Document:

Exhibit 10.46

Exhibit 10.46

	 	 	 
	 

	 	September 24, 2008

Paul Gregrey

38 West 26th Street, Apt 5B

New York, NY 10010

Dear Paul:

This letter confirms our agreement (“Agreement”) regarding your employment at Westwood One, Inc.
and/or its Related Entities (“Westwood” or the “Company”). Capitalized terms used but not defined
herein shall have the meaning set forth in your employment agreement with Westwood One, Inc.,
effective May 1, 2003, as amended (“Employment Agreement”).

1. Your employment with Westwood and the Employment Agreement terminated effective September 19,
2008. In connection with the foregoing and contingent upon your execution of and full compliance
with the terms of this Agreement, Westwood shall pay you $170,100 in two installments as follows:
(i) $145,100 by no later than October 3, 2008 and (ii) $25,000 by no later than March 31, 2009.
Any payments provided to you herein shall be reduced by appropriate deductions for federal, state,
local taxes and all other appropriate deductions and shall be paid in accordance with Westwood’s
normal payroll policies and policies and practices regarding the payment of commissions. You
acknowledge that you have been paid all compensation, in cash or otherwise, due to you from
Westwood, and except as set forth above, you shall not receive any other compensation in cash,
salary, commission, draw or bonus, for accrued and unused vacation, or otherwise. Your right to
receive, and the Company’s obligation to pay, the payments contained in this Section 1 shall not
arise until the Effective Date of this Agreement and shall further depend upon your compliance with
this Agreement and your returning all of the Company’s property as described in Section 7(a)
herein.

2. In exchange and as consideration for the representations, warranties, covenants and release
contained herein, you shall receive the consideration set forth in Section 1.

3. In consideration of the consideration described in Section 1 and for other good and valuable
consideration, you on your own behalf and on behalf of your heirs, executors, administrators,
attorneys, agents, successors and assigns hereby voluntarily, knowingly and irrevocably release and
forever discharge, Westwood and its present, former and future subsidiaries, divisions, related
entities, parents, successors, assigns, officers, agents, representatives, attorneys, fiduciaries,
administrators, directors, stockholders, partners and employees (collectively, the “Westwood
Released Parties”) from all debts, obligations, promises, covenants, agreements, contracts,
endorsements, bonds, controversies, suits, actions, causes of action, judgments, damages, expenses,
claims or demands, in law or in equity, which you ever had, now have, or which may arise in the
future regarding any matter arising on or before the date of execution of this Agreement, including
but not limited to all claims (whether known or unknown) regarding your employment at or
termination of employment from Westwood (including without limitation any claim for earned and
unused vacation days), any contract (including without limitation your Employment Agreement), any
claim for equitable relief or recovery of punitive, compensatory, or other damages or monies,
attorneys’ fees, any tort, and all claims for alleged discrimination based upon age, race, color,
sex, religion, national origin, or disability, or other claims,
including any claim, asserted or unasserted, which could arise under Title VII of the Civil Rights
Act of 1964; the Age Discrimination in Employment Act of 1967, as amended; the Older Workers
Benefit Protection Act; the Americans With Disabilities Act of 1990; the Civil Rights Act of 1866,
42 U.S.C. 1981; the Employee Retirement Income Security Act; the Family and Medical Leave Act of
1993; the Civil Rights Act of 1991; the National Labor Relations Act; the Sarbanes-Oxley Act of
2002; all amendments to the foregoing and any other federal, state or local law, ordinance or
regulation, as well as common law and any claim of a violation of public policy.

 

 

 

Paul Gregrey

September 24, 2008

Page 2

4. In consideration of the consideration described in Section 1 above and for other good and
valuable consideration, you also hereby specifically waive any and all rights or claims that you
have, or may hereafter have, to reinstatement or reemployment with Westwood. Any reemployment
shall be at the sole and absolute discretion of Westwood.

5. (a) You specifically and expressly hereby waive California Civil Code Section 1542.  By
your signature hereto you certify that you have read the following provision of California Civil
Code Section 1542:  “A general release does not extend to claims which the creditor does not know
or suspect to exist in his favor at the time of executing the release, which if known by him must
have materially affected his settlement with the debtor.”

(b) You further certify that you understand and acknowledge that the significance and
consequence of this waiver of California Civil Code Section 1542 is that even if you should
eventually suffer additional damages arising out of the facts referred to herein, you will not be
able to make any claim for those damages.  Furthermore, you acknowledge that you intend these
consequences even as to claims for damages that may exist as of the date of this release but which
you do not know exist, and which, if known, would materially affect your decision to execute this
release, regardless of whether your lack of knowledge is the result of ignorance, oversight, error,
negligence, or any other cause.

6. Pursuant to and as a part of your complete, total release and discharge of Westwood and the
Westwood Released Parties, you agree, not to sue or file a charge, complaint, grievance or demand
for arbitration in any forum except to enforce this Agreement or assist or otherwise participate,
except as may be required by law, in any claim, arbitration, suit, action, investigation or other
proceeding of any kind which relates to any matter that involves Westwood and the Westwood Released
Parties and that occurred on or before your execution of this Agreement. You represent that you
have not filed or initiated any such proceedings against Westwood and the Westwood Released
Parties.

7. (a) You agree that while employed by Westwood you have had access to confidential and
proprietary information, including, without limitation, customer lists, financial data and trade
secret information. You agree that any such confidential information you acquired while an
employee of Westwood shall not be disclosed to any other person or used in a manner detrimental to
Westwood’s interests. In addition, you shall return to Westwood all Westwood property and tangible
confidential information in your possession including, but not limited to, keys, computers, pagers,
files, agreements, documents, telephones, fax machines and credentials. You agree to cooperate
with Westwood in any investigation Westwood undertakes or litigation Westwood is involved in
relating to matters that occurred during your employment with Westwood.

