant's
         service with the Company for (i) any failure of the Participant to
         substantially perform his duties with the Company (other than by reason
         of illness) which occurs after the Company has delivered to the
         Participant a demand for performance which specifically identifies the
         manner in which the Company believes the Participant has failed to
         perform his duties, and the Participant fails to resume performance of
         his duties on a continuous basis within 14 days after receiving such
         demand, (ii) the commission by the Participant of any material act of
         dishonesty or disloyalty involving the Company or its business, or
         (iii) the conviction of the Participant of a felony or misdemeanor
         which, in the reasonable judgment of the Committee, is substantially
         related to the Participant's position with the Company or substantially
         impairs the Participant's ability to perform his duties with the
         Company.

                           (e)  "Change in Control" shall mean any of the
         following events:

                           (i) the acquisition by an individual, entity or group
         (within the meaning of Section 13(d)(2) of the Securities Exchange Act
         of 1934, as amended (the "Exchange Act") (a "Person"), after the date
         hereof, of beneficial ownership (within the meaning of Rule 13d-3
         promulgated under the Exchange Act) of 35% or more of either (a) the
         then outstanding shares of common stock of Cumulus Media Inc. (the
         "Outstanding Company Common Stock") or (b) the combined voting power of
         the then outstanding voting securities of Cumulus Media Inc. entitled
         to vote generally in the election of directors (the "Outstanding
         Company Voting Securities"); provided, however, that for purposes of
         this subsection (i), the following acquisitions shall not constitute a
         Change of Control: (a) any acquisition directly from Cumulus Media
         Inc., (b) any acquisition by the Company, (c) any acquisition by any
         employee benefit plan (or related trust) sponsored or maintained by the
         Company, or (d) any acquisition by any corporation pursuant to a
         transaction which complies with clauses (a), (b) and (c) of subsection
         (iii) of this Section 2(e); or

                  (ii) individuals who, as of the date hereof, constitute the
         Board (the "Incumbent Board") cease for any reason to constitute at
         least a majority of the Board; provided, however, that any individual
         becoming a director subsequent to the date hereof whose election, or
         nomination for election by Cumulus Media Inc.'s shareholders, was
         approved by a vote of at least a majority of the directors then
         constituting the Incumbent Board shall be considered as though such
         individual were a member of the Incumbent Board, but excluding, for
         this purpose, any such individual whose initial assumption of office
         occurs as a result of an

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         actual or threatened election contest with respect to the election or
         removal of directors or other actual or threatened solicitation of
         proxies or consents by or on behalf of a person other than the Board;
         or

                  (iii) consummation of a reorganization, merger or
         consolidation or sale or other disposition of all or substantially all
         of the assets of the Company for which approval of the shareholders of
         Cumulus Media Inc. is required (a "Business Combination"), in each
         case, unless, immediately following such Business Combination, (a) all
         or substantially all of the individuals and entities who were the
         beneficial owners, respectively, of the Outstanding Company Common
         Stock and Outstanding Company Voting Securities immediately prior to
         such Business Combination beneficially own, directly or indirectly,
         more than 60% of, respectively, the then outstanding shares of common
         stock and the combined voting power of the then outstanding voting
         securities entitled to vote generally in the election of directors, as
         the case may be, of the corporation resulting from such Business
         Combination (including, without limitation, a corporation which as a
         result of such transaction owns Cumulus Media Inc. or all or
         substantially all of the Company's assets either directly or through
         one or more subsidiaries) in substantially the same proportions as
         their ownership, immediately prior to such Business Combination of the
         Outstanding Company Common Stock and Outstanding Company Voting
         Securities, as the case may be, (b) no Person (excluding any employee
         benefit plan (or related trust) of the Company or such corporation
         resulting from such Business Combination) beneficially owns, directly
         or indirectly, 35% or more of, respectively, the then outstanding
         common stock of the corporation resulting from such Business
         Combination or the combined voting power of the then outstanding voting
         securities of such corporation except to the extent that such ownership
         existed prior to the Business Combination and (c) at least a majority
         of the members of the Board of Directors of the corporation resulting
         from such Business Combination were members of the Incumbent Board at
         the time of the execution of he initial agreement, or of the action of
         the Board, providing for such Business Combination; or

                  iv) approval by the shareholders of Cumulus Media Inc. of a
         complete liquidation or dissolution of Cumulus Media Inc.