 

 

 

Paul Gregrey

September 24, 2008

Page 3

(b) For good and valuable consideration provided herein only, you hereby ratify and reaffirm
the restrictions set forth in Paragraphs 8 and 9 of your Employment Agreement and that such shall
remain in full force and effect, including, without limitation, that the restrictions contained in
Paragraphs 8(c), provided, however, that the parties agree that the Restricted Period shall
continue until and terminate on March 31, 2009. By your signature hereto you acknowledge that you
have reviewed such paragraphs in connection with your review of this Agreement and understand the
restrictions contained therein.

(c) You acknowledge that Westwood has established a valuable and extensive trade in the
services it provides, which has been developed at considerable expense to Westwood. You agree
that, by virtue of the special knowledge that you have received from Westwood, and the relationship
of trust and confidence between you and Westwood, you have certain information and knowledge of the
operations of Westwood that are confidential and proprietary in nature, including, without
limitation, information about its Corporate Affiliates and Sponsors. You agree that you will not
make use of or disclose at any time, without the prior written consent of Westwood, Confidential
Information relating to Westwood and any of its Related Entities (including, without limitation,
its Sponsor lists, its Corporate Affiliates, its technical systems, its contracts, its methods of
operation, its business plans and opportunities, its strategic plans and its trade secrets), and
further, that you will return to Westwood all written materials in your possession embodying such
Confidential Information.

(d) You agree that the limitations set forth herein on your rights are reasonable and
necessary for the protection of Westwood. In this regard, you specifically agree that the
limitations as to period of time and geographic area, as well as all other restrictions on your
activities specified herein, are reasonable and necessary for the protection of Westwood. The
parties hereto agree that the remedy at law for any breach of your obligations under this Section
of this Agreement would be inadequate and
that Westwood shall be entitled to injunctive or other equitable relief (without bond or
undertaking) in any proceeding which may be brought to enforce any provisions of this Section.

8. You understand and agree that neither you nor anyone acting on your behalf will publish,
publicize, disseminate, communicate or cause to be published, publicized, disseminated or
communicated, to any entity or person whatsoever, directly or indirectly, information concerning
your employment with Westwood, the existence of this Agreement or the terms described herein except
to your attorneys, accountants, tax advisors or immediate family, which for purposes hereof shall
include your spouse, parents, children, siblings, grandparents, grandchildren, mother-in-law and
father-in-law. You agree not to make any statement or take any actions which in any way disparage
or which could harm the reputation and/or goodwill of Westwood, or in any way, directly or
indirectly, cause or encourage the making of such statements or the taking of such actions by
anyone else. Nothing in this paragraph shall prohibit you from responding truthfully to a lawfully
issued subpoena, court order, or other lawful request by any regulatory agency or government
authority.

 

 

 

Paul Gregrey

September 24, 2008

Page 4

9. You further acknowledge and agree that in the event you ever challenge the enforceability of
this agreement or breach this Agreement, Westwood will seek offset of any payments made to you
herein or benefits provided to you to the extent permitted by law and Westwood will not be required
to make any further payments to you or to provide you with any other benefits referred to herein.

10. The terms of this Agreement, including all facts, circumstances, statements and documents
relating thereto, shall not be admissible or submitted as evidence in any litigation in any forum
except as required by law for any purpose other than to secure enforcement of the terms and
conditions of this Agreement.

11. The validity and construction of this Agreement shall be governed by the laws of the State of
New York, excluding the conflict of law principles thereof.

12. The parties agree that any dispute, controversy or claim arising out of this Agreement, except
for any injunctive or equitable relief, shall be finally settled by arbitration in New York, New
York in accordance with the Commercial Arbitration Rules of the American Arbitration Association in
effect on the date of this Agreement and judgment upon the award may be entered in any court having
jurisdiction thereof.

13. Except as otherwise set forth herein and covenants you agreed that survive the termination of
your employment, this Agreement sets forth the terms and conditions of your separation of
employment with Westwood, and supersedes any and all prior oral and written agreements between you
and Westwood, including your Employment Agreement. This Agreement may not be altered, amended or
modified except by a further writing signed by you and Westwood.

14. This Agreement may be executed in counterparts, including via facsimile copy, each of which
shall constitute an original, but all of which together shall constitute one agreement.

15. The failure of any party to insist upon strict adherence to any term of this Agreement on any
occasion shall not be considered a waiver thereof or deprive that party of the right thereafter to
insist upon strict adherence to that term or any other term of the Agreement.

16. If any of the provisions, terms or clauses of this Agreement are declared illegal,
unenforceable or ineffective in a legal forum, those provisions, terms and clauses shall be deemed
severable, such that all other provisions, terms and clauses of this Agreement shall remain valid
and binding upon the parties.

 

 

 

Paul Gregrey

September 24, 2008

Page 5

17. You acknowledge that you have been offered at least 45 days from the date you received this
Agreement within which to consider its terms; that you have been advised to consult with an
attorney regarding the terms of this Agreement and that you have done so to the extent you desired.
You further acknowledge that your signature below indicates that you are entering into this
Agreement freely, knowingly and voluntarily with a full understanding of its terms, including the
complete general release of all claims against Westwood and the Westwood Released Parties. The
terms of this Agreement shall not become effective or enforceable until seven (7) days following
the date of its execution by both parties (the “Effective Date”), during which time you may revoke
the Agreement by notifying Westwood in writing, by registered mail delivered to the attention of
the undersigned at 40 West 57th Street, 5th Floor, New York, NY 10019. You
acknowledge that you have been given ample opportunity to review this Agreement and have read it in
its entirety.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	WESTWOOD ONE, INC.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date:

	 	9/25/08
	 	 	 	By:
	 	/s/ David Hillman	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Name: David Hillman	 	 
	 

	 	 	 	 	 	 	 	Title: CAO & GC
	 	 

By signing this Agreement below, you agree to and accept the provisions contained herein. You
certify and acknowledge that you (i) have been advised to consult with an attorney about this
Agreement prior to executing same, (ii) have read the Agreement, (iii) understand its contents,
(iv) are voluntarily entering into this Agreement free from coercion or duress and (v) agree to be
bound by its terms.

	 	 	 	 	 	 	 	 	 	 	 
	Date:

	 	9/24/08
	 	 	/s/ Paul Gregrey	 	 
	 

	 	 
	 	 	 	 	 
	 

	 	 	 	 	Paul GregreyExhibit 10.48

Exhibit 10.48

EMPLOYMENT AGREEMENT

This Agreement (“Agreement”) is entered into by and between Andrew Hersam
(“Employee”) and Westwood One, Inc. (the “Company”).

1. Employment. The Company hereby employs Employee, and Employee accepts such employment, and
agrees to devote Employee’s full time and efforts to the interests of the Company upon the terms
and conditions hereinafter set forth.

2. Term of Employment. Subject to the provisions for termination hereinafter provided,
Employee’s term of employment by the Company shall commence on May 12, 2008 (the “Effective
Date”) and shall continue in effect until the second anniversary thereof (the “Term”).
If the Company desires not to extend this Agreement, it shall deliver written notice to Employee on
or prior to the 90th day immediately preceding the expiration of the Term of its
intention to terminate this Agreement effective on the last day of the Term. Unless otherwise
terminated pursuant hereto, if Employee continues to be employed by the Company after the Term,
then Employee’s employment shall be deemed to continue until such time as either party shall
deliver written notice to the other party and this Agreement shall terminate thirty (30) days after
the giving of such notice. The period from the Effective Date through the date of termination is
hereinafter referred to as the “Employment Period”.

3. Services to be Rendered by Employee.

(a) During the Employment Period, Employee shall serve as Executive Vice President, Chief
Revenue Officer. Employee shall perform such duties as from time to time may be delegated to
Employee and will continue to perform duties as requested by the CEO of the Company. Employee
shall devote all of Employee’s professional time, energy and ability to the proper and efficient
conduct of the Company’s business. Employee shall observe and comply with all reasonable lawful
directions and instructions by and on the part of the Chief Executive Officer, the Board of
Directors (the “Board”) or their designee and endeavor to promote the interests of the Company and
not at any time do anything which may cause or tend to be likely to cause any loss or damage to the
Company in business, reputation or otherwise. Employee shall report directly to the Chief Executive
Officer and shall be based out of the Company’s New York City offices.

(b) The Company may from time to time call on Employee to perform services related to the
business of developing and broadcasting network and syndicated radio programming and traffic, news,
sports and weather reports, which may include (in the Company’s sole discretion) contributing to
the day-to-day management and operation of such business, soliciting Sponsors and Affiliates (as
such terms are defined in Section 11 hereof) or dealing with their accounts or other activities
related to the Company’s business, as reasonably requested from time to time by the Chief Executive
Officer, the President, the Board of Directors or their designee.

(c) Employee acknowledges that Employee will have and owe fiduciary duties to the Company and
its shareholders including, without limitation, the duties of care, confidentiality and loyalty.

(d) EMPLOYEE ACKNOWLEDGES THAT EMPLOYEE HAS RECEIVED A COPY OF THE COMPANY’S SEXUAL HARASSMENT
POLICIES AND
PROCEDURES, CODE OF ETHICS AND CODE OF CONDUCT, AND UNDERSTANDS AND AGREES TO ABIDE BY SUCH
POLICIES.

 

 

 

4. Compensation.

(a) Base Salary. For the services to be rendered by Employee during the Employment Period,
the Company shall pay Employee, and Employee agrees to accept a monthly base salary (the “Base
Salary”) of $35,416.67 for the Employment Period, payable in accordance with the Company’s
normal payroll practices. Employee shall be eligible for annual increases in his Base Salary in an
amount of up to five percent (5%), in the sole and absolute discretion of the Compensation
Committee or their designee.

(b) Discretionary Bonus. Employee shall be eligible for an annual discretionary bonus valued
at up to $385,000 for each of calendar years 2008 and 2009, each in the sole and absolute
discretion of the Board of Directors or its Compensation Committee or their designee, provided,
however, that Employee shall receive a minimum discretionary bonus valued at no less than $192,500
for calendar year 2008 (such amount, the “2008 Guaranteed Bonus”). The Company may use
Employee’s and the Company’s achievement of financial goals as general guidelines to determine
Employee’s eligibility for a discretionary bonus. Any cash component of any bonus will be payable
in accordance with the Company’s normal payroll practices and no later than (i) April 30, 2009 (in
the case of the bonus for 2008) and (ii) April 30, 2010 (in the case of the bonus for 2009).
Employee shall not be eligible for any bonus for a calendar year, pro-rated or otherwise, if
Employee is not an Employee of the Company: (i) at the end of the applicable calendar year; (ii) at
the time such bonus is to be paid, or (iii) if Employee has materially breached this Agreement,
which breach remains uncured in accordance with Section 6(a) hereof.

(c) Equity
Compensation. Company management hereby agrees that prior to the Effective Date,
it shall recommend that the Compensation Committee grant Employee on the Effective Date an award of
equity compensation of stock options to purchase 300,000 shares of Company common stock to vest in
three equal installments on each anniversary of the Effective Date, subject to the terms and
conditions of the Company’s equity compensation plan (such award, the “2008 Signing
Award”). The exercise price of such stock options will be the closing price of the Company’s
common stock on the date of grant by the Compensation Committee (i.e., the Effective Date).