                           (f) "Class A Common Stock" shall mean the authorized
         and issued or unissued $.01 par value Class A common stock of Cumulus
         Media Inc.

                           (g) "Code" shall mean the Internal Revenue Code of
         1986, as amended from time to time.

                           (h) "Committee" shall mean the Compensation Committee
         of the Board of Directors of Cumulus Media Inc. which shall be
         comprised of at least two non-employee directors within the meaning of
         Rule 16-b 3 of the Securities Exchange Act of 1934.

                           (i) "Company" shall mean Cumulus Media Inc. and its
         subsidiaries including subsidiaries of subsidiaries and partnerships
         and other business ventures in which Cumulus Media Inc. has a
         significant equity interest, as determined in the sole discretion of
         the Committee.

                           (j) "Fair Market Value" shall mean the closing sale
         price of the Class A Common Stock on the Nasdaq National Market as
         reported in the Midwest Edition of the Wall Street Journal for the date
         in question, provided that, if no sales of Class A Common Stock were
         made on said exchange on that date, "Fair Market Value" shall mean the
         closing sale price of Class A Common Stock as reported for the most
         recent preceding day on which sales of Class A Common Stock were made
         on such exchange, or, failing any such sales, such other price as the
         Committee may determine in conformity with pertinent law and
         regulations of the Treasury Department. Notwithstanding the foregoing,
         in the case of Awards which are effective on the date the Company sells
         shares of Class A Common Stock in an underwritten public offering, Fair
         Market Value shall mean the price per share at which the Class A Common
         Stock is initially sold to the public pursuant to the offering.

                           (k) "Participant" shall mean a current or prospective
         employee, non-employee director, consultant or other person who
         provides services to the Company to whom an Award has been made under
         the Plan. Notwithstanding the foregoing, if a director is serving on
         the Board to represent the interests of a

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<PAGE>   3

         corporate shareholder of the Company, the option which otherwise would
         be awarded to the director may be awarded to the director's employer.

                           (l) "Plan" shall mean the Cumulus Media Inc. 2000
         Stock Incentive Plan.

                           (m) "Retirement" shall mean termination of employment
         or service with the Company or service as a member of the Board on or
         after the attainment of age 65.

                           (n) "Stock Option" shall mean a grant of a right to
         purchase a specified number of shares of Class A Common Stock, the
         purchase price of which shall be not less than 100% of Fair Market
         Value on the date of grant. A stock option may be in the form of a
         nonqualified stock option or an incentive stock option ("ISO"). A
         nonqualified stock option is an option that does not meet the criteria
         of an ISO. An ISO, in addition to being subject to applicable terms,
         conditions and limitations established by the Committee, complies with
         Section 422 of the Code which, among other limitations, provides that
         the Participant is an Employee on the date of grant and exercises the
         ISO only while employed or within three months thereafter (one year in
         the case of disability, within the meaning of Section 12), that the
         aggregate Fair Market Value (determined at the time the option is
         granted) of Class A Common Stock for which ISOs are exercisable for the
         first time by a Participant during any calendar year shall not exceed
         $100,000; that ISOs shall be priced at not less than 100% of the Fair
         Market Value on the date of the grant (110% in the case of a
         Participant who is a 10% shareholder of the Company within the meaning
         of Section 422 of the Code); and that ISOs shall be exercisable for a
         period of not more than ten years (five years in the case of a
         Participant who is a 10% shareholder of the Company).

                  3. Eligibility. Current and prospective employees,
non-employee directors, consultants or other persons who provide services to the
Company eligible for an Award under the Plan are those who hold, or will hold,
positions of responsibility and whose performance, in the judgment of the
Committee or the management of the Company (if such responsibility is delegated
pursuant to Section 6 hereof), can have a significant effect on the success of
the Company.