(d) Equity Awards. Employee shall be eligible for such future grants of equity compensation
recommended by Company management, subject to the approval of and in the sole and absolute
discretion of the Board of Directors or its Compensation Committee or their designee. All equity
compensation granted to Employee, including such awards made pursuant to Sections 4(c) and 4(d)
hereof, shall be granted subject to the terms and conditions of the Company’s equity compensation
plan, and using such form award as the Compensation Committee has approved for grants to Company
employees.

(e) Benefits. During the Employment Period, Employee shall accrue vacation on a monthly basis
and at a rate of four (4) weeks per year (pro-rated for partial years). Except as expressly set
forth herein, any vacation time shall be subject to prevailing practice and/or policies of the
Company in regard to vacations for its employees. Employee shall be entitled to participate in all
benefits plans that may be established by the Company for employees that report directly to the CEO
(such employees, “Comparable Employees”), subject to the terms and conditions of such
plans.

 

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(f) Total Compensation. Employee agrees and acknowledges by his signature hereto that the
compensation set forth in this Section 4 constitutes all of the compensation payable to Employee
for his services hereunder and that no other compensation shall be due to Employee hereunder.

(g) Signing Bonus. In addition to other amounts due hereunder, Company agrees to pay to
Employee within 30 days of the Effective Date, the amount of $17,500 as a signing bonus.

5. Expenses. Subject to compliance by Employee with such policies regarding expenses and
expense reimbursement as may be adopted from time to time by the Company, the Company shall
reimburse Employee, or cause Employee to be reimbursed, in cash for all reasonable expenses.

6. Termination of Employment.

(a) During the Employment Period, the Company shall have the right to terminate the employment
of Employee hereunder immediately by giving notice thereof to Employee if any of the following has
occurred, which notice shall state the circumstances or events constituting Cause; provided, that,
in the case of clauses (i) through (iv) of this Section 6(a), Employee shall be given a reasonable
opportunity to cure, but in no event more than ten (10) business days, to the extent such act or
failure to act is curable:

(i) if Employee has (A) failed, refused or habitually has neglected to carry out or to
perform the reasonable duties required of Employee hereunder or otherwise breached any
provision of this Agreement (other than Sections 7, 8 or 10 hereof, which are governed
by Section 6(a)(iv) hereof), (B) willfully breached any statutory or common law duty;
(C) breached Section 3(c) or 3(d) of this Agreement; or (D) violated any of the
Company’s internal policies or procedures.

(ii) if Employee is convicted of a felony or a crime involving moral turpitude, or
enters into a plea of nolo contendere or guilty to, a felony or a crime
involving moral turpitude, or if Employee has willfully engaged in conduct which would
injure the reputation of the Company in any material respect or otherwise adversely
affect its interests in any material respect if Employee were retained as an employee
of the Company;

(iii) if Employee becomes unable by reason of physical disability or other incapacity
(as may be defined in applicable disability insurance policies) to carry out or to
perform the duties required of Employee hereunder for a continuous period of ninety
(90) days or for a non-continuous period of one hundred twenty (120) days in the
aggregate in any twelve (12)-month period; provided, however, that
Employee’s compensation during any period in which Employee is unable to perform the
duties required of Employee hereunder shall be reduced in accordance with the Company’s
policies and by any disability payments (excluding any reimbursements for medical
expenses and the like) which Employee is entitled to receive under group or other
disability insurance policies of the Company during such period;

 

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(iv) if Employee breaches any of the provisions of Sections 7, 8 or 10 hereof or
breaches any of the terms or obligations of any other confidentiality agreements
entered into between Employee and the Company, or the Company’s Related Entities, if
any;

(v) if Employee commits an act of fraud, misrepresentation or dishonesty
related to his employment with the Company, or steals or embezzles assets of the
Company; or

(vi) if Employee engages in a conflict of interest or self-dealing.

(b) Employee’s employment with the Company shall automatically terminate (without notice to
Employee’s estate) upon the death or loss of legal capacity of Employee.

(c) In the event of any termination of employment pursuant to Section 6, Employee (or
Employee’s estate, as the case may be) shall be entitled to receive (i) any accrued but unpaid Base
Salary prorated to the date of such termination, (ii) Employee’s then current entitlement, if any,
under the Company’s employee benefit plans and programs, including payment for any accrued and
unused vacation and any vested portion of the equity compensation previously awarded to Employee
and (iii) no other compensation. The parties agree that the payments set forth in this Section 6(c)
constitute all of Company’s obligations, monetary or otherwise, to Employee under the terms of this
Agreement in the event of Employee’s termination pursuant to Section 6(a) or 6(b). Additionally,
if Employee is terminated pursuant to Section 6(a), all of Employee’s equity compensation
(including, without limitation, any granted pursuant to this employment agreement or otherwise),
vested and unvested, shall terminate and expire, except in the case of vested stock options which
Employee has exercised prior to the date of termination (for the avoidance of doubt, all vested
equity compensation (except for stock options which have been exercised) shall be forfeited in the
event of a termination pursuant to Section 6(a)). Notwithstanding the foregoing, in the case of a
termination pursuant to Sections 6(d) or 6(e), additional payments shall be due as expressly set
forth below.

(d) The Company may terminate Employee’s employment hereunder during the Term effective at any
time upon written notice to Employee. In the event that: (I) the Company terminates Employee’s
employment other than pursuant to Section 6(a) or 6(b); (II) Employee is terminated in connection
with a “Change of Control” or (III) Employee elects to terminate his employment for Good Reason as
expressly described in Section 6(e) below, subject in all cases to Employee’s executing and not
revoking a waiver and general release substantially in the form attached as Exhibit A
hereto, which may be modified for changes in law and for consistency with the Company’s standard
form required for other senior officers of the Company from time to time (the “Release”):
(x) the Company shall pay Employee one times the annual Base Salary (the “Termination
Amount”) to be paid in equal installments over the one-year period on a schedule that mirrors
the Company’s then effective payroll practices; provided, however, that in the case the six-month
delay set forth in Section 17(b) shall apply to such amounts to the extent they exceed the
Separation Pay Limit (as defined in Section 17(b)); and (y) if Employee is terminated in the first
year of the Term, 1/3 of the 2008 Signing Award shall vest effective on the date of termination.
For the avoidance of doubt, it is understood and agreed that notwithstanding anything contained
herein to the contrary, Employee shall have no duty to mitigate in the event that Company exercises
its rights pursuant to this Section 6(d).

(e) Provided the Company has not notified Employee that he is being terminated pursuant to
Sections 6(a) and 6(b) hereof, Employee may terminate his employment
hereunder effective at any time upon written notice to the Company for Good Reason provided
such notice is given to the Company within thirty (30) days after the triggering event. For
purposes hereof, “Good Reason” shall mean that a material portion of Employee’s duties are
withdrawn or significantly diminished.

 

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(f) The Company shall provide the Release to Employee within seven (7) business days following
the date of termination. In order to receive the payments and benefits under Section 6(d) or 6(e),
Employee shall be required to sign the Release within 21 or 45 days after the date it is provided
to him, as required by applicable law, and not revoke it within the seven day period following the
date on which it is signed. All payments delayed pursuant to the foregoing, except to the extent
delayed pursuant to Section 17(b), shall be paid to Employee in a lump sum on the first Company
payroll date on or following the sixtieth (60th) day after the date of termination, and
any remaining payments due under this Agreement shall be paid or provided in accordance with the
normal payment dates specified for them herein.

7. No Conflict of Interest; Proper Conduct. (a) (x) During the Term and in any event, not
less than ninety (90) days after the Employment Period if Employee is terminated pursuant to
Sections 6(a) or 6(b) or (y) during the Employment Period and for an additional period equal to the
time period during which Employee is paid severance by the Company after the Employment Period if
Employee is terminated pursuant to Sections 6(d) or 6(e) (notwithstanding the foregoing, such
period described in this Section 7(a)(y) shall not be less than ninety (90) days nor greater than
one (1) year), Employee will not, directly or indirectly, either individually or as a stockholder
(except as a stockholder of less than one percent (1%) of the issued and outstanding stock of a
publicly-held corporation whose gross assets exceed $100,000,000), investor, officer, director,
member, employee, agent, trustee, associate or consultant of any Person:

(i) compete with the Company in any business in competition with that then carried on
by the Company and/or its Related Entities;

(ii) engage in or carry on any Restricted Activity;

(iii) employ or offer to employ or solicit employment of any employee or consultant of
the Company or its Related Entities; or

(iv) solicit (or assist or encourage to solicit), divert or attempt to divert any
business, patronage or customer (including known prospects) of the Company or its
Related Entities to Employee or a competitor or rival of the Company or its Related
Entities.

(b) Employee further agrees that it shall not, without the Company’s prior written consent,
engage in any activity during the Employment Period that would conflict with, interfere with,
impede or hamper the performance of Employee’s duties for the Company or would otherwise be
prejudicial to the Company’s business interests. Employee shall not commit any act or become
involved in any situation or occurrence that, in the Company’s reasonable judgment, could tend to
bring Employee or the Company into public disrepute, contempt, scandal or ridicule, could provoke,
insult or offend the community or any group or class thereof, or could reflect unfavorably upon the
Company or any of its Sponsors or Affiliates. Employee shall comply with all applicable laws and
regulations governing the Company and its business, including without limitation, regulations
promulgated by the Federal Communications Commission or any other regulatory agency. The parties
hereto agree that the remedy at law for any breach of Employee’s obligations under this Section 7
or Section 8 (Confidential Information and the Results of Services) of this
Agreement would be inadequate and that any enforcing party shall be entitled to injunctive or
other equitable relief (without bond or undertaking) in any proceeding which may be brought to
enforce any provisions of this Section 7. Resort to such equitable relief, however, shall not
constitute a waiver of any other rights or remedies which the Company may have.

 

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8. Confidential Information and the Results of Services. Employee acknowledges that the
Company has established a valuable and extensive trade in the services it provides, which has been
developed at considerable expense to the Company, and expects to divulge to Employee certain
confidential information and trade secrets relating to the Company’s business, provide information
relating to the Company’s customer base and otherwise provide Employee with the ability to injure
the Company’s goodwill unless certain reasonable restrictions are imposed upon Employee which are
contained in this Section 8. Employee agrees that, by virtue of the special knowledge that
Employee has received and will receive from the Company, and the relationship of trust and
confidence between Employee and the Company, Employee has or will have certain information and
knowledge of the operations of the Company that are confidential and proprietary in nature,
including, without limitation, information about Affiliates and Sponsors. Employee agrees that
during the Employment Period and thereafter, Employee will not make use of or disclose, without the
prior consent of the Company, Confidential Information relating to the Company or any of its
Related Entities (including, without limitation, its Sponsor lists, its Affiliate/station lists,
its technical systems, its contracts, its methods of operation, its business plans and
opportunities, its strategic plans and its trade secrets), and further, that Employee will return
to the Company all written materials in Employee’s possession embodying such Confidential
Information.

9. Work for Hire. Employee agrees that any ideas, concepts, discoveries, techniques, patents,
copyrights, trademarks or computer programs relating to the business or operations of the Company
and its Related Entities which are developed or discovered by Employee, solely or jointly with
others, during the Employment Period, shall be deemed to have been made within the scope of
Employee’s employment and therefore constitute works for hire and shall automatically upon their
creation become the exclusive property of the Company. Employee agrees to promptly notify and
fully disclose the existence of such works to the Company. To the extent such items are not works
for hire under applicable law, Employee assigns them and any and all intangible proprietary rights
relating thereto to the Company in their entirety and agrees to execute any and all documents
necessary or desired by the Company to reflect the Company’s ownership thereof.