                  4. Common Stock Available for Awards. Subject to adjustment as
provided in Section 14 hereof, the number of shares that may be issued under the
Plan for Awards during the term of the Plan is 2,750,000 shares of Class A
Common Stock, all of which may be in the form of incentive stock options. Any
shares subject to an Award which are used in settlement of tax withholding
obligations shall be deemed not to have been issued for purposes of determining
the maximum number of shares available for issuance under the Plan. Likewise, if
any Stock Option is exercised by tendering shares, either actually or by
attestation, to the Company as full or partial payment for such exercise under
this Plan, only the number of shares issued net of the shares tendered shall be
deemed issued for purposes of determining the maximum number of shares available
for issuance under the Plan. No individual shall be eligible to receive Awards
aggregating more than 500,000 shares of Class A Common Stock reserved under the
Plan in any one calendar year, subject to adjustment as provided in Section 14
hereof. Cumulus Media Inc. shall take whatever actions are necessary to file
required documents with the U.S. Securities and Exchange Commission and any
other appropriate governmental authorities and stock exchanges to make shares of
Class A Common Stock available for issuance pursuant to Awards.

                  5. Administration. The Plan shall be administered by the
Committee, which shall have full and exclusive power to interpret the Plan, to
determine which current and prospective employees, non-employee directors and
consultants are Plan Participants, to grant waivers of Award restrictions, to
determine the provisions of Award Agreements and to adopt such rules,
regulations and guidelines for carrying out the Plan as it may deem necessary or
proper, all of which powers shall be executed in the best interests of the
Company and in keeping with the objectives of the Plan.

                  6. Delegation of Authority. Except to the extent prohibited by
applicable law or the applicable rules of a stock exchange, the Committee may
delegate to the chief executive officer and to other senior officers of

                                      II-4
<PAGE>   4

the Company its duties under the Plan pursuant to such conditions or limitations
as the Committee may establish. Any such delegation may be revoked by the
Committee at any time.

                  7. Awards. The Committee shall set forth in the related Award
Agreement the terms, conditions, performance requirements, and limitations
applicable to each Award including, but not limited to, continuous service with
the Company, conditions under which acceleration of vesting will occur and
achievement of specific business objectives.

                  8. Deferred Payment of Awards. The Committee may permit
selected Participants to elect to defer payment of Awards in accordance with
procedures established by the Committee which are intended to permit such
deferrals to comply with applicable requirements of the Code including, at the
choice of Participants, the capability to make further deferrals for payment
after retirement. Dividends or dividend equivalent rights may be extended to and
made part of any Award denominated in stock, subject to such terms, conditions
and restrictions as the Committee may establish. The Committee may also
establish rules and procedures for the crediting of dividend equivalents for
deferred payments denominated in stock.

                  9. Stock Option Exercise. Unless the Award Agreement provides
otherwise, (I) an Award shall become vested, and thereby exercisable, at the
rate of 25% per completed year of the Participant's continuous service-providing
relationship with the Company (including in the case of a non-employee director,
service on the Board) after the grant date of the Award, and (II) each Award
that is outstanding and unexercised on the date of a Change in Control shall
immediately become fully vested and exercisable. The price at which shares of
Class A Common Stock may be purchased under a Stock Option shall be paid in full
at the time of the exercise in cash or, if permitted by the Committee, by means
of tendering shares of Class A Common Stock, which have been held by the
Participant for more than six months and have not been used within the prior
six-month period to exercise an option, either directly or by attestation,
valued at Fair Market Value on the date of exercise, or any combination thereof.

                  10. Tax Withholding. The Company shall have the right to
deduct applicable taxes from any Award payment and withhold, at the time of
delivery or vesting of shares under the Plan, an appropriate number of shares
for payment of taxes (but only the minimum amount required by law) or to take
such other action as may be necessary in the opinion of the Company to satisfy
all obligations for withholding of such taxes. The Company may defer making
delivery with respect to Class A Common Stock obtained pursuant to an Award
hereunder until arrangements satisfactory to it have been made with respect to
any such withholding obligation. If Class A Common Stock is used to satisfy tax
withholding, such stock shall be valued based on the Fair Market Value when the
tax withholding is required to be made.