10. Communications Act of 1934. Employee represents and warrants that neither Employee nor,
to the best of Employee’s knowledge, information and belief, any other individual, has accepted or
agreed to accept, or has paid or provided or agreed to pay or provide, any money, service or any
other valuable consideration, as defined in Section 507 of the Communications Act of 1934, as
amended, for the broadcast of any matter contained in programs. Employee further represents and
warrants that during the Employment Period Employee shall comply with all legal requirements set
forth herein.

11. Certain Definitions. As used in this Agreement, the following capitalized terms have the
meanings indicated:

Affiliates. Any Person with whom the Company has or had a contract or other arrangement to
provide network and/or syndicated radio programming.

 

-6-

 

Change in Control. Such meaning set forth in the Company’s 2005 Equity Compensation Plan, as
may be amended from time to time (the “Equity Plan”), provided, however,
that for purposes of this Agreement and the benefits to which Employee would be entitled under
Section 12 of the Equity Plan, clause (i) of said definition shall be modified to read as follows:
“(i) the acquisition by any Person (as hereinafter defined) of 50% or more of the outstanding
Shares (the “Outstanding Company Stock”) (other than an acquisition by the Company or any employee
benefit plan (or related trust) sponsored or maintained by the Company or any Person that controls,
is controlled by or is under common control within the Company or other than a Non-Qualifying
Business Combination (as defined below));”

Confidential
Information. Information obtained by Employee during the Employment Period which
concerns the affairs of the Company or its Related Entities and which the Company has requested be
held in confidence or could reasonably be expected to desire to be held in confidence, or the
disclosure of which would likely be embarrassing, detrimental or disadvantageous to the Company or
its Related Entities and including the terms of this Agreement. Confidential Information shall
include the information described in Section 8 as well as works for hire as described in Section 9
hereof, however, it shall not include information which Employee can demonstrate to be: (i)
information that is at the time of receipt by Employee in the public domain, known to Employee or
is otherwise generally known in the industry or subsequently enters the public domain or becomes
generally known in the industry through no fault of Employee or (ii) information that at any time
is received in good faith by Employee from a third party which was lawfully in possession of the
same and had the right to disclose the same. Notwithstanding any provision to the contrary
contained herein, the terms of this Agreement may be disclosed to Employee’s legal, financial and
tax advisors and any members of Employee’s immediate family, which for purposes hereof shall
include Employee’s spouse, parents, children, siblings, grandparents, grandchildren, mother-in-law
and father-in-law.

Person. Any individual, corporation, partnership, joint venture, limited liability
partnership or limited liability company, trust, unincorporated organization, association or other
entity.

Related Entity or Related Entities. Any Person that directly or indirectly controls, is
controlled by, or is under common control with the Company (or its successor or assign), including
but not limited to Westwood One Radio Networks, Inc., Westwood One Radio, Inc., Metro Networks
Communications, Inc. and Metro Network Communications, Limited Partnership. As used in this
definition, the term “control” means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of a Person, whether through the
ownership of voting securities, by contract or otherwise.

Restricted
Activities. Any of the following: (i) providing services to a traffic, news,
sports, weather or other information report gathering or broadcast service or to a radio network or
syndicator, or any direct competitor of the Company or its Related Entities; (ii) soliciting
Sponsors and dealing with accounts with respect to the immediately preceding clause (i); (iii)
soliciting Affiliates to enter into any contract or arrangement with any Person to provide the
information set forth in clause (i); or (iv) forming or providing operational assistance to any
business or a division of any business engaged in the foregoing activities.

Sponsor(s). Any and all client advertisers of the Company (including its subsidiaries and
Affiliates) including without limitation advertisers whose commercial material is to be, is or was
incorporated in any one or more of the Company’s programs or announcements, live or recorded,
broadcast over the facilities of the Company, by the Company, or pursuant to an arrangement with an
affiliated station, broadcaster or transmitter of the Company’s programming.

 

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12. Choice of Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES RELATING TO
THE SUBJECT MATTER OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.

13. Arbitration. The parties hereby agree that any and all claims or controversies relating
to Employee’s employment with the Company, or termination thereof, including but not limited to
claims for breach of contract, tort, unlawful discrimination or harassment (including any claims
arising under Title VII, the Americans with Disabilities Act, and the Age Discrimination in
Employment Act), and any violation of any local, state or federal law (“Arbitrable
Claims”), except for any equitable relief sought by a party, shall be resolved by arbitration
in accordance with the then applicable JAMS Employment Arbitration Rules And Procedures. However,
claims under applicable workers’ compensation laws or the National Labor Relations Act shall not be
subject to arbitration. Arbitration under this Agreement shall be the exclusive remedy for all
Arbitrable Claims and shall be final and binding on all parties. Unless the parties mutually agree
otherwise, the arbitrator shall be selected from a panel provided by JAMS and the arbitration shall
be held in New York County, New York. Any court having jurisdiction thereof may enter judgment on
the award rendered by the arbitrator(s). THE PARTIES HEREBY WAIVE ANY RIGHTS THEY MAY HAVE TO A
TRIAL BY JURY OF ANY MATTERS SUBJECT TO ARBITRATION UNDER THIS AGREEMENT. The prevailing party in
any arbitration brought under the terms hereof, shall be entitled to request reimbursement of
reasonable attorney’s fees and expenses.

14. Assignment. The rights of the Company hereunder may, without the consent of Employee, be
assigned by the Company to any Related Entity or successor of the Company or any entity which
acquires all or substantially all of the Company’s assets. Except as provided in the preceding
sentence, the Company may not assign all or any of its rights, duties or obligations hereunder
without the prior written consent of Employee. This Agreement is not assignable by Employee.

15. Merger or Reorganization. In the event of any merger, consolidation, dissolution or
reorganization of the Company (including but not limited to any reorganization where the Company is
not the surviving or resulting entity), or any transfer of all or substantially all of the assets
of the Company, the provisions of this Agreement shall inure to the benefit of and shall be binding
upon the surviving or resulting partnership or the corporation (or other entity) or person(s) to
which such assets shall be transferred.

16. Remedies. Except as it may elect otherwise, the Company shall have all rights, powers or
remedies provided by law or equity for breach of this Agreement available to it, it being
understood and agreed that no one of them shall be considered as exclusive of the others or as
exclusive of any other rights, powers and remedies allowed by law. The exercise or partial
exercise of any right, power or remedy shall neither constitute the election thereof nor the waiver
of any other right, power or remedy. Without limiting the generality of the foregoing, Employee
agrees that, in addition to all other rights and remedies available at law or in equity, the
Company shall be entitled to enforcement of this Agreement in accordance with the principles of
equity (without bond or undertaking), the remedy at law being hereby agreed and acknowledged by
Employee to be inadequate.

 

-8-

 

17. Section 409A of the Code.

(a) Although the Company does not guarantee the tax treatment of any particular payment or
benefit, it is intended that the provisions of this Agreement provide for payments or benefits that
either comply with, or are exempt from, Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) and the regulations and guidance promulgated thereunder (collectively
“Code Section 409A”), and all provisions of this Agreement shall be construed in a manner
consistent with the requirements for avoiding taxes or penalties under Code Section 409A.

(b) A termination of employment shall not be deemed to have occurred for purposes of any
provision of this Agreement providing for the payment of any amounts or benefits upon or following
a termination of employment unless such termination is also a “separation from service” within the
meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references
to a “termination,” “termination of employment” or like terms shall mean “separation from service.”
If Employee is deemed on the date of termination of his employment to be a “specified employee”,
within the meaning of that term under Code Section 409A(a)(2)(B) and using the identification
methodology selected by the Company from time to time, or if none, the default methodology, then
with regard to any payment or the providing of any benefit made subject to this Section 17(b), to
the extent required to be delayed in compliance with Code Section 409A(a)(2)(B) and to the extent
such payment and benefits exceed the Separation Pay Limit (as defined herein) , such payment or
benefit shall not be made or provided prior to the earlier of (i) the expiration of the six-month
period measured from the date of Employee’s “separation from service” and (ii) the date of
Employee’s death. On the first day of the seventh month following the date of Employee’s
“separation from service” or, if earlier, on the date of his death, all payments delayed pursuant
to this Section 17(b) (whether they would have otherwise been payable in a single sum or in
installments in the absence of such delay) shall be paid or reimbursed to Employee in a lump sum,
and any remaining payments and benefits due under this Agreement shall be paid or provided in
accordance with the normal payment dates specified for them herein. For purposes of this
Agreement, the “Separation Pay Limit” means two times the lesser of: (i) Employee’s
annualized compensation based on Employee’s annual rate of pay for Employee’s taxable year
preceding the taxable year in which Employee’s termination of employment occurs; and (ii) the
maximum amount that may be taken into account under a tax-qualified plan pursuant to Code Section
401(a)(17) for the year in which Employee terminates employment.

18. Survival. The provisions contained in Sections 7 through 19 shall survive the termination
or expiration of the Employment Period and the Employee’s employment with the Company and shall be
fully enforceable thereafter.

 

-9-

 

19. Miscellaneous. This Agreement supersedes all prior understandings and agreements between
the parties (including the Company’s Related Entities) with respect to the subject matter hereof.
This Agreement contains the entire agreement of the parties with respect to the subject matter
covered hereby and may be amended, waived or terminated only by an instrument in writing executed
by both parties hereto. This Agreement shall be binding upon and inure to the benefit of the
parties hereto, their respective heirs, executors, successors and permitted assigns. All notices,
requests, demands and other communications permitted or required hereunder shall be in writing and
shall be deemed to have been duly given if personally delivered or delivered by registered or
certified mail, or overnight courier to such address listed below the parties’ respective signature
lines or to such other address as notified in writing by the parties; provided, that, notices to
the Company shall be addressed to the attention of the “Chief Executive Officer”, with a copy to
the
“General Counsel”. Any provision hereof prohibited by or unenforceable under any applicable
law of any jurisdiction shall as to such jurisdiction be deemed ineffective and deleted herefrom
without affecting any other provision of this Agreement. No provision of this Agreement shall be
interpreted against any party because such party drafted such provision. Submission of this
Agreement to Employee, or Employee’s agents or attorneys, for examination or signature does not
constitute or imply an offer of employment, and this Agreement shall have no binding effect until
execution hereof by both the Company and Employee. If either party waives a breach of this
Agreement by the other party, that waiver will not operate or be construed as a waiver of any
subsequent breaches. This Agreement may be executed in counterparts, including via facsimile or
PDF, which together shall constitute but one and the same agreement.

(Remainder of page is intentionally left blank.)

 

-10-

 

IN WITNESS WHEREOF, this Agreement is EXECUTED as of the 8th day of May 2008 to be EFFECTIVE
FOR ALL PURPOSES as of the Effective Date.