                  11. Amendment or Termination of the Plan. The Board may, at
any time, but only with unanimous consent or approval, amend or terminate the
Plan; provided, however, that

         (a)      subject to Section 14 hereof, no amendment or termination may,
                  in the absence of written consent to the change by the
                  affected Participant (or, if the Participant is not then
                  living, the affected beneficiary), adversely affect the rights
                  of any Participant or beneficiary under any Award granted
                  under the Plan prior to the date such amendment is adopted by
                  the Board; and

         (b)      without further approval of the shareholders of the Company,
                  no amendment shall increase the number of shares of Class A
                  Common Stock which may be delivered pursuant to Awards
                  hereunder, except for increases resulting from Section 14
                  hereof.

                  12. Termination of Service. If the service-providing
relationship of a Participant terminates, or a non-employee director no longer
serves on the Board, other than pursuant to paragraphs (a) through (c) of this
Section 12, all unvested Awards shall immediately terminate and all vested but
unexercised, deferred or unpaid Awards shall terminate one year after such
termination of service, unless the Award Agreement provides otherwise, and
during such one year period shall be exercisable only to the extent provided in
the Award Agreement. If the status of a Participant's relationship with the
Company changes, e.g., from a consultant to an employee or vice versa, it will
not be a termination of the service-providing relationship. Notwithstanding the
foregoing, if a Participant's service is terminated for Cause, to the extent the
Award is not effectively exercised or has not vested prior to such termination,
it shall lapse or be forfeited to the Company immediately upon termination. In
all events, an Award will not be exercisable after the end of its term as set
forth in the Award Agreement.

                                      II-5
<PAGE>   5

                           (a) Retirement. When a Participant's employment or
         service terminates as a result of Retirement, or early retirement with
         the consent of the Committee, the Committee (in the form of an Award
         Agreement or otherwise) may permit Awards to continue in effect beyond
         the date of Retirement, or early retirement, and/or the exercisability
         and vesting of any Award may be accelerated.

                           (b) Resignation in the Best Interests of the Company.
         When a Participant resigns from the Company or the Board and, in the
         judgment of the Committee, the acceleration and/or continuation of
         outstanding Awards would be in the best interests of the Company, the
         Committee may (i) authorize, where appropriate, the acceleration and/or
         continuation of all or any part of Awards granted prior to such
         termination and (ii) permit the exercise, vesting and payment of such
         Awards for such period as may be set forth in the applicable Award
         Agreement.

                           (c)  Death or Disability of a Participant.

                                    (i) In the event of a Participant's death,
                  the Participant's estate or beneficiaries shall have a period
                  specified in the Award Agreement within which to receive or
                  exercise any outstanding Award held by the Participant under
                  such terms, and to the extent, as may be specified in the
                  applicable Award Agreement. Rights to any such outstanding
                  Awards shall pass by will or the laws of descent and
                  distribution in the following order: (a) to beneficiaries so
                  designated by the Participant; if none, then (b) to a legal
                  representative of the Participant; if none, then (c) to the
                  persons entitled thereto as determined by a court of competent
                  jurisdiction. Subject to subparagraph (iii) below, Awards so
                  passing shall be exercised or paid out at such times and in
                  such manner as if the Participant were living.

                                    (ii) In the event a Participant is deemed by
                  the Company to be disabled within the meaning of Cumulus Media
                  Inc.'s group long-term disability plan, or if Cumulus Media
                  Inc. does not have such a plan, Section 22(e)(3) of the Code,
                  the Award shall be exercisable for the period, and to the
                  extent, specified in the Award Agreement. Awards and rights to
                  any such Awards may be paid to or exercised by the
                  Participant, if legally competent, or a legally designated
                  guardian or representative if the Participant is legally
                  incompetent by virtue of such disability.

                                    (iii) After the death or disability of a
                  Participant, the Committee may in its sole discretion at any
                  time (1) terminate restrictions in Award Agreements and (2)
                  accelerate any or all installments and rights.

                                    (iv) In the event of uncertainty as to
                  interpretation of or controversies concerning this paragraph
                  (c) of Section 12, the Committee's determinations shall be
                  binding and conclusive.

                           (d) No Service Rights. The Plan shall not confer upon
         any Participant any right with respect to continuation of employment
         by, or service with, the Company or service on the Board, nor shall it
         interfere in any way with the right of the Company to terminate any
         Participant's employment or service with the Company or on the Board at
         any time.