	 	 	 	 	 	 	 
	 	 	“COMPANY”	 	 
	 
	 	 	 	 	 	 
	 	 	WESTWOOD ONE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 
	/s/ Thomas Beusse	 	 
	 

	 	 	 	 	 
	 

	 	 	Name:	 Thomas Beusse	 	 
	 

	 	 	Title:	 President and CEO	 	 
	 

	 	 	Address: 	40 West 57th Street, 15th Floor	 	 
	 

	 	 	 	New York, NY 10019	 	 
	 
	 	 	 	 	 	 
	 	 	“EMPLOYEE”	 	 
	 
	 	 	 	 	 	 
	 

	 	/s/ Andrew Hersam	 	 
	 

	 	 	 	 
	 

	 	Andrew Hersam
	 	 
	 

	 	Address:	 	 

 

-11-

 

EXHIBIT A

FORM OF RELEASE

For good and valuable consideration received in connection with my termination of employment with
Westwood One, Inc., a Delaware corporation (the “Company”), pursuant to Section 6 of my
employment agreement with the Company dated May 8, 2008 (the “Employment Agreement”), I,
Andrew Hersam, do hereby release and forever discharge and covenant not to sue the Company, the
Related Entities (as defined in the Employment Agreement) and their respective subsidiaries and
affiliates and their respective directors, members, partners, officers, managers, employees,
agents, stockholders, successors and assigns (both individually and in their official capacities)
and its and their predecessors or successors (collectively, the “Releasees”), from any and
all actions, causes of action, covenants, contracts, claims, demands, suits, and liabilities
whatsoever, which I ever had or now have or which I or any of my heirs, executors, administrators
and assigns hereafter can, shall or may have by reason of or relating to my employment with the
Company as of the effective date of this general release (this “General Release”).

By signing this General Release, I am providing a complete waiver of all claims against the
Releasees that may have arisen, whether known or unknown, up until the effective date of this
General Release. This includes, but is not limited to, claims based on Title VII of the Civil
Rights Act of 1964, the Civil Rights Act of 1866, the Age Discrimination in Employment Act of 1967
(including the Older Workers Benefit Protection Act) (the “ADEA”), the Americans With
Disabilities Act, the Fair Labor Standards Act, the Equal Pay Act, the Family and Medical Leave
Act, the Employee Retirement Income Security Act of 1974 (“ERISA”) (except as to claims
pertaining to vested benefits under employee benefit plans covered by ERISA and maintained by the
Releasees), and all applicable amendments to the foregoing acts and laws, or any common law, public
policy, contract (whether oral or written, express or implied) or tort law, and any other local,
state or Federal law, regulation or ordinance having any bearing whatsoever on the terms and
conditions of my employment. This General Release shall not, however, constitute a waiver of: (i)
my rights under any employee benefit plan currently maintained by the Company; (ii) my rights under
the Employment Agreement intended to survive my termination of employment; (iii) my rights under
the Company’s certificate of incorporation, By-Laws, insurance policies or other written agreements
with respect to indemnification; or (iv) any claims to enforce rights arising under the ADEA or
other civil rights statute after the effective date of this General Release. I hereby reaffirm my
obligations under Sections 7 through 11 of the Employment Agreement, and understand that such
provisions shall be fully enforceable in accordance with the terms and conditions of the Employment
Agreement following my termination of employment with the Company.

I further agree, promise and covenant that, to the maximum extent permitted by law neither, I,
nor any person, organization, or other entity acting on my behalf has or will file, charge, claim,
sue, or cause or permit to be filed, charged or claimed, any action for damages or other relief
(including injunctive, declaratory, monetary or other relief) against the Releasees involving any
matter occurring in the past up to the date of this General Release, or involving or based upon any
claims, demands, causes of action, obligations, damages or liabilities which are the subject of
this General Release. This General Release shall not affect my rights under the Older Workers
Benefit Protection Act to have a judicial determination of the validity of this General Release and
does not purport to limit any right I may have to file a charge under the ADEA or other civil
rights statute or to participate in an investigation or proceeding conducted by the Equal
Employment Opportunity Commission or other investigative agency. This General Release does,
however, waive and release any right to recover damages under the ADEA or other civil rights
statute.

 

-12-

 

I have been given twenty-one (21) days to review this General Release and have been given the
opportunity to consult with legal counsel, and I am signing this General Release knowingly,
voluntarily and with full understanding of its terms and effects, and I voluntarily accept the
consideration under Section 6 of the Employment Agreement for the purpose of making full and final
settlement of all claims referred to above. If I have signed this General Release prior to the
expiration of the twenty-one (21) day period, I have done so voluntarily. I also understand that I
have seven (7) days after executing to revoke this General Release, and that this General Release
will not become effective if I exercise my right to revoke my signature within seven (7) days of
execution. I understand and acknowledge that my right to receive the consideration under Section 6
of the Employment Agreement, however, is conditioned upon my execution and non-revocation of this
General Release.

Upon the receipt of reasonable notice from the Company (including the Company’s outside
counsel), I agree to respond and provide information with regard to matters in which I had
knowledge as a result of my employment with the Company, and provide reasonable assistance to the
Company and its Related Entities and their respective representatives in defense of any claims that
may be made against the Company or any of its Related Entities, and assist the Company and its
Related Entities in the prosecution of any claims that may be made by the Company or any of its
Related Entities, to the extent that such claims may relate to the period of my employment with the
Company. I further agree to promptly inform the Company if I become aware of any lawsuits
involving such claims that may be filed or threatened against the Company or any of its Related
Entities. I also agree to promptly inform the Company (to the extent I am legally permitted to do
so) if I am asked to assist in any investigation of the Company or any of its Related Entities or
its or their actions, regardless of whether a lawsuit or other proceeding has then been filed with
respect to such investigation, and shall not do so unless legally required.

I acknowledge that I have not relied on any representations or statements not set forth in
this General Release.

This General Release will be governed by and construed in accordance with the laws of the
State of New York, without regard to the choice of law principles thereof. If any provision in
this General Release is held invalid or unenforceable for any reason, the remaining provisions
shall be construed as if the invalid or unenforceable provision had not been included.

IN WITNESS WHEREOF, I have executed this General Release on this                      day of
                                        , 20                    .

	 	 	 
	
 

	 	  
	 

Andrew Hersam

	 	  

 

-13-

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