                  13. Nonassignability. Except as provided in subsection (c) of
Section 12 and this Section 13, no Award under the Plan shall be assignable or
transferable, or payable to or exercisable by anyone other than the Participant
to whom it was granted. Notwithstanding the foregoing, the Committee (in the
form of an Award Agreement or otherwise) may permit Awards, other than incentive
stock options within the meaning of Section 422 of the Code, to be transferred
to members of the Participant's immediate family, to trusts for the benefit of
the Participant and/or such immediate family members, and to partnerships or
other entities in which the Participant and/or such immediate family members own
all the equity interests. For purposes of the preceding sentence, "immediate
family" shall mean a Participant's spouse, issue, and spouses of his issue.

                  14. Adjustments. In the event of any change in the outstanding
Class A Common Stock of the Company by reason of a stock split, stock dividend,
combination or reclassification of shares, recapitalization,

                                      II-6
<PAGE>   6

merger, or similar event, the Committee may adjust proportionally (a) the number
of shares of Class A Common Stock (i) reserved under the Plan, (ii) available
for ISOs, (iii) for which Awards shall be granted to an individual Participant,
and (iv) covered by outstanding Awards denominated in stock; (b) the stock
prices related to outstanding Awards; and (c) the appropriate Fair Market Value
and other price determinations for such Awards. In the event of any other change
affecting the Class A Common Stock or any distribution (other than normal cash
dividends) to holders of Class A Common Stock, such adjustments as may be deemed
equitable by the Committee, including adjustments to avoid fractional shares,
shall be made to give proper effect to such event. In the event of a corporate
merger, consolidation, acquisition of property or stock, separation,
reorganization or liquidation, the Committee shall be authorized to issue or
assume Stock Options, whether or not in a transaction to which Section 424(a) of
the Code applies, by means of substitution of new Stock Options for previously
issued Stock Options or an assumption of previously issued Stock Options.

                  15. Notice. Any notice to the Company required by any of the
provisions of the Plan shall be addressed to the director of finance of the
Company in writing, and shall become effective when it is received by his
office.

                  16. Unfunded Plan. The Plan shall be unfunded. Although
bookkeeping accounts may be established with respect to Participants who are
entitled to cash, Class A Common Stock or rights thereto under the Plan, any
such accounts shall be used merely as a bookkeeping convenience. The Company
shall not be required to segregate any assets that may at any time be
represented by cash, Class A Common Stock or rights thereto, nor shall the Plan
be construed as providing for such segregation, nor shall the Company nor the
Board nor the Committee be deemed to be a trustee of any cash, Class A Common
Stock or rights thereto to be granted under the Plan. Any liability of the
Company to any Participant with respect to a grant of cash, Class A Common Stock
or rights thereto under the Plan shall be based solely upon any contractual
obligations that may be created by the Plan and any Award Agreement; no such
obligation of the Company shall be deemed to be secured by any pledge or other
encumbrance on any property of the Company. Neither the Company nor the Board
nor the Committee shall be required to give any security or bond for the
performance of any obligation that may be created by the Plan.

                  17. Governing Law. The Plan and all determinations made and
actions taken pursuant hereto, to the extent not otherwise governed by the laws
of the United States, shall be governed by the laws of the State of Wisconsin,
without giving effect to principles of conflicts of laws, and construed
accordingly.

                  18. Effective and Termination Dates. The effective date of the
Plan is October 1, 2000. The Plan shall terminate on September 30, 2010 subject
to earlier termination by the Board pursuant to Section 11, after which no
Awards may be made under the Plan, but any such termination shall not affect
Awards then outstanding or the authority of the Committee to continue to
administer the Plan.

                  19. Other Benefit and Compensation Programs. Payments and
other benefits received by a Participant pursuant to an Award shall not be
deemed a part of such Participant's regular, recurring compensation for purposes
of the termination, indemnity or severance pay law of any country and shall not
be included in, nor have any effect on, the determination of benefits under any
other employee benefit plan, contract or similar arrangement, unless the
Committee expressly determines otherwise.

                                      II-7

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